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SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
Reportable Segments
The following is a brief description of the Company’s segments:
•The Salix segment consists of sales in the U.S. of GI products. Sales of the Xifaxan® product line represent approximately 80% of the Salix segment revenues.
•The International segment consists of sales, with the exception of sales of Bausch + Lomb products and Solta Medical aesthetic medical devices, outside the U.S. and Puerto Rico of branded pharmaceutical products, branded generic pharmaceutical products and OTC products.
•The Solta Medical segment consists of global sales of Solta Medical aesthetic medical devices.
•The Diversified segment consists of sales in the U.S. of: (i) pharmaceutical products in the areas of neurology and certain other therapeutic classes, (ii) dermatology products, (iii) generic pharmaceutical products and (iv) dentistry products.
•The Bausch + Lomb segment consists of global sales of Bausch + Lomb Vision Care, Surgical and Pharmaceuticals products.
Segment profit is based on operating income after the elimination of intercompany transactions, including between Bausch + Lomb and other segments. Certain costs such as Amortization of intangible assets, Asset impairments, Goodwill impairments, Restructuring, integration and separation costs and Other (income) expense, net, are not included in the measure of segment profit, as management excludes these items in assessing segment financial performance.
Corporate includes the finance, treasury, certain research and development programs, tax and legal operations of the Company’s businesses and incurs certain expenses, gains and losses related to the overall management of the Company, which are not allocated to the other business segments. In assessing segment performance and managing operations, management does not review segment assets. Furthermore, a portion of share-based compensation is considered a corporate cost, since the amount of such expense depends on company-wide performance rather than the operating performance of any single segment.
Segment Revenues and Profits
Segment revenues and profits were as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2024202320242023
Revenues:
Salix$558 $557 $1,057 $1,053 
International276 259 541 506
Solta Medical102 88 190 161
Diversified251 228 453 425
Bausch + Lomb1,216 1,035 2,315 1966
$2,403 $2,167 $4,556 $4,111 
Segment profits:
Salix$377 $386 $706 $700 
International86 68 173 145
Solta Medical47 45 87 81
Diversified166 138 280 245
Bausch + Lomb274 244 516 455 
950 881 1,762 1,626 
Corporate(254)(230)(498)(481)
Amortization of intangible assets(270)(269)(544)(542)
Asset impairments(5)(37)(6)(50)
Restructuring, integration and separation costs(12)(16)(24)(26)
Other (expense) income, net(20)83 (20)60 
Operating income389 412 670 587 
Interest income8 7 17 13
Interest expense(350)(319)(705)(626)
Gain on extinguishment of debt12 — 23 — 
Foreign exchange and other(11)(21)(26)(31)
Income (loss) before income taxes$48 $79 $(21)$(57)
Revenues by Segment and Product Category
Revenues by segment and product category were as follows:
(in millions)SalixInternationalSolta MedicalDiversifiedBausch + LombTotal
Three Months Ended June 30, 2024
Pharmaceuticals$557 $63 $— $220 $245 $1,085 
Devices— — 102 — 445 547 
OTC— 41 — 2 447 490 
Branded and Other Generics — 157 — 25 76 258 
Other revenues1 15 — 4 3 23 
$558 $276 $102 $251 $1,216 $2,403 
Three Months Ended June 30, 2023
Pharmaceuticals$558 $60 $— $194 $134 $946 
Devices— — 88 — 408 496 
OTC— 39 — 1 421 461 
Branded and Other Generics— 148 — 27 68 243 
Other revenues(1)12 — 6 4 21 
$557 $259 $88 $228 $1,035 $2,167 
Six Months Ended June 30, 2024
Pharmaceuticals$1,056 $121 $— $391 $454 $2,022 
Devices— — 190 — 869 1,059 
OTC— 80 — 3 842 925 
Branded and Other Generics— 310 — 50 142 502 
Other revenues1 30 — 9 8 48 
$1,057 $541 $190 $453 $2,315 $4,556 
Six Months Ended June 30, 2023
Pharmaceuticals$1,054 $117 $— $356 $242 $1,769 
Devices— — 161 — 814 975 
OTC— 78 — 3 774 855 
Branded and Other Generics— 286 — 54 129 469 
Other revenues(1)25 — 12 7 43 
$1,053 $506 $161 $425 $1,966 $4,111 
The top ten products for the six months ended June 30, 2024 and 2023 represented 48% and 47% of total revenues for each of the six months ended June 30, 2024 and 2023, respectively.
Geographic Information
Revenues are attributed to a geographic region based on the location of the customer and were as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2024202320242023
U.S. and Puerto Rico$1,438 $1,269 $2,692 $2,380 
China122 114 219 202 
Canada99 92 189 176 
Mexico84 75 160 144 
Poland78 75 164 150 
France65 63 126 120 
Japan47 48 90 98 
Germany41 42 85 85 
Russia39 36 75 70 
South Korea34 23 64 45 
United Kingdom33 30 66 60 
Spain27 25 50 47 
Italy24 23 48 44 
Other272 252 528 490 
$2,403 $2,167 $4,556 $4,111 
Major Customers
Customers that accounted for 10% or more of total revenues were as follows:
Six Months Ended June 30,
20242023
Cencora Inc.18%18%
McKesson Corporation (including McKesson Specialty)16%14%
Cardinal Health, Inc.14%13%