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SEGMENT INFORMATION
 9 Months Ended
Sep. 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 September 30,Nine Months Ended September 30,
(in millions)2024202320242023
Revenues:
Salix$642 $614 $1,699 $1,667 
International291 275 832 781
Solta Medical112 83 302 244
Diversified269 259 722 684
Bausch + Lomb1,196 1,007 3,511 2,973 
$2,510 $2,238 $7,066 $6,349 
Segment profits:
Salix$436 $429 $1,142 $1,129 
International105 91 278 236
Solta Medical53 33 140 114
Diversified189 172 469 417
Bausch + Lomb283 244 799 699 
1,066 969 2,828 2,595 
Corporate(248)(222)(746)(703)
Amortization of intangible assets(274)(253)(818)(795)
Goodwill impairments— (402)— (402)
Asset impairments— (4)(6)(54)
Restructuring, integration and separation costs(1)(14)(25)(40)
Other expense, net(225)(60)(245)— 
Operating income318 14 988 601 
Interest income7 6 24 19
Interest expense(346)(339)(1,051)(965)
Gain on extinguishment of debt— — 23 — 
Foreign exchange and other— (7)(26)(38)
Loss before income taxes$(21)$(326)$(42)$(383)
Revenues by Segment and Product Category
Revenues by segment and product category were as follows:
(in millions)SalixInternationalSolta MedicalDiversifiedBausch + LombTotal
Three Months Ended September 30, 2024
Pharmaceuticals$642 $63 $— $246 $247 $1,198 
Devices— — 112 — 455 567 
OTC— 50 — 2 420 472 
Branded and Other Generics — 161 — 14 70 245 
Other revenues— 17 — 7 4 28 
$642 $291 $112 $269 $1,196 $2,510 
Three Months Ended September 30, 2023
Pharmaceuticals$613 $63 $— $210 $113 $999 
Devices— — 83 — 411 494 
OTC— 47 — 2 408 457 
Branded and Other Generics— 151 — 40 72 263 
Other revenues1 14 — 7 3 25 
$614 $275 $83 $259 $1,007 $2,238 
Nine Months Ended September 30, 2024
Pharmaceuticals$1,698 $184 $— $637 $701 $3,220 
Devices— — 302 — 1,324 1,626 
OTC— 131 — 5 1,262 1,398 
Branded and Other Generics— 469 — 65 212 746 
Other revenues1 48 — 15 12 76 
$1,699 $832 $302 $722 $3,511 $7,066 
Nine Months Ended September 30, 2023
Pharmaceuticals$1,668 $178 $— $567 $355 $2,768 
Devices— — 244 — 1,225 1,469 
OTC— 125 — 6 1,182 1,313 
Branded and Other Generics— 438 — 92 201 731 
Other revenues(1)40 — 19 10 68 
$1,667 $781 $244 $684 $2,973 $6,349 
The top ten products for each of the nine months ended September 30, 2024 and 2023 represented 48% of total revenues for each of the nine months ended September 30, 2024 and 2023.
Geographic Information
Revenues are attributed to a geographic region based on the location of the customer and were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2024202320242023
U.S. and Puerto Rico$1,535 $1,358 $4,227 $3,738 
China132 113 351 315 
Canada104 92 293 268 
Poland92 82 256 232 
Mexico88 90 248 234 
France52 49 178 169 
Japan46 47 136 145 
Russia42 35 117 105 
Germany40 34 125 119 
South Korea38 24 102 69 
United Kingdom34 32 100 92 
Italy23 20 71 64 
Spain21 20 71 67 
Other263 242 791 732 
$2,510 $2,238 $7,066 $6,349 
Major Customers
Customers that accounted for 10% or more of total revenues were as follows:
Nine Months Ended September 30,
20242023
Cencora Inc.19%19%
McKesson Corporation (including McKesson Specialty)16%15%
Cardinal Health, Inc.14%13%