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SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 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 currently represent approximately 85% 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.
Resources are allocated and performance is assessed by the Company’s CEO, whom the Company has determined to be the Company’s Chief Operating Decision Maker (the “CODM”). The Company’s CODM evaluates the performance of its segments and allocates resources to them based on segment profit. Segment profit is based on operating income after the elimination of intercompany transactions. Certain costs, such as Amortization of intangible assets, Asset impairments, Restructuring, integration, separation and IPO costs, and Other expense, net, are not included in the measure of segment profit, as management excludes these items in assessing segment financial performance.
The Company’s CODM uses segment profit in the annual budgeting and forecasting process. The CODM considers budget-to-actual variances on a monthly basis for segment profit when making decisions about allocating capital and personnel to the segments. The CODM uses segment profit in determining the compensation of certain employees. In assessing segment performance and managing operations, the CODM does not review segment assets.
Corporate includes the finance, treasury, certain research and development programs, tax and legal operations of the Company’s businesses and certain expenses, gains and losses related to the overall management of the Company, which are not allocated to the other business segments. 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.
Revenues by Segment and Product Category and Segment Profits
Segment revenues by product category and segment profits for the years 2024, 2023 and 2022 were as follows:
For the year ended December 31, 2024
(in millions)SalixInternationalSolta MedicalDiversifiedBausch + LombTotal
Revenues:
Pharmaceuticals$2,330$248$—$849$969$4,396
Devices——440—1,8002,240
OTC—173—61,7241,903
Branded and Other generics—624—74281979
Other revenues366—2117107
Total revenues2,3331,1114409504,791$9,625
Less:
Cost of goods sold (excluding amortization and impairments of intangible assets)174449981401,868
Costs of other revenues—481—4
Selling, general and administrative4582141101691,690
Research and development99241815121
Segment profit$1,602$376$213$626$1,108
For the year ended December 31, 2023
(in millions)SalixInternationalSolta MedicalDiversifiedBausch + LombTotal
Revenues:
Pharmaceuticals$2,251$250$—$790$618$3,909
Devices——347—1,6501,997
OTC—179—71,6111,797
Branded and Other generics—588—120252960
Other revenues(1)54—261594
Total revenues2,2501,0713479434,146$8,757
Less:
Cost of goods sold (excluding amortization and impairments of intangible assets)182470781491,640
Costs of other revenues—38——2
Selling, general and administrative416205881901,402
Research and development104232018122
Segment profit$1,548$335$161$586$980
For the year ended December 31, 2022
(in millions)SalixInternationalSolta MedicalDiversifiedBausch + LombTotal
Revenues:
Pharmaceuticals$2,090$258$—$826$468$3,642
Devices——300—1,5721,872
OTC—151—71,4611,619
Branded and Other generics—527—120245892
Other revenues—52—252299
Total revenues2,0909883009783,768$8,124
Less:
Cost of goods sold (excluding amortization and impairments of intangible assets)189421661301,510
Costs of other revenues—40——8
Selling, general and administrative362181802111,253
Research and development50221925123
Segment profit$1,489$324$135$612$874
Revenues for the Company’s top ten products for the years 2024, 2023 and 2022 represented 50%, 48% and 49% of total product sales, respectively.
The following table presents a reconciliation of total segment profit to total consolidated Income (loss) before income taxes for the years 2024, 2023 and 2022:
(in millions)202420232022
Segment Profit
Salix$1,602 $1,548 $1,489 
International376 335 324 
Solta Medical213 161 135 
Diversified626 586 612 
Bausch + Lomb1,108 980 874 
3,925 3,610 3,434 
Corporate(994)(933)(828)
Amortization of intangible assets(1,077)(1,077)(1,215)
Goodwill impairments— (493)(824)
Asset impairments(29)(54)(15)
Restructuring, integration, separation and IPO costs(32)(62)(63)
Other expense, net(247)(28)(35)
Operating income1,546 963 454 
Interest income33 26 14 
Interest expense(1,388)(1,328)(1,464)
Gain on extinguishment of debt23 1 875 
Foreign exchange and other(47)(52)(8)
Income (loss) before income taxes$167 $(390)$(129)
Geographic Information
Revenues are attributed to a geographic region based on the location of the customer and for the years 2024, 2023 and 2022, were as follows:
(in millions)202420232022
U.S. and Puerto Rico$5,767 $5,194 $4,836 
China496 441 413 
Canada402 366 351 
Poland350 319 278 
Mexico315 322 276 
France230 214 203 
Japan188 194 200 
Russia161 148 181 
Germany159 152 147 
South Korea146 93 77 
United Kingdom135 125 115 
Spain99 92 84 
Italy94 86 76 
Other1,083 1,011 887 
$9,625 $8,757 $8,124 
Long-lived assets consisting of property, plant and equipment, net of accumulated depreciation, are attributed to geographic regions based on their physical location and as of December 31, 2024 and 2023 were as follows:
(in millions)20242023
U.S. and Puerto Rico$876 $750 
Ireland425 400 
Germany104 98 
Other 375 459 
$1,780 $1,707 
Major Customers
Customers that accounted for 10% or more of total revenues were as follows:
202420232022
Cencora Inc.19%19%18%
McKesson Corporation15%15%15%
Cardinal Health, Inc.14%13%13%