<SEC-DOCUMENT>0001013594-25-001066.txt : 20250814
<SEC-HEADER>0001013594-25-001066.hdr.sgml : 20250814
<ACCEPTANCE-DATETIME>20250814213830
ACCESSION NUMBER:		0001013594-25-001066
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250814
DATE AS OF CHANGE:		20250814

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Bausch Health Companies Inc.
		CENTRAL INDEX KEY:			0000885590
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				000000000
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-45947
		FILM NUMBER:		251222225

	BUSINESS ADDRESS:	
		STREET 1:		2150 ST. ELZEAR BLVD. WEST
		STREET 2:		LAVAL
		CITY:			QUEBEC
		STATE:			A8
		ZIP:			H7L 4A8
		BUSINESS PHONE:		514-744-6792

	MAIL ADDRESS:	
		STREET 1:		2150 ST. ELZEAR BLVD. WEST
		STREET 2:		LAVAL
		CITY:			QUEBEC
		STATE:			A8
		ZIP:			H7L 4A8

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Valeant Pharmaceuticals International, Inc.
		DATE OF NAME CHANGE:	20100928

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BIOVAIL Corp
		DATE OF NAME CHANGE:	20100416

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BIOVAIL CORP INTERNATIONAL
		DATE OF NAME CHANGE:	19960522

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PAULSON & CO. INC.
		CENTRAL INDEX KEY:			0001035674
		ORGANIZATION NAME:           	
		EIN:				133796759
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		15 EXCHANGE PLACE
		CITY:			JERSEY CITY
		STATE:			NJ
		ZIP:			07302
		BUSINESS PHONE:		212-956-2221

	MAIL ADDRESS:	
		STREET 1:		15 EXCHANGE PLACE
		CITY:			JERSEY CITY
		STATE:			NJ
		ZIP:			07302

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PAULSON & CO INC
		DATE OF NAME CHANGE:	19970313
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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<headerData>
<submissionType>SCHEDULE 13D/A</submissionType>
<filerInfo>
<filer>
<filerCredentials>
<cik>0001035674</cik>
<ccc>XXXXXXXX</ccc>
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<liveTestFlag>LIVE</liveTestFlag>



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<formData>
<coverPageHeader>
<amendmentNo>5</amendmentNo>
<securitiesClassTitle>Common Shares, no par value</securitiesClassTitle>
<dateOfEvent>08/14/2025</dateOfEvent>
<previouslyFiledFlag>false</previouslyFiledFlag>
<issuerInfo>
<issuerCIK>0000885590</issuerCIK>
<issuerCUSIP>071734107</issuerCUSIP>
<issuerName>Bausch Health Companies Inc.</issuerName>
<address>
<com:street1>2150 ST. ELZEAR BLVD. WEST</com:street1>
<com:street2>LAVAL</com:street2>
<com:city>QUEBEC</com:city>
<com:stateOrCountry>A8</com:stateOrCountry>
<com:zipCode>H7L 4A8</com:zipCode>
</address>
</issuerInfo>
<authorizedPersons>
<notificationInfo>
<personName>Kelly Zelezen</personName>
<personPhoneNum>(212) 986-6000</personPhoneNum>
<personAddress>
<com:street1>Kleinberg, Kaplan, Wolff &amp; Cohen, P.C.</com:street1>
<com:street2>500 Fifth Avenue</com:street2>
<com:city>New York</com:city>
<com:stateOrCountry>NY</com:stateOrCountry>
<com:zipCode>10110</com:zipCode>
</personAddress>
</notificationInfo>
</authorizedPersons>
</coverPageHeader>
<reportingPersons>
<reportingPersonInfo>
<reportingPersonCIK>0001035674</reportingPersonCIK>
<reportingPersonName>PAULSON &amp; CO. INC.</reportingPersonName>
<fundType>OO</fundType>
<citizenshipOrOrganization>DE</citizenshipOrOrganization>
<soleVotingPower>70755869</soleVotingPower>
<sharedVotingPower>0</sharedVotingPower>
<soleDispositivePower>70755869</soleDispositivePower>
<sharedDispositivePower>0</sharedDispositivePower>
<aggregateAmountOwned>70755869</aggregateAmountOwned>
<isAggregateExcludeShares>N</isAggregateExcludeShares>
<percentOfClass>19.1</percentOfClass>
<typeOfReportingPerson>CO</typeOfReportingPerson>
<commentContent>Note to Items 7, 9, 11: See Note 1 to Item 5 below</commentContent>
</reportingPersonInfo>
</reportingPersons>
<items1To7>
<item1>
<securityTitle>Common Shares, no par value</securityTitle>
<issuerName>Bausch Health Companies Inc.</issuerName>
<issuerPrincipalAddress>
<com:street1>2150 ST. ELZEAR BLVD. WEST</com:street1>
<com:street2>LAVAL</com:street2>
<com:city>QUEBEC</com:city>
<com:stateOrCountry>A8</com:stateOrCountry>
<com:zipCode>H7L 4A8</com:zipCode>
</issuerPrincipalAddress>
<commentText>The following constitutes Amendment No. 4 to the Schedule 13D filed by the undersigned ("Amendment No. 5"). This Amendment No. 5 amends the Schedule 13D as specifically set forth herein.</commentText>
</item1>
<item5>
<percentageOfClassSecurities>The aggregate percentage of Common Shares reported owned by the Reporting Person is based upon approximately 369,790,319 Common Shares outstanding as of July 25, 2025, which is the total number of Common Shares outstanding as disclosed on the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on July 31, 2025. As of the date hereof, the Reporting Person may be deemed to have beneficially owned approximately 19.1% of the outstanding Common Shares.</percentageOfClassSecurities>
<numberOfShares>(i) Sole power to vote or direct the vote: 70,755,869 (see Note 1).&#13;
(ii) Shared power to vote or direct the vote: 0&#13;
(iii) Sole power to dispose or direct the disposition: 70,755,869 (see Note 1).&#13;
(iv) Shared power to dispose or direct the disposition: 0</numberOfShares>
<transactionDesc>The transactions effected by the Reporting Person during the past 60 days or since the last filing of an amendment to this Schedule 13D are set forth on Exhibit 1 attached hereto.</transactionDesc>
<listOfShareholders>See Note 1.</listOfShareholders>
<date5PercentOwnership>Not applicable.&#13;
&#13;
Note 1: Paulson furnishes investment advice to and manages the Funds. In its role as investment advisor, or manager, as the case may be, Paulson possesses voting and investment power over the securities of the Issuer described in this Schedule 13D that are owned by the Funds. The pecuniary interest of all securities reported in this Schedule 13D is owned by the Funds. Except for the purposes of determining beneficial ownership under Section 13(d) of the Securities Exchange Act of 1934, as amended, Paulson disclaims beneficial ownership of all securities reported in this Schedule 13D.   &#13;
&#13;
For reporting purposes, the aggregate amount of Common Shares deemed to be beneficially owned by the Reporting Person is calculated based on an aggregate 70,755,869 Common Shares held by the Reporting Person as of the date hereof.</date5PercentOwnership>
</item5>
<item7>
<filedExhibits>1. Transactions in Securities</filedExhibits>
</item7>
</items1To7>
<signatureInfo>
<signaturePerson>
<signatureReportingPerson>PAULSON &amp; CO. INC.</signatureReportingPerson>
<signatureDetails>
<signature>/s/ Stuart L. Merzer</signature>
<title>Stuart L. Merzer, General Counsel &amp; Chief Compliance Officer</title>
<date>08/14/2025</date>
</signatureDetails>
</signaturePerson>
<commentText>Exhibit 1 attached.</commentText>
</signatureInfo>
</formData>

</edgarSubmission>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>exh1.htm
<TEXT>
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    <title></title>
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    <div style="text-align: right; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;"><u>EXHIBIT 1</u></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">Transactions in the Common Stock of the Issuer by the Reporting Person during the past 60 days or since the last
      amendment to this Schedule 13D:</div>
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          <td style="width: 20.16%; vertical-align: bottom; text-align: center;" rowspan="1">&#160;<u>Date</u></td>
          <td style="width: 19.24%; vertical-align: bottom; text-align: center;" rowspan="1">&#160;<u>Buy/Sell</u></td>
          <td style="width: 20.21%; vertical-align: bottom; text-align: center;" rowspan="1">&#160;<u>Security</u></td>
          <td style="width: 20.22%; vertical-align: bottom; text-align: center;" rowspan="1">
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            <div style="font-family: 'Times New Roman',Times,serif;">Approximate</div>
            <div style="font-family: 'Times New Roman',Times,serif;"><u>Price Per Share</u><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
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          <td style="width: 14.44%; vertical-align: bottom; text-align: center;" colspan="2" rowspan="1">&#160;Amount of Shares<font style="font-family: 'Times New Roman',Times,serif;"><u> Bought/(Sold)</u></font>&#160;</td>
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          <td style="width: 20.16%; vertical-align: top;">
            <div style="text-align: center;">08/11/2025</div>
          </td>
          <td style="width: 19.24%; vertical-align: top;">
            <div style="text-align: center;">Buy</div>
          </td>
          <td style="width: 20.21%; vertical-align: top;">
            <div style="text-align: center; color: #000000;">Common Stock</div>
          </td>
          <td style="width: 20.22%; vertical-align: top;">
            <div style="text-align: center;">$6.35</div>
          </td>
          <td style="width: 14.44%; vertical-align: top;">
            <div style="text-align: right;">2,000,000</div>
          </td>
          <td style="width: 5.72%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20.16%; vertical-align: top;">
            <div style="text-align: center;">08/12/2025</div>
          </td>
          <td style="width: 19.24%; vertical-align: top;">
            <div style="text-align: center;">Buy</div>
          </td>
          <td style="width: 20.21%; vertical-align: top;">
            <div style="text-align: center; color: #000000;">Common Stock</div>
          </td>
          <td style="width: 20.22%; vertical-align: top;">
            <div style="text-align: center;">$6.88</div>
          </td>
          <td style="width: 14.44%; vertical-align: top;">
            <div style="text-align: right;">1,156,640</div>
          </td>
          <td style="width: 5.72%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20.16%; vertical-align: top;">
            <div style="text-align: center;">08/13/2025</div>
          </td>
          <td style="width: 19.24%; vertical-align: top;">
            <div style="text-align: center;">Buy</div>
          </td>
          <td style="width: 20.21%; vertical-align: top;">
            <div style="text-align: center; color: #000000;">Common Stock</div>
          </td>
          <td style="width: 20.22%; vertical-align: top;">
            <div style="text-align: center;">$7.06</div>
          </td>
          <td style="width: 14.44%; vertical-align: top;">
            <div style="text-align: right;">86,409</div>
          </td>
          <td style="width: 5.72%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20.16%; vertical-align: top;">
            <div style="text-align: center;">08/14/2025</div>
          </td>
          <td style="width: 19.24%; vertical-align: top;">
            <div style="text-align: center;">Buy</div>
          </td>
          <td style="width: 20.21%; vertical-align: top;">
            <div style="text-align: center; color: #000000;">Common Stock</div>
          </td>
          <td style="width: 20.22%; vertical-align: top;">
            <div style="text-align: center;">$9.00</div>
          </td>
          <td style="width: 14.44%; vertical-align: top;">
            <div style="text-align: right;">34,721,118</div>
          </td>
          <td style="width: 5.72%; vertical-align: top;">&#160;</td>
        </tr>

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      Including brokerage fees.</div>
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