Article: Citron Calls Bausch Health — Formerly Valeant — The ‘Textbook Turnaround’

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Citron Calls Bausch Health — Formerly Valeant — The ‘Textbook Turnaround’

Wayne Duggan, 15 October 2019

Three years after Citron Research called Valeant the “pharmaceutical Enron,” the firm said Tuesday that it’s time to give Valeant successor Bausch Health Companies Inc BHC 0.06% the credit it is due for its rebranding and turnaround efforts.

On Tuesday, Citron Research’s Andrew Left said CEO Joe Papa has done a spectacular job since taking over less than four years ago. In the past three years alone, management has paid down about $8 billion in debt, vastly improving the company’s balance sheet and putting them in a position of financial flexibility.

“In 2019, the debt has become manageable and the company is gaining momentum with recent, successful launches of new drugs, consistent with its ‘pivot to offense,’” Left said.

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