John Paulson - 31 Dec 2025 Form 4 Insider Report for Bausch Health Companies Inc. (BHC)

Role: Director
Signature: /s/ Brianna M. Cetrulo, attorney-in-fact
Issuer symbol: BHC
Transactions as of: 31 Dec 2025
Net transactions value: $0
Form type: 4
Filing time: 02 Jan 2026, 16:08:45 UTC
Previous filing: 18 Nov 2025
Next filing: 23 Feb 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Paulson John	Director	180 LAKEVIEW AVENUE, WEST PALM BEACH	/s/ Brianna M. Cetrulo, attorney-in-fact	02 Jan 2026	0001394923

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BHC	Common Shares, No Par Value	Award	$0	+8,992	+2.6%	$0.000000	360,120	31 Dec 2025	Direct	F1
holding	BHC	Common Shares, No Par Value						73,255,869	31 Dec 2025	By Managed Funds	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Reflects Restricted Share Units issued in lieu of cash compensation in connection with the Reporting Person's service on the Issuer's Board of Directors for the quarter ending December 31, 2025, each representing a contingent right to receive one common share, no par value, of the Issuer.
F2	John Paulson, the controlling person of Paulson Capital Inc. ("Paulson"), serves on the board of directors of the Issuer. Paulson is the investment manager of investment funds (the "Funds"). John Paulson may be deemed an indirect beneficial owner of the securities, which are directly owned by the Funds. Pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, as amended (the "Act"), the reporting person disclaims beneficial ownership of any securities reported herein, except to the extent that the reporting person has a pecuniary interest therein. This report shall not be deemed an admission that such reporting person is the beneficial owner of any securities not directly owned by such reporting person.

Content

Reflects Restricted Share Units issued in lieu of cash compensation in connection with the Reporting Person's service on the Issuer's Board of Directors for the quarter ending December 31, 2025, each representing a contingent right to receive one common share, no par value, of the Issuer.

John Paulson, the controlling person of Paulson Capital Inc. ("Paulson"), serves on the board of directors of the Issuer. Paulson is the investment manager of investment funds (the "Funds"). John Paulson may be deemed an indirect beneficial owner of the securities, which are directly owned by the Funds. Pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, as amended (the "Act"), the reporting person disclaims beneficial ownership of any securities reported herein, except to the extent that the reporting person has a pecuniary interest therein. This report shall not be deemed an admission that such reporting person is the beneficial owner of any securities not directly owned by such reporting person.