Following several years of preparation and build-up of anticipation, the Bausch Health Companies Inc. split went into effect on 10 May, with the closing of a $630m initial public offering for Bausch + Lomb Inc., effectively separating the eye care unit from the rest of the business. Bausch executives have pledged that the spinout of B+L will unlock the eye care business’s value and provide funding to pay down Bausch Health’s considerable debt, dating back to its hectic deal-making days as Valeant.
Bausch Health, which now will be led by incoming CEO Thomas Appio as his predecessor Joseph Papa moves over to B+L, also presented its first quarter 2022 sales and earnings...