SCHEDULE: Icahn Completes Bausch Health Divestment

Sentiment:

Schedule 13D/A Amendment 15 August 2025 9:39 AM

📋All filings for Bausch Health Companies INC

Carl Icahn and affiliated entities have fully divested their stake in Bausch Health Companies Inc., selling over 34.7 million shares at $9.00 each.

Worse than expectedThe complete exit of a significant activist investor like Carl Icahn from Bausch Health Companies Inc. can be perceived negatively by the market, potentially signaling a lack of belief in the company's future upside or a negative outlook on its strategic direction.

Summary

Icahn Partners LP sold 20,297,523 shares of Bausch Health Companies Inc. common stock.
Icahn Partners Master Fund LP sold 14,423,595 shares of Bausch Health Companies Inc. common stock.
The shares were sold at a price of $9.00 per share, which included brokerage fees.
Following these transactions, the Reporting Persons (Icahn entities) no longer beneficially own any shares of Bausch Health Companies Inc.
As a result of the divestment, the Reporting Persons ceased to be beneficial owners of more than five percent of the shares and are no longer subject to the reporting requirements of Rule 13d-1(a) of the Exchange Act.

Sentiment

Score: 3

Explanation: The complete divestment by a major activist investor like Carl Icahn is generally viewed as a negative signal for the company, indicating a lack of confidence in its future performance or valuation.

Negatives

The complete divestment of a significant stake by a prominent activist investor like Carl Icahn may signal a lack of confidence in Bausch Health's future prospects or valuation by a major institutional holder.

Future Outlook

Industry Context

Stakeholder Impact

Shareholders may react negatively to the news of a major activist investor exiting their entire position, potentially leading to downward pressure on the stock price due to perceived lack of confidence.

Next Steps

The Reporting Persons are no longer subject to the reporting requirements of Rule 13d-1(a) of the Exchange Act regarding their interest in Bausch Health Companies Inc. shares.

Key Dates

Date	Description
08/14/2025	Date of the event requiring the filing, specifically the sale of shares by Icahn Partners LP and Icahn Partners Master Fund LP.
08/15/2025	Date the Schedule 13D Amendment No. 7 was signed and filed.

Recommendation

sell

The complete divestment by a prominent activist investor like Carl Icahn, who previously held a significant stake, suggests a lack of conviction in Bausch Health's future performance or strategic direction. This action by a sophisticated investor could signal that the stock's upside is limited or that significant challenges remain, warranting a 'sell' recommendation for current holders or avoidance for potential investors.

Keywords

Bausch Health, Icahn, Carl Icahn, Divestment, Share Sale, Pharmaceuticals, Healthcare, SEC Filing, Schedule 13D

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