SCHEDULE: Nomura Holdings Discloses 4.2% Stake in Bausch Health

Nomura Holdings Inc. and its subsidiary, Nomura Global Financial Products, Inc., reported a 4.2% beneficial ownership stake in Bausch Health Companies Inc. as of September 30, 2025.

Summary

• Nomura Holdings Inc. and its wholly-owned subsidiary, Nomura Global Financial Products, Inc. (NGFP), jointly reported beneficial ownership of Bausch Health Companies Inc. common shares.
• As of September 30, 2025, the reporting persons beneficially owned an aggregate of 15,708,085 common shares.
• This ownership represents 4.2% of Bausch Health Companies Inc.'s common shares outstanding.
• The percentage is calculated based on 370,473,221 common shares outstanding as of September 30, 2025, as reported in the Issuer's Form 10-Q.
• NGFP holds shared voting and dispositive power over all 15,708,085 shares.
• Nomura Holdings Inc. may be deemed to beneficially own the shares held by NGFP due to the parent-subsidiary relationship.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: The filing is a routine regulatory disclosure of beneficial ownership and does not contain information that would significantly alter sentiment regarding the issuer or the reporting entity.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding the issuer's future performance or the reporting persons' future intentions beyond the statement that the securities are held in the ordinary course of business.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11."

Industry Context

This filing represents a routine disclosure of significant institutional ownership, common in the financial industry, where large investment firms or their subsidiaries acquire stakes in publicly traded companies for investment purposes. It does not provide specific insights into broader industry trends for Bausch Health's sector.

Stakeholder Impact

• Shareholders: Increased institutional ownership by Nomura Holdings could be perceived as a vote of confidence, potentially influencing market perception and liquidity.
• Investors: Provides transparency regarding significant institutional holdings, which is a key data point for investment analysis.

Key Dates

Keywords

Bausch Health Companies, Nomura Holdings, Nomura Global Financial Products, Beneficial Ownership, Schedule 13G, Institutional Ownership, Common Shares