SCHEDULE 13G: Nomura Holdings Discloses 6.3% Passive Stake in Bausch Health Companies

Nomura Holdings Inc. and its subsidiary, Nomura Global Financial Products, Inc., have disclosed a passive beneficial ownership of 6.3% in Bausch Health Companies Inc.

Summary

• Nomura Holdings Inc. and its wholly-owned subsidiary, Nomura Global Financial Products, Inc. (NGFP), have filed a Schedule 13G indicating beneficial ownership in Bausch Health Companies Inc.
• As of March 31, 2025, the reporting persons collectively beneficially own 23,395,000 common shares of Bausch Health Companies Inc.
• This ownership represents 6.3% of Bausch Health's common shares outstanding.
• The percentage is calculated based on 369,539,455 common shares outstanding as of March 31, 2025, as reported in Bausch Health's Form 10-Q filed on May 1, 2025.
• Nomura Holdings Inc. is deemed to beneficially own the shares held by NGFP due to its wholly-owned subsidiary relationship.
• The shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of the issuer.

Sentiment

Score: 6

Explanation: The sentiment is moderately positive. While a Schedule 13G is a routine disclosure, the entry of a significant institutional investor like Nomura with a passive stake can be viewed favorably by the market as it suggests confidence and a stable shareholder base for Bausch Health.

Positives

• A significant institutional investor, Nomura Holdings, has taken a substantial passive stake (6.3%) in Bausch Health, which can be viewed as a vote of confidence in the company.
• The filing explicitly states that the shares are held in the ordinary course of business and not for the purpose of changing or influencing control, indicating a stable, long-term passive investment rather than an activist position.

Risks

• The document does not detail specific risks related to Bausch Health's operations or financial performance, as it is a beneficial ownership disclosure (Schedule 13G) focused on the reporting entity's stake and intent.

Future Outlook

The document does not provide any forward-looking statements or guidance regarding Bausch Health Companies Inc.'s future performance or strategic direction, as it is a beneficial ownership disclosure.

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 standard disclosure of a significant passive investment by a major financial institution in a publicly traded pharmaceutical and healthcare company. Such disclosures are common and reflect ongoing portfolio management by large investment firms.

Stakeholder Impact

• Shareholders: The disclosure introduces a new significant institutional shareholder, Nomura Holdings, which could influence market perception and potentially provide a more stable shareholder base.
• Company Management: Awareness of a new large passive investor may influence investor relations strategies, but the filing explicitly states no intent to influence control.

Key Dates

Keywords

Bausch Health Companies Inc., Nomura Holdings Inc., Nomura Global Financial Products Inc., Schedule 13G, Beneficial Ownership, Institutional Investment, Common Shares, Passive Stake