SCHEDULE 13D

CUSIP No.

071734107

Name of reporting person

PAULSON & CO. INC.

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

SEC use only

Source of funds (See Instructions)

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 70,755,869.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 70,755,869.00
10	Shared Dispositive Power 0.00

Aggregate amount beneficially owned by each reporting person

70,755,869.00

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in Row (11)

19.1 %

Type of Reporting Person (See Instructions)

Comment for Type of Reporting Person:

Note to Items 7, 9, 11: See Note 1 to Item 5 below

SCHEDULE 13D

Item 1.

Security and Issuer

(a)

Title of Class of Securities:

Common Shares, no par value

(b)

Name of Issuer:

Bausch Health Companies Inc.

(c)

Address of Issuer's Principal Executive Offices:

2150 ST. ELZEAR BLVD. WEST, LAVAL, QUEBEC, QUEBEC, CANADA , H7L 4A8.

Item 1 Comment:

The following constitutes Amendment No. 4 to the Schedule 13D filed by the undersigned ("Amendment No. 5"). This Amendment No. 5 amends the Schedule 13D as specifically set forth herein.

Item 5.

Interest in Securities of the Issuer

(a)

The aggregate percentage of Common Shares reported owned by the Reporting Person is based upon approximately 369,790,319 Common Shares outstanding as of July 25, 2025, which is the total number of Common Shares outstanding as disclosed on the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on July 31, 2025. As of the date hereof, the Reporting Person may be deemed to have beneficially owned approximately 19.1% of the outstanding Common Shares.

(b)

(i) Sole power to vote or direct the vote: 70,755,869 (see Note 1). (ii) Shared power to vote or direct the vote: 0 (iii) Sole power to dispose or direct the disposition: 70,755,869 (see Note 1). (iv) Shared power to dispose or direct the disposition: 0

(c)

The transactions effected by the Reporting Person during the past 60 days or since the last filing of an amendment to this Schedule 13D are set forth on Exhibit 1 attached hereto.

(d)

See Note 1.

(e)

Not applicable. Note 1: Paulson furnishes investment advice to and manages the Funds. In its role as investment advisor, or manager, as the case may be, Paulson possesses voting and investment power over the securities of the Issuer described in this Schedule 13D that are owned by the Funds. The pecuniary interest of all securities reported in this Schedule 13D is owned by the Funds. Except for the purposes of determining beneficial ownership under Section 13(d) of the Securities Exchange Act of 1934, as amended, Paulson disclaims beneficial ownership of all securities reported in this Schedule 13D. For reporting purposes, the aggregate amount of Common Shares deemed to be beneficially owned by the Reporting Person is calculated based on an aggregate 70,755,869 Common Shares held by the Reporting Person as of the date hereof.

Item 7.

Material to be Filed as Exhibits.

1. Transactions in Securities

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

PAULSON & CO. INC.

Signature:	/s/ Stuart L. Merzer
Name/Title:	Stuart L. Merzer, General Counsel & Chief Compliance Officer
Date:	08/14/2025

Comments accompanying signature:

Exhibit 1 attached.