vs
博士伦健康（BHC）与礼蓝动物保健（ELAN）财务数据对比。点击上方公司名可切换其他公司
博士伦健康的季度营收约是礼蓝动物保健的2.4倍（$2.8B vs $1.1B），博士伦健康净利率更高（-3.7% vs -24.1%，领先20.4%），礼蓝动物保健同比增速更快（12.2% vs 9.3%），博士伦健康自由现金流更多（$403.0M vs $46.0M），过去两年博士伦健康的营收复合增速更高（14.0% vs -2.6%）
博士伦健康公司（Bausch Health）是一家业务多元化的北美跨国制药企业，全球总部位于加拿大魁北克省拉瓦尔，美国总部设在新泽西州布里奇沃特。公司专注于胃肠病、肝病、神经科、皮肤科、牙科、医疗美容等领域的药物研发、生产及销售，同时提供品牌药和仿制药产品，业务覆盖全球市场。
礼蓝动物保健是一家美国动物保健制药企业，专注于生产宠物及家畜用药品与疫苗。该公司原为礼来公司旗下子公司，2019年完成分拆独立，目前是全球第三大动物保健企业。
BHC vs ELAN — 直观对比
营收规模更大
BHC
是对方的2.4倍
$1.1B
营收增速更快
ELAN
高出2.9%
9.3%
净利率更高
BHC
高出20.4%
-24.1%
自由现金流更多
BHC
多$357.0M
$46.0M
两年增速更快
BHC
近两年复合增速
-2.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $1.1B |
| 净利润 | $-103.0M | $-276.0M |
| 毛利率 | — | 51.5% |
| 营业利润率 | 17.0% | -22.6% |
| 净利率 | -3.7% | -24.1% |
| 营收同比 | 9.3% | 12.2% |
| 净利润同比 | -205.1% | -3350.0% |
| 每股收益（稀释后） | $-0.30 | $-0.55 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收BHCELAN
| Q4 25 | $2.8B | $1.1B | ||
| Q3 25 | $2.7B | $1.1B | ||
| Q2 25 | $2.5B | $1.2B | ||
| Q1 25 | $2.3B | $1.2B | ||
| Q4 24 | $2.6B | $1.0B | ||
| Q3 24 | $2.5B | $1.0B | ||
| Q2 24 | $2.4B | $1.2B | ||
| Q1 24 | $2.2B | $1.2B |
净利润BHCELAN
| Q4 25 | $-103.0M | $-276.0M | ||
| Q3 25 | $179.0M | $-34.0M | ||
| Q2 25 | $148.0M | $11.0M | ||
| Q1 25 | $-58.0M | $67.0M | ||
| Q4 24 | $98.0M | $-8.0M | ||
| Q3 24 | $-85.0M | $364.0M | ||
| Q2 24 | $10.0M | $-50.0M | ||
| Q1 24 | $-64.0M | $32.0M |
毛利率BHCELAN
| Q4 25 | — | 51.5% | ||
| Q3 25 | — | 53.4% | ||
| Q2 25 | — | 57.5% | ||
| Q1 25 | — | 57.3% | ||
| Q4 24 | — | 50.9% | ||
| Q3 24 | — | 52.2% | ||
| Q2 24 | — | 58.2% | ||
| Q1 24 | — | 57.3% |
营业利润率BHCELAN
| Q4 25 | 17.0% | -22.6% | ||
| Q3 25 | 23.1% | -4.4% | ||
| Q2 25 | 17.5% | 2.0% | ||
| Q1 25 | 12.2% | 5.0% | ||
| Q4 24 | 21.8% | -5.0% | ||
| Q3 24 | 12.7% | 54.3% | ||
| Q2 24 | 16.2% | -2.7% | ||
| Q1 24 | 13.1% | 1.0% |
净利率BHCELAN
| Q4 25 | -3.7% | -24.1% | ||
| Q3 25 | 6.7% | -3.0% | ||
| Q2 25 | 5.8% | 0.9% | ||
| Q1 25 | -2.6% | 5.6% | ||
| Q4 24 | 3.8% | -0.8% | ||
| Q3 24 | -3.4% | 35.3% | ||
| Q2 24 | 0.4% | -4.2% | ||
| Q1 24 | -3.0% | 2.7% |
每股收益（稀释后）BHCELAN
| Q4 25 | $-0.30 | $-0.55 | ||
| Q3 25 | $0.48 | $-0.07 | ||
| Q2 25 | $0.40 | $0.02 | ||
| Q1 25 | $-0.16 | $0.13 | ||
| Q4 24 | $0.24 | $-0.01 | ||
| Q3 24 | $-0.23 | $0.73 | ||
| Q2 24 | $0.03 | $-0.10 | ||
| Q1 24 | $-0.17 | $0.06 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $1.3B | $545.0M |
| 总债务越低越好 | $20.8B | $3.9B |
| 股东权益账面价值 | $-554.0M | $6.5B |
| 总资产 | $26.4B | $13.4B |
| 负债/权益比越低杠杆越低 | — | 0.60× |
8季度趋势，按日历期对齐
现金及短期投资BHCELAN
| Q4 25 | $1.3B | $545.0M | ||
| Q3 25 | $1.3B | $505.0M | ||
| Q2 25 | $1.7B | $539.0M | ||
| Q1 25 | $1.1B | $487.0M | ||
| Q4 24 | $1.2B | $468.0M | ||
| Q3 24 | $719.0M | $490.0M | ||
| Q2 24 | $595.0M | $416.0M | ||
| Q1 24 | $733.0M | $345.0M |
总债务BHCELAN
| Q4 25 | $20.8B | $3.9B | ||
| Q3 25 | $21.0B | $4.0B | ||
| Q2 25 | $21.7B | $4.1B | ||
| Q1 25 | $21.5B | $4.4B | ||
| Q4 24 | $21.6B | $4.3B | ||
| Q3 24 | $21.5B | $4.4B | ||
| Q2 24 | $21.7B | $5.7B | ||
| Q1 24 | $22.1B | $5.8B |
股东权益BHCELAN
| Q4 25 | $-554.0M | $6.5B | ||
| Q3 25 | $-565.0M | $6.7B | ||
| Q2 25 | $-764.0M | $6.8B | ||
| Q1 25 | $-1.2B | $6.4B | ||
| Q4 24 | $-1.3B | $6.1B | ||
| Q3 24 | $-1.2B | $6.5B | ||
| Q2 24 | $-1.2B | $5.9B | ||
| Q1 24 | $-1.1B | $6.1B |
总资产BHCELAN
| Q4 25 | $26.4B | $13.4B | ||
| Q3 25 | $26.8B | $13.6B | ||
| Q2 25 | $27.3B | $13.7B | ||
| Q1 25 | $26.4B | $12.9B | ||
| Q4 24 | $26.5B | $12.6B | ||
| Q3 24 | $26.5B | $13.3B | ||
| Q2 24 | $26.5B | $13.8B | ||
| Q1 24 | $26.9B | $14.0B |
负债/权益比BHCELAN
| Q4 25 | — | 0.60× | ||
| Q3 25 | — | 0.59× | ||
| Q2 25 | — | 0.61× | ||
| Q1 25 | — | 0.69× | ||
| Q4 24 | — | 0.70× | ||
| Q3 24 | — | 0.67× | ||
| Q2 24 | — | 0.96× | ||
| Q1 24 | — | 0.95× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $495.0M | $108.0M |
| 自由现金流经营现金流 - 资本支出 | $403.0M | $46.0M |
| 自由现金流率自由现金流/营收 | 14.4% | 4.0% |
| 资本支出强度资本支出/营收 | 3.3% | 5.4% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $1.0B | $284.0M |
8季度趋势，按日历期对齐
经营现金流BHCELAN
| Q4 25 | $495.0M | $108.0M | ||
| Q3 25 | $405.0M | $219.0M | ||
| Q2 25 | $289.0M | $237.0M | ||
| Q1 25 | $211.0M | $-4.0M | ||
| Q4 24 | $601.0M | $177.0M | ||
| Q3 24 | $405.0M | $162.0M | ||
| Q2 24 | $380.0M | $200.0M | ||
| Q1 24 | $211.0M | $2.0M |
自由现金流BHCELAN
| Q4 25 | $403.0M | $46.0M | ||
| Q3 25 | $314.0M | $127.0M | ||
| Q2 25 | $190.0M | $180.0M | ||
| Q1 25 | $96.0M | $-69.0M | ||
| Q4 24 | $495.0M | $130.0M | ||
| Q3 24 | $334.0M | $120.0M | ||
| Q2 24 | $302.0M | $166.0M | ||
| Q1 24 | $129.0M | $-22.0M |
自由现金流率BHCELAN
| Q4 25 | 14.4% | 4.0% | ||
| Q3 25 | 11.7% | 11.2% | ||
| Q2 25 | 7.5% | 14.5% | ||
| Q1 25 | 4.2% | -5.8% | ||
| Q4 24 | 19.3% | 12.7% | ||
| Q3 24 | 13.3% | 11.7% | ||
| Q2 24 | 12.6% | 14.0% | ||
| Q1 24 | 6.0% | -1.8% |
资本支出强度BHCELAN
| Q4 25 | 3.3% | 5.4% | ||
| Q3 25 | 3.4% | 8.1% | ||
| Q2 25 | 3.9% | 4.6% | ||
| Q1 25 | 5.1% | 5.4% | ||
| Q4 24 | 4.1% | 4.6% | ||
| Q3 24 | 2.8% | 4.1% | ||
| Q2 24 | 3.2% | 2.9% | ||
| Q1 24 | 3.8% | 2.0% |
现金转化率BHCELAN
| Q4 25 | — | — | ||
| Q3 25 | 2.26× | — | ||
| Q2 25 | 1.95× | 21.55× | ||
| Q1 25 | — | -0.06× | ||
| Q4 24 | 6.13× | — | ||
| Q3 24 | — | 0.45× | ||
| Q2 24 | 38.00× | — | ||
| Q1 24 | — | 0.06× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
BHC
| Bausch Lomb | $1.4B | 50% |
| Salix Segment | $693.0M | 25% |
| International Rx | $306.0M | 11% |
| Diversified Segment | $255.0M | 9% |
| Solta Medical Segment | $137.0M | 5% |
ELAN
| Pet Health | $489.0M | 43% |
| Cattle | $296.0M | 26% |
| Poultry | $237.0M | 21% |
| Swine | $107.0M | 9% |
| Contract Manufacturing | $15.0M | 1% |
