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博士伦健康（BHC）与百济神州（ONC）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百济神州的1.9倍（$2.8B vs $1.5B），百济神州净利率更高（4.4% vs -3.7%，领先8.1%），百济神州同比增速更快（32.8% vs 9.3%），博士伦健康自由现金流更多（$403.0M vs $379.8M），过去两年百济神州的营收复合增速更高（41.2% vs 14.0%）
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。
BeOne Medicines（原百济神州）是一家跨国肿瘤领域制药企业，专注于癌症治疗创新药物的研发与商业化，致力于为全球癌症患者提供更有效、可及性更高的治疗方案，改善患者的生存质量与预后。
BHC vs ONC — 直观对比
营收规模更大
BHC
是对方的1.9倍
$1.5B
营收增速更快
ONC
高出23.6%
9.3%
净利率更高
ONC
高出8.1%
-3.7%
自由现金流更多
BHC
多$23.2M
$379.8M
两年增速更快
ONC
近两年复合增速
14.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $1.5B |
| 净利润 | $-103.0M | $66.5M |
| 毛利率 | — | 90.5% |
| 营业利润率 | 17.0% | 12.4% |
| 净利率 | -3.7% | 4.4% |
| 营收同比 | 9.3% | 32.8% |
| 净利润同比 | -205.1% | 143.8% |
| 每股收益（稀释后） | $-0.30 | $0.05 |
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BHCONC
| Q4 25 | $2.8B | $1.5B | ||
| Q3 25 | $2.7B | $1.4B | ||
| Q2 25 | $2.5B | $1.3B | ||
| Q1 25 | $2.3B | $1.1B | ||
| Q4 24 | $2.6B | $1.1B | ||
| Q3 24 | $2.5B | $1.0B | ||
| Q2 24 | $2.4B | $929.2M | ||
| Q1 24 | $2.2B | $751.7M |
净利润BHCONC
| Q4 25 | $-103.0M | $66.5M | ||
| Q3 25 | $179.0M | $124.8M | ||
| Q2 25 | $148.0M | $94.3M | ||
| Q1 25 | $-58.0M | $1.3M | ||
| Q4 24 | $98.0M | $-151.9M | ||
| Q3 24 | $-85.0M | $-121.3M | ||
| Q2 24 | $10.0M | $-120.4M | ||
| Q1 24 | $-64.0M | $-251.2M |
毛利率BHCONC
| Q4 25 | — | 90.5% | ||
| Q3 25 | — | 86.1% | ||
| Q2 25 | — | 87.5% | ||
| Q1 25 | — | 85.2% | ||
| Q4 24 | — | 85.8% | ||
| Q3 24 | — | 83.0% | ||
| Q2 24 | — | 85.1% | ||
| Q1 24 | — | 83.4% |
营业利润率BHCONC
| Q4 25 | 17.0% | 12.4% | ||
| Q3 25 | 23.1% | 11.5% | ||
| Q2 25 | 17.5% | 6.7% | ||
| Q1 25 | 12.2% | 1.0% | ||
| Q4 24 | 21.8% | -7.0% | ||
| Q3 24 | 12.7% | -12.0% | ||
| Q2 24 | 16.2% | -11.5% | ||
| Q1 24 | 13.1% | -34.8% |
净利率BHCONC
| Q4 25 | -3.7% | 4.4% | ||
| Q3 25 | 6.7% | 8.8% | ||
| Q2 25 | 5.8% | 7.2% | ||
| Q1 25 | -2.6% | 0.1% | ||
| Q4 24 | 3.8% | -13.5% | ||
| Q3 24 | -3.4% | -12.1% | ||
| Q2 24 | 0.4% | -13.0% | ||
| Q1 24 | -3.0% | -33.4% |
每股收益（稀释后）BHCONC
| Q4 25 | $-0.30 | $0.05 | ||
| Q3 25 | $0.48 | $0.08 | ||
| Q2 25 | $0.40 | $0.06 | ||
| Q1 25 | $-0.16 | $0.00 | ||
| Q4 24 | $0.24 | $-0.10 | ||
| Q3 24 | $-0.23 | $-0.09 | ||
| Q2 24 | $0.03 | $-0.09 | ||
| Q1 24 | $-0.17 | $-0.19 |
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 | $4.5B |
| 总债务越低越好 | $20.8B | $836.4M |
| 股东权益账面价值 | $-554.0M | $4.4B |
| 总资产 | $26.4B | $8.2B |
| 负债/权益比越低杠杆越低 | — | 0.19× |
8季度趋势，按日历期对齐
现金及短期投资BHCONC
| Q4 25 | $1.3B | $4.5B | ||
| Q3 25 | $1.3B | $4.0B | ||
| Q2 25 | $1.7B | $2.8B | ||
| Q1 25 | $1.1B | $2.5B | ||
| Q4 24 | $1.2B | $2.6B | ||
| Q3 24 | $719.0M | $2.7B | ||
| Q2 24 | $595.0M | $2.6B | ||
| Q1 24 | $733.0M | $2.8B |
总债务BHCONC
| Q4 25 | $20.8B | $836.4M | ||
| Q3 25 | $21.0B | — | ||
| Q2 25 | $21.7B | — | ||
| Q1 25 | $21.5B | — | ||
| Q4 24 | $21.6B | — | ||
| Q3 24 | $21.5B | — | ||
| Q2 24 | $21.7B | — | ||
| Q1 24 | $22.1B | — |
股东权益BHCONC
| Q4 25 | $-554.0M | $4.4B | ||
| Q3 25 | $-565.0M | $4.1B | ||
| Q2 25 | $-764.0M | $3.8B | ||
| Q1 25 | $-1.2B | $3.5B | ||
| Q4 24 | $-1.3B | $3.3B | ||
| Q3 24 | $-1.2B | $3.4B | ||
| Q2 24 | $-1.2B | $3.4B | ||
| Q1 24 | $-1.1B | $3.4B |
总资产BHCONC
| Q4 25 | $26.4B | $8.2B | ||
| Q3 25 | $26.8B | $7.6B | ||
| Q2 25 | $27.3B | $6.3B | ||
| Q1 25 | $26.4B | $5.8B | ||
| Q4 24 | $26.5B | $5.9B | ||
| Q3 24 | $26.5B | $5.8B | ||
| Q2 24 | $26.5B | $5.7B | ||
| Q1 24 | $26.9B | $5.7B |
负债/权益比BHCONC
| Q4 25 | — | 0.19× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $417.3M |
| 自由现金流经营现金流 - 资本支出 | $403.0M | $379.8M |
| 自由现金流率自由现金流/营收 | 14.4% | 25.4% |
| 资本支出强度资本支出/营收 | 3.3% | 2.5% |
| 现金转化率经营现金流/净利润 | — | 6.28× |
| 过去12个月自由现金流最近4个季度 | $1.0B | $941.7M |
8季度趋势，按日历期对齐
经营现金流BHCONC
| Q4 25 | $495.0M | $417.3M | ||
| Q3 25 | $405.0M | $402.6M | ||
| Q2 25 | $289.0M | $263.6M | ||
| Q1 25 | $211.0M | $44.1M | ||
| Q4 24 | $601.0M | $75.2M | ||
| Q3 24 | $405.0M | $188.4M | ||
| Q2 24 | $380.0M | $-95.6M | ||
| Q1 24 | $211.0M | $-308.6M |
自由现金流BHCONC
| Q4 25 | $403.0M | $379.8M | ||
| Q3 25 | $314.0M | $354.5M | ||
| Q2 25 | $190.0M | $219.8M | ||
| Q1 25 | $96.0M | $-12.3M | ||
| Q4 24 | $495.0M | $-17.3M | ||
| Q3 24 | $334.0M | $54.7M | ||
| Q2 24 | $302.0M | $-205.5M | ||
| Q1 24 | $129.0M | $-465.1M |
自由现金流率BHCONC
| Q4 25 | 14.4% | 25.4% | ||
| Q3 25 | 11.7% | 25.1% | ||
| Q2 25 | 7.5% | 16.7% | ||
| Q1 25 | 4.2% | -1.1% | ||
| Q4 24 | 19.3% | -1.5% | ||
| Q3 24 | 13.3% | 5.5% | ||
| Q2 24 | 12.6% | -22.1% | ||
| Q1 24 | 6.0% | -61.9% |
资本支出强度BHCONC
| Q4 25 | 3.3% | 2.5% | ||
| Q3 25 | 3.4% | 3.4% | ||
| Q2 25 | 3.9% | 3.3% | ||
| Q1 25 | 5.1% | 5.0% | ||
| Q4 24 | 4.1% | 8.2% | ||
| Q3 24 | 2.8% | 13.3% | ||
| Q2 24 | 3.2% | 11.8% | ||
| Q1 24 | 3.8% | 20.8% |
现金转化率BHCONC
| Q4 25 | — | 6.28× | ||
| Q3 25 | 2.26× | 3.22× | ||
| Q2 25 | 1.95× | 2.79× | ||
| Q1 25 | — | 34.71× | ||
| Q4 24 | 6.13× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 38.00× | — | ||
| Q1 24 | — | — |
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% |
ONC
暂无分部数据
