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博士伦健康（BHC）与梯瓦制药（TEVA）财务数据对比。点击上方公司名可切换其他公司
梯瓦制药的季度营收约是博士伦健康的1.7倍（$4.7B vs $2.8B），梯瓦制药净利率更高（10.2% vs -3.7%，领先13.9%），梯瓦制药同比增速更快（11.4% vs 9.3%），梯瓦制药自由现金流更多（$1.0B vs $403.0M），过去两年博士伦健康的营收复合增速更高（14.0% vs 11.1%）
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。
梯瓦制药工业有限公司是以色列跨国制药企业，核心业务聚焦仿制药研发生产，同时布局品牌药、药用活性成分（API）业务，也小范围开展合同生产服务及对外授权合作相关业务。
BHC vs TEVA — 直观对比
营收规模更大
TEVA
是对方的1.7倍
$2.8B
营收增速更快
TEVA
高出2.1%
9.3%
净利率更高
TEVA
高出13.9%
-3.7%
自由现金流更多
TEVA
多$613.0M
$403.0M
两年增速更快
BHC
近两年复合增速
11.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $4.7B |
| 净利润 | $-103.0M | $481.0M |
| 毛利率 | — | 56.4% |
| 营业利润率 | 17.0% | 6.4% |
| 净利率 | -3.7% | 10.2% |
| 营收同比 | 9.3% | 11.4% |
| 净利润同比 | -205.1% | 321.7% |
| 每股收益（稀释后） | $-0.30 | $0.42 |
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BHCTEVA
| Q4 25 | $2.8B | $4.7B | ||
| Q3 25 | $2.7B | $4.5B | ||
| Q2 25 | $2.5B | $4.2B | ||
| Q1 25 | $2.3B | $3.9B | ||
| Q4 24 | $2.6B | $4.2B | ||
| Q3 24 | $2.5B | $4.3B | ||
| Q2 24 | $2.4B | $4.2B | ||
| Q1 24 | $2.2B | $3.8B |
净利润BHCTEVA
| Q4 25 | $-103.0M | $481.0M | ||
| Q3 25 | $179.0M | $433.0M | ||
| Q2 25 | $148.0M | $282.0M | ||
| Q1 25 | $-58.0M | $214.0M | ||
| Q4 24 | $98.0M | $-217.0M | ||
| Q3 24 | $-85.0M | $-437.0M | ||
| Q2 24 | $10.0M | $-846.0M | ||
| Q1 24 | $-64.0M | $-139.0M |
毛利率BHCTEVA
| Q4 25 | — | 56.4% | ||
| Q3 25 | — | 51.4% | ||
| Q2 25 | — | 50.3% | ||
| Q1 25 | — | 48.2% | ||
| Q4 24 | — | 50.2% | ||
| Q3 24 | — | 49.6% | ||
| Q2 24 | — | 48.6% | ||
| Q1 24 | — | 46.4% |
营业利润率BHCTEVA
| Q4 25 | 17.0% | 6.4% | ||
| Q3 25 | 23.1% | 19.7% | ||
| Q2 25 | 17.5% | 10.9% | ||
| Q1 25 | 12.2% | 13.3% | ||
| Q4 24 | 21.8% | -0.7% | ||
| Q3 24 | 12.7% | -1.2% | ||
| Q2 24 | 16.2% | -0.1% | ||
| Q1 24 | 13.1% | -5.7% |
净利率BHCTEVA
| Q4 25 | -3.7% | 10.2% | ||
| Q3 25 | 6.7% | 9.7% | ||
| Q2 25 | 5.8% | 6.8% | ||
| Q1 25 | -2.6% | 5.5% | ||
| Q4 24 | 3.8% | -5.1% | ||
| Q3 24 | -3.4% | -10.1% | ||
| Q2 24 | 0.4% | -20.3% | ||
| Q1 24 | -3.0% | -3.6% |
每股收益（稀释后）BHCTEVA
| Q4 25 | $-0.30 | $0.42 | ||
| Q3 25 | $0.48 | $0.37 | ||
| Q2 25 | $0.40 | $0.24 | ||
| Q1 25 | $-0.16 | $0.18 | ||
| Q4 24 | $0.24 | $-0.19 | ||
| Q3 24 | $-0.23 | $-0.39 | ||
| Q2 24 | $0.03 | $-0.75 | ||
| Q1 24 | $-0.17 | $-0.12 |
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 | $3.6B |
| 总债务越低越好 | $20.8B | — |
| 股东权益账面价值 | $-554.0M | $7.9B |
| 总资产 | $26.4B | $40.7B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资BHCTEVA
| Q4 25 | $1.3B | $3.6B | ||
| Q3 25 | $1.3B | $2.2B | ||
| Q2 25 | $1.7B | $2.2B | ||
| Q1 25 | $1.1B | $1.7B | ||
| Q4 24 | $1.2B | $3.3B | ||
| Q3 24 | $719.0M | $3.3B | ||
| Q2 24 | $595.0M | $2.3B | ||
| Q1 24 | $733.0M | $3.0B |
总债务BHCTEVA
| Q4 25 | $20.8B | — | ||
| 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BHCTEVA
| Q4 25 | $-554.0M | $7.9B | ||
| Q3 25 | $-565.0M | $7.3B | ||
| Q2 25 | $-764.0M | $6.8B | ||
| Q1 25 | $-1.2B | $6.3B | ||
| Q4 24 | $-1.3B | $5.4B | ||
| Q3 24 | $-1.2B | $6.1B | ||
| Q2 24 | $-1.2B | $6.4B | ||
| Q1 24 | $-1.1B | $7.3B |
总资产BHCTEVA
| Q4 25 | $26.4B | $40.7B | ||
| Q3 25 | $26.8B | $39.9B | ||
| Q2 25 | $27.3B | $40.1B | ||
| Q1 25 | $26.4B | $38.4B | ||
| Q4 24 | $26.5B | $39.3B | ||
| Q3 24 | $26.5B | $41.8B | ||
| Q2 24 | $26.5B | $41.3B | ||
| Q1 24 | $26.9B | $42.8B |
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 | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $403.0M | $1.0B |
| 自由现金流率自由现金流/营收 | 14.4% | 21.6% |
| 资本支出强度资本支出/营收 | 3.3% | 3.0% |
| 现金转化率经营现金流/净利润 | — | 2.41× |
| 过去12个月自由现金流最近4个季度 | $1.0B | $1.1B |
8季度趋势，按日历期对齐
经营现金流BHCTEVA
| Q4 25 | $495.0M | $1.2B | ||
| Q3 25 | $405.0M | $369.0M | ||
| Q2 25 | $289.0M | $227.0M | ||
| Q1 25 | $211.0M | $-105.0M | ||
| Q4 24 | $601.0M | $575.0M | ||
| Q3 24 | $405.0M | $693.0M | ||
| Q2 24 | $380.0M | $103.0M | ||
| Q1 24 | $211.0M | $-124.0M |
自由现金流BHCTEVA
| Q4 25 | $403.0M | $1.0B | ||
| Q3 25 | $314.0M | $233.0M | ||
| Q2 25 | $190.0M | $131.0M | ||
| Q1 25 | $96.0M | $-232.0M | ||
| Q4 24 | $495.0M | $446.0M | ||
| Q3 24 | $334.0M | $545.0M | ||
| Q2 24 | $302.0M | $6.0M | ||
| Q1 24 | $129.0M | $-248.0M |
自由现金流率BHCTEVA
| Q4 25 | 14.4% | 21.6% | ||
| Q3 25 | 11.7% | 5.2% | ||
| Q2 25 | 7.5% | 3.1% | ||
| Q1 25 | 4.2% | -6.0% | ||
| Q4 24 | 19.3% | 10.5% | ||
| Q3 24 | 13.3% | 12.6% | ||
| Q2 24 | 12.6% | 0.1% | ||
| Q1 24 | 6.0% | -6.5% |
资本支出强度BHCTEVA
| Q4 25 | 3.3% | 3.0% | ||
| Q3 25 | 3.4% | 3.0% | ||
| Q2 25 | 3.9% | 2.3% | ||
| Q1 25 | 5.1% | 3.3% | ||
| Q4 24 | 4.1% | 3.1% | ||
| Q3 24 | 2.8% | 3.4% | ||
| Q2 24 | 3.2% | 2.3% | ||
| Q1 24 | 3.8% | 3.2% |
现金转化率BHCTEVA
| Q4 25 | — | 2.41× | ||
| Q3 25 | 2.26× | 0.85× | ||
| Q2 25 | 1.95× | 0.80× | ||
| Q1 25 | — | -0.49× | ||
| 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% |
TEVA
| Other | $2.0B | 42% |
| Generics Medicians Including Otc And Biosimilars | $672.0M | 14% |
| Other Products | $608.0M | 13% |
| License | $529.0M | 11% |
| Distribution Service | $366.0M | 8% |
| Other Activities | $227.0M | 5% |
| Ajovy | $106.0M | 2% |
| COPAXONE | $77.0M | 2% |
| Respiratory Product | $65.0M | 1% |
| Uzedy | $55.0M | 1% |
| Bendeka And Treanda | $36.0M | 1% |
