Dear Joe:
As you are aware, our firm, Glenview Capital Management, has been a top shareholder of Bausch Health Companies ( BHC , Bausch , or the Company ) since late-2018 and remains so today. At present, we own more than 21 million shares, or approximately 6% of the Company, primarily in voting securities. On behalf of shareholders, we begin by thanking the women and men of Bausch for their efforts in promoting global health throughout the pandemic and recognize their resilience through challenging circumstances.
Despite the strength and bright prospects of the various franchises that operate under the holding company structure, the Company s shares trade for only 8x 2020 earnings that were depressed by COVID-19 disruption and only 6x consensus 2022 forecasts. In fact, BHC s professional leadership and workforce have driven a turnaround from EBITDA declines to profitable growth, and yet the equity sits lower than when new Management arrived almost five years ago, and the