So, on Tuesday, the "Mad Money" host profiled the turnaround at Bausch Health Companies, the drugmaker formerly known as Valeant Pharmaceuticals. Under the leadership of Chairman and CEO Joe Papa, Bausch has undergone what Cramer said "may be the greatest turnaround story of this particular era."
Shares of Bausch, which changed its name from Valeant in July 2018, have more than tripled from their April 2017 lows. The company's latest quarterly report handily beat expectations on earnings and revenue, with organic revenue growth in all of its segments.
"How did Papa do it? First, he told us that he was going to start cleaning up the hideous balance sheet," Cramer said. "Second, he explained that Valeant really did have an attractive pipeline of new drugs, they just needed to double down on developing the good ones. Third, he had to … motivate the staff. It was an incredibly dispirited workforce."
The CEO's hard work has already paid off, but according to Cramer, Bausch's stock is "not done" and is "dirt-cheap" at its current price-to-earnings multiple of seven times next year's earnings estimates.
"The bottom line? Joe Papa has orchestrated an amazing comeback at Bausch Health. The results speak for themselves, which is why I believe, in the end, this story has more room to run," the "Mad Money" host said.