Valeant Pharmaceuticals International Inc. plans to change its name to Bausch Health Cos., as management takes another step toward remaking the company and distancing it from past controversies.

The name change, which the company is to announce Tuesday as it reports first-quarter earnings, will take effect in July and come with a new logo, branding and the ticker BHC on the New York and Toronto stock exchanges, Chief Executive Joseph Papa said in an interview.

“We...