Company Names, addresses, dates:
  Roanoke
      Budwell & Christian, 101 Jefferson Street, Roanoke VA (1884-1889) ¹
      Budwell Christian & Barbee, Roanoke VA (1889-1891) ¹
      Christian & Barbee, Roanoke VA (1891-1896) ^2,3
      Budwell Pharmacal Company, Roanoke VA ¹²
  Lynchburg
      Payne, Seay & Anderson, 700 Commerce St., Lynchburg VA (ca.1899) ⁴
      Payne, Seay & Anderson, 808 Main St., Lynchburg VA (1900-1913) ⁴
      Budwell Pharmacal Company, 808 Main St., Lynchburg VA (1914-1923) ⁴
      Budwell Pharmacal Company, 714 Main St., Lynchburg VA (ca.1924) ⁴

Notes:
Walter Budwell Sr. (1859-1891)⁵ teamed with J. Fleming Christian in July of 1884 to form the Budwell & Christian drug store in Roanoke VA. In October of 1889, John P. Barbee joined them, and the new name became "Budwell, Christian & Barbee". Budwell passed away in 1891.¹

The firm then became known as "Christian & Barbee" until 1896, when they sold the drugstore to William B. and George A. Van Lear.^2,3

The earliest newspaper mention of "Budwell's Emulsion" that I could find was from 1887, and it was being sold by "Budwell & Christian" in Roanoke.⁶
So I assume that Walter Budwell Sr. was the creator of the "Budwell's Emulsion", even though that product was sold by other companies over the years.
The last ad I could find for "Budwell's Emulsion" was from 1931.⁷

Budwell Pharmacal Company - Lynchburg/Roanoke
The Budwell Pharmacal Company in Lynchburg was incorporated in 1901⁸. I've seen newspaper ads for it as late as 1926.⁹
I don't know what years it was in Roanoke, but one of the bottles below is embossed with "ROANOKE VA".

Payne, Seay & Anderson - Lynchburg
The Payne, Seay & Anderson wholesale druggist company in Lynchburg VA were the manufacturers of Budwell's Emulsion as early as 1902¹⁰.
The firm was listed as being incorporated in 1899, with G.A.W. Payne as the president & treasurer, J.H. Seay as the vice-president, and C.G. Seay as the secretary, with $52,500 capital¹¹.
The Budwell Pharmacal Company in Lynchburg shows up in city directories in the year 1914 at address 808 Main Street, which is the same address as the "Payne, Seay and Anderson" drugstore in previous years, so either that company changed it's name or they were bought out.


Budwell bottles from Roanoke:

	This is a sun-colored amethyst 5.1" mouth-blown bottle from Budwell & Christian, embossed: vertical: BUDWELL & CHRISTIAN / PHARMACISTS / ROANOKE, VA.
	This is an amber 8.1" mouth-blown bottle from Budwell & Christian, embossed: horizontal: BUDWELL'S / EMULSION / OF / NORWEGIAN / COD LIVER OIL / PREPARED BY / BUDWELL & CHRISTIAN/ ROANOKE / VA.
	This is an amber 8.25" bottle embossed: horizontal: BUDWELL'S / EMULSION / OF / NORWEGIAN / COD LIVER OIL / PREPARED BY / BUDWELL PHARMACAL CO. / ROANOKE / VA.

	This is a cobalt-blue 8.2" bottle embossed: vertical: BUDWELL'S / EMULSION OF COD LIVER OIL NO. 2 / WITH GUAIACOL AND CREOSOTE CARBONATE / BUDWELL PHARMACAL CO., LYNCHBURG, VA. base: W T & CO / A / U.S.A. / PAT'D JAN 18 1898
	This is an amber 8.3" bottles embossed: horizontal: BUDWELL'S / EMULSION / OF / NORWEGIAN / COD LIVER OIL / PREPARED BY / BUDWELL PHARMACAL CO. / LYNCHBURG / VA.
	This picture is just for comparison - it shows the Lynchburg & Roanoke bottles side-by-side. They seem to be identially embossed except for the city name (Lynchburg / Roanoke).