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©2026 Bausch Health Companies Inc. and/or one of its affiliates. February 18, 2026 4Q & FY 2025 Earnings NEUROSCIENCE International ®
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 2 Forward-Looking Statements; Non-GAAP Information Forward-Looking Statements This presentation contains forward-looking information and statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws (collectively, “forward -looking statements”), including, but not limited to, statements relating to the Company’s: future prospects and performance, financial guidance, research and development efforts and anticipated timing or results thereof, proposed plan to separate its eye health business, including the timing thereof, manag ement of its balance sheet, generation of cash, ability to launch and commercialize new products, including the timing of regulatory p rocesses with respect to the Company’s product pipeline, ability to enforce and defend its Xifaxan® intellectual property rights, ability to execute its growth strategies and strategic priorities generally, and other corporate and strategic transactions. Forward -looking statements may generally be identified by the use of the words “anticipates,” “hopes,” “expects,” “intends,” “plans,” “should,” “could,” “would,” “may,” “believes,” “estimates,” “potential,” “target,” or “continue” and positive and negative variations or similar expressions, and phrases or statements that certain actions, events or results may, could, should or will be achieved, received or taken, or will occur or result, and similar such expressions also identify forward-looking information. These forward-looking statements, including the full-year guidance, are based upon the current expectations and beliefs of management. The Company’s 2026 financial outlook and full-year guidance are included to provide further information about management’s expectations about the Company’s future business operations, activities and results and may not be appropriate for other purposes. These forward-looking statements are subject to certain factors, risks and uncertainties that could cause actual results to diff er materially from those described in these forward-looking statements. These factors, risks and uncertainties include, but are not limited to: our ability to execute our business strategy, business plans and operational efficiency initiatives; demand for, competitive positioning of and pricing for our current and anticipated products and our ability to achieve expected revenues, margins and expense levels; the successful development, regulatory approval, manufacture and timing of launches and commercialization of pipeline and other products; the completion, timing, integration and expected benefits of acquisitions and other strategic transactions (including the acquisition of DURECT Corporation and the planned separation of our eye health business consistin g of our Bausch + Lomb global Vision Care, Surgical and Pharmaceuticals businesses) on anticipated terms, timing and costs; the sc ope, duration and financial and operational impact of product quality matters; the continued availability and performance of key third-party distribution, fulfillment and other arrangements and the stability of global supply chains; the continuation of pate nt protection and regulatory exclusivity for key products; the expected impacts of the Inflation Reduction Act, and the selectio n by the Centers for Medicare & Medicaid Services of Xifaxan® for the second round of negotiation under the drug price negotiation program for initial price applicability in 2027 and the results thereof, and other healthcare reform measures and our ability to miti gate the impact thereof; our ability to generate cash flows and access liquidity to meet working capital needs, satisfy debt maturities a s they become due, reduce debt levels and comply with financial and other covenants under our financing arrangements; the expected scope and impact of tariffs, counter-tariffs and other trade restrictions and the effectiveness of mitigation actions; macroecon omic and geopolitical conditions (including inflation, recessionary pressures, foreign currency exchange rates and interest rates) , changes in tax laws and related guidance (including legislation referred to as the One Big Beautiful Bill Act and Organisation for Economic Co-operation and Development related measures); the expected outcomes of litigation and other contingencies; and other factors, risks and uncertainties discussed in the Company’s most recent annual and quarterly reports and detailed from time to time in the Company’s other filings with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators, which factors, risks and uncertainties are incorporated herein by reference. We caution that, as it is not possible to predict or identify all relevant factors that may impact forward -looking statements, the factors referred above are not exhaustive and should not be considered a complete statement of all potential risks and uncertainties. When relying on our forward-looking statements to make decisions with respect to the Company, investors and others should carefully consider the aforementioned factors and other uncertainties and potential events. These forward-looking statements speak only as of the date made. Bausch Health undertakes no obligation to update any of these forward -looking statements to reflect events or circumstances after the date of this presentation or to reflect actual outcomes, except as required by law. Non-GAAP Information To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures and non-GAAP ratios to provide supplemental information to readers. Management uses these non-GAAP measures and ratios as key metrics in the evaluation of the Company’s performance and the consolidated financial results and, in part, in the determination of cash bonuses for its executive officers. The Company bel ieves these non-GAAP measures and ratios are useful to investors in their assessment of our operating performance and the valuation of the Company. In addition, these non-GAAP measures and ratios address questions the Company routinely receives from analysts and investors and, in order to assure that all investors have access to similar data, the Company has determined that it is appropri ate to make this data available to all investors. However, these measures and ratios are not prepared in accordance with GAAP nor do they have any standardized meaning under GAAP. In addition, other companies may use similarly titled non-GAAP financial measures and ratios that are calculated differently from the way we calculate such measures and ratios. Accordingly, our non -GAAP financial measures and ratios may not be comparable to such similarly titled non-GAAP financial measures and ratios used by other companies. We caution investors not to place undue reliance on such non-GAAP measures and ratios, but instead to consider them with the most directly comparable GAAP measures and ratios. Non-GAAP financial measures and ratios have limitations as analytical tools and should not be considered in isolation. They should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures cal culated in accordance with GAAP. The reconciliations of these historical non-GAAP financial measures and ratios to the most directly comparable financial measures and ratios calculated and presented in accordance with GAAP are shown in the Appendix hereto. However, as indicated above, fo r guidance purposes, the Company does not provide reconciliations of projected Adjusted EBITDA (non-GAAP) to projected GAAP Net income (loss), projected Adjusted Cash Flow from Operations (non-GAAP) to projected GAAP Cash Generated from Operations, projected Adjusted Gross Margin (non-GAAP) to projected GAAP Gross Margin, projected Adjusted SG&A Expense to projected GAAP SG&A Expense, projected Adjusted Tax Rate to projected GAAP tax rate and projected organic growth (non -GAAP) to projected reported revenue growth, in each case due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. Many of the adjustments and exclusions used to calculate the projected non-GAAP measures may vary significantly based on actual events, so the Company is not able to forecast on a GAAP basis with reasonable certainty all adjustments needed in order to provide a GAAP calculation of these projected amounts. The amounts of these adjustments may be material and, therefore, could result in the GAAP amount being materially different from (including materially less than) the projected non-GAAP measures. Commencing in the third quarter of 2025, the Company now includes payments of Acquired IPR&D in the calculation of Adjusted Cash Flow From Operations (non-GAAP). Prior-period amounts presented herein have been restated to conform to the current year’s presentation. For further information on non-GAAP financial measures and ratios, please see the Non-GAAP Appendix.
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. Agenda Business Update 4Q25 & FY25 Financial Results 2026 Guidance Segments and Growth Closing Remarks, Q&A
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. Business Update 1
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Unconsolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 2. Segment profit is based on operating income after the elimination of intercompany transactions, including between Bausch + Lomb and other segments. Certain costs such as Amortization of intangible assets, Goodwill impairments, Asset impairments, Restructuring, integration, separation costs, Other expense, net, and other corporate allocations are not included in the measure of segment profit, as management excludes these items in assessing segment financial performance. 5 Driving Results, Advancing Strategy, & Unlocking Value in 4Q25 Achieved Double-Digit Segment Profit2 Growth in Salix and Diversified Generated $362 Million in Adjusted Cash Flow from Operations1; Reduced Net Debt by $318 Million Executed $1.7B Debt Exchange to Strengthen Balance Sheet Delivered 11th Consecutive Quarter of Revenue and Adjusted EBITDA1 Growth for Bausch Health (excl. B+L) Completed acquisition of Shibo’s Full-Service Aesthetics Distribution Business in China
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Unconsolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 2. Bars not to scale. 6 Momentum Across Bausch Health’s (excl. B+L) Global Platform +9% 4Q25 Reported Revenue Growth +5% 4Q25 Organic1 Revenue Growth +9% 4Q25 Adjusted EBITDA1 Growth BHC (excl. B+L) 4Q25 Revenue vs 4Q24 BHC (excl. B+L) 4Q25 Adjusted EBITDA1 vs 4Q24 4Q25 GLOBAL Select Product Revenue Growth2 +10% +16% +58% +87% $1,279 $1,391 4Q24 4Q25 $712 $773 4Q24 4Q25
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Unconsolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 2. Bars not to scale. 7 Momentum Across Bausch Health’s (excl. B+L) Global Platform +7% FY25 Reported Revenue Growth +6% FY25 Organic1 Revenue Growth +10% FY25 Adjusted EBITDA1 Growth Including $81M Acquired IPR&D Charge BHC (excl. B+L) FY25 Revenue vs FY24 BHC (excl. B+L) FY25 Adjusted EBITDA1 vs FY24 FY25 GLOBAL Select Product Revenue Growth2 +11% +19% +128% +211% $4,834 $5,165 FY24 FY25 $2,553 $2,798 FY24 FY25
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. 4Q25 & FY25 Financial Results 2
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Three Months Ended Favorable (Unfavorable) December 31, 2025 December 31, 2024 Reported Revenues $2,796 $2,559 9% Gross Profit $1,755 $1,550 13% Gross Margin 62.8% 60.6% 220 bps Selling, A&P $597 $582 (3%) G&A $285 $238 (20%) R&D $161 $163 1% Acquired IPR&D $4 - - Total Operating Expense $1,281 $992 (29%) Operating Income $474 $558 (15%) Net Income Attributable to Bausch Health Companies Inc. ($112) $93 (220%) Earnings per Share Attributable to Bausch Health Companies Inc. ($0.30) $0.25 - Cash Flow from Operations $495 $601 (18%) Consolidated 9 4Q25 GAAP Financial Results Amounts in millions USD, except EPS amounts
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Twelve Months Ended Favorable (Unfavorable) December 31, 2025 December 31, 2024 Reported Revenues $10,266 $9,625 7% Gross Profit $6,244 $5,737 9% Gross Margin 60.8% 59.6% 120 bps Selling, A&P $2,405 $2,299 (5%) G&A $1,033 $997 (4%) R&D $629 $616 (2%) Acquired IPR&D $114 $18 - Total Operating Expense $4,431 $4,191 (6%) Operating Income $1,813 $1,546 17% Net Income (Loss) Attributable to Bausch Health Companies Inc. $157 ($46) 441% Earnings (Loss) per Share Attributable to Bausch Health Companies Inc. $0.42 ($0.13) - Cash Flow from Operations $1,400 $1,597 (12%) Consolidated 10 FY25 GAAP Financial Results Amounts in millions USD, except EPS amounts
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Three Months Ended Favorable (Unfavorable) December 31, 2025 December 31, 2024 Reported Constant Currency1 Revenues (Same as reported) $2,796 $2,559 9% 7% Adj. Gross Profit1 $2,002 $1,853 8% 6% Adj. Gross Margin1 71.6% 72.4% (80 bps) - Total Adj. Operating Expense1 $1,033 $958 (8%) (6%) Adj. EBITA1,2 $969 $895 8% 7% Adj. EBITDA Attributable to Bausch Health Companies Inc.1,3 $1,052 $935 13% 10% Impact of Acquired IPR&D Net of Noncontrolling Interest $4 - - - Adj. Net Income Attributable to Bausch Health Companies Inc.1 $411 $430 (4%) - Diluted Shares Outstanding 377.7M 373.5M - - Adj. Cash Flow from Operations1,4 $515 $601 (14%) - Consolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 2. Includes the impact of Acquired IPR&D charges of $4 million and $0 for the three months ended December 31, 2025 and 2024, respectively. 3. Includes the impact of Acquired IPR&D charges net of noncontrolling interest (non-GAAP) of $4 million and $0 for the three months ended December 31, 2025 and 2024, respectively. 4. Excludes legacy legal settlements (net of insurance recoveries and restitutions), separation payments, separation-related payments, business transformation costs, fees paid in connection with debt re-financing and Acquired IPR&D, includes interest payments charged against premium. 11 4Q25 Non-GAAP1 Financial Results Amounts in millions USD
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Twelve Months Ended Favorable (Unfavorable) December 31, 2025 December 31, 2024 Reported Constant Currency1 Revenues (Same as reported) $10,266 $9,625 7% 6% Adj. Gross Profit1 $7,319 $6,925 6% 5% Adj. Gross Margin1 71.3% 71.9% (60 bps) - Total Adj. Operating Expense1 $4,067 $3,812 (7%) (6%) Adj. EBITA1,4 $3,252 $3,113 4% 4% Adj. EBITDA Attributable to Bausch Health Companies Inc.1,5 $3,541 $3,307 7% 6% Impact of Acquired IPR&D Net of Noncontrolling Interest $110 $16 - - Adj. Net Income Attributable to Bausch Health Companies Inc.1 $1,400 $1,394 - - Diluted Shares Outstanding2 375.0M 371.2M - - Adj. Cash Flow from Operations1,3 $1,603 $1,590 1% - Consolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 2. For the twelve months ended December 31, 2024, this figure includes the dilutive impact of options and restricted stock units of approximately 3,142,000 common shares, which are excluded when calculating GAAP diluted loss per share because the effect of including this impact in this calculation would have been anti-dilutive. 3. Excludes legacy legal settlements (net of insurance recoveries and restitutions), separation payments, separation-related payments, business transformation costs, fees paid in connection with debt re-financing and Acquired IPR&D, includes interest payments charged against premium. 4. Includes the impact of Acquired IPR&D charges of $114 million and $18 million for the twelve months ended December 31, 2025 and 2024, respectively. 5. Includes the impact of Acquired IPR&D charges net of noncontrolling interest (non-GAAP) of $110 million and $16 million for the twelve months ended December 31, 2025 and 2024, respectively. 12 FY25 Non-GAAP1 Financial Results Amounts in millions USD
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Consolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 2.. Adjusted EBITDA (non-GAAP) above includes Adjusted EBITDA attributable to noncontrolling interests. For Bausch Health Companies Inc., this amounted to $47 million and $37 million for the three months ended December 31, 2025 and 2024, respectively, which includes $0 and $1 million, respectively related to B+L. 3. Amounts may not total due to rounding. 13 4Q25 Adjusted EBITDA1,2 & Adjusted Cash Flow from Operations1 Amounts in millions USD HIGH SINGLE-DIGIT ADJUSTED EBITDA1 GROWTH FOR BHC (excl. B+L) $773 $326 $1,099 Bausch Health (excl. B+L) Bausch + Lomb FOR BHC (excl. B+L), INCLUDES HIGHER INTEREST PAYMENTS FROM APRIL 2025 REFINANCING 4Q25 Adjusted Cash Flow from Operations1,3 $362 $154 $515 Bausch Health (excl. B+L) Bausch + Lomb 4Q25 Adjusted EBITDA1,2 BHC (excl. B+L) 9% Adjusted EBITDA1 Growth BHC (excl. B+L) Down ($205M) vs. 4Q24
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Consolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 2.. Adjusted EBITDA (non-GAAP) above includes Adjusted EBITDA attributable to noncontrolling interests. For Bausch Health Companies Inc., this amounted to $123 million and $118 million for the twelve months ended December 31, 2025 and 2024, respectively, which includes $8 million and $12 million, respectively related to B+L. 14 FY25 Adjusted EBITDA1,2 & Adjusted Cash Flow from Operations1 Amounts in millions USD $866 $2,798 $1,191 $412 DOUBLE-DIGIT ADJUSTED EBITDA1 GROWTH FOR BHC (excl. B+L) $3,664 Bausch Health (excl. B+L) Bausch + Lomb FOR BHC (excl. B+L), INCLUDES HIGHER INTEREST PAYMENTS FROM APRIL 2025 REFINANCING FY25 Adjusted Cash Flow from Operations1 $1,603 Bausch Health (excl. B+L) Bausch + Lomb FY25 Adjusted EBITDA1,2 BHC (excl. B+L) 10% Adjusted EBITDA1 Growth Including $81M Acquired IPR&D Charge BHC (excl. B+L) Down ($117M) vs. FY24
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Consolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 15 4Q25 Revenue Amounts in millions USD HIGH SINGLE-DIGIT REPORTED GROWTH 22% 18% 10% 50%$1,391 (excl. B+L) Reported: 9% Organic1: 5% Salix International Solta MedicalDiversified Consolidated Revenue vs 4Q24 Reported: 9% Organic1: 6% 27% 18% 55% Reported: 10% Organic1: 7% $1,405 Vision Care Pharmaceuticals Surgical $2,559 $2,796 4Q24 4Q25 Bausch + Lomb
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Consolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 16 FY25 Revenue Amounts in millions USD MID SINGLE-DIGIT REVENUE GROWTH ON BOTH REPORTED & ORGANIC1 BASIS 22% 18% 10% 50%$5,165 (excl. B+L) Reported: 7% Organic1: 6% Consolidated Revenue vs 4Q24 Reported: 7% Organic1: 5% Reported: 6% Organic1: 5% $5,101 25% 18% 57% $9,625 $10,266 FY24 FY25 Salix International Solta MedicalDiversified Bausch + Lomb Vision Care Pharmaceuticals Surgical
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Unconsolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 2. TRx = total prescriptions, excluding Medicaid. Source: IQVIA. 3. NBRx = new-to-brand prescriptions. Source: IQVIA. 17 Salix Segment – 4Q25 Amounts in millions USD REVENUE INCREASED 9% ON REPORTED BASIS, FUELED BY XIFAXAN® HighlightsRevenue vs. 4Q24Segment Mix Strong Xifaxan® volume growth excl. impact of Medicaid: TRx2 (1%), TRx2 excl. Medicaid +10% Optimized media investment and AI engine activating new Xifaxan® patients, NBRx3 +2% Improved net pricing for Xifaxan ® and Relistor® 88% 7% 4% 1% Xifaxan Relistor Trulance $693 Reported: 9% Organic1: 6% TOTALS PRODUCT REPORTED REVENUE CHANGE ($) $607 $56 $52 $5 $30 ($6) CHANGE (%) 10% 10% (16%) Other
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Unconsolidated 1. Amounts may not total due to rounding. 2. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 18 International Segment – 4Q25 Amounts in millions USD REPORTED DOUBLE-DIGIT REVENUE GROWTH IN EMEA AND LATAM HighlightsRevenue vs. 4Q24Geographic Mix EMEA 12th consecutive quarter of organic2 growth LATAM Solid performance across core brands Canada Impacted by prior-year generic supply benefits 52% 26% 22% EMEA LATAM Canada $306 REGION REPORTED REVENUE1 CHANGE ($) Reported: 10% Organic2: 2% TOTALS ORGANIC2 CHANGE (%) REPORTED CHANGE (%) $159 $18EMEA 2%13% $68 ($5)Canada (6%)(6%) $80 $14LATAM 11%22%
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Unconsolidated 1. Amounts may not total due to rounding. 2 This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 19 Solta Medical Segment – 4Q25 Amounts in millions USD SOLTA MEDICAL FLAT YEAR-OVER-YEAR DUE TO CHINA ACQUISTION TRANSITION; MID SINGLE-DIGIT OPERATIONAL GROWTH HighlightsRevenue vs. 4Q24Geographic Mix Anticipated one-time impact to product sales timing due to acquisition of Shibo’s full- service aesthetics distribution business in China on December 1, 2025 Thermage +44% in Canada; Fraxel +29% in U.S. South Korea +40% U.S. +7% 78% 18% 4% $137 REGION $106 ($3)Asia Pacific $25 $2N. America $5 -EMEA Reported: (1%) Organic2: 0% TOTALS Asia Pacific North America EMEA (2%) 10% (5%) REPORTED REVENUE1 CHANGE ($) ORGANIC2 CHANGE (%) (2%) 10% (5%) REPORTED CHANGE (%)
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Unconsolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 20 Diversified Segment – 4Q25 Amounts in millions USD DOUBLE-DIGIT REPORTED REVENUE GROWTH HighlightsRevenue vs. 4Q24Segment Mix BUSINESS REPORTED REVENUE CHANGE ($) $148 $6Neuroscience Reported: 12% Organic1: 9% TOTALS NEUROSCIENCE Favorable net realized pricing DERMATOLOGY Strong CABTREO ® growth; higher promoted product volumes GENERICS Optimizing portfolio of a strategic business 59%23% 9% 9% Neuroscience Dermatology Generics Dentistry $255 CHANGE (%) 4% $59 $6Dermatology 11% $24 -Dentistry - $24 $15Generics NM
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Bausch + Lomb Unconsolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 21 Bausch + Lomb – 4Q25 Amounts in millions USD DOUBLE-DIGIT REPORTED REVENUE GROWTH 25% 49% 26% $249 Implantables EquipmentConsumables/Other Reported: 10% Organic1: 7% Vision Care Surgical Pharmaceuticals Reported: 8% Organic1: 5% Reported: 8% Organic1: 3% Reported: 16% Organic1: 14% U.S. International 76% 24% $378 Consumer Contact Lens 35% 65% $778 $1,280 $1,405 4Q24 4Q25
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Strong Xifaxan® revenue growth with focused investments to drive profitable growth Solid core brand performance, launch and manufacturing costs in LATAM Favorable net realized pricing drove revenue and profit Impacted by timing of acquisition of Shibo’s full-service aesthetics distribution business in China Unconsolidated 1. Segment profit is based on operating income after the elimination of intercompany transactions, including between Bausch + Lomb and other segments. Certain costs, such as Amortization of intangible assets, Goodwill impairments, Asset impairments, Restructuring, integration, separation costs, Other expense, net, and other corporate allocations are not included in the measure of segment profit, as management excludes these items in assessing segment financial performance. 22 Bausch Health (excl. B+L) Revenue & Segment Profit1 – 4Q25 Amounts in millions USD BAUSCH HEALTH (excl. B+L) GROWING REVENUE & SEGMENT PROFIT1 HighlightsSegment Profit1Revenue $529 15%Salix $81 (17%)International $179 14%Diversified $55 (25%)Solta Medical $844 7%TOTAL 4Q25 4Q24vs. $693 9%Salix $306 10%International $255 12%Diversified $137 (1%)Solta Medical $1,391 9%TOTAL 4Q25 4Q24vs.
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Unconsolidated 1. Reflects one-time negative impact of the transition to our full-service distributor in China following our acquisition of Shibo’s aesthetics distribution business in December. 2. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 23 Bausch Health (excl. B+L) Revenue – FY25 Amounts in millions USD FULL-YEAR REVENUE GROWTH ACROSS THREE SEGMENTS Reported: 11% Organic2: 9% International Solta Medical1 Diversified Reported: 2% Organic2: 1% Reported: 18% Organic2: 19% Reported: (1%) Organic2: (3%) Salix 79% 17% 4% $518 Asia Pacific North America EMEA 57% 25% 8% 10% $937 Neuroscience Dermatology Generics Dentistry $1,132 EMEA LATAM Canada $2,578 Xifaxan Relistor Trulance Other 51% 25% 24% 86% 7%5%2%
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. 2026 Guidance 3
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 2026 Guidance1,2,3 Bausch Health Companies Net Revenue $10.625 – $10.875 Adjusted EBITDA1 $3.875 – $4.000 Bausch + Lomb Net Revenue $5.375 – $5.475 Adjusted EBITDA1 $1.000 – $1.050 Bausch Health Companies (excl. B+L) Net Revenue $5.250 – $5.400 Reported Revenue Growth 2% – 5% Adjusted EBITDA1 $2.875 – $2.950 Adjusted EBITDA1 Growth 3% – 5% Adjusted Cash Flow from Operations1,4 $1.200 – $1.275 Consolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios.. 2. See Slide 2 for further information on forward-looking statements. 3. 2026 guidance assumes current FX rates. 4. Excludes legacy legal settlements (net of insurance recoveries and restitutions), separation payments, separation-related payments, business transformation costs, fees paid in connection with debt re-financing and Acquired IPR&D, includes interest payments charged against premium. 25 Full Year 2026 Guidance1,2 All amounts are approximate, in billions USD
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 1. See Slide 2 for further information on forward-looking statements. 26 Key Financial Priorities1 Increase Value of Bausch Health’s Operational Assets Maximize the Value of Our Bausch + Lomb Asset Optimize Our Capital Structure WORKING ALL LEVERS OF VALUE CREATION
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. Segments & Growth 4
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 1. Source: IQVIA FIA Audit from November 2019 to October 2025 reflecting estimates of real-world activity. 2. Source: IQVIA LAAD from October 2024 to September 2025 reflecting estimates of real-world activity; All distribution channels included. 3. Source: IQVIA. 28 Salix is a leader in GI and hepatology ESTABLISHED BRANDS LEADING PHARMACEUTICAL COMPANIES across GI indications we address1 Top 2 is the ONLY FDA- APPROVED MEDICINE that reduces risk of overt hepatic encephalopathy ("OHE") recurrence in adults XIFAXAN® GROWING PRESENCE excluding Medicaid in 4Q253 +10% XIFAXAN® script growth of current OHE patients ARE TREATED WITH XIFAXAN 2 Over 40% DEEP EXPERTISE Applying marketing approach to BOOST OTHER GI FRANCHISES such as Relistor driving growth in mature franchises AI-DRIVEN INSIGHTS and smarter, more STRATEGIC ADVERTISING ACCELERATING INNOVATION in hepatology Larsucosterol Phase 3 Trial INITIATED through Targeted BD opportunities ADVANCING GI Innovation ® ®
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Aesthetics Revenue Growth Rate 1. Source: BCG Asia-Pacific Aesthetic Market Study (July 2025). Expected growth rate from 2024 – 2029. 2. Source: BHC internal. Growth rate from 2017 – 2025. 29 Solta Medical is a leading aesthetics platform, anchored by strength in APAC Comprehensive Offerings to Drive Growth Radiofrequency device, skin tightening Laser aesthetic, skin care regimen Fractional laser, skin resurfacing Energy-based liposuction, body contouring 6% CAGR ~40% CAGR Global Energy- Based Devices1 Solta Medical South Korea2 Solta Medical China2 ~40% CAGR
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 1. Source: IQVIA Data (August 2025). 2. Source: IQVIA Data (October 2025). 3. Source: IQVIA Poland National Sell-In RX/MAT/10/2025/Value A05B LIVER DIS HEP PROT&LIPOT RX/SM:RX. 4. Source: IQVIA Poland National Sell-In RX/MAT/10/2025 RX/SM:RX. 5. Source: IQVIA MFP (October 2025). 6. Source: CDH-IQVIA Data. 30 Leading franchises across our International segment SERBIA SERBIA #1 company in Cardiology, Urology, Oncology, and Neurology1 POLAND YUN NV products' launch to strengthen #1 position and 17% market share in Dermatology 2 #1 in Sales Value of Hepatoprotectic Rx market3 Bisocard ranked #3 in units in all Rx market4 POLAND CANADA CANADAEMEA LATAM MEXICO COLOMBIA CENT. AM. MEXICO + COLOMBIA BEDOYECTA® is the #1 Complex-B brand5 MEXICO #2 ranked Dermatology company in Mexico 5 Espavén® Pediátrico carries exclusive approval for use from 2 months of age MEXICO + CENTRAL AMERICA Branded generics hold at least one top-three position across all therapeutic categories 5 CANADA6 #1 Dermatology company JUBLIA® is the highest selling topical in Canadian history
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 1. See Slide 2 for further information on forward-looking statements. 31 Strategic Priorities1 Enriching lives through our relentless drive to deliver better health outcomes Innovation Inspiring progress and technological advancement People Principled leaders, creative thinkers, problem solvers, and result seekers Unlocking Value1 Working all levers Growth Expanding growth across segments and geographies Efficiency Driving operational efficiency and execution
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Unconsolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 2. Segment profit is based on operating income after the elimination of intercompany transactions, including between Bausch + Lomb and other segments. Certain costs such as Amortization of intangible assets, Goodwill impairments, Asset impairments, Restructuring, integration, separation costs, Other expense, net, and other corporate allocations are not included in the measure of segment profit, as management excludes these items in assessing segment financial performance. 32 Driving Operational Execution While Advancing our Strategy Achieved 20% and 9% Segment Profit2 Growth in Salix and Solta Medical, Respectively Generated $1.2 Billion in Adjusted Cash Flow from Operations1; Reduced Net Debt by $562 Million Executed $9.6B in Total Refinancing to Provide Additional Financial Flexibility Delivered 11 Consecutive Quarters of Revenue and Adjusted EBITDA1 Growth for Bausch Health (excl. B+L) Completed acquisitions of DURECT Corporation and Shibo’s Full-Service Aesthetics Distribution Business in China 32
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. Appendix
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Unconsolidated 1. Debt values are shown at principal value. Net debt is net of unrestricted cash and cash equivalents. Amounts shown may not foot due to rounding. 2. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 3. Reflects acquisition of Shibo’s full-service aesthetics distributor in China. 34 Bausch Health (excl. B+L) 4Q25 Change in Net Debt As of 4Q25, amounts in millions USD NET DEBT DECREASED BY $318M Q325 Net Debt ($362) Adj. OCF ($61) Net Discount & Fees on Debt Transactions $83 Acquisition $16 CAPEX $6 Other Q425 Net Debt $14,518 $14,200 31 2 1
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Pharmaceutical Clinical Programs Phase 1 Phase 2 Phase 3 Approval/Launch Notes Larsucosterol (Epigenetic modulator) Treatment of alcohol-associated hepatitis (AH) • Potential to be first FDA-approved therapeutic option for AH • Granted FDA Breakthrough Therapy Designation • Registrational Phase 3 program to evaluate the safety and efficacy in patients with severe AH initiated in early 2026 Amiselimod (S1P modulator) Once-daily oral treatment of mild- to moderate- ulcerative colitis • Internal review of opportunity ongoing Medical Aesthetic Programs Development Approval/Launch Notes Thermage® FLX Radio-frequency technology to help tighten and improve the smoothness and texture of skin’s surface • Medical device license clearance granted by Health Canada in April 2025 Thermage® 1.x Improvements on select tips and software • Anticipated launch in late 2027 Clear + Brilliant® Touch Fractionated laser device for skin resurfacing • Ex-U.S. approvals include Canada, Australia, New Zealand, Philippines, Thailand, Taiwan, Malaysia and Singapore • Received China NMPA approval in August 2025 Fraxel FTX® Next generation fractionated laser device for skin resurfacing • Launched in the U.S. in April 2025 at American Society for Laser Medicine & Surgery (ASLMS) • Received approval in Australia in December 2025 1. Progress timelines are for illustrative purposes only; See Slide 2 for further information on forward-looking statements. 35 Key R&D Initiatives1
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Balance Sheet Summary As of December 31, 2025 2024 2023 Cash, cash equivalents, and restricted cash1 $1,325 $1,201 $962 Revolving Credit Facilities5 $100 $110 $275 AR Credit Facility - $300 $350 Senior Secured Debt (principal amount)2 $16,122 $15,233 $15,203 Senior Unsecured Debt (principal amount)2 $4,110 $5,247 $5,803 Total Consolidated Debt (principal amount)2 $20,232 $20,480 $21,006 Total Consolidated Debt (net of premiums and discounts) $20,817 $21,616 $22,388 Net Consolidated Debt (principal amount)3 $18,923 $19,299 $20,059 TTM GAAP Net Income (Loss) $120 ($72) ($611) TTM Adj. EBITDA Attributable to Bausch Health Companies Inc. (non-GAAP)4,6 $3,541 $3,307 $3,014 Consolidated 1. Cash, cash equivalents, and restricted cash includes restricted cash of $16M, $20M, and $15M as of December 31, 2025, 2024, and 2023, respectively. 2. Debt balances shown at principal value. Senior secured debt figure is inclusive of revolving credit facilities drawn (if any) and AR Credit Facility in 2024 and 2023. 3. Net consolidated debt is net of unrestricted cash and cash equivalents. 4. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 5. No outstanding borrowings under BHC excl. B+L revolving credit facility at December 31, 2025, 2024, and 2023. 6. Includes the impact of Acquired IPR&D charges net of noncontrolling interest (non-GAAP) of $110 million, $16 million, and $0 for years December 31, 2025, 2024, and 2023, respectively. 36 Amounts in millions USD
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Unconsolidated 1. Debt values are shown at principal value. Does not include ~$2.8B of Bausch + Lomb term loans and ~$2.2B of Bausch + Lomb senior secured notes. 2. Amounts may not total due to rounding. 37 Bausch Health (excl. B+L) Debt Maturity Profile1,2 $2,843 $30 $30 $30 $30 $23 $1,691 $352 $643 $605 $1,609 $779 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 2026 2027 2028 2029 2030 2031 2032 Term Loans Mandatory Amortization Secured Notes Unsecured Notes As of 4Q25, amounts in millions USD $673 $3,995 $1,639 $2,326 $463 $6,000 ~$390M Since 3Q 2025 DECREASED DEBT BY $318M Since 3Q 2025 DECREASED DEBT, NET OF UNRESTRICTED CASH, BY $15.1B1 TOTAL
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 4Q25 4Q24 Reported Organic1 FY25 FY24 Reported Organic1 Salix $693 $634 9% 6% $2,578 $2,333 11% 9% International $306 $279 10% 2% $1,132 $1,111 2% 1% Solta Medical $137 $138 (1%) - $518 $440 18% 19% Diversified $255 $228 12% 9% $937 $950 (1%) (3%) Neuroscience $148 $142 4% 4% $530 $543 (2%) (2%) Dermatology $59 $53 11% - $234 $238 (2%) (7%) Generics $24 $9 167% 140% $79 $74 7% (1%) Dentistry $24 $24 - - $94 $95 (1%) (1%) Bausch Health (excl. B+L) $1,391 $1,279 9% 5% $5,165 $4,834 7% 6% Bausch + Lomb $1,405 $1,280 10% 7% $5,101 $4,791 6% 5% Vision Care $778 $723 8% 5% $2,923 $2,739 7% 6% Surgical $249 $231 8% 3% $894 $843 6% 2% Pharmaceuticals $378 $326 16% 14% $1,284 $1,209 6% 6% Total Bausch Health $2,796 $2,559 9% 6% $10,266 $9,625 7% 5% Consolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 38 4Q25 & FY25 Revenue Performance Amounts in millions USD
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Months on Hand Business Units As of Sep 30, 2024 As of Dec 31, 2024 Change 4Q24 As of Sep 30, 2025 As of Dec 31, 2025 Change 4Q25 Dermatology 1.14 1.08 (0.06) 1.00 1.17 0.17 Neuroscience 1.12 1.02 (0.10) 1.02 1.11 0.09 Salix 1.10 1.09 (0.01) 0.91 1.00 0.09 Unconsolidated 1. U.S. wholesale inventory data from ‘Big Three’ drug distributors Cardinal Health, Cencora, and McKesson. 39 Inventory in Select U.S. Businesses (QTD)1
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Months on Hand Business Units As of Dec 31, 2023 As of Dec 31, 2024 Change YTD24 As of Dec 31, 2024 As of Dec 31, 2025 Change YTD25 Dermatology 1.04 1.08 0.04 1.08 1.17 0.09 Neuroscience 1.18 1.02 (0.16) 1.02 1.11 0.09 Salix 1.20 1.09 (0.11) 1.09 1.00 (0.09) Unconsolidated 1. U.S. wholesale inventory data from ‘Big Three’ drug distributors Cardinal Health, Cencora, and McKesson. 40 Inventory in Select U.S. Businesses (FY25)1
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Other Financial Information Three Months Ended Favorable (Unfavorable) Twelve Months Ended Favorable (Unfavorable) December 31, 2025 December 31, 2024 Reported Constant Currency1 December 31, 2025 December 31, 2024 Reported Constant Currency1 Cash Interest Paid2 $514 $373 (38%) (38%) $1,810 $1,674 (8%) (8%) Net Interest Expense (GAAP) $388 $328 (18%) (19%) $1,556 $1,355 (15%) (15%) Non-cash adjustments Depreciation $54 $48 (13%) (8%) $207 $190 (9%) (7%) Non-cash share-based Comp $84 $43 (95%) (95%) $216 $150 (44%) (44%) Additional cash items Contingent Consideration $10 $10 - - $34 $37 - - Milestones/License Agreements and Other Intangibles $7 $1 - - $120 $21 - - Restructuring and Other $32 $21 - - $100 $86 - - Capital Expenditures $92 $106 - - $397 $337 - - Adj. Tax Rate1 25.0% 18.6% - - 18.0% 17.1% - - Consolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 2. Cash interest paid includes interest payments recorded against debt premiums. 41 Amounts in millions USD
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Three Months Ended Twelve Months Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Income (Expense) EPS Impact Income (Expense) EPS Impact Income (Expense) EPS Impact Income (Expense) EPS Impact Net (Loss) Income1 ($103) ($0.28) $98 $0.26 $120 $0.32 ($72) ($0.20) Non-GAAP adjustments:2 Amortization of intangible assets 236 0.62 259 0.69 1,001 2.67 1,077 2.90 Goodwill impairments 145 0.38 - - 145 0.39 - - Asset impairments 7 0.02 23 0.06 8 0.02 29 0.08 Restructuring, integration and transformation costs 34 0.09 16 0.04 142 0.38 66 0.18 Acquisition-related costs and adjustments (excluding amortization of intangible assets) 42 0.11 18 0.05 37 0.10 101 0.27 Gain on extinguishment of debt, net of write down of financing fees 29 0.08 - - (99) (0.26) (23) (0.06) IT infrastructure investment 3 0.01 8 0.02 20 0.05 35 0.09 Separation costs and separation-related costs 2 0.01 8 0.02 7 0.02 24 0.06 Legal and other professional fees 3 0.01 - - 22 0.06 25 0.07 Gain on sale of assets, net - - - - (6) (0.02) (10) (0.03) Litigation and other matters, net of insurance recoveries and restitutions 21 0.06 5 0.01 61 0.16 220 0.59 Other 5 0.01 7 0.02 43 0.11 19 0.05 Tax effect of non-GAAP2 adjustments 13 0.03 9 0.02 (67) (0.18) (57) (0.15) EPS difference between basic and diluted shares - 0.01 - 0.02 - - - 0.02 Adjusted net income (non-GAAP)2 437 - 451 - 1,434 - 1,434 - Adjusted net income attributable to noncontrolling interest (non-GAAP)2 (26) (0.07) (21) (0.06) (34) (0.09) (40) (0.11) Adjusted net income attributable to Bausch Health Companies Inc. (non-GAAP)2 $411 - $430 - $1,400 - $1,394 - Consolidated 1. Includes 5,907,000 for the three months ended December 31, 2025 and 3,142,000 diluted shares for the twelve months ended December 31, 2024. 2. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 42 Non-GAAP Adjustments EPS Impact Amounts in millions USD, except EPS amounts
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 4Q25 Reconciliation of Reported Operating Income to Adjusted EBITA (Non-GAAP)1 4Q25 4Q24 Gross Profit Gross Margin Selling & Advertising G&A R&D Expense Operating Expense Operating Income Gross Profit Gross Margin Selling & Advertising G&A R&D Expense Operating Expense Operating Income GAAP Operating Income $1,755 62.8% $597 $285 $161 $1,281 $474 $1,550 60.6% $582 $238 $163 $992 $558 Amortization of intangible assets 236 8.4% - - - - 236 259 10.1% - - - - 259 Goodwill impairments - - - - - (145) 145 - - - - - - - Asset impairments 7 0.3% - - - - 7 23 0.9% - - - - 23 Restructuring, integration and transformation costs - - - (6) - (34) 34 - - - (10) - (16) 16 Acquisition-related costs and adjustments (excluding amortization of intangible assets) 4 0.1% - - - (38) 42 21 0.8% - - - 3 18 IT infrastructure investment - - - (3) - (3) 3 - - - (8) - (8) 8 Separation costs and separation-related costs - - - (2) - (2) 2 - - - (7) - (8) 8 Legal and other professional fees - - - (3) - (3) 3 - - - - - - - Gain on sale of assets, net - - - - - - - - - - - - - - Litigation and other matters, net of insurance recoveries and restitutions - - - - - (21) 21 - - - - - (5) 5 Other - - - - - (2) 2 - - - - - - - Adjusted EBITA (Non-GAAP)1,2 $2,002 71.6% $597 $271 $161 $1,033 $969 $1,853 72.4% $582 $213 $163 $958 $895 Consolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 2. Includes the impact of Acquired IPR&D charges of $4 million and $0 for the three months ended December 31, 2025 and 2024, respectively. 43 Amounts in millions USD
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. FY25 Reconciliation of Reported Operating Income to Adjusted EBITA (Non-GAAP)1 FY25 FY24 Gross Profit Gross Margin Selling & Advertising G&A R&D Expense Operating Expense Operating Income Gross Profit Gross Margin Selling & Advertising G&A R&D Expense Operating Expense Operating Income GAAP Operating Income $6,244 60.8% $2,405 $1,033 $629 $4,431 $1,813 $5,737 59.6% $2,299 $997 $616 $4,191 $1,546 Amortization of intangible assets 1,001 9.8% - - - - 1,001 1,077 11.2% - - - - 1,077 Goodwill impairments - - - - - (145) 145 - - - - - - - Asset impairments 8 0.1% - - - - 8 29 0.3% - - - - 29 Restructuring, integration and transformation costs - - - (65) - (142) 142 - - - (37) - (66) 66 Acquisition-related costs and adjustments (excluding amortization of intangible assets) 66 0.6% - - - 29 37 82 0.9% - - - (19) 101 IT infrastructure investment - - - (20) - (20) 20 - - - (35) - (35) 35 Separation costs and separation-related costs - - - (7) - (7) 7 - - - (20) (1) (24) 24 Legal and other professional fees - - - (22) - (22) 22 - - - (25) - (25) 25 Gain on sale of assets, net - - - - - 6 (6) - - - - - 10 (10) Litigation and other matters, net of insurance recoveries and restitutions - - - - - (61) 61 - - - - - (220) 220 Other - - - - - (2) 2 - - - - - - - Adjusted EBITA (Non-GAAP)1,2 $7,319 71.3% $2,405 $919 $629 $4,067 $3,252 $6,925 71.9% $2,299 $880 $615 $3,812 $3,113 Consolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 2. Includes the impact of Acquired IPR&D charges of $114 million and $18 million for the twelve months ended December 31, 20 25 and 2024, respectively. 44 Amounts in millions USD
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Three months ended December 31, Twelve months ended December 31, 2025 2024 2025 2024 Net (Loss) Income ($103) $98 $120 ($72) Interest expense, net 388 328 1,556 1,355 Provision for income taxes 159 111 247 239 Depreciation and amortization 290 307 1,208 1,267 EBITDA (non-GAAP)1 734 844 3,131 2,789 Adjustments: Goodwill impairments 145 - 145 - Asset impairments 7 23 8 29 Restructuring, Integration and transformation costs 34 16 142 66 Acquisition related costs and adjustments (excluding amortization of intangible assets) 42 18 37 101 Gain on extinguishment of debt 19 - (162) (23) Share-based compensation 84 43 216 150 Separation costs and separation-related costs 2 8 7 24 Other adjustments: Litigation and other matters, net of insurance recoveries and restitutions 21 5 61 220 IT infrastructure investment 3 8 20 35 Legal and other professional fees 3 - 22 25 Gain on sale of assets, net - - (6) (10) Other 5 7 43 19 Adjusted EBITDA (non-GAAP)1,2 1,099 972 3,664 3,425 Adjusted EBITDA attributable to noncontrolling interest (non -GAAP)1 (47) (37) (123) (118) Adjusted EBITDA attributable to Bausch Health (non-GAAP)1,3 $1,052 $935 $3,541 $3,307 Three months ended December 31, Twelve months ended December 31, 2025 2024 2025 2024 Net (income) loss attributable to noncontrolling interest ($9) ($5) $37 $26 Noncontrolling interest portion of adjustments for: Interest expense, net (12) (11) (53) (46) Depreciation and amortization (12) (13) (51) (51) All other adjustments (14) (8) (56) (47) Adjusted EBITDA attributable to noncontrolling interest (non-GAAP)1 ($47) ($37) ($123) ($118) Reconciliation of Reported Net (Loss) Income to EBITDA1 and Adjusted EBITDA1 Consolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 2. Includes the impact of Acquired IPR&D charges of $4 million and $0 for the three months ended December 31, 2025 and 2024 an d $114 million and $18 million for the twelve months ended December 31, 2025 and 2024, respectively. 3. Includes the impact of Acquired IPR&D charges net of noncontrolling interest (non-GAAP) of $4 million and $0 for the three months ended December 31, 2025 and 2024 and $110 million and $16 million for the twelve months ended December 31, 2025 and 2024, respectively. 45 Amounts in millions USD
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Three months ended December 31, 2025 Three months ended December 31, 2024 Revenue Segment Profit2 Segment Profit Margin Revenue Segment Profit2 Segment Profit Margin Salix $693 $529 76% $634 $460 73% International 306 81 26% 279 98 35% Solta Medical 137 55 40% 138 73 53% Diversified Products 255 179 70% 228 157 69% Total Bausch Health (excluding B+L) $1,391 $844 61% $1,279 $788 62% Bausch + Lomb 1,405 396 28% 1,280 309 24% Total $2,796 $1,240 44% $2,559 $1,097 43% Corporate - (285) - - (248) - Adjustments: Fair value inventory step-up resulting from acquisitions - 4 - - 21 - IT infrastructure investment - 3 - - 8 - Legal and other professional fees - 3 - - - - Separation-related costs - 2 - - 7 - Transformation Costs - 6 - - 10 - Other expense, net - (4) - - - - Adjusted EBITA (non-GAAP) 1,3 - $969 - - $895 - Depreciation - 54 - - 48 - Share-based compensation - 84 - - 43 - Foreign exchange and other - (8) - - (14) - Adjusted EBITDA attributable to noncontrolling interest (non-GAAP)1 - (47) - - (37) - Adjusted EBITDA attributable to Bausch Health (non-GAAP) 1,4 - $1,052 - - $935 - 4Q25 Segment Profit2 Reconciliation to Adjusted EBITDA1 Consolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 2. Segment profit is based on operating income after the elimination of intercompany transactions, including between Bausch + Lomb and other segments. Certain costs, such as Amortization of intangible assets, Goodwill impairments, Asset impairments, Restructuring, integration, separation costs, Other expense, net, and other corporate allocations are not included in the measure of segment profit, as management excludes these items in assessing segment financial performance. 3. Includes the impact of Acquired IPR&D charges of $4 million and $0 for the three months ended December 31, 2025 and 2024, respectively. 4. Includes the impact of Acquired IPR&D charges net of noncontrolling interest (non-GAAP) of $4 million and $0 for the three months ended December 31, 2025 and 2024, respectively. 46 Amounts in millions USD
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Twelve months ended December 31, 2025 Twelve months ended December 31, 2024 Revenue Segment Profit2 Segment Profit Margin Revenue Segment Profit2 Segment Profit Margin Salix $2,578 $1,925 75% $2,333 $1,602 69% International 1,132 334 30% 1,111 376 34% Solta Medical 518 232 45% 440 213 48% Diversified Products 937 627 67% 950 626 66% Total Bausch Health (excluding B+L) $5,165 $3,118 60% $4,834 $2,817 58% Bausch + Lomb 5,101 1,125 22% 4,791 1,108 23% Total $10,266 $4,243 41% $9,625 $3,925 41% Corporate - (1,057) - - (994) - Adjustments: Fair value inventory step-up resulting from acquisitions - 66 - - 82 - IT infrastructure investment - 20 - - 35 - Legal and other professional fees - 22 - - 25 - Separation-related costs - 7 - - 21 - Transformation Costs - 65 - - 37 - Other expense, net - (114) - - (18) - Adjusted EBITA (non-GAAP) 1,3 - $3,252 - - $3,113 - Depreciation - 207 - - 190 - Share-based compensation - 216 - - 150 - Foreign exchange and other - (11) - - (28) - Adjusted EBITDA attributable to noncontrolling interest (non-GAAP)1 - (123) - - (118) - Adjusted EBITDA attributable to Bausch Health (non-GAAP) 1,4 - $3,541 - - $3,307 - FY25 Segment Profit2 Reconciliation to Adjusted EBITDA1 Consolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 2. Segment profit is based on operating income after the elimination of intercompany transactions, including between Bausch + Lomb and other segments. Certain costs, such as Amortization of intangible assets, Goodwill impairments, Asset impairments, Restructuring, integration, separation costs, Other expense, net, and other corporate allocations are not included in the measure of segment profit, as management excludes these items in assessing segment financial performance. 3. Includes the impact of Acquired IPR&D charges of $114 million and $18 million for the twelve months ended December 31, 2025 and 2024, respectively. 4. Includes the impact of Acquired IPR&D charges net of noncontrolling interest (non-GAAP) of $110 million and $16 million for the twelve months ended December 31, 2025 and 2024, respectively. 47 Amounts in millions USD
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 4Q25 Reconciliation of Reported Revenue to Organic Revenue1,2 and Organic Revenue Growth1 Three Months Ended Change in Reported Revenue Change in Organic Revenue1 December 31, 2025 December 31, 2024 Revenue as reported Changes in Exchange Rates2 Acquisitions Organic Revenue (Non-GAAP)1 Revenue as Reported Divestitures and Discontinuations Organic Revenue (Non-GAAP)1 Amount Pct. Amount Pct. Salix $693 - - $693 $634 $17 $651 $59 9% $42 6% International 306 (23) - 283 279 (2) 277 27 10% 6 2% Solta Medical 137 1 - 138 138 - 138 (1) (1%) - - Diversified 255 - - 255 228 7 235 27 12% 20 9% Neuroscience 148 - - 148 142 - 142 6 4% 6 4% Dermatology 59 - - 59 53 6 59 6 11% - - Generics 24 - - 24 9 1 10 15 167% 14 140% Dentistry 24 - - 24 24 - 24 - - - - Bausch Health (excl. B+L) $1,391 (22) - $1,369 $1,279 $22 $1,301 $112 9% $68 5% Total Bausch + Lomb $1,405 ($37) ($1) $1,367 $1,280 ($5) $1,275 $125 10% $92 7% Vision Care 778 (21) - 757 723 (5) 718 55 8% 39 5% Surgical 249 (10) (1) 238 231 - 231 18 8% 7 3% Pharmaceuticals 378 (6) - 372 326 - 326 52 16% 46 14% Total Bausch Health $2,796 ($59) ($1) $2,736 $2,559 $17 $2,576 $237 9% $160 6% Consolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 2. The impact for changes in foreign currency exchange rates is determined as the difference in the current period reported Rev enues at their current period currency exchange rates and the current period reported Revenues revalued using the monthly average currency exchange rates during the comparable prior period. 48 Amounts in millions USD
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. FY25 Reconciliation of Reported Revenue to Organic Revenue1,2 and Organic Revenue Growth1 Twelve Months Ended Change in Reported Revenue Change in Organic Revenue1 December 31, 2025 December 31, 2024 Revenue as reported Changes in Exchange Rates2 Acquisitions Organic Revenue (Non-GAAP)1 Revenue as Reported Divestitures and Discontinuations Organic Revenue (Non-GAAP)1 Amount Pct. Amount Pct. Salix $2,578 - - $2,578 $2,333 $33 $2,366 $245 11% $212 9% International 1,132 (19) - 1,113 1,111 (8) 1,103 21 2% 10 1% Solta Medical 518 5 - 523 440 - 440 78 18% 83 19% Diversified 937 - - 937 950 17 967 (13) (1%) (30) (3%) Neuroscience 530 - - 530 543 (3) 540 (13) (2%) (10) (2%) Dermatology 234 - - 234 238 14 252 (4) (2%) (18) (7%) Generics 79 - - 79 74 6 80 5 7% (1) (1%) Dentistry 94 - - 94 95 - 95 (1) (1%) (1) (1%) Bausch Health (excl. B+L) $5,165 (14) - $5,151 $4,834 $42 $4,876 $331 7% $275 6% Total Bausch + Lomb $5,101 ($58) ($16) $5,027 $4,791 ($12) $4,779 $310 6% $248 5% Vision Care 2,923 (33) - 2,890 2,739 (11) 2,728 184 7% 162 6% Surgical 894 (17) (16) 861 843 - 843 51 6% 18 2% Pharmaceuticals 1,284 (8) - 1,276 1,209 (1) 1,208 75 6% 68 6% Total Bausch Health $10,266 ($72) ($16) $10,178 $9,625 $30 $9,655 $641 7% $523 5% Consolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 2. The impact for changes in foreign currency exchange rates is determined as the difference in the current period reported Revenues at their current period currency exchange rates and the current period reported Revenues revalued using the monthly average currency exchange rates during the comparable prior period. 49 Amounts in millions USD
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Cash provided by operating activities $495 $601 $1,400 $1,597 Net cash impact of legacy legal matters2 9 8 194 224 Payments of transformation costs 15 12 60 34 Payments of separation costs and separation-related costs 2 2 15 12 Interest payments charged against premium (25) (22) (276) (295) Fees paid in connection with debt refinancing 13 - 101 - Payments of Acquired IPR&D 6 - 109 18 Adjusted cash flow from operations (non-GAAP)1 $515 $601 $1,603 $1,590 Consolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 2. Payments of legacy legal settlements, net of insurance recoveries and restitutions. 50 4Q25 & FY25 Reconciliation of Reported Cash Provided by Operating Activities to Adjusted Cash Flow from Operations (Non-GAAP)1 Amounts in millions USD
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Three Months Ended December 31, 2025 Twelve Months Ended December 31, 2025 Bausch Health Companies Inc. B+L Bausch Health (excl. B+L)3 Bausch Health Companies Inc. B+L Bausch Health (excl. B+L)3 Cash provided by operating activities $495 $136 $360 $1,400 $283 $1,118 Net cash impact of legacy legal matters2 9 - 9 194 - 194 Payments of transformation costs 15 14 1 60 55 4 Payments of separation costs and separation-related costs 2 2 - 15 10 5 Interest payments charged against premium (25) - (25) (276) - (276) Fees paid in connection with debt refinancing 13 - 13 101 33 68 Payments of Acquired IPR&D 6 2 4 109 31 78 Adjusted cash flow from operations (non-GAAP)1 $515 $154 $362 $1,603 $412 $1,191 Consolidated 1. This is a non-GAAP measure. Management considers the presentation of Adjusted cash flow from operations for Bausch Health (excl. B+L) (non-GAAP) to be meaningful information and utilizes it in decision making and for compensation purposes. Adjusted cash flow from operations for Bausch Health (excl. B+L) (non-GAAP) is not intended to be representative of GAAP operating activities and Adjusted cash flow from operating activities for B+L is not intended to be representative of discontinued operations as the criteria for that accounting hasn’t been met. As such, Adjusted cash flow from operations excluding B+L (non- GAAP) as included herein may not be indicative of the results of the operations or Adjusted cash flow from operations attributable to Bausch Health (non-GAAP) in the future, or if B+L met the criteria to be treated as a discontinued operation during any of the periods presented. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 2. Payments of legacy legal settlements, net of insurance recoveries and restitutions. 3. Amounts may not cross foot due to rounding. 51 4Q25 & FY25 Reconciliation of Reported Cash Provided by Operating Activities to Adjusted Cash Flow from Operations (Non-GAAP)1 Amounts in millions USD
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Trailing Twelve Months Ended Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Net Income (Loss) $120 $321 $48 ($81) ($72) Interest expense, net 1,556 1,496 1,438 1,328 1,355 Provision for income taxes 247 199 233 270 239 Depreciation and amortization 1,208 1,225 1,241 1,252 1,267 EBITDA (non-GAAP)1 3,131 3,241 2,960 2,769 2,789 Adjustments: Goodwill impairments 145 - - - - Asset impairments 8 24 23 28 29 Restructuring, integration and transformation costs 142 124 102 76 66 Acquisition-related costs and adjustments (excluding amortization of intangible assets) 37 13 72 95 101 Gain on extinguishment of debt (162) (181) (178) (12) (23) Share-based compensation 216 175 170 160 150 Separation costs and separation-related costs 7 13 21 23 24 Other adjustments: Litigation and other matters, net of insurance recoveries and restitutions 61 45 198 211 220 IT infrastructure investment 20 25 27 33 35 Legal and other professional fees 22 19 25 22 25 Gain on sale of assets, net (6) (6) (5) (6) (10) Other 43 45 42 13 19 Adjusted EBITDA (non-GAAP)1,2 3,664 3,537 3,457 3,412 3,425 Adjusted EBITDA attributable to noncontrolling interest (non-GAAP)1 (123) (113) (110) (109) (118) Adjusted EBITDA attributable to Bausch Health Companies Inc. (non-GAAP)1,3 $3,541 $3,424 $3,347 $3,303 $3,307 Trailing Twelve Months Adjusted EBITDA1 Consolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 2. Includes the impact of Acquired IPR&D charges of $114 million, $110 million, $44 million, $46 million, and $18 million for the trailing twelve months December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively. 3. Includes the impact of Acquired IPR&D charges net of noncontrolling interest (non-GAAP) of $110 million, $106 million, $38 million, $40 million, and $16 million for the trailing twelve months December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively. 52 Amounts in millions USD
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Three Months Ended December 31, 2025 Three Months Ended December 31, 2024 Bausch Health Companies Inc. B+L Bausch Health (excl. B+L) Bausch Health Companies Inc. B+L Bausch Health (excl. B+L) Net (Loss) Income ($103) ($58) ($45) $98 ($2) $100 Interest expense, net 388 95 293 328 93 235 Provision for (benefit from) income taxes 159 71 88 111 (8) 119 Depreciation and amortization 290 99 191 307 106 201 EBITDA (non-GAAP)1 734 207 527 844 189 655 Adjustments: Goodwill impairments 145 - 145 - - - Asset impairments 7 - 7 23 - 23 Restructuring, integration and transformation costs 34 21 13 16 14 2 Acquisition related costs and adjustments (excluding amortization of intangible assets) 42 25 17 18 11 7 Gain on extinguishment of debt 19 - 19 - - - Share-based compensation 84 64 20 43 27 16 Separation costs and separation-related costs 2 1 1 8 6 2 Other adjustments: Litigation and other matters, net of insurance recoveries and restitutions 21 2 19 5 3 2 IT infrastructure investment 3 3 - 8 8 - Legal and other professional fees 3 3 - - 1 (1) Other 5 - 5 7 1 6 Adjusted EBITDA (non-GAAP)1,2 $1,099 $326 $773 $972 $260 $712 Impact of Acquired IPR&D 4 4 - - - - Consolidated 1. This is a non-GAAP measure. Management considers the presentation of Adjusted EBITDA for Bausch Health (excl. B+L) (non-GAAP) to be meaningful information and utilizes it in decision making and for compensation purposes. Adjusted EBITDA for Bausch Health Excluding B+L (non-GAAP) is not intended to be representative of GAAP continuing operations and Adjusted EBITDA for B+L is not intended to be representative of discontinued operations as the criteria for that accounting has not been met. As such, Adjusted EBITDA excluding B+L (non-GAAP) as included herein may not be indicative of the results of the operations or Adjusted EBITDA attributable to Bausch Health (non-GAAP) in the future, or if B+L met the criteria to be treated as a discontinued operation during any of the periods presented. See Slide 2 and Non-GAAP Appendix for further information on this and other non-GAAP measures and ratios. 2. Adjusted EBITDA (non-GAAP) above includes Adjusted EBITDA attributable to noncontrolling interests. For Bausch Health Companies Inc., this amounted to $47 million and $37 million for the three months ended December 31, 2025 and 2024, which includes $0 and $1 million, respectively related to B+L. 53 4Q25 Reconciliation of Reported Net (Loss) Income to Adjusted EBITDA1 Amounts in millions USD
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Twelve Months Ended December 31, 2025 Twelve Months Ended December 31, 2024 Bausch Health Companies Inc. B+L Bausch Health (excl. B+L) Bausch Health Companies Inc. B+L Bausch Health (excl. B+L) Net Income (Loss) $120 ($352) $472 ($72) ($305) $233 Interest expense, net 1,556 409 1,147 1,355 384 971 Provision for income taxes 247 35 212 239 71 168 Depreciation and amortization 1,208 421 787 1,267 436 831 EBITDA (non-GAAP)1 3,131 513 2,618 2,789 586 2,203 Adjustments: Goodwill impairments 145 - 145 - - - Asset impairments 8 - 8 29 5 24 Restructuring, integration and transformation costs 142 117 25 66 56 10 Acquisition related costs and adjustments (excluding amortization of intangible assets) 37 42 (5) 101 77 24 Gain on extinguishment of debt (162) 6 (168) (23) - (23) Share-based compensation 216 149 67 150 92 58 Separation costs and separation-related costs 7 2 5 24 12 12 Other adjustments: Litigation and other matters, net of insurance recoveries and restitutions 61 10 51 220 5 215 IT infrastructure investment 20 20 - 35 35 - Legal and other professional fees 22 11 11 25 6 19 Gain on sale of assets, net (6) (6) - (10) (5) (5) Other 43 2 41 19 3 16 Adjusted EBITDA (non-GAAP)1,2 $3,664 $866 $2,798 $3,425 $872 $2,553 Impact of Acquired IPR&D 114 33 81 18 18 - Consolidated 1. This is a non-GAAP measure. Management considers the presentation of Adjusted EBITDA for Bausch Health (excl. B+L) (non-GAAP) to be meaningful information and utilizes it in decision making and for compensation purposes. Adjusted EBITDA for Bausch Health Excluding B+L (non-GAAP) is not intended to be representative of GAAP continuing operations and Adjusted EBITDA for B+L is not intended to be representative of discontinued operations as the criteria for that accounting has not been met. As such, Adjusted EBITDA excluding B+L (non-GAAP) as included herein may not be indicative of the results of the operations or Adjusted EBITDA attributable to Bausch Health (non-GAAP) in the future, or if B+L met the criteria to be treated as a discontinued operation during any of the periods presented. See Slide 2 and Non-GAAP Appendix for further information on this and other non-GAAP measures and ratios. 2. Adjusted EBITDA (non-GAAP) above includes Adjusted EBITDA attributable to noncontrolling interests. For Bausch Health Companies Inc., this amounted to $123 million and $118 million for the twelve months ended December 31, 2025 and 2024, which includes $8 million and $12 million, respectively related to B+L. 54 FY25 Reconciliation of Reported Net Income (Loss) to Adjusted EBITDA1 Amounts in millions USD
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 55 Non-GAAP Appendix Description of Non-GAAP Financial Measures To supplement the financial measures prepared in accordance with U.S. GAAP, the Company uses certain non -GAAP financial measures and non-GAAP ratios. These measures and ratios do not have any standardized meaning under GAAP and other companies may use similarly titled non-GAAP financial measures and ratios that are calculated differently from the way we calculate such measures and ratios . Accordingly, our non -GAAP financial measures and ratios may not be comparable to such similarly titled non-GAAP financial measures and ratios used by other companies. We caution investors not to place undue reliance on such non-GAAP measures, but instead to consider them with the most directly comparable GAAP measures and ratios. Non-GAAP financial measures and ratios have limitations as analytical tools and should not be considered in isolation. They should be considered as a supplement to, not a substitute for, or superior to, the correspondin g measures calculated in accordance with GAAP. Commencing in the third quarter of 2025, the Company now includes payments of Acquired IPR&D in the calculation of Adjusted Cash Flow from Operations (non-GAAP). Prior-period amounts presented herein have been restated to conform to the current year’s presentation. EBITDA, Adjusted EBITDA and Adjusted EBITDA Attributable to Bausch Health EBITDA (non-GAAP) is Net income (loss) (its most directly comparable GAAP financial measure) adjusted for interest expense, net, (Benefit from) provision for income taxes, depreciation and amortization. Adjusted EBITDA (non -GAAP) is Net income (loss) (its most directly comparable GAAP financial measure) adjusted for interest expense, net, (Benefit from) provision for income taxes, depreciation and amortization and certain other items described below. Adjusted EBITDA attributable to Bausch Health (non-GAAP) is Adjusted EBITDA (non-GAAP) further adjusted to exclude the Adjusted EBITDA attributable to noncontrolling interest (non-GAAP) as defined below. Management believes that Adjusted EBITDA (non-GAAP) and Adjusted EBITDA attributable to Bausch Health (non -GAAP), along with the GAAP measures used by management, most appropriately reflect how the Company measures the business internally and sets operational goals and incentives. In particular, the Company believes that these metrics focus management on the Company's underlying operational results and business performance. As a result, the Company uses these metrics to assess the financial performance of the Company and to forecast future results as part of its guidance. Management believes these metrics are a useful measure to evaluate current performance. These metrics are intended to show our unleveraged, pre-tax operating results and therefore reflects our financial performance based on operational factors. In addition, cash bonuses for the Company's executive officers and other key employees are based, in part, on the achievement of certain Adjusted EBITDA (non-GAAP) targets. Adjusted EBITDA (non-GAAP) is Net income (loss) (its most directly comparable GAAP financial measure) adjusted for interest, income taxes, depreciation and amortization and the following items: • Restructuring, integration and transformation costs: The Company has incurred restructuring costs as it implemented certain strategies, which involved, among other things, improvements to its infrastructure and operations, internal reorganizations and impacts from the divestiture of assets and businesses. With regard to infrastructure and operational improvements which the Company has taken to improve efficiencies in the businesses and facilities, these tend to be costs intended to right size the business or organization that fluctuate significantly between periods in amount, size and timing, depending on the improvement project, reorganization or transaction. Additionally, the Company is launching certain transformation initiatives that will result in certain changes to and investment in its organizational structure and operations. These transformation initiatives arise outside of the ordinary course of continuing operations and, as is the case with the Company’s restructuring efforts, costs associated with these transformation initiatives are expected to fluctuate between periods in amount, size, and timing. These out -of-the-ordinary-course charges include third-party advisory costs, as well as certain severance-related costs. Investors should understand that the outcome of these transformation initiatives may result in future restructuring actions and certain of these charges could recur. The Company believes that the adjustments of these items provide supplemental information with regard to the sustainability of the Company's operating performance, allow for a comparison of the financial results to historical operations and forward-looking guidance and, as a result, provide useful supplemental information to investors. • Asset impairments: The Company has excluded the impact of impairments of finite -lived and indefinite-lived intangible assets, as well as impairments of assets held for sale, as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions and divestitures. The Company believes that the adjustments of these items correlate with the sustainability of the Company’s operating performance. Although the Company excludes impairments of intangible assets and assets held for sale from measuring the performance of the Company and the business, the Company believes that it is important for investors to understand that intangible assets contribute to revenue generation. • Goodwill impairments: The Company excludes the impact of goodwill impairments. When the Company has made acquisitions where the consideration paid was in excess of the fair value of the net assets acquired, the remaining purchase price is recorded as goodwill. For assets that we developed ourselves, no goodwill is recorded. Goodwill is not amortized but is tested for impairment. The amount of goodwill impairment is measured as the excess of a reporting unit’s carrying value over its fair value. Management excludes these charges in measuring the performance of the Company and the business. • Share-based compensation: The Company has excluded costs relating to share -based compensation. The Company believes that the exclusion of share -based compensation expense assists investors in the comparisons of operating results to peer companies. Share-based compensation expense can vary significantly based on the timing, size and nature of awards granted. • Acquisition-related costs and adjustments (excluding amortization of intangible assets): The Company has excluded the impact of acquisition -related costs and fair value inventory step- up resulting from acquisitions as the amounts and frequency of such costs and adjustments are not consistent and are significantly impacted by the timing and size of its acquisitions. In addition, the Company excludes acquisition -related contingent consideration non-cash adjustments due to the inherent uncertainty and volatility associated with such amounts based on changes in assumptions with respect to fair value estimates, and the amount and frequency of such adjustments are not consistent and are significantly impacted by the timing and size of the Company's acquisitions, as well as the nature of the agreed-upon consideration. • Gain (loss) on extinguishment of debt: The Company has excluded gain (loss) on extinguishment of debt as this represents a gain or loss from refinancing our existing debt and is not a reflection of our operations for the period. Further, the amount and frequency of such amounts are not consistent and are significantly impacted by the timing and size of debt financing transactions and other factors in the debt market out of management’s control.
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 56 Non-GAAP Appendix • Separation costs and separation-related costs: The Company has excluded certain costs incurred in connection with activities regarding the separation of the eye-health business. Separation costs are incremental costs directly related to effectuating the separation of the eye -health business and include, but are not limited to, legal, audit and advisory fees. Separation-related costs are incremental costs indirectly related to the separation of the eye -health business and include, but are not limited to rebranding costs and costs associated with facility relocation and/or modification. As these costs arise from events outside of the ordinary course of continuing operations, the Company believes that the adjustments of these items provide supplemental information with regard to the sustainability of the Company’s operating performance, allow for a comparison of the financial results to historical operations and forward- looking guidance and, as a result, provide useful supplemental information to investors. • Other adjustments: The Company has excluded certain other amounts, including legal and other professional fees incurred in connection with legal and governmental proceedings, investigations and information requests regarding certain of our legacy distribution, marketing, pricing, disclosure and accounting practices, litigation and other matters, and net (gain) loss on sale of assets or other disposition of assets. Given the unique nature of the matters relating to these costs, the Company believes these items are not normal operating expenses. For example, legal settlements and judgments vary significantly, in their nature, size and frequency, and, due to this volatility, the Company believes the costs associated with legal settlements and judgments are not normal operating expenses. In addition, as opposed to more ordinary course matters, the Company considers that each of the recent proceedings, investigations and information requests, given their nature and frequency, are outside of the ordinary course and relate to unique circumstances. The Company has also excluded IT infrastructure investments that are the result of other, non - comparable events to measure operating performance. These events arise outside of the ordinary course of continuing operations. The Company has also excluded certain other costs, including professional fees associated with contemplated, but not completed, strategic transactions. The Company excluded these costs as the consideration of such matters are outside of the ordinary course of continuing operations and are infrequent in nature. The Company believes that the exclusion of such out -of-the-ordinary-course amounts provides supplemental information to assist in the comparison of the financial results of the Company from period to period and, therefore, provides useful supplemental information to investors. However, investors should understand that many of these costs could recur and that companies in our industry often face litigation. Adjusted EBITDA attributable to Bausch Health (non -GAAP) is Adjusted EBITDA (non-GAAP) further adjusted to exclude the Adjusted EBITDA attributable to noncontrolling interest (non -GAAP). Adjusted EBITDA attributable to noncontrolling interest (non-GAAP) is Net income attributable to noncontrolling interest (its most directly comparable GAAP financial measure) adjusted for the portion of the adjustments described above attributable to noncontrolling interest. Adjusted Net Income and Adjusted Net Income attributable to Bausch Health Adjusted net income (non-GAAP) is Net income (its most directly comparable GAAP financial measure), adjusted for asset impairments, goodwill impairments, restructuring, integration and transformation costs, acquisition -related costs and adjustments (excluding amortization of intangible assets), gain (loss) on extinguishment of debt, separation costs and separation-related costs and other non-GAAP adjustments as these adjustments are described above, and amortization of intangible assets and write down of financing fees, as described below: • Amortization of intangible assets: The Company has excluded the impact of amortization of intangible assets, as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions. The Company believes that the adjustments of these items correlate with the sustainability of the Company's operating performance. Although the Company excludes the amortization of intangible assets from its non-GAAP expenses, the Company believes that it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in the amortization of additional intangible assets. • Write down of financing fees: In addition to excluding Gain on extinguishment of debt, the Company has excluded the impact of the write down of financing fees from Adjusted net income (non -GAAP). The amount and frequency of such amounts are not consistent and are significantly impacted by the timing and size of debt financing transactions and other factors in the debt market out of management’s control. In addition, the Company excluded these costs as they are outside of the ordinary course of continuing operations and are infrequent in nature. The Company believes that the exclusion of such out -of-the-ordinary-course amounts provides supplemental information to assist in the comparison of the financial results of the Company from period to period and, therefore, provides useful supplemental information to investors. Adjusted net income attributable to Bausch Health (non -GAAP) is Adjusted net income (non-GAAP) further adjusted to exclude the Adjusted net income attributable to noncontrolling interest (non -GAAP). Adjusted net income attributable to noncontrolling interest (non-GAAP) is Net income attributable to noncontrolling interest (its most directly comparable GAAP financial measure) adjusted for the portion of the adjustments described above attributable to noncontrolling interest.
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 57 Historically, management has used Adjusted net income (loss) (non -GAAP) for strategic decision making, forecasting future results and evaluating current performance. This non -GAAP measure excludes the impact of certain items (as described above) that may obscure trends in the Company's underlying performance. By disclosing this non -GAAP measure, it is management's intention to provide investors with a meaningful, supplemental comparison of the Company's operating results and trends for the periods presented. Management believes that this measure is also useful to investors as such measure allows investors to evaluate the Company's performance using the same tools that management uses to evaluate past performance and prospects for future performance. Accordingly, the Company believes that Adjusted net income (non - GAAP) is useful to investors in their assessment of the Company's operating performance. It is also noted that, in recent periods, our GAAP Net income (loss) was significantly lower than our Adjusted net income (non -GAAP). Organic Growth/Change and Organic Revenue Organic revenue and Change in organic revenue (non- GAAP), are defined as GAAP Revenue and change in GAAP Revenue (the most directly comparable GAAP financial measures), adjusted for changes in foreign currency exchange rates (if applicable) and excluding the impact of recent acquisitions, divestitures and discontinuations, as defined below. Organic revenue (non-GAAP) is impacted by changes in product volumes and price. The price component is made up of two key drivers: (i) changes in product gross selling price and (ii) changes in sales deductions. The Company uses organic revenue (non-GAAP) and change in organic revenue (non- GAAP) to assess performance of its reportable segments and the Company in total. The Company believes that providing these non -GAAP measures is useful to investors as they provide a supplemental period-to-period comparison. The adjustments to GAAP Revenue to determine Organic Revenue (non -GAAP) and Change in Organic Revenue (non-GAAP) are as follows: • Foreign currency exchange rates: Although changes in foreign currency exchange rates are part of our business, they are not within management's control. Changes in foreign currency exchange rates, however, can mask positive or negative trends in the business. The impact of changes in foreign currency exchange rates is determined as the difference in the current period reported revenues at their current period currency exchange rates and the current period reported revenues revalued using the monthly average currency exchange rates during the comparable prior period. • Acquisitions, divestitures and discontinuations: In order to present period-over-period organic revenue (non-GAAP) growth/change on a comparable basis, revenues associated with acquisitions, divestitures and discontinuations are adjusted to include only revenues from those businesses and assets owned during both periods. Accordingly, organic revenue and change in organic revenue exclude from the current period, revenues attributable to each acquisition for twelve months subsequent to the day of acquisition, as there are no revenues from those businesses and assets included in the comparable prior period. Organic revenue and change in organic revenue exclude from the prior period, all revenues attributable to each divestiture and discontinuance during the twelve months prior to the day of divestiture or discontinuance, as there are no revenues from those businesses and assets included in the comparable current period. Non-GAAP Appendix Adjusted EBITA and Adjusted EBITA Margin Adjusted EBITA represents Operating income (loss) (its most directly comparable GAAP financial measure) adjusted to exclude amortization, fair value adjustments to inventory in connection with business combinations and integration related inventory charges and technology transfer costs, restructuring and integration costs, asset impairments, goodwill impairments, acquisition related costs, separation costs, separation -related costs and certain other non -GAAP charges as discussed under “Other Non-GAAP charges” above. Adjusted EBITA Margin (non-GAAP) is Adjusted EBITA (non-GAAP) divided by Revenues. The most directly comparable GAAP financial measure is operating income margin, which is Operating income (loss) divided by Revenues. On a segment basis, Adjusted EBITA represents Segment profit (its most directly comparable GAAP financial measure) adjusted to exclude the items above, as applicable. Management believes that Adjusted EBITA (non-GAAP) and Adjusted EBITA Margin (non-GAAP), along with the GAAP measures used by management, appropriately reflect how the Company measures the business internally and sets operational goals for each of its businesses. In particular, the Company believes that Adjusted EBITA (non -GAAP) and Adjusted EBITA Margin (non-GAAP) focuses management on the Company’s underlying operational results and segment performance. As a result, the Company uses Adjusted EBITA (non -GAAP) and Adjusted EBITA Margin (non- GAAP) to assess the actual financial performance of each segment and to forecast future results as part of its guidance. The Company believes that Adjusted EBITA (non-GAAP) and Adjusted EBITA Margin (non-GAAP) are useful to investors as they provide consistency and comparability with our past financial performance and facilitates period- to-period comparisons of the Company’s profitability and the profitability of our segments as they eliminate the effects of certain cash and non-cash charges, which given their nature and frequency, are outside the ordinary course and relate to unique circumstances. Constant Currency Changes in the relative values of non-U.S. currencies to the U.S. dollar may affect the Company’s financial results and financial position. To assist investors in evaluating the Company’s performance, we have adjusted for the effects of changes in foreign currencies. The impact of changes in foreign currency exchange rates is determined by comparing the current period reported revenues at their current period currency exchange rates and the current period reported revenues revalued using the monthly average currency exchange rates during the comparable prior period.
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 58 Non-GAAP Appendix Adjusted Gross Profit and Adjusted Gross Margin Adjusted gross profit (non-GAAP) represents gross profit (its most directly comparable GAAP financial measure) adjusted for Other revenues, Cost of other revenues, Amortization of intangible assets and fair value adjustments to inventory in connection with business combinations. In accordance with GAAP, Gross profit represents total revenues less Costs of goods sold (excluding amortization of intangible assets) less Cost of other revenues less Amortization of intangible assets. Adjusted gross margin (non-GAAP) (the most directly comparable GAAP financial measure for which is gross margin) represents Adjusted gross profit (non-GAAP) divided by Product revenues. Adjusted gross profit (non-GAAP) and Adjusted gross margin (non-GAAP) are measures used by management to understand and evaluate each segment’s pricing strategy, strength of product portfolio, ability to control product costs and the success of its go-to-market strategies. Adjusted gross profit (non-GAAP) and Adjusted gross margin (non-GAAP) facilitates period-to-period comparisons of each segment’s ability to generate cash flow from sales, as these measures eliminate the effects of amortization of intangible assets and fair value adjustments to inventory in connection with business combinations, which are non-cash charges. The Company believes that Adjusted gross profit (non-GAAP) and Adjusted gross margin (non-GAAP) are useful to investors as they provide consistency and comparability with our past financial performance and facilitate period- to-period comparisons of each segment’s ability to generate incremental cash flow from its revenues as these measures eliminate the effects of amortization of intangible assets and fair value adjustments to inventory in connection with business combinations, which are non-cash charges that can be impacted by, among other things, the timing and magnitude of acquisitions, which given their nature and frequency, are outside the ordinary course and relate to unique circumstances. Adjusted SG&A Expenses and Adjusted G&A Expenses Adjusted SG&A expenses (non-GAAP) represents selling, general and administrative expenses (“SG&A expenses”) (its most directly comparable GAAP financial measure) and Adjusted G&A expenses (non -GAAP) represents general and administrative expenses (“G&A expenses”) (its most directly comparable GAAP financial measure), each adjusted to exclude separation-related costs and certain costs primarily related to legal and other professional fees relating to legal and governmental proceedings, investigations and information requests respecting certain of our distribution, marketing, pricing, disclosure and accounting practices and separation -related costs. See the discussion under “Other Non -GAAP charges” above. Management uses Adjusted SG&A expenses (non-GAAP) and Adjusted G&A (non-GAAP), along with GAAP measures, as a supplemental measure for period-to-period comparison to understand and evaluate each segment’s ability to control costs and direct additional cash investments in each business. The Company believes that Adjusted SG&A (non-GAAP) and Adjusted G&A (non-GAAP) are useful to investors as they provide consistency and comparability with our past financial performance and facilitates period- to-period comparisons of our SG&A expenses, G&A expenses and operations, as these measures eliminate the effects of separation -related costs and legal and other professional fees which given their nature and frequency, are outside the ordinary course and relate to unique circumstances. Total Adjusted Operating Expenses Total Adjusted Operating Expenses (non-GAAP) represents operating expenses (its most directly comparable GAAP financial measure) adjusted to exclude restructuring and integration costs, asset impairments, including loss on assets held for sale, goodwill impairments, acquisition related costs and adjustments excluding amortization of intangible assets, separation costs, separation-related costs and certain other non -GAAP charges as discussed under “Other Non- GAAP charges” above. Management believes that Total Adjusted Operating Expenses (non -GAAP), along with the GAAP and non-GAAP measures used by management, provide a supplemental measure for period- to-period comparison to understand and evaluate its ability manage and control its costs, assess the actual financial performance of the Company and to forecast future results as part of its guidance. Management believes that Total Adjusted Operating Expenses (non -GAAP) is a useful measure to evaluate current performance amounts. The Company believes that Total Adjusted Operating Expenses (non -GAAP) is useful to investors as it provides consistency and comparability with our past financial performance and facilitates period- to-period comparisons of our operating expenses as Total Adjusted Operating Expenses eliminates the effects of certain cash and non -cash charges, which given their nature and frequency, are outside the ordinary course and relate to unique circumstances which are substantially outside of management’s control.
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 59 Non-GAAP Appendix Adjusted Tax Rate Adjusted Tax Rate (the most directly comparable financial measure for which is our GAAP tax rate) includes the tax impact of the various non-GAAP adjustments used in calculating our non -GAAP measures. However, due to the differences in the tax treatment of items excluded from non -GAAP earnings, our adjusted tax rate will differ from our GAAP tax rate and from our actual tax liabilities. Adjusted Cash Flow from Operations Adjusted cash flow from operations (non-GAAP) is Cash generated from operations (its most directly comparable GAAP financial measure) adjusted for: (i) payments of legacy legal settlements, net of insurance recoveries and restitutions, (ii) payments of transformation costs, (iii) payments for separation costs and separation -related costs, (iv) interest payments charged against premium, (v) fees paid in connection with the debt refinancing transactions and (vi) payments of acquired IPR&D. As these payments arise from events outside of the ordinary course of continuing operations as discussed above, the Company believes that the adjustments of these items provide supplemental information with regard to the sustainability of the Company’s cash from operations, allow for a comparison of the financial results to historical operations and forward- looking guidance and, as a result, provide useful supplemental information to investors. Adjusted EBITDA excluding Bausch + Lomb (non-GAAP) Adjusted EBITDA excluding Bausch + Lomb (non -GAAP) is Adjusted EBITDA (non-GAAP) adjusted to remove Adjusted EBITDA attributable to Bausch + Lomb (non-GAAP). Adjusted EBITDA attributable to Bausch + Lomb (non -GAAP) is Income (loss) before income taxes of our Bausch + Lomb segment (its most directly comparable GAAP financial measure) adjusted for the portion of the Company’s interest expense, depreciation, amortization and other adjustments as described above, allocated or attributable to Bausch + Lomb. Adjusted EBITDA excluding Bausch + Lomb is not intended to be, and may not be, representative of income from continuing operations (for Bausch Health excluding Bausch + Lomb) or from discontinued operations (for Bausch + Lomb) in accordance with GAAP, as: (i) the criteria for that accounting has not been met and (ii) certain cost allocations to Bausch Health excluding Bausch + Lomb and Bausch + Lomb are not in accordance with the criteria for that accounting. As such, Adjusted EBITDA excluding Bausch + Lomb (non -GAAP) as included herein may not be indicative of the results of the operations or Adjusted EBITDA attributable to Bausch Health (non -GAAP) in the future, or if Bausch + Lomb met the criteria to be treated as a discontinued operation during any of the periods presented. Adjusted Cash Flow from Operations excluding Bausch + Lomb (non-GAAP) Adjusted Cash Flow from Operations excluding Bausch + Lomb (non -GAAP) is Adjusted Cash Flow from Operations (non- GAAP) adjusted to remove Adjusted Cash Flow from Operations attributable to Bausch + Lomb (non -GAAP). Adjusted Cash Flow from Operations attributable to Bausch + Lomb (non -GAAP) is Cash Flow from Operations of our Bausch + Lomb segment (its most directly comparable GAAP financial measure) adjusted for the portion of the Company’s payment of separation costs, separation-related costs and other adjustments as described above, allocated or attributable to Bausch + Lomb. Adjusted Cash Flow from Operations excluding Bausch + Lomb is not intended to be, and may not be, representative of Cash Flow from Operations (for Bausch Health excluding Bausch + Lomb) or from discontinued operations (for Bausch + Lomb) in accordance with GAAP, as: ( i) the criteria for that accounting has not been met and (ii) certain cost allocations to BHC excluding Bausch + Lomb and Bausch + Lomb are not in accordance with the criteria for that accounting. As such, Adjusted Cash Flow from Operations excluding Bausch + Lomb (non -GAAP) as included herein may not be indicative of the cash flow or Adjusted Cash Flow from Operations attributable to Bausch Health (non - GAAP) in the future, or if Bausch + Lomb met the criteria to be treated as a discontinued operation during any of the periods presented. Management believes that Adjusted EBITDA excluding Bausch + Lomb (non -GAAP), Adjusted Cash Flow from Operations, and Adjusted Cash Flow from Operations excluding Bausch + Lomb (non -GAAP), along with the GAAP and other non-GAAP measures used by management, most appropriately reflects how the Company measures the business internally and sets operational goals and incentives. In particular, the Company believes that these metrics focus management on the Company's underlying operational results and business performance. As a result, the Company uses these metrics to assess the actual financial performance of the Company and to forecast future results as part of its guidance. Management believes these metrics are a useful measure to evaluate current performance. These metrics are intended to show our unleveraged, pre -tax operating results and therefore reflects our financial performance based on operational factors. In addition, cash bonuses for the Company's executive officers and other key employees are based, in part, on the achievement of certain Adjusted EBITDA (non -GAAP) and Adjusted Cash Flow (non-GAAP) targets.