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©2025 Bausch Health Companies Inc. and/or one of its affiliates. January 14, 2026 JPMorgan Healthcare Conference NEUROSCIENCE International ®
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©2025 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 Bausch Health Companies Inc.’s (“Bausch Health” or the “Company”) 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, ability to enforce and defend its Xifaxan® intellectual property rights, ability to execute its growth strategies and strategic priorities generally, as well as other corporate and strategic transactions, and the potential impacts of the Inflation Reduction Act (“IRA”) and the selection by the Centers for Medicare & Medicaid Services (“CMS”) of Xifaxan® for the second round of negotiation under the drug price negotiation program for initial price applicability in 2027 as well as our ability to mitigate the effects of pricing controls. 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 ne gative variations or similar expressions, and phrases or statements that certain actions, events or results may, could, should or wi ll 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 2025 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 differ materially from those described in these forward-looking statements. These factors, risks and uncertainties include, but are not limited to the following: the impact of current market and economic conditions in one or more of the Company’s markets; the impact of inflation and other macroeconomic factors on the Company’s business and operations; the impact of pricing controls, and social or governmental pressure to lower the cost of drugs, such as legislation including the IRA, drug pricing control programs and our ability to negotiate and mitigate the effects of pricing controls; the ability to complete the separation of Bausch + Lomb, including the timing and structure thereof, and to achieve the expected benefits thereof, and other risks and uncertainties relating to such separation, including actual and potential litigation related thereto; uncertainty of commercial success for new and existing products; challenges to patents; challenges to the Company’s ability to enforce and defend against challenges to its patents; the impact of patent expirations and the ability of the company to successfully execute strategic plans; compliance with legal and regulatory requirements; our substantial debt and current and future debt service obligations; the impact of potential imposition of and adverse changes to duties, tariffs and other trade protection measures (including any retaliations to such measures); risks relating to potential diversion of management attention away from ongoing business operations; 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. Additional information regarding certain of these material factors and assumptions may be found in the Company’s filings described above. The Company believes that the material factors and assumptions reflected in these forward- looking statements are reasonable in the circumstances, but readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. 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, unless required by law. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall ther e be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. 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 believes these non-GAAP measures and ratios are useful to investors in their assessment of our operating performance. 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 appropriate 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 calculated in accordance with GAAP. For further information on non-GAAP financial measures and ratios, please see the Non -GAAP Appendix. Basis of Presentation Unless otherwise indicated, the financial information in this presentation is presented for Bausch Health Companies Inc. on a basis excluding the results of Bausch + Lomb (an “ex -B+L basis”). The Company’s consolidated financial statements prepared in accordance with GAAP include the results of Bausch + Lomb; accordingly, the financial information presented on an ex-B+L basis is not prepared in accordance with GAAP and is provided for supplemental informational purposes to assist investors in evaluating the Company’s businesses excluding Bausch + Lomb. For the Company’s consolidated results, including Bausch + Lomb, refer to the Non -GAAP Appendix in this presentation or the Company’s SEC filings available on the SEC’s website or the Company’s website.
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©2025 Bausch Health Companies Inc. and/or one of its affiliates. $4,834m 2024 revenue $2,553m 2024 adjusted EBITDA1 $1,308m 2024 adjusted cash flow from operations1 Source: BHC SEC filings. 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. 3 ®
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©2025 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Source: BHC SEC filings, BHC internal. 4 Bausch Health Companies (BHC) excluding B+L is a ~$5B diversified global pharmaceutical and devices company REGIONAL OFFICES COMPANY HEADQUARTERS DIRECT PRESENCE 600+ products globally ~50m people impacted annually 7,000+ employees worldwide 12 manufacturing sites Operations in ~50 countries PRIMARY THERAPEUTIC AREAS Aesthetics Dentistry Dermatology Neuroscience Gastroenterology Hepatology
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©2025 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Source: BHC SEC Filings. 5 A robust and diversified portfolio built over more than 65 years ( February 2011 ) ( May 2013 ) ( April 2015 ) ACQUIRED ( January 2014 ) ACQUIRED ( June 2012 ) NAME CHANGED ( in July 2018 ) NAME CHANGED ( November 2003 ) ACQUIRED ( September2025 ) ( December 2025 ) 1959 2012 2013 2014 2015 2018 202020112003 2025 ACQUIRED ACQUIRED ANNOUNCED SPIN OFF OF ACQUIREDFOUNDED as ICN Pharmaceuticals, Inc. ACQUIRED ®
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©2025 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Solta Medical a growing and global leader in medical aesthetics Salix Pharmaceuticals committed to the prevention and treatment of gastroenterology and hepatology 6 Supporting patients & providers globally with leading therapies International a diverse and market-leading portfolio of ~500 products Diversified robust portfolio of leading specialty and generic drugs
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. Salix International Solta Diversified FY24 Segment Profit1 $2,333 $1,111 $440 $950 $1,602$213 $626 $376 Source: BHC SEC filings. 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, 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. 7 Each segment delivers meaningful value to Bausch Health (excl. B+L) Salix International Solta Diversified FY24 Revenue Amounts in millions $2,333 $1,111 $440 $950
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©2025 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Body Contouring (VASER®) 3-5% CAGR by 2027 Skin Tightening (Thermage®) 5–7% CAGR by 2027 Skin Resurfacing/ Rejuvenation (Fraxel®, Clear + Brilliant®) 7–8% CAGR in next 5 years 1. Source: Centers for Disease Control and Prevention. Chronic Liver Disease and Cirrhosis. Las Reviewed January 15, 2025. 2. Source: Wong et al Clin Transl Gastroenterol. 2025 May 1;16(5):e00823.) 3. Source: IQVIA. 4. Source: MedTech Insights, BCG, McKinsey analysts. Global aesthetics market size excludes plastic procedures. 5. Source: World Bank Group. IQVIA Latin America Market - Trends & Forecast (October 2025). 8 Attractive therapeutic areas with leading franchises in GI, aesthetics, neuroscience, and international branded generics GI / HEPATOLOGY AESTHETICS4 INTERNATIONAL BRANDED GENERICS5 Central Europe • Central Europe & Russia Rx Total Market value ~$118B; ~12% market growth • ~193M population Mexico • Total pharma market of +$14B • ~5% Rx market growth from 2022–2024 • ~130M population, ~0.9% population growth in 2024 Global Aesthetics Market 6–7% CAGR $20B–$23B 4.5M in US with DIAGNOSED LIVER DISEASE1 2M TOTAL CIRRHOTIC PATIENTS in US 2 NEUROSCIENCE3 5% CAGR from 2020 - 2025 $20B ANTI-DEPRESSANT MARKET in US
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©2025 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. 9 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 (+9% in 3Q25)3 XIFAXAN® script growth STRONG TOTAL 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 2 Late-Stage Programs ADVANCING through Targeted BD opportunities ADVANCING GI Innovation ® ®
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©2025 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 – 2024. 10 Solta is a leading medical 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 30% CAGR Global Energy- Based Devices1 Solta South Korea2 Solta China2
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©2025 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Source: BHC SEC filings. 1. As of September 30, 2025. 11 Innovation-led execution at Solta is driving trend of consistent growth 28% TRAILING 12 MO REVENUE GROWTH1 $117 $111 $99 $111 $135 $194 $253 $308 $300 $347 $440 $519 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 TTM Larger treatment tip reduced treatment time by 25% and vibrating handpiece enhanced comfort Patients reported more comfortable treatments Enabled use of 2 wavelengths for greater efficiency Bausch Health acquired Solta Medical (2014) 1 Amounts in millions
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©2025 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 12Source: Moly.nice, NewBeauty Reader, SHAPE. 1. Based on cumulative number of Thermage® family of tips sold globally. Actual treatment numbers may vary. 12 Award-winning Solta portfolio positioned for continued growth AWARDED 2025 NEWBEAUTY READER’S CHOICE AWARD SUN DAMAGE FAVORITE LASER TREATMENT FOR FRAXEL FTX® SURPASSED 5 MILLION TREATMENTS1 PERFORMED WORLDWIDE THERMAGE® LAUNCHED FRAXEL FTX® IN THE UNITED STATES IN 2025 FRAXEL FTX®
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©2025 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. 13 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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©2025 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Source: BHC Internal. 14 Bausch Health has the infrastructure in place to continue building our Neuroscience franchise SECOND BAUSCH HEALTH'S in the U.S. LARGEST CONTRIBUTOR to REVENUES REACH PSYCHIATRISTS/ PCPs in the U.S., REPRESENTING 80% of our NEUROSCIENCE BUSINESS 12,000 DEMONSTRATES BUILT-OUT INFRASTRUCTURE REIMBURSEMENT CAPABILITIES our INVESTED COMMERCIAL LEADERSHIP to BUSINESS DEVELOPMENT OPPORTUNITIES in DRIVE FORWARD ©2026 Bausch Health Companies Inc. and/or one of its affiliates.
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©2025 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Source: BHC SEC filings. 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 Proven track record of driving consistent, profitable growth 4% 5% 7% 4% 6% 5% 7% 9% 8% 9% 7% 14% 10% 7% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Reported Revenue Growth YoY (%) Adj. EBITDA Growth1 (%) Includes $81M Acquired IPR&D charge, impacting Adj. EBITDA growth1 by 11 percentage points
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©2025 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 16 Experienced management team with deep expertise in pharmaceuticals and medical devices Thomas J. Appio Chief Executive Officer Seana Carson EVP, General Counsel JJ Charhon EVP, Chief Financial Officer Mirza Dautbegovic EVP, Chief Operating Officer Kathleen Fitzpatrick EVP, Chief Human Resources & Communications Officer Cees Heiman SVP, Europe and Canada Jiny Kim SVP, Solta Medical Aimee Lenar EVP, US Pharma Jonathan Sadeh, M.D., M.Sc. EVP, Chief Medical Officer & Head of R&D Fernando Zarate VP, Latin America
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©2025 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Revenue Adj. EBITDA1,2 Adj. Operating Cash Flow1 $0.975 to $1.025 Billion $2.700 to $2.750 Billion $5.000 to $5.100 Billion 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 guidance excludes the impact of Acquired IPR&D. 3. Adjusted EBITDA growth calculated at the midpoint of 2025 guidance. 17 Reiterating full year 2025 guidance1 reflects ~4% revenue and ~7% Adj. EBITDA1,2 growth3 for Bausch Health (excl. B+L)
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. Source: BHC internal. 1. See Slide 2 for further information on forward-looking statements. 18 Potential inflection points in the future1 Readout of two global RED-C Phase 3 trials Readout of Larsucosterol Phase 3 Solta Thermage® 1X 2026 20282027
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©2025 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. RED-C underscores our investment in a pipeline aligned with our GI expertise No approved products for the primary prevention of overt hepatic encephalopathy (OHE) Market opportunity of approximately 1.9M U.S. patients that have not experienced first OHE event Two global Phase 3 studies expected to read out in early 20261 RED-C Program Source: BHC internal. 1. See Slide 2 for further information on forward-looking statements. 19
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©2025 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Acquisition of DURECT Corporation completed in 3Q25 Strategic fit that expands hepatology portfolio of Bausch Health Being studied for the treatment of Alcohol-Associated Hepatitis 150K est. hospitalizations per year with a 90-day mortality rate of 30%1 Initiation of Phase 3 trial expected by early 20262 Recently acquired Larsucosterol asset is a strategic fit on multiple fronts Larsucosterol Source: BHC SEC filings, BHC internal. 1. Source: US Department of Health and Human Services’ Healthcare Cost and Utilization Project reports (accessed January 2022); 2 Marlowe, et. al., AASLD 2021 Poster No. 381. 2. See Slide 2 for further information on forward-looking statements. 20
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©2025 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. ATTRACTIVE MARKET SEGMENTS SEASONED LEADERSHIP TEAM CLEAR FOCUS ON GROWTH STRONG GROWTH POTENTIAL Source: BHC internal. 1. See Slide 2 for further information on forward-looking statements. 21 Bausch Health has a strong foundation for long-term value1 with leading franchises in GI, neuroscience, aesthetics, and branded generics within our International and Solta Medical businesses with strong record of driving profitable growth through continued excellence in execution and innovation
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©2025 Bausch Health Companies Inc. and/or one of its affiliates. Appendix
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©2025 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. 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. 23 FY24 Reconciliation of Reported Cash Provided by Operating Activities to Adjusted Cash Flow from Operations (Non-GAAP)1 Amounts in millions Twelve Months Ended December 31, 2024 Bausch Health Companies Inc. Bausch + Lomb Corporation Bausch Health (excl. B+L)3 Cash provided by operating activities $1,597 $232 $1,364 Net cash impact of legacy legal matters2 224 - 224 Payments of transformation costs 34 28 6 Payments of separation costs and separation-related costs 12 3 9 Interest payments charged against premium (295) - (295) Payments of Acquired IPR&D 18 18 - Adjusted cash flow from operations (non-GAAP)1 $1,590 $281 $1,308
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©2025 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. 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 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 $118 million for the twelve months ended December 31, 2024, which includes $12 million related to B+L. 24 FY24 Reported Net (Loss) Income to Adjusted EBITDA excluding Bausch+Lomb)1 Amounts in millions Twelve Months Ended December 31, 2024 Bausch Health Companies Inc. Bausch + Lomb Corporation Bausch Health (excl. B+L) Net (Loss) Income ($72) ($305) $233 Interest expense, net 1,355 384 971 Provision for income taxes 239 71 168 Depreciation and amortization 1,267 436 831 EBITDA (non-GAAP)1 2,789 586 2,203 Adjustments: Asset impairments 29 5 24 Restructuring, integration and transformation costs 66 56 10 Acquisition related costs and adjustments (excluding amortization of intangible assets) 101 77 24 Gain on extinguishment of debt (23) - (23) Share-based compensation 150 92 58 Separation costs and separation-related costs 24 12 12 Other adjustments: Litigation and other matters, net of insurance recoveries and restitutions 220 5 215 IT infrastructure investment 35 35 - Legal and other professional fees 25 6 19 Gain on sale of assets, net (10) (5) (5) Other 19 3 16 Adjusted EBITDA (non-GAAP)1,2 $3,425 $872 $2,553 Impact of Acquired IPR&D $18 $18 -
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©2025 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 25 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 corresponding 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. Adjusted EBITDA 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. Management believes that Adjusted EBITDA (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 curren t performance. These metrics are intended to show our unleveraged, pre -tax operating results and therefore reflect 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 expense, net, (Benefit from) provision for 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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©2025 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 26 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 cost s 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 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 (iv) payments of acquired IPR&D. Management believes that Adjusted cash flow from operations (non -GAAP), along with the GAAP and non-GAAP measures used by management, most appropriately reflect how the Company measures the business internally. The Company uses adjusted cash flow from operations (non-GAAP) both to assess the actual financial performance of the Company and to forecast future results as part of its guidance. Management believes adjusted cash flow from operations (non -GAAP) is a useful measure to evaluate current performance amounts. 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 B+L) in accordance with GAAP, as: (i) the criteria for that accounting has not been met and (ii) certain cost allocations to BHC excluding B+L and B+L 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 B+L) in accordance with GAAP, as: (i) the criteria for that accounting has not been met and (ii) certain cost allocations to BHC excluding B+L and B+L 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 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 Cash Flow (non -GAAP) targets.