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©2026 Bausch Health Companies Inc. and/or one of its affiliates. July 29, 2026 2Q 2026 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, abil ity 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 planned separation of our eye health business consisting of our Bausch + Lomb global Vision Care, Surgical and Pharmaceuticals businesses on anticipated terms, timing and costs; the scope, duration and financial and operati onal impact of product quality matters and manufacturing facility compliance and certification 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 patent protection and regulatory exclusivity for key products; the expected impacts of the Inflation Reductio n Act, and the impact of the negotiated prices for Xifaxan®, expected to become effective in 2027, under certain programs of the Cen ters for Medicare & Medicaid Services, and other healthcare reform measures and our ability to mitigate the impact thereof; our ability to generate cash flows and access liquidity to meet working capital needs, satisfy debt maturities as they become due, reduce debt levels and comply with financial and other covenants under our financing arrangements; the expected scope and impact of tarif fs, counter-tariffs and other trade restrictions and the effectiveness of mitigation actions and the Company’s ability to recover an y tariffs that are eligible for refund claims; macroeconomic and geopolitical conditions (including inflation, recessionary pressures, for eign currency exchange rates and interest rates), changes in tax laws and related guidance (including legislation referred to as t he 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 Commiss ion 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 to above are not exhaustive and should not be considered a complete statement of all potential risks and uncertainti es. 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 Flows 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 Flows 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 2Q26 Financial Results 2026 Guidance Business Priorities Closing Remarks and 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, 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 2Q26 Broad-based performance with all segments contributing to segment profit2 Historically High 59% Adjusted EBITDA Margin1 Delivered 13th Consecutive Quarter of Revenue and Adjusted EBITDA1 Growth for Bausch Health (excl. B+L) 13 Generated $471 Million in Adjusted Cash Flows from Operations 1; Reduced Net Debt1 by $434 Million
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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, 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. 6 2Q26 Segment Highlights Salix +21% 2Q26 Reported Revenue Growth Net realized price and continued Xifaxan demand in existing channels International +10% 2Q26 Reported Revenue Growth EMEA organic1 revenue growth (14th consecutive quarter) LATAM momentum in the broad portfolio Solta +38% 2Q26 Reported Revenue Growth Record $91 million segment profit2
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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. Graph is not to scale 7 Consistent Growth Through Deliberate Management Execution Last Twelve-Month (LTM) Revenue1Highlights Amounts in millions USD 4,611 4,834 5,165 5,529 Q4 23 Q4 24 Q4 25 Q2 26 +20% Capitalizing on all operating levers to drive profitable growth Optimizing sales coverage utilizing AI Customer Insights Improving sales productivity Launching new products in International markets Expanding in growth markets, 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 8 Consistent Growth Through Deliberate Management Execution LTM Adjusted EBITDA Margin1,2 51.1% 52.8% 54.2% 55.8% Q4 23 Q4 24 Q4 25 Q2 26 Managing resources effectively and driving operating leverage Investing selectively in key franchises Continuous effort to contain our G&A infrastructure through productivity initiatives LTM Adjusted EBITDA margin1,2 has grown over 400 basis points since Q4 2023 +470 BPS 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 most directly comparable GAAP financial measure to LTM Adjusted EBITDA Margin (non-GAAP) is LTM Net income (loss) divided by Revenue which was (7.9%), 4.8%, 9.1% and (16.8%) for Q4 23, Q4 24, Q4 25 and Q2 26, respectively, a change of (890 bps) over the period. Graph is not to scale Highlights
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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 9 Consistent Growth Through Deliberate Management Execution Cash Flow Generation Enables Steady Net Debt1 Reduction 708 1,307 1,192 1,499 Q4 23 Q4 24 Q4 25 Q2 26 LTM Adjusted Cash Flows from Operations1,2 Net Debt1,3 Amounts in millions USD Amounts in millions USD 15,754 14,763 14,200 13,653 Q4 23 Q4 24 Q4 25 Q2 26 +112% (13%) 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 most directly comparable GAAP financial measure to LTM Adjusted Cash Flows from Operations (non-GAAP) is LTM Cash provided by operating activities which was $1,051 million, $1,364 million, $1,118 million and $1,344 million for Q4 23, Q4 24, Q4 25 and Q2 26, respectively, a change of +28% over the period. 3. The most directly comparable GAAP financial measure to Net debt (non-GAAP) is Long-term debt which was $17,823 million, $16,830 million, $15,768 million and $15,663 million for Q4 23, Q4 24, Q4 25 and Q2 26, respectively, a change of (12%) over the period.
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©2026 Bausch Health Companies Inc. and/or one of its affiliates. 2Q26 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) June 30, 2026 June 30, 2025 Reported Revenues $2,852 $2,530 13% Gross Profit $1,846 $1,510 22% Gross Margin 64.7% 59.7% 500 bps Selling, A&P $648 $628 (3%) G&A $259 $266 3% R&D $173 $159 (9%) Acquired IPR&D $5 $1 - Total Operating Expense $1,106 $1,066 (4%) Operating Income $740 $444 67% Net Income Attributable to Bausch Health Companies Inc. $258 $148 74% Earnings per Share Attributable to Bausch Health Companies Inc. $0.68 $0.40 - Cash Flows from Operations $671 $289 132% Consolidated 11 2Q26 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) June 30, 2026 June 30, 2025 Reported Constant Currency1 Revenues (Same as reported) $2,852 $2,530 13% 12% Adj. Gross Profit1 $2,080 $1,787 16% 16% Adj. Gross Margin1 72.9% 70.6% 230 bps - Total Adj. Operating Expense1 $1,076 $1,016 (6%) (5%) Adj. EBITA1,2 $1,004 $771 30% 29% Adj. EBITDA Attributable to Bausch Health Companies Inc.1,3 $1,075 $842 28% 28% Impact of Acquired IPR&D Net of Noncontrolling Interest $4 $1 - - Adj. Net Income Attributable to Bausch Health Companies Inc.1 $476 $335 42% - Diluted Shares Outstanding 378.1M 373.1M - - Adj. Cash Flows from Operations1,4 $637 $442 44% - 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 $5 million and $1 million for the three months ended June 30, 2026 and June 30, 2025, respectively. 3. Includes the impact of Acquired IPR&D charges net of noncontrolling interest (non-GAAP) of $4 million and $1 million for the three months ended June 30, 2026 and June 30, 2025, 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. 12 2Q26 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 $35 million for the three months ended June 30, 2026, which includes $4 million related to B+L. 13 2Q26 Adjusted EBITDA1,2 & Adjusted Cash Flows from Operations1 Amounts in millions USD DOUBLE-DIGIT GROWTH IN ADJUSTED EBITDA1 (BHC excl. B+L) $865 $245 $1,110 Bausch Health (excl. B+L) Bausch + Lomb STRONG GROWTH IN ADJUSTED CASH FLOWS1 FROM OPERATIONS (BHC excl. B+L) 2Q26 Adjusted Cash Flows from Operations1 $471 $166 $637 Bausch Health (excl. B+L) Bausch + Lomb 2Q26 Adjusted EBITDA1,2 BHC (excl. B+L) 28% Adjusted EBITDA1 Growth BHC (excl. B+L) Up $116M vs. 2Q25 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. 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. 14 2Q26 Revenue Amounts in millions USD CONTINUED MOMENTUM IN ORGANIC1 REVENUE GROWTH 21% 15% 12% 52%$1,458 (excl. B+L) Reported: 16% Organic1: 13% Salix International Solta MedicalDiversified Consolidated Revenue vs 2Q25 Reported: 13% Organic1: 11% 25% 18% 57% Reported: 9% Organic1: 8% $1,394 Vision Care Pharmaceuticals Surgical $2,530 $2,852 2Q25 2Q26 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. 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 retail prescriptions. Source: IQVIA. 15 Salix Segment – 2Q26 Amounts in millions USD REVENUE GREW 21% ON REPORTED AND ORGANIC1 BASIS, LED BY XIFAXAN® HighlightsRevenue vs. 2Q25Segment Mix Favorable Xifaxan® growth excl. impact of Medicaid: TRx2 excl. Medicaid +4.2%, TRx2 (8.1%) Higher Xifaxan® realized net pricing, volume growth in existing channels, residual Medicaid volume Higher net pricing and lower volume for Relistor® and Trulance® 88% 5% 5% 2% Xifaxan Relistor Trulance $758 Reported: 21% Organic1: 21% TOTALS PRODUCT REPORTED REVENUE CHANGE ($) $664 $135 $41 ($6) $41 $5 CHANGE (%) 26% (13%) 14% 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. 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. Loss of exclusivity 16 International Segment – 2Q26 Amounts in millions USD MID SINGLE-DIGIT ORGANIC1 REVENUE GROWTH DRIVEN BY LATAM AND EMEA HighlightsRevenue vs. 2Q25Geographic Mix 51% 27% 22% EMEA LATAM Canada $305 REGION REPORTED REVENUE CHANGE ($) Reported: 10% Organic1: 5% TOTALS ORGANIC1 CHANGE (%) REPORTED CHANGE (%) $155 $16EMEA 9%12% $67 ($6)Canada (9%)(9%) $83 $19LATAM 16%30% EMEA 14th consecutive quarter of organic1 growth LATAM Growth across established and newly launched products Canada One-time prior-year pricing benefits and continued LOE2 erosion partly offset by +14% growth in promoted brands
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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. 17 Solta Medical Segment – 2Q26 Amounts in millions USD DOUBLE-DIGIT ORGANIC1 GROWTH DRIVEN BY APAC STRENGTH HighlightsRevenue vs. 2Q25Geographic Mix 85% 12% 3% $176 REGION $149 $50Asia Pacific $21 ($3)N. America $6 -EMEA Reported: 38% Organic1: 12% TOTALS Asia Pacific North America EMEA 18% (12%) (1%) REPORTED REVENUE CHANGE ($) ORGANIC1 CHANGE (%) 50% (12%) (1%) REPORTED CHANGE (%) Double-digit organic1 growth led by continued momentum in Asia Pacific Thermage® +42% Clear + Brilliant® +17% China +136% South Korea +8% Taiwan +42%
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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. 18 Diversified Segment – 2Q26 Amounts in millions USD NEUROSCIENCE GROWTH OFFSET BY DERMATOLOGY, GENERICS, AND DENTISTRY HighlightsRevenue vs. 2Q25Segment Mix BUSINESS REPORTED REVENUE CHANGE ($) $138 $20Neuroscience Reported: 0% Organic1: 0% TOTALS 64% 21% 6% 9% Neuroscience Dermatology Generics Dentistry $219 CHANGE (%) 17% $47 ($8)Dermatology (15%) $20 ($5)Dentistry (20%) $14 ($7)Generics (33%) Neuroscience Favorable net pricing, partially offset by volume decline Dermatology Lower volumes across mature and promoted products
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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. 2. Bars are not to scale. 19 Bausch + Lomb – 2Q26 Amounts in millions USD HIGH SINGLE-DIGIT REVENUE GROWTH 28% 51% 21% $256 Implantables EquipmentConsumables/Other Reported: 9% Organic1: 8% Vision Care Surgical Pharmaceuticals Reported: 4% Organic1: 4% Reported: 19% Organic1: 14% Reported: 15% Organic1: 14% U.S. International 71% 29% $354 Consumer Contact Lens 35% 65% $784 $1,278 $1,394 2Q25 2Q26 2 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. Sustained Xifaxan® growth supporting operating leverage LATAM and EMEA drove international segment growth Neuroscience revenues offset portfolio headwinds Double-digit revenue growth led by APAC strength 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, 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. 20 Bausch Health (excl. B+L) Revenue & Segment Profit1 – 2Q26 Amounts in millions USD DOUBLE-DIGIT REVENUE & SEGMENT PROFIT1 GROWTH HighlightsSegment Profit1Revenue $605 33%Salix $90 15%International $142 2%Diversified $91 69%Solta Medical $928 28%TOTAL 2Q26 2Q25vs. $758 21%Salix $305 10%International $219 -Diversified $176 38%Solta Medical $1,458 16%TOTAL 2Q26 2Q25vs. → → → →
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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 2026 Guidance1,2,3 Bausch Health Companies Prior as of April 29, 2026 Current as of July 29, 2026 Net Revenue $10.670 – $10.920 $10.790 – $11.040 Adjusted EBITDA1 $3.885– $4.010 $4.050– $4.175 Bausch + Lomb Net Revenue $5.420 – $5.520 $5.440 – $5.540 Adjusted EBITDA1 $1.010 – $1.060 $1.025 – $1.075 Bausch Health Companies (excl. B+L) Net Revenue $5.250 – $5.400 $5.350 – $5.500 Reported Revenue Growth 2% – 5% 4% – 6% Adjusted EBITDA1 $2.875 – $2.950 $3.025 – $3.100 Adjusted EBITDA1 Growth 3% – 5% 8% – 11% Adjusted Cash Flows from Operations1,4 $1.200 – $1.275 $1.400 – $1.475 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. 22 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. Business Priorities 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. See Slide 2 for further information on forward-looking statements. 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 ratio. 24 Value Creation Levers1 Working All Levers of Value Creation Invest in Select External Opportunities Increase Portfolio Performance Drive Organic2 Growth and Productivity Maximize B+L Value for BHC Shareholders
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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. THERAPEUTIC FIT Screening assets in therapeutic areas in which we have expertise - GI, hepatology, neuroscience, dermatology, and aesthetics LATE-STAGE / COMMERCIAL-READY Ability to leverage commercial capabilities to take an asset from late-stage development through commercialization ALIGNMENT WITH CAPITAL ALLOCATION STRATEGY Optimize the capital structure first, then reinvest to drive growth through the core business and targeted business development 25 Framework for Potential Business Development1 COMMITTED TO LEVERAGING COMMERCIAL CAPABILITIES TO DRIVE GROWTH & CREATE SHAREHOLDER VALUE 1. See Slide 2 for further information on forward-looking statements.
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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. 26©2026 Bausch Health Companies Inc. and/or one of its affiliates. A Strong Foundation for Value Creation1 DEEP EXPERTISE GI NEUROSCIENCE DERMATOLOGY AESTHETICS DIVERSE PORTFOLIO VALUABLE BRANDS with MARKET- LEADING COMMERCIAL PLATFORM in GLOBAL FOOTPRINT BROAD 1. See Slide 2 for further information on forward-looking statements.
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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. 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. 28 Unconsolidated Bausch Health (excl. B+L) 2Q26 Change in Net Debt1,2 As of 2Q26, amounts in millions USD $14,087 ($471) $5 $6 $26 $13,653 Q126 Net Debt 1,2 Adj. Cash Flows from Operations2 Legacy Legal Payments CAPEX Other Q226 Net Debt 1,2 NET DEBT1,2 DECREASED BY $434M
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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. 29 Key R&D Initiatives1 Pharmaceutical Clinical Programs Phase 1 Phase 2 Phase 3 Approval/Launch Notes Larsucosterol 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 & 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 & improve smoothness & texture of skin’s surface • Continued regulatory progress for Thermage FLX® in additional global markets Thermage® 1.x Improvements on select tips and software • Anticipated launch in late 2027 Clear + Brilliant® Touch Fractionated laser device for skin resurfacing • Continued regulatory progress for Clear & Brilliant Touch® in global markets Fraxel FTX® Next generation fractionated laser device for skin resurfacing • Continued regulatory progress for Fraxel FTX ® in additional global markets 1. Progress timelines are for illustrative purposes only; See Slide 2 for further information on forward-looking statements
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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. Debt values are shown at principal value. Does not include Bausch + Lomb Debt. 2. Amounts may not total due to rounding. 30 Unconsolidated Bausch Health (excl. B+L) Debt Maturity Profile1,2 As of 2Q26, amounts in millions USD $2,843 $643 $605 $1,609 $779 $463$15 $30 $30 $30 $23 $1,691 $352 $6,000 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 2026 2027 2028 2029 2030 2031 2032 Term Loans Unsecured Notes Mandatory Amortization Secured Notes $15.1B1 TOTAL ~$8M Since 1Q26 DECREASED DEBT BY $434M Since 1Q26 DECREASED DEBT, NET OF UNRESTRICTED CASH, BY $6,000 $463 $3,995 $1,639 $2,326 $673 $15
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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. Cash, cash equivalents, and restricted cash includes restricted cash of $13M, $16M, and $20M as of June 30, 2026, December 31, 2025, and December 31, 2024, 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. 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 June 30, 2026, December 31, 2025 and December 31, 2024. 6. Includes the impact of Acquired IPR&D charges net of noncontrolling interest (non-GAAP) of $99 million, $110 million, and $16 million for June 30, 2026, December 31, 2025, and December 31, 2024, respectively. 31 Consolidated Balance Sheet Summary Amounts in millions USD June 30, 2026 December 31, 2025 December 31, 2024 Cash, cash equivalents, and restricted cash1 $1,838 $1,325 $1,201 Revolving Credit Facilities5 $150 $100 $110 AR Credit Facility - - $300 Senior Secured Debt (principal amount)2 $16,129 $16,122 $15,233 Senior Unsecured Debt (principal amount)2 $4,110 $4,110 $5,247 Total Consolidated Debt (principal amount)2 $20,239 $20,232 $20,480 Total Consolidated Debt (net of premiums and discounts) $20,741 $20,817 $21,616 Net Consolidated Debt (principal amount)3 $18,414 $18,923 $19,299 LTM GAAP Net (Loss) Income ($1,093) $120 ($72) LTM Adj. EBITDA Attributable to Bausch Health Companies Inc. (non-GAAP)4,6 $3,950 $3,541 $3,307
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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. 32 Consolidated YTD GAAP Financial Results Amounts in millions USD, except EPS amounts 1. Total operating expense includes goodwill impairments of $1,426 million for the six months ended June 30, 2026. Six Months Ended Favorable (Unfavorable) June 30, 2026 June 30, 2025 Reported % Revenues $5,376 $4,789 12% Gross Profit $3,391 $2,812 21% Gross Margin 63.1% 58.7% 440 bps Selling, A&P $1,261 $1,225 (3%) G&A $507 $536 5% R&D $336 $302 (11%) Acquired IPR&D $16 $29 - Total Operating Expense¹ $3,601 $2,092 (72%) Operating (Loss) Income ($210) $720 (129%) Net (Loss) Income Attributable to Bausch Health Companies Inc. ($1,165) $90 NM (Loss) Earnings per Share Attributable to Bausch Health Companies Inc. ($3.12) $0.24 - Cash Flows from Operations $900 $500 80%
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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. 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 $16 million and $29 million for the six months ended June 30, 2026 and June 30, 2025, respectively. 3. Includes the impact of Acquired IPR&D charges net of noncontrolling interest (non-GAAP) of $14 million and $25 million for the six months ended June 30, 2026 and June 30, 2025, 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. 33 Consolidated YTD Non-GAAP1 Financial Results Amounts in millions USD, except EPS amounts Six Months Ended Favorable (Unfavorable) June 30, 2026 June 30, 2025 Reported Constant Currency¹ Revenues (Same as reported) $5,376 $4,789 12% 10% Adj. Gross Profit¹ $3,869 $3,367 15% 13% Adj. Gross Margin¹ 72.0% 70.3% 170 bps - Total Adj. Operating Expense¹ $2,099 $2,010 (4%) (3%) Adj. EBITA¹,² $1,770 $1,357 30% 29% Adj. EBITDA Attributable to Bausch Health Companies Inc.¹,³ $1,912 $1,503 27% 26% Impact of Acquired IPR&D Net of Noncontrolling interest $14 $25 - - Adj. Net Income Attributable to Bausch Health Companies Inc.¹ $772 $555 39% - Diluted Shares Outstanding 378.5M 373.5M - - Adj. Cash Flows from Operations¹,⁴ $1,010 $580 74% -
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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. 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. 34 Consolidated LTM Reconciliation of Reported Net Income (Loss) to Adjusted EBITDA1 Amounts in millions USD Last Twelve Months Ended BHC BHC (excl. B+L) B+L Dec-23 Dec-24 Dec-25 Jun-26 Dec-23 Dec-24 Dec-25 Jun-26 Dec-23 Dec-24 Dec-25 Jun-26 Revenue $ 8,757 $ 9,625 $10,266 $ 10,853 $ 4,611 $ 4,834 $ 5,165 $ 5,529 $ 4,146 $ 4,791 $ 5,101 $ 5,324 Net (Loss) Income $ (611) $ (72) $ 120 $ (1,093) $ (362) $ 233 $ 472 $ (930) $ (253) $ (305) $ (352) $ (163) Net Income % of Revenue (7.0%) (0.7%) 1.2% (10.1%) (7.9%) 4.8% 9.1% (16.8%) (6.1%) (6.4%) (6.9%) (3.1%) Interest expense, net 1,302 1,355 1,556 1,562 1,034 971 1,147 1,187 268 384 409 375 Provision for income taxes 221 239 247 361 134 168 212 263 87 71 35 98 Depreciation and amortization 1,264 1,267 1,208 1,172 882 831 787 761 382 436 421 411 EBITDA (non-GAAP)¹ 2,176 2,789 3,131 2,002 1,688 2,203 2,618 1,281 484 586 513 721 Adjustments: Goodwill impairments 493 - 145 1,571 493 - 145 1,571 - - - - Asset impairments 54 29 8 17 54 24 8 8 - 5 - 9 Restructuring, integration, and separation costs 116 66 142 94 19 10 25 35 97 56 117 60 Acquisition-related costs and adjustments (excluding amortization of intangible assets) 106 101 37 53 56 24 (5) 25 50 77 42 28 Loss (Gain) on extinguishment of debt (1) (23) (162) 17 (1) (23) (168) 19 - - 6 (2) Share-based compensation 132 150 216 233 58 58 67 70 74 92 149 163 Separation costs and separation-related costs 26 24 7 2 16 12 5 2 10 12 2 - Other adjustments: Litigation and other matters, net of insurance recoveries and restitutions (53) 220 61 72 (53) 215 51 57 - 5 10 15 Gain on sale of assets, net (3) (10) (6) (9) (3) (5) - - - (5) (6) (9) Other 64 79 85 39 29 35 52 16 35 44 33 22 Adjusted EBITDA (non-GAAP)¹ 3,110 3,425 3,664 4,091 2,356 2,553 2,798 3,084 750 872 866 1,007 Adjusted EBITDA Margin (non-GAAP)1 35.5% 35.6% 35.7% 37.7% 51.1% 52.8% 54.2% 55.8% 18.1% 18.2% 17.0% 18.9%
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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. 35 Unconsolidated Reconciliation of LTM Cash Provided by Operating Activities to LTM Adjusted Cash Flows From Operations1,3 Amounts in millions USD 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. 3. Amounts may not foot due to rounding. Last Twelve Months Ended Dec-23 Dec-24 Dec-25 Jun-26 Cash provided by operating activities $1,031 $1,597 $1,400 $1,801 Bausch Health (ex. B+L) 1,051 1,364 1,118 1,344 Bausch + Lomb (17) 232 283 458 Adjustments: Net cash impact of legacy legal matters2 (79) 224 195 263 Bausch Health (ex. B+L) (79) 225 195 259 Bausch + Lomb - - - 5 Payment of Business Transformation Costs 68 34 59 50 Bausch Health (ex. B+L) 4 5 4 6 Bausch + Lomb 64 28 55 45 Payments of separation costs and separation-related costs 22 12 14 3 Bausch Health (ex. B+L) 12 8 5 - Bausch + Lomb 9 3 10 3 Interest Payments charged against premium (282) (295) (276) (212) Bausch Health (ex. B+L) (282) (295) (276) (212) Bausch + Lomb - - - - Fees paid in connection with debt re-financing 2 - 102 31 Bausch Health (ex. B+L) 2 - 68 23 Bausch + Lomb - - 33 8 Payments made to acquire IPR&D - 18 109 98 Bausch Health (ex. B+L) - - 78 79 Bausch + Lomb - 18 31 18 LTM Adjusted Cash Flows from Operations (non-GAAP)1 $762 $1,590 $1,603 $2,034 Bausch Health (ex. B+L) $708 $1,307 $1,192 $1,499 Bausch + Lomb $56 $281 $412 $537
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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. U.S. pharma inventory data from wholesale drug customers that provide channel data, including Cardinal Health, Cencora, and McKesson. 36 Unconsolidated Channel Inventory in Select U.S. Businesses (QTD)1 Months on Hand Business Units As of Mar 31, 2025 As of Jun 30, 2025 Change 2Q25 As of Mar 31, 2026 As of Jun 30, 2026 Change 2Q26 Dermatology 1.03 1.09 0.06 0.88 0.79 (0.09) Neuroscience 1.16 1.17 0.01 1.09 0.79 (0.30) Salix 0.99 0.99 - 1.00 1.00 -
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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. U.S. pharma inventory data from wholesale drug customers that provide channel data, including Cardinal Health, Cencora, and McKesson. 37 Unconsolidated Channel Inventory in Select U.S. Businesses (YTD)1 Months on Hand Business Units As of Dec 31, 2024 As of Jun 30, 2025 Change YTD25 As of Dec 31, 2025 As of Jun 30, 2026 Change YTD26 Dermatology 1.08 1.09 0.01 1.17 0.79 (0.38) Neuroscience 1.02 1.17 0.15 1.11 0.79 (0.32) Salix 1.09 0.99 (0.10) 1.00 1.00 -
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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. 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. 38 Consolidated Other Financial Information Amounts in millions USD Three Months Ended Favorable (Unfavorable) Six Months Ended Favorable (Unfavorable) June 30, 2026 June 30, 2025 Reported Constant Currency¹ June 30, 2026 June 30, 2025 Reported Constant Currency¹ Cash Interest Paid² $557 $393 (42%) (42%) $875 $826 (6%) (6%) Net Interest Expense (GAAP) $385 $452 15% 15% $777 $771 (1%) (1%) Non-cash adjustments Depreciation $56 $51 (10%) (8%) $110 $100 (10%) (7%) Non-cash share-based Compensation $54 $46 (17%) (17%) $106 $89 (19%) (19%) Additional cash items Contingent Consideration $8 $7 $19 $16 Milestone/License Agreement and Other Intangibles $5 $1 $55 $38 Restructuring and Other $16 $26 $32 $41 Capital Expenditures $77 $99 $186 $214 Adj. Tax Rate¹ 20.1% 9.9% 19.7% 14.5%
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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. 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. Excludes 4,594,000 diluted shares for the six months ended June 30, 2026. 39 Consolidated Non-GAAP1 Adjustments EPS Impact Amounts in millions USD, except EPS amounts Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Income (Expense) EPS Impact Income (Expense) EPS Impact Income (Expense) EPS Impact Income (Expense) EPS Impact Net Income (loss) attributable to Bausch Health Companies Inc.² $258 $0.68 $148 $0.40 ($1,165) ($3.12) $90 $0.24 Non-GAAP adjustments¹: Amortization of intangible assets 225 0.60 256 0.69 466 1.23 512 1.37 Goodwill impairments - - - - 1,426 3.77 - - Asset impairments 9 0.02 - - 9 0.02 - - Restructuring, integration, and transformation costs 14 0.04 52 0.14 33 0.09 81 0.22 Acquisition-related costs and adjustments (excluding amortization of intangible assets) 6 0.02 (6) (0.02) 22 0.06 6 0.02 (Gain) loss on extinguishment of debt, including write down of financing fees - - (126) (0.34) 9 0.02 (126) (0.34) Separation costs and separation-related costs 1 - 2 0.01 2 0.01 7 0.02 Gain on sale of assets, net - - - - (3) (0.01) - - Litigation and other matters, net of insurance recoveries and restitutions 6 0.02 8 0.02 16 0.04 5 0.01 Other 6 0.02 48 0.13 14 0.04 60 0.16 Tax effect of non-GAAP adjustments¹ (35) (0.09) (23) (0.06) (29) (0.08) (38) (0.10) EPS difference between basic and diluted shares (0.01) (0.01) 0.04 - Noncontrolling interest portion of the non-GAAP adjustments¹ (14) (0.04) (24) (0.06) (28) (0.07) (42) (0.11) Adjusted net income attributable to Bausch Health Companies Inc. (non-GAAP)¹ $476 - $335 - $772 - $555 -
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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. 40 Unconsolidated Revenue & Segment Profit1 Summary Amounts in millions USD 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, 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. Revenue Segment Profit¹ 2Q26 2Q25 vs. 2Q25 2Q26 2Q25 vs. 2Q25 Salix $758 $627 21% $605 $455 33% International 305 278 10% 90 78 15% Diversified 219 219 - 142 139 2% Solta Medical 176 128 38% 91 54 69% Total $1,458 $1,252 16% $928 $726 28% Salix (758) (627) 21% (605) (455) 33% Total excl. Salix $700 $625 12% $323 $271 19%
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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. 41 Consolidated Reconciliation of Total Long-Term Debt to Net Debt (Non- GAAP)1 Amounts in millions USD 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. May not foot due to rounding. Dec-23 Dec-24 Dec-25 Mar-26 Jun-26 Total Long-Term Debt $22,388 $21,616 $20,817 $20,764 $20,741 Bausch Health (ex. B+L) 17,823 16,830 15,768 15,723 15,663 Bausch + Lomb2 4,565 4,786 5,049 5,041 5,078 Premiums, discounts, and issuance costs2 $1,382 $1,136 $585 $552 $502 Bausch Health (ex. B+L) 1,453 1,191 642 605 552 Bausch + Lomb (71) (55) (58) (53) (50) Unrestricted Cash, cash equivalents $947 $1,181 $1,309 $1,299 $1,825 Bausch Health (ex. B+L) 616 876 926 1,031 1,458 Bausch + Lomb 331 305 383 268 367 Net Debt (non-GAAP)1, 2 $20,059 $19,299 $18,923 $18,913 $18,414 Bausch Health (ex. B+L) 15,754 14,763 14,200 14,087 13,653 Bausch + Lomb 4,305 4,536 4,724 4,826 4,761
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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. 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 $5 million and $1 million for the three months ended June 30, 2026 and June 30, 2025, respectively. 42 Consolidated 2Q26 Reconciliation of Reported Operating Income to Adjusted EBITA (Non-GAAP)1 Amounts in millions USD Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 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 $1,846 64.7% $648 $260 $173 $1,106 $740 $1,510 59.7% $628 $266 $159 $1,066 $444 Amortization of intangible assets 225 7.9% - - - - 225 256 10.1% - - - - 256 Asset impairments 9 0.3% - - - - 9 - 0.0% - - - - - Restructuring, integration, and transformation costs - 0.0% - (5) - (14) 14 0.0% - (21) - (52) 52 Acquisition-related costs and adjustments (excluding amortization of intangible assets) - 0.0% - - - (6) 6 21 0.8% - - - 27 (6) Separation costs and separation-related costs - 0.0% - (1) - (1) 1 0.0% - (2) - (2) 2 Litigation and other matters, net of insurance recoveries and restitutions - 0.0% - - - (6) 6 0.0% - - - (8) 8 Other - 0.0% - (3) - (3) 3 0.0% - (15) - (15) 15 Adjusted EBITA (Non-GAAP)¹˒² $2,080 72.9% $648 $251 $173 $1,076 $1,004 $1,787 70.6% $628 $228 $159 $1,016 $771
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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. 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 $16 million and $29 million for the six months ended June 30, 2026 and June 30, 2025, respectively. 43 Consolidated YTD Reconciliation of Reported Operating (Loss) Income to Adjusted EBITA (Non-GAAP)1 Amounts in millions USD Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Gross Profit Gross Margin Selling & Advertising G&A R&D Expense Operating Expense Operating loss Gross Profit Gross Margin Selling & Advertising G&A R&D Expense Operating Expense Operating income GAAP Operating (Loss) Income $3,391 63.1% $1,261 $508 $336 $3,601 ($210) $2,812 58.7% $1,225 $536 $302 $2,092 $720 Amortization of intangible assets 466 8.7% - - - - 466 512 10.7% - - - - 512 Goodwill impairments - 0.0% - - - (1,426) 1,426 - 0.0% - - - - - Asset impairments 9 0.2% - - - - 9 - 0.0% - - - - - Restructuring, integration, and transformation costs - 0.0% - (11) - (33) 33 - 0.0% - (49) - (81) 81 Acquisition-related costs and adjustments (excluding amortization of intangible assets) 3 0.1% - - - (19) 22 43 0.9% - - - 37 6 Separation costs and separation-related costs - 0.0% - (2) - (2) 2 - 0.0% - (7) - (7) 7 Gain on sale of assets, net - 0.0% - - - 3 (3) - 0.0% - - - - - Litigation and other matters, net of insurance recoveries and restitutions - 0.0% - - - (16) 16 - 0.0% - - - (5) 5 Other - 0.0% - (8) - (9) 9 - 0.0% - (26) - (26) 26 Adjusted EBITA (Non-GAAP)¹˒² $3,869 72.0% $1,261 $487 $336 $2,099 $1,770 $3,367 70.3% $1,225 $454 $302 $2,010 $1,357
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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. 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 $5 million and $1 million for the three months ended June 30, 2026 and June 30, 2025, respectively and $16 million and $29 million for the six months ended June 30, 2026 and 2025, respectively. 3. Includes the impact of Acquired IPR&D charges net of noncontrolling interest (non-GAAP) of $4 million and $1 million for the three months ended June 30, 2026 and June 30, 2025, respectively and $14 million and $25 million for the six months ended June 30, 2026 and 2025, respectively. 44 Consolidated Reconciliation of Reported Net Income (Loss) to EBITDA1 and Adjusted EBITDA1 Amounts in millions USD Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net Income (loss) $260 $128 ($1,171) $42 Interest expense, net 385 452 777 771 Provision for income taxes 88 12 165 51 Depreciation and amortization 281 307 576 612 EBITDA (non-GAAP)¹ 1,014 899 347 1,476 Adjustments: Goodwill impairments - - 1,426 - Asset impairments 9 - 9 - Restructuring, integration, and transformation costs 14 52 33 81 Acquisition-related costs and adjustments (excluding amortization of intangible assets) 6 (6) 22 6 (Gain) loss on extinguishment of debt - (178) 1 (178) Share-based compensation 54 46 106 89 Separation costs and separation-related costs 1 2 2 7 Other adjustments: Litigation and other matters, net of insurance recoveries and restitutions 6 8 16 5 Gain on sale of assets, net - - (3) - Other 6 48 14 60 Adjusted EBITDA (non-GAAP)¹˒² 1,110 871 1,973 1,546 Adjusted EBITDA attributable to noncontrolling interest (non-GAAP)¹ (35) (29) (61) (43) Adjusted EBITDA attributable to Bausch Health (non-GAAP)¹˒³ $1,075 $842 $1,912 $1,503 Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net (income) loss attributable to noncontrolling interest ($2) $20 $6 $48 Noncontrolling interest portion of adjustments for: Interest expense, net (11) (16) (23) (28) Depreciation and amortization (13) (13) (26) (26) All other adjustments (9) (20) (18) (37) Adjusted EBITDA attributable to noncontrolling interest (non-GAAP)¹ ($35) ($29) ($61) ($43)
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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. 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, 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 $5 million and $1 million for the three months ended June 30, 2026 and June 30, 2025, respectively. 4. Includes the impact of Acquired IPR&D charges net of noncontrolling interest (non-GAAP) of $4 million and $1 million for the three months ended June 30, 2026 and June 30, 2025, respectively. 45 Consolidated 2Q26 Segment Profit2 Reconciliation to Adjusted EBITDA1 Amounts in millions USD Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Revenue Segment Profit² Segment Profit Margin Revenue Segment Profit² Segment Profit Margin Salix $758 $605 80% $627 $455 73% International 305 90 30% 278 78 28% Solta Medical 176 91 52% 128 54 42% Diversified Products 219 142 65% 219 139 63% Total Bausch Health (excluding B+L) $1,458 $928 64% $1,252 $726 58% Bausch + Lomb 1,394 335 24% 1,278 248 19% Total $2,852 $1,263 44% $2,530 $974 38% Corporate (263) (261) Adjustments: Fair value inventory step-up resulting from acquisitions - 21 IT infrastructure investment 4 4 Legal and other professional fees (1) 11 Separation-related costs 1 2 Transformation Costs 5 21 Other expense, net (5) (1) Adjusted EBITA (non-GAAP)¹˒³ $1,004 $771 Depreciation 56 51 Share-based compensation 54 46 Foreign exchange and other (4) 3 Adjusted EBITDA Attributable to noncontrolling interest (non-GAAP)¹ (35) (29) Adjusted EBITDA Attributable to Bausch Health (non-GAAP)¹˒⁴ $1,075 $842
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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. 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, 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 $16 million and $29 million for the six months ended June 30, 2026 and June 30, 2025, respectively. 4. Includes the impact of Acquired IPR&D charges net of noncontrolling interest (non-GAAP) of $14 million and $25 million for the six months ended June 30, 2026 and June 30, 2025, respectively. 46 Consolidated YTD Segment Profit2 Reconciliation to Adjusted EBITDA1 Amounts in millions USD Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Revenue Segment Profit² Segment Profit Margin Revenue Segment Profit² Segment Profit Margin Salix $1,397 $1,073 77% $1,169 $826 71% International 590 178 30% 540 163 30% Solta Medical 347 166 48% 241 107 44% Diversified Products 404 254 63% 424 266 63% Total Bausch Health (excluding B+L) $2,738 $1,671 61% $2,374 $1,362 57% Bausch + Lomb 2,638 612 23% 2,415 428 18% Total $5,376 $2,283 42% $4,789 $1,790 37% Corporate (521) (529) Adjustments: Fair value inventory step-up resulting from acquisitions 3 43 IT infrastructure investment 9 12 Legal and other professional fees (1) 14 Separation-related costs 2 7 Transformation Costs 11 49 Other expense, net (16) (29) Adjusted EBITA (non-GAAP)¹˒³ $1,770 $1,357 Depreciation 110 100 Share-based compensation 106 89 Foreign exchange and other (13) - Adjusted EBITDA Attributable to noncontrolling interest (non-GAAP)¹ (61) (43) Adjusted EBITDA Attributable to Bausch Health (non-GAAP)¹˒⁴ $1,912 $1,503
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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. 47 Consolidated 2Q26 Reconciliation of Reported Revenue to Organic Revenue1,2 and Organic Revenue Growth1 Amounts in millions USD 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 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. Three Months Ended Change in Reported Revenue Change in Organic Revenue¹June 30, 2026 June 30, 2025 Revenue as Reported Changes in Exchange Rates² Acquisition Organic Revenue (Non-GAAP)¹ Revenue as Reported Divestitures and Discontinuations Organic Revenue (Non-GAAP)¹ Amount Pct. Amount Pct. Salix $758 - - $758 $627 ($1) $626 $131 21% $132 21% International 305 (12) - 293 278 - 278 27 10% $15 5% Solta Medical 176 (1) (32) 143 128 - 128 48 38% $15 12% Diversified 219 - - 219 219 (1) 218 - - $1 0% Neuroscience 138 - - 138 118 - 118 20 17% 20 17% Dermatology 47 - - 47 55 - 55 (8) (15%) (8) (15%) Generics 14 - - 14 21 (1) 20 (7) (33%) (6) (30%) Dentistry 20 - - 20 25 - 25 (5) (20%) (5) (20%) Bausch Health (excl. B+L) $1,458 ($13) ($32) $1,413 $1,252 ($2) $1,250 $206 16% $163 13% Total Bausch + Lomb $1,394 ($12) ($3) $1,379 $1,278 ($5) $1,273 $116 9% $106 8% Vision Care 784 (4) - 780 753 (5) 748 31 4% 32 4% Surgical 256 (6) (3) 247 216 - 216 40 19% 31 14% Pharmaceuticals 354 (2) - 352 309 - 309 45 15% 43 14% Total Bausch Health $2,852 ($25) ($35) $2,792 $2,530 ($7) $2,523 $322 13% $269 11%
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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. 48 Consolidated YTD26 Reconciliation of Reported Revenue to Organic Revenue1,2 and Organic Revenue Growth1 Amounts in millions USD 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 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. Six Months Ended Change in Reported Revenue Change in Organic Revenue¹June 30, 2026 June 30, 2025 Revenue as Reported Changes in Exchange Rates² Acquisition Organic Revenue (Non-GAAP)¹ Revenue as Reported Divestitures and Discontinuations Organic Revenue (Non-GAAP)¹ Amount Pct. Amount Pct. Salix $1,397 - - $1,397 $1,169 ($1) $1,168 $228 20% $229 20% International 590 (37) - 553 540 (1) 539 50 9% $14 3% Solta Medical 347 (5) (64) 278 241 - 241 106 44% $37 15% Diversified 404 - - 404 424 (1) 423 (20) (5%) ($19) (4%) Neuroscience 251 - - 251 236 - 236 15 6% 15 6% Dermatology 80 - - 80 101 - 101 (21) (21%) (21) (21%) Generics 32 - - 32 39 (1) 38 (7) (18%) (6) (16%) Dentistry 41 - - 41 48 - 48 (7) (15%) (7) (15%) Bausch Health (excl. B+L) $2,738 ($42) ($64) $2,632 $2,374 ($3) $2,371 $364 15% $261 11% Total Bausch + Lomb $2,638 ($54) ($4) $2,580 $2,415 ($8) $2,407 $223 9% $173 7% Vision Care 1,495 (29) - 1,466 1,409 (7) 1,402 86 6% 64 5% Surgical 484 (18) (4) 462 430 - 430 54 13% 32 7% Pharmaceuticals 659 (7) - 652 576 (1) 575 83 14% 77 13% Total Bausch Health $5,376 ($96) ($68) $5,212 $4,789 ($11) $4,778 $587 12% $434 9%
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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. 49 Consolidated 2Q26 & YTD26 Reconciliation of Reported Cash Provided by Operating Activities to Adjusted Cash Flows from Operations (Non-GAAP)1 and Adjusted Free Cash Flows (Non-GAAP) 1 Amounts in millions USD 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. 3. May not cross foot due to rounding. Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 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 $671 $153 $517 $900 $185 $715 Net cash impact of legacy legal matters2 9 5 5 167 5 163 Payment of transformation costs 6 3 3 14 10 4 Interest Payments charged against premium (56) - (56) (100) - (100) Fees paid in connection with debt re-financing 2 - 2 13 6 7 Payments of Acquired IPR&D 5 5 - 16 15 2 Adjusted Cash Flows from Operations (non-GAAP)1 $637 $166 $471 $1,010 $221 $791 Less: Purchases of property, plant and equipment (77) (71) (6) (186) (171) (15) Adjusted Free Cash Flows (non-GAAP)1 $560 $95 $465 $824 $50 $776
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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. 50 Consolidated Last Twelve Months Adjusted EBITDA1 Amounts in millions USD 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 $101 million, $97 million, $114 million, $110 million, and $44 million for the last twelve months June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively. 3. Includes the impact of Acquired IPR&D charges net of noncontrolling interest (non-GAAP) of $99 million, $96 million, $110 million, $106 million, and $38 million for the last twelve months June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively. Last Twelve Months Ended Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Net (Loss) Income ($1,093) ($1,225) $120 $321 $48 Interest expense, net 1,562 1,629 1,556 1,496 1,438 Provision for income taxes 361 285 247 199 233 Depreciation and amortization 1,172 1,198 1,208 1,225 1,241 EBITDA (non-GAAP)¹ 2,002 1,887 3,131 3,241 2,960 Adjustments: Goodwill impairments 1,571 1,571 145 - - Asset impairments 17 8 8 24 23 Restructuring, integration, and separation costs 94 132 142 124 102 Acquisition-related costs and adjustments (excluding amortization of intangible assets) 53 41 37 13 72 Loss (Gain) on extinguishment of debt 17 (161) (162) (181) (178) Share-based compensation 233 225 216 175 170 Separation costs and separation-related costs 2 3 7 13 21 Other adjustments: Litigation and other matters, net of insurance recoveries and restitutions 72 74 61 45 198 Gain on sale of assets, net (9) (9) (6) (6) (5) Other 39 81 85 89 94 Adjusted EBITDA (non-GAAP)¹˒² 4,091 3,852 3,664 3,537 3,457 Adjusted EBITDA attributable to noncontrolling interest (non-GAAP)¹ (141) (135) (123) (113) (110) Adjusted EBITDA attributable to Bausch Health Companies Inc. (non-GAAP)¹˒³ $3,950 $3,717 $3,541 $3,424 $3,347
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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. 51 Consolidated 2Q26 Reconciliation of Reported Net Income (Loss) to Adjusted EBITDA1 Amounts in millions USD 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 $35 million and $29 million for the three months ended June 30, 2026 and 2025, respectively, which includes $4 million related to B+L in each period. Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 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) $260 ($10) $270 $128 ($58) $186 Interest expense, net 385 89 296 452 125 327 Provision for (benefit from) income taxes 88 (1) 89 12 (89) 101 Depreciation and amortization 281 102 179 307 107 200 EBITDA (non-GAAP)¹ 1,014 180 834 899 85 814 Adjustments: Asset impairments 9 9 - - - - Restructuring, integration, and transformation costs 14 7 7 52 49 3 Acquisition-related costs and adjustments (excluding amortization of intangible assets) 6 2 4 (6) 5 (11) (Gain) loss on extinguishment of debt - - - (178) 9 (187) Share-based compensation 54 38 16 46 30 16 Separation costs and separation-related costs 1 - 1 2 - 2 Other adjustments: Litigation and other matters, net of insurance recoveries and restitutions 6 5 1 8 6 2 Other 6 4 2 48 11 37 Adjusted EBITDA (non-GAAP)¹˒² $1,110 $245 $865 $871 $195 $676 Impact of Acquired IPR&D 5 5 - 1 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. 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 $61 million and $43 million for the three months ended June 30, 2026 and 2025, respectively, which includes $5 million related to B+L in each period. 52 Consolidated YTD26 Reconciliation of Reported Net (Loss) Income to Adjusted EBITDA1 Amounts in millions USD Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 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 ($1,171) ($80) ($1,091) $42 ($269) $311 Interest expense, net 777 182 595 771 216 555 Provision for (benefit from) income taxes 165 5 160 51 (58) 109 Depreciation and amortization 576 203 373 612 213 399 EBITDA (non-GAAP)¹ 347 310 37 1,476 102 1,374 Adjustments: Goodwill impairments 1,426 - 1,426 - - - Asset impairments 9 9 - - - - Restructuring, integration, and transformation costs 33 19 14 81 76 5 Acquisition-related costs and adjustments (excluding amortization of intangible assets) 22 5 17 6 19 (13) Loss (Gain) on extinguishment of debt 1 1 - (178) 9 (187) Share-based compensation 106 72 34 89 58 31 Separation costs and separation-related costs 2 1 1 7 3 4 Other adjustments: Litigation and other matters, net of insurance recoveries and restitutions 16 12 4 5 7 (2) Gain on sale of assets, net (3) (3) - - - - Other 14 9 5 60 20 40 Adjusted EBITDA (non-GAAP)¹˒² $1,973 $435 $1,538 $1,546 $294 $1,252 Impact of Acquired IPR&D 16 16 - 29 29 -
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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. 53 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 Flows 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. 54 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. 55 Non-GAAP Appendix 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 revenu e (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. 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. 56 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. 57 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 Flows from Operations and Adjusted Free Cash Flows Adjusted cash flows from operations (non-GAAP) is Cash provided by operating activities (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. Adjusted free cash flows (non-GAAP) is Cash provided by operating activities (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, (vi) payments of acquired IPR&D and (vii) payments of property, plant and equipment. Management believes that Adjusted Cash Flows from Operations and Adjusted Free Cash Flow provide useful supplemental information to investors by facilitating the evaluation of the Company's cash generation trends. These measures supplement, and should be considered in conjunction with, Cash provided by operating activities, the most directly comparable GAAP financial measure. Adjusted EBITDA excluding Bausch + Lomb (non-GAAP), Adjusted Cash Flows from Operations excluding Bausch + Lomb (non-GAAP) and Adjusted Free Cash Flows 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 Cash Flows from Operations excluding Bausch + Lomb (non -GAAP) is Adjusted Cash Flows from Operations (non- GAAP) further adjusted to remove Adjusted Cash Flows from Operations Attributable to Bausch + Lomb (non -GAAP). Adjusted Cash Flows from Operations Attributable to Bausch + Lomb (non -GAAP) is Cash provided by operating activities of our Bausch + Lomb segment (its most directly comparable GAAP financial measure) adjusted for the portion of the Company’s payment of: (i) legacy legal settlements, net of insurance recoveries and restitutions, (ii) transformation costs, (iii) separation costs and separation-related costs, (iv) interest charged against premium, (v) fees paid in connection with the debt refinancing transactions and (vi) acquired IPR&D, allocated or attributable to Bausch + Lomb. Adjusted Free Cash Flows excluding Bausch + Lomb (non -GAAP) is Adjusted Free Cash Flows (non-GAAP) further adjusted to remove Adjusted Free Cash Flows Attributable to Bausch + Lomb (non -GAAP). Adjusted Free Cash Flows Attributable to Bausch + Lomb (non-GAAP) is Cash provided by operating activities of our Bausch + Lomb segment (its most directly comparable GAAP financial measure) adjusted for the portion of the Company’s payment of: ( i) legacy legal settlements, net of insurance recoveries and restitutions, (ii) transformation costs, (iii) separation costs and separation-related costs, (iv) interest charged against premium, (v) fees paid in connection with the debt refinancing transactions, (vi) acquired IPR&D and (vii) property, plant and equipment, allocated or attributable to Bausch + Lomb. Adjusted EBITDA excluding Bausch + Lomb (non-GAAP), Adjusted Cash Flows from Operations excluding Bausch + Lomb (non-GAAP) and Adjusted Free Cash Flows excluding Bausch + Lomb (non -GAAP) are 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) or Cash provided by operating activities (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 EBITDA excluding Bausch + Lomb (non-GAAP), Adjusted Cash Flows from Operations excluding Bausch + Lomb (non -GAAP) and Adjusted Free Cash Flows excluding Bausch + Lomb (non -GAAP) as included herein may not be indicative of the operations, Adjusted EBITDA Attributable to Bausch Health (non -GAAP), cash flows, Adjusted Cash Flows from Operations Attributable to Bausch Health (non -GAAP) or Adjusted Free Cash Flows excluding Bausch + Lomb (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 Flows from Operations excluding Bausch + Lomb (non-GAAP) and Adjusted Free Cash Flows 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 provide supplemental information regarding the Company's operating performance and cash generation capabilities and should not be considered substitutes for the most directly comparable GAAP measures. 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 Flows from Operations (non-GAAP) targets.
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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 Net Debt (non-GAAP) and Net Debt excluding Bausch + Lomb (non-GAAP) Net Debt (non-GAAP) is long-term debt (its most directly comparable GAAP financial measure) adjusted for premiums, discount and issuance costs less unrestricted cash and cash equivalents. Net Debt excluding Bausch + Lomb (non -GAAP) is Net Debt (non-GAAP) adjusted to remove Net Debt attributable to Bausch + Lomb (non-GAAP). Net Debt attributable to Bausch + Lomb (non -GAAP) is long-term debt of our Bausch + Lomb segment (its most directly comparable GAAP financial measure) adjusted for the portion of the Company’s premiums, discount and issuance costs less unrestricted cash and cash equivalents allocated or attributable to Bausch + Lomb. Management believes Net Debt (non-GAAP) and Net Debt excluding Bausch + Lomb (non -GAAP) provides investors with useful information regarding the Company's overall leverage position and its ability to service its outstanding debt obligations. Adjusted EBITDA Margin (non-GAAP) and Adjusted EBITDA Margin excluding Bausch + Lomb (non- GAAP) Adjusted EBITDA Margin (non-GAAP) is defined as Adjusted EBITDA (non-GAAP) (as previously defined) divided by Revenue. The most directly comparable U.S. GAAP financial measure is Net income (loss) divided by Revenue. Adjusted EBITDA Margin excluding Bausch + Lomb (non -GAAP) is defined as Adjusted EBITDA excluding Bausch + Lomb (non-GAAP) divided by Revenue excluding revenue attributable to Bausch + Lomb. 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 Margin excluding Bausch + Lomb (non -GAAP) is not intended to represent continuing or discontinued operations under GAAP and is provided as a supplemental management metric. This measure may not be indicative of the results of operations that would have been reported had Bausch + Lomb been accounted for as a discontinued operation. Management believes Adjusted EBITDA Margin (non -GAAP) and Adjusted EBITDA Margin excluding Bausch + Lomb (non-GAAP) provide investors with useful supplemental information regarding the Company's operating profitability and operational efficiency.