Bausch Health Companies Inc. (NYSE:BHC) Q3 2023 Earnings Conference Call November 2, 2023 8:00 AM ET Company Participants Lisa Wilson - Investor Relations Thomas Appio - Chief Executive Officer John Barresi - Interim Chief Financial Officer Conference Call Participants Jason Gerberry - Bank of America Securities Umer Raffat - Evercore ISI David Amsellem - Piper Sandler Douglas Miehm - RBC Capital Markets Les Sulewski - Truist Securities Operator Greetings. Welcome to the Bausch Health Third Quarter 2023 Ear ...

Q3 2023 Earnings November 2, 2023 BAUSCH Health Forward-Looking Statements This presentation contains forward-looking information and statements, within the meaning of applicable securities laws (collectively, "forward-looking statements"), including, but not limited to, statements relating to Bausch Health Companies Inc.'s ("Bausch Health" or the "Company") future prospects and performance, financial guidance, research and development efforts and anticipated timing thereof, proposed plan to separate its ey ...

2022 March 31, 2022 Interim Assessment During the three months ended March 31, 2022, macroeconomic factors had impacted interest rates and the U.S. inflation rate was higher than previously expected. Given the limited headroom of the Dermatology (formerly Ortho Dermatologics) reporting unit as calculated on October 1, 2021, the Company believed that these facts and circumstances suggested the fair value of the Dermatology reporting unit could be less than its carrying amount, and therefore a quantitative fa ...

Financial Data and Key Metrics - Total sales for Bausch Health, excluding Bausch & Lomb (B+L), were $1.13 billion in Q2 2023, up 10% reported and 11% organically year-over-year [20] - Bausch & Lomb revenues were $1 billion in Q2 2023, up 10% reported and 12% organically compared to the prior year [6] - Consolidated adjusted EBITDA was $727 million in Q2 2023, up 4% reported and 7% on a constant currency basis [32] - Adjusted EBITDA margin for Bausch Health, excluding B+L, was 50.2%, while Bausch & Lomb's adjusted EBITDA margin was 17.3% [32] - Full-year EBITDA for Bausch Health, excluding B+L, is expected to be $2.3 billion to $2.4 billion [14] Business Segment Performance Salix - Salix revenues grew 11% in Q2 2023 to $557 million, driven by Xifaxan, Relistor, and Trulance [21][38] - Xifaxan grew 9% in Q2 2023, with overall demand up 3% year-over-year [38] - Relistor and Trulance posted year-over-year growth of 42% and 73%, respectively [38] International - International revenues grew 11% in Q2 2023 to $259 million, led by strong performances in EMEA and Canada [22][29] - The growth was partially offset by a voluntary recall of Emerade epinephrine autoinjectors, resulting in $12 million in write-offs and charges [29] Solta Medical - Solta Medical revenues were $88 million in Q2 2023, up 60% organically year-over-year, driven by strong growth in Asia Pacific [13][37] - More than 70% of Solta revenues come from consumable sales, representing a durable business profile [12] Diversified - Diversified revenues decreased 3% in Q2 2023 to $228 million, with growth in dermatology and dentistry offsetting declines in neurology and generics [24][30] - Arestin in dentistry grew 4% year-over-year, driven by sales force restructuring and consumer awareness efforts [5] Market Performance - Growth in Asia Pacific markets was strong at 23%, though tempered by a decline in the US [13] - The company expects second-half revenue to be relatively flat compared to the prior year, driven by growth in Jublia, Arestin, and Aplenzin, offsetting declines in mature brands [14] Strategic Direction and Industry Competition - The company is focused on separating Bausch & Lomb, with plans to distribute 80% of B+L shares to shareholders [15][26] - The company is exploring a tax reduction of capital for the B+L distribution, which could provide additional strategic flexibility [26] - Investments in AI customer engagement and R&D are key to driving growth, with significant progress in the RED-C program for Xifaxan [10][95] - The company is advancing its pipeline, including Amiselimod for ulcerative colitis and IDP-126 for acne vulgaris [104] Management Commentary on Operating Environment and Future Outlook - The company expects full-year adjusted operating cash flow of $625 million for Bausch Health, excluding B+L, with higher second-half adjusted EBITDA anticipated [7] - Management remains committed to deleveraging the balance sheet, with $181 million in debt reduction in Q2 2023 [41] - The company is optimistic about the potential of AI to revolutionize customer engagement and drive growth [10] Other Important Information - The company entered into a $600 million non-recourse financing facility with KKR, providing additional liquidity [39] - The company expects a decision on the Xifaxan litigation appeal in Q1 2024, with confidence in its intellectual property position [36][71] Q&A Summary Question: Strategic flexibility and debt leverage post-B+L distribution - The company clarified that the revised distribution mechanism does not change the debt targets or liquidity needs, with the focus remaining on deleveraging [16][17] Question: Xifaxan litigation timeline and impact - The company expects a decision on the Xifaxan litigation appeal in Q1 2024 and remains confident in its position [36][71] Question: Use of the $600 million financing facility - The facility is for general corporate purposes, with $350 million drawn as of August 2, 2023, to pay down the revolver [43][64] Question: Long-term solvency and debt maturities - The company expects to generate significant cash flow growth between now and 2027-2028, with plans to prioritize debt reduction and refinance remaining debt [52] Question: RED-C program timeline and physician adoption - The company expects data readout for the RED-C program in late 2025 to early 2026, with a focus on educating physicians about the benefits of prophylactic treatment [56][93]

Q2 2023 Earnings August 3, 2023 BAUSCH Health Forward-Looking Statements This presentation contains forward-looking information and statements, within the meaning of applicable securities laws (collectively, "forward-looking statements"), including, but not limited to, statements relating to Bausch Health Companies Inc.'s ("Bausch Health" or the "Company") future prospects and performance, financial guidance, proposed plan to separate its eye health business, including the timing thereof, the timing of regu ...

• a decrease in Amortization of intangible assets of $70 million primarily attributable to fully amortized intangible assets no longer being amortized in 2023; • a favorable change in Other (income) expense, net of $62 million primarily attributable to: (i) insurance recoveries and (ii) adjustments to reflect changes in estimates of the liability for Acquisition-related contingent consideration. RESULTS OF OPERATIONS Revenues 57 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------- ...

Bausch Health Companies Inc. (NYSE:BHC) Q1 2023 Earnings Conference Call May 4, 2023 8:00 AM ET Company Participants Thomas Appio - Chief Executive Officer Tom Vadaketh - Chief Financial Officer Mark Maico - Investor Relations Conference Call Participants Glen Santangelo - Jefferies Douglas Miehm - RBC Capital Markets David Amsellem - Piper Sandler Qi Yang - Bank of America Operator Greetings. Welcome to Bausch Health First Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-14956 Bausch Health Companies Inc. (Exact name of registrant as specified in its charter) British Columbia, Canada 98-0448205 (State or ot ...

| --- | --- | --- | --- | |-------|-------------------|-----------------------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4Q22 and FY22 | Earnings Presentation | | | | February 23, 2023 | | | Forward-Looking Statements This presentation contains forward-looking information and statements, within the meaning of applicable securities laws (collectively, "forward-looking statements"), including, but not limited to, statements relating to Bausch Health Companies Inc.'s ("Bausch Hea ...

Bausch Health Companies Inc. (NYSE:BHC) Q4 2022 Earnings Conference Call February 23, 2023 8:00 AM ET Company Participants Thomas Appio - Chief Executive Officer Tom Vadaketh - Chief Financial Officer Conference Call Participants Georgi Yordanov - Cowen and Company Douglas Miehm - RBC Capital Markets Glen Santangelo - Jefferies David Amsellem - Piper Sandler Jason Gerberry - Bank of America Gary Nachman - BMO Umer Raffat - Evercore ISI Operator Good morning, and welcome to Bausch Health's Fourth Quarter 202 ...