Slide 1: 2Q25 Financial Results
Lk NY — “WSs BAUSCH +LOMB NSS ‘et —— 2Q25 Financial Results
Slide 2: Forward-Looking Statements; Non-GAAP Information
Forward-Looking Statements; Non-GAAP Information This presentation contains forward-looking information and statements, within the meaning of applicable securities laws (collectively, “forward-looking statements”), revenues, expenses and resulting margins. In addition, certain material factors and a
Slide 3: Q2 Highlights
Q2 Highlights Financial Results & Outlook Growth Drivers 2
Slide 4: Solid Execution, Focus on Innovation
Solid Execution, Focus on Innovation 1 Growing Revenue Building Selling & Prioritizing Pipeline At or Above Market Operational Excellence Innovation +3% CC2,3 revenue growth vs 2Q24, Resumed full production and Targeting next-gen Lumify® +6% CC2,3 excluding enVista recall6 re-launched enVista IOL pl
Slide 5: Positioning For Phase 3 of Roadmap
Positioning For Phase 3 of Roadmap 1 PHASE 1 PHASE 2 PHASE 3 Accelerate Growth Innovate and Execute Rewire Company for Optimal Performance 2023 TODAY R O AD M AP I N I T I AT E D 4 1. See Slide 1 for further information on forward-looking statements.
Slide 6: Re-establishing enVista Momentum
Re-establishing enVista Momentum Resumed full production of ALL enVISTA PLATFORM IOLs ~200k LENSES shipped to resupply market inventory 5
Slide 7: 2Q25 Driving Growth, Absorbing enVista Recall
2Q25 Driving Growth, Absorbing enVista Recall Delivered +3% CC Growth 2Q251,2 Growth Led By Vision Care Growth Across Franchises 2Q25 Segment 2Q25 Franchise B+L CC Revenue Growth1,2 CC Revenue Growth1,2 Reported Revenue / Growth3 +20% +6% ex. enVista recall1,2,4 $63M $82M +10% +3% +6% Vision Care +7
Slide 8: Financial Results
BAUSCH +LOME, WE C@> INNOVATION
Slide 9: 2Q25 Revenue Drivers
2Q25 Revenue Drivers Vision Care Surgical Pharmaceuticals 20% $1,278M 34% 70% $1,216M $753M 56% $216M $309M 66% 30% 24% 2Q24 2Q25 Consumer Contact Lens Implantables Equipment U.S. International Consumables/Other 2Q25 Revenue Growth +5% Reported 2Q25 CONSTANT CURRENCY REVENUE GROWTH 1 +3% 2Q25 Revenu
Slide 10: 2Q25 Bausch + Lomb P&L (Non-GAAP)
2Q25 Bausch + Lomb P&L (Non-GAAP) 1 Reported Constant Currency Bausch + Lomb 2Q25 2Q24 Change Change1 2Q25 vs. 2Q24 Vision Care Revenue $753M $697M 8% 6% Surgical Revenue $216M $209M 3% 1% Pharmaceuticals Revenue $309M $310M 0% (1%) +3% Total Revenue $1,278M $1,216M 5% 3% Adj. Gross Profit1 $774M $7
Slide 11: 2Q25 Bausch + Lomb P&L (GAAP)
2Q25 Bausch + Lomb P&L (GAAP) Bausch + Lomb 2Q25 2Q24 Reported Constant Currency Change Change1 Vision Care Revenue $753M $697M 8% 6% Surgical Revenue $216M $209M 3% 1% Pharmaceuticals Revenue $309M $310M 0% (1%) Total Revenue $1,278M $1,216M 5% 3% Gross Profit $686M $654M 5% 3% Gross Margin 53.7% 5
Slide 12: Outlook
Outlook 11
Slide 13: Raising FY25 Guidance
Raising FY25 Guidance 1 Prior Guidance Prior Guidance Current Guidance (Feb. 2025) (April 2025) (July 2025) FY25 Guidance Total Revenue $4.950B – $5.050B $5.000B – $5.100B $5.050B – $5.150B Revenue $5.050 – $5.150B Raising from $5.000 – $5.100B5 Adj. EBITDA $900M – $950M $850M – $900M $860M – $910M
Slide 14: FY25 Guidance Bridge
FY25 Guidance Bridge 1 Raising Guidance to Reflect Solid Business Performance and FX Total Revenue Adj. EBITDA (ex. Acq. IPR&D)2 Approx. $5.05–5.15B Approx. +$25M Current Guidance Approx. $860–910M $5.0–5.1B +$25M $850–900M +$10M Current Guidance Prior Guidance Prior Guidance FY25 Business Foreign F
Slide 15: Growth Drivers
Growth Drivers 14
Slide 16: Addressing Patient Needs in All Stages of Dry Eye
Addressing Patient Needs KnowYour in All Stages of Dry Eye DRY EYE DryEye 1 PORTFOLIO $989M .com LTM Revenue +16% 78% OF SUFFERERS CC Revenue Growth vs. wish they had more resources 2Q243 and education on dry eye2 88% OF THOSE TREATED WITH A PRESCRIPTION wish they had started their LIVING WITH TREAT
Slide 17: Driving Miebo & Xiidra TRx Growth
Driving Miebo & Xiidra TRx Growth 1 Avg. Weekly TRx & Growth (% Y/Y)2 +111% 25,371 20,086 12,037 12,877 14,678 10,155 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 +12% 22,944 22,686 21,159 21,584 20,260 19,010 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 16 1. For full product information, see www.bausch.com. 2. IQVIA NPA Rapid
Slide 18: Expanding OTC Portfolio of PF Options
Expanding OTC Portfolio of PF Options 1 +27% 2Q25 Lumify Franchise CC Revenue Growth2 RECENTLY LAUNCHED +13% 2Q25 Blink Franchise CC Revenue Growth2 17 1. For full product information, see www.bausch.com. 2. Constant currency. This is a non-GAAP measure or ration. See Slide 1 and Appendix for furthe
Slide 19: Driving Growth Across Key Lens Brands
Driving Growth Across Key Lens Brands 1 Daily SiHy Ultra® Monthly Biotrue® ONEday 2Q25 CC2 2Q25 CC2 2Q25 CC2 +36% Revenue Growth +8% Revenue Growth +2% Revenue Growth 18 1. For full product information, see www.bausch.com. 2. Constant currency revenue as compared to 2Q24. This is a non-GAAP measure
Slide 20: Continuing to Launch Premium IOLs
Continuing to Launch Premium IOLs 1 Full range of continuous vision, from distance to near ~96% ~90% of patients reporting of patients reporting spectacle independence spectacle independence at intermediate distance2 at near distance2 Received CE Mark in 2Q25, launch in Europe in process 19 1. See S
Slide 21: Advancing Pipeline to Elevate Standard Of Care
Advancing Pipeline to Elevate Standard Of Care 1,2 CONTACT LENS CONSUMER SURGICAL PHARMA Biomimetic AREDS3 Elios® Dual-Action Contact Lens Vitamins MIGS Lifitegrast Ocular DD Myopia Surface Pain Control Lens enVista Next-Gen Beyond Lumify® Glaucoma Next-Gen Neuroprotection DD SiHy Lens Cataract / Re
Slide 22: Save the Date: November 13; Q&A
SAVE THE DATE: NOVEMBER 13 Q&A Business Update with a Spotlight on Innovation, From Concept to Commercialization 21
Slide 23: Appendix
Appendix BAUSCH +LOMB
Slide 24: Early Stage Launches and Pipeline Products to Watch
Early Stage Launches and Pipeline Products to Watch 1 PRODUCT STATUS / DESCRIPTION CATALYSTS TO WATCH PHARMA Dual-Action Lifitegrast First dual-action therapeutic to address evaporative and inflammatory dry eye Initiation of clinical study in 2H25 Ocular Pain First-in-class therapy for ocular surfac
Slide 25: Cash Flow and Balance Sheet Summary (2Q25)
Cash Flow and Balance Sheet Summary (2Q25) 2Q25 Cash flow from operations $35M Adj. Cash flow from operations (non-GAAP)1,2 $86M Depreciation $40M Stock Based Comp $30M Net Interest3 $125M CapEx $89M 1. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAAP
Slide 26: Cash Flow and Balance Sheet Summary (YTD)
Cash Flow and Balance Sheet Summary (YTD) 1Q25-2Q25 Cash flow from operations $10M Adj. Cash flow from operations (non-GAAP)1,2 $68M Depreciation $79M Stock Based Comp $58M Net Interest3 $216M CapEx $199M 1. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non
Slide 27: Top 10 Revenue (Includes FX Impact)
Top 10 Revenue (Includes FX Impact) Rank Product / Franchise 2Q25 1Q25 FY24 4Q24 3Q24 2Q24 1 Surgical Consumables $120M $108M $431M $114M $106M $106M 2 Ocuvite® + PreserVision® $103M $89M $420M $127M $95M $112M 3 Xiidra® $82M $67M $364M $104M $92M $89M 4 Miebo® $63M $57M $172M $53M $49M $42M 5 Lumif
Slide 28: Segment Reported Revenue
Segment Reported Revenue Constant Currency Vision Care 2Q25 2Q24 Reported Change Change1 Contact Lens Revenue $258M $237M 9% 7% Consumer Revenue $495M $460M 8% 6% Total Revenue $753M $697M 8% 6% Constant Currency Surgical 2Q25 2Q24 Reported Change Change1 Implantables Revenue $44M $51M (14%) (16%) E
Slide 29: Reported Revenue Trailing Quarters by Segment
Reported Revenue Trailing Quarters by Segment Bausch + Lomb 2Q25 1Q25 4Q24 3Q24 2Q24 Vision Care Contact Lens $258M $236M $247M $253M $237M Consumer $495M $420M $476M $431M $460M Total Revenue $753M $656M $723M $684M $697M Surgical Implantables $44M $58M $56M $49M $51M Equipment $52M $48M $61M $51M
Slide 30: YTD Bausch + Lomb P&L (Non-GAAP)
1 YTD Bausch + Lomb P&L (Non-GAAP) Bausch + Lomb 1Q25-2Q25 1Q24-2Q24 Reported Constant Currency Change Change1 Vision Care Revenue $1,409M $1,332M 6% 6% Surgical Revenue $430M $406M 6% 6% Pharmaceuticals Revenue $576M $577M 0% 0% Total Revenue $2,415M $2,315M 4% 4% Adj. Gross Profit1 $1,451M $1,448M
Slide 31: YTD Bausch + Lomb P&L (GAAP)
YTD Bausch + Lomb P&L (GAAP) Bausch + Lomb 1Q25-2Q25 1Q24-2Q24 Reported Constant Currency Change Change1 Vision Care Revenue $1,409M $1,332M 6% 6% Surgical Revenue $430M $406M 6% 6% Pharmaceuticals Revenue $576M $577M 0% 0% Total Revenue $2,415M $2,315M 4% 4% Gross Profit $1,274M $1,255M 2% 2% Gross
Slide 32: Non-GAAP Adjustments EPS Impact ($M)
Non-GAAP Adjustments EPS Impact ($M)2 Three Months Ended Six Months Ended June 30 June 30 2025 2024 2025 2024 Income Earnings per Income Earnings per Income Earnings per Income Earnings per (Expense) Share Impact (Expense) Share Impact (Expense) Share Impact (Expense) Share Impact Net loss attributa
Slide 33: Reconciliation of Reported Operating (Loss) Income to Adjusted EBITA
Reconciliation of Reported Operating (Loss) Income to Adjusted EBITA (non-GAAP)1 ($M) 2Q 2025 1Q-2Q 2025 Operating Operating Gross Gross R&D (Loss) Gross Gross R&D (Loss) Profit Margin SG&A Expense Income Profit Margin SG&A Expense Income 2025 GAAP $ 686 53.7% $ 579 $ 96 $ (11) $ 1,274 52.8% $ 1,142
Slide 34: Reconciliation of Reported Net Loss to EBITDA
Reconciliation of Reported Net Loss to EBITDA (non-GAAP)1 and Adjusted EBITDA (non-GAAP)1 ($M) Three Months Ended Six Months Ended June 30 June 30 2025 2024 2025 2024 Net loss attributable to Bausch + Lomb Corporation $ (62) $ (151) $ (274) $ (318) Interest expense, net 125 99 216 195 (Benefit from)
Slide 35: Reconciliation of Reported Revenue to Constant Currency Revenue
Reconciliation of Reported Revenue to Constant Currency Revenue1 and Constant Currency Revenue Growth1 ($M) Calculation of Constant Currency Revenue for the Three Months Ended Change in Change in June 30, 2025 June 30, 2024 Reported Revenue Constant Currency Revenue 1 Constant Revenue as Changes in
Slide 36: Reconciliation of Reported Revenue to Constant Currency Revenue
Reconciliation of Reported Revenue to Constant Currency Revenue1 and Constant Currency Revenue Growth1 ($M) Calculation of Constant Currency Revenue for the Three Months Ended Change in Change in June 30, 2025 June 30, 2024 Reported Revenue Constant Currency Revenue 1 Constant Currency Revenue as Ch
Slide 37: Reconciliation of Reported Revenue to Constant Currency Revenue
Reconciliation of Reported Revenue to Constant Currency Revenue1 and Constant Currency Revenue Growth1 ($M) Calculation of Constant Currency Revenue for the Three Months Ended Change in Change in June 30, 2024 June 30, 2023 Reported Revenue Constant Currency Revenue 1 Constant Currency Revenue as Ch
Slide 38: Reconciliation of Reported Revenue to Organic Revenue
Reconciliation of Reported Revenue to Organic Revenue1 and Organic Revenue Growth1 ($M) Calculation of Organic Revenue for the Three Months Ended Change in Change in June 30, 2024 June 30, 2023 Reported Revenue Organic Revenue 1 Organic Organic Revenue as Changes in Revenue (Non- Revenue as Divestit
Slide 39: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures and divestitures. The Company believes that the adjustments of these items correlate with the sustainability of the Company’s To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles op
Slide 40: Non-GAAP Appendix
Non-GAAP Appendix Adjusted EBITDA (non-GAAP) Adjustments (continued) Amortization of intangible assets: The Company has excluded the impact of amortization of intangible assets, as such amounts are Separation costs and separation-related costs: The Company has excluded certain costs incurred in conn
Slide 41: Non-GAAP Appendix
Non-GAAP Appendix Adjusted EBITA/Adjusted EBITA Margin Adjusted SG&A Adjusted EBITA represents Operating income (loss) (its most directly comparable GAAP financial measure) adjusted to exclude Adjusted SG&A expenses (non-GAAP) represents selling, general and administrative expenses (“SG&A expenses”)
Slide 42: Non-GAAP Appendix
Non-GAAP Appendix Adjusted Cash Flows from Operations/Adjusted Cash used in Operations trends in the business. The impact of changes in foreign currency exchange rates is determined as the difference in the Adjusted cash flows from operations (non-GAAP)/Adjusted Cash used in Operations (non-GAAP) is