Bausch Health Companies Inc. · TSX:BHC
Bausch Health Companies — Shareholder Meeting (April 2019)
26 slides from Bausch Health Companies's shareholder meeting presentation, Apr 30, 2019
Slide 1: 2019 Annual Meeting of Shareholders
2019 Annual Meeting of Shareholders April 30, 2019 Laval, Quebec
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking information and statements, within actual results and events to differ materially from those described in these the meaning of applicable securities laws (collectively, “forward-looking forward-looking statements. These risks and
Slide 3: Non-GAAP Information
Non-GAAP Information To supplement the financial measures prepared in accordance with U.S. The reconciliations of these historic non-GAAP measures to the most directly generally accepted accounting principles (GAAP), the Company uses certain comparable financial measures calculated and presented in
Slide 4: Introductions – Board of Directors
Introductions – Board of Directors Joseph C. Papa Thomas W. Ross, Sr. Richard U. De Schutter D. Robert Hale Argeris (Jerry) N. Karabelas Sarah B. Kavanagh Chairman John A. Paulson Robert N. Power Russel C. Robertson Andrew C. von Eschenbach, M.D Dr. Amy B. Wechsler 3
Slide 5: Remarks from Chairman & CEO Joseph C. Papa
Remarks from Chairman & CEO Joseph C. Papa 2019 Annual Meeting of Shareholders April 30, 2019 4
Slide 6: Impact on the World Today
Impact on the World Today Every day more than 150 million people around the world use a Bausch Health product. 5
Slide 7: Our Mission and Values
Our Mission and Values OUR VISION TO BE YOUR TRUSTED HEALTH CARE PARTNER Quality Customer Health Care Innovation Efficiency People Focused Outcomes MISSION To Improve People’s Lives With Our Health Care Products 6
Slide 8: Company Highlights
Company Highlights Strong Execution Across Total Company • 2% total Company organic revenue growth1,2 during FY18 versus FY17; First year of total Company organic revenue growth1,2 since 2015 • All four quarters in 2018 saw organic revenue growth1,2 • 77% of Bausch Health’s total revenue was generat
Slide 9: Company Highlights
Company Highlights Driving Growth with New Pipeline and Promoted Products • ~250 projects in our global pipeline and anticipate submitting over 125 of those projects for regulatory approval in 2019 and 2020 • DUOBRII™ (Received FDA Approval and Launch Expected in June) • 10 key product launches, inc
Slide 10: Durable and Strong International Presence
Durable and Strong International Presence 58% of Bausch Health is not exposed to U.S. branded prescription pricing • Bausch + Lomb vision care is the leader (#1) in key emerging markets (China, Thailand and India), which represent ~40% of the world’s population and are the fastest growing markets1 •
Slide 11: Full-Year Guidance Targets Throughout 2018
Full-Year Guidance Targets Throughout 2018 FY 2018 FY 2018 FY 2018 FY 2018 FY 2018 Guidance Guidance Guidance Guidance Reported as of February 2018 as of May 2018 as of August 2018 as of November 2018 Results $8.10B to $8.15B to $8.15B to $8.15B to Revenue $8.38B $8.30B $8.35B $8.35B $8.35B Adj. $3.
Slide 12: Bausch Health: Pivoting to Offense
Bausch Health: Pivoting to Offense • Bausch + Lomb/International and Salix are driving the pivot to offense • 77% of the total company generated 6% organic revenue growth 1,2 during 2018 21% of total company generated 12% organic 56% of total company generated 4% organic revenue growth1,2 during rev
Slide 13: Helping to Drive the Pivot to Offense
Helping to Drive the Pivot to Offense XIFAXAN® • 2018: Reported revenue growth of 22% in FY18 Bolt-on Acquisition vs. FY17; Resolved XIFAXAN ® IP litigation which preserved market exclusivity until 2028 1 with Completed the acquisition of certain no financial payments made by Bausch Health assets of
Slide 14: Product Launch Success
Product Launch Success Helping to Drive the Pivot to Offense RELISTOR® LUMIFY® BRYHALI™ Launched Sept. 2016 Launched May 2018 Launched Nov. 2018 • Achieved a monthly TRx retail • #1 in Redness Reliever category • #1 most prescribed branded single- dollar market share of >35% in with ~28% market shar
Slide 15: Significant Seven
Significant Seven New Product Launches Expected to Drive Long-Term Growth <$100M Over $1B in annualized revenues Expected annualized peak total as of end of 2017 revenues by the end of 2022 2017 2018 2019 2020 2021 2022 ~$75M >$150M ~$300M2 (SiHy Daily) RELISTOR ® VYZULTA ® First Launch Sept. 20181;
Slide 16: 2019: Pivot to Offense
2019: Pivot to Offense Year of Growth for Bausch Health3 • Expect reported revenue for total company to grow in 2019 vs. 2018, at or above the mid-point of guidance and at current FX rates • Expected cash generated from operations of $1.5B to $1.6B • >$1B to be used to reduce debt and/or for “bolt-o
Slide 17: Question & Answer Period
Question & Answer Period BAUSCH Health
Slide 18: Appendix
17 Appendix BAUSCH Health
Slide 19: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures Description of Non-GAAP Financial Measures Adjusted EBITDA (non-GAAP) Adjusted EBITDA (non- GAAP) To supplement the financial measures prepared in accordance Adjusted EBITDA (non-GAAP) is GAAP net (loss) income (its most with U.S. generall
Slide 20: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures Adjusted EBITDA reflects adjustments based on Adjusted EBITDA (non- Asset Impairments: The Company has excluded the impact of GAAP) the following items: impairments of finite-lived and indefinite-lived intangible assets, as well as impairm
Slide 21: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures Share-based Compensation: The Company has excluded the distribution, marketing, pricing, disclosure and accounting practices, Adjusted EBITDA (non- impact of costs relating to share-based compensation. The Company litigation and other matt
Slide 22: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures Organic Revenue Growth • Acquisitions, divestitures and discontinuations: In order to Adjusted EBITDA (non- present period-over-period organic revenues on a comparable GAAP) Organic revenue growth, a non-GAAP metric, is defined as a change
Slide 23: Constant Currency Appendix
Constant Currency Appendix Description of Non-GAAP Financial Measures Constant Currency Adjusted EBITDA (non- GAAP) Changes in the relative values of non-US currencies to the US dollar may affect the Company’s financial results and financial Adjusted EBITDA (non- position. To assist investors in eva
Slide 24: Reconciliation of Reported Net (Loss) Income to EBITDA and Adjusted EBITDA
Reconciliation of Reported Net (Loss) Income to EBITDA and Adjusted EBITDA ($M) (Year-to-Date) Twelve Months Ended December 31, 2018 Net loss attributable to Bausch Health Companies Inc. $ (4,148) Interest expense, net 1,674 Benefit from income taxes (10) Depreciation and amortization 2,819 EBITDA $
Slide 25: Reconciliation of Reported Growth to Organic Growth
Reconciliation of Reported Growth to Organic Growth ($M) (Year-to-Date)1 Calculation of Organic Revenue Twelve Months Ended Twelve Months Ended Change in December 31, 2018 December 31, 2017 Organic Revenue Changes Organic Organic Revenue in Revenue Revenue Revenue as Exchange (Non-GAAP) as Divested
Slide 26: Reconciliation of Reported Growth to Organic Growth
Reconciliation of Reported Growth to Organic Growth ($M) (Year-to-Date)1 Calculation of Organic Revenue Twelve Months Ended Twelve Months Ended Change in December 31, 2018 December 31, 2017 Organic Revenue Changes Organic Organic Revenue in Revenue Revenue Revenue as Exchange (Non-GAAP) as Divested
Bausch Health Companies — Shareholder Meeting (April 2019) on 6ix