Bausch Health Companies Inc. · TSX:BHC
Bausch Health Companies — FY2018 Earnings Presentation
78 slides from Bausch Health Companies's earnings presentation, Feb 20, 2019
Slide 1: 4Q & FY 2018 Financial Results
4Q & FY 2018 Financial Results
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking information and statements, within the meaning of Securities and Exchange Commission and the Canadian Securities Administrators, which risks applicable securities laws (collectively, “forward-looking statements”), including, but n
Slide 3: Non-GAAP Information
Non-GAAP Information To supplement the financial measures prepared in accordance with U.S. generally GAAP) to projected GAAP net income (loss), due to the inherent difficulty in forecasting accepted accounting principles (GAAP), the Company uses certain non-GAAP financial and quantifying certain amo
Slide 4: Today's Topics
Today’s 1 Opening Remarks & 2018 Highlights Topics 2 4Q & FY 2018 Financial Results 3 FY 2019 Guidance Segment Highlights 4 & 2019 Catalysts 3
Slide 5: 2018 Company Highlights
2018 Company Highlights Strong Execution Across Total Company Executed on Businesses Driving Growth with New • 2% total Company organic revenue growth1,2 versus FY17; First year Pipeline and Promoted of total Company organic revenue growth1,2 since 2015 Products • All four quarters in 2018 saw organ
Slide 6: FY Highlights
FY 18 Highlights FY18 Revenue FY18 EBITA (% Organic Growth (non-GAAP) 2 Y/Y) 1,2,3 Bausch + Lomb $4,664M $1,330M ~75% /International 4% of Bausch Health’s total revenue is generated from the Bausch + Lomb/International and the Salix segments, which saw combined 6% organic revenue growth 1,2 $1,749M
Slide 7: Delivering on Commitments: 2018 Guidance
Delivering on Commitments: 2018 Guidance Feb. 2018 Guidance Actual Delivered on • Revenue $8.10B-$8.30B $8.38B 2018 Guidance • Adj. EBITDA1 (non-GAAP) $3.05B-$3.20B $3.47B 6 1. See Slide 2 and Appendix for further non-GAAP information.
Slide 8: 4Q Financial Results
4Q 18 Financial Results Three Months Ended Favorable (Unfavorable) Constant Organic 12.31.18 12.31.17 Reported Currency 1,2 Change1,3 Revenues $2,121M $2,163M (2%) 0% 1% GAAP Net (Loss) Income ($344M) $513M Adj. Net Income (non-GAAP) 1 $368M $347M 6% 11% Diluted Shares Outstanding 356.7M 352.8M GAAP
Slide 9: 4Q Financial Results Bausch + Lomb/International
4Q 18 Financial Results4 Bausch + Lomb/International Three Months Ended Favorable (Unfavorable) 12.31.18 12.31.17 Reported Constant Currency1,2 Organic Change1,3 +5% Global Vision Care Revenue $203M $187M 9% 12% 12% Bausch + Lomb/International segment organic revenue Global Surgical Revenue $186M $1
Slide 10: 4Q Financial Results Salix
4Q 18 Financial Results4 Salix Three Months Ended Favorable (Unfavorable) 12.31.18 12.31.17 Reported Constant Currency1,2 Organic Change1,3 +1% Salix segment organic Salix Revenue $426M $425M 0% 0% 1% revenue growth 1,3 versus Total Segment Revenue $426M $425M 0% 0% 1% 4Q17, despite the UCERIS ® LOE
Slide 11: 4Q Financial Results Ortho Dermatologics
4Q 18 Financial Results4 Ortho Dermatologics Three Months Ended Favorable (Unfavorable) 12.31.18 12.31.17 Reported Constant Currency1,2 Organic Change1,3 +32% Ortho Dermatologics Revenue 5 $120M $135M (11%) (11%) (11%) Global Solta organic revenue growth 1,3 versus 4Q17, Global Solta Revenue $45M $3
Slide 12: 4Q Financial Results Diversified Products
4Q 18 Financial Results4 Diversified Products Three Months Ended Favorable (Unfavorable) 12.31.18 12.31.17 Reported Constant Currency1,2 Organic Change1,3 +18% Generics organic revenue Neuro & Other Revenue $186M $228M (18%) (18%) (18%) growth 1,3 versus 4Q17 Generics Revenue $110M $94M 17% 17% 18%
Slide 13: FY Financial Results
FY 18 Financial Results Twelve Months Ended Favorable (Unfavorable) Constant Organic 12.31.18 12.31.17 Reported Currency 1,2 Change1,3 Revenues $8,380M $8,724M (4%) (4%) 2% GAAP Net (Loss) Income ($4,148M) $2,404M Adj. Net Income (non-GAAP) 1 $1,410M $1,349M 5% 10% Diluted Shares Outstanding 355.0M
Slide 14: FY Balance Sheet Summary
FY 18 Balance Sheet Summary As of As of As of As of As of 12.31.18 9.30.18 6.30.18 3.31.18 12.31.17 Cash, cash equivalents and $723M $973M $838M $909M $797M restricted cash Revolving credit drawn $75M $75M $325M $250M $250M Senior Secured Debt2 $10,950M $9,526M $9,890M $8,565M $8,771M Senior Unsecur
Slide 15: FY Cash Flow Summary
FY 18 Cash Flow Summary Three Months Three Months Twelve Months Twelve Months Ended 12.31.18 Ended 12.31.17 Ended 12.31.18 Ended 12.31.17 Net (loss) income 1 ($342M) $512M ($4,144M) $2,404M Net cash provided by operating $319M $578M $1,501M $2,290M activities ~$1,500M of cash Net cash (used in) prov
Slide 16: Full-Year 2019 Revenue and Adjusted EBITDA Guidance
Full-Year 2019 Revenue and Adjusted EBITDA (non-GAAP)1 Guidance3,4 Current Guidance (February 2019) Total Revenues $8.30B - $8.50B Adjusted EBITDA (non-GAAP) 1 $3.35B - $3.50B Current Guidance Key Assumptions (February 2019) Cash flow from operations Adj. SG&A Expense (non-GAAP) 1 ~$2.45B during 201
Slide 17: Full-Year 2019 Guidance Bridge
Full-Year 2019 Revenue and Adjusted EBITDA (non-GAAP)1 Guidance Bridge2,3 Channel Currency 2018 Actual Base 2019 2018 Actual Inventory Draw LOE Impact Organic1 Performance Guidance Down 4Q18 Revenue Revenue $8.50B $8.38B to Approx. $8.29B Approx. ($90M) +$75M Approx. Approx. $8.30B ($415M) +$550M to
Slide 18: Eye Health Business Driven by Megatrends
Fully Integrated …Driven by Megatrends Eye Health Business… and New Products ~1.3B 80% 8x people globally living of all vision impairment In the U.S., individuals 65 with some form of vision globally is considered and over use 8x more eye impairment1 avoidable1 care products vs. those younger than 6
Slide 19: Bausch + Lomb/International Update
Bausch + Lomb/International Update1 FY18 Revenues: $4,664M Key Highlights 4Q18 Revenues 3Q18 Revenues 2Q18 Revenues 1Q18 Revenues 4Q17 Revenues Segment saw 4% organic revenue growth 2,3 in FY18 $1,205M $1,147M $1,209M $1,103M $1,204M vs. FY17 and 5% in 4Q18 vs. 4Q17 • Nine consecutive quarters of or
Slide 20: Strong International Presence
Strong International Presence Western Europe Russia and Eastern Europe France: #1 in OTC Eye Drop Russia: #2 in Eye Vitamins 8 Market 6 Serbia: #2 Pharmaceutical Netherlands: #1 in Dry Eye 7 company overall 8 #1 in NSAIDS anti- Slovenia: #1 in Artificial Tears 3 inflammatory ophthalmology market in
Slide 21: 2019: Pivot to Offense Vision Care Consumer
2019: Pivot to Offense Near-term Pipeline Expansion Plans and Innovation Bausch + Lomb ULTRA® Multifocal for Astigmatism (Launch Mid-20191): Monthly silicone hydrogel lens builds upon the success of Bausch + Lomb ULTRA® for Presbyopia and Bausch + Lomb ULTRA® for Astigmatism SiHy Daily (U.S. Launch
Slide 22: Salix Update
Salix Update1 FY18 Revenues: $1,749M Key Highlights 4Q18 Revenues 3Q18 Revenues 2Q18 Revenues 1Q18 Revenues 4Q17 Revenues 12% organic revenue growth 2,3 in FY18 vs. FY17 $426M $460M $441M $422M $425M and 1% in 4Q18 vs. 4Q17, despite UCERIS ® LOE and planned channel inventory reduction of $47M IBS-D
Slide 23: 2019: Pivot to Offense IBS-D Expansion and Beyond
2019: Pivot to Offense IBS-D Expansion and Beyond Rifaximin Pipeline Clinical Status Formulation Indication Target Market (Ready) Rifaximin SSD Acute OHE7 Phase 2 156K HE hospitalizations in 2014 and growing2 Post Operative Crohn’s 780,000 with Crohn's disease; estimated 75% will need Rifaximin EIR
Slide 24: Ortho Dermatologics Update
Ortho Dermatologics Update5 FY18 Revenues: $625M Key Highlights 4Q18 3Q18 2Q18 1Q18 4Q17 Revenues Revenues Revenues Revenues Revenues 13% total segment organic revenue decline 1,2 in FY18 vs. FY17 and 2% organic revenue decline 1,2 in 4Q18 vs. 4Q17 $165M $177M $142M $141M $169M • SILIQ™: Reported $6
Slide 25: DUOBRII: Expect FDA decision shortly
DUOBRII™1,2: Expect FDA decision shortly Savings to Health Care System Large and Growing Market Opportunity Actuarial model (in collaboration with OptumInsight Pharmacy Advisory Services) psoriasis sufferers in the U.S. suggests that even a small reduction in the number of psoriasis patients who tra
Slide 26: 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 ~$300M4 1,2 (SiHy Daily) RELISTOR ® VYZULTA® First Launch Sept. 201
Slide 27: 2019: Pivot to Offense Year of Growth
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 28: Appendix
27 Appendix BAUSCH Health
Slide 29: Key Product LOE 2018 Impact
Key Product LOE 2018 Impact Current Forecast vs. Prior Year Product Line with Actual or LOE Rev/Profit LOE Rev/Profit Change Business Unit Anticipated LOE Date1 2017 Actual 2018 Actual 2017 vs. 2018 Actual Revenue Profit Revenue Profit Revenue Profit • Lotemax® 2H 2019 – 1H 2020 (not date Ophtho Rx
Slide 30: Key Product LOE 2019 Impact
Key Product LOE 2019 Impact Product Line with Actual or LOE Rev/Profit LOE Rev/Profit Change Business Unit Anticipated LOE Date1 2018 Actual 2019 Forecast 2018 vs. 2019 Revenue Profit Revenue Profit Revenue Profit • Lotemax® 2H 2019 – 1H 2020 (not date Ophtho Rx $111M $109M $100M $98M ($11M) ($11M)
Slide 31: 4Q18 and FY18 Revenue Bridge
4Q18 and FY18 Revenue Bridge Growth 1% 4Q Revenue Pipeline -4% LOEs -4% Growth 5% Base Performance 9% LOEs -4% Base 4Q17 4Q18 Performance 9% Reported FX $2.16B Divested 4Q17 Base $2.12B ($41M) ($32M) $2.09B Planned Adj. Base Channel 4Q17 Base Performance Inventory Reduction $2.014B +$185M LOE Impact
Slide 32: Channel Inventory Contraction
Channel Inventory Contraction IMPACT OF Q418/FY18 CHANNEL Q418 VS. Q417 2018 VS 2017 $s in millions Q4 2017 ACTUAL 2017 ACTUAL PIPELINE CONTRACTION GROWTH DRAG GROWTH DRAG Notes REVENUE EBITA1 REVENUE EBITA1 REVENUE EBITA1 REVENUE EBITA1 REVENUE EBITA1 B+L / INTERNATIONAL A $ 1,204 $ 334 $ 4,795 $ 1
Slide 33: Selected U.S. Businesses Pipeline Inventory Trending (4Q18)
Selected U.S. Businesses Pipeline Inventory Trending (4Q18) Months on Hand As of As of As of As of Business Change Change Sept 30, Dec. 31, Sept. 30, Dec. 31, Units 4Q17 4Q18 2017 2017 2018 2018 Derm 1.38 1.39 0.01 1.62 1.26 (0.36) Neuro 1.53 1.62 0.09 1.40 1.08 (0.32) Ophtho 1.19 1.21 0.02 1.36 0.8
Slide 34: Selected U.S. Businesses Pipeline Inventory Trending (FY18)
Selected U.S. Businesses Pipeline Inventory Trending (FY18) Months on Hand As of As of As of As of Business Change Change Dec. 31, Dec. 31, Dec. 31, Dec. 31, Units FY17 FY18 2016 2017 2017 2018 Derm 1.34 1.39 0.05 1.39 1.26 (0.13) Neuro 1.59 1.62 0.03 1.62 1.08 (0.54) Ophtho 1.44 1.21 (0.23) 1.21 0.
Slide 35: 2019: Pivot to Offense Extensive Pipeline Designed to Fuel Growth
2019: Pivot to Offense Extensive Pipeline Designed to Fuel Growth BRYHALI™ (Launched Nov. 2018): New potent to super potent topical corticosteroid treatment for plaque psoriasis; safety has been established in clinical trials with dosing for up to 8 weeks with no increase in epidermal atrophy; for t
Slide 36: Reduced Debt and Extended Maturities
Reduced Debt and Extended Maturities Long-Term Debt Maturity Profile as of Feb. 20, 20191 2025 2019 2020 2021 2022 2023 2024 Total and beyond Debt $0M $0M $700M $1,250M $6,045M $2,000M $12,780M $22,775M Maturities Mandatory $128M $303M $303M $303M $303M $303M $114M $1,757M Amortization Total $128M $
Slide 37: FY Financial Results Bausch + Lomb/International
FY 18 Financial Results4 Bausch + Lomb/International Twelve Months Ended Favorable (Unfavorable) 12.31.18 12.31.17 Reported Constant Currency1,2 Organic Change1,3 +4% Global Vision Care Revenue $814M $752M 8% 8% 8% Bausch + Lomb/International segment organic revenue Global Surgical Revenue $698M $67
Slide 38: FY Financial Results Salix
FY 18 Financial Results4 Salix Twelve Months Ended Favorable (Unfavorable) 12.31.18 12.31.17 Reported Constant Currency1,2 Organic Change1,3 +12% Salix segment organic Salix Revenue $1,749M $1,566M 12% 12% 12% revenue growth 1,3 versus Total Segment Revenue $1,749M $1,566M 12% 12% 12% FY17, despite
Slide 39: FY Financial Results Ortho Dermatologics
FY 18 Financial Results4 Ortho Dermatologics Twelve Months Ended Favorable (Unfavorable) 12.31.18 12.31.17 Reported Constant Currency1,2 Organic Change1,3 +22% Ortho Dermatologics Revenue 5 $490M $614M (20%) (20%) (20%) Global Solta organic revenue growth 1,3 versus FY17, Global Solta Revenue $135M
Slide 40: FY Financial Results Diversified Products
FY 18 Financial Results4 Diversified Products Twelve Months Ended Favorable (Unfavorable) 12.31.18 12.31.17 Reported Constant Currency1,2 Organic Change1,3 +19% Generics organic revenue Neuro & Other Revenue $822M $946M (13%) (13%) (13%) growth 1,3 versus FY17 Generics Revenue $407M $343M 19% 19% 19
Slide 41: Divestitures and Discontinuations included in 2017 Financials
Divestitures and Discontinuations included in 2017 Financials Divestiture Date Closed Revenue Adjusted EBITDA (non-GAAP) 1 Sprout Dec. 20, 2017 ~$5M ~($30M) Obagi Nov. 9, 2017 ~$60M ~$20M iNova Sept. 29, 2017 ~$195M ~$100M Dendreon June 28, 2017 ~$165M ~$65M Skincare Brands March 3, 2017 (CeraVe, Ac
Slide 42: FY Top Products – Total Bausch Health
FY 18 Top 10 Products – Total BAUSCH Health Top 10 products/franchises revenues, full year and trailing five quarters Rank Product/Franchises FY18 4Q18 3Q18 2Q18 1Q18 4Q17 1 XIFAXAN® $1,195M $308M $318M $294M $275M $275M 2 Ocuvite® + PreserVision® $305M $89M $79M $76M $61M $84M 3 SofLens® $303M $78M
Slide 43: FY Top Products – B+L/International
FY 18 Top 10 Products – B+L/International1 Top 10 products/franchises revenues, full year and trailing five quarters Rank Product/Franchises FY18 4Q18 3Q18 2Q18 1Q18 4Q17 1 Ocuvite® + PreserVision® $305M $89M $79M $76M $61M $84M 2 SofLens® $303M $78M $75M $77M $73M $78M 3 renu® $224M $57M $57M $59M
Slide 44: FY Top Products – Salix
FY 18 Top 10 Products – Salix1 Top 10 products/franchises revenues, full year and trailing five quarters Rank Product/Franchises FY18 4Q18 3Q18 2Q18 1Q18 4Q17 1 XIFAXAN® $1,195M $308M $318M $294M $275M $275M 2 APRISO® $162M $43M $41M $40M $38M $34M 3 GLUMETZA® $113M $23M $40M $25M $25M $27M 4 RELIST
Slide 45: FY Top Products – Ortho Dermatologics
FY 18 Top 10 Products – Ortho Dermatologics2 Top 10 products/franchises revenues, full year and trailing five quarters Rank Product/Franchises FY18 4Q18 3Q18 2Q18 1Q18 4Q17 1 THERMAGE® $84M $28M $19M $19M $18M $21M 2 ELIDEL® $83M $20M $19M $25M $19M $24M 3 JUBLIA® $55M $17M $15M $12M $11M $8M 4 RETI
Slide 46: FY Top Products – Diversified Products
FY 18 Top 10 Products – Diversified Products1 Top 10 products/franchises revenues, full year and trailing five quarters Rank Product/Franchises FY18 4Q18 3Q18 2Q18 1Q18 4Q17 1 WELLBUTRIN®2 $252M $59M $64M $67M $62M $67M 2 ARESTIN® $96M $25M $21M $26M $24M $33M 3 CUPRIMINE® $88M $28M $26M $18M $16M $
Slide 47: Bausch + Lomb/International – Key Products
Bausch + Lomb/International – Key Products Global Vision Care Product Description SofLens® Daily disposable contact lenses Biotrue® ONEday Daily disposable contact lenses Bausch + Lomb ULTRA® Monthly disposable silicone hydrogel contact lenses PureVision® Monthly disposable contact lenses Global Sur
Slide 48: Bausch + Lomb/International – Key Products
Bausch + Lomb/International – Key Products Global Consumer Product Description Ocuvite® + PreserVision® Eye vitamins and mineral supplements renu® Multi-Purpose Multi-Purpose solutions that clean and disinfect soft contact lenses Solutions Biotrue® Multi-Purpose Multi-Purpose solution that cleans an
Slide 49: Bausch + Lomb/International – Key Products
Bausch + Lomb/International – Key Products International Rx Product Description JUBLIA® Topical solution used to treat fungal infections of the toenails Tiazac® XC Used for the treatment of hypertension Bedoyecta® A brand of vitamin B complex products 48
Slide 50: Salix – Key Products
Salix – Key Products Product Description Tablets used to treat traveler’s diarrhea, irritable bowel syndrome with diarrhea and for the XIFAXAN® reduction in risk of overt hepatic encephalopathy recurrence RELISTOR® Tablets or injections to treat constipation caused by opioids APRISO® Extended-releas
Slide 51: Ortho Dermatologics – Key Products
Ortho Dermatologics – Key Products Ortho Dermatologics Product Description JUBLIA® Topical solution used to treat fungal infections of the toenails RETIN-A MICRO® Topical treatment of acne vulgaris ONEXTON® Topical treatment of acne vulgaris SILIQ™ Injection for the treatment of moderate-to-severe p
Slide 52: Diversified Products Segment – Key Products
Diversified Products Segment – Key Products Neuro & Other Product Description Extended-release tablet used to treat adults with a certain type of depression called major WELLBUTRIN® XL depressive disorder, and for the prevention of autumn-winter seasonal depression XENAZINE® US Tablet used to treat
Slide 53: 4Q18 Other Financial Information
4Q18 Other Financial Information Three Months Ended Favorable (Unfavorable) Constant Dec. 31, 2018 Dec. 31, 2017 Reported Currency1,2 Cash Interest Expense $397M $397M 0% 0% Net Interest Expense $412M $445M 7% 7% Non-cash adjustments Depreciation $44M $44M 0% 0% Non-cash share-based Comp $22M $17M (
Slide 54: FY18 Other Financial Information
FY18 Other Financial Information Twelve Months Ended Favorable (Unfavorable) Constant Dec. 31, 2018 Dec. 31, 2017 Reported Currency1,2 Cash Interest Expense $1,606M $1,689M 5% 5% Net Interest Expense $1,674M $1,828M 8% 9% Non-cash adjustments Depreciation $175M $168M (4%) (2%) Non-cash share-based C
Slide 55: Non-GAAP Adjustments EPS Impact (Quarter-to-Date)
Non-GAAP Adjustments EPS Impact (Quarter-to-Date) Quarter Ended Quarter Ended December 31, 2018 December 31, 2017 Income Earnings Per Income Earnings Per $ in millions, except per share impact (Expense) Share Impact (Expense) Share Impact Net (loss)/Income GAAP $ (344) $ (0.98) $ 513 $ 1.45 Acquisit
Slide 56: Non-GAAP Adjustments EPS Impact (Year-to-Date)
Non-GAAP Adjustments EPS Impact (Year-to-Date) Year to Date Ended Year to Date Ended December 31, 2018 December 31, 2017 Income Earnings Per Income Earnings Per $ in millions, except per share impact (Expense) Share Impact (Expense) Share Impact Net (loss)/Income GAAP $ (4,148) $ (11.81) $ 2,404 $ 6
Slide 57: Bausch + Lomb / Int'l Segment Trailing Five Quarters
Bausch + Lomb / Int’l Segment Trailing Five Quarters1,2 Bausch + Lomb / FY18 4Q18 3Q18 2Q18 1Q18 4Q17 International Global Vision Care Revenue $814M $203M $209M $207M $195M $187M Global Surgical Revenue $698M $186M $159M $182M $171M $187M Global Consumer Revenue $1,421M $368M $354M $369M $330M $377M
Slide 58: Salix Segment Trailing Five Quarters
Salix Segment Trailing Five Quarters1 Salix FY18 4Q18 3Q18 2Q18 1Q18 4Q17 Salix Revenue $1,749M $426M $460M $441M $422M $425M Segment Revenue $1,749M $426M $460M $441M $422M $425M Segment Gross Margin 85% 87% 85% 86% 84% 84% Segment R&D $17M $5M $3M $5M $4M $5M Segment SG&A $328M $85M $85M $79M $79M
Slide 59: Ortho Dermatologics Segment Trailing Five Quarters
Ortho Dermatologics Segment Trailing Five Quarters1,2 Ortho Dermatologics FY18 4Q18 3Q18 2Q18 1Q18 4Q17 Ortho Dermatologics Revenue3 $490M $120M $148M $110M $112M $135M Global Solta Revenue $135M $45M $29M $32M $29M $34M Segment Revenue $625M $165M $177M $142M $141M $169M Segment Gross Margin 87% 87
Slide 60: Diversified Products Segment Trailing Five Quarters
Diversified Products Segment Trailing Five Quarters1 Diversified Products FY18 4Q18 3Q18 2Q18 1Q18 4Q17 Neuro & Other Revenue $822M $186M $211M $216M $209M $228M Generics Revenue $407M $110M $117M $90M $90M $94M Dentistry Revenue $113M $29M $24M $30M $30M $39M Other Revenue2,3 $0M $0M $0M $0M $0M $4
Slide 61: Financial Summary – Adjusted (non-GAAP) Quarter-to-Date
Financial Summary – Adjusted (non-GAAP) Presentation Reconciliation ($M) (Quarter-to-Date) Q4 2018 Total Gross Selling & G&A and R&D Operating Operating Profit Advertising Other Expense Expense Income Qtr 4 2018 GAAP $ 1,519 $ 457 $ 169 $ 120 $ 746 $ 25 Amortization of finite-lived intangibles - 502
Slide 62: Financial Summary – Adjusted (non-GAAP) Year-to-Date
Financial Summary – Adjusted (non-GAAP) Presentation Reconciliation ($M) (Year-to-Date) YTD 2018 Total Gross Selling & G&A and R&D Operating Operating Profit Advertising Other Expense Expense Income YTD 2018 GAAP $ 6,029 $ 1,823 $ 650 $ 413 $ 2,886 $ (2,384) Amortization of finite-lived intangibles
Slide 63: Reconciliation of Net Loss to Adjusted EBITDA (Quarter-to-Date)
Reconciliation of Reported Net (Loss) Income to EBITDA and Adjusted EBITDA ($M) (Quarter-to-Date) Three Months Ended December 31, 2018 2017 Net (loss) income attributable to Bausch Health Companies Inc. $ (344) $ 513 Interest expense, net 412 445 Benefit from income taxes (84) (1,316) Depreciation a
Slide 64: Reconciliation of Net Loss to Adjusted EBITDA (Year-to-Date)
Reconciliation of Reported Net (Loss) Income to EBITDA and Adjusted EBITDA ($M) (Year-to-Date) Twelve Months Ended December 31, 2018 2017 Net (loss) income attributable to Bausch Health Companies Inc. $ (4,148) $ 2,404 Interest expense, net 1,674 1,828 Benefit from income taxes (10) (4,145) Deprecia
Slide 65: Reconciliation of Reported Growth to Organic Growth (Quarter-to-Date)
Reconciliation of Reported Growth to Organic Growth ($M) (Quarter-to-Date)1 Calculation of Organic Revenue Three Months Ended Three Months Ended Change in December 31, 2018 December 31, 2017 Organic Revenue Changes Organic Organic Revenue in Revenue Revenue Revenue as Exchange (Non-GAAP) as Divested
Slide 66: Reconciliation of Reported Growth to Organic Growth (Year-to-Date)
Reconciliation of Reported Growth to Organic Growth ($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 67: Reconciliation of Reported Growth to Organic Growth (Year-to-Date)
Reconciliation of Reported Growth to Organic Growth ($M) (Year-to-Date)1 Calculation of Organic Revenue Twelve Months Ended Twelve Months Ended Change in December 31, 2018 December 31, 2017 Organic Revenue Changes Organic Organic Revenue in Revenue Revenue Revenue as Exchange (Non-GAAP) as Divested
Slide 68: Reconciliation of Organic Operating Results (Quarter-to-Date)
Reconciliation of Reported Growth to Organic Growth ($M) (Quarter-to-Date)1 Calculation of Organic Operating Results Three Months Ended Three Months Ended Change in December 31, 2018 December 31, 2017 Organic Changes in Organic Organic As Exchange (Non- As (Non- Reported Rates (a) GAAP) (b) Reported
Slide 69: Reconciliation of Organic Operating Results (Year-to-Date)
Reconciliation of Reported Growth to Organic Growth ($M) (Year-to-Date)1 Twelve Months Ended Calculation of Organic Operating Results Twelve Months Ended Change in December 31, 2018 December 31, 2017 Organic Changes in Organic Organic As Exchange (Non- As (Non- Reported Rates (a) GAAP) (b) Reported
Slide 70: Reconciliation of TTM Adjusted EBITDA
Reconciliation of TTM1 adjusted EBITDA2 ($M) TTM TTM TTM TTM TTM Dec-18 Sep-18 Jun-18 Mar-18 (b) Dec-17 Net (loss) income attributable to Bausch Health Companies Inc. $ (4,148) $ (3,291) $ (1,640) $ (805) $ 2,404 Interest expense, net 1,674 1,707 1,746 1,770 1,828 Benefit from income taxes (10) (1,2
Slide 71: 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 72: 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 intangibles assets, as well as impair
Slide 73: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures Share-based Compensation: The Company has excluded the investigations and information requests respecting certain of our Adjusted EBITDA (non- impact of costs relating to share-based compensation. The distribution, marketing, pricing, disc
Slide 74: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures Adjusted EBITA Adjusted Selling, A&P/Adjusted G&A/Adjusted Adjusted EBITDA (non- GAAP) SG&A Management uses this non-GAAP measure (the most directly comparable GAAP financial measure for which is Total GAAP Management uses these non-GAAP m
Slide 75: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures Adjusted Net Income (non-GAAP) Adjusted EBITDA (non- GAAP) Historically, management has used adjusted net income (loss) (non - GAAP) (the most directly comparable GAAP financial measure for Adjusted EBITDA (non- which is GAAP net income) f
Slide 76: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures In addition to certain of the adjustments made to Adjusted EBITDA and Adjusted EBITDA (non- described above (namely restructuring and integration costs, acquired GAAP) in-process research and development costs, loss on extinguishment of de
Slide 77: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures Organic Revenue, Organic Operating Results, Organic exchange rates is determined as the difference in the current Adjusted EBITDA (non- Growth, Organic Change and Organic Operating Decline period reported revenues at their current period c
Slide 78: 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
Bausch Health Companies — FY2018 Earnings Presentation on 6ix