Bausch Health Companies Inc. · TSX:BHC
Bausch Health Companies — Q3 2021 Earnings Presentation
91 slides from Bausch Health Companies's earnings presentation, Nov 2, 2021
Slide 1: Financial Results
Financial Results BAUSCH: Health : |
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking information and statements, within the meaning of applicable securities laws (collectively, shareholder vote, if applicable), that market or other conditions are no longer favorable to completing the transaction, that any “forward
Slide 3: Non-GAAP Information
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 including (i) Adjusted EBITDA, (ii) Adjusted EBITA, (iii) EBITA, (iv) EBITA Margin, (v) Adjusted Gross Prof
Slide 4: Today's Topics
Strategic Alternatives Today’s 1 Update 3Q21 Highlights & 2 Topics 3 Financial Results FY 2021 Guidance Segment Results 4 & Recovery 3
Slide 5: Accelerating Strategic Alternatives to Drive Shareholder Value
Accelerating Strategic Alternatives to Drive Shareholder Value 1 We expect to launch the Solta Medical IPO in Dec. 2021/Jan. 2022 timeframe, subject to market conditions and regulatory, stock exchange and other approvals We expect to launch the Bausch + Lomb IPO ~30 days after the Solta Medical IPO,
Slide 6: Bausch Health 3Q21 Update
Bausch Health 3Q21 Update Executing Our Business Recovery from COVID-19 • Total company organic revenue1,2 was flat vs. 3Q20 • 3Q21 Headwinds: Strong year-over-year comparator due to 3Q21 Reported Revenue: (1%) COVID-19 rebound across some international businesses in 3Q20 • Strong cash flow: $564M o
Slide 7: 3Q21 Revenue Results
3Q21 Revenue Results Three Months Ended Favorable (Unfavorable) Nine Months Ended Favorable (Unfavorable) Organic Organic 9.30.21 9.30.20 Reported 9.30.21 9.30.20 Reported Change 1,2 Change 1,2 Bausch + Lomb 3 Segment $949M $916M 4% 3% $2,764M $2,468M 12% 10% Global Vision Care $226M $214M 6% 6% $66
Slide 8: 3Q Financial Results
3Q 21 Financial Results Three Months Ended Favorable (Unfavorable) Constant Organic 9.30.21 9.30.20 Reported Currency1,2 Change1,3 Revenues $2,111M $2,138M (1%) (2%) 0% GAAP Net Income $188M $71M Adj. Net Income (non-GAAP)1 $417M $469M (11%) (16%) Diluted Shares Outstanding 364.0M 357.8M GAAP EPS $0
Slide 9: 3Q Cash Flow Summary
3Q 21 Cash Flow Summary Three Months Three Months Nine Months Nine Months Ended 9.30.21 Ended 9.30.20 Ended 9.30.21 Ended 9.30.20 Net income (loss) 1 $191M $70M ($1,009M) ($407M) Net cash provided $564M of cash generated by operating $564M $256M $1,402M $717M activities from operations (GAAP) during
Slide 10: 3Q Balance Sheet Summary
3Q 21 Balance Sheet Summary As of As of As of As of As of 9.30.21 6.30.21 3.31.21 12.31.20 9.30.20 Cash, cash equivalents and $1,904M1 $1,856M1,8 $1,893M1,8 $1,816M1 $1,988M1 restricted cash Revolving Credit Drawn $0M $0M $0M $0M $0M Senior Secured Debt2 $7,673M $8,273M $8,473M $8,673M $8,948M Senio
Slide 11: No Debt Maturities Until 2025
No Debt Maturities Until 20251 Long-Term Debt Maturity Profile as of September 30, 20212 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Total Debt Maturities $0 $0 $0 $0 $5,573M $0 $500M $1,600M $0 $0 $0 $7,673M (Secured) Debt Maturities $0 $0 $0 $0 $4,150M $1,500M $1,750M $2,012M $3,250M $1
Slide 12: FY 2021 Guidance
FY 2021 Guidance BAUSCH Health
Slide 13: Full-Year 2021 Revenue and Adjusted EBITDA Guidance
Full-Year 2021 Revenue and Adjusted EBITDA (non-GAAP)1 Guidance3,4 Prior Guidance Prior Guidance Prior Guidance Current Guidance (February 2021) (May 2021)7 (August 2021) (November 2021) Total Revenues $8.60B - $8.80B $8.60B - $8.80B $8.40B - $8.60B $8.40B - $8.60B Adjusted EBITDA (non-GAAP) 1 $3.40
Slide 14: Full-Year 2021 Guidance Bridge
Full-Year 2021 Revenue and Adjusted EBITDA (non-GAAP)1 Guidance Bridge2,3 Aug Currency Base Nov LOE Guidance Impact Performance Guidance Revenue Revenue $8.60B Approx. $8.60B Approx. Approx. -$10M to -$5M +$15M to $8.40B $8.40B Aug Currency Base Nov LOE Guidance Impact Performance Guidance Adj. EBIT
Slide 15: Segment Results & Recovery
Segment Results & Recovery 14
Slide 16: Bausch + Lomb 3Q21 Highlights
Bausch + Lomb4 3Q21 Highlights Global Vision Care Bausch + Lomb Revenue Breakdown • Global Vision Care saw 6% organic revenue growth 1,2 vs. 3Q20, driven by strong worldwide demand, partially offset by continued COVID-19 impact in some geographies • U.S.: +2% organic revenue growth1,2 vs. 3Q20, driv
Slide 17: Executing on Late-Stage Programs
Executing on Late-Stage Programs • Launched into fastest growing contact lens category1 INFUSE® • Estimated U.S. market is currently ~$1B and expected to grow to ~$3B by 20302,3,4 • Additional SiHy Daily Launches: Launched AQUALOX® daily SiHy in Japan and Bausch + Lomb ULTRA® ONE DAY daily SiHy in A
Slide 18: NOV031: Reported Second Phase 3 Topline Results
NOV031: Reported Second Phase 3 Topline Results Consistent statistically significant efficacy, safety and tolerability have now been demonstrated in both Phase 3 studies of NOV031 in patients with dry eye disease associated with meibomian gland dysfunction, as well as in the Phase 2 study All primar
Slide 19: XIPERE: Approved by FDA and Expected Launch 1Q22
XIPERETM: Approved by FDA and Expected Launch 1Q22 First and only therapy available in the U.S. that utilizes the suprachoroidal space to treat patients suffering from macular edema associated with uveitis, which is the leading cause of vision loss in people with uveitis1 XIPERE™ Met Primary Efficac
Slide 20: Bausch + Lomb Recovery in Progress
Bausch + Lomb Recovery in Progress Bausch + Lomb U.S. Vision Care Dollar % U.S. Bausch + Lomb Consumer Consumption VYZULTA® TRx Trend2 Change Year-Over-Year (Field Consumption)1 60% % Change Year-Over-Year3 6,000 16% 15% COVID-19 Pantry 40% Loading 5,000 12% 4,000 20% 8% 3,000 0% 2,000 4% 2% -20% 1,
Slide 21: Salix 3Q21 Highlights – Recovery in Progress
Salix 3Q21 Highlights – Recovery in Progress XIFAXAN® Salix Organic Growth1,2 (Y/Y) • XIFAXAN® saw revenue growth of 12% vs. 3Q20, primarily driven by 40% demand in IBS-D 30% 28% • Growth in NRx market share: 87% in 3Q21 vs. 84.9% in 3Q203 Y/Y growth impacted by 18% APRISO® LOE in 4Q19 • Potential f
Slide 22: Salix Recovery in Progress
Salix Recovery in Progress XIFAXAN® TRx Trend1 TRULANCE® TRx Trend1 RELISTOR® TRx Trend1 8,000 24,000 2,000 7,000 22,000 6,000 1,800 20,000 5,000 1,600 18,000 4,000 3,000 1,400 16,000 2,000 14,000 1,200 Temporary downward fluctuations in 1,000 TRx driven by holidays 12,000 - 1,000 Jan-20 Jun-20 Nov-
Slide 23: International Rx 3Q21 Highlights – Recovery in Progress
International Rx3 3Q21 Highlights – Recovery in Progress International Rx Saw 1% organic revenue decline1,2 vs. 3Q20, due to strong initial rebound in 3Q20 due to COVID-19 YTD Organic Revenue1,2: +6% Canada Top 3 Products 3Q21 Organic Revenue1,2: (1%) • Jublia® EMEA, Russia, • Tiazac® CIS • Glumetza
Slide 24: Solta Medical – Solid Trajectory of Growth
Solta Medical – Solid Trajectory of Growth 2017-2020 Revenue $M, USD 253 ~32% CAGR4 194 135 YTD Organic Revenue1,2: +27% 111 3Q21 Organic Revenue1,2: (1%) 2017 2018 2019 2020 Organic Revenue Growth1,2 in 3Q21 vs. 3Q20 2017-2020 Adj. EBITDA (non-GAAP)1,3 • U.S.: +23% 135 • China: +25% ~87% CAGR4 87 H
Slide 25: Strategic Alternatives Update
Strategic Alternatives Update Update on Solta Medical IPO and Bausch + Lomb Spinoff This presentation does not constitute an offer to sell or the solicitation of an offer to 24 buy any securities.
Slide 26: Strong Leadership for Three Attractive Companies
Strong Leadership for Three Attractive Companies Bausch Pharma1 Tom Appio Joe Papa Scott Hirsch Chief Executive Officer Chief Executive Officer Chief Executive Officer Tom Vadaketh Sam Eldessouky Chief Financial Officer Chief Financial Officer To be Announced Chief Financial Officer Seana Carson Chr
Slide 27: IPO of Solta Medical to Maximize Shareholder Value
IPO of Solta Medical to Maximize Shareholder Value 1 We expect to launch the Solta Medical IPO in Dec. 2021/Jan. 2022 timeframe, subject to market conditions and regulatory, stock exchange and other necessary approvals S-1 Confidentially Submitted Key Leadership Appointments Made/In Progress Prepare
Slide 28: Accelerating Strategic Alternatives to Unlock Shareholder Value
Accelerating Strategic Alternatives to Unlock Shareholder Value1 Complete financial segmentation of Bausch + Actively pursuing all opportunities to expedite leverage Lomb improvement and deliver shareholder value Appoint leadership of Bausch Pharma2 and Bausch + Lomb Bausch + Lomb Net Leverage Bausc
Slide 29: Appendix
28 BAUSCH Health Appendix
Slide 30: Solta Medical At-A-Glance
Solta Medical At-A-Glance A global leader in high-growth medical aesthetics markets driven by powerful industry tailwinds Portfolio of enduring, premium products that deliver compelling results with a demonstrated safety profile and have strong brand equity Presence in ~50 countries with established
Slide 31: Solta Medical At-A-Glance
Solta Medical At-A-Glance Strong Solta Medical Fundamentals ~$219M ~32% ~87% Installed base of ~0% YTD 2021 revenue 2017 – 2020 Revenue 2017 – 2020 Adj. EBITDA >13,800 reimbursement risk CAGR7 (non-GAAP)1 CAGR7 systems in ~50 countries cash pay model >70%2 Mid-teens% ~4-month3 ~3704 total employees
Slide 32: Before & After: The Results
Before & After: The Results 1,2 Before Clear + Brilliant® Laser After Before VASER® Ultrasonic System After Before Thermage® RF After System Before Fraxel® Laser After 3 Treatments 31 1. Photos have not been retouched. Individual results may vary. This presentation does not constitute an offer to se
Slide 33: Solta Medical – Key Products
Solta Medical – Key Products Thermage FLX™ Clear + Brilliant® • Radiofrequency technology device • Fractional laser technology used for skin tightening procedures used for skin rejuvenation • Initial launch of Thermage system procedures in 2002 • Launched in 2011, next ▪ Launched Thermage Comfort ge
Slide 34: Solta Medical – Competitive Landscape
Solta Medical – Competitive Landscape ▪ Producer of laser ▪ Producer of silicone-filled ▪ Producer of a non-invasive technologies used in several breast and body shaping platform of products spanning categories of surgical implants the dermatology treatment specialty such as plastic spectrum from sk
Slide 35: New Segment Structure
New Segment Structure New Segment Structure 4Q20 Segment Structure vs. 3Q21 Segment Structure 4Q20 Segment Structure 3Q21 Segment Structure Segment Business Lines Segment Business Lines • Global Vision Care • Global Vision Care • Global Surgical • Global Surgical Bausch + Lomb4 • Global Consumer Bau
Slide 36: New Segment Realignment
New Segment Realignment New Segment Structure 3Q 2020 Revenue Bridge Segment Recasting Reported Reclassification Restated Changes 3Q20 3Q20 (Effective as of 1Q21) Bausch + Lomb 1 Segment $875M $41M $916M Bausch + Lomb • Global Consumer: Non-eyecare Global Vision Care Revenue $214M $0M $214M products
Slide 37: Pipeline and Portfolio Expansion: Late Stage Development
Pipeline and Portfolio Expansion: Late Stage Development1 • SiHy Daily – Launched in Japan, U.S., Australia, Hong Kong, South Korea, • Amiselimod S1P5 Modulator6 – Completed the thorough QT study Singapore and Canada which evaluated the cardiac safety profile; topline results were positive. Initiate
Slide 38: Novel Rifaximin Formulations
4 Novel Rifaximin Formulations Unique and novel rifaximin formulations are in development to address unmet medical needs 2019 2020 2021 2022 2023 2024 2025 2026 2027 Rifaximin solid soluble dispersion (SSD) in a tablet1 Phase 3 NDA Approval RED-C Trial Start Expected Expected Combination of rifaximi
Slide 39: Key Product LOE Q3 2021 Impact
Key Product LOE Q3 2021 Impact Product Line with Actual or LOE Rev/Profit LOE Rev/Profit Change Business Unit Anticipated LOE Date1 Q3 2020 Actual Q3 2021 Actual Q3 2020 vs. Q3 2021 Revenue Profit Revenue Profit Revenue Profit • Lotemax Suspension® 2Q19 • Lotemax Gel® 1Q21 Bausch & Lomb $16M $15M $6
Slide 40: Key Product LOE 2021 Impact vs. 2020
Key Product LOE 2021 Impact vs. 2020 Product Line with Actual or LOE Rev/Profit LOE Rev/Profit Change Business Unit Anticipated LOE Date1 2020 Actual 2021 Latest Forecast 2020 vs 2021 Latest Forecast Revenue Profit Revenue Profit Revenue Profit • Lotemax Suspension® 2Q19 • Lotemax Gel® 1Q21 Bausch &
Slide 41: Key Product LOE 2021 Impact
Key Product LOE 2021 Impact Product Line with Actual or LOE Rev/Profit LOE Rev/Profit Change Business Unit Anticipated LOE Date1 2021 Prior Forecast 2021 Latest Forecast 2021 Prior vs Latest Forecast Revenue Profit Revenue Profit Revenue Profit • Lotemax Suspension® 2Q19 • Lotemax Gel® 1Q21 Bausch &
Slide 42: Selected U.S. Businesses Pipeline Inventory Trending (3Q21)
Selected U.S. Businesses Pipeline Inventory Trending (3Q21)1 Months on Hand As of As of As of As of Business Change Change Jun 30, Sep 30, Jun 30, Sep 30, Units 3Q20 3Q21 2020 2020 2021 2021 Derm2 0.82 0.97 0.15 0.98 1.25 0.27 Neuro2 0.80 1.10 0.30 0.99 1.02 0.03 Ophtho2 0.59 0.85 0.26 0.90 0.93 0.0
Slide 43: Selected U.S. Businesses Pipeline Inventory Trending (YTD)
Selected U.S. Businesses Pipeline Inventory Trending (YTD)1 Months on Hand As of As of As of As of Business Change Change Dec 31, Sep 30, Dec 31, Sep 30, Units YTD20 YTD21 2019 2020 2020 2021 Derm2 0.88 0.97 0.09 0.72 1.25 0.53 Neuro2 0.83 1.10 0.27 0.56 1.02 0.46 Ophtho2 0.71 0.85 0.14 0.73 0.93 0.
Slide 44: 3Q Financial Results Bausch + Lomb
3Q 21 Financial Results Bausch + Lomb 5 Three Months Ended Favorable (Unfavorable) 9.30.21 9.30.20 Reported Constant Currency1,2 Organic Change1,3 +3% Global Vision Care Revenue $226M $214M 6% 5% 6% Bausch + Lomb segment organic revenue growth 1,3 vs. Global Surgical Revenue $173M $151M 15% 12% 13%
Slide 45: 3Q Financial Results Salix
3Q 21 Financial Results Salix Three Months Ended Favorable (Unfavorable) 9.30.21 9.30.20 Reported Constant Currency1,2 Organic Change1,3 +6% Salix segment organic Salix Revenue $527M $496M 6% 6% 6% revenue growth 1,3 vs. 3Q20 Total Segment Revenue $527M $496M 6% 6% 6% Gross Profit 4 (excluding amort
Slide 46: 3Q Financial Results International Rx
3Q 21 Financial Results International Rx 5 Three Months Ended Favorable (Unfavorable) 9.30.21 9.30.20 Reported Constant Currency1,2 Organic Change1,3 (1%) International Rx segment International Rx Revenue 5 $271M $308M (12%) (14%) (1%) organic revenue decline 1,3 Total Segment Revenue $271M $308M (1
Slide 47: 3Q Financial Results Ortho Dermatologics
3Q 21 Financial Results Ortho Dermatologics 5 Three Months Ended Favorable (Unfavorable) 9.30.21 9.30.20 Reported Constant Currency1,2 Organic Change1,3 (1%) Ortho Dermatologics Revenue 5 $66M $70M (6%) (6%) (6%) Global Solta organic revenue decrease 1,3 vs. 3Q20,due to Global Solta Revenue $74M $73
Slide 48: 3Q Financial Results Diversified Products
3Q 21 Financial Results Diversified Products 5,6 Three Months Ended Favorable (Unfavorable) 9.30.21 9.30.20 Reported Constant Currency1,2 Organic Change1,3 (15%) WELLBUTRIN ®5/APLENZIN ® Neuro & Other Revenue 6 $151M $200M (25%) (25%) (25%) combined reported revenue Generics Revenue 6 $48M $56M (14%
Slide 49: YTD Financial Results
YTD 21 Financial Results Nine Months Ended Favorable (Unfavorable) Constant Organic 9.30.21 9.30.20 Reported Currency1,2 Change1,3 Revenues $6,238M $5,814M 7% 5% 6% GAAP Net Loss ($1,017M) ($407M) Adj. Net Income (non-GAAP)1 $1,139M $950M 20% 13% Diluted Shares Outstanding 5 363.7M 357.9M GAAP EPS (
Slide 50: YTD Financial Results Bausch + Lomb
YTD 21 Financial Results Bausch + Lomb 5 Nine Months Ended Favorable (Unfavorable) 9.30.21 9.30.20 Reported Constant Currency1,2 Organic Change1,3 +10% Global Vision Care Revenue $666M $542M 23% 20% 21% Bausch + Lomb segment organic growth 1,3 vs. YTD20 Global Surgical Revenue $520M $394M 32% 26% 28
Slide 51: YTD Financial Results Salix
YTD 21 Financial Results Salix Nine Months Ended Favorable (Unfavorable) 9.30.21 9.30.20 Reported Constant Currency1,2 Organic Change1,3 +10% Salix segment organic Salix Revenue $1,515M $1,377M 10% 10% 10% growth 1,3 vs. YTD20 Total Segment Revenue $1,515M $1,377M 10% 10% 10% Gross Profit 4 (excludi
Slide 52: YTD Financial Results International Rx
YTD 21 Financial Results International Rx 5 Nine Months Ended Favorable (Unfavorable) 9.30.21 9.30.20 Reported Constant Currency1,2 Organic Change1,3 +6% International Rx segment International Rx Revenue 5 $890M $848M 5% 1% 6% organic revenue growth 1,3 vs. Total Segment Revenue $890M $848M 5% 1% 6%
Slide 53: YTD Financial Results Ortho Dermatologics
YTD 21 Financial Results Ortho Dermatologics 5 Nine Months Ended Favorable (Unfavorable) 9.30.21 9.30.20 Reported Constant Currency1,2 Organic Change1,3 +27% Ortho Dermatologics Revenue 5 $199M $225M (12%) (12%) (12%) Global Solta organic revenue increase 1,3 vs. YTD20, driven Global Solta Revenue $
Slide 54: YTD Financial Results Diversified Products
YTD 21 Financial Results Diversified Products 5,6 Nine Months Ended Favorable (Unfavorable) 9.30.21 9.30.20 Reported Constant Currency1,2 Organic Change1,3 (7%) WELLBUTRIN® 5/APLENZIN® Neuro & Other Revenue 6 $448M $506M (11%) (11%) (10%) combined reported revenue Generics Revenue 6 $127M $176M (28%
Slide 55: Other Financial Information (Quarter-to-Date)
Other Financial Information (Quarter-to-Date) Three Months Ended Favorable (Unfavorable) Constant Sep 30, 2021 Sep 30, 2020 Reported Currency1,2 Cash Interest Expense $334M $361M 7% 7% Net Interest Expense $349M $372M 6% 6% Non-cash adjustments Depreciation $44M $45M 2% 4% Non-cash share-based Comp
Slide 56: Other Financial Information (Year-to-Date)
Other Financial Information (Year-to-Date) Nine Months Ended Favorable (Unfavorable) Constant Sep 30, 2021 Sep 30, 2020 Reported Currency1,2 Cash Interest Expense $1,041M $1,110M 6% 6% Net Interest Expense $1,077M $1,144M 6% 6% Non-cash adjustments Depreciation $134M $134M 0% 3% Non-cash share-based
Slide 57: 3Q Top Products – Total Bausch Health
3Q 21 Top 10 Products – Total BAUSCH Health1 Top 10 products/franchises revenues and trailing five quarters Rank Product/Franchises 3Q21 2Q21 1Q21 4Q20 3Q20 1 XIFAXAN® $426M $402M $366M $411M $381M 2 Ocuvite® + PreserVision® $86M $88M $76M $100M $83M 3 WELLBUTRIN® $69M $66M $54M $70M $83M 4 SofLens®
Slide 58: 3Q Top Products – Bausch + Lomb
3Q 21 Top 10 Products – Bausch + Lomb1 Top 10 products/franchises revenues and trailing five quarters Rank Product/Franchises 3Q21 2Q21 1Q21 4Q20 3Q20 1 Ocuvite® + PreserVision® $86M $88M $76M $100M $83M 2 SofLens® $68M $62M $64M $68M $63M 3 renu® $53M $35M $43M $50M $45M 4 Biotrue® ONEday $52M $45M
Slide 59: 3Q Top Products – Salix
3Q 21 Top 10 Products – Salix1 Top 10 products/franchises revenues and trailing five quarters Rank Product/Franchises 3Q21 2Q21 1Q21 4Q20 3Q20 1 XIFAXAN® $426M $402M $366M $411M $381M 2 RELISTOR® $32M $32M $30M $29M $28M 3 TRULANCE® $25M $28M $21M $24M $22M 4 GLUMETZA® $11M $18M $16M $17M $20M 5 APR
Slide 60: 3Q Top Products – International Rx
3Q 21 Top 10 Products – International Rx 1,2 Top 10 products/franchises revenues and trailing five quarters Rank Product/Franchises 3Q21 2Q21 1Q21 4Q20 3Q20 1 Bedoyecta® $19M $12M $11M $15M $14M 2 JUBLIA® $11M $12M $9M $10M $12M 3 Bisocard® $7M $8M $8M $9M $7M 4 Tiazac® $6M $6M $6M $6M $8M 5 Diclofe
Slide 61: 3Q Top Products – Ortho Dermatologics
3Q 21 Top 10 Products – Ortho Dermatologics Top 10 products/franchises revenues and trailing five quarters Rank Product/Franchises 3Q21 2Q21 1Q21 4Q20 3Q20 1 THERMAGE® $57M $56M $57M $70M $62M 2 JUBLIA®1 $16M $15M $14M $13M $21M 3 RETIN-A®2 $10M $7M $6M $7M $2M 4 SILIQ® $8M $8M $7M $9M $11M 5 CLEAR
Slide 62: 3Q Top Products – Diversified Products
3Q 21 Top 10 Products – Diversified Products 1 Top 10 products/franchises revenues and trailing five quarters Rank Product/Franchises 3Q21 2Q21 1Q21 4Q20 3Q20 1 WELLBUTRIN® $66M $63M $53M $67M $81M 2 APLENZIN® $25M $26M $26M $23M $26M 3 ARESTIN® $21M $23M $23M $21M $17M 4 ATIVAN® $11M $13M $18M $13M
Slide 63: Non-GAAP Adjustments EPS Impact ($M)
Non-GAAP Adjustments EPS Impact ($M)2 Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 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 i
Slide 64: Bausch + Lomb Segment Trailing Quarters and Years
Bausch + Lomb4 Segment Trailing Quarters and Years1 Bausch + Lomb 3Q21 2Q21 1Q21 4Q20 3Q20 FY20 FY19 FY18 Global Vision Care $226M $216M $224M $213M $214M $755M $848M $814M Revenue Global Surgical $173M $185M $162M $182M $151M $576M $698M $698M Revenue Global Consumer $379M $341M $331M $368M $351M $
Slide 65: Bausch + Lomb: Additional Financial Information
Bausch + Lomb1: Additional Financial Information2 Bausch + Lomb 3Q21 2Q21 1Q21 FY20 FY19 FY18 Corporate R&D Allocation $27M $27M $27M $108M $113M $102M Corporate G&A Allocation $38M $36M $33M $120M $129M $140M Depreciation3 $32M $32M $33M $124M $124M $121M Capital Expenditures $39M $44M $50M $253M $
Slide 66: Bausch Pharma Company Trailing Quarters and Years
Bausch Pharma5 Company Trailing Quarters and Years1 Bausch Pharma5 3Q21 2Q21 1Q21 4Q20 3Q20 FY20 FY19 FY18 Salix Revenue $527M $516M $472M $527M $496M $1,904M $2,022M $1,749M International Rx $271M $313M $306M $333M $308M $1,181M $1,154M $1,157M Revenue2 Ortho Dermatologics $140M $137M $141M $157M $
Slide 67: Bausch Pharma: Additional Financial Information
Bausch Pharma1: Additional Financial Information2 Bausch Pharma 3Q21 2Q21 1Q21 FY20 FY19 FY18 Corporate R&D Allocation $34M $34M $37M $148M $146M $132M Corporate G&A Allocation $45M $44M $42M $162M $164M $181M Depreciation3 $12M $12M $13M $56M $54M $54M Capital Expenditures $24M $18M $16M $49M $84M
Slide 68: Salix Segment Trailing Quarters and Years
Salix Segment Trailing Quarters and Years Salix 3Q213 2Q213 1Q213 4Q203 3Q203 FY203 FY191 FY183 Salix Revenue $527M $516M $472M $527M $496M $1,904M $2,022M $1,749M Segment Revenue $527M $516M $472M $527M $496M $1,904M $2,022M $1,749M Adj. Segment Gross Profit (non- GAAP)1,2 $484M $468M $420M $470M $
Slide 69: International Rx Segment Trailing Quarters and Years
International Rx3 Segment Trailing Quarters and Years4 International Rx 3Q21 2Q21 1Q21 4Q20 3Q20 FY20 FY19 FY18 International Rx $271M $313M $306M $333M $308M $1,181M $1,154M $1,157M Revenue3 Segment Revenue $271M $313M $306M $333M $308M $1,181M $1,154M $1,157M Segment Gross Profit2 (excluding amort
Slide 70: Ortho Dermatologics Segment Trailing Quarters and Years
Ortho Dermatologics4 Segment Trailing Quarters and Years1 Ortho Dermatologics 3Q21 2Q21 1Q21 4Q20 3Q20 FY20 FY19 FY18 Ortho Dermatologics $66M $64M $69M $70M $70M $295M $366M $473M Revenue4 Global Solta Revenue1 $74M $73M $72M $87M $73M $253M $194M $135M Segment Revenue $140M $137M $141M $157M $143M
Slide 71: Diversified Products Segment Trailing Quarters and Years
Diversified Products3 Segment Trailing Quarters and Years Diversified 3Q21 2Q21 1Q21 4Q20 3Q20 FY20 FY19 FY18 Products Neuro & Other $151M $143M $154M $160M $200M $666M $677M $781M Revenue3 Generics Revenue3 $48M $31M $48M $64M $56M $240M $309M $305M Dentistry Revenue $25M $26M $25M $25M $19M $73M $
Slide 72: Reconciliation of Reported Operating Income to Adjusted EBITA (Quarter-to-Date)
Reconciliation of Reported Operating Income to Adjusted EBITA (non-GAAP)1 ($M) (Quarter-to-Date) Q3 2021 Gross Gross Selling & G&A and R&D Operating Operating Profit2 Margin2 Advertising Other Expense Expense income Qtr 3 2021 GAAP $ 1,529 72.4% $ 459 $ 194 $ 121 $ 774 $ 574 Amortization of intangib
Slide 73: Reconciliation of Reported Operating Income to Adjusted EBITA (Year-to-Date)
Reconciliation of Reported Operating Income to Adjusted EBITA (non-GAAP)1 ($M) (Year-to-Date) YTD 2021 Gross Gross Selling & G&A and R&D Operating Operating Profit2 Margin2 Advertising Other Expense Expense income 2021 GAAP $ 4,470 71.7% $ 1,347 $ 597 $ 348 $ 2,292 $ 83 Amortization of intangible as
Slide 74: Amortization and Impairments of Intangible Assets ($M)
Amortization and Impairments of Intangible Assets ($M)2 Amortization of intangible assets Amortization of intangible assets Amortization of intangible assets YTD September YTD September YTD December YTD December YTD December Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 2021 2020 2020 2019 2018 Bausch + L
Slide 75: Reconciliation of Reported Operating Income to Adjusted EBITA (Year-to-Date)
Reconciliation of Reported Operating Income to Adjusted EBITA (non-GAAP)1 ($M) (Year-to-Date) YTD 2019 Salix Gross Gross Selling & G&A and R&D Operating Operating Profit2 Margin2 Advertising Other Expense Expense Income YTD 2019 GAAP $ 1,762 87.1% $ 323 $ 54 $ 36 $ 413 $ 1,349 Acquisition-related co
Slide 76: Reconciliation of Reported Net Loss to EBITDA and Adjusted EBITDA
Reconciliation of Reported Net Loss to EBITDA (non-GAAP)1 and Adjusted EBITDA (non-GAAP)1 ($M) Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Net income (loss) attributable to Bausch Health Companies $ Inc.188 $ 71 $ (1,017) $ (407) Interest expense, net 349 372
Slide 77: Reconciliation of Solta Medical Net Income to EBITDA and Adjusted EBITDA
Reconciliation of Solta Medical Net Income to EBITDA (non- GAAP)1 and Adjusted EBITDA (non-GAAP)1 ($M)2 Twelve Months Ended Twelve Months Ended Twelve Months Ended Twelve Months Ended December 31, December 31, December 31, December 31, 2020 2019 2018 2017 Net income attributable to Solta Medical 93
Slide 78: Reconciliation of Reported Revenue to Organic Revenue (Quarter-to-Date)
Reconciliation of Reported Revenue to Organic Revenue1,2 and Organic Revenue Growth1,2 ($M) (Quarter-to-Date)4 Calculation of Organic Revenue for the Three Months Ended Change in September 30, 2021 September 30, 2020 Organic Revenue Organic Organic Revenue Changes in Revenue Revenue Revenue as Excha
Slide 79: Reconciliation of Reported Revenue to Organic Revenue (Year-to-Date)
Reconciliation of Reported Revenue to Organic Revenue1,2 and Organic Revenue Growth1,2 ($M) (Year-to-Date)4 Calculation of Organic Revenue for the Nine Months Ended Change in September 30, 2021 September 30, 2020 Organic Revenue Organic Organic Revenue Changes in Revenue Revenue Revenue as Exchange
Slide 80: Reconciliation of Salix Reported Revenue to Organic Revenue
Reconciliation of Salix Reported Revenue to Organic Revenue1,2 and Organic Revenue Growth1,2 ($M) Change in Organic Calculation of Salix Organic Revenue Revenue Revenue Changes in Organic Revenue Organic as Exchange Revenue (Non- as Divestitures and Revenue (Non- Reported Rates3 Acquisitions GAAP)1,
Slide 81: Reconciliation of Reported Revenue to Organic Revenue
Reconciliation of Reported Revenue to Organic Revenue1,2 and Organic Revenue Growth1,2 ($M) Calculation of Organic Revenue for the Three Months Ended Change in September 30, 2021 September 30, 2020 Organic Revenue Organic Revenue Changes in Organic Revenue Revenue as Exchange Revenue (Non- as Divest
Slide 82: Reconciliation of Net Cash Provided by Operating Activities to Adj. Cash Flows
Reconciliation of Reported Net Cash Provided by Operating Activities to Adj. Cash Flows from Operations (non-GAAP)1 ($M) Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Cash provided by operating activities $ 564 $ 256 $ 1,402 $ 717 Payments of legacy legal settl
Slide 83: TTM Adjusted EBITDA ($M)
TTM1 Adjusted EBITDA2 ($M) Sep-21 Jun-21 Mar-21 Dec-20 Sep-20 Net loss attributable to Bausch Health Companies Inc. $ (1,170) $ (1,287) $ (1,018) $ (560) $ (1,923) Interest expense, net 1,454 1,477 1,498 1,521 1,532 Benefit from income taxes (278) (298) (333) (375) (86) Depreciation and amortization
Slide 84: 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 income (loss) Adjusted EBITDA (non-GAAP) wi
Slide 85: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures Adjusted EBITDA (non-GAAP) is net income excludes impairments of intangible assets and assets held for sale Adjusted EBITDA (non-GAAP) from measuring the performance of the Company and the (loss) attributable to the Company (its most busin
Slide 86: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures Share-based Compensation: The Company has excluded costs Separation and IPO costs and separation-related and IPO- Adjusted EBITDA (non-GAAP) relating to share-based compensation. The Company believes that related costs: The Company has exc
Slide 87: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures Other Non-GAAP Charges: The Company has excluded certain Please also see the reconciliation tables in this appendix for Adjusted EBITDA (non-GAAP) other amounts, including legal and other professional fees incurred further information as t
Slide 88: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures Adjusted EBITA reportable segments, and the Company in total, without the impact of Adjusted EBITDA (non-GAAP) foreign currency exchange fluctuations, and fair value adjustments to Management uses this non-GAAP measure (the most directly i
Slide 89: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures Adjusted Net Income (non-GAAP) separation-related and IPO-related costs and other non-GAAP Adjusted EBITDA (non-GAAP) charges), as these adjustments are described above, and amortization Historically, management has used Adjusted net incom
Slide 90: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures Organic Revenue, Organic Growth, Organic Revenue • Acquisitions, divestitures and discontinuations: In order to present Adjusted EBITDA (non-GAAP) period-over-period organic revenues (non-GAAP) on a comparable Decline and Organic Change ba
Slide 91: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures Adjusted EBITDA (non-GAAP) Adjusted Cash Flows from Operations (non-GAAP) Adjusted cash flows from operations (non-GAAP) (or Adjusted cash Adjusted EBITDA (non-GAAP) generated from operations (non-GAAP)) is Cash provided by operating Adjus
Bausch Health Companies — Q3 2021 Earnings Presentation on 6ix