Bausch Health Companies Inc. · TSX:BHC

Bausch Health Companies — Q3 2025 Earnings Presentation

53 slides from Bausch Health Companies's earnings presentation, Oct 29, 2025

  1. Slide 1: 3Q 2025 Earnings

    3Q 2025 Earnings October 29, 2025 ® ©2025 Bausch Health and/or one of its affiliates. 1

  2. Slide 2: Forward-Looking Statements; Non-GAAP Information

    Forward-Looking Statements; Non-GAAP Information Forward-Looking Statements This presentation contains forward-looking information and statements within the meaning of the U.S. The guidance in this presentation is only effective as of the date given and will not be updated or affirmed unless and unt

  3. Slide 3: Agenda

    Agenda Business Update 3Q 2025 Financial Results 2025 Guidance Innovation & Growth Closing Remarks, Q&A ©2025 Bausch Health and/or one of its affiliates. 3

  4. Slide 4: Business Update

    ® Business Update ©2025 Bausch Health and/or one of its affiliates. 44

  5. Slide 5: Driving Results, Advancing Strategy & Unlocking Value in 3Q25

    Unconsolidated Driving Results, Advancing Strategy & Unlocking Value1 in 3Q25 Bausch Health (excl. B+L) Achieved 10th Consecutive Quarter of Revenue and Adjusted EBITDA2 Growth Delivered Organic2 Revenue Growth of 24% in Solta and 11% in Salix, Leading to Segment Profit3 Growth of 32% and 31%, respe

  6. Slide 6: Momentum Across Bausch Health (excl. B+L)'s Global Platform

    Unconsolidated Momentum Across Bausch Health (excl. B+L)’s Global Platform BHC (Excl. B+L) BHC (Excl. B+L) Adjusted 3Q25 Global Product Revenue Revenue vs 3Q24 EBITDA1 vs 3Q24 Growth for Selected Products2 $773 $1,400 $723 $1,314 +16% +23% 3Q24 3Q25 3Q24 3Q25 +218% +7% +5% +7% +111% 3Q25 Reported 3Q

  7. Slide 7: 3Q 2025 Financial Results

    3Q 2025 Financial Results ©2025 Bausch Health and/or one of its affiliates. 77

  8. Slide 8: 3Q25 GAAP Financial Results

    Consolidated 3Q25 GAAP Financial Results Amounts in millions USD, except EPS amounts Three Months Ended Favorable (Unfavorable) September 30, 2025 September 30, 2024 Reported Revenues $2,681 $2,510 7% Gross Profit $1,677 $1,540 9% Gross Margin 62.6% 61.4% 120 bps Selling, A&P $583 $565 (3%) G&A $212

  9. Slide 9: 3Q25 Non-GAAP Financial Results

    Consolidated 3Q25 Non-GAAP1 Financial Results Amounts in millions USD Three Months Ended Favorable (Unfavorable) September 30, 2025 September 30, 2024 Reported Constant Currency1 Revenues (Same as reported) $2,681 $2,510 7% 6% Adj. Gross Profit 1 $1,950 $1,835 6% 5% Adj. Gross Margin 1 72.7% 73.1% (

  10. Slide 10: 3Q25 Adjusted EBITDA & Adjusted Cash Flow from Operations

    Consolidated 3Q25 Adjusted EBITDA1,2 & Adjusted Cash Flow from Operations1 Amounts in millions USD 3Q25 Adjusted EBITDA1,2 3Q25 Adjusted Cash Flow from Operations1,3 $773 $347 $1,019 $508 $162 $246 Bausch Health (Excl. B+L) Bausch + Lomb Bausch Health (Excl. B+L) Bausch + Lomb BHC (Excl. B+L): 7% Ad

  11. Slide 11: 3Q25 Revenue

    Consolidated 3Q25 Revenue Amounts in millions USD Consolidated Revenue vs 3Q24 (Excl. B+L) $2,681 17% $2,510 21% 51% $1,400 10% 57% $1,281 26% 18% 3Q25 3Q24 Salix International Solta Medical Diversified Vision Care Surgical Pharmaceuticals Reported: 7% Organic1: 5% Reported: 7% Organic1: 5% Reported

  12. Slide 12: Salix Segment – 3Q25

    Unconsolidated Salix Segment – 3Q25 Amounts in millions USD Segment Mix Revenue vs. 3Q24 Highlights Product Revenue TRx2 • Xifaxan® NRx3 +11%​; Extended Units4 +11% 7% 5% 16% 9% 2% • Xifaxan® direct-to-consumer $716 (8%) (5%) investment continuing to activate new patients, NBRx5 +14% (6%) (2%) 86% T

  13. Slide 13: International Segment – 3Q25

    Unconsolidated International Segment – 3Q25 Amounts in millions USD Geographic Mix Revenue vs. 3Q24 Highlights Region Reported Organic1 • EMEA – 11th consecutive quarter of organic1 growth​ EMEA 12% 5% 52% 26% • Canada – Expected non-recurrence $286 Canada (8%) (6%) of prior-year benefits from tempo

  14. Slide 14: Solta Medical Segment – 3Q25

    Unconsolidated Solta Medical Segment – 3Q25 Amounts in millions USD Geographic Mix Revenue vs. 3Q24 Highlights • Steady topline momentum driven by Region Reported Organic1 volume expansion 15% Asia Pacific 25% 25% 3% • Increased promotional and R&D $140 North America 20% 20% investments driving shor

  15. Slide 15: Diversified Segment – 3Q25

    Unconsolidated Diversified Segment – 3Q25 Amounts in millions USD Segment Mix Revenue vs. 3Q24 Highlights Business Reported Organic1 • Neurology – Expected non- recurrence of DoD demand for 29% Cardizem® Neurology (14%) (13%) Dermatology 21% 10% $258 6% • Dermatology – Strong CABTREO® Dentistry 0% 0

  16. Slide 16: Bausch + Lomb – 3Q25

    Unconsolidated Bausch + Lomb – 3Q25 Amounts in millions USD Vision Care Surgical Pharmaceuticals $1,281 $1,196 26% 73% 63% $736 $215 51% $330 37% 23% 27% Consumer Contact Lens Implantables Equipment Consumables/Other U.S. International 3Q25 3Q24 Reported: 7% Organic1: 6% Reported: 8% Organic1: 7% Re

  17. Slide 17: Bausch Health (excl. B+L) Revenue & Segment Profit – 3Q25

    Unconsolidated Bausch Health (excl. B+L) Revenue & Segment Profit1 – 3Q25 Amounts in millions USD Revenue Segment Profit1 Highlights 3Q25 vs. 3Q24 3Q25 vs. 3Q24 Salix $716 12% Salix $570 31%  Xifaxan® revenue strength and one-time benefits International $286 (2%) International $90 (14%)  Continued

  18. Slide 18: 2025 Guidance

    2025 Guidance ©2025 Bausch Health and/or one of its affiliates. 18 18

  19. Slide 19: Full Year 2025 Guidance

    Consolidated Full Year 2025 Guidance1,2 All amounts are approximate, in billions USD 2025 Guidance1,2 2025 Guidance1,2,3 Bausch Health Companies Prior as of July 30, 2025 Current as of October 29, 2025 Net Revenue $10.000 - $10.250 $10.050 - $10.250 Adjusted EBITDA1 $3.485 - $3.635 $3.570 - $3.660 B

  20. Slide 20: Innovation & Growth

    Innovation & Growth ©2025 Bausch Health and/or one of its affiliates. 20 20

  21. Slide 21: Unlocking Value: Innovation, Strategic Growth, People, Efficiency

    Unlocking Value Working all levers Innovation Strategic Growth Inspiring progress and technological advancement Priorities1 Expanding growth across Enriching lives through our relentless drive to deliver segments and geographies better health outcomes People Efficiency Principled leaders, creative t

  22. Slide 22: US Pharmaceuticals Growth Through Innovation

    Unconsolidated US Pharmaceuticals Growth Through Innovation Xifaxan® Highlights Select U.S. Product Growth vs 3Q24 • Xifaxan® direct-to-consumer investment Product Revenue EuTRx1 continuing to activate new patients, NBRx2 +14%, 71K in 3Q25 16% 11% • AI-driven customer insights engine increasing Xifa

  23. Slide 23: Growing Aesthetics Business Through Strong Global Execution and Innovation

    Unconsolidated Growing Aesthetics Business Through Strong Global Execution and Innovation1 Short- to mid- term commercial execution fueling Product Mix double digit revenue growth Long-term investment in R&D to fuel the innovation pipeline Highlights 23% • Introduced Thermage® FLX in Canada and Frax

  24. Slide 24: Bausch Health's Innovation in Hepatology

    Bausch Health’s Innovation in Hepatology1 Larsucosterol RED-C Program • Acquisition of DURECT Corporation • There are no products approved for completed in 3Q25 the primary prevention of overt hepatic encephalopathy (OHE) • Strategic fit that expands Bausch Health’s hepatology portfolio • Market opp

  25. Slide 25: Driving Results, Advancing Strategy & Unlocking Value in 3Q25

    Unconsolidated Driving Results, Advancing Strategy & Unlocking Value1 in 3Q25 10th Consecutive Quarter of Revenue and Adjusted EBITDA2 growth for BHC (excl. B+L) Delivered Double-Digit Revenue and Segment Profit3 Growth in Salix and Solta Generated $347 Million in Adjusted Operating Cash Flow2 Raisi

  26. Slide 26: Appendix

    Appendix ©2025 Bausch Health and/or one of its affiliates. 26

  27. Slide 27: Bausch Health (excl. B+L) Debt

    Unconsolidated Bausch Health (excl. B+L) Debt As of 3Q25, amounts in millions USD $14,665 $14,518 $39 $74 ($347) $87 NET DEBT DECREASED BY $147M 1 2 Q225 Net Debt Adj. Operating Cash Flow Legal Payments DURECT Other Q325 Net Debt 1 1. Debt values are shown at principal value. Net debt is net of unre

  28. Slide 28: On Track With Our Key R&D Initiatives

    On Track With Our Key R&D Initiatives1 Key Clinical Programs Phase 1 Phase 2 Phase 3 Approval/Launch Notes SALIX RED-C Both RED-C global Phase 3 trials currently in treatment phase Prevention and delay of first episode of hepatic Remain on track for top-line Phase 3 results anticipated by early 2026

  29. Slide 29: Balance Sheet Summary

    Consolidated Balance Sheet Summary Amounts in millions USD September 30, 2025 December 31, 2024 December 31, 2023 Cash and cash equivalents1 $1,340 $1,201 $962 Revolving Credit Facilities5 - $110 $275 AR Credit Facility $300 $300 $350 Senior Secured Debt (principal amount)2 $16,419 $15,233 $15,203 S

  30. Slide 30: Bausch Health (excl. B+L) Debt Maturity Profile

    Unconsolidated Bausch Health (excl. B+L) Debt Maturity Profile1,2,4 As of 3Q25, amounts in millions USD $5,000 Bausch Health $4,400 (excl. B+L) Debt $4,009 $3,995 Total: $4,000 $605 $15.5B1 $779 Restricted: $15.2B Unrestricted: $0.3B3 $3,000 $352 $23 Decreased debt by: $2,000 ~$610M $3,374 $1,639 Si

  31. Slide 31: YTD GAAP Financial Results

    Consolidated YTD GAAP Financial Results Amounts in millions USD, except EPS amounts Nine Months Ended Favorable (Unfavorable) September 30, 2025 September 30, 2024 Reported Revenues $7,470 $7,066 6% Gross Profit $4,489 $4,187 7% Gross Margin 60.1% 59.3% 80 bps Selling, A&P $1,808 $1,717 (5%) G&A $74

  32. Slide 32: YTD Non-GAAP Financial Results

    Consolidated YTD Non-GAAP1 Financial Results Amounts in millions USD Nine Months Ended Favorable (Unfavorable) September 30, 2025 September 30, 2024 Reported Constant Currency1 Revenues $7,470 $7,066 6% 6% Adj. Gross Profit 1 $5,317 $5,072 5% 5% Adj. Gross Margin 1 71.2% 71.8% (60 bps) - Selling, A&

  33. Slide 33: 3Q25 & YTD25 Revenue Performance

    Consolidated 3Q25 & YTD25 Revenue Performance Amounts in millions USD 3Q25 3Q24 Reported Organic1 YTD25 YTD24 Reported Organic1 Salix $716 $642 12% 11% $1,885 $1,699 11% 10% International $286 $291 (2%) (4%) $826 $832 (1%) - Solta Medical $140 $112 25% 24% $381 $302 26% 27% Neurology $146 $170 (14%)

  34. Slide 34: Inventory in Select U.S. Businesses (QTD)

    Unconsolidated Inventory in Select U.S. Businesses (QTD)1 Months on Hand As of Jun 30, As of Sep 30, As of Jun 30, As of Sep 30, Business Units Change 3Q24 Change 3Q25 2024 2024 2025 2025 Dermatology 1.16 1.14 (0.02) 1.09 1.00 (0.09) Neurology 1.08 1.12 0.04 1.17 1.02 (0.15) Salix 1.18 1.10 (0.08) 0

  35. Slide 35: Inventory in Select U.S. Businesses (YTD)

    Unconsolidated Inventory in Select U.S. Businesses (YTD)1 Months on Hand As of Dec 31, As of Sep 30, Change As of Dec 31, As of Sep 30, Change Business Units 2023 2024 YTD24 2024 2025 YTD25 Dermatology 1.04 1.14 0.10 1.08 1.00 (0.08) Neurology 1.18 1.12 (0.06) 1.02 1.02 - Salix 1.20 1.10 (0.10) 1.09

  36. Slide 36: Other Financial Information

    Consolidated Other Financial Information Amounts in millions USD Three Months Ended Favorable (Unfavorable) Nine Months Ended Favorable (Unfavorable) September September Constant September September Constant 30, 2025 30, 2024 Reported Currency1 30, 2025 30, 2024 Reported Currency1 Cash Interest Paid

  37. Slide 37: Non-GAAP Adjustments EPS Impact

    Consolidated Non-GAAP Adjustments EPS Impact Amounts in millions USD, except EPS impact Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Income EPS Income EPS Income EPS Income EPS (Expense) Impact (Expense) Impact (Expense) Impact (Exp

  38. Slide 38: 3Q25 Reconciliation of Reported Operating Income to Adjusted EBITA

    Consolidated 3Q25 Reconciliation of Reported Operating Income to Adjusted EBITA (Non-GAAP)1 Amounts in millions USD 3Q25 3Q24 Gross Gross Selling & R&D Operating Operating Gross Gross Selling & R&D Operating Operating Profit Margin Advertising G&A Expense Expense Income Profit Margin Advertising G&A

  39. Slide 39: YTD25 Reconciliation of Reported Operating Income to Adjusted EBITA

    Consolidated YTD25 Reconciliation of Reported Operating Income to Adjusted EBITA (Non-GAAP)1 Amounts in millions USD YTD25 YTD24 Gross Gross Selling & R&D Operating Operating Gross Gross Selling & R&D Operating Operating Profit Margin Advertising G&A Expense Expense Income Profit Margin Advertising

  40. Slide 40: Reconciliation of Reported Net Income to EBITDA and Adjusted EBITDA

    Consolidated Reconciliation of Reported Net Income (Loss) to EBITDA1 and Adjusted EBITDA1 Amounts in millions USD Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Net Income (Loss) $181 ($92) $223 ($170) Interest expense, net 397 339 1,168 1,027 Provision for inco

  41. Slide 41: 3Q25 Segment Profit Reconciliation to Adjusted EBITDA

    Consolidated 3Q25 Segment Profit2 Reconciliation to Adjusted EBITDA1 Amounts in millions USD Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Segment Profit Revenue Segment Profit2 Segment Profit Margin Revenue Segment Profit2 Margin Salix $716 $570 80% $642 $436 68% Inter

  42. Slide 42: 3Q25 Reconciliation of Reported Revenue to Organic Revenue

    Consolidated 3Q25 Reconciliation of Reported Revenue to Organic Revenue1,2 and Organic Revenue Growth1 Amounts in millions USD Three Months Ended Change in Change in Reported Organic September 30, 2025 September 30, 2024 Revenue Revenue1 Changes Organic Organic Revenue in Exchange Revenue Revenue Di

  43. Slide 43: YTD25 Reconciliation of Reported Revenue to Organic Revenue

    Consolidated YTD25 Reconciliation of Reported Revenue to Organic Revenue1,2 and Organic Revenue Growth1 Amounts in millions USD Nine Months Ended Change in Change in Reported Organic September 30, 2025 September 30, 2024 Revenue Revenue1 Changes Organic Organic Revenue in Exchange Revenue Revenue Di

  44. Slide 44: 3Q25 & YTD25 Reconciliation of Reported Cash Provided to Adjusted Cash Flow

    Consolidated 3Q25 & YTD25 Reconciliation of Reported Cash Provided by Operating Activities to Adjusted Cash Flow from Operations (Non-GAAP)1 Three Months Ended Nine Months Ended Amounts in millions USD September 30, September 30, 2025 2024 2025 2024 Cash provided by operating activities $405 $405 $9

  45. Slide 45: 3Q25 & YTD25 Reconciliation of Reported Cash Provided to Adjusted Cash Flow

    Consolidated 3Q25 & YTD25 Reconciliation of Reported Cash Provided by Operating Activities to Adjusted Cash Flow from Operations (Non-GAAP)1 Three Months Ended Nine Months Ended Amounts in millions USD September 30, 2025 September 30, 2025 Bausch Health Bausch Health Bausch Health Bausch Health Comp

  46. Slide 46: Trailing Twelve Months Adjusted EBITDA

    Consolidated Trailing Twelve Months Adjusted EBITDA1 Amounts in millions USD Trailing Twelve Months Ended Sep-25 Jun-25 Mar-25 Dec-24 Sep-24 Net Income (Loss) $321 $48 ($81) ($72) ($217) Interest expense, net 1,496 1,438 1,328 1,355 1,383 Provision for income taxes 199 233 270 239 168 Depreciation a

  47. Slide 47: 3Q25 Reconciliation of Reported Net Income to Adjusted EBITDA

    Consolidated 3Q25 Reconciliation of Reported Net Income (Loss) to Adjusted EBITDA1 Amounts in millions USD Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Bausch Health Bausch + Lomb Bausch Health Bausch Health Bausch + Lomb Bausch Health Companies Inc. Corporation (excl.

  48. Slide 48: YTD25 Reconciliation of Reported Net Income to Adjusted EBITDA

    Consolidated YTD25 Reconciliation of Reported Net Income (Loss) to Adjusted EBITDA1 Amounts in millions USD Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 Bausch Health Bausch + Lomb Bausch Health Bausch Health Bausch + Lomb Bausch Health Companies Inc. Corporation (excl.

  49. Slide 49: Non-GAAP Appendix

    Non-GAAP Appendix Description of Non-GAAP Financial Measures Company’s restructuring efforts, costs associated with these transformation initiatives are expected to fluctuate between To supplement the financial measures prepared in accordance with U.S. GAAP, the Company uses certain non-GAAP periods

  50. Slide 50: Non-GAAP Appendix

    Non-GAAP Appendix • Separation costs and separation-related costs: The Company has excluded certain costs incurred in connection • Amortization of intangible assets: The Company has excluded the impact of amortization of intangible assets, as with activities regarding the separation of the eye-healt

  51. Slide 51: Non-GAAP Appendix

    Non-GAAP Appendix Historically, management has used Adjusted net income (loss) (non-GAAP) for strategic decision making, forecasting • Acquisitions, divestitures and discontinuations: In order to present period-over-period organic revenue (non- future results and evaluating current performance. This

  52. Slide 52: Non-GAAP Appendix

    Non-GAAP Appendix Adjusted Gross Profit and Adjusted Gross Margin Total Adjusted Operating Expenses Adjusted gross profit (non-GAAP) represents gross profit (its most directly comparable GAAP financial measure) adjusted for Other Total Adjusted Operating Expenses (non-GAAP) represents operating expe

  53. Slide 53: Non-GAAP Appendix

    Non-GAAP Appendix Constant Currency Adjusted Cash Flow from Operations excluding Bausch + Lomb is not intended to be, and may not be, representative of Changes in the relative values of non-U.S. currencies to the U.S. dollar may affect the Company’s financial results and Cash Flow from Operations (f

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