Bausch Health Companies Inc. · TSX:BHC

Bausch Health Companies — Proxy Contest (April 2020)

15 slides from Bausch Health Companies's proxy contest presentation, Apr 10, 2020

  1. Slide 1: Shareholder Engagement on Executive Compensation

    Shareholder Engagement on Executive Compensation

  2. Slide 2: Forward-Looking Statements

    Forward-Looking Statements This presentation contains forward-looking statements, including, but not limited to, the impact of the COVID-19 outbreak on the Company and its financial condition and results of operations, our beliefs respecting the probability of disruptions in our supply chain (includ

  3. 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 Adjusted EBITDA and Organic Revenue Growth. Management uses non-GAAP measures as key metrics in

  4. Slide 4: Agenda

    Agenda • Introductions • 2019 Summary • Update on COVID-19 • Shareholder Outreach • Executive Compensation – Philosophy – Pay Practices – 2020 CEO Compensation • General Discussion 3

  5. Slide 5: Introductions

    Introductions Bausch Health • Jerry Karabelas – Talent & Compensation Committee Chair • Art Shannon – SVP, Head of Investor Relations and Global Communications • Kelly Webber – SVP & Chief Human Resources Officer Investor/Proxy Advisor • TBD – Portfolio Manager/lead • TBD – Governance contact 4

  6. Slide 6: 2019 Summary

    2019 Summary • In 2019 we delivered on our “pivot to offense” strategy, with eight consecutive quarters of total company organic growth1, 2 and our first full year of reported revenue growth since 2015. 2019 accomplishments included: – Generated ~$1.5 billion of cash from operations and repaid ~$900

  7. Slide 7: Update on COVID-19

    Update on COVID-19 • We are closely monitoring COVID-19 and its impact on our colleagues, our customers, and the health care patients and consumers we serve • We are confident that our businesses will not see their long-term value diminished by this unprecedented situation • Our early actions have,

  8. Slide 8: Shareholder Outreach

    Shareholder Outreach • We maintain a robust investor outreach program that enables us to obtain ongoing feedback on our executive compensation program – Since our 2016 Annual Meeting of Shareholders, we have had significant dialogue and engagement with our shareholders in order to solicit feedback t

  9. Slide 9: Executive Compensation Philosophy

    Executive Compensation Philosophy • Bausch Health’s executive compensation philosophy is designed to attract, retain, and motivate our executives who are committed to the ongoing transformation of our company and improving people’s lives through our products. The program: – Links executive compensat

  10. Slide 10: Pay Practices – What We Do & Don't Do

    Pay Practices – What We Do & Don‘t Do  Significant share ownership X No hedging or pledging of company requirements ensure long-term shares orientation X No repricing of underwater stock  Performance-based equity aligned options with the interests of our shareholders X No excise tax gross-up for e

  11. Slide 11: 2020 CEO Compensation

    2020 CEO Compensation • Mr. Papa’s salary increased to $1,600,000 (7%) based on a review of market data and performance – This is the first change made to Mr. Papa’s salary since he was hired in 2016 • Annual incentive target remains unchanged for 2020 – Slight modification to weighting of financial

  12. Slide 12: General Discussion

    General Discussion • Questions or feedback? • Thank you for your time 11

  13. Slide 13: Appendix

    Appendix

  14. Slide 14: Non-GAAP Appendix

    Non-GAAP Appendix Description of Non-GAAP Financial Measures for a comparison of the financial results to historical operations and forward-looking guidance and, as a result, provide useful supplemental information to investors. Adjusted EBITDA (non-GAAP) Adjusted EBITDA (non-GAAP) is GAAP net (loss

  15. Slide 15: Non-GAAP Appendix: Adjustments to Adjusted EBITDA (continued)

    Non-GAAP Appendix Adjustments to Adjusted EBITDA (non-GAAP) (continued): Organic Revenue Growth Acquisition-related costs and adjustments excluding amortization of intangible Organic revenue growth, a non-GAAP metric, is defined as a change on a period-over- assets: The Company has excluded the impa

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