Bausch Health Companies Inc. · TSX:BHC
Bausch Health Companies — FY2019 Earnings Presentation
67 slides from Bausch Health Companies's earnings presentation, Feb 19, 2020
Slide 1: 4Q & FY 2019 Financial Results
4Q & FY 2019 Financial Results
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking information and statements, within the meaning of and uncertainties are incorporated herein by reference. In addition, certain material factors and applicable securities laws (collectively, “forward-looking statements”), including
Slide 3: Non-GAAP Information
Non-GAAP Information To supplement the financial measures prepared in accordance with U.S. generally accepted divestitures are not expected, the Company believes it might have a basis for forecasting the accounting principles (GAAP), the Company uses certain non-GAAP financial measures GAAP equivale
Slide 4: Today's Topics
Today’s 1 Opening Remarks & 2019 Highlights Topics 2 4Q & FY 2019 Financial Results 3 FY 2020 Guidance Segment Highlights 4 & 2020 Catalysts 3
Slide 5: Bausch Health Update – 2019
Bausch Health Update – 2019 Eighth Consecutive Quarter of Organic Revenue Growth 1,2 FY19 Organic Revenue1,2: +4% FY19 Reported Revenue: +3% Key Drivers in 2019 New Products Producing Results • Bausch + Lomb/ International delivered its third consecutive year of mid- single digit organic revenue gro
Slide 6: 4Q19 and FY19 Revenue Results
4Q19 and FY19 Revenue Results Favorable Favorable Three Months Ended Twelve Months Ended (Unfavorable) (Unfavorable) Organic Organic 12.31.19 12.31.18 Reported 12.31.19 12.31.18 Reported Change1,2 Change1,2 Bausch + Lomb/International $1,238M $1,205M 3% 3% $4,739M $4,664M 2% 5% Global Vision Care Re
Slide 7: 4Q Financial Results
4Q 19 Financial Results Three Months Ended Favorable (Unfavorable) Constant Organic 12.31.19 12.31.18 Reported Currency 1,2 Change1,3 Revenues $2,224M $2,121M 5% 5% 4% GAAP Net Loss ($1,516M) ($344M) Adj. Net Income (non-GAAP) 1 $404M $368M 10% 11% Diluted Shares Outstanding 5 359.2M 356.7M GAAP EPS
Slide 8: FY Financial Results
FY 19 Financial Results Twelve Months Ended Favorable (Unfavorable) Constant Organic 12.31.19 12.31.18 Reported Currency 1,2 Change1,3 Revenues $8,601M $8,380M 3% 4% 4% GAAP Net Loss ($1,788M) ($4,148M) Adj. Net Income (non-GAAP) 1 $1,559M $1,410M 11% 13% Diluted Shares Outstanding 5 357.2M 355.0M G
Slide 9: FY Cash Flow Summary
FY 19 Cash Flow Summary Three Months Three Months Twelve Months Twelve Months Ended Ended Ended Ended 12.31.19 12.31.18 12.31.19 12.31.18 Net loss 1 ($1,517M) ($342M) ($1,783M) ($4,144M) Net cash provided by operating $234M $319M $1,501M $1,501M activities Net cash used in $1,501M of cash generated
Slide 10: FY Balance Sheet Summary
FY 19 Balance Sheet Summary As of As of As of As of As of 12.31.19 9.30.19 6.30.19 3.31.19 12.31.18 Cash, cash equivalents and $3,244M1 $827M $880M $784M $723M restricted cash1 Revolving Credit Drawn $0M $0M $150M $0M $75M Senior Secured Debt2 $10,644M $10,744M $11,197M $11,147M $10,950M Senior Unse
Slide 11: Full-Year 2020 Revenue and Adjusted EBITDA Guidance
Full-Year 2020 Revenue and Adjusted EBITDA (non-GAAP)1 Guidance3,4 Current Guidance (February 2020) Total Revenues $8.65B - $8.85B Adjusted EBITDA (non-GAAP) 1 $3.50B - $3.65B Current Guidance Cash generated from Key Assumptions (February 2020) operations for 2020 is expected to be ~$1.5B 5 Adj. SG&
Slide 12: Full-Year 2020 Guidance Bridge
Full-Year 2020 Revenue and Adjusted EBITDA (non-GAAP)1 Guidance Bridge2,3 Currency Base 2020 2019 Actual LOE R&D Impact Performance Guidance Revenue Revenue $8.85B +1% to +3% Revenue growth at Approx. to current FX rates $8.60B +$10M $8.65B Approx. N/A Approx. ($275M) +$415M Currency Base 2020 2019
Slide 13: Bausch + Lomb/International: Consistent Mid-Single Digit Growth
Bausch + Lomb/International: Consistent Mid-Single Digit Growth3 FY19 Revenues: $4,739M Key Highlights 4Q19 3Q19 2Q19 1Q19 4Q18 Segment saw 5% organic revenue growth 1,2 in FY19 vs. Revenues Revenues Revenues Revenues Revenues FY18 (which includes 3% in 4Q19 vs. 4Q18), driven by: $1,238M $1,175M $1,
Slide 14: Global Vision Care Update
Global Vision Care Update Global Vision Care saw 7% organic revenue growth 1,2 in FY19 vs. FY18 and 4% in 4Q19 vs. 4Q18 2020 Planned • Biotrue® ONEday saw 23% organic revenue growth 1,2 vs. FY18 and 8% vs. 4Q18 Launch • Bausch + Lomb ULTRA ®3 saw 24% organic revenue growth 1,2 vs. FY18 and 30% SiHy
Slide 15: Global Consumer Update
Global Consumer Update Global Consumer saw 6% organic revenue growth 1,2 in FY19 vs. FY18 and 7% in 4Q19 vs. 4Q18, driven by LUMIFY ® and eye vitamin franchise (Ocuvite ® + PreserVision ®) • Ocuvite ® + PreserVision® saw 4% organic revenue growth 1,2 vs. FY18 • Top selling eye vitamin portfolio in t
Slide 16: Global Surgical Update
Global Surgical Update Global Surgical saw 4% organic revenue growth 1,2 in FY19 vs. FY18 and 5% in 4Q19 vs. 4Q18 • enVista ® saw 36% organic revenue growth 1,2 vs. FY18 and 33% vs. 4Q18 • Launched enVista Toric MX60ET IOL in 2019 • Extended Depth of Focus (EDOF) Intraocular Lens – Expected to launc
Slide 17: Salix Update: Key Highlights
Salix Update: Key Highlights FY19 Revenues: $2,022M Segment saw 13% organic revenue growth 1,2 in FY19 vs. FY18 and 17% in 4Q19 vs. 4Q18 4Q19 3Q19 2Q19 1Q19 4Q18 Revenues Revenues Revenues Revenues Revenues • XIFAXAN ® saw 22% reported revenue growth vs. FY18 $517M $551M $509M $445M $426M and 29% vs
Slide 18: Ortho Dermatologics Update
Ortho Dermatologics Update1,2 FY19 Revenues: $565M Segment saw 8% organic revenue decline 3,4 in FY19 vs. FY18 and 1% decline in 4Q19 vs. 4Q18 4Q19 3Q19 2Q19 1Q19 4Q18 Revenues Revenues Revenues Revenues Revenues • DUOBRII ®: ~25% TRx growth in 4Q19 vs. 3Q19 5; $158M $147M $122M $138M $160M Reported
Slide 19: Global Solta Update
Global Solta Update Global Solta saw 45% organic revenue growth 1,2 vs. FY18 and 42% vs. 4Q18 • Performance was driven by Thermage® FLX global expansion, mainly in the Asia Pacific region • 2020 and Beyond: Continued global expansion planned for Thermage® FLX, including EU Total Thermage® Franchise
Slide 20: Pipeline and Portfolio Expansion
Pipeline and Portfolio Expansion Late Stage Development Programs1 • SiHy Daily – Launched in Japan; U.S. launch expected 2H20 • LUMIFY® Line Extensions – Further clinical studies planned to start in 2020 • Extended Depth of Focus (EDOF) Intraocular Lens – Expected to launch in 2020 ex-U.S. starting
Slide 21: Amiselimod S1P1 Modulator
Amiselimod S1P1 Modulator2 • Initial results from FDA reviewed and approved thorough QT 3 (TQT) study of amiselimod compared to placebo and positive control (Moxifloxacin) • 190 Subjects were randomized to 1 of 3 Treatment Groups • All subjects remained in the clinic for all 26 days of dosing • 24-h
Slide 22: NOV03: Recently Licensed Innovative Opportunity for Dry Eye Disease
NOV03: Recently Licensed Innovative Opportunity for Dry Eye Disease • If approved, NOV03 will be the first new Market Opportunity prescription treatment for DED1 with a mechanism of action different from currently • 6.8% of the U.S. adult population (~16M patients) projected to have diagnosed dry ey
Slide 23: Bausch Health: 20/20 Vision & Beyond
Bausch Health: 20/20 Vision & Beyond Mid-single digit growth Absorbing headwinds from APRISO® Expected to return to expected to continue and GLUMETZA® in 2020 growth in 2020 5 years of organic revenue 73% organic revenue growth1,2 2 years of high-single digit growth1,2, including 23% in for Thermage
Slide 24: Appendix
23 Appendix BAUSCH Health
Slide 25: Key Product LOE Q4 2019 Impact
Key Product LOE Q4 2019 Impact Product Line with Actual or LOE Rev/Profit LOE Rev/Profit Change Business Unit Anticipated LOE Date1 Q4 2018 Actual Q4 2019 Actual Q4 2018 vs. Q4 2019 Revenue Profit Revenue Profit Revenue Profit • Lotemax Suspension® 2Q19 Ophtho Rx $26M $25M $15M $14M ($11M) ($11M) •
Slide 26: 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 Prior Forecast Actual Prior Forecast vs Actual Revenue Profit Revenue Profit Revenue Profit • Lotemax Suspension® 2Q19 Ophtho Rx $84M $83M $87M $85M $3M $2M • Lotemax Gel®
Slide 27: Key Product LOE 2019 Impact vs. 2018
Key Product LOE 2019 Impact vs. 2018 Product Line with Actual or LOE Rev/Profit LOE Rev/Profit Change Business Unit Anticipated LOE Date1 2018 Actual 2019 Actual 2018 vs 2019 Revenue Profit Revenue Profit Revenue Profit • Lotemax Suspension® 2Q19 Ophtho Rx $111M $109M $87M $85M ($24M) ($24M) • Lotem
Slide 28: Key Product LOE 2020 Impact vs. 2019
Key Product LOE 2020 Impact vs. 2019 Product Line with Actual or LOE Rev/Profit LOE Rev/Profit Change Business Unit Anticipated LOE Date1 2019 Actual 2020 Forecast 2019 vs 2020 Forecast Revenue Profit Revenue Profit Revenue Profit • Lotemax Suspension® 2Q19 Ophtho Rx $87M $85M $27M $26M ($60M) ($59M
Slide 29: Selected U.S. Businesses Pipeline Inventory Trending (4Q19)
Selected U.S. Businesses Pipeline Inventory Trending (4Q19) Months on Hand As of As of As of As of Business Change Change Sep 30, Dec 31, Sep 30, Dec 31, Units 4Q18 4Q19 2018 2018 2019 2019 Derm 1.62 1.26 (0.36) 1.13 0.88 (0.25) Neuro 1.40 1.08 (0.32) 1.01 0.83 (0.18) Ophtho 1.36 0.89 (0.47) 0.81 0.
Slide 30: Selected U.S. Businesses Pipeline Inventory Trending (Year-to-Date)
Selected U.S. Businesses Pipeline Inventory Trending (Year-to-Date) Months on Hand As of As of As of As of Business Change Change Dec 31, Dec 31, Dec 31, Dec 31, Units YTD18 YTD19 2017 2018 2018 2019 Derm 1.39 1.26 (0.13) 1.26 0.88 (0.38) Neuro 1.62 1.08 (0.54) 1.08 0.83 (0.25) Ophtho 1.21 0.89 (0.3
Slide 31: Debt Maturity Profile
Debt Maturity Profile Long-Term Debt Maturity Profile as of December 31, 20191 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Total Debt - - $1,250M $2,292M $2,000M $10,518M $1,500M $2,250M $2,012M $750M $1,250M $23,822M Maturities Mandatory - $103M $303M $303M $303M $114M - - - - - $1,126M
Slide 32: 4Q Financial Results Bausch + Lomb/International
4Q 19 Financial Results Bausch + Lomb/International Three Months Ended Favorable (Unfavorable) 12.31.19 12.31.18 Reported Constant Currency1,2 Organic Change1,3 +3% Global Vision Care Revenue $210M $203M 3% 3% 4% Bausch + Lomb/International segment organic revenue Global Surgical Revenue $193M $186M
Slide 33: 4Q Financial Results Salix
4Q 19 Financial Results Salix Three Months Ended Favorable (Unfavorable) 12.31.19 12.31.18 Reported Constant Currency1,2 Organic Change1,3 +17% Salix segment organic Salix Revenue $517M $426M 21% 21% 17% revenue growth 1,3 vs. 4Q18, Total Segment Revenue $517M $426M 21% 21% 17% driven primarily by X
Slide 34: 4Q Financial Results Ortho Dermatologics
4Q 19 Financial Results Ortho Dermatologics Three Months Ended Favorable (Unfavorable) 12.31.19 12.31.18 Reported Constant Currency1,2 Organic Change1,3 +42% Ortho Dermatologics Revenue 5 $94M $115M (18%) (18%) (18%) Global Solta organic revenue growth 1,3 vs. 4Q18, driven by Global Solta Revenue $6
Slide 35: 4Q Financial Results Diversified Products
4Q 19 Financial Results Diversified Products Three Months Ended Favorable (Unfavorable) 12.31.19 12.31.18 Reported Constant Currency1,2 Organic Change1,3 +13% WELLBUTRIN ®6/APLENZIN ® Neuro & Other Revenue $168M $186M (10%) (10%) (9%) combined reported revenue Generics Revenue 5 $117M $114M 3% 3% 3%
Slide 36: FY Financial Results Bausch + Lomb/International
FY 19 Financial Results Bausch + Lomb/International Twelve Months Ended Favorable (Unfavorable) 12.31.19 12.31.18 Reported Constant Currency1,2 Organic Change1,3 +5% Global Vision Care Revenue $848M $814M 4% 6% 7% Bausch + Lomb/International segment organic revenue Global Surgical Revenue $698M $698
Slide 37: FY Financial Results Salix
FY 19 Financial Results Salix Twelve Months Ended Favorable (Unfavorable) 12.31.19 12.31.18 Reported Constant Currency1,2 Organic Change1,3 +13% Salix segment organic Salix Revenue $2,022M $1,749M 16% 16% 13% revenue growth 1,3 vs. FY18 Total Segment Revenue $2,022M $1,749M 16% 16% 13% Adj. Gross Pr
Slide 38: FY Financial Results Ortho Dermatologics
FY 19 Financial Results Ortho Dermatologics Twelve Months Ended Favorable (Unfavorable) 12.31.19 12.31.18 Reported Constant Currency1,2 Organic Change1,3 +45% Ortho Dermatologics Revenue 5 $371M $482M (23%) (23%) (23%) Global Solta organic revenue growth 1,3 vs. FY18, driven by Global Solta Revenue
Slide 39: FY Financial Results Diversified Products
FY 19 Financial Results Diversified Products Twelve Months Ended Favorable (Unfavorable) 12.31.19 12.31.18 Reported Constant Currency1,2 Organic Change1,3 +7% WELLBUTRIN ®6/APLENZIN ® Neuro & Other Revenue $715M $822M (13%) (13%) (13%) combined reported revenue Generics Revenue 5 $459M $412M 11% 11%
Slide 40: Other Financial Information (Quarter-to-Date)
Other Financial Information (Quarter-to-Date) Three Months Ended Favorable (Unfavorable) Constant Dec. 31, 2019 Dec. 31, 2018 Reported Currency1,2 Cash Interest Expense $374M $397M 6% 5% Net Interest Expense $388M $412M 6% 6% Non-cash adjustments Depreciation $47M $44M (7%) (7%) Non-cash share-based
Slide 41: Other Financial Information (Year-to-Date)
Other Financial Information (Year-to-Date) Twelve Months Ended Favorable (Unfavorable) Constant Dec. 31, 2019 Dec. 31, 2018 Reported Currency1,2 Cash Interest Expense $1,549M $1,606M 4% 3% Net Interest Expense $1,600M $1,674M 4% 4% Non-cash adjustments Depreciation $178M $175M (2%) (3%) Non-cash sha
Slide 42: FY Top Products – Total Bausch Health
FY 19 Top 10 Products – Total BAUSCH Health1 Top 10 products/franchises revenues, full year and trailing five quarters Rank Product/Franchises FY19 4Q19 3Q19 2Q19 1Q19 FY18 4Q18 1 XIFAXAN® $1,452M $396M $394M $356M $306M $1,195M $308M Ocuvite® + 2 $313M $86M $79M $84M $64M $305M $89M PreserVision® 3
Slide 43: FY Top Products – B+L/International
FY 19 Top 10 Products – B+L/International Top 10 products/franchises revenues, full year and trailing five quarters Rank Product/Franchises FY19 4Q19 3Q19 2Q19 1Q19 FY18 4Q18 Ocuvite® + 1 $313M $86M $79M $84M $64M $305M $89M PreserVision® 2 SofLens® $284M $70M $72M $72M $70M $303M $78M 3 renu® $217M
Slide 44: FY Top Products – Salix
FY 19 Top 10 Products – Salix Top 10 products/franchises revenues, full year and trailing five quarters Rank Product/Franchises FY19 4Q19 3Q19 2Q19 1Q19 FY18 4Q18 1 XIFAXAN® $1,452M $396M $394M $356M $306M $1,195M $308M 2 APRISO® $145M $25M $40M $44M $36M $162M $43M 3 GLUMETZA® $145M $24M $41M $42M
Slide 45: FY Top Products – Ortho Dermatologics
FY 19 Top 10 Products – Ortho Dermatologics Top 10 products/franchises revenues, full year and trailing five quarters Rank Product/Franchises FY19 4Q19 3Q19 2Q19 1Q19 FY18 4Q18 1 THERMAGE® $143M $48M $35M $33M $27M $84M $28M 2 JUBLIA® $67M $19M $22M $15M $11M $55M $17M 3 TARGRETIN® $44M $15M $11M $9
Slide 46: FY Top Products – Diversified Products
FY 19 Top 10 Products – Diversified Products1 Top 10 products/franchises revenues, full year and trailing five quarters Rank Product/Franchises FY19 4Q19 3Q19 2Q19 1Q19 FY18 4Q18 1 WELLBUTRIN® $244M $61M $64M $61M $58M $252M $59M 2 ARESTIN® $87M $23M $22M $21M $21M $96M $25M 3 APLENZIN® $83M $24M $2
Slide 47: Non-GAAP Adjustments EPS Impact ($M)
Non-GAAP Adjustments EPS Impact ($M) Three Months Ended Twelve Months Ended December 31, December 31, 2019 2018 2019 2018 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 lo
Slide 48: Bausch + Lomb / Int'l Segment Trailing Five Quarters
Bausch + Lomb / Int’l Segment Trailing Five Quarters1 Bausch + Lomb / FY19 4Q19 3Q19 2Q19 1Q19 4Q18 International Global Vision Care Revenue $848M $210M $219M $216M $203M $203M Global Surgical Revenue $698M $193M $161M $177M $167M $186M Global Consumer Revenue $1,455M $390M $370M $371M $324M $368M G
Slide 49: Salix Segment Trailing Five Quarters
Salix Segment Trailing Five Quarters Salix FY191 4Q192 3Q192 2Q191 1Q191 4Q182 Salix Revenue $2,022M $517M $551M $509M $445M $426M Segment Revenue $2,022M $517M $551M $509M $445M $426M Adj. Segment Gross Profit (non-GAAP)1,2,3 (excluding amortization and $1,767M $458M $489M $439M $381M $370M impairm
Slide 50: Ortho Dermatologics Segment Trailing Five Quarters
Ortho Dermatologics Segment Trailing Five Quarters1 Ortho Dermatologics FY19 4Q19 3Q19 2Q19 1Q19 4Q18 Ortho Dermatologics Revenue2 $371M $94M $100M $77M $100M $115M Global Solta Revenue $194M $64M $47M $45M $38M $45M Segment Revenue2 $565M $158M $147M $122M $138M $160M Segment Gross Profit4 (excludi
Slide 51: Diversified Products Segment Trailing Five Quarters
Diversified Products Segment Trailing Five Quarters Diversified Products FY19 4Q19 3Q19 2Q19 1Q19 4Q18 Neuro & Other Revenue $715M $168M $186M $175M $186M $186M Generics Revenue1 $459M $117M $126M $112M $104M $114M Dentistry Revenue1 $101M $26M $24M $26M $25M $30M Segment Revenue1 $1,275M $311M $336
Slide 52: Financial Summary – Adjusted (non-GAAP) Quarter-to-Date
Financial Summary – Adjusted (non-GAAP) Presentation Reconciliation ($M) (Quarter-to-Date) Q4 2019 Gross Gross Selling & G&A and R&D Operating Operating Profit2 Margin2 Advertising Other Expense Expense Income Qtr 4 2019 GAAP $ 1,589 71.4% $ 483 $ 185 $ 114 $ 782 $ (1,076) Amortization of finite-liv
Slide 53: Financial Summary – Adjusted (non-GAAP) Year-to-Date
Financial Summary – Adjusted (non-GAAP) Presentation Reconciliation ($M) (Year-to-Date) YTD 2019 Gross Selling & G&A and R&D Operating Operating Gross Profit2 Margin2 Advertising Other Expense Expense Income YTD 2019 GAAP $ 6,251 72.7% $ 1,913 $ 641 $ 471 $ 3,025 $ (203) Amortization of finite-lived
Slide 54: Financial Summary – Adjusted (non-GAAP) Salix
Financial Summary – Adjusted (non-GAAP) Presentation Reconciliation ($M) Q1 2019 Salix Gross Gross Selling & G&A and R&D Operating Operating 2 Profit Margin2 Advertising Other Expense Expense Income Qtr 1 2019 GAAP $ 380 85.4% $ 73 $ 11 $ 8 $ 92 $ 288 Acquisition-related costs and adjustments exclud
Slide 55: Financial Summary – Amortization and Impairments of Intangible Assets
Financial Summary – Amortization and Impairments of Intangible Assets ($M)1 Amortization of intangible assets Amortization of intangible assets Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 YTD 2019 YTD 2018 Bausch + Lomb / International $ 111 $ 114 $ 119 $ 120 $ 123 $ 464 $ 517 Salix 246 246 247 242 240
Slide 56: Reconciliation of Reported Net Loss to EBITDA and Adjusted EBITDA
Reconciliation of Reported Net Loss to EBITDA and Adjusted EBITDA ($M) Three Months Ended Twelve Months Ended December 31, December 31, 2019 2018 2019 2018 Net loss attributable to Bausch Health Companies Inc. $ (1,516) $ (344) $ (1,788) $ (4,148) Interest expense, net 388 412 1,600 1,674 Provision
Slide 57: Reconciliation of Reported Growth to Organic Growth (Quarter-to-Date)
Reconciliation of Reported Growth to Organic Growth ($M) (Quarter-to-Date)1 Calculation of Organic Revenue Three Months Ended Three Months Ended Change in December 31, 2019 December 31, 2018 Organic Revenue Changes Organic Organic Revenue in Revenue Revenue Revenue as Exchange (Non-GAAP) as Divestit
Slide 58: Reconciliation of Reported Growth to Organic Growth (Year-to-Date)
Reconciliation of Reported Growth to Organic Growth ($M) (Year-to-Date)1 Calculation of Organic Revenue Twelve Months Ended Twelve Months Ended Change in December 31, 2019 December 31, 2018 Organic Revenue Changes Organic Organic Revenue in Revenue Revenue Revenue as Exchange (Non-GAAP) as Divestitu
Slide 59: Reconciliation of Reported Growth to Organic Growth
Reconciliation of Reported Growth to Organic Growth ($M) Calculation of Organic Revenue Three Months Ended Three Months Ended Change in December 31, 2019 December 31, 2018 Organic Revenue Changes Organic Organic Revenue in Revenue Revenue Revenue as Exchange (Non-GAAP) as Divestitures and (Non-GAAP)
Slide 60: Reconciliation of Reported Growth to Organic Growth
Reconciliation of Reported Growth to Organic Growth ($M) Change in Organic Calculation of Bausch & Lomb International Organic Revenue Revenue Revenue Changes in Organic Revenue Organic as Exchange Revenue (Non- as Divestitures and Revenue (Non- Reported Rates (a) Acquisitions GAAP) (b) Reported Disc
Slide 61: Reconciliation of TTM adjusted EBITDA
Reconciliation of TTM1 adjusted EBITDA2 ($M) Adjusted EBITDA (non-GAAP) TTM TTM TTM TTM TTM Dec-19 Sep-19 Jun-19 Mar-19 Dec-18 Net loss attributable to Bausch Health Companies Inc. $ (1,788) $ (616) $ (917) $ (1,619) $ (4,148) Interest expense, net 1,600 1,624 1,637 1,663 1,674 (Benefit from) provis
Slide 62: 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 Adjusted EBITDA (no
Slide 63: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures Adjusted EBITDA (non-GAAP) reflects development acquired, the Company does not believe that they Adjusted EBITDA (non-GAAP) are a representation of the Company’s research and development adjustments based on the following items: efforts du
Slide 64: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures Share-based Compensation: The Company has excluded the in connection with recent legal and governmental proceedings, Adjusted EBITDA (non-GAAP) impact of costs relating to share-based compensation. The investigations and information reques
Slide 65: 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 66: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures Adjusted Net Income (Loss) (non-GAAP) Adjusted Net Income (non-GAAP) Adjustments Adjusted EBITDA (non-GAAP) Historically, management has used adjusted net income (loss) (non - In addition to certain of the adjustments made to Adjusted EBIT
Slide 67: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures Organic Revenue, Organic Growth and Organic • Acquisitions, divestitures and discontinuations: In order to present Adjusted EBITDA (non-GAAP) period-over-period organic revenues (non-GAAP) on a comparable Change basis, revenues associated
Bausch Health Companies — FY2019 Earnings Presentation on 6ix