Bausch Health Companies Inc. · TSX:BHC
Bausch Health Companies — Q2 2019 Earnings Presentation
67 slides from Bausch Health Companies's earnings presentation, Aug 6, 2019
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 Securities Administrators, which risks and uncertainties are incorporated herein by reference. applicable securities laws (collectively, “forward-looking statements”), including, b
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 & 2Q19 Highlights Topics 2 2Q19 Financial Results 3 FY 2019 Guidance Segment Highlights 4 & 2019 Catalysts 3
Slide 5: Pivoting to Offense
Pivoting to Offense Sixth Consecutive Quarter of Total Company Organic Revenue Growth1,2 Core Business Execution New Products • 3% total Company organic revenue • TRULANCE® - Reported revenue of $17M in 2Q19 during the first full growth1,2 vs. 2Q18; 1% total Company quarter since acquisition reporte
Slide 6: 2Q Financial Results
2Q 19 Financial Results Three Months Ended Favorable (Unfavorable) Constant Organic 6.30.19 6.30.18 Reported Currency 1,2 Change1,3 Revenues $2,152M $2,128M 1% 3% 3% GAAP Net Loss ($171M) ($873M) Adj. Net Income (non-GAAP) 1 $372M $327M 14% 13% Diluted Shares Outstanding 5 356.5M 354.5M GAAP EPS ($0
Slide 7: 2Q Financial Results Bausch + Lomb/International
2Q 19 Financial Results Bausch + Lomb/International Three Months Ended Favorable (Unfavorable) 6.30.19 6.30.18 Reported Constant Currency1,2 Organic Change1,3 +4% Global Vision Care Revenue $216M $207M 4% 8% 8% Bausch + Lomb/International segment organic revenue Global Surgical Revenue $177M $182M (
Slide 8: 2Q Financial Results Salix
2Q 19 Financial Results Salix Three Months Ended Favorable (Unfavorable) 6.30.19 6.30.18 Reported Constant Currency1,2 Organic Change1,3 +12% Salix segment organic Salix Revenue $509M $441M 15% 15% 12% revenue growth 1,3 vs. 2Q18, Total Segment Revenue $509M $441M 15% 15% 12% despite the UCERIS ® LO
Slide 9: 2Q Financial Results Ortho Dermatologics
2Q 19 Financial Results Ortho Dermatologics Three Months Ended Favorable (Unfavorable) 6.30.19 6.30.18 Reported Constant Currency1,2 Organic Change1,3 +44% Ortho Dermatologics Revenue 5 $77M $109M (29%) (29%) (29%) Global Solta organic revenue growth 1,3 vs. 2Q18, driven by Global Solta Revenue $45M
Slide 10: 2Q Financial Results Diversified Products
2Q 19 Financial Results Diversified Products Three Months Ended Favorable (Unfavorable) 6.30.19 6.30.18 Reported Constant Currency1,2 Organic Change1,3 +24% Generics organic revenue Neuro & Other Revenue $175M $216M (19%) (19%) (19%) growth 1,3 vs. 2Q18, driven by Generics Revenue 5 $112M $90M 24% 2
Slide 11: 2Q Balance Sheet Summary
2Q 19 Balance Sheet Summary As of As of As of As of As of 6.30.19 3.31.19 12.31.18 9.30.18 6.30.18 Cash, cash equivalents and $880M $784M $723M $973M $838M restricted cash Revolving Credit Drawn $150M $0M $75M $75M $325M Senior Secured Debt2 $11,197M $11,147M $10,950M $9,526M $9,890M Senior Unsecure
Slide 12: 2Q Cash Flow Summary
2Q 19 Cash Flow Summary Three Months Three Months Six Months Six Months Ended 6.30.19 Ended 6.30.18 Ended 6.30.19 Ended 6.30.18 Net loss 1 ($170M) ($872M) ($218M) ($3,451M) $339M of cash generated from operations during 2Q19, ahead of Company Net cash provided by operating $339M $222M $752M $660M ex
Slide 13: Raised Full-Year 2019 Revenue and Adjusted EBITDA Guidance
Raised Full-Year 2019 Revenue and Adjusted EBITDA (non-GAAP)1 Guidance3,4 Prior Guidance Prior Guidance Current Guidance (February 2019) (May 2019) (August 2019) Total Revenues $8.30B - $8.50B $8.35B - $8.55B $8.40B - $8.60B Adjusted EBITDA (non-GAAP) 1 $3.35B - $3.50B $3.40B - $3.55B $3.425B - $3.5
Slide 14: Full-Year 2019 Guidance Bridge
Full-Year 2019 Revenue and Adjusted EBITDA (non-GAAP)1 Guidance Bridge2,3 2019 May Currency Base 2019 Aug. LOE Guidance Impact Performance Guidance Revenue Revenue Approx. $8.60B to Raised Approx. +$20M Full-Year 2019 $8.55B Approx. +$20M $8.40B Revenue Guidance to +$10M Range $8.35B 2019 May Curren
Slide 15: Bausch + Lomb/International Update
Bausch + Lomb/International Update3 2Q19 Revenues: $1,208M Key Highlights 1Q19 4Q18 3Q18 2Q18 Segment saw 4% organic revenue growth 1,2 in 2Q19 Revenues Revenues Revenues Revenues vs. 2Q18, driven by an increase in volume, particularly $1,118M $1,205M $1,147M $1,209M in Global Consumer and Global Vi
Slide 16: Global Consumer
Global Consumer Global Consumer saw 5% organic revenue growth 1,2 in % of Weekly Market Share in Redness Reliever Category3 2Q19 vs. 2Q18, driven by strength in Ocuvite ®, PreserVision® and LUMIFY ® offsetting the decline in lens solution 38.6% 35.1% Ocuvite ® and PreserVision ® combined saw 13% 31.
Slide 17: Global Vision Care
Global Vision Care Global Vision Care saw 8% organic revenue growth 1,2 in 2Q19 vs. 2Q18, driven by volume across Biotrue ® ONEday and Bausch + Lomb ULTRA ® New Products Driving Growth: Recent launches of Toric lenses for both Biotrue® ONEday and Bausch + Lomb Bausch + Lomb ULTRA® ULTRA ®, as well a
Slide 18: Salix Update: Key Highlights
Salix Update: Key Highlights Record Quarter 2Q19 Revenues: $509M • Salix quarterly revenue exceeded $500M for the first 1Q19 4Q18 3Q18 2Q18 time; driven by XIFAXAN ®, which reported highest Revenues Revenues Revenues Revenues quarterly revenue $445M $426M $460M $441M Promoted Brand Growth vs. 2Q185
Slide 19: XIFAXAN Update
XIFAXAN® Update XIFAXAN® reported revenue growth of 21% in 2Q19 vs. 2Q18 Record Quarter: Reported highest quarterly revenue XIFAXAN® Quarterly TRx Trend2 230,000 Revenue Growth Drivers: • 8% driven by volume • 7% driven by proactive steps taken to improve gross- 220,000 to-nets (Project CORE) • 6% d
Slide 20: TRULANCE Update
TRULANCE® Update Reported revenue of $17M in 2Q19; continues to perform well relative to revenue guidance of $55M for 2019 IBS-C/CIC2 Branded Market (in TRx Volume)1 Increased TRx Growth: +31% TRx growth vs. 2Q18 and 7% TRx growth vs. 1Q193 TRULANCE® 4% Improved Targeting and Grew Footprint: • Incre
Slide 21: Ortho Dermatologics Update
Ortho Dermatologics Update3,4 13% total segment organic revenue decline 1,2 2Q19 vs. 2Q18 2Q19 Revenues: $122M 1Q19 4Q18 3Q18 2Q18 Global Solta organic revenue growth 1,2 of 44% in 2Q19 Revenues Revenues Revenues Revenues vs. 2Q18, driven by strong launch of Thermage® FLX $138M $159M $176M $141M Der
Slide 22: DUOBRII: Off to a Strong Start
DUOBRII™: Off to a Strong Start ✔ Adoption by Doctors ✔ Adoption by Patients • Early feedback has been very positive with • DUOBRII™ is a topical treatment you can keep using many HCPs recognizing the need for a until your skin is clear 2 topical with long duration of use to treat a Baseline Week 12
Slide 23: Significant Seven
Significant Seven <$100M Over $1B in annualized 2017 2018 2019 2020 2021 2022 Expected annualized revenues as of ~$75M >$150M ~$300M 2 peak total revenues by end of 2017 the end of 2022 (SiHy Daily) First Launch Sept. 20181; Launched June 2019 RELISTOR ® VYZULTA® (latanoprostene bunod Plans for glob
Slide 24: Positioned for Future Growth
Positioned for Future Growth 1 Continuing to improve/de-risk the balance sheet • ~$8B in debt reduction since 1Q16 • Successfully managing maturity profile 2 Growing our business • Overcame primary LOE challenges to drive growth • Sixth consecutive quarter of total company organic revenue growth1,2
Slide 25: 2019: Pivot to Offense
2019: Pivot to Offense4 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-
Slide 26: Appendix
25 Appendix BAUSCH Health
Slide 27: Key Product LOE Q2 2019 Impact
Key Product LOE Q2 2019 Impact Product Line with Actual or LOE Rev/Profit LOE Rev/Profit Change Business Unit Anticipated LOE Date1 Q2 2018 Actual Q2 2019 Actual Q2 2018 vs. Q2 2019 Revenue Profit Revenue Profit Revenue Profit • Lotemax Suspension® 2Q19 Ophtho Rx • Lotemax Gel® 2H 2019 – 1H 2020 (no
Slide 28: 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 Current Forecast Prior vs Current Forecast Revenue Profit Revenue Profit Revenue Profit • Lotemax Suspension® 2Q19 Ophtho Rx • Lotemax Gel® 2H 2019 – 1H 202
Slide 29: 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 Forecast 2018 vs 2019 Forecast Revenue Profit Revenue Profit Revenue Profit • Lotemax Suspension® 2Q19 Ophtho Rx • Lotemax Gel® 2H 2019 – 1H 2020
Slide 30: Selected U.S. Businesses Pipeline Inventory Trending (2Q19)
Selected U.S. Businesses Pipeline Inventory Trending (2Q19) Months on Hand As of As of As of As of Business Change Change Mar 31, Jun 30, Mar 31, Jun 30, Units 2Q18 2Q19 2018 2018 2019 2019 Derm 1.35 1.43 0.08 1.33 1.37 0.04 Neuro 1.62 1.50 (0.12) 1.06 1.11 0.05 Ophtho 1.26 1.39 0.13 0.87 0.79 (0.08
Slide 31: 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, Jun 30, Dec 31, Jun 30, Units YTD18 YTD19 2017 2018 2018 2019 Derm 1.39 1.43 0.04 1.26 1.37 0.11 Neuro 1.62 1.50 (0.12) 1.08 1.11 0.03 Ophtho 1.21 1.39 0.18 0.89
Slide 32: Reduced Debt and Extended Maturities
Reduced Debt and Extended Maturities Long-Term Debt Maturity Profile as of August 6, 20191 2025 2019 2020 2021 2022 2023 2024 Total and beyond Debt $0M $0M $0M $1,250M $3,806M $2,000M $15,780M $22,836M Maturities Mandatory $0M $103M $303M $303M $303M $303M $114M $1,429M Amortization Total $0M $103M
Slide 33: 2Q Top Products – Total Bausch Health
2Q 19 Top 10 Products – Total BAUSCH Health1 Top 10 products/franchises revenues, trailing five quarters Rank Product/Franchises 2Q19 1Q19 4Q18 3Q18 2Q18 1 XIFAXAN® $356M $306M $308M $318M $294M 2 Ocuvite® + PreserVision® $84M $64M $89M $79M $76M 3 SofLens® $72M $70M $78M $75M $77M 4 WELLBUTRIN® $70
Slide 34: 2Q Top Products – B+L/International
2Q 19 Top 10 Products – B+L/International Top 10 products/franchises revenues, trailing five quarters Rank Product/Franchises 2Q19 1Q19 4Q18 3Q18 2Q18 1 Ocuvite® + PreserVision® $84M $64M $89M $79M $76M 2 SofLens® $72M $70M $78M $75M $77M 3 renu® $53M $48M $57M $57M $59M 4 Biotrue® ONEday $46M $42M
Slide 35: 2Q Top Products – Salix
2Q 19 Top 10 Products – Salix Top 10 products/franchises revenues, trailing five quarters Rank Product/Franchises 2Q19 1Q19 4Q18 3Q18 2Q18 1 XIFAXAN® $356M $306M $308M $318M $294M 2 APRISO® $44M $36M $43M $41M $40M 3 GLUMETZA® $42M $38M $23M $40M $25M 4 RELISTOR® $24M $26M $21M $32M $24M 5 TRULANCE®
Slide 36: 2Q Top Products – Ortho Dermatologics
2Q 19 Top 10 Products – Ortho Dermatologics Top 10 products/franchises revenues, trailing five quarters Rank Product/Franchises 2Q19 1Q19 4Q18 3Q18 2Q18 1 THERMAGE® $33M $27M $28M $19M $19M 2 JUBLIA® $15M $11M $17M $15M $12M 3 RETIN-A MICRO® .06 & .08 $9M $12M $7M $9M $9M 4 TARGRETIN® $9M $9M $13M $
Slide 37: 2Q Top Products – Diversified Products
2Q 19 Top 10 Products – Diversified Products1 Top 10 products/franchises revenues, trailing five quarters Rank Product/Franchises 2Q19 1Q19 4Q18 3Q18 2Q18 1 WELLBUTRIN® $61M $58M $59M $64M $67M 2 ARESTIN® $21M $21M $25M $21M $26M 3 APLENZIN® $21M $16M $16M $13M $13M 4 ELIDEL® AG $16M $5M $4M $0M $0M
Slide 38: Other Financial Information (Quarter-to-Date)
Other Financial Information (Quarter-to-Date) Three Months Ended Favorable (Unfavorable) Constant June 30, 2019 June 30, 2018 Reported Currency1,2 Cash Interest Expense $394M $414M 5% 4% Net Interest Expense $406M $432M 6% 6% Non-cash adjustments Depreciation $43M $43M 0% (2%) Non-cash share-based C
Slide 39: Other Financial Information (Year-to-Date)
Other Financial Information (Year-to-Date) Six Months Ended Favorable (Unfavorable) Constant June 30, 2019 June 30, 2018 Reported Currency1,2 Cash Interest Expense $783M $807M 3% 2% Net Interest Expense $808M $845M 4% 4% Non-cash adjustments Depreciation $86M $86M 0% (3%) Non-cash share-based Comp $
Slide 40: Non-GAAP Adjustments EPS Impact (Quarter-to-Date)
Non-GAAP Adjustments EPS Impact (Quarter-to-Date)1 Three Months Ended June 30, 2019 2018 Income Earnings per Income Earnings per (Expense) Share Impact (Expense) Share Impact Net loss attributable to Bausch Health Companies Inc. $ (171) $ (0.49) $ (873) $ (2.49) Non-GAAP adjustments: Amortization of
Slide 41: Non-GAAP Adjustments EPS Impact (Year-to-Date)
Non-GAAP Adjustments EPS Impact (Year-to-Date)1 Six Months Ended June 30, 2019 2018 Income Earnings per Income Earnings per (Expense) Share Impact (Expense) Share Impact Net loss attributable to Bausch Health Companies Inc. $ (223) $ (0.63) $ (3,454) $ (9.84) Non-GAAP adjustments: Amortization of in
Slide 42: Bausch + Lomb / Int'l Segment Trailing Five Quarters
Bausch + Lomb / Int’l Segment Trailing Five Quarters1 Bausch + Lomb / International 2Q19 1Q19 4Q18 3Q18 2Q18 Global Vision Care Revenue $216M $203M $203M $209M $207M Global Surgical Revenue $177M $167M $186M $159M $182M Global Consumer Revenue $371M $324M $368M $354M $369M Global Ophtho Rx Revenue $
Slide 43: Salix Segment Trailing Five Quarters
Salix Segment Trailing Five Quarters Salix 2Q191 1Q191 4Q182 3Q182 2Q182 Salix Revenue $509M $445M $426M $460M $441M Segment Revenue $509M $445M $426M $460M $441M Adj. Segment Gross Profit (non-GAAP)1,2,3 $439M $381M $370M $392M $377M (excluding amortization and impairments of intangible assets) Adj
Slide 44: Ortho Dermatologics Segment Trailing Five Quarters
Ortho Dermatologics Segment Trailing Five Quarters1 Ortho Dermatologics 2Q19 1Q19 4Q18 3Q18 2Q18 Ortho Dermatologics Revenue2 $77M $100M $114M $147M $109M Global Solta Revenue $45M $38M $45M $29M $32M Segment Revenue2 $122M $138M $159M $176M $141M Segment Gross Profit4 (excluding amortization and $1
Slide 45: Diversified Products Segment Trailing Five Quarters
Diversified Products Segment Trailing Five Quarters Diversified Products 2Q19 1Q19 4Q18 3Q18 2Q18 Neuro & Other Revenue $175M $186M $186M $211M $216M Generics Revenue1 $112M $104M $115M $117M $90M Dentistry Revenue1 $26M $25M $30M $25M $31M Segment Revenue1 $313M $315M $331M $353M $337M Segment Gros
Slide 46: Financial Summary – Adjusted (non-GAAP)
Financial Summary – Adjusted (non-GAAP) Presentation Reconciliation ($M) (Quarter-to-Date) Q2 2019 Gross Gross Selling & G&A and R&D Operating Operating 2 Profit Margin2 Advertising Other Expense Expense Income Qtr 2 2019 GAAP $ 1,558 72.4% $ 490 $ 161 $ 117 $ 768 $ 257 Amortization of finite-lived
Slide 47: Financial Summary – Adjusted (non-GAAP)
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 $ 3,037 72.9% $ 952 $ 286 $ 234 $ 1,472 $ 544 Amortization of finite-lived int
Slide 48: Financial Summary – Adjusted (non-GAAP)
Financial Summary – Adjusted (non-GAAP) Presentation Reconciliation ($M) (Quarter-to-Date) 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
Slide 49: Financial Summary – Adjusted (non-GAAP)
Financial Summary – Adjusted (non-GAAP) Presentation Reconciliation ($M) (Year-to-Date) YTD 2019 Salix Gross Gross Selling & G&A and R&D Operating Operating 2 2 Profit Margin Advertising Other Expense Expense Income YTD 2019 GAAP $ 815 85.4% $ 158 $ 24 $ 13 $ 195 $ 620 Acquisition-related costs and
Slide 50: 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 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 YTD 2019 YTD 2018 Bausch + Lomb / International $ 119 $ 120 $ 123 $ 126 $ 132 $ 239 $ 268 Salix 247 242 240 360 424
Slide 51: Reconciliation of Reported Net Loss to EBITDA and Adjusted EBITDA
Reconciliation of Reported Net Loss to EBITDA and Adjusted EBITDA ($M) Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Net loss attributable to Bausch Health Companies Inc. $ (171) $ (873) $ (223) $ (3,454) Interest expense, net 406 432 808 845 (Benefit from) provision for
Slide 52: Reconciliation of Reported Growth to Organic Growth (Quarter-to-Date)
Reconciliation of Reported Growth to Organic Growth ($M) (Quarter-to-Date)1 Calculation of Organic Revenue Three Months Ended Three Months Ended Change in June 30, 2019 June 30, 2018 Organic Revenue Changes Organic Organic Revenue in Revenue Revenue Revenue as Exchange (Non-GAAP) as Divestitures and
Slide 53: Reconciliation of Reported Growth to Organic Growth (Year-to-Date)
Reconciliation of Reported Growth to Organic Growth ($M) (Year-to-Date)1 Calculation of Organic Revenue Six Months Ended Six Months Ended Change in June 30, 2019 June 30, 2018 Organic Revenue Changes Organic Organic Revenue in Revenue Revenue Revenue as Exchange (Non-GAAP) as Divestitures and (Non-G
Slide 54: Reconciliation of Reported Growth to Organic Growth
Reconciliation of Reported Growth to Organic Growth ($M) Change in Organic Calculation of Bausch & Lomb International Organic Revenue Revenue Revenue Changes in Organic Revenue Organic as Exchange Revenue (Non- as Divestitures and Revenue (Non- Reported Rates (a) Acquisitions GAAP) (b) Reported Disc
Slide 55: Reconciliation of Reported Growth to Organic Growth
Reconciliation of Reported Growth to Organic Growth ($M) Calculation of Organic Revenue Three Months Ended Three Months Ended Change in June 30, 2019 June 30, 2018 Organic Revenue Changes Organic Organic Revenue in Revenue Revenue Revenue as Exchange (Non-GAAP) as Divestitures and (Non-GAAP) Reporte
Slide 56: Reconciliation of TTM Adjusted EBITDA
Reconciliation of TTM1 adjusted EBITDA2 ($M) TTM TTM TTM TTM TTM Jun-19 Mar-19 Dec-18 Sep-18 Jun-18 Net loss attributable to Bausch Health Companies Inc. $ (917) $ (1,619) $ (4,148) $ (3,291) $ (1,640) Interest expense, net 1,637 1,663 1,674 1,707 1,746 (Benefit from) provision for income taxes (116
Slide 57: YTD Financial Results
YTD 19 Financial Results Six Months Ended Favorable (Unfavorable) Constant Organic 6.30.19 6.30.18 Reported Currency 1,2 Change1,3 Revenues $4,168M $4,123M 1% 3% 4% GAAP Net Loss ($223M) ($3,454M) Adj. Net Income (non-GAAP) 1 $730M $639M 14% 21% Diluted Shares Outstanding 5 356.4M 353.9M GAAP EPS ($
Slide 58: YTD Financial Results Bausch + Lomb/International
YTD 19 Financial Results Bausch + Lomb/International Six Months Ended Favorable (Unfavorable) Constant Organic 6.30.19 6.30.18 Reported Currency1,2 Change1,3 Global Vision Care Revenue $419M $402M 4% 8% 8% Global Surgical Revenue $344M $353M (3%) 2% 3% Global Consumer Revenue $695M $699M (1%) 4% 5%
Slide 59: YTD Financial Results Salix
YTD 19 Financial Results Salix Six Months Ended Favorable (Unfavorable) Constant Organic 6.30.19 6.30.18 Reported Currency1,2 Change1,3 Salix Revenue $954M $863M 11% 11% 9% Total Segment Revenue $954M $863M 11% 11% 9% Adj. Gross Profit (non- GAAP) 1,4,5 $820M $732M 12% 12% (excluding amortization an
Slide 60: YTD Financial Results Ortho Dermatologics
YTD 19 Financial Results Ortho Dermatologics Six Months Ended Favorable (Unfavorable) Constant Organic 6.30.19 6.30.18 Reported Currency1,2 Change1,3 Ortho Dermatologics Revenue 5 $177M $220M (20%) (20%) (20%) Global Solta Revenue $83M $61M 36% 39% 39% Total Segment Revenue 5 $260M $281M (7%) (7%) (
Slide 61: YTD Financial Results Diversified Products
YTD 19 Financial Results Diversified Products Six Months Ended Favorable (Unfavorable) Constant Organic 6.30.19 6.30.18 Reported Currency1,2 Change1,3 Neuro & Other Revenue $361M $425M (15%) (15%) (15%) Generics Revenue 5 $216M $180M 20% 20% 20% Dentistry Revenue 5 $51M $62M (18%) (18%) (18%) Total
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 — Q2 2019 Earnings Presentation on 6ix