Bausch Health Companies Inc. · TSX:BHC
Bausch Health Companies — Q2 2026 Earnings Presentation
58 slides from Bausch Health Companies's earnings presentation, Jul 29, 2026
Slide 1: International 2Q 2026 Earnings
International 2Q 2026 Earnings July 29, 2026 ® NEUROSCIENCE ©2026 Bausch Health Companies Inc. and/or one of its affiliates.
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. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws (collectively, “forward-looking st
Slide 3: Agenda
Business Update Agenda 2Q26 Financial Results 2026 Guidance Business Priorities Closing Remarks and Q&A ©2026 Bausch Health Companies Inc. and/or one of its affiliates.
Slide 4: Business Update
1 Business Update ©2026 Bausch Health Companies Inc. and/or one of its affiliates.
Slide 5: Driving Results, Advancing Strategy, & Unlocking Value in 2Q26
Unconsolidated Driving Results, Advancing Strategy, & Unlocking Value in 2Q26 Delivered 13th Consecutive Quarter of Revenue and Adjusted EBITDA1 Growth for Bausch Health (excl. B+L) 13 Broad-based performance with all segments contributing to segment profit2 Historically High 59% Adjusted EBITDA Mar
Slide 6: 2Q26 Segment Highlights
Unconsolidated 2Q26 Segment Highlights Salix International Solta +21% +10% +38% 2Q26 Reported 2Q26 Reported 2Q26 Reported Revenue Growth Revenue Growth Revenue Growth Net realized price and EMEA organic1 revenue growth Record $91 million continued Xifaxan (14th consecutive quarter) segment profit2 d
Slide 7: Consistent Growth Through Deliberate Management Execution
Unconsolidated Consistent Growth Through Deliberate Management Execution Highlights Last Twelve-Month (LTM) Revenue1 Amounts in millions USD Capitalizing on all operating levers to drive profitable growth +20% 5,529 Optimizing sales coverage utilizing AI Customer Insights 5,165 4,834 Improving sales
Slide 8: Consistent Growth Through Deliberate Management Execution
Unconsolidated Consistent Growth Through Deliberate Management Execution Highlights LTM Adjusted EBITDA Margin1,2 Graph is not to scale Managing resources effectively and driving operating leverage +470 BPS 55.8% Investing selectively in key 54.2% franchises 52.8% 51.1% Continuous effort to contain
Slide 9: Consistent Growth Through Deliberate Management Execution
Unconsolidated Consistent Growth Through Deliberate Management Execution LTM Adjusted Cash Flows from Operations1,2 Net Debt1,3 Amounts in millions USD Amounts in millions USD +112% (13%) 1,307 1,499 15,754 1,192 14,763 14,200 13,653 708 Q4 23 Q4 24 Q4 25 Q2 26 Q4 23 Q4 24 Q4 25 Q2 26 Cash Flow Gene
Slide 10: 2Q26 Financial Results
2 2Q26 Financial Results ©2026 Bausch Health Companies Inc. and/or one of its affiliates.
Slide 11: 2Q26 GAAP Financial Results
Consolidated 2Q26 GAAP Financial Results Amounts in millions USD, except EPS amounts Three Months Ended Favorable (Unfavorable) June 30, 2026 June 30, 2025 Reported Revenues $2,852 $2,530 13% Gross Profit $1,846 $1,510 22% Gross Margin 64.7% 59.7% 500 bps Selling, A&P $648 $628 (3%) G&A $259 $266 3%
Slide 12: 2Q26 Non-GAAP Financial Results
Consolidated 2Q26 Non-GAAP1 Financial Results Amounts in millions USD Three Months Ended Favorable (Unfavorable) June 30, 2026 June 30, 2025 Reported Constant Currency1 Revenues (Same as reported) $2,852 $2,530 13% 12% Adj. Gross Profit1 $2,080 $1,787 16% 16% Adj. Gross Margin1 72.9% 70.6% 230 bps -
Slide 13: 2Q26 Adjusted EBITDA & Adjusted Cash Flows from Operations
Consolidated 2Q26 Adjusted EBITDA1,2 & Adjusted Cash Flows from Operations1 Amounts in millions USD 2Q26 Adjusted Cash Flows 2Q26 Adjusted EBITDA1,2 from Operations1 $245 $166 $1,110 $637 2 $865 $471 Bausch Health Bausch + Lomb Bausch Health Bausch + Lomb (excl. B+L) (excl. B+L) BHC (excl. B+L) BHC
Slide 14: 2Q26 Revenue
Consolidated 2Q26 Revenue Amounts in millions USD Bausch + Lomb Consolidated Revenue vs 2Q25 (excl. B+L) $2,852 12% 18% $2,530 15% $1,458 52% $1,394 57% 25% 21% 2Q25 2Q26 Salix International Diversified Solta Medical Vision Care Pharmaceuticals Surgical Reported: 13% Organic1: 11% Reported: 16% Orga
Slide 15: Salix Segment – 2Q26
Unconsolidated Salix Segment – 2Q26 Amounts in millions USD Segment Mix Revenue vs. 2Q25 Highlights REPORTED CHANGE CHANGE Favorable Xifaxan® growth PRODUCT REVENUE ($) (%) 5% 2% excl. impact of Medicaid: 5% TRx2 excl. Medicaid +4.2%, $664 $135 26% TRx2 (8.1%) $41 ($6) (13%) Higher Xifaxan® realized
Slide 16: International Segment – 2Q26
Unconsolidated International Segment – 2Q26 Amounts in millions USD Geographic Mix Revenue vs. 2Q25 Highlights REPORTED CHANGE REPORTED ORGANIC1 EMEA REGION REVENUE ($) CHANGE (%) CHANGE (%) 14th consecutive quarter of 22% organic1 growth EMEA $155 $16 12% 9% LATAM LATAM $83 $19 30% 16% Growth acros
Slide 17: Solta Medical Segment – 2Q26
Unconsolidated Solta Medical Segment – 2Q26 Amounts in millions USD Geographic Mix Revenue vs. 2Q25 Highlights REPORTED CHANGE REPORTED ORGANIC1 Double-digit organic1 growth REGION REVENUE ($) CHANGE (%) CHANGE (%) led by continued momentum 3% 12% in Asia Pacific Asia Pacific $149 $50 50% 18% N. Ame
Slide 18: Diversified Segment – 2Q26
Unconsolidated Diversified Segment – 2Q26 Amounts in millions USD Segment Mix Revenue vs. 2Q25 Highlights REPORTED CHANGE CHANGE Neuroscience BUSINESS REVENUE ($) (%) Favorable net pricing, partially 9% offset by volume decline 6% Neuroscience $138 $20 17% Dermatology $47 ($8) (15%) Dermatology 21%
Slide 19: Bausch + Lomb – 2Q26
Unconsolidated Bausch + Lomb – 2Q26 Amounts in millions USD Bausch + Lomb Vision Care Surgical Pharmaceuticals $1,394 28% 29% $1,278 35% $784 $256 51% $354 65% 21% 71% 2 2 2Q25 2Q26 Consumer Contact Lens Consumables/Other Implantables Equipment U.S. International Reported: 9% Organic1: 8% Reported:
Slide 20: Bausch Health (excl. B+L) Revenue & Segment Profit – 2Q26
Unconsolidated Bausch Health (excl. B+L) Revenue & Segment Profit1 – 2Q26 Amounts in millions USD Revenue Segment Profit1 Highlights 2Q26 vs. 2Q25 2Q26 vs. 2Q25 Salix $758 21% Salix $605 33% → Sustained Xifaxan® growth supporting operating leverage International $305 10% International $90 15% → LATA
Slide 21: 2026 Guidance
3 2026 Guidance ©2026 Bausch Health Companies Inc. and/or one of its affiliates.
Slide 22: Full Year 2026 Guidance
Consolidated Full Year 2026 Guidance1,2 All amounts are approximate, in billions USD 2026 Guidance1,2,3 2026 Guidance1,2,3 Bausch Health Companies Prior as of April 29, 2026 Current as of July 29, 2026 Net Revenue $10.670 – $10.920 $10.790 – $11.040 Adjusted EBITDA1 $3.885– $4.010 $4.050– $4.175 Bau
Slide 23: Business Priorities
4 Business Priorities ©2026 Bausch Health Companies Inc. and/or one of its affiliates.
Slide 24: Value Creation Levers
Value Creation Levers1 Increase Portfolio Drive Organic2 Growth Invest in Select External Maximize B+L Value for Performance and Productivity Opportunities BHC Shareholders Working All Levers of Value Creation 1. See Slide 2 for further information on forward-looking statements. ©2026 Bausch Health
Slide 25: Framework for Potential Business Development
Framework for Potential Business Development1 THERAPEUTIC LATE-STAGE / ALIGNMENT WITH CAPITAL FIT COMMERCIAL-READY ALLOCATION STRATEGY Screening assets in therapeutic Ability to leverage commercial Optimize the capital structure areas in which we have expertise - capabilities to take an asset from f
Slide 26: A Strong Foundation for Value Creation
A Strong Foundation for Value Creation1 DEEP DIVERSE EXPERTISE MARKET- PORTFOLIO BROAD in LEADING with GLOBAL GI COMMERCIAL VALUABLE FOOTPRINT NEUROSCIENCE PLATFORM BRANDS DERMATOLOGY AESTHETICS 1. See Slide 2 for further information on forward-looking statements. ©2026 Bausch Health Companies Inc.
Slide 27: Appendix
Appendix ©2026 Bausch Health Companies Inc. and/or one of its affiliates.
Slide 28: Bausch Health (excl. B+L) 2Q26 Change in Net Debt
Unconsolidated Bausch Health (excl. B+L) 2Q26 Change in Net Debt1,2 As of 2Q26, amounts in millions USD $14,087 NET DEBT1,2 DECREASED BY $13,653 $434M ($471) $5 $6 $26 Q126 Net Debt 1,2 Adj. Cash Flows Legacy Legal CAPEX Other Q226 Net Debt 1,2 from Operations2 Payments 1. Debt values are shown at p
Slide 29: Key R&D Initiatives
Key R&D Initiatives1 Pharmaceutical Clinical Programs Phase 1 Phase 2 Phase 3 Approval/Launch Notes • Potential to be first FDA-approved therapeutic option for AH Larsucosterol • Granted FDA Breakthrough Therapy Designation Treatment of alcohol-associated hepatitis (AH) • Registrational Phase 3 prog
Slide 30: Bausch Health (excl. B+L) Debt Maturity Profile
Unconsolidated Bausch Health (excl. B+L) Debt Maturity Profile1,2 As of 2Q26, amounts in millions USD $7,000 TOTAL $6,000 $6,000 $15.1B1 $5,000 $3,995 $4,000 DECREASED DEBT BY $352 ~$8M $23 $779 $3,000 $6,000 $2,326 Since 1Q26 $2,000 $1,639 $30 $1,691 $2,843 $673 DECREASED DEBT, NET OF $463 $1,000 $
Slide 31: Balance Sheet Summary
Consolidated Balance Sheet Summary Amounts in millions USD June 30, 2026 December 31, 2025 December 31, 2024 Cash, cash equivalents, and restricted cash1 $1,838 $1,325 $1,201 5 Revolving Credit Facilities $150 $100 $110 AR Credit Facility - - $300 Senior Secured Debt (principal amount)2 $16,129 $16,
Slide 32: YTD GAAP Financial Results
Consolidated YTD GAAP Financial Results Amounts in millions USD, except EPS amounts Favorable Six Months Ended (Unfavorable) June 30, 2026 June 30, 2025 Reported % $5,376 $4,789 12% Revenues $3,391 $2,812 21% Gross Profit Gross Margin 63.1% 58.7% 440 bps $1,261 $1,225 (3%) Selling, A&P $507 $536 5%
Slide 33: YTD Non-GAAP Financial Results
Consolidated YTD Non-GAAP1 Financial Results Amounts in millions USD, except EPS amounts Six Months Ended Favorable (Unfavorable) Constant June 30, 2026 June 30, 2025 Reported Currency¹ Revenues (Same as reported) $5,376 $4,789 12% 10% Adj. Gross Profit¹ $3,869 $3,367 15% 13% Adj. Gross Margin¹ 72.0
Slide 34: LTM Reconciliation of Reported Net Income (Loss) to Adjusted EBITDA
Consolidated LTM Reconciliation of Reported Net Income (Loss) to Adjusted EBITDA1 Amounts in millions USD Last Twelve Months Ended BHC BHC (excl. B+L) B+L Dec-23 Dec-24 Dec-25 Jun-26 Dec-23 Dec-24 Dec-25 Jun-26 Dec-23 Dec-24 Dec-25 Jun-26 Revenue $ 8,757 $ 9,625 $10,266 $ 10,853 $ 4,611 $ 4,834 $ 5,
Slide 35: Reconciliation of LTM Cash Provided by Operating Activities to LTM Adjusted Cash Flows
Unconsolidated Reconciliation of LTM Cash Provided by Operating Activities to LTM Adjusted Cash Flows From Operations1,3 Amounts in millions USD Last Twelve Months Ended Dec-23 Dec-24 Dec-25 Jun-26 Cash provided by operating activities $1,031 $1,597 $1,400 $1,801 Bausch Health (ex. B+L) 1,051 1,364
Slide 36: Channel Inventory in Select U.S. Businesses (QTD)
Unconsolidated Channel Inventory in Select U.S. Businesses (QTD)1 Months on Hand As of Mar 31, As of Jun 30, Change As of Mar 31, As of Jun 30, Change Business Units 2025 2025 2Q25 2026 2026 2Q26 Dermatology 1.03 1.09 0.06 0.88 0.79 (0.09) Neuroscience 1.16 1.17 0.01 1.09 0.79 (0.30) Salix 0.99 0.99
Slide 37: Channel Inventory in Select U.S. Businesses (YTD)
Unconsolidated Channel Inventory in Select U.S. Businesses (YTD)1 Months on Hand As of Dec 31, As of Jun 30, Change As of Dec 31, As of Jun 30, Change Business Units 2024 2025 YTD25 2025 2026 YTD26 Dermatology 1.08 1.09 0.01 1.17 0.79 (0.38) Neuroscience 1.02 1.17 0.15 1.11 0.79 (0.32) Salix 1.09 0.
Slide 38: Other Financial Information
Consolidated Other Financial Information Amounts in millions USD Three Months Ended Favorable (Unfavorable) Six Months Ended Favorable (Unfavorable) June 30, June 30, Constant June 30, June 30, Constant 2026 2025 Reported Currency¹ 2026 2025 Reported Currency¹ Cash Interest Paid² $557 $393 (42%) (42
Slide 39: Non-GAAP Adjustments EPS Impact
Consolidated Non-GAAP1 Adjustments EPS Impact Amounts in millions USD, except EPS amounts Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Income EPS Income EPS Income EPS Income EPS (Expense) Impact (Expense) Impact (Expense) Impact (Expense) Impact Net In
Slide 40: Revenue & Segment Profit Summary
Unconsolidated Revenue & Segment Profit1 Summary Amounts in millions USD Revenue Segment Profit¹ 2Q26 2Q25 vs. 2Q25 2Q26 2Q25 vs. 2Q25 Salix $758 $627 21% $605 $455 33% International 305 278 10% 90 78 15% Diversified 219 219 - 142 139 2% Solta Medical 176 128 38% 91 54 69% Total $1,458 $1,252 16% $9
Slide 41: Reconciliation of Total Long-Term Debt to Net Debt (Non-GAAP)
Consolidated Reconciliation of Total Long-Term Debt to Net Debt (Non- GAAP)1 Amounts in millions USD Dec-23 Dec-24 Dec-25 Mar-26 Jun-26 Total Long-Term Debt $22,388 $21,616 $20,817 $20,764 $20,741 Bausch Health (ex. B+L) 17,823 16,830 15,768 15,723 15,663 Bausch + Lomb2 4,565 4,786 5,049 5,041 5,078
Slide 42: 2Q26 Reconciliation of Reported Operating Income to Adjusted EBITA
Consolidated 2Q26 Reconciliation of Reported Operating Income to Adjusted EBITA (Non-GAAP)1 Amounts in millions USD Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Gross Gross Selling & R&D Operating Operating Gross Gross Selling & R&D Operating Operating Profit Margin Advertising
Slide 43: YTD Reconciliation of Reported Operating (Loss) Income to Adjusted EBITA
Consolidated YTD Reconciliation of Reported Operating (Loss) Income to Adjusted EBITA (Non-GAAP)1 Amounts in millions USD Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Gross Gross Selling & R&D Operating Operating Gross Gross Selling & R&D Operating Operating Profit Margin Advertisin
Slide 44: Reconciliation of Reported Net Income (Loss) to EBITDA and Adjusted EBITDA
Consolidated Reconciliation of Reported Net Income (Loss) to EBITDA1 and Adjusted EBITDA1 Amounts in millions USD Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net Income (loss) $260 $128 ($1,171) $42 Interest expense, net 385 452 777 771 Provision for income taxes 88 12
Slide 45: 2Q26 Segment Profit Reconciliation to Adjusted EBITDA
Consolidated 2Q26 Segment Profit2 Reconciliation to Adjusted EBITDA1 Amounts in millions USD Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Segment Segment Segment Segment Revenue Profit² Profit Margin Revenue Profit² Profit Margin Salix $758 $605 80% $627 $455 73% International 3
Slide 46: YTD Segment Profit Reconciliation to Adjusted EBITDA
Consolidated YTD Segment Profit2 Reconciliation to Adjusted EBITDA1 Amounts in millions USD Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Segment Segment Segment Segment Revenue Profit² Profit Margin Revenue Profit² Profit Margin Salix $1,397 $1,073 77% $1,169 $826 71% International
Slide 47: 2Q26 Reconciliation of Reported Revenue to Organic Revenue
Consolidated 2Q26 Reconciliation of Reported Revenue to Organic Revenue1,2 and Organic Revenue Growth1 Amounts in millions USD Three Months Ended Change in Reported Change in Organic June 30, 2026 June 30, 2025 Revenue Revenue¹ Revenue as Changes in Organic Revenue Revenue as Divestitures and Organi
Slide 48: YTD26 Reconciliation of Reported Revenue to Organic Revenue
Consolidated YTD26 Reconciliation of Reported Revenue to Organic Revenue1,2 and Organic Revenue Growth1 Amounts in millions USD Six Months Ended Change in Reported Change in Organic June 30, 2026 June 30, 2025 Revenue Revenue¹ Revenue as Changes in Organic Revenue Revenue as Divestitures and Organic
Slide 49: 2Q26 & YTD26 Reconciliation of Cash Provided by Operating Activities
Consolidated 2Q26 & YTD26 Reconciliation of Reported Cash Provided by Operating Activities to Adjusted Cash Flows from Operations (Non-GAAP)1 and Adjusted Free Cash Flows (Non-GAAP) 1 Amounts in millions USD Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 Bausch Health Bausch Health
Slide 50: Last Twelve Months Adjusted EBITDA
Consolidated Last Twelve Months Adjusted EBITDA1 Amounts in millions USD Last Twelve Months Ended Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Net (Loss) Income ($1,093) ($1,225) $120 $321 $48 Interest expense, net 1,562 1,629 1,556 1,496 1,438 Provision for income taxes 361 285 247 199 233 Depreciation and a
Slide 51: 2Q26 Reconciliation of Reported Net Income (Loss) to Adjusted EBITDA
Consolidated 2Q26 Reconciliation of Reported Net Income (Loss) to Adjusted EBITDA1 Amounts in millions USD Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Bausch Health Bausch Health Bausch Health Bausch Health Companies Inc. B+L (excl. B+L) Companies Inc. B+L (excl. B+L) Net Incom
Slide 52: YTD26 Reconciliation of Reported Net (Loss) Income to Adjusted EBITDA
Consolidated YTD26 Reconciliation of Reported Net (Loss) Income to Adjusted EBITDA1 Amounts in millions USD Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Bausch Health Bausch Health Bausch Health Bausch Health Companies Inc. B+L (excl. B+L) Companies Inc. B+L (excl. B+L) Net (Loss) I
Slide 53: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures To supplement the financial measures prepared in accordance with U.S. GAAP, the Company uses certain non-GAAP financial expected to fluctuate between periods in amount, size, and timing. These out-of-the-ordinary-course charges measures an
Slide 54: Non-GAAP Appendix
Non-GAAP Appendix Adjusted Net Income and Adjusted Net Income Attributable to Bausch Health • Separation costs and separation-related costs: The Company has excluded certain costs incurred in connection with Adjusted net income (non-GAAP) is Net income (its most directly comparable GAAP financial me
Slide 55: Non-GAAP Appendix
Non-GAAP Appendix Historically, management has used Adjusted net income (loss) (non-GAAP) for strategic decision making, forecasting future Adjusted EBITA and Adjusted EBITA Margin results and evaluating current performance. This non-GAAP measure excludes the impact of certain items (as described Ad
Slide 56: 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 Total Adjusted Operating Expenses (non-GAAP) represents operating expenses (
Slide 57: Non-GAAP Appendix
Non-GAAP Appendix Adjusted Tax Rate Adjusted Tax Rate (the most directly comparable financial measure for which is our GAAP tax rate) includes the tax impact Adjusted Free Cash Flows excluding Bausch + Lomb (non-GAAP) is Adjusted Free Cash Flows (non-GAAP) further of the various non-GAAP adjustments
Slide 58: Non-GAAP Appendix
Non-GAAP Appendix Net Debt (non-GAAP) and Net Debt excluding Bausch + Lomb (non-GAAP) Net Debt (non-GAAP) is long-term debt (its most directly comparable GAAP financial measure) adjusted for premiums, discount and issuance costs less unrestricted cash and cash equivalents. Net Debt excluding Bausch
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