Bausch Health Companies Inc. · TSX:BHC
Bausch Health Companies — Q2 2018 Earnings Presentation
68 slides from Bausch Health Companies's earnings presentation, August 2018
Slide 1: Financial Results
Financial Results BAUSCH: Health ; ° val :
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking information and statements, within the Commission and the Canadian Securities Administrators, which risks and meaning of applicable securities laws (collectively, “forward-looking statements”), uncertainties are incorporated herei
Slide 3: Non-GAAP Information
Non-GAAP Information To supplement the financial measures prepared in accordance with U.S. generally The reconciliations of these historic non-GAAP measures to the most directly accepted accounting principles (GAAP), the Company uses certain non-GAAP comparable financial measures calculated and pres
Slide 4: Today's Topics
Today’s 1 Opening Remarks & 2Q18 Progress Highlights Topics 2 2Q18 Financial Results 3 FY 2018 Guidance Segment Highlights 4 & 2018 Catalysts 3
Slide 5: Tangible Progress Toward Transformation
Tangible Progress Toward Transformation Our Mission Improve people’s lives with our health care products. Stabilize Turnaround Transform 2016 2017-2018 2018+ Resolving legacy issues and “For a second consecutive quarter, the Company de-risking the balance sheet delivered overall organic growth1,2.
Slide 6: 2Q Highlights
2Q 18 Highlights Executed on Core Businesses Driving Growth with New • ~78% of total revenue generated from Pipeline and Promoted Products Bausch + Lomb/International segment and Salix • Successful LUMIFY™ Launch segment, which saw combined 6% organic revenue Achieved a weekly market share of 21%
Slide 7: 2Q 18 Highlights
Realigned into four reporting segments (Bausch + Lomb/International, Salix, Ortho Dermatologics and Diversified Products) as part of the Company’s ongoing 2Q 18 Highlights transformation; this provides greater clarity into the performance of each of our businesses3 2Q18 Revenue 2Q18 EBITA (% Organic
Slide 8: 2Q Financial Results
2Q 18 Financial Results Three Months Ended Favorable (Unfavorable) Constant Organic 6.30.18 6.30.17 Reported Currency 1,2 Change1,3 Revenues $2,128M $2,233M (5%) (6%) 3% GAAP Net Loss ($873M) ($38M) Adj. Net Income (non-GAAP) 1 $327M $362M (10%) 2% ~353 Million Diluted Shares Outstanding GAAP EPS ($
Slide 9: 2Q Financial Results: Bausch + Lomb/International
2Q 18 Financial Results4 Bausch + Lomb/International Three Months Ended Favorable (Unfavorable) 6.30.18 6.30.17 Reported Constant Currency1,2 Organic Change1,3 +4% Global Vision Care Revenue $207M $187M 11% 9% 9% Bausch + Lomb/International Segment Organic Revenue Global Surgical Revenue 5 $182M $17
Slide 10: 2Q Financial Results: Salix
2Q 18 Financial Results4 Salix Three Months Ended Favorable (Unfavorable) 6.30.18 6.30.17 Reported Constant Currency1,2 Organic Change1,3 +14% Salix Segment Organic Salix Revenue $441M $387M 14% 14% 14% Revenue Growth 1,3 Versus Total Segment Revenue $441M $387M 14% 14% 14% 2Q17, driven by XIFAXAN ®
Slide 11: 2Q Financial Results: Ortho Dermatologics
2Q 18 Financial Results4 Ortho Dermatologics Three Months Ended Favorable (Unfavorable) Constant Organic 6.30.18 6.30.17 Reported Currency1,2 Change1,3 Ortho Dermatologics Revenue 5 $110M $134M (18%) (18%) (17%) Global Solta Revenue Total Segment Revenue $32M $142M $28M $162M 14% (12%) 14% (12%) 14%
Slide 12: 2Q Financial Results: Diversified Products
2Q 18 Financial Results4 Diversified Products Three Months Ended Favorable (Unfavorable) Constant Organic 6.30.18 6.30.17 Reported Currency1,2 Change1,3 Neuro & Other Revenue $216M $248M (13%) (13%) (13%) Generics Revenue $90M $82M 10% 10% 10% Dentistry Revenue $30M $35M (14%) (14%) (12%) Other Reve
Slide 13: 2Q Balance Sheet Summary
2Q 18 Balance Sheet Summary As of As of As of As of As of 6.30.18 3.31.18 12.31.17 9.30.17 6.30.17 Cash, cash equivalents, and $838M $909M $797M $1,969M $2,025M restricted cash Revolving credit drawn $325M $250M $250M $425M $525M Senior Secured Debt2 $9,890M $8,565M $8,771M $9,475M $10,385M Senior U
Slide 14: Reduced Debt and Extended Maturities
Reduced Debt and Extended Maturities Long-Term Debt Maturity Profile as of Aug. 7, 20181 2024 2018 2019 2020 2021 2022 2023 Total and beyond Debt $0M $0M $0M $2,525M $1,250M $6,250M $13,786M $23,811M Maturities Mandatory $57M $228M $228M $228M $228M $228M $287M $1,484M Amortization Total $57M $228M
Slide 15: 2Q Cash Flow Summary
2Q 18 Cash Flow Summary Three Months Three Months Six Months Six Months Ended 6.30.18 Ended 6.30.17 Ended 6.30.18 Ended 6.30.17 Generated $222M in cash Net (loss) income 1 ($872M) ($37M) ($3,451M) $592M flow from operations in 2Q18, which were negatively affected by: Net cash provided by $222M $268M
Slide 16: Raised Full-Year 2018 Adjusted EBITDA and Maintained Revenue Guidance
Raised Full-Year 2018 Adjusted EBITDA (non-GAAP)1 and Maintained Full-Year 2018 Revenue Guidance Prior Guidance Prior Guidance Current Guidance (February 2018) (May 2018) (August 2018) Total Revenues $8.10B - $8.30B $8.15B - $8.35B $8.15B - $8.35B Adjusted EBITDA (non-GAAP) 1 $3.05B - $3.20B $3.15B
Slide 17: 2018 Guidance Bridge
Raised Full-Year 2018 Adjusted EBITDA (non-GAAP)1 and Maintained Full-Year 2018 Revenue Guidance Bridge 2018 May Base 2018 Aug. Currency Impact LOE Performance Guidance Performance Guidance Revenue Revenue $8.35B to Approx. Approx. Approx. +$30M $8.35B to Raised ($60M) +$30M Full-Year 2018 $8.15B $8
Slide 18: Bausch + Lomb/International Update
Bausch + Lomb/International Update5 2Q18 Revenues: $1,209M Key Highlights 1Q18 4Q17 3Q17 2Q17 Segment generated 57% of total Company revenue, which saw Revenues Revenues Revenues Revenues 4% organic revenue growth 1,2 versus 2Q17, driven by volume including growth in Europe and China $1,103M $1,203M
Slide 19: Salix Update
Salix Update3 2Q18 Revenues: $441M Key Highlights 1Q18 4Q17 3Q17 2Q17 Revenues Revenues Revenues Revenues 14% revenue growth versus 2Q17, driven by continued strong fundamental execution across all promoted brands $422M $425M $452M $387M XIFAXAN ® revenue increased by 26% compared to 2Q17 RELIST
Slide 20: Portfolio Expansion Through Strategic Partnerships
Portfolio Expansion Through Strategic Partnerships LUCEMYRA™ is the first and only non-opioid medication for the PLENVU ® is a next generation, 1-liter bowel cleansing mitigation of withdrawal symptoms to facilitate abrupt preparation for colonoscopies discontinuation of opioids in adults The U.S.
Slide 21: Ortho Dermatologics Update
Ortho Dermatologics Update5 2Q18 Revenues: $142M Key Highlights 1Q18 4Q17 3Q17 2Q17 11% total segment organic revenue decline 1,2 versus 2Q17 Revenues Revenues Revenues Revenues Continuing to stabilize segment $141M $170M $177M $162M Doubling Derm: Nine new planned product launches through 2022
Slide 22: DUOBRII Update
DUOBRII™1,2 Update • DUOBRII™1,2 received a Complete Response Letter (CRL) in June 2018 Action Plan CRL did not specify any deficiencies related to the clinical efficacy or safety of • Met with FDA and understand DUOBRII1,2 and no issues with CMC3 additional data requirements processes • We expect
Slide 23: Ortho Dermatologics Pipeline Update
Ortho Dermatologics Pipeline Update BRYHALI™1,2 Treatment Success3 in Phase 3 (Psoriasis Signs of Erythema, Plaque Elevation and Scaling, ITT Population) BRYHALI™1,2 % patients achieving treatment success ERYTHEMA PLAQUE ELEVATION SCALING 100% 100% 100% 4-wk 4-wk 4-wk • If approved, BRYHALI™ 1,2 wil
Slide 24: Significant Seven
Significant Seven New Product Approvals Expected to Drive Long-Term Growth 1,2 1,2 Expect to resubmit with additional data within 30 days VYZULTA™ RELISTOR® as a Class II filing, which is a (latanoprostene bunod (methylnatrexone bromide) 6-month review cycle ophthalmic solution) PDUFA Date: Launched
Slide 25: Making Progress on Pipeline and Portfolio Expansion
Making Progress on Pipeline and Portfolio Expansion Late Phase/Future Catalysts3 Launches • SiHy Daily™ – 4Q18 expected in certain regions • Vitesse® vitreous cutter – 4Q17 Launch2 • Loteprednol Etabonate Ophthalmic Gel, 0.38% • Thermage® FLX System – 4Q17 Launch2 (Ocular Inflammation) – PDUFA date
Slide 26: 2018 Management Commitments & Expected Targets
2018 Management Commitments & Expected Targets Commitment Action Plan and Expected Targets Ortho Dermatologics Double Revenue Over the Next 5 Years Generate Annualized Revenues of >$1B Over the Next 5 Significant Seven Years Prioritize the Use of Cash Flow to Reduce Debt Address Debt Continue to Add
Slide 27: Appendix
2Q 18 Appendix 26
Slide 28: Segment Structure
Segment Structure 1Q18 Segment Structure vs. 2Q18 Segment Structure 1Q18 Segment Structure 2Q18 Segment Structure Segment Business Lines Segment Business Lines • Global Vision Care • Global Vision Care • Global Surgical • Global Surgical Bausch + • Global Consumer Bausch + • Global Consumer Lomb/Int
Slide 29: Key Product LOE 2018 Impact
Key Product LOE 2018 Impact Current Forecast vs. Prior Year Product Line with Actual or Anticipated LOE Rev/Profit LOE Rev/Profit Change Business Unit LOE/Divestiture Date1 2017 Actual 2018 Current Forecast 2017 vs 2018 Current Forecast Revenue Profit Revenue Profit Revenue Profit • Lotemax® 4Q18 (a
Slide 30: Key Product LOE 2018 Impact
Key Product LOE 2018 Impact Business Product Line with Actual or Anticipated LOE Rev/Profit LOE Rev/Profit Change Unit LOE/Divestiture Date1 2018 Prior Forecast 2018 Current Forecast Prior vs Current Forecast Revenue Profit Revenue Profit Revenue Profit • Lotemax® 4Q18 (anticipated) Optho Rx $60M $5
Slide 31: Divestitures and Discontinuations included in 2017 Financials
Divestitures and Discontinuations included in 2017 Financials Divestiture Date Closed Revenue Adjusted EBITDA (non-GAAP) 1 Sprout Dec. 20, 2017 ~$5M ~($30M) Obagi Nov. 9, 2017 ~$60M ~$20M iNova Sept. 29, 2017 ~$195M ~$100M Dendreon June 28, 2017 ~$165M ~$65M Skincare Brands March 3, 2017 (CeraVe, Ac
Slide 32: Top 10 Products – Total Bausch Health
2Q 18 Top 10 Products – Total BAUSCH Health Top 10 products/franchises by revenues, trailing five quarters Rank Product/Franchises 2Q18 1Q18 4Q17 3Q17 2Q17 1 XIFAXAN® $294M $275M $275M $286M $233M 2 SofLens® $77M $73M $78M $83M $76M 3 Ocuvite® + PreserVision® $76M $61M $84M $73M $71M 4 WELLBUTRIN Fr
Slide 33: Top 10 Products – B+L/International
2Q 18 Top 10 Products – B+L/International 1 Top 10 products/franchises by revenues, trailing five quarters Rank Product/Franchises 2Q18 1Q18 4Q17 3Q17 2Q17 1 SofLens® $77M $73M $78M $83M $76M 2 Ocuvite® + PreserVision® $76M $61M $84M $73M $71M 3 renu® $59M $51M $62M $57M $55M 4 LOTEMAX® $38M $33M $3
Slide 34: Top 10 Products – Salix
2Q 18 Top 10 Products – Salix1 Top 10 products/franchises by revenues, trailing five quarters Rank Product/Franchises 2Q18 1Q18 4Q17 3Q17 2Q17 1 XIFAXAN® $294M $275M $275M $286M $233M 2 APRISO® $40M $38M $34M $42M $39M 3 UCERIS® $38M $37M $37M $37M $37M 4 GLUMETZA® $25M $25M $27M $46M $37M 5 RELISTO
Slide 35: Top 10 Products – Ortho Dermatologics
2Q 18 Top 10 Products – Ortho Dermatologics 2 Top 10 products/franchises by revenues, trailing five quarters Rank Product/Franchises 2Q18 1Q18 4Q17 3Q17 2Q17 1 ELIDEL® $25M $19M $24M $21M $18M 2 THERMAGE® $19M $18M $21M $16M $16M 3 JUBLIA® $12M $11M $8M $19M $18M 4 TARGRETIN® $9M $12M $11M $12M $10M
Slide 36: Top 10 Products – Diversified Products
2Q 18 Top 10 Products – Diversified Products 1 Top 10 products/franchises by revenues, trailing five quarters Rank Product/Franchises 2Q18 1Q18 4Q17 3Q17 2Q17 1 WELLBUTRIN Franchise®2 $67M $62M $67M $61M $58M 2 ARESTIN® $26M $24M $33M $26M $28M 3 CUPRIMINE® $18M $16M $18M $20M $20M 4 DIASTAT Franchi
Slide 37: 2Q18 Other Financial Information
2Q18 Other Financial Information Three Months Ended Favorable (Unfavorable) Constant June 30, 2018 June 30, 2017 Reported Currency1,2 Cash Interest Expense $414M $436M 5% 5% Net Interest Expense $432M $456M 5% 6% Non-cash adjustments Depreciation $43M $43M 0% 2% Non-cash share-based Comp $22M $23M 4
Slide 38: 2Q18 Other Financial Information for six months ended June 30, 2018
2Q18 Other Financial Information for six months ended June 30, 2018 Six Months Ended Favorable (Unfavorable) Constant June 30, 2018 June 30, 2017 Reported Currency1,2 Cash Interest Expense $807M $867M 7% 7% Net Interest Expense $845M $927M 9% 9% Non-cash adjustments Depreciation $86M $82M (5%) 0% No
Slide 39: Non-GAAP Adjustments EPS Impact (Quarter-to-Date)
Non-GAAP Adjustments EPS Impact (Quarter-to-Date) Quarter Ended Quarter Ended June 30, 2018 June 30, 2017 Income Earnings Per Income Earnings Per $ in millions, except per share impact (Expense) Share Impact (Expense) Share Impact Net Income GAAP $ (873) $ (2.49) $ (38) $ (0.11) Acquisition-related
Slide 40: Non-GAAP Adjustments EPS Impact (Year-to-Date)
Non-GAAP Adjustments EPS Impact (Year-to-Date) Year to Date Ended Year to Date Ended June 30, 2018 June 30, 2017 Income Earnings Per Income Earnings Per $ in millions, except per share impact (Expense) Share Impact (Expense) Share Impact Net Income (loss) GAAP $ (3,454) $ (9.84) $ 590 $ 1.68 Acquisi
Slide 41: Bausch + Lomb / Int'l Segment Trailing Five Quarters
Bausch + Lomb / Int’l Segment Trailing Five Quarters1,2 Bausch + Lomb / International 2Q18 1Q18 4Q17 3Q17 2Q17 Global Vision Care Revenue $207M $195M $187M $208M $187M Global Surgical Revenue3 $182M $171M $187M $161M $175M Global Consumer Revenue $369M $330M $377M $392M $379M Global Ophtho Rx Revenu
Slide 42: Salix Segment Trailing Five Quarters
Salix Segment Trailing Five Quarters1 Salix 2Q18 1Q18 4Q17 3Q17 2Q17 Salix Revenue $441M $422M $425M $452M $387M Segment Revenue $441M $422M $425M $452M $387M Segment Gross Margin 86% 84% 84% 81% 82% Segment R&D $5M $4M $4M $4M $2M Segment SG&A $79M $79M $94M $84M $85M Segment Operating Income $293M
Slide 43: Ortho Dermatologics Segment Trailing Five Quarters
Ortho Dermatologics Segment Trailing Five Quarters1,2 Ortho Dermatologics 2Q18 1Q18 4Q17 3Q17 2Q17 Ortho Dermatologics Revenue3 $110M $112M $136M $151M $134M Global Solta Revenue $32M $29M $34M $26M $28M Segment Revenue $142M $141M $170M $177M $162M Segment Gross Margin 87% 86% 84% 88% 83% Segment R
Slide 44: Diversified Products Segment Trailing Five Quarters
Diversified Products Segment Trailing Five Quarters1 Diversified Products 2Q18 1Q18 4Q17 3Q17 2Q17 Neuro & Other Revenue $216M $209M $228M $227M $248M Generics Revenue $90M $90M $94M $82M $82M Dentistry Revenue $30M $30M $39M $32M $35M Other Revenue2,3 $0M $0M $4M $15M $96M Segment Revenue $336M $32
Slide 45: Selected U.S. Businesses Pipeline Inventory Trending (2Q18)
Selected U.S. Businesses Pipeline Inventory Trending (2Q18) Months on Hand As of As of As of As of Business Change Change Mar. 31, June 30, Mar. 31, June 30, Units 2Q17 2Q18 2017 2017 2018 2018 Derm 1.44 1.33 (0.11) 1.35 1.43 0.08 Neuro 1.48 1.57 0.09 1.62 1.50 (0.12) Ophtho 1.20 1.37 0.17 1.26 1.39
Slide 46: 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, June 30, Dec. 31, June 30, Units YTD17 YTD18 2016 2017 2017 2018 Derm 1.34 1.33 (0.01) 1.39 1.43 0.04 Neuro 1.59 1.57 (0.02) 1.62 1.50 (0.12) Ophtho 1.44 1.37 (0
Slide 47: Financial Summary – Adjusted (non-GAAP) Quarter-to-Date
Financial Summary – Adjusted (non-GAAP) Presentation Reconciliation (Quarter-to-Date) Q2 2018 Total Gross Selling & G&A and R&D Operating Operating Profit Advertising Other Expense Expense Income Qtr 2 2018 GAAP $ 1,534 $ 470 $ 172 $ 94 $ 736 $ (245) Amortization of finite-lived intangibles - 741 As
Slide 48: Financial Summary – Adjusted (non-GAAP) Year-to-Date
Financial Summary – Adjusted (non-GAAP) Presentation Reconciliation (Year-to-Date) YTD 2018 Total Gross Selling & G&A and R&D Operating Operating Profit Advertising Other Expense Expense Income YTD 2018 GAAP $ 2,956 $ 921 $ 312 $ 186 $ 1,419 $ (2,526) Amortization of finite-lived intangibles - 1,484
Slide 49: Reconciliation of Net Income (Loss) to Adjusted EBITDA (Quarter-to-Date)
Reconciliation of reported Net Income (Loss) to EBITDA and Adjusted EBITDA ($M) (Quarter-to-Date) Three Months Ended June 30, 2018 2017 Net (loss) income attributable to Bausch Health Companies Inc. $ (873) $ (38) Interest expense, net 432 456 Provision for (benefit from) income taxes 138 (205) Depr
Slide 50: Reconciliation of Net Income (Loss) to Adjusted EBITDA (Year-to-Date)
Reconciliation of reported Net Income (Loss) to EBITDA and Adjusted EBITDA ($M) (Year-to-Date) Six Months Ended June 30, 2018 2017 Net (loss) income attributable to Bausch Health Companies Inc. $ (3,454) $ 590 Interest expense, net 845 927 Provision for (benefit from) income taxes 23 (1,129) Depreci
Slide 51: Reconciliation of Reported Growth to Organic Growth (Quarter-to-Date)
Reconciliation of reported Growth to Organic Growth ($M) (Quarter-to-Date) Three Months Ended Three Months Ended Change in June 30, 2018 June 30, 2017 Organic Revenue Changes Organic Organic Revenue in Revenue Revenue Revenue as Exchange (Non-GAAP) as Divested (Non-GAAP) Reported Rates (a) (b) Repor
Slide 52: Reconciliation of Reported Growth to Organic Growth (Year-to-Date)
Reconciliation of reported Growth to Organic Growth ($M) (Year-to-Date) Six Months Ended Six Months Ended Change in June 30, 2018 June 30, 2017 Organic Revenue Changes Organic Organic Revenue in Revenue Revenue Revenue as Exchange (Non-GAAP) as Divested (Non-GAAP) Reported Rates (a) (b) Reported Rev
Slide 53: Reconciliation of Reported Growth to Organic Growth (Quarter-to-Date)
Reconciliation of reported Growth to Organic Growth ($M) (Quarter-to-Date) Three Months Ended Three Months Ended Change in June 30, 2018 June 30, 2017 Organic Changes in Organic Organic As Exchange (Non- As (Non- Reported Rates (a) GAAP) (b) Reported Divested GAAP) (b) Amount Pct. Bauch +Lomb / Inte
Slide 54: Reconciliation of Reported Growth to Organic Growth (Year-to-Date)
Reconciliation of reported Growth to Organic Growth ($M) (Year-to-Date) Six Months Ended Six Months Ended Change in June 30, 2018 June 30, 2017 Organic Changes in Organic Organic As Exchange (Non- As (Non- Reported Rates (a) GAAP) (b) Reported Divested GAAP) (b) Amount Pct. Bauch +Lomb / Internation
Slide 55: Reconciliation of TTM Adjusted EBITDA
Reconciliation of TTM1 adjusted EBITDA2 ($M) Adjusted EBITDA (non-GAAP) TTM TTM TTM TTM TTM Jun-18 Mar-18 (c) Dec-17 Sep-17 Jun-17 Net (loss) income attributable to Bausch Health Companies Inc. $ (1,640) $ (805) $ 2,404 $ 1,376 $ (1,143) Interest expense, net 1,746 1,770 1,828 1,848 1,859 Benefit fr
Slide 56: YTD Financial Results
YTD 18 Financial Results Six Months Ended Favorable (Unfavorable) Constant Organic 6.30.18 6.30.17 Reported Currency 1,2 Change1,3 Revenues $4,123M $4,342M (5%) (7%) 2% GAAP Net (Loss) Income ($3,454M) $590M Adj. Net Income (non-GAAP) 1 $639M $635M 1% 6% ~354 Million Diluted Shares Outstanding GAAP
Slide 57: YTD Financial Results: Bausch + Lomb/International
YTD 18 Financial Results4 Bausch + Lomb/International Six Months Ended Favorable (Unfavorable) Constant Organic 6.30.18 6.30.17 Reported Currency1,2 Change1,3 Global Vision Care Revenue $402M $357M 13% 9% 9% Global Surgical Revenue 5 $353M $329M 7% 2% 3% Global Consumer Revenue $699M $754M (7%) (10%
Slide 58: YTD Financial Results: Salix
YTD 18 Financial Results4 Salix Six Months Ended Favorable (Unfavorable) Constant Organic 6.30.18 6.30.17 Reported Currency1,2 Change1,3 Salix Revenue $863M $689M 25% 25% 25% Total Segment Revenue $863M $689M 25% 25% 25% Gross Profit $732M $568M 29% 29% 29% Gross Margin 85% 82% Selling, A&P $133M $1
Slide 59: YTD Financial Results: Ortho Dermatologics
YTD 18 Financial Results4 Ortho Dermatologics Six Months Ended Favorable (Unfavorable) Constant Organic 6.30.18 6.30.17 Reported Currency1,2 Change1,3 Ortho Dermatologics Revenue 5 $222M $328M (32%) (32%) (32%) Global Solta Revenue $61M $51M 20% 16% 18% Total Segment Revenue $283M $379M (25%) (26%)
Slide 60: YTD Financial Results: Diversified Products
YTD 18 Financial Results4 Diversified Products Six Months Ended Favorable (Unfavorable) Constant Organic 6.30.18 6.30.17 Reported Currency1,2 Change1,3 Neuro & Other Revenue $425M $491M (13%) (13%) (13%) Generics Revenue $180M $167M 8% 8% 8% Dentistry Revenue $60M $63M (5%) (5%) (2%) Other Revenue 5
Slide 61: 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 income (its most with U.S. generally accep
Slide 62: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures Adjusted EBITDA reflect adjustments based on Adjusted EBITDA (non- Asset Impairments: The Company has excluded the impact of GAAP) the following items: impairments of finite-lived and indefinite-lived intangibles assets, as well as impairm
Slide 63: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures Share-based Compensation: The Company excludes the impact investigations and information requests respecting certain of our Adjusted EBITDA (non- of costs relating to share-based compensation. The Company distribution, marketing, pricing,
Slide 64: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures Adjusted EBITA Adjusted Selling, A&P/Adjusted G&A/Adjusted Adjusted EBITDA (non- GAAP) SG&A Management uses this non-GAAP measure (the most directly comparable GAAP financial measure for which is Total GAAP Management uses these non-GAAP m
Slide 65: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures Adjusted Net Income (Loss) (non-GAAP) Adjusted EBITDA (non- GAAP) Historically, management has used adjusted net income (loss) (non - GAAP) (the most directly comparable GAAP financial measure for Adjusted EBITDA (non- which is GAAP net in
Slide 66: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures In addition to certain of the adjustments made to Adjusted EBITDA and Adjusted EBITDA (non- described above (namely restructuring and integration costs, acquired GAAP) in-process research and development costs, loss on extinguishment of de
Slide 67: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures Organic Revenue / Organic Growth / Organic Change • Acquisitions, divestitures and discontinuations: In order to Adjusted EBITDA (non- present period-over-period organic revenues (non-GAAP) on GAAP) Organic growth, a non-GAAP metric, is de
Slide 68: Constant Currency Appendix
Constant Currency Appendix Description of Non-GAAP Financial Measures Constant Currency Adjusted EBITDA (non- GAAP) Changes in the relative values of non-US currencies to the US dollar may affect the Company’s financial results and financial Adjusted EBITDA (non- position. To assist investors in eva
Bausch Health Companies — Q2 2018 Earnings Presentation on 6ix