Bausch Health Companies Inc. · TSX:BHC

Bausch Health Companies — 44th Annual J.P. Morgan Healthcare Conference 2026

26 slides from Bausch Health Companies's conference presentation, Jan 14, 2026

  1. Slide 1: JPMorgan Healthcare Conference

    JPMorgan Healthcare International Conference January 14, 2026 ® NEUROSCIENCE ©2025 Bausch Health Companies Inc. and/or one of its affiliates.

  2. 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 This presentation shall not constitute an offer to sell or the solicitation of an offer to buy any secur

  3. Slide 3: 2024 revenue, adjusted EBITDA and adjusted cash flow

    $4,834m 2024 revenue $2,553m ® 2024 adjusted EBITDA1 $1,308m 2024 adjusted cash flow from operations1 Source: BHC SEC filings. ©2025 Bausch Health Companies Inc. and/or one of its affiliates. 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information 3

  4. Slide 4: Diversified global pharmaceutical and devices company

    Bausch Health Companies (BHC) excluding B+L is a ~$5B diversified global pharmaceutical and devices company PRIMARY Operations in THERAPEUTIC AREAS ~50 countries Gastroenterology 600+ products globally Hepatology Neuroscience ~50m people impacted annually Dermatology 7,000+ Dentistry employees world

  5. Slide 5: A robust and diversified portfolio built over more than 65 years

    A robust and diversified portfolio built over more than 65 years​ NAME CHANGED ACQUIRED ACQUIRED NAME CHANGED ACQUIRED ® ( November 2003 ) ( June 2012 ) ( January 2014 ) ( in July 2018 ) ( September 2025 ) 1959 2003 2011 2012 2013 2014 2015 2018 2020 2025 FOUNDED ACQUIRED ACQUIRED ACQUIRED ANNOUNCED

  6. Slide 6: Supporting patients & providers globally with leading therapies

    Supporting patients & providers globally with leading therapies Salix Pharmaceuticals International committed to the a diverse and prevention and market-leading​ treatment of portfolio of gastroenterology ~500 products​ and hepatology Solta Medical Diversified a growing and global robust portfolio o

  7. Slide 7: Each segment delivers meaningful value to Bausch Health (excl. B+L)

    Each segment delivers meaningful value to Bausch Health (excl. B+L) Amounts in millions FY24 Revenue FY24 Segment Profit1 $950 $950 $626 Diversified Diversified $440 $2,333 $440 $2,333 $1,602 Solta Salix $213 Salix Solta $1,111 $1,111 $376 International International Source: BHC SEC filings. 1. Segm

  8. Slide 8: Attractive therapeutic areas with leading franchises

    Attractive therapeutic areas with leading franchises in GI, aesthetics, neuroscience, and international branded generics INTERNATIONAL GI / HEPATOLOGY AESTHETICS4 BRANDED GENERICS5 4.5M in US with DIAGNOSED LIVER Body Global Aesthetics Central Europe Contouring Market DISEASE1 (VASER®) • Central Eur

  9. Slide 9: Salix is a leader in GI and hepatology

    Salix is a leader in GI and hepatology ESTABLISHED GROWING DEEP ACCELERATING BRANDS PRESENCE EXPERTISE INNOVATION​ Top 2 Over 40% AI-DRIVEN INSIGHTS ADVANCING LEADING of current OHE patients and smarter, more STRATEGIC ADVERTISING 2 Late-Stage PHARMACEUTICAL COMPANIES ARE TREATED WITH XIFAXAN® 2 dri

  10. Slide 10: Solta is a leading medical aesthetics platform, anchored by strength in APAC

    Solta is a leading medical aesthetics platform, anchored by strength in APAC Comprehensive Offerings to Drive Growth Aesthetics Revenue Growth Rate Global Energy- Solta Solta Based Devices1 South Korea2 China2 Radiofrequency device, Laser aesthetic, skin tightening skin care regimen 30% CAGR 40% CAG

  11. Slide 11: Innovation-led execution at Solta is driving consistent growth

    Innovation-led execution at Solta is driving trend of consistent growth Amounts in millions Bausch Health Larger treatment tip Enabled use of Patients reported more acquired Solta Medical reduced treatment 2 wavelengths for comfortable treatments (2014) greater efficiency 28% time by 25% and vibrati

  12. Slide 12: Award-winning Solta portfolio positioned for continued growth

    Award-winning Solta portfolio positioned for continued growth THERMAGE® FRAXEL FTX® FRAXEL FTX® SURPASSED LAUNCHED AWARDED 5 MILLION FRAXEL FTX® IN THE 2025 NEWBEAUTY READER’S CHOICE AWARD TREATMENTS1 UNITED STATES FAVORITE LASER PERFORMED TREATMENT FOR WORLDWIDE IN 2025 SUN DAMAGE Source: Moly.nice

  13. Slide 13: Leading franchises across our International segment

    Leading franchises across our International segment EMEA LATAM CANADA SERBIA MEXICO #1 company in #2 ranked Dermatology Cardiology, Urology, company in Mexico​5 MEXICO Oncology, and SERBIA Espavén Pediátrico carries Neurology1 exclusive approval for use from 2 months of age POLAND YUN NV products' C

  14. Slide 14: Infrastructure in place to continue building our Neuroscience franchise

    Bausch Health has the infrastructure in place to continue building our Neuroscience franchise REACH SECOND 12,000 BUILT-OUT INVESTED in LARGEST PSYCHIATRISTS/ COMMERCIAL CONTRIBUTOR PCPs INFRASTRUCTURE LEADERSHIP to in the U.S., DEMONSTRATES to BAUSCH HEALTH'S our REPRESENTING DRIVE FORWARD REVENUES

  15. Slide 15: Proven track record of driving consistent, profitable growth

    Proven track record of driving consistent, profitable growth Reported Revenue Growth YoY (%) Adj. EBITDA Growth1 (%) 14% Includes $81M Acquired IPR&D charge, impacting Adj. EBITDA growth1 by 11 10% percentage points 9% 9% 8% 7% 7% 7% 7% 6% 5% 5% 4% 4% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Source: BHC S

  16. Slide 16: Experienced management team with deep expertise

    Experienced management team with deep expertise in pharmaceuticals and medical devices Thomas J. Appio Seana Carson JJ Charhon Mirza Dautbegovic Kathleen Fitzpatrick Chief Executive Officer EVP, General Counsel EVP, Chief Financial EVP, Chief Operating EVP, Chief Human Officer Officer Resources & Co

  17. Slide 17: Reiterating full year 2025 guidance

    Reiterating full year 2025 guidance1 reflects ~4% revenue and ~7% Adj. EBITDA1,2 growth3 for Bausch Health (excl. B+L) Revenue Adj. EBITDA1,2 Adj. Operating Cash Flow1 $5.000 $2.700 $0.975 to to to $5.100 $2.750 $1.025 Billion​ Billion​ Billion​ 1. This is a non-GAAP measure or non-GAAP ratio. See S

  18. Slide 18: Potential inflection points in the future

    Potential inflection points in the future1 Readout of two global Solta Readout of RED-C Phase 3 trials Thermage® 1X Larsucosterol Phase 3 2026 2027 2028 Source: BHC internal. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 1. See Slide 2 for further information on forward-looking st

  19. Slide 19: RED-C underscores our investment in a pipeline aligned with GI expertise

    RED-C underscores our investment in a pipeline aligned with our GI expertise RED-C Program No approved products for the primary prevention of overt hepatic encephalopathy (OHE) Market opportunity of approximately 1.9M U.S. patients that have not experienced first OHE event Two global Phase 3 studies

  20. Slide 20: Recently acquired Larsucosterol asset is a strategic fit

    Recently acquired Larsucosterol asset is a strategic fit on multiple fronts Larsucosterol Acquisition of DURECT Corporation completed in 3Q25 Strategic fit that expands hepatology portfolio of Bausch Health Being studied for the treatment of Alcohol-Associated Hepatitis 150K est. hospitalizations pe

  21. Slide 21: Bausch Health has a strong foundation for long-term value

    Bausch Health has a strong foundation for long-term value1 ATTRACTIVE SEASONED STRONG GROWTH CLEAR FOCUS MARKET LEADERSHIP POTENTIAL ON GROWTH SEGMENTS TEAM with leading within our with strong through continued franchises in GI, International and record of driving excellence in neuroscience, Solta M

  22. Slide 22: Appendix

    Appendix ©2025 Bausch Health Companies Inc. and/or one of its affiliates.

  23. Slide 23: FY24 Reconciliation of Reported Cash Provided by Operating Activities to Adjusted Cash Flow

    Consolidated FY24 Reconciliation of Reported Cash Provided by Operating Activities to Adjusted Cash Flow from Operations (Non-GAAP)1 Amounts in millions Twelve Months Ended December 31, 2024 Bausch Health Bausch + Lomb Bausch Health Companies Inc. Corporation (excl. B+L)3 Cash provided by operating

  24. Slide 24: FY24 Reported Net (Loss) Income to Adjusted EBITDA excluding Bausch+Lomb

    Consolidated FY24 Reported Net (Loss) Income to Adjusted EBITDA excluding Bausch+Lomb)1 Amounts in millions Twelve Months Ended December 31, 2024 Bausch Health Bausch + Lomb Bausch Health Companies Inc. Corporation (excl. B+L) Net (Loss) Income ($72) ($305) $233 Interest expense, net 1,355 384 971 P

  25. Slide 25: 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 information with regard to the sustainability of the Company's operating performance, allow for a comparison of the mea

  26. Slide 26: Non-GAAP Appendix

    Non-GAAP Appendix • Separation costs and separation-related costs: The Company has excluded certain costs incurred in connection with Adjusted EBITDA excluding Bausch + Lomb (non-GAAP) activities regarding the separation of the eye-health business. Separation costs are incremental costs directly rel

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