Bausch Health Companies Inc. · TSX:BHC
Bausch Health Companies — Q1 2021 Earnings Presentation
79 slides from Bausch Health Companies's earnings presentation, May 4, 2021
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 applicable securities laws favorable to completing the transaction, that any shareholder, stock exchange, regulatory or other approval (if required) is not (collectively, “forward-
Slide 3: Non-GAAP Information
Non-GAAP Information To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses certain non-GAAP financial measures including (i) Adjusted EBITDA, (ii) Adjusted EBITA, (iii) EBITA, (iv) EBITA Margin, (v) Adjusted Gross Prof
Slide 4: Today's Topics
Today’s 1Q21 Highlights & 1 Financial Results 2 FY 2021 Guidance Topics 3 Segment Results & Recovery 4 Driving Growth in 2021 & Beyond 5 Spinoff Update & Management Announcement 3
Slide 5: 2021 Strategic Focus: Execution, Growth & Accelerating Strategic Alternatives
2021 Strategic Focus: Execution, Growth & Accelerating Strategic Alternatives Executing Our Unleashing Accelerating Business Growth Drivers Strategic Recovery from Alternatives to COVID-19 Drive Shareholder Value 4
Slide 6: 1Q21 Highlights & Financial Results
1Q21 Highlights & Financial Results 5
Slide 7: Bausch Health 1Q21 Update
Bausch Health 1Q21 Update Executing Our Business Recovery from COVID-19 • Total company saw reported revenue growth of 1% vs. 1Q20, driven by a rebound in Global Vision Care, Global Solta and International Rx • Strong cash flow: $443M of cash generated from operations (GAAP) during 1Q21 1Q21 Reporte
Slide 8: 1Q21 Revenue Results
New Segment Structure 1Q21 Revenue Results Three Months Ended Favorable (Unfavorable) Organic 3.31.21 3.31.20 Reported Change1,2 Segment Recasting Bausch + Lomb 3 Segment $881M $875M 1% (2%) Changes Global Vision Care Revenue $224M $193M 16% 13% Bausch + Lomb Global Surgical Revenue $162M $153M 6% 2
Slide 9: 1Q Financial Results
1Q 21 Financial Results Three Months Ended Favorable (Unfavorable) Constant Organic 3.31.21 3.31.20 Reported Currency1,2 Change 1,3 Revenues $2,027M $2,012M 1% (1%) 0% GAAP Net Loss (includes impairment) ($610M) ($152M) Impairment of $469M7 Adj. Net Income (non-GAAP)1 $370M $316M 17% 11% Diluted Sha
Slide 10: 1Q Cash Flow Summary
1Q 21 Cash Flow Summary Three Months Three Months Ended 3.31.21 Ended 3.31.20 Net loss 1 ($607M) ($152M) Net cash provided by operating $443M of cash generated $443M $261M activities from operations (GAAP) during 1Q21; $587M5 Net cash used in investing activities ($56M) ($40M) adjusted cash flows fr
Slide 11: 1Q Balance Sheet Summary
1Q 21 Balance Sheet Summary As of As of As of As of As of 3.31.21 12.31.20 9.30.20 6.30.20 3.31.20 Cash, cash equivalents and $1,893M 1,8 $1,816M 1 $1,988M 1 $1,907M1 $1,923M 1 restricted cash1,8 Revolving Credit Drawn $0M $0M $0M $0M $0M Senior Secured Debt2 $8,473M $8,673M $8,948M $8,948M $10,541M
Slide 12: No Debt Maturities or Mandatory Amortization Until 2024
No Debt Maturities or Mandatory Amortization Until 2024 Long-Term Debt Maturity Profile as of March 31, 20211 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Total Debt Maturities $0 $0 $0 $1,800M $5,768M $0 $500M $0 $0 $0 $0 $8,068M (Secured) Debt Maturities $0 $0 $0 $0 $4,750M $1,500M $1,75
Slide 13: FY 2021 Guidance
FY 2021 Guidance BAUSCH Health
Slide 14: Full-Year 2021 Revenue and Adjusted EBITDA Guidance
Full-Year 2021 Revenue and Adjusted EBITDA (non-GAAP)1 Guidance3,4 Prior Guidance Current Guidance (February 2021) (May 2021)10 Total Revenues $8.60B - $8.80B $8.60B - $8.80B Adj. cash generated from Adjusted EBITDA (non-GAAP)1 $3.40B - $3.55B $3.40B - $3.55B operations (non-GAAP)1 for 2021 is expec
Slide 15: Full-Year 2021 Guidance Bridge
Full-Year 2021 Revenue and Adjusted EBITDA (non-GAAP)1 Guidance Bridge2,3,4 Feb. Currency Base LOE May Guidance Guidance Impact Performance Revenue Revenue $8.80B $8.80B to Approx. $0M Approx. to $8.60B -$25M +$25M $8.60B Feb. Currency Base LOE May Guidance Guidance Impact Performance Adj. EBITDA Ad
Slide 16: Bausch + Lomb 1Q21 Highlights
Bausch + Lomb5 1Q21 Highlights Global Vision Care Bausch + Lomb Revenue Breakdown • Strong recovery as Global Vision Care saw 13% organic revenue growth1,2 vs. 1Q20, driven by ramp-up in U.S. and rebounds seen in International • U.S.: +4% reported revenue growth vs. 1Q20, driven by ramp of astigmati
Slide 17: Bausch + Lomb Recovery in Progress
Bausch + Lomb Recovery in Progress Bausch + Lomb U.S. Vision Care Dollar % VYZULTA® TRx Trend2 U.S. Bausch + Lomb Consumer Consumption Change Year-Over-Year (Field Consumption)1 % Change Year-Over-Year3 5,000 40% 50% 31% Recovery in Progress 26% COVID-19 Pantry 22% Loading 4,000 20% 11% 10% 30% 7% 9
Slide 18: Salix 1Q21 Highlights
Salix 1Q21 Highlights Salix Organic Growth1,2 (Y/Y) XIFAXAN® 20% 18% • XIFAXAN® saw reported revenue decline of (2%) vs. 1Q20 17% 15% • Performance driven by lower prescriptions mostly in the Long 12% Term Care channel where COVID-19 continues to have a negative 10% impact 5% 4% 5% 2% • Market share
Slide 19: Salix Recovery in Progress
Salix Recovery in Progress XIFAXAN® TRx Trend1 TRULANCE® TRx Trend1 RELISTOR® TRx Trend1 19,500 8,000 1,700 7,000 18,500 1,600 6,000 5,000 17,500 1,500 4,000 16,500 1,400 3,000 Thanksgiving 2,000 15,500 Christmas 1,300 1,000 14,500 - 1,200 Jan-20 Jun-20 Nov-20 Apr-21 Nov-17 Jul-18 Mar-19 Nov-19 Jul-
Slide 20: International Rx 1Q21 Highlights
International Rx3 1Q21 Highlights International Rx Saw 4% organic revenue growth1,2 vs. 1Q20; growth was driven by Latin America International Rx Organic Growth1,2 (Y/Y) 15% 10% 10% 10% 7% Canada 5% 5% 4% 4% Top 3 Products 5% • Jublia® EMEA, Russia, 0% • Tiazac® CIS -1% -5% • Glumetza® Top 3 Product
Slide 21: Ortho Dermatologics 1Q21 Highlights
Ortho Dermatologics 3 1Q21 Highlights Global Solta Ortho Dermatologics Segment EBITA Margin (non-GAAP)1 • Thermage® saw organic revenue growth1,2 of 32% vs. 1Q20 • Strong performance driven by China (171% organic revenue growth1,2 vs. 1Q20) and U.S. (87% reported revenue growth vs. 1Q20) 50% • Launc
Slide 22: Unleashing Growth Drivers
Unleashing Growth Drivers Business Growth Drivers1 • SiHy daily: Ramp up and approvals globally ▪ Global revenue for Bausch + Lomb SiHy dailies is expected to exceed $250M in sales 1 • Cataract surgery tailwind: ▪ In U.S., ~4M surgeries are performed each year2 ▪ In 2020, we estimate ~650K surgeries
Slide 23: Near-term Catalysts: Bausch + Lomb
Near-term Catalysts: Bausch + Lomb 1 NOV03: Phase 3 Topline Results R&D: Upcoming Milestones Statistically significant topline data from the first Phase 3 trial (GOBI trial) All primary and secondary endpoints were achieved • Readout of topline results of first of two Phase 3 trials for NOV03, an in
Slide 24: Near-term Catalysts: Bausch Pharma
Near-term Catalysts: Bausch Pharma 1,9 IDP-126: Phase 3 Topline Results R&D: Upcoming Milestones Statistically Significant Topline Results from Second Pivotal Phase 3 Trial All Three Co-Primary Endpoints Were Achieved • Readout of topline results of second of If approved, IDP-126 would be the first-
Slide 25: Novel Rifaximin Formulations
4 Novel Rifaximin Formulations Unique and novel rifaximin formulations are in development to address unmet medical needs 2019 2020 2021 2022 2023 2024 2025 2026 2027 Rifaximin solid soluble dispersion (SSD) in a tablet1 Phase 3 NDA Approval RED-C Trial Start Expected Expected Combination of rifaximi
Slide 26: 2021 Strategic Focus: Execution, Growth & Accelerating Strategic Alternatives
2021 Strategic Focus: Execution, Growth & Accelerating Strategic Alternatives Executing Our Unleashing Accelerating Business Growth Drivers Strategic Recovery from Alternatives to COVID-19 Drive Shareholder Value 25
Slide 27: Spinoff Update & Management Announcement
Spinoff Update & Management Announcement 26
Slide 28: Accelerating Strategic Alternatives to Expedite Spin-off
Accelerating Strategic Alternatives to Expedite Spin-off1 Complete financial Actively pursuing all opportunities to expedite leverage segmentation of improvement and deliver shareholder value Bausch + Lomb 1Q21 Bausch + Lomb Net Leverage Bausch Pharma2 Net Leverage Targeting less than 2.5x Targeting
Slide 29: Spin-off Timeline
Spin-off Timeline1 Internal Organizational Design / Structure Financial Segmentation of Bausch + Lomb All internal objectives Spinoff necessary for spinoff Announced Leadership Announcement expected to be achieved Spinoff Complete, Unlocking Value for Both Businesses August January May Q3 2021 2020
Slide 30: Spin-off Leadership Team: Bausch + Lomb
Spin-off Leadership Team: Bausch + Lomb 1 Joseph C. Papa Chief Executive Officer Mr. Papa has been serving on the Board of Directors for Bausch Health Companies Inc. since May 2016 as chairman and chief executive officer. He has more than 35 years of experience in the pharmaceutical, health care and
Slide 31: Appendix
Appendix 30
Slide 32: New Segment Structure
New Segment Structure New Segment Structure 4Q20 Segment Structure vs. 1Q21 Segment Structure 4Q20 Segment Structure 1Q21 Segment Structure Segment Business Lines Segment Business Lines • Global Vision Care • Global Vision Care • Global Surgical • Global Surgical Bausch + Lomb4 • Global Consumer Bau
Slide 33: New Segment Realignment: 1Q 2020 Revenue Bridge
New Segment Realignment New Segment Structure 1Q 2020 Revenue Bridge Segment Recasting Reported Reclassification Restated Changes 1Q20 1Q20 Bausch + Lomb Bausch + Lomb 1 Segment $831M $44M $875M • Global Consumer: Non-eyecare Global Vision Care Revenue $193M $0M $193M products moved from Global Cons
Slide 34: Bausch Health (Total Company) 3-year CAGR
Bausch Health (Total Company) 3-year CAGR1,2 (2019-2022)5 Constant currency and from the original mid-point of 2019 guidance 3 • Expect revenue to grow at a 3%-5% CAGR1,2 at midpoint of original 2019 guidance of $8,400M • Expect adj. EBITDA (non-GAAP)4 to grow at a 4%-7% CAGR1,2 at midpoint of origi
Slide 35: Pipeline and Portfolio Expansion: Late Stage Development
Pipeline and Portfolio Expansion: Late Stage Development1 • SiHy Daily – Launched in Japan and U.S.; Launched in Australia, Hong • Amiselimod S1P5 Modulator6 – Completed the thorough QT study Kong and Canada in 4Q20 which evaluated the cardiac safety profile; topline results were positive and expect
Slide 36: Key Product LOE Q1 2021 Impact
Key Product LOE Q1 2021 Impact Product Line with Actual or LOE Rev/Profit LOE Rev/Profit Change Business Unit Anticipated LOE Date1 Q1 2020 Actual Q1 2021 Actual Q1 2020 vs. Q1 2021 Revenue Profit Revenue Profit Revenue Profit • Lotemax Suspension® 2Q19 • Lotemax Gel® 1Q21 Bausch & Lomb $16M $15M $9
Slide 37: Key Product LOE 2021 Impact vs. 2020
Key Product LOE 2021 Impact vs. 2020 Product Line with Actual or LOE Rev/Profit LOE Rev/Profit Change Business Unit Anticipated LOE Date1 2020 Actual 2021 Latest Forecast 2020 vs 2021 Latest Forecast Revenue Profit Revenue Profit Revenue Profit • Lotemax Suspension® 2Q19 • Lotemax Gel® 1Q21 Bausch &
Slide 38: Key Product LOE 2021 Impact
Key Product LOE 2021 Impact Product Line with Actual or LOE Rev/Profit LOE Rev/Profit Change Business Unit Anticipated LOE Date1 2021 Prior Forecast 2021 Latest Forecast 2021 Prior vs Latest Forecast Revenue Profit Revenue Profit Revenue Profit • Lotemax Suspension® 2Q19 • Lotemax Gel® 1Q21 Bausch &
Slide 39: Selected U.S. Businesses Pipeline Inventory Trending (1Q21)
Selected U.S. Businesses Pipeline Inventory Trending (1Q21)1 Months on Hand As of As of As of As of Business Change Change Dec 31, Mar 31, Dec 31, Mar 31, Units 1Q20 1Q21 2019 2020 2020 2021 Derm2 0.89 1.28 0.39 0.74 0.88 0.14 Neuro2 0.82 0.82 0.00 0.54 0.80 0.26 Ophtho2 0.90 1.03 0.13 1.14 1.10 (0.
Slide 40: 1Q Financial Results Bausch + Lomb
New Segment Structure 1Q 21 Financial Results Bausch + Lomb5 Three Months Ended Favorable (Unfavorable) 3.31.21 3.31.20 Reported Constant Currency 1,2 Organic Change1,3 (2%) Global Vision Care Revenue $224M $193M 16% 13% 13% Bausch + Lomb segment organic revenue decline 1,3 Global Surgical Revenue $
Slide 41: 1Q Financial Results Salix
1Q 21 Financial Results Salix Three Months Ended Favorable (Unfavorable) 3.31.21 3.31.20 Reported Constant Currency 1,2 Organic Change 1,3 (1%) Salix segment organic Salix Revenue $472M $477M (1%) (1%) (1%) revenue decline 1,3 vs. 1Q20 Total Segment Revenue $472M $477M (1%) (1%) (1%) Gross Profit 4
Slide 42: 1Q Financial Results International Rx
New Segment Structure 1Q 21 Financial Results International Rx 5 Three Months Ended Favorable (Unfavorable) 3.31.21 3.31.20 Reported Constant Currency 1,2 Organic Change 1,3 +4% International Rx segment International Rx Revenue5 $306M $291M 5% 4% 4% organic revenue growth 1,3 vs. Total Segment Reven
Slide 43: 1Q Financial Results Ortho Dermatologics
New Segment Structure 1Q 21 Financial Results Ortho Dermatologics 5 Three Months Ended Favorable (Unfavorable) 3.31.21 3.31.20 Reported Constant Currency 1,2 Organic Change1,3 +35% Ortho Dermatologics Revenue5 $69M $80M (14%) (14%) (14%) Global Solta organic revenue increase 1,3 vs. 1Q20, driven Glo
Slide 44: 1Q Financial Results Diversified Products
New Segment Structure 1Q 21 Financial Results Diversified Products 5,6 Three Months Ended Favorable (Unfavorable) 3.31.21 3.31.20 Reported Constant Currency 1,2 Organic Change 1,3 (6%) WELLBUTRIN®5/APLENZIN® Neuro & Other Revenue6 $154M $157M (2%) (2%) 3% combined reported revenue Generics Revenue6
Slide 45: Other Financial Information (Quarter-to-Date)
Other Financial Information (Quarter-to-Date) Three Months Ended Favorable (Unfavorable) Constant March 31, 2021 March 31, 2020 Reported Currency1,2 Cash Interest Expense $355M $381M 7% 7% Net Interest Expense $366M $389M 6% 6% Non-cash adjustments Depreciation $46M $45M (2%) 0% Non-cash share-based
Slide 46: 1Q Top Products – Total Bausch Health
1Q 21 Top 10 Products – Total BAUSCH Health 1 Top 10 products/franchises revenues and trailing five quarters Rank Product/Franchises 1Q21 4Q20 3Q20 2Q20 1Q20 1 XIFAXAN® $366M $411M $381M $315M $375M 2 Ocuvite® + PreserVision® $76M $100M $83M $78M $72M 3 SofLens® $64M $68M $63M $47M $58M 4 Thermage®
Slide 47: 1Q Top Products – Bausch + Lomb
1Q 21 Top 10 Products – Bausch + Lomb2 Top 10 products/franchises revenues and trailing five quarters Rank Product/Franchises 1Q21 4Q20 3Q20 2Q20 1Q20 1 Ocuvite® + PreserVision® $76M $100M $83M $78M $72M 2 SofLens® $64M $68M $63M $47M $58M 3 Biotrue® ONEday $47M $41M $51M $25M $47M 4 renu® $43M $50M
Slide 48: 1Q Top Products – Salix
1Q 21 Top 10 Products – Salix1 Top 10 products/franchises revenues and trailing five quarters Rank Product/Franchises 1Q21 4Q20 3Q20 2Q20 1Q20 1 XIFAXAN® $366M $411M $381M $315M $375M 2 RELISTOR® $30M $29M $28M $26M $31M 3 TRULANCE® $21M $24M $22M $17M $19M 4 GLUMETZA® $16M $17M $20M $17M $21M 5 APR
Slide 49: 1Q Top Products – International Rx
1Q 21 Top 10 Products – International Rx 1,2 Top 10 products/franchises revenues and trailing five quarters Rank Product/Franchises 1Q21 4Q20 3Q20 2Q20 1Q20 1 Ivexterm® $19M $5M $21M $12M $1M 2 Bedoyecta® $11M $15M $14M $9M $7M 3 Jublia® $9M $10M $12M $9M $11M 4 Bisocard® $8M $9M $7M $4M $9M 5 Xithr
Slide 50: 1Q Top Products – Ortho Dermatologics
1Q 21 Top 10 Products – Ortho Dermatologics Top 10 products/franchises revenues and trailing five quarters Rank Product/Franchises 1Q21 4Q20 3Q20 2Q20 1Q20 1 THERMAGE® $57M $70M $62M $37M $41M 2 JUBLIA®1 $14M $13M $21M $16M $19M 3 TARGRETIN® $10M $9M $8M $7M $7M 4 SILIQ®1 $7M $9M $11M $12M $7M 5 RET
Slide 51: 1Q Top Products – Diversified Products
1Q 21 Top 10 Products – Diversified Products 1 Top 10 products/franchises revenues and trailing five quarters Rank Product/Franchises 1Q21 4Q20 3Q20 2Q20 1Q20 1 WELLBUTRIN® $53M $67M $81M $65M $58M 2 APLENZIN® $26M $23M $26M $23M $26M 3 ARESTIN® $23M $21M $17M $6M $19M 4 ATIVAN® $18M $13M $22M $7M $
Slide 52: Non-GAAP Adjustments EPS Impact ($M)
Non-GAAP Adjustments EPS Impact ($M)2 Three Months Ended March 31, 2021 2020 Income Earnings per Income Earnings per (Expense) Share Impact (Expense) Share Impact Net loss attributable to Bausch Health Companies Inc. $ (610) $ (1.71) $ (152) $ (0.43) Non-GAAP adjustments: Amortization of intangible
Slide 53: Bausch + Lomb Segment Trailing Five Quarters
New Segment Structure Bausch + Lomb4 Segment Trailing Five Quarters1 Bausch + Lomb 1Q21 4Q20 3Q20 2Q20 1Q20 FY20 FY19 FY18 Global Vision Care $224M $213M $214M $135M $193M $755M $848M $814M Revenue Global Surgical $162M $182M $151M $90M $153M $576M $698M $698M Revenue Global Consumer $331M $367M $35
Slide 54: Bausch + Lomb: Additional Financial Information
Bausch + Lomb1: Additional Financial Information2 Bausch + Lomb 1Q21 FY20 FY19 FY18 Corporate R&D Allocation $27M $108M $113M $102M Corporate G&A Allocation $33M $120M $129M $140M Depreciation $33M $124M $124M $121M Capital Expenditures $50M $253M $186M $104M Stock-Based Compensation $14M $50M $50M
Slide 55: Bausch Pharma Company Trailing Five Quarters
New Segment Structure Bausch Pharma5 Company Trailing Five Quarters1 Bausch Pharma 1Q21 4Q20 3Q20 2Q20 1Q20 FY20 FY19 FY18 Salix Revenue $472M $527M $496M $404M $477M $1,904M $2,022M $1,749M International Rx $306M $334M $309M $251M $291M $1,185M $1,158M $1,160M Revenue2 Ortho Dermatologics $141M $15
Slide 56: Bausch Pharma: Additional Financial Information
Bausch Pharma1: Additional Financial Information2 Bausch Pharma 1Q21 FY20 FY19 FY18 Corporate R&D Allocation $37M $148M $146M $132M Corporate G&A Allocation $42M $162M $164M $181M Depreciation $13M $56M $54M $54M Capital Expenditures $16M $49M $84M $53M Stock-Based Compensation $15M $55M $52M $44M 5
Slide 57: Salix Segment Trailing Five Quarters
Salix Segment Trailing Five Quarters Salix 1Q213 4Q203 3Q203 2Q203 1Q203 FY203 FY191 FY183 Salix Revenue $472M $527M $496M $404M $477M $1,904M $2,022M $1,749M Segment Revenue $472M $527M $496M $404M $477M $1,904M $2,022M $1,749M Adj. Segment Gross Profit (non- GAAP)1,2 $420M $470M $448M $364M $424M
Slide 58: International Rx Segment Trailing Five Quarters
New Segment Structure International Rx3 Segment Trailing Five Quarters4 International Rx 1Q21 4Q20 3Q20 2Q20 1Q20 FY20 FY19 FY18 International Rx $306M $334M $309M $251M $291M $1,185M $1,158M $1,160M Revenue3 Segment Revenue $306M $334M $309M $251M $291M $1,185M $1,158M $1,160M Segment Gross Profit2
Slide 59: Ortho Dermatologics Segment Trailing Five Quarters
New Segment Structure Ortho Dermatologics4 Segment Trailing Five Quarters1 Ortho Dermatologics 1Q21 4Q20 3Q20 2Q20 1Q20 FY20 FY19 FY18 Ortho Dermatologics $69M $70M $70M $75M $80M $295M $366M $473M Revenue4 Global Solta Revenue1 $72M $87M $73M $42M $51M $253M $194M $135M Segment Revenue $141M $157M
Slide 60: Diversified Products Segment Trailing Five Quarters
New Segment Structure Diversified Products3 Segment Trailing Five Quarters Diversified 1Q21 4Q20 3Q20 2Q20 1Q20 FY20 FY19 FY18 Products Neuro & Other $154M $160M $200M $149M $157M $666M $677M $781M Revenue3 Generics Revenue3 $48M $64M $56M $60M $60M $240M $309M $305M Dentistry Revenue $25M $25M $19M
Slide 61: Reconciliation of Operating Income to Adjusted EBITA (Year-to-Date)
Reconciliation of Reported Operating Income to Adjusted EBITA (non-GAAP)1 ($M) (Year-to-Date) YTD 2021 Gross Gross Selling & G&A and R&D Operating Operating Profit2 Margin2 Advertising Other Expense Expense Income Qtr 1 2021 GAAP $ 1,453 71.7% $ 418 $ 188 $ 112 $ 718 $ (221) Amortization of intangib
Slide 62: Amortization and Impairments of Intangible Assets ($M)
Amortization and Impairments of Intangible Assets ($M)2 Amortization of intangible assets Amortization of intangible assets YTD December YTD December YTD December Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 2020 2019 2018 Bausch + Lomb2 $ 75 $ 76 $ 83 $ 83 $ 81 $ 323 $ 348 $ 376 Bausch Pharma3,4 Interna
Slide 63: Reconciliation of Operating Income to Adjusted EBITA (Quarter-to-Date)
Reconciliation of Reported Operating Income to Adjusted EBITA (non-GAAP)1 ($M) (Quarter-to-Date) YTD 2019 Salix Gross Gross Selling & G&A and R&D Operating Operating Profit2 Margin2 Advertising Other Expense Expense Income YTD 2019 GAAP $ 1,762 87.1% $ 323 $ 54 $ 36 $ 413 $ 1,349 Acquisition-related
Slide 64: Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
Reconciliation of Reported Net Loss to EBITDA (non-GAAP)1 and Adjusted EBITDA (non-GAAP)1 ($M) Three Months Ended March 31, 2021 2020 Net loss attributable to Bausch Health Companies Inc. $ (610) $ (152) Interest expense, net 366 389 Provision for (benefit from) income taxes 16 (26) Depreciation and
Slide 65: Reconciliation of Reported Revenue to Organic Revenue
Reconciliation of Reported Revenue to Organic Revenue1,2 and Organic Revenue Growth1,2 ($M) (Quarter-to-Date)4 Calculation of Organic Revenue for the Three Months Ended Change in March 31, 2021 March 31, 2020 Organic Revenue Changes Organic Organic Revenue in Revenue Revenue Revenue as Exchange (Non
Slide 66: Reconciliation of Salix Reported Revenue to Organic Revenue
Reconciliation of Salix Reported Revenue to Organic Revenue1,2 and Organic Revenue Growth1,2 ($M) Change in Organic Calculation of Salix Organic Revenue Revenue Revenue Changes in Organic Revenue Organic as Exchange Revenue (Non- as Divestitures and Revenue (Non- Reported Rates3 Acquisitions GAAP)1,
Slide 67: Reconciliation of Global Solta Reported Revenue to Organic Revenue
Reconciliation of Global Solta Reported Revenue to Organic Revenue1,2 and Organic Revenue Growth1,2 ($M) Change in Organic Calculation of Global Solta Organic Revenue Revenue Revenue Changes in Organic Revenue Organic as Exchange Revenue (Non- as Divestitures and Revenue (Non- Reported Rates3 GAAP)1
Slide 68: Reconciliation of International Rx Reported Revenue to Organic Revenue
Reconciliation of International Rx4 Reported Revenue to Organic Revenue1,2 and Organic Revenue Growth1,2 ($M) Change in Organic Calculation of International Rx Organic Revenue Revenue Revenue Changes in Organic Revenue Organic as Exchange Revenue (Non- as Divestitures and Revenue (Non- Reported Rate
Slide 69: Reconciliation of Reported Revenue to Organic Revenue Growth
Reconciliation of Reported Revenue to Organic Revenue1,2 and Organic Revenue Growth1,2 ($M) Calculation of Organic Revenue for the Three Months Ended Change in March 31, 2021 March 31, 2020 Organic Revenue Organic Revenue Changes in Organic Revenue Revenue as Exchange Revenue (Non- as Divestitures a
Slide 70: Reconciliation of Operating Cash Flow to Adj. Cash Flows from Operations
Reconciliation of Reported Net Cash Provided by Operating Activities to Adj. Cash Flows from Operations (non-GAAP)1 ($M) Three Months Ended March 31, 2021 2020 GAAP Net cash provided by operating activities $ 443 $ 261 Payments of legacy legal settlements, net 118 - Payments of separation costs and
Slide 71: TTM Adjusted EBITDA ($M)
TTM1 Adjusted EBITDA2 ($M) Mar-21 Dec-20 Sep-20 Jun-20 Mar-20 Net loss attributable to Bausch Health Companies Inc. $ (1,018) $ (560) $ (1,923) $ (2,043) $ (1,888) Interest expense, net 1,498 1,521 1,532 1,564 1,587 Benefit from income taxes (333) (375) (86) (109) (6) Depreciation and amortization 1
Slide 72: 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 (loss) Adjusted EBITDA (non-GAAP) wi
Slide 73: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures Adjusted EBITDA (non-GAAP) is net income Asset Impairments, including loss on assets held for sale: Adjusted EBITDA (non-GAAP) The Company has excluded the impact of impairments of finite - (loss) attributable to the Company (its most live
Slide 74: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures Share-based Compensation: The Company has excluded taken to: (i) separate the eye-health business from the remainder Adjusted EBITDA (non-GAAP) recorded costs relating to share-based compensation. The of the Company and (ii) register the e
Slide 75: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures Other Non-GAAP Charges: The Company has excluded certain Please also see the reconciliation tables in this appendix for Adjusted EBITDA (non-GAAP) other amounts, including legal and other professional fees incurred further information as t
Slide 76: 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 77: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures Adjusted Net Income (non-GAAP) costs and other non-GAAP charges), as these adjustments are Adjusted EBITDA (non-GAAP) described above, and amortization of intangible assets as described Historically, management has used Adjusted net income
Slide 78: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures Organic Revenue, Organic Growth, Organic Revenue • Acquisitions, divestitures and discontinuations: In order to present Adjusted EBITDA (non-GAAP) period-over-period organic revenues (non-GAAP) on a comparable Decline and Organic Change ba
Slide 79: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures Adjusted EBITDA (non-GAAP) Adjusted Cash Flows from Operations (non-GAAP) Adjusted cash flows from operations (non-GAAP) (or Adjusted cash Adjusted EBITDA (non-GAAP) generated from operations (non-GAAP)) is Cash provided by operating Adjus
Bausch Health Companies — Q1 2021 Earnings Presentation on 6ix