Bausch Health Companies Inc. · TSX:BHC
Bausch Health Companies — Q4 2020 Earnings Presentation
82 slides from Bausch Health Companies's earnings presentation, Feb 24, 2021
Slide 1: 4Q & FY 2020 Financial Results
4Q & FY 2020 Financial Results
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking information and statements, within the meaning of applicable securities laws conditions are no longer favorable to completing the transaction, that any shareholder, stock exchange, regulatory or other (collectively, “forward-looki
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 2020 Highlights & 1 Financial Results 2 FY 2021 Guidance Topics 3 Segment Results & Recovery 4 Driving Growth in 2021 & Beyond 5 Spinoff Update 3
Slide 5: 2020 Highlights & Financial Results
2020 Highlights & Financial Results 4
Slide 6: Solid Momentum… …Well Positioned
Exiting 2020 with …Well Positioned Solid Momentum… for 20211 Strong Execution Executing Our Business Recovery from COVID-19 • Outperformed high end of latest guidance by generating revenue for 2020 that exceeded • Positioned to benefit from tailwinds $8.0B from the recovery • Delivered strong adjust
Slide 7: Bausch Health 2020 Update: Recovery In Progress
Bausch Health 2020 Update: Recovery In Progress 4Q20 Organic Revenue Decline1,2: (1%) 4Q20 Reported Revenue: 0% FY20 Organic Revenue Decline1,2: (6%) FY20 Reported Revenue Decline: (7%) • Organic revenue decline1,2 of (6%) vs. FY19 and flat vs. 4Q19 • Global Vision Care saw growth in U.S. during FY2
Slide 8: 4Q20 and FY20 Revenue Results
4Q20 and FY20 Revenue Results Favorable Favorable Three Months Ended Twelve Months Ended (Unfavorable) (Unfavorable) Organic Organic 12.31.20 12.31.19 Reported 12.31.20 12.31.19 Reported Change1,2 Change1,2 Bausch + Lomb/International $1,242M $1,238M 0% 0% $4,408M $4,739M (7%) (6%) Global Vision Car
Slide 9: 4Q Financial Results
4Q 20 Financial Results Three Months Ended Favorable (Unfavorable) Constant Organic 12.31.20 12.31.19 Reported Currency1,2 Change 1,3 Revenues $2,213M $2,224M 0% (1%) (1%) GAAP Net Loss ($153M) ($1,516M) Adj. Net Income (non-GAAP)1 $478M $404M 18% 18% Diluted Shares Outstanding5 359.0M 359.2M GAAP E
Slide 10: FY Financial Results
FY 20 Financial Results Twelve Months Favorable (Unfavorable) Ended Constant Organic 12.31.20 12.31.19 Reported Currency1,2 Change 1,3 Revenues $8,027M $8,601M (7%) (6%) (6%) GAAP Net Loss ($560M) ($1,788M) Adj. Net Income (non-GAAP)1 $1,428M $1,559M (8%) (5%) Diluted Shares Outstanding 5 358.2M 357
Slide 11: FY Cash Flow Summary
FY 20 Cash Flow Summary Three Months Three Months Twelve Months Twelve Months Ended Ended Ended Ended 12.31.20 12.31.19 12.31.20 12.31.19 Net loss 1 ($152M) ($1,517M) ($559M) ($1,783M) $1,111M of cash generated from operations (GAAP) Net cash provided $394M $234M $1,111M $1,501M during FY20; $1,235M
Slide 12: FY Balance Sheet Summary
FY 20 Balance Sheet Summary As of As of As of As of As of 12.31.20 9.30.20 6.30.20 3.31.20 12.31.19 Cash, cash equivalents and $1,816M 1 $1,988M 1 $1,907M 1 $1,923M1 $3,244M 2 restricted cash Revolving Credit Drawn $0M $0M $0M $0M $0M Senior Secured Debt3 $8,673M $8,948M $8,948M $10,541M $10,644M Se
Slide 13: No Debt Maturities or Mandatory Amortization Until 2024
No Debt Maturities or Mandatory Amortization Until 2024 Long-Term Debt Maturity Profile as of December 31, 20201 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Total Debt Maturities $0 $0 $0 $2,000M $5,768M $0 $500M $0 $0 $0 $0 $8,268M (Secured) Debt Maturities $0 $0 $0 $0 $4,750M $1,500M $1
Slide 14: FY 2021 Guidance
FY 2021 Guidance BAUSCH Health
Slide 15: Full-Year 2021 Revenue and Adjusted EBITDA Guidance
Full-Year 2021 Revenue and Adjusted EBITDA (non-GAAP)1 Guidance3,4 Current Guidance (February 2021) Total Revenues $8.60B - $8.80B Adj. cash generated from operations (non-GAAP)1 Adjusted EBITDA (non-GAAP)1 $3.40B - $3.55B for 2021 is expected to be ~$1.5B5 Current Guidance Key Assumptions (February
Slide 16: Full-Year 2021 Revenue and Adjusted EBITDA Guidance Bridge
Full-Year 2021 Revenue and Adjusted EBITDA (non-GAAP)1 Guidance Bridge2,3 Currency Base Feb. 2020 Actual LOE R&D Impact Performance Guidance Revenue Revenue $8.80B to $8.60B Approx. N/A Approx. Approx. $8.03B -$105M +$610M +$165M Currency Base Feb. 2020 Actual LOE R&D Impact Performance Guidance Adj
Slide 17: Segment Results & Recovery
Segment Results & Recovery Execution, Growth & Accelerating Strategic Alternatives Executing Our Unleashing Accelerating Business Growth Drivers Strategic Recovery from Alternatives to COVID-19 Drive Shareholder Value 16
Slide 18: Bausch + Lomb/International 4Q20 and FY20 Highlights
Bausch + Lomb/International 4Q20 and FY20 Highlights Global Vision Care • U.S. reported revenue growth of 2% vs. FY19 and 5% vs. 4Q19, driven by Bausch + Lomb/International Organic Growth1,2 (Y/Y) parameter expansions for Biotrue® ONEday and Bausch + Lomb ULTRA® • International saw organic revenue1,
Slide 19: Bausch + Lomb/International Recovery Update
Bausch + Lomb/International Recovery Update Bausch + Lomb U.S. Vision Care Dollar % VYZULTA® TRx Trend2 U.S. Bausch + Lomb Consumer Consumption Change Year-Over-Year (Field Consumption)1 4,500 % Change Year-Over-Year3 50% 4,000 40% 31% 40% COVID-19 Pantry 3,500 Loading 22% Recovery in Progress 20% 3
Slide 20: Bausch + Lomb/International Market Share Gains
Bausch + Lomb/International Market Share Gains VYZULTA® TRx Market Share1,2 LOTEMAX® SM TRx Market Share1,2 PROLENSA® TRx Market Share1,2 2.0% 4.0% 17.0% 16.8% 3.3% 1.6% 3.0% 16.0% 1.2% 1.1% +160bps +180bps 2.0% 1.7% 0.8% 0.7% +40bps 15.0% 15.0% 1.0% 0.4% 0.0% 0.0% 14.0% 2019 TRx Share (%) 2020 TRx
Slide 21: SiHy Daily Opportunity
U.S. Daily Disposable Single Vision Spherical Dollar Sales by Material 100% Opportunity U.S. Market • Launched into fastest growing category1 80% 53% ~31% 60% • Estimated U.S. market is currently ~$1B and expected to 40% ~69% 20% 47% grow to ~$3B in 20304,5,7 0% 2019 2 2030 (estimate) 3 SiHy Non-SiH
Slide 22: Salix 4Q20 and FY20 Highlights
Salix 4Q20 and FY20 Highlights Salix Organic Growth1,2 (Y/Y) XIFAXAN® • XIFAXAN® saw reported revenue growth of 2% in FY20 vs. FY19 and 20% 18% 17% 4% in 4Q20 vs. 4Q19 15% 12% • XIFAXAN® hit record high quarterly revenue during 4Q20; reported 10% $411M in quarterly revenue 5% 4% 5% 2% • Recovery con
Slide 23: Salix Recovery Update
Salix Recovery Update 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 1,300 Christmas 1,000 14,500 - 1,200 Jan-20 Mar-20 Jun-20 Aug-20 Nov-20 Jan-21 Nov-17 Aug-18 May-19 Fe
Slide 24: Salix Market Share Gains
Salix Market Share Gains XIFAXAN® TRx Market Share1,2 TRULANCE® TRx Market Share1,2 RELISTOR® TRx Market Share1,2 14.0% 13.7% 83.0% 8.0% 6.0% 13.0% +160bps 82.0% 12.1% 6.0% 12.0% 80.9% 81.0% 4.3% 80.1% 4.0% +170bps 11.0% +80bps 80.0% 10.0% 2.0% 79.0% 9.0% 78.0% 0.0% 8.0% 2019 TRx Share (%) 2020 TRx
Slide 25: Ortho Dermatologics 4Q20 and FY20 Highlights
Ortho Dermatologics 4Q20 and FY20 Highlights Global Solta Organic Growth1,2 (Y/Y) THERMAGE® • Thermage® saw reported revenue growth of 47% in FY20 vs. FY19 and Strong Growth Pre-COVID 46% in 4Q20 vs. 4Q19 70% 62% • Growth driven by China as well as expansion into new 60% 53% geographies 50% 44% • Be
Slide 26: Ortho Dermatologics Recovery and Market Share Gains
Ortho Dermatologics Recovery and Market Share Gains Thermage® Revenue1 JULBIA® TRx Trend2 DUOBRII® TRx Trend3 9,000 6,000 Strong Growth 5,000 Despite COVID-19 8,000 4,000 7,000 3,000 6,000 2,000 5,000 1,000 4,000 0 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Jun-19 D
Slide 27: Driving Growth in 2021 & Beyond
Driving Growth in 2021 & Beyond Execution, Growth & Accelerating Strategic Alternatives Executing Our Unleashing Accelerating Business Growth Drivers Strategic Recovery from Alternatives to COVID-19 Drive Shareholder Value 26
Slide 28: Unleashing Growth Drivers
Unleashing Growth Drivers Business Growth Drivers1 • SiHy daily: Ramp up and approvals globally • Cataract surgery tailwind: ▪ In U.S., ~4M surgeries are performed each year2 ▪ In 2020, we estimate ~650K surgeries or ~16% in U.S. were delayed while outside the U.S. we estimate 20% of the surgeries w
Slide 29: Near-term Catalysts
Near-term Catalysts1 R&D: Upcoming Milestones • Initiate Amiselimod S1P2 Modulator Phase 2 trial3 – 1H21 NOV03 SEECASE Study Published in The Journal of Cornea and External Disease7 • Readout of topline results of first of two Phase 3 trials for NOV03, an investigational treatment for dry eye diseas
Slide 30: 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 29
Slide 31: Spinoff Update
Spinoff Update BAUSCH Health
Slide 32: Accelerating Strategic Alternatives to Expedite Spin-off
Accelerating Strategic Alternatives to Expedite Spin-off1 • Financial segmentation of Bausch + Lomb anticipated to be complete Noteworthy by 1Q21 Milestones • All internal objectives necessary for the spin of Bausch + Lomb anticipated to be achieved by 3Q21 Potential Paths Forward: Use cash generate
Slide 33: Appendix
Appendix 32
Slide 34: 3-year CAGR (2019-2022)
3-year CAGR1,2 (2019-2022) Constant currency and from the original mid-point of 2019 guidance 3 • Expect revenue to grow at a 3%-5% CAGR1 at midpoint of original 2019 guidance of $8,400M • Expect adj. EBITDA (non-GAAP)4 to grow at a 4%-7% CAGR1 at midpoint of original 2019 guidance of $3,425M 1. Com
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 Kong • Amiselimod S1P5 Modulator6 – Completed the thorough QT study and Canada in 4Q20 which evaluated the cardiac safety profile; topline results were positive and expect
Slide 36: Key Product LOE Q4 2020 Impact
Key Product LOE Q4 2020 Impact Product Line with Actual or LOE Rev/Profit LOE Rev/Profit Change Business Unit Anticipated LOE Date1 Q4 2019 Actual Q4 2020 Actual Q4 2019 vs. Q4 2020 Revenue Profit Revenue Profit Revenue Profit • Lotemax Suspension® 2Q19 Ophtho Rx $14M $14M $6M $6M ($8M) ($8M) • Lote
Slide 37: Key Product LOE 2020 Impact vs. Prior Forecast
Key Product LOE 2020 Impact vs. Prior Forecast Product Line with Actual or LOE Rev/Profit LOE Rev/Profit Change Business Unit Anticipated LOE Date1 Prior Forecast 2020 Actual Actual vs Prior Forecast Revenue Profit Revenue Profit Revenue Profit • Lotemax Suspension® 2Q19 Ophtho Rx $26M $25M $26M $25
Slide 38: Key Product LOE 2020 Impact vs. 2019
Key Product LOE 2020 Impact vs. 2019 Product Line with Actual or LOE Rev/Profit LOE Rev/Profit Change Business Unit Anticipated LOE Date1 2019 Actual 2020 Actual 2019 vs 2020 Revenue Profit Revenue Profit Revenue Profit • Lotemax Suspension® 2Q19 Ophtho Rx $87M $85M $26M $25M ($61M) ($60M) • Lotemax
Slide 39: 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 Forecast 2020 vs 2021 Forecast Revenue Profit Revenue Profit Revenue Profit • Lotemax Suspension® 2Q19 • Lotemax Gel® 1Q21 Ophtho Rx $59M $55M $3
Slide 40: Selected U.S. Businesses Pipeline Inventory Trending (4Q20)
Selected U.S. Businesses Pipeline Inventory Trending (4Q20)1 Months on Hand As of As of As of As of Business Change Change Sep 30, Dec 31, Sep 30, Dec 31, Units 4Q19 4Q20 2019 2019 2020 2020 Derm 1.13 0.88 (0.25) 0.97 0.72 (0.25) Neuro 1.01 0.83 (0.18) 1.10 0.56 (0.54) Ophtho 0.81 0.71 (0.10) 0.85 0
Slide 41: Selected U.S. Businesses Pipeline Inventory Trending (Year-to-Date)
Selected U.S. Businesses Pipeline Inventory Trending (Year-to-Date)1 Months on Hand As of As of As of As of Business Change Change Dec 31, Dec 31, Dec 31, Dec 31, Units YTD19 YTD20 2018 2019 2019 2020 Derm 1.26 0.88 (0.38) 0.88 0.72 (0.16) Neuro 1.08 0.83 (0.25) 0.83 0.56 (0.27) Ophtho 0.89 0.71 (0.
Slide 42: 4Q Financial Results Bausch + Lomb/International
4Q 20 Financial Results Bausch + Lomb/International Three Months Ended Favorable (Unfavorable) 12.31.20 12.31.19 Reported Constant Currency 1,2 Organic Change1,3 0% Global Vision Care Revenue $213M $210M 1% (1%) (1%) Bausch + Lomb/International segment organic revenue Global Surgical Revenue $182M $
Slide 43: 4Q Financial Results Salix
4Q 20 Financial Results Salix Three Months Ended Favorable (Unfavorable) 12.31.20 12.31.19 Reported Constant Currency 1,2 Organic Change 1,3 +2% Salix segment organic Salix Revenue $527M $517M 2% 2% 2% revenue growth 1,3 vs. 4Q19; in Total Segment Revenue $527M $517M 2% 2% 2% 4Q20, Salix had an LOE
Slide 44: 4Q Financial Results Ortho Dermatologics
4Q 20 Financial Results Ortho Dermatologics Three Months Ended Favorable (Unfavorable) 12.31.20 12.31.19 Reported Constant Currency 1,2 Organic Change1,3 +31% Ortho Dermatologics Revenue $73M $94M (22%) (22%) (22%) Global Solta organic revenue increase 1,3 vs. 4Q19, driven Global Solta Revenue $87M
Slide 45: 4Q Financial Results Diversified Products
4Q 20 Financial Results Diversified Products Three Months Ended Favorable (Unfavorable) 12.31.20 12.31.19 Reported Constant Currency 1,2 Organic Change 1,3 +6% WELLBUTRIN®5/APLENZIN® Neuro & Other Revenue $160M $168M (5%) (5%) (5%) combined reported revenue Generics Revenue $99M $117M (15%) (15%) (1
Slide 46: YTD Financial Results Bausch + Lomb/International
YTD 20 Financial Results Bausch + Lomb/International Twelve Months Ended Favorable (Unfavorable) 12.31.20 12.31.19 Reported Constant Currency 1,2 Organic Change 1,3 (6%) Global Vision Care Revenue $755M $848M (11%) (11%) (11%) Bausch + Lomb/International Global Surgical Revenue $576M $698M (17%) (18
Slide 47: YTD Financial Results Salix
YTD 20 Financial Results Salix Twelve Months Ended Favorable (Unfavorable) 12.31.20 12.31.19 Reported Constant Currency 1,2 Organic Change 1,3 (6%) Salix segment organic Salix Revenue $1,904M $2,022M (6%) (6%) (6%) revenue decline 1,3 vs. YTD19, Total Segment Revenue $1,904M $2,022M (6%) (6%) (6%) p
Slide 48: YTD Financial Results Ortho Dermatologics
YTD 20 Financial Results Ortho Dermatologics Twelve Months Ended Favorable (Unfavorable) 12.31.20 12.31.19 Reported Constant Currency 1,2 Organic Change1,3 +29% Ortho Dermatologics Revenue $300M $371M (19%) (19%) (19%) Global Solta organic revenue growth1,3 vs. YTD19, driven Global Solta Revenue $25
Slide 49: YTD Financial Results Diversified Products
YTD 20 Financial Results Diversified Products Twelve Months Ended Favorable (Unfavorable) 12.31.20 12.31.19 Reported Constant Currency 1,2 Organic Change 1,3 +13% WELLBUTRIN®5/APLENZIN® Neuro & Other Revenue $674M $715M (6%) (6%) (6%) combined reported revenue Generics Revenue $415M $459M (10%) (10%
Slide 50: Other Financial Information (Quarter-to-Date)
Other Financial Information (Quarter-to-Date) Three Months Ended Favorable (Unfavorable) Constant Dec. 31, 2020 Dec. 31, 2019 Reported Currency1,2 Cash Interest Expense $363M $374M 3% 3% Net Interest Expense $377M $388M 3% 3% Non-cash adjustments Depreciation $46M $47M 2% 4% Non-cash share-based Com
Slide 51: Other Financial Information (Year-to-Date)
Other Financial Information (Year-to-Date) Twelve Months Ended Favorable (Unfavorable) Constant Dec. 31, 2020 Dec. 31, 2019 Reported Currency1,2 Cash Interest Expense $1,473M $1,549M 5% 5% Net Interest Expense $1,521M $1,600M 5% 5% Non-cash adjustments Depreciation $180M $178M (1%) (1%) Non-cash sha
Slide 52: Top 10 Products – Total Bausch Health
FY 20 Top 10 Products – Total BAUSCH Health 1 Top 10 products/franchises revenues and trailing five quarters Rank Product/Franchises FY20 4Q20 3Q20 2Q20 1Q20 FY19 4Q19 1 XIFAXAN® $1,482M $411M $381M $315M $375M $1,452M $396M Ocuvite® + 2 $333M $100M $83M $78M $72M $313M $86M PreserVision® 3 WELLBUTR
Slide 53: Top 10 Products – B+L/International
FY 20 Top 10 Products – B+L/International Top 10 products/franchises revenues and trailing five quarters Rank Product/Franchises FY20 4Q20 3Q20 2Q20 1Q20 FY19 4Q19 Ocuvite® + 1 $333M $100M $83M $78M $72M $313M $86M PreserVision® 2 SofLens® $236M $68M $63M $47M $58M $284M $70M 3 renu® $174M $50M $45M
Slide 54: Top 10 Products – Salix
FY 20 Top 10 Products – Salix1 Top 10 products/franchises revenues and trailing five quarters Rank Product/Franchises FY20 4Q20 3Q20 2Q20 1Q20 FY19 4Q19 1 XIFAXAN® $1,482M $411M $381M $315M $375M $1,452M $396M 2 RELISTOR® $114M $29M $28M $26M $31M $110M $27M 3 TRULANCE® $82M $24M $22M $17M $19M $55M
Slide 55: Top 10 Products – Ortho Dermatologics
FY 20 Top 10 Products – Ortho Dermatologics Top 10 products/franchises revenues and trailing five quarters Rank Product/Franchises FY20 4Q20 3Q20 2Q20 1Q20 FY19 4Q19 1 THERMAGE® $210M $70M $62M $37M $41M $143M $48M 2 JUBLIA® $69M $13M $21M $16M $19M $67M $19M 3 SILIQ® $39M $9M $11M $12M $7M $28M $7M
Slide 56: Top 10 Products – Diversified Products
FY 20 Top 10 Products – Diversified Products 1 Top 10 products/franchises revenues and trailing five quarters Rank Product/Franchises FY20 4Q20 3Q20 2Q20 1Q20 FY19 4Q19 1 WELLBUTRIN® $271M $67M $81M $65M $58M $244M $61M 2 APLENZIN® $98M $23M $26M $23M $26M $83M $24M 3 ARESTIN® $63M $21M $17M $6M $19
Slide 57: Non-GAAP Adjustments EPS Impact ($M)
Non-GAAP Adjustments EPS Impact ($M)2 Three Months Ended Twelve Months Ended December 31, December 31, 2020 2019 2020 2019 Income Earnings per Income Earnings per Income Earnings per Income Earnings per (Expense) Share Impact (Expense) Share Impact (Expense) Share Impact (Expense) Share Impact Net l
Slide 58: Bausch + Lomb/Int'l Segment Trailing Five Quarters
Bausch + Lomb/Int’l Segment Trailing Five Quarters1 Bausch + FY20 4Q20 3Q20 2Q20 1Q20 4Q19 Lomb/International Global Vision Care $755M $213M $214M $135M $193M $210M Revenue Global Surgical Revenue $576M $182M $151M $90M $153M $193M Global Consumer Revenue $1,434M $386M $374M $321M $353M $390M Global
Slide 59: Salix Segment Trailing Five Quarters
Salix Segment Trailing Five Quarters Salix FY20 4Q20 3Q20 2Q20 1Q20 4Q19 Salix Revenue $1,904M $527M $496M $404M $477M $517M Segment Revenue $1,904M $527M $496M $404M $477M $517M Segment Gross Profit2 (excluding amortization and $1,706M $470M $448M $364M $424M $458M impairments of intangible assets)
Slide 60: Ortho Dermatologics Segment Trailing Five Quarters
Ortho Dermatologics Segment Trailing Five Quarters1 Ortho Dermatologics FY20 4Q20 3Q20 2Q20 1Q20 4Q19 Ortho Dermatologics Revenue $300M $73M $71M $74M $82M $94M Global Solta Revenue1 $253M $87M $73M $42M $51M $64M Segment Revenue $553M $160M $144M $116M $133M $158M Segment Gross Profit3 (excluding a
Slide 61: Diversified Products Segment Trailing Five Quarters
Diversified Products Segment Trailing Five Quarters Diversified Products FY20 4Q20 3Q20 2Q20 1Q20 4Q19 Neuro & Other Revenue $674M $160M $199M $153M $162M $168M Generics Revenue $415M $99M $111M $100M $105M $117M Dentistry Revenue $73M $25M $19M $8M $21M $26M Segment Revenue $1,162M $284M $329M $261
Slide 62: Reconciliation of Operating Income to Adjusted EBITA (Quarter-to-Date)
Reconciliation of Reported Operating Income to Adjusted EBITA (non-GAAP)1 ($M) (Quarter-to-Date) Q4 2020 Gross Gross Selling & G&A and R&D Operating Operating Profit2 Margin2 Advertising Other Expense Expense Income Qtr 4 2020 GAAP $ 1,568 70.9% $ 448 $ 188 $ 119 $ 755 $ (5) Amortization of finite-l
Slide 63: 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 2020 Gross Selling & G&A and R&D Operating Operating Gross Profit2 Margin2 Advertising Other Expense Expense Income YTD 2020 GAAP $ 5,778 72.0% $ 1,707 $ 660 $ 452 $ 2,819 $ 676 Amortization of finite-l
Slide 64: Amortization and Impairments of Intangible Assets ($M)
Amortization and Impairments of Intangible Assets ($M) Amortization of intangible assets Amortization of intangible assets Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 YTD 2020 YTD 2019 Bausch + Lomb / International $ 103 $ 111 $ 110 $ 110 $ 111 $ 434 $ 464 Salix 194 194 246 246 246 880 981 Ortho Dermato
Slide 65: 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 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 co
Slide 66: 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 Twelve Months Ended December 31, December 31, 2020 2019 2020 2019 Net loss attributable to Bausch Health Companies Inc. $ (153) $ (1,516) $ (560) $ (1,788) Interest expense, net 377 388
Slide 67: Reconciliation of Reported Revenue to Organic Revenue (Quarter-to-Date)
Reconciliation of Reported Revenue to Organic Revenue1,2 and Organic Revenue Growth1,2 ($M) (Quarter-to-Date) Calculation of Organic Revenue for the Three Months Ended Change in December 31, 2020 December 31, 2019 Organic Revenue Organic Organic Revenue Changes in Revenue Revenue Revenue as Exchange
Slide 68: Reconciliation of Reported Revenue to Organic Revenue (Year-to-Date)
Reconciliation of Reported Revenue to Organic Revenue1,2 and Organic Revenue Growth1,2 ($M) (Year-to-Date) Calculation of Organic Revenue for the Twelve Months Ended Change in December 31, 2020 December 31, 2019 Organic Revenue Organic Organic Revenue Changes in Revenue Revenue Revenue as Exchange (
Slide 69: Reconciliation of Bausch + Lomb/Int'l Reported Revenue to Organic Revenue
Reconciliation of Bausch + Lomb/Int’l Reported Revenue to Organic Revenue1,2 and Organic Revenue Growth1,2 ($M) Change in Organic Calculation of Bausch & Lomb / International Organic Revenue Revenue Revenue Changes in Organic Revenue Organic as Exchange Revenue (Non- as Divestitures and Revenue (Non
Slide 70: Reconciliation of Salix Reported Revenue to Organic Revenue
Reconciliation of Salix Reported Revenue to Organic Revenue1,2 and Organic Revenue Growth1,2 ($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 71: Reconciliation of Global Solta Reported Revenue to Organic Revenue
Reconciliation of Global Solta Reported Revenue to Organic Revenue1,2 and Organic Revenue Growth1,2 ($M) Change in Organic Calculation of Global Solta Organic Revenue Revenue Revenue Changes in Organic Revenue Organic as Exchange Revenue (Non- as Divestitures and Revenue (Non- Reported Rates3 Acquis
Slide 72: Reconciliation of Reported Revenue to Organic Revenue
Reconciliation of Reported Revenue to Organic Revenue1,2 and Organic Revenue Growth1,2 ($M) Calculation of Organic Revenue for the Three Months Ended Change in December 31, 2020 December 31, 2019 Organic Revenue Organic Revenue Changes in Organic Revenue Revenue as Exchange Revenue (Non- as Divestit
Slide 73: 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 Twelve Months Ended December 31, December 31, 2020 2019 2020 2019 GAAP Net cash provided by operating activities $ 394 $ 234 $ 1,111 $ 1,501 Payments of legacy
Slide 74: TTM Adjusted EBITDA ($M)
TTM1 Adjusted EBITDA2 ($M) Dec-20 Sep-20 Jun-20 Mar-20 Dec-19 Net loss attributable to Bausch Health Companies Inc. $ (560) $ (1,923) $ (2,043) $ (1,888) $ (1,788) Interest expense, net 1,521 1,532 1,564 1,587 1,600 Benefit from income taxes (375) (86) (109) (6) (54) Depreciation and amortization 1,
Slide 75: 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 76: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures Adjusted EBITDA (non-GAAP) is net income Asset Impairments: The Company has excluded the impact of Adjusted EBITDA (non-GAAP) impairments of finite-lived and indefinite-lived intangible assets, as (loss) attributable to the Company (its mo
Slide 77: 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 78: 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 79: 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 80: 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 81: 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 82: 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) is Cash provided by Adjusted EBITDA (non-GAAP) operating activities (its most directly comparable GAAP financial Adjus
Bausch Health Companies — Q4 2020 Earnings Presentation on 6ix