Bausch Health Companies Inc. · TSX:BHC
Bausch Health Companies — Q2 2021 Earnings Presentation
90 slides from Bausch Health Companies's earnings presentation, Aug 3, 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 (collectively, (including whether or not an advance ruling from either or both of the Canada Revenue Agency and the Internal Revenue Service “forward-loo
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 2Q21 Highlights & 1 Financial Results 2 FY 2021 Guidance Topics 3 Segment Results & Recovery 4 IPO of Solta Medical 5 Bausch + Lomb Spinoff Update This presentation does not constitute an offer to sell or the solicitation of an offer to 3 buy any securities.
Slide 5: Bausch Health 2Q21 Update
Bausch Health 2Q21 Update Executing Our Business Recovery from COVID-19 • Total company saw organic revenue growth 1,2 of 23% vs. 2Q20, driven by strong year- over-year recovery across the business units, offset by the impact of recall of certain Consumer products as a result of a quality issue at a
Slide 6: 2Q21 Revenue Results
2Q21 Revenue Results Three Months Ended Favorable (Unfavorable) 6.30.21 6.30.20 Reported Organic Change 1,2 Bausch + Lomb 3 Segment $934M $677M 38% 33% Global Vision Care Revenue $216M $135M 60% 56% Global Surgical Revenue $185M $90M 106% 97% Global Consumer Revenue 3 $341M $305M 12% 9% Global Ophth
Slide 7: 2Q Financial Results
2Q 21 Financial Results Three Months Ended Favorable (Unfavorable) Constant Organic 6.30.21 6.30.20 Reported Currency1,2 Change1,3 Revenues $2,100M $1,664M 26% 23% 23% GAAP Net Loss ($595M) ($326M) Adj. Net Income (non-GAAP)1 $352M $165M 113% 98% Diluted Shares Outstanding 5 363.6M 357.3M GAAP EPS (
Slide 8: 2Q Cash Flow Summary
2Q 21 Cash Flow Summary Three Months Three Months Six Months Six Months Ended 6.30.21 Ended 6.30.20 Ended 6.30.21 Ended 6.30.20 Net loss 1 ($593M) ($325M) ($1,200M) ($477M) Net cash provided $395M of cash generated by operating $395M $200M $838M $461M activities from operations (GAAP) during 2Q21; $
Slide 9: 2Q Balance Sheet Summary
2Q 21 Balance Sheet Summary As of As of As of As of As of 6.30.21 3.31.21 12.31.20 9.30.20 6.30.20 Cash, cash equivalents and $1,856M1,8 $1,893M1,8 $1,816M1 $1,988M1 $1,907M1 restricted cash Revolving Credit Drawn $0M $0M $0M $0M $0M Senior Secured Debt2 $8,273M $8,473M $8,673M $8,948M $8,948M Senio
Slide 10: No Debt Maturities Until 2025
No Debt Maturities Until 2025 Long-Term Debt Maturity Profile as of June 30, 20211 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Total Debt Maturities $0 $0 $0 $0 $5,768M $0 $500M $1,600M $0 $0 $0 $7,868M (Secured) Debt Maturities $0 $0 $0 $0 $4,650M $1,500M $1,750M $2,012M $3,250M $1,250M
Slide 11: FY 2021 Guidance
FY 2021 Guidance BAUSCH Health
Slide 12: Full-Year 2021 Revenue and Adjusted EBITDA Guidance
Full-Year 2021 Revenue and Adjusted EBITDA (non-GAAP)1 Guidance3,4 Prior Guidance Prior Guidance Current Guidance (February 2021) (May 2021)7 (August 2021) Total Revenues $8.60B - $8.80B $8.60B - $8.80B $8.40B - $8.60B Adj. cash generated from Adjusted EBITDA (non-GAAP) 1 $3.40B - $3.55B $3.40B - $3
Slide 13: Full-Year 2021 Revenue and Adjusted EBITDA Guidance Bridge
Full-Year 2021 Revenue and Adjusted EBITDA (non-GAAP)1 Guidance Bridge2,3 May Amoun Currency Adjusted May Product Base Aug LOE Guidance Divestiture Impact Guidance4 Recall Performance Guidance Revenue Revenue $8.80B to Approx. Approx. $8.65B $0M $8.60B -$120M to Approx. $8.60B -$30M $0M $8.45B -$50M
Slide 14: Segment Results & Recovery
Segment Results & Recovery 13
Slide 15: Bausch + Lomb 2Q21 Highlights – Recovery in Progress
Bausch + Lomb5 2Q21 Highlights – Recovery in Progress Bausch + Lomb Revenue Breakdown Global Vision Care • Strong recovery as Global Vision Care saw 56% organic revenue change 1,2 vs. 2Q20, driven by ramp-up in U.S. and rebounds seen in International, partially offset by continued COVID-19 impact in
Slide 16: Bausch + Lomb Recovery in Progress
Bausch + Lomb Recovery in Progress Bausch + Lomb U.S. Vision Care Dollar % U.S. Bausch + Lomb Consumer Consumption VYZULTA® TRx Trend2 Change Year-Over-Year (Field Consumption)1 % Change Year-Over-Year3 6,000 160% 50% COVID-19 Pantry Recovery in Progress Loading 140% 117% 5,000 120% 30% 100% 4,000 8
Slide 17: Salix 2Q21 Highlights – Recovery in Progress
Salix 2Q21 Highlights – Recovery in Progress XIFAXAN® Salix Organic Growth1,2 (Y/Y) • XIFAXAN® saw revenue growth of 28% vs. 2Q20 40% • Continued lower prescriptions vs. pre-COVID levels in the Long Term 28% 30% Care (LTC) channel due to continued COVID-19 impact 20% 18% 17% • Market share gains: NR
Slide 18: Salix Recovery in Progress
Salix Recovery in Progress XIFAXAN® TRx Trend1 TRULANCE® TRx Trend1 RELISTOR® TRx Trend1 24,000 2,000 8,000 23,000 1,900 7,000 22,000 1,800 21,000 6,000 1,700 20,000 5,000 1,600 19,000 18,000 4,000 1,500 17,000 1,400 3,000 16,000 1,300 15,000 2,000 1,200 14,000 Temporary downward fluctuations in 1,0
Slide 19: International Rx 2Q21 Highlights – Recovery in Progress
International Rx3 2Q21 Highlights – Recovery in Progress International Rx Saw 17% organic revenue growth1,2 vs. 2Q20; growth was driven by ongoing business recovery International Rx Organic Growth1,2 (Y/Y) 20% 17% 15% 10% 10% Canada 10% 7% 5% 5% Top 3 Products 4% 4% 5% • Jublia® EMEA, Russia, 0% • T
Slide 20: IPO of Solta Medical
IPO of Solta Medical This presentation does not constitute an offer to sell or the solicitation of an offer to 19 buy any securities.
Slide 21: IPO of Solta Medical to Maximize Shareholder Value
IPO of Solta Medical to Maximize Shareholder Value 3 Transaction Overview IPO of Solta Medical, a leading global provider Summary in medical aesthetics, into an independent publicly traded company 1H21 Financial Results • Expected Tax Rate: Mid-teens % • Global Solta saw 48% organic revenue1,2 Post-
Slide 22: Solta Medical - Overview
Solta Medical - Overview A leading global provider in Medical Aesthetics Company Background Product Portfolio • Founded in 1995, acquired by Bausch • Key brands: Thermage®, Clear + Brilliant®, Fraxel®, Vaser® in 2014 • Launched Thermage® FLX in 2018/2019, a fourth-generation • Launched first commerc
Slide 23: Solta Medical – Solid Trajectory of Growth
Solta Medical – Solid Trajectory of Growth $M, USD 2017-2020 Revenue 2017-2020 Adj. EBITDA (non-GAAP)1,3 253 135 ~32% CAGR2 194 ~87% CAGR2 87 135 111 48 20 2017 2018 2019 2020 2017 2018 2019 2020 Demonstrated consistent double-digit revenue growth since 2017 Strong sales performance has generated si
Slide 24: Bausch + Lomb Spinoff Update & Management Announcement
Bausch + Lomb Spinoff Update & Management Announcement 23
Slide 25: Bausch Pharma Leadership
Bausch Pharma1 Leadership Thomas J. Appio Bausch Pharma1 Chief Executive Officer Thomas Appio joined the Company from Bausch + Lomb in 2013, and under his leadership the A diversified pharmaceutical organization has experienced accelerated growth in revenue and profitability within many of its compa
Slide 26: Accelerating Strategic Alternatives to Unlock Shareholder Value
Accelerating Strategic Alternatives to Unlock Shareholder Value1 Complete financial Actively pursuing all opportunities to expedite leverage segmentation of improvement and deliver shareholder value Bausch + Lomb Appoint leadership of Bausch + Lomb Net Leverage Bausch Pharma2 Net Leverage Bausch Pha
Slide 27: Appendix
26 Appendix BAUSCH Health
Slide 28: Solta Medical – Key Products
Solta Medical – Key Products Thermage FLX™ Clear + Brilliant® • Radiofrequency technology device • Fractional laser technology used for skin tightening procedures used for skin rejuvenation • Initial launch of Thermage system procedures in 2002 • Launched in 2011, next ▪ Launched Thermage Comfort ge
Slide 29: Solta Medical – Competitive Landscape
Solta Medical – Competitive Landscape ▪ Producer of laser ▪ Producer of silicone-filled ▪ Producer of a non-invasive technologies used in several breast and body shaping platform of products spanning categories of surgical implants the dermatology treatment specialty such as plastic spectrum from sk
Slide 30: New Segment Structure
New Segment Structure New Segment Structure 4Q20 Segment Structure vs. 2Q21 Segment Structure 4Q20 Segment Structure 2Q21 Segment Structure Segment Business Lines Segment Business Lines • Global Vision Care • Global Vision Care • Global Surgical • Global Surgical Bausch + Lomb4 • Global Consumer Bau
Slide 31: New Segment Realignment: 2Q 2020 Revenue Bridge
New Segment Realignment New Segment Structure 2Q 2020 Revenue Bridge Segment Recasting Reported Reclassification Restated Changes 2Q20 2Q20 (Effective as of 1Q21) Bausch + Lomb 1 Segment $643M $34M $677M Bausch + Lomb • Global Consumer: Non-eyecare Global Vision Care Revenue $135M $0M $135M products
Slide 32: 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 33: 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. Initiated
Slide 34: 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 35: Key Product LOE Q2 2021 Impact
Key Product LOE Q2 2021 Impact Product Line with Actual or LOE Rev/Profit LOE Rev/Profit Change Business Unit Anticipated LOE Date1 Q2 2020 Actual Q2 2021 Actual Q2 2020 vs. Q2 2021 Revenue Profit Revenue Profit Revenue Profit • Lotemax Suspension® 2Q19 • Lotemax Gel® 1Q21 Bausch & Lomb $12M $11M $8
Slide 36: 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 37: 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 38: Selected U.S. Businesses Pipeline Inventory Trending (2Q21)
Selected U.S. Businesses Pipeline Inventory Trending (2Q21)1 Months on Hand As of As of As of As of Business Change Change Mar 31, June 30, Mar 31, June 30, Units 2Q20 2Q21 2020 2020 2021 2021 Derm2 1.28 0.83 (0.45) 0.88 0.98 0.10 Neuro2 0.82 0.79 (0.03) 0.80 0.99 0.19 Ophtho2 1.03 1.25 0.22 1.10 1.
Slide 39: Selected U.S. Businesses Pipeline Inventory Trending (YTD)
Selected U.S. Businesses Pipeline Inventory Trending (YTD)1 Months on Hand As of As of As of As of Business Change Change Dec 31, June 30, Dec 31, June 30, Units YTD20 YTD21 2019 2020 2020 2021 Derm2 0.89 0.83 (0.06) 0.74 0.98 0.24 Neuro2 0.82 0.79 (0.03) 0.54 0.99 0.45 Ophtho2 0.90 1.25 0.35 1.14 1
Slide 40: 2Q Financial Results Bausch + Lomb
2Q 21 Financial Results Bausch + Lomb 5 Three Months Ended Favorable (Unfavorable) 6.30.21 6.30.20 Reported Constant Currency1,2 Organic Change1,3 +33% Global Vision Care Revenue $216M $135M 60% 55% 56% Bausch + Lomb segment organic revenue growth 1,3 vs. Global Surgical Revenue $185M $90M 106% 94%
Slide 41: 2Q Financial Results Salix
2Q 21 Financial Results Salix Three Months Ended Favorable (Unfavorable) 6.30.21 6.30.20 Reported Constant Currency1,2 Organic Change1,3 +28% Salix segment organic Salix Revenue $516M $404M 28% 28% 28% revenue growth 1,3 vs. 2Q20 Total Segment Revenue $516M $404M 28% 28% 28% Gross Profit 4 (excludin
Slide 42: 2Q Financial Results International Rx
2Q 21 Financial Results International Rx 5 Three Months Ended Favorable (Unfavorable) 6.30.21 6.30.20 Reported Constant Currency1,2 Organic Change1,3 +17% International Rx segment International Rx Revenue 5 $313M $249M 26% 17% 17% organic revenue growth 1,3 vs. Total Segment Revenue $313M $249M 26%
Slide 43: 2Q Financial Results Ortho Dermatologics
2Q 21 Financial Results Ortho Dermatologics 5 Three Months Ended Favorable (Unfavorable) 6.30.21 6.30.20 Reported Constant Currency1,2 Organic Change1,3 +64% Ortho Dermatologics Revenue 5 $64M $75M (15%) (15%) (15%) Global Solta organic revenue increase 1,3 vs. 2Q20, driven Global Solta Revenue $73M
Slide 44: 2Q Financial Results Diversified Products
2Q 21 Financial Results Diversified Products 5,6 Three Months Ended Favorable (Unfavorable) 6.30.21 6.30.20 Reported Constant Currency1,2 Organic Change1,3 +1% WELLBUTRIN ®5/APLENZIN ® Neuro & Other Revenue 6 $143M $149M (4%) (4%) (4%) combined reported revenue Generics Revenue 6 $31M $60M (48%) (48
Slide 45: YTD Financial Results
YTD 21 Financial Results Six Months Ended Favorable (Unfavorable) Constant Organic 6.30.21 6.30.20 Reported Currency1,2 Change1,3 Revenues $4,127M $3,676M 12% 10% 10% GAAP Net Loss ($1,205M) ($478M) Adj. Net Income (non-GAAP)1 $722M $481M 50% 41% Diluted Shares Outstanding 5 363.6M 357.9M GAAP EPS (
Slide 46: YTD Financial Results Bausch + Lomb
YTD 21 Financial Results Bausch + Lomb 5 Six Months Ended Favorable (Unfavorable) 6.30.21 6.30.20 Reported Constant Currency1,2 Organic Change1,3 +13% Global Vision Care Revenue $440M $328M 34% 30% 31% Bausch + Lomb segment organic growth 1,3 vs. 2Q20 Global Surgical Revenue $347M $243M 43% 35% 37%
Slide 47: YTD Financial Results Salix
YTD 21 Financial Results Salix Six Months Ended Favorable (Unfavorable) 6.30.21 6.30.20 Reported Constant Currency1,2 Organic Change1,3 +12% Salix segment organic Salix Revenue $988M $881M 12% 12% 12% growth 1,3 vs.2Q20 Total Segment Revenue $988M $881M 12% 12% 12% Gross Profit 4 (excluding amortiza
Slide 48: YTD Financial Results International Rx
YTD 21 Financial Results International Rx 5 Six Months Ended Favorable (Unfavorable) 6.30.21 6.30.20 Reported Constant Currency1,2 Organic Change1,3 +10% International Rx segment International Rx Revenue 5 $619M $540M 15% 10% 10% organic revenue growth 1,3 vs. Total Segment Revenue $619M $540M 15% 1
Slide 49: YTD Financial Results Ortho Dermatologics
YTD 21 Financial Results Ortho Dermatologics 5 Six Months Ended Favorable (Unfavorable) 6.30.21 6.30.20 Reported Constant Currency1,2 Organic Change1,3 +48% Ortho Dermatologics Revenue 5 $133M $155M (14%) (14%) (14%) Global Solta organic revenue increase 1,3 vs. 2Q20, driven Global Solta Revenue $14
Slide 50: YTD Financial Results Diversified Products
YTD 21 Financial Results Diversified Products 5,6 Six Months Ended Favorable (Unfavorable) 6.30.21 6.30.20 Reported Constant Currency1,2 Organic Change1,3 (2%) WELLBUTRIN® 5/APLENZIN® Neuro & Other Revenue 6 $297M $306M (3%) (3%) (1%) combined reported revenue Generics Revenue 6 $79M $120M (34%) (34
Slide 51: Other Financial Information (Quarter-to-Date)
Other Financial Information (Quarter-to-Date) Three Months Ended Favorable (Unfavorable) Constant June 30, 2021 June 30, 2020 Reported Currency1,2 Cash Interest Expense $352M $368M 4% 4% Net Interest Expense $362M $383M 5% 5% Non-cash adjustments Depreciation $44M $44M 0% 5% Non-cash share-based Com
Slide 52: Other Financial Information (Year-to-Date)
Other Financial Information (Year-to-Date) Six Months Ended Favorable (Unfavorable) Constant June 30, 2021 June 30, 2020 Reported Currency1,2 Cash Interest Expense $707M $749M 6% 6% Net Interest Expense $728M $772M 6% 6% Non-cash adjustments Depreciation $90M $89M (1%) 2% Non-cash share-based Comp $
Slide 53: 2Q Top Products – Total BAUSCH Health
2Q 21 Top 10 Products – Total BAUSCH Health1 Top 10 products/franchises revenues and trailing five quarters Rank Product/Franchises 2Q21 1Q21 4Q20 3Q20 2Q20 1 XIFAXAN® $402M $366M $411M $381M $315M 2 Ocuvite® + PreserVision® $88M $76M $100M $83M $78M 3 WELLBUTRIN® $66M $54M $70M $83M $66M 4 SofLens®
Slide 54: 2Q Top Products – Bausch + Lomb
2Q 21 Top 10 Products – Bausch + Lomb1 Top 10 products/franchises revenues and trailing five quarters Rank Product/Franchises 2Q21 1Q21 4Q20 3Q20 2Q20 1 Ocuvite® + PreserVision® $88M $76M $100M $83M $78M 2 SofLens® $62M $64M $68M $63M $47M 3 Biotrue® ONEday $45M $47M $41M $51M $25M 4 Bausch + Lomb U
Slide 55: 2Q Top Products – Salix
2Q 21 Top 10 Products – Salix1 Top 10 products/franchises revenues and trailing five quarters Rank Product/Franchises 2Q21 1Q21 4Q20 3Q20 2Q20 1 XIFAXAN® $402M $366M $411M $381M $315M 2 RELISTOR® $32M $30M $29M $28M $26M 3 TRULANCE® $28M $21M $24M $22M $17M 4 GLUMETZA® $18M $16M $17M $20M $17M 5 APR
Slide 56: 2Q Top Products – International Rx
2Q 21 Top 10 Products – International Rx1,2 Top 10 products/franchises revenues and trailing five quarters Rank Product/Franchises 2Q21 1Q21 4Q20 3Q20 2Q20 1 Jublia® $12M $9M $10M $12M $9M 2 Bedoyecta® $12M $11M $15M $14M $9M 3 Xithrone® $9M $7M $6M $3M $2M 4 Bisocard® $8M $8M $9M $7M $4M 5 Hibiotic
Slide 57: 2Q Top Products – Ortho Dermatologics
2Q 21 Top 10 Products – Ortho Dermatologics Top 10 products/franchises revenues and trailing five quarters Rank Product/Franchises 2Q21 1Q21 4Q20 3Q20 2Q20 1 THERMAGE® $56M $57M $70M $62M $37M 2 JUBLIA®1 $15M $14M $13M $21M $16M 3 RETIN-A®2 $7M $6M $7M $2M $4M 4 SILIQ®1 $8M $7M $9M $11M $12M 5 CLEAR
Slide 58: 2Q Top Products – Diversified Products
2Q 21 Top 10 Products – Diversified Products1 Top 10 products/franchises revenues and trailing five quarters Rank Product/Franchises 2Q21 1Q21 4Q20 3Q20 2Q20 1 WELLBUTRIN® $63M $53M $67M $81M $65M 2 APLENZIN® $26M $26M $23M $26M $23M 3 ARESTIN® $23M $23M $21M $17M $6M 4 ATIVAN® $13M $18M $13M $22M $
Slide 59: Non-GAAP Adjustments EPS Impact
Non-GAAP Adjustments EPS Impact ($M)2 Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 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 loss attribu
Slide 60: Bausch + Lomb Segment Trailing Quarters and Years
Bausch + Lomb4 Segment Trailing Quarters and Years1 Bausch + Lomb 2Q21 1Q21 4Q20 3Q20 2Q20 FY20 FY19 FY18 Global Vision Care $216M $224M $213M $214M $135M $755M $848M $814M Revenue Global Surgical $185M $162M $182M $151M $90M $576M $698M $698M Revenue Global Consumer $341M $331M $368M $351M $305M $1
Slide 61: Bausch + Lomb: Additional Financial Information
Bausch + Lomb1: Additional Financial Information2 Bausch + Lomb 2Q21 1Q21 FY20 FY19 FY18 Corporate R&D Allocation $27M $27M $108M $113M $102M Corporate G&A Allocation $36M $33M $120M $129M $140M Depreciation3 $32M $33M $124M $124M $121M Capital Expenditures $44M $50M $253M $186M $104M Stock-Based Co
Slide 62: Bausch Pharma Company Trailing Quarters and Years
Bausch Pharma5 Company Trailing Quarters and Years1 Bausch Pharma 2Q21 1Q21 4Q20 3Q20 2Q20 FY20 FY19 FY18 Salix Revenue $516M $472M $527M $496M $404M $1,904M $2,022M $1,749M International Rx $313M $306M $333M $308M $249M $1,181M $1,154M $1,156M Revenue2 Ortho Dermatologics $137M $141M $157M $143M $1
Slide 63: Bausch Pharma: Additional Financial Information
Bausch Pharma1: Additional Financial Information2 Bausch Pharma 2Q21 1Q21 FY20 FY19 FY18 Corporate R&D Allocation $34M $37M $148M $146M $132M Corporate G&A Allocation $44M $42M $162M $164M $181M Depreciation3 $12M $13M $56M $54M $54M Capital Expenditures $18M $16M $49M $84M $53M Stock-Based Compensa
Slide 64: Salix Segment Trailing Quarters and Years
Salix Segment Trailing Quarters and Years Salix 2Q213 1Q213 4Q203 3Q203 2Q203 FY203 FY191 FY183 Salix Revenue $516M $472M $527M $496M $404M $1,904M $2,022M $1,749M Segment Revenue $516M $472M $527M $496M $404M $1,904M $2,022M $1,749M Adj. Segment Gross Profit (non- GAAP)1,2 $468M $420M $470M $448M $
Slide 65: International Rx Segment Trailing Quarters and Years
International Rx3 Segment Trailing Quarters and Years4 International Rx 2Q21 1Q21 4Q20 3Q20 2Q20 FY20 FY19 FY18 International Rx $313M $306M $333M $308M $249M $1,181M $1,154M $1,156M Revenue3 Segment Revenue $313M $306M $333M $308M $249M $1,181M $1,154M $1,156M Segment Gross Profit2 (excluding amort
Slide 66: Ortho Dermatologics Segment Trailing Quarters and Years
Ortho Dermatologics4 Segment Trailing Quarters and Years1 Ortho Dermatologics 2Q21 1Q21 4Q20 3Q20 2Q20 FY20 FY19 FY18 Ortho Dermatologics $64M $69M $70M $70M $75M $295M $366M $473M Revenue4 Global Solta Revenue1 $73M $72M $87M $73M $42M $253M $194M $135M Segment Revenue $137M $141M $157M $143M $117M
Slide 67: Diversified Products Segment Trailing Quarters and Years
Diversified Products3 Segment Trailing Quarters and Years Diversified 2Q21 1Q21 4Q20 3Q20 2Q20 FY20 FY19 FY18 Products Neuro & Other $143M $154M $160M $200M $149M $666M $677M $781M Revenue3 Generics Revenue3 $31M $48M $64M $56M $60M $240M $309M $305M Dentistry Revenue $26M $25M $25M $19M $8M $73M $1
Slide 68: Reconciliation of Reported Operating Income to Adjusted EBITA (Quarter-to-Date)
Reconciliation of Reported Operating Income to Adjusted EBITA (non-GAAP)1 ($M) (Quarter-to-Date) Q2 2021 Gross Gross Selling & G&A and R&D Operating Operating 2 Profit Margin2 Advertising Other Expense Expense loss Qtr 2 2021 GAAP $ 1,488 70.9% $ 470 $ 215 $ 115 $ 800 $ (270) Amortization of intangi
Slide 69: Reconciliation of Reported 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 loss 2021 GAAP $ 2,941 71.3% $ 888 $ 403 $ 227 $ 1,518 $ (491) Amortization of intangible ass
Slide 70: Amortization and Impairments of Intangible Assets
Amortization and Impairments of Intangible Assets ($M)2 Amortization of intangible assets Amortization of intangible assets Amortization of intangible assets YTD December YTD December YTD December Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 YTD June 2021 YTD June 2020 2020 2019 2018 Bausch + Lomb2 $ 78
Slide 71: Reconciliation of Reported 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 72: Reconciliation of Reported 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 Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net loss attributable to Bausch Health Companies Inc. $ (595) $ (326) $ (1,205) $ (478) Interest expense, net 362 383 728 772 Benef
Slide 73: Reconciliation of Solta Medical Net Income to EBITDA and Adjusted EBITDA
Reconciliation of Solta Medical Net Income to EBITDA (non- GAAP)1 and Adjusted EBITDA (non-GAAP)1 ($M)2 Twelve Months Ended Twelve Months Ended Twelve Months Ended Twelve Months Ended December 31, December 31, December 31, December 31, 2020 2019 2018 2017 Net income attributable to Solta Medical 93
Slide 74: Reconciliation of Solta Medical Net Income to EBITDA and Adjusted EBITDA
Reconciliation of Solta Medical Net Income to EBITDA (non- GAAP)1 and Adjusted EBITDA (non-GAAP)1 ($M)2 Six Months Ended Six Months Ended June 30, June 30, 2021 2020 Net income attributable to Solta Medical 59 26 Provision for Income Taxes 3 12 6 Depreciation and amortization 10 10 EBITDA 81 42 Adju
Slide 75: Reconciliation of Reported Revenue to Organic Revenue (Quarter-to-Date)
Reconciliation of Reported Revenue to Organic Revenue1,2 and Organic Revenue Growth1,2 ($M) (Quarter-to-Date)4 Calculation of Organic Revenue for the Three Months Ended Change in June 30, 2021 June 30, 2020 Organic Revenue Organic Organic Revenue Changes in Revenue Revenue Revenue as Exchange (Non-
Slide 76: Reconciliation of Reported Revenue to Organic Revenue (Year-to-Date)
Reconciliation of Reported Revenue to Organic Revenue1,2 and Organic Revenue Growth1,2 ($M) (Year-to-Date)4 Calculation of Organic Revenue for the Six Months Ended Change in June 30, 2021 June 30, 2020 Organic Revenue Organic Organic Revenue Changes in Revenue Revenue Revenue as Exchange (Non- as Di
Slide 77: Reconciliation of Salix Reported Revenue to Organic Revenue
Reconciliation of Salix Reported Revenue to Organic Revenue1,2 and Organic Revenue Growth1,2 ($M) Change in Organic Calculation of Salix Organic Revenue Revenue Revenue Changes in Organic Revenue Organic as Exchange Revenue (Non- as Divestitures and Revenue (Non- Reported Rates3 Acquisitions GAAP)1,
Slide 78: Reconciliation of International Rx Reported Revenue to Organic Revenue
Reconciliation of International Rx4 Reported Revenue to Organic Revenue1,2 and Organic Revenue Growth1,2 ($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 79: Reconciliation of Global Solta Reported Revenue to Organic Revenue
Reconciliation of Global Solta Reported Revenue to Organic Revenue1,2 and Organic Revenue Growth1,2 ($M) Change in Organic Calculation of Global Solta Organic Revenue Revenue Revenue Changes in Organic Revenue Organic as Exchange Revenue (Non- as Divestitures and Revenue (Non- Reported Rates3 GAAP)1
Slide 80: Reconciliation of Reported Revenue to Organic Revenue
Reconciliation of Reported Revenue to Organic Revenue1,2 and Organic Revenue Growth1,2 ($M) Calculation of Organic Revenue for the Three Months Ended Change in June 30, 2021 June 30, 2020 Organic Revenue Organic Revenue Changes in Organic Revenue Revenue as Exchange Revenue (Non- as Divestitures and
Slide 81: Reconciliation of Net Cash Provided by Operating Activities to Adj. Cash Flows
Reconciliation of Reported Net Cash Provided by Operating Activities to Adj. Cash Flows from Operations (non-GAAP)1 ($M) Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Cash provided by operating activities $ 395 $ 200 $ 838 $ 461 Payments of legacy legal settlements 12 (5)
Slide 82: TTM Adjusted EBITDA
TTM1 Adjusted EBITDA2 ($M) Jun-21 Mar-21 Dec-20 Sep-20 Jun-20 Net loss attributable to Bausch Health Companies Inc. $ (1,287) $ (1,018) $ (560) $ (1,923) $ (2,043) Interest expense, net 1,477 1,498 1,521 1,532 1,564 Benefit from income taxes (298) (333) (375) (86) (109) Depreciation and amortization
Slide 83: 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 84: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures Adjusted EBITDA (non-GAAP) is net income excludes impairments of intangible assets and assets held for sale Adjusted EBITDA (non-GAAP) from measuring the performance of the Company and the (loss) attributable to the Company (its most busin
Slide 85: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures Share-based Compensation: The Company has excluded costs Separation costs and separation-related costs: The Company Adjusted EBITDA (non-GAAP) relating to share-based compensation. The Company believes that has excluded certain costs incur
Slide 86: 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 87: 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 88: 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 89: 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 90: 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 — Q2 2021 Earnings Presentation on 6ix