Slide 1: 3Q23 Financial Results
Mw UG \ = BAUSCH+LOMB SSs = 3Q23 Financial Results
Slide 2: Forward-Looking Statements; Non-GAAP Information
Forward-Looking Statements; Non-GAAP Information This presentation contains forward-looking information and statements, within the meaning of applicable securities laws (collectively, “forward-looking include, but are not limited to, risks and uncertainties caused by or relating to a potential reces
Slide 3: Q3 Highlights, Financial Results & Outlook, Growth Drivers
Q3 Highlights Financial Results & Outlook Growth Drivers 2
Slide 4: Three Key Takeaways
Three Key Takeaways Growing Revenue Building Selling Improving At or Above Market Excellence Supply Chain +8% CC1 revenue growth vs 3Q22 Leading in dry eye disease Expect optimized order processing at Lynchburg facility in Q1 2024 Preparing for one of most active Strong early MieboTM performance, la
Slide 5: Executing On Our Roadmap to Accelerate Growth
Executing On Our Roadmap to Accelerate Growth1 PHASE 1 PHASE 2 PHASE 3 • Grow revenue at or above market • Drive selling excellence across all Accelerate Growth businesses • Build industry-leading business development platform Innovate & Execute • Cultivate leading digital capabilities in marketing,
Slide 6: Solid Revenue Growth Driven by Performance in Key Franchises
Solid Revenue Growth Driven by Performance in Key Franchises 3Q23 vs. 3Q22 Vision Care2 Surgical Pharmaceuticals2 +7% Revenue Growth Reported +8% Revenue Growth CC1,3 3Q23 REPORTED REVENUE Pharma 17% $648M $185M $174M Surgical $1,007M Vision 3Q23 Care 18% 65% 3Q23 CONSTANT CURRENCY REVENUE GROWTH1 R
Slide 7: Financial Results
Financial Results 6
Slide 8: 3Q23 Revenue Drivers
3Q23 Revenue Drivers Vision Care3 Surgical Pharmaceuticals3 $1,007M 35% 24% $942M 60% $648M 50% $185M $174M 40% 65% 26% 3Q22 3Q23 Consumer Contact Lens Implantables Equipment U.S. International Consumables/Other 3Q23 Revenue Growth 3Q23 CONSTANT CURRENCY REVENUE GROWTH 1 +7% Reported 3Q23 Revenue Gr
Slide 9: 3Q23 Total Bausch + Lomb P&L (Non-GAAP)
3Q23 Total Bausch + Lomb P&L1 (Non-GAAP)2 Reported Constant Currency Bausch + Lomb 3Q23 3Q22 Change Change2 Vision Care Revenue3 $648M $597M 9% 11% Surgical Revenue $185M $172M 8% 6% Pharmaceuticals Revenue3 $174M $173M 1% 1% 3Q23 vs. 3Q22 Revenue: Total Revenue $1,007M $942M 7% 8% Adj. Gross Profit
Slide 10: 3Q23 Total Bausch + Lomb P&L (GAAP)
3Q23 Total Bausch + Lomb P&L1 (GAAP) Reported Constant Currency Bausch + Lomb 3Q23 3Q22 Change Change2 Vision Care Revenue3 $648M $597M 9% 11% Surgical Revenue $185M $172M 8% 6% Pharmaceuticals Revenue3 $174M $173M 1% 1% Total Revenue $1,007M $942M 7% 8% Gross Profit $568M $510M 11% 14% Gross Margin
Slide 11: Outlook
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Slide 12: Raising Full-Year 2023 Revenue and Adjusted EBITDA Guidance
Raising Full-Year 2023 Revenue and Adjusted EBITDA (non-GAAP)1 Guidance3 Prior Guidance Prior Guidance Current Guidance (May 2023) (Aug. 2023) (Nov. 2023) Raising FY23 Revenue Guidance Total Revenue $3.90B - $3.95B $3.95B - $4.00B $4.035B - $4.085B ~9.5 - 10.5% Constant Currency Growth1 Adj. EBITDA1
Slide 13: Growth Drivers
Growth Drivers 12
Slide 14: Taking Action to Strengthen Supply Chain
Taking Action to Strengthen Supply Chain1 24 Manufacturing Facilities Appointed proven supply chain leader with 1,400+ suppliers 1 25+ year track record in medical devices Made progress in the quarter to normalize 2 Lynchburg facility order processing >400 Products ~$900M Capex across B+L investment
Slide 15: Launched Miebo in Q3, Strong Early Performance
Launched Miebo in Q3, Strong Early Performance First-in-class prescription eye DED affects more than 38 million drop approved for dry eye Americans, with ~90% experiencing disease (DED) that directly evaporative dry eye3 targets tear evaporation Miebo Weekly TRx1 ~13,600 Total TRx in Five Weeks Post
Slide 16: Completed Xiidra Acquisition, Transformed Pharmaceuticals Business
Completed Xiidra Acquisition, Transformed Pharmaceuticals Business Specifically approved to treat Completed acquisition of Xiidra in signs and symptoms of DED, September 2023, focused on focusing on inflammation transition in Q4 2023 and relaunch associated with dry eye Differentiated clinical profi
Slide 17: Xiidra + Miebo: Holistic Approach to DED Treatment
Xiidra + Miebo: Holistic Approach to DED Treatment Dry Eye Disease Opportunity Bausch + Lomb Approach Multi-factorial disease, Full treatment paradigm of inflammatory requires different treatment options and evaporative dry eye in one portfolio Large ~$1.7B U.S. market1, Leadership in DED category e
Slide 18: Path to Continue Growth Momentum in Key Franchises
Path to Continue Growth Momentum in Key Franchises1 Consumer Contact Lenses Surgical Extended LuxLife Range Trifocal Redness Eye Preservative Allergy Daily SiHy Daily SiHy Daily SiHy Relief Illuminations Free Symptoms SVS Multifocal Toric Trifocal EDOF 2023 2024 2023 2024 2023 2024 Lumify Daily SiHy
Slide 19: Investing in Launch Excellence to Drive Growth
Investing in Launch Excellence to Drive Growth1 enVista Lumify Envy™ Preservative Free enVista Aspire™ Miebo™ Multifocal in U.S. PreserVision® PreserVision® MIMS® Glaucoma SVS launch in China AREDS 2 INFUSE® Toric AREDS 2 IC-8® Apthera™ IOL Xiidra® Procedure Plus CoQ10 with OCUSorb™ 2023 2024 Biotru
Slide 20: Q&A
Q&A Growing Building Improving Revenue at or Selling Supply Above Market Excellence Chain 19
Slide 21: Appendix
Appendix BAUSCH+LOMB
Slide 22: Early Stage Launches and Near-term Pipeline Products to Watch
Early Stage Launches and Near-term Pipeline Products to Watch1 Product Status Upcoming Milestone Available in U.S. Miebo2 U.S. launch in process Filed in Canada 1Q23 Launched SVS in ~50 countries, including China Geo-expansion continues SiHy Daily in 2Q23; Multifocal launched in U.S. and Japan Toric
Slide 23: Cash Flow and Balance Sheet Summary (3Q23)
Cash Flow and Balance Sheet Summary (3Q23) 3Q23 Cash flow from operations $48M Adj. Cash flow from operations (non-GAAP)1,2 $66M Depreciation $35M Stock Based Comp $16M Net Interest3 $72M CapEx $33M 1. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAAP
Slide 24: Cash Flow and Balance Sheet Summary (YTD)
Cash Flow and Balance Sheet Summary (YTD) 1Q23-3Q23 Cash flow used in operations ($32M) Adj. Cash flow from operations (non-GAAP)1,2 $28M Depreciation $106M Stock Based Comp $58M Net Interest3 $172M CapEx $97M 1. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information o
Slide 25: Top 10 Revenues (Includes FX Impact)
Top 10 Revenues (Includes FX Impact) Rank Product/Franchises 3Q23 2Q23 1Q23 FY22 4Q22 3Q22 1 Ocuvite® + PreserVision® $104M $104M $81M $387M $114M $98M 2 Surgical Consumables1 $93M $102M $95M $359M $94M $85M 3 SofLens® $60M $59M $60M $246M $62M $62M 4 Biotrue® ONEday $51M $49M $52M $201M $50M $53M 5
Slide 26: Segment Reported Revenue
Segment Reported Revenue Constant Currency Vision Care3 3Q23 3Q22 Reported Change Change1 Contact Lens Revenue $228M $222M 3% 5% Consumer Revenue $420M $375M 12% 14% Total Revenue $648M $597M 9% 11% Constant Currency Surgical2 3Q23 3Q22 Reported Change Change1 Implantables Revenue $45M $45M 0% (2%)
Slide 27: Reported Revenue Trailing Quarters by Segment
Reported Revenue Trailing Quarters by Segment Bausch + Lomb 3Q23 2Q23 1Q23 4Q22 3Q22 Vision Care2 Contact Lens $228M $215M $226M $219M $222M Consumer $420M $431M $361M $405M $375M Total Revenue $648M $646M $587M $624M $597M Surgical1 Implantables $45M $47M $44M $49M $45M Equipment $47M $46M $44M $45
Slide 28: YTD Total Bausch + Lomb P&L (Non-GAAP)
YTD Total Bausch + Lomb P&L1 (Non-GAAP)2 Bausch + Lomb 1Q23-3Q23 1Q22-3Q225 Reported Change Constant Currency Change2 Vision Care Revenue4 $1,881M $1,745M 8% 11% Surgical Revenue $563M $530M 6% 7% Pharmaceuticals Revenue4 $529M $497M 6% 8% Total Revenue $2,973M $2,772M 7% 9% Adj. Gross Profit2 $1,79
Slide 29: YTD Total Bausch + Lomb P&L (GAAP)
YTD Total Bausch + Lomb P&L1 (GAAP) Constant Currency Bausch + Lomb 1Q23-3Q23 1Q22-3Q224 Reported Change Change2 Vision Care Revenue3 $1,881M $1,745M 8% 11% Surgical Revenue $563M $530M 6% 7% Pharmaceuticals Revenue3 $529M $497M 6% 8% Total Revenue $2,973M $2,772M 7% 9% Gross Profit $1,632M $1,484M
Slide 30: Non-GAAP Adjustments EPS Impact
Non-GAAP Adjustments EPS Impact ($M)2 Three Months Ended Nine Months Ended September 30 September 30 2023 2022 2023 2022 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 (lo
Slide 31: Reconciliation of Reported Operating Income to Adjusted EBITA
Reconciliation of Reported Operating Loss/Income to Adjusted EBITA (non-GAAP)1 ($M) 3Q 2023 YTD 2023 Gross Gross R&D Operating Gross Gross R&D Operating Profit Margin SG&A Expense Income Profit Margin SG&A Expense income 2023 GAAP $ 568 56.4% $ 418 $ 82 $ 40 $ 1,632 54.9% $ 1,253 $ 244 $ 81 Amortiza
Slide 32: Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
Reconciliation of Reported Net (Loss) Income to EBITDA (non-GAAP)1 and Adjusted EBITDA (non-GAAP)1 ($M) Three Months Ended Nine Months Ended September 30 September 30 2023 2022 2023 2022 Net (loss) income attributable to Bausch + Lomb Corporation $ (84) $ (18) $ (206) $ 7 Interest expense, net 72 33
Slide 33: Reconciliation of Reported Revenue to Constant Currency Revenue
Reconciliation of Reported Revenue to Constant Currency Revenue1 and Constant Currency Revenue Growth1 ($M) Calculation of Constant Currency Revenue for the Three Months Ended Change in Change in September 30, 2023 September 30, 2022 Reported Revenue Constant Currency Revenue 1 Constant Revenue as C
Slide 34: Reconciliation of Reported Revenue to Constant Currency Revenue
Reconciliation of Reported Revenue to Constant Currency Revenue1 and Constant Currency Revenue Growth1 ($M) Calculation of Constant Currency Revenue for the Three Months Ended Change in Change in September 30, 2023 September 30, 2022 Reported Revenue Constant Currency Revenue 1 Constant Currency Rev
Slide 35: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures and divestitures. The Company believes that the adjustments of these items correlate with the sustainability of the Company’s To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles op
Slide 36: Non-GAAP Appendix
Non-GAAP Appendix Adjusted EBITDA (non-GAAP) Adjustments (continued) Separation costs and separation-related costs: The Company has excluded certain costs incurred in connection with activities taken to: (i) periods until such intangible assets have been fully amortized. Any future acquisitions may
Slide 37: Non-GAAP Appendix
Non-GAAP Appendix Adjusted EBITA/Adjusted EBITA Margin Adjusted EBITA represents Operating income (loss) (its most directly comparable GAAP financial measure) adjusted to exclude amortization, fair value adjustments to inventory in connection with business combinations and integration related invent
Slide 38: Non-GAAP Appendix
Non-GAAP Appendix Adjusted SG&A of the Company and to forecast future results as part of its guidance. Management believes adjusted cash flows from operations Adjusted SG&A expenses (non-GAAP) represents selling, general and administrative expenses (“SG&A expenses”) (its most (non-GAAP)/Adjusted Cas