Bausch Health Companies Inc. · TSX:BHC

Bausch Health Companies — Q1 2026 Earnings Presentation

48 slides from Bausch Health Companies's earnings presentation, Apr 29, 2026

  1. Slide 1: 1Q 2026 Earnings

    International 1Q 2026 Earnings April 29, 2026 ® NEUROSCIENCE ©2026 Bausch Health Companies Inc. and/or one of its affiliates.

  2. Slide 2: Forward-Looking Statements; Non-GAAP Information

    Forward-Looking Statements; Non-GAAP Information Forward-Looking Statements Non-GAAP Information This presentation contains forward-looking information and statements within the meaning of the U.S. Private Securities Litigation To supplement the financial measures prepared in accordance with U.S. ge

  3. Slide 3: Agenda

    Business Update Agenda 1Q26 Financial Results 2026 Guidance Momentum into 2026 Closing Remarks, Q&A ©2026 Bausch Health Companies Inc. and/or one of its affiliates.

  4. Slide 4: Business Update

    1 Business Update ©2026 Bausch Health Companies Inc. and/or one of its affiliates.

  5. Slide 5: Driving Results, Advancing Strategy, & Unlocking Value in 1Q26

    Unconsolidated Driving Results, Advancing Strategy, & Unlocking Value in 1Q26 Delivered 12th Consecutive Quarter of Revenue and Adjusted EBITDA1 Growth for Bausch Health (excl. B+L) Achieved Reported Revenue and 12 Segment Profit2 Growth in Salix, Solta 11 Medical, and International Segments 10 9 8

  6. Slide 6: Momentum Across Bausch Health's (excl. B+L) Global Platform

    Unconsolidated Momentum Across Bausch Health’s (excl. B+L) Global Platform BHC (excl. B+L) BHC (excl. B+L) 1Q26 GLOBAL 1Q26 Revenue 1Q26 Adjusted EBITDA1 Select Product vs 1Q25 vs 1Q25 Revenue Growth2 $1,280 $673 $1,122 $576 +11% +21% 1Q25 1Q26 1Q25 1Q26 +58% +14% +9% +17% +63% 1Q26 Reported 1Q26 Or

  7. Slide 7: 1Q26 Financial Results

    2 1Q26 Financial Results ©2026 Bausch Health Companies Inc. and/or one of its affiliates.

  8. Slide 8: 1Q26 GAAP Financial Results

    Consolidated 1Q26 GAAP Financial Results Amounts in millions USD, except EPS amounts Three Months Ended Favorable (Unfavorable) March 31, 2026 March 31, 2025 Reported Revenues $2,524 $2,259 12% Gross Profit $1,545 $1,302 19% Gross Margin 61.2% 57.6% 360 bps Selling, A&P $613 $597 (3%) G&A $248 $270

  9. Slide 9: 1Q26 Non-GAAP Financial Results

    Consolidated 1Q26 Non-GAAP1 Financial Results Amounts in millions USD Three Months Ended Favorable (Unfavorable) March 31, 2026 March 31, 2025 Reported Constant Currency1 Revenues (Same as reported) $2,524 $2,259 12% 9% Adj. Gross Profit1 $1,789 $1,580 13% 11% Adj. Gross Margin1 70.9% 69.9% 100 bps

  10. Slide 10: 1Q26 Adjusted EBITDA & Adjusted Cash Flow from Operations

    Consolidated 1Q26 Adjusted EBITDA1,2 & Adjusted Cash Flow from Operations1 Amounts in millions USD 1Q26 Adjusted Cash Flow 1Q26 Adjusted EBITDA1,2 from Operations1 $55 $190 2 $673 $863 $374 $319 Bausch Health Bausch + Lomb Bausch Health Bausch + Lomb (excl. B+L) (excl. B+L) BHC (excl. B+L) BHC (excl

  11. Slide 11: 1Q26 Revenue

    Consolidated 1Q26 Revenue Amounts in millions USD Bausch + Lomb Consolidated Revenue vs 1Q25 (excl. B+L) $2,524 13% 18% $2,259 14% $1,280 51% $1,244 57% 25% 22% 1Q25 1Q26 Salix International Diversified Solta Medical Vision Care Pharmaceuticals Surgical Reported: 12% Organic1: 7% Reported: 14% Organ

  12. Slide 12: Salix Segment – 1Q26

    Unconsolidated Salix Segment – 1Q26 Amounts in millions USD Segment Mix Revenue vs. 1Q25 Highlights PRODUCT REPORTED REVENUE CHANGE ($) CHANGE (%) Strong Xifaxan® demand 5% 1% growth excl. impact of 6% Medicaid: $559 $98 21% TRx2 excl. Medicaid +6%, TRx2 (6%) $40 - - $639 Media investments and AI $3

  13. Slide 13: International Segment – 1Q26

    Unconsolidated International Segment – 1Q26 Amounts in millions USD Geographic Mix Revenue vs. 1Q25 Highlights REGION REPORTED REVENUE CHANGE REPORTED ORGANIC1 ($) CHANGE (%) CHANGE (%) EMEA 13th consecutive quarter 22% EMEA $149 $16 12% 3% of organic1 growth​ LATAM LATAM $73 $9 15% - Commercial pro

  14. Slide 14: Solta Medical Segment – 1Q26

    Unconsolidated Solta Medical Segment – 1Q26 Amounts in millions USD Geographic Mix Revenue vs. 1Q25 Highlights REPORTED CHANGE REPORTED ORGANIC1 REGION REVENUE ($) CHANGE (%) CHANGE (%) Double-digit organic growth 3% coupled with the benefits of 12% Asia Pacific $145 $56 63% 22% integrating Shibo’s

  15. Slide 15: Diversified Segment – 1Q26

    Unconsolidated Diversified Segment – 1Q26 Amounts in millions USD Segment Mix Revenue vs. 1Q25 Highlights REPORTED CHANGE CHANGE BUSINESS REVENUE ($) (%) 11% Neuroscience Neuroscience $113 ($5) (4%) Lower volume, partially offset 10% by favorable net pricing Dermatology $33 ($13) (28%) $185 18% 61%

  16. Slide 16: Bausch + Lomb – 1Q26

    Unconsolidated Bausch + Lomb – 1Q26 Amounts in millions USD Bausch + Lomb Vision Care Surgical Pharmaceuticals $1,244 28% 27% $1,137 36% $711 $228 51% $305 64% 21% 73% 1Q25 1Q26 Consumer Contact Lens Consumables/Other Implantables Equipment U.S. International Reported: 9% Organic1: 6% Reported: 8% O

  17. Slide 17: Bausch Health (excl. B+L) Revenue & Segment Profit – 1Q26

    Unconsolidated Bausch Health (excl. B+L) Revenue & Segment Profit1 – 1Q26 Amounts in millions USD Revenue Segment Profit1 Highlights 1Q26 vs. 1Q25 1Q26 vs. 1Q25 Salix $639 18% Salix $468 26% → Strong Xifaxan® revenue growth driving operating leverage International $285 9% International $88 4% → Inve

  18. Slide 18: 2026 Guidance

    3 2026 Guidance ©2026 Bausch Health Companies Inc. and/or one of its affiliates.

  19. Slide 19: Full Year 2026 Guidance

    Consolidated Full Year 2026 Guidance1,2 All amounts are approximate, in billions USD 2026 Guidance1,2,3 2026 Guidance1,2,3 Bausch Health Companies Prior as of February 18, 2026 Current as of April 29, 2026 Net Revenue $10.625 – $10.875 $10.670 – $10.920 Adjusted EBITDA1 $3.875 – $4.000 $3.885– $4.01

  20. Slide 20: Key Financial Priorities

    Key Financial Priorities1 Increase Value of Maximize the Value of Our Optimize Our Capital Bausch Health Bausch + Lomb Asset Structure WORKING ALL LEVERS OF VALUE CREATION ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 1. See Slide 2 for further information on forward-looking state

  21. Slide 21: Momentum into 2026

    4 Momentum into 2026 ©2026 Bausch Health Companies Inc. and/or one of its affiliates.

  22. Slide 22: Investing in the Business to Drive Growth

    Investing in the Business to Drive Growth STRONG EXECUTION ON INTEGRATION OF ADVANCING U.S. Pharma Distribution Business Global Product STRATEGY (SOLTA CHINA) Launches ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 22

  23. Slide 23: Advancing Product Launches Across Regions

    Advancing Product Launches Across Regions1 EMEA LATAM NORTH AMERICA PROGRESS IN 2026 LAUNCHES CARDIOMETABOLIC FRANCHISE More than 30 products 3 products launched in 2025, launching across EMEA CANADA with 2 launching in 2026 CANADA GEOGRAPHIC MEXICO LAUNCHES Solta launch of Clear + Brilliant® EXPANS

  24. Slide 24: Leveraging AI Across the Business

    Leveraging AI Across the Business Scalable AI Engines for Growth Pharmaco- AI-assisted vigilance workflows Commercial Performance • AI insights and smarter advertising AI-enabled driving growth in mature franchises Customer • Expanding approach across all U.S. Insights pharmaceutical brands Engine C

  25. Slide 25: Framework for Potential Business Development

    Framework for Potential Business Development THERAPEUTIC LATE-STAGE / ALIGNMENT WITH CAPITAL FIT COMMERCIAL-READY ALLOCATION STRATEGY Screening assets in therapeutic Ability to leverage commercial Optimize the capital structure areas in which we have expertise - capabilities to take an asset from fi

  26. Slide 26: Bausch Health Performing Across a Strong Set of Assets

    Bausch Health Performing Across a Strong Set of Assets DEEP DIVERSE EXPERTISE MARKET- PORTFOLIO BROAD in LEADING with GLOBAL GI COMMERCIAL VALUABLE FOOTPRINT NEUROSCIENCE PLATFORM BRANDS DERMATOLOGY AESTHETICS ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 26

  27. Slide 27: Appendix

    Appendix ©2026 Bausch Health Companies Inc. and/or one of its affiliates.

  28. Slide 28: Bausch Health (excl. B+L) 1Q26 Change in Net Debt

    Unconsolidated Bausch Health (excl. B+L) 1Q26 Change in Net Debt As of 1Q26, amounts in millions USD $14,200 NET DEBT DECREASED BY $14,087 $113M $9 $39 ($319) $158 Q425 Net Debt 1 Adj. Operating Legal CAPEX Other Q126 Net Debt 1 2 Cash Flow 1. Debt values are shown at principal value. Net debt is ne

  29. Slide 29: Key R&D Initiatives

    Key R&D Initiatives1 Pharmaceutical Clinical Programs Phase 1 Phase 2 Phase 3 Approval/Launch Notes • Potential to be first FDA-approved therapeutic option for AH Larsucosterol • Granted FDA Breakthrough Therapy Designation Treatment of alcohol-associated hepatitis (AH) • Registrational Phase 3 prog

  30. Slide 30: Balance Sheet Summary

    Consolidated Balance Sheet Summary Amounts in millions USD March 31, 2026 December 31, 2025 December 31, 2024 Cash, cash equivalents, and restricted cash1 $1,312 $1,325 $1,201 Revolving Credit Facilities5 $100 $100 $110 AR Credit Facility - - $300 Senior Secured Debt (principal amount)2 $16,102 $16,

  31. Slide 31: Bausch Health (excl. B+L) Debt Maturity Profile

    Unconsolidated Bausch Health (excl. B+L) Debt Maturity Profile1,2 As of 1Q26, amounts in millions USD $7,000 $6,000 TOTAL $6,000 $15.1B1 $5,000 $3,995 $4,000 DECREASED DEBT BY ~$8M $779 $352 $3,000 $2,326 $23 Since 4Q25 $2,000 $605 $1,639 $2,843 $673 DECREASED DEBT, NET OF $1,000 $1,691 $1,609 $463

  32. Slide 32: 1Q26 Revenue Performance

    Consolidated 1Q26 Revenue Performance Amounts in millions USD 1Q26 1Q25 Reported Organic1 Salix $639 $542 18% 18% International $285 $262 9% - Solta Medical $171 $113 51% 19% Diversified $185 $205 (10%) (10%) Neuroscience $113 $118 (4%) (4%) Dermatology $33 $46 (28%) (28%) Generics $18 $18 - - Denti

  33. Slide 33: Inventory in Select U.S. Businesses (QTD)

    Unconsolidated Inventory in Select U.S. Businesses (QTD)1 Months on Hand Business As of As of Change As of As of Change Units Dec 31, 2024 Mar 31, 2025 1Q25 Dec 31, 2025 Mar 31, 2026 1Q26 Dermatology 1.08 1.03 (0.05) 1.17 0.88 (0.29) Neuroscience 1.02 1.16 0.14 1.11 1.09 (0.02) Salix 1.09 0.99 (0.10

  34. Slide 34: Other Financial Information

    Consolidated Other Financial Information Amounts in millions USD Three Months Ended Favorable (Unfavorable) Constant March 31, 2026 March 31, 2025 Reported Currency1 Cash Interest Paid2 $318 $433 27% 27% Net Interest Expense (GAAP) $392 $319 (23%) (22%) Non-cash adjustments Depreciation $54 $49 (10%

  35. Slide 35: Non-GAAP Adjustments EPS Impact

    Consolidated Non-GAAP Adjustments EPS Impact Amounts in millions USD, except EPS amounts Three Months Ended March 31, 2026 March 31, 2025 Income EPS Income EPS (Expense) Impact (Expense) Impact Net loss attributable to Bausch Health Companies Inc.1 ($1,423) ($3.82) ($58) ($0.16) Non-GAAP adjustments

  36. Slide 36: 1Q26 Reconciliation of Reported Operating (Loss) Income to Adjusted EBITA

    Consolidated 1Q26 Reconciliation of Reported Operating (Loss) Income to Adjusted EBITA (Non-GAAP)1 Amounts in millions USD 1Q26 1Q25 Operating Gross Gross Selling & R&D Operating Gross Gross Selling & R&D Operating Operating G&A (Loss) G&A Profit Margin Advertising Expense Expense Profit Margin Adve

  37. Slide 37: Reconciliation of Reported Net Loss to EBITDA and Adjusted EBITDA

    Consolidated Reconciliation of Reported Net Loss to EBITDA1 and Adjusted EBITDA1` Three months ended March 31, Amounts in millions USD 2026 2025 Net Loss ($1,431) ($86) Interest expense, net 392 319 Provision for income taxes 77 39 Depreciation and amortization 295 305 EBITDA (non-GAAP)1 (667) 577 A

  38. Slide 38: 1Q26 Segment Profit Reconciliation to Adjusted EBITDA

    Consolidated 1Q26 Segment Profit2 Reconciliation to Adjusted EBITDA1 Amounts in millions USD Three months ended March 31, 2026 Three months ended March 31, 2025 Segment Profit Segment Profit Revenue Segment Profit2 Revenue Segment Profit2 Margin Margin Salix $639 $468 73% $542 $371 68% International

  39. Slide 39: 1Q26 Reconciliation of Reported Revenue to Organic Revenue

    Consolidated 1Q26 Reconciliation of Reported Revenue to Organic Revenue1,2 and Organic Revenue Growth1 Amounts in millions USD Three Months Ended Change in Change in Reported Organic Revenue Revenue1 March 31, 2026 March 31, 2025 Revenue as Changes in Organic Revenue Revenue as Divestitures and Orga

  40. Slide 40: 1Q26 Reconciliation of Cash Provided by Operating Activities to Adjusted Cash Flow

    Consolidated 1Q26 Reconciliation of Reported Cash Provided by Operating Activities to Adjusted Cash Flow from Operations (Non-GAAP)1 Three Months Ended March 31, Amounts in millions USD 2026 2025 Cash provided by operating activities $230 $211 Net cash impact of legacy legal matters2 158 15 Payments

  41. Slide 41: 1Q26 Reconciliation of Cash Provided by Operating Activities to Adjusted Cash Flow

    Consolidated 1Q26 Reconciliation of Reported Cash Provided by Operating Activities to Adjusted Cash Flow from Operations (Non-GAAP)1 Three Months Ended March 31, 2026 Amounts in millions USD Bausch Health Bausch Health B+L Companies Inc. (excl. B+L)3 Cash provided by operating activities $230 $32 $1

  42. Slide 42: Trailing Twelve Months Adjusted EBITDA

    Consolidated Trailing Twelve Months Adjusted EBITDA1 Amounts in millions USD Trailing Twelve Months Ended Mar-26 Dec-25 Sep-25 Jun-25 Mar-25 Net (Loss) Income ($1,225) $120 $321 $48 ($81) Interest expense, net 1,629 1,556 1,496 1,438 1,328 Provision for income taxes 285 247 199 233 270 Depreciation

  43. Slide 43: 1Q26 Reconciliation of Reported Net (Loss) Income to Adjusted EBITDA

    Consolidated 1Q26 Reconciliation of Reported Net (Loss) Income to Adjusted EBITDA1 Amounts in millions USD Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 Bausch Health Bausch Health Bausch Health Bausch Health B+L B+L Companies Inc. (excl. B+L) Companies Inc. (excl. B+L) Net (Lo

  44. Slide 44: Non-GAAP Appendix

    Non-GAAP Appendix Description of Non-GAAP Financial Measures To supplement the financial measures prepared in accordance with U.S. GAAP, the Company uses certain non-GAAP financial expected to fluctuate between periods in amount, size, and timing. These out-of-the-ordinary-course charges measures an

  45. Slide 45: Non-GAAP Appendix

    Non-GAAP Appendix Adjusted Net Income and Adjusted Net Income attributable to Bausch Health • Separation costs and separation-related costs: The Company has excluded certain costs incurred in connection with Adjusted net income (non-GAAP) is Net income (its most directly comparable GAAP financial me

  46. Slide 46: Non-GAAP Appendix

    Non-GAAP Appendix Historically, management has used Adjusted net income (loss) (non-GAAP) for strategic decision making, forecasting future Adjusted EBITA and Adjusted EBITA Margin results and evaluating current performance. This non-GAAP measure excludes the impact of certain items (as described Ad

  47. Slide 47: Non-GAAP Appendix

    Non-GAAP Appendix Adjusted Gross Profit and Adjusted Gross Margin Total Adjusted Operating Expenses Adjusted gross profit (non-GAAP) represents gross profit (its most directly comparable GAAP financial measure) adjusted for Total Adjusted Operating Expenses (non-GAAP) represents operating expenses (

  48. Slide 48: Non-GAAP Appendix

    Non-GAAP Appendix Adjusted Tax Rate Adjusted Tax Rate (the most directly comparable financial measure for which is our GAAP tax rate) includes the tax impact Adjusted Cash Flow from Operations excluding Bausch + Lomb is not intended to be, and may not be, representative of the various non-GAAP adjus

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