Bausch Health Companies Inc. · TSX:BHC
Bausch Health Companies — Shareholder Meeting (June 2022)
19 slides from Bausch Health Companies's shareholder meeting presentation, Jun 21, 2022
Slide 1: 2021 Annual Meeting of Shareholders
2021 Annual Meeting of Shareholders June 21, 2022
Slide 2: Agenda
1 Call to order Agenda 2 Procedural matters 3 Voting items and results 4 Management presentation 5 Q&A 2
Slide 3: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements within the meaning of income tax purposes (including whether or not an advance ruling from applicable securities laws, including, but not limited to, statements regarding either or both of the Canada Revenue Agency and
Slide 4: 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 Adjusted EBITDA. Management uses non-GAAP measures as key metrics in the evaluation of company p
Slide 5: 2022 Voting Items
2022 Voting Items Joseph C. Papa, Chairman of Bausch Health Seana Carson, General Counsel of Bausch Health 5
Slide 6: Voting Items
Voting Items 1 Proposal 1: Election of directors Thomas J. Appio1 Sarah B. Kavanagh3 Robert N. Power6 Richard U. De Schutter Richard Mulligan, PhD4 Russel C. Robertson7 Brett Icahn Steven D. Miller Thomas W. Ross, Sr.8 Dr. Argeris (Jerry) N. Karabelas2 Joseph C. Papa5 Amy B. Wechsler, MD 2 Proposal
Slide 7: 2021 Review
2021 Review Thomas J. Appio, Chief Executive Officer of Bausch Health 7
Slide 8: 2021 Summary
2021 Summary Revenues Balance sheet 2021 reported revenue growth +5% vs 2020 Strong cash flow from operations and proceeds from 2021 organic revenue growth1 +6% vs 2020 divestiture High single digits for Salix, Int’l and B+L, double digit for Debt paydown of $1.3B in 2021; continued deleverage Solta
Slide 9: Impact on the World Today
Impact on the World Today More than 150 million people around the world use a Bausch Health product 9
Slide 10: Overview of Bausch Health
Overview of Bausch Health Bausch Pharma2 + Solta 10 Bausch Pharma + Solta: 55% of total, 45% of total, +10% reported/ +9% organic +1% reported/ +3% organic growth1 in growth1 in 2021 2021 ~89% owned by Bausch Health, 80%+ unlevered adjusted free cash flow opportunistically monetize an additional 55%
Slide 11: Approach for Future Spin-off of Bausch + Lomb
Approach for Future Spin-off of Bausch + Lomb TODAY PHASE 1: PHASE 2: PHASE 3: Announcement and B+L Initial Public Future Spin-Off of Preparations Offering B+L Aug. 2020 – May 2022 May 2022 Timing TBD • Financial segmentation / • B+L began operating • Contingent on achieving reporting changes separa
Slide 12: 2022 Priorities
2022 Priorities Growth Focus Performance Unlocking Value • Accelerate growth engines of • Drive operational excellence in • Establish high performance, • Utilize cash generated from Salix and International revenue and cost management energized culture with a sense operations to improve leverage Phar
Slide 13: Q&A
Q&A BAUSCH: Health
Slide 14: Appendix
Appendix BAUSCH: Health
Slide 15: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures from) provision for income taxes, depreciation and amortization and the following items: To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses certain non-GA
Slide 16: Non-GAAP Appendix
Non-GAAP Appendix Share-based Compensation: The Company has excluded costs relating to share-based facility relocation and/or modification. As these costs arise from events outside of the compensation. The Company believes that the exclusion of share-based compensation ordinary course of continuing
Slide 17: Non-GAAP Appendix
Non-GAAP Appendix Organic Growth/Change and Organic Revenue of divestiture or discontinuance, as there are no revenues from those businesses and Organic growth/change, a non-GAAP ratio, is defined as a change on a period-over-period assets included in the comparable current period . basis in revenue
Slide 18: Reconciliation: Organic growth
Reconciliation: Organic growth1 Calculation of Organic Revenue for the Twelve Months Ended Change in Change in December 31, 2021 December 31, 2020 Reported Revenue Organic Revenue Organic Organic Revenue Changes in Revenue Revenue Revenue as Exchange (Non- as Divestitures and (Non- Reported Rates3 G
Slide 19: Reconciliation: Adjusted EBITDA
Reconciliation: Adjusted EBITDA1 In USD millions Dec-21 Dec-20 Net loss attributable to Bausch Health Companies Inc. $ (948) $ (560) Interest expense, net 1,419 1,521 Benefit from income taxes (87) (375) Depreciation and amortization 1,552 1,825 EBITDA 1,936 2,411 Adjustments: Asset impairments, inc
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