Bausch Health Companies Inc. · TSX:BHC

Bausch Health Companies — Q4 2025 Earnings Presentation

59 slides from Bausch Health Companies's earnings presentation, Feb 18, 2026

  1. Slide 1: 4Q & FY 2025 Earnings

    International 4Q & FY 2025 Earnings February 18, 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 4Q25 & FY25 Financial Results 2026 Guidance Segments and Growth 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 4Q25

    Unconsolidated Driving Results, Advancing Strategy, & Unlocking Value in 4Q25 Delivered 11th Consecutive Quarter of Revenue and Adjusted EBITDA1 Growth for Bausch Health (excl. B+L) Achieved Double-Digit Segment Profit2 Growth in Salix and Diversified Completed acquisition of Shibo’s Full-Service Ae

  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) 4Q25 GLOBAL 4Q25 Revenue 4Q25 Adjusted EBITDA1 Select Product vs 4Q24 vs 4Q24 Revenue Growth2 $1,391 $773 $712 $1,279 +10% +16% 4Q24 4Q25 4Q24 4Q25 +58% +9% +5% +9% +87% 4Q25 Reported 4Q25 Orga

  7. Slide 7: 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) FY25 GLOBAL FY25 Revenue FY25 Adjusted EBITDA1 Select Product vs FY24 vs FY24 Revenue Growth2 $5,165 $2,798 $4,834 $2,553 +11% +19% FY24 FY25 FY24 FY25 +128% +7% +6% +10% +211% FY25 Adjusted EB

  8. Slide 8: 4Q25 & FY25 Financial Results

    2 4Q25 & FY25 Financial Results ©2026 Bausch Health Companies Inc. and/or one of its affiliates.

  9. Slide 9: 4Q25 GAAP Financial Results

    Consolidated 4Q25 GAAP Financial Results Amounts in millions USD, except EPS amounts Three Months Ended Favorable (Unfavorable) December 31, 2025 December 31, 2024 Reported Revenues $2,796 $2,559 9% Gross Profit $1,755 $1,550 13% Gross Margin 62.8% 60.6% 220 bps Selling, A&P $597 $582 (3%) G&A $285

  10. Slide 10: FY25 GAAP Financial Results

    Consolidated FY25 GAAP Financial Results Amounts in millions USD, except EPS amounts Twelve Months Ended Favorable (Unfavorable) December 31, 2025 December 31, 2024 Reported Revenues $10,266 $9,625 7% Gross Profit $6,244 $5,737 9% Gross Margin 60.8% 59.6% 120 bps Selling, A&P $2,405 $2,299 (5%) G&A

  11. Slide 11: 4Q25 Non-GAAP Financial Results

    Consolidated 4Q25 Non-GAAP1 Financial Results Amounts in millions USD Three Months Ended Favorable (Unfavorable) December 31, 2025 December 31, 2024 Reported Constant Currency1 Revenues (Same as reported) $2,796 $2,559 9% 7% Adj. Gross Profit1 $2,002 $1,853 8% 6% Adj. Gross Margin1 71.6% 72.4% (80 b

  12. Slide 12: FY25 Non-GAAP Financial Results

    Consolidated FY25 Non-GAAP1 Financial Results Amounts in millions USD Twelve Months Ended Favorable (Unfavorable) December 31, 2025 December 31, 2024 Reported Constant Currency1 Revenues (Same as reported) $10,266 $9,625 7% 6% Adj. Gross Profit1 $7,319 $6,925 6% 5% Adj. Gross Margin1 71.3% 71.9% (60

  13. Slide 13: 4Q25 Adjusted EBITDA & Adjusted Cash Flow from Operations

    Consolidated 4Q25 Adjusted EBITDA1,2 & Adjusted Cash Flow from Operations1 Amounts in millions USD 4Q25 Adjusted Cash Flow 4Q25 Adjusted EBITDA1,2 from Operations1,3 $326 $154 $773 $1,099 $362 $515 Bausch Health Bausch + Lomb Bausch Health Bausch + Lomb (excl. B+L) (excl. B+L) BHC (excl. B+L) BHC (e

  14. Slide 14: FY25 Adjusted EBITDA & Adjusted Cash Flow from Operations

    Consolidated FY25 Adjusted EBITDA1,2 & Adjusted Cash Flow from Operations1 Amounts in millions USD FY25 Adjusted Cash Flow FY25 Adjusted EBITDA1,2 from Operations1 $866 $412 $2,798 $3,664 $1,191 $1,603 Bausch Health Bausch + Lomb Bausch Health Bausch + Lomb (excl. B+L) (excl. B+L) BHC (excl. B+L) BH

  15. Slide 15: 4Q25 Revenue

    Consolidated 4Q25 Revenue Amounts in millions USD Bausch + Lomb Consolidated Revenue vs 4Q24 (excl. B+L) $2,796 10% 18% $2,559 18% $1,391 50% $1,405 55% 27% 22% 4Q24 4Q25 Salix International Diversified Solta Medical Vision Care Pharmaceuticals Surgical Reported: 9% Organic1: 6% Reported: 9% Organic

  16. Slide 16: FY25 Revenue

    Consolidated FY25 Revenue Amounts in millions USD Bausch + Lomb Consolidated Revenue vs 4Q24 (excl. B+L) 10% $10,266 18% $9,625 18% $5,165 50% $5,101 57% 25% 22% FY24 FY25 Salix International Diversified Solta Medical Vision Care Pharmaceuticals Surgical Reported: 7% Organic1: 5% Reported: 7% Organi

  17. Slide 17: Salix Segment – 4Q25

    Unconsolidated Salix Segment – 4Q25 Amounts in millions USD Segment Mix Revenue vs. 4Q24 Highlights REPORTED CHANGE CHANGE PRODUCT REVENUE ($) (%) Strong Xifaxan® volume 4% 1% growth excl. impact of 7% $607 $56 10% Medicaid: TRx2 (1%), TRx2 excl. Medicaid +10% $52 $5 10% $693 Optimized media investm

  18. Slide 18: International Segment – 4Q25

    Unconsolidated International Segment – 4Q25 Amounts in millions USD Geographic Mix Revenue vs. 4Q24 Highlights REGION REPORTED REVENUE1 CHANGE REPORTED ORGANIC2 ($) CHANGE (%) CHANGE (%) EMEA 12th consecutive quarter 22% EMEA $159 $18 13% 2% of organic2 growth​ LATAM LATAM $80 $14 22% 11% Solid perf

  19. Slide 19: Solta Medical Segment – 4Q25

    Unconsolidated Solta Medical Segment – 4Q25 Amounts in millions USD Geographic Mix Revenue vs. 4Q24 Highlights REPORTED CHANGE REPORTED ORGANIC2 REGION REVENUE1 ($) CHANGE (%) CHANGE (%) Anticipated one-time impact 4% to product sales timing due to 18% Asia Pacific $106 ($3) (2%) (2%) acquisition of

  20. Slide 20: Diversified Segment – 4Q25

    Unconsolidated Diversified Segment – 4Q25 Amounts in millions USD Segment Mix Revenue vs. 4Q24 Highlights REPORTED CHANGE CHANGE BUSINESS REVENUE ($) (%) NEUROSCIENCE 9% Favorable net realized 9% Neuroscience $148 $6 4% pricing Dermatology $59 $6 11% DERMATOLOGY $255 Strong CABTREO® growth; 23% 59%

  21. Slide 21: Bausch + Lomb – 4Q25

    Unconsolidated Bausch + Lomb – 4Q25 Amounts in millions USD Bausch + Lomb Vision Care Surgical Pharmaceuticals $1,405 25% 24% 35% $1,280 $778 $249 49% $378 65% 26% 76% 4Q24 4Q25 Consumer Contact Lens Consumables/Other Implantables Equipment U.S. International Reported: 10% Organic1: 7% Reported: 8%

  22. Slide 22: Bausch Health (excl. B+L) Revenue & Segment Profit – 4Q25

    Unconsolidated Bausch Health (excl. B+L) Revenue & Segment Profit1 – 4Q25 Amounts in millions USD Revenue Segment Profit1 Highlights 4Q25 vs. 4Q24 4Q25 vs. 4Q24 Strong Xifaxan® revenue growth Salix $693 9% Salix $529 15% with focused investments to drive profitable growth Solid core brand performanc

  23. Slide 23: Bausch Health (excl. B+L) Revenue – FY25

    Unconsolidated Bausch Health (excl. B+L) Revenue – FY25 Amounts in millions USD Salix International Solta Medical1 Diversified 2% 4% 10% 5% 7% 24% 17% 8% $2,578 $1,132 51% $518 $937 57% 25% 25% 79% 86% Neuroscience Dermatology Xifaxan Relistor Trulance Other EMEA LATAM Canada Asia Pacific North Amer

  24. Slide 24: 2026 Guidance

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

  25. Slide 25: Full Year 2026 Guidance

    Consolidated Full Year 2026 Guidance1,2 All amounts are approximate, in billions USD 2026 Guidance1,2,3 Bausch Health Companies Net Revenue $10.625 – $10.875 Adjusted EBITDA1 $3.875 – $4.000 Bausch + Lomb Net Revenue $5.375 – $5.475 Adjusted EBITDA1 $1.000 – $1.050 Bausch Health Companies (excl. B+L

  26. Slide 26: Key Financial Priorities

    Key Financial Priorities1 Increase Value of Bausch Maximize the Value of Our Optimize Our Capital Health’s Operational Assets 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

  27. Slide 27: Segments & Growth

    4 Segments & Growth ©2026 Bausch Health Companies Inc. and/or one of its affiliates.

  28. Slide 28: Salix is a leader in GI and hepatology

    Salix is a leader in GI and hepatology ESTABLISHED GROWING DEEP ACCELERATING BRANDS PRESENCE EXPERTISE INNOVATION​ Top 2 Over 40% AI-DRIVEN INSIGHTS INITIATED LEADING of current OHE patients and smarter, more STRATEGIC ADVERTISING Larsucosterol PHARMACEUTICAL COMPANIES ARE TREATED WITH XIFAXAN ®2 dr

  29. Slide 29: Solta Medical is a leading aesthetics platform, anchored by strength in APAC

    Solta Medical is a leading aesthetics platform, anchored by strength in APAC Comprehensive Offerings to Drive Growth Aesthetics Revenue Growth Rate Solta Global Energy- Solta Medical Medical Based Devices1 South Korea2 China2 Radiofrequency device, Laser aesthetic, skin tightening skin care regimen

  30. Slide 30: Leading franchises across our International segment

    Leading franchises across our International segment EMEA LATAM CANADA SERBIA MEXICO #1 company in #2 ranked Dermatology Cardiology, Urology, company in Mexico​5 MEXICO Oncology, and SERBIA Espavén® Pediátrico carries Neurology1 exclusive approval for use from 2 months of age POLAND YUN NV products'

  31. Slide 31: Strategic Priorities

    Unlocking Value1 Working all levers Innovation Growth Inspiring progress and Expanding growth technological advancement across segments Strategic and geographies Priorities1 Enriching lives through our relentless drive to deliver better health outcomes People Efficiency Principled leaders, creative

  32. Slide 32: Driving Operational Execution While Advancing our Strategy

    Unconsolidated Driving Operational Execution While Advancing our Strategy Delivered 11 Consecutive Quarters of Revenue and Adjusted EBITDA1 Growth for Bausch Health (excl. B+L) Achieved 20% and 9% Segment Profit2 Growth in Salix and Solta Medical, Respectively Completed acquisitions of DURECT Corpor

  33. Slide 33: Appendix

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

  34. Slide 34: Bausch Health (excl. B+L) 4Q25 Change in Net Debt

    Unconsolidated Bausch Health (excl. B+L) 4Q25 Change in Net Debt As of 4Q25, amounts in millions USD $14,518 NET DEBT DECREASED BY $318M $14,200 $16 $6 ($362) ($61) $83 Q325 Net Debt 1 Adj. OCF 2 Net Discount & Acquisition 3 CAPEX Other Q425 Net Debt 1 Fees on Debt Transactions 1. Debt values are sh

  35. Slide 35: 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 (Epigenetic modulator) • Granted FDA Breakthrough Therapy Designation Treatment of alcohol-associated hepatitis (AH) • Regi

  36. Slide 36: Balance Sheet Summary

    Consolidated Balance Sheet Summary Amounts in millions USD As of December 31, 2025 2024 2023 Cash, cash equivalents, and restricted cash1 $1,325 $1,201 $962 Revolving Credit Facilities5 $100 $110 $275 AR Credit Facility - $300 $350 Senior Secured Debt (principal amount)2 $16,122 $15,233 $15,203 Seni

  37. Slide 37: Bausch Health (excl. B+L) Debt Maturity Profile

    Unconsolidated Bausch Health (excl. B+L) Debt Maturity Profile1,2 As of 4Q25, amounts in millions USD $7,000 $6,000 TOTAL $6,000 $15.1B1 $5,000 $3,995 $4,000 DECREASED DEBT BY ~$390M $779 $352 $3,000 $2,326 $23 Since 3Q 2025 $2,000 $605 $1,639 $2,843 $673 DECREASED DEBT, NET OF $1,000 $1,691 $1,609

  38. Slide 38: 4Q25 & FY25 Revenue Performance

    Consolidated 4Q25 & FY25 Revenue Performance Amounts in millions USD 4Q25 4Q24 Reported Organic1 FY25 FY24 Reported Organic1 Salix $693 $634 9% 6% $2,578 $2,333 11% 9% International $306 $279 10% 2% $1,132 $1,111 2% 1% Solta Medical $137 $138 (1%) - $518 $440 18% 19% Diversified $255 $228 12% 9% $93

  39. Slide 39: 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 Sep 30, 2024 Dec 31, 2024 4Q24 Sep 30, 2025 Dec 31, 2025 4Q25 Dermatology 1.14 1.08 (0.06) 1.00 1.17 0.17 Neuroscience 1.12 1.02 (0.10) 1.02 1.11 0.09 Salix 1.10 1.09 (0.01)

  40. Slide 40: Inventory in Select U.S. Businesses (FY25)

    Unconsolidated Inventory in Select U.S. Businesses (FY25)1 Months on Hand Business As of As of Change As of As of Change Units Dec 31, 2023 Dec 31, 2024 YTD24 Dec 31, 2024 Dec 31, 2025 YTD25 Dermatology 1.04 1.08 0.04 1.08 1.17 0.09 Neuroscience 1.18 1.02 (0.16) 1.02 1.11 0.09 Salix 1.20 1.09 (0.11)

  41. Slide 41: Other Financial Information

    Consolidated Other Financial Information Amounts in millions USD Three Months Ended Favorable (Unfavorable) Twelve Months Ended Favorable (Unfavorable) December December Constant December December Constant Reported Reported 31, 2025 31, 2024 Currency1 31, 2025 31, 2024 Currency1 Cash Interest Paid2

  42. Slide 42: Non-GAAP Adjustments EPS Impact

    Consolidated Non-GAAP Adjustments EPS Impact Amounts in millions USD, except EPS amounts Three Months Ended Twelve Months Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Income EPS Income EPS Income EPS Income EPS (Expense) Impact (Expense) Impact (Expense) Impact (Expe

  43. Slide 43: 4Q25 Reconciliation of Reported Operating Income to Adjusted EBITA

    Consolidated 4Q25 Reconciliation of Reported Operating Income to Adjusted EBITA (Non-GAAP)1 Amounts in millions USD 4Q25 4Q24 Gross Gross Selling & R&D Operating Operating Gross Gross Selling & R&D Operating Operating G&A G&A Profit Margin Advertising Expense Expense Income Profit Margin Advertising

  44. Slide 44: FY25 Reconciliation of Reported Operating Income to Adjusted EBITA

    Consolidated FY25 Reconciliation of Reported Operating Income to Adjusted EBITA (Non-GAAP)1 Amounts in millions USD FY25 FY24 Gross Gross Selling & R&D Operating Operating Gross Gross Selling & R&D Operating Operating G&A G&A Profit Margin Advertising Expense Expense Income Profit Margin Advertising

  45. Slide 45: Reconciliation of Reported Net (Loss) Income to EBITDA and Adjusted EBITDA

    Consolidated Reconciliation of Reported Net (Loss) Income to EBITDA1 and Adjusted EBITDA1 Three months ended December 31, Twelve months ended December 31, Amounts in millions USD 2025 2024 2025 2024 Net (Loss) Income ($103) $98 $120 ($72) Interest expense, net 388 328 1,556 1,355 Provision for incom

  46. Slide 46: 4Q25 Segment Profit Reconciliation to Adjusted EBITDA

    Consolidated 4Q25 Segment Profit2 Reconciliation to Adjusted EBITDA1 Amounts in millions USD Three months ended December 31, 2025 Three months ended December 31, 2024 Segment Profit Segment Profit Revenue Segment Profit2 Revenue Segment Profit2 Margin Margin Salix $693 $529 76% $634 $460 73% Interna

  47. Slide 47: FY25 Segment Profit Reconciliation to Adjusted EBITDA

    Consolidated FY25 Segment Profit2 Reconciliation to Adjusted EBITDA1 Amounts in millions USD Twelve months ended December 31, 2025 Twelve months ended December 31, 2024 Segment Profit Segment Profit Revenue Segment Profit2 Revenue Segment Profit2 Margin Margin Salix $2,578 $1,925 75% $2,333 $1,602 6

  48. Slide 48: 4Q25 Reconciliation of Reported Revenue to Organic Revenue

    Consolidated 4Q25 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 December 31, 2025 December 31, 2024 Revenue as Changes in Organic Revenue Revenue as Divestitures an

  49. Slide 49: FY25 Reconciliation of Reported Revenue to Organic Revenue

    Consolidated FY25 Reconciliation of Reported Revenue to Organic Revenue1,2 and Organic Revenue Growth1 Amounts in millions USD Twelve Months Ended Change in Change in Reported Organic Revenue Revenue1 December 31, 2025 December 31, 2024 Revenue as Changes in Organic Revenue Revenue as Divestitures a

  50. Slide 50: 4Q25 & FY25 Reconciliation of Cash Provided by Operating Activities

    Consolidated 4Q25 & FY25 Reconciliation of Reported Cash Provided by Operating Activities to Adjusted Cash Flow from Operations (Non-GAAP)1 Three Months Ended December 31, Twelve Months Ended December 31, Amounts in millions USD 2025 2024 2025 2024 Cash provided by operating activities $495 $601 $1,

  51. Slide 51: 4Q25 & FY25 Reconciliation of Cash Provided by Operating Activities

    Consolidated 4Q25 & FY25 Reconciliation of Reported Cash Provided by Operating Activities to Adjusted Cash Flow from Operations (Non-GAAP)1 Three Months Ended December 31, 2025 Twelve Months Ended December 31, 2025 Amounts in millions USD Bausch Health Bausch Health Bausch Health Bausch Health B+L B

  52. Slide 52: Trailing Twelve Months Adjusted EBITDA

    Consolidated Trailing Twelve Months Adjusted EBITDA1 Amounts in millions USD Trailing Twelve Months Ended Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Net Income (Loss) $120 $321 $48 ($81) ($72) Interest expense, net 1,556 1,496 1,438 1,328 1,355 Provision for income taxes 247 199 233 270 239 Depreciation and

  53. Slide 53: 4Q25 Reconciliation of Reported Net (Loss) Income to Adjusted EBITDA

    Consolidated 4Q25 Reconciliation of Reported Net (Loss) Income to Adjusted EBITDA1 Three Months Ended December 31, 2025 Three Months Ended December 31, 2024 Amounts in millions USD Bausch Health Bausch Health Bausch Health Bausch Health B+L B+L Companies Inc. (excl. B+L) Companies Inc. (excl. B+L) N

  54. Slide 54: FY25 Reconciliation of Reported Net Income (Loss) to Adjusted EBITDA

    Consolidated FY25 Reconciliation of Reported Net Income (Loss) to Adjusted EBITDA1 Twelve Months Ended December 31, 2025 Twelve Months Ended December 31, 2024 Amounts in millions USD Bausch Health Bausch Health Bausch Health Bausch Health B+L B+L Companies Inc. (excl. B+L) Companies Inc. (excl. B+L)

  55. Slide 55: 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

  56. Slide 56: 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

  57. Slide 57: 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

  58. Slide 58: 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 (

  59. Slide 59: 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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