3Q 21 Financial Results BAUSCH- Health Forward-Looking Statements This presentation contains forward-looking information and statements, within the meaning of applicable securities laws (collectively, "forward-looking statements"), including, but not limited to, statements regarding future prospects and performance of Bausch Health Companies Inc. ("Bausch Health", the "Company", "we", "us", "BHC") (including the Company's 2021 full-year guidance, expectations for adjusted cash generated from operations and ...

Financial Data and Key Metrics Changes - Total company revenue for Q3 2021 was $2.1 billion, down 1% on a reported basis and flat on an organic basis, with year-to-date revenue up 7% reported and 6% organically [16][11][10] - Adjusted EBITDA for the quarter was $885 million, down 9% on a constant currency basis from Q3 2020, with an adjusted EBITDA margin of 41.9% compared to 44.3% in Q3 2020 [34][32] - Cash generated from operations was $564 million on a GAAP basis, with adjusted cash generated from operations at $382 million for the quarter [36][11] Business Line Data and Key Metrics Changes - Bausch & Lomb segment revenue for Q3 was $949 million, up 3% organically, with Global Vision Care revenue at $226 million, up 6% organically [18][19] - Global Surgical business revenue was $173 million, up 13% organically, reflecting recovery in cataract and retina procedures [20] - Salix revenue was $527 million, up 6% from Q3 2020, driven by XIFAXAN, RELISTOR, and TRULANCE [23][26] - Global Consumer business revenue was $379 million, up 7% organically, with strong performance from LUMIFY and eye vitamins [21][46] - International Rx segment revenue was $271 million, down 1% organically, while Ortho Derm segment revenue was $140 million, down 3% organically [27][28] Market Data and Key Metrics Changes - International Vision Care growth was driven by key brands, with U.S. retail and e-commerce consumption up 4% from a year ago [19] - The U.S. experienced a 6% organic growth in the Global Surgical business, with international growth at 16% [20] - The long-term care market for XIFAXAN is recovering, with year-over-year growth now at 3% [80] Company Strategy and Development Direction - The company is pursuing strategic alternatives, including the proposed IPOs for Solta and Bausch & Lomb, aimed at unlocking shareholder value [8][60] - The company is focused on reducing debt, having repaid $1.1 billion in Q3 2021, with a net leverage of 6.4 times as of September 30, 2021 [38][39] - The company plans to launch XIPERE in Q1 2022 and anticipates filing an NDA for NOV03 in the first half of 2022 [54][53] Management's Comments on Operating Environment and Future Outlook - Management noted that recovery from COVID-19 is ongoing, with expectations for continued growth in Q4 and into 2022 [42][63] - The company is facing inflation and supply chain pressures, which may impact margins moving forward [43] - Management expressed confidence in the recovery trajectory and the potential for future growth driven by R&D advancements [55][90] Other Important Information - The company completed the sale of Amoun, its Egyptian pharma business, during the third quarter [15] - The company is contesting an IRS challenge related to a capital loss from a prior tax restructuring, with no tax liability expected [41] Q&A Session Summary Question: Can you provide insights on Solta's Q3 results and recovery in Southeast Asia and Europe? - Management indicated that Solta had a strong Q3 despite seasonal slowdowns, with year-to-date growth rates of 32% reported or 27% organic growth [67][68] Question: What is the timeline for the full separation of B&L post-IPO? - Management expects the full separation to occur within three to seven months after the IPO, subject to customary lockups and regulatory approvals [71][72] Question: How does the long-term care market impact XIFAXAN growth? - Management noted that the long-term care population is starting to regain, with XIFAXAN growth tracking at 3% year-over-year [80] Question: What are the growth drivers for Solta? - Management identified geographic expansion, portfolio expansion, and pipeline growth as key drivers for Solta's future growth [100] Question: How is the company managing R&D spend for Bausch Pharma? - Management emphasized a focus on profitable growth and ongoing investments in R&D for novel formulations and new indications [108][109]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-14956 Bausch Health Companies Inc. (Exact name of registrant as specified in its charter) British Columbia , Canada 98-0448205 (State ...

Summary of Bausch Health Companies, Inc. Conference Call Company Overview - **Company**: Bausch Health Companies, Inc. (NYSE: BHC) - **Date**: September 13, 2021 - **Participants**: - Joseph Papa - Chairman & CEO - Osama Eldessouky - CFO - Arek Kurkciyan - Morgan Stanley Key Points Strategic Initiatives - Bausch Health is moving forward with IPOs for both the Solta and B&L businesses, having submitted confidential draft registration statements to the SEC [4][4][4] - The company expects to complete the IPOs and separation on previously communicated timelines, subject to market conditions [4][4][4] Rx Segment Trends - XIFAXAN, the largest product, has seen a 7% increase in the last 10 weeks compared to the same period last year, outperforming the market growth of 4% [6][7][7] - The IBS-D segment of XIFAXAN is up 19%, while the long-term care business is growing at 5% [7][8][8] Legal Settlements - Bausch Health has resolved approximately $2.5 billion in legacy legal settlements over the past five years, including a $300 million settlement related to Glumetza [10][11][11] - The company aims to clear legacy issues to focus on future growth with the Solta, Bausch & Lomb, and remaining Bausch Pharma businesses [10][11][11] Bausch & Lomb Segment - The consumer product business contributed 36% of revenue, with a 9% organic growth compared to Q2 2020, driven by products like Ocuvite and LUMIFY [13][14][14] - LUMIFY reported $29 million in revenue, a 93% increase year-over-year, and is projected to exceed $100 million in sales [15][15][15] - A recall of a multipart solution product cost approximately $50 million, with $30 million reflected in Q2 [16][16][16] Vision Care Performance - Vision Care experienced a 56% organic revenue growth compared to Q2 2020, with the U.S. business up 103% [21][21][21] - The AQUALOX product in Japan saw a 114% revenue growth [21][26][26] Surgical Business - The launch of ClearVisc, a viscoelastic product, is expected to tap into a $120 million market opportunity [28][28][28] - COVID-19 has caused variability in elective procedures, but there is an expectation for a backlog of surgeries to be addressed once conditions improve [30][31][31] Pipeline Developments - NOV03 for dry eye disease has shown promising Phase III trial results, with a potential FDA submission in 2022 [38][39][39] - Amiselimod for ulcerative colitis is in Phase II trials, with recruitment ongoing [39][39][39] Capital Structure and Financials - Bausch Health repaid $300 million in debt during Q2, reducing net leverage from 7x to 6.5x [41][41][41] - Year-to-date debt reduction totals approximately $1.6 billion [41][41][41] - Full-year gross margin is guided to be around 71%, with a 60 basis point improvement in Q2 compared to the previous year [43][43][43] E-commerce Growth - E-commerce now accounts for 10% of the Bausch & Lomb U.S. consumer business, up from 2% in 2017, indicating significant growth in this channel [18][18][18] Conclusion Bausch Health Companies, Inc. is actively pursuing strategic initiatives to enhance its business structure and financial health, with notable growth in its Rx and Bausch & Lomb segments. The company is addressing legacy legal issues while focusing on product innovation and market expansion, particularly in the e-commerce space.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-14956 Bausch Health Companies Inc. (Exact name of registrant as specified in its charter) British Columbia , Canada 98-0448205 (State or ot ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-14956 Bausch Health Companies Inc. (Exact name of registrant as specified in its charter) British Columbia , Canada 98-0448205 (State or o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________ FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number: 001-14956 Bausch Health Companies Inc. (Exact Name of Registrant as Specified in its Charte ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-14956 Bausch Health Companies Inc. (Exact name of registrant as specified in its charter) British Columbia , Canada 98-0448205 (State ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-14956 Bausch Health Companies Inc. (Exact name of registrant as specified in its charter) British Columbia , Canada 98-0448205 (State or ot ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-14956 Bausch Health Companies Inc. (Exact name of registrant as specified in its charter) British Columbia , Canada 98-0448205 (State or o ...