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 ...

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, 2019 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 ...

Part I. Financial Information [Item 1. Consolidated Financial Statements (unaudited)](index=11&type=section&id=Item%201.%20Consolidated%20Financial%20Statements%20(unaudited)) Bausch Health reported increased revenues and significantly narrowed net loss for the nine months ended September 30, 2019, driven by reduced non-cash charges and improved cash flow from operations [Consolidated Financial Statements](index=11&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements reflect year-over-year revenue growth, a narrowed net loss due to reduced non-cash charges, and a strengthened balance sheet with decreased total liabilities | Financial Metric | Q3 2019 (Millions USD) | Q3 2018 (Millions USD) | YTD 2019 (Millions USD) | YTD 2018 (Millions USD) | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $2,209 | $2,136 | $6,377 | $6,259 | | **Operating Income (Loss)** | $329 | $117 | $873 | $(2,409) | | **Net Loss Attributable to BHC** | $(49) | $(350) | $(272) | $(3,804) | | **Diluted Loss Per Share** | $(0.14) | $(1.00) | $(0.77) | $(10.83) | | Balance Sheet Item | Sept 30, 2019 (Millions USD) | Dec 31, 2018 (Millions USD) | | :--- | :--- | :--- | | **Total Assets** | $31,667 | $32,492 | | **Total Liabilities** | $29,107 | $29,677 | | **Non-current portion of long-term debt** | $23,466 | $24,077 | | **Total Equity** | $2,560 | $2,815 | - Net cash provided by operating activities for the nine months ended September 30, 2019, was **$1.27 billion**, an increase from **$1.18 billion** in the same period of 2018, with **$812 million** used in financing activities primarily for net repayment of long-term debt[27](index=27&type=chunk) [Notes to the Consolidated Financial Statements](index=18&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes detail accounting policies, revenue recognition, the acquisition of Trulance® for **$180 million**, improved sales return provisions, and ongoing legal and government investigations - In March 2019, the company acquired certain assets of Synergy Pharmaceuticals Inc. for approximately **$180 million** in cash, including worldwide rights to Trulance®, now part of the Salix segment[54](index=54&type=chunk) - The provision for sales returns improved by a net of **$159 million** for the nine months ended September 30, 2019, due to enhanced operational efficiencies and disciplined pricing[48](index=48&type=chunk) - The useful life of Xifaxan®-related intangible assets was extended to January 1, 2028, following a litigation settlement, resulting in a **$353 million** decrease to Net Loss for the nine months ended September 30, 2019[88](index=88&type=chunk) - The company is subject to ongoing investigations by the SEC, Canada's AMF, and U.S. Attorney's Offices regarding past practices related to Philidor, patient assistance programs, pricing, and accounting[176](index=176&type=chunk)[178](index=178&type=chunk)[181](index=181&type=chunk)[182](index=182&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=64&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management outlines a strategy focused on eye-health, GI, and dermatology, reporting a **3%** Q3 2019 revenue increase to **$2.21 billion**, driven by Salix growth, and highlights significant debt reduction and new product launches - The company's strategy focuses on core therapeutic areas of eye-health, gastroenterology, and dermatology for growth opportunities[244](index=244&type=chunk) - The "Significant Seven" products, including Duobrii®, Bryhali®, and Lumify®, are key growth drivers, all launched by June 2019[257](index=257&type=chunk) - The company improved its capital structure by repaying over **$7.45 billion** of long-term debt (net) since 2016, eliminating mandatory principal repayments through 2020[296](index=296&type=chunk) | Segment | Q3 2019 Revenue (Millions USD) | YoY Change | Key Drivers | | :--- | :--- | :--- | :--- | | **Bausch + Lomb/International** | $1,175 | +2% | Volume growth in Global Vision Care (Biotrue®, Ultra®) and Consumer (Lumify®) | | **Salix** | $551 | +20% | Higher pricing and volume for Xifaxan®, plus $14M from new Trulance® product | | **Ortho Dermatologics** | $147 | -16% | Volume declines from generic competition for Solodyn®, Zovirax®, Elidel® | | **Diversified Products** | $336 | -5% | Volume declines due to loss of exclusivity for several neurology products | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=134&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate fluctuations on its **$5.24 billion** variable-rate debt, with a **100 basis-point** increase potentially impacting earnings by **$52 million** annually - The company faces interest rate risk on **$5.24 billion** of variable-rate debt, where a **100 basis-point** increase could result in an annualized pre-tax negative impact of approximately **$52 million**[549](index=549&type=chunk) [Item 4. Controls and Procedures](index=136&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2019, with no material changes to internal controls over financial reporting during Q3 2019 - The CEO and CFO concluded the company's disclosure controls and procedures were effective as of quarter-end[550](index=550&type=chunk) - No material changes were made to internal control over financial reporting during the third quarter of 2019[551](index=551&type=chunk) Part II. Other Information [Item 1. Legal Proceedings](index=137&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 19 of the consolidated financial statements for detailed information on ongoing legal proceedings - The report directs readers to Note 19 in the financial statements for details on legal proceedings[554](index=554&type=chunk) [Item 1A. Risk Factors](index=137&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported since the filing of the 2018 Annual Report on Form 10-K - No material changes to risk factors were reported since the filing of the 2018 Form 10-K[555](index=555&type=chunk) [Other Part II Items](index=137&type=section&id=Other%20Part%20II%20Items) The company reported no activity under Unregistered Sales of Equity Securities, Defaults Upon Senior Securities, Mine Safety Disclosures, or Other Information for the period - The company reported no activity under Unregistered Sales of Equity Securities, Defaults Upon Senior Securities, Mine Safety Disclosures, or Other Information[555](index=555&type=chunk)[556](index=556&type=chunk)