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, 2024 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 ...

Financial Data and Key Metrics - Q2 2024 revenues for Bausch Health (excluding Bausch + Lomb) were $1.19 billion, up 5% on a reported basis and 6% on an organic basis compared to Q2 2023 [4] - Adjusted EBITDA for Bausch Health (excluding B+L) was $614 million, an 8% increase compared to the prior year [4] - Consolidated revenues for Bausch Health were $2.4 billion, up 11% on a reported basis and 8% on an organic basis over Q2 2023 [15] - Adjusted EBITDA attributable to Bausch Health was $798 million, a 10% increase compared to the same quarter last year [24] - The company ended Q2 with approximately $1.5 billion of liquidity, including $320 million in cash and $950 million available under its revolving credit facility [27] Business Segment Performance - Salix segment revenues increased by $1 million to $558 million, driven by 10% growth in Xifaxan revenue [16] - Xifaxan revenues grew 10% year-over-year, with extended units growing 4% despite flat retail prescription growth [17] - Solta Medical revenues were $102 million, up 16% on a reported basis and 19% on an organic basis, led by strong growth in Asia Pacific [18] - International revenues increased 7% to $276 million, with double-digit organic growth in Canada and mid-single-digit growth in Latin America [18] - Dermatology revenues grew 21% on a reported basis and 25% on an organic basis, benefiting from favorable net pricing comparisons [19] - Neurology revenues grew 11% year-over-year, driven by competitor supply disruptions and favorable net pricing [20] - Generics business revenues declined 11% on a reported basis and 4% on an organic basis due to competitive pressures [21] Market Performance - Asia Pacific markets, particularly South Korea, China, and Taiwan, drove strong growth for Solta, with South Korea nearly doubling its business [4] - Thermage FLX launched in China as a medical device, with early results meeting expectations [10] - The U.S. market for Solta saw a 4% year-over-year decline, but the company is investing in sales teams and tools to drive future growth [19] Strategic Direction and Industry Competition - The company continues to prioritize the full separation of Bausch + Lomb, aiming to ensure both entities are appropriately capitalized [14] - Bausch Health is focused on driving growth through existing assets, targeted investments, and commercial excellence while advancing its R&D pipeline [30] - The company is defending its intellectual property, particularly around Xifaxan, with ongoing litigation against Norwich and Amneal [12][13] - The RED-C program for Rifaximin aims to address a larger market by focusing on preventing hepatic encephalopathy, with top-line results expected by early 2026 [9] Management Commentary on Operating Environment and Future Outlook - Management highlighted the company's fifth consecutive quarter of year-over-year growth in revenue and adjusted EBITDA, positioning it well for the second half of 2024 [4] - The company remains focused on cost management and operational effectiveness while driving growth in key areas such as Xifaxan, Solta, and international markets [30] - Management expressed confidence in the potential of the RED-C program and the aesthetics pipeline, including Thermage FLX and Clear + Brilliant Touch [9][10][11] Other Important Information - The company repaid over $360 million of debt in Q2, including $305 million of bonds with 2025 maturities, and has retired $555 million in principal value of 2025 and 2026 maturities year-to-date [25][26] - Aimee Lenar joined as Executive Vice President of US Pharma, and JJ Charhon will join as CFO in mid-August, bringing extensive industry experience [7] - The company is maintaining its full-year 2024 guidance, expecting revenue of $4.7 billion to $4.85 billion and adjusted EBITDA of $2.36 billion to $2.46 billion [28] Q&A Session Summary Question: Balance sheet and leverage concerns, including potential negotiations with the co-op [32] - The company denied rumors of bankruptcy or insolvency proceedings and reiterated its focus on growing the business and generating results [33] - Management emphasized the strategic priority of separating Bausch + Lomb and ensuring both companies are appropriately capitalized [34][36] Question: Plan B if the separation of Bausch + Lomb is not feasible [39] - The company reiterated that the separation remains a strategic priority and did not provide details on alternative plans [40] Question: Commercial assumptions for the Phase 3 IBD program for Amiselimod [39] - The company believes there is a significant unmet need in the market and is confident in the data supporting the program [40] Question: Xifaxan script dynamics and investment strategy [42] - Management highlighted strong NBRx growth and the potential to treat more patients, particularly in OHE and IBSD [43][45] Question: RED-C trial and its potential impact on the company [49] - The company sees the RED-C program as a significant opportunity to expand the market for Rifaximin, particularly in prevention rather than treatment [51] Question: Solvency and debt maturities [57] - The company highlighted its liquidity position, ability to monetize its BLCO stake, and focus on growing non-Xifaxan businesses like Solta and international markets [62][63] Question: Thermage FLX reception in China and potential IPO for Solta [64] - Management expressed optimism about the growth potential of Solta in China and globally, with no immediate plans for an IPO [65][67]

Bausch Health (BHC) reported $2.4 billion in revenue for the quarter ended June 2024, representing a yearover-year increase of 10.9%. EPS of $0.98 for the same period compares to $0.81 a year ago. The reported revenue represents a surprise of +2.97% over the Zacks Consensus Estimate of $2.33 billion. With the consensus EPS estimate being $0.89, the EPS surprise was +10.11%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine ...

Bausch Health (BHC) came out with quarterly earnings of $0.98 per share, beating the Zacks Consensus Estimate of $0.89 per share. This compares to earnings of $0.81 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 10.11%. A quarter ago, it was expected that this drugmaker would post earnings of $0.75 per share when it actually produced earnings of $0.59, delivering a surprise of -21.33%. Over the last four quarters, the compan ...

1 BAUSCH-Health 2 Q 2024 EARNINGS AUGUST 1, 2024 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 relating to Bausch Health Companies Inc.'s ("Bausch Health" or the "Company") future prospects and performance, financial guidance, research and development efforts and anticipated timing or results thereof, proposed plan to sep ...

[Q2 2024 Financial & Operational Highlights](index=1&type=section&id=Q2%202024%20Financial%20%26%20Operational%20Highlights) Bausch Health achieved strong Q2 2024 results with 11% revenue growth and a 10% increase in Adjusted EBITDA, leading to raised full-year guidance [Overall Performance Summary](index=1&type=section&id=Overall%20Performance%20Summary) Bausch Health achieved strong Q2 2024 results with 11% revenue growth and a 10% increase in Adjusted EBITDA, leading to raised full-year guidance | Metric | Q2 2024 | Change (YoY) | | :--- | :--- | :--- | | Consolidated Revenues | $2.40 billion | +11% Reported, +8% Organic | | GAAP Net Income Attributable to BHC | $10 million | - | | Adjusted EBITDA (non-GAAP) | $798 million | +10% | - The company raised its full-year 2024 guidance for both consolidated revenue and Adjusted EBITDA (non-GAAP)[3](index=3&type=chunk) - This marks the fifth consecutive quarter of year-over-year growth in both revenues and adjusted EBITDA, highlighting sustained momentum[4](index=4&type=chunk) [Detailed Financial Performance](index=1&type=section&id=Detailed%20Financial%20Performance) Consolidated revenues grew 11% to $2.40 billion, driven by broad-based segment contributions, notably Bausch + Lomb and Solta Medical [Revenue Performance by Segment](index=1&type=section&id=Revenue%20Performance%20by%20Segment) Consolidated revenues grew 11% to $2.40 billion, driven by broad-based segment contributions, notably Bausch + Lomb and Solta Medical | Segment | Q2 2024 Revenue (millions) | Reported Change (YoY) | Organic Change (YoY) | | :--- | :--- | :--- | :--- | | **Total Bausch Health** | **$2,403** | **11%** | **8%** | | Bausch Health (excl. B+L) | $1,187 | 5% | 6% | | Salix | $558 | 0% | 1% | | International | $276 | 7% | 6% | | Solta Medical | $102 | 16% | 19% | | Diversified | $251 | 10% | 12% | | Bausch + Lomb | $1,216 | 17% | 10% | [Salix Segment](index=2&type=section&id=Salix%20Segment) Salix segment revenue remained flat at $558 million, as Xifaxan® growth was offset by declines in other products, resulting in 1% organic growth - **Xifaxan®** revenues grew **10%** year-over-year, but this was offset by declines in other products, resulting in flat reported revenue for the segment[6](index=6&type=chunk) [International Segment](index=2&type=section&id=International%20Segment) The International segment reported a 7% revenue increase to $276 million, with 6% organic growth driven by strong performance in Canada and Latin America - Organic revenue growth of **6%** was led by strong performance in Canada (**double-digit growth**) and Latin America[6](index=6&type=chunk) [Solta Medical Segment](index=2&type=section&id=Solta%20Medical%20Segment) Solta Medical achieved strong results with a 16% reported revenue increase to $102 million and 19% organic growth, primarily from Asia-Pacific - The segment's **19% organic growth** was driven by strong performance in the Asia-Pacific region, with South Korea being a key contributor[6](index=6&type=chunk) [Diversified Segment](index=2&type=section&id=Diversified%20Segment) The Diversified segment's revenue grew 10% to $251 million, with 12% organic growth driven by higher sales in Dermatology and Neurology - Organic revenue increased by **12%**, primarily due to sales growth in Dermatology and Neurology[7](index=7&type=chunk) [Bausch + Lomb Segment](index=2&type=section&id=Bausch%20%2B%20Lomb%20Segment) The Bausch + Lomb segment achieved a significant 17% reported revenue increase to $1,216 million, with 10% organic growth across all business units - The segment achieved **10% organic revenue growth**, with positive contributions from all business units[7](index=7&type=chunk) [Profitability and Cash Flow](index=2&type=section&id=Profitability%20and%20Cash%20Flow) Operating income decreased to $389 million due to higher expenses, but Adjusted EBITDA grew 10% to $798 million, and operating cash flow significantly increased to $380 million | Metric | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Operating Income | $389 million | $412 million | | Net Income Attributable to BHC | $10 million | $26 million | | Adjusted Net Income (non-GAAP) | $328 million | $300 million | | GAAP EPS | $0.03 | $0.07 | | Adjusted EBITDA (non-GAAP) | $798 million | $727 million | | Cash Provided by Operating Activities | $380 million | $206 million | - The decrease in operating income was primarily due to higher selling, advertising, and promotion expenses, which offset the benefit of higher revenues[7](index=7&type=chunk) [Balance Sheet and Liquidity](index=3&type=section&id=Balance%20Sheet%20and%20Liquidity) Bausch Health maintained a solid liquidity position with $595 million in cash and $1.07 billion in available revolving credit, focusing on debt reduction - Key liquidity highlights as of June 30, 2024 include: - Consolidated cash and cash equivalents of **$595 million**. - Bausch Health (excl. B+L) had ~**$950 million** available under its 2027 revolving credit facility. - Bausch + Lomb had ~**$120 million** available under its revolving credit facility[10](index=10&type=chunk) - The company is actively evaluating strategies to reduce outstanding debt and improve its debt maturity profile[10](index=10&type=chunk) [Business & Strategic Updates](index=3&type=section&id=Business%20%26%20Strategic%20Updates) This section covers key updates on Xifaxan® intellectual property defense and progress in the company's R&D pipeline [Xifaxan® Intellectual Property Update](index=3&type=section&id=Xifaxan%C2%AE%20Intellectual%20Property%20Update) Bausch Health secured a legal victory affirming Xifaxan® 550 mg generic exclusivity until October 2029 and filed new patent infringement lawsuits - A Federal Circuit court ruling affirmed that the FDA cannot approve Norwich's first generic ANDA for **Xifaxan® 550 mg** tablets until **October 2029**[11](index=11&type=chunk) - The company has filed new patent infringement lawsuits against Norwich (for an amended ANDA) and Amneal related to their attempts to market a generic version of **Xifaxan® 550 mg**[12](index=12&type=chunk) [R&D Pipeline Update](index=3&type=section&id=R%26D%20Pipeline%20Update) The R&D pipeline is advancing with a Phase 3 protocol for Amiselimod, ongoing RED-C studies, and regulatory progress for aesthetic devices - Key pipeline developments include: - **Amiselimod**: Draft protocol for **Phase 3** trial in moderate to severe UC submitted to the FDA. - **RED-C**: Both global **Phase 3** studies are in the treatment phase. - **Clear + Brilliant® Touch**: Approved in Australia and the Philippines in **Q2**. - **Next Generation Fraxel®**: FDA submission is complete, with potential approval in **H2 2024**[12](index=12&type=chunk)[13](index=13&type=chunk) [2024 Financial Outlook](index=4&type=section&id=2024%20Financial%20Outlook) Bausch Health updated its full-year 2024 financial guidance, raising expectations for consolidated revenues and Adjusted EBITDA [Updated Full-Year Guidance](index=4&type=section&id=Updated%20Full-Year%20Guidance) Bausch Health raised its full-year 2024 financial guidance for consolidated revenues and Adjusted EBITDA, reflecting strong first-half performance | Guidance (in Billions) | BHC (Consolidated) | BHC (excl. B+L) | B+L | | :--- | :--- | :--- | :--- | | **Revenues** | $9.400 - $9.650 | $4.700 - $4.850 | $4.700 - $4.800 | | **Adjusted EBITDA (non-GAAP)** | $3.21 - $3.36 | $2.36 - $2.46 | $0.85 - $0.90 | [Appendix: Financial Tables](index=11&type=section&id=Appendix%3A%20Financial%20Tables) The appendix provides detailed unaudited financial statements, reconciliations of GAAP to non-GAAP measures, and other financial information [Detailed Financial Statements and Reconciliations](index=11&type=section&id=Detailed%20Financial%20Statements%20and%20Reconciliations) This section presents detailed unaudited financial statements, including Consolidated Statements of Operations and reconciliations of GAAP to non-GAAP measures - The appendix includes the following key financial tables: - Consolidated Statements of Operations (unaudited). - Reconciliation of Net Income (GAAP) to Adjusted Net Income (non-GAAP). - Reconciliation of Net Income (GAAP) to Adjusted EBITDA (non-GAAP). - Calculation of Organic Revenue Growth (non-GAAP) by segment. - Other Financial Information, including cash and debt obligations[30](index=30&type=chunk)[31](index=31&type=chunk)[35](index=35&type=chunk)

Core Viewpoint - Bausch Health Companies is facing significant challenges, including rumors of potential bankruptcy, which have negatively impacted its stock price and investor confidence [2][4][16] Financial Performance - Bausch Health reported a cash balance of $733 million as of the end of the last quarter, a significant increase from $48 million in September 2022 [7] - The company holds long-term debt of $21.536 billion, a slight decrease from $22.358 billion in September 2021, indicating ongoing debt concerns [9] - Cash flow remains weak, with positive net earnings reported in only four quarters since September 2021 [10] Stock Market Reaction - Following a rumor of bankruptcy on July 24, 2024, Bausch Health's stock price fell by 23.25%, closing at $5.81 after reaching a low of $4.02 during the day [4][16] - The stock had previously shown signs of recovery, bottoming at $6.00 before the rumor surfaced [4] Earnings Outlook - Analysts have a weak earnings per share outlook for Bausch Health, with the company missing expectations in its Q1 report [12] - The consensus estimate for the upcoming quarter is an EPS of $0.88, reflecting a year-over-year growth of 8.54% [14] - Recent revisions show a D- grade for earnings revisions, with many analysts lowering their fiscal year forecasts [12][14] Growth Prospects - Bausch Health is focusing on growth opportunities in its Xifaxan product and the Solta Medical unit, but faces challenges due to limited resources and weak cash flow [15] - The company is also looking to expand its international presence, particularly in Canada, while navigating a slowing Chinese economy [15]

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, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Bausch Health Companies Inc. (Exact name of registrant as specified in its charter) 2150 St. Elzéar Blvd. West, Laval, Québec, Canada H7L 4A8 (Address of Principal Executive Offices) (Zip Code) Title of each class Trading Symbol(s) Name o ...

Bausch Health Companies [BHC] Q1 2024 Earnings Conference Call May 2, 2024 8:00 AM ET Company Participants Thomas Appio - CEO John Barresi - Interim CFO Garen Sarafian - IR Conference Call Participants Glen Santangelo - Jefferies Michael Nedelcovych - TD Cowen Douglas Miehm - RBC Capital Markets Umer Raffat - Evercore ISI Chi Fong - Bank of America David Amsellem - Piper Sandler Les Sulewski - Truist Securities Operator Greetings. Welcome to the Bausch Health first quarter 2024 earnings call. At this time, ...

Bausch Health (BHC) came out with quarterly earnings of $0.59 per share, missing the Zacks Consensus Estimate of $0.75 per share. This compares to earnings of $0.52 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -21.33%. A quarter ago, it was expected that this drugmaker would post earnings of $1.01 per share when it actually produced earnings of $1.15, delivering a surprise of 13.86%.Over the last four quarters, the company ...