BAUSCH Health Second Quarter 2022 Earnings Call August 9th, 2022 Forward-looking statements 2 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 revised 2022 full-year guidance; expectations for adjuste ...

Product Revenue and Performance - Xifaxan product line represented 81% and 80% of the Salix segment's revenues for the three and six months ended June 30, 2022, respectively[301] - Xifaxan product revenues increased by $7 million or 1% to $775 million for the six months ended June 30, 2022 compared to $768 million in 2021[377] - Approximately 80% of the Salix segment revenues is derived from the Xifaxan product line[468] - Sales of the Xifaxan product line represented 81% and 80% of the Salix segment's revenues for the three and six months ended June 30, 2022, respectively[489] - Trulance revenues were $47 million and $49 million for the six months ended June 30, 2022 and 2021, respectively[374] - Next generation Thermage FLX revenues were $154 million and $142 million for the years 2021 and 2020, respectively[377] - Revenues attributable to Russia for the six months ended June 30, 2022 and 2021 were $63 million and $64 million, respectively[384] - Revenues attributable to Ukraine for the six months ended June 30, 2022 and 2021 were $3 million and $5 million, respectively[384] - Revenues attributable to Belarus for the six months ended June 30, 2022 and 2021 were $4 million in each period[384] - Uceris Tablet revenues for the six months ended June 30, 2022 were approximately $7 million, compared to $5 million in the same period in 2021[419] - Jublia revenues for the six months ended June 30, 2022 were approximately $54 million, compared to $50 million in the same period in 2021[419] - The company's Uceris Tablet revenues for the years 2021, 2020, and 2019 were approximately $10 million, $15 million, and $20 million, respectively[419] - Jublia revenues for the years 2021, 2020, and 2019 were approximately $100 million, $111 million, and $110 million, respectively[419] - Revenue in China for the six months ended June 30, 2022 decreased by $52 million to $177 million compared to $229 million in 2021, reflecting the impact of the omicron variant and government lockdowns[390] - Total revenues decreased by $133 million (6%) to $1,967 million in 2022 compared to $2,100 million in 2021[494] - Bausch + Lomb segment revenues increased by $7 million (1%) to $941 million in 2022, representing 48% of total revenues[494] - Salix segment revenues decreased by $15 million (3%) to $501 million in 2022, with a segment profit margin of 71%[494] - International segment revenues declined by $80 million (26%) to $233 million in 2022, with a segment profit margin of 28%[494] - Diversified Products segment revenues decreased by $29 million (11%) to $235 million in 2022, with a segment profit margin of 60%[494] - Solta Medical segment revenues dropped by $16 million (22%) to $57 million in 2022, with a segment profit margin of 35%[494] - Total segment profits decreased by $98 million (11%) to $789 million in 2022, with a total segment profit margin of 40%[494] Financial Transactions and Debt Management - The Bausch + Lomb IPO resulted in the sale of 35,000,000 common shares at $18.00 per share, generating approximately $675 million in net proceeds[308] - The Company holds 310,449,643 Bausch + Lomb common shares, representing approximately 88.7% of Bausch + Lomb's outstanding common shares after the IPO[309] - The Company completed a series of transactions including a new credit facility for Bausch + Lomb and refinancing of existing credit facilities[318] - The company received approximately $4,100 million in net proceeds from divestitures, including the sale of Amoun for $740 million[322] - The company repaid approximately $10,600 million in long-term debt obligations from January 1, 2016, through June 30, 2022[320] - Debt reduced by approximately $800 million in H1 2022, including $1,000 million issuance of 6.125% Senior Secured Notes due February 2027[352] - B+L IPO completed on May 10, 2022, with net proceeds of approximately $675 million[353] - $2,500 million term loan facility and $500 million revolving credit facility established under B+L Credit Agreement[356] - $10,600 million of long-term debt repaid (net of borrowings) from January 2016 to June 2022[360] - The company recognized a gain on extinguishment of debt of $113 million for the three months ended June 30, 2022, compared to a loss of $45 million in the same period in 2021[481] Research and Development - The company has approximately 160 projects in its global R&D pipeline as of June 30, 2022[327] - A Phase 3 study for Rifaximin (RED-C) has commenced for the prevention of the first episode of Overt Hepatic Encephalopathy[328] - The company plans to file a New Drug Application (NDA) for IDP-126 in the fourth quarter of 2022[333] - The company entered into two exclusive license agreements in October 2020 for the development of treatments for pediatric myopia, with a Phase 3 study expected to complete enrollment by Q1 2023[341] - NOV03 achieved enrollment target in Open Label Safety study and showed statistically significant topline data in two Phase 3 studies, with NDA filed in June 2022 and anticipated U.S. launch in 2023[342] - R&D expenses increased by $12 million in Q2 2022, driven by the resumption of activities and clinical trials previously suspended due to COVID-19[428] - R&D expenses increased by $12 million (10%) to $127 million in Q2 2022, primarily due to higher spend on Solta and Salix projects[458] Product Launches and Approvals - Bausch + Lomb expects to launch Monofocal Plus, Trifocal, and EDOF optical designs for presbyopia in 2023, 2024, and 2025/2026, respectively[336] - Renu Advanced Multi-Purpose Solution (MPS) was launched in Taiwan, Czech Republic, Israel, Poland, and Slovakia in 2022, with further launches anticipated in China, Taiwan, Argentina, and Latin America[336] - Bausch + Lomb ULTRA Multifocal for Astigmatism contact lens was launched in June 2019 and received European Union regulatory approval in Q2 2020[336] - Xipere was approved by the FDA in October 2021 for macular edema associated with uveitis and launched in the U.S. in Q1 2022[343] - The company launched Duobrii in June 2019 and Bryhali in November 2018 as part of its psoriasis treatment portfolio[378] - The company launched Arazlo Lotion in June 2020, Altreno in October 2018, and Retin-A Micro 0.06% in January 2018 as part of its acne treatment portfolio[378] - The company acquired a global exclusive license for a myopia control contact lens design developed by BHVI[381] Litigation and Intellectual Property - The company reached a settlement agreement with Actavis in March 2021, dismissing the appeal related to the Relistor tablets patent litigation[416] - The company filed patent infringement suits against MSN and Mylan in April 2021 regarding Trulance 3mg tablets[416] - The company filed suit against Slayback Pharma LLC in September 2021, triggering a 30-month stay of the approval of the Slayback ANDA for Lumify[416] - The company filed suit against Lupin Ltd. in February 2022, triggering a 30-month stay of the approval of the Lupin ANDA for Lumify[417] - The company's PreserVision U.S. formulation patent expired in March 2021, but a patent covering methods of using the formulation remains in force into 2026[419] - Xifaxan 550mg patent litigation with Actavis resolved in 2018, with Actavis granted a non-exclusive license starting January 1, 2028[413] - Xifaxan 550mg patent litigation with Sandoz resolved in 2020, with Sandoz granted a non-exclusive license starting January 1, 2028[413] - Xifaxan 550mg patent litigation with Norwich resulted in a court ruling in July 2022, with certain patents found valid and others invalid, and the company plans to appeal[413] - Xifaxan 200mg and 550mg patent litigation with Sun ongoing, with Notices of Paragraph IV Certification received in 2019 and 2020[414] - Duobrii Lotion (Padagis) litigation is ongoing, with a trial scheduled for October 4, 2022, and the company remains confident in the strength of its patents[410][411] - Duobrii Lotion (Taro) litigation initiated in July 2022, with a 30-month stay on Taro's ANDA approval, and the company remains confident in its patents[413] - Bryhali Lotion, 0.01% (Glenmark) agreement allows Glenmark to market a generic version starting in 2026, with all intellectual property remaining intact[410] Financial Performance and Metrics - Operating income for Q2 2022 was $161 million, compared to an operating loss of $270 million in Q2 2021, reflecting a $431 million improvement[428] - Net loss attributable to Bausch Health Companies Inc. for Q2 2022 was $145 million, an improvement of $450 million compared to Q2 2021[433] - Revenues for the first six months of 2022 decreased by $242 million (6%) to $3,885 million, driven by divestitures, foreign currency impact, and lower volumes[433] - Operating income for the first six months of 2022 was $446 million, compared to an operating loss of $491 million in the same period of 2021, reflecting a $937 million improvement[434] - Goodwill impairments for the first six months of 2022 decreased by $386 million to $83 million, compared to $469 million in the same period of 2021[434] - Net loss attributable to Bausch Health Companies Inc. for the first six months of 2022 was $214 million, an improvement of $991 million compared to the same period in 2021[438] - Gross product sales for Q2 2022 were $3.401 billion, a decrease from $3.489 billion in Q2 2021[446] - Total provisions to reduce gross product sales to net product sales were $1.454 billion (42.8% of gross sales) in Q2 2022, up from $1.413 billion (40.5%) in Q2 2021[446] - Net product sales for Q2 2022 were $1.947 billion (57.2% of gross sales), down from $2.076 billion (59.5%) in Q2 2021[446] - Cost of goods sold decreased by $34 million (6%) to $570 million in Q2 2022, primarily due to divestiture of Amoun and favorable foreign currency impact[450] - SG&A expenses decreased by $9 million (1%) to $676 million in Q2 2022, driven by divestiture of Amoun and lower compensation expenses[455] - Amortization of intangible assets decreased by $58 million to $302 million in Q2 2022, due to fully amortized assets[461] - Goodwill impairments increased by $83 million to $83 million in Q2 2022, primarily due to macroeconomic factors impacting the Ortho Dermatologics reporting unit[464] - Xifaxan intangible assets have a carrying value of $2.963 billion as of June 30, 2022, with remaining useful lives of 66 months[462] - The company incurred $7 million in manufacturing variances and $6 million in returns due to a quality issue at a third-party supplier in Q2 2021[451] - The company recognized a goodwill impairment of $83 million for the Ortho Dermatologics reporting unit due to the carrying value exceeding its fair value at June 30, 2022[467] - Asset impairments, including loss on assets held for sale, decreased by $41 million to $6 million for the three months ended June 30, 2022 compared to $47 million in the same period in 2021[470] - Restructuring, integration, separation and IPO costs increased by $26 million to $35 million for the three months ended June 30, 2022 compared to $9 million in the same period in 2021[472] - Separation and IPO costs were $13 million for the three months ended June 30, 2022, compared to $6 million in the same period in 2021[475] - Interest expense increased by $46 million, or 13%, to $410 million for the three months ended June 30, 2022 compared to $364 million in the same period in 2021[479] - The provision for income taxes was $10 million for the three months ended June 30, 2022, compared to a benefit of $77 million in the same period in 2021, an unfavorable change of $87 million[486] Market and Regulatory Environment - The company anticipates generic competition for certain products due to patent or regulatory exclusivity expirations in 2022 and later years[407] - The company may launch authorized generics to mitigate sales declines following loss of exclusivity, but revenue impacts are still expected to be significant[409] - Several products faced generic competition in 2021, including Lotemax Gel and Bepreve, which accounted for less than 1% of total revenues in 2020[410] - Branded products expected to face generic competition from 2022 to 2026, such as Noritate and Targretin Gel, accounted for 2% of total revenues in 2021[410] - The OECD/G20 Inclusive Framework agreed on a global minimum corporate tax rate of 15% for companies with revenue above €750 million, effective in 2024[394] - The U.S. government proposed changes to the corporate tax system, including potential increases in corporate tax rates and modifications to the Base Erosion and Anti-Abuse Tax[393] - The American Rescue Plan Act of 2021 eliminated the Maximum Rebate Amount for certain drugs in the Medicaid Drug Rebate Program, with uncertain impact on the company[405] - The company continues to monitor potential legislative and administrative changes in health care reform, including drug pricing transparency and importation programs[406] - The company incurred costs of $13 million in 2021 and $21 million in 2020 related to the annual fee assessed on branded prescription drug sales to U.S. government programs[397] - Medicare Part D utilization costs were $94 million in 2021 and $131 million in 2020 for beneficiaries subject to the coverage gap[397] Operational and Strategic Initiatives - The Solta Medical IPO plans were suspended to focus on driving revenue, profitability, and cash flow, with future alternative paths to be revisited[316] - $175 million expansion of Waterford facility completed in July 2017 to meet demand for Biotrue ONEday contact lenses[345] - $220 million upgrade to Rochester facility completed in December 2017 to support Bausch + Lomb ULTRA and SiHy Daily AQUALOX product lines[345] - $300 million expansion projects initiated in November 2018 for SiHy Daily disposable contact lenses, with commercial production starting in H1 2022[347] - $90 million investment announced in July 2021 to increase capacity at Waterford facility for Biotrue ONEday lenses, expected completion in 2023[349] - The company faced distribution and logistic issues in China due to lockdowns, but manufacturing and distribution processes were minimally impacted[390] - Organic revenue (non-GAAP) is used to assess performance by adjusting for foreign currency exchange rates and excluding impacts of acquisitions, divestitures, and discontinuations[495] - Changes in foreign currency exchange rates can mask underlying business performance trends and are adjusted in organic revenue calculations[496] Acquisitions and Divestitures - Amoun generated revenues of $137 million for the six months ended June 30, 2021, and $157 million for the period from January 1, 2021, through July 26, 2021[322] - The company received approximately $4,100 million in net proceeds from divestitures, including the sale of Amoun for $740 million[322]

Bausch Health Companies Inc. (NYSE:BHC) Barclays High Yield Bond & Syndicated Loan Conference May 24, 2022 12:00 PM ET Company Participants Tom Vadaketh - Chief Financial Officer Will Woodfield - Treasurer Conference Call Participants Sean Palmer - Barclays Sean Palmer Great. Thanks, everyone, for joining. For those who don't know me, Sean Palmer from Barclays, subbing in for Rishi today. To my left, I have Tom Vadaketh, CFO of Bausch Health, and Will Woodfield, Treasurer of Bausch Health. Thanks, everyone, ...

1Q 22 Financial Results BAUSCH-Health Forward-Looking Statements 1 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 2022 full-year guidance; expectations for adjusted cash flows from operations and th ...

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Bausch Health Companies Inc. (NYSE:BHC) 2022 Barclays Global Healthcare Conference March 15, 2022 11:15 AM ET Company Participants Joe Papa - Chairman, CEO Conference Call Participants Darren Campili - Barclays Darren Campili Hi, I'm Darren Campili. Welcome to the Bausch Health Presentation. I am a Vice Chairman in the healthcare group and welcome, everybody. I'm here with Joe Papa, Chairman and Chief Executive Officer of Bausch Health. Joe Papa Hi, everyone. Darren Campili Perhaps, I'll kick it off with s ...

Bausch Health Companies Inc. (NYSE:BHC) Cowen 42nd Annual Healthcare Conference March 8, 2022 12:50 PM ET Company Participants Joe Papa - CEO Unidentified Company Representative Great. Thanks everyone for joining the Bausch Health Fireside Chat, really pleased to have to Joe Papa with us. Joe, I'm shocked that we all go back 20 years now. And time is tied, but it's great to have you -- be better to have you in person, but great to have you virtually and thanks for taking the time. So where I really wanted t ...

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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, 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 Charte ...