Core Viewpoint - Bausch Health Companies Inc. is set to release its fourth quarter and full year 2025 financial results on February 18, 2026, followed by a conference call to discuss the results and provide a business update [1]. Group 1: Financial Results Announcement - The financial results will be released after market close on February 18, 2026 [1]. - A live conference call and webcast will take place at 5:00 p.m. U.S. EST on the same day [2]. - All relevant materials will be available on the Investor Relations section of the Bausch Health website prior to the call [1]. Group 2: Company Overview - Bausch Health Companies Inc. is a global diversified pharmaceutical company focused on improving healthcare outcomes [3]. - The company develops, manufactures, and markets products in various fields including gastroenterology, hepatology, neuroscience, dermatology, dentistry, aesthetics, international pharmaceuticals, and eye health [3]. - Bausch Health aims to be a globally integrated healthcare company, trusted by patients, healthcare professionals, employees, and investors [3].

Core Viewpoint - Bausch Health is focusing on redefining its future through profitable growth, improving capital structure, and investing in its workforce and product portfolio [2]. Group 1: Strategic Focus - The company aims for profitable growth on both the top line and bottom line [2]. - A key strategy includes improving the capital structure by reducing debt and managing the maturity profile, having refinanced $9.5 billion of debt due in 2025 [2]. Group 2: Investment in Resources - Bausch Health is committed to investing in its people, products, and processes to build a strong foundation for future growth [2].

Summary of Bausch Health Conference Call Company Overview - **Company**: Bausch Health - **Key Executives Present**: Tom Appio (CEO), J.J. Charhon (CFO), Jonathan Sadeh (CMO) - **Revenue**: $4.8 billion in 2024 - **Adjusted EBITDA**: $2.5 billion - **Adjusted Cash Flow from Operations**: $1.3 million [3][2] Strategic Focus - **Profitable Growth**: Emphasis on both top-line and bottom-line growth [2] - **Capital Structure Improvement**: Refinanced $9.5 billion of debt to enhance maturity profile and reduce debt [2] - **Investment in People and Processes**: Focus on building a strong team and developing product portfolios [2] Business Segments - **Salix**: Focused on GI and hepatology, with a 12% revenue growth reported in Q3 2025 [6][8] - **Solta Medical**: Global aesthetics franchise, with significant growth in Asia-Pacific, particularly a 30% CAGR in South Korea and 40% CAGR in China [10][22] - **International Segment**: Diverse portfolio of branded generic products, with strong performance in Central Europe and Mexico [12][19] - **Neuroscience**: Second largest contributor to sales in the U.S., with consistent quarterly revenue growth [13][29] Market Opportunities - **GI and Hepatology**: Over 4.5 million people diagnosed with liver disease in the U.S. [7] - **Neuroscience Market**: Estimated at $20 billion in the U.S. [7] - **Global Aesthetics Market**: Over $20 billion, with Solta positioned in significant subcategories [7] Product Performance - **Xifaxan**: Leading treatment for hepatic encephalopathy, with over 40% of patients treated; 9% growth in total scripts in Q3 [8][18] - **Solta Products**: Achieved over 5 million treatments in 2025, with multiple award-winning devices [10][11] Future Growth Drivers - **Red Sea Program**: Focused on preventing overt hepatic encephalopathy, with a larger patient population than current treatments [16][32] - **Larsucosterol**: Acquired late-stage modulator for severe alcohol-associated hepatitis, with a phase three trial initiated [17][35] Financial Outlook - **Guidance**: Reiterating guidance leaning towards the higher end of the range, reflecting strong operating momentum [14] - **Debt Management**: Plans to reduce debt further, especially post-Xifaxan LOE in 2028 [25][26] Business Development Strategy - **Acquisitions**: Recent acquisition of a distributor in China to enhance market reach [5] - **Focus Areas**: Targeting therapeutic areas of GI, hepatology, neuroscience, dermatology, and aesthetics for future acquisitions [27][28] Innovation and Execution - **AI-Driven Insights**: Implemented an AI engine to enhance targeting and messaging for Xifaxan, contributing to growth [30] - **Data Generation**: Emphasis on generating strong clinical data to support product efficacy and safety [23][22] Conclusion - **Strong Foundation**: Bausch Health operates in attractive segments with significant growth potential, driven by a dedicated management team and a focus on innovation and execution [18][34]

International ® NEUROSCIENCE ©2025 Bausch Health Companies Inc. and/or one of its affiliates. JPMorgan Healthcare Conference January 14, 2026 Forward-Looking Statements; Non-GAAP Information Forward-Looking Statements This presentation contains forward-looking information and statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws (collectively, "forward-looking statements"), including, but not limited to, statements relating to Baus ...

Core Insights - Dan Loeb of Third Point is recognized as a brilliant investor whose activities are closely monitored during the 13F filings [1] Group 1 - Dan Loeb's investment strategies and decisions are significant indicators for market trends and potential investment opportunities [1]

Core Viewpoint - Bausch Health Companies Inc. and its subsidiary announced the final results and expiration of their offers to exchange existing senior secured notes for new senior secured notes totaling up to $1.6 billion [1] Group 1: Exchange Offer Details - The company is exchanging its outstanding 4.875% Senior Secured Notes due 2028 and 11.00% Senior Secured Notes due 2028 for up to $1.6 billion aggregate principal amount of new 10.00% Senior Secured Notes due 2032 [1] - The offers were conducted according to the terms outlined in a confidential exchange offer memorandum dated November 24, 2025 [1]

Core Insights - Bausch Health's valuation indicates potential for recovery, but recent stake reduction by Lombard Odier Asset Management highlights ongoing investor skepticism regarding the company's ability to regain full confidence [1][9]. Company Overview - Bausch Health Companies Inc. is a global healthcare entity with a diverse product portfolio that includes pharmaceuticals, medical devices, and consumer health products, focusing on eye health, gastroenterology, dermatology, and international markets [4][5]. - The company generates revenue through the development, manufacturing, and distribution of both branded and generic drugs, as well as medical devices and consumer health products across various therapeutic segments [5]. Recent Developments - Lombard Odier Asset Management reduced its stake in Bausch Health by 3,334,000 shares in Q3 2025, decreasing its position's value to approximately $11.07 million, which now represents 0.74% of the fund's reportable assets, down from 2.6% in the previous quarter [2][3][6]. - As of November 13, 2025, Bausch Health shares were priced at $6.62, reflecting a 24.6% decline over the past year, significantly underperforming the S&P 500 by 40.08 percentage points [3]. Financial Metrics - Market capitalization of Bausch Health is approximately $2.34 billion, with a trailing twelve months (TTM) revenue of $8.26 billion and a TTM net income of $362 million [3]. Strategic Challenges - The company operates with a mature product portfolio that generates cash but struggles to deliver the necessary growth to support its substantial debt load, raising concerns about its long-term financial flexibility [10]. - Bausch Health's established franchises were not designed to sustain high leverage for extended periods, and the ongoing challenge is whether cash generation can exceed interest costs and legal liabilities [10]. Future Outlook - The company's ability to improve its financial situation hinges on successful refinancing, effective cash conversion, and strategies to reduce leverage without divesting key assets [11].

Core Viewpoint - Bausch Health Companies Inc. is conducting an exchange offer for its outstanding senior secured notes, aiming to issue new notes with a higher interest rate to improve its debt structure [1] Group 1: Exchange Offer Details - The company announced offers to exchange its existing 4.875% and 11.00% Senior Secured Notes due 2028 for new 10.00% Senior Secured Notes due 2032 [1] - The maximum aggregate principal amount for the exchange is set at $1.6 billion [1] - The exchange offer is being conducted through the company's indirect wholly-owned subsidiary, 1261229 B.C. Ltd. [1]

Core Insights - Bausch Health, Inc. (BHC) shares increased by 11% following the announcement of the acquisition of Wuhan Shibo Zhenmei Technology Co., Ltd. [1] - The acquisition allows Solta Medical, a subsidiary of Bausch Health, to take full control of its distribution in China, enhancing its market presence and operational efficiency [2][7] - The Chinese aesthetics market is rapidly growing, positioning Solta Medical to meet increasing demand for aesthetic treatments [3] Company Performance - Bausch Health reported better-than-expected third-quarter results for 2025, driven by its Salix and Solta businesses [4] - Solta Medical achieved revenues of $140 million, reflecting a 25% year-over-year increase, with a 24% organic growth primarily from the Asia Pacific region [8] - Despite recent gains, Bausch Health's shares have declined by 12.5% year-to-date, contrasting with the industry's growth of 23.7% [6] Financial Position - As of September 30, 2025, Bausch Health's long-term debt stood at $21 billion, with a cash balance of $1.3 billion [10]

Company Overview - The company is a global diversified pharmaceutical and medical devices entity serving over 70 markets [2] - It was founded in 1959, but the current configuration has been in place since 2015 due to significant acquisitions, including Salix Pharmaceutical and Bausch + Lomb [2] - The acquisitions have primarily been financed through debt, which is a relevant aspect of the company's financial story [2] Business Segments - The company operates in five different segments, including Bausch + Lomb [3] - Excluding Bausch + Lomb, the company has a strong presence in the U.S. pharmaceutical market through the Salix business and a diversified portfolio [3] - The International segment includes platforms in Europe, Latin America, and Canada, with a focus on Eastern European markets in Europe and a strong presence in Latin America [3]