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Bausch Health — q3 2026 earnings presentation (company IR deck)
Bausch Health (BHC) · 57 slides · Filed Oct 29, 2026
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Slide 1 — 3Q 2026
©2026 Bausch Health Companies Inc. and/or one of its affiliates. October 28, 2026 3Q 2026 Earnings NEUROSCIENCE International ®
Slide 2 — Forward-Looking Statements; Non-GAAP Information; Definitions
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 2 Forward-Looking Statements; Non-GAAP Information; Definitions 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 the Company’s: future prospects and performance, financial guidance, research and development efforts and anticipated timing or results thereof, proposed plan to separate its eye health business, including the timing thereof, management of its balance sheet, generation of cash, ability to launch and commercialize new products, including the timing of regulatory processes with respect to the Company’s product pipeline, ability to enforce and defend its Xifaxan® intellectual property rights, ability to execute its growth strategies and strategic priorities generally, and other corporate and strategic transactions. Forward-looking statements may generally be identified by the use of the words “anticipates,” “hopes,” “expects,” “intends,” “plans,” “should,” “could,” “would,” “may,” “believes,” “estimates,” “potential,” “target,” or “continue” and positive and negative variations or similar expressions, and phrases or statements that certain actions, events or results may, could, should or will be achieved, received or taken, or will occur or result, and similar such expressions also identify forward-looking information. These forward-looking statements, including the full-year guidance, are based upon the current expectations and beliefs of management. The Company’s 2026 financial outlook and full-year guidance are included to provide further information about management’s expectations about the Company’s future business operations, activities and results and may not be appropriate for other purposes. These forward-looking statements are subject to certain factors, risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements. These factors, risks and uncertainties include, but are not limited to: our ability to execute our business strategy, business plans and operational efficiency initiatives; demand for, competitive positioning of and pricing for our current and anticipated products and our ability to achieve expected revenues, margins and expense levels; the successful development, regulatory approval, manufacture and timing of launches and commercialization of pipeline and other products; the completion, timing, integration and expected benefits of completed and pending acquisitions and other strategic transactions including the potential separation of our eye health business consisting of our Bausch + Lomb global Vision Care, Surgical and Pharmaceuticals businesses on anticipated terms, timing and costs; the scope, duration and financial and operational impact of product quality matters and manufacturing facility compliance and certification matters; the continued availability and performance of key third-party distribution, fulfillment and other arrangements and the stability of global supply chains; the continuation of patent protection and regulatory exclusivity for key products; the expected impacts of the Inflation Reduction Act, and the impact of the negotiated prices for Xifaxan®, expected to become effective in 2027, under certain programs of the Centers for Medicare & Medicaid Services, and other healthcare reform measures and our ability to mitigate the impact thereof; our ability to generate cash flows and access liquidity to meet working capital needs, satisfy debt maturities as they become due, reduce debt levels and comply with financial and other covenants under our financing arrangements; the expected scope and impact of tariffs, counter-tariffs and other trade restrictions and the effectiveness of mitigation actions and the Company’s ability to recover any tariffs that are eligible for refund claims; macroeconomic and geopolitical conditions (including inflation, recessionary pressures, foreign currency exchange rates and interest rates), changes in tax laws and related guidance (including legislation referred to as the One Big Beautiful Bill Act and Organisation for Economic Co-operation and Development related measures); the expected outcomes of litigation, , subpoenas, investigations, inspections, reviews, audits, regulatory proceedings and other contingencies; the recent changes to the composition of the Bausch + Lomb board of directors and executive leadership team including the appointment of Bausch Health’s Chief Executive Officer, as Chairman of the board of directors and interim Chief Executive Officer of Bausch + Lomb while concurrently serving as Bausch Health’s Chief Executive Officer; and other factors, risks and uncertainties discussed in the Company’s most recent annual and quarterly reports and detailed from time to time in the Company’s other filings with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators, which factors, risks and uncertainties are incorporated herein by reference. We caution that, as it is not possible to predict or identify all relevant factors that may impact forward-looking statements, the factors referred to above are not exhaustive and should not be considered a complete statement of all potential risks and uncertainties. When relying on our forward-looking statements to make decisions with respect to the Company, investors and others should carefully consider the aforementioned factors and other uncertainties and potential events. These forward-looking statements speak only as of the date made. Bausch Health undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect actual outcomes, except as required by law. Non-GAAP Information To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures and non-GAAP ratios to provide supplemental information to readers. Management uses these non-GAAP measures and ratios as key metrics in the evaluation of the Company’s performance and the consolidated financial results and, in part, in the determination of cash bonuses for its executive officers. The Company believes these non-GAAP measures and ratios are useful to investors in their assessment of our operating performance and the valuation of the Company. In addition, these non-GAAP measures and ratios address questions the Company routinely receives from analysts and investors and, in order to assure that all investors have access to similar data, the Company has determined that it is appropriate to make this data available to all investors. However, these measures and ratios are not prepared in accordance with GAAP nor do they have any standardized meaning under GAAP. In addition, other companies may use similarly titled non-GAAP financial measures and ratios that are calculated differently from the way we calculate such measures and ratios. Accordingly, our non-GAAP financial measures and ratios may not be comparable to such similarly titled non-GAAP financial measures and ratios used by other companies. We caution investors not to place undue reliance on such non-GAAP measures and ratios, but instead to consider them with the most directly comparable GAAP measures and ratios. Non-GAAP financial measures and ratios have limitations as analytical tools and should not be considered in isolation. They should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. The reconciliations of these historical non-GAAP financial measures and ratios to the most directly comparable financial measures and ratios calculated and presented in accordance with GAAP are shown in the Appendix hereto. However, as indicated above, for guidance purposes, the Company does not provide reconciliations of projected Adjusted EBITDA (non-GAAP) to projected GAAP Net income (loss), projected Adjusted Cash Flows from Operations (non-GAAP) to projected GAAP Cash Generated from Operations, projected Adjusted Gross Margin (non-GAAP) to projected GAAP Gross Margin, projected Adjusted SG&A Expense to projected GAAP SG&A Expense, projected Adjusted Tax Rate to projected GAAP tax rate and projected organic growth (non-GAAP) to projected reported revenue growth, in each case due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. Many of the adjustments and exclusions used to calculate the projected non-GAAP measures may vary significantly based on actual events, so the Company is not able to forecast on a GAAP basis with reasonable certainty all adjustments needed in order to provide a GAAP calculation of these projected amounts. The amounts of these adjustments may be material and, therefore, could result in the GAAP amount being materially different from (including materially less than) the projected non-GAAP measures. For further information on non-GAAP financial measures and ratios, please see the non-GAAP Appendix. Definitions Consolidated: Consolidated results include Bausch Health Companies Inc. (“Bausch Health”), its subsidiaries, and variable interest entities for which Bausch Health is the primary beneficiary. Intercompany transactions are eliminated in consolidation. Unconsolidated: Management believes that the presentation of Unconsolidated (non-GAAP) information provides useful supplemental information regarding the operating performance of Bausch Health excluding the impact of Bausch + Lomb. Management uses this measure to evaluate operating performance and for certain decision-making and compensation purposes. This measure is not prepared in accordance with U.S. GAAP, does not represent discontinued operations, and should not be considered in isolation from, or as a substitute for, GAAP results. Because the criteria for discontinued operations accounting have not been met, the Unconsolidated (non-GAAP) information presented herein does not reflect discontinued operations accounting for Bausch + Lomb. Segment Profit: Segment profit is based on operating income after the elimination of intercompany transactions, including between Bausch + Lomb and other segments. Certain costs such as Amortization of intangible assets, Goodwill impairments, Restructuring, integration, separation costs, Other expense, net, and other corporate allocations are not included in the measure of segment profit, as management excludes these items in assessing segment financial performance.
Slide 3 — Agenda
©2026 Bausch Health Companies Inc. and/or one of its affiliates. Agenda Business Update 3Q26 Financial Results 2026 Guidance Portfolio and Growth Priorities Closing Remarks and Q&A
Slide 4 — Business
©2026 Bausch Health Companies Inc. and/or one of its affiliates. Business Update 1
Slide 5 — Driving Results, Advancing Strategy, & Unlocking Value in 3Q26
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Unconsolidated 5 Driving Results, Advancing Strategy, & Unlocking Value in 3Q26 Broad-based performance with all segments contributing to growth Historically high 65% Adjusted EBITDA Margin1 Delivered 14th Consecutive Quarter of Revenue and Adjusted EBITDA1 Growth Generated $539 Million in Adjusted Cash Flows from Operations1; Reduced Net Debt1 by $521 Million 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and non-GAAP Appendix for further information on non-GAAP measures and ratios, including a reconciliation of this and other non-GAAP measures and ratios to the most directly comparable GAAP measure. 14
Slide 6 — +16%
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 6 3Q26 Selected Segment Highlights Salix +16% Reported Revenue Growth 17th consecutive quarter of growth for Salix International +5% Reported Revenue Growth Canada +6% with double-digit promoted products growth LATAM established & new product growth Solta Medical +18% Reported Revenue Growth Thermage® FLX grew 21% globally
Slide 7 — Sustained Growth Through Focused Execution
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Unconsolidated 7 Sustained Growth Through Focused Execution Last Twelve-Months (“LTM”) Revenue Highlights $4,611 $4,834 $5,165 $5,695 4Q 23 4Q 24 4Q 25 3Q 26 +24% Building greater consistency in execution Optimizing Salix performance through the product life cycle Advancing Solta Medical through commercial execution and R&D Strengthening International through targeted product launches Leveraging commercial capabilities to support further growth Amounts in millions USD Note: Graph is not to scale.
Slide 8 — Margin Expansion Through Resource Discipline
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Unconsolidated 8 Margin Expansion Through Resource Discipline LTM Adjusted EBITDA Margin1,2 51.1% 52.8% 54.2% 58.5% 4Q 23 4Q 24 4Q 25 3Q 26 Targeting strategic investments with attractive long-term potential Regularly assessing infrastructure and productivity opportunities Balancing investment with disciplined resource management Expanded Adjusted EBITDA margin1 through profitable growth and resource discipline Highlights 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and non-GAAP Appendix for further information on non-GAAP measures and ratios, including a reconciliation of this and other non-GAAP measures and ratios to the most directly comparable GAAP measure. 2. The most directly comparable GAAP financial measure to LTM Adjusted EBITDA Margin (non-GAAP) is LTM Net income (loss) divided by Revenue which was (7.9%), 4.8%, 9.1% and (12.7%) for Q4 23, Q4 24, Q4 25 and Q3 26, respectively, a change of (480 bps) over the period. Note: Graph is not to scale. +740 BPS
Slide 9 — Cash Generation Supporting Consistent Debt Reduction
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Unconsolidated 9 Cash Generation Supporting Consistent Debt Reduction Amounts in millions USD 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and non-GAAP Appendix for further information on non-GAAP measures and ratios, including a reconciliation of this and other non-GAAP measures and ratios to the most directly comparable GAAP measure. 2. The most directly comparable GAAP financial measure to LTM Adjusted Cash Flows from Operations (non-GAAP) is LTM Cash provided by operating activities which was $1,051 million, $1,364 million, $1,118 million and $1,656 million for 4Q 23, 4Q 24, 4Q 25 and 3Q 26, respectively, a change of +58% over the period. 3. The most directly comparable GAAP financial measure to Net Debt (non-GAAP) is Long-term debt which was $17,823 million, $16,830 million, $15,768 million and $15,620 million for 4Q 23, 4Q 24, 4Q 25 and 3Q 26, respectively, a change of (12%) over the period. Note: Graphs are not to scale. ONE OF LARGEST NET DEBT1 REDUCTIONS SINCE THE IPO OF BAUSCH + LOMB LTM Adjusted Cash Flows from Operations1,2 Net Debt1,3 $708 $1,307 $1,192 $1,691 4Q 23 4Q 24 4Q 25 3Q 26 $15,754 $14,763 $14,200 $13,132 4Q 23 4Q 24 4Q 25 3Q 26 +139% (17%)
Slide 10 — 3Q26
©2026 Bausch Health Companies Inc. and/or one of its affiliates. 3Q26 Financial Results 2
Slide 11 — 3Q26 GAAP Financial Results
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Three Months Ended Favorable (Unfavorable) September 30, 2026 September 30, 2025 Reported Revenues $2,941 $2,681 10% Gross Profit $1,975 $1,677 18% Gross Margin 67.2% 62.6% 460 bps Selling, A&P $608 $583 (4%) G&A $226 $212 (7%) R&D $141 $166 15% Acquired IPR&D - $81 NM Total Operating Expense $992 $1,058 6% Operating Income $983 $619 59% Net Income Attributable to Bausch Health Companies Inc. $436 $179 144% Earnings per Share Attributable to Bausch Health Companies Inc. $1.15 $0.48 NM Cash Flows from Operating Activities $813 $405 101% Consolidated 11 3Q26 GAAP Financial Results Amounts in millions USD, except per share amounts
Slide 12 — 3Q26 Non-GAAP Financial Results
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Three Months Ended Favorable (Unfavorable) September 30, 2026 September 30, 2025 Reported Constant Currency1 Revenues (Same as reported) $2,941 $2,681 10% 10% Adj. Gross Profit1 $2,206 $1,950 13% 13% Adj. Gross Margin1 75.0% 72.7% 230 bps - Total Adj. Operating Expense1,2 $964 $1,024 6% 6% Adj. EBITA1,2 $1,242 $926 34% 34% Adj. EBITDA Attributable to Bausch Health Companies Inc.1,3 $1,305 $986 32% 32% Acquired IPR&D Net of Noncontrolling Interest - $81 NM - Adj. Net Income Attributable to Bausch Health Companies Inc.1 $673 $434 55% - Diluted Shares Outstanding 380.7M 375.5M NM - Adj. Cash Flows from Operations1 $782 $508 54% - Consolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and non-GAAP Appendix for further information on non-GAAP measures and ratios, including a reconciliation of this and other non-GAAP measures and ratios to the most directly comparable GAAP measure. 2. Includes the impact of Acquired IPR&D charges of $0 and $81 million for the three months ended September 30, 2026 and September 30, 2025, respectively. 3. Includes the impact of Acquired IPR&D charges net of noncontrolling interest (non-GAAP) of $0 and $81 million for the three months ended September 30, 2026 and September 30, 2025, respectively. 12 3Q26 Non-GAAP Financial Results Amounts in millions USD
Slide 13 — $1,350
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Consolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and non-GAAP Appendix for further information on non-GAAP measures and ratios, including a reconciliation of this and other non-GAAP measures and ratios to the most directly comparable GAAP measure. 2. Adjusted EBITDA (non-GAAP) above includes Adjusted EBITDA attributable to noncontrolling interests. For Bausch Health Companies Inc., this amounted to $45 million for the three months ended September 30, 2026, which includes $3 million related to B+L. 3. Amounts may not sum due to rounding 13 3Q26 Adjusted EBITDA1 & Adjusted Cash Flows from Operations1 Amounts in millions USD ADJUSTED EBITDA1 IMPROVEMENT DRIVEN BY OPERATIONAL EXECUTION (BHC excl. B+L) $1,022 $328 $1,350 Bausch Health (excl. B+L) Bausch + Lomb ROBUST CASH GENERATION DRIVES $192M YEAR-OVER-YEAR IMPROVEMENT (BHC excl. B+L) Adjusted Cash Flows from Operations1 $539 $244 $782 Bausch Health (excl. B+L) Bausch + Lomb Adjusted EBITDA1,2 BHC (excl. B+L) 32% Adjusted EBITDA1 Growth BHC (excl. B+L) Up $192M vs. 3Q25 2 3
Slide 14 — 3Q26 Revenue
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Consolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and non-GAAP Appendix for further information on non-GAAP measures and ratios, including a reconciliation of this and other non-GAAP measures and ratios to the most directly comparable GAAP measure. 14 3Q26 Revenue Amounts in millions USD MOMENTUM IN ORGANIC REVENUE1 GROWTH 19% 17% 11% 53% $1,566 (excl. B+L) Reported: 12% Organic1: 8% Salix International Solta Medical Diversified Consolidated Revenue vs 3Q25 Reported: 10% Organic1: 8% 27% 17% 56% Reported: 7% Organic1: 7% $1,375 Vision Care Pharmaceuticals Surgical $2,681 $2,941 3Q25 3Q26 Bausch + Lomb
Slide 15 — Salix Segment – 3Q26
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and non-GAAP Appendix for further information on non-GAAP measures and ratios, including a reconciliation of this and other non-GAAP measures and ratios to the most directly comparable GAAP measure. 2..TRx = Total retail prescriptions. Source: IQVIA. 15 Salix Segment – 3Q26 Amounts in millions USD STRONG XIFAXAN® PERFORMANCE UNDERPINS 14% ORGANIC REVENUE1 GROWTH Highlights Revenue vs. 3Q25 Product Revenue Mix Favorable Xifaxan® growth excl. impact of Medicaid: TRx2 excl. Medicaid +1.8%, TRx2 (9.6%) Higher Xifaxan® realized net pricing, volume growth in existing channels, residual Medicaid volume Relistor® growth driven by net realized pricing 86% 6% 4% 4% Xifaxan Relistor Trulance $831 Reported: 16% Organic1: 14% TOTALS PRODUCT REPORTED REVENUE CHANGE ($) $714 $99 $54 $2 $31 ($4) CHANGE (%) 16% 3% (11%) Other
Slide 16 — International Segment – 3Q26
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and non-GAAP Appendix for further information on non-GAAP measures and ratios. 16 International Segment – 3Q26 Amounts in millions USD ALL THREE REGIONS CONTRIBUTED TO FAVORABLE ORGANIC GROWTH1 Highlights Revenue vs. 3Q25 Geographic Mix 50% 27% 23% EMEA LATAM Canada $299 REGION REPORTED REVENUE CHANGE ($) Reported: 5% Organic1: 4% TOTALS ORGANIC CHANGE1 (%) REPORTED CHANGE (%) $149 $0 EMEA 3% 0% $67 $4 Canada 7% 6% $82 $8 LATAM 1% 12% EMEA 15th consecutive quarter of organic growth1 LATAM Growth across established and newly launched products Canada +14% growth in promoted products, led by Ryaltris® and Cabtreo®
Slide 17 — Solta Medical Segment – 3Q26
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and non-GAAP Appendix for further information on non-GAAP measures and ratios, including a reconciliation of this and other non-GAAP measures and ratios to the most directly comparable GAAP measure. 2. Revenue growth percentages as reported. 17 Solta Medical Segment – 3Q26 Amounts in millions USD ASIA PACIFIC STRENGTH FUELS 18% REPORTED REVENUE GROWTH Highlights2 Revenue vs. 3Q25 Geographic Revenue Mix 87% 11% 2% $165 REGION $143 $29 Asia Pacific $19 ($1) N. America $3 ($1) EMEA Reported: 18% Organic1: (4%) TOTALS Asia Pacific North America EMEA (2%) (7%) (24%) REPORTED REVENUE CHANGE ($) ORGANIC CHANGE1 (%) 25% (7%) (24%) REPORTED CHANGE (%) Double-digit growth in Asia Pacific driven by Shibo acquisition Thermage® +22% Clear + Brilliant® +23% China +66% Taiwan +23% Hong Kong +10%
Slide 18 — Diversified Segment – 3Q26
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and non-GAAP Appendix for further information on non-GAAP measures and ratios, including a reconciliation of this and other non-GAAP measures and ratios to the most directly comparable GAAP measure. 18 Diversified Segment – 3Q26 Amounts in millions USD DERMATOLOGY LED DIVERSIFIED’S 5% REPORTED AND ORGANIC REVENUE1 GROWTH Highlights Revenue vs. 3Q25 Business Revenue Mix BUSINESS REPORTED REVENUE CHANGE ($) $146 - Neuroscience Reported: 5% Organic1: 5% TOTALS 53% 32% 7% 8% Neuroscience Dermatology Generics Dentistry $271 CHANGE (%) - $86 $12 Dermatology 16% $21 ($1) Dentistry (5%) $18 $2 Generics 13% Neuroscience Stable revenue supported by favorable net pricing offset by lower volume Dermatology Double-digit growth driven by favorable net pricing Generics & Dentistry Generics growth on portfolio optimization offset declines in Dentistry
Slide 19 — Bausch + Lomb Segment Revenue – 3Q26
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Bausch + Lomb 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and non-GAAP Appendix for further information on non-GAAP measures and ratios, including a reconciliation of this and other non-GAAP measures and ratios to the most directly comparable GAAP measure. 19 Bausch + Lomb Segment Revenue – 3Q26 Amounts in millions USD BROAD-BASED GROWTH ACROSS ALL BUSINESS UNITS 30% 49% 21% $234 Implantables Equipment Consumables/Other Reported: 7% Organic1: 7% Vision Care Surgical Pharmaceuticals Reported: 5% Organic1: 5% Reported: 9% Organic1: 8% Reported: 11% Organic1: 11% U.S. International 75% 25% $367 Consumer Contact Lens 37% 63% $774 $1,281 $1,375 3Q25 3Q26
Slide 20 — ©2026 Bausch Health Companies Inc. and/or one of its affiliates.
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Strong Xifaxan® performance and operating leverage across the segment Broad-based growth across all three geographic regions Dermatology-led growth, supported by Generics Asia Pacific driving Solta Medical revenue growth Unconsolidated 20 Bausch Health (excl. B+L) Revenue & Segment Profit – 3Q26 Amounts in millions USD ALL SEGMENTS CONTRIBUTED TO DOUBLE-DIGIT REVENUE & SEGMENT PROFIT GROWTH Highlights Segment Profit Revenue $716 26% Salix $99 10% International $195 7% Diversified $76 9% Solta Medical $1,086 19% TOTAL 3Q26 3Q25 vs. $831 16% Salix $299 5% International $271 5% Diversified $165 18% Solta Medical $1,566 12% TOTAL 3Q26 3Q25 vs. → → → →
Slide 21 — 2026 Guidance
©2026 Bausch Health Companies Inc. and/or one of its affiliates. 2026 Guidance 3
Slide 22 — Full Year 2026 Guidance2
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 2026 Guidance2,3 2026 Guidance2,3 Bausch Health Companies Prior as of July 29, 2026 Current as of October 28, 2026 Net Revenue $10.790 – $11.040 $10.975 – $11.175 Adjusted EBITDA1 $4.050– $4.175 $4.315– $4.415 Bausch + Lomb Net Revenue $5.440 – $5.540 $5.450 – $5.550 Adjusted EBITDA1 $1.025 – $1.075 $1.090 – $1.140 Bausch Health (excl. B+L) Net Revenue $5.350 – $5.500 $5.525 – $5.625 Reported Revenue Growth 4% – 6% 7% – 9% Adjusted EBITDA1 $3.025 – $3.100 $3.225 – $3.275 Adjusted EBITDA1 Growth 8% – 11% 12% – 14% Adjusted Cash Flows from Operations1 $1.400 – $1.475 $1.600 – $1.675 Consolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and non-GAAP Appendix for further information on non-GAAP measures and ratios. 2. See Slide 2 for further information on forward-looking statements. 3. 2026 guidance assumes current FX rates. 22 Full Year 2026 Guidance2 All amounts are approximate, in billions USD
Slide 23 — Portfolio and Growth
©2026 Bausch Health Companies Inc. and/or one of its affiliates. Portfolio and Growth Priorities 4
Slide 24 — Value Creation Levers1
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 1. See Slide 2 for further information on forward-looking statements. 2. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and non-GAAP Appendix for further information on non-GAAP measures and ratios. 24 Value Creation Levers1 Working All Levers of Value Creation Invest in Select External Opportunities Increase Portfolio Performance Drive Organic Growth2 and Productivity Maximize B+L Value for BHC Shareholders
Slide 25 — DEEP
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 25 ©2026 Bausch Health Companies Inc. and/or one of its affiliates. A Strong Foundation for Value Creation1 DEEP EXPERTISE GI NEUROSCIENCE DERMATOLOGY AESTHETICS DIVERSE PORTFOLIO VALUABLE BRANDS with MARKET- LEADING COMMERCIAL PLATFORM in GLOBAL FOOTPRINT BROAD 1. See Slide 2 for further information on forward-looking statements.
Slide 26 — Appendix
©2026 Bausch Health Companies Inc. and/or one of its affiliates. Appendix
Slide 27 — $521M
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and non-GAAP Appendix for further information on non-GAAP measures and ratios, including a reconciliation of this and other non-GAAP measures and ratios to the most directly comparable GAAP measure. 27 Unconsolidated Bausch Health (excl. B+L) 3Q26 Change in Net Debt1 Amounts in millions USD $13,653 ($539) $11 $7 $13,132 2Q26 Net Debt 1 Adj. Cash Flows from Operations1 CAPEX Other 3Q26 Net Debt 1 NET DEBT1 DECREASED BY $521M
Slide 28 — $15.1B1
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 1. Debt values are shown at principal value. 2. Amounts may not total due to rounding. 3. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and non-GAAP Appendix for further information on non-GAAP measures and ratios, including a reconciliation of this and other non-GAAP measures and ratios to the most directly comparable GAAP measure. 28 Unconsolidated Bausch Health (excl. B+L) Debt Maturity Profile1,2 Amounts in millions USD $2,843 $643 $605 $1,609 $779 $463 $8 $30 $30 $30 $23 $1,691 $352 $6,000 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 2026 2027 2028 2029 2030 2031 2032 Term Loans Unsecured Notes Mandatory Amortization Secured Notes $15.1B1 TOTAL ~$8M Since 2Q26 DECREASED DEBT BY $521M Since 2Q26 DECREASED NET DEBT3 BY $6,000 $463 $3,995 $1,639 $2,326 $673 $8
Slide 29 — Key R&D Initiatives1
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 29 Key R&D Initiatives1 Pharmaceutical Clinical Programs Phase 1 Phase 2 Phase 3 Approval/Launch Notes Larsucosterol Treatment of alcohol-associated hepatitis (AH) • Potential to be first FDA-approved therapeutic option for AH • Granted FDA Breakthrough Therapy Designation • Registrational Phase 3 program to evaluate the safety & efficacy in patients with severe AH initiated in early 2026 Amiselimod (S1P modulator) Once-daily oral treatment of mild- to moderate- ulcerative colitis • Internal review of opportunity ongoing Medical Aesthetic Programs Development Approval/Launch Notes Thermage® FLX Radio-frequency technology to help tighten & improve smoothness & texture of skin’s surface • Continued regulatory progress for Thermage® FLX in additional global markets Thermage® 1.x Improvements on select tips and software • Anticipated launch in late 2027 Clear + Brilliant® Touch Fractionated laser device for skin resurfacing • Continued regulatory progress for Clear & Brilliant® Touch in global markets Fraxel FTX® Next generation fractionated laser device for skin resurfacing • Continued regulatory progress for Fraxel FTX® in additional global markets Unconsolidated 1. Progress timelines are for illustrative purposes only; See Slide 2 for further information on forward-looking statements
Slide 30 — Balance Sheet Summary
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 1. Cash, cash equivalents, and restricted cash includes restricted cash of $3M and $16M as of September 30, 2026 and December 31, 2025, respectively. 2. No outstanding borrowings under BHC excl. B+L revolving credit facility at September 30, 2026 and December 31, 2025. 3. Senior secured debt figure is inclusive of revolving credit facilities drawn (if any). 4. Net consolidated debt is net of unrestricted cash and cash equivalents. 5. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and non-GAAP Appendix for further information on non-GAAP measures and ratios, including a reconciliation of this and other non-GAAP measures and ratios to the most directly comparable GAAP measure. 6. Includes the impact of Acquired IPR&D charges net of noncontrolling interest (non-GAAP) of $18 million and $110 million for September 30, 2026 and December 31, 2025,, respectively. 30 Consolidated Balance Sheet Summary Amounts in millions USD September 30, 2026 December 31, 2025 Cash, cash equivalents, and restricted cash1 $2,488 $1,325 Revolving Credit Facilities2 $100 $100 Senior Secured Debt (principal amount)3 $16,058 $16,122 Senior Unsecured Debt (principal amount)3 $4,110 $4,110 Total Consolidated Debt (principal amount)3 $20,168 $20,232 Total Consolidated Debt (net of premiums, discounts and issuance costs) $20,637 $20,817 Net Consolidated Debt (principal amount)4 $17,683 $18,923 LTM GAAP Net (Loss) Income ($828) $120 LTM Adj. EBITDA Attributable to Bausch Health Companies Inc.5,6 $4,269 $3,541
Slide 31 — YTD GAAP Financial Results
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 31 Consolidated YTD GAAP Financial Results Amounts in millions USD, except per share amounts 1. Total operating expense includes goodwill impairments of $1,426 million for the nine months ended September 30, 2026. Nine Months Ended Favorable (Unfavorable) September 30, 2026 September 30, 2025 Reported % Revenues $8,317 $7,470 11% Gross Profit $5,366 $4,489 20% Gross Margin 64.5% 60.1% 440 bps Selling, A&P $1,869 $1,808 (3%) G&A $733 $748 2% R&D $477 $468 (2%) Acquired IPR&D $16 $110 NM Total Operating Expense¹ $4,593 $3,150 (46%) Operating Income $773 $1,339 (42%) Net (Loss) Income Attributable to Bausch Health Companies Inc. ($729) $269 (371%) (Loss) Earnings per Share Attributable to Bausch Health Companies Inc. ($1.95) $0.72 NM Cash Flows from Operations $1,714 $905 89%
Slide 32 — YTD Non-GAAP Financial Results
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and non-GAAP Appendix for further information on non-GAAP measures and ratios, including a reconciliation of this and other non-GAAP measures and ratios to the most directly comparable GAAP measure. 2. Includes the impact of Acquired IPR&D charges of $16 million and $110 million for the nine months ended September 30, 2026 and September 30, 2025, respectively. 3. Includes the impact of Acquired IPR&D charges net of noncontrolling interest (non-GAAP) of $14 million and $106 million for the nine months ended September 30, 2026 and 2025, respectively. 32 Consolidated YTD Non-GAAP Financial Results Amounts in millions USD Nine Months Ended Favorable (Unfavorable) September 30, 2026 September 30, 2025 Reported Constant Currency¹ Revenues (Same as reported) $8,317 $7,470 11% 10% Adj. Gross Profit¹ $6,075 $5,317 14% 13% Adj. Gross Margin¹ 73.0% 71.2% 180 bps - Total Adj. Operating Expense1,2 $3,063 $3,034 (1%) - Adj. EBITA¹,² $3,012 $2,283 32% 31% Adj. EBITDA Attributable to Bausch Health Companies Inc.¹,³ $3,217 $2,489 29% 29% Acquired IPR&D Net of Noncontrolling interest $14 $106 NM - Adj. Net Income Attributable to Bausch Health Companies Inc.¹ $1,445 $989 46% - Diluted Shares Outstanding 379.3M 374.1M NM - Adj. Cash Flows from Operations¹ $1,793 $1,088 65% -
Slide 33 — Reconciliation of LTM Reported Net Income (Loss) to LTM
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and non-GAAP Appendix for further information on non-GAAP measures and ratios, including a reconciliation of this and other non-GAAP measures and ratios to the most directly comparable GAAP measure. 33 Consolidated Reconciliation of LTM Reported Net Income (Loss) to LTM Adjusted EBITDA1 Amounts in millions USD Last Twelve Months Ended Bausch Health Companies Inc. Bausch Health (excl. B+L) Bausch + Lomb Dec-23 Dec-24 Dec-25 Sep-26 Dec-23 Dec-24 Dec-25 Sep-26 Dec-23 Dec-24 Dec-25 Sep-26 Revenue $8,757 $9,625 $10,266 $11,113 $4,611 $4,834 $5,165 $5,695 $4,146 $4,791 $5,101 $5,418 Net (Loss) Income ($611) ($72) $120 ($828) ($362) $233 $472 ($725) ($253) ($305) ($352) ($103) Net Income % of Revenue (7.0%) (0.7%) 1.2% (7.5%) (7.9%) 4.8% 9.1% (12.7%) (6.1%) (6.4%) (6.9%) (1.9%) Interest expense, net 1,302 1,355 1,556 1,550 1,034 971 1,147 1,180 268 384 409 370 Provision for income taxes 221 239 247 475 134 168 212 376 87 71 35 99 Depreciation and amortization 1,264 1,267 1,208 1,150 882 831 787 746 382 436 421 404 EBITDA¹ 2,176 2,789 3,131 2,347 1,688 2,203 2,618 1,577 484 586 513 770 Adjustments: Goodwill impairments 493 - 145 1,571 493 - 145 1,571 - - - - Asset impairments 54 29 8 20 54 24 8 7 - 5 - 13 Restructuring, integration and transformation costs 116 66 142 83 19 10 25 31 97 56 117 52 Acquisition-related costs and adjustments (excluding amortization of intangible assets) 106 101 37 63 56 24 (5) 24 50 77 42 39 (Gain) loss on extinguishment of debt (1) (23) (162) 20 (1) (23) (168) 19 - - 6 1 Share-based compensation 132 150 216 242 58 58 67 69 74 92 149 173 Separation costs and separation-related costs 26 24 7 4 16 12 5 2 10 12 2 2 Other adjustments: Litigation and other matters, net of insurance recoveries and restitutions (53) 220 61 47 (53) 215 51 25 - 5 10 22 Gain on sale of assets, net (3) (10) (6) (5) (3) (5) - (2) - (5) (6) (3) Other 64 79 85 30 29 35 52 10 35 44 33 20 Adjusted EBITDA¹ $3,110 $3,425 $3,664 $4,422 $2,356 $2,553 $2,798 $3,333 $750 $872 $866 $1,089 Adjusted EBITDA Margin1 35.5% 35.6% 35.7% 39.8% 51.1% 52.8% 54.2% 58.5% 18.1% 18.2% 17.0% 20.1%
Slide 34 — Reconciliation of LTM Cash Provided by Operating Activities to
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 34 Consolidated Reconciliation of LTM Cash Provided by Operating Activities to LTM Adjusted Cash Flows From Operations1,2 Amounts in millions USD 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and non-GAAP Appendix for further information on non-GAAP measures and ratios, including a reconciliation of this and other non-GAAP measures and ratios to the most directly comparable GAAP measure. 2. Amounts may not sum due to rounding. 3. Payments of legacy legal settlements, net of insurance recoveries and restitutions. Dec-23 Dec-24 Dec-25 Sep-26 Bausch Health Companies Inc. Bausch +Lomb Bausch Health (excl. B+L) Bausch Health Companies Inc. Bausch +Lomb Bausch Health (excl. B+L) Bausch Health Companies Inc. Bausch +Lomb Bausch Health (excl. B+L) Bausch Health Companies Inc. Bausch +Lomb Bausch Health (excl. B+L) Cash provided by operating activities $1,031 ($17) $1,051 $1,597 $232 $1,364 $1,400 $283 $1,118 $2,209 $554 $1,656 Net cash impact of legacy legal settlements3 (79) - (79) 224 - 225 195 - 195 176 5 172 Payments of transformation costs 68 64 4 34 28 5 59 55 4 40 35 6 Payments of separation costs and separation- related costs 22 9 12 12 3 8 14 10 5 2 2 - Interest payments charged against debt premium (282) - (282) (295) - (295) (276) - (276) (169) - (169) Fees paid in connection with debt refinancing 2 - 2 - - - 102 33 68 26 6 20 Payments of acquired IPR&D - - - 18 18 - 109 31 78 24 17 6 Adjusted cash flows from operations1,2 $762 $56 $708 $1,590 $281 $1,307 $1,603 $412 $1,192 $2,308 $619 $1,691
Slide 35 — Channel Inventory in Select U.S. Businesses (QTD)1
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 1. U.S. pharma inventory data from wholesale drug customers that provide channel data, including Cardinal Health, Cencora, and McKesson. 35 Channel Inventory in Select U.S. Businesses (QTD)1 Months on Hand Business Units As of Jun 30, 2025 As of Sep 30, 2025 Change 3Q25 As of Jun 30, 2026 As of Sep 30, 2026 Change 3Q26 Dermatology 1.09 1.00 (0.09) 0.79 0.91 0.12 Neuroscience 1.17 1.02 (0.15) 0.79 0.49 (0.30) Salix 0.99 0.91 (0.08) 1.00 1.23 0.23
Slide 36 — Channel Inventory in Select U.S. Businesses (YTD)1
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 1. U.S. pharma inventory data from wholesale drug customers that provide channel data, including Cardinal Health, Cencora, and McKesson. 36 Channel Inventory in Select U.S. Businesses (YTD)1 Months on Hand Business Units As of Dec 31, 2024 As of Sep 30, 2025 Change YTD25 As of Dec 31, 2025 As of Sep 30, 2026 Change YTD26 Dermatology 1.08 1.00 (0.08) 1.17 0.91 (0.26) Neuroscience 1.02 1.02 0.00 1.11 0.49 (0.62) Salix 1.09 0.91 (0.18) 1.00 1.23 0.23
Slide 37 — Other Financial Information
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and non-GAAP Appendix for further information on non-GAAP measures and ratios, including a reconciliation of this and other non-GAAP measures and ratios to the most directly comparable GAAP measure. 2. Cash interest paid includes interest payments recorded against debt premiums. 37 Consolidated Other Financial Information Amounts in millions USD Three Months Ended Favorable (Unfavorable) Nine Months Ended Favorable (Unfavorable) September 30, 2026 September 30, 2025 Reported Constant Currency¹ September 30, 2026 September 30, 2025 Reported Constant Currency¹ Cash Interest Paid² $307 $407 25% 25% $1,182 $1,233 4% 4% Net Interest Expense (GAAP) $385 $397 3% 3% $1,162 $1,168 1% 1% Non-cash adjustments: Depreciation $57 $53 (8%) (8%) $167 $153 (9%) (7%) Non-cash share-based Comp $52 $43 (21%) (21%) $158 $132 (20%) (20%) Additional cash items: Contingent Consideration $7 $8 $26 $24 Milestone/License Agreement and Other Intangibles $1 $75 $56 $113 Restructuring and Other $5 $27 $37 $68 Capital Expenditures $66 $91 $252 $305 Adj. Tax Rate¹ 18.4% 15.1% 19.1% 14.5%
Slide 38 — Non-GAAP Adjustments EPS Impact
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and non-GAAP Appendix for further information on non-GAAP measures and ratios, including a reconciliation of this and other non-GAAP measures and ratios to the most directly comparable GAAP measure. 2. Excludes 4,791,000 diluted shares for the nine months ended September 30, 2026. 38 Consolidated Non-GAAP Adjustments EPS Impact Amounts in millions USD, except EPS amounts Three Months Ended Nine Months Ended September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Income (Expense) EPS Impact Income (Expense) EPS Impact Income (Expense) EPS Impact Income (Expense) EPS Impact Net Income (loss) attributable to Bausch Health Companies Inc.² $436 $1.15 $179 $0.48 ($729) ($1.95) $269 $0.72 Non-GAAP adjustments¹ Amortization of intangible assets 227 0.60 253 0.67 693 1.83 765 2.04 Goodwill impairments - - - - 1,426 3.76 - - Asset impairments 4 0.01 1 - 13 0.03 1 - Restructuring, integration and transformation costs 16 0.04 27 0.07 49 0.13 108 0.29 Acquisition-related costs and adjustments (excluding amortization of intangible assets) (1) - (11) (0.03) 21 0.06 (5) (0.01) (Gain) loss on extinguishment of debt, including write down of financing fees - - (2) (0.01) 9 0.02 (128) (0.34) Separation costs and separation-related costs - - (2) (0.01) 2 0.01 5 0.01 Gain on sale of assets, net (2) (0.01) (6) (0.02) (5) (0.01) (6) (0.02) Litigation and other matters, net of insurance recoveries and restitutions 10 0.03 35 0.09 26 0.06 40 0.11 Other 5 0.01 14 0.04 19 0.04 74 0.20 Tax effect of non-GAAP adjustments (7) (0.02) (42) (0.11) (36) (0.09) (80) (0.21) EPS difference between basic and diluted shares - 0.02 0.03 (0.01) Noncontrolling interest portion of the non-GAAP adjustments (15) (0.04) (12) (0.03) (43) (0.11) (54) (0.14) Adjusted Net Income attributable to Bausch Health Companies Inc.¹ $673 $434 $1,445 $989
Slide 39 — Revenue & Segment Profit Summary
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 39 Unconsolidated Revenue & Segment Profit Summary Amounts in millions USD Revenue Segment Profit 3Q26 3Q25 vs. 3Q25 3Q26 3Q25 vs. 3Q25 Salix $831 $716 16% $716 $570 26% International 299 286 5% 99 90 10% Diversified 271 258 5% 195 182 7% Solta Medical 165 140 18% 76 70 9% Total 1,566 1,400 12% 1,086 912 19% Salix (831) (716) 16% (716) (570) 26% Total excl. Salix $735 $684 7% $370 $342 8%
Slide 40 — Reconciliation of Total Long-Term Debt to Net Debt1,2
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 40 Consolidated Reconciliation of Total Long-Term Debt to Net Debt1,2 Amounts in millions USD 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and non-GAAP Appendix for further information on non-GAAP measures and ratios, including a reconciliation of this and other non-GAAP measures and ratios to the most directly comparable GAAP measure. 2. Amounts may not foot due to rounding. Dec-23 Dec-24 Dec-25 Sep-26 Total long-term debt $22,388 $21,616 $20,817 $20,637 Bausch Health (excl. B+L) 17,823 16,830 15,768 15,620 Bausch + Lomb 4,565 4,786 5,049 5,017 (Premiums), discounts and issuance costs ($1,382) ($1,136) ($585) ($469) Bausch Health (excl. B+L) (1,453) (1,191) (642) (517) Bausch + Lomb 71 55 58 48 Unrestricted cash and cash equivalents $947 $1,181 $1,309 $2,485 Bausch Health (excl. B+L) 616 876 926 1,971 Bausch + Lomb 331 305 383 513 Net debt¹ $20,059 $19,299 $18,923 $17,683 Bausch Health (excl. B+L) 15,754 14,763 14,200 13,132 Bausch + Lomb 4,305 4,536 4,724 4,552
Slide 41 — 3Q26 Reconciliation of Reported Operating Income to Adjusted
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and non-GAAP Appendix for further information on non-GAAP measures and ratios, including a reconciliation of this and other non-GAAP measures and ratios to the most directly comparable GAAP measure. 2. Includes the impact of Acquired IPR&D charges of $0 and $81 million for the three months ended September 30, 2026 and 2025, respectively. 41 Consolidated 3Q26 Reconciliation of Reported Operating Income to Adjusted EBITA1 Amounts in millions USD Three Months Ended September 30, 2026 Three Months Ended September 30, 2025 Gross Profit Gross Margin Selling & Advertising G&A R&D Expense Operating Expense Operating income Gross Profit Gross Margin Selling & Advertising G&A R&D Expense Operating Expense Operating income GAAP Operating Income $1,975 67.2% $608 $226 $141 $992 $983 $1,677 62.6% $583 $212 $166 $1,058 $619 Amortization of intangible assets 227 7.7% - - - - 227 253 9.4% - - - - 253 Asset impairments 4 0.1% - - - - 4 1 0.0% - - - - 1 Restructuring, integration and transformation costs - 0.0% - (6) - (16) 16 - 0.0% - (10) - (27) 27 Acquisition-related costs and adjustments (excluding amortization of intangible assets) - 0.0% - - - 1 (1) 19 0.7% - - - 30 (11) Gain on sale of assets, net - 0.0% - - - 2 (2) - 0.0% - - - 6 (6) Litigation and other matters, net of insurance recoveries and restitutions - 0.0% - - - (10) 10 - 0.0% - - - (35) 35 Other - 0.0% - (5) - (5) 5 - 0.0% - (10) - (10) 10 Adjusted EBITA¹˒² $2,206 75.0% $608 $215 $141 $964 $1,242 $1,950 72.7% $583 $194 $166 $1,024 $926
Slide 42 — YTD Reconciliation of Reported Operating Income to Adjusted
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and non-GAAP Appendix for further information on non-GAAP measures and ratios, including a reconciliation of this and other non-GAAP measures and ratios to the most directly comparable GAAP measure. 2. Includes the impact of Acquired IPR&D charges of $16 million and $110 million for the nine months ended September 30, 2026 and 2025, respectively. 42 Consolidated YTD Reconciliation of Reported Operating Income to Adjusted EBITA1 Amounts in millions USD Nine Months Ended September 30, 2026 Nine Months Ended September 30, 2025 Gross Profit Gross Margin Selling & Advertising G&A R&D Expense Operating Expense Operating income Gross Profit Gross Margin Selling & Advertising G&A R&D Expense Operating Expense Operating income GAAP Operating Income $5,366 64.5% $1,869 $733 $477 $4,593 $773 $4,489 60.1% $1,808 $748 $468 $3,150 $1,339 Amortization of intangible assets 693 8.3% - - - - 693 765 10.2% - - - - 765 Goodwill impairments - 0.0% - - - (1,426) 1,426 - 0.0% - - - - - Asset impairments 13 0.2% - - - - 13 1 0.0% - - - - 1 Restructuring, integration and transformation costs - 0.0% - (17) - (49) 49 - 0.0% - (59) - (108) 108 Acquisition-related costs and adjustments (excluding amortization of intangible assets) 3 0.0% - - - (18) 21 62 0.8% - - - 67 (5) Separation costs and separation-related costs - 0.0% - (2) - (2) 2 - 0.0% - (5) - (5) 5 Gain on sale of assets, net - 0.0% - - - 5 (5) - 0.0% - - - 6 (6) Litigation and other matters, net of insurance recoveries and restitutions - 0.0% - - - (26) 26 - 0.0% - - - (40) 40 Other - 0.0% - (13) - (14) 14 - 0.0% - (36) - (36) 36 Adjusted EBITA¹˒² $6,075 73.0% $1,869 $701 $477 $3,063 $3,012 $5,317 71.2% $1,808 $648 $468 $3,034 $2,283
Slide 43 — Reconciliation of Reported Net Income (Loss) to EBITDA1 and
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and non-GAAP Appendix for further information on non-GAAP measures and ratios, including a reconciliation of this and other non-GAAP measures and ratios to the most directly comparable GAAP measure. 2. Includes the impact of Acquired IPR&D charges of $0 and $81 million for the three months ended September 30, 2026 and 2025, respectively and $16 million and $110 million for the nine months ended September 30, 2026 and 2025, respectively. 3. Includes the impact of Acquired IPR&D charges net of noncontrolling interest (non-GAAP) of $0 and $81 million for the three months ended September 30, 2026 and 2025, respectively and $14 million and $106 million for the nine months ended September 30, 2026 and 2025, respectively. 43 Consolidated Reconciliation of Reported Net Income (Loss) to EBITDA1 and Adjusted EBITDA1 Amounts in millions USD Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net Income (loss) $446 $181 ($725) $223 Interest expense, net 385 397 1,162 1,168 Provision for income taxes 151 37 316 88 Depreciation and amortization 284 306 860 918 EBITDA¹ 1,266 921 1,613 2,397 Adjustments: Goodwill impairments - - 1,426 - Asset impairments 4 1 13 1 Restructuring, integration and transformation costs 16 27 49 108 Acquisition-related costs and adjustments (excluding amortization of intangible assets) (1) (11) 21 (5) (Gain) loss on extinguishment of debt - (3) 1 (181) Share-based compensation 52 43 158 132 Separation costs and separation-related costs - (2) 2 5 Other adjustments: Litigation and other matters, net of insurance recoveries and restitutions 10 35 26 40 Gain on sale of assets, net (2) (6) (5) (6) Other 5 14 19 74 Adjusted EBITDA¹˒² 1,350 1,019 3,323 2,565 Adjusted EBITDA attributable to noncontrolling interest¹ (45) (33) (106) (76) Adjusted EBITDA attributable to Bausch Health Companies Inc. ¹˒³ $1,305 $986 $3,217 $2,489 Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net (Income) loss attributable to noncontrolling interest ($10) ($2) ($4) $46 Noncontrolling interest portion of adjustments for: Interest expense, net (12) (13) (35) (41) Depreciation and amortization (13) (13) (39) (39) All other adjustments (10) (5) (28) (42) Adjusted EBITDA attributable to noncontrolling interest¹ ($45) ($33) ($106) ($76)
Slide 44 — 3Q26 Reconciliation of Reported Segment Profit to Adjusted
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and non-GAAP Appendix for further information on non-GAAP measures and ratios, including a reconciliation of this and other non-GAAP measures and ratios to the most directly comparable GAAP measure. 2. Includes the impact of Acquired IPR&D charges of $0 and $81 million for the three months ended September 30, 2026 and 2025, respectively. 3. Includes the impact of Acquired IPR&D charges net of noncontrolling interest (non-GAAP) of $0 and $81 million for the three months ended September 30, 2026 and 2025, respectively. 44 Consolidated 3Q26 Reconciliation of Reported Segment Profit to Adjusted EBITDA1 Amounts in millions USD Three Months Ended September 30, 2026 Three Months Ended September 30, 2025 Revenue Segment Profit Segment Profit Margin Revenue Segment Profit Segment Profit Margin Salix $831 $716 86% $716 $570 80% International 299 99 33% 286 90 31% Solta Medical 165 76 46% 140 70 50% Diversified 271 195 72% 258 182 71% Total Bausch Health (excl. B+L) 1,566 1,086 69% 1,400 912 65% Bausch + Lomb 1,375 410 30% 1,281 301 23% Total $2,941 1,496 51% $2,681 1,213 45% Corporate (265) (243) Adjustments: Fair value inventory step-up resulting from acquisitions - 19 IT infrastructure investment 4 5 Legal and other professional fees 1 5 Separation-related costs - (2) Transformation costs 6 10 Other expense, net - (81) Adjusted EBITA1,2 $1,242 $926 Depreciation 57 53 Share-based compensation 52 43 Foreign exchange and other (1) (3) Adjusted EBITDA attributable to noncontrolling interest¹ (45) (33) Adjusted EBITDA attributable to Bausch Health1,3 $1,305 $986
Slide 45 — YTD Segment Profit Reconciliation to Adjusted EBITDA1
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and non-GAAP Appendix for further information on non-GAAP measures and ratios, including a reconciliation of this and other non-GAAP measures and ratios to the most directly comparable GAAP measure. 2. Includes the impact of Acquired IPR&D charges of $16 million and $110 million for the nine months ended September 30, 2026 and 2025, respectively. 3. Includes the impact of Acquired IPR&D charges net of noncontrolling interest (non-GAAP) of $14 million and $106 million for the nine months ended September 30, 2026 and 2025, respectively. 45 Consolidated YTD Segment Profit Reconciliation to Adjusted EBITDA1 Amounts in millions USD Nine Months Ended September 30, 2026 Nine Months Ended September 30, 2025 Revenue Segment Profit Segment Profit Margin Revenue Segment Profit Segment Profit Margin Salix $2,228 $1,789 80% $1,885 $1,396 74% International 889 277 31% 826 253 31% Solta Medical 512 242 47% 381 177 46% Diversified 675 449 67% 682 448 66% Total Bausch Health (excl. B+L) 4,304 2,757 64% 3,774 2,274 60% Bausch + Lomb 4,013 1,022 25% 3,696 729 20% Total $8,317 3,779 45% $7,470 3,003 40% Corporate (786) (772) Adjustments: Fair value inventory step-up resulting from acquisitions 3 62 IT infrastructure investment 13 17 Legal and other professional fees - 19 Separation-related costs 2 5 Transformation costs 17 59 Other expense, net (16) (110) Adjusted EBITA1,2 $3,012 $2,283 Depreciation 167 153 Share-based compensation 158 132 Foreign exchange and other (14) (3) Adjusted EBITDA attributable to noncontrolling interest¹ (106) (76) Adjusted EBITDA attributable to Bausch Health1,3 $3,217 $2,489
Slide 46 — 3Q26 Reconciliation of Reported Revenue to Organic Revenue1
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 46 Consolidated 3Q26 Reconciliation of Reported Revenue to Organic Revenue1 and Change in Organic Revenue1 Amounts in millions USD 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and non-GAAP Appendix for further information on non-GAAP measures and ratios, including a reconciliation of this and other non-GAAP measures and ratios to the most directly comparable GAAP measure. 2. The impact of changes in foreign currency exchange rates is determined as the difference in the current period reported revenues at their current period currency exchange rates and the current period reported revenues revalued using the monthly average currency exchange rates during the comparable prior period. Three Months Ended Change in Reported Revenue Change in Organic Revenue¹ September 30, 2026 September 30, 2025 Reported Revenue Changes in Exchange Rates² Acquisitions Organic Revenue¹ Reported Revenue Divestitures and Discontinuations Organic Revenue¹ Amount Pct. Amount Pct. Salix $831 - - $831 $716 $13 $729 $115 16% $102 14% International 299 (4) - 295 286 (1) 285 13 5% $10 4% Solta Medical 165 (2) (29) 134 140 - 140 25 18% ($6) (4%) Diversified 271 - - 271 258 1 259 13 5% $12 5% Neuroscience 146 - - 146 146 (1) 145 - - 1 1% Dermatology 86 - - 86 74 (7) 67 12 16% 19 28% Generics 18 - - 18 16 9 25 2 13% (7) (28%) Dentistry 21 - - 21 22 - 22 (1) (5%) (1) (5%) Bausch Health (excl. B+L) 1,566 (6) (29) 1,531 1,400 13 1,413 166 12% 118 8% Total Bausch + Lomb 1,375 6 (8) 1,373 1,281 (2) 1,279 94 7% 94 7% Vision Care 774 5 (6) 773 736 (2) 734 38 5% 39 5% Surgical 234 1 (2) 233 215 - 215 19 9% 18 8% Pharmaceuticals 367 - - 367 330 - 330 37 11% 37 11% Total Bausch Health Companies Inc. $2,941 - ($37) $2,904 $2,681 $11 $2,692 $260 10% $212 8%
Slide 47 — YTD Reconciliation of Reported Revenue to Organic Revenue1
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 47 Consolidated YTD Reconciliation of Reported Revenue to Organic Revenue1 and Change in Organic Revenue1 Amounts in millions USD 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and non-GAAP Appendix for further information on non-GAAP measures and ratios, including a reconciliation of this and other non-GAAP measures and ratios to the most directly comparable GAAP measure. 2. The impact of changes in foreign currency exchange rates is determined as the difference in the current period reported revenues at their current period currency exchange rates and the current period reported revenues revalued using the monthly average currency exchange rates during the comparable prior period. Nine Months Ended Change in Reported Revenue Change in Organic Revenue¹ September 30, 2026 September 30, 2025 Reported Revenue Changes in Exchange Rates² Acquisitions Organic Revenue¹ Reported Revenue Divestitures and Discontinuations Organic Revenue¹ Amount Pct. Amount Pct. Salix $2,228 - - $2,228 $1,885 $12 $1,897 $343 18% $331 17% International 889 (41) - 848 826 (2) 824 63 8% $24 3% Solta Medical 512 (7) (93) 412 381 - 381 131 34% $31 8% Diversified 675 - - 675 682 - 682 (7) (1%) ($7) (1%) Neuroscience 397 - - 397 382 (1) 381 15 4% 16 4% Dermatology 166 - - 166 175 (7) 168 (9) (5%) (2) (1%) Generics 50 - - 50 55 8 63 (5) (9%) (13) (21%) Dentistry 62 - - 62 70 - 70 (8) (11%) (8) (11%) Bausch Health (excl. B+L) 4,304 (48) (93) 4,163 3,774 10 3,784 530 14% 379 10% Total Bausch + Lomb 4,013 (48) (12) 3,953 3,696 (10) 3,686 317 9% 267 7% Vision Care 2,269 (24) (6) 2,239 2,145 (9) 2,136 124 6% 103 5% Surgical 718 (17) (6) 695 645 - 645 73 11% 50 8% Pharmaceuticals 1,026 (7) - 1,019 906 (1) 905 120 13% 114 13% Total Bausch Health Companies Inc. $8,317 ($96) ($105) $8,116 $7,470 - $7,470 $847 11% $646 9%
Slide 48 — 3Q26 & YTD Reconciliation of Reported Cash Provided by
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 48 Consolidated 3Q26 & YTD Reconciliation of Reported Cash Provided by Operating Activities to Adjusted Cash Flows from Operations1 and Adjusted Free Cash Flows1 Amounts in millions USD 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and non-GAAP Appendix for further information on non-GAAP measures and ratios, including a reconciliation of this and other non-GAAP measures and ratios to the most directly comparable GAAP measure. 2. Payments of legacy legal settlements, net of insurance recoveries and restitutions. 3. Amounts may not cross foot due to rounding. Three Months Ended September 30, 2026 Nine Months Ended September 30, 2026 Bausch Health Companies Inc. Bausch + Lomb Bausch Health (excl. B+L)³ Bausch Health Companies Inc. Bausch + Lomb Bausch Health (excl. B+L)³ Cash provided by operating activities $813 $233 $581 $1,714 $418 $1,296 Net cash impact of legacy legal settlements2 - - - 167 5 163 Payments of transformation costs 12 11 1 26 21 4 Interest payments charged against debt premium (44) - (44) (144) - (144) Fees paid in connection with debt refinancing - - - 13 6 7 Payments of acquired IPR&D 1 - 1 17 15 2 Adjusted cash flows from operations1,3 782 244 539 1,793 465 1,328 Purchases of property, plant and equipment (66) (55) (11) (252) (226) (26) Adjusted Free Cash Flows1,3 $716 $189 $528 $1,541 $239 $1,302
Slide 49 — Reconciliation of LTM Net (Loss) Income to LTM Adjusted
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 49 Consolidated Reconciliation of LTM Net (Loss) Income to LTM Adjusted EBITDA1 Amounts in millions USD 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and non-GAAP Appendix for further information on non-GAAP measures and ratios, including a reconciliation of this and other non-GAAP measures and ratios to the most directly comparable GAAP measure. 2. Includes the impact of Acquired IPR&D charges of $20 million, and $114 million for the last twelve months ended September 30, 2026 and December 31, 2025 respectively. 3. Includes the impact of Acquired IPR&D charges net of noncontrolling interest (non-GAAP) of $18 million and $110 million for the last twelve months ended September 30, 2026 and December 31, 2025 respectively. Last Twelve Months Ended Sep-26 Dec-25 Net (Loss) Income ($828) $120 Interest expense, net 1,550 1,556 Provision for income taxes 475 247 Depreciation and amortization 1,150 1,208 EBITDA¹ 2,347 3,131 Adjustments: Goodwill impairments 1,571 145 Asset impairments 20 8 Restructuring, integration and transformation costs 83 142 Acquisition-related costs and adjustments (excluding amortization of intangible assets) 63 37 Loss (gain) on extinguishment of debt 20 (162) Share-based compensation 242 216 Separation costs and separation-related costs 4 7 Other adjustments: Litigation and other matters, net of insurance recoveries and restitutions 47 61 Gain on sale of assets, net (5) (6) Other 30 85 Adjusted EBITDA¹˒² 4,422 3,664 Adjusted EBITDA attributable to noncontrolling interest¹ (153) (123) Adjusted EBITDA attributable to Bausch Health Companies Inc.¹˒³ $4,269 $3,541
Slide 50 — 3Q26 Reconciliation of Reported Net Income (Loss) to Adjusted
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 50 Consolidated 3Q26 Reconciliation of Reported Net Income (Loss) to Adjusted EBITDA1 Amounts in millions USD 1. This is a non-GAAP measure. See Slide 2 and non-GAAP Appendix for further information on this and other non-GAAP measures and ratios, including a reconciliation of this and other non-GAAP measures and ratios to the most directly comparable GAAP measure. 2. Adjusted EBITDA (non-GAAP) above includes Adjusted EBITDA attributable to noncontrolling interests. For Bausch Health Companies Inc., this amounted to $45 million and $33 million for the three months ended September 30, 2026, and 2025, respectively, which includes $3 million related to B+L in each period. Three Months Ended September 30, 2026 Three Months Ended September 30, 2025 Bausch Health Companies Inc. Bausch + Lomb Bausch Health (excl. B+L) Bausch Health Companies Inc. Bausch + Lomb Bausch Health (excl. B+L) Net Income (loss) $446 $35 $411 $181 ($25) $206 Interest expense, net 385 93 292 397 98 299 Provision for income taxes 151 23 128 37 22 15 Depreciation and amortization 284 102 182 306 109 197 EBITDA¹ 1,266 253 1,013 921 204 717 Adjustments: Asset impairments 4 4 - 1 - 1 Restructuring, integration and transformation costs 16 12 4 27 20 7 Acquisition-related costs and adjustments (excluding amortization of intangible assets) (1) 9 (10) (11) (2) (9) Gain on extinguishment of debt - - - (3) (3) - Share-based compensation 52 37 15 43 27 16 Separation costs and separation-related costs - - - (2) (2) - Other adjustments: Litigation and other matters, net of insurance recoveries and restitutions 10 8 2 35 1 34 Gain on sale of assets, net (2) - (2) (6) (6) - Other 5 5 - 14 7 7 Adjusted EBITDA¹˒² $1,350 $328 $1,022 $1,019 $246 $773 Acquired IPR&D - - - $81 - $81
Slide 51 — YTD Reconciliation of Reported Net (Loss) Income
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 1. This is a non-GAAP measure. See Slide 2 and non-GAAP Appendix for further information on this and other non-GAAP measures and ratios, including a reconciliation of this and other non-GAAP measures and ratios to the most directly comparable GAAP measure. 2. Adjusted EBITDA (non-GAAP) above includes Adjusted EBITDA attributable to noncontrolling interests. For Bausch Health Companies Inc., this amounted to $106 million and $76 million for the nine months ended September 30, 2026, and 2025, respectively, which includes $8 million related to B+L in each period 51 Consolidated YTD Reconciliation of Reported Net (Loss) Income to Adjusted EBITDA1 Amounts in millions USD Nine Months Ended September 30, 2026 Nine Months Ended September 30, 2025 Bausch Health Companies Inc. Bausch + Lomb Bausch Health (excl. B+L) Bausch Health Companies Inc. Bausch + Lomb Bausch Health (excl. B+L) Net (Loss) Income ($725) ($45) ($680) $223 ($294) $517 Interest expense, net 1,162 275 887 1,168 314 854 Provision for (benefit from) income taxes 316 28 288 88 (36) 124 Depreciation and amortization 860 305 555 918 322 596 EBITDA¹ 1,613 563 1,050 2,397 306 2,091 Adjustments: Goodwill impairments 1,426 - 1,426 - - - Asset impairments 13 13 - 1 - 1 Restructuring, integration and transformation costs 49 31 18 108 96 12 Acquisition-related costs and adjustments (excluding amortization of intangible assets) 21 14 7 (5) 17 (22) Loss (Gain) on extinguishment of debt 1 1 - (181) 6 (187) Share-based compensation 158 109 49 132 85 47 Separation costs and separation-related costs 2 1 1 5 1 4 Other adjustments: Litigation and other matters, net of insurance recoveries and restitutions 26 20 6 40 8 32 Gain on sale of assets, net (5) (3) (2) (6) (6) - Other 19 14 5 74 27 47 Adjusted EBITDA¹˒² $3,323 $763 $2,560 $2,565 $540 $2,025 Acquired IPR&D $16 $16 - $110 $29 $81
Slide 52 — Non-GAAP Appendix
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 52 Non-GAAP Appendix Description of Non-GAAP Financial Measures To supplement the financial measures prepared in accordance with U.S. GAAP, the Company uses certain non-GAAP financial measures and non-GAAP ratios. These measures and ratios do not have any standardized meaning under GAAP and other companies may use similarly titled non-GAAP financial measures and ratios that are calculated differently from the way we calculate such measures and ratios. Accordingly, our non-GAAP financial measures and ratios may not be comparable to such similarly titled non-GAAP financial measures and ratios used by other companies. We caution investors not to place undue reliance on such non-GAAP measures, but instead to consider them with the most directly comparable GAAP measures and ratios. Non-GAAP financial measures and ratios have limitations as analytical tools and should not be considered in isolation. They should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. EBITDA, Adjusted EBITDA and Adjusted EBITDA Attributable to Bausch Health EBITDA (non-GAAP) is Net income (loss) (its most directly comparable GAAP financial measure) adjusted for interest expense, net, (Benefit from) provision for income taxes, depreciation and amortization. Adjusted EBITDA (non-GAAP) is Net income (loss) (its most directly comparable GAAP financial measure) adjusted for interest expense, net, (Benefit from) provision for income taxes, depreciation and amortization and certain other items described below. Adjusted EBITDA Attributable to Bausch Health (non-GAAP) is Adjusted EBITDA (non-GAAP) further adjusted to exclude the Adjusted EBITDA Attributable to noncontrolling interest (non-GAAP) as defined below. Management believes that Adjusted EBITDA (non-GAAP) and Adjusted EBITDA Attributable to Bausch Health (non-GAAP), along with the GAAP measures used by management, most appropriately reflect how the Company measures the business internally and sets operational goals and incentives. In particular, the Company believes that these metrics focus management on the Company's underlying operational results and business performance. As a result, the Company uses these metrics to assess the financial performance of the Company and to forecast future results as part of its guidance. Management believes these metrics are a useful measure to evaluate current performance. These metrics are intended to show our unleveraged, pre-tax operating results and therefore reflects our financial performance based on operational factors. In addition, cash bonuses for the Company's executive officers and other key employees are based, in part, on the achievement of certain Adjusted EBITDA (non-GAAP) targets. Adjusted EBITDA (non-GAAP) is Net income (loss) (its most directly comparable GAAP financial measure) adjusted for interest, income taxes, depreciation and amortization and the following items: • Restructuring, integration and transformation costs: The Company has incurred restructuring costs as it implemented certain strategies, which involved, among other things, improvements to its infrastructure and operations, internal reorganizations and impacts from the divestiture of assets and businesses. With regard to infrastructure and operational improvements which the Company has taken to improve efficiencies in the businesses and facilities, these tend to be costs intended to right size the business or organization that fluctuate significantly between periods in amount, size and timing, depending on the improvement project, reorganization or transaction. Additionally, the Company has launched certain transformation initiatives that will result in certain changes to and investment in its organizational structure and operations. These transformation initiatives arise outside of the ordinary course of continuing operations and, as is the case with the Company’s restructuring efforts, costs associated with these transformation initiatives are expected to fluctuate between periods in amount, size, and timing. These out-of-the-ordinary-course charges include third-party advisory costs, as well as certain severance-related costs. Investors should understand that the outcome of these transformation initiatives may result in future restructuring actions and certain of these charges could recur. The Company believes that the adjustments of these items provide supplemental information with regard to the sustainability of the Company's operating performance, allow for a comparison of the financial results to historical operations and forward-looking guidance and, as a result, provide useful supplemental information to investors. • Asset impairments: The Company has excluded the impact of impairments of finite-lived and indefinite-lived intangible assets, as well as impairments of assets held for sale, as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions and divestitures. The Company believes that the adjustments of these items correlate with the sustainability of the Company’s operating performance. Although the Company excludes impairments of intangible assets and assets held for sale from measuring the performance of the Company and the business, the Company believes that it is important for investors to understand that intangible assets contribute to revenue generation. • Goodwill impairments: The Company excludes the impact of goodwill impairments. When the Company has made acquisitions where the consideration paid was in excess of the fair value of the net assets acquired, the remaining purchase price is recorded as goodwill. For assets that we developed ourselves, no goodwill is recorded. Goodwill is not amortized but is tested for impairment. The amount of goodwill impairment is measured as the excess of a reporting unit’s carrying value over its fair value. Management excludes these charges in measuring the performance of the Company and the business. • Share-based compensation: The Company has excluded costs relating to share-based compensation. The Company believes that the exclusion of share-based compensation expense assists investors in the comparisons of operating results to peer companies. Share-based compensation expense can vary significantly based on the timing, size and nature of awards granted. • Acquisition-related costs and adjustments (excluding amortization of intangible assets): The Company has excluded the impact of acquisition-related costs and fair value inventory step-up resulting from acquisitions as the amounts and frequency of such costs and adjustments are not consistent and are significantly impacted by the timing and size of its acquisitions. In addition, the Company excludes acquisition-related contingent consideration non-cash adjustments due to the inherent uncertainty and volatility associated with such amounts based on changes in assumptions with respect to fair value estimates, and the amount and frequency of such adjustments are not consistent and are significantly impacted by the timing and size of the Company's acquisitions, as well as the nature of the agreed-upon consideration. • Gain (loss) on extinguishment of debt: The Company has excluded gain (loss) on extinguishment of debt as this represents a gain or loss from refinancing our existing debt and is not a reflection of our operations for the period. Further, the amount and frequency of such amounts are not consistent and are significantly impacted by the timing and size of debt financing transactions and other factors in the debt market out of management’s control.
Slide 53 — Non-GAAP Appendix
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 53 Non-GAAP Appendix • Separation costs and separation-related costs: The Company has excluded certain costs incurred in connection with activities regarding the separation of the eye-health business. Separation costs are incremental costs directly related to effectuating the separation of the eye-health business and include, but are not limited to, legal, audit and advisory fees. Separation-related costs are incremental costs indirectly related to the separation of the eye-health business and include, but are not limited to rebranding costs and costs associated with facility relocation and/or modification. As these costs arise from events outside of the ordinary course of continuing operations, the Company believes that the adjustments of these items provide supplemental information with regard to the sustainability of the Company’s operating performance, allow for a comparison of the financial results to historical operations and forward-looking guidance and, as a result, provide useful supplemental information to investors. • Other adjustments: The Company has excluded certain other amounts, including legal and other professional fees incurred in connection with legal and governmental proceedings, investigations and information requests regarding certain of our legacy distribution, marketing, pricing, disclosure and accounting practices, litigation and other matters, and net (gain) loss on sale of assets or other disposition of assets. Given the unique nature of the matters relating to these costs, the Company believes these items are not normal operating expenses. For example, legal settlements and judgments vary significantly, in their nature, size and frequency, and, due to this volatility, the Company believes the costs associated with legal settlements and judgments are not normal operating expenses. In addition, as opposed to more ordinary course matters, the Company considers that each of the recent proceedings, investigations and information requests, given their nature and frequency, are outside of the ordinary course and relate to unique circumstances. The Company has also excluded IT infrastructure investments that are the result of other, non- comparable events to measure operating performance. These events arise outside of the ordinary course of continuing operations. The Company has also excluded certain other costs, including professional fees associated with contemplated, but not completed, strategic transactions. The Company excluded these costs as the consideration of such matters are outside of the ordinary course of continuing operations and are infrequent in nature. The Company believes that the exclusion of such out-of-the-ordinary-course amounts provides supplemental information to assist in the comparison of the financial results of the Company from period to period and, therefore, provides useful supplemental information to investors. However, investors should understand that many of these costs could recur and that companies in our industry often face litigation. Adjusted EBITDA Attributable to Bausch Health (non-GAAP) is Adjusted EBITDA (non-GAAP) further adjusted to exclude the Adjusted EBITDA Attributable to noncontrolling interest (non-GAAP). Adjusted EBITDA Attributable to noncontrolling interest (non-GAAP) is Net income Attributable to noncontrolling interest (its most directly comparable GAAP financial measure) adjusted for the portion of the adjustments described above Attributable to noncontrolling interest. Adjusted Net Income and Adjusted Net Income Attributable to Bausch Health Adjusted net income (non-GAAP) is Net income (its most directly comparable GAAP financial measure), adjusted for asset impairments, goodwill impairments, restructuring, integration and transformation costs, acquisition-related costs and adjustments (excluding amortization of intangible assets), gain (loss) on extinguishment of debt, separation costs and separation-related costs and other non-GAAP adjustments as these adjustments are described above, and amortization of intangible assets and write down of financing fees, as described below: • Amortization of intangible assets: The Company has excluded the impact of amortization of intangible assets, as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions. The Company believes that the adjustments of these items correlate with the sustainability of the Company's operating performance. Although the Company excludes the amortization of intangible assets from its non-GAAP expenses, the Company believes that it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in the amortization of additional intangible assets. • Write down of financing fees: In addition to excluding gain (loss) on extinguishment of debt, the Company has excluded the impact of the write down of financing fees from Adjusted net income (non-GAAP). The amount and frequency of such amounts are not consistent and are significantly impacted by the timing and size of debt financing transactions and other factors in the debt market out of management’s control. In addition, the Company excluded these costs as they are outside of the ordinary course of continuing operations and are infrequent in nature. The Company believes that the exclusion of such out-of-the-ordinary-course amounts provides supplemental information to assist in the comparison of the financial results of the Company from period to period and, therefore, provides useful supplemental information to investors. Adjusted net income Attributable to Bausch Health (non-GAAP) is Adjusted net income (non-GAAP) further adjusted to exclude the Adjusted net income Attributable to noncontrolling interest (non-GAAP). Adjusted net income Attributable to noncontrolling interest (non-GAAP) is Net income Attributable to noncontrolling interest (its most directly comparable GAAP financial measure) adjusted for the portion of the adjustments described above Attributable to noncontrolling interest.
Slide 54 — Non-GAAP Appendix
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 54 Non-GAAP Appendix Historically, management has used Adjusted net income (loss) (non-GAAP) for strategic decision making, forecasting future results and evaluating current performance. This non-GAAP measure excludes the impact of certain items (as described above) that may obscure trends in the Company's underlying performance. By disclosing this non-GAAP measure, it is management's intention to provide investors with a meaningful, supplemental comparison of the Company's operating results and trends for the periods presented. Management believes that this measure is also useful to investors as such measure allows investors to evaluate the Company's performance using the same tools that management uses to evaluate past performance and prospects for future performance. Accordingly, the Company believes that Adjusted net income (non- GAAP) is useful to investors in their assessment of the Company's operating performance. It is also noted that, in recent periods, our GAAP Net income (loss) was significantly lower than our Adjusted net income (non-GAAP). Organic Revenue and Organic Growth/Change Organic revenue and Change in organic revenue (non-GAAP), are defined as GAAP Revenue and change in GAAP Revenue (the most directly comparable GAAP financial measures), adjusted for changes in foreign currency exchange rates (if applicable) and excluding the impact of recent acquisitions, divestitures and discontinuations, as defined below. Organic revenue (non-GAAP) is impacted by changes in product volumes and price. The price component is made up of two key drivers: (i) changes in product gross selling price and (ii) changes in sales deductions. The Company uses organic revenue (non-GAAP) and change in organic revenue (non-GAAP) to assess performance of its reportable segments and the Company in total. The Company believes that providing these non-GAAP measures is useful to investors as they provide a supplemental period-to-period comparison. The adjustments to GAAP Revenue to determine Organic Revenue (non-GAAP) and Change in Organic Revenue (non-GAAP) are as follows: • Foreign currency exchange rates: Although changes in foreign currency exchange rates are part of our business, they are not within management's control. Changes in foreign currency exchange rates, however, can mask positive or negative trends in the business. The impact of changes in foreign currency exchange rates is determined as the difference in the current period reported revenues at their current period currency exchange rates and the current period reported revenues revalued using the monthly average currency exchange rates during the comparable prior period. • Acquisitions, divestitures and discontinuations: In order to present period-over-period organic revenue (non-GAAP) growth/change on a comparable basis, revenues associated with acquisitions, divestitures and discontinuations are adjusted to include only revenues from those businesses and assets owned during both periods. Accordingly, organic revenue and change in organic revenue exclude from the current period, revenues attributable to each acquisition for twelve months subsequent to the day of acquisition, as there are no revenues from those businesses and assets included in the comparable prior period. Organic revenue and change in organic revenue exclude from the prior period, all revenues attributable to each divestiture and discontinuance during the twelve months prior to the day of divestiture or discontinuance, as there are no revenues from those businesses and assets included in the comparable current period. Adjusted EBITA and Adjusted EBITA Margin Adjusted EBITA represents Operating income (loss) (its most directly comparable GAAP financial measure) adjusted to exclude amortization, fair value adjustments to inventory in connection with business combinations and integration related inventory charges and technology transfer costs, restructuring and integration costs, asset impairments, goodwill impairments, acquisition related costs, separation costs, separation-related costs and certain other non-GAAP charges as discussed under “Other non-GAAP charges” above. Adjusted EBITA Margin (non-GAAP) is Adjusted EBITA (non-GAAP) divided by Revenues. The most directly comparable GAAP financial measure is operating income margin, which is Operating income (loss) divided by Revenues. On a segment basis, Adjusted EBITA represents Segment profit (its most directly comparable GAAP financial measure) adjusted to exclude the items above, as applicable. Management believes that Adjusted EBITA (non-GAAP) and Adjusted EBITA Margin (non-GAAP), along with the GAAP measures used by management, appropriately reflect how the Company measures the business internally and sets operational goals for each of its businesses. In particular, the Company believes that Adjusted EBITA (non-GAAP) and Adjusted EBITA Margin (non-GAAP) focuses management on the Company’s underlying operational results and segment performance. As a result, the Company uses Adjusted EBITA (non-GAAP) and Adjusted EBITA Margin (non- GAAP) to assess the actual financial performance of each segment and to forecast future results as part of its guidance. The Company believes that Adjusted EBITA (non-GAAP) and Adjusted EBITA Margin (non-GAAP) are useful to investors as they provide consistency and comparability with our past financial performance and facilitates period-to-period comparisons of the Company’s profitability and the profitability of our segments as they eliminate the effects of certain cash and non-cash charges, which given their nature and frequency, are outside the ordinary course and relate to unique circumstances. Constant Currency Changes in the relative values of non-U.S. currencies to the U.S. dollar may affect the Company’s financial results and financial position. To assist investors in evaluating the Company’s performance, we have adjusted for the effects of changes in foreign currencies. The impact of changes in foreign currency exchange rates is determined by comparing the current period reported revenues at their current period currency exchange rates and the current period reported revenues revalued using the monthly average currency exchange rates during the comparable prior period.
Slide 55 — Non-GAAP Appendix
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 55 Non-GAAP Appendix Adjusted Gross Profit and Adjusted Gross Margin Adjusted gross profit (non-GAAP) represents gross profit (its most directly comparable GAAP financial measure) adjusted for Other revenues, Cost of other revenues, Amortization of intangible assets and fair value adjustments to inventory in connection with business combinations. In accordance with GAAP, Gross profit represents total revenues less Costs of goods sold (excluding amortization of intangible assets) less Cost of other revenues less Amortization of intangible assets. Adjusted gross margin (non-GAAP) (the most directly comparable GAAP financial measure for which is gross margin) represents Adjusted gross profit (non-GAAP) divided by Product revenues. Adjusted gross profit (non-GAAP) and Adjusted gross margin (non-GAAP) are measures used by management to understand and evaluate each segment’s pricing strategy, strength of product portfolio, ability to control product costs and the success of its go-to-market strategies. Adjusted gross profit (non-GAAP) and Adjusted gross margin (non-GAAP) facilitates period-to-period comparisons of each segment’s ability to generate cash flow from sales, as these measures eliminate the effects of amortization of intangible assets and fair value adjustments to inventory in connection with business combinations, which are non-cash charges. The Company believes that Adjusted gross profit (non-GAAP) and Adjusted gross margin (non-GAAP) are useful to investors as they provide consistency and comparability with our past financial performance and facilitate period-to-period comparisons of each segment’s ability to generate incremental cash flow from its revenues as these measures eliminate the effects of amortization of intangible assets and fair value adjustments to inventory in connection with business combinations, which are non-cash charges that can be impacted by, among other things, the timing and magnitude of acquisitions, which given their nature and frequency, are outside the ordinary course and relate to unique circumstances. Adjusted SG&A Expenses and Adjusted G&A Expenses Adjusted SG&A expenses (non-GAAP) represents selling, general and administrative expenses (“SG&A expenses”) (its most directly comparable GAAP financial measure) and Adjusted G&A expenses (non-GAAP) represents general and administrative expenses (“G&A expenses”) (its most directly comparable GAAP financial measure), each adjusted to exclude separation-related costs and certain costs primarily related to legal and other professional fees relating to legal and governmental proceedings, investigations and information requests respecting certain of our distribution, marketing, pricing, disclosure and accounting practices and separation-related costs. See the discussion under “Other non-GAAP charges” above. Management uses Adjusted SG&A expenses (non-GAAP) and Adjusted G&A (non-GAAP), along with GAAP measures, as a supplemental measure for period-to-period comparison to understand and evaluate each segment’s ability to control costs and direct additional cash investments in each business. The Company believes that Adjusted SG&A (non-GAAP) and Adjusted G&A (non-GAAP) are useful to investors as they provide consistency and comparability with our past financial performance and facilitates period-to-period comparisons of our SG&A expenses, G&A expenses and operations, as these measures eliminate the effects of separation-related costs and legal and other professional fees which given their nature and frequency, are outside the ordinary course and relate to unique circumstances. Total Adjusted Operating Expenses Total Adjusted Operating Expenses (non-GAAP) represents operating expenses (its most directly comparable GAAP financial measure) adjusted to exclude restructuring and integration costs, asset impairments, including loss on assets held for sale, goodwill impairments, acquisition related costs and adjustments excluding amortization of intangible assets, separation costs, separation-related costs and certain other non-GAAP charges as discussed under “Other non- GAAP charges” above. Management believes that Total Adjusted Operating Expenses (non-GAAP), along with the GAAP and non-GAAP measures used by management, provide a supplemental measure for period-to-period comparison to understand and evaluate its ability manage and control its costs, assess the actual financial performance of the Company and to forecast future results as part of its guidance. Management believes that Total Adjusted Operating Expenses (non-GAAP) is a useful measure to evaluate current performance amounts. The Company believes that Total Adjusted Operating Expenses (non-GAAP) is useful to investors as it provides consistency and comparability with our past financial performance and facilitates period-to-period comparisons of our operating expenses as Total Adjusted Operating Expenses eliminates the effects of certain cash and non-cash charges, which given their nature and frequency, are outside the ordinary course and relate to unique circumstances which are substantially outside of management’s control.
Slide 56 — Non-GAAP Appendix
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Non-GAAP Appendix Adjusted Tax Rate Adjusted Tax Rate (the most directly comparable financial measure for which is our GAAP tax rate) includes the tax impact of the various non-GAAP adjustments used in calculating our non-GAAP measures. However, due to the differences in the tax treatment of items excluded from non-GAAP earnings, our adjusted tax rate will differ from our GAAP tax rate and from our actual tax liabilities. Adjusted Cash Flows from Operations and Adjusted Free Cash Flows Adjusted cash flows from operations (non-GAAP) is Cash provided by operating activities (its most directly comparable GAAP financial measure) adjusted for: (i) payments of legacy legal settlements, net of insurance recoveries and restitutions, (ii) payments of business transformation costs, (iii) payments of separation costs and separation-related costs, (iv) interest payments charged against premium, (v) fees paid in connection with debt refinancing and (vi) payments made to acquire IPR&D. Adjusted free cash flows (non-GAAP) is Cash provided by operating activities (its most directly comparable GAAP financial measure) adjusted for: (i) payments of legacy legal settlements, net of insurance recoveries and restitutions, (ii) payments of business transformation costs, (iii) payments of separation costs and separation-related costs, (iv) interest payments charged against premium, (v) fees paid in connection with debt refinancing, (vi) payments made to acquire IPR&D and (vii) payments of property, plant and equipment. Management believes that Adjusted Cash Flows from Operations and Adjusted Free Cash Flow provide useful supplemental information to investors by facilitating the evaluation of the Company's cash generation trends. These measures supplement, and should be considered in conjunction with, Cash provided by operating activities, the most directly comparable GAAP financial measure. Adjusted EBITDA excluding Bausch + Lomb (non-GAAP), Adjusted Cash Flows from Operations excluding Bausch + Lomb (non-GAAP) and Adjusted Free Cash Flows excluding Bausch + Lomb (non-GAAP) Adjusted EBITDA excluding Bausch + Lomb (non-GAAP) is Adjusted EBITDA (non-GAAP) adjusted to remove Adjusted EBITDA Attributable to Bausch + Lomb (non-GAAP). Adjusted EBITDA Attributable to Bausch + Lomb (non-GAAP) is Income (loss) before income taxes of our Bausch + Lomb segment (its most directly comparable GAAP financial measure) adjusted for the portion of the Company’s interest expense, depreciation, amortization and other adjustments as described above, allocated or Attributable to Bausch + Lomb. Adjusted Cash Flows from Operations excluding Bausch + Lomb (non-GAAP) is Adjusted Cash Flows from Operations (non- GAAP) further adjusted to remove Adjusted Cash Flows from Operations Attributable to Bausch + Lomb (non-GAAP). Adjusted Cash Flows from Operations Attributable to Bausch + Lomb (non-GAAP) is Cash provided by operating activities of our Bausch + Lomb segment (its most directly comparable GAAP financial measure) adjusted for the portion of the Company’s payment of: (i) legacy legal settlements, net of insurance recoveries and restitutions, (ii) transformation costs, (iii) separation costs and separation-related costs, (iv) interest charged against premium, (v) fees paid in connection with the debt refinancing transactions and (vi) acquired IPR&D, allocated or attributable to Bausch + Lomb. Adjusted Free Cash Flows excluding Bausch + Lomb (non-GAAP) is Adjusted Free Cash Flows (non-GAAP) further adjusted to remove Adjusted Free Cash Flows Attributable to Bausch + Lomb (non-GAAP). Adjusted Free Cash Flows Attributable to Bausch + Lomb (non-GAAP) is Cash provided by operating activities of our Bausch + Lomb segment (its most directly comparable GAAP financial measure) adjusted for the portion of the Company’s payment of: (i) legacy legal settlements, net of insurance recoveries and restitutions, (ii) transformation costs, (iii) separation costs and separation-related costs, (iv) interest charged against premium, (v) fees paid in connection with the debt refinancing transactions, (vi) acquired IPR&D and (vii) property, plant and equipment, allocated or attributable to Bausch + Lomb. Adjusted EBITDA excluding Bausch + Lomb (non-GAAP), Adjusted Cash Flows from Operations excluding Bausch + Lomb (non-GAAP) and Adjusted Free Cash Flows excluding Bausch + Lomb (non-GAAP) are not intended to be, and may not be, representative of income from continuing operations (for Bausch Health excluding Bausch + Lomb) or from discontinued operations (for Bausch + Lomb) or Cash provided by operating activities (for Bausch Health excluding Bausch + Lomb) or from discontinued operations (for Bausch + Lomb) in accordance with GAAP, as: (i) the criteria for that accounting has not been met and (ii) certain cost allocations to BHC excluding Bausch + Lomb and Bausch + Lomb are not in accordance with the criteria for that accounting. As such, Adjusted EBITDA excluding Bausch + Lomb (non-GAAP), Adjusted Cash Flows from Operations excluding Bausch + Lomb (non-GAAP) and Adjusted Free Cash Flows excluding Bausch + Lomb (non-GAAP) as included herein may not be indicative of the operations, Adjusted EBITDA Attributable to Bausch Health (non-GAAP), cash flows, Adjusted Cash Flows from Operations Attributable to Bausch Health (non-GAAP) or Adjusted Free Cash Flows excluding Bausch + Lomb (non- GAAP) in the future, or if Bausch + Lomb met the criteria to be treated as a discontinued operation during any of the periods presented. Management believes that Adjusted EBITDA excluding Bausch + Lomb (non-GAAP), Adjusted Cash Flows from Operations excluding Bausch + Lomb (non-GAAP) and Adjusted Free Cash Flows excluding Bausch + Lomb (non- GAAP), along with the GAAP and other non-GAAP measures used by management, most appropriately reflects how the Company measures the business internally and sets operational goals and incentives. In particular, the Company believes that these metrics focus management on the Company's underlying operational results and business performance. As a result, the Company uses these metrics to assess the actual financial performance of the Company and to forecast future results as part of its guidance. Management believes these metrics are a useful measure to evaluate current performance. These metrics are intended to provide supplemental information regarding the Company's operating performance and cash generation capabilities and should not be considered substitutes for the most directly comparable GAAP measures. In addition, cash bonuses for the Company's executive officers and other key employees are based, in part, on the achievement of certain Adjusted EBITDA (non-GAAP) and Adjusted Cash Flows from Operations (non-GAAP) targets. 56
Slide 57 — Non-GAAP Appendix
©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Non-GAAP Appendix Net Debt (non-GAAP) and Net Debt excluding Bausch + Lomb (non-GAAP) Net Debt (non-GAAP) is long-term debt (its most directly comparable GAAP financial measure) adjusted for premiums, discounts and issuance costs less unrestricted cash and cash equivalents. Net Debt excluding Bausch + Lomb (non-GAAP) is Net Debt (non-GAAP) adjusted to remove Net Debt attributable to Bausch + Lomb (non-GAAP). Net Debt attributable to Bausch + Lomb (non-GAAP) is long-term debt of our Bausch + Lomb segment (its most directly comparable GAAP financial measure) adjusted for the portion of the Company’s premiums, discounts and issuance costs less unrestricted cash and cash equivalents allocated or attributable to Bausch + Lomb. Management believes Net Debt (non-GAAP) and Net Debt excluding Bausch + Lomb (non-GAAP) provides investors with useful information regarding the Company's overall leverage position and its ability to service its outstanding debt obligations. Adjusted EBITDA Margin (non-GAAP) and Adjusted EBITDA Margin excluding Bausch + Lomb (non- GAAP) Adjusted EBITDA Margin (non-GAAP) is defined as Adjusted EBITDA (non-GAAP) (as previously defined) divided by Revenue. The most directly comparable U.S. GAAP financial measure is Net income (loss) divided by Revenue. Adjusted EBITDA Margin excluding Bausch + Lomb (non-GAAP) is defined as Adjusted EBITDA excluding Bausch + Lomb (non-GAAP) divided by Revenue excluding revenue attributable to Bausch + Lomb. Adjusted EBITDA excluding Bausch + Lomb (non-GAAP) is Adjusted EBITDA (non-GAAP) adjusted to remove Adjusted EBITDA attributable to Bausch + Lomb (non-GAAP). Adjusted EBITDA Margin excluding Bausch + Lomb (non-GAAP) is not intended to represent continuing or discontinued operations under GAAP and is provided as a supplemental management metric. This measure may not be indicative of the results of operations that would have been reported had Bausch + Lomb been accounted for as a discontinued operation. Management believes Adjusted EBITDA Margin (non-GAAP) and Adjusted EBITDA Margin excluding Bausch + Lomb (non-GAAP) provide investors with useful supplemental information regarding the Company's operating profitability and operational efficiency. 57