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Bausch + Lomb — Presentation (company IR deck)
Bausch + Lomb (BLCO) · 42 slides · Filed Oct 29, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All BLCO deck slides
Slide 1 — 3Q26
3Q26 Financial Results October 28, 2026
Slide 2 — Forward-Looking Statements; Non-GAAP Information
1 Forward-Looking Statements; Non-GAAP Information 1 This presentation contains forward-looking information and statements, within the meaning of applicable securities laws (collectively, “forward-looking statements”), including, but not limited to, statements regarding future prospects and performance of Bausch + Lomb Corporation (“Bausch + Lomb”, the “Company”, “we”, “us”, or “B+L”), including the Company’s 2026 full-year guidance, our 3-year strategic plan and the targets, components and steps thereof, our anticipated growth drivers and the expected timing and impact thereof, our focus on pipeline innovation, anticipated timing for the commencement and completion of studies and other development work respecting our pipeline products and the expected outcomes of such development work, anticipated submission, approval and launch dates of such products, the anticipated geographic expansions and planned line extensions for certain of our products, the expected market acceptance, peak sales and performance for our products and pipeline products, and the expected market size and growth for certain of the markets in which we have or expect to have products. Forward-looking statements may generally be identified by the use of the words "anticipates," "expects,“ “predicts,” “projects,” “goals,” "intends," "plans," "should," "could," "would," "may,“ “might” "will,“ “strive,” "believes," "estimates," "potential," "target," “commit,” “forecast,” “outlook,” “guidance,” “tracking,” 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 Company’s 2026 full-year guidance and 3-year targets, are based upon the current expectations and beliefs of management and are provided for the purpose of providing additional information about such expectations and beliefs, and readers are cautioned that these statements may not be appropriate for other purposes. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, the risks and uncertainties discussed in Bausch + Lomb’s filings with the U.S. Securities and Exchange Commission (“SEC”) and the Canadian Securities Administrators (the “CSA”) (including the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (which was filed with the SEC and CSA on February 18, 2026) and its most recent quarterly filings), which factors are incorporated herein by reference. They also include risks and uncertainties respecting the proposed plan to separate the Company into an independent, publicly traded company, separate from the remainder of Bausch Health Companies Inc. (“BHC”) (the “separation”), which include, but are not limited to, the expected benefits and costs of the separation, the expected timing of completion of the separation and its manner and terms (including that it may include the transfer of all or a portion of BHC’s remaining direct or indirect equity interest in Bausch + Lomb to its shareholders (the “distribution”)), the expectation that, if the separation is to be effected through a distribution, then it will be completed following the achievement of targeted debt leverage ratios, subject to market conditions and receipt of applicable shareholder and other necessary approvals and other factors (including those described in BHC’s public statements), the ability to complete the distribution considering the various conditions to the completion of the distribution (some of which are outside the Company’s and BHC’s control, including conditions related to regulatory matters and receipt of applicable shareholder and other approvals), the impact of any potential sales or dispositions of the Company’s common shares by BHC (including in connection with a foreclosure on the Bausch + Lomb common shares owned by BHC or its subsidiaries that are or may be pledged as collateral for certain of BHC’s or its subsidiary’s debt), that market or other conditions are no longer favorable to completing the transaction, that applicable shareholder, stock exchange, regulatory or other approval is not obtained on the terms or timelines anticipated or at all, business disruption during the pendency of or following the separation, diversion of management time on separation-related issues, retention of existing management team members, the reaction of customers and other parties to the separation, the structure of the distribution, the qualification of the distribution as a tax-free transaction for Canadian and/or U.S. federal income tax purposes (including whether or not an advance ruling from the Canada Revenue Agency and/or the Internal Revenue Service will be sought or obtained), the ability of the Company and BHC to satisfy the conditions required to maintain the tax-free status of the distribution (some of which are beyond their control), other potential tax or other liabilities that may arise as a result of the distribution, the potential dis-synergy costs resulting from the separation, the impact of the separation on relationships with customers, suppliers, employees and other business counterparties, general economic conditions, conditions in the markets the Company is engaged in, behavior of customers, suppliers and competitors, technological developments and legal and regulatory rules affecting the Company’s business. In particular, the Company can offer no assurance that the separation will occur at all, or that any such transaction will occur on the terms and timelines or in the manner anticipated by the Company and BHC or that, even if consummated, the company will realize the anticipated benefits from the separation. They also include risks and uncertainties relating to acquisitions and other business development transactions the Company has completed or may, in the future, pursue and complete, including risks that pending transactions may not close, risks that the Company may not realize the expected benefits of those transactions on a timely basis or at all and, where applicable, risks relating to increased levels of debt as a result of debt incurred to finance such transactions, including in regards to compliance with our debt covenants. They also include risks and uncertainties related to the impacts of the new legislation commonly referred to as One Big Beautiful Bill Act, including the effects on our tax provision for both 2026 and future years. They also include the expected impact of the tariffs imposed by the U.S. and counter-tariffs or other retaliatory measures imposed on the U.S. by other countries and disruptions to global supply chains and other potential results as a result of these developments and our ability to successfully manage the expected impact of such tariffs and counter- tariffs and other measures, including the success of our planned actions and levers to manage these matters as well as the impact of potential tariff refunds or recoveries, if any. Finally, they also include, but are not limited to, risks and uncertainties caused by or relating to adverse economic conditions and other macroeconomic factors, including risks and uncertainties associated with the conflict in the Middle East, over which we have no control, including heightened inflation and interest rates, foreign currency rates, slower growth or a potential recession, which could adversely impact our revenue, expenses and resulting margins. In addition, certain material factors and assumptions have been applied in making these forward-looking statements, including the assumption that the risks and uncertainties outlined above will not cause actual results or events to differ materially from those described in these forward-looking statements. In addition, Management has also made certain assumptions regarding our 2026 full-year guidance with respect to expectations regarding base performance growth, business performance, currency impact, impacts of inflation, the company’s ability to offset the impact of tariffs in 2026 (based on the current tariff policy and the actions the company is taking to manage these measures), adjusted gross margin (non-GAAP), adjusted SG&A expense (non-GAAP) and the Company's ability to continue to manage such expense in the manner anticipated, net interest expense (which will vary based on, among other things, interest rates and our indebtedness), adjusted tax rate, and full year capex and the anticipated timing and extent of the Company's R&D expense. References in this presentation to future launch dates refer to the anticipated launch dates for the applicable product, based on management’s estimates taking into account, among other things, the current stage of the development or regulatory pathway of such products, typical development, regulatory and launch timelines for similar products and assumptions regarding sufficient supply availability for launch purposes. In addition, unless otherwise indicated, references in this presentation to peak sales refer to the potential peak annual sales of the applicable product, franchise or business, based on management’s estimates, taking into account, among other things, sales of similar products, franchises and business. Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. Bausch + Lomb 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, unless required by law. The guidance in this presentation is only effective as of the date given, October 28, 2026. Distribution or reference of this deck following October 28, 2026 does not constitute the Company updating guidance. 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 ratios, including (i) Constant Currency Change/Constant Currency Growth/Constant Currency Revenue Growth (also referred to as “cc”), (ii) EBITDA, (iii) Adjusted EBITDA, (iv) Adjusted EBITDA Margin, (v) Adjusted EBITDA excluding Acquired IPR&D, (vi) Adjusted EBITDA Margin excluding Acquired IPR&D, (vii) Adjusted EBITDA growth (excluding Acquired IPR&D), (viii) Adjusted EBITA, (ix) Adjusted Gross Profit, (x) Adjusted Gross Margin, (xi) Adjusted R&D, (xii) Adjusted SG&A, (xiii) Adjusted SG&A margin, (xvi) Adjusted Net Income (Loss) attributable to Bausch + Lomb, (xv) Adjusted Earnings Per Share (“EPS”) attributable to Bausch + Lomb, (xvi) Adjusted EPS Attributable to Bausch + Lomb excluding Acquired IPR&D, (xvii) Adjusted Cash Flow from Operations/Adjusted Cash used by Operations, (xviii) Adjusted Tax Rate, (xix) Adjusted Cash Flow from Operations to Adj. EBITDA (excl. Acq. IPR&D) Conversion, (xxi) Net Leverage and (xxii) Free Cash Flow. Management uses some of these non-GAAP measures and ratios as key metrics in the evaluation of Company 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 measures and ratios of 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 historic 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, for outlook purposes, the Company does not provide reconciliations of projected Adjusted Gross Margin (non-GAAP) to projected GAAP Gross Margin, projected Constant Currency Revenue Growth to projected GAAP Revenue Growth, projected Adjusted EBITDA excluding Acquired IPR&D (non-GAAP) to projected GAAP net income (loss), projected Adjusted EBITDA growth (excluding Acquired IPR&D) to projected GAAP net income growth or projected Adj. EBITDA margin (excl. Acq. IPR&D) to projected GAAP net income (loss) margin, in each case, due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. These amounts may be material and, therefore, could result in the GAAP measure or ratio being materially different from the projected non-GAAP measure or ratio. For further information on non-GAAP financial measures and ratios, please see the Appendix.
Slide 3 — Q3 Highlights
2 Q3 Highlights Financial Results & Outlook Growth Drivers
Slide 4 — Entering Next Phase of Growth
33 Entering Next Phase of Growth Thomas J. Appio Chairman of the Board and Interim CEO 23 years of leadership and operating experience at Schering-Plough Prior long-standing Bausch + Lomb leader, including President, International Chairman, Bausch + Lomb Board since August 2026; Bausch Health CEO since May 2022 Advance R&D Pipeline and Invest in Innovation 3 Deliver or Exceed Three- Year Long-Range Targets 2 Accelerate Execution and Drive Profitability 1 Priorities 1. See Slide 1 for further information on forward-looking statements. 2. Announced at investor day. 1 2
Slide 5 — +8%
1. Compared to 3Q25. 2. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAAP measures and ratios. 3. Includes transactional FX and NCI. 4. Acquired IPR&D was $0M in 3Q26. 44 +8% Constant Currency Revenue Growth +34% Adj. EBITDA Growth (Ex. Acq. IPR&D)1,2,3,4 23.6% Adj. EBITDA Margin (Ex. Acq. IPR&D)2,4 3Q26: Strong Performance, Building on a Solid Foundation 1,2
Slide 6 — Delivering Broad-Based Growth
B+L Reported Revenue B+L CC Revenue Growth1,2 $1,375M 3Q26 3Q25 $1,281M 3Q26 Segment CC Revenue Growth1,2 Pharmaceuticals +11% Surgical +9% Vision Care +6% +6% Contact Lens; +6% Consumer 3Q25 +6% 3Q26 +8% 5 3Q26 Franchise Reported Growth3 +15% +35% +70% +42% +2% +11% monthly +6% +24% 1. Constant currency. 2. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAAP measures or ratios. 3. For full product information, see www.bausch.com. 4. The most directly comparable GAAP financial measure to constant currency revenue growth is total reported revenue growth, which was 7% for 3Q25 and 7% for 3Q26, in each case as compared to the prior year quarter. 1 Delivering Broad-Based Growth 4 4
Slide 7 — Advancing to Next Phase With Momentum
66 Advancing to Next Phase With Momentum CC Revenue Growth1,2,3 Adj. EBITDA Growth1,3,4 +7% +27% CC Revenue Growth1,2,3 Adj. EBITDA Growth1,3,4 CC Revenue Growth1,2,3 Adj. EBITDA Growth1,3,4 +6% +59% +8% +28% 4Q25 1Q26 2Q26 CC Revenue Growth1,2,3 Adj. EBITDA Growth1,3,4 +8% +34% 3Q26 1. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAAP measures and ratios. 2. Constant currency. The most directly comparable GAAP financial measure to constant currency revenue growth is total reported revenue growth, which was 10%, 9%, 9% and 7% for 4Q25, 1Q26, 2Q26 and 3Q26, respectively, in each case as compared to the prior year quarter. 3. Compared to the prior year quarter. 4. Ex Acq. IPR&D. The most directly comparable GAAP financial measure to Adjusted EBITDA growth (excluding Acquired IPR&D) is growth in Net income (loss) attributable to Bausch + Lomb Corporation, which was (1833%), 67%, 77% and 214% for 4Q25, 1Q26, 2Q26 and 3Q26, respectively, in each case as compared to the prior year quarter.
Slide 8 — Results
7 Financial Results
Slide 9 — 3Q26 Revenue Drivers
8 3Q26 Revenue Drivers 1. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAAP measures and ratios. 2. Constant currency. Broad-based growth across brands ~$6M revenue FX headwinds +7% +8% 3Q25 3Q26 $1,375M $1,281M 3Q26 Revenue Growth Reported 3Q26 Revenue Growth Constant Currency1 37% 63% 75% 25% $367M 30% 21% 49% $234M $774M 3 Q 2 6 C O N S T A N T C U R R E N C Y R E V E N U E G R O W T H 1 U.S. International Consumer Contact Lens Implantables Equipment Consumables/Other +9% +11% +6% Lens portfolio (+5%, +6% cc1,2), U.S. (+9%) and Int’l (+3%, +4% cc1,2) Consumer (+5%, +6% cc1,2), Growth in Lumify® and Dry Eye Implantables (+42%, +40% cc1,2), Premium IOLs (+70%, +75% cc1,2) Consumables (+5%, +5% cc1,2), Equipment (-13%, -11% cc1,2) Growth in U.S. Pharma (+14%) and Int’l Pharma (+3%, +3% cc1,2) Led by strong growth in Pharma Dry Eye portfolio (+22%) Vision Care Surgical Pharmaceuticals
Slide 10 — 3Q26 Bausch + Lomb P&L (Non-GAAP)
9 3Q26 Bausch + Lomb P&L (Non-GAAP) Bausch + Lomb 3Q26 3Q25 Reported Change Constant Currency Change1 Vision Care Revenue $774M $736M 5% 6% Surgical Revenue $234M $215M 9% 9% Pharmaceuticals Revenue $367M $330M 11% 11% Total Revenue $1,375M $1,281M 7% 8% Adj. Gross Profit1 $889M $790M 13% 13% Adj. Gross Margin1 64.7% 61.7% 300 bps Adj. R&D1 $91M $95M 4% 4% Adj. SG&A1 $548M $514M (7%) (7%) Adj. EBITA1 $250M $181M 38% 38% Depreciation $45M $41M 10% 10% Stock Based Compensation $37M $27M 37% 37% Adj. EBITDA1,2 $325M $243M 34% 34% Adj. EBITDA (ex. Acq. IPR&D)1,2,3,4 $325M $243M 34% 34% Adj. EBITDA Margin (ex. Acq. IPR&D)1,3 23.6% 19.0% Adj. Net Income Attributable to B+L1 $123M $66M 86% 88% Adj. EPS Attributable to B+L1 $0.34 $0.18 Adj. EPS Attributable to B+L (ex. Acq. IPR&D)1,3 $0.34 $0.18 1. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAAP measures and ratios. 2. Includes transactional FX and NCI. FX transactional loss impacted Adj. EBITDA for 3Q26 by $3M. 3. Acquired IPR&D was $0M in 3Q26 and $0M in 3Q25. 4. Translational FX headwinds were -$1M for 3Q26. 5. Free Cash Flow (non-GAAP) is Cash flow from operations, its most closely associated GAAP measure, of $233 million less $55 million in CapEx. 3Q26 Highlights 1 Adj. EBITDA Growth (Ex. Acq. IPR&D)1,2,3 +34% Constant Currency Revenue Growth1 +8% 23.6% Free Cash Flow1,5 $178M Adj. EBITDA Margin (Ex. Acq. IPR&D)1,3
Slide 11 — 3Q26 Bausch + Lomb P&L (GAAP)
10 10 3Q26 Bausch + Lomb P&L (GAAP) 1. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAAP measures and ratios. Bausch + Lomb 3Q26 3Q25 Reported Change Constant Currency Change1 Vision Care Revenue $774M $736M 5% 6% Surgical Revenue $234M $215M 9% 9% Pharmaceuticals Revenue $367M $330M 11% 11% Total Revenue $1,375M $1,281M 7% 8% Gross Profit $828M $703M 18% 18% Gross Margin 60.2% 54.9% 530 bps R&D $91M $95M 4% 4% SG&A $556M $528M (5%) (6%) Operating Income $155M $95M Net Income (Loss) Attributable to B+L $32M ($28M) Net Income (Loss) Margin 2.3% (2.2%) EPS Attributable to B+L $0.09 ($0.08)
Slide 12 — Outlook
11 11 Outlook
Slide 13 — Raising FY26 Guidance
12 12 Prior Guidance (February 2026) Prior Guidance (April 2026) Prior Guidance (July 2026) Current Guidance (October 2026) Total Revenue $5.375B – $5.475B $5.420B – $5.520B $5.440B – $5.540B $5.450B – $5.550B5 Adj. EBITDA (ex. Acq. IPR&D)2 $1.000B – $1.050B $1.010B – $1.060B $1.025B – $1.075B $1.090B – $1.140B Key Assumptions Net Interest Expense3 ~$365M ~$365M ~$365M ~$365M R&D (% of Total Revenue) ~7.5% – 8.0% ~7.5% – 8.0% ~7.5% – 8.0% ~7.5% – 8.0% Adj. Tax Rate2 ~19% ~19% ~19% ~18% Avg. Fully Diluted Share Count4 ~364M ~364M ~364M ~364M CapEx ~$285M ~$285M ~$285M ~$285M Depreciation and Stock Based Comp4 ~$315M ~$315M ~$325M ~$325M Raising FY26 Guidance +6.1 – 8.0% Adj. EBITDA Growth (Ex. Acq. IPR&D)2,5 at midpoint Adj. Gross Margin2,5 +25% 62.5 – 63.0% CC Revenue Growth2 Raising by ~30 bps5 Adj. EBITDA (Ex. Acq. IPR&D)2 Raising by $65M5 1 $1.090 – 1.140B +$40M FY26 Revenue FX Tailwinds5 vs. prior guidance of +$45M 1. The guidance in this presentation is only effective as of the date given, October 28, 2026, and will not be updated or affirmed unless and until the Company publicly announces updated or affirmed guidance. Distribution or reference of this deck following October 28, 2026 does not constitute the Company re-affirming guidance. See Slide 1 for further information on forward-looking statements. 2. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAAP measures or ratios. See slides 9 to 10 and 29 and 30 for disclosure of historic non-GAAP measures and ratios and their historic comparable GAAP measures and ratios. 3. Interest Expense includes interest on the outstanding $2.8B of Term Loan, $1.4B of October 2028 Senior Secured Notes, €675M January 2031 Senior Secured Notes, $12M of term debt and $100M drawn revolving credit facility (as of 10/28/2026), amortization and excludes write-down of financing fees. 4. This does not take into consideration any impact resulting from the Separation Agreement between the Company and its former CEO or the treatment of equity thereunder. 5. The increase in the anticipated full-year revenue is a result of a $15 million increase in the underlying business outlook, based on strong business performance in the third quarter of 2026 and anticipated stronger business performance for the remainder of 2026, partially offset by a decrease of $5 million in expected currency tailwinds (such decrease is a result of exchange rates moderating). The increases in anticipated constant currency revenue growth, anticipated full-year adjusted EBITDA (excluding acquired IPR&D), anticipated adjusted EBITDA growth (excluding acquired IPR&D) and anticipated adjusted gross margin are a result of the aforementioned strong business performance in the third quarter of 2026 and anticipated stronger business performance for the remainder of 2026.
Slide 14 — Tracking Ahead of Investor Day Targets
13 1. See Slide 1 for further information on forward looking statements. 2. This is a non-GAAP measure or ratio. See Slide 1 and appendix for further information on non-GAAP measures and ratios. 3. The increase in anticipated adjusted EBITDA margin (excluding acquired IPR&D) is a result of the aforementioned strong business performance in the third quarter of 2026 and anticipated stronger business performance for the remainder of 2026. Adj. EBITDA Margin (ex. Acq. IPR&D)2 Tracking Ahead of Investor Day Targets 17.5% ~19.0% ~20.3% FY26 Current Guidance Midpoint FY26 Outlook Provided At Investor Day FY25 Actual Tracking Ahead by +130 bps 1 3
Slide 15 — Drivers
14 14 Growth Drivers
Slide 16 — Expanding Our Leadership in Dry Eye
Expanding Our Leadership in Dry Eye 15 3Q25 Revenue 3Q26 Revenue $84M $119M 3Q25 Revenue 3Q26 Revenue $87M $89M 15 3Q26 YTD Revenue Growth +40% 3Q26 YTD Revenue Growth +11% 1. For full product information, see www.bausch.com. 1
Slide 17 — +35%
+35% 3Q26 Reported Revenue Growth Strong Consumption Driving Growth 16 +6% +4% +6% 1Q26 2Q26 3Q26 B+L US Consumer Quarterly Consumption2 1. For full product information, see www.bausch.com. 2. B+L Consumer Data Science, Circana Data, Omnichannel, Dollar Sales, Data Ending 09-27-26. 1
Slide 18 — +25%
Accelerating Growth, Advancing Innovation Second External Study Planned to Start in 1H27 17 FIRST-OF-ITS-KIND BIOACTIVE CONTACT LENS MATERIAL Re-engineered from the inside out Double dose of bio-engineered HA HA polymerized into lens and in solution Next Catalyst +5% +5% +6% 1Q26 2Q26 3Q26 +25% 3Q26 CC SiHy Revenue Growth2 Contact Lens CC Revenue Growth2,3 1. For full product information, see www.bausch.com. 2. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAAP measures and ratios. 3. Constant currency. The most directly comparable GAAP financial measure to contact lens constant currency revenue growth is contact lens reported revenue growth, which was 8%, 5% and 5% for 1Q26, 2Q26 and 3Q26, respectively, in each case as compared to the prior year quarter. 4. See Slide 1 for further information on forward-looking statements. 1 4
Slide 19 — +75%
18 +40% CC Revenue Growth2,3 Implantables Building Momentum in Premium IOLs Premium IOL Portfolio % of Total B+L Surgical Revenue +75% CC Revenue Growth2,3 Premium IOLs 6% 7% 9% 15% 2023 2024 2025 3Q26 1. For full product information, see www.bausch.com. 2. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAAP measures and ratios. 3. Constant currency. 1
Slide 20 — Innovation Fueling Growth Beyond 2028
Bioactive Material Premium FRP SiHy 2nd DD SiHy Myopia Control Dry Eye Disease Dual-Action Eye Drop BL1332 Ocular Surface Pain Ocular Surface Diseases Surgical Consumer Eye Health Contact Lens Retinal Diseases AI & Computational Biology 19 Innovation Fueling Growth Beyond 2028 * * * * * * Early development In early launch In early launch 1 1. Not an exhaustive list of R&D projects. See Slide 1 for further information on forward-looking statements. Geographic Atrophy* Geographic Atrophy * * Age-Related Macular Degeneration* BL1243 Early Stage Dry AMD*
Slide 21 — Q&A
Advance R&D Pipeline and Invest in Innovation Accelerate Execution and Drive Profitability Deliver or Exceed Three-Year Long- Range Targets 20 Q&A 3 2 1 1. Announced at investor day. 1
Slide 22 — Appendix
Appendix
Slide 23 — Continuing to Advance R&D Pipeline
22 22 NDA Submitted Lumify NXT (formerly Lumify Luxe) External Clinical Study Start (FPFV3) 2nd DD SiHy Lens seeLYRA U.S. Registration Clinical Study Start (FPFV3) Myopia Control SiHy Lens 1H 2026 2H 2026 External Clinical Study Start (FPFV3) Premium FRP SiHy Lens Phase 2b Topline Results Received Dual-Action DED Eye Drop Targeted U.S. Launch Elios Elevation of First Program in GA2 Into Development siRNA 1. See Slide 1 for further information on forward-looking statements. 2. Geographic atrophy. 3. First patient first visit. Received CE Mark Approval 510k Submission Topline Results Received from External Clinical Study Bioactive Lens Launch In Process PreserVision AREDS3 Vitamins Blink Triple Care® PF Topline Results Received from Registration Clinical Study enVista Beyond IOL Expected to begin in 2027 Phase 2 Clinical Study – Topline Results BL1332 (OSP) 1 Continuing to Advance R&D Pipeline 510k Submitted
Slide 24 — Early Stage Launches and Pipeline Products to Watch
23 23 Early Stage Launches and Pipeline Products to Watch 1. See Slide 1 for further information on forward-looking statements. 2. First patient, first visit. P R O D U C T D E S C R I P T I O N C A T A L Y S T S T O W A T C H P H A R M A Dual-Action Lifitegrast First dual-action therapeutic to address evaporative and inflammatory dry eye Phase 2b clinical study topline results received, moving to Phase 3 Ocular Pain First-in-class therapy for ocular surface pain (OSP) Phase 2 clinical study topline results expected 2H26 siRNA Small interfering RNA treatment for geographic atrophy (GA) Elevation of first program in GA into development in 2H26 BL1243 Oral treatment for patients with earlier-stage dry AMD Clinical development program expected to begin in 2027 S U R G I C A L IOL Portfolio • enVista Envy® Trifocal IOL – launched in Canada, U.S., Europe and Hong Kong Expected rollout in additional geographies • enVista Beyond Extended depth of focus (EDOF) IOL – clinical study complete Topline results received 2Q26, data analysis in process • LuxLife® Continuous full range of vision IOL – approved in EU EU launch in process ELIOS® Implant free minimally invasive glaucoma surgery (MIGS) using excimer laser Launched in EU, U.S. launch expected 2H26 seeNOVA Surgical platform for anterior, posterior and combined procedures Development in process seeLYRA Next-generation femtosecond laser Received CE mark approval, 510k submission expected in 2H26 V I S I O N C A R E Contact Lens • Bioactive Lens Novel material design for daily disposable contact lens Second external study expected to start in 1H27 • Myopia Control Myopia control contact lens – multi-year study ongoing U.S. registration clinical study start (FPFV2) expected 2H26 • 2nd DD SiHy Lens Affordable innovation in a cost-competitive daily disposable Expect to start external clinical study in 2027 • FRP SiHy SiHy lens designed to be premium FRP in the market Expect to start external clinical study in 2H26 Consumer • Lumify NXT Enhanced formula for a more viscous new feel NDA submitted, approval and launch expected 1H27 • AREDS3 Vitamins Next-generation eye vitamin formulation Early launch in process • Blink Triple Care® PF Advanced preservative-free lipid based formulation Early launch in process 1
Slide 25 — Cash Flow and Balance Sheet Summary (3Q26)
24 24 Cash Flow and Balance Sheet Summary (3Q26) Cash Flow From Operations Adj. Cash Flow From Operations (Non-GAAP)1,2 Depreciation $233M $233M $45M Stock Based Comp $37M Net Interest $93M CapEx $55M 1. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAAP measures and ratios. 2. There were no notable adjustments to cash flow from operations in Q326. 3Q26
Slide 26 — Cash Flow and Balance Sheet Summary (YTD)
25 25 Cash Flow and Balance Sheet Summary (YTD) Cash Flow From Operations Adj. Cash Flow From Operations (Non-GAAP)1,2 Depreciation $418M $439M $134M Stock Based Comp $109M Net Interest3 $275M CapEx $226M 1. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAAP measures and ratios. 2. Adjusted cash flow from operations (non-GAAP) is Cash flow from operations, its most closely associated GAAP measure, less Business Transformation payments of $10 million, Financing payments related to the modification of the debt of $6 million and payments of legacy legal settlements of $5 million through Q226. There were no notable adjustments to cash flow from operations in Q326. 3. Net interest expense includes a write-down of financing fees of $6 million directly related to the January 2026 refinancing transaction. 1Q26-3Q26
Slide 27 — Top 10 Revenue (Includes FX Impact)
26 26 Top 10 Revenue (Includes FX Impact) Rank Product / Franchise 3Q26 2Q26 1Q26 FY25 4Q25 3Q25 1 Miebo® $119M $91M $76M $316M $112M $84M 2 Surgical Consumables $115M $129M $117M $461M $123M $110M 3 Ocuvite® + PreserVision® $95M $104M $91M $429M $131M $106M 4 Xiidra® $89M $87M $87M $331M $95M $87M 5 Surgical Implantables $71M $72M $63M $214M $62M $50M 6 Daily SiHy $68M $57M $55M $206M $57M $55M 7 Lumify® $66M $63M $55M $221M $63M $49M 8 Bausch + Lomb UItra® $62M $60M $57M $220M $57M $54M 9 SofLens® $58M $60M $55M $236M $64M $60M 10 BioTrue ONEday $53M $54M $47M $201M $50M $57M
Slide 28 — Segment Reported Revenue
27 27 Segment Reported Revenue 1. This is a non-GAAP measure or ratio. See Slide 1 and this Appendix for further information on non-GAAP measures and ratios. Vision Care 3Q26 3Q25 Reported Change Constant Currency Change1 Contact Lens Revenue $286M $272M 5% 6% Consumer Revenue $488M $464M 5% 6% Total Revenue $774M $736M 5% 6% Surgical 3Q26 3Q25 Reported Change Constant Currency Change1 Implantables Revenue $71M $50M 42% 40% Equipment Revenue $48M $55M (13%) (11%) Consumables Revenue $115M $110M 5% 5% Total Revenue $234M $215M 9% 9% Pharmaceuticals 3Q26 3Q25 Reported Change Constant Currency Change1 Total Revenue $367M $330M 11% 11%
Slide 29 — Reported Revenue Trailing Quarters by Segment
28 28 Reported Revenue Trailing Quarters by Segment Bausch + Lomb 3Q26 2Q26 1Q26 4Q25 3Q25 Vision Care Contact Lens $286M $271M $254M $271M $272M Consumer $488M $513M $457M $507M $464M Total Revenue $774M $784M $711M $778M $736M Surgical Implantables $71M $72M $63M $62M $50M Equipment $48M $55M $48M $64M $55M Consumables $115M $129M $117M $123M $110M Total Revenue $234M $256M $228M $249M $215M Pharmaceuticals Total Revenue $367M $354M $305M $378M $330M
Slide 30 — YTD Bausch + Lomb P&L (Non-GAAP)
29 29 Bausch + Lomb 1Q26-3Q26 1Q25-3Q25 Reported Change Constant Currency Change1 Vision Care Revenue $2,269M $2,145M 6% 5% Surgical Revenue $718M $645M 11% 9% Pharmaceuticals Revenue $1,026M $906M 13% 12% Total Revenue $4,013M $3,696M 9% 7% Adj. Gross Profit1 $2,517M $2,241M 12% 11% Adj. Gross Margin1 62.7% 60.6% 210 bps Adj. R&D1 $306M $277M (10%) (10%) Adj. SG&A1 $1,664M $1,591M (5%) (4%) Adj. EBITA1 $531M $344M 54% 51% Depreciation $134M $120M 12% 10% Stock Based Compensation $109M $85M 28% 28% Adj. EBITDA1,2 $755M $532M 42% 40% Adj. EBITDA (ex. Acq. IPR&D)1,2,3,4 $771M $561M 37% 35% Adj. EBITDA Margin (ex. Acq. IPR&D)1,3 19.2% 15.2% Adj. Net Income Attributable to B+L1 $197M $37M 432% 414% Adj. EPS Attributable to B+L1 $0.55 $0.10 Adj. EPS Attributable to B+L (ex. Acq. IPR&D)1,3 $0.58 $0.19 1. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAAP measures and ratios. 2. Includes transactional FX and NCI. FX transactional loss impacted Adj. EBITDA for 1Q26-3Q26 by $11M. 3. Acquired IPR&D related to business development transactions of ~$16M in 1Q26-3Q26 and ~$29M in 1Q25-3Q25. 4. FX translational tailwinds were +$12M to Adj. EBITDA for 1Q26-3Q26. 1 YTD Bausch + Lomb P&L (Non-GAAP)
Slide 31 — YTD Bausch + Lomb P&L (GAAP)
30 30 1. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAAP measures and ratios. Bausch + Lomb 1Q26-3Q26 1Q25-3Q25 Reported Change Constant Currency Change1 Vision Care Revenue $2,269M $2,145M 6% 5% Surgical Revenue $718M $645M 11% 9% Pharmaceuticals Revenue $1,026M $906M 13% 12% Total Revenue $4,013M $3,696M 9% 7% Gross Profit $2,333M $1,977M 18% 17% Gross Margin 58.1% 53.5% 460 bps R&D $306M $277M (10%) (10%) SG&A $1,688M $1,670M (1%) 0% Operating Income $271M $1M Net Loss Attributable to B+L ($53M) ($302M) Net Loss Margin (1.3%) (8.2%) EPS Attributable to B+L ($0.15) ($0.85) YTD Bausch + Lomb P&L (GAAP)
Slide 32 — Non-GAAP Adjustments EPS Impact ($M)2
31 31 Non-GAAP Adjustments EPS Impact ($M)2 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 1 and this Appendix for further information on non-GAAP measures and ratios. 2. Except per share amounts. Income (Expense) Earnings per Share Impact Income (Expense) Earnings per Share Impact Income (Expense) Earnings per Share Impact Income (Expense) Earnings per Share Impact Net income (loss) attributable to Bausch + Lomb Corporation 32 $ 0.09 $ (28) $ (0.08) $ (53) $ (0.15) $ (302) $ (0.85) $ Non-GAAP adjustments: Amortization of intangible assets 57 0.16 68 0.19 171 0.47 202 0.57 Asset impairments 4 0.01 - - 13 0.04 - - Restructuring, integration and transformation costs 17 0.05 23 0.06 45 0.12 114 0.32 Acquisition-related costs and adjustments (excluding amortization of intangible assets) 9 0.02 (2) (0.01) 14 0.04 17 0.05 Loss on Extinguishment of Debt and write-down of financing fees - - (1) - 7 0.02 39 0.11 Separation costs and separation-related costs - - - - 1 - - - Gain on sale of assets - - (6) (0.02) (3) (0.01) (6) (0.02) Other 8 0.02 3 0.01 20 0.06 18 0.05 Tax effect of non-GAAP adjustments (4) (0.01) 9 0.03 (18) (0.04) (45) (0.13) Total non-GAAP adjustments 91 0.25 94 0.26 250 0.70 339 0.95 Adjusted net income attributable to Bausch + Lomb Corporation (non-GAAP)1 123 $ 0.34 $ 66 $ 0.18 $ 197 $ 0.55 $ 37 $ 0.10 $ Acquired IPR&D - - - - 13 0.03 29 0.09 Adjusted net income attributable to Bausch + Lomb Corporation (non-GAAP)1 Excluding Acquired IPR&D 123 $ 0.34 $ 66 $ 0.18 $ 210 $ 0.58 $ 66 $ 0.19 $ Three Months Ended September 30 Nine Months Ended September 30 2026 2025 2026 2025
Slide 33 — (non-GAAP)1 ($M)
32 32 Reconciliation of Reported Operating Income (Loss) to Adjusted EBITA (non-GAAP)1 ($M) 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 1 and this Appendix for further information on non-GAAP measures and ratios. Gross Profit Gross Margin SG&A R&D Expense Operating Income Gross Profit Gross Margin SG&A R&D Expense Operating Income 2026 GAAP $ 828 60.2% $ 556 $ 91 $ 155 $ 2,333 58.1% $ 1,688 $ 306 $ 271 Amortization of intangible assets 57 4.2% 57 171 4.3% 171 Asset Impairments 4 0.3% 4 13 0.3% 13 Gain on sale of assets 0.0% 0.0% (3) Restructuring, integration and transformation costs 0.0% (8) 17 0.0% (24) 45 Acquisition-related costs and adjustments (excluding amortization of intangible assets) 0.0% 9 0.0% 14 Separation costs and separation-related costs 0.0% 0.0% (1) 1 Other 0.0% 8 0.0% 1 19 2026 Non-GAAP1 889 $ 64.7% 548 $ 91 $ 250 $ 2,517 $ 62.7% 1,664 $ 306 $ 531 $ Gross Profit Gross Margin SG&A R&D Expense Operating Income Gross Profit Gross Margin SG&A R&D Expense Operating Income 2025 GAAP $ 703 54.9% $ 528 $ 95 $ 95 $ 1,977 53.5% $ 1,670 $ 277 $ 1 Amortization of intangible assets 68 5.3% 68 202 5.4% 202 Gain on sale of assets 0.0% (6) 0.0% (6) Restructuring, integration and transformation costs 0.0% (12) 23 0.0% (70) 114 Acquisition-related costs and adjustments (excluding amortization of intangible assets) 19 1.5% (2) 62 1.7% 17 Separation costs and separation-related costs 0.0% 0.0% (1) Other 0.0% (2) 3 0.0% (8) 16 2025 Non-GAAP1 790 $ 61.7% 514 $ 95 $ 181 $ 2,241 $ 60.6% 1,591 $ 277 $ 344 $ 3Q 2026 1Q-3Q 2026 3Q 2025 1Q-3Q 2025
Slide 34 — EBITDA (non-GAAP)1 ($M)
33 33 Reconciliation of Reported Net Loss to EBITDA (non-GAAP)1 and Adjusted EBITDA (non-GAAP)1 ($M) 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 1 and this Appendix for further information on non-GAAP measures and ratios. 2026 2025 2026 2025 Net income (loss) attributable to Bausch + Lomb Corporation 32 $ (28) $ (53) $ (302) $ Interest expense, net 93 98 275 314 Provision for (benefit from) income taxes 23 22 28 (36) Depreciation and amortization of intangible assets 102 109 305 322 EBITDA1 250 201 555 298 Adjustments: Asset impairments 4 - 13 - Restructuring, integration and transformation costs 17 23 45 114 Acquisition-related costs and adjustments (excluding amortization of intangible assets) 9 (2) 14 17 Share-based compensation 37 27 109 85 Separation costs and separation-related costs - - 1 - Loss on Extinguishment of Debt - (3) 1 6 Other non-GAAP Adjustments: Gain on sale of assets - (6) (3) (6) Other 8 3 20 18 Adjusted EBITDA (non-GAAP)1 325 $ 243 $ 755 $ 532 $ Acquired IPR&D - - 16 29 Adjusted EBITDA (non-GAAP)1 excluding Acquired IPR&D 325 $ 243 $ 771 $ 561 $ Three Months Ended Nine Months Ended September 30 September 30 Note: Net Leverage of 4.1 times is calculated by taking net debt (which is calculated as total debt (its GAAP equivalent) less cash and cash equivalents) of $4,552 million and dividing that by the trailing twelve months Adjusted EBITDA (excluding Acquired IPR&D) of $1,101 million.
Slide 35 — EBITDA (non-GAAP)1 ($M)
34 34 Reconciliation of Reported Net Loss to EBITDA (non-GAAP)1 and Adjusted EBITDA (non-GAAP)1 ($M) 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 1 and this Appendix for further information on non-GAAP measures and ratios. 2026 2025 2026 2025 2025 2024 Net loss attributable to Bausch + Lomb Corporation (14) $ (62) $ (71) $ (212) $ (58) $ (3) $ Interest expense, net 89 125 93 91 95 93 (Benefit from) provision for income taxes (1) (89) 6 31 71 (8) Depreciation and amortization of intangible assets 102 107 101 106 99 106 EBITDA1 176 81 129 16 207 188 Adjustments: Asset impairments 9 - - - - - Restructuring, integration and transformation costs 11 53 17 38 24 26 Acquisition-related costs and adjustments (excluding amortization of intangible assets) 2 5 3 14 25 11 Share-based compensation 38 30 34 28 64 27 Separation costs and separation-related costs - - 1 - 1 2 Loss on Extinguishment of Debt - 9 1 - - - Other non-GAAP Adjustments: Gain on sale of assets - - (3) - - - Other 5 13 7 2 5 5 Adjusted EBITDA (non-GAAP)1 241 $ 191 $ 189 $ 98 $ 326 $ 259 $ Acquired IPR&D 5 1 11 28 4 - Adjusted EBITDA (non-GAAP)1 excluding Acquired IPR&D 246 $ 192 $ 200 $ 126 $ 330 $ 259 $ Three Months Ended March 31 Three Months Ended December 31 Three Months Ended June 30
Slide 36 — Constant Currency Revenue Growth1 ($M)
35 35 Reconciliation of Reported Revenue to Constant Currency Revenue1 and Constant Currency Revenue Growth1 ($M) 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 1 and this Appendix for further information on non-GAAP measures and ratios. 2. The impact for 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. September 30, 2025 Revenue as Reported Changes in Exchange Rates2 Constant Currency Revenue (Non- GAAP)1 Revenue as Reported Amount Pct. Amount Pct. Bausch + Lomb Vision Care 774 $ 5 $ 779 $ 736 $ 38 $ 5% 43 $ 6% Surgical 234 1 235 215 19 9% 20 9% Pharmaceuticals 367 - 367 330 37 11% 37 11% Total Bausch + Lomb 1,375 $ 6 $ 1,381 $ 1,281 $ 94 $ 7% 100 $ 8% September 30, 2025 Revenue as Reported Changes in Exchange Rates2 Constant Currency Revenue (Non- GAAP)1 Revenue as Reported Amount Pct. Amount Pct. Bausch + Lomb Vision Care 2,269 $ (24) $ 2,245 $ 2,145 $ 124 $ 6% 100 $ 5% Surgical 718 (17) 701 645 73 11% 56 9% Pharmaceuticals 1,026 (7) 1,019 906 120 13% 113 12% Total Bausch + Lomb 4,013 $ (48) $ 3,965 $ 3,696 $ 317 $ 9% 269 $ 7% September 30, 2026 Calculation of Constant Currency Revenue for the Three Months Ended Change in Reported Revenue Change in Constant Currency Revenue1 Calculation of Constant Currency Revenue for the Nine Months Ended Change in Change in September 30, 2026 Reported Revenue Constant Currency Revenue1
Slide 37 — Constant Currency Revenue Growth1 ($M)
36 36 Reconciliation of Reported Revenue to Constant Currency Revenue1 and Constant Currency Revenue Growth1 ($M) 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 1 and this Appendix for further information on non-GAAP measures and ratios. 2. The impact for 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. Revenue as Reported Changes in Exchange Rates2 Constant Currency Revenue (Non- GAAP)1 Revenue as Reported Amount Pct. Amount Pct. Contact Lens 286 2 288 272 14 5% 16 6% Consumer 488 3 491 464 24 5% 27 6% Surgical Consumables 115 1 116 110 5 5% 6 5% Surgical Implantables 71 (1) 70 50 21 42% 20 40% Surgical Equipment 48 1 49 55 (7) -13% (6) -11% International Lens 163 2 165 159 4 3% 6 4% International Pharma 91 - 91 88 3 3% 3 3% Premium IOLs 34 1 35 20 14 70% 15 75% Daily SiHy 68 1 69 55 13 24% 14 25% Calculation of Constant Currency Revenue for the Three Months Ended Change in Change in September 30, 2026 September 30, 2025 Reported Revenue Constant Currency Revenue1
Slide 38 — Constant Currency Revenue Growth1 ($M)
37 37 Reconciliation of Reported Revenue to Constant Currency Revenue1 and Constant Currency Revenue Growth1 ($M) 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 1 and this Appendix for further information on non-GAAP measures and ratios. 2. The impact for 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. Revenue as Reported Changes in Exchange Rates2 Constant Currency Revenue (Non- GAAP)1 Revenue as Reported Amount Pct. Amount Pct. March 31, 2026 1,244 (42) 1,202 March 31, 2025 1,137 107 9% 65 6% June 30, 2026 1,394 (12) 1,382 June 30, 2025 1,278 116 9% 104 8% September 30, 2025 1,281 (19) 1,262 September 30, 2024 1,196 85 7% 66 6% December 31, 2025 1,405 (37) 1,368 December 31, 2024 1,280 125 10% 88 7% Revenue as Reported Changes in Exchange Rates2 Constant Currency Revenue (Non- GAAP)1 Revenue as Reported Amount Pct. Amount Pct. March 31, 2026 254 (7) 247 March 31, 2025 236 18 8% 11 5% June 30, 2026 271 1 272 June 30, 2025 258 13 5% 14 5% Change in Change in Reported Revenue Constant Currency Revenue1 Calculation of Constant Currency Contact Lens Revenue for the Three Months Ended Change in Change in Reported Revenue Constant Currency Revenue1 Calculation of Constant Currency Bausch + Lomb Revenue for the Three Months Ended
Slide 39 — Non-GAAP Appendix
38 38 Description of Non-GAAP Financial Measures 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 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 similar non-GAAP measures and ratios of 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. EBITDA/Adjusted EBITDA/Adjusted EBITDA Margin/Adjusted EBITDA excluding Acquired IPR&D/Adjusted EBITDA Margin excluding Acquired IPR&D/Adjusted EBITDA growth (excluding Acquired IPR&D) EBITDA (non-GAAP) is Net income (loss) attributable to Bausch + Lomb Corporation (its most directly comparable U.S. GAAP financial measure) adjusted for interest, income taxes, depreciation and amortization. Adjusted EBITDA (non-GAAP) is EBITDA (non-GAAP) further adjusted for the items described below. Management believes that Adjusted EBITDA (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 Adjusted EBITDA (non-GAAP) focuses management on the Company’s underlying operational results and business performance. As a result, the Company uses Adjusted EBITDA (non-GAAP) both to assess the actual financial performance of the Company and to forecast future results as part of its guidance. Management believes Adjusted EBITDA (non-GAAP) is a useful measure to evaluate current performance. Adjusted EBITDA (non-GAAP) is 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 margin (non-GAAP) is Adjusted EBITDA (non-GAAP) divided by Revenues. Adjusted EBITDA (non-GAAP) Adjustments Adjusted EBITDA (non-GAAP) is net income (loss) attributable to the Company (its most directly comparable GAAP financial measure) adjusted for interest expense, net, (benefit from) provision for income taxes, depreciation and amortization and the following items: Asset impairments: The Company has excluded the impact of impairments of finite-lived and indefinite-lived intangible assets 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 from measuring the performance of the Company and its business, the Company believes that it is important for investors to understand that intangible assets contribute to revenue generation. 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, with the completion of the B+L IPO, as the Company prepares for post- Separation operations, the Company is launching 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 compensation-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. 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 the impact of 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. Share-based compensation: The Company excludes 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. 38 Non-GAAP Appendix
Slide 40 — Non-GAAP Appendix
39 39 Adjusted EBITDA (non-GAAP) Adjustments (continued) Separation costs and separation-related costs: The Company has excluded certain costs incurred in connection with activities taken to: (i) separate the Bausch + Lomb business from the remainder of BHC and (ii) register the Bausch + Lomb business as an independent publicly traded entity. Separation costs are incremental costs directly related to effectuating the separation of the Bausch + Lomb business from the remainder of BHC and include, but are not limited to, legal, audit and advisory fees, talent acquisition costs and costs associated with establishing a new board of directors and audit committee. Separation-related costs are incremental costs indirectly related to the separation of the Bausch + Lomb business from the remainder of BHC and include, but are not limited to, IT infrastructure and software licensing costs, 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. Loss on extinguishment of debt: The company has excluded loss on extinguishment of debt as this represents a 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 that are not in management’s control. Other Non-GAAP adjustments: The Company also excludes certain other amounts, including IT infrastructure investment, litigation and other matters, gain/(loss) on sales of assets and certain other amounts that are the result of other, non-comparable events to measure operating performance if and when present in the periods presented. These events arise outside of the ordinary course of continuing operations. Given the unique nature of the matters relating to these costs, the Company believes these items are not routine 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 routine operating expenses. The Company excluded these costs as this event is outside of the ordinary course of continuing operations and is 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 excluding Acquired In-Process Research and Development (IPR&D) is Adjusted EBITDA (non-GAAP) further adjusted to exclude Acquired IPR&D. Adjusted EBITDA Margin excluding Acquired In-Process Research and Development (IPR&D) is Adjusted EBITDA (non-GAAP) further adjusted to exclude Acquired IPR&D divided by Revenues. The IPR&D expenditures represent costs directly resulting from business development transactions and not through the normal course of business. 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 in assessing our performance. However, investors should understand that the Company may enter into additional business development transactions in the future and, as a result, such acquired IPR&D may recur in the future. Adjusted EBITDA growth (excluding Acquired IPR&D) is changes in Adjusted EBITDA (excluding Acquired IPR&D) from period to period. Adjusted Net Income (non-GAAP) Adjusted net income (non-GAAP) is net income (loss) attributable to Bausch + Lomb Corporation (its most directly comparable GAAP financial measure) adjusted for asset impairments, restructuring, integration and transformation costs, acquisition-related costs and adjustments excluding amortization of intangible assets, separation costs and separation-related costs, Loss on extinguishment of debt and other non-GAAP adjustments, as these adjustments are described above and further adjusted for amortization of intangible assets and acquisition-related costs and write down of financing, 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 loss on extinguishment of debt, the company has excluded write-down of financing fees as this represents a 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 that are not in management’s control. Adjusted net income (non-GAAP) excludes the impact of these certain items that may obscure trends in the Company’s underlying performance. Management uses Adjusted net income (non-GAAP) for strategic decision making, forecasting future results and evaluating current 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 and the valuation of the Company. It is also noted that, in recent periods, our GAAP net income (loss) attributable to Bausch + Lomb Corporation was significantly lower than our Adjusted net income (non-GAAP). Constant Currency Constant currency change or constant currency growth is calculated by adjusting or further adjusting a measure or ratio by changes in or impact of foreign currency exchange rates. Constant currency impact is determined by comparing current period amounts adjusted to exclude currency impact, calculated using prior period monthly average exchange rates, to the actual prior period reported amounts. Constant currency revenue is GAAP revenue (its most directly comparable GAAP financial measure) adjusted for changes in foreign currency exchange rates. The Company uses Constant Currency Revenues (non-GAAP) and Constant Currency Revenue Growth (non-GAAP) to assess performance of its reportable segments, and the Company in total, without the impact of foreign currency exchange fluctuations. The Company believes that such measures are useful to investors as they provide a supplemental period-to-period comparison. 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 underlying business performance. 39 Non-GAAP Appendix
Slide 41 — Non-GAAP Appendix
40 40 Adjusted EBITA/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, integration and transformation costs, asset impairments, goodwill impairments, acquisition related costs, separation costs, IPO costs, separation-related costs, IPO-related costs and certain other non-GAAP charges as discussed under “Other Non-GAAP adjustments” 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. 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. Adjusted Gross Profit/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 the Company’s and each of its 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) facilitate period-to-period comparisons of the Company’s and each of its segment’s ability to generate cash flows 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 a 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 the Company’s and each of its segments’ ability to generate incremental cash flows 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 a 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/Adjusted SG&A Margin Adjusted SG&A expenses (non-GAAP) represents selling, general and administrative expenses (“SG&A expenses”) (its most directly comparable GAAP financial measure), adjusted to exclude separation-related costs, IPO-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, as well transformation costs. See the discussion under “Other Non-GAAP adjustments” and “restructuring, integration and transformation costs” above. Management uses Adjusted SG&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) is useful to investors as it provides consistency and comparability with our past financial performance and facilitates period-to-period comparisons of our SG&A expenses, and operations, as this measure eliminates the effects of separation-related costs, IPO-related costs and legal and other professional fees which given their nature and frequency, are outside the ordinary course and relate to unique circumstances. Adjusted SG&A margin (non-GAAP) is Adjusted SG&A (non-GAAP) divided by Revenues. 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 Earnings Per Share (EPS)/Adjusted EPS excluding Acquired IPR&D Adjusted earnings per share or Adjusted EPS (non-GAAP) is calculated as Diluted income per share attributable to Bausch + Lomb Corporation (“GAAP EPS”) (its most directly comparable GAAP financial measure), adjusted for the per diluted share impact of each adjustment made to reconcile Net income (Loss) attributed to Bausch + Lomb Corporation to Adjusted net income (non-GAAP) as discussed above. Adjusted EPS excluding Acquired IPR&D (non-GAAP) is Adjusted EPS (non-GAAP) further adjusted for the per diluted share impact of Acquired IPR&D. Like Adjusted net income (non-GAAP), Adjusted EPS (non- GAAP) and Adjusted EPS excluding Acquired IPR&D excludes the impact of certain items that may obscure trends in the Company’s underlying performance on a per share basis. By disclosing these non-GAAP measures, it is management’s intention to provide investors with a meaningful, supplemental comparison of the Company’s results and trends for the periods presented on a diluted share basis. Accordingly, the Company believes that Adjusted EPS (non-GAAP) and Adjusted EPS excluding Acquired IPR&D (non-GAAP) are useful to investors in their assessment of the Company’s operating performance, the valuation of the Company and an investor’s return on investment. It is also noted that, for the periods presented, our GAAP EPS was significantly lower than our Adjusted EPS (non-GAAP) and Adjusted EPS less Acquired IPR&D (non-GAAP). 40 Non-GAAP Appendix
Slide 42 — Non-GAAP Appendix
41 41 Adjusted Cash Flows from Operations/Adjusted Cash used in Operations; Adjusted Cash Flow from Operations to Adj. EBITDA (excl. Acq. IPR&D) conversion Adjusted cash flows from operations (non-GAAP)/Adjusted Cash used in Operations (non-GAAP) is Cash flow from operations/Cash used in operations (loss) attributable to Bausch + Lomb Corporation (its most directly comparable GAAP financial measure) adjusted for: (i) payments of legacy legal settlements, net of insurance proceeds, if any (ii) payments for separation costs, IPO costs, separation-related costs, and IPO-related costs (iii) payments for business transformation costs and (iv) payments for financing fees related to the modification of debt, if any. Management believes that Adjusted cash flows from operations (non-GAAP)/Adjusted Cash used in Operations (non-GAAP), along with the GAAP and non-GAAP measures used by management, most appropriately reflect how the Company measures the business internally. The Company uses adjusted cash flows from operations (non-GAAP)/Adjusted Cash used in Operations (non-GAAP) both to assess the actual financial performance of the Company and to forecast future results as part of its guidance. Management believes adjusted cash flows from operations (non-GAAP)/Adjusted Cash used by Operations (non-GAAP) is a useful measure to evaluate current performance amounts. As these payments arise from events outside of the ordinary course of continuing operations as discussed above, the Company believes that the adjustments of these items provide supplemental information with regard to the sustainability of the Company’s cash from operations, 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. Adjusted cash flow from operations to Adj. EBITDA (excl. Acq. IPR&D) conversion is Adjusted cash flow from operations divided by Adjusted EBITDA (excluding Acquired IPR&D). Free Cash Flow Free Cash Flow is Cash flow from operations (its most directly comparable GAAP financial measure) adjusted for CapEx. The company uses Free Cash Flow both to assess the actual financial performance of the Company and to forecast future results as part of its guidance. Management believes Free Cash Flow is a useful measure to evaluate the company’s actual cash on hand after paying capital expenditures and, as a result, provide useful supplemental information to investors. Adjusted R&D Adjusted R&D expenses (non-GAAP) represents research and development expenses (“R&D expenses”) (its most directly comparable GAAP financial measure), adjusted to exclude certain separation-related costs. See the discussion under “Other Non- GAAP adjustments” above. Management uses Adjusted R&D (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. The Company believes that Adjusted R&D (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 R&D expenses, as this measure eliminates the effects of separation-related costs ,which given their nature and frequency, are outside the ordinary course and relate to unique circumstances. Net Leverage Net Leverage is the ratio of net debt (which is calculated as total debt (its GAAP equivalent) less cash and cash equivalents) over Adjusted EBITDA (excluding Acquired IPR&D). Management believes that net leverage is an important measure of our overall liquidity position and an indicator of our ability to meet financial obligations. 41 Non-GAAP Appendix