Bausch Health Companies Inc. · TSX:BHC
Bausch Health Companies — Q3 2026 Earnings Presentation
57 slides from Bausch Health Companies's earnings presentation, Oct 28, 2026
Slide 1: 3Q 2026 Earnings
International 3Q 2026 Earnings October 28, 2026 ® NEUROSCIENCE ©2026 Bausch Health Companies Inc. and/or one of its affiliates.
Slide 2: Forward-Looking Statements; Non-GAAP Information; Definitions
Forward-Looking Statements; Non-GAAP Information; Definitions Forward-Looking Statements 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 supple
Slide 3: Agenda
Business Update Agenda 3Q26 Financial Results 2026 Guidance Portfolio and Growth Priorities Closing Remarks and Q&A ©2026 Bausch Health Companies Inc. and/or one of its affiliates.
Slide 4: Business Update
1 Business Update ©2026 Bausch Health Companies Inc. and/or one of its affiliates.
Slide 5: Driving Results, Advancing Strategy, & Unlocking Value in 3Q26
Unconsolidated Driving Results, Advancing Strategy, & Unlocking Value in 3Q26 Delivered 14th Consecutive Quarter of Revenue and Adjusted EBITDA1 Growth 14 Broad-based performance with all segments contributing to growth Historically high 65% Adjusted EBITDA Margin1 Generated $539 Million in Adjusted
Slide 6: 3Q26 Selected Segment Highlights
3Q26 Selected Segment Highlights Salix International Solta Medical +16% +5% +18% Reported Reported Reported Revenue Growth Revenue Growth Revenue Growth 17th consecutive quarter Canada +6% with double-digit of growth for Salix promoted products growth Thermage® FLX grew 21% globally LATAM establishe
Slide 7: Sustained Growth Through Focused Execution
Unconsolidated Sustained Growth Through Focused Execution Amounts in millions USD Highlights Last Twelve-Months (“LTM”) Revenue Building greater consistency in execution $5,695 +24% Optimizing Salix performance through the product life cycle $5,165 $4,834 Advancing Solta Medical through $4,611 comme
Slide 8: Margin Expansion Through Resource Discipline
Unconsolidated Margin Expansion Through Resource Discipline Highlights LTM Adjusted EBITDA Margin1,2 Targeting strategic investments with attractive long-term potential +740 BPS 58.5% Regularly assessing infrastructure and productivity opportunities 54.2% 52.8% 51.1% Balancing investment with discip
Slide 9: Cash Generation Supporting Consistent Debt Reduction
Unconsolidated Cash Generation Supporting Consistent Debt Reduction Amounts in millions USD LTM Adjusted Cash Flows from Operations1,2 Net Debt1,3 +139% (17%) $1,307 $1,691 $15,754 $1,192 $14,763 $14,200 $13,132 $708 4Q 23 4Q 24 4Q 25 3Q 26 4Q 23 4Q 24 4Q 25 3Q 26 ONE OF LARGEST NET DEBT1 REDUCTIONS
Slide 10: 3Q26 Financial Results
2 3Q26 Financial Results ©2026 Bausch Health Companies Inc. and/or one of its affiliates.
Slide 11: 3Q26 GAAP Financial Results
Consolidated 3Q26 GAAP Financial Results Amounts in millions USD, except per share amounts 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%)
Slide 12: 3Q26 Non-GAAP Financial Results
Consolidated 3Q26 Non-GAAP Financial Results Amounts in millions USD 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%
Slide 13: 3Q26 Adjusted EBITDA & Adjusted Cash Flows from Operations
Consolidated 3Q26 Adjusted EBITDA1 & Adjusted Cash Flows from Operations1 Amounts in millions USD Adjusted Cash Flows Adjusted EBITDA1,2 from Operations1 $328 $244 $1,350 $782 2 3 $539 $1,022 Bausch Health Bausch + Lomb Bausch Health Bausch + Lomb (excl. B+L) (excl. B+L) BHC (excl. B+L) BHC (excl. B
Slide 14: 3Q26 Revenue
Consolidated 3Q26 Revenue Amounts in millions USD Bausch + Lomb Consolidated Revenue vs 3Q25 (excl. B+L) $2,941 11% 17% $2,681 17% $1,566 53% $1,375 56% 27% 19% 3Q25 3Q26 Salix International Diversified Solta Medical Vision Care Pharmaceuticals Surgical Reported: 10% Organic1: 8% Reported: 12% Organ
Slide 15: Salix Segment – 3Q26
Salix Segment – 3Q26 Amounts in millions USD Product Revenue Mix Revenue vs. 3Q25 Highlights REPORTED CHANGE CHANGE Favorable Xifaxan® growth PRODUCT REVENUE ($) (%) excl. impact of Medicaid: 4% 4% 6% TRx2 excl. Medicaid +1.8%, $714 $99 16% TRx2 (9.6%) $54 $2 3% Higher Xifaxan® realized net $831 pri
Slide 16: International Segment – 3Q26
International Segment – 3Q26 Amounts in millions USD Geographic Mix Revenue vs. 3Q25 Highlights REPORTED CHANGE REPORTED ORGANIC EMEA REGION REVENUE ($) CHANGE (%) CHANGE1 (%) 15th consecutive quarter of 23% organic growth1 EMEA $149 $0 0% 3% LATAM LATAM $82 $8 12% 1% Growth across established and $
Slide 17: Solta Medical Segment – 3Q26
Solta Medical Segment – 3Q26 Amounts in millions USD Geographic Revenue Mix Revenue vs. 3Q25 Highlights2 REPORTED CHANGE REPORTED ORGANIC Double-digit growth in Asia REGION REVENUE ($) CHANGE (%) CHANGE1 (%) 2% Pacific driven by Shibo 11% acquisition Asia Pacific $143 $29 25% (2%) N. America $19 ($1
Slide 18: Diversified Segment – 3Q26
Diversified Segment – 3Q26 Amounts in millions USD Business Revenue Mix Revenue vs. 3Q25 Highlights REPORTED CHANGE CHANGE Neuroscience BUSINESS REVENUE ($) (%) Stable revenue supported by 8% 7% favorable net pricing offset by Neuroscience $146 - - lower volume Dermatology $86 $12 16% Dermatology $2
Slide 19: Bausch + Lomb Segment Revenue – 3Q26
Bausch + Lomb Segment Revenue – 3Q26 Amounts in millions USD Bausch + Lomb Vision Care Surgical Pharmaceuticals $1,375 30% 25% 37% $1,281 $774 $234 $367 49% 63% 21% 75% 3Q25 3Q26 Consumer Contact Lens Consumables/Other Implantables Equipment U.S. International Reported: 7% Organic1: 7% Reported: 5%
Slide 20: Bausch Health (excl. B+L) Revenue & Segment Profit – 3Q26
Unconsolidated Bausch Health (excl. B+L) Revenue & Segment Profit – 3Q26 Amounts in millions USD Revenue Segment Profit Highlights 3Q26 vs. 3Q25 3Q26 vs. 3Q25 Strong Xifaxan® performance Salix $831 16% Salix $716 26% → and operating leverage across the segment International $299 5% International $99
Slide 21: 2026 Guidance
3 2026 Guidance ©2026 Bausch Health Companies Inc. and/or one of its affiliates.
Slide 22: Full Year 2026 Guidance
Consolidated Full Year 2026 Guidance2 All amounts are approximate, in billions USD 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
Slide 23: Portfolio and Growth Priorities
4 Portfolio and Growth Priorities ©2026 Bausch Health Companies Inc. and/or one of its affiliates.
Slide 24: Value Creation Levers
Value Creation Levers1 Increase Portfolio Drive Organic Growth2 Invest in Select External Maximize B+L Value for Performance and Productivity Opportunities BHC Shareholders Working All Levers of Value Creation 1. See Slide 2 for further information on forward-looking statements. ©2026 Bausch Health
Slide 25: A Strong Foundation for Value Creation
A Strong Foundation for Value Creation1 DEEP DIVERSE EXPERTISE MARKET- PORTFOLIO BROAD in LEADING with GLOBAL GI COMMERCIAL VALUABLE FOOTPRINT NEUROSCIENCE PLATFORM BRANDS DERMATOLOGY AESTHETICS ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 1. See Slide 2 for further information o
Slide 26: Appendix
Appendix ©2026 Bausch Health Companies Inc. and/or one of its affiliates.
Slide 27: Bausch Health (excl. B+L) 3Q26 Change in Net Debt
Unconsolidated Bausch Health (excl. B+L) 3Q26 Change in Net Debt1 Amounts in millions USD $13,653 NET DEBT1 DECREASED BY $521M $13,132 ($539) $11 $7 2Q26 Net Debt 1 Adj. Cash Flows CAPEX Other 3Q26 Net Debt 1 from Operations1 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and non-GAAP
Slide 28: Bausch Health (excl. B+L) Debt Maturity Profile
Unconsolidated Bausch Health (excl. B+L) Debt Maturity Profile1,2 Amounts in millions USD $7,000 TOTAL $6,000 $6,000 $15.1B1 $5,000 $3,995 $4,000 DECREASED DEBT BY $352 ~$8M $23 $779 $3,000 $6,000 $2,326 Since 2Q26 $2,000 $1,639 $30 $1,691 $2,843 $673 $463 $1,000 $1,609 DECREASED NET DEBT3 BY $8 $30
Slide 29: Key R&D Initiatives
Unconsolidated Key R&D Initiatives1 Pharmaceutical Clinical Programs Phase 1 Phase 2 Phase 3 Approval/Launch Notes • Potential to be first FDA-approved therapeutic option for AH Larsucosterol • Granted FDA Breakthrough Therapy Designation Treatment of alcohol-associated hepatitis (AH) • Registration
Slide 30: Balance Sheet Summary
Consolidated Balance Sheet Summary Amounts in millions USD September 30, 2026 December 31, 2025 Cash, cash equivalents, and restricted cash1 $2,488 $1,325 2 Revolving Credit Facilities $100 $100 3 Senior Secured Debt (principal amount) $16,058 $16,122 Senior Unsecured Debt (principal amount)3 $4,110
Slide 31: YTD GAAP Financial Results
Consolidated YTD GAAP Financial Results Amounts in millions USD, except per share amounts Favorable Nine Months Ended (Unfavorable) September 30, September 30, 2026 2025 Reported % $8,317 $7,470 11% Revenues $5,366 $4,489 20% Gross Profit Gross Margin 64.5% 60.1% 440 bps $1,869 $1,808 (3%) Selling,
Slide 32: YTD Non-GAAP Financial Results
Consolidated YTD Non-GAAP Financial Results Amounts in millions USD Nine Months Ended Favorable (Unfavorable) September 30, September 30, Constant 2026 2025 Reported 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% 18
Slide 33: Reconciliation of LTM Reported Net Income (Loss) to LTM Adjusted EBITDA
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 $8,7
Slide 34: Reconciliation of LTM Cash Provided by Operating Activities to LTM Adjusted Cash Flows
Consolidated Reconciliation of LTM Cash Provided by Operating Activities to LTM Adjusted Cash Flows From Operations1,2 Amounts in millions USD Dec-23 Dec-24 Dec-25 Sep-26 Bausch Bausch Bausch Bausch Bausch Bausch Bausch Bausch Health Bausch Health Bausch Health Bausch Health Bausch Health Health Hea
Slide 35: Channel Inventory in Select U.S. Businesses (QTD)
Channel Inventory in Select U.S. Businesses (QTD)1 Months on Hand As of As of Change As of As of Change Business Units Jun 30, 2025 Sep 30, 2025 3Q25 Jun 30, 2026 Sep 30, 2026 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
Slide 36: Channel Inventory in Select U.S. Businesses (YTD)
Channel Inventory in Select U.S. Businesses (YTD)1 Months on Hand As of As of Change As of As of Change Business Units Dec 31, 2024 Sep 30, 2025 YTD25 Dec 31, 2025 Sep 30, 2026 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) 1.0
Slide 37: Other Financial Information
Consolidated Other Financial Information Amounts in millions USD Three Months Ended Favorable (Unfavorable) Nine Months Ended Favorable (Unfavorable) September September Constant September September Constant 30, 2026 30, 2025 Reported Currency¹ 30, 2026 30, 2025 Reported Currency¹ Cash Interest Paid
Slide 38: Non-GAAP Adjustments EPS Impact
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 EPS Income EPS Income EPS Income EPS (Expense) Impact (Expense) Impact (Expense) Impact (Ex
Slide 39: Revenue & Segment Profit Summary
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 9
Slide 40: Reconciliation of Total Long-Term Debt to Net Debt
Consolidated Reconciliation of Total Long-Term Debt to Net Debt1,2 Amounts in millions USD 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 c
Slide 41: 3Q26 Reconciliation of Reported Operating Income to Adjusted EBITA
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 Gross Selling & R&D Operating Operating Gross Gross Selling & R&D Operating Operating Profit Margin Advertising G
Slide 42: YTD Reconciliation of Reported Operating Income to Adjusted EBITA
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 Gross Selling & R&D Operating Operating Gross Gross Selling & R&D Operating Operating Profit Margin Advertising G&A
Slide 43: Reconciliation of Reported Net Income (Loss) to EBITDA and Adjusted EBITDA
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 incom
Slide 44: 3Q26 Reconciliation of Reported Segment Profit to Adjusted EBITDA
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 Segment Segment Segment Segment Revenue Profit Profit Margin Revenue Profit Profit Margin Salix $831 $716 86% $716 $570
Slide 45: YTD Segment Profit Reconciliation to Adjusted EBITDA
Consolidated YTD Segment Profit Reconciliation to Adjusted EBITDA1 Amounts in millions USD Nine Months Ended September 30, 2026 Nine Months Ended September 30, 2025 Segment Segment Segment Segment Revenue Profit Profit Margin Revenue Profit Profit Margin Salix $2,228 $1,789 80% $1,885 $1,396 74% Int
Slide 46: 3Q26 Reconciliation of Reported Revenue to Organic Revenue
Consolidated 3Q26 Reconciliation of Reported Revenue to Organic Revenue1 and Change in Organic Revenue1 Amounts in millions USD Three Months Ended Change in Reported Change in Organic September 30, 2026 September 30, 2025 Revenue Revenue¹ Reported Changes in Organic Reported Divestitures and Organic
Slide 47: YTD Reconciliation of Reported Revenue to Organic Revenue
Consolidated YTD Reconciliation of Reported Revenue to Organic Revenue1 and Change in Organic Revenue1 Amounts in millions USD Nine Months Ended Change in Reported Change in Organic September 30, 2026 September 30, 2025 Revenue Revenue¹ Reported Changes in Organic Reported Divestitures and Organic R
Slide 48: 3Q26 & YTD Reconciliation of Cash from Operations to Adjusted Cash Flows
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 Three Months Ended September 30, 2026 Nine Months Ended September 30, 2026 Bausch Health Bausch Health Bausch Health
Slide 49: Reconciliation of LTM Net (Loss) Income to LTM Adjusted EBITDA
Consolidated Reconciliation of LTM Net (Loss) Income to LTM Adjusted EBITDA1 Amounts in millions USD 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
Slide 50: 3Q26 Reconciliation of Reported Net Income (Loss) to Adjusted EBITDA
Consolidated 3Q26 Reconciliation of Reported Net Income (Loss) to Adjusted EBITDA1 Amounts in millions USD Three Months Ended September 30, 2026 Three Months Ended September 30, 2025 Bausch Health Bausch Health Bausch Health Bausch Health Companies Inc. Bausch + Lomb (excl. B+L) Companies Inc. Bausc
Slide 51: YTD Reconciliation of Reported Net (Loss) Income to Adjusted EBITDA
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 Bausch Health Bausch Health Bausch Health Companies Inc. Bausch + Lomb (excl. B+L) Companies Inc. Bausch +
Slide 52: Non-GAAP Appendix
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 expected to fluctuate between periods in amount, size, and timing. These out-of-the-ordinary-course charges measures an
Slide 53: Non-GAAP Appendix
Non-GAAP Appendix Adjusted Net Income and Adjusted Net Income Attributable to Bausch Health • Separation costs and separation-related costs: The Company has excluded certain costs incurred in connection with Adjusted net income (non-GAAP) is Net income (its most directly comparable GAAP financial me
Slide 54: Non-GAAP Appendix
Non-GAAP Appendix Historically, management has used Adjusted net income (loss) (non-GAAP) for strategic decision making, forecasting future Adjusted EBITA and Adjusted EBITA Margin results and evaluating current performance. This non-GAAP measure excludes the impact of certain items (as described Ad
Slide 55: Non-GAAP Appendix
Non-GAAP Appendix Adjusted Gross Profit and Adjusted Gross Margin Total Adjusted Operating Expenses Adjusted gross profit (non-GAAP) represents gross profit (its most directly comparable GAAP financial measure) adjusted for Total Adjusted Operating Expenses (non-GAAP) represents operating expenses (
Slide 56: Non-GAAP Appendix
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 Adjusted Free Cash Flows excluding Bausch + Lomb (non-GAAP) is Adjusted Free Cash Flows (non-GAAP) further of the various non-GAAP adjustments
Slide 57: Non-GAAP Appendix
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
Bausch Health Companies — Q3 2026 Earnings Presentation on 6ix