EX-99.1 2 ex991-q3x2024.htm EX-99.1 Document
附录99.1

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投资人联络:媒体联系人:
Garen Sarafian
Katie Savastano
ir@bauschhealth.com
corporate.communications@bauschhealth.com
(877) 281-6642（免费电话）
(908) 541-3785

bausch health宣布2024年第三季度业绩

•营业收入和调整后EBITDA（非GAAP）连续第六个季度同比增长。1
•第三季度的综合收入为25.1亿美元，按照报告基础增加12％，按照有机（非GAAP）基础增长9％。1 ，各板块均有增长。
•合并依据会计准则的净亏损归属于鲍氏健康公司达8,500万美元
•归属于bausch health公司的合并调整后EBITDA（非GAAP）1 达90900万，增长10%
•提高2024年全年预测

2024年10月30日，Bausch Health Companies Inc.（纽交所/tsx：BHC）（"Bausch Health"或"公司"或"我们"）今天宣布了2024年第三季度财务业绩和其他重要更新。

"Bausch Health的团队在第三季度持续兑现承诺，连续第六个季度实现营业收入和调整后EBITDA同比增长。在我们继续推进研发项目的同时，包括在加拿大批准和推出CABTREO®。这些成果反映了我们产品组合的多样性和强大性，不仅在地理上，而且在各疗效领域均有所体现，" Bausch Health首席执行官Thomas J. Appio表示。

2024年第三季营业收入表现
2024年第三季度，总合报告营业收入为25.1亿美元，较2023年第三季度的22.4亿美元增加了27200万美元，增幅为12%。排除汇率期货影响的900万美元、收购金额9600万美元、出售及停产16500万美元，营收在有机基础上增长了9%。1 相较于2023年第三季度，基础上，营收增长了。

各部门的报告收入如下：

截至9月30日的三个月报告变化
货币不变情况下的变化1
(非通用会计原则)
有机营业收入的变化1
(非通用会计原则)
(以百万为单位)20242023金额百分比。
Bausch Health总营业收入$2,510$2,238$27212 %13 %9 %
bausch health（不含 B+L）$1,314$1,231$837 %7 %8 %
Salix部门$642$614$285 %5 %5 %
国际业务部门$291$275$166 %7 %8 %
Solta Medical部门$112$83$2935 %36 %36 %
Diversified部门$269$259$104 %4 %7 %
Bausch + Lomb部门$1,196$1,007$18919 %19 %10 %

___________________________________
1 这是非通用会计原则（GAAP）的指标或比率。有关非GAAP指标和非GAAP比率的更多资讯，请参阅本新闻稿的"非GAAP资讯"部分。请还参考本新闻稿末端的表格，以将此等非GAAP指标和比率与最直接可比的GAAP指标进行调解。
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柳树片段
Salix部门报告2024年第三季度营收为64200万美元，相较于2023年第三季度的61400万美元，增加了2800万美元，增幅为5%。在除去400万美元的出售和停产影响后，部门营收以有机方式增加了5%。1 Xifaxan®营收增长了7%，Relistor®和Trulance®的营收分别增长了9%，相较于2023年第三季度，某些非推广产品的销售额下降导致部分抵销。

International Segment
2024年第三季度国际部门报告的收入为29100万美元，较2023年第三季度的27500万美元增加1600万美元，增幅为6%。在排除汇率期货的影响300万美元以及分拆和停产的200万美元后，该部门的收入以有机方式增长。1 基准基础上，与2023年第三季度相比，收入增长了8%，其中加拿大增长了两位数，拉丁美洲有稳健的有机增长。1 拉丁美洲的有机增长驱动了加拿大的两位数增长。

Solta医疗部门
Solta Medical部门2024年第三季度报告的收入为11200万美元，较2023年第三季度的8300万美元增加2900万美元，增幅为35%。除去100万美元的汇率期货影响，部门收入增加了36%，为有机增长。1 基础上，与2023年第三季度相比，由于韩国和中国的增长，Solta Medical的销售额增长了36%。

多元化的部门
多元化部门在2024年第三季度报告的营业收入为26900万美元，较2023年第三季度的25900万美元增加1000万美元，增幅为4%。除去700万美元的出售和停止活动的影响，部门收入在有机基础上增加了7%。1 主要归因于神经学收入增加。

白腊龙巴士 + 龙股份
宝视美透过业务部门报告，在2024年第三季度收入达119600万美元，较2023年第三季度的100700万美元增加18900万美元，增幅为19%。 除去汇率期货影响的500万美元、9600万美元的收购以及300万美元的剔除和停产，业务部门收入在有机的情况下同比增长了10%，受所有业务单元的增长推动。1 与2023年第三季度相比，所有业务板块的增加驱动，业务部门收入基础上增长了10%。

综合营业收益
2024年第三季度的合并营运收入为31800万美元，较2023年第三季度的1400万美元增加了30400万美元。主要因较高的收入和相关毛利润的影响，以及2023年第三季度记录的40200万美元商誉减损费用的影响，部分抵销了对某些旧有法律事项的保留金及较高的销售、总务和行政费用的调整。

归因于bausch health的综合净亏损
2024年第三季度贝聿鳖的综合净损为8500万美元，较2023年第三季度的37800万美元提高了29300万美元，主要是由于营业收入增加。

合并调整后可归属于bausch health的净利润
Bausch Health归因于伞下已调整的净利润（非GAAP）1 2024年第三季度的合并净利润为41500万美元，较2023年第三季度的37700万美元增加3800万美元，主要是由于较高的收入和毛利润，部分抵销了更高的销售、总务及管理费用以及更高的利息费用。

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Bausch Health应占合并亏损每股
截至2024年第三季，归属于bausch health的综合损失每股为（0.23美元），较2023年第三季的（1.03美元）有所改善。

综合调整后息税折旧及摊销前利润 (Consolidated Adjusted EBITDA) 归属于bausch health（非GAAP）1
归属于bausch health的合并调整后息税折旧及摊销前利润（非依法定会计准则）为2024年第三季度为90900万美元，较2023年第三季度的83000万美元增加7900万美元，增幅为10%。)1 2024年第三季度为90900万美元，较2023年第三季度的83000万美元增加7900万美元，增幅为10%。

综合营运活动提供之现金
2024年第三季度，该公司营运活动产生了40500万美元现金，较2023年第三季度的28100万美元增加。现金流量增加反映了上述所述改善的营运结果以及有利的流动资本变化。

Balance Sheet Highlights as of September 30, 2024:
•Consolidated cash and cash equivalents of $719 million.
•Bausch Health (excl. B+L) had availability under its 2027 revolving credit facility of approximately $950 million and Bausch + Lomb had availability under its revolving credit facility of approximately $120 million.
•Bausch Health (excl. B+L) has an accounts receivable credit facility which provides for up to $600 million of availability, subject to certain borrowing base tests, $300 million of which was drawn as of September 30, 2024.
•Bausch Health is focused on strengthening its balance sheet, including evaluating and utilizing, as appropriate, various tools and strategies to further reduce the Company's outstanding debt and enhance its debt maturity profile.

Bausch Health (excl. B+L) R&D Update
•CABTREO®: triple combination product for the treatment of acne vulgaris
▪Approved in Canada in the third quarter and launched in October 2024
•RED-C: prevention and delay of first episode of hepatic encephalopathy
▪Both global Phase 3 studies are in the treatment phase
▪On track for top-line Phase 3 results by early 2026
•Amiselimod (S1P modulator): once-daily oral treatment of mild- to moderate- ulcerative colitis
▪Submitted draft protocols for Phase 3 trial addressing moderate- to severe- ulcerative colitis patients
▪Agreement on study protocols from FDA, EMA (EU), and PMDA (Japan) expected by year-end 2024
▪Evaluating a Phase 2 study for Crohn's disease
•Thermage® FLX: radio-frequency technology to help tighten and improve the smoothness and texture of skin’s surface
▪Plans to submit for approval in Canada during the fourth quarter of 2024
•Clear + Brilliant® Touch: fractionated laser device for skin rejuvenation
▪Awaiting European regulatory response to submission with additional plans to submit to Asia Pacific markets and Canada thereafter
▪Launched in the Philippines in the third quarter 2024, adding to approved launches outside of the U.S. this year in Australia and New Zealand






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2024 Financial Outlook

The Company raised its consolidated full-year Revenue and Adjusted EBITDA (non-GAAP)1 guidance:

Current Guidance (as of October 30, 2024)
BHCBHC
(excl. B+L)		B+L
Revenues (in Billions)$9.500 - $9.675$4.775 - $4.850$4.725 - $4.825
Organic1 growth vs. Prior Year
4%-6%
Adjusted EBITDA1 (in Billions)
$3.275 - $3.375$2.425 - $2.475$0.85 - $0.90

Other than with respect to GAAP revenues, the Company only provides guidance on a non-GAAP basis. The Company does not provide a reconciliation of forward-looking Adjusted EBITDA (non-GAAP)1 to GAAP net income (loss), due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. Because deductions (such as restructuring, gain or loss on extinguishment of debt and litigation and other matters) used to calculate projected net income (loss) vary dramatically based on actual events, the Company is not able to forecast on a GAAP basis with reasonable certainty all deductions needed in order to provide a GAAP calculation of projected net income (loss) at this time. The amount of these deductions may be material and, therefore, could result in projected GAAP net income (loss) being materially less than projected Adjusted EBITDA (non-GAAP)1. These statements represent forward-looking information and may represent a financial outlook, and actual results may vary. Please see the risks and assumptions referred to in the “Forward-looking Statements” section of this news release. The guidance in this news release is only effective as of the date it is given and will not be updated or affirmed unless and until the Company publicly announces updated or affirmed guidance.


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Conference Call Details
Date:
Wednesday, October 30, 2024
Time:5:00 p.m. ET
Webcast: http://ir.bauschhealth.com/events-and-presentations
A replay of the conference call will be available on the investor relations website.

About Bausch Health
Bausch Health Companies Inc. (NYSE/TSX: BHC) is a global diversified pharmaceutical company enriching lives through our relentless drive to deliver better health care outcomes. We develop, manufacture and market a range of products primarily in gastroenterology, hepatology, neurology, dermatology, medical aesthetic devices, international pharmaceuticals and eye health, through our controlling interest in Bausch + Lomb. Our ambition is to be a globally integrated healthcare company, trusted and valued by patients, HCPs, employees and investors. For more information, visit www.bauschhealth.com and connect with us on Twitter and LinkedIn.


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Forward-looking Statements
This news release contains forward-looking information and statements, within the meaning of applicable 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 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 2024 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 the following: the impact of current market and economic conditions in one or more of the Company’s markets; the impact of inflation and other macroeconomic factors on the Company’s business and operations; the ability to complete the separation of Bausch + Lomb, including the timing and structure thereof, and to achieve the expected benefits thereof, and other risks and uncertainties relating to such separation, including actual and potential litigation related thereto; uncertainty of commercial success for new and existing products; challenges to patents; challenges to the Company’s ability to enforce and defend against challenges to its patents; the impact of patent expirations and the ability of the Company to successfully execute strategic plans; compliance with legal and regulatory requirements; our substantial debt and current and future debt service obligations; 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.

Additional information regarding certain of these material factors and assumptions may be found in the Company’s filings described above. The Company believes that the material factors and assumptions reflected in these forward-looking statements are reasonable in the circumstances, but 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 Health undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, unless required by law.


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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. 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 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 tables below. 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), due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations.
Specific Non-GAAP Measures
Adjusted EBITDA (non-GAAP) and Adjusted EBITDA attributable to Bausch Health (non-GAAP)

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 of 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 expense, net, (Benefit from) provision for income taxes, depreciation and amortization and the following items:
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•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.
•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.
•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 severance-related costs (including the severance costs associated with the departure of Bausch + Lomb’s former CEO). 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 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.
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•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.
•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 (non-GAAP) and Adjusted Net Income attributable to Bausch Health (non-GAAP)
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
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these adjustments are described above, and amortization of intangible assets and acquisition-related costs and adjustments excluding amortization of intangible assets, 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.
•Acquisition-related costs and adjustments excluding amortization of intangible assets: In addition to the acquisition-related costs and adjustments as described above, the Company has excluded the expense directly attributable to one-time commitment and structuring fees related to a bridge loan facility put in place prior to the acquisition of XIIDRA and certain other ophthalmology assets. 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.

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).


10 | Page



Organic Revenue (non-GAAP) and Change in Organic Revenue (non-GAAP)

Organic revenue (non-GAAP) 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.

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.

Please also see the reconciliation tables below for further information as to how these non-GAAP measures and ratios are calculated for the periods presented.
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Bausch Health Companies Inc. Table 1
Condensed Consolidated Statements of Operations
For the Three and Nine Months Ended September 30, 2024 and 2023
(unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
(in millions)2024202320242023
Revenues
Product sales$2,482 $2,213 $6,990 $6,281 
Other revenues28 25 76 68 
2,510 2,238 7,066 6,349 
Expenses
Cost of goods sold (excluding amortization and impairments of intangible assets)682 612 2,018 1,824 
Cost of other revenues14 11 37 30 
Selling, general and administrative850 715 2,476 2,151 
Research and development146 153 453 452 
Amortization of intangible assets274 253 818 795 
Goodwill impairments— 402 — 402 
Asset impairments— 4 6 54 
Restructuring, integration and separation costs1 14 25 40 
Other expense, net225 60 245 — 
2,192 2,224 6,078 5,748 
Operating income318 14 988 601 
Interest income7 6 24 19 
Interest expense(346)(339)(1,051)(965)
Gain on extinguishment of debt— — 23 — 
Foreign exchange and other— (7)(26)(38)
Loss before income taxes(21)(326)(42)(383)
Provision for income taxes(71)(56)(128)(181)
Net loss(92)(382)(170)(564)
Net loss attributable to noncontrolling interest7 4 31 11 
Net loss attributable to Bausch Health Companies Inc.$(85)$(378)$(139)$(553)
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Bausch Health Companies Inc. Table 2
Reconciliation of GAAP Net Loss to Adjusted Net Income (non-GAAP)
For the Three and Nine Months Ended September 30, 2024 and 2023
(unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
(in millions)2024202320242023
Net loss$(92)$(382)$(170)$(564)
Non-GAAP adjustments: (a)
Amortization of intangible assets274 253 818 795 
Goodwill impairments— 402 — 402 
Asset impairments— 4 6 54 
Restructuring, integration and transformation costs9 31 54 85 
Acquisition-related costs and adjustments (excluding amortization of intangible assets)48 60 83 77 
Gain on extinguishment of debt— — (23)— 
IT infrastructure investment7 8 27 22 
Separation costs and separation-related costs2 6 12 20 
Legal and other professional fees11 4 25 17 
Gain on sale of assets, net(5)(5)(10)(4)
Litigation and other matters, net of insurance recoveries188 24 215 (55)
Other1 2 12 9 
Tax effect of non-GAAP adjustments(18)(17)(66)36 
Total non-GAAP adjustments517 772 1,153 1,458 
Adjusted net income (non-GAAP)425 390 983 894 
Adjusted net income attributable to noncontrolling interest (non-GAAP)(10)(13)(19)(26)
Adjusted net income attributable to Bausch Health Companies Inc. (non-GAAP)$415 $377 $964 $868 
(a) The components of and further details respecting each of these non-GAAP adjustments and the financial statement line item to which each component relates can be found on Table 2a.
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Bausch Health Companies Inc. Table 2a
Reconciliation of GAAP to Non-GAAP Financial Information
For the Three and Nine Months Ended September 30, 2024 and 2023
(unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
(in millions)2024202320242023
Cost of goods sold reconciliation:
GAAP Cost of goods sold (excluding amortization and impairments of intangible assets)$682 $612 $2,018 $1,824 
Fair value inventory step-up resulting from acquisitions (a)
(21)(2)(61)(2)
Adjusted cost of goods sold (excluding amortization and impairments of intangible assets) (non-GAAP)$661 $610 $1,957 $1,822 
Selling, general and administrative reconciliation:
GAAP Selling, general and administrative
$850 $715 $2,476 $2,151 
IT infrastructure investment (b)
(7)(8)(27)(22)
Legal and other professional fees (c)
(11)(4)(25)(17)
Separation-related costs (d)
(1)(3)(9)(16)
Transformation costs (e)
(9)(19)(31)(48)
Adjusted selling, general and administrative (non-GAAP)$822 $681 $2,384 $2,048 
Research and development reconciliation:
GAAP Research and development
$146 $153 $453 $452 
Separation-related costs (d)
— (1)(1)(1)
Adjusted research and development (non-GAAP)$146 $152 $452 $451 
Amortization of intangible assets reconciliation:
GAAP Amortization of intangible assets
$274 $253 $818 $795 
Amortization of intangible assets (f)
(274)(253)$(818)(795)
Adjusted amortization of intangible assets (non-GAAP)$— $— $— $— 
Goodwill impairments reconciliation:
GAAP Goodwill impairments
$— $402 $— $402 
Goodwill impairments (g)
— (402)— (402)
Adjusted goodwill impairments (non-GAAP)$— $— $— $— 
Asset impairments reconciliation:
GAAP Asset impairments
$— $4 $6 $54 
Asset impairments (h)
— (4)(6)(54)
Adjusted asset impairments (non-GAAP)$— $— $— $— 
Restructuring, integration and separation costs reconciliation:
GAAP Restructuring, integration and separation costs
$1 $14 $25 $40 
Restructuring and integration costs (e)
— (12)(23)(37)
Separation costs (d)
(1)(2)(2)(3)
Adjusted restructuring, integration and separation costs (non-GAAP)$— $— $— $— 

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Bausch Health Companies Inc.Table 2a (continued)
Reconciliation of GAAP to Non-GAAP Financial Information
For the Three and Nine Months Ended September 30, 2024 and 2023
(unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
(in millions)2024202320242023
Other expense, net reconciliation:
GAAP Other expense, net
$225 $60 $245 $— 
Litigation and other matters, net of insurance recoveries (i)
(188)(24)(215)55 
Acquisition-related contingent consideration (a)
(25)(26)(19)(40)
Gain on sale of assets, net (j)
5 5 10 4 
Acquisition-related costs (k)
(2)(15)(3)(18)
Other (l)
— (1)— (1)
Adjusted other expense, net (non-GAAP)$15 $(1)$18 $— 
Gain on extinguishment of debt reconciliation:
GAAP Gain on extinguishment of debt
$— $— $23 $— 
Gain on extinguishment of debt (m)
— — (23)— 
Adjusted gain on extinguishment of debt (non-GAAP)$— $— $— $— 
Interest expense reconciliation:
GAAP Interest expense
$(346)$(339)$(1,051)$(965)
Acquisition-related financing costs (n)
— (16)— (16)
Adjusted Interest expense (non-GAAP)$(346)$(355)$(1,051)$(981)
Foreign exchange and other reconciliation:
GAAP Foreign exchange and other
$— $(7)$(26)$(38)
Other (o)
(1)(2)(12)(9)
Adjusted foreign exchange and other (non-GAAP)$(1)$(9)$(38)$(47)
Provision for income taxes reconciliation:
GAAP Provision for income taxes
$(71)$(56)$(128)$(181)
Tax effect of non-GAAP adjustments (p)
(18)(17)(66)36 
Adjusted provision for income taxes (non-GAAP)$(89)$(73)$(194)$(145)
Net loss attributable to noncontrolling interest reconciliation:
GAAP Net loss attributable to noncontrolling interest
$7 $4 $31 $11 
Noncontrolling interest portion of amortization of intangible assets (q)
(9)(5)(26)(17)
Noncontrolling interest portion of all other adjustments (q)
(8)(12)(24)(20)
Adjusted net income attributable to noncontrolling interest (non-GAAP)$(10)$(13)$(19)$(26)

(a)    Represents the two components of the non-GAAP adjustment of “Acquisition-related costs and adjustments (excluding amortization of intangible assets)” (see Table 2).
(b)    Represents the sole component of the non-GAAP adjustment of “IT infrastructure investment” (see Table 2).
(c)    Represents the sole component of the non-GAAP adjustment of “Legal and other professional fees” (see Table 2).
(d)    Represents the two components of the non-GAAP adjustment of “Separation costs and separation-related costs” (see Table 2).
(e)    Represents the two components of the non-GAAP adjustment of “Restructuring, integration and transformation costs” (see table 2).
(f)    Represents the sole component of the non-GAAP adjustment of “Amortization of intangible assets” (see Table 2).
(g)    Represents the sole component of the non-GAAP adjustment of “Goodwill impairments” (see Table 2).
(h)    Represents the sole component of the non-GAAP adjustment of “Asset impairments” (see Table 2).
(i)    Represents the sole component of the non-GAAP adjustment of “Litigation and other matters, net of insurance recoveries” (see Table 2).
(j)    Represents the sole component of the non-GAAP adjustment of “Gain (loss) on sale of assets, net” (see Table 2).
15 | Page



(k)    Represents the sole component of the non-GAAP adjustment of “Acquisition-related costs” (see Table 2).
(l)     Represents the sole component of the non-GAAP adjustment of “Other” (see Table 2).
(m)    Represents the sole component of the non-GAAP adjustment of “Gain on extinguishment of debt” (see Table 2).
(n)    Represents the sole component of the non-GAAP adjustment of “Interest expense” (see Table 2).
(o)    Represents the sole component of the non-GAAP adjustment of “Foreign exchange and other” (see Table 2).
(p)    Represents the sole component of the non-GAAP adjustment of “Tax effect of non-GAAP adjustments” (see Table 2).
(q)    Represents the portion of the non-GAAP adjustments above attributable to noncontrolling interest (see Table 2).
    
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Bausch Health Companies Inc. Table 2b
Reconciliation of GAAP Net Loss to Adjusted EBITDA (non-GAAP)
For the Three and Nine Months Ended September 30, 2024 and 2023
(unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
(in millions)2024202320242023
Net loss$(92)$(382)$(170)$(564)
Interest expense, net339 333 1,027 946 
Provision for income taxes71 56 128 181 
Depreciation and amortization 322 301 960 935 
EBITDA640 308 1,945 1,498 
Adjustments:
Goodwill impairments— 402 — 402 
Asset impairments— 4 6 54 
Restructuring, integration and transformation costs9 31 54 85 
Acquisition-related costs and adjustments (excluding amortization of intangible assets)48 45 8362 
Gain on extinguishment of debt— — (23)— 
Share-based compensation38 29 107 103 
Separation costs and separation-related costs2 6 12 20 
Other adjustments:
Litigation and other matters, net of insurance recoveries188 24 215 (55)
IT infrastructure investment7 8 27 22 
Legal and other professional fees (a)
11 4 25 17 
Gain on sale of assets, net(5)(5)(10)(4)
Other1 2 12 9 
Adjusted EBITDA (non-GAAP)939 858 2,453 2,213 
Adjusted EBITDA attributable to noncontrolling interest (non-GAAP) (b)
(30)(28)(81)(68)
Adjusted EBITDA attributable to Bausch Health Companies Inc. (non-GAAP)$909 $830 $2,372 $2,145 

(a) Legal and other professional fees incurred during the three and nine months ended September 30, 2024 and 2023 in connection with recent legal and governmental proceedings, investigations and information requests related to, among other matters, our distribution, marketing, pricing, disclosure and accounting practices.
(b) Adjusted EBITDA attributable to noncontrolling interest (non-GAAP) is Net loss (income) attributable to noncontrolling interest adjusted for the noncontrolling interest portion of the adjustments above as follows:
Three Months EndedNine Months Ended
September 30,September 30,
(in millions)2024202320242023
Net loss attributable to noncontrolling interest$7 $4 $31 $11 
Noncontrolling interest portion of adjustments for:
Interest expense, net(12)(9)(35)(21)
Depreciation and amortization(13)(9)(38)(29)
All other adjustments(12)(14)(39)(29)
Adjusted EBITDA attributable to noncontrolling interest (non-GAAP)$(30)$(28)$(81)$(68)
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Bausch Health Companies Inc.Table 3a
Organic Growth (non-GAAP) - by Segment
For the Three Months Ended September 30, 2024 and 2023
(unaudited)
Calculation of Organic Revenue for the Three Months Ended
 September 30, 2024September 30, 2023Change in
GAAP Revenues		Change in
Organic Revenue
Revenue
as
Reported
Changes in Exchange Rates (a)
Acquisitions
Organic Revenue
(Non-GAAP) (b)
Revenue
as
Reported		Divestitures
and Discontinuations
Organic Revenue (Non-GAAP) (b)
(in millions)AmountPct.AmountPct.
Bausch Health (excl. B+L)
Salix$642 $— $— $642 $614 $(4)$610 $28 5 %$32 5 %
International291 3 — 294 275 (2)273 16 6 %21 8 %
Solta Medical112 1 — 113 83 — 83 29 35 %30 36 %
Diversified
Neuro170 — — 170 136 — 136 34 25 %34 25 %
Dermatology61 — — 61 61 (2)59 — — %2 3 %
Generics16 — — 16 38 (5)33 (22)(58)%(17)(52)%
Dentistry22 — — 22 24 — 24 (2)(8)%(2)(8)%
Total Diversified269 — — 269 259 (7)252 10 4 %17 7 %
Bausch Health (excl. B+L) revenues1,314 4 — 1,318 1,231 (13)1,218 83 7 %100 8 %
Bausch + Lomb
Vision Care684 4 — 688 648 — 648 36 6 %40 6 %
Surgical206 1 (4)203 185 — 185 21 11 %18 10 %
Pharmaceuticals306 — (92)214 174 (3)171 132 76 %43 25 %
Total Bausch + Lomb revenues1,196 5 (96)1,105 1,007 (3)1,004 189 19 %101 10 %
Total Bausch Health Companies Inc. revenues$2,510 $9 $(96)$2,423 $2,238 $(16)$2,222 $272 12 %$201 9 %

(a) 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.
(b) To supplement the financial measures prepared in accordance with GAAP, the Company uses certain non-GAAP financial measures. For additional information about the Company’s use of such non-GAAP financial measures, refer to the body of the news release to which these tables are attached. Organic revenue (non-GAAP) for the three months ended September 30, 2024 is calculated as revenue as reported adjusted for the impact for changes in exchange rates (previously defined in this news release) and acquisitions. Organic revenue (non-GAAP) for the three months ended September 30, 2023 is calculated as revenue as reported less revenues attributable to divestitures and discontinuances 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.

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Bausch Health Companies Inc.Table 3b
Organic Growth (non-GAAP) - by Segment
For the Nine Months Ended September 30, 2024 and 2023
(unaudited)
Calculation of Organic Revenue for the Nine Months Ended
September 30, 2024September 30, 2023Change in
GAAP Revenues		Change in
Organic Revenue
Revenue
as
Reported
Changes in Exchange Rates (a)
Acquisitions
Organic Revenue
(Non-GAAP) (b)
Revenue
as
Reported		Divestitures
and Discontinuations
Organic Revenue (Non-GAAP) (b)
(in millions)AmountPct.AmountPct.
Bausch Health (excl. B+L)
Salix$1,699 $— $— $1,699 $1,667 $(18)$1,649 $32 2 %$50 3 %
International832 (16)— 816 781 (6)775 51 7 %41 5 %
Solta Medical302 6 — 308 244 — 244 58 24 %64 26 %
Diversified
Neuro401 — — 401 353 — 353 48 14 %48 14 %
Dermatology185 — — 185 165 (7)158 20 12 %27 17 %
Generics65 — — 65 92 (10)82 (27)(29)%(17)(21)%
Dentistry71 — — 71 74 — 74 (3)(4)%(3)(4)%
Total Diversified722 — — 722 684 (17)667 38 6 %55 8 %
Bausch Health (excl. B+L) revenues3,555 (10)— 3,545 3,376 (41)3,335 179 5 %210 6 %
Bausch + Lomb
Vision Care2,016 42 (24)2,034 1,881 (1)1,880 135 7 %154 8 %
Surgical612 6 (4)614 563 — 563 49 9 %51 9 %
Pharmaceuticals883 4 (260)627 529 (6)523 354 67 %104 20 %
Total Bausch + Lomb revenues3,511 52 (288)3,275 2,973 (7)2,966 538 18 %309 10 %
Total Bausch Health Companies Inc. revenues$7,066 $42 $(288)$6,820 $6,349 $(48)$6,301 $717 11 %$519 8 %

(a) 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.
(b) To supplement the financial measures prepared in accordance with GAAP, the Company uses certain non-GAAP financial measures. For additional information about the Company’s use of such non-GAAP financial measures, refer to the body of the news release to which these tables are attached. Organic revenue (non-GAAP) for the nine months ended September 30, 2024 is calculated as revenue as reported adjusted for the impact for changes in exchange rates (previously defined in this news release) and acquisitions. Organic revenue (non-GAAP) for the nine months ended September 30, 2023 is calculated as revenue as reported less revenues attributable to divestitures and discontinuances 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.
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Bausch Health Companies Inc.Table 4
Other Financial Information
(unaudited)
(in millions)September 30,
2024		December 31, 2023
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents$719 $947 
Restricted cash31 15 
Cash, cash equivalents and restricted cash$750 $962 
Debt Obligations
Senior Secured Credit Facilities:
Revolving Credit Facilities$350 $275 
AR Credit Facility300 350 
Term Loan Facilities5,157 5,273 
Senior Secured Notes9,305 9,305 
Senior Unsecured Notes5,235 5,791 
Other12 12 
Total long-term debt and other, net of premiums, discounts and issuance costs20,359 21,006 
Plus: Unamortized premiums, discounts and issuance costs1,148 1,382 
Total long-term debt and other$21,507 $22,388 
Maturities of Debt Obligations (at principal amount)
Remainder of 2024$39 $155 
20252,370 2,790 
2026757 892 
20276,823 6,748 
20287,168 7,219 
20291,609 1,609 
2030 - 20311,593 1,593 
Total debt obligations$20,359 $21,006 
Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
Cash provided by operating activities$405 $281 $996 $642 

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