Lifitegrast

Revenue of $1.099 Billion GAAP Net Loss Attributable to Bausch + Lomb Corporation of $167 Million Adjusted EBITDA (non-GAAP)1 of $180 Million Revenue Grew 18% as Reported and 20% on a Constant Currency1 Basis Compared to the First Quarter of 2023, Driven by Growth Across All Business Segments Foreign Exchange Negatively Impacted Revenue by Approximately $20 Million Raising Full-Year 2024 Constant Currency Revenue Growth1 Guidance VAUGHAN, Ontario--(BUSINESS WIRE)-- Bausch + Lomb Corporation (NYSE/TSX: BLCO), a leading global eye health company dedicated to helping people see better to live better, today announced its first-quarter 2024 financial results. “Outperformance from each of our business units and solid results across geographies led to an impressive quarter and once again demonstrated our quality of growth,” said Brent Saunders, chairman and CEO, Bausch + Lomb. “Our key franchises continue to deliver, and a focus on returning to our roots by prioritizing innovation is producing tangible results.” Select First-Quarter Company Highlights Broad-based growth across all segments and key franchises, including Daily SiHy lenses, LUMIFY® and eye vitamins Strong uptake of MIEBO® and ongoing execution of XIIDRA® relaunch strategy extend the company’s leading position in the dry eye category; will be bolstered by upcoming launch of Blink™ NutriTears® Broad market entry for enVista® Aspire™ kicks off a steady stream of IOL innovation First-Quarter 2024 Revenue Performance Total reported revenue was $1.099 billion for the first quarter of 2024, as compared to $931 million in the first quarter of 2023, an increase of $168 million, or 18%. Excluding the unfavorable impact of foreign exchange of $20 million, revenue increased by approximately 20% on a constant currency1 basis compared to the first quarter of 2023. Revenue by segment was as follows: First-Quarter 2024 (in millions) Three Months Ended March 31 Reported Change Reported Change Change at Constant Currency1 (non-GAAP) 2024 2023 Total Bausch + Lomb Revenue $1,099 $931 $168 18% 20% Vision Care $635 $587 $48 8% 11% Surgical $197 $183 $14 8% 8% Pharmaceuticals $267 $161 $106 66% 66% Vision Care Segment Vision Care segment revenue was $635 million for the first quarter of 2024, as compared to $587 million for the first quarter of 2023, an increase of $48 million, or 8%. Excluding the unfavorable impact of foreign exchange of $18 million, segment revenue increased on a constant currency1 basis by approximately 11% compared to the first quarter of 2023, primarily driven by growth in Daily SiHy lenses, LUMIFY®, eye vitamin and consumer dry eye franchises. Surgical Segment Surgical segment revenue was $197 million for the first quarter of 2024, as compared to $183 million for the first quarter of 2023, an increase of $14 million, or 8%. Excluding the unfavorable impact of foreign exchange of $1 million, segment revenue increased on a constant currency1 basis by approximately 8% compared to the first quarter of 2023, driven by growth in consumables, implantables and equipment. Pharmaceuticals Segment Pharmaceuticals segment revenue was $267 million for the first quarter of 2024, as compared to $161 million for the first quarter of 2023, an increase of $106 million, or 66%. Excluding the unfavorable impact of foreign exchange of $1 million, segment revenue increased on a constant currency1 basis by approximately 66% compared to the first quarter of 2023, primarily due to the acquisition of XIIDRA, strong launch performance of MIEBO, and growth in U.S. Generics and International Pharmaceuticals. Operating Results Operating income was $6 million for the first quarter of 2024, as compared to an operating loss of $2 million for the first quarter of 2023, an increase of $8 million. The change was largely driven by the increase in sales, as noted above, partially offset by an increase in advertising and promotional spend primarily attributable to XIIDRA and MIEBO and increase in amortization expense. Net Loss Net loss attributable to Bausch + Lomb Corporation for the first quarter of 2024 was $167 million, as compared to $90 million for the first quarter of 2023, an unfavorable change of $77 million. The change was primarily due to an increase in interest expense and provision for taxes, partially offset by the increase in operating results as noted above. Adjusted net income attributable to Bausch + Lomb Corporation (non-GAAP)1 for the first quarter of 2024 was $24 million, as compared to $34 million for the first quarter of 2023, a decrease of $10 million. Cash from Operations Cash flow from operations for the first quarter of 2024 was $41 million, as compared to cash flow used in operations of $56 million for the first quarter of 2023, an increase of $97 million. Cash flow from operations was positively impacted by the acquisition of XIIDRA, partially offset by an increase in inventories. Earnings Per Share GAAP Earnings Per Share (“EPS”) Basic and Diluted attributable to Bausch + Lomb Corporation for the first quarter of 2024 was ($0.48), as compared to ($0.26) for the first quarter of 2023. Adjusted EPS attributable to Bausch + Lomb Corporation (non-GAAP)1 for the first quarter of 2024 was $0.07, as compared to $0.10 for the first quarter of 2023. Adjusted EBITDA (non-GAAP)1 Adjusted EBITDA (non-GAAP)1 was $180 million for the first quarter of 2024, as compared to $141 million for the first quarter of 2023, an increase of $39 million, primarily due to the increase in sales, as noted above, partially offset by an investment in launch products including MIEBO and XIIDRA. 2024 Financial Outlook2 Bausch + Lomb guidance for full-year 2024 is as follows: Raising full-year 2024 constant currency revenue growth1 guidance from 12-14% to 13-15%4 Full-year revenue range of $4.600 – $4.700 billion Full-year Adjusted EBITDA (non-GAAP)1 range of $840 – $890 million Foreign exchange revenue headwinds now expected to be approximately $90 million for the full year, previously approximately $40 million4 Other than with respect to GAAP revenue, 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) attributable to Bausch + Lomb Corporation or of forward-looking constant currency revenue growth1 to reported revenue growth, 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 projected GAAP measure or ratio being materially different or less than the projected non-GAAP measure or ratio. 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. Balance Sheet Highlights Bausch + Lomb’s cash, cash equivalents and restricted cash were $325 million at Mar. 31, 2024 Basic weighted average shares outstanding for the first quarter of 2024 were 351.1 million, and diluted weighted average shares outstanding for the first quarter of 2024 were 352.7 million3 Conference Call Details Date: Wednesday, May 1, 2024 Time: 8:00 a.m. ET Webcast: Participant Event Dial-in: +1 (888) 506-0062 (North America) +1 (973) 528-0011 (International) Participant Access Code: 357966 Replay Dial-in: +1 (877) 481-4010 (North America) +1 (919) 882-2331 (International) Replay Passcode: 49631 (replay available until May 15, 2024) About Bausch + Lomb Bausch + Lomb is dedicated to protecting and enhancing the gift of sight for millions of people around the world – from birth through every phase of life. Its comprehensive portfolio of approximately 400 products includes contact lenses, lens care products, eye care products, ophthalmic pharmaceuticals, over-the-counter products and ophthalmic surgical devices and instruments. Founded in 1853, Bausch + Lomb has a significant global research and development, manufacturing and commercial footprint with approximately 13,000 employees and a presence in nearly 100 countries. Bausch + Lomb is headquartered in Vaughan, Ontario with corporate offices in Bridgewater, New Jersey. For more information, visit and connect with us on X, LinkedIn, Facebook and Instagram. Forward-looking Statements This news release contains forward-looking information and statements within the meaning of applicable securities laws (collectively, “forward-looking statements”), which may generally be identified by the use of the words “anticipates,” “hopes,” “expects,” “intends,” “plans,” “projects,” “predicts,” “forecasts,” “should,” “could,” “would,” “may,” “might,” “will,” “strive,” “believes,” “estimates,” “potential,” “target,” “guidance,” “outlook,” 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. Forward-looking statements include statements regarding Bausch + Lomb’s future prospects and performance, including the company’s 2024 full-year guidance, anticipated launches of certain of our products (including the timing thereof) and expected future growth resulting from increased investment in modernizing manufacturing capabilities and supply chain optimization. These forward-looking statements, including the company’s full-year guidance, 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 Dec. 31, 2023 (filed with the SEC and CSA on Feb. 21, 2024) and its most recent quarterly filings), which factors are incorporated herein by reference. They also include risks and uncertainties respecting the proposed plan to spin off or separate Bausch + Lomb from Bausch Health Companies Inc. (“BHC”), including the expected benefits and costs of the spinoff transaction, the expected timing of completion of the spinoff transaction and its terms (including the expectation that the spinoff transaction will be completed following the achievement of targeted net leverage ratios, subject to receipt of applicable shareholder and other necessary approvals and other factors (including those described in BHC’s public filings)), the ability to complete the spinoff transaction considering the various conditions to the completion of the spinoff transaction (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 of the company’s common shares by BHC, 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 spinoff transaction, diversion of management time on spinoff transaction-related issues, retention of existing management team members, the reaction of customers and other parties to the spinoff transaction, the structure of the spinoff transaction and related distribution, the qualification of the spinoff transaction 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 spinoff transaction (some of which are beyond their control), other potential tax or other liabilities that may arise as a result of the spinoff transaction, the potential dis-synergy costs resulting from the spinoff transaction, the impact of the spinoff transaction 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 any spinoff transaction will occur at all, or that any spinoff transaction will occur on the terms and timelines anticipated by the company and BHC. They also include risks and uncertainties respecting the acquisition of XIIDRA® and certain other ophthalmology assets, including risks that the company may not realize the expected benefits of that transaction on a timely basis or at all and risks relating to increased levels of debt as a result of debt incurred to finance such transaction, including in regard to compliance with our debt covenants. 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 inflation, slower growth or a potential recession, which could adversely impact our revenue, expenses and resulting margins, and economic factors over which we have no control, including inflationary pressures as a result of historically high domestic and global inflation and otherwise, interest rates, foreign currency rates, and the positional effect of such factors on revenue, expenses and resulting margins. In addition, certain material factors and assumptions have been applied in making these forward-looking statements, including, without limitation, 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 2024 full-year guidance with respect to expectations regarding base performance growth, expectations regarding performance of certain of our key products (including XIIDRA® and MIEBO®), currency impact, run-rate dis-synergies and inflation, expectations regarding 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, interest expense, adjusted tax rate and full year capex and the anticipated timing and extent of the company’s R&D expense. 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 news release or to reflect actual outcomes, unless required by law. Links provided in this news release are solely for information purposes and do not constitute Bausch + Lomb affirming any forward-looking statements contained in the linked content. 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. Management uses these non-GAAP measures and ratios as key metrics in the evaluation of the company’s performance and the consolidated financial results and, in part, in the determination of cash bonuses for its executive officers. The company believes these non-GAAP measures and ratios are useful to investors in their assessment of our operating performance and the valuation of the company. In addition, these non-GAAP measures and ratios address questions the company routinely receives from analysts and investors, and in order to assure that all investors have access to similar data, the company has determined that it is appropriate to make this data available to all investors. 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. 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. Specific Non-GAAP Measures EBITDA and Adjusted EBITDA 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 (non-GAAP) is Net income (loss) attributable to Bausch + Lomb Corporation (its most directly comparable U.S. GAAP financial measure) adjusted for interest expense, net, (benefit from) provision for income taxes, depreciation and amortization and further adjusted for 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 Asset impairments were less than $1 million for the three months ended March 31, 2024 and 2023. 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 Bausch + Lomb 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 (including costs associated with changes in our executive officers, such as the severance costs associated with the departure of the company’s former CEO and the costs associated with the appointment of the company’s current 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 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. 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. 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 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 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 contingent consideration, separation costs and separation-related costs and other non-GAAP adjustments, as these adjustments are described above, and further adjusted for 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 (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 revenue growth is a change in GAAP revenue (its most directly comparable GAAP financial measure) on a period-over-period basis adjusted for changes in foreign currency exchange rates. The company uses Constant Currency revenue (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. Constant currency impact is determined by comparing 2024 reported amounts adjusted to exclude currency impact, calculated using 2023 monthly average exchange rates, to the actual 2023 reported amounts. Adjusted EPS (non-GAAP) 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) attributable to Bausch + Lomb Corporation to Adjusted net income (non-GAAP) as discussed above. Like Adjusted net income (non-GAAP), Adjusted EPS (non-GAAP) excludes the impact of certain items that may obscure trends in the company’s underlying performance on a per share basis. By disclosing this non-GAAP measure, 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) is 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). © 2024 Bausch + Lomb. Bausch + Lomb Corporation Table 1 Consolidated Statements of Operations For the Three Months Ended March 31, 2024 and 2023 (unaudited) Three Months Ended March 31, (in millions, except per share amounts) 2024 2023 Revenues Product sales $ 1,094 $ 928 Other revenues 5 3 1,099 931 Expenses Cost of goods sold (excluding amortization and impairments of intangible assets) 423 371 Cost of other revenues 1 1 Selling, general and administrative 504 418 Research and development 82 77 Amortization of intangible assets 74 57 Other expense, net 9 9 1,093 933 Operating income (loss) 6 (2 ) Interest income 3 3 Interest expense (99 ) (50 ) Foreign exchange and other — (6 ) Loss before provision for income taxes (90 ) (55 ) Provision for income taxes (73 ) (33 ) Net loss (163 ) (88 ) Net income attributable to noncontrolling interest (4 ) (2 ) Net loss attributable to Bausch + Lomb Corporation $ (167 ) $ (90 ) Basic and diluted loss per share attributable to Bausch + Lomb Corporation $ (0.48 ) $ (0.26 ) Basic weighted-average common shares 351.1 350.0 Diluted weighted-average common shares 351.1 350.0 Bausch + Lomb Corporation Table 2 Reconciliation of GAAP Net Loss and Diluted Loss per Share Attributable to Bausch + Lomb Corporation to Adjusted Net Income (non-GAAP) and Adjusted Earnings Per Share (non-GAAP) For the Three Months Ended March 31, 2024 and 2023 (unaudited) Three Months Ended March 31, 2024 2023 (in millions, except per share amounts) Income (Expense) Earnings per Share Impact Income (Expense) Earnings per Share Impact Net loss and Diluted loss per share attributable to Bausch + Lomb Corporation $ (167 ) $ (0.48 ) $ (90 ) $ (0.26 ) Non-GAAP adjustments: (a) Amortization of intangible assets 74 0.21 57 0.16 Restructuring, integration and transformation costs 28 0.08 32 0.09 Acquisition-related costs and adjustments (excluding amortization of intangible assets) 21 0.06 1 — Separation costs and separation-related costs 2 0.01 3 0.01 Gain on sale of assets (4 ) (0.01 ) — — Other 2 0.01 — — Tax effect of non-GAAP adjustments 68 0.19 31 0.10 Total non-GAAP adjustments 191 0.55 124 0.36 Adjusted net income (non-GAAP) and Adjusted earnings per share (non-GAAP) $ 24 $ 0.07 $ 34 $ 0.10 (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. Bausch + Lomb Corporation Table 2a Reconciliation of GAAP to Non-GAAP Financial Information For the Three Months Ended March 31, 2024 and 2023 (unaudited) Three Months Ended March 31, (in millions) 2024 2023 Cost of goods sold reconciliation: GAAP Cost of goods sold (excluding amortization and impairments of intangible assets) $ 423 $ 371 Fair value inventory step-up resulting from acquisitions (a) (20 ) — Adjusted cost of goods sold (excluding amortization and impairments of intangible assets) (non-GAAP) $ 403 $ 371 Selling, general and administrative reconciliation: GAAP Selling, general and administrative $ 504 $ 418 Separation-related costs (b) (1 ) (3 ) Transformation costs (c) (17 ) (24 ) Other (d) (1 ) — Adjusted selling, general and administrative (non-GAAP) $ 485 $ 391 Research and development reconciliation: GAAP Research and development $ 82 $ 77 Separation-related costs (b) (1 ) — Adjusted research and development (non-GAAP) $ 81 $ 77 Amortization of intangible assets reconciliation: GAAP Amortization of intangible assets $ 74 $ 57 Amortization of intangible assets (e) (74 ) (57 ) Adjusted amortization of intangible assets (non-GAAP) $ — $ — Other expense, net reconciliation: GAAP Other expense, net $ 9 $ 9 Litigation and other matters (d) (1 ) — Restructuring and integration costs (c) (11 ) (8 ) Acquisition-related contingent consideration (a) (1 ) — Acquisition-related costs (a) — (1 ) Gain on sale of assets (f) 4 — Adjusted other expense, net (non-GAAP) $ — $ — Provision for income taxes reconciliation: GAAP Provision for income taxes $ (73 ) $ (33 ) Tax effect of non-GAAP adjustments (g) 68 31 Adjusted provision for income taxes (non-GAAP) $ (5 ) $ (2 ) (a) Represents the three components of the non-GAAP adjustment of “Acquisition-related costs and adjustments (excluding amortization of intangible assets)” (see Table 2). (b) Represents the two components of the non-GAAP adjustment of “Separation costs and separation-related costs” (see Table 2). (c) Represents the two components of the non-GAAP adjustment of “Restructuring, integration and transformation costs” (see Table 2). (d) Represents the two components of the non-GAAP adjustment of “Other” (see Table 2). (e) Represents the sole component of the non-GAAP adjustment of “Amortization of intangible assets” (see Table 2). (f) Represents the sole component of the non-GAAP adjustment of “Gain on sale of assets” (see Table 2). (g) Represents the sole component of the non-GAAP adjustment of “Tax effect of non-GAAP adjustments” (see Table 2). Bausch + Lomb Corporation Table 2b Reconciliation of GAAP Net Loss to Adjusted EBITDA (non-GAAP) For the Three Months Ended March 31, 2024 and 2023 (unaudited) Three Months Ended March 31, (in millions) 2024 2023 Net loss attributable to Bausch + Lomb Corporation $ (167 ) $ (90 ) Interest expense, net 96 47 Provision for income taxes 73 33 Depreciation and amortization of intangible assets 110 91 EBITDA 112 81 Adjustments: Restructuring, integration and transformation costs 28 32 Acquisition-related costs and adjustments (excluding amortization of intangible assets) 21 1 Share-based compensation 19 24 Separation costs and separation-related costs 2 3 Other non-GAAP adjustments: Gain on sale of assets (4 ) — Other 2 — Adjusted EBITDA (non-GAAP) $ 180 $ 141 Bausch + Lomb Corporation Table 3 Constant Currency Revenue (non-GAAP) and Constant Currency Revenue Growth (non-GAAP) - by Segment For the Three Months Ended March 31, 2024 and 2023 (unaudited) Calculation of Constant Currency Revenue for the Three Months Ended March 31, 2024 March 31, 2023 Change in Revenue as Reported Change in Constant Currency Revenue (Non-GAAP) (b) Revenue as Reported Changes in Exchange Rates (a) Constant Currency Revenue (Non-GAAP) (b) Revenue as Reported (in millions) Amount Pct. Amount Pct. Vision Care $ 635 $ 18 $ 653 $ 587 $ 48 8 % $ 66 11 % Surgical 197 1 198 183 14 8 % 15 8 % Pharmaceuticals 267 1 268 161 106 66 % 107 66 % Total revenues $ 1,099 $ 20 $ 1,119 $ 931 $ 168 18 % $ 188 20 % (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 and ratios. For additional information about the Company’s use of such non-GAAP financial measures and ratios, refer to the “Non-GAAP Information” section in the body of the news release to which these tables are attached. Constant currency revenue (non-GAAP) for the three months ended March 31, 2024 is calculated as revenue as reported adjusted for the impact for changes in exchange rates (previously defined in this news release). Change in constant currency revenue (non-GAAP) is calculated as the difference between constant currency revenue for the current period and revenue as reported for the comparative period. __________________________________ 1 This is a non-GAAP measure or a non-GAAP ratio. For further information on non-GAAP measures and non-GAAP ratios, please refer to the “Non-GAAP Information” section of this news release. Please also refer to tables at the end of this news release for a reconciliation of this and other non-GAAP measures to the most directly comparable GAAP measure. 2 The guidance in this news release is only effective as of the date given, May 1, 2024, and will not be updated or affirmed unless and until the company publicly announces updated or affirmed guidance. Distribution or reference of this news release following May 1, 2024, does not constitute the company reaffirming guidance. See the “Forward-looking Statements” section for further information. 3 Diluted weighted average shares includes the dilutive impact of options, performance based restricted stock units and restricted stock units, which are approximately 1,600,000 common shares for the 3 months ended March 31, 2024, and which are excluded when calculating GAAP diluted loss per share because the effect of including the impact would be anti-dilutive. 4 This increase in anticipated constant currency revenue growth is a result of the strength of the performance of our business across all segments in the first quarter. In addition, the company previously provided guidance of foreign exchange headwinds to revenue of -$40 million. The increase in estimated foreign exchange headwinds to revenue is a result of the strengthening of the U.S. dollar relative to other currencies. View source version on businesswire.com: Contacts Media: T.J. Crawford tj.crawford@bausch.com (908) 705-2851 Investors: George Gadkowski george.gadkowski@bausch.com (877) 354-3705 (toll free) (908) 927-0735 Source: Bausch + Lomb Corporation View this news release online at:

Presentations Will Feature Studies Evaluating TENEO™ Excimer Laser Platform, MIEBO® (Perfluorohexyloctane Ophthalmic Solution) and enVista® Envy* and IC-8® Apthera™ IOLs VAUGHAN, Ontario--(BUSINESS WIRE)-- Bausch + Lomb Corporation (NYSE/TSX: BLCO), a leading global eye health company dedicated to helping people see better to live better, today announced fifteen podium and four poster presentations during the American Society of Cataract and Refractive Surgery (ASCRS) annual meeting, which will take place in Boston, April 5-8, 2024. Podium presentations include the results of studies evaluating the new TENEO Excimer Laser Platform, enVista and IC-8 Apthera intraocular lenses (IOLs) and MIEBO. MIEBO is indicated for the treatment of the signs and symptoms of dry eye disease. Poster presentations include the results of TENEO and IC-8 Apthera IOL studies. In addition to these scientific presentations, the company will also sponsor educational events focused on these and other Bausch + Lomb products. Bausch + Lomb activities at ASCRS: Podium Presentations “Assessment of the Spectacle Independence and Visual Outcomes Following Bilateral Implantation of a Novel Toric IOL* Among Cataract Patients.” Harasymowycz et al. “Binocularity and Stereoacuity in Modern Monovision with a Small-Aperture IOL.” Wiley et al. “Characterization of Discontinuation and Switching Patterns of Dry Eye Disease Medications Using Linked EHR Registry and Claims Data.” Mbagwu et al. “Clinical Results of Small-Aperture IOL Implantation Following Corneal Inlay Removal.” Ang et al. “Defocus Curve Performance of a Novel Hydrophobic Acrylic Trifocal Intraocular Lens*: A Prospective, Multicenter Canadian Study.” Muzychuk et al. “Early Real World Outcomes of Small Aperture IOL in Post Refractive Eyes.” Hu et al. “Outcomes of an Ultra-Low Cylinder Powered (0.90 D) Toric versus Non-Toric IOL in Low Astigmatic Patients Undergoing Cataract Surgery.” Muzychuk et al. “Patient-Reported Instillation Comfort and Eyedrop Acceptability of Perfluorohexyloctane Ophthalmic Solution in Pivotal Clinical Studies.” White et al. “Patient-Reported Outcomes Following LASIK, Performed Using a Novel Excimer Laser for the Correction of Myopia and Myopic Astigmatism.” Stonecipher et al. “Perfluorohexyloctane Ophthalmic Solution for Dry Eye Disease: Efficacy Among Various Participant Subgroups in Pivotal Clinical Trials.” Sheppard et al. “Predicted In-Vitro versus In-vivo Measurements of Higher-Order Corneal Aberrations following Apthera Implantation Post Radial Keratotomy.” Devaro et al. “Quality of Vision and Clinical Outcomes of a Novel Trifocal IOL* Implanted Bilaterally After Cataract Surgery: A Canadian Multicenter Study.” Harasymowycz et al. “Subjective versus Objective Depth of Focus from Ray-Tracing Aberrometry in Small Aperture Optics Intraocular Lens in Eyes with Aberrated Corneas.” Barros et al. “Visual and Refractive Outcomes following Bilateral Implantation of a Novel Trifocal* or Monofocal IOL: A Prospective, Multicenter US study.” Liang et al. “Visual Performance of Negative versus Neutral Aspheric Monofocal Intraocular Lenses: A Randomized Controlled Trial.” Kudrna et al. Poster Presentations “Binocular Visual Outcomes and Defocus Curve of Bilaterally Implanted Novel Trifocal Intraocular Lens*: A Prospective, Multicenter US study.” Shultz et al. “Estimation of Visual Benefit with IC-8 in Keratoconus Patients.” Klyce et al. “Initial Results Using Small Aperture Optics IOL in Patients with or without Prior Ocular Surgery, Corneal Scarring or Irregular Astigmatism.” Shultz et al. “Outcomes of LASIK Performed Using the Updated Laser Ablation Algorithm for the Correction of Myopia and Myopic Astigmatism.” Chu et al. Featured Educational Events Friday, April 5 “Rethinking Dry Eye Disease: A Contemporary Approach to a Complex Condition” 7:15-9:15 p.m. ET at Davio's Seaport (26 Fan Pier, Boston) The program will feature the dynamic duo of Laura Periman, M.D., and Darrell White, M.D., who will discuss MIEBO and XIIDRA® (lifitegrast ophthalmic solution) 5%. Saturday, April 6 “Refractive Redefined: TENEO, the New FDA Approved Excimer Laser” 3:00-3:50 p.m. ET in the at the Boston Convention & Exhibit Center (415 Summer Street, Boston; ASCRS Tap Room) Join George Waring IV, M.D., to learn more about the accuracy, efficiency and usability advantages of TENEO, the first excimer laser platform approved in nearly two decades. “Innovations in DED and Novel Cataract Surgery Technologies” 6:30-8:00 p.m. ET at the Omni Boston at the Seaport (450 Summer Street, Boston; Momentum Ballroom, Level 5) Join moderator Eric Donnenfeld, M.D., along with presenters Marjin Farid, M.D., Ravi Patel, M.D., and Karl Stonecipher, M.D., to learn more about the benefits of and differences between MIEBO and XIIDRA, as well as the benefits of using the new enVista Aspire lens for doctors and their patients. Sunday, April 7 Innovator’s Session Featuring Andrew Stewart, President, Global Pharmaceuticals and International Consumer 10:00am—11:30am, ASCRS Main Stage *enVista Envy is pending PMA approval and is not approved for sale in the United States or its territories ### Important Safety Information for MIEBO INDICATION MIEBO® (perfluorohexyloctane ophthalmic solution) is used to treat the signs and symptoms of dry eye disease. IMPORTANT SAFETY INFORMATION Patients should remove contact lenses before using MIEBO and wait for at least 30 minutes before reinserting. It is important for patients to use MIEBO exactly as prescribed. It is not known if MIEBO is safe and effective in children under the age of 18. The most common eye side effect seen in studies was blurred vision (1% to 3 % of patients reported blurred vision and eye redness). You are encouraged to report negative side effects of prescription drugs to the FDA. Visit or call 1-800-FDA-1088. Click here for full Prescribing Information for MIEBO. WHAT IS XIIDRA? XIIDRA (lifitegrast ophthalmic solution) 5% is a prescription eye drop used to treat the signs and symptoms of dry eye disease. IMPORTANT SAFETY INFORMATION Do not use XIIDRA if you are allergic to any of its ingredients. Seek medical care immediately if you get any symptoms of an allergic reaction. The most common side effects of XIIDRA include eye irritation, discomfort or blurred vision when the drops are applied to the eyes, and an unusual taste sensation. To help avoid eye injury or contamination of the solution, do not touch the container tip to your eye or any surface. If you wear contact lenses, remove them before using XIIDRA and wait for at least 15 minutes before placing them back in your eyes. It is not known if XIIDRA is safe and effective in children under 17 years of age. You are encouraged to report negative side effects of prescription drugs to the FDA. Visit or call 1-800-FDA-1088. Click here for full Prescribing Information for XIIDRA. Indications and Important Safety Information for Technolas Teneo 317 Model 2 System Indications for Use. The Technolas Teneo 317 Model 2 is indicated for laser-assisted in situ keratomileusis (LASIK) in: (1) Patients for the reduction or elimination of myopic astigmatism up to -10.00 D MRSE, with sphere between -1.00 D and cylinder between 0.00 and -3.00 D; (2) Patients who are 22 years of age or older; (3) Patients must have a stable refraction in the last 12 months, as documented by previous clinical recordings, i.e., the spherical and cylindrical portions of the manifest distance refraction have not progressed at a rate of more than 0.50 D per year prior to the baseline examination in the eye(s) to be treated. WARNING. Danger of injury due to failure to observe the patient selection criteria! Failure to observe the contraindications and potential adverse effects may result in serious permanent patient injury. The usage of the laser system is limited to a specific field of applications. Observe the contraindications and potential adverse effects listed in the User Manual before selecting a patient and starting any treatment. Contraindications. Contraindications of the Technolas Teneo 317 Model 2 include patients: (1) with any type of active connective tissue disease or autoimmune disease; (2) with signs of keratoconus, abnormal corneal topography, and degenerations of the structure of the cornea (including but not limited to pellucid marginal degeneration); (3) with significant dry eyes (severe Dry Eye Syndrome). If patients have severely dry eyes, LASIK may increase the dryness. This may or may not go away. Severe eye dryness may delay healing of the flap or interfere with the surface of the eye after surgery. It may result in poor vision after LASIK; (4) for whom the combination of their baseline corneal thickness and the planned operative parameters for the LASIK procedure would result in less than 250µ of residual corneal thickness from corneal endothelium; (5) with uncontrolled diabetes; (6) with uncontrolled glaucoma; (7) with active eye infections or active inflammation: (8) with recent herpes eye infection or problems resulting from past infections; (9) with known sensitivity to medications used for standard LASIK surgery. Potential Risks and Side Effects: (1) Miscreated flap; (2) Subconjunctival hemorrhage or bleeding; (3) Wrinkles in flap that may require a flap lift; (4) Corneal erosion/abrasion, epithelia defect; (5) Elevated IOP; (6) Debris or foreign body under flap; (7) Epithelial ingrowth under flap; (8) Debilitating visual symptoms, especially at night; (9) Decreased or fluctuating visual acuity; (10) Decreased ability to see in low-light conditions; (11) Light sensitivity; (12) Dry Eye syndrome; (13) Inadequate treatment result; (14) Regression; (15) Corneal damage; (16) Posterior vitreous detachment or retinal detachment, floaters or vascular accidents; (17) Foreign body sensation or pain (initial postoperative days); also, potentially including chronic eye pain that is resistant to therapy referred to as neuropathic pain; (18) Infection/inflammation; (19) CTK (Central Toxic Keratopathy); (20) Medication intolerance; (21) Ptosis; (22) Cataract; (23) Ocular penetration; (24) Potential risk of psychological harm. This is not all you need to know. Please see the User Manual for a complete list of safety information, including a full list of contraindications, warnings, precautions and risks. Caution: Federal (U.S.) law restricts this device to sale, by or on the order of a physician. Indications and Important Safety Information for IC-8 Apthera IOL INDICATIONS: The IC-8 Apthera IOL is indicated for unilateral implantation for the visual correction of aphakia and to create monovision in patients of age 22 or older who have been diagnosed with bilateral operable cataract, who have up to 1.5 D of astigmatism in the implanted eye, and who do not have a history of retinal disease and who are not predisposed to experiencing retinal disease in the future. The device is intended for primary implantation in the capsular bag, in the non-dominant eye, after the fellow eye has already undergone successful implantation (uncorrected distance visual acuity 20/32 or better and best-corrected distance visual acuity 20/25 or better) of a monofocal or monofocal toric IOL that is targeted for emmetropia. The refractive target for the IC-8 Apthera IOL should be -0.75 D. The lens mitigates the effects of presbyopia by providing an extended depth of focus. Compared to an aspheric monofocal or monofocal toric IOL, the lens provides improved intermediate and near visual acuity, while maintaining comparable distance visual acuity. CONTRAINDICATIONS: (1) Patients with dilated pupil size less than 7.0 mm. (2) Patients with a history of retinal disease including but not limited to, high myopia, diabetes, macular disease, sickle cell disease, retinal tear, retinal detachment, retinal vein occlusion, ocular tumor, uveitis, and patients who are predisposed to experiencing retinal disease in the future. WARNINGS: The lens should not be implanted if appropriate intraocular support of the lens is not possible. Severe subjective visual disturbances (e.g., glare, halo, starburst, hazy vision) may occur after device implantation. There is a possibility that these visual disturbances may be significant enough that a patient may request removal of the lens. Contrast sensitivity in eyes implanted with this lens is significantly reduced when compared to the fellow eye implanted with a monofocal or monofocal toric IOL. Although there was no significant reduction in binocular contrast sensitivity in the IDE clinical study, it is essential that prospective patients be fully informed of this visual effect in the implanted eye before giving their consent for unilateral implantation of the lens. Patients should be informed that they may need to exercise caution when engaging in activities that require good vision in dimly lit environments (such as driving at night or in poor visibility conditions). There is a possibility that visual symptoms due to reduced contrast sensitivity may be significant enough that a patient may request removal of the lens. This lens should not be implanted bilaterally because bilateral implantation is expected to cause significant reduction in contrast sensitivity under all lighting conditions. The use of this lens in patients with corneal astigmatism greater than 1.5 D is not recommended. Diagnostic tests in patients implanted with the lens may take longer and require some additional effort from the patient and the physician to perform. Use of some medical lasers to treat certain eye conditions may present potential risks of damaging the FilterRing component of the lens. Removal of the lens may be necessary prior to retinal or vitreal procedures. Surgeons should perform a careful benefit-risk assessment based on individual patient characteristics, weighing all the risks disclosed in the Directions for Use labeling against the benefit of extended depth of focus. Nd:YAG laser capsulotomy treatments may be more difficult to perform and may be less effective in an IC-8 Apthera IOL implanted eye. Specific training from Bausch & Lomb, Inc. or its authorized representative related to YAG capsulotomy is required before a surgeon is authorized to implant the IC-8 Apthera IOL. PRECAUTIONS: Prior to surgery, prospective patients should be informed of the possible risks and benefits associated with this lens and a Patient Information Brochure should be provided to the patient. Patients with a predicted postoperative astigmatism between 1.0 D and 1.5 D may not obtain as great an amount of improvement in intermediate vision compared to patients with lower amounts of astigmatism. CAUTION: Federal law restricts this device to sale by or on the order of a licensed physician. ATTENTION: Reference the Directions for Use labeling for a complete listing of important safety information. About Bausch + Lomb Bausch + Lomb is dedicated to protecting and enhancing the gift of sight for millions of people around the world – from birth through every phase of life. Its comprehensive portfolio of approximately 400 products includes contact lenses, lens care products, eye care products, ophthalmic pharmaceuticals, over-the-counter products and ophthalmic surgical devices and instruments. Founded in 1853, Bausch + Lomb has a significant global research and development, manufacturing and commercial footprint with approximately 13,000 employees and a presence in nearly 100 countries. Bausch + Lomb is headquartered in Vaughan, Ontario with corporate offices in Bridgewater, New Jersey. For more information, visit and connect with us on X, LinkedIn, Facebook and Instagram. Forward-looking Statements This news release may contain forward-looking statements, which 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 variations or similar expressions. These statements are based upon the current expectations and beliefs of management and 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 and the Canadian Securities Administrators, which factors are incorporated herein by reference. 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 news release or to reflect actual outcomes, unless required by law. ©2024 Bausch + Lomb. MTB.0113.USA.24