Here are 1-2 brief analogies to describe Bausch Health Companies (BHC):

• Think of it as a diversified pharmaceutical company with a strong focus on eye health (through its Bausch + Lomb brand) and gastrointestinal products, similar to a more specialized Johnson & Johnson focusing on these specific healthcare areas.
• It's a diversified pharmaceutical company that includes a significant global eye care business (Bausch + Lomb), comparable to how AbbVie has its broad pharmaceutical portfolio plus its notable eye care division.

• Bausch + Lomb Eye Health Products: Offers a wide range of contact lenses, lens care solutions, and prescription medications for various eye conditions.
• Salix Pharmaceuticals Gastroenterology Products: Provides prescription medications for gastrointestinal disorders, including Xifaxan for IBS-D and hepatic encephalopathy.
• Ortho Dermatologics Skincare Products: Delivers prescription treatments for dermatological conditions such as acne, rosacea, and psoriasis.
• Neurology and Other Specialty Products: Encompasses prescription medications addressing neurological disorders and other specialized health needs.

Bausch Health Companies (BHC) Major Customers

• AmerisourceBergen Corporation (Symbol: ABC)
• Cardinal Health, Inc. (Symbol: CAH)
• McKesson Corporation (Symbol: MCK)

Thomas J. Appio, Chief Executive Officer

Thomas J. Appio was appointed Chief Executive Officer of Bausch Health Companies in May 2022. He previously served as the Company's President & Co-Head Bausch + Lomb/International and Executive Vice President, Company Group Chairman, International. Prior to Bausch Health's acquisition of Bausch + Lomb in 2013, Mr. Appio held several positions with Bausch + Lomb, including Vice President, North Asia/Japan and Managing Director, Greater China and Japan. Before joining Bausch + Lomb, he spent 23 years with Schering-Plough in various leadership and operations responsibilities across multiple countries and regions.

Jean-Jacques Charhon, Executive Vice President, Chief Financial Officer

Jean-Jacques Charhon joined Bausch Health Companies as Chief Financial Officer on August 19, 2024. He brings over 25 years of experience in financial leadership roles with both public and private companies across healthcare, high tech, and services. His previous experience includes roles at General Electric, Hewlett Packard, Novartis, and Purdue Pharma. Prior to joining Bausch Health, Mr. Charhon served as Executive Vice President and Chief Financial Officer at Signant Health.

Mirza Dautbegovic, Executive Vice President, Chief Operating Officer

Mirza Dautbegovic has served as Executive Vice President and Chief Operating Officer of Bausch Health Companies since 2022. Before this role, he was the Vice President, International Finance for the company. Earlier in his career, he held the position of Vice President and Chief Financial Officer at Tyco.

Seana Carson, Executive Vice President, General Counsel

Seana Carson joined Bausch Health in November 2006 and has been Executive Vice President, General Counsel since May 2022. Her prior roles at the company include Senior Vice President, Head of Legal International, and Senior Vice President and Chief Compliance Officer for over 12 years. Before joining Bausch Health, Ms. Carson began her career as an Associate with the Canadian legal firm Ogilvy Renault LLP.

Kathleen Fitzpatrick, Executive Vice President, Chief Human Resources and Communications Officer

Kathleen Fitzpatrick joined Bausch Health in 2019 as Vice President, Human Resources, and was appointed Executive Vice President, Chief Human Resources and Communications Officer in 2024. Prior to her time at Bausch Health, Ms. Fitzpatrick spent over 20 years with Honeywell, where she held positions of increasing responsibility across several business units and countries.

The emergence of gene therapies for eye diseases poses a clear threat to Bausch Health Companies, particularly through its significant retained stake in Bausch + Lomb. Bausch + Lomb's ophthalmic pharmaceutical portfolio includes numerous products for chronic eye conditions that require ongoing treatment.

Gene therapies, exemplified by existing approved treatments for certain inherited retinal diseases, offer the potential for one-time, curative interventions, fundamentally disrupting the long-term, chronic treatment model. As research and clinical development expand these therapies to more prevalent eye conditions (such as age-related macular degeneration or glaucoma), they represent a paradigm shift similar to how Apple's iPhone disrupted the traditional smartphone market. If widely adopted, these advanced therapies could significantly diminish the market demand for Bausch + Lomb's existing chronic ophthalmic drug products, thereby impacting Bausch Health's future revenue and valuation.

Here are the addressable markets for Bausch Health Companies' main products or services:

• Bausch + Lomb (Eye Health)
  • Glaucoma Treatment Market: The global glaucoma treatment market was valued at approximately USD 6.6 billion in 2024 and is projected to reach USD 6.9 billion in 2025. The U.S. glaucoma treatment market alone accounted for USD 2.24 billion in revenue in 2024.
  • VYZULTA (for glaucoma): VYZULTA operates within the global ophthalmic market, which could reach $6.2 billion. The global glaucoma therapeutics market was approximately USD 4.8 billion in 2022.
  • LUMIGAN (for glaucoma): This product is part of the global glaucoma treatment market, which was valued at approximately $4.5 billion in 2022, with North America holding over 45% of the global market share for glaucoma therapeutics in that year.
• Salix Pharmaceuticals (Gastroenterology)
  • XIFAXAN (rifaximin): The global rifaximin market size was valued at USD 1.84 billion in 2024 and is projected to increase to approximately USD 5.09 billion by 2034. North America held the largest share of 40% in the global rifaximin market in 2024. In 2022, XIFAXAN's global sales were estimated at approximately USD 830 million.
  • Relistor (for opioid-induced constipation - OIC): The global opioid-induced constipation drugs market was valued at USD 2.87 billion in 2024 and is expected to reach USD 4.82 billion by 2032. The market for global opioid-induced constipation drugs is estimated to attain $4.2 billion by 2033.
• Ortho Dermatologics (Dermatology)
  • Bryhali (for psoriasis): Bryhali is a psoriasis treatment. The global psoriasis treatment market size was valued at USD 27.20 billion in 2024 and is projected to grow to USD 57.68 billion by 2032. In 2024, North America dominated this market with a 74.71% share.

Expected Drivers of Future Revenue Growth for Bausch Health Companies (BHC) over the Next 2-3 Years:

• Continued Growth in Key Segments (Salix and Solta Medical): Bausch Health anticipates sustained revenue growth from its established Salix (gastroenterology products) and Solta Medical (aesthetic medical devices) segments. The Salix segment, notably driven by products like Xifaxan, has shown consistent year-over-year growth. Solta Medical has also demonstrated significant organic growth, particularly in international markets such as South Korea and China.
• New Product Launches and Pipeline Advancements: The company's strategic focus on innovation and its robust pipeline are expected to drive future revenue. Key products mentioned include Cabtreo and Ryaltris, which have shown triple-digit growth. Furthermore, the Red Sea program, focused on a unique rifaximin formulation for cirrhosis treatment, and Larsucosterol, an FDA Breakthrough Therapy Designated asset for alcohol-associated hepatitis (acquired through DURECT Corporation), are significant late-stage pipeline assets with potential for future growth.
• International Market Expansion: Bausch Health is actively expanding its presence in new geographic markets. A notable example is the expansion of its OraPharma dental products business, including its flagship product Arestin, into Canada and Puerto Rico. The company is also bolstering its presence in high-growth regions like South Korea and China, particularly for its Solta Medical segment.
• Favorable Net Pricing and Product Mix: While not a new initiative, favorable net pricing across Bausch Health's diversified portfolio has contributed to improved gross margins and is expected to continue to support revenue. This has been observed with products like Xifaxan, which typically experiences mid-single-digit price increases year-over-year. The shift towards high-margin offerings, such as preservative-free eye drops, premium contact lenses, and surgical technologies, is also anticipated to enhance revenue and margins.

Share Repurchases

• Bausch Health Companies has not conducted significant share repurchases since 2017 due to its high debt burden.
• As of Q1 2025, management hinted at the possibility of resuming share buybacks once the debt burden is normalized.

Share Issuance

• In May 2022, Bausch Health executed an initial public offering (IPO) of its Bausch + Lomb eye health business, where a wholly owned subsidiary sold common shares of Bausch + Lomb.
• Bausch Health indirectly holds approximately 88% of Bausch + Lomb's outstanding common shares as of July 2025, following the IPO.
• Shareholders approved the Bausch Health Companies Inc. 2025 Employee Stock Purchase Plan ("ESPP") on May 13, 2025.

Outbound Investments

• Bausch Health completed the acquisition of DURECT Corporation in September 2025 for an upfront cash payment of approximately $63 million.
• The acquisition of DURECT Corporation aims to strengthen Bausch Health's hepatology pipeline, adding larsucosterol, a therapeutic molecule with FDA Breakthrough Therapy Designation for alcohol-associated hepatitis.

Capital Expenditures

• Bausch Health Companies' last 12-month capital expenditure was approximately $390.3 million.
• Capital expenditures are listed as one of the primary cash requirements for Bausch Health Companies in 2025.