Bausch Health Companies Inc. (BHC) 10-Q Quarterly Report May 2022


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BAUSCH HEALTH COMPANIES INC. ANNOUNCES FIRST-QUARTER 2022 RESULTS

•First-Quarter 2022 Financial Results

◦Revenues of $1.918 Billion

◦GAAP Net Loss of $69 Million

◦Adjusted EBITDA (non-GAAP)1 of $732 Million

•Bausch + Lomb Commences Trading Under “BLCO” Ticker Following IPO2

•Updates Full-Year Revenue and Adjusted EBITDA (non-GAAP)1 Guidance Ranges

LAVAL, Quebec, May 10, 2022 – Bausch Health Companies Inc. (NYSE/TSX: BHC) (“Bausch Health” or the “Company” or “we”) today announced its first-quarter 2022 financial results.

“Our organic3 growth in the first quarter of 2022 was stable compared to the same quarter last year, despite incremental macro pressures and a challenging supply chain environment,” said Thomas J. Appio, incoming chief executive officer (“CEO”), Bausch Health. “Following the closing of the initial public offering of the Bausch + Lomb eye health business later today, we will operate as two companies, which enables Bausch Health to increase its focus on accelerating growth with strategic commercial investments and expanding our pipeline with innovative products that improve the quality of life for patients around the world.”

Bausch + Lomb Launches IPO and Begins Trading Under “BLCO” Ticker; Bausch Health Will Separate Chairman and CEO Roles

Bausch Health’s eye health business, Bausch + Lomb, which launched its initial public offering (“IPO”) and subsequently began trading under the ticker “BLCO” on May 6, 2022, expects the IPO to close today, May 10, 2022. Bausch + Lomb remains on track to spin off from Bausch Health, following the expiry of customary lock-ups related to the IPO, achievement of target net leverage ratios and subject to market conditions, receipt of applicable shareholder and other necessary approvals.2 The Company expects to close the IPO with $630 million in gross proceeds to be applied for the repayment of Bausch Health’s long-term debt on May 10, 2022.

Mr. Appio will assume the role of CEO of Bausch Health, effective upon the closing of the IPO of Bausch + Lomb. The Company also separated the roles of chairman and CEO, with Joseph C. Papa remaining as Chairman until the full separation of Bausch + Lomb. Mr. Papa will be succeeded by Robert N. Power.4

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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 Bausch + Lomb common shares have been approved for listing on the New York Stock Exchange (“NYSE”) and conditionally approved for listing on the Toronto Stock Exchange (“TSX”). The common shares began trading on the NYSE and on an “if, as and when issued basis” on the TSX on May 6, 2022; and the IPO is expected to close on May 10, 2022, subject to customary closing conditions.

3 Organic growth/change, a non-GAAP ratio, is defined as a change on a period-over-period basis in reported revenues on a constant currency basis (if applicable) excluding the impact of recent acquisitions, divestitures and discontinuations.

4 All leadership and board appointments are conditional and effective upon the closing of the IPO of Bausch + Lomb.

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The following information was filed by Bausch Health Companies Inc. (BHC) on Tuesday, May 10, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Bausch Health Companies Inc. provided additional information to their SEC Filing as exhibits

Exhibit 10.13: Material Contract

Exhibit 10.14: Material Contract

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: BHC
CIK: 885590
Form Type: 10-Q Quarterly Report
Accession Number: 0000885590-22-000025
Submitted to the SEC: Tue May 10 2022 5:17:44 PM EST
Accepted by the SEC: Tue May 10 2022
Period: Thursday, March 31, 2022
Industry: Pharmaceutical Preparations

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Bausch Health Companies Inc. (BHC) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

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