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


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BAUSCH HEALTH ANNOUNCES SECOND-QUARTER 2022 RESULTS

•Revenues of $1.967 billion

•Company to appeal anticipated court decision and vigorously defend XIFAXAN intellectual property

•Balance sheet continues to improve with early retirement of $481 million of long-term debt through open market repurchases

•Committed to strategic alternatives and will continue to evaluate the distribution of Bausch + Lomb shares as the Company works through patent litigation

•Updates guidance

LAVAL, QC, Aug. 9, 2022 – Bausch Health Companies Inc. (NYSE/TSX: BHC) (“Bausch Health” or the “Company” or “we” or “our”) today announced its second-quarter 2022 financial results.

“The second quarter was a transitional quarter for Bausch Health as we intensified our focus on the Bausch Pharma and Solta businesses,” Thomas J. Appio, Chief Executive Officer, Bausch Health, said. “In our first ninety days, our leadership team has taken immediate action to strengthen execution and accelerate change. We have advanced debt paydown through open market repurchases this quarter. We are focused on creating value through driving growth, profitability and improving our balance sheet .”

Strategic Alternatives Update

The Company believes that spinning off Bausch + Lomb makes strategic sense and it remains committed to doing so as soon as it is able to satisfy all applicable conditions as previously disclosed. The Company is evaluating all relevant factors and considerations regarding the distribution as it assesses the potential impacts of the Norwich XIFAXAN® patent litigation.

Second-Quarter 2022 Revenue Performance

Total reported revenues were $1.967 billion for the second quarter of 2022, as compared to $2.1 billion in the second quarter of 2021, a decrease of $133 million, or 6%. Excluding the unfavorable impact of foreign exchange of $61 million and the impact of divestitures and discontinuations of $74 million, primarily due to the divestiture of Amoun Pharmaceutical Company S.A.E. (“Amoun”) on July 26, 2021, revenue was flat on an organic basis1,2 compared to the second quarter of 2021.

Reported revenues by segment were as follows:

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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 Organic revenue and change in organic revenue (non-GAAP), are defined as GAAP Revenue and changes 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.

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The following information was filed by Bausch Health Companies Inc. (BHC) on Tuesday, August 9, 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 10.7: Material Contract

Exhibit 10.8: Material Contract

Exhibit 10.9: Material Contract

Exhibit 10.10: Material Contract

Exhibit 10.11: 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: 0000885590-22-000039
Submitted to the SEC: Tue Aug 09 2022 4:40:04 PM EST
Accepted by the SEC: Tue Aug 09 2022
Period: Thursday, June 30, 2022
Industry: Pharmaceutical Preparations

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Bausch Health Companies Inc. (BHC) SEC Filing 10-Q Quarterly Report for the period ending Thursday, June 30, 2022

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