Bausch Health (BHC) 44th Annual J.P. Morgan Healthcare Conference summary

Strategic priorities and business overview

• Focus on profitable growth, capital structure improvement, and investment in people, products, and processes.

• Operates as a ~$5B global pharmaceutical and devices company in ~50 countries, with 12 manufacturing sites, 600+ products, and over 7,000 employees.

• Four business segments: Salix (GI/hepatology), International (branded generics), Solta Medical (aesthetics), and Diversified (neuroscience, dermatology, dentistry).

• Built a diversified portfolio over 65 years through acquisitions and organic growth, including recent additions like Larsucosterol and the announced spin-off of Bausch + Lomb.

• Management team has deep expertise in pharmaceuticals and medical devices, supporting continued growth and innovation.

Financial performance and guidance

• Reported 2024 revenue of $4.83B, adjusted EBITDA of $2.55B, and adjusted cash flow from operations of $1.31B (all non-GAAP, ex-Bausch + Lomb).

• Each business segment delivers meaningful value: Salix ($2.33B revenue, $1.60B profit), International ($1.11B, $376M), Diversified ($950M, $626M), Solta ($440M, $213M).

• Demonstrated consistent, profitable growth with YoY revenue and adjusted EBITDA increases across 2024 and into 2025.

• 2025 guidance reiterates ~4% revenue growth and ~7% adjusted EBITDA growth, with revenue expected between $5.0B–$5.1B and adjusted EBITDA of $2.7B–$2.75B.

• Non-GAAP measures are used for internal evaluation and investor communication, with detailed reconciliations provided.

Segment performance and growth drivers

• Salix leads in GI/hepatology, with 12% revenue growth in Q3 2025 and strong Xifaxan script growth; Xifaxan is the only FDA-approved medicine to reduce OHE recurrence risk.

• Solta Medical is a global leader in medical aesthetics, especially in APAC, with revenue growing from $99M in 2014 to $519M in 2024 and Thermage® surpassing 5 million treatments.

• International segment holds top market positions in Central Europe, Mexico, Canada, and across EMEA, LATAM, and Canada, with new launches in cardiometabolic and probiotic franchises.

• Neuroscience is the second largest U.S. contributor, reaching 12,000 psychiatrists/PCPs and representing 80% of the neuroscience business, with 10 consecutive quarters of profitable growth.

• All segments maintain attractive profit margins and operate in large, growing markets.