Bausch Health (BHC) Evercore ISI 8th Annual HealthCONx Conference summary

Company overview and strategy

• Operates as a global diversified pharmaceutical and medical devices company in over 70 markets, with current structure shaped by major acquisitions since 2015.

• Business segments include U.S. pharmaceuticals (Salix, diversified portfolio), international (Europe, Latin America, Canada), and Solta Medical, with a focus on GI, international, and Solta growth.

• Strategic pillars: grow four operating segments, maximize B&L equity value, and optimize capital structure for flexibility and growth investment.

• Recent investments target pipeline assets in GI, notably RED-C for OHE prevention and larsucosterol for alcohol-associated hepatitis.

• Achieved 11 consecutive quarters of top and bottom line growth, emphasizing operational consistency and cash flow generation.

Solta Medical and Asia strategy

• Solta Medical generates about 80% of revenue from Asia-Pacific, mainly China and South Korea, which are key growth drivers.

• Asian markets are seen as underpenetrated, prompting direct control of commercial infrastructure in China to enhance channel management and consumer insights.

• Recent acquisition of a distributor in China underscores commitment to expanding the Solta platform.

XIFAXAN clinical and regulatory updates

• Two phase III trials for a new XIFAXAN indication will have results combined for FDA review, with data unblinding expected early next year.

• Primary endpoint is time to first hepatic encephalopathy event, considered clinically meaningful and likely to support payer discussions if met.

• Ongoing discussions with FDA on hospitalization definitions for trial endpoints; focus remains on label-approved indications.