#1BAUSCH + LOMB 2Q23 Financial Results#2Forward-Looking Statements; Non-GAAP Information. This presentation contains forward-looking information and statements, within the meaning of applicable securities laws (collectively, "forward-looking statements"), including, but not limited to, statements regarding future prospects and performance of Bausch + Lomb Corporation ("Bausch + Lomb", the "Company", "we", "us", or "B+L") (including the Company's 2023 full-year guidance), our anticipated roadmap to accelerate growth and the steps thereof, our anticipated plan to rewire the Company for optimal performance and the anticipated elements of such plan and our ability to successfully achieve such plan and its elements, our expectations with respect to our market leadership position and the elements thereof, the XIIDRAⓇ acquisition and the anticipated timing of closing that transaction, our anticipated upcoming catalysts and our ability to achieve such catalysts and the expected timing and impact thereof, the anticipated submission, approval and launch dates for certain of our pipeline products and R&D programs, the anticipated geographic expansions and planned line extensions for certain of our products, the expected market acceptance for certain of our products and pipeline products, the expected market size for certain of the markets in which we have or expect to have products, the timing of commencement and completion of clinical studies and other development work, anticipated effect of current market conditions and recessionary pressures in one or more of our markets, the anticipated effect of macroeconomic factors, including inflation, and the anticipated impact of the COVID-19 pandemic on the Company. Forward-looking statements may generally be identified by the use of the words "anticipates," "expects," "predicts," "projects," "goals," "intends," "plans," "should," "could," "would," "may," "might" "will," "strive," "believes," "estimates," "potential," "target," "commit," "forecast," "outlook," "tracking," or "continue" and positive and negative variations or similar expressions, and phrases or statements that certain actions, events or results may, could, should or will be achieved, received or taken or will occur or result, and similar such expressions also identify forward-looking information. These forward-looking statements, including the Company's 2023 full-year guidance, are based upon the current expectations and beliefs of management and are provided for the purpose of providing additional information about such expectations and beliefs, and readers are cautioned that these statements may not be appropriate for other purposes. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, the risks and uncertainties discussed in Bausch + Lomb's filings with the U.S. Securities and Exchange Commission ("SEC") and the Canadian Securities Administrators (the "CSA") (including the Company's Annual Report on Form 10-K for the year ended December 31, 2022 and its most recent quarterly filings), which factors are incorporated herein by reference. They also include, but are not limited to, risks and uncertainties relating to the proposed plan to spin off or separate the Company from Bausch Health Companies Inc. ("BHC"), including the expected benefits and costs of the spin-off transaction, the expected timing of completion of the spin-off transaction and its terms (including the expectation that the spin-off transaction will be completed following the achievement of targeted net leverage ratios, subject to market conditions and receipt of applicable shareholder and other necessary approvals), the ability to complete the spin-off transaction considering the various conditions to the completion of the spin-off transaction (some of which are outside the Company's and BHC's control, including conditions related to regulatory matters and receipt of applicable shareholder and other approvals), the impact of any potential sales of the Company's common shares by BHC that market or other conditions are no longer favorable to completing the transaction, that applicable shareholder, stock. exchange, regulatory or other approval is not obtained on the terms or timelines anticipated or at all, business disruption during the pendency of or following the spin-off transaction, diversion of management time on spin-off transaction-related issues, retention of existing management team members, the reaction of customers and other parties to the spin-off transaction, the qualification of the spin-off transaction as a tax-free transaction for Canadian and/or U.S. federal income tax purposes (including whether or not an advance ruling from the Canada Revenue Agency and/or the Internal Revenue Service will be sought or obtained), the ability of the Company and BHC to satisfy the conditions required to maintain the tax-free status of the spin-off transaction (some of which are beyond their control), other potential tax or other liabilities that may arise as a result of the spin-off transaction, the potential dis-synergy costs resulting from the spin-off transaction, the impact of the spin-off transaction on relationships with customers, suppliers, employees and other business counterparties, general economic conditions, conditions in the markets the Company is engaged in, behavior of customers, suppliers and competitors, technological developments and legal and regulatory rules affecting the Company's business. In particular, the Company can offer no assurance that any spin-off transaction will occur at all, or that any spin-off transaction will occur on the terms and timelines anticipated by the Company and BHC. They also include risks and uncertainties respecting the XIIDRAⓇ acquisition, including uncertainties relating to the timing of the consummation of that transaction; the possibility that any or all of the conditions to the consummation of that transaction may not be satisfied or waived, including failure to receive required regulatory approvals; the effect of the announcement or pendency of that transaction on Bausch + Lomb's ability to maintain relationships with customers, suppliers, and other business partners; risks relating to potential diversion of management attention away from Bausch + Lomb's ongoing business operations; the Company's ability to finance the transaction as anticipated and risks relating to increased levels of debt as a result of debt expected to be incurred to finance such transaction; and risks that the Company may not realize the expected benefits of that transaction on a timely basis or at all. They also include, but are not limited to, risks and uncertainties caused by or relating to the evolving COVID-19 pandemic, including potential effects and economic and future impact of that pandem ic,. Finally, they also include, but are not BAUSCH+ LOMB limited to, risks and uncertainties caused by or relating to a potential recession and other adverse economic conditions (such as inflation and slower growth), which could adversely impact our revenues, expenses and resulting margins and economic factors over which we have no control, including inflationary pressures as a result of historically high domestic and global inflation and otherwise, interest rates, foreign currency rates, and the positional effect of such factors on revenues, expenses and resulting margins. In addition, certain material factors and assumptions have been applied in making these forward-looking statements, including the assumption that the risks and uncertainties outlined above will not cause actual results or events to differ materially from those described. these forward-looking statements. In addition, Management has also made certain assumptions regarding our 2023 full-year guidance with respect to expectations regarding [base performance growth, currency impact, run-rate dis-synergies and inflation, expectations regarding adjusted gross margin (non- GAAP), adjusted SG&A expense (non-GAAP) and the Company's ability to continue to manage such expense in the manner anticipated and the anticipated timing and extent of the Company's R&D expense]. Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date. hereof. Bausch + Lomb undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect actual outcomes, unless required by law. The guidance in this presentation is only effective as of the date given, Aug. 2, 2023. Distribution or reference of this deck following Aug. 2, 2023 does not constitute the Company updating guidance. Non-GAAP Information: To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses certain non-GAAP financial measures and ratios, including (i) EBITDA, (ii) Adjusted EBITDA, (iii) Adjusted EBITDA Margin, (iv) EBITA, (v) Adjusted EBITA, (vi) Adjusted Gross Profit, (vii) Adjusted Gross Margin, (viii) Adjusted SG&A, (ix) Adjusted Net Income attributable to Bausch + Lomb, (x) Adjusted Tax Rate, (xi) Constant Currency Change/Constant Currency Growth/Constant Currency Revenue Growth (also referred to as "cc"), (xii) Adjusted Earnings Per Share ("EPS") attributable to Bausch + Lomb, (xiii) Adjusted Cash Flow from Operations/Adjusted Cash used by Operations, (xiv) Adjusted EBITDA, adjusted for currency headwinds and (xv) Revenue adjusted for FX headwinds. Management uses some of these non-GAAP measures and ratios as key metrics in the evaluation of Company performance and the consolidated financial results and, in part, in the determination of cash bonuses for its executive officers. The Company believes these non-GAAP measures and ratios are useful to investors in their assessment of our operating performance and the valuation of the Company. In addition, these non-GAAP measures address questions the Company routinely receives from analysts and investors and, in order to assure that all investors have access to similar data, the Company has determined that it is appropriate to make this data available to all investors. However, these measures and ratios are not prepared in accordance with GAAP nor do they have any standardized meaning under GAAP. In addition, other companies may use similarly titled non-GAAP financial measures and ratios that are calculated differently from the way we calculate such measures and ratios. Accordingly, our non-GAAP financial measures and ratios may not be comparable to such similarly titled non-GAAP measures and ratios of other companies. We caution investors not to place undue reliance on such non-GAAP measures and ratios, but instead to consider them with the most directly comparable GAAP measures and ratios. Non-GAAP financial measures and ratios have limitations as analytical tools and should not be considered in isolation. They should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. The reconciliations of these historic non-GAAP financial measures and ratios to the most directly comparable financial measures and ratios calculated and presented in accordance with GAAP are shown in the appendix hereto. However, for outlook purposes, the Company does not provide reconciliations of projected Adjusted EBITDA (non-GAAP) to projected GAAP net income (loss), projected Adjusted EBITDA, adjusted for currency headwinds (non-GAAP) to projected GAAP net income (loss) attributable to Bausch + Lomb Corporation, projected Adjusted Gross Margin (non-GAAP) to projected GAAP Gross Margin, projected Constant Currency Revenue Growth to projected GAAP Revenue Growth or projected Revenue adjusted for FX headwinds to projected GAAP Revenue due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. These amounts may be material and, therefore, could result in the GAAP measure or ratio being materially different from the projected non-GAAP measure or ratio. For further information on non-GAAP financial measures and ratios, please see the Appendix. 1#3BAUSCH + LOMB 2Q23 Highlights & Financial Results Outlook Upcoming Catalysts 2#4What We Are Hearing From Customers History and commitment to eye care are paramount Customers and KOLs¹ are eager to see Bausch+Lomb return to the top of the industry Longstanding customer relationships are highly valued and a significant advantage Continuous stream of new products is essential Consistent supply of products is a priority BAUSCH + LOMB 1 Key opinion leaders. Key takeaway from "Listening and Learning" tour: We have the foundation to revitalize innovation and build a more agile company W INFUSE INFUSE C.COM BIO true 3#5Opportunity to Leverage Infrastructure to Drive Profitable Growth 170-Year Heritage Broad Range of Customers and Distribution Channels BAUSCH + LOMB Global Manufacturing Capabilities BAUSCH + LOMB 博士伦 JAMAS. 精彩人生, Global Footprint Patients Across All Eye Care Needs Talented & Dedicated Team 4#6Executing On Our Roadmap to Accelerate Growth 1 . PHASE 1 Grow revenue at or above market Drive selling excellence across all businesses • Build industry-leading business development platform • Cultivate leading digital capabilities in marketing, R&D, manufacturing Enhance agility and innovation ● Rewire Company for Optimal Performance TODAY BAUSCH + LOMB AGD 1 O See Slide 1 for further information on forward-looking statements. PHASE 2 Innovate & Execute PHASE 3 Meaningful progress was made in Q2 - though work remains to complete Phase 1 of our plan Accelerate Growth 5#7Double Digit Total Revenue Growth with Strong Performance Across All Segments 2Q23 vs. 2Q22 10% Reported Revenue Growth 12% CC³ Revenue Growth¹ Pharmaceuticals 19% Surgical 19% $1,035M 2Q23 Revenue BAUSCH + LOMB Vision Care 62% $179M 2023 Adj. EBITDA¹ -$25M FX headwinds Vision Care² 2Q23 REPORTED REVENUE $646M 2Q23 CONSTANT CURRENCY REVENUE GROWTH¹ +12% Growth momentum in Lumify, Daily SiHy, Eye Vitamins, Artelac System upgrade at U.S. distribution facility impacted lens business Surgical 2Q23 REPORTED REVENUE $195M 2Q23 CONSTANT CURRENCY REVENUE GROWTH¹ +7% Continued strength in demand, growth in Premium IOL portfolio Focused on providing consistent supply of products Pharmaceuticals 2,4 2Q23 REPORTED REVENUE $194M 2Q23 CONSTANT CURRENCY REVENUE GROWTH¹ +16% Growth across all major markets including China Strong execution in U.S. Gx portfolio 1. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAAP measures and ratios. 2. Effective in the first quarter of 2023, certain products historically included in the reported results of the Pharmaceuticals segment are now included in the reported results of the Vision Care segment and certain products included in the reported results of the Vision Care segment are now included in the reported results of the Pharmaceuticals segment. Management believes these movements are necessary in order to better align these products with the groupings of similar products. The net impact of these product movements was not material to the periods presented. Prior period presentations of segment revenues have been conformed to the current segment reporting structure. 3. Constant currency. 4. Effective as of the second quarter of 2023, the company changed the name of the segment from "Ophthalmic Pharmaceuticals" to "Pharmaceuticals". Aside from the change in name, there were no other changes to the segment itself as a result. 6#8BAUSCH & LOMB Financial Results 7#92Q23 Revenue Drivers BAUSCH + LOMB ● $941M 2Q22 10% 12% $1,035M 2Q23 2Q23 Reported Revenue Growth 2Q23 Constant Currency Revenue Growth ¹ BAUSCH + LOMB Growth across all three segments and all major markets -$18M revenue FX headwinds . Vision Care4 ● 67% $646M ■ Consumer 33% Contact Lens +12% Strong growth in key franchises Lumify® (+23% reported, +23% cc¹) Eye Vitamins (+11% reported, +12% cc¹) Artelac® (+24% reported, +24% cc¹) Daily SiHy (+42% reported) • Lens portfolio (+1% reported, +4% cc¹), excluding impact of distribution facility disruptions (+8% reported, +10% cc¹) Surgical . 24% 52% $195M 24% 2 Q 2 3 CONSTANT CURRENCY REVENUE +7% • Consumables (+10% reported, +11% cc¹), driven by surgical packs ■Implantables ■ Equipment Consumables/Other Equipment (+10% reported, +10% cc¹), impacted by Stellaris system supply • Implantables (-4% reported, -4% cc¹); premium IOLS (+22% reported, +33% cc¹), offset by EyeCee One IOL product hold Supply constraints and higher cost of inventory resulting in pressure on margins Pharmaceuticals 3,4 58% $194M 42% U.S. International GROWTH 1 +16% Vyzulta® (+25% reported, +25% cc¹), +26% TRX growth driving performance² • International Pharma (+17% reported, +20% cc¹), growth across all major markets • U.S. Gx (+10% reported), capitalizing on competitor supply challenges 1. Constant currency. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAAP measures and ratios. 2. IQVIA NPA monthly. U.S. only. 3. Effective as of the second quarter of 2023, the company changed the name of the segment from "Ophthalmic Pharmaceuticals" to "Pharmaceuticals". Aside from the change in name, there were no other changes to the segment itself as a result. 4. Effective in the first quarter of 2023, certain products historically included in the reported results of the Pharmaceuticals segment are now included in the reported results of the Vision Care segment and certain products included in the reported results of the Vision Care segment are now included in the reported results of the Pharmaceuticals segment. Management believes these movements are necessary in order to better align these products with the groupings of similar products. The net impact of these product movements was not material to the periods presented. Prior period presentations of segment revenues have been conformed to the current segment reporting structure. 8#102Q23 Total Bausch+Lomb P&L¹ (Non-GAAP)² Reported Change 10% 6% 15% 10% 10% (0 bps) (13%) Bausch + Lomb Vision Care Revenue ³ Surgical Revenue Pharmaceuticals Revenue ³ Total Revenue Adj. Gross Profit² Adj. Gross Margin² R&D R&D % of Revenue Adj. SG&A² Adj. SG&A % of Revenue Adj. EBITA² Depreciation Stock Based Compensation Adj. EBITDA 2,5 Adj. EBITDA Margin² Adj. Net Income Attributable to Bausch+Lomb² Adj. EPS Attributable to Bausch + Lomb² BAUSCH + LOMB 2Q23 $646M $195M $194M $1,035M $618M 59.7% $85M 8.2% $398M 38.5% $135M $37M $18M $179M 17.3% $65M $0.18 2Q224 $588M $184M $169M $941 M $562M 59.7% $75M 8.0% $362M 38.5% $125M $34M $11M $182M 19.3% $103M $0.29 (10%) 8% 9% 64% (2%) (37%) 1. Products with sales outside the United States impacted by F/X changes. 2. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAAP measures and ratios. 3. Effective in the first quarter of 2023, certain products historically included in the reported results of the Pharmaceuticals segment are now included in the reported results of the Vision Care segment and certain products included in the reported results of the Vision Care segment are now included in the reported results of the Pharmaceuticals segment. Management believes these movements are necessary in order to better align these products with the groupings of similar products. The net impact of these product movements was not material to the periods Constant Currency Change² 12% 7% 16% 12% 12% (13%) (12%) 12% 6% 64% 2% (30%) 2Q23 FX Headwinds: -$18M Revenue -$25M Adj. EBITDA Year-Over-Year Comparability 2Q23 results include stand- alone costs associated with the Bausch + Lomb separation 2Q22 results are not fully burdened by stand-alone costs presented. Prior period presentations of segment revenues have been conformed to the current segment reporting structure. 4. 2022 results were not fully burdened by all stand-up costs associated with the separation. 5. Includes transactional FX and NCI. Currency headwind (translational and transactional) was -$25M to Adj. EBITDA for 2023. The 2Q22 transactional FX impact was a gain of $14M. 9#112Q23 Total Bausch + Lomb P&L¹ (GAAP) Bausch + Lomb Vision Care Revenue ³ Surgical Revenue Pharmaceuticals Revenue ³ Total Revenue Gross Profit Gross Margin R&D R&D % of Revenue SG&A SG&A % of Revenue Operating Income Net (Loss) Income Attributable to Bausch + Lomb Net (Loss) Income Margin EPS Attributable to Bausch + Lomb BAUSCH + LOMB 2Q23 $646M $195M $194M $1,035M $562M 54.3% $85M 8.2% $417M 40.3% $43M ($32M) (3.1%) ($0.09) 2Q224 $588M $184M $169M $941 M $498M 52.9% $75M 8.0% $368M 39.1% $56M $5M 0.5% $0.01 Reported Change 10% 6% 15% 10% 13% 140 bps (13%) (13%) Constant Currency Change² 12% 7% 16% 12% 15% (13%) (14%) 1. Products with sales outside the United States impacted by F/X changes. 2. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAAP measures and ratios. 3. Effective in the first quarter of 2023, certain products historically included in the reported results of the Pharmaceuticals segment are now included in the reported results of the Vision Care segment and certain products included in the reported results of the Vision Care segment are now included in the reported results of the Pharmaceuticals segment. Management believes these movements are necessary in order to better align these products with the groupings of similar products. The net impact of these product movements was not material to the periods presented. Prior period presentations of segment revenues have been conformed to the current segment reporting structure. 4.2022 results were not fully burdened by all stand-up costs associated with the separation 10#12BAUSCH&LOMB Outlook 11#13Raising Full-Year 2023 Revenue and Maintaining Adjusted EBITDA (non-GAAP)1 Guidance³ Total Revenue Adj. EBITDA (non-GAAP)¹ Key Assumptions Interest Expense² R&D Adj. Tax Rate (non-GAAP)¹ Avg. Fully Diluted Share Count CapEx Depreciation and Stock Based Comp Prior Guidance (May 2023) $3.90B $3.95B $700M $750M Prior Guidance (May 2023) -$215M -8% of revenue -6% -352M -$200M -$220M4 Current Guidance (Aug. 2023) $3.95B $4.00B $700M $750M Current Guidance (Aug. 2023) -$225M -8% of revenue -6% -352M -$200M -$220M4 Raising FY23 Revenue Guidance -6.5-7.5% constant currency growth¹ expected for FY23 FY23 FX headwinds expected to be ~$50M Maintaining Adj. EBITDA¹ Guidance FY23 FX headwinds expected to be ~$35M Adj. Gross Margin ¹ Adj. gross margin¹ for FY23 expected to be 60% 1. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAAP measures or ratios. See slides 9 and 10 and 28 and 29 for disclosure of historic non-GAAP measures and ratios and their historic comparable GAAP measures and ratios. 2. Interest expense includes interest on the outstanding $2.475B of Term Loan and $250M of revolving credit facility (as of 8/2/2023) and amortization and write-down of deferred financing costs. Does not include impact of Xiidra financing. BAUSCH+LOMB 3. The guidance in this presentation is only effective as of the date given, Aug 2, 2023, and will not be updated or affirmed unless and until the Company publicly announces updated or affirmed guidance. Distribution or reference of this deck following Aug. 2, 2023 does not constitute the Company re-affirming guidance. See Slide 1 for further information on forward-looking statements. 4. Does not include the potential expense acceleration of certain grants upon final separation. 12#14BAUSCH LOMB Upcoming Catalysts 13#15Investing in Launch Excellence to Drive Growth 1 GERICHESON PreserVision SAN AREDS 2 ALL PreserVision® AREDS 2 with OCUSorb ™M 2023 BAUSCH+ LOMB IC-8" Apthera... IC-8 Apthera ™M IOL TOT Surgical Instruments m INFUSE SeeLuma ™M Visualization Platform LETTA Multifocal in U.S. SVS launch in China 1. See Slide 1 for further information on forward-looking information. ULTTA Bio true PreserVision AREDS 2 +COGID PreserVision® AREDS 2 Plus CoQ10 Biotrue® Hydration Boost Total Visc NOC 24354 G Viscoelastic System Miebo perfluare op the soutonl For Topical Ophthalmic Use Multiple-dose container E STERILE Miebo. Roxony Miebo ™M Lumify Eye Illuminations 3k LUMIFY Lumify Preservative Free LUXSMART blink BlinkⓇ® Eye Drops SMART LuxLife Trifocal erVista CArdas BY RUMPUT MIMS® Glaucoma Procedure en Vista Aspire ™M 2024 Artelac New Formulations Ocuvite ADULT 50+ Ocuvite Digital Eye Strain ervista REAPROV en Vista Envy ™M IN THE FUS INFUSE INFUSE® Toric Revive ON SOFT CONTACT LINE SiHy Custom Lens Stellaris Elite® Enhancements 14#16MIEBO TM: Approved and Launching Soon¹ NDC 24208-377-05 Miebo perfluorohexyloctane ophthalmic solution Rx only Sterile 3 mL D NDC 24208-377-05 BAUSCH + LOMB Miebo: (perfluorohexyloctane ophthalmic solution) For Topical Ophthalmic Use Multiple-dose container STERILE Rx only 3 mL U.S. launch expected: 3023 1. See Slide 1 for further information on forward-looking information. 2. Key opinion leaders. CRITICAL SUCCESS FACTORS Grow the market by educating HCPs on disease etiology and difference between treatment modalities Establish MIEBO TM as the first and only therapeutic to address evaporative dry eye Provide broad and reliable access, reimbursement and affordability for patients Ensure best-in-class field force effectiveness Engage KOLs² within Ophthalmology and Optometry Expand on scientific evidence to strengthen differentiation Ensure timely and reliable supply 15#17Dry Eye Disease Requires Different Treatment Options DED is a Growing Condition that is Currently Underdiagnosed¹ 50% 7% Estimated US population that has DED -38M BAUSCH + LOMB Diagnosed DED ~19M Current Patients on DED Rx ~1.4M ~96% of the estimated U.S. population with DED is not treated with an Rx product 1. US Census, Decision Resource Group Dry Eye Disease Landscape & Forecast report published in December 2020. 2. The closing of the acquisition remains subject to receipt of regulatory approval and other customary closing conditions. Tear Evaporation Inflammation Associated with Dry Eye Miebo Miobo. Miebo: perlancane botanic surn For Topical Opathime Use STERILE (lifitegrast ophthalmic solution)5% *Bausch+Lomb announced intent to acquire XIIDRAⓇ from Novartis on June 30, 2023² 16#18Expanding Daily SiHy Franchise in High Growth Category BAUSCH 4LOND INFUSE +42% reported BAUSCH + LOMB BAUSCE + LOWE INFUSE வசv revenue growth in 2Q23 vs. 2Q22 18% reported revenue growth in 2Q23 vs. 1Q23 AREASON BAUSCH&LOMB ULTRA MerSeat Contenedo BAUSCH+LOMB/ ULTRA Montreal Contorted co Look one 30 CONCORS one s switch fits are sourced from competitive lenses² 70% of INFUSEⓇ Launched Multifocal in 2Q23 in U.S. $1.08B Launched SVS¹ in China in 2Q23 U.S. Daily Disposable Market Dollar Sales by Material³ +18% CAGR DD SiHy $0.85B 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 DD Hydrogel -$5.5B 1. Single Vision Spherical. 2. GfK-an NIQ company. US Contact Lens FITS Tracking. Mar-May 2023. Switch-in is a user who was previously in another brand of lens while new wearer is a user who is new to contacts (or a lapsed wearer) within the last 15 months. U.S. only comment. 3. Years 2021-2022: CLI (Actual Dollar Sales); Years 2023-2031: Internal estimates. Manufacturer sales. -$0.4B 17#19Growth Momentum in Durable Consumer Portfolio BAUSCH LOME VER LUMIFY EYE ILLUMINATIONS V-INT MICULA Cleansing Water Era Malaup Remova MARCH CLINICALLY PROVEN BRUSCH+LOND LUMIFY E LUMINATION BAUSCH + LOMB TICHEAVE distsing WH MISCELLOW BAUSCE LOME LUMIFY ORINOND NE TARTRATE 8PH HALMK SLUI IN CEZAN Worksin 1 minuta Lasts up to 0 hours Sel 008 FL 02 12.5 mL LUNIFY FYE ILLUMINATIONS $140M + Revenue Franchise¹ LUMIFY FINESTRES BAUSCH + LOMB LUMIFY EYE ILLUMINATIONS Lash & Brow Sanum MAIN POTEN BAUSCH LOMB LUMIFY EYE ILLUMINATIONS|||||||||||||||| 108-11 Brightening Lye Droom C COMICALLY PROVEN +23% Reported Growth Strong U.S. Consumption Growth, Successful Launch in Canada Expanding Franchise into New Geographies and Adjacent Categories BAUSCH & LOMB PreserVision™ SUPPLEMENT AREDS 2 NEW! CoQ10 2 Health Benefits in 1 Formula 80 DAY Artelac A Rebalance de ogledo BAUSCHOLOME 1. Twelve months ended 6/30/23 2. Constant currency. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAAP measures and ratios. ALONE PreserVision ALT Artelec Rebalance AREDS www.t Eye Vitamins (+11% reported; +12% cc²) Continuing To Expand Franchise With Launch of CoQ10 and OCUsorb Artelac 1ml Augentropfen enthak 3,20 mg Hypromelose 10m Augentropfen BAUSCH+LOMB Artelac BAUSCH & LOMB Ocuvite Hotel ADULT 50+ HELPS PROTECT EYE HEALTH VITAMIN D Artelac Complete MDO Artelac® (+24% reported; +24% cc²) Launched in >35 Countries, Growth in European Markets Expanded Portfolio with Acquisition of Blink® Eye Drops LArtelac 18#20Strong Demand in Surgical Portfolio with Continued Stream of Launches¹ enVistatoric LUXSMART™ by Bausch + Lomb IC-8" Apthera. O 2023 IC-8™ Apthera. TOL IC-8® Apthera ™ IOL BAUSCH + LOMB UITI-T Surgical Instruments Premium IOL Portfolio Driving Profitable Growth SeeLuma ™M Visualization Platform 1. See Slide 1 for further information on forward-looking information. MIMS® Glaucoma Procedure Stellaris Elite Vision Enhancement System 2024 Stable) Total Visc™ we ws BAUSCH LONG Viscoelastic System LUXSMART ******* SMART Strong Market Demand for Equipment and Consumables Taking Mitigating Actions to Improve Availability of Supply LuxLife Trifocal enVista ACER ASPIRE en Vista Aspire ™M C Stellaris Elite® Enhancements enVista ENVY MAYINGGRICOL en Vista Envy ™ 19#21Performance and Progress Defined the Quarter Growing Revenue At Or Above Market +12% CC Revenue Growth 1 Strong Performance Across All Segments Growth In All Major Markets BAUSCH+ LOMB Improving Utilization of Bausch+Lomb Platform Leveraging Infrastructure to Drive Profitable Growth Launching Products Across All Segments Acquired Blink®, Entered into Agreement to Acquire Xiidra Ⓡ Rewiring Company for Optimal Performance 1. Constant currency growth. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAAP measures and ratios. Pivoting to Making Sales Teams a Priority Reshaped Executive Leadership Team Creating a More Efficient and Effective Operating Model Continue to Focus on Supply Chain Improvement to Drive Consistent Performance 20#22BAUSCH+ LOMB Appendix 21#23Early Stage Launches and Near-term Pipeline Products to Watch ¹ SiHy Daily Lumify® Expansion Opportunities SeeLuma TM Fully Digital Surgical Visualizatio IC-8® Apthera T™ Product eye TELLIGENCE® Digital Platform MIEBO ™M 2 en Vista Envy TM en Vista® Trifocal IOL (3D Microscope) MIMSⓇ Minimally Invasive Surgical Procedure en Vista Aspire ™ en Vista® Extended Range Monofocal IOL BAUSCH+ LOMB en Vista Beyond ™ en Vista® Extended Depth of Focus IOL Status Launched SVS in ~50 countries, including China in 2Q23; Multifocal launched in U.S. Eye Illuminations - Launching this year Launching now in U.S. and Western Europe Beta software testing ongoing. Regulatory assessments complete Available in select markets across Europe, as well as in Australia, New Zealand and Singapore Entered into exclusive European distribution agreement with Sanoculis FDA approval in May 2023 Filed in Canada 1Q23 Canada, EU and U.S. submissions in process U.S. and Canada submitted 1Q23 EU submitted 2Q23 Clinical study expected to begin 4Q23 1. See Slide 1 for further information on forward-looking statements. 2. In 2019, the Company acquired an exclusive license from Novaliq GmbH for the commercialization and development of Miebo TM in the United States and Canada. Upcoming Milestone Geo-expansion continues Toric launch expected in 2024 Preservative Free submitted 2Q23 Allergy submission expected 2024 Additional countries expected to follow U.S. commercial release in process U.S. launch in process EU launch in process Launch expected in U.S. in 3Q23 Expect U.S., EU, Canada launch in 2024 (includes Toric versions and new EyeGility inserter) Expect U.S. and Canada launch 2H23 (includes Toric; new Eye Gility inserter to be added in 2024) EU launch expected in 2024 with EyeGility inserter Expect 2025/2026 launch 22#24Cash Flow and Balance Sheet Summary (2Q23) Cash flow used in operations Adj. Cash flow used in operations (non-GAAP)1,2 Depreciation Stock Based Comp Interest CapEx BAUSCH + LOMB 2Q23 ($24M) ($14M) 1. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAAP measures and ratios. 2. Adjusted cash used in operations (non-GAAP) is Cash used in operations, its most closely associated GAAP measure, less separation and separation-related payments of $2 million and Business transformation costs of $8 million. $37M $18M $53M $27M 23#25Cash Flow and Balance Sheet Summary (YTD) Cash flow used in operations Adj. Cash flow used in operations (non-GAAP)1,2 Depreciation Stock Based Comp Interest CapEx BAUSCH + LOMB 1. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAAP measures and ratios. 2. Adjusted cash used in operations (non-GAAP) is Cash used in operations, its most closely associated GAAP measure, less separation and separation-related payments of $6 million and Business transformation costs of $36 million. 1Q23-2Q23 ($80M) ($38M) $71M $42M $100M $64 M 24#26Top 10 Revenues (Includes FX Impact) Rank Product/Franchises 1 2 3 4 LO 7 8 9 Ocuvite® + PreserVision® Surgical Consumables¹ SofLens Biotrue ONEday Biotrue® Solutions Franchise Ⓡ Surgical Implantables¹ Surgical Equipment¹ renu® LumifyⓇ 10 Bausch+Lomb ULTRA® BAUSCH + LOMB 2Q23 $104 M $102M $59M $49M $49M $47M $46M $43M $43M $42M 1Q23 $81M $95M $60M $52M $35M $44M $44M $42M $38M $51M FY22 $387M $359M $246M $201M $153M $188M $171M $176M $131M $177M 4Q22 $114M $94M $62M $50M $37M $49M $45M $47M $35M $43M 3Q22 $98M $85M $62M $53M $39M $45M $42M $44M $30M $46M 1. As of the first quarter of 2023, certain products were recategorized across the consumables, implantables and equipment product categories. This change was made as management believes this better aligns these products in their respective categories. Prior period presentations of product categories have been conformed to current product category structure to allow investors to evaluate results between periods on a consistent basis. 2Q22 $94M $93M $61M $49M $39M $49M $42M $43M $35M $44M 25#27Segment Reported Revenue Vision Care ³ Contact Lens Revenue Consumer Revenue Total Revenue Surgical² Implantables Revenue Equipment Revenue Consumables Revenue Total Revenue Pharmaceuticals ³ Total Revenue BAUSCH + LOMB 1. 2. 3. 2Q23 $215M $431M $646M 2Q23 $47M $46M $102M $195M 2Q23 $194M 2Q22 $213M $375M $588 M 2Q22 $49M $42M $93M $184M 2Q22 $169M Reported Change 1% 15% 10% Reported Change (4%) 10% 10% 6% Reported Change 15% Constant Currency Change %¹ 4% 17% 12% Constant Currency Change %¹ (4%) 10% 11% 7% Constant Currency Change %¹ 16% This is a non-GAAP measure or ratio. See Slide 1 and this Appendix for further information on non-GAAP measures and ratios. As of the first quarter of 2023, certain products were recategorized across the consumables, implantables and equipment product categories. This change was made as management believes this better aligns these products in their respective categories. Prior period presentations of product categories have been conformed to current product category structure to allow investors to evaluate results between periods on a consistent basis. Effective in the first quarter of 2023, certain products historically included in the reported results of the Pharmaceuticals segment are now included in the reported results of the Vision Care segment and certain products included in the reported results of the Vision Care segment are now included in the reported results of the Pharmaceuticals segment. Management believes these movements are necessary in order to better align these products with the groupings of similar products. The net impact of these product movements was not material to the periods presented. Prior period presentations of segment revenues have been conformed to the current segment reporting structure. 26#28Reported Revenue Trailing Quarters by Segment Bausch + Lomb Vision Care² Contact Lens Consumer Total Revenue Surgical¹ Implantables Equipment Consumables Total Revenue Pharmaceuticals ² Total Revenue BAUSCH+ LOMB 2Q23 $215M $431M $646M $47M $46M $102M $195M $194M 1Q23 $226M $361M $587M $44M $44M $95M $183M $161 M 4Q22 $219M $405M $624M $49M $45M $94M $188M $184M 3Q22 $222M $375M $597M $45M $42M $85M $172M $173M 2Q22 $213M $375M $588M $49M $42M $93M $184M $169M 1. As of the first quarter of 2023, certain products were recategorized across the consumables, implantables and equipment product categories. This change was made as management believes this better aligns these products in their respective categories. Prior period presentations of product categories have been conformed to current product category structure to allow investors to evaluate results between periods on a consistent basis. 2. Effective in the first quarter of 2023, certain products historically included in the reported results of the Pharmaceuticals segment are now included in the reported results of the Vision Care segment and certain products included in the reported results of the Vision Care segment are now included in the reported results of the Pharmaceuticals segment. Management believes these movements are necessary in order to better align these products with the groupings of similar products. The net impact of these product movements was not material to the periods presented. Prior period presentations of segment revenues have been conformed to the current segment reporting structure. 27#29YTD Total Bausch+Lomb P&L¹ (Non-GAAP)² Bausch + Lomb Vision Care Revenue 4 Surgical Revenue Pharmaceuticals Revenue 4 Total Revenue Adj. Gross Profit² Adj. Gross Margin² R&D R&D % of Revenues Adj. SG&A² Adj. SG&A % of Revenues³ Adj. EBITA² Depreciation Stock Based Compensation Adj. EBITDA 2,3 Adj. EBITDA Margin² Adj. Net Income Attributable to Bausch + Lomb² Adj EPS Attributable to Bausch + Lomb2,4 BAUSCH + LOMB 1Q23-2Q23 $1,233M $378M $355M $1,966M $1,177M 59.9% $162M 8.2% $789M 40.1% $226M $71M $42M $320M 16.3% $99M $0.28 1Q22-2Q225 $1,148M $358M $324M $1,830M $1,103M 60.3% $152M 8.3% $700M 38.3% $251M $64M $27M $352M 19.2% $188M $0.54 Reported Change 7% 6% 10% 7% 7% (40 bps) (7%) (13%) (10%) 11% 56% (9%) (47%) Constant Currency Change² 10% 8% 12% 10% 9% (7%) (15%) (6%) 11% 56% (5%) (40%) 1. Products with sales outside the United States impacted by F/X changes. 2. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAAP measures and ratios. 3. Includes transactional FX and NCI. Currency headwind (translational and transactional) was -$40M to Adj. EBITDA for YTD2023. The YTD2022 transactional FX impact was a gain of $15M. 4. Effective in the first quarter of 2023, certain products historically included in the reported results of the Pharmaceuticals segment are now included in the reported results of the Vision Care segment and certain products included in the reported results of the Vision Care segment are now included in the reported results of the Pharmaceuticals segment. Management believes these movements are necessary in order to better align these products with the groupings of similar products. The net impact of these product movements was not material to the periods presented. Prior period presentations of segment revenues have been conformed to the current segment reporting structure. 5. YTD 2022 results were not fully burdened by all stand-up costs associated with the separation. 28#30YTD Total Bausch + Lomb P&L¹ (GAAP) Bausch + Lomb Vision Care Revenue³ Surgical Revenue Pharmaceuticals Revenue ³ Total Revenue Gross Profit Gross Margin R&D R&D % of Revenues SG&A SG&A % of Revenues Operating Income Net (Loss) Income Attributable to Bausch + Lomb Net (Loss) Income Margin EPS Attributable to Bausch + Lomb BAUSCH+ LOMB 1Q23-2Q23 $1,233M $378M $355M $1,966M $1,064 M 54.1% $162M 8.2% $835M 42.5% $41M ($122M) (6.2%) ($0.35) 1Q22-2Q224 $1,148M $358M $324M $1,830M $974M 53.2% $152M 8.3% $711M 38.9% $110M $25M 1.4% $0.07 1. Products with sales outside the United States impacted by F/X changes. 2. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAAP measures and ratios. Reported Change Constant Currency Change² 10% 8% 12% 10% 12% 7% 6% 10% 7% 9% 90 bps (7%) (17%) (7%) (20%) 3. Effective in the first quarter of 2023, certain products historically included in the reported results of the Pharmaceuticals segment are now included in the reported results of the Vision Care segment and certain products included in the reported results of the Vision Care segment are now included in the reported results of the Pharmaceuticals segment. Management believes these movements are necessary in order to better align these products with the groupings of similar products. The net impact of these product movements was not material to the periods presented. Prior period presentations of segment revenues have been conformed to the current segment reporting structure. 4. YTD 2022 results were not fully burdened by all stand-up costs associated with the separation 29#31Non-GAAP Adjustments EPS Impact ($M)² Net (loss) income attributable to Bausch + Lomb Corporation Non-GAAP adjustments: Amortization of intangible assets Restructuring, integration and transformation costs Acquisition-related costs and adjustments (excluding amortization of intangible assets) Separation costs and separation-related costs Other Tax effect of non-GAAP adjustments Adjusted net income attributable to Bausch + Lomb Corporation (non-GAAP)¹ BAUSCH + LOMB 1. 2 Income (Expense) $ (32) $ 2023 - 56 30 3 2 2 4 65 $ $ Three Months Ended June 30 Earnings per Share Impact (0.09) 0.16 0.09 0.01 0.01 0.18 2022 Income (Expense) $ $ 5 64 1 (5) 9 29 103 $ $ Earnings per Share Impact 0.01 0.18 (0.01) 0.03 0.08 0.29 This is a non-GAAP measure or non-GAAP ratio. See Slide 1 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. Except per share amounts. 2023 Income (Expense) $ (122) $ 113 62 4 5 2 35 99 $ $ Six Months Ended June 30 Earnings per Share Impact (0.35) 0.32 0.18 0.01 0.01 0.01 0.10 0.28 2022 Income (Expense) $ $ 25 129 4 (5) 13 6 16 188 $ $ Earnings per Share Impact 0.07 0.37 0.01 (0.01) 0.04 0.02 0.04 0.54 30#32Reconciliation of Reported Operating Loss/Income to Adjusted EBITA (non- GAAP)¹ ($M) 2023 GAAP Amortization of intangible assets Restructuring, integration and transformation costs Acquisition-related costs and adjustments (excluding amortization of intangible assets) Separation costs and separation-related costs Other 2023 Non-GAAP¹ 2022 GAAP Amortization of intangible assets Restructuring, integration and transformation costs Acquired in-process research and development costs² Acquisition-related costs and adjustments (excluding amortization of intangible assets) Separation costs and separation-related costs 2022 Non-GAAP¹ BAUSCH + LOMB 1. $ 562 56 $ Gross Profit $ 618 Gross Profit 498 64 $ 562 Gross Margin SG&A 54.3% $ 417 $ 5.4% 0.0% 0.0% 0.0% 0.0% 59.7% $ Gross Margin 52.9% $ 6.8% 0.0% 0.0% 2Q 2023 0.0% (16) R&D Expense (2) (1) 398 $ 2Q 2022 0.0% (6) 59.7% $ 362 $ 85 $ R&D SG&A Expense 368 $ Operating Income 85 $ Gross Profit 43 $ 1,064 56 113 30 75 $ 75 $ 3 21 Operating Income 135 56 64 1 (5) 9 125 This is a non-GAAP measure or non-GAAP ratio. See Slide 1 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. $ 1,177 Gross Profit $ 974 129 $ 1,103 Gross Margin SG&A 54.1% $ 835 $ 5.7% 0.0% 0.0% 0.0% 0.0% 59.9% $ Gross Margin 53.2% $ 7.0% 0.0% 0.0% 0.0% YTD 2023 0.0% 60.3% $ (40) (5) (1) 789 $ YTD 2022 SG&A 711 $ (1) R&D Expense (10) 700 $ Operating income 162 $ 162 $ R&D Expense 152 $ 41 152 $ 113 62 Ե 4 5 1 226 Operating income 110 129 4 (5) 13 251 31#33Reconciliation of Reported Net (Loss) Income to EBITDA (non-GAAP)¹ and Adjusted EBITDA (non-GAAP)¹ ($M) Net (loss) income attributable to Bausch + Lomb Corporation $ Interest expense, net Provision for income taxes Depreciation and amortization of intangible assets EBITDA Adjustments: Restructuring, integration and transformation costs Acquisition-related costs and adjustments (excluding amortization of intangible assets) Share-based compensation Separation costs and separation-related costs Other non-GAAP Adjustments: Other Adjusted EBITDA (non-GAAP) ¹ BAUSCH + LOMB 1. $ 2023 Three Months Ended June 30 (32) $ 53 10 93 124 30 3 18 2 2 179 $ 2022 5 43 20 98 166 1 (5) 11 9 182 This is a non-GAAP measure or non-GAAP ratio. See Slide 1 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. $ 2023 Six Months Ended June 30 (122) 100 43 184 205 62 4 42 5 2 320 $ $ 2022 25 63 26 193 307 4 (5) 27 13 6 352 32#34Reconciliation of Reported Revenue to Constant Currency Revenue¹ and Constant Currency Revenue Growth¹ ($M) Bausch + Lomb Vision Care² Surgical Pharmaceuticals² Total Bausch + Lomb Bausch + Lomb Vision Care² Surgical Pharmaceuticals² Total Bausch + Lomb BAUSCH+ LOMB 1. 2. 3. $ $ $ $ Calculation of Constant Currency Revenue for the Three Months Ended June 30, 2023 June 30, 2022 Revenue as Reported 646 195 194 1,035 Revenue as Reported 1,233 378 Changes in Exchange Rates³ 355 1,966 $ $ 15 1 $ 2 18 Changes in Exchange Rates³ $ Constant Currency Revenue (Non- GAAP)¹ 35 7 7 49 $ $ Calculation of Constant Currency Revenue for the Six Months Ended June 30, 2023 June 30, 2022 661 196 $ 196 1,053 Constant Currency Revenue (Non- GAAP)¹ $ $ 1,268 385 362 2,015 $ Revenue as Reported $ 588 184 169 941 Revenue as Reported 1,148 358 324 1,830 $ $ $ $ Change in Reported Revenue Amount 58 11 25 94 Change in Reported Revenue Amount Pct. 85 20 31 136 Pct. 10% 6% 15% 10% 7% 6% 10% 7% Change in Constant Currency Revenue ¹ $ $ Amount $ 73 12 27 112 Amount Pct. Change in Constant Currency Revenue 120 27 38 185 Pct. 12% 7% This is a non-GAAP measure or non-GAAP ratio. See Slide 1 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. Effective in the first quarter of 2023, certain products historically included in the reported results of the Pharmaceuticals segment are now included in the reported results of the Vision Care segment and certain products included in the reported results of the Vision Care segment are now included in the reported results of the Pharmaceuticals segment. Management believes these movements are necessary in order to better align these products with the groupings of similar products. The net impact of these product movements was not material to the periods presented. Prior period presentations of segment revenues have been conformed to the current segment reporting structure. The impact for changes in foreign currency exchange rates is determined as the difference in the current period reported revenues at their current period currency exchange rates and the current period reported revenues revalued using the monthly average currency exchange rates during the comparable prior period. 16% 12% 10% 8% 12% 10% 33#35Reconciliation of Reported Revenue to Constant Currency Revenue¹ and Constant Currency Revenue Growth¹ ($M) Contact Lens Consumer² Surgical Consumables4 Surgical Implantables Surgical Equipment Lumify Ocuvite + PreserVision Artelac Contact Lens (excluding impact of distribution facility disruptions") Premium IOLS International Pharmaceuticals² Vyzulta BAUSCH + LOMB 1. 2. 3. 4. 5. Calculation of Constant Currency Revenue for the Three Months Ended June 30, 2023 June 30, 2022 Revenue as Reported 215 431 102 47 46 43 104 36 230 11 82 15 Changes in Exchange Rates³ 6 9 1 1 6 1 2 Constant Currency Revenue (Non- GAAP)¹ 221 440 103 47 46 43333 105 36 236 12 84 15 Revenue as Reported 213 375 93 49 42 35 94 29 213 9 70 12 Change in Reported Revenue Amount 2 56 9 (2) 4 8 10 7 17 2 12 3 Pct. 1% 15% 10% -4% 10% 23% 11% 24% 8% 22% 17% 25% Change in Constant Currency Revenue Amount 8 65 10 (2) 4 8 11 7 23 3 14 3 Pct. 4% 17% 11% -4% 10% 23% 12% 24% 10% 33% 20% 25% This is a non-GAAP measure or non-GAAP ratio. See Slide 1 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. Effective in the first quarter of 2023, certain products historically included in the reported results of the Pharmaceuticals segment are now included in the reported results of the Vision Care segment and certain products included in the reported results of the Vision Care segment are now included in the reported results of the Pharmaceuticals segment. Management believes these movements are necessary in order to better align these products with the groupings of similar products. The net impact of these product movements was not material to the periods presented. Prior period presentations of segment revenues have been conformed to the current segment reporting structure. The impact for changes in foreign currency exchange rates is determined as the difference in the current period reported revenues t their current period currency exchange rates and the current period reported revenues revalued using the monthly average currency exchange rates during the comparable prior period. As of the first quarter of 2023, certain products were recategorized across the consumables, implantables and equipment product categories. This change was made as management believes this better aligns these products in their respective categories. Prior period presentations of product categories have been conformed to current product category structure to allow investors to evaluate results between periods on a consistent basis.. Contact Lens Revenue Impact of distribution facility disruptions is approximately $15M. 34#36Non-GAAP Appendix Description of Non-GAAP Financial Measures To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses certain non-GAAP financial measures and ratios. These measures and ratios do not have any standardized meaning under GAAP and other companies may use similarly titled non-GAAP financial measures and ratios that are calculated differently from the way we calculate such measures and ratios. Accordingly, our non-GAAP financial measures and ratios may not be comparable to similar non-GAAP measures and ratios of other companies. We caution investors not to place undue reliance on such non-GAAP measures and ratios, but instead to consider them with the most directly comparable GAAP measures and ratios. Non-GAAP financial measures and ratios have limitations as analytical tools and should not be considered in isolation. They should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. EBITDA/Adjusted EBITDA/Adjusted EBITDA Margin/Adjusted EBITDA, adjusted for currency headwinds EBITDA (non-GAAP) is Net income attributable to Bausch+Lomb Corporation (its most directly comparable U.S. GAAP financial measure) adjusted for interest, income taxes, depreciation and amortization. Adjusted EBITDA (non-GAAP) is EBITDA (non- GAAP) further adjusted for the items described below. Management believes that Adjusted EBITDA (non-GAAP), along with the GAAP measures used by management, most appropriately reflect how the Company measures the business internally and sets operational goals and incentives. In particular, the Company believes that Adjusted EBITDA (non-GAAP) focuses management on the Company's underlying operational results and business performance. As a result, the Company uses Adjusted EBITDA (non-GAAP) both to assess the actual financial performance of the Company and to forecast future results as part of its guidance. Management believes Adjusted EBITDA (non-GAAP) is a useful measure to evaluate current performance. Adjusted EBITDA (non-GAAP) is intended to show our unleveraged, pre-tax operating results and therefore reflects our financial performance based on operational factors. In addition, cash bonuses for the Company's executive officers and other key employees are based, in part, on the achievement of certain Adjusted EBITDA (non-GAAP) targets. Adjusted EBITDA margin (non-GAAP) is Adjusted EBITDA (non-GAAP) divided by Revenues. Adjusted EBITDA (non-GAAP) Adjustments Adjusted EBITDA (non-GAAP) is net income (loss) attributable to the Company (its most directly comparable GAAP financial measure) adjusted for interest expense, net, (benefit from) provision for income taxes, depreciation and amortization and the following items: Asset impairments: The Company has excluded the impact of impairments of finite-lived and indefinite-lived intangible assets as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions and divestitures. The Company believes that the adjustments of these items correlate with the sustainability of the Company's operating performance. Although the Company excludes impairments of intangible assets from measuring the performance of the Company and its business, the Company believes that it is important for investors to understand that intangible assets contribute to revenue generation. Restructuring, and integration and transformation costs: The Company has incurred restructuring costs as it implemented certain strategies, which involved, among other things, improvements to its infrastructure and operations, internal reorganizations and impacts from the divestiture of assets and businesses. With regard to infrastructure and operational improvements which the Company has taken to improve efficiencies in the businesses and facilities, these tend to be costs intended to right size the business or organization that fluctuate significantly between periods in amount, size and timing, depending on the improvement project, reorganization or transaction. Additionally, with the completion of the B+L IPO, as the Company prepares for post- Separation operations, the Company is launching certain transformation initiatives that will result in certain changes to and investment in its organizational structure and operations. These transformation initiatives arise outside of the ordinary course of continuing operations and, as is the case with the Company's restructuring efforts, costs associated with these transformation initiatives are expected to fluctuate between periods in amount, size and timing. These out-of-the-ordinary-course charges include third party advisory costs, as well as certain compensation-related costs (including costs associated with changes in our executive officers, such as the severance costs associated with the departure of the Company's former CEO and the costs associated with the appointment of the Company's new CEO). Investors should understand that the outcome of these transformation initiatives may result in future restructuring actions and certain of these charges could recur. The Company believes that the adjustments of these items provide supplemental information with regard to the sustainability of the Company's operating performance, allow for a comparison of the financial results to historical operations and forward-looking guidance and, as a result, provide useful supplemental information to investors. Acquisition-related costs and adjustments excluding amortization of intangible assets: The Company excludes the impact of acquisition-related contingent consideration non-cash adjustments due to the inherent uncertainty and volatility associated with such amounts based on changes in assumptions with respect to fair value estimates, and the amount and frequency of such adjustments are not consistent and are significantly impacted by the timing and size of the Company's acquisitions, as well as the nature of the agreed-upon consideration. Share-based compensation: The Company excludes costs relating to share-based compensation. The Company believes that the exclusion of share-based compensation expense assists investors in the comparisons of operating results to peer companies. Share-based compensation expense can vary significantly based on the timing, size and nature of awards granted. 35#37Non-GAAP Appendix Adjusted EBITDA (non-GAAP) Adjustments (continued) Separation costs and separation-related costs: The Company has excluded certain costs incurred in connection with activities taken to: (i) separate the Bausch + Lomb business from the remainder of BHC and (ii) register the Bausch + Lomb business as an independent publicly traded entity. Separation costs are incremental costs directly related to effectuating the separation of the Bausch+Lomb business from the remainder of BHC and include, but are not limited to, legal, audit and advisory fees, talent acquisition costs and costs associated with establishing a new board of directors and audit committee. Separation-related costs are incremental costs indirectly related to the separation of the Bausch+Lomb business from the remainder of BHC and include, but are not limited to, IT infrastructure and software licensing costs, rebranding costs and costs associated with facility relocation and/or modification. As these costs arise from events outside of the ordinary course of continuing operations, the Company believes that the adjustments of these items provide supplemental information with regard to the sustainability of the Company's operating performance, allow for a comparison of the financial results to historical operations and forward-looking guidance and, as a result, provide useful supplemental information to investors. Other Non-GAAP adjustments: The Company also excludes certain other amounts, including IT infrastructure investment, litigation and other matters, gain/(loss) on sales of assets and certain other amounts that are the result of other, non-comparable events to measure operating performance if and when present in the periods presented. These events arise outside of the ordinary course of continuing operations. Given the unique nature of the matters relating to these costs, the Company believes these items are not routine operating expenses. For example, legal settlements and judgments vary significantly, in their nature, size and frequency, and, due to this volatility, the Company believes the costs associated with legal settlements and judgments are not routine operating expenses. The Company has also excluded certain other costs, including settlement costs associated with the conversion of a portion of the Company's defined benefit plan in Ireland to a defined contribution plan. The Company excluded these costs as this event is outside of the ordinary course of continuing operations and is infrequent in nature. The Company believes that the exclusion of such out-of-the-ordinary-course amounts provides supplemental information to assist in the comparison of the financial results of the Company from period to period and, therefore, provides useful supplemental information to investors. However, investors should understand that many of these costs could recur and that companies in our industry often face litigation. Adjusted EBITDA, adjusted for currency headwinds is Adjusted EBITDA (non-GAAP) further adjusted for the impact or the anticipated impact of foreign exchange. The Company uses this non-GAAP measure as part of the guidance it provides to its investors. Although changes due to foreign exchange movements are part of our business, they are not within management's control. These changes, however, can mask positive or negative trends in the underlying business performance. Accordingly, the Company believes the measure is useful to investors in assessing our performance. For guidance purposes, the Company has further adjusted Adjusted EBITDA (non-GAAP) for the anticipated impact of foreign exchange for full-year 2023. Adjusted Net Income (non-GAAP) Adjusted net income (non-GAAP) is net income (loss) attributable to Bausch+Lomb Corporation (its most directly comparable GAAP financial measure) adjusted for asset impairments, restructuring, integration and transformation costs, acquisition-related contingent consideration, separation costs and separation-related costs and other non-GAAP adjustments, as these adjustments are described above and further adjusted for amortization of intangible assets, as described below: Amortization of intangible assets: The Company has excluded the impact of amortization of intangible assets, as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions. The Company believes that the adjustments of these items correlate with the sustainability of the Company's operating performance. Although the Company excludes the amortization of intangible assets from its non-GAAP expenses, the Company believes that it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in the amortization of additional intangible assets. Adjusted net income (non-GAAP) excludes the impact of these certain items that may obscure trends in the Company's underlying performance. Management uses Adjusted net income (non-GAAP) for strategic decision making, forecasting future results and evaluating current performance. By disclosing this non-GAAP measure, it is management's intention to provide investors with a meaningful, supplemental comparison of the Company's operating results and trends for the periods presented. Management believes that this measure is also useful to investors as such measure allows investors to evaluate the Company's performance using the same tools that management uses to evaluate past performance and prospects for future performance. Accordingly, the Company believes that Adjusted net income (non-GAAP) is useful to investors in their assessment of the Company's operating performance and the valuation of the Company. It is also noted that, in recent periods, our GAAP net income (loss) attributable to Bausch + Lomb Corporation was significantly lower than our Adjusted net income (non-GAAP). Constant Currency; Revenue adjusted for FX headwinds Constant currency change or constant currency growth is calculated by adjusting or further adjusting a measure or ratio by changes in or impact of foreign currency exchange rates. Constant currency impact is determined by comparing 2023 amounts adjusted to exclude currency impact, calculated using 2022 monthly average exchange rates, to the actual 2022 reported amounts. Constant currency revenue is GAAP revenue (its most directly comparable GAAP financial measure) adjusted for changes in foreign currency exchange rates. The Company uses Constant Currency Revenues (non-GAAP) and Constant Currency Revenue Growth (non-GAAP) to assess performance of its reportable segments, and the Company in total, without the impact of foreign currency exchange fluctuations. The Company believes that such measures are useful to investors as they provide a supplemental period- to-period comparison. Although changes in foreign currency exchange rates are part of our business, they are not within management's control. Changes in foreign currency exchange rates, however, can mask positive or negative trends in the underlying business performance. For guidance purposes, the Company also provides Revenue, adjusted for FX headwinds (GAAP revenue being the most directly comparable GAAP financial measures), which is calculated on the same basis. In addition, with respect to our contact lens products, we have further adjusted the reported revenue and constant currency revenue of such products to exclude the impact of the disruptions incurred at our U.S distribution facility as a result of the implantation of a software upgrade at such facility. The company excluded these amounts as they are out-of-the-ordinary and not expected to be reoccurring. 36#38Non-GAAP Appendix Adjusted EBITA/Adjusted EBITA Margin Adjusted EBITA represents Operating income (loss) (its most directly comparable GAAP financial measure) adjusted to exclude amortization, fair value adjustments to inventory in connection with business combinations and integration related inventory charges and technology transfer costs, restructuring, integration and transformation costs, asset impairments, goodwill impairments, acquisition related costs, separation costs, IPO costs, separation-related costs, IPO-related costs and certain other non-GAAP charges as discussed under "Other Non-GAAP adjustments" above. Adjusted EBITA Margin (non-GAAP) is Adjusted EBITA (non-GAAP) divided by Revenues. The most directly comparable GAAP financial measure is operating income margin, which is Operating income (loss) divided by Revenues. Management believes that Adjusted EBITA (non-GAAP) and Adjusted EBITA Margin (non-GAAP), along with the GAAP measures used by management, appropriately reflect how the Company measures the business internally and sets operational goals for each of its businesses. In particular, the Company believes that Adjusted EBITA (non-GAAP) and Adjusted EBITA Margin (non-GAAP) focuses management on the Company's underlying operational results and segment performance. As a result, the Company uses Adjusted EBITA (non-GAAP) and Adjusted EBITA Margin (non-GAAP) to assess the actual financial performance of each segment and to forecast future results as part of its guidance. The Company believes that Adjusted EBITA (non-GAAP) and Adjusted EBITA Margin (non-GAAP) are useful to investors as they provide consistency and comparability with our past financial performance and facilitates period-to-period comparisons of the Company's profitability and the profitability of our segments as they eliminate the effects of certain cash and non-cash charges, which given their nature and frequency, are outside the ordinary course and relate to unique circumstances. Adjusted Gross Profit/Adjusted Gross Margin Adjusted gross profit (non-GAAP) represents gross profit (its most directly comparable GAAP financial measure) adjusted for Other revenues, Cost of other revenues, Amortization of intangible assets and fair value adjustments to inventory in connection with business combinations. In accordance with GAAP, Gross profit represents total Revenues less Costs of goods sold (excluding amortization of intangible assets) less Cost of other revenues less Amortization of intangible assets. Adjusted gross margin (non-GAAP) (the most directly comparable GAAP financial measure for which is gross margin) represents Adjusted gross profit (non-GAAP) divided by Product revenues. Adjusted gross profit (non-GAAP) and Adjusted gross margin (non-GAAP) are measures used by management to understand and evaluate the Company's and each of its segment's pricing strategy, strength of product portfolio, ability to control product costs and the success of its go-to-market strategies. Adjusted gross profit (non-GAAP) and Adjusted gross margin (non-GAAP) facilitate period-to-period comparisons of the Company's and each of its segment's ability to generate cash flows from sales, as these measures eliminate the effects of amortization of intangible assets and fair value adjustments to inventory in connection with business combinations, which are a non-cash charges. The Company believes that Adjusted gross profit (non-GAAP) and Adjusted gross margin (non-GAAP) are useful to investors as they provide consistency and comparability with our past financial performance and facilitate period-to-period comparisons of the Company's and each of its segments' ability to generate incremental cash flows from its revenues as these measures eliminate the effects of amortization of intangible assets and fair value adjustments to inventory in connection with business combinations, which are a non-cash charges that can be impacted by, among other things, the timing and magnitude of acquisitions, which given their nature and frequency, are outside the ordinary course and relate to unique circumstances. 37#39Non-GAAP Appendix Adjusted SG & A Adjusted SG&A expenses (non-GAAP) represents selling, general and administrative expenses ("SG&A expenses") (its most directly comparable GAAP financial measure), adjusted to exclude separation-related costs, IPO-related costs and certain costs primarily related to legal and other professional fees relating to legal and governmental proceedings, investigations and information requests respecting certain of our distribution, marketing, pricing, disclosure and accounting practices, as well transformation costs. See the discussion under "Other Non-GAAP adjustments" and "restructuring, integration and transformation costs" above. Management uses Adjusted SG&A (non-GAAP), along with GAAP measures, as a supplemental measure for period-to-period comparison to understand and evaluate each segment's ability to control costs and direct additional cash investments in each business. The Company believes that Adjusted SG&A (non-GAAP) is useful to investors as it provides consistency and comparability with our past financial performance and facilitates period-to-period comparisons of our SG&A expenses, and operations, as this measure eliminates the effects of separation-related costs, IPO-related costs and legal and other professional fees which given their nature and frequency, are outside the ordinary course and relate to unique circumstances. Adjusted Tax Rate. Adjusted Tax Rate (the most directly comparable financial measure for which is our GAAP tax rate) includes the tax impact of the various non-GAAP adjustments used in calculating our non-GAAP measures. However, due to the differences in the tax treatment of items excluded from non-GAAP earnings, our adjusted tax rate will differ from our GAAP tax rate and from our actual tax liabilities. Adjusted Earnings Per Share (EPS) Adjusted earnings per share or Adjusted EPS (non-GAAP) is calculated as Diluted income per share attributable to Bausch + Lomb Corporation ("GAAP EPS") (its most directly comparable GAAP financial measure), adjusted for the per diluted share impact of each adjustment made to reconcile Net income to Adjusted net income (non-GAAP) as discussed above. Like Adjusted net income (non-GAAP), Adjusted EPS (non-GAAP) excludes the impact of certain items that may obscure trends in the Company's underlying performance on a per share basis. By disclosing this non-GAAP measure, it is management's intention to provide investors with a meaningful, supplemental comparison of the Company's results and trends for the periods presented on a diluted share basis. Accordingly, the Company believes that Adjusted EPS (non-GAAP) is useful to investors in their assessment of the Company's operating performance, the valuation of the Company and an investor's return on investment. It is also noted that, for the periods presented, our GAAP EPS was significantly lower than our Adjusted EPS (non-GAAP). Adjusted Cash Flows from Operations/Adjusted Cash used in Operations Adjusted cash flows from operations (non-GAAP)/Adjusted Cash used in Operations (non-GAAP) is Cash flow from operations/Cash used in operations (loss) attributable to Bausch + Lomb Corporation (its most directly comparable GAAP financial measure) adjusted for: (i) payments of legacy legal settlements, net of insurance proceeds, if any, and (ii) payments for separation costs, IPO costs, separation-related costs, and IPO-related costs. Management believes that Adjusted cash flows from operations (non-GAAP)/Adjusted Cash used in Operations (non-GAAP), along with the GAAP and non-GAAP measures used by management, most appropriately reflect how the Company measures the business internally. The Company uses adjusted cash flows from operations (non-GAAP)/Adjusted Cash used in Operations (non-GAAP) both to assess the actual financial performance of the Company and to forecast future results as part of its guidance. Management believes adjusted cash flows from operations (non-GAAP)/Adjusted Cash used by Operations (non-GAAP) is a useful measure to evaluate current performance amounts. As these payments arise from events outside of the ordinary course of continuing operations as discussed above, the Company believes that the adjustments of these items provide supplemental information with regard to the sustainability of the Company's cash from operations, allow for a comparison of the financial results to historical operations and forward-looking guidance and, as a result, provide useful supplemental information to investors. 38