#1BAUSCH+ LOMB See better. Live better. 2Q22 Financial Results#2Forward-Looking Statements 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 2022 full-year guidance, expectations regarding adjusted gross margin and expected organic growth), the planned spin-off or separation of the Company from Bausch Health Companies Inc. ("BHC") and the timing of the completion of such spin-off, the anticipated opportunities of the Company as a standalone entity (including the potential for margin expansion, expected growth, the durability of the markets in which we expect to grow, anticipated balance sheet flexibility and proposed use of same), 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, revenue expectations for certain of our products (including Bausch+Lomb SiHy dailies), the expected market acceptance for certain of our products and pipeline products, the expected market size and compound annual growth rates 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, the anticipated impact of the COVID-19 pandemic on the Company and its financial condition, results of operation, revenues, segments, liquidity, products and product pipeline, operations, facilities, supply chain and employees, the Company's anticipated catalysts and business growth drivers, the Company's strategic focus for 2022 and beyond, management's commitments and expected targets and our ability achieve the plan and expected targets in the periods anticipated, and the Company's plans and expectations for 2022 and beyond. Forward-looking statements may generally be identified by the use of the words "anticipates," "expects," "predicts," "goals," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential," "target," "commit," "forecast," "tracking," or "continue" and 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 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 final prospectus as filed with the SEC on May 5, 2022 pursuant to Rule 424 (b)(4) under the Securities Act of 1933 relating to the Company's Registration Statement on Form S-1 and the Company's supplemented PREP prospectus as filed with the CSA on May 5, 2022), 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, 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 expiry of customary lock-ups related to the Bausch + Lomb IPO and 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 subject to expiry of lock-ups, 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 BAUSCH + LOMB 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, but are not limited to, risks and uncertainties caused by or relating to the evolving COVID-19 pandemic, the fear of that pandemic, the emergence of variant and subvariant strains of COVID-19 (including the Delta and Omicron variants) and any resulting reinstitution of lockdowns or other restrictions, the availability and effectiveness of vaccines for COVID-19 (including with respect to current or future variants and subvariants), COVID-19 vaccine immunization rates, the evolving reaction of governments, private sector participants and the public to that pandemic, and the potential effects and economic impact of that pandemic, the severity, duration and future impact of which are highly uncertain and cannot be predicted, and which may have a material adverse impact on the Company, including but not limited to its supply chain, third-party suppliers, project development timelines, employee base, liquidity, stock price, financial condition and costs (which may increase) and revenue and margins (both of which may decrease). Finally, they also include, but are not limited to, risks and uncertainties caused by or relating a potential recession and its impact on revenues, expenses and resulting margins. In addition, certain material factors and assumptions have been applied in making these forward-looking statements, including, without limitation, assumptions regarding our 2022 full-year guidance with respect to expectations regarding base performance growth and organic 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 extent of the Company's R&D expense; and the assumption that the risks and uncertainties outlined above will not cause actual results or events to differ materially from those described in these forward-looking statements. Management has also made certain assumptions in assessing the anticipated impacts of the COVID-19 pandemic on the Company and its results of operations and financial conditions, including: that there will be no material restrictions on access to health care products and services resulting from a possible resurgence of the virus and variant and subvariant strains thereof on a global basis in 2022; there will be increased availability and use of effective vaccines; that the strict social restrictions in the first half of 2020 will not be materially re-enacted in the event of a material resurgence of the virus and variant and subvariant strains thereof; that there will be an ongoing, gradual global recovery as the macroeconomic and health care impacts of the COVID-19 pandemic diminish over time; that the largest impact to the Company's businesses were seen in the second quarter of 2020; that, to the extent not already achieved, our revenues will likely return to pre-pandemic levels during 2022, but that rates of recovery will vary by geography and business unit, with some regions and business units expected to lag in recovery possibly beyond 2022; and no major interruptions in the Company's supply chain and distribution channels. If any of these assumptions regarding the impacts of the COVID-19 pandemic are incorrect, our actual results could differ materially from those described in these forward-looking statements. 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. 4, 2022, 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. 4, 2022 does not constitute the Company re-affirming guidance. 1#3Non-GAAP Information; Comparable 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 EBITA Margin, (vii) Adjusted Gross Profit, (viii) Adjusted Gross Margin, (ix) Adjusted SG&A, (x) Adjusted Net Income, (xi) Adjusted Tax Rate, (xii) Organic Revenue Growth/Change and Organic Growth/Change, (xiii) Constant Currency, (xiv) Adjusted Earnings Per Share ("EPS") and (xv) Adjusted Cash Flow from Operations. Management uses some of these non-GAAP measures 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 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 guidance purposes, the Company does not provide reconciliations of projected Adjusted EBITDA (non-GAAP) to projected GAAP net income (loss), projected Adjusted Gross Margin (non-GAAP) to projected GAAP Gross Margin or projected Organic Revenue Growth to projected GAAP Revenue Growth 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. BAUSCH + LOMB The comparable information about other companies was obtained from public sources and has not been verified by the Company. Comparable means information that compares a company to other companies. The information is a performance summary of the relevant attributes of certain companies that are considered to be an appropriate basis for comparison with the Company based on a variety of factors, including size, operating metrics, revenue growth and business model. The comparable companies face different risks from those applicable to the Company. Readers are cautioned that past performance is not indicative of future performance and the performance of the Company may be materially different from the comparable companies. Investors are cautioned to not put undue reliance on the comparables. 2#4Today's Topics BAUSCH+ LOMB 2Q22 Highlights & Financial Results FY 2022 Guidance Upcoming Catalysts 3#5Bausch+Lomb Overview ~170 years of success as a leading eye health brand BAUSCH + LOMB + The most integrated eye care company¹ Highest brand awareness in eye care 3,4 1 Fastest growing global contact lens supplier in FY21² 1 80+% of world population has access to B+L products 1. Peers consist of: Alcon, Johnson & Johnson, CooperVision, Carl Zeiss Meditec AG, Hoya, Rayner, Regeneron, Allergan and Novartis. 2. Based on FY21 reported numbers. Peers consist of: CooperVision, Alcon, Johnson & Johnson 3. Tech Sci Research, May 2021, Survey of 200 respondents across the globe. 4. Peers include: Essilorluxottica, Johnson & Johnson, Alcon, Hoya, Menicon Co., Ltd., CooperVision, Inc., Carl Zeiss Meditec AG, Novartis AG, Pfizer, Inc., etc. 5. Internal and peer data. Global leader based on reported peer group revenue. Peer group includes: Alcon, Allergan, Prestige, Johnson & Johnson. Global leader in consumer eye health, outpacing U.S. market growth by ~1.7x since 20185 ~100 countries and -12,500 employees TTTTT 4#6A Standalone Bausch + Lomb... Creates opportunities for a pure play eye health company¹ 1 Expect growth in large durable markets with opportunity to grow, driven by new products and by focusing on megatrends BAUSCH + LOMB 1. See Slide 1 for further information on forward-looking statements. 2 Potential for margin expansion based on new products and supply chain. efficiencies with critical mass while efficiently managing cost structure. 3 Expect to have balance sheet flexibility to expand investment in the business including additional strategic opportunities 01 5#72Q22 Highlights Bausch + Lomb +1% 2Q22 Reported Revenue +6% 2Q22 Organic Revenue ¹,2 +6% 2Q22 Constant Currency¹ Ophthalmic Pharmaceuticals 17% Surgical 20% BAUSCH + LOMB Vision Care 63% Continued Momentum in Key Portfolios -410bps increase in U.S. market share (dollar) in 2Q22 vs. 2Q21 for Bausch + Lomb eye vitamin franchise5 +39% reported revenue growth in Bio True® Solutions Franchise; global mega brand, expanding with two new launches underway Investing in Categories Growing Faster Than Market +21% reported revenue growth in Lumify; early stages of brand expansion with an opportunity to enter adjacent categories +50% reported revenue growth for SiHy dailies Global SiHy market growing at a 11% CAGR6 Expanding Into New Product Categories Revive™ CUSTOM SOFT CONTACT LENSES new family of customizable soft contact lenses designed to meet needs of more patients ~18M Americans diagnosed with dry eye disease (DED) 3,4 Submitted NOV03 NDA to FDA in June 1. This is a non-GAAP measure or ratio. See Slide 2 and Appendix for further information on non-GAAP measures and ratios. 2. Organic revenue growth/change, a non-GAAP ratio, is defined as a change on a period-over-period basis in revenues on a constant currency basis (if applicable) excluding the impact of acquisitions, divestitures and discontinuations 3. Leonardi, A., Modugno, R. L., & Salami, E. (2021). Allergy and Dry Eye Disease. Ocular immunology and inflammation, 29(6), 1168-1176. https://doi.org/10.1080/09273948.2020.1841804. 4. 2020 Dry Eye Products Market Report: A Global Analysis for 2019 to 2025. Market Scope. Retrieved from https://www.market-scope.com/pages/reports/250/2020-ophthalmic-landscape-report-global-analysis-for-2019-to-2025-april-2021#reports. 5. B+L Consumer Data Science, Data Source: IRI, Total US Panel, Omnichannel Data Ending 06-26-22. 6. CAGR years include 2019-2030. 2019-2021 actuals are from industry sources. 2022 onwards is internal estimates. 6#82Q22 Financial Highlights & Segment Drivers - Revenue Total Company Revenue Millions USD 934 2Q21 941 2Q22 +6% organic revenue ¹,2 growth • Driven by strong demand across key franchises and durable portfolio with high brand equity BAUSCH + LOMB Strong performance notwithstanding FX headwind of $46M Vision Care 64% $589M 36% Contact Lens ■Consumer 2 Q 22 +11% • Strong demand for key franchises: Lumify® (+21% reported revenue growth), Bio True® Solutions Franchise (+39% reported revenue growth) and Ocuvite® + PreserVision® (+7% reported revenue growth) Opportunity to build out specialty contact lens. portfolio with new launch of Revive TM; brand expansion with launch of Bio True® Hydration Plus Multi-Purpose Solution ORGANIC 55% .. . Surgical 27% $184M ■ Implantables ■ Equipment ■ Consumables/Other 18% REVENUE +7% Continued market recovery / backlog of elective surgeries Demand for consumables (+3% reported revenue growth; +13% organic revenue growth ¹.2) and implantables (+4% reported revenue growth; +10% organic revenue growth 1.2) Increase in procedure volume in Western Europe driving growth in International Surgical Ophthalmic Pharmaceuticals 41% $168M U.S. CHANGE International 59% 1,2 1. This is a non-GAAP measure or ratio. See Slide 2 and Appendix for further information on non-GAAP measures and ratios. 2. Organic revenue growth/change, a non-GAAP ratio, is defined as a change on a period-over-period basis in revenues on a constant currency basis (if applicable) excluding the impact of acquisitions, divestitures and discontinuations. 3. IQVIA NPA monthly.. (10%) • U.S. impacted by tail end of LOE products and generic performance and competition Vyzulta® saw 36% TRx growth³; Approved in 18 countries, including Lebanon in 2Q22; Launched in Thailand in 2Q22 and upcoming launch in Brazil expected in 4Q22 . Submitted NDA for NOV03; Filing acceptance expected in 3Q22 7#9Total Bausch+Lomb P&L¹ (Non-GAAP)² Bausch + Lomb Vision Care Revenue Surgical Revenue Ophthalmic Pharmaceuticals Revenue Total Revenue Adj. Gross Profit² Adj. Gross Margin ² R&D R&D percent of Revenues Adj. SG&A² Adj. SG&A percent of Revenues³ Adj. EBITA² Depreciation Stock Based Compensation Adj. EBITDA 2,3 Adj. EBITDA Margin² Adj. Net Income² Adj EPS 3,4 2Q22 $589M $184 M $168M $941 M $562M 59.7% $75M 8.0% $362M 38.5% $125M $34M $11M $182M 19.3% $103M $0.29 2Q21 $556M $185M $193M $934M $567M 60.7% $71M 7.6% $352M 37.7% $144M $34M $15M $200M 21.4% $116M $0.33 Reported Change 6% (1%) (13%) 1% (1%) (100 bps) (6%) (3%) (13%) 0% (27%) (9%) (11%) 1. Products with sales outside the United States impacted by F/X changes. BAUSCH + LOMB 2. This is a non-GAAP measure or ratio. See Slide 2 and Appendix for further information on non-GAAP measures and ratios. 3. Includes transactional FX and NCI. 4. On a proforma basis after giving effect to the IPO. Constant Currency² 11% 5% (10%) 6% 3% (8%) (7%) (8%) 6% (27%) (7%) (8%) Organic Change² 11% 7% (10%) 6% +6% organic revenue growth ¹,2 Investment YTD in R&D +$14M, ~8% of revenue Continue to maintain a disciplined approach to cost management and leverage our infrastructure 8#10Total Bausch+Lomb P&L¹ (GAAP) Bausch + Lomb Vision Care Revenue Surgical Revenue Ophthalmic Pharmaceuticals Revenue Total Revenue Gross Profit Gross Margin R&D R&D percent of Revenues SG&A SG&A percent of Revenues Operating Income Depreciation Stock Based Compensation Net Income Net Income Margin EPS³ 2Q22 $589M $184M $168M $941M $498M 52.9% $75M 8.0% $368M 39.1% $56M $34M $11M $5M 0.5% $0.01 BAUSCH + LOMB 1. Products with sales outside the United States impacted by F/X changes. 2Q21 $556M $185M $193M $934M $488M 52.2% $71M 7.6% $358M 38.3% $58M $34M $15M $44M 4.7% $0.13 2. This is a non-GAAP measure or ratio. See Slide 2 and Appendix for further information on non-GAAP measures and ratios. 3. On a proforma basis after giving effect to the IPO. Reported Change 6% (1%) (13%) 1% 2% 70 bps (6%) (3%) (3%) 0% (27%) (89%) Constant Currency² 11% 5% (10%) 6% 7% (8%) (7%) 7% 6% (27%) (66%) Organic Change² 11% 7% (10%) 6% 9#11Strong Cash Flow in 2Q22; Balance Sheet Summary Cash flow from operations Adj. Cash flow from operations (non-GAAP)1,3 CapEx Debt² BAUSCH + LOMB 1. This is a non-GAAP measure or ratio. See Slide 2 and Appendix for further information on non-GAAP measures and ratios. 2. Debt Balance shown at Principal Value. 3. Adjusted cash flow from operations (non-GAAP) is Cash flow from operations, it's most closely associated GAAP measure, less separation and separation-related costs of $9 million. $156M $165M $34M $2,500M 10#12BAUSCH+ LOMB FY 2022 Guidance 11#13Maintained Full-Year 2022 Revenue and Adjusted EBITDA (non-GAAP)¹ Guidance 3 Total Revenues Adjusted EBITDA (non-GAAP)¹ Key Assumptions Interest Expense² R&D Adj. Tax Rate (non-GAAP)¹ Avg. Fully Diluted Share Count Cap Ex Depreciation and Stock Based Comp BAUSCH + LOMB Prior Guidance (June 2022) $3.75B $3.80B - $740M - $780M Prior Guidance (June 2022) -$150M -7% of revenue ~12% -350M -$225M -$215M Current Guidance (August 2022) $3.75B $3.80 B - $740M $780M Current Guidance (August 2022) -$150M -8% of revenue ~6%-8% -350M - $225M -$200M 4-5% organic revenue growth¹,3 expected for FY22 Adj. gross margin for 2022 is expected to be -60% 1,3 1. This is a non-GAAP measure or ratio. See Slide 2 and Appendix for further information on non-GAAP measures or ratios. See slides 8 and 9 for disclosure of historic non-GAAP measures and ratios and their historic comparable GAAP measures and ratios.. 2. Interest expense includes -$100M for the $2.5bn Term loan issued on May 10th 2022 and amortization and write-down of deferred financing costs. It also includes -$50M of interest related to B+L's affiliate debt with BHC for $2.2bn which was paid off as part of the IPO transaction. 3. The guidance in this presentation is only effective as of the date given, Aug. 4, 2022, 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. 4, 2022 does not constitute the Company re-affirming guidance. See Slide 1 for further information on forward-looking statements. 12#14BAUSCH LOMB Upcoming Catalysts 13#15Creating a Lumify® Franchise Uniquely Positioned with Bausch + Lomb's Integrated Platform 1% 0% 0% 36% 0% - 0% 0% 0% 0% - 0% 0% 0% Successful +$100M Brand Expanding... 31% 16% 11% 6% 0% % of Weekly Market Share in Redness Reliever Category¹ Lumify Visine BAUSCH + LOMB Clear Eyes Rohto 47% 1. IRI Panel Omnichannel; trademarks are property of respective owners. 2. See slide 1 for further information on forward-looking statements. 1Q18 2018 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1022 2022 23% 12% 8% 7% Private Label All Other 4% LUMIFY F ...Geographically and Through Planned Line Extensions² LUMIFY KARA TALLE LUMIFY BERE Launched in U.S., Canada and South Korea Expect to launch LUMIFY® in several international markets in 2022 and beyond Lumify® Eye Illuminations Specialty eye care line scientifically developed for the sensitive eye area to help enhance eyes' natural beauty Lumify® Preservative Free (Single Dose) Combination product with ketotifen for allergy symptom control 14#16Biotrue: Global Mega Brand Platform Contact Lens Solutions BUCH COME Bio true W 70 MAN OF Hydration CA Sp Bio true Fan Haldar Biotrue® MPS² (Launched 2010) #1 Multi-Purpose Solution in U.S. Globally Distributed ¹ HYDRATION PLUS www NEW LAUNCH BAUSCHOLOME BAUSCH + LOMB Bio true Ⓒ Biotrue Ⓡ Hydration Plus MPS² (Launched in U.S. 2022) Gained -380 bps market share vs. 1Q22³ Contact Lenses BAUSCH + LOMB * DAUSCH+LOND ANNER KÖR BAUSCH+LOMB Bio true. ONEday lenses inscired by ne gyon " wa...... Biotrue® ONEday Contact Lenses (Launched in 2012) Globally Distributed NE COMERK VIDAX Total Revenue for Global Mega Brand Platform in 2Q22 Presse Pree BAUSCH LOME Bio true Litos Eye Drop HYDRATION BOOST FOR IRRITATED, DRY EYES Instent Moisture Eeth H4. A litt *222barwick frue Biotrue® Hydration Boost PF Dry Eye Drops (Launched 2021) 1. Bausch+Lomb Consumer Data Science, IRI Data, Mulo. Latest Data Ending 11-14-21 2. Multipurpose solution. 3. B+L Consumer Data Science, Data Source: IRI, Total US Panel, Omnichannel Data Ending 06-26-22. PRESERVATIVE FREE BAUSCH & LOMB Bio true eye drops single dose of Cheaty pro NEW NEW Bio Dry Eye Relief true eye drops 2 15 MI PRESERVATIVE FREE SAUSCHLOME Dry Eye Reliet 30 242 Biotrue® PF Dry Eye Drops (Canada) 6 Dry Eye Biotrue Advance 4nge durata petocche sechs, wa SAUSCHFLOMS Betre Advance Biotrue Advance DK ass Biotrue® Advance Dry Eye Drops (EU product, Artelac formula) Idratazione profonda durante la notte Per i sintomi persistenti di secchezza oculare Biotrue. Gel oculare BAUSCH&LOME Bio true Daily vlid wpus 20 Biotrue® Daily Eyelid Wipes (Europe) C 10g gel oculare BAUSCH+LOMB Bio true. Biotrue Ⓡ Rewetting Drops (Europe) Biotrue® Nighttime Gel (Europe) $92M +19% reported revenue growth vs. 2Q21 15#17Strong Growth Across the Vision Care Portfolio vs. 2Q21 BAUSCH+LOMB BAUSCH + LOMB BAUSCH + LOMB Bio true. 2012 LAUNCH A Soul Gree ONEday lenses inspired by the biology of your eyes +9% reported revenue growth BAUSCH + LOMB ON PRESBYOPIA for ASTICATION No A con A X aicos & Heal $200M revenue trailing 12 months BAU ULT BAU ULT Mastun 1. See slide 1 for further information on forward-looking statements. BAU ULT with Moisturs For Presbyopia +5% reported revenue growth 2014 LAUNCH BAUSCH LOMB ULTRA Contact lenses Moisture Seal TECHNOLOGY Multifocal for Astigmatism $173M revenue trailing 12 months BAUSCH 4LOND INFUSE NEW LAUNCH BAUSCH&LOME INFUSE BAUSCE FLOMS ULTRA Malented-Cotterfel BAUSCH LOM ULTRA one +50% reported revenue growth >$250M Global revenue for Bausch + Lomb SiHy dailies is expected to exceed $250M in peak sales¹ one 16#18Revive TM: New Family of Customizable Soft Contact Lenses BAUSCH + LOMB BAUSCH + LOMB Revive™ CUSTOM SOFT CONTACT LENSES ...expanding the fami Custom soft lenses designed to meet the vision needs of more patients, including those with high or unique prescriptions ✓ Available in spherical, toric, multifocal and multifocal toric options NEW LAUNCH Lenses to be worn daily for up to three months; also available for frequent or planned replacement modalities of specialty lenses ORIGINAL Boston Zenlens scleral contact lenses. BAUSCH+LOMB ARISE ORTHO-K SYSTEM 17#19NOV031: Submitted NDA to FDA Investigational first in class treatment for Dry Eye Disease (DED) associated with Meibomian Gland Dysfunction (MGD) Consistent statistically significant efficacy, safety and tolerability have now been demonstrated in two Phase 3 studies of NOV031 and one Phase 2 study Statistically significant difference of sign and symptom was noted at day 15 and 57 in both Phase 3 studies Current Market . DED is one of the most common ocular surface disorders, with approximately 18M Americans diagnosed with DED.2,3 In one study, it was found that approximately 86% of patients with DED had MGD involvement.4 U.S. Prescription Dry Eye Market Growth ~24% CAGR 2016-20217 BAUSCH + LOMB Expect Double Digit Growth 2021-20278 Decrease from Baseline (%) Second Phase 3 (MOJAVE) Efficacy Endpoints: Total Corneal Staining (sign) and Ocular Dryness (symptom) at Day 57 Total Corneal Staining 5 (ITT6) Ocular Dryness 5 (ITT6) N=311 -33.3% p<0.001 NOV03 N=309 -15.8% Saline N=311 -45.4% p<0.001 ■NOV03 1. In 2019, the Company acquired an exclusive license from Novaliq GmbH for the commercialization and development of NOV03 in the United States and Canada. 2. Leonardi, A., Modugno, R. L., & Salami, E. (2021). Allergy and Dry Eye Disease. Ocular immunology and inflammation, 29(6), 1168-1176. https://doi.org/10.1080/09273948.2020.1841804 3. 2020 Dry Eye Products Market Report: A global Analysis for 2019 to 2025. Market Scope. Retrieved from https://www.market-scope.com/pages/reports/250/2020-ophthalmic-landscape-report-global-analysis-for-2019-to-2025-april-2021#reports. 4. Lemp, M. A., Crews, L. A., Bron, A. J., Foulks, G. N., & Sullivan, B. D. (2012). Distribution of aqueous-deficient and evaporative dry eye in a clinic-based patient cohort: a retrospective study. Cornea, 31(5), 472-478. doi: 10.1097/ICO.0b013e318225415a. 5. P-value for the difference in Least Squared Means. 6. Intent-to-treat. 7. IQVIA NSP. 8. Clarivate N=309 -29.8% Saline 18#20Expansion of Surgical Portfolio Strategic Agreements Designed to Address Unmet Needs in Glaucoma Entered into an exclusive European distribution agreement for MIMS® minimally invasive surgical procedure, as well as option agreement to acquire the assets of Sanoculis Exclusive European distribution agreement for Sanoculis' Minimally Invasive Micro Sclerostomy ("MIMSⓇ"), an innovative minimally invasive surgical procedure for the treatment of glaucoma MIMS® is a stentless, simple and fast glaucoma treatment that effectively lowers intraocular pressure without the need for invasive surgery. Bausch+Lomb made an equity investment in Sanoculis as part of a Series C round of funding and has an option to acquire all of the assets of Sanoculis I BAUSCH + LOMB 1. World Glaucoma Association. Retrieved from Glaucoma Information Statistics - Glaucoma Information (glaucomapatients.org). AUALS & Current Market 79.6M individuals globally had glaucoma in 20201 +40% increase in individuals globally expected to have glaucoma by 2040 (or 111.8M individuals)¹ 19#21+ Integrated platform uniquely positions B+L to serve eye care needs BAUSCH+ LOMB Optometrists Highest brand awareness 1 Lenses Significant patient & All access points Consumer Health Key Retailers consumer All phases of life needs Helping you see better to live better Surgical Ophthalmic Pharma E-Commerce Ophthalmologists 1. TechSci Research, May 2021, Survey of 200 respondents across the globe. Peers include: Essilorluxottica, Johnson & Johnson, Alcon, Hoya, Menicon Co., Ltd., CooperVision, Inc., Carl Zeiss Meditec AG, Novartis AG, Pfizer, Inc., etc. 20#22BAUSCH+ LOMB Appendix 21#23Global Contact Lens Market Based on Reported Revenue 1,2 BAUSCH + LOMB CooperVision® Alcon Johnson Johnson Total Group BAUSCH + LOMB 1. Based on FY21 reported numbers. 2. See Slide 2 for further information about comparable information. Year-over-Year Growth Rate +15% +16% +16% +17% +18% 22#24Pipeline and Upcoming Milestones¹ Vision Care Product SiHy Daily Lacelle® colored contact lenses Biotrue® Hydration Plus Multi-purpose Solution Biotrue® PF Contact Lens Rehydrating Drops (Multidose & Single Dose Use) LUMIFY® Line Extensions Myopia control contact lens² BAUSCH + LOMB Status Launched in ~25 countries Approved in Japan Approved (US FDA, Health Canada, NMPA/ China) Design transfer and Commercialization Readiness stage Phase 3 study in progress Myopia control contact lens design licensed from BHVI 1. See slide 1 for further information on forward-looking statements. 2. Exclusive licensing agreement with BHVI. Upcoming Milestone Launching SVS into more countries in 2022; Multi-focal and toric launch coming 2022-2023 New range of Daily Disposable cosmetic lens launching in Japan summer 2022 U.S. launch ongoing; Canada launch expected 2H22 and China launch expected 1H23 U.S. FDA submission expected 2022, launch mid-2023 One phase 3 clinical study started. Additional studies to start in 2H22 Global Clinical Strategy updated and finalizing clinical trial design 23#25Pipeline and Upcoming Milestones¹ Surgical Product en Vista® Trifocal IOL (Intraocular Lens) Stable Visc TM Cohesive OVD en Vista® Extended Range Monofocal IOL Extended depth of focus IOL Lux Premium IOL Next Generation Surgical Platform System 202x eye TELLIGENCE Digital Platform 3D Microscope Teneo TM Excimer Laser BAUSCH + LOMB Status Canadian study completed enrollment in 1Q22; U.S. study completed enrollment in 2Q22 Clinical Study Report completed 2Q22; FDA submission filed early 3Q22 US and Canada submission planned for 4Q22 EU submission planned for 2Q 23 Clinical study to begin 2Q23 Launched in Europe Alpha prototype design development and build underway Alpha testing complete, Beta testing ongoing Approval expected 2022 Enrolled first patient 3Q22 1. See slide 1 for further information on forward-looking statements. Upcoming Milestone Expect Canadian launch 2023; Expect US and EU launch 2024 Expect US approval 4Q22 Expect US and Canada launch late 2023 Expect 2025/2026 launch Continued expansion of platform in 2023 Beta prototyping 1Q23 US Commercial Release at AAO October 2022 Launch expected in 2022 Expected launch in U.S. in 2023 24#26Pipeline and Upcoming Milestones¹ Ophthalmic Pharmaceuticals Product NOV032 (dry eye disease associated with meibomian gland dysfunction) Biosimilar candidate for Lucentis (ranibizumab) ³ Microdose formulation of atropine ophthalmic solution (reduction of pediatric myopia progression in children ages 3-12)4 BAUSCH + LOMB Status Submitted NDA to FDA in June 2022 Xbrane withdrew aBLA5 after receiving feedback from FDA that supplemental information would be required 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 NOV03 in the United States and Canada. 3. Exclusive licensing agreement with STADA Arneimittel AG and Xbrane Biopharma AB for U.S. and Canada. Upcoming Milestone NDA filing acceptance by FDA expected 3Q22 Resubmission target date expected by end 2022 Clinical trial enrollment completion is delayed from 4Q22 to 1Q23 due to clinical trial material availability 4. Exclusive licensing agreement with Eyenovia, Inc. for U.S. and Canada. 5. Abbreviated biologics license application.. 25#27Top 10 Revenues - Bausch + Lomb Top 10 Revenues Rank Product/Franchises 1 Surgical Consumables 2 Ocuvite® + PreserVision® SofLensⓇ Surgical Implantables 3 4 5 Biotrue ONEday 6 Bausch+Lomb ULTRA® 7 8 renu® Biotrue® Solutions Franchise 9 Lumify 10 Surgical Equipment BAUSCH + LOMB 2Q22 $100M $94M $61 M $50M $49M $44M $43M $39M $35M $34M 1Q22 $93M $81M $61M $46M $49M $44M $42M $38M $31M $35M FY21 $377M $351M $265M $187M $194M $170M $186M $139M $108M $154M 4Q21 $105M $101M $71M $50M $50M $42M $55M $39M $28M $43M 3Q21 $93M $86M $68M $45M $52M $43M $53M $40M $28M $35M 2Q21 $97M $88M $62M $48M $45M $42M $35M $28M $29M $40M 26#28Segment Financials Vision Care Contact Lens Revenue Consumer Revenue Total Revenue Surgical Implantables Revenue Equipment Revenue Consumables Revenue Total Revenue Ophthalmic Pharmaceuticals Total Revenue BAUSCH + LOMB 2Q22 $213M $376M $589M 2Q22 $50M $34M $100M $184M 2Q22 $168M 1. This is a non-GAAP measure or ratio. See Slide 2 and this Appendix for further information on non-GAAP measures and ratios. 2Q21 $216M $340M $556M 2Q21 $48M $40M $97M $185M 2Q21 $193M Reported Change (1%) 11% 6% Reported Change 4% (15%) 3% (1%) Reported Change (13%) Organic Change %¹ 5% 15% 11% Organic Change %¹ 10% (10%) 13% 7% Organic Change %¹ (10%) 27#29Revenue Trailing Quarters by Segment Bausch + Lomb Vision Care Contact Lens Consumer Total Revenue Surgical Implantables Equipment Consumables Total Revenue Ophthalmic Pharmaceuticals Total Revenue BAUSCH + LOMB 2Q22 $213M $376M $589M $50M $34M $100M $184M $168M 1Q22 $215M $345M $560M $46M $35M $93M $174M $155M 4Q21 $227M $399M $626M $50M $43M $105M $198M $177M 3Q21 $226M $379M $605M $45M $35M $93M $173M $171M 2Q21 $216M $340M $556M $48M $40M $97M $185M $193M 28#30Total Bausch+Lomb P&L¹ (Non-GAAP)² - YTD Bausch + Lomb Vision Care Revenue Surgical Revenue Ophthalmic Pharmaceuticals Revenue Total Revenue Adj. Gross Profit² Adj. Gross Margin ² R&D R&D percent of Revenues Adj. SG&A² Adj. SG&A percent of Revenues² Adj. EBITA² Depreciation Stock Based Compensation Adj. EBITDA 2,3 Adj. EBITDA Margin² Adj. Net Income ³ Adj EPS 2,4 2Q22-1022 $1,149M $358M $323M $1,830M $1,103M 60.3% $152M 8.3% $700M 38.3% $251M $64M $27M $352M 19.2% $188M $0.54 2Q21-1Q21 $1,112M $347M $356M $1,815M $1,115M 61.4% $138M 7.6% $668M 36.8% $309M $64M $29M $398M 21.9% $209M $0.60 1. Products with sales outside the United States impacted by F/X changes. BAUSCH + LOMB 2. This is a non-GAAP measure or ratio. See Slide 2 and Appendix for further information on non-GAAP measures and ratios. 3. Includes transactional FX and NCI. 4. On a proforma basis after giving effect to the IPO. Reported Change 3% 3% (9%) 1% (1%) (110 bps) (10%) (5%) (19%) 0% (7%) (12%) (10%) Constant Currency³ 8% 8% (6%) 5% 2% (13%) (9%) (16%) 5% (7%) (14%) (13%) Organic Change³ 8% 10% (6%) 5% 29#31Total Bausch+Lomb P&L¹ (GAAP) - YTD Bausch + Lomb Vision Care Revenue Surgical Revenue Ophthalmic Pharmaceuticals Revenue Total Revenue Gross Profit Gross Margin R&D R&D percent of Revenues SG&A SG&A percent of Revenues Operating Income Depreciation Stock Based Compensation Net Income Net Income Margin EPS³ 2Q22-1022 $1,149M $358M $323M $1,830M $974M 53.2% $152M 8.3% $711M 38.9% $110M $64M $27M $25M 1.4% $0.07 BAUSCH + LOMB 1. Products with sales outside the United States impacted by F/X changes. 2Q21-1Q21 $1,112M $347M $356M $1,815M $959M 52.8% $138M 7.6% $676M 37.2% $143M $64M $29M $71M 3.9% $0.20 2. This is a non-GAAP measure or ratio. See Slide 2 and Appendix for further information on non-GAAP measures and ratios. 3. On a proforma basis after giving effect to the IPO. Reported Change 3% 3% (9%) 1% 2% 40 bps (10%) (5%) (23%) 0% (7%) (65%) Constant Currency² 8% 8% (6%) 5% 5% (13%) (9%) (17%) 5% (7%) (59%) Organic Change² 8% 10% (6%) 5% 30#32Non-GAAP Adjustments EPS Impact ($M) 2,3 Three Months Ended June 30, Net income attributable to Bausch + Lomb Corporation Non-GAAP adjustments: Amortization of intangible assets Asset impairments Restructuring and integration costs Acquired in-process research and development costs Acquisition-related costs and adjustments (excluding amortization of intangible assets) IT infrastructure investment Separation costs and separation-related costs Legal and other professional fees Other Tax effect of non-GAAP adjustments Adjusted net income attributable to Bausch + Lomb Corporation (non-GAAP)¹ BAUSCH + LOMB 1. 2. 3. Income (Expense) $ $ 2022 5 64 1 (5) 9 29 103 Earnings per Share Impact $ 0.01 0.18 (0.01) 0.03 0.08 0.29 Income (Expense) $ $ 2021 44 77 2 1 3 1 2 (14) 116 Earnings per Share Impact 0.13 $ This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. Except per share amounts On a proforma basis after giving effect to the IPO. 0.22 0.01 0.01 0.01 (0.05) 0.33 Income (Expense) $ $ 25 129 3 2022 (5) 1 13 6 16 188 Six Months Ended June 30, Earnings per Share Impact $ 0.07 0.37 0.01 (0.01) 0.04 0.02 0.04 0.54 Income (Expense) $ $ 2021 71 153 3 1 1 5 1 2 (28) 209 Earnings per Share Impact $ 0.20 0.44 0.01 1 0.01 0.01 (0.07) 0.60 31#33Reconciliation of Reported Operating Income to Adjusted EBITA (non-GAAP)1 ($M) (YTD) 2022 GAAP Amortization of intangible assets Restructuring and integration costs IT infrastructure investment Separation costs and separation-related costs Acquisition-related costs and adjustments 2022 Non-GAAP¹ 2021 GAAP Amortization of intangible assets Asset impairments Restructuring and integration costs Acquired in-process research and development IT infrastructure investment Separation costs and separation-related costs Legal and other professional fees 2021 Non-GAAP¹ BAUSCH + LOMB 1. Gross Profit 498 64 $ $ Gross Profit 488 77 2 $ 562 $ 567 QTD 2022 R&D Gross Operating Margin SG&A Expense income 52.9% $ 368 $ 75 $ 6.8% 0.0% 0.0% 0.0% 0.0% 59.7% $ Gross Margin (6) 362 $ QTD 2021 75 $ R&D SG&A Expense 52.2% $ 358 $ 71 $ 8.3% 0.2% 0.0% 0.0% 0.0% 0.0% 0.0% 60.7% $ 56 64 1 (3) (1) (2) 352 $ 71 $ 9 (5) Operating income 125 58 77 2 1 3 1 2 144 This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. $ $ $ $ Gross Profit 974 129 1,103 Gross Profit 959 153 3 1,115 YTD 2022 Gross Margin SG&A 53.2% $ 711 $ 7.1% 0.0% 0.0% 0.0% 0.0% 60.3% $ (1) (10) Gross Margin 52.8% $ 8.4% 0.2% 0.0% 0.0% 0.0% 0.0% 0.0% 61.4% $ 700 $ YTD 2021 SG&A 676 $ R&D Expense (5) (1) (2) 668 $ Operating income 152 $ R&D Expense 152 $ 138 $ 110 129 3 1 138 $ 13 (5) Operating income 251 143 153 3 1 1 5 1 2 309 32#34Reconciliation of Reported Net Income (Loss) to EBITDA (non-GAAP)¹ and Adjusted EBITDA (non-GAAP)1¹ ($M) BAUSCH + LOMB 1. Net income attributable to Bausch+Lomb Corporation $ Interest expense, net Provision for income taxes Depreciation and amortization EBITDA Adjustments: Asset impairments Restructuring and integration costs Acquisition-related costs and adjustments (excluding amortization of intangible assets) Share-based compensation Separation costs and separation-related costs Other adjustments: IT infrastructure investment Legal and other professional fees Acquired in-process research and development costs Other Three Months Ended June 30, Adjusted EBITDA (non-GAAP)¹ 2022 5 43 20 98 166 1 (5) 11 9 182 $ $ 2021 44 21 111 176 This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 2 15 1 3 2 1 200 $ $ Six Months Ended June 30, 2022 25 $ 63 26 193 307 3 (5) 27 13 1 6 352 $ 2021 71 68 217 356 3 1 29 1 5 2 1 398 33#35Reconciliation of Reported Revenue to Organic Revenue ¹,2 and Organic Revenue Growth 1,2 ($M) (Quarter-to-Date and Year-to-Date) Bausch+Lomb Vision Care Surgical Ophthalmic Pharmaceuticals Total Bausch + Lomb Supplementary Contact Lens BAUSCH + LOMB Consumer Surgical Implantables Surgical Equipment Surgical Consumables Bausch+Lomb Vision Care Surgical Ophthalmic Pharmaceuticals Total Bausch + Lomb 1. 2. 3. Revenue as Reported 589 184 168 941 213 376 50 34 100 Revenue as Reported 1,149 358 323 1,830 Calculation of Organic Revenue for the Three Months Ended June 30, 2022 June 30, 2021 Changes in Exchange Rates ³ 29 11 6 46 13 16 3 2 6 Changes in Exchange Rates ³ Organic Revenue (Non- GAAP) 1,2 48 17 10 75 618 195 174 987 226 392 53 36 106 Organic Revenue (Non- GAAP)¹,2 Revenue as Reported 1,197 375 333 1,905 556 185 193 934 216 340 48 40 97 Calculation of Organic Revenue for the Six Months Ended June 30, 2022 June 30, 2021 Revenue as Reported Divestitures and Discontinuations 1,112 347 356 1,815 (3) (3) (3) Divestitures and Discontinuations (6) (6) Organic Revenue (Non- GAAP) 1,2 556 182 193 931 216 340 48 40 94 Organic Revenue (Non- GAAP)¹,2 1,112 341 356 1,809 Change in Reported Revenue Amount 33 (1) (25) 7 (3) 36 2 (6) Amount 3 Pct. 37 11 (33) 15 6% -1% -13% 1% -1% 11% 4% -15% Change in Reported Revenue Pct. 3% 3% 3% -9% 1% Change in Organic Revenue Amount 62 13 (19) 56 10 52 5 сл (4) Pct. 11% 7% -10% 6% Amount 5% 15% 10% -10% 12 13% Change in Organic Revenue Pct. 85 34 (23) 96 5% 8% 10% -6% 1,2 1,2 This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. Organic revenue growth/change, a non-GAAP ratio, is defined as a change on a period-over-period basis in revenues on a constant currency basis (if applicable) excluding the impact of acquisitions, divestitures and discontinuations. 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. 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 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. 35#37Non-GAAP Appendix 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 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. 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. 36#38Non-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. 37#39Non-GAAP Appendix 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 and integration costs, acquisition-related contingent consideration, acquired in-process research and development costs, 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) was significantly lower than our Adjusted net income (non-GAAP). 38#40Non-GAAP Appendix Organic Revenue Growth/Change and Organic Growth/Change Organic revenue growth/change, a non-GAAP ratio, is defined as a change on a period- over-period basis in revenues on a constant currency basis (if applicable) excluding the impact of recent acquisitions, divestitures and discontinuations (if applicable). Organic revenue growth/change is a change in GAAP Revenue (its most directly comparable GAAP financial measure) adjusted for certain items, as further described below, of businesses that have been owned for one or more years. Similarly, organic revenue, a non-GAAP measure, is GAAP revenue (its most directly comparable GAAP financial measure) adjusted for these same items. Organic revenue growth/change is impacted by changes in product volumes and price. The price component is made up of two key vers: (i) changes in product gross selling price and (ii) changes in sales deductions. The Company uses organic revenue growth/change and organic revenue to assess the performance of its reportable segments, and the Company in total, without the impact of foreign currency exchange fluctuations and recent acquisitions, divestitures and product discontinuations. The Company believes that such measures are useful to investors as they provide a supplemental period-to-period comparison. Organic revenue growth/change and organic revenue reflect adjustments for: (i) the impact of period-over-period changes in foreign currency exchange rates on revenues and (ii) the revenues associated with acquisitions, divestitures and discontinuations of businesses divested and/or discontinued. These adjustments are determined as follows: Foreign currency exchange rates: 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 business. The impact of 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. Acquisitions, divestitures and discontinuations: In order to present period-over- period organic revenue (non-GAAP) growth/change on a comparable basis, revenues associated with acquisitions, divestitures and discontinuations are adjusted to include only revenues from those businesses and assets owned during both periods. Accordingly, organic revenue and organic growth/change exclude from the current period, revenues attributable to each acquisition for twelve months subsequent to the day of acquisition, as there are no revenues from those businesses and assets included in the comparable prior period. Organic revenue and organic growth/change exclude from the prior period, all revenues attributable to each divestiture and discontinuance during the twelve months prior to the day of divestiture or discontinuance, as there are no revenues from those businesses and assets included in the comparable current period. Constant Currency Changes in the relative values of non-U.S. currencies to the U.S. dollar may affect the Company's financial results and financial position. To assist investors in evaluating the Company's performance, we have adjusted for foreign currency effects. Constant currency impact is determined by comparing 2022 reported amounts adjusted to exclude currency impact, calculated using 2021 monthly average exchange rates, to the actual 2021 reported amounts. 39#41Non-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 and integration 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 charges" 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. 40#42Non-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 and separation-related and IPO- related costs. See the discussion under "Other Non-GAAP charges" 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 flows from operations (non-GAAP) is Cash flow from operations (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), 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) 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) 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. 41