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VAUGHAN, Ontario--( BUSINESS WIRE )--Bausch + Lomb Corporation (NYSE/TSX: BLCO), a leading global eye health company dedicated to helping people see better to live better, today announced its second-quarter 2024 financial results. “Our continued growth is being fueled by a relentless focus on selling and operational excellence, and a commitment to innovation that defined our past and will dictate our future,” said Brent Saunders, chairman and CEO, Bausch + Lomb. “That commitment was on full display in the second quarter, with the approval or launch of three innovative products across three distinct businesses, announced over 12 days.” Select Second-Quarter Company Highlights Delivered robust growth across all segments, geographies and key franchises Strengthened dry eye category leadership with growth across Rx and OTC products Launched several innovative new products, including BLINK™ NutriTears ® , INFUSE ® for Astigmatism and enVista ® Envy™ Second-Quarter 2024 Revenue Performance Total reported revenue was $1.216 billion for the second quarter of 2024, as compared to $1.035 billion in the second quarter of 2023, an increase of $181 million, or 17%. Excluding the unfavorable impact of foreign exchange of $27 million, revenue increased by approximately 20% on a constant currency 1 basis compared to the second quarter of 2023. Revenue by segment was as follows: Second-Quarter 2024 (in millions) Three Months Ended June 30 Reported Change Reported Change Change at Constant Currency 1 (non-GAAP) 2024 2023 Total Bausch + Lomb Revenue $1,216 $1,035 $181 17% 20% Vision Care $697 $646 $51 8% 11% Surgical $209 $195 $14 7% 9% Pharmaceuticals $310 $194 $116 60% 61% Vision Care Segment Vision Care segment revenue was $697 million for the second quarter of 2024, as compared to $646 million for the second quarter of 2023, an increase of $51 million, or 8%. Excluding the unfavorable impact of foreign exchange of $20 million, segment revenue increased on a constant currency 1 basis by approximately 11% compared to the second quarter of 2023, primarily due to sales from the dry eye portfolio, LUMIFY ® and eye vitamins within the consumer eye care business, and daily SiHy lenses and ULTRA ® within the contact lens business. Surgical Segment Surgical segment revenue was $209 million for the second quarter of 2024, as compared to $195 million for the second quarter of 2023, an increase of $14 million, or 7%. Excluding the unfavorable impact of foreign exchange of $4 million, segment revenue increased on a constant currency 1 basis by approximately 9% compared to the second quarter of 2023, primarily due to increased demand for equipment and consumables, along with implantables, driven by the premium IOL portfolio. Pharmaceuticals Segment Pharmaceuticals segment revenue was $310 million for the second quarter of 2024, as compared to $194 million for the second quarter of 2023, an increase of $116 million, or 60%. Excluding the unfavorable impact of foreign exchange of $3 million, segment revenue increased on a constant currency 1 basis by approximately 61% compared to the second quarter of 2023, primarily due to the XIIDRA ® acquisition, strong launch performance of MIEBO ® and continued growth in U.S. Generics and International Pharmaceuticals. Operating Results Operating income was $26 million for the second quarter of 2024, as compared to an operating income of $43 million for the second quarter of 2023, a decrease of $17 million. The change was largely driven by higher selling, advertising and promotion costs, primarily attributable to XIIDRA and the launch of MIEBO and amortization expense, partially offset by the increase in gross profit contribution. Net Loss Net loss attributable to Bausch + Lomb Corporation for the second quarter of 2024 was $151 million, as compared to $32 million for the second quarter of 2023, an unfavorable change of $119 million. The change was primarily due to the increase in the provision for income taxes and interest expense and the decrease in operating results noted above. Adjusted net income attributable to Bausch + Lomb Corporation (non-GAAP) 1 for the second quarter of 2024 was $45 million, as compared to $65 million for the second quarter of 2023, a decrease of $20 million. Cash from Operations Cash flow from operations for the second quarter of 2024 was $15 million, as compared to cash flow used in operations of $24 million for the second quarter of 2023, an increase of $39 million. Cash flow from operations was positively impacted by increased gross profit, primarily driven by XIIDRA, partially offset by increased interest payments, timing of collections and an increase in inventory. Earnings Per Share GAAP Earnings Per Share (“EPS”) Basic and Diluted attributable to Bausch + Lomb Corporation for the second quarter of 2024 was ($0.43), as compared to ($0.09) for the second quarter of 2023. Adjusted EPS attributable to Bausch + Lomb Corporation (non-GAAP) 1 for the second quarter of 2024 was $0.13, as compared to $0.18 for the second quarter of 2023. Adjusted EBITDA (non-GAAP) 1 Adjusted EBITDA (non-GAAP ) 1 was $209 million for the second quarter of 2024, as compared to $179 million for the second quarter of 2023, an increase of $30 million, primarily due to the increase in sales, as noted above, partially offset by an investment in launch products, including MIEBO and XIIDRA. 2024 Financial Outl ook 2 Bausch + Lomb raised revenue and Adjusted EBITDA (non-GAAP) 1 guidance for the full year of 2024 as follows: As of May 1, 2024 As of July 31, 2024 3 Full-year revenue $4.600 – $4.700 billion $4.700 – $4.800 billion ~13-15% constant currency growth 1 ~16-18% constant currency growth 1 Full-year Adjusted EBITDA (non-GAAP) 1 $840 – $890 million $850 – $900 million Full-year revenue foreign exchange headwinds -$90 million -$90 million Other than with respect to GAAP revenue, the company only provides guidance on a non-GAAP basis. The company does not provide a reconciliation of forward-looking Adjusted EBITDA (non-GAAP) 1 to GAAP net income (loss) attributable to Bausch + Lomb Corporation or of forward-looking constant currency revenue growth 1 to reported 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 projected GAAP measure or ratio being materially different or less than the projected non-GAAP measure or ratio. These statements represent forward-looking information and may represent a financial outlook, and actual results may vary. Please see the risks and assumptions referred to in the Forward-looking Statements section of this news release. Balance Sheet Highlights Bausch + Lomb’s cash, cash equivalents and restricted cash were $302 million at June 30, 2024 Basic weighted average shares outstanding for the second quarter of 2024 were 351.8 million, and diluted weighted average shares outstanding for the second quarter of 2024 were 353.0 million 4 Conference Call Details Date: Wednesday, July 31, 2024 Time: 8 a.m. ET Webcast: https://www.webcaster4.com/Webcast/Page/2883/49632 Participant Event Dial-in: +1 (888) 506-0062 (North America) +1 (973) 528-0011 (International) Participant Access Code: 207157 Replay Dial-in: +1 (877) 481-4010 (North America) +1 (919) 882-2331 (International) Replay Passcode: 49632 (replay available until August 14, 2024) About Bausch + Lomb Bausch + Lomb is dedicated to protecting and enhancing the gift of sight for millions of people around the world – from birth through every phase of life. Its comprehensive portfolio of approximately 400 products includes contact lenses, lens care products, eye care products, ophthalmic pharmaceuticals, over-the-counter products and ophthalmic surgical devices and instruments. Founded in 1853, Bausch + Lomb has a significant global research and development, manufacturing and commercial footprint with approximately 13,000 employees and a presence in nearly 100 countries. Bausch + Lomb is headquartered in Vaughan, Ontario, with corporate offices in Bridgewater, New Jersey. For more information, visit www.bausch.com and connect with us on X , LinkedIn , Facebook and Instagram . Forward-looking Statements This news release contains forward-looking information and statements within the meaning of applicable securities laws (collectively, “forward-looking statements”), which may generally be identified by the use of the words “anticipates,” “hopes,” “expects,” “intends,” “plans,” “projects,” “predicts,” “forecasts,” “should,” “could,” “would,” “may,” “might,” “will,” “strive,” “believes,” “estimates,” “potential,” “target,” “guidance,” “outlook,” 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. Forward-looking statements include statements regarding Bausch + Lomb’s future prospects and performance, including the company’s 2024 full-year guidance. 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 Annual Report on Form 10-K for the year ended Dec. 31, 2023 (filed with the SEC and CSA on Feb. 21, 2024) and its most recent quarterly filings), which factors are incorporated herein by reference. They also include risks and uncertainties respecting the proposed plan to spin off or separate Bausch + Lomb from Bausch Health Companies Inc. (“BHC”), including the expected benefits and costs of the spinoff transaction, the expected timing of completion of the spinoff transaction and its terms (including the expectation that the spinoff transaction will be completed following the achievement of targeted net leverage ratios, subject to receipt of applicable shareholder and other necessary approvals and other factors (including those described in BHC’s public filings)), the ability to complete the spinoff transaction considering the various conditions to the completion of the spinoff 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 spinoff transaction, diversion of management time on spinoff transaction-related issues, retention of existing management team members, the reaction of customers and other parties to the spinoff transaction, the structure of the spinoff transaction and related distribution, the qualification of the spinoff 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 spinoff transaction (some of which are beyond their control), other potential tax or other liabilities that may arise as a result of the spinoff transaction, the potential dis-synergy costs resulting from the spinoff transaction, the impact of the spinoff 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 spinoff transaction will occur at all, or that any spinoff transaction will occur on the terms and timelines anticipated by the company and BHC. They also include risks and uncertainties respecting the acquisition of XIIDRA ® and certain other ophthalmology assets, including risks that the company may not realize the expected benefits of that transaction on a timely basis or at all and risks relating to increased levels of debt as a result of debt incurred to finance such transaction, including in regards to compliance with our debt covenants. Finally, they also include, but are not limited to, risks and uncertainties caused by or relating to adverse economic conditions and other macroeconomic factors, including inflation, slower growth or a potential recession, which could adversely impact our revenue, 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 revenue, expenses and resulting margins. In addition, certain material factors and assumptions have been applied in making these forward-looking statements, including, without limitation, 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. In addition, management has also made certain assumptions regarding our 2024 full-year guidance with respect to expectations regarding base performance growth, expectations regarding performance of certain of our key products (including XIIDRA ® and MIEBO ® ), 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, interest expense, adjusted tax rate and full year capex 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 news release or to reflect actual outcomes, unless required by law. Links provided in this news release are solely for information purposes and do not constitute Bausch + Lomb affirming any forward-looking statements contained in the linked content. 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. Management uses these non-GAAP measures and ratios as key metrics in the evaluation of the company’s 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 and ratios 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. 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. 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 tables below. Specific Non-GAAP Measures EBITDA and Adjusted EBITDA EBITDA (non-GAAP) is Net income (loss) 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 (non-GAAP) is Net income (loss) attributable to Bausch + Lomb Corporation (its most directly comparable U.S. GAAP financial measure) adjusted for interest expense, net, (benefit from) provision for income taxes, depreciation and amortization and further adjusted for 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, 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 Bausch + Lomb 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 current 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 has excluded the impact of acquisition-related costs and fair value inventory step-up resulting from acquisitions as the amounts and frequency of such costs and adjustments are not consistent and are significantly impacted by the timing and size of its acquisitions. In addition, 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. 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 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 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 and acquisition-related costs and adjustments excluding 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. Acquisition-related costs and adjustments excluding amortization of intangible assets : In addition to the acquisition-related costs and adjustments as described above, the company has excluded the expense directly attributable to one-time commitment and structuring fees related to a bridge loan facility put in place prior to the acquisition of XIIDRA and certain other ophthalmology assets. The company excluded these costs as they are outside of the ordinary course of continuing operations and are 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. 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 Constant currency change or constant currency revenue growth is a change in GAAP revenue (its most directly comparable GAAP financial measure) on a period-over-period basis adjusted for changes in foreign currency exchange rates. The company uses Constant Currency revenue (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. Constant currency impact is determined by comparing 2024 reported amounts adjusted to exclude currency impact, calculated using 2023 monthly average exchange rates, to the actual 2023 reported amounts. Adjusted EPS (non-GAAP) 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 (loss) attributable to Bausch + Lomb Corporation 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). © 2024 Bausch + Lomb. FINANCIAL TABLES FOLLOW Bausch + Lomb Corporation Table 1 Consolidated Statements of Operations For the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) Three Months Ended Six Months Ended June 30, June 30, (in millions, except per share amounts) 2024 2023 2024 2023 Revenues Product sales $ 1,213 $ 1,031 $ 2,307 $ 1,959 Other revenues 3 4 8 7 1,216 1,035 2,315 1,966 Expenses Cost of goods sold (excluding amortization and impairments of intangible assets) 482 417 905 788 Cost of other revenues 1 — 2 1 Selling, general and administrative 535 417 1,039 835 Research and development 84 85 166 162 Amortization of intangible assets 74 56 148 113 Other expense, net 14 17 23 26 1,190 992 2,283 1,925 Operating income 26 43 32 41 Interest income 3 5 6 8 Interest expense (102 ) (58 ) (201 ) (108 ) Foreign exchange and other (3 ) (9 ) (3 ) (15 ) Loss before provision for income taxes (76 ) (19 ) (166 ) (74 ) Provision for income taxes (72 ) (10 ) (145 ) (43 ) Net loss (148 ) (29 ) (311 ) (117 ) Net income attributable to noncontrolling interest (3 ) (3 ) (7 ) (5 ) Net loss attributable to Bausch + Lomb Corporation $ (151 ) $ (32 ) $ (318 ) $ (122 ) Basic and diluted loss per share attributable to Bausch + Lomb Corporation $ (0.43 ) $ (0.09 ) $ (0.90 ) $ (0.35 ) Basic and diluted weighted-average common shares 351.8 350.5 351.5 350.3 Bausch + Lomb Corporation Table 2 Reconciliation of GAAP Net Loss and Diluted Loss per Share Attributable to Bausch + Lomb Corporation to Adjusted Net Income (non-GAAP) and Adjusted Earnings Per Share (non-GAAP) For the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) Three Months Ended June 30, 2024 2023 (in millions, except per share amounts) Income (Expense) Earnings per Share Impact Income (Expense) Earnings per Share Impact Net loss and Diluted loss per share attributable to Bausch + Lomb Corporation $ (151 ) $ (0.43 ) $ (32 ) $ (0.09 ) Non-GAAP adjustments: (a) Amortization of intangible assets 74 0.21 56 0.16 Asset impairments 5 0.01 — — Restructuring, integration and transformation costs 27 0.08 30 0.09 Acquisition-related costs and adjustments (excluding amortization of intangible assets) 21 0.06 3 0.01 Separation costs and separation-related costs 1 — 2 — Gain on sale of assets (1 ) — — — Other 4 0.01 2 — Tax effect of non-GAAP adjustments 65 0.19 4 0.01 Total non-GAAP adjustments 196 0.56 97 0.27 Adjusted net income (non-GAAP) and Adjusted earnings per share (non-GAAP) $ 45 $ 0.13 $ 65 $ 0.18 Six Months Ended June 30, 2024 2023 (in millions, except per share amounts) Income (Expense) Earnings per Share Impact Income (Expense) Earnings per Share Impact Net loss and Diluted loss per share attributable to Bausch + Lomb Corporation $ (318 ) $ (0.90 ) $ (122 ) $ (0.35 ) Non-GAAP adjustments: (a) Amortization of intangible assets 148 0.42 113 0.32 Asset impairments 5 0.01 — — Restructuring, integration and transformation costs 55 0.15 62 0.18 Acquisition-related costs and adjustments (excluding amortization of intangible assets) 42 0.12 4 0.01 Separation costs and separation-related costs 3 0.01 5 0.01 Gain on sale of assets (5 ) (0.01 ) — — Other 6 0.02 2 0.01 Tax effect of non-GAAP adjustments 133 0.38 35 0.10 Total non-GAAP adjustments 387 1.10 221 0.63 Adjusted net income (non-GAAP) and Adjusted earnings per share (non-GAAP) $ 69 $ 0.20 $ 99 $ 0.28 (a) The components of and further details respecting each of these non-GAAP adjustments and the financial statement line item to which each component relates can be found on Table 2a. Bausch + Lomb Corporation Table 2a Reconciliation of GAAP to Non-GAAP Financial Information For the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Cost of goods sold reconciliation: GAAP Cost of goods sold (excluding amortization and impairments of intangible assets) $ 482 $ 417 $ 905 $ 788 Fair value inventory step-up resulting from acquisitions (a) (20 ) — (40 ) — Adjusted cost of goods sold (excluding amortization and impairments of intangible assets) (non-GAAP) $ 462 $ 417 $ 865 $ 788 Selling, general and administrative reconciliation: GAAP Selling, general and administrative $ 535 $ 417 $ 1,039 $ 835 Separation-related costs (b) (1 ) (2 ) (2 ) (5 ) Transformation costs (c) (21 ) (16 ) (38 ) (40 ) Other (d) (2 ) (1 ) (3 ) (1 ) Adjusted selling, general and administrative (non-GAAP) $ 511 $ 398 $ 996 $ 789 Research and development reconciliation: GAAP Research and development $ 84 $ 85 $ 166 $ 162 Separation-related costs (b) — — (1 ) — Adjusted research and development (non-GAAP) $ 84 $ 85 $ 165 $ 162 Amortization of intangible assets reconciliation: GAAP Amortization of intangible assets $ 74 $ 56 $ 148 $ 113 Amortization of intangible assets (e) (74 ) (56 ) (148 ) (113 ) Adjusted amortization of intangible assets (non-GAAP) $ — $ — $ — $ — Other expense, net reconciliation: GAAP Other expense, net $ 14 $ 17 $ 23 $ 26 Litigation and other matters (d) — — (1 ) — Restructuring and integration costs (c) (6 ) (14 ) (17 ) (22 ) Asset impairments (f) (5 ) — (5 ) — Acquisition-related contingent consideration (a) — (1 ) (1 ) (1 ) Acquisition-related costs (a) (1 ) (2 ) (1 ) (3 ) Gain on sale of assets (g) 1 — 5 — Adjusted other expense, net (non-GAAP) $ 3 $ — $ 3 $ — Foreign exchange and other reconciliation: GAAP Foreign exchange and other $ (3 ) $ (9 ) $ (3 ) $ (15 ) Other (d) 2 1 2 1 Adjusted foreign exchange and other (non-GAAP) $ (1 ) $ (8 ) $ (1 ) $ (14 ) Provision for income taxes reconciliation: GAAP Provision for income taxes $ (72 ) $ (10 ) $ (145 ) $ (43 ) Tax effect of non-GAAP adjustments (h) 65 4 133 35 Adjusted provision for income taxes (non-GAAP) $ (7 ) $ (6 ) $ (12 ) $ (8 ) (a) Represents the three components of the non-GAAP adjustment of “Acquisition-related costs and adjustments (excluding amortization of intangible assets)” (see Table 2). (b) Represents the two components of the non-GAAP adjustment of “Separation costs and separation-related costs” (see Table 2). (c) Represents the two components of the non-GAAP adjustment of “Restructuring, integration and transformation costs” (see Table 2). (d) Represents the three components of the non-GAAP adjustment of “Other” (see Table 2). (e) Represents the sole component of the non-GAAP adjustment of “Amortization of intangible assets” (see Table 2). (f) Represents the sole component of the non-GAAP adjustment of “Asset impairments” (see Table 2). (g) Represents the sole component of the non-GAAP adjustment of “Gain on sale of assets” (see Table 2). (h) Represents the sole component of the non-GAAP adjustment of “Tax effect of non-GAAP adjustments” (see Table 2). Bausch + Lomb Corporation Table 2b Reconciliation of GAAP Net Loss to Adjusted EBITDA (non-GAAP) For the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Net loss attributable to Bausch + Lomb Corporation $ (151 ) $ (32 ) $ (318 ) $ (122 ) Interest expense, net 99 53 195 100 Provision for income taxes 72 10 145 43 Depreciation and amortization of intangible assets 110 93 220 184 EBITDA 130 124 242 205 Adjustments: Asset impairments 5 — 5 — Restructuring, integration and transformation costs 27 30 55 62 Acquisition-related costs and adjustments (excluding amortization of intangible assets) 21 3 42 4 Share-based compensation 22 18 41 42 Separation costs and separation-related costs 1 2 3 5 Other non-GAAP adjustments: Gain on sale of assets (1 ) — (5 ) — Other 4 2 6 2 Adjusted EBITDA (non-GAAP) $ 209 $ 179 $ 389 $ 320 Bausch + Lomb Corporation Table 3 Constant Currency Revenue (non-GAAP) and Constant Currency Revenue Growth (non-GAAP) - by Segment For the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) Calculation of Constant Currency Revenue for the Three Months Ended June 30, 2024 June 30, 2023 Change in Revenue as Reported Change in Constant Currency Revenue (Non-GAAP) (b) Revenue as Reported Changes in Exchange Rates (a) Constant Currency Revenue (Non-GAAP) (b) Revenue as Reported (in millions) Amount Pct. Amount Pct. Vision Care $ 697 $ 20 $ 717 $ 646 $ 51 8 % $ 71 11 % Surgical 209 4 213 195 14 7 % 18 9 % Pharmaceuticals 310 3 313 194 116 60 % 119 61 % Total revenues $ 1,216 $ 27 $ 1,243 $ 1,035 $ 181 17 % $ 208 20 % Calculation of Constant Currency Revenue for the Six Months Ended June 30, 2024 June 30, 2023 Change in Revenue as Reported Change in Constant Currency Revenue (Non-GAAP) (b) Revenue as Reported Changes in Exchange Rates (a) Constant Currency Revenue (Non-GAAP) (b) Revenue as Reported (in millions) Amount Pct. Amount Pct. Vision Care $ 1,332 $ 38 $ 1,370 $ 1,233 $ 99 8 % $ 137 11 % Surgical 406 5 411 378 28 7 % 33 9 % Pharmaceuticals 577 4 581 355 222 63 % 226 64 % Total revenues $ 2,315 $ 47 $ 2,362 $ 1,966 $ 349 18 % $ 396 20 % (a) 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. (b) To supplement the financial measures prepared in accordance with GAAP, the Company uses certain non-GAAP financial measures and ratios. For additional information about the Company’s use of such non-GAAP financial measures and ratios, refer to the “Non-GAAP Information” section in the body of the news release to which these tables are attached. Constant currency revenue (non-GAAP) for the three and six months ended June 30, 2024 is calculated as revenue as reported adjusted for the impact for changes in exchange rates (previously defined in this news release). Change in constant currency revenue (non-GAAP) is calculated as the difference between constant currency revenue for the current period and revenue as reported for the comparative period. _____________________________________ 1 This is a non-GAAP measure or a non-GAAP ratio. For further information on non-GAAP measures and non-GAAP ratios, please refer to the “Non-GAAP Information” section of this news release. Please also refer to tables at the end of this news release for a reconciliation of this and other non-GAAP measures to the most directly comparable GAAP measure. 2 The guidance in this news release is only effective as of the date given, July 31, 2024, and will not be updated or affirmed unless and until the company publicly announces updated or affirmed guidance. Distribution or reference of this news release following July 31, 2024, does not constitute the company reaffirming guidance. See the “Forward-looking Statements” section for further information. 3 The increase in anticipated full-year revenue, anticipated constant currency revenue growth and anticipated Adjusted EBITDA is a result of the strength of the performance of our business across all segments in the second quarter, as well as result of an increase in our expected MIEBO revenues for the remainder of 2024, partially offset by a change in our expected XIIDRA revenues for 2024. 4 Diluted weighted average shares includes the dilutive impact of options, performance based restricted stock units and restricted stock units, which are approximately 1,200,000 common shares for the 3 months ended June 30, 2024, and which are excluded when calculating GAAP diluted loss per share because the effect of including the impact would be anti-dilutive.

15 ePosters and In-Person Presentations Will Include Clinical Data on Blink™ NutriTears® Supplement for Dry Eyes, Blink® Triple Care Lubricating Eye Drops and MIEBO® (Perfluorohexyloctane Ophthalmic Solution) VAUGHAN, Ontario--(BUSINESS WIRE)-- Bausch + Lomb Corporation (NYSE/TSX: BLCO), a leading global eye health company dedicated to helping people see better to live better, today announced the presentation of 12 ePosters during the American Optometric Association (AOA) Optometry’s Meeting ePoster Session, taking place virtually May 29-30, 2024. The company will also have three live presentations and host nine education events during the in-person meeting, taking place in Nashville June 19-22, 2024. The OnDemand ePosters will feature new data on the early adoption of MIEBO and real-world patient experiences with Bausch + Lomb INFUSE® Multifocal silicone hydrogel daily disposable contact lenses. An evaluation of the performance of Biotrue® Hydration Plus Multi-Purpose Solution among two different patient demographics – soft contact lens wearers who are also frequent gamers and users planning to stop wearing lenses due to discomfort – will also be highlighted. The live, in-person presentations will include clinical data evaluating Blink NutriTears clinically proven nutritional supplement for dry eyes*, which was selected by AOA as one of the top five Optometry’s Meeting abstracts. Two other presentations will showcase clinical evaluation data for Blink Triple Care Lubricating Eye Drops, the first and only over-the-counter eye drop with both hyaluronate and a nano-emulsion lipid in the unique formula. The complete list of scientific ePosters and live presentations, as well as details for the featured education events, is as follows: e-Poster Presentations “A Multi-country Assessment of Satisfaction with a Spherical Silicone Hydrogel Daily Disposable Contact Lens Among New Contact Lens Wearers and Their Eyecare Professionals.” Reindel et al. “Comparison of Clinical Studies from the US and India of a Multi-Ingredient Oral Supplement.” Gioia et al. “Early Adoption and Utilization of Perfluorohexyloctane for Dry Eye Disease.” Alexander et al. “Evaluation of the Efficacy of a Novel Preservative-Free Formulation of Brimonidine Tartrate Ophthalmic Solution.” Evans et al. “Evaluation of the Safety of a Novel Preservative-Free Formulation of Brimonidine Tartrate Ophthalmic Solution.” Evans et al. “Frequent Gamers Tag a Novel Contact Lens Solution with High Satisfaction” Shahidi et al. “Improvement in Non-Invasive Tear Break-Up Time after Instillation of One Drop of Brimonidine Tartrate 0.025%.” Moore et al. “Ocular Vasoconstrictors: Does Mechanism of Action Make a Difference?” Moore et al. “On the Verge of Dropout: An In-Home Use Test of a Novel Contact Lens Solution Among Planned Replacement Contact Lens Wearers.” Shahidi et al. “Patient Performance Assessment with Multifocal Toric Silicone Hydrogel Contact Lenses.” Rah et al. “Patient-reported Instillation Comfort and Eyedrop Acceptability of Perfluorohexyloctane Ophthalmic Solution in Pivotal Clinical Studies.” Cunningham et al. “Real-world Evaluation of a Daily Disposable Silicone Hydrogel Multifocal Contact Lens.” Rah et al. Live Presentations “Clinical Evaluation of a Novel Lipid-Containing Eye Drop.” Coats et al. “Clinical Evaluation of a Multi-Ingredient Oral Supplement on Dry Eye Symptoms and Tear Volume.” Gioia et al. “Comparison of a Novel Lipid Nano-Emulsion Eye Drop with an Existing Lubricating Eye Drop.” Coats et al. Featured Education Events Wednesday, June 19 “Showcasing Inflammation and IOP Control with Bausch + Lomb” 6:30 p.m. CDT at The Palm (140 5th Avenue South, Nashville, Tenn.) Nora Lee Cothran, OD, FAAO, and Walter Whitley, OD, FAAO, will discuss the benefits of using LOTEMAX® SM (loteprednol etabonate ophthalmic gel), 0.38%, and VYZULTA® (latanoprostene bunod ophthalmic solution), 0.024%. Register in advance. Thursday, June 20 “Showcasing Inflammation and IOP Control with Bausch + Lomb” 8:00-9:00 a.m. CDT at the Music City Center (201 Rep. John Lewis Way S, Nashville, Tenn.; room #104AB) Richard Madonna, OD, and Justin Schweitzer, OD, will discuss the benefits of using LOTEMAX SM (loteprednol etabonate ophthalmic gel), 0.38%, and VYZULTA (latanoprostene bunod ophthalmic solution), 0.024%. “NEW Breakthrough Supplement for Dry Eyes from Bausch + Lomb: Blink NutriTears” 12:00-1:00 p.m. CDT at the Music City Center (201 Rep. John Lewis Way S, Nashville, Tenn.; room #104AB) Selina McGee, OD, FAAO, and Julie Poteet, OD, will lead a conversation on the new Blink NutriTears, a breakthrough, nutritional daily supplement for dry eyes. “Current Thinking in Dry Eye Disease: Contemporary Perspectives on a Complex Condition” 6:30-8:30 p.m. CDT at Morton’s Steakhouse (618 Church Street, Nashville, Tenn.) Learn about MIEBO, the first and only prescription eye drop that directly targets tear evaporation, as well as XIIDRA® (lifitegrast ophthalmic solution), 5%, the only nonsteroid anti-inflammatory prescription eye drop that can start to deliver dry eye symptom relief in just two weeks.1-2 Register in advance. “A NightCap in Nashville with Blink NutriTears” 8:00-10:30 p.m. (presentation at 9:00 p.m. CDT) at The Bell Tower (400th Ave. S, Nashville, Tenn.) Join Cecelia Koetting, OD, FAAO, to lean about Blink NutriTears clinically proven nutritional supplement for dry eyes. Friday, June 21 “Rethinking Dry Eye Disease: A Contemporary Approach to a Complex Condition” 8:00-9:00 a.m. CDT at the Music City Center (201 Rep. John Lewis Way S, Nashville, Tenn.; room #104AB) Cecelia Koetting, OD, FAAO, and Nathan Lighthizer, OD, FAAO, will discuss the benefits of and differences between MIEBO and XIIDRA. “The Science of Eye Beauty with LUMIFY EYE ILLUMINATIONS™” 12:40-1:00 p.m. CDT at the Music City Center (201 Rep. John Lewis Way S, Nashville, Tenn.; Exhibit Hall, Eye Talks Stage) Join Selina McGee, OD, FAAO, to learn about LUMIFY EYE ILLUMINATIONS, a clinically proven specialty eye care line. Saturday, June 22 “A Family of Eye Care Products with Innovations for Every Stage of Life” 9:00-10:00 a.m. CDT at the Music City Center (201 Rep. John Lewis Way S, Nashville, Tenn.; room #104AB) Selina McGee, OD, FAAO, Mitch Ibach, OD, FAAO, and John Womack, OD, will share practical patient cases using products from across the Bausch + Lomb consumer, vision care and pharmaceutical portfolios. “The Puzzle of Dry Eye: Targeted Approaches to a Multifactorial Condition” 12:00-1:00 p.m. CDT at the Music City Center (201 Rep. John Lewis Way S, Nashville, Tenn.; room #104AB) Learn about the complex dry eye puzzle, Blink NutriTears, as well as MIEBO and XIIDRA. AOA’s Celebration of Optometry Event Additionally, Bausch + Lomb is the title sponsor of AOA’s Celebration of Optometry event, taking place at FGL House (120 3rd Ave South, Nashville, Tenn.) at 7 p.m. CDT on Friday, June 21. During the event, attendees will have the opportunity to learn about Bausch + Lomb’s latest innovations, including Bausch + Lomb INFUSE® for Astigmatism and Blink NutriTears. Important Safety Information for MIEBO INDICATION MIEBO (perfluorohexyloctane ophthalmic solution) is used to treat the signs and symptoms of dry eye disease. IMPORTANT SAFETY INFORMATION Patients should remove contact lenses before using MIEBO and wait for at least 30 minutes before reinserting. It is important for patients to use MIEBO exactly as prescribed. It is not known if MIEBO is safe and effective in children under the age of 18. The most common eye side effect seen in studies was blurred vision (1% to 3 % of patients reported blurred vision and eye redness). You are encouraged to report negative side effects of prescription drugs to the FDA. Visit or call 1-800-FDA-1088. Click here for full Prescribing Information for MIEBO. WHAT IS XIIDRA? XIIDRA (lifitegrast ophthalmic solution) 5% is a prescription eye drop used to treat the signs and symptoms of dry eye disease. IMPORTANT SAFETY INFORMATION Do not use XIIDRA if you are allergic to any of its ingredients. Seek medical care immediately if you get any symptoms of an allergic reaction. The most common side effects of XIIDRA include eye irritation, discomfort or blurred vision when the drops are applied to the eyes, and an unusual taste sensation. To help avoid eye injury or contamination of the solution, do not touch the container tip to your eye or any surface. If you wear contact lenses, remove them before using XIIDRA and wait for at least 15 minutes before placing them back in your eyes. It is not known if XIIDRA is safe and effective in children under 17 years of age. You are encouraged to report negative side effects of prescription drugs to the FDA. Visit or call 1-800-FDA-1088. Click here for full Prescribing Information for XIIDRA. Important Safety Information for LOTEMAX SM INDICATION LOTEMAX SM (loteprednol etabonate ophthalmic gel) 0.38% is a corticosteroid indicated for the treatment of post-operative inflammation and pain following ocular surgery. IMPORTANT SAFETY INFORMATION LOTEMAX SM, as with other ophthalmic corticosteroids, is contraindicated in most viral diseases of the cornea and conjunctiva including epithelial herpes simplex keratitis (dendritic keratitis), vaccinia, and varicella, and also in mycobacterial infection of the eye and fungal diseases of ocular structures. Prolonged use of corticosteroids may result in glaucoma with damage to the optic nerve, defects in visual acuity and fields of vision. Steroids should be used with caution in the presence of glaucoma. If LOTEMAX SM is used for 10 days or longer, IOP should be monitored. Use of corticosteroids may result in posterior subcapsular cataract formation. The use of steroids after cataract surgery may delay healing and increase the incidence of bleb formation. In those with diseases causing thinning of the cornea or sclera, perforations have been known to occur with the use of topical steroids. The initial prescription and renewal of the medication order should be made by a physician only after examination of the patient with the aid of magnification such as slit lamp biomicroscopy and, where appropriate, fluorescein staining. Prolonged use of corticosteroids may suppress the host response and thus increase the hazard of secondary ocular infections. In acute purulent conditions, steroids may mask infection or enhance existing infections. Employment of a corticosteroid medication in the treatment of patients with a history of herpes simplex requires great caution. Use of ocular steroids may prolong the course and may exacerbate the severity of many viral infections of the eye (including herpes simplex). Fungal infections of the cornea are particularly prone to develop coincidentally with long-term local steroid application. Fungus invasion must be considered in any persistent corneal ulceration where a steroid has been used or is in use. Fungal cultures should be taken when appropriate. Contact lenses should not be worn when the eyes are inflamed. There were no treatment-emergent adverse drug reactions that occurred in more than 1% of subjects in the three times daily group compared to vehicle. Click here for full Prescribing Information for LOTEMAX SM. Important Safety Information for VYZULTA INDICATION VYZULTA (latanoprostene bunod ophthalmic solution) 0.024% is indicated for the reduction of intraocular pressure (IOP) in patients with open-angle glaucoma or ocular hypertension. IMPORTANT SAFETY INFORMATION Increased pigmentation of the iris and periorbital tissue (eyelid) can occur. Iris pigmentation is likely to be permanent. Gradual changes to eyelashes, including increased length, increased thickness, and number of eyelashes, may occur. These changes are usually reversible upon treatment discontinuation. Use with caution in patients with a history of intraocular inflammation (iritis/uveitis). VYZULTA should generally not be used in patients with active intraocular inflammation. Macular edema, including cystoid macular edema, has been reported during treatment with prostaglandin analogs. Use with caution in aphakic patients, in pseudophakic patients with a torn posterior lens capsule, or in patients with known risk factors for macular edema. There have been reports of bacterial keratitis associated with the use of multiple-dose containers of topical ophthalmic products that were inadvertently contaminated by patients. Contact lenses should be removed prior to the administration of VYZULTA and may be reinserted 15 minutes after administration. Most common ocular adverse reactions with incidence ≥2% are conjunctival hyperemia (6%), eye irritation (4%), eye pain (3%), and instillation site pain (2%). Please click here for full Prescribing Information. Patients are encouraged to report negative side effects of these prescription drugs to the FDA. Visit or call 1-800-FDA-1088. About Bausch + Lomb Bausch + Lomb is dedicated to protecting and enhancing the gift of sight for millions of people around the world – from birth through every phase of life. Its comprehensive portfolio of approximately 400 products includes contact lenses, lens care products, eye care products, ophthalmic pharmaceuticals, over-the-counter products and ophthalmic surgical devices and instruments. Founded in 1853, Bausch + Lomb has a significant global research and development, manufacturing and commercial footprint with approximately 13,000 employees and a presence in nearly 100 countries. Bausch + Lomb is headquartered in Vaughan, Ontario with corporate offices in Bridgewater, New Jersey. For more information, visit and connect with us on X, LinkedIn, Facebook and Instagram. Forward-looking Statements This news release may contain forward-looking statements, which may generally be identified by the use of the words “anticipates,” “hopes,” “expects,” “intends,” “plans,” “should,” “could,” “would,” “will,” “may,” “believes,” “estimates,” “potential,” “target,” or “continue” and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and 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 and the Canadian Securities Administrators, which factors are incorporated herein by reference. 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 news release or to reflect actual outcomes, unless required by law. *This statement has not been evaluated by the Food and Drug Administration. This product is not intended to diagnose, treat, cure or prevent any disease. References XIIDRA significantly reduced symptoms of eye dryness at 2 weeks in two out of four clinical studies. XIIDRA. Prescribing information. Bausch & Lomb Inc; 2023. © 2024 Bausch + Lomb. BLS.0079.USA.24 View source version on businesswire.com: Contacts Investor Contact: George Gadkowski george.gadkowski@bausch.com (877) 354-3705 (toll free) (908) 927-0735 Source: Bausch + Lomb Corporation View this news release online at: