2Q22
`Financial Results
`
`Eye Therapies Exhibit 2159, 1 of 42
`Slayback v. Eye Therapies - IPR2022-00142
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`

`

`Forward-Looking Statements
`
`This presentation contains forward-looking information and statements, within the meaning of applicable securities laws (collectively, “forward-
`
`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,
`
`looking statements”), including, but not limited to, statements regarding future prospects and performance of Bausch + Lomb Corporation
`
`the impact of the spin-off transaction on relationships with customers, suppliers, employees and other business counterparties, general
`
`(“Bausch + Lomb”, the “Company”, “we”, “us”, or “B+L”) (including the Company’s 2022 full-year guidance, expectations regarding adjusted
`
`economic conditions, conditions in the markets the Company is engaged in, behavior of customers, suppliers and competitors, technological
`
`gross margin and expected organic growth), the planned spin-off or separation of the Company from Bausch Health Companies Inc. (“BHC”)
`
`developments and legal and regulatory rules affecting the Company’s business. In particular, the Company can offer no assurance that any
`
`and the timing of the completion of such spin-off, the anticipated opportunities of the Company as a standalone entity (including the potential for
`
`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.
`
`margin expansion, expected growth, the durability of the markets in which we expect to grow, anticipated balance sheet flexibility and proposed
`
`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
`
`use of same), the anticipated submission, approval and launch dates for certain of our pipeline products and R&D programs, the anticipated
`
`pandemic, the emergence of variant and subvariant strains of COVID-19 (including the Delta and Omicron variants) and any resulting
`
`geographic expansions and planned line extensions for certain of our products, revenue expectations for certain of our products (including
`
`reinstitution of lockdowns or other restrictions, the availability and effectiveness of vaccines for COVID-19 (including with respect to current or
`
`Bausch + Lomb SiHy dailies), the expected market acceptance for certain of our products and pipeline products, the expected market size and
`
`future variants and subvariants), COVID-19 vaccine immunization rates, the evolving reaction of governments, private sector
`
`compound annual growth rates for certain of the markets in which we have or expect to have products, the timing of commencement and
`
`participants and the public to that pandemic, and the potential effects and economic impact of that pandemic, the severity, duration and future
`
`completion of clinical studies and other development work, the anticipated impact of the COVID-19 pandemic on the Company and its financial
`
`impact of which are highly uncertain and cannot be predicted, and which may have a material adverse impact on the Company, including but
`
`condition, results of operation, revenues, segments, liquidity, products and product pipeline, operations, facilities, supply chain and employees,
`
`not limited to its supply chain, third-party suppliers, project development timelines, employee base, liquidity, stock price, financial condition and
`
`the Company’s anticipated catalysts and business growth drivers, the Company’s strategic focus for 2022 and beyond, management’s
`
`costs (which may increase) and revenue and margins (both of which may decrease). Finally, they also include, but are not limited to, risks and
`
`commitments and expected targets and our ability to achieve the action plan and expected targets in the periods anticipated, and the
`
`uncertainties caused by or relating a potential recession and its impact on revenues, expenses and resulting margins. In addition, certain
`
`Company’s plans and expectations for 2022 and beyond. Forward-looking statements may generally be identified by the use of the words
`
`material factors and assumptions have been applied in making these forward-looking statements, including, without limitation, assumptions
`
`"anticipates," "expects,“ “predicts,” “goals,” "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential,"
`
`regarding our 2022 full-year guidance with respect to expectations regarding base performance growth and organic growth, currency impact,
`
`"target," “commit,” “forecast,” “tracking,” or "continue" and variations or similar expressions, and phrases or statements that certain actions,
`
`run rate dis-synergies and inflation, expectations regarding adjusted gross margin (non-GAAP), adjusted SG&A expense (non-GAAP) and the
`
`events or results may, could, should or will be achieved, received or taken or will occur or result, and similar such expressions also identify
`
`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
`
`forward-looking information. These forward-looking statements, including the Company’s full-year guidance, are based upon the current
`
`assumption that the risks and uncertainties outlined above will not cause actual results or events to differ materially from those described in
`
`expectations and beliefs of management and are provided for the purpose of providing additional information about such expectations and
`
`these forward-looking statements. Management has also made certain assumptions in assessing the anticipated impacts of the COVID-19
`
`beliefs, and readers are cautioned that these statements may not be appropriate for other purposes. These forward-looking statements are
`
`pandemic on the Company and its results of operations and financial conditions, including: that there will be no material restrictions on access
`
`subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking
`
`to health care products and services resulting from a possible resurgence of the virus and variant and subvariant strains thereof on a global
`
`statements. These risks and uncertainties include, but are not limited to, the risks and uncertainties discussed in Bausch + Lomb’s filings with
`
`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
`
`the U.S. Securities and Exchange Commission (“SEC”) and the Canadian Securities Administrators (the “CSA”) (including the Company’s final
`
`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
`
`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
`
`ongoing, gradual global recovery as the macroeconomic and health care impacts of the COVID-19 pandemic diminish over time; that the
`
`Registration Statement on Form S-1 and the Company’s supplemented PREP prospectus as filed with the CSA on May 5, 2022), which factors
`
`largest impact to the Company’s businesses were seen in the second quarter of 2020; that, to the extent not already achieved, our revenues
`
`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
`
`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
`
`separate the Company from Bausch Health, including the expected benefits and costs of the spin-off transaction, the expected timing of
`
`business units expected to lag in recovery possibly beyond 2022; and no major interruptions in the Company’s supply chain and distribution
`
`completion of the spin-off transaction and its terms (including the expectation that the spin-off transaction will be completed following the expiry
`
`channels. If any of these assumptions regarding the impacts of the COVID-19 pandemic are incorrect, our actual results could differ materially
`
`of customary lock-ups related to the Bausch + Lomb IPO and achievement of targeted net leverage ratios, subject to market conditions and
`
`from those described in these forward-looking statements.
`
`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
`
`Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only
`
`related to regulatory matters and receipt of applicable shareholder and other approvals), the impact of any potential sales of the Company’s
`
`as of the date hereof. Bausch + Lomb undertakes no obligation to update any of these forward-looking statements to reflect events or
`
`common shares by BHC subject to expiry of lock-ups, that market or other conditions are no longer favorable to completing the transaction, that
`
`circumstances after the date of this presentation or to reflect actual outcomes, unless required by law.
`
`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,
`
`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
`
`retention of existing management team members, the reaction of customers and other parties to the spin-off transaction, the qualification of the
`
`Company publicly announces updated or affirmed guidance.
`
`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
`
`Distribution or reference of this deck following Aug. 4, 2022 does not constitute the Company re-affirming guidance.
`
`satisfy the conditions required to maintain the tax-free status of the spin-off transaction (some of which are beyond their control), other potential
`
`1
`
`11
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`Eye Therapies Exhibit 2159, 2 of 42
`Slayback v. Eye Therapies - IPR2022-00142
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`

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`Non-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
`
`The comparable information about other companies was obtained from public sources and has not been verified by the
`
`EBITDA, (iii) Adjusted EBITDA Margin, (iv) EBITA, (v) Adjusted EBITA, (vi) Adjusted EBITA Margin, (vii) Adjusted Gross
`
`Company. Comparable means information that compares a company to other companies. The information is a
`
`Profit, (viii) Adjusted Gross Margin, (ix) Adjusted SG&A, (x) Adjusted Net Income, (xi) Adjusted Tax Rate, (xii) Organic
`
`performance summary of the relevant attributes of certain companies that are considered to be an appropriate basis for
`
`Revenue Growth/Change and Organic Growth/Change, (xiii) Constant Currency, (xiv) Adjusted Earnings Per Share
`
`comparison with the Company based on a variety of factors, including size, operating metrics, revenue growth and
`
`(“EPS”) and (xv) Adjusted Cash Flow from Operations. Management uses some of these non-GAAP measures as key
`
`business model. The comparable companies face different risks from those applicable to the Company. Readers are
`
`metrics in the evaluation of Company performance and the consolidated financial results and, in part, in the
`
`cautioned that past performance is not indicative of future performance and the performance of the Company may be
`
`determination of cash bonuses for its executive officers. The Company believes these non-GAAP measures are useful
`
`materially different from the comparable companies. Investors are cautioned to not put undue reliance on the
`
`to investors in their assessment of our operating performance and the valuation of the Company. In addition, these
`
`comparables.
`
`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.
`
`2
`
`22
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`Eye Therapies Exhibit 2159, 3 of 42
`Slayback v. Eye Therapies - IPR2022-00142
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`

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`Today’s Topics
`
`2Q22 Highlights & Financial Results
`
`FY 2022 Guidance
`
`Upcoming Catalysts
`
`3
`
`33
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`Eye Therapies Exhibit 2159, 4 of 42
`Slayback v. Eye Therapies - IPR2022-00142
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`Bausch + Lomb Overview
`
`~170 years of success
`as a leading
`eye health brand
`
`The most
`integrated eye care
`company1
`
`Fastest growing
`global contact lens
`supplier in FY212
`
`Global leader in consumer
`eye health, outpacing U.S.
`market growth by ~1.7x
`since 20185
`
`#
`
`#
`
`Highest brand
`awareness in
`eye care3,4
`
`80+% of world
`population has access
`to B+L products
`
`~100 countries and
`~12,500 employees
`
`#
`
`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. TechSci 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.
`
`44
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`A Standalone Bausch + Lomb…
`Creates opportunities for a pure play eye health company1
`
`1
`
`2
`
`3
`
`Expect growth in large
`durable markets with
`opportunity to grow,
`driven by new products
`and by focusing on
`megatrends
`
`Potential for margin
`expansion based on new
`products and supply chain
`efficiencies with critical
`mass while efficiently
`managing cost structure
`
`Expect to have balance
`sheet flexibility to expand
`investment in the
`business including
`additional strategic
`opportunities
`
`1. See Slide 1 for further information on forward-looking statements.
`
`55
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`2Q22 Highlights
`
`Bausch + Lomb
`
`+1%
`
`+6%
`
`+6%
`
`2Q22 Reported Revenue
`
`2Q22 Organic Revenue1,2
`
`2Q22 Constant Currency1
`
`Ophthalmic
`Pharmaceuticals
`17%
`
`Surgical
`20%
`
`Vision Care
`63%
`
`Continued
`Momentum in
`Key Portfolios
`
`Investing in
`Categories Growing
`Faster Than Market
`
`Expanding Into
`New Product
`Categories
`
`~410bps
`increase in U.S. market
`share (dollar) in 2Q22 vs.
`2Q21 for Bausch + Lomb
`eye vitamin franchise5
`
`+21%
`reported revenue growth in
`Lumify®; early stages of brand
`expansion with an opportunity
`to enter adjacent categories
`
`new family of customizable
`soft contact lenses
`designed to meet needs of
`more patients
`
`+39%
`reported revenue growth in
`BioTrue® Solutions
`Franchise;
`global mega brand,
`expanding with two new
`launches underway
`
`+50%
`reported revenue growth for
`SiHy dailies
`
`~18M
`Americans diagnosed with
`dry eye disease (DED)3,4
`
`Global SiHy market growing
`at a ~11% CAGR6
`
`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.
`
`66
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`2Q22 Financial Highlights & Segment Drivers - Revenue
`
`Total Company Revenue
`
`Millions USD
`
`934
`
`941
`
`Vision Care
`
`Surgical
`
`Ophthalmic
`Pharmaceuticals
`
`36%
`
`$589M
`
`64%
`
`27%
`
`55% $184M
`
`18%
`
`41%
`
`$168M
`
`59%
`
`2Q21
`
`2Q22
`
`+6%
`organic revenue1,2 growth
`
`• Driven by strong demand across key
`franchises and durable portfolio with high
`brand equity
`
`• Strong performance notwithstanding FX
`headwind of $46M
`
`Contact Lens
`
`Consumer
`
`Equipment
`Implantables
`Consumables/Other
`
`U.S.
`
`International
`
`2 Q 2 2 O R G A N I C R E V E N U E C H A N G E
`
`1,2
`
`+11%
`
`• Strong demand for key franchises: Lumify®
`(+21% reported revenue growth), BioTrue®
`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™; brand
`expansion with launch of BioTrue® Hydration
`Plus Multi-Purpose Solution
`
`+7%
`
`(10%)
`
`• Continued market recovery / backlog of
`elective surgeries
`
`• U.S. impacted by tail end of LOE products and
`generic performance and competition
`
`• Demand for consumables (+3% reported
`revenue growth; +13% organic revenue
`growth1,2) and implantables (+4% reported
`revenue growth; +10% organic revenue
`growth1,2)
`
`•
`
`Increase in procedure volume in Western
`Europe driving growth in International Surgical
`
`• 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
`
`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.
`
`77
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`

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`Total Bausch + Lomb P&L1 (Non-GAAP)2
`
`Bausch + Lomb
`
`Vision Care Revenue
`
`Surgical Revenue
`
`Ophthalmic Pharmaceuticals
`Revenue
`
`Total Revenue
`
`Adj. Gross Profit2
`
`Adj. Gross Margin2
`
`R&D
`
`R&D percent of Revenues
`
`Adj. SG&A2
`
`Adj. SG&A percent of Revenues3
`
`Adj. EBITA2
`
`Depreciation
`
`Stock Based Compensation
`
`Adj. EBITDA2,3
`
`Adj. EBITDA Margin2
`
`Adj. Net Income2
`
`Adj EPS3,4
`
`2Q22
`
`$589M
`
`$184M
`
`2Q21
`
`Reported Change
`
`$556M
`
`$185M
`
`6%
`
`(1%)
`
`Constant
`Currency2
`
`11%
`
`5%
`
`Organic Change2
`
`11%
`
`7%
`
`$168M
`
`$193M
`
`(13%)
`
`(10%)
`
`(10%)
`
`$941M
`
`$562M
`
`59.7%
`
`$75M
`
`8.0%
`
`$362M
`
`38.5%
`
`$125M
`
`$34M
`
`$11M
`
`$182M
`
`19.3%
`
`$103M
`
`$0.29
`
`$934M
`
`$567M
`
`60.7%
`
`$71M
`
`7.6%
`
`$352M
`
`37.7%
`
`$144M
`
`$34M
`
`$15M
`
`$200M
`
`21.4%
`
`$116M
`
`$0.33
`
`1%
`
`(1%)
`
`(100 bps)
`
`6%
`
`3%
`
`(6%)
`
`(8%)
`
`(3%)
`
`(7%)
`
`(13%)
`
`0%
`
`(27%)
`
`(9%)
`
`(8%)
`
`6%
`
`(27%)
`
`(7%)
`
`(11%)
`
`(8%)
`
`6%
`
`+6% organic revenue growth1,2
`
`Investment YTD in R&D +$14M,
`~8% of revenue
`
`Continue to maintain a
`disciplined approach to cost
`management and leverage our
`infrastructure
`
`1. Products with sales outside the United States impacted by F/X changes.
`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.
`
`8
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`Eye Therapies Exhibit 2159, 9 of 42
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`

`

`Total 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
`
`2Q21
`
`$556M
`
`$185M
`
`$193M
`
`$934M
`
`$488M
`
`52.2%
`
`$71M
`
`7.6%
`
`$358M
`
`38.3%
`
`$58M
`
`$34M
`
`$15M
`
`$44M
`
`4.7%
`
`$0.13
`
`Reported Change
`
`Constant Currency2
`
`Organic Change2
`
`11%
`
`7%
`
`(10%)
`
`6%
`
`6%
`
`(1%)
`
`(13%)
`
`1%
`
`2%
`
`70 bps
`
`(6%)
`
`(3%)
`
`(3%)
`
`0%
`
`(27%)
`
`(89%)
`
`11%
`
`5%
`
`(10%)
`
`6%
`
`7%
`
`(8%)
`
`(7%)
`
`7%
`
`6%
`
`(27%)
`
`(66%)
`
`1. Products with sales outside the United States impacted by F/X changes.
`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.
`
`9
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`Strong Cash Flow in 2Q22; Balance Sheet Summary
`
`Cash flow from operations
`
`Adj. Cash flow from operations (non-GAAP)1,3
`
`CapEx
`
`Debt2
`
`$156M
`
`$165M
`
`$34M
`
`$2,500M
`
`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.
`
`1010
`
`Eye Therapies Exhibit 2159, 11 of 42
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`

`

`FY 2022
`Guidance
`
`
`
`1111
`
`Eye Therapies Exhibit 2159, 12 of 42
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`

`

`Maintained Full-Year 2022 Revenue and
`Adjusted EBITDA (non-GAAP)1 Guidance3
`
`Prior Guidance
`(June 2022)
`
`Current Guidance
`(August 2022)
`
`Total Revenues
`
`$3.75B - $3.80B
`
`$3.75B - $3.80B
`
`Adjusted EBITDA (non-GAAP)1
`
`$740M - $780M
`
`$740M - $780M
`
`Key Assumptions
`
`Prior Guidance
`(June 2022)
`
`Current Guidance
`(August 2022)
`
`Interest Expense2
`
`~$150M
`
`~$150M
`
`R&D
`
`~7% of revenue
`
`~8% of revenue
`
`Adj. Tax Rate (non-GAAP)1
`
`Avg. Fully Diluted Share Count
`
`CapEx
`
`~12%
`
`~350M
`
`~$225M
`
`Depreciation and Stock Based Comp
`
`~$215M
`
`~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.
`
`1212
`
`Eye Therapies Exhibit 2159, 13 of 42
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`

`

`Upcoming
`Catalysts
`
`
`
`1313
`
`Eye Therapies Exhibit 2159, 14 of 42
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`

`

`Creating a Lumify® Franchise
`Uniquely Positioned with Bausch + Lomb’s Integrated Platform
`
`Successful +$100M Brand Expanding…
`
`% of Weekly Market Share in Redness Reliever Category1
`
`1%
`
`0%
`
`0%
`
`36%
`
`0%
`
`0%
`
`0%
`
`0%
`
`0%
`
`0%
`
`0%
`
`0%
`
`31%
`
`16%
`
`11%
`
`6%
`
`0%
`
`…Geographically and Through Planned
`Line Extensions2
`
`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)
`
`47%
`
`23%
`
`12%
`
`8%
`
`7%
`4%
`
`1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22
`
`Lumify
`
`Visine
`
`Clear Eyes
`
`Rohto
`
`Private Label
`
`All Other
`
`Combination product with ketotifen
`for allergy symptom control
`
`1. IRI Panel Omnichannel; trademarks are property of respective owners.
`2. See slide 1 for further information on forward-looking statements.
`
`1414
`
`Eye Therapies Exhibit 2159, 15 of 42
`Slayback v. Eye Therapies - IPR2022-00142
`
`

`

`Biotrue®: Global Mega Brand Platform
`
`Contact Lens
`Solutions
`
`N E W
`L AU N C H
`
`Contact Lenses
`
`Dry Eye
`
`Biotrue® MPS2
`(Launched 2010)
`#1 Multi-Purpose
`Solution in U.S.
`Globally Distributed1
`
`Biotrue®
`Hydration
`Plus MPS2
`(Launched in
`U.S. 2022)
`
`Gained ~380 bps
`market share vs. 1Q223
`
`Biotrue® ONEday
`Contact Lenses
`(Launched in 2012)
`Globally Distributed
`
`Biotrue® Hydration
`Boost PF Dry
`Eye Drops
`(Launched 2021)
`
`Biotrue® PF
`
`Dry Eye Drops
`(Canada)
`
`Biotrue® Advance
`Dry Eye Drops
`(EU product, Artelac formula)
`
`Biotrue® Daily
`Eyelid Wipes
`(Europe)
`
`Biotrue®
`Rewetting Drops
`(Europe)
`
`Biotrue® Nighttime Gel
`(Europe)
`
`Total Revenue for Global
`Mega Brand Platform in 2Q22
`
`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.
`
`$92M
`+19% reported revenue growth vs. 2Q21
`
`15
`
`Eye Therapies Exhibit 2159, 16 of 42
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`

`

`Strong Growth Across the Vision Care Portfolio vs. 2Q21
`
`2 0 1 2
`L AU N C H
`
`2 0 1 4
`L AU N C H
`
`N E W
`L AU N C H
`
`+9%
`
`reported revenue
`growth
`
`$200M
`
`revenue trailing
`12 months
`
`+5%
`
`reported revenue
`growth
`
`$173M
`
`revenue trailing
`12 months
`
`+50%
`
`reported revenue
`growth
`
`>$250M
`
`Global revenue for Bausch + Lomb SiHy dailies
`is expected to exceed $250M in peak sales1
`
`1. See slide 1 for further information on forward-looking statements.
`
`1616
`
`Eye Therapies Exhibit 2159, 17 of 42
`Slayback v. Eye Therapies - IPR2022-00142
`
`

`

`Revive™: New Family of Customizable Soft Contact Lenses
`
`N E W L AU N C H
`
`✓ 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
`
`✓ Lenses to be worn daily for up to three months; also available
`for frequent or planned replacement modalities
`
`…expanding the family of specialty lenses
`
`1717
`
`Eye Therapies Exhibit 2159, 18 of 42
`Slayback v. Eye Therapies - IPR2022-00142
`
`

`

`NOV031: 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
`
`Second Phase 3 (MOJAVE) Efficacy Endpoints:
`Total Corneal Staining (sign) and Ocular Dryness (symptom) at Day 57
`
`Total Corneal Staining5 (ITT6)
`
`Ocular Dryness5 (ITT6)
`
`N=309
`-15.8%
`
`N=311
`
`N=309
`
`-29.8%
`
`N=311
`
`-33.3%
`
`Baseline (%)
`Decrease from
`
`• 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
`
`Expect Double
`Digit Growth
`2021-20278
`
`p<0.001
`NOV03
`
`Saline
`
`-45.4%
`
`p<0.001
`NOV03
`
`Saline
`
`In 2019, the Company acquired an exclusive license from Novaliq GmbH for the commercialization and development of NOV03 in the United States and Canada.
`1.
`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
`
`18
`
`Eye Therapies Exhibit 2159, 19 of 42
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`
`

`

`Expansion 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
`
`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
`
`1. World Glaucoma Association. Retrieved from Glaucoma Information Statistics - Glaucoma Information (glaucomapatients.org).
`
`19
`
`Eye Therapies Exhibit 2159, 20 of 42
`Slayback v. Eye Therapies - IPR2022-00142
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`

`

`Integrated
`platform
`uniquely
`positions B+L
`to serve eye
`care needs
`
`Lenses
`
`Surgical
`
`Optometrists
`
`Ophthalmologists
`
`Helping you see better
`to live better
`
`Consumer
`Health
`
`Ophthalmic
`Pharma
`
`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 Medit