Investor Contact Media Contact Arthur Shannon Lainie Keller arthur.shannon bauschhealth.com lainie.keller bauschhealth.com (514) 856-3855 (908) 927-1198 (877) 281-6642 (toll free) BAUSCH HEALTH COMPANIES INC. ANNOUNCES F

BAUSCH HEALTH COMPANIES INC. ANNOUNCES FIRST-QUARTER 2021 RESULTS

First-Quarter 2021 Financial Results

Revenues of $2.027 Billion

GAAP Net Loss of $610 Million

Adjusted EBITDA (non-GAAP)1 of $852 Million

GAAP Cash Generated from Operations of $443 Million

Company Continues to Make Progress on Planned Separation of Eye Health Business

Announces Leadership Team of Bausch + Lomb

Now Operates in Five Reportable Segments

Reaffirmed 2021 Full-Year Revenue and Adjusted EBITDA (non-GAAP) Guidance Ranges

LAVAL, Quebec, May 4, 2021 - Bausch Health Companies Inc. (NYSE TSX BHC) ("Bausch Health" or the "Company" or "we") today announced its first-quarter 2021 financial results.

"Bausch Health entered 2021 with strong momentum as our recovery from the COVID-19 pandemic continues. Our business is generating strong cash flow, many of our leading products have increased market share in key markets, and we are advancing our pipeline," said Joseph C. Papa, chairman and CEO, Bausch Health.

"We are taking action to accelerate the strategic alternatives process to expedite the spinoff of

Bausch + Lomb as we remain committed to unlocking value across our two attractive businesses. We are focused on execution and growth as we position these two strong, but dissimilar businesses as attractive growth opportunities in the markets they serve," continued Mr. Papa.

Select Company Highlights

Increased total Company reported revenue by 1% compared to the first quarter of 2020

Launched Solta Medical's Clear + Brilliant Touch laser in the United States

Launched Bausch + Lomb's Alaway Preservative Free (ketotifen fumarate ophthalmic solution, 0.035%), antihistamine eye drops in the United States

Entered into an agreement to divest Amoun Pharmaceutical Company S.A.E. to Abu-Dhabi based ADQ the transaction is expected to close in the first half of 2021

Repaid debt by $200 million in the first quarter of 2021 using cash generated from operations Bausch Health has no mandatory amortization payments or debt maturities until 2024

Announced in March that Sam Eldessouky, the Company's current Controller and Chief Accounting Officer, has been appointed to the role of Chief Financial Officer (CFO) and will succeed Bausch Health's current CFO Paul S. Herendeen, effective June 1, 2021. Mr. Herendeen will remain at Bausch Health in the newly created role of Advisor to the Chairman and CEO

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1 Please see the tables at the end of this news release for a reconciliation of this and other non-GAAP measures to the nearest comparable GAAP measure.

Pipeline Advancements

VYZULTA (latanoprostene bunod ophthalmic solution), 0.024%, received regulatory approval in South Korea, Brazil and Qatar, and has launched in Taiwan

LUMIFY (brimonidine tartrate ophthalmic solution 0.025%) redness reliever eye drops received regulatory approval in South Korea

BAUSCH + LOMB ULTRA ONE DAY daily disposable silicone hydrogel contact lenses received regulatory approval in Taiwan

Announced statistically significant topline results from the first Phase 3 trial evaluating the investigational NOV032 (perfluorohexyloctane) as a first-in-class eye drop with a novel mechanism of action to treat the signs and symptoms of dry eye disease associated with meibomian gland dysfunction

Announced statistically significant topline results from the second pivotal Phase 3 trial evaluating the investigational IDP-126 gel in acne vulgaris

Progress on Planned Separation of Eye Health Business

Today, the Company announced that Joseph C. Papa and Sam Eldessouky will serve as CEO and CFO of Bausch + Lomb upon separation of the Bausch + Lomb eye health business.3 In addition, the Company continued to make progress toward internal objectives necessary for the separation, including operating in five reportable segments commencing with the first quarter of 2021.

First-Quarter 2021 Revenue Performance

Total reported revenues were $2.027 billion for the first quarter of 2021, as compared to $2.012 billion in the first quarter of 2020, an increase of $15 million. Revenue was negatively impacted by approximately $100 million in the first quarter of 2021 due to the COVID-19 pandemic. Excluding the favorable impact of foreign exchange of $33 million and the impact of divestitures and discontinuations of $10 million, revenue declined organically1,4 by $8 million compared to the first quarter of 2020.

Revenues by segment were as follows

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2 Bausch Health acquired an exclusive license from Novaliq GmbH for the commercialization and development of NOV03 in the United States and Canada.

3 The Company Board has proposed that these individuals be appointed as CEO and CFO of Bausch + Lomb at the time of the separation. Such individuals will continue to serve in their current roles at the Company prior to the separation.

4 Organic growth change, a non-GAAP metric, is defined as a change on a period-over-period basis in revenues on a constant currency basis (if applicable) excluding the impact of recent acquisitions, divestitures and discontinuations.

Bausch + Lomb Segment5

Bausch + Lomb segment revenues were $881 million for the first quarter of 2021, as compared to $875 million for the first quarter of 2020, an increase of $6 million, or 1%. Excluding the favorable impact of foreign exchange of $26 million and the impact of divestitures and discontinuations of $2 million, the Bausch + Lomb segment decreased organically1,4 by approximately 2% compared to the first quarter of 2020, primarily due to the impact of the COVID-19 pandemic.

Bausch Pharma revenues (non-GAAP)8 were $1.146 billion for the first quarter of 2021, as compared to $1.137 billion for the first quarter of 2020, an increase of $9 million, or 1%. Excluding the favorable impact of foreign exchange of $7 million and the impact of divestitures and discontinuations of $8 million, revenue increased organically1,4 by 1%.

Salix segment reported and organic1,4 revenues were $472 million for the first quarter of 2021, as compared to $477 million for the first quarter of 2020, a decrease of $5 million, or 1%. The decline was primarily driven by the impact of the COVID-19 pandemic, including decreased sales of XIFAXAN (rifaximin), which declined by 2% compared to the first quarter of 2020.

International Rx Segment5

International Rx segment revenues were $306 million for the first quarter of 2021, as compared to $291 million for the first quarter of 2020, an increase of $15 million, or 5%. Excluding the favorable impact of foreign exchange of $4 million and the impact of divestitures and discontinuations of $1 million, the International Rx segment increased organically1,4 by approximately 4% compared to the first quarter of 2020, primarily due to increased revenues in Latin America.

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5 In connection with the planned separation of the Company's eye health business into an independent publicly traded entity from the remainder of Bausch Health Companies Inc., the Company has realigned and has begun managing its operations in a manner consistent with the organizational structure of the two separate entities as proposed by the separation. Commencing in 2021, the Company realigned its segment reporting structure and now operates in five reportable segments.

6 To assist investors in evaluating the Company's performance, we have adjusted for changes in foreign currency exchange rates. Change at constant currency, a non-GAAP metric, is determined by comparing 2021 reported amounts adjusted to exclude currency impact, calculated using 2020 monthly average exchange rates, to the actual 2020 reported amounts.

7 The remainder of Bausch Health is referred to as "Bausch Pharma" and will assume a new name upon the separation of the Company's eye health business, Bausch + Lomb.

8 Bausch Pharma revenues, a non-GAAP metric, are determined by subtracting Bausch + Lomb segment revenues for the applicable period from total Bausch Health Company revenues for the applicable period.

Ortho Dermatologics Segment5

Ortho Dermatologics segment revenues were $141 million for the first quarter of 2021, as compared to $131 million for the first quarter of 2020, an increase of $10 million, or 8%. Excluding the favorable impact of foreign exchange of $3 million, the Ortho Dermatologics segment grew organically1,4 by approximately 5% compared to the first quarter of 2020, primarily driven by sales of the Thermage franchise, which grew by 39% compared to the first quarter of 2020, partially offset by a decrease in net realized pricing of our medical dermatology products and by the loss of exclusivity of products in the segment, which negatively impacted revenues by approximately $6 million.

Diversified Products Segment5

Diversified Products segment revenues were $227 million for the first quarter of 2021, as compared to $238 million for the first quarter of 2020, a decrease of $11 million, or 5%. Excluding the impact of divestitures and discontinuations of $7 million, the Diversified Products segment declined organically1,4 by 2% compared to the first quarter of 2020. The decrease in revenue was primarily attributable to the previously reported loss of exclusivity for a basket of products.

Operating loss was $221 million for the first quarter of 2021, as compared to operating income of $248 million for the first quarter of 2020, an unfavorable change of $469 million. The change was primarily driven by a goodwill impairment charge of $469 million in our Ortho Dermatologics business and an impairment of $71 million related to the intangible assets of a certain product line in the Ortho Dermatologics business partially offset by profit protection measures taken to manage and reduce our operating expenses and preserve cash during the COVID-19 pandemic.

Net loss for the first quarter of 2021 was $610 million, as compared to $152 million for the same period in 2020, an unfavorable change of $458 million. The change was primarily due to the unfavorable change in our operating results.

Adjusted net income (non-GAAP)1 for the first quarter of 2021 was $370 million, as compared to $316 million for the first quarter of 2020, an increase of $54 million.

Cash Generated from Operations

The Company generated $443 million of cash from operations (GAAP basis) in the first quarter of 2021, as compared to $261 million in the first quarter of 2020, an increase of $182 million, or 70%. The increase in cash from operations was primarily attributed to the timing of payments in the ordinary course of business.

GAAP Earnings Per Share (EPS) Diluted for the first quarter of 2021 was ($1.71), as compared to ($0.43) for the first quarter of 2020.

Adjusted EBITDA (non-GAAP)1

Adjusted EBITDA (non-GAAP)1 was $852 million for the first quarter of 2021, as compared to $813 million for the first quarter of 2020, an increase of $39 million. The increase was primarily due to profit protection measures taken to manage and reduce our operating expenses and preserve cash during the COVID-19 pandemic.

2021 Financial Outlook

Bausch Health reiterated guidance for the full year of 2021 as follows

Full-year revenue range of $8.60 - $8.80 billion

Full-year Adjusted EBITDA (non-GAAP) range of $3.40 - $3.55 billion

Other than with respect to GAAP Revenues, the Company only provides guidance on a non-GAAP basis. The Company does not provide a reconciliation of forward-looking Adjusted EBITDA (non-GAAP) to GAAP net income (loss), due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. In periods where significant acquisitions or divestitures are not expected, the Company believes it might have a basis for forecasting the GAAP equivalent for certain costs, such as amortization, which would otherwise be treated as non-GAAP to calculate projected GAAP net income (loss). However, because other deductions (such as restructuring, gain or loss on extinguishment of debt and litigation and other matters) used to calculate projected net income (loss) vary dramatically based on actual events, the Company is not able to forecast on a GAAP basis with reasonable certainty all deductions needed in order to provide a GAAP calculation of projected net income (loss) at this time. The amount of these deductions may be material and, therefore, could result in projected GAAP net income (loss) being materially less than projected Adjusted EBITDA (non-GAAP). 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.

Additional Highlights

Bausch Health's cash, cash equivalents and restricted cash were $1.893 billion9,10 at March 31, 2021

The Company's availability under its 2023 Revolving Credit Facility was $1.124 billion at March 31, 2021

Basic weighted average shares outstanding for the first quarter of 2021 were 356.8 million shares. Diluted weighted average shares outstanding for the first quarter of 2021 were 363.5 million shares11

Conference Call Details

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9 Cash, cash equivalents and restricted cash at March 31, 2021 includes remaining net proceeds from the December 2019 bond issuance intended to be used to finance the $1.210 billion settlement of the U.S. Securities litigation due in 2021.

10 As of March 31, 2021, cash and cash equivalents excludes $54 million of cash and cash equivalents classified as held for sale associated with the Company's agreement to sell all of its equity interests in Amoun Pharmaceutical Company S.A. E.

11 Diluted weighted average shares includes the dilutive impact of options and restricted stock units, which are approximately 6,657,000 common shares for the 3 months ended March 31, 2021, and which are excluded when calculating GAAP diluted loss per share because the effect of including the impact would be anti-dilutive.

Bausch Health Companies Inc. (NYSE TSX BHC) is a global company whose mission is to improve people's lives with our health care products. We develop, manufacture and market a range of pharmaceutical, medical device and over-the-counter products, primarily in the therapeutic areas of eye health, gastroenterology and dermatology. We are delivering on our commitments as we build an innovative company dedicated to advancing global health. More information can be found at www.bauschhealth.com.

Forward-looking Statements

This news release contains forward-looking information and statements, within the meaning of applicable securities laws (collectively, "forward-looking statements"), including, but not limited to, Bausch Health's future prospects and performance, including the Company's 2021 full-year guidance, the Company's plan to separate its eye health business from the remainder of Bausch Health and the anticipated impact of the COVID-19 pandemic on the Company and the Company's recovery therefrom. Forward-looking statements may generally be identified by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "believes," "estimates," "potential," "target," or "continue" and variations or similar expressions, and phrases or statements that certain actions, events or results may, could, should or will be achieved, received or taken, or will occur or result, and similar such expressions also identify forward-looking information. These forward-looking statements, including the Company's full-year guidance, are based upon the current expectations and beliefs of management and are provided for the purpose of providing additional information about such expectations and beliefs, and readers are cautioned that these statements may not be appropriate for other purposes. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements. These risks and uncertainties include, but are not limited to, the risks and uncertainties discussed in the Company's most recent annual and quarterly reports and detailed from time to time in the Company's other filings with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators, which risks and uncertainties are incorporated herein by reference. They also include, but are not limited to, risks and uncertainties relating to the Company's proposed plan to separate its eye health business from the remainder of Bausch Health, including the expected benefits and costs of the separation transaction, the expected timing of completion of the separation transaction and its terms, the Company's ability to complete the separation transaction considering the various conditions to the completion of the separation transaction (some of which are outside the Company's control, including conditions related to regulatory matters and a possible shareholder vote, if applicable), that market or other conditions are no longer favorable to completing the transaction, that any shareholder, stock exchange, regulatory or other approval (if required) is not obtained on the terms or timelines anticipated or at all, business disruption during the pendency of or following the separation transaction, diversion of management time on separation transaction-related issues, retention of existing management team members, the reaction of customers and other parties to the separation transaction, the qualification of the separation transaction as a tax-free transaction for Canadian and or U.S. federal income tax purposes (including whether or not an advance ruling from either or both of the Canada

Revenue Agency and the Internal Revenue Service will be sought or obtained), potential dis-synergy costs between the separated entity and the remainder of Bausch Health, the impact of the separation transaction on relationships with customers, suppliers, employees and other business counterparties, general economic conditions, conditions in the markets Bausch Health is engaged in, behavior of customers, suppliers and competitors, technological developments and legal and regulatory rules affecting Bausch Health's business. In particular, the Company can offer no assurance that any separation transaction will occur at all, or that any separation transaction will occur on the terms and timelines anticipated by the Company. They also include, but are not limited to, risks and uncertainties caused by or relating to the evolving COVID-19 pandemic, the fear of that pandemic, the availability and effectiveness of vaccines for COVID-19, and the potential effects of that pandemic, the severity, duration and future impact of which are highly uncertain and cannot be predicted, and which may have a material adverse impact on the Company, including but not limited to its supply chain, third-party suppliers, project development timelines, employee base, liquidity, stock price, financial condition and costs (which may increase) and revenue and margins (both of which may decrease). In addition, certain material factors and assumptions have been applied in making these forward-looking statements, including, without limitation, assumptions regarding our 2021 full-year guidance with respect to expectations regarding base performance and management's belief regarding the impact of the COVID-19 pandemic and associated responses on such base performance and the operations and financial results of the Company generally, expected currency impact, the expected timing and impact of loss of exclusivity for certain of our products, expectations regarding gross margin, adjusted SG A expense (non-GAAP) and the Company's ability to continue to manage such expense in the manner anticipated and the anticipated timing and extent of the Company's R D expense and the assumption that the risks and uncertainties outlined above will not cause actual results or events to differ materially from those described in these forward-looking statements. Management has also made certain assumptions in assessing the anticipated impacts of the COVID-19 pandemic on the Company and its results of operations and financial conditions, including that there will be no material restrictions on access to health care products and services resulting from a possible resurgence of the virus and variant strains thereof on a global basis in 2021 there will be increased availability and use of effective vaccines that the strict social restrictions in the first half of 2020 will not be materially re-enacted in the event of a material resurgence of the virus and variant strains thereof that there will be an ongoing, gradual global recovery as the macroeconomic and health care impacts of the COVID-19 pandemic run their course that the largest impact to the Company's businesses were seen in the second quarter of 2020 that our revenues will likely return to pre-pandemic levels during 2021, but that rates of recovery will vary by geography and business unit, with some regions and business units expected to lag in recovery possibly beyond 2021 and no major interruptions in the Company's supply chain and distribution channels. If any of these assumptions regarding the impacts of the COVID-19 pandemic are incorrect, our actual results could differ materially from those described in these forward-looking statements.

Additional information regarding certain of these material factors and assumptions may also be found in the Company's filings described above. The Company believes that the material factors and assumptions reflected in these forward-looking statements are reasonable in the circumstances, but 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 Health 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.

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, including (i) Adjusted

EBITDA (non-GAAP), (ii) organic growth change, (iii) constant currency and (iv) Bausch Pharma revenues. As discussed below, we also provide Adjusted Net Income (non-GAAP) to provide supplemental information to readers. Management uses these non-GAAP measures 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 are useful to investors in their assessment of our operating performance and the valuation of the Company. In addition, these non-GAAP measures address questions the Company routinely receives from analysts and investors, and in order to assure that all investors have access to similar data, the Company has determined that it is appropriate to make this data available to all investors.

However, these measures 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 that are calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to such similarly titled non-GAAP financial measures used by other companies. We caution investors not to place undue reliance on such non-GAAP measures, but instead to consider them with the most directly comparable GAAP measures. Non-GAAP financial measures 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 to the most directly comparable financial measures calculated and presented in accordance with GAAP are shown in the tables below. However, as indicated above, for guidance purposes, the Company does not provide reconciliations of projected Adjusted EBITDA (non-GAAP) to projected GAAP net income (loss), due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations.

Specific Non-GAAP Measures

Adjusted EBITDA (non-GAAP)

Adjusted EBITDA (non-GAAP) is GAAP net loss attributable to Bausch Health Companies Inc. (its most directly comparable GAAP financial measure) adjusted for interest expense, net, (Benefit from) provision for income taxes, depreciation and amortization and certain other 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 loss attributable to Bausch Health Companies Inc. (its most directly comparable GAAP financial measure) adjusted for interest expense, net, (Benefit from) provision for income taxes, depreciation and amortization and the following items

Asset impairments, including loss on assets held for sale The Company has excluded the impact of impairments of finite-lived and indefinite-lived intangible assets, as well as impairments of assets held for sale, 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 the business, the Company believes that it is important for investors to understand that intangible assets contribute to revenue generation.

Goodwill impairments The Company excludes the impact of goodwill impairments. When the Company has made acquisitions where the consideration paid was in excess of the fair value of the net assets acquired, the remaining purchase price is recorded as goodwill. For assets that we developed ourselves, no goodwill is recorded. Goodwill is not amortized but is tested for impairment. The amount of goodwill impairment is measured as the excess of a reporting unit's carrying value over its fair value. Management excludes these charges in measuring the performance of the Company and the business.

Restructuring and integration costs The Company has incurred restructuring costs as it implemented certain strategies, which involved, among other things, improvements to its infrastructure and operations, internal reorganizations and impacts from the divestiture of assets and businesses. With regard to infrastructure and operational improvements which the Company has taken to improve efficiencies in the businesses and facilities, these tend to be costs intended to right size the business or organization that fluctuate significantly between periods in amount, size and timing, depending on the improvement project, reorganization or transaction. The Company believes that the adjustments of these items provide supplemental information with regard to the sustainability of the Company's operating performance, allow for a comparison of the financial results to historical operations and forward-looking guidance and, as a result, provide useful supplemental information to investors.

Acquisition-related costs and adjustments excluding amortization of intangible assets The Company has excluded 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 is not consistent and is significantly impacted by the timing and size of the Company's acquisitions, as well as the nature of the agreed-upon consideration. In addition, the Company excludes 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 impacted by the timing and size of its acquisitions. There were no acquisition-related costs or fair value inventory step-up for the periods presented.

Loss on extinguishment of debt The Company has excluded loss on extinguishment of debt as this represents a cost of refinancing our existing debt and is not a reflection of our operations for the period. Further, the amount and frequency of such charges are not consistent and are significantly impacted by the timing and size of debt financing transactions and other factors in the debt market out of management's control.

Share-based compensation The Company has excluded 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.