Bausch + Lomb to Highlight Company Transformation and Growth Strategy at Investor Day

Bausch + Lomb to Highlight Company Transformation

and Growth Strategy at Investor Day

VAUGHAN, Ontario, Nov. 13, 2025 - Bausch + Lomb Corporation (NYSE/TSX:

BLCO), a leading global eye health company dedicated to helping people see better to live better, will outline the next chapter of its

evolution today during an investor day event at the New York Stock Exchange.

Leading Through Reinvention

Over the past few years, Bausch + Lomb has undergone a complete transformation

by redefining how it operates. The company has sharpened its focus through simplification, rebuilt its culture around accountability and

innovation and embraced AI and other new technologies to succeed now and well into the future.

"Bausch + Lomb today is a fundamentally different company than

it was just a few years ago," said Brent Saunders, chairman and CEO, Bausch + Lomb. "We've reignited a sense of ownership

and ambition across the organization to better serve patients, customers and consumers and deliver sustainable, profitable growth."

Three-Year Plan for Profitable Growth1

During the event, Bausch + Lomb leadership will unveil plans to achieve

above-market revenue growth and meaningful margin expansion. The company's target of 5 - 7% constant currency revenue CAGR2

through 2028 is expected to be driven by holistic growth in its base business and recent product launches across the spectrum of eye health

needs. The company's target of approximately 23% adjusted EBITDA (ex. Acq. IPR&D) margin2 in 2028 is expected to

be fueled by continuous improvements to how it sources, makes and sells products, and an ongoing examination of opportunities to streamline

internal processes. Bausch + Lomb will also announce additional financial targets of double-digit adjusted annual earnings per share growth

(ex. Acq. IPR&D)2 from 2026 - 2028, approximately 50% adjusted cash flow from operations to adjusted EBITDA (ex.

Acq. IPR&D) conversion2 in 2028 and net leverage2 of approximately 3.5x by the end of 2028.

The company will also reaffirm its 2025 guidance.

"Our roadmap to above-market growth and meaningful margin expansion

is clear," said Sam Eldessouky, executive vice president and chief financial officer, Bausch + Lomb. "We're driving

P&L leverage and making smart investments in innovation and execution to ensure that every dollar contributes to long-term value creation

for our shareholders."

1 The financial targets and

guidance in this news release are only effective as of the date given, November 13, 2025, and will not be updated or affirmed unless

and until the Company publicly announces updated or affirmed financial targets or guidance. Distribution or reference of this news release

following November 13, 2025, does not constitute the Company re-affirming these financial targets and guidance. See the "Forward-looking

Statements" section for further information.

2 This is a non-GAAP measure

or ratio. For further information on non-GAAP measures and ratios, please refer to the "Non-GAAP Information" section of

Loaded and Differentiated Pipeline

Most of the event will be dedicated to Bausch + Lomb's rebuilt

product pipeline, with R&D and commercial leaders highlighting potential game-changing innovations at varying clinical stages in each

business unit. Total projected peak sales of pipeline products, with anticipated peaks staggered based on launch dates, is approximately

"We're pushing the boundaries of ocular science to transform

how eye diseases - from common to complex - are understood, treated and ultimately prevented," said Yehia Hashad, MD,

executive vice president, R&D and chief medical officer, Bausch + Lomb. "We've been bringing new products to market at

a record pace, and our innovation engine is built to sustain growth well into the next decade."

Pipeline products by business that will be highlighted:

The investor day presentation, which details the three-year financial

targets and delves into the science behind each pipeline product, and webcast registration details are available on the Investor

Relations section of the Bausch + Lomb website.

Our mission is simple - we help people see better to live better,

all over the world. For nearly two centuries we've evolved with the changing needs of patients and customers, and our commitment

to innovation and improving the standard of care in eye health has never been stronger. From contact lenses to prescription products,

over-the-counter options, surgical devices and more, we're turning bold ideas into better outcomes through passion, perseverance

and purpose. Learn more at www.bausch.com and connect with us on Facebook,

Instagram, LinkedIn, X

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," "expects," "predicts," "projects," "goals,"

"intends," "plans," "should," "could," "would," "may," "might,"

"will," "strive," "believes," "estimates," "potential," "target,"

"commit," "forecast," "outlook," "guidance," "tracking" or "continue"

and positive and negative variations or similar expressions, and phrases or statements that certain actions, events or results may, could,

should or will be achieved, received or taken or will occur or result, and similar such expressions also identify forward-looking information.

These forward-looking statements, including the Company's 2025 full-year guidance, its three-year financial targets, anticipated

launch dates for pipeline products and projected peak sales, are based upon the current expectations and beliefs of management and are

provided for the purpose of providing additional information about such expectations and beliefs, and readers are cautioned that these

statements may not be appropriate for other purposes. These forward-looking statements are subject to certain risks and uncertainties

that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties

include, but are not limited to, the risks and uncertainties discussed in Bausch + Lomb's filings with the U.S. Securities and Exchange

Commission ("SEC") and the Canadian Securities Administrators (the "CSA"), including the Company's Annual

Report on Form 10-K for the year ended December 31, 2024 (which was filed with the SEC and CSA on February 19, 2025) and its most recent

quarterly filings, which factors are incorporated herein by reference. They also include risks relating to the development of pipeline

products, including the risk that studies may not produce successful results

or demonstrate safety and efficacy in humans, risks that pre-clinical

and clinical trials may be delayed (which, in turn, may delay the launch of these products) and risks that the regulatory approval of

products may be lengthy, costly and, ultimately, not successful. They also include risks relating to the launch and commercialization

of products, including risks relating to the costs, required resources and unpredictability of commercial launches, risks that products

may not achieve the anticipated levels of market acceptance, which can result from a number of factors, many of which are outside of the

Company's control, risks that products may experience negative publicity or reputational harm, competitive risks, such as competitors

beating the Company to market or developing new or better technologies and risks that the Company may face supply interruptions with finished

products or components thereof, which, in turn, may impact the Company's ability to successfully launch or commercialize products.

They also include risks and uncertainties respecting the proposed plan to separate the Company into an independent, publicly traded company,

separate from the remainder of Bausch Health Companies Inc. ("BHC") (the "separation"), which include, but are

not limited to, the expected benefits and costs of the separation, the expected timing of completion of the separation and its manner

and terms (including that it may include the transfer of all or a portion of BHC's remaining direct or indirect equity interest

in Bausch + Lomb to its shareholders (the "distribution")), the expectation that, if the separation is to be effected through

a distribution, then it will be completed following the achievement of targeted debt leverage ratios, subject to market conditions and

receipt of applicable shareholder and other necessary approvals and other factors (including those described in BHC's public statements),

the ability to complete the distribution considering the various conditions to the completion of the distribution (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 or dispositions of the Company's common shares by BHC (including in connection

with a foreclosure on the Bausch + Lomb common shares owned by BHC that are or maybe pledged as collateral for certain of BHC's

debt), 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 separation, diversion of management time on separation-related issues, retention of existing management team members,

the reaction of customers and other parties to the separation, the structure of the distribution, the qualification of the distribution

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 distribution (some of which are beyond their control), other potential tax or other liabilities

that may arise as a result of the distribution, the potential dis-synergy costs resulting from the separation, the impact of the separation

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 the separation will occur at all,