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+ Lomb Announces First-Quarter 2022 Results

Provides 2022 Guidance

Ontario, June 8, 2022 - Bausch + Lomb Corporation, (NYSE/TSX: BLCO) ("Bausch + Lomb" or the "Company" or

"we"), a leading global eye health company dedicated to helping people see better to live better, today announced its first-quarter

2022 financial results.

the first quarter, Bausch + Lomb delivered organic revenue1,2 growth, driven by our two largest segments, Vision Care and

Surgical," said Joseph C. Papa, chairman and CEO, Bausch + Lomb. "Bausch + Lomb has always stood at the forefront of cutting-edge

scientific and technological optical advancements, and today we are more focused than ever on developing and offering new treatments

to meet unmet eye health needs."

we look to the future as a publicly traded company, we believe we are well positioned for growth in large, durable markets, driven by

new products and megatrends, and we see many attractive opportunities for a pure-play eye health company," continued Mr. Papa.

+ Lomb Is Now Trading Under the Ticker "BLCO"

+ Lomb began trading on the New York Stock Exchange and Toronto Stock Exchange under the ticker "BLCO" on May 6, 2022 and

closed its initial public offering ("IPO") on May 10, 2022. Bausch Health Companies Inc. ("Bausch Health" or

"BHC") expects to complete the spinoff of Bausch + Lomb following the expiry of customary lock-ups related to the IPO, achievement

of target net leverage ratios and subject to market conditions and receipt of applicable shareholder and other necessary approvals.

Company and Pipeline Highlights

2022 Revenue Performance

reported revenues were $889 million for the first quarter of 2022, as compared to $881 million in the first quarter of 2021, an increase

of $8 million, or 1%. Foreign exchange had an unfavorable impact on revenues by $29 million in the first quarter of 2022. Revenue increased

organically1,2 by approximately 5% compared to the first quarter of 2021.

by segment were as follows:

Care segment revenues were $560 million for the first quarter of 2022, as compared to $556 million for the first quarter of 2021, an

increase of $4 million, or 1%. Excluding the unfavorable impact of foreign exchange of $19 million, the segment increased organically1,2

by approximately 4% compared to the first quarter of 2021, primarily due to higher sales of LUMIFY (brimonidine

tartrate ophthalmic solution 0.025%), Biotrue solutions franchise and Ocuvite + PreserVision ,

partially offset by decreased sales in the Contact Lens business driven by COVID-19 lockdowns in China that began in the first quarter

segment revenues were $174 million for the first quarter of 2022, as compared to $162 million for the first quarter of 2021, an increase

of $12 million, or 7%. Excluding the unfavorable impact of

exchange of $6 million and the impact of divestitures and discontinuations of $3 million, the segment increased organically1,2

by approximately 13% compared to the first quarter of 2021, primarily due to increased sales of implantables, consumables and intraocular

Pharmaceuticals Segment

Pharmaceuticals segment revenues were $155 million for the first quarter of 2022, as compared to $163 million for the first quarter of

2021, a decrease of $8 million, or 5%. Excluding the unfavorable impact of foreign exchange of $4 million, the segment decreased organically1,2

by approximately 3% compared to the first quarter of 2021, primarily due to generic erosion and a decrease in net realized pricing

in the United States, partially offset by higher sales of key promoted brands and an increase in international sales.

income was $54 million for the first quarter of 2022, as compared to $85 million for the first quarter of 2021, an unfavorable change

of $31 million. The change was primarily driven by the Company's investment in Selling, general and administrative (SG&A) expenses

and R&D spending, as well as an increase in Cost of goods sold, partially offset by a decrease in amortization of intangible assets

and an increase in revenues.

income for the first quarter of 2022 was $20 million, as compared to $27 million for the first quarter of 2021, an unfavorable change

of $7 million. The change was primarily due to the decrease in operating results noted above, partially offset by a favorable change

in the Provision for income taxes.

net income (non-GAAP)1 for the first quarter of 2022 was $85 million, as compared to $93 million for the first quarter of

2021, a decrease of $8 million.

Flow from Operations

flow from operations for the first quarter of 2022 was $3 million, as compared to $188 million for the first quarter of 2021, a decrease

of $185 million. Cash flow from operations was negatively impacted in the first quarter of 2022 primarily by the timing of the settlement

of certain intercompany balances between Bausch + Lomb and BHC that were collected by BHC in the first quarter of 2022 on behalf of Bausch

+ Lomb. The Company does not anticipate that these factors will have such a significant impact on cash flow from operations in future

Earnings Per Share ("EPS") and Adjusted EPS (non-GAAP)1 for the first quarter of both 2021 and 2022 have been

calculated on a pro forma basis after giving effect to the IPO.

EPS Basic and Diluted for the first quarter of 2022 was $0.06, as compared to $0.08 for the first quarter of 2021. Adjusted EPS (non-GAAP)1

for the first quarter of 2022 was $0.24, as compared to $0.27 for the first quarter of 2021.

EBITDA (non-GAAP)1 was $170 million for the first quarter of 2022, as compared to $198 million for the first quarter

of 2021, a decrease of $28 million, primarily due to foreign exchange headwinds and the impact from the COVID-19 lockdown in China, partially

offset by strong organic2 revenue growth.

+ Lomb provided guidance for the full year of 2022 as follows:

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)1 to GAAP net income (loss) or of forward-looking organic growth1,2

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 not 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.

+ Lomb is dedicated to protecting and enhancing the gift of sight for millions of people around the world - from the moment of

birth through every phase of life. Its comprehensive portfolio of more than 400 products includes contact

lenses, lens care products, eye care products, ophthalmic

The guidance in this news release is only effective as of the date given, June 8, 2022, 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 June

8, 2022 does not constitute the Company reaffirming guidance. See the "Forward-looking Statements" section for further information.

6 Base performance guidance

reflects 2021 performance pro forma for additional dis-synergy costs and excluding foreign exchange.

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 more than

12,000 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 Twitter, LinkedIn,

Facebook and Instagram.

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," "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. Forward-looking statements include statements

regarding Bausch + Lomb's future prospects and performance, including the Company's 2022 full-year guidance, the anticipated

spin off of Bausch + Lomb from BHC and the timing thereof, details of the Company's product pipeline and expectations on factors

which may or may not impact cash flow from operations in future quarters. These forward-looking statements, including the Company's

full-year guidance, are based upon the current expectations and beliefs of management and are provided for the purpose of providing additional

information about such expectations and beliefs, and readers are cautioned that these statements may not be appropriate for other purposes.

These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially

from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, the risks and

uncertainties discussed in Bausch + Lomb's filings with the U.S. Securities and Exchange Commission ("SEC") and the

Canadian Securities Administrators (the "CSA") (including the Company's final prospectus as filed with the SEC on May

5, 2022 pursuant to Rule 424(b)(4) under the Securities Act of 1933 relating to the Company's Registration Statement on Form S-1

and the Company's supplemented PREP prospectus as filed with the CSA on May 5, 2022), which factors are incorporated herein by