#1BAUSCH+ LOMB See better. Live better. 1Q22 Financial Results#2Forward-Looking Statements This presentation contains forward-looking information and statements, within the meaning of applicable securities laws (collectively, "forward- looking statements"), including, but not limited to, statements regarding future prospects and performance of Bausch+Lomb Corporation ("Bausch + Lomb", the "Company", "we", "us", or "B+L") (including the Company's 2022 full-year guidance, expectations regarding adjusted gross margin, expected base performance growth and expected organic growth), the planned spin off or separation of the Company from Bausch Health Companies Inc. ("BHC") and the timing of the completion of such spin off, the anticipated opportunities of the Company as a standalone entity (including the potential for margin expansion, expected growth, the durability of the markets in which we expect to grow, anticipated balance sheet flexibility and proposed use of same), the anticipated submission, approval and launch dates for certain of our pipeline products and R&D programs, the anticipated geographic expansions and expected line extensions for certain of our products, the expected market acceptance for certain of our products and pipeline products, the expected market size and compound annual growth rates for certain of the markets in which we have or expect to have products, the timing of commencement and completion of clinical studies and other development work, the anticipated impact of the COVID-19 pandemic on the Company and its financial condition, results of operation, revenues, segments, liquidity, products and product pipeline, operations, facilities, supply chain and employees, the Company's anticipated catalysts and business growth drivers, the Company's strategic focus for 2022 and beyond, management's commitments and expected targets and our ability to achieve ction plan expected targets i the periods anticipated, and the Company's plans and expectations for 2022 and beyond. Forward-looking statements may generally be identified by the use of the words "anticipates," "expects," "predicts," "goals," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential," "target," "commit," "forecast," "tracking," 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 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 reference. They also include, but are not limited to, risks and uncertainties relating to the proposed plan to spin off or separate the Company from Bausch Health, including the expected benefits and costs of the separation transaction, the expected timing of completion of the separation transaction and its terms, (including the expectation that the separation transaction will be completed following the expiry of customary lock-ups related to the Bausch+Lomb IPO and achievement of targeted net leverage ratios, subject to receipt of applicable shareholder and other necessary approvals), the 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 and BHC's control, including conditions related to regulatory matters and applicable shareholder and other approvals), the impact of any potential sales of the Company's common shares by BHC subject to expiry of lock-ups, 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 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 the Canada Revenue Agency and/or the Internal Revenue Service will be sought or BAUSCH + LOMB obtained), the ability of the Company and BHC to satisfy the conditions required to maintain the tax-free status of the separation transaction (some of which are beyond their control), other potential tax or other liabilities that may arise as a result of the separation transaction, the potential dis-synergy costs resulting from the separation transaction, the impact of the separation 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 separation transaction will occur at all, or that any separation transaction will occur on the terms and timelines anticipated by the Company and BHC. 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 emergence of variant and subvariant strains of COVID-19 (including the Delta and Omicron variants), the availability and effectiveness of vaccines for COVID-19 (including current or future variants and subvariants), COVID-19 vaccine immunization rates 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 itation, assumptions regarding our 2022 full-year guidance with respect to expectations regarding base performance growth and organic growth, 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 and the 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 and subvariant strains thereof on a global 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 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 ongoing, gradual global recovery as the macroeconomic and health care impacts of the COVID-19 pandemic diminish over time; that the largest impact to the Company's businesses were seen in the second quarter of 2020; that, to the extent not already achieved, our revenues 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 business units expected to lag in recovery possibly beyond 2022; 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. 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 presentation or to reflect actual outcomes, unless required by law. The guidance in this presentation 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 deck following June 8, 2022 does not constitute the Company re-affirming guidance. 1#3Non-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 EBITDA, (ii) Adjusted EBITDA Margin, (iv) EBITA, (v) Adjusted EBITA, (vi) Adjusted EBITA Margin, (vii) Adjusted Gross Profit, (viii) Adjusted Gross Margin, (ix) Adjusted SG&A, (x) Adjusted Net Income, (xi) Adjusted Tax Rate, (xii) Organic Revenue Growth/Change and Organic Growth/Change, (xiii) Constant Currency, and (xiv) Adjusted Earnings Per Share ("EPS"). Management uses some of these non-GAAP measures as key metrics in the evaluation of Company 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 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. BAUSCH + LOMB The comparable information about other issuers was obtained from public sources and has not been verified by the Company. Comparable means information that compares an issuer to other issuers. The information is a performance summary of the relevant attributes of certain companies that are considered to be an appropriate basis for comparison with the Company based on a variety of factors, including size, operating metrics, revenue growth and business model. The comparable issuers face different risks from those applicable to the Company. Readers are cautioned that past performance is not indicative of future performance and the performance of the Company may be materially different from the comparable issuers. Investors are cautioned to not put undue reliance on the comparables. 2#4Today's Topics BAUSCH+ LOMB 1Q22 Highlights & Financial Results FY 2022 Guidance Upcoming Catalysts 3#5Who is Bausch + Lomb? ~170 years of success as a leading eye health brand BAUSCH + LOMB + The most integrated eye care company¹ Highest brand awareness in eye care 3,4 1 Fastest growing global contact lens supplier in FY21² 1 80+% of world population has access to B+L products 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. Global leader in consumer eye health, outpacing U.S. market growth by ~1.7x since 20185 ~100 countries and -12,500 employees 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. TTTTT 4#6A standalone Bausch + Lomb... Creates opportunities for a pure play eye health company¹ 1 Expect growth in large durable markets with opportunity to grow, driven by new products and by focusing on megatrends BAUSCH + LOMB 1. See Slide 1 for further information on forward-looking statements. 2 Potential for margin expansion based on new products and supply chain. efficiencies with critical mass while efficiently managing cost structure. 3 Expect to have balance sheet flexibility to expand investment in the business including additional strategic opportunities 01 5#71Q22 Highlights Bausch + Lomb +1% 1Q22 Reported Revenue +5% 1Q22 Organic Revenue ¹,2 +4% 1Q22 Constant Currency¹ Ophthalmic Pharmaceuticals 17% Surgical 20% BAUSCH + LOMB Vision Care 63% Continued Momentum in Key Portfolios -33% largest market share in U.S. consumer eye care³, strong growth in vitamins & redness relief +13% Surgical organic revenue growth ¹,2, market recovery and backlog tailwinds Investing in Categories Growing Faster Than Market 5. 2020-2030 B+L Brand Estimate, Daily Disposable Single Vision Spherical Retail Sales (S) 6. Macular edema. 7. 2021 Clarivate ~2x increase in Daily SiHy U.S. (unit) market share since 1Q214 -10% estimated 2019-30 annual U.S. market growth in Daily SiHy lens category5 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 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 Based on Dollar Sales from IRI National Consumer Panel Data, Total US All Outlet Sales, Latest 13 Weeks Ending 03-27-22 3. 4. GfK U.S. Daily SiHy Shares by Manufacturer, Unit Shares, Rolling 13 Months (March 2022) Expanding Into New Product Categories XIPERE (triamcinolone acetonide injectable suspension) 40 mg/mL first and only therapy to use suprachoroidal space ~$433M ¹ forecasted 2022 uveitis market in the U.S. - with ME6 associated with uveitis being a portion of that market 6#81Q22 Financial Highlights & Segment Drivers - Revenue Millions USD Revenue 881 1Q21 889 1Q22 +5% organic revenue ¹,2 growth driven by focus on commercial execution and BAUSCH + LOMB investment, leading to strong demand across key franchises Strong performance notwithstanding FX headwind of $29M and -$10M revenue impact from COVID-19 China lockdown . Vision Care 62% $560M 38% Contact Lens ■Consumer 1 Q 22 +4% Continued market leadership position in Ocuvite® + PreserVision (+7% reported revenue growth) and Lumify® (+35% reported revenue growth) ORGANIC Increasing market share5 in Daily SiHy (+41% reported revenue growth) • BioTrue® Solutions Franchise (+19% reported revenue growth); BioTrue® Eye Hydration brand expansion Surgical 26% 54% $174M . ■ Implantables ■ Equipment ■ Consumables/Other 20% REVENUE +13% • Market recovery / backlog of elective surgeries Growth in implantables (+5% reported revenue growth), driven by en Vista® Entry into premium IOL category with LuxSmartTM IOL in international markets 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 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. IQVIA NPA monthly.. 3 4 B+L Consumer Data Science, IRI, Total US Omnichannel, Panel, Unit Sales, L52WE 3-20-2022. 5. GfK U.S. Daily SiHy Shares by Manufacturer. Unit Shares, Rolling 13 Months (March 2022) . . . . Ophthalmic Pharmaceuticals 43% $155M U.S. International CHANGE 57% 1,2 -3% Strong organic growth ¹.2 in international markets (+10% reported revenue growth and +16% organic revenue growth ¹.2) Vyzulta® saw 44% TRX growth³ U.S. impacted by tail end of LOE products and generic performance and competition Transformation underway: launch of XipereⓇ in 1Q22 and anticipated NOV03 in 2023 7#9Total Bausch+Lomb P&L¹ (Non-GAAP)³ Bausch + Lomb Vision Care Revenue Surgical Revenue Ophthalmic Pharmaceuticals Revenue Total Revenue Adj. Gross Profit²,3 Adj. Gross Margin ³ R&D R&D percent of Revenues Adj. SG&A³ Adj. SG&A percent of Revenues³ Adj. EBITA 3 Depreciation Stock Based Compensation Adj. EBITDA 3,4 Adj. EBITDA Margin ³ Adj. Net Income ³ Adj EPS 3,5 1Q22 $560M $174M $155M $889M $541M 60.9% $77M 8.7% $338M 38.0% $126M $30M $16M $170M 19.1% $85M $0.24 1Q21 $556M $162M $163M $881M $548M 62.2% $67M 7.6% $316M 35.9% $165M $30M $14M $198M 22.5% $93M $0.27 Reported Change 1% 7% (5%) 1% (1%) (130 bps) (15%) (7%) (24%) 0% (14%) (14%) (9%) 1. Products with sales outside the United States impacted by F/X changes.. 2. Excludes amortization and impairments of intangible assets BAUSCH+LOMB 3. This is a non-GAAP measure or ratio. See Slide 2 and Appendix for further information on non-GAAP measures and ratios. 4. Includes transactional FX and NCI. 5. On a proforma basis after giving effect to the IPO. Constant Currency³ 4% 11% (3%) 4% 1% (18%) (10%) (22%) 3% (14%) 17% (15%) Organic Change³ 4% 13% (3%) 5% +5% organic revenue growth ¹,3 Investment in R&D ($10M) and SG&A ($22M) to support future growth expectations 1Q22 impacted by macro market conditions (i.e. China lockdown, FX and inflation) 8#10Total 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 1Q22 $560M $174M $155M $889M $476M 53.5% $77M 8.7% $343M 38.6% $54M $30M $16M $20M 2.2% $0.06 BAUSCH + LOMB 1. Products with sales outside the United States impacted by F/X changes. 1Q21 $556M $162M $163M $881 M $471M 53.5% $67M 7.6% $318M 36.1% $85M $30M $14M $27M 3.1% $0.08 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. Reported Change 1% 7% (5%) 1% 1% 0 bps (15%) (8%) (36%) 0% (14%) (26%) Constant Currency² 4% 11% (3%) 4% 4% (18%) (11%) (33%) 3% (14%) (15%) Organic Change² 4% 13% (3%) 5% 9#11Cash Flow and Balance Sheet Summary in 1Q22 Cash flow from operations CapEx Debt (as of May 10th) 1 BAUSCH + LOMB 1. IPO closing date. $3M $42M $2,500M Year-over-year cash flow from operations was negatively impacted in 1Q22 by: ● Timing of the settlement of certain intercompany balances between B+L and BHC 10#12BAUSCH+ LOMB FY 2022 Guidance#13Full-Year 2022 Revenue and Adjusted EBITDA (non-GAAP)¹ Guidance³ Total Revenues Adjusted EBITDA (non-GAAP)¹ Key Assumptions Interest Expense² R&D Adj. Tax Rate (non-GAAP)¹ Avg. Fully Diluted Share Count Cap Ex Depreciation and Stock Based Comp BAUSCH + LOMB Current Guidance (June 2022) $3.75B $3.80B $740M $780M Current Guidance (June 2022) -$150M -7% of revenue -12% -350M -$225M -$215M 4-5% organic revenue growth 1,3 Adj. gross margin for 2022 is expected to be 60% -61% 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, 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 deck following June 8, 2022 does not constitute the Company re-affirming guidance. See Slide 1 for further information on forward-looking statements. 12#14Full-Year 2022 Revenue and Adjusted EBITDA (non-GAAP)¹ Guidance Bridge ² Base 2021 Actual Performance $3.765B Approx. +$170M BAUSCH + LOMB Revenue $3.935B Currency June Impact4 Guidance Approx. -$160M $3.75B to $3.80 B 4-5% organic growth ¹,2 2021 Actual $820M Run Rate Dis- Synergies Approx. -$70M Adj. EBITDA¹ 2021 Base Proforma Performance w/Dis- Synergies $750M 3 Approx. +$40M $790M Currency June Impact4 Guidance Approx. -$30M $740M to $780M -5% base performance growth² (2021 proforma with dis-synergies and excluding FX) 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. The guidance in this presentation 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 deck following June 8, 2022 does not constitute the Company re-affirming guidance. See Slide 1 for further information on forward-looking statements. 3. Amount is $820M less $70M annual run rate dis-synergies. 4 FX rates based on May 3, 2022. 13#15BAUSCH LOMB Upcoming Catalysts 14#16Integrated Platform Uniquely Positions Bausch+Lomb to Establish.... .LUMIFY® as a +$100M Brand BAUSCH+ LOMB LUMIFYⓇ BRIMONIDINE TARTRATE OPHTHALMIC SOLUTION 0.025% REDNESS RELIEVER EYE DROPS Works in 1 minute Lasts up to 8 hours Sterile BAUSCH + LOMB LUMIFY BAUSCH + LOMB BRIMONIDINE TARTRATE SOLUTION 0.05% REDNESS RELIEVER EYE DROPS Sterile #1 #1 97% in Redness Reliever category with -46% market share ¹ 1. IRI Panel Omnichannel; trademarks are property of respective owners. 2. IQVIA ProVoice Survey Data Ending Q3 2021 3. Data Source: Lieberman, Lumify Brand Health Monitor Study, October 2021. Physician- recommended product in the Redness Reliever category² Launched in U.S. and Canada; Expect to launch LUMIFY® in several international markets and grow franchise through line extensions Satisfaction rating in a recent brand tracking study with 243 participants³ 36% 31% 16% 11% 6% 0% 1Q18 % of Weekly Market Share in Redness Reliever Category¹ 3Q18 Lumify Visine 1Q19 3Q 19 1Q20 3Q20 Clear Eyes Rohto 1Q21 46% 25% 11% 8% Private Label All Other 7% 2% 3Q21 1Q22 15#17INFUSEⓇ / ULTRA ONEday: Addressing Unmet Market Need Existing Product Concerns 53% Still experience contact lens dryness¹ 69% Settle for less comfort to wear their lenses for the entire day¹ 82% Are interested in a lens that can reduce contact lens dryness¹ BAUSCH + LOMB The Bausch + Lomb Solution INFUSE® is the first and only daily SiHy lens with a next-generation material infused with ProBalance TechnologyTM to help minimize symptoms of contact lens dryness. BAUSCH & LOND INFUSE BAUSCE COME INFUSE NEXT-GENERATION MATERIAL + PROBALANCE TECHNOLOGY™ WORKING TOGETHER TO HELP MAINTAIN OCULAR SURFACE HOMEOSTASIS¹ BAUSCH LOMB ULTRA Mathonbank -Comfo BAUSCH LOWS ULTRA ↑ Next Generation Material A unique silicone hydrogel daily disposable lens material designed to help minimize impact on the ocular surface one Ocular Surface Homeostasis Balanced ocular environment to help reduce contact lens. dryness and discomfort 1. Results of a consum er symptoms survey of 318 silicone hydrogel daily disposable contact lens wearers. Kadence International, April 2019. 2. Results of an online survey with patients who completed an evaluation program for Bausch+Lomb INFUSE ™M contact lenses and wore their trial lenses for 27 days (n=777). Survey results include patients who strongly agreed, agreed, or slightly agreed (on a 6-point agreement scale) with the surveyed statement, with a margin of error ±1.7%. ProBalance Technology™ Proprietary combination of ingredients infused into the lens material and released to help maintain ocular surface homeostasis Patient Feedback/Response 94% of patients agreed Bausch + Lomb INFUSE® contact lenses not feel dry² 94% of patients agreed they can comfortably wear Bausch + Lomb INFUSE® contact lenses all day² 97% of patients agreed Bausch + Lomb INFUSE® contact lenses provide crisp, clear vision throughout the day² 16#18XIPEREⓇ: Approved by FDA and Launched Q1 2022 First and only therapy available in the U.S. that utilizes the suprachoroidal space to treat patients suffering from macular edema associated with uveitis, which is the leading cause of vision loss in people with uveitis ¹ XIPERE® Collaboration Developed in collaboration with Clearside Biomedical, Inc. Bausch+Lomb holds exclusive license for commercialization and development of XIPERE® in the U.S. and Canada 2022 uveitis market in the U.S. is forecasted to be $433M4 - with ME³ associated with uveitis being a portion of that market BAUSCH + LOMB 40% XIPERE® Met Primary Efficacy Endpoint in Phase 3 PEACHTREE Study % of patients gaining 215 BCVA2 letters at week 24 60% 20% 0% 46.9% XIPEREⓇ (N=96) 1. Massa, H., Pipis, S. Y., Adewoyin, T., Vergados, A., Patra, S., & Panos, G. D. (2019). Macular edema associated with non-infectious uveitis: pathophysiology, etiology, prevalence, impact and management challenges. Clinical ophthalmology (Auckland, N.Z.), 13, 1761-1777. https://doi.org/10.2147/OPTH.S180580. 2. Best-corrected Visual Acuity (BCVA). 3. Macular edema. 4. 2021 Clarivate p<0.001 T 15.6% Control (N=64) Sclera SCS Choroid Retina 17#19NOV03¹: Investigational First in Class Treatment for Dry Eye Disease Associated with Meibomian Gland Dysfunction Decrease from Baseline (%) Consistent statistically significant efficacy, safety and tolerability have now been demonstrated in two Phase 3 studies of NOV03¹ and one Phase 2 study Studied in patients with dry eye disease associated with meibomian gland dysfunction Statistically significant difference of sign and symptom was noted at day 15 and 57 in both Phase 3 studies Anticipate filing NDA with the FDA in 1H22 N=311 Second Phase 3 (MOJAVE) Efficacy Endpoints: Total Corneal Staining (sign) and Ocular Dryness (symptom) at Day 57 Total Corneal Staining² (ITT³) Ocular Dryness² (ITT³) -33.3% BAUSCH + LOMB NOV03 p<0.001 N=309 Saline -15.8% N=311 -45.4% ■NOV03₁ 1. In 2019, the Company acquired an exclusive license from Novaliq GmbH for the commercialization and development of NOV03 in the United States and Canada. 2. P-value for the difference in Least Squared Means. 3. Intent-to-treat. p<0.001 N=309 Market Opportunity: NOV03¹ addresses evaporative etiology of dry eye disease -29.8% Saline 18#20Near-term Pipeline Opportunity¹ Envista® Premium IOL Expansion . . ● Anticipated Timing: New market opportunity Superior rotation stability Zero loss of contrast sensitivity Glistening-free and Preloaded Monofocal +, Toric, EDOF, Trifocal BAUSCH + LOMB 2020-2024 New market opportunity us Presbyopia Correcting Design Monofocal/Toric EDOF (1.75D range), Trifocal • Yellow & Clear versions Preloaded Eliminates dysphotopsia ● ● Lux Premium IOL Expansion D ● $1.4B Market² 7.0% CAGR5 2020-2023 1. See slide 1 for further information on forward-looking statements. 2. 2021 PCOPL Market Report New market opportunity ● 3D Microscope ● Digital OR Workstation Ergonomics & surgeon comfort Exceptional image quality with Diagnostics TM • eye Telligence ™M integration $0.4B Market³ 6.0% CAGR6 3. Marketscope 2020; Microscope report Pages 24+ 30 (Standard and Advanced scopes) 4. Combined Market for Excimer and Lasik Flap Laser (2020 Alliance Market Research Report for Ophthalmic Device Market); CAGR 2020-2027 2022 ● ● ● ● Teneo TM Excimer Laser for Refractive Surgery (US) Fast 500Hz laser, small footprint Currently available in over 50 global markets Expansion into growing US market Expected to be newest platform available in the US in over 10 years $0.3B Market4 5.0% CAGR4 2023 5. Market Scope 2021 IOL Market Report; CAGR period: 2021-2026. 6. Market Scope 2020 Ophthalmic OR Microscope Market Report; CAGR period 2020-2025. 19#21Next Generation of Innovation ¹ Femto Cataract Laser New market opportunity $0.35B Market² 7.6% CAGR5 Combined femtosecond / cataract Designed for high volume sites Full integration in cataract workflow for operating room efficiency BAUSCH + LOMB ● LASIK Flap Laser Complements Teneo TM for refractive surgery • Movable device & small footprint • State-of-the art network connectivity ● $0.30B Market³ 5.0% CAGR³ 5. 2021 Premium Cataract Surgery Market Report by MarketScope; CAGR 2021-2026 6. 2020 Allied Market Research Report for Ophthalmic Device Market; CAGR 2020-2026 1. See slide 1 for further information on forward-looking statements. 2. Marketscope 2021 PCS report (FLACS+ LRI FLACS) 3. Combined Market for Excimer and Lasik Flap Laser (2020 Alliance Market Research Report for Ophthalmic Device Market); CAGR 2020-2027 4. 2020 AMR Report ● 202X Combined System Surgical system and consumables Combined cataract / retina platform • Redefined fluidics ● $2.4B Market4 6.0% CAGR6 Efficient advanced lens removal technology • Unique hypersonic Vitesse Ⓡ TM • eye Telligence ™M integration 20#22+ Integrated platform uniquely positions B+L to serve eye care needs BAUSCH+ LOMB Optometrists Highest brand awareness 1 Lenses Significant patient & All access points Consumer Health Key Retailers consumer All phases of life needs Helping you see better to live better Surgical Ophthalmic Pharma E-Commerce Ophthalmologists 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 Meditec AG, Novartis AG, Pfizer, Inc., etc. 21#23BAUSCH+ LOMB Appendix 22#24Global Contact Lens Market Based on Reported Revenue 1,2 BAUSCH + LOMB CooperVision® Alcon Johnson Johnson Total Group BAUSCH + LOMB 1. Based on FY21 reported numbers. 2. See Slide 2 for further information about comparable information. Year-over-Year Growth Rate +15% +16% +16% +17% +18% 23#25Pipeline and Upcoming Milestones¹ Vision Care Product SiHy Daily Lacelle® colored contact lenses Biotrue® Hydration Plus Multi-purpose Solution Biotrue® PF Contact Lens Rehydrating Drops (Multidose & Single Dose Use) LUMIFY® Line Extensions Myopia control contact lens² BAUSCH + LOMB 1. See slide 1 for further information on forward-looking statements. 2. Exclusive licensing agreement with BHVI Status Launched in ~25 countries Approved in Japan Approved (US FDA, Health Canada, NMPA/ China) Design transfer and Commercialization Readiness stage In Clinical Trials Myopia control contact lens design licensed from BHVI Upcoming Milestone Launching SVS into more countries in 2022; Multi-focal and toric launch coming 2022-2023 New range of Daily Disposable cosmetic lens launching in Japan summer 2022 U.S. launch ongoing; Canada launch expected 2H22 and China launch expected 1H23 U.S. FDA submission expected 1H22 Phase 3 clinical studies expected to start in 2H22 Global Clinical Strategy being finalized 24#26Pipeline and Upcoming Milestones¹ Surgical Product en Vista® Trifocal (Intraocular Lens) Stable Visc TM Cohesive OVD en Vista® Extended Range Monofocal IOL Extended depth of focus intraocular lens eye TELLIGENCE TM clinical decision support software Lux Premium IOL 3D Microscope Teneo TM Excimer Laser BAUSCH + LOMB Status Canadian study completed enrollment in 1Q22; U.S. study completed enrollment in 2Q22 Clinical study enrollment completed 1Q22 Product validations in progress Clinical study to begin 2Q23 Software validation and launch planning in progress Launched in Europe Approval expected 2022 1. See slide 1 for further information on forward-looking statements. Expected to initiate clinical trials in 2022 Upcoming Milestone Expect Canadian clinical study report 3Q22; Expect U.S. clinical study report 2Q23 Expect Clinical Study Report 2Q22 Expected launch late 2023 Expect 2024/2025 launch Launching 2H22 (at AAO) Continued expansion of platform in 2023 Launch expected in 2022 Expected launch in U.S. in 2023 25#27Pipeline and Upcoming Milestones¹ Ophthalmic Pharmaceuticals Product XIPEREⓇ2 (macular edema associated with uveitis) NOV033 (dry eye disease associated with meibomian gland dysfunction) Biosimilar candidate for Lucentis (ranibizumab) 4 Microdose formulation of atropine ophthalmic solution (reduction of pediatric myopia progression in children ages 3-12)5 BAUSCH + LOMB Status Approved by FDA Announced statistically significant topline data from both Phase 3 studies Xbrane withdrew aBLA after receiving feedback from FDA that supplemental information would be required See slide 1 for further information on forward-looking statements. 2. Exclusive licensing agreement with Clearside Biomedical, Inc. for U.S. and Canada In 2019, the Company acquired an exclusive license from Novaliq GmbH for the commercialization and development of NOV03 in the United States and Canada. Upcoming Milestone Launched 1Q22 in U.S. Anticipate filing an NDA in 1H22 Xbrane expects to receive more information about requested data from FDA in a few weeks Expect to complete enrollment for Phase 3 study during 2H22 4. Exclusive licensing agreement with STADA Arneimittel AG and Xbrane Biopharma AB for U.S. and Canada. 5. Exclusive licensing agreement with Eyenovia, Inc. for U.S. and Canada. 6. Abbreviated biologics license application.. 26#28Top 10 Products/Franchises Top 10 products/franchises Rank 1 Surgical Consumables 2 Ocuvite® + PreserVision® SofLensⓇ Biotrue ONEday Surgical Implantables Bausch + Lomb ULTRA® renu® Biotrue® Solutions Franchise Surgical Equipment LUMIFYⓇ 3 4 6 7 8 9 Product/Franchises 10 BAUSCH + LOMB - Bausch + Lomb revenues 1Q22 $93M $81M $61M $49M $46M $44M $42M $38M $35M $31M FY21 $377M $351M $265M $194 M $187M $170M $186M $139M $154M $108M Q421 $105M $101M $71M $50M $50M $42M $55M $39M $43M $28M Q321 $93M $86M $68M $52M $45M $43M $53M $40M $35M $28M Q221 $97M $88M $62M $45M $48M $42M $35M $28M $40M $29M Q121 $82M $76M $64M $47M $44M $43M $43M $32M $36M $23M 27#29Segment Financials Vision Care Contact Lens Revenue Consumer Revenue Total Revenue Surgical Implantables Revenue Equipment Revenue Consumables Revenue Total Revenue Ophthalmic Pharmaceuticals Total Revenue BAUSCH + LOMB 1. See Slide 2 and this Appendix for further non-GAAP information. Q122 $215M $345M $560M Q122 $46M $35M $93M $174M Q122 $155M Q121 $224M $332M $556M Q121 $44M $36M $82M $162M Q121 $163M Reported Change (4%) 4% 1% Reported Change 7% Reported Change (5%) Organic Change %¹ 0% 7% 4% Organic Change %¹ 13% Organic Change %¹ (3%) 28#30Revenue Trailing Quarters by Segment Bausch + Lomb Vision Care Contact Lens Consumer Total Revenue Surgical Implantables Equipment Consumables Total Revenue Ophthalmic Pharmaceuticals Total Revenue BAUSCH + LOMB 1Q22 $215M $345M $560M $46M $35M $93M $174M $155M 4Q21 $227M $399M $626M $50M $43M $105M $198M $177M 3Q21 $226M $379M $605M $45M $35M $93M $173M $171M 2Q21 $216M $340M $556M $48M $40M $97M $185M $193M 1Q21 $224M $332M $556M $44M $36M $82M $162M $163M 29#31Non-GAAP Adjustments EPS Impact ($M)2,3 Net income attributable to Bausch+Lomb Corporation Non-GAAP adjustments: Amortization of intangible assets Asset impairments Restructuring and integration costs IT infrastructure investment Separation costs and separation-related costs Other Tax effect of non-GAAP adjustments Adjusted net income attributable to Bausch + Lomb Corporation (non-GAAP)¹ BAUSCH + LOMB 1. 2. 3. Income (Expense) $ 20 65 2 1 4 6 2022 (13) Earnings per Share Impact $ 0.06 85 $ Three Months Ended March 31, This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. Except per share amounts On a proforma basis after giving effect to the IPO. 0.19 0.01 0.02 (0.04) 0.24 Income (Expense) $ 2021 27 76 1 1 2 (14) Earnings per Share Impact $ 0.08 93 $ 0.22 0.01 (0.04) 0.27 30#32Reconciliation of Reported Operating Income to Adjusted EBITA (non-GAAP)1 ($M) (YTD) BAUSCH + LOMB 2022 GAAP Amortization of intangible assets Asset impairments Restructuring and integration costs IT infrastructure investment Separation costs and separation-related costs 2022 Non-GAAP¹ 2021 GAAP Amortization of intangible assets Asset impairments Restructuring and integration costs IT infrastructure investment Separation costs and separation-related costs 2021 Non-GAAP¹ Gross Gross Profit Margin $ 476 65 $ 541 Gross Profit $ 471 76 1 $ 548 YTD 2022 R&D SG&A Expense 343 $ 53.5% $ 7.3% 0.0% 0.0% 0.0% (1) 0.0% (4) 60.9% $ 338 $ This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. YTD 2021 Gross Margin SG&A 53.5% $ 318 $ 8.6% 0.1% 0.0% 0.0% 0.0% 62.2% $ (2) 316 $ Operating income 77 $ R&D Expense 77 $ 67 $ 54 65 Operating income 67 $ 2 1 4 126 85 76 1 1 2 165 31#33Reconciliation of Reported Net Income (Loss) to EBITDA (non-GAAP)¹ and Adjusted EBITDA (non-GAAP)¹ ($M) BAUSCH + LOMB 1. Net income attributable to Bausch + Lomb Corporation $ Interest expense Provision for income taxes Depreciation and amortization of intangible assets EBITDA¹ Adjustments: Share-based compensation Restructuring and integration costs Separation costs and separation-related costs Asset impairments Other adjustments: IT infrastructure investment Other Adjusted EBITDA (non-GAAP)¹ This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. $ Three Months Ended March 31, 2022 20 20 6 95 141 16 624 4 1 6 170 $ $ 2021 27 47 106 180 14 1 1 2 198 32#34Reconciliation of Reported Revenue to Organic Revenue ¹,2 and Organic Revenue Growth 1.2 ($M) (Year-to-Date) Bausch + Lomb Vision Care Surgical Ophthalmic Pharmaceuticals Total Bausch + Lomb Supplementary International Ophtho Contact Lens Consumer BAUSCH + LOMB 1. 2. 3. Revenue as Reported 560 174 155 889 67 215 345 Calculation of Organic Revenue for the Three Months Ended March 31, 2022 March 31, 2021 Changes in Exchange Rates ³ 19 6 4 29 4 8 11 Organic Revenue (Non- GAAP) 1,2 579 180 159 918 71 223 356 Revenue as Reported 556 162 163 881 61 224 332 Divestitures and Discontinuations (3) (3) Organic Revenue (Non- GAAP) ¹,2 556 159 163 878 61 224 332 Change in Reported Revenue Amount 4 12 (8) 8 6 (9) 13 Pct. 1% 7% -5% 1% 10% -4% 4% Change in Organic Revenue Amount 23 21 (4) 40 10 (1) 24 This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. Organic 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. 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. Pct. 4% 13% -3% 5% 16% 0% 7% 33#35Non-GAAP Appendix Description of Non-GAAP Financial Measures 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. 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. EBITDA/Adjusted EBITDA/Adjusted EBITDA Margin EBITDA (non-GAAP) is Net income 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 margin (non-GAAP) is Adjusted EBITDA (non-GAAP) divided by Revenues. 34#36Non-GAAP Appendix Adjusted EBITDA (non-GAAP) Adjustments Adjusted EBITDA (non-GAAP) is net income (loss) attributable to the Company (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: 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 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 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. There were no adjustments for Acquisition-related costs and adjustments excluding amortization of intangible assets for any of the periods presented. 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. 35#37Non-GAAP Appendix Adjusted EBITDA (non-GAAP) Adjustments (continued) 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 has also excluded certain other costs, including settlement costs associated with the conversion of a portion of the Company's defined benefit plan in Ireland to a defined contribution plan. The Company excluded these costs as this event is outside of the ordinary course of continuing operations and is 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. However, investors should understand that many of these costs could recur and that companies in our industry often face litigation. 36#38Non-GAAP Appendix 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 and integration costs, acquisition-related contingent consideration, acquired in-process research and development costs, 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, 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. 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) was significantly lower than our Adjusted net income (non-GAAP). 37#39Non-GAAP Appendix Organic Revenue Growth/Change and Organic Growth/Change 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 recent acquisitions, divestitures and discontinuations (if applicable). Organic revenue growth/change is a change in GAAP Revenue (its most directly comparable GAAP financial measure) adjusted for certain items, as further described below, of businesses that have been owned for one or more years. Similarly, organic revenue, a non-GAAP measure, is GAAP revenue (its most directly comparable GAAP financial measure) adjusted for these same items. Organic revenue growth/change is impacted by changes in product volumes and price. The price component is made up of two key vers: (i) changes in product gross selling price and (ii) changes in sales deductions. The Company uses organic revenue growth/change and organic revenue to assess the performance of its reportable segments, and the Company in total, without the impact of foreign currency exchange fluctuations and recent acquisitions, divestitures and product discontinuations. The Company believes that such measures are useful to investors as they provide a supplemental period-to-period comparison. Organic revenue growth/change and organic revenue reflect adjustments for: (i) the impact of period-over-period changes in foreign currency exchange rates on revenues and (ii) the revenues associated with acquisitions, divestitures and discontinuations of businesses divested and/or discontinued. These adjustments are determined as follows: Foreign currency exchange rates: 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 business. The impact of 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. Acquisitions, divestitures and discontinuations: In order to present period-over- period organic revenue (non-GAAP) growth/change on a comparable basis, revenues associated with acquisitions, divestitures and discontinuations are adjusted to include only revenues from those businesses and assets owned during both periods. Accordingly, organic revenue and organic growth/change exclude from the current period, revenues attributable to each acquisition for twelve months subsequent to the day of acquisition, as there are no revenues from those businesses and assets included in the comparable prior period. Organic revenue and organic growth/change exclude from the prior period, all revenues attributable to each divestiture and discontinuance during the twelve months prior to the day of divestiture or discontinuance, as there are no revenues from those businesses and assets included in the comparable current period. Constant Currency Changes in the relative values of non-U.S. currencies to the U.S. dollar may affect the Company's financial results and financial position. To assist investors in evaluating the Company's performance, we have adjusted for foreign currency effects. Constant currency impact is determined by comparing 2022 reported amounts adjusted to exclude currency impact, calculated using 2021 monthly average exchange rates, to the actual 2021 reported amounts. 38#40Non-GAAP Appendix Adjusted EBITA/Adjusted EBITA Margin Adjusted EBITA represents Operating income (loss) (its most directly comparable GAAP financial measure) adjusted to exclude amortization, fair value adjustments to inventory in connection with business combinations and integration related inventory charges and technology transfer costs, restructuring and integration costs, asset impairments, goodwill impairments, acquisition related costs, separation costs, IPO costs, separation-related costs, IPO-related costs and certain other non-GAAP charges as discussed under "Other Non-GAAP charges" above. Adjusted EBITA Margin (non-GAAP) is Adjusted EBITA (non-GAAP) divided by Revenues. The most directly comparable GAAP financial measure is operating income margin, which is Operating income (loss) divided by Revenues. Management believes that Adjusted EBITA (non-GAAP) and Adjusted EBITA Margin (non-GAAP), along with the GAAP measures used by management, appropriately reflect how the Company measures the business internally and sets operational goals for each of its businesses. In particular, the Company believes that Adjusted EBITA (non-GAAP) and Adjusted EBITA Margin (non-GAAP) focuses management on the Company's underlying operational results and segment performance. As a result, the Company uses Adjusted EBITA (non-GAAP) and Adjusted EBITA Margin (non-GAAP) to assess the actual financial performance of each segment and to forecast future results as part of its guidance. The Company believes that Adjusted EBITA (non-GAAP) and Adjusted EBITA Margin (non-GAAP) are useful to investors as they provide consistency and comparability with our past financial performance and facilitates period-to-period comparisons of the Company's profitability and the profitability of our segments as they eliminate the effects of certain cash and non-cash charges, which given their nature and frequency, are outside the ordinary course and relate to unique circumstances. Adjusted Gross Profit/Adjusted Gross Margin Adjusted gross profit (non-GAAP) represents gross profit (its most directly comparable GAAP financial measure) adjusted for Other revenues, Cost of other revenues, Amortization of intangible assets and fair value adjustments to inventory in connection with business combinations. In accordance with GAAP, Gross profit represents total Revenues less Costs of goods sold (excluding amortization of intangible assets) less Cost of other revenues less Amortization of intangible assets. Adjusted gross margin (non-GAAP) (the most directly comparable GAAP financial measure for which is gross margin) represents Adjusted gross profit (non-GAAP) divided by Product revenues. Adjusted gross profit (non-GAAP) and Adjusted gross margin (non-GAAP) are measures used by management to understand and evaluate the Company's and each of its segment's pricing strategy, strength of product portfolio, ability to control product costs and the success of its go-to-market strategies. Adjusted gross profit (non-GAAP) and Adjusted gross margin (non-GAAP) facilitates period-to-period comparisons of the Company's and each of its segment's ability to generate cash flows from sales, as these measures eliminate the effects of amortization of intangible assets and fair value adjustments to inventory in connection with business combinations, which are a non-cash charges. The Company believes that Adjusted gross profit (non-GAAP) and Adjusted gross margin (non-GAAP) are useful to investors as they provide consistency and comparability with our past financial performance and facilitate period-to-period comparisons of the Company's and each of its segments' ability to generate incremental cash flows from its revenues as these measures eliminate the effects of amortization of intangible assets and fair value adjustments to inventory in connection with business combinations, which are a non-cash charges that can be impacted by, among other things, the timing and magnitude of acquisitions, which given their nature and frequency, are outside the ordinary course and relate to unique circumstances. 39#41Non-GAAP Appendix Adjusted SG & A Adjusted SG&A expenses (non-GAAP) represents selling, general and administrative expenses ("SG&A expenses") (its most directly comparable GAAP financial measure), adjusted to exclude separation-related costs, IPO-related costs and certain costs primarily related to legal and other professional fees relating to legal and governmental proceedings, investigations and information requests respecting certain of our distribution, marketing, pricing, disclosure and accounting practices and separation-related and IPO-related costs. See the discussion under "Other Non-GAAP charges" above. Management uses Adjusted SG&A (non-GAAP), along with GAAP measures, as a supplemental measure for period-to-period comparison to understand and evaluate each segment's ability to control costs and direct additional cash investments in each business. The Company believes that Adjusted SG&A (non-GAAP) is useful to investors as it provides consistency and comparability with our past financial performance and facilitates period-to-period comparisons of our SG&A expenses, and operations, as this measure eliminates the effects of separation-related costs, IPO-related costs and legal and other professional fees which given their nature and frequency, are outside the ordinary course and relate to unique circumstances. Adjusted Tax Rate Adjusted Tax Rate (the most directly comparable financial measure for which is our GAAP tax rate) includes the tax impact of the various non-GAAP adjustments used in calculating our non-GAAP measures. However, due to the differences in the tax treatment of items excluded from non-GAAP earnings, our adjusted tax rate will differ from our GAAP tax rate and from our actual tax liabilities. Adjusted Earnings Per Share (EPS) 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 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). 40