#1BAUSCH + LOMB 3Q23 Financial Results#2Forward-Looking Statements; Non-GAAP Information. 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 2023 full-year guidance), our anticipated roadmap to accelerate growth and the steps thereof, our anticipated plan to rewire the Company for optimal performance and the anticipated elements of such plan and our ability to successfully achieve such plan and its elements, our anticipated growth drivers and the expected timing and impact thereof (including the expected timing of resolving the Lynchburg implementation disruptions and optimizing the system upgrade at that facility and other supply chain initiatives), the anticipated submission, approval and launch dates for certain of our pipeline products and R&D programs, the anticipated geographic expansions and planned line extensions for certain of our products, the expected market acceptance and performance for certain of our products (including the recently launched MieboTM and the recently acquired Xiidra® and pipeline products, the expected market size 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, anticipated effect of current market conditions and recessionary pressures in one or more of our markets, the anticipated effect of macroeconomic factors, including inflation, and the anticipated impact of the COVID-19 pandemic on the Company. Forward- looking statements 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," "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 2023 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 Annual Report on Form 10-K for the year ended December 31, 2022 and its most recent quarterly filings), which factors are incorporated herein by reference. They also include, but are not limited to, risks and uncertainties relating to the expected timing of resolving the Lynchburg implementation disruptions and optimizing the system upgrade at that facility and other supply chain initiatives. They also include risks and uncertainties respecting the proposed plan to spin off or separate the Company from Bausch Health Companies Inc. ("BHC"), including the expected benefits and costs of the spin-off transaction, the expected timing of completion of the spin-off transaction and its terms (including the expectation that the spin-off transaction will be completed following the achievement of targeted net leverage ratios, subject to market conditions and receipt of applicable shareholder and other necessary approvals), the ability to complete the spin-off transaction considering. the various conditions to the completion of the spin-off transaction (some of which are outside the Company's and BHC's control, including conditions related to regulatory matters and receipt of applicable shareholder and other approvals), the impact of any potential sales of the Company's common shares by BHC 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 spin-off transaction, diversion of management time on spin-off transaction-related issues, retention of existing management team members, the reaction of customers and other parties to the spin-off transaction, the structure of the spin-off transaction and related distribution, the qualification of the spin-off transaction as a tax-free transaction for Canadian and/or U.S. federal income tax purposes (including whether or not an advance ruling from the Canada Revenue Agency and/or the Internal Revenue Service will be sought or obtained), the ability of the Company and BHC to satisfy the conditions required to maintain the tax-free status of the spin-off transaction (some of which are beyond their control), other potential tax or other liabilities that may arise as a result of the spin-off transaction, the potential dis-synergy costs resulting from the spin-off transaction, the impact of the spin-off 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 spin- off transaction will occur at all, or that any spin-off transaction will occur on the terms and timelines anticipated by the Company and BHC. They also include risks and uncertainties respecting the acquisition of Xiidra and certain other ophthalmology assets, including our ability to effectively and efficiently integrate the acquired business into our existing business; the effect of the transaction on Bausch + Lomb's ability to maintain relationships with customers, suppliers, and other business partners; risks relating to potential diversion of management attention away from Bausch + Lomb's ongoing business operations; risks relating to increased levels of debt as a result of debt incurred to finance such transaction, including in regards to compliance with our debt covenants; and risks that the Company may not realize the expected benefits of that transaction on a timely basis or at all. They also include, but are not limited to, risks and uncertainties caused by or relating to the evolving COVID-19 pandem ic, including potential effects and economic and future impact of that pandemic. Finally, they also BAUSCH + LOMB include, but are not limited to, risks and uncertainties caused by or relating to a potential recession and other adverse economic conditions (such as inflation and slower growth), which could adversely impact our revenues, expenses and resulting margins and economic factors over which we have no control, including inflationary pressures as a result of historically high domestic and global inflation and otherwise, interest rates, foreign currency rates, and the positional effect of such factors on revenues, expenses and resulting margins. In addition, certain material factors and assumptions have been applied in making these forward- looking statements, including the assumption that the risks and uncertainties outlined above will not cause actual results or events to differ materially from those described i these forward-looking statements. In addition, Management has also made certain assumptions regarding our 2023 full-year guidance with respect to expectations regarding base performance 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 anticipated timing and extent of the Company's R&D expense. 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, Nov. 1, 2023. Distribution or reference of this deck following Nov. 1, 2023 does not constitute the Company updating guidance. 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 and ratios, including (i) EBITDA, (ii) Adjusted EBITDA, (iii) Adjusted EBITDA Margin, (iv) EBITA, (v) Adjusted EBITA, (vi) Adjusted Gross Profit, (vii) Adjusted Gross Margin, (viii) Adjusted SG&A, (ix) Adjusted Net Income attributable to Bausch + Lomb, (x) Adjusted Tax Rate, (xi) Constant Currency Change/Constant Currency Growth/Constant Currency Revenue Growth (also referred to as "cc"), (xii) Adjusted Earnings Per Share ("EPS") attributable to Bausch + Lomb, (xiii) Adjusted Cash Flow from Operations/Adjusted Cash used by Operations, (xiv) Adjusted EBITDA excluding foreign exchange/Adjusted EBITDA growth (change) excluding foreign exchange, and (xv) Adjusted R&D. Management uses some of these non-GAAP measures and ratios 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 and ratios 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 and ratios are not prepared in accordance with GAAP nor do they have any standardized meaning under GAAP. In addition, other companies may use similarly titled non-GAAP financial measures and ratios that are calculated differently from the way we calculate such measures and ratios. Accordingly, our non-GAAP financial measures and ratios may not be comparable to such similarly titled non-GAAP measures and ratios of other companies. We caution investors not to place undue reliance on such non-GAAP measures and ratios, but instead to consider them with the most directly comparable GAAP measures and ratios. Non-GAAP financial measures and ratios have limitations as analytical tools and should not be considered in isolation. They should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. The reconciliations of these historic non-GAAP financial measures and ratios to the most directly comparable financial measures and ratios calculated and presented in accordance with GAAP are shown in the appendix hereto. However, for outlook 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 Constant Currency 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. 1#3BAUSCH & LOMB Q3 Highlights Financial Results & Outlook Growth Drivers#4Three Key Takeaways D Growing Revenue At or Above Market +8% CC¹ revenue growth vs 3Q22 Preparing for one of most active launch years in company history Building Selling Excellence Leading in dry eye disease Strong early Miebo™M performance, unlocking full Xiidra® potential BAUSCH+ LOMB 1. Constant currency. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAAP measures and ratios. 11!! Improving Supply Chain Expect optimized order processing at Lynchburg facility in Q1 2024 Leadership team in place to strengthen supply chain 3#5Executing On Our Roadmap to Accelerate Growth 1 . PHASE 1 Grow revenue at or above market Drive selling excellence across all businesses • Build industry-leading business development platform • Cultivate leading digital capabilities in marketing, R&D, manufacturing Enhance agility and innovation ● Rewire Company for Optimal Performance BAUSCH+ LOMB TODAY PHASE 2 1. See Slide 1 for further information on forward-looking statements. Innovate & Execute SA PHASE 3 Accelerate Growth New leadership team in place and proactively positioning company to drive profitable growth 4#6Solid Revenue Growth Driven by Performance in Key Franchises 3Q23 vs. 3Q22 +7% Revenue Growth Reported +8% Revenue Growth CC ¹,3 Pharma 17% Surgical 18% $1,007 M Vision Care 65% BAUSCH+ LOMB 3Q23 Revenue $187M 3023 Adj. EBITDA¹ -$14M Adj. EBITDA FX headwinds Vision Care² $648M Surgical +11% Growth momentum in Lumify®, Eye Vitamins, Daily SiHy, Artelac® Improving lens order processing at Lynchburg distribution facility 3Q23 REPORTED REVENUE $185M 3Q23 CONSTANT CURRENCY REVENUE GROWTH ¹ Pharmaceuticals ² +6% Continuing to transition portfolio to premium IOLS Delivering consistent level of supply remains a focus area $174M +1% Strong early Miebo launch, closed Xiidra acquisition Growth in VyzultaⓇ and Intl. Pharma, offset by supply impact on mature brands 1. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAAP measures and ratios. 2. Effective in the first quarter of 2023, certain products historically included in the reported results of the Pharmaceuticals segment are now included in the reported results of the Vision Care segment and certain products included in the reported results of the Vision Care segment are now included in the reported results of the Pharmaceuticals segment. Management believes these movements are necessary in order to better align these products with the groupings of similar products.. The net impact of these product movements was not material to the periods presented. Prior period presentations of segment revenues have been conformed to the current segment reporting structure. 3. Constant currency. 5#7BAUSCH & LOMB Financial Results#83Q23 Revenue Drivers BAUSCH + LOMB $942 M 3Q22 +7% +8% $1,007M 3Q23 3Q23 Revenue Growth Reported 3Q23 Revenue Growth Constant Currency¹ BAUSCH+ LOMB Strong revenue growth across key product franchises -$10M revenue FX headwinds Vision Care ³ 65% $648 M Consumer 35% Contact Lens +11% Growth momentum in key brands Lumify (+47% reported, +47% cc¹) Eye Vitamins (+6% reported, +6% cc¹) Artelac (+11% reported, +11% cc¹) Daily SiHy (+79% reported) Lens portfolio (+3% reported, +5% cc¹), excluding impact of Lynchburg distribution disruptions (+5% reported, +7% cc¹) Surgical . 24% 50% $185M 26% 3 Q 2 3 CONSTANT CURRENCY REVENUE +6% • Consumables (+9% reported, +8% cc¹) • Equipment (+12% reported, +10% cc¹) Implantables (0% reported, -2% cc¹), excluding Eye Cee One IOL product hold (+13% reported, +10% cc¹), strong growth in premium IOLS (+44% reported, +33% cc¹) ■Implantables ■ Equipment Consumables/Other • Inconsistent supply leading to higher cost of inventory and pressure on margins Pharmaceuticals ³ 60% $174M U.S. International GROWTH 1 40% +1% Vyzulta (+46% reported, +54% cc¹), +19% TRX growth driving performance² • U.S. Pharma (-2% reported), strong growth in Vyzulta, offset by supply impact on mature brands International Pharma (+4% reported, +4% cc¹), growth across key markets 1. Constant currency. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAAP measures and ratios. 2. IQVIA NPA monthly. U.S. only. 3. Effective in the first quarter of 2023, certain products historically included in the reported results of the Pharmaceuticals segment are now included in the reported results of the Vision Care segment and certain products included in the reported results of the Vision Care segment are now included in the reported results of the Pharmaceuticals segment. Management believes these movements are necessary in order to better align these products with the groupings of similar products. The net impact of these product movements was not material to the periods presented. Prior period presentations of segment revenues have been conformed to the current segment reporting structure. 7#93Q23 Total Bausch+Lomb P&L¹ (Non-GAAP)² Reported Change 9% 8% 1% 7% 8% 80 bps (5%) Bausch + Lomb Vision Care Revenue³ Surgical Revenue Pharmaceuticals Revenue ³ Total Revenue Adj. Gross Profit² Adj. Gross Margin² Adj. R&D² Adj. R&D % of Revenue Adj. SG&A² Adj. SG&A % of Revenue Adj. EBITA² Depreciation Stock Based Compensation Adj. EBITDA 2,4 Adj. EBITDA Margin² Adj. Net Income Attributable to B+L² Adj. EPS Attributable to B+L² BAUSCH+ LOMB 3Q23 $648M $185M $174M $1,007 M $617M 61.3% $81M 8.0% $396M 39.3% $140M $35M $16M $187M 18.6% 3Q22 $597M $172M $173M $942M $570M 60.5% $77M 8.2% $360M 38.2% $132M $34M $18M $187M 19.9% $107M $0.31 (10%) 6% 3% (11%) 0% Constant Currency Change² 11% 6% 1% 8% 10% (29%) (4%) (10%) 14% 0% (11%) 4% 3Q23 vs. 3Q22 Revenue: (21%) -$10M FX Headwinds 3Q23 vs. 3Q22 Adj. EBITDA²: -$14M FX Headwinds +7% Adj. EBITDA Growth Excluding FX² $76M $0.22 1. Products with sales outside the United States impacted by F/X changes. 2. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAAP measures and ratios. 3. Effective in the first quarter of 2023, certain products historically included in the reported results of the Pharmaceuticals segment are now included in the reported results of the Vision Care segment and certain products included in the reported results of the Vision Care segment are now included in the reported results of the Pharmaceuticals segment. Management believes these movements are necessary in order to better align these products with the groupings of similar products. The net impact of these product movements was not material to the periods presented. Prior period presentations of segment revenues have been conformed to the current segment reporting structure. 4. Includes transactional FX and NCI. FX headwinds were -$14M (-$7M translational and -$7M transactional) to Adj. EBITDA for 3Q23. -$7M Lynchburg Disruptions 8#103Q23 Total Bausch + Lomb P&L¹ (GAAP) Bausch + Lomb Vision Care Revenue ³ Surgical Revenue Pharmaceuticals Revenue ³ Total Revenue Gross Profit Gross Margin R&D R&D % of Revenue SG&A SG&A % of Revenue Operating Income Net Loss Attributable to B+L Net Loss Margin EPS Attributable to B+L BAUSCH+ LOMB 3Q23 $648M $185M $174M $1,007 M $568M 56.4% $82M 8.1% $418M 41.5% $40M ($84M) (8.3%) ($0.24) 3Q22 $597M $172M $173M $942M $510M 54.1% $77M 8.2% $381M 1. Products with sales outside the United States impacted by F/X changes. 2. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAAP measures and ratios. 40.4% $46M ($18M) (1.9%) ($0.05) Reported Change 9% 8% 1% 7% 11% 230 bps (6%) (10%) Constant Currency Change² 11% 6% 1% 8% 14% (5%) (10%) 3. Effective in the first quarter of 2023, certain products historically included in the reported results of the Pharmaceuticals segment are now included in the reported results of the Vision Care segment and certain products included in the reported results of the Vision Care segment are now included in the reported results of the Pharmaceuticals segment. Management believes these movements are necessary in order to better align these products with the groupings of similar products. The net impact of these product movements was not material to the periods presented. Prior period presentations of segment revenues have been conformed to the current segment reporting structure. 9#11BAUSCH + LOMB Outlook#12Raising Full-Year 2023 Revenue and Adjusted EBITDA (non-GAAP)¹ Guidance 3 Total Revenue Adj. EBITDA¹ Key Assumptions Interest Expense R&D Adj. Tax Rate ¹ Avg. Fully Diluted Share Count CapEx Depreciation and Stock Based Comp BAUSCH+ LOMB Prior Guidance (May 2023) $3.90B $3.95B $700M $750M - $215M -8% of revenue -6% -352M -$200M -$220M4 Prior Guidance (Aug. 2023) $3.95B $4.00B $700M $750M -$225M -8% of revenue -6% -352M - $200M -$220M4 Current Guidance (Nov. 2023) $4.035B $4.085B $710M $760M -$270M² -8% of revenue - 6% -352M -$175M -$220M4 Raising FY23 Revenue Guidance -9.5-10.5% Constant Currency Growth¹ -$85M $80-90M -$55M -$30M - $20M FX Headwinds Raising FY23 Adj. EBITDA¹ Guidance Xiidra 4Q23 Revenue ~60.5% FX Headwinds Xiidra 4Q23 Adj. EBITDA¹ Q3 YTD Lynchburg Disruptions Adj. Gross Margin¹ FY23 Adj. Gross Margin¹ 1. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information non-GAAP measures or ratios. See slides 8 and 9 and 27 and 28 for disclosure of historic non-GAAP measures and ratios and their historic comparable GAAP measures and ratios. 2. Current Guidance - Interest Expense includes interest on the outstanding $2.969B of Term Loans, $1.400B of 8.375% 2028 Senior Secured Notes, $175M of revolving credit facility (as of 11/1/2023) and amortization and write-down of deferred financing costs. It excludes an upfront financing commitment cost of $16 million directly related to the Xiidra acquisition. 3. The guidance in this presentation is only effective as of the date given, Nov. 1, 2023, 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 Nov. 1, 2023 does not constitute the Company re-affirming guidance. See Slide 1 for further information on forward-looking statements. 4. Does not include the potential expense acceleration of certain grants upon final separation. 11#13BAUSCH & LOMB Growth Drivers#14Taking Action to Strengthen Supply Chain ¹ 24 Manufacturing Facilities 1,400+ suppliers >400 Products across B+L portfolio BAUSCHOLOMB >1,000 components in Stellaris surgical equipment BAUSCH+ LOMB BAUSCH LONE $900M Capex investment over last 5 years -350 components available for surgical packs 1. See Slide 1 for further information on forward-looking statements. 1 2 3 4 5 Appointed proven supply chain leader with 25+ year track record in medical devices Made progress in the quarter to normalize Lynchburg facility order processing Expect to reach optimized level of order processing at Lynchburg facility in Q1 2024 Taking steps to optimize surgical component availability and provide consistent level of supply Early stages of developing strategy to turn supply chain into competitive advantage 13#15Launched Miebo in Q3, Strong Early Performance NOW AVAILABLE NEW! Miebo (perfluorohexyloctane ophthalmic solution) BAUSCH+ LOMB First-in-class prescription eye drop approved for dry eye disease (DED) that directly targets tear evaporation "Miebo is potentially a transformative medication, a revolution in the dry eye space." Darrell White, MD 531 9/15 Miebo Weekly TRX¹ ~13,600 Total TRX in Five Weeks Post Launch 3,926 1,946 DED affects more than 38 million Americans, with ~90% experiencing evaporative dry eye³ 9/22 "This launch will be a game changer because Miebo works, pure and simple." John Sheppard, MD 3,222 9/29 Week Ending 10/6 3,976 10/13 2 "With Miebo, ECPs can take a new approach to DED with a first-in-class option." Paul Karpecki, OD 1. Data source: IQVIA XPO and BlinkRx.. 2. TRX for week ending 10/13 reflects shortened week due to holiday. 3. Downs P. 2020 Dry Eye Products Market Report: A Global Analysis for 2019 to 2025. Market Scope; 2020. | Lemp, MA, Crews, LA, Bron AJ. (2012). Distribution of Aqueous-Deficient and Evaporative Dry Eye in a Clinic-Based Cohort: a retrospective study. Cornea, 31(5), 472-478. 2012;31(5):472-478. doi:10.109/ICO.0b013e318225415a. 14#16Completed Xiidra Acquisition, Transformed Pharmaceuticals Business Specifically approved to treat signs and symptoms of DED, focusing on inflammation associated with dry eye xiidra (lifitegrast ophthalmic solution) 5% WELCOME TEAM BAUSCH + LOMB Xiidra (lifitegrast ophthalmic solution) 5% FELCOME TEAM xidra u xiidra Efterpast tanic solution Completed acquisition of Xiidra in September 2023, focused on transition in Q4 2023 and relaunch Differentiated clinical profile - Signs and symptoms of DED focusing on inflammation Well established - Xiidra is a leading DED branded Rx product in the market Competitive formulary coverage and proven market access track record Strong intellectual property portfolio, generics settlements reached for Q2 2032 entry 15#17Xiidra + Miebo: Holistic Approach to DED Treatment Dry Eye Disease Opportunity Multi-factorial disease, requires different treatment options Large $1.7B U.S. market¹, DED affects more than 38M Americans² DE 20 AY BAUSCH+ LOMB Miebo Joel..crchenloctine ophthalmic solution HOE STEDILE Miebo. SER Ax only Far Topical Ophthalmic Use Maltple-dese container Underdiagnosed and undertreated, ~96% of U.S. patients not treated with an Rx product² Highly promotionally sensitive, driven by field force, ECP and DTC campaigns 3rmi 6341 xiidra ophthalmic solution S & Bausch + Lomb Approach Full treatment paradigm of inflammatory and evaporative dry eye in one portfolio Leadership in DED category elevates relevance to physicians and managed care Leverage portfolio investment to drive disease awareness Largest field force with highest share of voice in DED Rx market 1. Ophthalmology Company & Drug Insights, Clarivate /DRG. 2. Downs P. 2020 Dry Eye Products Market Report: A Global Analysis for 2019 to 2025. Market Scope; 2020. | Lemp, MA, Crews, LA, Bron AJ. (2012). Distribution of Aqueous-Deficient and Evaporative Dry Eye in a Clinic-Based Cohort: a retrospective study. Cornea, 31(5), 472-478. 2012;31(5):472-478. doi:10.109/ICO.0b013e318225415a. 16#18Path to Continue Growth Momentum in Key Franchises ¹ 2 LUMIFY Redness Relief Consumer Eye Illuminations 2023 w BLUECK FLOWE BAUSCH+ LOMB LUMIFY PRESERVATIVE FRO F I 2024 Lumify +47% reported revenue growth in 3Q23 vs. 3Q22 GABRIE LUMIFY ALLERGY HENTITORY P WEERDVIGYE PEUSELARL Bourd Impetiin 200 13 ERVIN Preservative Allergy Free Symptoms are Launched Lumify Eye Illuminations™ specialty eye care line in 3Q23 Contact Lenses SAUSERFIONE INFUSE 1. See Slide 1 for further information on forward-looking statements. ULTRA Daily SiHy SVS 2023 INFUSE ULTRA Daily SiHy Multifocal BAUSCHYLOME INFUSE ULTRA Daily SiHy Toric 2024 w Daily SiHy +79% reported revenue growth in 3Q23 vs. 3Q22 Launched Multifocal in U.S. and SVS in China in 2Q23 MULTING enVistatoric LUXSMART™ by Bausch Lomb 138 Apthera. OL 2023 Surgical enVista LUX ASPIRE BILA:YATLA Extended Range enVista enVista mone uits ou Pan EDOF ENVY LuxLife Trifocal Trifocal 2024 Premium 1OLS +44% reported revenue growth in 3Q23 vs. 3Q22 Continuing to expand portfolio with newly launched enVista Aspire ™ 17#19Investing in Launch Excellence to Drive Growth 1 GERICHESON PreserVision SAN AREDS 2 ALL PreserVision® AREDS 2 with OCUSorb ™M 2023 BAUSCH + LOMB IC-8" Apthera... IC-8® Apthera ™M IOL TOT Surgical Instruments m INFUSE Multifocal in U.S. SVS launch in China SeeLuma ™M Visualization Platform ULTTA= 1. See Slide 1 for further information on forward-looking information. Bio true PreserVision ARED2 PreserVision® AREDS 2 Plus CoQ10 Biotrue® Hydration Boost Total Visc Micbo Miebo Betewaway qalxmal Per Tepe Viscoelastic System HOME Miebo ™M In Lumify Eye Illuminations erVista MAFRUC. FRONTL Xidra en Vista Aspire ™M Xiidra® LUXSMART SMART LuxLife Trifocal blink BlinkⓇ® Eye Drops LAridas LUMIFY MIMS® Glaucoma Procedure Lumify Preservative Free Artelac New Formulations 2024 Ocuvite ADULT 50+ Comp Ocuvite Digital Eye Strain envista NORCALL en Vista Envy ™M WIL INFUSE INFUSE® Toric Revive SiHy Custom Lens Stellaris Elite® Enhancements 18#20DDH Growing Revenue at or Above Market Q&A Building Selling Excellence 111 Improving Supply Chain 19#21BAUSCH + LOMB Appendix 20#22Early Stage Launches and Near-term Pipeline Products to Watch ¹ Miebo² SiHy Daily Product Lumify Expansion Opportunities SeeLuma TM Fully Digital Surgical Visualization Platform (3D Microscope) eye TELLIGENCE® Digital Platform IC-8 Apthera ™ MIMSⓇ Minimally Invasive Surgical Procedure en Vista Envy ™M en Vista® Trifocal IOL en Vista Aspire ™ en Vista® Extended Range Monofocal IOL en Vista Beyond ™ en Vista® Extended Depth of Focus IOL BAUSCH+ LOMB Status Available in U.S. Filed in Canada 1Q23 Launched SVS in -50 countries, including China in 2Q23; Multifocal launched in U.S. and Japan Eye Illuminations - Launching now in U.S. Available in U.S. and Western Europe Beta software testing ongoing. Regulatory assessments complete Available in select markets across Europe, as well as in Australia, New Zealand and Singapore Entered into exclusive European distribution agreement with Sanoculis Canada, EU and U.S. submissions in process Available in U.S.; Canada submitted 1Q23 EU submitted 2Q23 Clinical study expected to begin 1Q24 1. See Slide 1 for further information on forward-looking statements. 2. In 2019, the Company acquired an exclusive license from Novaliq GmbH for the commercialization and development of Miebo in the United States and Canada. Upcoming Milestone U.S. launch in process Geo-expansion continues Toric launch expected in 2024 Preservative Free submitted 2Q23 Allergy submission expected 2024 Additional countries expected to follow U.S. commercial release in process U.S. launch in process EU launch in process Expect U.S., EU, Canada launch in 2024 (includes Toric versions and new EyeGility inserter) U.S. launch in process; Expect Canada launch 4Q23 (includes Toric; new EyeGility inserter to be added in 2024) EU launch expected in 2024 with EyeGility inserter Expect 2025/2026 launch 21#23Cash Flow and Balance Sheet Summary (3Q23) Cash flow from operations Adj. Cash flow from operations (non-GAAP)¹,2 Depreciation Stock Based Comp Net Interest³ CapEx BAUSCH+ LOMB 3Q23 $48M $66M $35M $16M $72M $33M 1. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAAP measures and ratios. 2. Adjusted cash flow from operations (non-GAAP) is Cash flow from (used in) operations, its most closely associated GAAP measure, less separation and separation-related payments of $3 million and Business transformation costs of $15 million. 3. Net Interest expense includes an upfront financing commitment cost of $16 million directly related to the Xiidra acquisition. 22#24Cash Flow and Balance Sheet Summary (YTD) Cash flow used in operations Adj. Cash flow from operations (non-GAAP)¹,2 Depreciation Stock Based Comp Net Interest³ CapEx BAUSCH+ LOMB 1Q23-3Q23 ($32M) $28M $106M $58M $172M $97M 1. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAAP measures and ratios. 2. Adjusted cash flow from operations (non-GAAP) is Cash flow from (used in) operations, its most closely associated GAAP measure, less separation and separation-related payments of $9 million and Business transformation costs of $51 million. 3. Net Interest expense includes an upfront financing commitment cost of $16 million directly related to the Xiidra acquisition.. 23#25Top 10 Revenues (Includes FX Impact) Rank Product/Franchises 1 2 3 4 6 5 Bausch+Lomb UltraⓇ 7 8 9 Ocuvite® + PreserVision® Surgical Consumables¹ SofLens Biotrue ONEday 10 Ⓡ Surgical Equipment¹ Surgical Implantables¹ Lumify® Franchise renu® Biotrue® Solutions Franchise BAUSCH+ LOMB 3Q23 $104 M $93M $60M $51M $51M $47M $45M $44M $43M $42M 2Q23 $104M $102M $59M $49M $42M $46M $47M $43M $43M $49M 1Q23 $81M $95M $60M $52M $51M $44M $44M $38M $42M $35M FY22 $387M $359M $246M $201M $177M $171M $188M $131M $176M $153M 4Q22 $114M $94M $62M $50M $43M $45M $49M $35M $47M $37M 1. As of the first quarter of 2023, certain products were recategorized across the consumables, implantables and equipment product categories. This change was made as management believes this better aligns these products in their respective categories. Prior period presentations of product categories have been conformed to current product category structure to allow investors to evaluate results between periods on a consistent basis. 3Q22 $98M $85M $62M $53M $46M $42M $45M $30M $44M $39M 24#26Segment Reported Revenue Vision Care ³ Contact Lens Revenue Consumer Revenue Total Revenue Surgical² Implantables Revenue Equipment Revenue Consumables Revenue Total Revenue Pharmaceuticals 3 Total Revenue BAUSCH+ LOMB 3Q23 $228M $420M $648M 3Q23 $45M $47M $93M $185M 3Q23 $174M 3Q22 $222M $375M $597M 3Q22 $45M $42M $85M $172M 3Q22 $173M Reported Change 3% 12% 9% Reported Change 0% 12% 9% 8% Reported Change 1% Constant Currency Change¹ 5% 14% 11% Constant Currency Change¹ (2%) 10% 8% 6% Constant Currency Change¹ 1% 1. This is a non-GAAP measure or ratio. See Slide 1 and this Appendix for further information on non-GAAP measures and ratios. 2. As of the first quarter of 2023, certain products were recategorized across the consumables, implantables and equipment product categories. This change was made as management believes this better aligns these products in their respective categories. Prior period presentations of product categories have been conformed to current product category structure to allow investors to evaluate results between periods on a consistent basis. 3. Effective in the first quarter of 2023, certain products historically included in the reported results of the Pharmaceuticals segment are now included in the reported results of the Vision Care segment and certain products included in the reported results of the Vision Care segment are now included in the reported results of the Pharmaceuticals segment. Management believes these movements are necessary in order to better align these products with the groupings of similar products. The net impact of these product movements was not material to the periods presented. Prior period presentations of segment revenues have been conformed to the current segment reporting structure. 25#27Reported Revenue Trailing Quarters by Segment Bausch + Lomb Vision Care² Contact Lens Consumer Total Revenue Surgical¹ Implantables Equipment Consumables Total Revenue Pharmaceuticals² Total Revenue BAUSCH+ LOMB 3Q23 $228M $420M $648M $45M $47M $93M $185M $174M 2Q23 $215M $431M $646M $47M $46M $102M $195M $194M 1Q23 $226M $361M $587M $44M $44M $95M $183M $161 M 4Q22 $219M $405M $624M $49M $45M $94M $188M $184M 3Q22 $222M $375M $597M $45M $42M $85M $172M $173M 1. As of the first quarter of 2023, certain products were recategorized across the consumables, implantables and equipment product categories. This change was made as management believes this better aligns these products in their respective categories. Prior period presentations of product categories have been conformed to current product category structure to allow investors to evaluate results between periods on a consistent basis. 2. Effective in the first quarter of 2023, certain products historically included in the reported results of the Pharmaceuticals segment are now included in the reported results of the Vision Care segment and certain products included in the reported results of the Vision Care segment are now included in the reported results of the Pharmaceuticals segment. Management believes these movements are necessary in order to better align these products with the groupings of similar products. The net impact of these product movements was not material to the periods presented. Prior period presentations of segment revenues have been conformed to the current segment reporting structure. 26#28YTD Total Bausch + Lomb P&L¹ (Non-GAAP)² Bausch + Lomb Vision Care Revenue4 Surgical Revenue Pharmaceuticals Revenue 4 Total Revenue Adj. Gross Profit² Adj. Gross Margin² Adj. R&D² Adj. R&D % of Revenues Adj. SG&A² Adj. SG&A % of Revenues³ Adj. EBITA² Depreciation Stock Based Compensation Adj. EBITDA 2,3 Adj. EBITDA Adj. Net Income Attributable to B+L² Adj. EPS Attributable to B+L2,4 BAUSCH+ LOMB 1Q23-3Q23 $1,881 M $563M $529M $2,973 M $1,794M 60.3% $243M 8.2% $1,185M 39.9% $366M $106M $58M $507M 17.1% $175M $0.50 1Q22-3Q225 $1,745M $530M $497M $2,772M $1,673M 60.4% $229M 8.3% $1,060M 38.2% $383M $98M $45M $539M 19.4% $295M $0.84 1. Products with sales outside the United States impacted by F/X changes. 2. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAAP measures and ratios. Reported Change 8% 6% 6% 7% 7% (10 bps) (6%) (12%) (4%) 8% 29% (6%) (41%) Constant Currency Change² 11% 7% 8% 9% 10% (6%) (13%) 1% 7% 29% (2%) (34%) 3. Includes transactional FX and NCI. FX headwinds (translational and transactional) were -$52M to Adj. EBITDA for YTD2023. The YTD2022 transactional FX impact was a gain of $15M. 4. Effective in the first quarter of 2023, certain products historically included in the reported results of the Pharmaceuticals segment are now included in the reported results of the Vision Care segment and certain products included in the reported results of the Vision Care segment are now included in the reported results of the Pharmaceuticals segment. Management believes these movements are necessary in order to better align these products with the groupings of similar products. The net impact of these product movements was not material to the periods presented. Prior period presentations of segment revenues have been conformed to the current segment reporting structure. 5. YTD 2022 results were not fully burdened by all stand-up costs associated with the separation. 27#29YTD Total Bausch + Lomb P&L¹ (GAAP) Bausch + Lomb Vision Care Revenue ³ Surgical Revenue Pharmaceuticals Revenue ³ Total Revenue Gross Profit Gross Margin R&D R&D % of Revenues SG&A SG&A % of Revenues Operating Income Net (Loss) Income Attributable to B+L Net (Loss) Income Margin EPS Attributable to B+L BAUSCH+ LOMB 1Q23-3Q23 $1,881 M $563M $529M $2,973 M $1,632M 54.9% $244 M 8.2% $1,253M 42.1% $81M ($206M) (6.9%) ($0.59) 1Q22-3Q224 $1,745M $530M $497M $2,772M $1,484M 53.5% $229M 8.3% $1,092M 39.4% $156M $7M 0.3% $0.02 Reported Change 8% 6% 6% 7% 10% 140 bps (7%) (15%) Constant Currency Change ² 11% 7% 8% 9% 13% (7%) (16%) 1. Products with sales outside the United States impacted by F/X changes. 2. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAAP measures and ratios. 3. Effective in the first quarter of 2023, certain products historically included in the reported results of the Pharmaceuticals segment are now included in the reported results of the Vision Care segment and certain products included in the reported results of the Vision Care segment are now included in the reported results of the Pharmaceuticals segment. Management believes these movements are necessary in order to better align these products with the groupings of similar products. The net impact of these product movements was not material to the periods presented. Prior period presentations of segment revenues have been conformed to the current segment reporting structure. 4. YTD 2022 results were not fully burdened by all stand-up costs associated with the separation 28#30Non-GAAP Adjustments EPS Impact ($M)² Net (loss) income and Diluted (loss) income per share attributable to Bausch+Lomb Corporation Non-GAAP adjustments: Amortization of intangible assets Asset impairments Restructuring, integration and transformation costs. Acquisition-related costs and adjustments (excluding amortization of intangible assets) Separation costs and separation-related costs Other Tax effect of non-GAAP adjustments $ Adjusted net income (non-GAAP)¹ and Adjusted earnings per share (non-GAAP)¹ $ BAUSCH+ LOMB Income (Expense) 2023 (84) 47 34 33 2 3 41 Earnings per Share Impact (0.24) $ Three Months Ended September 30 76 $ 0.13 0.10 0.09 0.01 0.01 0.12 0.22 $ $ Income (Expense) 2022 (18) 59 1 11 15 39 Earnings per Share Impact (0.05) $ 107 $ 0.17 0.03 0.04 0.12 0.31 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 1 and this Appendix for further information on non-GAAP measures and ratios. 2. Except per share amounts. $ $ Income (Expense) 2023 (206) 160 96 37 7 5 76 175 Nine Months Ended September 30 Earnings per Share Impact $ (0.59) $ 0.45 0.27 0.11 0.02 0.02 0.22 0.50 $ $ Income (Expense) 2022 7 188 1 15 (5) 28 6 55 295 Earnings per Share Impact $ $ 0.02 0.54 0.04 (0.01) 0.08 0.02 0.15 0.84 29#31Reconciliation of Reported Operating Loss/Income to Adjusted EBITA (non-GAAP)¹ ($M) 2023 GAAP Amortization of intangible assets Restructuring, integration and transformation costs Acquisition-related costs and adjustments (excluding amortization of intangible assets) Separation costs and separation-related costs Other 2023 Non-GAAP¹ 2022 GAAP Amortization of intangible assets Asset impairments Restructuring, integration and transformation costs Acquisition-related costs and adjustments (excluding amortization of intangible assets) Separation costs and separation-related costs 2022 Non-GAAP¹ $ Gross Profit 568 47 $ $ 617 2 Gross Profit 510 59 1 $ 570 Gross Margin 56.4% $ 4.7% 0.0% 0.2% 0.0% 0.0% 61.3% $ Gross Margin 54.1% $ 6.3% 0.1% 0.0% 0.0% 0.0% 60.5% $ 3Q 2023 SG&A 418 $ (24) 2 396 $ 3Q 2022 SG&A 381 $ (10) (11) 360 $ R&D Expense 82 $ (1) Operating Income 81 $ R&D Expense 77 $ 77 $ 40 47 34 17 Operating Income BAUSCH+ LOMB 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 1 and this Appendix for further information on non-GAAP measures and ratios. 2 140 15 132 Gross Gross R&D Profit Margin SG&A Expense 54.9% $ 1,253 $ 5.4% 0.0% $ 1,632 160 2 $ 1,794 Gross Profit 46 $ 1,484 59 188 1 1 11 $ 1,673 0.0% 0.0% 0.0% 60.3% $ Gross Margin 53.5% $ 6.8% 0.1% 0.0% 0.0% YTD 2023 0.0% 60.4% $ (64) (5) 1 1,185 $ YTD 2022 SG&A 1,092 $ (11) (21) 1,060 $ 244 $ (1) Operating income 243 $ R&D Expense 229 229 $ 81 160 96 $ 21 Operating income 7 1 366 156 188 1 15 (5) 28 383 30#32Reconciliation of Reported Net (Loss) Income to EBITDA (non-GAAP)¹ and Adjusted EBITDA (non-GAAP)¹ ($M) Net (loss) income attributable to Bausch + Lomb Corporation Interest expense, net Provision for income taxes Depreciation and amortization of intangible assets EBITDA Adjustments: Asset impairments Restructuring, integration and transformation costs Acquisition-related costs and adjustments (excluding amortization of intangible assets) Share-based compensation Separation costs and separation-related costs Other non-GAAP Adjustments: Other Adjusted EBITDA (non-GAAP)¹ Three Months Ended September 30 2022 (84) $ (18) $ 72 33 45 34 82 93 115 142 IT 1 34 11 17 16 18 2 15 $ $ 2023 3 187 $ BAUSCH+ LOMB 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 1 and this Appendix for further information on non-GAAP measures and ratios. 187 $ 2023 Nine Months Ended September 30 (206) 172 88 266 320 96 21 58 7 5 507 $ $ 2022 7 96 60 286 449 1 15 (5) 45 28 6 539 31#33Reconciliation of Reported Revenue to Constant Currency Revenue¹ and Constant Currency Revenue Growth¹ ($M) Bausch + Lomb Vision Care² Surgical Pharmaceuticals² Total Bausch + Lomb Bausch + Lomb Vision Care² Surgical Pharmaceuticals² Total Bausch + Lomb BAUSCH+ LOMB $ $ $ $ Calculation of Constant Currency Revenue for the Three Months Ended September 30, 2023 September 30, 2022 Revenue as Reported 648 185 174 1,007 Revenue as Reported 1,881 563 Changes in Exchange Rates 529 2,973 $ $ 13 (3) $ 10 Changes in Exchange Rates³ $ Constant Currency Revenue (Non- 48 4 7 59 $ $ Calculation of Constant Currency Revenue for the Nine Months Ended September 30, 2023 September 30, 2022 661 182 $ Constant Currency Revenue (Non- GAAP)¹ $ $ 174 1,017 $ $ Revenue as Reported 1,929 567 536 3,032 $ 597 172 173 942 Revenue as Reported 1,745 530 497 2,772 $ $ $ $ Change in Reported Revenue Amount 51 13 1 65 Change in Reported Revenue Amount Pct. 136 33 32 201 Pct. 9% 8% 1% 7% Change in Constant Currency Revenue $ $ 8% $ 6% Amount 6% 7% $ 64 10 1 75 Change in Constant Currency Revenue Amount 184 37 Pct. 39 260 11% 6% Pct. 1% 8% 11% 7% 8% 9% 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 1 and this Appendix for further information on non-GAAP measures and ratios. 2. Effective in the first quarter of 2023, certain products historically included in the reported results of the Pharmaceuticals segment are now included in the reported results of the Vision Care segment and certain products included in the reported results of the Vision Care segment are now included in the reported results of the Pharmaceuticals segment. Management believes these movements are necessary in order to better align these products with the groupings of similar products. The net impact of these product movements was not material to the periods presented. Prior period presentations of segment revenues have been conformed to the current segment reporting structure. 3. 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. 32#34Reconciliation of Reported Revenue to Constant Currency Revenue¹ and Constant Currency Revenue Growth¹ ($M) Contact Lens Consumer² Surgical Consumables Surgical Implantables Surgical Equipment Lumify Ocuvite + PreserVision Artelac Premium IOLS Vyzulta Contact Lens (excluding impact of distribution facility disruptions) International Pharmaceuticals² Surgical Implantables* excluding Eye Cee One IOL BAUSCH+ LOMB Calculation of Constant Currency Revenue for the Three Months Ended September 30, 2023 September 30, 2022 Revenue as Reported 228 420 93 45 47 44 104 30 13 19 233 70 45 Changes in Exchange Rates³ 4 9 (1) (1) (1) (1) 1 4 (1) Constant Currency Revenue (Non- GAAP)¹ 232 429 92 44 46 44 104 30 12 20 237 70 44 Revenue as Reported 67 Change in Reported Revenue 40 Amount Pct. 222 6 3% 375 45 12% 85 8 9% 45 0% 42 5 12% 30 14 47% m 98 6 6% 27 3 11% 9 4 44% 13 6 46% 222 11 5% 3 4% 5 Change in Constant Currency Revenue ¹ 13% Amount 10 54 7 (1) 4 14 6 3 3 7 15 3 4 Pct. 5% 14% 8% -2% 10% 47% 6% 11% 33% 54% 7% 4% 10% 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 1 and this Appendix for further information on non-GAAP measures and ratios. 2. Effective in the first quarter of 2023, certain products historically included in the reported results of the Pharmaceuticals segment are now included in the reported results of the Vision Care segment and certain products included in the reported results of the Vision Care segment are now included in the reported results of the Pharmaceuticals segment. Management believes these movements are necessary in order to better align these products with the groupings of similar products. The net impact of these product movements was not material to the periods presented. Prior period presentations of segment revenues have been conformed to the current segment reporting structure. 3. 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. 4. As of the first quarter of 2023, certain products were recategorized across the consumables, implantables and equipment product categories. This change was made as management believes this better aligns these products in their respective categories. Prior period presentations of product categories have been conformed to current product category structure to allow investors to evaluate results between periods on a consistent basis. 5. Contact Lens Revenue Impact of distribution facility disruptions is approximately $5M. 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/Adjusted EBITDA excluding foreign exchange/Adjusted EBITDA growth (change) excluding foreign exchange EBITDA (non-GAAP) is Net income (loss) 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. 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 BAUSCH+ LOMB 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 and transformation 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. Additionally, with the completion of the B+L IPO, as the Company prepares for post- Separation operations, the Company is launching certain transformation initiatives that will result in certain changes to and investment in its organizational structure and operations. These transformation initiatives arise outside of the ordinary course of continuing operations and, as is the case with the Company's restructuring efforts, costs associated with these transformation initiatives are expected to fluctuate between periods in amount, size and timing. These out-of-the-ordinary-course charges include third party advisory costs, as well as certain compensation-related costs (including costs associated with changes in our executive officers, such as the severance costs associated with the departure of the Company's former CEO and the costs associated with the appointment of the Company's new CEO). Investors should understand that the outcome of these transformation initiatives may result in future restructuring actions and certain of these charges could recur. 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 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 significantly impacted by the timing and size of its acquisitions. In addition, 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. Share-based compensation: The Company excludes 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. 34#36Non-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. Adjusted EBITDA excluding foreign exchange (or Adjusted EBITDA growth/change excluding foreign exchange) is Adjusted EBITDA (non-GAAP) (or Adjusted EBITDA growth/change (non-GAAP)) further adjusted to exclude the impact or the anticipated impact of foreign exchange (FX). Although changes due to foreign exchange movements are part of our business, they are not within management's control. These changes, however, can mask positive or negative trends in the underlying business performance. Accordingly, the Company believes the measure is useful to investors in assessing our performance. Prior to the disclosure of our Q3 2023 results, the company used the label "Adj. EBITDA adjusted for currency/FX headwinds" to describe this measure. The Company believes that the current label provides additional clarity. 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, integration and transformation costs, acquisition-related contingent consideration, 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 and acquisition-related costs and adjustments excluding 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 BAUSCH+ LOMB periods until such intangible assets have been fully amortized. Any future acquisitions may result in the amortization of additional intangible assets. Acquisition-related costs and adjustments excluding amortization of intangible assets: In addition to the acquisition-related costs and adjustments as described above, the Company has excluded the expense directly attributable to one-time commitment and structuring fees related to a bridge loan facility put in place prior to the acquisition of Xiidra and certain other ophthalmology assets. The Company excluded these costs as they are outside of the ordinary course of continuing operations and are 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. 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) attributable to Bausch+Lomb Corporation was significantly lower than our Adjusted net income (non-GAAP). Constant Currency Constant currency change or constant currency growth is calculated by adjusting or further adjusting a measure or ratio by changes in or impact of foreign currency exchange rates. Constant currency impact is determined by comparing 2023 amounts adjusted to exclude currency impact, calculated using 2022 monthly average exchange rates, to the actual 2022 reported amounts. Constant currency revenue is GAAP revenue (its most directly comparable GAAP financial measure) adjusted for changes in foreign currency exchange rates. The Company uses Constant Currency Revenues (non-GAAP) and Constant Currency Revenue Growth (non-GAAP) to assess performance of its reportable segments, and the Company in total, without the impact of foreign currency exchange fluctuations. The Company believes that such measures are useful to investors as they provide a supplemental period-to-period comparison. 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 the underlying business performance.. In addition, with respect to our contact lens products, we have further adjusted the reported revenue and constant currency revenue of such products to exclude the impact of the disruptions incurred at our U.S distribution facility as a result of the implantation of a software upgrade at such facility. The Company excluded these amounts as they are out-of-the-ordinary and not expected to be reoccurring. 35#37Non-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, integration and transformation 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 adjustments" 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) facilitate 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. BAUSCH+ LOMB 36#38Non-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, as well transformation costs. See the discussion under "Other Non-GAAP adjustments" and "restructuring, integration and transformation costs" 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). Adjusted Cash Flows from Operations/Adjusted Cash used in Operations Adjusted cash flows from operations (non-GAAP)/Adjusted Cash used in Operations (non-GAAP) is Cash flow from operations/Cash used in operations (loss) attributable to Bausch + Lomb Corporation (its most directly comparable GAAP financial measure) adjusted for: (i) payments of legacy legal settlements, net of insurance proceeds, if any, and (ii) payments for separation costs, IPO costs, separation-related costs, and IPO-related costs. Management believes that Adjusted cash flows from operations (non-GAAP)/Adjusted Cash used in Operations (non-GAAP), along with the GAAP and non-GAAP measures used by management, most appropriately reflect how the Company measures the business internally. The Company uses adjusted cash flows from operations (non-GAAP)/Adjusted Cash used in Operations (non-GAAP) both to assess the actual financial performance BAUSCH+ LOMB of the Company and to forecast future results as part of its guidance. Management believes adjusted cash flows from operations (non-GAAP)/Adjusted Cash used by Operations (non-GAAP) is a useful measure to evaluate current performance amounts. As these payments arise from events outside of the ordinary course of continuing operations as discussed above, the Company believes that the adjustments of these items provide supplemental information with regard to the sustainability of the Company's cash from operations, 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. Adjusted R&D Adjusted R&D expenses (non-GAAP) represents research and development expenses ("R&D expenses") (its most directly comparable GAAP financial measure), adjusted to exclude certain separation-related costs. See the discussion under "Other Non- GAAP adjustments" above. Management uses Adjusted R&D (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. The Company believes that Adjusted R&D (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 R&D expenses, as this measure eliminates the effects of separation-related costs, which given their nature and frequency, are outside the ordinary course and relate to unique circumstances.. 37