#1BAUSCH + LOMB 4Q22 & FY22 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 2023 first quarter outlook and assumption thereof), 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 strength of resilience of our product portfolio in connection with any potential recession and its ability to absorb slower consumer activity and continue growth, 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 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, anticipated effect of current market conditions and recessionary pressures in one or more of our markets; the anticipated effect of macroeconomic factors, including inflation, 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, Company's anticipated catalysts and business growth drivers, the Company's strategic focus for 2023 and beyond, the Company's plans and expectations for 2023 and beyond and the anticipated timing in which the Company will provide its 2023 guidance. 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 positive and negative variations or similar expressions, and phrases or statements that certain actions, events or results may, could, should or I 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 1Q23 outlook, 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 to be filed with the SEC on February 22, 2023 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 proposed plan to spin off or separate the Company from Bausch Health, 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 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 BAUSCH + LOMB 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, but are not limited to, risks and uncertainties caused by or relating to the evolving COVID-19 pandemic, including potential effects and economic and future impact of that pandemic (or resurgence thereof) and the reaction to it (including as it relates to the reinstitution of any lockdowns or other restrictions), all 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). Finally, they also 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, without limitation, assumptions regarding our 1Q23 outlook with respect to expectations regarding growth in the overall eyecare market, currency headwinds, the pace of recovery in China, carryover leading to gross margin pressure, exchange rates and the higher cost of inventory; 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 2023; 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, while our revenues have returned to pre-pandemic levels for many of our businesses and geographies, the rates of recovery for each business will vary by geography with some regions, including China, continuing to experience negative impacts of the COVID-19 pandemic on our business in those regions; 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 outlook in this presentation is only effective as of the date given, Feb. 22, 2023. Distribution or reference of this deck following Feb. 22, 2023 does not constitute the Company updating outlook. 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, (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, (x) Adjusted Tax Rate, (xi) Organic Revenue Growth/Change and Organic Growth/Change, (xii) Constant Currency, (xiii) Adjusted Earnings Per Share ("EPS") and (xiv) Adjusted Cash Flow from Operations. 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 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 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. The comparable information about other companies was obtained from public sources and has not been verified by the BAUSCH + LOMB Company. Comparable means information that compares a company to other companies. 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 companies 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 companies. Investors are cautioned to not put undue reliance on the comparables. 2#4Brent Saunders, Chief Executive Officer and Chair of the Board of Directors BAUSCH + LOMB Brent Saunders Brent Saunders has more than 25 years of experience in various aspects of health care and has been in leadership roles at several prominent global pharmaceutical and health care companies, including Schering-Plough Corporation, Forest Laboratories Inc., Actavis plc, Allergan plc and The Beauty Health Company. Since May 2021, Mr. Saunders has served as the chair of the Board of The Beauty Health Company, a role he will maintain. Prior to that, he was cofounder and chair of the Board of Vesper Healthcare Acquisition Corp. from 2020 to 2021. He also previously served as chairman, president and CEO of Allergan plc., CEO of Actavis and president, CEO and director of Forest Laboratories Inc. From 2010 until 2013, he served as CEO of Bausch + Lomb. BEAUTYHEALTH™ Allergan M Actavis Forest Laboratories, Inc. op Schering-Plough BAUSCH + LOMB 3#5Today's Topics BAUSCH+ LOMB 4Q22 & FY22 Highlights & Financial Results Outlook Upcoming Catalysts 4#6Bausch+Lomb Overview HELPING PEOPLE SEE BETTER TO LIVE BETTER (170) YEARS 170 years of success as a leading eye health brand BAUSCH + LOMB #3 Largest Eye Health Company4 Bausch+Lomb is.... The Most Integrated Eye Care Company¹ + (1) Highest brand awareness in eye care 2,3 80+% of world population has access to B+L products Global leader in Consumer Eye Health 5 -100 countries and -12,900 employees 1. Peers consist of: Alcon, Johnson & Johnson, CooperVision, Carl Zeiss Meditec AG, Hoya, Rayner, Regeneron, Allergan and Novartis. 2. TechSci Research, May 2021, Survey of 200 respondents across the globe. 3. Peers include: Essilorluxottica, Johnson & Johnson, Alcon, Hoya, Menicon Co., Ltd., CooperVision, Inc., Carl Zeiss Meditec AG, Novartis AG, Pfizer, Inc., etc. 4. Based on reported revenue. 5. Period 2018-2021. Internal and peer data. Global leader based on reported peer group revenue. Peer group includes: Alcon, Allergan, Prestige and Johnson & Johnson. 5#72022 Bausch+Lomb Separation Progress¹ Filed Registration Statement and Preliminary Prospectus for Proposed Initial Public Offering (“IPO”) Launched Roadshow and IPO BLCO First Day of Trading (May 6, 2022) on NYSE and TSX BLCO is Not a Guarantor of BHC Debt BHC Announced the Unrestricting of BLCO Under BHC Debt Covenants (Nov. 29, 2022) BAUSCH + LOMB Stanley lates +Lomb on BAUSCH N +LOMB punem votate to these sezamastamise Sacal11th Comme better by meens die st may be cale Morgan & e Apes Dup for vinks 2 Fr NY NY S We understand that Bausch Health continues to believe that the separation of Bausch + Lomb makes strategic sense and will thoughtfully evaluate all factors related to the Bausch+Lomb separation. 1. The completion of the B+L Separation is subject to a number of factors including receipt of applicable shareholder and other necessary approvals, market conditions and achievement of targeted debt leverage ratios. See Slide 1 for further information regarding forward-looking statements. 6#84Q22 & FY22 Accomplishments Bausch + Lomb (4Q22 vs. 4Q21 and FY22 vs. FY21) 0% 5% 5% 4Q22 & FY22 Reported Revenue Surgical 19% 4Q22 & FY22 Organic Revenue ¹,2 4Q22 & FY22 Constant Currency¹ Ophthalmic Pharmaceuticals 18% BAUSCH + LOMB Vision Care 63% Continued Momentum in Key Portfolios +10% reported revenue growth in Ocuvite® + PreserVision® vs. FY21; Grew market share in U.S. by 170bps and 120bps, respectively, vs. FY21³ +10% reported revenue growth in Biotrue® Solutions Franchise vs. FY21 Grew market share by 360bps vs. FY21³ Investing in Categories Growing Faster Than Market -50% U.S. weekly market share for Lumify® in Redness Reliever Category4; Strong early launch in Canada and acquired rights in 18 additional countries 46% reported revenue growth for SiHy dailies vs. FY21 Multi-focal and toric launch expected in 2023-2024 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 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 acquisitions, divestitures and discontinuations. 3. National Consumer Panel from IRI.. Expanding Into New Product Categories 4. IRI Panel Omnichannel. As of 4022. In January 2023, we acquired AcuFocus, Inc. 6. In July 2022, we entered into certain strategic agreements with Sanoculis Ltd. ("Sanoculis"), including an exclusive European distribution agreement for Sanoculis Minimally Invasive Micro Sclerostomy. Sanoculis AcuFocus AcuFocus - IC-8® Apthera TM IOL5 Sanoculis MIMSⓇ6 2 out of 6 acquisitions/licensing transactions since IPO to enhance pipeline Seventh consecutive quarter of organic revenue growth ¹,2 Second consecutive quarter of organic revenue growth ¹,2 across all three segments 6 new product launches including Xipere® and Revive TM along with geo-expansion for Lumify® and VyzultaⓇ 7#9Accomplished Latest Guidance Targets for 2022 June 2022 Guidance August 2022 Guidance Total Revenues Organic Revenue Growth ¹ Adjusted EBITDA (non-GAAP)¹ Key Assumptions Interest Expense R&D Adj. Tax Rate (non-GAAP)¹ Avg. Fully Diluted Share Count Cap Ex Depreciation and Stock Based Comp BAUSCH + LOMB $3.75B $3.80B 4-5% $740M $780 M June 2022 Guidance -$150M -7% of revenue -12% -350M -$225M -$215M $3.75B $3.80B 4-5% $740M $780M August 2022 Guidance 1. This is a non-GAAP measure or ratio. See Slide 2 and Appendix for further information on non-GAAP measures and ratios. - ~$150M -8% of revenue ~6%-8% -350M -$225M -$200M November 2022 Guidance $3.70B $3.75B 4-5% $715M - $755M November 2022 Guidance -$150M -8% of revenue ~6% -350M - $200M -$200M FY22 Actual $3.768B 5% $720M FY22 Actual $146M 8.1% of revenue 2.25% 350.2M $175M $197M 8#104Q22 Financial Highlights & Segment Drivers Total Company Revenue Millions USD 1,001 54 947 4Q21 FX Impact¹ 996 4Q22 +5% organic revenue ¹,² growth Seventh consecutive quarter of organic revenue growth 1,2 BAUSCH + LOMB Second consecutive quarter of organic revenue growth across all three segments 1,2 China saw shift towards positive signs of economic recovery following policy adjustments in the middle of the 4Q22 . 65% . Vision Care $626M Consumer 35% Contact Lens 4 Q 22 +5% Strong demand for key franchises: Lumify® (+25% reported revenue growth) Ocuvite® PreserVision® (+13% reported revenue growth) Daily SiHy (+85% reported revenue growth) Bausch+Lomb ULTRA® (+2% reported revenue growth) Surgical 53% $188M 27% 20% ■ Implantables ■ Equipment Consumables/Other ORGANIC REVENUE +4% Growth in implantables (+2% reported revenue growth; +13% organic revenue growth ¹.2), driven by premium and standard IOLS Strong demand for consumables (5% reported revenue decline; 3% organic revenue growth ¹.2), driven by an increase in cataract and retina procedures Equipment impacted by supply availability Ophthalmic Pharmaceuticals 61% $182M U.S. CHANGE 1,2 39% International +7% • Vyzulta® saw ~-18% TRx growth³ in 4Q22; continued geo-expansion 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 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 acquisitions, divestitures and discontinuations. 3. IQVIA NPA monthly. U.S. only. 4. FX 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. • Positive early stages of XIPERE® launch. • COVID recovery in China impacted International portfolio • Capitalized on competitor supply challenges to drive U.S. Gx growth 9#11FY22 Financial Highlights & Segment Drivers Total Company Revenue Millions USD ● 3,765 184 3,581 FY21 FX Impact³ 3,768 FY22 +5% organic revenue ¹,2 growth Second consecutive full year of organic revenue growth 1,2 BAUSCH + LOMB China continued to impact top line (~150bps) during FY22 as country's COVID conditions and policies evolved FX conditions during FY22 impacted business by $184M 63% Vision Care $2,373M Consumer 37% Contact Lens FY 22 Surgical +6% Strong demand for key franchises: Lumify® (+21% reported revenue growth) . Ocuvite® + PreserVision® (+10% reported revenue growth) Daily SiHy (+46% reported revenue growth) Bausch+Lomb ULTRA® (+4% reported revenue growth) • Bio True ONEday (+4% reported revenue growth) 53% $718M 27% 20% ■ Implantables ■ Equipment Consumables/Other ORGANIC REVENUE +8% Growth in implantables (+4% reported revenue growth; +12% organic revenue growth ¹.2) Strong demand for consumables (2% reported revenue growth; 9% organic revenue growth ¹.2) LuxSmartTM launched in 19 countries in Europe and 10 additional countries expected in 2023 • Expansion of the portfolio with AcuFocus acquisition, using cash on hand, in early 2023 . . Ophthalmic Pharmaceuticals 60% $677M U.S. CHANGE 40% International 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 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 acquisitions, divestitures and discontinuations. 3. FX 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. 1, 2 +0% Strong performance in international portfolio (2% reported revenue decline; 7% organic revenue growth 1,2) Vyzulta: 31% reported revenue growth vs. FY21; geo-expansion continuing in 2023 Positive early stages of XIPEREⓇ U.S. launch NOV03 PDUFA date June 28, 2023; expect Canada filing in 1Q23 10#12Total Bausch + Lomb P&L¹ (Non-GAAP)² Bausch + Lomb Vision Care Revenue Surgical Revenue Ophthalmic Pharmaceuticals Revenue Total Revenue Adj. Gross Profit² Adj. Gross Margin ² R&D R&D percent of Revenues Adj. SG&A² Adj. SG&A percent of Revenues³ Adj. EBITA 2,6 Depreciation Stock Based Compensation Adj. EBITDA 2,3,6 Adj. EBITDA Margin 2,6 Adj. Net Income Attributable to Bausch + Lomb 2,6 Adj EPS Attributable to Bausch+Lomb 2,3,4,6 4Q22 $626M $188M $182M $996M $576M 57.8% $78M 7.8% $361M 36.2% $137M $37M $17M $181 M 18.2% $80M $0.23 1. Products with sales outside the United States impacted by F/X changes. 2. This is a non-GAAP measure or ratio. See Slide 2 and Appendix for further information on non-GAAP measures and ratios, 4Q21 $626M $198M $177M $1,001 M $598M 59.7% $70M 7.0% $361M 36.1% $168M $33M $17M $216M 21.6% $121M $0.35 Reported Change 0% (5%) 3% 0% (4%) (190 bps) (11%) 0% (18%) 12% 0% (16%) (34%) 3. Includes transactional FX and NCI. 4Q21 presented on an adjusted basis after giving effect to the IPO. BAUSCH + LOMB 5. Organic revenue growth/change, a non-GAAP measure, is defined as change on a period-over-period basis in revenues on a constant currency basis (if applicable) excluding the impact of acquisitions, divestitures and discontinuations. Constant Currency² 5% 2% 7% 5% 1% (14%) (5%) (14%) 18% 0% 0% (19%) Organic Change 2,5 5% 4% 7% 5% 11 6. Prior to 2022, in calculating Adjusted EBITA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS, the Company had excluded expenses associated with acquired in-process research and development costs ("IPR&D"). Commencing in 2022, the Company no longer excludes acquired IPR&D in its calculation of Adjusted EBITA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS. The Company is making this change for 2022 periods and onwards and has not made this change for periods prior to 2022. The Company believes these costs are not material for the periods presented. In particular, there was no acquired IPR&D in the fourth quarter of 2022 and there was less then $1 million in aggregate acquired IPR&D for the twelve months ended December 31, 2022. For 2021, there was $4 million in the fourth quarter of 2021 and there was $5 million in aggregate acquired IPR&D for the year ended December 31, 2021. See the Appendix for further information on this change.#13Total 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 (Loss) Income Attributable to Bausch+Lomb Net Income Margin EPS³ Attributable to Bausch + Lomb 4Q22 $626M $188M $182M $996M $520M 52.2% $78M 7.8% BAUSCH + LOMB 3.4Q21 presented on an adjusted basis after giving effect to the IPO. $386M 38.8% $51M $37M $17M ($1M) (0.1%) ($0.00) 4Q21 $626M $198M $177M $1,001 M $530M 52.9% $70M 7.0% $365M 36.5% $92M $33M $17M $51M 5.1% $0.15 1. Products with sales outside the United States impacted by F/X changes. 2. This is a non-GAAP measure or ratio. See Slide 2 and Appendix for further information on non-GAAP measures and ratios. Reported Change 4. Organic revenue growth/change, a non-GAAP measure, is defined as change on a period-over-period basis in revenues on a constant currency basis (if applicable) excluding the impact of acquisitions, divestitures and discontinuations. 0% (5%) 3% 0% (2%) (70 bps) (11%) (6%) (45%) 12% 0% (102%) Constant Currency² 5% 2% 7% 5% 3% (14%) (11%) (37%) 18% 0% (90%) Organic Change 2,4 5% 4% 7% 5% 12#14Total Bausch + Lomb P&L¹ (Non-GAAP)² - FY22 Constant Currency ³ 6% 6% Bausch + Lomb Vision Care Revenue Surgical Revenue Ophthalmic Pharmaceuticals Revenue Total Revenue Adj. Gross Profit² Adj. Gross Margin ² R&D R&D percent of Revenues Adj. SG&A² Adj. SG&A percent of Revenues² Adj. EBITA 2,6 Depreciation Stock Based Compensation Adj. EBITDA 2,3,6 Adj. EBITDA Margin 2.6 Adj. Net Income Attributable to Bausch+Lomb 3,6 Adj EPS Attributable to Bausch + Lomb 2,4,6 BAUSCH + LOMB FY22 $2,373M $718M $677M $3,768M $2,249M 59.7% $307M 8.1% $1,421M 37.7% $520M $135M $62M $720M 19.1% $375M $1.07 FY21 $2,343M $718M $704M $3,765M $2,298M 61.0% $271M 7.2% $1,377M 36.6% $651 M $123M $62M $821 M 21.8% $454M $1.30 Reported Change 1% 0% (4%) 0% (2%) (130 bps) (13%) (3%) (20%) 10% 0% (12%) (17%) 0% 5% 2% (16%) (8%) (17%) 15% 0% (10%) (17%) 1. Products with sales outside the United States impacted by FIX changes 2 This is a non-GAAP measure or ratio. See Slide 2 and Appendix for further information on non-GAAP measures and ratios Includes transactional FX and NCI. 4021 presented on an adjusted basis after giving effect to the IPO. 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 acquisitions, divestitures and discontinuations. Organic Change 3,5 6% 8% 0% 5% +5% organic revenue growth 1,2,5 +$36M investment in R&D during FY22 to expedite portfolio advancement Continued to maintain a disciplined approach to cost management as inflation pressure weighed on gross margin 2021 results were not fully burdened by all of the stand-up costs associated with operation as an independent company 6. Prior to 2022, in calculating Adjusted EBITA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS, the Company had excluded expenses associated with acquired in-process research and development costs ("IPR&D) Commercing in 2022, the Company no longer excludes acquired IPR&D in its calculation of Adjusted EBITA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS. The Company is making this change for 2022 periods and onwards and has not made this change for periods prior to 2022. The Company believes these costs are not material for the periods presented. In particular, there was no acquired IPR&D in the fourth quarter of 2022 and there was less then $1 million in aggregate acquired IPR&D for the twelve months ended December 31, 2022. For 2021, there was $4 million in the fourth quarter of 2021 and there was $5 million in aggregate acquired IPR&D for the year ended December 31, 2021. See the Appendix for further information on this change.. 13#15Total Bausch + Lomb P&L¹ (GAAP) - FY22 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 Attributable to Bausch + Lomb Net Income Margin EPS Attributable to Bausch + Lomb³ FY22 BAUSCH + LOMB 3. Presented on an adjusted basis after giving effect to the IPO. $2,373M $718M $677M $3,768M $2,004 M 53.2% $307M 8.1% $1,478M 39.2% $207M $135M $62M $6M 0.2% $0.02 FY21 $2,343M $718M $704M $3,765M $1,994M 53.0% $271M 7.2% $1,389M 36.9% $329M $123M $62M $182M 4.8% $0.52 1. Products with sales outside the United States impacted by F/X changes. 2. This is a non-GAAP measure or ratio. See Slide 2 and Appendix for further information on non-GAAP measures and ratios. Reported 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 acquisitions, divestitures and discontinuations. 1% 0% (4%) 0% 1% 20 bps (13%) (6%) (37%) 10% 0% (97%) Constant Currency² 6% 6% 0% 5% 5% (16%) (11%) (31%) 15% 0% (103%) Organic Change 2,4 6% 8% 0% 5% 14#16Cash Flow and Balance Sheet Summary Cash flow from operations. Adj. Cash flow from operations (non-GAAP)1,3 CapEx Debt² 4Q22 $159M $167M $50M $2,488M FY22 $345M BAUSCH + LOMB 1. This is a non-GAAP measure or ratio. See Slide 2 and Appendix for further information on non-GAAP measures and ratios. 2. Debt Balance shown at Principal Value outstanding as of 12/31/2022. 3. Adjusted cash flow from operations (non-GAAP) is Cash flow from operations, its most closely associated GAAP measure, less separation and separation-related payments of $8 million for 4Q22 and $38 million FY22. $383M $175M Strong balance sheet with opportunity to further optimize interest cost at full separation while maintaining flexibility to pursue value enhancing investment opportunities 15#17BAUSCH+ LOMB Outlook 16#181Q23 Outlook Assumptions¹ Plan to provide full year guidance at 1Q23 earnings, given the new CEO transition Organic Revenue Growth 2,³: Expected to be in-line with overall eyecare market growth in 1Q23 1Q23 Quarterly Phasing: Expect 1Q23 adj. EBITDA² to be lower than 1Q22, mainly driven by currency headwinds, the pace of recovery in China, and carryover leading to gross margin pressure FX: Based on current FX rates, expect headwinds in 1Q23 to be ~$35M for revenue and ~$10M for adj. EBITDA² Adj. Gross Margin²: Expect 1Q23 to be ~130bps lower than 1Q22 due to higher cost of inventory Comparability: 1Q22 financial statements were prepared prior to the IPO and do not fully reflect run-rate stand- alone costs; basis of interest expense and taxes reported in 1Q22 financial statements also does not fully reflect the operations as a stand-alone entity BAUSCH + LOMB 1. See Slide 1 for further information on forward-looking statements. 2. This is a non-GAAP measure or ratio. See Slide 2 and Appendix for further information on non-GAAP measures and ratios. See slides 11, 12, 13 and 14 for disclosure of historic non-GAAP measures and ratios and their historic comparable GAAP measures and ratios. 3. 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 acquisitions, divestitures and discontinuations. 17#19BAUSCH LOMB Upcoming Catalysts 18#20LUMIFY®: Strong Established Brand with Expansion Opportunities +21% reported revenue growth in FY22 vs. FY21 +$125M brand4 expanding through geographies and line extensions 0% BAUSCH + LOMB 20% 5% Lumify® Canada Launch Mirroring Success of U.S. Launch (Lumify Dollar Share Evolution in Redness Reliever Category Since Launch)³ 7% #1 Physician-recommended product in the Redness Reliever category¹ -50% market share in Redness Reliever Category² 16% 1. IQVIA ProVoice Survey Data Ending Q3 2022. 2. IRI Panel Omnichannel. Dollar share. 13 Week Periods -50% 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 3. B+L Consumer Data Science USA IRI, CAN Nielsen. 4. Based on trailing twelve-month revenue. U.S. Canada Expansion Opportunities for Future Growth in the Lumify® Franchise BAUSCH COMB LUMIFY *Lishers Serta 200 EINE LUMIFY SAUBER LOG LUMIFY Global expansion with 6 countries, including U.S. and Canada Recently acquired rights for 18 additional countries Lumify® Eye Illuminations - Expected Launch 1Q23 Specialty eye care line scientifically developed for the sensitive eye area to help enhance eyes' natural beauty Lumify® Preservative Free (Single Dose) Submission expected 2Q23 Combination product with ketotifen for allergy symptom control Submission expected in 1024 19#21SiHy Launch Expanding for Future Growth BAUSCH 4LOND INFUSE 2 BAUSCE LO INFUSE +46% reported BAUSCH + LOMB N BAUSCH+ LOMBA ULTRA Manaf-Conteel mocas revenue growth in FY22 vs. FY21, including 46% reported revenue growth in 4Q22 vs. 3Q22 and 85% in 4Q22 vs. 4Q21; increased output from manufacturing lines BAUSCH&LOMB ULTTA MS Contened NEW one one DAY ~5 additional SVS country launches expected in 2023, including Chinal 2023-2024 ~25 countries have launched SVS¹ Multi-focal and toric launch expected (70% of INFUSEⓇ switch are sourced from competitive lenses² 1. Single Vision Spherical.. 2. GfK US Contact Lens FITS Tracking. October-December 2022. Switch-in is a user who was previously in another brand of lens while new wearer is a user who is new to contacts (or a lapsed wearer) within the last 15 months. U.S. only comment. 20#22AcuFocus Acquisition: Enhancing Surgical Portfolio with IC-8 Apthera TM IOL High-Quality Monofocal IOL Hydrophobic Acrylic. UV-Blocking Filter Ring™ Component Polyvinylidene Fluoride Carbon Black + BAUSCH + LOMB + First and only small aperture non-toric extended depth of focus (EDOF) IOL for certain cataract patients who have as much as 1.5 diopters of corneal astigmatism and wish to address presbyopia at the same time + Launching now in U.S. + Available in select markets across Europe, as well as in Australia, New Zealand and Singapore + Used cash on hand for acquisition IC-8® Apthera ™M IOL: Synergistic Fit for Bausch + Lomb Strategic fit in current infrastructure and does not require adding significant resources First EDOF lens in U.S for Bausch+Lomb, filling a current need in portfolio + + First type of its IOL used for aberrated corneas, bringing additional patients to Bausch + Lomb 21#23IC-8® Apthera ™M IOL: Breakthrough Design Offering New Possibilities for Patients + The embedded FilterRing™ component delivers high OQ ™M (optical quality) light to the retina and filters out distorted low OQTM light entering the eye, providing a clear, continuous range of vision EEEE Intermediate Far Near Low OQT Light High OQ™ Light BAUSCH + LOMB Apthera™ IOL 94M People affected globally with cataracts¹ Near Far Intermediate *Simulated Image + The distinctive design filters out unfocused peripheral light that degrades image quality, allowing only central light rays to focus on the retina + In clinical trials, the IC-8® IOL patients achieved equivalent binocular distance and superior intermediate and near vision compared to patients with bilateral monofocal 10Ls Potential Market Opportunity ~13% CAGR global premium cataract IOL market projected to grow between 2022 and 2027² 1. The World Health Organization: Blindness and Vision impairment. 2. Market Scope. 2022 IOL Market Report (April 2022). See Slide 1 for further information on forward-looking statements. 3. National Eye Institute. NEI charts a clearer future for cataract prevention and treatment. See Slide 1 for further information on forward-looking statements. 50M Expected by 2050 in U.S. to have cataracts, doubling, from 24M in 20213 22#24Expanding our Intraocular Lens Offering ¹ 1 Lux Premium IOL (EU Countries) LuxSmart TM (EDOF) EU launch began 2020 Launched in 19 countries; ~10 additional countries expected in 2023 LuxLife TM (Trifocal) EU 2024²2 BAUSCH + LOMB IC-8® Apthera ™ (EU Countries) Available in select markets across Europe, as well as Australia, New Zealand and Singapore U.S Launching Now 1. See Slide 1 for further information on forward-looking statements. 2. Expected. en Vista Envy ™M (en Vista® Trifocal IOL) (EU Countries) U.S, Canada, EU 2024² Additional geo- expansion anticipated, including China en Vista Aspire (en Vista® Extended Range Monofocal IOL) (EU Countries) Canada, U.S. 2023² EU 2024² TM Additional geo-expansion including China en Vista Dynamic ™ (en Vista® Extended Depth of Focus IOL) (EU Countries) U.S., EU, Canada, China 2025/2026² 23#25NOV031: PDUFA Date June 2023 Pivotal Phase 3 Trial GOBI Data on NOV03 Now Published in Ophthalmology Investigational first in class treatment for Dry Eye Disease (DED) associated with Meibomian Gland Dysfunction (MGD) Consistent statistically significant efficacy, safety and tolerability have now been demonstrated in two Phase 3 studies of NOV03¹ and one Phase 2 study BAUSCH + LOMB Statistically significant difference of sign and symptom was noted at day 15 and 57 in both Phase 3 studies Canadian Filing Expected 1Q236 U.S. Prescription Dry Eye Market Growth -24% CAGR 2016-20214 Expect Double Digit Growth 2021-20275,6 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. 4. IQVIA NSP. 5. Clarivate 6. See Slide 1 for further information on forward-looking statements. Second Phase 3 (MOJAVE) Efficacy Endpoints: Total Corneal Staining (sign) and Ocular Dryness (symptom) at Day 57 Decrease from Baseline (%) Decrease from Baseline (%) N=311 Total Corneal Staining² (ITT³) N=309 -33.3% N=311 ■NOV03 -45.4% p<0.001 NOV03, Ocular Dryness² (ITT³) -15.8% p<0.001 Saline N=309 -29.8% Saline 24#26R&D Delivering Opportunities in High Growth, High Margin Categories ¹ Expected to Launch More than 15 Products in 2023 2023 Launches BAUSCH + LOMB Vision Care/ Consumer Growing market share with new products, line extensions and geo-expansion Ophthalmic Pharmaceuticals Launching high-margin pharmaceutical products Surgical Shift surgical portfolio to premium categories M&A Supported by M & A 1. See Slide 1 for further information on forward-looking statements. 2. Launched in 2022 with continued growth in 2023 and beyond. BAUSCH&LOME LUMIFY PREMIUM S www.m Le Lumify® geo-expansion PreserVision en Vista® Premium. IOL Expansion AREDS 2 LUME 20 2 Enhanced PreserVision® AREDS 2 Formula Mini Soft Gels with OCUSorb™ XIPERE™ 2 Teneo™M Excimer Laser for Refractive Surgery (US) he PreserVision AREDS 2 CoQ10 100, 2 LUKSMART SMART PreserVision® AREDS2+ CoQ10 MICKILAR EYELID CLEANSGES LISTA FOR VYZULTAT Lux Premium IOL Expansion Post IPO, completed 6 acquisitions/licensing transactions to enhance pipeline true e eyeTELLIGENCE eye Telligence® digital ecosystem Bio true INFUSE Daily SiHy Multifocal Daily SiHy VYZULTAⓇ geo-expansion 3D Microscope AcuFocus true geo-expansion Bio true Minimally Invasive Micro Sclerostomy ("MIMSⓇ") HIRAPOR BAUSCH + LOMB ARISE ORTHO-K SYSTEM NOV03 IC-8® Apthera ™M IOL Sanoculis 25#272023 Strategic Focus ¹ 1 Continue momentum in current portfolio Invest in categories growing faster than market Expand into new product categories BAUSCH + LOMB 1. See Slide 1 for further information on forward-looking statements. Strong performance targeted in key franchises: Ocuvite® + PreserVision®, Lumify®, Artelac®, Bio True® Global Mega Brand and core vision care brands (BioTrue ONEday, Bausch + Lomb ULTRA®, Daily SiHy) Continued geo-expansion and line extensions anticipated in numerous key franchises • Opportunity for market share gains across key franchises Launch new innovations into several high-growth markets Continued rollout of Daily SiHy, including expected launch of multi-focal in U.S. • Strong performance targeted in implantables, following premium IOL rollout and AcuFocus acquisition Expected approval of NOV03 (PDUFA date June 2023) Strong balance sheet with the flexibility to pursue value enhancing bolt-on acquisitions ● ● ● ● ● ● ● Launching premium IOL, IC-8 Apthera TM (AcuFocus acquisition), in the U.S. Expected launch of LUMIFY® Eye Illuminations Expected launch of enVista® Aspire TM (enVista® Extended Range Monofocal IOL) Expected launch of 3D microscope Expected launch of NOV03 TM Expected launch of eye Telligence ™ platform 26#28+ 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. 27#29BAUSCH+ LOMB Appendix 28#30Pipeline and Upcoming Milestones¹ Vision Care Product SiHy Daily Lacelle® colored contact lenses Biotrue® Hydration Plus Multi-purpose Solution (Marketed Biotrue® Advanced Internationally) PreserVision® AREDS2 + CoQ10 Biotrue® PF Contact Lens Rehydrating Drops (Multidose & Single Dose Use) Lumify® Expansion Opportunities Myopia control contact lens² BAUSCH + LOMB Status Launched in ~25 countries Approved in Japan Approved (US FDA, Health Canada, NMPA/ China) Received FDA 510(k) clearance Dec. 2022 Phase 3 study on track Myopia control contact lens design licensed from BHVI 1. See slide 1 for further information on forward-looking statements. 2. Exclusive licensing agreement with BHVI. Upcoming Milestone Planned launch of SVS into more countries in 2023; Multi-focal and toric launch expected in 2023-2024 New range of Daily Disposable cosmetic lens launched in Japan in 4Q22 U.S. and Canada launched; China launch expected 2H23 Launch expected 1Q23 Launch expected 2Q23 Eye Illuminations - Expected launched 1Q23 Preservative Free submission expected 2Q23 Allergy submission expected 1Q24 Global clinical study to begin in 2023 29#31Pipeline and Upcoming Milestones¹ Surgical Product enVista Envy TM en Vista® Trifocal IOL (Intraocular Lens) Stable Visc TM Cohesive OVD en Vista Aspire ™ en Vista® Extended Range Monofocal IOL en Vista Dynamic ™ en Vista® Extended Depth of Focus IOL Lux Premium IOL Next Generation Surgical Platform System 202x eyeTELLIGENCE® Digital Platform 3D Microscope Teneo TM Excimer Laser BAUSCH + LOMB Status Canada, EU and U.S submissions in progress Clinical Study Report completed 2Q22; FDA submission filed early 3Q22 US and Canada submitted 1Q23 EU submission planned for 2Q 23 Clinical study to begin 3Q23 Launched in Europe Alpha-2 prototype testing in progress Beta software testing ongoing. Regulatory assessments complete. Preparing Myopia FDA submission US hyperopia study on track 1. See slide 1 for further information on forward-looking statements. Upcoming Milestone Expect US, EU, Canada launch in 2024 (includes Toric versions and new EyeGility inserter) Expect US approval/launch 2Q23 Expect US and Canada launch 2H23 (includes Toric; new Eye Gility inserter to be added in 2024) EU launch expected in 2024 with EyeGility inserter Expect 2025/2026 launch Continued expansion of platform expected in 2023 Beta prototyping expected 2023 US commercial release expected 1Q23 Launch expected in 2Q23 Expected myopia launch in U.S. in 2023; US hyperopia Phase 1 data expected in 1Q23 30#32Pipeline and Upcoming Milestones¹ Ophthalmic Pharmaceuticals Product VYZULTA® geo-expansion NOV032 (dry eye disease associated with meibomian gland dysfunction) XIPEREⓇ Biosimilar candidate for Lucentis® (ranibizumab) ³ Microdose formulation of atropine ophthalmic solution (reduction of pediatric myopia progression in children ages 3-12)4 BAUSCH + LOMB Status Launched in 15 countries FDA accepted NDA in September 2022 Launched in U.S Working with Stada/Xbrane to review additional data requested by FDA Clinical material supply improved and supports re-opening enrollment 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 NOV03 in the United States and Canada. 3. Exclusive licensing agreement with STADA Arneimittel AG and Xbrane Biopharma AB for U.S. and Canada. Upcoming Milestone Expected to launch in ~10 additional countries in 2023+ PDUFA date June 28, 2023 Canada filing expected 1023 Filed in Canada in 1Q23 Resubmission planned for 1Q23 Due to reduced clinical trial material availability in 2022, enrollment completion is delayed from 4Q22 to 1H23. 4. Exclusive licensing agreement with Eyenovia, Inc. for U.S. and Canada. 31#33Top 10 Revenues - Bausch + Lomb Top 10 Revenues (Includes FX Impact) Rank 1 Ocuvite® + PreserVisionⓇ 2 Surgical Consumables SofLensⓇ Biotrue ONEday Surgical Implantables Bausch + Lomb ULTRA® 3 4 5 6 7 8 9 Product/Franchises 10 renu Biotrue® Solutions Franchise Surgical Equipment LumifyⓇ BAUSCH + LOMB FY22 $387M $384M $246M $201M $194 M $177M $176M $153M $140M $131M 4Q22 $114M $100M $62M $50M $51M $43M $47M $37M $37M $35M 3Q22 $98M $91M $62M $53M $47M $46M $44M $39M $34M $30M 2Q22 $94M $100M $61M $49M $50M $44M $43M $39M $34M $35M 1Q22 $81M $93M $61M $49M $46M $44M $42M $38M $35M $31M FY21 $351M $377M $265M $194M $187M $170M $186M $139M $154M $108M 4Q21 $101M $105M $71M $50M $50M $42M $55M $39M $43M $28M 32#34Segment Reported Revenue Vision Care Contact Lens Revenue Consumer Revenue Total Revenue Surgical Implantables Revenue Equipment Revenue Consumables Revenue Total Revenue Ophthalmic Pharmaceuticals Total Revenue BAUSCH + LOMB 4Q22 $219M $407M $626M 4Q22 $51M $37M $100M $188M 4Q22 $182M 4Q21 $227M $399M $626M 4Q21 $50M $43M $105M $198M 4Q21 $177M Reported Change (4%) 2% 0% Reported Change 2% (14%) (5%) (5%) Reported Change 3% 1. This is a non-GAAP measure or ratio. See Slide 2 and this Appendix for further information on non-GAAP measures and ratios. 2. 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 acquisitions, divestitures and discontinuations. Organic Change %¹,2 4% 6% 5% Organic Change % ¹,2 13% (5%) 3% 4% Organic Change %¹,2 7% 33#35Reported Revenue 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 4Q22 $219M $407M $626M $51M $37M $100M $188 M $182M 3Q22 $222M $376M $598M $47M $34M $91M $172M $172M 2Q22 $213M $376M $589M $50M $34M $100M $184M $168M 1Q22 $215M $345M $560M $46M $35M $93M $174M $155M 4Q21 $227M $399M $626M $50M $43M $105M $198M $177M 34#36Non-GAAP Adjustments EPS Impact ($M) 2,3 Three Months Ended December 31, Net (loss) income attributable to Bausch + Lomb Corporation Non-GAAP adjustments: Amortization of intangible asset Asset impairments Restructuring, integration and transformation costs Acquired in-process research and development costs Acquisition-related costs and adjustments (excluding amortization of intangible assets) Separation costs and separation-related costs Litigation and other matters Other Tax effect of non-GAAP adjustments Adjusted net come attributable to Bausch + Lomb Corporation (non-GAAP)¹ BAUSCH + LOMB INST 4 Income (Expense) $ $ 2022 (1) 56 21 1 7 1 (5) 80 Earnings per Share Impact $ 0.16 0.06 0.02 (0.01) 0.23 Income (Expense) $ $ 2021 51 67 1 4 4 1 (1) 7 (13) 121 Earnings per Share Impact 0.15 $ 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. 0.19 0.01 0.01 0.02 (0.03) 0.35 Income (Expense) $ $ 6 244 1 36 2022 (4) 35 1 6 50 375 Twelve Months Ended December 31, Earnings per Share Impact $ 0.02 0.70 0.10 (0.01) 0.10 0.02 0.14 1.07 Income (Expense) $ $ 2021 182 292 12 11 5 3 (1) 7 (57) 454 Earnings per Share Impact $ 0.52 On a proforma basis after giving effect to the IPO. Prior to 2022, in calculating Adjusted Net Income and Adjusted EPS, the Company had excluded expenses associated with acquired IPR&D. Beginning in 2022, the Company no longer excludes acquired IPR&D in its calculation of Adjusted Net Income or Adjusted EPS. The Company is making this change to align with evolving practice in this regard. The Company is making this change for 2022 periods and onwards and has not made this change for periods prior to 2022. The Company believes these costs are not material for the periods presented. In particular, there was no acquired IPR&D in the fourth quarter of 2022 and there was less then $1 million in aggregate acquired IPR&D for the twelve months ended December 31, 2022. For 2021, there was $4 million in the fourth quarter of 2021 and there was $5 million in aggregate acquired IPR&D for the twelve months ended December 31, 2021. 0.83 0.03 0.03 0.01 I 0.01 0.02 (0.15) 1.30 35#37Reconciliation of Reported Operating Income to Adjusted EBITA (non-GAAP)¹ ($M) (4Q and FY) 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 Litigation and other matters 2022 Non-GAAP¹ 2021 GAAP Amortization of intangible assets Asset impairments Restructuring, integration and transformation costs Acquired in-process research and development costs² Separation costs and separation-related costs Legal and other professional fees 2021 Non-GAAP¹ BAUSCH + LOMB 2. $ $ 576 Gross Profit 520 56 Gross Profit² 530 67 1 $ $ 598 Gross Margin SG&A 52.2% $ 386 $ 5.6% 0.0% 0.0% 0.0% 0.0% 0.0% 57.8% $ 4Q 2022 0.0% 0.0% 59.7% $ (20) (5) 361 $ 4Q 2021 Gross Margin² SG&A 52.9% $ 365 $ 6.7% 0.1% 0.0% 0.0% (3) (1) 361 $ R&D Expense Operating income 78 $ 78 $ R&D Expense 70 $ 51 56 70 $ 21 1 Operating income 7 1 137 92 67 1 4 4 1 (1) 168 Gross Profit $ 2,004 244 1 $ 2,249 Gross Profit $ 1,994 292 12 $ 2,298 Gross Margin SG&A 53.2% $ 1,478 $ 6.5% 0.1% 0.0% 0.0% 0.0% 0.0% 59.7% $ Gross Margin FY 2022 53.0% $ 7.8% 0.3% 0.0% 0.0% 0.0% 0.0% 61.0% $ (31) (26) 1,421 $ FY 2021 SG&A 1,389 $ (9) (3) 1,377 $ R&D Expense Operating income 307 $ 307 $ R&D Expense 271 $ 207 244 271 $ 1 36 Operating income 35 1 520 329 292 12 11 5 3 (1) 651 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. Prior to 2022, in calculating Adjusted EBITA, the Company had excluded expenses associated with acquired IPR&D. Beginning in 2022, the Company no longer excludes acquired IPR&D in its calculation of Adjusted EBITA. The Company is making this change to alignt with evolving practice in this regard. The Company is making this change for 2022 periods and onwards and has not made this change for periods prior to 2022. The Company believes these costs are not material for the periods presented. In particular, there was no acquired IPR&D in the fourth quarter of 2022 and there was less then $1 million in aggregate acquired IPR&D for the twelve months ended December 31, 2022. For 2021, there was $4 million in the fourth quarter of 2021 and there was $5 million in aggregate acquired IPR&D for the twelve months ended December 31, 2021. 36#38Reconciliation of Reported Net Income (Loss) to EBITDA (non-GAAP)¹ and Adjusted EBITDA (non-GAAP)¹ ($M) BAUSCH + LOMB Net (loss) income attributable to Bausch + Lomb Corporation $ Interest expense, net (Benefit from) provision for income taxes Depreciation and amortization EBITDA Adjustments: Asset impairments 1. 2. 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 adjustments: Litigation and other matters 2 Acquired in-process research and development costs ² Other Adjusted EBITDA (non-GAAP)¹ Three Months Ended December 31, $ 2022 (1) 44 (2) 93 134 21 1 17 7 1 181 $ $ 2021 51 32 100 183 1 4 17 1 (1) 4 7 216 $ $ Twelve Months Ended December 31, 2022 6 140 58 379 583 1 36 (4) 62 35 1 6 720 $ $ 2021 182 125 415 722 12 11 62 3 (1) 5 7 821 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. Prior to 2022, in calculating Adjusted EBITDA, the Company had excluded expenses associated with acquired IPR&D. Beginning in 2022, the Company no longer excludes acquired IPR&D in its calculation of Adjusted EBITDA. The Company is making this change to align with evolving practice in this regard. The Company is making this change for 2022 periods and onwards and has not made this change for periods prior to 2022. The Company believes these costs are not material for the periods presented. In particular, there was no acquired IPR&D in the fourth quarter of 2022 and there was less then $1 million in aggregate acquired IPR&D for the twelve months ended December 31, 2022. For 2021, there was $4 million in the fourth quarter of 2021 and there was $5 million in aggregate acquired IPR&D for the twelve months ended December 31, 2021. 37#39Reconciliation of Reported Revenue to Organic Revenue ¹,2 and Organic Revenue Growth 1.2 ($M) (4Q22 and FY22) Bausch+Lomb Vision Care Surgical Ophthalmic Pharmaceuticals Total Bausch + Lomb Bausch + Lomb Vision Care Surgical Ophthalmic Pharmaceuticals Total Bausch + Lomb BAUSCH + LOMB 1. 2. 3. Revenue as Reported 626 188 182 996 Revenue as Reported 2,373 718 677 3,768 Calculation of Organic Revenue for the Three Months Ended December 31, 2022 December 31, 2021 Changes in Exchange Rates ³ 32 14 8 54 Changes in Exchange Rates ³ Organic Revenue (Non- GAAP) ¹,² 114 44 26 184 658 202 190 1,050 Organic Revenue (Non- GAAP) 1,2 Revenue as Reported (3) Calculation of Organic Revenue for the Twelve Months Ended December 31, 2022 December 31, 2021 2,487 762 703 3,952 626 198 177 1,001 Revenue as Reported Divestitures and Discontinuations 2,343 718 704 3,765 (3) Divestitures and Discontinuations (10) (10) Organic Revenue (Non- GAAP) 1,2 626 195 177 998 Organic Revenue (Non- GAAP)1,2 2,343 708 704 3,755 Change in Reported Revenue Amount (10) 5 (5) Amount Change in Reported Revenue 30 Pct. (27) 3 0% -5% 3% 0% Pct. 1% 0% -4% 0% Change in Organic Revenue Amount 32 7 13 52 Amount Change in Organic Revenue 144 54 (1) 197 Pct. 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 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 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. 5% 4% 7% 5% Pct. 6% 8% 0% 5% 1,2 1,2 38#40Reconciliation of Reported Revenue to Organic Revenue ¹,2 and Organic Revenue Growth 1.2 ($M) (4Q22 and FY22) Supplementary Contact Lens Consumer Surgical Implantables Surgical Equipment Surgical Consumables International Ophtho Supplementary Surgical Implantables Surgical Consumables International Ophtho BAUSCH + LOMB 1. 2. 3. Revenue as Reported 219 407 51 37 100 71 Revenue as Reported 194 384 274 Calculation of Organic Revenue for the Three Months Ended December 31, 2022 December 31, 2021 Changes in Exchange Rates ³ 17 15 3 3 8 8 Changes in Exchange Rates ³ 11 25 Organic Revenue (Non- GAAP) 1,2 26 236 422 54 40 108 79 Organic Revenue (Non- GAAP)¹,2 205 409 Revenue as Reported 300 227 Calculation of Organic Revenue for the Twleve Months Ended December 31, 2022 December 31, 2021 399 50 43 105 79 Revenue as Reported 187 377 Divestitures and Discontinuations 280 (2) (1) Divestitures and Discontinuations (4) (3) Organic Revenue (Non- GAAP) ¹,2 227 399 48 42 105 79 Organic Revenue (Non- GAAP)¹,2 183 374 280 Change in Reported Revenue Amount (8) 8 1 (6) (5) (8) Amount 7 7 Pct. (6) -4% 2% Change in Reported Revenue 2% -14% Pct. -5% -10% 4% 2% -2% Change in Organic Revenue ¹,2 Amount 9 23 6 (2) 3 Amount 22 35 Pct. 20 4% 6% 13% Change in Organic Revenue ¹,2 -5% 3% 0% Pct. 12% 9% 7% This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. Organic revenue growth/change, a non-GAAP ratio, is defined as a change on a period-over-period basis in revenues on a constant currency basis (if applicable) excluding the impact of acquisitions, divestitures and discontinuations. The impact for changes in foreign currency exchange rates is determined as the difference in the current period reported revenues at their current period currency exchange rates and the current period reported revenues revalued using the monthly average currency exchange rates during the comparable prior period. 39#41Reconciliation of Reported Revenue to Organic Revenue ¹,2 and Organic Revenue Growth 1.2 ($M) (Q4 and FY) Three Months Ended September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 Twelve Months Ended December 31, 2021 BAUSCH + LOMB 1. 2. 3. Revenue Changes in Exchange Rates ³ as Reported 942 941 889 1,001 949 934 3,765 55 46 29 11 (10) (33) (58) Calculation of Bausch+Lomb Organic Revenue Organic Revenue (Non- GAAP)¹,2 997 987 918 Three Months Ended September 30, 2021 901 June 30, 2021 1,012 December 31, 2020 3,707 March 31, 2021 939 September 30, 2020 June 30, 2020 Twelve Months Ended December 31, 2020 Revenue as Reported 949 934 881 944 916 677 3,412 Divestitures and Discontinuations (1) (3) (3) (2) (4) (2) (10) Organic Revenue (Non- GAAP)¹,2 948 931 878 942 912 675 3,402 Change in Reported Revenue Amount (7) 7 8 57 33 257 353 Pct. -1% 1% 1% 6% 4% 38% 10% Change in Organic Revenue ¹,2 Amount 49 56 40 70 27 226 Pct. 5% 6% 5% 7% 3% 33% 305 9% 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 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 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. 40#42Reconciliation of Reported Revenue to Organic Revenue ¹,2 and Organic Revenue Growth 1.2 ($M) (Q4 and FY) Bausch + Lomb Vision Care Surgical Ophthalmic Pharmaceuticals Total Bausch + Lomb BAUSCH + LOMB 1. 2. 3. Revenue as Reported 598 172 172 942 Calculation of Organic Revenue for the Three Months Ended September 30, 2022 September 30, 2021 Changes in Exchange Rates ³ 34 13 8 55 Organic Revenue (Non- GAAP) ¹,2 632 185 180 997 Revenue as Reported 605 173 171 949 Divestitures and Discontinuations (1) (1) Organic Revenue (Non- GAAP)¹,2 605 172 171 948 Change in Reported Revenue Amount (7) (1) 1 (7) Pct. -1% -1% 1% -1% Change in Organic Revenue ¹,2 Amount 27 13 9 49 Pct. 4% 8% 5% 5% 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 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 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. 41#43Non-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. 42#44Non-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 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 recent 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 severance-related costs (including the severance costs associated with the departure of the Company's current 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 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. 43#45Non-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. Prior to 2022, in calculating Adjusted EBITDA, the Company had excluded expenses associated with acquired IPR&D, as these amounts are inconsistent in amount and frequency and are significantly impacted by the timing, size and nature of acquisitions. Beginning in 2022, the Company no longer excludes acquired IPR&D in its calculation of Adjusted EBITDA. The Company is making this change to align with evolving practice in this regard. The Company is making this change for 2022 periods and onwards and has not made this change for periods prior to 2022. The Company believes these costs are not material for the periods presented. 44#46Non-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, integration and transformation 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). As with Adjusted EBITDA, prior to 2022, in calculating Adjusted Net Income, the Company had excluded expenses associated with acquired IPR&D. However, for the same reasons indicated above, commencing in 2022, the Company no longer excludes acquired IPR&D in its calculation of Adjusted Net Income. Reference is made to the description above for further details on this change. 45#47Non-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. 46#48Non-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. As with Adjusted EBITDA, prior to 2022, in calculating Adjusted EBITA, the Company had excluded expenses associated with acquired IPR&D. However, for the same reasons indicated above, commencing in 2022, the Company no longer excludes acquired IPR&D in its calculation of Adjusted EBITA. Reference is made to the description above for further details on this change. 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. 47#49Non-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). As with Adjusted Net Income, prior to 2022, in calculating Adjusted EPS, the Company had excluded expenses associated with acquired IPR&D. However, for the same reasons indicated above, commencing in 2022, the Company no longer excludes acquired IPR&D in its calculation of Adjusted EPS. Reference is made to the description above for further details on this change. Adjusted Cash Flows from Operations Adjusted cash flows from operations (non-GAAP) is Cash flow from operations (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), 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) both to assess the actual financial performance of the Company and to forecast future results as part of its guidance. Management believes adjusted cash flows from 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. 48