#1BAUSCH+ LOMB See better. Live better. 3Q22 Financial Results#2Forward-Looking Statements This presentation contains forward-looking information and statements, within the meaning of applicable securities laws (collectively, "forward- looking statements"), including, but not limited to, statements regarding future prospects and performance of Bausch+Lomb Corporation ("Bausch + Lomb", the "Company", "we", "us", or "B+L") (including the Company's 2022 full-year guidance, expectations regarding adjusted gross margin and expected organic growth), the planned spin-off or separation of the Company from Bausch Health Companies Inc. ("BHC") and the timing of the completion of such spin-off, the anticipated opportunities of the Company as a standalone entity (including the potential for margin expansion, expected growth, the durability of the markets in which we expect to grow, anticipated balance sheet flexibility and proposed use of same), the 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, the anticipated impact of the COVID-19 pandemic on the Company and its financial condition, results of operation, revenues, segments, liquidity, products and product pipeline, operations, facilities, supply chain and employees, the Company's anticipated catalysts and business growth. drivers, Company's strategic focus for 2022 and beyond, management's commitments and expected targets and our ability to achieve the action plan and expected targets in the periods anticipated, and the Company's plans and expectations for 2022 and beyond. Forward-looking statements may generally be identified by the use of the words "anticipates," "expects," "predicts," "goals," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential," "target," "commit," "forecast," "tracking," or "continue" and 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 full-year guidance, are based upon the current expectations and beliefs of management and are provided for the purpose of providing additional information about such expectations and beliefs, and readers are cautioned that these statements may not be appropriate for other purposes. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, the risks and uncertainties discussed in Bausch + Lomb's filings with the U.S. Securities and Exchange Commission ("SEC") and the Canadian Securities Administrators (the "CSA") (including the Company's final prospectus as filed with the SEC on May 5, 2022 pursuant to Rule 424(b)(4) under the Securities Act of 1933 relating to the Company's Registration Statement on Form S-1 and the Company's supplemented PREP prospectus as filed with the CSA on May 5, 2022), which factors are incorporated herein by reference. They also include, but are not limited to, risks and uncertainties relating to the proposed plan to spin off or separate the Company from Bausch Health, including the expected benefits and costs of the 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 expiry of customary lock-ups related to the Bausch + Lomb IPO which have now expired and 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 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 BAUSCH + LOMB 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, the fear of that pandemic, the emergence of variant and subvariant strains of COVID-19 (including the Delta and Omicron variants and subvariants) and any resulting reinstitution or strengthening of lockdowns or other restrictions, the availability and effectiveness of vaccines for COVID-19 (including with respect to current or future variants and subvariants), COVID-19 vaccine immunization rates, the evolving reaction of governments, private sector participants and the public to that pandemic, and the potential effects and economic impact of that pandemic, the severity, duration and future impact of which are highly uncertain and cannot be predicted, and which may have a material adverse impact on the Company, including but not limited to its supply chain, third-party suppliers, project development timelines, employee base, liquidity, stock price, financial condition and costs (which may increase) and revenue and margins (both of which may decrease). 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 2022 full-year guidance with respect to expectations regarding base performance growth and organic growth, currency impact, run rate dis-synergies, inflation and interest rate, 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 the extent of the Company's R&D expense; and the assumption that the risks and uncertainties outlined above will not cause actual results or events to differ materially from those described in these forward-looking statements. Management has also made certain assumptions in assessing the anticipated impacts of the COVID-19 pandemic on the Company and its results of operations and financial conditions, including: that there will be no material restrictions on access to health care products and services resulting from a possible resurgence of the virus and variant and subvariant strains thereof on a global basis in 2022; there will be increased availability and use of effective vaccines; that the strict social restrictions in the first half of 2020 will not be materially re-enacted in the event of a material resurgence of the virus and variant and subvariant strains thereof; that there will be an ongoing, gradual global recovery as the macroeconomic and health care impacts of the COVID-19 pandemic diminish over time; that the largest impact to the Company's businesses were seen in the second quarter of 2020; that, to the extent not already achieved, our revenues will likely return to pre-pandemic levels during 2022, but that rates of recovery will vary by geography and business unit, with some regions and business units expected to lag in recovery possibly beyond 2022; and no major interruptions in the Company's supply chain and distribution channels. If any of these assumptions regarding the impacts of the COVID-19 pandemic are incorrect, our actual results could differ materially from those described in these forward-looking statements. Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. Bausch+Lomb undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect actual outcomes, unless required by law. The guidance in this presentation is only effective as of the date given, Nov. 2, 2022, and will not be updated or affirmed unless and until the Company publicly announces updated or affirmed guidance. Distribution or reference of this deck following Nov. 2, 2022 does not constitute the Company re-affirming guidance. 1#3Non-GAAP Information; Comparable Information To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses certain non-GAAP financial measures and ratios, including (i) EBITDA, (ii) Adjusted EBITDA, (iii) Adjusted EBITDA Margin, (iv) EBITA, (v) Adjusted EBITA, (vi) Adjusted EBITA Margin, (vii) Adjusted Gross Profit, (viii) Adjusted Gross Margin, (ix) Adjusted SG&A, (x) Adjusted Net Income, (xi) Adjusted Tax Rate, (xii) Organic Revenue Growth/Change and Organic Growth/Change, (xiii) Constant Currency, (xiv) Adjusted Earnings Per Share ("EPS") and (xv) 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 guidance purposes, the Company does not provide reconciliations of projected Adjusted EBITDA (non-GAAP) to projected GAAP net income (loss), projected Adjusted Gross Margin (non-GAAP) to projected GAAP Gross Margin or projected Organic Revenue Growth to projected GAAP Revenue Growth due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. These amounts may be material and, therefore, could result in the GAAP measure or ratio being materially different from the projected non-GAAP measure or ratio. For further information on non-GAAP financial measures and ratios, please see the Appendix. BAUSCH + LOMB The comparable information about other companies was obtained from public sources and has not been verified by the 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#4Today's Topics BAUSCH+ LOMB 3Q22 Highlights & Financial Results FY 2022 Guidance Upcoming Catalysts 3#5Bausch+Lomb Overview ~170 years of success as a leading eye health brand BAUSCH + LOMB + The most integrated eye care company¹ Highest brand awareness in eye care 3,4 1 Fastest growing global contact lens supplier in FY21² 1 80+% of world population has access to B+L products 1. Peers consist of: Alcon, Johnson & Johnson, CooperVision, Carl Zeiss Meditec AG, Hoya, Rayner, Regeneron, Allergan and Novartis. 2. Based on FY21 reported numbers. Peers consist of: CooperVision, Alcon and Johnson & Johnson. 3. Tech Sci Research, May 2021, Survey of 200 respondents across the globe. 4. Peers include: Essilorluxottica, Johnson & Johnson, Alcon, Hoya, Menicon Co., Ltd., CooperVision, Inc., Carl Zeiss Meditec AG, Novartis AG, Pfizer, Inc., etc. 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.. Global leader in consumer eye health, outpacing U.S. market growth by ~1.7x since 20185 ~100 countries and -12,800 employees TTTTT 4#6A Standalone Bausch + Lomb... Creates opportunities for a pure play eye health company¹ 1 Expect growth in large durable markets with opportunity to grow, driven by new products and by focusing on megatrends BAUSCH + LOMB 1. See Slide 1 for further information on forward-looking statements. 2 Potential for margin expansion based on new products and supply chain efficiencies with critical mass while efficiently managing cost structure. 3 Expect to have balance sheet flexibility to expand investment in the business including additional strategic opportunities 01 5#7Resiliency Among Global Macroeconomic Challenges Eye Health: Resilient to Economic Pressures 81% BAUSCH + LOMB of Americans would be willing to give up one of the following if it meant never losing their eyesight¹: going on vacation the internet listening to music & the ability to remember people's names or another one of their senses The Visionary Report. https://www.sightmatters.com/amd-awareness/. 2. See Slide 1 for further information on forward-looking statements. 3. TechSci Research, May 2021, Survey of 200 respondents across the globe. 4. Peers include: Essilorluxottica, Johnson & Johnson, Alcon. Hoya, Menicon Co., Ltd., CooperVision, Inc., Carl Zeiss Meditec AG, Novartis AG, Pfizer, Inc., etc. => Bausch+Lomb Positioned Well O A Trusted Brands Highest brand awareness in eye care ³,4 Diversification >400 branded and generic products Products offered at various price points ● ● Geographic Mix Presence in 100 countries Expansion of Portfolio 15+ products expected to launch in 2023² 6#83Q22 Highlights: Organic Revenue Growth 1.2 in All Three Segments. Despite Inflation and FX Headwinds Bausch + Lomb 3Q22 vs. 3Q21 (1%) 3Q22 Reported Revenue 5% 3Q22 Organic Revenue ¹,2 5% 3Q22 Constant Currency¹ Ophthalmic Pharmaceuticals 18% Surgical 18% BAUSCH + LOMB Vision Care 64% Continued Momentum in Key Portfolios +14% reported revenue growth Ocuvite® + PreserVision® PreserVision® has ~95% market share in U.S.³ +14% organic revenue growth ¹,2 in surgical implantables, driven by premium and standard IOLS Investing in Categories Growing Faster Than Market 4. IQVIA NSP. 5. Clarivate. See Slide 1 for further information on forward-looking statements. -49% U.S. weekly market share for Lumify® in Redness Reliever Category³; strong early launch in Canada ~24% CAGR (2016-2021)4 U.S. prescription dry eye market; expect double digit growth 2021-20275 NOV03 PDUFA Date June 2023 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. IRI Panel Omnichannel. Expanding Into New Product Categories Entered into an exclusive European distribution agreement for MIMSⓇ minimally invasive surgical procedure for treatment of glaucoma LUXSMART SMART LuxSmart TM Premium IOL launched in 19 countries 7#93Q22 Financial Highlights & Segment Drivers Organic Revenue Growth ¹.2 in All Three Segments Despite Inflation and FX Headwinds ● Total Company Revenue Millions USD • 949 3Q21 942 3Q22 +5% organic revenue ¹,2 growth Sixth consecutive quarter of organic revenue growth • COVID recovery progressing in China Recession resilient portfolio, able to absorb slower consumer activity and continue growth BAUSCH + LOMB Vision Care . 63% $598M 37% Contact Lens ■Consumer Surgical 27% 54% $172M 19% ■ Implantables ■ Equipment Consumables/Other 3 Q 22 +4% Strong demand for key franchises: Lumify (+7% reported revenue growth) Ocuvite® + PreserVision (+14% reported revenue growth) Daily SiHy (+8% reported revenue growth) Bausch+Lomb ULTRA® (+7% reported revenue growth) • Bio True ONEday (+2% reported revenue growth) 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. ORGANIC REVENUE +8% Growth in implantables (+4% reported revenue growth; +14% organic revenue growth ¹.2), driven by premium and standard IOLS • Strong demand for consumables (-2% reported revenue decline; +6% organic revenue growth ¹.2), driven by increase in cataract and retina procedures . Ophthalmic Pharmaceuticals . 39% $172M U.S. International CHANGE 61% 1,2 +5% Strong performance in international portfolio (+3% reported revenue growth; +15% organic revenue growth 1.2) Vyzulta® saw 29% TRx growth ³ in 3Q22 Positive early stages of XIPERE® launch 8#103Q22 Revenue Bridge: Organic Revenue Growth 1.2 in All Three Segments Despite Inflation and FX Headwinds $949M +5% organic revenue growth ¹,2 3Q21 Revenue BAUSCH + LOMB + $48M Business Performance -$55M FX Impact $942M 3Q22 Revenue I 1.1 I I 1 1.0 1 I 1 0.9 160 0.8 Dec-21 Feb-22 140 Strengthening U.S. Dollar Impacting Bausch + Lomb 120 USDEUR Spot 3 EURO is trading at near 20 year low and at a level before the currency was in widespread use Mar-22 May-22 Jun-22 Aug-22 Sep-22 USDJPY Spot 3 Previous high in USDJPY was in 1998 at the height of the Asian Financial Crisis 100 Dec-21 Feb-22 Mar-22 May-22 Jun-22 Aug-22 Sep-22 1.0 0.9 0.8 0.7 Dec-21 USDGBP Spot 3 GBP reached it's all time low in Sept. 2022 matching its prior low in 1985 Feb-22 Mar-22 May-22 Jun-22 Aug-22 Sep-22 USDCNY Spot 3 CNY has weakened -13% vs USD in 2022 7.4 7.2 7.0 6.8 6.6 6.4 6.2 6.0 Dec-21 Feb-22 Mar-22 May-22 Jun-22 Aug-22 Sep-22 U.S. inflation remains at highest levels since the 1980s³ 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. Bloomberg. 9#11Total 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 2,6 Adj EPS 3,4,6 3Q22 $598M $172M $172M $942M $570M 60.5% $77M 8.2% $360M 38.2% $132M $34M $18M $187M 3Q21 $605M $173M $171M $949M $585M 61.6% $63M 6.6% $348M 36.7% $174M $26M $16M $207M 21.8% $124M $0.35 Reported Change (1%) (1%) 1% (1%) (3%) (110 bps) (22%) (3%) (24%) 31% 13% (10%) 19.9% $107M $0.31 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. 3. Includes transactional FX and NCI. BAUSCH + LOMB 4. On a proforma basis after giving effect to the IPO. (14%) Constant Currency² 4% 7% 5% 5% 2% (25%) (10%) (22%) 38% 13% (15%) (17%) Organic Change² 4% 8% 5% 5% +5% organic revenue growth 1,2,5 +$14M investment in R&D during 3Q22 to expedite portfolio advancement; YTD in R&D $229M, -8% of revenue 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 the separation 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. 6. Prior to 2022, in calculating this non-GAAP measure/ratio, 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 calculating these amounts. The Company believes these costs are not material for the periods presented. See the Appendix for further information on this change. 10#12Total 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 3Q22 $598M $172M $172M $942M $510M 54.1% $77M 8.2% BAUSCH + LOMB 3. On a proforma basis after giving effect to the IPO. $381M 40.4% $46M $34M $18M ($18M) (1.9%) ($0.05) 3Q21 $605M $173M $171M $949M $505M 53.2% $63M 6.6% $348M 36.7% $94M $26M $16M $60M 6.3% $0.17 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 (1%) (1%) 1% 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. (1%) 1% 90 bps (22%) (9%) (51%) 31% 13% (130%) Constant Currency² 4% 7% 5% 5% 6% (25%) (16%) (47%) 38% 13% (167%) Organic Change 2,4 4% 8% 5% 5% 11#13Cash Flow and Balance Sheet Summary Cash flow from operations. Adj. Cash flow from operations (non-GAAP)1,3 CapEx Debt² 1. This is a non-GAAP measure or ratio. See Slide 2 and Appendix for further information on non-GAAP measures and ratios. 3Q22 BAUSCH + LOMB 2. Debt Balance shown at Principal Value as of 9/30/2022. $27M $48M $49M $2,494M YTD4 $186M Strong balance sheet with the flexibility to pursue value enhancing investment opportunities 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 $21 million for 3Q22 and $30 million YTD. 4. As of 9/30/2022. $216M $125M 12#14BAUSCH+ LOMB FY 2022 Guidance 13#15Full-Year 2022 Revenue and Adjusted EBITDA (non-GAAP)¹ Guidance ³ Prior Guidance (June 2022) Prior Guidance (August 2022) Current Guidance (November 2022) $3.70B $3.75B $3.75B $3.80B $3.75B $3.80B Total Revenues Adjusted EBITDA (non-GAAP)¹ Key Assumptions Interest Expense² R&D Adj. Tax Rate (non-GAAP)¹ Avg. Fully Diluted Share Count Cap Ex Depreciation and Stock Based Comp BAUSCH + LOMB $740M $780M Prior Guidance (June 2022) -$150M -7% of revenue -12% -350M -$225M -$215M $740M $780M Prior Guidance (August 2022) -$150M -8% of revenue ~6%-8% -350M - $225M -$200M $715M $755M Current Guidance (November 2022) -$150M -8% of revenue ~6% -350M -$200M -$200M Revenue Maintained 4-5% organic revenue growth ¹,3 expected for FY22; strengthening dollar impacting estimate for reported results FY22 FX headwinds expected to increase to $210M from $160M Adj. EBITDA Updating adjusted EBITDA¹ due to $10M FX headwind and $15M slower than expected SiHy manufacturing yield / output ramp Adj. Gross Margin Adj. gross margin for 2022 is expected to be -60% 1,3 1. This is a non-GAAP measure or ratio. See Slide 2 and Appendix for further information on non-GAAP measures or ratios. See slides 10 and 11 for disclosure of historic non-GAAP measures and ratios and their historic comparable GAAP measures and ratios. 2. Interest expense includes -$100M for the $2.5bn Term loan issued on May 10th 2022 and amortization and write-down of deferred financing costs. It also includes -$50M of interest related to B+L's affiliate debt with BHC for $2.2bn which was paid off as part of the IPO transaction. 3. The guidance in this presentation is only effective as of the date given, Nov. 2, 2022, and will not be updated or affirmed unless and until the Company publicly announces updated or affirmed guidance. Distribution or reference of this deck following Nov. 2, 2022 does not constitute the Company re-affirming guidance. See Slide 1 for further information on forward-looking statements. 14#16BAUSCH LOMB Upcoming Catalysts 15#17Strengthening Key Consumer Franchises Gaining Market Share and Expansion Opportunities BAISCHLOME Ocuvite ADULT 50+ FRUMIBIE.CO TEST PreserVision AREDS 2 Ocuvite® + PreserVision® 100 3+ coalo PreserVision® U.S Market Share¹ 95.1% 93.9% Brand Family Line Extension 3Q21 +120bps 3Q22 Enhanced Ocuvite® Adult 50+ Eye Vitamin Formulation with Vitamin D BAUSCH + LOMB PreserVision® AREDS2 + CoQ10 To help support healthy heart function Bio True®: Global Mega Brand Platform Bio true HET U.S Market Share - Bausch + Lomb Multi-purpose Solutions¹ 57.4% O Bio true 53.3% 3Q21 3Q22 Solution market share gains driven by BioTrue® Multi-purpose +410bps Expanding the BioTrue® Mega Brand Platform To Strength Competitive Advantage in Dry Eye Hydration Boost SDU For mild, occasional dry eyes Contact Lens Drops For dry contacts true WHOLLAR Bio true Nourishing Hydration For moderate, persistent dry eyes Micellar Eyelid Cleansing Wipes For Eyelid Care +$100M² Global Dry Eye Franchise revenue (4%) decline vs. 3Q21 NOUVEAU Elixya booster Artelac® organic revenue 11% growth 3.4 vs. 3Q21 >35 cocky bar 12- sasco 1. B+L Consumer Data Science. Data Source: IRI, Total US Panel, Omnichannel Data. 2. Trailing Twelve Months as of Q322. This is a non-GAAP measure or ratio. See Slide 2 and Appendix for further information on non-GAAP measures and ratios. 4. 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. number of countries Artelac® is launched in 10+ number of line extensions Recently launched Elixya® in France 16#18LUMIFY® Franchise Strong Growth with Geo-Expansion and Line Extensions Upcoming Global Revenue +7% vs. 3Q21 36% 31% 16% 11% 6% % of U.S. Weekly Market Share in Redness Reliever Category¹ BAUSCH + LOMB Geo-Expansion Canadian LUMIFY® Launch: Off to fastest launch for B+L in Canadian eye drop market, generating 2x the sales vs. previous leading eye drop launches² Global expansion with 6 countries approved 49% 1Q18 2018 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 Clear Eyes Private Label Visine Rohto All Other Lumify 1. IRI Panel Omnichannel, trademarks are property of respective owners. 2. Nielsen Market Track, National GB+DR+MM, 8 weeks ending September 10 2022. 3. See Slide 1 for further information on forward-looking statements. 23% 11% 8% 7% 2% 57 KV ● H ● 30 INERT beim NEW BAUSCH+LOMB LUMIFY EYE ILLUMINATIONS 2-IN-1 MICELLAR Eye Cleanser & Makeup Remover CLEANSE, MOISTURIZE, BRICHTEN HEWOVES WATERPROOF MAKEUP MYALURONIC ACIDI VITAMIN HYPOALLERGENIC LUMIFY EYE ILLUMINATIONS TIN-1 MIDELEYA Eye Cleanser Makeup Remove BAUSCH + LOMB LUMIFY EYE ILLUMINATIONS BRIGHTENING Hydra-Gel Eye Cream ILLUMINATING & SMOOTHING LUMIFY EYE ILLUMINATIONS Hydre Gel Eye Cream 10 ) hall. BAUSCH+LOMB LUMIFY EYE ILLUMINATIONS ELINICALLY P**** Lash & Brow Serum MULTINCONS Line Extensions ³ Coming in 2023: LUMIFY® Eye Illuminations Expanding LUMIFY's beauty positioning to specialty eye care Beyond 2023: LUMIFY® Preservative Free (Single Dose) Combination product with ketotifen for allergy symptom control LUMIFY EYE ILLUMINATIONS 17#19R&D Delivering Opportunities in High Growth, High Margin Categories ¹ Expected to Launch More than 15 Products in 2023 Ocuvite ADULT 50+ ● ● ● Shift surgical portfolio to premium categories Launching high-margin pharmaceutical products Continue to increase scale in Vision Care 2022 Launches Bio true nau VYZULTAⓇ geo-expansion BAUSCH + LOMB Revive™ CUSTOM SOFT CONTACT LENSES XIPERE™ BAUSCH&LOME PROJECT WATSON REUSCHOLOME LUMIFY LumifyⓇ geo-expansion LUXSMART SMART Lux Premium IOL Expansion 1. See Slide 1 for further information on forward-looking statements. 2023 Upcoming UREY eyeTELLIGENCE™ MAGINE FOSSIBILITIES eye Telligence ™ digital ecosystem wo Bio true wiki.org Bio true INFUSE ULTTA Daily SiHy Multifocal Daily SiHy - geo-expansion LUXSMART SMART Lux Premium IOL Expansion ULTTA Bio true true NOV03 en Vista® Premium IOL Expansion NIGELLAR EYEL CLEANSING RES 3D Microscope BAUSCH LONG LUMIFY BRINEMONE INT SESUBER P Wirksin me Lumify® geo-expansion Minimally Invasive Micro Sclerostomy ("MIMSⓇ") VYZULTA Batanoprostene coltalmic solution GERAL Sede 2244 VYZULTAⓇ geo-expansion Teneo™M Excimer Laser for Refractive Surgery (US) BAUSCH + LOMB ARISE ORTHO-K SYSTEM 18#20NOV03¹: FDA Accepted NDA PDUFA Date June 2023 Current Market BAUSCH + LOMB + 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 •. DED is one of the most common ocular surface disorders, with approximately 18M Americans diagnosed with DED.2,3 Statistically significant difference of sign and symptom was noted at day 15 and 57 in both Phase 3 studies • In one study, it was found that ~90% of patients with DED had MGD involvement.4 2023 LAUNCH7 U.S. Prescription Dry Eye Market Growth -24% CAGR 2016-20215 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. Leonardi, A., Modugno, R. L., & Salami, E. (2021). Allergy and Dry Eye Disease. Ocular immunology and inflammation, 29(6), 1168-1176. https://doi.org/10.1080/09273948.2020.1841804. 3. 2020 Dry Eye Products Market Report: A global Analysis for 2019 to 2025. Market Scope. Retrieved from https://www.market-scope.com/pages/reports/250/2020-ophthalmic-landscape-report-global-analysis-for-2019-to-2025-april-2021#reports. 4. Badian RA. Sci Rep. 2021:11:23412.; Lemp MA, et al. Cornea. 2012:31:472-478. Messmer EM. Dtsch Arztebl Int. 2015:112(5):71-81. 5. IQVIA NSP. 6. Clarivate 7. See Slide 1 for further information on forward-looking statements. Expect Double Digit Growth 2021-20276,7 19#21eye Telligence®: Advancing Interconnectivity and Leveraging Data to Improve Surgeon Outcomes Today Stellaris Elite® communicates with the eye Telligence cloud to store data and provide service and support convenience for the operating room BAUSCH + LOMB Cloud 1. See Slide 1 for further information on forward-looking statements. Next-Generation Digital Solutions eye Telligence®: Analytical software to allow surgeons to seamlessly integrate all aspects of the cataract, retinal and refractive surgery processes to maximize their overall practice efficiency Doctors Office (MD/OD) Diagnostic Equipment Surgical Facility OR Equipment CeyeTELLIGENCE™ IMAGINE POSSIBILITIES Delivering an ecosystem focused on efficiency and patient outcomes 2023 LAUNCH ¹ Patient Physicians Bausch + Lomb Digital 3D Microscope 20#223D Microscope: Fully-digital Surgical Visualization Platform BAUSCH + LOMB BAUSCH+LOMB 1. Marketscope 2021. 2. 2020 Ophthalmic OR Microscope Report. 3. See Slide 1 for further information on forward-looking statements. + Exceptional image quality with unique Diagnostics that allows surgeons to tackle complicated surgical cases with confidence and ease + + + 2023 LAUNCH ³ Ergonomics with multiple digital display options that allow surgeons to operate ergonomically Integrated workflow and user interface provides an intuitive interface with comprehensive settings Teaching tool transforms the surgical experience in and outside the OR by allowing participation in the surgical procedure in an immersive way + eye Telligence® integration Market Opportunity $0.4B Market¹ 6.0% CAGR² 21#23Upcoming Premium IOL Launches ¹ Lux Premium IOL (EU Countries) LuxSmart (EDOF) EU launch began 2020 Launched in 19 countries; ~10 additional countries expected in 2023 LuxLife (Trifocal) EU 2024 BAUSCH + LOMB en Vista Envy ™ (en Vista® Trifocal IOL) (EU Countries) Canada 2023 1. See Slide 1 for further information on forward-looking statements. U.S, EU 2024 Additional geo-expansion including China en Vista Aspire TM (en Vista® Extended Range Monofocal IOL) (EU Countries) T Canada, U.S. 2023 EU 2024 Additional geo-expansion including China en Vista Dynamic ™ (en Vista® Extended Depth of Focus IOL) T (EU Countries) U.S., EU, Canada, China 2025/2026 22#24Delivering on Areas of Key Focus in 2022 Continue momentum in current portfolio Invest in categories growing faster than market Expand into new product categories BAUSCH + LOMB 4-5% organic revenue growth in FY22 expected ¹.2 Strong performance in key franchises: Ocuvite® + PreserVision®, LUMIFY®, Artelac®, Bio TrueⓇ Global Mega Brand and core vision care brands (BioTrue® ONEday, Bausch + Lomb ULTRA®, Daily SiHy) Geo-expansion and line extensions in numerous key franchises Market share gains seen across key franchises Continued rollout of Daily SiHy Strong performance in implantables, following premium IOL rollout Planning for upcoming launch of 3D microscope FDA filing acceptance of NOV03 (PDUFA date June 2023) Launched XIPERE® and positive early results Launched Revive ™ Custom Soft Contact lenses Launched Project Watson ™ health care product for dogs Entered into an exclusive European distribution agreement for MIMS® minimally invasive surgical procedure for treatment of glaucoma Enrolled first patient in LASIK clinical trial for Technolas® TENEO™ Excimer Laser 1. This is a non-GAAP measure or ratio. See Slide 2 and Appendix for further information on non-GAAP measures or ratios. See slides 10 and 11 for disclosure of historic non-GAAP measures and ratios and their historic comparable GAAP measures and ratios. 2. The guidance in this presentation is only effective as of the date given, Nov. 2, 2022, and will not be updated or affirmed unless and until the Company publicly announces updated or affirmed guidance. Distribution or reference of this deck following Nov. 2, 2022 does not constitute the Company re-affirming guidance. See Slide 1 for further information on forward-looking statements. 23#25+ 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. 24#26BAUSCH+ LOMB Appendix 25#27Pipeline and Upcoming Milestones¹ Vision Care Product SiHy Daily Lacelle® colored contact lenses Biotrue® Hydration Plus Multi-purpose Solution Biotrue® PF Contact Lens Rehydrating Drops (Multidose & Single Dose Use) LUMIFY® Line Extensions Myopia control contact lens² BAUSCH + LOMB Status Launched in ~25 countries Approved in Japan Approved (US FDA, Health Canada, NMPA/ China) Design transfer and Commercialization Readiness stage Phase 3 study in progress 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 Launching SVS into more countries in 2022; Multi-focal and toric launch coming 2023-2024 New range of Daily Disposable cosmetic lens launching in Japan in 2022 U.S. launch ongoing; Canada launched 2H22; China launch expected 1H23 U.S. FDA submission expected 2022, launch mid-2023 One phase 3 clinical study started. Additional studies started in 2H22 Global clinical study to begin in 2023 26#28Pipeline and Upcoming Milestones¹ Surgical Product en Vista Envy TM en Vista® Trifocal IOL (Intraocular Lens) Stable Visc TM Cohesive OVD en Vista Aspire TM 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 eye TELLIGENCE® Digital Platform 3D icroscope Teneo ™M Excimer Laser BAUSCH + LOMB Status Canadian study completed enrollment in 1Q22; U.S. study completed enrollment in 2Q22 Clinical Study Report completed 2Q22; FDA submission filed early 3Q22 US and Canada submission planned for 4Q22 EU submission planned for 2Q23 Clinical study to begin 3Q23 Launched in Europe Alpha prototype build and test underway Beta software release at AAO October 2022; Software as Medical Device (SaMD) documentation ongoing Approval expected 2023 Enrollment completed for myopia study Enrolled first patient 3Q22 in hyperopia study 1. See slide 1 for further information on forward-looking statements. Upcoming Milestone Expect Canadian launch 2023; Expect US and EU launch 2024 Expect US approval 4Q22 Expect US and Canada launch 2H23 Expect 2025/2026 launch Continued expansion of platform expected in 2023 Beta prototyping expected 1Q23 US commercial release expected 1Q23 Launch expected in 2023 Expected myopia launch in U.S. in 2023 27#29Pipeline and Upcoming Milestones¹ Ophthalmic Pharmaceuticals Product VYZULTA® geo-expansion NOV032 (dry eye disease associated with meibomian gland dysfunction) 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 Xbrane withdrew aBLA5 after receiving feedback from FDA that supplemental information would be required 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 Resubmission target date expected by end 2022 Clinical trial enrollment completion is delayed from 4Q22 to 1H23 due to clinical trial material availability 4. Exclusive licensing agreement with Eyenovia, Inc. for U.S. and Canada. 5. Abbreviated biologics license application. 28#30Top 10 Revenues - Bausch + Lomb Top 10 Revenues Rank 1 Ocuvite® + PreserVisionⓇ 2 Surgical Consumables 3 SofLensⓇ 4 Biotrue ONEday 5 6 7 8 9 Product/Franchises 10 Surgical Implantables Bausch + Lomb ULTRA® renu® Biotrue® Solutions Franchise Surgical Equipment LumifyⓇ BAUSCH + LOMB 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 $194 M $187M $170M $186M $139M $154M $108M 4Q21 $101M $105M $71M $50M $50M $42M $55M $39M $43M $28M 3Q21 $86M $93M $68M $52M $45M $43M $53M $40M $35M $28M 29#31Segment Financials Vision Care Contact Lens Revenue Consumer Revenue Total Revenue Surgical Implantables Revenue Equipment Revenue Consumables Revenue Total Revenue Ophthalmic Pharmaceuticals Total Revenue BAUSCH + LOMB 3Q22 $222M $376M $598M 3Q22 $47M $34M $91M $172M 3Q22 $172M 3Q21 $226M $379M $605M 3Q21 $45M $35M $93M $173M 3Q21 $171M Reported Change (2%) (1%) (1%) Reported Change 4% (3%) (2%) (1%) Reported Change 1% 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 6% 3% 4% Organic Change % ¹,2 14% 3% 6% 8% Organic Change %¹,2 5% 30#32Revenue 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 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 3Q21 $226M $379M $605M $45M $35M $93M $173M $171M 31#33Total Bausch+Lomb P&L¹ (Non-GAAP)² - YTD 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 ³,6 Adj EPS 2,4,6 3Q22-1022 $1,747M $530M $495M $2,772M $1,673M 60.4% $229M 8.3% $1,060M 38.2% $383M $98M $45M $539M 19.4% $295M $0.84 3Q21-1Q21 $1,717M $520M $527M $2,764M $1,700M 61.5% $201M 7.3% $1,016M 36.8% $483M $90M $45M $605M 21.9% $333M $0.95 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. 3. Includes transactional FX and NCI. Reported Change 2% 2% (6%) 0% (2%) (110 bps) (14%) (4%) (21%) 9% 0% (11%) (11%) Constant Currency³ 7% 8% (3%) 5% 2% (17%) (9%) (18%) 14% 0% (14%) (16%) 4. On a proforma basis after giving effect to the IPO. BAUSCH + LOMB 5. 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 7% 9% (3%) 5% 6. Prior to 2022, in calculating this non-GAAP measure/ratio, the Company had excluded expenses associated with acquired IPR&D. Commencing in 2022, the Company no longer excludes acquired IPR&D in calculating these amounts. The Company believes these costs are not material for the periods presented. See the Appendix for further information on this change. 32#34Total Bausch+Lomb P&L¹ (GAAP) - YTD Bausch + Lomb Vision Care Revenue Surgical Revenue Ophthalmic Pharmaceuticals Revenue Total Revenue Gross Profit Gross Margin R&D R&D percent of Revenues SG&A SG&A percent of Revenues Operating Income Depreciation Stock Based Compensation Net Income Net Income Margin EPS³ 3Q22-1022 BAUSCH + LOMB 3. On a proforma basis after giving effect to the IPO. $1,747M $530M $495M $2,772M $1,484M 53.5% $229M 8.3% $1,092M 39.4% $156M $98M $45M $7M 0.3% $0.02 3Q21-1Q21 $1,717M $520M $527M $2,764M $1,464M 53.0% $201M 7.3% $1,024M 37.0% $237M $90M $45M $131M 4.7% $0.37 1. Products with sales outside the United States impacted by F/X changes. 2. This is a non-GAAP measure or ratio. See Slide 2 and Appendix for further information on non-GAAP measures and ratios. Reported Change 4. Organic revenue growth/change, a non-GAAP ratio, is defined as a change on a period-over-period basis in revenues on a constant currency basis (if applicable) excluding the impact of acquisitions, divestitures and discontinuations. 2% 2% (6%) 0% 1% 50 bps (14%) (7%) (34%) 9% 0% (95%) Constant Currency² 7% 8% (3%) 5% 6% (17%) (11%) (29%) 14% 0% (108%) Organic Change 2,4 7% 9% (3%) 5% 33#35Non-GAAP Adjustments EPS Impact ($M)2,3 Three Months Ended September 30, Net (loss) income attributable to Bausch + Lomb Corporation Non-GAAP adjustments: Amortization of intangible assets Asset impairments Restructuring, integration and transformation costs Acquired in-process research and development costs Acquisition-related costs and adjustments (excluding amortization of intangible assets) IT infrastructure investment Separation costs and separation-related costs Legal and other professional fees Other Tax effect of non-GAAP adjustments Adjusted net income attributable to Bausch + Lomb Corporation (non-GAAP)¹ BAUSCH + LOMB 1. 1234 Income (Expense) $ $ 2022 (18) 59 1 11 15 39 107 Earnings per Share Impact $ (0.05) 0.17 0.03 0.04 0.12 0.31 Income (Expense) $ $ 2021 60 72 8 1 1 (16) 124 Earnings per Share Impact 0.17 $ 0.21 0.02 (0.01) 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. (0.04) 0.35 Income (Expense) $ $ 7 188 1 14 2022 (5) 1 28 6 55 295 Nine Months Ended September 30, Earnings per Share Impact $ 0.02 0.54 0.04 (0.01) 0.08 0.02 0.15 0.84 Income (Expense) $ $ 2021 131 225 11 1 1 6 2 (44) 333 Earnings per Share Impact $ 0.37 0.64 0.03 0.02 0.01 (0.12) 0.95 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, the amount of acquired IPR&D for the third quarter of 2022 was less than $1 million and there was no acquired IPR&D in either the first or second quarter of 2022. For 2021, there was no acquired IPR&D in the third quarter of 2021 and there was $1 million in aggregate acquired IPR&D for the nine months ended September 30, 2021. 34#36Reconciliation of Reported Operating Income to Adjusted EBITA (non-GAAP)1 ($M) (QTD and YTD) 2022 GAAP Amortization of intangible assets Asset impairments Restructuring, integration and transformation costs Acquisition-related costs and adjustments (excluding amortization of intangible assets) IT infrastructure investment Separation costs and separation-related costs Litigation and other matters Other 2022 Non-GAAP¹ 2021 GAAP Amortization of intangible assets Asset impairments Restructuring and integration costs Acquired in-process research and development costs² IT infrastructure investment Separation costs and separation-related costs Legal and other professional fees 2021 Non-GAAP¹ BAUSCH + LOMB 2. $ Gross Profit 510 59 1 $ 570 Gross Profit² $ 505 72 8 $ 585 Gross Margin 54.1% $ 6.3% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 60.5% $ Gross Margin² 53.2% $ 7.6% 0.8% 0.0% 0.0% 0.0% 0.0% 0.0% 61.6% $ QTD 2022 SG&A 381 $ (10) (11) 360 $ QTD 2021 SG&A 348 $ (1) (1) 2 348 $ R&D Expense Operating income 77 $ 77 $ R&D Expense 63 $ 46 59 1 11 63 $ 15 Operating income 132 94 72 00 8 1 1 (2) 174 Gross Profit $ 1,484 188 1 $ 1,673 Gross Profit 1,464 225 11 $ 1,700 Gross Margin SG&A 53.5% $ 1,092 $ 6.8% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 60.4% $ YTD 2022 0.0% 0.0% 0.0% 61.5% $ (10) (1) (21) 1,060 $ YTD 2021 (6) (2) Operating R&D Expense income 229 $ 1,016 $ 229 $ Gross R&D Operating Margin SG&A Expense income 53.0% $ 1,024 $ 201 $ 8.1% 0.4% 0.0% 0.0% 156 188 1 14 201 $ (5) 1 28 383 237 225 11 1 1 6 2 483 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 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, the amount of acquired IPR&D for the third quarter of 2022 was less than $1 million and there was no acquired IPR&D in either the first or second quarter of 2022. For 2021, there was no acquired IPR&D in the third quarter of 2021 and there was $1 million in aggregate acquired IPR&D for the nine months ended September 30, 2021. 35#37Reconciliation of Reported Net Income (Loss) to EBITDA (non-GAAP)¹ and Adjusted EBITDA (non-GAAP)¹ ($M) BAUSCH + LOMB Net (loss) income attributable to Bausch + Lomb Corporation Interest expense, net Provision for income taxes Depreciation and amortization 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 adjustments: IT infrastructure investment 2. Legal and other professional fees Acquired in-process research and development costs ² Other Adjusted EBITDA (non-GAAP)¹ Three Months Ended September 30, $ $ 2022 (18) 33 34 93 142 1 11 18 15 187 2021 $ 60 $ - 25 98 183 8 16 1 1 (2) 207 $ $ Nine Months Ended September 30, 2022 7 $ 96 60 286 449 1 14 (5) 45 28 1 6 539 $ 2021 131 93 315 539 11 1 45 2 6 1 605 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, the amount of acquired IPR&D for the third quarter of 2022 was less than $1 million and there was no acquired IPR&D in either the first or second quarter of 2022. For 2021, there was no acquired IPR&D in the third quarter of 2021 and there was $1 million in aggregate acquired IPR&D for the nine months ended September 30, 2021. 36#38Reconciliation of Reported Revenue to Organic Revenue ¹,2 and Organic Revenue Growth 1.2 ($M) (Quarter-to-Date and Year-to-Date) 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 598 172 172 942 Revenue as Reported 1,747 530 495 2,772 Calculation of Organic Revenue for the Three Months Ended September 30, 2022 September 30, 2021 Changes in Exchange Rates 34 13 8 55 Changes in Exchange Rates Organic Revenue (Non- GAAP) ¹,2 82 30 18 130 632 185 180 997 (1) Calculation of Organic Revenue for the Nine Months Ended September 30, 2022 September 30, 2021 Organic Revenue (Non- GAAP)¹,2 Revenue as Reported 1,829 560 513 2,902 605 173 171 949 Revenue as Reported Divestitures and Discontinuations 1,717 520 527 2,764 Divestitures and Discontinuations Organic Revenue (Non- GAAP 1,2 605 172 171 948 Organic Revenue (Non- GAAP) ¹,2 1,717 513 527 2,757 Change in Reported Revenue Amount 1 (7) Amount Pct. Change in Reported Revenue 30 10 (32) 8 -1% -1% 1% -1% Pct. 2% 2% -6% 0% Change in Organic Revenue ¹,2 Amount 27 13 9 49 Amount Change in Organic Revenue 112 47 (14) Pct. 145 4% 8% 5% 5% Pct. 7% 9% -3% 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. 1,2 37#39Reconciliation of Reported Revenue to Organic Revenue ¹,2 and Organic Revenue Growth 1,2 ($M) (Quarter-to-Date and Year-to-Date) Supplementary International Ophtho Artelac Contact Lens Consumer Surgical Implantables Surgical Equipment Surgical Consumables BAUSCH + LOMB 1. 2. 3. Revenue as Reported 67 27 222 376 47 34 91 Calculation of Organic Revenue for the Three Months Ended September 30, 2022 September 30, 2021 Changes in Exchange Rates ³ 8 4 18 16 3 2 8 Organic Revenue (Non- GAAP) ¹,2 1.2 75 31 240 392 50 36 99 Revenue as Reported 65 28 226 379 45 35 93 Divestitures and Discontinuations (1) Organic Revenue (Non- GAAP) ¹,2 65 28 226 379 44 35 93 Change in Reported Revenue Amount 2 (1) (4) (3) 2 (1) (2) Pct. 3% -4% -2% -1% 4% -3% -2% Change in Organic Revenue Amount 10 3 14 13 6 1 6 Pct. 15% 11% 6% 3% 14% 3% 6% This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. Organic revenue growth/change, a non-GAAP ratio, is defined as a change on a period-over-period basis in revenues on a constant currency basis (if applicable) excluding the impact of acquisitions, divestitures and discontinuations. The impact for changes in foreign currency exchange rates is determined as the difference in the current period reported revenues at their current period currency exchange rates and the current period reported revenues revalued using the monthly average currency exchange rates during the comparable prior period. 1,2 38#40Reconciliation of Reported Revenue to Organic Revenue ¹,2 and Organic Revenue Growth 1.2 ($M) (Quarter-to-Date and Year-to-Date) Three Months Ended June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 BAUSCH + LOMB 1. 2. 3. Revenue as Reported 941 889 1,001 949 934 Changes in Exchange Rates ³ 46 29 11 (10) (33) Calculation of Bausch + Lomb Organic Revenue Organic Revenue (Non- GAAP)1,2 987 Three Months Ended June 30, 2021 918 March 31, 2021 1,012 December 31, 2020 939 September 30, 2020 901 June 30, 2020 Revenue as Reported 934 881 944 916 677 Divestitures and Discontinuations (3) (3) (2) (4) (2) Organic Revenue (Non- GAAP)1,2 931 878 942 912 675 Change in Reported Revenue Amount 7 8 57 33 257 Pct. 1% 1% 6% 4% 38% Change in Organic Revenue Amount 56 40 70 27 Pct. 6% 5% 7% 3% 226 33% 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. 1,2 39#41Non-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. 40#42Non-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. 41#43Non-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. 42#44Non-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. 43#45Non-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. 44#46Non-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. 45#47Non-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. 46