Bausch Health Companies Shareholder Engagement Presentation Deck

Non-GAAP Appendix Organic Growth/Change and Organic Revenue Organic growth/change, a non-GAAP ratio, is defined as a change on a period-over-period basis in revenues on a constant currency basis (if applicable) excluding the impact of recent acquisitions, divestitures and discontinuations (if applicable). Organic growth/change is 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 is GAAP revenue (it's most directly comparable GAAP financial measure) adjusted for such items. Organic change is impacted by changes in product volumes and price. The price component is made up of two key drivers: (i) changes in product gross selling price and (ii) changes in sales deductions. The Company uses organic revenue and organic growth/change to assess performance of its business units and operating and 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 growth/organic change and organic revenue reflects 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 the business. 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. Acquisitions, divestitures and discontinuations: In order to present period-over-period organic revenues (non-GAAP) 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 (non-GAAP) growth/change excludes 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 (non-GAAP) growth/change excludes from the prior period, all revenues attributable to each divestiture and discontinuance during the twelve months prior to the day 17 BAUSCH- Health of divestiture or discontinuance, as there are no revenues from those businesses and assets included in the comparable current period. Unlevered Adjusted Free Cash Flow Conversion (non-GAAP) Unlevered adjusted free cash flow conversion (non-GAAP) is Unlevered adjusted free cash flows (non-GAAP) as defined below divided by Adjusted EBITDA (non-GAAP) as defined above. Free cash flows (non-GAAP) and Adjusted free cash flows (non-GAAP): We define Free cash flows (non-GAAP) as Cash flows from operating activities (its most directly comparable U.S. GAAP financial measure) less cash payments for purchases of property, plant and equipment. Adjusted free cash flows (non-GAAP) is Free cash flows (non-GAAP) further adjusted for: (i) payments of legacy legal settlements, net of insurance proceeds, (ii) payments for separation costs, IPO costs, separation-related costs, and IPO-related costs and (iii) cash flows from operations in accordance with the terms related to the sale of Amoun Pharmaceutical Company S.A.E. As these payments and amounts arise from events outside of the ordinary course of continuing operations, the Company believes that the adjustments of these items provide supplemental information regarding the sustainability of the Company's cash from operations, allow for a comparison of the financial results to historical operations and forward- looking guidance. Unlevered adjusted free cash flows (non-GAAP): We define Unlevered adjusted free cash flows (non-GAAP) as Adjusted free cash flows (non-GAAP) as defined above, further adjusted for cash interest payments. Management believes that Unlevered adjusted free cash flows (non-GAAP) and Unlevered adjusted free cash flow conversion (non-GAAP), along with the GAAP and non-GAAP measures used by management are useful measures of the Company's ability to generate cash to make investments, manage and repay debt and return capital to shareholders and are useful measures in assessing the actual financial performance of the Company and to forecast future results as part of its guidance and, as a result, provides useful supplemental information to investors.

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