Bausch+Lomb Results Presentation Deck
Reconciliation 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.
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