Track market-moving stories before they get noisy

Posted by Defense World Staff on Apr 10th, 2026

Biodesix (NASDAQ:BDSX – Get Free Report) and Bausch + Lomb (NYSE:BLCO – Get Free Report) are both medical companies, but which is the better investment? We will contrast the two businesses based on the strength of their risk, earnings, analyst recommendations, dividends, profitability, institutional ownership and valuation.

Insider & Institutional Ownership 21.0% of Biodesix shares are owned by institutional investors. Comparatively, 11.1% of Bausch + Lomb shares are owned by institutional investors. 30.1% of Biodesix shares are owned by company insiders. Comparatively, 0.8% of Bausch + Lomb shares are owned by company insiders. Strong institutional ownership is an indication that hedge funds, endowments and large money managers believe a stock is poised for long-term growth.

Volatility and Risk Biodesix has a beta of 0.57, indicating that its stock price is 43% less volatile than the S&P 500. Comparatively, Bausch + Lomb has a beta of 0.65, indicating that its stock price is 35% less volatile than the S&P 500.

Profitability This table compares Biodesix and Bausch + Lomb’s net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets Biodesix -39.85% -1,760.83% -40.28% Bausch + Lomb -7.06% 2.77% 1.31% Analyst Recommendations This is a breakdown of recent ratings and recommmendations for Biodesix and Bausch + Lomb, as reported by MarketBeat.com.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Biodesix 1 0 5 0 2.67 Bausch + Lomb 1 10 4 0 2.20 Biodesix currently has a consensus target price of $32.50, indicating a potential upside of 143.99%. Bausch + Lomb has a consensus target price of $18.25, indicating a potential upside of 10.94%. Given Biodesix’s stronger consensus rating and higher possible upside, equities analysts plainly believe Biodesix is more favorable than Bausch + Lomb.

Earnings & Valuation This table compares Biodesix and Bausch + Lomb”s revenue, earnings per share and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Biodesix $88.50 million 1.48 -$35.26 million ($4.85) -2.75 Bausch + Lomb $5.10 billion 1.15 -$360.00 million ($1.02) -16.13 Biodesix has higher earnings, but lower revenue than Bausch + Lomb. Bausch + Lomb is trading at a lower price-to-earnings ratio than Biodesix, indicating that it is currently the more affordable of the two stocks.

Summary Biodesix beats Bausch + Lomb on 8 of the 14 factors compared between the two stocks.

About Biodesix (Get Free Report)

Biodesix, Inc. operates as a data-driven diagnostic solutions company in the United States. The company offers blood-based lung tests, including Nodify XL2 and Nodify CDT tests, together marketed as part of Nodify Lung Nodule Risk Assessment testing strategy, to assess the risk of lung cancer and help in identifying the appropriate treatment pathway and help physicians in reclassifying risk of malignancy in patients with suspicious lung nodules. It also provides GeneStrat ddPCR and NGS, and VeriStrat tests, which are used in the diagnosis of lung cancer to measure the presence of mutations in the tumor and the state of the patient's immune system to establish the patient's prognosis and help guide treatment decisions. In addition, the company, through its partnership with Bio-Rad Laboratories, Inc., provides Bio-Rad SARS-CoV-2 ddPCR, a COVID-19 Test under Biodesix WorkSafe testing program; and Platelia SARS-CoV-2 Total Ab test, an antibody test for detecting a B-cell immune response to SARS-CoV-2 that indicate recent or prior infection. Further, it offers diagnostic and clinical research, as well as clinical trial testing services to biopharmaceutical companies; and discovers, develops, and commercializes companion diagnostics. The company was formerly known as Elston Technologies, Inc. and as changed to Biodesix, Inc. in 2006. Biodesix, Inc. was incorporated in 2005 and is headquartered in Louisville, Colorado.

About Bausch + Lomb (Get Free Report)

Bausch + Lomb Corporation operates as an eye health company in the United States, Puerto Rico, China, France, Japan, Germany, the United Kingdom, Canada, Russia, Spain, Italy, Mexico, Poland, South Korea, and internationally. It operates in three segments: Vision Care, Pharmaceuticals, and Surgical. The Vision Care segment provides contact lens that covers the spectrum of wearing modalities, including daily disposable and frequently replaced contact lenses; and contact lens care products comprising over-the-counter eye drops, eye vitamins, and mineral supplements that address various conditions, such as eye allergies, conjunctivitis, dry eye, and redness relief. Its Pharmaceuticals segment offers proprietary and generic pharmaceutical products for post-operative treatments, as well as for the treatment of glaucoma, eye inflammation, ocular hypertension, dry eyes, and retinal diseases. The Surgical segment provides medical device equipment, consumables, and technologies for the treatment of cataracts, corneal, vitreous, and retinal eye conditions; and intraocular lenses and delivery systems, phacoemulsification equipment, and other surgical instruments and devices for cataract surgery. The company sells its products and services through direct sales forces and independent distributors. Bausch + Lomb Corporation was founded in 1853 and is headquartered in Vaughan, Canada. Bausch + Lomb Corporation is a subsidiary of Bausch Health Companies Inc.

Receive News & Ratings for Biodesix Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Biodesix and related companies with MarketBeat.com's FREE daily email newsletter.

« PREVIOUS HEADLINECritical Contrast: A.P. Moller-Maersk (OTCMKTS:AMKBY) & Frontline (NYSE:FRO)

NEXT HEADLINE »Analyzing Bonk (NASDAQ:BNKK) and Caring Brands (NASDAQ:CABR)

VAUGHAN, Ontario--(BUSINESS WIRE)--Bausch + Lomb Corporation (NYSE/TSX: BLCO), a leading global eye health company dedicated to helping people see better to live better, today announced the release of its 2025 Sustainability Impact Report, outlining progress against its environmental, social and governance priorities and introducing The Broader Perspective, the company's sustainability framework designed to guide future action and accountability. Anchored in the belief that seeing the full pict.

Bausch + Lomb (BLCO - Free Report) came out with quarterly earnings of $0.08 per share, beating the Zacks Consensus Estimate of $0.06 per share. This compares to a loss of $0.07 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +43.37%. A quarter ago, it was expected that this company would post earnings of $0.35 per share when it actually produced earnings of $0.32, delivering a surprise of -8.57%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Bausch + Lomb, which belongs to the Zacks Medical Services industry, posted revenues of $1.24 billion for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 3.33%. This compares to year-ago revenues of $1.14 billion. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Bausch + Lomb shares have lost about 8% since the beginning of the year versus the S&P 500's gain of 4.3%.

What's Next for Bausch + Lomb?While Bausch + Lomb has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Bausch + Lomb was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.15 on $1.37 billion in revenues for the coming quarter and $0.78 on $5.43 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical Services is currently in the top 39% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Sotera Health Company (SHC - Free Report) , is yet to report results for the quarter ended March 2026. The results are expected to be released on May 5.

This company is expected to post quarterly earnings of $0.17 per share in its upcoming report, which represents a year-over-year change of +21.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Sotera Health Company's revenues are expected to be $271.98 million, up 6.9% from the year-ago quarter.

VAUGHAN, Ontario--(BUSINESS WIRE)--Bausch + Lomb Corporation (NYSE/TSX: BLCO), a leading global eye health company dedicated to helping people see better to live better, today announced that it will deliver more than 40 scientific data presentations at the Association for Research in Vision and Ophthalmology (ARVO) Annual Meeting taking place in Denver, CO, May 3-7, 2026. Scientific posters and papers will highlight the results of various studies across the company's broad portfolio of products.

© RaihanaAsral / Getty Images

With consumer sentiment sitting at 53.3 in March 2026, deep in pessimistic territory, retail investors are hunting for defensive names that can grow even as households tighten budgets. Healthcare keeps that promise. Personal healthcare spending climbed from $3.432 trillion in January 2025 to $3.741 trillion by March 2026, outpacing total consumption while motor vehicles and other discretionary categories softened. Medical device stocks trading below $30 give individual investors an affordable way to ride that resilience.

With that in mind, here are two medical device stocks under $30 that look attractive on fundamentals, guidance and capital-return policy heading into the back half of 2026.

Envista (NYSE: NVST) Envista (NYSE:NVST | NVST Price Prediction) is a dental products holding company whose brands include DEXIS, Kerr, Nobel Biocare, Ormco and Spark clear aligners.

Shares closed at $24.28 on May 12, 2026, up 11.84% year to date and 30.89% over the past year, which keeps the name well inside the sub-$30 bucket. The most recent quarter strengthens the case. Q1 FY26 revenue of $705.5 million grew 14.4% year over year and beat consensus by 3.74%, while adjusted EPS of $0.36 topped the $0.3132 estimate by 14.94%. Adjusted EBITDA rose 25% to $98.9 million, and management reaffirmed full-year adjusted EPS guidance of $1.35 to $1.45.

The bull case is straightforward. Core revenue expanded across every major business, Spark aligners turned profitable in the second half of 2025, and the board authorized a new $300 million share buyback running through December 31, 2029. CEO Paul Keel called the quarter “a good start to 2026” with momentum carrying into the back half. The leadership team also received broad equity awards in February, a signal of internal confidence at recent price levels.

The key risk: free cash flow swung to negative $15.7 million in Q1, and management flagged tariff exposure plus pricing pressure from China’s volume-based procurement program. Those are real headwinds, but they sit against guided adjusted EBITDA growth of 7% to 13%. For investors who want dental exposure with a clear capital-return story, Envista screens well at this price.

Bausch & Lomb (NYSE: BLCO) Bausch & Lomb (NYSE:BLCO) is an eye health company selling contact lenses, surgical implants and prescription pharmaceuticals across the MIEBO, XIIDRA, LUMIFY and PreserVision brands.

The stock changed hands at $16.03 on May 12, 2026, off 6.15% year to date but up 34.82% over the past year. That pullback looks more like consolidation than rejection. Q1 FY26 revenue reached $1.244 billion, up 9.4% year over year, and the company swung to $33 million in operating income from an $83 million loss a year earlier. Adjusted EPS of $0.05 came in 6.72% below consensus, yet management still raised full-year revenue guidance to $5.420 billion to $5.520 billion and adjusted EBITDA to $1.010 billion to $1.060 billion.

The growth engine is pharmaceuticals. MIEBO grew 33% and XIIDRA grew 30%, lifting the segment 14%. CEO Brent Saunders said the company is “driving sustainable growth and margin expansion”, and H.C. Wainwright carries a Buy rating with a $20 price target. Four independent directors also bought shares at $15.90 on April 30, 2026, a tangible vote of confidence right near the current quote.

The principal risk is structural. Bausch & Lomb is still working through its separation from Bausch Health Companies, carries roughly $97 million in quarterly interest expense and continues to post GAAP losses. Tariff policy could also pressure the international book. For investors comfortable with a leveraged separation story, the eye-care franchise has visible momentum.

Envista and Bausch & Lomb both pair growth with real balance-sheet questions, so position size, time horizon and personal risk tolerance still matter. Read the filings, watch the next quarter and decide what actually fits your portfolio.

VAUGHAN, Ontario--(BUSINESS WIRE)--Bausch + Lomb Corporation (NYSE/TSX: BLCO), a leading global eye health company dedicated to helping people see better to live better, today announced that Chairman and CEO Brent Saunders and Chief Medical Officer and Head of Research and Development Yehia Hashad, MD, will participate in a fireside chat at the Goldman Sachs 47th Annual Global Healthcare Conference in Miami, FL, on Tuesday, June 9, 2026, at 1:20 p.m. ET. A live webcast of the session will be av.

Bausch + Lomb Corporation (BLCO) Discusses Project Halo and Myopia Control Developments in Vision Care Transcript

Rubrik, Inc. is rapidly evolving into a critical enterprise cyber resilience platform, blending data protection, identity security, and AI capabilities. RBRK delivered strong Q1 results: 39% revenue growth to $387.1M, 32% ARR growth to $1.57B, and positive adjusted EPS of $0.16. Despite robust growth and expanding margins, the stock trades at a lofty valuation, and management guides for sharply lower Q2 EPS and margin compression.

Rubrik stands out as a software leader with >40% normalized revenue growth and a significant Q1 beat, supporting my reiterated buy rating. RBRK's near-pure subscription model delivers high revenue visibility, with Q1 ARR of $1.57B already at 95% of full-year high-end guidance. Gross margins remain best-in-class at ~80%, supporting positive free cash flow even as Rubrik maintains hypergrowth.

Rubrik earns a Strong Buy rating, driven by robust growth, expanding margins, and a deepening cybersecurity ecosystem. RBRK's moat is reinforced by high-margin SaaS offerings in identity security and AI acceleration, making customer switching costly and unlikely. Q1 2027 results showed 32% YoY subscription ARR growth to $1.57B, 39% total revenue growth, and non-GAAP gross margin expansion to 82.9%.

LAS VEGAS--(BUSINESS WIRE)--Rubrik FORWARD -- Rubrik (NYSE: RBRK), the Security and AI Operations Company, today announced the launch of Rubrik AI, which transforms its platform with agentic-first experiences to operate at AI speed. Rubrik AI adapts to each organization's context and security threats and autonomously acts at machine speed across Rubrik's product portfolio. From day one, Rubrik built an API-first platform to provide the industry's leading cyber resilience for customers. Now, the.

LAS VEGAS--(BUSINESS WIRE)--Rubrik FORWARD — Rubrik (NYSE: RBRK), the Security and AI Operations company, today unveiled the next stage of Rubrik Annapurna, establishing the AI-ready unstructured data layer for enterprise Data Intelligence platforms of choice. Annapurna scans and catalogs unstructured data in place across distributed systems, publishes a queryable catalog into a lakehouse, and eliminates the data duplication and Extract, Transform, Load (ETL) overhead that has historically kept.

-

Delivers Runtime Agent Security and Agent Rewind for Code Repository and Agentic Harness

LAS VEGAS--(BUSINESS WIRE)--Rubrik FORWARD--Rubrik (NYSE: RBRK), the Security and AI Operations Company, today announced Rubrik Agent Cloud (RAC) for Anthropic’s Claude Code and Claude Cowork. Organizations can now deploy Claude-powered agents at scale with observability, control, and the industry’s only agent rewind to reverse unintended actions, and immutable codebase recovery when an incorrect action outruns version control. A new, additional layer of resilience for Claude agents backs up, monitors, and restores the configuration that governs how agents behave.

AI agents now write, push, and deploy code autonomously, but enterprise security infrastructure was built assuming humans are always in the loop. A gap could enable rogue commits, repo ransomware, prompt injection, and IP exfiltration at machine speed - with blast radius far beyond what traditional DevSecOps controls were designed to handle.

“Organizations are adopting Claude faster than any agentic technology we have seen, and every security leader asks the same question: how do we stay in control when an agent can act?” said Anneka Gupta, Chief Product Officer, Rubrik. “Rubrik Agent Cloud gives organizations a resilience layer for Claude, which allows them to see what agents can access, govern what they do, rewind their actions, and recover both the code and the agent’s own configuration when something is destroyed or tampered with. Working with Anthropic, a leader in AI, lets us bring that control to customers from day one.”

RAC for Claude Code and Cowork: Delivers enterprise control and resilience layers for organizations deploying Anthropic’s Claude. The autonomous environment is secured with the following capabilities:

Semantic AI Governance Engine (SAGE): The industry’s first AI governance engine, designed to secure and control autonomous agents in real time. SAGE replaces static, manual oversight with intent-driven governance to safely scale the enterprise AI workforce. Agent Inventory: Delivers 360-degree visibility into risk, access permissions, and policy violations across all deployed agents. Agent Rewind: Provides the power to instantly and precisely reverse unintended actions from custom agents to agents developed in popular agentic tools, including agentic development environments like Claude Code and Cowork. Codebase Resilience: Enhanced rewind for code & developer pipelines maintains continuous, immutable snapshots of GitHub and Azure DevOps repositories, stored outside the repo and beyond the reach of compromised credentials. When an agent or an attacker exploiting one takes an action that version control cannot undo, such as force-pushing over commit history or deleting every branch, RAC restores a known-good state with one-click repository or org-level recovery, including ransomware rollback for code. Resilience for Claude Agents: Backs up, version-tracks, and restores the configuration that governs how Claude agents behave (system prompts, tool permissions, skills, and key files such as CLAUDE.md and settings) across organization, repository, and user levels. Rubrik continuously monitors for configuration drift and flags changes that appear malicious or unauthorized before they propagate. Rather than a blunt rollback, Rubrik’s intelligent recovery is able to autonomously tie the detected drift to the healthy backup snapshots to enable fast, orchestrated recovery. For more information, check out the Rubrik Agent Cloud for Claude Code and Cowork here.

Learn more breaking news at Rubrik FORWARD:

Rubrik Now Available as AI Agent Rubrik Unlocks Unstructured Data Rubrik Introduces Autonomous Business Recovery Solution for Cloud Applications Global Systems Integrators Partner with Rubrik to Deliver Rubrik Agent Cloud for Anthropic's Claude Code Rubrik Advances Identity Resilience Through Strata Acquisition and Identity Roll Forward Innovation SAFE HARBOR STATEMENT: Any unreleased services or features referenced in this document are not currently available and may not be made generally available on time or at all, as may be determined in our sole discretion. Any such referenced services or features do not represent promises to deliver, commitments, or obligations of Rubrik, Inc. and may not be incorporated into any contract. Customers should make their purchase decisions based upon services and features that are currently generally available.

About Anthropic

Anthropic is an AI safety and research company dedicated to building reliable, interpretable, and steerable AI systems. Its Claude family of models enables advanced capabilities across a wide range of applications, including code understanding and security analysis.

About Rubrik

Rubrik (NYSE: RBRK), the Security and AI Operations Company, leads at the intersection of data protection, cyber resilience, and enterprise AI acceleration. Rubrik Security Cloud delivers complete cyber resilience by securing, monitoring, and recovering data, identities, and workloads across clouds. Rubrik Agent Cloud accelerates trusted AI agent deployments at scale by monitoring and auditing agentic actions, enforcing real-time guardrails, fine-tuning for accuracy and undoing agentic mistakes. For more information, please visit www.rubrik.com and follow @rubrikInc on X (formerly Twitter) and Rubrik on LinkedIn.

More News From Rubrik

Back to Newsroom

Rubrik FORWARD — Rubrik (NYSE: RBRK), the Security and AI Operations company, today unveiled the next stage of Rubrik Annapurna, establishing the AI-ready unstructured data layer for enterprise Data Intelligence platforms of choice. Annapurna scans and catalogs unstructured data in place across distributed systems, publishes a queryable catalog into a lakehouse, and eliminates the data duplication and Extract, Transform, Load (ETL) overhead that has historically kept enterprise unstructured data out of AI pipelines.

Unstructured data represents 90% of most modern enterprise footprints. Because organizations lack visibility into these file estates, critical business data has historically remained siloed, untracked, and unreachable by data science and AI applications. Costly extract, transform, and load (ETL) pipelines and infrastructure-heavy legacy architectures have forced organizations to duplicate entire environments into a data lake, then spend months on manual engineering to surface the less than 10% of data that AI operations actually need, all while incurring significant ongoing costs for the unused remainder.

“For years, the model to make unstructured data usable for AI meant to move, transform, and store it twice, while paying for the whole estate just to use a fraction," said Anneka Gupta, Chief Product Officer, Rubrik. “Annapurna completely inverts that model. It activates data right where it lives, delivers only what Data Intelligence platforms actually need and aligns infrastructure costs to consumption. That is how enterprises truly scale AI.”

The Unstructured Data Layer for Data Science and AI

Annapurna turns unstructured estates into AI-ready inputs for Data Intelligence platform workflows without moving source files. Operating on Rubrik Security Cloud, the unified management plane, it auto-discovers, scans, and indexes billions of files across NAS, S3, and object stores. In hours rather than weeks, Annapurna publishes a queryable catalog of file metadata directly into a lakehouse. Organizations pull only the precise subsets they need for training, fine-tuning, and inference, allowing pipeline costs to scale 1:1 with consumption.

“In financial services, managing petabytes of highly distributed, regulated, and siloed unstructured data across legacy and modern platforms was operationally limiting,” said Corey West, Chief Technology Officer, Piper Sandler & Co. “Annapurna provides an automated approach to map, govern, and index our estate for AI initiatives, reducing the friction of cross-functional configurations and data sovereignty requirements without needing another ETL stack or compromising our compliance posture.”

Key Annapurna Capabilities

Automated Data Discovery: Auto-discover, scan, and index the full unstructured estate across NAS, S3, and object stores. Raw source files are processed in place with no need to copy or migrate.Native Lakehouse Integration: Automates the handoff to downstream Data Intelligence platform applications by publishing a queryable catalog of unstructured file metadata directly into a lakehouse. Data engineers query the index to pinpoint exact file targets, and Annapurna stages only that subset for downstream workflows.Demand-Driven Pipeline Economics: Pipeline costs scale 1:1 with the data AI actually pulls. Customers pay only for what they pull, not for duplicating their full estate.Continuous Governance: Preserves native source-system access controls directly within the catalog so Data Intelligence platforms can continuously enforce controls in downstream workflows, closing the security gap created when traditional ETL strips access permissions in transit.Immutable Chain of Custody: Leverages Rubrik’s Zero Trust foundation to ensure every file Annapurna stages into its managed object store carries verifiable lineage and versioning from source through AI output, with provenance capabilities that directly support general data protection regulation (GDPR) and other compliance programs.Built on Rubrik Security Cloud: Extends Rubrik Security Cloud, the unified management plane, into the AI-ready unstructured data layer for the enterprise. Annapurna deploys alongside an organization’s existing storage and lakehouse environments, with no new infrastructure or agents to install.Availability

Rubrik Annapurna is available today for qualified enterprise partners and will feature native lakehouse connector support in future releases.

To learn more about how Rubrik can secure and accelerate your AI data pipelines, visit here.

Learn more breaking news at Rubrik FORWARD:

Rubrik Now Available as AI AgentRubrik Launches Rubrik Agent Cloud for Anthropic's Claude CodeRubrik Introduces Introduces Autonomous Business Recovery Solution for Cloud ApplicationsGlobal Systems Integrators Partner with Rubrik to Deliver Rubrik Agent Cloud for Anthropic's Claude CodeRubrik Advances Identity Resilience Through Strata Acquisition and Identity Roll Forward InnovationSAFE HARBOR STATEMENT

Any unreleased services or features referenced in this document are not currently available and may not be made generally available on time or at all, as may be determined in our sole discretion. Any such referenced services or features do not represent promises to deliver, commitments, or obligations of Rubrik, Inc. and may not be incorporated into any contract. Customers should make their purchase decisions based upon services and features that are currently generally available.

About Rubrik

Rubrik (NYSE: RBRK), the Security and AI Operations Company, leads at the intersection of data protection, cyber resilience, and enterprise AI acceleration. Rubrik Security Cloud delivers complete cyber resilience by securing, monitoring, and recovering data, identities, and workloads across clouds. Rubrik Agent Cloud accelerates trusted AI agent deployments at scale by monitoring and auditing agentic actions, enforcing real-time guardrails, fine-tuning for accuracy and undoing agentic mistakes. For more information, please visit www.rubrik.com and follow @rubrikInc on X (formerly Twitter) and Rubrik on LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260609759618/en/

Rubrik FORWARD -- Rubrik (NYSE: RBRK), the Security and AI Operations Company, today announced the launch of Rubrik AI, which transforms its platform with agentic-first experiences to operate at AI speed. Rubrik AI adapts to each organization’s context and security threats and autonomously acts at machine speed across Rubrik’s product portfolio.

From day one, Rubrik built an API-first platform to provide the industry’s leading cyber resilience for customers. Now, the company has innovated the Rubrik platform even further for the agentic era. Rubrik AI powers a new way of interaction with Rubrik’s solution suites that is fully agent first: Customers define the business outcomes, and Rubrik AI reasons and autonomously acts to deliver those outcomes.

"Today, Rubrik becomes an agent. Our Agentic Cyber Resilience is designed to mitigate risks from both external AI attacks and internal agent deployments,” said Bipul Sinha, CEO, Chairman and Co-Founder, Rubrik. “Rubrik AI will deliver agentic automation to enable resilience against machine-speed cyber breaches and compromised AI agents.”

Rubrik AI: Patent pending design reasons, acts, and recovers at machine speed, and features:

Agentic Mode: One agent across RSC and RAC, reasoning over data, identity, and the agents customers deploy. Agentic Guardrails: Built-in controls with RAC ensure every autonomous action is auditable, attributable, and reversible, preventing runaway AI risks. Orchestrated Workflows: Multi-step recovery sequences that once took human teams weeks now complete in minutes. For more information on Rubrik AI, check out the link here.

Learn more breaking news at Rubrik FORWARD:

Rubrik Launches Rubrik Agent Cloud for Anthropic's Claude CodeRubrik Unlocks Unstructured DataRubrik Introduces Introduces Autonomous Business Recovery Solution for Cloud ApplicationsGlobal Systems Integrators Partner with Rubrik to Deliver Rubrik Agent Cloud for Anthropic's Claude CodeRubrik Advances Identity Resilience Through Strata Acquisition and Identity Roll Forward InnovationSAFE HARBOR STATEMENT: Any unreleased services or features referenced in this document are not currently available and may not be made generally available on time or at all, as may be determined in our sole discretion. Any such referenced services or features do not represent promises to deliver, commitments, or obligations of Rubrik, Inc. and may not be incorporated into any contract. Customers should make their purchase decisions based upon services and features that are currently generally available.

About Rubrik

Rubrik (NYSE: RBRK), the Security and AI Operations Company, leads at the intersection of data protection, cyber resilience, and enterprise AI acceleration. Rubrik Security Cloud delivers complete cyber resilience by securing, monitoring, and recovering data, identities, and workloads across clouds. Rubrik Agent Cloud accelerates trusted AI agent deployments at scale by monitoring and auditing agentic actions, enforcing real-time guardrails, fine-tuning for accuracy and undoing agentic mistakes. For more information, please visit www.rubrik.com and follow @rubrikInc on X (formerly Twitter) and Rubrik on LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260609936387/en/

Rubrik (NYSE:RBRK) used its Forward Conference in Las Vegas to roll out a wave of AI-powered products and lay out long-term profitability targets, drawing a positive reception from Wedbush analysts.

The cybersecurity firm launched its Agentic Cyber Suite, a set of AI-focused resilience tools built within a single platform that consolidates data and identity management across enterprise ecosystems.

At the centre of the launch is Rubrik AI, a reasoning and autonomous agent designed to deliver operational insights and recovery solutions, which the company positions within a $45 billion addressable opportunity.

Rubrik AI ships with three new integrations: an agent mode spanning Rubrik Security Cloud and Rubrik Agentic Cloud; agent guardrails with built-in controls to contain risks from autonomous AI actions; and orchestrated workflows capable of executing multi-step recovery sequences.

Customer adoption metrics presented at the conference pointed to growing cross-product engagement. Rubrik said 75% of its customers now use multiple products across new categories, and 70% of new customers are landing with two or more products. The average deal size for that cohort stood at approximately $157,000, representing a 50% compound annual growth rate since the first quarter of fiscal 2025.

On the financial side, management outlined long-term targets including non-GAAP gross margins in the 77% to 82% range and non-GAAP operating income margins above 20%, with AI adoption cited as a driver of further operating leverage at scale.

Wedbush noted the company is targeting a total addressable market exceeding $125 billion with its expanding resilience portfolio.

Rubrik, Inc. (RBRK) Analyst/Investor Day Transcript

VAUGHAN, Ontario--(BUSINESS WIRE)--Bausch + Lomb Corporation (NYSE/TSX: BLCO), a leading global eye health company dedicated to helping people see better to live better, today announced European commercial availability of the preloaded enVista Envy full range of vision intraocular lens (IOL), which offers excellent dysphotopsia tolerance on the widely used enVista IOL platform. “Bausch + Lomb now offers two full range of vision premium IOLs - enVista Envy and LuxLife™ to meet the evolving needs.

The skin recovery emulsion for dry, sensitive, or stressed skin is now available through select online channels

, /PRNewswire/ -- Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) and its dermatology business, Ortho Dermatologics, today announced Biafine® Skin Recovery Emulsion is now offered through convenient online ordering in the United States. The well-known French skincare formula is available through select online channels.

First developed in France in 1971, Biafine® is a lightweight emulsion formula designed to support the skin's natural barrier function while helping to maintain skin hydration and comfort. For decades, the formula has been recognized by dermatologists and consumers for its unique texture and versatility in skincare routines. The renowned formulation is gentle enough for sensitive skin, helps soothe skin, and is clinically proven to support the skin barrier. Its versatility in skincare routines has contributed to Biafine's recognition among dermatologists and consumers alike.

Tom Stern, Vice President and General Manager of the Ortho Dermatologics business reflected, "We are proud to offer dermatology practices and patients access to a formula that has earned the trust of both professionals and consumers for decades."

Biafine is available directly to patients through select online channels, including Amazon. Dermatology practices can provide the product through the Ortho Dermatologics Direct platform which supports in-office access when a dermatologist recommends it as part of a skincare regimen.

For more information about Biafine, please visit www.biafine.com. 

About Biafine®
Biafine® is a French-developed skincare emulsion introduced in 1971, designed to support the skin's natural barrier function while maintaining hydration and comfort. For decades, the formula has been recognized by dermatologists and consumers for its unique texture and versatility in skincare routines. Biafine is offered in the United States as a cosmetic for skincare.

About Bausch Health
Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) is a global, diversified pharmaceutical company enriching lives through our relentless drive to deliver better health outcomes. We develop, manufacture and market a range of products primarily in gastroenterology, hepatology, neuroscience, dermatology, dentistry, aesthetics, international pharmaceuticals and eye health, through our controlling interest in Bausch + Lomb Corporation. Our ambition is to be a globally integrated healthcare company, trusted and valued by patients, HCPs, employees and investors. Our dermatology business, Ortho Dermatologics is one of the largest prescription and aesthetic dermatology businesses dedicated to helping patients in the treatment of a range of conditions, including psoriasis, onychomycosis, actinic keratosis, acne, atopic dermatitis and other dermatoses. More information can be found at https://www.ortho-dermatologics.com and connect with us on LinkedIn. For more information about Bausch Health, visit www.bauschhealth.com and connect with us on LinkedIn.

Biafine is a registered trademark of Ortho Dermatologics or its affiliates.
© 2026 Ortho Dermatologics or its affiliates.

Investor Contact:

Media Contact:

Garen Sarafian

 Katie Savastano

[email protected]

[email protected]

877-281-6642 (toll-free)

(908) 569-3692

BHC-PRODUCT

SOURCE Bausch Health Companies Inc.

First Quarter Consolidated Revenues of $2.52 billion, up 12% on a Reported basis and 7% on an Organic (non-GAAP)1 basis over the prior year period GAAP Net Loss Attributable to Bausch Health of $1,423 million and GAAP Net Loss of $1,431 million, inclusive of a $1,426 million goodwill impairment charge GAAP Loss per Share of ($3.82) (basic and diluted) compared to ($0.16) in the prior year period Adjusted Earnings per Diluted Share (non-GAAP) of $0.78 compared to $0.59 in the prior year period, an increase of 32% Consolidated Adjusted EBITDA Attributable to Bausch Health (non-GAAP)1 of $837 million, up 27% on a Reported basis over the prior year period BAUSCH HEALTH EXCLUDING BAUSCH + LOMB FIRST QUARTER 2026 RESULTS

Delivered twelfth consecutive quarter of year-over-year Revenue growth and Adjusted EBITDA (non-GAAP)1 growth, with 14% Reported and 9% Organic (non-GAAP)1 Revenue growth and 17% Adjusted EBITDA (non-GAAP)1 growth Generated $319 million in Adjusted Cash Flow from Operations (non-GAAP)1 Reaffirming full-year 2026 Revenue, Adjusted EBITDA (non-GAAP)1, and Adjusted Cash Flow from Operations (non-GAAP)1 guidance , /PRNewswire/ -- Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) ("Bausch Health" or the "Company" or "we" or "our") today announced its first quarter 2026 financial results and other key updates from the quarter.

"Our first quarter performance marks twelve consecutive periods of year‑over‑year growth in revenue, adjusted EBITDA for Bausch Health excluding Bausch + Lomb, reflecting strategic execution and disciplined accountability across our organization. We continue to invest in our pipeline, including the advancement of larsucosterol to treat alcohol‑associated hepatitis, while pursuing business development opportunities aligned with our strategic priorities. With this momentum, we reaffirm our full‑year 2026 outlook and remain focused on driving sustainable performance and shareholder value," said Thomas J. Appio, Chief Executive Officer, Bausch Health.

1

This is a non-GAAP measure or a non-GAAP ratio. For further information on non-GAAP measures and non-GAAP ratios, please refer to the "Non-GAAP Information" section of this news release. Please also refer to tables at the end of this
news release for a reconciliation of this and other non-GAAP measures and ratios to the most directly comparable GAAP measure.

First Quarter 2026 Revenue Performance

Total consolidated reported revenues were $2.52 billion for the first quarter of 2026, compared with $2.26 billion in the first quarter of 2025, an increase of $265 million, or 12%. Excluding the impact of foreign exchange of $71 million, acquisitions of $33 million, and divestitures and discontinuations of $4 million, revenue increased 7% on an organic1 basis compared with the first quarter of 2025.

Reported revenues by segment were as follows:

Three Months Ended
March 31,

Reported Change

Change at
Constant
Currency1

(Non-GAAP)

Change in
Organic
Revenue1

(Non-GAAP)

(in millions)

2026

2025

Amount

Pct.

Total Bausch Health Revenues

$2,524

$2,259

$265

12 %

9 %

7 %

Bausch Health (excl. B+L)

$1,280

$1,122

$158

14 %

11 %

9 %

Salix segment

$639

$542

$97

18 %

18 %

18 %

International segment

$285

$262

$23

9 %

(1 %)

— %

Solta Medical segment

$171

$113

$58

51 %

48 %

19 %

Diversified segment

$185

$205

($20)

(10 %)

(10 %)

(10 %)

Bausch + Lomb segment

$1,244

$1,137

$107

9 %

6 %

6 %

Salix Segment
Salix segment reported revenues were $639 million for the first quarter of 2026, compared with $542 million for the first quarter of 2025, an increase of $97 million, or 18%. Segment revenues increased 18% on an organic1 basis compared with the first quarter of 2025. Xifaxan® was the primary contributor to growth, with 21% revenue growth in the first quarter of 2026.

International Segment
International segment reported revenues were $285 million for the first quarter of 2026, compared with $262 million for the first quarter of 2025, an increase of $23 million, or 9%. Excluding the impact of foreign exchange of $25 million and divestitures and discontinuations of $1 million, segment revenues were relatively flat on an organic1 basis compared with the first quarter of 2025, with strength in EMEA offset by reduction in Loss Of Exclusivity portfolio in Canada versus the prior year period.

Solta Medical Segment
Solta Medical segment reported revenues were $171 million for the first quarter of 2026, compared with $113 million in the first quarter of 2025, an increase of $58 million, or 51% and aided by the acquisition of Shibo's full service aesthetics business in China. Excluding a $4 million favorable impact from foreign exchange and acquisitions of $32 million, segment revenues increased by 19% on an organic1 basis compared with the first quarter of 2025, led by growth in APAC, most notably in China and South Korea.

Diversified Segment
Diversified segment reported revenues were $185 million for the first quarter of 2026, compared with $205 million for the first quarter of 2025, a decrease of $20 million, or 10%. Segment revenues decreased 10% on an organic1 basis compared with the first quarter of 2025.

Bausch + Lomb Segment
Bausch + Lomb segment reported revenues were $1.24 billion for the first quarter of 2026, compared with $1.14 billion for the first quarter of 2025, an increase of $107 million, or 9%. Excluding the impact of foreign exchange of $42 million, acquisitions of $1 million and divestitures and discontinuations of $3 million, segment revenues increased 6% on an organic1 basis compared with the first quarter of 2025.

Consolidated Operating (Loss) Income
Consolidated operating loss was ($950) million for the first quarter of 2026, compared with consolidated operating income of $276 million for the first quarter of 2025, a decrease of $1,226 million, primarily attributable to a goodwill impairment charge related to Salix's RED-C program of $1,426 million, partially offset by higher gross profit. 

Consolidated Net Loss Attributable to Bausch Health
Consolidated net loss attributable to Bausch Health for the first quarter of 2026 was $1,423 million, compared with consolidated net loss attributable to Bausch Health of $58 million for the first quarter of 2025. The increase in the loss of $1,365 million is primarily due to the goodwill impairment charge of $1,426 million.

Consolidated Adjusted Net Income Attributable to Bausch Health (non-GAAP)1
Consolidated adjusted net income attributable to Bausch Health (non-GAAP)1 for the first quarter of 2026 was $296 million, compared with $220 million for the first quarter of 2025, an increase of $76 million, primarily due to an increase in gross profit partially offset by higher interest expense.

Consolidated Loss Per Share Attributable to Bausch Health
Consolidated loss per share attributable to Bausch Health for the first quarter of 2026 was ($3.82), compared with consolidated loss per share of ($0.16) for the first quarter of 2025. The decrease of $3.66 per share is primarily due to the goodwill impairment charge of $1,426 million, or ($3.76) per share.

Consolidated Adjusted Earnings Per Share Attributable to Bausch Health (non-GAAP)1
Consolidated adjusted earnings per share attributable to Bausch Health (non-GAAP)1 for the first quarter of 2026 was $0.78, compared with $0.59 for the first quarter of 2025.

Consolidated Adjusted EBITDA Attributable to Bausch Health (non-GAAP)1
Consolidated adjusted EBITDA attributable to Bausch Health (non-GAAP)1 was $837 million for the first quarter of 2026, compared with $661 million for the first quarter of 2025, an increase of $176 million.

Consolidated Cash Provided by Operating Activities
The Company generated $230 million of cash from operating activities in the first quarter of 2026, an increase of 9% versus $211 million in the first quarter of 2025.

Balance Sheet and Other Notable Highlights

Consolidated cash and cash equivalents of $1,299 million as of March 31, 2026. Larsucosterol (Epigenetic modulator) Phase 3 program for the treatment of alcohol-associated hepatitis remains on track; potential additional indications are under consideration. Bausch Health continues to focus on strengthening its balance sheet and delivering value to shareholders. Focus on Strategic Priorities

The Company delivered strong financial momentum three months into 2026, with revenue and earnings growth across multiple segments. Upon the successful completion of major refinancing initiatives in the prior twelve-month period, the Company materially improved its debt maturity profile. The Company remains committed to evaluating all options for unlocking shareholder value, including maximizing the value of our Bausch Health and Bausch + Lomb assets.

2026 Financial Outlook

The Company updated its Consolidated full-year Revenue and Adjusted EBITDA (non-GAAP)1 guidance for 2026.

Bausch Health (excluding Bausch + Lomb) maintained its full year Revenue, Adjusted EBITDA (non-GAAP)1, and Adjusted Cash Flow from Operations (non-GAAP)1 guidance, which includes the currently estimated impact of applicable tariffs for the calendar year as of the date of this release.

Current Guidance (as of April 29, 2026)

BHC

BHC

(excl. B+L)

B+L

Revenues (in Billions)

$10.670 - $10.920

$5.250 - $5.400

$5.420 - $5.520

Revenue growth vs. Prior Year

2% - 5%

Adjusted EBITDA1 (in Billions)

$3.885 - $4.010

$2.875 - $2.950

$1.010 - $1.060

Adj. EBITDA1 growth vs. Prior Year

3% - 5%

Adjusted Cash Flow from Operations1 (in Billions)

$1.200 - $1.275

Other than with respect to GAAP revenues, the Company only provides guidance on a non-GAAP basis. The Company does not provide a reconciliation of forward-looking Adjusted EBITDA (non-GAAP)1 to GAAP net income (loss) or forward-looking Adjusted Cash Flow from Operations (non-GAAP)1 to GAAP cash generated from operations, due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. Because deductions (such as restructuring, gain or loss on extinguishment of debt and litigation and other matters) used to calculate projected net income (loss) and payments (such as payments of legal settlements, transformation costs, separation costs and separation-related costs, interest charged against premium, financing fees paid in connection with the debt refinancing transactions and acquired IPR&D expense) used to calculate Adjusted Cash Flow from Operations (non-GAAP)1 vary dramatically based on actual events, the Company is not able to forecast on a GAAP basis with reasonable certainty all adjustments needed in order to provide a GAAP calculation of projected net income (loss) or cash generated from operations at this time. The amount of these adjustments may be material and, therefore, could result in projected GAAP net income (loss) being materially less than projected Adjusted EBITDA (non-GAAP)1. These statements represent forward-looking information and may represent a financial outlook, and actual results may vary. Please see the risks and assumptions referred to in the "Forward-looking Statements" section of this news release. The guidance in this news release is only effective as of the date it is given and will not be updated or affirmed unless and until the Company publicly announces updated or affirmed guidance. The rapid recent developments in the evolving landscape of tariffs and responses have resulted in uncertainty regarding these measures and the effects they may have. We continue to assess the direct and indirect impacts on our businesses of such tariffs, including retaliatory tariffs and other trade protectionist measures as the situation develops, and there can be no assurance that such impacts will not be adverse.

Conference Call Details

Date:         Wednesday, April 29, 2026

Time:          5:00 p.m. EDT

Webcast:    http://ir.bauschhealth.com/events-and-presentations

A replay of the conference call will be available on the investor relations website.

About Bausch Health

Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) is a global, diversified pharmaceutical company enriching lives through our relentless drive to deliver better health care outcomes. We develop, manufacture and market a range of products primarily in gastroenterology, hepatology, neuroscience, dermatology, dentistry, aesthetics, international pharmaceuticals and eye health, through our controlling interest in Bausch + Lomb Corporation. Our ambition is to be a globally integrated healthcare company, trusted and valued by patients, HCPs, employees and investors. For more information about Bausch Health, visit www.bauschhealth.com and connect with us on LinkedIn.

Forward-looking Statements

This news release contains forward-looking information and statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws (collectively, "forward-looking statements"), including, but not limited to, statements relating to the Company's: future prospects and performance, financial guidance, research and development efforts and anticipated timing or results thereof, proposed plan to separate its eye health business, including the timing thereof, management of its balance sheet, generation of cash, ability to launch and commercialize new products, including the timing of regulatory processes with respect to the Company's product pipeline, ability to enforce and defend its Xifaxan® intellectual property rights, ability to execute its growth strategies and strategic priorities generally, and other corporate and strategic transactions. Forward-looking statements may generally be identified by the use of the words "anticipates," "hopes," "expects," "intends," "plans," "should," "could," "would," "may," "believes," "estimates," "potential," "target," 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 full-year guidance, are based upon the current expectations and beliefs of management. The Company's 2026 financial outlook and full-year guidance are included to provide further information about management's expectations about the Company's future business operations, activities and results and may not be appropriate for other purposes.

These forward-looking statements are subject to certain factors, risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements. These factors, risks and uncertainties include, but are not limited to: our ability to execute our business strategy, business plans and operational efficiency initiatives; demand for, competitive positioning of and pricing for our current and anticipated products and our ability to achieve expected revenues, margins and expense levels; the successful development, regulatory approval, manufacture and timing of launches and commercialization of pipeline and other products; the completion, timing, integration and expected benefits of acquisitions and other strategic transactions (including the planned separation of our eye health business consisting of our Bausch + Lomb global Vision Care, Surgical and Pharmaceuticals businesses) on anticipated terms, timing and costs; the scope, duration and financial and operational impact of product quality matters; the continued availability and performance of key third-party distribution, fulfillment and other arrangements and the stability of global supply chains; the continuation of patent protection and regulatory exclusivity for key products; the expected impacts of the Inflation Reduction Act, and the selection by the Centers for Medicare & Medicaid Services of Xifaxan® for inclusion in the drug price negotiation program with negotiated pricing expected to become effective in 2027, and other healthcare reform measures and our ability to mitigate the impact thereof; our ability to generate cash flows and access liquidity to meet working capital needs, satisfy debt maturities as they become due, reduce debt levels and comply with financial and other covenants under our financing arrangements; the expected scope and impact of tariffs, counter-tariffs and other trade restrictions and the effectiveness of mitigation actions; macroeconomic and geopolitical conditions (including inflation, recessionary pressures, foreign currency exchange rates and interest rates), changes in tax laws and related guidance (including legislation referred to as the One Big Beautiful Bill Act and Organisation for Economic Co-operation and Development related measures); the expected outcomes of litigation and other contingencies; and other factors, risks and uncertainties discussed in the Company's most recent annual and quarterly reports and detailed from time to time in the Company's other filings with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators, which factors, risks and uncertainties are incorporated herein by reference.

We caution that, as it is not possible to predict or identify all relevant factors that may impact forward-looking statements, the factors referred above are not exhaustive and should not be considered a complete statement of all potential risks and uncertainties. When relying on our forward-looking statements to make decisions with respect to the Company, investors and others should carefully consider the aforementioned factors and other uncertainties and potential events. These forward-looking statements speak only as of the date made. Bausch Health undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, except as required by law.

Non-GAAP Information

To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses certain non-GAAP financial measures and non-GAAP ratios to provide supplemental information to readers. Management uses these non-GAAP measures and ratios as key metrics in the evaluation of the Company's performance and the consolidated financial results and, in part, in the determination of cash bonuses for its executive officers. The Company believes these non-GAAP measures and ratios are useful to investors in their assessment of our operating performance and the valuation of the Company. In addition, these non-GAAP measures and ratios 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 financial measures and ratios used by 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 historical 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 tables below. However, as indicated above, for guidance purposes, the Company does not provide reconciliations of projected Adjusted EBITDA (non-GAAP) to projected GAAP Net income (loss), due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. Many of the adjustments and exclusions used to calculate the projected non-GAAP measures may vary significantly based on actual events, so the Company is not able to forecast on a GAAP basis with reasonable certainty all adjustments needed in order to provide a GAAP calculation of these projected amounts. The amounts of these adjustments may be material and, therefore, could result in the GAAP amount being materially different from (including materially less than) the projected non-GAAP measures.

Commencing in the third quarter of 2025, the Company now includes payments of Acquired IPR&D in the calculation of Adjusted Cash Flow From Operations (non-GAAP). Prior-period amounts presented herein have been restated to conform to the current year's presentation.

Description of Non-GAAP Financial Measures 

EBITDA (non-GAAP), Adjusted EBITDA (non-GAAP) and Adjusted EBITDA Attributable to Bausch Health (non-GAAP)

EBITDA (non-GAAP) is Net income (loss) (its most directly comparable GAAP financial measure) adjusted for interest expense, net, (Benefit from) provision for income taxes, depreciation and amortization. Adjusted EBITDA (non-GAAP) is Net income (loss) (its most directly comparable GAAP financial measure) adjusted for interest expense, net, (Benefit from) provision for income taxes, depreciation and amortization, and certain other items described below. Adjusted EBITDA attributable to Bausch Health (non-GAAP) is Adjusted EBITDA (non-GAAP) further adjusted to exclude the Adjusted EBITDA attributable to noncontrolling interest (non-GAAP) as defined below.

Management believes that Adjusted EBITDA (non-GAAP) and Adjusted EBITDA attributable to Bausch Health (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 these metrics focus management on the Company's underlying operational results and business performance. As a result, the Company uses these metrics to assess the financial performance of the Company and to forecast future results as part of its guidance. Management believes these metrics are a useful measure to evaluate current performance. These metrics are 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 (non-GAAP) is Net income (loss) (its most directly comparable GAAP financial measure) adjusted for interest, income taxes, depreciation and amortization and the following items:

Restructuring, 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, 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. 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. Asset impairments: The Company has excluded the impact of impairments of finite-lived and indefinite-lived intangible assets, as well as impairments of assets held for sale, 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 and assets held for sale from measuring the performance of the Company and the business, the Company believes that it is important for investors to understand that intangible assets contribute to revenue generation. Goodwill impairments: The Company excludes the impact of goodwill impairments. When the Company has made acquisitions where the consideration paid was in excess of the fair value of the net assets acquired, the remaining purchase price is recorded as goodwill. For assets that we developed ourselves, no goodwill is recorded. Goodwill is not amortized but is tested for impairment. The amount of goodwill impairment is measured as the excess of a reporting unit's carrying value over its fair value. Management excludes these charges in measuring the performance of the Company and the business. Share-based compensation: The Company has excluded 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. Acquisition-related costs and adjustments (excluding amortization of intangible assets): The Company has excluded the impact of acquisition-related costs and fair value inventory step-up resulting from acquisitions as the amounts and frequency of such costs and adjustments are not consistent and are significantly impacted by the timing and size of its acquisitions. In addition, the Company excludes 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. Loss (gain) on extinguishment of debt: The Company has excluded loss (gain) on extinguishment of debt as this represents a gain or loss from refinancing our existing debt and is not a reflection of our operations for the period. Further, the amount and frequency of such amounts are not consistent and are significantly impacted by the timing and size of debt financing transactions and other factors in the debt market out of management's control. Separation costs and separation-related costs: The Company has excluded certain costs incurred in connection with activities regarding the separation of the eye-health business. Separation costs are incremental costs directly related to effectuating the separation of the eye-health business, and include, but are not limited to, legal, audit and advisory fees. Separation-related costs are incremental costs indirectly related to the separation of the eye-health business and include, but are not limited to, 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 adjustments: The Company has excluded certain other amounts, including legal and other professional fees incurred in connection with legal and governmental proceedings, investigations and information requests regarding certain of our legacy distribution, marketing, pricing, disclosure and accounting practices, litigation and other matters, and net (gain) loss on sale of assets or other disposition of assets. Given the unique nature of the matters relating to these costs, the Company believes these items are not normal 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 normal operating expenses. In addition, as opposed to more ordinary course matters, the Company considers that each of the recent proceedings, investigations and information requests, given their nature and frequency, are outside of the ordinary course and relate to unique circumstances. The Company has also excluded IT infrastructure investments that are the result of other, non-comparable events to measure operating performance. These events arise outside of the ordinary course of continuing operations. The Company has also excluded certain other costs, including professional fees associated with contemplated, but not completed, strategic transactions. The Company excluded these costs as the consideration of such matters are outside of the ordinary course of continuing operations and are infrequent in nature. The Company believes that the exclusion of such out-of-the-ordinary-course amounts provides supplemental information to assist in the comparison of the financial results of the Company from period to period and, therefore, provides useful supplemental information to investors. However, investors should understand that many of these costs could recur and that companies in our industry often face litigation. Adjusted EBITDA attributable to Bausch Health (non-GAAP) is Adjusted EBITDA (non-GAAP) further adjusted to exclude the Adjusted EBITDA attributable to noncontrolling interest (non-GAAP). Adjusted EBITDA attributable to noncontrolling interest (non-GAAP) is Net income attributable to noncontrolling interest (its most directly comparable GAAP financial measure) adjusted for the portion of the adjustments described above attributable to noncontrolling interest.

Adjusted Net Income (non-GAAP) and Adjusted Net Income attributable to Bausch Health (non-GAAP)

Adjusted net income (non-GAAP) is Net income (its most directly comparable GAAP financial measure), adjusted for asset impairments, goodwill impairments, restructuring, integration and transformation costs, acquisition-related costs and adjustments (excluding amortization of intangible assets), gain (loss) on extinguishment of debt, separation costs and separation-related costs and other non-GAAP adjustments as these adjustments are described above, and amortization of intangible assets and write down of financing fees 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. Write down of financing fees: In addition to excluding Loss (gain) on extinguishment of debt, the Company has excluded the impact of the write down of financing fees from Adjusted net income (non-GAAP). The amount and frequency of such amounts are not consistent and are significantly impacted by the timing and size of debt financing transactions and other factors in the debt market out of management's control. In addition, the Company excluded these costs as they are outside of the ordinary course of continuing operations and are infrequent in nature. The Company believes that the exclusion of such out-of-the-ordinary-course amounts provides supplemental information to assist in the comparison of the financial results of the Company from period to period and, therefore, provides useful supplemental information to investors. Adjusted net income attributable to Bausch Health (non-GAAP) is Adjusted net income (non-GAAP) further adjusted to exclude the Adjusted net income attributable to noncontrolling interest (non-GAAP). Adjusted net income attributable to noncontrolling interest (non-GAAP) is Net income attributable to noncontrolling interest (its most directly comparable GAAP financial measure) adjusted for the portion of the adjustments described above attributable to noncontrolling interest.

Historically, management has used Adjusted net income (loss) (non-GAAP) for strategic decision making, forecasting future results and evaluating current performance. This non-GAAP measure excludes the impact of certain items (as described above) that may obscure trends in the Company's underlying 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. It is also noted that, in recent periods, our GAAP Net income (loss) was significantly lower than our Adjusted net income (non-GAAP).

Adjusted Earnings Per Share (non-GAAP)

Adjusted earnings per share (non-GAAP) is calculated as Basic and Diluted loss per share attributable to Bausch Health (its most directly comparable GAAP financial measure), adjusted for the non-GAAP adjustments to reconcile Net income (loss) attributable to Bausch Health to Adjusted income attributable to Bausch Health (non-GAAP) and the diluted effect of stock options and restricted stock units excluded in the determination of Basic and Diluted loss per share attributable to Bausch Health during the period as the effect of including them would have been antidilutive.  Management believes this non-GAAP measure excludes certain factors that could distort the visibility of the Company's underlying performance per share and offers investors a clearer, supplemental view of the Company's performance and trends over the reported periods. As a result, the Company considers Adjusted earnings per share (non-GAAP) to be beneficial for investors evaluating the Company's operating results, overall valuation, and potential return on investment. Management notes that for the periods presented, the Company's GAAP EPS was notably lower than its Adjusted earnings per share (non-GAAP).

Organic Revenue (non-GAAP) and Change in Organic Revenue (non-GAAP)

Organic revenue (non-GAAP) and Change in organic revenue (non-GAAP), are defined as GAAP Revenue and change in GAAP Revenue (the most directly comparable GAAP financial measures), adjusted for changes in foreign currency exchange rates (if applicable) and excluding the impact of recent acquisitions, divestitures and discontinuations, as defined below.

Organic revenue (non-GAAP) 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 (non-GAAP) and change in organic revenue (non-GAAP) to assess performance of its reportable segments, and the Company in total. The Company believes that providing these non-GAAP measures is useful to investors as they provide a supplemental period-to-period comparison.

The adjustments to GAAP Revenue to determine Organic Revenue (non-GAAP) and Change in Organic Revenue (non-GAAP) are 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 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 change in organic revenue 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 change in organic revenue 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 the effects of changes in foreign currencies. The impact of changes in foreign currency exchange rates is determined by comparing 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.

Please also see the reconciliation tables below for further information as to how these non-GAAP measures and ratios are calculated for the periods presented.

Adjusted Cash Flow from Operations (non-GAAP)

Adjusted cash flow from operations (non-GAAP) is Cash generated from operations (its most directly comparable GAAP financial measure) adjusted for: (i) payments of legacy legal settlements, net of insurance recoveries and restitutions, (ii) payments of transformation costs, (iii) payments for separation costs and separation-related costs, (iv) interest payments charged against premium, (v) fees paid in connection with the debt refinancing transactions and (vi) payments of acquired IPR&D.

As these payments arise from events outside of the ordinary course of continuing operations as discussed above, the Company believes that the adjustments of these items provide supplemental information with regard to the sustainability of the Company's cash from operations, allow for a comparison of the financial results to historical operations and forward-looking guidance and, as a result, provide useful supplemental information to investors.

Adjusted EBITDA excluding Bausch + Lomb (non-GAAP)

Adjusted EBITDA excluding Bausch + Lomb (non-GAAP) is Adjusted EBITDA (non-GAAP) adjusted to remove Adjusted EBITDA attributable to Bausch + Lomb (non-GAAP). Adjusted EBITDA attributable to Bausch + Lomb (non-GAAP) is Income (loss) before income taxes of our Bausch + Lomb segment (its most directly comparable GAAP financial measure) adjusted for the portion of the Company's interest expense, depreciation, amortization and other adjustments as described above, allocated or attributable to Bausch + Lomb.

Adjusted EBITDA excluding Bausch + Lomb is not intended to be, and may not be, representative of income from continuing operations (for Bausch Health excluding Bausch + Lomb) or from discontinued operations (for Bausch + Lomb) in accordance with GAAP, as: (i) the criteria for that accounting has not been met and (ii) certain cost allocations to Bausch Health excluding Bausch + Lomb and Bausch + Lomb are not in accordance with the criteria for that accounting. As such, Adjusted EBITDA excluding Bausch + Lomb (non-GAAP) as included herein may not be indicative of the results of the operations or Adjusted EBITDA attributable to Bausch Health (non-GAAP) in the future, or if Bausch + Lomb met the criteria to be treated as a discontinued operation during any of the periods presented.

Adjusted Cash Flow from Operations excluding Bausch + Lomb (non-GAAP)

Adjusted Cash Flow from Operations excluding Bausch + Lomb (non-GAAP) is Adjusted Cash Flow from Operations (non-GAAP) adjusted to remove Adjusted Cash Flow from Operations attributable to Bausch + Lomb (non-GAAP). Adjusted Cash Flow from Operations attributable to Bausch + Lomb (non-GAAP) is Cash Flow from Operations of our Bausch + Lomb segment (its most directly comparable GAAP financial measure) adjusted for the portion of the Company's payment of separation costs, separation-related costs and other adjustments as described above, allocated or attributable to Bausch + Lomb.

Adjusted Cash Flow from Operations excluding Bausch + Lomb is not intended to be, and may not be, representative of Cash Flow from Operations (for Bausch Health excluding Bausch + Lomb) or from discontinued operations (for Bausch + Lomb) in accordance with GAAP, as: (i) the criteria for that accounting has not been met and (ii) certain cost allocations to BHC excluding Bausch + Lomb and Bausch + Lomb are not in accordance with the criteria for that accounting. As such, Adjusted Cash Flow from Operations excluding Bausch + Lomb (non-GAAP) as included herein may not be indicative of the cash flow or Adjusted Cash Flow from Operations attributable to Bausch Health (non-GAAP) in the future, or if Bausch + Lomb met the criteria to be treated as a discontinued operation during any of the periods presented.

Management believes that Adjusted EBITDA excluding Bausch + Lomb (non-GAAP), Adjusted Cash Flow from Operations (non-GAAP) and Adjusted Cash Flow from Operations excluding Bausch + Lomb (non-GAAP), along with the GAAP and other non-GAAP measures used by management, most appropriately reflects how the Company measures the business internally and sets operational goals and incentives. In particular, the Company believes that these metrics focus management on the Company's underlying operational results and business performance. As a result, the Company uses these metrics to assess the actual financial performance of the Company and to forecast future results as part of its guidance. Management believes these metrics are a useful measure to evaluate current performance. These metrics are 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) and Adjusted Cash Flow (non-GAAP) targets.

Bausch Health Companies Inc.

Table 1

Condensed Consolidated Statements of Operations

For the Three Months Ended March 31, 2026 and 2025

(unaudited)

Three Months Ended

March 31,

(in millions)

2026

2025

Revenues

Product sales

$

2,500

$

2,227

Other revenues

24

32

2,524

2,259

Expenses

Cost of goods sold (excluding amortization and impairments of intangible assets)

721

683

Cost of other revenues

17

18

Selling, general and administrative

861

867

Research and development

163

143

Amortization of intangible assets

241

256

Goodwill impairments

1,426

—

Restructuring, integration and separation costs

13

1

Other expense, net

32

15

3,474

1,983

Operating (loss) income

(950)

276

Interest income

10

11

Interest expense

(402)

(330)

Loss on extinguishment of debt

(1)

—

Foreign exchange and other

(11)

(4)

Loss before income taxes

(1,354)

(47)

Provision for income taxes

(77)

(39)

Net loss

(1,431)

(86)

Net loss attributable to noncontrolling interest

8

28

Net loss attributable to Bausch Health Companies Inc.

$

(1,423)

$

(58)

Bausch Health Companies Inc.

Table 2

Reconciliation of Net Loss Attributable to Bausch Health Companies Inc.

  to Adjusted Net Income Attributable to Bausch Health Companies Inc. (non-GAAP)

For the Three Months Ended March 31, 2026 and 2025

(unaudited)

Three Months Ended

March 31,

(in millions)

2026

2025

Net loss attributable to Bausch Health Companies Inc.

$

(1,423)

$

(58)

Non-GAAP adjustments: (a)

Amortization of intangible assets

241

256

Goodwill impairments

1,426

—

Restructuring, integration and transformation costs

19

29

Acquisition-related costs and adjustments (excluding amortization of intangible assets)

16

12

Loss on extinguishment of debt and write down of financing fees

9

—

Separation costs and separation-related costs

1

5

Gain on sale of assets, net

(3)

—

Litigation and other matters, net of insurance recoveries and restitutions

10

(3)

Other

8

12

Tax effect of non-GAAP adjustments

6

(15)

Noncontrolling interest portion of the non-GAAP adjustments

(14)

(18)

Adjusted net income attributable to Bausch Health Companies Inc. (non-GAAP)

$

296

$

220

Basic and diluted loss per share attributable to Bausch Health Companies Inc.

$

(3.82)

$

(0.16)

Adjusted diluted earnings per share attributable to Bausch Health Companies Inc. (non-GAAP) (b)

$

0.78

$

0.59

Basic weighted average common shares

372.8

369.6

Diluted weighted average common shares

378.9

373.8

(a)

The components of and further details respecting each of these non-GAAP adjustments and the financial statement line item to which each component relates can be found on Table 2a.

(b)

Adjusted diluted earnings per share attributable to Bausch Health Companies Inc. is calculated using Diluted weighted average common shares of 378.9 million and 373.8 million which includes the diluted effect of stock options and restricted stock units of 6.1 million and 4.2 million (the "Dilutive Shares") for the three months ended March 31, 2026 and 2025, respectively. The Dilutive Shares were not included in the determination of Basic and diluted loss per share attributable to Bausch Health Companies Inc. as the effect of including them would have been antidilutive.

Bausch Health Companies Inc.

Table 2a

Reconciliation of GAAP to Non-GAAP Financial Information

For the Three Months Ended March 31, 2026 and 2025

(unaudited)

Three Months Ended

March 31,

(in millions)

2026

2025

Cost of goods sold reconciliation:

  GAAP Cost of goods sold (excluding amortization and impairments of intangible

 assets)

$

721

$

683

     Fair value inventory step-up resulting from acquisitions (a)

(3)

(22)

 Adjusted cost of goods sold (excluding amortization and impairments of intangible assets) (non-GAAP)

$

718

$

661

Selling, general and administrative reconciliation:

     GAAP Selling, general and administrative

$

861

$

867

     IT infrastructure investment (b)

(5)

(8)

     Legal and other professional fees (b)

—

(3)

     Separation-related costs (c)

(1)

(5)

     Transformation costs (d)

(6)

(28)

   Adjusted selling, general and administrative (non-GAAP)

$

849

$

823

Amortization of intangible assets reconciliation:

     GAAP Amortization of intangible assets

$

241

$

256

     Amortization of intangible assets (e)

(241)

(256)

  Adjusted amortization of intangible assets (non-GAAP)

$

—

$

—

Goodwill impairments reconciliation:

     GAAP Goodwill impairments

$

1,426

$

—

     Goodwill impairments (f)

(1,426)

—

  Adjusted goodwill impairments (non-GAAP)

$

—

$

—

Restructuring, integration and separation costs reconciliation:

     GAAP Restructuring, integration and separation costs

$

13

$

1

     Restructuring and integration costs (d)

(13)

(1)

  Adjusted restructuring, integration and separation costs (non-GAAP)

$

—

$

—

Other expense, net reconciliation:

     GAAP Other expense, net

$

32

$

15

     Litigation and other matters, net of insurance recoveries and restitutions (g)

(10)

3

     Acquisition-related contingent consideration (a)

(12)

11

     Gain on sale of assets, net (h)

3

—

     Acquisition-related costs (a)

(1)

(1)

  Adjusted other expense, net (non-GAAP)

$

12

$

28

Bausch Health Companies Inc.

Table 2a (continued)

Reconciliation of GAAP to Non-GAAP Financial Information

For the Three Months Ended March 31, 2026 and 2025

(unaudited)

Three Months Ended

March 31,

(in millions)

2026

2025

Loss on extinguishment of debt reconciliation:

     GAAP Loss on extinguishment of debt

$

(1)

$

—

     Loss on extinguishment of debt (i)

1

—

  Adjusted Loss on extinguishment of debt (non-GAAP)

$

—

$

—

Interest expense reconciliation:

     GAAP Interest expense

$

(402)

$

(330)

     Write-down of financing fees (i)

8

—

  Adjusted Interest expense (non-GAAP)

$

(394)

$

(330)

Foreign exchange and other reconciliation:

     GAAP Foreign exchange and other

$

(11)

$

(4)

     Other professional fees (b)

3

(1)

  Adjusted foreign exchange and other (non-GAAP)

$

(8)

$

(5)

Provision for income taxes reconciliation:

     GAAP Provision for income taxes

$

(77)

$

(39)

     Tax effect of non-GAAP adjustments (j)

6

(15)

  Adjusted provision for income taxes (non-GAAP)

$

(71)

$

(54)

Net loss attributable to noncontrolling interest reconciliation:

     GAAP Net loss attributable to noncontrolling interest

$

8

$

28

     Noncontrolling interest portion of amortization of intangible assets (k)

(7)

(8)

     Noncontrolling interest portion of all other adjustments (k)

(7)

(10)

  Adjusted net loss attributable to noncontrolling interest (non-GAAP)

$

(6)

$

10

(a)

Represents the three components of the non-GAAP adjustment of "Acquisition-related costs and adjustments (excluding amortization of intangible assets)" (see Table 2).

(b)

Represents the three components of the non-GAAP adjustment of "Other" (see Table 2).

(c)

Represents the one component of the non-GAAP adjustment of "Separation costs and separation-related costs" (see Table 2).

(d)

Represents the two components of the non-GAAP adjustment of "Restructuring, integration and transformation costs" (see table 2).

(e)

Represents the sole component of the non-GAAP adjustment of "Amortization of intangible assets" (see Table 2).

(f)

Represents the sole component of the non-GAAP adjustment of "Goodwill impairments" (see Table 2).

(g)

Represents the sole component of the non-GAAP adjustment of "Litigation and other matters, net of insurance recoveries and restitutions" (see Table 2).

(h)

Represents the sole component of the non-GAAP adjustment of "Gain on sale of assets, net" (see Table 2).

(i)

Represents the two components of the non-GAAP adjustment of "Loss on extinguishment of debt and write-down of financing fees" (see Table 2).

(j)

Represents the sole component of the non-GAAP adjustment of "Tax effect of non-GAAP adjustments" (see Table 2).

(k)

Represents the portion of the non-GAAP adjustments attributable to noncontrolling interest (see Table 2). 

Bausch Health Companies Inc.

Table 2b

Reconciliation of GAAP Net Loss to Adjusted EBITDA (non-GAAP)

For the Three Months Ended March 31, 2026 and 2025

(unaudited)

Three Months Ended

March 31,

(in millions)

2026

2025

Net loss

$

(1,431)

$

(86)

Interest expense, net

392

319

Provision for income taxes

77

39

Depreciation and amortization

295

305

EBITDA

(667)

577

Adjustments:

Goodwill impairments

1,426

—

Restructuring, integration and transformation costs

19

29

Acquisition-related costs and adjustments (excluding amortization of intangible assets)

16

12

Loss on extinguishment of debt

1

—

Share-based compensation

52

43

Separation costs and separation-related costs

1

5

Other adjustments:

Litigation and other matters, net of insurance recoveries and restitutions

10

(3)

Gain on sale of assets, net

(3)

—

Other

8

12

Adjusted EBITDA (non-GAAP) (a)

863

675

Adjusted EBITDA attributable to noncontrolling interest (non-GAAP) (b)

(26)

(14)

Adjusted EBITDA attributable to Bausch Health Companies Inc. (non-GAAP) (c)

$

837

$

661

(a)

Includes the impact of Acquired IPR&D charges of $11 million and $28 million for the three months ended March 31, 2026 and 2025, respectively.

(b)

Adjusted EBITDA attributable to noncontrolling interest (non-GAAP) is Net loss attributable to noncontrolling interest adjusted for the noncontrolling interest portion of the adjustments above as follows:

Three Months Ended

March 31,

(in millions)

2026

2025

Net loss attributable to noncontrolling interest

$

8

$

28

Noncontrolling interest portion of adjustments for:

Interest expense, net

(12)

(12)

Depreciation and amortization

(13)

(13)

All other adjustments

(9)

(17)

Adjusted EBITDA attributable to noncontrolling interest (non-GAAP)

$

(26)

$

(14)

(c)

Includes the impact of Acquired IPR&D charges net of noncontrolling interest (non-GAAP) of $10 million and $24 million for the three months ended March 31, 2026 and 2025, respectively.

Bausch Health Companies Inc.

Table 3

Organic Growth (non-GAAP) - by Segment

For the Three Months Ended March 31, 2026 and 2025

(unaudited)

Calculation of Organic Revenue for the Three Months Ended

March 31, 2026

March 31, 2025

Change in
GAAP Revenues

Change in
Organic Revenue

(in millions)

Revenue
as
Reported

Changes in
Exchange Rates (a)

Acquisitions

Organic

Revenue
(Non-GAAP) (b)

Revenue
as
Reported

Divestitures
and Discontinuations

Organic
Revenue (Non-
GAAP) (b)

Amount

Pct.

Amount

Pct.

Bausch Health (excl. B+L)

Salix

$

639

$

—

$

—

$

639

$

542

$

—

$

542

$

97

18

%

$

97

18 %

International

285

(25)

—

260

262

(1)

261

23

9

%

(1)

— %

Solta Medical

171

(4)

(32)

135

113

—

113

58

51

%

22

19 %

Diversified

Neuroscience

113

—

—

113

118

—

118

(5)

(4)

%

(5)

(4) %

Dermatology

33

—

—

33

46

—

46

(13)

(28)

%

(13)

(28) %

Generics

18

—

—

18

18

—

18

—

—

%

—

— %

Dentistry

21

—

—

21

23

—

23

(2)

(9)

%

(2)

(9) %

Total Diversified

185

—

—

185

205

—

205

(20)

(10)

%

(20)

(10) %

Bausch Health (excl. B+L) revenues

1,280

(29)

(32)

1,219

1,122

(1)

1,121

158

14

%

98

9 %

Bausch + Lomb

Vision Care

711

(25)

—

686

656

(2)

654

55

8

%

32

5 %

Surgical

228

(12)

(1)

215

214

214

14

7

%

1

—

Pharmaceuticals

305

(5)

—

300

267

(1)

266

38

14

%

34

13 %

Total Bausch + Lomb revenues

1,244

(42)

(1)

1,201

1,137

(3)

1,134

107

9

%

67

6 %

Total Bausch Health Companies Inc.
   revenues

$

2,524

$

(71)

$

(33)

$

2,420

$

2,259

$

(4)

$

2,255

$

265

12

%

$

165

7 %

(a)

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.

(b)

To supplement the financial measures prepared in accordance with GAAP, the Company uses certain non-GAAP financial measures. For additional information about the Company's use of such non-GAAP financial measures, refer to the body of the news release to which these tables are attached. Organic revenue (non-GAAP) for the three months ended March 31, 2026 is calculated as revenue as reported adjusted for the impact for changes in exchange rates (previously defined in this news release). Organic revenue (non-GAAP) for the three months ended March 31, 2025 is calculated as revenue as reported less revenues attributable to divestitures and discontinuances 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.

Bausch Health Companies Inc.

Table 4

Other Financial Information

(unaudited)

(in millions)

March 31,
2026

December 31,
2025

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents

$

1,299

$

1,309

Restricted cash

13

16

Cash, cash equivalents and restricted cash

$

1,312

$

1,325

(in millions)

March 31,
2026

December 31,
2025

Debt Obligations

Senior Secured Credit Facilities:

Revolving Credit Facilities

$

100

$

100

Term Loan Facilities

5,779

5,787

Senior Secured Notes

10,223

10,235

Senior Unsecured Notes

4,098

4,098

Other

12

12

Total long-term debt and other, net of premiums, discounts and issuance costs

20,212

20,232

Plus: Unamortized premiums, discounts and issuance costs

552

585

Total long-term debt and other

$

20,764

$

20,817

(in millions)

March 31,
2026

December 31,
2025

Maturities of Debt Obligations (at principal amount)

  Remainder of 2026

$

44

58

‌  2027

701

701

‌  2028

3,765

4,240

‌  2029

1,667

1,662

‌  2030

4,123

4,118

‌  2031

3,912

3,453

 Thereafter

6,000

6,000

 Total debt obligations

$

20,212

$

20,232

Three Months Ended
March 31,

(in millions)

2026

2025

Cash provided by operating activities

$

230

$

211

Net cash impact of legacy legal matters (a)

158

15

Payments of transformation costs

7

4

Payments of separation costs and separation-related costs

—

7

Interest payments charges against debt premium

(44)

(127)

Fees paid in connection with debt refinancing

11

—

Payments of Acquired IPR&D

12

28

Adjusted cash flow from operations (non-GAAP)

$

374

$

138

(a)

Payments of legacy legal settlements, net of insurance recoveries and restitutions.

Bausch Health Companies Inc.

Table 5

Reconciliation of Reported Net (Loss) Income to Adjusted EBITDA (non-GAAP)

For the Three Months Ended March 31, 2026 and 2025

(unaudited)

Three Months Ended March 31, 2026

Three Months Ended March 31, 2025

(in millions)

Bausch Health
Companies, Inc.

Bausch + Lomb
Corporation

Bausch Health
(excluding B+L)

Bausch Health
Companies, Inc.

Bausch + Lomb
Corporation

Bausch Health
(excluding B+L)

Net (Loss) Income

$(1,431)

$(70)

$(1,361)

$(86)

$(211)

$125

Interest expense, net

392

93

299

319

91

228

Provision for income taxes

77

6

71

39

31

8

Depreciation and amortization

295

101

194

305

106

199

EBITDA(a)

(667)

130

(797)

577

17

560

Adjustments:

Goodwill impairments

1,426

—

1,426

—

—

—

Restructuring, integration and transformation costs

19

12

7

29

27

2

Acquisition-related costs and adjustments (excluding
  amortization of intangible assets)

16

3

13

12

14

(2)

Loss on extinguishment of debt

1

1

—

—

—

—

Share-based compensation

52

34

18

43

28

15

Separation costs and separation-related costs

1

1

—

5

3

2

Other adjustments:

Litigation and other matters, net of insurance
recoveries and restitutions

10

7

3

(3)

1

(4)

Gain on sale of assets, net

(3)

(3)

—

—

—

—

Other

8

5

3

12

9

3

Adjusted EBITDA (non-GAAP) (a),(b)

$863

$190

$673

$675

$99

$576

Impact of Acquired IPR&D

$11

$11

$—

$28

$28

$—

(a)

This is a non-GAAP measure. Management considers the presentation of Adjusted EBITDA for Bausch Health (excluding B+L) (non-GAAP) to be meaningful information and utilizes it in decision making and for compensation purposes. Adjusted EBITDA for Bausch Health Excluding B+L (non-GAAP) is not intended to be representative of GAAP continuing operations and Adjusted EBITDA for B+L is not intended to be representative of discontinued operations as the criteria for that accounting has not been met. As such, Adjusted EBITDA for Bausch Health excluding B+L (non-GAAP) as included herein may not be indicative of the results of the operations or Adjusted EBITDA attributable to Bausch Health (non-GAAP) in the future, or if B+L met the criteria to be treated as a discontinued operation during any of the periods presented.

(b)

Adjusted EBITDA (non-GAAP) above includes Adjusted EBITDA attributable to noncontrolling interests. For Bausch Health Companies Inc., this amounted to $26 million and $14 million for the three months ended March 31, 2026 and 2025, respectively, which includes $1 million related to B+L in each period.

SOURCE Bausch Health Companies Inc.

Bausch Health (BHC - Free Report) came out with quarterly earnings of $0.78 per share, missing the Zacks Consensus Estimate of $0.81 per share. This compares to earnings of $0.59 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -3.11%. A quarter ago, it was expected that this drugmaker would post earnings of $1.21 per share when it actually produced earnings of $1.08, delivering a surprise of -10.74%.

Over the last four quarters, the company has surpassed consensus EPS estimates just once.

Bausch, which belongs to the Zacks Medical - Generic Drugs industry, posted revenues of $2.52 billion for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 4.72%. This compares to year-ago revenues of $2.26 billion. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Bausch shares have lost about 18.4% since the beginning of the year versus the S&P 500's gain of 4.3%.

What's Next for Bausch?While Bausch has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Bausch was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.95 on $2.63 billion in revenues for the coming quarter and $4.15 on $10.68 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Generic Drugs is currently in the bottom 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Supernus Pharmaceuticals (SUPN - Free Report) , has yet to report results for the quarter ended March 2026. The results are expected to be released on May 5.

This drugmaker is expected to post quarterly earnings of $0.28 per share in its upcoming report, which represents a year-over-year change of -33.3%. The consensus EPS estimate for the quarter has been revised 19.1% higher over the last 30 days to the current level.

Supernus Pharmaceuticals' revenues are expected to be $188.45 million, up 25.8% from the year-ago quarter.

Key Takeaways Bausch Health reported Q1 EPS of 78 cents, missing estimates, while revenues rose 12% y/y to $2.5B.BHC's growth was driven by Salix, Solta and International units, with Xifaxan sales up 21%.BHC raised the 2026 revenue outlook and advanced pipeline programs, including larsucosterol phase III. Bausch Health Companies Inc. (BHC - Free Report) reported mixed results for the first quarter of 2026.

Adjusted earnings per share (EPS) of 78 cents missed the Zacks Consensus Estimate of 81 cents but were up from 59 cents recorded in the year-ago quarter.

Total revenues of $2.5 billion were up 12% year over year. The top line beat the Zacks Consensus Estimate of $2.4 billion.

Excluding the impact of a foreign exchange of $71 million, acquisitions of $33 million and divestitures and discontinuations of $4 million, revenues increased 7% organically year over year.

BHC’s shares have lost 19.5% year to date compared to the industry’s decline of 2.9%.

Image Source: Zacks Investment Research

BHC's Q1 in DetailThe company reports revenues under two segments: Bausch Health and Bausch + Lomb.

Bausch Health’s revenues came in at $1.3 billion, up 14% year over year. Within the Bausch Health segment, revenues are recorded under four divisions — Salix, International, Solta Medical and Diversified Products.

Salix’s revenues totaled $639 million, up 18% year over year. Within this segment, Xifaxan is the top revenue generator, generating sales of $559 million, up 21%, led by strong demand growth. Relistor’s revenues were $40 million. However, Trulance’s revenues of $31 million were down 2% year over year.

Xifaxan 550 mg tablets are indicated for the reduction in the risk of overt hepatic encephalopathy recurrence and the treatment of IBS-D in adults.

Salix’s revenues beat the Zacks Consensus Estimate of $575 million and our model estimate of $589 million.

International revenues totaled $285 million, up 9% year over year, led by 12% growth in EMEA markets. Latin America markets also put up a solid performance driven by commercial product growth, offset by lower volume. However, sales in Canada were down 4% year over year.

The reported figure beat the Zacks Consensus Estimate of $272 million and our model estimate of $268 million. Excluding the impact of foreign exchange of $25 million and divestitures and discontinuations of $1 million, revenues were relatively flat on an organic basis.

Solta Medical reported revenues of $171 million, up 51% year over year, driven by China and South Korea. The figure beat the Zacks Consensus Estimate of $122 million and our model estimate of $117 million. Results also benefited from Solta’s acquisition of Shibo's full service aesthetics distribution business in China.

Diversified Product’s revenues amounted to $185 million, down 10% from the year-ago level. Within this segment, neuroscience sales decreased 4% year over year due to lower volume. The Dermatology business was down 28% due to partial channel destocking despite solid Cabtreo and Jublia demand. Sales from the Dentistry business were $21 million. The Generics business generated sales of $21 million.

Diversified Product’s revenues missed the Zacks Consensus Estimate of $219 million and our model estimate of $228 million.

Revenues from Bausch + Lomb totaled $1.24 billion, up 9% year over year, driven by growth across each business — vision care, surgical and pharmaceuticals. The figure beat both the Zacks Consensus Estimate and our model estimate of $1.22 billion.

Excluding the impact of foreign exchange of $42 million, acquisitions of $1 million and divestitures and discontinuations of $3 million, Bausch + Lomb segment revenues were up 6% organically on a year-over-year basis.

BHC’s Pipeline DevelopmentThe registrational phase III program on larsucosterol to evaluate the safety & efficacy in patients with severe Alcohol-Associated Hepatitis (AH) was initiated in early 2026.

The FDA earlier granted Breakthrough Therapy Designation to larsucosterol for the treatment of AH.

An internal review on amiselimod, an S1P modulator, a once-daily oral treatment of mild- to moderate ulcerative colitis, is ongoing.

The company’s program for Clear and Brilliant Touch, a fractionated laser device for skin rejuvenation, is also advancing. In addition to the United States, approvals were received for Australia, New Zealand, the Philippines, Thailand, Taiwan, Malaysia and Singapore in 2024. The treatment received approval from the Chinese National Medical Products in August 2025. The company also received approval in Australia in December 2025. It was launched in Canada in February 2026.

BHC Updates 2026 GuidanceBHC now expects 2026 revenues to be in the range of $10.670-$10.920 billion (previous guidance: $10.625-$10.875 billion). The Zacks Consensus Estimate for the same is pegged at $10.68 billion.

Excluding Bausch + Lomb, revenues are still projected to be in the range of $5.250-$5.400 billion. Bausch + Lomb revenues are now expected to be in the range of $5.420-$5.520 billion (previous guidance: $5.375-$5.475 billion).

Our Take on BHC’s Q1 PerformanceWhile earnings missed estimates in the first quarter, revenue growth was impressive, driven by Salix, Solta and International businesses. Xifaxan continues to drive growth.BHC recently acquired Shibo’s full-service aesthetics distribution business in China.

The acquisition expands its geographic footprint, provides direct access to a large and growing customer base, and enhances its ability to meet rising demand for aesthetic treatments, boosting the long-term growth potential of its global aesthetics franchise.

Nonetheless, the colossal debt continues to weigh on the stock. As of March 31, 2026, the company’s total debt obligations amounted to $20.7 billion, and its cash balance totaled $1.3 billion.

BHC’s Zacks Rank & Stocks to ConsiderBausch currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the biotech sector are Agenus (AGEN - Free Report) , Amarin (AMRN - Free Report) and Castle Biosciences (CSTL - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Over the past 60 days, estimates for Agenus’ 2026 earnings per share have risen from 54 cents to $1.30, while loss-per-share estimates for 2027 have narrowed from $1.91 to $1.52. AGEN shares have gained 22.3% year to date.

Agenus’ earnings beat estimates in two of the trailing four quarters, while missing the same on the remaining two occasions, with the average surprise being 31.42%.

Over the past 90 days, Amarin's loss-per-share estimates for 2026 have narrowed from $7.32 to $6.36, and the same for 2027 have narrowed from $5.97 to $4.64.

Amarin's earnings beat estimates in three of the trailing four quarters, while missing the same on the remaining occasion, with the average surprise being 51.29%.

Over the past 60 days, Castle Biosciences’ 2026 loss-per-share estimates have narrowed from $1.42 to $1.40. CSTL shares have rallied 67.3% over the past six months.

Castle Biosciences’ earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 34.69%.

Bausch Health delivered a Q1 revenue and net profit beat, but organic growth remains weak and demand is stagnant. BHC's improved margins stem from reduced rebates and discounts, but underlying sales volumes declined, especially in key segments. The investment thesis hinges on deleveraging; if debt is reduced by 20-30%, shares could rise 15-30%, but risks remain high.

, /PRNewswire/ -- Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) today announced that members of company management will participate in a fireside chat at the Barclays 30th Annual Leveraged Finance Conference in Austin, Texas on Tuesday, May 19, 2026. A live audio webcast of the event will be accessible on the Investor Relations section of Bausch Health's website.

Details

Date:           Tuesday, May 19, 2026

Time:           10:25 a.m. U.S. ET

Webcast:     http://ir.bauschhealth.com/events-and-presentations

A replay of the event will be available on the investor relations website following the event.

About Bausch Health
Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) is a global, diversified pharmaceutical company enriching lives through our relentless drive to deliver better health care outcomes. We develop, manufacture and market a range of products primarily in gastroenterology, hepatology, neuroscience, dermatology, dentistry, aesthetics, international pharmaceuticals and eye health, through our controlling interest in Bausch + Lomb Corporation. Our ambition is to be a globally integrated healthcare company, trusted and valued by patients, HCPs, employees and investors. For more information about Bausch Health, visit www.bauschhealth.com and connect with us on LinkedIn.

Forward-looking Statements
This news release may contain forward-looking statements within the meaning of applicable securities laws, including the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.  Forward-looking statements may generally be identified by the use of the words "will," "anticipates," "hopes," "expects," "intends," "plans," "should," "could," "would," "may," "believes," "subject to" and variations or similar expressions. These statements are neither historical facts nor assurances of future performance, are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Actual results are subject to other risks and uncertainties that relate more broadly to Bausch Health's overall business, including those more fully described in Bausch Health's most recent annual and quarterly reports and detailed from time to time in Bausch Health's other filings with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators, which factors are incorporated herein by reference.  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. The Company undertakes no obligation to update any of these forward-looking statements to reflect events, information or circumstances after the date of this news release or to reflect actual outcomes, unless required by law.

Investor Contact:

 Media Contact:

Garen Sarafian

 Katie Savastano

[email protected]

[email protected]

(877) 281-6642 (toll free)

(908) 569-3692

BHC-FINANCIAL

SOURCE Bausch Health Companies Inc.

VAUGHAN, Ontario--(BUSINESS WIRE)--Bausch + Lomb Corporation (NYSE/TSX: BLCO), a leading global eye health company dedicated to helping people see better to live better, today announced the U.S. launch of PreserVision AREDS3 eye vitamins, which combine the clinically proven AREDS2 nutrients recommended by the NEI to help reduce the risk of moderate-to-advanced AMD progression with a unique B-vitamin complex.* Built on decades of leadership in AREDS-based vitamins, PreserVision AREDS3 is the most advanced PreserVision formula, intended to support a broader range of people, including those in earlier stages.*

For decades, nutritional support for AMD has been centered on stage-specific intervention, with clinically proven AREDS2 nutrients serving as a way to help reduce the risk of progression in people with moderate-to-advanced AMD. PreserVision AREDS3 eye vitamins build on that scientific foundation by incorporating a proprietary B-vitamin complex informed by decades of research, enabling eye care professionals to initiate nutritional support earlier and engage a broader population.*

“AMD affects millions of people, often long before symptoms meaningfully change day-to-day life,” said John Ferris, president, Consumer, Bausch + Lomb. “Historically, options to support macular health earlier in the condition have been limited. PreserVision AREDS3 reflects decades of research, and our commitment to advancing eye health through science, offering an option for a broader range of people looking to support their macular health.”*

AMD is the leading cause of vision loss among older Americans, impacting approximately 28 million people in the U.S.1 This progressive condition can impact central vision in one or both eyes, causing people to have difficulty with daily activities like driving, reading or recognizing the faces of loved ones.3

PreserVision AREDS3 eye vitamins build on the trusted AREDS2 nutrients by adding a research-backed, unique B-vitamin complex.* The formula is designed to provide triple-action support:

Protects: AREDS2 nutrients help protect macular health by neutralizing free radicals and replenishing the eyes’ natural filter* Nourishes: Unique B‑vitamin complex, containing thiamin (B1), riboflavin (B2), niacin (B3), pantothenic acid (B5), vitamin B6, biotin (B7), folate (B9) and vitamin B12, which was designed to promote healthy cellular eye function* Boosts: Formulated to provide two times better absorption of key nutrients‡ “Nutritional support for AMD management has to evolve as the science evolves,” said Julie Poteet, OD, MS, CNS. “PreserVision AREDS3 eye vitamins reflect the most current thinking in nutritional support for macular health, building on the established AREDS2 nutrients and incorporating a unique B-vitamin complex backed by more than two decades of scientific research on B vitamins.2 That matters in practice, because it gives me greater confidence and flexibility when discussing nutritional options with a broader group of patients, including those in earlier stages.”*

The development of PreserVision AREDS3 was guided by a growing body of scientific evidence examining the role of certain B vitamins in AMD, including certain studies described in a recently published narrative review in Ophthalmology and Therapy.2 The review drew on more than two decades of human research, synthesizing findings from more than 20 human studies involving nearly 30,000 individuals, including large randomized clinical trials such as the Women’s Antioxidant and Folic Acid Cardiovascular Study, which reported a statistically significant association between specific B‑vitamin supplementation and reduced AMD risk. This body of evidence helped shape the inclusion of B vitamins in PreserVision AREDS3 eye vitamins and supports ongoing research in this area, including plans for a future long‑term clinical trial evaluating the formulation.*

Now Available
PreserVision AREDS3 eye vitamins are now available in the eye care aisle or online at most retailers nationwide, including Amazon, Target, Walgreens and Walmart. For more information, visit www.preservision.com.

About PreserVision Eye Vitamins
PreserVision eye vitamins are the most studied AREDS‑based eye vitamin brand, and PreserVision is the No. 1 eye doctor‑recommended AREDS brand.4 The PreserVision portfolio has been developed through decades of ongoing scientific collaboration and research, guided by evolving evidence and ongoing study. PreserVision AREDS 2 eye vitamins contain the exact nutrient formula recommended by the NEI to help reduce the risk of moderate-to-advanced AMD progression,*6 and the portfolio now also includes PreserVision AREDS3 eye vitamins, our latest formula designed to build on the AREDS2 nutrients with added B vitamins.* For more information, visit www.preservision.com.

About the AREDS, AREDS2 and 10-Year Follow-on AREDS2 Study Results
The AREDS and AREDS2 studies are landmark clinical studies conducted over 20 years by the NEI. The AREDS study in 2001 demonstrated that taking a specific combination of antioxidants and zinc could help reduce the risk of progression of AMD in those with moderate to advanced AMD.* In 2012, the NEI completed the AREDS2 study, which tested several changes to the formulation, such as adding omega-3 fatty acids, substituting lutein and zeaxanthin for beta-carotene, and/or reducing zinc. The current AREDS2 nutrient formula recommended by the NEI is the result of this study.*

The NEI 10-Year Follow-on Study results evaluated the long-term results of participants who were involved in the AREDS2 study. Consisting of 3,882 people (6,351 study eyes) with moderate to advanced AMD over a 10-year period, the follow-on study further validates the original findings of the AREDS2 formulation with lutein and zeaxanthin, demonstrating an incremental reduction in risk of the progression to late-stage AMD.*5

About Bausch + Lomb
Our mission is simple – we help people see better to live better, all over the world. For nearly two centuries we’ve evolved with the changing needs of patients and customers, and our commitment to innovation and improving the standard of care in eye health has never been stronger. From contact lenses to prescription products, over-the-counter options, surgical devices and more, we’re turning bold ideas into better outcomes through passion, perseverance and purpose. Learn more at www.bausch.com and connect with us on Facebook, Instagram, LinkedIn, X and YouTube.

‡Based on AUC of lutein and zeaxanthin compared to original PreserVision AREDS 2 Soft Gel

References

American Academy of Ophthalmology. What is Macular Degeneration? https://www.aao.org/eye-health/diseases/amd-macular-degeneration. Accessed May 4, 2026. Poteet J, Koetting C, Vakharia PS. Role of B Vitamins in Preventing the Development and Progression of Age-Related Macular Degeneration. Ophthalmology and Therapy. Dec. 7, 2025. https://doi.org/10.1007/s40123-025-01281-1. Accessed May 4, 2026. National Eye Institute. Age-Related Macular Degeneration. https://www.nei.nih.gov/learn-about-eye-health/eye-conditions-and-diseases/age-related-macular-degeneration. Accessed May 4, 2026. Bausch + Lomb. AREDS SOR Q1 2025 Data. Chew EY, Clemons TE, Agrón E, et al. Long-term Outcomes of Adding Lutein/Zeaxanthin and ω-3 Fatty Acids to the AREDS Supplements on Age-Related Macular Degeneration Progression: AREDS2 Report 28. JAMA Ophthalmology. 2022;140(7):692–698. Published online June 2, 2022. https://jamanetwork.com/journals/jamaophthalmology/fullarticle/2792855. Accessed May 4, 2026. Based on the AREDS and AREDS2 clinical studies. AREDS and AREDS2 are registered trademarks of the United States Department of Health and Human Services (HHS).
©2026 Bausch + Lomb.
PVN3.0082.USA.26