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Bausch Health 2019 Annual Report

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Bausch Health 2019 Annual Report BAUSCH HEALTH COMPANIES INC. Pivot to BAUSCH HEALTH COMPANIES INC. Offense 2019 ANNUAL REPORT 2019 ANNUAL REPORT Quality Customer Health Care Focused Our Vision Outcomes To Be Your Trusted Core Health Care Partner Principles CORE VALUES • Accountability People Innovation • Agility • Courage • Integrity • Teamwork • Results Orientation Effciency Our Mission Improving People’s Lives With Our Health Care Products COMPANY OVERVIEW We are a global company whose mission is to improve people’s lives with our health care products. We develop, manufacture and market a range of branded, generic and branded generic pharmaceuticals, medical devices (contact lenses, intraocular lenses, ophthalmic surgical equipment and aesthetics devices) and over-the- counter (OTC) products, primarily in the therapeutic areas of eye health, gastroenterology and dermatology. We are delivering on our commitments as we build an innovative company dedicated to advancing global health. More information can be found at www.bauschhealth.com. FORWARD-LOOKING STATEMENTS This annual report contains forward-looking information and statements, within the meaning of applicable securities laws (collectively, “forward-looking statements”), including, but not limited to, statements regarding the Company’s future prospects and performance, anticipated product launches and geographic expansion and the expected timing of such launches and expansion, anticipated timing for the submission of certain of our pipeline products and R&D programs, anticipated advances in our development programs and pipeline products, and expectations regarding leveraging our IBS and other portfolios. Forward-looking statements may generally be identified by the use of the words “anticipates,” “expects,” “intends,” “plans,” “should,” “could,” “would,” “may,” “will,” “believes,” “estimates,” “potential,” “target,” or “continue” and variations or similar expressions, and phrases or statements that certain actions, events or results may, could, should or will be achieved, received or taken, or will occur or result, and similar such expressions also identify forward-looking information. These forward-looking statements, including the Company’s future performance and growth, are based upon the current expectations and beliefs of management and are provided for the purpose of providing additional information about such expectations and beliefs, and readers are cautioned that these statements may not be appropriate for other purposes. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, the risks and uncertainties discussed in the Company’s most recent annual or quarterly report and detailed from time to time in the Company’s other filings with the Securities and Exchange Commission and the Canadian Securities Administrators, which risks and uncertainties are incorporated herein by reference. In addition, certain material factors and assumptions have been applied in making these forward-looking statements, including, without limitation, the assumption that the risks and uncertainties outlined above will not cause actual results or events to differ materially from those described in these forward-looking statements, and additional information regarding certain of these material factors and assumptions may also be found in the Company’s filings described above. The Company believes that the material factors and assumptions reflected in these forward-looking statements are reasonable in the circumstances, but readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. Bausch Health undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this annual report or to reflect actual outcomes, unless required by law. THE BAUSCH FOUNDATION Improving Lives Around the World The Bausch Foundation was established in 2017 to improve the lives of people around the world by providing access to safe, effective medicines and by financially supporting health care education and causes. The Bausch Foundation is a charitable foundation that oversees and directs all of Bausch Health’s global charitable giving. The Bausch Foundation supports initiatives aimed at disease prevention, improving patient outcomes and lives, and education related to our core businesses. Additionally, it supports disaster-recovery efforts and those who need help in the communities where we live and work. Our goal is to direct efforts toward contributions that can be repeatable, gather critical mass and make important benefits within our therapeutic communities. Since its inception, the Bausch Foundation has contributed millions of dollars’ worth of financial and product donations to global charitable health organizations, including: 2019 Annual Report 1 BAUSCH HEALTH COMPANIES INC. Fellow Shareholders, We entered 2019 with ambitious goals, and I am Pivot to Offense Yields Results pleased to report that our team has continued to In 2019, our shift to offense was driven by innovative new products, further debt paydown and business development make significant progress in delivering on our com- opportunities designed to enhance our core businesses and mitments to transform Bausch Health. Our “pivot to expand our product portfolio and pipeline. Within each of our three offense” strategy enabled us to add several important, core businesses, there were several important achievements, as well as strategic business development opportunities, that were complementary products to our core businesses completed for less than $250 million. Among these include: through acquisitions or licensing agreements. Bausch + Lomb/International Today, Bausch Health is a diverse, global company that develops, √ Launched Bausch + Lomb ULTRA® Multi-Focal for Astigmatism manufactures and markets a wide range of pharmaceutical, contact lenses, Zen Multifocal and Tangible Science Hydra-PEG® medical device and over-the-counter products. Each of our coating contact lenses, PreserVision® AREDS2 Formula Minigel Eye businesses is independently strong, durable and well-positioned to Vitamins, Ocuvite® Eye Performance vitamins and LOTEMAX® SM capitalize on the megatrends that are driving growth in the thera- (loteprednol etabonate ophthalmic gel) 0.38% for treating peutic areas of eye health, gastroenterology and dermatology. inflammation and pain following eye surgery √ Continued the expansion of our daily disposable contact lens During 2019, we delivered on the following key commitments: parameter offerings • Grew reported total Company revenue for the year (compared √ Acquired EM-100, an investigational eye drop that, if approved, with 2018); will be the first over-the-counter preservative-free eye drop • Generated $1.5 billion in cash from operations, and used more for the treatment of itchy eyes associated with allergies than $1 billion to reduce debt and make “bolt-on” acquisitions; √ Licensed in XIPERE™, an investigational treatment for macular • Grew R&D investment by 14 percent in 2019 versus 2018; and edema associated with uveitis that will be resubmitted to the • Improved operational efficiency, resulting in approximately U.S. Food and Drug Administration (FDA) for review $75 million of operating profit. √ Licensed in NOV03, an investigational first-in-class medicine In addition, we settled the U.S. securities class action litigation, with a novel mechanism of action to treat Dry Eye Disease also known as the “Valeant stock drop” case, which was one of associated with Meibomian gland dysfunction the largest remaining legacy liabilities we needed to address. Salix Pharmaceuticals Still subject to final court approval, this settlement removes a √ Acquired TRULANCE® (plecanatide), a treatment for adults with cloud of uncertainty and gives current and future stakeholders chronic idiopathic constipation and irritable bowel syndrome confidence in the ongoing turnaround of Bausch Health. with constipation We continued to deliver on our commitment to create share- √ Acquired dolcanatide, an investigational compound that has holder value as our stock price significantly outperformed the demonstrated proof-of-concept in treating patients with broader market. Bausch Health stock rose 62 percent for the multiple gastrointestinal conditions year, compared with Standard & Poor’s 500 (+29 percent), the √ Entered into an exclusive licensing agreement for MT-1303 Toronto Stock Exchange (+25 percent), the Dow Jones Industrial (amiselimod), a late-stage investigational sphinogosine Average (+22 percent) and the New York Stock Exchange Arca 1-phosphate (S1P) modulator for the treatment of inflammatory Pharmaceutical Index (+15 percent). We also saw several positive bowel disease upgrades or initiations from the sell-side. √ Entered into a licensing agreement with the University of California, Los Angeles, to develop and commercialize an early- stage novel investigational compound for the treatment of non- alcoholic fatty liver disease and non-alcoholic steatohepatitis 2 Bausch Health Companies Inc. Ortho Dermatologics √ Launched DUOBRII® (halobetasol propionate and tazarotene) Lotion, 0.01%/0.045%, a treatment for plaque psoriasis √ Continued the launch of Thermage FLX®, an aesthetic We are building a world-class skin-tightening
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