LAVAL - Bausch Health Companies Inc. (NYSE/TSX: BHC) ('Bausch Health' the 'Company,' 'we' or 'our') today announced its fourth-quarter and full-year 2023 financial results.

'I am pleased that we delivered against the financial guidance we established at the beginning of 2023. During the year, we made meaningful progress in driving performance across each of our business segments, continued to focus on our balance sheet and liquidity, and made significant progress on our key R&D initiatives, all helping to position the Company for continued growth and performance. We are excited about the positive momentum in our business as we enter 2024 and will continue to prioritize advancing our pipeline, investing in initiatives to continue to drive growth, and positioning the Company for long-term success,' said Thomas J. Appio, Chief Executive Officer, Bausch Health.

Bausch Health (excl. B+L) R&D Update

Amiselimod (S1P modulator): once-daily oral treatment of mild to moderate ulcerative colitis

Phase 2 study completed enrollment in July 2023 and positive topline data results announced in December 2023

RED-C: prevention and delay of first episode of hepatic encephalopathy

Enrollment of one of two global Phase 3 trials completed, with enrollment of the second trial on track and expected to be completed in the first half of 2024

CABTREOTM: first triple combination product for the treatment of acne vulgaris

Received FDA approval on October 20, 2023

U.S. commercial launch occurred the week of January 29, 2024

New Drug Submission was submitted to Health Canada on May 30, 2023

Thermage FLX: uses radiofrequency technology to help tighten and improve the smoothness and texture of the skin's surface

Thermage FLX and the TR-4 Return Pad approved by China's National Medical Products Administration in January 2024

Clear + Brilliant Touch: fractionated laser device for skin rejuvenation

Planned regulatory submissions on track for Europe, Canada, and Asia Pacific markets in 2024

Next Generation Fraxel: fractionated laser device for skin resurfacing

FDA submission planned in Q2 2024 and approval could occur in the second half of 2024

Fourth-Quarter and Full-Year 2023 Revenue Performance

Total reported revenues were $2.41 billion for the fourth quarter of 2023, compared with $2.19 billion in the fourth quarter of 2022, an increase of $215 million, or 10%. Excluding the favorable impact of foreign exchange totaling $6 million and the impact of acquisitions of $122 million, revenue increased by 4% organically1 compared with the fourth quarter of 2022.

Total reported revenues were $8.76 billion for the full year of 2023, compared with $8.12 billion in the full year of 2022, an increase of $633 million, or 8%. Excluding the unfavorable impact of foreign exchange of $45 million and the impact of acquisitions of $141 million, revenue increased organically1 by 7% compared with the full year of 2022.

Contact:

Email: ir@bauschhealth.com

Tel: 877-281-6642

Email: Corporate.communications@bauschhealth.com

Tel: 908-541-3785

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