2019: Pivoting to Offense 37th Annual J.P. Morgan Healthcare Conference Jan. 7, 2019

2

This presentation 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 market trends and opportunities, planned dermatology

growth, anticipated revenue from our Significant Seven products (including in 2019),

the expected impact on long-term growth of new product approvals (including

approvals of the Significant Seven), the anticipated submission, approval and launch

dates for certain of our pipeline products and R&D programs, the anticipated timing

of commencement of studies or other development work of our pipeline products and

R&D programs, the anticipated closing of certain of our pending acquisitions, the

planned implementation of our new access model for our Ortho Dermatologics

business and the anticipated impact of such new model on such business, the

planned expansion and expanded launches of certain of our products and

businesses, anticipated line extensions for certain of our products, our ability to make

additional debt repayments, expected total company revenue growth for 2019, the

amount of expected cash generated from operations and the anticipated use thereof,

expected R&D investment growth in 2019, our ability to continue to improve

operational efficiency and the expected impact thereof, expected revenue and

adjusted EBITDA (non-GAAP) growth, the Company’s mission (and the elements

and timing thereof) and the Company’s plans, goals and expectations for 2019 and

beyond and our ability to achieve such goals, plans and expectations. Forward-

looking statements may generally be identified by the use of the words "anticipates,"

"expects," “goals”, "intends," "plans," "should," "could," "would," "may," "will,"

"believes," "estimates," "potential," "target," “commit,” “tracking,” or "continue" and

variations or similar expressions. These forward-looking statements, including

management’s plans, goals and expectations for 2019 and beyond, 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 and events to differ materially from

those described in these 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 and quarterly reports 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 the plans, goals and

expectations for 2019), including 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, 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. The company

undertakes no obligation to update any of these forward-looking statements to reflect

events or circumstances after the date of this presentation or to reflect actual

outcomes, unless required by law.

Forward-Looking Statements

3

To supplement the financial measures prepared in accordance with U.S. generally

accepted accounting principles (GAAP), the Company uses certain non-GAAP

financial measures including Organic Revenue Growth and Adjusted EBITDA.

Management uses these non-GAAP measures as key metrics in the evaluation of

Company 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 are useful to investors in their assessment of our

operating performance and the valuation of our Company. In addition, these non-

GAAP measures 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 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 that are calculated differently from the

way we calculate such measures. Accordingly, our non-GAAP financial measures

may not be comparable to similar non-GAAP measures. We caution investors not to

place undue reliance on such non-GAAP measures, but instead to consider them

with the most directly comparable GAAP measures. Non-GAAP financial measures

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.

Further information about these non-GAAP measures, as well as the reconciliations

of these historic non-GAAP measures to the most directly comparable financial

measures calculated and presented in accordance with GAAP, can be found in the

appendix here and, together with other information relating to these non-GAAP

measures, in the Company’s third quarter 2018 (3Q18) earnings presentation, which

can be found on the Company’s website at

https://ir.bauschhealth.com/~/media/Files/V/Valeant-IR/reports-and-

presentations/3q18-bausch-health-earnings-presentation.pdf.

However, 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. In periods where significant acquisitions or divestitures are

not expected, the Company believes it might have a basis for forecasting the

GAAP equivalent for certain costs, such as amortization, that would otherwise

be treated as a non-GAAP adjustment to calculate projected GAAP net income

(loss). However, because other deductions (e.g., restructuring, gain or loss on

extinguishment of debt and litigation and other matters) used to calculate

projected net income (loss) may vary significantly based on actual events, the

Company is not able to forecast on a GAAP basis with reasonable certainty all

deductions needed in order to provide a GAAP calculation of projected net

income (loss) at this time. The amounts of these deductions may be material

and, therefore, could result in GAAP net income (loss) being materially different

from (including materially less than) projected Adjusted EBITDA (non-GAAP).

Non-GAAP Information

New Product Launches

0

2018 Accomplishments

0 Organic revenue

growth1,2 generated YTD as of 9.30.2018

compared to YTD 9.30.2017

2% 0

debt repaid with cash generated from

operations during 2018

>$1B

Name Change

0 Dr. Andrew C. Von Eschenbach

Resolution of Key Legacy Issues

Achieved dismissals or other positive outcomes in resolving litigation, disputes and investigations in approximately 60 matters as of Nov. 7th, 2018

• Resolved XIFAXAN® IP litigation: Preserved market exclusivity until 20283 with no financial payments made by BHC

• Resolved Salix SEC investigation with no monetary penalty4

• Resolved Allergan securities litigation

• Resolved outstanding arbitration with Alfasigma S.p.A.

1. See Slide 3 for further non-GAAP information. See our 3Q18 earnings presentation for GAAP reconciliation and other non-GAAP information at https://ir.bauschhealth.com/~/media/Files/V/Valeant-IR/reports-and-presentations/3q18-bausch-health-earnings-presentation.pdf.

2. Organic growth, a non-GAAP metric, is defined as an increase on a year-over-year basis in revenues and/or operating results on a constant currency basis (if applicable) excluding the impact of divestitures and discontinuations.

3. Actavis will be able to begin marketing the medicine earlier if another generic rifaximin product is granted approval and starts selling or distributing such generic rifaximin product before Jan. 1, 2028.

4

(SiHy Daily)

Bausch + Lomb ULTRA® Multifocal for Astigmatism

5 5

4. Subject to approval by the U.S. District Court for the Southern District of New York. 5. Co-promotion arrangement with third party.

New Board Member

5

• Bausch + Lomb/International and Salix are driving the pivot to offense

• 76% of the total company generated 6% organic revenue growth1,2 (YTD as of 9.30.2018)

Bausch + Lomb/International 55%

Salix 21%

Ortho Dermatologics 8%

Diversified Products 16%

Global Vision Care Global Surgical Global Consumer Global Ophtho Rx International Rx

+7%

+3%

+3%

+4%

0%

55% of total company generated 3% organic

revenue growth1,2 YTD as of 9.30.2018

21% of total company generated 16% organic

revenue growth1,2 YTD as of 9.30.2018

1. See Slide 3 for further non-GAAP information. See also Appendix and our 3Q18 earnings presentation at https://ir.bauschhealth.com/~/media/Files/V/Valeant-IR/reports-and-presentations/3q18-bausch-health-earnings-presentation.pdf for GAAP reconciliation and other non-GAAP information.

2. Organic growth, a non-GAAP metric, is defined as an increase on a year-over-year basis in revenues and/or operating results on a constant currency basis (if applicable) excluding the impact of divestitures and discontinuations.

Bausch Health: Pivoting to Offense

6

Myopia Epidemic

Disease Progression

Myopia rates are steadily increasing,

especially in Eastern Asia

Fully Integrated Eye Health Business…

…Driven by Megatrends and New Products

Rate of Myopia in Hong Kong

Based on Birth Year3

Environmental Factors Affecting Myopia

• Academic pressure: Studies show that myopia

increases in proportion to time spent studying3

• Lack of outdoor activities: Studies suggest that

every 40 minutes of outdoor activity per day

decreases the chances of developing myopia by

9%3

• Increased screen time: U.S. adults spend

nearly half a day—over 11 hours—listening to,

watching, reading or generally interacting with

media4

Myopia is a risk factor

for glaucoma, macular

degeneration and

retinal detachment3

~1.3B

people globally living

with some form of vision

impairment1

80%

of all vision impairment

globally is considered

avoidable1

8x

In the U.S., individuals 65

and over use 8x more eye

care products vs. those

younger than 652

1. https://www.who.int/news-room/fact-sheets/detail/blindness-and-visual-impairment. 2. Internal estimates and https://www.preventblindness.org/sites/default/files/national/documents/Future_of_Vision_final_0.pdf. 3. https://www.scmp.com/magazines/post-magazine/long-reads/article/2085125/chinas-myopia-epidemic-why-simple-solution-being. 4. https://www.nielsen.com/content/dam/corporate/us/en/reports-downloads/2018-reports/q1-2018-total-audience-report.pdf.

30%

70%

87%

0%

25%

50%

75%

100%

Pre-1950 1950-1980 Post 1997

Shift Occurring in the Global Contact Lens Market1

• Replacement Frequency: Daily accounts for ~50% of the

market and is growing across major markets, including U.S.,

Japan, EU, Asia-Pacific and Latin America

Bausch + Lomb’s Current Market Position

• U.S. Market: Growth leader in the U.S. contact lens market;

exceeded category growth rates for 5 consecutive quarters1

• International Market: Bausch + Lomb is the leader (#1) in

key emerging markets (China, Thailand and India), which

represent ~40% of the world’s population and are the fastest

growing markets4

0% 5% 10% 15%

7

Global Vision Care: Offerings for a Shifting Market

1. Third party data on file and internal estimates. 2. Gallup study of the US multi-focal market, October 2015. 3. Internal estimates. 4. CLI, Euromonitor and internal estimates. 5. YTD 2018 through 12/2/2018.

Market Dynamics and Position

+4-5%

+13%

Industry

U.S. Contact Lens Market Growth in 20181

Continued R&D Investment Drives 2019 Pipeline Expansion

• Bausch + Lomb ULTRA® Multifocal for Astigmatism launch planned for

2019; expected to address the >30M under-served astigmatic

presbyopes in the U.S.2

• Continued expansion for daily disposable parameter offerings

• Specialty Vision Products: Zen Multifocal (2019), Tangible Science

Hydra-PEG® coating (2019) and Custom Soft Contact Lenses (2020)

Key Products that Serve the

Changing Landscape

• Daily disposable contacts with patented

dehydration barrier, allowing lens to maintain

~100% of its moisture for a full 16 hours3

• Fastest growing full family of daily disposable

contact lenses in the U.S.1,5

• Monthly disposable contacts engineered to

provide all-day comfort and consistently clear

vision

• Fastest growing full family of frequent

replacement contact lenses in the U.S.1,5

• Daily disposable contacts with silicone hydrogel

material with the Moisture Seal™ Technology

• Launched in Japan (Sept. 2018); SiHy daily

launch planned for U.S. (2020) (SiHy Daily)

Leader in Eye Vitamin Growth

• AMD is the leading cause of blindness in the United States for

people over 653,4

• As baby boomers reach age 65 and beyond, millions of people

are at risk for AMD4

• Estimated 18M will have macular degeneration by 20505

• Out of those diagnosed with moderate-to-advanced AMD, only

26% of people are using an AREDS vitamin8

New Product: Ocuvite® Blue Light Vitamins

• Most adults spend seven or more hours daily in front

of digital devices, exposing themselves to blue light

for an extended period of time

• Ocuvite® Blue Light eye vitamins contain 25

milligrams of lutein and five milligrams of zeaxanthin

isomers, the key eye nutrients that help absorb blue

light before it reaches the macula

8

1. IQVIA ProVoice Monthly Survey Month Ending Sept. 2018. 2. Retail dollar share for total US (MULO) for the week ending December 23rd, 2018, according to IRI and One Click Retail. 3. Bressler NM. Age-related Macular Degeneration is the leading cause of blindness: [Commentary by Neil M. Bressler, MD].

JAMA. 2004;291(15):1900–1901. 4. Friedman DS, O’Colmain BJ, Muñoz B, et al; for The Eye Diseases Prevalence Research Group. Prevalence of age-related

macular degeneration in the United States. Arch Ophthalmol. 2004;122(4):564–572. 5. Jordan, Serena. Nearly 18 Million Will Have Macular Degeneration by 2050. But newer treatments could reduce related

blindness by 35%. HealthDay. USNews.com/Health. 4/2009.

Global Consumer: New Products to

Address Eye Care

LUMIFY™ is the only over-the-counter eye

drop with low-dose brimonidine for the

treatment of eye redness

• 95% symptom improvement at one

minute

• Reduced redness for up to eight hours

Consumer Reaction

• #1 physician-recommended product in

the Redness Reliever category1

• Achieved a weekly market share of

~25%2

Age-related Macular Degeneration (AMD)

Ocuvite®: Supplements for Eye Health

Eye Redness Treatment

Preservative-Free Formula for Dry Eye Symptom Relief

• Dry eye is one of the most common eye conditions

in the U.S., affecting more than 140M Americans6

• Up to 86% of dry eye cases are caused by

Meibomian Gland Dysfunction7, a condition that

compromises the lipid layer in the eye and affects

the eye's ability to produce oils that coat natural

tears

• Soothe XP uses a unique combination of

Restoryl® mineral oils as active ingredients,

which work to restore the lipid layer, seal in

moisture and protect against further irritation

• PreserVision® and Ocuvite® combined are the #1 brand

and the #1 driver of growth in eye vitamins category10

PreserVision® has the only

ARED2 formulation recommended

by the National Eye Institute to

help reduce the risk of

progression by 25% in people

with moderate-to-advanced AMD9

6. Multi-sponsor Surveys, Inc., The 2017 Gallup Study of Dry Eye Sufferers. 7. Lemp, M. A., Crews, L. A., Bron, A. J., Foulks, G. N., & Sullivan, B. D. (2012). Distribution of Aqueous-Deficient and Evaporative Dry Eye in a Clinic-Based Patient Cohort. Cornea, 31(5), 472-478. doi:10.1097/ico.0b013e318225415a. 8. Prevalence of Blindness Data. https://nei.nih.gov/eyedata/pbd_tables. Accessed September 11, 2017 IRI Panel data L52 week ending 12/2/18. 9. Age-Related Eye Disease Study Research Group. Arch Ophthalmol. 2001;119(10):1417-1436. 10. IRI Total US Mulo Latest 52 Weeks Ending 09-30-18 (dollar sales).

Global Surgical: Innovation and Platform Expansion

9

Developing a

Premium Portfolio and

Expanding the Market

New in 2018 • enVista® toric MX60T

intraocular lens (IOL)

• Crystalsert® 2.6 injector (CI-26)

• 25- and 27-gauge Bi-Blade®

dual port vitrectomy cutters for

the Stellaris Elite™ platform

Innovative Technologies • Stellaris Elite™ platform

• Vitesse®

Software Innovation

Helping eye surgeons

increase efficiency, cut costs

and improve workflow

• New eyeTELLIGENCE™

applications, which run on the

IBM Cloud, to help eye

surgeons and surgical facilities

optimize practice efficiency

when using the company’s

Stellaris Elite™ platform

Expanding Our Platform

Continued R&D investment

• Two clinical trials underway

investigating new surgical

technologies; a novel

ophthalmic viscosurgical device

formulation as well as an

investigational trifocal IOL, the

enVista® MX60EF IOL

Market

Opportunity

• ~25M cataract surgeries were done globally in 20181

• Globally, an estimated 330M people have cataracts and do not use surgical

intervention2

• Number of people blind from cataracts in the world is estimated to be increasing

by ~1M per year3

1. Market scope. 2. Market scope estimate based on WHO 2017 Global Data on Vision Impairment and a 2005 British Journal of Ophthalmology article. 3. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC1705965/.

Brings Eye Care Professionals A Dual Mechanism of Action

• VYZULTA® is the first and only FDA-approved nitric oxide–releasing agent that

targets both the uveoscleral and trabecular meshwork pathways to lower

intraocular pressure in patients with glaucoma or ocular hypertension

• Nitric oxide increases trabecular meshwork outflow by inhibiting 2 key causes of

trabecular meshwork cellular contraction: Rho Kinase and Calcium Signaling

Has Proven Efficacy

• In the Apollo and Lunar Studies, mean IOP reduction of 7.5 to 9.1mmHg from

baseline, in Phase 3 trials vs timolol 0.5% were achieved3,4

• In the Voyager Study, 34.6% reduction of IOP from baseline was achieved with

VYZULTA® patients compared to 29.8% with Xalatan (latanoprost) 0.005%5

• In a post hoc analysis, 42% of patients achieved a reduction of at least 2mmHg

more with VYZULTA® than the mean diurnal IOP reduction for Xalatan6

Has A Demonstrated Safety and Tolerability Profile

• VYZULTA® had a less than 1% dropout rate in Phase 3 trials

• Hyperemia was reported in less than 6% of patients

Latanoprost, 71%

Lumigan, 15%

Travantan Z, 13%

All Other, 1% Xalatan, 0%

Global Ophthalmology Rx:

VYZULTA® Market Opportunity

Surgical, Ophtho and International

1. IQVIA TRx data (Nov 2018). 2. IMS Smart TRx 12 months total TRx through 11/2017. 3. Weinreb RN, Scassellati Sforzolini B, Vittitow J, Liebmann J. Latanoprostene bunod 0.024% versus Timolol maleate 0.5% in

subjects with open-angle glaucoma or ocular hypertension: the APOLLO study. Ophthalmology. 2016;123(5):965-973. 4. Medeiros FA, Martin KR, Peace J, et al. Comparison of latanoprostene bunod 0.024% and timolol maleate 0.5% in open-

angle glaucoma or ocular hypertension: the LUNAR study. Am J Ophthalmol. 2016;168:250-259.

10

U.S. Prostaglandin Market (TRx Data)2

Prostaglandins represent 80% of the

U.S. glaucoma market1

Why VYZULTA®?

Now Available: Medicare Part D 30% coverage and more to come

Commercial Coverage: 80%

Including ESI and CVS

5. Weinreb RN, Ong T, Scassellati Sforzolini B, et al. A randomised, controlled comparison of latanoprostene bunod and latanoprost 0.005% in the treatment of ocular hypertension and open angle glaucoma: the VOYAGER study. Br J Ophthalmol. 2015;99:738-745. 6. Weinreb RN, Ong T, Scassellati SB, et al. A randomised, controlled comparison of latanoprostene bunod and latanoprost 0.005% in the treatment of ocular hypertension and open angle glaucoma: the VOYAGER study. Br J Ophthalmol. June 2015;99(6):738-745.

Now Approved

in Canada

• Strong Durable Growth: Delivered 16% organic revenue

growth1,2 during first three quarters of 2018 compared to first

three quarters of 2017, driven by continued strong fundamental

growth in XIFAXAN® and RELISTOR®, despite UCERIS® LOE

4 new collaborations and 3 new products, including

• Resolved XIFAXAN® IP litigation: Preserved market

exclusivity until 20283 with no financial payments made by

Bausch Health

• Resolved legacy Salix SEC investigation with no monetary

penalty4

• Resolved outstanding arbitration with Alfasigma S.p.A.

11

1. See Slide 3 for further non-GAAP information. See our 3Q18 earnings presentation for GAAP reconciliation and other non-GAAP information at https://ir.bauschhealth.com/~/media/Files/V/Valeant-IR/reports-and-presentations/3q18-bausch-health-earnings-presentation.pdf.

2. Organic growth or change, a non-GAAP metric, is defined as a change on a year-over-year basis in revenues and/or operating results on a constant currency basis (if applicable) excluding the impact of divestitures and discontinuations.

3. Actavis will be able to begin marketing the medicine earlier if another generic rifaximin product is granted approval and starts selling or distributing such generic rifaximin product before Jan. 1, 2028.

• Expected continued growth across the segment’s promoted

brands including, +$1B product XIFAXAN® and RELISTOR®

• 4 late stage R&D programs ongoing and/or planned for 2019

Bolt-on Opportunity: “Stalking Horse” Agreement

Pending acquisition of certain assets of Synergy Pharmaceuticals,

which is expected to close in 1Q195, includes:

• TRULANCE® for adults with chronic idiopathic constipation and

irritable bowel syndrome with constipation (IBS-C)

• Pipeline: Investigational compound dolcanatide, which has

demonstrated proof-of-concept in treating patients with opioid-

induced constipation and ulcerative colitis

Coming in 2019 2018 Highlights

Formulation Indication Clinical Status Development

Start Date (Ready)

Rifaximin SSD Acute OHE Phase 2 FH 2018

Rifaximin EIR Post Operative Crohn’s Disease Phase 3 FH 20196

Xifaxan 550 mg Prevention of Complications of

Decompensated Cirrhosis Phase 2 FH 20196

Xifaxan 550 mg SIBO Phase 2 FH 20196

XIFAXAN® RELISTOR® APRISO®

+26%

+62%

+9%

Revenue growth YTD as of 9.30.18 vs. YTD as of 9.30.17

4. Subject to approval by the U.S. District Court for the Southern District of New York. 5. Subject to other interested parties having an opportunity to submit competing bids, bankruptcy court approval and other customary closing conditions. 6. Anticipated start date. 7. Co-promotion arrangement with third party.

Salix: Leading Our Pivot to Offense

7 7

24%

45%

15%

25%

35%

45%

55%

Oct-16 Feb-17 Jun-17 Oct-17 Feb-18 Jun-18 Oct-18

%S

ha

re

P=0.03

7% 2%

66%

25%

12

IBS-D: Large Untapped Market Opportunity

1. IQVIA Rx Monthly (Xponent). 2. IQVIA SMART Factored Rx weekly (Q4 2018). 3. Response defined as simultaneously meeting weekly response criteria for abdominal pain (≥30%, ≥40%, or ≥50% improvement from baseline in the weekly average abdominal pain score) and bloating (≥1-point

decrease from baseline in weekly average bloating score) during ≥2 weeks of the first 4 weeks post-treatment. 4. Lacy, B., et al. Rifaximin for Improving Abdominal Pain and Bloating Symptoms in Patients With Irritable Bowel Syndrome With Diarrhea Using Modified Definitions of Pain Response. Poster Presented at the

American College of Gastroenterology 2018 Scientific Meeting; October 5-10, 2018; Philadelphia, PA.

Feb. 2017 Primary Care team added

2017-2018 Results from Primary Care expansion

2019 & Beyond Focus on remaining large untapped market

Added Primary

Care Team

XIFAXAN® IBS-D NRx Branded Share in Primary Care1

>90% of the market

remains untapped

IBS-D Market Opportunity (in TRx Volume)2

XIFAXAN®

Competitor

Antispasmodic

Antidiarrheals

Two-week courses of rifaximin 500 mg TID

provided consistent (open-label vs. double-blind),

significant and durable improvement in abdominal

pain and bloating symptoms vs. placebo using

modified definitions of IBS-D response

47.7

43.6

37.2

40.5

35.4

28.4

31.5

27.3

23.4

0

10

20

30

40

50

60

≥30% abdominal pain and ≥1-point bloating response

during ≥2 weeks of first 4 weeks post-treatment

≥40% abdominal pain and ≥1-point bloating response

during ≥2 weeks of first 4 weeks post-treatment

≥50% abdominal pain and ≥1-point bloating response

during ≥2 weeks of first 4 weeks post-treatment

Responders

(%

)

Open-label rifaximin (n=2438)

Double-blind rifaximin (n=328)

Double-blind placebo (n=308)

P=0.02

P=0.17

n=

1163

n=

133

n=

97

n=

1062

n=

116

n=

84

n=

906

n=

93

n=

72

Abdominal Pain and Bloating Response3,4

0

20

40

60

80

100

Phototherapy Topicalmedications

Oralmedications

Biologicmedications

Other Nothing

13

Ortho Dermatologics: 2019 Catalysts

New Products, New Market Access Model

1. Rachakonda TD et al. J Am Acad Dermatol. 2014 Mar. Psoriasis prevalence among adults in the United States https://www.ncbi.nlm.nih.gov/pubmed/24388724.

2. Cowen. Therapeutic Outlook Dermatology. March 2016. 3. IMS Claims Data. April 2015- March 2016, IQVIA. Data on file. 4. National Psoriasis Foundation 2018 Survey, N=314. 5. LiquidHub.

Psoriasis Focus

• Large Market Opportunity: 7.5M psoriasis sufferers in the

U.S. with 150,000 to 260,000 new cases of psoriasis

diagnosed each year1,2,3

• Population Not Satisfied with Current Therapies

• >90% of patients are open to new treatments4

• Only 10% of patients are extremely or very satisfied

with current treatments4

• >60% of patients have been on 5 or more products for

the treatment of plaque psoriasis4

• Topical Therapy Preferred Method: >85% of patients on

therapy use topical medication4

% of Patients on Therapy4

3 New Products to Serve the Unmet Needs of Patients

• Expected to be the first and only topical lotion that contains a unique

combination of halobetasol propionate and tazarotene in one formulation

for the treatment of plaque psoriasis in adult patients, allowing for a

potentially expanded duration of use

• For the patient with more moderate-to-severe disease, chronic or long-

lasting episodes and thicker, stubborn plaques

• New potent topical steroid treatment for plaque psoriasis; safety has

been established in clinical trials with dosing for up to 8 weeks with no

increase in epidermal atrophy

• For the patient with more mild-to-moderate disease, sporadic flares and

symptomatic irritation

– PDUFA Feb. 15, 2019

Launch expected 1Q197

– Launched Nov. 2018

– Expanded Launch Jan. 2018

• First and only IL-17 Receptor A Blocker resonates with physicians who

remain impressed with its fast response and high percentage of patients

reaching complete clearance

• ~80% of patients started on SILIQ™ have stayed on therapy5

6

Solta: Delivered 17% organic revenue growth8,9 during

first three quarters of 2018 compared to first three

quarters of 2017

6. Provisional name. 7.Subject to FDA approval. 8. See Slide 3 for further non-GAAP information. See also our 3Q18 earnings presentation at https://ir.bauschhealth.com/~/media/Files/V/Valeant-IR/reports-and-presentations/3q18-bausch-health-earnings-presentation.pdf for GAAP reconciliation and other non-GAAP information. 9. Organic growth, a non-GAAP metric, is defined as an increase on a year-over-year basis in revenues and/or operating results on a constant currency basis (if applicable) excluding the impact of divestitures and discontinuations.

14

Ortho Dermatologics:

Extensive Pipeline to Fuel Growth

1. Expected. 2. Provisional name. 3. Subject to FDA approval. 4. Proof of concept.

Psoriasis

BRYHALI™ (Launched Nov. 2018): New potent to super potent topical corticosteroid treatment for plaque psoriasis;

safety has been established in clinical trials with dosing for up to 8 weeks with no increase in epidermal atrophy; for the

patient with more mild-to-moderate disease, sporadic flares and symptomatic irritation

DUOBRII™2 (PDUFA Feb. 15, 2019; launch expected 1Q193): Expected to be the first and only topical lotion that

contains a unique combination of halobetasol propionate and tazarotene in one formulation for the treatment of plaque

psoriasis in adult patients, allowing for a potentially expanded duration of use; for the patient with more moderate-to-

severe disease, chronic or long-lasting episodes and thicker, stubborn plaques

IDP-131 (KP-470) (POC4 planned for 2019): New chemical entity with novel mechanism of action for psoriasis

ALTRENO™ (Launched Oct. 2018): First and only .05% tretinoin lotion; is a cosmetically elegant formulation that the

patient targets – adult women – want but are not able to get from their dermatologist because of a challenging payer

environment; cash-only option allows patients to get the product at a predictable price point and bypass the hassle of

insurance allowing the treatment decision to be back in the hands of the dermatologist and patient

IDP-120 (Submit 20201): First fixed combination tretinoin/benzoyl peroxide in novel dual chamber pump; previously

two efficacious products were not able to be delivered together because they degrade each other

IDP-123 (Submit 20191): First tazarotene lotion, unique concentration at less than half of approved tazarotene

products for acne

IDP-126 (Submit 20211): First topical triple combination product for acne

Also, OTC acne product opportunity Acne

IDP-124 (Submit 20201): First pimecrolimus lotion, target moderate to severe atopic dermatitis

IDP-133 (Submit 20211): Expand halobetasol propionate lotion beyond psoriasis for all steroid responsive dermatoses

Atopic

Dermatitis

Solta Thermage FLX®: Launched in U.S. and Hong Kong (2017), Thailand, South Korea and Japan (3Q18) and China,

Vietnam and Australia (4Q18); planned launches in Taiwan, Canada, South East Asia and EMEA (2019)

15

Plan to separate into two access models with the goal to deliver improved,

predictable and sustainable patient fulfillment options for our skin care products

Reimbursed Medical Dermatology

Innovative prescription Rx products featuring

strong value propositions for patients and payers

promoted and distributed in the traditional

specialty pharma model

Cash Pay Dermatology

Leading legacy brands prescribed by physicians,

desired by patients and purchased via cash-pay

channels

&

We believe that the emerging Cash Pay Dermatology business will enable us to

preserve and capture, in a durable way, the brand equity associated with Solta

and our legacy dermatology products as well as several pipeline assets facing

challenging patient access environments.

>5 leading legacy brands

expect to be added in 2019

A Transformational Business Model

>5 investigational products

expect to be added

1,2

1. Investigational product subject to FDA approval. 2. Provisional name.

Over $1B

Significant Seven New Product Launches Expected to Drive Long-Term Growth

Launched Sept. 2016

RELISTOR® (methylnatrexone bromide)

Launched Dec. 2017

VYZULTA® (latanoprostene bunod

ophthalmic solution) PDUFA Feb. 15, 2019

Launched July 2017 Launched May 2018

First Launch Sept. 20183; Plans for global rollout

<$100M

in annualized revenues

as of end of 2017

Expected annualized peak total

revenues by the end of 2022

(SiHy Daily)

1. Investigational product subject to FDA approval. 2. Provisional name. 3. In Japan. 4. Expected.

1,2

Launched Nov. 2018

2017

~$75M

2018

>$150M4

2019

~$300M4

2020

2021

2022

16

2018 Achievements and 2019 Catalysts

2019 2018

Bausch + Lomb/International VYZULTA® Launched

Stellaris Elite™ Launched

LUMIFY® Launched

AQUALOX™ (SiHy Daily) Launched in Japan

Crystalsert® 2.6 Injector Launched

Bausch + Lomb ULTRA® Multi-Focal for Astigmatism

Approved

Consumer E-commerce Growth (Amazon and Alibaba)

Salix PLENVU® Approved and Launched

XIFAXAN® Next Generation Clinical Trial

Ortho Dermatologics Psoriasis / SILIQ™ sales force expansion

ALTRENO™ Approved and Launched

BRYHALI™ Approved and Launched

DUOBRII™1 Resubmission with PDUFA date Feb. 15, 2019

Corporate / Other Resolved Allergan securities litigation

Additional debt repayments to a total of $1.07B in 2018

OraPharma co-promotion of SPRIX®

Bausch + Lomb/International Planned launch of Bausch + Lomb ULTRA® Multi-Focal for

Astigmatism

Continued planned expansion for daily disposable parameter

offerings

Specialty Vision Products (anticipated): Zen Multifocal and

Tangible Science Hydra-PEG® coating

Planned improvement for flagship PreserVision® AREDS2

offering: Smaller size softgel product

Ocuvite® eye performance planned line extension

Loteprednol Etabonate Ophthalmic Gel, 0.38% (Ocular

Inflammation) – PDUFA date Feb. 25, 2019

Consumer E-commerce growth expected

Salix 4 late-stage R&D programs in progress

“Bolt-on” opportunities: pending acquisition of certain assets

from Synergy Pharmaceuticals3

Ortho Dermatologics ALTRENO™ Planned Full-year Launch

BRYHALI™ Planned Full-year Launch

DUOBRII™1 PDUFA date Feb. 15, 2019; Launch expected in

1Q192

Thermage FLX® launches planned in Taiwan, Canada, South

East Asia and EMEA

IDP-123 anticipated submission

New access model to be implemented

17 1. Provisional name. 2. Subject to FDA approval. 3. Subject to other interested parties having an opportunity to submit competing bids, bankruptcy court approval and other customary closing conditions..

18

Bausch Health expects 3yr CAGR2 of revenue growth of 4% - 6% and Adjusted

EBITDA (non-GAAP)1 growth of 5% - 8% during 2018-2021

• Expect reported revenue for total company to grow in 2019 vs. 2018,

based on today’s FX rate

• Expected cash generated from operations of >$1B to be used to reduce

debt and/or for “bolt-on” acquisitions

• R&D investment expected to grow by ~10% in 2019 vs. 2018

• Revenue generated from the Significant Seven expected to

approximately double in 2019 vs. 2018

• Continued improvement in operational efficiency (i.e. Project CORE)

expected to deliver >$75M in 2019

2019: Pivot to Offense

Year of Growth for Bausch Health

1. See Slide 3 for further non-GAAP information. See our 3Q18 earnings presentation for GAAP reconciliation and other non-GAAP information at https://ir.bauschhealth.com/~/media/Files/V/Valeant-IR/reports-and-presentations/3q18-bausch-health-earnings-presentation.pdf.

2. Compound annual growth rate.

19

Appendix

20

Reconciliation of Reported Growth to Organic Growth ($M)

(Year-to-Date)1

Revenue

as

Reported

 Changes

in

Exchange

Rates (a)

 Organic

Revenue

(Non-

GAAP) (b)

 Revenue

as

Reported

 Divested

Revenues

 Organic

Revenue

(Non-

GAAP) (b)

Amount Pct.

B+L / International and Salix         4,782            (59)        4,723       4,732         (290)       4,442         281 6%

Change in

2018 2017 Organic Revenue

(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 U.S. generally accepted accounting principles (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 Slide 3. Organic

revenue and/or operating results (non-GAAP) for the current year are calculated as revenue and/or operating results as reported adjusted for the impact for changes in exchange rates. Organic revenue and/or operating results (non-GAAP) for the prior year are calculated as revenue and/or operating results

as reported less revenues and/or operating results attributable to divestitures and discontinuances during the twelve months prior to the day of divestiture or discontinuance, as there are no revenues and/or operating results from those businesses and assets included in the comparable current period.

Organic revenue and/or operating results is also adjusted for acquisitions.

1. YTD at September 30, 2018 vs. YTD at September 30, 2017. 2. YTD as of September 30.

2 2