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9	9	* Bausch Health market it products more than 90 countries and regions, including the United States, Canada, Europe, the Middle East, Africa, Asia Pacific and Latin America.
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12		-Bausch Health Companies Inc. (TSX: BHC, NYSE: BHC) is a global, diversified pharmaceutical company. The company develops, manufactures and markets a range of products primarily in gastroenterology, neurology, dermatology and international pharmaceuticals. The company manufacture and market a broad range of branded and generic pharmaceuticals, and over-the-counter (OTC) products directly or indirectly in more than 90 countries and regions, including the United States, Canada, Europe, the Middle East, Africa, Asia Pacific and Latin America.
	12	+[[image:BHC0.jpg||height="180" width="721"]]
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	15	+Bausch Health Companies Inc. (TSX: BHC, NYSE: BHC) is a global, diversified pharmaceutical company. The company develops, manufactures and markets a range of products primarily in gastroenterology, neurology, dermatology and international pharmaceuticals. The company manufacture and market a broad range of branded and generic pharmaceuticals, and over-the-counter (OTC) products directly or indirectly in more than 90 countries and regions, including the United States, Canada, Europe, the Middle East, Africa, Asia Pacific and Latin America.
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16		-Financial Highlights
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18		-Bausch Health Announces Second-Quarter 2022 Results
	18	+= Financial Highlights =
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20		-August 09, 2022; Bausch Health Companies Inc.  announced its second-quarter 2022 financial results.
	20	+**Bausch Health Announces Second-Quarter 2022 Results**
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	22	+August 09, 2022; Bausch Health Companies Inc.  announced its second-quarter 2022 financial results.{{footnote}}https://ir.bauschhealth.com/~/media/Files/V/Valeant-IR/press-release/2q22-earnings-press-release-final.pdf{{/footnote}}
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	24	+
23	23	Total reported revenues were $1.967 billion for the second quarter of 2022, as compared to $2.1 billion in the second quarter of 2021, a decrease of $133 million, or 6%. Excluding the unfavorable impact of foreign exchange of $61 million and the impact of divestitures and discontinuations of $74 million, primarily due to the divestiture of Amoun Pharmaceutical Company S.A.E. ("Amoun") on July 26, 2021, revenue was flat on an organic basis1,2 compared to the second quarter of 2021.
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26		-Salix Segment
	28	+**Salix Segment**
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28	28	Salix segment reported and organic revenues were $501 million for the second quarter of 2022, as compared to $516 million for the second quarter of 2021, a decrease of $15 million, or 3%. The decrease was primarily driven by a decline in sales of TRULANCE® and certain non-promoted products, partially offset by increased sales of XIFAXAN® and PLENVU®.
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30		-International Segment
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	33	+**International Segment**
	34	+
32	32	International segment reported revenues were $233 million for the second quarter of 2022, as compared to $313 million for the second quarter of 2021, a decrease of $80 million, or 26%. Excluding the unfavorable impact of foreign exchange of $15 million and the impact of divestitures and discontinuations of $71 million, primarily from the divestiture of Amoun, segment revenues increased organically by 2% compared to the second quarter of 2021. 2022 includes a provision for expected future product returns of $11 million. Excluding the impact of this returns provision, segment revenues increased by 7% on an organic basis.
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34		-Diversified Products Segment
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	38	+**Diversified Products Segment**
	39	+
36	36	Diversified Products segment reported and organic revenues were $235 million for the second quarter of 2022, as compared to $264 million for the second quarter of 2021, a decrease of $29 million, or 11%, primarily attributable to a decrease in volumes attributable to the neurology business and lower net realized pricing. Revenues from Jublia® increased 13% as the brand continues to benefit from marketing investment.
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38		-Solta Medical Segment
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	43	+**Solta Medical Segment**
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40	40	Solta Medical segment reported and organic revenues were $57 million for the second quarter of 2022, as compared to $73 million in the second quarter of 2021, a decrease of $16 million, or 22%. Ongoing COVID-related lockdowns in China drove the decline.
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42		-Bausch + Lomb Segment
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	48	+**Bausch + Lomb Segment**
	49	+
44	44	Bausch + Lomb segment reported revenues were $941 million for the second quarter of 2022, as compared to $934 million for the second quarter of 2021, an increase of $7 million, or 1%. Excluding the unfavorable impact of foreign exchange of $46 million and the impact of divestitures and discontinuations of $3 million, the Bausch + Lomb segment revenue increased organically by 6% compared to the second quarter of 2021, driven by sales growth in Vision Care and Surgical, offset by lower revenues from Ophthalmic Pharmaceuticals.
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46		-Operating Income/Loss
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	53	+**Operating Income/Loss**
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48	48	Operating income was $161 million for the second quarter of 2022, as compared to an operating loss of $270 million for the second quarter of 2021, a favorable change of $431 million, primarily driven by a decrease in Other expense, primarily attributable to higher adjustments related to the settlement of certain litigation matters in the second quarter of 2021 and lower amortization of intangible assets in 2022, partially offset by an impairment to goodwill in 2022.
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50		-Net Loss Attributable to Bausch Health
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	58	+**Net Loss Attributable to Bausch Health**
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52	52	Net loss attributable to Bausch Health for the second quarter of 2022 was $145 million, as compared to $595 million for the second quarter of 2021, a favorable change of $450 million as a result of the change in operating results discussed above and a net gain on extinguishment of debt in 2022, partially offset by an increase in the provision for income taxes and higher interest expense.
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54		-Adjusted net income  attributable to Bausch Health (non-GAAP) for the second quarter of 2022 was $201 million, as compared to $352 million for the second quarter of 2021, a decrease of $151 million primarily due to the investment of Amoun, lower gross profit due to sales performance and inflation, higher operating expenses (investments in sales and marketing and research and development) and higher interest and income tax expense.
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56		-Earnings Per Share Attributable to Bausch Health
	63	+Adjusted net income attributable to Bausch Health (non-GAAP) for the second quarter of 2022 was $201 million, as compared to $352 million for the second quarter of 2021, a decrease of $151 million primarily due to the investment of Amoun, lower gross profit due to sales performance and inflation, higher operating expenses (investments in sales and marketing and research and development) and higher interest and income tax expense.
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	65	+
	66	+**Earnings Per Share Attributable to Bausch Health**
	67	+
58	58	GAAP Earnings Per Share attributable to Bausch Health for the second quarter of 2022 was ($0.40), as compared to ($1.66) for the second quarter of 2021.
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	70	+
60	60	Adjusted EBITD Aattributable to Bausch Health (non-GAAP)
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	73	+
62	62	Adjusted EBITDA attributable to Bausch Health (non-GAAP) was $701 million for the second quarter of 2022, as compared to $826 million for the second quarter of 2021, a decrease of $125 million, primarily due to the divestment of Amoun, lower gross profit as discussed above and higher investments in sales and marketing and research and development.
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64		-Cash Provided by Operating Activities
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	77	+**Cash Provided by Operating Activities**
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66	66	The Company generated cash provided by operating activities of $123 million in the second quarter of 2022, as compared to $395 million in the second quarter of 2021, a decrease of $272 million due to business results and changes in working capital.
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68		-Balance Sheet Highlights as of June 30, 2022:
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	82	+**Balance Sheet Highlights as of June 30, 2022:**
	83	+
70	70	Cash, cash equivalents, restricted cash and other settlement deposits were $1.879 billion.
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	86	+
72	72	The Company executed an open market repurchase program in the second quarter in which the Company purchased $481 million of unsecured bonds for $300 million of cash consideration.
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	89	+
74	74	Bausch Health had availability under its 2027 Revolving Credit Facility of approximately $500 million and Bausch + Lomb had availability of approximately $500 million under its Revolving Credit Facility.
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76		-2022 Financial Outlook.
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	93	+**2022 Financial Outlook.**
	94	+
78	78	Bausch Health updated its consolidated guidance for the full year 2022 as follows:
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	97	+
80	80	Full year revenue range of $8.05 - $8.22 billion compared to prior guidance of $8.25 - $8.40 billion
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	100	+
82	82	Full year Adjusted EBITDA (non-GAAP) range of $3.02 - $3.12 billion compared to prior guidance of $3.225 - $3.375 billion.
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	106	+
87	87	Business Overview
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89	89	The company develop, manufacture and market, primarily in the therapeutic areas of gastroenterology (“GI”) and dermatology, and eye health, a broad range of: (i) branded pharmaceuticals, (ii) generic and branded generic pharmaceuticals, (iii) over-the-counter (“OTC”) products and (iv) medical devices (contact lenses, intraocular lenses, ophthalmic surgical equipment and aesthetics devices), which are marketed directly or indirectly in approximately 100 countries.
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91		-[[https:~~/~~/otp.tools.investis.com/clients/us/bausch_health_companies/SEC/sec-show.aspx?Type=page&FilingId=16003857-331858-622340&CIK=0000885590&Index=11300>>url:https://otp.tools.investis.com/clients/us/bausch_health_companies/SEC/sec-show.aspx?Type=page&FilingId=16003857-331858-622340&CIK=0000885590&Index=11300]]
	111	+[[https:~~/~~/fintel.io/doc/sec-bausch-health-companies-inc-885590-10qa-2022-september-02-19237-3443>>https://fintel.io/doc/sec-bausch-health-companies-inc-885590-10qa-2022-september-02-19237-3443]]
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94	94	The company's portfolio of products falls into five operating and reportable segments
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125	125	Pipeline
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127	127	<pipe img>
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