Mr. Brent Saunders reports

BAUSCH + LOMB ANNOUNCES BOARD OF DIRECTORS UPDATE, REAFFIRMS GUIDANCE

Bausch + Lomb Corp. has made changes to its board of directors.

At the request of Bausch Health Companies Inc., which has held a majority ownership position in Bausch + Lomb since its initial public offering in 2022 and currently owns, directly or indirectly, through its wholly owned subsidiaries, approximately 87 per cent of the company's outstanding common shares, the Bausch + Lomb board has appointed four new directors, effective Aug. 5, 2026:

• Thomas J. Appio, chief executive officer, Bausch Health;
• Robert Chersi, founder of Chersi Services LLC, executive director and a professor at Pace University's Center for Governance, Reporting & Regulation, and a seasoned director;
• Laurence Paul, MD, co-founder and managing principal of Laurel Crown Partners LLC, president of The Louis Berkman Company, minority owner of the Pittsburgh Steelers and a director of Crew Knitwear, Vereco and Ampco-Pittsburgh Corp.;
• Barbara Trebbi, president and co-CEO of Landry Trebbi Investment Corp., president of BXT Corp. and director of Acadian Asset Management Inc.

The new directors replace Steven Collis, Karen Ling, Thomas Ross and Andrew von Eschenbach, MD, each of whom has tendered their resignation to facilitate the new appointments; none of the resignations were the result of any disagreement with the company.

"We welcome our new directors and appreciate the service and contributions of those departing the board," said Brent Saunders, chairman and chief executive officer, Bausch + Lomb. "Over the past several years, we've been very transparent about our strategy and the work required to build a stronger Bausch + Lomb. Today, we have exceptional talent across the company, momentum throughout our businesses and the strongest pipeline we've had in years. Our second quarter performance reflects what this team has methodically built and the disciplined execution behind it, and our focus remains on executing our strategy and delivering long-term value."

Bausch + Lomb delivered second-quarter revenue of $1,394-million, an increase of 9 per cent on a reported basis and 8 per cent on a constant currency basis compared with the second quarter of 2025. Growth was broad-based across all segments, with double-digit revenue growth in surgical and pharmaceuticals, while significant margin expansion led to improved profitability. Net cash provided by operating activities (also referred to as cash flow from operations) increased more than four times, from $32-million in the first quarter to $153-million in the second. Adjusted cash flow from operations (non-GAAP (generally accepted accounting principles)) more than tripled, from $45-million in the first quarter to $161-million in the second.

The company is also advancing a diversified pipeline across dry eye disease, surgical technologies, consumer eye health, contact lenses, retinal diseases, and emerging areas including AI (artificial intelligence) and computational biology. This breadth is designed to support a sustained cadence of innovation and address important structural trends in eye health, including aging populations, rising childhood myopia, and the growing prevalence of dry eye and retinal disease.

Reaffirming 2026 guidance

Bausch + Lomb reaffirms the full-year 2026 guidance it raised on July 29, 2026, including revenue of $5.440-billion to $5.540-billion and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) excluding acquired IPR&D (non-GAAP) of $1,025-million to $1,075-million.

About Bausch + Lomb Corp.

The company's mission is simple -- it helps people see better to live better, all over the world. For nearly two centuries the company has evolved with the changing needs of patients and customers, and its 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, the company is turning bold ideas into better outcomes through passion, perseverance and purpose.

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