Exhibit 99.2

INVESTOR DAY November 13 th , 2025

2 2 Forward - Looking Statements This presentation contains forward - looking information and statements, within the meaning of applicable securities laws (collect ively, “forward - looking statements”), including, but not limited to, statements regarding future prospects and performance of Bausch + Lomb Corporation (“Bausch + Lomb”, the “Company ”, “we”, “us”, or “B+L”), our 2025 full year guidance, our three year financial targets (including targets for Company and segment level cc revenue CAGRs, projected Adj. EBI TDA margin (excl. Acq . IPR&D), annual adj. EPS (excl. Acq . IPR&D) growth rates, adjusted cash flow from operations to Adj. EBITDA (excl. Acq . IPR&D) conversion and net leverage), our strategic plan for meeting our financial targets and the steps thereof, our anticipated growth drivers and the expected timing and impact thereof, our investment grad e r ating target and framework for achieving same, our capital allocation priorities, our focus on pipeline innovation, the success of our pipeline products and R&D programs, the e xis tence of potential game changers in our pipeline and our ability to be the best in class or first product to market of its kind, anticipated approval and launch dates for our pipelin e p roducts, our estimates for potential peak sales for our pipeline products, franchises and businesses, our ability to outperform the market, our ability to expand into new categories and new and existing markets and to address new indications and disease states, our ability to successfully launch next generation versions of our existing products, our ability to focus on an d have success with disruptive innovation, the expected market acceptance and performance for certain of our pipeline products, the expected market size for certain of the markets i n w hich we expect to have products, and the timing of commencement and completion of clinical studies and other development work. Forward - looking statements may generally be identifi ed by the use of the words "anticipates," "expects,“ “predicts,” “projects,” “goals,” "intends," "plans," "should," "could," "would," "may,“ “might” "will,“ “strive,” "b elieves," "estimates," "potential," "target," “commit,” “forecast,” “outlook,” “guidance,” “tracking,” or "continue" and positive and negative variations or similar expressions, and phrases or sta tements 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 forw ard - looking information. These forward - looking statements, including the Company’s 2025 full - year guidance and its three - year financial targets, are based upon the current expectations an d beliefs of management and are provided for the purpose of providing additional information about such expectations and beliefs, and readers are cautioned that these stateme nts 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 f rom those described in the forward - looking statements. These risks and uncertainties include, but are not limited to, the risks and uncertainties discussed in Bausch + Lomb’s filin gs with the U.S. Securities and Exchange Commission (“SEC”) and the Canadian Securities Administrators (the “CSA”) (including the Company’s Annual Report on Form 10 - K for the year ended December 31, 2024 (which was filed with the SEC and CSA on February 19, 2025) and its most recent quarterly filings), which factors are incorporated herein by refere nce . They also include risks relating to the development of our pipeline products, including the risk that our studies may not produce successful results or demonstrate safety and ef fic acy in humans, risks that our pre - clinical and clinical trials may be delayed (which, in turn, may delay the launch of these products) and risks that the regulatory approval of our pro ducts may be lengthy, costly and, ultimately, not successful. They also include risks relating to the launch and commercialization of our products, including risks relating to th e costs, required resources and unpredictability of commercial launches, risks that our products may not achieve the anticipated levels of market acceptance, which can result fr om a number of factors, many of which are outside of our control, risks that our products may experience negative publicity or reputational harm, competitive risks, such as our c omp etitors beating us to market or developing new or better technologies and risks that we may face supply interruptions with our finished products or components thereof, which, in turn , m ay impact our ability to successfully launch or commercialize our products. They also include risks and uncertainties respecting the proposed plan to separate the Company in to an independent, publicly traded company, separate from the remainder of Bausch Health Companies Inc. (“BHC”) (the “separation”), which include, but are not limited to, the exp ect ed benefits and costs of the separation, the expected timing of completion of the separation and its manner and terms (including that it may include the transfer of all or a porti on of BHC’s remaining direct or indirect equity interest in Bausch + Lomb to its shareholders (the “distribution”)), the expectation that, if the separation is to be effected through a dis tribution, then it will be completed following the achievement of targeted debt leverage ratios, subject to market conditions and receipt of applicable shareholder and other ne ces sary approvals and other factors (including those described in BHC’s public statements), the ability to complete the distribution considering the various conditions to the com ple tion of the distribution (some of which are outside the Company’s and BHC’s control, including conditions related to regulatory matters and receipt of applicable shareholder and oth er approvals), the impact of any potential sales or dispositions of the Company’s common shares by BHC (including in connection with a foreclosure on the Bausch + Lomb common sh are s owned by BHC that are or maybe pledged as collateral for certain of BHC’s debt), that market or other conditions are no longer favorable to completing the transacti on, that applicable shareholder, stock exchange, regulatory or other approval is not obtained on the terms or timelines anticipated or at all, business disruption during the pendency of or following the separation, diversion of management time on separation - related issues, retention of existing management team members, the reaction of customers and other parties to the separation, the structure of the distribution, the qualification of the distribution as a tax - free transaction for Canadian and/or U.S. federal income tax purposes (including whet her or not an advance ruling from the Canada Revenue Agency and/or the Internal Revenue Service will be sought or obtained), the ability of the Company and BHC to satisfy the con dit ions required to maintain the tax - free status of the distribution (some of which are beyond their control), other potential tax or other liabilities that may arise as a result of th e distribution, the potential dis - synergy costs resulting from the separation, the impact of the separation on relationships with customers, suppliers, employees and other business counter par ties, general economic conditions, conditions in the markets the Company is engaged in, behavior of customers, suppliers and competitors, technological developments and legal and re gulatory rules affecting the Company’s business. In particular, the Company can offer no assurance that the separation will occur at all, or that any such transaction will oc cur on the terms and timelines or in the manner anticipated by the Company and BHC. They also include risks and uncertainties relating to acquisitions and other business development tr ans actions the Company has completed or may, in the future, pursue and complete, including risks that pending transactions may not close, risks that the Company may not realize the expected benefits of those transactions on a timely basis or at all and, where applicable, risks relating to increased levels of debt as a result of debt incurred to finance suc h t ransactions, including in regards to compliance with our debt covenants. They also include the expected impact of the tariffs imposed by the U.S. and counter - tariffs or other retaliatory mea sures imposed on the U.S. by other countries and disruptions to global supply chains and other potential results as a result of these developments and our ability to successf ull y manage the expected impact of such tariffs and counter - tariffs and other measures, including the success of our planned actions and levers to manage these matters. Finally, th ey also include, but are not limited to, risks and uncertainties caused by or relating to a potential recession and other adverse economic conditions (such as heightened inflat ion and interest rates, fluctuations in exchange rates, imposition of and adverse changes to tariffs, duties and other trade protection measures and slower growth), which could adve rse ly impact our revenues, expenses and resulting margins. In addition, certain material factors and assumptions have been applied in making these forward - looking statements, inc luding the assumption that the risks and uncertainties outlined above will not cause actual results or events to differ materially from those described in these forwa rd - looking statements. In addition, Management has also made certain assumptions regarding our 2025 full - year guidance with respect to expectations regarding base performance growth, b usiness performance, currency impact, impacts of inflation, the company’s ability to offset the impact of tariffs in 2025 (based on the current tariff policy and the actions the company is taking to manage these measures), adjusted gross margin (non - GAAP), adjusted SG&A expense (non - GAAP) and the Company's ability to continue to manage such expense in the ma nner anticipated, interest expense (which will vary based on, among other things, interest rates and our indebtedness), adjusted tax rate, and full year capex and the ant icipated timing and extent of the Company's R&D expense. In addition, Management has also made certain assumptions regarding our three year financial targets, including thos e a ssumptions set out on Slide 96. References in this presentation to future launch dates refer to the anticipated launch dates for the applicable product, base d o n management’s estimates taking into account, among other things, the current stage of the development or regulatory pathway of such products, typical development, regulatory an d l aunch timelines for similar products and assumptions regarding sufficient supply availability for launch purposes. In addition, unless otherwise indicated, references in this pre sen tation to peak sales refer to the potential peak annual sales of the applicable product, franchise or business, based on management’s estimates, taking into account, among other thi ngs , sales of similar products, franchises and business. Readers are cautioned not to place undue reliance on any of these forward - looking statements. These forward - looking statements s peak only as of the date hereof. Bausch + Lomb 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. The guidance and financial targets in this presentation are only effective as of the date given, November 13, 2025. Distribut ion or reference of this deck following November 13, 2025 does not constitute the Company updating or affirming such guidance or financial targets . Non - GAAP Information Non - GAAP Information: To supplement the financial measures prepared in accordance with U.S. generally accepted accounting princi ples (GAAP), the Company uses certain non - GAAP financial measures and ratios, including ( i ) Adjusted EBITDA excluding Acquired IPR&D, (ii) Adjusted EBITDA Margin excluding Acquired IPR&D, (iii) EBITDA, (iv) Adjusted Cash Flow from Operations, (v) Adjusted Cash Flow from Operations to Adj. EBITDA (excl. Acq . IPR&D) Conversion, (vi) constant currency (cc) revenue growth, (vii) Net Leverage, (viii) Adjusted Earnings per Share (EPS) Attributable to Bausch + Lomb Corporation (excluding Acquired IPR&D) Growth, (ix) Ad jus ted Tax Rate and (x) Adjusted R&D expense. Management uses some of these non - GAAP measures and ratios as key metrics in the evaluation of Company performance and the conso lidated financial results and, in part, in the determination of cash bonuses for its executive officers. The Company believes these non - GAAP measures and ratios are useful to investors in their assessment of our operating performance and the valuation of the Company. In addition, these non - GAAP measures and ratios, address questions the Company rou tinely 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 mak e this data available to all investors. However, these measures and ratios are not prepared in accordance with GAAP nor do they have any standardized meaning under G AAP . In addition, other companies may use similarly titled non - GAAP financial measures and ratios that are calculated differently from the way we calculate such measures and ratios. Accordingly, our non - GAAP financial measures and ratios may not be comparable to such similarly titled non - GAAP measures and ratios of other companies. We caution i nvestors not to place undue reliance on such non - GAAP measures and ratios, but instead to consider them with the most directly comparable GAAP measures and ratios. Non - GAAP financial measures and ratios have limitations as analytical tools and should not be considered in isolation. They should be considered as a supplement to, not a s ubstitute for, or superior to, the corresponding measures calculated in accordance with GAAP. The reconciliations of these historic non - GAAP financial measures and ratios to the most directly comparable financial measures and ratios calculated and presented in accordance with GAAP are shown in the appendix hereto. However, for outlook purposes, the Company does not provide reconciliations of pr oje cted Constant Currency Revenue Growth to projected GAAP Revenue Growth, projected Adjusted EBITDA excluding Acquired IPR&D (non - GAAP) to projected GAAP net income (loss) , projected Adjusted EBITDA Margin excluding Acquired IPR&D (non - GAAP) to projected GAAP net income (loss) margin, projected Adjusted Cash Flow from Operations to projected Cash flow from operations/Cash used in operations (loss) attributable to Bausch + Lomb Corporation, or the components of projected net leverage to their GAA P e quivalents (project net debt to debt and projected Adjusted EBITDA excluding Acquired IPR&D (non - GAAP) to projected GAAP net income (loss)), or projected Adjusted EPS Attributable to Bausch + Lomb (excl. Acq . IPR&D) to projected Diluted income per share attributable to Bausch + Lomb Corporation (“GAAP EPS”) in each case, due to the inherent d iff iculty in forecasting and quantifying certain amounts that are necessary for such reconciliations. These amounts may be material and, therefore, could result in the GAAP m eas ure djusted Earnings per Share (EPS) Attributable to Bausch + Lomb Corporation (excluding Acquired IPR&D) Growth and (iv) Adjusted Tax Rate. Management uses some of these or r ati o being materially different from the projected non - GAAP measure or ratio. For further information on non - GAAP financial measures and ratios, please see the Appendix. Disclaimers

Brent Saunders , Chairman and CEO Welcome & Introduction Sam Eldessouky , Executive Vice President and CFO Financial Outlook Yehia Hashad, MD , Executive Vice President, R&D and CMO R&D Innovation John Ferris , President, Consumer Mayssa Attar , Ph.D. , Senior Vice President, Pharmaceuticals and Consumer R&D Consumer Andrew Stewart , President, Global Pharmaceuticals and International Consumer Mayssa Attar, Ph.D. , Senior Vice President, Pharmaceuticals and Consumer R&D Pharmaceuticals Break & Product Exhibition Yang Yang , President, Vision Care Bryan Reed , Vice President, Vision Care R&D Contact Lens Luc Bonnefoy , President, Surgical Kelly Swaim, MD , Senior Vice President, Surgical R&D Surgical Moderator: Cathleen McCabe, MD , Strategic Medical Advisor, Bausch + Lomb Physician Panel Bausch + Lomb Leadership Q&A A G E N D A 3

BRENT SAUNDERS CHAIRMAN & CHIEF EXECUTIVE OFFICER 4

Mediocrity hides behind ‘good enough.’ Excellence burns right through it. 5

SAM ELDESSOUKY EXECUTIVE VICE PRESIDENT & CHIEF FINANCIAL OFFICER 6

Now Entering Next Phase of Our Strategy Expand Profitability Maintain Growth Momentum Advance R&D Pipeline Continue To Deliver Above Market Revenue Growth Drive Step Change Margin Expansion Profile Significant Upside Potential Beyond 2028 7 1 1. See Slide 2 for further information on forward - looking statements.

~3.5x NET LEVERAGE BY END OF 2028 3 ~50% ADJ. CASH FLOW FROM OPERATIONS TO ADJ. EBITDA CONVERSION IN 2028 3,5 Double Digit ADJ. EPS GROWTH 3,5 2026 - 2028 ~23% ADJ. EBITDA MARGIN (EX. ACQ. IPR&D) 3 IN 2028 5 – 7% 2025 - 2028 CC REVENUE CAGR 2,3 Above - Market Revenue Growth 8 Strategy to Deliver Financial Excellence Across All Key Metrics Meaningful Margin Expansion Robust EPS Growth Solid Cash Flow Generation Strong Balance Sheet 1,4 1. See Slide 2 for further information on forward - looking statements. 2. Constant currency. Compound Annual Growth Rate. 3. This is a non - GAAP measure or ratio. See Slide 2 and appendix for further information on non - GAAP measures and ratios. 4. The financial targets in this presentation are only effective as of the date given, November 13, 2025, and will not be update d o r affirmed unless and until the Company publicly announces updated or affirmed financial targets. Distribution or reference of this deck following November 13, 2025, does not constitute the Company re - affirming financial targe ts See Slide 2 for further information on forward - looking statements. 5. Ex. Acq . IPR&D.

9 $870 – $910M FY25 Adj. EBITDA (ex. Acq . IPR&D) 2 ~17% Margin ~19% FY26 Adj. EBITDA Margin (ex. Acq . IPR&D) 2 +200bps vs FY25 ~23% FY28 Adj. EBITDA Margin (ex. Acq . IPR&D) 2 +600bps vs FY25 Growth & Meaningful Margin Expansion Reaffirming 2025 Guidance 1 2028 Outlook 1 Preliminary 2026 View 1 1. The guidance and outlook in this presentation is only effective as of the date given, November 13, 2025, and will not be upda ted or affirmed unless and until the Company publicly announces updated or affirmed guidance or outlook, as the case may be. Distribution or reference of this deck following November 13, 2025, does no t c onstitute the Company re - affirming guidance or outlook. See Slide 2 for further information on forward - looking statements. 2. This is a non - GAAP measure or ratio. See Slide 2 and appendix for further information on non - GAAP measures and ratios. 3. Constant currency. Compound Annual Growth Rate. $5.050 – $5.150B FY25 Revenue ~5 – 7% FY25 - 28 CC Revenue CAGR 2,3

Consumer Contact Lens Pharma Surgical 5 - 7% 5 - 7% 5 - 7% 6 - 8% FY25 - 28 CC REVENUE CAGR 1,2 FY25 - 28 CC REVENUE CAGR 1,2 FY25 - 28 CC REVENUE CAGR 1,2 FY25 - 28 CC REVENUE CAGR 1,2 Continue Miebo Growth Momentum Drive Growth in Xiidra TRx and Revenue Deliver Durable Growth in International Pharma 10 Growth in Premium IOL Portfolio Launch Into New Product Categories Unlock Pull - Through Sales in Consumables Expand Leadership with Launch of Lumify Luxe Capture Expanded AMD Market with AREDS3 Continue Market Leading Growth in Dry Eye Maintain Strong Growth Trajectory in DD SiHy Drive Growth in Ultra FRP and Biotrue ONEday Position to Launch Segment Creating Innovation Broad - Based Growth Across Business 1 1. See Slide 2 for further information on forward - looking statements. The financial targets in this presentation are only effective as of the date given, November 13, 2025, and will not be updated or affirmed unless and until the Company publicly announces updated or affirmed financial targets. Distribution or reference of this deck fo llowing November 13, 2025, does not constitute the Company re - affirming financial targets. Constant currency. Compound Annual Growth Rate. 2. This is a non - GAAP measure or ratio. See Slide 2 and appendix for further information on non - GAAP measures and ratios.

Adj. EBITDA Margin (ex. Acq. IPR&D) 1,2 FY25E Adj. EBITDA Margin (ex. Acq. IPR&D) 1,2 FY28E Adj. EBITDA Margin (ex. Acq. IPR&D) 1,2 ~17% Product Mix & Manufacturing Efficiencies Operating Efficiencies & P&L Leverage +250 bps +400 bps - 50 bps ~23% R&D Investment ~8% of Revenue 11 1. The guidance and outlook in this presentation is only effective as of the date given, November 13, 2025, and will not be upda ted or affirmed unless and until the Company publicly announces guidance or outlook, as the case may be. Distribution or reference of this deck following November 13, 2025, does not constitute the Comp any re - affirming guidance or outlook. See Slide 2 for further information on forward - looking statements. 2. This is a non - GAAP measure or ratio. See Slide 2 and appendix for further information on non - GAAP measures and ratios.

FY25E FY28E Strong Cash Flow Generation Adj. Cash Flow From Operations To Adj. EBITDA Conversion 1,2,3 ~35% ~50% Net Leverage ~3.5x by end of 2028 Targeting Investment Grade Rating in the Long - Term 12 Strategic Focus to Optimize Working Capital Management 1. See Slide 2 for further information on forward - looking statements. The financial targets in this presentation are only effective as of the date given, November 13, 2025, and will not be updated or affirmed unless and until the Company publicly announces updated or affirmed financial t arg ets. Distribution or reference of this deck following November 13, 2025, does not constitute the Company re - affirming financial targets . 2. This is a non - GAAP measure or ratio. See Slide 2 and Appendix for further information on non - GAAP measures and ratios. 3. Ex. Acq . IPR&D. 1 1 2

13 Strategic M&A / BD&L Strengthen Balance Sheet Invest in Organic Growth • Drive commercial and operational excellence • Advance pipeline to deliver sustainable growth • Capacity expansion • Reduce net leverage 2 to ~3.5x by end of 2028 • Maintain framework for investment grade profile • Disciplined M&A / BD&L opportunities • Strategic partnerships to advance innovation Capital Allocation Priorities 1 1. See Slide 2 for further information on forward - looking statements. 2. This is a non - GAAP measure or ratio. See Slide 2 and Appendix for further information on non - GAAP measures and ratios.

2025 - 2028 2028+ Pipeline to Drive Transformative Value with Potential Peak Sales ~$7B Above - Market Revenue Growth 5 - 7 % 2025 - 2028 CC Revenue CAGR 1,2,3 ~600bps EBITDA Margin Expansion 2025 - 2028 ~23 % 2028 Adj. EBITDA Margin (ex. Acq. IPR&D) 3 14 1. See Slide 2 for further information on forward - looking statements. 2. The financial targets in this presentation is only effective as of the date given, November 13, 2025, and will not be updated or affirmed unless and until the Company publicly announces financial targets, as the case may be. Distribution or reference of this deck following November 13, 2025 does not constitute the Company re - affirming financial target s. See Slide 2 for further information on forward - looking statements. 3. This is a non - GAAP measure or ratio. See Slide 2 and Appendix for further information on non - GAAP measures and ratios. 4. Represents total projected peak sales of pipeline products, with anticipated peaks staggered based on launch dates. 4 Significant Pipeline Upside Drive Value with Execution 1 1,2

3 Key Takeaways Durable Above - Market Growth Meaningful Margin Expansion Significant Upside Potential Beyond 2028 1 2 3 15 1 1. See Slide 2 for further information on forward - looking statements.

YEHIA HASHAD, MD EXECUTIVE VICE PRESIDENT, R&D & CHIEF MEDICAL OFFICER 16

Growth Engine with Top Industry Talent FOCUSED ON DISRUPTIVE INNOVATION: NEW CAPABILITIES IN DISEASE BIOLOGY ADVANCED FORMULATIONS MATERIAL SCIENCE R&D EMPLOYEES ACROSS 12 SITES GLOBALLY ~1K RECORD NUMBER OF NEW PRODUCT LAUNCHES IN LAST TWO YEARS >20 R&D PROJECTS IN PIPELINE WITH POTENTIAL GAME CHANGERS 1 >60 17 1. See Slide 2 for further information on forward - looking statements.

Pipeline Designed to Raise the Standard of Care across all business units Driving innovation into the next decade Steady stream of launches ~$7B potential peak sales Game changers 18 1. See Slide 2 for further information on forward - looking statements. 2. Represents total projected peak sales of pipeline products, with anticipated peaks staggered based on launch dates. 1 1 1,2 18

Enhanced Comfort with Addition of Hyaluronic Acid Advanced Preservative - Free Lipid Based Formulation Expand Market by Addressing all Stages of AMD Launch Date: 1H27 Franchise Peak Sales: ~$450M Launch Date: 1H26 Franchise Peak Sales: ~$300M Launch Date: 1H26 Franchise Peak Sales: ~$600M 19 Clinically - Differentiated Consumer Brands 1. See Slide 2 for further information on forward - looking statements. 1

dual - action therapeutic for evaporative and inflammatory DED neurosensory agent to address ocular surface pain glaucoma therapy to improve visual function through neuroprotection therapeutic for intermediate AMD and best - in - class treatments for GA Launch Date: ~2029 Peak Sales: ~$0.7B Launch Date: ~2030 Peak Sales: ~$1.4B Launch Date: ~2031 Peak Sales: ~$0.8B Launch Date: 2030+ Peak Sales: >$1.0B First Potential Game Changers in Pharma First First First 20 1. See Slide 2 for further information on forward - looking statements. 1

NEXT GENERATION FEMTOSECOND LASER Launch Date: 2H26 Peak Sales: ~$50M FIRST CLINICALLY VALIDATED IMPLANT FREE MIGS EXCIMER LASER BEST - IN - CLASS CATARACT / RETINA COMBO SYSTEM EDOF LENS TO COMPLETE PREMIUM IOL PORTFOLIO Launch Date: 2H26 in U.S. Peak Sales: ~$175M Launch Date: 2027 enVista Platform Peak Sales: ~$300M Launch Date: 2028 seeNOVA and Stellaris Peak Sales: ~$450M 21 Expanding in Premium Surgical Categories 1 1. See Slide 2 for further information on forward - looking statements.

No Breakthrough Innovation in Contact Lens Industry for Over 25 Years 1999 22

2ND DD SIHY LENS INNOVATION DESIGNED FOR AFFORDABILITY CUTTING - EDGE SIHY LENS DESIGN TO SLOW PROGRESSION OF MYOPIA PREMIUM FRP SIHY PROVIDING UNSURPASSED LENS COMFORT Launch Date: 2029 Peak Sales: ~$250M Launch Date: 2029 Peak Sales: ~$300M Launch Date: 2029 Peak Sales: ~$200M DRIVE REVENUE GROWTH ACROSS ALL MARKET CATEGORIES DRIVE MARGIN EXPANSION BY LEVERAGING EXISTING MANUFACTURING PLATFORMS FIRST - OF - ITS - KIND BIOACTIVE CONTACT LENS MATERIAL Launch Date: 2028 Peak Sales: ~$500M 23 Contact Lens Pipeline Designed with Purpose 1. See Slide 2 for further information on forward - looking statements. 1

FIRST NEUROSENSORY AGENT FOR OSP DUAL - ACTION DED EYE DROP 2 ND DD SiHy CONTACT LENS FIRST - OF - ITS - KIND BIOACTIVE CONTACT LENS enVISTA BEYOND EDOF IOL seeNOVA BEST - IN - CLASS CATARACT / RETINA COMBO seeLYRA NEXT - GEN FEMTO LASER AREDS3 VITAMINS ELIOS EXCIMER LASER MIGS MYOPIA CONTROL CONTACT LENS PREMIUM FRP SiHy CONTACT LENS BLINK TRIPLE CARE PF LUMIFY LUXE 2026 2027 2028 2029 2030+ GAME CHANGERS IN AMD / GA FIRST GLAUCOMA THERAPY TO IMPROVE VISION Consumer Surgical Contact Lens Pharmaceuticals 24 Steady Stream of Launches i nto Next Decade 1. See Slide 2 for further information on forward - looking statements. 1

Driving Disruptive Innovation Sustained Growth from New Launches Expanding Talent & Capabilities 1 2 3 3 Key Takeaways 25 1. See Slide 2 for further information on forward - looking statements. 1

JOHN FERRIS PRESIDENT, CONSUMER MAYSSA ATTAR, PH.D. SENIOR VICE PRESIDENT, PHARMACEUTICALS AND CONSUMER R&D 26

2028E 2024 #1 B+L Consumer Global OTC Eye Health Company Growing consumer self care mindset Rising prevalence of dry eye Digital lifestyle and environmental factors Aging population Contact lens wear Top Factors Fueling Category Growth Global Consumer Market +5% CAGR ~$8B ~$10B 27 2028E 3 1 2 Track Record of Outperformance in a Growing Market 1. B+L Consumer Data Science. U.S. – Circana , Omnichannel as of July 2025. International – IQVIA, Flexview , Mat June 2025. 2. CLI, Euromonitor, Market Scope, BCG, DRG, Management estimates. 3. See Slide 2 for further information on forward - looking statements.

Best - in - Class Portfolio of Hero Brands SUPERIOR VISION SCIENCE PROFESSIONAL RECOMMENDATION PREMIUM INNOVATION MODERN BRAND BUILDING POWERED WITH AI Our Winning Playbook 28 DIGITAL COMMERCE EXCELLENCE

29 Potential to Expand Addressable Market by Treating Early AMD 5, 6 Current Market Treating Intermediate to Advanced AMD 11M Total Addressable Market Early and Intermediate to Advanced AMD 4M Early AMD Intermediate to Advanced AMD 17M PreserVision: 20 Years of Eye Vitamin Leadership, Backed by Extensive Clinical Studies Collaboration with the National Eye Institute (NEI) #1 Eye Vitamin Brand: Most Studied and Recommended Formulation 1,2,3 +8% 5 - Year CAGR (2019 - 2024) ~93% Market Share 4 1. Age - Related Eye Disease Study Research Group. A randomized, placebo - controlled, clinical trial of high - dose supplementation with vitamins C and E, beta carotene, and zinc for age - related macular degeneration and vision loss: AREDS report no. 8. Arch Ophthalmol . 2001;119(10):1417 - 1436. 2. Age - Related Eye Disease Study 2 (AREDS2) Research Group, Chew EY, SanGiovanni JP, et al. Lutein/zeaxanthin for the treatment of age - related cataract: AREDS2 randomized trial report no. 4. JAMA Ophthalmol . 2013;131(7):843 - 850. 3. Chew EY, Clemons TE, Agrón E, et al. Long - term Outcomes of Adding Lutein/Zeaxanthin and ω - 3 Fatty Acids to the AREDS Supplements on Age - Related Macular Degeneration Progression: AREDS2 Report 28. JAMA Ophthalmol . 2022;140(7):692 - 698. 4. B+L Consumer Data Science, Circana , Omnichannel L52WE 10 - 12 - 2025. 5. B+L Consumer Data Science, Circana , Total US Panel L52WE 10 - 05 - 2025. 6. B+L Consumer Data Science, IQVIA, Total US Study, Size of AMD NOV 2024. 1,2,3

The Next Generation of PreserVision: AREDS3 Advancing AMD Care with B - Vitamin Science How it Works B - Vitamins AREDS2 Boosts Cell Metabolism Reduces Inflammation Lowers Oxidative Stress Decreased risk in developing visually significant AMD through daily supplementation with specific B - Vitamins 1 Reduced risk of developing AMD with normal serum folate levels (≥10 nmol/L) 2 A growing body of pre - clinical and clinical evidence highlights the critical role B - Vitamins play in supporting retinal health and reducing the risk of AMD B - Vitamin Clinical Data 41% 51% 30 1. Christen et al., 2009 doi: 10.1001/archinternmed.2008.574 . 2. Merle et al., 2022 doi : 10.3390/nu14142821 .

31 Human Genetics Support Inclusion of B - Vitamins in AREDS3 AREDS3: AREDS2 + B - Vitamins AREDS2 Only Minimal differential gene expression relative to AREDS2 Synergistic effects on differential gene expression with AREDS2 + B - Vitamins More robust differential gene expression relative to B - Vitamins only Human genetic analysis identified a genome - wide significant association pointing to Vitamin B metabolism as a potential protective factor in AMD progression B - Vitamins Only 31 Gene Expression Profile following administration of nutritional supplement to iPSC - RPE cells derived from AMD patients. Distinct Transcriptomic Signatures related to retinal health. 2 1. Data on file. 2. Model System: Induced pluripotent stem cells (iPSC) carrying alleles associated with a high risk of developing AMD differe nti ated into retinal pigment epithelial (RPE) cells that are critical to support photoreceptor health. The information on this slide has been condensed for presentation clarity. Deeper insights into the combination of AREDS2 + B Vi tamins have been obtained through additional data and analysis not shown here. 1,2 1

Beauty Enthusiasts Represent Continued Growth Engine Beauty Positioning Supports Premium Pricing BEAUTY ENTHUSIASTS 100M 2.9M LUMIFY USERS 32 #1 eye doctor recommended #1 share in redness relief 95% consumer satisfaction 1. IQVIA ProVoice Survey Q2 2025. 2. Circana MULO+ L52W 10.12.25. 3. MRI 2024 (100MM BEs), Circana Panel Data September 2025 (2.9MM LUMIFY users). 4. In Home Use Test, 2022. 1 2 4 3 Lumify is Now a Beauty Routine Essential

33 MEET THE

HA 2 is a moisturizer found naturally in the eye and a well - established ingredient in beauty and dry eye drops Formula selected for a balance of comfort , viscosity , and stability performance Viscosity optimized for an even more luxurious feel Expected Launch: 1H27 34 Introducing the Next Generation of Lumify Help Your Eyes Look Their Best & Feel Their Best 1. See Slide 2 for further information on forward - looking statements. 2. Hyaluronic acid. 1

Lumify Innovation Brimonidine’s Proven Redness Relief Combined with Well Established Safety and Tolerability 1 Brimonidine Hyaluronic Acid Potent redness reduction Low risk of rebound redness or loss of efficacy Highly selective alpha 2 adrenergic receptor agonist Br N NH N H N N 35 Novel formulation constituents allow for a 60% reduction in preservatives 2 Best - in - class molecule Moisture Retaining Binds up to 1000X its weight in water to keep the eye moisturized Provides viscosity and elasticity that protects the eye from mechanical stress Natural tear component B+L has filed for patent protection on scientific insights gained during the development and manufacturing of this novel innovative formulation 1. Hyaluronic acid attributes are referenced from Hynnekleiv et al, Acta Ophthalmol . 2022: 100: 844 – 860. 2. Data on file.

36 sustained redness relief, with improvement compared to baseline through 10 hours 2 Onset as early as 30 seconds of study participants chose comfortable, cool or refreshing as the first word they would use to describe the new product 2 84% Successful Phase 3 Randomized Controlled Trial Complete 289 study participants treated with novel Lumify + HA N=578 of treatment with 1 week follow up post - treatment 4 weeks sites 11 Lumify + HA Phase 3 Results NDA Submission 1Q26 Planned for 1 1. See Slide 2 for further information on forward - looking statements. 2. Data on file.

40% of patients fail to administer eye drops correctly 3 33% of patients with dry eye symptoms treating with OTC products 2 Significant Opportunity to Expand in OTC Dry Eye Strong Global Position with Full Suite of Products Fastest Growing OTC Dry Eye Portfolio 4 +19% LTM Revenue Growth 5 150M adults in the U.S. experience symptoms of dry eye 1 1. MultiSponsor Surveys, Inc. The 2022 Study of Dry Eye Sufferers. August 2022. 2. 2022 Dry Eye Summary Report; Circana HH Panel % of HH’s; Total US All Outlets data ending Sept. 2024. 3. Mehuys E, C Delaey C, T Christiaens T, et al. Eye drop administration technique and problems reported by eye drop users. Eye. November 5, 2019. 4. B+L Consumer Data Science: Circana , L52we 7 - 2025 + IQVIA Flexview MAT June 2025. 5. Last twelve months as of Sept. 30, 2025. 37

INNOVATION IN FORMULATION Combined HA & Lipid Nano Emulsion for both Evaporative and Aqueous - Deficient Symptoms Formulated with HA to Boost and Retain Moisture Novel delivery system designed to improve dosing precision and enhance patient experience by “beating the blink” reflex Potential to become platform across Consumer and Pharma products 1 Beat the Blink TRIPLE CARE PF INNOVATION IN DELIVERY TECHNOLOGY 38 Beat the Blink 1. See Slide 2 for further information on forward - looking statements.

Enhanced Comfort with Addition of Hyaluronic Acid Advanced Preservative - Free Lipid Based Formulation Expand Market by Addressing all Stages of AMD Launch Date: 1H27 Franchise Peak Sales: ~$450M Launch Date: 1H26 Franchise Peak Sales: ~$300M Launch Date: 1H26 Franchise Peak Sales: ~$600M 39 Clinically - Differentiated Consumer Brands 1. See Slide 2 for further information on forward - looking statements. 1

3 Key Takeaways Proven Track Record of Above - Market Performance Winning Brands with Clear Runway for Growth Strong Pipeline of Clinically - Differentiated Products 1 2 3 40 1. See Slide 2 for further information on forward - looking statements. 1

ANDREW STEWART PRESIDENT, GLOBAL PHARMACEUTICALS AND INTERNATIONAL CONSUMER MAYSSA ATTAR, PH.D. SENIOR VICE PRESIDENT, PHARMACEUTICALS AND CONSUMER R&D 41

GLAUCOMA First therapy to improve visual function while lowering intraocular pressure AMD / GA Multiple “shots - on - goal” to transform AMD treatment and disrupt GA landscape DRY EYE First dual - action therapeutic to address both evaporative and inflammatory pathology OCULAR SURFACE PAIN First - in - class neurosensory targeted therapeutic for ocular surface pain Front of the Eye Back of the Eye 42 Building on the Strength of our Eye Care Platform Expanding leadership in ocular surface… …advancing pipeline of novel therapeutics in retina 1. See Slide 2 for further information on forward - looking statements. 1

43 Finely - Tuned & Proven Commercialization Engine 43 Avg. Weekly TRx & Growth (% Y/Y) 1 Highest Rated field force Best eye health launch 2022 - 2024 Top 10 launches across all disease states +8% 10,108 11,992 12,833 14,618 20,001 25,269 26,991 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 18,825 20,201 21,101 22,901 21,522 22,567 22,708 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 +110% 43 1. IQVIA NPA Rapid Rx. Historical data was restated. 2. ZoomRx PET. 3. National Sales Perspective, National Prescription Audit, Patient Insights; Launch Center of Excellence , IQVIA. 4. National Sales Perspective; Launch Center of Excellence, IQVIA. 2 3 4

44 1. 2023 Dry Eye Products Markets Report, Market Scope, 2023. 2. MultiSponsor Surveys, Inc. The 2022 Study of Dry Eye Sufferers. August 2022. 3. Ophthalmic Comprehensive Reports. DED 2020 Ophthalmic Landscape Report: Global Analysis for 2019 to 2025, April 2021. 4. Clarivate Market Research 2024. 5. Mbagwu M. Characterization of discontinuation and switching patterns of dry eye disease medications using linked EHR registry an d claims data. Paper presented at: ASCRS Annual Meeting 2024; April 5 - 9, 2024; Boston, MA. U.S. adults experience symptoms of dry eye, with ~38M living with DED 2,3 Of DED patients discontinue initial medication within one year 5 Global dry eye disease market expected to nearly double by 2030 4 ~150M ~90% ~2x 93% of estimated U.S. population with DED is not treated with an Rx product 1 7% of diagnosed patients receive Rx DED treatment 1 Dry Eye Disease : Rising Unmet Need, Big Opportunity Comprehensive B+L Platform to Drive Market Penetration and Patient Adherence

Ocular Pain BL1332 Therapeutic Strategy to Elevate Standard of Care Glaucoma BL1107 Geographic Atrophy BL1107 SR AMD Character Partnership Geographic Atrophy CityTx Partnership 45 Dry eye is a multifactorial , symptomatic disease characterized by a loss of homeostasis of the tear film and/or ocular surface , in which tear film instability and hyperosmolarity, ocular surface inflammation and damage , and neurosensory abnormalities are etiological factors Updated TFOS DEWS III Definition Dry Eye is a Complex Disease Rationale for Dual - Action Eye Drop Disease Drivers and Therapeutics Only anti - inflammatory eye drop approved for chronic use on the basis of treating a sign and symptom of dry eye. Inflammation can be both a cause and a consequence of dry eye Most dry eye is evaporative in nature Indicated to treat signs and symptoms of dry eye. Unique MOA. Lifitegrast (active in Xiidra) and perfluorohexyloctane (active in Miebo ) act with distinct mechanisms Today, only single - action products Faster relief and larger treatment effect may be achieved with first dual - action eye drop to treat dry eye Anticipate superior improvement in signs and symptoms with improved tolerability Dry Eye Disease Dual - Action Eye Drop

Ocular Pain BL1332 Glaucoma BL1107 Geographic Atrophy BL1107 SR AMD Character Partnership Geographic Atrophy CityTx Partnership 46 Clinical study ongoing with data anticipated 2H26 2 • Designed to test dual - action of novel lifitegrast in Miebo formulation and superiority to Xiidra and Miebo in treating dry eye These attributes are designed to achieve: • Dual - action efficacy superior to Xiidra or Miebo • Improved tolerability Unique physiochemical properties of new formulation allows: • Reduced total lifitegrast dose compared to Xiidra • Smaller drop size that delivers efficacious dru g levels Ocular Surface Tissue Concentrations Cornea 1 Conjunctiva 1 Improved formulation designed to achieve superior dual - action efficacy with improved tolerability 0 10000 20000 30000 D o s e N o r m a l i z e d A U C 0 - t ( n g • h r / g ) Xiidra Lifitegrast in Miebo 0 100000 200000 300000 D o s e N o r m a l i z e d A U C 0 - t ( n g • h r / g ) Xiidra Lifitegrast in Miebo More tissue penetration when lifitegrast (active in Xiidra) is formulated with the active in Miebo Dry Eye Disease Dual - Action Eye Drop 1. Data on file. Single topical dose rabbit pharmacokinetics comparing Xiidra to lifitegrast in Miebo . 2. See Slide 2 for further information on forward - looking statements. Miebo - Based Formulation Delivers Lifitegrast More Efficiently More Efficient Drug Delivery

Chronic OSP Patients with Dry Eye and corneal diseases (10 - 15M patients) 3 20 - 30% Significant proportion of patients inadequately treated for COSP Patients post - surgery (0.4M patients) 3 5 - 15% Acute OSP • Corneal abrasions • Ocular infections • Dry Eye flares Other relevant conditions include Steroids and NSAIDs not sufficient treatment for many patients developing AOSP Post - cataract and refractive surgery patients (4.5 - 5M patients annually) 2 10 - 15% 47 # 1 Reason for ECP Visit is Ocular Discomfort & Pain Ocular Pain BL1312 and BL1332 Glaucoma BL1107 Geographic Atrophy BL1107 SR AMD Character Partnership Geographic Atrophy CityTx Partnership Ocular Pain BL1332 Dry Eye Disease Dual - Action Eye Drop 1. Shapiro JN, Abuzaitoun RO, Pan Y, et al. Health care use for eye pain. JAMA Ophthalmol . 2024;142:655 – 60. 2. IQVIA market scope on cataract surgery of 2021. 3. PMR2022. 1

No Glaucoma Therapeutic Exists to Treat the Vision Threatening Neurodegenerative Pathology 48 35% of patients with glaucoma have vision - affecting glaucoma 1 Normal Vision Glaucoma GLAUCOMA CONTINUES TO BE THE “SILENT THIEF OF SIGHT” 4.2M i ndividuals in U.S. have glaucoma 1 Ocular Pain BL1332 Glaucoma BL1107 Geographic Atrophy BL1107 SR AMD Character Partnership Geographic Atrophy CityTx Partnership Dry Eye Disease Dual - Action Eye Drop 1. https://jamanetwork.com/journals/jamaophthalmology/fullarticle/2824476.

TRPV1 Antagonism to Treat Ocular Surface Pain Ocular Pain BL1312 and BL1332 Glaucoma BL1107 Geographic Atrophy BL1107 SR AMD Character Partnership Geographic Atrophy CityTx Partnership Ocular Pain BL1332 49 Dry Eye Disease Dual - Action Eye Drop 1. Premkumar LS, Sikand P. TRPV1: A target for next generation analgesics. Curr Neuropharmacol . 2008;6(2):151 – 16. 2. InTech - Transient_receptor_potential_trp_channels_in_the_eye.pdf (intechopen.com); ocular figure created with Biorender . Cornea has Highest Density of Sensory Nerve Endings Target Rationale Molecules TRPV1 ion channels represent a primary sensor of pain TRPV1 antagonists block the cascade leading to pain BL1312 More potent water - soluble molecule BL1332 Achieved positive clinical POC Target TRPV1; transient receptor potential vanilloid subtype 1; nociceptor Function Cell surface receptor ion channel critical for sensing of nociceptive and thermal inflammatory pain 1 Ocular Tissue Distribution Cornea, Conjunctiva, peripheral and central terminals of sensory neurons 2 MOA Non - competitive antagonist of TRPV1

50 Data - Informed Development of TRPV1 Antagonist Ocular Pain BL1312 and BL1332 Glaucoma BL1107 Geographic Atrophy BL1107 SR AMD Character Partnership Geographic Atrophy CityTx Partnership Ocular Pain BL1332 50 Dry Eye Disease Dual - Action Eye Drop 1. Data on file pharmacokinetic human cornea simulation and nonclinical capsaincin model. 2. See Slide 2 for further information on forward - looking statements. BL1312 Clinical Data Guide Strategy Developing More Potent BL1332 0 1000 2000 3000 4000 5000 6000 0 12 24 36 48 60 72 Concentration (ng/g) Time More potent BL1332 molecule formulated to maximize tissue exposure to block ocular pain signaling Maximize efficacy by increasing drug exposure Capsaicin - Induced Nonclinical Model for Evaluating Analgesic Efficacy 1 Increased potency translates to increased efficacy 1.5% 2X/day 2.5% 4X/day + POC Effective pain relief Not effective pain relief 0 5 10 15 20 25 30 Vehicle BL1312 BL1332 Eye Wipe Response BL1332 Phase 1 complete and highest dose was safe and well tolerated BL1332 Phase 2 POC planned to initiate 1H26 2 Simulated Human Cornea BL1312 Concentrations 1 ***

Addressing Neurodegenerative Vision Loss in Glaucoma Ocular Pain BL1332 Glaucoma BL1107 Geographic Atrophy BL1107 SR AMD Character Partnership Geographic Atrophy CityTx Partnership 51 Dry Eye Disease Dual - Action Eye Drop 1. DOI: 10.1016/j.ajo.2019.08.024 . 2. doi.org/10.1111/aos.13695 . 3. DOI: 10.1016/j.ajo.2010.09.026 ; glaucoma neurodegeneration figure created in BioRender . Studies show most patients with mild to moderate glaucoma have macular damage and vision complaints under low luminance 1,2 Glaucoma is a neurodegenerative disease with loss of retinal ganglion cells and optic nerve injury No approved therapeutics to treat vision loss associated with glaucoma Mechanisms α2AR agonists improve vision : 1. Neurofunctional enhancement (improve vision in days to weeks) 2. Neuroprotection (protect from vision - loss over months) Brimonidine - treated glaucoma patients were less likely to develop visual field loss compared to timolol even when IOP was decreased to the same extent. 3 Brimonidine is an alpha2 adrenergic receptor (α2AR) agonist Glaucoma is a Neurodegenerative Disease

BL1107 is Designed to Target Vision - Threatening Disease 1. Data on file. 2. DOI: 10.1017/S0952523807070605 . Ocular Pain BL1332 Glaucoma BL1107 Geographic Atrophy BL1107 SR AMD Character Partnership Geographic Atrophy CityTx Partnership 52 Dry Eye Disease Dual - Action Eye Drop Rapidly improve vision via neurofunctional enhancement and long - term preserve vision via neuroprotection Enhanced retinal penetration combined with selective and potent α2B agonism should maximize vision benefits Next - Generation α2B AR Agonist Prodrug drives tissue penetration Selective and potent α2B agonism Tears AUC 0 - t ( ng•hr /mL) 0 50000 100000 150000 Prodrug Active drug Retina 0 500 1000 Prodrug Active drug AUC 0 - t ( ng•hr /mL) EC50 1 (Alpha2A) EC50 1 (Alpha2B) 0 10000 20000 30000 40000 -2 -1 0 1 2 3 4 0 2000 4000 6000 8000 -2 -1 0 1 2 3 4 RLU RLU Log10 ( nM ) Log10 ( nM ) More potent More potent α2B is widely expressed in retina & mediates beneficial effects on neuronal function 2 Molecular attributes to target vision - threatening disease Better penetration to retina More potent and selective agonism of relevant receptor

BL1107 Achieved Clinical POC: Improves Vision in Glaucoma Ocular Pain BL1332 Glaucoma BL1107 Geographic Atrophy BL1107 SR AMD Character Partnership Geographic Atrophy CityTx Partnership 53 Dry Eye Disease Dual - Action Eye Drop 1. Data on file. LL - BCVA: low luminance best corrected visual acuity; CFB: change from baseline; VF MD: visual field mean deviation . 2. See Slide 2 for further information on forward - looking statements. Ongoing larger Phase 2 study powered to demonstrate visual neuroenhancement effects is anticipated to readout 2H26 2 . These data will guide Phase 3 study design. % Subjects 4.3% 8.7% 4.5% 0% 5% 10% 15% 20% 12.5% 12.5% 9.1% 0.0% 0.0% 0.0% Study Eye BL 1107 0.15% Study Eye BL1107 0.40% Study Eye Timolol 0.5% 4.3% 13.0% 9.1% 0% 5% 10% 15% 20% 8.3% 16.7% 13.6% 8.3% 8.3% 8.3% Treated Fellow Eye BL 1107 0.15% Treated Fellow Eye BL1107 0.40% Treated Fellow Eye Timolol 0.5% Day 1 Day 4 Day 14 Day 1 Day 4 Day 14 Day 1 Day 4 Day 14 Comparing patients treated with BL1107 to timolol: • Greater proportion experienced ≥15 - letter gain in LL - BCVA • Statistically significant improvement in VF MD +1.4 dB +0.74 dB +2.36 dB +1.83 dB 0 1 2 3 p=0.046 p=0.002 p=0.290 p=0.012 BL1107 0.15% n=23 BL1107 0.4% n=24 LL - BCVA ≥15 - Letter Gain 1 Treatment Difference in Mean CFB at Day 14 in VF MD 1 Study Eye Treated Fellow Eye

Addressing Massive Unmet Needs for ~20M Americans with AMD/GA 54 Intermediate Dry AMD Geographic Atrophy Show greater reduction in rate of lesion growth and/or visual function Reduce injection burden Reduce CNV risk and lower rate of intraocular inflammation Preserve vision by slowing disease progression Currently approved therapies only slow lesion growth. B+L is targeting new treatments that could 2 : Glaucoma BL1107 Geographic Atrophy BL1107 SR AMD Character Partnership Geographic Atrophy CityTx Partnership Ocular Pain BL1332 Dry Eye Disease Dual - Action Eye Drop 1. Rein DB, Wittenborn JS, Burke - Conte Z, Gulia R, Robalik T, Ehrlich JR, Lundeen EA, Flaxman AD. Prevalence of Age - Related Macular Degeneration in the United States in 2019. JAMA Ophtha lmology. 2022. 2. See Slide 2 for further information on forward - looking statements. 1

Strategy for Developing Complex Disease Treatments Glaucoma BL1107 Geographic Atrophy BL1107 SR AMD Character Partnership Geographic Atrophy CityTx Partnership Ocular Pain BL1332 55 Very slow and expensive to find out if preclinical science translates to humans Difficult to select pharmacological targets that impact clinical disease endpoints in humans Image Credit: Peter K. Kaiser, MD Retina Today 2025 Best - in - class drug delivery approaches Design optimal therapeutic modality and molecule Leverage human data to identify targets and patient selection criteria 1 2 3 Strategy Drugging a complex disease with many implicated mechanisms, no animal models recapitulating disease etiology, and slow disease progression Dry Eye Disease Dual - Action Eye Drop

Precision Medicine Will Transform AMD Treatment 56 Glaucoma BL1107 Geographic Atrophy BL1107 SR AMD Character Partnership Geographic Atrophy CityTx Partnership Ocular Pain BL1332 Dry Eye Disease Dual - Action Eye Drop 1. See Slide 2 for further information on forward - looking statements. 2. AMD: age related macular degeneration; GA: geographic atrophy; ECP: eye care professional. 1 Partnership grants exclusive access to integrated patient data platform and AI - powered analytical engine to drive novel intermediate AMD 2 and GA 2 drug discovery and development Progress Access to data platform can inform all AMD activities at B+L Accelerated clinical development of novel candidates by ability to track and recontact patients and ECPs 2 for trial enrollment New insights into biological pathways and potential pharmacological targets associated with AMD progression in patients Best molecular attributes will be designed to drug committed pharmacological targets Anticipate entering development with precision medicine guided therapeutic in 2027 Prioritizing Drug Discovery Biological pathways and pharmacological targets associated with patient disease progression Clinical Endpoints and Patient Stratification Identify clinical endpoints that best track with disease progression and target specific patients Longitudinal Data Tracks Progression Evaluate risk and rate of disease progression Unique Patient Data Platform Robust data set in place: imaging, EMR, genomics Insights enable us to select the right patients for each target, accelerating development and improving the probability of su cce ss Strategic Advantage Identified >100 Novel Gene Locations Design Optimal Therapeutics 2027 Development Candidate Ongoing Value of Platform

57 Gene Silencing for Unprecedented Potency and Durability Glaucoma BL1107 Geographic Atrophy BL1107 SR AMD Character Partnership Geographic Atrophy CityTx Partnership Ocular Pain BL1332 Dry Eye Disease Dual - Action Eye Drop 1. Data on file for mouse IVT study. Local delivery into a small closed physiological space enhances target engagement and minimizes systemic safety risks Optimize drugging of clinically validated targets to de - risk overall development Better molecules: more potent, efficient and specific Better delivery: novel targeting ligands to enable robust delivery Broad retina distribution and robust target knockdown following intravitreal injection into mouse eye 1 Saline Novel siRNA molecule Novel siRNA molecule Targeting ligand GCL IPL INL OPL ONL RPE Anticipate development candidate in 2H26 Advantages of genetic medicine approach without the challenges of viral gene delivery

BL1107 Sustained - Release Implant is a Superior GA Treatment Glaucoma BL1107 Geographic Atrophy BL1107 SR AMD Character Partnership Geographic Atrophy CityTx Partnership Ocular Pain BL1332 Dry Eye Disease Dual - Action Eye Drop 1. 10.1097/IAE.0000000000002789 . 2. 10.1016/j.oret.2023.03.001 . 3. See Slide 2 for further information on forward - looking statements. Development Path Target Product Profile Criteria Treatment of GA secondary to AMD Indication Product Attributes Single IVT administration every 3 - 6 months Treatment Frequency GA Lesion Growth and Vision Efficacy Outcomes Reduced rate of conversion to neovascular AMD Absence of severe complications such as retinal vasculitis and/or retinal vein occlusion Safety α 2AR Agonist Slows GA Progression • In 2 RCT, brimonidine slowed GA lesion growth but treatment effect was relatively small 1,2 • Sustained release of an α 2AR agonist feasible • No increased risk of neovascular AMD or intraocular inflammation BL1107 a Perfect C andidate for GA • Specific for α 2B in the retina • Better retina penetration • Compatible with sustained - release • Potential for both improving vision and decreasing GA lesion growth Anticipate development candidate in 2026 and approval in 2030+ for first small molecule sustained release implant for GA 3 Development enabled through partnership with 58

59 Peak Sales ~$0.7B Launch Date ~2029 2030+ ~$0.8B ~2030 ~$1.4B ~2031 >$1.0B Dry Eye AMD/GA Glaucoma OSP Indication First glaucoma therapy to improve visual function through neuroprotection First neurosensory agent to address ocular surface pain First therapeutic for intermediate AMD and best - in - class treatments for GA Thesis First dual - action therapeutic for evaporative and inflammatory DED Program Dual - Action Eye Drop BL1107 BL1332 Retina Pipeline Phase 3 Data ~2028 2030+ ~2029 ~2030 Opportunity for Pipeline to Deliver ~$3.9B in Peak Sales 1. See Slide 2 for further information on forward - looking statements. 2. Represents total projected peak sales of pipeline products, with anticipated peaks staggered based on launch dates . 1,2

1 2 3 Strengthening Leadership in Dry Eye Expanding Front of the Eye Platform Building Pipeline of Therapeutics in Retina 60 3 Key Takeaways 1. See Slide 2 for further information on forward - looking statements. 1

YANG YANG PRESIDENT, VISION CARE BRYAN REED VICE PRESIDENT, VISION CARE R&D 61

NO BREAKTHROUGH INNOVATION IN CONTACT LENS INDUSTRY FOR OVER 25 YEARS 62

Introducing the First Bioactive Contact Lens Material 63

B+L launches PureVision The first silicone hydrogel contact lens B+L launches SofLens The first mass - produced soft contact lens in the market Creating a New Category of Contact Lenses 1971 1999 Hydrogel Silicone Hydrogel 2028 Bioactive Hyaluronic Acid Hydrogel The first bioactive contact lens 64 1. See Slide 2 for further information on forward - looking statements. 1

65 Double dose of bio - engineered HA. HA polymerized into lens and in solution. Re - engineered from the inside out. A First - of - its - Kind Technology

Natural Found throughout the body in eyes, joints, skin Hydrating Acts as "nature's sponge" to provide maximum hydration Lubricating Reduces friction and mechanical stresses 1000x its weight in water Hyaluronic acid (HA) High - molecular - weight polysaccharide that can hold up to 1 66 1. https://pmc.ncbi.nlm.nih.gov/articles/PMC9733656/.

- 0 200 400 600 800 1000 1200 1400 -10 -5 0 5 10 15 20 25 Enzymatic Release of HA from Lens 2 ng/Lens Unmet Need: Increased contact lens dryness symptoms as day progresses When exposed to hyaluronidase, a natural enzyme in tears, HA is released from the lens surface Steady, consistent release profile through 19 hours of testing for improved end of day hydration and comfort 19.9% 49.8% 69.1% Time of Day Morning Afternoon Evening % of Contact Lens Wearers Who Report Dryness Symptoms 1 67 Bioactive Interacts with the Natural Biology of the Eye to Release HA HA Concentration in natural tear ng/mL HA enzymatic release (ng/Lens) 1. 2025 Symptom Tracker – US Based, Age 18 – 40, 222 Daily Disposable Wearers and 235 Frequent Replacement Wearers. 2. Data on file.

HA protects corneal epithelial cells’ metabolic activity after exposure to dry environment HA supports improved tear film stability by reducing evaporation Healthy oxygen permeability achieved without requiring silicone (Dk 65% higher than ISO prediction) Oxygen Flux 120 100 80 60 40 20 0 CELL ACTIVITY DESSICATION TIME (MINS) 0 10 20 30 40 50 Control Solution containing HA Solution without HA Desiccation Protection 1 % Oxygen Available to Cornea 0 10 20 30 40 50 60 70 80 90 100 98% 97% 93% Biotrue® ONEday Dailies Total1 88% 1 - Day Acuvue Moist 88% Dailies AquaComfort Plus INFUSE® Acuvue Oasys 1 - Day Precision1 & MyDay 98% 98% 97% Clariti 1 day 96% % Oxygen Available to Cornea 1 Bioactive Lens 68 Optimal Hydration and Eye Health Cell and Evaporation Protection + Oxygen Permeability 1. Data on file. Oxygen Permeability

0% 20% 40% 60% 80% 100% 120% 140% 160% % INCREASE 14 840 13,440 blinks per minute blinks per hour blinks per 16 - hour day 69 Coefficient of Friction 1 Initiated external performance clinical in 4Q25 Unparalleled Comfort Lowest Coefficient of Friction Minimizes Interaction Between Eyelid & Lens 1. Data on file.

2ND DD SIHY LENS INNOVATION DESIGNED FOR AFFORDABILITY CUTTING - EDGE SIHY LENS DESIGN TO SLOW PROGRESSION OF MYOPIA PREMIUM FRP SIHY PROVIDING UNSURPASSED LENS COMFORT Launch Date: 2029 Peak Sales: ~$250M Launch Date: 2029 Peak Sales: ~$300M Launch Date: 2029 Peak Sales: ~$200M DRIVE REVENUE GROWTH ACROSS ALL MARKET CATEGORIES DRIVE MARGIN EXPANSION BY LEVERAGING EXISTING MANUFACTURING PLATFORMS FIRST - OF - ITS - KIND BIOACTIVE CONTACT LENS MATERIAL Launch Date: 2028 Peak Sales: ~$500M 70 Contact Lens Pipeline Designed w ith Purpose 1. See Slide 2 for further information on forward - looking statements. 1

Maintain Homeostasis Integrated with moisturizers, electrolytes and osmoprotectants Material Innovation Novel chemistry designed for high surface wettability Efficient Manufacturing Leverages existing equipment, minimal capital required Initiating external performance clinical study in 2026 2 Global Daily Silicone Hydrogel Market 1 $4.3B 2024 2028E 2 71 Next - Generation DD SiHy Accessible Innovation in Fastest Growing Lens Category $6.4B +10% CAGR 2 1. Company estimates and independent industry research. 2. See Slide 2 for further information on forward - looking statements.

Unsurpassed Comfort Comfort of a daily and affordability of a monthly – optimized to balance hydration, breathability and resist deposits Crisp Clear Stable Vision Leverages proven optical designs across SVS, MF, Toric, MFT family B+L Lens Care Synergy Engineered to integrate seamlessly with B+L lens care portfolio Initiating external performance clinical study in 2026 2 Contact Lens Wearers by Modality FRP 60 % 40 % Dailies FRP User Base Remains Large, with Limited Innovation 1 72 Premium FRP SiHy Designed to be the Premium FRP Lens in the Market 1. Company estimates and independent industry research. 2. See Slide 2 for further information on forward - looking statements.

Premium DD SiHy Material Cutting - Edge Lens Design Differentiated peripheral defocus design with 1) Multiple Zone Diameters 2) Dose Adjustment Across SKU Range “Made for Kids” Innovative customized approach to balance controlling myopia progression with daily vision needs Initiating registration clinical study in U.S. in 1H26 2 Myopia – Now and in 2050 1,2 Paired with 22% 33% 52% 2000 2020 2050E 2 4.9B 1.3B 2.6B Number of Myopes Myopia Prevalence (%) 73 DD SiHy Myopia Control Lens Novel Design to Control the Progression of Myopia 1. Report of the Joint World Health Organization – Brien Holden Vision Institute Global Scientific Meeting on Myopia, UNSW, 16 - 18 M arch 2015. 2. See Slide 2 for further information on forward - looking statements.

- Capturing Share in Fastest Growing DD SiHy Market Driving Segment - Creating Material Innovation Entering New Categories with High Unmet Need Addressing All Wearer Needs with Comprehensive Portfolio 74 3Q25 YTD CC 1 Revenue Growth 2 Global Contact Lens Market +4% Contact Lens +6% Continuing to Outperform Market And Built Best - in - Class Pipeline to Sustain Leading Growth 1. Constant currency. This is a non - GAAP measure or ratio. Please see Slide 2 and Appendix for further information. 2. Management estimates and independent market research. 3. See Slide 2 for further information on forward - looking statements. 3

3 Key Takeaways Creating New Category of Contact Lenses Advancing Pipeline to Sustain Market Leading Growth 1 2 3 Leveraging Existing Platforms to Drive Margin 75 1. See Slide 2 for further information on forward - looking statements. 1

LUC BONNEFOY PRESIDENT, SURGICAL KELLY SWAIM, MD SENIOR VICE PRESIDENT, SURGICAL R&D 76

77 Global Surgical Market +5% CAGR 2 2024 2028E 2 ~$13B ~$16B Strategy to Drive Growth and Margin Expansion OWN THE OPERATING ROOM WITH “ONE - STOP SHOP” APPROACH TRANSFORM PORTFOLIO WITH STEADY STREAM OF LAUNCHES IN PREMIUM CATEGORIES RESHAPE MANUFACTURING AND SUPPLY NETWORK TO DRIVE MARGIN EXPANSION AND BEST - IN - CLASS SERVICE 1 Strong Performance in a Durable & Growing Market 1. Market Scope and management estimates. 2. See Slide 2 for further information on forward - looking statements. 2

Own the Operating Room: “One - Stop Shop” Cataract Strategy 78 Focused on Procedure Selling to Meet All Surgeon Needs BSS IOLs & Premium OVD Custom Procedure Packs Capsular Dyes Instruments & Knives CTR Phaco Packs Femtolaser Cataract Elios Phaco + Leading Cataract Equipment Companies Capsular Dyes Fluid Mgmt. CTR BSS Procedure Packs Knives Instruments OVD IOLs ■ ■ ■ ■ ■ ■ ■ ■ ■ Bausch + Lomb ■ ■ ■ ■ ■ ■ ■ ■ ■ Alcon ■ ■ ■ ■ ■ ■ J&J Vision ■ ■ ■ ■ Carl Zeiss Cataract Surgery Devices 1 1. Market Scope.

EXPANDING PREMIUM IOL PORTFOLIO ENTERING INTO NEW PRODUCT AND HIGH PROFITABILITY CATEGORIES LAUNCHING BEST - IN - CLASS NEXT GENERATION PRODUCTS Steady Stream of Launches in Premium Categories 2023 - 25 ► e nVista Aspire Monofocal+ IOL ► e nVista Envy Trifocal IOL ► LuxSmart EDOF IOL ► LuxLife Trifocal IOL ► IC - 8 Apthera IOL ► eyeTELLIGENCE ► Elios First Clinically - Validated MIGS Excimer Laser ► seeLYRA Next - Generation Femtosecond Laser ► Bi - Blade + 25k vit cutter (67% increase) with better efficiency and precision ► EyeGility – preloaded inserter 2026 ► e nVista Beyond EDOF IOL ► seeNOVA Best - in - class Cataract / Retina Combo System ► LuxBoost Monofocal+ IOL ► LuxLift High - ADD IOL 2027 2028 ► SeeLuma Digital Visualization Platform ► ScoutPro Dry Eye Diagnostic ► StableVisc / TotalVisc OVD ► Teneo Excimer Laser (U.S.) ► Posterior Adaptive Fluidics (PAF) 79 1. See Slide 2 for further information on forward - looking statements. 1

DRIVE COST EFFICIENCIES STRENGTHEN CUSTOMER LOYALTY INCREASE PULL - THROUGH SALES STREAMLINE SUPPLY NETWORK Vertical integration of custom pack production to reduce CMO costs Transition machine pack and custom pack assembly to low - cost supply base Comprehensive Strategy to Drive Margin Expansion and Unlock Revenue Growth: Streamline production capacity across existing global supply network Optimizing partnerships of select products (viscoelastics, inserters, instruments) Expanding Manufacturing Capabilities & Optimizing Surgical Supply Network 80 1. See Slide 2 for further information on forward - looking statements. 1

Lux Platform enVista Platform EDOF High - Add / TORIC Launching 2028 1 Building IOL Portfolio Across All Segments Expanding in Premium IOLs – Market Projected to Grow +10% CAGR 2025 - 30 1,2 MONOFOCAL / TORIC MONOFOCAL+ / TORIC TRIFOCAL / TORIC EDOF / TORIC Launching 2027 1 MONOFOCAL / TORIC EDOF / TORIC TRIFOCAL / TORIC MONOFOCAL+ / TORIC Launching 2028 1 LUX BOOST TM LUX LIFT 81 1. See Slide 2 for further information on forward - looking statements. 2. Market Scope – IOL Market Report - (published March 2025).

Extended Depth of Focus IOL enVista Beyond Completes Comprehensive IOL Portfolio Designed to Build on the enVista Platform 2 Visual Acuity Greater DoF relative to enVista monofocal Greater performance relative to Vivity, Symfony Tilt & Decentration Halos Greater performance relative to Vivity, Symfony Pure Refractive Technology Expected Launch in 2027 1 enVista MX60E enVista Beyond Optical Bench Testing: 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 -5.0 -4.0 -3.0 -2.0 -1.0 0.0 1.0 2.0 MTF (50 c/mm) Defocus (D) - IOL plane Pupil 3.0 mm 82 1. See Slide 2 for further information on forward - looking statements. 2. Data on file.

Cataract surgeons are performing MIGS today 3 o f patients undergoing cataract surgery have POAG / OHT 2 Unlocking Growth Opportunities in MIGS <50% ~20% The first clinically - validated excimer laser MIGS Ten 210 - μm “microchannels” are created in the TM using a precision excimer laser Implant Free : Laser - based technology does not require a surgical implant Lasting Results : Sustained IOP reduction and medication burden Ease of Use : Rapid learning curve with 2 - 4 cases to surgeon proficiency Safety Advantage: Non - thermal laser ablation to protect surrounding tissue People worldwide living with glaucoma 1 ~80M 83 1. https://www.hopkinsmedicine.org/health/conditions - and - diseases/glaucoma . 2. seng, VL, Yu, F, et al. JAMA. 2012 Aug. 1. 3. Ophthalmology Management, February 2021 .

Backed by Extensive Clinical Data Elios is commercialized in Europe and clinically validated with 8 years of follow - up data 84 31 Months Post - Op Reduces Medication Burden Up to 80% of patients are medication free one year after surgery 2 Sustained Results Long - term micro channel patency 3 Lowers IOP IOP (>20%) for up to 8 years 1 1. Riesen M, Funk J, Töteberg - Harms M. Graefes Arch Clin Exp Ophthalmol . 2022 May. 2. Moreno Valladares A, Puerto Amorós N, Mendez Llatas M, Pazos López M, Ahmed IIK. Arch Soc Esp Oftalmol (Engl Ed). 2021 Mar. 3. Data on file.

Elios Is the Next Generation of Glaucoma Technology 85

Best - in - Class Cataract / Retina Combo System DUAL - MODE ASPIRATION Uncompromised post - occlusion chamber stability with customizable flow or vacuum control on demand CHALLENGE THE STATUS QUO Embracing disruptive technologies and rethink phacoemulsification surgical paradigms with alternative lens removal technologies LASER - BASED ILLUMINATION O ne million colors available, including four thousand shades of white, for optimal surgeon control and flexibility over contrast enhancement 86 1. See Slide 2 for further information on forward - looking statements. 2028 Launch 1

87 Delivering Improved Outcomes Over Current Microsurgical Systems 87

88 Next - Generation Femtosecond Laser BUILDING ON 15 YEARS EXPERIENCE WITH VICTUS 2H26 Launch 1 GREATER EFFICIENCY Designed for high volume cataract and refractive clinics: easy - to - use GUI, independency from a fixed patient bed, small footprint and mobility provides a simplified workflow in any OR environment OPTIMIZED OUTCOMES Improved cutting for flaps under a curved PI, designed for future integration of phaco system  complete FLACS workstation ENHANCED SAFETY Live optical coherence tomography (OCT) and camera 1. See Slide 2 for further information on forward - looking statements.

NEXT GENERATION FEMTOSECOND LASER Launch Date: 2H26 Peak Sales: ~$50M FIRST CLINICALLY VALIDATED IMPLANT FREE MIGS EXCIMER LASER BEST - IN - CLASS CATARACT / RETINA COMBO SYSTEM EDOF LENS TO COMPLETE PREMIUM IOL PORTFOLIO Launch Date: 2H26 in U.S. Peak Sales: ~$175M Launch Date: 2027 enVista Platform Peak Sales: ~$300M Launch Date: 2028 seeNOVA and Stellaris Peak Sales: ~$450M 89 Expanding in Premium Surgical Categories 1. See Slide 2 for further information on forward - looking statements. 1

3 Key Takeaways Transforming Portfolio to a “One - Stop S hop” Steady Stream of Launches in Premium Categories Comprehensive Strategy to Drive Margin Expansion 1 2 3 90 1. See Slide 2 for further information on forward - looking statements. 1

Physician Panel Mark Schaeffer, OD, FAAO Optometrist, Ocular Disease & Contact Lenses, MyEye Dr Moderator: Cathleen McCabe, MD Strategic Medical Advisor, Bausch + Lomb Eric Donnenfeld , MD Cornea, Laser Cataract & Refractive Surgeon, OCLI William Trattler , MD Cataract, Refractive, and Corneal Surgeon, Center for Excellence in Eye Care Lejla Vajzovic , MD, FASRS Professor of Ophthalmology, Vitreoretinal Diseases & Surgery, Duke University 91

Q&A 92

ABOVE - MARKET REVENUE GROWTH 5 - 7 % 2025 - 2028 CC Revenue CAGR 1,2,3 ~ 600 BPS EBITDA MARGIN EXPANSION 2025 to 2028 ~23 % 2028 Adj. EBITDA Margin (ex. Acq. IPR&D) 1,3 93 Executing Strategy to Drive Step - Change Performance Above - Market Revenue Growth & Meaningful Margin Expansion Elevating Standard of Care with Disruptive Innovation PIPELINE TO DRIVE TRANSFORMATIVE VALUE ~$7B Pipeline Potential Peak Sales 1,4 1. See Slide 2 for further information on forward - looking statements. The financial targets in this presentation are only effective as of the date given, November 13, 2025, and will not be updated or affirmed unless and until the Company publicly announces updated or affirmed financial targets, as the case may be. Distribution or reference of this deck fol lowing November 13, 2025, does not constitute the Company re - affirming financial targets. 2. Constant currency. Compounded Annual Growth Rate. 3. This is a non - GAAP measure or ratio. See Slide 2 and Appendix for further information on non - GAAP measures and ratios. 4. Represents total projected peak sales of pipeline products, with anticipated peaks staggered based on launch dates .

Appendix

95 95 Key Modeling Assumptions (2025 - 2028) • 5 - 7% FY25 - 28 CC CAGR 2 Bausch + Lomb Revenue • 5 - 7% FY25 - 28 CC CAGR 2 Consumer Revenue • 5 - 7% FY25 - 28 CC CAGR 2 Contact Lens Revenue • 5 - 7% FY25 - 28 CC CAGR 2 Pharmaceuticals Revenue • 6 - 8% FY25 - 28 CC CAGR 2 Surgical Revenue • Modest Increase to ~8% in FY28 Adj. R&D (% of Revenue) 2 • ~19% in FY26 Expanding to ~23% in FY28 Adj. EBITDA Margin (ex. Acq. IPR&D) 2 • ~19 - 20% FY26 - 28 Adj. Tax Rate 2 • ~370M in FY28 Avg. Fully Diluted Share Count • Double Digit Growth FY26 - 28 Adj. EPS Attributable to B+L (ex. Acq. IPR&D) 2 • ~50% Conversion in FY28 Adj. Cash Flow From Operations to Adj. EBITDA Conversion 2 • Mid - single digits FY26 - 28 CapEx (% of Revenue) • ~3.5x Net Leverage by End of FY28 Net Leverage 2 1. See Slide 2 for further information on forward - looking statements. 2. This is a non - GAAP measure or ratio. See Slide 2 and Appendix for further information on non - GAAP measures and ratios. 1

96 96 Reconciliation of Reported Revenue to Constant Currency Revenue 1 and Constant Currency Revenue Growth 1 ($M) 1. This is a non - GAAP measure or non - GAAP ratio. See Slide 2 and this Appendix for further information on non - GAAP measures and rat ios. 2. The impact for changes in foreign currency exchange rates is determined as the difference in the current period reported reve nue s 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 perio d. Revenue as Reported Changes in Exchange Rates 2 Constant Currency Revenue (Non- GAAP) 1 Revenue as Reported Amount Pct. Amount Pct. Contact Lens 766 (3) 763 720 46 6% 43 6% September 30, 2025 September 30, 2024 Reported Revenue Constant Currency Revenue 1 Calculation of Constant Currency Revenue for the Nine Months Ended Change in Change in

97 Description of Non - GAAP Financial Measures To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Co mpa ny uses certain non - GAAP financial measures and ratios. These measures and ratios do not have any standardized meaning under GAAP and ot her companies may use similarly titled non - GAAP financial measures and ratios that are calculated differently from the way we calcul ate such measures and ratios. Accordingly, our non - GAAP financial measures and ratios may not be comparable to similar non - GAAP measures and ratios of other companies. We caution investors not to place undue reliance on such non - GAAP measures and ratios, but instead t o consider them with the most directly comparable GAAP measures and ratios. Non - GAAP financial measures and ratios have limitations as ana lytical tools and should not be considered in isolation. They should be considered as a supplement to, not a substitute for, or supe rio r to, the corresponding measures calculated in accordance with GAAP. EBITDA/Adjusted EBITDA/Adjusted EBITDA Margin/Adjusted EBITDA excluding Acquired IPR&D/Adjusted EBITDA Margin excluding Acquired IPR&D EBITDA (non - GAAP) is Net income (loss) attributable to Bausch + Lomb Corporation (its most directly comparable U.S. GAAP financi al measure) adjusted for interest, income taxes, depreciation and amortization. Adjusted EBITDA (non - GAAP) is EBITDA (non - GAAP) further adjusted for the items described below. Management believes that Adjusted EBITDA (non - GAAP), along with the GAAP measures used by management, most appropriately reflect how the Company measures the business internally and sets operational goals and incentives. In particular, the Company believes t hat Adjusted EBITDA (non - GAAP) focuses management on the Company’s underlying operational results and business performance. As a result, the Company u ses Adjusted EBITDA (non - GAAP) both to assess the actual financial performance of the Company and to forecast future results as part of its g uidance. Management believes Adjusted EBITDA (non - GAAP) is a useful measure to evaluate current performance. Adjusted EBITDA (non - GAAP) is intended to show our unleveraged, pre - tax operating results and therefore reflects our financial performance based on operational factors. In additio n, cash bonuses for the Company’s executive officers and other key employees are based, in part, on the achievement of certain Adjusted EBITDA (non - GAAP ) targets. Adjusted EBITDA margin (non - GAAP) is Adjusted EBITDA (non - GAAP) divided by Revenues. Adjusted EBITDA (non - GAAP) Adjustments Adjusted EBITDA (non - GAAP) is net income (loss) attributable to the Company (its most directly comparable GAAP financial measure ) adjusted for interest expense, net, (benefit from) provision for income taxes, depreciation and amortization and the followin g i tems: Asset impairments : The Company has excluded the impact of impairments of finite - lived and indefinite - lived intangible assets as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions and divestiture s. The Company believes that the adjustments of these items correlate with the sustainability of the Company’s operating performance. Although the Company ex cludes impairments of intangible assets from measuring the performance of the Company and its business, the Company believes that it is important f or investors to understand that intangible assets contribute to revenue generation. Restructuring, integration and transformation costs : The Company has incurred restructuring costs as it implemented certain strategies, which involved, among other things, improvements to its infrastructure and operations, internal reorganizations and impacts from th e d ivestiture of assets and businesses. With regard to infrastructure and operational improvements which the Company has taken to improve efficiencies in th e businesses and facilities, these tend to be costs intended to right size the business or organization that fluctuate significantly between p eri ods in amount, size and timing, depending on the improvement project, reorganization or transaction. Additionally, with the completion of the B+L IPO, as the Co mpany prepares for post - Separation operations, the Company is launching certain transformation initiatives that will result in certain changes to and in vestment in its organizational structure and operations. These transformation initiatives arise outside of the ordinary course of continuing operations and, as is the case with the Company’s restructuring efforts, costs associated with these transformation initiatives are expected to fluctuate between per iod s in amount, size and timing. These out - of - the - ordinary - course charges include third party advisory costs, as well as certain compensation - related cos ts. Investors should understand that the outcome of these transformation initiatives may result in future restructuring actions and certain of the se charges could recur. The Company believes that the adjustments of these items provide supplemental information with regard to the sustainability of th e C ompany’s operating performance, allow for a comparison of the financial results to historical operations and forward - looking guidance and, as a res ult, provide useful supplemental information to investors. Acquisition - related costs and adjustments excluding amortization of intangible assets : The Company has excluded the impact of acquisition - related costs and fair value inventory step - up resulting from acquisitions as the amounts and frequency of such costs and adjustments ar e not consistent and are significantly impacted by the timing and size of its acquisitions. In addition, the Company excludes the impact of acquisitio n - r elated contingent consideration non - cash adjustments due to the inherent uncertainty and volatility associated with such amounts based on changes in assumptions with respect to fair value estimates, and the amount and frequency of such adjustments are not consistent and are significantly im pac ted by the timing and size of the Company’s acquisitions, as well as the nature of the agreed - upon consideration. Share - based compensation : The Company excludes costs relating to share - based compensation. The Company believes that the exclusion of share - based compensation expense assists investors in the comparisons of operating results to peer companies. Share - based compensation expense can vary significantly based on the timing, size and nature of awards granted. 97 Non - GAAP Appendix

98 Adjusted EBITDA (non - GAAP) Adjustments (continued) Separation costs and separation - related costs : The Company has excluded certain costs incurred in connection with activities taken to: ( i ) separate the Bausch + Lomb business from the remainder of BHC and (ii) register the Bausch + Lomb business as an independent publicly trad ed entity. Separation costs are incremental costs directly related to effectuating the separation of the Bausch + Lomb business from the remainder of BHC an d include, but are not limited to, legal, audit and advisory fees, talent acquisition costs and costs associated with establishing a new board of directors and audit committee. Separation - related costs are incremental costs indirectly related to the separation of the Bausch + Lomb business from the remainder of BHC and include, but are not limited to, IT infrastructure and software licensing costs, rebranding costs and costs associated with facility relocation an d/o r modification. As these costs arise from events outside of the ordinary course of continuing operations, the Company believes that the adjustments of these items pr ovide supplemental information with regard to the sustainability of the Company’s operating performance, allow for a comparison of the financial re sults to historical operations and forward - looking guidance and, as a result, provide useful supplemental information to investors. Gain (Loss) on extinguishment of debt: The company has excluded gain (loss) on extinguishment of debt as this represents a loss from refinancing our existing debt and is not a reflection of our operations for the period. Further, the amount and frequency of such amounts are no t consistent and are significantly impacted by the timing and size of debt financing transactions and other factors in the debt market that are no t i n management’s control. Bausch + Lomb did not have any material losses on extinguishment of debt prior to the second quarter of 2025. Other Non - GAAP adjustments : The Company also excludes certain other amounts, including IT infrastructure investment, litigation and other matters, gain/(loss) on sales of assets and certain other amounts that are the result of other, non - comparable events to measure operatin g performance if and when present in the periods presented. These events arise outside of the ordinary course of continuing operations. Given the uniqu e n ature of the matters relating to these costs, the Company believes these items are not routine operating expenses. For example, legal settlements and judgment s v ary significantly, in their nature, size and frequency, and, due to this volatility, the Company believes the costs associated with legal settlements and ju dgments are not routine operating expenses. The Company excluded these costs as this event is outside of the ordinary course of continuing operations an d is infrequent in nature. The Company believes that the exclusion of such out - of - the - ordinary - course amounts provides supplemental information to assist i n the comparison of the financial results of the Company from period to period and, therefore, provides useful supplemental information to investors. Ho wever, investors should understand that many of these costs could recur and that companies in our industry often face litigation. Adjusted EBITDA excluding Acquired In - Process Research and Development (IPR&D) is Adjusted EBITDA (non - GAAP) further adjusted to exclude Acquired IPR&D. Adjusted EBITDA Margin excluding Acquired In - Process Research and Development (IPR&D) is Adjusted EBITDA (non - GAAP) furth er adjusted to exclude Acquired IPR&D divided by Revenues. The IPR&D expenditures represent costs directly resulting from business developme nt transactions and not through the normal course of business. The Company believes that the exclusion of such out - of - the - ordinary - course amounts provi des supplemental information to assist in the comparison of the financial results of the Company from period to period and, therefore, provide s u seful supplemental information to investors in assessing our performance. However, investors should understand that the Company may enter into additional bu sin ess development transactions in the future and, as a result, such acquired IPR&D may recur in the future. Constant Currency Constant currency change or constant currency growth is calculated by adjusting or further adjusting a measure or ratio by ch ang es in or impact of foreign currency exchange rates. Constant currency impact is determined by comparing 2025 amounts adjusted to exclude currency impact , c alculated using 2024 monthly average exchange rates, to the actual 2024 reported amounts. Constant currency revenue is GAAP revenue (its most dire ctl y comparable GAAP financial measure) adjusted for changes in foreign currency exchange rates. The Company uses Constant Currency Revenues (non - GAA P) and Constant Currency Revenue Growth (non - GAAP) to assess performance of its reportable segments, and the Company in total, without the impact of foreign currency exchange fluctuations. The Company believes that such measures are u sef ul to investors as they provide a supplemental period - to - period comparison. Although changes in foreign currency exchange rates are part of our business , they are not within management’s control. Changes in foreign currency exchange rates, however, can mask positive or negative trends in the underl yin g business performance. Adjusted Cash Flow from Operations/Adjusted Cash Flow from Operations to Adj. EBITDA (excl. Acq . IPR&D) conversion Adjusted cash flow from operations (non - GAAP) is Cash flow from operations/Cash used in operations (loss) attributable to Bausch + Lomb Corporation (its most directly comparable GAAP financial measure) adjusted for: ( i ) payments of legacy legal settlements, net of insurance proceeds, if any (ii) payments for separation costs, IPO costs, separation - related costs, and IPO - related costs (iii) payments for business transformation costs an d (iv) payments for financing fees related to the modification of debt, if any. Management believes that Adjusted cash flow from operations (non - GAAP), along with the GAAP and non - GAAP measures used by management, most appropriately reflect how the Company measures the business internally. The Company us es Adjusted cash flow from operations (non - GAAP) both to assess the actual financial performance of the Company and to forecast future results as part of its guidance. Management believes Adjusted cash flow from operations (non - GAAP) is a useful measure to evaluate current performance amounts. A s these payments arise from events outside of the ordinary course of continuing operations as discussed above, the Company believes that the a dju stments of these items provide supplemental information with regard to the sustainability of the Company’s cash from operations, allow for a compari son of the financial results to historical operations and forward - looking guidance and, as a result, provide useful supplemental information to investors. Adjus ted cash flow from operations to Adj. EBITDA (excl. Acq . IPR&D) conversion is Adjusted cash flow from operations divided by Adjusted EBITDA (excluding Acquired IPR&D). Net Leverage Net Leverage is the ratio of net debt (which is calculated as total debt (its GAAP equivalent) less cash and cash equivalents ) o ver Adjusted EBITDA (excluding Acquired IPR&D). Management believes that net leverage is an important measure of our overall liquidity position and an indic ato r of our ability to meet financial obligations. Adjusted Tax Rate Adjusted Tax Rate (the most directly comparable financial measure for which is our GAAP tax rate) includes the tax impact of the various non - GAAP adjustments used in calculating our non - GAAP measures. However, due to the differences in the tax treatment of items excluded fr om non - GAAP earnings, our adjusted tax rate will differ from our GAAP tax rate and from our actual tax liabilities. Adjusted Earnings Per Share (EPS)/Adjusted EPS excluding Acquired IPR&D Adjusted earnings per share or Adjusted EPS (non - GAAP) is calculated as Diluted income per share attributable to Bausch + Lomb C orporation (“GAAP EPS”) (its most directly comparable GAAP financial measure), adjusted for the per diluted share impact of each adjustment made to r eco ncile Net income (Loss) attributed to Bausch + Lomb Corporation to Adjusted net income (non - GAAP) as discussed above. Adjusted EPS excluding Acquired IP R&D (non - GAAP) is Adjusted EPS (non - GAAP) further adjusted for the per diluted share impact of Acquired IPR&D. Like Adjusted net income (non - GAAP) , Adjusted EPS (non - GAAP) and Adjusted EPS excluding Acquired IPR&D excludes the impact of certain items that may obscure trends in the Company’s un derlying performance on a per share basis. By disclosing these non - GAAP measures, it is management’s intention to provide investors with a meaningful , supplemental comparison of the Company’s results and trends for the periods presented on a diluted share basis. Accordingly, the Company believes tha t A djusted EPS (non - GAAP) and Adjusted EPS excluding Acquired IPR&D (non - GAAP) are useful to investors in their assessment of the Company’s operating perf ormance, the valuation of the Company and an investor’s return on investment. It is also noted that, for the periods presented, our GAAP EPS was sig nif icantly lower than our Adjusted EPS (non - GAAP) and Adjusted EPS less Acquired IPR&D (non - GAAP). Adjusted R&D Expense Adjusted R&D expenses (non - GAAP) represents research and development expenses (“R&D expenses”) (its most directly comparable GAA P financial measure), adjusted to exclude certain separation - related costs. See the discussion under “Other NonGAAP adjustments” above. Management uses Adjusted R&D (non - GAAP), along with GAAP measures, as a supplemental measure for period - to - period comparison to understand and evaluate e ach segment’s ability to control costs. The Company believes that Adjusted R&D (non - GAAP) is useful to investors as it provides consistency an d comparability with our past financial performance and facilitates period - to - period comparisons of our R&D expenses, as this measure eliminates the effects o f separation - related costs ,which given their nature and frequency, are outside the ordinary course and relate to unique circumstances. 98 Non - GAAP Appendix

Bausch & Lomb Corp 8-K