VAUGHAN, ON , July 20, 2022 /PRNewswire/ — Bausch + Lomb Corporation (NYSE/TSX: BLCO) (“Bausch + Lomb” or the “Company”), a leading global eye health company dedicated to helping people see better to live better and subsidiary of Bausch Health Companies Inc. (NYSE/TSX: BHC) (“Bausch Health”), announced Joseph C. Papa has stepped down as chair of the Board associated with Directors from the Company (the “Board”). The Board has appointed Thomas W. Ross, Sr. , to serve as the chair of the Board. The particular Company also announced today that the particular Board offers begun a search for a new CEO. Mr. Papa will remain because CEO plus as a member of the Board until his successor is appointed.
“Joe provides done an incredible job as the former leader of Bausch Health and current innovator of Bausch + Lomb. He was faced with numerous challenges when he joined Bausch Wellness in 2016, and under his leadership key matters, including reduction of debt burdens, settlement of legacy legal issues, investment in R& D and new launches, have allowed the particular Company to complete its IPO earlier this year, ” said Mr. Ross.
“It has been a privilege to act as the TOP DOG of first Bausch Health, and now Bausch + Lomb, plus to work with amazingly talented and dedicated employees who never wavered from our mission of helping individuals around the world see better to reside better. After six years as CEO, and after accomplishing the BÖRSEGANG (ÖSTERR.) of Bausch + Lomb, I believe now is an appropriate time in order to transition management of the Company. I am proud of what we have accomplished during my tenure, and I will leave knowing Bausch + Lomb is well-positioned for continued success as it transitions toward being a separate company, inch said Mister. Papa.
With this announcement, the Company is also affirming its full-year guidance range for 2022, which was 1st announced within its news release on June 8, 2022 . 1 Further details will be provided in the Company’s second quarter earnings call.
Bausch + Lomb, with the support associated with its Board, remains committed to the particular strategy of completing its spinoff from Bausch Wellness. Mr. Papa’s departure will be not the result of any disagreement with the Company.
“On behalf associated with the entire Board of Bausch + Lomb, I thank Joe for his leadership, commitment to the particular Company plus focus on the people and patients, ” said John Paulson , a part associated with the Table and seat of the Board of Directors associated with Bausch Health. “Bausch Wellness and Bausch + Lomb remain committed to the spinoff of the particular Company through Bausch Health, which is currently anticipated to occur in 2023, following both the expiry of customary lock-ups related to the Company’s IPO plus achievement of Bausch Health’s target leverage ratio, subject to market conditions and receipt associated with applicable shareholder and other necessary approvals and other factors. inch
About Bausch + Lomb
Bausch + Lomb is devoted to protecting and enhancing the gift of sight for millions of people around the world – from the particular moment of birth through every phase of life. Its comprehensive portfolio of more than 400 products includes contact lenses, lens care products, eye maintenance systems, ophthalmic pharmaceuticals, over-the-counter products and ophthalmic surgical devices plus instruments. Founded in 1853, Bausch + Lomb has a significant global research and development, manufacturing and commercial footprint with more than 12, 000 employees and a presence in nearly 100 countries. Bausch + Lomb is headquartered in Vaughan, Ontario with corporate offices in Bridgewater, New Jersey . For more information, visit www.bausch.com plus connect with us on Twitter , LinkedIn , Facebook and Instagram .
About Bausch Wellness
Bausch Health Companies Incorporation. (NYSE/TSX: BHC) is a global diversified pharmaceutical company whose mission is usually to improve people’s lives with our own health care items. We develop, manufacture and market the range associated with products primarily in gastroenterology, hepatology, neurology, dermatology, international pharmaceuticals plus eye health, through the approximately 90% ownership of Bausch + Lomb Company. With our leading durable brands, we are delivering on our commitments as we build an innovative organization dedicated to advancing global wellness. For more information, visit www.bauschhealth.com and interact with all of us on Tweets and LinkedIn .
This online press release service contains forward-looking info and statements within the meaning of applicable securities laws (collectively, “forward-looking statements”), which may generally be identified by the use associated with the words “anticipates, ” “expects, ” “plans, ” “should, ” “could, ” “would, ” “may, ” “believes, ” “estimates, ” “potential, ” “target, ” or “continue” plus positive and negative variations or similar expressions plus phrases or even statements that certain actions, events or results may, could, should or is going to be achieved, received or taken, or will certainly occur or even result, and similar such expressions furthermore identify forward-looking information. Forward-looking statements include statements regarding Bausch + Lomb’s future prospects plus performance, including the Company’s 2022 full-year guidance, the spinoff of Bausch + Lomb from Bausch Health and the timing thereof, details of the Company’s product pipeline and expectations on aspects which might or may not impact cash flow from operations in long term quarters. These forward-looking claims, such as the Carrier’s full-year assistance, are based upon the current expectations plus beliefs of management and are provided for the purpose of providing additional information about this kind of expectations and beliefs, plus readers are cautioned that these statements may not be appropriate with regard to other purposes. These forward-looking statements are usually subject to certain risks and uncertainties that will could cause actual results to differ materially from those described within the forward-looking statements. These risks and uncertainties include, but are not limited to, the particular risks plus uncertainties discussed in Bausch + Lomb’s filings with the U. S. Securities and Exchange Commission (“SEC”) and the Canadian Securities Administrators (the “CSA”) (including the Industry’s final prospectus as filed using the SEC on May 5, 2022 pursuant to Rule 424(b)(4) under the Investments Act associated with 1933, since amended, relating to you can actually Registration Statement on Form S-1 as well as the Company’s supplemented PREP prospectus as submitted with the CSA on May 5, 2022 ), which usually factors are incorporated herein by reference. They also consist of, but are usually not restricted to, risks plus uncertainties relating to the proposed plan in order to spinoff Bausch + Lomb from Bausch Health, including the expected benefits and costs from the spinoff transaction, the anticipated timing of completion associated with the spinoff transaction plus its terms (including the particular expectation that the spinoff deal will be completed following the expiration of normal lock-ups associated with the Bausch + Lomb IPO and achievement of targeted net leverage ratios, subject to receipt associated with applicable aktionär along with other necessary approvals), the ability in order to complete the particular spinoff transaction considering the various conditions to the completion of the spinoff transaction (some of which are outside the Company’s and Bausch Health’s control, including conditions related in order to regulatory matters and receipt of relevant shareholder plus other approvals), the effect of any potential sales of the Company’s common shares by Bausch Wellness susceptible to expiry of lock-ups, that marketplace or some other conditions are no longer favorable to completing the particular transaction, that applicable shareholder, stock exchange, regulatory or additional approval is definitely not obtained on the terms or timelines anticipated or at all, business disruption during the pendency of or following the spinoff deal, diversion associated with management time on spinoff transaction-related issues, retention of existing management team members, the reaction associated with customers as well as other parties to the spinoff transaction, the qualification of the particular spinoff deal as a tax-free transaction regarding Canadian and/or U. H. federal income tax reasons (including whether or not an advance ruling from the Canada Revenue Agency and the Internal Revenue Service will be sought or obtained), the ability of the Organization and Bausch Health to satisfy the problems required in order to maintain the tax-free status associated with the spinoff transaction (some of which usually are beyond their control), other potential tax or even other liabilities that may arise as a result of the spinoff transaction, the potential dis-synergy costs resulting from the particular spinoff deal, the influence of the spinoff transaction on relationships with customers, suppliers, employees and other company counterparties, general economic circumstances, conditions within the markets the Company is engaged in, behavior of clients, suppliers and competitors, technological developments plus legal and regulatory rules affecting the particular Company’s business. In particular, the Company can offer no assurance that will any spinoff transaction may occur at all, or that any spinoff transaction can occur on the terms plus timelines expected by the Company and Bausch Health. Additionally they include, but are usually not limited to, risks plus uncertainties caused by or associated with the evolving COVID-19 pandemic, the fear of that outbreak, the emergence of variant and subvariant strains of COVID-19 (including the Delta and Omicron variants and subvariants thereof), the availability plus effectiveness associated with vaccines intended for COVID-19 (including current or future variants and subvariants), COVID-19 vaccine immunization rates and the possible effects of that will pandemic, the particular severity, duration and upcoming impact of which are highly uncertain and cannot be predicted, and which might have a material adverse impact on the organization, including but not limited to its supply chain, third-party suppliers, project development timelines, employee base, liquidity, stock price, financial condition plus costs (which may increase) and revenue and margins (both of which may decrease). In addition, certain material factors and assumptions possess been applied in making these forward-looking statements, which includes, without limitation, assumptions concerning our 2022 full-year guidance with respect to anticipation regarding foundation performance growth and organic growth, currency impact, run-rate dis-synergies plus inflation, anticipations regarding adjusted gross margin (non-GAAP), modified Selling, common and administrative expense (non-GAAP) as well as the Carrier’s ability to continue to manage such expense in the manner anticipated and the particular anticipated time and extent of the Industry’s Research and Development cost; and the assumption that this dangers and questions outlined above will not trigger actual results or events to differ materially from those described in these forward-looking statements. Management has also made certain assumptions in assessing the expected impacts from the COVID-19 pandemic on the Company and its results of operations plus financial situations, including: that there will become no materials restrictions upon access to health care products and services resulting through a possible resurgence of the virus and version and subvariant strains thereof on a global basis in 2022; there will end up being increased availability and use of effective vaccines; the strict social restrictions in the first half of 2020 will not be materially re-enacted in the particular event associated with a material resurgence of the computer virus and variant and subvariant strains thereof; that there will be an ongoing, gradual global recovery as the macroeconomic and healthcare impacts from the COVID-19 pandemic diminish over time; that the largest impact towards the Company’s businesses were seen in the 2nd quarter associated with 2020; that will, to the degree not already achieved, our revenues will likely return to pre-pandemic levels during 2022, but that rates of recovery will vary by geography and company unit, with some regions plus business units expected to lag in recuperation possibly past 2022; and no major interruptions within the Company’s provide chain plus distribution channels. If any of these assumptions regarding the impacts of the COVID-19 pandemic are incorrect, our actual results could differ materially from all those described during these forward-looking claims.
Readers are usually cautioned not to place undue reliance on any associated with these forward-looking statements. These types of forward-looking statements speak only as of the date hereof. Bausch + Lomb undertakes simply no obligation in order to update any kind of these forward-looking claims to reflect events or even circumstances after the day of this particular seo press releases or to reveal actual outcomes, unless required by law.
© 2022 Bausch & Lomb Incorporated or even its affiliates.
1 The guidance within this news release is only efficient as associated with the time given, July 20, 2022 , and will not be updated or affirmed unless and until the Company publicly announces updated or affirmed guidance. Distribution or research of this news release subsequent July twenty, 2022 , does not constitute a reaffirmation of assistance by the Business. This statement represents forward-looking information plus may not really represent a financial outlook, and actual outcomes may vary. See the “Forward-looking Statements” section of this particular news release for further details.
SOURCE Bausch + Lomb Corporation