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