Bausch + Lomb Corporation

Latest Results (13.05.2026):

Bausch + Lomb Corporation reported results for the fourth quarter of 2025 (and full-year 2025). For 4Q25 the company posted revenue of $1.405 billion, a GAAP net loss attributable to Bausch + Lomb Corporation of $58 million (GAAP diluted loss per share $0.16), and Adjusted EBITDA (non‑GAAP) of $326 million. For the full year 2025 revenue was $5.101 billion, GAAP net loss attributable to Bausch + Lomb Corporation was $360 million (GAAP diluted loss per share $1.02), and Adjusted EBITDA (non‑GAAP) was $858 million. Management highlighted EBITDA margin expansion and operating leverage in 4Q25.

Revenue and growth

4Q25 revenue $1.405B, up 10% as reported and 7% at constant currency vs. 4Q24. Full‑year 2025 revenue $5.101B, up 6% as reported and 5% at constant currency vs. 2024.

Profitability metrics

GAAP: 4Q25 net loss attributable to the company $58M (EPS -$0.16); FY25 net loss $360M (EPS -$1.02). Non‑GAAP: 4Q25 Adjusted EBITDA $326M (Adjusted EBITDA excluding Acquired IPR&D $330M); FY25 Adjusted EBITDA $858M (excluding Acquired IPR&D $891M).

Segment performance

Vision Care grew (driven by contact lenses and consumer franchises including LUMIFY, OTC dry eye products and eye vitamins). Surgical revenue rose driven by premium IOLs and equipment/consumables (partially offset by a voluntary recall of certain enVista IOL products). Pharmaceuticals growth was led by MIEBO and international pharmaceuticals.

Dry eye and key product performance

MIEBO® sales were $112M in 4Q25, and Bausch + Lomb reported total dry eye portfolio revenue of $1.1B for 2025, underscoring strengthened dry eye leadership.

Premium IOLs and surgical notes

Premium IOLs posted strong momentum: 20% reported revenue growth in 4Q25 and the enVista® platform recovered to 1Q25 levels ahead of schedule, though the voluntary enVista recall partially offset surgical results.

R&D and clinical programs

All trial recruitment cited as on schedule for key programs: BL1107 (glaucoma), enVista Beyond™, a dual‑action therapeutic for dry eye disease, and BL1332 (ocular surface pain).

Non‑GAAP adjusted earnings

Adjusted net income (non‑GAAP) for 4Q25 was $115M (Adjusted EPS $0.32); for FY25 adjusted net income was $152M (Adjusted EPS $0.43). Adjusted net income excluding Acquired IPR&D: 4Q25 $116M (EPS $0.32); FY25 $182M (EPS $0.51).

Balance sheet and shares

Cash, cash equivalents and restricted cash were $397M at December 31, 2025. Basic/diluted weighted average shares outstanding for 4Q25 were 354.4M and 359.1M, respectively.

2026 outlook

Bausch + Lomb provided full‑year 2026 guidance in the release and reiterated it reports certain forward‑looking measures on a non‑GAAP basis; the specific numeric guidance items are referenced in the company release. Management cautioned forward‑looking statements are subject to risks and assumptions described in the release.