Bausch + Lomb Corporation

What they do

Bausch + Lomb develops, manufactures and markets eye health products across three reportable segments: Vision Care, Pharmaceuticals and Surgical. Its portfolio includes contact lenses, intraocular lenses (IOLs), surgical systems and devices, vitamin and mineral supplements, lens care products and prescription eye medications. Products are sold directly or indirectly in approximately 100 countries with approximately 13,000 employees. The company was founded in 1853 and began trading on the NYSE and TSX under 'BLCO' on May 6, 2022.

Revenue drivers

• Vision Care — Includes contact lenses and consumer eye care; second-quarter 2026 revenue of $784 million, the largest segment at roughly 56% of total revenue, up 4% reported.
• Pharmaceuticals — Prescription eye medications including MIEBO and XIIDRA; second-quarter 2026 revenue of $354 million, up 15% reported, with combined MIEBO/XIIDRA revenue up 27% in the first half of 2026 versus the prior-year period.
• Surgical — IOLs, surgical systems and devices; second-quarter 2026 revenue of $256 million, up 19% reported, driven by the premium IOL portfolio, which reached 13% of total Surgical revenue versus 6% in 2025.
• Contact lens franchises — Growth cited in the daily SiHy portfolio, Biotrue ONEday and ULTRA monthly contact lenses, plus over-the-counter dry eye products, within Vision Care.

Recent performance

Second-quarter 2026 total revenue was $1.394 billion, up 9% as reported and 8% on a constant currency basis versus $1.278 billion in the second quarter of 2025. All three segments grew: Vision Care +4% to $784 million, Surgical +19% to $256 million, and Pharmaceuticals +15% to $354 million. GAAP net loss attributable to Bausch + Lomb Corporation was $14 million for the quarter; adjusted EBITDA was $241 million and adjusted EBITDA excluding acquired IPR&D was $246 million. Operating income was $83 million. Full-year revenue rose from $3.77 billion in 2021 to $5.10 billion in 2025, while annual net loss widened from $260 million in 2023 to $360 million in 2025.

Strategy

Management describes a three-year plan for growth unveiled at Investor Day in November 2025, emphasizing broad-based revenue growth, margin expansion and cash flow conversion. The company aims to leverage its eye health focus across a portfolio spanning OTC products, supplements, ophthalmic pharmaceuticals, IOLs, contact lenses, lens care and surgical devices to build brand loyalty across the eye health continuum. It plans to grow its addressable market through patient, consumer and eye care professional education, expansion into emerging therapeutic areas and new geographies, and additional indications. It also pursues internal development plus strategic licensing and acquisitions. Higher-premium product mix, particularly premium IOLs, is a stated area of momentum.

Risks

• Separation uncertainty — BHC continues to evaluate a Separation that may take the form of a Distribution, Sale Transaction or monetization, and there is no assurance it will be consummated or that anticipated benefits will be realized.
• Controlling shareholder — BHC holds approximately 87% of shares as of July 22, 2026, which the company states will prevent other shareholders from influencing significant decisions until the Separation completes.
• Sustained net losses — Annual net income was negative in 2023, 2024 and 2025, with the net loss widening to $360 million in 2025 and diluted EPS of -$1.02.
• Tariffs and trade restrictions — The 10-K lists tariffs imposed or proposed by the U.S., counter-tariffs by other countries, and related global supply chain disruption among the risks the company may attempt to mitigate.

Outlook

Alongside second-quarter 2026 results, management raised full-year 2026 guidance for revenue and adjusted EBITDA excluding acquired IPR&D. Management characterized progress against its three-year plan as continuing at an accelerated pace, citing leverage in the P&L, margin expansion and cash flow conversion. Pipeline milestones cited include topline results from a pivotal clinical study of the enVista Beyond investigational IOL. No specific guidance figures are provided in the excerpted material.