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Bausch + Lomb Announces First-Quarter 2026 Results, Raises Guidance Based on Strong Performance and Positive OutlookApril 29, 2026 6:58 AM
Business Wire
Revenue of $1.244 Billion
Revenue Grew 9% as Reported and 6% on a Constant Currency1 Basis Compared to the First Quarter of 2025
GAAP Net Loss Attributable to Bausch + Lomb Corporation of $71 Million
Adjusted EBITDA (non-GAAP)1 of $189 Million; Adjusted EBITDA Excluding Acquired IPR&D (non-GAAP)1 of $200 Million
Raising Full-Year 2026 Revenue and Adjusted EBITDA Excluding Acquired IPR&D (non-GAAP)1 Guidance
Bausch + Lomb Corporation (NYSE/TSX: BLCO), a leading global eye health company dedicated to helping people see better to live better, today announced its first-quarter 2026 financial results.
“We’re doing exactly what we said we would: driving sustainable growth and margin expansion, improving how we sell and operate and continuing to invest in a pipeline that will carry us forward,” said Brent Saunders, chairman and CEO, Bausch + Lomb.
Select Company Highlights
Growth across key brands, including the dry eye portfolio, premium intraocular lenses and daily SiHy contact lenses
Double-digit revenue growth in Pharmaceuticals led by MIEBO® (+33%) and XIIDRA® (+30%)
PreserVision AREDS3™ and Blink Triple Care® Preservative Free U.S. launches underway, with nationwide distribution continuing to build
Advanced R&D milestones with LUMIFY NXT™ NDA filed and seeLYRA™ CE submission completed
Broad AI adoption helping drive operational efficiencies across the business
First-Quarter 2026 Revenue Performance
Total reported revenue was $1.244 billion for the first quarter of 2026, as compared to $1.137 billion in the first quarter of 2025, an increase of $107 million, or 9%. Excluding the favorable impact of foreign exchange of $42 million, revenue increased by approximately 6% on a constant currency1 basis compared to the first quarter of 2025.
Revenue by segment was as follows:
First-Quarter 2026
(in millions)
Three Months Ended
March 31
Reported
Change
Reported
Change
Change at Constant
Currency1 (non-GAAP)1
2026
2025
Total Bausch + Lomb Revenue
$1,244
$1,137
$107
9%
6%
Vision Care
$711
$656
$55
8%
5%
Surgical
$228
$214
$14
7%
1%
Pharmaceuticals
$305
$267
$38
14%
12%
Vision Care Segment
Vision Care segment revenue was $711 million for the first quarter of 2026, as compared to $656 million for the first quarter of 2025, an increase of $55 million, or 8%. Excluding the favorable impact of foreign exchange of $25 million, segment revenue increased on a constant currency1 basis by approximately 5% compared to the first quarter of 2025. Performance was primarily driven by sales from over-the-counter dry eye products and LUMIFY® in the consumer business and growth of SiHy Daily lenses in the contact lens business.
Surgical Segment
Surgical segment revenue was $228 million for the first quarter of 2026, as compared to $214 million for the first quarter of 2025, an increase of $14 million, or 7%. Excluding the favorable impact of foreign exchange of $12 million, segment revenue increased on a constant currency1 basis by approximately 1% compared to the first quarter of 2025. Performance was primarily driven by growth in premium IOLs and consumables.
Pharmaceuticals Segment
Pharmaceuticals segment revenue was $305 million for the first quarter of 2026, as compared to $267 million for the first quarter of 2025, an increase of $38 million, or 14%. Excluding the favorable impact of foreign exchange of $5 million, segment revenue increased on a constant currency1 basis by approximately 12% compared to the first quarter of 2025. Performance was primarily driven by increased sales of MIEBO and XIIDRA and growth in International Pharmaceuticals.
Operating Results
Operating income was $33 million for the first quarter of 2026, as compared to an operating loss of $83 million for the first quarter of 2025, a favorable change of $116 million. The change was driven by the revenue performance noted above and operating efficiencies.
Net Loss
Net loss attributable to Bausch + Lomb Corporation for the first quarter of 2026 was $71 million, as compared to $212 million for the first quarter of 2025, a favorable change of $141 million. The change was primarily due to the increase in operating results noted above as well as a favorable change in the provision for income taxes.
Adjusted net income attributable to Bausch + Lomb Corporation (non-GAAP)1 for the first quarter of 2026 was $19 million, as compared to adjusted net loss attributable to Bausch + Lomb Corporation (non-GAAP)1 of $54 million for the first quarter of 2025, a favorable change of $73 million.
Cash Flow from Operations
Cash flow from operations for the first quarter of 2026 was $32 million, as compared to cash flow used in operations of $25 million for the first quarter of 2025, a favorable change of $57 million. Cash flow from operations was positively impacted by operating results noted above.
Earnings Per Share
GAAP Earnings Per Share (“EPS”) Basic and Diluted attributable to Bausch + Lomb Corporation for the first quarter of 2026 was ($0.20), as compared to ($0.60) for the first quarter of 2025. Adjusted EPS attributable to Bausch + Lomb Corporation (non-GAAP)1 for the first quarter of 2026 was $0.05, as compared to ($0.15) for the first quarter of 2025.
Adjusted EBITDA (non-GAAP)1; Adjusted EBITDA Excluding Acquired IPR&D (non-GAAP)1
Adjusted EBITDA (non-GAAP)1 was $189 million for the first quarter of 2026, as compared to $98 million for the first quarter of 2025, an increase of $91 million. Adjusted EBITDA excluding Acquired IPR&D (non-GAAP)1 was $200 million for the first quarter of 2026, as compared to $126 million for the first quarter of 2025, an increase of $74 million. The change was primarily due to the revenue performance noted above and operating efficiencies.
2026 Financial Outlook2
Bausch + Lomb provided updated guidance for the full year of 2026 as follows:
As of Feb. 18, 2026
As of April 29, 20263
Full-Year Revenue
$5.375B – $5.475B
$5.420B – $5.520B
5 – 7% constant
5.3 – 7.2% constant
currency growth1
currency growth1
Full-Year Adjusted EBITDA
Excluding Acquired IPR&D (non-GAAP)1
$1.000B – $1.050B
$1.010B – $1.060B
Full-Year Revenue Foreign Exchange
Tailwinds
$30M
$50M
Full-Year Adj. EBITDA Excluding Acquired
IPR&D (non-GAAP)1 Foreign Exchange
Tailwinds
Nominal
Nominal
Other than with respect to GAAP revenue, the company only provides guidance on a non-GAAP basis. The company does not provide a reconciliation of forward-looking Adjusted EBITDA excluding Acquired IPR&D (non-GAAP)1 to GAAP net income (loss) attributable to Bausch + Lomb Corporation or of forward-looking constant currency revenue growth1 to reported revenue growth, due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. These amounts may be material and, therefore, could result in the projected GAAP measure or ratio being materially different or less than the projected non-GAAP measure or ratio. These statements represent forward-looking information and may represent a financial outlook, and actual results may vary. Please see the risks and assumptions referred to in the Forward-looking Statements section of this news release.
Balance Sheet Highlights
Bausch + Lomb’s cash, cash equivalents and restricted cash were $279 million at March 31, 2026
Basic weighted average shares outstanding for the first quarter of 2026 were 355.2 million, and diluted weighted average shares outstanding for the first quarter of 2026 were 360.3 million4
Conference Call Details
Date:
Wednesday, April 29, 2026
Time:
8 a.m. ET
Webcast:
https://www.webcaster5.com/Webcast/Page/2883/53393
Participant Event Dial-in:
+1 (888) 506-0062 (North America)
+1 (973) 528-0011 (International)
Participant Access Code:
666753
Replay Dial-in:
+1 (877) 481-4010 (North America)
+1 (919) 882-2331 (International)
Replay Passcode:
53393 (replay available until May 13, 2026)
About Bausch + Lomb
Our mission is simple – we help people see better to live better, all over the world. For nearly two centuries we’ve evolved with the changing needs of patients and customers, and our commitment to innovation and improving the standard of care in eye health has never been stronger. From contact lenses to prescription products, over-the-counter options, surgical devices and more, we’re turning bold ideas into better outcomes through passion, perseverance and purpose. Learn more at www.bausch.com and connect with us on Facebook, Instagram, LinkedIn, X and YouTube.
Forward-looking Statements
This news release contains forward-looking information and statements within the meaning of applicable securities laws (collectively, “forward-looking statements”), which may generally be identified by the use of the words “anticipates,” “hopes,” “expects,” “intends,” “plans,” “projects,” “predicts,” “forecasts,” “should,” “could,” “would,” “may,” “might,” “will,” “strive,” “believes,” “estimates,” “potential,” “target,” “guidance,” “outlook,” or “continue” and positive and negative variations or similar expressions and phrases or statements 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 forward-looking information. Forward-looking statements include statements regarding Bausch + Lomb’s future prospects and performance, including the company’s 2026 full-year guidance. These forward-looking statements, including the company’s full-year guidance, are based upon the current expectations and beliefs of management and are provided for the purpose of providing additional information about such expectations and beliefs, and readers are cautioned that these statements 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 from 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 filings 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 Dec. 31, 2025 (which was filed with the SEC and CSA on Feb. 18, 2026) and its most recent quarterly filings), which factors are incorporated herein by reference. They also include, but are not limited to, risks and uncertainties respecting the proposed plan to separate Bausch + Lomb into 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 expected 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 portion 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 distribution, then it will be completed following the achievement of targeted debt leverage ratios, subject to receipt of applicable shareholder and other necessary approvals and other factors, including those described in BHC’s public statements, the ability to complete the distribution considering the various conditions to the completion 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 other approvals), the impact of any potential sales of the company’s common shares by BHC (including in connection with a foreclosure on the Bausch + Lomb common shares owned by BHC or its subsidiaries that are or may be pledged as collateral for certain of BHC’s or its subsidiary’s debt), that market or other conditions are no longer favorable to completing the transaction, 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 whether 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 conditions required to maintain the tax-free status of such distribution (some of which are beyond their control), other potential tax or other liabilities that may arise as a result of the distribution, the potential dis-synergy costs resulting from the separation, the impact of the separation on relationships with customers, suppliers, employees and other business counterparties, general economic conditions, conditions in the markets the company is engaged in, behavior of customers, suppliers and competitors, technological developments and legal and regulatory 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 occur 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 transactions 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 such transactions, including in regards to compliance with our debt covenants. They also include risks and uncertainties related to the impacts of the new legislation commonly referred to as One Big Beautiful Bill Act, including the effects on our tax provision for both 2026 and future years. They also include the expected impact of the tariffs imposed by the U.S. and counter-tariffs or other retaliatory measures 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 successfully 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, as well as the impact of potential tariff refunds or recoveries, if any. They also include risks and uncertainties related to our ability to adopt and integrate artificial intelligence solutions into various aspects of our business and operations responsibly and in compliance with applicable legislation, laws, rules, regulation and guidance. Finally, they also include, but are not limited to, risks and uncertainties caused by or relating to adverse economic conditions and other macroeconomic factors, including risks and uncertainties associated with the conflict in the Middle East, over which we have no control, including heightened inflation and interest rates, foreign currency rates, slower growth or a potential recession, which could adversely impact our revenue, expenses and resulting margins. In addition, certain material factors and assumptions have been applied in making these forward-looking statements, including, without limitation, the assumption that the risks and uncertainties outlined above will not cause actual results or events to differ materially from those described in these forward-looking statements. In addition, management has also made certain assumptions regarding our 2026 full-year guidance with respect to expectations regarding base performance growth, business performance, currency impact, inflation, the company's ability to offset the impact of tariffs in 2026 (based on the current tariff policy and the actions the company is taking to manage these measures), expectations regarding adjusted gross margin (non-GAAP), adjusted SG&A expense (non-GAAP) and the company’s ability to continue to manage such expense in the manner anticipated, net interest expense (which will vary based on, among other things, interest rates and our indebtedness), adjusted tax rate and full year capex and the anticipated timing and extent of the company’s R&D expense.
Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak 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 news release or to reflect actual outcomes, unless required by law.
Links provided in this news release are solely for information purposes and do not constitute Bausch + Lomb affirming any forward-looking statements contained in the linked content.
Non-GAAP Information
To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), the company uses certain non-GAAP financial measures and ratios. Management uses these non-GAAP measures and ratios as key metrics in the evaluation of the company’s performance and the consolidated 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 routinely 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 make this data available to all investors.
These measures and ratios do not have any standardized meaning under GAAP and 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 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 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 substitute 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 tables below.
Specific Non-GAAP Measures
EBITDA, Adjusted EBITDA, Adjusted EBITDA excluding Acquired IPR&D and Adjusted EBITDA growth (excluding Acquired IPR&D)
EBITDA (non-GAAP) is Net income (loss) attributable to Bausch + Lomb Corporation (its most directly comparable U.S. GAAP financial 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 that Adjusted EBITDA (non-GAAP) focuses management on the company’s underlying operational results and business performance. As a result, the company uses Adjusted EBITDA (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 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 addition, 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 (non-GAAP) is Net income (loss) attributable to Bausch + Lomb Corporation (its most directly comparable U.S. GAAP financial measure) adjusted for interest expense, net, (benefit from) provision for income taxes, depreciation and amortization and further adjusted for the following items:
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 divestitures. The company believes that the adjustments of these items correlate with the sustainability of the company’s operating performance. Although the company excludes impairments of intangible assets from measuring the performance of the company and its business, the company believes that it is important for 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 the divestiture of assets and businesses. With regard to infrastructure and operational improvements which the company has taken to improve efficiencies in the businesses and facilities, these tend to be costs intended to right size the business or organization that fluctuate significantly between periods in amount, size and timing, depending on the improvement project, reorganization or transaction. Additionally, with the completion of the Bausch + Lomb IPO, as the company prepares for post-separation operations, the company is launching certain transformation initiatives that will result in certain changes to and investment 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 periods in amount, size and timing. These out-of-the-ordinary-course charges include third-party advisory costs, as well as certain compensation-related costs. Investors should understand that the outcome of these transformation initiatives may result in future restructuring actions and certain of these charges could recur. The company believes that the adjustments of these items provide supplemental information with regard to the sustainability of the company’s operating performance, allow for a comparison of the financial results to historical operations and forward-looking guidance and, as a result, 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 are not consistent and are significantly impacted by the timing and size of its acquisitions. In addition, the company excludes the impact of acquisition-related 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 impacted 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.
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 traded entity. Separation costs are incremental costs directly related to effectuating the separation of the Bausch + Lomb business from the remainder of BHC and 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 and/or modification. As these costs arise from events outside of the ordinary course of continuing operations, the company believes that the adjustments of these items provide supplemental information with regard to the sustainability of the company’s operating performance, allow for a comparison of the financial results to historical operations and forward-looking guidance and, as a result, provide useful supplemental information to investors.
Loss on extinguishment of debt: The company has excluded 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 not consistent and are significantly impacted by the timing and size of debt financing transactions and other factors in the debt market that are not within 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 operating performance if and when present in the periods presented. These events arise outside of the ordinary course of continuing operations. Given the unique nature of the matters relating to these costs, the company believes these items are not routine operating expenses. For example, legal settlements and judgments vary significantly, in their nature, size and frequency, and, due to this volatility, the company believes the costs associated with legal settlements and judgments are not routine operating expenses. The Company excluded these costs as this event is outside of the ordinary course of continuing operations and is infrequent in nature. The company believes that the exclusion of such out-of-the-ordinary-course amounts provides supplemental information to assist in the comparison of the financial results of the company from period to period and, therefore, provides useful supplemental information to investors. However, 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) (non-GAAP) is Adjusted EBITDA (non-GAAP) further adjusted to exclude Acquired IPR&D. The IPR&D expenditures represent costs directly resulting from business development transactions and not through the normal course of business. The company believes that the exclusion of such out-of-the-ordinary-course amounts provides supplemental information to assist in the comparison of the financial results of the company from period to period and, therefore, provides useful supplemental information to investors in assessing our performance. However, investors should understand that the company may enter into additional business development transactions in the future and, as a result, such Acquired IPR&D may recur in the future. Adjusted EBITDA growth (excluding Acquired IPR&D) is changes in Adjusted EBITDA (excluding Acquired IPR&D) from period to period.
Adjusted Net Income (non-GAAP)
Adjusted net income (non-GAAP) is net income (loss) attributable to Bausch + Lomb Corporation (its most directly comparable GAAP financial measure) adjusted for asset impairments, restructuring, integration and transformation costs, acquisition-related costs and adjustments (excluding amortization of intangible assets), separation costs and separation-related costs, loss on extinguishment of debt and other non-GAAP adjustments, as these adjustments are described above, and further adjusted for amortization of intangible assets and write-down of financing fees, as described below:
Amortization of intangible assets: The company has excluded the impact of amortization of intangible assets, as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions. The company believes that the adjustments of these items correlate with the sustainability of the company’s operating performance. Although the company excludes the amortization of intangible assets from its non-GAAP expenses, the company believes that it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in the amortization of additional intangible assets.
Write-down of financing fees: In addition to excluding loss on extinguishment of debt, the company has excluded write-down of financing fees 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 not consistent and are significantly impacted by the timing and size of debt financing transactions and other factors in the debt market that are not within management’s control. Bausch + Lomb did not have any material write-downs of financing fees prior to the second quarter of 2025.
Adjusted net income (non-GAAP) excludes the impact of these certain items that may obscure trends in the company’s underlying performance. Management uses Adjusted net income (non-GAAP) for strategic decision making, forecasting future results and evaluating current performance. By disclosing this non-GAAP measure, it is management’s intention to provide investors with a meaningful, supplemental comparison of the company’s operating results and trends for the periods presented. Management believes that this measure is also useful to investors as such measure allows investors to evaluate the company’s performance using the same tools that management uses to evaluate past performance and prospects for future performance. Accordingly, the company believes that Adjusted net income (non-GAAP) is useful to investors in their assessment of the company’s operating performance and the valuation of the company. It is also noted that, in recent periods, our GAAP net income (loss) attributable to Bausch + Lomb Corporation was significantly lower than our Adjusted net income (non-GAAP).
Constant Currency
Constant currency change or constant currency revenue growth is a change in GAAP revenue (its most directly comparable GAAP financial measure) on a period-over-period basis adjusted for changes in foreign currency exchange rates. The company uses Constant Currency revenue (non-GAAP) 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 useful 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 underlying business performance. Constant currency impact is determined by comparing current period reported amounts adjusted to exclude currency impact, calculated using monthly average exchange rates from the prior comparable period to the actual prior comparable period reported amounts.
Adjusted EPS (non-GAAP)
Adjusted earnings per share or Adjusted EPS (non-GAAP) is calculated as Diluted income per share attributable to Bausch + Lomb Corporation (“GAAP EPS”) (its most directly comparable GAAP financial measure), adjusted for the per diluted share impact of each adjustment made to reconcile Net income (loss) attributable to Bausch + Lomb Corporation to Adjusted net income (non-GAAP) as discussed above. Like Adjusted net income (non-GAAP), Adjusted EPS (non-GAAP) excludes the impact of certain items that may obscure trends in the company’s underlying performance on a per share basis. By disclosing this non-GAAP measure, 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 that Adjusted EPS (non-GAAP) is useful to investors in their assessment of the company’s operating performance, 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 significantly lower than our Adjusted EPS (non-GAAP).
© 2026 Bausch + Lomb.
FINANCIAL TABLES FOLLOW
Bausch + Lomb Corporation
Table 1
Consolidated Statements of Operations
For the Three Months Ended March 31, 2026 and 2025
(unaudited)
Three Months Ended
March 31,
(in millions, except per share amounts)
2026
2025
Revenues
Product sales
$
1,239
$
1,133
Other revenues
5
4
1,244
1,137
Expenses
Cost of goods sold (excluding amortization and impairments of intangible assets)
482
481
Cost of other revenues
1
1
Selling, general and administrative
544
563
Research and development
101
86
Amortization of intangible assets
57
67
Other expense, net
26
22
1,211
1,220
Operating income (loss)
33
(83)
Interest income
4
3
Interest expense
(97)
(94)
Loss on extinguishment of debt
(1)
—
Foreign exchange and other
(3)
(6)
Loss before provision for income taxes
(64)
(180)
Provision for income taxes
(6)
(31)
Net loss
(70)
(211)
Net income attributable to noncontrolling interest
(1)
(1)
Net loss attributable to Bausch + Lomb Corporation
$
(71)
$
(212)
Basic and diluted loss per share attributable to Bausch + Lomb Corporation
$
(0.20)
$
(0.60)
Basic weighted-average common shares
355.2
352.8
Diluted weighted-average common shares
355.2
352.8
Bausch + Lomb Corporation
Table 2
Reconciliation of GAAP Net Loss and Diluted Loss per Share Attributable to Bausch + Lomb Corporation to Adjusted Net Income (Loss) (non-GAAP) and Adjusted Earnings (Loss) Per Share (non-GAAP)
For the Three Months Ended March 31, 2026 and 2025
(unaudited)
Three Months Ended March 31,
2026
2025
(in millions, except per share amounts)
Income
(Expense)
Earnings
per Share
Impact
Income
(Expense)
Earnings
per Share
Impact
Net loss and Diluted loss per share attributable to Bausch + Lomb Corporation
$
(71)
$
(0.20)
$
(212)
$
(0.60)
Non-GAAP adjustments: (a)
Amortization of intangible assets
57
0.16
67
0.19
Restructuring, integration and transformation costs
17
0.05
38
0.11
Acquisition-related costs and adjustments (excluding amortization of intangible assets)
3
0.01
14
0.04
Loss on extinguishment of debt and write-down of financing fees
7
0.02
—
—
Separation costs and separation-related costs
1
—
—
—
Gain on sale of assets
(3)
(0.01)
—
—
Other
7
0.02
2
0.01
Tax effect of non-GAAP adjustments
1
—
37
0.10
Total non-GAAP adjustments
90
0.25
158
0.45
Adjusted net income (loss) (non-GAAP) and Adjusted earnings (loss) per
share (non-GAAP)
$
19
$
0.05
$
(54)
$
(0.15)
Acquired IPR&D
9
0.03
28
0.08
Adjusted net income (loss) excluding Acquired IPR&D (non-GAAP) and Adjusted earnings (loss) per share excluding Acquired IPR&D (non-GAAP)
$
28
$
0.08
$
(26)
$
(0.07)
(a) The components of and further details respecting each of these non-GAAP adjustments and the financial statement line item to which each component relates can be found on Table 2a.
Bausch + Lomb Corporation
Table 2a
Reconciliation of GAAP to Non-GAAP Financial Information
For the Three Months Ended March 31, 2026 and 2025
(unaudited)
Three Months Ended
March 31,
(in millions)
2026
2025
Cost of goods sold reconciliation:
GAAP Cost of goods sold (excluding amortization and impairments of intangible assets)
$
482
$
481
Fair value inventory step-up resulting from acquisitions (a)
—
(22)
Adjusted cost of goods sold (excluding amortization and impairments of intangible assets) (non-GAAP)
$
482
$
459
Selling, general and administrative reconciliation:
GAAP Selling, general and administrative
$
544
$
563
Separation-related costs (b)
(1)
(1)
Transformation costs (c)
(9)
(36)
Adjusted selling, general and administrative (non-GAAP)
$
534
$
526
Amortization of intangible assets reconciliation:
GAAP Amortization of intangible assets
$
57
$
67
Amortization of intangible assets (d)
(57)
(67)
Adjusted amortization of intangible assets (non-GAAP)
$
—
$
—
Other expense, net reconciliation:
GAAP Other expense, net
$
26
$
22
Litigation and other matters (e)
(7)
(1)
Restructuring and integration costs (c)
(8)
(2)
Separation costs (b)
—
1
Acquisition-related contingent consideration (a)
(2)
9
Acquisition-related costs (a)
(1)
(1)
Gain on sale of assets (f)
3
—
Adjusted other expense, net (non-GAAP)
$
11
$
28
Interest expense reconciliation:
GAAP Interest expense
$
(97)
$
(94)
Write-down of financing fees (g)
6
—
Adjusted interest expense (non-GAAP)
$
(91)
$
(94)
Loss on extinguishment of debt reconciliation:
GAAP Loss on extinguishment of debt
$
(1)
$
—
Loss on extinguishment of debt (g)
1
—
Adjusted loss on extinguishment of debt (non-GAAP)
$
—
$
—
Foreign exchange and other reconciliation:
GAAP Foreign exchange and other
$
(3)
$
(6)
Other (e)
—
1
Adjusted foreign exchange and other (non-GAAP)
$
(3)
$
(5)
(Provision for) benefit from income taxes reconciliation:
GAAP Provision for income taxes
$
(6)
$
(31)
Tax effect of non-GAAP adjustments (h)
1
37
Adjusted (provision for) benefit from income taxes (non-GAAP)
$
(5)
$
6
(a) Represents the three components of the non-GAAP adjustment of “Acquisition-related costs and adjustments (excluding amortization of intangible assets)” (see Table 2).
(b) Represents the two components of the non-GAAP adjustment of “Separation costs and separation-related costs” (see Table 2).
(c) Represents the two components of the non-GAAP adjustment of “Restructuring, integration and transformation costs” (see Table 2).
(d) Represents the sole component of the non-GAAP adjustment of “Amortization of intangible assets” (see Table 2).
(e) Represents the two components of the non-GAAP adjustment of “Other” (see Table 2).
(f) Represents the sole component of the non-GAAP adjustment of “Gain on sale of assets” (see Table 2).
(g) Represents the two components of the non-GAAP adjustment of “Loss on extinguishment of debt and write-down of financing fees” (see Table 2).
(h) Represents the sole component of the non-GAAP adjustment of “Tax effect of non-GAAP adjustments” (see Table 2).
Bausch + Lomb Corporation
Table 2b
Reconciliation of GAAP Net Loss to Adjusted EBITDA (non-GAAP)
For the Three Months Ended March 31, 2026 and 2025
(unaudited)
Three Months Ended
March 31,
(in millions)
2026
2025
Net loss attributable to Bausch + Lomb Corporation
$
(71)
$
(212)
Interest expense, net
93
91
Provision for income taxes
6
31
Depreciation and amortization of intangible assets
101
106
EBITDA
129
16
Adjustments:
Restructuring, integration and transformation costs
17
38
Acquisition-related costs and adjustments (excluding amortization of intangible assets)
3
14
Share-based compensation
34
28
Separation costs and separation-related costs
1
—
Loss on extinguishment of debt
1
—
Other non-GAAP adjustments:
Gain on sale of assets
(3)
—
Other
7
2
Adjusted EBITDA (non-GAAP)
$
189
$
98
Acquired IPR&D
11
28
Adjusted EBITDA excluding Acquired IPR&D (non-GAAP)
$
200
$
126
Bausch + Lomb Corporation
Table 3
Constant Currency Revenue (non-GAAP) and Constant Currency Revenue Growth (non-GAAP) - by Segment
For the Three Months Ended March 31, 2026 and 2025
(unaudited)
Calculation of Constant Currency Revenue for the Three Months Ended
March 31, 2026
March 31, 2025
Change in Revenue as Reported
Change in
Constant Currency Revenue (Non-GAAP) (b)
Revenue
as
Reported
Changes in Exchange Rates (a)
Constant Currency Revenue
(Non-GAAP) (b)
Revenue
as
Reported
(in millions)
Amount
Pct.
Amount
Pct.
Vision Care
$
711
$
(25
)
$
686
$
656
$
55
8
%
$
30
5
%
Surgical
228
(12
)
216
214
14
7
%
2
1
%
Pharmaceuticals
305
(5
)
300
267
38
14
%
33
12
%
Total revenues
$
1,244
$
(42
)
$
1,202
$
1,137
$
107
9
%
$
65
6
%
(a) The impact for changes in foreign currency exchange rates is determined as the difference in the current period reported revenues 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 period.
(b) To supplement the financial measures prepared in accordance with GAAP, the Company uses certain non-GAAP financial measures and ratios. For additional information about the Company’s use of such non-GAAP financial measures and ratios, refer to the “Non-GAAP Information” section in the body of the news release to which these tables are attached. Constant currency revenue (non-GAAP) for the three months ended March 31, 2026 is calculated as revenue as reported adjusted for the impact for changes in exchange rates (previously defined in this news release). Change in constant currency revenue (non-GAAP) is calculated as the difference between constant currency revenue for the current period and revenue as reported for the comparative period.
______________________________
1 This is a non-GAAP measure or a non-GAAP ratio. For further information on non-GAAP measures and non-GAAP ratios, please refer to the “Non-GAAP Information” section of this news release. Please also refer to tables at the end of this news release for a reconciliation of this and other non-GAAP measures to the most directly comparable GAAP measure.
2 The guidance in this news release is only effective as of the date given, April 29, 2026, and will not be updated or affirmed unless and until the company publicly announces updated or affirmed guidance. Distribution or reference of this news release following April 29, 2026, does not constitute the company reaffirming guidance. See the “Forward-looking Statements” section for further information. This guidance does not take into consideration any changes in tariff policy, given the dynamic nature of the situation.
3 The increase in the anticipated full-year revenue is a result of strong business performance in the first quarter of 2026, anticipated stronger business performance for the remainder of 2026 and an increase in expected currency tailwinds (a result of the weakening of the U.S. dollar relative to other currencies). The increases in anticipated constant currency revenue growth and anticipated full-year adjusted EBITDA (excluding acquired IPR&D) are a result of strong business performance in the first quarter of 2026 and anticipated stronger business performance for the remainder of 2026.
4 Diluted weighted average shares includes the dilutive impact of options, performance based restricted stock units and restricted stock units, which are approximately 5,100,000 common shares for the 3 months ended March 31, 2026, and which are excluded when calculating GAAP diluted loss per share because the effect of including the impact would be anti-dilutive.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260429691206/en/
Media Contact:
T.J. Crawford
tj.crawford@bausch.com
(908) 705-2851
Investor Contact:
George Gadkowski
george.gadkowski@bausch.com
(877) 354-3705 (toll free)
(908) 927-0735
Original: Bausch + Lomb Announces First-Quarter 2026 Results, Raises Guidance Based on Strong Performance and Positive Outlook
US Market News
3月前
Bausch + Lomb Announces New Scientific Data, Educational Events at the American Society of Cataract and Refractive Surgery Annual MeetingApril 6, 2026 7:00 AM
Business Wire
Bausch + Lomb Corporation (NYSE/TSX: BLCO), a leading global eye health company dedicated to helping people see better to live better, today announced the presentation of new scientific data and events taking place during the American Society of Cataract and Refractive Surgery (ASCRS) annual meeting in Washington, D.C., April 10-13, 2026.
Forty-five presentations and posters will highlight the results of studies evaluating the company’s broad portfolio of products, including the ELIOS™ minimally-invasive glaucoma surgery (MIGS) system*, enVista Envy™ Full Visual Range and enVista Aspire™ intraocular lenses (IOLs), MIEBO® (perfluorohexyloctane ophthalmic solution), ScoutPro® point-of-care osmolarity testing device, Stellaris Elite® Vision Enhancement System, TENEO™ Excimer Laser Platform and XIIDRA® (lifitegrast ophthalmic solution) 5%.
Below is a complete list of events and presentations.
Events
Thursday April 9, 2026 (at Sightline at ASCRS)
Scale, Shift and Shareholder Value: How Ophthalmology Strategics are Rewriting the Playbook
8:35am ET; Westin Washington, D.C. Downtown
The Patient Will See You Now: Who Controls the Future of Communication – Patients, Physicians, Regulators or Industry?
7:00pm ET; Westin Washington, D.C. Downtown
Friday, April 10, 2026
The Art of Modern Cataract Surgery: Ocular Surface Health and Advanced IOL Selection
8:35am ET; Truluck’s Ocean’s Finest Seafood and Crab, 700 K Street, NW
Saturday April 11, 2026
COPHy: Live at ASCRS: The Controversies in Ophthalmology Inaugural Anterior Segment Debate
6:30am ET; Courtyard by Marriott Washington Downtown/Convention Center
Paper Presentations
“Assessing the Clinical Efficacy of a Full Visual Range IOL IM.” Hu E.
“A US Consumer Survey on Dry Eye Disease: Treatment, Misconceptions, and Daily Impact.” Mah et al.
“Clinical Evaluation of a Multi-Ingredient Oral Supplement: A Comparison of Studies in the US and India.” McCabe C.
“Clinical Outcomes of Transepithelial Photorefractive Keratectomy Compared with Standard Photorefractive Keratectomy: Long-Term Follow-up.” Ang B.
“Clinical Performance of Combined Excimer Laser Trabeculostomy and Cataract Surgery in Ocular Hypertension Patients.” McCabe C.
“Early Symptom Relief with Lifitegrast Ophthalmic Solution, 5.0% in Patients with Dry Eye Disease: Post Hoc Analysis of Two Randomized Trials.” Donnenfeld E.
“Effectiveness of an Excimer Laser Trabeculostomy Treatment in Patients with Primary Open-Angle Glaucoma Undergoing Cataract Surgery.” Gallardo M.
“Effects of Perfluorohexyloctane Ophthalmic Solution on Signs and Symptoms of Dry Eye Disease in Patients Undergoing Cataract Surgery.” Liang E.
“Evaluation of Onset of Activity of a Novel Preservative-Free Brimonidine Tartrate Ophthalmic Solution Formulation.” Toyos et al.
“Evaluation of Phacoemulsification Parameters Collected Utilizing Cloud-Based Database and Correlation with Clinical Outcomes.” Shultz et al
“Excimer Laser Trabeculostomy, with or without Phacoemulsification for the Treatment of Glaucoma: A Systematic Review of Meta-Analysis.” Toeteberg-Harms M.
“Hyperosmolarity Prevalence and Influence on Light Scatter in a Cataract Surgery Population.” Nijm L.
“Patient Characteristics and Clinical Practice Patterns in Inflammatory Dry Eye Disease: Real-World Insights.” Mercado C.
“Patient Outcomes and Clinical Experience with a Full Visual Range Non-Toric Intraocular Lens.” Muzychuk A.
“Patient-Reported Visual Symptoms and Spectacle Independence Following the Implantation of a Full Visual Range IOL.” Mahootchi A.
“Performance of an Enhanced Monofocal Toric Intraocular Lens in Patients Undergoing Cataract Surgery: Retrospective Real-World Study.” Patel et al.
“Preoperative Perfluorohexyloctane Ophthalmic Solution in Patients with Dry Eye Disease Undergoing Cataract Surgery: Refractive Outcomes.” Bacharach J.
“Real-World Adherence Patterns of Latanoprostene Bunod Ophthalmic Solution 0.024% in Medicare Patients with Comorbid Dry Eye Disease.” Sawhney et al.
“Real-World Association between Residual Refractive Error and Visual Outcomes with a Full Visual Range Intraocular Lens.” Muzychuk A.
“Real-World Experience with Lifitegrast Ophthalmic Solution in Patients with Dry Eye Disease.” Feulner L.
“Real-World Outcomes of Bilateral Implantation of a Full Visual Range Intraocular Lens in Cataract Patients.” Wong et al.
“Real-World Outcomes with Latanoprostene Bunod in North American Patients with Open-Angle Glaucoma or Ocular Hypertension.” Singh P.
“Real-World Use of Preservative-Free Lubricating Eye Drops in Dry Eye Sufferers: Implications for the Ocular Surgeon.” Fondriest et al.
“Safety of an Excimer Laser Trabeculostomy Treatment in Patients with Primary Open-Angle Glaucoma Undergoing Cataract Surgery.” Sarkisian et al.
“Spectacle Independence and Patient-Reported Photic Phenomena Following the Implantation of an Enhanced Monofocal IOL: A Real-World Study.” Mahootchi A.
“Time Savings Using a Digital Workflow Compared with a Conventional Workflow for IOL Selection in the Private Practice Setting.” Parikh M.
“Utilization Patterns and Eyecare Practitioner Satisfaction with Latanoprostene Bunod: Retrospective Real-World Evidence Study.” Bacharach J.
“Visual Acuity and Defocus Curve Performance of an Enhanced Monofocal IOL in Patients Undergoing Cataract Surgery.” Donnenfeld E.
“Visual and Safety Outcomes of Cataract Surgery with a Full Visual Range Toric Intraocular Lens: Physician Experience Study”. Epitropoulos A.
“Visual Outcomes and Satisfaction after IOL Exchange with a Novel Full Visual Range IOL.” Wong et al.
Poster Presentations
“A Real-World, Patient-Reported Assessment of a Preservative-Free Lubricating Eye Drop in Dry Eye Sufferers.” Shoshany et al.
“Assessment of Optical Performance, Quality of Vision of a New Diffractive Apodized Full Visual Range Intraocular Lens.” Moreira et al.
“Clinical Performance of a Full Visual Range Intraocular Lens with MIGS in Mild Glaucoma Patients after Combined Surgery.” Harasymowycz E.
“Combined Bench and Clinical Evaluation of Phacoemulsification Efficiency Across Two Surgical Platforms.” Shultz et al.
“Comparison of Corneal Incision Temperature During Cataract Surgery at High and Low Ultrasound Frequencies.” Page et al.
“Continued Evaluation of the Visual and Refractive Outcomes of LASIK Through 9 Months: A Retrospective Chart Review.” Waring G.
“Evaluation of Clinical Outcomes in Patients Implanted with a Full Visual Range Toric Intraocular Lens Undergoing Femto Cataract Surgery.” Stephenson D.
“Exploring Clinician and Patient Perceptions of the Use of a Nutritional Supplement for Dry Eye Disease.” Toyos et al.
“Patient Characteristics and Clinical Practice Patterns in Inflammatory Dry Eye Disease: Real-World Insights.” Mercado et al.
“Patient-Reported Outcomes Following Bilateral Implantation of an Enhanced Monofocal IOL.” Dackowski E.
“Performance of an Enhanced Monofocal Intraocular Lens in Patients Undergoing Cataract Surgery: Retrospective Real-World Study.” Patterson et al.
“Real-World Case Series: Performance of a Non-Toric Enhanced Monofocal Intraocular Lens in Patients Undergoing Cataract Surgery.” Mercado C.
“Retrospective Real-World Assessment of a Full Visual Range Intraocular Lens in Patients After Cataract Surgery.” Plauche W.
“Tear Osmolarity as a Diagnostic Tool for Dry Eye Disease.” Cartes et al.
“Treatment of Dry Eye Disease with Lifitegrast: Real-World Insights from Electronic Health Records and Pharmacy Claims Data.” Mah et al.
*The ELIOS Procedure is in development and is not available for sale in the United States.
enVista Envy toric and non-toric IOL Indications and Important Safety Information
Indications
The enVista Envy hydrophobic acrylic IOL is indicated for primary implantation in the capsular bag of the eye in adult patients for visual correction of aphakia with less than or equal to 1.0 D preoperative corneal astigmatism following removal of a cataractous lens to mitigate the effects of presbyopia by providing improved intermediate and near visual acuity, while maintaining comparable distance visual acuity to an aspheric monofocal IOL.
The enVista Envy toric hydrophobic acrylic IOL is indicated for primary implantation in the capsular bag of the eye in adult patients for visual correction of aphakia and corneal astigmatism following removal of a cataractous lens to mitigate the effects of presbyopia by providing improved intermediate and near visual acuity, while maintaining comparable distance visual acuity to an aspheric monofocal IOL.
Warnings/Precautions
Physicians should weigh the potential risk/benefit ratio before implanting the enVista Envy lens under any of the circumstances or conditions outlined in the Instructions for Use labeling. Some visual disturbances may be expected due to the superposition of focused and unfocused multiple images. These may include some perceptions of halos or radial lines around point sources of light (starbursts) under nighttime conditions, glare, double vision, haziness and blurred vision. It is expected that, in a small percentage of patients, the observation of such phenomena will be annoying and may be perceived as a hindrance, particularly in low illumination conditions such as nighttime driving. As with other trifocal IOLs, there is a possibility that visual disturbances may be significant enough that the patient will request explant of the IOL. A reduction in contrast sensitivity as compared to a monofocal IOL may be experienced by some patients, therefore, patients implanted with trifocal IOLs should exercise caution when driving at night or in low light or poor visibility conditions. Care should be taken to achieve IOL centration as IOL decentration may result in patients experiencing visual disturbances or suboptimal vision under certain lighting conditions. The surgeon must target emmetropia to achieve optimal visual performance. Patients should be advised that unexpected outcomes could lead to continued spectacle dependence or the need for secondary surgical intervention (e.g., intraocular lens replacement or repositioning). Please provide a copy of the Patient Information Brochure, which can be found at www.bausch.com/IFU. Posterior capsule opacification (PCO) may significantly affect the vision of patients with multifocal IOLs earlier in its progression than patients with monofocal IOLs. This may be due to the reduced contrast sensitivity observed with multifocal IOLs.
Additional Precautions for Toric IOLs: The enVista Envy Toric IOL has not been evaluated in a clinical study. In general, astigmatism that is corrected with a higher cylinder power IOL can result in clinically significant residual astigmatism. The effect of residual astigmatism at distance, intermediate, and near was evaluated in a clinical study of patients who had been implanted with non-toric enVista Envy IOLs and were induced with cylinder power to simulate various levels of residual astigmatism. If a secondary surgical intervention is necessary to reposition the IOL, explantation should be considered as some patients may have recurrent or persistent issues related to rotational instability and misalignment.
CAUTION: Federal law restricts this device to sale by or on the order of a physician.
ATTENTION: See the Directions for Use for a complete listing of indications and important safety information.
enVista Aspire hydrophobic acrylic IOL Indications and Important Safety Information
Indications: The enVista Aspire™ hydrophobic acrylic IOL (non-preloaded model EA) is indicated for primary implantation in the capsular bag of the eye in adult patients for the visual correction of aphakia following removal of a cataractous lens.
Device Description: The Aspire IOL uses an optical modification of the posterior aspheric surface to create a small continuous increase in IOL power within the central 1.5 mm diameter to slightly extend the depth of focus. However, clinically meaningful extension of the depth of focus has not been demonstrated in clinical trials.
Warnings
As with any surgical procedure, there is risk involved. Physicians considering IOL implantation under any of the following circumstances should weigh the potential risk/benefit ratio: (1) Recurrent severe anterior or posterior segment inflammation or uveitis; (2) Patients in whom the IOL may affect the ability to observe, diagnose, or treat posterior segment diseases; (3) Surgical difficulties at the time of cataract extraction, which might increase the potential for complications (e.g., persistent bleeding, significant iris damage, uncontrolled positive pressure, or significant vitreous prolapse or loss); (4) A distorted eye due to previous trauma or developmental defect in which appropriate support of the IOL is not possible; (5) Circumstances that would result in damage to the endothelium during implantation; (6) Suspected microbial infection; (7) Patients in whom neither the posterior capsule nor zonules are intact enough to provide support.
Precautions
Neither the safety and effectiveness, nor the effects of the Aspire IOL optical design on depth of focus, contrast sensitivity, and subjective visual disturbances (glare, halo, etc.) have been evaluated clinically. MTF testing of the Aspire IOL optical design (used in model ETA) may aid the surgeon in understanding the theoretical image quality expected with the Aspire IOL compared to the enVista monofocal IOL MX60E. However, these do not fully assess all aspects of clinical difficulties under all conditions. Surgeons must weigh the potential benefits of the modified optical design of the Aspire IOL (model ETA) against the potential for risks associated with a degradation in vision quality and the lack of clinical data to characterize the impact of the Aspire IOL optical design on contrast sensitivity and subjective visual disturbance. These considerations may be especially relevant to patients with certain pre-existing ocular conditions (prior corneal refractive surgery, irregular corneal astigmatism, severe corneal dystrophy, macular disease, optic nerve atrophy, etc.) or intraoperative conditions (posterior capsular rupture, complications in which the IOL stability could be compromised, inability to place IOL in capsular bag, etc).
The safety and effectiveness of the IOL have not been substantiated in patients with pre-existing ocular conditions and intraoperative complications. Careful preoperative evaluation and sound clinical judgment should be used by the surgeon to decide the benefit/risk ratio before implanting an IOL in a patient with one or more of these conditions. Physicians considering IOL implantation in such patients should explore the use of alternative methods of aphakic correction and consider IOL implantation only if alternatives are deemed unsatisfactory in meeting the needs of the patient.
Patients with preoperative problems, such as corneal endothelial disease, abnormal cornea, macular degeneration, retinal degeneration, glaucoma, and chronic drug miosis may not achieve the visual acuity of patients without such problems. The physician must determine the benefits to be derived from IOL implantation when such conditions exist.
Adverse Events: As with any surgical procedure, there is risk involved. Potential complications accompanying cataract or implant surgery may include, but are not limited to the following: corneal endothelial damage, infection (endophthalmitis), retinal detachment, vitritis, cystoid macular edema, corneal edema, pupillary block, cyclitic membrane, iris prolapse, hypopyon transient or persistent glaucoma, and secondary surgical intervention. Secondary surgical interventions include but are not limited to: lens repositioning, lens replacement, vitreous aspiration or iridectomy for pupillary block, wound leak repair, and retinal detachment repair.
CAUTION: Federal law restricts this device to sale by or on the order of a physician.
ATTENTION: This is not all you need to know. Please refer to the Directions For Use labeling for a complete listing of indications, full risk and safety information, clinical study information, etc.
MIEBO Indications and Important Safety Information
Indication
MIEBO® (perfluorohexyloctane ophthalmic solution) is indicated for the treatment of the signs and symptoms of dry eye disease.
Important Safety Information
MIEBO is contraindicated in patients with known hypersensitivity to perfluorohexyloctane
MIEBO should not be administered while wearing contact lenses. Contact lenses should be removed before use and for at least 30 minutes after administration of MIEBO
Instruct patients to instill one drop of MIEBO into each eye four times daily
The safety and efficacy in pediatric patients below the age of 18 have not been established
In pivotal trials, the most common ocular adverse reaction was blurred vision (1% to 3% of patients reported blurred vision and conjunctival redness)
Click here for full Prescribing Information for MIEBO.
You are encouraged to report negative side effects of prescription drugs to the FDA. Visit www.fda.gov/medwatch or call 1-800-FDA-1088.
Indications and Important Safety Information for ScoutPro Osmolarity System
Indications: The ScoutPro Osmolarity System is an automated device intended to quantitatively measure the osmolarity of human tears to aid in the diagnosis of dry eye disease, in patients suspected of having dry eye disease in conjunction with other methods of clinical evaluation.
Contraindications: Do not collect tear fluid from a patient within two hours of medicinal eye drop use or use of topical medications. Do not collect or store tear fluid samples for transport or testing at a later time. Do not collect tear fluid after ocular surface staining. Do not collect tear fluid within 15 minutes of use of anesthetic or mydriatic (dilating) eye drops or after other invasive ocular diagnostic testing. Do not collect tear fluid within 15 minutes after a slit lamp examination. Do not collect tear fluid within 15 minutes from a patient who has been crying.
The ScoutPro Osmolarity System (ScoutPro) is a CLIA Waived test system for human tears. Each laboratory or testing site using the ScoutPro must have a CLIA Certificate of Waiver before starting testing.
The ScoutPro is designed for stability, reliability, and safety, and it has been developed, manufactured, and marketed under a quality management system certified to ISO 13485 (2012).
CAUTION: Federal law restricts this device to sale by or on the order of a physician.
ATTENTION: This is not all you need to know. Please refer to the User Manual for a complete listing of indications, contraindications, precautions, and use information.
Stellaris Elite and Accessories Important Safety Information
Indications
The Bausch + Lomb Stellaris Elite® vision enhancement system is intended for the emulsification and removal of cataracts, anterior and posterior segment vitrectomy. The system is designed for use in both anterior and posterior segment surgeries. It provides capabilities for phacoemulsification, coaxial and bimanual irrigation/aspiration, bipolar coagulation, vitrectomy, viscous fluid injection/removal and air/fluid exchange operations. The Stellaris Elite® Vision Enhancement System configured with the laser module is additionally intended for retinal photocoagulation and laser trabeculoplasty.
Contraindications
All Systems: Use of accessories not designated by Bausch + Lomb for use with this equipment may result in serious permanent patient injury, adverse surgical outcome, or damage to the equipment.
Systems with Laser Module: Photocoagulation is not indicated for patients without pigmentation (albino eyes). In addition, Laser Indirect Ophthalmoscope (LIO) is not indicated for cases involving laser photocoagulation within the arcades.
Warnings
All Systems:
Implantable defibrillators present a risk of injury if triggered by a fibrillatory event during intraocular surgery.
Electromagnetic interaction between the phacoemulsification (phaco) handpiece and an implanted cardiac pacemaker is unlikely but cannot be ruled out.
Systems with Laser Module:
All support personnel who are present during laser treatment must wear appropriate laser protective eyewear.
DO NOT look directly into the aiming or treatment laser beam.
Use of unapproved delivery devices may cause inaccurate laser delivery which could result in serious permanent patient injury.
General Cautions for Single Use Accessories:
Do not re-sterilize or reuse any single use accessories.
Do not use if package integrity / sterile barrier has been breached or compromised.
Do not use or attempt to repair damaged single use products.
This is not all you need to know. Systems with Laser Module: Misuse of the laser system may lead to dangerous situations and severe injuries. All Systems: See the appropriate Operator Manual for detailed directions, proper use, and full risk and safety information. See individual product instructions for use for detailed information on the use of the VITESSE® Handpiece, vitrectomy packs and cutters, and the FREEFLOW™ infusion line.
CAUTION: Federal (U.S.) Law restricts these devices to sale, by or on the order of a physician.
Important Safety Information for Technolas Teneo 317 Model 2 System
Indications for Use. The Technolas Teneo 317 Model 2 is indicated for laser-assisted in situ keratomileusis (LASIK) in: (1) Patients for the reduction or elimination of myopic astigmatism up to -10.00 D MRSE, with sphere between -1.00 D to -10.00 D and cylinder between 0.00 and -3.00 D; (2) Patients who are 22 years of age or older; (3) Patients must have a stable refraction in the last 12 months, as documented by previous clinical recordings, i.e., the spherical and cylindrical portions of the manifest distance refraction have not progressed at a rate of more than 0.50 D per year prior to the baseline examination in the eye(s) to be treated.
WARNING. Danger of injury due to failure to observe the patient selection criteria! Failure to observe the contraindications and potential adverse effects may result in serious permanent patient injury. The usage of the laser system is limited to a specific field of applications. Observe the contraindications and potential adverse effects listed in the User Manual before selecting a patient and starting any treatment.
Contraindications. Contraindications of the Technolas Teneo 317 Model 2 include patients: (1) with any type of active connective tissue disease or autoimmune disease; (2) with signs of keratoconus, abnormal corneal topography, and degenerations of the structure of the cornea (including but not limited to pellucid marginal degeneration); (3) with significant dry eyes (severe Dry Eye Syndrome). If patients have severely dry eyes, LASIK may increase the dryness. This may or may not go away. Severe eye dryness may delay healing of the flap or interfere with the surface of the eye after surgery. It may result in poor vision after LASIK; (4) for whom the combination of their baseline corneal thickness and the planned operative parameters for the LASIK procedure would result in less than 250µ of residual corneal thickness from corneal endothelium; (5) with uncontrolled diabetes; (6) with uncontrolled glaucoma; (7) with active eye infections or active inflammation: (8) with recent herpes eye infection or problems resulting from past infections; (9) with known sensitivity to medications used for standard LASIK surgery.
Potential Risks and Side Effects: (1) Miscreated flap; (2) Subconjunctival hemorrhage or bleeding; (3) Wrinkles in flap that may require a flap lift; (4) Corneal erosion/abrasion, epithelia defect; (5) Elevated IOP; (6) Debris or foreign body under flap; (7) Epithelial ingrowth under flap; (8) Debilitating visual symptoms, especially at night; (9) Decreased or fluctuating visual acuity; (10) Decreased ability to see in low-light conditions; (11) Light sensitivity; (12) Dry Eye syndrome; (13) Inadequate treatment result; (14) Regression; (15) Corneal damage; (16) Posterior vitreous detachment or retinal detachment, floaters or vascular accidents; (17) Foreign body sensation or pain (initial postoperative days); also, potentially including chronic eye pain that is resistant to therapy referred to as neuropathic pain; (18) Infection/inflammation; (19) CTK (Central Toxic Keratopathy); (20) Medication intolerance; (21) Ptosis; (22) Cataract; (23) Ocular penetration; (24) Potential risk of psychological harm.
This is not all you need to know. Please see the User Manual for a complete list of safety information, including a full list of contraindications, warnings, precautions and risks.
Caution: Federal (U.S.) law restricts this device to sale, by or on the order of a physician.
For more information visit https://www.bauschsurgical.com/refractive/teneo/.
XIIDRA Indications and Important Safety Information
Indication
Xiidra® (lifitegrast ophthalmic solution) 5% is indicated for the treatment of signs and symptoms of dry eye disease (DED).
Important Safety Information
Xiidra is contraindicated in patients with known hypersensitivity to lifitegrast or to any of the other ingredients.
In clinical trials, the most common adverse reactions reported in 5-25% of patients were instillation site irritation, dysgeusia and reduced visual acuity. Other adverse reactions reported in 1% to 5% of the patients were blurred vision, conjunctival hyperemia, eye irritation, headache, increased lacrimation, eye discharge, eye discomfort, eye pruritus and sinusitis.
To avoid the potential for eye injury or contamination of the solution, patients should not touch the tip of the single-use container to their eye or to any surface.
Contact lenses should be removed prior to the administration of Xiidra and may be reinserted 15 minutes following administration.
Safety and efficacy in pediatric patients below the age of 17 years have not been established.
Click here for full Prescribing Information for Xiidra.
You are encouraged to report negative side effects of prescription drugs to the FDA. Visit www.fda.gov/medwatch or call 1-800-FDA-1088.
About Bausch + Lomb
Our mission is simple – we help people see better to live better, all over the world. For nearly two centuries we’ve evolved with the changing needs of patients and customers, and our commitment to innovation and improving the standard of care in eye health has never been stronger. From contact lenses to prescription products, over-the-counter options, surgical devices and more, we’re turning bold ideas into better outcomes through passion, perseverance and purpose. Learn more at www.bausch.com and connect with us on Facebook, Instagram, LinkedIn, X and YouTube.
©2026 Bausch + Lomb.
MTB.0148.USA.26
View source version on businesswire.com: https://www.businesswire.com/news/home/20260406853221/en/
Media Contact:
Caryn Marshall
caryn.marshall@bausch.com
(908) 493-1381
Original: Bausch + Lomb Announces New Scientific Data, Educational Events at the American Society of Cataract and Refractive Surgery Annual Meeting
US Market News
4月前
Bausch + Lomb Announces Fourth-Quarter and Full-Year 2025 Results, Provides 2026 GuidanceFebruary 18, 2026 6:58 AM
Business Wire
Delivered meaningful EBITDA margin expansion and operating leverage in the fourth quarter
Fourth-Quarter 2025 Financial Results
Revenue of $1.405 Billion
GAAP Net Loss Attributable to Bausch + Lomb Corporation of $58 Million
Adjusted EBITDA (non-GAAP)1 of $326 Million; Adjusted EBITDA Excluding Acquired IPR&D (non-GAAP)1 of $330 Million
Revenue Grew 10% as Reported and 7% on a Constant Currency1 Basis Compared to the Fourth Quarter of 2024
Full-Year 2025 Financial Results
Revenue of $5.101 Billion
GAAP Net Loss Attributable to Bausch + Lomb Corporation of $360 Million
Adjusted EBITDA (non-GAAP)1 of $858 Million; Adjusted EBITDA Excluding Acquired IPR&D (non-GAAP)1 of $891 Million
Revenue Grew 6% as Reported and 5% on a Constant Currency1 Basis Compared to the Full Year of 2024
Bausch + Lomb Corporation (NYSE/TSX: BLCO), a leading global eye health company dedicated to helping people see better to live better, today announced its fourth-quarter and full-year 2025 financial results.
“We didn’t just grow in the fourth quarter – we grew smarter,” said Brent Saunders, chairman and CEO, Bausch + Lomb. “Meaningful EBITDA margin expansion and operating leverage is a clear sign of our commitment to financial excellence, and we plan to harness that momentum to deliver on our three-year plan.”
Select Company Highlights
Expanded dry eye leadership, with MIEBO® sales of $112 million in the fourth quarter and total dry eye portfolio revenue of $1.1 billion in 2025
Achieved strong growth in Vision Care, primarily driven by contact lenses and key consumer franchises, including LUMIFY® and over-the-counter dry eye products
Drove 20% fourth quarter reported revenue growth in premium IOLs, with enVista® platform returning to 1Q25 levels ahead of schedule
All trial recruitment – BL1107 (glaucoma), enVista Beyond™, dual-action therapeutic (dry eye disease), BL1332 (ocular surface pain) – on schedule
Fourth-Quarter and Full-Year 2025 Revenue Performance
Total reported revenue was $1.405 billion for the fourth quarter of 2025, as compared to $1.280 billion in the fourth quarter of 2024, an increase of $125 million, or 10%. Excluding the favorable foreign exchange impact of $37 million, revenue increased by approximately 7% on a constant currency1 basis compared to the fourth quarter of 2024.
Total reported revenue was $5.101 billion for the full year of 2025, as compared to $4.791 billion in the full year of 2024, an increase of $310 million, or 6%. Excluding the favorable foreign exchange impact of $58 million, revenue increased by approximately 5% on a constant currency1 basis compared to the full year of 2024.
Revenue by segment was as follows:
Fourth-Quarter 2025
(in millions)
Three Months Ended December 31
Reported Change
Reported Change
Change at Constant Currency1 (non-GAAP)
2025
2024
Total Bausch + Lomb Revenue
$1,405
$1,280
$125
10%
7%
Vision Care
$778
$723
$55
8%
5%
Surgical
$249
$231
$18
8%
3%
Pharmaceuticals
$378
$326
$52
16%
14%
Full-Year 2025
(in millions)
Twelve Months Ended December 31
Reported Change
Reported Change
Change at Constant Currency1 (non-GAAP)
2025
2024
Total Bausch + Lomb Revenue
$5,101
$4,791
$310
6%
5%
Vision Care
$2,923
$2,739
$184
7%
6%
Surgical
$894
$843
$51
6%
4%
Pharmaceuticals
$1,284
$1,209
$75
6%
6%
Vision Care Segment
Vision Care segment revenue was $778 million for the fourth quarter of 2025, as compared to $723 million for the fourth quarter of 2024, an increase of $55 million, or 8%. Excluding the favorable foreign exchange impact of $21 million, segment revenue increased on a constant currency1 basis by approximately 5% compared to the fourth quarter of 2024.
Vision Care segment revenue was $2.923 billion for the full year of 2025, as compared to $2.739 billion for the full year of 2024, an increase of $184 million, or 7%. Excluding the favorable foreign exchange impact of $33 million, segment revenue increased on a constant currency1 basis by approximately 6% compared to the full year of 2024.
Performance in the fourth quarter of 2025 and the full year of 2025 was primarily driven by growth in the contact lens business and increased demand for LUMIFY, over-the-counter dry eye products and eye vitamins in the consumer business.
Surgical Segment
Surgical segment revenue was $249 million for the fourth quarter of 2025, as compared to $231 million for the fourth quarter of 2024, an increase of $18 million, or 8%. Excluding the favorable foreign exchange impact of $10 million, segment revenue increased on a constant currency1 basis by approximately 3% compared to the fourth quarter of 2024.
Surgical segment revenue was $894 million for the full year of 2025, as compared to $843 million for the full year of 2024, an increase of $51 million, or 6%. Excluding the favorable foreign exchange impact of $17 million, segment revenue increased on a constant currency1 basis by approximately 4% compared to the full year of 2024.
Performance in the fourth quarter of 2025 and the full year of 2025 was primarily driven by increased demand of consumables and implantables, largely attributable to the premium IOL portfolio, and increased equipment sales, partially offset by the voluntary recall of certain enVista IOL products.
Pharmaceuticals Segment
Pharmaceuticals segment revenue was $378 million for the fourth quarter of 2025, as compared to $326 million for the fourth quarter of 2024, an increase of $52 million, or 16%. Excluding the favorable foreign exchange impact of $6 million, segment revenue increased on a constant currency1 basis by approximately 14% compared to the fourth quarter of 2024.
Pharmaceuticals segment revenue was $1.284 billion for the full year of 2025, as compared to $1.209 billion for the full year of 2024, an increase of $75 million, or 6%. Excluding the favorable foreign exchange impact of $8 million, segment revenue increased on a constant currency1 basis by approximately 6% compared to the full year of 2024.
Performance in the fourth quarter of 2025 and the full year of 2025 was primarily driven by increased sales of MIEBO and growth in International Pharmaceuticals, partially offset, in the case of full year 2025, by a decline in the U.S. Generics business.
Operating Results
Operating income was $112 million for the fourth quarter of 2025, as compared to $87 million for the fourth quarter of 2024, an increase of $25 million. The change was largely driven by the contribution of the revenue drivers noted above, partially offset by a one-time non-cash charge related to share-based compensation expense and an increase in acquisition-related contingent consideration.
Operating income was $113 million for the full year of 2025, as compared to $162 million for the full year of 2024, a decrease of $49 million. The change was largely driven by an increase in selling, advertising and promotion costs attributable to MIEBO and other products, partially offset by the contribution of the revenue drivers noted above.
Net Loss
Net loss attributable to Bausch + Lomb Corporation for the fourth quarter of 2025 was $58 million, as compared to $3 million for the fourth quarter of 2024, an unfavorable change of $55 million. The change was primarily driven by an increase in the income tax provision, partially offset by the operating results noted above.
Net loss attributable to Bausch + Lomb Corporation for the full year of 2025 was $360 million, as compared to $317 million for the full year of 2024, an unfavorable change of $43 million. The change was primarily driven by the operating results noted above and fees associated with the June 2025 refinancing, partially offset by a decrease in the income tax provision.
Adjusted net income attributable to Bausch + Lomb Corporation (non-GAAP)1 for the fourth quarter of 2025 was $115 million, as compared to $89 million for the fourth quarter of 2024, an increase of $26 million.
Adjusted net income attributable to Bausch + Lomb Corporation (non-GAAP)1 for the full year of 2025 was $152 million, as compared to $204 million for the full year of 2024, a decrease of $52 million.
Cash Flow From Operations
Cash flow from operations for the full year of 2025 was $283 million, as compared to $232 million for the full year of 2024, an increase of $51 million. Cash flow was positively impacted in the full year by working capital initiatives, partially offset by fees associated with the June 2025 refinancing and the timing of business transformation payments.
Earnings Per Share
GAAP Earnings Per Share (“EPS”) Basic and Diluted attributable to Bausch + Lomb Corporation for the fourth quarter of 2025 was ($0.16), as compared to ($0.01) for the fourth quarter of 2024. Adjusted EPS attributable to Bausch + Lomb Corporation (non-GAAP)1 for the fourth quarter of 2025 was $0.32, as compared to $0.25 for the fourth quarter of 2024.
GAAP EPS Basic and Diluted attributable to Bausch + Lomb Corporation for the full year of 2025 was ($1.02), as compared to ($0.90) for the full year of 2024. Adjusted EPS attributable to Bausch + Lomb Corporation (non-GAAP)1 for the full year of 2025 was $0.43, as compared to $0.58 for the full year of 2024.
Adjusted EBITDA (non-GAAP)1; Adjusted EBITDA Excluding Acquired IPR&D (non-GAAP)1
Adjusted EBITDA (non-GAAP)1 was $326 million for the fourth quarter of 2025, as compared to $259 million for the fourth quarter of 2024, an increase of $67 million. Adjusted EBITDA excluding Acquired IPR&D (non-GAAP)1 was $330 million for the fourth quarter of 2025, as compared to $259 million for the fourth quarter of 2024, an increase of $71 million, primarily due to the contribution of the revenue drivers noted above and operating leverage.
Adjusted EBITDA (non-GAAP)1 was $858 million for the full year of 2025, as compared to $860 million for the full year of 2024, a decrease of $2 million, primarily driven by an increase in Acquired IPR&D. Adjusted EBITDA excluding Acquired IPR&D (non-GAAP)1 was $891 million for the full year of 2025, as compared to $878 million for the full year of 2024, an increase of $13 million, primarily due to the contribution of the revenue drivers noted above, partially offset by the voluntary recall of certain enVista IOLs and investment in products, including MIEBO.
2026 Financial Outlook2
Bausch + Lomb provided guidance for the full year of 2026, as follows.
As of February 18, 2026
Full-Year Revenue
$5.375B – $5.475B
5 – 7% constant currency growth1
Full-Year Adjusted EBITDA
Excluding Acquired IPR&D (non-GAAP)1
$1.000B – $1.050B
Full-Year Revenue Foreign Exchange Tailwinds
Full-Year Adj. EBITDA1 Foreign Exchange Tailwinds
$30M
Nominal
Other than with respect to GAAP revenue, the company only provides guidance on a non-GAAP basis. The company does not provide a reconciliation of forward-looking Adjusted EBITDA excluding Acquired IPR&D (non-GAAP)1 to GAAP net income (loss) attributable to Bausch + Lomb Corporation or of forward-looking constant currency revenue growth1 to reported revenue growth, due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. These amounts may be material and, therefore, could result in the projected GAAP measure or ratio being materially different or less than the projected non-GAAP measure or ratio. These statements represent forward-looking information and may represent a financial outlook, and actual results may vary. Please see the risks and assumptions referred to in the Forward-looking Statements section of this news release.
Balance Sheet Highlights
Bausch + Lomb’s cash, cash equivalents and restricted cash were $397 million at December 31, 2025
Basic weighted average shares outstanding for the fourth quarter of 2025 were 354.4 million, and diluted weighted average shares outstanding for the fourth quarter of 2025 were 359.1 million3
Basic weighted average shares outstanding for the full year of 2025 were 353.8 million, and diluted weighted average shares outstanding for the full year of 2025 were 357.0 million3
Conference Call Details
Date:
Wednesday, Feb. 18, 2026
Time:
8:00 a.m. ET
Webcast:
https://www.webcaster5.com/Webcast/Page/2883/53392
Participant Event Dial-in:
+1 (888) 506-0062 (North America)
+1 (973) 528-0011 (International)
Participant Access Code:
923960
Replay Dial-in:
+1 (877) 481-4010 (North America)
+1 (919) 882-2331 (International)
Replay Passcode:
53392 (replay available until March 4, 2026)
About Bausch + Lomb
Our mission is simple – we help people see better to live better, all over the world. For nearly two centuries we’ve evolved with the changing needs of patients and customers, and our commitment to innovation and improving the standard of care in eye health has never been stronger. From contact lenses to prescription products, over-the-counter options, surgical devices and more, we’re turning bold ideas into better outcomes through passion, perseverance and purpose. Learn more at www.bausch.com and connect with us on Facebook, Instagram, LinkedIn, X and YouTube.
Forward-looking Statements
This news release contains forward-looking information and statements within the meaning of applicable securities laws (collectively, “forward-looking statements”), which may generally be identified by the use of the words “anticipates,” “hopes,” “expects,” “intends,” “plans,” “projects,” “predicts,” “forecasts,” “should,” “could,” “would,” “may,” “might,” “will,” “strive,” “believes,” “estimates,” “potential,” “target,” “guidance,” “outlook,” or “continue” and positive and negative variations or similar expressions and phrases or statements 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 forward-looking information. Forward-looking statements include statements regarding Bausch + Lomb’s future prospects and performance, including the company’s 2026 full-year guidance, and its three-year plan. These forward-looking statements, including the company’s full-year guidance and its three-year plan, are based upon the current expectations and beliefs of management and are provided for the purpose of providing additional information about such expectations and beliefs, and readers are cautioned that these statements 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 from 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 filings 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 Dec. 31, 2025 (which is anticipated to be filed with the SEC and CSA on Feb. 18, 2026) and its most recent quarterly filings), which factors are incorporated herein by reference. They also include, but are not limited to, risks and uncertainties respecting the proposed plan to separate Bausch + Lomb into 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 expected 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 portion 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 distribution, then it will be completed following the achievement of targeted debt leverage ratios, subject to receipt of applicable shareholder and other necessary approvals and other factors, including those described in BHC’s public statements, the ability to complete the distribution considering the various conditions to the completion 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 other approvals), the impact of any potential sales of the company’s common shares by BHC (including in connection with a foreclosure on the Bausch + Lomb common shares owned by BHC or its subsidiaries that are or may be pledged as collateral for certain of BHC’s or its subsidiary’s debt), that market or other conditions are no longer favorable to completing the transaction, 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 whether 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 conditions required to maintain the tax-free status of such distribution (some of which are beyond their control), other potential tax or other liabilities that may arise as a result of the distribution, the potential dis-synergy costs resulting from the separation, the impact of the separation on relationships with customers, suppliers, employees and other business counterparties, general economic conditions, conditions in the markets the company is engaged in, behavior of customers, suppliers and competitors, technological developments and legal and regulatory 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 occur 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 transactions 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 such transactions, including in regards to compliance with our debt covenants. They also include risks and uncertainties related to the impacts of the new legislation commonly referred to as One Big Beautiful Bill Act, including the effects on our tax provision for both 2026 and future years. They also include the expected impact of the tariffs imposed by the U.S. and counter-tariffs or other retaliatory measures 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 successfully 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, they also include, but are not limited to, risks and uncertainties caused by or relating to adverse economic conditions and other macroeconomic factors, over which we have no control, including heightened inflation and interest rates, foreign currency rates, slower growth or a potential recession, which could adversely impact our revenue, expenses and resulting margins. In addition, certain material factors and assumptions have been applied in making these forward-looking statements, including, without limitation, the assumption that the risks and uncertainties outlined above will not cause actual results or events to differ materially from those described in these forward-looking statements. In addition, management has also made certain assumptions regarding our 2026 full-year guidance with respect to expectations regarding base performance growth, business performance, currency impact, inflation, the company's ability to offset the impact of tariffs in 2026 (based on the current tariff policy and the actions the company is taking to manage these measures), expectations regarding adjusted gross margin (non-GAAP), adjusted SG&A expense (non-GAAP) and the company’s ability to continue to manage such expense in the manner anticipated, net interest expense (which will vary based on, among other things, interest rates and our indebtedness), adjusted tax rate and full year capex and the anticipated timing and extent of the company’s R&D expense.
Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak 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 news release or to reflect actual outcomes, unless required by law.
Links provided in this news release are solely for information purposes and do not constitute Bausch + Lomb affirming any forward-looking statements contained in the linked content.
Non-GAAP Information
To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), the company uses certain non-GAAP financial measures and ratios. Management uses these non-GAAP measures and ratios as key metrics in the evaluation of the company’s performance and the consolidated 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 routinely 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 make this data available to all investors.
These measures and ratios do not have any standardized meaning under GAAP and 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 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 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 substitute 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 tables below.
Specific Non-GAAP Measures
EBITDA, EBITDA margin, Adjusted EBITDA, Adjusted EBITDA excluding Acquired IPR&D and Adjusted EBITDA growth (excluding Acquired IPR&D)
EBITDA (non-GAAP) is Net income (loss) attributable to Bausch + Lomb Corporation (its most directly comparable U.S. GAAP financial measure) adjusted for interest, income taxes, depreciation and amortization. EBITDA margin (non-GAAP) is EBITDA (non-GAAP) divided by Revenues. 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 that Adjusted EBITDA (non-GAAP) focuses management on the company’s underlying operational results and business performance. As a result, the company uses Adjusted EBITDA (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 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 addition, 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 (non-GAAP) is Net income (loss) attributable to Bausch + Lomb Corporation (its most directly comparable U.S. GAAP financial measure) adjusted for interest expense, net, (benefit from) provision for income taxes, depreciation and amortization and further adjusted for the following items:
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 divestitures. The company believes that the adjustments of these items correlate with the sustainability of the company’s operating performance. Although the company excludes impairments of intangible assets from measuring the performance of the company and its business, the company believes that it is important for 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 the divestiture of assets and businesses. With regard to infrastructure and operational improvements which the company has taken to improve efficiencies in the businesses and facilities, these tend to be costs intended to right size the business or organization that fluctuate significantly between periods in amount, size and timing, depending on the improvement project, reorganization or transaction. Additionally, with the completion of the Bausch + Lomb IPO, as the company prepares for post-separation operations, the company is launching certain transformation initiatives that will result in certain changes to and investment 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 periods in amount, size and timing. These out-of-the-ordinary-course charges include third-party advisory costs, as well as certain compensation-related costs. Investors should understand that the outcome of these transformation initiatives may result in future restructuring actions and certain of these charges could recur. The company believes that the adjustments of these items provide supplemental information with regard to the sustainability of the company’s operating performance, allow for a comparison of the financial results to historical operations and forward-looking guidance and, as a result, 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 are not consistent and are significantly impacted by the timing and size of its acquisitions. In addition, the company excludes the impact of acquisition-related 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 impacted 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.
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 traded entity. Separation costs are incremental costs directly related to effectuating the separation of the Bausch + Lomb business from the remainder of BHC and 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 and/or modification. As these costs arise from events outside of the ordinary course of continuing operations, the company believes that the adjustments of these items provide supplemental information with regard to the sustainability of the company’s operating performance, allow for a comparison of the financial results to historical operations and forward-looking guidance and, as a result, provide useful supplemental information to investors.
Loss on extinguishment of debt: The company has excluded 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 not consistent and are significantly impacted by the timing and size of debt financing transactions and other factors in the debt market that are not within 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 operating performance if and when present in the periods presented. These events arise outside of the ordinary course of continuing operations. Given the unique nature of the matters relating to these costs, the company believes these items are not routine operating expenses. For example, legal settlements and judgments vary significantly, in their nature, size and frequency, and, due to this volatility, the company believes the costs associated with legal settlements and judgments are not routine operating expenses. The company believes that the exclusion of such out-of-the-ordinary-course amounts provides supplemental information to assist in the comparison of the financial results of the company from period to period and, therefore, provides useful supplemental information to investors. However, 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) (non-GAAP) is Adjusted EBITDA (non-GAAP) further adjusted to exclude Acquired IPR&D. The IPR&D expenditures represent costs directly resulting from business development transactions and not through the normal course of business. The company believes that the exclusion of such out-of-the-ordinary-course amounts provides supplemental information to assist in the comparison of the financial results of the company from period to period and, therefore, provides useful supplemental information to investors in assessing our performance. However, investors should understand that the company may enter into additional business development transactions in the future and, as a result, such Acquired IPR&D may recur in the future.
Adjusted Net Income (non-GAAP)
Adjusted net income (non-GAAP) is net income (loss) attributable to Bausch + Lomb Corporation (its most directly comparable GAAP financial measure) adjusted for asset impairments, restructuring, integration and transformation costs, acquisition-related costs and adjustments (excluding amortization of intangible assets), separation costs and separation-related costs, loss on extinguishment of debt and other non-GAAP adjustments, as these adjustments are described above, and further adjusted for amortization of intangible assets and write-down of financing fees, as described below:
Amortization of intangible assets: The company has excluded the impact of amortization of intangible assets, as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions. The company believes that the adjustments of these items correlate with the sustainability of the company’s operating performance. Although the company excludes the amortization of intangible assets from its non-GAAP expenses, the company believes that it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in the amortization of additional intangible assets.
Write-down of financing fees: In addition to excluding loss on extinguishment of debt, the company has excluded write-down of financing fees 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 not consistent and are significantly impacted by the timing and size of debt financing transactions and other factors in the debt market that are not within management’s control. Bausch + Lomb did not have any material write-downs of financing fees prior to the second quarter of 2025.
Adjusted net income (non-GAAP) excludes the impact of these certain items that may obscure trends in the company’s underlying performance. Management uses Adjusted net income (non-GAAP) for strategic decision making, forecasting future results and evaluating current performance. By disclosing this non-GAAP measure, it is management’s intention to provide investors with a meaningful, supplemental comparison of the company’s operating results and trends for the periods presented. Management believes that this measure is also useful to investors as such measure allows investors to evaluate the company’s performance using the same tools that management uses to evaluate past performance and prospects for future performance. Accordingly, the company believes that Adjusted net income (non-GAAP) is useful to investors in their assessment of the company’s operating performance and the valuation of the company. It is also noted that, in recent periods, our GAAP net income (loss) attributable to Bausch + Lomb Corporation was significantly lower than our Adjusted net income (non-GAAP).
Constant Currency
Constant currency change or constant currency revenue growth is a change in GAAP revenue (its most directly comparable GAAP financial measure) on a period-over-period basis adjusted for changes in foreign currency exchange rates. The company uses Constant Currency revenue (non-GAAP) 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 useful 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 underlying business performance. Constant currency impact is determined by comparing current year reported amounts adjusted to exclude currency impact, calculated using monthly average exchange rates from the prior year to the actual prior year reported amounts.
Adjusted EPS (non-GAAP) and Adjusted EPS excluding Acquired IPR&D (non-GAAP)
Adjusted earnings per share or Adjusted EPS (non-GAAP) is calculated as Diluted income per share attributable to Bausch + Lomb Corporation (“GAAP EPS”) (its most directly comparable GAAP financial measure), adjusted for the per diluted share impact of each adjustment made to reconcile Net income (loss) attributable to Bausch + Lomb Corporation to Adjusted net income (non-GAAP) as discussed above. Adjusted EPS excluding Acquired IPR&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 (non-GAAP) excludes the impact of certain items that may obscure trends in the company’s underlying performance on a per share basis. By disclosing this non-GAAP measure, 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 that Adjusted EPS (non-GAAP) and Adjusted EPS excluding Acquired IPR&D (non-GAAP) are useful to investors in their assessment of the company’s operating performance, 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 significantly lower than our Adjusted EPS (non-GAAP) and Adjusted EPS excluding Acquired IPR&D (non-GAAP).
© 2026 Bausch + Lomb.
____________________________________
1 This is a non-GAAP measure or a non-GAAP ratio. For further information on non-GAAP measures and non-GAAP ratios, please refer to the “Non-GAAP Information” section of this news release. Please also refer to tables at the end of this news release for a reconciliation of this and other non-GAAP measures to the most directly comparable GAAP measure.
2 The guidance in this news release is only effective as of the date given, February 18, 2026, and will not be updated or affirmed unless and until the company publicly announces updated or affirmed guidance. Distribution or reference of this news release following February 18, 2026, does not constitute the company reaffirming guidance. See the “Forward-looking Statements” section for further information.
3 Diluted weighted average shares includes the dilutive impact of options, performance based restricted stock units and restricted stock units, which are approximately 4,700,000 common shares for the 3 months ended December 31, 2025, and which are excluded when calculating GAAP diluted loss per share because the effect of including the impact would be anti-dilutive. Diluted weighted average shares includes the dilutive impact of options, performance based restricted stock units and restricted stock units, which are approximately 3,200,000 common shares for the 12 months ended December 31, 2025, and which are excluded when calculating GAAP diluted loss per share because the effect of including the impact would be anti-dilutive.
FINANCIAL TABLES FOLLOW
Bausch + Lomb Corporation
Table 1
Consolidated Statements of Operations
For the Three and Twelve Months Ended December 31, 2025 and 2024
(unaudited)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
(in millions, except per share amounts)
2025
2024
2025
2024
Revenues
Product sales
$
1,398
$
1,275
$
5,080
$
4,774
Other revenues
7
5
21
17
1,405
1,280
5,101
4,791
Expenses
Cost of goods sold (excluding amortization and impairments of intangible assets)
532
499
2,045
1,868
Cost of other revenues
1
2
5
4
Selling, general and administrative
564
532
2,234
2,082
Research and development
94
93
371
343
Amortization of intangible assets
56
68
258
288
Other expense (income), net
46
(1
)
75
44
1,293
1,193
4,988
4,629
Operating income
112
87
113
162
Interest income
3
5
12
15
Interest expense
(98
)
(98
)
(421
)
(399
)
Loss on extinguishment of debt
—
—
(6
)
—
Foreign exchange and other
(4
)
(4
)
(15
)
(12
)
Income (loss) before provision for income taxes
13
(10
)
(317
)
(234
)
(Provision for) benefit from income taxes
(71
)
8
(35
)
(71
)
Net loss
(58
)
(2
)
(352
)
(305
)
Net income attributable to noncontrolling interest
—
(1
)
(8
)
(12
)
Net loss attributable to Bausch + Lomb Corporation
$
(58
)
$
(3
)
$
(360
)
$
(317
)
Basic and diluted loss per share attributable to Bausch + Lomb Corporation
$
(0.16
)
$
(0.01
)
$
(1.02
)
$
(0.90
)
Basic weighted-average common shares
354.4
352.0
353.8
351.8
Diluted weighted-average common shares
354.4
352.0
353.8
351.8
Bausch + Lomb Corporation
Table 2
Reconciliation of GAAP Net Loss and Diluted Loss per Share Attributable to Bausch + Lomb Corporation to Adjusted Net Income (non-GAAP) and Adjusted Earnings Per Share (non-GAAP)
For the Three and Twelve Months Ended December 31, 2025 and 2024
(unaudited)
Three Months Ended December 31,
2025
2024
(in millions, except per share amounts)
Income (Expense)
Earnings per Share Impact
Income (Expense)
Earnings per Share Impact
Net loss and Diluted loss per share attributable to Bausch + Lomb Corporation
$
(58
)
$
(0.16
)
$
(3
)
$
(0.01
)
Non-GAAP adjustments: (a)
Amortization of intangible assets
56
0.16
68
0.19
Restructuring, integration and transformation costs
24
0.07
26
0.07
Acquisition-related costs and adjustments (excluding amortization of intangible assets)
25
0.07
11
0.03
Separation costs and separation-related costs
1
—
2
0.01
Other
5
0.01
5
0.01
Tax effect of non-GAAP adjustments
62
0.17
(20
)
(0.05
)
Total non-GAAP adjustments
173
0.48
92
0.26
Adjusted net income (non-GAAP) and Adjusted earnings per share (non-GAAP)
$
115
$
0.32
$
89
$
0.25
Acquired IPR&D
1
—
—
—
Adjusted net income excluding Acquired IPR&D (non-GAAP) and Adjusted earnings per share excluding Acquired IPR&D (non-GAAP)
$
116
$
0.32
$
89
$
0.25
Twelve Months Ended December 31,
2025
2024
(in millions, except per share amounts)
Income (Expense)
Earnings per Share Impact
Income (Expense)
Earnings per Share Impact
Net loss and Diluted loss per share attributable to Bausch + Lomb Corporation
$
(360
)
$
(1.02
)
$
(317
)
$
(0.90
)
Non-GAAP adjustments: (a)
Amortization of intangible assets
258
0.72
288
0.81
Asset impairments
—
—
5
0.01
Restructuring, integration and transformation costs
138
0.39
99
0.28
Acquisition-related costs and adjustments (excluding amortization of intangible assets)
42
0.12
77
0.22
Loss on extinguishment of debt and write-down of financing fees
39
0.11
—
—
Separation costs and separation-related costs
1
—
4
0.01
Gain on sale of assets
(6
)
(0.02
)
(5
)
(0.01
)
Other
23
0.07
14
0.04
Tax effect of non-GAAP adjustments
17
0.06
39
0.12
Total non-GAAP adjustments
512
1.45
521
1.48
Adjusted net income (non-GAAP) and Adjusted earnings per share (non-GAAP)
$
152
$
0.43
$
204
$
0.58
Acquired IPR&D
30
0.08
18
0.05
Adjusted net income excluding Acquired IPR&D (non-GAAP) and Adjusted earnings per share excluding Acquired IPR&D (non-GAAP)
$
182
$
0.51
$
222
$
0.63
(a) The components of and further details respecting each of these non-GAAP adjustments and the financial statement line item to which each component relates can be found on Table 2a.
Bausch + Lomb Corporation
Table 2a
Reconciliation of GAAP to Non-GAAP Financial Information
For the Three and Twelve Months Ended December 31, 2025 and 2024
(unaudited)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
(in millions)
2025
2024
2025
2024
Cost of goods sold reconciliation:
GAAP Cost of goods sold (excluding amortization and impairments of intangible assets)
$
532
$
499
$
2,045
$
1,868
Fair value inventory step-up resulting from acquisitions (a)
—
(21
)
(62
)
(82
)
Adjusted cost of goods sold (excluding amortization and impairments of intangible assets) (non-GAAP)
$
532
$
478
$
1,983
$
1,786
Selling, general and administrative reconciliation:
GAAP Selling, general and administrative
$
564
$
532
$
2,234
$
2,082
Separation-related costs (b)
(1
)
—
(2
)
(1
)
Transformation costs (c)
(9
)
(22
)
(79
)
(75
)
Other (d)
(3
)
(1
)
(11
)
(6
)
Adjusted selling, general and administrative (non-GAAP)
$
551
$
509
$
2,142
$
2,000
Research and development reconciliation:
GAAP Research and development
$
94
$
93
$
371
$
343
Separation-related costs (b)
—
—
—
(1
)
Adjusted research and development (non-GAAP)
$
94
$
93
$
371
$
342
Amortization of intangible assets reconciliation:
GAAP Amortization of intangible assets
$
56
$
68
$
258
$
288
Amortization of intangible assets (e)
(56
)
(68
)
(258
)
(288
)
Adjusted amortization of intangible assets (non-GAAP)
$
—
$
—
$
—
$
—
Other expense, net reconciliation:
GAAP Other expense (income), net
$
46
$
(1
)
$
75
$
44
Litigation and other matters (d)
(2
)
(3
)
(10
)
(5
)
Restructuring and integration costs (c)
(15
)
(4
)
(59
)
(24
)
Asset impairments (f)
—
—
—
(5
)
Separation costs (b)
—
(2
)
1
(2
)
Acquisition-related contingent consideration (a)
(23
)
11
27
9
Acquisition-related costs (a)
(2
)
(1
)
(7
)
(4
)
Gain on sale of assets (g)
—
—
6
5
Adjusted other expense, net (non-GAAP)
$
4
$
—
$
33
$
18
Interest expense reconciliation:
GAAP Interest expense
$
(98
)
$
(98
)
$
(421
)
$
(399
)
Write-down of financing fees (h)
—
—
33
—
Adjusted interest expense (non-GAAP)
$
(98
)
$
(98
)
$
(388
)
$
(399
)
Loss on extinguishment of debt reconciliation:
GAAP Loss on extinguishment of debt
$
—
$
—
$
(6
)
$
—
Loss on extinguishment of debt (h)
—
—
6
—
Adjusted loss on extinguishment of debt (non-GAAP)
$
—
$
—
$
—
$
—
Foreign exchange and other reconciliation:
GAAP Foreign exchange and other
$
(4
)
$
(4
)
$
(15
)
$
(12
)
Other (d)
—
1
2
3
Adjusted foreign exchange and other (non-GAAP)
$
(4
)
$
(3
)
$
(13
)
$
(9
)
Provision for income taxes reconciliation:
GAAP (Provision for) benefit from income taxes
$
(71
)
$
8
$
(35
)
$
(71
)
Tax effect of non-GAAP adjustments (i)
62
(20
)
17
39
Adjusted provision for income taxes (non-GAAP)
$
(9
)
$
(12
)
$
(18
)
$
(32
)
(a) Represents the three components of the non-GAAP adjustment of “Acquisition-related costs and adjustments (excluding amortization of intangible assets)” (see Table 2).
(b) Represents the three components of the non-GAAP adjustment of “Separation costs and separation-related costs” (see Table 2).
(c) Represents the two components of the non-GAAP adjustment of “Restructuring, integration and transformation costs” (see Table 2).
(d) Represents the three components of the non-GAAP adjustment of “Other” (see Table 2).
(e) Represents the sole component of the non-GAAP adjustment of “Amortization of intangible assets” (see Table 2).
(f) Represents the sole component of the non-GAAP adjustment of “Asset impairments” (see Table 2).
(g) Represents the sole component of the non-GAAP adjustment of “Gain on sale of assets” (see Table 2).
(h) Represents the two components of the non-GAAP adjustment of “Loss on extinguishment of debt and write-down of financing fees” (see Table 2).
(i) Represents the sole component of the non-GAAP adjustment of “Tax effect of non-GAAP adjustments” (see Table 2).
Bausch + Lomb Corporation
Table 2b
Reconciliation of GAAP Net Loss to Adjusted EBITDA (non-GAAP)
For the Three and Twelve Months Ended December 31, 2025 and 2024
(unaudited)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
(in millions)
2025
2024
2025
2024
Net loss attributable to Bausch + Lomb Corporation
$
(58
)
$
(3
)
$
(360
)
$
(317
)
Interest expense, net
95
93
409
384
Provision for (benefit from) income taxes
71
(8
)
35
71
Depreciation and amortization of intangible assets
99
106
421
436
EBITDA
207
188
505
574
Adjustments:
Asset impairments
—
—
—
5
Restructuring, integration and transformation costs
24
26
138
99
Acquisition-related costs and adjustments (excluding amortization of intangible assets)
25
11
42
77
Share-based compensation
64
27
149
92
Separation and separation-related costs
1
2
1
4
Loss on extinguishment of debt
—
—
6
—
Other non-GAAP adjustments:
Gain on sale of assets
—
—
(6
)
(5
)
Other
5
5
23
14
Adjusted EBITDA (non-GAAP)
$
326
$
259
$
858
$
860
Acquired IPR&D
4
—
33
18
Adjusted EBITDA excluding Acquired IPR&D (non-GAAP)
$
330
$
259
$
891
$
878
Bausch + Lomb Corporation
Table 3
Constant Currency Revenue (non-GAAP) and Constant Currency Revenue Growth (non-GAAP) - by Segment
For the Three and Twelve Months Ended December 31, 2025 and 2024
(unaudited)
Calculation of Constant Currency Revenue for the Three Months Ended
December 31, 2025
December 31, 2024
Change in Revenue as Reported
Change in
Constant Currency Revenue (Non-GAAP) (b)
Revenue
as
Reported
Changes in Exchange Rates (a)
Constant Currency Revenue
(Non-GAAP) (b)
Revenue
as
Reported
(in millions)
Amount
Pct.
Amount
Pct.
Vision Care
$
778
$
(21
)
$
757
$
723
$
55
8
%
$
34
5
%
Surgical
249
(10
)
239
231
18
8
%
8
3
%
Pharmaceuticals
378
(6
)
372
326
52
16
%
46
14
%
Total revenues
$
1,405
$
(37
)
$
1,368
$
1,280
$
125
10
%
$
88
7
%
Calculation of Constant Currency Revenue for the Twelve Months Ended
December 31, 2025
December 31, 2024
Change in Revenue as Reported
Change in
Constant Currency Revenue (Non-GAAP) (b)
Revenue
as
Reported
Changes in Exchange Rates (a)
Constant Currency Revenue
(Non-GAAP) (b)
Revenue
as
Reported
(in millions)
Amount
Pct.
Amount
Pct.
Vision Care
$
2,923
$
(33
)
$
2,890
$
2,739
$
184
7
%
$
151
6
%
Surgical
894
(17
)
877
843
51
6
%
34
4
%
Pharmaceuticals
1,284
(8
)
1,276
1,209
75
6
%
67
6
%
Total revenues
$
5,101
$
(58
)
$
5,043
$
4,791
$
310
6
%
$
252
5
%
(a) The impact for changes in foreign currency exchange rates is determined as the difference in the current period reported revenues 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 period.
(b) To supplement the financial measures prepared in accordance with GAAP, the Company uses certain non-GAAP financial measures and ratios. For additional information about the Company’s use of such non-GAAP financial measures and ratios, refer to the “Non-GAAP Information” section in the body of the news release to which these tables are attached. Constant currency revenue (non-GAAP) for the three and twelve months ended December 31, 2025, is calculated as revenue as reported adjusted for the impact for changes in exchange rates (previously defined in this news release). Change in constant currency revenue (non-GAAP) is calculated as the difference between constant currency revenue for the current period and revenue as reported for the comparative period.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260218111553/en/
Media Contact:
T.J. Crawford
tj.crawford@bausch.com
(908) 705-2851
Investor Contact:
George Gadkowski
george.gadkowski@bausch.com
(877) 354-3705 (toll free)
(908) 927-0735
Original: Bausch + Lomb Announces Fourth-Quarter and Full-Year 2025 Results, Provides 2026 Guidance
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