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Leigh

Managing Director and Senior Equity Research Analyst at Wells Fargo

Leigh Jesse is a Managing Director and Senior Equity Research Analyst at Wells Fargo Securities, specializing in the energy sector with a focus on oil and gas exploration and production companies. She covers specific firms including EOG Resources, Pioneer Natural Resources, Devon Energy, and Diamondback Energy, boasting a strong performance track record with a 62% success rate on TipRanks, an average return of 14.2% per rating, and rankings in the top 10% of energy analysts over the past year. Jesse launched her Wall Street career at Lehman Brothers in 2005 as an associate analyst, progressed through roles at Credit Suisse and Tudor, Pickering, Holt & Co. before joining Wells Fargo in 2019, and holds Series 7, 63, and 86 FINRA licenses along with a CFA charter.

Leigh's questions to Bausch & Lomb (BLCO) leadership

Question · Q4 2025

Leigh asked about XIIDRA's performance expectations for 2026, specifically if mid-single-digit sales growth is anticipated, with price improvement offsetting volume decline. She also questioned the confidence in achieving the 23% EBITDA margin target by 2028 (200 basis points per year) and whether margin improvement will occur in equal steps.

Answer

Chairman and CEO Brent Saunders and President of Global Pharmaceuticals and International Consumer Andrew Stewart confirmed expectations for mid-single-digit growth for XIIDRA in 2026, driven by higher revenue growth from better net pricing (gross-to-nets moving from mid-70s to low-70s), despite slower TRx growth. CFO Sam Eldessouky provided further details on the net pricing benefit. Brent Saunders expressed high confidence in the 2028 EBITDA margin target, citing Q4 2025's 17.5% margin as a strong start and emphasizing company-wide focus and disciplined project teams for margin improvement.

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