Bausch & Lomb (BLCO) Company Report

Bausch + Lomb initiated its Vision 27 program at the beginning of 2025, aiming to improve operating expenses, gross margin, and EBITDA margins, with a goal to achieve EBITDA margins comparable to or better than competitors.
The company announced a three-year plan at its Analyst Day, projecting 5%-7% sales growth faster than the market, consistent margin improvement of approximately 200 basis points annually, and a target of 3.5x net leverage by 2028. This plan is based on organic growth and contemplates no M&A.
A significant innovation, Project Halo, involves a novel bioactive contact lens material designed to address end-of-day dryness, with clinical data expected by mid-2026 and a planned launch in 2028 or potentially earlier. This product is expected to be high-margin due to production on existing manufacturing lines.
The R&D pipeline is quantified at over $7 billion in potential revenue, with an expanding budget focused on shifting allocation towards programs that lead to new products.

1 day ago

Transcript

Bausch + Lomb Details Three-Year Financial Plan and Product Pipeline

BLCO

Guidance Update

New Projects/Investments

Product Launch

Bausch + Lomb announced a three-year plan targeting 5%-7% revenue growth and a 600 basis point margin improvement by 2028, aiming for 3.5x net leverage by 2028.
The company is undergoing a "revival" with the Vision 27 program, initiated at the beginning of 2025, focusing on operational excellence, gross margin improvement, and EBITDA margins, with the goal of achieving sales growth faster than the market and deep innovation.
Key product pipeline developments include the Project Halo bioactive contact lens platform expected to launch in 2028, Lumify Luxe launching in about a year, and a glaucoma product with phase 2 data expected in the back half of 2026.
R&D investment is increasing from approximately 7% to 7.5%-8% of revenue to fund these innovation programs.

1 day ago

Transcript

BLCO Outlines 2028 Financial Targets and R&D Pipeline

BLCO

Guidance Update

Product Launch

New Projects/Investments

BLCO targets a 5%-7% revenue CAGR and an adjusted EBITDA margin of 23% by 2028, reflecting a 600 basis point improvement from its 2025 guidance midpoint.
The company anticipates double-digit EPS growth, cash flow conversion exceeding 50%, and net leverage improving to 3.5 times by the end of 2028.
BLCO's R&D pipeline is expected to generate meaningful value beyond 2028, with a potential for $7 billion in peak sales from breakthrough products.
Key product innovations include a new bioactive contact lens (Project Halo) available in 2028, a dual-action fixed-dose combination eye drop for dry eye, and surgical technologies like C-Lira, which is expected to receive EU approval in H2 2026.
Margin expansion is primarily driven by a 250 basis point contribution from manufacturing and product mix and 400 basis points from SG&A efficiencies, with these targets not relying on significant R&D risk or products launching beyond 2028.

Nov 13, 2025, 1:30 PM

Transcript

4D Molecular Therapeutics Reports Q3 2025 Financial Results and Operational Highlights

BLCO

Earnings

Guidance Update

New Projects/Investments

4D Molecular Therapeutics reported $372 million in cash, cash equivalents, and marketable securities as of September 30, 2025, with an expected cash runway into the second half of 2028.
The company entered a strategic partnership with Otsuka Pharmaceutical Co., Ltd. for 4D-150 in the APAC region, receiving $85 million in upfront cash and expecting at least $50 million from cost sharing.
An equity offering provided ~$93 million in net proceeds, and an equity investment of up to $11 million was secured from the Cystic Fibrosis Foundation to accelerate 4D-710 development.
Positive long-term safety and efficacy data for 4D-150 in wet AMD was announced from the Phase 1/2 PRISM clinical trial, with Phase 3 trials on track for enrollment completion in Q1 2026 and H2 2026.
For the third quarter of 2025, the company reported a net loss of $56.9 million.

Nov 10, 2025, 1:00 PM

Press Release

BLCO Reports Strong Q3 2025 Results and Updates Full-Year Guidance

BLCO

Earnings

Guidance Update

Revenue Acceleration/Inflection

BLCO reported Q3 2025 total revenue of $1.281 billion, a 6% year-over-year increase, with adjusted EBITDA of $243 million, up 7% year over year, and adjusted EPS of $0.18.
MIEBO revenue significantly grew to $84 million in Q3 2025, representing a 33% sequential increase and 71% year-over-year increase.
The company maintained its full-year 2025 revenue guidance at $5.05 billion to $5.15 billion and updated its adjusted EBITDA guidance to $870 million to $910 million, raising the lower end of the range.
BLCO introduced a fourth strategic pillar, "Financial Excellence," focused on disciplined execution and margin expansion, contributing to a Q3 adjusted EBITDA margin of 19%, a 400 basis point sequential increase.

Oct 29, 2025, 12:00 PM

Transcript

Bausch + Lomb Reports Strong Q3 2025 Results and Raises Lower End of EBITDA Guidance

BLCO

Earnings

Guidance Update

Revenue Acceleration/Inflection

Bausch + Lomb reported Q3 2025 revenue of $1.281 billion, a 6% year-over-year increase on a constant currency basis, and adjusted EBITDA of $243 million, up 7%. The company raised the lower end of its full-year 2025 adjusted EBITDA guidance to a range of $870 million to $910 million, while maintaining revenue guidance of $5.05 billion to $5.15 billion.
Growth was broad-based across all segments, with Pharmaceuticals being a standout, as MIEBO revenue reached $84 million, marking a 71% year-over-year increase and 33% sequential growth. The surgical segment also showed strong recovery, with total Invista IOL sales in Q3 reaching 82% of Q1 pre-recall levels.
Adjusted gross margin for Q3 was 61.7%, a 130 basis points decrease year-over-year, mainly attributed to product mix and the Invista IOL recall impact, though Q4 is anticipated to improve due to continued Invista ramp-up and seasonality.
The company introduced "Financial Excellence" as a new strategic imperative and plans to detail its three-year plan and pipeline at an Investor Day on November 13th.

Oct 29, 2025, 12:00 PM

Transcript

Bausch + Lomb Reports Strong Q3 2025 Results and Updates Full-Year EBITDA Guidance

BLCO

Earnings

Guidance Update

Revenue Acceleration/Inflection

Bausch + Lomb reported 6% constant currency revenue growth and $243 million in adjusted EBITDA, representing a 7% year-over-year increase, for the third quarter of 2025.
The company updated its full-year 2025 adjusted EBITDA guidance to a range of $870 million-$910 million, raising the lower end from $860 million, while maintaining full-year revenue guidance at $5.05 billion-$5.15 billion.
Key growth drivers included $84 million in MIEBO revenue with 110% year-over-year prescription growth, 27% constant currency revenue growth in premium IOLs, and 37% reported revenue growth for Blink.
The company introduced a fourth strategic pillar, "Financial Excellence," as part of its "Vision 27" initiative, focusing on sustained, profitable growth, margin expansion, and disciplined cost management.
Recovery of the enVista IOL platform is progressing faster than expected, with total enVista sales reaching 82% of Q1 pre-recall levels in Q3 2025.

Oct 29, 2025, 12:00 PM

Transcript

Bausch + Lomb Announces Third-Quarter 2025 Results and Updates Full-Year Guidance

BLCO

Earnings

Guidance Update

Bausch + Lomb reported revenue of $1.281 billion for the third quarter of 2025, an increase of 7% as reported and 6% on a constant currency basis compared to the third quarter of 2024.
The company recorded a GAAP net loss attributable to Bausch + Lomb Corporation of $28 million and GAAP EPS of ($0.08) for Q3 2025.
Adjusted EBITDA for the third quarter of 2025 was $243 million, and Adjusted EPS was $0.18.
Bausch + Lomb updated its full-year 2025 Adjusted EBITDA Excluding Acquired IPR&D guidance to a range of $870 million to $910 million, an increase from the previous guidance of $860 million to $910 million. Full-year revenue guidance remained unchanged at $5.050 billion to $5.150 billion.

Oct 29, 2025, 11:02 AM

8-K

Bausch + Lomb Announces Third-Quarter 2025 Results

BLCO

Earnings

Guidance Update

Revenue Acceleration/Inflection

Bausch + Lomb reported third-quarter 2025 revenue of $1.281 billion, an increase of 7% as reported and 6% on a constant currency basis compared to the third quarter of 2024.
The company recorded a GAAP net loss attributable to Bausch + Lomb Corporation of $28 million for Q3 2025, compared to a net income of $4 million in Q3 2024.
Adjusted EBITDA (non-GAAP) for Q3 2025 was $243 million, an increase of $31 million from Q3 2024.
GAAP Earnings Per Share (EPS) was ($0.08) for Q3 2025, while Adjusted EPS (non-GAAP) was $0.18.
Bausch + Lomb updated its full-year 2025 Adjusted EBITDA Excluding Acquired IPR&D (non-GAAP) guidance to a range of $870 million to $910 million.

Oct 29, 2025, 10:58 AM

Press Release

Bausch + Lomb Reports Q3 2025 Results

BLCO

Earnings

Guidance Update

Revenue Acceleration/Inflection

Bausch + Lomb reported Q3 2025 revenue of $1.281 billion, an increase of 7% year-over-year, and non-GAAP EPS of $0.18, which beat consensus.
The company affirmed its full-year sales guidance in the range of $5.05–$5.15 billion.
For Q3 2025, Bausch + Lomb recorded a GAAP net loss of $25 million, alongside operating income of $95 million and gross profit of $772 million.

Oct 29, 2025, 2:14 AM

Morningstar

Earnings Transcripts

Quarterly earnings call transcripts for Bausch & Lomb.

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