Bausch + Lomb Announces Fourth-Quarter and Full-Year 2025 Results, Provides 2026 Guidance

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

VAUGHAN, Ontario–(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 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

Full-Year 2025

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.

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

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.

Contacts

Media Contact:
T.J. Crawford

[email protected]
(908) 705-2851

Investor Contact:
George Gadkowski

[email protected]
(877) 354-3705 (toll free)

(908) 927-0735

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