Bausch + Lomb Announces Third-Quarter 2025 Results

• Revenue of $1.281 Billion
• GAAP Net Loss Attributable to Bausch + Lomb Corporation of $28 Million
• Adjusted EBITDA (non-GAAP)¹ of $243 Million; Adjusted EBITDA Excluding Acquired IPR&D (non-GAAP)¹ of $243 Million
• Revenue Grew 7% as Reported and 6% on a Constant Currency¹ Basis Compared to the Third Quarter of 2024
• Updating Full-Year 2025 Adjusted EBITDA Excluding Acquired IPR&D (non-GAAP)¹ Guidance

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 third-quarter 2025 financial results.

“We’re delivering on the vision we laid out in 2023, with a base business engine that continues to hum and steady introduction of innovative products across categories,” said Brent Saunders, chairman and CEO, Bausch + Lomb. “Our loaded and differentiated pipeline featuring clinical-stage programs will be on full display in just a few weeks at investor day.”

Select Company Highlights

• Delivered broad-based revenue growth across all segments, led by Pharmaceuticals and Vision Care
• Expanded leadership in dry eye with strong growth in MIEBO^®
• Regained momentum in premium IOLs with growth in enVista^® and LUX platforms
• Advanced R&D pipeline with next-gen LUMIFY^® Phase 3 study meeting all primary and secondary endpoints and initiating enrollment for bioactive lens, next-gen lifitegrast, ocular surface pain and glaucoma clinical studies

Third-Quarter 2025 Revenue Performance

Total reported revenue was $1.281 billion for the third quarter of 2025, as compared to $1.196 billion in the third quarter of 2024, an increase of $85 million, or 7%. Excluding the favorable impact of foreign exchange of $19 million, revenue increased by approximately 6% on a constant currency¹ basis compared to the third quarter of 2024.

Revenue by segment was as follows:

Third-Quarter 2025

Vision Care Segment

Vision Care segment revenue was $736 million for the third quarter of 2025, as compared to $684 million for the third quarter of 2024, an increase of $52 million, or 8%. Excluding the favorable impact of foreign exchange of $11 million, segment revenue increased on a constant currency¹ basis by approximately 6% compared to the third quarter of 2024. This was primarily driven by the over-the-counter dry eye portfolio and eye vitamins in the consumer business and growth in SiHy Daily lenses and Biotrue^® ONEday in the contact lens business.

Surgical Segment

Surgical segment revenue was $215 million for the third quarter of 2025, as compared to $206 million for the third quarter of 2024, an increase of $9 million, or 4%. Excluding the favorable impact of foreign exchange of $6 million, segment revenue increased on a constant currency¹ basis by approximately 1% compared to the third quarter of 2024, primarily due to increased equipment sales and implantables, driven by growth in premium IOLs.

Pharmaceuticals Segment

Pharmaceuticals segment revenue was $330 million for the third quarter of 2025, as compared to $306 million for the third quarter of 2024, an increase of $24 million, or 8%. Excluding the favorable impact of foreign exchange of $2 million, segment revenue increased on a constant currency¹ basis by approximately 7% compared to the third quarter of 2024, primarily driven by increased sales of MIEBO and growth in International Pharmaceuticals.

Operating Results

Operating income was $95 million for the third quarter of 2025, as compared to operating income of $43 million for the third quarter of 2024, an increase of $52 million. The change was largely driven by higher sales as noted above and operating expense efficiencies.

Net (Loss) Income

Net loss attributable to Bausch + Lomb Corporation for the third quarter of 2025 was $28 million, as compared to net income of $4 million for the third quarter of 2024, an unfavorable change of $32 million. The change was primarily due to an increase in income tax provision, offset by the operating results noted above.

Adjusted net income attributable to Bausch + Lomb Corporation (non-GAAP)¹ for the third quarter of 2025 was $66 million, as compared to $46 million for the third quarter of 2024, an increase of $20 million.

Cash Flow from Operations

Cash flow from operations for the third quarter of 2025 was $137 million, as compared to $154 million for the third quarter of 2024, a decrease of $17 million. The change was driven by the increase in operating results, offset by business transformation payments.

Earnings Per Share

GAAP Earnings Per Share (“EPS”) Basic and Diluted attributable to Bausch + Lomb Corporation for the third quarter of 2025 was ($0.08), as compared to $0.01 for the third quarter of 2024. Adjusted EPS attributable to Bausch + Lomb Corporation (non-GAAP)¹ for the third quarter of 2025 was $0.18, as compared to $0.13 for the third quarter of 2024. Adjusted EPS attributable to Bausch + Lomb Corporation excluding Acquired IPR&D (non-GAAP)¹ for the third quarter of 2025 was $0.18, as compared to $0.17 for the third quarter of 2024.

Adjusted EBITDA (non-GAAP)¹; Adjusted EBITDA Excluding Acquired IPR&D (non-GAAP)¹

Adjusted EBITDA (non-GAAP)¹ was $243 million for the third quarter of 2025, as compared to $212 million for the third quarter of 2024, an increase of $31 million. Adjusted EBITDA excluding Acquired IPR&D (non-GAAP)¹ was $243 million for the third quarter of 2025, as compared to $227 million for the third quarter of 2024, an increase of $16 million. The change was driven by the increase in operating results, as noted above.

2025 Financial Outlook²

Bausch + Lomb provided updated guidance for the full year of 2025 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 $332 million at Sept. 30, 2025
• Basic weighted average shares outstanding for the third quarter of 2025 were 354.2 million and diluted weighted average shares outstanding for the third quarter of 2025 were 357.4 million⁴

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 2025 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, 2024 (which was filed with the SEC and CSA on Feb. 19, 2025) 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 or dispositions of the company’s common shares by BHC (including in connection with a foreclosure on the Bausch + Lomb common shares owned by BHC that are or may be pledged as collateral for certain of BHC’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 relating to the voluntary recall of certain of our enVista^® IOL products, including our ability to resupply inventory to the market and the success of the enhanced protocols we have put in place (including the enhanced inspection protocols for IOLs and more explicit standards for third party suppliers). 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, including heightened inflation and interest rates, fluctuations in exchange rates, imposition of and adverse changes to tariff, duties and other trade protection measures, 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 2025 full-year guidance with respect to expectations regarding base performance growth, business performance, currency impact, impacts of inflation, the company’s ability to offset the impact of tariffs in 2025 (based on the current tariff policy and the actions the company is taking to manage these measures), 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, 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 and Adjusted EBITDA 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.

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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