Bausch + Lomb Posts Strong Third-Quarter Performance, Raises Full-Year 2026 Guidance
Bausch & Lomb Corp (BLCO) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Bausch + Lomb Posts Strong Third-Quarter Performance, Raises Full-Year 2026 Guidance • Revenue of $1.375 Billion • Revenue Grew 7% as Reported and 8% on a Constant Currency 1 Basis Compared to the Third Quarter of 2025 • GAAP Net Income Attributable to Bausch + Lomb
How this was made
The 30-second read
Why it matters
The raised guidance may attract new buying interest and lift the stock ahead of market open.
Market read
The earnings beat and guidance raise provide a fresh, material catalyst for BLCO, likely influencing its near‑term price action.
What to watch
Potential foreign‑exchange headwinds and competitive pricing pressure could temper long‑term upside.
Bausch + Lomb Posts Strong Third-Quarter Performance, Raises Full-Year 2026 Guidance
Third-quarter revenue grew 7% as reported, all three segments grew, operating income increased to $155 million from $95 million, and the company raised its full-year revenue and Adjusted EBITDA excluding Acquired IPR&D guidance.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Third-quarter 2026 total revenueGAAP | $1.38B | – | $94 million, or 7% |
| Third-quarter 2026 total constant currency revenue growthnon-GAAP | 8% | – | 8% |
| Third-quarter 2026 product salesGAAP | $1.37B | – | – |
| Third-quarter 2026 other revenuesGAAP | $4M | – | – |
| Third-quarter 2026 cost of goods sold (excluding amortization and impairments of intangible assets)GAAP | $485M | – | – |
| Third-quarter 2026 selling, general and administrativeGAAP | $556M | – | – |
| Third-quarter 2026 research and developmentGAAP | $91M | – | – |
| Third-quarter 2026 amortization of intangible assetsGAAP | $57M | – | – |
| Third-quarter 2026 operating incomeGAAP | $155M | – | $60 million favorable change |
| Third-quarter 2026 interest expenseGAAP | −$95M | – | – |
| Third-quarter 2026 net income attributable to Bausch + Lomb CorporationGAAP | $32M | – | $60 million favorable change |
| Third-quarter 2026 adjusted net income attributable to Bausch + Lomb Corporationnon-GAAP | $123M | – | $57 million |
| Third-quarter 2026 GAAP basic and diluted income per share attributable to Bausch + Lomb CorporationGAAP | $0.09 | – | – |
| Third-quarter 2026 adjusted earnings per share attributable to Bausch + Lomb Corporationnon-GAAP | $0.34 | – | – |
| Third-quarter 2026 EBITDAnon-GAAP | $250M | – | – |
| Third-quarter 2026 Adjusted EBITDAnon-GAAP | $325M | – | $82 million |
| Third-quarter 2026 Adjusted EBITDA excluding Acquired IPR&Dnon-GAAP | $325M | – | $82 million |
| Third-quarter 2026 cash flow from operationsGAAP | $233M | – | $96 million |
| Nine months ended September 30, 2026 total revenuesGAAP | $4.01B | – | $317 million, or 9% |
| Nine months ended September 30, 2026 operating incomeGAAP | $271M | – | – |
| Nine months ended September 30, 2026 net loss attributable to Bausch + Lomb CorporationGAAP | −$53M | – | – |
| Nine months ended September 30, 2026 adjusted net incomenon-GAAP | $197M | – | – |
| Nine months ended September 30, 2026 adjusted earnings per sharenon-GAAP | $0.55 | – | – |
| Nine months ended September 30, 2026 Adjusted EBITDAnon-GAAP | $755M | – | – |
| Nine months ended September 30, 2026 Adjusted EBITDA excluding Acquired IPR&Dnon-GAAP | $771M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Vision CareGrowth from daily SiHy and ULTRA® contact lenses, and LUMIFY® and Artelac® in consumer. | $774M | – | 5% reported; approximately 6% on a constant currency basis |
| SurgicalGrowth in the premium IOL portfolio. | $234M | – | 9% reported; approximately 9% on a constant currency basis |
| PharmaceuticalsMIEBO growth and increased sales in international pharmaceuticals. | $367M | – | 11% on a reported and constant currency basis |
Full-Year 2026 outlook
- Revenue$5.450B - $5.550B
- Note6.1 - 8.0% constant currency growth (non-GAAP)
- Note$1.090B - $1.140B Full-Year Adjusted EBITDA Excluding Acquired IPR&D (non-GAAP)
- Note$40M Full-Year Revenue Foreign Exchange Tailwinds
- NoteNominal Full-Year Adj. EBITDA Excluding Acquired IPR&D (non-GAAP) Foreign Exchange Tailwinds
What drove it
- MIEBO® reported revenue grew 42% to $119 million in the quarter.
- LUMIFY® reported revenue grew 35%.
- Daily SiHy portfolio reported revenue grew 24%.
- Premium IOL reported revenue grew approximately 70%.
- Operating income, net income and Adjusted EBITDA changes were driven by revenue growth and operating efficiencies.
- Third-quarter foreign exchange was an unfavorable impact of $6 million on total revenue.
Concerns
- GAAP net income attributable to Bausch + Lomb Corporation was $32 million in the third quarter, while adjusted net income was $123 million.
- The company reported a nine-month net loss attributable to Bausch + Lomb Corporation of $(53) million.
- The company cited risks relating to tariffs, counter-tariffs, global supply-chain disruptions, foreign currency rates, inflation, interest rates and the proposed separation from Bausch Health Companies Inc.
What to watch
- Delivery against the raised Full-Year 2026 revenue guidance of $5.450B - $5.550B.
- Delivery against Full-Year Adjusted EBITDA Excluding Acquired IPR&D guidance of $1.090B - $1.140B.
- Sustained growth in MIEBO®, LUMIFY®, the daily SiHy portfolio and premium IOL.
- The expected $40M of Full-Year Revenue Foreign Exchange Tailwinds.
- The company’s execution on profitability improvement and its stated transformation initiatives.
Balance sheet and cash flow
- Cash flow from operations for the third quarter of 2026 was $233 million, as compared to cash flow from operations of $137 million for the third quarter of 2025.
- Bausch + Lomb’s cash, cash equivalents and restricted cash were $515 million at September 30, 2026.
- Basic weighted average shares outstanding for the third quarter of 2026 were 357.6 million, and diluted weighted average shares outstanding for the third quarter of 2026 were 361.5 million.
Analysis
Bausch + Lomb reported a strong third quarter, with total reported revenue of $1.375 billion, up $94 million, or 7%, from $1.281 billion. Revenue increased by approximately 8% on a constant currency basis after a $6 million unfavorable foreign-exchange impact. Growth was broad based: Vision Care revenue was $774 million, Surgical revenue was $234 million and Pharmaceuticals revenue was $367 million. All three segments posted reported growth, led by Pharmaceuticals at 11% and Surgical at 9%.
Product momentum was concentrated in several named growth brands and categories. MIEBO® revenue grew 42% to $119 million, LUMIFY® revenue grew 35%, the Daily SiHy portfolio grew 24%, and premium IOL revenue grew approximately 70%. Vision Care was driven by daily SiHy and ULTRA® contact lenses alongside LUMIFY® and Artelac® consumer products. Surgical growth was driven by premium IOL, while Pharmaceuticals benefited from MIEBO growth and increased international pharmaceuticals sales.
Profitability improved materially in the quarter. GAAP operating income was $155 million, compared with $95 million, while GAAP net income attributable to Bausch + Lomb Corporation was $32 million compared with a $(28) million loss. Adjusted EBITDA was $325 million versus $243 million, and adjusted net income was $123 million versus $66 million. GAAP diluted EPS was $0.09 and adjusted EPS was $0.34. The company attributed the operating-income and Adjusted EBITDA improvement to revenue growth and operating efficiencies. The difference between quarterly GAAP net income of $32 million and adjusted net income of $123 million remains significant.
Cash generation also improved, with third-quarter cash flow from operations of $233 million compared with $137 million. Cash, cash equivalents and restricted cash were $515 million at September 30, 2026. No share repurchases, dividends, free cash flow or debt balance were reported in the supplied release. For the nine months ended September 30, 2026, total revenues were $4,013 million and Adjusted EBITDA excluding Acquired IPR&D was $771 million, while GAAP net loss attributable to Bausch + Lomb Corporation was $(53) million.
Management raised full-year 2026 revenue guidance to $5.450B - $5.550B from $5.440B - $5.540B and increased constant currency growth guidance to 6.1 - 8.0% from 5.8 - 7.7%. Full-year Adjusted EBITDA excluding Acquired IPR&D guidance increased to $1.090B - $1.140B from $1.025B - $1.075B. The company said the revenue outlook increase reflects a $15 million increase in underlying business outlook, partially offset by a $5 million decrease in expected currency tailwinds. The updated outlook identifies continued operating performance, foreign exchange and execution on growth brands as key factors for the remainder of 2026.
Management, verbatim
Our third-quarter performance reflects the strength and breadth of the business, with growth across all three segments and continued expansion in profitability.
Thomas J. Appio, chairman and interim CEO, Bausch + Lomb
We have delivered against the commitments outlined at Investor Day for four consecutive quarters, and I believe there are additional opportunities to improve execution, enhance profitability and create even more value over time.
Thomas J. Appio, chairman and interim CEO, Bausch + Lomb
Not in the filing
stated, not guessed- GAAP gross margin
- non-GAAP gross margin
- free cash flow
- capital expenditures
- debt balance
- share repurchases
- dividend declaration or payment
- prior-quarter comparisons for reported metrics
- full-year GAAP net income guidance
- full-year GAAP EPS guidance
- full-year gross margin guidance
- full-year operating expense guidance
- full-year tax-rate guidance
- previous release outlook for comparison with actual results
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Bausch & Lomb released its Q3 2026 results via an SEC Form 8‑K, highlighting revenue growth and a raised full‑year outlook.
Ticker impact
BLCO raised full-year 2026 revenue and adjusted EBITDA guidance after reporting Q3 revenue of $1.375 B and GAAP net income of $32 M.
upward pressure as investors price in higher revenue and EBITDA expectations
The company posted solid quarter growth across all segments and upgraded its full-year targets, a fresh catalyst that can drive buying.
Market effects
Eye‑care and vision‑care sector may see broader optimism as BLCO's growth signals demand strength.
North American healthcare equities could benefit from the upbeat outlook.
Limited to healthcare investors; no direct global macro impact.
Counterpoint
If the guidance raise is already priced in, the stock could face a short‑term pullback.
Key entities
- companyBausch & Lomb Corp
Eye‑health company reporting Q3 results and raising guidance.
