$BLCO earnings report

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.

Bausch + Lomb reported broad-based second-quarter growth. Total reported revenue was $1.394 billion, up 9% from $1.278 billion, while constant-currency revenue growth was 8%. All three operating segments expanded, led by Surgical revenue growth of 19% and Pharmaceuticals growth of 15%. Vision Care grew 4%, supported by daily SiHy, Biotrue and ULTRA contact lenses and over-the-counter dry eye products.

Mix was favorable within Surgical. Premium IOL reported revenue grew 175%, and the premium portfolio represented 13% of total Surgical revenue compared with 6% in 2025. Pharmaceuticals growth reflected MIEBO, XIIDRA and international pharmaceuticals sales; MIEBO and XIIDRA combined revenue grew 27% in the first half of 2026 versus the first half of 2025. The company also cited +12% reported revenue growth for the Blink franchise.

Profitability and cash conversion improved materially. Operating income was $83 million compared with an operating loss of $11 million, while the GAAP net loss narrowed to $14 million from $62 million. Adjusted net income was $55 million, adjusted EBITDA was $241 million, and adjusted EBITDA excluding acquired IPR&D was $246 million. Cash flow from operations increased to $153 million from $35 million, which the company attributed to improved operating results.

Management raised its full-year 2026 revenue range to $5.440B - $5.540B and its adjusted EBITDA excluding acquired IPR&D range to $1.025B - $1.075B. The company attributed the higher outlook to strong second-quarter performance and anticipated stronger business performance for the remainder of 2026, partly offset by a decrease of $5 million in expected currency tailwinds. The release also flags that the enVista Beyond pivotal study met several co-primary effectiveness endpoints but narrowly missed predefined performance targets related to depth of focus and intermediate visual performance, with regulatory next steps pending.