second quarter of 2026
Filed Jul 29, 2026Bausch + Lomb Delivers Broad-Based Second-Quarter Growth, Raises Full-Year 2026 Guidance
Revenue grew 9% as reported, all three segments grew, operating income turned positive, cash flow from operations increased, adjusted EBITDA expanded, and the company raised full-year revenue and adjusted EBITDA excluding acquired IPR&D guidance.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total reported revenueGAAP | $1.394 billion | – | 9% |
| Revenue growth at constant currencynon-GAAP | 8% | – | 8% |
| Favorable impact of foreign exchange on revenueother | $12 million | – | – |
| Operating incomeGAAP | $83 million | – | a favorable change of $94 million |
| Net loss attributable to Bausch + Lomb CorporationGAAP | $14 million | – | a favorable change of $48 million |
| Adjusted net income attributable to Bausch + Lomb Corporationnon-GAAP | $55 million | – | an increase of $30 million |
| Cash flow from operationsGAAP | $153 million | – | a favorable change of $118 million |
| GAAP EPS Basic and Diluted attributable to Bausch + Lomb CorporationGAAP | ($0.04) | – | – |
| Adjusted EPS attributable to Bausch + Lomb Corporationnon-GAAP | $0.15 | – | – |
| Adjusted EBITDAnon-GAAP | $241 million | – | an increase of $50 million |
| Adjusted EBITDA excluding Acquired IPR&Dnon-GAAP | $246 million | – | an increase of $54 million |
| Basic weighted average shares outstandingother | 357.1 million | – | – |
| Diluted weighted average shares outstandingother | 360.2 million | – | – |
| Premium intraocular lenses reported revenue growthother | 175% | – | 175% |
| Premium portfolio share of total Surgical revenueother | 13% | – | – |
| MIEBO and XIIDRA combined revenue growthother | 27% | – | 27% |
| Blink franchise reported revenue growthother | +12% | – | +12% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Vision CareGrowth in daily SiHy, Biotrue and ULTRA contact lenses, as well as sales from over-the-counter dry eye products. | $784 million | – | 4% |
| SurgicalGrowth in the premium IOL portfolio. | $256 million | – | 19% |
| PharmaceuticalsGrowth in branded pharmaceuticals, specifically MIEBO and XIIDRA, and increased sales in international pharmaceuticals. | $354 million | – | 15% |
Full-Year 2026 outlook
- Revenue$5.440B - $5.540B
- Note5.8 - 7.7% constant currency growth
- Note$1.025B - $1.075B Full-Year Adjusted EBITDA Excluding Acquired IPR&D (non-GAAP)
- Note$45M Full-Year Revenue Foreign Exchange Tailwinds
- NoteNominal Full-Year Adj. EBITDA Excluding Acquired IPR&D (non-GAAP) Foreign Exchange Tailwinds
- NoteThis guidance does not take into consideration any changes in tariff policy.
What drove it
- Total reported revenue increased by $116 million, or 9%, with an approximately 8% increase on a constant currency basis.
- Surgical revenue growth was driven by the premium IOL portfolio.
- Pharmaceuticals growth reflected MIEBO and XIIDRA, as well as increased international pharmaceuticals sales.
- Operating income and adjusted EBITDA growth were driven by revenue growth and operating efficiencies.
- Cash flow from operations was positively impacted by operating results.
- The company cited continued strong business performance in the second quarter of 2026 and anticipated stronger business performance for the remainder of 2026 in raising guidance.
Concerns
- The company reported a GAAP net loss attributable to Bausch + Lomb Corporation of $14 million.
- The enVista Beyond pivotal study narrowly missed predefined performance targets related to depth of focus and intermediate visual performance.
- Guidance does not take into consideration any changes in tariff policy, given the dynamic nature of the situation.
- The company does not provide a reconciliation of forward-looking Adjusted EBITDA excluding Acquired IPR&D to GAAP net income (loss) attributable to Bausch + Lomb Corporation or of forward-looking constant currency revenue growth to reported revenue growth.
What to watch
- Execution against full-year revenue guidance of $5.440B - $5.540B and adjusted EBITDA excluding Acquired IPR&D guidance of $1.025B - $1.075B.
- Sustained growth in the premium IOL portfolio, which accounted for 13% of total Surgical revenue compared to 6% in 2025.
- MIEBO and XIIDRA performance following 27% combined revenue growth in the first half of 2026 versus the first half of 2025.
- Regulatory engagement and next steps for the enVista Beyond IOL program following the comprehensive data review.
- The effect of exchange rates, with anticipated full-year revenue foreign exchange tailwinds of $45M.
Balance sheet and cash flow
- Cash, cash equivalents and restricted cash were $378 million at June 30, 2026.
- Cash flow from operations was $153 million for the second quarter of 2026, as compared to cash flow from operations of $35 million for the second quarter of 2025.
- Basic weighted average shares outstanding were 357.1 million, and diluted weighted average shares outstanding were 360.2 million. 3,100,000 common shares represent the approximate dilutive impact of options, performance based restricted stock units and restricted stock units.
Analysis
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.
Management, verbatim
Broad-based revenue growth, leverage in the P&L, margin expansion and conversion to cash flow. These have been themes since we unveiled our three-year plan for growth at Investor Day last November, and in the second quarter progress continued at an accelerated pace.
Brent Saunders, chairman and CEO, Bausch + Lomb
Not in the filing
stated, not guessed- Gross profit and gross margin were not reported.
- Operating expenses were not reported.
- Income tax rate was not reported.
- Free cash flow was not reported.
- Debt was not reported.
- Share repurchases and dividends were not reported.
- Prior-quarter comparisons for reported operating metrics were not reported.
- A separate previous earnings release outlook was not provided for comparison with actual reported results.
- GAAP diluted EPS distinct from GAAP basic EPS was not separately reported.
AlphaAI 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.