Bausch + Lomb Corporation (BLCO) Q4 2025 Earnings Call Transcript
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 18 2026
0mins
Should l Buy BLCO?
Source: SeekingAlpha
Revenue (Q4 2025) $1.4 billion, up 7% year-over-year. Growth attributed to strong performance across all segments and a $37 million currency tailwind.
Adjusted EBITDA (Q4 2025) $330 million, up 27% year-over-year. Growth driven by operating leverage and cost structure improvements.
Adjusted EBITDA Margin (Q4 2025) 23.5%, up 330 basis points year-over-year. Reflects improved operating efficiencies.
Full Year Revenue (2025) $5.101 billion, up 5% year-over-year (6% excluding enVista recall). Growth across all segments and a $58 million currency tailwind.
Vision Care Revenue (Q4 2025) $778 million, up 5% year-over-year. Growth driven by consumer and contact lenses, including LUMIFY and Blink.
LUMIFY Revenue (Q4 2025) $63 million, up 24% year-over-year. Full year revenue was $221 million, up 16%.
Consumer Dry Eye Portfolio Revenue (Q4 2025) $116 million, up 6% year-over-year. Growth led by Blink, which grew 33%.
Contact Lens Revenue (Q4 2025) Up 8% year-over-year. Growth led by DD SiHy (up 17%) and Ultra (up 16%).
Surgical Segment Revenue (Q4 2025) $249 million, up 3% year-over-year (6% excluding enVista recall). Growth driven by Implantables (up 5%) and Premium IOLs (up 20%).
Pharma Segment Revenue (Q4 2025) $378 million, up 14% year-over-year. Growth led by Miebo (up 111%) and Xiidra.
Miebo Revenue (Q4 2025) $112 million, up 111% year-over-year. Full year revenue was $316 million, up 84%.
Adjusted Gross Margin (Q4 2025) 62.1%, absorbing an 80 basis point impact from tariffs.
Adjusted R&D Investment (Q4 2025) $94 million, in line with Q4 2024. Full year R&D was $371 million, up 8%.
Adjusted Cash Flow from Operations (Q4 2025) $152 million. Full year adjusted cash flow was $381 million.
Adjusted Free Cash Flow (Q4 2025) $76 million. Full year adjusted free cash flow was $32 million.
Net Interest Expense (Q4 2025) $95 million. Full year net interest expense was $376 million, excluding a $33 million refinancing fee.
Adjusted Tax Rate (2025) 10%, lower than the previous guidance of 15%, driven by the enVista recall and other onetime adjustments.
Adjusted EPS (Q4 2025) $0.32, including a $0.08 noncash charge. Excluding the charge, EPS was $0.40.
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Analyst Views on BLCO
Wall Street analysts forecast BLCO stock price to rise
10 Analyst Rating
4 Buy
5 Hold
1 Sell
Moderate Buy
Current: 16.680
Low
13.00
Averages
18.11
High
21.00
Current: 16.680
Low
13.00
Averages
18.11
High
21.00
About BLCO
Bausch + Lomb Corporation is an eye health company. It operates through three segments: Vision Care, Pharmaceuticals, and Surgical. Vision Care segment includes both a contact lens and a consumer eye care business that consists of contact lens care products, over-the-counter eye drops and eye vitamins. Pharmaceuticals segment consists of generic pharmaceutical products for post-operative treatments and treatments for a number of eye conditions, such as glaucoma, eye inflammation, ocular hypertension, dry eyes and retinal diseases. Surgical segment consists of medical device equipment, consumables, instruments and technologies for the treatment of cataracts, corneal and vitreous and retinal eye conditions, which includes delivery systems, phacoemulsification equipment and other surgical instruments and devices for cataract surgery. Its brands consist of PreserVision, Biotrue, Artelac, Alaway, Mioclear, Ocuvite, ScoutPro, XIIDRA, Vyzulta, Lotemax, Prolensa, Minims, INFUSE, and many more.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Bausch + Lomb to Release Q1 Financial Results on April 29, 2026
- Earnings Release Schedule: Bausch + Lomb will announce its Q1 financial results on April 29, 2026, and host a conference call and live webcast at 8 a.m. ET to provide investors with the latest business updates.
- Investor Relations Materials: All relevant materials will be made available on the Investor Relations section of Bausch + Lomb's website prior to the call, ensuring investors have timely access to key information for informed decision-making.
- Conference Call Details: Participants can join the call by dialing +1 (888) 506-0062 for North America or +1 (973) 528-0011 for international access, using access code 666753 to ensure smooth entry into the call.
- Replay Information: The call will be available for replay via +1 (877) 481-4010 for North America and +1 (919) 882-2331 for international callers, with the replay accessible until May 13, 2026, allowing investors who missed the live event to catch up on the discussion.
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Bausch + Lomb Director Acquires 4,300 Shares Amid Ownership Strategy
- Director Share Acquisition: Bausch + Lomb's Director Alfonso Eduardo purchased 4,300 common shares for approximately $77,000, reflecting his confidence in the company's future while progressing towards a mandatory $400,000 equity ownership requirement.
- Matching Share Program: This purchase triggered the company's matching share program, granting Eduardo an additional 4,300 restricted share units that will vest in thirds over three years, indicating his commitment to the company's long-term growth.
- Market Price Analysis: Eduardo acquired shares at $17.90 each, slightly below the March 2 closing price of $18.41, suggesting a strategic move to invest while meeting the director ownership requirement amidst market fluctuations.
- Investor Considerations: This transaction illustrates a new director effectively building his stake through the matching program; although Eduardo invested real cash, the vesting restrictions on the shares require him to remain on the board for three years, which is a positive governance signal for retail investors.
See More
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- Share Acquisition: Alfonso Eduardo acquired 4,300 common shares on March 2, 2026, at approximately $17.90 per share, totaling around $77,000, indicating his confidence in the company's future prospects.
- Matching Stock Units: Bausch + Lomb subsequently granted him an equal number of restricted stock units, raising his direct holdings to 13,855 shares, demonstrating the company's commitment to encouraging board members to increase their stakes through a matching program.
- Transparent Ownership Structure: The transaction reflects only direct ownership with no indirect holdings or derivative securities, ensuring investor trust in corporate governance while aligning with mandatory director ownership requirements.
- Stable Industry Outlook: The ongoing demand in the eye health sector provides a solid foundation for Bausch + Lomb's long-term growth, and Eduardo's acquisition may attract more investor interest in the company's competitive position within the medical instruments industry.
See More
Bausch + Lomb Achieves Key Milestone in Glaucoma Treatment with ELIOS System
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- Significant Pressure Reduction: The trial demonstrated an average decrease of 7.4 mmHg in patients' intraocular pressure, which not only highlights the therapeutic potential of the ELIOS System but also suggests a possible increase in the company's market share in glaucoma treatment.
- Long-term Medication-Free: At 23 months follow-up, 82% of patients remained medication-free, enhancing patient quality of life and solidifying Bausch + Lomb's leadership position in glaucoma management.
- Technological Innovation and Market Recognition: The ELIOS System utilizes excimer laser technology and has received CE marking in Europe, signifying international market acceptance and is expected to provide robust support for the company's future revenue growth and market expansion.
See More
Bausch + Lomb Reports Positive ELIOS System Clinical Trial Results
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- Safety and Efficacy: Among 318 participants, the ELIOS procedure showed no intraoperative complications, and the postoperative adverse event rate was similar to that of cataract surgery alone, indicating a strong safety profile that could position it as a new option for glaucoma treatment.
- Market Potential: The ELIOS system is CE marked in Europe and has been validated through 12 clinical studies, showing a 20-40% reduction in IOP and 81% of patients medication-free within a year, suggesting a promising outlook for its adoption in the U.S. market.
- Future Outlook: Bausch + Lomb plans to submit detailed results to future medical meetings and peer-reviewed journals, further advancing the clinical application of ELIOS technology and reinforcing its leadership position in the ophthalmic field.
See More
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- Share Acquisition: On February 17, 2026, Caspian Capital disclosed the purchase of 1,349,043 shares of Bausch + Lomb Corporation, with an estimated trade value of $21.39 million, indicating strong confidence and investment intent in the company.
- Increased Ownership: Following this acquisition, Caspian Capital's stake in Bausch + Lomb now represents 22.58% of its 13F reportable AUM, making it one of the firm's top holdings and reflecting a strategic focus on the eye health market.
- Financial Performance: Bausch + Lomb generated $5.1 billion in revenue for 2025, a 6% increase year-over-year, with fourth-quarter sales reaching $1.405 billion, up 10%, demonstrating robust demand in the eye care product sector.
- Market Outlook: Although the stock has underperformed over the past year, the company is actively addressing rising global demand for eye health through new product launches like the dry eye therapy MIEBO, positioning itself for potential future investment returns.
See More
Bausch + Lomb to Release Q1 Financial Results on April 29, 2026
- Earnings Release Schedule: Bausch + Lomb will announce its Q1 financial results on April 29, 2026, and host a conference call and live webcast at 8 a.m. ET to provide investors with the latest business updates.
- Investor Relations Materials: All relevant materials will be made available on the Investor Relations section of Bausch + Lomb's website prior to the call, ensuring investors have timely access to key information for informed decision-making.
- Conference Call Details: Participants can join the call by dialing +1 (888) 506-0062 for North America or +1 (973) 528-0011 for international access, using access code 666753 to ensure smooth entry into the call.
- Replay Information: The call will be available for replay via +1 (877) 481-4010 for North America and +1 (919) 882-2331 for international callers, with the replay accessible until May 13, 2026, allowing investors who missed the live event to catch up on the discussion.
See More
Bausch + Lomb Director Acquires 4,300 Shares Amid Ownership Strategy
- Director Share Acquisition: Bausch + Lomb's Director Alfonso Eduardo purchased 4,300 common shares for approximately $77,000, reflecting his confidence in the company's future while progressing towards a mandatory $400,000 equity ownership requirement.
- Matching Share Program: This purchase triggered the company's matching share program, granting Eduardo an additional 4,300 restricted share units that will vest in thirds over three years, indicating his commitment to the company's long-term growth.
- Market Price Analysis: Eduardo acquired shares at $17.90 each, slightly below the March 2 closing price of $18.41, suggesting a strategic move to invest while meeting the director ownership requirement amidst market fluctuations.
- Investor Considerations: This transaction illustrates a new director effectively building his stake through the matching program; although Eduardo invested real cash, the vesting restrictions on the shares require him to remain on the board for three years, which is a positive governance signal for retail investors.
See More
Bausch + Lomb Director Increases Stock Holdings
- Share Acquisition: Alfonso Eduardo acquired 4,300 common shares on March 2, 2026, at approximately $17.90 per share, totaling around $77,000, indicating his confidence in the company's future prospects.
- Matching Stock Units: Bausch + Lomb subsequently granted him an equal number of restricted stock units, raising his direct holdings to 13,855 shares, demonstrating the company's commitment to encouraging board members to increase their stakes through a matching program.
- Transparent Ownership Structure: The transaction reflects only direct ownership with no indirect holdings or derivative securities, ensuring investor trust in corporate governance while aligning with mandatory director ownership requirements.
- Stable Industry Outlook: The ongoing demand in the eye health sector provides a solid foundation for Bausch + Lomb's long-term growth, and Eduardo's acquisition may attract more investor interest in the company's competitive position within the medical instruments industry.
See More
Bausch + Lomb Achieves Key Milestone in Glaucoma Treatment with ELIOS System
- Clinical Trial Success: Bausch + Lomb's ELIOS System successfully met its dual primary efficacy endpoints in glaucoma trials, with 76% of patients achieving a reduction of 20% or more in unmedicated intraocular pressure, indicating the technology's effectiveness and potential market prospects.
- Significant Pressure Reduction: The trial demonstrated an average decrease of 7.4 mmHg in patients' intraocular pressure, which not only highlights the therapeutic potential of the ELIOS System but also suggests a possible increase in the company's market share in glaucoma treatment.
- Long-term Medication-Free: At 23 months follow-up, 82% of patients remained medication-free, enhancing patient quality of life and solidifying Bausch + Lomb's leadership position in glaucoma management.
- Technological Innovation and Market Recognition: The ELIOS System utilizes excimer laser technology and has received CE marking in Europe, signifying international market acceptance and is expected to provide robust support for the company's future revenue growth and market expansion.
See More
Bausch + Lomb Reports Positive ELIOS System Clinical Trial Results
- Clinical Trial Success: Bausch + Lomb announced that its ELIOS System achieved positive results in a pivotal U.S. clinical trial, with 76% of patients experiencing over a 20% reduction in unmedicated intraocular pressure (IOP), demonstrating both efficacy and clinical significance of the technology.
- Safety and Efficacy: Among 318 participants, the ELIOS procedure showed no intraoperative complications, and the postoperative adverse event rate was similar to that of cataract surgery alone, indicating a strong safety profile that could position it as a new option for glaucoma treatment.
- Market Potential: The ELIOS system is CE marked in Europe and has been validated through 12 clinical studies, showing a 20-40% reduction in IOP and 81% of patients medication-free within a year, suggesting a promising outlook for its adoption in the U.S. market.
- Future Outlook: Bausch + Lomb plans to submit detailed results to future medical meetings and peer-reviewed journals, further advancing the clinical application of ELIOS technology and reinforcing its leadership position in the ophthalmic field.
See More
Caspian Capital Increases Stake in Bausch + Lomb Corporation
- Share Acquisition: On February 17, 2026, Caspian Capital disclosed the purchase of 1,349,043 shares of Bausch + Lomb Corporation, with an estimated trade value of $21.39 million, indicating strong confidence and investment intent in the company.
- Increased Ownership: Following this acquisition, Caspian Capital's stake in Bausch + Lomb now represents 22.58% of its 13F reportable AUM, making it one of the firm's top holdings and reflecting a strategic focus on the eye health market.
- Financial Performance: Bausch + Lomb generated $5.1 billion in revenue for 2025, a 6% increase year-over-year, with fourth-quarter sales reaching $1.405 billion, up 10%, demonstrating robust demand in the eye care product sector.
- Market Outlook: Although the stock has underperformed over the past year, the company is actively addressing rising global demand for eye health through new product launches like the dry eye therapy MIEBO, positioning itself for potential future investment returns.
See More
