Bausch + Lomb Corporation (BLCO) Q4 2025 Earnings Call Transcript
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 18 2026
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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 fall
10 Analyst Rating
4 Buy
5 Hold
1 Sell
Moderate Buy
Current: 18.490
Low
13.00
Averages
18.11
High
21.00
Current: 18.490
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 Reports Record Q4 2025 Earnings Performance
- Record Performance: Bausch + Lomb achieved $1.405 billion in revenue and $330 million in adjusted EBITDA for Q4 2025, reflecting a 9.7% and 23.5% increase from the previous quarter, respectively, demonstrating the company's strong commitment to financial excellence.
- Dry Eye Product Growth: Miebo generated $112 million in Q4 revenue with a remarkable 111% year-over-year growth, successfully crossing the 2 million prescription mark, indicating a shift towards profitability and solidifying the company's leadership in the dry eye market.
- Optimistic Outlook: Management set 2026 full-year revenue guidance between $5.375 billion and $5.475 billion, reflecting a 5% to 7% growth, while adjusted EBITDA guidance is projected at $1 billion to $1.050 billion, showcasing confidence in future profitability.
- Ongoing Strategic Investment: The company plans to allocate 7.5% to 8% of revenue for R&D investments and expects capital expenditures of approximately $285 million, aiming to drive long-term growth through continuous innovation and product development.
See More
Bausch + Lomb Q4 Earnings Beat Expectations with Revenue Growth
- Earnings Highlights: Bausch + Lomb reported a Q4 non-GAAP EPS of $0.32, missing expectations by $0.04, while revenue reached $1.41 billion, reflecting a 10.2% year-over-year growth that exceeded market expectations by $20 million, indicating strong market performance.
- Adjusted EBITDA Growth: The adjusted EBITDA for Q4 was $326 million, up $67 million from $259 million in Q4 2024, showcasing significant improvements in cost control and operational efficiency within the company.
- 2026 Financial Outlook: Bausch + Lomb provided a revenue guidance for 2026 of $5.375 billion to $5.475 billion, anticipating a 5% to 7% growth at constant currency, despite market consensus being at $5.38 billion, reflecting the company's confidence in future growth.
- Foreign Exchange Impact: The expected adjusted EBITDA for 2026 is projected between $1 billion and $1.05 billion, with foreign exchange tailwinds contributing an additional $30 million, further enhancing the company's financial stability and profitability.
See More
Bausch + Lomb Launches Fifth Annual Glaucoma Fundraising Challenge with $20,000 Match
- Fundraising Challenge: Bausch + Lomb is launching its fifth annual fundraising challenge in partnership with the Glaucoma Research Foundation during Glaucoma Awareness Month, pledging to match every dollar raised up to $20,000 in January to support critical glaucoma research aimed at enhancing public awareness of this leading cause of blindness.
- Social Media Campaign: The company will also sponsor The Glaucoma Foundation's social media campaign, which highlights a glaucoma patient or advocate's story each day in January, thereby raising awareness of the disease's impact and emphasizing the importance of early detection to help more individuals focus on eye health.
- Disease Impact: Currently, approximately four million people in the United States are affected by glaucoma, and this number is expected to grow as the population ages, making enhanced education and research vital for improving the quality of life for those affected.
- Strategic Collaboration: The partnership between Bausch + Lomb, the Glaucoma Research Foundation, and The Glaucoma Foundation not only advances glaucoma research but also encourages public awareness and proactive eye health measures, reflecting the company's commitment and responsibility in the eye health sector.
See More
Bausch + Lomb Completes $2.8 Billion Credit Agreement Refinancing
- Credit Agreement Refinancing: Bausch + Lomb has completed a $2.8 billion credit agreement refinancing, utilizing the Fourth Amendment to refinance maturing loans, thereby alleviating future financial pressure.
- Loan Terms Optimization: The new loans feature an amortization rate of 1.00% per annum, with the first installment due on June 30, 2026, which is expected to improve the company's cash flow management compared to previous terms.
- Interest Rate Reduction: The applicable margin for the replacement loans is reduced by 0.50% and 0.25% from prior loans, which will help lower financing costs and enhance financial flexibility for the company.
- Maturity Extension: The new loans will mature on January 15, 2031, extending the maturity of existing loans and allowing the company to better plan its financial strategy over the coming years.
See More
Bausch + Lomb to Present at 2026 J.P. Morgan Healthcare Conference
- Executive Participation: Bausch + Lomb's Chairman and CEO Brent Saunders will speak at the J.P. Morgan Healthcare Conference on January 12, 2026, showcasing the company's latest advancements in eye health, which is expected to attract investor interest.
- Financial Leadership Involvement: CFO Sam Eldessouky will also participate in the conference, providing updates on the company's financial status, aimed at bolstering investor confidence in the company's future growth.
- R&D Leadership Presentation: Chief Medical Officer and Head of R&D Yehia Hashad, MD, will discuss the company's innovative products, emphasizing Bausch + Lomb's commitment to research and development in eye health, potentially enhancing market recognition of its offerings.
- Live Webcast: The event will be available via live webcast on Bausch + Lomb's Investor Relations page, ensuring that investors unable to attend in person can access key information, further enhancing the company's transparency and investor relations.
See More
Bausch + Lomb Appoints Two New Directors to Accelerate Strategy
- New Board Members: Bausch + Lomb announced the appointment of Dr. Eduardo C. Alfonso and Steven H. Collis to its board effective January 1, 2026, expanding the board to 10 members, aimed at enhancing strategic execution through diversified leadership.
- Industry Expert Addition: Dr. Alfonso is a globally recognized ophthalmologist with a strong background in corneal diseases from Bascom Palmer Eye Institute, whose expertise will provide critical guidance for the company's innovations in eye health.
- Financial Growth Driver: Collis led Cencora to triple its annual revenue and significantly expanded its global presence through strategic acquisitions, and his extensive financial management experience will support Bausch + Lomb's sustainable growth.
- Future Strategic Direction: The addition of these two directors not only enhances the board's expertise but also propels Bausch + Lomb's innovation and development in the eye health market, helping the company seize significant future opportunities.
See More
Bausch + Lomb Reports Record Q4 2025 Earnings Performance
- Record Performance: Bausch + Lomb achieved $1.405 billion in revenue and $330 million in adjusted EBITDA for Q4 2025, reflecting a 9.7% and 23.5% increase from the previous quarter, respectively, demonstrating the company's strong commitment to financial excellence.
- Dry Eye Product Growth: Miebo generated $112 million in Q4 revenue with a remarkable 111% year-over-year growth, successfully crossing the 2 million prescription mark, indicating a shift towards profitability and solidifying the company's leadership in the dry eye market.
- Optimistic Outlook: Management set 2026 full-year revenue guidance between $5.375 billion and $5.475 billion, reflecting a 5% to 7% growth, while adjusted EBITDA guidance is projected at $1 billion to $1.050 billion, showcasing confidence in future profitability.
- Ongoing Strategic Investment: The company plans to allocate 7.5% to 8% of revenue for R&D investments and expects capital expenditures of approximately $285 million, aiming to drive long-term growth through continuous innovation and product development.
See More
Bausch + Lomb Q4 Earnings Beat Expectations with Revenue Growth
- Earnings Highlights: Bausch + Lomb reported a Q4 non-GAAP EPS of $0.32, missing expectations by $0.04, while revenue reached $1.41 billion, reflecting a 10.2% year-over-year growth that exceeded market expectations by $20 million, indicating strong market performance.
- Adjusted EBITDA Growth: The adjusted EBITDA for Q4 was $326 million, up $67 million from $259 million in Q4 2024, showcasing significant improvements in cost control and operational efficiency within the company.
- 2026 Financial Outlook: Bausch + Lomb provided a revenue guidance for 2026 of $5.375 billion to $5.475 billion, anticipating a 5% to 7% growth at constant currency, despite market consensus being at $5.38 billion, reflecting the company's confidence in future growth.
- Foreign Exchange Impact: The expected adjusted EBITDA for 2026 is projected between $1 billion and $1.05 billion, with foreign exchange tailwinds contributing an additional $30 million, further enhancing the company's financial stability and profitability.
See More
Bausch + Lomb Launches Fifth Annual Glaucoma Fundraising Challenge with $20,000 Match
- Fundraising Challenge: Bausch + Lomb is launching its fifth annual fundraising challenge in partnership with the Glaucoma Research Foundation during Glaucoma Awareness Month, pledging to match every dollar raised up to $20,000 in January to support critical glaucoma research aimed at enhancing public awareness of this leading cause of blindness.
- Social Media Campaign: The company will also sponsor The Glaucoma Foundation's social media campaign, which highlights a glaucoma patient or advocate's story each day in January, thereby raising awareness of the disease's impact and emphasizing the importance of early detection to help more individuals focus on eye health.
- Disease Impact: Currently, approximately four million people in the United States are affected by glaucoma, and this number is expected to grow as the population ages, making enhanced education and research vital for improving the quality of life for those affected.
- Strategic Collaboration: The partnership between Bausch + Lomb, the Glaucoma Research Foundation, and The Glaucoma Foundation not only advances glaucoma research but also encourages public awareness and proactive eye health measures, reflecting the company's commitment and responsibility in the eye health sector.
See More
Bausch + Lomb Completes $2.8 Billion Credit Agreement Refinancing
- Credit Agreement Refinancing: Bausch + Lomb has completed a $2.8 billion credit agreement refinancing, utilizing the Fourth Amendment to refinance maturing loans, thereby alleviating future financial pressure.
- Loan Terms Optimization: The new loans feature an amortization rate of 1.00% per annum, with the first installment due on June 30, 2026, which is expected to improve the company's cash flow management compared to previous terms.
- Interest Rate Reduction: The applicable margin for the replacement loans is reduced by 0.50% and 0.25% from prior loans, which will help lower financing costs and enhance financial flexibility for the company.
- Maturity Extension: The new loans will mature on January 15, 2031, extending the maturity of existing loans and allowing the company to better plan its financial strategy over the coming years.
See More
Bausch + Lomb to Present at 2026 J.P. Morgan Healthcare Conference
- Executive Participation: Bausch + Lomb's Chairman and CEO Brent Saunders will speak at the J.P. Morgan Healthcare Conference on January 12, 2026, showcasing the company's latest advancements in eye health, which is expected to attract investor interest.
- Financial Leadership Involvement: CFO Sam Eldessouky will also participate in the conference, providing updates on the company's financial status, aimed at bolstering investor confidence in the company's future growth.
- R&D Leadership Presentation: Chief Medical Officer and Head of R&D Yehia Hashad, MD, will discuss the company's innovative products, emphasizing Bausch + Lomb's commitment to research and development in eye health, potentially enhancing market recognition of its offerings.
- Live Webcast: The event will be available via live webcast on Bausch + Lomb's Investor Relations page, ensuring that investors unable to attend in person can access key information, further enhancing the company's transparency and investor relations.
See More
Bausch + Lomb Appoints Two New Directors to Accelerate Strategy
- New Board Members: Bausch + Lomb announced the appointment of Dr. Eduardo C. Alfonso and Steven H. Collis to its board effective January 1, 2026, expanding the board to 10 members, aimed at enhancing strategic execution through diversified leadership.
- Industry Expert Addition: Dr. Alfonso is a globally recognized ophthalmologist with a strong background in corneal diseases from Bascom Palmer Eye Institute, whose expertise will provide critical guidance for the company's innovations in eye health.
- Financial Growth Driver: Collis led Cencora to triple its annual revenue and significantly expanded its global presence through strategic acquisitions, and his extensive financial management experience will support Bausch + Lomb's sustainable growth.
- Future Strategic Direction: The addition of these two directors not only enhances the board's expertise but also propels Bausch + Lomb's innovation and development in the eye health market, helping the company seize significant future opportunities.
See More
