Bausch + Lomb Corporation · NYSE:BLCO
Bausch + Lomb — Q1 2026 Earnings Presentation
39 slides from Bausch + Lomb's earnings presentation, Apr 29, 2026
Slide 1: 1Q26 Financial Results
1Q26 Financial Results April 29, 2026
Slide 2: Forward-Looking Statements; Non-GAAP Information
Forward-Looking Statements; Non-GAAP Information This presentation contains forward-looking information and statements, within the meaning of applicable securities laws (collectively, “forward-looking statements”), which could adversely impact our revenues, expenses and resulting margins. In additio
Slide 3: Q1 Highlights
Q1 Highlights Financial Results & Outlook Growth Drivers 2
Slide 4: Delivering Growth + P&L Leverage
Delivering Growth + P&L Leverage +6% +59% 16.1% Constant Currency Adj. EBITDA Growth Adj. EBITDA Margin Revenue Growth 1,2 (Ex. Acq. IPR&D)1,2,3,4 (Ex. Acq. IPR&D)2,4 1. Compared to 1Q25. 2. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAAP measures an
Slide 5: Turning Strategy Into Results
Turning Strategy Into Results 1 1 2 3 Sustaining Growth Enhancing Selling Advancing & Driving Margin & Operational Pipeline Expansion Excellence Innovation +6% CC2,3 revenue growth vs 1Q25, Strong revenue growth across key brands4: Lumify NXT 5 NDA filed, +12% CC2,3 growth in Pharma +33% Miebo®, +30
Slide 6: Executing On Our 3-Year Plan
Executing On Our 3-Year Plan 1 Margin Expansion in 2025 Momentum into 2026 23.5% 16.1% 19.0% +6% 11.1% 15.0% +5% 11.1% 1Q25 2Q25 3Q25 4Q25 1Q25 1Q26 1Q25 1Q26 Actual Actual Actual Actual Actual Actual Actual Actual FY25 Quarterly Adj. EBITDA Margin CC Revenue Adj. EBITDA Margin (ex. Acq. IPR&D)1 Gro
Slide 7: Advancing 2026 R&D Milestones
Advancing 2026 R&D Milestones 1 Bioactive Lens Launch In Process BL1107 Premium FRP Dual-Action Topline Results Blink PreserVision (Glaucoma) SiHy Lens DED Eye Drop siRNA Received from Triple Care® AREDS3 Phase 2b External Clinical Phase 2b Elevation of First External Clinical PF Vitamins Clinical S
Slide 8: Driving Broad-Based Growth Across Brands
Driving Broad-Based Growth Across Brands 1 B+L CC Revenue Growth1,2 1Q26 Segment 1Q26 Franchise CC Revenue Growth1,2 Reported Growth3 +6% +34% +5% +5% Vision Care +33% +5% Contact Lens; +5% Consumer 1Q25 1Q26 +32% +30% B+L Reported Revenue +1% Surgical +25% $1,244M +15% $1,137M +12% Pharmaceuticals
Slide 9: Financial Results
Financial Results 8
Slide 10: 1Q26 Revenue Drivers
1Q26 Revenue Drivers Vision Care Surgical Pharmaceuticals 28% $1,244M 36% 73% $1,137M $711M 51% $228M $305M 64% 27% 21% 1Q25 1Q26 Consumer Contact Lens Implantables Equipment U.S. International Consumables/Other 1Q26 Revenue Growth +9% Reported 1Q26 CONSTANT CURRENCY REVENUE GROWTH 1 +6% 1Q26 Revenu
Slide 11: 1Q26 Bausch + Lomb P&L (Non-GAAP)
1Q26 Bausch + Lomb P&L (Non-GAAP) 1 Bausch + Lomb 1Q26 1Q25 Reported Constant Currency Change Change1 Vision Care Revenue $711M $656M 8% 5% 1Q26 Highlights Surgical Revenue $228M $214M 7% 1% Pharmaceuticals Revenue $305M $267M 14% 12% Total Revenue $1,244M $1,137M 9% 6% Constant Currency Adj. Gross
Slide 12: 1Q26 Bausch + Lomb P&L (GAAP)
1Q26 Bausch + Lomb P&L (GAAP) Bausch + Lomb 1Q26 1Q25 Reported Constant Currency Change Change1 Vision Care Revenue $711M $656M 8% 5% Surgical Revenue $228M $214M 7% 1% Pharmaceuticals Revenue $305M $267M 14% 12% Total Revenue $1,244M $1,137M 9% 6% Gross Profit $704M $588M 20% 16% Gross Margin 56.6%
Slide 13: Outlook
Outlook 12
Slide 14: Raising FY26 Guidance
1 Raising FY26 Guidance Prior Guidance Current Guidance (Feb. 2026) (April 2026) $5.420 – Revenue Total Revenue $5.375B – $5.475B $5.420B – $5.520B 5.520B Raising by $45M5 Adj. EBITDA $1.000B – $1.050B $1.010B – $1.060B CC Revenue Growth2 (ex. Acq. IPR&D)2 +5.3 – 7.2% Raising by ~30 bps5 at Midpoint
Slide 15: Growth Drivers
Growth Drivers 14
Slide 16: Strengthening Consumer Leadership…
Strengthening Consumer Leadership… 1 Eye Vitamins +34% 1Q26 Reported +6% 1Q26 Reported +2% 1Q26 Reported +15% 1Q26 Reported Revenue Growth Revenue Growth2 Revenue Growth Revenue Growth 15 1. For full product information, see www.bausch.com. Compared to 1Q25. 2. Blink franchise includes eye drops, le
Slide 17: …and Expanding Addressable Market
…and Expanding Addressable Market 1,2 Addressing Nutritional Needs in All Beauty Enthusiasts Represent Stages of AMD to Expand Market by ~3x3,4 Continued Growth Engine5 17M 3M Early AMD LUMIFY BEAUTY USERS ENTHUSIASTS 100M 11M Intermediate to Advanced AMD Beauty Positioning 4M Supports Premium Prici
Slide 18: Delivering Miebo & Xiidra Revenue Growth
1 Delivering Miebo & Xiidra Revenue Growth +33% +30% $87M $76M $67M $57M 1Q25 1Q26 1Q25 1Q26 Revenue Revenue Revenue Revenue 17 1. For full product information, see www.bausch.com.
Slide 19: Driving Lens Growth, Long Runway Ahead
Driving Lens Growth, Long Runway Ahead 1,2 +5% 1Q26 Contact Lens 2026 2027 2028 2029 CC Revenue Growth3 Global Roll- Launch Launch Launch +23% 1Q26 SiHy Franchise Out of DD SiHy MF & Toric DD SiHy MF Toric4 First-Of-Its- Kind Bioactive 2nd DD SiHy4 Launch Material4 Premium CC Revenue Growth3 FRP SiH
Slide 20: Expanding Premium IOL Portfolio
Expanding Premium IOL Portfolio 1 Launching in Europe enVista Envy is the first diffractive premium IOL from Bausch + Lomb in Europe +27% CC Revenue Growth Expanding Platform Two full range of vision premium IOLs now available in Premium IOLs2 in Europe - enVista Envy and LuxLife Executing Portfolio
Slide 21: Built to Deliver Growth Into Next Decade
Built to Deliver Growth Into Next Decade 1 ELIOS® FIRST GLAUCOMA EXCIMER THERAPY TO LASER MIGS IMPROVE VISION BLINK TRIPLE FIRST-OF-ITS-KIND 2ND DD SiHy CARE® PF BIOACTIVE FIRST CONTACT CONTACT LENS NEUROSENSORY LENS PRESERVISION LUMIFY NXT AGENT FOR OSP GAME AREDS3 (formerly Lumify Luxe) MYOPIA CHA
Slide 22: SAVE THE DATE: June 1, 2026
Q&A SAVE THE DATE: June 1, 2026 Miss our inaugural R&D Teach-in on glaucoma? Scan for replay 21
Slide 23: Appendix
Appendix BAUSCH+LOMB
Slide 24: Early Stage Launches and Pipeline Products to Watch
Early Stage Launches and Pipeline Products to Watch 1 PRODUCT DESCRIPTION CATALYSTS TO WATCH PHARMA Dual-Action Lifitegrast First dual-action therapeutic to address evaporative and inflammatory dry eye Phase 2b clinical study topline results expected 2H26 Ocular Pain First-in-class therapy for ocula
Slide 25: Cash Flow and Balance Sheet Summary (1Q26)
Cash Flow and Balance Sheet Summary (1Q26) 1Q26 Cash Flow From Operations $32M Adj. Cash Flow From Operations (Non-GAAP)1,2 $45M Depreciation $44M Stock Based Comp $34M Net Interest3 $93M CapEx $100M 1. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAAP
Slide 26: Top 10 Revenue
Top 10 Revenue (Includes FX Impact) Rank Product / Franchise 1Q26 FY25 4Q25 3Q25 2Q25 1Q25 1 Surgical Consumables $117M $461M $123M $110M $120M $108M 2 Ocuvite® + PreserVision® $91M $429M $131M $106M $103M $89M 3 Xiidra® $87M $331M $95M $87M $82M $67M 4 Miebo® $76M $316M $112M $84M $63M $57M 5 Surgi
Slide 27: Segment Reported Revenue
Segment Reported Revenue Constant Currency Vision Care 1Q26 1Q25 Reported Change Change1 Contact Lens Revenue $254M $236M 8% 5% Consumer Revenue $457M $420M 9% 5% Total Revenue $711M $656M 8% 5% Constant Currency Surgical 1Q26 1Q25 Reported Change Change1 Implantables Revenue $63M $58M 9% 3% Equipme
Slide 28: Reported Revenue Trailing Quarters by Segment
Reported Revenue Trailing Quarters by Segment Bausch + Lomb 1Q26 4Q25 3Q25 2Q25 1Q25 Vision Care Contact Lens $254M $271M $272M $258M $236M Consumer $457M $507M $464M $495M $420M Total Revenue $711M $778M $736M $753M $656M Surgical Implantables $63M $62M $50M $44M $58M Equipment $48M $64M $55M $52M
Slide 29: Non-GAAP Adjustments EPS Impact ($M)
Non-GAAP Adjustments EPS Impact ($M)2 Three Months Ended March 31 2026 2025 Income Earnings per Income Earnings per (Expense) Share Impact (Expense) Share Impact Net loss attributable to Bausch + Lomb Corporation $ (71) $ (0.20) $ (212) $ (0.60) Non-GAAP adjustments: Amortization of intangible asset
Slide 30: Reconciliation to Adjusted EBITA
Reconciliation of Reported Operating Income (Loss) to Adjusted EBITA (non-GAAP)1 ($M) 1Q 2026 Gross Gross R&D Operating Profit Margin SG&A Expense Income 2026 GAAP $ 704 56.6% $ 544 $ 101 $ 33 Amortization of intangible assets 57 4.6% 57 Gain on sale of assets 0.0% (3) Restructuring, integration and
Slide 31: Reconciliation to EBITDA and Adjusted EBITDA
Reconciliation of Reported Net Loss to EBITDA (non-GAAP)1 and Adjusted EBITDA (non-GAAP)1 ($M) Three Months Ended March 31 2026 2025 Net loss attributable to Bausch + Lomb Corporation $ (71) $ (212) Interest expense, net 93 91 Provision for income taxes 6 31 Depreciation and amortization of intangib
Slide 32: Reconciliation to EBITDA and Adjusted EBITDA
Reconciliation of Reported Net Loss to EBITDA (non-GAAP)1 and Adjusted EBITDA (non-GAAP)1 ($M) Three Months Ended March 31 June 30 September 30 December 31 2025 2025 2025 2025 Net loss attributable to Bausch + Lomb Corporation $ (212) $ (62) $ (28) $ (58) Interest expense, net 91 125 98 95 Provision
Slide 33: Reconciliation to Constant Currency Revenue
Reconciliation of Reported Revenue to Constant Currency Revenue1 and Constant Currency Revenue Growth1 ($M) Calculation of Constant Currency Revenue for the Three Months Ended Change in Change in March 31, 2026 March 31, 2025 Reported Revenue Constant Currency Revenue 1 Constant Currency Revenue as
Slide 34: Reconciliation to Constant Currency Revenue
Reconciliation of Reported Revenue to Constant Currency Revenue1 and Constant Currency Revenue Growth1 ($M) Calculation of Constant Currency Revenue for the Three Months Ended Change in Change in March 31, 2026 March 31, 2025 Reported Revenue Constant Currency Revenue 1 Constant Currency Revenue as
Slide 35: Reconciliation to Constant Currency Revenue
Reconciliation of Reported Revenue to Constant Currency Revenue1 and Constant Currency Revenue Growth1 ($M) Calculation of Constant Currency Revenue for the Twelve Months Ended Change in Change in March 31, 2025 March 31, 2024 Reported Revenue Constant Currency Revenue 1 Constant Currency Revenue as
Slide 36: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures and divestitures. The Company believes that the adjustments of these items correlate with the sustainability of the Company’s To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles op
Slide 37: Non-GAAP Appendix
Non-GAAP Appendix Adjusted EBITDA (non-GAAP) Adjustments (continued) Adjusted Net Income (non-GAAP) Separation costs and separation-related costs: The Company has excluded certain costs incurred in connection with activities taken to: (i) Adjusted net income (non-GAAP) is net income (loss) attributa
Slide 38: Non-GAAP Appendix
Non-GAAP Appendix Adjusted EBITA/Adjusted EBITA Margin Adjusted SG&A/Adjusted SG&A Margin Adjusted EBITA represents Operating income (loss) (its most directly comparable GAAP financial measure) adjusted to exclude Adjusted SG&A expenses (non-GAAP) represents selling, general and administrative expen
Slide 39: Non-GAAP Appendix
Non-GAAP Appendix Adjusted Cash Flows from Operations/Adjusted Cash used in Operations Adjusted cash flows from operations (non-GAAP)/Adjusted Cash used in Operations (non-GAAP) is Cash flow from operations/Cash used in operations (loss) attributable to Bausch + Lomb Corporation (its most directly c