Bausch + Lomb Corporation · NYSE:BLCO
Bausch + Lomb — Q4 2025 Earnings Presentation
45 slides from Bausch + Lomb's earnings presentation, Feb 18, 2026
Slide 1: 4Q25 & FY25 Financial Results
4Q25 & FY25 Financial Results February 18, 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”), Management has also made certain assumptions regarding our 2026 full-year guidance wi
Slide 3: Q4 & FY25 Highlights
Q4 & FY25 Highlights Financial Results & Outlook Growth Drivers 2
Slide 4: Strong Growth and P&L Leverage in 4Q25
Strong Growth and P&L Leverage in 4Q25 +7% +27% 23.5% 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 4Q24. 2. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAAP measu
Slide 5: Delivered Record Quarter
Delivered Record Quarter 1 1 2 3 Executing Growth & Driving Selling Advancing Margin Expansion & Operational Pipeline Strategy Excellence Innovation Record revenue of $1,405M in 4Q25, Expanding dry eye leadership, Launching AREDS3 eye vitamins +7% CC2,3 revenue growth vs 4Q24 $112M Miebo® revenue in
Slide 6: Executing On Our 3-Year Plan
Executing On Our 3-Year Plan 1 1 Achieved 2025 Targets Driving Margin Expansion ~23% 23.5% +6% +5-7% 17.5% 19.0% ex. enVista recall3,4,5 15.0% 11.1% +5% FY25 FY 25-28 FY25 FY28 1Q25 2Q25 3Q25 4Q25 Actual CAGR2 Plan1 Actual Plan1 Actual Actual Actual Actual CC Revenue Adj. EBITDA Margin FY25 Quarterl
Slide 7: Advancing Robust Pipeline in 2026
Advancing Robust Pipeline in 2026 1 Bioactive Early Launch In Process BL1107 Premium FRP Dual-Action Lens (Glaucoma) SiHy Lens DED Eye Drop siRNA Blink ® AREDS3 External Clinical Phase 2b External Clinical Phase 2b Elevation of First Study – Topline Triple Care PF Vitamins Clinical Study – Study Sta
Slide 8: Driving Growth Across All Segments
Driving Growth Across All Segments 1 B+L CC Revenue Growth1,2 FY25 Segment FY25 Franchise CC Revenue Growth1,2 Reported Revenue / Growth3 +17% +6% ex. enVista recall1,2,4 $316M $331M +10% +5% +6% Vision Care +7% Contact Lens; +5% Consumer FY revenue FY revenue organic2 FY24 FY25 +38% Surgical +30% B
Slide 9: Financial Results
Bausch + Lomb ULTRA” Mutiocal for Astigmatism
Slide 10: 4Q25 Revenue Drivers
4Q25 Revenue Drivers Vision Care Surgical Pharmaceuticals 25% $1,405M 35% 76% $1,280M $778M 49% $249M $378M 65% 24% 26% 4Q24 4Q25 Consumer Contact Lens Implantables Equipment U.S. International Consumables/Other 4Q25 Revenue Growth +10% Reported 4Q25 CONSTANT CURRENCY REVENUE GROWTH 1 +7% 4Q25 Reven
Slide 11: FY25 Revenue Drivers
FY25 Revenue Drivers Vision Care Surgical Pharmaceuticals 24% $5,101M 35% 73% $4,791M $2,923M 52% $894M $1,284M 65% 27% 24% FY24 FY25 Consumer Contact Lens Implantables Equipment U.S. International Consumables/Other FY25 Revenue Growth +6% Reported FY25 CONSTANT CURRENCY REVENUE GROWTH 1 +5% FY25 Re
Slide 12: 4Q25 Bausch + Lomb P&L (Non-GAAP)
4Q25 Bausch + Lomb P&L (Non-GAAP) 1 Bausch + Lomb 4Q25 4Q24 Reported Constant Currency Change Change1 Vision Care Revenue $778M $723M 8% 5% 4Q25 Highlights Surgical Revenue $249M $231M 8% 3% Pharmaceuticals Revenue $378M $326M 16% 14% Total Revenue $1,405M $1,280M 10% 7% Constant Currency Adj. Gross
Slide 13: FY25 Bausch + Lomb P&L (Non-GAAP)
FY25 Bausch + Lomb P&L (Non-GAAP) 1 Bausch + Lomb FY25 FY24 Reported Constant Currency Change Change1 Vision Care Revenue $2,923M $2,739M 7% 6% FY25 Highlights Surgical Revenue $894M $843M 6% 4% Pharmaceuticals Revenue $1,284M $1,209M 6% 6% Total Revenue $5,101M $4,791M 6% 5% Constant Currency Adj.
Slide 14: 4Q25 Bausch + Lomb P&L (GAAP)
4Q25 Bausch + Lomb P&L (GAAP) Bausch + Lomb 4Q25 4Q24 Reported Constant Currency Change Change1 Vision Care Revenue $778M $723M 8% 5% Surgical Revenue $249M $231M 8% 3% Pharmaceuticals Revenue $378M $326M 16% 14% Total Revenue $1,405M $1,280M 10% 7% Gross Profit $816M $711M 15% 12% Gross Margin 58.1
Slide 15: FY25 Bausch + Lomb P&L (GAAP)
FY25 Bausch + Lomb P&L (GAAP) Bausch + Lomb FY25 FY24 Reported Constant Currency Change Change1 Vision Care Revenue $2,923M $2,739M 7% 6% Surgical Revenue $894M $843M 6% 4% Pharmaceuticals Revenue $1,284M $1,209M 6% 6% Total Revenue $5,101M $4,791M 6% 5% Gross Profit $2,793M $2,626M 6% 5% Gross Marg
Slide 16: Outlook
Outlook 15
Slide 17: FY26 Guidance
FY26 Guidance Continuing to Execute 3-Year Plan With Above-Market Revenue Growth & Margin Expansion Guidance Total Revenue $5.375B – $5.475B +5-7% CC Revenue Growth2 Adj. EBITDA (ex. Acq. IPR&D)2 $1.000B – $1.050B Adj. EBITDA Growth Key Assumptions +15% (Ex. Acq. IPR&D)2 Net Interest Expense3 ~$365M
Slide 18: Growth Drivers
a. AUSCH +LomB See hatter Live hatter,
Slide 19: Strengthening Dry Eye Leadership…
Strengthening Dry Eye Leadership… 1 Avg. Weekly TRx & Growth (% Y/Y)2 +113% 25,269 26,991 31,182 20,001 14,618 11,992 12,833 10,108 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 22,901 +6% 22,567 22,708 24,208 21,101 21,522 20,201 18,825 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 18 1. For full product infor
Slide 20: …With Significant Runway for Growth
…With Significant Runway for Growth 1 93% of estimated U.S. population with DED is not treated with an Rx product1,4 7% of diagnosed DRY EYE PORTFOLIO patients receive +18% $1.1B Rx DED treatment4 Global dry eye disease market FY25 CC FY25 Revenue Growth2,3 Revenue expected to nearly double by 20305
Slide 21: Launching the Next Catalysts for Growth
Launching the Next Catalysts for Growth 1,5 LAUNCHING NOW Addressing Nutritional Advanced Preservative- Needs in All Stages of Free Lipid Based $429M FY25 Eye Vitamin AMD to Expand Market by ~3x 2,3 Formulation +38% FY25 Blink Franchise Franchise Revenue CC Revenue Growth4 1. For full product inform
Slide 22: Delivering Growth, Expanding Portfolio
1 Delivering Growth, Expanding Portfolio Outperformed Contact Lens Market Over the Past Two Years B+L Contact Lens Global Contact Lens Market +9% Mid- Single Launching DD SiHy MF Digits2 in Europe Now FY24-25 Average CC Revenue Growth3 1. For full product information, see www.bausch.com. 21 2. Manag
Slide 23: Accelerating Growth in Implantables
Accelerating Growth in Implantables 1 Implantables Quarterly Revenue & CC Revenue Growth (% Y/Y)2 Expanding in Premium IOL Category $62M +20% 4Q25 CC2 Revenue Growth in Premium IOLs $58M Voluntary enVista Recall $50M +5% $44M +2% -16% 1Q25 2Q25 3Q25 4Q25 22 1. See Slide 1 for further information on
Slide 24: Strong, Sustainable Growth Into Next Decade
Strong, Sustainable 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 LUMIFY AGENT FOR OSP GAME AREDS3 LUXE MYOPIA CHANGERS VITAMINS DUAL-ACTION CONTROL
Slide 25: Q&A
Q&A 1 2 3 Executing Growth & Driving Selling Advancing Margin Expansion & Operational Pipeline Strategy Excellence Innovation 24
Slide 26: Appendix
Appendix BAUSCH +LOMB
Slide 27: 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 28: Cash Flow and Balance Sheet Summary (4Q25)
Cash Flow and Balance Sheet Summary (4Q25) 4Q25 Cash Flow From Operations $136M Adj. Cash Flow From Operations (Non-GAAP)1,2 $152M Depreciation $43M Stock Based Comp $64M Net Interest $95M CapEx $76M 27 1. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-G
Slide 29: Cash Flow and Balance Sheet Summary (FY25)
Cash Flow and Balance Sheet Summary (FY25) FY25 Cash Flow From Operations $283M Adj. Cash Flow From Operations (Non-GAAP)1,2 $381M Depreciation $163M Stock Based Comp $149M Net Interest3 $409M CapEx $349M 1. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non
Slide 30: Top 10 Revenue (Includes FX Impact)
Top 10 Revenue (Includes FX Impact) Rank Product / Franchise FY25 4Q25 3Q25 2Q25 1Q25 FY24 4Q24 1 Surgical Consumables $461M $123M $110M $120M $108M $431M $114M 2 Ocuvite® + PreserVision® $429M $131M $106M $103M $89M $420M $127M 3 Xiidra® $331M $95M $87M $82M $67M $364M $104M 4 Miebo® $316M $112M $8
Slide 31: Segment Reported Revenue
Segment Reported Revenue Constant Currency Vision Care 4Q25 4Q24 Reported Change Change1 Contact Lens Revenue $271M $247M 10% 8% Consumer Revenue $507M $476M 7% 3% Total Revenue $778M $723M 8% 5% Constant Currency Surgical 4Q25 4Q24 Reported Change Change1 Implantables Revenue $62M $56M 11% 5% Equip
Slide 32: Reported Revenue Trailing Quarters by Segment
Reported Revenue Trailing Quarters by Segment Bausch + Lomb 4Q25 3Q25 2Q25 1Q25 4Q24 Vision Care Contact Lens $271M $272M $258M $236M $247M Consumer $507M $464M $495M $420M $476M Total Revenue $778M $736M $753M $656M $723M Surgical Implantables $62M $50M $44M $58M $56M Equipment $64M $55M $52M $48M
Slide 33: Non-GAAP Adjustments EPS Impact ($M)
Non-GAAP Adjustments EPS Impact ($M)2 Three Months Ended Twelve Months Ended December 31 December 31 2025 2024 2025 2024 Income Earnings per Income Earnings per Income Earnings per Income Earnings per (Expense) Share Impact (Expense) Share Impact (Expense) Share Impact (Expense) Share Impact Net los
Slide 34: Reconciliation of Reported Operating Income to Adjusted EBITA
Reconciliation of Reported Operating Income to Adjusted EBITA (non-GAAP)1 ($M) 4Q 2025 FY 2025 Gross Gross R&D Operating Gross Gross R&D Operating Profit Margin SG&A Expense Income Profit Margin SG&A Expense Income 2025 GAAP $ 816 58.1% $ 564 $ 94 $ 112 $ 2,793 54.8% $ 2,234 $ 371 $ 113 Amortization
Slide 35: Reconciliation of Reported Net Loss 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 Twelve Months Ended December 31 December 31 2025 2024 2025 2024 Net loss attributable to Bausch + Lomb Corporation $ (58) $ (3) $ (360) $ (317) Interest expense, net 95 93 409 384 Provis
Slide 36: Reconciliation of Reported Net Loss 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 2025 2025 2025 Net loss attributable to Bausch + Lomb Corporation $ (212) $ (62) $ (28) Interest expense, net 91 125 98 Provision for (benefit from) income
Slide 37: Reconciliation of Reported Revenue to Constant Currency Revenue
Reconciliation of Reported Revenue to Constant Currency Revenue1 and Constant Currency Revenue Growth1 ($M) Calculation of Constant Currency Revenue for the Three Months Ended Change in Change in December 31, 2025 December 31, 2024 Reported Revenue Constant Currency Revenue 1 Constant Currency Reven
Slide 38: Reconciliation of Reported Revenue to Constant Currency Revenue
Reconciliation of Reported Revenue to Constant Currency Revenue1 and Constant Currency Revenue Growth1 ($M) Calculation of Constant Currency Revenue for the Three Months Ended Change in Change in December 31, 2025 December 31, 2024 Reported Revenue Constant Currency Revenue 1 Constant Currency Reven
Slide 39: Reconciliation of Reported Revenue to Constant Currency Revenue
Reconciliation of Reported Revenue to Constant Currency Revenue1 and Constant Currency Revenue Growth1 ($M) Calculation of Constant Currency Revenue for the Twelve Months Ended Change in Change in December 31, 2025 December 31, 2024 Reported Revenue Constant Currency Revenue 1 Constant Currency Reve
Slide 40: Reconciliation of Reported Revenue to Constant Currency Revenue
Reconciliation of Reported Revenue to Constant Currency Revenue1 and Constant Currency Revenue Growth1 ($M) Calculation of Constant Currency Revenue for the Twelve Months Ended Change in Change in December 31, 2024 December 31, 2023 Reported Revenue Constant Currency Revenue 1 Constant Currency Reve
Slide 41: Reconciliation of Reported Revenue to Organic Revenue and Organic Revenue Growth
Reconciliation of Reported Revenue to Organic Revenue1 and Organic Revenue Growth1 ($M) Calculation of Organic Revenue for the Three Months Ended Change in Change in December 31, 2024 December 31, 2023 Reported Revenue Organic Revenue 1 Organic Organic Revenue as Changes in Revenue (Non- Revenue as
Slide 42: 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 43: Non-GAAP Appendix
Non-GAAP Appendix Adjusted EBITDA (non-GAAP) Adjustments (continued) Amortization of intangible assets: The Company has excluded the impact of amortization of intangible assets, as such amounts are Separation costs and separation-related costs: The Company has excluded certain costs incurred in conn
Slide 44: Non-GAAP Appendix
Non-GAAP Appendix Adjusted EBITA/Adjusted EBITA Margin Adjusted SG&A 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 expenses (“SG&A expenses”)
Slide 45: Non-GAAP Appendix
Non-GAAP Appendix Adjusted Cash Flows from Operations/Adjusted Cash used in Operations trends in the business. The impact of changes in foreign currency exchange rates is determined as the difference in the Adjusted cash flows from operations (non-GAAP)/Adjusted Cash used in Operations (non-GAAP) is