Bausch + Lomb Corporation · NYSE:BLCO
Bausch + Lomb — Q3 2025 Earnings Presentation
40 slides from Bausch + Lomb's earnings presentation, 2025
Slide 1: 3Q25 Financial Results
Lk NY — “WSs BAUSCH +LOMB NSS ‘et —— 3Q25 Financial Results
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”), forward-looking statements, including the assumption that the risks and uncertainties
Slide 3: Q3 Highlights; Financial Results & Outlook; Growth Drivers
Q3 Highlights Financial Results & Outlook Growth Drivers 22
Slide 4: Strong Execution, Delivering Results
Strong Execution, Delivering Results 1 Growing Revenue Building Selling & Prioritizing Pipeline At or Above Market Operational Excellence Innovation +6% CC2,3 revenue growth vs 3Q24, Strengthening leadership in dry eye, Next-Gen Lumify Phase 3 study met led by Pharma with +7% CC2,3 growth +33% Miebo
Slide 5: Adding a Fourth Pillar to our Strategic Roadmap
Adding a Fourth Pillar to our Strategic Roadmap 1 SELLING OPERATIONAL DISRUPTIVE FINANCIAL EXCELLENCE EXCELLENCE INNOVATION EXCELLENCE 44 1. See Slide 1 for further information on forward-looking statements.
Slide 6: Steady Stream of Disruptive Innovation
Steady Stream of Disruptive Innovation 1 Expand Leadership with Elevate the Disrupt Market with Accelerate Growth in Clinically- Standard Segment- Premium Differentiated of Care Creating Surgical Consumer Brands in Pharmaceuticals Contact Lens Innovation Product Categories NEXT-GEN LUMIFY CLINICAL S
Slide 7: 3Q25 Driving Growth Across All Segments
3Q25 Driving Growth Across All Segments Delivered +6% CC Growth 3Q251,2 Growth Across All Segments Growth Across Franchises 3Q25 Segment 3Q25 Franchise B+L CC Revenue Growth1,2 CC Revenue Growth1,2 Reported Revenue / Growth3 +19% $84M $87M +10% +6% +6% Vision Care +6% Contact Lens; +6% Consumer 3Q25
Slide 8: Financial Results
Financial Results BAUSCH+LOMB
Slide 9: 3Q25 Revenue Drivers
3Q25 Revenue Drivers Vision Care Surgical Pharmaceuticals 23% $1,281M 37% 73% $1,196M $736M 51% $215M $330M 63% 27% 26% 3Q24 3Q25 Consumer Contact Lens Implantables Equipment U.S. International Consumables/Other 3Q25 Revenue Growth +7% Reported 3Q25 CONSTANT CURRENCY REVENUE GROWTH 1 +6% 3Q25 Revenu
Slide 10: 3Q25 Bausch + Lomb P&L (Non-GAAP)
3Q25 Bausch + Lomb P&L (Non-GAAP) 1 Bausch + Lomb 3Q25 3Q24 Reported Constant Currency Change Change1 Vision Care Revenue $736M $684M 8% 6% 3Q25 Highlights Surgical Revenue $215M $206M 4% 1% Pharmaceuticals Revenue $330M $306M 8% 7% Total Revenue $1,281M $1,196M 7% 6% Constant Currency Adj. Gross Pr
Slide 11: 3Q25 Bausch + Lomb P&L (GAAP)
3Q25 Bausch + Lomb P&L (GAAP) Bausch + Lomb 3Q25 3Q24 Reported Constant Currency Change Change1 Vision Care Revenue $736M $684M 8% 6% Surgical Revenue $215M $206M 4% 1% Pharmaceuticals Revenue $330M $306M 8% 7% Total Revenue $1,281M $1,196M 7% 6% Gross Profit $703M $660M 7% 5% Gross Margin 54.9% 55.
Slide 12: Outlook
Outlook 11
Slide 13: Updating FY25 Guidance
Updating FY25 Guidance 1 Prior Guidance Prior Guidance Prior Guidance Current Guidance (February 2025) (April 2025) (July 2025) (October 2025) FY25 Guidance Total Revenue $4.950B – $5.050B $5.000B – $5.100B $5.050B – $5.150B $5.050B – $5.150B $5.050 – $5.150B Revenue Adj. EBITDA $900M – $950M $850M
Slide 14: Growth Drivers
Growth > pa ae Drivers iS 7 jo 2 7 a
Slide 15: Driving Miebo & Xiidra TRx Growth
Driving Miebo & Xiidra TRx Growth 1 +8% +110% 26,991 22,901 25,269 22,567 22,708 21,522 20,001 21,101 20,201 14,618 11,992 12,833 10,108 18,825 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Avg. Weekly TRx & Growth (% Y/Y)2 14 1. For full product information, see www.bausch.c
Slide 16: Continuing Global Roll-Out of Daily SiHy
1 Continuing Global Roll-Out of Daily SiHy +24% 3Q25 CC2 REVENUE GROWTH 50+ COUNTRIES LAUNCHED, Launched Toric in Japan in 3Q25 15 1. For full product information, see www.bausch.com. 2. Constant currency revenue as compared to 3Q24. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for
Slide 17: Delivering Growth in Key Consumer Brands
1 Delivering Growth in Key Consumer Brands Eye Vitamins +37% 3Q25 Reported +24% 3Q25 Reported +12% 3Q25 Reported +2% 3Q25 Reported Revenue Growth2 Revenue Growth Revenue Growth Revenue Growth 16 1. For full product information, see www.bausch.com. 2. Blink franchise includes eye drops, lens care and
Slide 18: Regaining Momentum in Premium IOLs
1 Regaining Momentum in Premium IOLs Solid Return to Market +27% CC2 Revenue Growth in Driving Growth in EU Markets Premium IOLs vs. 3Q24 Growth Across Two Premium IOL Platforms 1717 1. For full product information, see www.bausch.com. 2. Constant currency revenue as compared to 3Q24. This is a non-
Slide 19: Setting the Stage for Next Phase of Growth
Setting the Stage for Next Phase of Growth 1,2 CONTACT LENS CONSUMER SURGICAL PHARMA Elios® Dual-Action Bioactive AREDS3 Implant-Free Lifitegrast Contact Lens Vitamins MIGS Ocular DD Myopia Surface Pain Control Lens enVista Next-Gen Beyond Lumify® Glaucoma Neuroprotection Next-Gen Cataract / DD SiHy
Slide 20: Save the Date: November 13; Q&A
SAVE THE DATE: NOVEMBER 13 Q&A Business Update with a Spotlight on Innovation, From Concept to Commercialization 19
Slide 21: Appendix
Appendix BAUSCH+LOMB
Slide 22: 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 Enrolling Phase 2 clinical study Ocular Pain First-in-class therapy for ocular surface pain (OSP)
Slide 23: Cash Flow and Balance Sheet Summary (3Q25)
Cash Flow and Balance Sheet Summary (3Q25) 3Q25 Cash Flow From Operations $137M Adj. Cash Flow From Operations (Non-GAAP)1,2 $161M Depreciation $41M Stock Based Comp $27M Net Interest3 $98M CapEx $74M 1. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-GAA
Slide 24: Cash Flow and Balance Sheet Summary (YTD)
Cash Flow and Balance Sheet Summary (YTD) 1Q25-3Q25 Cash Flow From Operations $147M Adj. Cash Flow From Operations (Non-GAAP)1,2 $229M Depreciation $120M Stock Based Comp $85M Net Interest3 $314M CapEx $273M 1. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on
Slide 25: Top 10 Revenue (Includes FX Impact)
Top 10 Revenue (Includes FX Impact) Rank Product / Franchise 3Q25 2Q25 1Q25 FY24 4Q24 3Q24 1 Surgical Consumables $110M $120M $108M $431M $114M $106M 2 Ocuvite® + PreserVision® $106M $103M $89M $420M $127M $95M 3 Xiidra® $87M $82M $67M $364M $104M $92M 4 Miebo® $84M $63M $57M $172M $53M $49M 5 SofLe
Slide 26: Segment Reported Revenue
Segment Reported Revenue Constant Currency Vision Care 3Q25 3Q24 Reported Change Change1 Contact Lens Revenue $272M $253M 8% 6% Consumer Revenue $464M $431M 8% 6% Total Revenue $736M $684M 8% 6% Constant Currency Surgical 3Q25 3Q24 Reported Change Change1 Implantables Revenue $50M $49M 2% 2% Equipme
Slide 27: Reported Revenue Trailing Quarters by Segment
Reported Revenue Trailing Quarters by Segment Bausch + Lomb 3Q25 2Q25 1Q25 4Q24 3Q24 Vision Care Contact Lens $272M $258M $236M $247M $253M Consumer $464M $495M $420M $476M $431M Total Revenue $736M $753M $656M $723M $684M Surgical Implantables $50M $44M $58M $56M $49M Equipment $55M $52M $48M $61M
Slide 28: YTD Bausch + Lomb P&L (Non-GAAP)
1 YTD Bausch + Lomb P&L (Non-GAAP) Bausch + Lomb 1Q25-3Q25 1Q24-3Q24 Reported Constant Currency Change Change1 Vision Care Revenue $2,145M $2,016M 6% 6% Surgical Revenue $645M $612M 5% 4% Pharmaceuticals Revenue $906M $883M 3% 2% Total Revenue $3,696M $3,511M 5% 5% Adj. Gross Profit1 $2,241M $2,201M
Slide 29: YTD Bausch + Lomb P&L (GAAP)
YTD Bausch + Lomb P&L (GAAP) Bausch + Lomb 1Q25-3Q25 1Q24-3Q24 Reported Constant Currency Change Change1 Vision Care Revenue $2,145M $2,016M 6% 6% Surgical Revenue $645M $612M 5% 4% Pharmaceuticals Revenue $906M $883M 3% 2% Total Revenue $3,696M $3,511M 5% 5% Gross Profit $1,977M $1,915M 3% 3% Gross
Slide 30: Non-GAAP Adjustments EPS Impact
Non-GAAP Adjustments EPS Impact ($M)2 Three Months Ended Nine Months Ended September 30 September 30 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 (lo
Slide 31: Reconciliation of Reported Operating Income to Adjusted EBITA
Reconciliation of Reported Operating Income to Adjusted EBITA (non-GAAP)1 ($M) 3Q 2025 1Q-3Q 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 $ 703 54.9% $ 528 $ 95 $ 95 $ 1,977 53.5% $ 1,670 $ 277 $ 1 Amortization
Slide 32: Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Reconciliation of Reported Net (Loss) Income to EBITDA (non-GAAP)1 and Adjusted EBITDA (non-GAAP)1 ($M) Three Months Ended Nine Months Ended September 30 September 30 2025 2024 2025 2024 Net (loss) income attributable to Bausch + Lomb Corporation $ (28) $ 4 $ (302) $ (314) Interest expense, net 98 9
Slide 33: Reconciliation of Reported Revenue to Constant Currency Revenue
Reconciliation of Reported Revenue to Constant Currency Revenue1 and Constant Currency Revenue Growth1 ($M) Calculation of Constant Currency Revenue for the Three Months Ended Change in Change in September 30, 2025 September 30, 2024 Reported Revenue Constant Currency Revenue 1 Constant Currency Rev
Slide 34: Reconciliation of Reported Revenue to Constant Currency Revenue
Reconciliation of Reported Revenue to Constant Currency Revenue1 and Constant Currency Revenue Growth1 ($M) Calculation of Constant Currency Revenue for the Three Months Ended Change in Change in September 30, 2025 September 30, 2024 Reported Revenue Constant Currency Revenue 1 Constant Currency Rev
Slide 35: Reconciliation of Reported Revenue to Constant Currency Revenue
Reconciliation of Reported Revenue to Constant Currency Revenue1 and Constant Currency Revenue Growth1 ($M) Calculation of Constant Currency Revenue for the Three Months Ended Change in Change in September 30, 2024 September 30, 2023 Reported Revenue Constant Currency Revenue 1 Constant Currency Rev
Slide 36: Reconciliation of Reported Revenue to Organic Revenue
Reconciliation of Reported Revenue to Organic Revenue1 and Organic Revenue Growth1 ($M) Calculation of Organic Revenue for the Three Months Ended Change in Change in September 30, 2024 September 30, 2023 Reported Revenue Organic Revenue 1 Organic Organic Revenue as Changes in Revenue (Non- Revenue a
Slide 37: 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 38: 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 39: 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 40: 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