Bausch + Lomb Corporation · NYSE:BLCO
Bausch + Lomb — Investor Day (August 2026)
98 slides from Bausch + Lomb's investor day presentation, Aug 24, 2026
Slide 1: Investor Day
INVESTOR DAY November 13th, 2025
Slide 2: Disclaimers
Disclaimers Forward-Looking Statements imposition of and adverse changes to tariffs, duties and other trade protection measures and slower growth), which could adversely impact our revenues, expenses and resulting This presentation contains forward-looking information and statements, within the mean
Slide 3: Agenda
A Welcome & Introduction Brent Saunders, Chairman and CEO G Financial Outlook Sam Eldessouky, Executive Vice President and CFO R&D Innovation Yehia Hashad, MD, Executive Vice President, R&D and CMO E Consumer John Ferris, President, Consumer Mayssa Attar, Ph.D., Senior Vice President, Pharmaceutical
Slide 4: Brent Saunders
BRENT SAUNDERS CHAIRMAN & CHIEF EXECUTIVE OFFICER 4
Slide 5: Mediocrity hides behind 'good enough.'
Mediocrity hides behind ‘good enough.’ Excellence burns right through it. 5
Slide 6: Sam Eldessouky
SAM ELDESSOUKY EXECUTIVE VICE PRESIDENT & CHIEF FINANCIAL OFFICER 6
Slide 7: Now Entering Next Phase of Our Strategy
Now Entering Next Phase of Our Strategy 1 Maintain Growth Expand Advance Momentum Profitability R&D Pipeline Continue To Drive Step Deliver Above Change Margin Significant Market Revenue Expansion Profile Upside Potential Growth Beyond 2028 7 1. See Slide 2 for further information on forward-looking
Slide 8: Strategy to Deliver Financial Excellence Across All Key Metrics
Strategy to Deliver Financial Excellence Across All Key Metrics 1,4 Above-Market Meaningful Robust Solid Strong Revenue Margin EPS Cash Flow Balance Growth Expansion Growth Generation Sheet 5 – 7% ~23% Double ~50% ~3.5x 2025-2028 CC REVENUE ADJ. EBITDA MARGIN (EX. ACQ. IPR&D)3 Digit ADJ. CASH FLOW F
Slide 9: Growth & Meaningful Margin Expansion
Growth & Meaningful Margin Expansion Reaffirming Preliminary 2028 2025 Guidance1 2026 View1 Outlook1 $5.050 – $5.150B ~5 – 7% FY25 Revenue FY25-28 CC Revenue CAGR2,3 $870 – $910M ~19% ~23% FY25 Adj. EBITDA FY26 Adj. EBITDA Margin FY28 Adj. EBITDA Margin (ex. Acq. IPR&D)2 (ex. Acq. IPR&D)2 (ex. Acq.
Slide 10: Broad-Based Growth Across Business
Broad-Based Growth Across Business 1 Consumer Contact Lens Pharma Surgical 5-7% 5-7% 5-7% 6-8% FY25-28 FY25-28 FY25-28 FY25-28 CC REVENUE CAGR1,2 CC REVENUE CAGR1,2 CC REVENUE CAGR1,2 CC REVENUE CAGR1,2 Expand Leadership with Maintain Strong Growth Continue Miebo Growth in Premium Launch of Lumify L
Slide 11: Expanding Margins and Maintaining Focus on Advancing Pipeline
Expanding Margins and Maintaining Focus on Advancing Pipeline Adj. EBITDA Margin (ex. Acq. IPR&D)1,2 +400 bps -50 bps ~23% +250 bps R&D Investment ~17% ~8% of Revenue Operating Efficiencies & Product Mix & P&L Leverage Manufacturing Efficiencies FY25E FY28E Adj. EBITDA Margin Adj. EBITDA Margin (ex.
Slide 12: Strong Cash Flow Generation
Strong Cash Net Leverage 2 Flow Generation Adj. Cash Flow From Operations To Adj. EBITDA Conversion1,2,3 ~3.5x 1 by end of 2028 ~50% Targeting Investment ~35% Grade Rating in the Long-Term 1 FY25E FY28E Strategic Focus to Optimize Working Capital Management 1. See Slide 2 for further information on
Slide 13: Capital Allocation Priorities
Capital Allocation Priorities 1 Strengthen Invest in Strategic Balance Sheet Organic Growth M&A / BD&L • Reduce net leverage2 to • Drive commercial and • Disciplined M&A / BD&L ~3.5x by end of 2028 operational excellence opportunities • Maintain framework for • Advance pipeline to deliver • Strategi
Slide 14: Drive Value with Execution, Significant Pipeline Upside
Drive Value with Execution 1,2 Significant Pipeline Upside 1 2025 - 2028 2028+ 5-7% Above-Market Pipeline to Drive 2025-2028 Revenue Growth CC Revenue CAGR1,2,3 Transformative Value with Potential Peak Sales ~23% ~600bps EBITDA Margin Expansion ~$7B 4 2028 Adj. EBITDA Margin (ex. Acq. IPR&D)3 2025-2
Slide 15: Key Takeaways
3 Key Takeaways 1 1 2 3 Durable Meaningful Significant Above-Market Margin Upside Potential Growth Expansion Beyond 2028 15 1. See Slide 2 for further information on forward-looking statements.
Slide 16: Yehia Hashad, MD
YEHIA HASHAD, MD EXECUTIVE VICE PRESIDENT, R&D & CHIEF MEDICAL OFFICER 16
Slide 17: Growth Engine with Top Industry Talent
Growth ~1K R&D EMPLOYEES ACROSS Engine with 12 SITES GLOBALLY Top Industry Talent >20 RECORD NUMBER OF NEW PRODUCT LAUNCHES IN LAST TWO YEARS FOCUSED ON DISRUPTIVE INNOVATION: >60 R&D PROJECTS IN PIPELINE WITH NEW CAPABILITIES IN DISEASE BIOLOGY POTENTIAL GAME CHANGERS1 ADVANCED FORMULATIONS MATERIA
Slide 18: Pipeline Designed to Raise the Standard of Care
Driving across all innovation business units 1 Pipeline Steady stream of Designed to launches into the next decade 1 Raise the Standard Game changers ~$7B potential peak sales 1,2 of Care 1. See Slide 2 for further information on forward-looking statements. 18 2. Represents total projected peak sale
Slide 19: Clinically-Differentiated Consumer Brands
Clinically-Differentiated Consumer Brands 1 Expand Market by Enhanced Comfort Advanced Addressing all with Addition of Preservative-Free Lipid Stages of AMD Hyaluronic Acid Based Formulation Launch Date: 1H26 Launch Date: 1H27 Launch Date: 1H26 Franchise Peak Sales: ~$600M Franchise Peak Sales: ~$45
Slide 20: Potential Game Changers in Pharma
Potential Game Changers in Pharma 1 First First First First dual-action therapeutic neurosensory agent glaucoma therapy therapeutic for for evaporative and to address to improve visual intermediate AMD inflammatory DED ocular surface pain function through and best-in-class neuroprotection treatments
Slide 21: Expanding in Premium Surgical Categories
Expanding in Premium Surgical Categories 1 EDOF LENS TO FIRST CLINICALLY BEST-IN-CLASS NEXT COMPLETE VALIDATED IMPLANT CATARACT / GENERATION PREMIUM IOL FREE MIGS EXCIMER RETINA COMBO FEMTOSECOND PORTFOLIO LASER SYSTEM LASER Launch Date: 2027 Launch Date: 2H26 in U.S. Launch Date: 2028 Launch Date:
Slide 22: No Breakthrough Innovation in Contact Lens for Over 25 Years
1999 No Breakthrough Innovation in Contact Lens Industry for Over 25 Years 22
Slide 23: Contact Lens Pipeline Designed with Purpose
Contact Lens FIRST-OF-ITS-KIND BIOACTIVE 2ND DD SIHY LENS INNOVATION Pipeline CONTACT LENS MATERIAL DESIGNED FOR AFFORDABILITY Designed Launch Date: 2028 Launch Date: 2029 with Purpose 1 Peak Sales: ~$500M Peak Sales: ~$250M DRIVE REVENUE GROWTH ACROSS ALL MARKET PREMIUM FRP CUTTING-EDGE SIHY CATEGO
Slide 24: Steady Stream of Launches into Next Decade
Steady Stream of Launches into Next Decade 1 ELIOS FIRST GLAUCOMA EXCIMER THERAPY TO BLINK LASER MIGS FIRST-OF-ITS-KIND IMPROVE VISION TRIPLE BIOACTIVE 2ND DD SiHy CARE PF CONTACT LENS CONTACT FIRST LENS NEUROSENSORY AREDS3 LUMIFY GAME MYOPIA AGENT FOR OSP VITAMINS LUXE CHANGERS IN CONTROL DUAL-ACTI
Slide 25: Key Takeaways
3 Key Takeaways 1 1 2 3 Expanding Driving Sustained Talent & Disruptive Growth from Capabilities Innovation New Launches 25 1. See Slide 2 for further information on forward-looking statements.
Slide 26: John Ferris and Mayssa Attar, Ph.D.
JOHN FERRIS PRESIDENT, CONSUMER MAYSSA ATTAR, PH.D. SENIOR VICE PRESIDENT, PHARMACEUTICALS AND CONSUMER R&D 26
Slide 27: Track Record of Outperformance in a Growing Market
Track Record of Outperformance in a Growing Market 2 B+L Consumer Global Consumer Market #1 +5% CAGR Global OTC Eye Health Company 1 ~$8B ~$10B 2024 2028E3 2028E Top Factors Fueling Growing consumer Rising prevalence Digital lifestyle and Aging Contact Category Growth self care mindset of dry eye en
Slide 28: Our Winning Playbook
Our Winning Playbook SUPERIOR VISION SCIENCE PROFESSIONAL RECOMMENDATION Best-in-Class Portfolio PREMIUM INNOVATION of Hero Brands MODERN BRAND BUILDING POWERED WITH AI DIGITAL COMMERCE EXCELLENCE 28
Slide 29: PreserVision: Years of Eye Vitamin Leadership
PreserVision: 20 Years of Eye Vitamin Leadership, Backed by Extensive Clinical Studies 1,2,3 Potential to Expand Addressable Market by Treating Early AMD5,6 Collaboration with the National +8% Eye Institute (NEI) 5-Year CAGR 17M (2019-2024) Early AMD #1 Intermediate Eye Vitamin Brand: Most Studied a
Slide 30: The Next Generation of PreserVision: AREDS3
The Next Generation of PreserVision: AREDS3 Advancing AMD Care with B-Vitamin Science How it Works B-Vitamin Clinical Data A growing body of pre-clinical and clinical evidence highlights the critical role B-Vitamins play in supporting Boosts Cell retinal health and reducing the risk of AMD B-Vitamin
Slide 31: Human Genetics Support Inclusion of B-Vitamins in AREDS3
Human Genetics Support Inclusion of B-Vitamins in AREDS3 1,2 1 Gene Expression Profile following administration of nutritional supplement to iPSC-RPE cells derived from AMD patients. Distinct Transcriptomic Signatures related to retinal health. B-Vitamins Only AREDS2 Only AREDS3: AREDS2 + B-Vitamins
Slide 32: Lumify is Now a Beauty Routine Essential
Lumify is Now a Beauty Routine Essential Beauty Enthusiasts Represent Continued Growth Engine 3 #1 eye doctor recommended 1 BEAUTY share in ENTHUSIASTS #1 redness relief 2 100M 2.9M LUMIFY USERS consumer 95% satisfaction 4 Beauty Positioning Supports Premium Pricing 1. IQVIA ProVoice Survey Q2 2025.
Slide 33: Meet the Bausch + Lomb Lumify
BAUSCH +LOMB LUMIFY” RIMONIDINE TARTRAT OPHTHALMIC SOLUTI REDNESS RELIEVER Sterile 08% DROPS
Slide 34: Introducing the Next Generation of Lumify
Introducing the Next Generation of Lumify 1 Help Your Eyes Look Their Best & Feel Their Best HA2 is a moisturizer Formula selected Viscosity found naturally in for a balance of optimized for an the eye and a comfort, viscosity, even more well-established and stability luxurious feel ingredient in be
Slide 35: Lumify Innovation
Lumify Innovation Brimonidine’s Proven Redness Relief Combined with Well Established Safety and Tolerability1 Brimonidine Hyaluronic Acid B+L has filed for patent protection on N scientific insights NH gained during the development and manufacturing of this N novel innovative N H N formulation Br Be
Slide 36: Lumify + HA Phase 3 Results
Lumify + HA Phase 3 Results Successful Phase 3 Randomized Controlled Trial Complete N=578 4 weeks 11 NDA 289 study participants of treatment with sites treated with novel 1 week follow up Submission Lumify + HA post-treatment Planned for 1Q26 1 Onset as early as 30 seconds 84% sustained redness reli
Slide 37: Significant Opportunity to Expand in OTC Dry Eye
Significant Opportunity to adults in the U.S. Expand in OTC Dry Eye 150M experience symptoms of dry eye1 of patients with dry 33% eye symptoms treating with OTC products2 of patients fail to 40% administer eye drops correctly3 Strong Global Position with Full Suite of Products Fastest Growing OTC Dr
Slide 38: Innovation in Formulation and Delivery Technology
INNOVATION IN INNOVATION IN TRIPLE CARE PF FORMULATION DELIVERY TECHNOLOGY Combined HA & Lipid Nano Emulsion for both Evaporative and Aqueous-Deficient Symptoms Beat Beatthe theBlink Blink Novel delivery system designed to improve dosing precision and enhance patient experience by Formulated with HA
Slide 39: Clinically-Differentiated Consumer Brands
Clinically-Differentiated Consumer Brands 1 Expand Market by Enhanced Comfort Advanced Addressing all with Addition of Preservative-Free Lipid Stages of AMD Hyaluronic Acid Based Formulation Launch Date: 1H26 Launch Date: 1H27 Launch Date: 1H26 Franchise Peak Sales: ~$600M Franchise Peak Sales: ~$45
Slide 40: Key Takeaways
3 Key Takeaways 1 1 2 3 Proven Track Winning Strong Pipeline Record of Brands with of Clinically- Above-Market Clear Runway Differentiated Performance for Growth Products 40 1. See Slide 2 for further information on forward-looking statements.
Slide 41: Andrew Stewart and Mayssa Attar, Ph.D.
ANDREW STEWART PRESIDENT, GLOBAL PHARMACEUTICALS AND INTERNATIONAL CONSUMER MAYSSA ATTAR, PH.D. SENIOR VICE PRESIDENT, PHARMACEUTICALS AND CONSUMER R&D 41
Slide 42: Building on the Strength of our Eye Care Platform
Building on the Strength of our Eye Care Platform 1 Expanding leadership in …advancing pipeline of novel ocular surface… therapeutics in retina Front of the Eye Back of the Eye DRY EYE GLAUCOMA First dual-action therapeutic to address both First therapy to improve visual function while evaporative a
Slide 43: Finely-Tuned & Proven Commercialization Engine
Finely-Tuned & Proven Commercialization Engine Highest +110% Rated 25,269 26,991 field force2 20,001 14,618 11,992 12,833 10,108 Avg. Weekly TRx & Growth (% Y/Y)1 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Best eye health launch 2022-2024 3 +8% 22,901 22,567 22,708 21,101 21,522 18,825 20,201 Top 10 launche
Slide 44: Dry Eye Disease: Rising Unmet Need, Big Opportunity
Dry Eye Disease: Rising Unmet Need, Big Opportunity Comprehensive B+L Platform to Drive Market Penetration and Patient Adherence 93% of estimated U.S. ~150M U.S. adults experience symptoms of dry eye, with ~38M living with DED2,3 population with DED is not treated with an Rx product1 7% of diagnosed
Slide 45: Therapeutic Strategy to Elevate Standard of Care
Dry Eye Disease Ocular Pain Glaucoma AMD Geographic Atrophy Geographic Atrophy Dual-Action Eye Drop BL1332 BL1107 Character Partnership CityTx Partnership BL1107 SR Therapeutic Strategy to Elevate Standard of Care Dry eye is a multifactorial, symptomatic disease characterized by a loss of homeostasi
Slide 46: Miebo-Based Formulation Delivers Lifitegrast More Efficiently
Dry Eye Disease Ocular Pain Glaucoma AMD Geographic Atrophy Geographic Atrophy Dual-Action Eye Drop BL1332 BL1107 Character Partnership CityTx Partnership BL1107 SR Miebo-Based Formulation Delivers Lifitegrast More Efficiently Ocular Surface Tissue Concentrations Unique physiochemical properties of
Slide 47: #1 Reason for ECP Visit is Ocular Discomfort & Pain
Dry Eye Disease OcularPain Ocular Pain Glaucoma AMD Geographic Atrophy Geographic Atrophy Dual-Action Eye Drop BL1312 BL1332 and BL1332 BL1107 Character Partnership CityTx Partnership BL1107 SR #1 Reason for ECP Visit is Ocular Discomfort & Pain 1 Acute OSP Chronic OSP Steroids and NSAIDs not suffic
Slide 48: No Glaucoma Therapeutic Exists to Treat Neurodegenerative Pathology
Dry Eye Disease Ocular Pain Glaucoma AMD Geographic Atrophy Geographic Atrophy Dual-Action Eye Drop BL1332 BL1107 Character Partnership CityTx Partnership BL1107 SR No Glaucoma Therapeutic Exists to Treat the Vision Threatening Neurodegenerative Pathology GLAUCOMA CONTINUES TO BE THE “SILENT THIEF O
Slide 49: TRPV1 Antagonism to Treat Ocular Surface Pain
Dry Eye Disease OcularPain Ocular Pain Glaucoma AMD Geographic Atrophy Geographic Atrophy Dual-Action Eye Drop BL1312 BL1332 and BL1332 BL1107 Character Partnership CityTx Partnership BL1107 SR TRPV1 Antagonism to Treat Ocular Surface Pain Cornea has Highest Density of Target Rationale Molecules Sen
Slide 50: Data-Informed Development of TRPV1 Antagonist
Dry Eye Disease OcularPain Ocular Pain Glaucoma AMD Geographic Atrophy Geographic Atrophy Dual-Action Eye Drop BL1312 BL1332 and BL1332 BL1107 Character Partnership CityTx Partnership BL1107 SR Data-Informed Development of TRPV1 Antagonist BL1312 Clinical Data Guide Strategy Developing More Potent B
Slide 51: Addressing Neurodegenerative Vision Loss in Glaucoma
Dry Eye Disease Ocular Pain Glaucoma AMD Geographic Atrophy Geographic Atrophy Dual-Action Eye Drop BL1332 BL1107 Character Partnership CityTx Partnership BL1107 SR Addressing Neurodegenerative Vision Loss in Glaucoma Glaucoma is a Neurodegenerative Disease Glaucoma is a Studies show most patients N
Slide 52: BL1107 is Designed to Target Vision-Threatening Disease
Dry Eye Disease Ocular Pain Glaucoma AMD Geographic Atrophy Geographic Atrophy Dual-Action Eye Drop BL1332 BL1107 Character Partnership CityTx Partnership BL1107 SR BL1107 is Designed to Target Vision-Threatening Disease Next-Generation α2B AR Agonist Tears Retina 150000 AUC0-t (ng•hr/mL) 1000 AUC0-
Slide 53: BL1107 Achieved Clinical POC: Improves Vision in Glaucoma
Dry Eye Disease Ocular Pain Glaucoma AMD Geographic Atrophy Geographic Atrophy Dual-Action Eye Drop BL1332 BL1107 Character Partnership CityTx Partnership BL1107 SR BL1107 Achieved Clinical POC: Improves Vision in Glaucoma LL-BCVA ≥15-Letter Gain1 Treatment Difference in Mean CFB at Day 14 in VF MD1
Slide 54: Addressing Massive Unmet Needs for ~20M Americans with AMD/GA
Dry Eye Disease Ocular Pain Glaucoma AMD Geographic Atrophy Geographic Atrophy Dual-Action Eye Drop BL1332 BL1107 Character Partnership CityTx Partnership BL1107 SR 1 Addressing Massive Unmet Needs for ~20M Americans with AMD/GA Currently approved therapies only slow lesion Intermediate growth. B+L
Slide 55: Strategy for Developing Complex Disease Treatments
Dry Eye Disease Ocular Pain Glaucoma AMD Geographic Atrophy Geographic Atrophy Dual-Action Eye Drop BL1332 BL1107 Character Partnership CityTx Partnership BL1107 SR Strategy for Developing Complex Disease Treatments Drugging a complex disease with many implicated mechanisms, no animal models recapit
Slide 56: Precision Medicine Will Transform AMD Treatment
Dry Eye Disease Ocular Pain Glaucoma AMD Geographic Atrophy Geographic Atrophy Dual-Action Eye Drop BL1332 BL1107 Character Partnership CityTx Partnership BL1107 SR 1 Precision Medicine Will Transform AMD Treatment Partnership grants exclusive access to integrated patient data platform and AI-powere
Slide 57: Gene Silencing for Unprecedented Potency and Durability
Dry Eye Disease Ocular Pain Glaucoma AMD Geographic Atrophy Geographic Atrophy Dual-Action Eye Drop BL1332 BL1107 Character Partnership CityTx Partnership BL1107 SR Gene Silencing for Unprecedented Potency and Durability Advantages of genetic medicine approach without the challenges of viral gene de
Slide 58: BL1107 Sustained-Release Implant is a Superior GA Treatment
Dry Eye Disease Ocular Pain Glaucoma AMD Geographic Atrophy Geographic Atrophy Dual-Action Eye Drop BL1332 BL1107 Character Partnership CityTx Partnership BL1107 SR BL1107 Sustained-Release Implant is a Superior GA Treatment Anticipate development Development candidate in 2026 and α2AR Agonist Slows
Slide 59: Opportunity for Pipeline to Deliver ~$3.9B in Peak Sales
Opportunity for Pipeline to Deliver ~$3.9B in Peak Sales 1,2 Indication Program Thesis Phase 3 Data Launch Date Peak Sales Dry Eye Dual-Action First dual-action therapeutic ~2028 ~2029 ~$0.7B Eye Drop for evaporative and inflammatory DED OSP BL1332 First neurosensory agent to ~$1.4B address ocular s
Slide 60: Key Takeaways
3 Key Takeaways 1 1 2 3 Strengthening Expanding Building Pipeline Leadership in Front of the of Therapeutics Dry Eye Eye Platform in Retina 60 1. See Slide 2 for further information on forward-looking statements.
Slide 61: Yang Yang and Bryan Reed
YANG YANG PRESIDENT, VISION CARE BRYAN REED VICE PRESIDENT, VISION CARE R&D 61
Slide 62: No Breakthrough Innovation in Contact Lens Industry for Over 25 Years
NO BREAKTHROUGH INNOVATION IN CONTACT LENS INDUSTRY FOR OVER 25 YEARS 62
Slide 63: Introducing the First Bioactive Contact Lens Material
Introducing the First Bioactive Contact Lens Material 63
Slide 64: Creating a New Category of Contact Lenses
Creating a New Category of Contact Lenses 1 Bioactive 1971 1999 2028 Hyaluronic Acid Hydrogel Hydrogel Silicone Hydrogel B+L launches B+L launches SofLens PureVision The first mass- The first The first produced soft silicone contact lens in hydrogel bioactive the market contact lens contact lens 64
Slide 65: A First-of-its-Kind Technology
A First-of-its-Kind Technology Re-engineered from the inside out. Double dose of bio-engineered HA. HA polymerized into lens and in solution. 65
Slide 66: Hyaluronic acid (HA)
Hyaluronic acid (HA) High-molecular-weight polysaccharide that can hold up to Hydrating Acts as "nature's sponge" to provide maximum hydration 1000x its weight in water 1 Lubricating Reduces friction and mechanical stresses Natural Found throughout the body in eyes, joints, skin 66 1. https://pmc.nc
Slide 67: Bioactive
Bioactive Interacts with the Natural Biology of the Eye to Release HA % of Contact Lens Wearers Who Report Dryness Symptoms1 Unmet Need: Increased contact lens 49.8% 69.1% dryness symptoms as day progresses 19.9% When exposed to hyaluronidase, a natural Time of Morning Afternoon Evening enzyme in te
Slide 68: Optimal Hydration and Eye Health
Optimal Hydration and Eye Health Oxygen Flux Cell and Evaporation Protection + Oxygen Permeability Desiccation Protection1 Control Solution containing HA Solution without HA 120 HA protects corneal epithelial cells’ metabolic CELL ACTIVITY 100 activity after exposure to dry environment 80 60 40 20 0
Slide 69: Unparalleled Comfort
Unparalleled Comfort Lowest Coefficient of Friction Minimizes Interaction Between Eyelid & Lens Coefficient of Friction1 14 blinks per minute 0% 20% 840 blinks per hour 40% % INCREASE 60% 80% 13,440 blinks per 16-hour day 100% 120% 140% 160% Initiated external performance clinical in 4Q25 69 1. Data
Slide 70: Contact Lens Pipeline Designed with Purpose
Contact Lens FIRST-OF-ITS-KIND BIOACTIVE 2ND DD SIHY LENS INNOVATION Pipeline CONTACT LENS MATERIAL DESIGNED FOR AFFORDABILITY Designed Launch Date: 2028 Launch Date: 2029 with Purpose 1 Peak Sales: ~$500M Peak Sales: ~$250M DRIVE REVENUE GROWTH ACROSS ALL MARKET PREMIUM FRP CUTTING-EDGE SIHY CATEGO
Slide 71: Next-Generation DD SiHy
Next-Generation DD SiHy Accessible Innovation in Fastest Growing Lens Category Global Daily Silicone Hydrogel Market1 Material Novel chemistry designed for Innovation high surface wettability $6.4B Maintain Integrated with moisturizers, Homeostasis electrolytes and osmoprotectants $4.3B +10% CAGR2 E
Slide 72: Premium FRP SiHy
Premium FRP SiHy Designed to be the Premium FRP Lens in the Market FRP User Base Remains Large, with Limited Innovation1 Unsurpassed Comfort of a daily and affordability of a monthly – optimized to balance hydration, Comfort breathability and resist deposits Dailies Crisp Clear Leverages proven opti
Slide 73: DD SiHy Myopia Control Lens
DD SiHy Myopia Control Lens Novel Design to Control the Progression of Myopia Premium DD SiHy Material Myopia – Now and in 20501,2 52% Number of Myopes Paired with Myopia Prevalence (%) Cutting-Edge Lens Design 4.9B 33% Differentiated peripheral defocus design with 1) Multiple Zone Diameters 22% 2)
Slide 74: Continuing to Outperform Market
Continuing to Outperform Market And Built Best-in-Class Pipeline to Sustain Leading Growth 3 Capturing Share in Fastest Growing DD SiHy Market Driving Segment-Creating Global Material Innovation - Contact Lens Contact Lens Market +4% +6% Entering New Categories with High Unmet Need 3Q25 YTD CC1 Reve
Slide 75: Key Takeaways
3 Key Takeaways 1 1 2 3 Creating New Advancing Leveraging Category of Pipeline to Existing Contact Sustain Market Platforms to Lenses Leading Growth Drive Margin 75 1. See Slide 2 for further information on forward-looking statements.
Slide 76: Luc Bonnefoy and Kelly Swaim, MD
LUC BONNEFOY PRESIDENT, SURGICAL KELLY SWAIM, MD SENIOR VICE PRESIDENT, SURGICAL R&D 76
Slide 77: Strategy to Drive Growth and Margin Expansion
Strong Performance in a Durable & Growing Market Strategy to Drive Global Surgical Market 1 Growth and Margin Expansion 2 OWN THE OPERATING ROOM WITH “ONE-STOP SHOP” APPROACH +5% CAGR2 TRANSFORM PORTFOLIO WITH STEADY STREAM OF LAUNCHES ~$13B ~$16B IN PREMIUM CATEGORIES RESHAPE MANUFACTURING AND SUPP
Slide 78: Own the Operating Room: One-Stop Shop Cataract Strategy
Focused on Procedure Selling to Meet All Surgeon Needs Elios Phaco+ IOLs & Premium Own the Operating Room: Femtolaser “One-Stop Shop” Cataract Strategy OVD Cataract Cataract Surgery Devices1 Procedure Packs CTR BSS Capsular Dyes Instruments Fluid Mgmt. Knives Leading Cataract IOLs OVD BSS CTR Equipm
Slide 79: Steady Stream of Launches in Premium Categories
Steady Stream of Launches in Premium Categories 1 2023-25 2026 2027 2028 EXPANDING PREMIUM IOL PORTFOLIO ► enVista Aspire ► SeeLuma Digital ► Elios ► enVista Beyond ► seeNOVA Monofocal+ IOL Visualization Platform First Clinically-Validated EDOF IOL Best-in-class MIGS Excimer Laser Cataract / Retina
Slide 80: Expanding Manufacturing Capabilities & Optimizing Surgical Supply Network
Expanding Manufacturing Capabilities & Optimizing Surgical Supply Network 1 Comprehensive Strategy to Drive Margin DRIVE INCREASE Expansion and Unlock Revenue Growth: COST PULL-THROUGH EFFICIENCIES SALES Transition machine pack and custom pack assembly to low-cost supply base Vertical integration of
Slide 81: Building IOL Portfolio Across All Segments
Building IOL Portfolio Across All Segments Expanding in Premium IOLs – Market Projected to Grow +10% CAGR 2025-301,2 enVista Platform Lux Platform MONOFOCAL / MONOFOCAL / TORIC TORIC MONOFOCAL+ / TORIC MONOFOCAL+ / LUXBOOST TM Launching 20281 TORIC EDOF / TORIC EDOF / TORIC Launching 20271 TRIFOCAL
Slide 82: enVista Beyond
Designed to Build enVista Beyond on the enVista Platform2 0.8 Pupil 3.0 mm Completes Comprehensive 0.7 IOL Portfolio 0.6 enVista MX60E MTF (50 c/mm) 0.5 enVista Beyond 0.4 0.3 0.2 Extended Depth of 0.1 0 Focus IOL 2.0 1.0 0.0 -1.0 -2.0 -3.0 -4.0 -5.0 Defocus (D) - IOL plane Pure Refractive Optical B
Slide 83: Unlocking Growth Opportunities in MIGS
Unlocking Growth Opportunities in MIGS People worldwide ~80M living with glaucoma1 The first clinically-validated excimer laser MIGS Ten 210-μm “microchannels” are created in the TM using a precision excimer laser of patients undergoing cataract surgery have ~20% POAG / OHT2 Implant Free: Laser-base
Slide 84: Backed by Extensive Clinical Data
Backed by Extensive Clinical Data Elios is commercialized in Europe and clinically validated with 8 years of follow-up data Lowers IOP Reduces Medication Burden Sustained Results IOP (>20%) for up Up to 80% of patients are medication Long-term micro to 8 years1 free one year after surgery2 channel p
Slide 85: Elios Is the Next Generation of Glaucoma Technology
Elios Is the Next Generation of Glaucoma Technology 85
Slide 86: Best-in-Class Cataract / Retina Combo System
DUAL-MODE ASPIRATION Best-in-Class Uncompromised post-occlusion chamber stability with customizable Cataract / flow or vacuum control on demand Retina Combo CHALLENGE THE STATUS QUO System Embracing disruptive technologies and rethink phacoemulsification surgical paradigms with alternative lens remo
Slide 87: Delivering Improved Outcomes Over Current Microsurgical Systems
Delivering Improved Outcomes Over Current Microsurgical Systems 87
Slide 88: Next-Generation Femtosecond Laser
BUILDING ON 15 YEARS Next-Generation EXPERIENCE WITH VICTUS Femtosecond OPTIMIZED OUTCOMES Improved cutting for flaps under a Laser curved PI, designed for future integration of phaco system → complete FLACS workstation GREATER EFFICIENCY Designed for high volume cataract and refractive clinics: eas
Slide 89: Expanding in Premium Surgical Categories
Expanding in Premium Surgical Categories 1 EDOF LENS TO FIRST CLINICALLY BEST-IN-CLASS NEXT COMPLETE VALIDATED IMPLANT CATARACT / GENERATION PREMIUM IOL FREE MIGS EXCIMER RETINA COMBO FEMTOSECOND PORTFOLIO LASER SYSTEM LASER Launch Date: 2027 Launch Date: 2H26 in U.S. Launch Date: 2028 Launch Date:
Slide 90: Key Takeaways
3 Key Takeaways 1 1 2 3 Transforming Steady Stream Comprehensive Portfolio to a of Launches Strategy to “One-Stop in Premium Drive Margin Shop” Categories Expansion 90 1. See Slide 2 for further information on forward-looking statements.
Slide 91: Physician Panel
Physician Panel Moderator: Mark Schaeffer, OD, FAAO Eric Donnenfeld, MD Lejla Vajzovic, MD, FASRS William Trattler, MD Cathleen McCabe, MD Optometrist, Ocular Disease Cornea, Laser Cataract Professor of Ophthalmology, Cataract, Refractive, and Corneal Strategic Medical Advisor, & Contact Lenses, & R
Slide 92: Focus
FOCUS - @RWARD
Slide 93: Executing Strategy to Drive Step-Change Performance
Executing Above-Market Elevating Strategy to Drive Revenue Growth Standard of Care Step-Change & Meaningful with Disruptive Performance Margin Expansion Innovation 5 - 7% ABOVE-MARKET ~23% ~600 BPS EBITDA MARGIN 2025-2028 CC REVENUE GROWTH 2028 Adj. EBITDA EXPANSION 2025 to 2028 Revenue CAGR1,2,3 Ma
Slide 94: Appendix
Appendix
Slide 95: Key Modeling Assumptions (2025-2028)
1 Key Modeling Assumptions (2025-2028) Bausch + Lomb Revenue • 5-7% FY25-28 CC CAGR2 Consumer Revenue • 5-7% FY25-28 CC CAGR2 Contact Lens Revenue • 5-7% FY25-28 CC CAGR2 Pharmaceuticals Revenue • 5-7% FY25-28 CC CAGR2 Surgical Revenue • 6-8% FY25-28 CC CAGR2 Adj. R&D (% of Revenue)2 • Modest Increa
Slide 96: 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 Nine Months Ended Change in Change in September 30, 2025 September 30, 2024 Reported Revenue Constant Currency Revenue 1 Constant Currency Reve
Slide 97: Non-GAAP Appendix
Non-GAAP Appendix Description of Non-GAAP Financial Measures Company’s restructuring efforts, costs associated with these transformation initiatives are expected to fluctuate between periods in amount, size and To supplement the financial measures prepared in accordance with U.S. generally accepted
Slide 98: Non-GAAP Appendix
Non-GAAP Appendix Adjusted EBITDA (non-GAAP) Adjustments (continued) Adjusted Cash Flow from Operations/Adjusted Cash Flow from Operations to Adj. EBITDA (excl. Acq. IPR&D) conversion Separation costs and separation-related costs: The Company has excluded certain costs incurred in connection with ac