Bausch + Lomb Corporation · NYSE:BLCO
Bausch + Lomb — Q3 2026 Earnings Presentation
42 slides from Bausch + Lomb's earnings presentation, Oct 28, 2026
Slide 1: 3Q26 Financial Results
3Q26 Financial Results October 28, 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”), ability to offset the impact of tariffs in 2026 (based on the current tariff policy a
Slide 3: Q3 Highlights, Financial Results & Outlook, Growth Drivers
Q3 Highlights Financial Results & Outlook Growth Drivers 2
Slide 4: Entering Next Phase of Growth
Entering Next Phase of Growth Thomas J. Appio Priorities 1 Chairman of the Board and Interim CEO Chairman, Bausch + Lomb Board since August Accelerate Execution 1 and Drive Profitability 2026; Bausch Health CEO since May 2022 Prior long-standing Bausch + Lomb leader, Deliver or Exceed Three- includi
Slide 5: 3Q26: Strong Performance, Building on a Solid Foundation
3Q26: Strong Performance, Building on a Solid Foundation +8% +34% 23.6% 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 3Q25. 2. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information
Slide 6: Delivering Broad-Based Growth
1 Delivering Broad-Based Growth 3Q26 Segment 3Q26 Franchise B+L CC Revenue Growth1,2 CC Revenue Growth1,2 Reported Growth3 +8% 4 +70% +6% 4 +11% Pharmaceuticals +42% +35% 3Q25 3Q26 +24% B+L Reported Revenue +9% Surgical +15% monthly $1,375M +11% $1,281M +6% Vision Care +6% +6% Contact Lens; +6% Cons
Slide 7: Advancing to Next Phase With Momentum
Advancing to Next Phase With Momentum 4Q25 1Q26 2Q26 3Q26 +27% +59% +28% +34% +7% +6% +8% +8% CC Revenue Adj. EBITDA CC Revenue Adj. EBITDA CC Revenue Adj. EBITDA CC Revenue Adj. EBITDA Growth1,2,3 Growth1,3,4 Growth1,2,3 Growth1,3,4 Growth1,2,3 Growth1,3,4 Growth1,2,3 Growth1,3,4 1. This is a non-G
Slide 8: Financial Results
Financial Results 7
Slide 9: 3Q26 Revenue Drivers
3Q26 Revenue Drivers Vision Care Surgical Pharmaceuticals $1,375M 37% 30% 75% $1,281M $774M 49% $234M $367M 63% 25% 21% 3Q25 3Q26 Consumer Contact Lens Implantables Equipment U.S. International Consumables/Other 3Q26 Revenue Growth +7% Reported 3Q26 CONSTANT CURRENCY REVENUE GROWTH 1 +8% 3Q26 Revenu
Slide 10: 3Q26 Bausch + Lomb P&L (Non-GAAP)
3Q26 Bausch + Lomb P&L (Non-GAAP) 1 Bausch + Lomb 3Q26 3Q25 Reported Constant Currency Change Change1 Vision Care Revenue $774M $736M 5% 6% 3Q26 Highlights Surgical Revenue $234M $215M 9% 9% Pharmaceuticals Revenue $367M $330M 11% 11% Constant Currency Total Revenue $1,375M $1,281M 7% 8% +8% Revenue
Slide 11: 3Q26 Bausch + Lomb P&L (GAAP)
3Q26 Bausch + Lomb P&L (GAAP) Bausch + Lomb 3Q26 3Q25 Reported Constant Currency Change Change1 Vision Care Revenue $774M $736M 5% 6% Surgical Revenue $234M $215M 9% 9% Pharmaceuticals Revenue $367M $330M 11% 11% Total Revenue $1,375M $1,281M 7% 8% Gross Profit $828M $703M 18% 18% Gross Margin 60.2%
Slide 12: Outlook
Outlook BAUSCH+LOMB
Slide 13: Raising FY26 Guidance
Raising FY26 Guidance 1 Prior Guidance Prior Guidance Prior Guidance Current Guidance (February 2026) (April 2026) (July 2026) (October 2026) CC Revenue Growth2 Total Revenue $5.375B – $5.475B $5.420B – $5.520B $5.440B – $5.540B $5.450B – $5.550B5 +6.1 – 8.0% Raising by ~30 bps5 Adj. EBITDA $1.000B
Slide 14: Tracking Ahead of Investor Day Targets
Tracking Ahead of Investor Day Targets 1 Adj. EBITDA Margin (ex. Acq. IPR&D)2 3 ~20.3% ~19.0% 17.5% FY26 FY26 Outlook Current FY25 Tracking Ahead Provided At by +130 bps Guidance Actual Investor Day Midpoint 1. See Slide 1 for further information on forward looking statements. 13 2. This is a non-GA
Slide 15: Growth Drivers
b) BAUSCH + LOMB auscH+LoMB Throughout the
Slide 16: Expanding Our Leadership in Dry Eye
Expanding Our Leadership in Dry Eye 1 $119M $89M $84M $87M 3Q25 3Q26 3Q25 3Q26 Revenue Revenue Revenue Revenue +40% 3Q26 YTD Revenue Growth +11% 3Q26 YTD Revenue Growth 15 1. For full product information, see www.bausch.com.
Slide 17: Strong Consumption Driving Growth
Strong Consumption Driving Growth 1 B+L US Consumer Quarterly Consumption2 +35% 3Q26 Reported +6% +6% Revenue Growth +4% 1Q26 2Q26 3Q26 16 1. For full product information, see www.bausch.com. 2. B+L Consumer Data Science, Circana Data, Omnichannel, Dollar Sales, Data Ending 09-27-26.
Slide 18: Accelerating Growth, Advancing Innovation
Accelerating Growth, Advancing Innovation 1 +25% 3Q26 CC SiHy Revenue Growth2 FIRST-OF-ITS-KIND Contact Lens CC Revenue Growth2,3 BIOACTIVE CONTACT LENS MATERIAL 4 +6% Re-engineered from the inside out +5% +5% Double dose of bio-engineered HA HA polymerized into lens and in solution Next Second Exte
Slide 19: Building Momentum in Premium IOLs
Building Momentum in Premium IOLs 1 Premium IOL Portfolio % of Total B+L Surgical Revenue 15% Implantables +40% CC Revenue Growth2,3 9% 7% Premium IOLs 6% +75% CC Revenue Growth2,3 2023 2024 2025 3Q26 1. For full product information, see www.bausch.com. 18 2. This is a non-GAAP measure or ratio. See
Slide 20: Innovation Fueling Growth Beyond 2028
1 Innovation Fueling Growth Beyond 2028 Surgical Consumer Eye In early In early launch launch Health Bioactive Myopia Premium 2nd DD Contact Lens Material Control FRP SiHy SiHy Ocular Surface Dry Eye Disease BL1332 Diseases Dual-Action Eye Drop Ocular Surface Pain Age-Related BL1243 Geographic Geogr
Slide 21: Q&A
Q&A 1 2 3 Accelerate Deliver or Exceed Advance R&D Execution and Three-Year Long- Pipeline and Invest Drive Profitability Range Targets 1 in Innovation 20 1. Announced at investor day.
Slide 22: Appendix
Appendix BAUSCH+LOMB
Slide 23: Continuing to Advance R&D Pipeline
Continuing to Advance R&D Pipeline 1 Bioactive Launch In Process Elios Premium FRP BL1332 Lens Blink PreserVision SiHy Lens (OSP) Topline Results Triple Care® AREDS3 Targeted External Clinical Phase 2 Clinical Received from PF Vitamins U.S. Launch Study Start Study – Topline External Clinical Study
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 received, moving to Phase 3 Ocular Pain First-in-class the
Slide 25: Cash Flow and Balance Sheet Summary (3Q26)
Cash Flow and Balance Sheet Summary (3Q26) 3Q26 Cash Flow From Operations $233M Adj. Cash Flow From Operations (Non-GAAP)1,2 $233M Depreciation $45M Stock Based Comp $37M Net Interest $93M CapEx $55M 24 1. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-G
Slide 26: Cash Flow and Balance Sheet Summary (YTD)
Cash Flow and Balance Sheet Summary (YTD) 1Q26-3Q26 Cash Flow From Operations $418M Adj. Cash Flow From Operations (Non-GAAP)1,2 $439M Depreciation $134M Stock Based Comp $109M Net Interest3 $275M CapEx $226M 1. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on
Slide 27: Top 10 Revenue (Includes FX Impact)
Top 10 Revenue (Includes FX Impact) Rank Product / Franchise 3Q26 2Q26 1Q26 FY25 4Q25 3Q25 1 Miebo® $119M $91M $76M $316M $112M $84M 2 Surgical Consumables $115M $129M $117M $461M $123M $110M 3 Ocuvite® + PreserVision® $95M $104M $91M $429M $131M $106M 4 Xiidra® $89M $87M $87M $331M $95M $87M 5 Surg
Slide 28: Segment Reported Revenue
Segment Reported Revenue Constant Currency Vision Care 3Q26 3Q25 Reported Change Change1 Contact Lens Revenue $286M $272M 5% 6% Consumer Revenue $488M $464M 5% 6% Total Revenue $774M $736M 5% 6% Constant Currency Surgical 3Q26 3Q25 Reported Change Change1 Implantables Revenue $71M $50M 42% 40% Equip
Slide 29: Reported Revenue Trailing Quarters by Segment
Reported Revenue Trailing Quarters by Segment Bausch + Lomb 3Q26 2Q26 1Q26 4Q25 3Q25 Vision Care Contact Lens $286M $271M $254M $271M $272M Consumer $488M $513M $457M $507M $464M Total Revenue $774M $784M $711M $778M $736M Surgical Implantables $71M $72M $63M $62M $50M Equipment $48M $55M $48M $64M
Slide 30: YTD Bausch + Lomb P&L (Non-GAAP)
1 YTD Bausch + Lomb P&L (Non-GAAP) Bausch + Lomb 1Q26-3Q26 1Q25-3Q25 Reported Constant Currency Change Change1 Vision Care Revenue $2,269M $2,145M 6% 5% Surgical Revenue $718M $645M 11% 9% Pharmaceuticals Revenue $1,026M $906M 13% 12% Total Revenue $4,013M $3,696M 9% 7% Adj. Gross Profit1 $2,517M $2
Slide 31: YTD Bausch + Lomb P&L (GAAP)
YTD Bausch + Lomb P&L (GAAP) Bausch + Lomb 1Q26-3Q26 1Q25-3Q25 Reported Constant Currency Change Change1 Vision Care Revenue $2,269M $2,145M 6% 5% Surgical Revenue $718M $645M 11% 9% Pharmaceuticals Revenue $1,026M $906M 13% 12% Total Revenue $4,013M $3,696M 9% 7% Gross Profit $2,333M $1,977M 18% 17
Slide 32: Non-GAAP Adjustments EPS Impact ($M)
Non-GAAP Adjustments EPS Impact ($M)2 Three Months Ended Nine Months Ended September 30 September 30 2026 2025 2026 2025 Income Earnings per Income Earnings per Income Earnings per Income Earnings per (Expense) Share Impact (Expense) Share Impact (Expense) Share Impact (Expense) Share Impact Net inc
Slide 33: Reconciliation of Reported Operating Income to Adjusted EBITA
Reconciliation of Reported Operating Income (Loss) to Adjusted EBITA (non-GAAP)1 ($M) 3Q 2026 1Q-3Q 2026 Gross Gross R&D Operating Gross Gross R&D Operating Profit Margin SG&A Expense Income Profit Margin SG&A Expense Income 2026 GAAP $ 828 60.2% $ 556 $ 91 $ 155 $ 2,333 58.1% $ 1,688 $ 306 $ 271 Am
Slide 34: 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 Nine Months Ended September 30 September 30 2026 2025 2026 2025 Net income (loss) attributable to Bausch + Lomb Corporation $ 32 $ (28) $ (53) $ (302) Interest expense, net 93 98 275 314
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 Three Months Ended Three Months Ended June 30 March 31 December 31 2026 2025 2026 2025 2025 2024 Net loss attributable to Bausch + Lomb Corporation $ (14) $ (62) $ (71) $ (212) $ (58) $
Slide 36: Reconciliation of Reported Revenue to Constant Currency Revenue
Reconciliation of Reported Revenue to Constant Currency Revenue1 and Constant Currency Revenue Growth1 ($M) Calculation of Constant Currency Revenue for the Three Months Ended Change in Change in September 30, 2026 September 30, 2025 Reported Revenue Constant Currency Revenue 1 Constant Currency Rev
Slide 37: Reconciliation of Reported Revenue to Constant Currency Revenue
Reconciliation of Reported Revenue to Constant Currency Revenue1 and Constant Currency Revenue Growth1 ($M) Calculation of Constant Currency Revenue for the Three Months Ended Change in Change in September 30, 2026 September 30, 2025 Reported Revenue Constant Currency Revenue 1 Constant Currency Rev
Slide 38: Reconciliation of Reported Revenue to Constant Currency Revenue
Reconciliation of Reported Revenue to Constant Currency Revenue1 and Constant Currency Revenue Growth1 ($M) Change in Change in Calculation of Constant Currency Bausch + Lomb Revenue for the Three Months Ended Reported Revenue Constant Currency Revenue 1 Constant Currency Revenue as Changes in Reven
Slide 39: 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 40: Non-GAAP Appendix
Non-GAAP Appendix Adjusted EBITDA (non-GAAP) Adjustments (continued) Separation costs and separation-related costs: The Company has excluded certain costs incurred in connection with activities taken to: (i) amortization of intangible assets, separation costs and separation-related costs, Loss on ex
Slide 41: 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 42: Non-GAAP Appendix
Non-GAAP Appendix Adjusted Cash Flows from Operations/Adjusted Cash used in Operations; Adjusted Cash Flow from Operations to Adj. EBITDA (excl. Acq. IPR&D) conversion Adjusted cash flows from operations (non-GAAP)/Adjusted Cash used in Operations (non-GAAP) is Cash flow from operations/Cash used in