Bausch + Lomb Corporation · NYSE:BLCO
Bausch + Lomb — Bausch & Lomb — Investor Day (November 2025)
98 slides from Bausch + Lomb's investor day presentation, Nov 13, 2025
Slide 1: Investor Day, November 13, 2025
INVESTOR DAY November 13 th , 2025
Slide 2: Forward-Looking Statements
2 2 Forward - Looking Statements This presentation contains forward - looking information and statements, within the meaning of applicable securities laws (collect ively, “forward - looking statements”), including, but not limited to, statements regarding future prospects and performance of Bausch +
Slide 3: Agenda
Brent Saunders , Chairman and CEO Welcome & Introduction Sam Eldessouky , Executive Vice President and CFO Financial Outlook Yehia Hashad, MD , Executive Vice President, R&D and CMO R&D Innovation John Ferris , President, Consumer Mayssa Attar , Ph.D. , Senior Vice President, Pharmaceuticals and Con
Slide 4: Brent Saunders, Chairman & Chief Executive Officer
BRENT SAUNDERS CHAIRMAN & CHIEF EXECUTIVE OFFICER 4
Slide 5: Mediocrity hides behind 'good enough.' Excellence burns right through it.
Mediocrity hides behind ‘good enough.’ Excellence burns right through it. 5
Slide 6: Sam Eldessouky, EVP & Chief Financial Officer
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 Expand Profitability Maintain Growth Momentum Advance R&D Pipeline Continue To Deliver Above Market Revenue Growth Drive Step Change Margin Expansion Profile Significant Upside Potential Beyond 2028 7 1 1. See Slide 2 for further information on forward - looki
Slide 8: Strategy to Deliver Financial Excellence Across All Key Metrics
~3.5x NET LEVERAGE BY END OF 2028 3 ~50% ADJ. CASH FLOW FROM OPERATIONS TO ADJ. EBITDA CONVERSION IN 2028 3,5 Double Digit ADJ. EPS GROWTH 3,5 2026 - 2028 ~23% ADJ. EBITDA MARGIN (EX. ACQ. IPR&D) 3 IN 2028 5 – 7% 2025 - 2028 CC REVENUE CAGR 2,3 Above - Market Revenue Growth 8 Strategy to Deliver Fin
Slide 9: Reaffirming 2025 Guidance; 2026 and 2028 Outlook
9 $870 – $910M FY25 Adj. EBITDA (ex. Acq . IPR&D) 2 ~17% Margin ~19% FY26 Adj. EBITDA Margin (ex. Acq . IPR&D) 2 +200bps vs FY25 ~23% FY28 Adj. EBITDA Margin (ex. Acq . IPR&D) 2 +600bps vs FY25 Growth & Meaningful Margin Expansion Reaffirming 2025 Guidance 1 2028 Outlook 1 Preliminary 2026 View 1 1.
Slide 10: Broad-Based Growth Across Business
Consumer Contact Lens Pharma Surgical 5 - 7% 5 - 7% 5 - 7% 6 - 8% FY25 - 28 CC REVENUE CAGR 1,2 FY25 - 28 CC REVENUE CAGR 1,2 FY25 - 28 CC REVENUE CAGR 1,2 FY25 - 28 CC REVENUE CAGR 1,2 Continue Miebo Growth Momentum Drive Growth in Xiidra TRx and Revenue Deliver Durable Growth in International Phar
Slide 11: Adj. EBITDA Margin Expansion FY25E to FY28E
Adj. EBITDA Margin (ex. Acq. IPR&D) 1,2 FY25E Adj. EBITDA Margin (ex. Acq. IPR&D) 1,2 FY28E Adj. EBITDA Margin (ex. Acq. IPR&D) 1,2 ~17% Product Mix & Manufacturing Efficiencies Operating Efficiencies & P&L Leverage +250 bps +400 bps - 50 bps ~23% R&D Investment ~8% of Revenue 11 1. The guidance and
Slide 12: Strong Cash Flow Generation
FY25E FY28E Strong Cash Flow Generation Adj. Cash Flow From Operations To Adj. EBITDA Conversion 1,2,3 ~35% ~50% Net Leverage ~3.5x by end of 2028 Targeting Investment Grade Rating in the Long - Term 12 Strategic Focus to Optimize Working Capital Management 1. See Slide 2 for further information
Slide 13: Capital Allocation Priorities
13 Strategic M&A / BD&L Strengthen Balance Sheet Invest in Organic Growth • Drive commercial and operational excellence • Advance pipeline to deliver sustainable growth • Capacity expansion • Reduce net leverage 2 to ~3.5x by end of 2028 • Maintain framework for investment grade profile • Discipline
Slide 14: Pipeline to Drive Transformative Value
2025 - 2028 2028+ Pipeline to Drive Transformative Value with Potential Peak Sales ~$7B Above - Market Revenue Growth 5 - 7 % 2025 - 2028 CC Revenue CAGR 1,2,3 ~600bps EBITDA Margin Expansion 2025 - 2028 ~23 % 2028 Adj. EBITDA Margin (ex. Acq. IPR&D) 3 14 1. See Slide 2 for further information on fo
Slide 15: Key Takeaways
3 Key Takeaways Durable Above - Market Growth Meaningful Margin Expansion Significant Upside Potential Beyond 2028 1 2 3 15 1 1. See Slide 2 for further information on forward - looking statements.
Slide 16: Yehia Hashad, MD, EVP R&D & Chief Medical Officer
YEHIA HASHAD, MD EXECUTIVE VICE PRESIDENT, R&D & CHIEF MEDICAL OFFICER 16
Slide 17: Growth Engine with Top Industry Talent
Growth Engine with Top Industry Talent FOCUSED ON DISRUPTIVE INNOVATION: NEW CAPABILITIES IN DISEASE BIOLOGY ADVANCED FORMULATIONS MATERIAL SCIENCE R&D EMPLOYEES ACROSS 12 SITES GLOBALLY ~1K RECORD NUMBER OF NEW PRODUCT LAUNCHES IN LAST TWO YEARS >20 R&D PROJECTS IN PIPELINE WITH POTENTIAL GAME CHAN
Slide 18: Pipeline Designed to Raise the Standard of Care
Pipeline Designed to Raise the Standard of Care across all business units Driving innovation into the next decade Steady stream of launches ~$7B potential peak sales Game changers 18 1. See Slide 2 for further information on forward - looking statements. 2. Represents total projected peak sales of p
Slide 19: Clinically-Differentiated Consumer Brands
Enhanced Comfort with Addition of Hyaluronic Acid Advanced Preservative - Free Lipid Based Formulation Expand Market by Addressing all Stages of AMD Launch Date: 1H27 Franchise Peak Sales: ~$450M Launch Date: 1H26 Franchise Peak Sales: ~$300M Launch Date: 1H26 Franchise Peak Sales: ~$600M 19 Clinica
Slide 20: First Potential Game Changers in Pharma
dual - action therapeutic for evaporative and inflammatory DED neurosensory agent to address ocular surface pain glaucoma therapy to improve visual function through neuroprotection therapeutic for intermediate AMD and best - in - class treatments for GA Launch Date: ~2029 Peak Sales: ~$0.7B Launch D
Slide 21: Expanding in Premium Surgical Categories
NEXT GENERATION FEMTOSECOND LASER Launch Date: 2H26 Peak Sales: ~$50M FIRST CLINICALLY VALIDATED IMPLANT FREE MIGS EXCIMER LASER BEST - IN - CLASS CATARACT / RETINA COMBO SYSTEM EDOF LENS TO COMPLETE PREMIUM IOL PORTFOLIO Launch Date: 2H26 in U.S. Peak Sales: ~$175M Launch Date: 2027 enVista Platfor
Slide 22: No Breakthrough Innovation in Contact Lens Industry for Over 25 Years
No Breakthrough Innovation in Contact Lens Industry for Over 25 Years 1999 22
Slide 23: Contact Lens Pipeline Designed with Purpose
2ND DD SIHY LENS INNOVATION DESIGNED FOR AFFORDABILITY CUTTING - EDGE SIHY LENS DESIGN TO SLOW PROGRESSION OF MYOPIA PREMIUM FRP SIHY PROVIDING UNSURPASSED LENS COMFORT Launch Date: 2029 Peak Sales: ~$250M Launch Date: 2029 Peak Sales: ~$300M Launch Date: 2029 Peak Sales: ~$200M DRIVE REVENUE GROWTH
Slide 24: Steady Stream of Launches into Next Decade
FIRST NEUROSENSORY AGENT FOR OSP DUAL - ACTION DED EYE DROP 2 ND DD SiHy CONTACT LENS FIRST - OF - ITS - KIND BIOACTIVE CONTACT LENS enVISTA BEYOND EDOF IOL seeNOVA BEST - IN - CLASS CATARACT / RETINA COMBO seeLYRA NEXT - GEN FEMTO LASER AREDS3 VITAMINS ELIOS EXCIMER LASER MIGS MYOPIA CONTROL CONTAC
Slide 25: Key Takeaways
Driving Disruptive Innovation Sustained Growth from New Launches Expanding Talent & Capabilities 1 2 3 3 Key Takeaways 25 1. See Slide 2 for further information on forward - looking statements. 1
Slide 26: John Ferris and Mayssa Attar: Consumer
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
2028E 2024 #1 B+L Consumer Global OTC Eye Health Company Growing consumer self care mindset Rising prevalence of dry eye Digital lifestyle and environmental factors Aging population Contact lens wear Top Factors Fueling Category Growth Global Consumer Market +5% CAGR ~$8B ~$10B 27 2028E
Slide 28: Our Winning Playbook
Best - in - Class Portfolio of Hero Brands SUPERIOR VISION SCIENCE PROFESSIONAL RECOMMENDATION PREMIUM INNOVATION MODERN BRAND BUILDING POWERED WITH AI Our Winning Playbook 28 DIGITAL COMMERCE EXCELLENCE
Slide 29: Potential to Expand Addressable Market by Treating Early AMD
29 Potential to Expand Addressable Market by Treating Early AMD 5, 6 Current Market Treating Intermediate to Advanced AMD 11M Total Addressable Market Early and Intermediate to Advanced AMD 4M Early AMD Intermediate to Advanced AMD 17M PreserVision: 20 Years of Eye Vitamin Leadership, Backed by Ex
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 - Vitamins AREDS2 Boosts Cell Metabolism Reduces Inflammation Lowers Oxidative Stress Decreased risk in developing visually significant AMD through daily supplementation with specific B - Vitamin
Slide 31: Human Genetics Support Inclusion of B-Vitamins in AREDS3
31 Human Genetics Support Inclusion of B - Vitamins in AREDS3 AREDS3: AREDS2 + B - Vitamins AREDS2 Only Minimal differential gene expression relative to AREDS2 Synergistic effects on differential gene expression with AREDS2 + B - Vitamins More robust differential gene expression relative to B - Vita
Slide 32: Lumify is Now a Beauty Routine Essential
Beauty Enthusiasts Represent Continued Growth Engine Beauty Positioning Supports Premium Pricing BEAUTY ENTHUSIASTS 100M 2.9M LUMIFY USERS 32 #1 eye doctor recommended #1 share in redness relief 95% consumer satisfaction 1. IQVIA ProVoice Survey Q2 2025. 2. Circana MULO+ L52W 10.12.25. 3. MRI 2024 (
Slide 33: BAUSCH+LOMB
BAUSCH+LOMB LUMIFY fovowne Taare PTHALMI SOLUTION Lars AEDNESS RELIEVER EES Sterile
Slide 34: Introducing the Next Generation of Lumify
HA 2 is a moisturizer found naturally in the eye and a well - established ingredient in beauty and dry eye drops Formula selected for a balance of comfort , viscosity , and stability performance Viscosity optimized for an even more luxurious feel Expected Launch: 1H27 34 Introducing the Next Generat
Slide 35: Lumify Innovation
Lumify Innovation Brimonidine’s Proven Redness Relief Combined with Well Established Safety and Tolerability 1 Brimonidine Hyaluronic Acid Potent redness reduction Low risk of rebound redness or loss of efficacy Highly selective alpha 2 adrenergic receptor agonist Br N NH N H N N 35 Novel formulat
Slide 36: Lumify + HA Phase 3 Results
36 sustained redness relief, with improvement compared to baseline through 10 hours 2 Onset as early as 30 seconds of study participants chose comfortable, cool or refreshing as the first word they would use to describe the new product 2 84% Successful Phase 3 Randomized Controlled Trial Complete 28
Slide 37: Significant Opportunity to Expand in OTC Dry Eye
40% of patients fail to administer eye drops correctly 3 33% of patients with dry eye symptoms treating with OTC products 2 Significant Opportunity to Expand in OTC Dry Eye Strong Global Position with Full Suite of Products Fastest Growing OTC Dry Eye Portfolio 4 +19% LTM Revenue Growth 5 150M adult
Slide 38: Triple Care PF: Beat the Blink
INNOVATION IN FORMULATION Combined HA & Lipid Nano Emulsion for both Evaporative and Aqueous - Deficient Symptoms Formulated with HA to Boost and Retain Moisture Novel delivery system designed to improve dosing precision and enhance patient experience by “beating the blink” reflex Potential to becom
Slide 39: Clinically-Differentiated Consumer Brands
Enhanced Comfort with Addition of Hyaluronic Acid Advanced Preservative - Free Lipid Based Formulation Expand Market by Addressing all Stages of AMD Launch Date: 1H27 Franchise Peak Sales: ~$450M Launch Date: 1H26 Franchise Peak Sales: ~$300M Launch Date: 1H26 Franchise Peak Sales: ~$600M 39 Clinica
Slide 40: Key Takeaways
3 Key Takeaways Proven Track Record of Above - Market Performance Winning Brands with Clear Runway for Growth Strong Pipeline of Clinically - Differentiated Products 1 2 3 40 1. See Slide 2 for further information on forward - looking statements. 1
Slide 41: Andrew Stewart and Mayssa Attar: Pharmaceuticals
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
GLAUCOMA First therapy to improve visual function while lowering intraocular pressure AMD / GA Multiple “shots - on - goal” to transform AMD treatment and disrupt GA landscape DRY EYE First dual - action therapeutic to address both evaporative and inflammatory pathology OCULAR SURFACE PAIN First - i
Slide 43: Finely-Tuned & Proven Commercialization Engine
43 Finely - Tuned & Proven Commercialization Engine 43 Avg. Weekly TRx & Growth (% Y/Y) 1 Highest Rated field force Best eye health launch 2022 - 2024 Top 10 launches across all disease states +8% 10,108 11,992 12,833 14,618 20,001 25,269 26,991 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 18,825 20,201 2
Slide 44: Dry Eye Disease: Rising Unmet Need
44 1. 2023 Dry Eye Products Markets Report, Market Scope, 2023. 2. MultiSponsor Surveys, Inc. The 2022 Study of Dry Eye Sufferers. August 2022. 3. Ophthalmic Comprehensive Reports. DED 2020 Ophthalmic Landscape Report: Global Analysis for 2019 to 2025, April 2021. 4. Clarivate Market Research 2024.
Slide 45: Dual-Action Eye Drop: Therapeutic Strategy to Elevate Standard of Care
Ocular Pain BL1332 Therapeutic Strategy to Elevate Standard of Care Glaucoma BL1107 Geographic Atrophy BL1107 SR AMD Character Partnership Geographic Atrophy CityTx Partnership 45 Dry eye is a multifactorial , symptomatic disease characterized by a loss of homeostasis of the tear film and/or ocular
Slide 46: Dual-Action Eye Drop Formulation
Ocular Pain BL1332 Glaucoma BL1107 Geographic Atrophy BL1107 SR AMD Character Partnership Geographic Atrophy CityTx Partnership 46 Clinical study ongoing with data anticipated 2H26 2 • Designed to test dual - action of novel lifitegrast in Miebo formulation and superiority to Xiidra and Miebo in tre
Slide 47: Ocular Surface Pain: Number 1 Reason for ECP Visit
Chronic OSP Patients with Dry Eye and corneal diseases (10 - 15M patients) 3 20 - 30% Significant proportion of patients inadequately treated for COSP Patients post - surgery (0.4M patients) 3 5 - 15% Acute OSP • Corneal abrasions • Ocular infections • Dry Eye flares Other relevant conditions includ
Slide 48: No Glaucoma Therapeutic Exists to Treat Neurodegenerative Pathology
No Glaucoma Therapeutic Exists to Treat the Vision Threatening Neurodegenerative Pathology 48 35% of patients with glaucoma have vision - affecting glaucoma 1 Normal Vision Glaucoma GLAUCOMA CONTINUES TO BE THE “SILENT THIEF OF SIGHT” 4.2M i ndividuals in U.S. have glaucoma 1 Ocular Pain BL1332 Gl
Slide 49: TRPV1 Antagonism to Treat Ocular Surface Pain
TRPV1 Antagonism to Treat Ocular Surface Pain Ocular Pain BL1312 and BL1332 Glaucoma BL1107 Geographic Atrophy BL1107 SR AMD Character Partnership Geographic Atrophy CityTx Partnership Ocular Pain BL1332 49 Dry Eye Disease Dual - Action Eye Drop 1. Premkumar LS, Sikand P. TRPV1: A target for next ge
Slide 50: Data-Informed Development of TRPV1 Antagonist
50 Data - Informed Development of TRPV1 Antagonist Ocular Pain BL1312 and BL1332 Glaucoma BL1107 Geographic Atrophy BL1107 SR AMD Character Partnership Geographic Atrophy CityTx Partnership Ocular Pain BL1332 50 Dry Eye Disease Dual - Action Eye Drop 1. Data on file pharmacokinetic human cornea simu
Slide 51: Addressing Neurodegenerative Vision Loss in Glaucoma
Addressing Neurodegenerative Vision Loss in Glaucoma Ocular Pain BL1332 Glaucoma BL1107 Geographic Atrophy BL1107 SR AMD Character Partnership Geographic Atrophy CityTx Partnership 51 Dry Eye Disease Dual - Action Eye Drop 1. DOI: 10.1016/j.ajo.2019.08.024 . 2. doi.org/10.1111/aos.13695 . 3. DOI: 10
Slide 52: BL1107 is Designed to Target Vision-Threatening Disease
BL1107 is Designed to Target Vision - Threatening Disease 1. Data on file. 2. DOI: 10.1017/S0952523807070605 . Ocular Pain BL1332 Glaucoma BL1107 Geographic Atrophy BL1107 SR AMD Character Partnership Geographic Atrophy CityTx Partnership 52 Dry Eye Disease Dual - Action Eye Drop Rapidly improve vis
Slide 53: BL1107 Achieved Clinical POC: Improves Vision in Glaucoma
BL1107 Achieved Clinical POC: Improves Vision in Glaucoma Ocular Pain BL1332 Glaucoma BL1107 Geographic Atrophy BL1107 SR AMD Character Partnership Geographic Atrophy CityTx Partnership 53 Dry Eye Disease Dual - Action Eye Drop 1. Data on file. LL - BCVA: low luminance best corrected visual acuity;
Slide 54: Addressing Unmet Needs for ~20M Americans with AMD/GA
Addressing Massive Unmet Needs for ~20M Americans with AMD/GA 54 Intermediate Dry AMD Geographic Atrophy Show greater reduction in rate of lesion growth and/or visual function Reduce injection burden Reduce CNV risk and lower rate of intraocular inflammation Preserve vision by slowing disease prog
Slide 55: Strategy for Developing Complex Disease Treatments
Strategy for Developing Complex Disease Treatments Glaucoma BL1107 Geographic Atrophy BL1107 SR AMD Character Partnership Geographic Atrophy CityTx Partnership Ocular Pain BL1332 55 Very slow and expensive to find out if preclinical science translates to humans Difficult to select pharmacological ta
Slide 56: Precision Medicine Will Transform AMD Treatment
Precision Medicine Will Transform AMD Treatment 56 Glaucoma BL1107 Geographic Atrophy BL1107 SR AMD Character Partnership Geographic Atrophy CityTx Partnership Ocular Pain BL1332 Dry Eye Disease Dual - Action Eye Drop 1. See Slide 2 for further information on forward - looking statements. 2. AMD: ag
Slide 57: Gene Silencing for Unprecedented Potency and Durability
57 Gene Silencing for Unprecedented Potency and Durability Glaucoma BL1107 Geographic Atrophy BL1107 SR AMD Character Partnership Geographic Atrophy CityTx Partnership Ocular Pain BL1332 Dry Eye Disease Dual - Action Eye Drop 1. Data on file for mouse IVT study. Local delivery into a small closed ph
Slide 58: BL1107 Sustained-Release Implant is a Superior GA Treatment
BL1107 Sustained - Release Implant is a Superior GA Treatment Glaucoma BL1107 Geographic Atrophy BL1107 SR AMD Character Partnership Geographic Atrophy CityTx Partnership Ocular Pain BL1332 Dry Eye Disease Dual - Action Eye Drop 1. 10.1097/IAE.0000000000002789 . 2. 10.1016/j.oret.2023.03.001 . 3. Se
Slide 59: Opportunity for Pipeline to Deliver ~$3.9B in Peak Sales
59 Peak Sales ~$0.7B Launch Date ~2029 2030+ ~$0.8B ~2030 ~$1.4B ~2031 >$1.0B Dry Eye AMD/GA Glaucoma OSP Indication First glaucoma therapy to improve visual function through neuroprotection First neurosensory agent to address ocular surface pain First therapeutic for intermediate AMD and best - in
Slide 60: Key Takeaways
1 2 3 Strengthening Leadership in Dry Eye Expanding Front of the Eye Platform Building Pipeline of Therapeutics in Retina 60 3 Key Takeaways 1. See Slide 2 for further information on forward - looking statements. 1
Slide 61: Yang Yang and Bryan Reed: Vision Care
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
B+L launches PureVision The first silicone hydrogel contact lens B+L launches SofLens The first mass - produced soft contact lens in the market Creating a New Category of Contact Lenses 1971 1999 Hydrogel Silicone Hydrogel 2028 Bioactive Hyaluronic Acid Hydrogel The first bioactive contact lens 64
Slide 65: A First-of-its-Kind Technology
65 Double dose of bio - engineered HA. HA polymerized into lens and in solution. Re - engineered from the inside out. A First - of - its - Kind Technology
Slide 66: Hyaluronic Acid (HA)
Natural Found throughout the body in eyes, joints, skin Hydrating Acts as "nature's sponge" to provide maximum hydration Lubricating Reduces friction and mechanical stresses 1000x its weight in water Hyaluronic acid (HA) High - molecular - weight polysaccharide that can hold up to 1 66 1. https://pm
Slide 67: Bioactive Interacts with the Natural Biology of the Eye to Release HA
- 0 200 400 600 800 1000 1200 1400 -10 -5 0 5 10 15 20 25 Enzymatic Release of HA from Lens 2 ng/Lens Unmet Need: Increased contact lens dryness symptoms as day progresses When exposed to hyaluronidase, a natural enzyme in tears, HA is released from the lens surface Steady, consistent release profil
Slide 68: Optimal Hydration and Eye Health
HA protects corneal epithelial cells’ metabolic activity after exposure to dry environment HA supports improved tear film stability by reducing evaporation Healthy oxygen permeability achieved without requiring silicone (Dk 65% higher than ISO prediction) Oxygen Flux 120 100 80 60 40 20 0 CELL ACTIV
Slide 69: Unparalleled Comfort
0% 20% 40% 60% 80% 100% 120% 140% 160% % INCREASE 14 840 13,440 blinks per minute blinks per hour blinks per 16 - hour day 69 Coefficient of Friction 1 Initiated external performance clinical in 4Q25 Unparalleled Comfort Lowest Coefficient of Friction Minimizes Interaction Between Eyelid & Lens 1. D
Slide 70: Contact Lens Pipeline Designed with Purpose
2ND DD SIHY LENS INNOVATION DESIGNED FOR AFFORDABILITY CUTTING - EDGE SIHY LENS DESIGN TO SLOW PROGRESSION OF MYOPIA PREMIUM FRP SIHY PROVIDING UNSURPASSED LENS COMFORT Launch Date: 2029 Peak Sales: ~$250M Launch Date: 2029 Peak Sales: ~$300M Launch Date: 2029 Peak Sales: ~$200M DRIVE REVENUE GROWTH
Slide 71: Next-Generation DD SiHy
Maintain Homeostasis Integrated with moisturizers, electrolytes and osmoprotectants Material Innovation Novel chemistry designed for high surface wettability Efficient Manufacturing Leverages existing equipment, minimal capital required Initiating external performance clinical study in 2026 2 Global
Slide 72: Premium FRP SiHy
Unsurpassed Comfort Comfort of a daily and affordability of a monthly – optimized to balance hydration, breathability and resist deposits Crisp Clear Stable Vision Leverages proven optical designs across SVS, MF, Toric, MFT family B+L Lens Care Synergy Engineered to integrate seamlessly with B+L len
Slide 73: DD SiHy Myopia Control Lens
Premium DD SiHy Material Cutting - Edge Lens Design Differentiated peripheral defocus design with 1) Multiple Zone Diameters 2) Dose Adjustment Across SKU Range “Made for Kids” Innovative customized approach to balance controlling myopia progression with daily vision needs Initiating registration cl
Slide 74: Continuing to Outperform Market
- Capturing Share in Fastest Growing DD SiHy Market Driving Segment - Creating Material Innovation Entering New Categories with High Unmet Need Addressing All Wearer Needs with Comprehensive Portfolio 74 3Q25 YTD CC 1 Revenue Growth 2 Global Contact Lens Market +4% Contact Lens +6% Continuin
Slide 75: Key Takeaways
3 Key Takeaways Creating New Category of Contact Lenses Advancing Pipeline to Sustain Market Leading Growth 1 2 3 Leveraging Existing Platforms to Drive Margin 75 1. See Slide 2 for further information on forward - looking statements. 1
Slide 76: Luc Bonnefoy and Kelly Swaim: Surgical
LUC BONNEFOY PRESIDENT, SURGICAL KELLY SWAIM, MD SENIOR VICE PRESIDENT, SURGICAL R&D 76
Slide 77: Strong Performance in a Durable & Growing Market
77 Global Surgical Market +5% CAGR 2 2024 2028E 2 ~$13B ~$16B Strategy to Drive Growth and Margin Expansion OWN THE OPERATING ROOM WITH “ONE - STOP SHOP” APPROACH TRANSFORM PORTFOLIO WITH STEADY STREAM OF LAUNCHES IN PREMIUM CATEGORIES RESHAPE MANUFACTURING AND SUPPLY NETWORK TO DRIVE MARG
Slide 78: Own the Operating Room: One-Stop Shop Cataract Strategy
Own the Operating Room: “One - Stop Shop” Cataract Strategy 78 Focused on Procedure Selling to Meet All Surgeon Needs BSS IOLs & Premium OVD Custom Procedure Packs Capsular Dyes Instruments & Knives CTR Phaco Packs Femtolaser Cataract Elios Phaco + Leading Cataract Equipment Companies Capsular D
Slide 79: Steady Stream of Launches in Premium Categories
EXPANDING PREMIUM IOL PORTFOLIO ENTERING INTO NEW PRODUCT AND HIGH PROFITABILITY CATEGORIES LAUNCHING BEST - IN - CLASS NEXT GENERATION PRODUCTS Steady Stream of Launches in Premium Categories 2023 - 25 ► e nVista Aspire Monofocal+ IOL ► e nVista Envy Trifocal IOL ► LuxSmart EDOF IOL ► LuxLife Tri
Slide 80: Expanding Manufacturing Capabilities & Optimizing Surgical Supply Network
DRIVE COST EFFICIENCIES STRENGTHEN CUSTOMER LOYALTY INCREASE PULL - THROUGH SALES STREAMLINE SUPPLY NETWORK Vertical integration of custom pack production to reduce CMO costs Transition machine pack and custom pack assembly to low - cost supply base Comprehensive Strategy to Drive Margin Expansion a
Slide 81: Building IOL Portfolio Across All Segments
Lux Platform enVista Platform EDOF High - Add / TORIC Launching 2028 1 Building IOL Portfolio Across All Segments Expanding in Premium IOLs – Market Projected to Grow +10% CAGR 2025 - 30 1,2 MONOFOCAL / TORIC MONOFOCAL+ / TORIC TRIFOCAL / TORIC EDOF / TORIC Launching 2027 1 MONOFOCAL / TORIC EDOF /
Slide 82: enVista Beyond Extended Depth of Focus IOL
Extended Depth of Focus IOL enVista Beyond Completes Comprehensive IOL Portfolio Designed to Build on the enVista Platform 2 Visual Acuity Greater DoF relative to enVista monofocal Greater performance relative to Vivity, Symfony Tilt & Decentration Halos Greater performance relative to Vivity, S
Slide 83: Unlocking Growth Opportunities in MIGS
Cataract surgeons are performing MIGS today 3 o f patients undergoing cataract surgery have POAG / OHT 2 Unlocking Growth Opportunities in MIGS <50% ~20% The first clinically - validated excimer laser MIGS Ten 210 - μm “microchannels” are created in the TM using a precision excimer laser Implant Fre
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 84 31 Months Post - Op Reduces Medication Burden Up to 80% of patients are medication free one year after surgery 2 Sustained Results Long - term micro channel patency 3 Lowe
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
Best - in - Class Cataract / Retina Combo System DUAL - MODE ASPIRATION Uncompromised post - occlusion chamber stability with customizable flow or vacuum control on demand CHALLENGE THE STATUS QUO Embracing disruptive technologies and rethink phacoemulsification surgical paradigms with alternative l
Slide 87: Delivering Improved Outcomes Over Current Microsurgical Systems
87 Delivering Improved Outcomes Over Current Microsurgical Systems 87
Slide 88: Next-Generation Femtosecond Laser
88 Next - Generation Femtosecond Laser BUILDING ON 15 YEARS EXPERIENCE WITH VICTUS 2H26 Launch 1 GREATER EFFICIENCY Designed for high volume cataract and refractive clinics: easy - to - use GUI, independency from a fixed patient bed, small footprint and mobility provides a simplified workflow in any
Slide 89: Expanding in Premium Surgical Categories
NEXT GENERATION FEMTOSECOND LASER Launch Date: 2H26 Peak Sales: ~$50M FIRST CLINICALLY VALIDATED IMPLANT FREE MIGS EXCIMER LASER BEST - IN - CLASS CATARACT / RETINA COMBO SYSTEM EDOF LENS TO COMPLETE PREMIUM IOL PORTFOLIO Launch Date: 2H26 in U.S. Peak Sales: ~$175M Launch Date: 2027 enVista Platfor
Slide 90: Key Takeaways
3 Key Takeaways Transforming Portfolio to a “One - Stop S hop” Steady Stream of Launches in Premium Categories Comprehensive Strategy to Drive Margin Expansion 1 2 3 90 1. See Slide 2 for further information on forward - looking statements. 1
Slide 91: Physician Panel
Physician Panel Mark Schaeffer, OD, FAAO Optometrist, Ocular Disease & Contact Lenses, MyEye Dr Moderator: Cathleen McCabe, MD Strategic Medical Advisor, Bausch + Lomb Eric Donnenfeld , MD Cornea, Laser Cataract & Refractive Surgeon, OCLI William Trattler , MD Cataract, Refractive, and Corneal Surge
Slide 92: Focus
FOCUS a SRWARD
Slide 93: Executing Strategy to Drive Step-Change Performance
ABOVE - MARKET REVENUE GROWTH 5 - 7 % 2025 - 2028 CC Revenue CAGR 1,2,3 ~ 600 BPS EBITDA MARGIN EXPANSION 2025 to 2028 ~23 % 2028 Adj. EBITDA Margin (ex. Acq. IPR&D) 1,3 93 Executing Strategy to Drive Step - Change Performance Above - Market Revenue Growth & Meaningful Margin Expansion Elevating Sta
Slide 94: Appendix
Appendix
Slide 95: Key Modeling Assumptions (2025-2028)
95 95 Key Modeling Assumptions (2025 - 2028) • 5 - 7% FY25 - 28 CC CAGR 2 Bausch + Lomb Revenue • 5 - 7% FY25 - 28 CC CAGR 2 Consumer Revenue • 5 - 7% FY25 - 28 CC CAGR 2 Contact Lens Revenue • 5 - 7% FY25 - 28 CC CAGR 2 Pharmaceuticals Revenue • 6 - 8% FY25 - 28 CC CAGR 2 Surgical Revenue • Modest
Slide 96: Reconciliation of Reported Revenue to Constant Currency Revenue
96 96 Reconciliation of Reported Revenue to Constant Currency Revenue 1 and Constant Currency Revenue Growth 1 ($M) 1. This is a non - GAAP measure or non - GAAP ratio. See Slide 2 and this Appendix for further information on non - GAAP measures and rat ios. 2. The impact for changes in foreign curr
Slide 97: Description of Non-GAAP Financial Measures
97 Description of Non - GAAP Financial Measures To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Co mpa ny uses certain non - GAAP financial measures and ratios. These measures and ratios do not have any standardized meaning u
Slide 98: Adjusted EBITDA (non-GAAP) Adjustments (continued)
98 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 ) separate the Bausch + Lomb business from the remainder of BHC and (ii) register the Bausch + Lomb bu