Bausch + Lomb Corporation · NYSE:BLCO
Bausch + Lomb — Q1 2025 Earnings Presentation
38 slides from Bausch + Lomb's earnings presentation, Apr 30, 2025
Slide 1: 1Q25 Financial Results
Ns UG \ aS BAUSCH +LOMB SS : 1Q25 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”), tariffs and other measures, including the success of our planned actions and levers t
Slide 3: Q1 Highlights; Financial Results & Outlook; Growth Drivers
Q1 Highlights Financial Results & Outlook Growth Drivers 2
Slide 4: Maintaining Focus on Executing Strategy
1 Maintaining Focus on Executing Strategy Growing Revenue Building Selling & Prioritizing Pipeline At or Above Market Operational Excellence Innovation +5% CC2,3 revenue growth vs 1Q24 Returning enVista to market Targeting end of year U.S. approval of following voluntary recall Elios next-generation
Slide 5: Returning enVista to Market
1 Returning enVista to Market Investigation Results • Completed investigation in collaboration with a globally recognized TASS2 expert and advisory group of nearly 30 top cataract surgeons • Determined that the issue stemmed from raw material used in certain lots that was delivered by a different ve
Slide 6: Staying Agile to Manage Tariff Policy…
Staying Agile to Manage Tariff Policy… 1 UNITED STATES EU CHINA Key Levers ~50% Global FY24 B+L Revenue ~18% Global FY24 B+L Revenue ~7% Global FY24 B+L Revenue Strategic inventory stocking Leverage global B+L footprint to shift in-house manufacturing Build on strategy to expand local-for-local supp
Slide 7: …With Ability to Leverage Global Footprint
…With Ability to Leverage Global Footprint Global network of 23 manufacturing plants, 59 distribution facilities, 160+ CMOs , GERM ESTER, RFORD, IRE RLIN A CH U. TE L E O N B AN Y WA R S. D IL EENV LE, U R . G S. NAS, FRA BE N U C A E LOUIS, U. MPA, U.S . TA . ST S . N, CHIN NA ARWATER, JI A U LE IL
Slide 8: 1Q25 Driving Growth Across All Segments
1Q25 Driving Growth Across All Segments Delivered +5% Growth CC 1Q251,2 Growth Across All Segments Growth Across Franchises 1Q25 Segment 1Q25 Franchise B+L CC Revenue Growth1,2 CC Revenue Growth1,2 Reported Revenue / Growth3 +20% $57M $67M +11% organic2 +5% +5% Vision Care 1Q25 revenue 1Q25 revenue
Slide 9: Financial Results
Financial Results 8
Slide 10: 1Q25 Revenue Drivers
1Q25 Revenue Drivers Vision Care Surgical Pharmaceuticals 27% $1,137M 36% 73% $1,099M $656M 51% $214M $267M 64% 27% 22% 1Q24 1Q25 Consumer Contact Lens Implantables Equipment U.S. International Consumables/Other 1Q25 Revenue Growth +3% Reported 1Q25 CONSTANT CURRENCY REVENUE GROWTH 1 1Q25 Revenue Gr
Slide 11: 1Q25 Bausch + Lomb P&L (Non-GAAP)
1Q25 Bausch + Lomb P&L (Non-GAAP)1 Bausch + Lomb 1Q25 1Q24 Reported Constant Currency Change Change1 1Q25 vs. 1Q24 Vision Care Revenue $656M $635M 3% 5% Surgical Revenue $214M $197M 9% 11% +5% Pharmaceuticals Revenue $267M $267M 0% 1% Constant Currency Total Revenue $1,137M $1,099M 3% 5% Revenue Gro
Slide 12: 1Q25 Bausch + Lomb P&L (GAAP)
1Q25 Bausch + Lomb P&L (GAAP) Bausch + Lomb 1Q25 1Q24 Reported Constant Currency Change Change1 Vision Care Revenue $656M $635M 3% 5% Surgical Revenue $214M $197M 9% 11% Pharmaceuticals Revenue $267M $267M 0% 1% Total Revenue $1,137M $1,099M 3% 5% Gross Profit $588M $601M (2%) (0%) Gross Margin 51.7
Slide 13: Outlook
Outlook 12
Slide 14: FY25 Guidance
FY25 Guidance1 Prior Guidance Current Guidance Estimated One-Time Impact (Feb. 2025) (April 2025) of enVista Voluntary Recall Total Revenue $4.950B – $5.050B $5.000B – $5.100B Adj. EBITDA ex. Acq. IPR&D2 $900M – $950M $850M – $900M ~$55M ~$65M Revenue Adj. EBITDA (ex. Acq. IPR&D)2 Key Assumptions In
Slide 15: FY25 Guidance Bridge
1 FY25 Guidance Bridge Sound Core Business Fundamentals, Updating Guidance for One-Time enVista Recall and FX Total Revenue Adj. EBITDA (ex. Acq. IPR&D)2 $4.95–5.05B Approx. $5.0–5.1B Prior Guidance +$100M Current Guidance $900–950M Approx. Prior Guidance Approx. $850–900M +$20M Current Guidance -$5
Slide 16: Growth Drivers
Growth Drivers BAUSCH +LOMB
Slide 17: Addressing Patient Needs In Dry Eye
Addressing Patient Needs In Dry Eye reduction in symptom +98% ~47% severity at 5 minutes after first dose 20,086 14,678 12,037 12,877 2,3 10,155 Overall Dry Eye Symptoms 7,232 80 70 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 60 50 40 +14% 30 ▼ 46.6% ▼ ▼ 22,944 20 56.3% 53.8% ▼ ▼ 21,159 21,584 20,807 20,260 10 61
Slide 18: Executing Consumer Growth Strategy
Executing Consumer Growth Strategy Eye Vitamins +12% 1Q25 Reported +3% 1Q25 Reported +84% 1Q25 Reported +9% 1Q25 Reported Revenue Growth Revenue Growth Revenue Growth1 Revenue Growth 17 1. Blink franchise includes eye drops, lens care and supplements.
Slide 19: Building Market Share in Daily SiHy
Building Market Share in Daily SiHy 1Q25 CC1 +42% Revenue Growth +56% 1Q25 Revenue Growth +23% 1Q25 CC Revenue Growth1 U.S. International Leveraging Full Family of DD SiHy Lenses to Drive Growth in U.S. 18 1. Constant currency. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for furthe
Slide 20: Growing Diversified Surgical Portfolio
Growing Diversified Surgical Portfolio IMPLANTABLES $58M +26% 1Q25 Revenue CONSUMABLES Growth Constant Currency1 $108M EQUIPMENT +5% 1Q25 Revenue Growth Constant Currency1 $48M +9% 1Q25 Revenue Growth Constant Currency1 19 1. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further
Slide 21: Advancing Pipeline to Elevate Standard Of Care
1,2 Advancing Pipeline to Elevate Standard Of Care CONTACT LENS CONSUMER SURGICAL PHARMA Biomimetic AREDS3 Elios® Dual-Action Contact Lens Vitamins MIGS Lifitegrast Ocular DD Myopia Surface Pain Control Lens enVista Next-Gen Beyond Lumify® Glaucoma Next-Gen Neuroprotection DD SiHy Lens Cataract / Re
Slide 22: Q&A
Q&A Growing Revenue Building Selling Prioritizing At or Above & Operational Pipeline Market Excellence Innovation 21
Slide 23: Appendix
Appendix BAUSCH +LOMB
Slide 24: Early Stage Launches and Pipeline Products to Watch
Early Stage Launches and Pipeline Products to Watch1 PRODUCT STATUS / DESCRIPTION CATALYSTS TO WATCH PHARMA Dual-Action Lifitegrast First dual-action therapeutic to address evaporative and inflammatory dry eye Initiation of clinical study in 2H25 Ocular Pain First-in-class therapy for ocular surface
Slide 25: Cash Flow and Balance Sheet Summary (1Q25)
Cash Flow and Balance Sheet Summary (1Q25) Cash flow used in operations ($25M) Adj. Cash flow used in operations (non-GAAP)1,2 ($18M) Depreciation $39M Stock Based Comp $28M Net Interest $91M CapEx $110M 24 1. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on n
Slide 26: Top 10 Revenue (Includes FX Impact)
Top 10 Revenue (Includes FX Impact) Rank Product / Franchise 1Q25 FY24 4Q24 3Q24 2Q24 1Q24 1 Surgical Consumables $108M $431M $114M $106M $106M $105M 2 Ocuvite® + PreserVision® $89M $420M $127M $95M $112M $86M 3 Xiidra® $67M $364M $104M $92M $89M $79M 4 Surgical Implantables $58M $203M $56M $49M $51
Slide 27: Segment Reported Revenue
Segment Reported Revenue Constant Currency Vision Care 1Q25 1Q24 Reported Change Change1 Contact Lens Revenue $236M $230M 3% 5% Consumer Revenue $420M $405M 4% 5% Total Revenue $656M $635M 3% 5% Constant Currency Surgical 1Q25 1Q24 Reported Change Change1 Implantables Revenue $58M $47M 23% 26% Equip
Slide 28: Reported Revenue Trailing Quarters by Segment
Reported Revenue Trailing Quarters by Segment Bausch + Lomb 1Q25 4Q24 3Q24 2Q24 1Q24 Vision Care Contact Lens $236M $247M $253M $237M $230M Consumer $420M $476M $431M $460M $405M Total Revenue $656M $723M $684M $697M $635M Surgical Implantables $58M $56M $49M $51M $47M Equipment $48M $61M $51M $52M
Slide 29: Non-GAAP Adjustments EPS Impact ($M)
Non-GAAP Adjustments EPS Impact ($M)2 Three Months Ended March 31 2025 2024 Income Earnings per Income Earnings per (Expense) Share Impact (Expense) Share Impact Net loss attributable to Bausch + Lomb Corporation $ (212) $ (0.60) $ (167) $ (0.48) Non-GAAP adjustments: Amortization of intangible asse
Slide 30: Reconciliation of Reported Operating (Loss) Income to Adjusted EBITA
Reconciliation of Reported Operating (Loss) Income to Adjusted EBITA (non-GAAP)1 ($M) 1Q 2025 Operating Gross Gross R&D (Loss) Profit Margin SG&A Expense Income 2025 GAAP $ 588 51.7% $ 563 $ 86 $ (83) Amortization of intangible assets 67 5.9% 67 Gain on sale of assets 0.0% Restructuring, integration
Slide 31: Reconciliation of Reported Net Loss to EBITDA
Reconciliation of Reported Net Loss to EBITDA (non-GAAP)1 and Adjusted EBITDA (non-GAAP)1 ($M) Three Months Ended March 31 2025 2024 Net loss attributable to Bausch + Lomb Corporation $ (212) $ (167) Interest expense, net 91 96 Provision for income taxes 31 73 Depreciation and amortization of intang
Slide 32: Reconciliation of Reported Revenue to Constant Currency Revenue
Reconciliation of Reported Revenue to Constant Currency Revenue1 and Constant Currency Revenue Growth1 ($M) Calculation of Constant Currency Revenue for the Twelve Months Ended Change in Change in March 31, 2025 March 31, 2024 Reported Revenue Constant Currency Revenue 1 Constant Currency Revenue as
Slide 33: Reconciliation of Reported Revenue to Constant Currency Revenue
Reconciliation of Reported Revenue to Constant Currency Revenue1 and Constant Currency Revenue Growth1 ($M) Calculation of Constant Currency Revenue for the Three Months Ended Change in Change in March 31, 2025 March 31, 2024 Reported Revenue Constant Currency Revenue 1 Constant Currency Revenue as
Slide 34: 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 March 31, 2024 March 31, 2023 Reported Revenue Organic Revenue 1 Organic Organic Revenue as Changes in Revenue (Non- Revenue as Divest
Slide 35: 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 36: Non-GAAP Appendix
Non-GAAP Appendix Adjusted EBITDA (non-GAAP) Adjustments (continued) such intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future Separation costs and separation-related costs: The Company has excluded certain costs
Slide 37: 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 38: Non-GAAP Appendix
Non-GAAP Appendix Adjusted Cash Flows from Operations/Adjusted Cash used in Operations current period reported revenues at their current period currency exchange rates and the current period reported revenues Adjusted cash flows from operations (non-GAAP)/Adjusted Cash used in Operations (non-GAAP)