Bausch + Lomb Corporation · NYSE:BLCO
Bausch + Lomb — Q2 2026 Earnings Presentation
43 slides from Bausch + Lomb's earnings presentation, Jul 29, 2026
Slide 1: 2Q26 Financial Results
2Q26 Financial Results July 29, 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”), including the assumption that the risks and uncertainties outlined above will not cau
Slide 3: Q2 Highlights
Q2 Highlights Financial Results & Outlook Growth Drivers 2
Slide 4: Extending Track Record of Growth and P&L Leverage
Extending Track Record of Growth and P&L Leverage +8% +28% 17.6% 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. 2Q26 compared to 2Q25. 2. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information o
Slide 5: Progressing On Our 3-Year Plan
Progressing On Our 3-Year Plan 1 Growth & Margin Expansion → Converting to Cash Flow 17.6% ~46% +8% 16.1% $161M +6% $45M 1Q26 2Q26 1Q26 2Q26 1Q26 2Q26 YTD 2Q26 Actual Actual Actual Actual Actual Actual Actual CC Revenue Adj. EBITDA Margin Adj. Cash Flow From Adj. Cash Flow From Growth1,2,5 (ex. Acq.
Slide 6: Focused Strategy Driving Results
Focused Strategy Driving Results 1 1 2 3 Sustaining Growth Enhancing Selling Advancing & Driving Margin & Operational Pipeline Expansion Excellence Innovation +8% CC2,3 revenue growth vs 2Q25, Accelerating mix shift to Premium IOLs; Elios implant-free MIGS4 excimer laser – with strong growth across
Slide 7: Diversified Pipeline, Growth Beyond 2028
Diversified Pipeline, Growth Beyond 2028 1 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 Geographic Geographic Age-Relate
Slide 8: Delivering Growth Across All Segments
Delivering Growth Across All Segments 2Q26 Segment 2Q26 Franchise B+L CC Revenue Growth1,2 CC Revenue Growth1,2 Reported Growth3 +8% +175% +3% +16% Surgical +44% +17% vs. 2Q24 +14% 2Q25 2Q26 +13% B+L Reported Revenue +14% Pharmaceuticals +12% $1,394M monthly +9% $1,278M +4% Vision Care +6% +5% Conta
Slide 9: Financial Results
Financial Results 8
Slide 10: 2Q26 Revenue Drivers
2Q26 Revenue Drivers Vision Care Surgical Pharmaceuticals $1,394M 35% 28% 71% $1,278M $784M 51% $256M $354M 65% 29% 21% 2Q25 2Q26 Consumer Contact Lens Implantables Equipment U.S. International Consumables/Other 2Q26 Revenue Growth +9% Reported 2Q26 CONSTANT CURRENCY REVENUE GROWTH 1 +8% 2Q26 Revenu
Slide 11: 2Q26 Bausch + Lomb P&L (Non-GAAP)
2Q26 Bausch + Lomb P&L (Non-GAAP) 1 Bausch + Lomb 2Q26 2Q25 Reported Constant Currency Change Change1 Vision Care Revenue $784M $753M 4% 4% 2Q26 Highlights Surgical Revenue $256M $216M 19% 16% Pharmaceuticals Revenue $354M $309M 15% 14% Total Revenue $1,394M $1,278M 9% 8% Constant Currency Adj. Gros
Slide 12: 2Q26 Bausch + Lomb P&L (GAAP)
2Q26 Bausch + Lomb P&L (GAAP) Bausch + Lomb 2Q26 2Q25 Reported Constant Currency Change Change1 Vision Care Revenue $784M $753M 4% 4% Surgical Revenue $256M $216M 19% 16% Pharmaceuticals Revenue $354M $309M 15% 14% Total Revenue $1,394M $1,278M 9% 8% Gross Profit $801M $686M 17% 15% Gross Margin 57.
Slide 13: Expanding Margins and Maintaining Focus on Advancing Pipeline
Expanding Margins and Maintaining Focus on Advancing Pipeline 1 +370 bps +250 bps -50 bps 16.9% +170 bps R&D Investment 13.2% ~8% of Revenue Operating Product Mix & Efficiencies & Manufacturing P&L Leverage Efficiencies YTD 2Q25 YTD 2Q26 Adj. EBITDA Margin Adj. EBITDA Margin (ex. Acq. IPR&D)2 (ex. A
Slide 14: Outlook
Outlook 13
Slide 15: Raising FY26 Guidance
Raising FY26 Guidance 1 Prior Guidance Prior Guidance Current Guidance (Feb. 2026) (April 2026) (July 2026) CC Revenue Growth2 Total Revenue $5.375B – $5.475B $5.420B – $5.520B $5.440B – $5.540B +5.8 – 7.7% Raising by ~50 bps5 Adj. EBITDA $1.000B – $1.050B $1.010B – $1.060B $1.025B – $1.075B (ex. Ac
Slide 16: Growth Drivers
Growth Drivers 15
Slide 17: Accelerating Mix Shift to Premium IOLs
Accelerating Mix Shift to Premium IOLs 1 Premium IOL Portfolio % of Total B+L Surgical Revenue Expanding High-Margin 13% IMPLANTABLES Premium IOL → Portfolio +64% 2Q26 CC2 Revenue 9% Growth vs. 2Q25 7% 6% +37% vs. 2Q24 CC2 Revenue Growth 2023 2024 2025 2Q26 16 1. For full product information, see ww
Slide 18: Executing Strategy to Transform Portfolio
1,2 Executing Strategy to Transform Portfolio Driving 1 Growth in Premium IOLs LUXBOOST Launching 20283 Launching 20273 LUXLIFT Launching 20283 Launching 2 Equipment Innovation Implant Free Next-Gen Femto Laser Cataract / Retina MIGS Combo Expanding Manufacturing Drive cost Streamline Increase Pull-
Slide 19: Sustained Revenue Growth in Dry Eye
1 Sustained Revenue Growth in Dry Eye $91M $87M $63M $82M 2Q25 2Q26 2Q25 2Q26 Revenue Revenue Revenue Revenue 18 1. For full product information, see www.bausch.com.
Slide 20: Building Momentum in Consumer Launches
1 Building Momentum in Consumer Launches Blink® Triple Care PF AREDS3 now in ~66% sourced from new +12% 2Q26 Franchise >25K +1% retail stores in 2Q26 Franchise users in 2Q262 Reported Revenue Growth addition to Amazon3 Reported Revenue Growth 1. For full product information, see www.bausch.com. 19 2
Slide 21: Driving Broad-Based Contact Lens Growth
1 Driving Broad-Based Contact Lens Growth DD Ultra® BioTrue® +5% +6% SiHy Monthly ONEday U.S. Reported International CC2,3 Revenue Revenue Growth Growth in 2Q26 +16% +9% +13% in 2Q26 Growth Across All Regions CC2,3 Revenue Growth in 2Q26 1. For full product information, see www.bausch.com. 20 2. Con
Slide 22: 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 23: Q&A / Save the Date: September 2026
Q&A SAVE THE DATE: September 2026 Miss our past R&D Teach-in? Scan for replay Bioactive and Myopia Lens 22
Slide 24: Appendix
Appendix BAUSCH +LOMB
Slide 25: 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 expected 2H26 Ocular Pain First-in-class therapy for ocula
Slide 26: Cash Flow and Balance Sheet Summary (2Q26)
Cash Flow and Balance Sheet Summary (2Q26) 2Q26 Cash Flow From Operations $153M Adj. Cash Flow From Operations (Non-GAAP)1,2 $161M Depreciation $45M Stock Based Comp $38M Net Interest $89M CapEx $71M 25 1. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on non-G
Slide 27: Cash Flow and Balance Sheet Summary (YTD)
Cash Flow and Balance Sheet Summary (YTD) 1Q26-2Q26 Cash Flow From Operations $185M Adj. Cash Flow From Operations (Non-GAAP)1,2 $206M Depreciation $89M Stock Based Comp $72M Net Interest3 $182M CapEx $171M 1. This is a non-GAAP measure or ratio. See Slide 1 and Appendix for further information on n
Slide 28: Top Revenue (Includes FX Impact)
Top 10 Revenue (Includes FX Impact) Rank Product / Franchise 2Q26 1Q26 FY25 4Q25 3Q25 2Q25 1 Surgical Consumables $129M $117M $461M $123M $110M $120M 2 Ocuvite® + PreserVision® $104M $91M $429M $131M $106M $103M 3 Miebo® $91M $76M $316M $112M $84M $63M 4 Xiidra® $87M $87M $331M $95M $87M $82M 5 Surg
Slide 29: Segment Reported Revenue
Segment Reported Revenue Constant Currency Vision Care 2Q26 2Q25 Reported Change Change1 Contact Lens Revenue $271M $258M 5% 5% Consumer Revenue $513M $495M 4% 3% Total Revenue $784M $753M 4% 4% Constant Currency Surgical 2Q26 2Q25 Reported Change Change1 Implantables Revenue $72M $44M 64% 64% Equip
Slide 30: Reported Revenue Trailing Quarters by Segment
Reported Revenue Trailing Quarters by Segment Bausch + Lomb 2Q26 1Q26 4Q25 3Q25 2Q25 Vision Care Contact Lens $271M $254M $271M $272M $258M Consumer $513M $457M $507M $464M $495M Total Revenue $784M $711M $778M $736M $753M Surgical Implantables $72M $63M $62M $50M $44M Equipment $55M $48M $64M $55M
Slide 31: YTD Bausch + Lomb P&L (Non-GAAP)
1 YTD Bausch + Lomb P&L (Non-GAAP) Bausch + Lomb 1Q26-2Q26 1Q25-2Q25 Reported Constant Currency Change Change1 Vision Care Revenue $1,495M $1,409M 6% 4% Surgical Revenue $484M $430M 13% 8% Pharmaceuticals Revenue $659M $576M 14% 13% Total Revenue $2,638M $2,415M 9% 7% Adj. Gross Profit1 $1,628M $1,4
Slide 32: YTD Bausch + Lomb P&L (GAAP)
YTD Bausch + Lomb P&L (GAAP) Bausch + Lomb 1Q26-2Q26 1Q25-2Q25 Reported Constant Currency Change Change1 Vision Care Revenue $1,495M $1,409M 6% 4% Surgical Revenue $484M $430M 13% 8% Pharmaceuticals Revenue $659M $576M 14% 13% Total Revenue $2,638M $2,415M 9% 7% Gross Profit $1,505M $1,274M 18% 16%
Slide 33: Non-GAAP Adjustments EPS Impact ($M)
Non-GAAP Adjustments EPS Impact ($M)2 Three Months Ended Six Months Ended June 30 June 30 2026 2025 2026 2025 Income Earnings per Income Earnings per Income Earnings per Income Earnings per (Expense) Share Impact (Expense) Share Impact (Expense) Share Impact (Expense) Share Impact Net loss attributa
Slide 34: Reconciliation of Reported Operating Income (Loss) to Adjusted EBITA
Reconciliation of Reported Operating Income (Loss) to Adjusted EBITA (non-GAAP)1 ($M) 2Q 2026 1Q-2Q 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 $ 801 57.5% $ 588 $ 114 $ 83 $ 1,505 57.1% $ 1,132 $ 215 $ 116 Am
Slide 35: 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 Six Months Ended June 30 June 30 2026 2025 2026 2025 Net loss attributable to Bausch + Lomb Corporation $ (14) $ (62) $ (85) $ (274) Interest expense, net 89 125 182 216 (Benefit from) p
Slide 36: 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 2026 Net loss attributable to Bausch + Lomb Corporation $ (71) Interest expense, net 93 Provision for income taxes 6 Depreciation and amortization of intangible assets 101 EBITD
Slide 37: Reconciliation of Reported Revenue to Constant Currency Revenue
Reconciliation of Reported Revenue to Constant Currency Revenue1 and Constant Currency Revenue Growth1 ($M) Calculation of Constant Currency Revenue for the Three Months Ended Change in Change in June 30, 2026 June 30, 2025 Reported Revenue Constant Currency Revenue 1 Constant Currency Revenue as Ch
Slide 38: Reconciliation of Reported Revenue to Constant Currency Revenue
Reconciliation of Reported Revenue to Constant Currency Revenue1 and Constant Currency Revenue Growth1 ($M) Calculation of Constant Currency Revenue for the Three Months Ended Change in Change in June 30, 2026 June 30, 2025 Reported Revenue Constant Currency Revenue 1 Constant Currency Revenue as Ch
Slide 39: 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 June 30, 2025 June 30, 2024 Reported Revenue Constant Currency Revenue 1 Constant Currency Revenue as Ch
Slide 40: 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 41: Non-GAAP Appendix
Non-GAAP Appendix Adjusted EBITDA (non-GAAP) Adjustments (continued) amortization of intangible assets, separation costs and separation-related costs, Loss on extinguishment of debt and other non-GAAP adjustments, Separation costs and separation-related costs: The Company has excluded certain costs
Slide 42: 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 43: Non-GAAP Appendix
Non-GAAP Appendix Adjusted Cash Flows from Operations/Adjusted Cash used in Operations; Adjusted Cash Flow from Operations to Adj. Adjusted R&D EBITDA (excl. Acq. IPR&D) conversion Adjusted R&D expenses (non-GAAP) represents research and development expenses (“R&D expenses”) (its most directly compa