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Bausch + Lomb (BLCO) investor relations material
Bausch + Lomb Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved 6% constant currency revenue growth year-over-year in Q3 2025, with total revenue of $1.281 billion and broad-based growth across all business units, led by Pharmaceuticals and Vision Care.
Pharmaceuticals segment was a standout, with MIEBO delivering $84 million in revenue, 110% TRx growth year-over-year, and 33% sequential revenue growth.
Vision Care and Surgical segments posted growth, with premium IOLs up 27% constant currency and contact lens portfolio up 6% constant currency.
Advanced R&D pipeline with key clinical milestones, including successful LUMIFY Phase 3 and new clinical study initiations in bioactive contact lens, dry eye, ocular surface pain, and glaucoma.
Introduced a new strategic pillar, Financial Excellence, focused on disciplined execution, margin expansion, and cash flow optimization.
Financial highlights
Q3 2025 revenue reached $1.281 billion, up 7% year-over-year (6% constant currency); currency was a $19 million tailwind.
Adjusted EBITDA (excluding acquired IPR&D) was $243 million, up 7% year-over-year, with a margin of 19%.
Adjusted gross margin was 61.7%, down 130 basis points year-over-year due to product mix and Invista IOL recall.
Adjusted net income attributable to the company was $66 million, up 43% year-over-year; adjusted EPS was $0.18.
Cash flow from operations was $137 million; adjusted cash flow from operations was $161 million.
Outlook and guidance
Full-year 2025 revenue guidance maintained at $5.05–$5.15 billion, representing 5–7% constant currency growth; adjusted EBITDA guidance updated to $870–$910 million.
Constant currency revenue growth guidance is 5–7%, or 6–8% excluding the enVista recall impact.
Key assumptions include interest expense of ~$375 million, R&D at ~7.5% of revenue, adjusted tax rate of ~15%, and CapEx at ~$295 million.
Currency tailwinds expected to contribute $30 million to full-year results.
Guidance assumes ability to offset tariff impacts in 2025.
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