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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.
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Q3 2025 earnings summary29 Oct, 2025

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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Frequently asked questions

Bausch + Lomb Corporation is a global healthcare company specializing in eye health products. The company offers a wide range of products across three primary segments: Vision Care, Ophthalmic Pharmaceuticals, and Surgical. Its portfolio includes contact lenses, lens care solutions, prescription eye medications, over-the-counter eye care products, and surgical devices for cataract, vitreoretinal, and refractive procedures. The company is headquartered in Vaughan, Canada, and its shares are listed on the NYSE (New York Stock Exchange).

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