Bausch + Lomb (BLCO) 44th Annual J.P. Morgan Healthcare Conference summary

Strategic transformation, vision, and growth outlook

• Emphasis on cultural shifts, leadership renewal, and a mindset focused on urgency, accountability, and innovation to drive growth and rebuild the organization.

• Targets 5–7% constant currency revenue CAGR from 2025–2028, with all business segments contributing to growth.

• Expects adjusted EBITDA margin (excluding Acquired IPR&D) to reach ~23% by 2028, with double-digit adjusted EPS growth from 2026–2028.

• Strategy emphasizes above-market revenue growth, margin expansion, and robust cash flow generation.

• Financial targets are based on non-GAAP measures, with detailed reconciliations and definitions provided.

Innovation, pipeline, and product launches

• Technology modernization and accelerated R&D led to 59 new patent applications in 2025, with innovation embedded company-wide.

• Pipeline includes PreserVision AREDS 3, Blink Triple Care (2026), LUMIFY Lux (2027), Project Halo bioactive lens (2028), and other SiHy lenses (2029).

• Major launches planned between 2026–2031, including glaucoma therapy, AMD/GA agents, and next-gen surgical devices, with total peak sales potential of ~$7B.

• Surgical pipeline features Elios (MIGS laser, U.S. approval expected 2026), Solera femtosecond laser, enVista Beyond IOL, and Cynova platform, with nearly $1B in expected peak sales.

• Ongoing clinical studies and regulatory submissions support robust innovation pipeline.

Market leadership and product expansion

• Maintains #1 global OTC eye health position, with consumer brands like PreserVision, Ocuvite, and Lumify Luxe driving growth.

• Contact lens segment outperforms market, with new launches in 60+ countries and premium products targeting multifocal, astigmatism, and myopia control.

• Expanding in premium surgical categories with new IOLs, lasers, and cataract/retina combo devices, targeting peak sales up to $450M per product.

• Consumer, contact lens, pharmaceuticals, and surgical segments all forecast 5–7% CAGR through 2028.

• Innovation and operational excellence are expected to drive both top-line momentum and bottom-line upside, positioning the company as a leader in eye health.