Bausch + Lomb (BLCO) Goldman Sachs 47th Annual Global Healthcare Conference 2026 summary

Strategic vision and operational progress

• Focused on selling excellence, operational reliability, and R&D capability, leading to consistent growth and operational stability since 2023.

• Added financial excellence to the strategy in 2026, targeting 5%-7% top-line growth and increasing EBITDA margins from 17% to 23% by 2028.

• Achieved 178 basis points of margin improvement and 370 basis points of SG&A leverage in Q1, with a plan for consistent annual margin gains.

• Reorganized surgical business for account management focus and specialist support, enhancing commercial execution.

• Capital allocation prioritizes delevering to 3.5x leverage by 2028, with continued investment in R&D and vertical integration.

Product innovation and pipeline

• Project Halo introduces a bioactive contact lens using hyaluronic acid to maintain moisture and comfort, targeting approval in 2027.

• Daily SiHy contact lens segment saw 23% growth in Q1, outpacing the market and driving share gains.

• ELIOS, a MIGS procedure for glaucoma, offers precise, stent-free IOP management and is expected to be a significant growth driver post-approval.

• Premium IOL portfolio, including enVista Envy, is delivering strong growth and global expansion.

• Pipeline includes early retina programs, next-gen phaco machine, and combination therapies for dry eye, with most new products providing incremental growth from 2028 onward.

Market outlook and competitive positioning

• Contact lens market expected to grow 4%-6% long-term, with the company consistently outpacing industry growth.

• Innovation aims to expand the market by addressing unmet needs, such as end-of-day discomfort and myopia progression.

• Dry eye market remains under-penetrated; differentiated products like MIEBO and XIIDRA are positioned as standards of care.

• Welcomes new entrants to expand the market, leveraging best-in-class therapies to capture share.

• R&D investment shifted toward new product development, with AI driving efficiency and enabling more breakthrough and best-in-class innovations.