Bausch + Lomb (BLCO) Q2 2026 earnings summary

Executive summary

• Achieved total revenue of $1.394 billion in Q2 2026, up 9% year-over-year (8% constant currency), with broad-based gains across pharmaceuticals, vision care, and surgical segments.

• Adjusted EBITDA grew 28% year-over-year to $246 million (excluding acquired IPR&D), with margin expanding to 17.6%.

• Net loss attributable to shareholders narrowed to $14 million from $62 million in Q2 2025, reflecting stronger operating results and lower interest expense.

• Raised full-year 2026 revenue and adjusted EBITDA guidance based on strong business performance and positive momentum.

• Strong execution, structural improvements, and new product launches underpin confidence in meeting or exceeding three-year growth targets.

Financial highlights

• Q2 2026 revenue reached $1.394 billion, up 9% year-over-year (8% constant currency); foreign exchange contributed a $12 million tailwind.

• Adjusted gross margin improved to 62.2%, up 160 basis points year-over-year, driven by favorable mix and productivity.

• Adjusted net income (non-GAAP) was $55 million, up from $25 million year-over-year; GAAP EPS was $(0.04), improved from $(0.18) in Q2 2025.

• Adjusted R&D investment rose 19% to $114 million; adjusted SG&A margin improved by 130 basis points.

• Cash flow from operations increased to $153 million from $35 million in Q2 2025; adjusted cash flow from operations for Q2 2026 was $161 million.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $5.44–$5.54 billion, reflecting 5.8–7.7% constant currency growth.

• Full-year adjusted EBITDA (excluding acquired IPR&D) guidance increased to $1.025–$1.075 billion, with margin expected at 19.1%.

• Currency tailwind for the year now estimated at $45 million; R&D investment to remain 7.5–8% of revenue.

• Interest expense expected at $365 million, adjusted tax rate at 19%, and CapEx at $285 million for the year.

• Management expects continued revenue growth, supported by new product launches and expansion in premium IOLs and pharmaceuticals.