Bausch + Lomb (BLCO) Q3 2025 earnings summary

Executive summary

• Achieved Q3 2025 revenue of $1.281 billion, up 7% year-over-year (6% constant currency), with broad-based growth across all business segments, led by Pharmaceuticals and Vision Care.

• Pharmaceuticals segment excelled, with MIEBO generating $84 million in revenue, 71% year-over-year growth, and 33% sequential growth.

• Vision Care and Surgical segments delivered growth, with premium IOLs up 27% constant currency and contact lens portfolio up 8%.

• Net loss attributable to shareholders was $28 million for Q3 2025, mainly due to higher income tax expense, despite improved operating income.

• Advanced R&D pipeline with key clinical milestones, including successful LUMIFY Phase 3 and new product launches.

Financial highlights

• Q3 2025 revenue reached $1.281 billion, up 7% year-over-year; constant currency growth was 6%; currency tailwind contributed $19 million.

• Adjusted EBITDA (excluding acquired IPR&D) was $243 million, up 7% year-over-year; margin was 19%.

• Adjusted net income (non-GAAP) was $66 million, up 43% year-over-year; adjusted EPS was $0.18.

• Operating income rose to $95 million from $43 million year-over-year.

• Adjusted cash flow from operations was $161 million; cash, cash equivalents, and restricted cash totaled $332 million at quarter-end.

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.

• Guidance includes $30 million currency tailwinds, R&D at ~7.5% of revenue, interest expense at ~$375 million, and adjusted tax rate at ~15%.

• CapEx expected at ~$295 million for the year; sufficient liquidity supported by cash, operating cash flow, and credit facilities.

• Guidance excludes potential one-time IPR&D charges and assumes ability to offset tariff impacts.

• Monitoring macroeconomic, geopolitical, and policy risks, including tariffs and global tax changes.