Bausch + Lomb (BLCO) Status update summary

Glaucoma market opportunity and unmet needs

• Glaucoma is a chronic neurodegenerative disease, often undetected until late stages, leading to irreversible vision loss in about 35% of patients.

• Early intervention is critical, as half of those with vision impairment have irreversible damage; new diagnostic tools enable earlier detection.

• Current treatments focus on lowering intraocular pressure (IOP), but do not address the underlying neurodegeneration.

BL1107: Novel neuroprotective glaucoma therapy

• BL1107 is a next-generation alpha-2B agonist designed to lower IOP and provide neuroprotection, targeting both risk factors and disease progression.

• BL1107 is positioned as the first glaucoma therapy to improve visual function through neuroprotection, with clinical proof-of-concept showing significant vision gains and superior retinal penetration.

• Phase II results are expected in the second half of 2026, with Phase III targeted for 2027.

• Ongoing efforts include exploring indication expansion and developing sustained release formulations.

• Potential peak sales for BL1107 are estimated at ~$0.8B, with patent protection extending to 2046.

ELIOS: Excimer laser MIGS for glaucoma

• ELIOS is an implant-free, minimally invasive excimer laser procedure creating microchannels in the trabecular meshwork to enhance outflow and reduce IOP.

• Pivotal U.S. study met primary endpoints, showing over 20% sustained IOP reduction and 80% of patients medication-free at two years, with no intraoperative complications.

• Eight-year EU data confirm long-term durability, and European studies show 20-40% IOP reduction and up to 81% medication-free rate at one year.

• U.S. launch is expected in the second half of 2026, with potential peak sales of ~$175M.

• ELIOS offers a short learning curve, high precision, and competitive reimbursement, expanding the MIGS market especially among cataract surgeons.