Bausch + Lomb Announces Second-Quarter 2025 Results

Executive Summary

• Bausch + Lomb reported second-quarter 2025 financial results, posting total revenue of $1.278 billion, a 5% increase from the prior year period, driven by broad-based growth in Vision Care and Surgical segments.
• The company raised its full-year 2025 guidance, increasing the revenue outlook to $5.050B–$5.150B and Adjusted EBITDA excluding Acquired IPR&D to $860M–$910M, citing solid business performance and favorable foreign exchange tailwinds.
• GAAP net loss attributable to Bausch + Lomb was $62 million (compared to a $151 million loss in Q2 2024), while Adjusted EBITDA was $191 million. The company also successfully executed a refinancing transaction to extend its debt maturity profile.

Key Details

• Q2 2025 Revenue: $1.278 billion (up 5% reported, 3% constant currency) compared to $1.216 billion in Q2 2024.
• Segment Performance:
  • Vision Care: $753 million revenue (up 8% reported, 6% constant currency), driven by dry eye portfolio, LUMIFY, Daily SiHy, ULTRA monthly, and Biotrue ONEday.
  • Surgical: $216 million revenue (up 3% reported, 1% constant currency), driven by consumables growth, partially offset by the voluntary recall of enVista IOL products.
  • Pharmaceuticals: $309 million revenue (flat reported, down 1% constant currency), impacted by U.S. Generics decline and XIIDRA pricing pressure, offset by MIEBO growth and International Pharmaceuticals.
• Financial Metrics:
  • GAAP Net Loss: $62 million (vs. $151 million loss in Q2 2024).
  • Adjusted EBITDA: $191 million (vs. $209 million in Q2 2024).
  • Adjusted EBITDA Excluding Acquired IPR&D: $192 million (vs. $212 million in Q2 2024).
  • GAAP EPS: ($0.18) basic and diluted (vs. ($0.43) in Q2 2024).
  • Adjusted EPS: $0.07 (vs. $0.13 in Q2 2024).
  • Cash Flow from Operations: $35 million (up from $15 million in Q2 2024).
• 2025 Full-Year Guidance (Raised):
  • Revenue: $5.050B – $5.150B (previously $5.000B – $5.100B).
  • Constant Currency Growth: 5% – 7% (previously 4.5% – 6.5%).
  • Adjusted EBITDA Excluding Acquired IPR&D: $860M – $910M (previously $850M – $900M).
  • FX Tailwinds: Nominal impact expected.
• Operational Highlights:
  • Resumed full production of all enVista® platform IOLs following return to market.
  • Reached approximately $1 billion in trailing 12-month revenue across the dry eye portfolio.
  • Successfully executed a refinancing transaction, extending the maturity profile.
• Balance Sheet: Cash, cash equivalents, and restricted cash were $272 million at June 30, 2025.
• Investor Day: CEO Brent Saunders to showcase potential pipeline developments at the November 13 investor day.

Notable Quotes

• “Our continued growth speaks to the breadth and depth of our portfolio and is driven by a mix of hero products and a steady stream of new introductions around the world,” said Brent Saunders, chairman and CEO, Bausch + Lomb. “Our robust pipeline represents the future of the company, and we’re excited to showcase potential gamechangers at our November 13 investor day.”