Bausch + Lomb Announces Third-Quarter 2025 Results
Executive Summary
- Bausch + Lomb reported Q3 2025 revenue of $1.281 B, up 7% YoY (6% on a constant‑currency basis).
- GAAP net loss widened to $(28) M versus a $4 M profit a year earlier, driven by higher income‑tax provision despite operating income growth.
- Adjusted EBITDA (non‑GAAP) rose to $243 M, and adjusted EBITDA excluding acquired IPR&D increased to $243 M, reflecting strong operational performance across Vision Care, Surgical and Pharmaceuticals segments.
Key Details
- Revenue by Segment (Q3 2025):
- Vision Care: $736 M (+8% YoY, +6% cc) – growth from dry‑eye OTC portfolio, eye vitamins, SiHy Daily lenses & Biotrue® ONEday contacts.
- Surgical: $215 M (+4% YoY, +1% cc) – driven by equipment sales and premium IOL implantables (enVista®, LUX).
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Pharmaceuticals: $330 M (+8% YoY, +7% cc) – growth from MIEBO® dry‑eye product and International Pharma sales.
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Operating Income: $95 M vs. $43 M in Q3 2024 (↑$52 M).
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GAAP Net Loss: $(28) M vs. $4 M profit in Q3 2024; EPS (GAAP) = $(0.08) vs. $0.01 a year ago.
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Adjusted Net Income (non‑GAAP): $66 M (↑$20 M YoY); Adjusted EPS = $0.18 vs. $0.13 prior year.
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Cash Flow from Operations: $137 M, down $17 M YoY due to higher operating cash offset by transformation payments.
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Balance Sheet Highlights: Cash & equivalents $332 M at Sept‑30 2025; diluted shares outstanding 357.4 M.
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Full‑Year 2025 Guidance (updated):
- Revenue: $5.050 B – $5.150 B (~5–7% constant‑currency growth).
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Adjusted EBITDA excl. IPR&D: $860 M – $910 M (now narrowed to $870 M – $910 M).
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R&D Progress: LUMIFY® Phase 3 met all endpoints; enrollment begun for bioactive lens, next‑gen lifitegrast, ocular surface pain and glaucoma studies.
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Conference Call: Wednesday, Oct 29 2025 at 8:00 a.m. ET (webcast link provided).
Notable Quotes
“We’re delivering on the vision we laid out in 2023… our pipeline will be on full display in just a few weeks at investor day.” – Brent Saunders, Chairman & CEO