Bausch + Lomb Announces Fourth-Quarter and Full-Year 2025 Results, Provides 2026 Guidance
Executive Summary
- Bausch + Lomb reported Q4 2025 revenue of $1.405 B (+10% YoY, +7% constant‑currency) and full‑year 2025 revenue of $5.101 B (+6% YoY, +5% constant‑currency).
- GAAP net loss widened to $58 M in Q4 (vs. $3 M a year ago) and $360 M for the full year (vs. $317 M), driven by higher tax provision and refinancing fees.
- Adjusted EBITDA grew to $326 M in Q4 (+$67 M YoY) and $858 M for FY2025 (essentially flat YoY), reflecting operating leverage despite a voluntary IOL recall.
Key Details
- Revenue Highlights
- Vision Care: $778 M Q4 (+8% reported, +5% constant‑currency); $2.923 B FY (+7% reported, +6% constant‑currency).
- Surgical: $249 M Q4 (+8% reported, +3% constant‑currency); $894 M FY (+6% reported, +4% constant‑currency).
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Pharmaceuticals: $378 M Q4 (+16% reported, +14% constant‑currency); $1.284 B FY (+6% both metrics).
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Profitability
- GAAP EPS Q4: $(0.16) vs. $(0.01) YoY; FY EPS: $(1.02) vs. $(0.90) YoY.
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Adjusted EPS Q4: $0.32 vs. $0.25 YoY; FY Adjusted EPS: $0.43 vs. $0.58 YoY (down).
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Operating Income
- Q4 operating income $112 M vs. $87 M YoY (+$25 M).
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FY operating income $113 M vs. $162 M YoY (‑$49 M).
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Cash Flow
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Cash flow from operations FY2025: $283 M vs. $232 M YoY (+$51 M).
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Guidance for FY2026
- Revenue forecast: $5.375 B – $5.475 B (≈5‑7% constant‑currency growth).
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Adjusted EBITDA (ex‑Acquired IPR&D) target: $1.000 B – $1.050 B.
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Segment Drivers
- Dry eye portfolio (MIEBO®) sales $112 M Q4; total dry‑eye revenue $1.1 B FY2025.
- Premium intra‑ocular lenses (enVista®) up 20% Q4, returning to early‑2025 levels.
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All clinical trial enrollments on schedule (BL1107, enVista Beyond™, dual‑action therapeutic, BL1332).
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Non‑GAAP Adjustments
- Total non‑GAAP adjustments FY2025: $512 M (incl. restructuring, acquisition costs, share‑based comp).
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Acquired IPR&D expense FY2025: $30 M; excluded from adjusted EBITDA target.
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Balance Sheet Highlights
- Cash & cash equivalents: $397 M as of Dec 31 2025.
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Diluted weighted‑average shares FY2025: 357.0 M.
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Conference Call
- Date: Feb 18 2026, 8:00 a.m. ET (webcast link provided).
Notable Quotes
“We didn’t just grow in the fourth quarter – we grew smarter,” said Brent Saunders, Chairman & CEO. “Meaningful EBITDA margin expansion and operating leverage is a clear sign of our commitment to financial excellence…”