Bausch + Lomb — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total reported revenue was $1.375 billion for the third quarter of 2026, an increase of $94 million (7%) compared to $1.281 billion in the third quarter of 2025; revenue increased 8% on a constant currency basis.
• GAAP net income attributable to Bausch + Lomb Corporation was $32 million for the quarter, compared to a $28 million loss in the same period in 2025.
• Adjusted net income (non-GAAP) was $123 million, up from $66 million in the third quarter of 2025.
• Operating income was $155 million, an increase of $60 million from $95 million in the third quarter of 2025.
• Cash flow from operations was $233 million, an increase of $96 million from $137 million in the third quarter of 2025.
• Adjusted EBITDA (non-GAAP) and Adjusted EBITDA Excluding Acquired IPR&D (non-GAAP) were both $325 million, up from $243 million in the third quarter of 2025.
• GAAP EPS was $0.09 (basic and diluted), compared to ($0.08) in the third quarter of 2025; Adjusted EPS (non-GAAP) was $0.34, up from $0.18.
• Cash, cash equivalents, and restricted cash were $515 million as of September 30, 2026.

Guidance and Future Outlook:

• Full-year 2026 revenue guidance was raised to $5.450 billion – $5.550 billion (previously $5.440 billion – $5.540 billion), reflecting a $15 million increase in the underlying business outlook.
• Full-year 2026 constant currency revenue growth guidance was raised to 6.1% – 8.0% (previously 5.8% – 7.7%).
• Full-year 2026 Adjusted EBITDA Excluding Acquired IPR&D (non-GAAP) guidance was raised to $1.090 billion – $1.140 billion (previously $1.025 billion – $1.075 billion).
• Anticipated full-year revenue foreign exchange tailwinds were reduced to $40 million (previously $45 million) due to moderating exchange rates.

Business Segments and Product Lines:

• Vision Care revenue was $774 million (up 5% reported, 6% constant currency), driven by growth in daily SiHy and ULTRA® contact lenses, as well as LUMIFY® and Artelac®.
• Surgical revenue was $234 million (up 9% reported and constant currency), primarily driven by growth in the premium IOL portfolio.
• Pharmaceuticals revenue was $367 million (up 11% reported and constant currency), driven by MIEBO® growth and increased international pharmaceutical sales.
• MIEBO® revenue grew 42% to $119 million.
• LUMIFY® revenue grew 35%.
• Daily SiHy portfolio revenue grew 24%.
• Premium IOL revenue grew approximately 70%.
• The pipeline includes several potential first-in-class assets reaching clinical and regulatory milestones in the third quarter.

Market and Competitive Landscape:

• The company reported growth across all three business segments.
• The MIEBO® category is described as expanding.
• The premium IOL portfolio is noted to have significant growth opportunities.

Risks and Challenges:

• Risks include the proposed separation of Bausch + Lomb from Bausch Health Companies Inc. (BHC), including timing, terms, shareholder approvals, and potential business disruption.
• Risks related to the One Big Beautiful Bill Act and its impact on tax provisions.
• Risks associated with tariffs, counter-tariffs, and disruptions to global supply chains.
• Macroeconomic risks include inflation, interest rates, foreign currency rates, and potential recession.
• Forward-looking statements are subject to uncertainties regarding the ability to complete the separation, realize benefits from acquisitions, and manage debt covenants.

Management Commentary and Tone:

• Thomas J. Appio, Chairman and Interim CEO, stated that performance reflects the strength and breadth of the business with growth across all segments and continued expansion in profitability.
• Management noted they have delivered against Investor Day commitments for four consecutive quarters and see opportunities to improve execution and enhance profitability.
• The tone indicates confidence in the underlying business performance and anticipated stronger results for the remainder of 2026.

Other Key Points:

• The company raised full-year 2026 guidance for both revenue and Adjusted EBITDA Excluding Acquired IPR&D.
• The conference call for Q3 2026 results was held on October 28, 2026.
• The company continues to prepare for post-separation operations, including transformation initiatives that may result in future restructuring actions.
• Non-GAAP measures used include Adjusted EBITDA, Adjusted EBITDA Excluding Acquired IPR&D, Adjusted Net Income, and Constant Currency Revenue.