Bausch + Lomb Corporation Q4 FY2025 earnings call

Brent highlighted Q4 and full year results showing execution, 7% constant currency revenue growth and 27% adjusted EBITDA growth. Ongoing focus on selling excellence with expanding dry eye portfolio, Miebo exiting launch phase towards profitability. Surgical made strategic moves for margin improvement. Pipeline active with PreserVision AREDS3 shipping, Blink Triple Care preservative-free expected to ship, seeLYRA CE mark submission next week. Sam discussed Q4 and full year financial metrics, strong adjusted EBITDA margin, cash flow optimization. Andrew covered Miebo and Xiidra performance, dry eye market being large and underpenetrated, Bausch + Lomb leading in dry eye with broad portfolio.

In Q4, total company revenue was $1.405 billion, up 7%. Full year revenue was $5.101 billion, up 5% and up 6% excluding enVista recall. Vision Care Q4 revenue $778M (+5%), full year $2.923B (+6%). Surgical Q4 $249M (+3%), full year $894M (+4%). Pharma Q4 $378M (+14%), full year $1.284B (+6%). Vision Care: Consumer business had 3% Q4 growth, 5% full year; LUMIFY Q4 $63M (+24%), full year $221M (+16%); Consumer dry eye portfolio Q4 $116M (+6%), full year $436M (+14%); Contact Lens Q4 +8%, full year +7%. Surgical: Q4 Implantables +5%, full year +4%; Premium IOLs Q4 +20%, full year +26%; Consumables Q4 +4%, full year +5%; Equipment Q4 +2%, full year +3%. Pharma: U.S. Branded Rx Q4 +21%, full year +13%; Miebo Q4 $112M (+111% YOY), full year $316M (+84%); Xiidra Q4 $95M, full year $331M; International Pharma Q4 +5%, full year +6%; U.S. Generics Q4 +4% YOY, +24% sequentially.

2026 revenue expected $5.375B - $5.475B (constant currency growth 5%-7%), adjusted EBITDA $1B - $1.050B (margin ~19% midpoint, growth ~15% YOY), adjusted gross margin ~62%, R&D ~7.5%-8% of revenue, interest expense ~$365M, adjusted tax rate ~19%, CapEx ~$285M, seasonality with Q1 lowest, Q4 highest.

Q: Patrick Wood asked about 2026 growth composition and Miebo lessons.

A: Brent said Q4 shows strong execution, early in journey, Miebo success from great medicine, execution.

Q: Young Li asked on Miebo growth trajectory and competitive dynamics.

A: Brent said continued strong Miebo growth, seasonality, Joanne Wuensch asked on contact lens clinical data, A: Yehia said first clinical evaluation positive.

Q: Lei Huang asked on Xiidra 2026 performance.

A: Brent and Andrew said mid-single digit growth.

Q: Matt Miksic asked on IOLs post-recall.

A: Brent said still working on monofocal portion but earning back business.

Q: David Roman asked on consumer business.

A: Brent said LUMIFY, Blink growth, AREDS3 to revive PreserVision.

Q: Lily asked on EBITDA margin and free cash flow.

A: Osama said margin improvement from gross, SG&A, R&D offset, free cash flow progress.

Q: Douglas Miehm asked on float.

A: Brent said float issue not in control, BHC to sell shares.