Bausch + Lomb Corporation Q1 FY2026 earnings call

• Bausch & Lomb is a durable growth company with long-term tailwinds in aging populations, rising myopia, and premium products in cataract surgery. • Focused on building a strong foundation, simplifying organization, driving cost discipline, and improving execution. • Pharmaceuticals had 12% constant currency revenue growth and 14% reported growth. • AI is being embedded for operational excellence. • Pipeline progressing with NDA for Lumify Next and CE mark submission for Celera. • Commercialization of Preservision ARADS III and Blink TripleCare. • Vision care segment continues to deliver, contact lens growth a bright spot. • Surgical business impacted by temporary factors but taking action to strengthen competitive position. • Premium strategy gaining traction with increased premium product mix.

VisionCare: First quarter revenue of $711 million, up 5%. Consumer business grew 5%, with Lumify up 15%, consumer dry eye portfolio up 16%, iVitamins, Preservision, and Acuvite up 2%. Contact Lens revenue up 5%, led by Daily Sci-Hi and Ultra, with U.S. up 6% and international up 4%. Surgical: First quarter revenue $228 million, up 1%. Implantables up 3%, premium IOLs up 27%, consumables up 2%, equipment revenue down 4%. Pharma: Revenue $305 million, up 12%. U.S. pharma up 14%, Maibo up 33%, Zydra up 30%, international pharma up 7%.

• Raised full-year revenue guidance to $5.42 billion to $5.52 billion, reflecting constant currency growth of approximately 5.3% to 7.2%. • Raised full-year adjusted EBITDA guidance to $1.01 billion to $1.06 billion, with margin of approximately 19% and adjusted EBITDA growth of approximately 16% year-over-year. • Estimates currency tailwinds of approximately $50 million to revenue. • Expect adjusted gross margin to be approximately 62% and R&D investments to be 7.5% to 8% of revenue. • Interest expense expected to be approximately $365 million and adjusted tax rate to be approximately 19%. • Full-year CapEx unchanged at approximately $285 million, weighted to first half.

• Surgical business impacted by temporary factors like weather-related disruption to cataract procedures and reimbursement pressures. • Potential impact of oil and freight costs if persistently elevated. • Economic softness in certain markets like Asia-Pac and Japan could affect contact lens performance.

Q: Robbie Marcus asked about dry eye and contact lenses, with Brent and John Ferris answering.

Q: Joanne Winch asked about global impacts and strategy implementation, with Brent and John Ferris responding.

Q: Matt Mixich asked about surgical and contact lenses, with Brent answering.

Q: Young Lee asked about MIVO and surgical product portfolio, with Brent answering.

Q: Larry Beagleson asked about guidance conservatism and phasing, with Brent and Sam Aldasuki answering.

Q: David Roman asked about Salesforce rebuild, with Brent answering.

Q: Doug Mime asked about Zydra and Preservision, with Brent and John Ferris answering.

Q: Tom Steven asked about Zydra script growth and contact lens sequential acceleration, with Brent answering