Bausch + Lomb Delivers Broad-Based Second-Quarter Growth, Raises Full-Year 2026 Guidance

• Revenue of $1.394 Billion
• Revenue Grew 9% as Reported and 8% on a Constant Currency¹ Basis Compared to the Second Quarter of 2025
• GAAP Net Loss Attributable to Bausch + Lomb Corporation of $14 Million
• Adjusted EBITDA (non-GAAP)¹ of $241 Million; Adjusted EBITDA Excluding Acquired IPR&D (non-GAAP) ¹ of $246 Million
• Raising Full-Year 2026 Revenue and Adjusted EBITDA Excluding Acquired IPR&D (non-GAAP)¹ Guidance

VAUGHAN, Ontario--(BUSINESS WIRE)--Bausch + Lomb Corporation (NYSE/TSX: BLCO), a leading global eye health company dedicated to helping people see better to live better, today announced its second-quarter 2026 financial results.

“Broad-based revenue growth, leverage in the P&L, margin expansion and conversion to cash flow. These have been themes since we unveiled our three-year plan for growth at Investor Day last November, and in the second quarter progress continued at an accelerated pace,” said Brent Saunders, chairman and CEO, Bausch + Lomb.

Select Company Highlights

• Broad-based growth across all segments, with double digit revenue growth from Surgical and Pharmaceuticals
• 175% reported revenue growth in premium intraocular lenses (IOLs), with premium portfolio now accounting for 13% of total Surgical revenue compared to 6% in 2025
• MIEBO^® and XIIDRA^® delivered 27% combined revenue growth in the first half of 2026 versus the first half of 2025
• Balanced global contact lens performance powered by three franchises, with strong revenue growth from the daily SiHy portfolio, Biotrue^® ONEday and ULTRA^® monthly
• Launch momentum continues, with Blink^® Triple Care Preservative Free contributing to 12% reported revenue growth for the Blink franchise; recent pipeline milestones include topline results from a pivotal clinical study evaluating the enVista Beyond^™ investigational IOL

Second-Quarter 2026 Revenue Performance
Total reported revenue was $1.394 billion for the second quarter of 2026, as compared to $1.278 billion in the second quarter of 2025, an increase of $116 million, or 9%. Excluding the favorable impact of foreign exchange of $12 million, revenue increased by approximately 8% on a constant currency¹ basis compared to the second quarter of 2025.

Revenue by segment was as follows:

Second-Quarter 2026

Vision Care Segment
Vision Care segment revenue was $784 million for the second quarter of 2026, as compared to $753 million for the second quarter of 2025, an increase of $31 million, or 4%. Excluding the favorable impact of foreign exchange of $4 million, segment revenue increased on a constant currency¹ basis by approximately 4% compared to the second quarter of 2025. Performance was driven by growth in daily SiHy, Biotrue and ULTRA contact lenses, as well as sales from over-the-counter dry eye products.

Surgical Segment
Surgical segment revenue was $256 million for the second quarter of 2026, as compared to $216 million for the second quarter of 2025, an increase of $40 million, or 19%. Excluding the favorable impact of foreign exchange of $6 million, segment revenue increased on a constant currency¹ basis by approximately 16% compared to the second quarter of 2025. Performance was driven by growth in the premium IOL portfolio.

Pharmaceuticals Segment
Pharmaceuticals segment revenue was $354 million for the second quarter of 2026, as compared to $309 million for the second quarter of 2025, an increase of $45 million, or 15%. Excluding the favorable impact of foreign exchange of $2 million, segment revenue increased on a constant currency¹ basis by approximately 14% compared to the second quarter of 2025. Performance was driven by growth in branded pharmaceuticals – specifically MIEBO and XIIDRA – and increased sales in international pharmaceuticals.

Operating Results
Operating income was $83 million for the second quarter of 2026, as compared to an operating loss of $11 million for the second quarter of 2025, a favorable change of $94 million. The change was driven by revenue growth noted above and operating efficiencies.

Net Loss
Net loss attributable to Bausch + Lomb Corporation for the second quarter of 2026 was $14 million, as compared to $62 million for the second quarter of 2025, a favorable change of $48 million. The change was primarily due to operating results noted above and the impact of financing fees from the June 2025 debt refinancing transaction, partially offset by a decrease in the benefit from income taxes.

Adjusted net income attributable to Bausch + Lomb Corporation (non-GAAP)¹ for the second quarter of 2026 was $55 million, as compared to adjusted net income attributable to Bausch + Lomb Corporation (non-GAAP)¹ of $25 million for the second quarter of 2025, an increase of $30 million.

Cash Flow from Operations
Cash flow from operations for the second quarter of 2026 was $153 million, as compared to cash flow from operations of $35 million for the second quarter of 2025, a favorable change of $118 million. Cash flow from operations was positively impacted by operating results noted above.

Earnings Per Share
GAAP Earnings Per Share (“EPS”) Basic and Diluted attributable to Bausch + Lomb Corporation for the second quarter of 2026 was ($0.04), as compared to ($0.18) for the second quarter of 2025. Adjusted EPS attributable to Bausch + Lomb Corporation (non-GAAP)¹ for the second quarter of 2026 was $0.15, as compared to $0.07, for the second quarter of 2025.

Adjusted EBITDA (non-GAAP)¹; Adjusted EBITDA Excluding Acquired IPR&D (non-GAAP)¹
Adjusted EBITDA (non-GAAP)¹ was $241 million for the second quarter of 2026, as compared to $191 million for the second quarter of 2025, an increase of $50 million. Adjusted EBITDA excluding Acquired IPR&D (non-GAAP)¹ was $246 million for the second quarter of 2026, as compared to $192 million for the second quarter of 2025, an increase of $54 million. The change was primarily due to revenue growth noted above and operating efficiencies.

2026 Financial Outlook²
Bausch + Lomb provided updated guidance for the full year of 2026 as follows:

Other than with respect to GAAP revenue, the company only provides guidance on a non-GAAP basis. The company does not provide a reconciliation of forward-looking Adjusted EBITDA excluding Acquired IPR&D (non-GAAP)¹ to GAAP net income (loss) attributable to Bausch + Lomb Corporation or of forward-looking constant currency revenue growth¹ to reported revenue growth, due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. These amounts may be material and, therefore, could result in the projected GAAP measure or ratio being materially different or less than the projected non-GAAP measure or ratio. These statements represent forward-looking information and may represent a financial outlook, and actual results may vary. Please see the risks and assumptions referred to in the Forward-looking Statements section of this news release.

Balance Sheet Highlights

• Bausch + Lomb’s cash, cash equivalents and restricted cash were $378 million at June 30, 2026
• Basic weighted average shares outstanding for the second quarter of 2026 were 357.1 million, and diluted weighted average shares outstanding for the second quarter of 2026 were 360.2 million⁴

Pipeline Update
As part of today's earnings announcement, Bausch + Lomb is reporting topline results from a pivotal clinical study evaluating the enVista Beyond investigational IOL, which was designed to provide cataract patients with an expanded range of functional vision following cataract surgery.

The multicenter study evaluated visual performance and safety outcomes in patients undergoing cataract surgery. The study met several of its co-primary effectiveness endpoints, demonstrating improved and statistically superior intermediate vision and a greater depth of focus compared with a monofocal control lens, while maintaining distance visual acuity comparable to the control. The overall dataset demonstrated clinically meaningful improvements in functional vision and validated key attributes of the lens' optical profile despite narrowly missing predefined performance targets related to depth of focus and intermediate visual performance.

The study further demonstrated a favorable safety profile, with no device-related adverse events or secondary surgical interventions related to the optical properties of the lens. Safety outcomes were consistent with established benchmarks for IOLs, and no new safety concerns were identified during the study. In addition, visual quality assessments supported preservation of visual performance under low-light conditions.

Bausch + Lomb is conducting a comprehensive review of the data and will engage with regulatory authorities on next steps to support submission of the enVista Beyond IOL program.

Conference Call Details

About Bausch + Lomb
Our mission is simple – we help people see better to live better, all over the world. For nearly two centuries we’ve evolved with the changing needs of patients and customers, and our commitment to innovation and improving the standard of care in eye health has never been stronger. From contact lenses to prescription products, over-the-counter options, surgical devices and more, we’re turning bold ideas into better outcomes through passion, perseverance and purpose. Learn more at www.bausch.com and connect with us on Facebook, Instagram, LinkedIn, X and YouTube.

Forward-looking Statements
This news release contains forward-looking information and statements within the meaning of applicable securities laws (collectively, “forward-looking statements”), which may generally be identified by the use of the words “anticipates,” “hopes,” “expects,” “intends,” “plans,” “projects,” “predicts,” “forecasts,” “should,” “could,” “would,” “may,” “might,” “will,” “strive,” “believes,” “estimates,” “potential,” “target,” “guidance,” “outlook,” or “continue” and positive and negative variations or similar expressions and phrases or statements that certain actions, events or results may, could, should or will be achieved, received or taken, or will occur or result, and similar such expressions also identify forward-looking information. Forward-looking statements include statements regarding Bausch + Lomb’s future prospects and performance, including the company’s 2026 full-year guidance, and next steps regarding the submission of the enVista Beyond IOL program. These forward-looking statements, including the company’s full-year guidance, are based upon the current expectations and beliefs of management and are provided for the purpose of providing additional information about such expectations and beliefs, and readers are cautioned that these statements may not be appropriate for other purposes. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, the risks and uncertainties discussed in Bausch + Lomb’s filings with the U.S. Securities and Exchange Commission (“SEC”) and the Canadian Securities Administrators (the “CSA”) (including the company’s Annual Report on Form 10-K for the year ended Dec. 31, 2025 (which was filed with the SEC and CSA on Feb. 18, 2026) and its most recent quarterly filings), which factors are incorporated herein by reference. They also include, but are not limited to, risks and uncertainties respecting the proposed plan to separate Bausch + Lomb into an independent, publicly traded company, separate from the remainder of Bausch Health Companies Inc. (“BHC”) (the “separation”), which include, but are not limited to, the expected benefits and costs of the separation, the expected timing of completion of the separation and its manner and terms (including that it may include the transfer of all or a portion of BHC’s remaining direct or indirect equity interest in Bausch + Lomb to its shareholders (the “distribution”)), the expectation that, if the separation is to be effected through a distribution, then it will be completed following the achievement of targeted debt leverage ratios, subject to receipt of applicable shareholder and other necessary approvals and other factors, including those described in BHC’s public statements, the ability to complete the distribution considering the various conditions to the completion of the distribution (some of which are outside the company’s and BHC’s control, including conditions related to regulatory matters and receipt of applicable shareholder and other approvals), the impact of any potential sales of the company’s common shares by BHC (including in connection with a foreclosure on the Bausch + Lomb common shares owned by BHC or its subsidiaries that are or may be pledged as collateral for certain of BHC’s or its subsidiary’s debt), that market or other conditions are no longer favorable to completing the transaction, that applicable shareholder, stock exchange, regulatory or other approval is not obtained on the terms or timelines anticipated or at all, business disruption during the pendency of or following the separation, diversion of management time on separation-related issues, retention of existing management team members, the reaction of customers and other parties to the separation, the structure of the distribution, the qualification of the distribution as a tax-free transaction for Canadian and/or U.S. federal income tax purposes (including whether or not an advance ruling from the Canada Revenue Agency and/or the Internal Revenue Service will be sought or obtained), the ability of the company and BHC to satisfy the conditions required to maintain the tax-free status of such distribution (some of which are beyond their control), other potential tax or other liabilities that may arise as a result of the distribution, the potential dis-synergy costs resulting from the separation, the impact of the separation on relationships with customers, suppliers, employees and other business counterparties, general economic conditions, conditions in the markets the company is engaged in, behavior of customers, suppliers and competitors, technological developments and legal and regulatory rules affecting the company’s business. In particular, the company can offer no assurance that the separation will occur at all, or that any such transaction will occur on the terms and timelines or in the manner anticipated by the company and BHC. They also include risks and uncertainties relating to acquisitions and other business development transactions the company has completed or may, in the future, pursue and complete, including risks that pending transactions may not close, risks that the company may not realize the expected benefits of those transactions on a timely basis or at all and, where applicable, risks relating to increased levels of debt as a result of debt incurred to finance such transactions, including in regards to compliance with our debt covenants. They also include risks and uncertainties related to the impacts of the new legislation commonly referred to as One Big Beautiful Bill Act, including the effects on our tax provision for both 2026 and future years. They also include the expected impact of the tariffs imposed by the U.S. and counter-tariffs or other retaliatory measures imposed on the U.S. by other countries and disruptions to global supply chains and other potential results as a result of these developments and our ability to successfully manage the expected impact of such tariffs and counter-tariffs and other measures, including the success of actions and levers we have taken and may take to manage these matters, as well as the impact of potential tariff refunds or recoveries, if any. They also include risks and uncertainties related to our ability to adopt and integrate artificial intelligence solutions into various aspects of our business and operations responsibly and in compliance with applicable legislation, laws, rules, regulation and guidance. Finally, they also include, but are not limited to, risks and uncertainties caused by or relating to adverse economic conditions and other macroeconomic factors, including risks and uncertainties associated with the conflict in the Middle East, over which we have no control, including heightened inflation and interest rates, foreign currency rates, slower growth or a potential recession, which could adversely impact our revenue, expenses and resulting margins. In addition, certain material factors and assumptions have been applied in making these forward-looking statements, including, without limitation, the assumption that the risks and uncertainties outlined above will not cause actual results or events to differ materially from those described in these forward-looking statements. In addition, management has also made certain assumptions regarding our 2026 full-year guidance with respect to expectations regarding base performance growth, business performance, currency impact, inflation, the company's ability to offset the impact of tariffs in 2026 (based on the current tariff policy and the actions the company is taking to manage these measures), expectations regarding adjusted gross margin (non-GAAP), adjusted SG&A expense (non-GAAP) and the company’s ability to continue to manage such expense in the manner anticipated, net interest expense (which will vary based on, among other things, interest rates and our indebtedness), adjusted tax rate and full year capex and the anticipated timing and extent of the company’s R&D expense.

Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. Bausch + Lomb undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, unless required by law.

Links provided in this news release are solely for information purposes and do not constitute Bausch + Lomb affirming any forward-looking statements contained in the linked content.

Non-GAAP Information
To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), the company uses certain non-GAAP financial measures and ratios. Management uses these non-GAAP measures and ratios as key metrics in the evaluation of the company’s performance and the consolidated financial results and, in part, in the determination of cash bonuses for its executive officers. The company believes these non-GAAP measures and ratios are useful to investors in their assessment of our operating performance and the valuation of the company. In addition, these non-GAAP measures and ratios address questions the company routinely receives from analysts and investors, and in order to assure that all investors have access to similar data, the company has determined that it is appropriate to make this data available to all investors.

These measures and ratios do not have any standardized meaning under GAAP and other companies may use similarly titled non-GAAP financial measures and ratios that are calculated differently from the way we calculate such measures and ratios. Accordingly, our non-GAAP financial measures and ratios may not be comparable to similar non-GAAP measures and ratios of other companies. We caution investors not to place undue reliance on such non-GAAP measures and ratios, but instead to consider them with the most directly comparable GAAP measures and ratios. Non-GAAP financial measures and ratios have limitations as analytical tools and should not be considered in isolation. They should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.

The reconciliations of these historic non-GAAP financial measures and ratios to the most directly comparable financial measures and ratios calculated and presented in accordance with GAAP are shown in the tables below.

Specific Non-GAAP Measures
EBITDA, Adjusted EBITDA, Adjusted EBITDA excluding Acquired IPR&D and Adjusted EBITDA growth (excluding Acquired IPR&D)
EBITDA (non-GAAP) is Net income (loss) attributable to Bausch + Lomb Corporation (its most directly comparable U.S. GAAP financial measure) adjusted for interest, income taxes, depreciation and amortization. Adjusted EBITDA (non-GAAP) is EBITDA (non-GAAP) further adjusted for the items described below. Management believes that Adjusted EBITDA (non-GAAP), along with the GAAP measures used by management, most appropriately reflect how the company measures the business internally and sets operational goals and incentives. In particular, the company believes that Adjusted EBITDA (non-GAAP) focuses management on the company’s underlying operational results and business performance. As a result, the company uses Adjusted EBITDA (non-GAAP) both to assess the actual financial performance of the company and to forecast future results as part of its guidance. Management believes Adjusted EBITDA (non-GAAP) is a useful measure to evaluate current performance. Adjusted EBITDA (non-GAAP) is intended to show our unleveraged, pre-tax operating results and therefore reflects our financial performance based on operational factors. In addition, cash bonuses for the company’s executive officers and other key employees are based, in part, on the achievement of certain Adjusted EBITDA (non-GAAP) targets.

Adjusted EBITDA (non-GAAP) is Net income (loss) attributable to Bausch + Lomb Corporation (its most directly comparable U.S. GAAP financial measure) adjusted for interest expense, net, (benefit from) provision for income taxes, depreciation and amortization and further adjusted for the following items:

• Asset impairments: The company has excluded the impact of impairments of finite-lived and indefinite-lived intangible assets as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions and divestitures. The company believes that the adjustments of these items correlate with the sustainability of the company’s operating performance. Although the company excludes impairments of intangible assets from measuring the performance of the company and its business, the company believes that it is important for investors to understand that intangible assets contribute to revenue generation.

Media Contact:
T.J. Crawford
tj.crawford@bausch.com
(908) 705-2851

Investor Contact:
George Gadkowski
george.gadkowski@bausch.com
(877) 354-3705 (toll free)
(908) 927-0735