Bausch + Lomb (BLCO) Earnings Date & Reports

Key Takeaways

• Third-quarter 2026 revenue reached $1.375 billion, up 7% as reported (8% on a constant-currency basis), slightly ahead of the $1.37 billion consensus estimate.
• Adjusted earnings per share (EPS) came in at $0.34, up from $0.18 a year earlier and roughly 55% above the $0.22 analyst consensus.
• Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) rose 34% to $325 million, lifting the adjusted EBITDA margin to 23.6%.
• Bausch + Lomb returned to profitability, posting GAAP net income of $32 million, or $0.09 per share, versus a $28 million net loss in the prior-year quarter.
• Management raised full-year 2026 guidance for both revenue and adjusted EBITDA, citing broad-based growth across all three segments.
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Earnings Context and Why It Matters

Bausch + Lomb is a global eye-health company operating across three segments: Vision Care, Surgical, and Pharmaceuticals. The third-quarter 2026 report matters because it is the latest test of the margin-expansion strategy management laid out at its Investor Day, following a period of heavy product launches and elevated investment. Coming off a prior-year quarter that still carried a net loss, investors have been watching whether sustained top-line growth can translate into meaningful profitability and deleveraging. With net leverage declining to 4.1 times adjusted EBITDA from 5.7 times a year earlier, this quarter provided evidence that the company's execution narrative is gaining traction across all three business lines.

Reported Results

For the third quarter ended September 30, 2026, Bausch + Lomb reported total revenue of $1.375 billion, an increase of $94 million, or 7% as reported and 8% on a constant-currency basis, compared with $1.281 billion in the same period last year. Revenue was slightly above the consensus estimate of approximately $1.37 billion.

By segment, Vision Care revenue grew 5% to $774 million, Surgical revenue increased 9% to $234 million, and Pharmaceuticals revenue rose 11% to $367 million. Growth was led by the dry-eye franchise, with MIEBO revenue up 42% to $119 million and LUMIFY up 35%, while premium intraocular lenses (IOLs) grew roughly 70%.

GAAP (Generally Accepted Accounting Principles) net income attributable to Bausch + Lomb was $32 million, or $0.09 per share, compared with a net loss of $28 million, or $0.08 per share, in the prior-year quarter. Adjusted EPS was $0.34, well above the $0.22 consensus and up from $0.18 a year earlier. Adjusted EBITDA climbed to $325 million from $243 million, exceeding the roughly $270.9 million consensus estimate and lifting the adjusted EBITDA margin to 23.6%, up 460 basis points year over year.

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Market Reaction and Investor Sentiment

The market responded favorably to the results. Shares rose roughly 3.3% to about $18.19 immediately after the release and were up 8.7% in afternoon trading, building on a roughly 2% pre-market gain. Investor sentiment was buoyed by the combination of an EPS beat, a return to GAAP profitability, and the third guidance raise of the year. The results reinforced confidence that Bausch + Lomb's product mix is shifting toward higher-margin offerings, with meaningful operating leverage emerging as launch-phase investments begin to moderate.

Forward Outlook and Key Factors to Monitor

Bausch + Lomb raised its full-year 2026 outlook, now expecting revenue of $5.45 billion to $5.55 billion (up from $5.44 billion to $5.54 billion) and adjusted EBITDA excluding acquired in-process research and development (IPR&D) of $1.09 billion to $1.14 billion (up from $1.025 billion to $1.075 billion).

Investors will be watching whether the momentum in the dry-eye franchise, contact lenses, and premium IOLs is sustainable, and whether the company can continue converting top-line growth into margin expansion. Key factors to monitor include the trajectory of MIEBO and LUMIFY growth, competitive dynamics in the contact-lens market, and progress toward the company's long-term net-leverage target of 3.5 times adjusted EBITDA.

Tariff-related costs and potential refunds, foreign-exchange movements, and the timing of pipeline milestones also remain important variables. The planned separation of Bausch + Lomb from parent company Bausch Health Companies Inc. (BHC) is another consideration that could shape the company's capital structure and strategic flexibility going forward.

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