Bausch & Lomb Corp (BLCO) Q4 2025 Earnings Call Highlights: Record Revenue and Strategic …

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Thu, February 19, 2026 at 4:00 AM GMT+9 5 min read

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**Revenue:** $1.405 billion in Q4, up 7%; $5.101 billion for the full year, up 5%.

**Adjusted EBITDA:** $330 million in Q4, up 27%; $891 million for the full year.

**Adjusted EBITDA Margin:** 23.5% in Q4; 17.5% for the full year.

**Vision Care Revenue:** $778 million in Q4, up 5%; $2.923 billion for the full year, up 6%.

**Consumer Dry Eye Revenue:** $116 million in Q4, up 6%; $436 million for the full year, up 14%.

**Contact Lens Revenue Growth:** 8% in Q4; 7% for the full year.

**Surgical Segment Revenue:** $249 million in Q4, up 3%; $894 million for the full year, up 4%.

**Pharma Segment Revenue:** $378 million in Q4, up 14%; $1.284 billion for the full year, up 6%.

**Miebo Revenue:** $112 million in Q4, up 111% year-over-year; $316 million for the full year, up 84%.

**Adjusted Gross Margin:** 62.1% in Q4; 61% for the full year.

**Adjusted Cash Flow from Operations:** $152 million in Q4; $381 million for the full year.

**Adjusted Free Cash Flow:** $76 million in Q4; $32 million for the full year.

**Adjusted EPS:** $0.32 for Q4; $0.51 for the full year.

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Release Date: February 18, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Bausch & Lomb Corp (NYSE:BLCO) reported a record fourth quarter with 7% constant currency revenue growth and 27% adjusted EBITDA growth, showcasing strong operating leverage.

The company's dry eye portfolio, particularly Miebo, demonstrated impressive growth, generating $112 million in Q4 revenue and showing a promising trajectory towards profitability.

BLCO's contact lens business outperformed the global market, with significant growth in daily SiHy lenses and strong performance in China.

The surgical segment showed resilience with 20% growth in premium IOLs, despite the impact of a voluntary recall earlier in the year.

BLCO's strategic focus on financial discipline and execution has led to a 23.5% adjusted EBITDA margin in Q4, indicating a solid foundation for future growth.

Negative Points

The company faces seasonality challenges, particularly in the dry eye franchise, which could impact quarterly revenue fluctuations.

Despite strong performance, the surgical segment still has some lingering effects from the voluntary recall, particularly in the monofocal lens market.

BLCO's consumer business experienced some destocking, impacting sales growth, particularly in the PreserVision eye vitamins category.

The company is navigating competitive pressures in the IOL and contact lens markets, which could impact future growth trajectories.

BLCO's float remains a concern for market valuation, as it is dependent on BHC's decision to sell shares, which is outside of BLCO's control.

 






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Q & A Highlights

Q: Looking forward to 2026, what are the key areas for Bausch & Lomb to focus on to achieve the growth guidance? A: Brent Saunders, CEO, emphasized the importance of execution, which was a recurring theme throughout the call. He highlighted the company’s record performance in Q4 2025, with 7% revenue growth and 27% EBITDA growth, as evidence of structural improvements and disciplined execution. The focus will be on aligning the organization around clear priorities, making trade-offs, and following through to build consistency and credibility, ultimately creating long-term value.

Q: Miebo’s performance has exceeded expectations. What lessons can be learned from its success for future pipeline products? A: Brent Saunders, CEO, noted that Miebo’s success was due to strategic investments and upgrading the team, including the field force. The company made thoughtful investments in a promising medicine with a positive benefit-risk profile. Andrew Stewart, President of Ophthalmic Pharmaceuticals, added that great execution and marketing, combined with a strong safety profile and rapid efficacy, were key to Miebo’s success. These lessons will be applied to future pipeline products.

Q: Can you provide more details on the growth trajectory and investment strategy for Miebo? A: Brent Saunders, CEO, stated that Miebo is expected to continue its strong growth trajectory, with seasonality affecting quarterly performance. The company plans to maintain steady investments in Miebo, allowing growth to flow through to the bottom line. Sam Eldessouky, President of Global Pharmaceuticals and International Consumer, emphasized targeted investments to drive top-line growth, while Andrew Stewart highlighted the importance of access and affordability strategies.

Q: How is Bausch & Lomb addressing competitive dynamics in the market, particularly in the IOL and contact lens segments? A: Brent Saunders, CEO, acknowledged the competitive landscape but expressed confidence in the company’s position. In the contact lens market, Bausch & Lomb outperformed the market with strong growth in daily SiHy lenses. In the surgical segment, despite a recall, the company achieved 4% implantable growth and 20% premium IOL growth. The focus is on executing well and leveraging new product launches to maintain a competitive edge.

Q: What are the expectations for Xiidra’s performance in 2026, considering recent payer changes and market dynamics? A: Brent Saunders, CEO, and Andrew Stewart, President of Ophthalmic Pharmaceuticals, indicated that Xiidra is expected to achieve mid-single-digit sales growth in 2026. The company has set a new base for Xiidra, with expectations for slower TRx growth but higher revenue growth due to improved net pricing. The focus will be on balancing affordability and long-term investment for stakeholders.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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