Bausch + Lomb (NYSE: BLCO) raises 2026 outlook after strong Q2 results
Rhea-AI Filing Summary
Bausch + Lomb Corporation reported second‑quarter 2026 revenue of $1.394 billion, up 9% year over year, or 8% on a constant‑currency basis, with growth across Vision Care, Surgical and Pharmaceuticals. Operating income was $83 million versus an $11 million loss, while GAAP net loss narrowed to $14 million. Adjusted net income was $55 million and Adjusted EBITDA reached $241 million; GAAP EPS improved to ($0.04) and Adjusted EPS rose to $0.15. Cash flow from operations increased to $153 million.
The company raised full‑year 2026 guidance, targeting revenue of $5.440–$5.540 billion and Adjusted EBITDA excluding Acquired IPR&D of $1.025–$1.075 billion, reflecting continued strong performance, partly offset by slightly lower expected foreign‑exchange tailwinds. A pivotal study of the enVista Beyond investigational IOL met several co‑primary endpoints and showed a favorable safety profile, though it narrowly missed certain predefined performance targets.
Positive
- Raised 2026 guidance, with revenue now forecast at $5.440–$5.540B and Adjusted EBITDA excluding Acquired IPR&D at $1.025–$1.075B, citing continued strong business performance.
- Q2 2026 operating turnaround, moving to $83M operating income from an $11M loss a year earlier, while Adjusted EBITDA increased to $241M from $191M.
- Cash generation strengthened, as cash flow from operations rose to $153M in Q2 2026 from $35M in Q2 2025.
Negative
- GAAP results remain in loss, with Q2 2026 net loss attributable to Bausch + Lomb at $14M, or ($0.04) per share, despite improved operations.
- Key IOL pivotal study was mixed versus targets; enVista Beyond met several co‑primary endpoints but narrowly missed predefined performance targets for depth of focus and intermediate visual performance.
Filing Explained
At June 30, cash was $378 million; the IOL program remains pre-submission and the proposed separation remains subject to leverage targets and approvals.
This Form 8-K reports the company’s second-quarter results and related material updates; it furnishes the information rather than filing it for Securities Act registration purposes.
For existing common holders, any separation remains a proposed, conditional ownership event: the filing says it may involve distributing all or part of Bausch Health’s remaining interest, subject to targeted debt-leverage ratios and required approvals.
At
The enVista Beyond program remains investigational: the company is reviewing study data and plans to engage regulators on steps to support a possible submission, so the filing does not report an approval or completed submission.
The raised 2026 guidance is effective only as of
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q2 2026 Revenue: $1.394 billion
Q2 2026 Operating Income: $83 million
Q2 2026 Net Loss Attributable to BLCO: $14 million
+5 more
8 metrics
Q2 2026 Revenue
$1.394 billion
Three months ended June 30, 2026; grew 9% as reported and 8% on a constant currency basis versus Q2 2025
Q2 2026 Operating Income
$83 million
Operating income for the second quarter of 2026 versus an operating loss of $11 million in Q2 2025
Q2 2026 Net Loss Attributable to BLCO
$14 million
Net loss attributable to Bausch + Lomb Corporation for Q2 2026 versus $62 million in Q2 2025
Q2 2026 Adjusted Net Income (non-GAAP)
$55 million
Adjusted net income attributable to Bausch + Lomb Corporation (non-GAAP) for Q2 2026 versus $25 million in Q2 2025
Q2 2026 Cash Flow from Operations
$153 million
Cash flow from operations for the second quarter of 2026 versus $35 million for Q2 2025
Q2 2026 Adjusted EBITDA (non-GAAP)
$241 million
Adjusted EBITDA (non-GAAP) for Q2 2026 versus $191 million in Q2 2025
2026 Revenue Guidance (Updated)
$5.440B–$5.540B
Full-year 2026 revenue guidance as of July 29, 2026, raised from $5.420B–$5.520B
2026 Adjusted EBITDA ex Acquired IPR&D Guidance
$1.025B–$1.075B
Full-year 2026 Adjusted EBITDA excluding Acquired IPR&D (non-GAAP) guidance raised from $1.010B–$1.060B
Key Terms
Adjusted EBITDA, constant currency revenue growth, Acquired IPR&D, loss on extinguishment of debt, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA (non-GAAP)1 was $241 million for the second quarter of 2026"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
constant currency revenue growth financial
"5.8 - 7.7% constant currency growth 1"
Acquired IPR&D financial
"Adjusted EBITDA Excluding Acquired IPR&D (non-GAAP)1 of $246 Million"
Acquired IPR&D means the research and development projects a company buys from another party before they are completed, including experimental drugs, prototypes, or unfinalized technologies. It matters to investors because these unfinished assets are treated differently on financial statements—often recorded as an immediate expense or separate intangible—so they can affect reported earnings, future revenue potential, and the buyer’s valuation similar to buying a recipe that still needs testing.
loss on extinguishment of debt financial
"Loss on extinguishment of debt | — | | | (9)"
Loss on extinguishment of debt is the accounting hit a company records when it retires or restructures a loan or bond for an amount that exceeds the debt’s recorded value—like paying more than the remaining balance to settle a loan early. It matters to investors because it reduces reported profit and can use cash, but may also cut future interest costs or signal financial stress; understanding it helps assess earnings quality and balance-sheet strength.
noncontrolling interest financial
"Net income attributable to noncontrolling interest | | (4)"
The portion of a business owned by investors other than the controlling owner when one company has control of another; it represents outside shareholders’ share of the subsidiary’s assets and profits. For investors, it matters because those outside claims reduce the amount of profit and net assets attributable to the parent owner — similar to saying part of a pizza belongs to someone else — and thus affects earnings, book value and valuation.
Earnings Snapshot
Revenue: $1.394 billion · Guidance included
Three months ended June 30, 2026
Revenue
$1.394 billion
Grew 9% as reported and 8% on a constant currency basis versus the second quarter of 2025
Operating income (loss)
$83 million
Improved from an operating loss of $11 million in the second quarter of 2025
Net loss attributable to BLCO
$14 million
Narrowed from $62 million for the second quarter of 2025
GAAP EPS
($0.04)
Compared with ($0.18) for the second quarter of 2025
Adjusted EPS (non-GAAP)
$0.15
Increased from $0.07 for the second quarter of 2025
Adjusted EBITDA (non-GAAP)
$241 million
Up from $191 million in the second quarter of 2025
Cash flow from operations
$153 million
Increased from $35 million for the second quarter of 2025
2026 Revenue guidance
$5.440B–$5.540B
Raised from $5.420B–$5.520B, with constant currency growth of 5.8–7.7%
Guidance
Management raised full-year 2026 revenue and Adjusted EBITDA excluding Acquired IPR&D (non-GAAP) guidance, attributing the increase to continued strong business performance and a $5 million reduction in expected currency tailwinds.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did Bausch + Lomb (BLCO) perform in Q2 2026?
Bausch + Lomb reported Q2 2026 revenue of $1.394 billion, up 9% year over year and 8% on a constant‑currency basis. Operating income reached $83 million, and GAAP net loss narrowed to $14 million, while Adjusted EBITDA increased to $241 million.
What 2026 guidance did Bausch + Lomb (BLCO) provide?
The company raised full‑year 2026 guidance to $5.440–$5.540 billion in revenue and $1.025–$1.075 billion in Adjusted EBITDA excluding Acquired IPR&D. Expected constant‑currency revenue growth is now 5.8–7.7%, with foreign‑exchange tailwinds estimated at $45 million.
How did each Bausch + Lomb (BLCO) segment perform in Q2 2026?
In Q2 2026, Vision Care revenue was $784M (up 4%), Surgical $256M (up 19%), and Pharmaceuticals $354M (up 15%). Constant‑currency growth was 4% for Vision Care, 16% for Surgical and 14% for Pharmaceuticals compared with Q2 2025.
What were Bausch + Lomb’s (BLCO) profitability metrics in Q2 2026?
GAAP net loss attributable to Bausch + Lomb was $14 million, or ($0.04) per share, versus a $62 million loss a year ago. Adjusted net income rose to $55 million, with Adjusted EPS of $0.15 and Adjusted EBITDA of $241 million.
How strong was Bausch + Lomb’s (BLCO) cash flow and balance sheet in Q2 2026?
Cash flow from operations was $153 million in Q2 2026, up from $35 million in Q2 2025. The company reported $378 million in cash, cash equivalents and restricted cash as of June 30, 2026, and basic weighted‑average shares outstanding of 357.1 million.
What is the status of Bausch + Lomb’s (BLCO) enVista Beyond investigational IOL?
The pivotal trial for the enVista Beyond investigational IOL met several co‑primary effectiveness endpoints and showed a favorable safety profile. However, it narrowly missed predefined performance targets for depth of focus and intermediate visual performance; the company plans to discuss next steps with regulators.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of the earliest event reported)
Bausch + Lomb Corporation
(Exact Name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction of Incorporation or Organization) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||
(Address of Principal Executive Offices)(Zip Code)
(905 ) 695-7700
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||
Toronto Stock Exchange | |||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On July 29, 2026, Bausch + Lomb Corporation (the “Company”) issued a press release announcing results of operations for the quarter ended June 30, 2026 and certain other financial information as of and for the quarter ended June 30, 2026. A copy of the press release is attached as Exhibit 99.1 to this report and is incorporated herein by this reference.
The information in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Item 2.02 and Exhibit 99.1 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |||||||
99.1* | Press Release of Bausch + Lomb Corporation, respecting financial results for the second quarter of 2026, dated July 29, 2026 | |||||||
| 104* | Cover Page Interactive Data File (formatted as Inline XBRL) | |||||||
____________________________________
* Filed herewith.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BAUSCH + LOMB CORPORATION | |||||
| By: | /s/ Sam Eldessouky | ||||
| Name: | Sam Eldessouky | ||||
| Title: | Executive Vice President, Chief Financial Officer | ||||
Date: July 29, 2026
Exhibit 99.1
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, July 29, 2026 – 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.
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1 This is a non-GAAP measure or a non-GAAP ratio. For further information on non-GAAP measures and non-GAAP ratios, please refer to the “Non-GAAP Information” section of this news release. Please also refer to tables at the end of this news release for a reconciliation of this and other non-GAAP measures to the most directly comparable GAAP measure.
Revenue by segment was as follows:
Second-Quarter 2026
| (in millions) | Three Months Ended June 30 | Change at Constant Currency1 (non-GAAP) | ||||||||||||||||||||||||||||||
| 2026 | 2025 | Reported Change | Reported Change | |||||||||||||||||||||||||||||
Total Bausch + Lomb Revenue | $1,394 | $1,278 | $116 | 9 | % | 8 | % | |||||||||||||||||||||||||
Vision Care | $784 | $753 | $31 | 4 | % | 4 | % | |||||||||||||||||||||||||
Surgical | $256 | $216 | $40 | 19 | % | 16 | % | |||||||||||||||||||||||||
Pharmaceuticals | $354 | $309 | $45 | 15 | % | 14 | % | |||||||||||||||||||||||||
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:
| As of April 29, 2026 | As of July 29, 20263 | |||||||||||||||||||||||||||||||
| Full-Year Revenue | • $5.420B - $5.520B | • $5.440B - $5.540B | ||||||||||||||||||||||||||||||
• 5.3 - 7.2% constant currency growth1 | • 5.8 - 7.7% constant currency growth1 | |||||||||||||||||||||||||||||||
Full-Year Adjusted EBITDA Excluding Acquired IPR&D (non-GAAP)1 | • $1.010B - $1.060B | • $1.025B - $1.075B | ||||||||||||||||||||||||||||||
| Full-Year Revenue Foreign Exchange Tailwinds | • $50M | • $45M | ||||||||||||||||||||||||||||||
Full-Year Adj. EBITDA Excluding Acquired IPR&D (non-GAAP)1 Foreign Exchange Tailwinds | • Nominal | • Nominal | ||||||||||||||||||||||||||||||
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.
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2 The guidance in this news release is only effective as of the date given, July 29, 2026, and will not be updated or affirmed unless and until the company publicly announces updated or affirmed guidance. Distribution or reference of this news release following July 29, 2026, does not constitute the company reaffirming guidance. See the “Forward-looking Statements” section for further information. This guidance does not take into consideration any changes in tariff policy, given the dynamic nature of the situation.
3 The increase in the anticipated full-year revenue is a result of continued strong business performance in the second quarter of 2026 and anticipated stronger business performance for the remainder of 2026 in the amount of $25 million, partially offset by a decrease of $5 million in expected currency tailwinds (such decrease is a result of exchange rates moderating). The increases in anticipated constant currency revenue growth and anticipated full-year adjusted EBITDA (excluding acquired IPR&D) are a result of the aforementioned continued strong business performance in the second quarter of 2026 and anticipated stronger business performance for the remainder of 2026.
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
| Date: | Wednesday, July 29, 2026 | ||||
| Time: | 8 a.m. ET | ||||
| Webcast: | https://www.webcaster5.com/Webcast/Page/2883/53394 | ||||
| Participant Event Dial-in: | +1 (888) 506-0062 (North America) +1 (973) 528-0011 (International) | ||||
| Participant Access Code: | 415531 | ||||
| Replay Dial-in: | +1 (877) 481-4010 (North America) +1 (919) 882-2331 (International) | ||||
| Replay Passcode: | 53394 (replay available until Aug. 12, 2026) | ||||
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4 Diluted weighted average shares includes the dilutive impact of options, performance based restricted stock units and restricted stock units, which are approximately 3,100,000 common shares for the 3 months ended June 30, 2026, and which are excluded when calculating GAAP diluted loss per share because the effect of including the impact would be anti-dilutive.
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.
•Restructuring, integration and transformation costs: The company has incurred restructuring costs as it implemented certain strategies, which involved, among other things, improvements to its infrastructure and operations, internal reorganizations and impacts from the divestiture of assets and businesses. With regard to infrastructure and operational improvements which the company has taken to improve efficiencies in the businesses and facilities, these tend to be costs intended to right size the business or organization that fluctuate significantly between periods in amount, size and timing, depending on the improvement project, reorganization or transaction. Additionally, with the completion of the Bausch + Lomb IPO, as the company prepares for post-separation operations, the company is launching certain transformation initiatives that will result in certain changes to and
investment in its organizational structure and operations. These transformation initiatives arise outside of the ordinary course of continuing operations and, as is the case with the company’s restructuring efforts, costs associated with these transformation initiatives are expected to fluctuate between periods in amount, size and timing. These out-of-the-ordinary-course charges include third-party advisory costs, as well as certain compensation-related costs. Investors should understand that the outcome of these transformation initiatives may result in future restructuring actions and certain of these charges could recur. The company believes that the adjustments of these items provide supplemental information with regard to the sustainability of the company’s operating performance, allow for a comparison of the financial results to historical operations and forward-looking guidance and, as a result, provide useful supplemental information to investors.
•Acquisition-related costs and adjustments excluding amortization of intangible assets: The company has excluded the impact of acquisition-related costs and fair value inventory step-up resulting from acquisitions as the amounts and frequency of such costs and adjustments are not consistent and are significantly impacted by the timing and size of its acquisitions. In addition, the company excludes the impact of acquisition-related contingent consideration non-cash adjustments due to the inherent uncertainty and volatility associated with such amounts based on changes in assumptions with respect to fair value estimates, and the amount and frequency of such adjustments are not consistent and are significantly impacted by the timing and size of the company’s acquisitions, as well as the nature of the agreed-upon consideration.
•Share-based compensation: The company excludes costs relating to share-based compensation. The company believes that the exclusion of share-based compensation expense assists investors in the comparisons of operating results to peer companies. Share-based compensation expense can vary significantly based on the timing, size and nature of awards granted.
•Separation costs and separation-related costs: The company has excluded certain costs incurred in connection with activities taken to: (i) separate the Bausch + Lomb business from the remainder of BHC and (ii) register the Bausch + Lomb business as an independent publicly traded entity. Separation costs are incremental costs directly related to effectuating the separation of the Bausch + Lomb business from the remainder of BHC and include, but are not limited to, legal, audit and advisory fees, talent acquisition costs and costs associated with establishing a new Board of Directors and Audit Committee. Separation-related costs are incremental costs indirectly related to the separation of the Bausch + Lomb business from the remainder of BHC and include, but are not limited to, IT infrastructure and software licensing costs, rebranding costs and costs associated with facility relocation and/or modification. As these costs arise from events outside of the ordinary course of continuing operations, the company believes that the adjustments of these items provide supplemental information with regard to the sustainability of the company’s operating performance, allow for a comparison of the financial results to historical operations and forward-looking guidance and, as a result, provide useful supplemental information to investors.
•Loss on extinguishment of debt: The company has excluded loss on extinguishment of debt as this represents a loss from refinancing our existing debt and is not a reflection of our operations for the period. Further, the amount and frequency of such amounts are not consistent and are significantly impacted by the timing and size of debt financing transactions and other factors in the debt market that are not within management’s control.
•Other Non-GAAP adjustments: The company also excludes certain other amounts, including IT infrastructure investment, litigation and other matters, gain/(loss) on sales of assets and certain other amounts that are the result of other, non-comparable events to measure operating performance if and when present in the periods presented. These events arise outside of the ordinary course of continuing operations. Given the unique nature of the matters relating to these costs, the company believes these items are not routine operating expenses. For example, legal settlements and judgments vary significantly, in their nature, size and frequency, and, due to this volatility, the company believes the costs associated with legal settlements and judgments are not routine operating expenses. The company excluded these costs as this event is outside of the ordinary course of continuing operations and is infrequent in nature. The company believes that the exclusion of such out-of-the-ordinary-course amounts provides supplemental information to assist in the comparison of the financial results of the company from period to period and, therefore,
provides useful supplemental information to investors. However, investors should understand that many of these costs could recur and that companies in our industry often face litigation.
Adjusted EBITDA excluding Acquired In-Process Research and Development (IPR&D) (non-GAAP) is Adjusted EBITDA (non-GAAP) further adjusted to exclude Acquired IPR&D. The IPR&D expenditures represent costs directly resulting from business development transactions and not through the normal course of business. The company believes that the exclusion of such out-of-the-ordinary-course amounts provides supplemental information to assist in the comparison of the financial results of the company from period to period and, therefore, provides useful supplemental information to investors in assessing our performance. However, investors should understand that the company may enter into additional business development transactions in the future and, as a result, such Acquired IPR&D may recur in the future. Adjusted EBITDA growth (excluding Acquired IPR&D) is changes in Adjusted EBITDA (excluding Acquired IPR&D) from period to period.
Adjusted Net Income (non-GAAP)
Adjusted net income (non-GAAP) is net income (loss) attributable to Bausch + Lomb Corporation (its most directly comparable GAAP financial measure) adjusted for asset impairments, restructuring, integration and transformation costs, acquisition-related costs and adjustments (excluding amortization of intangible assets), separation costs and separation-related costs, loss on extinguishment of debt and other non-GAAP adjustments, as these adjustments are described above, and further adjusted for amortization of intangible assets and write-down of financing fees, as described below:
•Amortization of intangible assets: The company has excluded the impact of amortization of intangible assets, as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions. The company believes that the adjustments of these items correlate with the sustainability of the company’s operating performance. Although the company excludes the amortization of intangible assets from its non-GAAP expenses, the company believes that it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in the amortization of additional intangible assets.
•Write-down of financing fees: In addition to excluding loss on extinguishment of debt, the company has excluded write-down of financing fees as this represents a loss from refinancing our existing debt and is not a reflection of our operations for the period. Further, the amount and frequency of such amounts are not consistent and are significantly impacted by the timing and size of debt financing transactions and other factors in the debt market that are not within management’s control.
Adjusted net income (non-GAAP) excludes the impact of these certain items that may obscure trends in the company’s underlying performance. Management uses Adjusted net income (non-GAAP) for strategic decision making, forecasting future results and evaluating current performance. By disclosing this non-GAAP measure, it is management’s intention to provide investors with a meaningful, supplemental comparison of the company’s operating results and trends for the periods presented. Management believes that this measure is also useful to investors as such measure allows investors to evaluate the company’s performance using the same tools that management uses to evaluate past performance and prospects for future performance. Accordingly, the company believes that Adjusted net income (non-GAAP) is useful to investors in their assessment of the company’s operating performance and the valuation of the company. It is also noted that, in recent periods, our GAAP net income (loss) attributable to Bausch + Lomb Corporation was significantly lower than our Adjusted net income (non-GAAP).
Constant Currency
Constant currency change or constant currency revenue growth is a change in GAAP revenue (its most directly comparable GAAP financial measure) on a period-over-period basis adjusted for changes in foreign currency exchange rates. The company uses Constant Currency revenue (non-GAAP) and Constant Currency revenue Growth (non-GAAP) to assess performance of its reportable segments, and
the company in total, without the impact of foreign currency exchange fluctuations. The company believes that such measures are useful to investors as they provide a supplemental period-to-period comparison. Although changes in foreign currency exchange rates are part of our business, they are not within management’s control. Changes in foreign currency exchange rates, however, can mask positive or negative trends in the underlying business performance. Constant currency impact is determined by comparing current period reported amounts adjusted to exclude currency impact, calculated using monthly average exchange rates from the prior comparable period to the actual prior comparable period reported amounts.
Adjusted EPS (non-GAAP)
Adjusted earnings per share or Adjusted EPS (non-GAAP) is calculated as Diluted income per share attributable to Bausch + Lomb Corporation (“GAAP EPS”) (its most directly comparable GAAP financial measure), adjusted for the per diluted share impact of each adjustment made to reconcile Net income (loss) attributable to Bausch + Lomb Corporation to Adjusted net income (non-GAAP) as discussed above. Like Adjusted net income (non-GAAP), Adjusted EPS (non-GAAP) excludes the impact of certain items that may obscure trends in the company’s underlying performance on a per share basis. By disclosing this non-GAAP measure, it is management’s intention to provide investors with a meaningful, supplemental comparison of the company’s results and trends for the periods presented on a diluted share basis. Accordingly, the company believes that Adjusted EPS (non-GAAP) is useful to investors in their assessment of the company’s operating performance, the valuation of the company and an investor’s return on investment. It is also noted that, for the periods presented, our GAAP EPS was significantly lower than our Adjusted EPS (non-GAAP).
© 2026 Bausch + Lomb.
| 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 | |||||
FINANCIAL TABLES FOLLOW
| Bausch + Lomb Corporation | Table 1 | |||||||||||||||||||||||||
| Consolidated Statements of Operations | ||||||||||||||||||||||||||
| For the Three and Six Months Ended June 30, 2026 and 2025 | ||||||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||||||||
(in millions, except per share amounts) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||||
| Product sales | $ | 1,389 | $ | 1,272 | $ | 2,628 | $ | 2,405 | ||||||||||||||||||
| Other revenues | 5 | 6 | 10 | 10 | ||||||||||||||||||||||
| 1,394 | 1,278 | 2,638 | 2,415 | |||||||||||||||||||||||
| Expenses | ||||||||||||||||||||||||||
| Cost of goods sold (excluding amortization and impairments of intangible assets) | 527 | 523 | 1,009 | 1,004 | ||||||||||||||||||||||
| Cost of other revenues | — | 2 | 1 | 3 | ||||||||||||||||||||||
| Selling, general and administrative | 588 | 579 | 1,132 | 1,142 | ||||||||||||||||||||||
| Research and development | 114 | 96 | 215 | 182 | ||||||||||||||||||||||
| Amortization of intangible assets | 57 | 67 | 114 | 134 | ||||||||||||||||||||||
| Other expense, net | 25 | 22 | 51 | 44 | ||||||||||||||||||||||
| 1,311 | 1,289 | 2,522 | 2,509 | |||||||||||||||||||||||
| Operating income (loss) | 83 | (11) | 116 | (94) | ||||||||||||||||||||||
| Interest income | 4 | 3 | 8 | 6 | ||||||||||||||||||||||
| Interest expense | (93) | (128) | (190) | (222) | ||||||||||||||||||||||
| Loss on extinguishment of debt | — | (9) | (1) | (9) | ||||||||||||||||||||||
| Foreign exchange and other | (5) | (2) | (8) | (8) | ||||||||||||||||||||||
| Loss before provision for income taxes | (11) | (147) | (75) | (327) | ||||||||||||||||||||||
| Benefit from (provision for) income taxes | 1 | 89 | (5) | 58 | ||||||||||||||||||||||
| Net loss | (10) | (58) | (80) | (269) | ||||||||||||||||||||||
| Net income attributable to noncontrolling interest | (4) | (4) | (5) | (5) | ||||||||||||||||||||||
| Net loss attributable to Bausch + Lomb Corporation | $ | (14) | $ | (62) | $ | (85) | $ | (274) | ||||||||||||||||||
| Basic and diluted loss per share attributable to Bausch + Lomb Corporation | $ | (0.04) | $ | (0.18) | $ | (0.24) | $ | (0.78) | ||||||||||||||||||
| Basic weighted-average common shares | 357.1 | 353.7 | 356.2 | 353.3 | ||||||||||||||||||||||
| Diluted weighted-average common shares | 357.1 | 353.7 | 356.2 | 353.3 | ||||||||||||||||||||||
| Bausch + Lomb Corporation | Table 2 | |||||||||||||||||||||||||
| Reconciliation of GAAP Net Loss and Diluted Loss per Share Attributable to Bausch + Lomb Corporation to Adjusted Net Income (Loss) (non-GAAP) and Adjusted Earnings (Loss) Per Share (non-GAAP) | ||||||||||||||||||||||||||
| For the Three and Six Months Ended June 30, 2026 and 2025 | ||||||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||||
| Three Months Ended June 30, | ||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||
(in millions, except per share amounts) | Income (Expense) | Earnings per Share Impact | Income (Expense) | Earnings per Share Impact | ||||||||||||||||||||||
| Net loss and Diluted loss per share attributable to Bausch + Lomb Corporation | $ | (14) | $ | (0.04) | $ | (62) | $ | (0.18) | ||||||||||||||||||
Non-GAAP adjustments: (a) | ||||||||||||||||||||||||||
| Amortization of intangible assets | 57 | 0.16 | 67 | 0.19 | ||||||||||||||||||||||
| Asset impairments | 9 | 0.02 | — | — | ||||||||||||||||||||||
| Restructuring, integration and transformation costs | 11 | 0.03 | 53 | 0.15 | ||||||||||||||||||||||
| Acquisition-related costs and adjustments (excluding amortization of intangible assets) | 2 | 0.01 | 5 | 0.01 | ||||||||||||||||||||||
| Loss on extinguishment of debt and write-down of financing fees | — | — | 40 | 0.11 | ||||||||||||||||||||||
| Other | 5 | 0.01 | 13 | 0.04 | ||||||||||||||||||||||
| Tax effect of non-GAAP adjustments | (15) | (0.04) | (91) | (0.25) | ||||||||||||||||||||||
| Total non-GAAP adjustments | 69 | 0.19 | 87 | 0.25 | ||||||||||||||||||||||
| Adjusted net income (non-GAAP) and Adjusted earnings per share (non-GAAP) | $ | 55 | $ | 0.15 | $ | 25 | $ | 0.07 | ||||||||||||||||||
| Acquired IPR&D | 4 | 0.01 | 1 | — | ||||||||||||||||||||||
| Adjusted net income excluding Acquired IPR&D (non-GAAP) and Adjusted earnings per share excluding Acquired IPR&D (non-GAAP) | $ | 59 | $ | 0.16 | $ | 26 | $ | 0.07 | ||||||||||||||||||
| Six Months Ended June 30, | ||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||
(in millions, except per share amounts) | Income (Expense) | Earnings per Share Impact | Income (Expense) | Earnings per Share Impact | ||||||||||||||||||||||
| Net loss and Diluted loss per share attributable to Bausch + Lomb Corporation | $ | (85) | $ | (0.24) | $ | (274) | $ | (0.78) | ||||||||||||||||||
Non-GAAP adjustments: (a) | ||||||||||||||||||||||||||
| Amortization of intangible assets | 114 | 0.33 | 134 | 0.38 | ||||||||||||||||||||||
| Asset impairments | 9 | 0.02 | — | — | ||||||||||||||||||||||
| Restructuring, integration and transformation costs | 28 | 0.08 | 91 | 0.26 | ||||||||||||||||||||||
| Acquisition-related costs and adjustments (excluding amortization of intangible assets) | 5 | 0.01 | 19 | 0.05 | ||||||||||||||||||||||
| Loss on extinguishment of debt and write-down of financing fees | 7 | 0.02 | 40 | 0.11 | ||||||||||||||||||||||
| Separation costs and separation-related costs | 1 | — | — | — | ||||||||||||||||||||||
| Gain on sale of assets | (3) | (0.01) | — | — | ||||||||||||||||||||||
| Other | 12 | 0.03 | 15 | 0.04 | ||||||||||||||||||||||
| Tax effect of non-GAAP adjustments | (14) | (0.03) | (54) | (0.14) | ||||||||||||||||||||||
| Total non-GAAP adjustments | 159 | 0.45 | 245 | 0.70 | ||||||||||||||||||||||
| Adjusted net income (loss) (non-GAAP) and Adjusted earnings (loss) per share (non-GAAP) | $ | 74 | $ | 0.21 | $ | (29) | $ | (0.08) | ||||||||||||||||||
| Acquired IPR&D | 13 | 0.03 | 29 | 0.08 | ||||||||||||||||||||||
| Adjusted net income excluding Acquired IPR&D (non-GAAP) and Adjusted earnings per share excluding Acquired IPR&D (non-GAAP) | $ | 87 | $ | 0.24 | $ | — | $ | — | ||||||||||||||||||
(a) The components of and further details respecting each of these non-GAAP adjustments and the financial statement line item to which each component relates can be found on Table 2a.
| Bausch + Lomb Corporation | Table 2a | |||||||||||||||||||||||||
| Reconciliation of GAAP to Non-GAAP Financial Information | ||||||||||||||||||||||||||
| For the Three and Six Months Ended June 30, 2026 and 2025 | ||||||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||||||||
| (in millions) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Cost of goods sold reconciliation: | ||||||||||||||||||||||||||
| GAAP Cost of goods sold (excluding amortization and impairments of intangible assets) | $ | 527 | $ | 523 | $ | 1,009 | $ | 1,004 | ||||||||||||||||||
Fair value inventory step-up resulting from acquisitions (a) | — | (21) | — | (43) | ||||||||||||||||||||||
| Adjusted cost of goods sold (excluding amortization and impairments of intangible assets) (non-GAAP) | $ | 527 | $ | 502 | $ | 1,009 | $ | 961 | ||||||||||||||||||
| Selling, general and administrative reconciliation: | ||||||||||||||||||||||||||
| GAAP Selling, general and administrative | $ | 588 | $ | 579 | $ | 1,132 | $ | 1,142 | ||||||||||||||||||
Separation-related costs (b) | — | — | (1) | (1) | ||||||||||||||||||||||
Transformation costs (c) | (7) | (22) | (16) | (58) | ||||||||||||||||||||||
Other (d) | 1 | (6) | 1 | (6) | ||||||||||||||||||||||
| Adjusted selling, general and administrative (non-GAAP) | $ | 582 | $ | 551 | $ | 1,116 | $ | 1,077 | ||||||||||||||||||
| Amortization of intangible assets reconciliation: | ||||||||||||||||||||||||||
| GAAP Amortization of intangible assets | $ | 57 | $ | 67 | $ | 114 | $ | 134 | ||||||||||||||||||
Amortization of intangible assets (e) | (57) | (67) | (114) | (134) | ||||||||||||||||||||||
| Adjusted amortization of intangible assets (non-GAAP) | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
| Other expense, net reconciliation: | ||||||||||||||||||||||||||
| GAAP Other expense, net | $ | 25 | $ | 22 | $ | 51 | $ | 44 | ||||||||||||||||||
Litigation and other matters (d) | (5) | (6) | (12) | (7) | ||||||||||||||||||||||
Restructuring and integration costs (c) | (4) | (31) | (12) | (33) | ||||||||||||||||||||||
Asset impairments (f) | (9) | — | (9) | — | ||||||||||||||||||||||
Separation costs (b) | — | — | — | 1 | ||||||||||||||||||||||
Acquisition-related contingent consideration (a) | (2) | 18 | (4) | 27 | ||||||||||||||||||||||
Acquisition-related costs (a) | — | (2) | (1) | (3) | ||||||||||||||||||||||
Gain on sale of assets (g) | — | — | 3 | — | ||||||||||||||||||||||
| Adjusted other expense, net (non-GAAP) | $ | 5 | $ | 1 | $ | 16 | $ | 29 | ||||||||||||||||||
| Interest expense reconciliation: | ||||||||||||||||||||||||||
| GAAP Interest expense | $ | (93) | $ | (128) | $ | (190) | $ | (222) | ||||||||||||||||||
Write-down of financing fees (h) | — | 31 | 6 | 31 | ||||||||||||||||||||||
| Adjusted interest expense (non-GAAP) | $ | (93) | $ | (97) | $ | (184) | $ | (191) | ||||||||||||||||||
| Loss on extinguishment of debt reconciliation: | ||||||||||||||||||||||||||
| GAAP Loss on extinguishment of debt | $ | — | $ | (9) | $ | (1) | $ | (9) | ||||||||||||||||||
Loss on extinguishment of debt (h) | — | 9 | 1 | 9 | ||||||||||||||||||||||
| Adjusted loss on extinguishment of debt (non-GAAP) | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
| Foreign exchange and other reconciliation: | ||||||||||||||||||||||||||
| GAAP Foreign exchange and other | $ | (5) | $ | (2) | $ | (8) | $ | (8) | ||||||||||||||||||
Other (d) | 1 | 1 | 1 | 2 | ||||||||||||||||||||||
| Adjusted foreign exchange and other (non-GAAP) | $ | (4) | $ | (1) | $ | (7) | $ | (6) | ||||||||||||||||||
| Benefit from (provision for) income taxes reconciliation: | ||||||||||||||||||||||||||
| GAAP Benefit from (provision for) income taxes | $ | 1 | $ | 89 | $ | (5) | $ | 58 | ||||||||||||||||||
Tax effect of non-GAAP adjustments (i) | (15) | (91) | (14) | (54) | ||||||||||||||||||||||
| Adjusted (provision for) benefit from income taxes (non-GAAP) | $ | (14) | $ | (2) | $ | (19) | $ | 4 | ||||||||||||||||||
(a) Represents the three components of the non-GAAP adjustment of “Acquisition-related costs and adjustments (excluding amortization of intangible assets)” (see Table 2).
(b) Represents the two components of the non-GAAP adjustment of “Separation costs and separation-related costs” (see Table 2).
(c) Represents the two components of the non-GAAP adjustment of “Restructuring, integration and transformation costs” (see Table 2).
(d) Represents the three components of the non-GAAP adjustment of “Other” (see Table 2).
(e) Represents the sole component of the non-GAAP adjustment of “Amortization of intangible assets” (see Table 2).
(f) Represents the sole component of the non-GAAP adjustment of “Asset impairments” (see Table 2).
(g) Represents the sole component of the non-GAAP adjustment of “Gain on sale of assets” (see Table 2).
(h) Represents the two components of the non-GAAP adjustment of “Loss on extinguishment of debt and write-down of financing fees” (see Table 2).
(i) Represents the sole component of the non-GAAP adjustment of “Tax effect of non-GAAP adjustments” (see Table 2).
| Bausch + Lomb Corporation | Table 2b | ||||||||||||||||||||||||||||
| Reconciliation of GAAP Net Loss to Adjusted EBITDA (non-GAAP) | |||||||||||||||||||||||||||||
| For the Three and Six Months Ended June 30, 2026 and 2025 | |||||||||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||||||||||
| (in millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||
| Net loss attributable to Bausch + Lomb Corporation | $ | (14) | $ | (62) | $ | (85) | $ | (274) | |||||||||||||||||||||
| Interest expense, net | 89 | 125 | 182 | 216 | |||||||||||||||||||||||||
| (Benefit from) provision for income taxes | (1) | (89) | 5 | (58) | |||||||||||||||||||||||||
| Depreciation and amortization of intangible assets | 102 | 107 | 203 | 213 | |||||||||||||||||||||||||
| EBITDA | 176 | 81 | 305 | 97 | |||||||||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||
| Asset impairments | 9 | — | 9 | — | |||||||||||||||||||||||||
| Restructuring, integration and transformation costs | 11 | 53 | 28 | 91 | |||||||||||||||||||||||||
| Acquisition-related costs and adjustments (excluding amortization of intangible assets) | 2 | 5 | 5 | 19 | |||||||||||||||||||||||||
| Share-based compensation | 38 | 30 | 72 | 58 | |||||||||||||||||||||||||
| Separation costs and separation-related costs | — | — | 1 | — | |||||||||||||||||||||||||
| Loss on extinguishment of debt | — | 9 | 1 | 9 | |||||||||||||||||||||||||
| Other non-GAAP adjustments: | |||||||||||||||||||||||||||||
| Gain on sale of assets | — | — | (3) | — | |||||||||||||||||||||||||
| Other | 5 | 13 | 12 | 15 | |||||||||||||||||||||||||
| Adjusted EBITDA (non-GAAP) | $ | 241 | $ | 191 | $ | 430 | $ | 289 | |||||||||||||||||||||
| Acquired IPR&D | 5 | 1 | 16 | 29 | |||||||||||||||||||||||||
| Adjusted EBITDA excluding Acquired IPR&D (non-GAAP) | $ | 246 | $ | 192 | $ | 446 | $ | 318 | |||||||||||||||||||||
| Bausch + Lomb Corporation | Table 3 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Constant Currency Revenue (non-GAAP) and Constant Currency Revenue Growth (non-GAAP) - by Segment | ||||||||||||||||||||||||||||||||||||||||||||||||||
| For the Three and Six Months Ended June 30, 2026 and 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Calculation of Constant Currency Revenue for the Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | Change in Revenue as Reported | Change in Constant Currency Revenue (Non-GAAP) (b) | |||||||||||||||||||||||||||||||||||||||||||||||
| Revenue as Reported | Changes in Exchange Rates (a) | Constant Currency Revenue (Non-GAAP) (b) | Revenue as Reported | |||||||||||||||||||||||||||||||||||||||||||||||
| (in millions) | Amount | Pct. | Amount | Pct. | ||||||||||||||||||||||||||||||||||||||||||||||
| Vision Care | $ | 784 | $ | (4) | $ | 780 | $ | 753 | $ | 31 | 4 | % | $ | 27 | 4 | % | ||||||||||||||||||||||||||||||||||
| Surgical | 256 | (6) | 250 | 216 | 40 | 19 | % | 34 | 16 | % | ||||||||||||||||||||||||||||||||||||||||
| Pharmaceuticals | 354 | (2) | 352 | 309 | 45 | 15 | % | 43 | 14 | % | ||||||||||||||||||||||||||||||||||||||||
| Total revenues | $ | 1,394 | $ | (12) | $ | 1,382 | $ | 1,278 | $ | 116 | 9 | % | $ | 104 | 8 | % | ||||||||||||||||||||||||||||||||||
Calculation of Constant Currency Revenue for the Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | Change in Revenue as Reported | Change in Constant Currency Revenue (Non-GAAP) (b) | |||||||||||||||||||||||||||||||||||||||||||||||
| Revenue as Reported | Changes in Exchange Rates (a) | Constant Currency Revenue (Non-GAAP) (b) | Revenue as Reported | |||||||||||||||||||||||||||||||||||||||||||||||
| (in millions) | Amount | Pct. | Amount | Pct. | ||||||||||||||||||||||||||||||||||||||||||||||
| Vision Care | $ | 1,495 | $ | (29) | $ | 1,466 | $ | 1,409 | $ | 86 | 6 | % | $ | 57 | 4 | % | ||||||||||||||||||||||||||||||||||
| Surgical | 484 | (18) | 466 | 430 | 54 | 13 | % | 36 | 8 | % | ||||||||||||||||||||||||||||||||||||||||
| Pharmaceuticals | 659 | (7) | 652 | 576 | 83 | 14 | % | 76 | 13 | % | ||||||||||||||||||||||||||||||||||||||||
| Total revenues | $ | 2,638 | $ | (54) | $ | 2,584 | $ | 2,415 | $ | 223 | 9 | % | $ | 169 | 7 | % | ||||||||||||||||||||||||||||||||||
(a) The impact for changes in foreign currency exchange rates is determined as the difference in the current period reported revenues at their current period currency exchange rates and the current period reported revenues revalued using the monthly average currency exchange rates during the comparable prior period.
(b) To supplement the financial measures prepared in accordance with GAAP, the Company uses certain non-GAAP financial measures and ratios. For additional information about the Company’s use of such non-GAAP financial measures and ratios, refer to the “Non-GAAP Information” section in the body of the news release to which these tables are attached. Constant currency revenue (non-GAAP) for the three and six months ended June 30, 2026 is calculated as revenue as reported adjusted for the impact for changes in exchange rates (previously defined in this news release). Change in constant currency revenue (non-GAAP) is calculated as the difference between constant currency revenue for the current period and revenue as reported for the comparative period.