Bausch + Lomb Reports Strong Q4 & Full-Year 2025 Results, Provides Positive 2026 Guidance

summarizeSummary

Bausch + Lomb announced robust fourth-quarter and full-year 2025 financial results, driven by strong revenue growth and significant adjusted EBITDA expansion, alongside optimistic 2026 guidance.

check_boxKey Events

• Strong Q4 & Full-Year 2025 Revenue Growth

  Reported Q4 revenue of $1.405 billion, up 10% (7% constant currency), and full-year revenue of $5.101 billion, up 6% (5% constant currency).

• Adjusted EBITDA Expansion

  Achieved Adjusted EBITDA of $326 million in Q4 2025, a $67 million increase year-over-year, demonstrating meaningful margin expansion and operating leverage.

• Positive 2026 Financial Outlook

  Provided 2026 guidance projecting full-year revenue between $5.375 billion and $5.475 billion (5-7% constant currency growth) and Adjusted EBITDA (excluding Acquired IPR&D) of $1.000 billion to $1.050 billion.

• Increased Cash Flow from Operations

  Full-year 2025 cash flow from operations rose to $283 million, up $51 million from 2024.

auto_awesomeAnalysis

Bausch + Lomb delivered strong revenue growth in Q4 and full-year 2025, with notable performance in its Vision Care and Pharmaceuticals segments, particularly MIEBO sales. Despite an increase in GAAP net loss, the company achieved meaningful Adjusted EBITDA margin expansion and operating leverage, which management highlighted as key to its three-year plan. The positive 2026 financial outlook, projecting continued revenue growth and increased Adjusted EBITDA, suggests a focus on operational efficiency and sustained performance. Investors will likely focus on the company's ability to translate this operational momentum into improved GAAP profitability over time.