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 2025 financial results.
“Our continued growth speaks to the breadth and depth of our portfolio and is driven by a mix of hero products and a steady stream of new introductions around the world,” said Brent Saunders, chairman and CEO, Bausch + Lomb. “Our robust pipeline represents the future of the company, and we’re excited to showcase potential gamechangers at our November 13 investor day.”
Select Company Highlights
Resumed full production of all enVista ® platform IOLs following return to market
Reached approximately $1 billion in trailing 12-month revenue across the dry eye portfolio
Drove broad-based growth in Vision Care, led by key contact lens franchises – Daily SiHy, ULTRA ® monthly, and Biotrue ® ONEday – and strong performance from consumer brands, including ARTELAC ® , LUMIFY ® and Blink ®
Successfully executed refinancing transaction thereby extending maturity profile
Second-Quarter 2025 Revenue Performance
Total reported revenue was $1.278 billion for the second quarter of 2025, as compared to $1.216 billion in the second quarter of 2024, an increase of $62 million, or 5%. Excluding the favorable impact of foreign exchange of $21 million, revenue increased by approximately 3% on a constant currency1 basis compared to the second quarter of 2024.
Revenue by segment was as follows:
Second-Quarter 2025
(in millions)
Three Months Ended
June 30
Reported Change
Reported Change
Change at Constant Currency1 (non-GAAP)
2025
2024
Total Bausch + Lomb Revenue
$1,278
$1,216
$62
5%
3%
Vision Care
$753
$697
$56
8%
6%
Surgical
$216
$209
$7
3%
1%
Pharmaceuticals
$309
$310
($1)
0%
(1%)
Vision Care Segment
Vision Care segment revenue was $753 million for the second quarter of 2025, as compared to $697 million for the second quarter of 2024, an increase of $56 million, or 8%. Excluding the favorable impact of foreign exchange of $14 million, segment revenue increased on a constant currency1 basis by approximately 6% compared to the second quarter of 2024, driven by sales from the dry eye portfolio and LUMIFY in the consumer eye care business and SiHy Daily lenses, ULTRA monthly and Biotrue ONEday in the contact lens business.
Surgical Segment
Surgical segment revenue was $216 million for the second quarter of 2025, as compared to $209 million for the second quarter of 2024, an increase of $7 million, or 3%. Excluding the favorable impact of foreign exchange of $5 million, segment revenue increased on a constant currency1 basis by approximately 1% compared to the second quarter of 2024, primarily driven by growth in consumables, partially offset by the voluntary recall of certain enVista IOL products.
Pharmaceuticals Segment
Pharmaceuticals segment revenue was $309 million for the second quarter of 2025, as compared to $310 million for the second quarter of 2024, a decrease of $1 million. Excluding the favorable impact of foreign exchange of $2 million, segment revenue decreased on a constant currency1 basis by approximately 1% compared to the second quarter of 2024, driven by a decline in the U.S. Generics business and gross-to-net pricing pressure, primarily attributable to XIIDRA®, partially offset by increased sales of MIEBO and revenue growth in International Pharmaceuticals.
Operating Results
Operating loss was $11 million for the second quarter of 2025, as compared to operating income of $26 million for the second quarter of 2024, a decrease of $37 million. The change was largely due to higher selling and advertising and promotion costs, primarily attributable to MIEBO, a one-time impact related to the voluntary recall of certain enVista IOL products, product mix and currency impact.
Net Loss
Net loss attributable to Bausch + Lomb Corporation for the second quarter of 2025 was $62 million, as compared to $151 million for the second quarter of 2024, a favorable change of $89 million. The change was mainly driven by a decrease in income taxes, partially offset by financing fees from the refinancing debt transaction and operating results.
Adjusted net income attributable to Bausch + Lomb Corporation (non-GAAP)1 for the second quarter of 2025 was $25 million, as compared to adjusted net income of $45 million for the second quarter of 2024, a decrease of $20 million.
Cash Flow from Operations
Cash flow from operations for the second quarter of 2025 was $35 million, as compared to $15 million for the second quarter of 2024, an increase of $20 million. Cash flow from operations was positively impacted primarily by improvement in working capital, offset by financing fees related to the refinancing debt transaction.
Earnings Per Share
GAAP Earnings Per Share (“EPS”) Basic and Diluted attributable to Bausch + Lomb Corporation for the second quarter of 2025 was ($0.18), as compared to ($0.43) for the second quarter of 2024. Adjusted EPS attributable to Bausch + Lomb Corporation (non-GAAP)1 for the second quarter of 2025 was $0.07, as compared to $0.13 for the second quarter of 2024. Adjusted EPS attributable to Bausch + Lomb Corporation excluding Acquired IPR&D (non-GAAP)1 for the second quarter of 2025 was $0.07, as compared to $0.14 for the second quarter of 2024.
Adjusted EBITDA (non-GAAP)1; Adjusted EBITDA Excluding Acquired IPR&D (non-GAAP)1
Adjusted EBITDA (non-GAAP)1 was $191 million for the second quarter of 2025, as compared to $209 million for the second quarter of 2024, a decrease of $18 million. Adjusted EBITDA excluding Acquired IPR&D (non-GAAP)1 was $192 million for the second quarter of 2025, as compared to $212 million for the second quarter of 2024, a decrease of $20 million. The change was primarily due to the decrease in operating results, as noted above.
2025 Financial Outlook2
Bausch + Lomb provided updated guidance for the full year of 2025 as follows:
As of April 30, 2025
As of July 30, 20253
Full-Year Revenue
$5.000B – $5.100B
~4.5 – 6.5% constant
currency growth1
$5.050B – $5.150B
~5 – 7% constant
currency growth1
Full-Year Adjusted EBITDA
Excluding Acquired IPR&D (non-GAAP)1
$850M – $900M
$860M – $910M
Full-Year Revenue Foreign Exchange Tailwinds
Nominal
$25M
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.
Balance Sheet Highlights
Bausch + Lomb’s cash, cash equivalents and restricted cash were $272 million at June 30, 2025
Basic weighted average shares outstanding for the second quarter of 2025 were 353.7 million and diluted weighted average shares outstanding for the second quarter of 2025 were 355.5 million 4
Conference Call Details
Date:
Wednesday, July 30, 2025
Time:
8:00 a.m. ET
Webcast:
https://www.webcaster4.com/Webcast/Page/2883/51714
Participant Event Dial-in:
+1 (888) 506-0062 (North America)
+1 (973) 528-0011 (International)
Participant Access Code:
155159
Replay Dial-in:
+1 (877) 481-4010 (North America)
+1 (919) 882-2331 (International)
Replay Passcode:
51714 (replay available until August 13, 2025)
About Bausch + Lomb
Bausch + Lomb is dedicated to protecting and enhancing the gift of sight for millions of people around the world – from birth through every phase of life. Its comprehensive portfolio of approximately 400 products includes contact lenses, lens care products, eye care products, ophthalmic pharmaceuticals, over-the-counter products and ophthalmic surgical devices and instruments. Founded in 1853, Bausch + Lomb has a significant global research and development, manufacturing and commercial footprint with approximately 13,500 employees and a presence in approximately 100 countries. Bausch + Lomb is headquartered in Vaughan, Ontario, with corporate offices in Bridgewater, New Jersey. For more information, visit 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 2025 full-year guidance and the performance of certain products. 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, 2024 (which was filed with the SEC and CSA on Feb. 19, 2025) 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 or dispositions of the company’s common shares by BHC (including in connection with a foreclosure on the Bausch + Lomb common shares owned by BHC that are or may be pledged as collateral for certain of BHC'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, such as the acquisition of XIIDRA® and certain other ophthalmology assets and the acquisition of Elios Vision, Inc., TearLab Corporation, d/b/a Trukera Medical and Whitecap Biosciences, LLC, including 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 relating to the voluntary recall of certain of our enVista® IOL products, including our ability to resupply inventory to the market and the success of the enhanced protocols we have put in place (including the enhanced inspection protocols for IOLs and more explicit standards for third party suppliers). 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 our planned actions and levers to manage these matters. 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 heightened inflation and interest rates, fluctuations in exchange rates, imposition of and adverse changes to tariff, duties and other trade protection measures, 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 2025 full-year guidance with respect to expectations regarding base performance growth, business performance, currency impact, impacts of inflation, the company’s ability to offset the impact of tariffs in 2025 (based on the current tariff policy and the actions the company is taking to manage these measures), 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, 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 and Adjusted EBITDA 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.
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 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 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 contingent consideration, separation costs and separation-related costs and other non-GAAP adjustments, as these adjustments are described above, and further adjusted for amortization of intangible assets and loss on extinguishment of debt 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.
Loss on extinguishment of debt and write-down of financing fees : The company has excluded loss on extinguishment of debt and 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 in management’s control. Bausch + Lomb did not have any material losses on extinguishment of debt and write-downs of financing fees prior to the second quarter of 2025.
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 2025 reported amounts adjusted to exclude currency impact, calculated using 2024 monthly average exchange rates, to the actual 2024 reported amounts.
Adjusted EPS (non-GAAP) and Adjusted EPS excluding Acquired IPR&D (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. Adjusted EPS excluding Acquired IPR&D (non-GAAP) is Adjusted EPS (non-GAAP) further adjusted for the per diluted share impact of Acquired IPR&D. Like Adjusted net income (non-GAAP), Adjusted EPS (non-GAAP) and Adjusted EPS excluding Acquired IPR&D (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 these non-GAAP measures, 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) and Adjusted EPS excluding Acquired IPR&D (non-GAAP) are 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) and Adjusted EPS excluding Acquired IPR&D (non-GAAP).
© 2025 Bausch + Lomb.
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.
2
The guidance in this news release is only effective as of the date given, July 30, 2025, 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 30, 2025, does not constitute the company reaffirming guidance. See the “Forward-looking Statements” section for further information.
3
The increase in the anticipated full-year revenue is a result of strong business performance and an increase in expected currency tailwinds (a result of the weakening of the U.S. dollar relative to other currencies). The increases in anticipated constant currency revenue growth and anticipated Adjusted EBITDA excluding Acquired IPR&D are a result of strong business performance.
4
Diluted weighted average shares includes the dilutive impact of options, performance based restricted stock units and restricted stock units, which are approximately 1,800,000 common shares for the 3 months ended June 30, 2025, and which are excluded when calculating GAAP diluted loss per share because the effect of including the impact would be anti-dilutive.
FINANCIAL TABLES FOLLOW
Bausch + Lomb Corporation
Table 1
Consolidated Statements of Operations
For the Three and Six Months Ended June 30, 2025 and 2024
(unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
(in millions, except per share amounts)
2025
2024
2025
2024
Revenues
Product sales
$
1,272
$
1,213
$
2,405
$
2,307
Other revenues
6
3
10
8
1,278
1,216
2,415
2,315
Expenses
Cost of goods sold (excluding amortization and impairments of intangible assets)
523
482
1,004
905
Cost of other revenues
2
1
3
2
Selling, general and administrative
579
535
1,142
1,039
Research and development
96
84
182
166
Amortization of intangible assets
67
74
134
148
Other expense, net
22
14
44
23
1,289
1,190
2,509
2,283
Operating (loss) income
(11
)
26
(94
)
32
Interest income
3
3
6
6
Interest expense
(128
)
(102
)
(222
)
(201
)
Loss on extinguishment of debt
(9
)
—
(9
)
—
Foreign exchange and other
(2
)
(3
)
(8
)
(3
)
Loss before provision for income taxes
(147
)
(76
)
(327
)
(166
)
Benefit from (provision for income taxes)
89
(72
)
58
(145
)
Net loss
(58
)
(148
)
(269
)
(311
)
Net income attributable to noncontrolling interest
(4
)
(3
)
(5
)
(7
)
Net loss attributable to Bausch + Lomb Corporation
$
(62
)
$
(151
)
$
(274
)
$
(318
)
Basic and diluted loss per share attributable to Bausch + Lomb Corporation
$
(0.18
)
$
(0.43
)
$
(0.78
)
$
(0.90
)
Basic weighted-average common shares
353.7
351.8
353.3
351.5
Diluted weighted-average common shares
353.7
351.8
353.3
351.5
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, 2025 and 2024
(unaudited)
Three Months Ended June 30,
2025
2024
(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
$
(62
)
$
(0.18
)
$
(151
)
$
(0.43
)
Non-GAAP adjustments: (a)
Amortization of intangible assets
67
0.19
74
0.21
Asset impairments
—
—
5
0.01
Restructuring, integration and transformation costs
53
0.15
27
0.08
Acquisition-related costs and adjustments (excluding amortization of intangible assets)
5
0.01
21
0.06
Loss on extinguishment of debt and write-down of financing fees
40
0.11
—
—
Separation costs and separation-related costs
—
—
1
—
Gain on sale of assets
—
—
(1
)
—
Other
13
0.04
4
0.01
Tax effect of non-GAAP adjustments
(91
)
(0.25
)
65
0.19
Total non-GAAP adjustments
87
0.25
196
0.56
Adjusted net income (non-GAAP) and Adjusted earnings per share (non-GAAP)
$
25
$
0.07
$
45
$
0.13
Acquired IPR&D
1
—
3
0.01
Adjusted net income excluding Acquired IPR&D (non-GAAP) and Adjusted earnings per share excluding Acquired IPR&D (non-GAAP)
$
26
$
0.07
$
48
$
0.14
Six Months Ended June 30,
2025
2024
(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
$
(274
)
$
(0.78
)
$
(318
)
$
(0.90
)
Non-GAAP adjustments: (a)
Amortization of intangible assets
134
0.38
148
0.42
Asset impairments
—
—
5
0.01
Restructuring, integration and transformation costs
91
0.26
55
0.15
Acquisition-related costs and adjustments (excluding amortization of intangible assets)
19
0.05
42
0.12
Loss on extinguishment of debt and write-down of financing fees
40
0.11
—
—
Separation costs and separation-related costs
—
—
3
0.01
Gain on sale of assets
—
—
(5
)
(0.01
)
Other
15
0.04
6
0.02
Tax effect of non-GAAP adjustments
(54
)
(0.14
)
133
0.38
Total non-GAAP adjustments
245
0.70
387
1.10
Adjusted net (loss) income (non-GAAP) and Adjusted (loss) earnings per
share (non-GAAP)
$
(29
)
$
(0.08
)
$
69
$
0.20
Acquired IPR&D
29
0.08
3
0.01
Adjusted net income excluding Acquired IPR&D (non-GAAP) and Adjusted earnings per share excluding Acquired IPR&D (non-GAAP)
$
—
$
—
$
72
$
0.21
Bausch + Lomb Corporation
Table 2a
Reconciliation of GAAP to Non-GAAP Financial Information
For the Three and Six Months Ended June 30, 2025 and 2024
(unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
(in millions)
2025
2024
2025
2024
Cost of goods sold reconciliation:
GAAP Cost of goods sold (excluding amortization and impairments of intangible assets)
$
523
$
482
$
1,004
$
905
Fair value inventory step-up resulting from acquisitions (a)
(21
)
(20
)
(43
)
(40
)
Adjusted cost of goods sold (excluding amortization and impairments of intangible assets) (non-GAAP)
$
502
$
462
$
961
$
865
Selling, general and administrative reconciliation:
GAAP Selling, general and administrative
$
579
$
535
$
1,142
$
1,039
Separation-related costs (b)
—
(1
)
(1
)
(2
)
Transformation costs (c)
(22
)
(21
)
(58
)
(38
)
Other (d)
(6
)
(2
)
(6
)
(3
)
Adjusted selling, general and administrative (non-GAAP)
$
551
$
511
$
1,077
$
996
Research and development reconciliation:
GAAP Research and development
$
96
$
84
$
182
$
166
Separation-related costs (b)
—
—
—
(1
)
Adjusted research and development (non-GAAP)
$
96
$
84
$
182
$
165
Amortization of intangible assets reconciliation:
GAAP Amortization of intangible assets
$
67
$
74
$
134
$
148
Amortization of intangible assets (e)
(67
)
(74
)
(134
)
(148
)
Adjusted amortization of intangible assets (non-GAAP)
$
—
$
—
$
—
$
—
Other expense, net reconciliation:
GAAP Other expense, net
$
22
$
14
$
44
$
23
Litigation and other matters (d)
(6
)
—
(7
)
(1
)
Restructuring and integration costs (c)
(31
)
(6
)
(33
)
(17
)
Asset impairments (f)
—
(5
)
—
(5
)
Separation costs (b)
—
—
1
—
Acquisition-related contingent consideration (a)
18
—
27
(1
)
Acquisition-related costs (a)
(2
)
(1
)
(3
)
(1
)
Gain on sale of assets (g)
—
1
—
5
Adjusted other expense, net (non-GAAP)
$
1
$
3
$
29
$
3
Interest expense reconciliation:
GAAP Interest expense
$
(128
)
$
(102
)
$
(222
)
$
(201
)
Write-down of financing fees (h)
31
—
31
—
Adjusted interest expense (non-GAAP)
$
(97
)
$
(102
)
$
(191
)
$
(201
)
Loss on extinguishment of debt reconciliation:
GAAP Loss on extinguishment of debt
$
(9
)
$
—
$
(9
)
$
—
Loss on extinguishment of debt (h)
9
—
9
—
Adjusted loss on extinguishment of debt (non-GAAP)
$
—
$
—
$
—
$
—
Foreign exchange and other reconciliation:
GAAP Foreign exchange and other
$
(2
)
$
(3
)
$
(8
)
$
(3
)
Other (d)
1
2
2
2
Adjusted foreign exchange and other (non-GAAP)
$
(1
)
$
(1
)
$
(6
)
$
(1
)
Benefit from (provision for) income taxes reconciliation:
GAAP Benefit from (provision for) income taxes
$
89
$
(72
)
$
58
$
(145
)
Tax effect of non-GAAP adjustments (i)
(91
)
65
(54
)
133
Adjusted (provision for) benefit from income taxes (non-GAAP)
$
(2
)
$
(7
)
$
4
$
(12
)
Bausch + Lomb Corporation
Table 2b
Reconciliation of GAAP Net Loss to Adjusted EBITDA (non-GAAP)
For the Three and Six Months Ended June 30, 2025 and 2024
(unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
(in millions)
2025
2024
2025
2024
Net loss attributable to Bausch + Lomb Corporation
$
(62
)
$
(151
)
$
(274
)
$
(318
)
Interest expense, net
125
99
216
195
(Benefit from) provision for income taxes
(89
)
72
(58
)
145
Depreciation and amortization of intangible assets
107
110
213
220
EBITDA
81
130
97
242
Adjustments:
Asset impairments
—
5
—
5
Restructuring, integration and transformation costs
53
27
91
55
Acquisition-related costs and adjustments (excluding amortization of intangible assets)
5
21
19
42
Share-based compensation
30
22
58
41
Separation costs and separation-related costs
—
1
—
3
Loss on extinguishment of debt
9
—
9
—
Other non-GAAP adjustments:
Gain on sale of assets
—
(1
)
—
(5
)
Other
13
4
15
6
Adjusted EBITDA (non-GAAP)
$
191
$
209
$
289
$
389
Acquired IPR&D
1
3
29
3
Adjusted EBITDA excluding Acquired IPR&D (non-GAAP)
$
192
$
212
$
318
$
392
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, 2025 and 2024
(unaudited)
Calculation of Constant Currency Revenue for the Three Months Ended
June 30, 2025
June 30, 2024
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
$
753
$
(14
)
$
739
$
697
$
56
8
%
$
42
6
%
Surgical
216
(5
)
211
209
7
3
%
2
1
%
Pharmaceuticals
309
(2
)
307
310
(1
)
—
%
(3
)
(1
)%
Total revenues
$
1,278
$
(21
)
$
1,257
$
1,216
$
62
5
%
$
41
3
%
Calculation of Constant Currency Revenue for the Six
Months Ended
June 30, 2025
June 30, 2024
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
$
1,409
$
(1
)
$
1,408
$
1,332
$
77
6
%
$
76
6
%
Surgical
430
(1
)
429
406
24
6
%
23
6
%
Pharmaceuticals
576
—
576
577
(1
)
—
%
(1
)
—
%
Total revenues
$
2,415
$
(2
)
$
2,413
$
2,315
$
100
4
%
$
98
4
%
