BLCO · Bausch + Lomb Corporation

Bausch + Lomb delivered strong Q1 2026 results with total revenue of $1.244 billion, a 9% increase on a reported basis and 6% on a constant currency basis compared to Q1 2025, driven by robust performance across all segments. The Pharmaceuticals segment led with 14% reported growth to $305 million, propelled by double-digit increases in MIEBO (33%) and XIIDRA (30%), alongside international expansion. Vision Care rose 8% to $711 million, fueled by over-the-counter dry eye products like LUMIFY, SiHy daily lenses, and consumer brands. Surgical grew 7% to $228 million, supported by premium intraocular lenses and consumables. Operating income flipped to a $33 million profit from a $83 million loss, reflecting revenue gains and operational efficiencies, including broad AI adoption. GAAP net loss attributable to the company narrowed to $71 million from $212 million, with Adjusted EBITDA surging to $189 million (or $200 million excluding Acquired IPR&D) from $98 million and $126 million, respectively. CEO Brent Saunders highlighted sustainable growth, margin expansion, improved sales and operations, and R&D progress like LUMIFY NXT NDA filing and seeLYRA CE submission, plus launches of PreserVision AREDS3 and Blink Triple Care. Cash flow from operations turned positive at $32 million from a $25 million use, bolstering liquidity with $279 million in cash and equivalents at quarter-end. The company raised full-year 2026 guidance, lifting revenue to $5.420-$5.520 billion (5.3-7.2% constant currency growth) from $5.375-$5.475 billion, citing Q1 strength, anticipated performance, and higher FX tailwinds of $50 million. Adjusted EBITDA excluding Acquired IPR&D guidance increased to $1.010-$1.060 billion from $1.000-$1.050 billion, underscoring confidence in margin expansion and efficiency gains amid key brand momentum and pipeline advancements.