Bausch + Lomb Raises Quarterly Revenue 7% to $1.375 Billion, Lifts 2026 Outlook
Key Facts
Bausch + Lomb said on October 28 that third-quarter revenue was $1.375 billion, up 7% on a reported basis and 8% in constant currency from the same period in 2025. Basic and diluted earnings per share under U.S. GAAP were $0.09, compared with a loss of $0.08 per share a year earlier. The company raised its 2026 revenue and adjusted earnings before interest, taxes, depreciation and amortization outlook, citing strong quarterly results and expectations for stronger performance in the rest of the year. The guidance update follows revenue of $1.281 billion and a U.S. GAAP net loss of $28 million in the third quarter of 2025. Interim Chairman and Chief Executive Thomas J. Appio said the results reflected "growth across all three segments and continued expansion in profitability."
The company raised its annual revenue outlook range to $5.450–$5.550 billion, from $5.440–$5.540 billion in guidance issued on July 29. That represents a $10 million increase at both the low and high ends of the range compared with the previous outlook. Bausch + Lomb said the revenue update includes a $15 million increase in its estimate for underlying business activity. It attributed the adjustment to strong third-quarter performance and its expectation of stronger results through the rest of 2026. In contrast, the company cut its estimate for expected foreign-exchange gains by $5 million, partly limiting the increase in its outlook.
The company made a larger adjustment to its adjusted profitability measure, raising its range for adjusted earnings before interest, taxes, depreciation and amortization, excluding acquired in-process research and development, to $1.090–$1.140 billion. The previous range, announced on July 29, was $1.025–$1.075 billion. This measure is not compliant with U.S. GAAP, unlike reported revenue. For the quarter, adjusted earnings before interest, taxes, depreciation and amortization were $325 million, compared with $243 million in the third quarter of 2025, an increase of $82 million. The company said the improvement in operating and adjusted earnings was linked to revenue growth and operational efficiency.
Operating income rose to $155 million in the third quarter from $95 million a year earlier, an improvement of $60 million. Revenue growth was spread across the company's three segments, with Vision Care posting $774 million, up 5% year over year. Surgical revenue was $234 million, up 9%, while the Pharmaceuticals segment generated $367 million, an increase of 11%. The company said Vision Care growth was driven mainly by daily SiHy and ULTRA lenses, along with LUMIFY and Artelac. It attributed Surgical growth to premium IOL lenses, while MIEBO and increased international sales supported Pharmaceuticals revenue.
Cash flow from operations improved to $233 million in the third quarter, compared with $137 million in the corresponding period of 2025, an increase of $96 million. The company said operating results supported the cash flow. Cash, cash equivalents and restricted cash totaled $515 million on September 30, 2026. For comparison, revenue was $1.394 billion in the second quarter of 2026, up 9% on a reported basis and 8% in constant currency, with a U.S. GAAP net loss of $14 million. In the third quarter of 2025, the company recorded a net loss of $28 million, placing the latest reported improvement in earnings per share in a broader year-over-year context.
The company said in its update that its third-quarter results conference call is scheduled for October 28, 2026, at 8 a.m. Eastern time. A replay will remain available through November 11. On October 12, EL7 covered Appio's appointment as interim chief executive and the company's expectation of raising its 2026 earnings guidance. The current update set the annual revenue and adjusted earnings ranges, alongside details of quarterly segment and operating performance. Bausch + Lomb shares rose 4.94% in premarket trading on October 28 after the results were released.