Q4 2025 Bausch + Lomb Corp Earnings Call Transcript
Key Points
- Bausch & Lomb Corp (BLCO) reported a record fourth quarter with 7% constant currency revenue growth and 27% adjusted EBITDA growth, showcasing strong operating leverage.
- The company's dry eye portfolio, particularly Miebo, demonstrated impressive growth, generating $112 million in Q4 revenue and showing a promising trajectory towards profitability.
- BLCO's contact lens business outperformed the global market, with significant growth in daily SiHy lenses and strong performance in China.
- The surgical segment showed resilience with 20% growth in premium IOLs, despite the impact of a voluntary recall earlier in the year.
- BLCO's strategic focus on financial discipline and execution has led to a 23.5% adjusted EBITDA margin in Q4, indicating a solid foundation for future growth.
- The company faces seasonality challenges, particularly in the dry eye franchise, which could impact quarterly revenue fluctuations.
- Despite strong performance, the surgical segment still has some lingering effects from the voluntary recall, particularly in the monofocal lens market.
- BLCO's consumer business experienced some destocking, impacting sales growth, particularly in the PreserVision eye vitamins category.
- The company is navigating competitive pressures in the IOL and contact lens markets, which could impact future growth trajectories.
- BLCO's float remains a concern for market valuation, as it is dependent on BHC's decision to sell shares, which is outside of BLCO's control.
Good morning, and welcome to Bausch + Lomb's fourth quarter 2025 earnings call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to George Gadkowski, Vice President of Investor Relations and Business Insights. Please go ahead.
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Thank you. Good morning, everyone, and welcome to our fourth quarter 2025 financial results conference call. Participating on today's call are Chairman and Chief Executive Officer, Mr. Brent Saunders; Chief Financial Officer, Mr. Sam Eldessouky; and President of Global Pharmaceuticals and International Consumer, Mr. Andrew Stewart. In addition to this live webcast, a copy of today's slide presentation and a replay of this conference call will be available on our website under the Investor Relations section. Before we begin, I would like to remind you that our presentation today contains forward-looking information. We would ask that you take a moment to read the forward-looking legend at the
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