Bausch + Lomb Q2 2025 slides: Revenue grows 3% as company raises full-year guidance

Introduction & Market Context

Bausch + Lomb Corp (NYSE:BLCO) reported solid second quarter 2025 results, achieving 3% constant currency revenue growth despite absorbing the impact of its enVista intraocular lens recall. The company’s presentation highlighted its progress in executing its three-phase strategic roadmap, with particular strength in its Vision Care segment and dry eye portfolio.

Following the earnings announcement, Bausch + Lomb’s shares closed up 1.68% at $14.88, with continued gains in aftermarket trading. With a market capitalization of $5.27 billion, the company appears to be trading near its fair value according to analysts, who have set price targets between $12 and $18.

Quarterly Performance Highlights

Bausch + Lomb reported total revenue of $1,278 million for Q2 2025, representing a 3% increase on a constant currency basis compared to Q2 2024. Excluding the impact of the enVista recall, constant currency revenue growth would have been 6%.

As shown in the following chart detailing the company’s revenue drivers and growth rates across segments:

The company’s adjusted EBITDA (excluding acquired IPR&D) was $192 million, absorbing a one-time impact of $19 million related to the enVista recall. On a GAAP basis, the company reported a net loss attributable to Bausch + Lomb of $62 million, resulting in a loss per share of $0.18.

The detailed non-GAAP P&L statement provides a comprehensive view of the company’s financial performance:

Segment Analysis

Vision Care emerged as the strongest performing segment, with revenue of $753 million representing 6% constant currency growth year-over-year. This segment was driven by particularly strong performance in contact lenses (+7%) and consumer products (+6%).

Within Vision Care, several key brands delivered impressive growth, including Daily SiHy contact lenses (+36%), Ultra monthly lenses (+8%), and Biotrue ONEday (+2%). The company’s consumer products also performed well, with Lumify growing 27% and Blink increasing by 13%.

The Surgical segment generated $216 million in revenue, reflecting 1% constant currency growth. However, excluding the impact of the enVista recall, this segment would have grown by 15%. The company noted that it has resumed full production of all enVista platform IOLs and has shipped approximately 200,000 lenses to resupply market inventory.

The Pharmaceuticals segment reported revenue of $309 million, representing a 1% decline on a constant currency basis. Excluding U.S. generics, this segment would have grown by 6%.

The following breakdown shows the company’s segment revenue performance:

Dry Eye Portfolio Strength

A significant highlight of Bausch + Lomb’s presentation was the strong performance of its dry eye portfolio, which generated $989 million in last twelve months revenue, growing 16% on a constant currency basis compared to Q2 2024.

The company’s presentation emphasized its comprehensive approach to addressing patient needs across all stages of dry eye disease:

Key prescription products Miebo and Xiidra showed strong prescription growth, with Miebo prescriptions increasing 111% year-over-year and Xiidra prescriptions growing 12%:

Guidance and Outlook

Based on its solid performance in the first half of 2025, Bausch + Lomb raised its full-year guidance. The company now expects total revenue between $5.050 billion and $5.150 billion, up from its previous guidance of $5.025-$5.125 billion. Adjusted EBITDA (excluding acquired IPR&D) is now projected to be between $860 million and $910 million, increased from the prior guidance of $850-$900 million.

The updated guidance reflects both improved business performance and favorable foreign exchange impacts:

Strategic Initiatives and Pipeline

Bausch + Lomb outlined its strategic roadmap, indicating that it is transitioning from Phase 2 (Innovate and Execute) to Phase 3 (Accelerate Growth). The company is focusing on pipeline innovation across all segments, with several promising products in development.

The company highlighted its advancing pipeline designed to elevate the standard of care across various categories, including contact lenses, consumer products, surgical devices, and pharmaceuticals:

Financial Position

For Q2 2025, Bausch + Lomb reported cash flow from operations of $35 million and adjusted cash flow from operations of $86 million. Capital expenditures for the quarter were $89 million.

The company’s top revenue-generating products for Q2 2025 included Surgical Consumables ($120 million), Ocuvite + PreserVision ($103 million), and Xiidra ($82 million):

Overall, Bausch + Lomb’s Q2 2025 presentation demonstrated the company’s ability to deliver growth despite challenges from the enVista recall, with particular strength in its Vision Care segment and dry eye portfolio. The raised full-year guidance reflects management’s confidence in the company’s trajectory for the remainder of 2025, as it continues to focus on innovation and market leadership across its product categories.

Full presentation:

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