Bausch + Lomb Q2 2025 slides: Revenue growth accelerates, guidance raised

Introduction & Market Context

Bausch + Lomb Corp (NYSE:BLCO) reported 3% constant currency revenue growth in its Q2 2025 financial results, showing resilience despite ongoing challenges from the enVista intraocular lens recall. The company’s performance represents a recovery from Q1 2025, when it missed both EPS and revenue expectations, causing an 11.3% stock decline.

The eye health specialist is currently trading at $14.65, up 1.45% from its previous close, but still well below its 52-week high of $21.69. The company’s Q2 results demonstrate progress in its strategic roadmap as it transitions to what it calls "Phase 3: Accelerate Growth" after completing earlier phases focused on restructuring and innovation.

As shown in the following slide highlighting the company’s solid execution and focus on innovation:

Quarterly Performance Highlights

Bausch + Lomb generated $1.278 billion in revenue during Q2 2025, representing 5% reported growth and 3% constant currency growth compared to Q2 2024. Excluding the impact of the enVista recall, constant currency growth would have been 6%.

The company’s performance was led by its Vision Care segment, which posted 6% constant currency growth, with Contact Lens and Consumer categories growing at 7% and 6% respectively. The Surgical segment achieved 1% constant currency growth despite the enVista recall headwinds, while Pharmaceuticals declined 1% due to weakness in U.S. generics.

The following slide provides a comprehensive overview of Q2 2025 performance across key metrics and product lines:

From a profitability perspective, Bausch + Lomb reported adjusted EBITDA (excluding acquired IPR&D) of $192 million, representing a 9% decline on a reported basis and 12% decline on a constant currency basis compared to the prior year. The company noted that the enVista recall had a one-time impact of approximately $19 million on adjusted EBITDA.

The detailed P&L statement reveals the financial impact across various metrics:

Segment Analysis

Vision Care emerged as the strongest performing segment, generating $753 million in revenue (59% of total). Within this segment, Contact Lens revenue grew 7% on a constant currency basis, driven by strong performance in Daily SiHy lenses (+36%), Ultra monthly lenses (+8%), and Biotrue ONEday (+2%). Consumer products grew 6% on a constant currency basis, with particularly strong performance from Lumify (+27%) and Blink (+13%).

The Surgical segment generated $216 million in revenue (17% of total), growing 1% on a constant currency basis. Excluding the impact of the enVista recall, this segment would have grown 15%. Consumables were the bright spot, growing 10% on a constant currency basis.

Pharmaceuticals contributed $309 million in revenue (24% of total), declining 1% on a constant currency basis. U.S. Branded Rx grew 8% and International Pharma grew 2%, but these gains were offset by a 29% decline in U.S. Generics. Excluding U.S. Generics, this segment would have grown 6%.

The following slide provides a detailed breakdown of revenue drivers by segment:

Strategic Initiatives & Pipeline

Bausch + Lomb highlighted significant progress in its dry eye portfolio, which reached approximately $1 billion in last twelve months revenue and grew 16% on a constant currency basis compared to Q2 2024. Key products in this category include Miebo, which generated $63 million in Q2 2025 revenue and saw 111% year-over-year growth in average weekly prescriptions, and Xiidra, which generated $82 million in Q2 2025 revenue with 12% year-over-year growth in prescriptions.

The following slide illustrates the company’s comprehensive approach to addressing dry eye across all stages:

The prescription growth trends for Miebo and Xiidra demonstrate the commercial success of these products:

In the contact lens category, Bausch + Lomb is seeing strong growth across key brands, particularly in the premium segment:

The company is also advancing its pipeline across multiple categories to elevate the standard of care in eye health:

Guidance & Outlook

Based on the strong Q2 performance, Bausch + Lomb raised its full-year 2025 guidance. The company now expects revenue between $5.050 billion and $5.150 billion, up from the previous guidance of $5.000 billion to $5.100 billion. Constant currency revenue growth is projected at 5-7%, up from the previous guidance of 4.5-6.5%.

Adjusted EBITDA (excluding acquired IPR&D) guidance was also raised to $860-910 million, up from $850-900 million. The company expects adjusted gross margin to be approximately 61.5%.

The following slide details the updated guidance and key assumptions:

The guidance bridge illustrates how business performance and foreign exchange contributed to the raised outlook:

CEO Brent Saunders had previously emphasized the company’s commitment to patient safety and innovation during the Q1 earnings call, stating, "Patient safety is non-negotiable." The Q2 results demonstrate the company’s ability to navigate challenges while continuing to drive growth across its portfolio.

With the resumption of full production for the enVista platform and approximately 200,000 lenses shipped to resupply market inventory, Bausch + Lomb appears to be successfully addressing the recall issue that impacted its Q1 results. The company’s raised guidance suggests confidence in its ability to maintain momentum through the second half of 2025.

Full presentation:

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