Bausch + Lomb Corp. reported fourth‑quarter 2025 results on February 18, 2026. Revenue rose 10% year‑over‑year to $1.405 billion, while full‑year revenue increased 6% to $5.101 billion. Adjusted earnings per share for the quarter were $0.32, missing the consensus estimate of $0.35, and full‑year adjusted EPS was not disclosed. Operating income climbed to $112 million, up $25 million from the same quarter a year earlier, but the company posted a net loss of $58 million in Q4, compared with a GAAP net loss of $360 million for the full year.
Segment revenue growth was led by Vision Care, which generated $778 million, up 8% YoY, driven by strong demand for contact lenses and the MIEBO® dry‑eye therapy. Surgical revenue reached $249 million, also up 8%, supported by new premium intra‑ocular lenses. Pharmaceuticals revenue hit $378 million, up 16%, largely from the launch of MIEBO® and other eye‑health products.
The EPS miss was largely attributable to higher selling, advertising and promotion costs, especially related to MIEBO®, and a one‑time share‑based compensation charge. Higher tax provisions and refinancing fees also contributed to the widened net loss. Despite these headwinds, revenue beat expectations by roughly $4 million, reflecting robust demand across the company’s core segments.
Bausch + Lomb maintained its full‑year 2026 revenue guidance of $5.375 billion to $5.475 billion and adjusted EBITDA guidance of $1.000 billion to $1.050 billion, indicating confidence in continued growth. The company reiterated its goal of achieving investment‑grade credit status and positive free cash flow in 2025, while continuing to invest in research and development within Vision Care and Pharmaceuticals.
CEO Brent Saunders said, “We didn’t just grow in the fourth quarter – we grew smarter.” He added, “Meaningful EBITDA margin expansion and operating leverage is a clear sign of our commitment to financial excellence, and we plan to harness that momentum to deliver on our three‑year plan.” Investors were cautious, focusing on the EPS miss and cost pressures while noting the revenue beat and steady guidance.
Compared with 2024, Bausch + Lomb’s Q4 revenue grew from $1.280 billion to $1.405 billion, and full‑year revenue rose from $4.791 billion to $5.101 billion. The company remains competitive in the eye‑health market, with a focus on dry‑eye therapies, contact lenses, and premium surgical devices, and it continues to pursue strategic initiatives to strengthen its pipeline and market position.
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