Bausch + Lomb Sees Strong Growth on MIEBO Success, Eyes Bright 2026

VAUGHAN, Ontario – February 18, 2026 – Bausch + Lomb Corporation (NYSE/TSX: BLCO) today announced robust fourth-quarter and full-year 2025 financial results, surpassing revenue expectations and issuing an optimistic forecast for 2026. The global eye health company reported a 10% increase in fourth-quarter revenue to $1.405 billion, driven by powerful growth across its pharmaceutical, surgical, and vision care segments.

The performance was underpinned by the remarkable success of its new dry eye treatment, MIEBO, and a resilient surgical division that recovered swiftly from an earlier product recall. The results signal that the company’s strategy of focusing on high-growth product categories and innovation is paying significant dividends.

“We didn’t just grow in the fourth quarter – we grew smarter,” said Brent Saunders, chairman and CEO of Bausch + Lomb, in the company's press release. “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.”

The MIEBO Effect: Dominating the Dry Eye Market

A key driver of Bausch + Lomb's strong performance is its strategic focus on the lucrative dry eye market, which was estimated at nearly $8 billion globally in 2025. The company's Pharmaceuticals segment grew an impressive 16% in the fourth quarter, largely thanks to the stellar launch of MIEBO (perfluorohexyloctane ophthalmic solution). The drug generated $112 million in sales in Q4 alone, contributing to a total dry eye portfolio revenue of $1.1 billion for the year.

MIEBO is a first-in-class treatment approved in 2023, specifically designed to target tear evaporation, a primary cause of evaporative dry eye disease. Its novel mechanism has resonated strongly in the market, with prescriptions growing 113% year-over-year. The company's initial peak sales projection of $500 million for the drug now appears conservative, with revised estimates suggesting it could exceed $600 million.

This performance, combined with the steady growth of XIIDRA, another key dry eye therapy acquired by the company, solidifies Bausch + Lomb's leadership in a competitive space. XIIDRA itself saw prescriptions grow 6% year-over-year in the fourth quarter, reaching its highest quarterly total since its launch. This two-pronged approach allows the company to effectively compete against established treatments like AbbVie's Restasis and capture significant share in a market projected to reach over $14.6 billion by 2032.

Resilience in Sight: Navigating Surgical Challenges

The company’s Surgical segment also demonstrated remarkable strength and operational agility. Despite a challenging start to the year, the division reported an 8% revenue increase in the fourth quarter, highlighted by a 20% surge in its premium intraocular lens (IOL) portfolio.

This growth is particularly noteworthy given the voluntary recall of certain enVista IOL products in the U.S. during the first half of 2025. The recall was initiated after an increase in reports of Toxic Anterior Segment Syndrome (TASS), a post-surgical inflammatory condition, leading the FDA to issue its most serious Class I designation. However, Bausch + Lomb moved decisively, identifying the root cause as a raw material from a third-party vendor and implementing enhanced inspection protocols. All reported TASS cases responded quickly to treatment without requiring removal of the implanted lenses.

Production of the enVista line resumed swiftly, and by the end of the year, the platform had recovered to its pre-recall sales levels ahead of schedule. This rapid turnaround not only minimized financial damage but also showcased the company's robust crisis management and its ability to maintain customer confidence in a critical product line.

A Pipeline Full of Promise

Beyond its current commercial success, Bausch + Lomb is investing heavily in its future, with several promising candidates advancing through its clinical trial pipeline. The company confirmed that recruitment for all key trials remains on schedule, signaling a steady stream of potential new products.

Among the most significant is BL1107, a novel treatment for glaucoma currently in a Phase 2 study. With the anti-glaucoma drug market representing the largest segment of the ophthalmic drug industry, a successful new agent could open up a substantial new revenue stream.

In the surgical space, the company is advancing its enVista Beyond™ Extended Depth of Focus (EDF) IOL. This next-generation lens aims to provide patients with improved near and intermediate vision compared to standard monofocal lenses, tapping into the growing demand for premium IOLs that offer greater spectacle independence after cataract surgery. The global IOL market is projected to grow to over $8 billion by 2035, with premium lenses being a primary driver of that expansion.

Other pipeline assets include BL1332, a topical treatment for ocular surface pain currently in early-stage trials, and a dual-action therapeutic for dry eye disease, further reinforcing the company's commitment to this critical area.

A Clear-Eyed Financial Outlook

Buoyed by its strong 2025 performance, Bausch + Lomb issued confident guidance for 2026. The company projects full-year revenue between $5.375 billion and $5.475 billion, representing 5-7% growth on a constant currency basis. The midpoint of this range is slightly ahead of prevailing analyst consensus, reflecting management's confidence in its ongoing strategic initiatives.

For the fourth quarter of 2025, the company's reported revenue of $1.405 billion exceeded consensus estimates of $1.38 billion. While its GAAP net loss widened for the quarter and full year, its adjusted EBITDA saw a significant increase to $326 million in Q4, up from $259 million in the prior-year period, demonstrating improving operational leverage.

Growth was broad-based across all segments. Vision Care, the company's largest division, grew 8% in the fourth quarter, driven by strong sales of contact lenses and consumer products like the LUMIFY eye-whitening drops. This comprehensive performance across its diversified portfolio, combined with a robust innovation pipeline and strong execution, positions Bausch + Lomb for sustained growth as it continues to help people see better to live better.