Bausch + Lomb Posts Strong 2025, Guides to Continued Growth Amid Margin Expansion
Event summary
- Bausch + Lomb reported $1.405 billion in fourth-quarter 2025 revenue, a 10% increase year-over-year, and $5.101 billion for the full year, up 6%.
- Dry eye product MIEBO generated $112 million in fourth-quarter sales, contributing to a $1.1 billion portfolio revenue for the year.
- Premium IOLs saw a 20% revenue growth in the fourth quarter, with the enVista platform returning to 2025 Q1 levels.
- The company is guiding for full-year 2026 revenue between $5.375 billion and $5.475 billion, representing 5-7% constant currency growth.
The big picture
Bausch + Lomb's results demonstrate a renewed focus on operational efficiency and product portfolio optimization following its separation from Bausch Health. The company's success hinges on capitalizing on the growing demand for eye care solutions, particularly in the dry eye and premium IOL segments, while navigating potential regulatory hurdles and competitive pressures within the $150 billion global eye health market. The emphasis on margin expansion signals a shift towards a more disciplined financial strategy.
What we're watching
- Margin Sustainability
- The company's focus on margin expansion is a key driver of future profitability, but sustained performance will depend on managing input costs and maintaining pricing power in a competitive market.
- Clinical Trials
- The progress and eventual success of ongoing clinical trials for glaucoma (BL1107), dry eye disease, and ocular surface pain will significantly impact Bausch + Lomb’s long-term growth prospects.
- Recall Impact
- The voluntary recall of certain enVista IOL products continues to impact the surgical segment, and the pace of recovery will be crucial to monitor.
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