Key Takeaways:
Bausch + Lomb Corp. posted Q2 revenue of $1.394 billion, up 9%, as all three segments grew and the company raised its full-year outlook.
"The results validate our strategy of broad-based growth, margin expansion and conversion to cash flow," Chairman and Chief Executive Officer Brent Saunders said. Adjusted EBITDA excluding acquired IPR&D rose 28% to $246 million, while adjusted EBITDA margin expanded 260 basis points to 17.6%.
Pharmaceutical revenue climbed 14% to $354 million, led by the dry-eye franchise. MIEBO sales surged 44% to $91 million, while XIIDRA revenue increased 6% to $87 million. Surgical revenue rose 16% to $256 million, with premium intraocular lens revenue jumping 175%. Vision care revenue grew 4% to $784 million, supported by 16% growth in daily silicone hydrogel contact lenses.
Bausch + Lomb raised its 2026 revenue guidance by $20 million to a range of $5.44 billion to $5.54 billion, implying constant-currency growth of 5.8% to 7.7%. Adjusted EBITDA guidance increased by $15 million to $1.025 billion to $1.075 billion. The company generated $153 million in cash from operations, compared with $35 million a year earlier, and net leverage stood at approximately 4.7 times, a full-turn reduction from its November investor day.
The company filed an FDA submission during the quarter for ELIOS, its implant-free minimally invasive glaucoma surgery laser, with approval expected in the second half of 2026. Bausch + Lomb also reported topline results from a pivotal study of its enVista Beyond intraocular lens, which met several co-primary effectiveness endpoints showing improved intermediate vision while maintaining distance visual acuity comparable to a monofocal control lens. The company plans to submit enVista Beyond by the end of 2026 with approval expected by the end of 2027.
The guidance raise shows management expects continued momentum across the portfolio. Investors will watch for the ELIOS FDA decision in the second half of 2026 and the enVista Beyond submission timeline as the next catalysts.
This article is for informational purposes only and does not constitute investment advice.
