Bausch + Lomb Corp

ir.bausch.com

What Do They Do?

Sells contact lenses, eye-care products and surgical devices to consumers, retailers and eye-care professionals.

How Do They Make Money?

Most revenue comes from eye-health product sales, with customers paying when products ship or arrive. Surgical equipment is paid for on delivery and installation, while consigned lenses are paid for when used; licensing, co-promotion and contract services also generate revenue.

revenue

Segment	Share	How money arrives
Pharmaceuticals Sold outright	21% FY2022: 12%	Sold outright
Devices Sold outright	38% FY2022: 42%	Sold outright
OTC Sold outright	36% FY2022: 39%	Sold outright
Branded and Other Generics Sold outright	4.8% FY2022: 6.5%	Sold outright
Other revenues	0.4% FY2022: 0.6%

Who Are Their Customers?

The company sells through its own sales teams and independent distributors. Retailers, pharmacies and eye-care professionals buy consumer, vision and prescription products; hospitals and surgery centers buy surgical products.

Customers above 10% of revenue, FY2025

of revenue from two customers (10%, 10%)

FY2024: 20% from two customers

Do Revenues Turn Into Profits?

No. It lost $360M in FY2025.

Operating income, FY2025

2% of revenue

▼ −30% vs FY2024 ($162M, 3%)

Net income, FY2025

−7% of revenue

▲ +14% (Loss) vs FY2024 (−$317M, −7%)

Free cash flow, FY2025

−1% of revenue

▲ +12% (Loss) vs FY2024 (−$59M, −1%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +9%; vs $1.3B in Q2 FY2025
Net income: ▼ −77% (Loss); vs −$62M in Q2 FY2025

Devices share of revenue vs 36.9% in Q2 FY2025

Jul 29, 2026 Raised full-year revenue guidance Revenue guidance rose to $5.440B–$5.540B.

Growing. Revenue grew 35% in 4 years, from $3.8B in FY2021 to $5.1B in FY2025, about 8% a year.

Expanded prescription lineup The latest report includes XIIDRA and MIEBO among its prescription products, noting the XIIDRA acquisition and MIEBO launch; the older report's list of principal products did not include these brands.

Revenue over time

Pharmaceuticals Devices OTC Branded and Other Generics Other revenues

$10B$5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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