Analyst Larry Biegelsen from Wells Fargo maintained a Hold rating on Bausch + Lomb Corporation and keeping the price target at $12.00.
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Larry Biegelsen has given his Hold rating due to a combination of factors impacting Bausch + Lomb Corporation’s performance. One of the primary reasons is the mixed performance of the company’s key products, Miebo and Xiidra. While Miebo has shown strong sales growth, exceeding expectations with a significant increase in prescription volume, Xiidra’s sales have been softer than anticipated, falling short of estimates despite an increase in prescription volume.
Additionally, the market dynamics for dry eye treatments present challenges. Although the overall dry eye market is growing, with new products and increased promotion driving prescription volume, competition remains intense. The presence of generic cyclosporine products and other competitors like Cequa and Vevye continues to exert pressure on market share. These factors, coupled with potential headwinds from regulatory changes such as the Inflation Reduction Act, contribute to the cautious outlook and justify the Hold rating.
BLCO’s price has also changed moderately for the past six months – from $18.000 to $13.760, which is a -23.56% drop .