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Bausch + Lomb Corporation (BLCO)
NYSE:BLCO
Earnings Data
Report Date
May 06, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.06Last Year’s EPS
-0.07Same Quarter Last Year
Based on 12 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The earnings call conveyed materially positive operational and financial momentum: a record Q4 and full-year, strong top-line growth in key franchises (notably Miebo and contact lenses), significant EBITDA expansion and clear 2026 guidance that targets continued revenue growth and margin improvement. Progress on the pipeline (clinical wins, launches, CE filings) and improved cash-flow discipline further support a constructive outlook. The principal risks noted were the residual effects of the enVista recall, tariff impacts, elevated interest expense and a large external share float; these are meaningful but do not negate the company’s clear execution narrative and raised outlook. On balance, highlights substantially outweigh the lowlights.Company Guidance
Record Quarter and Year
Q4 revenue of $1.405 billion (up 7% constant currency) and Q4 adjusted EBITDA of $330 million (up 27% YoY) produced the highest revenue and highest adjusted EBITDA in company history; Q4 adjusted EBITDA margin was 23.5% (a 330 bps YoY expansion). Full-year revenue was $5.101 billion (up 5% YoY; up 6% excluding the enVista recall) and full-year adjusted EBITDA was $891 million with a 17.5% margin.
Strong Vision Care Performance
Vision Care Q4 revenue $778 million (up 5%); full-year Vision Care $2.923 billion (up 6%). Contact Lens growth: Q4 +8% and full year +7%; Daily Disposable SiHy (DD SiHy) grew 17% in Q4 and 28% for the full year; Ultra up 16% Q4 and 9% full year. U.S. contact lens growth Q4 +11%, international +6%.
Breakout Pharma: Miebo and Dry Eye Franchise
Pharma Q4 revenue $378 million (up 14%); full-year $1.284 billion (up 6%). Miebo: Q4 revenue $112 million (up 111% YoY and +33% sequentially); full-year Miebo $316 million (up 84%) and prescriptions grew 113% YoY with >2 million prescriptions reached. Company raised Miebo peak sales expectation from $500M previously to exceeding $600M.
Consumer Brand Momentum
Consumer dry eye portfolio Q4 revenue $116 million (up 6%); Blink grew 33% in Q4 and 38% constant currency revenue growth for 2025. LUMIFY Q4 revenue $63 million (up 24%) and full-year $221 million (up 16%). PreserVision AREDS3 began shipping (Feb 2) and Blink Triple Care preservative-free expected to ship March 1.
Surgical Recovering Post-Recall
Surgical Q4 revenue $249 million (up 3% YoY; up 6% excluding the enVista recall). Full-year Surgical $894 million (up 4% YoY; up 10% excluding recall). Premium IOLs grew 20% in Q4 and 26% for the full year; Implantables up 5% in Q4 and showed strong sequential improvement (24% sequential increase). Company returned to pre-recall levels ahead of schedule.
Pipeline Progress and R&D Outcomes
Multiple near-term and mid-term milestones: PreserVision AREDS3 shipping, Blink Triple Care shipping, CE mark submission for next-gen femtosecond laser (seeLYRA) planned, and first external study for new bioactive contact lens material met expectations. Q4 adjusted R&D investment was $94 million; full-year adjusted R&D $371 million (up 8%). On-track for a 2028 contact lens launch.
Ambitious but Clear 2026 Guidance
2026 guidance: revenue $5.375B–$5.475B (constant currency growth 5%–7%); adjusted EBITDA $1.0B–$1.05B (midpoint ~19% margin, ~15% EBITDA growth YoY); adjusted gross margin ~62%; R&D target of 7.5%–8% of revenue; CapEx ~ $285 million and interest expense ~ $365 million.
Improving Cash Flow and Capital Efficiency
Adjusted cash flow from operations was $152 million in Q4 and $381 million for the full year. Adjusted free cash flow was ~$76 million in Q4 and $32 million for the full year. Company lowered CapEx guidance (2026 ~ $285M vs 2025 $349M) and expects adjusted cash conversion to improve (~45% in 2026 trending to >50% by 2028).
Gross Margin and Cost Discipline
Q4 adjusted gross margin was 62.1% despite absorbing ~80 basis points of tariff headwinds; full-year adjusted gross margin was 61%. Company highlighted structural cost, SG&A efficiencies and Vision 27 program driving operating leverage that produced outsized EBITDA expansion versus revenue growth (Q4 EBITDA growth ~3x revenue growth).
Product and Geographic Diversification
Company highlighted broad contributions across Consumer, Vision Care, Pharma and Surgical segments; contact lens business outperformed markets (9% average constant currency revenue growth over 2024–2025 vs mid-single-digit industry growth) and China contact lens growth was resilient (7% Q4, 8% full year).
BLCO Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
BLCO Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 18, 2026 | $17.73 | $17.67 | -0.34% |
Oct 29, 2025 | $15.20 | $15.47 | +1.78% |
Jul 30, 2025 | $14.65 | $13.71 | -6.42% |
Apr 30, 2025 | $13.72 | $11.56 | -15.74% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Bausch + Lomb Corporation (BLCO) report earnings?
Bausch + Lomb Corporation (BLCO) is schdueled to report earning on May 06, 2026, Before Open (Confirmed).
What is Bausch + Lomb Corporation (BLCO) earnings time?
Bausch + Lomb Corporation (BLCO) earnings time is at May 06, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is BLCO EPS forecast?
BLCO EPS forecast for the fiscal quarter 2026 (Q1) is 0.06.
