Bausch + Lomb Posts Strong Q4 Revenue Growth

Global eye health giant Bausch + Lomb has rounded out 2025 with a solid fourth-quarter performance, reporting revenue of USD $1.4 billion and flagging ambitious growth targets for the year ahead with dry eye and premium IOLs among the standout performers.

The company reported total full-year 2025 revenue of USD $5.1 billion, up 6% on the previous year, with fourth-quarter revenue growing 10% year-on-year to USD $1.405 billion. On a constant currency basis, stripping out the benefit of favourable foreign exchange movements, quarterly growth came in at a still-healthy 7%.

Chairman and CEO Brent Saunders struck a confident tone in the release, saying the company had not just grown in Q4, but had "grown smarter," pointing to meaningful EBITDA margin expansion as evidence of improving financial discipline.

Dry Eye a Clear Standout

For eyecare professionals, perhaps the most notable headline from the results is the continued momentum in Bausch + Lomb's dry eye portfolio. The company's prescription dry eye treatment MIEBO contributed USD $112 million in Q4 sales alone, with the full dry eye portfolio spanning both pharmaceutical and consumer products generating USD $1.1 billion across 2025. Over-the-counter dry eye products and eye vitamins also contributed to strong performance in the Vision Care segment, which posted full-year revenue of USD $2.9 billion, up 7%.

Surgical Segment Recovers Ground

The Surgical segment, which will be of particular interest to ophthalmologists and clinic owners, grew 8% in Q4 to USD $249 million, driven by demand for consumables, implantables and equipment. The premium intraocular lens (IOL) portfolio was a key contributor, with premium IOL revenue up 20% for the quarter on a reported basis. Notably, the enVista platform returned to first-quarter 2025 levels ahead of schedule, a positive signal following the earlier voluntary recall of certain enVista IOL products, which had weighed on full-year surgical results.

Pipeline Progressing on Schedule

On the clinical front, the company confirmed that all active trial recruitment is on track, including studies for BL1107 (glaucoma), enVista Beyond, a dual-action dry eye disease therapeutic, and BL1332 for ocular surface pain, a pipeline that will be closely watched by practitioners managing complex anterior segment patients.

GAAP Loss Widens, But Adjusted Metrics Tell a Different Story

Despite the top-line growth, the company recorded a GAAP net loss attributable to Bausch + Lomb of USD $360 million for the full year, widening from USD $317 million in 2024. The increased loss was attributed to higher selling and promotional costs associated with MIEBO's growth, along with fees from a June 2025 debt refinancing. On an adjusted (non-GAAP) basis, however, Q4 adjusted EBITDA reached USD $326 million a jump of USD $67 million compared to the same period last year reflecting improving operational leverage.

2026 Outlook

Looking ahead, Bausch + Lomb has guided for full-year 2026 revenue of between USD $5.375 billion and USD $5.475 billion, representing constant currency growth of 5–7%. The company is targeting adjusted EBITDA (excluding acquired in-process R&D) of between USD $1.0 billion and USD $1.05 billion, a significant step-up from 2025 levels that signals confidence in its three-year plan.