Bausch & Lomb is like **Johnson & Johnson for eye health**, offering a comprehensive portfolio from contact lenses and consumer eye drops to prescription medications and surgical devices.

Alternatively, it can be thought of as **Abbott Laboratories, but specialized entirely in vision care**, encompassing a wide range of products across consumer, pharmaceutical, and surgical segments of the eye health market.

• Vision Care/Consumer Health Care Products: This segment includes contact lenses, lens care solutions, and over-the-counter eye health products like vitamins and eye drops.
  • Contact Lenses: Corrective lenses for vision, including soft, silicone hydrogel, and specialized lenses for myopia control.
  • Lens Care Products: Solutions and products designed for cleaning, disinfecting, and storing contact lenses.
  • OTC Eye Health Products: Over-the-counter items such as eye drops, lubricants, and vitamin and mineral supplements for general eye health.
• Ophthalmic Pharmaceuticals: This segment focuses on prescription medications for various eye conditions.
  • Prescription Eye Medications: Pharmaceutical treatments for conditions like myopia, dry eye, glaucoma, and other ocular disorders, including preservative-free formulations.
• Surgical Products: This segment provides devices and systems for ophthalmic surgeries.
  • Intraocular Lenses (IOLs): Implantable lenses used to replace the eye's natural lens during cataract surgery or for refractive correction.
  • Ophthalmic Surgical Systems & Devices: Equipment and instruments used in various eye surgeries, such as next-generation cataract equipment and other medical devices.

Bausch + Lomb (BLCO) sells to a mix of eye care professionals and directly to consumers/patients, primarily through retail channels. Based on the provided background, the company serves the following key customer categories:

1. Eye Care Professionals (ECPs): This category includes ophthalmologists, optometrists, hospitals, and surgical centers. These customers purchase Bausch + Lomb's ophthalmic pharmaceuticals, surgical systems, medical devices (including intraocular lenses), and professional-grade vision care products for use in their practices and for their patients. The company emphasizes its commitment to eye care professionals through physician training and partnerships.
2. Consumers/Patients: This category represents the end-users of Bausch + Lomb's products. They purchase vision care items such as contact lenses and lens care solutions, as well as consumer health care products including over-the-counter (OTC) eye drops and vitamin supplements. These products are typically acquired through various retail channels, including pharmacies, optical shops, and other consumer outlets. Bausch + Lomb engages in patient and customer education, highlighting its direct connection to these individual users.

Brent Saunders, Chief Executive Officer and Chairman of the Board

Brent Saunders has over 25 years of experience in the health care sector, having served in senior executive roles at several global pharmaceutical and health care companies. He rejoined Bausch + Lomb as CEO and Chairman in March 2023, after an initial tenure as CEO from 2010 to 2013, which concluded with the company's acquisition by Valeant Pharmaceuticals. Saunders co-founded and chaired Vesper Healthcare Acquisitions Corp.. Before that, he was Chairman, President, and CEO of Allergan plc until its $63 billion acquisition by AbbVie Inc in 2020. He also served as President and CEO of Forest Laboratories Inc. until its $25 billion merger with Actavis plc in 2014, subsequently becoming CEO of the combined entity and leading Actavis' $66 billion acquisition of Allergan. His career also includes executive roles at Schering-Plough Corporation, where he managed the integration of Organon Biosciences N.V. and the merger with Merck & Co., Inc.. He has spearheaded mergers and acquisitions totaling over $300 billion. Saunders also serves as Chairman of the Board for The Beauty Health Company and Hugel America.

Sam Eldessouky, Executive Vice President and Chief Financial Officer

Sam Eldessouky is responsible for overseeing Bausch + Lomb's finance functions, including controllership, tax, treasury, financial planning and analysis, and IT. Prior to his current role at Bausch + Lomb, he served as Executive Vice President and Chief Financial Officer of Bausch Health from 2021 to 2022, and as Controller and Chief Accounting Officer from 2016 to 2021. Earlier in his career, Eldessouky was Senior Vice President, Controller, and Chief Accounting Officer for Tyco International plc, where he played a significant role in the company's business turnaround and in executing the spinoffs of Covidien and Tyco Electronics in 2006, and ADT NA and Flow Control in 2012. He also spent ten years at PricewaterhouseCoopers (PwC). He was appointed CFO of Bausch + Lomb contingent upon and effective with the closing of the company's initial public offering (IPO).

Luc Bonnefoy, President, Surgical

Luc Bonnefoy was appointed President, Surgical, in June 2023, having previously served as Senior Vice President, Surgical, since November 2021. He brings nearly 30 years of leadership experience in ophthalmology and has been with Bausch + Lomb for over two decades. His previous roles at the company include Vice President, Surgical, International, from 2013 to 2021, and Vice President, EMEA, for Technolas Perfect Vision, GmbH, a Bausch + Lomb company, from 2009 to 2013.

John Ferris, President, Consumer

John Ferris was promoted to President, Consumer, in January 2025, after serving as Executive Vice President, Consumer, since June 2023. He has over two decades of experience leading commercial functions for consumer, medical device, and pharmaceutical companies and has been a key contributor at Bausch + Lomb since August 2011, taking on roles of increasing responsibility. Before joining Bausch + Lomb, Ferris led marketing teams with both U.S. and global focus for Wyeth Pharmaceuticals, Wyeth Consumer Healthcare, and Becton Dickinson.

Asli Gevgilili, Executive Vice President and Chief Human Resources Officer

Asli Gevgilili is responsible for leading all aspects of global human resources and talent strategy at Bausch + Lomb, joining the company in August 2023. Before this, she served as Senior Vice President and Chief Human Resources Officer at INOVIO Pharmaceuticals starting in 2021. Gevgilili has more than 25 years of Human Resources experience, including executive HR positions at Allergan from 2012 to 2020, Merck from 2004 to 2012, and Merrill Lynch from 1997 to 2004.

The key risk to Bausch & Lomb's business is the sustained decline in profitability within its Ophthalmic Pharmaceuticals segment. This segment's profit decreased from $412 million in 2019 to $302 million in 2020, and further to $290 million in 2021. This consistent downward trend suggests potential underlying challenges such as increased competition, patent expirations, or a lack of sufficiently impactful new product introductions within this significant segment, which represented 19% to 23% of total revenues between 2019 and 2021.

Bausch & Lomb (BLCO) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Successful Launch and Ramp-up of New Products, particularly Miebo for Dry Eye and upcoming pipeline assets: The company's dry eye treatment, Miebo, has shown exceptional growth, with Q4 2025 revenue increasing 111% year-over-year and full-year revenue up 84%. Miebo is projected to continue its strong performance and contribute significantly to revenue. Additionally, Bausch & Lomb possesses a substantial pipeline of over 100 projects, including new contact lenses, treatments for myopia, next-generation cataract equipment, and the glaucoma pipeline (BL1107 and ELIOS), which are poised for future launches and are expected to fuel growth. Specific upcoming launches include PreserVision AREDS3 and Blink Triple Care preservative-free drops.
2. Continued Strength and Market Outperformance in Contact Lenses: The Vision Care segment, particularly contact lenses, remains a robust growth driver. In Q4 2025, contact lens revenue was up 8% year-over-year, with daily SiHy lenses (like DD SiHy and Ultra) leading this growth with increases of 17% and 16% respectively. The company's contact lens business is expected to continue outperforming the global market.
3. Growth in the Surgical Segment, particularly Premium Intraocular Lenses (IOLs), following product recall recovery: The Surgical segment demonstrated resilience and growth, with implantables up 5% and Premium IOLs growing 20% in Q4 2025. Bausch & Lomb has regained momentum in premium intraocular lenses and continues to recover strongly from a voluntary product recall earlier in 2025, which is contributing to the segment's positive trajectory.
4. Leveraging the Expanding Global Eye Health Market driven by Demographics and Lifestyle Factors: The global eye health market is experiencing significant tailwinds, including an aging global population, increased screen time, and a rising prevalence of eye conditions such as myopia, dry eye, and age-related macular degeneration (AMD). Bausch & Lomb's comprehensive portfolio and broad market presence position it to capitalize on this growing demand across ophthalmic pharmaceuticals, surgical, and vision care.

Capital Allocation Decisions for Bausch & Lomb (BLCO)

Share Issuance

• Bausch + Lomb completed its initial public offering (IPO) on May 10, 2022, with its parent company, Bausch Health, selling 35,000,000 common shares at $18.00 per share, generating aggregate gross proceeds of $630 million.
• Bausch + Lomb Corporation itself did not receive any proceeds from this IPO.

Inbound Investments

• In late 2024, private equity firms TPG and Blackstone reportedly considered a joint bid for Bausch + Lomb, with speculation suggesting a potential valuation between $13 billion and $14 billion.
• However, in February 2025, Bausch + Lomb announced the conclusion of its search for a third-party buyer, stating that the process did not lead to an offer reflecting its long-term value, and thus, no sale materialized at that time.

Outbound Investments

• On June 30, 2023, Bausch + Lomb acquired Xiidra for $2.5 billion.
• Other acquisitions include Whitecap Biosciences in January 2025, ELIOS Vision in December 2024, and Trukera in July 2024.

Capital Expenditures

• Bausch + Lomb's capital expenditures were approximately $476.2 million in 2025, $398.0 million in 2024, $181 million in 2023, and $175 million in 2022.
• Capital expenditures for the last 12 months (prior to March 2026) were reported as $349.00 million.
• For 2026, capital expenditures are expected to decrease to 4-4.5% of revenue, down from approximately 6%.