Bausch & Lomb (BLCO)
Market Price (12/23/2025): $16.89 | Market Cap: $6.0 BilSector: Health Care | Industry: Health Care Equipment
Bausch & Lomb (BLCO)
Market Price (12/23/2025): $16.89Market Cap: $6.0 BilSector: Health CareIndustry: Health Care Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Low stock price volatilityVol 12M is 44% | Weak multi-year price returns2Y Excs Rtn is -33%, 3Y Excs Rtn is -66% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 77% |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Health & Wellness Trends. Themes include Geriatric Care, Diabetes Management, Show more. | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 74x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 35x | |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3.9% | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -9.3% | ||
| Key risksBLCO key risks include [1] a significant debt load and high financial leverage, Show more. |
| Low stock price volatilityVol 12M is 44% |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Health & Wellness Trends. Themes include Geriatric Care, Diabetes Management, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -33%, 3Y Excs Rtn is -66% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 77% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 74x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 35x |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3.9% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -9.3% |
| Key risksBLCO key risks include [1] a significant debt load and high financial leverage, Show more. |
Why The Stock Moved
Qualitative Assessment
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For the public company Bausch & Lomb (BLCO), an analysis of market data and news events for the approximate time period from August 31, 2025, to December 23, 2025, does not indicate specific key points explaining a 15.7% stock movement. The available information primarily covers financial results and corporate announcements up to early 2025, with some analyst forecasts for the remainder of 2025. Based on the information available, no specific events have been identified to explain a 15.7% stock movement for Bausch & Lomb (BLCO) within the requested timeframe. While some reports from early 2025 discuss past performance and future outlook, they do not provide detailed explanations for a significant stock movement between August and December 2025. No key points could be identified within the specified future time period to explain the stated stock movement. Show moreStock Movement Drivers
Fundamental Drivers
The 11.0% change in BLCO stock from 9/22/2025 to 12/22/2025 was primarily driven by a 9.2% change in the company's P/S Multiple.| 9222025 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 15.25 | 16.92 | 10.95% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 4891.00 | 4976.00 | 1.74% |
| P/S Multiple | 1.10 | 1.20 | 9.21% |
| Shares Outstanding (Mil) | 353.70 | 354.20 | -0.14% |
| Cumulative Contribution | 10.95% |
Market Drivers
9/22/2025 to 12/22/2025| Return | Correlation | |
|---|---|---|
| BLCO | 11.0% | |
| Market (SPY) | 2.7% | 50.5% |
| Sector (XLV) | 13.7% | 33.4% |
Fundamental Drivers
The 41.0% change in BLCO stock from 6/23/2025 to 12/22/2025 was primarily driven by a 37.4% change in the company's P/S Multiple.| 6232025 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 12.00 | 16.92 | 41.00% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 4829.00 | 4976.00 | 3.04% |
| P/S Multiple | 0.88 | 1.20 | 37.38% |
| Shares Outstanding (Mil) | 352.80 | 354.20 | -0.40% |
| Cumulative Contribution | 41.00% |
Market Drivers
6/23/2025 to 12/22/2025| Return | Correlation | |
|---|---|---|
| BLCO | 41.0% | |
| Market (SPY) | 14.4% | 35.7% |
| Sector (XLV) | 18.0% | 35.4% |
Fundamental Drivers
The -6.0% change in BLCO stock from 12/22/2024 to 12/22/2025 was primarily driven by a -10.9% change in the company's P/S Multiple.| 12222024 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 18.00 | 16.92 | -6.00% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 4684.00 | 4976.00 | 6.23% |
| P/S Multiple | 1.35 | 1.20 | -10.94% |
| Shares Outstanding (Mil) | 351.90 | 354.20 | -0.65% |
| Cumulative Contribution | -6.00% |
Market Drivers
12/22/2024 to 12/22/2025| Return | Correlation | |
|---|---|---|
| BLCO | -6.0% | |
| Market (SPY) | 16.9% | 55.3% |
| Sector (XLV) | 14.5% | 47.0% |
Fundamental Drivers
The 15.6% change in BLCO stock from 12/23/2022 to 12/22/2025 was primarily driven by a 31.9% change in the company's Total Revenues ($ Mil).| 12232022 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 14.64 | 16.92 | 15.57% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 3773.00 | 4976.00 | 31.88% |
| P/S Multiple | 1.36 | 1.20 | -11.32% |
| Shares Outstanding (Mil) | 350.00 | 354.20 | -1.20% |
| Cumulative Contribution | 15.56% |
Market Drivers
12/23/2023 to 12/22/2025| Return | Correlation | |
|---|---|---|
| BLCO | 7.1% | |
| Market (SPY) | 47.7% | 44.6% |
| Sector (XLV) | 18.4% | 41.4% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BLCO Return | � | � | � | 10% | 6% | -6% | � |
| Peers Return | 41% | 21% | -5% | -2% | -6% | 16% | 75% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 17% | 113% |
Monthly Win Rates [3] | |||||||
| BLCO Win Rate | � | � | 57% | 50% | 50% | 50% | |
| Peers Win Rate | 55% | 65% | 57% | 52% | 52% | 55% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| BLCO Max Drawdown | � | � | � | -4% | -20% | -40% | |
| Peers Max Drawdown | -23% | -3% | -22% | -16% | -12% | -21% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: JNJ, COO, ABBV, REGN, STAA.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/22/2025 (YTD)
How Low Can It Go
| Event | BLCO | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -33.2% | -25.4% |
| % Gain to Breakeven | 49.7% | 34.1% |
| Time to Breakeven | 382 days | 464 days |
Compare to EW, MASI, ATRC, UFPT, DAVI
In The Past
Bausch & Lomb's stock fell -33.2% during the 2022 Inflation Shock from a high on 5/6/2022. A -33.2% loss requires a 49.7% gain to breakeven.
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Bausch + Lomb is a leading global eye health company dedicated to protecting and enhancing the gift of sight for millions of people around the world—from the moment of birth through every phase of life. Our mission is simple, yet powerful: helping you see better, to live better. Our comprehensive portfolio of over 400 products is fully integrated and built to serve our customers across the full spectrum of their eye health needs throughout their lives. Our iconic brand is built on the deep trust and loyalty of our customers established over our nearly 170-year history. We have a significant global research, development, manufacturing and commercial footprint of approximately 12,500 employees and a presence in approximately 100 countries, extending our reach to billions of potential customers across the globe. We have long been associated with many of the most significant advances in eye health, and we believe we are well positioned to continue leading the advancement of eye health in the future. Our iconic and enduring brands are among the most recognized and most trusted in the industry. Since our beginnings in 1853 as an optical goods shop in Rochester, New York, we have remained focused on advancing eye health for people all over the world. Among our many innovations over the years, we introduced the first optical glass in the United States, the lenses used on cameras to take the first satellite picture of the moon, and the first mass-produced soft contact lens in 1971. As part of our longstanding commitment to eye care professionals and the patients they serve, we invest in physician training, patient and customer education, disease prevention and other initiatives through both traditional and digital platforms to continue to advance eye health. As illustrated in the table below, a recent survey of over 200 respondents globally conducted by TechSci Research indicated that Bausch + Lomb had the highest brand awareness among certain key competitors. As a result of this legacy, we believe our brand is synonymous with eye health among patients, consumers and professionals around the world. --- Our brands are leaders within their respective segments and collectively represent a leading portfolio of trusted assets that we believe makes us the eye health brand of choice. With one of the broadest product portfolios in the market, we are designed to address numerous large, underserved and growing markets with significant commercial potential. Our widespread complementary portfolio spans vision care, consumer health care, ophthalmic pharmaceuticals and surgical. We have well-established lines of contact lenses, intraocular lenses (“IOL”), medical devices, surgical systems, vitamin and mineral supplements, lens care products, prescription eye-medications and over-the-counter (“OTC”) eye health consumer products. We believe the breadth of our eye health portfolio is unmatched in the industry and uniquely positions us to compete in all areas of the eye health market. --- Our global brand, scale and infrastructure enable us to sell our products and support our customers in eye health markets globally, and we are well-positioned to capitalize on this opportunity. Our footprint is bolstered by a global commercial team of approximately 4,200 employees. In addition, we have 24 facilities in 10 countries that support the quality, reliability and capacity needs of our global manufacturing operations, supply chain, customer service and technical support, and that we believe will facilitate the development and distribution of our pipeline products. We have a long history of leading the eye health market with ground-breaking innovations. Our research and development (“R&D”) personnel partner closely with our quality, manufacturing and commercial groups, and as a result of these collaborations, we have developed the world’s first soft contact lens, introduced one of the first contact lens cleaning products, introduced the first silicone hydrogel contact lens and introduced a unique patent-protected ocular vitamin to the market. Since 2017, we have introduced more than 260 new products in approximately 60 countries. Our team of approximately 850 dedicated R&D employees is focused on advancing our pipeline and identifying new product opportunities that address unmet and evolving needs of eye care professionals, patients and consumers. Our culture of innovation engages our R&D, supply chain and commercial teams at every phase of product development, prioritizing customer needs and actively seeking external innovation to design, develop and advance creative, ethical eye health products across our portfolio, which allows us to address the changing needs of our consumers and patients. We believe we have a significant innovation opportunity today, with a substantial pipeline of over 100 projects in various stages of pre-clinical and clinical development, including new contact lenses, contact lenses to slow myopia progress in children, prescription medications for myopia, next-generation cataract equipment, premium IOLs, investigational treatments for dry-eye and preservative free formulations of a range of eye drops, among others, that are designed to grow our portfolio and accelerate future growth. The markets in which we operate are large and growing. We estimate that the global eye health market was nearly $50 billion in revenue in 2019, which we believe will grow at a compounded annual growth rate of nearly 4% through 2025. Global Market Revenue 2019-2025E 2019 2025E CAGR (in billions) Global Ophthalmic Pharmaceuticals $ 25.7 $ 32.1 3.8 % Global Ophthalmic Surgical 8.4 11.3 5.0 % Global Vision Care 15.7 19.7 3.9 % $ 49.8 $ 63.2 4.0 % • Global ophthalmic pharmaceuticals market size includes sales from products for the treatment of wet age-related macular degeneration (“AMD”), dry AMD, dry eye, glaucoma, diabetic macular edema (“DME”), conjunctivitis, ocular pain and inflammation, other corneal and external eye disorders, other retinal disorders, uveitis, and inherited retinal disorders, and other ophthalmology treatments. • Global ophthalmic surgical market size includes sales from capital equipment, procedure fees, instruments and implantables. • Global vision care market size includes sales from contact lenses, lens care solutions, and off-the-shelf eye care products, including sales from eye drops and eye vitamins. Growing demand for eye health products is being driven by significant and durable tailwinds, including an aging global population, greater time spent in front of computer and mobile screens, the rapid growth of the middle class in emerging markets, increasing global prevalence of diabetes, significant unmet medical need, particularly with respect to myopia, dry eye and AMD, and greater patient and consumer awareness. As such, we believe that the global incidence of major eye conditions will grow at a compounded annual growth rate of approximately 3% from 2019 to 2025. Global Eye Conditions 2019-2025E 2019 2025E CAGR (in millions) Myopia + Hyperopia 3,373 4,355 4.4 % Presbyopia 2,067 2,358 2.2 % Cataract (60+ population) 1,018 1,215 3.0 % Retina 371 435 2.7 % Glaucoma 139 162 2.6 % Dry Eye 730 783 1.2 % 7,698 9,308 3.2 % --- We believe that we are uniquely positioned in the global eye health market, with a diverse and comprehensive portfolio and pipeline that address major categories of eye conditions. --- Our revenues for the years ended December 31, 2021, 2020, and 2019 were $3,765 million, $3,412 million and $3,778 million, respectively. Our product portfolio consists of over 400 products, which fall into three operating and reportable segments: (i) Vision Care/Consumer Health Care, (ii) Ophthalmic Pharmaceuticals and (iii) Surgical. Segment revenues and profit for the years ended December 31, 2021, 2020 and 2019 were as follows: Years Ended December 31, 2021 2020 2019 Amount Percent Amount Percent Amount Percent (amounts in millions) Segment revenues: Vision Care/Consumer Health Care $ 2,343 62 % $ 2,109 62 % $ 2,221 59 % Ophthalmic Pharmaceuticals 704 19 % 726 21 % 859 23 % Surgical 718 19 % 577 17 % 698 18 % Total revenues $ 3,765 100 % $ 3,412 100 % $ 3,778 100 % Segment profit: Vision Care/Consumer Health Care $ 587 62 % $ 579 64 % $ 606 55 % Ophthalmic Pharmaceuticals 290 30 % 302 34 % 412 38 % Surgical 75 8 % 18 2 % 75 7 % Segment profit is based on operating income after the elimination of intercompany transactions. Certain costs, such as amortization of intangible assets, asset impairments, in-process research and development costs, restructuring and integration costs, acquisition-related contingent consideration costs and other expense (income), net, are not included in the measure of segment profit, as management excludes these items in assessing segment financial performance. Our business was founded in 1853 and incorporated in the State of New York in 1908 (“Old Bausch + Lomb”). Our executive offices are located at 520 Applewood Crescent, Vaughan, Ontario, Canada.
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- It's like Johnson & Johnson, but solely focused on eye health, offering products from contact lenses to surgical devices and prescription eye drops.
- Think of it as Medtronic for the eyes, manufacturing a wide range of eye surgical equipment and devices, plus everyday vision care products like contact lenses.
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```html- Contact Lenses: A range of daily, weekly, and monthly disposable contact lenses designed for vision correction and eye health.
- Lens Care Solutions: Solutions for cleaning, disinfecting, and storing contact lenses, ensuring hygiene and comfort.
- Over-the-Counter Eye Care Products: Non-prescription eye drops and ointments for common eye issues like dry eye, redness, and allergies.
- Ophthalmic Prescription Pharmaceuticals: Medications prescribed by ophthalmologists to treat various eye diseases and conditions, including glaucoma, inflammation, and infections.
- Ophthalmic Surgical Devices & Instruments: Advanced equipment and tools utilized by surgeons for performing delicate eye procedures, such as cataract or retinal surgery.
- Intraocular Lenses (IOLs) & Surgical Consumables: Implants like IOLs used in cataract surgery, along with other essential disposable products for ophthalmic surgical procedures.
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Bausch & Lomb (symbol: BLCO) primarily sells its eye health products to other businesses rather than directly to individuals. While the company does not publicly disclose specific named customers that account for a material portion of its revenue, its distribution strategy outlined in SEC filings indicates sales to the following major categories of companies:
- Wholesale Pharmaceutical and Medical Distributors: These companies are critical intermediaries that distribute Bausch & Lomb's pharmaceutical products, over-the-counter eye care items, and some vision care products to pharmacies, hospitals, and other healthcare providers.
- Retail Pharmacy Chains and Large Retailers with Pharmacy/Optical Departments: These companies purchase Bausch & Lomb's contact lenses, lens care solutions, and over-the-counter eye care products for direct sale to consumers. They also dispense prescription ophthalmic pharmaceuticals.
- Hospitals, Ambulatory Surgical Centers (ASCs), and Eye Care Clinics: Bausch & Lomb sells its surgical equipment, intraocular lenses (IOLs), and certain pharmaceutical products directly to these healthcare facilities and professional practices. This is a highly fragmented market, and specific publicly traded customer entities in this category are generally not disclosed by Bausch & Lomb as individual "major customers" in their financial filings.
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Brent Saunders, Chief Executive Officer and Chairman of the Board
Brent Saunders has over 25 years of executive leadership experience across the health care sector, having rejoined Bausch + Lomb in March 2023, after previously serving as CEO from 2010 to 2013 when the company was acquired by Bausch Health. He notably co-founded and served as Chairman of the Board of Vesper Healthcare Acquisitions Corp. Mr. Saunders was Chairman, President, and CEO of Allergan plc until its $63 billion acquisition by AbbVie Inc in 2020. Prior to that, he was President and CEO of Forest Laboratories Inc. until its $25 billion merger with Actavis plc in 2014, after which he became CEO of the combined business. He also held various leadership positions at Schering-Plough, including President of Global Consumer Health Care, and oversaw the integration of Organon BioSciences N.V. and the merger between Schering-Plough and Merck & Co., Inc. Earlier in his career, he was a Partner and Head of Compliance Business Advisory at PricewaterhouseCoopers LLP.
Sam Eldessouky, Executive Vice President and Chief Financial Officer
Sam Eldessouky is responsible for all of Bausch + Lomb's finance functions. Before joining 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. Mr. Eldessouky previously held the role of Senior Vice President, Controller and Chief Accounting Officer for Tyco International plc, where he played a significant role in the company's turnaround and the execution of spinoffs, including Covidien and Tyco Electronics in 2006, and ADT NA and Flow Control in 2012. He began his career with 10 years at PricewaterhouseCoopers (PwC).
Andrew Stewart, President, Global Pharmaceuticals and International Consumer
Andrew Stewart brings over 25 years of experience in the pharmaceutical industry. He joined Bausch + Lomb from AbbVie, where he most recently served as general manager within the Eye Care franchise. At AbbVie and its predecessor company, Allergan plc, Mr. Stewart was responsible for the U.S. Retina business, led global marketing for the Eye Care franchise, and oversaw business development initiatives. His earlier career included nearly 14 years at Bristol Myers Squibb in Global Clinical Operations and Pharmaceutical Development Operations and 7 years at Merck & Co., Inc. in the manufacturing division.
Bob Bailey, Executive Vice President and Chief Legal Officer
Bob Bailey has more than 25 years of experience as a senior executive and over 15 years as a chief legal officer in the health care industry. He rejoined Bausch + Lomb from Datavant, a private health information technology company, where he served as Chief Legal Officer. Prior to that, Mr. Bailey was Executive Vice President, Chief Legal Officer, and Corporate Secretary of Allergan plc and its predecessor companies, Forest Laboratories Inc. and Actavis plc. He previously served as EVP, Law, Policy and Communications at Bausch + Lomb from 2007 to 2013.
Luc Bonnefoy, President, Surgical
Luc Bonnefoy serves as the President of Surgical for Bausch + Lomb. Prior to this role, he was the Vice President and General Manager of Global Surgical. Before joining Bausch + Lomb, he held various positions at Johnson & Johnson Vision, including Worldwide President of Surgical Vision and President of Europe, Middle East, and Africa Surgical Vision.
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Here are the key risks to Bausch & Lomb (BLCO):- High Debt Load and Financial Leverage: Bausch & Lomb carries a significant amount of debt, with a high net debt to EBITDA ratio and weak interest coverage. This raises concerns about the company's ability to service its debt obligations, potentially leading to financial instability or the need to issue shares at lower prices, which would dilute existing shareholders.
- Challenges in Achieving and Maintaining Sustainable Profitability: Despite some revenue growth, Bausch & Lomb has faced difficulties in consistently achieving sustainable profitability. The company has reported negative earnings per share (EPS), volatile net income, and a low return on equity (ROE), indicating inefficiencies in generating returns on shareholder investments.
- Product-Related Issues and Intense Competitive Pressures: Bausch & Lomb is exposed to risks associated with product recalls and manufacturing issues, which can lead to substantial financial setbacks and damage market sentiment. Furthermore, the company faces intense competitive pressures, particularly in its generics business, which can negatively impact revenue and margins.
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The emergence of gene therapies, gene editing, and highly durable or potentially curative advanced therapeutic modalities for chronic ocular diseases (such as glaucoma and age-related macular degeneration) currently managed with daily eye drops or frequent injections. This development threatens Bausch & Lomb's significant ophthalmic pharmaceuticals segment by potentially replacing recurring revenue from existing prescription eye drops and frequent treatments with one-time or infrequent therapeutic interventions.
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Bausch & Lomb (BLCO) operates in several key eye health markets. The addressable market sizes for their main products and services are as follows:
Vision Care (Contact Lenses and Lens Care Products)
- The global contact lenses market was valued at approximately $15.5 billion in 2022 and is projected to reach $24.2 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 4.6% from 2023 to 2032.
- Another estimate places the global contact lenses market size at $18.6 billion in 2023, with a projection to reach $33.8 billion by 2030, exhibiting a CAGR of 8.9% from 2024 to 2030.
- North America is a significant region within this market, holding a share of over 38% in 2023.
Ophthalmic Pharmaceuticals and Consumer Eye Health Products (e.g., Eye Drops, Vitamins, Prescription Medications)
- The global ophthalmic pharmaceuticals market was valued at $25.7 billion in 2019 and is projected to reach $32.1 billion by 2025, with a CAGR of 3.8%.
- More specifically for eye health products (supplements), the global market is projected to reach approximately $2.9996 billion in 2025 and $4.8378 billion by 2032, with a CAGR of 7.2%.
- In 2024, North America led the global eye health products market with approximately 39.4% of the share.
Surgical Products (Intraocular Lenses and Ophthalmic Surgical Devices/Equipment)
Intraocular Lenses (IOLs)
- The global intraocular lens market was valued at $4.52 billion in 2024 and is forecast to reach $8.29 billion by 2034, growing at a CAGR of 6.26%.
- Another report estimates the global intraocular lens market at $5.4 billion in 2025, with a projection to reach $9.7 billion by 2035 at a CAGR of 6.0%.
- North America held a major revenue share of approximately 36-38% in the intraocular lens market in 2024.
Ophthalmic Surgical Devices and Equipment (excluding spectacles and contact lenses)
- The global ophthalmic surgical devices market is valued at $12.53 billion in 2025 and is projected to reach $13.87 billion by 2030, with a CAGR of 5.20%. This market includes equipment, implants (such as IOLs), and single-use consumables.
- The global ophthalmic surgical instruments market size was valued at $11.00 billion in 2024 and is expected to reach $23.75 billion by 2032, with a CAGR of 10.10%.
- The broader ophthalmic surgical market is projected to grow from $14.7 billion in 2025 to $25.0 billion by 2035, at a CAGR of 5.4%.
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Here are the expected drivers of future revenue growth for Bausch & Lomb (BLCO) over the next 2-3 years:
- Launch of New Products and Pipeline Innovation: Bausch & Lomb anticipates future revenue growth from a robust and differentiated pipeline of new products, with clinical-stage programs expected to launch over the next several years. This includes a continuous focus on elevating the standard of care in eye health through disruptive innovations.
- Growth of Key Existing Product Franchises: The company expects continued strong performance from its established product lines. This includes significant momentum in its dry eye portfolio, particularly with products like Miebo and Xiidra, as well as the broader consumer dry eye offerings such as Artelac and Blink. Additionally, growth in the contact lens business, driven by daily disposable lenses, especially Daily SiHy, and brands like Biotrue and ULTRA, is a key contributor to the Vision Care segment. Consumer eye care products such as LUMIFY and eye vitamins also continue to drive revenue.
- Recovery and Increased Demand for Premium Intraocular Lenses (IOLs): Bausch & Lomb is experiencing a strong recovery and increased demand for its premium intraocular lenses (IOLs) within the Surgical segment. This rebound, particularly following the enVista recall, is expected to continue contributing to surgical revenue growth.
- Geographic Expansion and Market Penetration: The company has demonstrated broad-based growth across all geographies and is focused on expanding its global footprint. This includes solid performance in international markets, such as China, and strategic investments in building direct-to-consumer channels to reach a wider customer base.
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Share Issuance
- Bausch + Lomb became a publicly traded company in May 2022, following its spin-off from Bausch Health.
- The 2022 Omnibus Incentive Plan initially authorized 28,000,000 common shares for issuance.
- Shareholders approved an increase of 10,000,000 common shares in April 2023, bringing the total authorized under the Plan to 38,000,000 shares.
- Shares outstanding incrementally increased from 351.8 million at the end of 2024 to 354.2 million as of September 30, 2025.
Inbound Investments
- Bausch + Lomb went public in May 2022, separating from its former parent company, Bausch Health.
- In late 2024, the company explored a potential sale to third-party buyers, including private equity firms, for an estimated value of up to $14 billion (including debt); however, it ultimately ruled out a transaction in February 2025.
Outbound Investments
- Bausch + Lomb completed the acquisition of Elios Vision, which is anticipated to affect U.S. approval and launch costs in 2025.
- For the full year 2025, the company expects to invest approximately 7.5% of its revenue in research and development, focusing on internal pipeline growth.
Capital Expenditures
- Capital expenditures amounted to -$508.40 million over the last 12 months.
- Quarterly capital expenditures were reported as $92.0 million in Q4 2024, $110.0 million in Q1 2025, $89.0 million in Q2 2025, and $74.0 million in Q3 2025.
- While specific capital expenditure focuses are not detailed, the company emphasizes a robust product pipeline and R&D investments across its Vision Care, Surgical, and Ophthalmic Pharmaceuticals segments to drive future growth.
Trade Ideas
Select ideas related to BLCO. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11142025 | CRL | Charles River Laboratories International | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 17.4% | 17.4% | -3.7% |
| 11142025 | GDRX | GoodRx | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | -6.7% | -6.7% | -11.8% |
| 11142025 | ASTH | Astrana Health | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 10.9% | 10.9% | -5.5% |
| 11142025 | SGRY | Surgery Partners | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 2.7% | 2.7% | -1.4% |
| 11072025 | TFX | Teleflex | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 11.4% | 11.4% | -5.1% |
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Peer Comparisons for Bausch & Lomb
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 145.58 |
| Mkt Cap | 48.7 |
| Rev LTM | 9,612 |
| Op Inc LTM | 2,245 |
| FCF LTM | 2,157 |
| FCF 3Y Avg | 2,083 |
| CFO LTM | 2,934 |
| CFO 3Y Avg | 2,776 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.1% |
| Rev Chg 3Y Avg | 3.7% |
| Rev Chg Q | 6.9% |
| QoQ Delta Rev Chg LTM | 1.7% |
| Op Mgn LTM | 20.4% |
| Op Mgn 3Y Avg | 21.5% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 22.9% |
| CFO/Rev 3Y Avg | 22.3% |
| FCF/Rev LTM | 15.4% |
| FCF/Rev 3Y Avg | 14.1% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 |
|---|---|---|---|
| Vision Care | 2,543 | 2,369 | 2,343 |
| Pharmaceuticals | 836 | 681 | 704 |
| Surgical | 767 | 718 | 718 |
| Total | 4,146 | 3,768 | 3,765 |
| $ Mil | 2024 | 2023 | 2022 |
|---|---|---|---|
| Vision Care | 689 | 636 | 587 |
| Pharmaceuticals | 241 | 203 | 290 |
| Surgical | 50 | 42 | 75 |
| Other expense, net | -74 | -13 | -17 |
| Amortization of intangible assets | -240 | -244 | -292 |
| Corporate | -536 | -417 | -314 |
| Total | 130 | 207 | 329 |
Price Behavior
Price Behavior
| Market Price | $16.92 | |
| Market Cap ($ Bil) | 6.0 | |
| First Trading Date | 05/06/2022 | |
| Distance from 52W High | -6.7% | |
| 50 Days | 200 Days | |
| DMA Price | $15.89 | $14.14 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 6.4% | 19.6% |
| 3M | 1YR | |
| Volatility | 33.9% | 44.2% |
| Downside Capture | 132.47 | 109.68 |
| Upside Capture | 166.28 | 86.69 |
| Correlation (SPY) | 51.0% | 55.1% |
BLCO Betas & Captures as of 11/30/2025
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.96 | 1.36 | 1.32 | 1.15 | 1.20 | 1.09 |
| Up Beta | 1.47 | 1.85 | 1.78 | 1.05 | 1.44 | 1.14 |
| Down Beta | 1.78 | 1.12 | 1.08 | 1.06 | 1.37 | 1.32 |
| Up Capture | 287% | 157% | 145% | 161% | 56% | 62% |
| Bmk +ve Days | 12 | 25 | 38 | 73 | 141 | 426 |
| Stock +ve Days | 11 | 21 | 32 | 67 | 123 | 377 |
| Down Capture | 171% | 118% | 119% | 95% | 100% | 101% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 8 | 20 | 30 | 56 | 123 | 361 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
nullBased On 5-Year Data
nullBased On 10-Year Data
nullReturns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/29/2025 | 1.8% | -1.3% | 6.6% |
| 7/30/2025 | -6.4% | -1.4% | -0.7% |
| 4/30/2025 | -15.7% | -20.6% | -14.6% |
| 2/19/2025 | -0.3% | -2.3% | -5.3% |
| 10/30/2024 | -1.5% | -4.6% | -3.8% |
| 7/31/2024 | 2.1% | -5.5% | -4.5% |
| 5/1/2024 | -5.5% | 2.5% | 5.8% |
| 2/21/2024 | 13.8% | 17.3% | 10.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 7 | 5 | 6 |
| # Negative | 8 | 10 | 9 |
| Median Positive | 2.1% | 5.3% | 6.2% |
| Median Negative | -4.7% | -3.1% | -5.3% |
| Max Positive | 13.8% | 17.3% | 10.9% |
| Max Negative | -15.7% | -20.6% | -14.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 10292025 | 10-Q 9/30/2025 |
| 6302025 | 7302025 | 10-Q 6/30/2025 |
| 3312025 | 4302025 | 10-Q 3/31/2025 |
| 12312024 | 2192025 | 10-K 12/31/2024 |
| 9302024 | 10302024 | 10-Q 9/30/2024 |
| 6302024 | 8012024 | 10-Q 6/30/2024 |
| 3312024 | 5012024 | 10-Q 3/31/2024 |
| 12312023 | 2212024 | 10-K 12/31/2023 |
| 9302023 | 11012023 | 10-Q 9/30/2023 |
| 6302023 | 8022023 | 10-Q 6/30/2023 |
| 3312023 | 5032023 | 10-Q 3/31/2023 |
| 12312022 | 2222023 | 10-K 12/31/2022 |
| 9302022 | 11022022 | 10-Q 9/30/2022 |
| 6302022 | 8042022 | 10-Q 6/30/2022 |
| 3312022 | 6082022 | 10-Q 3/31/2022 |
| 12312021 | 5062022 | 424B4 12/31/2021 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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