Bausch + Lomb Achieves 27% Q4 EBITDA Growth, Raises 2026 Guidance
Bausch + Lomb reported Q4 revenue of $1.405 billion, up 7% on a constant-currency basis, with adjusted EBITDA rising 27% to $330 million and margin climbing to 23.5%, its highest standalone level since IPO. The company set 2026 guidance for $5.375–$5.475 billion in revenue and $1.00–$1.05 billion in adjusted EBITDA, targeting a 19% margin.
1. Q4 Financial Results
Bausch + Lomb posted fourth-quarter revenue of $1.405 billion, up 7% on a constant-currency basis with a $37 million currency tailwind. GAAP net loss was $58 million ($0.16 per share), while adjusted EPS reached $0.32 and adjusted EBITDA increased 27% to $330 million, achieving a 23.5% margin.
2. Segment Performance
The surgical segment generated $249 million in Q4 revenue, growing 3% (6% excluding the enVista recall), while vision care revenue hit $778 million, up 5%. Pharmaceuticals delivered $378 million, up 14%, led by MIEBO’s 111% surge to $112 million and XIIDRA’s $95 million in quarterly sales.
3. 2026 Guidance
Management forecasts 2026 revenue of $5.375–$5.475 billion (5–7% constant-currency growth) and adjusted EBITDA of $1.00–$1.05 billion, implying a roughly 19% EBITDA margin. The outlook assumes a 62% gross margin, R&D spend at 7.5–8% of revenue, $365 million in interest expense and $285 million in capital expenditures.
4. Pipeline and Launches
Upcoming consumer product launches include PreserVision AREDS 3 shipping February 2 and Blink Triple Care Preservative Free on March 1. The CE mark submission for the Silera femtosecond laser is expected imminently with H2 approval targeted, and a Halo daily disposable lens trial reported 98.5% clear vision among participants.