Bausch + Lomb Q4 Revenue Climbs 7% to $1.405B, EBITDA Up 27%
Bausch + Lomb reported Q4 2025 revenue of $1.405 billion, up 7%, and adjusted EBITDA of $330 million, up 27%, driving full-year sales to $5.101 billion. Pharmaceutical segment sales rose 14%, Vision Care revenue reached $778 million, and dry eye treatment Miebo surged 111% to $112 million.
1. Record Q4 Financial Performance
Bausch + Lomb reported Q4 2025 revenue of $1.405 billion, up 7%, with adjusted EBITDA rising 27% to $330 million. These results drove full-year revenue to $5.101 billion, marking the highest annual sales in company history.
2. Segment Performance
Pharmaceutical sales increased 14% in Q4, while Vision Care revenue grew 8% to $778 million. The surgical segment also rebounded with 20% growth in premium intraocular lenses as recall impacts diminished.
3. Miebo Dry Eye Treatment Surge
Dry eye treatment Miebo saw Q4 revenue climb 111% to $112 million, driven by elevated marketing and an expanded field force. Management confirmed the product is nearing profitability despite typical seasonal fluctuations.
4. 2026 Outlook and Guidance
Management aims to maintain a 23.5% adjusted EBITDA margin in 2026, focusing on operational execution and financial discipline. Growth catalysts include daily SiHy lens adoption and mid-single-digit sales expansion for Xiidra as net pricing stabilizes.