Bausch + Lomb Corp

Bausch & Lomb delivered a mixed second quarter for fiscal 2026, posting revenue of $1.39 billion, up 9.1% year over year and edging past the $1.37 billion consensus estimate by 1.88%, while adjusted EPS of $0.15 fell just short of the $0.16 consensus by 6.48%. The headline story, however, was the breadth of operational improvement underneath those numbers: the company swung to GAAP operating income of $83 million from an operating loss of $11 million a year ago, and cash flow from operations surged to $153 million from $35 million. The Surgical segment led the way, with its premium intraocular lens portfolio growing 175% and lifting total Surgical revenue by 19%, while the Pharmaceuticals segment benefited from 27% combined first-half growth in MIEBO and XIIDRA. On the back of that momentum, management raised its full-year 2026 revenue guidance to $5.44 billion to $5.54 billion and nudged adjusted EBITDA higher, though the outlook notably excludes any potential tariff policy impacts, a caveat that underscores the uncertain macro backdrop the company continues to navigate.