Bausch + Lomb Corp

Bausch & Lomb delivered a mixed fourth quarter for fiscal 2025, posting adjusted EPS of $0.32 and missing the $0.36 consensus estimate by 10.81%, even as revenue climbed 9.8% year over year to $1.41 billion. The top-line strength was genuine, powered largely by explosive momentum in the dry eye franchise, with MIEBO alone contributing $112 million in Q4 revenue and the broader dry eye portfolio reaching $1.10 billion for the full year. Yet the earnings shortfall reflected a sharp deterioration at the GAAP level, where the net loss attributable to Bausch & Lomb widened to $58 million from just $3 million a year earlier, driven by a substantially higher income tax provision. Adjusted EBITDA rose to $326 million from $259 million, underscoring meaningful operating leverage that the GAAP figures obscure. The stock had already hit a 52-week high of $18.91 ahead of the print, a signal that investors were pricing in progress on execution. Looking to 2026, management guided revenue of $5.38 billion to $5.47 billion and adjusted EBITDA of $1.00 billion to $1.05 billion, pointing to continued margin expansion.