A global eye health company that makes contact lenses, eye drops like Lumify and PreserVision, and surgical tools for cataract surgery, used by patients and eye care professionals in roughly a hundred countries. Founded in 1853 in Rochester, New York, when German immigrant optician John Jacob Bausch borrowed sixty dollars from his friend Henry Lomb and promised him a partnership. Legend says Bausch found a scrap of vulcanite (hard rubber) on the street and turned it into the first durable eyeglass frames.
Bausch & Lomb swung to an $83M operating profit as SG&A discipline and Surgical recovery drove a 9% revenue increase.
Bausch & Lomb returned to operating profitability in the second quarter. rose 9% to $1,394 million and swung to $83 million from an $11 million loss a year ago, driven by a $113 million increase in from favorable mix and pricing. The company is now generating , but $5 billion in debt and a net loss remain the central financial challenge.
Key takeaways
swung to $83 million from an $11 million loss in Q2 2025, as a $113 million increase in —the difference between product sales and cost of goods sold—more than offset a $19 million rise in R&D expense.
rose 9% to $1,394 million, with $59 million from higher net realized pricing and $47 million from volume growth, led by the Surgical .
The Surgical grew 19% to $256 million on $35 million in higher volumes, reflecting continued recovery from the 2025 enVista intraocular lens recall and growth in premium IOLs.
Section summaries
Management's Discussion and Analysis
Q2 2026 revenue rose 9% to $1.39B driven by pricing and volume gains, with operating income swinging to $83M from a loss.
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Total revenues increased 9% to $1,394M, driven by $59M in higher net realized pricing and $47M in volume growth, led by the Surgical .
Pharmaceuticals grew 15% to $354M, fueled by MIEBO® and XIIDRA® and a $42M increase in net pricing.
Pharmaceuticals rose 15% to $354 million, fueled by MIEBO and XIIDRA and a $42 million increase in net pricing, a reversal from the pricing pressure that had weighed on the .
fell $35 million to $93 million, driven by lower rates on the January 2031 Refinancing Term Facility and the absence of prior-year debt write-offs.
Net was $153 million, up from $35 million a year ago, and turned positive at $82 million after a $54 million use of cash in Q2 2025.
What changed
The SG&A moderation flagged in Q1 2026 continued: the cost of goods sold ratio improved and rose $113 million, confirming that the exit from heavy XIIDRA and MIEBO launch spending is translating to .
The Pharmaceuticals 's net pricing swung to a $42 million from the persistent headwinds flagged in prior quarters, suggesting the gross-to-net pressure on XIIDRA and MIEBO may be stabilizing.
The Surgical 's 19% growth and volume recovery indicate the enVista recall impact flagged throughout 2025 is receding, though the filing does not quantify any remaining drag.
fell to $93 million from $128 million, the first meaningful decline since the debt-fueled XIIDRA acquisition, as the January 2031 refinancing at lower rates began to ease the burden that had been flagged as a primary risk.
turned positive at $82 million, breaking a pattern of negative free cash flow in Q2 periods that had persisted since Q2 2023, though the company still expects $200 million in interest payments in the second half of 2026.
What to watch
Whether the Pharmaceuticals 's $42 million net pricing is sustained in Q3, or whether the gross-to-net pressure on XIIDRA and MIEBO returns as the products mature further.
Whether the Surgical 's 19% growth rate holds as the enVista recall recovery laps and the comparison base normalizes in the second half of 2026.
The trajectory of now that the January 2031 refinancing is in place, and whether quarterly interest continues to decline from the $93 million recorded in Q2.
Whether remains positive through the second half of 2026, given $200 million in remaining interest payments and $115 million in planned .
Surgical jumped 19% to $256M on $35M in higher volumes, reflecting continued recovery from the 2025 enVista® IOL recall and growth in premium IOLs.
improved by $94M to $83M, primarily due to a $113M increase in (product sales less cost of goods sold) driven by favorable product mix.
fell $35M to $93M due to lower rates on the January 2031 Refinancing Term Facility and prior-year write-offs, while R&D expense rose 19% to $114M for pipeline development.
Net surged to $185M from $10M, reflecting stronger operating results, and the company expects $200M in interest payments and $115M in for the second half of 2026.
Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes to the Company's assessment of its sensitivity to market risks that affect the disclosures presented in the section entitled “Item 7A. Quantitative and Qualitative Disclosures About Market Risk” of our Annual Report.
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There have been no material changes to the Company's assessment of its sensitivity to market risks that affect the disclosures presented in the section entitled “Item 7A. Quantitative and Qualitative Disclosures About Market Risk” of our Annual Report.
We are involved in legal proceedings from time to time in the ordinary course of our business. Based on information currently available and established reserves, we have no reason to believe that the ultimate resolution of any known legal proceeding will have a material adverse…
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We are involved in legal proceedings from time to time in the ordinary course of our business. Based on information currently available and established reserves, we have no reason to believe that the ultimate resolution of any known legal proceeding will have a material adverse effect on our financial position, liquidity or results of operations. However, there can be no assurance that the outcome of any such legal proceeding will be favorable, and adverse results in certain of these legal proceedings could have a material adverse effect on our financial position, results of operations in any one reporting period, or liquidity.
For additional information, see Note 16, “LEGAL PROCEEDINGS” of notes to the unaudited interim Condensed Consolidated Financial Statements.
There have been no material changes to the risk factors as disclosed in Item 1A. “Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2025, filed on February 18, 2026.
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There have been no material changes to the risk factors as disclosed in Item 1A. “Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2025, filed on February 18, 2026.