Bausch + Lomb Corporation announced changes to its Board of Directors. At the request of Bausch Health Companies (“Bausch Health”), which has held a majority ownership position in Bausch + Lomb since its initial public offering in 2022 and currently owns, directly or indirectly through its wholly owned subsidiaries, approximately 87% of the company’s outstanding common shares, the Bausch + Lomb Board has appointed four new directors, effective Aug. 5, 2026:
- Thomas J. Appio, CEO, Bausch Health
- Robert Chersi, founder of Chersi Services LLC, executive director and a professor at Pace University’s Center for Governance, Reporting & Regulation and a seasoned director
- Laurence Paul, MD, co-founder and managing principal of Laurel Crown Partners, LLC, president of The Louis Berkman Company, minority owner of the Pittsburgh Steelers and a director of Crew Knitwear, Vereco and Ampco-Pittsburgh Corporation
- Barbara Trebbi, president and co-CEO of Landry Trebbi Investment Corp., president of BXT Corp. and director of Acadian Asset Management.
The new directors replace Steven Collis, Karen Ling, Thomas Ross and Andrew von Eschenbach, MD, each of whom has tendered their resignation to facilitate the new appointments; none of the resignations were the result of any disagreement with the company.
“We welcome our new directors and appreciate the service and contributions of those departing the Board,” said Brent Saunders, chairman and CEO, Bausch + Lomb. “Over the past several years, we’ve been very transparent about our strategy and the work required to build a stronger Bausch + Lomb. Today, we have exceptional talent across the company, momentum throughout our businesses and the strongest pipeline we’ve had in years. Our second-quarter performance reflects what this team has methodically built and the disciplined execution behind it, and our focus remains on executing our strategy and delivering long-term value.”
Bausch + Lomb delivered second-quarter revenue of $1.394 billion, an increase of 9% on a reported basis and 8% on a constant currency basis1 compared with the second quarter of 2025. Growth was broad-based across all segments, with double-digit revenue growth in Surgical and Pharmaceuticals, while significant margin expansion led to improved profitability. Net cash provided by operating activities (also referred to as cash flow from operations) increased more than four times, from $32 million in the first quarter to $153 million in the second. Adjusted cash flow from operations (non-GAAP)1 more than tripled, from $45 million in the first quarter to $161 million in the second.2
The company is also advancing a diversified pipeline across dry eye disease, surgical technologies, consumer eye health, contact lenses, retinal diseases and emerging areas including AI and computational biology. This breadth is designed to support a sustained cadence of innovation and address important structural trends in eye health, including aging populations, rising childhood myopia and the growing prevalence of dry eye and retinal disease.
Reaffirming 2026 Guidance3
Bausch + Lomb reaffirms the full-year 2026 guidance it raised on July 29, 2026, including revenue of $5.440 billion to $5.540 billion and Adjusted EBITDA excluding Acquired IPR&D (non-GAAP)1 of $1.025 billion to $1.075 billion.4
1 This is a non-GAAP measure or a non-GAAP ratio. For further information on non-GAAP measures and non-GAAP ratios, please refer to the “Non-GAAP Information” section of this news release. Please also refer to tables at the end of this news release for a reconciliation of this and other non-GAAP measures to the most directly comparable GAAP measure.
2 Adjusted cash flow from operations (non-GAAP) is net cash provided by operating activities (also referred to as Cash flow from operations), its most closely associated GAAP measure, less (i) Business Transformation payments of $7 million in the first quarter of 2026 and $3 million in the second quarter of 2026, (ii) financing payments related to the modification of the debt of $6 million in the first quarter of 2026 and (iii) payments of legacy legal settlements of $5 million in the second quarter of 2026.
3 Other than with respect to GAAP revenue, the company only provides guidance on a non-GAAP basis. The company does not provide a reconciliation of forward-looking Adjusted EBITDA excluding Acquired IPR&D (non-GAAP) to GAAP net income (loss) attributable to Bausch + Lomb Corporation due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. These amounts may be material and, therefore, could result in the projected GAAP measure or ratio being materially different or less than the projected non-GAAP measure or ratio. These statements represent forward-looking information and may represent a financial outlook, and actual results may vary. Please see the risks and assumptions referred to in the Forward-looking Statements section of this news release.
4 The affirmed guidance in this news release is only effective as of the date given, August 6, 2026, and will not be updated or affirmed unless and until the company publicly announces updated or affirmed guidance. Distribution or reference of this news release following August 6, 2026, does not constitute the company reaffirming guidance. See the “Forward-looking Statements” section for further information. This guidance does not take into consideration any changes in tariff policy, given the dynamic nature of the situation.