Core Insights - Bausch + Lomb reported a record fourth quarter and full-year performance for 2025, driven by broad-based revenue growth and accelerating profitability [4][6] - The company achieved an adjusted EBITDA of $330 million in Q4, up 27%, with a margin of 23.5%, marking the highest level since its IPO [1][6] - Total revenue for Q4 was $1.405 billion, reflecting a 7% increase on a constant-currency basis, while full-year revenue reached $5.101 billion, up 5% [2][6] Financial Performance - Full-year adjusted EBITDA was $891 million, with an adjusted EBITDA margin of 17.5% [1] - The company expects 2026 revenue guidance of $5.375 to $5.475 billion, representing 5% to 7% constant-currency growth [5][15] - Adjusted EBITDA for 2026 is projected to be between $1.0 billion and $1.05 billion, implying an EBITDA margin of approximately 19% [5][16] Segment Performance - Vision Care segment revenue in Q4 was $778 million, up 5%, with full-year revenue of $2.923 billion, up 6% [7] - The surgical segment reported Q4 revenue of $249 million, up 3%, and full-year revenue of $894 million, up 4% [8] - In pharmaceuticals, Q4 revenue was $378 million, up 14%, with full-year revenue of $1.284 billion, up 6% [9] Product Highlights - The dry-eye franchise saw significant growth, with MIEBO prescriptions increasing by 113% year-over-year, and peak sales potential raised from approximately $500 million to over $600 million [6][12] - XIIDRA also showed record quarterly prescriptions, with expected improved net pricing to drive revenue growth [13] - The consumer dry eye portfolio generated $116 million in Q4 revenue, up 6%, led by Blink growth of 33% [11] Market Dynamics - The overall dry eye market is expanding due to factors such as aging, environmental conditions, and increased screen time, with only about one in ten patients currently treated with prescription therapy [14] - Management noted that Q1 is typically the lowest quarter and Q4 the highest, with this seasonality expected to become more pronounced as the dry eye franchise grows [18] Future Outlook - The company plans to launch new consumer products, including PreserVision AREDS 3 and Blink Triple Care, in early 2026 [19] - A CE Mark submission for a next-generation femtosecond laser, Silera, is anticipated soon, with expected approval in the second half of the year [19] - Management is optimistic about returning to pre-recall levels in the surgical segment and expects to stop referencing the enVista recall in future earnings calls [21]