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]

Financial Data and Key Metrics Changes - In Q4 2025, the company achieved revenue of $1.405 billion, representing a 7% increase year-over-year, and full-year revenue reached $5.101 billion, up 5% [13][22] - Adjusted EBITDA for Q4 was $330 million, reflecting a 27% growth year-over-year, with an adjusted EBITDA margin of 23.5%, the highest since the company's IPO [12][20] - The full-year adjusted EBITDA was $891 million, with a margin of 17.5% [9][20] Business Line Data and Key Metrics Changes - Vision Care segment revenue for Q4 was $778 million, up 5%, with full-year revenue of $2.923 billion, up 6% [15] - Surgical segment revenue in Q4 was $249 million, a 3% increase, and full-year revenue was $894 million, up 4% [17] - Pharma segment revenue for Q4 was $378 million, a 14% increase, with full-year revenue of $1.284 billion, up 6% [18] Market Data and Key Metrics Changes - The U.S. branded RX business in the pharma segment grew by 21% in Q4 and 13% for the full year [18] - Contact lens revenue growth was 8% in Q4 and 7% for the full year, with daily SiHy lenses up 17% in Q4 and 28% for the full year [16] - In China, contact lenses grew by 7% in Q4 and 8% for the full year [16] Company Strategy and Development Direction - The company is focused on executing its three-year plan, emphasizing operational excellence and financial discipline [5][6] - The strategy includes expanding the dry eye portfolio, with MIEBO expected to exceed $600 million in peak sales due to strong market access and execution [26][41] - The company aims to leverage its diversified product portfolio to drive sustained growth in the eye health market [11][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to grow faster than the market in 2026, with revenue guidance of $5.375 billion to $5.475 billion [22][23] - The company anticipates continued margin expansion and operating leverage, with adjusted EBITDA growth expected to outpace revenue growth [23][24] - Management highlighted the importance of execution and structural improvements in the P&L as key drivers of future performance [36][38] Other Important Information - The company reported an adjusted gross margin of 62.1% for Q4 and 61% for the full year [19] - Adjusted cash flow from operations was $152 million in Q4 and $381 million for the full year [20] - The adjusted tax rate for the full year was 10%, lower than previous guidance due to one-time adjustments [21] Q&A Session Summary Question: What are the key areas to execute for growth in 2026? - Management emphasized the importance of execution, structural improvements, and aligning the organization around clear priorities to achieve growth [36][38] Question: What lessons can be learned from MIEBO's success? - The success of MIEBO is attributed to a strong product with a favorable benefit-risk profile and effective execution strategies [40][43] Question: How does the company view the competitive landscape for 2026? - Management acknowledged competition but expressed confidence in their market position, particularly in the pharma segment with strong access and momentum [53][56]

Financial Data and Key Metrics Changes - In Q4 2025, the company achieved revenue of $1.405 billion, representing a 7% increase year-over-year, and full-year revenue reached $5.101 billion, up 5% [12][18] - Adjusted EBITDA for Q4 was $330 million, reflecting a 27% growth year-over-year, with an adjusted EBITDA margin of 23.5%, the highest since the company's IPO [11][18] - The adjusted gross margin for Q4 was 62.1%, with a full-year adjusted gross margin of 61% [17] Business Line Data and Key Metrics Changes - Vision Care segment revenue for Q4 was $778 million, up 5%, with full-year revenue of $2.923 billion, up 6% [13] - Surgical segment revenue in Q4 was $249 million, a 3% increase, with full-year revenue of $894 million, up 4% [15] - Pharma segment revenue for Q4 was $378 million, a 14% increase, with full-year revenue of $1.284 billion, up 6% [16] Market Data and Key Metrics Changes - The U.S. contact lens market grew by 11% in Q4, while international markets saw a 6% increase [14] - In China, contact lens revenue grew by 7% in Q4 and 8% for the full year [14] - The global dry eye market is expected to nearly double in the next four years, with significant growth attributed to MIEBO [27] Company Strategy and Development Direction - The company is focused on executing its three-year plan, emphasizing operational excellence and financial discipline [4][20] - The strategy includes expanding the dry eye portfolio and leveraging R&D to drive revenue growth [6][10] - The company aims to achieve revenue growth faster than the market across all segments in 2026 [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to sustain growth, citing strong execution and a solid foundation for future success [39] - The company anticipates continued momentum in 2026, with expectations for revenue growth in the range of $5.375 billion to $5.475 billion [20] - Management highlighted the importance of disciplined execution and the impact of seasonality on revenue, particularly in the dry eye segment [68] Other Important Information - The company plans to maintain investments in R&D at 7.5%-8% of revenue, with adjusted EBITDA guidance for 2026 set between $1 billion and $1.05 billion [21][22] - The adjusted tax rate for 2026 is expected to be approximately 19% [22] Q&A Session Summary Question: What are the key areas to execute on for growth in 2026? - Management emphasized the importance of execution, structural improvements in the P&L, and aligning the organization around clear priorities [35][36] Question: What lessons can be learned from MIEBO's success? - Management noted that strong execution and a positive benefit-risk profile contributed to MIEBO's success, and these lessons will inform future pipeline strategies [40][41] Question: How will XIIDRA perform in 2026? - Management expects mid-single-digit sales growth for XIIDRA, balancing net price improvement with volume decline [77][80]

Financial Data and Key Metrics Changes - The company is focused on achieving financial excellence, particularly improving EBITDA margins to align with or exceed competitors [4][5] - A three-year plan was announced, targeting a revenue growth rate of 5%-7% and a consistent margin improvement of approximately 200 basis points per year [12][56] Business Line Data and Key Metrics Changes - The Vision 27 program aims to enhance operational excellence and gross margins, with thousands of employees involved in various projects [5][7] - The contact lens market is experiencing a slowdown, with growth around 4%, but the company is growing faster than the market [23][24] Market Data and Key Metrics Changes - The company noted a slowdown in the Asian markets, particularly in China, which is affecting overall growth [23][24] - The bifurcation in consumer spending is evident, with lower-end consumers feeling more financial pressure compared to middle and high-income consumers [24] Company Strategy and Development Direction - The company is prioritizing organic growth over M&A, with a focus on enhancing its existing pipeline and improving its balance sheet [15][16] - Innovation is a key focus, with new products like Project Halo aimed at addressing significant consumer issues in the contact lens market [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to achieve its targets, citing recent sales growth and margin improvements as indicators of progress [10][56] - The company is optimistic about the future, expecting to see continued growth and innovation leading to a stronger market position [5][10] Other Important Information - The company is committed to improving its liquidity and addressing its ownership structure, which is currently 88% owned by Bausch Health [11] - The pipeline is projected to generate over $7 billion in potential revenue, highlighting significant growth opportunities [54] Q&A Session Summary Question: What components contributed to the 5%-7% revenue long-range plan? - Management acknowledged the difficulty in predicting future performance but expressed confidence in their balanced guidance based on current market conditions [12][13] Question: How does the company view tuck-in M&A? - The company currently does not require M&A for its three-year plan, focusing instead on organic growth and improving its balance sheet [15][16] Question: What is the expected timeline for new product launches? - The company anticipates launching new products, including a bioactive contact lens, by 2028, with clinical studies ongoing [19][22] Question: How is the company managing its R&D budget? - The company is increasing its R&D budget to approximately 7.5% of revenue, focusing on programs that promise the best returns [36][38] Question: What is the outlook for the dry eye market? - Management believes they have the best portfolio for treating dry eye, with Xiidra and Miebo positioned as leading products in the market [40][41]

Financial Data and Key Metrics Changes - The company is focused on achieving financial excellence, particularly improving EBITDA margins to align with or exceed competitors [5][6][11] - A three-year plan was announced, targeting a revenue growth rate of 5%-7% [13][15] - The company aims for a net leverage of 3.5 times by 2028 [18] Business Line Data and Key Metrics Changes - The Vision 27 program is designed to enhance operational efficiency and gross margins across various business lines [6][11] - The contact lens segment is expected to grow faster than the market, with a new bioactive platform, Project Halo, set to launch in 2028 [21][27] - The dry eye product portfolio, including Xiidra and Miebo, is positioned as the gold standard in the market [52] Market Data and Key Metrics Changes - The contact lens market has slowed to about 4% growth, influenced by economic conditions in Asia, particularly China [28][29] - The company anticipates a recovery in the contact lens market, projecting growth to return to 5% or higher by 2026 [29] Company Strategy and Development Direction - The company is committed to organic growth, with no M&A planned in the three-year strategy [18] - Focus on innovation is critical, with a deep pipeline of products expected to drive future growth [90] - The company aims to leverage its existing infrastructure for new product launches to maintain high margins [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's transformation into a high-performance competitor, emphasizing the importance of innovation and operational excellence [5][6] - The management highlighted the need for a disciplined approach to spending as growth resumes [9][11] - The company is optimistic about the aging population's demand for premium IOLs, viewing it as a growth driver [89] Other Important Information - The company is focusing on enhancing its R&D efficiency, aiming to allocate more resources towards product development rather than administrative costs [50] - The introduction of new products like Lumify Luxe and the expansion of the PreserVision brand are seen as significant growth opportunities [44][46] Q&A Session Summary Question: How should investors think about the liquidity of Bausch + Lomb given its ownership structure? - Management acknowledged the 88% ownership by Bausch Health and indicated that both boards are committed to addressing liquidity issues, though the timeline is uncertain [12] Question: What are the components of the 5%-7% revenue long-range plan? - Management explained that the guidance is based on current market conditions and internal capabilities, with a balanced approach to growth [13][15] Question: How does the company view tuck-in M&A opportunities? - Management stated that no M&A is needed at this time, focusing instead on organic growth and improving the balance sheet [18] Question: What is the expected timeline for the new bioactive contact lens material? - The new product is expected to launch in 2028, with ongoing clinical studies providing positive data [24][27] Question: How does the company plan to manage its R&D budget? - The company is increasing its R&D spending to about 7.5% of revenue, focusing on high-potential programs [48][50] Question: What is the outlook for the dry eye market? - Management believes they have the best portfolio for dry eye treatment, with Xiidra and Miebo positioned as leading products [52] Question: What is the growth outlook for the surgical business? - The surgical business is expected to grow steadily, driven by an aging population and consistent demand for IOLs [89]

Summary of Bausch + Lomb Investor Day Company Overview - **Company**: Bausch + Lomb (NYSE: BLCO) - **Event**: 2025 Investor Day held on November 13, 2025 Key Industry Insights - **Market Growth**: The eye care market is durable and growing at mid-single digits, with Bausch + Lomb expecting a compound annual growth rate (CAGR) of 5%-7% through 2028 [19][22] - **Consumer Trends**: Increasing consumer interest in self-care, an aging population, and a rise in eye conditions, particularly dry eye, are driving market growth [51] Core Company Strategies - **Financial Excellence**: Emphasis on driving execution, controlling costs, and expanding margins to create sustainable value through 2028 and beyond [16][17] - **Innovation Focus**: A robust pipeline of breakthrough products is expected to deliver significant value beyond 2028, with over 60 active programs in various stages of development [18][34] Financial Targets - **Revenue Growth**: Expected above-market revenue growth with a target of 5%-7% CAGR through 2028 [19][22] - **Margin Expansion**: Targeting an adjusted EBITDA margin of 23% by 2028, reflecting a 600 basis points improvement from 2025 guidance [20][21] - **Cash Flow Generation**: Anticipating cash flow conversion to exceed 50% by 2028, with strong progress already noted in Q3 results [20][28] Product Portfolio Highlights - **Consumer Business**: Strong performance with a 5%-7% CAGR expected, driven by brands like PreserVision, Lumify, and Blink [23][51] - **Pharmaceutical Leadership**: Market leader in dry eye disease with brands Mibo and Xiidra, focusing on innovative treatments [24] - **Surgical Innovations**: Premium IOL portfolio and new product launches are driving growth in the surgical segment [24] Key Product Innovations - **PreserVision AREDS3**: A new formulation targeting all stages of age-related macular degeneration (AMD), expected to launch in 2026 [54][55] - **Lumify Lux**: A new version of the popular redness reliever incorporating hyaluronic acid for enhanced user experience [60][61] - **Blink Triple Care**: An advanced OTC dry eye drop formulation combining hyaluronic acid with nano-emulsion lipids for long-lasting hydration [64] R&D and Innovation - **R&D Transformation**: Significant restructuring to enhance capabilities, focusing on groundbreaking innovations and faster market delivery [33][34] - **Pipeline Potential**: Aiming for peak sales of $7 billion from the current pipeline, with a focus on disruptive innovations rather than incremental improvements [30][31] Market Position and Competitive Advantage - **Leadership in Consumer Eye Health**: Bausch + Lomb is the number one global consumer eye health company, outperforming peers in growth [51][52] - **Brand Trust**: Strong consumer trust in brands like PreserVision, Lumify, and Biotrue, which are highly recommended by eye care professionals [52] Conclusion - Bausch + Lomb is positioned for significant growth through innovative product development, strong financial management, and a commitment to improving eye health standards. The company is confident in its ability to deliver above-market growth and expand profitability through disciplined execution and strategic investments in R&D.

Financial Targets and Growth - Bausch + Lomb projects a constant currency revenue CAGR of 5-7% from 2025-2028[18] - The company aims for an adjusted EBITDA margin of approximately 23% by 2028, excluding acquired IPR&D, representing a 600 bps increase from 2025[18, 38] - Bausch + Lomb targets double-digit adjusted EPS growth from 2026-2028, excluding acquired IPR&D[18] - The company anticipates an adjusted cash flow from operations to adjusted EBITDA conversion of approximately 50% in 2028[18] - Bausch + Lomb aims to reduce net leverage to approximately 35x by the end of 2028[18] Pipeline and Innovation - The company's pipeline has a potential peak sales of approximately $7 billion[40] - AREDS3 vitamins are expected to expand the AMD market, with a franchise peak sales of approximately $600 million[50] - Lumify Luxe, with enhanced comfort, is projected to have franchise peak sales of approximately $450 million[50] - A dual-action DED eye drop is expected to launch in approximately 2029, with peak sales of approximately $07 billion[55] - A first neurosensory agent for OSP is expected to launch in approximately 2030, with peak sales of approximately $14 billion[55]

Financial Data and Key Metrics Changes - Total company revenue for Q3 2025 was $1.281 billion, reflecting a year-over-year growth of 6% [10][11] - Adjusted EBITDA for Q3 was $243 million, up 7% year-over-year, with an adjusted EBITDA margin of 19%, representing a sequential increase of 400 basis points [14][15] - Adjusted cash flow from operations was $161 million, with adjusted free cash flow at $87 million, indicating strong cash flow generation [14][15] Business Line Data and Key Metrics Changes - Vision Care revenue for Q3 was $736 million, increasing by 6%, driven by growth in both consumer and contact lenses [10][11] - Pharmaceuticals segment revenue was $330 million, representing a 7% increase, with MIEBO generating $84 million, a 71% year-over-year increase [13][14] - Surgical segment revenue was $215 million, a 1% increase, with premium IOLs showing a 27% constant currency revenue growth [12][14] Market Data and Key Metrics Changes - The U.S. branded RX business in pharmaceuticals grew by 13%, while the international pharmaceuticals business was up 12% [13][14] - The contact lens market is expected to grow in the mid-single digits, with the company outpacing market growth [38][80] - The company reported a 9% growth in the U.S. contact lens market and a 4% growth internationally [12][14] Company Strategy and Development Direction - The company is focused on three core pillars: Selling Excellence, Operational Excellence, and Disruptive Innovation, with the addition of a fourth pillar, Financial Excellence [6][27] - The strategy aims to deliver sustained, profitable growth through innovation and operational efficiency, with a strong emphasis on cash flow optimization [7][10] - Upcoming product launches and innovations are expected to drive future growth, particularly in the dry eye treatment market [8][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the dry eye market, with MIEBO and XIIdra leading the way [18][104] - The company anticipates continued revenue growth and margin expansion, supported by disciplined cost management and operational improvements [15][29] - The management is closely monitoring tariff impacts and believes they can mitigate potential negative effects [16][78] Other Important Information - The company is maintaining its full-year revenue guidance at $5.05 billion to $5.15 billion, representing constant currency growth of approximately 5% to 7% [15][16] - Adjusted gross margin for Q3 was 61.7%, reflecting a 130 basis points decrease year-over-year, primarily due to product mix and the Invista IOL recall [13][14] Q&A Session Summary Question: Commentary on Financial Excellence pillar - The Financial Excellence pillar focuses on ensuring every dollar spent drives growth and efficiency, emphasizing disciplined execution and resource allocation [26][27] Question: Insights on contact lens market share - The company has been growing faster than the industry, attributing this to new product innovations and effective execution [38][39] Question: MIEBO and combination therapy - MIEBO's TRx growth of 110% indicates strong market potential, and combination therapies are seen as a way to enhance treatment efficacy [44][49] Question: Surgical business and Invista IOL recovery - The Invista IOL platform has shown impressive recovery, with sales reaching 82% of pre-recall levels, and the company is regaining momentum in premium IOLs [58][60] Question: Sustainability of SG&A leverage - The company aims for sustainable SG&A improvements while balancing reinvestment in growth opportunities [61][62] Question: Tariff impact and market growth outlook - The company is monitoring tariff impacts closely and believes it can manage potential challenges while maintaining a positive growth outlook [78][80]

Financial Data and Key Metrics Changes - Total company revenue for Q3 2025 was $1.281 billion, reflecting year-over-year growth of 6% [10] - Adjusted EBITDA for Q3 was $243 million, up 7% year-over-year, with an adjusted EBITDA margin of 19%, representing a sequential increase of 400 basis points [14][15] - Adjusted cash flow from operations was $161 million, with adjusted free cash flow at $87 million, indicating strong cash flow generation [14] Business Line Data and Key Metrics Changes - Vision Care revenue for Q3 was $736 million, increasing by 6%, driven by growth in both consumer and contact lenses [10] - Pharmaceuticals segment revenue was $330 million, representing a 7% increase, with MIEBO generating $84 million, a 71% year-over-year increase [13] - Surgical segment revenue was $215 million, a 1% increase, with premium IOLs showing 27% constant currency revenue growth [12][13] Market Data and Key Metrics Changes - The U.S. branded RX business in pharmaceuticals grew by 13%, while the international pharmaceuticals business was up 12% [13] - The contact lens market is growing at a mid-single-digit rate, with the company outpacing the market growth [41][80] - The company reported a 9% growth in the U.S. contact lens market and a 4% growth internationally [12] Company Strategy and Development Direction - The company is focused on four strategic pillars: Selling Excellence, Operational Excellence, Disruptive Innovation, and Financial Excellence [5][6] - The upcoming Investor Day will showcase a three-year plan aimed at delivering sustained, profitable growth [6][15] - The company aims to elevate the standard of care in eye health through innovative product launches and a strong pipeline [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the dry eye market, anticipating continued expansion due to increased awareness and education [18][100] - The company is committed to maintaining a disciplined approach to cost management while investing in R&D for future growth [15][66] - Management noted that the tariff situation remains fluid but expressed confidence in the ability to mitigate impacts [75][78] Other Important Information - Adjusted gross margin for Q3 was 61.7%, a decrease of 130 basis points year-over-year, primarily due to product mix and the Invista IOL recall [14][86] - The company is maintaining its full-year revenue guidance at $5.05 billion to $5.15 billion, representing constant currency growth of approximately 5% to 7% [15][16] Q&A Session Summary Question: Commentary on Financial Excellence pillar - Management explained that the Financial Excellence pillar focuses on ensuring every dollar spent drives growth and efficiency, emphasizing disciplined execution and resource allocation [24][26] Question: Insights on contact lens market share - Management indicated that the contact lens market is growing in the mid-single digits, with the company growing faster than the market due to new product innovations [41][42] Question: MIEBO's performance and market opportunity - Management highlighted MIEBO's strong TRx growth of 110% year-over-year, indicating a positive outlook for the dry eye treatment market [18][49] Question: Surgical business and Invista IOL recovery - Management reported impressive recovery in the Invista IOL platform, with sales reaching 82% of pre-recall levels, and expressed confidence in regaining market momentum [58][60] Question: Capital allocation strategy - Management confirmed a commitment to deleveraging while also considering reinvestment in R&D and potential M&A opportunities [108]

Financial Data and Key Metrics Changes - Total company revenue for Q2 2025 was $1,278 million, reflecting a year-over-year growth of 3% [13] - Excluding the impact of the Envista recall, total company revenue grew by 6% in the quarter [14] - Adjusted gross margin for Q2 was 60.6%, representing a 130 basis points decrease year-over-year [24] - Adjusted EBITDA for Q2, excluding acquired IPR&D, was $192 million, absorbing a one-time impact of $19 million from the investor recall [25] Business Line Data and Key Metrics Changes - Vision Care segment revenue for Q2 was $753 million, increasing by 6%, driven by growth in both consumer and contact lenses [15] - The dry eye portfolio generated $115 million in revenue in Q2, representing 19% growth [16] - Surgical segment revenue was $216 million, an increase of 1%, but would have been 15% growth excluding the recall [19] - Pharma segment revenue was $309 million in Q2, representing a decline of 1% [21] Market Data and Key Metrics Changes - U.S. contact lens revenue grew by 11%, EMEA by 11%, LATAM by 25%, Japan by 3%, and China by 7% [19] - The Daily SiHy contact lens franchise grew by 36% in Q2, continuing to be the fastest-growing brand [18] - The U.S. branded Rx business in Pharma was up 8% in Q2, driven by growth in MyBu and Xiidra [21] Company Strategy and Development Direction - The company is focused on innovation and has a robust pipeline that represents its future [7] - The strategic roadmap aims to accelerate growth and improve operational excellence [5] - The company plans to showcase potential game changers at the upcoming Investor Day [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the team's ability to overcome challenges and transform the company [42] - The company anticipates steady improvement in the U.S. Generics business in the second half of the year [24] - Management remains optimistic about the contact lens market and expects it to remain healthy [75] Other Important Information - The company raised its full-year revenue guidance to a range of $5,050 million to $5,150 million, reflecting constant currency growth of approximately 5% to 7% [26] - Adjusted EBITDA guidance was raised to a range of $860 million to $910 million [27] - The company successfully executed a refinancing of $3,100 million of its debt, extending maturities to 2031 [26] Q&A Session Summary Question: Highlights informing the decision to recommit to the company - Management expressed deep confidence in the team, products, and R&D pipeline, emphasizing the opportunity to transform the company [41] Question: Quantifying the tariff impact and strategy in Pharma - Management noted that the tariff impact is now estimated at 40 basis points for 2025, which is absorbed in the guidance [56] Question: Update on the product pipeline and future expectations - Management indicated that the contact lens R&D projects are at their best in the company's history, with significant advancements expected [98]