VAUGHAN, Ontario—Bausch + Lomb Corporation (NYSE/TSX: BLCO), a global eye health company, announced yesterday that revenue in the third quarter of 2024 grew 19 percent to $1.196 billion compared with $1.007 billion in the third quarter of 2023, an increase of $189 million. Excluding the unfavorable impact of foreign exchange of $5 million, revenue increased by approximately 19 percent on a constant currency basis compared with the third quarter of 2023, with strong revenue growth reported across all segments and geographies. The company’s vision care segment had a strong quarter, with revenue increasing at a reported 6 percent, according to the announcement.

Bausch + Lomb also announced that it is raising full-year 2024 revenue guidance to a range of $4.725 billion to $4.825 billion from a range of $4.7 billion to $4.8 billion. Constant currency revenue growth projections remained at approximately 16 percent to 18 percent.

“Our focus on execution continues to drive growth, with significant opportunity ahead,” said Brent Saunders, chairman and CEO, Bausch + Lomb. “We’re in the middle of multi-dimensional launch cycles around the world, covering all our businesses and targeting all our audiences.

“You may be bored by our three areas of focus and that’s a good thing,” Saunders continued on an earnings call. “We don’t need a dramatic shift in strategy or change in how we report our progress. Instead, we need to continue our relentless focus on execution, which is exactly what we are doing.”

Vision care segment revenue was reported as $684 million for the third quarter of 2024, compared with $648 million for the third quarter of 2023, an increase of $36 million, or 6 percent. Excluding the unfavorable impact of foreign exchange of $4 million, segment revenue increased on a constant currency basis by approximately 6 percent compared with the third quarter of 2023, primarily due to sales from the dry eye portfolio within the consumer business and SiHy Daily lenses within the contact lens business. On a year-to-date basis, vision care segment revenue increased 7 percent compared with the same period in 2023.

Contact lens revenue for the third quarter was reported at $253 million, a 12 percent increase from the same period last year. Contact lens sales in the U.S. increased 12 percent and 11 percent internationally. “In our vision care segment, we continue to see aggressive growth in the daily side SiHy lenses,” Saunders said. 

Surgical segment revenue was $206 million for the third quarter of 2024, as compared with $185 million for the third quarter of 2023, an increase of $21 million, or 11 percent. Excluding the unfavorable impact of foreign exchange of $1 million, segment revenue increased on a constant currency basis by approximately 12 percent compared with the third quarter of 2023, primarily due to increased demand for consumables, equipment and implantables driven by the premium IOL portfolio.

Pharmaceuticals segment revenue was $306 million for the third quarter of 2024, as compared with $174 million for the third quarter of 2023, an increase of $132 million, or 76 percent. Foreign exchange impact was negligible and segment revenue increased on a constant currency basis by approximately 76 percent compared with the third quarter of 2023, primarily due to incremental sales from the acquisition of Xiidra, the launch of Miebo and growth in international pharmaceuticals.

Operating income was $43 million for the third quarter of 2024, as compared with $40 million for the third quarter of 2023, an increase of $3 million. The change was driven by the increase in gross profit contribution, partially offset by higher selling, advertising and promotion costs primarily attributable to Xiidra and the launch of Miebo.

Net income attributable to Bausch + Lomb Corporation for the third quarter of 2024 was $4 million, as compared with a net loss of $84 million for the third quarter of 2023, a favorable change of $88 million. The increase was primarily due to a favorable change in income taxes and the increase in operating results, the company noted, partially offset by the increase in interest expense.

On the earnings call, Saunders also briefly addressed the ongoing speculation that private equity firms have been interested in acquiring Bausch + Lomb and that a sale was potentially imminent. “While all parties remain committed to a full separation from (parent company) Bausch Health, and there are multiple paths to making that happen, we don’t comment on rumors involving the company,” Saunders said.