Bausch + Lomb
BLCONYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $21.37 Prior regular-session close from the quote source.
- $21.08–$21.37 Regular-session low and high so far today.
- 658.0K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Feb 17 projected Projected for 2027-02-17 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $14.44–$21.40 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own BLCO if new OTC/Vision Care launches (Lumify next‑gen, Blink, AREDS3, bioactive lens) scale fast enough to offset loss‑of‑exclusivity (LOE) pressure on legacy pharmaceuticals.
BLCO price history
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Investment thesis
What must happen next
Successful commercialization of next‑generation OTC and Vision Care products (Lumify next‑gen, Blink extensions, AREDS3, bioactive lens) will convert R&D into higher‑volume, higher‑margin revenue and sustain top‑line growth that offsets LOE in pharma.HoldingMateriality: High
Revenue rose each year 2022→2025: $3.768B (2022), $4.146B (2023), $4.791B (2024), $5.101B (2025). If true, revenue growth will be durable and can support margin recovery; if false, LOE will drive structural revenue declines and margin pressure.
Watch: Regulatory or clinical failures/delays for Lumify next‑gen, AREDS3, or bioactive lens (would precede revenue misses).
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Revenue rose each year 2022→2025: $3.768B (2022), $4.146B (2023), $4.791B (2024), $5.101B (2025).
Open source ↗Sustained positive operating cash flow will fund commercialization of the pipeline and limit dilution or heavy incremental leverage, enabling launches without destroying shareholder value.StrengtheningMateriality: High
Operating cash flow improved to $232M in 2024 and $283M in 2025 after a 2023 trough (-$17M). If OCF stays positive, the company can invest in go‑to‑market and defend margins; if OCF deteriorates, management will need to choose dilution, debt, or cuts that harm returns.
Watch: Rising working capital (inventory builds for launches), a big acquisition, or higher-than-expected promotional spend that outpaces OCF.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Operating cash flow improved to $232M in 2024 and $283M in 2025 after a 2023 trough (-$17M).
Open source ↗Loss of exclusivity or adverse patent litigation outcomes for brands like PreserVision and Lumify will rapidly depress pricing and volume for affected products and materially pressure consolidated revenue and margins.StrengtheningMateriality: Medium
Business text: PreserVision accounted for ~6% of total revenues in 2024 and 2025. Pharma LOE is a direct, fast-acting downside: a few generics can remove a large portion of a product’s revenue and compress margins company‑wide.
Watch: Favorable litigation outcomes or settlements that block at‑risk generics.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Business text: PreserVision accounted for ~6% of total revenues in 2024 and 2025.
Open source ↗
Full investment case & evidence
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Original research
Successful commercialization of next‑generation OTC and Vision Care products (Lumify next‑gen, Blink extensions, AREDS3, bioactive lens) will convert R&D into higher‑volume, higher‑margin revenue and sustain top‑line growth that offsets LOE in pharma. If true, revenue growth will be durable and can support margin recovery; if false, LOE will drive structural revenue declines and margin pressure.
Sustained positive operating cash flow will fund commercialization of the pipeline and limit dilution or heavy incremental leverage, enabling launches without destroying shareholder value. If OCF stays positive, the company can invest in go‑to‑market and defend margins; if OCF deteriorates, management will need to choose dilution, debt, or cuts that harm returns.
Loss of exclusivity or adverse patent litigation outcomes for brands like PreserVision and Lumify will rapidly depress pricing and volume for affected products and materially pressure consolidated revenue and margins. Pharma LOE is a direct, fast-acting downside: a few generics can remove a large portion of a product’s revenue and compress margins company‑wide.
All standing thesis claims
Original report summary
new OTC/Vision Care launches (Lumify next‑gen, Blink, AREDS3, bioactive lens) scale fast enough to offset loss‑of‑exclusivity (LOE) pressure on legacy pharmaceuticals.
Bull case and bear case
Bull case and bear case for Bausch & Lomb
Where the evidence on Bausch & Lomb stands: Holding on the latest evidence (Nov 4, 2026). Of its 3 thesis points, 2 strengthening and 1 holding.
Bull case: what the evidence supports
Successful commercialization of next‑generation OTC and Vision Care products (Lumify next‑gen, Blink extensions, AREDS3, bioactive lens) will convert R&D into higher‑volume, higher‑margin revenue and sustain top‑line growth that offsets LOE in pharma.
Sustained positive operating cash flow will fund commercialization of the pipeline and limit dilution or heavy incremental leverage, enabling launches without destroying shareholder value.
Loss of exclusivity or adverse patent litigation outcomes for brands like PreserVision and Lumify will rapidly depress pricing and volume for affected products and materially pressure consolidated revenue and margins.
Bear case: what would count against it
Regulatory or clinical failures/delays for Lumify next‑gen, AREDS3, or bioactive lens (would precede revenue misses).
Rising working capital (inventory builds for launches), a big acquisition, or higher-than-expected promotional spend that outpaces OCF.
Favorable litigation outcomes or settlements that block at‑risk generics.
Thesis-Break Engine
What has broken in Bausch & Lomb’s thesis
Each break OptimistFi flagged on Bausch & Lomb, dated — with what has historically followed the same kind of break across the market, not a forecast for Bausch & Lomb.
- Price target fell below the stockcondition set before this filing
Across all companies, this kind of break has happened 1,809 times before. Those stocks trailed comparable companies by a median of 1% over the next six months, and 33% of them trailed it by 10 points or more.
- CEO / officer changecondition set before this filing
Across all companies, this kind of break has happened 16,849 times before. Those stocks trailed comparable companies by a median of 2% over the next six months, and 38% of them trailed it by 10 points or more.
Several kinds of break have stacked on Bausch & Lomb at once. A cluster is a stronger read than any one signal alone.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedDirector or principal officer change.
Bausch & Lomb filed an SEC 8-K on 2026-10-28: Director or principal officer change. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Bausch & Lomb filed an SEC 8-K on 2026-10-28: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
Bausch & Lomb filed an SEC 8-K on 2026-10-13: Director or principal officer change. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Regulatory or clinical failures/delays for Lumify next‑gen, AREDS3, or bioactive lens (would precede revenue misses).
- Rising working capital (inventory builds for launches), a big acquisition, or higher-than-expected promotional spend that outpaces OCF.
- Favorable litigation outcomes or settlements that block at‑risk generics.
BLCO news
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Financial statements
BLCO income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
BLCO: quick answers
- When does Bausch & Lomb (BLCO) report earnings next?
- Bausch & Lomb's next results are projected for February 17, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on October 28, 2026. Earnings calendar
- What is BLCO's short interest?
- As of October 30, 2026, 2.6M BLCO shares were sold short, 0.72% of its shares outstanding, up 1.9% from the count before. At the stock's average daily volume that is 2.3 days to cover. FINRA publishes the count twice a month. BLCO short interest history
- Which well-known investors own BLCO?
- 4 of the 37 well-known funds tracked here reported BLCO shares in their latest 13F filings. By share of the fund's portfolio: Oaktree Capital Management (Howard Marks), 0.8%; Icahn (Carl C. Icahn) (Carl Icahn), 0.7%; Glenview Capital Management, 0.6%. Fund portfolios
BLCO in well-known investors’ portfolios
4 of 37 funds reported BLCO shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Howard MarksOaktree Capital Management | 0.79% | $57.0M | +1.7% | Q2 2026 |
| Carl IcahnIcahn (Carl C. Icahn) | 0.70% | $58.0M | No change | Q2 2026 |
| Glenview Capital Management | 0.58% | $31.8M | +0.4% | Q2 2026 |
| Dan LoebThird Point | 0.03% | $1.4M | New | Q2 2026 |