Bausch & Lomb CorpBLCO
Bausch & Lomb Corp Segments Disclosure
SEGMENT INFORMATION
Reportable Segments
The Company’s Chief Executive Officer, who is the Company’s Chief Operating Decision Maker, manages the business through three operating segments, consistent with how the Company’s Chief Executive Officer: (i) assesses operating performance on a regular basis, (ii) makes resource allocation decisions and (iii) designates responsibilities of his direct reports. The Company operates in the following operating segments, which also qualify as reportable segments: (i) Vision Care, (ii) Pharmaceuticals and (iii) Surgical. These segments are generally determined based on the decision-making structure of Bausch + Lomb and the grouping of similar products and services.
•The Vision Care segment consists of: (i) sales of contact lenses that span the spectrum of wearing modalities, including daily disposable and frequently replaced contact lenses, and (ii) sales of contact lens care products, OTC eye drops that address various conditions, including eye allergies, conjunctivitis, dry eye and redness relief, and eye vitamin and mineral supplements.
•The Pharmaceuticals segment consists of sales of a broad line of proprietary and generic pharmaceutical products for post-operative treatments and the treatment of a number of eye conditions, such as glaucoma, eye inflammation, ocular hypertension, dry eyes and retinal diseases.
•The Surgical segment consists of sales of medical device equipment, consumables and technologies for the treatment of cataracts, corneal, vitreous and retinal eye conditions, which includes IOLs and delivery systems, phacoemulsification equipment and other surgical instruments and devices necessary for cataract surgery.
The Company’s Chief Operating Decision Maker uses segment profit to assess operating performance and make resource allocation decisions for each of its segments. Segment profit is based on operating income after the elimination of intercompany transactions. Certain costs, such as Amortization of intangible assets, and Other expense, net, are not included in the measure of segment profit, as management excludes these items in assessing segment financial performance.
Corporate includes the finance, treasury, certain research and development programs, tax and legal operations of Bausch + Lomb’s businesses and incurs certain expenses, gains and losses related to the overall management of Bausch + Lomb, which are not allocated to the other business segments. In assessing segment performance and managing operations, management does not review segment assets. Furthermore, a portion of share-based compensation is considered a corporate cost, since the amount of such expense depends on company-wide performance rather than the operating performance of any single segment.
Segment Revenues and Profit
Segment revenues and profits for the years 2025, 2024 and 2023 were as follows:
| Vision Care | Pharmaceuticals | Surgical | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (in millions) | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Product Sales | $ | 2,914 | $ | 2,731 | $ | 2,535 | $ | 1,277 | $ | 1,206 | $ | 834 | $ | 889 | $ | 837 | $ | 762 | $ | 5,080 | $ | 4,774 | $ | 4,131 | |||||||||||||||||||||||||||||||||||||||||||||||
| Other Revenues | 9 | 8 | 8 | 7 | 3 | 2 | 5 | 6 | 5 | 21 | 17 | 15 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2,923 | 2,739 | 2,543 | 1,284 | 1,209 | 836 | 894 | 843 | 767 | 5,101 | 4,791 | 4,146 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cost of goods sold (excluding amortization and impairments of intangible assets) | 1,113 | 1,002 | 954 | 397 | 374 | 252 | 535 | 492 | 434 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cost of other revenues | 1 | 1 | 1 | 4 | 3 | 1 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Selling, general and administrative | 912 | 882 | 832 | 572 | 543 | 322 | 298 | 265 | 248 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Research and development | 48 | 46 | 67 | 53 | 33 | 20 | 43 | 42 | 35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Profit | $ | 849 | $ | 808 | $ | 689 | $ | 258 | $ | 256 | $ | 241 | $ | 18 | $ | 44 | $ | 50 | 1,125 | 1,108 | 980 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate | (679) | (614) | (536) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of intangible assets | (258) | (288) | (240) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other expense, net | (75) | (44) | (74) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating income | 113 | 162 | 130 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | 12 | 15 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | (421) | (399) | (283) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loss on extinguishment of debt | (6) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Foreign exchange and other | (15) | (12) | (28) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loss before provision for income taxes | $ | (317) | $ | (234) | $ | (166) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues by Segment and by Product Category
Revenues by segment and product category were as follows:
| Vision Care | Pharmaceuticals | Surgical | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (in millions) | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pharmaceuticals | $ | 5 | $ | 4 | $ | 4 | $ | 1,076 | $ | 965 | $ | 614 | $ | — | $ | — | $ | — | $ | 1,081 | $ | 969 | $ | 618 | |||||||||||||||||||||||||||||||||||||||||||||||
| Devices | 1,033 | 963 | 888 | — | — | — | 889 | 837 | 762 | 1,922 | 1,800 | 1,650 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| OTC | 1,834 | 1,724 | 1,611 | — | — | — | — | — | — | 1,834 | 1,724 | 1,611 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Branded and Other Generics | 42 | 40 | 32 | 201 | 241 | 220 | — | — | — | 243 | 281 | 252 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other revenues | 9 | 8 | 8 | 7 | 3 | 2 | 5 | 6 | 5 | 21 | 17 | 15 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| $ | 2,923 | $ | 2,739 | $ | 2,543 | $ | 1,284 | $ | 1,209 | $ | 836 | $ | 894 | $ | 843 | $ | 767 | $ | 5,101 | $ | 4,791 | $ | 4,146 | ||||||||||||||||||||||||||||||||||||||||||||||||
The top ten products/franchises represented 56%, 54% and 48% of total revenues for the years 2025, 2024 and 2023, respectively.
Geographic Information
Revenues are attributed to a geographic region based on the location of the customer for the years 2025, 2024 and 2023 and were as follows:
| (in millions) | 2025 | 2024 | 2023 | ||||||||||||||
| U.S. and Puerto Rico | $ | 2,546 | $ | 2,413 | $ | 1,934 | |||||||||||
| China | 358 | 358 | 344 | ||||||||||||||
| France | 246 | 227 | 210 | ||||||||||||||
| Japan | 186 | 180 | 187 | ||||||||||||||
| Germany | 164 | 152 | 147 | ||||||||||||||
| Russia | 148 | 120 | 106 | ||||||||||||||
| United Kingdom | 137 | 132 | 121 | ||||||||||||||
| Canada | 135 | 127 | 110 | ||||||||||||||
| Italy | 102 | 91 | 82 | ||||||||||||||
| Spain | 101 | 92 | 85 | ||||||||||||||
| Mexico | 75 | 75 | 68 | ||||||||||||||
| Poland | 75 | 65 | 51 | ||||||||||||||
| South Korea | 51 | 47 | 46 | ||||||||||||||
| Other | 777 | 712 | 655 | ||||||||||||||
| $ | 5,101 | $ | 4,791 | $ | 4,146 | ||||||||||||
Long-lived assets consisting of property, plant and equipment, net of accumulated depreciation, are attributed to geographic regions based on their physical location as of December 31, 2025 and 2024 and were as follows:
| (in millions) | 2025 | 2024 | |||||||||
| U.S. and Puerto Rico | $ | 836 | $ | 798 | |||||||
| Ireland | 544 | 424 | |||||||||
| Germany | 162 | 104 | |||||||||
| Other | 220 | 159 | |||||||||
| $ | 1,762 | $ | 1,485 | ||||||||
Major Customers
Major customers that accounted for approximately 10% or more of total revenues were as follows:
| 2025 | 2024 | ||||||||||
| McKesson Corporation | 10 | % | 10 | % | |||||||
| Cardinal Health, Inc. | 10 | % | 10 | % | |||||||
For the year 2023, no individual customer accounted for approximately 10% or more of total revenues.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 22, 2023 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.