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Key Takeaways
- A big jump in pharmaceutical sales helped eye-care products manufacturer Bausch + Lomb beat profit and sales estimates for the fourth quarter.
- Bausch + Lomb also delivered full-year 2024 guidance that was better than expected.
- CEO Brent Saunders said the 2023 results, especially in the fourth quarter, “set the tone” for this year.
- Bausch + Lomb shares rose more than 11% Wednesday after the positive earnings news.
Bausch + Lomb Corp. ( BLCO ) shares jumped more than 11% Wednesday after the eye-care company posted better-than-expected results and guidance, boosted by sales of its pharmaceutical products.
The maker of Soothe XP eye drops and SofLens contact lenses reported fourth-quarter adjusted earnings per share (EPS) of 24 cents, with revenue rising 18% from the year-ago period to $1.17 billion. Both were above forecasts.
Revenue from its Pharmaceuticals unit jumped 67% to $307 million, primarily because of the acquisition of Xiidra and demand for Miebo, both treatments for dry eye, as well as increased sales of glaucoma medicine Vyzulta. Revenue was up 6% to $662 million at its Vision division and 9% to $204 million at its Surgical business.
Chief Executive Officer (CEO) Brent Saunders said sales growth in 2023, particularly in the fourth quarter, “exceeded our expectations and set the tone for 2024.”
Bausch + Lomb predicts full-year revenue will be in the range of $4.6 billion to $4.7 billion, higher than what analysts were expecting .
Shares of Bausch + Lomb had fallen to an all-time low earlier this month, and even with Wednesday’s surge to $16.26 at 3:06 p.m. ET, they’re still down about 14% year over year.