Bausch + Lomb is a dedicated eye health company founded in 1853, selling products across contact lenses, lens care solutions, prescription eye drops, surgical equipment, and OTC consumer products. The company operates through three segments: Vision Care (~57% of revenue), Pharmaceuticals (~25%), and Surgical (~18%). Vision Care covers OTC consumer eye care products — including the Lumify redness relief and PreserVision eye vitamin brands — plus soft contact lenses, where the SiHy Daily platform is the fastest-growing product line. The Pharmaceuticals segment is anchored by two branded dry eye treatments: Miebo, which targets evaporative dry eye, and Xiidra, which targets the inflammatory form. The Surgical segment sells equipment, consumables, and intraocular lenses (IOLs) for cataract and vitreoretinal procedures, with premium IOLs being a key growth driver. Bausch + Lomb sells through a global commercial team across ~100 countries, reaching customers via wholesalers, retail pharmacies, and direct sales to physicians, hospitals, and surgery centers. Revenue is largely recurring — consumers repurchase lenses and OTC products regularly, while prescription revenue depends on prescription volumes and formulary access. Surgical consumables recur with each procedure, while equipment sales are lumpier. The company is in an active margin expansion phase, targeting ~23% adjusted EBITDA margin by 2028, up from 17.5% in FY25, driven by SG&A leverage, premium product mix shift, and manufacturing efficiencies.