Bausch + Lomb Corporation has achieved revenue growth driven by its diversified eye health portfolio, including vision care, pharmaceuticals, and surgical segments. However, operating income declined by over 30% year-over-year in FY2025 due to cost pressures, business transformation expenses, and elevated SG&A costs. The company is undergoing major operational restructuring and expanding manufacturing capacity with substantial capital expenditures. Concurrently, Bausch + Lomb refinanced significant debt facilities to extend maturities and reduce interest expenses while maintaining covenant compliance. Operating cash flows improved by 22%, yet free cash flow remains negative due to high capex. No dividends or share repurchases were disclosed, indicating a focus on deleveraging and investment. Key near-term milestones include a $35 million Novaliq licensing milestone payment and closing of a Mexican manufacturing asset acquisition. Investors should monitor execution on cost savings programs, operational leverage improvements, and ongoing regulatory and litigation risks [F1][S1][S2][S4][S5][S6][N1][N2].