Bausch + Lomb Corporation is a leading global eye health company dedicated to protecting and enhancing the gift of sight for millions of people around the world – from the moment of birth through every phase of life.
The company develops, manufactures, and markets a range of products, primarily in the areas of eye health, which are marketed directly or indirectly in approximately 100 countries. As a fully integrated eye health business, Bausch + Lomb has an established line of contact lenses,...
Bausch + Lomb Corporation is a leading global eye health company dedicated to protecting and enhancing the gift of sight for millions of people around the world – from the moment of birth through every phase of life.
The company develops, manufactures, and markets a range of products, primarily in the areas of eye health, which are marketed directly or indirectly in approximately 100 countries. As a fully integrated eye health business, Bausch + Lomb has an established line of contact lenses, intraocular lenses and other medical devices, surgical systems and devices, vitamin and mineral supplements, lens care products, prescription eye-medications and other consumer health products that positions it to compete in all areas of the eye health market. Bausch + Lomb is a subsidiary of Bausch Health Companies Inc. (BHC), with BHC holding, directly or indirectly, approximately 88.7% of the common shares of Bausch + Lomb as of February 17, 2023.
The company’s comprehensive portfolio of approximately 400 products is built to serve its customers across the full spectrum of their eye health needs throughout their lives. The company’s iconic brand is built on the deep trust and loyalty of its customers established over its nearly 170-year history. The company has a significant global research, development, manufacturing and commercial footprint of approximately 12,900 employees and a presence in approximately 100 countries, extending its reach to billions of potential customers across the globe. The company has long been associated with many of the most significant advances in eye health.
Business Strategy
The company’s strategy is to enhance its position as a leading global eye health company dedicated to helping people see better to live better, through the delivery of high quality, innovative products. The company plans to generate sustainable and profitable growth by employing various strategies are to leverage its expertise as an eye health-focused company to strengthen its market position; increase adoption of its products by growing its addressable market; and continuous investment in its product pipeline.
Segment Information
The company’s portfolio of products fall into three segments: Vision Care, Ophthalmic Pharmaceuticals and Surgical.
Vision Care
Vision Care segment consists of the company’s consumer eye care and contact lens businesses. For the year ended December 31, 2022, the company’s revenue from the Vision Care segment breaks down as follows: 63% from the company’s consumer eye care business and 37% from its contact lens business.
The company’s consumer eye care business includes sales of eye vitamin and mineral supplements, multipurpose solutions, OTC eye drops, cleaning and conditioning solutions for rigid gas permeable (RGP) lenses, re-wetting drops and saline solutions. The company’s principal consumer eye care products include:
PreserVision AREDS 2 is a patented eye vitamin and mineral supplements that contains the exact nutrient formula recommended by the National Eye Institute for people with moderate to advanced age-related macular degeneration (AMD) following the landmark AREDS 2 clinical study.
Ocuvite is a family of nutritional supplements that contain antioxidant vitamins and minerals and other nutrients beneficial for eye health, including lutein and zeaxanthin (antioxidant carotenoids), nutrients that support macular health by helping filter harmful blue light.
Biotrue multi-purpose solution helps prevent certain tear proteins from denaturing and fights germs for healthy contact lens wear. Biotrue multi-purpose solution contains hyaluronic acid (sodium hyaluronate) a lubricant naturally found in eyes and is pH balanced to match healthy tears.
Bausch + Lomb Renu Advanced Formula multi-purpose solution is a novel soft and silicone hydrogel contact lens solution that makes use of three disinfectants and two moisture agents.
Boston solution is a specialty cleansing solution design for gas permeable contact lenses.
Artelac is an eye moisturizer eye drop which enables quick wetting of dry eyes. Artelac contains hyaluronic acid (sodium hyaluronate), a natural lubricant which instantly refreshes and hydrates the eyes. Artelac is particularly suitable for alleviating mild symptoms of dry eyes and can also be used to moisten hard contact lenses while being worn.
LUMIFY (brimonidine tartrate ophthalmic solution, 0.025%) is an OTC eye drop developed as an ocular redness reliever.
The company’s contact lens business includes sales of traditional, planned replacement disposable and daily disposable soft contact lenses; multifocal, toric and multifocal toric soft contact lenses (commonly known as specialty contact lenses); and RGP materials. The company’s principal contact lens products include:
Bausch + Lomb INFUSE (known as BAUSCH + LOMB ULTRA ONE DAY in Canada, Australia and Hong Kong), a silicone hydrogel daily disposable contact lens designed with a next generation material infused with ProBalance Technology to help maintain ocular surface homeostasis and help reduce symptoms of contact lens dryness. Bausch + Lomb INFUSE was launched in the United States in August 2020 and BAUSCH + LOMB ULTRA ONE DAY was launched in Canada, Australia, and Hong Kong in November 2020 and in Europe during 2022.
AQUALOX in Japan, a silicone hydrogel daily disposable contact lens designed to provide clear vision throughout the day.
Bausch + Lomb ULTRA, a silicone hydrogel frequent replacement contact lens for patients with myopia or hyperopia that uses the company’s proprietary MoistureSeal technology, which allows the contact lens to retain 95% of moisture after 16 hours of wear, limiting lens dryness and resulting symptoms.
Bausch + Lomb ULTRA for Astigmatism, a monthly planned replacement contact lens for astigmatic patients developed using the company’s proprietary MoistureSeal technology. Bausch + Lomb ULTRA for Astigmatism lenses integrate an OpticAlign design engineered for lens stability and to promote a successful wearing experience for the astigmatic patient.
Bausch + Lomb ULTRA for Presbyopia, a monthly planned replacement contact lens for presbyopic patients developed using the company’s proprietary MoistureSeal technology. Bausch + Lomb ULTRA for Presbyopia lenses integrate its 3-Zone Progressive multifocal design with seamless transitions between near, far and intermediate distances for clear, comfortable vision across all distances.
Bausch + Lomb ULTRA multifocal for astigmatism, a monthly planned replacement multifocal toric lens combining the company’s 3-Zone Progressive multifocal design with the stability of its OpticAlign toric design to address the lifestyle and vision needs of patients with both astigmatism and presbyopia.
Biotrue ONEday daily disposable contact lenses for patients with myopia or hyperopia, which are made of a unique material inspired by the natural biology of the eye and feature Surface Active Technology, a patented dehydration barrier. The lens contains 78% water, more moisture than any other soft contact lens and the same water content as the cornea, and maintains nearly 100% of its moisture for up to 16 hours.
Biotrue ONEday for Astigmatism, a daily disposable contact lens for astigmatic patients developed using the company’s proprietary Surface Active Technology. Biotrue ONEday for Astigmatism includes evolved peri-ballast geometry designed to work with natural blink patterns to deliver stability, clear vision and comfort for the astigmatic patient.
Biotrue ONEday for Presbyopia daily disposable contact lens for presbyopic patients developed using the company’s proprietary Surface Active Technology. Biotrue ONEday for Presbyopia integrates the company’s Zone Progressive design with seamless transitions between near, far and intermediate distances for clear, comfortable vision across all distances.
PureVision, a silicone hydrogel frequent replacement contact lens using AerGel technology lens material to allow natural levels of oxygen to reach the eye, as well as resist protein buildup. The lens also incorporates an aspheric optical design that reduces spherical aberration.
SofLens Daily Disposable Contact Lenses, which use ComfortMoist Technology (a combination of thin lens design and moisture-rich packaging solution) and High Definition Optics, which is an aspheric design that reduces spherical aberration over a range of powers, especially in low light.
Ophthalmic Pharmaceuticals
The company’s Ophthalmic Pharmaceuticals segment consists of a broad line of proprietary and generic pharmaceutical products for post-operative treatments and treatments for a number of eye conditions, such as glaucoma, eye inflammation, ocular hypertension, dry eyes and retinal diseases. The company’s principal Ophthalmic Pharmaceuticals include:
XIPERE (triamcinolone acetonide suprachoroidal injectable suspension) is a proprietary suspension of the corticosteroid triamcinolone acetonide formulated for suprachoroidal administration via Clearside’s proprietary SCS Microinjector. The company launched XIPERE in the first quarter of 2022, and that it is the first and only therapy available in the U.S. for suprachoroidal use for the treatment of macular edema associated with uveitis.
Vyzulta (latanoprostene bunod ophthalmic solution, 0.024%) is an intraocular pressure lowering single-agent eye drop with dual activity dosed once daily for patients with open angle glaucoma or ocular hypertension.
Lotemax (loteprednol etabonate ophthalmic gel 0.38%), a new gel drop formulation of loteprednol etabonate, which was designed with novel SubMicron (SM) technology for efficient penetration to key ocular tissues at a low preservative (BAK) level (3.5-10) and a pH close to human tears, indicated for the treatment of postoperative inflammation and pain following ocular surgery.
Besivance (besifloxacin ophthalmic suspension, 0.6%) is the first and only chloro-fluoroquinolone indicated for the treatment of bacterial conjunctivitis. It is a new generation potent quinolone antibiotic specifically designed for the ophthalmic use and has no systemic formulation.
Visudyne (verteporfin for injection) therapy is a photoenhancer indicated for the treatment of patients with predominantly classic subfoveal choroidal neovascularization due to agerelated macular degeneration, pathologic myopia or presumed ocular histoplasmosis.
Minims portfolio, including ocular anaesthetics, corticosteroids, mydriatics, cycloplegics, artificial tears, irrigating solutions and diagnostic stain products.
Prolensa (bromfenac ophthalmic solution) 0.07% is a nonsteroidal anti-inflammatory drug (NSAID) indicated to treat inflammation and reduce eye pain in patients after cataract surgery. In international markets, the company markets Yellox (bromfenac ophthalmic solution, 0.9%) which is indicated for the treatment of postoperative ocular inflammation following cataract extraction.
Lotemax Suspension (loteprednol etabonate ophthalmic suspension, 0.5%) is a topical corticosteroid indicated for the treatment of steroid responsive inflammatory conditions of the palpebral and bulbar conjunctiva, cornea, and anterior segment of the globe and for the treatment of post-operative inflammation following ocular surgery.
Alrex (loteprednol etabonate ophthalmic suspension, 0.2%) is indicated for the temporary relief of the signs and symptoms of seasonal allergic conjunctivitis.
Zylet (loteprednol etabonate 0.5% and tobramycin 0.3% ophthalmic suspension) indicated for the steroid-responsive inflammatory ocular conditions for which a corticosteroid is indicated and where superficial bacterial ocular infection or a risk of bacterial ocular infection exists.
Surgical
The company’s Surgical segment consists of sales of medical device equipment, consumables and instrumental tools and technologies for the treatment of corneal, cataracts, and vitreous and retinal eye conditions, and includes IOLs and delivery systems, phacoemulsification equipment and other surgical instruments and devices necessary for cataract surgery. For the year ended December 31, 2022, the company’s revenue from Surgical products included as follows: 20% from equipment, 27% from implantables and 53% from consumables.
The company’s principal Surgical products include:
Vitreoretinal Surgery
Stellaris Elite vision enhancement system, is a combined system with cataract and vitreoretinal capability featuring the Bi-Blade vitrectomy handpiece.
Synergetics instruments include reusable and single use devices and are marketed for use in vitreoretinal surgery.
Cataract Surgery and Laser Systems
The Stellaris Elite vision enhancement system configured for cataract procedures is the company’s latest generation phacoemulsification cataract platform, Stellaris Elite is the first phacoemulsification platform on the market to offer Adaptive Fluidics, which combines aspiration control with predictive infusion management to create a responsive and controlled surgical environment for efficient cataract lens removal. The company’s Stellaris Elite vision enhancement system was launched in the United States in 2017 and internationally in 2018.
VICTUS femtosecond laser for cataract and corneal refractive surgery, which delivers multi- mode versatility for cataract and corneal procedures on a single platform. This single laser platform enables surgeons to perform capsulotomies, fragmentation, arcuate incisions, corneal incisions, and LASIK flaps.
Teneo Excimer Laser system for corneal refractive surgery.
Intraocular Lenses: A portfolio of ophthalmic surgical IOLs, including implantable IOLs such as Akreos, enVista, Crystalens, and Trulign.
Surgical Instruments: Storz Ophthalmic instruments are the company’s suite of surgical instruments which include precision microsurgical instruments, diamond knives and single-use surgical instruments, as well as instruments customized for individual surgeons under the Storz Ophthalmic Instrument brand.
Data and Patent Exclusivity
For certain of its products, the company relies on a combination of regulatory and patent rights to protect the value of its investment in the development of these products.
As of February 17, 2023, the company owned or exclusively licensed approximately 1,934 granted patents throughout the world, approximately 415 of which are U.S. patents. Of its issued patents, approximately 77% will expire within the next 10 years and the remaining approximately 23% will expire thereafter. Within the next three years, the following number of U.S. patents held by it is set to expire: approximately 17 patents in 2023, approximately 25 patents in 2024 and approximately 24 patents in 2025. The expiration of these patents is not expected to have a material adverse effect on the company’s business. The company has approximately 90 pending U.S. patent applications.
A patent is the grant of a property right which allows its holder to exclude others from, among other things, selling the subject invention in, or importing such invention into, the jurisdiction that granted the patent. In the U.S., Canada and the European Union (EU), generally patents expire 20 years from the date of application. The company has obtained, acquired or in-licensed a number of patents and patent applications covering key aspects of certain of its principal products.
In the U.S., the Hatch-Waxman Act provides non-patent regulatory exclusivity for five years from the date of the first FDA approval of a new drug compound in a New Drug Application (NDA). The FDA, with one exception, is prohibited during those five years from accepting for filing a generic, or an Abbreviated New Drug Application (ANDA) that references the NDA.
Sales and Marketing
The company sells its portfolio of products and services through direct sales forces and independent distributors depending on specific market and product needs. The company’s global business sells and distributes products in approximately 100 countries. The company’s footprint is bolstered by a global commercial team.
In the United States, the company has employees on its commercial team dedicated to its efforts to sell and market contact lens, lens care, consumer eye health, surgical and prescription pharmaceutical products, which are sold through wholesalers, retailers and eye care professional practices.
The company’s international commercial footprint is represented through employees on its commercial team, as well as the network of distribution partners.
The company’s sales effort allows it to deliver the full suite of Bausch + Lomb products to key clinician decision makers, recognize cross-selling opportunities for key products from other product categories and impact consumer purchasing decisions.
The company’s sales representatives within the global consumer products and global vision care business categories are focused on promoting and selling its products to large and mid-sized retailers, pharmacies and eye care professionals, as well as optimizing and expanding its shelf presence at retailers.
The company’s sales representatives within the ophthalmic pharmaceuticals business category are focused on promoting and marketing its products to wholesalers, large retailers, eye care professionals, independent pharmacies and hospitals.
The company’s sales representatives within the global surgical business category are focused on selling products and equipment to eye care professionals, physicians, including ophthalmic surgeons, hospitals and ambulatory surgery centers.
The company reinforces its sales efforts and continue to drive demand and awareness of its brands and the clinical benefits of its products through multiple initiatives to both eye care professionals and consumers. These initiatives include the sponsorship of various industry congresses and symposia throughout the world. The company also conducts training programs to provide eye care professionals with the latest information concerning clinical experience with its products. The company provides and sponsors eye health education and programs for consumers. The company continually seeks input from eye care professionals through medical and scientific advisory boards to help it refresh and update all of these initiatives, as well as to create new opportunities to provide its customers with the necessary resources to use its products safely and effectively.
Seasonality of Business
Historically, revenues from the company’s business tend to be weighted toward the second half of the year (year ended December 31, 2022).
Government Regulations
The company is subject to extensive U.S. federal and state health care marketing and fraud and abuse regulations, such as the federal False Claims Act, federal and provincial marketing regulations in Canada and similar regulations in foreign countries in which it may conduct its business.
The company is also subject to the U.S. Foreign Corrupt Practices Act (FCPA), the Canadian Corruption of Foreign Public Officials Act and similar worldwide anti-bribery laws, which generally prohibit companies and their intermediaries from making improper payments to officials for the purpose of obtaining or retaining business.
History
Bausch + Lomb Corporation was founded in 1853. The company was incorporated in 1908.
