Bausch & Lomb announced Thomas Appio, the chairman of the board of directors, will serve as an interim chief executive and replace the sitting leader, Brent Saunders, effective immediately. The reason for Saunders' departure was not disclosed. Shares traded down 10% intraday Oct. 12.
Bausch has a strong commercial position in both contact lens and consumer eye care products, and this should drive solid growth over the long term.
Bears
Bausch faces stiff competition across all segments that it plays in, and the lack of investment in its pipeline could leave the firm vulnerable to market share losses.
Bausch & Lomb is one of the largest vision care companies in the US. The firm was previously a subsidiary under parent company Bausch Health and it was spun off to become a public company in 2022. It operates in three segments: vision care, surgical, and ophthalmic pharmaceuticals. Vision care is composed of contact lenses, a market that B&L controls 10%, and ocular health products, which includes Biotrue and Lumify. Surgical includes a suite of intraocular lenses, equipment for cataract and vitreoretinal surgeries, as well as surgical instruments. Ophthalmic pharmaceuticals has a diverse lineup of products, including Xipere, Vyzulta, and Lotemax that treat different complications. With over 100 products, B&L has the largest portfolio of eye care prescriptions in the space.