Bausch and Lomb CEO Rules Out Resuming Sale Process in 2025
Financial Highlights:
* BLCO stock down 0.92%
* PFE stock up 0.88%
* BHC stock up 0.94%
* ABBV stock up 0.50%
* MRNA stock up 1.58%
Dealmaking Halt:
Bausch and Lomb (BLCO) CEO Brent Saunders has ruled out restarting the company's sale process in 2025. Saunders explained that the company has ambitious plans through 2027 and will focus on executing its business strategy.
Product Pipeline and Valuation:
Saunders believes that potential buyers undervalued Bausch and Lomb's product pipeline, which includes advancements in contact lenses, dry eye relief, and surgical products. He attributed this to skepticism surrounding R&D, but emphasized the company's ongoing commitment to innovation.
Dealmaking History:
Brent Saunders has a proven track record as a dealmaker in the pharmaceutical industry. He orchestrated the following transactions:
* Bausch and Lomb sale to Valeant Pharmaceuticals for $8.7 billion in 2013
* Forest Laboratories sale to Actavis for $25 billion in 2014
* Allergan acquisition by Actavis (renamed Allergan) for $70 billion in 2014
* Allergan sale to Abbvie for $63 billion in 2020
Recent Performance:
In its latest quarter, Bausch and Lomb reported a 9% increase in sales to $1.28 billion, driven by strong growth in its vision care segment. The company also announced that its dry-eye business is expected to exceed $1 billion in sales this year.
Innovation and Growth:
Saunders highlighted the company's development of a new contact lens material that mimics the eye's biology, potentially offering improved health and comfort. He expects clinical trials for this material to begin this year, with a potential launch in 2027.