Bausch + Lomb Advancing Two First-in-Class Eye Health Therapies Based on Trial Results

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Study Design and Results

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A Phase 1b study evaluated BL1332 0.30% ophthalmic solution in a capsaicin-induced ocular pain challenge model in healthy adult participants. The study met its primary endpoint, demonstrating a statistically significant reduction in pain intensity compared with vehicle and providing the first clinical confirmation that TRPV1 blockade can reduce ocular pain in humans beyond acute post-surgical pain. At five seconds following capsaicin challenge, BL1332-treated eyes experienced a 5.5-point reduction in mean pain intensity versus vehicle (p<0.0001). In exploratory analyses, 68.2% of BL1332-treated eyes achieved complete pain resolution compared with 0% of vehicle-treated eyes (p<0.0001), while no BL1332-treated eyes reported severe pain compared with 36.4% of vehicle-treated eyes receiving vehicle (p<0.01). Mean duration of pain following capsaicin challenge was also markedly shorter with BL1332 than with vehicle (1.6 versus 37.8 seconds; p<0.0001). The safety profile was acceptable and consistent with previous clinical experience, with no new safety signals identified.

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The company believes these results validate the underlying mechanism of BL1332 and provide a foundation for ongoing studies designed to evaluate the therapy in patients experiencing clinically relevant ocular pain conditions.

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Path Forward

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Bausch + Lomb is currently evaluating BL1332 in an ongoing Phase 2 study in patients experiencing pain following photorefractive keratectomy surgery, with topline results expected in the coming months. The study is intended to assess the potential of BL1332 in a real-world clinical setting and represents the next step in defining the therapeutic profile of the program.

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Beyond post-surgical pain, the company believes BL1332’s mechanism may have potential relevance across multiple ocular surface pain conditions, including pain associated with dry eye disease and other acute and chronic ocular disorders. Future development decisions will be informed by ongoing clinical results and discussions with regulatory authorities.

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“These results provide the first clinical evidence that targeting TRPV1 can meaningfully reduce ocular pain in humans that have not just undergone surgery,” stated Hashad. “They also strengthen our confidence in the mechanism as we continue evaluating BL1332 in patients with clinically relevant pain conditions.”

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Potential Financial Impact

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As shared at Investor Day in November 2025, estimated peak sales for the dual-action dry eye disease therapy are approximately $700 million, assuming successful development and commercialization. Peak sales for BL1332, the ocular surface pain candidate, are estimated at approximately $1.4 billion, assuming successful development and labeling across multiple ocular surface pain conditions.

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Both programs are expected to provide a meaningful financial contribution upon approval and commercialization beyond 2028, further supporting Bausch + Lomb’s long-term growth outlook. The company remains on track to achieve the three-year targets outlined at Investor Day.

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Call with R&D Leadership

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Today at 5:30 p.m. ET, Brent Saunders will be joined by Dr. Yehia Hashad and Dr. Mayssa Attar for a presentation of the results followed by a Q&A session. Details:

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About Bausch + Lomb

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Our mission is simple – we help people see better to live better, all over the world. For nearly two centuries we’ve evolved with the changing needs of patients and customers, and our commitment to innovation and improving the standard of care in eye health has never been stronger. From contact lenses to prescription products, over-the-counter options, surgical devices and more, we’re turning bold ideas into better outcomes through passion, perseverance and purpose. Learn more at www.bausch.com and connect with us on Facebook, Instagram, LinkedIn, X and YouTube.

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Forward-looking Statements

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This news release may contain forward-looking information and statements within the meaning of applicable securities laws (collectively, “forward-looking statements”). Forward-looking statements may generally be identified by the use of the words “anticipates,” “seeks,” “expects,” “plans,” “should,” “could,” “would,” “may,” “will,” “believes,” “potential,” “pending” or “proposed” and variations or similar expressions. Forward-looking statements including the company’s estimates for potential peak sales of its pipeline products and the company’s plans for future development and the timing of same. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, the risks and uncertainties discussed in Bausch + Lomb’s filings with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators, which factors are incorporated herein by reference. Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. Bausch + Lomb undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, unless required by law.

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© 2026 Bausch + Lomb.

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Contacts

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Media Contact:

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Caryn Marshall

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(908) 493-1381

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Investor Contact:

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George Gadkowski

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(877) 354-3705 (toll free)

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