Bausch + Lomb revenues were C$931mn (US$684mn) in Q1 2023, reflecting a 5% increase; excluding the unfavourable impact of foreign exchange, revenues rose by around 8% on a constant currency basis. Vision Care advanced by 5% (+8% cc) to C$587mn (US$431mn), driven by both the consumer and contact lens portfolios. According to EVP & CFO Sam Eldessouky, Consumer grew by 8% (cc), with Lumify (brimonidine tartrate ophthalmic solution 0.025%), PreserVision and Biotrue multipurpose solution continuing to hold market-leading positions.
Lumify revenues grew by 23% globally to a record C$38mn (US$28mn) and in USA, the brand reached a market share of 50% in the redness reliever category. To leverage the brand platform, B+L is in the early stages of launching the Lumify Eye Illuminations beauty line. Artelac, a key brand in the dry eye franchise in Europe, grew by 29% (cc). Reported revenues from eye vitamins PreserVision and Ocuvite were flat but up low-single digits on a constant currency basis.
Nicholas Hall’s Postcard from New York: A sure sign that the pandemic is almost over is that I’ve started travelling again. Earlier this week I was in San Diego for a client’s global leadership forum, and now I’m in New York for executive meetings and hopefully to spend a few hours in the company of Picasso, Matisse and Monet at the Museum of Modern Art. There have to be some consolations for so many hours spent in aeroplanes, although it’s wonderful to be face to face with friends and clients again!
The Pick of the News section this week leads with a recent Switch success, Lumify, and the bold launch of OTC Cialis in UK, which we must look upon as a bellwether for the brand in USA, assuming the FDA ever gives its seal of approval. Switch was historically one of the main drivers of growth in consumer healthcare, and after several years of famine it’s good to see higher yields. But I’m choosing my words carefully here as, although the number of switches has started to increase, we have yet to see a mega-brand emerge. The last one of those was Flonase.
We are delighted to announce that the all-new website for CHC New Products Tracker is now live! Featuring almost 40,000 launches, all graded with star ratings, subscribers will not only benefit from a fresh look but greater accessibility across devices. To find out more, or to set up a demo, please contact david.redford@NicholasHall.com.