B&L third quarter sales increase 11%

ROCHESTER, N.Y. — Bausch & Lomb increased its revenue 11% in the third quarter, up to $466.7 million from the comparable period in 2001.

Double-digit increases in the company's pharmaceuticals, contact lens and lens care categories drove these overall results, while the company also posted mid-single digit revenue increases for cataract surgery products and essentially flat performance for its refractive surgery category. Excluding the favorable impact of currency, sales increased 9% for the quarter that ended September 28, 2002. For the first nine months of 2002, the company reported worldwide sales of $1.4 billion, up $115.7 million or 9% over 2001, with currency having no impact on year-over-year results.

Pharmaceutical revenues increased 19% over the prior year, and were up 17% in constant dollars. As in the past two quarters, the Americas region led these results, with 30% growth over the prior year. Sales growth was achieved for proprietary and multisource pharmaceuticals, as well as for the company's lines of ocular vitamins, which benefited from the launch of Ocuvite PreserVision. In Europe, a favorable currency environment offset modest constant dollar sales declines that were largely due to the company's decision to exit certain non-strategic product lines acquired with Groupe Chauvin.

Cataract surgery product revenues were up 5% from the prior year, and increased 2% in constant dollars. The results were driven by higher sales of IOLs and phacoemulsification equipment in Asia, which offset flat performance in the Americas and moderate constant dollar declines in Europe.

Refractive surgery product revenues were essentially flat with the third quarter of 2001, and declined 1% in constant dollars. Strong growth in Asia was offset by declines in Europe and the Americas, with softness noted in the refractive market in both those regions.