Growth reached all three operating segments, while adjusted EBITDA rose 34% to $325 million and adjusted EBITDA margin expanded 460 basis points to 23. GAAP net income attributable to the company was $32 million, compared with a $28 million loss in the year-earlier quarter, and adjusted earnings per share increased to 34 cents from 18 cents.
Vision Care generated $774 million, up 5% as reported and 6% on a constant-currency basis, led by daily silicone-hydrogel and ULTRA contact lenses and consumer brands. Pharmaceuticals revenue rose 11% to $367 million, supported by a 22% increase in the dry-eye portfolio and 42% growth in MIEBO revenue to $119 million. Surgical revenue increased 9% to $234 million, with premium intraocular lenses rising 75% on a constant-currency basis; equipment revenue declined 11% as the company focused on strategic system placements.
Management said the figure included an approximately $14 million one-time tariff refund; excluding that benefit, adjusted gross margin was 63. Net leverage fell to 4. 1 times at quarter-end from 5. 7 times a year earlier, moving closer to the company’s 3. 5-times target.
The revenue outlook reflects a $15 million improvement in the underlying business outlook partly offset by $5 million less in expected currency tailwinds, with constant-currency growth now projected at 6. 1% to 8.
Interim Chief Executive Officer Tom Appio said he would focus on executing the company’s three-year Vision 2027 plan, improving revenue and margins, advancing research and development projects, managing capital allocation and reducing debt. He also said potential acquisitions could be considered to fill portfolio gaps, while emphasizing that he had been in the interim role for two weeks. Management described manufacturing, sourcing, network optimization and vertical-integration work as early-stage contributors to margin improvement, and said cost restructuring had produced about 150 basis points of year-to-date SG&A improvement.