Bausch + Lomb initiated with a Hold at Needham

Needham analyst David Sason initiated coverage of Bausch + Lomb with a Hold rating. The company has increased R&D investments to pull forward several important product commercialization timelines, but it will likely take time for recent and upcoming launches to meaningfully drive revenue growth and margins, the analyst tells investors in a research note. The firm further warns that the revenue and margin contribution from Bausch + Lomb’s new products could be partially offset by a Q4 PROLENSA loss of exclusivity, which could limit upside to consensus estimates.