Bausch & Lomb 1999 Annual Report

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Global Leadership People around the world entrust to Bausch & Lomb their most precious sense – the sense of sight. To be worthy of that trust, we constantly strive to find a better way in all that we do. By offering the most comprehensive and innovative line of eye care products, and through our partnerships with eye care professionals, our goal is to enhance the visual performance of people of all ages. Said another way, our vision is to be Number One in the Eyes of the World. In the surgical business, we continue to be excited by the rapid growth of refractive surgery. We are already the global leader in this area, offering the most advanced technology covering all aspects of LASIK, the most common refractive procedure. We are currently conducting clinical trials in Europe to integrate our unique diagnostic and refractive technologies. This will enable surgeons to determine an individualized customized ablative pattern for treating each patient, and thus allow patients to attain vision better than 20/20 – in essence, perfect vision. In turn, it has the potential to provide Bausch & Lomb with an annuity stream of revenues to augment our equipment sales and capitalize on the projected growth in global refractive surgery procedures. We will also maintain a strong presence in cataract surgery, the most common ophthalmic surgical procedure today, where “Number one in we expect to introduce technology that will allow for less invasive surgery and new intraocular lens offerings over the next few years. In our pharmaceuticals business, our expanded R&D efforts are yielding the breakthrough technology that we believe can provide future breakout potential for Bausch & Lomb. In 2000, we will be in Phase III clinical trials for an extension to the Lotemax line with a product designed to treat eye inflammation and infection, with an expected launch in 2001. However, our most exciting opportunity is with a drug delivery technology to treat sight-threatening See the future 6 Bausch & Lomb the eyes of the world”
The tiny Vitrasert implant pictured here uses an innovative drug delivery technology to treat CMV retinitis, a complication of AIDS. Clinical trials are planned to begin this year to apply this proven technology to delivering drugs to treat other forms of retinal disease. See the future 7 Bausch & Lomb Vision: Treating global eye disease Some of the most common causes of blindness are also the most difficult to treat. Chronic diseases of the back of the eye, such as age-related macular degeneration, diabetic macular edema and posterior uveitis, affect millions of people worldwide and present few treatment options, in large part because of the difficulty in getting drug therapies to that part of the eye. Bausch & Lomb is working with a partner on a tiny implanted drug delivery We are working to battle the causes of sight-threatening diseases. system that delivers medication in slow doses for months or years. We expect to begin clinical trials this year on products combining this innovative technology with well-understood drugs to treat sight-threatening conditions. Our success will mean more than a potential blockbuster product. It will mean we can preserve the joy of sight for millions of people around the world.
Page 1 and 2: “See the future” Bausch & Lomb
Page 3 and 4: At a Glance Key Products Vision Car
Page 5 and 6: Dear Fellow Shareholders: We entere
Page 7 and 8: Increased R&D Driving Revenue Growt
Page 9: 20/10 vision can be realized sooner
Page 13 and 14: Financial Review Dollar Amounts In
Page 15 and 16: costs by streamlining functions and
Page 17 and 18: 1999 Versus 1998 Sales in markets o
Page 19 and 20: Working Capital Working capital and
Page 21 and 22: Information Concerning Forward-Look
Page 23 and 24: Statements Of Income For The Years
Page 25 and 26: Statements Of Cash Flows For The Ye
Page 27 and 28: Notes To Financial Statements Dolla
Page 29 and 30: accepted accounting principles to r
Page 31 and 32: The costs of employee terminations
Page 33 and 34: 5. Restructuring Charges And Asset
Page 35 and 36: Business Segment The following tabl
Page 37 and 38: 8. Other Short- And Long-Term Inves
Page 39 and 40: Reconciliations of the statutory U.
Page 41 and 42: Interest rate swap agreements on lo
Page 43 and 44: For amounts pertaining to postretir
Page 45 and 46: See the future 41 Bausch & Lomb 199
Page 47 and 48: Quarterly Stock Prices (unaudited)
Page 49 and 50: Report Of Independent Accountants T
Page 51: Corporate Information Internet Addr

Bausch & Lomb 1999 Annual Report

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