Bausch & Lomb Expects Third-Quarter Comparable-Basis EPS to Exceed Current First Call Consensus by More Than 10 Percent.

Business Editors

ROCHESTER, N.Y.--(BUSINESS WIRE)--Oct. 9, 2002

In response to rumors about its third-quarter performance which generated unusual activity in its stock, Bausch & Lomb (NYSE:BOL) today announced it expects 2002 third-quarter comparable-basis earnings per share to exceed the current First Call consensus estimate of $0.42 by more than 10 percent.

Bausch & Lomb indicated that the better-than-expected performance in the quarter was driven primarily by strong revenue increases. The company expects to report total actual dollar sales increases in excess of 10 percent versus the year-ago quarter.

The expected results for the current quarter are before the impact of restructuring charges and asset write-offs associated with the profitability improvement plan announced by the Company in July of this year. The company originally projected these charges to total up to $20 million before taxes. They are now projected to range between $25 million and $27 million before taxes. The increase is due primarily to additional severance and asset write-offs associated with the relocation of manufacturing for PureVision(TM) contact lenses to Ireland following a legal ruling in the United States.

The company previously indicated that it expected to issue additional debt during the third quarter under its current shelf registration. The company has not proceeded with that plan since it has more than adequate liquidity to meet its needs for the foreseeable future, with free cash flow running well ahead of projections, and market conditions are less than favorable for corporate debt at this time. The company indicated it will go to market when conditions improve.

Additional details on the company's quarterly performance will be provided in the third-quarter earnings release on October 17, 2002.

Bausch & Lomb Incorporated is the preeminent global technology-based healthcare company for the eye, dedicated to helping consumers see, look and feel better through innovative technology and design. Its core businesses include soft and rigid gas permeable contact lenses, lens care products, ophthalmic surgical and pharmaceutical products. The Company is advantaged with some of the most respected brands in the world starting with its name, Bausch & Lomb(R), and including SofLens(TM), PureVision(TM), Boston(R), ReNu(R), Storz(R) and Technolas(TM). Founded in 1853 in Rochester, N.Y., where it continues to have its headquarters, the Company has annual revenues of approximately $1.7 billion and employs approximately 12,000 people in more than 50 countries. Bausch & Lomb products are available in more than 100 countries around the world. More information about the Company can be found on Bausch & Lomb's Web site at www.bausch.com. Copyright Bausch & Lomb.

This press release contains, among other things, certain statements of a forward-looking nature relating to future events or the future business performance of Bausch & Lomb. Such statements involve a number of risks and uncertainties including those concerning economic conditions, currency exchange rates, product development, enrollment and completion of clinical trials, regulatory approvals, the outcome of litigation including a decision in the Company's appeal of the Federal District Court's ruling on June 26, 2002 that the Company's PureVision continuous wear contact lens product infringes a patent owned by Wesley Jessen, product introductions, the financial well-being of key customers, the successful execution of marketing strategies, the continued successful implementation of its efforts in managing and reducing costs and expenses, continued positive relations with third party financing sources, as well as the risk factors listed from time to time in the Company's SEC filings, including but not limited to the Form 8-K filed on June 14, 2002 and the Form 10-Q for the quarter ended June 29, 2002.