Good afternoon, everyone. I'm Robbie Marcus, the med tech analyst at JP Morgan. Very happy to have Bausch + Lomb as our next session. I'm gonna introduce CEO Joe Papa for presentation, then we're gonna do a little bit of Q&A after. Joe.
Thank you, Robbie. Thank you, Robbie. It's a pleasure to be here and this is great to be here as Bausch + Lomb for the very first time presenting at the JPMorgan Conference in over a decade as a public company. We're delighted to have the chance today to be here. As a reminder, I'm gonna go through a number of slides, and I'll refer you to our SEC filings for any of the risk factors. It's a pleasure for me to have a chance to review Bausch + Lomb in terms of the investment thesis of Bausch + Lomb. As a company, we are a pure play eye health company. That's how we formed ourselves as we thought forward. We participate in very large markets.
Over $50 billion are the eye health markets in which we participate, so very large markets. These markets have very, what we believe, durable tailwinds or mega trends that help drive this business. We'll talk more about that in a second, though. Through the IPO and through the preparation we have had over the last three years, we're planning to transition the Bausch + Lomb business to a business that's gonna solve unmet eye health needs, and specifically looking at some of what we think are the more premium opportunities, the faster-growing segments of the eye health business is where we're gonna focus our business. That's what I'll talk about as I go through the company.
If I start, I think the first question is maybe give those of you who don't know us as well, maybe just.
Sorry. [audio distortion] , I'm trying to make it full screen. All right. I'll be with you in a minute.
Those of you on the phone, we're just doing a little bit of audio-visual changes here, but we'll keep going here. Let me just start with a little bit about the Bausch + Lomb story, give you a little bit of history of the company. First and foremost, we are a company that is 170 years old as a company. A leading eye health brand that's brought forth a number of innovations over 170 years. We would argue that we are the most integrated eye health company. We think we're uniquely positioned as being the most integrated eye health company. What do I mean by that? We are clearly in the surgical business, and within surgical, we have instruments, we have consumables, we have implantables, we have the actual devices.
If you look at the prescription side of our business, I'll talk more about this, but on the prescription side of the business, we have over 100 prescription pharmaceutical products, clearly gives a lot of portfolio there. We also have contact lenses, and we are the number one player globally in consumer health. A very diversified, integrated approach to solving the needs of eye health is our approach. If you think about the question of are we well-known? The answer is yes. We have the highest brand awareness in eye health as measured by our ability. We surveyed a group of eye health professionals, and Bausch + Lomb has outpaced all the other players in terms of recognition and awareness, and we have some great players that we compete with. We're very delighted.
It's in our presentation if you'd like to see the data. Also, as I mentioned, we are the global leader in the consumer eye health segment of the business, outpacing both the US growth rate and clearly growing it at the fastest rate. The last two slides in the bottom here, if you think about critical mass, yes, we have critical mass. Clearly, over 80% of the world's population has access to B&L products. We do business in over 100 countries, 12,000 employees. Clearly there's a measure there of critical mass in terms of what we do as a company. If I look at the positioning of how do we define our business, we break it into three core segments. Our largest segment is vision care.
It's about 63% of our revenue is in vision care. Also split about 63% consumer, 37% contact usage, contact lens usage. Very big part of our business, and that's our year to date, $1.747 billion through September 30th. Clearly one of the things here we think is important is that this is a very durable business in terms of both the consumer side and the contact lens side. On the surgical side, it's about 19% of our business. That represents all the different segments in which we play. Implantables, equipment, consumables, instruments, et cetera. We are clearly going to spend more of our R&D dollars and business development dedicated to do more in the surgical part of our business. The final area for us is the ophthalmic pharma.
As I said, the most noteworthy comment I can make there it is we have the largest portfolio or number of products in the Rx prescription business at approximately 100 products. About 60% of it is international and about 40%... I'm sorry. Opposite. 60% is U.S., 40% international approximately in terms of what we're planning. Importantly, we have a brand new product launch opportunity there I'll talk more about, for the treatment of dry eye disease associated Meibomian Gland Dysfunction. Clearly, it's an exciting part of our business as we think about it. This just gives you another view of that information. You can see we're global. 80% of the world has access to our product. You can also see from this slide, we have a very geographic-Diverse footprint.
About half our business from North America, about 30% from Europe, Middle East, Africa, and Asia Pacific is about 20%. Clear diversity in our business and balanced geographic footprint. If I go to the next slide, you really can see, one of the comments I made at the onset I want to develop a little further, is that we believe that as you look at the eye health market, it is a market that is very large, over $50 billion. Importantly, it's a market that is going to be driven by a number of mega trends or tailwinds that will ensure continued growth into the future and being very durable. I'll start quickly with the relative magnitude. Vision care, the largest segment, for us, is about a $16 billion business, and it's growing, we believe, about 4%.
Surgical, about $9 billion, growing about 5%. In the ophthalmic pharma, $26 billion, the largest segment, growing at about 4%. The real question though, I wanted to focus on this page, is on the left-hand side of the page. It's talking about what's gonna drive this business going forward. We clearly believe it's gonna be a market that's gonna have some significant growth to solve the unmet needs. What are those mega trends? First and foremost, the older you are, the more eye health you need. The data suggests that if you're over the age of 65, you're gonna need about 10 times more eye health than someone under the age of 65. That's gonna drive, as the older population demographics support, gonna drive some significant demand in eye health products going into the future.
We all have heard about the rising diabetic prevalence. I won't say much about that. The other area is the growing prevalence of myopia. I think it's been coined to be the myopia epidemic. That's something that we clearly are looking at. The importance of myopia, there's a couple of things I'll say. If you think about where it's been, in the 1950s, about 20% of the population had myopia. Today, it's up at somewhere around 40% of the population. By 2050, it's expected to be about 50% of the population having myopia or nearsightedness. Now that's important certainly for the vision correction side, but when you get to myopia and get to the high diopter myopia, you also have to be concerned about it as risk factors for everything from retinal detachment, glaucoma, macular degeneration.
There's some important other causative problems with myopia that we wanna make sure that we're able to help patients through. Finally, you know, one of the questions always is why is it rising by that rate? I think it's a large part of it, doing what I'm doing right now, looking at a screen, looking at a computer screen, looking at kids especially playing video games, looking at iPads, iPhone is all driving this instance of myopia. Clearly there's important reasons why we think this is gonna be a continuing tailwind for the future of this business, and one that we're dedicated to try to help solve the unmet needs in myopia. That's gonna lead you to the driving of the growth.
Anywhere that what we refer to as mid-single digit growth, 4%- 5% growth rates, for the overall eye health market. A big market with durable growth trends. Clearly, one of the questions on your mind is, how are you doing in terms of, you know, It's a large market, it's a growing market. How are you doing about separating this business from your parent, Bausch Health? I wanna go through that just quickly, just to give you some sense of what we think are some of the progress steps that we took in 2022. First and foremost, in 2022, we launched our roadshow and IPO, so that's out. We're now out as a separate independent public company as of May 6th, 2022.
Admittedly, we launched the IPO through a very difficult time, but we did get it out, and we're delighted that we're out and functioning as an independent public company. Importantly, Bausch + Lomb is not a guarantor of the debt of our parent, Bausch Health. I think that's another important comment. Just recently, on November 29th, Bausch Health, our parent, announced that they are unrestricting Bausch + Lomb under the Bausch Healthcare debt covenants, which gives us one more degree of separation from our parent. We're excited that that news continues to happen. Finally, I'll say, during the third quarter earnings call that our parent, Bausch Health, continued to reinforce the fact that the separation of Bausch + Lomb makes strategic sense, and they're gonna thoughtfully evaluate all the factors related to this P&L separation.
There's clearly still a separation in plan. The other thing I'll say about our parent is they've made great progress. One of the things that was an issue was they've made great progress on reducing the total quantum of debt that Bausch Health has in front of them. Also they've been able to reduce the overall leverage of their company, the debt leverage of Bausch Health. Our parent made some really good progress during 2022 to move towards the separation. The next question probably on your mind, what does the business look like? What did it look like in 2022? I'm here to say the business fundamentals of Bausch + Lomb are strong. We have 5% organic growth during 2022 versus last year, and we've now had 6 consecutive quarters of organic revenue growth.
You can see some of the key drivers of our business, the larger products. I won't go through all of them, but you can see nice growth in these products, whether it be the Ocuvite plus PreserVision + 9%. You can see the daily SiHy up 32%. You can see Vyzulta, the prescription growth there at 32%. Very nice growth in what we think are some of the more important segments of our overall business in terms of momentum in the existing franchises. Importantly, though, we are investing in our R&D pipeline, and you can see with the comment here, there that we did receive filing acceptance for NOV03, our product for dry eye disease-associated Meibomian Gland Dysfunction. I'll talk about a little bit more in just a second.
Beyond that, though, one of the things we've done since the IPO is we have done some additional investment in R&D. R&D is up 14% versus a year ago. Importantly, we've done now five acquisitions or licensing deals to strengthen our pipeline since the IPO in May. Albeit these are small transactions, I wanna be clear on. It is another step that we believe we can take to try to fill in some of the gaps that we see in our pipeline and opportunities for the future. Importantly, as we think about the new products, we did launch a number of new products in 2022 that's going to help us. Probably if I try to summarize this page in the preceding pages, what would I say? Bausch + Lomb, the most integrated eye health company.
Bausch + Lomb, a company that is the global leader in consumer eye health. Bausch + Lomb is the number three overall eye health company. Against a number of great competitors, we're delighted to say we're number three. One of the I think the next things you may ask is, "Well, understanding what you've done, how have you done with the pre- versus pre-IPO versus post-IPO?" We put up a couple of slides just to show some of the priors we've made on market share. You can see, whether you look at our PreserVision eye health product, we've gained by 120 basis points of market share. Our LUMIFY product for redness relief gained a remarkable 480 basis points in a year.
Our multipurpose solution up 410 basis points. Ocuvite US market share up 590 basis points. One of the things I'll suggest to you is that since we've been able to go out as this new public company, we've been able to bring increased focus to our eye health business and allowed us to take some additional market share as we think about the future. That's what I wanted to talk about, maybe historically. I do wanna focus now on the future for our company in terms of looking ahead for 2023. We believe that... Once again, I'll start with the overall market. There are strong business fundamentals, whether I talk about the large and growing end markets that I mentioned before. We think those will continue.
We think we've got momentum from strong brand names and the recognition of the momentum we saw in 2022 that will continue in 2023. We've got 15 launches that we plan for 2023, so that obviously gives us the momentum for further growth in 2023 and beyond. We have a strategic ability to mitigate inflation with pricing. We did take pricing in 2022. We also have the opportunity to do that again in 2023. Clearly, those are all what I would view as some of the real positive business fundamentals. We are also, to be clear, though, monitoring the macro market conditions. We're not immune from that. We think eye health as a business is recession resistant, but not recession-proof.
We do think it's resistant from the recession, mostly because of how consumers prioritize the eye health of their business and how it's so important. Also, I mean, one of the questions that many have asked me over the past day now is, "Well, what's gonna happen we really go into recession? Will your cataract surgeries fall off a cliff?" We've looked at that data, and there's two things I'd say on that. While we are aware of the recession, one of the things we know about cataract surgery, at least we went back to the data in 2007, 2008, and 2009 when we had the Great Recession, and we saw that cataract surgeries during that recession continued to increase.
It gives us confidence that in 2023, and if there is a recession, we certainly will continue to see growth. In fact, we are projecting double-digit growth for cataract surgeries in 2023, mostly behind the fact there's been a backlog that has to get made up from COVID, in the 2020, 2021 timeframe. Clearly, strong business fundamentals driven by the overall business. What about the question of our R&D team? Well, they are continuing to deliver on the R&D team for B&L. We've increased our investment by 14%, as I mentioned, versus last year. It's giving us a chance because we increased our investment, because we moved our R&D from about 7% of sales in 2022 up to 8% in 2022.
We felt we had the ability to move things forward, expedite them, it gives us a chance in 2023 to launch 15 new products. We're delighted with that. Everything from the Vision Care portfolio. We'll launch some line extensions of LUMIFY. We'll also have a chance to do geographic expansion of LUMIFY into other countries around the world. We also have the chance to launch our multifocal of our daily SiHy. I'll talk more about that in a second. Also, in pharmaceutical side, the investment in R&D is allowing us to launch our NOV03 in 2023. I'll talk about that in a second.
In the surgical side, one of the things we recognized, and we've been working at this now for the past two to three years, is that we needed to spend money to develop the premium IOLs on the surgical side of our business, and we've been doing that. I'll show you what we plan to launch and how we will grow that portfolio of premium IOLs in the next several years. Finally, as I mentioned We also invested in our R&D, but we also filled some of the gaps we had through business development by bolting on five acquisitions, licensing transactions, three of them in the surgical side, one in pharma, one in consumer to continue to build out our portfolio for the future.
Let me spend a few minutes remaining on some of these important key products before I open up for questions. One is LUMIFY. LUMIFY is a great story in terms of what we are able to do with LUMIFY as we've been able to successfully launch LUMIFY. For those of you who are not familiar with our story, we launched this product in 2018 as a redness reliever product. That product has moved from a business that was, you know, started at zero to us having a 50% market share in a category, taking over business from products like VISINE, CLEAR EYES, others that have been around for decades, mostly behind number one, great consumer promotion.
Number two, and I think an important part, we utilized our total BNL footprint and used our sales force that's out calling on optometrists, ophthalmologists, to also make sure that we can get the message to the doctors. You can see from this slide, we became not only the 50% market share leader, but the number one physician-recommended product really within the first year. It's really this integrated approach we take to the business that allows us to do everything you would do for any consumer product, but also make sure that we get to the physicians and get the physician's endorsement for the product. We'll do more of that. We'll launch it in now six countries. Successful Canadian launch behind us.
Most recently, just really a week ago, we acquired the rights for LUMIFY for 18 additional countries that will allow us to leverage the LUMIFY brand to more geography. As you can see in the bottom, on the right-hand side here, we'll launch some additional line extensions of LUMIFY for LUMIFY eye cleanser, LUMIFY eye cream, LUMIFY lash and brow, all designed to continue to enhance that LUMIFY brand name and allow us to expand the portfolio. As it would relate to the next area, one of the important growth drivers for us is the silicone hydrogel daily lenses. It's a global market today, about $3 billion today. We expect it to be ballpark $6 billion by 2030, and we're really excited about our position and where we play there.
I'll tell you, I'll probably talk about why first and foremost. First and foremost, why we think our product's a great product. Instead of just developing the current SiHy daily product like others, we infused our product, therefore I calling it infused, with osmoprotectants, electrolytes, and moisturizers to make the product more comfortable. You can see the data from patients. The data from patients say 94% of patients agree that Bausch + Lomb infused contact lenses do not feel dry. 94% also say, allow you can wear them comfortably all day, and then 97% said they still provide crisp, clear vision throughout the entire day. People who are wearing our contacts don't have to sacrifice. That's what's given us an ability to actually grow this business in 2022 by 32%.
Importantly, as we think about the future, we've launched it at the spherical in 25 countries, but now we have the chance to launch in more countries with spherical, then launch multifocal and toric. We're really excited about what that means for future growth of our overall contact lens business, and importantly, our silicone hydrogel. The other mention I said earlier that I wanna talk about, a big opportunity for us in this prescription ophthalmic market is NOV03. NOV03 is going to enter a very large market in the United States. dry eye disease is a $3 billion gross sale, about $2 billion net sale business.
About 18 million Americans have dry eye disease. We have a chance to come out based on the studies that we've done to potentially, if the FDA approves our product, to be the first product as a treatment of the signs and symptoms of dry eye disease associated with Meibomian Gland Dysfunction. At this time, there's no other product that has that capability. If approved by the FDA, we think that's a really big opportunity to help improve the lives of patients that have dry eye disease, associated Meibomian Gland Dysfunction. The data is very outstanding data. If you look at what we've shown is that we have helped these patients as early as day 15. Some of our competitive products that are out there, they're billion-dollar products, can take up to three to 6 months to work.
They work through a different mechanism. They work through more of the tear stimulation. We work through the evaporative side. What we know is that Meibomian Gland Dysfunction represent ballpark about 90% of the patients have some degree of Meibomian Gland Dysfunction. We do think it's a big market opportunity, and we do think we have a product that works as early as day 15 based on the data, and we're excited about how we can help these patients. You can see the p-values were outstanding for both the sign, which is corneal staining, and the symptom, ocular dryness. You can see these p-values at p equals less than 0.001. Very significant improvement for patients, and we're excited about it. We have a June 30th, 2023 PDUFA date.
The other area I mentioned briefly was what we're doing on intraocular lenses. We'll be candid. We should have had more premium intraocular lenses five years ago. But since the new team has taken over, we've put an investment behind this premium IOL concept. We did our first deal to get the Lux premium IOLs, we launched that beginning in 2020. We'll have a trifocal in 2024. We now have a trifocal on the planning horizon for 2023 in Canada, 2024 for U.S. and E.U.. We've got an extended range IOL with enVista technology for 2023 for Canada and The U.S., Europe in 2024. We got an extended depth of focus for 2025 and 2026.
All I say here is you can see a purposeful desire to move into the marketplace with these premium IOLs that are also at a higher price point. Average price point of a monofocal IOL is somewhere in that $150 per patient per eye, whereas the premium IOLs could be somewhere in that $800, $900 per IOL. Clearly that's an opportunity to significantly help those patients who have the more complicated problem and need the IOLs that are the premium side. One other area I'll talk about here is the 3D microscope. You can see that one of the plans that we've thought about is how do we help the surgeons to do everything they need to do and be more successful with their surgeries? One of the things that we're coming forth with is this 3D microscope.
Importantly, this is gonna link to our Stellaris equipment and to a system we call Eyetelligence. The concept is that we'll create a digital world for that physician, so that when the physician sees the patient in pre-op, when the physician sees the patient during the surgery, is treating the patient or post-op, they'll have access to all their data. It'll be in a cloud, help them to make the right decisions to do the best they can do for that patient. We think the 3D microscope is one example of how we're going to help that physician, in addition to this Eyetelligence system and having it all integrated so that we can really help physicians as they help their patients through the entire process of surgery, whether it be retinal surgery or cataract surgery. We're excited about that.
Final slide I wanna do, and then I'll close it up and open it up for questions, is how do I put this all in perspective for you in terms of the investment thesis of Bausch + Lomb? I'll start on the left-hand side. First and foremost, integrated platform, and what I mean by that is we have a platform, once again, that has surgical, it has prescription pharma, it has the contact lenses, it has consumer health. Have this integrated approach and have all of our sales forces all working together to try to solve problems for the physician. If you start from the outside of this circle and work your way in, you think about it. One of the things I shared with you, we have the highest brand awareness.
Bausch + Lomb has the highest brand awareness with eye health care professionals. Clearly, we're a well-known entity. We do business in 100 countries. We have all the access points, whether it's the optometrist, the ophthalmologist, whether it's the key retailers, e-commerce. We have the ability to leverage that Bausch + Lomb name with all of the key access points through 100 countries. That's what we think is important. One of the comments I mentioned before, we have significant modalities to treat this patient, whether they're looking for contact lenses, whether they're looking for surgical, whether they're looking for the ophthalmic pharma, the 100 products we have in our portfolio, or whether they're looking for the number one player in consumer health. We have all of those capabilities.
We believe that Bausch + Lomb will have the ability to help these patients through all phases of their lives. One of the very first product that any newborn baby gets is they get an erythromycin ointment in the corner of their eye to help that patient to make sure you treat potential microbial or ensure there's no microbial infection. That's a Bausch + Lomb product. We can start you as a newborn, we can take you through the teens when they potentially need either anything from a anti-infective to antihistamine for eye drops, or then we can go to contact lenses, ultimately, we can take them to the point where if they need cataract surgery, we've got the implants to help them.
We can help patients through every phase of their life. That's what gives us excitement about the future of Bausch + Lomb, that we can help all these patients through all phases of their lives. We're excited whether it's an elderly patient, whether it's newborn patient, these are the things that we're gonna bring forth in the marketplace to ensure that we help patients have a healthy life. Importantly, our logo is help patients to see better, to live better. Thank you very much for the opportunity to talk to you today. I'm gonna open it up for questions. Robbie?
There's a lot to to ask, but maybe I'll start. You know, it's been, what, eight months, seven months since...
Eight months.
You've been a public company.
Yeah.
You know, what do you think, where do you think you outperformed? What do you think, you need to work on in 2023?
I think number one of the things that we're delivering on our promises, I think is probably the first thing I'd say is when we set up the company with the IPO, we said that we would grow the business at mid-single digit growth rate, and that's exactly what we do. Organic mid-single digit growth rate is what we've promised and what we're delivering on. I'm really pleased with that. One of the areas that, to your question, though, that we've done some, but I'd love to do more, and one of the issues is our ability to invest in R&D. We've moved that up from 7%- 8% of sales, so we're delighted to be able to do that.
With that, move forward some of the R&D programs more quickly than we expected. We got 15 launches this year. The other thing, we did some, but I'd like to move more aggressively on, is bolt-on transactions. We did five bolt-on transactions since May, so that's great. However, they've all been very small, predominantly because as we're still part of the parent Bausch Health, we wanted to make sure that we were, you know, measured in our first bolt-on transaction. We did five, three of them in surgical, one in pharma, one in the consumer side. I think for us to do more of those in 2023 and beyond will be an important opportunity for us to expedite the growth.
One of the things we know about our competitors is they have grown organically. They've also been very successful in bolting on additional businesses. I think there's a lot of opportunities for us to bolt on, especially in the areas of surgical opportunity and the pharma opportunities that we'll look to do more of those to 2023 and beyond, especially as we get separate from our parent company.
Great. One of the stated goals and when I look at sell side numbers, getting spun out, there was probably limited investment dollars, or they weren't all going to your primary research projects that you would like to if you had total control. Now you are a standalone company. How? What's the pathway for both accelerating top line growth while expanding margins at a pretty good clip over the next four or five years?
I think it's gonna come down to a couple of things, and Sam may wanna add to this. First and foremost, I think it is the new product pipeline and launching 15 new products in 2023, and then continuing. Importantly, one of the things in terms of growing that top line and expanding margins that we've tried to do, and we've been working very diligently, and I hope you heard in my presentation, is specifically focusing our R&D projects on those products that we believe are gonna be growing in the faster segments of the market in terms of eye health. We think eye health in general grows 4%-5%, but we also know some places like the silicone hydrogels are gonna grow double digits. Make sure that we're putting investment there.
We also believe that the premium IOLs are gonna grow faster than the overall IOL market. Making sure that we put our investments in those areas that are gonna grow faster than the overall eye health segment, that's gonna help us to accelerate it, and that's why we put more R&D dollars there. One of the things that specifically we've tried very much to do is ensure that the R&D dollars really go to those best opportunities that allow us to deliver on those unmet needs. Sam, anything you wanna add to...
I think I will add that it's based also on building up on the brands that we have. I think we look at key brands like Ocuvite PreserVision, which grew 16% in Q3 for us. That's something we're excited about, and we'll continue to build on. LUMIFY is another perfect example Joe touched on in his presentation. We're roughly about 49% market share, so that's a great also brand that we'll continue to build on.
You got the NOV03 data published last week.
Yep.
I believe it was. PDUFA date's in June. Looks like a really promising drug, especially if you could get the, I can't even say it.
Meibomian Gland Dysfunction.
Yeah, thank you.
MGD. MGD.
MGD, label. It does just compare and cross trial. Looks like it has fairly similar results to, Restasis, and is a four-time a day drug. What's the competitive positioning? You know, how much will that specific label drive utilization and separate it versus the peers, versus the four-time a day dosing?
Sure. I think I'd offer three comments on that. The first comment is that we believe we have this different mechanism of action. We treat the evaporative side of disease, whereas the RESTASIS is going after the tear production. Probably for some of those patients that need have very severe dry eye disease, they may end up using both, to be very honest. The second comment I would say is one of the things that we think truly separates us is the onset of action of our product. We've shown in the clinical trials, I referenced it in the slides, that we have efficacy, placebo-controlled efficacy, where we separate from the placebo as early as day 15.
The signs and symptom data that came from Restasis will often show many months that take for separation. From a patient point of view, I think once patients try it, they're gonna like it and stay with it. I think that that's another important point. I guess the final comment I make is that we bring to this story the Bausch + Lomb reputation, which has been around for 170 years of innovation to help solve these problems. I think that's gonna help us with our overall programs that we launch you know, going forward.
Great. Maybe I'll just pause for a minute. Any questions in the audience? I'll keep going. You didn't preannounce fourth quarter trends or fourth quarter results, but any trends you could speak to U.S. and outside The U.S . or across different businesses from a high level that we could think about, especially if you could touch on China. You do have a pretty decent business in China, what you're seeing since the reopening there.
Sure. Maybe I'll step back and pick up from Q3 of what we did in Q3 because it's important. We've had, through Q3, 5% organic growth in the third quarter, which is really good results. Our full year guess was about 4%-5% organic growth. We're seeing that momentum continue with us in Q4. We've seen really strong fundamentals from the business. We did highlight currency as being one of the elements that we were seeing headwind, starting especially in the second half for us in 2022, especially with the dollar being strong. We're seeing that continue with Q4. It started to ease up a little bit towards the end of the quarter, but for the most part, it's the currency still.
Our guidance is about 210, which is about 560 basis points on a year-to-year basis. China's an important market for us. It's about 10% of overall revenue. The situation in China has been quite dynamic, and we've seen really throughout 2022, really a stop-and-go in China with the lockdowns and then opening. When the market opened in China, we were able to leverage our position there. We grew 6% organically in Q3, 28% sequential. We're really very pleased with what we're able to perform. As you look forward, right now we're optimistic with the opening of China. I think we're using The U.S. as a proxy of how The U.S. went through the opening with COVID about a year ago and seeing sort of the flux in the number of cases.
We expect that will occur in China, especially in the early part of 2023, which may impose a little bit of, I'll call it, short term headwinds, but I think it's an important step to be able to get back to normal. Overall, the market in China is a big market for us. It's an opportunity, and we think the opportunity is still there long term.
I just wanna make sure I don't misinterpret the comments on currency. Obviously, you're not giving us the fourth quarter impact, but when you had the earnings call, it might have even been a little below a dollar, the euro, and now it's 1.07 or so. There's nothing preventing that benefit from flowing through into next year, is there?
No, I think we'll see a benefit. If we look at the currency where we're ending right now and we're seeing 2022, when you look at where the currency actually started to strengthen with the dollar, it really hit in the mid-2022. When you start thinking about it from a 2022 to 2023, our expectation is the first part of 2023, you will see still, from a lapping point of view, a strong currency headwind, but that should ease as we go forward in 2023 if the currency stays where it is today.
Got it. Yeah.
Thank you very much for an excellent presentation.
If you could just hold for one second for a microphone. Thank you.
Thank you very much. I would like to understand what is the fastest-growing segment in ophthalmic pharma? Pharmaceutical. You mentioned that you would like to focus on that, maybe you can comment. Thank you.
The fastest-growing segment that we play in is going to be the dry eye disease. We're not active in the prescription side today. We do have some over-the-counter products that help in dry eye disease. The fastest-growing segment is going to be for us the dry eye disease, and more specifically, that we're going after dry eye disease associated with Meibomian Gland Dysfunction, which represents about 90% of dry eye disease. That's the fastest segment in which we currently or expect to place in 2023.
Beyond NOV03, which we already talked about, what's the most exciting product launch in the next 12 months in your view for Bausch?
The other area is I mean, there's a couple. There's two I've gotta mention. One is that as we launch the premium IOLs, because one of the things I made mention of, but I'll say again, is that as we go to the premium IOLs, we move from a price point, if I use US numbers just for sake of argument, of selling an IOL for monofocal at $125 to ballpark at a $900 IOL. It helps you both in gaining share, but also helps you on the revenue side as you help these patients who have more complicated eye disease. The premium IOLs and that plan that we have launching over the next three years in 2023, 2024, 2025 to launch all the products I think would be one other area.
It's gotta be the opportunity for us to launch the silicone hydrogel contact lenses across the board. We're only today in spherical. We also have to launch the multifocal. We have to launch a toric. Those will roll out over the next couple years. As we said, we think that's about a $3 billion business today for all the companies in terms of the overall silicone hydrogel market. We think by 2030, it's gonna be about a $6 billion business. It clearly says that if one can gain a, you know, 10% share, 15% share in there, you can do the numbers very quickly and what that means for our revenue opportunity. We won't project any individual numbers, of course. You can quickly understand that it's a really big opportunity for us.
Unfortunately, we're out of time there, but I wanna thank you a lot for coming, and thanks everyone for listening.
Thank you, Robbie.
Thank you.
Thank you.