Bausch + Lomb (BLCO) is set to report its Q1 results on April 30, with revenue and earnings before interest, taxes, depreciation, and amortization expected in line with consensus, RBC said in a report Friday.

Investors will be closely watching for updates on the company's dry-eye disease prescription drugs, Miebo and Xiidra, as well as the financial impact and timeline for resolving the recent voluntary recall of certain enVista intraocular lenses, RBC said.

"Regarding tariffs, management has previously noted that the company primarily manufactures products within their country of origin, suggesting that most of the impact from tariffs would pertain to raw materials. Consequently, they had expected any headwinds to be minimal," the report said.

RBC notes that foreign exchange headwinds, which had previously been a significant concern, have "moderated," and revised forecasts now estimate a $24 million impact in Q1 and $45 million for the full year, down from a previous estimate of $100 million, the report said.

Miebo sales are projected to rise 71% year-over-year to $295 million, with Q1 at $56 million, and Xiidra is expected to decline 5% year-over-year, reaching $346 million for the year and $78 million in Q1.

RBC has an outperform rating on Bausch + Lomb and adjusted its price target to $17 from $18.

Shares of the company were down more than 5% in recent Friday trading.