Cooper Companies raises 2026 profit forecast on demand for disposable contact lenses

March 5 (Reuters) - Cooper Companies COO.O raised its annual profit forecast on Thursday, betting on strong demand for its single-use daily disposable contact lenses.

Shares of the San Ramon, California-based company were up about 4% in extended trading.

Analysts expect contact lens makers such as Cooper, Alcon ALCC.S and Bausch + Lomb BLCO.TO to post steady growth in 2026 as consumers trade up from monthly or reusable lenses to higher-priced single-use daily disposables.

The company expects annual adjusted profit of $4.58 per share to $4.66 per share, up from its previous expectations of $4.45 to $4.60 apiece. Analysts, on average, estimate annual adjusted profit to be $4.52 per share, according to data compiled by LSEG.

Cooper raised its annual revenue forecast to a range of $4.306 billion to $4.346 billion, up from its prior forecast of $4.299 billion to $4.338 billion, and slightly above analysts' estimate of $4.320 billion.

The company said it remains on track with its long-term outlook of generating more than $2.2 billion in free cash flow from 2026 through 2028.

On an adjusted basis, the company reported a profit of $1.10 per share, topping analysts' expectations of $1.03 per share, helped by cost savings from a major reorganization completed last quarter.