The company said it would continue to support the Livestrong cancer support charity founded by Armstrong, himself a cancer survivor. Armstrong stepped down as chairman of the charity last week.
“Based on (the) UCI’s decision today and the overwhelming evidence that USADA presented, Oakley has severed its longstanding relationship with Lance Armstrong, effective immediately,” the company said in a statement.
“We are deeply saddened by the outcome, but look forward with hope to athletes and teams of the future who will rekindle that inspiration by racing clean, fair and honest,” it added.
U.S. sportswear company Nike last week terminated its contract with Armstrong and brewer Anheuser-Busch said it would end its relationship with him when their agreement expires at the end of 2012.