Bausch Health Companies Inc (BHC) 2023 Q3 法說會逐字稿

Greetings. Welcome to the Bausch Health Third Quarter 2023 Earnings Call. (Operator Instructions) Please note this conference is being recorded. I will now like to turn the conference over to your host, Lisa Wilson. You may begin.

問候。歡迎參加 Bausch Health 2023 年第三季財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。現在我想將會議交給主持人麗莎威爾森 (Lisa Wilson)。你可以開始了。

Good morning, and welcome to Bausch Health's Third Quarter 2023 Earnings Conference Call. This is Lisa Wilson, Investor Relations for Bausch Health. Participating in today's call are Thomas Appio, Chief Executive Officer of Bausch Health and John Barresi, Interim Chief Financial Officer.

早上好，歡迎參加 Bausch Health 2023 年第三季財報電話會議。我是 Bausch Health 投資者關係部的麗莎威爾森 (Lisa Wilson)。 Bausch Health 執行長 Thomas Appio 和臨時財務長 John Barresi 參加了今天的電話會議。

Before we begin, I'd like to remind you that our presentation today contains forward-looking information. We ask you to take a moment to read the forward-looking statements disclaimer at the beginning of the slides that accompanied this presentation as it contains important information.

在開始之前，我想提醒您，我們今天的演示包含前瞻性資訊。我們請您花點時間閱讀本簡報隨附的投影片開頭的前瞻性聲明免責聲明，因為它包含重要資訊。

Our actual results may vary materially from those expressed or implied in our forward-looking statements, and you should not place undue reliance on any forward-looking statements. Please refer to our SEC filings and filings with the Canadian securities administrators for a list of some of the factors that could cause our actual results to differ materially from our expectations.

我們的實際結果可能與我們的前瞻性陳述中明示或暗示的結果有重大差異，您不應過度依賴任何前瞻性陳述。請參閱我們向 SEC 提交的文件以及向加拿大證券管理機構提交的文件，以了解可能導致我們的實際結果與我們的預期產生重大差異的一些因素的清單。

We use non-GAAP financial measures to help investors understand our ongoing business performance. Non-GAAP financial measures may not be comparable but similarly titled measures used by other companies and should be considered along with, but not as an alternative to, measures calculated in accordance with GAAP. You will find reconciliations to our non-GAAP measures in the appendix of the slides that accompanied this presentation, which are available on Bausch Health's Investor Relations website.

我們使用非公認會計準則財務指標來幫助投資者了解我們持續的業務績效。非 GAAP 財務指標可能無法與其他公司使用的類似名稱的指標進行比較，因此應與根據 GAAP 計算的指標一起考慮，但不能取代根據 GAAP 計算的指標。您可以在本簡報附帶的投影片附錄中找到我們的非公認會計原則措施的調節表，這些投影片可在 Bausch Health 的投資者關係網站上找到。

Finally, the financial guidance in this presentation is effective as of today only. We do not undertake any obligation to update guidance. Our discussion today will focus on Bausch Health excluding Bausch & Lomb.

最後，本簡報中的財務指引僅從今天起生效。我們不承擔任何更新指南的義務。我們今天的討論將重點放在博士倫健康（不包括博士倫）。

However, we will briefly comment on Bausch & Lomb's results announced yesterday. We will refer to year-over-year comparisons with the same period last year unless otherwise noted. For the benefit of those who may be listening to the replay or archived webcast, this call was held and recorded on November 2, 2023. With that, it's my pleasure to turn the call over to our CEO, Thomas Appio. Tom?

不過，我們將簡要評論博士倫昨天公佈的業績。除非另有說明，我們將指與去年同期的同比比較。為了那些可能正在收聽重播或存檔網路廣播的人的利益，本次電話會議於 2023 年11 月2 日舉行並進行了錄音。因此，我很高興將這次電話會議轉交給我們的執行官托馬斯·阿皮奧(Thomas Appio)。湯姆？

Thank you, Lisa, and welcome to those of you joining the call this morning. At Bausch Health, our team is focused on enriching lives through our relentless drive to create better health outcomes for our patients and the physicians who treat them.

謝謝麗莎，並歡迎你們今天早上加入電話會議。在 Bausch Health，我們的團隊致力於透過不懈的努力來豐富人們的生活，為我們的病人和治療他們的醫生創造更好的健康結果。

The BHC team is tirelessly dedicated to business performance driving results and progressing our key strategic objectives. We continue to demonstrate this commitment in the third quarter. Let me share some highlights.

BHC 團隊孜孜不倦地致力於業務績效推動成果並推進我們的關鍵策略目標。我們在第三季繼續兌現這項承諾。讓我分享一些亮點。

Turning to Slide 6. From a performance standpoint, we had another solid quarter with revenues for Bausch Health, excluding B&L of $1.23 billion, up $127 million or 12% on a reported basis and 10% on an organic basis. I am pleased to share that each of our 4 segments posted revenue growth in the quarter which we will discuss in more detail later.

轉向幻燈片 6。從業績角度來看，Bausch Health 的收入（不包括 B&L）又一個穩健的季度，收入為 12.3 億美元，報告增長 1.27 億美元，即 12%，有機增長 10%。我很高興地告訴大家，我們的 4 個部門在本季都實現了營收成長，我們將在稍後更詳細地討論這一點。

We continue to progress our R&D pipeline. On October 20, we received FDA approval for IDP-126, now branded as CABTREO. We continue to defend our intellectual property rights for Xifaxan. The consolidated appeals of the Delaware Court ruling are ongoing at the Court of Appeals for the Federal District circuit. Briefing is now complete, and we are awaiting a date for oral argument. We expect the decision by the end of Q1 2024 and remain confident in our position.

我們繼續推進我們的研發管線。 10 月 20 日，我們的 IDP-126 獲得 FDA 批准，現品牌為 CABTREO。我們將繼續捍衛 Xifaxan 的智慧財產權。針對特拉華州法院裁決的合併上訴正在聯邦區巡迴上訴法院進行。情況通報現已完成，我們正在等待口頭辯論的日期。我們預計將於 2024 年第一季末做出決定，並對我們的立場保持信心。

With regard to Norwich's lawsuit against the FDA in the D.C. District Court, where Norwich was seeking immediate approval of their ANDA, oral argument was held on October 6, 2023. On November 1, the court denied Norwich's motion and granted summary judgment in favor of the FDA and Salix.

關於Norwich 在華盛頓特區地方法院對FDA 提起的訴訟，Norwich 正在尋求立即批准其ANDA，該訴訟於2023 年10 月6 日舉行了口頭辯論。11 月1 日，法院駁回了Norwich 的動議，並做出了有利於諾維奇的簡易判決。 FDA 和 Salix。

We are fully committed to vigorously defend our intellectual property and providing healthcare providers and patients with safe and effective treatment options. We also continue to evaluate strategies regarding the potential full separation of Bausch + Lomb, which I will discuss later. And in the meantime, we remain focused on managing our balance sheet. We reduced our debt net of cash by approximately $150 million in the quarter.

我們完全致力於大力捍衛我們的智慧財產權，並為醫療保健提供者和患者提供安全有效的治療選擇。我們也將繼續評估有關博士倫潛在完全分離的策略，我將在稍後討論。同時，我們仍然專注於管理我們的資產負債表。本季我們扣除現金後的債務淨額減少了約 1.5 億美元。

And lastly, now that we are 3 quarters of the way through 2023, we are updating our guidance for BHC, excluding B&L to a narrower band within our previously disclosed ranges. Let me now start by sharing some of our business performance highlights, as shown on Slide 7.

最後，現在距離 2023 年還有 3 個季度，我們正在更新 BHC 的指引，將 B&L 排除在我們之前披露的範圍內的較窄範圍內。現在讓我先分享我們的一些業務績效亮點，如幻燈片 7 所示。

This quarter, all of our Bausch Health segment delivered revenue growth year-over-year with Salix International and Solta Medical, growing by double digits on a reported basis. Let us take each segment in turn. Salix, Q3 net sales for Salix grew 13% on both a reported and organic basis. While about half of the growth in the quarter was a result of wholesaler stocking patterns we are encouraged by continued underlying growth in this segment, including for Trulance and Relistor.

本季度，我們所有 Bausch Health 部門的收入均實現同比增長，其中 Salix International 和 Solta Medical 的收入按報告增長了兩位數。讓我們依次討論每個部分。 Salix，第三季 Salix 的淨銷售額在報告和有機基礎上均成長了 13%。雖然本季約一半的成長是批發商庫存模式的結果，但我們對該細分市場（包括 Trulance 和 Relistor）持續的基本成長感到鼓舞。

And building on the plan we laid out last year, we are continuing to focus our commercial investments in sales and marketing to spread awareness of the underlying medical conditions and the options that are available to treat these conditions.

在我們去年制定的計劃的基礎上，我們將繼續將商業投資重點放在銷售和行銷方面，以提高人們對潛在醫療狀況以及可用於治療這些狀況的選擇的認識。

You may have seen our recent press release announcing our partnership with Bellamy Young, who is speaking out to help educate patients, families and caregivers impacted by hepatic encephalopathy, also known as HE. These efforts reflect our commitment to driving long-term profitable growth in this important franchise.

您可能已經看到我們最近宣布與貝拉米楊(Bellamy Young) 合作的新聞稿，貝拉米楊(Bellamy Young) 正在發聲幫助教育受肝性腦病（也稱為HE）影響的患者、家庭和護理人員。這些努力反映了我們對推動這項重要特許經營權的長期獲利成長的承諾。

Turning to international. Revenues grew by 10% on a reported basis in the third quarter and 4% on an organic basis, lead by strong performances in Latin America and Poland. In Solta Medical, revenues increased by 15% on a reported basis and 17% on an organic basis, reflecting strong growth in the Asia Pacific region, including China, and low single-digit growth in the U.S. market.

轉向國際化。第三季報告營收成長 10%，有機成長 4%，這主要得益於拉丁美洲和波蘭的強勁表現。 Solta Medical 的報告收入成長了 15%，有機收入成長了 17%，反映出包括中國在內的亞太地區的強勁成長，以及美國市場的低個位數成長。

Notably, more than 70% of Solta revenues are generated from consumable sales, representing an attractive and very durable business profile where we see significant opportunity for long-term growth.

值得注意的是，Solta 超過 70% 的收入來自消費品銷售，這代表了一個有吸引力且非常持久的業務狀況，我們看到了長期成長的重大機會。

Efforts are underway to accelerate growth in our largest markets, expand our sales teams in the U.S. and Europe and advance our pipeline of new market authorizations and next-generation products. Our Solta team is focused on continuing to build a world-class aesthetics business.

我們正在努力加速我們最大市場的成長，擴大我們在美國和歐洲的銷售團隊，並推動我們的新市場授權和下一代產品的研發。我們的 Solta 團隊致力於繼續打造世界一流的美容業務。

Turning to diversified. Revenues increased by 9% on both a reported and organic basis in the quarter. Our neurology and generics units reported growth in Q3 as both businesses benefited from their ability to address short-term supply disruptions that arose in the market. While we are obviously pleased with this performance, the continuation of these tailwinds is uncertain.

轉向多元化。本季報告營收和有機收入均成長 9%。我們的神經病學和仿製藥部門在第三季度報告了成長，因為這兩項業務都受益於解決市場上出現的短期供應中斷的能力。雖然我們顯然對這一表現感到滿意，但這些順風能否持續存在不確定性。

In particular, the neurology and dermatology businesses continue to face long-term challenges. Nonetheless, these businesses are highly profitable and cash generative, and we continue to look for opportunities to make targeted investments where appropriate.

尤其是神經病學和皮膚病學業務繼續面臨長期挑戰。儘管如此，這些業務利潤豐厚且能產生現金，我們將繼續尋找機會在適當的情況下進行有針對性的投資。

In neurology, we are excited about our recently launched marketing campaign for Aplenzin focused on seasonal affective disorder, also known as SAD. In dermatology, we continue to focus on building consumer awareness for Jublia.

在神經病學領域，我們對最近推出的 Aplenzin 行銷活動感到興奮，該活動重點關注季節性情緒障礙（也稱為 SAD）。在皮膚科領域，我們持續致力於培養消費者對 Jublia 的認識。

And as I mentioned earlier, on October 20, we received FDA approval of CABTREO. We are looking forward to providing patients with this innovative product beginning in 2024. In the third quarter, dentistry revenues declined slightly, ending down 4% year-over-year after posting solid growth in the first 2 quarters of the year.

正如我之前提到的，10 月 20 日，我們獲得了 FDA 對 CABTREO 的批准。我們期待從 2024 年開始為患者提供這種創新產品。在今年前兩個季度實現穩健成長後，第三季牙科收入略有下降，年減 4%。

We expect dentistry to return to growth as we begin to benefit from the investments we have made, increasing consumer awareness efforts for Arestin, including our cover your basis campaign in collaboration with Alex Rodriguez to raise awareness about the prevalence and the impact of gum disease.

我們預計牙科行業將恢復成長，因為我們開始從我們所做的投資中受益，提高消費者對Arestin 的認識，包括我們與Alex Rodriguez 合作的「覆蓋你的基礎」活動，以提高人們對牙齦疾病的流行和影響的認識。

We have also strategically deployed our sales team with greater focus on each of the 2 customer segments. The dental support organizations and private practice dentists. We are pleased with the strong performance of our business in the third quarter.

我們也策略性地部署了我們的銷售團隊，並更加關注這兩個客戶群。牙科支持組織和私人執業牙醫。我們對第三季業務的強勁表現感到滿意。

We have also continued to focus on the other areas of strategic importance since our last call. You will recall that in January of this year, we had reached a tentative settlement with the IRS to resolve the Granite Trust matter.

自上次通話以來，我們也持續關注其他具有策略重要性的領域。您可能還記得，今年 1 月，我們與 IRS 達成了臨時和解，以解決 Granite Trust 問題。

We expect the settlement to be finalized in the coming months. As we have previously said, the anticipated outcome of the settlement does not have a material impact on the company's results or cash flows.

我們預計和解將在未來幾個月內完成。正如我們之前所說，和解的預期結果不會對公司的業績或現金流量產生重大影響。

We continue to believe that the separation of B&L makes strategic sense. Any decision regarding if and when a distribution occurs or its structure will be based on and subject to any assessment of all the relevant factors and circumstances.

我們仍然相信 B&L 的分拆具有​​戰略意義。關於是否以及何時進行分配或其結構的任何決定都將基於並受制於對所有相關因素和情況的評估。

Any potential distribution will also be subject to shareholder and other applicable approvals. In the meantime, we continue our focus on managing our balance sheet and growing our business for the long term.

任何潛在的分配也將受到股東和其他適用批准的約束。同時，我們繼續專注於管理資產負債表和長期發展業務。

To that end, we finished the quarter with more than $1 billion of liquidity. Let me now briefly cover the recent progress we have made advancing our pipeline as shown on Slide 8. Starting with our Salix pipeline, our RED-C program for rifaximin for reduction of early decompensation in cirrhosis continues to advance.

為此，我們在本季末擁有超過 10 億美元的流動性。現在讓我簡要介紹一下我們在推進管道方面取得的最新進展，如幻燈片8 所示。從我們的Salix 管道開始，我們用於減少肝硬化早期失代償的利福昔明RED-C 項目繼續推進。

This global program is focused on developing novel formulations and assessing the efficacy of rifaximin SSD formulation versus placebo to delay the occurrence of HE related hospitalizations. We expect a complete enrollment of 2 global Phase III trials with approximately 1,000 patients across the major markets of North America, Europe and Asia Pacific in the first quarter of 2024.

這項全球計畫的重點是開發新製劑並評估利福昔明 SSD 製劑與安慰劑相比延遲 HE 相關住院治療發生的功效。我們預計 2024 年第一季北美、歐洲和亞太主要市場的 2 項全球 III 期試驗將完成招募，約 1,000 名患者。

For amiselimod a new oral selective S1P receptor modulator that targets the treatment of mild to moderate ulcerative colitis. The Phase II study completed enrollment in July of this year. This is a large Phase II study with over 300 patients in 19 countries, and the induction phase of this study is expected to be completed in the fourth quarter.

阿米塞莫德是一種新型口服選擇性 S1P 受體調節劑，旨在治療輕度至中度潰瘍性結腸炎。 Ⅱ期研究已於今年7月完成入組。這是一項大型 II 期研究，涉及 19 個國家的 300 多名患者，該研究的誘導階段預計將於第四季度完成。

In dermatology, we are pleased that the FDA approved CABTREO, the brand name for IDP-126, indicated for the treatment of acne vulgaris in patients 12 years of age and older. CABTREO is the first and only FDA-approved fixed-dose triple combination topical medication for acne.

在皮膚科領域，我們很高興 FDA 批准了 CABTREO（IDP-126 的商品名），用於治療 12 歲及以上患者的尋常痤瘡。 CABTREO 是第一個也是唯一一個經 FDA 批准的固定劑量三重外用痤瘡藥物。

We are excited to bring this product to the millions of patients who suffer from acne each year. CABTREO has the potential not only to simplify dosing with a once daily topical regime, but also to improve patient outcomes.

我們很高興能夠將該產品帶給每年數百萬痤瘡患者。 CABTREO 不僅可以透過每天一次的局部用藥來簡化劑量，還可以改善患者的治療效果。

CABTREO utilizes 3 mechanisms of action to treat acne combining an antibiotic, antibacterial and retinoid to provide a novel, effective and tolerable treatment that addresses 3 of the 4 pathogenic factors that cause acne. We expect to launch CABTREO in the United States in the first quarter of 2024.

CABTREO 利用 3 種作用機制來治療痤瘡，結合抗生素、抗菌劑和類維生素A，提供一種新穎、有效且可耐受的治療方法，可解決導致痤瘡的 4 種致病因素中的 3 種。我們預計將於 2024 年第一季在美國推出 CABTREO。

We have also submitted CABTREO for approval with Health Canada and expect to be poised for launch of CABTREO in Canada in the second half of 2024. Our Solta pipeline is very active as well. Our FDA submission for our next-generation Fraxel, a fractionated laser device for skin resurfacing is planned for the first quarter of 2024 with approval expected sometime in the first half of next year.

我們也向加拿大衛生部提交了 CABTREO 審批，預計將於 2024 年下半年在加拿大推出 CABTREO。我們的 Solta 管線也非常活躍。我們計劃於 2024 年第一季向 FDA 提交下一代 Fraxel（一種用於換膚的點陣雷射設備），預計明年上半年某個時間獲得批准。

Our program for Clear and Brilliant Touch a fractionated laser device for skin rejuvenation is also advancing with regulatory submissions planned in 2024 for Europe, Canada and Asia Pacific markets.

我們的 Clear and Brilliant Touch 計劃（一種用於嫩膚的點陣雷射設備）也在推進，計劃於 2024 年向歐洲、加拿大和亞太市場提交監管申請。

As a leadership team, we remain committed to driving growth through commercial excellence, intensifying our focus on business development and expanding and progressing our pipeline, all with a patient-centered mentality.

作為一個領導團隊，我們仍然致力於透過卓越的商業業績來推動成長，加強對業務發展的關注，擴大和推進我們的產品線，所有這些都本著以患者為中心的心態。

With that, I would like to turn the call over to John Barresi, who will provide further details on our third quarter performance. John?

因此，我想將電話轉給約翰·巴雷西（John Barresi），他將提供有關我們第三季業績的更多詳細資訊。約翰？

Thanks, Tom. Hello, everyone, and thanks for joining us. We closed the third quarter with consolidated revenues for Bausch Health of $2.2 billion, up 9% on both a reported and organic basis over the same quarter last year. Third quarter revenues for Bausch Health, excluding B&L, were $1.23 billion, up 12% on a reported basis and up 10% on an organic basis year-over-year, with growth in all of our segments.

謝謝，湯姆。大家好，感謝您加入我們。第三季結束時，Bausch Health 的綜合收入為 22 億美元，報告營收和有機收入比去年同期成長 9%。 Bausch Health 第三季營收（不包括 B&L）為 12.3 億美元，報告基礎上成長 12%，有機基礎上年增 10%，所有業務部門均實現成長。

Let's dive into the revenue performance for each segment in more detail, starting on Slide 11 with Salix. Third quarter Salix revenues increased 13% on both an organic and reported basis to $614 million driven by growth in our core products, including Xifaxan 550, Relistor and Trulance. Year-over-year growth in Salix was led by Xifaxan, which grew 13% in the third quarter compared to the same quarter last year.

讓我們從投影片 11 的 Salix 開始，更詳細地了解每個細分市場的收入表現。第三季 Salix 營收在有機和報告的基礎上成長了 13%，達到 6.14 億美元，這得益於我們的核心產品（包括 Xifaxan 550、Relistor 和 Trulance）的成長。 Salix 的年成長由 Xifaxan 引領，第三季與去年同期相比成長了 13%。

Revenue growth benefited from a year-over-year increase in wholesale channel inventory. We are continuing to observe a shift in demand from the retail to the nonretail channel, particularly in hospital and clinic generated demand which is not necessarily fully captured in the TRx data.

營收成長得益於批發通路庫存的年增。我們持續觀察需求從零售通路向非零售通路的轉變，特別是醫院和診所產生的需求，而 TRx 數據不一定能完全反映這些需求。

Extended unit demand growth was approximately 1% year-over-year, while retail prescriptions were flat. We are also pleased with the third quarter sales performance of Relistor and Trulance which posted year-over-year increases of 28% and 10%, with total script growth of 10% and 15%, respectively.

擴展單位需求年增約 1%，而零售處方持平。我們也對 Relistor 和 Trulance 第三季的銷售業績感到滿意，分別年增 28% 和 10%，總腳本成長分別為 10% 和 15%。

International revenues were $275 million during the quarter, an increase of 10% on a reported basis and 4% on an organic basis compared to the prior year period, led by strong performances in Latin America and Poland.

本季國際營收為 2.75 億美元，與去年同期相比，報告成長 10%，有機成長 4%，其中拉丁美洲和波蘭表現強勁。

Solta Medical revenues were $83 million during the third quarter, an increase of 15% on a reported basis and 17% on an organic basis over the prior year period. Revenue growth was driven by strong demand in the Asia Pacific region, including China, as well as modest growth in the U.S. where we are investing in marketing and in expanding our sales force.

Solta Medical 第三季營收為 8,300 萬美元，報告基礎成長 15%，有機成長 17%。收入成長是由包括中國在內的亞太地區的強勁需求以及美國的適度成長推動的，我們在美國投資於行銷和擴大銷售隊伍。

With more than 70% of the revenue for this business coming from consumables and with the focus on the pipeline that Tom discussed earlier, we believe Solta Medical is primed for continued near- and long-term growth globally.

由於該業務 70% 以上的收入來自消耗品，並且重點關注 Tom 先前討論的管道，我們相信 Solta Medical 已做好全球近期和長期持續增長的準備。

Diversified revenues were $259 million, an increase of 9% on both a reported and organic basis in the third quarter. Both neurology and generics delivered year-over-year growth as they benefited from what we believe to be product availability constraints among competing products in the quarter. Dentistry experienced low single-digit declines. For dentistry, this decline came after 2 quarters of solid growth, and we continue to invest in this business for the long term.

第三季多元化收入為 2.59 億美元，報告營收和有機收入均成長 9%。神經病學和仿製藥都實現了同比增長，因為它們受益於我們認為本季競爭產品之間的產品可用性限制。牙科經歷了個位數的小幅下降。對於牙科而言，這種下降是在經歷了兩個季度的穩健增長之後出現的，我們將繼續長期投資於該業務。

The neurology and dermatology businesses continue to operate in challenging environments facing long-term headwinds with roughly 70% of the Diversified segment's revenues coming from products that are past their LOE dates. In neurology, we continue to see volume erosion for Wellbutrin and are moderating our expectations for Aplenzin in a difficult commercial coverage environment.

神經病學和皮膚病學業務繼續在充滿挑戰的環境中運營，面臨長期阻力，多元化業務部門約 70% 的收入來自超過 LOE 日期的產品。在神經病學領域，我們繼續看到維布特林的銷售量下降，並在困難的商業覆蓋環境中調整我們對 Aplenzin 的期望。

In dermatology, we expect positive demand growth for Jublia to continue to be offset by net pricing pressure as well as continued pressure on our nonpromoted products. Based on these factors, in the third quarter, we revised our long-term outlook for these businesses and reported goodwill impairments of approximately $250 million for neurology and $150 million for dermatology.

在皮膚科領域，我們預計 Jublia 的積極需求成長將繼續被淨定價壓力以及我們非促銷產品的持續壓力所抵消。基於這些因素，在第三季度，我們修改了這些業務的長期前景，並報告神經科和皮膚科的商譽減損分別約為 2.5 億美元和 1.5 億美元。

We are managing the portfolio of products for these businesses, which remain highly profitable and cash generative to balance the revenue trajectory and overall profitability. As shown on Slide 12, Bausch + Lomb revenues were $1 billion during the third quarter, up 7% on a reported basis and organic basis compared to the prior year, with growth across all B&L segments.

我們正在管理這些業務的產品組合，這些業務仍然具有高利潤和現金產生能力，以平衡收入軌跡和整體獲利能力。如投影片 12 所示，博士倫第三季營收為 10 億美元，與前一年相比，報告基礎和有機基礎上成長了 7%，所有 B&L 部門均成長。

Turning to the third quarter P&L on Slide 15. Third quarter consolidated adjusted gross margin was 72.3%, 80 basis points higher compared with the prior year. For Bausch Health, excluding B&L, adjusted gross margin for the third quarter was 81.3%, an increase of 50 basis points from last year. At B&L, adjusted gross margin was 80 basis points higher compared with Q3 of 2022.

轉向投影片 15 上的第三季損益表。第三季綜合調整後毛利率為 72.3%，比上年同期高出 80 個基點。 Bausch Health 剔除 B&L 後，第三季調整後毛利率為 81.3%，較去年成長 50 個基點。 B&L 的調整後毛利率比 2022 年第三季高出 80 個基點。

Consolidated adjusted operating expenses for the third quarter were $833 million, an increase of $75 million or 9% on a constant currency basis driven by higher SG&A expenses, reflecting investments in sales and marketing and higher R&D.

第三季合併調整後營運費用為 8.33 億美元，以固定匯率計算增加 7,500 萬美元，增幅為 9%，原因是銷售和行銷支出增加，研發投入增加。

For Bausch Health, excluding B&L, adjusted operating expenses increased by approximately $36 million while B&L reported an increase of $39 million in operating expenses. The increase in operating expenses for Bausch Health, excluding B&L was driven by selling and marketing expenses as well as R&D investment.

對於 Bausch Health，不包括 B&L，調整後的營運費用增加了約 3,600 萬美元，而 B&L 報告的營運費用增加了 3,900 萬美元。 Bausch Health（不包括 B&L）營運費用的增加是由銷售和行銷費用以及研發投資推動的。

Selling and A&P increased largely due to the investments we are making in the sales, sales force, including our go-to-market channels and advertising and promotional activity. Adjusted G&A for Bausch Health, excluding B&L was slightly favorable compared to the prior year.

銷售和廣告及費用的成長主要歸功於我們對銷售、銷售團隊的投資，包括我們的市場進入管道以及廣告和促銷活動。 Bausch Health 調整後的一般管理費用（不包括 B&L）與前一年相比略有改善。

Consolidated R&D expense for the quarter was $153 million, an increase of 15% compared to the prior year and represented 6.9% of product sales compared with 6.6% for the prior year period.

本季綜合研發費用為 1.53 億美元，較上年同期成長 15%，佔產品銷售額的 6.9%，去年同期為 6.6%。

For Bausch Health, excluding B&L, R&D expenses of $71 million increased by approximately $15 million due primarily to the focus on our clinical programs and regulatory activities to support our mid- and late-stage product development in the Salix segment.

對於Bausch Health 來說，不包括B&L，研發費用為7100 萬美元，增加了約1500 萬美元，這主要是由於我們重點關注我們的臨床項目和監管活動，以支持我們在Salix 領域的中後期產品開發。

Third quarter consolidated adjusted EBITDA was $830 million an increase of $64 million or 80% on a reported basis and 10% on a constant currency basis. For Bausch Health, excluding B&L, adjusted EBITDA was $664 million, an increase of approximately 10% from last year reflecting the factors previously described.

第三季合併調整後 EBITDA 為 8.3 億美元，增加了 6,400 萬美元，按報告數據成長 80%，以固定匯率計算成長 10%。對於 Bausch Health，不包括 B&L，調整後 EBITDA 為 6.64 億美元，比去年增長約 10%，反映了前面所述的因素。

On a consolidated basis, third quarter adjusted EBITDA margin was 37%, which was flat compared to last year. Adjusted EBITDA margin for Bausch Health, excluding B&L was 53.9% and for Bausch alone was 18.6%.

綜合來看，第三季調整後 EBITDA 利潤率為 37%，與去年同期持平。 Bausch Health 的調整後 EBITDA 利潤率（不包括 B&L）為 53.9%，僅 Bausch 為 18.6%。

Turning to cash flow. On a consolidated basis, Bausch Health generated $642 million in operating cash flow in the first 9 months. As with recent quarters, we have also reclassified a portion of our cash interest payments to financing cash flows as a result of the accounting treatment for the bonds issued as part of our 2022 debt exchange.

轉向現金流。綜合來看，Bausch Health 前 9 個月的營運現金流為 6.42 億美元。與最近幾季一樣，由於對 2022 年債務交換中發行的債券進行了會計處理，我們也將部分現金利息支付重新分類為融資現金流。

Adjusted cash flow from operations on a consolidated basis in the first 9 months was $458 million. For Bausch Health, excluding B&L, year-to-date adjusted cash flow from operations was $430 million which was in line with our expectations.

前 9 個月合併後調整後的營運現金流為 4.58 億美元。對於 Bausch Health 來說，不包括 B&L，年初至今調整後的營運現金流為 4.3 億美元，符合我們的預期。

Adjusted cash flow includes adjustments for the payment of separation costs, business transformation costs and insurance settlement proceeds and also includes payment of the full contractual interest.

調整後的現金流量包括支付離職費用、業務轉型成本和保險理賠收益的調整，還包括支付全部合約利息。

Now let's turn to our balance sheet on Slide 16. We continue to prioritize liquidity management and the delevering of our balance sheet. And in the third quarter of 2023, we reduced our debt net of cash for Bausch Health, excluding B&L, by approximately $150 million, including fully repaying our revolver and considering our borrowings under the AR facility that we closed in the second quarter.

現在讓我們轉向投影片 16 上的資產負債表。我們繼續優先考慮流動性管理和資產負債表去槓桿化。 2023 年第三季度，我們將Bausch Health 的債務淨額（不包括B&L）減少了約1.5 億美元，其中包括全額償還我們的左輪手槍，並考慮我們在第二季度關閉的AR 貸款下的借款。

At the end of the third quarter, we had $350 million outstanding under the accounts receivable facility and had no outstanding borrowings and approximately $950 million of availability under our revolving credit facility.

截至第三季末，我們的應收帳款安排下有 3.5 億美元的未償債務，沒有未償還的借款，循環信貸安排下的可用資金約為 9.5 億美元。

As shown on Slide 17 and 18, total debt for Bausch Health, excluding Bausch + Lomb at the end of the quarter was $16.4 billion, which consisted of $15.1 billion of restricted debt issued by Bausch Health, excluding B&L and $1.3 billion of unrestricted debt, which includes the $1 billion of senior secured notes issued by the unrestricted subsidiary created in the third quarter of last year and the $350 million drawn under our AR facility.

如投影片17 和18 所示，本季末Bausch Health 的總債務（不包括Bausch + Lomb）為164 億美元，其中包括Bausch Health 發行的151 億美元的限制性債務（不包括B&L）和13 億美元的非限制性債務。其中包括去年第三季創建的無限制子公司發行的 10 億美元優先擔保票據，以及根據我們的 AR 貸款提取的 3.5 億美元。

Excluding B&L debt, approximately 85% of our debt is fixed and approximately 70% of the company's debt on a consolidated basis is fixed. Net debt for Bausch Health, excluding B&L is down approximately $420 million in the 9 months since the beginning of this fiscal year.

不包括 B&L 債務，我們約 85% 的債務是固定的，公司合併債務的約 70% 是固定的。自本財年開始以來的 9 個月內，Bausch Health 的淨債務（不包括 B&L）減少了約 4.2 億美元。

With 3 quarters of the year behind us, we have updated our 2023 guidance within our previously disclosed ranges for Bausch Health, excluding B&L, which can be viewed on Slide 21.

今年已經過了 3 個季度，我們在先前揭露的 Bausch Health 範圍內更新了 2023 年指引，不包括 B&L（可在投影片 21 中查看）。

For Bausch Health, excluding B&L, we expect revenues in the range of $4.55 billion to $4.625 billion, in line with our previous outlook, although with one quarter to go, we have narrowed the range.

對於 Bausch Health（不包括 B&L），我們預計收入在 45.5 億美元至 46.25 億美元之間，與我們之前的預期一致，儘管在還剩一個季度的時候，我們已經縮小了這一範圍。

We are raising our organic growth guidance to 4% to 6% up from 2% to 5%. Our revenue and organic growth guidance reflects the business performance trends we have discussed and for reported revenue reflects the impact of FX, which has been a headwind since our last guidance update in August.

我們將有機成長指引從 2% 至 5% 提高至 4% 至 6%。我們的收入和有機成長指引反映了我們討論過的業務績效趨勢，報告的收入反映了外匯的影響，自我們八月份上次更新指引以來，外匯一直是個阻力。

For Salix, we typically see a seasonal step-up in sales in the second half, particularly in Xifaxan, primarily due to wholesaler inventory dynamics, a part of which we saw late in the third quarter of this year as well as patient level patterns related to insurance deductible activity.

對於 Salix，我們通常會看到下半年銷售額出現季節性增長，尤其是 Xifaxan，這主要是由於批發商庫存動態，其中一部分我們在今年第三季度末看到，以及與患者水平模式相關保險免賠額活動。

As we continue to realize benefits from our commercial investments, we expect full year growth for Salix in the mid- to high single-digit range and in line with our expectations going into the year.

隨著我們繼續從商業投資中獲益，我們預計 Salix 的全年成長將在中高個位數範圍內，並符合我們對今年的預期。

For International, we expect overall full year growth to be in line with the first 3 quarters of the year. We have a balanced portfolio from both a product and geography perspective, which helps this segment deliver consistent performance.

對於國際業務，我們預計全年整體成長將與今年前三個季度保持一致。從產品和地理的角度來看，我們擁有平衡的產品組合，這有助於該細分市場提供一致的績效。

For Solta, we anticipate continued strong reported and organic growth for the full year. For Diversified, we expect full year sales to decline in line with the segment's year-to-date performance due largely to the pressures I referred to earlier on the neurology and dermatology businesses.

對於 Solta，我們預計全年將持續強勁的報告和有機成長。對於多元化業務，我們預計全年銷售額將根據該部門年初至今的業績下降，這主要是由於我之前提到的神經病學和皮膚病學業務面臨的壓力。

We continue to expect gross margin to be in the 80% range, in line with prior guidance. We also continue to expect our full year adjusted EBITDA to be in line with our previous guidance, but what one quarter to go are also narrowing the range here with adjusted EBITDA for Bausch Health, excluding B&L, expected to be in the range of $2.30 billion to $2.35 billion within the range we had previously provided.

我們繼續預計毛利率將在 80% 範圍內，與先前的指導一致。我們也繼續預計全年調整後 EBITDA 將與我們先前的指引保持一致，但接下來的一個季度也會縮小範圍，Bausch Health 的調整後 EBITDA（不包括 B&L）預計將在 23 億美元的範圍內到我們之前提供的範圍內的23.5 億美元。

As we've discussed in prior quarters, our adjusted EBITDA guidance reflects the acceleration of approximately $50 million in R&D spend from 2024 for critical programs, which is higher R&D investment in 2023 than contemplated when we initially provided guidance for the year.

正如我們在前幾個季度所討論的那樣，我們調整後的EBITDA 指導反映了從2024 年起關鍵項目的研發支​​出增加了約5000 萬美元，這比我們最初提供當年指導時的預期要高。

Adjusted EBITDA guidance also includes the impact of charges for the Emerade recall that primarily occurred in Q2. On the expense side, we will continue to invest in sales and marketing activities to drive growth in our key brands in our sales, International and Solta Medical segments.

調整後的 EBITDA 指引還包括主要發生在第二季的 Emerade 召回費用的影響。在費用方面，我們將繼續投資於銷售和行銷活動，以推動我們的銷售、國際和 Solta 醫療領域主要品牌的成長。

These expenditures include sales force expansion, DTC advertising and investments in sales force tools. As Tom mentioned, we expect to see the effects from these initiatives on revenues continue through the remainder of this year.

這些支出包括銷售隊伍擴張、DTC 廣告和銷售團隊工具投資。正如湯姆所提到的，我們預計這些措施對收入的影響將持續到今年剩餘時間。

Moving below adjusted EBITDA, we are reaffirming our full year effective non-GAAP tax rate of approximately 15% as well as holding our expected contractual interest costs unchanged at approximately $1.3 billion.

低於調整後的 EBITDA，我們重申全年有效非 GAAP 稅率約為 15%，並將預期合約利息成本維持在約 13 億美元不變。

Lastly, we are reaffirming our guidance for adjusted operating cash flow for Bausch Health, excluding B&L, of approximately $625 million. As I said earlier, adjusted cash flow includes adjustments for the payment of separation costs, the payment of the full contractual interest and also includes the estimated impact of cash tax payments, inclusive of the tentative Granite Trust settlement, which we expect to be finalized with the IRS in the coming months. I'll now hand the call back to Tom.

最後，我們重申 Bausch Health 調整後營運現金流（不包括 B&L）約為 6.25 億美元的指引。正如我之前所說，調整後的現金流包括支付離職費用、支付全部合約利息的調整，還包括現金稅支付的估計影響，包括暫定的花崗岩信託和解協議，我們預計將在國稅局在未來幾個月內。我現在將把電話轉回給湯姆。

Thank you, John. In summary, as you have heard today, we continue to make solid progress against the strategic priorities we set out at the beginning of the year. We recognize that there is more to do and that some of our businesses face challenges. With one quarter to go in 2023, we are focused on closing the year strong and carrying that momentum into 2024.

謝謝你，約翰。總之，正如大家今天所聽到的，我們繼續在年初制定的策略重點方面取得紮實進展。我們認識到還有更多工作要做，我們的一些業務面臨挑戰。距離 2023 年還有一個季度，我們的重點是強勁地結束這一年，並將這一勢頭延續到 2024 年。

I want to reinforce our entire team's commitment to driving business performance and delivering against our strategic priorities, which remain intact and are outlined on Slide 23.

我想強化我們整個團隊對推動業務績效和實現我們的策略優先事項的承諾，這些優先事項保持不變並在投影片 23 中概述。

We have a clear purpose of enriching lives through a relentless drive to create better health outcomes for patients and healthcare providers who treat them. We have made key focused investments in our sales teams, marketing programs and R&D pipeline to drive performance for the long term.

我們有一個明確的目標：透過不懈的努力，為患者和治療他們的醫療保健提供者創造更好的健康結果，從而豐富人們的生活。我們對銷售團隊、行銷計劃和研發管道進行了重點投資，以推動長期業績。

Finally, and importantly, we have an all-in team that is principled, creative, are problem solvers and results focused. On behalf of our entire Bausch Health team, I thank you for your interest in and support of our company. With that, we will now take questions. Operator, please open the line for Q&A.

最後，也是重要的是，我們擁有一支有原則、富有創造力、善於解決問題並專注於結果的全心全意團隊。我謹代表 Bausch Health 整個團隊感謝您對我們公司的興趣和支持。現在我們將回答問題。接線員，請開通問答線。

(Operator Instructions) Your first question for today is coming from Jason Gerberry with Bank of America Securities.

（操作員說明）今天您的第一個問題來自美國銀行證券公司的 Jason Gerberry。

I guess, firstly, I'm just wondering where you are with the status of the new CFO hire. I didn't see that listed on the priority list, but if you can have any commentary there. And then on the prior quarter update, you talked about exploring different strategic options for separation. Are there any kind of specific options that are emerging there? And as you talk about different factors. Is Canadian approval and/or a solvency opinion options that are going to be factors in the separation?

我想，首先，我只是想知道您對新聘任的財務長的狀況如何。我沒有看到優先事項清單中列出的內容，但如果您可以在那裡發表任何評論。然後在上一季的更新中，您談到了探索不同的分離戰略選擇。那裡正在出現任何具體的選擇嗎？當你談論不同的因素時。加拿大的批准和/或償付能力意見選項是否會成為分拆的因素？

Thanks, Jason. Yes, Jason, I'll take the first question regarding the CFO hire. Yes, as you know, Tom Vadaketh left and John has taken over as the interim head, a search is underway. And what I would say is, in the meantime, we have a really strong finance team focused on maintaining the momentum within our business.

謝謝，傑森。是的，傑森，我將回答有關財務長招募的第一個問題。是的，如你所知，湯姆·瓦達克斯離開了，約翰接任了臨時負責人，搜尋工作正在進行中。我想說的是，同時，我們擁有一支非常強大的財務團隊，專注於保持我們業務的發展勢頭。

So we're in good shape there and really working to continue to drive performance in the fourth quarter. With regard to the changes that we've talked about in the second quarter, nothing has changed there in terms of what we want to do.

因此，我們的狀況良好，並且正在努力繼續推動第四季度的業績。關於我們在第二季談到的變化，我們想要做的事情沒有任何改變。

We had time in the second quarter to consider going through a reduction of capital, we believe that completing any eventual distribution by way of return of capital basically simplifies the process and helps to manage through some of the risks that have been identified.

我們在第二季有時間考慮減少資本，我們相信透過資本回饋的方式完成任何最終分配基本上簡化了流程，並有助於管理發現的一些風險。

We believe also it creates additional strategic flexibility for both companies. And when we look at it in terms of solvency, there's many factors that go into that, John, maybe you want to take that.

我們相信這也為兩家公司創造了額外的策略彈性。當我們從償付能力的角度來看時，有很多因素會影響這個問題，約翰，也許你想接受這一點。

Yes, I don't think anything has fundamentally changed in terms of how we're thinking about the steps to get or how we're thinking about solvency beyond what we previously disclosed. The solvency requirements haven't changed and we continue to evaluate them.

是的，我認為在我們如何考慮獲取步驟或如何考慮償付能力方面，除了我們之前披露的內容外，沒有發生任何根本性的變化。償付能力要求沒有改變，我們將繼續評估。

Go ahead, Jason, you have a follow-up?

繼續吧，傑森，你有後續行動嗎？

Well, yes, I guess I'm just not too really clear. I think in the past, it was framed as sort of something that you are self-imposed consideration, but that perhaps under the reduction of capital, it may not -- it wouldn't be needed because the Canadian approval dynamics change. So I guess, does that how you'd frame it as sort of it's still a self-imposed option, and you're not saying whether you will or won't do it.

嗯，是的，我想我只是不太清楚。我認為在過去，它被認為是一種你自我強加的考慮，但也許在資本減少的情況下，它可能不會 - 它不會被需要，因為加拿大的審批動態發生了變化。所以我想，這是否是你將其視為一種自我強加的選擇，而你並沒有說你是否會這樣做。

So I think fundamentally, Jason, we need to ensure that if and when we do a distribution, we have 2 appropriately capitalized companies that we're leaving behind, right? And so the specific legal procedural steps to solvency, I don't think our something that's necessarily germane to that discussion. We have to have 2 companies that are appropriately capitalized.

所以我認為從根本上來說，傑森，我們需要確保，如果我們進行分配，我們將留下兩家資本充足的公司，對嗎？因此，償付能力的具體法律程序步驟，我認為我們的內容不一定與該討論密切相關。我們必須擁有兩家資本充足的公司。

Next question is coming from Umer Raffat with Evercore.

下一個問題來自 Evercore 的 Umer Raffat。

I have 3 today, if I may. First, Tom, on this point on appropriately capitalizing both companies, is that feedback you're getting from a regulator, perhaps Canada or somewhere in the U.S.?

如果可以的話，我今天有 3 個。首先，湯姆，關於適當地對兩家公司進行資本化這一點，您是從監管機構（也許是加拿大或美國某個地方）那裡得到的反饋嗎？

Secondly, on Xifaxan. I know there's 2 road issues. There's the patent issue which is being appealed from the district court. And then there's this issue around how the district court prevented FDA approval until 2029.

其次，關於Xifaxan。我知道有兩個道路問題。專利問題正在向地區法院提起上訴。還有一個問題是地方法院如何阻止 FDA 在 2029 年之前獲得批准。

Can you clarify if both these issues will be part of the appeals court ruling in first half? And finally, have you guys taken any blinded look at cardiac safety in the MSL mods ongoing trial?

您能否澄清這兩個問題是否都會成為上訴法院上半年裁決的一部分？最後，你們是否在 MSL mods 正在進行的試驗中對心臟安全性進行過盲目研究？

Yes. So well, I'll take the first one, Umer. In terms of appropriately capitalized, no, the answer is that -- we just -- when we talk about it, that's when we look at the spin, that's what we look at as 2 appropriately capitalized companies.

是的。好吧，我選擇第一個，Umer。就適當資本化而言，不，答案是——我們只是——當我們談論它時，我們會考慮旋轉，這就是我們所看到的兩家適當資本化的公司。

Regarding the second question you had on the appeal of the District Court. What I would say is, again, yesterday's decision, okay, was the District Court denied Norwich's motion and granted summary judgment in favor of the FDA and the company.

關於你提到的關於地方法院上訴的第二個問題。我想說的是，昨天的決定，好吧，地方法院駁回了諾維奇的動議，並做出了有利於 FDA 和該公司的簡易判決。

We are really happy with this outcome. This is a separate -- of course, a separate matter to our appeal which is ongoing. And of course, we're waiting for an outcome in the first quarter of next year. On the last one on amiselimod, yes, we did run -- we did take a look at the cardio safety of amiselimod and a study -- a large study was run.

我們對這個結果感到非常滿意。當然，這對於我們正在進行的上訴來說是一個單獨的問題。當然，我們正在等待明年第一季的結果。關於阿米塞莫德的最後一項，是的，我們確實進行了研究——我們確實研究了阿米塞莫德的心臟安全性並進行了一項研究——進行了一項大型研究。

Your next question for today is coming from David Amsellem with Piper Sandler.

今天的下一個問題來自 David Amsellem 和 Piper Sandler。

This is Carol on for David. First, what are your overarching thoughts on solvency in the context of the 2027 and 2028 maturities? Do you have any long-term plans you can speak to, to attain a more secure capital structure and then also, how are you thinking about the divestitures as a means of addressing the debt burden?

這是卡蘿為大衛代言的節目。首先，您對 2027 年和 2028 年到期日的償付能力的整體看法是什麼？您是否有任何可以談論的長期計劃，以實現更安全的資本結構，然後您如何考慮將資產剝離作為解決債務負擔的一種手段？

Yes. I'll take the first part of that, and then Tom can talk about the divestiture side of it. We're not going to share long-term projections. You'll see our 2024 guidance when we get to February. What I will say is a couple of things as we think through, obviously, debt reduction continues to be a priority for us.

是的。我將討論第一部分，然後湯姆可以談論它的剝離方面。我們不會分享長期預測。到了 2 月份，您將看到我們的 2024 年指南。我要說的是我們考慮過的幾件事，顯然，減少債務仍然是我們的首要任務。

We have businesses that generate significant cash flow. You saw earlier, we're guiding to $625 million for this year. As the business grows on the top line, that should flow pretty well down to cash and bottom line going forward as well. And we continue to focus on our pipeline, as Tom spoke about, right, because that's important when we do get to places where we need to refinance, obviously, the forward-looking leverage is going to be critical there.

我們的業務能夠產生大量現金流。您之前看到，我們今年的目標是 6.25 億美元。隨著業務收入的成長，未來也應該會很好地轉化為現金和利潤。正如湯姆所說，我們繼續關注我們的管道，因為當我們確實到達需要再融資的地方時，這很重要，顯然，前瞻性槓桿在那裡至關重要。

And so continuing to grow the business we have, generate cash and focus on developing our pipeline are the keys there.

因此，繼續發展我們的業務、創造現金並專注於開發我們的產品線是關鍵。

Yes, I'll take the second point of that question, of course, divestitures as a publicly held company, we're always considering all options. We have a lot of great assets in this company. So if someone comes forward, and is interested in looking at our assets. We're always entertain that. Clearly, the assets we have today, as we saw in terms of the results of the third quarter, we're performing well. However, clearly, if there is any interest, we would entertain it.

是的，我會回答這個問題的第二點，當然，作為一家上市公司的資產剝離，我們總是在考慮所有選擇。我們在這家公司擁有許多優質資產。因此，如果有人挺身而出，有興趣查看我們的資產。我們總是對此表示歡迎。顯然，正如我們從第三季的業績中看到的那樣，我們今天擁有的資產表現良好。然而，顯然，如果有任何興趣，我們會予以考慮。

The next question is coming from Douglas Miehm with RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場部的道格拉斯‧米姆 (Douglas Miehm)。

Just a couple of questions on Xifaxan. Number one, with respect to the growth at around 13% relative to the flat in prescription. So is it fair to say then a small part price increase and the bulk of it was stocking and maybe you could actually delineate what that number was.

關於 Xifaxan 有幾個問題。第一，相對於處方單位的成長率約為 13%。那麼可以公平地說，一小部分價格上漲，而大部分是庫存，也許你實際上可以描述這個數字是多少。

And then the second question has to do with Aplenzin and Wellbutrin. We saw actually a fairly strong growth relative to the weakness in prescriptions. Can you walk us through what's going on there as well? I know that you indicated that into Q4, things are going to reverse themselves. But just curious as to what happened there.

第二個問題與 Aplenzin 和 Wellbutrin 有關。相對於處方藥的疲軟，我們實際上看到了相當強勁的成長。您能向我們介紹一下那裡發生了什麼事嗎？我知道您曾表示，進入第四季度，情況將會逆轉。但只是好奇那裡發生了什麼事。

Yes, Doug, I'll take some of those questions, and then John might add a few things. When we take a look at Xifaxan clearly, in the quarter, it was a good quarter. I did mention in my prepared remarks, there was some changes on inventory. And our pricing, we did have a good opportunity to get some price with a higher net price got a $17 million.

是的，道格，我會回答其中一些問題，然後約翰可能會補充一些內容。當我們清楚地看一下 Xifaxan 時，這個季度是一個不錯的季度。我在準備好的發言中確實提到，庫存發生了一些變化。而我們的定價，我們確實有一個很好的機會以更高的淨價獲得 1700 萬美元。

Overall, when we take a look at the extended units, they were up 0.5% in the third quarter. The nonretail extended units grew by 4% when we take a look from an outpatient perspective, there are things happening and shifting of patients and especially on the HE side.

總體而言，當我們查看擴展單位時，它們在第三季度增長了 0.5%。當我們從門診角度來看時，非零售擴展單位增加了 4%，患者的情況發生了變化，尤其是 HE 方面。

As we look at it -- if I take a look at the TRx growth, it was -- for IBS-D, it was 0.5% in line with the trend. When I look at on the HE side, it did decline slightly from a total TRx standpoint. But the NRx trend is good.

當我們觀察時——如果我看一下 IBS-D 的 TRx 增長，它是 0.5%，與趨勢一致。當我觀察 HE 方面時，從總 TRx 的角度來看，它確實略有下降。但 NRx 趨勢良好。

So one of the things we're going to be focusing on is refill rates as we into the fourth quarter. As you know, also, I've talked about in previous calls, our AI project that now has been rolled out to our large field force, both on the primary care side and the specialty side. And that, as we look at what our messaging is, what our targets are is going to help improve the volume performance going forward.

因此，我們要關注的事情之一是進入第四季度時的補充率。如你所知，我在之前的電話會議中也談過，我們的人工智慧專案現在已經推廣到我們龐大的現場人員，包括初級保健方面和專業方面。當我們審視我們的訊息是什麼時，我們的目標將有助於提高未來的銷售表現。

When I take a look at the volume, the volume and also then what the wholesalers bought and I don't -- the data that they're looking at and the trends that they see. But there's a lot of things that we're doing there from a direct-to-consumer advertising, I mentioned the development opportunity speaking about the need to address HE.

當我查看數量時，數量以及批發商購買的東西和我沒有購買的東西——他們正在查看的數據以及他們看到的趨勢。但我們正在透過直接面向消費者的廣告做很多事情，我提到了解決 HE 問題的必要性的發展機會。

There's a lot of things happening there that will help our Salix business going forward. When we take a look at Aplenzin and Wellbutrin clearly, in the quarter, we had opportunities there from looking at our other competitors had in terms of inventory movements.

那裡發生的很多事情將有助於我們 Salix 業務的發展。當我們清楚觀察本季的 Aplenzin 和 Wellbutrin 時，我們有機會觀察其他競爭對手在庫存變動方面的情況。

We did launch the Aplenzin SAD campaign, which we're really excited about. That is the only product approved for SAD and we think that we have a really good opportunity to drive growth not only in the fourth quarter but good momentum going into next year.

我們確實發起了 Aplenzin SAD 活動，對此我們感到非常興奮。這是唯一獲得 SAD 批准的產品，我們認為我們有一個非常好的機會來推動成長，不僅在第四季度，而且在明年也有良好的勢頭。

Your next question is coming from Les Sulewski with Truist Securities.

您的下一個問題來自 Truist Securities 的 Les Sulewski。

So first, on the EBITDA guidance for BHC, excluding Bausch + Lomb. Can you just talk about some of the puts and takes on the narrowing down of the guidance there?

首先，關於 BHC 的 EBITDA 指引，不包括博士倫。您能談談縮小指導範圍的一些看跌期權和看跌期權嗎？

And then second, on the RED-C program, how is this enrollment trending and any agency feedback from specifically from Asia specific region?

其次，關於 RED-C 計劃，招生趨勢如何？來自亞洲特定地區的機構回饋如何？

Yes. So why don't I take the first question on the RED-C and then John will take the question on guidance. Really excited about the RED-C program. Again, this is a global program. As today, we only have approval to market Xifaxan in the United States.

是的。那麼，為什麼我不回答關於 RED-C 的第一個問題，然後約翰回答關於指導的問題。對 RED-C 計劃感到非常興奮。再次強調，這是一個全球計畫。截至目前，我們僅獲准在美國銷售 Xifaxan。

This would be an opportunity globally. The enrollment of 2 global Phase III trials is on track. One of the reasons why you see the increase in spend in R&D. We put more investment behind this program to accelerate the program.

這將是全球的一個機會。兩項全球 III 期試驗的招募工作正按計畫進行。您看到研發支出增加的原因之一。我們為該計劃投入了更多投資，以加速該計劃的實施。

So we have an earlier approval. So we expect these 3 Phase III trials to be completed in 2025. And to file in 2026 and to launch a commercial product in the first half of 2027. When I look at the opportunity here, of course, we need the data. But we look at the opportunity for RED-C globally, it's a really great opportunity for our company.

所以我們得到了更早的批准。因此，我們預計這 3 個 III 期試驗將在 2025 年完成。並在 2026 年提交文件，並在 2027 年上半年推出商業產品。當我看到這裡的機會時，當然，我們需要數據。但我們著眼於全球 RED-C 的機會，這對我們公司來說確實是一個很好的機會。

And the R&D team has been doing a real good job on the recruitment and have many investigator meetings both in Europe and also in Asia Pacific and trying to get as many sites up and running as possible and making sure that even looking at our opportunities to run a trial in China, which would be, again, an area of focus for us. John, do you want to take the other question on guidance?

研發團隊在招募方面做得非常出色，並在歐洲和亞太地區舉行了多次調查員會議，並努力讓盡可能多的站點建立和運行，並確保即使尋找我們運行的機會在中國進行試驗，這將再次成為我們關注的領域。約翰，您想回答有關指導的其他問題嗎？

Sure. In terms of the puts and takes on guidance last year, I think there are a few things in there. One, you start with -- we're going to talk about adjusted EBITDA, but it starts with top line, right?

當然。就去年的看漲期權指導而言，我認為其中有一些內容。第一，我們將討論調整後的 EBITDA，但它是從營收開始的，對嗎？

And as you can see, we've increased our organic growth guidance a point on the top end, 2 points on the bottom end. But FX has really shifted since the last time we provided guidance in August and has become much more of a headwind, which carries through down to the bottom line to a degree.

正如您所看到的，我們將有機成長指導值的上限提高了 1 個點，將下限提高了 2 個點。但自從我們上次在 8 月提供指導以來，外匯市場確實發生了變化，並且變得更加不利，這在一定程度上影響了利潤。

And then when we look at some of the other factors, we talked about the R&D spend that we've accelerated into 2023. The Emerade recall that happened in Q2 and trailed a little bit into Q3.

然後，當我們考慮其他一些因素時，我們談到了我們已加速到 2023 年的研發支出。Emerade 召回事件發生在第二季度，並在第三季度略有落後。

We've continued to try to be really thoughtful about cost and expense. But when we look at how all of that rolls together, I think we thought it was prudent to narrow our range to the 2.3 to 2.35 range. So hopefully, that helps answer your question.

我們一直在努力認真考​​慮成本和費用。但當我們考慮所有這些因素如何綜合在一起時，我認為我們認為將範圍縮小到 2.3 至 2.35 是明智的做法。希望這有助於回答您的問題。

That's helpful. And if I may squeeze one more on the recent approval of CABTREO. What's the market opportunity here? Just talk about sales force adds for 1Q launch, pricing reimbursement strategy and then essentially a duration of the compliance rate that you expect from the product?

這很有幫助。請容許我就最近 CABTREO 的批准再講一點。這裡有什麼市場機會？只談談第一季發布的銷售人員增加、定價報銷策略，然後基本上是您期望產品的合規率持續時間？

Yes. What I would say, CABTREO, we're really, of course, excited that we gained FDA approval, the team, the R&D team, the regulatory team have worked really hard to bring this product to fruition. What I would say is the acne is clearly a focus for us, and we see it as a good opportunity.

是的。我想說的是，CABTREO，我們真的很高興我們獲得了 FDA 的批准，我們的團隊、研發團隊和監管團隊都非常努力地工作，以使這個產品取得成果。我想說的是，痤瘡顯然是我們關注的焦點，我們認為這是一個很好的機會。

Of course, as you know, the medical space in terms of the payer perspective is a challenge. And therefore, we're looking at what our pricing will be looking at various ways to maximize the molecule in -- whether it be from a payer -- of course, from a payer perspective, but also from a cash pay perspective, we think that this product is the best-in-class for the treatment of acne.

當然，如您所知，從付款人的角度來看，醫療領域是一個挑戰。因此，我們正在考慮我們的定價將透過各種方式來最大化分子——無論是來自付款人——當然，從付款人的角度來看，但也從現金支付的角度來看，我們認為該產品是治療痤瘡的最佳產品。

So the team is still working on finalizing the launch plans as we work, as we're going to launch this in the first quarter of 2024. But clearly, we're excited about it. We think it's a good opportunity to put this product in the bag to drive growth and stabilization of our medical derm business.

因此，團隊仍在努力敲定發布計劃，因為我們將在 2024 年第一季發布它。但顯然，我們對此感到興奮。我們認為這是一個很好的機會，可以將這款產品納入囊中，以推動我們的醫學皮膚業務的成長和穩定。

We have reached the end of the question-and-answer session, and I will now turn the call over to Tom Appio for closing remarks.

問答環節已經結束，我現在將電話轉交給湯姆·阿皮奧（Tom Appio）做總結發言。

Since there are no further questions, I would just say thank you for joining today. In summary, we had a solid Q3 and made good progress on our strategic objectives. We look forward to finishing the year strong with a focus on profitable growth, driving performance, advancing the R&D that we discussed on this call and also advancing business development as well and building on our overall momentum from the third quarter into the fourth and then continuing that on in 2024. I would really like to thank everybody for joining our call today.

由於沒有其他問題，我只想感謝您今天的加入。總而言之，我們第三季表現穩健，在策略目標上取得了良好進展。我們期待以強勁的勢頭結束這一年，重點是盈利增長、推動業績、推進我們在本次電話會議上討論的研發，並推進業務發展，並鞏固我們從第三季度到第四季度的整體勢頭，然後繼續2024 年。我非常感謝大家今天加入我們的電話會議。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，此時您可以掛斷電話了。感謝您的參與。