Bausch Health Companies Inc (BHC) 2024 Q2 法說會逐字稿

Greetings! Welcome to the Bausch Health second quarter 2024 earnings call. (Operator Instructions) Please note this conference is being recorded.

問候！歡迎參加 Bausch Health 2024 年第二季財報電話會議。（操作員說明）請注意，本次會議正在錄製中。

I would now like to turn the conference over to your host, Garen Sarafian, Investor Relations at Bausch. You may begin.

現在我想將會議轉交給東道主 Bausch 投資者關係部門的 Garen Sarafian。你可以開始了。

Good morning, and welcome to Bausch Health second quarter 2024 earnings conference call. Participating in today's call are Thomas Appio, Chief Executive Officer of Bausch Health; and John Barresi, Interim Chief Financial Officer.

早安，歡迎參加 Bausch Health 2024 年第二季財報電話會議。Bausch Health 執行長 Thomas Appio 參加了今天的電話會議；臨時財務長約翰‧巴雷西 (John Barresi)。

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 this slide that accompanies 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 risk 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局提交的文件，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風險因素清單。

We use non-GAAP financial measures to help investors understand our operating performance. Non-GAAP financial measures may not be comparable to 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 accompany 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的營運績效。非公認會計原則財務指標可能無法與其他公司使用的類似標題的指標相比較，因此應與根據公認會計原則計算的指標一起考慮，但不能替代根據公認會計原則計算的指標。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, Thursday, August 1, will focus on Bausch Health, excluding Bausch + Lomb. However, we’ll 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.

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。今天，即 8 月 1 日星期四，我們的討論將集中在博士倫健康 (Bausch Health)，不包括博士倫 (Bausch + Lomb)。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。

With that, it is my pleasure to turn the call over to our CEO, Thomas Appio. Tom.

至此，我很高興將電話轉給我們的執行長 Thomas Appio。湯姆.

Thank you, and welcome to those of you joining the call this morning. I am pleased with the continued positive momentum we saw in the second quarter following our strong start to the year, positioning us well to continue to drive growth and execute against our strategic priorities in the back half of the year, all while focused on patient-centered outcomes.

謝謝你們，歡迎你們今天早上加入電話會議。我對我們在今年強勁開局後在第二季度看到的持續積極勢頭感到高興，這使我們能夠繼續推動增長並執行下半年的戰略重點，同時專注於患者-以結果為中心。

The second quarter marked our fifth consecutive quarter of year-over-year growth in both revenue and adjusted EBITDA. For the second quarter of 2024, revenues for Bausch Health, excluding B+L, were $1.19 billion, up $55 million, or 5% on a reported basis and 6% on an organic basis when compared to the second quarter of 2023, with organic growth in all of our segments, led by Xifaxan, with 10% organic growth year-over-year; and Solta, with 19% organic growth led by Asia Pacific, where our business approximately doubled in South Korea, with China and Taiwan each posting high-teens organic growth.

第二季是我們的營收和調整後 EBITDA 連續第五個季度年增。2024 年第二季度，Bausch Health 的收入（不包括 B+L）為 11.9 億美元，與 2023 年第二季度相比，增加了 5500 萬美元，按報告計算增長 5%，按有機增長 6%。以Xifaxan 為首的所有細分市場均實現成長，較去年同期有機成長10%； Solta 的有機成長為 19%，其中亞太地區的有機成長占主導地位，我們在韓國的業務大約翻了一番，中國大陸和台灣地區的有機增長均達到了兩位數的高位。

Adjusted EBITDA for Bausch Health excluding B+L was $614 million, an increase of approximately 8% compared to the prior year. John will provide additional commentary on the financial results later in the call. I want to touch on other key developments during the quarter.

不包括 B+L 的 Bausch Health 調整後 EBITDA 為 6.14 億美元，比上年增長約 8%。約翰將在稍後的電話會議中對財務業績發表更多評論。我想談談本季的其他關鍵進展。

As we previewed during last quarter's earnings call, in May we presented data related to our Phase 2 trial for Amiselimod for mild to moderate ulcerative colitis at Digestive Disease Week's Annual Conference. I attended this conference and I had the opportunity to meet with a number of key opinion leaders and other industry participants in the gastroenterology space. I came away from these discussions with a clear sense that our efforts are reinforcing our strong positioning in this area with healthcare providers.

正如我們在上一季的財報電話會議上預覽的那樣，5 月份，我們在消化疾病週年會上公佈了與阿米塞莫德治療輕度至中度潰瘍性結腸炎的2 期試驗相關的數據。我參加了這次會議，並有機會會見了胃腸病學領域的一些關鍵意見領袖和其他行業參與者。結束這些討論後，我清楚地意識到，我們的努力正在加強我們在這一領域與醫療保健提供者的強大地位。

At the European Association for the Study of the Liver Conference in June, we presented data comparing Rifaximin monotherapy to Lactulose monotherapy in preventing overt hepatic encephalopathy recurrence in cirrhosis patients with a history of OHE, which suggests Rifaximin monotherapy has potential to be a viable treatment option for OHE recurrent risk reduction in the appropriate patient population.

在6 月的歐洲肝臟研究協會會議上，我們展示了利福昔明單藥治療與乳果糖單藥治療在預防有OHE 病史的肝硬化患者中明顯肝性腦病復發方面的比較數據，這表明利福昔明單藥治療有可能成為一種可行的治療選擇降低適當患者群體的 OHE 復發風險。

Also in June, I had the opportunity to meet with our Solta China team, including our newly appointed China Vice President and General Manager for this important and high growth market in our new offices in Shanghai. While there, I had the opportunity to review the Thermage FLX launch. I left impressed by the commitment and enthusiasm of the team and with the excitement about the opportunities for Solta in the Asia Pacific markets.

同樣在六月，我有機會在上海新辦事處會見了我們的 Solta 中國團隊，包括我們新任命的中國副總裁兼總經理，負責這個重要且高速成長的市場。在那裡，我有機會回顧了 Thermage FLX 的發布。團隊的承諾和熱情給我留下了深刻的印象，並對 Solta 在亞太市場的機會感到興奮。

I also want to take a moment to highlight important changes to our executive leadership team. Aimee Lenar has joined the company as Executive Vice President, US Pharma, with the responsibility for the leadership of the Salix, Neurology, and Generics businesses, as well as market access and commercial operations. Aimee brings more than 20 years of experience in the pharmaceutical industry, most recently with Galderma, as well as AbbVie and Allergan.

我也想花點時間強調我們執行領導團隊的重要改變。Aimee Lenar 已加入公司，擔任美國製藥公司執行副總裁，負責領導 Salix、神經病學和仿製藥業務，以及市場准入和商業運營。Aimee 在製藥業擁有 20 多年的經驗，最近在 Galderma、AbbVie 和 Allergan 工作。

We also recently announced that our search for Chief Financial Officer has concluded and that JJ Charhon will join us in mid-August. JJ has extensive experience leading financial organizations in the healthcare, technology, and service industries. I also want to thank John Barresi for all his hard work and dedication as Interim CFO in addition to his other responsibilities. He will resume his role as Senior Vice President and Chief Accounting Officer and remain a valued member of the financial leadership team.

我們最近也宣布，財務長的招募工作已經結束，JJ Charhon 將於 8 月中旬加入我們。JJ 在領導醫療保健、科技和服務業的金融組織方面擁有豐富的經驗。我還要感謝約翰·巴雷西（John Barresi）除了履行其他職責外，還作為臨時首席財務官所做的辛勤工作和奉獻精神。他將繼續擔任高級副總裁兼首席會計官，並繼續擔任財務領導團隊的重要成員。

The additions of Aimee my and JJ will bring valuable perspective and expertise to the company, and I am looking forward to closely partnering with them and with our teams to drive our transformation into a globally integrated and innovative healthcare company, trusted and valued by patients, healthcare providers, employees, and investors.

Aimee my 和 JJ 的加入將為公司帶來寶貴的視角和專業知識，我期待與他們和我們的團隊密切合作，推動我們轉型成為一家受到患者信任和重視的全球一體化創新醫療保健公司，醫療保健提供者、員工和投資者。

Speaking of innovation, I will now turn to our R&D pipeline. We continue to make progress on our key R&D initiatives during the quarter and are tracking in line with our previously established timing goals. Starting with our GI pipeline for Amiselimod, in June we submitted our draft protocol for our planned Phase 3 clinical trial for patients with moderate to severe UC to the FDA and plan to meet with authorities in EMEA in the second half of the year. We also continue to move forward with evaluating Phase 2 program for Crohn's disease.

說到創新，我現在要談談我們的研發管道。本季我們繼續在關鍵研發計劃上取得進展，並按照我們先前製定的時間目標進行追蹤。從我們的 Amiselimod 胃腸道管道開始，我們於 6 月向 FDA 提交了計劃針對中重度 UC 患者的 3 期臨床試驗的方案草案，併計劃在今年下半年與 EMEA 當局會面。我們也繼續推進評估克羅恩病的第二階段計劃。

Our two global Phase 3 studies for our RED-C program with Rifaximin for reduction of early decompensation in cirrhosis are in the treatment phase. These studies are focused on assessing the efficacy of our Rifaximin SSD formulation versus placebo to delay the occurrence of hepatic and encephalopathy-related hospitalizations. Top line results for these studies, which together include over 1,000 patients across North America, Europe, and Asia Pacific, are expected by early 2026.

我們的 RED-C 計畫的兩項全球 3 期研究正處於治療階段，其中利福昔明用於減少肝硬化早期失代償。這些研究的重點是評估我們的利福昔明 SSD 製劑與安慰劑相比延遲肝病和腦病相關住院治療發生的功效。這些研究總共包括北美、歐洲和亞太地區 1,000 多名患者，預計將於 2026 年初獲得主要結果。

In our dermatology business, we are pleased with the initial response to our US launch of CABTREO with further marketing efforts planned for this product in the back half of the year. We also anticipate that CABTREO will be approved in Canada in the second half of the year.

在我們的皮膚科業務中，我們對在美國推出 CABTREO 所獲得的初步反應感到滿意，並計劃在今年下半年對該產品進行進一步的營銷工作。我們也預計 CABTREO 將於今年下半年在加拿大獲得批准。

Turning now to our aesthetics pipeline. As we have discussed, Thermage FLX and the TR-4 return pad have launched in China as a medical device. Early results are consistent with our expectation, and the product has been well-received in the market. In Q2, we also filed an FDA submission for a next-generation Fraxel, a fractionated laser device for skin resurfacing and continue to expect approval could be received in the second half of this year.

現在轉向我們的美學管道。正如我們所討論的，Thermage FLX 和 TR-4 返回墊已作為醫療設備在中國推出。早期結果符合我們的預期，產品受到市場好評。在第二季度，我們也向 FDA 提交了下一代 Fraxel 的申請，這是一種用於皮膚表面重修的分段雷射設備，並繼續預計可在今年下半年獲得批准。

Finally, our program for Clear + Brilliant Touch of fractionated laser device for skin rejuvenation continues to advance. We have received approvals in Australia, New Zealand, and the Philippines this year, representing our first approvals outside of the United States, and our plan for regulatory submission in 2024 for Europe, Asia-Pacific, and Canadian markets remained on track. Overall, we feel good about the initiatives the team is driving forward related to new market authorizations and next-generation products as we continue to grow this global, durable portfolio of aesthetics products.

最後，我們用於嫩膚的分次雷射設備的 Clear + Brilliant Touch 計劃繼續推進。今年，我們已在澳洲、紐西蘭和菲律賓獲得批准，這是我們在美國以外的首次批准，我們於 2024 年向歐洲、亞太和加拿大市場提交監管申請的計劃仍在按計劃進行。總體而言，隨著我們繼續發展這項全球耐用的美容產品組合，我們對團隊正在推動的與新市場授權和下一代產品相關的舉措感到滿意。

Moving to developments with respect to Xifaxan litigation. Regarding Norwich's first ANDA for Xifaxan 550, as you will recall, on April 11, 2024, the US Court of Appeals for the Federal Circuit affirmed the decision of the US District Court for the District of Delaware. Subsequently, both we and Norwich petitioned the court for a rehearing or a hearing en banc, and both petitions were denied by the court. This ANDA remained barred from approval by the FDA until October 2029.

轉向 Xifaxan 訴訟的進展。關於諾維奇針對 Xifaxan 550 的首個 ANDA，您可能還記得，2024 年 4 月 11 日，美國聯邦巡迴上訴法院維持了美國特拉華州地方法院的裁決。隨後，我們和諾維奇均向法院請求重審或全體聽證，均被法院駁回。FDA 直到 2029 年 10 月才批准該 ANDA。

During the second quarter, we initiated lawsuits in the US District Court for the District of New Jersey regarding Norwich's amended ANDA and Amneal's ANDA directed to Xifaxan 550 milligram for IBSD.

第二季度，我們就 Norwich 的修訂版 ANDA 和 Amneal 的針對 IBSD 的 Xifaxan 550 毫克 ANDA 向美國新澤西州地方法院提起訴訟。

As a leader in gastroenterology health, we continue to vigorously defend our intellectual property and are committed to advocating for the safety of patients who have benefited from continued access to Xifaxan. We look forward to continuing to serve our patients as every patient deserves better health outcomes and the chance to make the most of life. We also continue to prepare for the first trial in the remaining shareholder opt-out cases, which is currently scheduled to commence on September 3.

作為胃腸病學健康領域的領導者，我們繼續大力捍衛我們的智慧財產權，並致力於倡導從持續使用 Xifaxan 中受益的患者的安全。我們期待繼續為患者提供服務，因為每位患​​者都應該獲得更好的健康結果和充分享受生活的機會。我們也繼續為其餘股東選擇退出案件的一審做準備，目前計劃於 9 月 3 日開始。

On the Granite Trust matter, we continue to expect the settlement with the IRS to be finalized in the coming months. As we have previously indicated, the currently anticipated outcome of these settlements does not have a material impact on the company's results or cash flows. We remain focused on our balance sheet and liquidity, ending the second quarter with approximately $1.5 billion of liquidity. In Q2, we repaid over $360 million of debt, including repurchasing approximately $305 million of bonds with 2025 maturities.

關於花崗岩信託案，我們繼續預計與美國國稅局的和解將在未來幾個月內完成。正如我們之前指出的，這些和解的當前預期結果不會對公司的業績或現金流量產生重大影響。我們仍然關注資產負債表和流動性，第二季末流動性約為 15 億美元。第二季度，我們償還了超過 3.6 億美元的債務，包括回購約 3.05 億美元、2025 年到期的債券。

Turning now to the potential full separation of Bausch + Lomb. The full separation of Bausch + Lomb continues to be a strategic priority. We continue to evaluate strategies regarding the potential full separation with the objective of ensuring that any transaction results in two appropriately capitalized companies.

現在談談博士倫可能完全分離的問題。博士倫的全面分離仍是策略重點。我們將繼續評估有關潛在完全分離的策略，以確保任何交易都會產生兩家資本適當的公司。

Any decision regarding if and when a separation occurs or its structure will be based on and subject to an assessment of all relevant factors and circumstance. Any potential separation will also be subject to shareholder and other applicable approvals.

關於是否以及何時發生分離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。任何潛在的分離也將受到股東和其他適用的批准。

As a leadership team, we are committed to driving growth by leveraging our existing assets, making targeted investments, and executing with commercial excellence while continuing to progress our pipeline all with a patient-centered mentality.

作為一個領導團隊，我們致力於透過利用現有資產、進行有針對性的投資和卓越的商業執行來推動成長，同時以患者為中心的心態繼續推進我們的產品線。

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

接下來，我會將電話轉給約翰·巴雷西 (John Barresi)，他將提供有關我們第二季度業績的更多詳細資訊。約翰？

Thanks, Tom. Hello, everyone, and thanks for joining us. We ended the second quarter with consolidated revenues for Bausch Health of $2.4 billion, up 11% on a reported basis, and 8% on an organic basis over the second quarter last year.

謝謝，湯姆。大家好，感謝您加入我們。第二季結束時，Bausch Health 的綜合收入為 24 億美元，報告基礎上成長 11%，有機基礎上比去年第二季成長 8%。

Second quarter revenues for Bausch Health, excluding B+L, were $1.19 billion, up 5% on a reported basis, and 6% on an organic basis over the same quarter last year, led by Solta and as Tom noted, Xifaxan performance within Salix.

Bausch Health 第二季度營收（不包括B+L）為11.9 億美元，按報告計算成長5%，與去年同期相比有機成長6%，由Solta 領導，正如Tom 指出的那樣，Xifaxan 在Salix 中的表現。

Speaking of Salix, let's now turn to segment revenue performance, starting on slide 12. Second quarter Salix revenues increased $1 million on a reported basis to $558 million driven by 10% growth year-over-year in Xifaxan revenue.

說到 Salix，現在讓我們從幻燈片 12 開始轉向細分市場的收入表現。據報道，第二季 Salix 營收增加了 100 萬美元，達到 5.58 億美元，這得益於 Xifaxan 營收年增 10%。

Relistor, Trulance, and the non-promoted portfolio within this segment experienced declines in the quarter. Revenues grew $6 million or 1% on an organic basis, which reflects the impact of divestitures and discontinuations of certain non-promoted products.

Relistor、Trulance 和該細分市場中的非促銷投資組合在本季度經歷了下滑。收入有機增長 600 萬美元，即 1%，這反映了剝離和停產某些非促銷產品的影響。

Xifaxan continued to represent the majority of Salix segment revenues during the quarter and saw strong growth in underlying demand. Xifaxan revenues in Q2 increased 10% compared to the prior year period. While retail prescription growth was 1% in Q2 versus the prior year, extended units grew 4%, a continuation of the trend we have seen of strong growth in non-retail units, including hospitals and outpatient clinics.

Xifaxan 在本季繼續佔 Salix 部門收入的大部分，潛在需求強勁成長。Xifaxan 第二季營收較去年同期成長 10%。雖然第二季度零售處方與去年同期相比增長了 1%，但擴展單位增長了 4%，這是我們看到的非零售單位（包括醫院和門診診所）強勁增長趨勢的延續。

Relistor declined 9% over the prior year period due to lower net pricing relative to Q2 of the prior year and softer demand, with TRx as declining by 3%. Trulance, TRx growth was 5%, however, revenues declined approximately 50% year-over-year due in large part to net pricing pressure.

由於淨定價較上年第二季較低以及需求疲軟，Relistor 較上年同期下降 9%，其中 TRx 下降 3%。Trulance 的 TRx 成長率為 5%，但營收年減約 50%，這在很大程度上是由於淨定價壓力。

It's important to note that Q2 this year for Trulance is also compared to a very strong second quarter in 2023, which saw revenues increase 73% on script growth of 14%. We also continue to experience meaningful pressure on both pricing and volumes in our non-promoted portfolio in this segment.

值得注意的是，Trulance 今年第二季的表現與 2023 年第二季的表現非常強勁，後者的營收成長了 73%，劇本成長了 14%。我們在該領域的非促銷產品組合中的定價和銷售也繼續面臨巨大的壓力。

International revenues were $276 million during the quarter, an increase of 7% on a reported basis and 6% on an organic basis compared to the prior year period. All three regions posted both reported and organic growth, led by double-digit organic growth in Canada and mid-single digit growth in Latin America. In Canada, growth was led by our promoted portfolio, including Ryaltris, Contrave and Jublia.

本季國際營收為 2.76 億美元，與去年同期相比，報告成長 7%，有機成長 6%。所有三個地區均實現了報告增長和有機增長，其中加拿大實現兩位數有機增長，拉丁美洲實現中個位數增長。在加拿大，成長由我們推廣的產品組合引領，包括 Ryaltris、Contrave 和 Jublia。

Solta Medical revenues were $102 million during the second quarter, an increase of 16% on a reported basis and 19% on an organic basis over the prior year period. Solta's growth was led by APAC, most notably South Korea, followed by China. Thermage FLX launched in the second quarter. As Tom noted, early results are in line with our expectations and we continue to be encouraged about the potential for this product line.

Solta Medical 第二季營收為 1.02 億美元，報告基礎成長 16%，有機成長 19%。Solta 的成長由亞太地區引領，尤其是韓國，其次是中國。Thermage FLX於第二季推出。正如湯姆指出的那樣，早期結果符合我們的預期，我們繼續對該產品線的潛力感到鼓舞。

We did see a softening of performance in the US While revenue grew sequentially relative to Q1 of 2024, it declined by 4% year-over-year. We continued to build and transform the leadership team, as well as invest in the sales team and tools to enable this market to deliver sustained growth going forward.

我們確實看到美國業績疲軟，儘管營收相對 2024 年第一季環比成長，但年減 4%。我們繼續建立和改造領導團隊，並對銷售團隊和工具進行投資，以使該市場能夠實現持續成長。

Diversified revenues were $251 million during the second quarter, an increase of 10% on a reported basis and 12% on an organic basis compared to the prior year period, reflecting the impact of divestitures and discontinuations of certain non-promoted products.

第二季多元化收入為 2.51 億美元，與去年同期相比，報告成長 10%，有機成長 12%，反映了資產剝離和停產某些非促銷產品的影響。

In dermatology, revenue grew by 21% on a reported basis and 25% on an organic basis in the quarter compared to the prior year period, as we continue to focus on returning this business to consistent growth.

在皮膚科領域，與去年同期相比，本季的報告收入成長了 21%，有機成長了 25%，因為我們繼續致力於使該業務恢復持續成長。

Growth in the quarter benefited from favorable net pricing comparisons year-over-year, which we do not expect will be sustained over the remainder of the year, while volumes for our non-promoted products continue to be pressured.

本季的成長得益於有利的年淨定價比較，我們預計這種情況不會在今年剩餘時間內持續下去，而我們的非促銷產品的銷售量繼續受到壓力。

CABTREO launched in January and has performed in line with our expectations. We are continuing to invest in marketing for this key product in the second half of the year, which we expect will enable it to become a more meaningful driver of growth in our dermatology business as the year progresses.

CABTREO 於一月推出，表現符合我們的預期。我們將在下半年繼續投資這項關鍵產品的行銷，我們預計這將使其成為我們皮膚科業務成長的更有意義的推動力。

Neurology saw low double-digit revenue growth, posting an 11% increase year-over-year as we continue to benefit from competitor supply disruptions. This segment also benefited from favorable net pricing comparisons year-over-year. Wellbutrin and Aplenzin revenues grew despite lower volumes as we continue to execute our strategy to manage scripts for overall profitability.

由於我們繼續受益於競爭對手的供應中斷，神經科收入實現了兩位數的低成長，比去年同期成長 11%。該細分市場也受益於有利的年比淨定價比較。儘管銷售量較低，但 Wellbutrin 和 Aplenzin 的營收仍然成長，因為我們繼續執行管理腳本以實現整體獲利能力的策略。

Revenue for the generics business declined 11% on a reported and 4% on an organic basis. This business continues to operate in a highly competitive space, and while we have seen some areas of growth, including products such as UCERIS AG, the net pricing pressures in this business are meaningful, and we continue to evaluate this portfolio to optimize our margins and profitability. Dentistry revenues were flat year-over-year, however, we continue d to expect this business to grow for the full year.

仿製藥業務的報告收入下降了 11%，有機收入下降了 4%。該業務繼續在競爭激烈的領域運營，雖然我們看到了一些領域的成長，包括UCERIS AG 等產品，但該業務的淨定價壓力是有意義的，我們將繼續評估該投資組合，以優化我們的利潤率和盈利能力。牙科收入與去年同期持平，但我們仍然預計該業務全年將成長。

As shown on slide 16, Bausch + Lomb revenues were $1.2 billion during the second quarter, up 17% on a reported basis and 10% on an organic basis compared to the prior year period, with growth across all Bausch + Lomb businesses, key product franchises, and geographies.

如幻燈片 16 所示，博士倫第二季度營收為 12 億美元，與去年同期相比，報告增長 17%，有機增長 10%，博士倫所有業務、關鍵產品均實現增長。位置。

Turning to the second quarter P&L on slide 17 and 18, second quarter consolidated adjusted gross margin with 70.9%, 80 basis points higher compared with the prior year. For Bausch Health excluding B+L, adjusted gross margin for the second quarter was 79.9%, approximately 40 basis points higher than last year's second quarter.

轉向投影片 17 和 18 上的第二季損益表，第二季綜合調整後毛利率為 70.9%，比去年同期高 80 個基點。對於不包括 B+L 的 Bausch Health，第二季調整後毛利率為 79.9%，比去年第二季高出約 40 個基點。

At B+L, adjusted gross margin was 62.1% of Q2 of 2024 compared to 59.7% for Q2 '23, driven primarily by product mix including the impact of Xiidra. Consolidated adjusted operating expenses for the second quarter were $955 million, an increase of $123 million.

根據 B+L，2024 年第二季調整後毛利率為 62.1%，而 2023 年第二季為 59.7%，這主要是受到包括 Xiidra 影響在內的產品組合的推動。第二季合併調整後營運費用為 9.55 億美元，增加 1.23 億美元。

For Bausch Health excluding B+L, adjusted operating expenses increased by approximately $6 million compared to the second quarter of 2023. Higher A&P, driven by investments in Solta and Dermatology for the launch of CABTREO, offset by lower G&A expenses as we continue to focus on cost management. We expect A&P increases to continue to moderate over the course of the year as we continue to annualize our investments in selling and marketing for Xifaxan.

對於 Bausch Health（不包括 B+L）而言，調整後的營運費用與 2023 年第二季相比增加了約 600 萬美元。由於推出 CABTREO 而對 Solta 和 Dermatology 進行的投資推動了較高的 A&P，但由於我們繼續專注於成本管理，因此 G&A 費用降低所抵消。我們預計，隨著我們繼續對 Xifaxan 的銷售和行銷投資進行年度化，今年的 A&P 成長將繼續放緩。

B+L reported an increase of $117 million in adjusted operating expenses due primarily to increase selling in A&P driven by investment behind Xiidra and Miebo. Consolidated adjusted R&D expense for the quarter was $156 million, flat compared to the prior year and represented 6.6% of product sales compared with 7.3% for the prior year period. For Bausch Health excluding B+L, R&D expenses of $72 million were largely in line with the same quarter last year as we begin to annualize the step-up in investment from 2023.

B+L 報告調整後營運費用增加 1.17 億美元，主要是由於 Xiidra 和 Miebo 背後的投資推動 A&P 銷售增加。該季度綜合調整後研發費用為 1.56 億美元，與去年同期持平，佔產品銷售額的 6.6%，去年同期為 7.3%。對於 Bausch Health（不包括 B+L）而言，研發費用為 7,200 萬美元，與去年同期基本持平，因為我們從 2023 年開始將投資增量進行年度化。

Second quarter consolidated adjusted EBITDA attributable to Bausch Health was $798 million, an increase of $71 million or 10% as compared to the same quarter last year. Adjusted EBITDA for Bausch Health excluding B+L was $614 million, an increase of 8% from $568 million in the second quarter of 2023.

第二季歸屬於 Bausch Health 的綜合調整後 EBITDA 為 7.98 億美元，比去年同期增加 7,100 萬美元，即 10%。不包括 B+L 的 Bausch Health 調整後 EBITDA 為 6.14 億美元，比 2023 年第二季的 5.68 億美元成長 8%。

Turning to cash flow, on a consolidated basis Bausch Health generated $380 million of operating cash flow and $287 million of adjusted operating cash flow in the second quarter. For Bausch Health excluding B+L, adjusted operating cash flow was $264 million for the second quarter compared to adjusted operating cash flow of $140 million for the second quarter of 2023, with the changes primarily reflecting improved business performance, timing of cash flows related to income taxes, and more favorable working capital movements in 2024 relative to 2023.

談到現金流，Bausch Health 第二季的合併營運現金流為 3.8 億美元，調整後營運現金流為 2.87 億美元。對於不包括B+L 的Bausch Health，第二季調整後營運現金流為2.64 億美元，而2023 年第二季調整後營運現金流為1.4 億美元，這項變動主要反映了業務績效的改善，現金流量的時間安排與所得稅，以及 2024 年相對 2023 年更有利的營運資金流動。

As we've discussed in prior quarters, as a result of the accounting treatment for the senior notes issued as part of our 2022 debt exchange, a portion of our cash interest payments are classified as financing cash flows. Adjusted cash flow includes payments of the full contractual interest as well as adjustments for the payment of separation costs, business transformation costs, and litigation and other matters, net of insurance proceeds.

正如我們在前幾個季度所討論的，由於對作為 2022 年債務交換一部分而發行的優先票據進行了會計處理，我們的部分現金利息支付被歸類為融資現金流。調整後的現金流量包括支付全部合約利息以及支付分居成本、業務轉型成本以及訴訟和其他事項的調整（扣除保險收益）。

Now let's turn to our balance sheet on slide 19. We continued to prioritize liquidity management and the delevering of our balance sheet. In the second quarter, we reduced our debt for Bausch Health excluding B+L by approximately $360 million, while net of cash decreased by approximately $250 million. We continue to evaluate alternatives to reduce our overall leverage while also focusing on our maturity profile.

現在讓我們來看看投影片 19 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。第二季度，我們將 Bausch Health 的債務（不包括 B+L）減少了約 3.6 億美元，而扣除現金後則減少了約 2.5 億美元。我們繼續評估降低整體槓桿率的替代方案，同時也關注我們的成熟度狀況。

In the second quarter, we repurchased an additional $305 million in principal value of our 9% unsecured bonds maturing in 2025, in addition to the $250 million in principal value of 2025 and 2026 maturities repurchased in Q1.

在第二季度，除了第一季回購的2025 年和2026 年到期的2.5 億美元本金價值之外，我們還額外回購了2025 年到期的9% 無擔保債券本金價值3.05 億美元。

Year to date, we've retired approximately $555 million in principal value of 2025 and 2026 maturities, capturing approximately $25 million of discount in the process. We also repaid $57 million of additional debt this quarter, consisting of mandatory term loan amortization and repaying a portion of the amount outstanding under our AR facility.

今年迄今為止，我們已經收回了 2025 年和 2026 年到期的本金價值約 5.55 億美元，在此過程中獲得了約 2500 萬美元的折扣。本季我們也償還了 5,700 萬美元的額外債務，包括強制性定期貸款攤銷和償還 AR 貸款下的部分未償還金額。

At the end of the second quarter, Bausch Health excluding B+L had $300 million outstanding under our AR facility and had no outstanding borrowings and approximately $950 million of availability under our revolving credit facility.

截至第二季末，Bausch Health（不包括B+L）在我們的AR 貸款下有3 億美元的未償還貸款，沒有未償還的借款，在我們的循環信貸貸款下有大約9.5 億美元的可用資金。

As shown on slides 20 and 21, total debt for Bausch Health excluding Bausch + Lomb at the end of the quarter was $15.7 billion, which consisted of approximately $14.4 billion of restricted debt issued by Bausch Health excluding B+L and approximately $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 2022 and the $300 million drawn under our AR facility.

如投影片20 和21 所示，截至本季末，不包括Bausch + Lomb 的Bausch Health 總債務為157 億美元，其中包括Bausch Health 發行的約144 億美元的限制性債務（不包括B+L）和約13 億美元的非限制性債務。

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. We ended the quarter with approximately $1.5 billion of liquidity, which includes approximately $320 million of cash and $950 million of availability under our revolving credit facility as well as the undrawn availability under our AR facility. We are focused on strengthening our balance sheet, including evaluating and utilizing as appropriate various tools and strategies along with our existing liquidity to manage both our maturity profile and our overall leverage.

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。截至本季末，我們擁有約 15 億美元的流動資金，其中包括約 3.2 億美元的現金、循環信貸安排下的 9.5 億美元可用資金以及 AR 安排下的未提取可用資金。我們專注於加強我們的資產負債表，包括評估和酌情利用各種工具和策略以及我們現有的流動性來管理我們的成熟度狀況和整體槓桿率。

Turning to guidance, we are maintaining our guidance for Bausch Health excluding B+L. For the full year 2024, we continue to expect revenue of $4.7 billion to $4.85 billion and adjusted EBITDA of $2.36 billion to $2.46 billion as well as adjusted operating cash flow in a range of approximately $775 million to $825 million.

至於指導意見，我們維持 Bausch Health 的指導意見（不包括 B+L）。對於 2024 年全年，我們仍然預期營收為 47 億至 48.5 億美元，調整後 EBITDA 為 23.6 億至 24.6 億美元，調整後營運現金流約為 7.75 億至 8.25 億美元。

I'll now hand the call back to Tom.

我現在將把電話轉回給湯姆。

Thank you, John. I am proud of the progress we have made this quarter, driving consistent growth, maintaining disciplined capital allocation, continuing to progress our pipeline and growing our footprint in our existing business areas. All while improving our operational effectiveness and remaining focused on cost management.

謝謝你，約翰。我對我們本季的進展感到自豪，推動持續成長，保持嚴格的資本配置，繼續發展我們的管道並擴大我們在現有業務領域的足跡。同時提高我們的營運效率並持續專注於成本管理。

Our performance thus far in 2024 provides us with momentum for the second half of the year as we continue to focus on delivering against our 2024 priorities, driving a results-oriented culture of accountability. Delivering on our revenue, adjusted EBITDA and adjusted operating cash flow commitments. Executing with operational excellence and a cost focused mindset across the enterprise. Intensifying our focus and operating rigor behind R&D and business development. And continuing to evaluate strategic alternatives, as we have said, achieving the full separation of B+L remains a priority.

2024 年迄今的表現為我們下半年提供了動力，我們將繼續專注於實現 2024 年的優先事項，推動以結果為導向的問責文化。實現我們的收入、調整後的 EBITDA 和調整後的營運現金流承諾。在整個企業內以卓越營運和以成本為中心的思維方式執行。加強研發和業務發展背後的重點和營運嚴謹性。並繼續評估戰略選擇，正如我們所說，實現B+L的完全分離仍然是優先事項。

These priorities help support our ambition of being a globally integrated health care company, trusted and valued by patients, health care providers, employees, and investors as we relentlessly drive to deliver better health outcomes.

這些優先事項有助於支持我們成為全球一體化醫療保健公司的雄心，在我們不懈努力提供更好的健康成果的同時，受到患者、醫療保健提供者、員工和投資者的信任和重視。

I want to thank the entire global Bausch Health team for their hard work and dedication to growing our company and delivering on our commitments, ultimately driving better health outcomes for patients globally.

我要感謝 Bausch Health 的整個全球團隊的辛勤工作和奉獻精神，以發展我們的公司並兌現我們的承諾，最終為全球患者帶來更好的健康結果。

I look forward to working with the entire team, including our new executive leadership team members, to drive our transformation into a globally integrated and innovative health care company. Thank you for your interest in and support of our company.

我期待與整個團隊（包括新的執行領導團隊成員）合作，推動我們轉型為全球一體化的創新醫療保健公司。感謝您對我公司的關注與支持。

With that, we will now take questions. Operator, please open the line for Q&A.

現在我們將回答問題。接線員，請開通問答線。

(Operator Instructions) Glen Santangelo, Jefferies.

（操作員說明）Glen Santangelo，Jefferies。

Good morning. Thanks for taking my question. Hey Tom, obviously a lot of focus on the balance sheet and leverage here. As you are obviously aware, about a week ago there was a media report suggesting that the company was having some negotiations with the co-op, and the company obviously subsequently put out a press release suggesting that some of those media reports were not true.

早安.感謝您提出我的問題。嘿湯姆，顯然這裡非常關注資產負債表和槓桿。正如您顯然知道的那樣，大約一周前有媒體報道稱該公司正在與合作社進行一些談判，而該公司隨後顯然發布了一份新聞稿，表明其中一些媒體報道不屬實。

Can you comment on whether you're having any dialogue with the co-op at this point? Because it's not exactly clear to us what rights they have and what would force a negotiation at this point. Then I just had a follow-up.

您能否評論一下您目前是否正在與合​​作社進行對話？因為我們目前還不清楚他們擁有什麼權利以及什麼會迫使他們進行談判。然後我就進行了跟進。

Thanks Glen. Thanks for the question. Appreciate it. So let's just take it as like two answers to your question. So firstly, it's our general policy not to comment on discussions with particular stakeholders. However, given the circumstances last week, I think it's important. Again, I can't control what rumors are out there in the marketplace, but I want to reiterate that in our press release last week that we issued, that said Bausch Health is not considering bankruptcy or insolvency proceedings of any kind. So we are not, and that's a full stop there.

謝謝格倫。謝謝你的提問。欣賞它。因此，讓我們將其視為您問題的兩個答案。首先，我們的一般政策是不對與特定利害關係人的討論發表評論。然而，考慮到上週的情況，我認為這很重要。再說一次，我無法控制市場上的謠言，但我想重申，在我們上週發布的新聞稿中，稱 Bausch Health 不會考慮任何類型的破產或破產程序。所以我們不是，這就是一個句點。

So unfortunately, these things get published. But again, it's rumor, and as I've said many times, we just continue to work, to grow this company and to generate results, and you saw in the quarter, we had really great performance with Xifaxan growing by 10%, Solta growing by 19%, International growing by 6%, and Diversified growing by 12%. So it was a really great quarter for us on performance, and really, that's where the team's focused.

不幸的是，這些事情被出版了。但這又是謠言，正如我多次說過的，我們只是繼續工作，發展這家公司並產生成果，你在本季度看到，我們的業績非常出色，Xifaxan 增長了 10%，Solta增長19% ，國際成長6%，多元化成長12%。因此，這對我們來說是一個非常出色的季度表現，實際上，這就是團隊的重點。

Awesome. Maybe if I could just ask one quick follow-up. I mean, you also commented a full separation of Bausch + Lomb remains a strategic priority. I think in your prepared remarks, you said that the focus is on having two appropriately capitalized companies, and that's kind of a generalized term.

驚人的。也許我可以快速詢問一下。我的意思是，您也評論說，博士倫的完全分離仍然是戰略重點。我認為在您準備好的演講中，您說過重點是擁有兩家資本充足的公司，這是一個廣義術語。

So I think what people are really trying to understand is, what do you think is an appropriate amount of leverage for Bausch Health or RemainCo? And you said that, any separation would require a shareholder and other applicable approvals. What exactly are those other applicable approvals? Thanks. And I'll stop there.

所以我認為人們真正想了解的是，您認為 Bausch Health 或 RemainCo 的適當槓桿水平是多少？你說過，任何分離都需要股東和其他適用的批准。其他適用的批准到底是什麼？謝謝。我就到此為止。

Yeah. So Glen, clearly as you see in our strategic priorities, the separation continues to be a strategic priority, and we're diligently working towards that. Clearly, as we look at it, you look at the performance of our company, of Bausch + Lomb, again, both companies are performing well, and it makes strategic sense on this separation.

是的。格倫，顯然正如您在我們的策略優先事項中看到的那樣，分離仍然是戰略優先事項，我們正在努力實現這一目標。顯然，當我們看到它時，你再看看我們公司博士倫的業績，兩家公司都表現良好，這種分離具有戰略意義。

What I would say is, a broad framework, overall on the separation. There's a lot – it's multi-factorial of what we need to work on. We need strong operational excellence, and we need effective debt management, and working through some of those, and looking forward to updating you and others as we move forward on it.

我想說的是，一個廣泛的框架，總體上是關於分離的。有很多事情——我們需要解決的問題是多方面的。我們需要強大的卓越運營，我們需要有效的債務管理，並解決其中的一些問題，並期待在我們前進的過程中向您和其他人通報最新情況。

And Glen, it's John. Maybe I'll just address your question on appropriately capitalized. This is consistent with what we said, I think, for the past few quarters. There's not a bright line that we're going to put out at this point. I think it really is a blend of leverage and maturity profile and we continue to think about how those two balance, but there's no bright line on that.

格倫，是約翰。也許我會回答你關於適當大寫的問題。我認為這與我們過去幾季所說的一致。目前我們還沒有明確的界線。我認為這確實是槓桿率和成熟度概況的結合，我們繼續思考如何平衡這兩者，但這方面沒有明確的界線。

Okay. Thanks for the comments.

好的。感謝您的評論。

Mike Nedelcovych, TD Cowen.

麥克·內德爾科維奇，TD·考恩。

Thank you for the question. I have two. My first relates to the separation from Bausch + Lomb. Please tell me if this is a bad assumption, but it seems that every day that passes, full separation becomes less and less likely. So, my question is what is plan B? Can you articulate an alternative vision for the consolidated company should you arrive at the decision that separation is not feasible?

謝謝你的提問。我有兩個。我的第一個問題涉及與博士倫的分離。請告訴我這是否是一個錯誤的假設，但似乎每一天過去，完全分離的可能性變得越來越小。所以，我的問題是B計畫是什麼？如果您決定分拆不可行，您能否為合併後的公司闡明替代願景？

And my second question relates to Amiselimod. It seems as though you are pursuing a Phase 3 IBD program. That of course would be expensive, and Amiselimod would be third to market in its class. So at a high level, can you tell us what commercial assumptions you are making to justify the cost of the Phase 3 program? Thank you.

我的第二個問題與阿米塞莫德有關。您似乎正在尋求第三階段 IBD 計劃。這當然會很昂貴，而且阿米塞莫德將在同類產品中排名第三。那麼，您能否從較高的層面告訴我們，您正在做出哪些商業假設來證明第三階段計畫的成本是合理的？謝謝。

Thanks Mike, and I appreciate the question. As I've said before, the separation continues to be a strategic priority, and we're diligently working towards that goal. That's all I'm going to say at this time. We continue to work on things that will get us to a full separation of B+L.

謝謝麥克，我很欣賞這個問題。正如我之前所說，分離仍然是一個策略優先事項，我們正在努力實現這一目標。這就是我現在要說的全部。我們將繼續致力於實現 B+L 完全分離。

Regarding your question on Amiselimod, we plan to accelerate the Amiselimod program into Phase 3 in UC. If you take a look at the data, we were at mild to moderate. Now we're going to look at the study that we're going to propose in moderate to severe. So that would, think about the data probably is even going to be better than we had from mild to moderate.

關於你關於阿米塞莫德的問題，我們計劃在UC中加速阿米塞莫德計畫進入3期。如果你看一下數據，我們的水平是輕度到中度。現在我們來看看我們將要提出的中度到重度的研究。因此，想想這些數據可能會比我們從輕度到中度得到的更好。

We think there is a real unmet need here. It's a large competitive market with however the response to treatment today is variable. So we're going to continue to pursue this. We like our data, and we think that we have a real path forward here to help patients. Next question.

我們認為這裡確實存在著未被滿足的需求。這是一個競爭很大的市場，但當今對治療的反應卻各不相同。所以我們將繼續追求這一點。我們喜歡我們的數據，我們認為我們有一條真正的前進道路來幫助患者。下一個問題。

Jason Gerberry, Bank of America.

傑森‧格伯里，美國銀行。

Okay, guys. Sorry to beat a dead horse, but just wanted to come back to the topic on the capitalization target. Is it a fair high level like synopsis to say, given negotiations with the co-op that leverage left for RemainCo is a moving target and sort of critical is pushing out the 2027, 2028 maturities if something's going to get done there?

好吧，夥計們。抱歉，我已經死了，但我只是想回到資本目標的話題。考慮到與合作社的談判，留給RemainCo的槓桿是一個不斷變化的目標，而且如果要在2027年、2028年完成一些事情，那麼關鍵是推遲2027年、2028年的到期日，這是否是一個像概要那樣的相當高的水平？

Then secondly, just Xifaxan scripts this quarter are flat on a year-on-year basis. Wondering how you think about whether it's the appropriate stage of the life cycle to optimize this business for cash flow versus step-up investment to drive growth? Thanks.

其次，本季僅 Xifaxan 腳本與去年同期持平。想知道您如何看待生命週期的適當階段是否是優化該業務的現金流，而不是透過逐步投資來推動成長？謝謝。

Yeah Jason, thanks for the question. I'll take the second part of your question first on Xifaxan. If you take a look at where we are with Xifaxan, and you mentioned the script growth, one of the things that I'm focusing on here is the NBRx growth. And if I take a look at the NBRx growth, it looks really good in terms of the last four or five quarters now. The new starts on the drug that is in its later life cycle, it looks very promising, and the data there.

是的，傑森，謝謝你的提問。我將首先在 Xifaxan 上回答你問題的第二部分。如果您看看我們與 Xifaxan 的情況，並且您提到了腳本成長，那麼我在這裡關注的事情之一就是 NBRx 的成長。如果我看一下 NBRx 的成長，就過去四、五個季度而言，它看起來非常好。新藥物開始處於生命週期的後期，它看起來非常有前途，並且有數據。

When you really look at it, there is a lot of untreated patients out there today. If we just take a look from the data that we see, we see that we're treating probably half the patient population in OHE at the present time. So, I think there's a lot of runway here to continue to grow Xifaxan.

當你認真觀察時，你會發現今天有很多未經治療的患者。如果我們只看一下我們看到的數據，就會發現我們目前正在治療大約一半的 OHE 患者。所以，我認為這裡有很多跑道可以繼續發展 Xifaxan。

A couple of things that we've done last year since I became CEO was, number one, to launch our AI engine. And that engine has been launched now for 12 months, and it consistently continually refines the panel of where we're going to, making sure that the HCPs, that we're going to the right HCPs and also delivering the right message. So, there's a lot of opportunity here to continue to grow it.

自從我擔任執行長以來，我們去年所做的幾件事就是推出我們的人工智慧引擎。該引擎現已推出 12 個月，它始終如一地不斷完善我們要去的地方的面板，確保 HCP，我們會找到正確的 HCP，並傳遞正確的訊息。因此，這裡有很多機會繼續發展它。

If you take a look also, one of the things that we've put in place is our DTC campaign. Historically, in the past, we haven't done DTC in the AG segment. And now we have Bellamy Young, who's our spokesperson on OHE, and clearly we're seeing traction there.

如果您也看一下，我們實施的措施之一就是我們的 DTC 活動。從歷史上看，過去我們在AG領域沒有做過DTC。現在我們有貝拉米楊 (Bellamy Young)，他是我們 OHE 的發言人，顯然我們看到了那裡的吸引力。

Then lastly is really looking at the treatment and really the disease state of IBSD and OHE. In this case, we have put a medical affairs team in place that is actively going out there educating physicians on IBSD and OHE on the disease. As I said at the beginning, we see that we're only treating probably half the patient population in OHE today, and still there's a lot that we can still treat in IBSD. So we think the investment behind Xifaxan today and where we can take this brand, we have a lot we can still do.

最後是真正關注 IBSD 和 OHE 的治療和疾病狀態。在這種情況下，我們已經組建了一個醫療事務團隊，該團隊正在積極地對醫生進行有關 IBSD 和 OHE 的疾病教育。正如我在一開始所說的，我們看到今天我們只治療了大約一半的 OHE 患者，但我們仍然可以治療許多 IBSD 患者。因此，我們認為今天 Xifaxan 背後的投資以及我們可以將這個品牌帶到哪裡，我們仍然可以做很多事情。

When going back to the first part of your question regarding the debt and the leverage, I'll just hand that over to John. He can maybe give you some more specifics.

當回到你關於債務和槓桿問題的第一部分時，我將把它交給約翰。他也許可以給你一些更具體的資訊。

Yeah Jason. Just to the first part of your question, I think Tom said it a few minutes ago, but we don't comment on any discussions and haven't said that we are negotiating with anyone at this point in time, so I just want to reiterate that point from Tom's earlier comment.

是的，傑森。關於你問題的第一部分，我想湯姆幾分鐘前就說過了，但我們不對任何討論發表評論，也沒有說我們目前正在與任何人進行談判，所以我只想重申湯姆先前評論中的這一點。

But to your question of leverage for RemainCo, as we've talked about consistently right, we are looking to balance leverage and maturity profile. If you look at slide 21 in the earnings deck that we published this morning, you'll see we do have a meaningful amount of '27 and '28 maturities. So yes, that is part of what we look at when we think about how to manage the balance sheet.

但對於你提到的 RemainCo 槓桿問題，正如我們一直以來所討論的那樣，我們正在尋求平衡槓桿和成熟度狀況。如果您查看我們今天早上發布的收益報告中的幻燈片 21，您會發現我們確實有大量的 27 和 28 年到期債券。所以，是的，這是我們在考慮如何管理資產負債表時所考慮的一部分。

Got it. Tom, can I ask a quick follow-up?

知道了。湯姆，我可以要求快速跟進嗎？

Sure.

當然。

Just on the Xifaxan dynamics, right, good NBRx, but flat TRx. How do you reconcile that? Is that – we look at like half the business historically has been IBS. That's maybe more of an acute use indication. Is there just a replacement dynamic with these NBRx’s that are just having a hard time keeping up to drive overall TRx growth? Like how would you kind of explain the different moving pieces of this business and the TRx dynamic?

就 Xifaxan 的動態而言，NBRx 良好，但 TRx 持平。你如何協調這一點？是這樣嗎？這可能更像是一個急性使用跡象。這些 NBRx 是否存在替代動力，而這些 NBRx 很難跟上推動整體 TRx 成長的步伐？您如何解釋該業務的不同移動部分以及 TRx 動態？

Yeah, I think that when you look at it, if you look at the NBRx, eventually down the road, they will turn into TRx’s. What we are seeing, the dynamic in the market is this shift to non-retail. Then also, so where those scripts are going from an NBRx perspective, we're trying to see where they are, but they will eventually become a TRx. But if you look at the non-retail, it's really up, and then if you look at the extended units. That way when we look at this business, it's up 4%. So when you look at just TRx’s, it's sometimes difficult to see where they are going. But based on the data that we have and how we're tracking it, we are confident that we're going to get growth and clearly the NBRx is the first stage.

是的，我認為當你看它時，如果你看 NBRx，最終它們會變成 TRx。我們看到，市場的動態是轉向非零售的轉變。然後，從 NBRx 的角度來看，這些腳本將走向何方，我們正在嘗試了解它們的位置，但它們最終將成為 TRx。但如果你看看非零售，它確實上漲了，然後如果你看看擴展單位。這樣一來，當我們查看這項業務時，它就成長了 4%。因此，當您僅查看 TRx 時，有時很難看出它們的去向。但根據我們所掌握的數據以及我們如何追蹤這些數據，我們有信心我們將實現成長，並且顯然 NBRx 是第一階段。

Thanks.

謝謝。

Operator, next question.

接線員，下一個問題。

Umer Raffat, Evercore ISI.

烏默·拉法特，Evercore ISI。

Hi guys. Thanks for taking my question. I'll focus on two as well. First, on your RED-C trial for the new formulation, my understanding is it's to prevent a first encephalopathy episode rather than recurrence. Isn't that an indication that would be used off-label with a generic Xifaxan anyways? Can you speak to that?

嗨，大家好。感謝您提出我的問題。我也將重點放在兩個。首先，在新配方的 RED-C 試驗中，我的理解是它是為了預防首次腦病發作而不是復發。這不是一個可以在標籤外與仿製藥 Xifaxan 一起使用的跡象嗎？你能談談嗎？

And secondly, and perhaps more importantly, I've been listening in on the call and I guess I'm just as confused as I was when the call started, so let me just lay it out here. Cash flows guidance for the company is $800 million midpoint for the year. Salix segment will do operating profit about $1.5 billion based on your disclosures, of which Xifaxan is by far the most important. So said differently, Xifaxan exceeds the total cash flows of the company.

其次，也許更重要的是，我一直在監聽電話，我想我和電話開始時一樣困惑，所以讓我在這裡列出來。該公司今年的現金流指引為 8 億美元中位數。根據您披露的信息，Salix 部門的營業利潤約為 15 億美元，其中 Xifaxan 是迄今為止最重要的。換句話說，Xifaxan 超過了公司的總現金流。

So in that backdrop and considering Xifaxan generic is definitely happening either in a year or in three years, what aggressive action are you considering? I know you mentioned separation is a priority and I guess I'm just trying to understand what is the priority? Is a BLCO equity raise? Could that help somewhat? We're just trying to understand what the path could be.

因此，在這種背景下，考慮到 Xifaxan 仿製藥肯定會在一年或三年內發生，您正在考慮採取哪些積極行動？我知道你提到分居是優先事項，我想我只是想了解什麼是優先事項？BLCO 是否進行股權融資？這能有所幫助嗎？我們只是想了解這條路可能是什麼。

And I feel like for public investors, there's no clear understanding of what direction we're going, in spite of a very leveraged situation, and we're now kind of like four or five years in to talk about the separation at this point.

我覺得對於公共投資者來說，儘管槓桿率很高，但我們並不清楚我們將走向何方，而且我們現在大約需要四到五年的時間來討論這一點。

Yeah Omer, thanks for the question. I'll take the RED-C question first and then I'll hand the speaking about the debt to John. When we take a look at RED-C, yes, you're correct, it is for OAT prevention. So if we take a look at what we – and you talked about the generic Rifaximin, but of course, this is a new formulation. This is Rifaximin solid with 40 milligram tablets being studied in the delay of hepatic encephalopathy.

是的，奧馬爾，謝謝你的提問。我將首先回答 RED-C 問題，然後將有關債務的發言權交給 John。當我們看一下 RED-C 時，是的，你是對的，它是為了預防 OAT。因此，如果我們看看我們的產品 - 您談到了通用利福昔明，但當然，這是一種新配方。這是利福昔明固體 40 毫克片劑，正在研究延遲肝性腦病變。

So, when we look at it, clearly this is 2 times, 3 times the size of the market that we have today with the current Rifaximin. So with our different formulation and what we've studied, we do not think that the generic is going to be used for prevention. We think there's a long runway here to really move into the prevention space rather than the treatment space.

因此，當我們看到它時，顯然這是我們目前利福昔明市場規模的 2 倍、3 倍。因此，根據我們不同的配方和我們的研究，我們認為仿製藥不會用於預防。我們認為，要真正進入預防領域而不是治療領域，還有很長的路要走。

What I would say is, also when you look at this new formulation, it will have better water solubility. So that should be able to penetrate the small intestine lumen, so that will really help us. And also lastly, remember RED-C is a global program where our current 550 program is just a US product. So we believe that of course when we get the data that this could be a really great opportunity to transform our company and grow.

我想說的是，當你看到這個新配方時，它會有更好的水溶性。所以它應該能夠穿透小腸腔，這對我們確實有幫助。最後，請記住 RED-C 是一個全球計劃，而我們目前的 550 計劃只是美國產品。因此，我們相信，當我們獲得數據時，這當然可能是我們公司轉型和發展的絕佳機會。

What I'll do now is to turn it over to John, to just highlight, to talk about some of the questions you had in the second part.

我現在要做的就是把它交給約翰，只是強調一下，談談你在第二部分提出的一些問題。

Yeah. Thanks for the question, Umer. Without getting into a full walk in the answer here, I'll call out a couple of things to your point. I think the cash flow metric this year of course is after interest. So it's levered free cash flow or levered proper in-cash flow, and which is why it's important to continue to manage the balance sheet and continue to focus on reducing our debt.

是的。謝謝你的提問，烏默。在不全面闡述答案的情況下，我將針對您的觀點提出一些要點。我認為今年的現金流量指標當然是扣除利息之後的。因此，它是槓桿自由現金流或槓桿適當現金流，這就是為什麼繼續管理資產負債表並繼續專注於減少債務很重要。

At the same time, we remain focused on growing the business. There is a meaningful part of our business that is not Xifaxan, including businesses like Solta, and we're focused on growing those, and we're focused on advancing the pipeline as we just talked about with RED-C. And so as we think about the longer term, those three elements are critical to how we move forward for the long term.

同時，我們仍然專注於發展業務。我們的業務中有一個有意義的部分不是 Xifaxan，包括像 Solta 這樣的業務，我們專注於發展這些業務，正如我們剛剛與 RED-C 談到的那樣，我們專注於推進管道。因此，當我們考慮長遠時，這三個要素對於我們如何長期前進至關重要。

Operator, next question.

接線員，下一個問題。

Leszek Sulewski, Truist Securities.

Leszek Sulewski，Truist 證券公司。

Good morning. Thank you for taking my questions. First, can you comment on any timelines on the rulings we should be aware of ahead of the amended and lawsuit versus Norwich and the latest and the filing from Amneal?

早安.感謝您回答我的問題。首先，您能否評論一下我們在對諾維奇的修改和訴訟以及最新的裁決和 Amneal 提交的文件之前應該了解的裁決的任何時間表？

Second, on Relistor, what's driving some of the weakness? Is there any pressure on the ulterage script trends that impact this product ultimately? And then third, it does not sound like you've been in discussions with the co-op, but can you comment if there has been any indication that some of the lenders will be putting the pressure under separation to be put on hold? Thank you.

其次，在 Relistor 上，是什麼導致了一些弱點？最終影響該產品的超量腳本趨勢是否有任何壓力？第三，聽起來您並沒有與合作社進行過討論，但如果有任何跡象表明某些貸款機構將施加壓力以要求其暫停貸款，您能否發表評論？謝謝。

Okay, I can take those questions. So, thanks for the question. So really, regarding Norwich, okay, as it currently stands now, the FDA cannot approve Norwich's ANDA until 2029. Our expectation date of a generic entry still remains at January 1, 2028, and the date reflected in the settlements with the other filers.

好的，我可以回答這些問題。所以，謝謝你的提問。所以說真的，就 Norwich 而言，好吧，就目前情況而言，FDA 直到 2029 年才能批准 Norwich 的 ANDA。我們預計通用條目的日期仍為 2028 年 1 月 1 日，該日期反映在與其他申報人的和解中。

Since the original Norwich decision, I just would like to make sure we emphasize that there's new IBSD patents. And so as we move on and look between the Norwich's ANDA and Amneal, there is different patents in dispute here.

自從諾維奇最初的決定以來，我只是想確保我們強調有新的 IBSD 專利。因此，當我們繼續觀察諾維奇的 ANDA 和 Amneal 時，會發現這裡有不同的專利爭議。

And also, I just would like to say, Teva, as we are aware, Teva continues to be and remain the first filer on the Xifaxan 550. So that's really what I'd say here. And again, we're continuing to vigorously defend our intellectual property here, so still working. A lot of work still to be done, but we're going to defend it.

而且，我只想說，Teva，正如我們所知，Teva 仍然是 Xifaxan 550 上的第一個過濾器。這就是我在這裡要說的。再說一遍，我們將繼續大力捍衛我們的智慧財產權，所以仍在努力。還有很多工作要做，但我們將捍衛它。

On the second part of your question, on driving the Relistor weakness and the TRx pressure, it really comes down to some of the payer, looking at what the payers were and what coverage we had. And the other thing, and the pressure there, along with some gross to nets, we still believe we have an opportunity with this product. But as we look at it, that's where that pressure came in the second quarter.

關於你問題的第二部分，關於推動 Relistor 疲軟和 TRx 壓力，這實際上取決於一些付款人，看看付款人是誰以及我們有哪些承保範圍。另一方面，還有那裡的壓力，以及網路的一些毛利率，我們仍然相信我們有這個產品的機會。但當我們看到它時，這就是第二季度壓力的來源。

Lastly, on the co-op, as John already said, our general policy is not to comment on discussions with particular stakeholders at this time.

最後，關於合作社，正如約翰已經說過的那樣，我們的總體政策是目前不對與特定利益相關者的討論發表評論。

Anything else, John, you want to add?

約翰，你還有什麼要補充的嗎？

No, I think that covers it.

不，我認為這涵蓋了它。

Okay, operator, next question.

好的，接線生，下一個問題。

David Amsellem , Piper Sandler.

大衛·阿姆塞勒姆，派珀·桑德勒。

Thanks. So I'm just going to keep coming back to the question on solvency and what is the path forward or the priority, as Umer put it. So you have, I believe, $9 billion worth of maturities coming up around the same time frame that Xifaxan loses exclusivity. So I guess, I'll just ask it straight up. Given the importance of Xifaxan, how do you stay solvent? That's number one.

謝謝。因此，正如烏默所說，我將繼續回到償付能力問題以及前進的道路或優先事項是什麼。因此，我相信，在 Xifaxan 失去獨家經營權的同時，價值 90 億美元的債券即將到期。所以我想，我會直接問。鑑於 Xifaxan 的重要性，您如何保持償付能力？這是第一名。

And then related to that, you're talking about the R&D pipeline, I get that regarding Amiselimod, RED-C, etc., etc. Is there anything else you can do in terms of bringing in assets, particularly in the context of your financial constraints? Maybe give us some sense of what you can do there to bolster the R&D. Thanks.

與此相關的是，你正在談論研發管道，我知道關於 Amiselimod、RED-C 等。也許讓我們來了解您可以採取哪些措施來支援研發。謝謝。

Sure. Thanks for the question. So let me take the last part first. I mean, I highlight the R&D programs that are ongoing, and of course we talk about RED-C. I think that this is our first-up opportunity. Clearly, really wanting to make sure we get those studies completed and get the drug launched before we lose exclusivity on Xifaxan on January 1, 2028. As I said before, it's a global program. We have global opportunities. So that's one area where that can really drive performance and build us a bridge certainly to the future.

當然。謝謝你的提問。讓我先講最後一部分。我的意思是，我強調了正在進行的研發項目，當然我們也談論 RED-C。我認為這是我們的第一個機會。顯然，我們真的希望確保在 2028 年 1 月 1 日失去 Xifaxan 的獨家經營權之前完成這些研究並推出該藥物。正如我之前所說，這是一個全球計劃。我們擁有全球機會。因此，這是一個可以真正提高績效並為我們建立通往未來的橋樑的領域。

The second thing is, is that there's many ongoing business discussions. As you know, we have an international business that is a branded generic business, and that's an area of the company that we can do BD at relatively inexpensive prices. There is ongoing discussions. We're working on a project now in Latin America that will show us growth for the next years to come, if we're able to close that. So there's various things on the international side that we're doing to build up the portfolio.

第二件事是，有許多正在進行的業務討論。如您所知，我們的國際業務是品牌通用業務，這是我們可以以相對便宜的價格進行 BD 的公司領域。目前正在進行討論。我們現在正在拉丁美洲開展一個項目，如果我們能夠完成該項目，該項目將向我們展示未來幾年的成長。因此，我們在國際方面正在做各種各樣的事情來建立投資組合。

I want to mention Solta. Solta is a great business for us. As I mentioned in my prepared remarks, I was just in China. We just hired a new VP there to lead our transformation in China, now that FLX is approved. As a medical device, we see a long runway there to growth and to the strategies we're going to put in place. If you take a look then at what we need to do around the world, I mentioned that our business in Korea has doubled, and so we still see a real runway there to continuing to grow and invest behind that business.

我想提一下索爾塔。Solta 對我們來說是一項很棒的業務。正如我在準備好的演講中提到的，我剛剛在中國。現在 FLX 已獲得批准，我們剛剛在那裡聘請了一位新副總裁來領導我們在中國的轉型。作為一種醫療設備，我們看到成長和我們將要實施的策略還有很長的路要走。如果你看看我們在世界各地需要做的事情，我提到我們在韓國的業務已經翻了一番，所以我們仍然看到那裡有一條真正的跑道，可以繼續成長和投資該業務。

I did talk about some of the R&D capabilities there as well. We're excited about what we have. Plus there's also some BD that's going on to see what other options are out there to bring into the portfolio. So, I would think from an R&D perspective, a BD perspective, we're really trying to execute and really being laser focused on what we invest in given our cash situation.

我也談到了那裡的一些研發能力。我們對我們所擁有的感到興奮。另外，還有一些 BD 正在研究還有哪些其他選項可以納入投資組合。因此，我認為從研發角度、業務發展角度來看，考慮到我們的現金狀況，我們確實在努力執行並真正專注於我們的投資。

When we take a look at going back to your questions on solvency, I just would like to just – before I hand it over to John to take you through specifically the performance of this company over the last five quarters, growing revenue, growing EBITDA. If you take a look, Xifaxan 10%, Solta 19%, International 6%, Diversified 12%. The team is working hard to grow this business and position this company for the future.

當我們回到你關於償付能力的問題時，我只想——在我把它交給約翰之前，讓你具體了解一下這家公司在過去五個季度的業績、收入增長、增長息稅折舊及攤銷前利潤。如果你看一下，Xifaxan 10%，Solta 19%，International 6%，Diversified 12%。該團隊正在努力發展這項業務，並為公司的未來定位。

Then I'll just hand it over to John to talk specifically about some of the points you raised on solvency and the debt maturities.

然後我將把它交給約翰，具體談談您提出的有關償付能力和債務期限的一些觀點。

Yes, thanks David for the question. I'll keep coming back to a few things here, right. If we think in the near term, we've consistently discussed our ability to generate cash. The liquidity we have right here as we sit here at the end of the quarter, $1.5 billion. We do have flexibility to monetize a portion of the BLCO stake that we still own and maintain the tax efficient status of any separation, about 8%-ish of BLCO.

是的，謝謝大衛的提問。我會繼續在這裡討論一些事情，對吧。如果我們考慮近期，我們一直在討論我們產生現金的能力。截至本季末，我們擁有的流動性為 15 億美元。我們確實可以靈活地將我們仍然擁有的部分 BLCO 股份貨幣化，並保持任何分離的稅收高效狀態，大約 BLCO 的 8% 左右。

If you look beyond those near term tools, we have as Tom said, a diverse product and a diverse geographic footprint. We have the active R&D pipeline. We've demonstrated a track record of growth over the past five quarters. Those are all tools that we can use to do things like continue to repurchase and retire debt, which then allows us to save on interest, etc., and becomes a bit of a nice circle there, look at asset sales and other types of transactions we've been able to do in the past. We look at all those tools when we think about the leverage profile beyond the near term debt.

如果您超越這些近期工具，正如湯姆所說，我們擁有多樣化的產品和多樣化的地理足跡。我們擁有活躍的研發管道。我們在過去五個季度中展現了良好的成長記錄。這些都是我們可以用來做一些事情的工具，例如繼續回購和償還債務，這樣我們就可以節省利息等等，並成為一個很好的循環，看看資產銷售和其他類型的交易我們過去已經能夠做到。當我們考慮短期債務以外的槓桿狀況時，我們會考慮所有這些工具。

Operator, next question.

接線員，下一個問題。

Michael Freeman, Raymond James.

麥可·弗里曼，雷蒙德·詹姆斯。

Hey, good morning, Tom, John, Garen. Maybe helping us with the last question relating to Solta, I wonder if you could maybe get a bit more granular on the reception of Thermage FLX in China since its January approval. Given the growth we're seeing in Solta and like solid prospects globally, would it – how are you thinking about a reconsideration potentially of an IPO since – as we've let time pass over the last couple of years?

嘿，早安，湯姆、約翰、蓋倫。也許可以幫助我們解決與 Solta 相關的最後一個問題，我想知道您是否可以更詳細地了解自 1 月份批准以來熱瑪吉 FLX 在中國的接受情況。考慮到我們在 Solta 看到的成長以及全球的堅實前景，您是否會考慮重新考慮 IPO 的可能性，因為我們在過去幾年裡已經讓時間流逝了？

Thanks Michael for the question. Clearly, as I've said on many calls, I love this business. It is a durable business, and really the focus since I've become CEO is to really make sure we are growing this business in all geography.

感謝邁克爾提出問題。顯然，正如我在許多電話中所說的那樣，我喜歡這個行業。這是一項持久的業務，自從我成為執行長以來，真正的重點是確保我們在所有地區發展這項業務。

If you look at it today, China is still a very large opportunity for us as we got FLX approved in China along with the return pad. That's why we hired a new Vice President to run this business. She has extensive experience in the beauty space, and we are really excited about what we can do in China. I was there a couple of weeks ago, and some of the things, the team that we're going to build, we're continuing to add resources. We just opened our flagship office in China. The team is highly motivated to really grow this business.

如果你今天看的話，中國對我們來說仍然是一個非常大的機會，因為我們在中國獲得了 FLX 和返回墊的批准。這就是我們聘請一位新副總裁來管理這項業務的原因。她在美容領域擁有豐富的經驗，我們對在中國能做的事情感到非常興奮。幾週前我在那裡，有些事情，我們要建立的團隊，我們正在繼續增加資源。我們剛在中國開設了旗艦辦事處。團隊非常積極地真正發展這項業務。

What I would say is, if you look, the opportunities in China are great. I have a lot of experience, of course, having lived in China for 13 years, so I'm excited about what we can accomplish there and power the growth. When I look at the rest of the world, if you look at Asia Pacific, our career business will double this year. The growth in the quarter was 111%. If you look at what the teams in Taiwan are doing, growing at 18%.

我想說的是，如果你仔細觀察，中國的機會是巨大的。當然，我在中國生活了 13 年，擁有豐富的經驗，因此我對我們能夠在中國的成就並推動成長感到興奮。當我看看世界其他地區時，如果我們看看亞太地區，我們的職業業務今年將翻倍。該季度的成長率為 111%。如果你看看台灣的團隊在做什麼，你會發現成長了 18%。

We are focusing also on executing with excellence in Europe. Some of the European countries are really starting to grow, and some of the work that's been done there over the last year to get those on track. Solta was underinvested in Europe. I see that as an opportunity. DACH grew 17% in the quarter. France grew 9%. Italy grew 12%.

我們也注重在歐洲的卓越執行。一些歐洲國家確實開始成長，去年這些國家為使這些國家走上正軌而做了一些工作。索爾塔在歐洲的投資不足。我認為這是一個機會。DACH 本季成長了 17%。法國成長了 9%。義大利成長了 12%。

Let's pivot to the US A lot of work still to be done there. We believe that what we've done there, we've brought in a new leader of our US business. I'm seeing some really good things that he's putting in place and the team that we're building. Clearly, the investments behind expanding our sales team and really making sure that we're growing both, our capital and our consumable business.

讓我們把重心轉向美國 那裡還有很多工作要做。我們相信，我們在那裡所做的一切，為我們的美國業務帶來了一位新的領導者。我看到他正在實施的一些非常好的事情以及我們正在建立的團隊。顯然，擴大我們的銷售團隊並真正確保我們的資本和消費品業務都在成長背後的投資。

Overall, when I look at this business, it's durable, and it really is outside the payer landscape. This is why I love it. If you take a look, our organic growth or thermage in the quarter was 24%, Fraxel was 3%, Clear + Brilliant was 7%. If you then take a look between capital and consumables, it's about 75/25 on consumable versus capital, so again durable.

總的來說，當我審視這項業務時，它是持久的，而且它確實超出了付款人的視野。這就是我喜歡它的原因。如果你看一下，我們本季的有機成長或熱瑪吉是 24%，Fraxel 是 3%，Clear + Brilliant 是 7%。如果你再看看資本和消耗品，消耗品與資本的比例約為 75/25，因此又是耐用的。

To your last question, the last part of your question, I think this is a valuable asset to Bausch Health. My plan is to continue to invest and grow this business globally.

對於你的最後一個問題，問題的最後一部分，我認為這對 Bausch Health 來說是一筆寶貴的資產。我的計劃是繼續在全球範圍內投資和發展這項業務。

Thank you. There are no other questions in queue at this time. I would now like to hand the call back to Tom Appio for closing remarks.

謝謝。目前隊列中沒有其他問題。現在我想將電話轉回給湯姆·阿皮奧（Tom Appio），讓其致閉幕詞。

Thank you. What I'd say is I really appreciate everyone joining the call today and for your questions. We tried to -- in the prepared remarks, really cover what we've accomplished in this quarter and what we're working on. Clearly, the business, the growth in the quarter is really good, and fifth consecutive quarter of growth in both revenue and EBITDA.

謝謝。我想說的是，我非常感謝大家今天加入電話會議並提出問題。我們試圖在準備好的演講中真正涵蓋我們在本季度所取得的成就以及我們正在進行的工作。顯然，就業務而言，本季的成長確實不錯，並且連續第五個季度營收和 EBITDA 均實現成長。

What I would say is, I really want to thank the global Bausch Health team for their hard work and dedication of driving this company forward and delivering results. What I would say is, I look forward to keeping everyone updated and thank you for your interest in and support of our company. Have a good day.

我想說的是，我真的要感謝 Bausch Health 全球團隊的辛勤工作和奉獻精神，推動公司前進並取得成果。我想說的是，我期待向大家通報最新情況，並感謝您對我們公司的興趣和支持。祝你有美好的一天。

Thank you. This does conclude today’s conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。