Bausch Health Companies Inc (BHC) 2024 Q3 法說會逐字稿

Strategic priorities while maintaining our focus on patient-centered outcomes. I am pleased to share that we delivered a sixth consecutive quarter of year-over-year growth in revenue and in adjusted EBITDA. While JJ will talk in more detail about our financial results, I will touch briefly on our performance. Revenues for Bausch Health, excluding Bausch + Lomb, increased 7% on a reported basis and 8% on an organic basis when compared to the third quarter of 2023 and with organic growth in all segments.

策略重點，同時保持我們對以患者為中心的結果的關注。我很高興地告訴大家，我們的營收和調整後 EBITDA 連續第六個季度年增。雖然 JJ 將更詳細地談論我們的財務業績，但我將簡要地談談我們的業績。與 2023 年第三季相比，博士倫健康業務的收入（不包括博士倫）在報告基礎上增長了 7%，在有機基礎上增長了 8%，並且所有部門都實現了有機增長。

Adjusted EBITDA for Bausch Health, excluding Bausch + Lomb, increased by approximately 9% compared to the prior year period. Therefore, we are raising Bausch Health's full year 2024 guidance, excluding Bausch + Lomb across multiple metrics, including revenue, adjusted EBITDA and adjusted operating cash flow. Moving on to Page 6, we had a strong quarter underscoring the success of the strategic initiatives, we not only delivered strong financial outcomes, but we made significant strides in meeting our 2024 objectives. Sustained growth remains one of our key strategic priorities, and we are pleased to continue to deliver in this area across segments and geographies.

Bausch Health 的調整後 EBITDA（不包括 Bausch + Lomb）較上年同期成長約 9%。因此，我們提高了 Bausch Health 的 2024 年全年指引，不包括 Bausch + Lomb 的多個指標，包括收入、調整後 EBITDA 和調整後營運現金流。轉到第 6 頁，我們的季度表現強勁，凸顯了戰略舉措的成功，我們不僅實現了強勁的財務成果，而且在實現 2024 年目標方面取得了重大進展。持續成長仍然是我們的關鍵策略重點之一，我們很高興繼續在這一領域跨部門和跨地區提供服務。

All segments delivered revenue growth on both reported and organic basis. Within our Salix segment, XIFAXAN had a strong performance with 7% growth over the third quarter of 2023 and we continue to see further opportunities for growth. This past Monday, I attended the annual conference held by the American College of Gastroenterology A new abstract was presented based on the results of two randomized XIFAXAN trials, which concluded that XIFAXAN monotherapy is more effective than lactulose monotherapy for reducing the risk of avert hepatic encephalopathy, OHE, recurrence and all-cause mortality. These insights reinforce our commitment to ensuring that XIFAXAN is prescribed for all patients that meet the criteria for treatment.

所有部門在報告和有機基礎上均實現了收入成長。在我們的 Salix 細分市場中，XIFAXAN 表現強勁，比 2023 年第三季成長了 7%，我們繼續看到進一步的成長機會。上週一，我參加了美國胃腸病學會舉辦的年會，根據兩項隨機XIFAXAN 試驗的結果提出了新的摘要，得出的結論是，XIFAXAN 單一療法比乳果糖單一療法更能有效降低避免肝性腦病變的風險、OHE、復發和全因死亡率。這些見解強化了我們的承諾，確保為所有符合治療標準的患者開立 XIFAXAN 處方。

Our broad portfolio in our International segment continues to deliver with 8% organic growth this quarter. For example, in Canada, we have seen broad and sustained growth trends, particularly in our promoted portfolio products, including Contrave, which competes in the chronic weight management market by reducing hunger cravings for adults and achieved strong double-digit growth. Regarding our diversified segment, the launch of Cap trio has delivered to our expectations, and we continue to see the benefits of our strategy to improve profitability of Wellbutrin and Aplenzin, even at lower script volumes. Solta delivered another strong quarter with 36% organic growth year-over-year with particular strength in South Korea and China.

我們國際部門的廣泛投資組合本季繼續實現 8% 的有機成長。例如，在加拿大，我們看到了廣泛而持續的成長趨勢，特別是在我們推廣的產品組合中，包括Contrave，透過減少成年人的飢餓渴望在長期體重管理市場中競爭，並實現了強勁的兩位數增長。關於我們的多元化細分市場，Cap trio 的推出達到了我們的預期，我們繼續看到我們提高 Wellbutrin 和 Aplenzin 獲利能力的策略的好處，即使是在較低的腳本量下。Solta 季度表現強勁，年比有機成長 36%，尤其在韓國和中國表現強勁。

We are continuing to capitalize on Korea's growth momentum by investing in additional sales and marketing resources. We saw especially strong consumer demand in South Korea this year generated by our investment in direct-to-consumer marketing. We also launched Clear and Brilliant touch which is a fractionated laser device for skin rejuvenation in the Philippines during the quarter. This is now our third new market outside the United States that clear and brilliant touch has entered this year, with additional new markets targeted for upcoming quarters.

我們將繼續投資額外的銷售和行銷資源，利用韓國的成長動能。今年，我們在直接面向消費者行銷方面的投資催生了韓國特別強勁的消費者需求。本季我們也在菲律賓推出了 Clear and Brilliant touch，這是一種用於嫩膚的分段雷射設備。這是我們今年在美國以外進入的第三個新市場，清晰而出色的觸感，未來幾季還將有更多新市場。

In addition to growth, another strategic priority is innovation, where our R&D efforts are well underway. Over the past several years, Bausch Health has been a leader in the liver space. Through our extensive work with multidisciplinary thought leaders, liver experts and patients. We have learned as many as 4.5 million people are diagnosed with cirrhosis, in the United States and many more worldwide.

除了成長之外，另一個策略重點是創新，我們的研發工作正在順利進行中。在過去的幾年裡，Bausch Health 一直是肝臟領域的領導者。透過我們與多學科思想領袖、肝臟專家和患者的廣泛合作。我們了解到，在美國和世界各地有多達 450 萬人被診斷出患有肝硬化。

There are no therapies approved in cirrhotic patients to prevent the most serious form of the disease, decompensated cirrhosis. Hospitalizations due to this disease caused the health care system billions of dollars each year with HE as one of the biggest drivers of hospitalization. Our Red Sea program for our solid, soluble dispersion, SSD rifaximin product continues as planned. The Red Sea program is studying a unique form of rifaximin inclusive of different dosing and different delivery in a unique patient population, compensated cirrhosis, both global steroids are fully enrolled and progressing on track.

目前還沒有批准用於肝硬化患者的治療方法來預防最嚴重的疾病—失代償性肝硬化。由於這種疾病而導致的住院治療每年對醫療保健系統造成數十億美元的損失，而 HE 是住院治療的最大驅動因素之一。我們的固體、可溶性分散體 SSD 利福昔明產品的紅海計畫繼續按計畫進行。紅海計畫正在研究一種獨特形式的利福昔明，包括在獨特的患者群體、代償性肝硬化中的不同劑量和不同給藥方式，兩種全球類固醇均已完全入組併步入正軌。

We have begun building our internal commercial team that will prepare us to bring this important innovation to market if or when the product is approved. Let me remind you that this is a global opportunity for Bausch Health and may enable us to address an unmet need through a novel therapy to cirrhotic patients around the globe. So this is an exciting opportunity, and I will be providing updates on future calls. We also continue to promote operational innovation within our organization.

我們已經開始建立內部商業團隊，以便在產品獲得批准後將這項重要創新推向市場。讓我提醒您，這對 Bausch Health 來說是一個全球性的機會，可能使我們能夠透過一種新穎的療法來解決全球肝硬化患者未滿足的需求。所以這是一個令人興奮的機會，我將在未來的電話會議中提供最新資訊。我們也持續促進組織內部的營運創新。

You may recall that in the third quarter of last year, we discussed the launch of an AI-driven customer engagement initiative for XIFAXAN and to maximize sales effectiveness within our GI business, Salix. Since the launch, over 12 months ago, we have transformed our approach to sales force planning for XIFAXAN through dynamic health care provider targeting and messaging. This AI enabled customer insights engine is helping our representatives deliver the right message to the right health care provider at the right time to further accelerate XIFAXAN growth. Our sales team has embraced our AI engine with adoption rates maximizing our investment. Improved efficiency and operational execution is another strategic priority to ensure that the process behind other priorities, growth and innovation are sustainable.

您可能還記得，去年第三季度，我們討論了為 XIFAXAN 啟動人工智慧驅動的客戶參與計劃，並最大限度地提高我們的地理標誌業務 Salix 的銷售效率。自推出以來，12 個多月前，我們透過動態醫療保險提供者定位和訊息傳遞，改變了 XIFAXAN 銷售人員規劃的方法。這個支援人工智慧的客戶洞察引擎正在幫助我們的代表在正確的時間向正確的醫療保健提供者傳遞正確的訊息，以進一步加速 XIFAXAN 的成長。我們的銷售團隊已經接受了我們的人工智慧引擎，其採用率使我們的投資最大化。提高效率和營運執行力是確保其他優先事項、成長和創新背後的流程可持續的另一個策略優先事項。

A core Bausch Health capability is our agile pharmaceutical manufacturing process and supply chain management. In the third quarter, we demonstrated this capability by opportunistically fulfilling short-term market supply needs with Cardizem in the United States and Wellbutrin in Canada. Of course, none of this can be achieved without our prioritization of the people who make up our organization with a results-oriented culture of accountability. JJ and I have had the opportunity recently to visit with our talented and dedicated teams across the United States, Latin America, Europe and the Asia Pacific region, where there is a clear sense of excitement and opportunity for Bausch Health.

Bausch Health 的核心能力是我們敏捷的藥品製造流程和供應鏈管理。第三季度，我們透過機會性地利用美國的 Cardizem 和加拿大的 Wellbutrin 來滿足短期市場供應需求，展現了這種能力。當然，如果我們不優先考慮組織中的人員，並建立以結果為導向的問責文化，那麼這一切都無法實現。JJ 和我最近有機會拜訪了我們遍布美國、拉丁美洲、歐洲和亞太地區的才華橫溢、敬業的團隊，這些地區對 Bausch Health 有著明顯的興奮感和機會。

This engagement allows us to reinforce our values and vision while fostering a culture of collaboration with employees regardless of location feel heard and connected. Most importantly, on-site visits allow me to better understand regional challenges and market-specific dynamics and provide a platform to align on our objectives and where I can help the teams to achieve our goals. We look forward to updating you on further progress towards our strategic priorities in the quarters to come. Now turning to updates on the litigation front. A trial date was set for September 4 and one of the remaining federal securities opt-out cases.

這種參與使我們能夠強化我們的價值觀和願景，同時培養與員工合作的文化，無論員工身在何處，都能感受到被傾聽和連結。最重要的是，現場訪問使我能夠更好地了解區域挑戰和特定市場的動態，並提供一個平台來協調我們的目標，以及我可以幫助團隊實現我們的目標。我們期待向您通報未來幾季我們策略重點的進一步進展。現在轉向訴訟方面的最新情況。審判日期定於 9 月 4 日，其餘聯邦證券選擇退出案件之一。

However, prior to the commencement of the trial, the parties reached a mutually acceptable settlement for the trial did not proceed. There are currently no other trial dates pending. Regarding XIFAXAN, the Hatch-Waxman litigation continues against ANDA filings for generic rifaximin 550-milligram tablets. We received 3 new Paragraph IV certifications against XIFAXAN 550-milligram since we last provided an update, which is not unexpected.

但在庭審開始前，雙方達成了雙方都能接受的和解，庭審並未繼續進行。目前沒有其他待定的審判日期。關於 XIFAXAN，Hatch-Waxman 訴訟仍在繼續，針對仿製藥利福昔明 550 毫克片劑的 ANDA 申請。自從我們上次提供更新以來，我們收到了針對 XIFAXAN 550 毫克的 3 個新的第 IV 段認證，這並不令人意外。

Notably, the patents we now assert and intend to assert against XIFAXAN and ANDAs are different from those adjudicated and earlier litigation. We will continue to vigorously defend our intellectual property. On the Granite Trust matter, we continue to expect the settlement with the IRS to be finalized in the coming months. While the process has taken longer than anticipated, we have not changed our expectation that the anticipated settlement outcome will not have a material impact on the company's overall financial results or cash flows.

值得注意的是，我們現在主張和打算主張針對 XIFAXAN 和 ANDA 的專利與已判決的和早期的訴訟不同。我們將繼續大力捍衛我們的智慧財產權。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。儘管這個過程花費的時間比預期的要長，但我們並沒有改變我們的預期，即預期的和解結果不會對公司的整體財務表現或現金流量產生重大影響。

I want to touch on recent market speculation that has attracted some attention. As JJ will elaborate in his prepared remarks, we have levers for value creation. This quarter demonstrated our ability to continue generating value from our portfolio of assets, as I touched on earlier. We have also consistently stated that the full separation of Bausch + Lomb continues to be a strategic priority.

我想談談最近引起一些關注的市場猜測。正如 JJ 將在他準備好的演講中詳細闡述的那樣，我們擁有創造價值的槓桿。正如我之前提到的，本季展示了我們繼續從資產組合中創造價值的能力。我們也一貫表示，博士倫的全面剝離仍是戰略重點。

We continue to evaluate strategies with the objective of ensuring that any transaction results in two appropriately capitalized companies. This remains the same today. While we are unable to comment on any speculation, it is important to note that maximizing the value of our Bausch + Lomb ownership stake has been, is and will remain a priority. Once again, Bausch Health's third quarter results reflect our continued execution on our growth strategies as we make targeted investments and expand the breadth of our patient solutions through advancing our pipeline and leveraging our commercial assets.

我們繼續評估策略，以確保任何交易都會產生兩家資本適當的公司。今天仍然如此。雖然我們無法對任何猜測發表評論，但值得注意的是，最大化我們博士倫股權的價值過去、現在和將來都將是我們的首要任務。Bausch Health 第三季業績再次反映了我們對成長策略的持續執行，我們進行有針對性的投資，並透過推進我們的產品線和利用我們的商業資產來擴大我們的患者解決方案的廣度。

And to further emphasize people as a strategic priority, I am very pleased to welcome our new Chief Financial Officer, JJ Charhon to the Bausch Health team. He is a seasoned executive who we are very excited to have on board, and we will now provide additional commentary on our financial results. JJ?

為了進一步強調以人為本的策略重點，我非常高興地歡迎我們新任財務長 JJ Charhon 加入 Bausch Health 團隊。他是一位經驗豐富的主管，我們非常高興能加入他，我們現在將對我們的財務表現提供更多評論。傑傑？

Thank you, Tom. I'm excited to be part of the Bausch Health leadership team and the journey that lies ahead for the company. Before we review our consolidated results and segment performance, let me share some additional headlines of our Q3 performance at Bausch Health, excluding Bausch + Lomb. As Tom noted, this is our sixth consecutive quarter of year-over-year growth for both revenue and adjusted EBITDA. Revenue growth in the quarter was 7% and and adjusted EBITDA grew 9%, demonstrating continued operating leverage of our diversified portfolio of businesses.

謝謝你，湯姆。我很高興能成為 Bausch Health 領導團隊的一員，並參與公司未來的旅程。在回顧我們的綜合業績和部門業績之前，讓我先分享一下博士倫健康公司第三季業績的一些其他頭條新聞（不包括博士倫）。正如湯姆指出的那樣，這是我們的收入和調整後 EBITDA 連續第六個季度同比增長。本季營收成長 7%，調整後 EBITDA 成長 9%，顯示我們多元化業務組合的持續營運槓桿。

Even more importantly, we generated $343 million of adjusted cash flow from operations, which is a 75% increase versus the same period a year ago. This was well ahead of expectations even when adjusted for the benefit associated with timing of certain outflows. Our strong performance over the last nine months has now translated into raising our full year guidance for revenue adjusted EBITDA and adjusted operating cash flow. More specific on that a little bit later. Moving now to our consolidated non-GAAP financial results for the third quarter, which you will find on Page 9.

更重要的是，我們從營運中產生了 3.43 億美元的調整後現金流，比去年同期成長了 75%。即使根據與某些資金流出時間相關的收益進行調整，這也遠遠超出了預期。我們過去九個月的強勁表現現已轉化為提高我們對收入調整後 EBITDA 和調整後營運現金流的全年指引。稍後會更具體地介紹這一點。現在來看看我們第三季的綜合非 GAAP 財務業績，您可以在第 9 頁上找到該業績。

Revenue was $2.51 billion, up 12% versus the prior year. Adjusted gross margin was 73.1%, 80 basis points higher than the same period a year ago. For Bausch Health, excluding Bausch + Lomb, adjusted gross margin for the third quarter was 82.5%, approximately 130 basis points higher when compared to the same period a year ago, thanks to favorable net pricing and, to a lesser extent, product and channel mix. At Bausch + Lomb, adjusted gross margin was 63% for the third quarter compared to 61% for the third quarter of 2023.

營收為 25.1 億美元，較上年成長 12%。調整後毛利率為73.1%，比去年同期高出80個基點。博士倫健康業務（不包括博士倫）第三季調整後毛利率為 82.5%，較去年同期高出約 130 個基點，這得益於有利的淨定價以及較小程度上的產品和通路混合。博士倫第三季調整後毛利率為 63%，而 2023 年第三季為 61%。

This improvement was driven primarily by product mix, including the impact of Xiidra. Consolidated adjusted operating expenses for the third quarter were $983 million, an increase of $150 million from the same period last year. For Bausch Health, excluding Bausch + Lomb, adjusted operating expenses increased by $35 million compared to the third quarter of 2023. Bausch + Lomb reported an increase of $115 million in adjusted operating expenses due primarily to increased selling and A&P driven by investment behind Xiidra and Mybel.

這項改進主要是由產品組合推動的，包括 Xiidra 的影響。第三季合併調整後營運費用為9.83億美元，比去年同期增加1.5億美元。對於 Bausch Health 來說，不包括博士倫，調整後的營運費用與 2023 年第三季相比增加了 3500 萬美元。Bausch + Lomb 報告稱，調整後營運費用增加了 1.15 億美元，這主要是由於 Xiidra 和 Mybel 背後的投資推動了銷售和 A&P 的增加。

Consolidated adjusted R&D expense for the quarter was $146 million or 5.8% of revenue which was a decrease of 4% compared to Q3 of last year. For Bausch Health, excluding B&L, R&D expenses of $62 million were approximately $10 million lower than last year's third quarter driven primarily by timing of planned spend. Third quarter consolidated adjusted EBITDA attributable to Bausch Health was $909 million an increase of $79 million or 10% as compared to the same quarter last year. Adjusted EBITDA for Bausch Health, excluding Bausch + Lomb, was $723 million, a 9% increase from the third quarter of 2023.

該季度綜合調整後研發費用為 1.46 億美元，佔營收的 5.8%，較去年第三季下降 4%。對於 Bausch Health 來說，不包括 B&L，研發費用為 6,200 萬美元，比去年第三季減少約 1,000 萬美元，這主要是由於計劃支出的時間安排所致。第三季歸屬於 Bausch Health 的綜合調整後 EBITDA 為 9.09 億美元，比去年同期增加 7,900 萬美元，即 10%。博士倫健康的調整後 EBITDA 為 7.23 億美元，較 2023 年第三季成長 9%。

Turning now to cash flow, on a consolidated basis, Basel generated $45 million of operating cash flow and $503 million of adjusted operating cash flow in Q3. For Bausch Health, excluding Bausch + Lomb, adjusted operating cash flow was $343 million, up $148 million when compared to the third quarter of 2023. This exceptional performance reflects the strength of operating results across all of our segments. Moving now to our performance by segment, starting with our Salix business on Page 11.

現在轉向現金流，在合併的基礎上，巴塞爾第三季產生了 4,500 萬美元的營運現金流和 5.03 億美元的調整後營運現金流。對於 Bausch Health 來說，不包括博士倫，調整後的營運現金流為 3.43 億美元，比 2023 年第三季增加 1.48 億美元。這項卓越的業績反映了我們所有部門的經營績效的實力。現在轉向我們按細分市場劃分的業績，從第 11 頁的 Salix 業務開始。

The Salix revenues in the third quarter were $642 million, an increase of $28 million or 5% growth year-over-year. Our three major brands, namely XIFAXAN, Relistor, and TRULANCE, all grew at least 7%. The XIFAXAN continues to drive most of the Salix salmon revenue bolstered by strong growth in underlying demand for existing patients as well as new patients. Total scripts grew 3% and with new script growth at 4%.

Salix第三季營收為6.42億美元，年增2,800萬美元，成長5%。我們的三大品牌XIFAXAN、Relistor和TRULANCE都成長了至少7%。由於現有患者和新患者的潛在需求強勁成長，XIFAXAN 繼續推動 Salix 鮭魚收入的大部分成長。腳本總數增加了 3%，新腳本增加了 4%。

Extend units grew 5% and includes no retail setting such as hospital and outpatient clinics, which saw double-digit growth. Although demand and net pricing dynamics were strong, XIFAXAN revenue was partly impacted by a 15% reduction in wholesaler channel inventory compared to last year. Now moving to the International segment on Page 12. Revenues were $291 million during the quarter, an increase of 6% on a reported basis and 8% on an organic basis compared to the third quarter of last year.

擴展單位成長了 5%，其中不包括醫院和門診診所等零售環境，實現了兩位數的成長。儘管需求和淨定價動態強勁，但 XIFAXAN 的收入部分受到批發商通路庫存較去年減少 15% 的影響。現在轉到第 12 頁的國際部分。本季營收為 2.91 億美元，與去年第三季相比，報告營收成長 6%，有機成長 8%。

Canada, EMEA and Lat Am all saw organic growth during the quarter. In Latin America, our revenue was fueled by our private channel, which grew double digit, particularly thanks to our local flagship brand, Bedoyecta. In Canada, our growth was balanced between our promoted brands such as Ryaltris and Contrave and some opportunistic volume of Wellbutrin. Now, moving to page 13 to review our Solta Medical segment, which had a terrific quarter in Q3.

加拿大、歐洲、中東和非洲和拉丁美洲在本季度均實現了有機成長。在拉丁美洲，我們的收入是由我們的私人管道推動的，該管道實現了兩位數的成長，特別是得益於我們的當地旗艦品牌 Bedoyecta。在加拿大，我們的成長在 Ryaltris 和 Contrave 等推廣品牌與 Wellbutrin 的一些機會主義銷售之間實現了平衡。現在，轉到第 13 頁來回顧我們的 Solta Medical 部門，該部門在第三季度表現出色。

Revenues were $112 million during the third quarter, an increase of 35% on a reported basis. The Asia Pacific region, which represents about 80% of Salter global revenue continues to be the primary contributor of Solta's growth engine with particular strong performance in China, South Korea and Taiwan. In China, the relaunch of Thermage FLX as a medical device during the second quarter is broadening our market relevance for new channels, such as clinics and hospitals. Since then, our performance has exceeded expectations.

第三季營收為 1.12 億美元，據報告成長 35%。佔 Salter 全球營收約 80% 的亞太地區仍是 Solta 成長引擎的主要貢獻者，其中中國、韓國和台灣的表現尤其強勁。在中國，第二季重新推出熱瑪吉 FLX 作為醫療設備，擴大了我們與診所和醫院等新管道的市場相關性。從那時起，我們的業績超出了預期。

In South Korea, our market coverage expansion has produced outstanding results. We are now on track for growing our Korean business by more than 80% in 2024 when compared to 2023. Turning our focus now to the performance of our diversified segments, which you will find on Page 14. Revenues were $269 million during the third quarter, an increase of 4% on a reported basis and 7% on an organic basis compared to the same period a year ago.

在韓國，我們的市場覆蓋拓展取得了顯著成效。目前，我們的韓國業務預計在 2024 年比 2023 年成長 80% 以上。現在將我們的重點轉向我們多元化細分市場的表現，您將在第 14 頁上找到這一點。第三季營收為 2.69 億美元，與去年同期相比，報告營收成長 4%，有機收入成長 7%。

Growth in the quarter was driven by our neurology business, thanks primarily to Wellbutrin and Aplenzin, which grew, respectively, 22% and 26%. Separately, like we did in Canada for Wellbutrin, our highly flexible manufacturing and supply chain capabilities allow us to take advantage of supply shortages of generic suppliers. In Q3, we recorded $20 million of cards as an order we were not expecting. Finally, let me wrap up the performance by segment by summarizing the Bausch + Lomb top line results, which are on Page 15.

本季的成長是由我們的神經科業務推動的，這主要歸功於 Wellbutrin 和 Aplenzin，它們分別成長了 22% 和 26%。另外，就像我們在加拿大為維布特林所做的那樣，我們高度靈活的製造和供應鏈能力使我們能夠利用仿製藥供應商的供應短缺。第三季度，我們收到了 2000 萬美元的卡片訂單，這是我們沒有預料到的。最後，讓我透過總結博士倫的頂線結果（位於第 15 頁）來總結各細分市場的表現。

Revenues were $1.2 billion during the third quarter, up 19% on a reported basis and 10% on an organic basis compared to the same period last year. Important to note that growth was well balanced across all businesses and geographies. Turning now to our balance sheet, as Tom indicated earlier, we continue to prioritize liquidity management and evaluate alternatives to reduce our overall debt leverage while also focusing on our upcoming maturities obligation. As you will see on Page 17, in the third quarter, we reduced our debt, net cash for Bausch Health, excluding Bausch + Lomb by approximately $110 million, including the impact of payments for legacy legal settlements of $216 million.

第三季營收為 12 億美元，與去年同期相比，報告營收成長 19%，有機營收成長 10%。值得注意的是，所有業務和地區的成長都非常平衡。現在轉向我們的資產負債表，正如湯姆早些時候指出的那樣，我們繼續優先考慮流動性管理並評估降低整體債務槓桿的替代方案，同時也關注我們即將到期的義務。正如您將在第 17 頁看到的，第三季度，我們減少了 Bausch Health 的債務和淨現金（不包括 Bausch + Lomb）約 1.1 億美元，其中包括 2.16 億美元的遺留法律和解付款的影響。

On a year-to-date basis, our net debt reduction amounts to $555 million in principal value of 2025 and 2026 maturities, capturing approximately discount. We also repaid $94 million towards mandatory term loan amortization and a portion under our AR facility. This rounds up our quarterly performance, which was excellent on many fronts. Let's now move to our full year guidance for Bausch Health, excluding B&L, which you will find on Page 19.

年初至今，我們的 2025 年和 2026 年到期本金價值淨債務減少額達 5.55 億美元，大約有折扣。我們還償還了 9,400 萬美元的強制性定期貸款攤銷以及我們的 AR 貸款下的一部分。這總結了我們的季度業績，在許多方面都表現出色。現在讓我們轉向 Bausch Health 的全年指引，不包括 B&L，您可以在第 19 頁找到該指引。

As indicated earlier, the strength of our profit and cash flow performance over the first 9 months of 2024, has allowed us to increase our full year guidance as follows. We now expect revenue to be in the range of $4.775 billion to $4.85 billion, in line with our previous outlook. Separately, with just one quarter to go, we have narrowed the range of our revenue guidance by $75 million and increased the midpoint by approximately $40 million. Organic growth guidance now stands between 4% and 6%, up 100 basis points when compared to our prior guidance.

如前所述，2024 年前 9 個月我們的利潤和現金流表現強勁，使我們能夠提高全年指導如下。我們目前預計營收將在 47.75 億美元至 48.5 億美元之間，與我們先前的預期一致。另外，距離最後一個季度的時間，我們已將收入指引縮小了 7,500 萬美元，並將中點提高了約 4,000 萬美元。目前有機成長指引介於 4% 至 6% 之間，比我們先前的指引上升了 100 個基點。

We are also increasing our guidance for adjusted gross margin to approximately 81%, up 100 basis points from our prior guidance. For adjusted EBITDA, we are increasing our guidance while also narrowing our range to between $2.425 billion and $2.475 billion, an increase of $40 million at the mid port. Finally, our adjusted cash flow from operations, we are increasing our guidance to a range between $975 million and $1.025 billion, an increase of $200 million versus our prior guidance. The progress we have made in Q3 on several front illustrates well how we think about value creation framework, as outlined on Page 20.

我們還將調整後毛利率的指導提高至約 81%，比先前的指導提高了 100 個基點。對於調整後的 EBITDA，我們正在提高指導值，同時將區間縮小至 24.25 億美元至 24.75 億美元之間，中間值增加了 4,000 萬美元。最後，在調整後的營運現金流方面，我們將指導值提高到 9.75 億美元至 10.25 億美元之間，比先前的指導值增加了 2 億美元。我們在第三季在多個方面取得的進展很好地說明了我們如何看待價值創造框架，如第 20 頁所述。

Our focus is divided equally among three vectors. First, increasing the value of Bausch Health operational assets, which include innovation as well as continuing to optimize the growth of our wide portfolio of brands across the globe. Second, evaluating all options for maximizing the value of B&L's equity stake for Bausch Health shareholders. And third, but not least, optimizing our capital structure, which includes reducing our debt leverage and extending our maturities.

我們的焦點平均分配給三個向量。首先，增加 Bausch Health 營運資產的價值，其中包括創新以及持續優化我們在全球廣泛品牌組合的成長。其次，評估為 Bausch Health 股東實現 B&L 股權價值最大化的所有選擇。第三，但並非最不重要的是，優化我們的資本結構，包括降低債務槓桿和延長期限。

While it is our policy to not comment on any specific process or project not yet concluded, these three vectors of value creation represents our primary focus today and will continue to be so in the foreseeable future. I will now hand it back to Tom for the wrap up.

雖然我們的政策是不對任何尚未結束的具體流程或項目發表評論，但這三個價值創造向量代表了我們今天的主要關注點，並且在可預見的未來將繼續如此。現在我將把它交還給湯姆進行總結。

Thank you, JJ. Welcome on board. It is great to have you on the Bausch team. I would like to finish where I started, which is our focus on strategic priorities, turning your attention to Page 21. We are delivering against each of the strategic priorities we set forth at the beginning of this year. We are driving an action now culture with a sense of urgency, accountability and compliance, along with the strengthening of our talent and organizational capabilities.

謝謝你，傑傑。歡迎登機。很高興您加入 Bausch 團隊。我想從我開始的地方結束，也就是我們對策略優先事項的關注，請將您的注意力轉向第 21 頁。我們正在落實今年年初制定的每項策略重點。我們正在推動一種具有緊迫感、責任感和合規性的「立即行動」文化，同時加強我們的人才和組織能力。

For the past six quarters, we have consistently grown the top and bottom line. We are embracing innovation through R&D that we remain excited about as well as the application of new technologies like AI to further enhance our capabilities and drive new efficiencies. We are executing with operational excellence, which allows us to be opportunistic in capturing marketplace demands others are not able to meet. And we are keenly focused on all levers to drive value creation, both in the short and the long term.

在過去的六個季度中，我們的收入和利潤持續成長。我們正在透過研發來擁抱創新，我們對此仍然感到興奮，並應用人工智慧等新技術，以進一步增強我們的能力並提高新的效率。我們正在執行卓越的運營，這使我們能夠抓住機會抓住其他人無法滿足的市場需求。我們非常關注短期和長期推動價值創造的所有槓桿。

Of course, none of this could happen without having the right people and the right culture. This is very important to me. So I again want to thank the entire global Bausch Health team for their hard work and dedication in growing our company and continuing to deliver on our commitments. Our execution thus far in 2024 provides us with a strong foundation for continued momentum across our business.

當然，如果沒有合適的人才和合適的文化，這一切都不可能發生。這對我來說非常重要。因此，我要再次感謝 Bausch Health 的整個全球團隊為發展我們的公司並繼續履行我們的承諾而付出的辛勤工作和奉獻精神。迄今為止，2024 年的執行情況為我們業務的持續發展奠定了堅實的基礎。

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

說到這裡，我們現在開始提問。接線員，請開通問答線。

(Operator Instructions) Jason Gerberry, Bank of America.

（操作員指示）Jason Gerberry，美國銀行。

This is [Lis] on for Jason. I guess the first one, I want to touch on XIFAXAN. I'm curious, can you frame where things stand with the legal dispute process with Norwich. Have they made any efforts to get the 30 months they expedite and what's your understanding of what they would need to prevail in that effort. And you have mentioned that for the new ANDAs that we for XIFAXAN you're looking to a certain new patterns against these new ANDAs, are these new patents or existing patents that you didn't assert in the prior litigation? And then I have a follow-up after that.

這是 [Lis] 為 Jason 做的。我想第一個，我想談談XIFAXAN。我很好奇，你能描述一下與諾維奇的法律糾紛程序的情況嗎？他們是否做出了任何努力來爭取 30 個月的加急期限？您提到，對於 XIFAXAN 的新 ANDA，您正在尋找這些新 ANDA 的某些新模式，這些新專利還是您在先前的訴訟中未主張的現有專利？之後我會跟進。

Thanks for the question. I can take those for you. What I'd like to say firstly is the state of play is Norwich cannot launch generic until 2029. So we take a look at the ongoing litigation and Clearly, as we talked about it in my prepared remarks, we had three new ANDA filings. In those new litigation, we have new IBSD patents, as you asked about, those are new.

謝謝你的提問。我可以幫你拿走那些。我首先想說的是，諾維奇要到 2029 年才能推出通用版。因此，讓我們來看看正在進行的訴訟，顯然，正如我們在準備好的發言中談到的那樣，我們收到了三份新的 ANDA 申請。在這些新訴訟中，我們擁有新的 IBSD 專利，正如您所問的，這些都是新的。

And also the other patents we're going to assert is polymorph patents where we're not in the previous litigation. So as we look at it, it's difficult to speculate on the timing, but we intend to vigorously defend our XIFAXAN IP and, of course, believe that we have the 30-month stay.

我們將主張的其他專利是多晶型專利，我們在先前的訴訟中沒有涉及這些專利。因此，從我們的角度來看，很難推測具體時間，但我們打算大力捍衛我們的 XIFAXAN IP，當然，我們相信我們還有 30 個月的停留期限。

Got it. And I understand that you are unable to comment any speculation, but we like you think hypothetical scenario. So I'm curious if you were to hypothetically speaking, divest,, how would it be taxed? Would it be under corporate tax rate?

知道了。我知道您無法對任何猜測發表評論，但我們喜歡您認為假設的場景。所以我很好奇，如果你假設要剝離，將如何徵稅？會依照企業所得稅稅率計算嗎？

Yes. I don't want to speculate on that, but I'll give it to JJ to maybe add to that.

是的。我不想對此進行推測，但我會把它交給 JJ，也許可以補充這一點。

Yes. So we don't speculate specifically on any process of projects that haven't concluded. The one thing that I would say is we carry a significant amount of care basically at the Canadian level. So any large divestiture of our BLC ownership would not be associated with significant tax leakage.

是的。因此，我們不會具體推測尚未結束的項目的任何進程。我要說的一件事是，我們基本上在加拿大層級提供了大量的護理。因此，對 BLC 所有權的任何大規模剝離都不會導致重大稅收洩漏。

Mike Kovich, Cowen.

麥克·科維奇，考恩。

I'm curious when we begin to contemplate a post XIFAXAN world likely in 2028, do you feel that you have what you need both in terms of the remaining business and the pipeline and the balance sheet to both address that LOE and continue to service the remaining debt? Or do you feel that you need to make additional changes prior to 2028?

我很好奇，當我們開始考慮可能在 2028 年出現的後 XIFAXAN 世界時，您是否覺得您在剩餘業務、管道和資產負債表方面都擁有所需的東西，可以解決 LOE 問題並繼續為剩餘債務？或者您覺得需要在 2028 年之前做出額外的改變？

Yes, Mike, thanks for the question. Right now, as you saw in the performance, strong quarter, so really trying to drive performance throughout this entire company both with XIFAXAN and the other great products that we have. So as we work towards 2028, I talked about in my prepared remarks, the great opportunity we have with Red Sea. This is a really interesting program that we're running and really excited about it. What I would say is, as JJ said in his prepared remarks, the levers that we have to create value post 2028, and he can comment on that as we look past the LOE.

是的，麥克，謝謝你的提問。現在，正如您在業績中看到的那樣，季度表現強勁，因此我們確實努力透過 XIFAXAN 和我們擁有的其他出色產品來推動整個公司的業績。因此，當我們努力邁向 2028 年時，我在準備好的發言中談到了我們與紅海合作的巨大機會。這是一個非常有趣的計劃，我們正在運行並且對此感到非常興奮。正如 JJ 在他準備好的發言中所說，我想說的是，我們必須在 2028 年之後創造價值，當我們回顧 LOE 時，他可以對此發表評論。

Yes. So let me give you kind of an overview on how we're thinking about it. Obviously, there are a number of variables that we're working between now and the time XIFAXAN will lose its exclusivity. And we intend to continue to grow a number of our very strong assets and platforms like our diversified international segments, but also obviously Solta. That will determine kind of a level of EBITDA run rate that will indicate the quantum of net debt that we need to carry on balance sheet to have a fit-for-purpose capital structure.

是的。因此，讓我向您概述一下我們的想法。顯然，從現在到 XIFAXAN 失去其獨家經營權，我們正在努力應對許多變數。我們打算繼續發展一些非常強大的資產和平台，例如我們多元化的國際業務，當然還有 Solta。這將決定 EBITDA 運行率的水平，該水平將表明我們需要在資產負債表上進行淨債務的數量，以擁有適合目的的資本結構。

There is no doubt that our debt needs to come down, will come down as a result of the very strong operating cash flow that we're continuing to generate between now and when XIFAXAN basically comes off patent, and we will have to think about capital allocation to really bring that net debt leverage to the right level.

毫無疑問，我們的債務需要下降，將會下降，因為從現在到 XIFAXAN 基本上失去專利權，我們將繼續產生非常強勁的營運現金流，我們將不得不考慮資本分配以真正使淨債務槓桿率達到正確的水平。

Les Sulewski, Truist Securities.

Les Sulewski，Truist 證券公司。

Congrats on the progress, guys. Just when we're starting to think about 2025, can you just walk us through some of the puts and takes for growth opportunities across each segment, whether it's pricing dynamics of script trends or market access across specifically international. And then second follow-up on that is Tom and JJ it appears you mentioned you've done a number of site visits. Can you highlight any specific takeaways that you maybe see a shift in strategy that you did not foresee prior to some of these visits.

恭喜你們取得了進步。就在我們開始思考 2025 年時，您能否向我們介紹每個細分市場成長機會的一些看跌期權和看跌期權，無論是腳本趨勢的定價動態還是特定國際市場的准入。第二個跟進者是 Tom 和 JJ，您似乎提到您已經進行了多次網站訪問。您能否強調一些具體的要點，即您可能會看到您在其中一些訪問之前沒有預見到的策略轉變。

Thanks, Les. Thank you for the question. Let's just talk about the overall company in terms of the product portfolio that we have. So when we start thinking about 2025, we just, as I said, had gone around the world visiting the sites and, of course, talking to the team here in the United States. We think we have a really broad portfolio of assets that we can continue to grow.

謝謝，萊斯。謝謝你的提問。讓我們就我們擁有的產品組合來談談整個公司。因此，當我們開始考慮 2025 年時，正如我所說，我們只是走遍了世界各地參觀了這些地點，當然也與美國的團隊進行了交談。我們認為我們擁有非常廣泛的資產組合，可以繼續成長。

So firstly, on the Salix side, specifically XIFAXAN, we see a lot of room for growth there. When we also look at just the acceleration that we have seen since we since this new management team took over, really starting to focus on investing behind XIFAXAN, our DTC efforts in hepatic encephalopathy. If our AI engine has the team has done a wonderful job getting that engine in quickly. And then, of course, the field force executing against it and really following it really exceeding our expectations.

首先，在 Salix 方面，特別是 XIFAXAN，我們看到了很大的成長空間。當我們也看到自新管理團隊接任以來所看到的加速時，我們真正開始專注於 XIFAXAN 背後的投資，這是我們在肝性腦病變方面的 DTC 努力。如果我們的人工智慧引擎有，那麼團隊就已經做得非常出色，可以快速使用引擎。當然，現場部隊的執行和真正的追蹤確實超出了我們的預期。

So we've seen an acceleration of the extended unit growth, so really pleased with that. We continue to believe that there is room to grow here. I've said on previous calls, if we just take a look at OHE, we're treating approximately there's 200,000 patients out there. So a lot of room for growth. When we look at IBS-D, we're treating about 185,000 patients, 2.2 million patients in the United States. Another area for growth.

因此，我們看到了擴展單位成長的加速，對此感到非常滿意。我們仍然相信這裡有成長的空間。我在之前的電話中說過，如果我們只看一下 OH​​E，我們正在治療大約 20 萬名患者。所以有很大的成長空間。當我們研究 IBS-D 時，我們正在治療大約 185,000 名患者，即美國的 220 萬名患者。另一個成長領域。

If we look at what the new to brand was in the quarter, new patient starts on XIFAXAN therapy in the third quarter, 65,000 patients. So we are excited about where we are and being able to drive further growth. On the international side, as I have spoken on many other calls, we have a really good business here. If you take a look at where we are in Europe, Latin America and Canada, broad portfolio of products, as we reported this quarter, growing very nicely.

如果我們看一下本季的新品牌狀況，就會發現第三季有 65,000 名新患者開始接受 XIFAXAN 治療。因此，我們對我們所處的位置以及能夠推動進一步成長感到興奮。在國際方面，正如我在許多其他電話中所說的那樣，我們在這裡的業務非常好。如果你看看我們在歐洲、拉丁美洲和加拿大的情況，正如我們本季報告的那樣，廣泛的產品組合成長得非常好。

We continue to focus to do business development in those respective geographies. So the excitement is really building as the growth that we have and what we can bring in. Then Solta, as I've said also on previous calls, love the Solta business. You saw the growth that we've had this quarter and in previous quarters. Korea outstanding performance in the quarter.

我們繼續專注於在這些地區進行業務發展。因此，隨著我們的成長和我們能帶來的東西，我們確實感到興奮。然後，正如我在之前的電話中所說，Solta 熱愛 Solta 業務。您看到了我們本季和前幾季的成長。韓國本季表現出色。

China's outstanding performance in the quarter. As you know, we have had Thermage approved now in China, and we are working strategy there to really drive value creation in China with our team. We have a new GM on board who will be leading that effort. So excited of what we can do in 2025. If I talk about when I made the trips around the world talking to the teams, we have great momentum.

中國本季表現出色。如您所知，我們的熱瑪吉現已在中國獲得批准，我們正在製定策略，與我們的團隊一起真正推動在中國創造價值。我們有一位新任總經理，他將領導這項工作。我們對 2025 年能做的事情感到非常興奮。如果我談到當我在世界各地與團隊交談時，我們有很大的動力。

We have wonderful teams around the world who are excited to be at Bausch Health and to promise and deliver on our commitments. And a lot of energy, a lot of discussion of what we can do, a lot of discussion on business development of things that they're all working on. I'm not going to speculate on the various things that are going on around the world from a business development standpoint but the team is focused on business development. We talk about our Solta franchise. The teams are very excited about what we have in China, what's going to come with our new frac sell and our clear and brilliant touch.

我們在世界各地擁有優秀的團隊，他們很高興能夠加入 Bausch Health 並承諾並兌現我們的承諾。我們投入了大量的精力，對我們能做什麼進行了很多討論，對他們正在從事的事情的業務發展進行了很多討論。我不會從業務發展的角度推測世界各地正在發生的各種事情，但團隊專注於業務發展。我們談論我們的 Solta 特許經營權。團隊對我們在中國所擁有的、我們新的壓裂銷售將帶來的以及我們清晰而出色的觸感感到非常興奮。

So we believe we have the assets for to continue to grow and have a really good 2025. What I would say is, I talked about this earlier about Red Sea. We will continue to look for assets that we can bring into this portfolio around the world to create value. You never can have a pipeline full enough. We continue to look for assets that we can beef up our pipeline and continue to promise and deliver now and in the future. JJ, I'll hand it over to you. You were with me on these trips and went through all the budget reviews. Maybe you'd like to add something to it?

因此，我們相信我們擁有繼續成長的資產，並擁有一個非常美好的 2025 年。我想說的是，我之前談過紅海。我們將繼續在世界各地尋找可以納入此投資組合以創造價值的資產。管道永遠不夠滿。我們繼續尋找可以加強我們的管道的資產，並繼續承諾和交付現在和未來。JJ，我就交給你了。您和我一起參加了這些旅行，並完成了所有預算審查。也許您想添加一些東西？

Yes. The two things that I would just further emphasize that I think you mentioned that is that there is a significant runway still available for a number of our segments. I would mention specifically Solta and the international segments. And we have some very strong and resilient brands. I think I certainly didn't appreciate the diversity of our portfolio and the diversification of our of our sales across those different segments, which I think bodes well for our growth plan moving forward.

是的。我想進一步強調您提到的兩件事，那就是我們的許多細分市場仍然有一條重要的跑道可用。我想特別提到 Solta 和國際市場。我們擁有一些非常強大且有彈性的品牌。我想我當然不欣賞我們產品組合的多樣性以及我們在這些不同領域的銷售的多元化，我認為這對我們的成長計劃的推進來說是個好兆頭。

I would also like to add, less when you look at the Solta franchise and the split between our capital business and our consumable business, that is a durable business that has room for growth. If you compare us to our competitors, that consumable franchise, being able to grow it, you mentioned about pricing, having the ability to be flexible and to look for ways to grow our business, of course, having that durable business on the consumable side really is an advantage for our solar franchise.

我還想補充一點，當你看看 Solta 特許經營權以及我們的資本業務和消費品業務之間的劃分時，這是一項有成長空間的持久業務。如果你將我們與我們的競爭對手進行比較，消費品特許經營權，能夠發展它，你提到了定價，有能力靈活並尋找發展我們業務的方法，當然，在消費品方面擁有持久的業務這確實是我們太陽能特許經營權的一個優勢。

Umer Raffat, Evercore ISI.

烏默·拉法特，Evercore ISI。

I have three here, if I may. First, since XIFAXAN generic entry could be so material to the company and its possibility and its impact on the entirety of your free cash flows. Can you help us understand why wouldn't a summary judgment be granted in the Norwich and MNO cases? That's first. Because if it goes to full trial, that in and of itself could be a win from a timing perspective.

如果可以的話，我這裡有三個。首先，由於 XIFAXAN 的通用進入可能對公司及其可能性及其對整個自由現金流的影響非常重要。您能否幫助我們理解為什麼在諾維奇和 MNO 案件中不作出簡易判決？這是第一名。因為如果進行全面試驗，從時間角度來看，這本身就可能是一場勝利。

Second, regarding any potential dividend to your equity holders, which is widespread market expectation. In a scenario, you do want to go forward with that for possible proceeds from BLCO. My question is, will you make that decision unilaterally or will you look to establish consensus with your debt holders, your equity holders as well as other stakeholders involved? And finally, I noticed you're still discussing Phase 3 commitments for ulcerative colitis trial for your S1P1, which is several years behind. And I'm curious what learnings are you taking from Pfizer that's one people launch date in UC.

其次，關於股東的任何潛在股息，這是市場的普遍預期。在某種情況下，您確實希望繼續這樣做，以獲得 BLCO 可能的收益。我的問題是，您會單方面做出決定，還是會尋求與債務持有人、股權持有人以及其他相關利害關係人達成共識？最後，我注意到您仍在討論 S1P1 潰瘍性結腸炎試驗的第三階段承諾，這已經落後了幾年。我很好奇你從輝瑞（Pfizer）那裡學到了什麼，這是 UC 的一個人的啟動日期。

Thanks, Umer, for the question. I'll take the first part of the question regarding Xifaxan and generic. As you know, the standard not going to discuss litigation strategies. What I would say is there are new patents at stake here with Norwich and, of course, different patents with some of the other filings. So we are vigorously going to defend our intellectual property and the team is highly focused on that and working diligently on it. Regarding the potential of the dividend, I'll have JJ tack that point of the question.

謝謝烏默提出的問題。我將回答有關 Xifaxan 和仿製藥的問題的第一部分。如您所知，該標準不會討論訴訟策略。我想說的是，諾維奇的新專利受到威脅，當然，其他一些申請也有不同的專利。因此，我們將大力捍衛我們的智慧財產權，團隊對此高度關注並努力工作。關於股息的潛力，我將讓 JJ 解決這個問題。

Umer, Nice meeting you. First of all, this is a hypothetical question, but I'll try to answer it the best way I can. Our priorities when it comes to dealing with liquidities and doing capital allocation is, first of all, to obviously meet our debt maturities and obligation. That's first and foremost. The second one is reinvestment into the business.

烏默，很高興認識你。首先，這是一個假設的問題，但我會盡力以最好的方式回答它。在處理流動性和進行資本配置時，我們的首要任務是明確滿足我們的債務期限和義務。這是首要的。第二個是對業務的再投資。

And then if there's anything left, there'll be a number of conversations around how we best deploy the capital remaining for increasing shareholder value, and there will be a number of considerations. Return to shareholders could be one of it. There might be other options that would be considered. And of course, risk associated with those different strategies will be evaluated when compared to the benefit. But ultimately, it's to drive shareholder value.

然後，如果還有什麼剩餘的話，將會有很多關於我們如何最好地部署剩餘資本以增加股東價值的討論，並且會有很多考慮因素。股東回報可能是其中之一。可能還會考慮其他選擇。當然，與收益相比，將評估與這些不同策略相關的風險。但最終，它是為了推動股東價值。

Yes. And Umer, I'll take the last part of the question on UC and amiselimod. We believe when we look at the UC market and you see where it is today, growing at a CAGR of probably about 8%. By the time we can bring amiselimod to market at the end of the decade. The market probably is around $12 billion. We believe we can take a share of that.

是的。Umer，我將回答有關 UC 和阿米塞莫德的問題的最後一部分。我們相信，當我們觀察 UC 市場時，您會看到它現在的情況，複合年增長率可能約為 8%。到本世紀末我們就能將阿米塞莫德推向市場。市場規模可能約 120 億美元。我們相信我們可以從中分一杯羹。

Despite the availability of approved therapies, response to therapies today is variable and changes over time. If you look at the data that we had on our Phase 2, we like the data. As you know, the study was designed from mild to moderate. So we're really pleased with that data. And we submitted the draft protocol on Phase 2 to the FDA.

儘管有已批准的療法，但當今對療法的反應是可變的，並且隨著時間的推移而變化。如果你看我們第二階段的數據，我們喜歡這些數據。如您所知，研究的設計範圍為輕度至中度。所以我們對這些數據非常滿意。我們向 FDA 提交了第二階段的方案草案。

We are working with the PMDA later in November to finalize that and the team has put together a plan to move it forward into Phase 3, so we're excited about it. The data is good, and we think we can take a piece of a $12 billion market by the end of the decade.

我們正在與 PMDA 合作，在 11 月晚些時候敲定該方案，該團隊已製定了一項計劃，將其推進到第三階段，因此我們對此感到興奮。數據很好，我們認為到本世紀末我們可以在 120 億美元的市場中分一杯羹。

David Amsellem, Piper Sandler.

大衛·阿姆塞勒姆，派珀·桑德勒。

I wanted to revisit an earlier question about the business in a post fact in the world. Maybe I'll sort of come at it from a different angle, which is what is the extent to which you can address the cost side of the business once NIFA loses exclusivity whether it cuts the sales infrastructure savings on, say, R&D. But just in general, help us understand how you're thinking about the cost structure once Xifaxan loses exclusivity in the 2028 time frame?

我想在世界事後回顧之前關於該業務的問題。也許我會從不同的角度來看待這個問題，即一旦 NIFA 失去排他性，無論是否削減銷售基礎設施（例如研發）方面的節省，您可以在多大程度上解決業務成本方面的問題。但總的來說，請幫助我們了解一下，一旦 Xifaxan 在 2028 年失去獨家經營權，您將如何考慮成本結構？

Thanks, David, for the question. I'll start it off and then JJ can add his thoughts as well. As you know, since I took over as the CEO, the idea that we have been putting and the culture we've been putting in this company is a fit-for-purpose model. So every day, we are looking at the opportunities we have, where we can reduce costs and where we can invest that back into the business, and I can give you a series of things that we have done over the last two years of taking that and investing it back into our franchises.

謝謝大衛提出這個問題。我先開始，然後 JJ 也可以加入他的想法。如你所知，自從我接任執行長以來，我們一直在這家公司推行的理念和文化是一種適合目標的模式。因此，我們每天都在尋找我們擁有的機會，在哪裡可以降低成本，在哪裡可以將其投資回業務中，我可以向您介紹我們在過去兩年中所做的一系列事情並將其重新投資到我們的特許經營權。

As we start looking to the LOE on XIFAXAN, I've already spoken about the Red Sea program and the excitement we have behind it and the unmet need there. And as we work this through, trying to get Red Sea approved prior to the LOE on XIFAXAN will be the goal. As we look into the future, we will always be looking at a fit-for-purpose model and how we model that. The also, when you look at our businesses, the international business is not affected by LOEs and the investments that can be made there to grow and we are fit for purpose there.

當我們開始關注 XIFAXAN 上的 LOE 時，我已經談到了紅海計劃以及我們對其背後的興奮以及那裡未滿足的需求。當我們解決這個問題時，我們的目標將是在 XIFAXAN 上的 LOE 之前嘗試讓紅海獲得批准。當我們展望未來時，我們將始終關注適合目的的模型以及我們如何建模。此外，當你觀察我們的業務時，你會發現國際業務不受 LOE 和可以在那裡進行成長的投資的影響，我們適合在那裡的目的。

If you look at the opportunities to grow with our salt franchise. We have to continue to invest behind that. So when we look at the US business and when we look at what we generate out of our neuro franchise, it's a fit-for-purpose model today, and we continue to evaluate that. As I've said in my prepared remarks, looking for profitable scripts and growth, and we have made changes there.

如果您關注我們的鹽特許經營權的發展機會。我們必須繼續對此進行投資。因此，當我們審視美國業務以及我們從神經特許經營中產生的成果時，我們會發現這是一個適合當今目的的模型，我們將繼續對其進行評估。正如我在準備好的演講中所說，尋找有利可圖的劇本和成長，我們已經在那裡做出了改變。

So overall, as we move and we'll see what business development opportunities, there are some really interesting things that we're looking at that can be brought into the franchise as a as we are the liver experts in OA, we have a great opportunity there, and there's some really nice assets. So all in all, we will be looking and continuing to be guided by the principle of fit-for-purpose model as we move to an LOE on XIFAXAN. JJ, do you want to comment any further on that?

因此，總的來說，隨著我們的發展，我們將看到哪些業務發展機會，我們正在考慮一些非常有趣的事情，可以將其納入特許經營權，因為我們是OA 領域的肝臟專家，我們有一個很好的那裡有機會，而且有一些非常好的資產。總而言之，當我們轉向 XIFAXAN 上的 LOE 時，我們將尋求並繼續遵循適合目的模型的原則。JJ，您想對此發表進一步評論嗎？

I think you've covered it. There are two separate decisions that need to be taken. The first one is what is the appropriate level of expenses associated with the business line that we are looking at. And then a reinvestment of savings that might be generated depending on the outlook that we're seeing for that other business or end franchise. And of course, there are a number of variables, which one of them being our R&D program and whether Reds will turn into a profitable asset for us.

我想你已經涵蓋它了。需要做出兩個單獨的決定。第一個是與我們正在研究的業務線相關的適當費用水準是多少。然後，根據我們看到的其他業務或最終特許經營的前景，可能會產生節省的再投資。當然，還有很多變數，其中之一是我們的研發計劃以及紅軍是否會成為我們的有利可圖的資產。

All costs are variable. It's just a matter of looking at a long enough time line, and we are managing this constantly. We're not waiting for XIFAXAN to come off patent. The productivity mindset is something that we apply to every business, every day. And of course, before we take out capability in the business, we want to make sure that, that capability is not useful elsewhere in our portfolio.

所有成本都是變動的。這只是一個考慮足夠長的時間軸的問題，我們正在不斷地管理這個問題。我們不會等待 XIFAXAN 的專利到期。我們每天都將生產力思維應用於每個企業。當然，在我們在業務中使用能力之前，我們希望確保該能力在我們的產品組合中的其他地方沒有用處。

Glen Santangelo, Jefferies.

格倫桑坦傑洛，傑弗里斯。

Tom, I just want to make sure I'm clear on what you're saying with respect to the timing with respect to XIFAXAN. I mean if we go back and we look at the Amneal and Norwich filings, if we consider the 30-month stay, which you seem to be pretty convinced on, does that take us to 1Q 27? And then if we assume you have some additional patents that you'd like to enforce or some type of an appeals process. I mean, is all the sort of pointing to your confidence in 1Q 2028 with respect to do I have that have that time line correct at least in terms of what you're saying?

Tom，我只是想確保我清楚你所說的關於 XIFAXAN 的時間安排。我的意思是，如果我們回顧一下 Amneal 和 Norwich 的文件，如果我們考慮 30 個月的停留期（您似乎對此非常確信），這是否會將我們帶到 27 年第一季？然後，如果我們假設您有一些想要強制執行的額外專利或某種類型的上訴程序。我的意思是，所有這些都表明您對 2028 年第一季的信心，至少就您所說的而言，我的時間線是否正確？

Yes, Glenn, sure. Thanks for the question. As I said on the previous question, is the current state of play with Norwich, where it stands. What I would say is, remember, Teva still has the first filer status. So that's out there as well. And I don't want to speculate on our strategies of what we think. But clearly, we believe and we're going to vigorously defend our patents until January 1 of 2028. As I said, Teva is out there, and that is still something that we continue to pursue.

是的，格倫，當然。謝謝你的提問。正如我在上一個問題中所說的那樣，諾維奇目前的比賽狀況如何。我想說的是，記住，Teva 仍然擁有第一申報者身分。所以這也是存在的。我不想根據我們的想法推測我們的策略。但顯然，我們相信並將在 2028 年 1 月 1 日之前大力捍衛我們的專利。正如我所說，Teva 就在那裡，這仍然是我們繼續追求的目標。

Yes. I just maybe going to ask one question on the legal side. I mean obviously, a lot of news floating around there on BLCO, and I fully appreciate you can't comment at all on that. But I just wanted to ask with respect to the co-op and maybe the fraudulent conveyance lawsuit. We don't really talk about that as much anymore. would you sort of classify those situations as kind of dormant until maybe those stakeholders ultimately see if and when anything happens to BLCO.

是的。我可能只是想問一個法律方面的問題。我的意思顯然是，BLCO 上流傳著許多新聞，我非常感謝您對此無法發表評論。但我只是想問有關合作社的問題，也許還有欺詐性產權轉讓訴訟。我們真的不再談論這個了。您是否會將這些情況歸類為休眠狀態，直到這些利害關係人最終看到 BLCO 是否以及何時發生任何情況。

Yes. So what I would say is the cases are in discovery at the present time. So beyond that, I can't comment more than that.

是的。所以我想說的是，這些案件目前正在發現中。除此之外，我無法發表更多評論。

Michael Freeman, Raymond James.

麥可·弗里曼，雷蒙德·詹姆斯。

Tom and JJ, congrats on some good growth this quarter. You mentioned looking at a more specific indication for the Red Sea program. And I wonder if you could outline some of your rationale for selecting this specific population as a first AT prevention target for Red Sea and maybe describe how it will best situate you to sort of attack this indication in a quick and pretty potent way.

Tom 和 JJ，祝賀本季取得了良好的成長。您提到正在考慮紅海計畫的更具體指示。我想知道您是否可以概述選擇這個特定人群作為紅海的第一個 AT 預防目標的一些理由，並描述一下您如何以快速而有效的方式攻擊這一跡象。

Sure, Mike. Thanks for the question. when we looked at it and if you look at OHE and what we've been able to do with XIFAXAN, the only treatment approved for what we did is really look at how we can maximize the value of this great product and great asset, of course, developing our new formulation, the SSD formulation and how that can work within the lumen. But if you look at 4.5 million people are diagnosed with cirrhosis in the United States, with probably over 112 million worldwide. So hospitalizations due to this disease cause the health care systems billions of dollars each year.

當然，麥克。謝謝你的提問。當我們研究它時，如果你看看 OHE 以及我們對 XIFAXAN 所做的事情，我們所做的唯一被批准的治療方法就是真正著眼於如何最大限度地發揮這一偉大產品和偉大資產的價值，當然，我們還開發了新的配方、SSD 配方以及它如何在管腔內發揮作用。但如果你看看美國有 450 萬人被診斷出患有肝硬化，全世界可能有超過 1.12 億人。因此，這種疾病導致的住院治療每年對醫療保健系統造成數十億美元的損失。

So with that, with this great product with how we can help patients here, and there's no therapy approved today to prevent cirrhosis patients from moving from compensated cirrhosis to the most serious, which is decompensation. So we believe we can help patients here. And we also are able to help the health care systems as well. So if you look at this study is over 1,000 patients globally, two studies.

因此，有了這個偉大的產品，我們如何幫助這裡的患者，目前還沒有批准的治療方法可以防止肝硬化患者從代償性肝硬化轉變為最嚴重的肝硬化，即失代償。所以我們相信我們可以幫助這裡的患者。我們也能夠為醫療保健系統提供協助。如果你看一下這項研究，它涉及全球 1,000 多名患者，這是兩項研究。

We have a primary endpoint, and we have some very interesting secondary end points and believe that the secondary endpoints when we take a look at it, time to all-cause hospitalization or talking to first event of OHE that requires hospitalization, we believe we can really help patients here and also be able to create value for health providers for hospitalization and the cost of nOH patient cost the system. It is a real interesting program. As I said in my prepared remarks, I was just at the meeting in Philadelphia. A lot of excitement around it and discussions around as we proceed with the trial.

我們有一個主要終點，我們有一些非常有趣的次要終點，並且相信當我們查看次要終點時，全因住院時間或談論需要住院治療的首次 OHE 事件時，我們相信我們可以真正幫助這裡的患者，也能夠為醫療服務提供者創造住院價值，而nOH 患者的費用則花費在系統上。這是一個真正有趣的節目。正如我在準備好的發言中所說，我剛剛參加了在費城舉行的會議。當我們進行試驗時，人們對此感到興奮並進行了許多討論。

So we're looking forward to bringing you and others updates in the future on this great program. Yes, sorry, go ahead, might you had another question?

因此，我們期待將來為您和其他人帶來有關這個出色計劃的最新資訊。是的，抱歉，請繼續，您還有其他問題嗎？

Yes, very quickly. I noticed that there were $96 million spent on acquisitions this quarter. I wonder if you could describe the content of the acquisitions.

是的，很快。我注意到本季有 9,600 萬美元用於收購。不知能否描述一下收購的內容。

Yes. This is BLTO has nothing to do with the BHC. Okay. So with that, there's no further questions. I just would like to conclude the call. What I would like to say is we appreciate everyone joining the call this afternoon, and we thank you for your questions. We had our sixth consecutive quarter of year-over-year growth with strong execution that allowed us to raise our full year guidance.

是的。這是BLTO與BHC無關。好的。這樣一來，就沒有其他問題了。我只想結束這通通話。我想說的是，我們感謝大家今天下午參加電話會議，也感謝你們提出的問題。我們連續第六個季度實現同比增長，執行力強勁，這使我們能夠提高全年指導。

We are focused on our strategic priorities and delivering against our commitments promising and delivering. We intend to build on this momentum to close the year, continuing to position our business for excellence. Look, I really look forward to keeping you up to date and thanking you for your interest in and support of our company. Have a good evening.

我們專注於我們的策略重點，並兌現我們的承諾和兌現。我們打算在這一年結束時繼續保持這一勢頭，繼續將我們的業務定位為卓越。我真的很期待向您通報最新情況，並感謝您對我們公司的興趣和支持。祝你晚上愉快。

Thank you. This does conclude today's conference call. You may disconnect your phone lines at this time, and have a wonderful day. Thank you for your participation.

謝謝。今天的電話會議到此結束。此時您可以斷開電話線，度過美好的一天。感謝您的參與。