Bausch Health Companies Inc (BHC) 2024 Q4 法說會逐字稿

Welcome to the Bausch Health fourth-quarter 2024 earnings call. (Operator Instructions) Please note this conference is being recorded. I will now turn the conference over to your host, Garen Sarafian, Investor Relations of Bausch. You may begin.

歡迎參加 Bausch Health 2024 年第四季財報電話會議。（操作員指示）請注意，本次會議正在錄音。現在，我將會議交給主持人、博士倫公司投資者關係部 Garen Sarafian。你可以開始了。

Good afternoon, and welcome to Bausch Health's fourth quarter 2024 earnings call conference call. Participating in today's call are Thomas Appio, Chief Executive Officer of Bausch Health; and JJ Charhon, Chief Financial Officer.

下午好，歡迎參加博士倫健康 2024 年第四季財報電話會議。參加今天電話會議的有 Bausch Health 執行長 Thomas Appio；以及財務長 JJ Charhon。

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 statement disclaimer at the beginning of the slides that accompany this presentation as it contains important information. 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.

在我們開始之前，我想提醒您，我們今天的演示包含前瞻性資訊。我們請您花一點時間閱讀本簡報投影片開頭的前瞻性聲明免責聲明，因為它包含重要資訊。我們的實際結果可能與我們的前瞻性陳述中所表達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。

Please refer to our SEC filings and our filings with the Canadian Securities Administrators for a list of some of the risk factors that cause our actual results to differ materially from our expectations. We use non-GAAP financial measures to help investors understand our operating performance.

請參閱我們向美國證券交易委員會提交的文件和向加拿大證券管理局提交的文件，其中列出了導致我們的實際結果與預期有重大差異的一些風險因素。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。

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.

非公認會計準則財務指標可能無法與其他公司使用的類似指標進行比較，應與根據公認會計準則計算的指標一起考慮，但不能取代公認會計準則計算的指標。

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. Finally, the financial guidance in this presentation is effective as of today only. We do not undertake any obligation to update guidance.

您可以在本簡報附帶的幻燈片附錄中找到我們非 GAAP 指標的對帳表，這些幻燈片可在 Bausch Health 的投資者關係網站上找到。最後，本簡報中的財務指導僅自今日起有效。我們不承擔更新指南的任何義務。

Our discussion today, Wednesday, February 19, will focus on Bausch Health, excluding Bausch and Lomb. However, we will briefly comment on Bausch and Lomb's results announced this morning. We will refer year-over-year comparisons with the same period last year unless otherwise noted.

我們今天（2 月 19 日星期三）的討論將集中在博士倫公司（不包括博士倫）。不過，我們只想對博士倫今天上午公佈的業績做一下簡要評論。除非另有說明，我們將參考與去年同期的同比數據。

With that, I'd like to turn the call over to our CEO, Tom Appio. Tom?

說到這裡，我想把電話轉給我們的執行長湯姆·阿皮奧 (Tom Appio)。湯姆？

Thank you, Garen, and welcome to everyone joining our earnings call today. We closed out 2024 with a strong fourth quarter, executing on our strategic priorities and reinforcing our focus on patient-centered outcomes.

謝謝你，Garen，歡迎大家參加今天的財報電話會議。我們以強勁的第四季度結束了 2024 年，執行了我們的策略重點並加強了對以患者為中心的結果的關注。

Bausch Health continues to deliver, marking our seventh consecutive quarter of revenue and adjusted EBITDA growth. This performance is a testament to our strong operational execution, disciplined approach, and relentless focus on value creation.

Bausch Health 繼續表現出色，標誌著我們連續第七個季度實現營收和調整後 EBITDA 成長。這一業績證明了我們強大的營運執行力、嚴謹的方法和對價值創造的不懈關注。

We made tremendous progress as a company in 2024, as I could not be more proud of what the Bausch Health team accomplished and the momentum we have heading into 2025. While JJ will discuss our financial results in more detail, I will touch briefly on our performance, our progress driving our strategic priorities forward, and key business highlights from the quarter.

我們公司在 2024 年取得了巨大進步，我對 Bausch Health 團隊所取得的成就以及我們邁向 2025 年的勢頭感到無比自豪。JJ 將更詳細地討論我們的財務業績，而我將簡要介紹我們的業績、推動策略重點發展的進展以及本季度的主要業務亮點。

Starting with our strong fourth quarter and full year results. Revenues for Bausch Health, excluding Bausch and Lomb, increased 4% on a reported basis and 7% on an organic basis when compared to the fourth quarter of 2023, with strong organic growth in our Salix and Solta segments.

從我們強勁的第四季和全年業績開始。與 2023 年第四季相比，博士倫以外的博士倫健康業務收入報告成長 4%，有機成長 7%，其中 Salix 和 Solta 部門實現強勁有機成長。

Full year revenues for Bausch Health, excluding Bausch and Lomb, increased 5% on a reported basis and 6% on an organic basis. For Bausch Health, excluding Bausch and Lomb, adjusted EBITDA for the fourth quarter of 2024 increased by approximately 7% compared to the prior period.

博士倫以外的博士倫醫療全年收入按報告基礎計算增長 5%，以有機基礎計算增長 6%。對於博士倫以外的博士倫醫療而言，2024 年第四季的調整後 EBITDA 與上一季相比成長了約 7%。

For the full year of 2024, all four segments delivered revenue and segment profit growth, demonstrating our ability to drive performance across our diverse businesses. Our success translated in strong cash flow from operations for the company in 2024.

2024 年全年，四個部門均實現了收入和部門利潤成長，彰顯了我們推動多元化業務績效的能力。我們的成功意味著公司 2024 年的營運現金流強勁。

Bausch Health, excluding Bausch and Lomb, generated approximately $1.3 billion in adjusted operating cash flow for the full year. For Bausch Health, excluding Bausch and Lomb, revenue and organic growth were at the high end of our guidance range, and both adjusted EBITDA and adjusted operating cash flow exceeded our guidance.

博士倫以外的博士倫醫療集團全年調整後營運現金流約 13 億美元。對於博士倫以外的博士倫醫療集團而言，其收入和有機成長均處於我們預期範圍的高位，調整後的 EBITDA 和調整後的營運現金流均超出我們的預期。

These results would not be possible without the hard work and dedication of all our colleagues across the globe across all segments throughout the year. We will carry this momentum into 2025 and look forward to updating you on our performance in the quarters ahead as we execute against the guidance that we provided today.

這些成績的取得離不開我們全球各部門同事們一年來的辛勤工作和奉獻。我們將把這一勢頭延續到 2025 年，並​​期待在未來幾季按照我們今天提供的指導方針向您通報我們的表現。

Our 2025 outlook builds on the framework we laid out last quarter, which aims to drive value through the organization. So how do we continue generating value and accomplishing our goals? By centering on our value-creation efforts around three fundamental pillars.

我們對 2025 年的展望建立在我們上個季度所製定的框架之上，旨在透過組織來推動價值。那我們如何繼續創造價值並實現我們的目標？圍繞著三大基本支柱，努力創造價值。

First, we are relentlessly focused on enhancing the value of Bausch Health's operational assets, driving innovation, strengthening execution, and maximizing the growth potential of a diverse global portfolio of brands. Second, we are actively exploring all avenues to unlock the full value of our Bausch and Lomb equity stake, ensuring the greatest benefit for Bausch Health shareholders.

首先，我們堅持不懈地致力於提升博士倫醫療營運資產的價值，推動創新，加強執行力，並最大限度地發揮多元化全球品牌組合的成長潛力。第二，我們正在積極探索各種途徑，充分釋放博士倫股權的價值，確保博士倫健康股東獲得最大利益。

And third, we are committed to optimizing our capital structure, strategically reducing debt leverage, and extending maturities to fortify our financial position for long-term success. It is these value creation pillars that will contribute to the success of our long-term strategic priorities.

第三，我們致力於優化資本結構，策略性地降低債務槓桿，並延長債務期限，以鞏固我們的財務狀況，實現長期成功。正是這些價值創造支柱將有助於我們長期策略重點的成功。

In 2024, we made substantial progress against our five strategic priorities, highlighting the success we saw across the company, and reinforcing the importance of staying focus on maximizing shareholder value as we head into 2025.

2024 年，我們在五大策略重點方面取得了實質進展，突顯了我們在整個公司範圍內取得的成功，並強調了在邁向 2025 年時繼續專注於實現股東價值最大化的重要性。

Our strategic priorities, people, growth, innovation, efficiency, and unlocking value, are at the core of everything we do at Bausch Health. Our first priority is people. The success of the company begins with our people. We added experienced leaders to our leadership team in three critical areas.

我們的策略重點、人才、成長、創新、效率和釋放價值是博士倫醫療所做的一切的核心。我們的首要任務是人。公司的成功始於我們的員工。我們在三個關鍵領域為領導團隊增添了經驗豐富的領導者。

This summer, JJ Charhon joined us as CFO; and Aimee Lenar joined us as the leader of our US Pharma business. In December, we appointed a new Chief Medical Officer and Head of R&D, Jonathan Sadeh, who we are excited to welcome to the team.

今年夏天，JJ Charhon 加入我們擔任財務長； Aimee Lenar 加入我們，擔任美國製藥業務負責人。12 月，我們任命了新的首席醫療官兼研發主管 Jonathan Sadeh，我們非常高興地歡迎他加入團隊。

In addition to these senior leadership appointments, we are strengthening our teams with exceptional talent by continuing to drive a culture of business ownership, accountability, and compliance. We aspire to be principal leaders, creative thinkers, problem solvers, and result seekers.

除了這些高階領導層的任命之外，我們還透過繼續推動企業所有權、責任感和合規性的文化，以傑出人才加強我們的團隊。我們渴望成為主要領導者、創意思考者、問題解決者和結果追求者。

We strive to attract the best talent, fostering a purpose-driven mentality and a sense of urgency in everything we do, with an all in together, open and collaborative workplace. Our second priority is the long term growth of our business with a focus on operational excellence.

我們努力吸引最優秀的人才，在所做的每一件事中培養目標驅動的心態和緊迫感，並創造一個團結、開放、協作的工作環境。我們的第二大優先事項是實現業務的長期成長並專注於卓越營運。

As I mentioned earlier, this is our seventh consecutive quarter of top and bottom line growth, with a strong closing quarter to the year. We have achieved this through focused execution against our plans. Innovation, our next strategic priority, is another critical driver of our long term growth objectives.

正如我之前提到的，這是我們連續第七個季度實現營收和淨利成長，並且今年收盤表現強勁。我們透過有針對性地執行計劃實現了這一目標。創新是我們的下一個策略重點，也是我們實現長期成長目標的另一個關鍵驅動力。

We have made great progress here, and I am excited to continue to move our innovation efforts forward in the years ahead. The approval of Thermage FLX as a medical device in China earlier in 2024 have been well received.

我們在這裡取得了巨大的進步，我很高興在未來的幾年裡繼續推動我們的創新努力。Thermage FLX於2024年初在中國獲準為醫療器械，受到了一致好評。

We have developed tools and algorithms that apply AI and machine learning to our sales process for XIFAXAN, and we believe this has been one of the drivers of the performance for the product in 2024. While we are still in the early stages of leveraging artificial intelligence in our business, we are exploring other opportunities to leverage AI enabled capabilities to drive profitable long term growth.

我們開發了將人工智慧和機器學習應用於 XIFAXAN 銷售流程的工具和演算法，我們相信這是 2024 年產品表現的驅動因素之一。雖然我們仍處於在業務中利用人工智慧的早期階段，但我們正在探索利用人工智慧功能來推動長期獲利成長的其他機會。

As our performance demonstrates, our investments in innovation are contributing to our growth. Our key pipeline programs continue to progress. Our RED-C program for the prevention and delay of the first episode of hepatic encephalopathy remains on track.

正如我們的業績所顯示的，我們對創新的投資正在促進我們的成長。我們的主要管道項目持續取得進展。我們用於預防和延緩首次肝性腦病變發作的RED-C計劃仍在順利進行中。

We successfully initiated and are in the midst of two global Phase 3 trials with top line results for each expected by early 2026. As a reminder, this program for our solid, soluble dispersion XIFAXAN product may enable us to address an unmet need to a novel therapy for cirrhotic patients globally and continues to be an exciting opportunity for us.

我們成功啟動並正在進行兩項全球 3 期試驗，預計每項試驗的主要結果將於 2026 年初公佈。提醒一下，我們針對固體可溶性分散體 XIFAXAN 產品的這個項目可能使我們能夠滿足全球肝硬化患者對新型療法尚未滿足的需求，這對我們來說仍然是一個令人興奮的機會。

In our Solta business, Clear + Brilliant Touch has been approved in additional markets in Asia Pacific with regulatory submissions in Canada and EMA in 2024. We also received FDA clearance for the Next Generation Fraxel in the US, which we anticipate launching commercially in 2025.

在我們的 Solta 業務中，Clear + Brilliant Touch 已在亞太地區的其他市場獲得批准，並於 2024 年向加拿大和 EMA 提交了監管申請。我們也獲得了美國 FDA 對下一代 Fraxel 的批准，預計將於 2025 年進行商業推廣。

Overall, I am energized by the prospects for the innovation that lie ahead for Bausch Health. We continue to drive the success of our business forward through our R&D efforts, maximizing opportunities to best serve patients across the globe. This brings me to our next priority, executing with efficiency, a cost mindset and operational excellence across the business.

總的來說，我對博士倫醫療未來的創新前景感到振奮。我們將繼續透過研發努力推動業務成功，最大限度地為全球患者提供最佳服務。這讓我想到了我們的下一個優先事項，即在整個業務範圍內高效執行、注重成本並實現卓越營運。

We are laser focused on serving our patient population and their health care providers, and utilizing our strong supply chain expertise to be nimble in meeting unexpected industry supply needs as they arise. We have consistently demonstrated that our pharmaceutical manufacturing and supply chain capabilities are agile and can fulfill patient needs globally.

我們專注於服務患者群體及其醫療保健提供者，並利用我們強大的供應鏈專業知識靈活滿足意外的行業供應需求。我們始終如一地證明，我們的藥品製造和供應鏈能力靈活，能夠滿足全球患者的需求。

This includes the efforts during the fourth quarter to meet unanticipated Wellbutrin demand in Canada. The four priorities I just discussed propel our company forward and help drive shareholder value at Bausch Health. And to that end, let me touch upon our last strategic priority, unlocking value.

這包括第四季度為滿足加拿大意外的 Wellbutrin 需求所做的努力。我剛才討論的四個優先事項推動了我們公司向前發展，並有助於提高博士倫醫療的股東價值。為此，讓我談談我們的最後一個策略重點，即釋放價值。

As I outlined through our value creation pillars, this remains a core objective that we continue to pursue across all avenues with a strong sense of urgency, and we are fully committed to delivering on this key priority. We look forward to keeping you updated on these key initiatives throughout 2025.

正如我在我們的價值創造支柱中所概述的那樣，這仍然是我們以強烈的緊迫感通過所有途徑繼續追求的核心目標，並且我們完全致力於實現這一關鍵優先事項。我們期待在 2025 年向您通報這些關鍵舉措的最新進展。

To summarize, Bausch Health delivered a solid performance throughout 2024, and has now grown revenues and adjusted EBITDA for seven consecutive quarters. Our success in the full quarter was broad-based. XIFAXAN delivered 16% revenue growth and with solid volume growth across all channels, resulting in a fourth consecutive quarter of growth.

總而言之，博士倫健康在 2024 年全年表現穩健，目前已連續七季實現營收和調整後 EBITDA 成長。我們整個季度的成功是廣泛的。XIFAXAN 的營收成長了 16%，並且所有通路的銷量都實現了穩定成長，連續第四個季度實現成長。

Solta grew 34%, again led by Asia Pacific region. Our durable and underappreciated International business continued to deliver where Canada again had double digit growth in promoted brands, and EMEA business achieved its eighth consecutive quarter of organic growth.

Solta 成長了 34%，再次由亞太地區引領。我們持久而又被低估的國際業務繼續表現出色，其中加拿大推廣品牌再次實現兩位數增長，歐洲、中東和非洲業務連續第八個季度實現有機增長。

And we continue to look for ways to grow our International business. In the fourth quarter and in January of this year, we signed two business development deals by expanding into the potentially large cardiometabolic market, which for Mexico alone is over a $2 billion market.

我們將繼續尋找發展國際業務的方法。今年第四季和一月份，我們簽署了兩項業務發展協議，拓展潛在的大型心臟代謝市場，光是墨西哥的市場規模就超過 20 億美元。

This will allow us the opportunity to broaden our portfolio of assets across Mexico and the rest of our Latin American markets for multiple years as well as in Canada. Both of these strategic collaborations are good examples of Bausch Health leveraging partner expertise in portfolio development and our robust market footprints to serve patients globally.

這將使我們有機會在未來幾年內擴大我們在墨西哥和拉丁美洲其他市場以及加拿大的資產組合。這兩項策略合作都是博士倫醫療利用合作夥伴在產品組合開發方面的專業知識和我們強大的市場足跡為全球患者提供服務的良好範例。

In summary, Bausch Health had a strong fourth quarter capping off a great year, with contributions from all of our businesses and every one of our valued colleagues across the globe. This momentum sets us up for a great year ahead in 2025.

總而言之，博士倫健康公司在第四季度表現強勁，為過去的一年畫上了圓滿的句號，這要歸功於我們所有業務部門以及全球每一位尊貴同事的貢獻。這一勢頭為我們在 2025 年取得輝煌成就奠定了基礎。

With that, I'll hand it over to JJ to provide additional commentary on financial results. JJ?

說完這些，我將把話題交給 JJ，讓他對財務結果提供更多評論。JJ？

Thank you, Tom. Before we review our results overall and at the segment level, I would like to share some highlights from the fourth quarter for Bausch Health, excluding Bausch and Lomb. Revenues for the year were $4.834 billion with a year-over-year growth of 5% or $223 million.

謝謝你，湯姆。在我們回顧整體和分部業績之前，我想分享一下博士倫公司（不包括博士倫）第四季度的一些亮點。全年營收為 48.34 億美元，年增 5% 或 2.23 億美元。

Adjusted EBITDA for the full year was $2.553 billion, growing 8% and demonstrating the continued operating leverage of our business model, thanks to tight expense management and positive business mix. Adjusted cash flow from operation in 2024 was $1.3 billion or a 85% growth year-over-year, which was exceptional.

全年調整後 EBITDA 為 25.53 億美元，成長 8%，得益於嚴格的費用管理和積極的業務組合，證明了我們業務模式的持續經營槓桿作用。2024 年調整後營運現金流為 13 億美元，較去年同期成長 85%，表現十分優異。

The primary drivers were in addition to our operational performance, unusually low cash taxes and the timing of some of our outflows in Q4. Even when excluding these one-time benefits, adjusted cash flow from operations for the year was approximately $1 billion or about a 40% increase year-over-year.

除了我們的營運表現之外，主要的驅動因素還包括異常低的現金稅以及第四季部分資金流出的時機。即使不包括這些一次性福利，全年調整後的營運現金流也約為 10 億美元，較去年同期成長約 40%。

Let me now review our 2024 performance in more detail overall and by segment starting with our consolidated performance on page 14. Revenue for the fourth quarter was $2.559 billion, up 6% on a reported basis, and 9% on an organic basis versus the same quarter a year ago.

現在，讓我從第 14 頁的綜合業績開始，更詳細地回顧我們 2024 年的整體和分部門業績。第四季營收為 25.59 億美元，與去年同期相比，報告成長 6%，有機成長 9%。

Revenue for the full year was $9.625 billion, an increase of 10% on a reported basis and 8% on an organic basis. Adjusted gross margin for the fourth quarter was 72.4%, which was 80 basis points higher than the same period a year ago. For the full year, it was 71.9%, an increase of 90 basis points versus 2023.

全年營收為 96.25 億美元，報告成長 10%，有機成長 8%。第四季調整後毛利率為72.4%，較去年同期高出80個基點。全年比率為 71.9%，較 2023 年增加 90 個基點。

Adjusted operating expenses for the fourth quarter were $958 million, an increase of $67 million over the same period last year. For the full year, operating expenses were $3.812 billion or an increase of 12% year-over-year.

第四季調整後營業費用為9.58億美元，較去年同期增加6,700萬美元。全年營業費用為38.12億美元，年增12%。

Adjusted R&D expense for the quarter was $163 million, which was a $12 million increase year-over-year. For the full year, adjusted R&D expense was $615 million or an increase of 2%. Adjusted EBITDA was $935 million in Q4, and $3.307 billion for the full year. Finally, adjusted operating cash flow, still on a consolidated basis, was $601 million in the fourth quarter, and $1.572 billion for full year.

本季調整後的研發費用為 1.63 億美元，較去年同期增加 1,200 萬美元。全年調整後的研發費用為 6.15 億美元，成長 2%。第四季調整後 EBITDA 為 9.35 億美元，全年調整後 EBITDA 為 33.07 億美元。最後，以合併基礎計算，調整後的營運現金流在第四季為 6.01 億美元，全年為 15.72 億美元。

Focusing now on the performance of Bausch Health, excluding Bausch and Lomb. Revenue for the fourth quarter was $1.279 billion, up 4% on a reported basis, and 7% on an organic basis versus the same quarter a year ago. Revenue for the full year was $4.834 billion, an increase of 5% on a reported basis, and 6% on an organic basis. Adjusted EBITDA was $712 million, a 7% increase from the fourth quarter of 2023.

現在重點關注博士倫 (Bausch and Lomb) 以外的博士倫 (Bausch Health) 的表現。第四季營收為 12.79 億美元，與去年同期相比，報告成長 4%，有機成長 7%。全年營收為 48.34 億美元，報告成長 5%，有機成長 6%。調整後 EBITDA 為 7.12 億美元，較 2023 年第四季成長 7%。

For the full year, it was $2.553 billion or an increase of 8%. Adjusted operating cash flow was $567 million, up $289 million when compared to the fourth quarter of 2023. And on a full year basis, adjusted operating cash flow was $1.308 billion, up $600 million when compared to 2023.

全年實現 25.53 億美元，成長 8%。調整後的營運現金流為 5.67 億美元，較 2023 年第四季增加 2.89 億美元。全年調整後營運現金流為 13.08 億美元，較 2023 年增加 6 億美元。

The impressive cash flow generation in the fourth quarter and overall in 2024 were driven primarily by three factors. First and foremost, a well balanced operating performance across our segments. Second, unusually low cash taxes. And third, the favorable timing of some of our outflows in Q4.

第四季以及 2024 年全年令人印象深刻的現金流產生主要由三個因素推動。首先，我們各部門的經營績效保持均衡。第二，現金稅異常低。第三，第四季我們的部分資金流出的時機有利。

Turning now to our fourth quarter performance by segment, starting with Salix on page 20. Salix revenues in the fourth quarter were $634 million, an increase of $51 million or 9% growth year-over-year, driven primarily by XIFAXAN, which grew an outstanding 16%.

現在來看看我們第四季各部門的業績表現，從第 20 頁的 Salix 開始。Salix 第四季營收為 6.34 億美元，較去年同期增加 5,100 萬美元，增幅 9%，主要得益於 XIFAXAN 的優異成長，增幅達 16%。

We continue to be encouraged by the trend of our scripts following the recent optimization of our sales force deployment. More specifically, total XIFAXAN scripts for new script growth were both up 5% in the fourth quarter. Extended units grew 7% and includes non-retail selling such as hospitals and outpatient clinics, which again saw strong double-digit growth.

在我們最近優化銷售隊伍部署之後，我們的腳本趨勢繼續受到鼓舞。更具體地說，第四季度 XIFAXAN 新處方總量均增加了 5%。擴展單位成長了 7%，其中包括醫院和門診診所等非零售單位，這些單位再次實現了強勁的兩位數成長。

Now moving to the International segment on page 21. Revenues for International were $279 million during the quarter, a decrease of 4% on a reported basis, and an increase of 1% on an organic basis compared to the fourth quarter of last year. The 5% of growth difference was driven by the strengthening of the dollar mostly against the Mexican peso.

現在轉到第 21 頁的國際部分。本季國際業務收入為 2.79 億美元，與去年第四季相比，報告基礎下降 4%，有機成長 1%。5% 的成長差異主要是由於美元兌墨西哥比索的走強所致。

By geography, Canada and EMEA were the strongest contributors to growth in the quarter. Revenue in Canada grew 9% on a reported basis and 16% on an organic basis, driven by the continued benefit of a Wellbutrin generic competitor supply shortage in the market. Also worth noting is the double-digit growth of our promoted products in Canada, which reflects the benefits of our sales deployment optimization across our broad portfolio of commercialized products.

從地理來看，加拿大和歐洲、中東和非洲地區是本季成長的最大貢獻者。受市場上 Wellbutrin 仿製藥競爭對手供應短缺的持續推動，加拿大市場收入報告增長 9%，有機增長 16%。同樣值得注意的是，我們在加拿大推廣的產品實現了兩位數的成長，這反映了我們在廣泛的商業化產品組合中銷售部署優化的好處。

Revenues in EMEA grew 4% on a reported basis and 5% when excluding the impact of FX. Finally, in Latin America, revenue decreased year-over-year 14% on an organic basis, mostly due to the timing of government tenders in Mexico.

歐洲、中東和非洲地區的收入按報告基礎計算增長了 4%，若排除外匯影響則增長了 5%。最後，在拉丁美洲，營收年減 14%，主要原因是墨西哥政府招標的時間表。

Now moving to page 22 to review our Solta Medical segment. Revenues for Solta were $138 million during the fourth quarter, an increase of 34% on a reported basis. This capped an outstanding year for Solta for both revenue and segment profit.

現在轉到第 22 頁來回顧我們的 Solta Medical 部分。Solta 第四季的營收為 1.38 億美元，據報導成長了 34%。這對 Solta 來說是一個收入和分部利潤都非常出色的一年。

What was even more impressive is that our growth for Solta was primarily driven by volume. By country, South Korea and China continue to be the primary drivers of Solta's growth globally. As a reminder, in the second quarter of this year, we relaunched Thermage FLX in China, which has since performed exceptionally well. We believe this business is well positioned for sustained growth in the near and long term.

更令人印象深刻的是，Solta 的成長主要得益於銷售量。按國家劃分，韓國和中國繼續成為 Solta 全球成長的主要動力。提醒一下，今年第二季度，我們在中國重新推出了 Thermage FLX，該產品的表現非常出色。我們相信這項業務在近期和長期內都具有持續成長的潛力。

Turning now our focus to the performance of our diversified segments, which you will find on page 23. Revenues for the diversified segments were $228 million during the fourth quarter, a decrease of 12% on a reported basis.

現在我們將焦點轉向我們多元化部門的表現，您可以在第 23 頁找到。第四季多元化部門的營收為 2.28 億美元，年減 12%。

As a reminder, on our fourth quarter call last year, we referenced marketplace supply constraint that allowed us to capitalize on sales of Ativan. This generic supply shortage did not recur this year, impacting overall results in the quarter versus the prior year.

提醒一下，在去年第四季的電話會議上，我們提到了市場供應限制，這使我們能夠利用阿普唑侖的銷售。今年，這種仿製藥供應短缺的情況並沒有再次出現，對本季的整體業績產生了影響。

Finally, let me wrap up the segment discussion for the fourth quarter by commenting briefly on Bausch and Lomb top line results on page 25 and 26. Revenues were $1.280 billion during the fourth quarter, up 9% on a reported basis. For the full year, revenues were $4.791 billion, an increase of 16% versus the prior year on a reported basis.

最後，讓我透過對第 25 和 26 頁的博士倫營收業績進行簡要評論來總結第四季度的分部討論。第四季營收為 12.8 億美元，年增 9%。全年營收為 47.91 億美元，較上年成長 16%。

Turning now to our balance sheet, starting with page 28. As a result of our exceptional cash flow performance in Q4, we reduced our debt net of cash for Bausch Health, excluding Bausch and Lomb, by approximately $520 million. For the full year and after payments associated with restructuring and legal settlements, our net debt reduction amounted to almost $1 billion.

現在翻到我們的資產負債表，從第 28 頁開始。由於我們在第四季度出色的現金流表現，我們將博士倫以外的博士倫醫療的淨現金債務減少了約 5.2 億美元。就全年而言，扣除重組和法律和解相關的付款後，我們的淨債務減少額已接近 10 億美元。

This allowed us to reduce our gross debt by about $730 million through primarily two actions, first, we executed $555 million of open market purchases in the first half; and second, we continue to reduce our 2027 term loan balance by $125 million as per the mandatory annual amortization obligations.

這使我們能夠透過主要兩項行動減少約 7.3 億美元的總債務，首先，我們在上半年執行了 5.55 億美元的公開市場購買；其次，我們按照強制年度攤銷義務繼續將 2027 年定期貸款餘額減少 1.25 億美元。

The consequence of all these drivers was an increase of our cash on hand by $260 million when compared to where we stood at the end of 2023. Overall, the fourth quarter was a strong finish on all fronts that capped off an outstanding year for Bausch Health as we continue to optimize the return of our diversified and resilient set of assets across all five segments.

所有這些驅動因素的結果是，與 2023 年底相比，我們的現金餘額增加了 2.6 億美元。總體而言，第四季度在各方面都取得了強勁收官，為博士倫醫療出色的一年畫上了圓滿句號，我們繼續優化五個部門多元化、富有彈性的資產回報。

We believe we are well positioned for another strong year of operating performance in 2025. Let me now provide you with our 2025 financial guidance for Bausch Health, excluding Bausch and Lomb, which you will find on page 30.

我們相信，我們已做好準備，將在 2025 年再創強勁營運業績。現在，讓我為您提供我們針對博士倫（不包括博士倫）的 2025 年財務指導，您可以在第 30 頁找到。

For 2025, we expect revenues to be between $4.950 billion and $5.100 billion. The midpoint of that range would translate into a 4% increase year-over-year. Adjusted EBITDA is expected to be between $2.625 billion and $2.725 billion, making the midpoint a 5% increase versus 2024.

到 2025 年，我們預計營收將在 49.5 億美元至 51 億美元之間。該範圍的中間值意味著同比增長 4%。調整後的 EBITDA 預計在 26.25 億美元至 27.25 億美元之間，中位數較 2024 年成長 5%。

Finally, we expect adjusted cash flow from operations to be between $975 million and $1.025 billion. Although this translate into a $300 million reduction year-over-year, it represents a more sustainable level of cash flow generation given the one-time benefits of cash taxes and working capital changes we recorded in 2024.

最後，我們預計調整後的營運現金流將在 9.75 億美元至 10.25 億美元之間。儘管這意味著同比減少 3 億美元，但考慮到我們在 2024 年記錄的現金稅收和營運資本變化的一次性收益，這代表了更可持續的現金流產生水平。

Before I hand it back to Tom for his concluding remarks, let me end this performance review by looking at our progress in relation to our value creation framework we introduced last quarter, which you will find on page 32.

在我將報告交還給湯姆作總結性發言之前，讓我先來回顧一下我們在上個季度推出的價值創造框架方面取得的進展，以此來結束本次績效評估，您可以在第 32 頁找到該框架。

We still believe that there are three primary levers for value creation for Bausch Health shareholders. The first one is to increase the value of our Bausch Health portfolio. This is the primary focus of our leadership team. We strongly believe we have a broad set of high performing assets as evidenced by our outstanding performance in 2024.

我們仍然相信，為博士倫健康股東創造價值有三個主要槓桿。第一個是增加我們博士倫健康投資組合的價值。這是我們領導團隊關注的首要問題。我們堅信，我們擁有廣泛的高效能資產，2024 年的出色表現就是明證。

As Tom indicated earlier, this is the seventh quarter in a row we have grown our top and bottom line, and speaks to our performance consistency and the resiliency of our growth strategy. It also highlights the operating leverage of our business model through positive business mix and tight expense management.

正如湯姆之前所說，這是我們連續第七個季度實現營收和淨利潤成長，這反映了我們業績的一致性和成長策略的彈性。它也透過積極的業務組合和嚴格的費用管理凸顯了我們商業模式的營運槓桿。

What's more, because our margins are high and our capital intensity is low, our business has been producing strong free cash flows. Our second lever is to maximize the value of our Bausch and Lomb asset for Bausch Health shareholders. As we indicated two weeks ago, the exploration of selling Bausch and Lomb has concluded, at least for now as it did not lead to an offer that reflected Bausch and Lomb long term value.

而且，由於我們的利潤率高，資本密集度低，我們的業務一直在產生強勁的自由現金流。我們的第二個槓桿是為博士倫健康股東最大化博士倫資產的價值。正如我們兩週前指出的那樣，出售博士倫的探討已經結束，至少目前如此，因為它並沒有產生能夠反映博士倫長期價值的報價。

Nevertheless, the main objective remains the same, which is to complete the separation of Bausch and Lomb from Bausch Health in the most accretive way for Bausch Health shareholders. We will continue to evaluate any and all options to do so.

儘管如此，主要目標保持不變，那就是以對博士倫健康股東最有利的方式完成博士倫與博士倫健康的分離。我們將繼續評估所有可行的選擇。

And lastly, our third lever is to optimize our capital structure. To that effect, we have made good progress since last October. First and foremost, we have accelerated our cash flow generation, which has allowed us to reduce our net debt by almost $1 billion during 2024.

最後，我們的第三個槓桿是優化我們的資本結構。為此，我們自去年十月以來已經取得了良好進展。首先，我們加快了現金流的產生，這使我們在 2024 年期間減少了近 10 億美元的淨債務。

Separately, we have secured a commitment for up to an additional $700 million credit facility, which will increase our operational and financial flexibility. With this new facility, together with our cash on hand, our $975 million credit facility, our AR facility, and our anticipated free cash flow generation over the next five quarters, we expect to have all the resources we need to address both our 2025 and 2026 debt maturity obligations without the need to access additional sources of funding.

另外，我們已獲得高達 7 億美元額外信貸承諾，這將提高我們的營運和財務靈活性。憑藉這項新融資，加上我們手頭上的現金、9.75 億美元的信貸額度、應收帳款額度以及未來五個季度預計產生的自由現金流，我們預計將擁有解決 2025 年和 2026 年債務到期義務所需的所有資源，而無需獲取其他資金來源。

Obviously, we are not done with our capital structure improvement efforts. But this is an important milestone as we redirect the focus towards addressing our 2027 and beyond maturities. To that effect, we plan on tapping the capital markets in the first half of 2025, which could include pledging a portion of the Bausch and Lomb shares owned by the company.

顯然，我們改善資本結構的努力尚未完成。但這是一個重要的里程碑，因為我們將重點轉向解決 2027 年及以後的到期債務。為此，我們計劃在 2025 年上半年進入資本市場，其中可能包括質押該公司持有的部分博士倫股份。

In conclusion, we have made tremendous progress on many fronts in 2024 and look forward to another successful year in 2025. I will now hand it back to Tom for the wrap-up.

總而言之，我們在 2024 年在許多方面取得了巨大進展，並期待 2025 年再次取得成功。我現在將會議交還給湯姆進行總結。

Thank you, JJ, and thank you to the entire Bausch Health team for another strong year of growth and execution as we delivered on our commitments and our strategic priorities. As a reminder, we have placed specific emphasis on our people and culture, growing our business, encouraging innovation to drive R&D, operating with efficiency to capture marketplace demand, and unlocking the value of Bausch Health in the short and long term.

謝謝你，JJ，也感謝整個博士倫醫療團隊，感謝你們在履行承諾和戰略重點的同時，又取得了強勁的增長和執行力。提醒一下，我們特別重視我們的員工和文化，發展我們的業務，鼓勵創新推動研發，高效運作以滿足市場需求，並釋放博士倫醫療在短期和長期的價值。

Our results for 2024 provide us with a strong foundation for further success in 2025. We look forward to building on this momentum to drive growth across all business segments while serving patients and their health care providers.

我們 2024 年的業績為我們 2025 年取得進一步成功奠定了堅實的基礎。我們期待藉此勢頭推動所有業務部門的成長，同時為患者及其醫療保健提供者提供服務。

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

接下來我們來討論問題。接線員，請開通問答專線。

(Operator Instructions) Les Sulewski, Truist Securities.

（操作員指示）Les Sulewski，Truist Securities。

Good afternoon. Thank you for taking my questions. Could you provide the latest status update on the Norwich situation and your time lines around the FDA lawsuit? Do you foresee a possibility of an at-risk launch within, call it, the 18-month period?

午安.感謝您回答我的問題。您能否提供有關諾維奇事件的最新進展以及 FDA 訴訟的時間表？您是否預見到在 18 個月內進行高風險發射的可能性？

And if there were Norwich launch to occur, what could be some of your response options? And I guess, secondarily, what are the potential adverse impacts on the time frames with the other tentative approvals? Thank you.

如果諾維奇號發射真的發生，您會採取什麼應對措施？我想，其次，其他初步批准對時間框架可能產生哪些不利影響？謝謝。

Thanks, Les, for the question. Yeah, I can touch upon where the Norwich starts. So Norwich gained tentative approval. The FDA denied granting Norwich final approval and concluded that Teva has not forfeited their first filer status. So Norwich has sued the FDA regarding its conclusion, and requested the FDA be forced to grant final approval of their ANDA. So both Teva and ourselves, Bausch Health, have intervened.

謝謝萊斯提出這個問題。是的，我可以談談諾維奇的起點。因此諾維奇獲得了初步批准。FDA 拒絕向諾維奇市授予最終批准，並認定 Teva 並未喪失其首次申報人地位。因此諾維奇就其結論對FDA提起了訴訟，並要求FDA強制其最終批准其ANDA。因此，Teva 和我們 Bausch Health 都進行了乾預。

So based on Norwich's tentative approval letter, we expect the FDA to defend its position on Teva's non-forfeiture, right? So I would just say in conclusion, we believe that the FDA is correct in its determination that Teva remains the first filer and has not forfeited. I'm not going to speculate on launching at risk at this time because we believe that the FDA is correct and Teva is -- continues with their rights of first to file.

因此，根據諾維奇的臨時批准信，我們預計 FDA 將捍衛其對 Teva 不沒收的立場，對嗎？因此，我只想說，總而言之，我們相信 FDA 的決定是正確的，Teva 仍然是第一申請人，並且沒有放棄資格。我現在不會對上市風險進行猜測，因為我們相信 FDA 是正確的，而且 Teva 將繼續享有先申請權。

Next question.

下一個問題。

(technical difficulty) on the discontinuation of the Crohn disease study?

（技術難題）停止克隆氏症研究的原因是什麼？

You were breaking up. We couldn't hear you come through. What was it?

你們正在分手。我們聽不到你的聲音。那是什麼？

I'm sorry, I'll repeat. On the amiselimod program, what's the reasoning on the discontinuation of the Crohn's disease study?

抱歉，我再說一次。關於阿米塞莫德計劃，停止克隆氏症研究的理由是什麼？

Yeah, so we didn't discontinue the study. We -- on the last call, I mentioned that we were evaluating it based on looking at the data, and we made the determination when we specifically look at Crohn's that this class of drug, even though there was some pluses and minuses of looking at it, we determined that it wasn't worth the investment with the SP1's performance in Crohn's of other drugs that have tried it in Crohn.

是的，所以我們沒有停止研究。在上次電話會議中，我提到我們是根據數據對其進行評估的，當我們專門研究克羅恩病時，我們做出了決定，儘管這類藥物有其優點和缺點，但我們認為考慮到 SP1 在克羅恩病中的表現以及在克羅恩病中嘗試過的其他藥物的表現，它不值得投資。

Got it. Thank you for the color. And just one more for me, and I'll hop back in the queue. Can you provide a little more color on the two recent deals in the International side on the cardiometabolic front? Thank you.

知道了。謝謝你的顏色。對我來說，再說一遍，我就會重新回到隊列中。能否詳細介紹一下國際上最近在心臟代謝方面達成的兩筆交易？謝謝。

Sure, yeah. So as I said in my prepared remarks, I think that when you look at the International business, and I'm looking at it holistically globally, it's an underappreciated business. It's a branded generic business that is very durable, no LOEs. And so what we have put together, we have a team that is solely focused on building out our branded generic portfolios around the world.

當然。因此，正如我在準備好的發言中所說的那樣，我認為，當你審視國際業務時，並且我從全球整體上看待它，這是一項被低估的業務。這是一家品牌通用企業，非常耐用，沒有 LOE。因此，我們組建了一支團隊，專門致力於在世界各地打造我們的品牌通用產品組合。

The two deals that I mentioned was in Latin America, and those are a variety of products. One of them was with MSN, which is a broad portfolio of branded generic products. As you know, our Latin America business is very successful in the branded generic space and building brands.

我提到的兩筆交易是在拉丁美洲，涉及多種產品。其中之一是 MSN，它擁有廣泛的品牌通用產品組合。如您所知，我們的拉丁美洲業務在品牌通用領域和品牌建立方面非常成功。

And then a second one was looking at a single, triple combination therapy with commonly used hypertension medicines and which will be novel, and it will be proprietary in multiple strengths. So that is going to give us those two deals put together.

第二個項目是研究一種單一、三重聯合療法，其中包含常用的高血壓藥物，這將是新穎的，並且將具有多種強度的專有性。這樣我們就把這兩筆交易放在一起了。

And that we're continuing to look at others of building out a franchise that can really power our growth in Latin America. Some of those deals also include other international locations as well. But the focus for the Latin America region will power our growth for the next years to come.

我們將繼續尋找其他合作夥伴來建立能夠真正推動我們在拉丁美洲發展的特許經營權。其中一些交易還涉及其他國際地點。但對拉丁美洲地區的關注將推動我們未來幾年的成長。

Doug Miehm, RBC Capital.

加拿大皇家銀行資本管理公司的 Doug Miehm。

Yeah, thank you. A couple of questions. With respect to the 229 B.C., the $700 million that you're contemplating funding with that and using a portion of the BLCO holdings, relative to the 38.5% that was put in for the $999 million previously, what sort of quantum of potential shareholdings of BLCO would be required under the $700 million.

是的，謝謝。幾個問題。關於 229 B.C.，您考慮用這筆錢資助 7 億美元，並使用部分 BLCO 持股，相對於之前投入的 9.99 億美元的 38.5%，在 7 億美元下需要多少 BLCO 的潛在持股量。

Would it be proportional? It probably wouldn't be, but maybe you can walk me through how much would have to be placed within that company?

它會成比例嗎？可能並非如此，但也許您可以告訴我需要在該公司投入多少錢？

Hi, Doug. This is JJ. First of all, just as a point of clarification, although the $1 billion against the number code that holds 38% of the shares, only 30% are really fully encumbered. About 8% can be sold or transferred to another entity. These 8% would be added to the remaining 50% that would be used as collateral to that credit facility.

你好，道格。這是JJ。首先，需要澄清的是，儘管持有 38％ 股份的數字代碼為 10 億美元，但只有 30％ 真正被完全抵押。約8%可以出售或轉讓給其他實體。這 8% 將添加到剩餘的 50% 中，用作該信貸額度的抵押品。

Okay, okay. And then on top of that, if you were to go ahead and explore accessing capital markets, this would be incremental in terms of the proportion of shares of Bausch and Lomb that will be pledged or not? Just trying to understand this short based.

好的，好的。除此之外，如果您繼續探索進入資本市場，博士倫被質押的股份比例是否會增加？只是想了解這個簡短的內容。

Yeah. We're looking at different packages, so I'm not going to comment specifically on what we'll be looking at. But the packages we're looking at would be looking at replacing that credit facility, so we have more of a permanent structure in place to deal with our 2027 maturities and beyond.

是的。我們正在研究不同的方案，因此我不會具體評論我們將要研究什麼。但我們正在考慮的套餐將取代這項信貸安排，以便我們有一個更永久性的結構來處理 2027 年及以後的到期債務。

Okay, fine. Then if we go to your guidance, which was strong, on the top line, it was in line with what we're looking for and I think most other people, but a bottom line was better. But perhaps you can talk about the contribution we're at on a relative basis that you expect to come from XIFAXAN given the strong growth we've seen in -- Recently when you look at guide, how much of that is associated with XIFAXAN growth?

好的，很好。那麼，如果我們遵循您的指導，那麼在頂線上，它是強有力的，它符合我們所期望的，我想大多數其他人也這麼認為，但底線更好。但也許您可以談談我們在相對基礎上的貢獻，考慮到我們看到的強勁增長，您預計 XIFAXAN 將做出的貢獻 - 最近當您查看指南時，其中有多少與 XIFAXAN 的增長有關？

Yeah, so we haven't provided any specifics in terms of quantification, but the two biggest contributors of our growth in 2025 will be indeed Salix with XIFAXAN and Solta. I think the dynamics that you're seeing, particularly in the second half for XIFAXAN, should be assumed as continue in 2025.

是的，我們沒有提供任何量化的具體細節，但 2025 年我們成長的兩個最大貢獻者確實是 Salix、XIFAXAN 和 Solta。我認為您所看到的動態，特別是 XIFAXAN 下半年的動態，應該假定在 2025 年繼續下去。

Okay, and then just to wrap up. Can you update us on any potential settlements with the (inaudible) groups or Granite Trust, where we stand there? That would be great. Thank you.

好的，然後就結束吧。您能否向我們介紹一下我們與（聽不清楚）團體或 Granite Trust 達成的任何潛在和解協議，以及目前的進展？那太棒了。謝謝。

Yeah, of course. On the Granite Trust, there is really no meaningful update to the guidance we provided in prior calls, which is that we do not expect any meaningful negative cash flow coming out of the settlement. We're still awaiting the final resolution and decisions from the IRS, and we are all hoping to get that pretty soon.

是的，當然。對於 Granite Trust 而言，我們在先前的電話會議中提供的指引實際上並沒有什麼有意義的更新，也就是說，我們預計這次和解不會產生任何有意義的負現金流。我們仍在等待美國國稅局的最終決議和決定，我們都希望很快就能得到答案。

On the legal settlement, it's really hard to speculate on any future negotiations. And so at this point in time, we've made progress, as you know, in 2024, and we look forward to 2025 in making some further progress.

關於法律解決，真的很難預測未來的談判。因此，如您所知，目前我們在 2024 年取得了進展，我們期待在 2025 年取得進一步進展。

(Operator Instructions) Jason Gerberry, Bank of America.

（操作員指示）Jason Gerberry，美國銀行。

Oh hey. Thanks for taking our questions. This is [Chi] on for Jason. I would like to ask a follow-up on the earlier question on the new Norwich case. Is it your understanding that Norwich is not subject to 30-month stay and the only gating factor for the full approval from the FDA of the generic XIFAXAN is around the 180-day exclusivity?

哦嘿。感謝您回答我們的問題。這是 Jason 的 [Chi]。我想就先前關於新諾維奇案的問題進行後續詢問。您是否理解諾維奇不受 30 個月的暫停期限制，而 FDA 完全批准仿製藥 XIFAXAN 的唯一限制因素是 180 天的獨佔期？

And for that case, do you have a sense of the timing for next steps? Would you expect the trial to be scheduled in the coming couple of months? Thanks so much.

對於這種情況，您是否知道下一步該採取什麼時間措施？您是否預計審判將在未來幾個月內安排？非常感謝。

Yeah, I'll take that question. We believe the 30-month stay applies, and that's what the legal team is focused on and getting ready for. So that's where that stands. Next question.

是的，我願意回答這個問題。我們相信 30 個月的暫緩期是適用的，而這正是法律團隊所關注和準備的。事實就是這樣。下一個問題。

Do you have a sense of the timing? I apologize if I may follow up. In the legal document, Norwich claimed the FDA has determined that Norwich is not subjected to a 30-month stay. Can you talk about that? Thank you.

你有把握把握時機嗎？如果我可以跟進的話，我深感抱歉。在法律文件中，諾維奇聲稱 FDA 已確定諾維奇不受 30 個月的暫緩執行。你能談談這個嗎？謝謝。

Yeah, what I'd say, we believe the 30-month stay still applies, and so that's the way we're proceeding. I really don't want to speculate right now on what the FDA or what you've said, they said, but we believe and we are continuing to work on where that trial stands and that case stands, and we believe 30 months still applies.

是的，我想說的是，我們認為 30 個月的暫緩期限仍然適用，所以這就是我們將繼續採取的做法。我現在真的不想猜測 FDA 或您所說的內容，但我們相信並且我們正在繼續研究該試驗和該案件的進展情況，我們相信 30 個月的期限仍然適用。

Michael Freeman, Raymond James.

麥可弗里曼、雷蒙詹姆斯。

Hi, good evening, Tom, JJ, Garen. Congratulations on these earnings. A couple of questions for me. There have been plenty of government initiatives that may potentially affect your business going forward. So I wonder if you can comment on XIFAXAN being included in the Medicare renegotiation list for 2027.

嗨，湯姆、JJ、加倫，晚上好。恭喜您獲得這些收入。我有幾個問題。政府推出的許多舉措都可能對您未來的業務產生影響。所以我想知道您是否可以對 XIFAXAN 被納入 2027 年醫療保險重新談判名單發表評論。

And any sort of preparation for those negotiations and potential preparation for a potentially a material price reduction? And then if you could give a quick comment perhaps on the potential for a pharma oriented international tariff, and how that might affect maybe your supply chains or pricing going forward?

是否為這些談判做了任何準備，以及為可能的大幅降價做了任何準備？然後，您能否簡要評論一下製藥業國際關稅的可能性，以及這可能會如何影響您未來的供應鏈或定價？

Yeah, Michael, thanks. I'll take those questions. So yeah, we were on the list. Of course, XIFAXAN has had great success, we wound up on the list. What I would say is it's still early in the process, and we're going to be in the process of negotiating.

是的，邁克爾，謝謝。我將回答這些問題。是的，我們在名單上。當然，XIFAXAN 取得了巨大的成功，我們最終進入了名單。我想說的是，這個過程還處於早期階段，我們將處於談判階段。

Our focus right now is to prepare for that and go through the process with CMS and which will come into effect in 2027. And I just think it's too early to offer detailed commentary with that regard. But we continue to remain focused on demonstrating the value of XIFAXAN, during which we're going to share the information on the value it delivers to patients, providers and the overall healthcare system.

我們現在的重點是為此做好準備，並與 CMS 一起完成該流程，該流程將於 2027 年生效。我只是認為現在就此提出詳細評論還為時過早。但我們將繼續專注於展示 XIFAXAN 的價值，在此期間，我們將分享它為患者、提供者和整個醫療保健系統帶來的價值的資訊。

In terms of when you look at XIFAXAN on the OHE indication, which is more than 70% of the business, the amount of cost savings regarding hospitalizations is -- it drives a big benefit. So we're closely monitoring the situation. We have a super fantastic team in the space of market access, and we're looking at all possibilities.

就 XIFAXAN 在 OHE 適應症方面的應用而言，該藥物佔業務的 70% 以上，住院費用的節省帶來了巨大的利益。因此我們正在密切監視局勢。我們在市場准入領域擁有一支非常出色的團隊，我們正在尋找所有可能性。

In terms of the tariffs, I could say something and then maybe JJ wants to add, again, it's still too early. There's a lot of discussions here on the tariffs of what it would mean for us, and we've been closely following it in terms of our supply chain and what impact it would mean.

關於關稅，我可以說一些話，然後也許 JJ 想補充一點，現在還為時過早。這裡有很多關於關稅的討論，討論它對我們意味著什麼，我們一直在密切關注我們的供應鏈以及它將產生什麼影響。

But I'll hand it over to JJ. Maybe he has a few further comments on that.

但我會把它交給JJ。也許他對此還有一些進一步的評論。

Yeah. So in terms of our setup in our supply chain, of course, the fact that cost of goods sold is a relatively small proportion of revenue for a pharmaceutical company, the financial impact of those tariffs, let's assume the scenario that has been the most publicized, 25%, and that would be for a full year, the impact would be below $50 million in terms of cash flow for the company. So I wanted to give you some order of magnitude on how to think about it.

是的。因此，就我們的供應鏈設定而言，當然，對於製藥公司來說，銷售成本只佔收入的一小部分，這些關稅的財務影響，讓我們假設最受關注的情況是 25%，這將是全年的影響，對公司現金流的影響將低於 5,000 萬美元。所以我想給你一些關於如何思考這個問題的數量級。

Excellent. That's very helpful. Now just a quick one. We had Dr. Sadeh join the team as the new CMO, and I noticed that there was a choice to not pursue the Crohn's opportunity. I wonder if there are some further changes in approach to your clinical development programs, or some new ideas that Dr. Sadeh has brought to the team in his tenure so far.

出色的。這非常有幫助。現在只需快速操作一下。我們讓 Sadeh 博士加入團隊擔任新任 CMO，我注意到他們可以選擇不追求克隆氏症的治療機會。我想知道你們的臨床開發計劃的方法是否有一些進一步的改變，或者 Sadeh 博士在任職期間為團隊帶來了一些新想法。

Yeah, I think it's a great question. Of course, we are so pleased to have Jonathan join us, and discussing how to build our pipeline for the future. As you know, we have the RED-C program. In fact, today, downstairs, we're having Advisory Boards.

是的，我認為這是一個很好的問題。當然，我們很高興喬納森加入我們，並討論如何為未來建立我們的管道。如您所知，我們有 RED-C 計劃。事實上，今天，在樓下，我們正在召開顧問委員會。

We're really excited about the RED-C program and what that's going to mean for us and what it could mean for patients as, again, this is a prevention trial. So we're excited about that. We did mention that we did not -- we're not going to pursue looking at amiselimod in Crohn's.

我們對 RED-C 計劃感到非常興奮，這對我們以及對患者意味著什麼，因為這是一項預防試驗。我們對此感到很興奮。我們確實提到過，我們不會繼續研究阿米塞莫德在克隆氏症中的作用。

And Jonathan, just since he's joined in the last two months, we've been actively discussing what we're going to pursue, what we're going to develop, and then from a business development standpoint, some of the assets that we could possibly look to bring into the portfolio. But we're excited to have Jonathan here, and we'll give more information as things progress on rebuilding and building up this pipeline.

喬納森，自從他在過去兩個月加入我們以來，我們一直在積極討論我們要追求什麼，要發展什麼，然後從業務發展的角度，討論我們可能考慮納入投資組合的一些資產。但我們很高興喬納森能來這裡，隨著重建和建立這條管道的進展，我們將提供更多資訊。

Okay. Thank you, Tom.

好的。謝謝你，湯姆。

Mike Nedelcovych, TD Cowen.

邁克·內德爾科維奇（Mike Nedelcovych），TD Cowen。

All right, thanks for the questions. I have one and a follow-up. My first question relates to XIFAXAN and the 2027 IRA price negotiation. Are you able to tell us what portion of sales are derived from the Medicare channel?

好的，感謝您的提問。我有一個，還有一個後續的。我的第一個問題涉及 XIFAXAN 和 2027 年 IRA 價格談判。您能告訴我們銷售額中有多少部分來自醫療保險管道嗎？

And then ultimately, regardless of the discount that gets negotiated by CMS, do you anticipate that, that pricing will leak into the private insurance channel? That's my first question.

那麼最終，無論 CMS 協商出的折扣為何，您是否預期定價會洩漏到私人保險管道？這是我的第一個問題。

And then my follow-up is actually a follow-up on a previous question related to your plan to access the capital markets, possibly by pledging a portion of Bausch and Lomb shares. This is very helpful insight. But can you bracket this for us at all? Is there any level of quantification at all that you could provide? Thank you.

然後我的後續問題實際上是對先前問題的後續，這個問題與您進入資本市場的計劃有關，可能是透過質押部分博士倫股份。這是非常有用的見解。但您能為我們把這個括起來嗎？您能提供任何程度的量化資訊嗎？謝謝。

Yes, so Mike, I'll take the first one on the XIFAXAN price negotiation. As you know, our XIFAXAN business is in IBS-D and HE, and it's blended. Again, what would be subjected to the IRA price negotiations, I can't give you what the percentage is that would be.

是的，Mike，我將首先討論 XIFAXAN 價格談判。如您所知，我們的 XIFAXAN 業務涉及 IBS-D 和 HE，並且是混合的。再說一遍，IRA 價格談判將涉及哪些方面，我無法告訴你具體百分比是多少。

As I said, we have been looking at this carefully for some time of what the different levers are that we will be able to look at as we go through the negotiation. So it's still early in the process. And again, as you know, this comes in January of 2027. So there's still a lot to be done and discussed here.

正如我所說的，我們一直在仔細研究這個問題，以了解在談判過程中我們可以考慮哪些不同的手段。因此這個過程還處於早期階段。再說一次，如你所知，這將發生在 2027 年 1 月。所以這裡還有很多事情要做和討論。

And then as I said previously, already XIFAXAN on the HE indication is -- if you look at hospitalization costs and patients not being in hospital, there already is a very large savings into the healthcare system on XIFAXAN. I'll hand the other question that you had over to JJ.

正如我之前所說，XIFAXAN 已經用於 HE 適應症——如果您查看住院費用和未住院的患者，XIFAXAN 已經為醫療保健系統節省了大量資金。我將把你的另一個問題轉交給 JJ。

Yeah. So no, I'm not going to comment specifically on the quantum of debt that we're looking at. We're looking at various options. The one thing I would just reinforce and highlight is that we've got $7 million of maturities between now and the end of 2027. You have, obviously, to take into consideration the cash on hand.

是的。所以，我不會具體評論我們正在考慮的債務量。我們正在考慮各種選擇。我只想強調的一件事是，從現在到 2027 年底，我們有 700 萬美元的到期債務。顯然，你必須考慮手頭上的現金。

The cash flow that we'll be generating between now and the end of '27, as we indicated in our guidance, this is a business that certainly in the near term can generate $1 billion plus of cash flow per year. And so the objective here is really to deal with as much maturity as possible during that horizon.

正如我們在指引中所指出的，從現在到 27 年底我們將產生的現金流，這項業務在短期內肯定能夠每年產生 10 億美元以上的現金流。因此，這裡的目標實際上是在那個範圍內盡可能地成熟。

Great, thank you.

太好了，謝謝。

Glen Santangelo, Jefferies.

傑富瑞的格倫桑坦傑洛。

Oh yeah, thanks for taking my question. Hey Tom, just two quick ones for me. I mean it seems pretty obvious why you maybe walked away from the BLCO sales process. And so in your prepared remarks, you seem like you're continuing to sort of actively explore different processes to maybe monetize this asset.

哦，是的，感謝您回答我的問題。嘿，湯姆，我只想問兩個問題。我的意思是，您放棄 BLCO 銷售流程的原因似乎非常明顯。因此，在您準備好的演講中，您似乎正在繼續積極探索不同的流程，以將該資產貨幣化。

But what might you do differently going-forward versus what you did over the sort of past couple of years? And do you think 2025 could be in the cards to ultimately get a deal done?

但與過去幾年相比，您今後會採取哪些不同措施呢？您認為 2025 年最終有可能達成協議嗎？

And then my follow-up to that is for JJ just on the follow-up question, when you think about trying to tackle these maturities and pledging some of the BLCO shares, does that in any way impact or say anything about the potential timing or ability to do a deal in the near term? Thanks.

然後，我要向 JJ 提出一個後續問題，當您考慮嘗試解決這些到期債務並質押部分 BLCO 股份時，這是否會以任何方式影響或說明近期達成交易的潛在時機或能力？謝謝。

Yes, hi, Glenn, This is JJ. I'm going to cover both questions. So as we said, obviously, the -- maximizing the value for shareholders of our BLCO equity stake is one of the primary value creation levers for us, and there are many ways you can go and achieve that. The goal is obviously to complete the separation between BLCO and BHC. But the monetization of that asset is going to play a key part in our journey over the next three years.

是的，你好，Glenn，我是 JJ。我將回答這兩個問題。因此，正如我們所說，顯然，最大化 BLCO 股權股東的價值是我們創造價值的主要槓桿之一，而且有很多方法可以實現這一目標。其目標顯然是完成 BLCO 與 BHC 的分離。但該資產的貨幣化將在未來三年的發展中發揮關鍵作用。

And listen, there's no real time line associated with that. I think it's more a function of what makes sense for shareholders, and whether the transactions that we're considering are accretive to BHC share value. So that's what I would say on that front.

聽著，這與真實的時間線無關。我認為這更多地取決於對股東來說什麼是有意義的，以及我們正在考慮的交易是否能夠增加 BHC 的股價。這就是我要說的關於這方面的事情。

And then in terms of the financing that we're looking at raising, obviously, our BLCO equity stake is a big asset of the company, so we'll use partially or totally as collateral to some of the financing we may decide to raise, as we indicated in our prepared remarks.

然後就我們正在考慮籌集的融資而言，顯然，我們的 BLCO 股權是公司的一項重要資產，因此我們將部分或全部將其用作我們可能決定籌集的部分融資的抵押品，正如我們在準備好的評論中所指出的那樣。

And it doesn't really impact, I think the timing or the decision we'll be making on the BLCO, more what we will be doing with the proceeds as indicated by potential covenants or obligation associated with the debt we're raising.

我認為，這實際上並不會影響我們在 BLCO 上所做的時間或決定，更重要的是，我們將如何處理所得收益，正如我們所籌集的債務相關的潛在契約或義務所表明的那樣。

Okay. Thank you.

好的。謝謝。

I would now like to turn the call back over to management for any closing remarks.

現在，我想將電話轉回給管理階層，請他們做最後發言。

Thank you all for joining us this afternoon and for your questions. We closed out another strong quarter of growth leading to a strong year, with consistent results across our broad portfolio of assets. I want, once again, to thank the entire Bausch Health team across the globe for their hard work and dedication, and relentless drive to deliver the products patients need most to enrich their lives.

感謝大家今天下午參加我們的活動並提出問題。我們結束了另一個強勁的成長季度，為全年帶來了強勁的成長勢頭，我們廣泛的資產組合也取得了一致的業績。我要再次感謝全球整個博士倫醫療團隊的辛勤工作和奉獻精神，以及為提供患者最需要的產品以豐富他們的生活而不懈努力。

Thank you for your time and your interest in the company, and we look forward to another strong year of execution and progress in 2025. Enjoy your evening. Thank you.

感謝您抽出時間並對公司感興趣，我們期待 2025 年再創強勁執行力和進步之年。祝你晚上愉快。謝謝。

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

今天的會議到此結束，各位現在可以掛斷電話了。感謝您的參與。