Bausch Health Companies Inc (BHC) 2025 Q1 法說會逐字稿

Greetings. Welcome to the Bausch Health first-quarter 2025 earnings call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加博士倫健康 2025 年第一季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

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

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 first-quarter 2025 earnings 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 2025 年第一季財報電話會議。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 would like to remind you that our presentation today contains forward-looking information. We ask you to take a moment to read the forward-looking statements disclaimer at the beginning of the pages that accompany this presentation as it contains important information.

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附帶頁面開頭的前瞻性聲明免責聲明，因為它包含重要資訊。

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

我們的實際結果可能與我們的前瞻性陳述中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。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機構提交的文件，其中列出了可能導致我們的實際結果與預期有重大差異的一些風險因素。

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

我們使用非公認會計準則財務指標來幫助投資者了解我們的營運績效。非公認會計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，應與依照公認會計準則計算的指標一起考慮，但不能取代這些指標。您可以在本簡報隨附頁面的附錄中找到我們歷史非公認會計準則 (non-GAAP) 指標的對帳表，這些附錄可在 Bausch Health 投資者關係網站上找到。

Finally, the financial guidance in this presentation is effective as of today only. We do not undertake any obligation to update guidance. Our discussion today, Wednesday, April 30, will focus on Bausch Health, excluding Bausch & Lomb. However, we will briefly comment on Bausch & Lomb results announced this morning. We will refer to year-over-year comparisons with the same period last year, unless otherwise noted.

最後，本簡報中的財務指導僅自今日起有效。我們不承擔任何更新指南的義務。我們今天（4 月 30 日，星期三）的討論將集中在博士倫公司（不包括博士倫）。不過，我們將對博士倫今天上午公佈的業績進行簡要評論。除非另有說明，我們將參考與去年同期的同比數據。

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

說完這些，我想把電話轉給我們的執行長 Thomas Appio。湯姆？

Thank you, Garen and welcome to everyone joining our earnings call today.

謝謝你，Garen，歡迎大家參加我們今天的收益電話會議。

In the first quarter, for Bausch Health excluding Bausch & Lomb, we continued the momentum we had in 2024 and used it strategically to drive further progress. We delivered year-over-year revenue and adjusted EBITDA growth of 6% and 14% versus the prior year, respectively. We successfully completed a $7.9 billion refinancing effort in early April to extend near- and medium-term maturities. We received a favorable ruling from the DC District Court in Norwich case against the FDA after the quarter closed.

第一季度，對於博士倫以外的博士倫健康集團而言，我們延續了2024年的勢頭，並策略性地利用它來推動進一步的發展。我們實現了收入和調整後 EBITDA 的同比增長，分別比上年增長 6% 和 14%。我們在 4 月初成功完成了 79 億美元的再融資，以延長近期和中期債務期限。本季結束後，我們收到了諾里奇哥倫比亞特區地方法院針對 FDA 的有利裁決。

And finally, we are maintaining full-year 2025 revenue and adjusted EBITDA guidance while updating guidance for adjusted cash flow from operations to reflect higher interest rate expense. JJ will discuss our financial results in more detail shortly. I will start by touching on several financial performance and key business highlights from the first quarter.

最後，我們維持 2025 年全年收入和調整後 EBITDA 指引，同時更新調整後經營現金流指引，以反映更高的利率支出。JJ 很快就會更詳細地討論我們的財務結果。我將首先介紹第一季的幾項財務表現和主要業務亮點。

We started the year off strong with Bausch Health, excluding Bausch & Lomb, achieving an eighth consecutive quarter of year-over-year revenue and adjusted EBITDA growth. I'm incredibly thankful and grateful of our global team for their hard work and dedication in the current macroeconomic environment. Revenues for Bausch Health, excluding Bausch & Lomb, increased 6% on a reported basis and 7% on an organic basis when compared to the first quarter of 2024.

今年我們開局表現強勁，博士倫以外的博士倫業務連續第八個季度實現營收和調整後 EBITDA 年成長。我非常感謝我們的全球團隊在當前宏觀經濟環境下的辛勤工作和奉獻精神。與 2024 年第一季相比，博士倫以外的博士健康收入報告成長 6%，有機成長 7%。

Adjusted EBITDA for Bausch Health, excluding Bausch & Lomb, increased by approximately 14% compared to the prior year period. As such, we are maintaining our full-year 2025 guidance for revenue and adjusted EBITDA, while updating guidance for adjusted operating cash flows to reflect our successful refinancing transaction, and as JJ will touch on in his prepared remarks, we continue to assess the impacts on our business of evolving tariffs and trade measures.

博士倫以外的博士倫的調整後 EBITDA 與去年同期相比增長了約 14%。因此，我們維持 2025 年全年收入和調整後 EBITDA 指引，同時更新調整後經營現金流指引以反映我們成功的再融資交易，並且正如 JJ 將在其準備好的發言中提到的那樣，我們將繼續評估不斷變化的關稅和貿易措施對我們業務的影響。

We have also made progress on our objective of optimizing our capital structure. On April 8, we closed a private offering of senior secured notes due in 2032 and also entered into a new-term loan and revolving credit facility maturing in 2030. The proceeds of which we used in large part to retire approximately $6.9 billion of maturities ranging from 2025 into 2028.

我們在優化資本結構的目標上也取得了進展。4 月 8 日，我們完成了 2032 年到期的優先擔保票據的私募發行，並簽署了 2030 年到期的新定期貸款和循環信貸協議。其中大部分收益用於償還 2025 年至 2028 年到期的約 69 億美元債券。

This transaction extends our maturity runway and provides the company with additional financial flexibility, allowing us to focus on growing our business and maximizing the value creation for our shareholders. Furthermore, we believe that the tremendous demand we saw in the credit markets underscores investors' confidence in both our future performance as well as the long-term value of our assets.

此交易延長了我們的期限，並為公司提供了額外的財務靈活性，使我們能夠專注於發展業務並最大限度地為股東創造價值。此外，我們相信，信貸市場的龐大需求凸顯了投資者對我們未來績效以及資產長期價值的信心。

Turning to litigation in Norwich. As many of you are aware, the FDA denied final approval of Norwich second ANDA for generic rifaximin 550 mg tablets. Following this decision, Norwich sued the FDA in the DC District Court, alleging that the FDA acted improperly by only granting tentative approval to their second ANDA rather than final approval. Norwich asked the DC District Court to find that Teva had forfeited its first filer status for rifaximin 550 and force the FDA to grant final approval to their second ANDA. We, along with Teva, intervened as defendants in the FDA lawsuit.

轉向諾維奇的訴訟。大家可能都知道，FDA 最終拒絕批准諾維奇仿製藥利福昔明 550 毫克片劑的第二個 ANDA。根據這項決定，諾維奇公司在哥倫比亞特區地方法院起訴了 FDA，指控 FDA 對其第二份 ANDA 僅給予暫時批准而非最終批准，行為不當。諾維奇請求哥倫比亞特區地方法院裁定梯瓦公司已喪失其利福昔明 550 的第一申報人地位，並迫使 FDA 對其第二份 ANDA 進行最終批准。我們與 Teva 一起作為被告介入了 FDA 訴訟。

We are pleased that on April 17, the DC District Court granted summary judgment in favor of the FDA, Teva, and the company. The DC District Court confirmed that the FDA's decision denying final approval of Norwich ANDA was not arbitrary, capricious, or contrary to law because Teva had not forfeited its first filer status. We will continue to vigorously defend our intellectual property and are committed to serving our patients as every patient deserves better health outcomes and the chance to make the most of life.

我們很高興，4 月 17 日，哥倫比亞特區地方法院做出了有利於 FDA、Teva 和該公司的即決判決。哥倫比亞特區地方法院確認，FDA 拒絕最終批准諾維奇 ANDA 的決定並非任意、反复無常或違法，因為 Teva 並未喪失其第一申報人地位。我們將繼續大力捍衛我們的智慧財產權，並致力於為我們的患者服務，因為每個患者都應該獲得更好的健康結果和充分享受生活的機會。

Moving on to page 6, where I will touch upon segment-specific key financial and operating highlights in the first quarter. The first quarter reflected a solid performance in growth on an organic basis across many of our business segments.

進入第 6 頁，我將討論第一季各部門的關鍵財務和營運亮點。第一季度，我們許多業務部門都實現了穩健的有機成長。

Salix grew 6% on an organic basis versus the prior period and continued to deliver strong Xifaxan performance of 8% growth. including 1.5% total retail script growth and strong nonretail extended-unit growth of approximately 6%. Solta trend of strong double-digit growth continued in the first quarter of 2025 with 33% organic revenue growth primarily driven by strong performance in South Korea and China with year-over-year organic growth of 136% and 30%, respectively.

Salix 與上一時期相比有機成長了 6%，而 Xifaxan 則持續維持 8% 的強勁成長。其中包括 1.5% 的總零售腳本成長和約 6% 的強勁非零售擴展單位成長。2025 年第一季持續保持強勁的兩位數成長趨勢，有機收入成長 33%，主要得益於韓國和中國的強勁表現，這兩個市場的同比有機成長率分別為 136% 和 30%。

Our International segment demonstrated continued resilience, achieving organic revenue growth across Canada, Latin America and EMEA. With EMEA marking its ninth consecutive quarter of organic revenue growth. Other highlights include Canada's 18% promoted products portfolio growth and 9% growth in EMEA second largest market, which is comprised of Serbia and Montenegro. And lastly, the Diversified segment grew revenue modestly driven by neurology and delivered growth in segment profit in part due to disciplined expense management.

我們的國際部門表現出持續的韌性，在加拿大、拉丁美洲和歐洲、中東和非洲地區實現了有機收入成長。歐洲、中東和非洲地區連續第九個季度實現有機收入成長。其他亮點包括加拿大促銷產品組合成長 18%，以及歐洲、中東和非洲第二大市場（由塞爾維亞和蒙特內哥羅組成）成長 9%。最後，多元化部門的收入在神經病學的推動下略有增長，而部門利潤的增長部分歸功於嚴格的費用管理。

Now turning to our strategic priorities for 2025. Although we have achieved eight consecutive quarters of growth, we believe the stock price does not reflect the strong performance of the business and the value of the company. Unlocking value is critical. We have continued to deliver strong financial momentum with revenue and earnings growth across multiple segments to start the year. And we successfully completed the major refinancing initiatives mentioned earlier.

現在來談談我們 2025 年的策略重點。儘管我們已經實現了連續八個季度的成長，但我們認為股價並未反映出業務的強勁表現和公司的價值。釋放價值至關重要。今年伊始，我們持續保持強勁的財務勢頭，多個部門的收入和盈利均實現成長。我們也成功完成了前面提到的重大再融資措施。

Yet we are keenly aware that work still needs to be done to unlock shareholder value. Therefore, we remain committed to evaluating all options for unlocking the value of our shares, including maximizing the value of our Bausch Health and Bausch & Lomb assets, as well as other possible initiatives such as share buybacks.

然而，我們敏銳地意識到，要釋放股東價值仍有許多工作要做。因此，我們將繼續致力於評估釋放我們股票價值的所有選擇，包括最大化博士倫和博士倫資產的價值，以及其他可能的舉措，例如股票回購。

Next is growth. With eight consecutive quarters of year-over-year topline- and bottom-line growth, we continue to invest for sales growth and profitability as we expand across segments and geographies. Xifaxan's 8% growth this quarter was broad in terms of both price and volume as it relates to volume, growth was generated across both indications, IBS-D and OAG. Activating new patients is core to pharmaceutical product growth and in the first quarter, over 59,000 new patients were started on Xifaxan. This represents both year-over-year and quarter-over-quarter growth.

接下來是成長。我們已連續八個季度實現營業收入和淨利潤同比增長，隨著我們跨部門和跨地區的擴張，我們將繼續投資於銷售成長和獲利能力。Xifaxan 本季實現了 8% 的成長，無論是價格還是銷量都實現了成長，就銷量而言，IBS-D 和 OAG 兩種適應症均實現了成長。活化新患者是藥物成長的核心，第一季度，超過 59,000 名新患者開始使用 Xifaxan。這代表著同比增長和環比增長。

Our sales force and our media investments drove the growth as we increased our investments in high-ROI channels such as online streaming, connected and addressable TV and online video. This positioned us to better reach and activate patients, caregivers, and providers as seen with our first-quarter results representing our fifth consecutive quarter of top-line growth in our Salix business. The Xifaxan sales force continues to become more productive as we fine-tune our AR engine.

隨著我們加強對線上串流媒體、連網可尋址電視和線上影片等高投資報酬率管道的投資，我們的銷售團隊和媒體投資推動了成長。這使我們能夠更好地接觸和激勵患者、護理人員和服務提供者，正如我們第一季的業績所表明的那樣，這代表著我們的 Salix 業務連續第五個季度實現了營收成長。隨著我們對 AR 引擎進行微調，Xifaxan 銷售團隊的生產力不斷提高。

Our sales force today delivers 20% to 30% more coal than we did 18 months ago and to the right targets, a clear indicator of operational momentum. This increased efficiency has enabled us to do more and deploy resources to other strategic investments for the franchise. Solta also delivered exceptionally strong results with 33% organic revenue growth, including 136% in South Korea and 30% in China in the first quarter. Importantly, growth was further supported by positive results in the United States, Canada and EMEA.

與 18 個月前相比，我們的銷售人員今天交付的煤炭增加了 20% 至 30%，並且達到了正確的目標，這是營運動能的明顯指標。效率的提高使我們能夠做更多的事情並將資源部署到特許經營的其他策略投資中。Solta 也取得了異常強勁的業績，有機收入成長了 33%，其中第一季韓國成長了 136%，中國成長了 30%。重要的是，美國、加拿大和歐洲、中東和非洲地區的積極業績進一步支持了成長。

As announced in our recent press release, in April at the American Society of Laser Medicine and Surgery 2025 Annual Conference, we launched next-generation Fraxel called Fraxel FTX. We have rollouts planned for dermatologists, plastic surgeons, and other licensed professional over the coming months in the United States.

正如我們最近的新聞稿中所宣布的那樣，在 4 月美國雷射醫學和外科學會 2025 年年會上，我們推出了名為 Fraxel FTX 的下一代 Fraxel。我們計劃在未來幾個月內在美國向皮膚科醫生、整形外科醫生和其他持照專業人士推出該產品。

And most recently on April 29, Bausch Health announced that Health Canada has granted medical device license clearance for our latest generation Thermage FLX device for non-invasive skin tightening and contouring. Canadian providers will now gain access to the same technology in use by leading aesthetics clinics elsewhere in the world.

最近，在 4 月 29 日，博士倫醫療宣布加拿大衛生部已批准我們最新一代 Thermage FLX 非侵入性皮膚緊緻和塑形設備獲得醫療器材許可。加拿大的供應商現在可以獲得世界其他地區領先的美容診所所使用的相同技術。

CABTREO, the first combination product for the treatment of acne vulgaris continues to build momentum in North America. In the US alone, we are seeing healthy sequential double-digit script growth with over 8,900 health care providers having now prescribed CABTREO.

CABTRE0 是第一種用於治療尋常痤瘡的組合產品，在北美繼續保持強勁勢頭。光是在美國，我們就看到處方量連續兩位數健康成長，目前已有超過 8,900 名醫療保健提供者開出了 CABTREO。

Now turning to innovation. New product flow is intrinsic to creating value at Bausch Health. We are focused on developing our pipeline internally and seeking licensing opportunities externally. We have a disciplined process for examining opportunities at a detailed level in terms of strategic, operational, and financial logic. We are focused on opportunities with a reasonable probability of technical and regulatory success and that create operating leverage, revenue and earnings in the near term.

現在轉向創新。新產品流對於博士倫醫療創造價值至關重要。我們專注於內部開發我們的管道並尋求外部許可機會。我們擁有一套嚴謹的流程，可以從策略、營運和財務邏輯的角度詳細審查機會。我們專注於技術和監管成功機率合理且能在短期內創造經營槓桿、收入和收益的機會。

Starting with our internal product pipeline. We are pleased with the progress of our RED-C program, where our Phase III global studies remain on track. As we have shared previously, both studies were fully enrolled in the third quarter of last year, and we expect to see the initial data readout by early 2026. To recap, the RED-C program is studying a solid, soluble dispersion for rifaximin complex in a unique, patented, non-crystalline, water-soluble form that enables delivery throughout the entire gastrointestinal tract. RED-C is also being studied in patients with cirrhosis from any form of liver disease.

從我們的內部產品管道開始。我們對 RED-C 計劃的進展感到滿意，我們的第三階段全球研究仍在按計劃進行。正如我們之前所分享的，這兩項研究均已於去年第三季全面招募，我們預計將於 2026 年初看到初步數據。總而言之，RED-C 計畫正在研究利福昔明複合物的固體可溶分散體，該複合物具有獨特的、專利的、非結晶的、水溶性形式，可以輸送到整個胃腸道。RED-C 也正在針對患有任何形式肝病的肝硬化患者進行研究。

The patient population is innovative as these are cirrhotic patients being studied prior to their first decompensation event. In the United States, this patient population is at least 3x larger than the OAT population that Xifaxan serves today. This is also a very meaningful global opportunity for Bausch Health and if successful, may enable us to address an unmet need and deliver a novel therapy to cirrhotic patients globally.

患者群體具有創新性，因為這些是肝硬化患者在第一次失代償事件之前接受研究。在美國，該患者群體至少是 Xifaxan 目前服務的 OAT 群體的 3 倍。對於博士倫醫療來說，這也是一個非常有意義的全球機會，如果成功，可能使我們能夠滿足尚未滿足的需求，並為全球肝硬化患者提供一種新的治療方法。

We are already working cross-functionally across multiple areas to sequence global regulatory filings, US NDA planning and ensuring adequate global product supply. We are also systematically evaluating additional data generation opportunities both to enhance our current profile in cirrhosis and to evaluate new indications that have potential to impact the gut-liver-brain access.

我們已經在多個領域開展跨職能合作，以按順序進行全球監管備案、美國新藥申請 (NDA) 規劃並確保充足的全球產品供應。我們也系統性地評估額外的數據產生機會，以增強我們目前在肝硬化方面的概況，並評估可能影響腸-肝-腦通路的新適應症。

On the business development front, we are expanding into the cardiometabolic market in Latin America. We have two brands already licensed with launches planned to start at the end of May. We look forward to more progress on this front as the year progresses.

在業務發展方面，我們正在擴展到拉丁美洲的心臟代謝市場。我們已獲得兩個品牌的授權，計劃於五月底開始發售。我們期待隨著時間的推移，在這方面取得更多進展。

As a reminder, we also signed an exclusive licensing and supply agreement with George Medicines in December. The partnership grants Bausch Health, the exclusive rights to seek regulatory approval of and to commercialize GMRx2 in Canada, Mexico, Colombia, and Central America. GMRx2 is intended for the treatment of hypertension, including initial treatment. This is a proprietary single-pill combination of three classes of antihypertensive medicines: an angiotensin receptor blocker, a calcium channel blocker, and a diuretic. Developed in ultra-low-, low-, and standard-dose options, it has the potential to be the only triple combination approved for the initial treatment of hypertension.

提醒一下，我們還在 12 月與 George Medicines 簽署了獨家許可和供應協議。該合作關係授予 Bausch Health 在加拿大、墨西哥、哥倫比亞和中美洲尋求監管部門批准和商業化 GMRx2 的獨家權利。GMRx2 旨在用於治療高血壓，包括初始治療。這是三類抗高血壓藥物的專有單丸組合：血管張力素受體阻斷劑、鈣通道阻斷劑和利尿劑。該藥物有超低、低和標準劑量三種選擇，有可能成為唯一獲準用於高血壓初始治療的三重療法。

The innovative formulation aims to optimize efficacy, safety, and adherence with a multi-mechanism approach and at lower dosing than today's therapies. GMRx2 is designed to deliver the synergistic benefit of a triple therapy while maintaining tolerability. This is a unique opportunity for advancing cardiometabolic care in these regions that will leverage our expertise and infrastructure.

此創新配方旨在透過多機制方法和比當今療法更低的劑量來優化療效、安全性和依從性。GMRx2 旨在提供三重療法的協同效益，同時保持耐受性。這是在這些地區推進心臟代謝護理的獨特機會，將利用我們的專業知識和基礎設施。

To wrap up on the first quarter, I am encouraged by our strong start to the year, building on our great progress in 2024. We executed against our operational objectives while making significant strides in improving our capital structure and optimizing across our businesses. We remain critically focused on maximizing shareholder value with urgency. Despite the volatile macroeconomic environment, we remain confident in the durability and growth path of our business as we leverage our broad and diverse footprint and the results-driven mindset of our talented global team.

總結第一季度，我對我們今年的強勁開局感到鼓舞，並將在 2024 年取得巨大進步。我們實現了營運目標，同時在改善資本結構和優化業務方面取得了重大進展。我們仍然高度重視並迫切地實現股東價值最大化。儘管宏觀經濟環境動盪，但我們憑藉廣泛而多樣化的業務覆蓋範圍以及才華橫溢的全球團隊以結果為導向的思維方式，對業務的持久性和成長路徑充滿信心。

With that, I will pass it over to JJ to discuss the financial results in more detail.

說完這些，我會把主題交給 JJ 更詳細地討論財務結果。

Thank you, Tom. As Tom mentioned, Bausch Health, excluding B&L, achieved its eighth consecutive quarter of year-over-year growth for revenue and adjusted EBITDA. This speaks to the resiliency of our growth strategy. Separately, our performance in Q1 was another illustration of our commitment to profitable growth and cash flow generation, which remain instrumental to our objective of deleveraging our balance sheet.

謝謝你，湯姆。正如湯姆所提到的，博士倫健康（不包括 B&L）連續第八個季度實現了收入和調整後 EBITDA 同比增長。這體現了我們成長策略的彈性。另外，我們第一季的業績再次證明了我們致力於獲利成長和現金流創造的承諾，這對我們實現資產負債表去槓桿的目標仍然至關重要。

Let's now review our first-quarter consolidated performance in more detail, starting with our non-GAAP financial results for the first quarter, which you will find starting on page 13. Revenue was $2.259 billion, up 5% on a reported basis and 6% on an organic basis compared to the same period a year ago. Adjusted gross margin was 69.9%, 130 basis points lower year-over-year.

現在讓我們更詳細地回顧一下我們的第一季綜合業績，首先是第一季的非 GAAP 財務結果，您可以從第 13 頁開始找到。營收為 22.59 億美元，與去年同期相比，報告成長 5%，有機成長 6%。調整後毛利率為69.9%，較去年同期下降130個基點。

Adjusted operating expenses for the first quarter were $994 million, an increase of $78 million compared to the same period last year. Adjusted R&D expenses for the quarter was $143 million, which was a decrease of 5% compared to the first quarter of last year. Adjusted EBITDA was $661 million, a decrease of $4 million or 1% year-over-year. Finally, adjusted operating cash flow was $110 million.

第一季調整後的營運費用為 9.94 億美元，較去年同期增加 7,800 萬美元。本季調整後的研發費用為1.43億美元，較去年第一季下降5%。調整後的 EBITDA 為 6.61 億美元，年減 400 萬美元，降幅為 1%。最後，調整後的營運現金流為1.1億美元。

Moving now to the performance of Bausch Health, excluding Bausch & Lomb for Q1, starting on page 15. Revenue was $1.120 billion or 6% up when compared to the first quarter of 2024. The growth was 7% on an organic basis. Adjusted EBITDA was $576 million, up 14% on a reported basis partially due to onetime benefits but also demonstrating our focus in driving efficient cost management.

現在就來看看博士倫公司（不包括博士倫公司）第一季的業績，從第 15 頁開始。與 2024 年第一季相比，營收為 11.20 億美元，成長 6%。有機成長率為 7%。調整後的 EBITDA 為 5.76 億美元，年增 14%，部分原因是一次性收益，但也顯示我們專注於推動高效的成本管理。

Lastly, our adjusted operating cash flow was down 4% versus the first quarter of 2024 but was in line with expectations given the difference in timing of our cash interest and other outflows as we indicated during our fourth-quarter earnings call a couple of months ago. When adjusting for timing and on a comparable basis, our adjusted cash flow from operations was $130 million better than Q1 '24.

最後，我們的調整後營運現金流與 2024 年第一季相比下降了 4%，但考慮到我們的現金利息和其他流出的時間差異，這符合預期，正如我們幾個月前在第四季度財報電話會議上指出的那樣。在按時間進行調整並以可比較基礎計算時，我們的調整後經營現金流比 24 年第一季高出 1.3 億美元。

Moving now to our first quarter performance by segment, starting with Salix on page 16. Salix revenues were $542 million, an increase of $43 million or 9% on a reported basis and 6% on an organic basis compared to the same period last year. Xifaxan continues to drive most of the Salix segment revenue with 8% growth year-over-year, which was balanced across price and volume. Retail scripts grew 1.5% with new script growth at 3%. Extended units grew 1% and includes nonretail settings such as hospitals and outpatient clinics, which grew mid-single digits.

現在來看看我們第一季各部門的業績表現，先從第 16 頁的 Salix 開始。Salix 的收入為 5.42 億美元，與去年同期相比，按報告基礎增加 4,300 萬美元或 9%，以有機基礎增加 6%。Xifaxan 繼續推動 Salix 部門的大部分收入，較去年同期成長 8%，價格和銷售量保持平衡。零售腳本成長 1.5%，新腳本成長 3%。擴展單位成長了 1%，其中包括醫院和門診診所等非零售場所，其成長率達到中等個位數。

Now moving to the International segment on page 17. Revenues were $262 million, a decrease of 1% on a reported basis but an increase of 5% on an organic basis compared to the first quarter of last year. The difference in growth rates between reported and organic was nearly all due to currency, primarily the Mexico peso.

現在轉到第 17 頁的國際部分。營收為 2.62 億美元，與去年第一季相比，報告營收下降 1%，但有機成長 5%。報告成長率和有機成長率之間的差異幾乎全部是由於貨幣，主要是墨西哥比索。

By geography, revenue in our International segment saw again strong double-digit growth in Canada, while EMEA and LatAm grew modestly year-over-year on an organic basis. And it is double-digit growth was driven by our promoted products portfolio, which grew 18%. In addition, our sales of Wellbutrin continue to benefit from the supply shortages of each generate competition.

從地理來看，我們國際部門的營收在加拿大再次實現了強勁的兩位數成長，而歐洲、中東和非洲地區以及拉丁美洲地區的營收則較去年同期小幅成長。兩位數的成長是由我們推廣的產品組合推動的，其成長了 18%。此外，我們的 Wellbutrin 銷售繼續受益於各自產生的競爭的供應短缺。

Now moving to page 18 for a review of our Solta Medical segment. Revenues were $113 million, an increase of 28% on a reported basis and 33% on an organic basis compared to the same period last year. Solta's exceptional results were driven by continued strong performance of our markets in Asia Pacific, primarily in South Korea and China. These two markets grew revenue 136% and 30%, respectively, all through volume expansion, which was even more impressive.

現在翻到第 18 頁回顧我們的 Solta Medical 部門。營收為 1.13 億美元，與去年同期相比，報告成長 28%，有機成長 33%。Solta 的出色表現得益於其在亞太地區（主要是韓國和中國）市場的持續強勁表現。這兩個市場透過銷量擴張分別實現了收入136%和30%的成長，這更加令人印象深刻。

Turning now the focus to our Diversified segments, which you will find on page 19. Revenues were $205 million, an increase of 1% on a reported basis and flat on an organic basis compared to the same period a year ago. The revenue performance was ahead of expectation and was primarily driven by the neurology business which achieved double-digit growth, thanks to net realized pricing favorability and the continued benefit of the value price optimization we executed last year.

現在將焦點轉向我們的多元化部門，您可以在第 19 頁找到。營收為 2.05 億美元，與去年同期相比，報告基礎上成長 1%，有機成長持平。營收表現超出預期，主要得益於神經病學業務實現兩位數成長，這得益於淨實現定價的優惠以及我們去年實施的價值價格優化的持續效益。

Finally, for the Bausch & Lomb segment, revenues were $1.1 billion, up 3% on a reported basis and 5% on an organic basis compared to the same period last year.

最後，博士倫部門的營收為 11 億美元，與去年同期相比，報告基礎上成長 3%，有機成長 5%。

Turning now our focus to our balance sheet, starting on page 22. Our net debt, excluding Bausch & Lomb, decreased by approximately $85 million in the first quarter. More importantly, as we announced on April 8, we closed a $7.9 billion refinancing transaction, including a $500 million revolving credit facility which allowed us to push out most of our remaining debt maturities to 2028 and beyond. Our stated objective in late February to access the capital markets in the first half of 2025 and to significantly improve the company's debt maturity profile was fully executed in less than two months at a time of uncertainty and high volatility of the financial markets.

現在將焦點轉向我們的資產負債表，從第 22 頁開始。我們的淨債務（不包括博士倫）在第一季減少了約 8,500 萬美元。更重要的是，正如我們在 4 月 8 日宣布的那樣，我們完成了一項 79 億美元的再融資交易，其中包括一筆 5 億美元的循環信貸額度，這使我們能夠將大部分剩餘債務到期日推遲到 2028 年及以後。我們在 2 月底提出的目標是在 2025 年上半年進入資本市場並大幅改善公司的債務到期狀況，在金融市場充滿不確定性和高度波動的時期，這一目標在不到兩個月的時間內就已全面實現。

While our debt post refinancing as a higher blend cost of capital by approximately 100 basis points, this new capital structure now provides significantly more operating and timing optionality for adjusting our capital structure to better fit our business profile post Xifaxan LOE. While we are encouraged by what has been executed to date, more remains to be accomplished in the next couple of years, but this is an important milestone for all Bausch Health stakeholders.

雖然我們的債務再融資後的資本混合成本高出約 100 個基點，但這種新的資本結構現在為調整我們的資本結構提供了更多的營運和時間選擇，以更好地適應 Xifaxan LOE 後的業務狀況。雖然我們對迄今為止所取得的進展感到鼓舞，但未來幾年仍有更多的工作要做，但這對所有博士倫醫療利益相關者來說都是一個重要的里程碑。

I would like to take this opportunity to thank everyone involved with this last refinancing, which was the largest in the company's history. Special mentions go to the financing team at Bausch Health as well as to our advisers: Evercore, Proskauer, and JPMorgan. What a great outcome all around true-exemply teamwork.

我想藉此機會感謝參與此次再融資的所有人，這是公司史上最大的一次再融資。特別感謝 Bausch Health 的融資團隊以及我們的顧問：Evercore、Proskauer 和 JPMorgan。真正意義上的團隊合作取得如此出色的成果。

Before I turn it over to Tom for the wrap up, let me conclude with an update on guidance and outline our strategic priorities for the remainder of the year. Let's start with our full-year guidance.

在交給湯姆做總結之前，請允許我最後介紹一下指導方針的最新情況，並概述我們今年剩餘時間的戰略重點。讓我們從全年指導開始。

Lots has happened over the last few weeks, particularly in relation to tariffs and the impact they could have on cross-border transactions with the US. Based on the information available at this time, we are confirming the full-year 2025 guidance for revenue and adjusted EBITDA and updating our adjusted operating cash flow down by $150 million to reflect the impact of the refinancing transaction we executed earlier this month.

過去幾週發生了很多事情，特別是與關稅及其對美國跨境交易可能產生的影響有關的事件。根據目前掌握的信息，我們確認了 2025 年全年收入和調整後 EBITDA 的指引，並將調整後的經營現金流上調 1.5 億美元，以反映我們本月早些時候執行的再融資交易的影響。

Our full-year guidance for 2025 is now as follows. Revenue guidance is unchanged and is still expected to be between $4.950 billion and $5.1 billion. The midpoint of that range would translate into a 4% increase year-over-year. Adjusted EBITDA is also unchanged and is still expected to be between $2.625 billion and $2.725 billion. The midpoint of that range would represent a 5% increase versus 2024. Adjusted operating cash flow is now expected to be between $825 million and $875 million.

我們對 2025 年全年的指導如下。收入指引保持不變，預計仍將在 49.50 億美元至 51 億美元之間。該範圍的中點將轉化為同比增長 4%。調整後的 EBITDA 也保持不變，預計仍將在 26.25 億美元至 27.25 億美元之間。該範圍的中點將比 2024 年增加 5%。調整後的營運現金流目前預計在 8.25 億美元至 8.75 億美元之間。

Moving forward, our strategic priorities remain the same. First, increasing the value of Bausch Health operational assets, which includes innovation as well as continuing to optimize the growth of our portfolio brands across the globe. Second, evaluating all options for unlocking value for shareholders, including maximizing the value of our Bausch Health and Bausch & Lomb assets as well as other initiatives such as share buybacks. And third, continuing to optimize our capital structure.

展望未來，我們的策略重點保持不變。首先，提高博士倫醫療營運資產的價值，包括創新以及持續優化我們在全球範圍內的投資組合品牌的成長。其次，評估所有為股東釋放價值的選擇，包括最大化博士倫和博士倫資產的價值，以及其他舉措，如股票回購。第三，繼續優化資本結構。

In summary, the first four months of 2025 has been a very strong start for Bausch Health on several fronts, whether it is our operating performance in Q1 or the improvements we have made to our capital structure, Bausch Health is in a stronger position now than it was just two months ago.

總而言之，2025 年頭四個月對於博士倫健康來說在多個方面都是一個非常強勁的開端，無論是我們第一季度的經營業績，還是我們對資本結構的改進，博士倫健康現在的地位都比兩個月前更加強大。

I will now hand the call back to Tom for the wrap up.

我現在將把電話交還給湯姆，讓他總結一下。

Thank you, JJ.

謝謝你，JJ。

We have continued to drive growth through innovation and executing with discipline across the business. As we move forward, we remain focused on advancing our strategic priorities to deliver value for all shareholders. With a strong start to the year and a number of positive developments to date, we believe we are well positioned to carry out our momentum throughout 2025 and look forward to sharing our continued progress in the quarters ahead. With that, we will now turn to questions.

我們繼續透過創新和嚴格執行整個業務來推動成長。隨著我們不斷前進，我們將繼續專注於推進我們的策略重點，為所有股東創造價值。憑藉今年強勁的開局和迄今為止的一系列積極進展，我們相信我們已做好準備，在 2025 年繼續保持這一勢頭，並期待在未來幾個季度繼續取得進展。好了，我們現在開始回答問題。

Operator, please open the line for Q&A.

接線員，請開通問答專線。

(Operator Instructions)

（操作員指示）

Leszek Sulewski, Truist Securities.

Leszek Sulewski，Truist Securities。

Good afternoon. Thank you for taking my question. Last quarter, you gave some commentary around tariffs specific to the numbers you've called out. Any sort of updates to that and any impact to transfer pricing across your enterprise.

午安.感謝您回答我的問題。上個季度，您針對您所提到的數字對關稅發表了一些評論。對此有任何更新嗎？以及對整個企業轉移定價有任何影響嗎？

And then as a follow-up, you've called out the $150 million in operating cash flow. It appears most of it is tied to the interest expense. Anything else lumped into that figure? And then kind of how do we think about the cadence for EBITDA margins as you move throughout the remainder of the year?

然後作為後續問題，您提到了 1.5 億美元的營運現金流。看起來其中大部分都與利息支出有關。這個數字還包含其他什麼嗎？那麼，我們該如何看待今年剩餘時間內 EBITDA 利潤率的變化節奏呢？

Thanks, Les, for the question. I'll just take the high level on the tariffs, and then I'll hand it over to JJ to give more specifics.

謝謝萊斯提出這個問題。我只會談論關稅的整體情況，然後我會將主題交給 JJ 來提供更多具體細節。

As we look at it, as you can appreciate, it remains a fluid situation right now, where we see the majority of the impact clearly is our Solta business in China and we're monitoring very closely. Hopefully, as the year progresses, there'll be a negotiation there and the tariff rates will not remain at what they are today.

正如您所看到的，目前情況仍然不穩定，我們看到大部分影響顯然是在中國 Solta 業務，我們正在密切關注。希望隨著時間的推移，雙方能夠進行談判，關稅稅率不會維持在目前的水平。

When we look at it, we have inventory in country, both at our distributor and at our own warehouses. So we're able to minimize some of the impact at least in the short term, clearly, for the first and some of the second quarter. And we'll monitor it accordingly. We also have puts of other levers in place to see what we can do to, of course, offset those tariffs if we need to.

我們發現，我們在國內有庫存，既在我們的經銷商處，也在我們自己的倉庫中。因此，至少在短期內，顯然對於第一季和第二季的部分時間，我們能夠將部分影響降至最低。我們將進行相應監控。我們還採取了其他措施，看看如果需要的話我們能做些什麼來抵消這些關稅。

What I would say is the team has been working really hard on it. As you know, the tariffs today do not impact pharmaceuticals at the present time. And we're also -- the team has been working on that; the finance team has been looking at it quite closely for months now. But the one good thing, of course, we have a regional supply chain, so most of our manufacturing is done in the regions where we operate. But we're, again, continuing to look at it and seeing what other levers we could take should pharmaceutical tariffs come into play.

我想說的是，團隊一直在為此努力。如您所知，今天的關稅目前不會影響藥品。而且我們也——團隊一直在致力於此；財務團隊幾個月來一直在密切關注此事。但當然有一件好事，我們有一個區域供應鏈，所以我們的大部分製造都是在我們經營的地區完成的。但我們仍在繼續研究這個問題，看看如果藥品關稅發揮作用，我們還能採取哪些其他措施。

With that, I'll just pass it over to JJ for further comments.

說完這些，我將把它交給 JJ 來徵求進一步的評論。

Hi, Les. So as Tom mentioned, I think our setup is not significantly exposed to new tariffs. Obviously, that depends on what new government and then the countries decide to do in terms of retaliation. As you may remember, we had indicated no more than $50 million and at that time, the focus was on the flows between the US and Canada and for the pharmaceutical divisions. Obviously, those tariffs are not in place at this point in time.

你好，萊斯。正如湯姆所提到的，我認為我們的設定不會受到新關稅的顯著影響。顯然，這取決於新政府以及各國決定採取何種報復措施。您可能還記得，我們​​曾表示不超過 5000 萬美元，當時的重點是美國和加拿大之間的流動以及製藥部門的流動。顯然，這些關稅目前尚未實施。

The limited exposure that we currently have right now is also a function of the fact that COGS and transfer prices are fairly low as a percent of revenue across our business. The China market, which is basically the most important market that is exposed to retaliation from the China government, is still relatively small in relation to our total revenue profile, it's about $150 million. So that's why, given all puts and takes, we were able to integrate the impact of tariff into our guidance and maintain the outlook for the full year.

我們目前面臨的有限風險也是因為，我們的銷售成本和轉移價格占我們整個業務收入的百分比相當低。中國市場基本上是受到中國政府報復的最重要市場，但相對於我們的總收入而言，其規模仍然相對較小，約為 1.5 億美元。因此，考慮到所有的利弊，我們能夠將關稅的影響納入我們的指導範圍，並維持全年的展望。

For your second question in terms of adjusted operating cash flow, it is a combination of the higher cost of interest, as I indicated in my prepared remarks, it's about an increase of 100 basis points blended. So over, obviously, $15 billion of net debt but that has an impact of only three quarters. And then what is also going into that is the transactional expenses associated with the refinancing. Those are really the two major drivers that are explaining the change in the guidance.

對於您關於調整後經營現金流的第二個問題，它是利息成本增加的結果，正如我在準備好的發言中所指出的，它大約增加了 100 個基點。因此，顯然淨債務超過 150 億美元，但這只影響了三個季度。然後也要考慮再融資相關的交易費用。這實際上是解釋指導變化的兩個主要驅動因素。

And then finally, on phasing of our EBITDA, I would take the phasing that we've had in 2024 as a good proxy for what you should be expecting for 2025.

最後，關於我們 EBITDA 的分階段實施，我會將我們在 2024 年實施的分階段實施作為對 2025 年預期的良好代表。

Well, I'll just one last comment on the tariffs. And as we said and when we look at the guidance, the team is really -- it's working hard to make sure all the investments we're making as this whole tariff situation plays out, the investments we're making and really focusing on our cost structure and making sure that we're investing wisely. So that's part of, as we look at it, how we can offset some of these tariffs as they are today. So really, the team working hard to maximize everything we can and minimize our OpEx.

好吧，我只想對關稅發表最後評論。正如我們所說的，當我們查看指導時，團隊確實在努力確保我們在整個關稅情況下所做的所有投資，我們所做的投資真正關注我們的成本結構，並確保我們明智地進行投資。因此，從我們的角度來看，這就是我們如何抵消目前的部分關稅的一部分。所以實際上，團隊正在努力最大化我們所能做的一切並最小化我們的營運成本。

Great. Thank you for that color.

偉大的。謝謝你的那個顏色。

Douglas Miehm, RBC Capital Markets.

道格拉斯‧米姆 (Douglas Miehm)，加拿大皇家銀行資本市場 (RBC Capital Markets)。

Thank you and good afternoon. First question just has to do with Solta. The growth there remains exceptional, especially in Korea. And I'm just curious as to how long do you think that type of growth rate can be sustained through the next several quarters or the next several years.

謝謝，下午好。第一個問題與 Solta 有關。那裡的成長依然異常強勁，尤其是在韓國。我只是好奇，您認為這種成長率在接下來的幾個季度或幾年內能夠維持多久。

Sure, Doug. Clearly, as I've said many times, I love this business, durable. The model we have, our team has done an exceptional job in terms of being able to have capital equipment and then the consumable. So of course, very durable business for us.

當然，道格。顯然，正如我多次說過的，我熱愛這項事業，經久耐用。就我們擁有的模型而言，我們的團隊在擁有資本設備和消耗品方面做得非常出色。所以這對我們來說當然是一項非常持久的業務。

If we look specifically of Korea, the Korean team has done a great job in 2024 of selling in capital equipment. And therefore, we're seeing the benefits of that, of course, we had very strong growth last year, and that growth has continued into the first quarter. And clearly, having a large installed base in Korea and then driving the capital, the consumable side of the business has attributed to the growth that you see in the first quarter.

如果我們特別關注韓國，韓國隊在 2024 年的資本設備銷售方面做得非常出色。因此，我們看到了這樣做的好處，當然，去年我們的成長非常強勁，而且這種成長一直持續到第一季。顯然，在韓國擁有龐大的安裝基礎並推動資本，業務的消耗方面已歸因於第一季的成長。

So what I would say is we have high expectations of our Korean business going forward, but you should see that coming down because the consumables that are going in the first quarter and some into the second quarter is the installed base that was put in, in 2024, and that was being picked up in probably the second or third quarter -- fourth quarter of the prior year. So you should see it come down, but still good growth for us.

因此我想說的是，我們對韓國業務的未來寄予厚望，但你應該會看到這一數字下降，因為第一季度和第二季度投入的消耗品是 2024 年投入的安裝基數，而這些基數可能是在第二季度或第三季度——也就是上一年的第四季度——開始回升的。因此，你應該會看到它下降，但對我們來說仍然是良好的成長。

And then of course, China continues to perform. The growth was 30%, another strong quarter. Consumer demand in China despite a lot of the issues, of course, with the tariffs. As we discussed earlier, consumer demand is still there. And given the segmentation of the market and consumers who use this product are resilient in terms of what is taking place economically. So we're really very pleased with the growth in China.

當然，中國繼續表現出色。成長率達到 30%，又是一個強勁的季度。儘管存在許多問題，當然包括關稅問題，但中國的消費需求仍然強勁。正如我們之前討論的，消費者需求仍然存在。鑑於市場的細分，使用該產品的消費者對於經濟情勢的變化具有很強的適應能力。因此，我們對中國市場的成長感到非常高興。

And then lastly, the US growth grew by 9%. We talked about the US both the EMEA growth and then Canada as well. And then, of course, the launching of FLX is going to drive growth further. And then as I said in my prepared remarks, getting Canada FLX approved in Canada is a big win for us, and we see good growth there coming in the future. So the Solta business performing very nicely for us in the first quarter, and we're very happy with it.

最後，美國經濟成長了 9%。我們討論了美國、歐洲、中東和非洲地區以及加拿大的成長。當然，FLX 的推出將進一步推動成長。正如我在準備好的演講中所說，獲得 Canada FLX 在加拿大的批准對我們來說是一個巨大的勝利，我們預計未來那裡將會出現良好的成長。因此，Solta 業務在第一季表現非常出色，我們對此非常滿意。

Excellent. And then just as a follow-up question. I'm curious a little bit about Xifaxan. Any comment you can give us on your thoughts around the IRA impact in 2027. And then can you confirm that the IP for Xifaxan is held in Ireland or Europe? And then when you talk about regional manufacturing, I just want to know if for Xifaxan, if you're talking about North America as a region or distinctly the US And I'll leave it there.

出色的。然後只是作為一個後續問題。我對 Xifaxan 有點好奇。您可以就 2027 年 IRA 的影響向我們發表任何評論嗎？那麼您能否確認 Xifaxan 的智慧財產權在愛爾蘭或歐洲？然後，當您談到區域製造業時，我只想知道對於 Xifaxan 來說，您談論的是北美地區還是美國，我就不多說了。

Sure. Of course, we talked about Xifaxan the prepared remarks, had another great quarter for us, 8% revenue growth, well balanced on four on price, four on volume. In my prepared remarks, one of the things that we really are tracking is new to brand, 59,000 new to brand in the quarter. So happy with the performance that we've had.

當然。當然，我們在準備好的發言中談到了 Xifaxan，對我們來說，這又是一個偉大的季度，收入增長了 8%，價格增長了 4%，銷量增長了 4%。在我準備好的發言中，我們真正追蹤的事情之一是新品牌，本季有 59,000 個新品牌。我們對我們的表現非常滿意。

What I would say is the IRA negotiations is in the early stages. We've already had one meeting with them in person, Too early to determine what the outcome will be, but we are working collaboratively to discuss what the impact will be and with CMS.

我想說的是，愛爾蘭共和軍談判目前處於早期階段。我們已經與他們舉行過一次面對面的會議，現在判斷結果還為時過早，但我們正在與 CMS 合作討論其影響。

On the question on IP, JJ will take that.

關於 IP 的問題，JJ 將回答。

Yes. The IP is only in the US and licensed to our principal company in Ireland.

是的。該知識產權僅在美國，並授權給我們在愛爾蘭的主要公司。

Yes. And then your last question on manufacturing. So when I say regional, so most of our manufacturing for Latin America is done in Latin America, Mexico, and Colombia. When we look at our European business, most of the manufacturing is done by either CMOs or manufacturing facilities in Poland. And then when we look at -- when we come to the Canadian business, a good part of our manufacturing is in our Laval facility for our derm business. So when I talk regionally, I'd say in most of those places, the consumption is where those plants are in those regions.

是的。然後是關於製造業的最後一個問題。所以當我說區域性時，意味著我們在拉丁美洲的大部分製造業務都是在拉丁美洲、墨西哥和哥倫比亞完成的。當我們審視我們的歐洲業務時，大部分的製造都是由波蘭的 CMO 或製造工廠完成。然後，當我們談到加拿大業務時，我們發現我們的皮膚病業務很大一部分製造業務都在我們的拉瓦爾工廠進行。因此，當我從區域角度談論時，我會說在大多數地方，消費就發生在這些植物所在的地方。

Mike Nedelcovych, TD Cowen.

邁克·內德爾科維奇 (Mike Nedelcovych)，TD Cowen。

Hi, thank you for the question. And a quick follow-up. My first question is if we end up in a recession either in the US or globally, what elements of your business do you think are most at risk? And what elements do you think are most resilient. My second question relates to Red-C.

你好，謝謝你的提問。並進行快速跟進。我的第一個問題是，如果美國或全球陷入經濟衰退，您認為您的業務中哪些環節面臨的風險最大？您認為哪些元素最有彈性。我的第二個問題與 Red-C 有關。

I'm curious in the current state of affairs, do you have a sense of whether and what level of off-label prescription of Xifaxan for cohort HE may already be ongoing. And how much of a risk might that be commercially if you were to launch a novel product that would otherwise occupy that niche.

我很好奇目前的情況，您是否知道針對 HE 患者的 Xifaxan 的說明書外處方是否已經存在，以及存在何種程度的處方。如果你要推出一款佔據該市場地位的新產品，那麼從商業角度來看，這會帶來多大的風險？

And then my quick follow-up is on the Xifaxan manufacturing and supply chain. You mentioned various territories, but I don't believe you mentioned in the US Is US Xifaxan and manufactured in the US? Or is it imported?

然後我要快速跟進的是 Xifaxan 製造和供應鏈。您提到了各個地區，但我不相信您提到了美國 Xifaxan 是美國製造的嗎？還是進口的？

Yes, Mike, I'll take those questions, and I hand a few off to JJ to add some more color.

是的，麥克，我會回答這些問題，我會將其中幾個問題交給 JJ 來補充一些內容。

When we look at our business, it's pretty resilient in terms of from a recession perspective. When we look around the world, we look at our business in the US pretty tough for me to comment, but our product portfolio in the US is much needed by our patients. So it's pretty resilient in terms of that from a pharmaceutical perspective.

當我們審視我們的業務時，從經濟衰退的角度來看，它具有相當的彈性。當我們放眼全球時，我們會發現我們在美國的業務對我來說很難評論，但我們在美國的產品組合是我們的患者非常需要的。因此從製藥角度來看，它具有相當強的彈性。

If you then look and you go outside the United States, it's the same. Most of our business, as you know, we have a branded generic business, mostly in Eastern Europe and in Latin America, and that's very resilient, too. And if you look at what we're able to deliver high-quality products at a good cost for the patient.

如果你再看看美國以外的地方，情況也是一樣的。如您所知，我們的大部分業務是品牌仿製藥業務，主要在東歐和拉丁美洲，而且這些業務也非常有彈性。如果你看看我們能夠以合理的價格為患者提供高品質的產品。

So I would say -- and then if you look at the Solta business, where the Solta business is positioned and who was using those products, it is resilient. Even as I mentioned earlier about in China, the population or the consumer base that's using it is a little bit more economic resilience as opposed to other products that are there. So tough to comment on what's going to happen, but I think we're probably in pretty good shape. I believe we are.

所以我想說——如果你看看 Solta 業務，看看 Solta 業務的定位以及誰在使用這些產品，它具有彈性。正如我之前提到的，在中國，與其它產品相比，使用它的人口或消費者群體具有更強的經濟韌性。很難評論接下來會發生什麼，但我認為我們的情況可能相當不錯。我相信是的。

RED-C, in terms of overall, what I would say this is I can't comment on off-label use. But what I can say is, I said this in my prepared remarks, the SSD formula is very different drug than Xifaxan. It works differently and it impacts patients in different ways. So when we look at this new formula, is quite different. Of course, the dosing is different, and therefore, we think we have a great opportunity here.

RED-C，就總體而言，我想說的是，我無法評論標籤外使用。但我可以說的是，我在準備好的演講中說過，SSD 配方與 Xifaxan 是非常不同的藥物。它的作用方式不同，對患者的影響也不同。因此，當我們審視這個新公式時，會發現它完全不同。當然，劑量是不同的，因此，我們認為我們在這裡有很大的機會。

When we look at the patient population of, I said it in my prepared remarks, what I think the size of this is, and we look at it globally, if we look at the amount of cirrhotic patients there are in the world today, you're probably looking at over 30 million patients who are cirrhotic today. So as we look at this, we get closer to the data. As I said earlier, we've put together a team, a launch team and we're really excited of what we can do for patients in this indication.

當我們查看患者群體時，我在準備好的發言中說過，我認為這個群體的規模是多大，如果我們從全球範圍來看，如果我們查看當今世界上的肝硬化患者數量，那麼您可能會發現當今有超過 3000 萬肝硬化患者。因此，當我們觀察這一點時，我們就能更接近數據。正如我之前所說，我們已經組建了一個團隊，一個啟動團隊，我們對能夠為這種適應症的患者所做的事情感到非常興奮。

And clearly, when we look at what our primary endpoint is and our secondary endpoint of all-cause mortality and all-cause hospitalizations, this can be a really nice franchise for us. In terms of your last part of the question was Xifaxan manufacturing. I'll hand this to JJ, of course, as I think you know, Xifaxan is manufactured in Canada, but I can pass it to him for more color on that.

顯然，當我們查看我們的主要終點和全因死亡率和全因住院率的次要終點時，這對我們來說是一個非常好的特許經營權。關於您問題的最後一部分，涉及 Xifaxan 製造。當然，我會把它交給 JJ，因為我想你知道，Xifaxan 是在加拿大製造的，但我可以把它交給他以獲得更多關於它的資訊。

Yes. So the country revision for the API is Italy, given that it's a single-API product. The country virgin on the label is also Italy, but manufacturing is coming from Canada. So for US customer purposes, it's really treated as an Italian import.

是的。因此，鑑於它是單一 API 產品，API 的國家修訂版是義大利。標籤上的原產國也是義大利，但製造地點是加拿大。因此對於美國客戶來說，它實際上被視為義大利進口產品。

Jason Gerberry, Bank of America.

美國銀行的 Jason Gerberry。

Hey, guys. Thanks for taking my question. Just on Solta and the revenue sourcing into China. I know you make the consumables in the US, How easy is it, I mean we know drugs are hard and multiple years to shift manufacturing around. With something like consumables, is that something you can kind of move manufacturing around to be locally sourced, insulated if there's a protracted tariff situation with China.

嘿，大家好。感謝您回答我的問題。僅討論 Solta 和來自中國的收入來源。我知道你們在美國生產消耗品，這有多容易，我的意思是我們知道藥品很難生產，而且需要數年時間才能轉移生產。對於消耗品之類的產品，你可以將生產轉移到當地採購，這樣如果與中國出現長期的關稅問題，就可以避免受到影響。

And then second question is just on your EBITDA, ex BL Co of 576. I think you mentioned some one-time items. Can you quantify what those are? And then I guess just lastly, how does share buybacks sort of rank order in the pecking order with like net debt reduction over the next few years in terms of the capital allocation priority, I think this is the first quarter you, guys, have talked about buybacks within the capital allocation prioritization.

第二個問題是關於您的 EBITDA，不包括 BL Co 576。我認為您提到了一些一次性物品。你能量化這些是什麼嗎？最後我想問一下，就資本配置優先順序而言，股票回購在未來幾年的優先順序與淨債務減少的優先順序如何？我認為這是你們第一次在資本配置優先順序中討論股票回購。

Yes. So Jason, I'll take a few of those questions, and I'll hand it over to JJ. I'll take the stock buyback question first, and then JJ can talk about it. But with the stock price of $5.25, we're looking at all options. As I said in my prepared remarks, we believe the stock is undervalued. But he can talk about more. But clearly, as a management team, putting all options on the table and looking at it carefully.

是的。所以 Jason，我會回答其中幾個問題，然後把麥克風交給 JJ。我先回答股票回購的問題，然後 JJ 再談談。但由於股價為 5.25 美元，我們正在考慮所有選擇。正如我在準備好的發言中所說，我們認為該股票被低估了。但他還可以談更多。但顯然，作為管理團隊，我們要把所有選擇都擺在桌面上，仔細研究。

What I would say -- let's just go back to Solta China. Right now, we do all our manufacturing in Bothell, Washington, both for our capital equipment and the consumables. Difficult in the short term to be able to move manufacturing, but as we have been looking at various things in terms of business development, even prior to the tariff issue, this was one of the things that we were always looking at when we're trying to expand our business in China.

我想說的是——讓我們回到 Solta China。目前，我們所有的製造業務都在華盛頓州博塞爾進行，包括資本設備和消耗品。短期內轉移製造業很困難，但我們一直在關注業務發展方面的各種事情，甚至在關稅問題之前，這也是我們試圖擴大在中國的業務時一直在關注的事情之一。

That could be something that we would look to do, not easy to do in the short term, but something we could look and certainly, when we're looking at candidates of possible business development, this was one piece of it. So good question. When you look at how difficult it is to make a tip and a consumable, it's difficult, very precise. We have a great manufacturing team in Bothell, Washington. So it's it would be tough to move it, given how technical it is, but something that has been and being looked at on the radar screen.

這可能是我們想要做的事情，雖然短期內不容易做到，但我們可以考慮，當然，當我們尋找可能的業務發展候選人時，這是其中的一部分。這個問題問得真好。當你看到製造一個尖端和消耗品有多麼困難時，你會發現它非常困難，而且非常精確。我們在華盛頓州博塞爾擁有一支優秀的製造團隊。因此，考慮到它的技術性，移動它會很困難，但它已經並且正在受到關注。

With that, I'll pass it over to JJ for your second part of your question regarding EBITDA and maybe more color on the share buyback.

說完這些，我將把問題的第二部分交給 JJ，關於 EBITDA 以及股票回購的更多細節。

Yes. The one-time items are mostly associated with really three drivers. Number one is timing of expenses. Some of the expenses were anticipated are really to happen more in Q1 and happen in other quarters. And then we typically have some adjustments to our gross to net that don't have a recurring impact. The way I would think about our performance in the first quarter from an EBITDA perspective is really things that is very similar to the kind of guidance we provided on a full-year basis if you were to normalize it.

是的。一次性物品大多與三個驅動因素有關。第一是支出的時間安排。預計的一些支出實際上將在第一季和其他季度更多地發生。然後，我們通常會對總額和淨額進行一些調整，這些調整不會產生經常性影響。從 EBITDA 角度來看，我認為我們第一季的業績與我們在全年基礎上提供的指導非常相似（如果將其正常化的話）。

On the share buybacks, the capital allocation strategy remains the same. Number one is to get the capital structure consistent with our portfolio, post-FX then consider any reinvestment in the business. and only after that to consider return to shareholders, which can take many forms, including share buybacks.

在股票回購方面，資本配置策略維持不變。第一步是使資本結構與我們的投資組合保持一致，然後考慮對業務進行任何再投資。在此之後才考慮向股東回報，回報可以採取多種形式，包括股票回購。

As Tom indicated, when the stock is lingering at it really forces us to really think through, again, this prioritization logic, which is really the main focus absent any exceptional circumstances. We do believe that the stock is not trading where it needs to be from an interesting value perspective. And so therefore, if there are opportunities to create value for shareholders, then we'll take a look at that.

正如湯姆所指出的，當股票價格徘徊在某個水平時，它確實迫使我們再次認真思考這種優先邏輯，這才是在沒有任何特殊情況的情況下真正關注的重點。我們確實認為，從有趣的價值角度來看，該股票的交易價格並未達到應有的水準。因此，如果有機會為股東創造價值，我們會考慮。

Michael Freeman, Raymond James.

麥可弗里曼、雷蒙詹姆斯。

Hi, Tom, JJ, Garen. Thanks very much for taking my question. I wonder if you could talk about the debt refinancing broadly. And talk maybe go a little deeper on the additional flexibility that this offers you? And just specifically, I wonder if you could describe the quantum of your Belco stake that today is not pledged against any debt instrument. And then I'll have a follow-up.

嗨，湯姆、JJ、加倫。非常感謝您回答我的問題。我想知道您是否可以廣泛地談論債務再融資。是否可以更深入地討論一下這為您提供的額外靈活性？具體來說，我想知道您是否可以描述一下您在 Belco 持有的股份數量，這些股份目前沒有抵押給任何債務工具。然後我會跟進。

Yes. So Michael, I'll have JJ take most of it. What I would just say is, and JJ said it in his prepared remarks, the team worked extremely hard on doing this refinancing, $7.9 billion, give us really a runway here. And clearly JJ can talk to of what the options are. But clearly, investing back in the business is one of them. The business development team has been working hard, and there were many things that we screen and look at. But clearly, the finance team and the legal team being able to get this done has really given us a nice runway for future investments in the business or other things we might want to do.

是的。所以邁克爾，我會讓 JJ 承擔大部分。我只想說，正如 JJ 在他的準備好的發言中所說，團隊為完成這次 79 億美元的再融資付出了極大的努力，這確實為我們提供了一條跑道。顯然，JJ 可以談論有哪些選擇。但顯然，重新投資業務是其中之一。業務開發團隊一直在努力工作，我們篩選和審查了很多事情。但顯然，財務團隊和法律團隊能夠完成這項工作，為我們未來對業務或其他可能想要做的事情的投資提供了良好的基礎。

But I'll pass it over to JJ to talk more specifically about it.

但我會把它交給 JJ 來更具體地談論它。

Hi, Michael. The $7.9 billion, so if you really focus really on the $7.4 billion because $500 million is the revolving credit facility. We declare out most of our maturities between now and the end of 2027. There's about $1.2 billion, $1.3 billion left. And then we have another $4.3 billion still outstanding in 2028. So if you add those two together, you come to roughly $5.6 billion of maturities between now and the end of 2028.

你好，麥可。79 億美元，所以如果你真的關注 74 億美元，因為 5 億美元是循環信貸額度。從現在到 2027 年底，我們將宣布大部分到期債務。還剩下約12億美元、13億美元。到 2028 年，我們仍有 43 億美元未償還。因此，如果將這兩者加在一起，那麼從現在到 2028 年底，到期債務總額約為 56 億美元。

The focus is on extending the runway to include all the maturities up to the end of 2028. A good proportion of that $5.6 billion will be handled through free cash flow being generated between now and the end of 2028. We also have about $1 billion of cash on hand which will allow us to take out some of those other maturities.

重點是延長跑道，以涵蓋截至 2028 年底的所有到期債務。這 56 億美元中的很大一部分將透過現在到 2028 年底產生的自由現金流來處理。我們手頭上還有大約 10 億美元現金，可以讓我們提取部分其他到期債務。

So it leaves about, I would say, $1.6 billion of additional refinancing that we have to execute. As you know, are the refinancing that we just closed a couple of weeks ago provides this upsizing capability either picking the same collateral package that is associated with the $7.4 billion with a combination of the restricted group and additional BLCO shares or to do a drop down inside of the restricted group and then really only lose those assets as collateral.

因此，我認為我們需要執行約 16 億美元的額外再融資。如您所知，我們幾週前剛完成的再融資是否提供了這種擴大規模的能力，要么選擇與 74 億美元相關的相同抵押品組合，包括限制組和額外的 BLCO 股份，要么在限制組內部進行下拉，然後實際上只損失那些資產作為抵押品。

The consideration is really between those two options, timing and cost of capital to really decide what's the best options for us. There are a couple of debt instruments that might be available later in the year for foreign exchange or could be subject of this refinancing. But this is clearly still on the table and an opportunity for us to continue to clear out the maturities between now and 2028.

我們實際上需要在這兩個選項之間進行考慮，即時機和資本成本，以真正決定哪個選項對我們來說是最好的。有幾種債務工具可能在今年稍後可用於外匯兌換或成為此再融資的對象。但這顯然仍在考慮之中，也是我們繼續清理現在至 2028 年之間到期債務的一個機會。

In terms of BLCO shares that are unencumbered, 35.5% or less if we were to use one of the two options to upsize the $7.4 billion transaction an additional 7.5% would have to be pledged, which would leave 28% or about 100 million shares give or take, that would be unencumbered that could be used either for monetization for raising some new debt. And obviously, the proceeds could be allocated to whatever use we see fit at that time, including reinvestment in business.

就未受限制的 BLCO 股份而言，如果我們使用兩種選擇中的一種來增加 74 億美元的交易，則為 35.5% 或更少，另外還必須質押 7.5%，這將剩下 28% 或約 1 億股，這些股份將是未受限制的，可用於貨幣化或籌集一些新債務。顯然，所得收益可以分配給我們當時認為合適的任何用途，包括對業務的再投資。

Michael, you had a follow-up?

邁克爾，你有後續行動嗎？

Yes. There was an April 22 press release on discussing the filing of a proxy supplement, supplement to the proxy statement. I wonder if you could describe provide, I guess, more insight into the supplement and describe the status of your shareholder rights plan.

是的。4 月 22 日發布了新聞稿，討論提交代理補充文件、代理聲明補充文件。我想知道您是否可以提供更多關於補充資料的見解並描述您的股東權利計劃的狀況。

Yes, sure. Michael, I can take that. So I'll start with the shareholder rights plan first. We adopted a shareholder rights plan really to help ensure that all shareholders are treated fairly and equally in connection with any unsolicited takeover bid or any other acquisition of control. So we believe the plan is in the best interest of the company and the shareholders.

是的，當然。邁克爾，我可以接受。因此，我將首先從股東權利計劃開始。我們採用股東權利計畫確實有助於確保所有股東在任何未經請求的收購要約或任何其他控制權收購中得到公平和平等的對待。因此我們相信該計劃符合公司和股東的最佳利益。

As we talk about the proxy filing, what I would say is I don't want to comment specifically on it. I mean I think everything was laid out pretty much in the press release. But as you saw, we believe some of the issues that were laid out in the press release and then how the stock responded afterwards demonstrated people see value in Bausch Health.

當我們談論代理申請時，我想說的是，我不想對此發表具體評論。我的意思是，我認為新聞稿中已經詳細闡述了一切。但正如您所看到的，我們相信新聞稿中列出的一些問題以及隨後股票的反應表明人們看到了博士倫健康的價值。

Okay. I think, operator, that was the last question.

好的。接線員，我想這是最後一個問題。

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

現在我想將電話轉回給湯姆·阿皮奧 (Tom Appio) 做最後演講。

Okay. Well, thank you, everyone, for joining the call today and for your questions, really appreciate all the questions and your continued interest in and support of the company. As I said, we delivered our eighth consecutive of year-over-year growth of revenue and adjusted EBITDA. And this team is highly motivated to continue to deliver a strong performance in 2025.

好的。好吧，謝謝大家今天的電話會議和提問，非常感謝大家提出的所有問題以及對公司的持續關注和支持。正如我所說，我們的收入和調整後 EBITDA 連續第八年同比增長。這支球隊充滿鬥志，決心在 2025 年繼續取得優異成績。

We're committed to delivering against our strategic priorities as I discussed and remaining focused on unlocking value growth and innovation with the commitment to evaluate all the options to unlock the value of our shares. It wouldn't have been possible to have this type of performance in the first quarter and the momentum we had from 2024. So I want to thank all of our employees globally for their commitment and dedication to driving our company forward and delivering on our objectives.

正如我所討論的，我們致力於實現我們的策略重點，並繼續專注於釋放價值成長和創新，並致力於評估釋放我們股票價值的所有選擇。我們不可能在第一季取得這樣的表現，也不可能在 2024 年取得這樣的勢頭。因此，我要感謝我們全球所有的員工，感謝他們的承諾和奉獻，推動公司向前發展，實現我們的目標。

Thank you, all, for joining, and have a good evening.

謝謝大家的參與，祝大家晚上愉快。

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，大家可以斷開連線了。感謝您的參與。