Bausch Health Companies Inc (BHC) 2025 Q2 法說會逐字稿

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

歡迎參加博士倫健康 2025 年第一季（原文如此 - 第二季）收益電話會議。（操作員指示）請注意，本次會議正在錄音。

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

現在，我將會議交給我們的主持人、博士倫投資者關係部 Garen Sarafian。你可以開始了。

Good afternoon and welcome to Bausch Health's second-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 年第二季財報電話會議。參加今天電話會議的有 Bausch Health 執行長 Thomas Appio 和財務長 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局提交的文件，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's Investor Relations website.

我們使用非公認會計準則財務指標來幫助投資者了解我們的營運績效。非公認會計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指標的對帳表，這些附錄可在 Bausch Health 的投資者關係網站上找到。

Finally, the financial guidance in this presentation is effective as of today only. We do not undertake any obligation to update guidance. Our discussion today, Wednesday, July 30, will focus on Bausch Health excluding Bausch + Lomb. However, we will briefly comment on Bausch + Lomb's 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（7 月 30 日，星期三）的討論將集中在博士倫 (Bausch + Lomb) 以外的博士倫健康 (Bausch Health)。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年比比較。

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

說完這些，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.

謝謝你，加倫，歡迎大家參加我們今天的財報電話會議。

In the second quarter, Bausch Health, excluding Bausch + Lomb, continued to perform strongly, delivering our ninth consecutive quarter of revenue and adjusted EBITDA growth. I am proud of the great work by our team, especially as we navigate a more uncertain macro environment. Let me take a moment to share a few highlights from the quarter.

第二季度，博士倫以外的博士倫醫療集團繼續表現強勁，連續第九個季度實現收入和調整後 EBITDA 成長。我為我們團隊的出色工作感到自豪，特別是在我們應對更不確定的宏觀環境時。請允許我花點時間分享本季的一些亮點。

We delivered year-over-year revenue growth of 5% on both a reported and organic basis, leading to 10% adjusted EBITDA growth for Bausch Health, excluding Bausch + Lomb, driven by double-digit revenue growth in Salix, Solta, EMEA, and Canada.

我們實現了報告收入和有機收入年增 5%，導致博士倫 (Bausch + Lomb) 的調整後 EBITDA 增長 10%，這得益於 Salix、Solta、EMEA 和加拿大的兩位數收入增長。

We continued to resolve legacy matters in the quarter. We announced after the quarter that we entered into an agreement to acquire DURECT Corporation, which, if all closing conditions are satisfied and the acquisition closes, will enable Bausch Health to use its hepatology expertise to develop DURECT main treatment for alcohol hepatitis. Therefore, we are reaffirming our full year 2025 guidance for revenue, adjusted EBITDA, and adjusted cash flow from operations.

本季我們繼續解決遺留問題。我們在本季結束後宣布，我們已達成收購 DURECT 公司的協議，如果所有成交條件都得到滿足且收購完成，博士倫健康將能夠利用其肝病學專業知識開發 DURECT 酒精性肝炎的主要治療方法。因此，我們重申 2025 年全年收入、調整後 EBITDA 和調整後經營現金流的指引。

The second quarter was another strong quarter of performance where we made progress against our strategic priorities. First is unlocking value. As a reminder, we completed a $7.9 billion debt refinancing on April 8, which extends our maturities with the options for additional proceeds in the future. We remain active in our efforts to improve our capital structure and are currently evaluating opportunities to take advantage of strong market conditions to address selected upcoming maturities.

第二季度又是一個業績強勁的季度，我們在策略重點方面取得了進展。首先是釋放價值。提醒一下，我們在 4 月 8 日完成了 79 億美元的債務再融資，這延長了我們的期限，並可選擇在未來獲得額外收益。我們仍在積極努力改善我們的資本結構，目前正在評估利用強勁的市場條件來應對即將到期的特定債務的機會。

Just this past week, we announced actions to reduce debt maturing in 2026 and pay down our accounts receivable facility to reduce high interest debt and improve our capital structure. Unlocking value is a key focus, and we are evaluating every option to maximize returns for our stakeholders.

就在上週，我們宣布採取行動減少 2026 年到期的債務並償還應收帳款，以減少高利率債務並改善我們的資本結構。釋放價值是我們的重點，我們正在評估每一種選擇，以最大限度地為我們的利害關係人帶來回報。

Next is growth. The second quarter was an excellent quarter of growth for Bausch Health. We achieved 5% top line revenue growth, then leveraged it to 10% bottom line adjusted EBITDA growth with nine consecutive quarters of year-over-year top line and adjusted EBITDA growth for Bausch Health excluding Bausch + Lomb. The diversity of our core businesses across segments and geographies demonstrates both our resilience and momentum.

接下來是成長。第二季度是博士倫健康公司實現出色成長的一個季度。我們實現了 5% 的營業收入成長，然後將其轉化為 10% 的調整後 EBITDA 成長，博士倫 (Bausch + Lomb) 以外的博士倫 (Bausch Health) 連續九個季度實現營業收入和調整後 EBITDA 同比增長。我們核心業務在不同領域和地區的多樣性體現了我們的韌性和發展動力。

Revenue for our Salix and Solta segments, as well as EMEA and Canada regions with an international group double digit. Segment profit for Solta and Salix also grew double digits. The second quarter was our sixth consecutive quarter of top line organic growth in our Salix business, where our segment profit increased 21%.

我們的 Salix 和 Solta 部門以及 EMEA 和加拿大地區的收入均實現了兩位數成長。Solta 和 Salix 的分部利潤也實現了兩位數成長。第二季是我們 Salix 業務連續第六個季度實現有機成長，該業務部門利潤成長了 21%。

Salix grew by 12% on both a reported and organic basis versus the prior-year period driven by Xifaxan's 10% growth in the quarter. Growth came across both indications: overt hepatic encephalopathy, OHE; and IBSD and multiple channel segments, retail and non-retail.

Salix 的報告和有機成長均比去年同期成長了 12%，這得益於 Xifaxan 本季 10% 的成長。成長涵蓋兩種適應症：明顯的肝性腦病變 (OHE)；IBSD 和多個管道細分，包括零售和非零售。

67,000 new patient starts were initiated in the second quarter, up 8% versus the prior year. Growth was driven by increased OHE media investment, as well as sales force focusing on driving new patient starts as we continue to innovate using our customer insight engine. Given the incredibly high success rate and adherence that we have seen with this AI-based platform, we are beginning to leverage these capabilities for Relistor to further support sales initiatives.

第二季新入院患者 67,000 人，較上年同期成長 8%。成長的動力來自 OHE 媒體投資的增加，以及銷售人員專注於推動新患者的開始，因為我們繼續使用我們的客戶洞察引擎進行創新。鑑於我們看到的這個基於人工智慧的平台的極高的成功率和堅持率，我們開始利用 Relistor 的這些功能來進一步支持銷售計劃。

Solta's strong double-digit growth driven by South Korea repeated this quarter, and while growth in China temporarily softened due to tariff-related headwinds in April and May, we remain confident in our ability to grow in these core markets.

Solta 本季在韓國的推動下再次實現了強勁的兩位數成長，儘管 4 月和 5 月中國市場的成長因關稅相關不利因素而暫時放緩，但我們仍然對在這些核心市場的成長能力充滿信心。

We also had another quarter of growth in Canada, the United States, and EMEA. In June 2025, we started shipments of our next-generation Fraxel after US launched in this past April. These are positive indicators that point to Solta's growth opportunities beyond the Asia Pacific region, and we continue to invest behind additional growth opportunities in this business.

我們在加拿大、美國和歐洲、中東和非洲地區也實現了另一個季度的成長。繼今年 4 月在美國推出後，我們於 2025 年 6 月開始出貨下一代 Fraxel。這些都是正面的指標，顯示 Solta 在亞太地區以外還有成長機會，我們將繼續投資於該業務的更多成長機會。

Within the international segment, our EMEA business sustained its ongoing trend of organic growth with 6% in the second quarter, marking the region's 10th consecutive quarter of organic growth. It is a broad footprint and diversified portfolio with no single drug accounting for double-digit share of net revenue, minimizing the concentration risk and reinforcing the appeal of this business.

在國際領域，我們的 EMEA 業務在第二季度保持了持續的有機成長趨勢，成長了 6%，這是該地區連續第 10 個季度實現有機成長。該公司的業務範圍廣泛，產品組合多樣化，沒有一種藥物佔據淨收入的兩位數份額，從而最大限度地降低了集中風險並增強了該業務的吸引力。

In Canada, our team is executing against our plans for each promoted product offering alongside the many growth initiatives we have in place across the portfolio, yielding solid results. CABTREO's launch in Canada has been successful as we continue to broaden patient access with the goal to position CABTREO as the leading acne treatment in Canada. Ryaltris, another promoted product, has gained steady traction since its 2023 launch in the Canadian market.

在加拿大，我們的團隊正在執行針對每種促銷產品的計劃以及我們在整個產品組合中實施的多項成長舉措，並取得了切實的成果。CABTREO 在加拿大的推出取得了成功，我們繼續擴大患者的治療範圍，目標是將 CABTREO 定位為加拿大領先的痤瘡治療藥物。另一款推廣產品 Ryaltris 自 2023 年在加拿大市場推出以來，一直保持著穩定的成長動能。

Now turning to innovation, we continue to focus on advancing opportunities for pipeline expansion. We are making progress internally as we assess partnerships and licensing opportunities that can offer a reasonable probability of success on multiple fronts.

現在談到創新，我們繼續專注於推進管道擴張的機會。我們在評估合作夥伴關係和許可機會方面取得了內部進展，這些機會可以在多個方面提供合理的成功機率。

In EMEA, we announced a strategic partnership this June with YUN NV, a recognized leader in microbiome skincare solutions. This collaboration has the potential to reshape the skincare landscape, starting with the expected launch of YUN's probiotic-based products for acne-prone skin to the Polish market later this year. Leveraging our broad footprint and seasoned sales force, this partnership will focus on bringing new probiotherapy solutions utilizing good bacteria for a variety of indications, including acne, fungus, atopic eczema, and baby skin care.

在歐洲、中東和非洲地區，我們今年 6 月宣布與微生物組護膚解決方案領域公認的領導者 YUN NV 建立策略合作夥伴關係。此次合作有可能重塑護膚品市場格局，首先是 YUN 預計將於今年稍晚在波蘭市場推出針對易長痤瘡肌膚的益生菌產品。利用我們廣泛的業務範圍和經驗豐富的銷售隊伍，此次合作將專注於利用有益細菌為各種症狀（包括痤瘡、真菌、特應性濕疹和嬰兒皮膚護理）帶來新的益生菌治療解決方案。

These microbiome skincare solutions use live probiotics to help restore the skin's natural microbiome balance, offering a modern science-driven approach to managing acne prone skin.

這些微生物組護膚解決方案使用活性益生菌來幫助恢復皮膚的天然微生物組平衡，為管理易長痤瘡的皮膚提供了一種現代科學驅動的方法。

As we shared last quarter, we launched our cardio metabolic brands in Latin America in June, which, in addition to our current portfolio line, now includes two new brands. As a reminder, the cardio metabolic market is one of the fastest growing therapy areas in the Mexican pharmaceutical market, and we are excited to be able to participate in such a high growth area.

正如我們上個季度所分享的，我們於 6 月在拉丁美洲推出了我們的有氧代謝品牌，除了我們現有的產品組合之外，現在還包括兩個新品牌。提醒一下，心臟代謝市場是墨西哥醫藥市場成長最快的治療領域之一，我們很高興能夠參與如此高成長的領域。

Now turning to our internal product pipeline, we remain on track with our two global Phase 3 studies for RED-C, our amorphous solid soluble dispersion, SSD Rifaximin complex, and we expect to see initial data readouts by early 2026. As a reminder, this program is centered on a solid, soluble dispersion Rifaximin complex in unique patented non-crystalline water-soluble form that enables delivery throughout the entire gastrointestinal tract. Amorphous SSD Rifaximin is being studied in patients with cirrhosis prior to their first decompensation event from any form of liver disease.

現在轉向我們的內部產品線，我們仍在按計劃進行針對 RED-C（我們的無定形固體可溶分散體、SSD 利福昔明複合物）的兩項全球 3 期研究，我們預計將在 2026 年初看到初步數據讀數。提醒一下，該計劃以獨特的專利非結晶水溶性固體可溶分散利福昔明複合物為中心，可輸送至整個胃腸道。無定形 SSD 利福昔明正在對肝硬化患者進行研究，這些患者尚未因任何形式的肝病而首次出現失代償事件。

This product, if approved, has the potential to offer this patient population a therapy to slow disease progression and provide a meaningful clinical benefit. We look forward to sharing further updates in early 2026. A successful outcome may position us to address a significant unmet need in hepatology and to bring a novel therapy to cirrhotic patients on a global scale.

如果獲得批准，該產品有可能為該患者群體提供減緩疾病進展的治療方法並提供有意義的臨床益處。我們期待在 2026 年初分享更多更新。成功的結果可能使我們能夠解決肝病學領域尚未滿足的重大需求，並為全球範圍內的肝硬化患者帶來新的治療方法。

I want to touch on our recently announced definitive agreement to acquire DURECT Corporation. The agreement remains subject to the satisfaction of certain conditions, including a majority of the outstanding shares of DURECT being tendered in the tender offer that we intend to commence shortly. Through this proposed acquisition, we intend to advance the development and commercialization of DURECT 's lead pipeline candidate, Larsucosterol, an FDA breakthrough therapy designation asset targeting alcohol hepatitis, AH.

我想談談我們最近宣布的收購 DURECT 公司的最終協議。該協議仍需滿足某些條件，包括我們打算很快開始的要約收購中投標 DURECT 的大部分流通股。透過此次擬議的收購，我們打算推進 DURECT 領先候選藥物 Larsucosterol 的開發和商業化，Larsucosterol 是 FDA 針對酒精性肝炎 (AH) 的突破性治療指定資產。

There is currently no Food and Drug Administration or European Medicine Agency approval treatment for AH and novel therapeutic strategies are needed to improve patient survival. Assuming all conditions are met, including the successful completion of the tender offer, we anticipate closing the deal in the third quarter of 2025. As such, we are limited in what we can share at this time. I look forward to sharing more information regarding this transaction following the closing.

目前，尚無美國食品藥物管理局或歐洲藥品管理局批准的 AH 治療方法，需要新的治療策略來提高患者的存活率。假設所有條件都已滿足，包括成功完成要約收購，我們預計將在 2025 年第三季完成交易。因此，我們目前能夠分享的內容有限。我期待在交易結束後分享更多有關此次交易的資訊。

I want to thank our business development team who has worked incredibly hard on this transaction. We are committed to intensifying our focus and rigor behind R&D and business development. This announcement demonstrates our commitment to hepatology and finding new ways to address unmet medical needs.

我要感謝我們的業務開發團隊，他們為這筆交易付出了巨大的努力。我們致力於加強對研發和業務發展的關注和嚴謹性。這項聲明表明了我們對肝病學的承諾以及尋找解決未滿足的醫療需求的新方法。

Lastly, turning to legal matters, year to date, we have settled 9 more opt-out cases. Of the 37 cases, there are now 11 remaining. We continue to vigorously defend the remaining claims.

最後，談到法律問題，今年迄今為止，我們又解決了 9 起退出案件。37例中，目前還剩下11例。我們將繼續大力捍衛剩餘的索賠。

Regarding the Granite Trust matter, I am very pleased to announce that near the end of the second quarter, we received communication from the Internal Revenue Service that the case has officially concluded, consistent with the view we have communicated on prior calls. There will not be any negative cash flow as a result.

關於 Granite Trust 一事，我很高興地宣布，在第二季末，我們收到了美國國稅局的通知，稱該案件已正式結案，這與我們在之前的電話中表達的觀點一致。因此不會出現任何負現金流。

In summary, it was another strong quarter. I remain confident in our ability to execute on our strategic priorities focused on delivering tangible results. We strive for operational excellence throughout our company which will maximize long-term shareholder value.

總而言之，這又是一個強勁的季度。我對我們執行策略重點並取得實際成果的能力充滿信心。我們致力於整個公司實現卓越運營，以最大限度地提高長期股東價值。

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

說完這些，我將交給 JJ 更詳細地討論財務結果。

Thank you, Tom. Let's first review quickly our consolidated performance in more detail, starting with our non-GAAP financial results for the second quarter, which you will find starting on page 13.

謝謝你，湯姆。讓我們先快速詳細地回顧一下我們的綜合業績，從第二季的非 GAAP 財務結果開始，您可以從第 13 頁開始找到。

Revenue was $2,530 million, up 5% on a reported basis and 4% on an organic basis compared to the same period a year ago. Adjusted gross margin was 70.6%, 30 basis points lower year over year. Adjusted operating expenses were $1,016 million, an increase of $61 million compared to the same period last year. Adjusted EBITDA was $871 million, an increase of $45 million or 5% year over year. Finally, adjusted operating cash flow was $442 million.

營收為 25.3 億美元，與去年同期相比，報告成長 5%，有機成長 4%。調整後毛利率為70.6%，較去年同期下降30個基點。調整後的營運費用為10.16億美元，較去年同期增加6,100萬美元。調整後的 EBITDA 為 8.71 億美元，年增 4,500 萬美元，增幅 5%。最後，調整後的營運現金流為4.42億美元。

Moving now to the performance of Bausch Health, excluding Bausch + Lomb for the second quarter starting on page 15. Q2 was undoubtedly another quarter of strong performance. Nine quarters in a row of growth for revenue and adjusted EBITDA is outstanding, particularly when acknowledging that this was realized on an organic basis without any material business development or acquisition in the last three years.

現在來看看博士倫公司（Bausch + Lomb）第二季的業績，從第 15 頁開始。第二季無疑是另一個表現強勁的季度。收入和調整後 EBITDA 連續九個季度成長非常出色，尤其是考慮到這是在有機基礎上實現的，過去三年中沒有任何實質性的業務發展或收購。

Revenue was $1,252 million, up 5% when compared to the second quarter of 2024. Adjusted EBITDA was $676 million, up 10%, demonstrating the continued commitment to driving operating leverage through positive segment mix and tight cost management. Adjusted operating cash flow of $355 million was up 34% versus the second quarter of 2024 due to our double-digit adjusted EBITDA growth combined with the favorable timing of cash interest payments.

營收為 12.52 億美元，與 2024 年第二季相比成長 5%。調整後的 EBITDA 為 6.76 億美元，成長 10%，顯示公司繼續致力於透過積極的細分市場組合和嚴格的成本管理來推動營運槓桿。調整後的營運現金流為 3.55 億美元，較 2024 年第二季成長 34%，這得益於我們兩位數的調整後 EBITDA 成長以及有利的現金利息支付時機。

On cash taxes, as we stated repeatedly during our prior quarter earnings calls, the conclusion of the Granite Trust matter would not be associated with any negative outflow in the future. I am happy to confirm that there were none in the first half of 2025.

關於現金稅，正如我們在上一季度財報電話會議上反覆指出的那樣，Granite Trust 事件的結束不會與未來的任何負流出相關。我很高興地確認，2025 年上半年沒有發生過這類事件。

Moving now to our second-quarter performance by segment, starting with Salix on page 16. Salix revenues were $627 million, an increase of $69 million or 12% compared to the same period last year. Our strong performance was primarily due to favorable net pricing across all three major brands, namely Xifaxan, Relistor, and Trulance.

現在來看看我們第二季各部門的業績表現，先從第 16 頁的 Salix 開始。Salix 的營收為 6.27 億美元，與去年同期相比增加了 6,900 萬美元，增幅為 12%。我們的強勁業績主要歸功於三大品牌 Xifaxan、Relistor 和 Trulance 的有利淨定價。

Separately, Xifaxan had another strong volume performance, with retail scripts up 6% and new scripts up 7%. Extended units also grew 7% and includes non-retail settings such as hospitals and outpatient clinics which grew double digits.

另外，Xifaxan 的銷售表現同樣強勁，零售處方量成長 6%，新處方量成長 7%。擴展單位也成長了 7%，其中包括醫院和門診診所等非零售場所，成長幅度達到兩位數。

Revenues for the international segments were $278 million, an increase of 1% compared to the second quarter of last year. The revenue in the second quarter was (technical difficulty) again driven by our promoted products portfolio which grew 12%.

國際部門的營收為 2.78 億美元，比去年第二季成長 1%。第二季的營收（技術難度）再次受到我們推廣的產品組合的推動，成長了 12%。

EMEA achieved an impressive milestone of 10 consecutive quarters of organic growth across the region, led by its top three markets: Poland, Serbia, and Russia.

歐洲、中東和非洲地區實現了連續 10 個季度的有機成長，這是一個令人印象深刻的里程碑，其中最大的三個市場是波蘭、塞爾維亞和俄羅斯。

Finally, LATAM's softer performance was a result of the ongoing macroeconomic challenges in the region, as well as some partial channel destocking.

最後，LATAM 業績疲軟是該地區持續的宏觀經濟挑戰以及部分管道去庫存的結果。

Now moving to page 18 for a review of our Solta medical segments. Revenues were $128 million, an increase of 25% on a reported basis, and 26% on an organic basis compared to the same period last year. Solta's performance continues to be fueled primarily by South Korea and to a lesser extent this quarter, China.

現在翻到第 18 頁回顧我們的 Solta 醫療部門。營收為 1.28 億美元，與去年同期相比，報告成長 25%，有機成長 26%。Solta 的業績繼續主要受到韓國的推動，本季其次是中國。

South Korea once again outperformed expectations, resulting in 115% organic revenue growth year over year. China grew more modestly at 4% this quarter, mostly due to channel inventory reduction. The timing of our shipments from our plant in Buffalo, Washington, to China was managed to minimize the impact of tariffs on US imports in April and May.

韓國再次超出預期，有機收入較去年同期成長115%。本季中國市場的增幅較為溫和，僅 4%，主要原因是通路庫存減少。我們從華盛頓州布法羅工廠向中國發貨的時間表是為了盡量減少 4 月和 5 月關稅對美國進口產品的影響。

Finally, special mention goes to our double-digit growth of Solta in the US and Canada following our increased promotional efforts in these two regions.

最後，特別值得一提的是，隨著我們加強在美國和加拿大地區的推廣力度，Solta 在美國和加拿大實現了兩位數的成長。

Turning now our focus to our diversified segment, which you will find on page 19. Revenues were $219 million, a decrease of 13% compared to the same period a year ago. The decrease of our revenue was driven by both the neurology and dermatology businesses which had benefited in 2024 from one-time pricing adjustments and unexpected demand for Cardizem from the Department of Defense due to generic supplier stock outs. After adjusting for these non-recurring elements, our diversified segment was ahead of expectation thanks to strong world (inaudible) performance and outstanding RX growth for CABTREO.

現在我們將重點轉向多元化領域，您可以在第 19 頁找到。營收為 2.19 億美元，與去年同期相比下降了 13%。我們收入的下降是由神經病學和皮膚病學業務造成的，這兩個業務在 2024 年受益於一次性價格調整以及由於仿製藥供應商缺貨導致國防部對 Cardizem 的意外需求。在調整這些非經常性因素後，由於強勁的全球（聽不清楚）表現和 CABTRE0 出色的 RX 成長，我們的多元化部門超出了預期。

Finally, Bausch + Lomb revenue were $1.3 billion, up 5% on a reported basis, and 3% on an organic basis compared to the same period last year.

最後，博士倫的營收為 13 億美元，與去年同期相比，報告基礎上成長 5%，有機成長 3%。

Now turning our focus to our balance sheet starting on page 22. Our strong operational cash flow generation was largely offset by outflows associated with the $7.9 billion refinancing we closed on April 8. This resulted to our net debt remaining flat during the quarter.

現在將我們的注意力轉向從第 22 頁開始的資產負債表。我們強勁的營運現金流產生很大程度上被 4 月 8 日完成的 79 億美元再融資相關的資金流出所抵消。這導致我們的淨債務在本季保持不變。

While gross debt stands approximately at $16.1 billion, our cash on hand at the end of Q2 has now increased to almost $1.5 billion. This is allowing us to actively reduce the negative carrier associated with our cash on hand without jeopardizing our financial flexibility for the future.

雖然總債務約為 161 億美元，但我們第二季末的現金已增加到近 15 億美元。這使我們能夠積極減少與手頭現金相關的負面載體，而不會危及我們未來的財務靈活性。

As we announced earlier this week, about $900 million of available liquidity will be used in the coming weeks to repay some of our most expensive debts, namely our [9.25] 2026 notes and our accounts receivables facility. This will still leave us with almost $600 million of cash on hand for general business purposes, including reinvestment in the business, business development related payments, and working capital needs.

正如我們本週早些時候宣布的那樣，未來幾週將使用約 9 億美元的可用流動資金來償還我們的一些最昂貴的債務，即我們的 [9.25] 2026 年票據和應收帳款融資。這仍將使我們手頭上有近 6 億美元現金可用於一般業務用途，包括業務再投資、業務發展相關付款和營運資金需求。

Separately, given the current strength of the financial markets, we will be exploring options to push out some of our 2028 maturities either through our April 2025 financing agreements or other means.

另外，鑑於目前金融市場的強勁勢頭，我們將探討透過 2025 年 4 月的融資協議或其他方式延長部分 2028 年到期債券的方案。

Let me now move to our full year guidance before wrapping up with our strategic priorities for the back half of the year, which you will find on page 24. We are reaffirming our full year 2025 guidance for Bausch Health excluding Bausch + Lomb, which remains as follows.

現在，讓我先介紹一下我們的全年指導，然後再總結一下我們下半年的策略重點，您可以在第 24 頁找到。我們重申對博士倫以外的博士倫 2025 年全年業績指引，其內容保持不變。

Revenue is expected to be between $4,950 million and $5,100 million. The midpoint of that range translates to a 4% increase year over year. Our adjusted EBITDA outlook is also unchanged and is still expected to be between $2,625 million and $2,725 million. The midpoint of that range would represent a 5% increase versus 2024. Adjusted operating cash flow is still expected to be between $825 million and $875 million.

預計收入在 49.5 億美元至 51 億美元之間。該範圍的中點相當於年增 4%。我們調整後的 EBITDA 預期也沒有變化，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%。調整後的經營現金流預計仍將在 8.25 億美元至 8.75 億美元之間。

In summary, we had an outstanding first six months and remain on track for achieving our full year objectives. All strategic priorities remain the same. First, increasing the value of Bausch Health's operational assets through innovation, optimizing the growth of our portfolio brands across the globe, as well as pursuing opportunities to build further our portfolio of assets through business development.

總而言之，我們前六個月表現出色，仍有望實現全年目標。所有策略重點保持不變。首先，透過創新提高博士倫醫療的營運資產價值，優化我們在全球範圍內的投資組合品牌的成長，並尋求透過業務發展進一步擴大我們的資產組合的機會。

Second, evaluating all options for unlocking value for all stakeholders, including maximizing the value of our Bausch Health and Bausch + Lomb assets.

其次，評估為所有利害關係人釋放價值的所有選項，包括最大化我們的博士倫和博士倫資產的價值。

And third, continuing to optimize our capital structure. As we indicated earlier, we have already identified specific opportunities to reduce the net cost of capital of our debt over the next couple of months.

第三，繼續優化資本結構。正如我們先前指出的，我們已經確定了未來幾個月降低債務淨資本成本的具體機會。

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進行總結。

Thank you, JJ. Before we turn over for questions, I want to thank the entire Bausch Health Global team for their hard work and dedication, helping us to deliver another strong quarter, building our momentum through the first half of 2025, and positioning us well to continue executing against our strategic priorities for the remainder of the year. We remain confident in the growth opportunities ahead of us and our ability to deliver value for our stakeholders.

謝謝你，JJ。在我們開始提問之前，我要感謝整個 Bausch Health Global 團隊的辛勤工作和奉獻精神，幫助我們又創造了一個強勁的季度，為 2025 年上半年積聚了發展勢頭，並為我們在今年剩餘時間內繼續執行我們的戰略重點做好了準備。我們對未來的成長機會以及為利害關係人創造價值的能力充滿信心。

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

好了，我們現在開始回答問題。接線員，請打開問答線。

(Operator Instructions) Jason Gerberry, Bank of America.

（操作員指示）美國銀行 Jason Gerberry。

Just wanted to follow up, so I think some of the commentary on capital deployment, I didn't hear buybacks so I think you guys did mention share buybacks or something of potential interest in 1Q. So I'm just kind of curious that's still something possibly being contemplated? And then on the DTC efforts with Xifaxan, is this -- can you just confirm, is this mainly on the IBS side?

只是想跟進一下，所以我認為一些關於資本配置的評論，我沒有聽到回購，所以我認為你們確實提到了股票回購或第一季可能感興趣的事情。所以我只是有點好奇這是否仍在考慮中？那麼關於與 Xifaxan 合作的 DTC 努力，您能否確認，這主要在 IBS 方面嗎？

My recollection is the growth outlook was perhaps more robust on the IBS side, whereas AT market share had kind of hit a ceiling. So maybe if you just kind of confirm sort of the outlook there on the DTC side.

我記得 IBS 方面的成長前景可能更為強勁，而 AT 市佔率則已達到上限。因此，也許您只是確認一下 DTC 方面的前景。

Sure, okay, so I think we'll take the question on the share repurchase first. I'll hand that to JJ.

當然，好的，我想我們先來回答有關股票回購的問題。我會把它交給 JJ。

So our capitalization strategy remains the same. The first is to really delever the business. Second is to reinvest in the business. And then if there's any surplus return capital to shareholders in different forms, and a share buyback could be one of those forms.

因此我們的資本化策略保持不變。一是真正實現業務去槓桿。第二是對業務進行再投資。然後，如果有任何盈餘，則以不同的形式向股東返還資本，股票回購可能是其中一種形式。

We did mention that as a possibility last quarter just because the stock price was so depressed and so therefore when there are exceptional circumstances, there's always, I think the obligation to review the priority list and see if there's any opportunity to do a program limited in size.

我們確實在上個季度提到過這種可能性，因為股價非常低迷，因此當出現特殊情況時，我認為總是有義務審查優先事項列表，看看是否有機會執行規模有限的計劃。

Since then, a number of things have changed. We've decided to reinvest in the business as evidenced by the DURECT deal that we've just announced, and so therefore, while we continue to evaluate the possibility, it has gone back to the backburner.

自那時起，許多事情發生了變化。我們已決定對該業務進行重新投資，正如我們剛剛宣布的 DURECT 交易所所證明的那樣，因此，雖然我們繼續評估這種可能性，但它已被擱置。

Yeah, Jason, I'll take the second part of your question regarding Salix and Xifaxan. So the investment that we're making is in OHE DTC. In the past we have had DTC campaigns for IBSD, but right now our focus is growing OHE and that's -- we have had broad growth on both indications, but we are focusing on our OHE indication and investing heavily behind it.

是的，傑森，我將回答你關於 Salix 和 Xifaxan 的問題的第二部分。所以我們所做的投資是在 OHE DTC。過去，我們曾針對 IBSD 開展過 DTC 活動，但現在我們的重點是發展 OHE，也就是說——我們在兩個適應症上都取得了廣泛的增長，但我們專注於 OHE 適應症並大力投資。

I think when we look at the quarter and the 10% growth, we're getting a really nice growth in the volume side at 6% and a little bit on the price side at 3%. So again, driving volume, if you look at the TRX growth in the quarter, it's 6%. You look at the non-retail, it's 18%, and total extended units is 7%.

我認為，當我們看這個季度和 10% 的成長時，我們在銷量方面取得了非常好的成長，達到了 6%，在價格方面也取得了 3% 的小幅成長。因此，再次強調，如果您查看本季的 TRX 成長情況，您會發現其成長了 6%。你看非零售部分，佔 18%，總擴充單位佔 7%。

With total new to brand, as I said in my prepared remarks, 8% growth and 67,000 new patients starts. So our OHE business is growing very nicely and clearly, as I've talked about in prior conference calls, our engine that we are using to drive our customers inside engine now is reaching heights of 90% adherence, so our focus continues to be investment in our field force in the tools that they have, and of course, the DTC investments as well.

正如我在準備好的演講中所說，該品牌的新客戶總數增加了 8%，新增了 67,000 名患者。因此，我們的 OHE 業務成長非常順利和明顯，正如我在先前的電話會議中提到的那樣，我們用來推動客戶內部引擎的引擎現在已達到 90% 的依從性，因此我們的重點仍然是投資於我們現場團隊擁有的工具，當然還有 DTC 投資。

Operator, next question.

接線員，下一個問題。

(Operator Instructions) Umer Raffat, Evercore ISI.

（操作員指示）Umer Raffat，Evercore ISI。

Hi, guys, a couple of questions on the rifaximin franchise, if I may. First, the SSD trials, I wanted to confirm that lactulose background therapy is in fact allowed. And secondly, I also wanted to confirm the population you're using is in fact inadequate responders to lactulose in the primary prevention setting. And then finally, have you guys considered or debated internally the possibility of a Xifaxan OTC? Thank you.

大家好，如果可以的話，我想問幾個關於利福昔明特許經營權的問題。首先，對於 SSD 試驗，我想確認乳果糖背景療法確實是允許的。其次，我還想確認您所使用的人群實際上在一級預防環境中對乳果糖的反應不足。最後，你們是否考慮過或在內部討論過 Xifaxan OTC 的可能性？謝謝。

Thank you for the question regarding rifaximin. So I think that when we -- again, when we look at what we're trying to achieve here, this is a prevention trial and what I have to -- when we look at it and the population that we can treat, just level set, the size of the opportunity and then I can talk specifically about what your question was.

感謝您提出有關利福昔明的問題。所以我認為，當我們——再一次，當我們看看我們在這裡試圖實現的目標時，這是一項預防試驗，我必須——當我們看看它和我們可以治療的人群時，只是設定水平，機會的大小，然後我就可以具體談談你的問題是什麼。

4.5 million patients in the US suffer from chronic liver disease and/or cirrhosis, 2.5 million are adults with cirrhosis. So if we take a look and then split it out, when we look Xifaxan today where we are, we're looking at a patient population of about 650,000 patients. On the SSD side, we're looking at 1.9 million patients, so we see this as a great opportunity to expand our franchise.

美國有 450 萬名患者患有慢性肝病和/或肝硬化，其中 250 萬是患有肝硬化的成年人。因此，如果我們看一下然後將其分開，當我們今天查看 Xifaxan 時，我們看到的患者群體約為 650,000 名患者。在 SSD 方面，我們正在關注 190 萬名患者，因此我們認為這是擴大特許經營權的絕佳機會。

I'll take the second part of your question. Have we considered the possibility of Xifaxan OTC? It's a good question. I have not really considered it at this time. When we look specifically to your question of wanting to know the combination of lactulose, I'll have to get back to you on specifically how that was run on in the trial with lactulose, but that would be something the team can follow up with after this call.

我將回答你問題的第二部分。我們是否考慮過 Xifaxan OTC 的可能性？這是個好問題。我目前還沒有真正考慮過這個問題。當我們具體了解您想知道乳果糖組合的問題時，我必須具體向您介紹在乳果糖試驗中是如何進行的，但這將是團隊在這次通話後可以跟進的事情。

Operator, next question.

接線員，下一個問題。

(Operator Instructions) Doug Miehm, RBC Capital Markets.

（操作員指示）Doug Miehm，RBC Capital Markets。

Yeah, good afternoon, my question, just first one just has to do with Xifaxan. Maybe you could provide any details as you think about them about potential IRA headwinds in 2027?

是的，下午好，我的問題，第一個問題與 Xifaxan 有關。也許您可以提供一些關於 2027 年 IRA 可能面臨的阻力的詳細資訊？

And then the second one just has to do with -- maybe you touched on this a little bit, the discrepancy between revenue growth and prescription growth both for Relistor and Trulance. Thanks very much.

然後第二個問題與——也許你稍微提到了這一點，即 Relistor 和 Trulance 的收入成長和處方成長之間的差異。非常感謝。

Thanks, Doug, for the question. Yeah, I'll touch upon the first one in terms of Xifaxan and details in the IRA. As you know, Xifaxan was selected for the negotiation, and those negotiations are ongoing. Right now, it's scheduled to conclude in October of 2025 and CMS is expected to announce the final price by November of 2025.

謝謝道格提出這個問題。是的，我將就 Xifaxan 和 IRA 中的細節談第一個問題。如您所知，Xifaxan 已被選中參與談判，並且談判仍在進行中。目前，該協議預計於 2025 年 10 月結束，CMS 預計將於 2025 年 11 月公佈最終價格。

As we're going through the process, multiple meetings, we have an outstanding market access team monitoring the situation. Right now, we have the next meeting set for the coming months and we'll see how the negotiation goes. But clearly as we look at it, we're working hard on it and presenting our case. As we always said, Xifaxan today has a huge savings in the burden of the government payers, especially in the hospital setting. So we think that it continues to reduce hospitalization costs and creates a large savings to the healthcare system today.

當我們進行這個過程、召開多次會議時，我們有一個優秀的市場准入團隊監控情況。目前，我們已經確定下次會議將於未來幾個月舉行，我們將關注談判進展。但顯然，正如我們所看到的，我們正在努力工作並提出我們的主張。正如我們一直所說的那樣，Xifaxan 如今大大減輕了政府付款人的負擔，尤其是在醫院環境中。因此我們認為它將繼續降低住院費用並為當今的醫療保健系統節省大量資金。

The discrepancies between revenue and the prescription growth for Relistor and Trulance, on the Relistor side, we now have a new leader in place and we're continuing to look for ways to grow that franchise. We have grown in the second quarter and we're really seeing some really nice trends there. And then on the Trulance side, the product continues to perform. As we look at it, the challenge on the Trulance side is always from a gross to net standpoint.

Relistor 和 Trulance 的收入與處方成長之間的差異，在 Relistor 方面，我們現在有了一位新的領導者，我們正在繼續尋找擴大該特許經營權的方法。我們在第二季度實現了成長，並且確實看到了一些非常好的趨勢。然後在 Trulance 方面，該產品繼續表現良好。我們認為，Trulance 方面的挑戰始終是從總量到淨值的角度。

JJ, you want to add anything to that?

JJ，你想補充什麼嗎？

Hi, Doug. Yes, for the three brands, we've got some favorability on gross net with some accruals that were released in the quarter, so that really explains the large discrepancy between the revenue performance of Trulance and Relistor and the script or the volume behavior in the quarter.

你好，道格。是的，對於這三個品牌，我們對本季發布的一些應計項目的總淨利潤有一定的信心，這確實解釋了 Trulance 和 Relistor 的收入表現與本季度的腳本或銷售行為之間的巨大差異。

Doug, you have another question?

道格，你還有其他問題嗎？

Well, yeah, I did want to just ask on DURECT. Is there any additional information you can provide on that? It looks like an interesting acquisition given that you may be the only approved product if the results work out and you get approval, of course. Is there anything you want to add to the opportunity there?

嗯，是的，我確實想在 DURECT 上詢問。能提供其他相關資訊嗎？這看起來是一次有趣的收購，因為如果結果成功並獲得批准，您可能是唯一獲得批准的產品。還有什麼想補充的嗎？

Yeah, so as you said, it's a very interesting opportunity. We're very pleased, as you know, with our announcement, we intend to commence a tender offer shortly, so I'm limited as to what I can say. But assuming we successfully close the acquisition, I'm really looking forward to providing further detail on the thinking and the underlying science behind this acquisition.

是的，正如你所說，這是一個非常有趣的機會。如您所知，我們非常高興地宣布，我們打算很快開始要約收購，所以我能說的有限。但假設我們成功完成收購，我真的很期待提供更多有關此次收購背後的想法和基礎科學的細節。

As we've talked about already on the call in terms of Xifaxan and hepatology and OHE and the opportunities to address this patient population, we are a hepatology company. We have really strong expertise in this area from the R&D side and also from the commercial side. So I'm really looking forward to providing more on the science after the deal closes.

正如我們在電話會議上討論過的關於 Xifaxan、肝病學和 OHE 以及解決這一患者群體問題的機會，我們是一家肝病學公司。我們在該領域的研發和商業方面都擁有非常強大的專業知識。因此，我非常期待在交易結束後提供更多有關科學的資訊。

Mike Nedelcovych, TD Cowen.

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

Hi, thank you for the questions. I have two. My first is on the DURECT asset. It looks like Larsucosterol missed its primary survival endpoint in Phase 2b, though there was a positive trend. So what gives you the confidence that data will improve rather than worsen in a larger Phase 3 trial? And on a related note, the press release suggests that only one Phase 3 trial will be required. Am I understanding that correctly?

你好，謝謝你的提問。我有兩個。我的第一個是關於 DURECT 資產。儘管有積極的趨勢，但 Larsucosterol 似乎未能達到 2b 期的主要生存終點。那麼，是什麼讓您有信心在更大規模的 3 期試驗中數據會改善而不是惡化呢？相關消息稱，新聞稿顯示只需要進行一次第三階段試驗。我的理解正確嗎？

And then my second question relates to the rifaximin SSD. Although not approved for primary prevention, there are some studies that suggest Xifaxan could be effective in that setting, and so far, it's not totally clear that rifaximin SSD offers any differentiation. So it's seen the risk of off-label generic rifaximin use for primary prevention might be relatively high. So my question, given this possibility, is whether you've considered running a head-to-head trial between the two formulations?

我的第二個問題與利福昔明 SSD 有關。儘管 Xifaxan 尚未被批准用於第一級預防，但一些研究表明 Xifaxan 可能在該情況下有效，而且到目前為止，尚不完全清楚利福昔明 SSD 是否具有任何區分作用。因此，使用非說明書通用的利福昔明進行一級預防的風險可能相對較高。因此，我的問題是，考慮到這種可能性，您是否考慮過對這兩種配方進行面對面的試驗？

Thank you.

謝謝。

Yeah, Mike, thanks for the question. On the DURECT, there's, as I said on the previous question, I'm limited to what I can speak about at this time. Yes, you are correct in terms of the trial that they ran, but it was a very slight miss on the primary endpoint. As I said previously, our R&D team has -- we are an expert in hepatology, and we believe that this is a very interesting asset for us. So I'm looking forward in the future to providing the science behind it and yes, there's confidence in running one Phase 3 trial at the present time.

是的，麥克，謝謝你的提問。關於 DURECT，正如我在上一個問題中所說的那樣，我目前能談論的內容有限。是的，就他們進行的試驗而言，您說得對，但與主要終點相比，差距非常小。正如我之前所說，我們的研發團隊是肝病學專家，我們相信這對我們來說是一項非常有趣的資產。因此，我期待著將來能夠提供背後的科學依據，是的，目前我們有信心進行一項第三階段試驗。

On the second question, we are -- the SSD formula is quite different. The dosage is quite different, and the way it acts in the gut is quite different. So with this new formula, we believe this is the product to use for prevention. And we are not at this time running plans to run any head-to-head trials.

關於第二個問題，我們－SSD 公式完全不同。劑量有很大差異，其在腸道中的作用方式也有很大差異。因此，有了這個新配方，我們相信這是可用於預防的產品。目前我們還沒有計劃進行任何面對面的試驗。

Operator, next question.

接線員，下一個問題。

Umer Raffat, Evercore ISI.

Umer Raffat，Evercore ISI。

Thanks for the follow-up. I just wanted to touch back, touch base again on some of the IRA points you made. I know the negotiations are ongoing, but just to level set and prepare the Street, would you agree that some of the price points we saw for the 2026 drugs, which were anywhere between 40% and 80% and generally about a 60% cut median, is probably the zip code we're talking as Xifaxan makes progress through this?

感謝您的跟進。我只是想再次回顧您提出的一些 IRA 觀點。我知道談判仍在進行中，但只是為了平衡和讓華爾街做好準備，您是否同意，我們看到的 2026 年藥品的一些價格點（降幅在 40% 到 80% 之間，一般約為 60% 的中位數）可能是我們在 Xifaxan 取得進展時談論的郵政編碼？

Or would you rather point us to some of the emerging feedback that the ongoing negotiations are more in -- [HHS] is being much more aggressive than previously? I just want to make sure we're all prepared for this.

或者您想向我們指出一些新出現的回饋，即正在進行的談判更加積極——[HHS] 比以前更加積極？我只是想確保我們都為此做好了準備。

Yes, Umer, thanks for the follow-up question. Yeah, I'll just touch on it briefly in terms of the negotiation, and then I'll hand it over to JJ. As we look at this, and in these negotiations, we did not believe we should have been on the list to begin with. So if you look at some of the criteria, where we were, and so as we go through this negotiation and speaking to CMS, and what our points would be and the savings already to the healthcare system, what I would say is, our team is evaluating multiple levers here as we look to see what we can do as we get to the end and get to a price that you would be the discount that we have to give.

是的，Umer，感謝您的後續提問。是的，我將簡單談一下談判方面的問題，然後我會把它交給 JJ。當我們審視這一點以及在這些談判中時，我們並不認為我們一開始就應該被列入名單。因此，如果您查看一些標準，看看我們當時的情況，以及當我們進行談判並與 CMS 交談時，我們的觀點是什麼以及已經為醫療保健系統節省的費用，我想說的是，我們的團隊正在評估這裡的多個槓桿，看看我們最終能做些什麼，並獲得一個我們必須給予的折扣價格。

So looking at our various options and many levers and turning over every stone to make sure that we try to minimize the impact. JJ?

因此，我們會考慮各種選擇和多種手段，並竭盡全力確保將影響降到最低。JJ？

So the way you're looking at it is accurate, but relies on a big assumption as to how the drug is classified, whether it's a long-term monopoly or a short-term monopoly, then the regulations will drive a certain level of percentage, minimum and maximum, that will be applied to really the gross revenue.

因此，您的看法是正確的，但依賴對藥品如何分類的一個很大的假設，無論是長期壟斷還是短期壟斷，那麼法規將推動一定程度的百分比、最低和最高水平，這將真正適用於總收入。

So you have to look at the size of the business that goes through basically Medicare Part D, how the drug is going to be classified. As we said repeatedly, those discussions are ongoing. And then, as Tom alluded to, once you have an understanding of the baseline, then there are a number of strategies we can deploy to offset the potential impact associated with the increase in the rebate level.

因此，你必須了解基本上透過醫療保險 D 部分的業務規模，以及藥物如何分類。正如我們一再說過的，這些討論仍在進行中。然後，正如湯姆所提到的，一旦你了解了基線，那麼我們就可以部署多種策略來抵消與回扣水平增加相關的潛在影響。

So once all those variables settle, we'll be in a better position to really communicate to the market. What's going to be the one coming back in 2027.

因此，一旦所有這些變數都穩定下來，我們將能夠更好地與市場進行溝通。2027 年回歸的會是哪一部？

That's very helpful, JJ. Thank you.

這非常有幫助，JJ。謝謝。

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

謝謝，問答環節已經結束。現在我將把電話轉給湯姆·阿皮奧 (Tom Appio) 作結束語。

Thank you for joining the call today and for your continued interest and support of the company. We remain committed to executing against our strategic priorities and focus on unlocking value and driving sustainable growth and advancing innovation across our portfolio. We appreciate your ongoing engagement and look forward to sharing further updates on the progress in the quarters ahead.

感謝您今天的參加電話會議以及您對公司的持續關注和支持。我們將繼續致力於執行我們的策略重點，並專注於釋放價值、推動永續成長和推動我們整個投資組合的創新。我們感謝您的持續參與，並期待在未來幾季分享有關進展的進一步更新。

Thank you and have a good evening.

謝謝您，祝您晚上愉快。

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

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。