Bausch Health Companies Inc (BHC) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Bausch Health third-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加博士倫健康公司2025年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

It's now my pleasure to turn the call over to your host, Garen Sarafian, Vice President, Investor Relations. Garen, please go ahead.

現在我很高興將電話交給主持人，投資人關係副總裁加倫·薩拉菲安。蓋倫，請繼續。

Good afternoon, and welcome to Bausch Health's third-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公司2025年第三季財報電話會議。參加今天電話會議的有博士倫健康執行長 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. Our actual results may vary materially from those expressed or implied in our forward-looking statements, and you should not place undue reliance on any forward-looking statements.

在開始之前，我想提醒各位，我們今天的演示包含前瞻性資訊。請您花點時間閱讀本簡報頁面開頭的“前瞻性聲明免責聲明”，因為它包含重要資訊。我們的實際結果可能與前瞻性聲明中明示或暗示的結果有重大差異，您不應過度依賴任何前瞻性聲明。

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. Those documents, including the full cautionary statements are also available on Bausch Health's Investor Relations website.

請參閱我們向美國證券交易委員會提交的文件以及向加拿大證券監管機構提交的文件，其中列出了一些可能導致我們的實際業績與預期業績有重大差異的風險因素。這些文件，包括完整的警示聲明，也可在博士倫健康公司的投資者關係網站上查閱。

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GAAP財務指標來幫助投資者了解我們的經營績效。非公認會計準則財務指標可能與其他公司使用的類似名稱的指標不具可比性，應與依照公認會計準則計算的指標一起考慮，但不能取代後者。您可以在隨附本簡報的附錄中找到我們歷史非GAAP指標的調節表，這些附錄可在博士倫健康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, October 29, 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截至今日有效。我們不承擔更新指南的任何義務。我們今天（10 月 29 日，星期三）的討論將集中在博士倫健康（Bausch Health）上，不包括博士倫（Bausch + Lomb）。不過，我們將簡要地評論一下博士倫今天上午公佈的業績。除非另有說明，否則我們將採用與去年同期相比的同比數據。

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

接下來，我想把電話交給我們的執行長湯姆·阿皮奧。湯姆？

Thank you, Garen, and welcome to everyone joining our earnings call today. In the third quarter, Bausch Health, excluding Bausch + Lomb, delivered our 10th consecutive quarter of revenue and adjusted EBITDA growth, consistent with our strong performance this year.

謝謝蓋倫，也歡迎各位參加我們今天的財報電話會議。第三季度，除了博士倫外，博士倫健康實現連續第十個季度營收和調整後 EBITDA 成長，與我們今年的強勁業績相符。

Our teams continue to execute with discipline and focus, driving operational and financial momentum across the business. I will start by providing some highlights from our third quarter results. In the third quarter, Bausch Health, excluding Bausch + Lomb delivered year-over-year revenue growth of 7% on a reported basis and 5% on an organic basis. We achieved 7% adjusted EBITDA growth for Bausch Health, excluding Bausch + Lomb, which included an $81 million charge to acquire R&D. Excluding this charge, our adjusted EBITDA grew 18%.

我們的團隊繼續以嚴謹的態度和專注的精神執行工作，推動公司營運和財務方面的成長。首先，我將介紹我們第三季業績的一些亮點。第三季度，不包括博士倫在內的博士健康業務按報告數據計算年增 7%，以有機成長計算年增 5%。除了博士倫外，博士健康調整後 EBITDA 成長 7%，其中包括收購研發部門的 8,100 萬美元費用。剔除此項費用後，我們的調整後 EBITDA 成長了 18%。

We reduced our debt by approximately $600 million using cash on hand and as a result of our strong performance in the first nine months of the year, we are raising full year guidance for revenue, adjusted EBITDA and adjusted cash flow from operations for Bausch Health, excluding Bausch + Lomb.

我們利用手頭現金減少了約 6 億美元的債務，由於我們在今年前九個月的強勁表現，我們提高了博士倫健康（不包括博士倫）全年收入、調整後 EBITDA 和調整後經營現金流的預期。

I am pleased with how our teams have navigated through a dynamic macro backdrop embodying the culture of accountability, urgency that defines Bausch Health. Across our global platform, we saw traction in many areas.

我對我們的團隊在動態的宏觀背景下如何應對挑戰感到滿意，這體現了博士倫健康所秉持的責任感和緊迫感文化。在我們的全球平台上，我們在許多領域都看到了成效。

Consolidated Bausch Health as well as Bausch Health, excluding Bausch + Lomb, both achieved year-over-year revenue growth of 7% on a reported basis and 5% on an organic basis during the quarter, showcasing the consistent strong performance across the enterprise. Focusing on Bausch Health, excluding Bausch + Lomb at a segment level, we saw excellent double-digit growth in our Solta and Salix businesses.

合併後的博士倫健康公司以及不包括博士倫的博士倫健康公司，在本季度均實現了同比增長，按報告基準計算為 7%，按有機增長基準計算為 5%，展現了整個企業持續強勁的業績。如果將 Bausch Health 排除在 Bausch + Lomb 業務部門之外，我們在 Solta 和 Salix 業務中看到了兩位數的出色成長。

Solta saw a 25% growth on a reported basis and 24% on an organic basis while Salix delivered 12% growth on a reported basis and 11% growth on an organic basis, two key growth areas that continue to deliver outstanding results. At the product level, we continue to see healthy performance across our diverse portfolio with notable results in our hepatology, dermatology and neurology offerings.

Solta 的報告成長率為 25%，有機成長率為 24%；Salix 的報告成長率為 12%，有機成長率為 11%。這兩個關鍵成長領域持續取得優異的績效。在產品層面，我們多元化的產品組合持續保持良好的業績，其中肝病學、皮膚病學和神經病學產品取得了顯著成果。

We saw triple-digit growth for Cabtreo and Ryaltris as well as double-digit growth for Xifaxan and Thermage. Overall, we continue to demonstrate strong operational performance in the third quarter, and we are well positioned to execute on our strategic priorities as we close out this year and move forward to 2026.

Cabtreo 和 Ryaltris 實現了三位數的成長，Xifaxan 和 Thermage 實現了兩位數的成長。總體而言，我們在第三季度繼續展現出強勁的營運業績，並且我們已做好充分準備，在今年結束之際，並展望 2026 年，執行我們的戰略重點。

With that, I will pass it over to JJ to discuss our financial results in more detail before I conclude our call with BHC's progress against our key strategic priorities. JJ?

接下來，我將把發言權交給 JJ，讓他更詳細地討論我們的財務業績，最後我將介紹 BHC 在實現關鍵戰略重點方面取得的進展，以此結束本次電話會議。JJ？

Thank you, Tom. Let's first turn to our consolidated performance, starting with our non-GAAP financial results for the third quarter, which you will find starting on page 9. Revenue was $2.681 billion, up 7% on a reported basis and 5% on an organic basis compared to the same period a year ago.

謝謝你，湯姆。首先讓我們來看看我們的綜合業績，從第三季的非GAAP財務業績開始，您將在第9頁找到相關內容。營收為 26.81 億美元，按報告基準計算成長 7%，以有機成長基準計算成長 5%，與去年同期相比。

Adjusted gross margin was 72.7%, 40 basis points lower year over year. Adjusted operating expenses were $1.024 billion, an increase of $41 million compared to the same period last year. Adjusted EBITDA was $986 million, an increase of $77 million or 8% year over year. Finally, adjusted operating cash flow was $508 million.

調整後毛利率為72.7%，較去年同期下降40個基點。經調整後的營運支出為 10.24 億美元，比去年同期增加了 4,100 萬美元。調整後 EBITDA 為 9.86 億美元，比去年同期增加 7,700 萬美元，增幅為 8%。最後，調整後的營運現金流為 5.08 億美元。

Moving now to the performance of Bausch Health, excluding Bausch + Lomb for the third quarter starting on page 11. The third quarter marked another period of strong performance. As Tom mentioned, Bausch Health, excluding Bausch + Lomb, achieved its 10th quarter of consecutive year-over-year revenue and adjusted EBITDA growth.

接下來來看博士倫健康公司的業績，第三季（從第 11 頁開始）不包括博士倫公司。第三季業績依然強勁。正如湯姆所提到的，博士倫健康（不包括博士倫）實現了連續第十個季度同比增長的收入和調整後 EBITDA。

Revenue was $1.4 billion, up 7% on a reported basis and 5% on an organic basis when compared to the third quarter of 2024. Adjusted EBITDA was $773 million, up 7% versus the prior year and included a charge of in-process R&D of $81 million related to our acquisition of Direct. Excluding that, our adjusted EBITDA increased operationally 18% year over year, which was outstanding.

營收為 14 億美元，按報告基準計算成長 7%，以有機成長基準計算成長 5%（與 2024 年第三季相比）。調整後的 EBITDA 為 7.73 億美元，比上年增長 7%，其中包括與我們收購 Direct 相關的 8,100 萬美元在研研發費用。排除此因素，我們調整後的 EBITDA 年成長 18%，表現非常出色。

Finally, adjusted operating cash flow of $347 million was only 1% up versus the third quarter of 2024 due to timing in working capital. Moving now to our third quarter performance by segment, starting with Salix on page 12.

最後，由於營運資金的時間安排，調整後的營運現金流為 3.47 億美元，僅比 2024 年第三季增加 1%。接下來，我們將以業務部門介紹第三季業績，首先從第 12 頁的 Salix 開始。

Revenues were $716 million, an increase of $74 million, up 12% on a reported basis and 11% on an organic basis compared to the same period last year. Salix strong performance in Q3 was primarily driven by two factors. First, our continued Xifaxan volume growth. And second, some onetime net pricing favorability associated with our Medicaid and 340B channel exits. More specifically, Xifaxan revenue grew 16% in the third quarter, with volume up 9%.

營收為 7.16 億美元，比去年同期成長 7,400 萬美元，按報告數據計算成長 12%，以有機成長計算成長 11%。Salix 第三季的強勁表現主要受兩個因素驅動。首先，我們Xifaxan的銷售持續成長。其次，我們退出 Medicaid 和 340B 頻道時，會獲得一些一次性的淨價格優惠。更具體地說，Xifaxan 第三季的營收成長了 16%，銷量成長了 9%。

The AI-driven customer insights engine has been a significant contributor to the overall and new patient script growth, which were, respectively, 9% and 11%, a remarkable accomplishment for a drug, which has been on the market for its OHE indication for the last 15 years. Separately, Trulance volume grew 5% in Q3, which was more than offset by unfavorable net pricing headwinds in the quarter.

人工智慧驅動的客戶洞察引擎對整體和新患者處方成長做出了重大貢獻，分別成長了 9% 和 11%，對於一種已上市 15 年用於治療 OHE 的藥物來說，這是一個了不起的成就。另外，Trulance 第三季銷量成長了 5%，但這一成長被該季度不利的淨定價因素所抵消。

Finally, Relistor continues to face a challenging payer coverage environment, yet we remain optimistic that the brand will soon return to growth.

最後，Relistor 仍然面臨著嚴峻的支付方覆蓋環境，但我們仍然樂觀地認為品牌很快就會恢復成長。

Now moving to the International segment. Revenues were $286 million, a decrease of 2% on a reported basis and 4% on an organic basis compared to the third quarter of last year.

現在進入國際部分。營收為 2.86 億美元，按報告基準計算下降 2%，以有機成長基準計算下降 4%，與去年第三季相比。

Performance by geography was mixed. EMEA led the segment with a 12% increase on a reported basis. Canada and Lat Am, on the other hand, contracted respectively 8% and 17%. In Canada, the performance of our promoted portfolio grew 21%, which was more than offset by the reduction of our LOE portfolio, which benefited in Q3 of 2024 from the nonrecurrence of Wellbutrin orders due to generic stock outs. Lat Am's performance, on the other hand, was primarily due to continued market softness in Mexico.

不同地區的表現參差不齊。歐洲、中東和非洲地區 (EMEA) 在該細分市場中表現最佳，報告數據顯示其成長了 12%。而加拿大和拉丁美洲的經濟則分別萎縮了 8% 和 17%。在加拿大，我們推廣的投資組合的表現成長了 21%，但這被我們 LOE 投資組合的減少所抵消。由於仿製藥缺貨，2024 年第三季 Wellbutrin 訂單不再出現，LOE 投資組合因此受益。另一方面，拉丁美洲市場的表現主要歸因於墨西哥市場的持續疲軟。

Now moving to page 14 for a review of our Solta Medical segments. Revenues were $140 million, an increase of 25% on a reported basis and 24% on an organic basis compared to the same period last year. Solta's performance was primarily driven by the Asia Pacific region, which continues to contribute approximately 80% of global Solta revenue. Within the APAC region, South Korea, again outperformed all other markets with an impressive 96% growth year over year. China, on the other hand, grew only 3% in Q3.

現在翻到第 14 頁，回顧我們的 Solta Medical 業務部門。營收為 1.4 億美元，按報告數據計算成長 25%，以有機成長計算成長 24%，與去年同期相比。Solta 的表現主要由亞太地區推動，該地區繼續貢獻 Solta 全球營收的約 80%。在亞太地區，韓國再次超越所有其他市場，年成長高達 96%。而中國第三季僅成長了3%。

This was primarily attributable to aesthetics consumers adopting a cautious behavior given the uncertainty surrounding the macroeconomic environment. Outside of Asia, on another positive note, we are encouraged by our double-digit growth in the US, EMEA, and Canada following our commercial investments in these geographies.

這主要是由於宏觀經濟環境的不確定性，導緻美容消費者採取了謹慎的態度。在亞洲以外，另一個令人鼓舞的消息是，我們在美國、歐洲、中東和非洲以及加拿大的商業投資取得了兩位數的成長。

Turning now to our diversified segments, which you will find on page 15. Revenues were $258 million, a decrease of 4% on a reported basis and 6% on an organic basis compared to the same period a year ago. The diversified segment's performance was largely driven by our neurology business.

現在讓我們來看看我們多元化的業務板塊，您可以在第 15 頁找到相關內容。營收為 2.58 億美元，按報告基準計算下降 4%，以有機成長基準計算下降 6%，與去年同期相比。多元化業務板塊的業績主要得益於我們的神經科業務。

This quarter, year-over-year growth in neurology was impacted by the expected nonrecurrence of prior year orders from temporary generic supplier shortages for Cardizem in Q3 of last year. Separately, the performance of our dermatology segment was driven by Cabtreo and Jublia, which grew revenue, respectively, 186% and 11%. Finally, Bausch + Lomb revenues were $1.3 billion, up 7% on a reported basis and 6% on an organic basis compared to the same period last year.

本季度，由於去年第三季卡地平仿製藥供應商暫時短缺，預計今年不會再出現類似訂單，神經科業務的同比增長受到影響。另外，我們皮膚科業務的業績主要得益於 Cabtreo 和 Jublia 的業績成長，這兩家公司的營收分別成長了 186% 和 11%。最後，博士倫的營收為 13 億美元，按報告數據計算成長 7%，以有機成長計算成長 6%，與去年同期相比。

Before wrapping up with our financial priorities, let's review our full-year guidance, which you will find on page 19. Our outstanding performance for the first nine months with revenue and adjusted EBITDA, excluding acquired IP R&D growing respectively, 6% and 14% and has put us in a position where we will raise guidance across all our three metrics: revenue, adjusted EBITDA and adjusted operating cash flow.

在總結我們的財務重點之前，讓我們先回顧一下我們的全年業績指引，您可以在第 19 頁找到該指引。前九個月，我們的業績表現優異，營收和調整後 EBITDA（不包括收購的智慧財產權研發）分別成長了 6% 和 14%，因此我們將提高所有三個指標的預期：收入、調整後 EBITDA 和調整後營運現金流。

The new guidance for the full year is now as follows: Revenue is now expected to be between $5 billion and $5.1 billion. The midpoint of that range has been increased by $25 million and translate to a 4% increase year over year.

目前對全年業績的最新預期如下：預計營收將在 50 億美元至 51 億美元之間。該範圍的中點增加了 2500 萬美元，相當於同比增長 4%。

Our adjusted EBITDA outlook is now expected to be between $2.7 billion and $2.75 billion, excluding the impact of a core IP R&D. The midpoint of that range is now increased by $50 million and represents a 7% increase versus 2024. Adjusted operating cash flow is now expected to be between $975 million and $1.025 billion bringing up the midpoint of that range by $150 million.

不計核心智慧財產權研發的影響，我們調整後的 EBITDA 預期目前預計在 27 億美元至 27.5 億美元之間。該範圍的中點現在增加了 5000 萬美元，比 2024 年增長了 7%。經調整後的營運現金流預計在 9.75 億美元至 10.25 億美元之間，比預期範圍的中點高出 1.5 億美元。

Before I turn it over to Tom for his wrap up, let me review our financial priorities, which remain unchanged. First, increasing the value of Bausch Health operational assets, whether it is our acquisition of direct or the operational performance during the first months of the year, continuing to execute our innovation and profitable growth agenda remains top of mind for all leaders of Bausch Health.

在把發言權交給湯姆做總結之前，讓我回顧一下我們的財務優先事項，這些事項仍然保持不變。首先，提高博士倫健康營運資產的價值，無論是我們直接收購的資產還是今年前幾個月的營運業績，繼續執行我們的創新和盈利增長計劃仍然是博士倫健康所有領導人的首要考慮因素。

Second, evaluating all options for unlocking value for all stakeholders. The $7.9 billion refinancing transaction we closed earlier this year has provided us with expanded optionalities for maximizing the value of our Bausch Health and Bausch + Lomb assets. We're now assessing all initiatives for driving shareholder value creation.

第二，評估所有能為所有利害關係人創造價值的方案。今年稍早我們完成的 79 億美元再融資交易為我們提供了更多選擇，以最大限度地提高 Bausch Health 和 Bausch + Lomb 資產的價值。我們正在評估所有旨在提升股東價值的措施。

And third, continuing to optimize our capital structure. As we indicated earlier, we retired over $600 million in senior unsecured notes and have eliminated in October our high-cost accounts receivables facility. Moving forward, we will continue to look at all options to improve our maturity profile, provided, of course, it is in the best long-term interest of the company. In short, we are proud of the progress we have made in the last nine months and look forward to close out 2025 on a strong note, as evidenced by our improved full year guidance.

第三，繼續優化我們的資本結構。正如我們之前所指出的，我們償還了超過 6 億美元的優先無擔保票據，並在 10 月取消了我們的高成本應收帳款融資。展望未來，我們將繼續研究所有能夠改善公司財務狀況的方案，當然，前提是這些方案符合公司的長遠利益。總之，我們對過去九個月的進展感到自豪，並期待以強勁的勢頭結束 2025 年，正如我們提高的全年業績預期所證明的那樣。

I will now hand it back to Tom.

現在我把它還給湯姆。

Thank you, JJ. We made progress in the third quarter on multiple fronts in support of our five strategic priorities: people, growth, efficiency, innovation and unlocking value. These remain central to our culture, lay the foundation for our strategy and guide our vision for the future. Additionally, we are growing the business with the discipline required to achieve our financial targets, taking all capital allocation priorities into account, including deleveraging.

謝謝你，JJ。第三季度，我們在多個方面取得了進展，以支持我們的五個策略重點：人才、成長、效率、創新和釋放價值。這些仍然是我們文化的核心，為我們的策略奠定了基礎，並引導我們對未來的願景。此外，我們正在以必要的紀律發展業務，以實現我們的財務目標，同時考慮所有資本配置優先事項，包括去槓桿化。

With that in mind, I'd like to take a few minutes to highlight the progress we are seeing against these priorities. Xifaxan growth continued to accelerate through 2025. In Q3, the growth was broad-based, driven by both volume and price and across all indications. Our largest indication for Xifaxan, overt hepatic encephalopathy, OHA had an 8.2% increase in total prescription volume in Q3 over prior years. IBS-D increased 15.4% over prior year.

有鑑於此，我想花幾分鐘時間重點介紹我們在這些優先事項方面取得的進展。Xifaxan的成長動能將持續加速至2025年。第三季度，成長基礎廣泛，銷售和價格均有所成長，且涵蓋所有適應症。利福昔明最大的適應症是顯性肝性腦病，口服降血糖藥 (OHA)，第三季總處方量比往年增加了 8.2%。IBS-D 比前一年增加了 15.4%。

This growth was driven by innovation in marketing and operational excellence that is core within our US pharmaceutical commercial engine. Starting with marketing. In Q3, we doubled our media investment in high-return addressable and connected TV launching a new, I Wish IK new campaign for OHA, providing important educational information directly to patients and caregivers on the impact that cirrhosis can have on the brain, which is an important driver of patient action often resulting in prescription given that Xifaxan is the only product approved to reduce the recurrence of OHA and prevent rehospitalization.

這一成長得益於我們在行銷和卓越營運方面的創新，而這正是我們美國製藥商業引擎的核心。從行銷開始。第三季度，我們加大了對高回報定向電視和連網電視的媒體投入，推出了一項名為「I Wish IK」的全新 OHA 宣傳活動，直接向患者和護理人員提供有關肝硬化對大腦影響的重要教育資訊。鑑於 Xifaxan 是唯一獲準用於減少 OHA 復發和預防再次住院的產品，因此，患者採取行動通常會促使醫生開立處方。

Direct-to-consumer advertising combined with continuous improvement and enhanced capabilities in our AI customer insight engine enabled us to directly target and activate patients, caregivers and health care professionals in Q3. Our laser focus on driving new patient starts resulted in 71,000 new patients being started on Xifaxan in Q3, an increase of 14% in Q3 over the prior year.

第三季度，我們透過直接面向消費者的廣告，結合人工智慧客戶洞察引擎的持續改進和增強功能，使我們能夠直接定位並激活患者、護理人員和醫療保健專業人員。我們專注於推動新患者開始接受治療，結果在第三季度有 71,000 名新患者開始接受 Xifaxan 治療，比去年同期增加了 14%。

Year-to-date, 196,000 new patients have been prescribed Xifaxan. This quarter marks the seventh consecutive quarter of to- line organic revenue growth in our Salix business, and we will continue to maximize its growth. Turning to our dermatology business.

今年迄今為止，已有 196,000 名新患者被處方了利福昔明。本季標誌著我們 Salix 業務連續第七個季度實現線上有機收入成長，我們將繼續最大限度地提高其成長。接下來談談我們的皮膚科業務。

In January 2024, we launched Cabtreo, the first and only triple combination in one topical application for acne. The launch has progressed well. Earlier this year, Cabtreo became the number one prescribed topical branded acne product in new brand patient starts. 10,000 HCPs have prescribed Cabtreo from launch to date with 15,000 new patients prescribed Cabtreo year-to-date, up 69% over the prior year. Turning to our aesthetics business.

2024 年 1 月，我們推出了 Cabtreo，這是第一款也是唯一一款將三種成分組合於一體的局部用藥，用於治療痤瘡。發布會進展順利。今年早些時候，Cabtreo 成為新品牌患者開立處方量排名第一的外用品牌痤瘡產品。自上市以來，已有 10,000 名醫療保健專業人員開立了 Cabtreo 處方，今年迄今為止，已有 15,000 名新患者開立了 Cabtreo 處方，比前一年增長了 69%。轉而談談我們的美容業務。

Solta, we have made excellent progress driving new opportunities for growth in this business. Solta is a global leader in medical aesthetics that operates a portfolio of trusted brands with a leading presence in South Korea and China. While each market is unique, we see significant white space across the region and expect to further strengthen our reach across our footprint.

Solta，我們在這個產業中取得了卓越的進展，開拓了新的成長機會。Solta是全球醫療美容領域的領導者，旗下擁有許多值得信賴的品牌，在韓國和中國市場佔據領先地位。雖然每個市場都各有不同，但我們看到該地區存在著很大的空白市場，並期望進一步加強我們在業務覆蓋範圍內的影響力。

During the third quarter, Solta delivered exceptional results with another quarter of double-digit growth in our leading aesthetics portfolio. Revenue grew by 25% on a reported basis across multiple regions, led by South Korea, which nearly doubled year over year.

第三季度，Solta 取得了卓越的業績，其領先的美容產品組合再次實現了兩位數的成長。報告顯示，多個地區的收入成長了 25%，其中韓國的成長最為顯著，比去年同期成長幾乎翻了一番。

This growth was supported by a robust domestic demand complemented by high levels of medical aesthetics related tourism to the region in recent years. Beyond the strength in the Asia Pacific region, we achieved double-digit growth in the US and European markets. We remain optimistic about Solta's premium positioning as a driver of future growth and are encouraged by another quarter of solid growth outside the Asia Pacific region. Building on this momentum, earlier this year, we received medical device licensing clearance for Thermage in Canada as the fourth generation of radio frequency technology.

這一增長得益於強勁的國內需求，以及近年來該地區醫療美容相關旅遊業的蓬勃發展。除了亞太地區的強勁表現外，我們在美國和歐洲市場也實現了兩位數的成長。我們對Solta的高端定位作為未來成長的驅動力仍然保持樂觀，並對亞太地區以外地區又一個季度的穩健成長感到鼓舞。憑藉這一勢頭，今年早些時候，我們的第四代射頻技術 Thermage 在加拿大獲得了醫療器械許可。

The Thermage platform has been relied upon for over 20 years by providers and patients. We also reached a key milestone. Our Thermage nonsurgical treatment technology has now been used to perform more than 5 million skin tightening and smoothing treatments worldwide.

20多年來，Thermage平台一直深受醫療機構和病患的信賴。我們也達成了一個重要的里程碑。我們的Thermage非手術治療技術目前已在全球範圍內進行了超過500萬次皮膚緊緻和平滑治療。

Additionally, in Korea, Thermage has now surpassed the 1,000 unit installed base milestone, which is a significant achievement. These successes underscore our belief in Solta's growth potential and may position us to capitalize on the opportunities ahead.

此外，在韓國，Thermage 的安裝量現已突破 1000 台大關，這是一項重大成就。這些成功凸顯了我們對 Solta 成長潛力的信心，並可能使我們能夠抓住未來的機會。

We launched Fraxel FTX this past April, beginning the rollout of our leading skin rejuvenation treatment for dermatologists, plastic surgeons and other licensed aesthetics professionals across the United States with global expansion planned in the pipeline. While it is still early days, we are pleased with Fraxel momentum in the US. This expands our Solta portfolio and presence in key growth geographies and that we anticipate will contribute to the strength and breadth of our aesthetics business.

今年四月，我們推出了 Fraxel FTX，開始在美國各地為皮膚科醫生、整形外科醫生和其他持證美容專業人士推廣我們領先的皮膚再生療法，併計劃在全球範圍內進行擴張。雖然現在下結論還為時過早，但我們對 Fraxel 在美國的發展勢頭感到滿意。這將擴大我們的 Solta 產品組合，並增強我們在關鍵成長地區的業務，我們預計這將有助於提升我們美容業務的實力和廣度。

In summary, Solta had a terrific quarter, and we continue to invest in our clinical programs and R&D innovation to deliver long-term growth. Underscoring our commitment to innovation, we closed our acquisition of DURECT Corporation on September 11, 2025, and the addition of DURECT complements our existing portfolio enhances our R&D pipeline and is consistent with Bausch's efforts to focus on areas of strength for innovation to drive future growth.

總而言之，Solta 度過了一個非常棒的季度，我們將繼續投資我們的臨床專案和研發創新，以實現長期成長。為了彰顯我們對創新的承諾，我們於 2025 年 9 月 11 日完成了 DURECT 公司的收購。 DURECT 的加入完善了我們現有的產品組合，增強了我們的研發實力，也符合博士倫專注於自身優勢領域進行創新以推動未來成長的努力。

Since then, we have been working seamlessly integrating [direct] into the Bausch team. Our portfolio now includes DURECT lead asset larsucosterol, a novel epigenetic modulator with FDA breakthrough therapy designation for treatment of alcohol-associated hepatitis or AH in Bausch Health hepatology pipeline. Currently, there are no approved therapies indicated to treat AH and patients must rely on supportive care such as corticosteroids which are often inadequate for long-term treatment and result in about 30% mortality within 90 days of hospitalization.

從那時起，我們一直在努力將[direct]無縫整合到博士倫團隊中。我們的產品組合現在包括 DURECT 的主要資產 larsucosterol，這是一種新型表觀遺傳調節劑，已獲得 FDA 突破性療法認定，用於治療 Bausch Health 肝病產品線中的酒精相關性肝炎 (AH)。目前尚無核准的治療方法用於治療酒精性肝炎，患者只能依靠皮質類固醇等支持性治療，但這些治療通常不足以進行長期治療，導致住院 90 天內約 30% 的患者死亡。

Our registrational Phase 3 program is currently planned to evaluate the safety and efficacy of larsucosterol for the treatment of patients with severe AH. It is important to recognize that this is a global opportunity, and we are initially pursuing the US market to replicate the region's success in Phase 2. Our team is working diligently to finalize the Phase 3 protocol with a goal to initiate the study by early 2026.

我們目前的註冊性 3 期項目計劃評估 larsucosterol 治療重度 AH 患者的安全性和有效性。重要的是要認識到這是一個全球性的機遇，我們首先瞄準美國市場，以便在第二階段複製該地區的成功經驗。我們的團隊正在努力完成 3 期臨床試驗計畫的製定，目標是在 2026 年初啟動這項研究。

We are excited about the addition of larsucaosterol to our R&D portfolio and look forward to updating you through the development and commercialization process. DURECT is an important addition to our hepatology portfolio that supports our innovation and growth priorities while also leveraging Bausch Health's existing expertise in development and commercialization of assets. Now turning to RED-C which we believe could be a next-generation treatment to delay and prevent the occurrence of overt hepatic encephalopathy.

我們很高興將 larsucaosterol 添加到我們的研發組合中，並期待在開發和商業化過程中向您報告最新進展。DURECT 是我們肝病產品組合的重要補充，它支持我們的創新和成長重點，同時也利用了博士倫健康在資產開發和商業化方面的現有專業知識。現在我們來談談 RED-C，我們認為它可能是下一代治療方法，可以延緩和預防明顯的肝性腦病變的發生。

We remain on track with our two global Phase 3 studies, and we expect to see initial data readouts by early 2026. Our hope is that RED-C may offer this patient population a therapy to slow disease progression and provide a meaningful clinical benefit addressing a significant unmet need and bringing a novel therapy to cirrhotic patients on a global scale.

我們的兩項全球 3 期研究仍在按計劃進行，預計將於 2026 年初獲得初步數據結果。我們希望 RED-C 能為這部分患者群體提供一種減緩疾病進展的療法，並提供有意義的臨床益處，以滿足重大的未滿足需求，並為全球肝硬化患者帶來一種新的療法。

Bausch has a history treating liver disease and providing patients with innovative treatment solutions, which we hope to continue and expand upon with DURECT and RED-C. In summary, we had another standout quarter. I want to thank our teams around the world for their dedication and hard work in driving these results.

博士倫在治療肝病和為患者提供創新治療方案方面有著悠久的歷史，我們希望透過 DURECT 和 RED-C 繼續並擴展這一領域。總而言之，我們又迎來了一個出色的季度。我要感謝我們世界各地的團隊，感謝他們的奉獻和辛勤工作，才取得了這些成果。

Our focus on disciplined execution against our strategic priorities and operational excellence will enable us to continue to deliver tangible results and long-term value for shareholders.

我們專注於嚴格執行策略重點和追求卓越運營，這將使我們能夠繼續為股東帶來切實可見的成果和長期價值。

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

接下來，我們將進入問答環節。接線員，請開通問答線。

(Operator Instructions) Leszek Sulewski, Truist Securities.

（操作說明）Leszek Sulewski，Truist Securities。

Good afternoon. Thank you for taking my questions. First one, it appears the revenue growth for Xifaxan is outpacing the script growth. So first, can you touch on the disconnect there? Is it backed by a greater focus on commercial plans and direct-to-consumer initiatives? And then second, can you talk to which channel is mostly driving the overall script growth? Is it the primary care side?

午安.謝謝您回答我的問題。首先，Xifaxan 的收入成長似乎超過了處方量的成長。首先，您能談談這方面的脫節嗎？它是否更重視商業計劃和直接面向消費者的措施？其次，您能否談談哪個管道對整體劇本成長的推動作用最大？是基層醫療方面的問題嗎？

And how durable is this growth profile as we look out for the end of the life cycle management for the asset? And then I have a follow-up.

那麼，當我們著眼於資產生命週期管理的末期時，這種成長動能又能持續多久呢？然後我還有一個後續問題。

Les, this is JJ. I'm going to take up, first of all, your pricing question. As I indicated in my prepared remarks, Xifaxan benefit from a onetime benefit associated with the gross to net accrual that's typically whole on the balance sheet based on the inventory that is held by our distributors given our exit of 340B and Medicaid that gross to net weighted average, if you want, has changed.

萊斯，我是JJ。首先，我要回答您關於定價的問題。正如我在準備好的發言稿中指出的那樣，Xifaxan 受益於一次性收益，該收益與毛利到淨利的應計額相關，這通常是基於我們分銷商持有的庫存而計入資產負債表的。鑑於我們退出了 340B 和 Medicaid，毛利到淨利的加權平均值（如果你願意的話）已經發生了變化。

And so therefore, there was a benefit that really increase or inflated, if you want, what is referred to as pricing. Typically, pricing for the Xifaxan year over year is in the mid-single digits. So that's what you should assume year over year. On the volume side, we have, I think, a fairly balanced growth across all channels. As you can see, the new patient starts have been -- continue to be very strong, which we're very happy about.

因此，確實存在一種好處，它增加或抬高了（如果你願意這麼說的話）所謂的定價。通常情況下，Xifaxan 的價格年漲幅在個位數中段。所以這就是你每年應該假設的情況。從銷售量來看，我認為我們各個通路的成長都相當均衡。正如你所看到的，新患者的入院人數一直非常強勁，我們對此感到非常高興。

And the AI-driven engine that allows us to optimize our call points really continues to drive benefits as we continue to develop scripts growth across the board.

人工智慧驅動的引擎能夠幫助我們優化呼叫點，隨著我們不斷開發腳本並實現全面成長，它確實持續帶來效益。

Yeah. Les, let me just add to that in terms of when you take a look from the channel perspective. So the TRx -- total TRx growth was 9% in the quarter. Non-retail extended units was 20%. So when we take a look at it from a total extended unit perspective, it's 11%.

是的。萊斯，讓我從頻道角度補充一點。因此，本季總交易量 (TRx) 成長了 9%。非零售擴充單元佔 20%。所以從整體擴展單元的角度來看，它是 11%。

On the new to brand, which is the one we're really looking at a lot is 14%. So there's a lot of new to brand on Xifaxan in the third quarter and which has been historically for this year, the focus is to drive new to brand, and that's where clearly, our investments in DTC, along with the artificial intelligence engine that we're having is focusing there. You had a follow-up?

新品牌佔比為 14%，這是我們真正關注的重點。因此，Xifaxan 在第三季度有很多新的品牌推廣活動，而今​​年的重點一直是推動新品牌推廣，顯然，我們在 DTC 方面的投資以及我們正在開發的人工智慧引擎都集中於此。您還有後續跟進嗎？

Yes. Thank you. That is helpful. Okay. So as we're getting ready for CMS to disclose the final pricing from IRA price negotiations. Perhaps maybe give us a little bit of a sense of where Xifaxan land and the script trends for tied to Medicare Part D.

是的。謝謝。那很有幫助。好的。因此，我們正準備等待 CMS 公佈 IRA 價格談判的最終定價。或許可以讓我們稍微了解一下 Xifaxan 的市場定位以及與 Medicare Part D 相關的處方趨勢。

And any commentary that you could provide, how receptive has CMS been to your challenges, specifically given OHEs and orphan indication and the LOE component to the assets? Thank you.

您能否提供一些評論，CMS 對您提出的挑戰的接受程度如何？特別是考慮到 OHE、孤兒適應症以及資產的 LOE 部分？謝謝。

Yeah, Les. So what I'll say is that the negotiations, as I've said on previous calls were ongoing. The discussions have been fruitful and good exchange of information between the company and CMS. As I said on previous calls, we did not think that we should have been on the CMS list, but we were and the team, our market access team has worked really hard working with CMS. So negotiations have concluded.

是的，萊斯。所以我想說的是，正如我之前在電話會議中所說，談判仍在進行中。公司與CMS的討論富有成效，資訊交流良好。正如我在之前的電話會議中所說，我們並不認為我們應該被列入 CMS 名單，但我們確實被列入了，我們的團隊，我們的市場准入團隊，一直在與 CMS 密切合作，付出了巨大的努力。談判至此結束。

We are expecting that CMS will publish their agreed pricing on November 30, 2025. In terms of the overall impact, I'll pass that to JJ.

我們預計 CMS 將於 2025 年 11 月 30 日公佈其商定的價格。至於整體影響，我會把這個問題轉交給JJ討論。

Yeah. So as you -- as we mentioned during our previous call, the CMS impact was combined with a number of mitigation strategy across all of our portfolio to reduce the impact that this would have on our financials. And while the impact obviously on Xifaxan is significant, 30% of our volume goes through Medicare Part D.

是的。正如您所說—正如我們在上次電話會議中提到的，CMS 的影響與我們所有投資組合中的許多緩解策略相結合，以減少這將對我們的財務狀況造成的影響。雖然這對 Xifaxan 的影響顯然很大，但我們 30% 的業務量是透過 Medicare Part D 進行的。

The only indication I would provide at this stage is we still are assessing the final impact on our business moving forward is that when you look at our business across all segments, including the CMS impact, it's probably fair to assume that the average EBITDA over the next two years will not be materially different than what we're providing in the outlook and the revised guidance. And I just want to clarify what I mean by that. If you take EBITDA in '26, '27, you take the average of those two numbers.

現階段我唯一能給的指示是，我們仍在評估對我們業務未來發展的最終影響。但從我們所有業務板塊（包括CMS的影響）來看，可以合理地假設，未來兩年的平均EBITDA與我們在展望和修訂後的指導中提供的數據不會有實質差異。我只是想澄清一下我的意思。如果取 2026 年和 2027 年的 EBITDA，則取這兩個數字的平均值。

You shouldn't have a materially different number than what we have for the outlook of '25.

你們對2025年的預測數字不應該與我們預測的數字有實質的差異。

Next question.

下一個問題。

Umer Raffat, Evercore ISI.

Umer Raffat，Evercore ISI。

Hello, guys. Congrats on the quarter. This is [JP] for Umer. First question, on [MFN], are you guys planning or negotiating anything regarding manufacturing in the US? What's your exposure there?

大家好。恭喜你本季取得佳績。這是[JP]烏麥爾。第一個問題，關於最惠國待遇（MFN），你們是否正在計劃或談判任何與在美國生產相關的事宜？你在那邊的風險敞口有多大？

Yeah, I can take that question. As you know, we have our footprint around the world when it comes to manufacturing is regional based. So where we produce our products is where we sell in the US, of course, Xifaxan comes out of Canada. Right now, the way our manufacturing footprint plays out. There is no plan at this time. However, we are open to continuing to take a look at it as new products come into the portfolio.

是的，我可以回答這個問題。如您所知，我們的業務遍及全球，但生產製造是按區域劃分的。所以，我們的產品是在美國生產和銷售的，當然，Xifaxan 是來自加拿大。目前，我們的生產佈局就是這樣運作的。目前還沒有相關計劃。但是，隨著新產品加入產品組合，我們將繼續對此進行研究。

Let me just add a couple of elements to that for Xifaxan specifically, it's a single active ingredient product. And so therefore, country of origin is considered to be Italy. For all the other products is typically in US pharma coming mostly from Canada. Both EU trade agreements currently and obviously, the [EUMCA] excludes former products from those tariffs.

我再補充幾點關於利福昔明（Xifaxan）的信息，它是一種單一活性成分的產品。因此，原產國被認定為義大利。其他所有產品通常都屬於美國製藥範疇，而且大多來自加拿大。目前歐盟的兩項貿易協定中，[歐盟統一市場協定]顯然都將先前的產品排除在這些關稅之外。

So at this point in time, there is no material tariff that are imposed on our fund flow or the flow of our products. Obviously, that could change in the future, but that's where we are right now.

因此，目前為止，我們的資金流動或產品流通並沒有受到任何實質關稅的影響。顯然，未來情況可能會有所改變，但這就是我們目前的處境。

Operator, any more questions?

操作員，還有其他問題嗎？

Jason Gerberry, Bank of America.

傑森‧格伯里，美國銀行。

Hey. This is Chi on for Jason. I have a couple. Maybe the first one is on the revised guidance. So you saw strength across multiple pharma sets this quarter, but yet you're only taking up the lower bound of the top line guidance by 1% and 50 bps at the midpoint. Can you just talk about that?

嘿。這是 Chi 為 Jason 主持的節目。我有一對。或許第一個問題出在修訂後的指導方針上。因此，本季多個製藥部門均表現強勁，但你們的營收預期僅比下限高出 1%，中點高出 50 個基點。你能談談這個嗎？

Are you seeing onetimers in 3Q that you want to expect to carry forward in 4Q. I know you've just talked about the gross to net dynamic with Xifaxan. But are you seeing onetime elsewhere? What about Jublia and some of the other legacy brands in neuro and dermatology? And I have a couple of follow-ups after that.

您是否看到第三季出現一次性交易，並希望這些交易能延續到第四季？我知道你剛剛談到了 Xifaxan 的總收入與淨收入之間的變化。但你在別處有過一次性經驗嗎？Jublia 以及其他一些神經科和皮膚科領域的傳統品牌狀況如何？之後我還有幾個後續問題。

Yeah. So just to reiterate, we got some onetimers in Q3 in the form of an adjustment of our gross-to-net rebates associated with our inventory in the channel. And we had anticipated, I would say, a good proportion of that. And the fourth quarter is roughly in line with our prior expectations. I think on the size of our business is not a material change, but still reflects, I think, the positive trend that we're seeing across the portfolio.

是的。所以再次重申一下，我們在第三季獲得了一些一次性收入，即調整了與通路庫存相關的毛利返利和淨利返利。而且，我想說，我們預料到了其中很大一部分。第四季業績基本上符合我們先前的預期。我認為，就我們業務的規模而言，這並沒有實質的變化，但仍然反映了我們在整個投資組合中看到的積極趨勢。

As you can see, our increase in guidance is greater for EBITDA and cash flow, which reflects really a change in assumption is how we're thinking about our free cash flow conversion.

如您所見，我們對 EBITDA 和現金流的預期增幅更大，這確實反映了我們對自由現金流轉換方式的假設發生了變化。

And my second question is on the P&L. The SG&A spend this quarter is below the [LH1] rate for the past five quarters. Is there any seasonality with the SG&A spend this quarter? How should we think about the [FG] run rate going forward? Should we look at 2Q balance or the 3Q balance as a better indicator for future run rate?

我的第二個問題是關於損益表的。本季的銷售、一般及行政費用低於過去五季的[LH1]水準。本季銷售、管理及行政費用是否有季節性波動？我們該如何看待[FG]的運行率？我們應該以第二季收支平衡表還是第三季收支平衡表作為未來運行率的更好指標？

Yeah. 3Q is unusually low. There's been some changes to accruals that we process in the quarter that are nonrecurring. So I would certainly look at the first couple of quarters and a better indicator of our SG&A spending.

是的。第三季異常低迷。本季處理的應計項目有一些非經常性變化。因此，我肯定會關注前幾季度，這能更好地反映我們的銷售、一般及行政費用。

And then just another one for me on the pipeline. You mentioned you're going to have Phase 3 results for REC early next year. Are you planning a concurrent readout for both Phase 2 and early 2026? And I think I heard the commentary framing that the data will be early initial. I just want to confirm this is the final Phase 3 top line that will have the final results in early 2026, and once you have the results, do you expect you need more data before you can go to regulate this potential filing should the study be positive?

然後，我的下一個項目也提上日程了。您提到REC的第三階段結果將於明年初公佈。你們是否計劃同時公佈二期臨床試驗和 2026 年初的試驗結果？而且我覺得我聽到的評論說，這些數據將是初步數據。我只是想確認一下，這是最終的 3 期臨床試驗結果，最終結果將於 2026 年初公佈。一旦有了結果，如果研究結果是正面的，您是否預計在進行監管方面的資料收集之前還需要更多資料？

Yeah, Chi, I can answer those for you. So as you know, we have two global Phase 3 studies. They're fully enrolled. We decided to have the readout of both trials together. As these were -- these two global trials as we look at the patient populations that are in each and the geographies we thought it best to combine them and read it out in the first quarter. And clearly, this will be our final readout of this very important program.

是的，Chi，這些問題我可以回答你。如您所知，我們目前有兩項全球三期臨床試驗。他們已全部入學。我們決定將兩項試驗的結果合併一併公佈。鑑於這兩項全球性試驗，考慮到每項試驗的患者群體和地理位置，我們認為最好將它們合併起來，並在第一季公佈結果。顯然，這將是我們對這項非常重要的項目的最終報告。

Do you have any expectation or how would you frame what would be a successful outcome of the trial? Is it just needing the primary endpoint? Or is there more to it?

您對試驗結果有何預期？還是您認為怎樣的結果才算成功？是否只需要主端點？或者，事情有更深層的原因？

When I look at RED-C, it's a prevention trial, as I've said on previous calls, there's a lot of important information there. The primary endpoints, there's also very important secondary endpoints as well. So too early to comment there. But as I've said in the past, this program and the amount of patients or US adults with cirrhosis who've never had OHA is large. So the opportunity for us is -- could be very large. And as we wait for the data, we'll see what it looks like.

當我查看 RED-C 時，我發現它是一項預防性試驗，正如我在先前的電話會議中所說，其中包含許多重要的資訊。除了主要終點之外，還有一些非常重要的次要終點。現在評論這個問題還為時過早。但正如我過去所說，這個計畫以及從未接受過 OHA 治療的美國成年肝硬化患者數量龐大。所以對我們來說，機會可能非常大。在等待數據的同時，我們將看看結果如何。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Next question.

下一個問題。

[Dennis Ding], Jefferies.

[丹尼斯丁]，傑富瑞。

Hi. Thanks for taking the question and congrats on the quarter. May I follow up with IRA that what would you think about the dynamics for the commercial spillover? And by the way, I'm Liwen Wang for Dennis Ding. Thank you.

你好。感謝您回答這個問題，並祝賀您本季取得佳績。我可以就商業溢出效應的動態變化向IRA諮詢一下嗎？順便說一下，我是李文王，代表丁丹尼斯。謝謝。

Just could you be more specific of what your -- what the question is?

您能否更具體地說明一下您的問題是什麼？

The Xifaxan commercial spillover.

希法克森的商業外溢效應。

Yeah. The only thing I would say, [Denise], is that this impact really -- or this renegotiation really impacts only 2027. It really doesn't change the commercial dynamics per se just changes the discount that will be provided to the volume of growth going to CMS for the Medicare Part D program.

是的。我唯一想說的是，[丹尼斯]，這次影響——或者說這次重新談判——實際上只會影響到 2027 年。它實際上並沒有改變商業動態本身，只是改變了向 CMS 申請 Medicare Part D 計劃的增長量所獲得的折扣。

Got you. And can I follow up with what do you think about the erosion curve with the generic for 2028 plus?

抓到你了。我可以接著問一下，您對 2028 年及以後的通用侵蝕曲線有何看法？

Go ahead. What we have guided in the past is that you should assume a typical erosion curve for multiple generic entry in 2028. So nothing unusual, I would expect. But obviously, it's all speculate it at this stage.

前進。我們過去一直建議，您應該假設 2028 年多個通用入口的典型侵蝕曲線。所以，一切正常，我想應該沒什麼不尋常的。但顯然，目前這一切都只是猜測。

Okay. Thank you.

好的。謝謝。

Next question.

下一個問題。

Mike Nedelcovych, TD Cowen.

邁克·內德爾科維奇，TD Cowen。

Hi. Thanks for the questions. I have a couple actually. The first one just a couple of points of clarification. In response to an earlier question, did I hear correctly that you suggested 2026 and 2027 EBITDA is expected to be flattish versus 2025?

你好。謝謝大家的提問。我其實有幾個。第一點只是想澄清幾點。針對先前的問題，我是否正確理解了您認為 2026 年和 2027 年的 EBITDA 預計與 2025 年相比將保持穩定？

No. What I said is that if you combine '26 and '27 together, the average of those two years would be similar to 2025.

不。我的意思是，如果把 2026 年和 2027 年的數據加在一起，這兩年的平均值將與 2025 年的數據相似。

Okay. Okay. And that's across the business. That's not specific to the IRA impact?

好的。好的。這種情況在整個公司都是如此。這並非特別指對個人退休帳戶（IRA）的影響？

Correct.

正確的。

Got it. Okay. Thank you very much. And then my next question is on Xifaxan and it's a follow-on. Do you know what -- or maybe you've told this before, but roughly what proportion of prescribers of Xifaxan that use it to treat hepatic encephalopathy or hepatologists versus gastroenterologists? And how do you think that split might change for rifaximin SSD if RED-C is successful and that product is launched for AG prevention?

知道了。好的。非常感謝。接下來我的問題是關於利福昔明（Xifaxan）的，這是一個後續問題。你知道嗎——或者你以前可能說過——開立利福昔明處方的醫生中，大致有多少比例的人用它來治療肝性腦病？或者說，肝病學家和胃腸病學家分別佔多少比例？如果 RED-C 療法成功，並且該產品被推向市場用於預防 AG，您認為利福昔明 SSD 的市場份額會發生怎樣的變化？

Yeah, Mike, I don't have the specific split. We look at in terms of gastroenterology together with hepatology. That's why we always say the franchise is gastroenterology. So I don't -- I can get you that after the call of what the actual split is. But when we take a look just -- in terms of the opportunity between -- of course, this is a different product in terms of the program we're running with RED-C.

是的，麥克，我沒有具體的拆分數據。我們從胃腸病學和肝病學的角度進行研究。所以，我們總是說，我們的特許經營權在於腸胃病學。所以我不知道——我得等通話結束後才能告訴你實際的分成比例是多少。但當我們仔細審視兩者之間的機會時——當然，就我們與 RED-C 合作的專案而言，這是一個不同的產品。

We call it -- if you just take a look at just the patient population and how it splits out, it's like 650,000 patients in the US adults with cirrhosis with OHA and 1.9 million with cirrhosis who have never had OHA. So that's how it splits out as we look at the opportunity that is in front of us.

我們稱之為——如果你只看一下患者群體及其組成，你會發現美國有 65 萬名成年肝硬化患者患有 OHA，還有 190 萬肝硬化患者從未患過 OHA。所以，當我們檢視擺在我們面前的機會時，情況就是這樣劃分的。

Got it. And if I may, one more question on RED-C. When we get the initial top line data, what is the likelihood that we also see the all-cause mortality data? Would that be mature as well? Or might we at least expect an initial data cut?

知道了。如果可以的話，我再問一個關於 RED-C 的問題。當我們獲得初步的總體數據時，我們同時獲得全因死亡率數據的可能性有多大？這樣也算成熟嗎？或者我們至少可以期待一個初步的資料篩選結果嗎？

Yeah. When we look at the initial data, as I said on the previous question, the primary endpoint and then there's a very important secondary endpoints. So we'll be looking once we get the data, providing it in totality, both from primary and secondary.

是的。當我們查看初始數據時，正如我在上一個問題中所說，主要終點，然後還有一個非常重要的次要終點。所以，一旦我們獲得數據，我們將提供完整的數據，包括來自一手資料和二手資料的數據。

Thanks so much.

非常感謝。

Next question.

下一個問題。

Doug Miehm, RBC Capital Markets.

道格‧米姆，加拿大皇家銀行資本市場。

Yeah. Thanks very much. Just with respect to those accruals, would you be able to expand on those that impacted this quarter? I know you indicated that we should use Q1 and Q2 is guideline for SG&A. But how did they specifically arise?

是的。非常感謝。就這些應計項目而言，您能否詳細說明哪些項目對本季產生了影響？我知道您曾表示我們應該使用 Q1 和 Q2 作為銷售、一般及行政費用的指導原則。但它們究竟是如何產生的呢？

It's just estimates of liability that we were thinking of incurring associated to prior fiscal that we had to adjust in the third quarter. They roughly offset with the IP R&D that were recorded, obviously, as a result of the direct acquisition. So that's why I think Q1 and Q2 is a little bit cleaner from a run rate perspective.

這只是我們對先前財政年度相關負債的估計，我們在第三季必須進行調整。顯然，直接收購帶來的智慧財產權研發投入大致抵銷了這些損失。所以我覺得從運作率的角度來看，第一季和第二季的數據會比較清晰一些。

Okay. And then with respect to capital allocation, as you think about the next couple of years, you've given helpful guidance with respect to, I believe, that the EBITDA, '26, '27, the average versus this year, et cetera, et cetera. But can you speak to cash flow in those two years as well? And how that cash flow is going to be apportioned or used to pay down debt. And I'll leave it there.

好的。至於資本配置，在考慮未來幾年時，您已經就 EBITDA、2026 年、2027 年、與今年相比的平均值等等方面提供了有益的指導。但您能否也談談這兩年的現金流狀況？以及這筆現金流將如何分配或用於償還債務。我就說到這裡吧。

Yeah, we'll provide some more specific guidance around cash flow associated with '26 when we report our fourth quarter results. We were trying to provide a little bit some directional view on how 2026 and 2027 taken together really is going to behave as a result of CMS and other dynamics in our portfolio. Our capital allocation remains the same, which is, first and foremost, to service our debt. including deleveraging the business. Second is reinvest in the business whenever -- obviously, it makes sense in light of our strategy.

是的，我們將在公佈第四季業績時，就 2026 年的現金流提供更具體的指導。我們試圖對 2026 年和 2027 年這兩個月整體上會如何發展，以及 CMS 和我們投資組合中的其他動態因素，提供一些方向性的看法。我們的資本配置維持不變，首要任務是償還債務，包括降低業務槓桿率。其次，我們會隨時對業務進行再投資——顯然，這符合我們的策略。

And then third and last, only if there is some excess potentially return capital to shareholders. But we obviously -- the focus is on number one and number two.

第三，也是最後一點，只有當有盈餘資金可能會返還給股東時，才有可能返還資本。但我們顯然——重點是第一點和第二點。

Excellent. Thank you.

出色的。謝謝。

Next question.

下一個問題。

Michael Freeman, Raymond James.

Michael Freeman，Raymond James。

JJ, I wonder if you could guess through the thought process that led to Bausch Health's decision to see participation in the 340B program in the Medicaid drug remake program.

JJ，我想知道你是否能猜到促使博士倫健康公司決定參與 Medicaid 藥物改革計劃中的 340B 項目的思考過程。

Yeah, Mike, I can take that question. So as we looked at it, we're continually evaluating ways to optimize our sales channel in all the markets we operate in, including the US. So when we did the evaluation, we determined that it was in the company's and the patient's best interest to exit Medicaid and the 340B channel for all products marketed in the US as of October 1.

是的，麥克，我可以回答這個問題。因此，在審視這個問題時，我們不斷評估各種方法來優化我們在所有營運市場（包括美國）的銷售管道。因此，在進行評估時，我們確定，從 10 月 1 日起，公司和患者退出在美國銷售的所有產品的 Medicaid 和 340B 管道，符合公司和患者的最佳利益。

What I would say is that as we looked at it, made the decision, the key was to enhance our patient assistance program to really make sure that the care was there and the patient assistance program was robust to be able to offer eligible Medicaid patients access to a broad range of Bausch Health medicines at no cost, consistent with the program terms.

我想說的是，當我們審視這個問題並做出決定時，關鍵在於加強我們的患者援助計劃，真正確保提供護理，並且患者援助計劃要足夠強大，以便能夠為符合條件的醫療補助患者免費提供各種博士倫健康藥品，並符合該計劃的條款。

The patient benefit when we look at it compared to Medicaid, it's an enhanced [PAP] program with 0 out-of-pocket costs. And then the patient also is able to get 90 days treatment where if you're in Medicaid, it would only be 30 days for each script. So we -- as we looked at it, we thought we could really have an opportunity to enhance the patient experience and also have a good situation for the company.

與 Medicaid 相比，患者受益之處在於，這是一個增強型的 [PAP] 計劃，無需自付費用。此外，患者還可以獲得 90 天的治療，如果是參加 Medicaid 計劃，則每張處方只能治療 30 天。因此，我們——經過一番研究，我們認為我們確實有機會改善患者體驗，同時也能為公司帶來良好的局面。

And just following on that. I wonder if you describe the patient benefits. Well, I wonder if you could describe benefits of the company and any benefits beyond that onetime we saw with accruals.

接著剛才的話題。我想知道您是否能描述一下患者的獲益情況。我想知道您能否描述一下公司的福利，以及除了我們之前看到的應計福利之外的其他福利。

As I said, we're always looking at different sales channels and how to optimize them. And there are benefits as we've looked at. I'm not going to get into the specifics. It's early days since October 1 and how each of these benefits flow through and what it will look like.

正如我所說，我們一直在研究不同的銷售管道以及如何優化它們。正如我們所看到的，這樣做也有好處。我不打算贅述細節。距離10月1日還有一段時間，目前還不清楚這些福利將如何落實以及最終會是什麼樣子。

All right. I wonder maybe a question for JJ now. I wonder if you can give us the lay of the land on your debt refinancing programs and further steps you envision taking in the future 2D lever?

好的。我現在或許可以問JJ一個問題。我想請您介紹貴公司的債務再融資計劃，以及您設想在未來採取的進一步措施？

Well, the -- we've repeatedly said that there are really two main sources for deleveraging the company. The first one is free cash flow generated by operations that will continue certainly at a fairly similar level than what we've incurred for the next couple of years. until we lose exclusivity on Xifaxan. And that needs to be supplemented by one of three sources, either new equity raise, which obviously would be very dilutive at our current share price. So very unlikely that we would do that would be certainly a last resort option.

嗯，我們已經一再說過，降低公司槓桿率其實有兩個主要途徑。第一點是營運產生的自由現金流，在未來幾年內，這部分現金流肯定會保持在與我們目前所產生現金流相當的水平，直到我們失去利福昔明（Xifaxan）的獨家銷售權為止。而這需要透過以下三種途徑之一來補充：一是籌集新的股權，但這顯然會以我們目前的股價大幅稀釋現有股份。所以這種情況發生的可能性非常小，這肯定是最後的選擇。

The second possibility would be to capture some of that discount. As you know, our debt has traded back up and therefore, the discount that is left is fairly minimal.

第二種可能性是利用部分折扣。如您所知，我們的債務已經回升，因此，剩下的折扣相當有限。

So the last source of extra funding would be proceeds from asset sales, either at BHC or B+L. The B+L equity stake is the more logical candidate given that it's the only one that is not associated with some EBITDA generation for BHC. So that becomes, I would say, the most probable outcome for completing the leveraging or the deleveraging solve for us between now and sometime in the future.

因此，最後一個額外的資金來源將是出售資產所得，無論是BHC還是B+L的資產。考慮到B+L的股權投資不會與BHC的任何EBITDA產生掛鉤，因此出售B+L的股權是更合理的選擇。因此，我認為，從現在到未來某個時候，這很可能成為我們完成槓桿化或去槓桿化問題的最可能結果。

Thank you. We reached of our question-and-answer session and our earnings call. I'd like to turn the floor over back to our CEO, Tom Appio, for closing remarks.

謝謝。我們結束了問答環節和財報電話會議。現在我把發言權交還給我們的執行長湯姆·阿皮奧，請他作總結發言。

Okay. Well, thank you all 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. We appreciate your ongoing engagement and look forward to sharing further updates with you on the progress to close the year. Thank you, and have a good evening.

好的。感謝各位今天參加電話會議，也感謝大家一直以來對公司的關注與支持。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。我們感謝您一直以來的關注，並期待在年底前與您分享更多進展。謝謝，祝您晚安。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路直播到此結束。現在您可以斷開線路了，祝您有美好的一天。感謝您今天的參與。