Bausch + Lomb Corp (BLCO) 2022 Q1 法說會逐字稿

Good morning, and welcome to the Bausch + Lomb's First Quarter 2022 Earnings Call. (Operator Instructions) Please note this event is being recorded.

早上好，歡迎參加博士倫 2022 年第一季度財報電話會議。 （操作員說明）請注意正在記錄此事件。

I would now like to turn the conference over to Allison Ryan. Please go ahead.

我現在想把會議交給 Allison Ryan。請繼續。

Thank you. Good morning, everyone, and welcome to our first quarter 2022 financial results conference call. Participating on today's call are Chairman and Chief Executive Officer, Mr. Joe Papa; and Chief Financial Officer, Mr. Sam Eldessouky. In addition to this live webcast, a copy of today's slide presentation and a replay of this conference call will be available on our website under the Investor Relations section.

謝謝你。大家早上好，歡迎參加我們的 2022 年第一季度財務業績電話會議。參加今天電話會議的有董事長兼首席執行官喬·帕帕先生；和首席財務官 Sam Eldessouky 先生。除了這次網絡直播之外，今天的幻燈片演示副本和本次電話會議的重播也將在我們網站的投資者關係部分提供。

Before we begin, we would like to remind you that our presentation today contains forward-looking information. We would ask that you take a moment to read the forward-looking statement legend at of our presentation as it contains important information. This presentation contains non-GAAP financial measures. For more information about these measures, please refer to Slide 2 of the presentation. Non-GAAP reconciliations can be found in the appendix to the presentation posted on our website.

在開始之前，我們想提醒您，我們今天的演示文稿包含前瞻性信息。我們希望您花點時間閱讀我們演示文稿中的前瞻性陳述圖例，因為它包含重要信息。本演示文稿包含非公認會計原則財務措施。有關這些措施的更多信息，請參閱演示文稿的幻燈片 2。非 GAAP 對賬可在我們網站上發布的演示文稿的附錄中找到。

Finally, the financial guidance in this presentation is effective as of today only. It is our policy to generally not update guidance until the following quarter and to not update or affirm guidance other than through broadly disseminated public disclosure.

最後，本演示文稿中的財務指導僅在今天有效。我們的政策是在下個季度之前通常不會更新指導，並且除了通過廣泛傳播的公開披露之外不會更新或確認指導。

With that, it is my pleasure to call over to Joe.

有了這個，我很高興打電話給喬。

Thank you, Allison, and thank you, everyone, for joining us today in the Bausch + Lomb first earnings call as a publicly traded company. I will begin with some comments about our vision for Bausch + Lomb now that the IPO has been completed and briefly discuss the first quarter highlights. Sam Eldessouky, our CFO, will then review the first quarter financial results in detail and discuss our 2022 guidance. Finally, I will conclude by discussing our product pipeline and upcoming catalysts before opening the line for questions.

謝謝你，艾莉森，也謝謝大家，今天加入我們作為上市公司的博士倫第一次財報電話會議。既然 IPO 已經完成，我將首先對我們對博士倫的願景發表一些評論，並簡要討論第一季度的亮點。然後，我們的首席財務官 Sam Eldessouky 將詳細審查第一季度的財務業績，並討論我們的 2022 年指導方針。最後，我將討論我們的產品線和即將推出的催化劑，然後再開始提問。

Before I get started, let me answer the question. If we provided the first quarter B&L results on May 10 as part of Bausch Health, what is the objective for today's call? Simply stated, and provides greater clarity on B&L performance, our vision for B&L future growth and provide a forum to answer your questions.

在我開始之前，讓我回答這個問題。如果我們在 5 月 10 日提供了作為 Bausch Health 的一部分的第一季度 B&L 結果，那麼今天電話會議的目標是什麼？簡而言之，更清晰地了解 B&L 績效、我們對 B&L 未來增長的願景，並提供一個論壇來回答您的問題。

So let's begin with Slide 4. We with a nearly 170-year history as a leading eye health brand, Bausch + Lomb has always stood at the forefront of cutting-edge scientific and technological optical advancement. And today, we are more focused than ever on developing and offering new treatments to meet unmet eye health needs. Specifically, Bausch + Lomb is the most integrated eye care company operating today, the fastest-growing global contact suppliers in 2021, the company with the highest brand awareness in eye care and a global leader in consumer health outpacing U.S. market growth by approximately 1.7x since 2018. B&L also has critical mass with a commercial presence in approximately 100 countries over 80% of the world's population has access to Bausch + Lomb products.

那麼讓我們從幻燈片 4 開始。作為擁有近 170 年曆史的領先眼保健品牌，博士倫始終站在尖端科技光學進步的前沿。今天，我們比以往任何時候都更加專注於開發和提供新的治療方法，以滿足未滿足的眼部健康需求。具體來說，博士倫是當今運營中整合度最高的眼科護理公司、2021 年增長最快的全球隱形眼鏡供應商、眼科護理品牌知名度最高的公司以及全球消費者健康領域的領導者，其增長率超過美國市場約 1.7 倍自 2018 年以來。B&L 還在大約 100 個國家擁有商業存在的臨界質量，全球超過 80% 的人口可以使用博士倫產品。

Turning to Slide 5. We have outlined 3 key areas of strategic focus for this important point in Bausch + Lomb development: One, accelerate growth in large addressable markets; two, invest in categories that are growing faster than the overall eye health market; and three, expand into new product categories. As we look to the future as a publicly traded company, we see attractive opportunities for our pure-play eye health company. We believe the company is well positioned for growth in large, durable markets driven by new products and favorable megatrends or tailwinds, such as the increasing prevalence of myopia and diabetes, an aging population and a growing middle class that are expected to continue driving demand for eye health products. In addition, we have the potential for margin expansion over the long term based on new product and supply chain efficiencies. Finally, as a publicly traded company, we expect to have balance sheet flexibility to expand investment in the business and additional strategic bolt-on product opportunities.

轉到幻燈片 5。我們概述了博士倫發展中這一重要點的 3 個關鍵戰略重點領域：一，加速大型潛在市場的增長；二、投資增長速度快於整體眼健康市場的品類；三是拓展新品類。當我們展望作為一家上市公司的未來時，我們看到了我們的純眼保健公司具有吸引力的機會。我們認為，在新產品和有利的大趨勢或順風的推動下，該公司已做好在大型耐用市場增長的準備，例如近視和糖尿病患病率的增加、人口老齡化和中產階級的增長，這些預計將繼續推動對眼保健品。此外，基於新產品和供應鏈效率，我們具有長期擴大利潤的潛力。最後，作為一家上市公司，我們希望資產負債表具有靈活性，以擴大對業務的投資和額外的戰略性附加產品機會。

With respect to the spin-off process, the initial public offering was completed last month, an important first step towards the spin-off of Bausch + Lomb. The spin-off is expected to be completing following the expiry of agreed-upon lockups and the achievement of Bausch Health's target net leverage ratios subject to shareholder and necessary approvals and other conditions. While the final date for completion of the spinoff has not yet been determined, the spin-off is expected to occur by the distribution of approximately 80% of the remaining B&L shares to Bausch Healthcare shareholders. Separate from the spin-off process, Bausch Health has the flexibility to monetize an additional approximately 8.7% of Bausch + Lomb shares subject to market conditions and the expiry of agreed-upon lockups.

在分拆過程中，首次公開募股已於上個月完成，這是向博士倫分拆邁出的重要第一步。預計分拆將在商定的鎖定期滿後完成，並且在股東和必要的批准和其他條件下實現 Bausch Health 的目標淨槓桿率。雖然完成分拆的最終日期尚未確定，但預計分拆將通過將約 80% 的剩餘 B&L 股份分配給 Bausch Healthcare 股東來實現。除了分拆過程之外，博士生健康還可以根據市場條件和商定的鎖定期屆滿，靈活地將大約 8.7% 的博士倫股份貨幣化。

Moving now to the first quarter highlights on Slide 6. First quarter organic revenue growth of 5% was driven by our 2 largest segments, Vision Care and Surgical, which grew organically by 4% and 13%, respectively, despite macro headwinds. Looking at the first quarter through the lens of our key areas of focus, consumer eye care had an approximately 33% U.S. market share in the first quarter demonstrating continued momentum in eye vitamins and LUMIFY. Our Daily SiHy lens market share doubled, and we expect annual U.S. market growth of approximately 10% in this category from 2019 to 2030.

現在轉到幻燈片 6 的第一季度亮點。第一季度 5% 的有機收入增長是由我們的兩個最大部門——視力保健和外科手術推動的，儘管存在宏觀逆風，它們的有機增長分別為 4% 和 13%。從我們重點關注領域的角度來看第一季度，消費者眼部護理在第一季度的美國市場份額約為 33%，這表明眼部維生素和 LUMIFY 的持續發展勢頭。我們的 Daily SiHy 鏡片市場份額翻了一番，我們預計從 2019 年到 2030 年，該類別的美國市場年增長率約為 10%。

Finally, we launched eye care in the first quarter, entering into a new product category with the first and only product to use the suprachoroidal space of the eye for patients with macular edema associated with uveitis. These impressive achievements are due to the sustained effort and dedication of the approximately 12,500 Bausch + Lomb employees around the world whose hard work and ongoing contributions enabled us to execute on our key areas of focus and navigate external headwinds in the first quarter while completing an important milestone on the road becoming an independent publicly traded company.

最後，我們在第一季度推出了眼部護理，進入了一個新的產品類別，第一個也是唯一一個使用眼部脈絡膜上腔治療葡萄膜炎相關黃斑水腫的產品。這些令人印象深刻的成就歸功於全球約 12,500 名博士倫員工的持續努力和奉獻精神，他們的辛勤工作和持續貢獻使我們能夠在第一季度執行我們的重點關注領域並駕馭外部逆風，同時完成一項重要的成為獨立上市公司的里程碑。

And with that, I will turn the call over to Sam to cover the financial results in more detail.

有了這個，我將把電話轉給 Sam，以更詳細地介紹財務結果。

Thank you, Joe. I'm happy to be here on our first earnings call as a publicly traded company to discuss our first quarter results. Before we go into the details, I will remind listeners that when we talk about the organic revenue growth, we mean on a constant currency basis and adjusted to remove the impact of divestitures and discontinuations. Also as a reminder, we now report our financial results in 3 segments: Vision Care, Surgical and Ophthalmic Pharmaceuticals.

謝謝你，喬。作為一家上市公司，我很高興參加我們的第一次財報電話會議，討論我們的第一季度業績。在我們進入細節之前，我會提醒聽眾，當我們談論有機收入增長時，我們的意思是在不變的貨幣基礎上進行調整以消除剝離和停產的影響。另外提醒一下，我們現在在 3 個部分報告我們的財務業績：視力保健、外科和眼科藥物。

Turning now to our results on Slide 7. Our first quarter results continue to demonstrate the durability of our business and the benefits of an integrated eye health platform. Our focus on commercial execution and investment continues to lead to strong demand across our key franchises, which is reflected in the total company revenue of $889 million for the first quarter, up 1% on a reported basis and up 5% organically.

現在轉向我們在幻燈片 7 上的結果。我們的第一季度業績繼續證明了我們業務的持久性以及綜合眼部健康平台的好處。我們對商業執行和投資的關注繼續導致對我們主要特許經營權的強勁需求，這反映在第一季度公司總收入為 8.89 億美元，在報告的基礎上增長 1%，有機增長 5%。

Strong momentum heading into 2022 enabled us to overcome 2 primary headwinds at the start of the year. First, unfavorable foreign currency exchange impact of approximately $29 million in the first quarter; and second, headwinds of roughly $10 million from COVID-related lockdowns in China. Excluding the impact of China lockdown, organic revenue grew by 6% for the quarter. Overall, we believe the business is well positioned to benefit from market dynamics. In the near term, we expect growth to be driven by the ongoing recovery in surgical, continued growth in Vision Care led by Daily SiHy market penetration and launches in additional countries, and our market leadership position in consumer eye health. And over the longer term, we expect growth to benefit from favorable mega trends in the market and new product launches in the ophthalmic business.

進入 2022 年的強勁勢頭使我們能夠在年初克服兩個主要不利因素。一是第一季度約2900萬美元的不利外匯影響；其次，中國與 COVID 相關的封鎖帶來了大約 1000 萬美元的逆風。排除中國封鎖的影響，本季度有機收入增長了 6%。總體而言，我們認為該業務處於有利地位，可以從市場動態中受益。在短期內，我們預計增長將受到外科手術的持續復甦、由 Daily SiHy 市場滲透和在其他國家推出的視力保健的持續增長以及我們在消費者眼部健康領域的市場領導地位的推動。從長遠來看，我們預計增長將受益於市場的有利大趨勢和眼科業務的新產品推出。

Now I'll go into more detail on each of our segments. Revenue for the Vision Care segment, which includes contact lenses and consumer products, grew organically by 4% in the first quarter, driven by 7% reported and 8% organic growth in eye vitamins and 35% reported an organic growth in LUMIFY. Both products are the market share leaders in their categories. 41% reported and organic growth in Daily SiHy lenses which we have now launched in 24 countries and 19% reported a 22% organic growth in the BioTrue Solutions Franchise, which includes the eye hydration boost and multipurpose solutions. To leverage the platform, the eye hydration boost was launched in 2021. And earlier this month, we launched the Biotrue Hydration Plus multipurpose solution in the U.S.

現在我將更詳細地介紹我們的每個部分。包括隱形眼鏡和消費品在內的視力保健部門的收入在第一季度有機增長了 4%，這主要得益於眼部維生素報告的 7% 和 8% 的有機增長以及 LUMIFY 的有機增長 35%。這兩種產品都是其類別中的市場份額領導者。我們現已在 24 個國家/地區推出的 Daily SiHy 鏡片報告了 41% 的有機增長，19% 的 BioTrue Solutions 特許經營報告有機增長了 22%，其中包括眼部補水增強和多用途解決方案。為了利用該平台，我們於 2021 年推出了眼部補水促進劑。本月初，我們在美國推出了 Biotrue Hydration Plus 多功能解決方案。

Our goals for the remainder of the year are: one, to expand our market leadership position of eye vitamin products and LUMIFY; two, to continue the global rollout of the Daily SiHy lenses; and three, to launch them Daily SiHy multi-focal lenses.

我們今年剩餘時間的目標是： 一、擴大我們在眼部維生素產品和 LUMIFY 的市場領導地位；二、繼續在全球推廣 Daily SiHy 鏡片；第三，推出 Daily SiHy 多焦點鏡片。

Moving on to our Surgical segment. First quarter revenue grew by 13% organically. The segment has had sustained positive momentum as the market continues working through the COVID-related backlog of elective surgeries. Growth was mainly driven by increased demand for implantable, including our Envista IOL franchise, consumables in the cataract and retina procedures and by the entry of the LuxSmart IOL into the Premium IOL category in international markets.

繼續我們的外科部分。第一季度收入有機增長了 13%。隨著市場繼續通過與 COVID 相關的擇期手術積壓工作，該細分市場一直保持積極勢頭。增長主要是由於對植入物的需求增加，包括我們的 Envista IOL 特許經營權、白內障和視網膜手術中的消耗品，以及 LuxSmart IOL 進入國際市場的優質 IOL 類別。

Finally, the Ophthalmic Pharmaceuticals segment first quarter revenue of $155 million reflected a decline of 3% on an organic basis. We're pleased to see the strong performance in the international Ophtho business, which represents approximately 43% of the segment. Organic revenue in international markets grew by 16% compared to the prior year quarter, mainly driven by strong performance in Europe and Asia. This growth was offset by 14% organic revenue decline in the U.S. While we continue to see TRx growth in our key promoted brands, including Vyzulta TRx growth of 44% in the quarter, the portfolio was impacted by the tail end of LOE products and higher rebates due to generic competition.

最後，眼科製藥部門第一季度收入為 1.55 億美元，有機下降 3%。我們很高興看到國際 Ophtho 業務的強勁表現，約佔該細分市場的 43%。與去年同期相比，國際市場的有機收入增長了 16%，這主要得益於歐洲和亞洲的強勁表現。這一增長被美國 14% 的有機收入下降所抵消。雖然我們繼續看到我們的主要推廣品牌的 TRx 增長，包括本季度 Vyzulta TRx 增長 44%，但該產品組合受到 LOE 產品的尾端和更高的影響因仿製藥競爭而產生的回扣。

We continue to transform the Ophthalmic Pharmaceuticals portfolio following the impact of the lower max LOE. At the end of March, we were pleased to have launched the Xipere. We see this launch as a key first step on the path to transforming the portfolio, followed by NOV03 which we expect to launch in 2023. We believe the new product launches will provide the Ophtho segment with a stronger foundation to drive growth in the quarters and years ahead and will allow us to leverage the scale and investment we have made in the commercial organization.

在較低的最大 LOE 的影響下，我們繼續改造眼科藥物產品組合。 3 月底，我們很高興推出了 Xipere。我們認為此次發布是轉型投資組合道路上的關鍵第一步，隨後是我們預計將於 2023 年發布的 NOV03。我們相信新產品的發布將為 Ophtho 細分市場提供更強勁的基礎，以推動季度和未來幾年，這將使我們能夠利用我們在商業組織中所做的規模和投資。

Turning now to Slide 8. With strong business fundamentals, in Q1 2020, we continued our long-term strategy by investing behind our product launches and supporting our R&D pipeline, notwithstanding the impact of macro market conditions. Our adjusted EBITDA in the first quarter was $170 million. Our total adjusted gross margin further grows approximately 61% which is 130 basis points lower than Q1 2021, largely driven by product mix and macro headwinds, including inflation pressure, higher commodity prices driven by the Russian war in Ukraine, and supply chain challenges.

現在轉到幻燈片 8。憑藉強勁的業務基本面，在 2020 年第一季度，儘管受到宏觀市場條件的影響，我們仍然通過投資支持我們的產品發布和支持我們的研發管道來繼續我們的長期戰略。我們第一季度調整後的 EBITDA 為 1.7 億美元。我們的總調整後毛利率進一步增長約 61%，比 2021 年第一季度低 130 個基點，主要受產品組合和宏觀不利因素的推動，包括通脹壓力、俄羅斯在烏克蘭戰爭導致的商品價格上漲以及供應鏈挑戰。

Higher SG&A spend in Q1 can be attributed mainly to increased investment in our product launches, including the Daily SiHy lenses, and the return to more normalized level of spend to continue the momentum seen during the recovery from COVID position us for market share gains.

第一季度更高的 SG&A 支出主要歸因於我們對產品發布的投資增加，包括 Daily SiHy 鏡片，以及恢復到更正常的支出水平以繼續從 COVID 復甦期間看到的勢頭，使我們獲得了市場份額的增長。

R&D spend in the quarter versus first quarter 2021 increased to roughly 9% of sales. This increase is mainly due to the timing of projects to accelerate our ability to execute on our R&D pipeline. We will expect full year R&D spending in the range of 7% of revenue. Finally, foreign exchange and COVID lockdowns in China resulted in headwinds of roughly $15 million to Q1 adjusted EBITDA.

與 2021 年第一季度相比，本季度的研發支出增加到銷售額的約 9%。這一增長主要是由於加快我們在研發管道上執行能力的項目時間安排。我們預計全年研發支出在收入的 7% 範圍內。最後，中國的外彙和新冠疫情封鎖導致第一季度調整後 EBITDA 出現約 1500 萬美元的逆風。

Moving on to Slide 10. Cash flow from operations of $3 million in the first quarter was negatively impacted by the timing of settlement of certain intercompany balances between Bausch + Lomb and Bausch Health. We do not anticipate that these timing factors will have a significant impact on cash flows from operations in future quarters. In the quarter, CapEx was approximately $42 million, which includes investment in our lens manufacturing facilities, and subsequent to Q1 2022 and in conjunction with the IPO, we launched and closed on a credit agreement for $2.5 billion. Our goal is for the debt to be investment-grade rated at the time of the spin-off and continue to invest in the business and further enhance our flexibility to operate going forward.

轉到幻燈片 10。第一季度 300 萬美元的運營現金流受到 Bausch + Lomb 和 Bausch Health 之間某些公司間餘額結算時間的負面影響。我們預計這些時間因素不會對未來幾個季度的運營現金流產生重大影響。本季度，資本支出約為 4200 萬美元，其中包括對我們鏡頭製造設施的投資，在 2022 年第一季度之後，隨著 IPO，我們啟動並完成了一項價值 25 億美元的信貸協議。我們的目標是在分拆時將債務評級為投資級，並繼續投資於業務並進一步提高我們未來運營的靈活性。

Now turning to our guidance on slides 12 and 13. Our revenue guidance for 2022 is a range of $3.75 billion to $3.8 billion, representing between 4% and 5% organic revenue growth. While absorbing the impact of China lockdown, we estimate foreign exchange headwind to be approximately $160 million for the full year. We expect the headwinds from China, COVID policies and lockdown that we saw in Q1 to continue to have an impact in Q2, and we expect that it will normalize into the second half of 2022.

現在轉向我們對幻燈片 12 和 13 的指導。我們對 2022 年的收入指導在 37.5 億美元至 38 億美元之間，有機收入增長在 4% 至 5% 之間。在吸收中國封鎖的影響的同時，我們估計全年外匯逆風約為 1.6 億美元。我們預計，我們在第一季度看到的來自中國的不利因素、COVID 政策和封鎖將在第二季度繼續產生影響，我們預計它將在 2022 年下半年恢復正常。

Our adjusted EBITDA guidance for 2022 is a range of $740 million to $780 million. This represents approximately 5% base performance growth over full year 2021 pro forma adjusted EBITDA with the synergies and excluding the impact of currency. Our adjusted EBITDA guidance also includes approximately 100 basis points of inflation pressure. We estimate foreign currency exchange headwinds to be approximately $30 million for the full year.

我們調整後的 2022 年 EBITDA 指導範圍為 7.4 億美元至 7.8 億美元。這意味著與 2021 年全年備考調整後的 EBITDA 相比，具有協同效應且不包括貨幣影響的基礎業績增長約 5%。我們調整後的 EBITDA 指引還包括大約 100 個基點的通脹壓力。我們估計全年外匯兌換逆風約為 3000 萬美元。

Interest expense is expected to be approximately $150 million on an annual basis. Adjusted tax rate expected will be approximately 12%, and we expect full year adjusted free cash flow to be approximately 50% of adjusted EBITDA. This guidance is consistent with the overall guidance provided by the Bausch Health in their earnings call on May 10. In summary, we are pleased with our momentum in Q1 as we continue to recover from the global impact of COVID-19 and navigate various macroeconomic factors. We believe the results reflect the flexibility and resilience of our business and portfolio. Across our segments, we're in a strong financial position to execute on our current strategy and continue to find ways to enhance the integrated Bausch + Lomb.

預計每年的利息支出約為 1.5 億美元。預計調整後的稅率約為 12%，我們預計全年調整後的自由現金流約為調整後 EBITDA 的 50%。該指導與 Bausch Health 在 5 月 10 日財報電話會議中提供的總體指導一致。總而言之，我們對第一季度的勢頭感到滿意，因為我們繼續從 COVID-19 的全球影響中恢復並駕馭各種宏觀經濟因素.我們相信結果反映了我們業務和投資組合的靈活性和彈性。在我們的各個部門中，我們的財務狀況良好，可以執行我們當前的戰略，並繼續尋找增強整合博士倫的方法。

Now back to you, Joe.

現在回到你身邊，喬。

Thank you, Sam. I will now discuss our product pipeline and the upcoming catalysts that we expect to drive our business results. Beginning with LUMIFY on Slide 15. Here, we have illustrated an example of the power of our fully integrated eye care platform to successfully launch, promote and drive the performance of our products. In the case of LUMIFY, we began with a highly differentiated product. After the launching it in May of 2018, LUMIFY became a $100 million brand in 2021. Today, it is the #1 Redness Reliever category in the U.S. with approximately 46% market share and the #1 physician recommended brand.

謝謝你，山姆。我現在將討論我們的產品線以及我們期望推動業務成果的即將到來的催化劑。從幻燈片 15 上的 LUMIFY 開始。在這裡，我們舉例說明了我們完全集成的眼部護理平台成功推出、推廣和推動我們產品性能的力量。就 LUMIFY 而言，我們從高度差異化的產品開始。在 2018 年 5 月推出後，LUMIFY 於 2021 年成為價值 1 億美元的品牌。如今，它是美國排名第一的紅斑緩解劑類別，擁有約 46% 的市場份額和排名第一的醫生推薦品牌。

Our team was able to drive education and awareness for the product by collaborating with eye care professionals while driving awareness with a strong television, public relations and social media presence. These efforts, along with a 97% customer satisfaction rate helped to drive patient demand, which we were able to meet through our ongoing partnerships with retailers like Walmart and CVS and through e-commerce channels.

我們的團隊能夠通過與眼保健專業人士合作來推動產品的教育和意識，同時通過強大的電視、公共關係和社交媒體的存在來提高意識。這些努力以及 97% 的客戶滿意度有助於推動患者需求，我們能夠通過與沃爾瑪和 CVS 等零售商的持續合作以及電子商務渠道來滿足這些需求。

We expect to take a similar approach and integrated a similar approach to launching our next wave of new products, including NOV03, our dry eye disease product.

我們希望採取類似的方法並整合類似的方法來推出我們的下一波新產品，包括我們的干眼病產品 NOV03。

Turning now to Slide 16 for an illustration of how we're able to address an unmet market need with our daily disposable silicone hydrogel lenses. In response to patient concerns about contact lens dryness, in August 2020, we launched infused Daily SiHy lenses into the fastest-growing contact lens category. INFUSE is the first and only Daily SiHy lens with a next-generation material infused with ProBalance Technology to help minimize symptoms of contact lens dryness. The lens is doing exceptionally well with patients who experience contact lens dryness. In fact, 94% of patients surveyed agreed that INFUSE contact lens do not feel dry and that they can comfortably wear INFUSE lenses all day long.

現在轉到幻燈片 16，了解我們如何使用我們的日拋型矽水凝膠鏡片解決未滿足的市場需求。為了回應患者對隱形眼鏡乾燥的擔憂，我們於 2020 年 8 月推出了注入式 Daily SiHy 隱形眼鏡，成為增長最快的隱形眼鏡類別。 INFUSE 是第一款也是唯一一款 Daily SiHy 鏡片，採用新一代材料注入 ProBalance 技術，有助於最大限度地減少隱形眼鏡乾燥症狀。對於經歷隱形眼鏡乾燥的患者，該鏡片效果非常好。事實上，94% 的接受調查的患者同意 INFUSE 隱形眼鏡不會感到干燥，並且他們可以整天舒適地佩戴 INFUSE 隱形眼鏡。

Moving to Xipere on Slide 17. Xipere is the first and only therapy available to U.S. that utilizes the suprachoroidal space to treat patients suffering from macular edema associated with uveitis, which is the leading cause of vision loss in people with uveitis. FDA approval of Xipere was based on results from a pivotal Phase III trial for 160 patients with a best corrected visual acuity, or BCVA, primary endpoint. As you can see from the chart on the right, the primary FSP endpoint was the proportion patients in whom BCVA had improved by at least 15 letters from baseline after 24 weeks of follow-up. We are particularly excited about the innovative microinjector, which offers unique access to the back of the eye and enables targeted delivery in compartmentalization of the medication.

在幻燈片 17 上轉到 Xipere。 Xipere 是美國第一個也是唯一一個利用脈絡膜上腔治療患有與葡萄膜炎相關的黃斑水腫的患者的療法，這是葡萄膜炎患者視力喪失的主要原因。 FDA 對 Xipere 的批准是基於對 160 名具有最佳矯正視力或 BCVA 主要終點的患者進行的關鍵 III 期試驗的結果。從右圖可以看出，主要 FSP 終點是 24 週隨訪後 BCVA 從基線改善至少 15 個字母的患者比例。我們對創新的顯微注射器特別興奮，它提供了進入眼睛後部的獨特通道，並能夠在藥物的分隔中進行有針對性的輸送。

Moving on to Slide 18. I want to spend a minute on the market opportunity for an investigation of new class of dry eye therapy. NOV03 is a potential first-in-class treatment for dry eye disease associated with meibomian gland dysfunction. Statistically significant efficacy, safety and tolerability has now been demonstrated in 2 Phase III trials. The charts on Slide 18 shows the efficacy endpoints for the second Phase III trial. Importantly, all primary and secondary endpoints were achieved include statistically significant changes from baseline as early as day 15. We are ecstatic with the results of these 2 Phase III studies and believe that NOV03 has the potential to be a major future growth driver for our business. We anticipate and are working towards filing an NDA for NOV03 in the coming weeks.

繼續幻燈片 18。我想花一分鐘的時間來研究新型乾眼療法的市場機會。 NOV03是一種潛在的一流治療與瞼板腺功能障礙相關的干眼病。統計上顯著的療效、安全性和耐受性現已在 2 項 III 期試驗中得到證實。幻燈片 18 上的圖表顯示了第二個 III 期試驗的療效終點。重要的是，早在第 15 天就已實現所有主要和次要終點，包括與基線相比的統計學顯著變化。我們對這兩項 III 期研究的結果感到欣喜若狂，並相信 NOV03 有可能成為我們業務未來的主要增長動力.我們預計並正在努力在未來幾週內為 NOV03 提交 NDA。

On Slide 19, we present some of the near-term pipeline opportunities for the Surgical segment. First, our Envista Premium IOL and Lux Premium IOL expansions offer new opportunities in a $1.4 billion market that is growing at a 7% compound annual growth rate. We're also working on 3D microscope that is expected to launch later this year, and we'll integrate with our eye intelligence clinical decision support software.

在幻燈片 19 上，我們展示了外科部門的一些近期管道機會。首先，我們的 Envista Premium IOL 和 Lux Premium IOL 擴展在以 7% 的複合年增長率增長的 14 億美元市場中提供了新的機會。我們還在開發預計將於今年晚些時候推出的 3D 顯微鏡，並將與我們的眼智能臨床決策支持軟件集成。

Finally, the Teneo Excimer Laser for refractory surgery is expected to be the first significant Lasik innovation in the U.S. in more than a decade. The Teneo Laser has been well received and is widely adopted in more than 50 markets around the world as one of the more versatile lasers available with a compact footprint.

最後，用於難治性手術的 Teneo Excimer Laser 有望成為十多年來美國第一個重大的 Lasik 創新。 Teneo Laser 廣受好評，並在全球 50 多個市場中被廣泛採用，是一款功能更豐富、佔地面積小的激光器。

Slide 20 captures the next generation of surgical innovation, including a new market opportunity with the Femto Laser, which fully integrates into the cataract workflow for operating room efficiency. The LASIK Flap Laser, which complements Teneo for refractive surgery and the 22x combined cataract retina platform with redefined fluidics an efficient advanced lens removal technology and integration with our eye intelligence software.

Slide 20 抓住了下一代手術創新，包括 Femto Laser 的新市場機會，它完全集成到白內障工作流程中以提高手術室效率。 LASIK 皮瓣激光器補充了用於屈光手術的 Teneo 和 22 倍結合的白內障視網膜平台，重新定義了流體技術，是一種高效的先進晶狀體去除技術，並與我們的眼部智能軟件集成。

To summarize, on Slide 21, we illustrate the eye health ecosystem which Bausch + Lomb operates in the power of an integrated platform that uniquely positions Bausch + Lomb to serve eye care needs. Bausch + Lomb has the highest brand awareness of any eye care company. Bausch + Lomb has long-standing relationship with eye-health professionals as well as key retailers and e-commerce channels that reach a broad consumer base.

總而言之，在幻燈片 21 中，我們展示了 Bausch + Lomb 在集成平台的力量下運營的眼部健康生態系統，該平台獨特地定位 Bausch + Lomb 以滿足眼部護理需求。 Bausch + Lomb 擁有所有眼部護理公司中最高的品牌知名度。 Bausch + Lomb 與眼保健專業人士以及主要零售商和覆蓋廣泛消費者群的電子商務渠道建立了長期合作關係。

B&L is a fully integrated eye health company that offers a comprehensive portfolio of more than 400 products to meet significant patient and consumer needs spanning everything from contact lenses, lens and eye care products, ophthalmic pharmaceuticals, over-the-counter product and ophthalmic surgical devices and instruments. B&L serves our patients and consumers throughout all phases of their lives, developing and offering new treatments to meet unmet eye health needs and importantly, help people see better to live better.

B&L 是一家完全整合的眼部健康公司，提供 400 多種產品的全面產品組合，以滿足患者和消費者的重大需求，包括隱形眼鏡、鏡片和眼部護理產品、眼科藥物、非處方產品和眼科手術設備和儀器。 B&L 為我們的患者和消費者在他們生命的各個階段提供服務，開發和提供新的治療方法來滿足未滿足的眼部健康需求，更重要的是，幫助人們看得更清楚，生活得更好。

With that, operator, let's open up the line for questions.

有了這個，接線員，讓我們打開問題的線路。

(Operator Instructions) The first question comes from Ken Cacciatore with Cowen and Company.

（操作員說明）第一個問題來自 Cowen and Company 的 Ken Cacciatore。

Thanks for all the fundamental discussion. I'm actually going to save my one question for a nonfundamental. Joe, lots of questions still coming in on the 90% holdings that BHC has a BLCO. And I know it's easier to understand the likely path forward and as a pacts and patent win, it's less clear to everyone what the options are for BHC in a loss. So I'm not sure that you'll be able to discuss it, but can you talk about that 90%, I know you have broken it out, there's some that could be sold in the near term and the 80% still remaining. Can you talk about the potential ramifications in the event of as a pacts and launch as you could best describe them for folks?

感謝所有基本的討論。我實際上要把我的一個問題留給一個非基本問題。喬，關於 BHC 擁有 BLCO 的 90% 股份仍然存在很多問題。而且我知道更容易理解可能的前進道路，並且作為協議和專利的勝利，每個人都不太清楚 BHC 在虧損中的選擇是什麼。所以我不確定你是否能夠討論它，但你能談談那 90%，我知道你已經打破它，有一些可以在短期內出售，而 80% 仍然剩餘。您能否談談作為協議和啟動的潛在影響，因為您可以最好地為人們描述它們？

Okay. Thank you, Ken, for the question. Let me just maybe back up a little bit and get towards the actual question that you're getting to. Number one, as we think about this, the path forward for us is clear. We've always stated that we would -- 20% of the Bausch + Lomb value to pay down the debt of Bausch Health. We've done now the initial 10-plus percent for the IPO. The remaining actually will turn out to be 8.7% will be monetized by Bausch Health to reduce their debt. They have the flexibility to do that.

好的。謝謝你，肯，你的問題。讓我稍微退後一點，然後回答您要回答的實際問題。第一，當我們考慮到這一點時，我們前進的道路是明確的。我們一直表示，我們將 -- 以 Bausch + Lomb 價值的 20% 來償還 Bausch Health 的債務。我們現在已經完成了 IPO 最初的 10% 以上。剩下的實際上將是 8.7%，將由 Bausch Health 貨幣化以減少他們的債務。他們有這樣做的靈活性。

As to the question on the XIFAXAN issue, let me say one more through it, the remaining 80%, as I said, will be utilized and will go directly to the shareholders of Bausch Health, just to be clear on the remaining 80%. That will be -- that direct spin of that 80% will go to the shareholders of Bausch Health. So that's how that will play out.

關於西發仙的問題，我再講一個，剩下的80%，我說的，會用，直接給博士生的股東，說清楚剩下的80%。那將是——這 80% 的直接分配將歸博士生健康公司的股東所有。所以這就是結果。

On the question of XIFAXAN, I have to first and foremost say, we continue to expect to win. We have intellectual property of 20-plus patents. Our legal team felt more confident at the end of the trial versus at the start of the trial. So all of that continues to be something that we have looked at and managed our way through that. One of the outside advisers that we've utilized have looked through all this and everyone from a legal point of view, has reviewed it. In fact, IPD, an independent company that was attending at the trial looked at it and expect that we will prevail. As to your question, though, on the XIFAXAN Norwich loss, let me get to that. As any company would, you'd expect, we always evaluate multiple scenarios for the business, for planning purposes, and we have done that. But I have to say we continue to expect to win, and I'll probably leave it at that and not speculate any further on that comment. Obviously, that's something that Bausch Health will need to continue to look at in terms of process, but we do expect to win.

關於西發訊的問題，我首先要說的是，我們繼續期待獲勝。我們擁有20多項專利的知識產權。我們的法律團隊在審判結束時比在審判開始時更有信心。因此，所有這些仍然是我們一直在研究和管理的事情。我們聘請的一位外部顧問已經查看了這一切，每個人都從法律的角度對其進行了審查。事實上，參加審判的獨立公司 IPD 對此進行了研究，並期望我們會獲勝。不過，關於你的問題，關於 XIFAXAN Norwich 的失利，讓我來談談。正如您所期望的那樣，任何公司都會出於規劃目的評估業務的多個場景，我們已經這樣做了。但我不得不說我們繼續期待獲勝，我可能會就此打住，不再推測該評論。顯然，這是 Bausch Health 需要在流程方面繼續關注的事情，但我們確實希望獲勝。

The next question is coming from Craig Bijou with Bank of America.

下一個問題來自美國銀行的 Craig Bijou。

Congrats on getting the IPO done. I wanted to ask about top line guidance. So obviously, 5% organic growth in the Q1. Your full year guidance of 4% to 5% suggests a slight slowdown. So I just wanted to ask, is that simply conservatism? Is it China, is there something else that we should be thinking about? And then how should we think about the quarterly cadence of that guidance? And from a segment perspective, should we think about growth of each of the segments similar to what we saw in Q1?

恭喜完成首次公開募股。我想問一下一線指導。很明顯，第一季度有 5% 的有機增長。你們 4% 到 5% 的全年指導表明略有放緩。所以我只想問，這僅僅是保守主義嗎？是中國嗎，還有什麼我們應該考慮的嗎？然後我們應該如何考慮該指導的季度節奏？從細分市場的角度來看，我們是否應該考慮每個細分市場的增長類似於我們在第一季度看到的情況？

Sam?

山姆？

Craig, I'll take this question. So the way I would think about it is our guidance from 4% to 5% is -- I'll refer to as a balanced guidance, we factor in what we have been seeing so far in Q1 from China. We saw the lockdown in China did have an impact on us of roughly about $10 million. That impact continues with us in Q2. Still early in the second quarter, we didn't yet completed second quarter. The good news is right now, we understand that the Chinese government have opened up the market. Things are coming back to normal, still not 100%, but we'll have to see how the month of June plays out that we had the month of April and May shutdown. So our guidance of 4% to 5% anticipate what we've seen in the month of April and May as well from shutdown in China.

克雷格，我會回答這個問題。因此，我認為我們的指導從 4% 到 5% 是——我將其稱為平衡指導，我們考慮了迄今為止我們在第一季度從中國看到的情況。我們看到中國的封鎖確實對我們產生了大約 1000 萬美元的影響。這種影響在第二季度繼續存在。還是在第二季度初期，我們還沒有完成第二季度。好消息是現在，我們了解到中國政府已經開放了市場。事情正在恢復正常，仍然不是 100%，但我們必須看看 6 月份的情況如何，因為 4 月份和 5 月份關閉。因此，我們 4% 至 5% 的指導預測了我們在 4 月和 5 月以及中國停工期間所看到的情況。

When you step back and you think about just our phasing in general, we tend to be more revenue on the second half than the first half of the year. That's in general. So when you think about the cadence of our phasing, you would expect that we will ramp up with more into Q3, Q4 from a phasing point of view than what you've seen in Q1 and Q2 from us. That's at a normal basis. You just have to factor in the anomaly of China, which again, we've seen in Q1 and Q2.

當你退後一步，只考慮我們的總體階段時，我們下半年的收入往往比上半年多。大體上是這樣。因此，當您考慮我們分階段的節奏時，您會期望從分階段的角度來看，我們將在第三季度和第四季度增加更多，而不是您在第一季度和第二季度看到的情況。這是正常的。你只需要考慮中國的異常情況，這也是我們在第一季度和第二季度看到的。

I think the thing I'd add to Sam's comment is just to put a little bit more perspective on that back-to-school contact lens business is something that we see in that third quarter, fourth quarter. So that's part of what we see in some of the commentary that Sam was making on how we're looking at the seasonality of our business. There is some third quarter, fourth quarter pickup as get to back-to-school and they get their contact lenses, but that's probably the only thing I'd add, I think everything else is agreement.

我認為我要在 Sam 的評論中添加的內容只是對我們在第三季度、第四季度看到的返校隱形眼鏡業務有更多的看法。因此，這就是我們在 Sam 關於我們如何看待業務季節性的一些評論中看到的部分內容。有一些第三季度，第四季度的回校，他們得到了他們的隱形眼鏡，但這可能是我唯一要補充的，我認為其他一切都是一致的。

The next question is from Larry Biegelsen with Wells Fargo.

下一個問題來自富國銀行的拉里·比格森。

So I'll ask just one big-picture question. Just at a high level, Joe, and Sam, how are you thinking about Bausch's organic growth and margins beyond 2022? Joe, upfront, you said one of the goals of this call was to talk about growth -- long-term growth for the company. The guidance implies an EBITDA margin of about 20% this year. How are you thinking about the pathway back to, I think, your EBITDA margin in 2019 was about 24%?

所以我只問一個大問題。就高層次而言，Joe 和 Sam，您如何看待 Bausch 2022 年以後的有機增長和利潤率？喬，預先，你說這次電話會議的目標之一是談論增長——公司的長期增長。該指引意味著今年的 EBITDA 利潤率約為 20%。您如何看待回到我認為您在 2019 年的 EBITDA 利潤率約為 24% 的途徑？

I'll start, and Sam, you can add to it. First and foremost, I think, the important point I want to make is on a strategic question of what we're planning to do. Number one, we plan to continue the momentum in our current portfolio. Last 2021, Bausch + Lomb finished with the fastest-growing contact lens business, we grew at about 18% in 2021 as an example. Try to continue that momentum with all of our products in our portfolio is our first strategic direction.

我將開始，Sam，你可以添加它。首先，我想，我想說的重要一點是關於我們計劃做什麼的戰略問題。第一，我們計劃繼續我們當前投資組合的勢頭。去年 2021 年，博士倫完成了增長最快的隱形眼鏡業務，例如，我們在 2021 年增長了約 18%。嘗試通過我們產品組合中的所有產品繼續保持這種勢頭是我們的第一個戰略方向。

Number two, as we've said publicly, we plan to invest in categories in eye health, and they're growing faster than the overall eye health business. The good news for us is that we're going to have a chance to launch new products in the Daily SiHy lenses. We've now launched in about 24 countries. We have more coming on board every quarter. And then we expect also to launch the multi-focal product Daily SiHy. And these Daily SiHy lenses will also add to both on the revenue side and the growth side on the margin, and I'll get to that in just a second.

第二，正如我們公開表示的那樣，我們計劃投資於眼健康領域，它們的增長速度超過了整體眼健康業務。對我們來說，好消息是我們將有機會在 Daily SiHy 鏡片中推出新產品。我們現在已經在大約 24 個國家/地區推出。我們每個季度都有更多人加入。然後我們預計還將推出多焦點產品 Daily SiHy。這些 Daily SiHy 鏡頭還將在收入方面和邊際增長方面都增加，我馬上就會談到這一點。

But as we go into these faster-growing categories like Daily SiHys, which we believe will grow certainly more than double digit. We're going into the Premium IOLs. We've launched our LuxSmart outside the U.S. We have some additional Envista IOL, Premium IOLs coming forward and also looking at the opportunity to enter the dry eye market. All of these new products in the faster-growing categories will help us to expand on these margins and the growth as what we are planning.

但隨著我們進入這些增長更快的類別，例如 Daily SiHys，我們相信這些類別的增長肯定會超過兩位數。我們將進入高級 IOL。我們已經在美國以外推出了我們的 LuxSmart。我們還有一些額外的 Envista IOL、Premium IOL 即將推出，並且還在尋找進入乾眼市場的機會。所有這些快速增長類別中的新產品將幫助我們擴大這些利潤和我們計劃的增長。

And then finally, we're going into some brand-new categories for us. We're going to enter into the digital surgical ecosystem. We're looking at biosimilar some brand new categories for us. We just launched Xipere, the first and only product available in the U.S. that utilizes the suprachoroidal injection therapy, allowing us to help patients who have macular edema associated with uveitis. So all of those new products are going to be helping us to drive the overall growth. And then importantly, with new products opportunity for margin enhancement, a simple example, as patients progress from the opportunity with a -- going from the monthly lens to the daily lens to a Daily SiHy lens, that's a higher price point for patients, which, in the long term, allow us to achieve better margins.

最後，我們將為我們進入一些全新的類別。我們將進入數字外科生態系統。我們正在為我們尋找一些全新的類別的生物仿製藥。我們剛剛推出了 Xipere，這是美國第一個也是唯一一個利用脈絡膜上註射療法的產品，使我們能夠幫助患有與葡萄膜炎相關的黃斑水腫的患者。因此，所有這些新產品都將幫助我們推動整體增長。然後重要的是，有了新產品提高利潤率的機會，一個簡單的例子，隨著患者從機會中進步——從每月鏡片到每日鏡片再到每日 SiHy 鏡片，這對患者來說是一個更高的價格點，這，從長遠來看，讓我們獲得更好的利潤。

And then also on that margin question, as we get more experienced, we know that our yield on the Daily SiHy will get stronger all the time. Usually, when you first come out with a product on a -- at a facility on a line, you'll get about a 60% yield in the first year, that will gradually go to 70% to 80% yield and then up to 90-plus percent yield as you get more experience with. That also helps to contribute to the margin. So the margin story will be driven by these new products, the margin story will be driven as we get more experience with the SiHy Daily lens as we're launching it. And at the higher price point, that will all help to contribute to the overall margin story and help us to get to levels that we were in the past.

然後在保證金問題上，隨著我們越來越有經驗，我們知道我們在每日 SiHy 上的收益率會一直變得更強。通常，當您第一次在生產線上的設備上推出產品時，第一年您將獲得大約 60% 的收益率，然後逐漸達到 70% 到 80% 的收益率，然後達到隨著您獲得更多經驗，90% 以上的收益率。這也有助於提高利潤率。因此，利潤故事將由這些新產品推動，隨著我們在推出 SiHy Daily 鏡頭時獲得更多經驗，利潤故事將被推動。在更高的價格點上，這一切都將有助於促進整體利潤率，並幫助我們達到過去的水平。

Sam, anything you want to add specifically?

山姆，你有什麼特別想補充的嗎？

Yes. And Larry, if I can just add a few things to what Joe said and -- again, the launches is a very critical part in terms of how we think about where we are today and where we're heading into the future because I think there's a number of critical launches across all 3 segments that are going to be very important for us as we move forward from growth on the top line as well as from a margin contribution. So you see it in the Vision Care, Surgical and with the Ophthalmology, having Xipere coming out this year and NOV03 coming out next year. Also, the base business in itself is in a very durable outstanding right now. I think we have a couple of -- a number of our key brands are doing -- performing very well. We highlight some of them in the prepared remarks such as the vitamins, the LUMIFY, we've seen also the international Ophtho business, which has driven growth -- organic growth of roughly 16%.

是的。拉里，如果我可以在喬所說的基礎上再補充幾句的話——再一次，就我們如何思考我們今天所處的位置和未來的方向而言，發布是一個非常關鍵的部分，因為我認為隨著我們從收入增長和利潤率貢獻向前發展，所有 3 個細分市場都有許多重要的發布，這對我們來說非常重要。所以你會在視力保健、外科和眼科看到它，今年 Xipere 推出，明年 NOV03 推出。此外，基礎業務本身目前處於非常持久的突出狀態。我認為我們有幾個 - 我們的一些主要品牌正在做 - 表現非常好。我們在準備好的評論中強調了其中一些，例如維生素、LUMIFY，我們還看到了國際 Ophtho 業務，它推動了增長——有機增長約為 16%。

So we have very good fundamental elements of the business. How we think about the cost structure as we go forward here is, we had -- in 2022, it's a year where we stepped up our investment to position ourselves for those launches and to support the growth that we're seeing in our existing portfolio. And also stepped it up for the stand-alone company to operate -- to allow us B&L to operate as a stand-alone company. As we go forward beyond 2022, we don't need that step change in our cost structure as we move forward. So what that means is that, that trend leads to a leverage from a cost structure that we have the infrastructure that's built right now that we'll be able to be scaled both on the commercial front as well as the overall company, and that will help us in terms of achieving our margin expansion as we go forward.

所以我們有很好的業務基本要素。我們對成本結構的看法是，在 2022 年，我們加大了投資力度，為這些發布做好準備，並支持我們在現有產品組合中看到的增長.並且還加強了獨立公司的運營——讓我們 B&L 作為獨立公司運營。隨著我們在 2022 年以後前進，我們不需要在前進的過程中對成本結構進行那一步的改變。所以這意味著，這種趨勢導致了成本結構的槓桿作用，我們擁有現在構建的基礎設施，我們將能夠在商業領域和整個公司進行擴展，這將在我們前進的過程中幫助我們實現利潤增長。

Your next question is coming from Yatin Suneja from Guggenheim Partners.

您的下一個問題來自 Guggenheim Partners 的 Yatin Suneja。

Can you just touch a little bit on the market opportunity for NOV03? What sort of infrastructure build will it require? How big is the market? Obviously, there is a relevant comp there as -- just trying to understand your strategy there. And then also if you can provide a little bit on Lucentis biosimilar, what's the update there?

你能談談 NOV03 的市場機會嗎？它需要什麼樣的基礎設施建設？市場有多大？顯然，那裡有一個相關的組合——只是想了解你的策略。如果你能提供一些關於 Lucentis 生物仿製藥的信息，那有什麼更新？

Sure. So let me start on the NOV03 dry eye market. It's a very large market. Specifically, we've -- the gross sales numbers are in order of magnitude of $3 billion. Obviously, if you go down to net somewhere probably closer to $2 billion, but a very large market, first comment. Importantly, it's 17 million Americans, and it continues to grow at around the double-digit level. So large market growing rather significantly.

當然。那麼讓我從 NOV03 乾眼症市場開始。這是一個非常大的市場。具體來說，我們已經 - 總銷售額達到了 30 億美元的數量級。顯然，如果你去淨值可能接近 20 億美元，但這是一個非常大的市場，首先要評論。重要的是，它是 1700 萬美國人，並且繼續以兩位數左右的速度增長。如此大的市場增長相當顯著。

Number two, the opportunity we see here is that we look at our clinical data, and I'm delighted to say that we have statistically significant improvement in the signs and symptoms of dry eye disease associated with meibomian gland dysfunction. And we've shown that as early as day 15. So for us, that's a significant, we think, opportunity to help a number of patients if we are approved by the FDA, help a significant number of patients with their dry eye disease. And importantly, as we think about what that means is the current products out in the category can take sometimes up to 3 months to 6 months to work. So if you've got a product that can help patients as early as day 15, we think that makes it a very exciting opportunity to help significant a number of patients and realize the revenue opportunities from that.

第二，我們在這裡看到的機會是我們查看我們的臨床數據，我很高興地說，我們在與瞼板腺功能障礙相關的干眼病的體徵和症狀方面有了統計學上的顯著改善。我們早在第 15 天就已經證明了這一點。所以對我們來說，如果我們獲得 FDA 的批准，我們認為這是一個重要的機會，可以幫助許多患者，幫助大量患有乾眼症的患者。重要的是，當我們考慮這意味著該類別中的當前產品有時可能需要長達 3 到 6 個月的時間才能工作時。因此，如果您的產品最早可以在第 15 天幫助患者，我們認為這是一個非常令人興奮的機會，可以幫助大量患者並從中實現收入機會。

So we're excited about the size of the market, large $3 billion gross sales, $2 billion approximately on a net basis. We look at what's happening with the current players out there and our ability to show the quick relief of the signs and symptoms of dry eye disease, we're excited about it. Good news for us is that Bausch + Lomb has a very large capabilities of footprint to sell this product in the United States. We've got capabilities already a team in place. Bausch + Lomb has one of the largest portfolio around the world of this -- the capabilities in the pharmaceutical business, and that, we think, is what's important for how we will approach this category.

因此，我們對市場規模感到興奮，總銷售額高達 30 億美元，淨額約為 20 億美元。我們看看現有球員的情況以及我們快速緩解乾眼病症狀和體徵的能力，我們對此感到興奮。對我們來說好消息是 Bausch + Lomb 在美國銷售該產品的能力非常強大。我們已經有能力組建了一個團隊。 Bausch + Lomb 擁有世界上最大的產品組合之一——製藥業務的能力，我們認為，這對於我們將如何處理這一類別至關重要。

The other thing that I think I have to say that we think differentiates Bausch + Lomb is by us having an integrated footprint in all of the businesses so that we have a capability in consumer business, a capability in the contact lens business, a capability in the surgical business as well as pharma business. We think that integrated footprint is very important for us from -- as a platform to help us to be successful with new products, and we've seen it. We've seen real life examples of that as we launched our LUMIFY product as an example.

我認為我不得不說的另一件事是，我們認為博士倫的不同之處在於我們在所有業務中都有一個整合的足跡，因此我們有能力在消費者業務、隱形眼鏡業務、在外科業務和製藥業務。我們認為集成足跡對我們來說非常重要——作為一個幫助我們在新產品上取得成功的平台，我們已經看到了這一點。當我們以推出 LUMIFY 產品為例時，我們已經看到了現實生活中的例子。

On the second part of your question was Lucentis biosimilar update, we are continuing to work on that. We have announced that there is a question that is -- the FDA has asked us about the submission. Our partner, (inaudible), who's working on this, has been asked a question relative to some of the information that the FDA is seeking. We are going to take the FDA comments on that, work with the FDA to revise our filing, and we'll be back with more specifics in terms of filing on that product exactly when we'll get that product filed and move forward with the opportunity. But clearly, the biosimilar opportunity is very large in the United States. It's a $6-plus billion product category in the United States. Lucentis is not -- Lucentis is about 1/3 of that. But it's a big opportunity for us, and we look forward to bringing forward a biosimilar and have more to comment about that in the near future.

關於您問題的第二部分是 Lucentis 生物仿製藥更新，我們正在繼續努力。我們已經宣布，有一個問題是——FDA 已經向我們詢問了有關提交的問題。我們的合作夥伴，（聽不清），正在研究這個問題，被問到一個與 FDA 正在尋求的一些信息有關的問題。我們將聽取 FDA 對此的評論，與 FDA 合作修改我們的備案文件，我們將在提交該產品的確切時間返回有關該產品備案的更多細節，並繼續推進機會。但很明顯，美國的生物仿製藥機會非常大。這是美國價值超過 6 億美元的產品類別。 Lucentis 不是—— Lucentis 大約是其中的 1/3。但這對我們來說是一個很大的機會，我們期待著推出一種生物仿製藥，並在不久的將來對此發表更多評論。

(Operator Instructions) And your next question is coming from Robbie Marcus with JPMorgan.

（操作員說明）您的下一個問題來自摩根大通的 Robbie Marcus。

Congrats on your first quarter. Wanted to just follow up on -- I think, it was the first question about the spin from Bausch. What are the plans if the parent company isn't able -- or the Bausch company isn't able to deleverage? How do you plan to address the capital structure going forward and where are the contingency plans?

祝賀你的第一季度。想要跟進——我認為，這是關於 Bausch 的旋轉的第一個問題。如果母公司不能——或者博士生公司不能去槓桿，有什麼計劃？您計劃如何解決未來的資本結構問題以及應急計劃在哪裡？

Sure. Let me take that one, and Sam can add anything. Number one, we have specifically laid out the plans for how we will do this. As we've stated publicly, our plans will be that as we think through the Bausch Health, and I want to keep most of our comments today to Bausch + Lomb to be clear. But as we think about Bausch Health, Bausch Health has stated and agreed that we will do a full separation or spin at the time that Bausch Health gets to a leverage profile of 6.5 to 6.7x. And once we get to that point, we'll do that.

當然。讓我拿那個，山姆可以添加任何東西。第一，我們已經具體制定瞭如何做到這一點的計劃。正如我們公開聲明的那樣，我們的計劃將是我們對 Bausch Health 的思考，我想將我們今天對 Bausch + Lomb 的大部分評論保持清晰。但是，當我們考慮 Bausch Health 時，Bausch Health 已經聲明並同意，當 Bausch Health 的槓桿率達到 6.5 到 6.7 倍時，我們將進行完全分離或旋轉。一旦我們達到這一點，我們就會這樣做。

As we think about that question, there's going to be a couple of different variables that we have to consider in that question. The first, obviously, is the performance of Bausch Health, as Bausch Health continues to improve their performance, that will be an opportunity to pay down more debt. It also will be the performance of the B&L business, of course, as B&L continues to perform, we'll have an opportunity to improve our capabilities, and that will also when Bausch Health monetizes the remaining 8.7%. That obviously will be another way to delever. And then finally, there's the value of the [Sulfo] business that also will be a consideration for Bausch Health as they think about this delevering. So clearly, we have all the plans in place to make that happen.

當我們考慮這個問題時，我們必須在這個問題中考慮幾個不同的變量。首先，顯然是 Bausch Health 的表現，隨著 Bausch Health 的業績不斷提高，這將是償還更多債務的機會。當然，這也將是 B&L 業務的表現，隨著 B&L 繼續表現，我們將有機會提高我們的能力，當 Bausch Health 將剩餘的 8.7% 貨幣化時也將如此。這顯然將是另一種去槓桿的方式。最後，[Sulfo] 業務的價值也將成為 Bausch Health 考慮到這種去槓桿化的考慮因素。很明顯，我們已經制定了所有計劃來實現這一目標。

As to what could happen there, I really don't want to speculate on what would happen if they don't delever. We do think that we have a plan in place to do that. Of course, as all companies do, we have a multiple different scenarios that we'll look at from a business planning point of view, but we absolutely expect that we're going to be able to move forward to delever the Bausch Health business, as we've stated publicly.

至於那裡會發生什麼，我真的不想推測如果他們不去槓桿化會發生什麼。我們確實認為我們有一個計劃來做到這一點。當然，就像所有公司一樣，我們會從業務規劃的角度來看待多種不同的場景，但我們絕對希望我們能夠繼續推進博士生健康業務，正如我們公開聲明的那樣。

The next question is coming from Joanne Wong from Citi.

下一個問題來自花旗的 Joanne Wong。

And also congrats on your first call. I want to spend a little bit of time on the contact lens market, we tend to divide between unit growth as well as reported revenue growth or even organic revenue growth any way you want to look at it. But specifically, how much of your growth is coming from sort of the cannibalization of older lenses versus new fits? And can you just pull this apart in the U.S. geography as well as anything outside the United States you can point to?

也祝賀你第一次打電話。我想花一點時間在隱形眼鏡市場上，我們傾向於在單位增長以及報告的收入增長甚至有機收入增長之間進行劃分。但具體而言，您的增長中有多少來自舊鏡片與新鏡片的蠶食？你能把它從美國地理和美國以外的任何地方分開嗎？

Sure. Let me start on that question. First and foremost, I think, what we've been looking at is in terms of our growth, looking at U.S. versus OUS, we've been -- we've had a chance to show the U.S. share of our business growing from somewhere, let's call it, 9% up to the latest date, it was somewhere around 14.5%. So we've been able to show some very significant growth in our U.S. predominantly behind the growth of the newer products, both our BioTrue Ultra and then now importantly, our INFUSE product, the Daily SiHy product. So that's probably the -- I think, the first thing I talk about in terms of the overall growth is our performance, especially in the U.S. where we've seen some very significant growth in our contact lens business.

當然。讓我從這個問題開始。首先，我認為，我們一直在關注的是我們的增長，看看美國與 OUS，我們一直 - 我們有機會展示美國在我們業務中的份額從某個地方增長，讓我們稱之為，截至最新日期為 9%，大約是 14.5%。因此，我們已經能夠在我們的美國顯示出一些非常顯著的增長，主要是在新產品的增長背後，包括我們的 BioTrue Ultra 和現在重要的是我們的 INFUSE 產品 Daily SiHy 產品。所以這可能是 - 我認為，就整體增長而言，我首先要談論的是我們的表現，尤其是在美國，我們已經看到我們的隱形眼鏡業務取得了一些非常顯著的增長。

Probably the second thing I would talk about in terms of cannibalization. This really comes into the question of what we're looking at from the -- on to our Daily SiHy or INFUSE product. Remarkably, our cannibalization of our existing products has been lower than we've expected. What we've actually picked up on the INFUSE product as we pick up share from our competitors, as well as brand new patient starts have come to our INFUSE products. So we've been very happy with what we've seen from a cannibalization. It's been lower than we've expected. A large percentage you would imagine, has come from the other Daily SiHy lenses.

可能我要談論的第二件事是自相殘殺。這真的涉及到我們正在關注的問題——從我們的 Daily SiHy 或 INFUSE 產品。值得注意的是，我們對現有產品的蠶食率低於我們的預期。當我們從競爭對手那裡獲得份額時，我們實際上已經從 INFUSE 產品中獲得了什麼，以及全新的患者開始使用我們的 INFUSE 產品。因此，我們對我們從自相殘殺中看到的情況感到非常滿意。它比我們預期的要低。您可以想像，很大一部分來自其他 Daily SiHy 鏡片。

Importantly, what we believe the problem out there on the current Daily SiHys prior to the launch of our INFUSE or ULTRA ONEday, we call it outside the U.S. The issue has been the existing products still have a problem causing contact lens dryness. One of the things that we were able to do with our product by putting optimal protectant and electrolytes in moisturizers into the formulation is we get very high response from patients in terms of the ability to wear their products all day long. We think that's an important part of how we will be successful with the launch of our INFUSE or ULTRA ONEday we've got outside the United States.

重要的是，在我們的 INFUSE 或 ULTRA ONEday 推出之前，我們認為當前 Daily SiHys 存在的問題，我們稱之為美國以外的問題。問題是現有產品仍然存在導致隱形眼鏡乾燥的問題。通過在配方中加入最佳保護劑和電解質在保濕劑中，我們能夠對我們的產品做的一件事是，我們從患者那裡得到了非常高的反應，即我們可以全天佩戴他們的產品。我們認為這是我們如何在美國以外推出 INFUSE 或 ULTRA ONEday 取得成功的重要部分。

So I think I've got most of the questions there in terms of contact lens market growth. We clearly see the Daily SiHy business growing dramatically. Where we launch INFUSE in the United States, for example, we have the best data in the U.S. We know that where we have the fit sets we have about 14% market share. So obviously, that's very positive for us as we think about a product category in the United States, it's going from like $1 billion up to about a $3 billion category by 2030. So we're excited about what it means and where we'll pick up business. There will be some cannibalization for our older brands, but the majority of it so far has come from competitive products and new patient starts is probably the best answer to your question.

所以我認為我在隱形眼鏡市場增長方面遇到了大部分問題。我們清楚地看到 Daily SiHy 業務急劇增長。例如，在我們在美國推出 INFUSE 的地方，我們擁有美國最好的數據。我們知道，在我們擁有擬合集的地方，我們擁有約 14% 的市場份額。很明顯，這對我們來說是非常積極的，因為我們考慮到美國的一個產品類別，到 2030 年，它的類別將從 10 億美元增加到約 30 億美元。所以我們對這意味著什麼以及我們將在哪裡感到興奮接業務。我們的老品牌會有一些蠶食，但到目前為止，其中大部分來自競爭產品，新的患者開始可能是您問題的最佳答案。

And Joanne, just to add to what Joe said, we did include certain information on the products in our earnings deck, but you'll see this the buy-through grew in the quarter roughly about 8% organically and also grew about 4% organically, notwithstanding the softness that we've seen in the China lockdown.

喬安妮，補充一下喬所說的，我們確實在收益表中包含了有關產品的某些信息，但你會看到，本季度的買入量有機增長約 8%，有機增長約 4% ，儘管我們在中國的封鎖中看到了軟弱。

Your next question is coming from Pito Chickering from Deutsche Bank.

您的下一個問題來自德意志銀行的 Pito Chickering。

Back in December and January to see you were able to increase prices to help offset the inflationary pressures. Can you quantify for us what percentage of your portfolio you were able to increase those prices for? Those increases had any negative impact on demand? And also if inflation continues going forward, are you still confident that you can keep on passing through these price increases to consumers, is that impacting demand?

早在 12 月和 1 月就看到您能夠提高價格以幫助抵消通脹壓力。您能否為我們量化您能夠提高這些價格的投資組合的百分比？這些增長對需求有任何負面影響嗎？此外，如果通脹繼續向前發展，您是否仍然有信心繼續將這些價格上漲轉嫁給消費者，這會影響需求嗎？

Great question. Let's start with historical. You're 100% correct in that January time frame, we did take pricing. We took pricing on our prescription pharmaceutical product portfolio. That was in the ballpark mid-single digits. Now I want to be clear that when you take pricing even at -- let's just use 5% as an example, if you take a 5% pricing, you're not going to realize a 5% pricing, you're going to have to offset that with some additional gross to net reductions, et cetera. So we did take pricing on our prescription business, yes.

好問題。讓我們從歷史開始。您在 1 月份的時間範圍內是 100% 正確的，我們確實進行了定價。我們對我們的處方藥產品組合定價。那是在中個位數的範圍內。現在我想明確一點，當你甚至以 5% 的價格定價時——讓我們以 5% 為例，如果你採用 5% 的定價，你將不會實現 5% 的定價，你將擁有通過一些額外的總淨減量來抵消這一點，等等。所以我們確實對我們的處方業務進行了定價，是的。

In addition, we took pricing on our consumer business. And in that case, we took on the consumer business, the action in January, but we did not see the actual realized pricing there until really in the March timing. We have to give retailers, approximately 2 to 3 months of time to build that into their process. So that did not really occur until March, but we have seen that in both the pricing aspects of what we saw both the consumer as well as on the prescription side, we did not see any diminution of the demand for either of those categories. So we are continuing to be able to pass on that price.

此外，我們對消費者業務進行定價。在這種情況下，我們在 1 月份採取了消費者業務，但直到 3 月份我們才真正看到那裡的實際定價。我們必須給零售商大約 2 到 3 個月的時間來將其納入他們的流程。所以直到 3 月份才真正發生這種情況，但我們已經看到，在我們看到的消費者和處方方面的定價方面，我們沒有看到對這兩個類別的需求有任何減少。所以我們繼續能夠傳遞這個價格。

On the other area on the vision contact lens business, we did also take pricing their ballpark in that mid-single digits areas where we took pricing and that did occur in that January time frame. Now as to the question on go forward, we do think that inflation is real. It's something we are going to look to take additional pricing. We have not seen a really different demand from the prices we've taken in the past. We will continue to look at this. It's something that we do believe is part of our need to look at this from an inflationary part that we're facing.

在視覺隱形眼鏡業務的另一個領域，我們也確實在我們進行定價的中個位數區域為他們的球場定價，這確實發生在 1 月份的時間框架內。現在關於未來的問題，我們確實認為通貨膨脹是真實的。這是我們將尋求採取額外定價的東西。我們沒有看到與我們過去所採取的價格真正不同的需求。我們將繼續關注這一點。我們確實認為這是我們需要從我們面臨的通貨膨脹部分來看待這個問題的一部分。

Beyond the pricing aspect, though, I want to be very clear and as we're thinking about the future, we're thinking about it not just simply on a price as the actual selling price, we're all looking at other things like discounts and other rebates in terms of how take a look at the challenge we face from an inflationary pressure. We've also, as a go-forward instituted what we refer to as Project CORE, Project CORE stands for cost optimization revenue enhancement. That's a program that we're looking at through our entire -- all the different P&L aspects of like manufacturing everywhere we can to reduce obsolescence, to improve yield, to try to move forward with additional response, to the inflationary pressure now to get ahead of this rather than to be responding to it.

不過，除了定價方面，我想非常清楚，當我們考慮未來時，我們不僅僅是在考慮價格作為實際售價，我們都在關注其他事情，比如折扣和其他回扣如何看待我們面臨的來自通脹壓力的挑戰。作為一個前進的方向，我們還制定了我們所說的 Project CORE，Project CORE 代表成本優化收入增強。這是一個我們正在研究的整個項目——所有不同的損益方面，比如製造業，我們可以在任何地方減少過時，提高產量，嘗試採取額外的應對措施，應對現在的通脹壓力，以取得成功而不是回應它。

We want to continue to get ahead of this because we do see inflationary pressures and everything from the resins we purchase for the polymers, energy, obviously, and shipping. So we're trying to get ahead of that. And we think Project CORE is going to help us get ahead of that as we think through this going forward. Sam, anything you want to add to what I said?

我們希望繼續領先於此，因為我們確實看到了通貨膨脹壓力以及我們為聚合物、能源、顯然和運輸購買的樹脂的一切。因此，我們正在努力超越這一點。我們認為 Project CORE 將幫助我們在未來的思考中走在前面。山姆，你想在我說的內容中添加什麼嗎？

(inaudible)

（聽不清）

The next question is coming from Cecilia Furlong with Morgan Stanley.

下一個問題來自摩根士丹利的 Cecilia Furlong。

I wanted to ask specifically on the capital equipment front, what you're seeing globally in terms of just demand for capital, especially in this environment, how you contemplated that in your '22 outlook? And then also on Xipere, just would love to hear a bit more about the initial days of launch as well as how you're thinking about that product through the balance of this year in terms of growth?

我想在資本設備方面特別問一下，就資本需求而言，您在全球範圍內看到了什麼，特別是在這種環境下，您在 22 年的展望中是如何考慮的？然後在 Xipere 上，只是想听聽更多關於發布初期的信息，以及您如何看待該產品在今年餘下的增長方面？

Sure. Let me start on the capital plan. One of the things I want to refer you to on Slide #27 of our presentation. As we did show all of the top 10 products we have as a company, and one of them specifically was the surgical equipment. And that shows that versus a year ago, the capital demand has been flat. There absolutely was increased demand for consumables. It was up 13%. And also the implant was up 4.5%. So we did see increased demand for our overall surgical business, as we stated, but the actual capital demand has slowed down a little bit. It's not surprising to us. It's part of what we had expected we do see that, that will improve as we work our way through some of the issues that we're currently seeing in the marketplace. But we did see the growth clearly in the consumables and the implantable side of the business.

當然。讓我從資本計劃開始。我想在我們演示文稿的幻燈片 #27 上向您推薦的一件事。正如我們確實展示了我們作為一家公司擁有的所有前 10 種產品，其中一個特別是手術設備。這表明與一年前相比，資本需求持平。對消耗品的需求絕對增加了。它上漲了 13%。植入物也上漲了 4.5%。因此，正如我們所說，我們確實看到對我們整體外科業務的需求增加，但實際資本需求有所放緩。這對我們來說並不奇怪。這是我們預期的一部分，我們確實看到了這一點，隨著我們努力解決我們目前在市場上看到的一些問題，這將得到改善。但我們確實清楚地看到了業務的消耗品和可植入方面的增長。

As it would relate to Xipere, what we're really excited about is the response rate. We showed the response rate in our information very, very clear response rate for patients when you use Xipere. The specific data is on Page 17 of our presentation. But the best corrected visual acuity has increased dramatically. You can see that we had 46.9% improvement versus the control group only had a 15.6%. So that is the reason why we're getting very favorable feedback from the initial launch of the product.

由於它與 Xipere 有關，我們真正興奮的是響應率。當您使用 Xipere 時，我們在信息中非常非常清楚地顯示了患者的反應率。具體數據在我們演示文稿的第 17 頁。但最佳矯正視力急劇增加。你可以看到我們有 46.9% 的改善，而對照組只有 15.6%。這就是為什麼我們從產品的初始發布中獲得非常好的反饋的原因。

Now to be clear, I want to be absolutely clear that this is a product that requires additional training to how to inject into the suprachoroidal space. So that's going to take some time. But that's clearly one of the things that we're thinking about in terms of this overall uveitis U.S. market being bought, a $400 million opportunity. The actual macular edema is almost less than that, about 1/3 of that or 25% of that. But we clearly think that this is an opportunity because of our response that we've gotten from training of the physicians who've seen a very good reception as they've used this product. So more to stay tuned for that, more to happen, especially as we get additional reimbursement with the product. But we're excited about the initial launch. And most importantly, we're excited about how this is really helping patients by utilizing the suprachoroidal space. And we think the suprachoroidal space may be a platform for additional products in the future that we hope to have more to say about that in the future.

現在要明確一點，我想絕對清楚的是，這是一種需要額外培訓才能注入脈絡膜上腔的產品。所以這需要一些時間。但這顯然是我們正在考慮的事情之一，就整個葡萄膜炎美國市場而言，這是一個 4 億美元的機會。實際的黃斑水腫幾乎比這個少，大約是那個的 1/3 或那個的 25%。但我們清楚地認為這是一個機會，因為我們從對使用該產品的醫生的培訓中得到了回應，這些醫生在他們使用該產品時受到了很好的歡迎。所以更多的事情要繼續關注，更多的事情會發生，尤其是當我們通過產品獲得額外的報銷時。但我們對首次發布感到興奮。最重要的是，我們對這如何通過利用脈絡膜上腔真正幫助患者感到興奮。我們認為脈絡膜上腔可能是未來更多產品的平台，我們希望在未來對此有更多的發言權。

The next question is coming from Amit Hazan with Goldman Sachs.

下一個問題來自高盛的 Amit Hazan。

This is Phil on for Amit. I thought I'd ask a broader-picture question as well. Balance sheet, very strong, strong free cash flow generation. I think maybe just touch on capital allocation priorities for the company, and then to some of the prior questions, I'm interested if burdening Bausch + Lomb with additional debt is a potentiality in the future depending on how things play out with the parent company to help delever?

這是阿米特的菲爾。我想我也會問一個更廣泛的問題。資產負債表，非常強勁，強勁的自由現金流產生。我想也許只是觸及公司的資本配置優先事項，然後是之前的一些問題，我感興趣的是，未來是否有可能給博士倫公司增加額外債務，這取決於母公司的發展情況幫助去槓桿？

It's a good question. I'll start with the capital allocation. I will just focus on sort of where we are and what we also have done in the last couple of years. I think in the past number of years, we invested roughly about $2 billion in the B&L business since 2018. About half of that came into R&D investments, about $700 million of that $2 billion was about in CapEx investment. And that was very important for us to invest in our platform to be able to enable us to see what we are seeing today in terms of launches and products that we're able to bring to the market.

這是個好問題。我將從資本配置開始。我將只關注我們所處的位置以及過去幾年我們所做的事情。我認為在過去的幾年中，自 2018 年以來，我們在 B&L 業務上投資了大約 20 億美元。其中大約一半用於研發投資，這 20 億美元中約有 7 億美元用於資本支出投資。這對我們投資我們的平台非常重要，這樣我們才能看到我們今天所看到的發布和我們能夠推向市場的產品。

And as we go forward, I think, we'll continue to have the same level of investment in our business between the R&D about 7% of sales when we think about CapEx, we were thinking about it about $200 million to $225 million. We've built pretty good capacity to allow us to support our launches and what we need for the next number of years. And right now, we're turning our attention to ensure that we are building for the future for additional growth as we go forward with the spend that we're doing. So I think that you'll find that investment in our platform is going to be a key priority for us. We also did talk about the opportunity for us as we now on a stand-alone basis will be able to deploy some of our cash and our balance sheet towards acquisitions, mainly on the bulk side of bolt-on type of acquisitions, and they're going to be very strategic as we think about where we are within the marketplace where we can leverage our infrastructure, commercial infrastructure, and we can scale it even further, than what we have now by putting in some of those products or acquisitions into our portfolio.

我認為，隨著我們的發展，當我們考慮資本支出時，我們將繼續對我們的業務進行相同水平的投資，其中研發約佔銷售額的 7%，我們認為它約為 2 億至 2.25 億美元。我們已經建立了很好的能力，使我們能夠支持我們的發射和未來幾年的需求。現在，我們正在將注意力轉移到確保我們正在為未來建設以實現額外增長，因為我們正在推進我們正在做的支出。因此，我認為您會發現對我們平台的投資將成為我們的首要任務。我們也確實談到了我們的機會，因為我們現在可以獨立地將我們的一些現金和資產負債表用於收購，主要是在附加型收購的大宗方面，他們當我們考慮我們在市場中的位置時，我們將非常具有戰略意義，我們可以利用我們的基礎設施、商業基礎設施，並且我們可以進一步擴展它，而不是我們現在通過將其中一些產品或收購放入我們的文件夾。

From a debt on B&L, we raised about $2.5 billion as part of the IPO. It's important to step back and just reflect in terms of the capital structure that we deployed within B&L. I think we focused on what we wanted and how we wanted B&L to be structured from a sufficient capital structure going forward, ensure that we will be able to get to an investment-grade rating as we do the spin-off. So that all plays in our thinking in terms of how we thought about the capital structure and how we thought about where we are from a -- to sort of the leverage and where we are from a balance sheet. And I think we're going to be able to continue to focus on the investment grade as we move forward for B&L's an important factor for us.

作為 IPO 的一部分，我們從 B&L 的債務中籌集了約 25 億美元。重要的是退後一步，只反映我們在 B&L 中部署的資本結構。我認為我們專注於我們想要什麼，以及我們希望 B&L 如何從足夠的資本結構中構建，確保我們能夠在分拆時獲得投資級評級。因此，就我們如何思考資本結構以及我們如何思考我們從哪裡來——到某種槓桿以及我們從資產負債表到哪裡去而言，所有這些都在我們的思考中發揮作用。我認為我們將能夠繼續專注於投資級別，因為我們向前推進 B&L 對我們來說是一個重要因素。

If I can just add a little bit to what Sam said, because I agree with everything he said is that as we're thinking about this, we see the eye health being an excellent market opportunity. It's got strong tailwinds, whether you're thinking about patients over the age of 65 using 10x more eye health than people under the age of 65, as an example. And we know that the population is going to increase. We know that there's a myopia epidemic out there that it's moved from 20% of the population with myopia to 40% on its way to 50% of the population. So we know about diabetes.

如果我可以對 Sam 所說的話做一點補充，因為我同意他所說的一切，因為我們正在考慮這個問題，我們認為眼睛健康是一個極好的市場機會。舉個例子，無論您是否考慮到 65 歲以上的患者使用的眼睛健康是 65 歲以下的人的 10 倍，它都有很大的優勢。我們知道人口將會增加。我們知道那裡有一種近視流行病，它已經從 20% 的近視人群上升到 40% 的近視人群，並正在蔓延到 50% 的人群。所以我們知道糖尿病。

All those reasons we think are suggesting it's a good time to invest in a business in eye health, whether it's the organic side that we've referenced in the prior part of the conversation or to the inorganic side, we think the markets are going to grow 4% to 5%. We think we can grow at or above market growth rate. And then on top of that, we have this opportunity now with these new products as well as investing in business development, M&A opportunities to bolt on additional assets on this capital allocation question. So we think that's a chance to grow organically, at or above market growth rate. And then bolt-on inorganic growth opportunities. We have not had the chance to do that in the past because of some of the debt issues that Bausch Health, the total parent company had, we think this is a great opportunity for the future.

我們認為所有這些原因都表明現在是投資眼睛健康業務的好時機，無論是我們在對話前一部分中提到的有機方面還是無機方面，我們認為市場將增長 4% 到 5%。我們認為我們可以達到或高於市場增長率。最重要的是，我們現在有機會使用這些新產品以及投資於業務發展、併購機會，以在這個資本分配問題上增加額外資產。因此，我們認為這是一個有機增長的機會，達到或高於市場增長率。然後附加無機增長機會。由於總母公司 Bausch Health 的一些債務問題，我們過去沒有機會這樣做，我們認為這是未來的絕佳機會。

Orders of magnitude, I don't want you to think we're doing $1 billion transactions, but multibillion-dollar transactions. But we do think there are opportunities there to do some additional bolt-ons for us. Specifically in the areas of we do think are 2 areas we're interested to bolt on some additional assets in the surgical space and also in the ophthalmology prescription spaces from a capital allocation point of view, those would be the areas that we are interested in thinking about going forward.

數量級，我不希望你認為我們正在進行 10 億美元的交易，而是數十億美元的交易。但我們確實認為那裡有機會為我們做一些額外的補充。從資本配置的角度來看，我們確實認為我們有興趣在手術空間和眼科處方空間中增加一些額外資產的兩個領域，這將是我們感興趣的領域考慮前進。

Your final question is come from Zack Weiner from Jefferies.

您的最後一個問題來自 Jefferies 的 Zack Weiner。

I just wanted to hit on the 14% market share that you guys talked about in regions that you have. Just any color on expanding that fit sets more broadly across the U.S.? And where ultimately do you think that you can get that share?

我只是想在你們所擁有的地區談論你們所說的 14% 的市場份額。在美國更廣泛地擴大適合範圍的任何顏色？您認為最終在哪裡可以獲得份額？

Yes. It's an absolutely great question. I want to be specific that the data I shared on that 14% was specific to the U.S. data in terms of where we have fit sets in the U.S., we have been able to get a 14% share of our INFUSE products. So that just may be one clarity. But do we believe there's an opportunity to continue to expand, and the answer is absolutely yes.

是的。這絕對是一個很好的問題。我想具體說明一下，我分享的那 14% 的數據是針對美國數據的，就我們在美國的擬合集而言，我們已經能夠獲得 14% 的 INFUSE 產品份額。所以這可能只是一種清晰。但我們是否相信有機會繼續擴張，答案是肯定的。

Look to us as we've now increased our capacity for making contact lenses and the SiHy Daily lens as we do that, we'll have opportunities to introduce additional fit sets or samples across the broad categories in the United States, but also how we're looking at this market opportunity globally. As I said, at the end of 2021, we had launched in approximately 5 markets. Now we're up to about 24 markets in terms of the launch of our SiHy Daily lens. So move to us -- to continue to move forward with the opportunities to grow market share of INFUSE.

期待我們，因為我們現在已經提高了製造隱形眼鏡和 SiHy Daily 鏡片的能力，因為我們這樣做，我們將有機會在美國的廣泛類別中引入額外的適配套裝或樣品，以及我們如何'正在全球範圍內尋找這個市場機會。正如我所說，到 2021 年底，我們已經在大約 5 個市場推出。現在，就推出我們的 SiHy Daily 鏡頭而言，我們的市場多達 24 個。所以轉向我們——繼續利用增加 INFUSE 市場份額的機會向前邁進。

Importantly, though, maybe just make one important comment. We think in the United States, the SiHy Daily market is going to grow from about $1 billion, $1.1 billion last year to somewhere closer to $3 billion by 2030, 2031. We also think the international portion of it is going to grow from about $1.5 billion to about $3.7 billion. So you're looking at a market on the Daily SiHy lenses growing from, call it, $2.5 billion to something close to $6 billion globally. So that's why we're excited about this ability to come forward with a contact lens are INFUSE that we believe delivers on some of the challenges in the current SiHy Daily portfolio of products that are available, predominantly for addressing this area of contact lens dryness because of our formulation. And certainly, the patient feedback has been outstanding based on the patients that we've had a chance to show it, too. So clearly, taking a look at -- as we expand our capacity, we absolutely go out with more fit sets and more opportunity for the future with our INFUSE products. So thank you very much for the question.

不過，重要的是，也許只是發表一個重要的評論。我們認為在美國，SiHy Daily 市場將從去年的 11 億美元左右增長到 2030 年和 2031 年的接近 30 億美元。我們還認為，它的國際部分將從 1.5 美元左右增長億至約 37 億美元。因此，您看到 Daily SiHy 鏡片的市場規模從 25 億美元增長到全球近 60 億美元。這就是為什麼我們對能夠推出隱形眼鏡的能力感到興奮的原因是 INFUSE，我們相信它可以解決當前可用的 SiHy Daily 產品組合中的一些挑戰，主要用於解決隱形眼鏡乾燥的這一領域，因為我們的配方。當然，基於我們有機會展示的患者，患者的反饋也非常出色。很明顯，看看——隨著我們擴大產能，我們絕對會用我們的 INFUSE 產品推出更多合身套裝和更多未來機會。所以非常感謝你的問題。

That concludes our presentation and Q&A today. Thank you very much for joining. We look forward to getting back and talking to you in the near future. Have a great day, everyone.

今天的演講和問答到此結束。非常感謝您的加入。我們期待在不久的將來回來與您交談。祝大家有個美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。