Bausch + Lomb Corp (BLCO) 2023 Q3 法說會逐字稿

Good morning, and welcome to the Bausch + Lomb Third Quarter 2023 Earnings Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to George Gadkowski, Vice President of Investor Relations and Business Insights. Please go ahead.

早安，歡迎參加博士倫 2023 年第三季財報電話會議。 （操作員說明）請注意，正在記錄此事件。現在我想將會議交給投資者關係和商業洞察副總裁喬治·加德科斯基 (George Gadkowski)。請繼續。

Thank you. Good morning, everyone, and welcome to our third quarter 2023 financial results conference call. Participating on today's call are Chairman and Chief Executive Officer, Mr. Brent Saunders, 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。大家早安，歡迎參加我們的 2023 年第三季財務業績電話會議。出席今天電話會議的包括董事長兼執行長 Brent Saunders 先生和財務長 Sam Eldessouky 先生。除了本次網路直播之外，今天的幻燈片簡報的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, I 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 legend at the beginning of our presentation as it contains important information. This presentation contains non-GAAP financial measures and ratios. For more information about these measures and ratios, please refer to Slide 1 of the presentation. Non-GAAP reconciliations can be found in the appendix to the presentation posted on our website.

在開始之前，我想提醒您，我們今天的演示包含前瞻性資訊。我們要求您花點時間閱讀我們簡報開頭的前瞻性圖例，因為它包含重要資訊。本簡報包含非公認會計準則財務指標和比率。有關這些措施和比率的更多信息，請參閱簡報的幻燈片 1。非 GAAP 調整表可在我們網站上發布的簡報的附錄中找到。

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 unless required by law and not to update or affirm guidance other than through broadly disseminated public disclosure. With that, it's my pleasure to turn the call over to Brent.

最後，本簡報中的財務指引僅從今天起生效。我們的政策是，除非法律要求，否則一般不會在下個季度之前更新指導意見，並且除非透過廣泛傳播的公開披露，否則不會更新或確認指導意見。至此，我很高興將電話轉給布倫特。

Thank you, George, and thank you, everyone, for joining us today. I'll start by providing highlights from the quarter. And after Sam does a deeper dive on financials and updates guidance, I'll share how we'll continue to drive profitable growth for the remainder of 2023 and beyond.

謝謝喬治，也謝謝大家今天加入我們。我將首先提供本季的亮點。在 Sam 深入研究財務狀況並更新指導意見後，我將分享我們將如何在 2023 年剩餘時間及以後繼續推動獲利成長。

I'm going to start with 3 things that define the quarter, which we expect will be familiar themes going forward. First, we are growing revenue at or above market, thanks to the strength of established and emerging brands that cover the entire spectrum of eye health. We're excited about our trajectory as we enter 2024, which we expect will be one of the most active launch years in the 170-year history of our company.

我將從定義本季的三件事開始，我們預計這將是未來熟悉的主題。首先，由於涵蓋整個眼睛健康領域的知名品牌和新興品牌的實力，我們的收入成長達到或高於市場水平。進入 2024 年，我們對我們的發展軌跡感到興奮，我們預計這將是我們公司 170 年歷史中最活躍的發布年份之一。

Second, we're equipping our salesforce with the tools, training, and the product portfolio they need to turn our market leadership potential into reality. Look no further than our powerhouse Dry Eye Disease portfolio and the outsized opportunity in that area. Bringing MIEBO to market and reinvigorating the XIIDRA brand comes at a crucial time as 96% of estimated U.S. population suffering from dry eye disease is not treated with a prescription product.

其次，我們為銷售人員配備所需的工具、培訓和產品組合，以將我們的市場領導潛力變為現實。我們強大的乾眼症產品組合以及該領域的巨大機會就是您的最佳選擇。將 MIEBO 推向市場並重振 XIIDRA 品牌正值關鍵時刻，因為據估計，美國 96% 的乾眼症患者並未接受處方產品治療。

Finally, we're focused on addressing the supply chain challenges we faced. We're nearing the finish line on upgrades to our Lynchburg distribution facility and our new Chief Supply Chain and Operations Officer is establishing a multiyear blueprint for turning our scale and global manufacturing footprint into a competitive advantage.

最後，我們專注於解決我們面臨的供應鏈挑戰。我們的林奇堡分銷設施升級即將完成，我們新任的首席供應鏈和營運長正在製定多年藍圖，將我們的規模和全球製造足跡轉化為競爭優勢。

As made clear when I introduced the roadmap to accelerate growth on my first earnings call this May, this is a multiyear journey that will fundamentally change how we operate. Rewiring the company is no easy lift, but I'm proud of our ongoing progress in Phase I. Our leadership team, which has been almost entirely remade since my arrival earlier this year, has largely completed the process of flattening the respective organization to improve efficiency. But rethinking how we work goes much deeper. From making life easier for our sales representatives to strategically investing in digital capabilities, we're maximizing our potential by focusing on what matters most. And critically, we have buy-in from approximately 13,000 colleagues around the world who want to see Bausch + Lomb back on top.

正如我在今年五月的第一次財報電話會議上介紹加速成長路線圖時所明確指出的那樣，這是一個多年的旅程，將從根本上改變我們的營運方式。重組公司並非易事，但我對我們在第一階段取得的持續進展感到自豪。自今年早些時候我到來以來，我們的領導團隊幾乎完全進行了重組，已基本完成了各個組織的扁平化過程，以改善效率。但重新思考我們的工作方式更深入。從讓我們的銷售代表的生活變得更輕鬆，到對數位能力進行策略性投資，我們透過專注於最重要的事情來最大限度地發揮我們的潛力。至關重要的是，我們得到了全球約 13,000 名同事的支持，他們希望看到博士倫重返巔峰。

While early in the process, changing how we operate is already helping improve our performance. We had another quarter of solid revenue growth, up 8% year-over-year on a constant currency basis. That growth is being driven across key franchises, which speaks to our holistic strength. Performance from consumer brands like LUMIFY continues to exceed expectations while premium IOL offerings in surgical represent a high-growth, high-margin opportunity.

在這過程的早期，改變我們的營運方式已經有助於提高我們的績效。我們的營收又一個季度穩健成長，以固定匯率計算年增 8%。這種成長是由主要特許經營業務推動的，這證明了我們的整體實力。 LUMIFY 等消費品牌的表現持續超越預期，而手術領域的優質 IOL 產品代表著高成長、高利潤的機會。

Promoted pharmaceutical products like VYZULTA, which saw revenue growth of 54% year-over-year on a constant currency basis, help offset issues with contract manufacturers for 2 mature non-promoted products. Dynamics in the fourth quarter and beyond will obviously change with the focus on MIEBO and XIIDRA.

VYZULTA 等促銷藥品的收入以固定匯率計算年增 54%，有助於抵消 2 種成熟非促銷產品的合約製造商的問題。隨著 MIEBO 和 XIIDRA 的關注，第四季及以後的動態將明顯改變。

Before turning things over to Sam, I'd like to acknowledge his team's work in securing favorable financing terms for the XIIDRA transaction, one of the biggest in our history. Our focus, and his in particular, now turns to deleveraging. Sam?

在將事情交給 Sam 之前，我要感謝他的團隊為 XIIDRA 交易確保有利的融資條件所做的工作，這是我們歷史上最大的交易之一。我們的重點，尤其是他的重點，現在轉向去槓桿化。薩姆？

Thank you, Brent, and good morning everyone. Before we begin, as I noted in our last earnings call, most of my comments today will be focused on growth expressed on a constant currency basis. Turning now to our financial results on Slide 7, in the third quarter, we saw strong revenue growth across our key product franchises. Total company revenue of $1.007 billion for the quarter reflects growth of 8% on a constant currency basis and 7% on a reported basis compared to the prior year.

謝謝你，布倫特，大家早安。在我們開始之前，正如我在上次財報電話會議中指出的那樣，我今天的大部分評論將集中於以固定匯率計算的成長。現在轉向幻燈片 7 上的財務業績，我們在第三季度看到我們的主要產品系列的收入強勁增長。該季度公司總收入為 10.07 億美元，以固定匯率計算比上年增長 8%，按報告計算增長 7%。

Market demand remains strong, and our strategic focus continues to be on investing in the business to drive growth. We're committed to executing this strategy as we look forward to launching more new products in 2023 and 2024. In the quarter, we achieved 2 major milestones with the launch of MIEBO and the closing of the XIIDRA acquisition. It is still early, but we believe we have a significant opportunity with these products, which combined with our OTC offering, give us a leading position in the dry eye disease category. While we have made solid progress in the quarter and market demand remains healthy, we fully recognize there is more work to be done.

市場需求依然強勁，我們的策略重點仍是投資業務以推動成長。我們致力於執行這項策略，因為我們期待在 2023 年和 2024 年推出更多新產品。本季度，我們實現了 2 個重大里程碑：推出 MIEBO 和完成 XIIDRA 收購。現在還為時過早，但我們相信這些產品為我們帶來了巨大的機會，這些產品與我們的非處方藥產品相結合，使我們在乾眼症類別中處於領先地位。雖然我們在本季取得了堅實的進展，市場需求依然健康，但我們充分意識到還有更多工作要做。

Supply remains a work in progress. As I will discuss further, we are implementing mitigating steps and have seen improvements, but it will take time to reach a point where we are fully confident we can supply products to meet our business demand on a consistent basis. Volatility in our currency mix, including the strength of the U.S. dollar, led to foreign currency headwinds of approximately $10 million to revenue and approximately $14 million to adjusted EBITDA in the third quarter. While the currency headwinds are not as sizable as we saw last year, the impact on our results continues to be driven by our geographic footprint and currency mix.

供應工作仍在進行中。正如我將進一步討論的那樣，我們正在實施緩解措施並取得了進展，但需要時間才能達到我們完全有信心能夠持續提供產品來滿足我們的業務需求的程度。我們的貨幣組合的波動，包括美元的強勢，導致第三季的收入受到約 1,000 萬美元的外幣阻力，調整後的 EBITDA 受到約 1,400 萬美元的影響。雖然貨幣逆風不像我們去年看到的那麼大，但對我們業績的影響仍然受到我們的地理足跡和貨幣組合的影響。

Our China business was down 1% on a constant currency basis relative to strong comps in the prior year quarter. As a reminder, the market in China saw a recovery in the second half of 2022 after the shutdown in last year's second quarter. As we lap the 2022 stop and go progression, we remain confident that our business in China will return to stable and consistent growth over time. Notably, year-to-date constant currency growth in China has been 6%.

與去年同期的強勁業績相比，我們的中國業務按固定匯率計算下降了 1%。提醒一下，繼去年第二季的停擺之後，中國市場在 2022 年下半年出現了復甦。隨著 2022 年走走停停的進展，我們仍然有信心我們在中國的業務將隨著時間的推移恢復穩定和持續成長。值得注意的是，今年迄今中國的貨幣恆定成長率為 6%。

Now let's discuss the results in each of our segments. Vision Care revenue of $648 million increased by 11% on a constant currency basis, driven by growth in both the consumer and contact lens portfolios. The consumer business grew by 14% on a constant currency basis, led by our LUMIFY, Eye Vitamins and Artelac franchises. LUMIFY revenue grew by 47% globally compared to the prior year and achieved a record $44 million of revenue in the third quarter. LUMIFY has continued its strong momentum in the U.S., where it has a leading market share of approximately 50% and has built substantial brand equity.

現在讓我們討論每個部分的結果。在消費者和隱形眼鏡產品組合成長的推動下，視力保健收入以固定匯率計算成長 11%，達 6.48 億美元。在我們的 LUMIFY、Eye Vitamins 和 Artelac 特許經營權的帶動下，消費者業務以固定匯率計算成長了 14%。 LUMIFY 全球營收較前一年成長 47%，第三季營收達到創紀錄的 4,400 萬美元。 LUMIFY 在美國繼續保持強勁勢頭，在美國擁有約 50% 的領先市場份額，並建立了可觀的品牌資產。

In the quarter, we launched the LUMIFY Eye Illuminations to leverage the brand platform and expand into the eye beauty category. Revenue from our Eye Vitamins franchise, PreserVision Ocuvite, grew by 6% on a constant currency basis. PreserVision continues to be the market leader with 90% plus market share in the U.S. The launch of ACUSorb has helped expand the franchise and PreserVision continues to demonstrate the ability to drive growth in the AMD market.

本季度，我們推出了 LUMIFY Eye Illuminations，利用品牌平台，拓展眼部美容品類。我們的眼睛維生素特許經營權 PreserVision Ocuvite 的收入按固定匯率計算增長了 6%。 PreserVision 繼續成為市場領導者，在美國佔據 90% 以上的市場份額。ACUSorb 的推出幫助擴大了該系列產品，PreserVision 繼續展示了推動 AMD 市場成長的能力。

In our international consumer business, Artelac has continued to perform well and grew by 11% on a constant currency basis in the quarter. Artelac is one of the brands in our consumer dry eye portfolio. The dry eye portfolio is continuing to expand and reached approximately $78 million of revenue in the quarter with 9% organic growth.

在我們的國際消費業務中，Artelac 繼續表現良好，本季以固定匯率計算成長了 11%。 Artelac 是我們消費者乾眼症產品組合中的品牌之一。乾眼產品組合持續擴大，本季營收達到約 7,800 萬美元，有機成長 9%。

Finally, our lens care portfolio grew 8% on a constant currency basis. We have continued to see strong demand in our consumer business. Our strategy is to maintain focus on our key franchises and continue investing in product launches. In the lens business, we saw 5% constant currency growth in the third quarter. Reported revenue from our Daily SiHy lenses grew by 79% in the quarter. We recently expanded the Daily SiHy family with the launch of the multifocal in the U.S. We've also recently rolled out the Daily SiHy in China. We continue to see strong demand in the Daily SiHy category.

最後，我們的鏡片護理產品組合以固定匯率計算成長了 8%。我們的消費業務需求持續強勁。我們的策略是繼續關注我們的主要特許經營權並繼續投資於產品發布。在鏡片業務中，第三季我們看到了 5% 的恆定貨幣成長。據報道，我們 Daily SiHy 鏡片的營收在本季成長了 79%。我們最近在美國推出了多焦眼鏡，擴大了 Daily SiHy 系列。我們最近也在中國推出了 Daily SiHy。我們繼續看到 Daily SiHy 類別的強勁需求。

As Brent discussed, revenue in the lens portfolio was negatively impacted by disruptions at our Lynchburg distribution facility. We have made progress in the quarter, and we expect to reach an optimized level of order processing at Lynchburg in Q1 2024. Excluding the impact of the disruptions, global lens constant currency revenue growth was 7% in the quarter. On a constant currency basis, our value-oriented daily brand SofLens grew by 9% in the quarter. Biotrue was down 3%, and ULTRA up 10%.

正如布倫特所討論的，我們林奇堡分銷設施的中斷對鏡頭產品組合的收入產生了負面影響。我們在本季度取得了進展，我們預計林奇堡的訂單處理將在 2024 年第一季達到優化水平。排除中斷的影響，本季全球鏡頭固定貨幣收入增長為 7%。以固定匯率計算，我們以價值為導向的日用品牌 SofLens 本季成長了 9%。 Biotrue 下跌 3%，ULTRA 上漲 10%。

Moving now to the Surgical segment, third quarter revenue was $185 million, an increase of 6% on a constant currency basis. The consumables portfolio, our largest category in the surgical business, grew by 8% on a constant currency basis, mainly driven by Cataract packs. Implantables declined by 2% on a constant currency basis. Our premium IOL portfolio continues to expand and was up 33% in constant currency in the quarter. As I mentioned last quarter, our standard ICU1 IOL continues to be impacted by the product hold issued by our partner earlier this year, which offset the strong growth in our premium IOL portfolio in the third quarter. Excluding the impact of ICU1, the implantables portfolio grew 10% in constant currency. We anticipate ICU1 to impact the remainder of the year.

現在轉向外科領域，第三季營收為 1.85 億美元，以固定匯率計算成長 6%。消耗品組合是我們外科業務中最大的類別，以固定匯率計算成長了 8%，這主要是由白內障包推動的。以固定匯率計算，植入物下降了 2%。我們的優質 IOL 投資組合繼續擴大，以固定匯率計算，本季成長了 33%。正如我上季度提到的，我們的標準 ICU1 IOL 繼續受到我們合作夥伴今年早些時候發布的產品持有的影響，這抵消了我們第三季度優質 IOL 產品組合的強勁增長。排除 ICU1 的影響，以固定匯率計算，植入式產品組合成長了 10%。我們預計 ICU1 將影響今年剩餘時間。

We're focused on expanding our implantables portfolio and have recently announced the launch of our enVista Aspire lens. We expect the enVista platform to continue to expand with future launches of the enVista Envy trifocal and the enVista V soft lenses.

我們專注於擴展我們的植入式產品組合，並在最近宣布推出 enVista Aspire 鏡片。我們預計 enVista 平台將隨著未來 enVista Envy 三焦點和 enVista V 軟鏡片的推出而繼續擴展。

Our Surgical business has a number of new product launches scheduled in 2024, especially in the premium end of the market. We intend to invest behind these launches as we see this as an important area to drive future margin expansion. Revenue from equipment was up 10% versus Q3 '22 on a constant currency basis, mainly driven by Stellaris system sales. We continue to see strong market demand in our surgical business, and we're taking steps to improve our ability to consistently supply products to our customers. We're implementing various mitigating measures, including strategic spot buying of components and securing multiple supply sources. As we progress through the remainder of the year, we anticipate that supply will remain volatile and that supply constraints will continue to lead to a buildup of higher cost of inventory and pressure on margins.

我們的外科業務計劃於 2024 年推出許多新產品，特別是在高端市場。我們打算對這些產品的推出進行投資，因為我們認為這是推動未來利潤率擴張的重要領域。以固定匯率計算，設備收入比 22 年第三季成長 10%，這主要是由 Stellaris 系統銷售推動的。我們繼續看到外科業務的強勁市場需求，並且我們正在採取措施提高我們持續向客戶供應產品的能力。我們正在實施各種緩解措施，包括策略性現貨採購零件和確保多個供應源。隨著今年剩餘時間的進展，我們預計供應將繼續波動，供應限制將繼續導致庫存成本上升和利潤率壓力。

Lastly, revenue in the Pharma segment was $174 million, which represents constant currency growth of 1%. VYZULTA grew by 54% in the quarter on a constant currency basis, with TRxs in the U.S. up 19%. We also saw growth in our international pharma business, offset by supply impact on non-promoted mature brands in the U.S.

最後，製藥部門的營收為 1.74 億美元，以固定匯率計算成長 1%。以固定匯率計算，VYZULTA 本季成長了 54%，其中美國的 TRx 成長了 19%。我們也看到國際製藥業務的成長，但被美國未推廣的成熟品牌的供應影響所抵消。

We are pleased to have recently launched MIEBO. The early performance and feedback from eye care professionals have been strong, which Brent will talk about more. In the quarter, we made investments in the MIEBO launch, and we're committed to continuing to invest over the next 18 to 24 months to position MIEBO for success. Our acquisition of XIIDRA closed at the end of September, and we're excited to bring XIIDRA and MIEBO together in one portfolio. This closing date was earlier than our initial estimate for the end of the year. We expect the remainder of the year to be a transition period for XIIDRA as we continue our efforts to successfully integrate it into our portfolio. We believe our investment in the relaunch of XIIDRA is an important step in unlocking XIIDRA's full potential. The acquisition of XIIDRA transforms our Pharma business and XIIDRA and MIEBO together provide us with the leadership in dry eye disease.

我們很高興最近推出了 MIEBO。眼科護理專業人士的早期表現和回饋非常強烈，布倫特將對此進行更多討論。在本季度，我們對 MIEBO 的推出進行了投資，並且我們致力於在未來 18 到 24 個月內繼續投資，以使 MIEBO 取得成功。我們對 XIIDRA 的收購已於 9 月底完成，我們很高興能夠將 XIIDRA 和 MIEBO 整合到一個產品組合中。該截止日期早於我們對年底的初步估計。我們預計今年剩餘時間將是 XIIDRA 的過渡期，我們將繼續努力將其成功整合到我們的投資組合中。我們相信，我們對重新啟動 XIIDRA 的投資是釋放 XIIDRA 全部潛力的重要一步。收購 XIIDRA 改變了我們的製藥業務，XIIDRA 和 MIEBO 共同為我們提供了乾眼症領域的領導地位。

Now that we have covered revenues for each of the segments, let me walk through some of the key non-GAAP line items on Slide 8. Adjusted gross margin for the core was 61.3%, which was up 80 basis points compared to Q3 2022. The gross margin improvement reflects a mix of factors. Product mix was favorable, driven by higher growth in our consumer business. This is balanced by pressure on the gross margin driven by the higher inventory costs in our surgical business. In the third quarter, we invested $81 million in R&D or approximately 8% of revenue. Our spend in the third quarter reflects our investments behind key products, including the MIEBO launch. We're committed to investing in our product launches in the remainder of this year and in 2024.

現在我們已經介紹了每個細分市場的收入，讓我來介紹一下幻燈片8 上的一些關鍵的非GAAP 專案。核心業務的調整後毛利率為61.3%，與2022 年第三季相比成長了80 個基點。毛利率的改善反映了多種因素。在我們的消費業務成長加快的推動下，產品組合是有利的。這與我們的外科業務庫存成本上升所帶來的毛利率壓力相平衡。第三季度，我們在研發上投入了 8,100 萬美元，約佔營收的 8%。我們第三季的支出反映了我們對關鍵產品的投資，包括 MIEBO 的推出。我們致力於在今年剩餘時間和 2024 年投資我們的產品發布。

Third quarter adjusted EBITDA was $187 million. It was negatively impacted by currency headwinds of approximately $14 million and legible related disruptions of $7 million. Excluding the impact of currency, adjusted EBITDA grew 7% compared to last year. Net interest expense run rate for the quarter was approximately $56 million, excluding a onetime upfront financing commitment cost of $16 million related to the XIIDRA acquisition. The adjusted tax rate in the third quarter was 6%, which is in line with our expectation for the full year 2023. Adjusted EPS for the quarter was $0.22. Adjusted cash flow from operations was $66 million in the third quarter and CapEx was $33 million.

第三季調整後 EBITDA 為 1.87 億美元。它受到約 1,400 萬美元貨幣逆風和 700 萬美元明顯相關中斷的負面影響。排除匯率影響，調整後 EBITDA 較去年成長 7%。本季的淨利息支出運作率為約 5,600 萬美元，不包括與 XIIDRA 收購相關的一次性預付融資承諾成本 1,600 萬美元。第三季調整後稅率為6%，符合我們對2023年全年的預期。本季調整後每股盈餘為0.22美元。第三季調整後的營運現金流為 6,600 萬美元，資本支出為 3,300 萬美元。

Year-to-date, cash flow from operations includes a strategic inventory build of approximately $150 million, mainly related to the surgical business. It also includes an investment in working capital to support new launches and growing sales. As part of the XIIDRA transaction, we raised $1.9 billion in financing at the end of the quarter. This consists of a $500 million term loan and $1.4 billion secured notes. XIIDRA is a highly cash generative asset, and we believe that we have a path to de-levering over the next 24 months.

年初至今，營運現金流包括約 1.5 億美元的戰略庫存建設，主要與外科業務相關。它還包括對營運資金的投資，以支持新產品的推出和不斷增長的銷售。作為 XIIDRA 交易的一部分，我們在本季末籌集了 19 億美元的融資。其中包括 5 億美元的定期貸款和 14 億美元的擔保票據。 XIIDRA 是一種高度產生現金的資產，我們相信我們有辦法在未來 24 個月內實現去槓桿化。

Turning now to our 2023 guidance on Slide 11. We're raising our revenue guidance for 2023 to a range of $4.035 billion to $4.085 billion. This reflects a constant currency growth rate of approximately 9.5% to 10.5%, which represents an increase of 300 basis points from our previous guidance. Based on current exchange rates, we expect currency headwinds to have a negative impact on revenue of approximately $85 million for the full year, which is about $35 million unfavorable from our previous estimate. In the fourth quarter, we expect XIIDRA to generate $80 million to $90 million of revenue. Our constant currency revenue guidance raise of 300 basis points takes into consideration the 225-basis points contribution from XIIDRA, with the remainder of the 75 basis points raise or $30 million, reflecting the strong performance in our base business.

現在轉向幻燈片 11 上的 2023 年指引。我們將 2023 年的收入指引上調至 40.35 億美元至 40.85 億美元的範圍。這反映了約 9.5% 至 10.5% 的恆定貨幣成長率，比我們先前的指導增加了 300 個基點。根據當前匯率，我們預計貨幣逆風將對全年收入產生約 8,500 萬美元的負面影響，比我們先前的估計不利約 3,500 萬美元。我們預計 XIIDRA 第四季將產生 8,000 萬至 9,000 萬美元的收入。我們將固定貨幣收入指引上調 300 個基點，其中考慮了 XIIDRA 貢獻的 225 個基點，以及 75 個基點上調的剩餘部分或 3000 萬美元，反映了我們基礎業務的強勁表現。

We're increasing our adjusted EBITDA guidance for 2023 to a range of $710 million to $760 million. This includes full year currency headwinds of approximately $55 million, which is about $20 million unfavorable from our previous estimate, offset by the contribution from XIIDRA of approximately $30 million. While the market demand remains healthy, we're balancing our performance with the investments in launches including MIEBO, the transition required to integrate and relaunch XIIDRA, and the work in progress in the supply chain. Also, our adjusted EBITDA guidance includes the negative impact related to Lynchburg, which has been approximately $20 million year-to-date. We expect our 2023 adjusted gross margin to increase by approximately 50 basis points to 60.5%.

我們將 2023 年調整後 EBITDA 指引提高至 7.1 億美元至 7.6 億美元。其中包括全年約 5,500 萬美元的貨幣逆風，比我們先前的估計不利約 2,000 萬美元，但被 XIIDRA 約 3,000 萬美元的貢獻所抵銷。雖然市場需求保持健康，但我們正在平衡我們的業績與對 MIEBO 等發布的投資、整合和重新啟動 XIIDRA 所需的過渡以及供應鏈中正在進行的工作。此外，我們調整後的 EBITDA 指引還包括與林奇堡相關的負面影響，今年迄今約 2,000 萬美元。我們預計 2023 年調整後毛利率將增加約 50 個基點，達到 60.5%。

In terms of the other key assumptions underlying our guidance, we anticipate investments in R&D to be approximately 8% of revenue and interest expense to be approximately $270 million for the full year. The increase in the interest expense reflects the recent financing related to the XIIDRA acquisition. Our adjusted tax rate is expected to be roughly 6% and full year CapEx is approximately $175 million. As a reminder, keep in mind that the comparability between 2022 and 2023 results for the full year will be impacted by the May 2022 timing of our IPO.

就我們指引所依據的其他關鍵假設而言，我們預計全年研發投資將佔營收的 8% 左右，利息支出約為 2.7 億美元。利息支出的增加反映了近期與 XIIDRA 收購相關的融資。我們調整後的稅率預計約為 6%，全年資本支出約為 1.75 億美元。請記住，2022 年和 2023 年全年業績的可比性將受到我們 2022 年 5 月 IPO 時間的影響。

I recognize that many of you are currently focused on updating your models for next year. Looking forward, I want to provide some initial considerations for 2024. We expect the fundamentals of the eye care market to remain strong and the overall market growth to be about mid-single digits. We anticipate 2024 to be one of the most active launch years in our company's history. We expect to launch products across our entire portfolio, including in high-margin, fast-growing areas of the market. We also expect to strengthen our leadership in dry eye disease with the recent launch of MIEBO and the full year contribution from XIIDRA. We're excited about the XIIDRA market opportunity under our ownership and our holistic approach to dry eye disease treatment.

我認識到你們中的許多人目前正專注於更新明年的模型。展望未來，我想對 2024 年提供一些初步考慮。我們預計眼保健市場的基本面將保持強勁，整體市場成長約為中個位數。我們預計 2024 年將是我們公司歷史上最活躍的發布年份之一。我們預計將推出涵蓋整個產品組合的產品，包括高利潤、快速成長的市場領域。我們還期望透過最近推出的 MIEBO 和 XIIDRA 的全年貢獻來加強我們在乾眼症領域的領導地位。我們對我們擁有的 XIIDRA 市場機會以及我們的乾眼症治療整體方法感到興奮。

As we have previously mentioned, once we launch, we believe XIIDRA has the potential to be a mid-single-digit growth asset. We expect to have an opportunity for margin improvement, driven by the addition of XIIDRA and the performance of our base business while also recognizing the need to invest in all of our launches, including MIEBO.

正如我們之前提到的，一旦我們推出，我們相信 XIIDRA 有潛力成為中等個位數成長的資產。我們預計，在 XIIDRA 的加入和我們基礎業務的績效的推動下，利潤率將有機會提高，同時我們也認識到需要投資於我們所有的產品，包括 MIEBO。

As we invest during the XIIDRA relaunch period, we expect the XIIDRA contribution to margin to increase as we progress throughout the year. The relaunch is a key priority, and we are encouraged by the recent TRx trends in the past few weeks. But we anticipate that it will take some time for us to see the full benefit of our investments.

由於我們在 XIIDRA 重新啟動期間進行投資，我們預計 XIIDRA 對利潤率的貢獻將隨著我們全年的進展而增加。重新啟動是關鍵優先事項，過去幾週 TRx 的最新趨勢令我們感到鼓舞。但我們預計，我們需要一段時間才能看到投資的全部效益。

In our base business, we believe our supply chain will continue to strengthen, but we recognize there's more work to be done. Pressure on margins related to supply challenges and the mitigation efforts I mentioned earlier, such as spot buying, will continue to be a factor in the short term. To be clear, our priority will remain to invest in our product launches. While still early, MIEBO is off to a great start. We will monitor the MIEBO performance over the coming months and evaluate the need to accelerate investment to maximize the strong performance trajectory.

在我們的基礎業務中，我們相信我們的供應鏈將繼續加強，但我們認識到還有更多工作要做。與供應挑戰和我之前提到的現貨購買等緩解措施相關的利潤壓力將繼續成為短期內的一個因素。需要明確的是，我們的首要任務仍然是投資於我們的產品發布。雖然還為時過早，但 MIEBO 已經有了一個好的開始。我們將在未來幾個月監控 MIEBO 的表現，並評估加速投資的必要性，以最大限度地提高強勁的業績軌跡。

Based on current rates, we estimate currency headwinds to revenue of approximately $100 million in 2024. This is our current estimate, and we will continue to monitor and update it as we approach the end of this year. We expect the LOE for our brand PROLENSA to occur in Q4 of this year. We estimate PROLENSA to be approximately $50 million in revenue. We don't expect the LOE to have a material impact on our 2023 results, but we do expect to see the full year impact in 2024. We anticipate investments in R&D will continue to be a focus as we advance our product pipeline and bring new products to market.

根據目前的匯率，我們估計 2024 年貨幣阻力對收入的影響約為 1 億美元。這是我們目前的估計，我們將在接近今年年底時繼續監控和更新它。我們預計我們的品牌 PROLENSA 的 LOE 將於今年第四季發生。我們估計 PROLENSA 的收入約為 5000 萬美元。我們預計LOE 不會對我們2023 年的業績產生重大影響，但我們確實預計會在2024 年看到全年影響。我們預計，隨著我們推進產品線並帶來新產品，研發投資將繼續成為重點。產品推向市場。

Our tax rate is expected to be approximately 15%. As previously mentioned, this is in line with our expectation, and it takes into consideration an estimate of the impact of the OECD's Pillar 2 minimum tax rules, which are expected to be implemented in certain EU countries and Canada in 2024. We expect interest expense to increase in 2024 due to incremental debt related to the XIIDRA financing and a higher interest rate environment for the variable rate portion of our debt.

我們的稅率預計約為 15%。如前所述，這符合我們的預期，並考慮了對 OECD 支柱 2 最低稅收規則影響的估計，該規則預計將於 2024 年在某些歐盟國家和加拿大實施。我們預計利息支出由於與XIIDRA 融資相關的債務增量以及我們債務的可變利率部分的利率環境較高，該債務將在2024 年增加。

As we continue the momentum in our current portfolio and launch new products, we have an opportunity to continue to deliver at or above market growth and leverage our platform for longer-term margin expansion. And now I'll turn the call back to Brent.

隨著我們繼續保持當前產品組合的勢頭並推出新產品，我們有機會繼續實現或高於市場成長，並利用我們的平台實現長期利潤擴張。現在我將把電話轉回給布倫特。

Thanks, Sam. I'd like to spend some time talking more about where we are investing to drive growth. Months ago, I described our second quarter as being defined by performance and progress. The same holds true for Q3, but I'd like to introduce a third descriptor when it comes to our supply chain, practicality. We have a significant global manufacturing and distribution network that relies on thousands and thousands of inputs. Look no further than surgical where some equipment has more than 1,000 components. With any operation of this size, if you don't have a consistent supply of those components and dependability when it comes to pushing your products out the door, you're not going to realize your full potential.

謝謝，山姆。我想花一些時間更多地討論我們在哪些方面進行投資以推動成長。幾個月前，我將我們的第二季描述為由績效和進度來定義。第三季也是如此，但當談到我們的供應鏈時，我想介紹第三個描述符，即實用性。我們擁有一個重要的全球製造和分銷網絡，依賴成千上萬的投入。外科手術就是最好的例子，其中一些設備有 1,000 多個部件。對於這種規模的任何操作，如果您在推出產品時沒有持續供應這些組件和可靠性，您將無法充分發揮潛力。

There's no quick fix when it comes to addressing supply chain issues, and it's not a question of just throwing money at a problem. We've made nearly $900 million in capital investments toward improving and expanding our facilities over just the past 5 years. Instead, we are taking a practical approach to supply chain. We started by bringing in a respected industry veteran who has been making complex systems run smoothly for more than 25 years. He has taken the reins on addressing our Lynchburg issues and is systematically working to improve surgical component availability. Bigger picture, he is creating a thoughtful and staged game plan for supply chain success that will keep up with demand for new and existing products. Being practical requires patience with the understanding that we're going to do it right.

解決供應鏈問題沒有快速解決辦法，也不是僅僅砸錢就能解決問題的問題。僅在過去 5 年裡，我們就投入了近 9 億美元的資本投資來改善和擴大我們的設施。相反，我們正在對供應鏈採取實用的方法。我們首先引進了一位受人尊敬的行業資深人士，他在超過 25 年的時間裡一直致力於使複雜的系統平穩運行。他負責解決我們的林奇堡問題，並有系統地努力提高手術部件的可用性。從更大的角度來看，他正在為供應鏈的成功制定深思熟慮的分階段遊戲計劃，以滿足對新產品和現有產品的需求。務實需要耐心，並了解我們將把事情做好。

Let's turn to one of the biggest events of the quarter and a serious source of pride for our employees, the launch of MIEBO. We'll launch that as just one input when it comes to a product success. In the case of MIEBO, early returns are truly impressive. TRx performance since our mid-September launch shows a steady rise in prescription volume. What's driving that uptake? Two things. First, our sales force. I attended the MIEBO kickoff meeting in early September and was immediately impressed by the team. They believe in what they're selling, and we're making it easier for them to do their jobs. They recognize the promise of MIEBO, both medically and commercially.

讓我們來談談本季最大的事件之一，也是我們員工引以為傲的重大事件：MIEBO 的推出。我們將把它作為產品成功的一個投入。就 MIEBO 而言，早期回報確實令人印象深刻。自 9 月中旬推出以來，TRx 的表現顯示處方量穩定上升。是什麼推動了這種採用？兩件事情。首先，我們的銷售團隊。我參加了 9 月初的 MIEBO 啟動會議，立刻就被團隊留下了深刻的印象。他們相信自己所銷售的產品，而我們正在讓他們更輕鬆地完成工作。他們認識到 MIEBO 在醫學和商業方面的前景。

Second, excitement among eye care professionals. We brought MIEBO to market because there was a real need for a medicine that targets tear evaporation. Physicians believe in what they're prescribing and are thrilled to have a new and differentiated treatment option for millions of patients suffering from dry eye disease. Enthusiasm among the MIEBO salesforce is shared by the XIIDRA team that we onboarded just 2 weeks ago. When I met with them at orientation, it was clear that they felt reinvigorated. Most, if not all, have never been part of a company solely dedicated to eye health.

其次，眼保健專業人員的興奮。我們將 MIEBO 推向市場是因為確實需要一種針對淚液蒸發的藥物。醫生們相信他們的處方，並很高興為數百萬患有乾眼症的患者提供一種新的差異化治療選擇。 MIEBO 銷售團隊與我們兩週前剛加入的 XIIDRA 團隊一樣充滿熱情。當我在入職培訓中見到他們時，很明顯地他們感到煥發了活力。大多數（如果不是全部的話）從來都不是專門致力於眼睛健康的公司的一部分。

Why does that matter? Because we have the existing infrastructure to hit the ground running, and it's mission-critical we make XIIDRA central to our strategy. Recent lack of investment in XIIDRA sales ends now. The team we brought over went from selling a medication that wasn't deemed a priority by its former owner, to representing the biggest product in our portfolio by revenue. It's time for a rebirth as we leverage XIIDRA's brand equity and increasing importance in the dry eye category. MIEBO on its own represents a significant opportunity for Bausch + Lomb, but the acquisition of XIIDRA gives us a formidable 1-2 punch. As made clear when we first announced our acquisition of XIIDRA, these are complementary medications that target distinct elements of dry eye disease. Being able to offer both means we can treat the disease holistically and more fully address a staggering unmet need.

為什麼這很重要？因為我們擁有可以立即運行的現有基礎設施，而且它是關鍵任務，所以我們將 XIIDRA 作為我們策略的核心。最近 XIIDRA 銷售投資不足的情況現已結束。我們引進的團隊從銷售一種不被其前所有者視為優先事項的藥物，轉變為代表我們產品組合中收入最高的產品。隨著我們利用 XIIDRA 的品牌資產以及在乾眼類別中日益增長的重要性，現在是重生的時候了。 MIEBO 本身對 Bausch + Lomb 來說是一個重要的機會，但收購 XIIDRA 為我們帶來了強大的 1-2 重拳。正如我們首次宣布收購 XIIDRA 時所明確的那樣，這些是針對乾眼症不同特徵的補充藥物。能夠提供這兩種服務意味著我們可以全面治療該疾病，並更充分地解決令人震驚的未滿足需求。

How do our products become the primary option for approximately 36 million Americans suffering from dry eye disease not currently on prescription medication? It starts with raising disease awareness for consumers and physicians. For the latter, we'll rely heavily on a combined salesforce that will be the largest in the dry eye category and one of the most impressive in eye health.

我們的產品如何成為大約 3,600 萬患有乾眼症但目前未服用處方藥的美國人的主要選擇？首先是提高消費者和醫生的疾病意識。對於後者，我們將嚴重依賴聯合銷售隊伍，這將是乾眼類別中最大的銷售隊伍，也是眼睛健康領域最令人印象深刻的銷售隊伍之一。

While we spent a fair amount of time highlighting MIEBO and XIIDRA over the past few quarters, it's important to understand that pharmaceuticals account for roughly 1/4 of our revenue. In other words, we're much more than a handful of prescription medications for a single category. Highlights from other areas include LUMIFY, which continues to impress with exponential revenue growth. We've built on that success through the upcoming full launch of LUMIFY Eye Illuminations in the U.S., a perfect example of capitalizing on a product that has quickly built a significant and loyal following.

雖然我們在過去幾個季度花了相當多的時間來強調 MIEBO 和 XIIDRA，但重要的是要了解藥品約占我們收入的 1/4。換句話說，我們不僅僅是單一類別的少數處方藥。其他領域的亮點包括 LUMIFY，它繼續以指數級的收入成長給人留下深刻印象。我們在這項成功的基礎上，即將在美國全面推出 LUMIFY Eye Illuminations，這是利用該產品快速建立大量忠實追隨者的完美範例。

Daily SiHy continues to be an emerging force in our contact lens business with third quarter revenue growth of nearly 80% year-over-year. Ongoing brand extensions mean even more opportunity on a global scale. In Surgical, high-margin premium IOLs continue to outperform. After debuting IC-8 Apthera earlier this year, we soft launched enVista Aspire just weeks ago and expanded enVista offerings are planned for 2024 and beyond.

Daily SiHy 繼續成為我們隱形眼鏡業務的新興力量，第三季營收年增近 80%。持續的品牌延伸意味著在全球範圍內有更多的機會。在外科領域，高利潤的優質人工水晶體繼續表現出色。繼今年稍早推出 IC-8 Apthera 後，我們在幾週前軟發布了 enVista Aspire，並計劃在 2024 年及以後推出更多 enVista 產品。

This slide may look familiar, but that doesn't make it any less impressive. With so many launches across our businesses on the horizon, you can see why we're focused on selling excellence and improving our supply chain. Getting those right means getting more products to people who need them. It's the key to everything for us. I returned to Bausch + Lomb because I saw a company with incredible potential. 8 months in, I can tell you that I sold us short. The opportunity we have is even more transformative than I initially thought. We have the products, people,, and plan to shape up an industry that continues to evolve and grow.

這張幻燈片可能看起來很熟悉，但這並沒有使它令人印象深刻。我們即將推出如此多的業務，您就會明白為什麼我們專注於銷售卓越產品和改善我們的供應鏈。做好這些意味著向需要的人提供更多產品。這對我們來說是一切的關鍵。我回到博士倫是因為我看到了一家具有令人難以置信的潛力的公司。 8 個月後，我可以告訴你，我賣空了我們。我們擁有的機會比我原先想像的更具變革性。我們擁有產品、人才，並計劃打造一個持續發展和成長的產業。

This Friday is the official anniversary of our founding when John Bausch and Henry Lomb embraced a start-up mentality to build a 170-year legacy. We're rekindling that entrepreneurial spirit as we redefine the company and create lasting value in the process. Operator, let's open the line for questions.

本週五是我們成立的正式週年紀念日，約翰·鮑什 (John Bausch) 和亨利·隆姆 (Henry Lomb) 秉持創業心態，打造了 170 年的傳奇。當我們重新定義公司並在過程中創造持久價值時，我們正在重新點燃這種創業精神。接線員，讓我們打開提問線。

Thank you very much. (Operator Instructions) The first question comes from Patrick Wood of Morgan Stanley.

非常感謝。 （操作員說明） 第一個問題來自摩根士丹利的派崔克‧伍德。

Amazing. Thank you very much for taking the question. I'll keep it to one. I'd love to drill down a little bit into MIEBO given the launch. I'm just curious how you're getting the feedback, how it's coming through from the docs a little bit, prescription trends rather than the numbers, but the kinds of patients that you think are typically being treated at this stage and how you feel about I think it was a $350 million opportunity longer term. I know it's very early days, but really curious to see how you're feeling about that longer term given the launch. Thanks.

驚人的。非常感謝您提出問題。我會把它保留為一。鑑於 MIEBO 的推出，我很想深入了解。我只是好奇你是如何獲得回饋的，它是如何從文件中得到的，處方趨勢而不是數字，而是你認為在這個階段通常接受治療的患者類型以及你的感受我認為從長遠來看這是一個價值3.5 億美元的機會。我知道現在還為時過早，但我真的很想知道您對發布後的長期感受如何。謝謝。

Yes. Great. Thanks, Patrick. Great question. Obviously, MIEBO is a big focus of mine of our teams. As you said, early days, and so early feedback. I don't want to overstate the meaning of a few weeks of data. But that being said, I feel really, really good about where we are. The market reaction, the market being physicians or ECPs, is incredibly strong. And in fact, when you look at the data in IQVIA, it's significantly underreported. IQVIA will be doing an update I think November 17, and then you'll get to see the real data. There were some reporting issues in IQVIA. But suffice it to say, it's doing much better than perhaps you guys even think or the outside world thinks given the reporting issues. What we're hearing from -- what I'm hearing from ECPs, I'm actually going to the American Academy of Ophthalmology this weekend in San Francisco. We're going to be doing a lot of MIEBO and XIIDRA events and programming there as well, but is incredible enthusiasm. They're seeing great patient response. We're starting to see refills already. Everything, knock on wood, everything is going better than expectations and expectations at least for me were pretty high, and they're doing better than that. But again, I want to caution it's early days, early data. I'll feel much more confident when we have several months of data, but the team is doing a great job.

是的。偉大的。謝謝，派崔克。很好的問題。顯然，MIEBO 是我們團隊的一大重點。正如你所說，早期，所以早期的回饋。我不想誇大幾週數據的意義。但話雖這麼說，我對我們現在的處境感到非常非常好。醫生或 ECP 市場的反應異常強烈。事實上，當你查看 IQVIA 中的資料時，你會發現它的報告嚴重不足。我認為 IQVIA 將於 11 月 17 日進行更新，然後您將看到真實的數據。 IQVIA 存在一些報告問題。但我只想說，考慮到報告問題，它的表現可能比你們想像的或外界想像的要好得多。我們從 ECP 那裡聽到的消息，實際上我這個週末要去舊金山的美國眼科學會。我們也將在那裡舉辦許多 MIEBO 和 XIIDRA 活動和節目，但我們的熱情令人難以置信。他們看到患者的反應很好。我們已經開始看到補充品了。一切，敲敲木頭，一切都比預期要好，至少對我來說，預期相當高，而他們做得比這更好。但我想再次提醒大家，現在的數據還處於早期階段。當我們有幾個月的數據時，我會感到更有信心，但團隊做得很好。

Your next question is coming from Larry Biegelsen of Wells Fargo.

你們的下一個問題來自富國銀行的拉里·比格爾森。

Congrats on a nice print here. I'll try to get 2 in here. One for Sam on margins next year. If you sum all this up, I think at our conference, Brent talked about 200-basis point margin benefit from XIIDRA plus some underlying margin expansion. Does that still hold? And I had one follow-up.

恭喜您在這裡列印出漂亮的印刷品。我會嘗試讓2個在這裡。明年，山姆將獲得利潤。如果你總結這一切，我想在我們的會議上，Brent 談到了 XIIDRA 帶來的 200 個基點的利潤率收益以及一些潛在的利潤率擴張。這仍然成立嗎？我有一個後續行動。

Good morning, Larry. When you step back and you look at sort of what we've done in '23 and how we're thinking about '24, we do expect to see margin improvements gain from our base business and also the addition of XIIDRA. But you also have to balance this with a couple of factors here. One is the level of investment that we would need to make in XIIDRA. Brent talked about XIIDRA and sort of our expectation especially now that's in our hands. And we've previously talked about that this brand, and not only this brand but the dry eye market in general, is very responsive to promotion investment. We need to be able to allow and allocate the right level of investment to get XIIDRA to the level of expectation that we would like it to be and re-recognize the value of that. There will be an element of investment going behind XIIDRA going into starting from Q4 and going into the early part of next year and again forward into '24. The other part, which I would want to also talk about, would be the early read that we're seeing from MIEBO. It's very positive. We're excited about it and we're very encouraged. But it's still early, and I think we will need to see a couple more datapoints to be able to make that trend solid for us. And this is what I think we will be thinking about the decision in terms of do you accelerate investment behind MIEBO to be able and for incremental investment to be able to accelerate growth into the future years. Again, MIEBO for us is not just a 1-year brand. We're thinking about this as a long game here, so we're thinking about not only '24, but '24, '25 and beyond. That's going to be a very critical decision, but we will need to see a little bit more datapoints to be able to see that positive trend that we've seen in the last couple of weeks continue with us for a little bit longer.

早安，拉里。當你退後一步，看看我們在 23 年所做的事情以及我們如何思考 24 年時，我們確實期望看到我們的基礎業務以及 XIIDRA 的增加帶來利潤率的提高。但您還必須在此處與幾個因素進行平衡。一是我們需要在 XIIDRA 中進行的投資水準。 Brent 談到了 XIIDRA 和我們的期望，尤其是現在它掌握在我們手中。我們之前已經討論過，這個品牌，不僅是這個品牌，而且整個乾眼市場對促銷投資都非常敏感。我們需要能夠允許和分配適當水平的投資，以使 XIIDRA 達到我們希望的預期水平，並重新認識其價值。從第四季開始，到明年年初，再到 2024 年，XIIDRA 背後將會有一些投資。我也想談談的另一部分是我們從 MIEBO 看到的早期閱讀。這是非常積極的。我們對此感到興奮，也深受鼓舞。但現在還為時過早，我認為我們需要看到更多的數據點才能使這一趨勢對我們來說更加穩固。我認為這就是我們將要考慮的決定，即是否加速 MIEBO 背後的投資，以及增量投資是否能夠加速未來幾年的成長。再次強調，MIEBO 對我們來說不只是一個一年的品牌。我們認為這是一場漫長的遊戲，因此我們不僅考慮 '24，而且考慮 '24、'25 及以後。這將是一個非常關鍵的決定，但我們需要看到更多的數據點，才能看到過去幾週看到的正面趨勢會持續更長時間。

That's helpful. Just one follow-up on XIIDRA and MIEBO sales next year. XIIDRA, the guidance, it declined 40% in Q3 revenue. The guidance here that you gave implies another 40% decline, so $35 million for the year at the midpoint. What's your expectation for '24? And on MIEBO, the prescription data you gave us today implies it's annualizing at over $100 million in sales already. Do you think it could be a $100 million product in '24? Thank you.

這很有幫助。這只是明年 XIIDRA 和 MIEBO 銷售的後續行動。 XIIDRA 指導，第三季收入下降了 40%。您給出的指導意味著另外 40% 的下降，因此今年的中點為 3500 萬美元。您對「24」有什麼期望？在 MIEBO 上，您今天向我們提供的處方數據表明其年銷售額已超過 1 億美元。您認為它會在 24 年成為價值 1 億美元的產品嗎？謝謝。

Yes, so maybe I'll just start, and then Sam can jump in. Look, I think the sales number for Novartis in Q3 is not an accurate picture of performance of the brand. There were some accounting charges that Novartis took there, and so I think that's distorted and probably not a true picture. Clearly, it was underinvested in in their hands, and we saw that. We've had it for essentially 2 weeks. And I actually was with the Novartis team, 97% of the team, sales team came over and joined us. We're super excited to have them. I spent some time with them 2 weeks ago here in New Jersey. And they are super motivated. And again, very early data, but we're starting to see stabilization in the script trends, which is really important. I do think the fourth quarter here is clearly about stabilizing. And then as Sam mentioned in his remarks, the first quarter and going into the second quarter is going to be about recharging that brand and reenergizing that brand, given that we have roughly 9, 10 years of exclusivity to stand behind that brand. Super excited about that. I think when you look at sales for next, for '24, we're not giving guidance for '24, we were just trying to give you some direction. We'll certainly provide that in due course. But Sam, anything else you want to add to this?

是的，所以也許我會開始，然後 Sam 可以介入。看，我認為諾華第三季度的銷售數字並不能準確地反映該品牌的業績。諾華公司在那裡收取了一些會計費用，所以我認為這是扭曲的，可能不是真實的情況。顯然，他們手中的投資不足，我們也看到了這一點。我們已經堅持了兩週了。我其實是諾華團隊的一員，97%的團隊、銷售團隊都來加入了我們。我們非常高興擁有它們。兩週前我在新澤西州和他們一起度過了一段時間。他們非常有動力。再說一遍，這是非常早期的數據，但我們開始看到腳本趨勢的穩定，這非常重要。我確實認為第四季顯然會趨於穩定。然後，正如 Sam 在演講中提到的那樣，考慮到我們擁有大約 9 年、10 年的獨家經營權來支持該品牌，第一季和進入第二季度將是為該品牌充電並重新註入活力。對此超級興奮。我認為，當您查看下一個 24 年的銷售情況時，我們不會為 24 年提供指導，我們只是想給您一些指導。我們一定會在適當的時候提供這一點。但是 Sam，你還有什麼要補充的嗎？

Yes. I think, Larry, as we think about XIIDRA based on the remarks we've made thus far, we want to make sure we invest behind the brand. I think the comment I made in my prepared remarks was, as we think about XIIDRA once it balances out, it probably will be a still call it sort of mid-single-digit growth asset, and that's been our thinking around XIIDRA.

是的。 Larry，我認為，當我們根據迄今為止所做的言論來考慮 XIIDRA 時，我們希望確保我們在該品牌背後進行投資。我認為我在準備好的發言中發表的評論是，正如我們對 XIIDRA 的看法，一旦它達到平衡，它可能仍然會被稱為中等個位數增長資產，這就是我們對 XIIDRA 的想法。

Your next question is coming from Young Li of Jefferies.

您的下一個問題來自 Jefferies 的 Young Li。

Maybe pivoting a little bit to contact lenses, I wanted to hear a little bit on the health of the U.S. consumer. Is there still a lot more demand than capacity for the industry? All the Daily SiHy adoption trends seem very favorable and very strong growth. But are you seeing any signs of consumers trading down or extending their wear? And any high-level thoughts on that might happening in 2024?

也許稍微轉向隱形眼鏡，我想聽聽一些關於美國消費者健康狀況的資訊。該產業的需求是否仍遠大於產能？所有 Daily SiHy 的採用趨勢似乎都非常有利且成長非常強勁。但您是否看到消費者減少購買或延長磨損的跡象？對於 2024 年可能發生的情況，有什麼高層想法嗎？

Yes. Great question, and thank you for that. Across our businesses globally, we don't see any pullback from the consumer. Whether that be in lenses or in our consumer business. And in fact, some interesting data perhaps out of the consumer business, not exactly what you asked, was we're seeing strong drive of consumption in our consumer products. Another datapoint that shows that the consumer in the U.S., and frankly globally, is still pretty active. In fact, when you look at GDP data, I think we saw consumer drive most of the GDP growth in the U.S. in the third quarter, so a healthy consumer. Our lens business in the U.S., the market was up around 7%, 8%. Sam can give us the exact number. But I think we're seeing really healthy trend. Daily SiHy was about 80% growth in the quarter. I think our issues there have been just distribution and being able to ship and that is solving itself this quarter, and we're starting to move into a good spot. But overall, the market I think is robust. It's big, it's growing. And we finally have a good product portfolio. We just need to be able to ship to customers on a more consistent basis.

是的。很好的問題，謝謝你。在我們的全球業務中，我們沒有看到消費者出現任何退縮。無論是在鏡片領域還是在我們的消費業務領域。事實上，一些有趣的數據可能來自消費者業務，但不完全是你所問的，我們看到消費產品的消費有強勁的驅動力。另一個數據點表明，美國乃至全球的消費者仍然相當活躍。事實上，當你看 GDP 數據時，我認為我們看到消費者在第三季推動了美國 GDP 成長的大部分，因此消費者是健康的。我們在美國的鏡片業務，市場成長了7%、8%左右。薩姆可以給我們確切的數字。但我認為我們看到了非常健康的趨勢。 Daily SiHy 在本季成長了約 80%。我認為我們的問題只是分銷和運輸，這個季度正在解決，我們開始進入一個好的位置。但總體而言，我認為市場很強勁。它很大，正在成長。我們終於擁有了良好的產品組合。我們只需要能夠以更一致的方式向客戶出貨。

All right, great. Very helpful. And I guess for my follow-up, on the China business, minus 1% due to tough comps, year-to-date 6%. I guess I was wondering if maybe you can comment a little bit about what you're seeing on the ground currently. It's high single-digit percent of your business. We read all the macroeconomic and consumer consumption headlines. There's also some anticorruption campaign color that doesn't mean contact lenses as much, but it's in the background. What's your view on the health of the Chinese consumer for the contact lens business in the near term? What indicators are you more closely tracking? Are there noticeable differences in the different tiered cities?

好吧，太好了。很有幫助。我預計，由於比較困難，中國業務的後續行動將下降 1%，今年迄今為 6%。我想我想知道您是否可以對您目前所看到的情況發表一些評論。它在您的業務中所佔的百分比很高。我們閱讀所有宏觀經濟和消費者消費頭條新聞。還有一些反腐敗運動的色彩，雖然不代表隱形眼鏡，但它是背景。您對近期中國隱形眼鏡產業消費者的健康狀況有何看法？您更密切追蹤哪些指標？不同三線城市之間是否有明顯差異？

Yes. It's a great question. First, I'd just talk, take a step back and look at the opportunity in China. It's a massive market. We have a tremendous opportunity to grow into that market. Unlike perhaps one of our competitors that has more market share, I think our opportunity to take share in a growing market is pretty strong. And we're just really getting started there with the Daily SiHy launch. It just happened a quarter ago. We still have to bring the multifocal and other modalities into China. The other thing is our team in China. I was over there not that long ago. We have a really strong team. I was very impressed by the B+L colleagues in China. And in fact, this quarter, they stood up a DTC model that was quite impressive. We'll see how that works out, but they did a lot of really good work with a strong entrepreneurial spirit. I'm excited about China. I think when we look at the consumer in China, they're resilient, perhaps a little less resilient in the Tier 2 or 3 cities versus the 1, but still strong. I think our opportunity is clearly in this Tier 1 and 2 cities. We're participating in the market where the consumer is strong. And again, I think we're going to be less focused on the macroenvironment versus the opportunity we have to grow within a massive market. Sam, any color you'd want to add?

是的。這是一個很好的問題。首先，我只想談談，退一步看看中國的機會。這是一個巨大的市場。我們有巨大的機會進入這個市場。與我們擁有更多市場份額的競爭對手之一不同，我認為我們在不斷增長的市場中佔據份額的機會相當大。我們才剛開始推出 Daily SiHy。這件事剛剛發生在四分之一前。我們仍然需要將多焦點和其他模式引入中國。另一件事是我們在中國的團隊。不久前我就在那裡。我們有一支非常強大的團隊。中國的 B+L 同事給我留下了深刻的印象。事實上，本季度，他們推出了令人印象深刻的 DTC 模型。我們將看看結果如何，但他們以強烈的創業精神做了很多非常好的工作。我對中國感到興奮。我認為，當我們觀察中國的消費者時，他們是有彈性的，雖然二、三線城市的彈性可能比一級城市稍差一些，但仍然很強勁。我認為我們的機會顯然就在這個一二線城市。我們正在參與消費者強勁的市場。再說一次，我認為我們將不再關注宏觀環境，而是關注我們在龐大市場中成長的機會。山姆，你想添加什麼顏色嗎？

Yes. I think with -- when you think about this year, I think that when you look at the year-to-date data, it's probably more meaningful than looking at any specific quarter. Year-to-date, we're 6% constant currency. If you remember last year, we had the first half was pretty much shut down, so you've seen the comps are sort of not really a good proxy. For example, last quarter we reported 25% constant currency growth in China, so that flows down to a minus 1% this quarter just reflecting the rebound that happened last year with a stronger comp and people just sort of coming out of a shutdown. For this year, I will encourage you to probably look more of a year-to-date on China data, that probably will be more meaningful.

是的。我認為，當你考慮今年時，我認為當你查看今年迄今為止的數據時，它可能比查看任何特定季度更有意義。今年迄今為止，我們的匯率不變為 6%。如果你還記得去年，我們的上半年幾乎停擺，所以你會看到比較並不是一個很好的替代品。例如，上個季度，我們報告中國的貨幣恆定成長率為 25%，因此本季的流量下降至負 1%，這正好反映了去年的反彈，當時經濟比較強勁，人們剛剛擺脫了停擺狀態。今年，我會鼓勵您更多地關註今年迄今為止的中國數據，這可能會更有意義。

(Operator Instructions) Your next question is coming from Craig Bijou of Bank of America.

（操作員說明）您的下一個問題來自美國銀行的 Craig Bijou。

Congrats on a strong quarter and closing the XIIDRA deal. I wanted to start with a follow-up to Larry's question on XIIDRA EBITDA. If I look at your implied guidance or your guidance for the year and the EBITDA margin for XIIDRA is down 35%. Given your comments on investment in XIIDRA, what I want to understand is, is that 35% margin a jumping off point? Should we think about you can improve upon that throughout, sequentially throughout '24? Or how else should we think about that?

恭喜季度表現強勁並完成 XIIDRA 交易。我想先跟進 Larry 關於 XIIDRA EBITDA 的問題。如果我查看您的隱含指導或今年的指導，XIIDRA 的 EBITDA 利潤率下降了 35%。鑑於您對 XIIDRA 投資的評論，我想了解的是，35% 的利潤率是一個起點嗎？我們是否應該考慮一下您可以在整個 24 年期間不斷改進這一點？或者我們還應該如何思考這個問題？

Good morning, Craig. I would think about it as 35% as a baseline. When you think about 35% for Q4 and as you start now progressing into 2024, we should expect that 35% in terms of margin to continue to expand as you go forward. My commentary was highlighting on the fact of the investment in XIIDRA, we're starting Q4, we do expect that will take a couple of quarters to be able to get to the level that will meet our expectations. That will be just a phasing as you go into 2024.

早安，克雷格。我認為以 35% 為基準。當您考慮第四季度的 35% 以及從現在開始進入 2024 年時，我們應該預計 35% 的利潤率將隨著您的前進而繼續擴大。我的評論強調了 XIIDRA 投資的事實，我們從第四季度開始，我們確實預計需要幾個季度才能達到滿足我們預期的水平。這只是進入 2024 年的一個階段。

Got it. That's helpful, Sam. And then just as a follow-up, I wanted to ask on the Lynchburg facility. It looked like the revenue impact was less in Q3 than it was in Q2. I appreciate your comments that you expect to be back to a more normalization in Q1. But wanted to understand, how should we think about any revenue and EBITDA impact in Q4 and even Q1?

知道了。這很有幫助，山姆。然後作為後續行動，我想詢問林奇堡設施的情況。看起來第三季的營收影響比第二季小。我感謝您的評論，您希望在第一季恢復到更正常化的狀態。但想了解，我們應該如何考慮第四季甚至第一季的營收和 EBITDA 影響？

Year-to-date, we're having roughly about $20 million impact, and that's on the EBITDA. And I made that comment as we talked about the guidance showing that the guidance that we have updated to this quarter observed that $20 million year-to-date. We do expect to see some of that coming into Q4, but we will -- or more of that coming into Q4, but that's already factored into our guidance ranges that we provided. When you think about next year, I think, Craig, it's too early to be able to talk about any impact of Lynchburg for next year. But what I can tell you is we're making progress, and we are actually looking as we get to Q1 of '24, we believe this will be getting to a level that reaching our full level of optimization that we will be expecting from that facility with all the upgrades that we put in.

今年迄今為止，我們產生了約 2000 萬美元的影響，而且這是 EBITDA 的影響。當我們談論指導意見時，我發表了這樣的評論，該指導意見顯示，我們更新到本季度的指導意見顯示，今年迄今已達到 2000 萬美元。我們確實希望看到其中一些進入第四季度，但我們會——或者更多的進入第四季度，但這已經考慮到我們提供的指導範圍。克雷格，當你考慮明年時，我認為現在談論林奇堡對明年的影響還為時過早。但我可以告訴你的是，我們正在取得進展，我們實際上正在考慮到 24 年第一季度，我們相信這將達到我們所期望的全面優化水平設施與我們投入的所有升級。

Your next question is coming from Joanne Wuensch from Citi.

您的下一個問題來自花旗銀行的 Joanne Wuensch。

Thank you for the question and nice quarter. Two, and I'm going to put them both out upfront, the Rx portfolio grew about 1% off of a somewhat tougher comp. Obviously, this is before you're really layering in XIIDRA and MIEBO. But I want to make sure that I understand if there were any onetime headwinds, etc. that I need to think about. And then my second question is, in the lay press, the FDA warned against certain eye drops. Bausch wasn't on that list, but I was curious if you have a view on how that might create market opportunity for you.

感謝您的提問和美好的季度。第二，我會把它們都放在前面，Rx 組合比稍微強硬的組合增長了約 1%。顯然，這是在 XIIDRA 和 MIEBO 中真正分層之前。但我想確保我了解是否存在任何需要考慮的一次性阻力等。我的第二個問題是，FDA 在外行人媒體上警告不要使用某些眼藥水。鮑什不在名單上，但我很好奇您是否對這將如何為您創造市場機會有看法。

Yes, sure. With respect to Rx growth in the quarter, 1%, the key metric I track there is the promoted products, which was anchored by VYZULTA, which was up 54% I think in the quarter. The sales team and what we focus on saw good growth in the quarter. We did have 2 older non-promoted products that had supply constraints in the quarter. If you took those out, pharma would have been up around 4% versus the 1%. But I think the dynamics and the reporting there will change dramatically in the next quarter when we have MIEBO and XIIDRA in there. I think as you look to next year, we have a PROLENSA LOE, and we've talked about that quite a bit. But outside of that, that's the only puts and takes in there. And I think there's more puts with XIIDRA and MIEBO going in than takeouts, Joanne. Hopefully, that clarifies that for you. On the FDA recall, it doesn't in and of itself present any kind of specific opportunity for us. But I think it underscores the importance of quality control in manufacturing and supply. I think what I've seen from the ECPs, there's a lot of promotion on staying with the branded companies in this category, whether it be us or our competitors being mentioned as alternatives. And I think lastly, it shows how hard it is to make these products in a sterile environment and provide high-quality supply. All in all, our focus and our absolute commitment is to supply high-quality products. And to the extent there is an opportunity, perhaps retailers take some of these drops off their shelf and give us more shelf space for our products, whether it be LUMIFY or Blink or any of the other products in the reset that will happen as a result of these SKUs coming off shelf. So small opportunity, but I think more importantly, underscoring the importance of high-quality supply.

是的，當然。就本季 Rx 成長 1% 而言，我追蹤的關鍵指標是以 VYZULTA 為基礎的促銷產品，我認為該季度成長了 54%。銷售團隊和我們關注的業務在本季度取得了良好的成長。我們確實有 2 款較舊的非促銷產品在本季有供應限制。如果剔除這些因素，製藥業的股價將上漲 4% 左右，而先前的漲幅為 1%。但我認為，當我們擁有 MIEBO 和 XIIDRA 時，下個季度的動態和報告將會發生巨大變化。我認為，當你展望明年時，我們有一個 PROLENSA LOE，我們已經對此進行了很多討論。但除此之外，這是唯一的投入與投入。我認為 XIIDRA 和 MIEBO 的看跌期權多於外賣期權，Joanne。希望這能為您澄清這一點。關於 FDA 召回，它本身並不為我們提供任何特定的機會。但我認為它強調了製造和供應中品質控制的重要性。我認為我從 ECP 中看到，在這一類別的品牌公司中，有很多促銷活動，無論是我們還是我們的競爭對手都被列為替代品。我認為最後，它表明在無菌環境中生產這些產品並提供高品質的供應是多麼困難。總而言之，我們的重點和絕對承諾是提供高品質的產品。如果有機會的話，也許零售商會從貨架上撤下其中一些產品，並為我們的產品提供更多的貨架空間，無論是 LUMIFY 或 Blink，還是因此而發生的重置中的任何其他產品這些SKU 已下架。機會雖小，但我認為更重要的是，強調了高品質供應的重要性。

Thank you very much. Your next question is coming from Vijay Kumar from Evercore ISI.

非常感謝。您的下一個問題來自 Evercore ISI 的 Vijay Kumar。

I had 2 questions. Maybe, Brent, first one for you on revenues here. Some of your comments you made here on fiscal '24 were helpful. The Lynchburg disruption, can you quantify the revenue impact in fiscal '23? Are they, lost revenues, should they come back in fiscal '24? And I think you did touch upon consumer strength. How should we think about consumer business in a recessionary environment?

我有兩個問題。布倫特，也許，第一個關於收入的問題。您在此發表的關於 24 財年的一些評論很有幫助。林奇堡中斷，您能量化 23 財年的營收影響嗎？他們的收入損失是否應該在 24 財年恢復？我認為你確實談到了消費者的力量。在經濟衰退的環境下，我們該如何看待消費業務？

Yes. On Lynchburg, we've made a lot of progress in the last month or 2. And Lynchburg in this quarter, the fourth quarter, I think is starting to ship, particularly domestically, on time. And so we're getting -- we're pretty close. Clearly, we need a little bit more time to get the optimization out of Lynchburg, but we're making progress. We still have some hiccups in international orders, but all in all, it's a big improvement in the fourth quarter. The revenues in '23 are roughly $20 million impact. And to be fair, that's revenue lost. The patients who got fit with lenses, got fit with other lenses versus the ones we couldn't provide. It's more or less revenue lost. We will come back. There is good demand for our products. We will see a return to our product line, and we're seeing that happening. We're seeing green shoots of that right now in the fourth quarter. But that's -- it's an unfortunate situation and why I continuously talk about the need for strategic and thoughtful leadership in our global supply operations. Because at the end of the day, what matters most is getting your products to patients and consumers. And that's how you actually create a robust business, as practically as that sounds. The consumer business in a recessionary environment, I think clearly, if there was -- if we saw a consumer recession, we would have to be thoughtful about that, and we would feel some impact. But at the end of the day, people don't stop treating their eyes in a consumer recession. I think we have somewhat of a protection in our business from that. Would people trade down? Perhaps. But as we just talked about with Joanne, some of the lower-cost providers of eye drops as an example, have quality issues. It's a tough thing to trade down on price for treating your eyes. Not that some won't do it, but we have I think some immunity from a potential consumer recession. That being said, we don't see that. We don't see that in any of our businesses anywhere in the world, and we don't see that in any of the data we track as well.

是的。在林奇堡，我們在過去一兩個月取得了很大進展。林奇堡在本季度，即第四季度，我認為開始按時發貨，特別是在國內。所以我們已經非常接近了。顯然，我們需要更多時間來優化林奇堡，但我們正在取得進展。我們的國際訂單仍然存在一些問題，但總而言之，第四季度有了很大的改善。 23 年的收入約為 2000 萬美元。公平地說，這就是收入損失。配戴鏡片的患者、配戴其他鏡片的患者與我們無法提供的患者。或多或少都是收入損失。我們會回來的。對我們的產品有很好的需求。我們將看到我們的產品線回歸，我們正在看到這種情況的發生。我們現在在第四季度看到了這一點的萌芽。但這是一種不幸的情況，也是為什麼我不斷談論我們的全球供應業務需要策略性和深思熟慮的領導力。因為歸根結底，最重要的是將您的產品提供給患者和消費者。這就是你如何真正創造一個強大的業務，就像聽起來的那樣。我清楚地認為，在衰退環境下的消費者業務，如果出現消費者衰退，我們就必須認真考慮這一點，我們會感受到一些影響。但歸根究底，在消費衰退的情況下，人們並沒有停止眼睛的治療。我認為我們的業務在某種程度上受到了保護。人們會降低交易嗎？也許。但正如我們剛剛與喬安妮談到的，以一些低成本的眼藥水供應商為例，存在品質問題。為了治療眼睛而降低價格是一件很難的事情。並不是說有些人不會這樣做，但我認為我們對潛在的消費者衰退有一定的免疫力。話雖如此，我們沒有看到這一點。我們在世界任何地方的任何業務中都沒有看到這一點，在我們追蹤的任何數據中也沒有看到這一點。

Understood. Helpful comments, Brent. Sam, one for you on the margins here. I think you mentioned FX $100 million headwind on was it the revenue impact. What's the drop down here on EBITDA? Should that be similar to fiscal '23? Where it sounds like there's some incremental investments to support new product launches. Should we be thinking of that as incremental versus where we were 3 months ago?

明白了。有用的評論，布倫特。山姆，這裡是給你的邊緣之一。我想您提到了 1 億美元的外匯逆風是對收入的影響。 EBITDA 下降了多少？這應該跟 23 財年類似嗎？聽起來像是有一些增量投資來支持新產品的發布。與 3 個月前相比，我們是否應該將其視為增量？

Vijay, I would think about -- let me take the currency first. It's hard to predict currency, right? I'm giving the $100 million as of today based on the rates of today. Probably the best I'll call direction I'll provide will be you can use the proxy of what we've seen in '23 as sort of a flow-through that will give you a directional of how we're thinking about the currency as we stand. But this is something I'll have to come back to you and update it as we end this year, and we give guidance for full '24 to update you on the currency and sort of truly the flow-through. In terms of the investment, the launches, I think I'll break it up into 2 parts. I think Brent showed a slide that shows all the launches that are coming into 2024. This is our largest number of launches that we have in a single year in the company's history as we recall. That's definitely going to be an investment that we will have to think about and we will be able to make sure we dedicate the right resources behind it. I called out MIEBO specifically because I think it's a large asset for us, a large brand. When you think about the early data that we're seeing on MIEBO, it's very encouraging and very positive. We want to see that trend continue. And as that trend continues, I think we will have the decision to be able to say, do we want to spend and invest incremental dollars behind it and accelerate growth? Again, it's a long game for us. And that decision will have to come in and we'll update more of it as we give the full year guidance for 2024.

維傑，我會考慮──讓我先拿走貨幣。預測貨幣很難，對吧？我將根據今天的費率從今天起捐出 1 億美元。也許我會提供的最好的方向是你可以使用我們在 23 年看到的代理作為一種流程，這將為你提供我們如何思考貨幣的方向正如我們所站的那樣。但這是我必須在今年年底時回覆您並更新的內容，我們會在整個 24 小時內提供指導，以向您提供有關貨幣和真正的流通的最新資訊。在投資和發布方面，我想我會把它分成兩部分。我認為 Brent 展示了一張幻燈片，顯示了 2024 年即將推出的所有產品。據我們所知，這是該公司歷史上單年推出產品數量最多的一次。這肯定是我們必須考慮的一項投資，我們將能夠確保在其背後投入正確的資源。我特別提到了 MIEBO，因為我認為它對我們這個大品牌來說是一筆巨大的資產。當您想到我們在 MIEBO 上看到的早期數據時，您會發現這是非常令人鼓舞且非常積極的。我們希望看到這種趨勢持續下去。隨著這種趨勢的繼續，我認為我們將做出決定，我們是否願意在其背後花費和投資增量資金並加速成長？再說一遍，這對我們來說是一場漫長的比賽。我們必須做出這項決定，並在給予 2024 年全年指導時更新更多內容。

Perhaps said another way, we have a big opportunity with MIEBO and XIIDRA and other launches across the portfolio in '24. Many of those launches lead us to higher-margin product mix for the long term. Being successful in those are really an investment in improving margins. That being said, making that investment impacts margins to the negative in '24. What we want to do is be thoughtful about that. We are committed to margin improvement, but we want to make data-driven decisions. When we look at early data on MIEBO, and you'll see a clearer picture when IQVIA comes out and you'll see what we're seeing on November 17, you'll understand why we're pausing and saying, could we do more with MIEBO? Could it be more than $350 million in peak sales? Could we steepen the curve and get there faster? We're going to make investments based on data, based on KPIs, and see what we're going to do. That being said, we're absolutely committed to margin improvement, but we want it to be sustainable, and we want margin improvement for the long term. And so that's the balancing act that we would normally make in these decisions.

也許換句話說，我們在 MIEBO 和 XIIDRA 以及 24 年推出的其他產品組合中擁有巨大的機會。從長遠來看，其中許多產品的推出使我們獲得了更高利潤的產品組合。在這些方面取得成功實際上是對提高利潤率的投資。話雖這麼說，進行這項投資會對 24 年的利潤率產生負面影響。我們想要做的就是深思熟慮這一點。我們致力於提高利潤率，但我們希望做出數據驅動的決策。當我們查看MIEBO 的早期數據時，當IQVIA 發佈時，您會看到更清晰的圖景，您會看到我們在11 月17 日看到的情況，您會明白為什麼我們停下來說，我們可以做什麼更多與 MIEBO 相關的內容？高峰銷售額會超過 3.5 億美元嗎？我們能否使曲線變陡並更快到達目的地？我們將根據數據、KPI 進行投資，然後看看我們要做什麼。話雖這麼說，我們絕對致力於提高利潤率，但我們希望它是可持續的，並且我們希望長期提高利潤率。這就是我們在這些決定中通常會做出的平衡行為。

The next question is coming from Doug Miehm from RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Doug Miehm。

Two questions. Number one, with respect to XIIDRA, given the importance of the drug to the company now, how long do you believe it's going to get to that mid-single-digit growth profile? And then my second question just has to do with the success of LUMIFY. Brent, maybe you could delineate in a little bit greater detail. We've had a number of launches, but what seems to be resonating with people? And how soon can we expect the other products within that LUMIFY pipeline to come to market?

兩個問題。第一，關於 XIIDRA，考慮到該藥物現在對公司的重要性，您認為它能達到中個位數的成長狀況需要多長時間？我的第二個問題與 LUMIFY 的成功有關。布倫特，也許你可以描述得更詳細。我們已經推出了許多產品，但什麼似乎能引起人們的共鳴？我們預計 LUMIFY 管道中的其他產品多久才能上市？

Sure. XIIDRA, it's -- we assumed it would happen what happened in the prior owner's hands, but it happened a bit more severely. They really did neglect this drug. And as I said to the sales reps that came over 2 weeks ago, XIIDRA is finally home. It's in a company that's a dedicated eye care company. It becomes among our most, if not most important product, and they become arguably our most important field force versus an afterthought in the company they were at. And that's highly motivating to them. The other thing I would point out is the dry eye category is incredibly promotionally sensitive. And I know that. I remember when XIIDRA launched, and I was at Allergan, we had RESTASIS. Many on the sell side thought that RESTASIS would go into decline, and it didn't. The market expanded to adapt to XIIDRA because of the increased promotion from XIIDRA and RESTASIS at the time. We saw tremendous market growth and both brands grew through the launch and beyond. I think that dynamic sets up well for us. We will have a very strong share of voice between XIIDRA MIEBO. We really do have a 1-2 punch to treat the disease holistically. And we have an opportunity to really work with the ECP community to drive more of the untreated roughly 38 million patients in for treatment. And with a better option to treat whichever aspect of the disease they have with XIIDRA and MIEBO. Huge opportunity. That being said, XIIDRA comes in a little wounded, a little neglected. As I said earlier, fourth quarter is about stabilization and '24 is about restoring it to growth. I can't give you the exact date that will happen, but I do expect that to happen in the back half of '24. I do think --I think you'll see that growth start to really come through. I'm very confident. I think we have the right team, the right setup, the right market, and now we just have to execute. With LUMIFY, really great performance, 47% growth compared to prior year. Record -- I think what Sam said in his remarks, record revenue of $44 million in the quarter, so really exciting to see that brand continue to drive growth. Right now, we're in the retail launch of Eye Illuminations, and you'll see the consumer launch in the first quarter, another launch in '24 as we keep talking about. You'll start to see the consumer campaign and advertising and promotion in the first quarter on that product. But a real opportunity for us, interestingly, in an area I have a lot of experience in, we need to position LUMIFY less as an OTC drug and more as a beauty product. And when you can make your eyes look beautiful, your face looks more beautiful. And I know there are trends from my days in the aesthetics world around the importance of facial aesthetics and having brands like BOTOX and JUVEDERM in the past. LUMIFY is a really important part of that regimen. We're still just breaking through that market. I don't know where the top is because we just keep putting up record growth, but we're going to keep investing behind it. And I think we have the best product to make your eye look beautiful. We're now going to surround that with other products. We have the preservative-free coming next, and then we're looking at some combinations as well as improvements in the formulation. We have a nice pipeline, and we view this as a long-term investment. I think that was our last question, or we have one more?

當然。 XIIDRA，我們假設這會發生在前任所有者手中的情況，但事情發生得更嚴重一些。他們確實忽視了這種藥物。正如我對兩週前來的銷售代表所說，XIIDRA 終於回家了。這是一家專門從事眼科護理的公司。它成為我們最重要的（如果不是最重要的）產品之一，而且他們可以說成為我們最重要的現場力量，而不是他們所在公司的事後想法。這對他們來說是很大的激勵。我要指出的另一件事是，乾眼類別的促銷活動非常敏感。我知道這一點。我記得當 XIIDRA 推出時，我在 Allergan，我們有 RESTASIS。許多賣方認為 RESTASIS 會走向衰落，但事實並非如此。由於當時 XIIDRA 和 RESTASIS 加大了推廣力度，市場規模不斷擴大以適應 XIIDRA。我們看到了巨大的市場成長，兩個品牌在推出後及之後都在成長。我認為這種動態對我們來說非常有利。我們將在 XIIDRA MIEBO 之間擁有非常強大的話語權。我們確實有1-2拳來整體治療這種疾病。我們有機會真正與 ECP 社群合作，推動約 3,800 萬名未經治療的患者接受治療。使用 XIIDRA 和 MIEBO 可以更好地治療他們所患疾病的任何方面。巨大的機會。話雖這麼說，XIIDRA 有點受傷，有點被忽視。正如我之前所說，第四季是穩定的，而 24 季是恢復成長的。我無法告訴你具體的日期，但我確實預計這會在 24 年後半段發生。我確實認為——我認為你會看到成長開始真正實現。我非常有信心。我認為我們有正確的團隊、正確的設定、正確的市場，現在我們只需要執行。借助 LUMIFY，性能確實非常出色，與去年相比增長了 47%。創紀錄——我想 Sam 在他的演講中所說的，該季度創紀錄的 4400 萬美元收入，看到該品牌繼續推動成長真是令人興奮。目前，我們正在進行 Eye Illuminations 的零售發布，您將在第一季看到消費者發布，正如我們一直在談論的，24 年將再次發布。您將在第一季開始看到該產品的消費者活動以及廣告和促銷活動。但有趣的是，這對我們來說是一個真正的機會，在我擁有豐富經驗的領域，我們需要將 LUMIFY 定位為一種美容產品，而不是非處方藥。當你能讓你的眼睛看起來很漂亮時，你的臉就會看起來更漂亮。我知道我在美學界的日子裡，圍繞著臉部美學的重要性以及過去擁有像 BOTOX 和 JUVEDERM 這樣的品牌的趨勢。 LUMIFY 是此療法中非常重要的一環。我們仍然剛剛突破這個市場。我不知道頂部在哪裡，因為我們只是不斷創造創紀錄的成長，但我們將繼續對其進行投資。我認為我們擁有讓您的眼睛看起來美麗的最佳產品。我們現在將用其他產品來圍繞它。接下來我們將推出不含防腐劑的產品，然後我們將研究一些組合以及配方的改進。我們有一個很好的管道，我們認為這是一項長期投資。我想這是我們的最後一個問題，或者我們還有一個問題？

No, that appears to be the end of the question-and-answer session.

不，問答環節似乎已經結束了。

Yes. Thank you, Operator. Well, again, thanks to everyone for joining us this morning. We remain very committed to focusing on driving our roadmap to accelerate growth. The quarter was another great testament to our teams around the world focused on execution and driving growth. And we look forward to keeping you updated as we progress and certainly excited for our future. Thanks for joining us.

是的。謝謝你，接線生。好吧，再次感謝大家今天早上加入我們。我們仍然致力於專注於推動我們的路線圖以加速成長。本季度再次證明了我們世界各地的團隊專注於執行和推動成長。我們期待著向您通報我們的最新進展，並對我們的未來感到興奮。感謝您加入我們。

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

非常感謝大家。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。