Bausch + Lomb Corp (BLCO) 2023 Q4 法說會逐字稿

Good morning and welcome to the Bausch & Lomb's Fourth Quarter and Full Year 2023 earnings call,(Operator Instructions) .

早上好，歡迎參加博士倫 2023 年第四季和全年財報電話會議（操作員說明）。

Please note, this event is being recorded.

請注意，此事件正在被記錄。

I would now like to turn the conference over to George Kowalski, Vice President of Investor Relations and Business Insights.

我現在想將會議交給投資者關係和商業洞察副總裁喬治·科瓦爾斯基 (George Kowalski)。

Please go ahead.

請繼續。

Thank you.Good morning, everyone, and welcome to our fourth quarter and full year 2023 financial results conference call.

謝謝。大家早安，歡迎參加我們的 2023 年第四季和全年財務業績電話會議。

Participating on today's call are Chairman and Chief Executive Officer, Mr. Brent Saunders, and Chief Financial Officer, Mr. Sam Eldessouky.

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。

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.

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, and 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,

在我們開始之前，我想提醒您，我們今天的演示文稿包含前瞻性信息，我們要求您花點時間閱讀我們演示文稿開頭的前瞻性圖例，因為它包含重要信息，

This presentation contains non-GAAP financial measures and ratios for more information about these measures and ratios.

本簡報包含非 GAAP 財務指標和比率，以獲取有關這些指標和比率的更多資訊。

Please refer to slide 1 of the presentation.

請參閱簡報的投影片 1。

Non-GAAP reconciliations can be found in the appendix to the presentation posted on our website.

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.

最後，本簡報中的財務指引僅從今天起生效。

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.

我們的政策是，除非法律要求，否則通常不會在下個季度之前更新指導意見，並且除了透過廣泛傳播的公開披露之外，不會更新或確認指導意見。

With that, it's my pleasure to turn the call over to Brent.

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.

謝謝喬治，也謝謝大家今天加入我們。

We're going to follow our familiar format.

我們將遵循我們熟悉的格式。

I'll cover highlights from the fourth quarter and full year, and Sam will dive deeper on financials and provide 2024 guidance.

我將介紹第四季度和全年的亮點，Sam 將更深入地探討財務狀況並提供 2024 年指引。

I'll close by reviewing growth drivers, and then we'll take your questions.

最後，我將回顧成長動力，然後我們將回答你們的問題。

The first of our three key takeaways speaks for itself.

我們的三個關鍵要點中的第一個是不言而喻的。

Revenue growth in 2023 and in the fourth quarter, in particular exceeded our expectations and set the tone for 2024 double digit growth is always impressive, but even more so when you consider how we got there, our quality of growth is what helps set us apart from others, and that will be enhanced as we've entered one of the most active volunteers in our company's history.

2023 年和第四季的營收成長尤其超出了我們的預期，並為2024 年兩位數成長奠定了基調，這一點總是令人印象深刻，但更重要的是，當您考慮我們如何實現這在一個目標時，我們的成長品質使我們脫穎而出來自其他人的幫助，隨著我們成為公司歷史上最活躍的志工之一，這種情況將會得到加強。

You've heard me talk about selling and operational excellence quite a bit.

您經常聽我談論銷售和卓越營運。

It's central to any discussion I have on company strategy and will dictate our success going forward.

這是我關於公司策略的任何討論的核心，並將決定我們未來的成功。

Here's the good news.

這是好消息。

We're making solid progress in both areas.

我們在這兩個領域都取得了紮實的進展。

Our Dry Eye franchise is a perfect example combined Miebo and Xiidra sales force is the largest and.

我們的乾眼特許經營權是 Miebo 和 Xiidra 銷售團隊最大的組合的完美例子。

I would argue most sophisticated in eye health.

我認為在眼睛健康方面最複雜。

And when it comes to operations, our mindset hasn't changed.

在營運方面，我們的心態沒有改變。

We're taking a methodical approach to addressing the challenges we face with the expectation that our supply chain will become a competitive advantage in time.

我們正在採取有條不紊的方法來應對我們所面臨的挑戰，並期望我們的供應鏈能夠及時成為競爭優勢。

Hasty climbers had sudden falls as the saying goes, which means we won't lose sight of our long-term goals for short term gains.

俗話說，急速登山者會突然跌倒，這意味著我們不會為了短期利益而忽略長期目標。

The last takeaway is focused on innovation, which has been the driving force throughout Bausch & Lomb's a 170-year history.

最後一個重點是創新，這一直是博士倫 170 年歷史的驅動力。

We've made no secret of our desire to put innovation at the forefront once again, and we're doing that in two ways.

我們毫不掩飾再次將創新置於最前沿的願望，我們正在透過兩種方式做到這一點。

First, we're expanding our internal R&D capabilities across our entire portfolio from prescriptions to IOLs, we can and should explore all possibilities when it comes to building on the success of existing brands.

首先，我們正在擴大我們的內部研發能力，涵蓋從處方到人工水晶體的整個產品組合，我們可以而且應該探索所有可能性，以鞏固現有品牌的成功。

Second, we're reloading our pipeline with a focus on areas of unmet need.

其次，我們正在重新載入我們的管道，並專注於未滿足需求的領域。

Our reinvigorated business development function will play a key role there as we cast a wide net for potential game chips the roadmap slide has become a fixture in earnings presentations and the roadmap itself continues to guide our strategic decision-making as we unlock the company's full potential in a thoughtful and phased approach each quarter, our progress indicator shifts steadily to the right as we move closer to Phase-2,

我們重振的業務發展職能將在那裡發揮關鍵作用，因為我們為潛在的遊戲籌碼廣泛撒網，路線圖幻燈片已成為收益演示中的固定內容，而路線圖本身將繼續指導我們的戰略決策，因為我們釋放了公司的全部潛力通過每個季度深思熟慮和分階段的方法，隨著我們接近第二階段，我們的進度指標穩步向右移動，

Let's take a look at how we delivered against Phase-1 goals in 2023, a report card of sorts with an understanding that I'm a tough grader.

讓我們看看我們如何實現 2023 年第一階段的目標，這是一份成績單，了解我是一個嚴格的評分者。

We've already touched on top line performance last year, but I'm happy to bring it up every chance.

去年我們已經談到了頂線業績，但我很高興一有機會就提出來。

I get 12% constant currency revenue growth, which are the highest grade on its own.

我獲得了 12% 的恆定貨幣收入成長，這本身就是最高的等級。

But again, I'm more impressed with how we did it when it comes to selling excellence.

但同樣，我對我們在卓越銷售方面的表現印象更深刻。

We made significant strides in 2023 with a focus on high priority areas like dry eye.

2023 年，我們取得了重大進展，重點在於乾眼等高優先領域。

But with the number of planned launches in 2024, there's even more of an urgency to build on that work with a balanced approach across all categories.

但隨著 2024 年計劃推出的產品數量不斷增加，更加迫切需要在所有類別中採取平衡的方法來進行這項工作。

Business development is a function that has matured in short order.

業務開發是一個在短時間內成熟的功能。

Last year the most obvious example is our acquisition of Novartis is front of the eye assets in addition to our acquisition of Blink eyedrops from Johnson & Johnson.

去年最明顯的例子就是我們除了收購強生的Blink眼藥水之外，還收購了諾華的眼部資產。

Equally as important, the growing business development team has laid the groundwork for strategic deal making this year and beyond with an eye towards sustainable growth.

同樣重要的是，不斷壯大的業務開發團隊為今年及以後的策略交易奠定了基礎，著眼於永續成長。

Our group, the last two items together, while they appear to have the lowest mark a single checkmark.

我們組的最後兩項放在一起，而它們似乎具有最低分數的單一複選標記。

It's really more of an incomplete or too new to rate building leading digital capabilities in core areas, enhancing agility and innovation or broad organizational competencies.

對於在核心領域建立領先的數位能力、增強敏捷性和創新或廣泛的組織能力進行評估，這實際上是不完整的或太新的。

The required discipline and time that said, progress in those areas introducing the roadmap, it certainly had an impact on margin expansion.

也就是說，所需的紀律和時間，以及引入路線圖的這些領域的進展，它肯定會對利潤率擴張產生影響。

We've covered revenue may only add.

我們已經報道了收入可能只會增加。

There would be that this is our third straight quarter of more than $1 billion in sales, our new normal when it comes to individual segments, there is no laggards.

這是我們連續第三個季度銷售額超過 10 億美元，這是我們各個細分市場的新常態，沒有落後者。

In fact, I only see opportunity as both Vision Care and Surgical, in particular felt the effects of operational challenges, some self-inflicted others out of our control.

事實上，我只看到了視力保健和外科手術的機會，特別是感受到了營運挑戰的影響，有些是我們自己造成的，有些是我們無法控制的。

You've both delivered impressive year-over-year growth.

你們都實現了令人印象深刻的同比增長。

Now let's address individual product performance and I'll stick with the opportunity fee.

現在讓我們討論個別產品的性能，我將堅持機會費。

Despite an average growth of more than 25% among the key franchises highlighting they haven't realized their full potential, not by a long shot for additional geographic expansion, new ways of reaching customers, including direct to consumer engagement and a persistent focus on providing the best customer experience possible.

儘管主要特許經營店的平均增長率超過 25%，這表明它們尚未充分發揮潛力，但進一步擴大地域擴張的可能性並不大，但接觸客戶的新方式，包括直接與消費者互動以及持續關注提供盡可能最好的客戶體驗。

We'll propel these products and others to new heights.

我們將把這些產品和其他產品推向新的高度。

Before I turn things over to Sam, I'd like to thank my 13,000 colleagues for their performance in 2023, and it's not just execution.

在我把事情交給 Sam 之前，我要感謝我的 13,000 名同事在 2023 年的表現，而不僅僅是執行力。

I'm grateful for their belief in our potential and commitment to doing what it takes to get there.

我感謝他們對我們潛力的信任以及我們為實現這一目標所做的努力。

Sam?

薩姆？

Thank you, Brent, and good morning, everyone.

謝謝你，布倫特，大家早安。

Before we begin, please note that most of my comments today will be focused on growth expressed on constant currency basis.

在開始之前，請注意，我今天的大部分評論將集中在以固定匯率計算的成長。

Turning now to our financial results on Slide 8.

現在轉向幻燈片 8 上的財務表現。

In the fourth quarter, we once again saw strong revenue growth across each of our segments and key product franchises.

在第四季度，我們再次看到每個細分市場和關鍵產品系列的營收強勁成長。

We're pleased with how we ended the year and our performance for the full year.

我們對這一年的結束和全年的表現感到滿意。

In 2023, our business demonstrated growth in revenue and adjusted EBITDA with revenue exceeding our full year guidance.

2023 年，我們的業務收入成長，調整後的 EBITDA 收入超過了我們的全年指引。

We are excited by the momentum we have heading into 2024, which, as Brian mentioned, we expect will be one of the most active launch years in our history.

我們對進入 2024 年的勢頭感到興奮，正如 Brian 提到的，我們預計這將是我們歷史上最活躍的發布年份之一。

Total company revenue of $1.173 billion for Q4.

第四季公司總營收為 11.73 億美元。

It reflects growth of 19% on a constant currency basis.

以固定匯率計算，成長率為 19%。

For the full year, total company revenue of $4.146 billion reflects growth of 12% on a constant currency basis.

全年公司總營收為 41.46 億美元，以固定匯率計算成長 12%。

This was the first full quarter following the launch of Miebo and the closing of the Xiidra acquisition, I'll be discussing the impact of these key dry eye franchises more throughout the call, but the headline is that we are highly encouraged by what we're seeing so far.

這是繼 Miebo 推出和 Xiidra 收購完成後的第一個完整季度，我將在整個電話會議中更多地討論這些關鍵乾眼特許經營權的影響，但標題是我們對我們的成果感到非常鼓舞。到目前為止我看到了。

Touching briefly on supply, we have continued to make improvements to strengthen our supply chain in 2023, and we're pleased with the progress.

簡單談一下供應，我們將在 2023 年繼續改進以加強我們的供應鏈，我們對進展感到滿意。

While there's still work to be done, we feel confident about the path forward.

儘管仍有工作要做，但我們對前進的道路充滿信心。

As Brent will discuss, we expect to continue our efforts to implement efficiency measures throughout 2024, which we expect will be an important factor to drive sustainable margin expansion.

正如布倫特將討論的那樣，我們預計將在 2024 年繼續努力實施效率措施，我們預計這將是推動永續利潤率擴張的重要因素。

Volatility in our currency mix moderated in the fourth quarter.

第四季我們貨幣組合的波動性有所緩和。

It did not have a material impact on the results for the quarter.

這對本季的業績沒有重大影響。

For the full year, currency was a headwind of $68 million to revenue and $51 million to adjusted EBITDA.

就全年而言，貨幣對收入的影響為 6,800 萬美元，對調整後 EBITDA 的影響為 5,100 萬美元。

While the currency headwinds are not as sizable as we saw last year.

雖然貨幣逆風並不像我們去年看到的那麼大。

The impact on our results continues to be driven by our geographic footprint and the currency mix.

我們的地理足跡和貨幣組合繼續對我們的業績產生影響。

Now let's discuss the results in each of our segments.

現在讓我們討論每個部分的結果。

Vision Care fourth-quarter revenue of $662 million increased by 8% on a constant currency basis, driven by growth in both the consumer and lunch portfolios.

在消費和午餐產品組合成長的推動下，視力保健第四季營收以固定匯率計算成長 8%，達 6.62 億美元。

For the full year, Vision Care revenue was $2.543 billion and increased by 10% on a constant currency basis.

全年視力保健收入為 25.43 億美元，以固定匯率計算成長 10%。

The consumer business again demonstrated a strong performance both in the US and internationally, with growth of 11% on a constant currency basis in Q4, we continue to see growth across our key franchises including eye vitamins, which grew by 7% in the quarter and Lumify which grew by 17% in the quarter.

消費者業務在美國和國際上再次展現出強勁的表現，第四季度按固定匯率計算增長了11%，我們繼續看到我們的主要特許經營業務的增長，包括眼睛維生素，該季度增長了7% ， Lumify 本季成長了 17%。

Our consumer dry eye portfolio delivered $88 million in revenue in the quarter, representing 12% organic revenue growth.

我們的消費者乾眼產品組合在本季實現了 8,800 萬美元的收入，有機收入成長了 12%。

Reported revenue from daily SiHy lenses grew by 31% in the quarter.

據報道，該季度日常 SiHy 鏡片的收入增長了 31%。

As we discussed in our last earnings call, we recently expanded the daily SiHy family with the launch of the multifocal lens in the US, and the rollout of daily SiHy in China.

正如我們在上次財報電話會議中所討論的那樣，我們最近在美國推出了多焦點鏡片，並在中國推出了日常 SiHy 鏡片，從而擴大了日常 SiHy 系列。

We continue to see strong demand globally in the daily SiHy category.

我們繼續看到全球對日常 SiHy 類別的強勁需求。

Revenue in the lens portfolio was negatively impacted throughout 2023 by disruptions at our Lynchburg distribution facility.

2023 年，我們的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。

Excluding the impact of these disruptions, global lens constant currency revenue growth was 9% in the quarter and 10% for the full year.

排除這些中斷的影響，全球鏡頭以固定匯率計算本季營收成長 9%，全年成長 10%。

Moving now to the surgical segment, fourth quarter revenue was $204 million, an increase of 7% on a constant currency basis.

現在轉向外科手術領域，第四季營收為 2.04 億美元，以固定匯率計算成長 7%。

For the full year, growth was also 7% on a constant currency basis.

以固定匯率計算，全年成長率也為 7%。

That consumables portfolio, our largest category in the surgical business grew in the quarter by 7% on a constant currency basis, mainly driven by cataract packs Implantables were flat for the quarter.

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，本季度增長了 7%，這主要是受到白內障包植入物本季持平的推動。

On a constant currency basis, our premium IOL portfolio continues to expand and was up 30% in constant currency in the quarter.

以固定匯率計算，我們的優質 IOL 投資組合繼續擴大，本季以固定匯率計算成長了 30%。

As I mentioned last quarter, our standard EyeCee One IOL continues to be impacted by the product recall issued by our partner in 2023, which offset the strong growth in our premium IOL portfolio.

正如我上季度提到的，我們的標準 EyeCee One IOL 繼續受到我們合作夥伴 2023 年發布的產品召回的影響，這抵消了我們優質 IOL 產品組合的強勁增長。

Excluding the impact of EyeCee One, the implantables portfolio grew 12% in constant currency in Q4. revenue from a quarter and was up 13% versus Q4 '22 on a constant currency basis, mainly driven by Solaris system sales.

排除 EyeCee One 的影響，以固定匯率計算，第四季植入式產品組合成長了 12%。營收較上一季成長，以固定匯率計算，較 22 年第 4 季成長 13%，這主要是受到 Solaris 系統銷售的推動。

We have recently launched a number of products in our surgical business, and we'll continue to launch new products in 2024 and beyond, including the higher margin premium end of the market.

我們最近在外科業務中推出了多種產品，我們將在 2024 年及以後繼續推出新產品，包括利潤率較高的高端市場。

We intend to continue to invest behind these launches as this is an important area to drive value and margin expansion.

我們打算繼續投資這些產品，因為這是推動價值和利潤擴張的重要領域。

Lastly, revenue in the Pharma segment was $307 million for the quarter, which represents constant currency growth of 66%.

最後，本季製藥業務收入為 3.07 億美元，以匯率計算穩定成長 66%。

For the full year, revenue in the Pharma segment was $836 million, which represents constant currency growth of 24%.

全年製藥業務收入為 8.36 億美元，以穩定貨幣計算成長率為 24%。

Xiidra delivered $106 million revenue in the fourth quarter, exceeding our previous guidance range of $80 million to $90 million following the relaunch of Xiidra in Q4, we saw TRxs stabilize throughout the quarter.

Xiidra 在第四季度實現了 1.06 億美元的收入，超出了我們之前在第四季度重新推出 Xiidra 後 8000 萬至 9000 萬美元的指導範圍，我們看到 TRx 在整個季度保持穩定。

Additionally, in the quarter, we had a one-time benefit of $8 million due to lower-than-expected rebate charges for Xiidra.

此外，由於 Xiidra 的回扣費用低於預期，本季我們獲得了 800 萬美元的一次性收益。

As I said before, Xiidra continues to be a primary focus for us in 2024 to date.

正如我之前所說，Xiidra 仍然是我們 2024 年迄今為止的主要關注點。

We're also very pleased with what we have seen from the Miebo launch.

我們對 Miebo 的發布也感到非常滿意。

The early performance and feedback from eye care professionals have been incredibly positive, and we're committed to continuing to invest behind this launch together, Xiidra and Miebo will provide us with clear leadership in dry eye disease, and we're excited about reaching their full future potential.

眼保健專業人士的早期表現和回饋非常積極，我們致力於繼續共同投資此次發布，Xiidra 和 Miebo 將為我們在乾眼症領域提供明確的領導地位，我們很高興能夠達到他們的目標充分的未來潛力。

Now let me walk through some of the key non-GAAP line items.

現在讓我來介紹一下一些關鍵的非 GAAP 訂單項目。

Adjusted gross margin for the fourth quarter was 62.5%, which was up 470 basis points compared to Q4 '22.

第四季調整後毛利率為 62.5%，較 22 年第四季成長 470 個基點。

For the full year, adjusted gross margin was 61%, which was up 130 basis points compared to last year.

全年調整後毛利率為61%，較去年上升130個基點。

The gross margin improvement was mainly driven by favorable product mix, including Xiidra.

毛利率的改善主要得益於有利的產品組合，包括 Xiidra。

This was balanced by pressure on the gross margin driven by the higher inventory costs in our surgical business.

這與我們外科業務庫存成本上升所帶來的毛利率壓力相平衡。

In the fourth quarter, we invested $79 million in adjusted R&D or approximately 7% of revenue.

第四季度，我們在調整後的研發上投入了 7,900 萬美元，約佔營收的 7%。

Q4 adjusted EBITDA was $231 million, which represents 28% growth versus the fourth quarter of '22.

第四季調整後 EBITDA 為 2.31 億美元，與 2020 年第四季相比成長 28%。

For the full year, adjusted EBITDA was $738 million.

全年調整後 EBITDA 為 7.38 億美元。

Full year 2023 adjusted EBITDA was negatively impacted by currency headwinds of $51 million, and Lynchburg-related disruptions of $30 million.

2023 年全年調整後 EBITDA 受到 5,100 萬美元貨幣逆風和 3,000 萬美元林奇堡相關中斷的負面影響。

Excluding the impact of currency, adjusted EBITDA grew 10% compared to last year.

排除匯率影響，調整後 EBITDA 較去年成長 10%。

Net interest expense for the quarter was approximately $96 million, and $252 million for the full year, excluding the one-time upfront financing costs directly related to the Xiidra acquisition.

本季淨利息支出約 9,600 萬美元，全年淨利息支出約 2.52 億美元，不包括與 Xiidra 收購直接相關的一次性預付款融資成本。

The full year 2023 adjusted tax rate was 4%, which is slightly lower than our previous guidance of approximately 6%.

2023 年全年調整後稅率為 4%，略低於我們先前約 6% 的指引。

The lower tax rate was mainly driven by the geographic mix of our earnings.

較低的稅率主要是由於我們收入的地理組合。

Adjusted EPS for the quarter was $0.24 and $0.73 for the full year 2023.

該季度調整後每股收益為 0.24 美元，2023 年全年調整後每股收益為 0.73 美元。

Adjusted cashflow from operations was $28 million in the fourth quarter, and CapEx was $84 million.

第四季調整後的營運現金流為 2,800 萬美元，資本支出為 8,400 萬美元。

Turning now to our 2024 guidance on Slide 15.

現在轉向幻燈片 15 上的 2024 年指南。

We're saying 2024 revenue guidance at a range of $4.6 billion to $4.7 billion.

我們預計 2024 年營收指引範圍為 46 億美元至 47 億美元。

This reflects expected constant currency growth of approximately 12% to 14%.

這反映了預計約 12% 至 14% 的恆定貨幣成長率。

We expect the fundamentals of the eye care market to remain strong, and we expect each of our segments to deliver growth in 2024.

我們預計眼保健市場的基本面將保持強勁，我們預計每個細分市場都將在 2024 年實現成長。

Along with solid momentum in our base business, the recent and upcoming product launches will be an important driver.

除了我們基礎業務的強勁勢頭之外，最近和即將推出的產品將成為重要的推動力。

Following the relaunch of Xiidra in the fourth quarter, we expect to build on the performance throughout 2024.

在第四季重新推出 Xiidra 後，我們預計 2024 年的業績將繼續保持下去。

For the full year 2024, we expect Xiidra to generate approximately $400 million in revenue.

2024 年全年，我們預計 Xiidra 將產生約 4 億美元的收入。

As I noted earlier, the Miebo launch is off to a great start.

正如我之前指出的，Miebo 的發布是一個很好的開始。

Miebo has been the strongest launch in dry eye disease in recent years.

Miebo 是近年來乾眼症領域最強勁的產品。

We expect the positive momentum to continue in 2024, and we plan to invest to position the brand to reach its full potential.

我們預計這種積極勢頭將在 2024 年持續下去，並計劃進行投資，以充分發揮該品牌的潛力。

We expect Miebo to contribute approximately $95 million of revenue in 2024.

我們預計 Miebo 在 2024 年將貢獻約 9,500 萬美元的收入。

We've continued to see currency headwinds moderate.

我們繼續看到貨幣阻力溫和。

Based on current exchange rates, we estimate currency headwinds to have a negative impact on revenue of approximately $40 million for the full year.

根據當前匯率，我們估計貨幣逆風將對全年收入產生約 4000 萬美元的負面影響。

Shifting to adjusted EBITDA, we are extending our adjusted EBITDA guidance for 2024 to a range of $840 million to $890 million at the midpoint of the guidance range.

轉向調整後 EBITDA，我們將 2024 年調整後 EBITDA 指引擴大至 8.4 億美元至 8.9 億美元（指引範圍的中點）。

This reflects margin expansion of approximately 80 basis points compared to full year 2023.

這反映出與 2023 年全年相比，利潤率擴大了約 80 個基點。

Margin expansion is driven by a number of factors, including our strategy to shift mix to high margin products, our efforts to continue to drive operational excellence and our focus on maintaining cost discipline as we continue to make investments to fully capture the value potential ahead of us.

利潤成長受到多種因素的推動，包括我們將產品組合轉向高利潤產品的策略、我們繼續推動卓越營運的努力以及我們在繼續進行投資以充分捕捉未來價值潛力的過程中對維持成本紀律的關注。我們。

We expect to sustainably build on the margin expansion in 2024 over multiple years with the growth of our recent and upcoming launches.

隨著我們最近和即將推出的產品的成長，我們預計將在 2024 年持續多年實現利潤率擴張。

I told you in the past, we'll continue to remind you that there is natural seasonality in our business.

我過去告訴過你，我們會繼續提醒你，我們的業務有天然的季節性。

We expect 2024 for phasing to follow a similar trend as we saw in 2023 with the first quarter being the lowest and the fourth quarter being the highest.

我們預計 2024 年的分階段趨勢將與 2023 年類似，第一季最低，第四季最高。

As we continue to drive pipeline innovation, we may enter into collaborations with external partners.

隨著我們繼續推動管道創新，我們可能會與外部合作夥伴合作。

It should be noted that our adjusted EBITDA guidance does not reflect any one-time upfront payments that may be made as part of such arrangements.

應該指出的是，我們調整後的 EBITDA 指引並不反映作為此類安排的一部分可能支付的任何一次性預付款。

In terms of the other key assumptions underlying our guidance, we expect gross margin to be approximately 62%.

就我們指引所依據的其他關鍵假設而言，我們預期毛利率約為 62%。

We anticipate investments in R&D to be approximately 78% of revenue and interest expense to be approximately $385 million.

我們預計研發投資約佔營收的 78%，利息支出約 3.85 億美元。

For the full year, our adjusted tax rate is expected to be roughly 15%, which takes into consideration our tax geographic mix and the Pillar $2 million tax rules, full-year CapEx is expected to be approximately $250 million.

全年，我們調整後的稅率預計約為 15%，考慮到我們的稅收地理組合和支柱 200 萬美元稅收規則，全年資本支出預計約為 2.5 億美元。

We are pleased with our financial performance in 2023 and a solid momentum entering 2024 as we continue to drive growth in our current portfolio and the launch of new products, we have a clear strategy to deliver strong growth and drive sustainable margin expansion.

我們對2023 年的財務業績以及進入2024 年的強勁勢頭感到滿意，隨著我們繼續推動當前投資組合的增長和新產品的推出，我們有明確的戰略來實現強勁增長並推動可持續的利潤率擴張。

And now I'll turn the call back to Brent.

現在我將把電話轉回給布倫特。

Thanks, Sam.

謝謝，山姆。

Let's focus on what we need to do to win in 2024.

讓我們專注於我們需要做什麼才能贏得 2024 年的勝利。

Recent and upcoming launches have us positioned for success in each of our businesses.

最近和即將推出的產品使我們為每項業務的成功做好了準備。

But the only way we fully take advantage of those opportunities is by reaching more customers and consumers and separating ourselves from the pack with how we sell.

但我們充分利用這些機會的唯一方法是接觸更多的客戶和消費者，並透過我們的銷售方式脫穎而出。

As Sam outlined, we're off to a great start with Miebo eye care professionals are prescribing and consumers are coming back for more post-launch.

正如 Sam 所概述的那樣，我們有了一個良好的開端，Miebo 眼科護理專業人士正在開處方，消費者在推出後會回來購買更多處方。

Excitement hasn't waned.

興奮之情並未減弱。

In fact, it continues to build.

事實上，它還在繼續建設。

We need to harness that momentum in 2024 and ensure Miebo becomes the category altering medication.

我們需要在 2024 年利用這一勢頭，確保 Miebo 成為改變藥物類別的藥物。

It has the potential to be, which means continuing to invest in sales and marketing.

它有潛力，這意味著繼續投資於銷售和行銷。

In concert with our Miebo push, we need to not only keep working to restore Xiidra to its place as a category leader, but unlock its full potential.

與我們的 Miebo 推動相一致，我們不僅需要繼續努力恢復 Xiidra 作為類別領導者的地位，而且還需要釋放其全部潛力。

It's important to remember that Xiidra sales and marketing operation we inherited was not in the same condition when at its peak.

重要的是要記住，我們繼承的 Xiidra 銷售和行銷業務在鼎盛時期的情況並不相同。

I'm a dog lover, so I'll use an abandoned pet analogy.

我是一個愛狗人士，所以我會用一個被遺棄的寵物來比喻。

We took it in and are nursing it back to health so it can thrive once again.

我們收留了它，並正在照顧它使其恢復健康，以便它能夠再次茁壯成長。

Sam also pointed to daily SiHy success.

Sam 也指出 SiHy 每天都取得成功。

There's growing demand for these lenses, which is why we're expanding our offerings, including the launch of a multifocal in the US.

對這些鏡片的需求不斷增長，這就是我們擴大產品範圍的原因，包括在美國推出多焦點鏡片。

Demand is also a theme in dry eye, as we've made clear, and while the focus is often on prescription medications, we’ve built a formidable stable of OTC dry eye brands on a global scale, most notably Artelac.

正如我們已經明確表示的那樣，需求也是乾眼症的一個主題，雖然重點往往是處方藥，但我們在全球範圍內建立了一個強大的非處方藥乾眼品牌，其中最著名的是 Artelac。

That stable expanded with the acquisition of Blink, which we expect will be a steady and growing contributor for years to come.

隨著 Blink 的收購，這一穩定的規模不斷擴大，我們預計 Blink 將在未來幾年成為穩定且不斷成長的貢獻者。

Finally, premium IOLs continue to represent our biggest opportunity in surgical where sales are influenced by relationships.

最後，優質人工水晶體仍然是我們在外科領域的最大機會，其銷售受到關係的影響。

First and foremost, as we've prepared to push deeper into higher margin offerings, including expansion of our Invista product line.

首先也是最重要的，我們已準備好進一步推出更高利潤的產品，包括擴大我們的英威達產品線。

It's incumbent on our sales force to turn their deep relationships.

我們的銷售人員有責任轉變他們的深厚關係。

The conversion last quarter we stressed a practical approach to supply chain that hasn't changed.

上個季度的轉變我們強調了供應鏈的實用方法沒有改變。

And well, what has changed is my comfort level and how the challenges we faced are being addressed.

好吧，改變的是我的舒適度以及我們面臨的挑戰的解決方式。

We brought our Waterhouse to Bausch & Lomb with a simple yet incredibly complex agreement take off for counting our global manufacturing and distribution network put a comprehensive plan in place to turn that network into a competitive advantage and execute with the understanding that we won't cut corners ever.

我們將沃特豪斯帶到了博士倫，簽訂了一份簡單但極其複雜的協議，以計算我們的全球製造和分銷網絡，制定了全面的計劃，將該網絡轉變為競爭優勢，並以我們不會削減的理解來執行曾經的角落。

It's early days, but I'm very pleased with the initial returns and more importantly, the path forward in 2024.

現在還處於早期階段，但我對最初的回報非常滿意，更重要的是，對 2024 年的前進道路感到非常滿意。

Our focus will continue to be on reducing complexity while streamlining how we put product in the hands of customers and consumers with DTC. efforts in China being the most prominent example.

我們的重點將繼續是降低複雜性，同時簡化我們透過 DTC 將產品交付給客戶和消費者的方式。中國的努力就是最突出的例子。

We'll also continue to digitize operations using lessons learned from our distribution center in Lynchburg, Virginia.

我們也將利用從維吉尼亞州林奇堡配送中心吸取的經驗教訓，繼續實現營運數位化。

Remediation is near complete, and we've turned our attention to gaining efficiency over the next few quarters.

修復工作已接近完成，我們已將注意力轉向在接下來的幾季提高效率。

Optimizing our supply chain will take time.

優化我們的供應鏈需要時間。

Incremental improvements will be reflected in margin expansion and long-term success will be foundational for a future proof, Bausch & Lomb part of R&D investment is often taken with a grain of salt and for good reason, some companies invest because they have to or need to hit a self-imposed minimum, we invest because innovation has been the lifeblood of Bausch & Lomb for 170 years.

增量改進將體現在利潤率擴張上，而長期成功將是未來證明的基礎，博士倫對研發投資的一部分通常持保留態度，並且有充分的理由，一些公司進行投資是因為他們必須或需要為了達到自我設定的最低限度，我們進行投資，因為170 年來，創新一直是博士倫的命脈。

In 2023.

2023年。

We invested more than $300 million and a new look older and better R&D department, and we've infused it with talent.

我們投資了超過 3 億美元，建立了一個新的、更老、更好的研發部門，並為其註入了人才。

And the last two years, we grew the team by more than a third, including hiring top scientists who want to be part of what we're building here, but money and talent only get you so far, we've refocused the team to better support our reloaded, robust pipeline that cuts across every business.

在過去的兩年裡，我們的團隊規模擴大了三分之一以上，包括聘請頂尖科學家，他們希望成為我們在這裡建立的一部分，但金錢和人才只能讓你走到這一步，我們已經將團隊的重點重新集中到更好地支持我們跨越每項業務的重新加載、強大的管道。

While in-house capabilities are non-negotiable, we can't do it all ourselves.

雖然內部能力是不容談判的，但我們不能全部靠自己完成。

As previously mentioned, our business development team has been working hand-in-hand with R&D leadership to identify and vet potential products and therapies, it would benefit from our scale and know-how.

如前所述，我們的業務開發團隊一直與研發領導層攜手合作，以確定和審查潛在的產品和療法，這將受益於我們的規模和專業知識。

As long as we keep adding products, we'll keep showcasing our launch slide.

只要我們繼續添加產品，我們就會繼續展示我們的發布幻燈片。

There's a nod to what we accomplished in 2023 and a preview of what's to come this year.

這是對我們在 2023 年所取得的成就的認可，也是對今年即將發生的事情的預覽。

This view best represents the opportunity in front of us.

這個觀點最能代表我們面前的機會。

Innovation provides new offerings, operational and selling excellence leads to revenue growth and margin expansion.

創新提供新產品，卓越的營運和銷售帶來收入成長和利潤成長。

Sam highlighted it's not a terribly complicated formula, but one that requires a relentless focus on doing the small things incredibly well in my regular conversations with eye care professionals and visits to industry meetings.

Sam 強調，這並不是一個非常複雜的公式，但需要在我與眼保健專業人士的定期對話和參觀行業會議中不懈地專注於將小事情做得非常好。

There are two consistent themes around Bausch & Lomb excitement and anticipation that's echoed within our company walls.

博士倫的興奮和期待有兩個一致的主題，這在我們公司的內部得到了迴響。

My travels take me all over the globe and from Berlin to Bridgewater, colleagues are anxious to make 2024 a defining year in our company's history.

我的旅行帶我走遍了全球，從柏林到布里奇沃特，同事們都渴望讓 2024 年成為我們公司歷史上決定性的一年。

I look forward to keeping you updated on our progress.

我期待著向您通報我們的最新進展。

One quick note.

快速說明一下。

I'm still on the mend from rotator cuff surgery just a few days ago.

幾天前我接受了肩袖手術，目前仍在康復中。

So take it easy on me in the Q&A.

所以在問答環節請放輕鬆。

Operator let's open the line for questions.

接線員要我們打開提問線。

Certainly, we will now begin the question-and-answer session to ask a question.

當然，我們現在開始問答環節來提問。

(Operator Instructions).

（操作員說明）。

Your first question for today, is coming from Matt Miksic, Barclays.

你們今天的第一個問題來自巴克萊銀行的馬特‧米克西奇。

Hey, good morning, and thanks so much for taking the questions, and congrats on a really strong finish here to 2023.

嘿，早上好，非常感謝您提出問題，並祝賀您在 2023 年取得了非常出色的成績。

I have one question if I could on Xiidra.

我有一個問題，是否可以在 Xiidra 上進行。

I think you did a pretty great job last year of sort of framing out expectations for Xiidra and Miebo, and how they would kind of interplay, and ended up finishing, as you mentioned, a bit stronger out of the gate.

我認為你去年做得非常出色，制定了對 Xiidra 和 Miebo 的期望，以及他們如何相互作用，最終，正如你提到的，一開始就變得更強了。

Could you maybe talk a little bit about how we should maybe recalibrate the trajectory of what we are expecting from Xiidra, assuming you're still going to invest behind it as you mentioned, but is that just a quarter or two ahead of plan here, or is there some kind of ups and downs we should expect in the coming quarters?

你能否談談我們應該如何重新調整我們對 Xiidra 的期望軌跡，假設你仍然會像你提到的那樣對其進行投資，但這只是比計劃提前了一兩個季度嗎？或者我們應該預計未來幾季會出現某種起伏？

And I have one follow up..

我還有一個後續行動..

Sure.

當然。

Thanks Matt.

謝謝馬特。

So, look, Xiidra is an incredibly important focus for us in 2024.

所以，看，Xiidra 是我們 2024 年極其重要的焦點。

I have to give a nod to our sales team in the fourth quarter, right We got a product that had been kind of left behind.

我必須對我們第四季的銷售團隊表示認可，我們得到了一個有點落後的產品。

And what's interesting when you look at the fourth quarter, there's some seasonality there.

有趣的是，當你觀察第四季時，你會發現其中存在一些季節性。

Fourth quarter is always the best for chronic prescription demand because of deductibles and the like.

由於免賠額等原因，第四季度始終是長期處方需求的最佳時期。

But when you look at what happened was, in the fourth quarter, we brought the Novartis sales team in, made them a Bausch & Lomb sales team, and they really, we just focused on basic execution.

但當你看看發生的事情時，在第四季度，我們引入了諾華銷售團隊，讓他們成為博士倫銷售團隊，他們真的，我們只專注於基本執行。

And you saw what happens, right.

你看到了發生的事情，對吧。

We saw really good performance in the fourth quarter.

我們在第四季度看到了非常好的表現。

I think that should give us optimism for what can be done.

我認為這應該讓我們對可以做的事情感到樂觀。

And in early January, we actually integrated the field force and they're actually in their sales meeting, their annual sales meeting as we speak this week in Orlando.

一月初，我們實際上整合了現場人員，他們實際上正在參加銷售會議，他們的年度銷售會議，正如我們本週在奧蘭多所說的那樣。

And so, I'm pretty optimistic.

所以，我非常樂觀。

When you look at tactics and when you look at execution on the ground and couple that now with reinvesting in marketing, right?

當你考慮戰術和實際執行力時，再將其與行銷再投資結合起來，對嗎？

We're back on TV as of mid-January.

我們從一月中旬開始重新出現在電視上。

So, we've been on TV for a couple of weeks with Xiidra.

我們已經和 Xiidra 一起上電視了幾個星期了。

I'm pretty optimistic that this can be a growth driver.

我非常樂觀地認為這可以成為成長動力。

So, if you think about it just in basic terms, Novartis, in the quarters they had it, they did about $250 million.

所以，如果你從基本角度考慮一下，諾華公司在他們擁有該藥物的幾個季度中，他們賺了大約 2.5 億美元。

We did $106 million in the fourth quarter.

我們第四季的營收為 1.06 億美元。

So, you've got a performance of $355 million.

所以，你的業績是 3.55 億美元。

Sam, in his comments, guided to $400 million.

Sam 在評論中指導目標為 4 億美元。

That's a 13% growth if we pull that off.

如果我們成功的話，成長率將達到 13%。

When we bought it and we announced a deal model, we talked about mid-single digit growth.

當我們購買它並宣布交易模式時，我們談到了中個位數的成長。

So, we feel like we can get back on track and make this a real growth driver.

因此，我們覺得我們可以回到正軌並使其成為真正的成長動力。

Now, in all dry, including Miebo, there is seasonality.

現在，在所有乾燥地區，包括Miebo，都有季節性。

The first quarter, because of deductibles, is always the weakest, and the fourth quarter is always the strongest.

第一季度，因為免賠額，總是最弱的，而第四季總是最強的。

So, I wouldn't just divide the $400 million by four and look for it that way, but you'll see a nice steady build as we execute and we drive marketing and the seasonality that is a factor, I think we're going to set ourselves up for a very nice year in Xiidra.

所以，我不會只是將 4 億美元除以四，然後以這種方式尋找它，但當我們執行並推動營銷和季節性因素時，你會看到一個很好的穩定構建，我認為我們會為我們在Xiidra 度過美好的一年做好準備。

That's great.

那太棒了。

Thanks for that.

感謝那。

And then one other area that was you had a pretty strong finish, important category within surgical is around IOLs, and I know you have a pipeline of new products you've talked about, planned out for this year on the [IC8 IOL] side, but some of the sort of just underlying growth of that business was quite strong in Q4.

然後，您在另一個領域取得了相當出色的成績，外科手術中的重要類別是圍繞人工晶狀體，我知道您已經談到了一系列新產品，計劃今年在 [IC8 IOL] 方面，但該業務的某一些潛在成長在第四季相當強勁。

Just wondering if you could comment on whether that was a market phenomenon, whether you feel like some of the products in the market currently are gaining momentum and how sustainable that is.

只是想知道您是否可以評論一下這是否是一種市場現象，您是否覺得市場上的某些產品目前正在獲得動力以及其可持續性如何。

Thanks.

謝謝。

Yeah.

是的。

So, you're right, we did see some strong demand of prior wells in the quarter and throughout the year, I think it really is a foreshadowing of what we want this business to look like.

所以，你是對的，我們確實看到了本季和全年對先前油井的強勁需求，我認為這確實預示了我們希望這項業務的樣子。

So premium IOLs were up 30%, SAM about 30% in the fourth quarter.

因此，第四季優質 IOL 上漲了 30%，SAM 上漲了約 30%。

You know, I think it's off a small number, right?

你知道，我認為這個數字很小，對吧？

And what we need to transition to if you look at surgical for the year, again of packs were up about 9% for the year.

如果你看看今年的外科手術，我們需要過渡到什麼，今年的包裝再次增加了約 9%。

Equipment was up about 11% for the year.

設備年增約 11%。

So better, we're taking market share.

更好的是，我們正在佔領市場份額。

We're growing faster than the market.

我們的成長速度快於市場。

What we need to do in '24 and really in '25 and '26 is drive that IOL mix and drive it towards the premium side of the Iowa, that actually is the way you run a surgical business, and it has a tremendous benefit of driving margin improvement.

我們在 24 年以及在 25 年和 26 年真正需要做的是推動 IOL 混合併將其推向愛荷華州的高端市場，這實際上是經營外科業務的方式，它有一個巨大的好處推動利潤率改善。

And so, when we talk about margin improvement, mix is critical and one of our most important strategies is to drive from the lower margin packs and equipment to pull through the higher margin IOL.

因此，當我們談論利潤率提高時，組合至關重要，我們最重要的策略之一是從利潤率較低的包裝和設備轉向利潤率較高的 IOL。

So, really good foreshadowing.

所以，真是個很好的預兆。

I see that the new launches, we have the Aspire that we launched.

我看到新產品的發布，我們推出了 Aspire。

We have the IC-8, which we’re still launching.

我們有 IC-8，目前仍在推出中。

We have a trifocal getting approved at the back end of the year, and then we have our EDOF lens hopefully getting approved in later '25.

我們的三焦點鏡片將在今年年底獲得批准，然後我們的 EDOF 鏡片預計在 25 年晚些時候獲得批准。

So, the setup there is really nice for constant new product, new innovation and higher margin products to drive through that business.

因此，那裡的設置對於不斷推出新產品、新創新和更高利潤的產品來推動該業務來說確實非常好。

And that's my reason I get excited about surgical is pulling that off, but it is going to take two years to get there.

這就是我對手術的成功感到興奮的原因，但這需要兩年的時間才能實現。

Right.

正確的。

Well, that's super helpful and congrats again, Brent and to the team on the solid results.

嗯，這非常有幫助，再次恭喜布倫特和團隊的紮實成果。

Thanks.

謝謝。

Thanks.

謝謝。

Yes.

是的。

Thanks, Matt.

謝謝，馬特。

Your next question is from Patrick Wood with Morgan Stanley.

您的下一個問題來自摩根士丹利的帕特里克·伍德。

Amazing.

驚人的。

Thank you for taking the questions.

感謝您提出問題。

I've got one and then a quick follow-up.

我有一個，然後是快速跟進。

I guess for the first one, sort of a bit more high level, obviously on the consumer side and then the pharma business, you've got meaty scale now.

我想對於第一個，有點更高層次，顯然是在消費者方面，然後是製藥業務，現在你已經有了很大的規模。

And so, I guess, how are you thinking about things going forward?

所以，我想，你對未來的事有何看法？

You mentioned the BD team a bunch of times, but organically and inorganically, how are you splitting your energy between the segments?

您多次提到 BD 團隊，但從有機和無機的角度來看，您如何在各個部門之間分配精力？

And going forward, where do you think the biggest opportunities are?

展望未來，您認為最大的機會在哪裡？

You obviously talked a little bit about premium IOLs.

您顯然談到了一些優質人工水晶體。

There’s other areas like custom packs, glaucoma.

還有其他領域，例如客製化包裝、青光眼。

It's a big market, right?

這是一個很大的市場，對嗎？

How do you see the direction strategically and where you feel the biggest gaps that you might like to bulk up in are?

您如何從策略角度看待這個方向？您認為您可能想要擴大規模的最大差距在哪裡？

Yes, so great question.

是的，很好的問題。

So, a little different than how we report.

因此，與我們的報告方式略有不同。

The way I think about the business is four business units, right?

我對業務的看法是四個業務部門，對吧？

We have the pharmaceutical, consumer, vision care, and surgical.

我們有製藥、消費者、視力保健和外科領域。

And when you look at it, two are in really good shape, right?

而且你看的話，兩個人的狀態都非常好，對吧？

Consumer, we are the leader in eyecare.

消費者，我們是眼部護理領域的領導者。

We have demonstrated great growth in the consumer business, up 11%.

我們在消費業務方面取得了巨大的成長，成長了 11%。

And what's interesting, a lot of that is volume, where in the past years a lot of that was price.

有趣的是，其中很大一部分是數量，而在過去幾年中，許多是價格。

And so, really healthy performance there.

所以，那裡的表現非常健康。

We have some new products coming in consumer.

我們有一些新產品即將上市。

We have some new incremental innovations coming.

我們即將推出一些新的漸進式創新。

We have packaging innovation coming.

我們即將迎來包裝創新。

So, pretty excited about the consumer business, combined with just a great team, right?

那麼，我們對消費者業務感到非常興奮，再加上優秀的團隊，對嗎？

We have a really strong team at [BL] on consumer.

我們在 [BL] 擁有一支非常強大的消費者團隊。

Pharma, you know the story, right.

Pharma，你知道這個故事，對吧。

We're really investing, particularly in the US.

我們確實在投資，特別是在美國。

We have Miebo.

我們有美寶。

We have Xiidra.

我們有希德拉。

We have Vyzulta.

我們有維祖塔。

We have on the hunt for other things to add to the bag, but we have a lot of strength and a lot of growth for several years to come in pharma, and lots of opportunities to add innovation.

我們正在尋找其他東西來添加到袋子中，但我們在未來幾年在製藥領域擁有強大的實力和大量的成長，並且有很多增加創新的機會。

Vision care, a very strong performance if you normalize for Lynchburg.

視力保健，如果你為林奇堡恢復正常的話，這是一個非常強勁的表現。

And we look at vision care as very strategic, but still a work in progress, right?

我們認為視力保健非常具有戰略意義，但仍然是一項正在進行的工作，對吧？

We've got to drive growth, daily SiHy.

我們必須每天推動成長，SiHy。

INFUSE, as an example, is up 46% for the year.

以 INFUSE 為例，今年上漲了 46%。

That's our fastest-growing product and a great contact lens.

這是我們成長最快的產品，也是一款出色的隱形眼鏡。

And so, our job there is simply execution.

因此，我們的工作就是執行。

Surgical, still a work in progress, as I mentioned.

正如我所提到的，外科手術仍在進行中。

And there, it's a two to three year program to drive towards IOLs and premium IOLs becoming a larger contributor, with much higher margins.

這是一個兩到三年的計劃，旨在推動 IOL 和優質 IOL 成為更大的貢獻者，並獲得更高的利潤。

And so, to summarize, I'd say we have two of our businesses in really good shape, and two that are focused on execution and delivery.

因此，總而言之，我想說我們有兩項業務狀況非常良好，其中兩項業務專注於執行和交付。

That being said, you're right.

話雖這麼說，你是對的。

How do you split your time between the four.

你如何在這四者之間分配時間？

For me, it’s quite simple.

對我來說，這非常簡單。

You’ve got to build great teams, and we've done that.

你必須建立優秀的團隊，我們做到了。

You've got to focus on execution, and then you have to work with R&D to drive innovation.

你必須專注於執行，然後你必須與研發部門合作來推動創新。

And we’ve organized ourselves to do that, and I think we can pull it off.

我們已經組織起來去做這件事，我認為我們可以成功。

That's super handy.

這太方便了。

And then, obviously Aspire, it looks like it's done very well in the US.

然後，顯然是Aspire，看起來它在美國做得很好。

I think it's like almost 14,000 units just in the 4Q right off the bat.

我認為第四季的銷量就接近 14,000 台。

But I think IC-8, I think from memory, you guys still have some production challenges there.

但我認為 IC-8，據我記憶，你們仍然面臨一些生產挑戰。

I think you probably only have like 1,000 units or so.

我想你們可能只有 1,000 台左右。

That seems like a very differentiated lens.

這看起來是一款非常與眾不同的鏡頭。

Going forward, is there an opportunity to kind of push that on the production side and get the volumes up a little bit faster?

展望未來，是否有機會在生產方面推動這一點並使產量更快一點？

Yes, absolutely.

是的，一點沒錯。

So, you're right. enVista Aspire was launched with about 100 days into the launch, give or take.

所以，你是對的。無論如何，enVista Aspire 在推出後大約 100 天就推出了。

We've had about 350 surgeons actually implant the Aspire, where the Aspire Toric, and what we're hearing anecdotally and what we're hearing from our field force is great results by the doctors and absolutely great outcomes from the patients.

我們已經有大約 350 名外科醫生實際植入了 Aspire，其中 Aspire Toric，我們聽到的軼事以及我們從我們的現場人員那裡聽到的是醫生的出色結果和患者的絕對出色的結果。

Now, that lens is positioned as a monofocal plus to compete against the J&J Eyhance.

現在，該鏡片被定位為單焦點鏡片，以與 J&J Eyhance 競爭。

And I think our team's doing a great job there and there's a really big opportunity.

我認為我們的團隊在那裡做得很好，而且有一個非常大的機會。

The IC-8 or Apthera lens, you're absolutely on the money.

IC-8 或 Apthera 鏡頭絕對物超所值。

Our third-party manufacturing there is struggling.

我們在那裡的第三方製造正在苦苦掙扎。

Al Waterhouse knows that well, because it came from Apthera before coming from J&J, the AMO.

Al Waterhouse 很清楚這一點，因為它來自 Apthera，然後來自強生 (AMO)。

The issue there is, right, driving production capability, and that is in place, but it will take a few quarters to get to where we want to get to.

問題是，正確的是，推動生產能力，並且已經到位，但需要幾個季度才能達到我們想要達到的目標。

And so, again, great outcomes, great patient and satisfaction.

所以，再一次，偉大的成果、偉大的耐心和滿意度。

Surgeons who have implanted it love it, but we don't want to roll it out to all surgeons.

植入它的外科醫生都喜歡它，但我們不想將它推廣給所有外科醫生。

A, you have to train them, and two, you have to have supply.

一，你必須訓練他們，二，你必須有供應。

And so, that is a work in progress without a doubt.

因此，毫無疑問，這是一項正在進行的工作。

But I think that sets us up if you look at the team's performance on Aspire, it really gets you excited for the potential for the pipeline that's going to pull through later this year and next year.

但我認為，如果你看看球隊在 Aspire 上的表現，你會對今年晚些時候和明年將完成的管道的潛力感到興奮。

Super helpful.

超有幫助。

Thank you.

謝謝。

And I hope the shoulder gets better soon.

我希望肩膀早點好起來。

Yeah, thank you.

是的，謝謝。

It's my right shoulder.

這是我的右肩。

I'm right-handed.

我是右撇子。

So, it's even turning pages here left hand is clumsy.

所以，這裡連左手翻頁都很笨拙。

Your next question for today is coming from Craig Bijou, Bank of America.

今天你們的下一個問題來自美國銀行的 Craig Bijou。

Good morning, guys.

早上好傢伙。

Thanks for taking the questions and congrats on a strong finish.

感謝您提出問題，並祝賀您圓滿成功。

I wanted to talk about the margin opportunity for you guys in '24 and maybe beyond, given the strength of Xiidra and Miebo.

鑑於 Xiidra 和 Miebo 的實力，我想談談你們在 24 年甚至更長時間內的利潤機會。

The margin expansion that you are guiding to is in line with some of your comments from earlier in the year.

您所指導的利潤率擴張與您今年早些時候的一些評論一致。

So, just want to understand, as you're in this investment mode, to the extent that Xiidra and Miebo and maybe the rest of the business outperform, how should we think about you either dropping some of that benefit or outperformance to margin improvement, or are you going to reinvest that to drive even more growth?

因此，我只是想了解，當您處於這種投資模式時，如果 Xiidra 和 Miebo 以及其他業務表現優於其他公司，我們應該如何考慮您是否放棄部分收益或表現優於利潤率改善，或者您打算將其再投資以推動更多成長？

Yeah, no, that's a great question.

是的，不，這是一個很好的問題。

So, margin expansion is a critical part of our long-term strategy, right?

那麼，利潤率擴張是我們長期策略的重要組成部分，對吧？

We want to deliver sustained margin improvement for the next several years.

我們希望在未來幾年內實現持續的利潤率改善。

And I think we're set up to do just exactly that, but as you mentioned, right, product mix is a big part of improving margin.

我認為我們正是為了做到這一點，但正如您所提到的，產品組合是提高利潤率的重要組成部分。

The operational excellence we've been talking about for the last few quarters, critical, and obviously cost discipline.

過去幾季我們一直在談論卓越營運、關鍵以及明顯的成本紀律。

When you think about 2024, remember it is our largest launch here in the history of the company.

當您想到 2024 年時，請記住，這是我們公司歷史上最大規模的發布。

And so, let's just take the example you mentioned, Miebo, right.

所以，讓我們以你提到的例子為例，Miebo，對吧。

Sam guided for around $95 million in sales from Miebo.

Sam 預計 Miebo 的銷售額約為 9500 萬美元。

Our investment is significantly higher than the $95 million, significant.

我們的投資明顯高於 9,500 萬美元，意義重大。

And so, as that pharmaceutical, you tend to invest around two to three years, and then they become vastly profitable.

因此，作為製藥公司，您往往會投資大約兩到三年，然後它們就會變得非常有利可圖。

So, we have a direct line of sight of extensive margin improvement over the next few years, but you’ve got to set up these products to realize their potential.

因此，我們可以直接看到未來幾年利潤率將大幅提高，但您必須設定這些產品才能發揮其潛力。

Now, directly to your question, Craig, if we have upside, would we drop it through.

現在，直接回答你的問題，克雷格，如果我們有好處，我們會放棄它嗎？

I think we would like to do that.

我想我們願意這樣做。

The only hesitation I have there is if we believe we can change the trajectory of the curve on a product like Miebo, you'd probably want to do that as an investor.

我唯一的猶豫是，如果我們相信我們可以改變像 Miebo 這樣的產品的曲線軌跡，作為投資者，你可能會想這樣做。

You'd probably want to set that up for higher peak sales because we have it for a long time, and it can drive massive growth and profitability with the right investment.

您可能希望將其設置為更高的峰值銷售，因為我們已經擁有它很長時間了，並且通過正確的投資，它可以推動大規模增長和盈利能力。

That being said, I think we’ve made a massive investment.

話雖如此，我認為我們已經進行了大量投資。

We have a great plan.

我們有一個偉大的計劃。

We’re tracking KPIs on a daily, weekly, monthly and quarterly basis.

我們每天、每週、每月和每季追蹤 KPI。

We make the investment decisions based on performance.

我們根據績效做出投資決策。

We don't just turn over that investment and say good luck.

我們不會只是交出投資並說祝你好運。

It's gated and it's done with stage gates based on hitting KPIs.

它是有門控的，並且是透過基於關鍵績效指標 (KPI) 的階段門控來完成的。

So, we're going to watch that carefully.

因此，我們將仔細觀察。

But yes, I think all things being equal, we would try to drop a greater performance all the way through the P&L.

但是，是的，我認為在所有條件都相同的情況下，我們會努力在損益表中一直保持更好的表現。

Great.

偉大的。

Thanks for that, Brent.

謝謝你，布倫特。

And maybe a follow-up on some of your comments on the contact lenses and that business.

也許是您對隱形眼鏡和該業務的一些評論的後續行動。

Just wanted to get your perspective on what seems like a pretty strong underlying market.

只是想了解您對看似相當強勁的基礎市場的看法。

And then maybe comments on and how pricing looks there in '24 and your position within that market?

然後也許可以評論一下 24 年的定價情況以及您在該市場中的地位？

And just any other trends that you're seeing there?

您還看到其他趨勢了嗎？

Yeah, so you're right, the contact lens market globally is very healthy, growing around 7%, 8%.

是的，你是對的，全球隱形眼鏡市場非常健康，成長約 7%、8%。

So, really good trends, good demographics, a lot of tailwinds in that business, and a lot of reason to like contact lens as a category.

因此，確實有很好的趨勢、良好的人口統計、該行業的許多順風車，以及許多喜歡隱形眼鏡這一類別的理由。

I think if you looked at our performance and you tried to normalize for Lynchburg, we're growing slightly faster than market.

我認為，如果您查看我們的表現並嘗試使林奇堡正常化，您會發現我們的成長速度略快於市場。

And I already gave you the great performance on INFUSE or Ultra daily or daily SiHy.

我已經在 INFUSE 或 Ultra daily 或 daily SiHy 上為您提供了出色的表現。

And there's a lot to be excited about in that category.

這個類別中有很多值得興奮的地方。

Now, the trends there remain the same, a big shift to daily silicon hydrogels.

現在，趨勢保持不變，即向日常矽水凝膠的重大轉變。

As we complete the rollout of the full line of INFUSE, we have the multifocal in several key markets.

隨著我們完成 INFUSE 全系列產品的推出，我們在幾個關鍵市場上擁有了多焦點產品。

We've got to continue launching that around the world.

我們必須繼續在世界各地推出它。

We have the Toric coming, and then we have the multifocal Toric coming.

我們即將推出複曲面，然後我們將推出多焦點複曲面。

So, a lot of work, a lot of new launches within that brand over the next, let's say 12 to18 months.

因此，在接下來的 12 到 18 個月內，品牌需要做大量工作，推出大量新產品。

So, feel pretty good about it.

所以，感覺很好。

Pricing, look, I think there are pricing opportunities in that market.

定價，你看，我認為該市場有定價機會。

When you look at the fourth quarter, there was a lot of rebating by our competitors.

當你看第四季時，我們的競爭對手有很多回扣。

We did not participate in that, given our Lynchburg situation and the launch mode of INFUSE.

考慮到我們林奇堡的情況和 INFUSE 的啟動模式，我們沒有參與其中。

But we look at it very closely.

但我們非常仔細地觀察它。

We look at all the trends and we do make strategic pricing decisions, particularly on perhaps some of the older products.

我們關注所有趨勢，並做出策略定價決策，特別是對於一些較舊的產品。

But the new products right now, it's about building share, pricing appropriately and building share.

但現在的新產品，是為了建立份額、適當定價並建立份額。

And I think we have a very strong strategy there.

我認為我們在那裡有一個非常強大的策略。

So, we’re thoughtful of that, in other words.

所以，換句話說，我們正在考慮這一點。

Thanks for taking the questions.

感謝您提出問題。

Sure.

當然。

Next question is from Larry Biegelsen with Wells Fargo.

下一個問題來自富國銀行的 Larry Biegelsen。

Good morning.

早安.

Thanks for taking the question and congratulations on a strong finish to the year here, Brent, and Sam.

感謝布倫特和薩姆提出問題，並祝賀今年圓滿成功。

Love to start with Miebo.

喜歡從 Miebo 開始。

Brent, could you talk about the adoption so far?

布倫特，你能談談到目前為止的收養情況嗎？

What's going well?

進展順利嗎？

Where do you see opportunities to improve, such as payer coverage?

您在哪些方面看到了改進的機會，例如付款人涵蓋範圍？

And how are you feeling about the peak sales of $350 million that you laid out recently?

您對最近公佈的 3.5 億美元銷售額高峰有何感想？

Could you exceed that?

你能超過那個嗎？

Then I had one follow-up.

然後我進行了一項後續行動。

Sure.

當然。

So, I think when you look at Miebo, what you like is the initial target, as you would in any launch, was against high prescribed and dry eye ECPs, right, eye care professionals.

所以，我認為當你看到 Miebo 時，你喜歡的最初目標是針對高處方和乾眼 ECP，對吧，眼科護理專業人士，就像你在任何發布中都會做的那樣。

And I think the team did a really good job, and the excitement among that community was strong and remains strong.

我認為團隊做得非常好，社區的興奮感非常強烈，而且仍然很強烈。

And their experience with Miebo with patients has been excellent, right.

他們使用 Miebo 治療患者的經驗非常好，對吧。

And the reason that is you look at refill rates, which are trending way above dry eye category refill rates.

原因是您會關注補充率，其趨勢遠高於乾眼類別補充率。

So, that means early KPIs are the experienced dry eye ECPs love the product, and their patients love it even more in refill.

因此，這意味著早期 KPI 是經驗豐富的乾眼 ECP 喜歡該產品，而他們的患者更喜歡它的補充裝。

So, that's part of thesis of why you're going to make such a massive investment in Miebo in '24 is because there's a lot to like there.

所以，這就是為什麼你要在 24 年對 Miebo 進行如此大規模投資的論文的一部分，因為那裡有很多值得喜歡的地方。

I think when you think about what has to happen in '24, there's two probably key activities that our team has to execute against.

我認為，當你思考 24 年要發生的事情時，我們的團隊可能必須執行兩項關鍵活動。

One is to drive adoption more broadly by ECPs.

一是推動 ECP 更廣泛地採用。

We have order of magnitude tens of thousands of new targets that the team has to reach this year and drive adoption of Miebo.

我們的團隊今年必須實現數以萬計的新目標，並推動 Miebo 的採用。

And that's theme of what they're talking about in

這就是他們談論的主題

[Orlando today].

[今日的奧蘭多]。

The whole field force has been there this week, and that's one of the key themes.

本週整個現場工作人員都已出席，這是關鍵主題之一。

And the second, Larry, you hit it right on the nail on the head is to drive managed care adoption.

第二，拉里，你說得一針見血，那就是推動管理式醫療的採用。

That is a big priority for '24.

這是 24 世紀的首要任務。

Just the normal cycle, remember, this is a new drug and new drugs take some time, but given the demand we've seen in the market, managed care is much more open to working with us than they were just a quarter ago.

只是正常週期，請記住，這是一種新藥，新藥需要一些時間，但考慮到我們在市場上看到的需求，管理式醫療比一個季度前更願意與我們合作。

So, really positive momentum there.

所以，那裡的勢頭非常積極。

I suspect by the back half of '24, commercial coverage will be really, really strong.

我懷疑到 24 年下半年，商業報道將會非常非常強大。

There'll be more work to do in '25, but '24 will be ahead of our expectations on commercial coverage.

25 年還有更多工作要做，但 24 年的商業覆蓋範圍將超出我們的預期。

Now, Medicare has the longest lead time or lag time to drive coverage, but I'm optimistic we'll do a strong performance in '24.

現在，醫療保險在推動覆蓋範圍方面擁有最長的準備時間或滯後時間，但我樂觀地認為我們將在 24 年取得強勁表現。

But '25, it will catch up to commercial coverage.

但到了 25 年，它將趕上商業報道。

And so, I think those two areas are really important for execution.

因此，我認為這兩個領域對於執行來說非常重要。

And when I look at the $350 million peak number, I'm actually pretty optimistic we can exceed that.

當我看到 3.5 億美元的峰值數字時，我實際上非常樂觀，我們可以超越這個數字。

I think, given the investment we're making in the early KPIs, I think we do better than that.

我認為，考慮到我們在早期 KPI 中所做的投資，我認為我們做得比這更好。

That's awesome.

棒極了。

Thanks.

謝謝。

Hey, just a quick one for Sam.

嘿，請為 Sam 快速介紹一下。

The margin cadence, any help on the phasing of margins in 2024?

保證金節奏，對 2024 年分階段保證金有什麼幫助嗎？

Thanks for taking the question.

感謝您提出問題。

Good morning, Larry.

早安，拉里。

That's a good question is now is a very important part of our business, and that's why I highlighted in my prepared remarks.

這是一個很好的問題，現在是我們業務的一個非常重要的部分，這就是為什麼我在準備好的發言中強調這一點。

So, if you think about '24 for us will follow a similar trend as we saw in 2023 with our first quarter being the lowest in terms of contribution and Q4 is the highest.

因此，如果你考慮 24 年，我們將遵循與 2023 年類似的趨勢，第一季的貢獻是最低的，第四季是最高的。

So, I just use that as an example, last year in Q1 last year, 2020 in Q1, for revenue, we contributed roughly about 22% of the full-year results and for EBITDA was contributing roughly about 19% of the full year of EBITDA numbers that we had for '23.

所以，我只是用這個作為例子，去年第一季度，2020 年第一季度，就收入而言，我們貢獻了大約全年業績的22% 左右，而就EBITDA 而言，大約貢獻了全年業績的19% 左右。我們 23 年的 EBITDA 數字。

So, if you follow a similar trend and use the midpoint of our guidance that we provided this morning, that should give you a pretty good sense of our phasing as we think about it in '24, and it builds on from Q1 onwards as you go to Q4.

因此，如果您遵循類似的趨勢並使用我們今天早上提供的指導的中點，這應該會讓您對我們在24 年考慮的階段性有一個很好的認識，並且它是從第一季開始建立的，因為您轉到 Q4。

Thank you.

謝謝。

Thank Larry.

謝謝拉里。

Your next question for today is coming from Robbie Marcus with JPMorgan.

今天的下一個問題來自摩根大通的羅比馬庫斯。

Oh, great.

哦，太好了。

Thanks for taking the questions and congrats on a good quarter.

感謝您提出問題，並祝賀您度過了一個美好的季度。

Maybe to follow up on Larry's question, Xiidra, I wanted to spend a minute here.

也許是為了跟進 Larry 的問題，Xiidra，我想在這裡花一分鐘。

You talked about $400 million for the year.

您談到今年的收入為 4 億美元。

That's basically if you back out the one time in fourth quarter, it's basically just roughly $100 million a quarter, and I realize there's seasonality.

基本上，如果你在第四季度取消一次，基本上每個季度大約只有 1 億美元，而且我意識到存在季節性。

So, maybe just speak to why $400 million, given such a strong fourth quarter here, and how we think about what Xiidra is adding down the P&L in terms of adjusted EBITDA.

因此，也許只是談談為什麼要支付 4 億美元，考慮到第四季度如此強勁，以及我們如何看待 Xiidra 在調整後 EBITDA 方面減少損益的內容。

Yeah, so, so great question, Robbie.

是的，所以，這是一個很好的問題，羅比。

Unfortunately, you can't just take the 400 and divide by four, as I said earlier.

不幸的是，正如我之前所說，您不能只將 400 除以四。

There's a lot of seasonality in prescription coverage, right?

處方保險有很多季節性，對嗎？

And particularly in this category.

尤其是在這一類別中。

I think putting up about 13% growth on Xiidra in 2024, which is what we're guiding towards, would be a very impressive performance by our team, particularly when we announced the deal, we said it was going to be a mid-single digit grower.

我認為 Xiidra 到 2024 年實現約 13% 的成長，這是我們的目標，這將是我們團隊非常令人印象深刻的表現，特別是當我們宣布這筆交易時，我們說這將是一個中單數位種植者。

So, this is more than doubling our expected growth.

因此，這是我們預期成長的兩倍多。

Now, some of that is just returning Xiidra back to where it belonged through tactical execution.

現在，其中一些只是透過戰術執行讓 Xiidra 回到它所屬的地方。

And keep in mind, I've said this multiple times, dry eye is a very promotionally sensitive category, right.

請記住，我已經多次說過，乾眼症是一個非常促銷敏感的類別，對吧。

And so, in fairness, in '24, we're investing a little bit more in Xiidra than we would have if it hadn't been given to us in a bit of a kind of left behind or neglected state from.

因此，公平地說，在 24 年，我們在 Xiidra 上的投資比如果它沒有在某種被遺忘或被忽視的狀態下給予我們的情況要多一些。

Novartis.

諾華。

But we're very confident that Xiidra, once we get it back on path, can be a very strong contributor or margin via product mix.

但我們非常有信心，一旦我們重回正軌，Xiidra 就可以透過產品組合成為非常強大的貢獻者或利潤。

And so, yes, we're making a stronger investment, but I think the data from Q4 proves that it's a smart investment for us.

因此，是的，我們正在進行更強勁的投資，但我認為第四季的數據證明這對我們來說是一項明智的投資。

We’re tracking the KPIs on this one very closely as well and investing only when we hit certain stage gates of performance.

我們也非常密切地追蹤這方面的 KPI，並且僅在達到特定階段的績效時才進行投資。

But right now, there's a lot of reasons to believe our team can execute against it.

但現在，有很多理由相信我們的團隊可以應對它。

And keep in mind, having Xiidra with Miebo, right, we've integrated the field force, is a win-win.

請記住，擁有 Xiidra 和 Miebo，對吧，我們整合了現場力量，是雙贏的。

It is absolutely one plus one equals something greater than three, right.

絕對是一加一大於三，對吧。

Having our field force be able to promote two differentiated, mechanistically different drugs for dry eye therapy, really positions us as the company in dry eye and our representatives with the greatest portfolio of the best products.

讓我們的現場人員能夠推廣兩種差異化、機制不同的乾眼治療藥物，真正使我們成為乾眼領域的公司以及擁有最優質產品組合的代表。

And so, I'm really optimistic on Xiidra, but perhaps we can do better than 400.

所以，我對 Xiidra 非常樂觀，但也許我們可以做得比 400 更好。

We'll have to see.

我們得看看。

It’s mid-February, and the team is at their sales meeting right now.

現在是二月中旬，團隊正在參加銷售會議。

I think there'll be a lot of momentum coming out of this week and throughout the year as seasonality builds, as the investment and marketing builds, and the focus on execution in the field.

我認為，隨著季節性的增強、投資和行銷的增強以及對現場執行的關注，本周和全年將會出現很大的動力。

Great. appreciate that.

偉大的。感謝。

And maybe just as a follow up on free cash flow generation in 2024, I realize you have a lot of integration activities here, but how should we think about free cash flow in '24 and any phasing through the year we should consider?

也許只是作為 2024 年自由現金流產生的後續行動，我意識到你們這裡有很多整合活動，但我們應該如何考慮 24 年的自由現金流以及我們應該考慮的任何階段？

Thanks.

謝謝。

Sure, [Robbie], it’s a good question.

當然，[羅比]，這是個好問題。

When you think about cash, listen, cash is a very important element for us.

當你想到現金時，聽著，現金對我們來說是一個非常重要的因素。

It's part of our DNA.

這是我們 DNA 的一部分。

So, we call it, cash is cultural, right.

所以，我們稱之為現金是文化，對吧。

So, it’s something we spend a lot of time talking about it.

因此，我們花了很多時間討論這個問題。

We're focused on it.

我們專注於此。

So, when you think about and maybe before I talk to '24, I want to step back and just talk '22 because it sets the base for how we think about '24.

所以，當你想到，也許在我談論“24”之前，我想退後一步，只談談“22”，因為它為我們如何思考“24”奠定了基礎。

So, when you think about '23, cash played out exactly as we anticipated.

所以，當你想到 23 年時，現金的表現完全符合我們的預期。

The first half of the year, we were in a growth mode with our topline and gaining market share, and that was a use on working capital, and we see that in the first half of the year.

今年上半年，我們處於成長模式，營收不斷成長，市佔率不斷增加，這是對營運資本的利用，我們在上半年看到了這一點。

Expecting that will turn positive in the second half of the year.

預計下半年情況將轉好。

So, you think of a second half cash flow for us in the year was generating roughly about $95 million in Q3 and Q4.

因此，您認為我們今年下半年的現金流在第三季和第四季大約產生了 9,500 萬美元。

Keep in mind that was all happening as we were building up inventory.

請記住，這一切都是在我們建立庫存時發生的。

So, we built roughly about $250 million of inventory throughout '23 that helped us as we were working through our supply chain challenges that we've talked about.'

因此，我們在 2023 年建立了大約 2.5 億美元的庫存，這在我們解決我們所討論的供應鏈挑戰時為我們提供了幫助。

So, that's a very important background for us to set the stage on for '23.

所以，這是我們為 '23 奠定基礎的非常重要的背景。

Now, when you reflect to '24, we expect cash to we don't expect the level of inventory buildup that we've seen in 2023, does not repeat again into '24 at that same level.

現在，當你回顧 24 年時，我們預計現金不會達到 2023 年的庫存積累水平，也不會在 24 年以相同水平再次出現。

So, we expect that to be a more of a short-term element.

因此，我們預期這更多是一個短期因素。

We'll stay probably at a higher elevated level, but we don't expect that step up in inventory again.

我們可能會保持在較高的水平，但我們預計庫存不會再次增加。

So, with that, I expect our cash for '24 to be roughly about conversion rate from EBITDA to midpoint of guidance, roughly about anywhere between 30% to 35% conversion rate for cash flow.

因此，我預計我們 24 年的現金將大致約為從 EBITDA 到指導中點的轉換率，大致約為 30% 至 35% 的現金流轉換率。

The phasing will follow a similar phasing as we think about the P&L.

階段劃分將遵循與我們考慮損益表類似的階段劃分。

To the phasing that I highlighted to Larry, that probably will be something you will have to keep in mind as well as you think about from our cash flow generation throughout the year.

對於我向拉里強調的分階段，這可能是您必須牢記的事情，也是您從全年現金流生成中思考的事情。

We start low and we'll build up high as we get into Q4.

我們從低位起步，進入第四季後，我們將逐步提高。

Appreciate the color.

欣賞顏色。

Thank you.

謝謝。

Your next question is from Vijay Kumar, Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Vijay Kumar。

Hey, guys, congrats and nice print here, and thanks for taking my question.

嘿，夥計們，恭喜你，這裡打印得很好，感謝你提出我的問題。

I guess my first one here, Brent, I just want to clarify, did you say the investments in Miebo are well above the $95 million?

我想我的第一個發言是布倫特，我只是想澄清一下，你是說 Miebo 的投資遠高於 9500 萬美元嗎？

So, how much of a drag is Miebo on margins right now?

那麼，Miebo 目前對利潤率的拖累有多大？

And I'm curious, when do you think those margins will be accretive to corporate?

我很好奇，您認為這些利潤何時會對企業產生增值？

Yeah.

是的。

So, the I did I did say it is significant, and I chose the word significant on purpose up more than the $95 million, right.

所以，我確實說過這很重要，我特意選擇了「重要」這個詞，而不是 9500 萬美元，對吧。

And that is very typical of the 1st year of a very promising pharmaceutical launch.

這是非常有前途的藥物上市第一年的典型情況。

In fact, when you when you look at the history of pharmaceutical launches, you tend to see the first two to three years in investment mode.

事實上，當你回顧藥品上市的歷史時，你往往會看到前兩到三年處於投資模式。

And so, I see this being a margin contributor in a more meaningful way in '26 and becoming a significant contributor in '27 and for years to come.

因此，我認為這將在 26 年以更有意義的方式成為利潤貢獻者，並在 27 年和未來幾年成為重要貢獻者。

And so, that's the right way to launch the drug.

因此，這是推出該藥物的正確方法。

And as I said earlier to Larry, I do think we can exceed our targets on peak sales.

正如我之前對拉里所說，我確實認為我們可以超越高峰銷售目標。

I'm not ready to set a number on it.

我還沒準備好給它設定一個數字。

We need more experience, but I'm very optimistic.

我們需要更多經驗，但我非常樂觀。

This is a great drug and the acceptance is great.

這是一種很棒的藥物，接受度很高。

We need to execute.

我們需要執行。

We need to expand the prescribers.

我們需要擴大處方者。

We need to get the managed care coverage.

我們需要獲得管理式醫療保險。

So, a lot of work to do, but we are our team is killing it, and we are set up for what could become a very promising product and margin contributor on a significant basis over the mid to long term.

因此，還有很多工作要做，但我們的團隊正在全力以赴，我們已經做好準備，以期在中長期內成為一個非常有前途的產品，​​並在很大程度上為利潤做出貢獻。

Sam, any comment to add?

薩姆，有什麼要補充的嗎？

Yes, And Vijay, it’s a similar sort of comments that we made before.

是的，維傑，這與我們之前發表的評論類似。

When you think about the launches, and especially Miebo being one of the most important launches for us, we're playing the long game here in terms of the investment.

當你想到這些產品的發佈時，尤其是 Miebo 對我們來說是最重要的發布產品之一時，我們在投資方面正在打一場持久戰。

And when I think about it from a margin contribution, I would probably step back and look at everything we put on the table from sort of a P&L, full P&L.

當我從保證金貢獻的角度來考慮這個問題時，我可能會退後一步，從損益表、完整損益表的角度來審視我們擺在桌面上的所有內容。

So, when you think about our guidance for 2024, we expect margin to expand anywhere between 50 basis points to up to 110 basis points.

因此，當您考慮我們對 2024 年的指導時，我們預計利潤率將擴大 50 個基點至 110 個基點。

If you take the midpoint of that, of our guidance, that's about 80 basis points of expansion, while we're still investing for the long -term benefit by investing behind Miebo and other launches as well.

如果你採用我們指導的中點，那就是大約 80 個基點的擴張，而我們仍在透過投資 Miebo 和其他產品來投資以獲得長期利益。

Just keep in mind that next year is one of our highest number of launches that we're seeing in 2024.

請記住，明年是 2024 年發布數量最多的一年。

Yes, 2024.

是的，2024 年。

Yeah.

是的。

I mean, look, I think Vijay, we have been, and I said this at J.P. Morgan when I was interviewed by Robbie, I think that we've been very deliberate, right.

我的意思是，你看，我認為 Vijay，我們一直都是這樣，我在摩根大通接受 Robbie 採訪時也這麼說過，我認為我們是經過深思熟慮的，對吧。

We want to drive margin expansion, but we want it to be sustainable margin expansion.

我們希望推動利潤率擴張，但我們希望它是可持續的利潤率擴張。

And we have said countless amount of times, 2024 was a massive investment year in the launches.

我們已經無數次說過，2024 年是發布的大規模投資年。

Despite that, and despite the fact that we are investing heavily in Miebo and pretty heavily in Xiidra, well as several other launches, like INFUSE globally and Aspire, we are still going to drive margin improvement in 2024.

儘管如此，儘管我們對 Miebo 和 Xiidra 以及其他幾項產品（如 INFUSE global 和 Aspire）進行了大量投資，但我們仍將在 2024 年推動利潤率的提高。

We hope it's towards the top end of that range, as we talked about upside earlier.

我們希望它接近該範圍的上限，正如我們之前談到的上行空間。

But in 2025, we're going to have margin improvement. 2026, we're going to have nice margin improvement. 2027 is going to be even greater.

但到 2025 年，我們的利潤率將會有所改善。到 2026 年，我們的利潤率將大幅提高。 2027 年將會更加偉大。

We are really committed to driving long-term margin improvement.

我們確實致力於推動長期利潤率的提高。

And if you look at it over the next three to five years, it will be meaningful, but it's going to take time because the way to get there is to do the right thing and investing in these very important launches.

如果你在未來三到五年內審視它，這將是有意義的，但這需要時間，因為實現這一目標的方法是做正確的事情並投資於這些非常重要的發布。

That's helpful.

這很有幫助。

Brent, if I may, one follow-up to maybe $95 million in contribution, 200 basis points to organic.

布倫特，如果可以的話，後續行動可能會貢獻 9,500 萬美元，有機成長 200 個基點。

Just yet, given your comments your bullishness on this product.

到目前為止，鑑於您的評論，您對該產品的看好。

Is that a sustainable number, just contribution to growth?

這是一個可持續的數字，只是對成長的貢獻嗎？

When you look at '25, '26, could maybe you add in the $50 million to $100 million range?

當您查看“25”、“26”時，您是否可以添加 5000 萬至 1 億美元的範圍？

And what is the guidance assuming for prelims, a loss of exclusivity in fiscal 24?

預審的指導假設是什麼，24 財年失去排他性？

Yeah, so yes, I mean, I think you could see Miebo continuing to be a very nice contributor.

是的，所以是的，我的意思是，我認為你可以看到 Miebo 繼續成為一個非常好的貢獻者。

We had mentioned $350 million peak sales.

我們提到過 3.5 億美元的峰值銷售額。

You tend to hit your peak sales in year four or five on a product like this.

像這樣的產品，您往往會在第四年或第五年達到銷售高峰。

And so, if you model that out, and then.

所以，如果你將其建模出來，然後。

I did put in some optimism that we could do better than that.

我確實樂觀地認為我們可以做得更好。

Not ready to call the number yet, but I did put in some optimism.

還沒準備好撥打這個號碼，但我確實表現出了一些樂觀的態度。

So, that's where we're going to watch very carefully this year.

所以，這就是我們今年要非常仔細觀察的地方。

As we see execution, we'll guide appropriately based on performance, which is the responsible way to do it.

正如我們所看到的執行，我們將根據績效進行適當的指導，這是負責任的方式。

But again, a lot of optimism there. [Prolensa] did go generic.

但同樣，這裡也充滿了樂觀情緒。 [Prolensa] 確實變得通用了。

The generics entered in January.

仿製藥於一月上市。

The impact is around $40 million to $50 million this year.

今年的影響約為 4000 萬至 5000 萬美元。

That's a very high margin product, end of life product or very high margin.

這是一個利潤率非常高的產品、生命週期結束的產品或利潤率非常高的產品。

And so, when you think about - and you didn't ask this question, but I'll just use the opportunity.

所以，當你想到 - 你沒有問這個問題，但我會利用這個機會。

When you think about our guidance for '24, we're covering a significant amount of headwind.

當您考慮我們對 24 年的指導時，您會發現我們面臨著巨大的阻力。

And despite that, still having really nice guidance.

儘管如此，仍然有非常好的指導。

You're covering $50-ish million in Prolensa.

您在 Prolensa 中承擔了 5000 萬美元左右的費用。

You're covering currency.

你正在覆蓋貨幣。

And I think I mentioned this at the J.P. Morgan conference, on the webcast, we're covering another $40 million, $50 million of SKU reduction that we did and are doing this year to focus on the higher margin products.

我想我在摩根大通會議的網路廣播中提到過這一點，我們今年已經和正在實施的 SKU 削減額為 4000 萬美元、5000 萬美元，以專注於利潤率更高的產品。

So, there's a lot of headwind there that's meaningful to us, and we're jumping right over that and still growing very nicely.

因此，存在著許多對我們有意義的逆風，我們正在克服這些逆風，並且仍然成長得非常好。

So, that's why I have a lot of optimism for the business in '24 but start to get really excited in the coming years as we finish the hard work that we're doing here to reorganize the company, to simplify the company and to invest in strategic areas that will drive growth.

因此，這就是為什麼我對 24 年的業務非常樂觀，但在未來幾年，當我們完成我們在這裡所做的重組公司、簡化公司和投資的艱苦工作時，我開始變得非常興奮推動成長的戰略領域。

That's very helpful.

這非常有幫助。

Thanks, guys.

多謝你們。

Yeah.

是的。

And I think we'll take one more question.

我想我們還要再問一個問題。

Your final question for today is from Joanne Wuensch with Citibank.

今天的最後一個問題來自花旗銀行的 Joanne Wuensch。

Thank you for taking the question and good morning.

感謝您提出問題，早安。

And I'll say upfront, I hope your shoulder heals quickly.

我首先要說的是，我希望你的肩膀快點好起來。

Two quick questions.

兩個簡單的問題。

What percentage of your contact lenses are silicone hydrogel today versus a year ago?

與一年前相比，現在您的隱形眼鏡中矽水凝膠的比例是多少？

And I'll toss my second one in now.

我現在就把第二個丟進去。

Where are you feeling, or how are you feeling about M&A at this stage?

現階段您對併購的感受如何？

Thank you.

謝謝。

Yeah, so let me take the second part first and then Sam will give you some guidance on the first part.

是的，所以讓我先講第二部分，然後 Sam 會給你一些關於第一部分的指導。

When I think about M&A, I've said this when we did the Xiidra, our priority is to digest and delever the Novartis assets, namely Xiidra.

當我想到併購的時候，我在做Xiidra的時候就說過，我們的首要任務是消化和去槓桿化諾華的資產，也就是Xiidra。

That is our plan for '24.

這是我們 24 年的計劃。

That being said, I mentioned in the prepared remarks, investing in R&D capabilities and BD capabilities.

話雖這麼說，我在準備好的發言中提到，投資研發能力和BD能力。

We are actively involved in numerous discussions around smaller products, R&D assets and the like.

我們積極參與大量有關小型產品、研發資產等的討論。

And I expect us to use '24 to build our pipeline in pharma and surgical and consumer and the like.

我希望我們能夠利用 '24 來建立我們在製藥、外科和消費者等領域的管道。

And there’s some really exciting science and there's some really exciting early-stage products that could be meaningful contributors to us if we make the investment.

還有一些非常令人興奮的科學和一些非常令人興奮的早期產品，如果我們進行投資，它們可能會對我們做出有意義的貢獻。

So, long-winded way to say nothing significant in '24 for us, but look for us to be very strategic, adding smaller products or mid to late-stage R&D products for all of our businesses.

因此，囉嗦地說，24 年對我們來說沒有什麼重要意義，但我們會非常具有策略性，為我們所有的業務添加較小的產品或中後期研發產品。

Sam, you want to take that?

山姆，你想要那個嗎？

Yeah, And Joanne, in terms of the SiHy, it is seeing right now as we think about 2022, it is roughly about 10%, but it is growing fast.

是的，喬安妮，就 SiHy 而言，我們現在看到的是 2022 年，大約是 10% 左右，但增長很快。

So, we've seen it growing really fast between 2022 into 2023.

因此，我們看到它在 2022 年至 2023 年間增長得非常快。

And as Brent mentioned, it is growing in the high single - it’s growing in the double digits.

正如布倫特所提到的，它正在以高個位數增長——以兩位數增長。

We saw Q4 was about 31% growth, just in SiHy.

我們看到第四季成長了約 31%，光是 SiHy 就成長了。

Thanks, Joanne, and thanks for asking about the shoulder.

謝謝喬安妮，也謝謝你問肩膀的問題。

So, Holly, let me just conclude with some remarks, if that's okay.

那麼，霍莉，如果可以的話，讓我以一些評論作為結束。

Sure

當然

Great.

偉大的。

So, thank you all for joining the call reflecting on 2023 for just thirty seconds.

所以，感謝大家參加這次僅 30 秒回顧 2023 年的電話會議。

I just hit my one year mark here.

我剛剛在這裡滿一周年。

It was a very busy year.

這是非常忙碌的一年。

I think the team accomplished a lot.

我認為團隊取得了很多成就。

We we did a lot of activities.

我們做了很多活動。

We remade the executive management team.

我們重組了執行管理團隊。

We did a complete reorganization of our organization.

我們對我們的組織進行了徹底的重組。

We invested in big capabilities around selling excellence and digital.

我們投資於圍繞卓越銷售和數位化的強大能力。

We started our strategic planning on supply chain.

我們開始了供應鏈的策略規劃。

And I'm really proud of the team and what they accomplished in '23.

我為這個團隊以及他們在 23 年所取得的成就感到非常自豪。

And I think our performance was very strong.

我認為我們的表現非常強大。

What gets me really excited as I think about 2024 and beyond.

當我想到 2024 年及以後時，是什麼讓我感到非常興奮。

And I hope as we continue to interact with all of you in 2024, you'll see a strong focus on execution and driving this company to reach its potential in the years to come.

我希望當我們在 2024 年繼續與你們所有人互動時，你們會看到對執行力的高度重視，並推動這家公司在未來幾年發揮其潛力。

So very excited outlook, and I look forward to keeping you all updated.

非常興奮的前景，我期待著向大家通報最新情況。

Thank you so much.

太感謝了。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now.

你現在可以了。