Bausch + Lomb Corp (BLCO) 2024 Q3 法說會逐字稿

Good morning and welcome to Bausch and Lomb's third-quarter 2024 earnings call. All participants will be in listen-only mode. (Operator Instructions) Please note this event is being recorded.

早安，歡迎參加博士倫 2024 年第三季財報電話會議。所有參與者將處於僅聽模式。（操作員說明）請注意此事件正在被記錄。

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

我現在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 2024 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 2024 年第三季財務業績電話會議。出席今天電話會議的有董事長兼執行長布倫特桑德斯 (Brent Saunders) 先生；和財務長 Sam Eldessouky 先生。除了本次網路直播外，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 GAAP 財務指標和比率，有關這些指標和比率的更多信息，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。

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.

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，否則一般在下一季之前不會更新指導意見，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。

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 today's call. I'm going to share the latest chapter in our execution story. Sam will dig into the numbers, and I'll close by highlighting some of the diverse products and services that position us for sustained profitable growth.

謝謝喬治，也謝謝大家參加今天的電話會議。我將分享我們執行故事的最新章節。薩姆將深入研究這些數字，最後我將重點介紹一些使我們能夠實現持續盈利增長的多樣化產品和服務。

But first, an important note on recent speculation around the potential sale of Bausch and Lomb. While all parties remain committed to a full separation from Bausch Health and there are multiple paths to making that happen, we don't comment on rumors involving the company. I certainly appreciate that some of you may ask about these rumors in the Q&A portion of today's call. As I'm sure you'll appreciate our standard response.

但首先，關於最近圍繞博士倫可能出售的猜測的一個重要說明。儘管各方仍然致力於與 Bausch Health 完全分離，並且有多種途徑可以實現這一目標，但我們不會對涉及該公司的傳言發表評論。我當然很感激你們中的一些人可能會在今天電話會議的問答部分詢問這些謠言。我相信您會欣賞我們的標準回覆。

You may be bored by our three areas of focus, and that's a good thing. We don't need a dramatic shift in strategy or a change in how we report our progress. Instead, we need to continue our relentless focus on execution, which is exactly what we are doing.

您可能會對我們的三個重點領域感到厭倦，這是一件好事。我們不需要在策略上進行重大轉變，也不需要改變我們報告進展的方式。相反，我們需要繼續不懈地專注於執行，而這正是我們正在做的事情。

19%, 20%, 20%, 19%, those figures represent our constant currency revenue growth over the past four quarters. Topline growth is one of the three critical metrics we're focused on as we work to become the best eye health company. We obviously made great strides there while steadily improving the other two metrics, margin expansion and cash flow, which SAM will cover in his remarks. Our revenue growth is fueled by our sales force. We're giving them a steady stream of new products to place online, in-store, on prescription pads, and in the operating suites.

19%、20%、20%、19%，這些數字代表了我們過去四個季度貨幣收入的持續成長。在我們努力成為最好的眼保健公司的過程中，營收成長是我們關注的三個關鍵指標之一。顯然，我們在這方面取得了長足進步，同時穩步提高了其他兩個指標，即利潤率擴張和現金流，SAM 將在他的演講中介紹這些指標。我們的收入成長是由我們的銷售人員推動的。我們為他們提供源源不絕的新產品，供他們在網路上、店內、處方簿上和手術室中購買。

But we're also making their jobs easier by enhancing our digital capabilities. On our last earnings call, I highlighted glimpse, a new proprietary digital sales platform that uses AI and machine learning to provide tailor-made guidance for gauging eye care professionals. As our team becomes more comfortable with the platform, we're seeing its impact on both sales and employee engagement. We also launched Opal, a digital e-commerce marketplace that I'll go deeper on later.

但我們也透過增強我們的數位能力來讓他們的工作變得更輕鬆。在我們上次的財報電話會議上，我強調了glimpse，這是一個新的專有數位銷售平台，它使用人工智慧和機器學習為評估眼保健專業人員提供量身定制的指導。隨著我們的團隊越來越熟悉這個平台，我們看到了它對銷售和員工敬業度的影響。我們還推出了 Opal，一個數位電子商務市場，稍後我將對其進行更深入的介紹。

Finally, the ongoing evolution of our R&D function is positioning us to win now and in the future. The most recent example is FDA approval of enVista Envy, our latest entry into the high-margin premium IOL category. But what's happening behind the scenes will dictate our success for years to come. We're making a calculated move to higher margin product portfolio, which means turning our focus to addressing unmet needs and playing in areas where existing therapies aren't moving the needle. We're doing this through an influx of top talent and by partnering with academic institutions and start-ups that can deliver multiple candidates ready for clinical stage over the next few years.

最後，我們研發職能的持續發展使我們能夠在現在和未來取得勝利。最近的例子是 FDA 批准 enVista Envy，這是我們進入高利潤優質 IOL 類別的最新產品。但幕後發生的事情將決定我們未來幾年的成功。我們正在有計劃地轉向更高利潤的產品組合，這意味著將我們的重點轉向解決未滿足的需求，並在現有療法無法取得進展的領域中發揮作用。我們透過引進頂尖人才並與學術機構和新創公司合作來實現這一目標，這些機構和新創公司可以在未來幾年內為臨床階段提供多名候選人。

Keeping with our boring theme, nothing has changed on the roadmap slide, save for the position of our progress indicator. This light always represents an opportunity to highlight some of the less glamorous but critically important ways we're changing how we operate with efficiency and continued growth top of mind. Here are a few examples from the third quarter.

與我們無聊的主題保持一致，路線圖投影片上沒有任何變化，除了進度指示器的位置。這盞燈總是代表著一個機會，可以突出一些不那麼迷人但至關重要的方式，我們正在改變我們以效率和持續成長為首要考慮的運作方式。以下是第三季的一些例子。

In July, we installed a new line at our facility in Milan to manufacture small bottled products, which is part of a broader network optimization strategy. This mirrors a similar move earlier this year in Berlin with one goal in mind, getting products to end users faster. We continue to deploy AI across our contact lens manufacturing sites to drive yield and output gains. It started in Rochester, and last quarter, we extended the program to Waterford.

7 月，我們在米蘭的工廠安裝了一條新生產線，用於生產小瓶裝產品，這是更廣泛的網路優化策略的一部分。這與今年稍早在柏林採取的類似舉措相呼應，其目標只有一個，即更快地將產品交付給最終用戶。我們繼續在隱形眼鏡製造工廠部署人工智慧，以提高產量和產量。它從羅徹斯特開始，上個季度，我們將該計劃擴展到沃特福德。

This isn't AI for AI's sake. Using predictive analytics to eliminate downtime on automated lines producing millions of contact lenses can result in real savings. Product launches and performance get all the hype, but if we're not constantly optimizing how we operate and getting the small things right, we won't realize our full potential.

這不是為了人工智慧而人工智慧。使用預測分析來消除生產數百萬隱形眼鏡的自動化生產線的停機時間，可以真正節省成本。產品發布和性能得到了大肆宣傳，但如果我們不不斷優化我們的運作方式並做好小事情，我們就無法充分發揮我們的潛力。

Our holistic strength was once again on full display in the third quarter and continues to differentiate Bausch and Lomb in the eye health industry and beyond. In our vision care segment, we continue to see aggressive growth in daily SiHy lenses with room to run as we progressively launch multifocal and toric options in new geographies. Big picture, it's clear we're taking market share and not at our own expense. There's growth across our lens offerings with INFUSE, ULTRA, and Biotrue, driving switches and new starts.

我們的整體實力在第三季度再次得到充分展示，並繼續使博士倫在眼健康產業及其他領域中脫穎而出。在我們的視力保健領域，隨著我們在新地區逐步推出多焦點和復曲面鏡片，日用 SiHy 鏡片的銷量繼續大幅增長，並且還有運行空間。從大局來看，很明顯我們正在奪取市場份額，而不是自費。我們的 INFUSE、ULTRA 和 Biotrue 鏡片產品不斷成長，推動了開關和新的開始。

Our surgical business which saw 12% constant currency revenue growth is a microcosm of our holistic strength, which I'll touch on later. We highlighted Miebo and Xiidra revenue which certainly played an outsized role in 76% constant currency revenue growth for our pharmaceutical segment. But it's important to understand that combined revenues from these two products represent less than half of overall sales for that segment last quarter. International pharmaceuticals in particular was a solid contributor with 11% constant currency revenue growth. It's worth pointing out that absent Xiidra revenue, pharmaceuticals saw an impressive 25% organic revenue growth for the quarter.

我們的外科業務實現了 12% 的持續貨幣收入成長，這是我們整體實力的縮影，我稍後會談到這一點。我們強調了 Miebo 和 Xiidra 的收入，這無疑在我們製藥部門 76% 的恆定貨幣收入成長中發揮了巨大的作用。但重要的是要了解，這兩種產品的總收入不到上季該細分市場總銷售額的一半。國際製藥業的貢獻尤其突出，貨幣收入持續成長 11%。值得指出的是，在沒有 Xiidra 收入的情況下，製藥業務本季的有機收入成長了 25%，令人印象深刻。

I'll now turn it over to Sam for a deeper dive on our financials.

現在我將把它交給 Sam，讓他更深入地了解我們的財務狀況。

Thank you, Brent, and good morning, everyone. Before we begin, please note that all my comments today will be focused on growth expressed on a constant currency basis unless specifically indicated otherwise.

謝謝你，布倫特，大家早安。在我們開始之前，請注意，除非另有明確說明，否則我今天的所有評論將集中在以固定匯率計算的成長。

Turning now to our financial results on slide 7. We are pleased to report another quarter of solid performance with revenue growth across our segments, geographies, and product franchises. We are seeing the broad-based growth momentum in our business continue driven by our intense focus on execution. Total company revenue of $1.196 billion for the quarter reflects growth of 19% and 10% on an organic basis. As Brent highlighted, we're continuing to execute our strategy.

現在轉向幻燈片 7 上的財務表現。我們很高興地報告另一個季度的穩健業績，我們的細分市場、地區和產品特許經營收入均實現成長。我們看到，在我們對執行力的高度關注的推動下，我們的業務繼續呈現廣泛的成長勢頭。該季度公司總收入為 11.96 億美元，有機成長 19% 和 10%。正如布倫特所強調的那樣，我們將繼續執行我們的策略。

We remain focused on driving selling and operational excellence and prioritizing innovation. Our steady stream of product launches continues to drive growth, and we're excited about the opportunity ahead of us for the remainder of 2024 and future years.

我們仍然專注於推動銷售和卓越營運並優先考慮創新。我們源源不絕的產品發布繼續推動成長，我們對 2024 年剩餘時間和未來幾年面臨的機會感到興奮。

For the third quarter, currency was a headwind of $5 million to revenue. Now, let's discuss the results in each of our segment. Vision care third-quarter revenue of $684 million increased by 6% driven by growth in both the consumer and contact lens portfolios. The consumer business grew by 3% in Q3.

第三季度，匯率對收入造成了 500 萬美元的不利影響。現在，讓我們討論每個部分的結果。受消費者和隱形眼鏡產品組合成長的推動，視力保健第三季營收成長 6%，達 6.84 億美元。第三季消費業務成長3%。

Let me go over a few highlights. In the quarter, Lumify grew by 7% and continued to expand its market-leading position. Our consumer dry eye portfolio delivered $93 million in revenue representing 19% growth in the quarter. Our two key franchises, Artelac and Blink, continue to drive the strong performance. Artelac grew by 19%, and blink grew by 35% in the quarter.

讓我回顧一下幾個亮點。本季度，Lumify 成長了 7%，繼續擴大其市場領先地位。我們的消費者乾眼產品組合帶來了 9,300 萬美元的收入，本季成長了 19%。我們的兩個主要特許經營權 Artelac 和 Blink 繼續推動強勁的業績。Artelac 本季成長了 19%，blink 成長了 35%。

While we continue to see solid retail consumption and market share across our portfolio, during the third quarter, the broader consumer market in the US experienced disruptions in the drugstore channel and retailer inventory rebalancing. These market dynamics had the largest impact on our eye vitamins franchise which was down 9% in the quarter. Post Q3, we're encouraged by the strong consumption growth in our portfolio during the month of October, and we'll continue to monitor the reseller market as we move into Q4.

儘管我們的投資組合中的零售消費和市場份額繼續保持穩定，但在第三季度，美國更廣泛的消費市場經歷了藥局通路和零售商庫存重新平衡的中斷。這些市場動態對我們的眼部維生素特許經營權影響最大，本季下降了 9%。第三季後，我們對 10 月投資組合中消費的強勁成長感到鼓舞，進入第四季時我們將繼續監控經銷商市場。

Contact lens revenue growth was 12% with strong performance across modalities, key brands, and geographies. In Q3, we saw solid growth in both the daily and frequent replacement portfolios. We are continuing to see strong momentum with daily SiHy which grew 79% in the quarter. We also growth across key franchises including Biotrue which was up 4% in the quarter and ULTRA which was up 6%.

隱形眼鏡營收成長 12%，在各模式、主要品牌和地區均表現強勁。在第三季度，我們看到日常和頻繁更換投資組合均實現了穩健成長。我們繼續看到每日 SiHy 的強勁勢頭，該季度增長了 79%。我們的主要特許經營權也實現了成長，包括本季成長 4% 的 Biotrue 和成長 6% 的 ULTRA。

Contact lense revenue growth was broad based across markets with the US up 13% in the quarter and international up 11%. Outside the US, we saw solid performance across all of the regions with growth in China leading the way at 16% in the quarter. As Brent will discuss further, we're investing in building our direct-to-consumer channel in contact lenses. We are seeing positive results from the direct-to-consumer initiative in China, which we launched at the end of last year.

隱形眼鏡營收在各市場均廣泛成長，本季美國成長 13%，國際成長 11%。在美國以外的所有地區，我們都看到了穩健的表現，其中中國在本季度以 16% 的成長率領先。正如布倫特將進一步討論的那樣，我們正在投資建立隱形眼鏡的直接面向消費者的管道。我們在去年年底在中國推出的直接面向消費者的措施取得了積極成果。

Moving now to the surgical segment. Third-quarter revenue was $206 million, an increase of 12%. In Q3, we saw growth in each of our three surgical product categories. Consumables, our largest product category, grew in the quarter by 14%. Revenue from equipment was up 6% mainly driven by Stellaris system sales, and implantables was up 13% in the quarter, with our standard IOLs up 7% and our premium IOLs up 23%.

現在轉到外科部分。第三季營收為2.06億美元，成長12%。在第三季度，我們的三個外科產品類別均出現成長。消耗品是我們最大的產品類別，本季成長了 14%。設備收入成長 6%，主要由 Stellaris 系統銷售推動，本季植入設備營收成長 13%，其中標準 IOL 成長 7%，優質 IOL 成長 23%。

Our enVista IOL platform is continuing to perform well with the Investa Aspire lense making a strong early market entry. We expect the cadence of IOL launches to continue. Our strategy in the surgical business remains the same. We are delivering growth by, first, focusing on consistent supply of products to our customers and, second, continuing to deliver innovation and launch premium products with higher margins. The FDA's approval of the enVista Envy trifocal IOL that Brent referred to is a case in point.

我們的 enVista IOL 平台繼續表現良好，Investa Aspire 鏡片在早期市場上表現強勁。我們預計 IOL 的推出節奏將持續下去。我們在外科業務方面的策略保持不變。我們透過以下方式成長：首先，專注於為客戶提供持續的產品供應；其次，繼續提供創新並推出利潤率更高的優質產品。Brent 提到的 FDA 對 enVista Envy 三焦點 IOL 的批准就是一個很好的例子。

Lastly, revenue in the pharma segment was $306 million for the quarter, which represents growth of 76% and an organic growth of 25%. Miebo delivered $49 million in revenue in the quarter and has continued its exceptional launch performance. As we've said before, we remain committed to making investments to drive that strong growth including the recent direct-to-consumer campaign and continuing to expand market access, which Brent will discuss in more detail.

最後，本季製藥部門的營收為 3.06 億美元，成長 76%，有機成長 25%。Miebo 在本季度實現了 4,900 萬美元的收入，並繼續保持其卓越的發布業績。正如我們之前所說，我們仍然致力於進行投資以推動強勁增長，包括最近的直接面向消費者的活動以及繼續擴大市場准入，布倫特將對此進行更詳細的討論。

Xiidra delivered $92 million in revenue in the third quarter. We continued to make steady progress in executing our strategy with investments in direct-to-consumer marketing campaigns and the field force realignment tarlier in the year. TRx trends continue to move in a positive direction. Xiidra has reached approximately 22,000 TRxs in the past four weeks.

Xiidra 第三季營收 9,200 萬美元。我們在今年稍早投資於直接面向消費者的行銷活動和現場人員重組，在執行策略方面繼續取得穩步進展。TRx 趨勢持續朝正面方向發展。Xiidra 在過去 4 週內已達到約 22,000 個 TRx。

As we have highlighted in the past, we're excited about our overall dry eye platform. Xiidra and Miebo together have positioned us as a leader in dry eye disease and strengthen the dry eye franchises in our consumer and surgical businesses.

正如我們過去所強調的那樣，我們對整個乾眼平台感到興奮。Xiidra 和 Miebo 共同將我們定位為乾眼症領域的領導者，並加強了我們在消費者和外科業務中的乾眼專營權。

Beyond Miebo and Xiidra, we also saw strong growth across other parts of the pharma business. For example, international pharma grew by 11%. As expected and as previously mentioned, PROLENSA declined compared to Q3 of 2023 due to a generic entry in Q1 of this year.

除了 Miebo 和 Xiidra 之外，我們還看到製藥業務其他領域的強勁成長。例如，國際製藥成長了 11%。如預期和先前所提到的，由於今年第一季的通用進入，PROLENSA 與 2023 年第三季相比有所下降。

Now let me walk through some of the key non-GAAP line items on slide 8. Adjusted gross margin for the third quarter was 63%, which was up 170 basis points compared to Q3 of 2023. The increase in adjusted growth margin was mainly driven by product mix as we continue to execute our strategy to transition to higher margin products.

現在讓我來介紹一下投影片 8 上的一些關鍵的非 GAAP 訂單項目。第三季調整後毛利率為63%，較2023年第三季成長170個基點。調整後成長利潤率的成長主要是由產品組合推動的，因為我們繼續執行向更高利潤率產品轉型的策略。

In the third quarter, we invested $84 million in adjusted R&D or about 7% of revenue. As we discussed before, we anticipated entering into collaboration agreements with external partners to drive pipeline innovation which would result in one-time IPR&D investments. In the third quarter, we made one-time investments of approximately $15 million of IPR&D related to such agreements.

第三季度，我們在調整後的研發上投入了 8,400 萬美元，約佔營收的 7%。正如我們之前所討論的，我們預計與外部合作夥伴簽訂合作協議以推動管道創新，這將導致一次性智慧財產權與開發投資。第三季度，我們針對此類協議進行了約1500萬美元的一次性投資。

Third-quarter adjusted EBITDA excluding acquired IPR&D was $227 million which represents 21% growth versus the third quarter of 2023. Including the IPR&D investments, adjusted EBITDA was $212 million. As I mentioned before, these IPR&D investments are not reflected in our full-year 2024 guidance.

不包括收購的 IPR&D 的第三季調整後 EBITDA 為 2.27 億美元，較 2023 年第三季成長 21%。包括智慧財產權與研發投資在內，調整後的 EBITDA 為 2.12 億美元。正如我之前提到的，這些智慧財產權與研發投資並未反映在我們的 2024 年全年指引中。

Net interest expense for the quarter was $96 million. Adjusted EPS excluding acquired IPR&D was $0.17 for the quarter. Including the IPR&D investments, adjusted EPS was $0.13. For the quarter, CapEx was $60 million. As Brent referenced, we've been focused on driving our cash flow performance. Adjusted cash flow from operations was $159 million in the third quarter and $231 million year to date. We're continuing to make progress on various cash flow initiatives including working capital management.

該季度的淨利息支出為 9,600 萬美元。不包括收購的 IPR&D 的調整後每股收益為 0.17 美元。包括 IPR&D 投資，調整後每股收益為 0.13 美元。該季度的資本支出為 6000 萬美元。正如布倫特所提到的，我們一直致力於提高現金流績效。第三季調整後的營運現金流為 1.59 億美元，年初至今為 2.31 億美元。我們正在繼續在包括營運資本管理在內的各種現金流計劃方面取得進展。

Turning now to our 2024 guidance on slide 11, we are raising our full year revenue guidance to a range of $4.725 billion to $4.825 billion, up from $4.7 billion to $4.8 billion. We continue to expect full year constant currency growth of approximately 16% to 18%. Our increased full-year revenue guidance reflects strong Miebo performance as well as lower expected currency headwinds. In our dry eye portfolio, we are raising our full-year guidance for Miebo revenue from a range of $150 million to $160 million to a range of $165 million to $170 million.

現在轉向投影片 11 上的 2024 年指引，我們將全年營收指引從 47 億美元至 48 億美元上調至 47.25 億美元至 48.25 億美元。我們繼續預計全年匯率恆定成長率約為 16% 至 18%。我們上調的全年營收指引反映了 Miebo 的強勁業績以及預期貨幣阻力的降低。在我們的乾眼產品組合中，我們將 Miebo 的全年收入指引從 1.5 億至 1.6 億美元提高到 1.65 億至 1.7 億美元。

We're also encouraged by the positive TRx growth in Xiidra as we progress towards our guidance of $355 million to $365 million. As we head into 2025, there are two factors on Xiidra that we continue to watch closely, which I had flagged last quarter. The first is the potential headwind impact of the Inflation Reduction Act. And the second is balancing our strategy to drive TRx growth while ensuring we have access to coverage through health plans for as many patients as possible.

隨著我們朝著 3.55 億美元至 3.65 億美元的目標前進，Xiidra 的 TRx 積極成長也讓我們感到鼓舞。當我們進入 2025 年時，Xiidra 有兩個因素值得我們繼續密切關注，我在上個季度已經指出了這一點。首先是《通貨膨脹削減法案》的潛在不利影響。第二個是平衡我們推動 TRx 成長的策略，同時確保我們能夠透過健康計劃為盡可能多的患者提供保險。

For the full year, we expect currency headwinds of approximately $75 million to revenue down from $90 million. Our adjusted EBITDA guidance excluding acquired IPR&D is at a range of $850 million to $900 million consistent with our adjusted EBITDA guidance last quarter, which did not include acquired IPR&D. In Q3, IPR&D was $15 million and $18 million year to date.

就全年而言，我們預計貨幣阻力將導致收入從 9,000 萬美元下降約 7,500 萬美元。我們調整後的 EBITDA 指引（不包括收購的 IPR&D）在 8.5 億至 9 億美元之間，與我們上季調整後的 EBITDA 指引（不包括收購的 IPR&D）一致。今年第三季度，IPR&D 分別為 1,500 萬美元和 1,800 萬美元。

In terms of the other key assumptions underlying our guidance as noted last quarter, we expect adjusted gross margin to be 62.5% which is at the high end of our previous guidance range, and we continue to expect investments in R&D to be about 7% to 8% of revenue. We continue to expect interest expense to be approximately $385 million for the full year, and we expect our adjusted tax rate to be roughly 15%, and full year CapEx is expected to be approximately $250 million.

就我們上季度指出的指導所依據的其他關鍵假設而言，我們預計調整後毛利率為 62.5%，處於我們先前指導範圍的高端，我們繼續預計研發投資將達到 7% 左右。我們仍預計全年利息支出約為 3.85 億美元，調整後稅率約為 15%，全年資本支出預計約為 2.5 億美元。

To summarize, we're very pleased with the solid execution and strong performance in the quarter. We continue to make investments across our portfolio and in our innovative product launches, and that strategy is paying off. We expect our ongoing momentum to continue to drive revenue growth and future margin expansion.

總而言之，我們對本季的穩健執行和強勁表現感到非常滿意。我們繼續對我們的產品組合和創新產品發布進行投資，而這項策略正在取得回報。我們預計我們的持續勢頭將繼續推動收入成長和未來利潤率擴張。

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. Let's move to products and services that will be synonymous with Bausch and Lomb for years to come. We built an impressive and all-encompassing dry eye product portfolio with revenue growth that reflects increasing awareness of a common but commonly untreated condition. If you're one of the approximately 150 million US adults that experience occasional or frequent symptoms of dry eye or one of around the 38 million living with dry eye disease, we have a treatment option for you.

謝謝，山姆。讓我們轉向未來幾年將成為博士倫代名詞的產品和服務。我們建立了令人印象深刻且包羅萬象的乾眼產品組合，其收入成長反映了人們對這種常見但通常未經治療的疾病的認識不斷增強。如果您是大約 1.5 億偶爾或頻繁出現乾眼症狀的美國成年人之一，或者是大約 3800 萬乾眼症患者之一，我們可以為您提供一種治療選擇。

I'll highlight over-the-counter growth on the next slide. So let's focus on our flagship prescription products. We celebrated Miebo's one year anniversary in the third quarter, and what we've been able to accomplish since launch has been remarkable. Approximately 17,000 eye care professionals are prescribing Miebo to approximately 150,000 patients. Feeling is believing for dry eye disease sufferers, which is why we're excited that our new 1.6 mL sample began shipping weeks ago.

我將在下一張投影片上重點介紹非處方藥的成長。因此，讓我們重點關注我們的旗艦處方產品。我們在第三季慶祝了 Miebo 成立一周年，自推出以來我們取得了令人矚目的成就。大約 17,000 名眼科護理專業人士正在為大約 150,000 名患者開出 Miebo 處方。乾眼症患者的感覺是可信的，這就是為什麼我們對我們的新 1.6 mL 樣本在幾週前開始發貨感到興奮。

Those samples will help activate new prescribers along with a high percentage of covered lives this early in a launch cycle, approximately 70% in commercial and approximately 45% in Medicare Part D. Last quarter, we alluded to making a significant investment in direct-to-consumer campaign for Miebo which launched earlier this month. The ads are memorable and target a somewhat younger demographic as dry eye disease isn't solely age related.

這些樣本將有助於啟動新的處方者以及在啟動週期早期的較高比例的承保生命，其中商業中約70%，醫療保險D 部分約45%。保險進行了大量投資。這些廣告令人難忘，並且針對的是較年輕的人，因為乾眼症不僅與年齡有關。

We also launched a sizable direct-to-consumer campaign for Xiidra in Q3 that features Emmy-award winning actress, Julie Bowen, of Modern Family fame. It's early days, but it appears the campaign is already providing a boost to Xiidra prescriptions which show a positive momentum as we continue to execute on our strategy. Julie took part in an event we hosted in September to coincide with Vision Expo West in Las Vegas.

我們也在第三季為 Xiidra 發起了一場大規模的直接面向消費者的活動，其中包括艾美獎獲獎女演員、《摩登家庭》中的朱莉鮑文 (Julie Bowen)。現在還處於早期階段，但該活動似乎已經為 Xiidra 處方提供了推動，隨著我們繼續執行我們的策略，這顯示出了積極的勢頭。Julie 參加了我們 9 月在拉斯維加斯舉辦的與 Vision Expo West 同期舉辦的活動。

While she shared her dry eye journey with a room full of 300 prominent eye care professionals, we took over the Sphere, the world's largest LED screen. Dry eye symptoms were overlaid on a real human eye, and we drove traffic to knowyourdryeye.com, our unbranded dry eye education website. Sometimes you have to go big when there's a big opportunity.

當她與一屋子 300 名傑出的眼科護理專業人士分享她的乾眼之旅時，我們接管了世界上最大的 LED 螢幕 Sphere。乾眼症狀疊加在真實的人眼上，我們將流量引入了knowyourdryeye.com，這是我們的無品牌乾眼教育網站。有時候，當有一個大機會時，你必須做大。

As more people around the world become dry eye curious thanks to our own efforts, changing habits, and environmental factors, this first step is often an OTC treatment. Let's look at two examples of how we're winning in that space.

由於我們自己的努力、習慣的改變和環境因素，世界各地越來越多的人對乾眼症感到好奇，第一步通常是非處方藥治療。讓我們看一下我們如何在該領域獲勝的兩個例子。

After acquiring Blink from Johnson & Johnson Vision in July 2023, we reinvented the brand at all levels. Our Work Play Blink Relief direct-to-consumer campaign, which also targets a younger demographic, featured one of the highest-rated Bausch and Lomb ads ever and provided an immediate sales lift. We also made Blink a focal point of optometry meetings and events, highlighting data and hosting symposia for eye care professionals, whose recommendations of OTC eye drops carry significant weight. Our methodical approach to reinvention and bringing in new audience is paying dividends with 35% reported revenue growth for the Blink franchise in the third quarter.

2023 年 7 月從 Johnson & Johnson Vision 收購 Blink 後，我們在各個層面重塑了這個品牌。我們的 Work Play Blink Relief 直接面向消費者的活動也針對年輕人群，其特色是博士倫有史以來收視率最高的廣告之一，並立即提升了銷售額。我們也讓 Blink 成為驗光會議和活動的焦點，重點介紹數據並為眼科護理專業人士舉辦研討會，他們對非處方眼藥水的建議具有重要意義。我們有條不紊的重塑和引入新受眾的方法正在帶來紅利，第三季 Blink 系列的收入成長了 35%。

That growth is even more impressive when you consider that the overall US OTC dry eye market grew 8% in Q3. Efforts are underway to bring Blink to more countries, which would complement Artelac, a steady and perhaps unsung performer that continues to expand in Europe and Middle East. Artelac saw a healthy 19% reported revenue growth in Q3. Like Blink, we're touting the science behind Artelac to influence the influencers. In fact, the Tear Film & Ocular Surface Society annual meeting is currently underway in Venice, which we are using as an opportunity to highlight the latest Artelac findings.

考慮到美國 OTC 乾眼市場整體在第三季度成長了 8%，這種成長更加令人印象深刻。我們正在努力將 Blink 推向更多國家，這將與 Artelac 形成互補，Artelac 是一個穩定的、也許是默默無聞的表演者，繼續在歐洲和中東擴張。據報道，Artelac 第三季營收實現了 19% 的健康成長。與 Blink 一樣，我們透過宣傳 Artelac 背後的科學來影響影響者。事實上，淚膜和眼表協會年會目前正在威尼斯舉行，我們藉此機會強調 Artelac 的最新發現。

Opal, our new digital e-commerce marketplace, was in beta testing for much of the third quarter with an official launch on October 1. If the premise sounds simple, that's because it is. Opal provides a streamlined ordering process for Bausch and Lomb contact lenses. Why is that important? Because we're making life significantly easier for eye care professionals and their patients.

Opal 是我們新的數位電子商務市場，第三季的大部分時間都在進行 Beta 測試，並於 10 月 1 日正式推出。如果這個前提聽起來很簡單，那是因為它確實如此。Opal 為博士倫隱形眼鏡提供簡化的訂購流程。為什麼這很重要？因為我們正在讓眼科護理專業人員及其患者的生活變得更加輕鬆。

Opal is a complementary offering to eye care practices that is accessible to their patients and features order tracking and history, appointment reminders and automated prescription reminders. All orders made through Opal are delivered with free shipping directly to patients' homes or to the practice, and each patient purchase earns points towards the Bausch and Lomb Horizon Rewards loyalty program. By offering an all-in-one digital platform that offers faster, more convenient ordering of our products, we're helping to save staff time, boost patient loyalty, and reduce the administrative burden for participating eye care practices. That matters in an industry where long-term relationships portend long-term success.

Opal 是眼科護理實踐的補充產品，可供患者使用，並具有訂單追蹤和歷史記錄、預約提醒和自動處方提醒等功能。透過 Opal 發出的所有訂單均免費送貨，直接送到患者家中或診所，每次患者購買均可賺取博士倫 Horizo​​n Rewards 忠誠度計劃積分。透過提供一個一體化的數位平台，可以更快、更方便地訂購我們的產品，我們正在幫助節省員工時間，提高患者忠誠度，並減輕參與眼科護理實踐的管理負擔。對於一個長期關係預示著長期成功的行業來說，這一點很重要。

We expect that Opal will evolve over time to mirror our ongoing investment in digital capabilities. In fact, later this year, we plan to start offering select OTC products, including LUMIFY and Blink eye drops. Excitement about Opal is real and not just from the early adopters. Our Opal demo has consistently been one of the most popular features at trade shows as we put our digital embrace on full display. We highlighted milestones in our premium IOL journey every quarter and for good reason, these are high-margin products, and we have a rich pipeline.

我們預計 Opal 將隨著時間的推移而不斷發展，以反映我們對數位能力的持續投資。事實上，今年晚些時候，我們計劃開始提供精選的非處方藥產品，包括 LUMIFY 和 Blink 眼藥水。人們對 Opal 的興奮是真實存在的，而不僅僅是來自早期採用者。我們的 Opal 演示一直是貿易展會上最受歡迎的功能之一，因為我們充分展示了我們的數位擁抱。我們每季都會強調我們的優質 IOL 旅程中的里程碑，並且有充分的理由，這些是高利潤產品，而且我們擁有豐富的產品線。

Earlier, I mentioned the recent FDA approval for enVista Envy, and we already have significant momentum. In the first five days, there were more than 100 implants by 70 surgeons. We saw 13% constant currency revenue growth for implantables in the third quarter with 23% constant currency revenue growth for premium IOLs. But I'd like to take a step back and remind everyone that IOLs are one leg of our surgical stool. We now have three quarters in a row of growth across the three surgical categories with 6% constant currency revenue growth in equipment and 14% constant currency revenue growth in consumables, which makes up approximately half of surgical sales.

早些時候，我提到 FDA 最近批准了 enVista Envy，我們已經有了顯著的勢頭。在前五天內，70 名外科醫生完成了 100 多個植體。我們看到第三季植入設備的恆定貨幣收入成長了 13%，優質 IOL 的恆定貨幣收入成長了 23%。但我想退一步提醒大家，人工水晶體只是我們手術凳子的一條腿。目前，我們的三個外科手術類別已連續三個季度實現成長，其中設備的恆定貨幣收入成長 6%，消耗品的恆定貨幣收入成長 14%，消耗品約佔外科銷售額的一半。

At the risk of stating the obvious, surgical is an interconnected business. Continued strength in each area means strength as a whole, and that doesn't go unnoticed by ophthalmic surgeons. When taking in our launch slide, it's important to consider launch cycles. We live in an era of hot takes where opinions are formed almost instantaneously. For new market entries, this means some will attempt to determine a product's viability based on a limited performance window.

冒著陳述顯而易見的風險，外科手術是一項相互關聯的業務。每個領域的持續實力意味著整體實力，這一點不會被眼科醫師忽略。在查看我們的啟動投影片時，考慮啟動週期非常重要。我們生活在一個熱門話題的時代，意見幾乎是在瞬間形成的。對於新的市場進入，這意味著一些人將嘗試根據有限的性能視窗來確定產品的可行性。

In reality, launch cycles last two or three years. Here's why that bodes well for our future. We're in the middle of multidimensional launch cycles around the world, covering all of our businesses and targeting all of our audiences. Product launches aren't box checking exercises. They're living, breathing commitments that present new opportunities for growth at every turn.

事實上，發布週期持續兩到三年。這就是為什麼這對我們的未來來說是個好兆頭。我們正處於全球多維發布週期的中間，涵蓋我們所有的業務並針對我們的所有受眾。產品發布不是檢查練習。他們是充滿生機、充滿活力的承諾，在每個轉折點都提供新的成長機會。

When you look at our top 10 products by revenue, new products including products new to us feature prominently. Others shown here are knocking out the door. Continued growth from our Daily SiHy franchise has it landing at number 11 on the revenue ranking and some like PreserVision and LUMIFY are being enhanced over time to appeal to an even broader customer base. When considering our freshness index, especially in a compressed timeframe, we're delivering on our innovation goals. That's why we continue to be excited about our trajectory.

當您按收入查看我們的十大產品時，新產品（包括我們的新產品）佔據顯著位置。這裡顯示的其他人正在敲門。Daily SiHy 特許經營權的持續增長使其在收入排名中排名第 11 位，而 PreserVision 和 LUMIFY 等特許經營權隨著時間的推移不斷得到增強，以吸引更廣泛的客戶群。當考慮到我們的新鮮度指數時，尤其是在壓縮的時間範圍內，我們正在實現我們的創新目標。這就是為什麼我們繼續對我們的發展軌跡感到興奮。

None of this would be possible without the ongoing commitment of 13,000 colleagues around the globe who impress me every day.

如果沒有全球 13,000 名每天給我留下深刻印象的同事的持續投入，這一切都是不可能實現的。

Operator, let's open the line for questions.

接線員，讓我們打開提問線路。

(Operator Instructions)

（操作員說明）

Patrick Wood, Morgan Stanley.

派崔克‧伍德，摩根士丹利。

I'll do two quick ones, if I can. I mean, I guess, taking a step back, there has been a lot of change in the business today to get us to where we are, both on the employee side and then on the product launch side. If you had to characterize it, I guess, what do you think the biggest factor has been getting us to where we are today? And how do you think about -- you mentioned, obviously, the launch cycle in two to three years and living, breathing. How do you think about investing behind those launches and the interplay between margin and growth going forward?

如果可以的話，我會快速做兩件事。我的意思是，我想，退一步來說，今天的業務發生了很多變化，讓我們達到了現在的水平，無論是在員工方面還是在產品發布方面。如果你必須描述它，我想，你認為讓我們走到今天的最大因素是什麼？您如何看待 - 顯然，您提到了兩到三年內的發布週期以及生活、呼吸。您如何看待這些產品背後的投資以及未來利潤率和成長之間的相互作用？

And then I have one quick follow-up.

然後我會進行快速跟進。

So on the first question, really interesting question around what is the biggest factor. It's hard to point to one, but let me just take a step back and give you my two cents.

所以關於第一個問題，關於最大因素是什麼的非常有趣的問題。很難指出其中一個，但讓我退後一步，給你我的兩分錢。

So I joined almost two years ago and laid out a very clear strategy for this company, which was to really focus on sales excellence, operational excellence, and innovation. And I think when you lay out a very clear strategy with very specific actions around it and you get the buy-in of 13,000 people to really focus relentlessly on execution, good things happen. Now it's easy to say, it's hard to do, but the team has been working very hard at doing just that. And I think when you see broad-based performance, you know that it's really working, and so if you think about a constant currency growth of 19%, organic 10% across the company.

因此，我在大約兩年前加入，並為這家公司製定了非常明確的策略，即真正專注於卓越銷售、卓越營運和創新。我認為，當你制定一個非常明確的策略，並圍繞它採取非常具體的行動，並且得到 13,000 人的支持並真正不懈地專注於執行時，好事就會發生。現在說起來容易，做起來很難，但團隊一直在努力做到這一點。我認為，當你看到廣泛的業績時，你就會知道它確實有效，因此，如果你考慮到整個公司的貨幣成長率為 19%，有機成長率為 10%。

But when you look at like a business like contact lenses that was up 12% on a constant currency basis. And you even just drill down on that as an example, the US was up 13%. International was up 11%. Our daily SiHy was up 79%, but even some of our FRP products continue to grow.

但如果你看看像隱形眼鏡這樣的業務，以固定匯率計算，它成長了 12%。作為一個例子，你甚至可以深入研究，美國上漲了 13%。國際上漲11%。我們的每日 SiHy 成長了 79%，但甚至我們的一些 FRP 產品也在繼續成長。

Biotrue up 4%, Ultra up 6%, even soft lens up 3%. Or digging even deeper, China up 16%. And so when you see performance in a business like that, you know that the team is really executing with excellence. And I think that's partly driven by really enhancing capabilities, whether it be digital, DTC, we did in China or Opal, we're launching now in the US, but also the fact that we have great products, and we finally have uninterrupted supply, and we have a great portfolio and in many markets, not all markets yet, a full portfolio.

Biotrue 上漲 4%，Ultra 上漲 6%，甚至連軟鏡片也上漲 3%。或者更深入地挖掘，中國上漲了 16%。因此，當您看到這樣的企業的績效時，您就會知道團隊確實在執行卓越。我認為這在一定程度上是由真正增強的能力推動的，無論是我們在中國做的數字、DTC 還是我們現在在美國推出的 Opal，而且我們擁有出色的產品，而且我們最終擁有不間斷的供應，我們擁有出色的產品組合，在許多市場（但不是所有市場）都有完整的產品組合。

So the US, INFUSE now has the spherical, the multifocal, and the toric. And we're looking at over the next year or two, launching all the modalities in other markets around the world. So that cycle is really in early days as we continue to focus on driving the new products while maintaining growth in the existing portfolio. And you can do that in surgical and pharma and consumer as well. And so I think we feel really good about where we are today.

所以美國INFUSE現在有球面、多焦點、複曲面。我們正在考慮在未來一兩年內在世界其他市場推出所有模式。因此，這個週期確實還處於早期階段，因為我們將繼續專注於推動新產品的開發，同時保持現有產品組合的成長。您也可以在外科、製藥和消費者領域做到這一點。所以我認為我們對今天的處境感覺非常好。

And I think as you look at that launch slide that I had in the prepared presentation, I said this in the remarks, we're at the early stages of many of these launches, and we continue to invest in early innovation that will then continue this robust cycle of new product launches, hopefully, over the next decade and beyond. So again, to summarize, probably the biggest factor is just a relentless focus on execution across the world.

我想，當你看到我在準備好的簡報中的發布幻燈片時，我在評論中說過，我們正處於其中許多發布的早期階段，我們將繼續投資於早期創新，然後這些創新將繼續下去希望在未來十年甚至更長的時間內，新產品發布的強勁週期能夠持續下去。總而言之，最大的因素可能就是對全球執行力的不懈關注。

In terms of investing in the launch cycles, it's always a balancing act. Obviously, we are very committed to both gross margin expansion and EBITDA margin expansion over time. But we also can't shortchange the important launch investment that you need to make. And Miebo is a great example of that, where we are really continuing to heavily invest to change the curve of that launch because that's a product we expect to have for a decade or more. And getting that early first two years or three years right is critical to creating a long-term profitable product for the company.

就發布週期的投資而言，這始終是一種平衡行為。顯然，我們非常致力於隨著時間的推移擴大毛利率和 EBITDA 利潤率。但我們也無法減少您需要進行的重要啟動投資。Miebo 就是一個很好的例子，我們確實在繼續大力投資以改變該產品的發布曲線，因為我們預計該產品將持續十年或更長時間。儘早做好前兩年或三年的準備對於為公司創造長期盈利的產品至關重要。

Other products include INFUSE or the daily SiHys, Blink, enVista Envy, enVista Aspire. And so we do balance it across the portfolio. And Sam and I look at ROI and continuous investment almost on a daily, weekly, monthly basis with all of our key business leaders.

其他產品包括 INFUSE 或日常 SiHys、Blink、enVista Envy、enVista Aspire。因此，我們確實在整個投資組合中進行了平衡。Sam 和我幾乎每天、每週、每月都會與我們所有的關鍵業務負責人一起研究投資回報率和持續投資。

So hopefully, that answers your two questions.

希望這能回答您的兩個問題。

Young Li, Jeffries.

年輕的李，傑弗里斯。

I guess to start, maybe just focusing on the dry eye portfolio. It's doing really well broadly. And it seems like the OTC side is also benefiting from some of the pull-through or halo effect from the script side. Maybe can you talk a little bit about the sustainability of that pull-through growth? And do you think there's opportunities to add some incremental OTC products into that portfolio as well?

我想首先，也許只是專注於乾眼產品組合。它的表現非常廣泛。場外交易方面似乎也受益於腳本方面的一些拉動或光環效應。也許您能談談這種拉動式成長的可持續性嗎？您認為是否有機會在該產品組合中添加一些增量非處方藥產品？

Yeah, you're right. So the dry eye portfolio on a comprehensive basis is a really important strategic imperative for us and very pleased with what we saw in the third quarter. On the consumer side, you saw that portfolio up 19% on a constant currency basis with really strong performance from our OTC offerings, Blink and Artelac. Blink is our predominantly US, but also some international markets and then Artelac is exclusively in the international marketplace. And both are really important growth drivers.

是的，你是對的。因此，全面的乾眼產品組合對我們來說是一個非常重要的策略要務，我們對第三季的情況感到非常滿意。在消費者方面，您看到該投資組合以固定匯率計算成長了 19%，我們的 OTC 產品 Blink 和 Artelac 表現非常強勁。Blink 是我們的主要市場，但也有一些國際市場，Artelac 則專門針對國際市場。兩者都是非常重要的成長動力。

Obviously, in the US pharmaceutical business, Miebo and Xiidra are really important. Miebo continues to set new records for ocular surface pharmaceutical launch, outpacing any benchmark that we see. And there, I think we're just getting started one year in. And we just launched DTC a couple of weeks ago.

顯然，在美國製藥業，Miebo 和 Xiidra 確實非常重要。Miebo 繼續創造眼表藥物上市的新記錄，超越了我們看到的任何基準。在那裡，我認為我們才剛開始一年。我們幾週前剛推出了 DTC。

I think we have a really strong creative ad. And we're going to look for early signs as that has only been on air for probably two weeks at this point. But we're also expanding coverage. Commercial coverage now is at 70%. Medicare is at 45%.

我認為我們有一個非常有創意的廣告。我們將尋找早期跡象，因為此時該節目只播出了大約兩週。但我們也在擴大覆蓋範圍。目前商業覆蓋率為70%。醫療保險為45%。

We anticipate Medicare to jump over 50% in the first quarter. And that's really the important benchmark for coverage for Miebo. And so that's important. Xiidra was obviously a repair situation. I think the team did a really nice job in the second quarter stabilizing.

我們預計第一季醫療保險將躍升 50% 以上。這確實是 Miebo 覆蓋範圍的重要基準。所以這很重要。Xiidra顯然是修復情況。我認為球隊在第二季的穩定表現非常好。

And then as you look at the third quarter, you start to see green shoots of growth. But more importantly, as we look at prescription trends and TRx in particular, you're starting to see solidly TRxs above 22,000 a week. We expect hopefully as we go into the third quarter, our goal is to get in solidly into the 23,000 to 24,000. And so a lot of things are working well. Obviously, Sam called out next year, the Inflation Reduction Act and some gross to net pressure. But on a TRx basis, I think we're seeing really nice growth there.

然後當你觀察第三季時，你開始看到成長的萌芽。但更重要的是，當我們特別關注處方趨勢和 TRx 時，您會開始看到每週的 TRx 穩定在 22,000 以上。我們希望在進入第三季時，我們的目標是穩定進入 23,000 至 24,000 人。所以很多事情都進展順利。顯然，薩姆呼籲明年實施通膨削減法案和一些總淨壓力。但在 TRx 的基礎上，我認為我們看到了非常好的成長。

And so when you put it all together and you're using your megaphone, whether it be in consumer or prescription and you look at the market, let's just take the US as an example, 150 million people with symptoms, 38 million people with dry eye disease, but only 1.5 million, actually roughly 1.5 million receiving a prescription, there is a huge untapped market there, whether we're driving them into Amazon or to a drugstore or a Walmart to pick up an OTC option or whether they're going to talk to their physician about their symptoms and getting a Miebo or Xiidra script. And so that strategy was very intentional to be able to look at the disease more holistically. And I think we're seeing really early signs of it paying off.

因此，當你把所有這些放在一起並使用擴音器時，無論是消費者還是處方藥，你看看市場，讓我們以美國為例，有1.5 億人有症狀，3800 萬人有乾性症狀。的症狀並取得Miebo 或Xiidra 腳本。因此，該策略是非常有意的，以便能夠更全面地看待這種疾病。我認為我們已經看到了它得到回報的早期跡象。

And we have a long runway on these products. And so it's a really important part of growth for us for the next decade or more.

我們在這些產品上有很長的發展道路。因此，這對我們未來十年或更長時間的成長來說是非常重要的一部分。

I guess to follow up, I was wondering on the contact lens business, it seems like the premium daily SiHy portfolio is driving new start share taking. I wanted to hear the thoughts on sustainability of that. And more broadly, you have a diverse consumer portfolio. What are you seeing with the health of the US consumer, ability for industry to increase prices going forward and industry capacity versus demand dynamics?

我想跟進一下，我想知道隱形眼鏡業務，似乎優質的日常 SiHy 投資組合正在推動新的開始搶佔份額。我想聽聽關於永續發展的想法。更廣泛地說，您擁有多元化的消費者組合。您對美國消費者的健康狀況、產業未來漲價的能力以及產業產能與需求動態有何看法？

Sure. So let's take the lens business first, and we'll come back to consumer. So yes, great performance holistically in lens around the world. Even in markets like Japan, which are relatively soft right now, we grew about 3% in Japan. So really nice performance.

當然。所以我們先來談談鏡片業務，然後再回到消費者業務。所以，是的，世界各地鏡頭的整體表現都非常出色。即使在像日本這樣目前相對疲軟的市場，我們在日本的成長也約為 3%。非常好的表演。

As I mentioned earlier, China, 16%, international 11%, and US up 13%. And what I'm really pleased about is not just the performance of the daily SiHy, which is exceptional. And remember, I think that has a long runway of growth because the only market that has the full portfolio of spherical, multifocal and toric is the US. That will roll around the world over the next year or two.

正如我之前提到的，中國成長了 16%，國際成長了 11%，美國成長了 13%。我真正感到高興的不僅僅是每日 SiHy 的表現，它非常出色。請記住，我認為它有很長的成長道路，因為唯一擁有球面、多焦點和複曲面的完整產品組合的市場是美國。這將在未來一兩年內席捲全球。

And so a lot of future growth to go there. But growing that business while maintaining the FRP and non-SiHy lenses is really an important part of the strategy, and the team is doing just that. As I mentioned earlier, Biotrue up 4%, Ultra up 6%, even soft lens up 3%. And so as we can continue to maintain growth in let's call it, the older portfolio, while we drive growth -- exceptional growth in the new portfolio is really what you want to see in that business. So I think there's a long runway there.

所以未來會有很多成長。但在維持 FRP 和非 SiHy 鏡頭的同時發展業務確實是該策略的重要組成部分，而該團隊正在這樣做。正如我之前提到的，Biotrue 上漲了 4%，Ultra 上漲了 6%，甚至連軟鏡片也上漲了 3%。因此，當我們推動成長時，我們可以繼續保持舊投資組合的成長——新投資組合的非凡成長確實是您希望在該業務中看到的。所以我認為那裡有一條很長的跑道。

And as we continue to embrace digital technologies in markets like China, which is a DTC market, adding Opal in the US just a few weeks ago, it went live October 1. I think we continue to look holistically at how we improve the customer experience for the ECP and then make it easier for the consumer to stay in our lenses is an important part of that strategy. On consumer, a little bit of a multifactorial situation on actual revenue growth in the quarter, which was about 3% constant currency. There, you see a lot of destocking at retailers, really working down inventory.

隨著我們繼續在中國等市場（DTC 市場）採用數位技術，幾週前在美國增加了 Opal，該技術已於 10 月 1 日上線。我認為我們將繼續全面審視如何改善 ECP 的客戶體驗，然後讓消費者更容易留在我們的鏡頭中，這是策略的重要組成部分。在消費者方面，本季實際營收成長有多因素影響，以固定匯率計算約為 3%。在那裡，你會看到零售商大量去庫存，真正減少了庫存。

I think the drug channel trade is probably a call out that probably experienced the most destocking. And as we know, those companies are dealing with their own issues, a lot of store closures. We saw a bankruptcy from Rite Aid as well. And all you have to do is go into one of those stores, and you see a lot of product behind glass really making the shopper experience a little bit more challenging there. And so over time, we'll see those consumers continue to find other outlets to shop that are more convenient perhaps or maybe the drug channel will reinvest in the consumer experience.

我認為毒品管道貿易可能是經歷了最多去庫存的一個呼聲。據我們所知，這些公司正在處理自己的問題，大量商店關閉。我們也看到了 Rite Aid 的破產。你所要做的就是走進其中一家商店，你會看到玻璃後面有很多產品，這確實讓購物者的體驗變得更具挑戰性。因此，隨著時間的推移，我們將看到這些消費者繼續尋找其他更方便的購物管道，或者藥品管道可能會重新投資於消費者體驗。

But the real important number that we track, probably the most important is consumption. And there, we're seeing very, very strong consumption still in the third quarter. And frankly, almost a month into the fourth quarter, we're seeing really nice consumption numbers for our key brands. And so I would say I'm very cautiously optimistic. Obviously, we continue to watch consumer sentiment around the world. But for right now, our consumption numbers, which are really the most critical number to track, remain very strong.

但我們追蹤的真正重要的數字，可能是最重要的數字是消費。我們看到第三季的消費仍然非常非常強勁。坦白說，進入第四季近一個月後，我們看到我們的主要品牌的消費數據非常好。所以我想說我非常謹慎樂觀。顯然，我們持續關注世界各地的消費者情緒。但就目前而言，我們的消費數據（這確實是最需要追蹤的關鍵數據）仍然非常強勁。

Larry Biegelsen, Wells Fargo.

拉里·比格爾森，富國銀行。

This is Simran on for Larry. Congrats on the quarter. I'll start off on guidance, and then I have a quick follow-up. Brent, as you mentioned earlier, constant currency growth has been between 19% to 20% over the past four quarters, and we see EBITDA margins have steadily moved upwards through the year. If I look at your guidance at the midpoint, it implies the constant currency growth decelerates to 8%, while margins continue to kind of accelerate towards the 20% range in Q4.

這是拉里的西姆蘭。恭喜本季。我將從指導開始，然後進行快速跟進。布倫特，正如您之前提到的，過去四個季度的匯率恆定成長率在 19% 至 20% 之間，我們看到 EBITDA 利潤率全年穩步上升。如果我看一下你們的中點指引，這意味著貨幣恆定成長率將放緩至 8%，而第四季利潤率將繼續加速至 20% 的範圍。

Maybe help bridge the gap for us? And how should we think about each of these items heading into 2025?

也許可以幫助我們縮小差距？進入 2025 年，我們該如何看待這些項目？

Sure. Maybe I'll let Sam take it, and I'll add any color after he answers.

當然。也許我會讓山姆拿走，在他回答後我會添加任何顏色。

Sure. And we're very pleased with what we've seen in Q3 in terms of the actual results. And also when you reflect back and just reflecting back on what Brent said, when you look at Q1, 2, and 3 throughout '24, we're pleased with what we were able to do. So when you think about our guidance, and we've said this always in terms of how we think about our guidance and our philosophy on guidance was it always factors in a range of outcomes, and we tend to be trying to stay balanced with our views. When we think about our guidance and you think about this quarter, 19% constant currency, 10% organic.

當然。我們對第三季的實際結果感到非常滿意。而且，當你回想一下布倫特所說的話，當你回顧整個 24 年的第一季、第二季和第三季時，我們對我們能夠做的事情感到滿意。因此，當您考慮我們的指導時，我們總是從我們如何看待我們的指導和我們的指導理念方面說，它總是影響一系列結果，並且我們傾向於努力與我們的指導保持平衡。當我們考慮我們的指導時，你會想到本季度，19% 的固定匯率，10% 的有機利率。

When you think about for Q4, our guidance is just anywhere or still holds for the full year anywhere between 9% to 11%. And if you're taking the midpoint of that is roughly about 10% in terms of an organic growth. And just using that number because if you have to remember that Xiidra, we had Xiidra for full year last year. So we're lapping Xiidra in Q4. So constant currency and organic are going to be almost the same number as we think about Q4.

當你考慮第四季度時，我們的指導意見是在 9% 到 11% 之間，或仍然適用於全年。如果你取中點，那麼有機成長大約是 10% 左右。只是使用這個數字，因為如果你必須記住 Xiidra，我們去年全年都有 Xiidra。所以我們在第四季擊敗了 Xiidra。因此，固定貨幣和有機數字將與我們對第四季的預期幾乎相同。

So we don't see that the sort of slowdown in the Q4. We actually probably think about we're continuing with our midrange of the guidance, which is still 10%, which is consistent with our performance of the year. When you think about EBITDA, it was a very nice margin expansion, as we said in the beginning of the year that we're going to continue to have a steady margin expansion as we go forward throughout '24, and we've seen that play out really between Q1, Q2 and Q3, and we expect that will continue as we push forward into Q4. Just remember, there's always seasonality in our business. Our first half of the year tend to be a little bit slower as we compare to the second half.

因此，我們沒有看到第四季出現這種放緩。實際上，我們可能認為我們會繼續維持指導的中間範圍，仍然是 10%，這與我們今年的表現一致。當你考慮EBITDA 時，你會發現這是一個非常好的利潤率擴張，正如我們在今年年初所說的那樣，隨著我們在整個24 年的前進，我們將繼續保持穩定的利潤率擴張，我們已經看到了這一點在第一季、第二季度和第三季度之間真正發揮作用，我們預計隨著進入第四季度，這種情況將繼續下去。請記住，我們的業務始終存在季節性。與下半年相比，我們的上半年往往會慢一些。

So we factored that also in our phasing as we talk about Q3 to Q4.

因此，當我們談論第三季到第四季時，我們也將這一點考慮到了我們的階段性因素。

And maybe just for my follow-up, can you quantify the impact to Xiidra in 2025 from the two headwinds that you mentioned earlier? And can Xiidra sales grow in 2025 with those two headwinds?

也許只是為了我的後續行動，您能否量化您之前提到的兩個不利因素在 2025 年對 Xiidra 的影響？面對這兩個不利因素，Xiidra 的銷售額能否在 2025 年成長？

Yes. I don't want to guide to '25 on this call. I think probably the best way we think about Xiidra right now because we're still evolving our thinking, especially around the Inflation Act as well as some of the rebate discussion that we highlighted in my script. But you should think about Xiidra in two parts here. If we step back and you think about the volume in Xiidra, which is one of the key drivers that we think about from a growth perspective, we've seen that really nice sequential growth in volume and holding the TRxs at 22,000 TRxs average that we've seen now and we continue to drive that volume as we go into '25.

是的。我不想在這次電話會議上指導「25」。我認為這可能是我們現在考慮 Xiidra 的最佳方式，因為我們仍在發展我們的想法，特別是圍繞通貨膨脹法案以及我們在腳本中強調的一些回扣討論。但您應該在這裡將 Xiidra 分成兩部分來考慮。如果我們退後一步，考慮一下Xiidra 的交易量，這是我們從成長角度考慮的關鍵驅動因素之一，我們已經看到交易量的連續成長非常好，並將TRx 保持在22,000 TRx 的平均水平，我們認為現在已經看到了，進入 25 年後我們將繼續推動這一銷售。

Our thinking is still continuing to evolve in terms of how we're thinking about the Inflation Act and the rebates and managing sort of the access versus volume for next year. So I don't want to guide a specific number in this call here today. But what we know is going to be when you look at it on an equal basis, it will be a headwind for us. We anticipate to be a headwind for us in '25.

我們的想法仍在繼續發展，包括我們如何看待通貨膨脹法案和回扣，以及管理明年的訪問量與數量。所以我不想在今天的電話會議中介紹具體的號碼。但我們知道，當你在平等的基礎上看待它時，這對我們來說將是一個阻力。我們預計 25 年將成為我們的逆風。

Next question?

下一個問題？

Matt Miksic, Barclays.

馬特·米克西奇，巴克萊銀行。

So one question on some of the DTC efforts that you've put in place for Xiidra and Miebo, which I've seen both and they look great. Just be helpful maybe to understand what do you think the timing of the effect of those efforts tends to look like over the next couple of quarters? And then I have one follow-up.

那麼有一個問題是關於你們為 Xiidra 和 Miebo 所做的一些 DTC 工作，我已經看到了這兩個項目，它們看起來很棒。也許有助於了解您認為這些努力在接下來的幾個季度產生效果的時間安排會是什麼樣子？然後我有一個後續行動。

Yes. So thanks for the question. So Xiidra, we launched towards the end of the second, early third quarter. So it has been out for a few weeks. It's good creative.

是的。謝謝你的提問。Xiidra，我們在第二季末、第三季初推出。所以它已經發布了幾週了。真是好創意啊

It's a big change from the way Novartis positioned the drug. I think Julie Bowen is a great spokesperson and lead for the spot. And in fairness, I always joke with my -- I'm not even sure I'm joking -- with my commercial leads that great creative is really the best KPI for great creative is sales growth. And since we've launched Xiidra, we've seen the best sales growth in TRxs. And so early days, and we'll have a better measure after it has been out for several months.

這與諾華對該藥物的定位方式有很大變化。我認為朱莉·鮑文（Julie Bowen）是該廣告的出色代言人和主角。公平地說，我總是和我的商業線索開玩笑——我甚至不確定我是在開玩笑——偉大的創意實際上是銷售成長的最佳關鍵績效指標。自從我們推出 Xiidra 以來，我們看到了 TRx 的最佳銷售成長。現在還為時過早，幾個月後我們會有更好的措施。

But I think that spot is really working and driving patients in to ask about Xiidra or talk about their dry eye with their physician. The Miebo spot has only been out for two weeks, but I've been doing DTC for a long time, 20-plus years. And my intuition is that is an incredibly strong spot, but too early to see any results in sales, but I expect that, that spot will do very well. In terms of investment, these are the types of spots when you start to see response, you tend to continue to invest. And so right now, I would say we would continue to invest behind both of these creatives throughout '25.

但我認為這個地方確實很有效，並促使患者詢問 Xiidra 或與醫生談論他們的乾眼症。Miebo 廣告才上市兩週，但我已經做 DTC 很久了，20 多年了。我的直覺是，這是一個令人難以置信的優勢點，但現在看不到任何銷售結果還為時過早，但我預計該點會做得很好。就投資而言，這些是當你開始看到反應時，你傾向於繼續投資的類型。所以現在，我想說我們將在整個 25 年繼續對這兩個創意進行投資。

And if they continue to do well, we will pulse up. And if they don't, we'll pulse down. And Sam and I look at it with the commercial leads every quarter and think about our investment based off of an ROI analysis every quarter. So we don't just set a number for the year and say, go spend it. We really analyze it very quickly.

如果他們繼續表現出色，我們就會興奮不已。如果他們不這樣做，我們就會停止工作。山姆和我每季都會專注在商業​​線索，並根據每季的投資報酬率分析來思考我們的投資。因此，我們不會只是為這一年設定一個數字，然後說，去花它吧。我們分析得非常快。

And I wouldn't -- I fail to mention the Blink spot, which the consumer team put out is probably one of the best ads of all time. And I've been doing consumer a long time back to Claritin or Miralax or Coppertone back in my Schering-Plough days. And I got to say that, that is one of the strongest spots I've seen, and I've done a lot, including Botox or LINZESS or others. And I'm really excited, and we saw what was a 35% growth in Blink in the quarter. And so that probably is the biggest difference in growth is just that spot.

我不會——我沒有提到 Blink 廣告，消費者團隊推出的廣告可能是有史以來最好的廣告之一。在我先靈葆雅時代，我很長一段時間以來一直在使用 Claritin 或 Miralax 或 Coppertone 做消費者工作。我必須說，這是我見過的最強大的地方之一，我已經做了很多，包括肉毒桿菌或林澤斯或其他。我真的很興奮，我們看到 Blink 在本季度實現了 35% 的成長。因此，成長的最大差異可能就是那個地方。

And so that's what you want to see. You want to see a real response in sales. And when we see it, we continue to invest.

這就是你想看到的。您希望看到銷售方面的真實反應。當我們看到它時，我們會繼續投資。

And then just similarly, given the interest in sort of a multi-mechanism of action strategy for dry eye in the clinician community, what's the messaging look like to the clinicians on how to think about these two products together? And maybe what early evidence are you getting in terms of how they're being used alternatively or together to drive synergy between Miebo and Xiidra?

同樣，考慮到臨床醫生群體對乾眼症多機制行動策略的興趣，對於臨床醫生來說，如何一起考慮這兩種產品的資訊是什麼樣的？也許您獲得了哪些早期證據來說明如何交替或一起使用它們來推動 Miebo 和 Xiidra 之間的協同作用？

Yes. So great question, right? Clearly, they work very differently. Xiidra is an anti-inflammatory and Miebo is the only approved anti evaporative mechanism. And so when you look at Xiidra, it's really competing against the other anti-inflammatories, which tend to be cyclosporine-based options.

是的。這是一個很好的問題，對吧？顯然，它們的工作方式非常不同。Xiidra 是一種抗發炎藥，Miebo 是唯一被批准的抗蒸發機制。因此，當你看到 Xiidra 時，你會發現它實際上是在與其他抗發炎藥物競爭，而其他抗發炎藥物往往是基於環孢菌素的選擇。

And Xiidra is just better medicine. It tends to work. Obviously, no head-to-head direct studies. So take this for what it's worth, but it tends to work faster and it tends to be more effective. And so clearly, we believe we have the best anti-inflammatory.

Xiidra 只是更好的藥物。它往往會起作用。顯然，沒有面對面的直接研究。因此，請充分考慮它的價值，但它往往會更快、更有效。很明顯，我們相信我們擁有最好的抗發炎藥物。

And so when a doctor sees that cascade, we want them to highly consider Xiidra as the best option for their patients. And then Miebo really has a much simpler proposition. It's the only drug approved for evaporative dry eye and the overwhelming majority of patients experience evaporation, which tend to be caused by meibomian gland dysfunction. And so I think the way we think about it is regardless of the type of dry eye you have, we have an option for physicians to treat their patients. And that's really how we look at it.

因此，當醫生看到這種級聯反應時，我們希望他們高度考慮 Xiidra 作為患者的最佳選擇。Miebo 確實有一個更簡單的主張。它是唯一被批准用於蒸發乾眼症的藥物，絕大多數患者都會經歷蒸發，這往往是由瞼板腺功能障礙引起的。因此，我認為我們的想法是，無論乾眼症的類型如何，我們都可以讓醫生選擇治療他們的患者。我們確實是這樣看待它的。

And when we go out and you talk to physicians, they get it. They understand it. We're doing a lot with our medical affairs team to really tell the clinical story about each product and how to position in the practice. And that seems to be really working quite well. I would also -- you didn't ask this, but as a side note, the other -- the other advantage of being a holistic eye care company and having anchor brands like Xiidra and Miebo with a lot of promotional support behind them, whether it be direct-to-consumer or even medical meetings and medical fairs is that we are getting the attention of a lot of ECPs.

當我們出去和醫生交談時，他們就會明白。他們明白。我們與我們的醫療事務團隊做了很多工作，以真正講述每種產品的臨床故事以及如何在實踐中定位。這似乎確實運作得很好。我還想——你沒有問這個，但作為旁注，另一個——作為一家整體眼部護理公司的另一個優勢，擁有 Xiidra 和 Miebo 等主力品牌，背後有大量的促銷支持，無論是無論是直接面向消費者的醫療會議還是醫療博覽會，我們都受到了許多ECP 的關注。

And that's whether it's an optometry and that helps support the contact lens business or if it's an ophthalmology and it helps support the Surgical business because Bausch and Lomb is front and center with doctors around the world, and that can help support an enVista launch or even pulling through monofocal IOLs. And so there really is an interconnectivity here that's hard to describe unless you get out in the field and you talk to doctors. And they say Bausch + Lomb is everywhere, they're back and they've got a lot of energy and most importantly, a lot of innovation. And that really is a rising tide kind of situation. And we suspect and we really are investing in early innovation to maintain that for the next decade or longer.

這就是無論是驗光，有助於支持隱形眼鏡業務，還是眼科，有助於支持外科業務，因為博士倫是世界各地醫生的前沿和中心，這可以幫助支持 enVista 的推出，甚至可以幫助支持拉過單焦點人工水晶體。因此，這裡確實存在一種相互關聯性，除非您親自到現場並與醫生交談，否則很難描述這種相互關聯性。他們說博士倫無所不在，他們回來了，充滿了活力，最重要的是，有很多創新。這確實是一種水漲船高的情況。我們懷疑並且確實正在投資早期創新，以在未來十年或更長時間內保持這種創新。

Doug Miehm, RBC Capital Markets.

道格‧米姆 (Doug Miehm)，加拿大皇家銀行資本市場部。

I just wanted to delve a little bit deeper on that with respect to your prescription business. And what I mean by that is there are obvious benefits to having a prescription business, even though these businesses do trade at lower multiples. And I'm curious, given the investment that you're making in the various programs, the Miebo launch, getting Xiidra back on track, would you view investors and potential larger investors as recognizing the fact that there is an opportunity where you can leverage that capability. But at the same time that today, the EBITDA, other valuation metrics might be dragging a bit as a result of that?

我只是想更深入地研究一下你們的處方業務。我的意思是，擁有處方藥業務有明顯的好處，儘管這些業務的本益比較低。我很好奇，考慮到你們在各種項目上進行的投資、Miebo 的推出、讓 Xiidra 重回正軌，你們是否認為投資者和潛在的更大投資者認識到存在一個可以利用的機會這一事實那種能力。但同時，今天的 EBITDA 和其他估值指標可能會因此而受到拖累？

Yes. It's actually something we spent a lot of time thinking about. I think you have to keep it in context. I think pharmaceuticals for us is about 25% of the overall company, which means 75%, right, is surgical, vision care and consumer. Very durable businesses and clearly an incredibly important part of our future.

是的。這其實是我們花了很多時間思考的事情。我認為你必須將其放在上下文中。我認為我們的藥品業務約佔整個公司的 25%，這意味著 75%（對吧）是外科、視力保健和消費者業務。非常耐用的企業，顯然是我們未來極為重要的一部分。

And so while today, pharma may be driving the largest growth, I think you look at what's happening, let's take surgical as an example, 12% growth. We're at the very early stages of a really strong launch cycle with premium IOLs and equipment upgrades. And so I really do believe the best -- the most important and probably largest opportunity for margin improvement is in Surgical over the next few years as we drive operating efficiency, we drive, frankly, better manufacturing efficiencies, but most importantly is new product launches. And the premium IOLs is a great example. enVista Envy just launched, what, two weeks ago.

因此，雖然今天製藥業可能正在推動最大的成長，但我想你看看正在發生的事情，讓我們以外科手術為例，成長了 12%。我們正處於一個真正強勁的推出週期的早期階段，推出優質人工水晶體和設備升級。因此，我確實相信，未來幾年，最好的——最重要的、可能是最大的利潤改善機會是在外科領域，因為我們提高了營運效率，坦白說，我們提高了製造效率，但最重要的是新產品的推出。優質人工水晶體就是一個很好的例子。 enVista Envy 剛推出，什麼，兩週前。

I can't tell you the number of texts and messages and calls I've gotten from ophthalmic surgeons sending me pictures of their boxes and their patient with their enVista Envy. And early data is quite compelling. Now it's too early to call any kind of trend, but really exciting. And then you think about enVista Aspire, which launched early in the year in the monofocal plus category with very limited competition. We are starting to build out one of the -- probably the top-tier IOL portfolios.

我無法告訴你有多少條來自眼外科醫生的簡訊、訊息和電話，他們給我發送了他們的盒子和使用 enVista Envy 的患者的照片。早期的數據非常引人注目。現在判斷任何趨勢還為時過早，但確實令人興奮。然後你會想到 enVista Aspire，它在今年年初推出了單焦點 plus 類別，競爭非常有限。我們正在開始建立可能是頂級 IOL 產品組合之一。

And so that really portends for great opportunity over the next two years in that business to really drive that on equal footing of pharma. Same with contact lenses. I've told that story a bunch of times already in this call. So this isn't really a pharma story. This is an eye health company story.

因此，這確實預示著未來兩年該行業將迎來巨大機遇，能夠在與製藥公司平等的基礎上真正推動這一發展。與隱形眼鏡相同。我已經在這次電話會議中多次講過這個故事了。所以這並不是一個真正的製藥故事。這是一個眼保健公司的故事。

And surgical, consumer and vision care are incredibly important parts of future growth.

外科、消費者和視力保健是未來成長的極其重要的部分。

And then as a quick follow-up for Sam. You talked about 62.5% margins for the full year as a guide. And that may be conservative. But when you look at the nine-month number, it's 62.7% so far. So does that mean we could see a bit of a squeeze?

然後作為 Sam 的快速跟進。您談到全年利潤率為 62.5% 作為指引。這可能是保守的。但如果你看一下 9 個月的數字，到目前為止，這個數字是 62.7%。那麼這是否意味著我們可能會看到一些擠壓？

Or are you just being conservative as we look at the Q4 numbers, which is typically a much stronger quarter for the company? And I'll leave it there.

或者，當我們查看第四季度的數據時，您只是持保守態度，因為這對公司來說通常是一個強勁得多的季度？我會把它留在那裡。

Thanks, Doug. I would probably say I'm pretty balanced as I think about the 62.5%. And again, I call it squiggly 62.5% as we think through it. It could be a range based on, again, how we think about the range of our revenue as well and the mix of our products. But what's more important here and I think we should not lose sight of is, when you think about just '24 to '23 year-to-date and what we've been doing so far has really been sort of executing on what we said we're going to do, which is really trying to drive that product mix to the higher-margin products, and we've seen that happen in the pharma side.

謝謝，道格。我可能會說我對 62.5% 的看法相當平衡。再一次，當我們仔細考慮時，我稱之為 62.5%。它可能是基於我們如何看待我們的收入範圍以及我們的產品組合的範圍。但這裡更重要的是，我認為我們不應該忽視的是，當你考慮到 24 到 23 年迄今為止，我們迄今為止所做的事情確實是在執行我們所說的我們要做的，就是努力將產品組合推向利潤率更高的產品，我們已經在製藥方面看到了這種情況的發生。

We're -- Brent highlighted the IOLs that's really a very good and nice step forward. So we're seeing that product mix shift, which is exactly what our strategy is and what we sort of our plan, and we're seeing that play out. So could it be 62.5%, could it be 62.7%? It's squiggly 62.5% right now in terms of the higher end of our range. Again, it's -- there's multiple outcomes that come from the range of the guidance.

我們——布倫特強調了人工水晶體，這確實是向前邁出的非常好的一步。因此，我們看到了產品組合的轉變，這正是我們的策略和計劃，我們正在看到這種轉變。那麼是62.5%，還是62.7%呢？就我們範圍的高端而言，現在是 62.5%。再說一次，指南的範圍有多種結果。

And the key important is we're showing the improvement in the gross margin.

關鍵是我們展示了毛利率的改善。

Robbie Marcus, JPMorgan.

羅比馬庫斯，摩根大通。

This is Lilly on for Robbie. You've had a nice steady cadence of reported and constant currency sales upside in guidance throughout the year, but adjusted EBITDA has held steady throughout. So why haven't we seen that topline strength start to flow through to the P&L just yet?

這是莉莉為羅比做的。在全年指引中，報告的貨幣銷售成長保持良好穩定的節奏，但調整後的 EBITDA 始終保持穩定。那麼，為什麼我們還沒有看到營收實力開始影響損益表呢？

Yeah. It's a great question. And a large reason for that, and Sam can add some color commentary here, is the investments in the launch cycle we're in. I've highlighted on the last few calls, we're probably in the most robust launch cycle in our 170-year history, whether that's Miebo or relaunching Xiidra or the new IOLs or the new daily SiHy lenses or Blink in consumer, but also continue to invest in LUMIFY and PreserVision as well. And so there is a really important strategy of getting these launches on the right trajectory, which require outsized investment in the first, let's call it, two to three years of the launch cycle.

是的。這是一個很好的問題。一個很大的原因是我們在發布週期中的投資，薩姆可以在這裡添加一些色彩評論。我在最近幾次電話會議中強調，我們可能正處於 170 年歷史上最強勁的發布週期，無論是 Miebo 還是重新推出 Xiidra、新 IOL、新日常 SiHy 鏡片或 Blink 消費者，但也繼續投資LUMIFY 和PreserVision。因此，有一個非常重要的策略可以讓這些發布走上正確的軌道，這需要在發布週期的第一個（我們稱之為）兩到三年內進行大量投資。

And then they become incredibly more profitable as you move forward. And so that's what we're doing. I think we've been very transparent about the launch cycle that we're in. We've highlighted the launch slide on every earnings call. And that's probably the main reason. But Sam, any other?

然後，隨著你的前進，它們的利潤會變得令人難以置信。這就是我們正在做的事情。我認為我們對所處的發布週期非常透明。我們在每次財報電話會議上都強調了發布投影片。這可能是主要原因。但是薩姆，還有其他人嗎？

Yeah, no, that's exactly right. And we've actually came when you think about sort of reflecting from the beginning of the year, even before we give the guidance for the full year as we were in one of the first conferences at the beginning of the year, we highlight that this year is going to be an investment year for us. And really, that was coming from the point of knowing that the number of launches that we have, and we will want to invest behind those launches. And what you've seen right now, the work that we've been doing is sort of focusing on the top line and the topline growth.

是的，不，完全正確。事實上，當你考慮從年初開始進行反思時，甚至在我們像年初的第一次會議之一那樣給出全年指導之前，我們強調這一點今年對我們來說將是投資年。實際上，這是從了解我們擁有的發布數量以及我們希望在這些發布背後進行投資的角度出發的。正如你現在所看到的，我們一直在做的工作有點關注營收和營收成長。

And with that topline growth, that has given us the margin expansion that we've seen in Q1, Q2, Q3 and also gives us the freedom and the liberty to be able to expand our margin as we go forward into Q4 and beyond as well. So I think the story is still there in terms of investing behind the launches and having the ability to be able to continue to show that steady margin expansion as we go forward.

隨著營收的成長，我們在第一季、第二季、第三季看到了利潤率的成長，並且在我們進入第四季及以後的過程中，也給了我們能夠擴大利潤率的自由和自由。因此，我認為在產品發布背後的投資以及在我們前進的過程中能夠繼續展現穩定的利潤擴張的能力方面，故事仍然存在。

Okay. So maybe just some quick closing comments. Thank you all for joining us for the quarter call. We look forward to keeping you all updated as we continue to make progress. And with taking the liberty of not repeating myself here, I'd like to just again call out the really strong relentless focus on execution, on servicing our customers, on supporting our colleagues who sell and make our products and a special thanks to all 13,000 Bausch and Lomb colleagues for their focus on execution and driving results.

好的。所以也許只是一些快速的結束語。感謝大家參加我們的季度電話會議。隨著我們不斷取得進展，我們期待向大家通報最新情況。冒昧地在此不再重複，我想再次強調對執行、服務客戶、支持銷售和製造我們產品的同事的不懈關注，並特別感謝所有 13,000 名員工。 。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。