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。除了本次網路直播之外，今天的幻燈片簡報的副本和本次電話會議的重播也將在我們網站的投資者關係部分提供。

Before we begin, I would like to remind you that our presentation today contains forward-looking information. We would ask that you take a moment to read the forward-looking legend at the beginning of our presentation as it contains important information. This presentation contains non-GAAP financial measures and ratios for more information about these measures and ratios, please refer to slide 1 of the presentation.

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。

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

非 GAAP 調整表可在我們網站上發布的簡報的附錄中找到。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。 SAM 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 a potential sale. Bausch and law 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.

但首先，關於最近圍繞潛在出售的猜測的一個重要說明。鮑什和法律，而各方仍然致力於與鮑什健康完全分離，並且有多種途徑可以實現這一目標。我們不對涉及該公司的傳言發表評論。

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.

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。

1,920 2019.

1,920 2019 年。

Those figures represent our constant currency revenue growth over the past four quarters.

這些數字代表了我們過去四個季度貨幣收入的持續成長。

Topline growth is one of the three critical metrics we're focused on as we work to become the best eye health company.

在我們努力成為最好的眼科保健公司的過程中，營收成長是我們關注的三個關鍵指標之一。

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.

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：利潤率擴張和現金流，SAM 將在他的演講中介紹這些指標。

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.

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，供他們在網上商店的處方簿上和手術室中放置。

But we're also making their jobs easier by enhancing our digital capabilities.

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。

On our last earnings call, I highlighted glimpse a new proprietary digital sales platform that uses A I and machine learning to provide tailor made guidance for gauging eye care professionals.

在我們上次的財報電話會議上，我重點介紹了一個新的專有數位銷售平台，該平台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。

As our team becomes more comfortable with the platform, we're seeing its impact on both sales and employee engagement.

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。

We also launched Opal a digital e-commerce marketplace that will go deeper on later.

我們還推出了 Opal，一個數位電子商務市場，稍後將進一步深入。

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 Investa Envy, our latest entry into the high margin premium IOL category.

最後，我們研發職能的持續發展使我們能夠在現在和未來獲勝，最近的例子是 FDA 批准 Investa Envy，這是我們進入高利潤優質 IOL 類別的最新產品。

But what's happening behind the scenes will dictate our success for years to come.

但幕後發生的事情將決定我們未來幾年的成功。

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.

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。

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, keeping with our boring theme, nothing has changed on the road map slide, save for the position of our progress indicator.

我們正在透過頂尖人才的湧入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，與我們無聊的主題保持一致，路線圖幻燈片上沒有任何變化，儲存進度指示器的位置。

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.

這盞燈始終代表著一個機會，可以突出我們正在改變高效運作和持續成長方式的一些不那麼迷人但至關重要的方式。首先，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.

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。

This mirrors a similar move earlier this year in Berlin. With one goal in mind getting products to end users faster.

這反映了今年稍早在柏林採取的類似舉措。牢記一個目標，即更快地將產品交付給最終用戶。

We continue to deploy A I across our contact lens manufacturing sites to drive yield and output games.

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。

It started in Rochester and last quarter, we extended the program to Waterford.

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 is an A I for A I'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.

這是一個為了人工智慧而人工智慧，使用預測分析來消除自動化生產線的停機時間，生產數百萬個隱形眼鏡可以帶來真正的節省、產品發布和性能，得到所有的宣傳。但如果我們不不斷優化我們的營運方式並把小事做好，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 lob in the eye health industry and beyond.

我們的整體實力在第三季度再次得到充分展示，並繼續在眼健康行業及其他行業中脫穎而出。

In our vision care segment, we continue to see aggressive growth in daily csci high lenses with room to run as we progressively launch multi and toric options in new geographies.

在我們的視力保健領域，隨著我們在新地區逐步推出多曲面鏡片和復曲面鏡片，我們繼續看到日常 csci 高鏡片的強勁增長，並且還有運行空間。

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.

大圖景。很明顯，我們正在奪取市場份額，而不是自費。隨著 Infuse ultra 和 biotrue 驅動開關以及新產品的推出，我們的鏡頭產品不斷成長。

Our surgical business which saw 12% constant currency revenue growth is a microcosm of our holistic strength which I'll touch on later.

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，我將在稍後談到。

We highlighted Mabo and cyber revenue which certainly played an outsized role in 76% constant currency revenue growth for our pharmaceutical segment.

我們強調了 Mabo 和網路收入，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作用。

But it's important to understand that combined revenues from these two products represents less than half of overall sales for that segment. Last quarter.

但重要的是要了解這兩種產品的總收入不到該細分市場總銷售額的一半。上個季度。

International Pharmaceuticals in particular was a solid contributor with 11% constant currency revenue growth.

國際製藥公司 (International Pharmaceuticals) 的貢獻尤其突出，貨幣收入持續成長 11%。

It's worth pointing out that absence revenue. Pharmaceuticals saw an impressive 25% organic revenue growth for the quarter.

值得指出的是缺勤收入。本季製藥業務的有機收入成長了 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，以便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, turning now to our financial results on slide 7.

謝謝布倫特，大家早上好，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於以固定匯率表示的增長，現在轉向幻燈片 7 上的財務業績。

We are pleased to report another quarter of solid performance with revenue growth across our segments, geographies and product franchises.

我們很高興地報告另一個季度的穩健業績，我們的部門、地區和產品系列的收入都在成長。

We are seeing the broad based growth momentum in our business continue driven by our intense focus on execution.

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。

Total company revenue of 1.196 billion for the quarter reflects growth of 19% and 10% on an organic basis.

該季度公司總收入為 11.96 億美元，有機成長 19% 和 10%。

As Brent highlighted, we're continuing to execute our strategy. We remain focused on driving selling and operational excellence and prioritizing innovation.

正如布倫特所強調的那樣，我們將繼續執行我們的策略。我們仍然專注於推動銷售和卓越營運並優先考慮創新。

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 for the third quarter, currency was a headwind of 5 million to revenue.

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第三季的機會感到興奮，貨幣對收入來說是 500 萬美元的阻力。

Now, let's discuss the results in each of our segments, vision care. Third quarter revenue of 684 million increased by 6% driven by growth in both the consumer and contact lens portfolios.

現在，讓我們討論每個部分（視力保健）的結果。在消費者和隱形眼鏡產品組合成長的推動下，第三季營收成長 6%，達 6.84 億美元。

The consumer business grew by 3% in Q3.

第三季消費業務成長3%。

Let me go over a few highlights in the quarter. Lung fai grew by 7% and continued to expand its market leading position.

讓我回顧一下本季的一些亮點。龍輝成長7%，持續擴大市場領先地位。

Our consumer dry eye portfolio delivered 93 million in revenue representing 19% growth in the quarter.

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%。

Our two key franchises are select and blank continue to drive. The strong performance aride grew by 19% and blink grew by 35% in the quarter.

我們的兩個主要特許經營權是選擇和空白繼續驅動。該季度業績強勁的 aride 成長了 19%，blink 成長了 35%。

While we continue to see solid retail consumption and market share across our portfolio.

同時，我們繼續看到我們的投資組合擁有穩固的零售消費和市場份額。

During the third quarter, the broader consumer market in the US experienced disruptions in the drugstore channel and retailer inventory rebouncing these market dynamics had the largest impact on our eye vitamins franchise which was down 9% in the quarter.

第三季度，美國更廣泛的消費市場經歷了藥局通路的中斷和零售商庫存的反彈，這些市場動態對我們的眼部維生素特許經營權產生了最大的影響，該特許經營權在本季度下降了9%。

Post Q3. We're encouraged by the strong consumption growth in our portfolio during the month of October and we will continue to monitor the reseller market. As we move into Q4 contact lens, revenue growth was 12% with strong performance across modalities, key brands and geographies.

第三季後。我們對 10 月份投資組合的強勁消費成長感到鼓舞，我們將繼續監控經銷商市場。隨著我們進入第四季度隱形眼鏡領域，營收成長了 12%，在各模式、主要品牌和地區均表現強勁。

In Q3, we saw solid growth in both the daily and frequent replacement portfolios.

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。

We are continuing to see strong momentum with dailys which grew 79% in the quarter.

我們繼續看到日報的強勁勢頭，本季成長了 79%。

We also grew across key franchises including buy through which was up 4% in the quarter and ultra which was up 6% contact clients. 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.

我們的主要特許經營業務也取得了成長，包括本季成長 4% 的 buy through 和接觸客戶成長 6% 的 ultra。各個市場的收入成長都很廣泛，本季美國成長了 13%，美國以外的國際市場成長了 11%。我們看到所有地區都表現強勁，其中中國在本季以 16% 的成長率領先。

As Brent will discuss further, we're investing in building our direct to consumer channel and contact lenses.

正如布倫特將進一步討論的那樣，我們正在投資建立直接面向消費者的管道和隱形眼鏡。

We are seeing positive results from the direct to consumer initiative in China which we launched at the end of last year.

我們去年年底在中國推出的直接面向消費者計畫取得了積極成果。

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.

現在轉到外科部分。第三季營收為2.06億美元。第三季成長 12%。我們的三個外科產品類別均實現了成長。

Consumables. Our largest product category ruined the quarter by 14% revenue from Aequo was up 6% mainly driven by solar system sales and implantables was up 13% in the quarter. With our standard iols up 7% and our premium IOL up 23%.

消耗品。我們最大的產品類別本季下降了 14%，Aequo 的營收成長了 6%，主要由太陽能係統銷售推動，而植入式產品在本季成長了 13%。我們的標準 IOL 上漲了 7%，我們的優質 IOL 上漲了 23%。

Our investor Iol platform is continuing to perform well with the Investa Fire L making a strong early market entry. We expect the cadence of Iowa launches to continue our strategy in the surgical business remains the same.

我們的投資者 Iol 平台持續表現良好，Investa Fire L 早期強勢進入市場。我們預計愛荷華州推出的節奏將繼續我們在外科業務中的策略保持不變。

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.

我們透過首先專注於向客戶提供持續的產品供應來實現成長，其次繼續提供創新並推出利潤率更高的優質產品。

The fda's approval of the Invista Andv Trifocal IOL that branch referred to is a case in point lastly, revenue in the farm segment was 306 million for the quarter which represents growth of 76% and an organic growth of 25%.

最後一個例子是 FDA 對 Invista Andv Trifocal IOL 的批准，該季度農業部門的收入為 3.06 億美元，增長了 76％，有機增長了 25％。

Mbu delivered 49 million in revenue in the quarter and has continued its exceptional launch performance.

Mbu 在本季度實現了 4,900 萬美元的收入，並繼續保持其出色的發布業績。

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 friends will discuss in more detail.

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，朋友們將更詳細地討論這一點。

Za 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. Earlier in the year, TRX trends continue to move in a positive direction. Zyda has reached approximately 22,000 T Rxs in the past four weeks.

Za 第三季實現了 9,200 萬美元的收入，我們透過投資直接面向消費者的行銷活動和現場人員重組，繼續在執行策略方面取得穩步進展。今年早些時候，TRX 趨勢繼續朝著正面的方向發展。 Zyda 在過去 4 週內已達到約 22,000 T Rxs。

As we have highlighted in the past, we're excited about our overall dry eye platform.

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。

Zyda and Mau together have positioned us as a leader in dry eye disease and strengthen the dry eye franchises in our consumer and surgical businesses beyond Mao and Zyra.

Zyda 和 Mau 共同使我們成為乾眼症領域的領導者，並加強了我們在 Mao 和 Zyra 之外的消費者和外科業務領域的乾眼專營權。

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, Renza declined compared to Q3 of 2023 due to a generic entry in Q1 of this year.

我們也看到製藥業務其他部分的強勁成長。例如，國際製藥業成長 11%，符合預期。如前所述，由於今年第一季的通用進入，Renza 與 2023 年第三季相比有所下降。

Now let me walk through some of the key nongaap line items on slide, eight adjusted gross margin for the third quarter was 63% which was up 170 basis points compared to Q3 of 2023.

現在讓我來介紹一下投影片上的一些關鍵非公認會計原則訂單項目，第三季的 8 個調整後毛利率為 63%，比 2023 年第三季增加了 170 個基點。

The increase in adjusted growth margins mainly driven by product mix as we continue to execute our strategy to transition to higher margin products.

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 IP R&D investments in the third quarter, we made one time investments of approximately 15 million of IP and D related to such agreements.

在第三季度，我們在調整後的研發上投入了8,400 萬美元，約佔收入的7%，正如我們之前討論的那樣，我們預計與外部合作夥伴簽訂合作協議以推動管道創新，這將導致第三季的一次性智慧財產權研發投資，我們一次性投資了約1500萬的IP和與此類協議相關的D。

Third quarter, Jesse Ebida excluding acquired IP R&D was 227 million, which represents 21% growth versus the third quarter of 2023 including the IP R&D investments adjusted by that was 212 million.

第三季度，Jesse Ebida（不含收購的智慧財產權研發投資）為 2.27 億美元，較 2023 年第三季成長 21%，其中調整後的智慧財產權研發投資為 2.12 億美元。

As I mentioned before, these IP R&D investments are not reflected in our full year 2024 guidance net interest expense for Decor was 96 million adjusted EPS excluding acquired I&D was 17¢ for the quarter including the IP R&D investments adjusted EPS was 13¢ for the quarter CapEx was 60 million.

正如我之前提到的，這些智慧財產權研發投資並未反映在我們的2024 年全年指引中，Decor 的淨利息支出為9,600 萬美元，不包括收購的I&D，該季度調整後每股收益為17歐元，其中包括智慧財產權研發投資，該季度調整後每股收益為13 歐元資本支出為 6,000 萬。

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.

正如布倫特所提到的，我們一直致力於推動我們的現金流表現，調整後的營運現金流在第三季為 1.59 億美元，今年迄今為 2.31 億美元。

We are continuing to make progress on various cash flow initiatives including working capital management.

我們正在繼續在包括營運資本管理在內的各種現金流舉措方面取得進展。

Turning now to our 2024 guidance on slide 11, we are raising our full year revenue guidance to a range of 4.725 to 4.825 billion.

現在轉向幻燈片 11 上的 2024 年指導，我們將全年收入指引提高至 47.25 至 48.25 億美元的範圍。

Up from 4.7 to 4.8 billion.

從 4.7 億增加到 48 億。

We continue to expect full year constant currency growth of approximately 16 to 18%.

我們繼續預計全年匯率恆定成長率約為 16% 至 18%。

Our increased full year revenue guidance reflects strong mobile performance as well. As lower expected currency headwinds in our dry eye portfolio. We are raising our full year guidance for Michael revenue from a range of 150 to 160 million to a range of 165 to 170 million.

我們增加的全年營收指引也反映了強勁的行動業績。由於我們的乾眼投資組合中預期的貨幣阻力較低。我們將 Michael 的全年營收指引從 1.5 億至 1.6 億美元提高到 165 至 1.7 億美元。

We're also encouraged by the positive TRX growth in Zyda as we progress towards our guidance of 355 to 365 million as we head into 2025 there are two factors on Zyda that we continue to watch closely which I flagged last quarter.

我們也對 Zyda 的 TRX 積極成長感到鼓舞，隨著我們進入 2025 年，我們朝著 355 至 3.65 億的目標邁進，我們繼續密切關注 Zyda 的兩個因素，我在上個季度指出了這一點。

The first is the potential headwind impact of the Inflation Reduction Act.

首先是《通貨膨脹削減法案》的潛在不利影響。

And the second is bouncing our strategy to drive TRX growth while ensuring we have access to coverage through health plans for as many patients as possible for the full year. We expect currency headwinds of approximately 75 million to revenue down from 90 million.

第二個是改變我們推動 TRX 成長的策略，同時確保我們全年能夠透過健康計劃為盡可能多的患者提供保險。我們預計貨幣阻力將導致收入從 9,000 萬下降約 7,500 萬。

Our adjusted guidance excluding acquired Iper and D is at a range of 850 to 900 million.

不包括收購的 Iper 和 D，我們的調整後指引為 8.5 至 9 億美元。

Consistent with our adjusted guidance last quarter, which did not include acquired ID in Q3 IP ND was 15 million and 18 million year-to-date 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.

與我們上季調整後的指引一致（不包括第三季收購的 ID），根據我們指引的其他關鍵假設，年初至今 IP ND 分別為 1,500 萬和 1,800 萬。如上季所述，我們預計調整後毛利率將為 62.5%，處於我們先前指導範圍的高端。

And we continue to expect investments in R&D to be about 7% to 8% of revenue.

我們仍預期研發投資將佔營收的 7% 至 8% 左右。

We continue to expect interest expense to be approximately 385 million for the full year.

我們繼續預計全年利息支出約為 3.85 億美元。

And we expect our adjusted tax rate to be roughly 15% and full year CapEx is expected to be approximately 250 million to summarize. We're very pleased with the solid execution and strong performance in the quarter.

我們預計調整後的稅率約為 15%，全年資本支出預計約為 2.5 億美元。我們對本季的穩健執行和強勁表現感到非常滿意。

We continue to make investments across our portfolio and in our innovative product launches and that strategy is paying off.

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。

We expect our ongoing momentum to continue to drive revenue growth and future margin expansion and now I'll turn the call back to Brent.

我們預計我們持續的勢頭將繼續推動收入成長和未來利潤率擴張，現在我將把電話轉回布倫特。

Thanks SAM. Let's move to products and services that will be synonymous with Bausch. And 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.

謝謝薩姆。讓我們轉向將成為 Bausch 代名詞的產品和服務。在未來的幾年裡，我們建立了令人印象深刻且包羅萬象的乾眼產品組合，收入的成長反映出人們對這種常見但通常未經治療的疾病的認識不斷增強。

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.

如果您是大約 1.5 億偶爾或頻繁出現乾眼症狀的成年人中的一員，或者是大約 3800 萬乾眼症患者中的一員，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.

我將在下一張投影片上重點介紹櫃檯交易的成長。因此，讓我們重點關注我們的旗艦處方產品。

We celebrated Mao'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 Mao to approximately 150,000 patients.

我們在第三季慶祝了毛澤東誕辰一周年，自推出以來我們取得了令人矚目的成就。大約 17,000 名眼部保健專業人員正在為大約 150,000 名患者開出 Mao 處方。

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.

對於乾眼症患者來說，感覺是可信的，這就是為什麼我們對新的 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 Iel which launched earlier this month.

這些樣本將有助於在啟動週期的早期啟動新的處方者以及高比例的受保人。上個季度，大約 70% 用於商業，大約 45% 用於醫療保險 D 部分。我們提到對本月稍早推出的 Iel 直接面向消費者的活動進行了大量投資。

The ads are memorable and target a somewhat younger demographic as dry eye disease isn't solely age related.

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 Zyra in Q3 that features Emmy award winning actress Julie Bowen of Modern Family Fame.

我們也在第三季針對Zyra 發起了一場大規模的直接面向消費者的活動，由艾美獎獲獎女演員《摩登家庭名望》(Modern Family Fame) 的朱莉·鮑文(Julie Bowen) 主演。

It's early days, but it appears the campaign is already providing a boost designed for prescriptions which show a positive momentum as we continue to execute on our strategy.

現在還處於早期階段，但該活動似乎已經為處方提供了推動力，隨著我們繼續執行我們的策略，這顯示出積極的勢頭。

Julie took part in an event we hosted in September to coincide with Vision Expo West in Las Vegas 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 know your dry eye dotcom. Our unbranded dry Eye education website, sometimes you have to go big when there's a big opportunity 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.

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，期間她與滿屋子的 300 名傑出眼科護理專業人士分享了她的乾眼之旅。我們接管了球體，世界上最大的 LED 螢幕，乾眼症狀疊加在真實的人眼上，我們推動流量了解您的乾眼網路公司。我們的無品牌乾眼教育網站，有時，當世界上越來越多的人成為乾眼症時，當有很大的機會時，您必須做大。好奇得益於我們自己的努力、習慣的改變和環境因素。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 and Johnson Vision in July 2023 we reinvented the brand at all levels.

2023 年 7 月從 Johnson and Johnson Vision 收購 Blink 後，我們在各個層面重塑了這個品牌。

Our work play link relief direct to consumer campaign, which also targets a younger demographic featured one of the highest rated Bausch Lomb ads ever and provided an immediate sales lift.

我們的工作遊戲將救濟直接與消費者活動聯繫起來，該活動還針對年輕人群，其中包括有史以來評價最高的博士倫廣告之一，並立即提升了銷售額。

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.

我們也將眨眼作為驗光會議和活動的焦點，重點介紹數據並為眼保健專業人員舉辦研討會，他們的非處方眼藥水建議具有重要意義。

Our methodical approach to reinvention and bringing a new audience is paying dividends with 35% reported revenue growth for the blink franchise in the third quarter.

我們有條不紊的重塑和吸引新觀眾的方法正在帶來紅利，第三季《眨眼》系列的收入增長了 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 Ilac a steady and perhaps unsung performer that continues to expand in Europe and Middle East.

考慮到美國 OTC 乾眼市場整體在第三季成長了 8%，這一成長更加令人印象深刻。

Ilac saw a healthy 19% reported revenue growth in Q3 like blink. We're touting the science behind Ilac to influence the influencers. In fact, the Tier film in Ocular Surface Society annual meeting is currently underway in Venice which we are using as an opportunity to highlight the latest arti Findings.

與 Blink 一樣，Ilac 在第三季報告的收入成長了 19%。我們正在宣傳 Ilac 背後的科學來影響影響者。事實上，眼表協會年會上的 Tier 影片目前正在威尼斯進行，我們以此為契機來強調最新的 arti 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 1st.

蛋白石。我們新的數位電子商務市場在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。

If the premise sounds simple, that's because it is.

如果這個前提聽起來很簡單，那是因為它確實如此。

Opel provides a streamlined ordering process for Bausch and Lomb contact lenses.

歐寶為博士倫隱形眼鏡提供簡化的訂購流程。

Why is that important?

為什麼這很重要？

Because we're making life significantly easier for eye care professionals and their patients.

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.

Opal 是眼科護理實踐的補充產品，患者可以存取它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。

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 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 pretend long term success.

所有透過 Opal 發出的訂單均可免費送貨至患者家中或診所。透過提供一體化數位平台，患者的每次購買都可以賺取 Bausch Horizo​​n Rewards 忠誠度計劃積分，該平台可以更快、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部保健實踐的行政負擔，這對於長期關係假裝長期成功的行業至關重要。

We expect that will evolve over time to mirror our ongoing investment in digital capabilities.

我們預計這將隨著時間的推移而發展，以反映我們對數位能力的持續投資。

In fact, later this year, we plan to start offering select OTC products including lumify and blank eyedrops.

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 Blank 眼藥水。

Excitement about Opel is real and not just from the early adopters. Our Opel demo has consistently been one of the most popular features at trade shows as we put our digital embrace on full display.

人們對歐寶的興奮是真實存在的，而不僅僅是來自早期採用者。我們的歐寶演示一直是貿易展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。

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 fa approval for this to envy and we already have significant momentum. In the first five days, there were more than 100 implants by 70 surgeons.

早些時候，我提到最近足協對此的批准令人羨慕，我們已經有了巨大的動力。在前五天內，70 名外科醫生完成了 100 多個植體。

We saw 13% constant currency revenue growth for implantables in the third quarter with 23% constant currency revenue growth for premium I OS.

第三季度，我們看到植入式設備的恆定貨幣收入成長了 13%，而高階 IOS 的恆定貨幣收入成長了 23%。

But I'd like to take a step back and remind everyone that I oils are one leg of our surgical stool.

但我想退一步提醒大家，我的油是我們手術凳子的一條腿。

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 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.

現在，我們的三個手術類別已連續三個季度實現增長，其中設備的固定貨幣收入增長 6%，消耗品的固定貨幣收入增長 14%，約佔手術銷售額的一半，但存在明顯的手術風險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。眼外科醫生不會忽視這一點。

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 in reality launch cycles last two or three years. Here's why that bodes well for our future.

當我們觀看我們的啟動幻燈片時。考慮啟動週期很重要。我們生活在一個熱門話題的時代，對於新的市場進入幾乎立即形成意見。這意味著有些人將嘗試根據過去兩三年的實際發布週期中有限的效能視窗來確定產品的可行性。這就是為什麼這對我們的未來來說是個好兆頭。

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 exercise, they're living breathing commitments that present new opportunities for growth at every turn.

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，而是充滿生機的承諾，在每個轉折點上都帶來新的成長機會。

When you look at our TOP10 products by revenue, new products including products new to us feature prominently.

當您按收入查看我們的 TOP10 產品時，新產品（包括我們的新產品）佔據顯著位置。

Others shown here are knocking at the door, continued growth from our dailys Ihif franchise has a 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.

這裡顯示的其他內容正在​​敲門，我們的日報 Ihif 特許經營權持續增長，在收入排名中排名第 11 位。隨著時間的推移，preservation 和 lumify 等一些功能正在增強，以吸引更廣泛的客戶群。

When considering our freshness index, especially in a compressed time frame, we're delivering on our innovation goals.

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。

That's why we continue to be excited about our trajectory.

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.

操作員。讓我們打開提問熱線。

(Operator Instructions)

（操作員說明）

Patrick Wood, Morgan Stanley.

派崔克‧伍德，摩根士丹利。

Perfect. Thank you so much. I'll do two quick ones if I can. I mean, I guess taking a step back, there's 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, you know, 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 know, you mentioned obviously the launch cycle in 2 to 3 years and living breathing. How do you think about investing behind those launches and the interplay between margin and growth going forward? And I had one follow up?

完美的。太感謝了。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，讓我們在員工方面和產品發布方面都達到了這樣的水平，你知道，如果你必須描述它的話，我想，您認為我們走到今天的最大因素是什麼？你如何看待，你知道，你顯然提到了 2 到 3 年的發射週期和活生生的呼吸。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？我有一個後續行動嗎？

Sure. Thank you, Patrick. I appreciate the two questions. So on, on, on the first question, really, 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, and, and give you my 2¢. 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, when you lay out a very clear strategy with, with very specific actions around it and you get the buy in of 13,000 people to really focus relentlessly on execution, good things happened. 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, when you, when you see broadbased performance, you, you know that it's really working. And so if you think about, you know, a constant currency growth of 19 organic 10 across the company. But when you look at like a business like contact lenses that was up 12% on constant currency basis. And you even just dr down on that as an example, you know, the US was up 13 international was up 11, our daily CSCI high was up 79%. But even some of our FRP products continued to grow, you know, bio up four ultra up six, even soft ones, up three are 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, by really enhancing capabilities, whether it be digital DTC we did in China or Opel, 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, we have a great portfolio and in many markets, not all markets yet a full portfolio. So the US, you know, 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, maintaining growth in in the existing portfolio. And you can do that in surgical and pharma and consumer as well. And so, you know, I think we feel really good about where we are today. And I think as you look at that launch slide that I had in the in the prepared presentation, you know, I said this in the remarks, we're at the early stages of many of these launches and we continue to invest in in early innovation that will then continue this robust cycle of new product launches and hopefully over the next decade and beyond. So again, you know, to summarize probably the biggest factor is just a relentless focus on execution across the world in terms of investing in the launch cycles. It's always a balancing act. Obviously, you know, we are very committed to both gross margin expansion and ebida margin expansion over time.

當然。謝謝你，派崔克。我很欣賞這兩個問題。等等，關於第一個問題，非常非常有趣的問題，最大的因素是什麼？很難指出其中之一。但讓我退後一步，給你我的 2 美分。因此，我在大約兩年前加入，並為這家公司製定了一個非常明確的策略，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 人的支持並真正專注於執行時，好事就會發生。現在，說起來容易做起來難，但團隊一直在努力做到這一點。我認為，當你，當你，當你看到廣泛的表現時，你知道它確實有效。因此，如果您考慮一下，您就會知道，整個公司的貨幣成長率為 19 有機 10。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%。你甚至可以簡單地舉個例子，你知道，美國上漲了 13，國際上漲了 11，我們的每日 CSCI 高點上漲了 79%。但即使我們的一些玻璃鋼產品繼續增長，你知道，生物上升四超上升六，甚至軟的，上升三正在挖掘更深中國上升16。表現出色。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位 DTC 還是我們現在在美國推出的歐寶，而且我們擁有出色的產品，我們最終擁有不間斷的供應和我們有，我們有一個很好的投資組合，在許多市場，但不是所有市場都有完整的投資組合。所以美國的 Infuse 現在有球面、多焦點和複曲面。我們正在考慮在未來一兩年內在全球其他市場推出所有模式。因此，這個週期實際上還處於早期階段，因為我們將繼續專注於推動新產品，並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，你知道，我認為我們對今天的處境感覺非常好。我認為，當您查看我在準備好的簡報中的發布投影片時，您知道，我在評論中說過這一點，我們正處於許多此類發布的早期階段，並且我們將繼續投資於早期創新將繼續這項新產品發布的強勁週期，並預計在未來十年及更長時間內持續下去。所以，你知道，總結一下，最大的因素可能就是在投資啟動週期對全球執行力的不懈關注。這始終是一種平衡行為。顯然，你知道，我們非常致力於隨著時間的推移擴大毛利率和稅前利潤率。

But we also can't shortchange the the the important, you know, launch investment that you need to make. And you know, Mao 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 and getting that early first two years or three years, right is critical to creating a long term profitable product for the company. Other products you know include infuse or the dailys, highs other, you know, blink invi to envy and this aspire. And so we do balance it across the the the 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.

但我們也不能忽視您需要進行的重要的啟動投資。你知道，Mao 就是一個很好的例子，我們確實在繼續大力投資以改變發布的曲線，因為我們預計該產品將在十年或更長時間內擁有，並在前兩年或三年內儘早推出，正確對於為公司創造長期盈利的產品至關重要。您知道的其他產品包括 Infuse 或 Dailys、Highs 其他產品，您知道，眨眼以羨慕和渴望。因此，我們確實在整個投資組合中進行平衡。 SAM 和我幾乎每天、每週、每月與我們所有的主要業務領導者一起研究投資回報率和持續投資。

So hopefully that answers your, your two calls.

希望這能回答您的兩通電話。

Yeah, completely. I I will pass the commercial on Times Square every day for my bo which is insane.

是的，完全如此。我每天都會為我的朋友經過時代廣場的廣告，這太瘋狂了。

Thank you. Well, hopefully you're visiting a doctor and talking about your, your, your symptoms too.

謝謝。好吧，希望您也去看醫生並談論您的症狀。

Thank you.

謝謝。

Young Li, Jeffries.

年輕的李，傑弗里斯。

All great. Thanks so much for taking the question. I guess to start maybe just focusing on the drive portfolio. You know, 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 whole food growth? And you know, do you think there's opportunities to add some incremental OTC products into that portfolio as well?

一切都很棒。非常感謝您提出問題。我想一開始可能只專注於驅動器產品組合。你知道，它的表現非常廣泛，而且 OTC 方面似乎也受益於腳本方面的一些拉動或光環效應。也許您能談談整個糧食成長的可持續性嗎？您是否認為也有機會在該投資組合中添加一些增量 OTC 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 Ilac blink in the in is our, our predominantly us but also some international markets. And Ilac is exclusively in the international marketplace and both are really important growth drivers, obviously in the US pharmaceutical business, Mabo and Zyda are, are really important. Mabo continues to set new records for, for ocular surface pharmaceutical launch, you know, outpacing any benchmark that we see. And there, you know, I think we're just getting started one year in and, you know, we just launched TT C a couple of weeks ago. I think we have a really strong creative ad and we're going to look for early signs as that's only been on the 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. We anticipate Medicare to, to jump over 50% in the first quarter.

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，您看到投資組合在固定貨幣基礎上成長了 19%，我們的場外交易產品 Blink 和 Ilac Blink 表現非常強勁，我們主要是我們，但也有一些國際市場。 Ilac 專門從事國際市場，兩者都是非常重要的成長動力，顯然在美國製藥業，Mabo 和 Zyda 非常重要。 Mabo 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。我認為我們剛開始一年，幾週前我們剛推出了 TT C。我認為我們有一個非常強大的創意廣告，我們將尋找早期跡象，因為此時廣告可能只播出了兩週。但我們也在擴大覆蓋範圍，現在商業覆蓋率是70%。醫療保險 (Medicare) 排名為 45。

And that's really, you know, the important benchmark for coverage for Mabo. And so, you know, that that's important, Zyra, you know, was obviously a repair situation. I think the team did a really nice job in the second quarter stabilizing. And then as you look at the third quarter, you start to see green shoots of growth. But more importantly, as we look at, at prescription trends and T rex in particular, you know, you're starting to see solidly, you know, T REX is 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 to 24,000. And so, you know, a lot of, a lot of things are working well, obviously, SAM called out, you know, next year, the Inflation Reduction Act and some growth to net pressure. But on a TRX basis, I think we're seeing really nice growth there. And so when you put it all together and you're using your megaphone, whether it be consumer or prescription and you look at the market that 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 receiving a prescription. There is a huge untapped market there, whether we're driving them into Amazon or to a drug store or Walmart to pick up an OTC option or whether they're going to talk to their physician about their symptoms and getting a myle or Zyda.

你知道，這確實是 Mabo 覆蓋範圍的重要基準。所以，你知道，這很重要，婕拉，你知道，顯然是一個修復情況。我認為球隊在第二季的穩定表現非常好。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，當我們觀察處方趨勢，特別是 T rex 時，你知道，你開始可靠地看到，你知道，T REX 每週超過 22,000，我們預計，希望當我們進入第三階段時本季度，我們的目標是紮實進入23 至24,000 名。所以，你知道，很多很多事情都進展順利，很明顯，SAM 呼籲明年實施《通膨削減法案》和一些淨壓力增長。但在 TRX 的基礎上，我認為我們看到了非常好的成長。因此，當你把所有這些放在一起並使用你的擴音器時，無論是消費者還是處方藥，你都會以美國為例來看待市場。 1.5 億人有症狀，3,800 萬人患有乾眼症，但實際上只有 150 萬人，約 1.5 人接受處方治療。那裡有一個巨大的未開發市場，無論我們是讓他們去亞馬遜、藥局或沃爾瑪購買非處方藥，還是讓他們與醫生討論他們的症狀併購買 myle 或 Zyda。

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 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.

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，而且我們在這些產品上還有很長的路要走。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 really appreciate that. I guess to follow up with one on the contact lens business and it seems like the premium, the portfolio driving new start share taking. Wanted to hear, you know, the, the thoughts on sustainability of that and you know, more broadly, you know, you have a diverse consumer portfolio. What are you seeing with the health of the US consumer, you know, ability for industry to increase prices going forward and industry capacity versus demand dynamics.

我真的很感激。我想跟進隱形眼鏡業務，這似乎是溢價，該投資組合推動了新的開始搶佔份額。我想聽聽關於永續發展的想法，更廣泛地說，你知道，你有一個多樣化的消費者組合。您對美國消費者的健康狀況有何看法，您知道，產業未來提高價格的能力以及產業產能與需求動態的關係。

Sure. So let's let's take the lens business first and we'll come back to consumer. So, so yes, great performance holistically in lens around the world, even in markets like Japan, which which are relatively soft right now, you know, we grew about 3% in Japan. So it's a really nice performance. You know, 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 PCI, which is exceptional. And remember, I think that has a long runway of growth because the only market that has the full portfolio of ofher multifocal and torque is the us that will roll around the world over the next year or two. And so, you know, a lot, a lot of future growth to go there. But growing that business while maintaining the FRP and non CCII lens is really an important part of the strategy and the team is doing just that, as I mentioned earlier, Biore up four ultra up six even soft lens up three. And so as we can continue to maintain growth, and that's called 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. And as we continue to embrace digital technologies and markets like China, which is a DTC market adding Opal in the US. Just a few weeks ago, it went live October 1st.

當然。因此，讓我們先討論鏡片業務，然後再回到消費者領域。所以，是的，全球鏡頭整體表現出色，即使在日本這樣目前相對疲軟的市場，你知道，我們在日本成長了約 3%。所以這是一場非常精彩的表演。你知道，正如我之前提到的，中國隊16名，國際隊11名，美國隊13名。請記住，我認為它有很長的成長道路，因為唯一擁有多焦點和扭矩的完整產品組合的市場是美國，它將在未來一兩年內在世界各地滾動。所以，你知道，未來會有很多很多的成長。但在保持FRP 和非CCII 鏡片的同時發展業務確實是該策略的重要組成部分，而且團隊正在這樣做，正如我之前提到的，Biore 上升了4 個超超上升了6 個，甚至軟鏡頭上升了3 個。這樣我們就可以繼續保持成長，這就是所謂的舊投資組合。在我們推動成長的同時，新投資組合的卓越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。隨著我們繼續擁抱數位技術和像中國這樣的市場，這是一個 DTC 市場，在美國增加了 Opal。就在幾週前，它在 10 月 1 日上線。

You know, I think we continue to look holistically at how we improve the customer experience for the, for the CP and then make it easier for the consumer to stay on our lenses. Is an important part of that strategy on consumer, you know, a little bit of a multifactorial situation on actual revenue growth in the quarter, which was about 3% constant currency there. You see, you know, a lot of the stocking at retailers really working down inventory. I think the drug channel of trade is, is probably a callout that probably experienced the most destocking. And, and as we know, you know, those companies are dealing with their own issues. A lot of store closures, we saw bankruptcy from Rite Aid as well. And, and, you know, 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, you know, continue to find other outlets to shop that are more convenient, perhaps or maybe the drug channel will, you know, reinvest in the consumer experience. 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, you know, almost a month into the fourth quarter, we're seeing really nice consumption numbers for our key brands. And so, you know, I would say I'm very cautiously optimistic. Obviously, we continue to watch, you know, consumer sentiment around the world. But for right now, our consumption numbers which are really the most critical number to track remain very strong.

你知道，我認為我們將繼續全面審視如何改善 CP 的客戶體驗，然後讓消費者更容易留在我們的鏡頭上。這是針對消費者的策略的重要組成部分，您知道，本季實際收入成長有點多因素的情況，以固定匯率計算，該成長約為 3%。你看，零售商的大量庫存確實減少了庫存。我認為毒品貿易管道可能是經歷了最多去庫存的一個標註。而且，正如我們所知，這些公司正在處理自己的問題。很多商店關門，我們也看到 Rite Aid 破產。而且，你知道，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，你知道，繼續尋找其他更方便的購物管道，也許藥品管道會，你知道，對消費者體驗進行再投資。但我們追蹤的真正重要的數字可能是消費。我們看到第三季的消費仍然非常非常強勁。坦白說，你知道，進入第四季度近一個月後，我們看到我們的主要品牌的消費數據非常好。所以，你知道，我會說我非常謹慎樂觀。顯然，我們將繼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（實際上是最需要追蹤的最關鍵數據）仍然非常強勁。

Larry Biegelsen, Wells Fargo.

拉里·比格爾森，富國銀行。

Hey, this is someone on for Larry congrats on the quarter and thank you guys for taking the questions. I'll start off on guidance and then I have a quick follow up. Brent, as you mentioned earlier, constant currency growth has been, you know, between 19 to 20% over the past four quarters and we see ebit margins have steadily moved upwards through the year. If I look at your guidance at the midpoint, it implies, you know, the constant currency growth decelerates to 8% while margins continue to kind of accelerate towards the 20% range in Q4, maybe help bridge the GAAP for us. And how should we think about each of these items heading into 2025?

嘿，這是拉里對本季表示祝賀的人，感謝你們提出問題。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，您知道，過去四個季度的貨幣增長率一直在 19％ 至 20％ 之間，我們看到息稅前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，你們知道，恆定的貨幣成長率減速至8%，而第四季的利潤率繼續加速向20% 的範圍邁進，也許有助於我們彌合GAAP的差距。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 SAM 拿走，並在他回答後添加任何顏色。

And we're very pleased with what we've seen in Q3 in terms of accurate results. And also when you reflect back and just reflecting back on what Brent said, we look at Q12 and three throughout 24 we're pleased with what we were able to do. So when you think about our guide, and we've said this always in terms of how we think about our guide, philosopher and guidance was all factors in a range of outcomes. And we tend to be trying to stay down with our views when we think about our guidance and you think about this quarter, 20% and 19% concept currency is 10%. Or when you think about net for Q4 organs are just anywhere or still holds for the whole 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 Zyda, we had Zyda for a whole year last year. So we're lapping XYR in Q4. So Conec currency and organic are going to be almost the same number as we think about Q4. So we don't see that the sort of slow down in the Q4. We actually probably thinking about we're continuing with our mid range of the gas, which is still 10% which is consistent with the performance of the year. When you think about IDA, it was 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 through 24. And we've seen that play out really between Q1, Q2 and Q3. And we expect that will continue as we push forward to Q4. Just remember, there's always in our business, our first half of the year tend to be a little bit slower as we compare to the second half. So we factor that also in our phasing as we talk about Q3 to Q4.

我們對第三季的準確結果感到非常滿意。而且當你回想一下布倫特所說的話時，我們看看 Q12 和整個 24 中的三個，我們對我們能夠做的事情感到滿意。因此，當你想到我們的指南時，我們總是從我們如何看待我們的指南的角度說這一點，哲學家和指南都是一系列結果的因素。當我們考慮我們的指導意見時，我們傾向於努力保持自己的觀點，而你會想到本季度，20% 和 19% 的概念貨幣是 10%。或者，當你考慮到第四季度器官淨值時，無論是在什麼地方，還是在全年中仍然保持不變，在 9% 到 11% 之間。如果你取其中值，就有機成長而言，大約是 10%，並且只使用這個數字，因為如果你必須記住 Zyda，去年我們有一整年都在使用 Zyda。所以我們在第四季將 XYR 圈起來。因此，Conec 貨幣和有機數量將與我們對第四季的預期幾乎相同。因此，我們沒有看到第四季出現這種放緩。實際上，我們可能會考慮繼續使用中間範圍的天然氣，仍然是 10%，這與今年的表現一致。當你想到IDA 時，你會發現這是非常好的利潤率擴張，正如我們在今年年初所說的那樣，我們將在24 年後繼續實現穩定的利潤率擴張。了作用在 Q1、Q2 和 Q3 之間。我們預計隨著第四季度的到來，這種情況將繼續下去。請記住，在我們的業務中，與下半年相比，我們的上半年往往會慢一些。因此，當我們談論第三季到第四季時，我們也會將這一點考慮到我們的階段性因素。

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

偉大的。而且，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 Xydra 的影響？面對這兩個不利因素，Xydra 的銷售額在 2025 年能否成長？

Yeah, I don't want to guide to 25 on this call, but I think probably the best way we think about Zyda 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 Zyda in two parts here. If we step back and you think about the volume in Zy, 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 T Rxs at 22,000 TX is the average that we see now and we continue to drive that volume as we go into 25 our thinking is still continue to evolve in terms of how we're thinking about the Inflation Act and rebate 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.

是的，我不想在這次電話會議上指導 25，但我認為這可能是我們現在考慮 Zyda 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一些回扣討論我們在腳本中強調了這一點。但在這裡你應該把 Zyda 分成兩部分來考慮。如果我們退後一步，考慮一下 Zy 的銷量，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，數量的連續增長非常好，並將T Rxs 保持在22,000 TX 是我們現在看到的平均值，當我們進入25 時，我們將繼續推動這一數量，我們的想法仍在繼續發展，我們如何正在考慮通貨膨脹法案和回扣，並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。

Great. Thanks so much. Can you hear me? Okay.

偉大的。非常感謝。你聽得到我嗎？好的。

Yes, go ahead.

是的，繼續吧。

Terrific. So, one question on on some of the D DC efforts that you put in place for Zyda and Myo, which I've seen both and, and they look great. Just be helpful maybe to understand. You know, what, what do you think the timing of, of the effect of those efforts tends to look like over the next couple of quarters and then I have one follow up.

了不起。那麼，有一個問題是關於你們為 Zyda 和 Myo 所做的一些 D DC 努力，我已經看到了它們，而且它們看起來很棒。只是有幫助也許可以理解。你知道，你認為這些努力的時機和效果在接下來的幾季會是什麼樣子，然後我會有一個後續行動。

Yes. So, so thanks for the question. So Zyda, we launched towards the end of the second, early, third quarter. So it's been out for a few weeks. It's, it's good creative. It's a big change from the way Novartis positioned the drug.

是的。所以，謝謝你的提問。所以 Zyda，我們在第二季末、第三季初推出。所以它已經發布了幾週了。可以啊，很有創意啊這與諾華對該藥物的定位方式有很大變化。

I think Julie Bowen is, is is a great spokesperson and, and lead for the, for the spot and, and, you know, in fairness, I always joke with my, I'm not even sure I'm joking with my commercial leads that, you know, great creative is really the best KPI for great creative is sales growth. And, you know, since we've launched Zyda, we've seen the best sales growth in Trxs and so, you know, early days and we'll have a better measure after it's been out for several months. But, but I think that that spot is, is really working and driving patients in to ask about Zy or talk about their dry eye with their physician. You know, the myle spot has only been out for two weeks, but I've been doing DTC for a long time, 20 plus years. And, you know, my intuition is that is an incredibly strong spot but too early to see any, any, any results in sales. But I expect that, that, that that spot will do very well in terms of investment. You know, these are the types of spots when you start to see, see response, you tend to continue to invest. And so, you know, right now, I would say we would continue to invest behind both of these, these creatives throughout 25. And if they continue to do well, you know, 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, you know, 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. And I wouldn't, you know, 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, I've been doing consumer a long time back to Claritin or Miralax or Copper to back in my sharing plow days. And I got to say that that is one of the strongest spots I've seen. And I've done a lot in including, you know, Botox or lis or others. And I'm really excited and we saw what was it, 35% growth in, in blink in the, in the quarter. And, and so that, you know, probably is the biggest difference in growth is, is just that spot. 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.

我認為朱莉鮑文是，是一個偉大的代言人，並且是現場的領導者，而且，你知道，公平地說，我總是和我開玩笑，我什至不確定我是在和我的廣告開玩笑導致，你知道，偉大的創意確實是最好的KPI，偉大的創意是銷售成長。而且，你知道，自從我們推出 Zyda 以來，我們在 Trxs 中看到了最好的銷售成長，所以，你知道，在早期，我們將在它推出幾個月後有更好的衡量標準。但是，但我認為這個地方確實很有效，並促使患者詢問 Zy 的情況或與醫生談論他們的乾眼症。你知道，myle Spot 才推出兩週，但我做 DTC 已經很久了，20 多年了。而且，你知道，我的直覺是，這是一個令人難以置信的優勢，但現在還無法看到任何銷售結果。但我預計那個地方在投資方面會做得很好。你知道，這些是當你開始看到、看到反應時，你傾向於繼續投資的類型。所以，你知道，現在，我想說我們將繼續在 25 年間繼續投資這兩個創意。我和SAM 每個季度都會專注於商業線索，並根據每季的投資報酬率分析來考慮我們的投資。因此，我們不只是為這一年設定一個數字，然後說，去花掉它，我們真的很快就會對其進行分析。我不會，你知道，我沒有提到消費者團隊推出的閃點可能是有史以來最好的廣告之一。我很長時間以來一直在使用 Claritin 或 Miralax 或 Copper 做消費者工作，回到我共享犁的日子。我不得不說這是我見過的最強大的地方之一。我做了很多工作，包括使用肉毒桿菌、肉毒桿菌或其他藥物。我真的很興奮，我們看到了這一季度的成長，眨眼間就達到了 35%。所以，你知道，成長方面最大的差異可能就是那個地方。這就是您希望看到的，您希望看到銷售的真正反應，當我們看到它時，我們會繼續投資。

No, that's super helpful. And then just similarly, you know, given that the interest in, in sort of a multi mechanism of action strategy for dry eye and in the clinician community, you know, what, what's the messaging look like to, to, to clinicians on how to, how to think about these two products together, you know, and then maybe, you know, what, what early evidence are you getting in terms of how they're being used, you know, alternatively or put together, you know, to drive service energy between my and anxiety.

不，這非常有幫助。同樣，你知道，考慮到臨床醫生界對乾眼症多機制行動策略的興趣，你知道，向臨床醫生傳達的關於如何治療乾眼症的信息是什麼樣的？一起考慮，你知道，然後也許，你知道，什麼，你在如何使用它們方面獲得了哪些早期證據，你知道，或者將它們放在一起，你知道，在我和焦慮之間驅動服務能量。

Yes. So great question, right? Clearly, they work very differently.

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。

Xydra is, is an antiinflammatory and mao is the only approved anti mechanism. And so when you look at xydra, it's really competing against the other antiinflammatories which tend to be cyclist foreign based options and Zyda 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, you know, we believe we have the best antiinflammatory. And so when a doctor sees that cascade, we want them to highly consider Zy as the best option for their patients. And then Mipo 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 is tend to be caused by myb and gland dysfunction. And so, you know, I think that the way we think about it is regardless of the, of the type of dry eye, you have, we have an option for physicians to treat their patients.

Xydra 是一種抗發炎藥，mao 是唯一被批准的抗機制。因此，當你看到xydra 時，它實際上是在與其他抗發炎藥物競爭，這些抗發炎藥物往往是騎自行車的外國選擇，而Zyda 只是更好的藥物，它往往效果明顯，沒有直接的直接研究。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。因此，當醫生看到這種級聯反應時，我們希望他們高度考慮 Zy 作為患者的最佳選擇。 Mipo 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。絕大多數患者會出現蒸發，這往往是由 myb 和腺體功能障礙引起的。所以，你知道，我認為我們思考這個問題的方式是，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病人。

And that's really how we look at it. And, you know, when we go out and, and, 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 know, just 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 Zyra Maa with a lot of promotional support behind them, whether it be direct to consumer or even even medical meetings and medical affairs is that we are getting the attention of a lot of ecps and that's, that's, you know, 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 Lam is front and center with doctors around the world and that, that can help support, you know, an investa launch or, or even pulling through monofocal Iols. And so there really is a interconnectivity here that's hard to describe unless you get out in the field and you talk to doctors and they say Bausch 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.

我們確實是這樣看待它的。而且，你知道，當我們出去和醫生交談時，他們明白了，他們理解了。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。我也想，你知道，只是你沒有問這個。但順便說一句，作為一家整體眼保健公司，擁有像 Zyra Maa 這樣的主打品牌，背後有大量的促銷支持，無論是直接面向消費者，甚至是醫療會議和醫療事務，另一個優勢是我們正在引起許多ecps 的關注，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Bausch and Lam 處於領先地位中心與世界各地的醫生一起，這可以幫助支持投資的推出，甚至是單焦點人工晶體的推出。因此，這裡確實存在一種很難描述的相互關聯性，除非你走出去到現場並與醫生交談，他們說鮑什無處不在，他們回來了，他們有很多能量，最重要的是，很多創新的發展，這確實是一種水漲船高的情況，我們懷疑並且我們確實正在投資於早期創新，以在未來十年或更長時間內維持這種創新。

That's great. Thanks so much.

那太棒了。非常感謝。

Yeah. Thank you.

是的。謝謝。

Doug Miehm, RBC Capital Markets.

米姆 (Doug Miehm)，加拿大皇家銀行資本市場部。

Thank you. I just wanted to delve a little bit deeper on that with respect to your prescription business. And what I mean by that is that 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 myle launch getting Zyra 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 ebida other valuation metrics might be dragging a bit as a result of that. Thanks.

謝謝。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，即使這些業務的本益比較低。我很好奇，考慮到你們在各種項目中進行的投資、myle 的推出讓 Zyra 重回正軌，你們是否認為投資者和潛在的大投資者認識到存在一個可以利用這種能力的機會這一事實。但同時，今天的EBDA其他估值指標可能會因此而受到一些拖累。謝謝。

Yeah, it's actually something we spent a lot of time thinking about.

是的，這實際上是我們花了很多時間思考的事情。

You know, 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, is surgical vision care and consumer, very durable businesses and clearly, you know, an incredibly important part of our future. And so well, today, you know, Pharma may be driving the largest growth. I think, you know, you look at what's happening. Let's take surgical as an example, you know, 12% growth. We're at the very early stages of a really strong launch cycle with premium IOLS and equipment upgrades. And so, you know, 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, you know, better manufacturing efficiencies, but most importantly is new product launches. And the premium IOLS is a great example, you know, and this Eny just launched, what two weeks ago, I can't tell you the number of texts and messages and calls I've gotten from ophthalmic surgeons, you know, sending me pictures of their boxes and their patient with their Investa 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 Investa Spfi which launched early in the year in the monofocal plus category with very limited competition.

你知道，我認為你必須將其放在上下文中。我認為我們的製藥業務約佔整個公司的 25%，這意味著 75% 是正確的，是手術視力保健和消費者，非常持久的業務，顯然，你知道，這是我們未來極其重要的一部分。那麼，今天，你知道，製藥業可能正在推動最大的成長。我想，你知道，你看看正在發生的事情。我們以外科為例，你知道，成長12%。我們正處於一個真正強勁的推出週期的早期階段，具有優質 IOLS 和設備升級。所以，你知道，我確實相信，未來幾年，利潤率改善的最佳、最重要、可能最大的機會是在外科手術中，因為我們提高了營運效率，坦白說，我們提高了製造效率，但大多數重要的是新產品的發布。高級 IOLS 就是一個很好的例子，你知道，這個 Eny 剛剛推出，兩週前，我無法告訴你我從眼外科醫生那裡收到的短信、消息和電話的數量，你知道，發給我的他們的盒子和病人的照片，讓他們羨慕不已。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 Investa Spfi，它在今年年初推出了單焦點 plus 類別，競爭非常有限。

You know, we are starting to build out one of the probably the top tier IOL portfolios. And so that really pretends, you know, for, for great opportunity over the next two years in that business to really drive that on equal footing of Pharma. Same with, with contact lenses. I told that story a bunch of times already in this call. So, you know, this isn't really a pharma story. This is an eye health company story and surgical consumer and vision care are incredibly important parts of future growth.

您知道，我們正在開始建立可能是頂級 IOL 產品組合之一。因此，這確實是假裝，你知道，未來兩年該行業有巨大的機會，可以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，你知道，這不是一個真正的製藥故事。這是一個眼健康公司的故事，外科消費者和視力保健是未來成長的極其重要的部分。

Excellent. And then as a quick follow up for SAM, you talk 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 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. Thank you.

出色的。然後，作為 SAM 的快速跟進，您談到全年利潤率為 62.5% 作為指導，這可能是保守的。但當你查看 9 個月的數字時，到目前為止它是 62.7。那麼，這是否意味著我們可能會看到一些擠壓，或者您只是在我們查看第四季度的數據時持保守態度，這通常對公司來說是一個更加強勁的季度，我將其留在那裡。謝謝。

Thanks Doug. I would, I would probably say I'm pretty balanced. As I think about the 62.5 again, I call it quickly 62.5. As we think through it, it could be arranged. Based on again how we think about the, the range of our revenue as well in the mix of our products. But what, what's more important here and I think we should not lose sight of is when you think about just 24 to 22 year-to-date and what we've been doing so far has really been sort of executing what we said we're going to do, which is trying to drive that product mix to the higher margin price. And we've seen that happen in the Pharma side where Brent highlighted the IO 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 was sort of our plan and we're seeing that play out. So, could it be a 62.5? Could it be 62.7. It's a 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. And the key point is we're showing the improvement in the gross margin.

謝謝道格。我可能會說我很平衡。當我再次思考 62.5 時，我很快就將其稱為 62.5。我們想一想，是可以安排的。再次基於我們對收入範圍以及產品組合的看法。但是，這裡更重要的是，我認為我們不應該忽視的是，當你想到迄今為止的 24 到 22 年時，我們迄今為止所做的事情確實是在執行我們所說的事情。就是努力將產品組合推向更高的利潤價格。我們已經在製藥方面看到了這種情況，Brent 強調了 IO，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，它可以是 62.5 嗎？可以是62.7嗎？就我們範圍的高端而言，現在是 62.5。同樣，指南的範圍有多種結果。關鍵是我們展示了毛利率的改善。

Thank you.

謝謝。

Xray is complete.

X 光檢查完成。

We take one more operator.

我們又聘請了一名操作員。

Robbie Marcus, JPMorgan.

羅比馬庫斯，摩根大通。

Hi, this is Lily on for Ravi. Thanks for taking the question. You've had a nice steady cadence of reported and constant currency sales upside in guidance throughout the year, but adjusted BEDA has held studies throughout. So why haven't we seen that topline strength start to flow through to the P&L just yet?

大家好，我是拉維的莉莉。感謝您提出問題。在全年的指導中，報告的貨幣銷售上漲趨勢良好且穩定，但調整後的 BEDA 一直在進行研究。那麼，為什麼我們還沒有看到營收實力開始流入損益表呢？

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 in the launch cycle we're in, you know, 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, you know, Mao or relaunching Zyra or the new Iol S or the new Daily CSY high lenses or blink in, in, in consumer, but also continue to invest in lumify and preservision as well. And so, you know that there is a and a really important strategy of getting these launches on the right trajectory which require outsized investment in the first, let's call it 2 to 3 years of the launch cycle and then they become, you know, incredibly more profitable as, 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 to many other.

是的，這是一個很好的問題，也是一個重要的原因，SAM 可以在這裡添加一些色彩評論，即我們所處的發布週期中的投資，你知道，我在最近幾次電話會議中強調了這一點。我們可能正處於 170 年歷史上最強勁的發布週期，無論是，你知道，Mao 還是重新推出 Zyra，或者新的 Iol S，或者新的 Daily CSY 高鏡片，或者在消費者中眨眼，但也繼續還要投資lumify 和preservation。所以，你知道，有一個非常重要的策略可以讓這些發布走上正確的軌道，這需要在第一個階段進行大量投資，我們稱之為2 到3 年的發布週期，然後它們就會變得令人難以置信。這就是我們正在做的事情。我認為我們對我們所處的發布週期非常透明。

That's exactly right. And we've actually k when you think about sort of reflecting from the beginning of the year, even before we give the guns 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 see right now, the, the work that we've been doing is sort of focusing on the top line and the topline growth. And with that topline growth, that's given us the margin expansion that we've seen in Q1 Q2 Q3. And it 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.

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的建議之前，我們強調這一點今年對我們來說將是投資年。事實上，這是因為我們知道我們已經發布了多少產品，我們希望在這些發布背後進行投資，以及你現在所看到的，我們一直在做的工作有點集中於營收和營收成長。隨著營收的成長，我們在第一季、第二季和第三季看到了利潤率的擴張。當我們進入第四季及以後時，它也為我們提供了擴大利潤的自由和自由。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, so maybe just some quick, some quick closing comments.

好的。所以，也許只是一些快速的結束語。

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 the 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 ALL13,000 Baam colleagues for their focus on execution and driving results. Thank you so much.

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。冒昧地說，我不想在這裡重複自己的觀點，我想再次強調，我們非常堅定、堅持不懈地註重執行力，為客戶提供服務，為銷售和製造我們產品的同事提供支持。特別感謝所有 13,000 名 Baam 同事對執行和推動結果的關注。太感謝了。

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。

I'm good.

我很好。