Bausch + Lomb Corp (BLCO) 2024 Q4 法說會逐字稿

Greetings. Welcome to the Bausch and Lomb Fourth quarter 2024 earnings call. (Operator instructions)

問候。歡迎參加博士倫 2024 年第四季財報電話會議。（操作員指令）

I will now turn the conference over to your host, George Gadkowski , Vice President, Investor Relations. You may begin.

現在，我將會議交給主持人、投資人關係副總裁 George Gadkowski。你可以開始了。

Thank you. Good morning, everyone, and welcome to our fourth quarter of 2024 financial results conference call. Participating on today's call our Chairman and Chief Executive Officer Mr. Brent Saunders and Chief Financial Officer, Mr. Sam Eldessouky.

謝謝。大家早安，歡迎參加我們 2024 年第四季財務業績電話會議。參加今天電話會議的有我們的董事長兼執行長布倫特桑德斯先生和財務長薩姆埃爾德蘇基先生。

In addition to this live webcast, a copy of today's live presentation and a replay of this conference call will be available on our website under the investor relations section. 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.

除了本次現場網路直播之外，今天的現場演示副本和本次電話會議的重播將在我們網站的投資者關係部分提供。在我們開始之前，我想提醒您，我們今天的演示包含前瞻性資訊。我們希望您花一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。

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.

本簡報包含非公認會計準則 (GAAP) 財務指標和比率。有關這些指標和比率的更多信息，請參閱簡報的第 1 張幻燈片。非 GAAP 對帳表可在我們網站上發布的簡報附錄中找到。

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 from guidance other than through broadly disseminated public disclosure. With that, it's my pleasure to turn the call over to Brent.

本簡報中的財務指導僅自今日起有效。我們的政策是，除非法律要求，否則一般不會在下個季度之前更新指引，並且除非透過廣泛傳播的公開披露，否則不會更新或發布指引。現在，我很高興將電話轉給布倫特。

Thank you, George, and thank you everyone for joining us today. I'm going to show progress against our strategy through the lens of our fourth quarter and full year results, and Sam will go deeper on our performance and provide 2025 guidance. I'll close by highlighting the products and technology that will advance our strategy in 2025 and beyond.

謝謝你，喬治，也謝謝大家今天的參加。我將透過第四季度和全年業績來展示我們策略的進展情況，而 Sam 將深入了解我們的業績並提供 2025 年的指導。最後，我將重點介紹將在 2025 年及以後推進我們策略的產品和技術。

We booked our fifth straight quarter of double digit constant currency revenue growth, contributing to 17% constant currency revenue growth for the year. While top line growth isn't the only metric that matters, our trajectory is clear. We're capturing market share in an industry with significant growth potential and carving out leadership positions in areas of unmet need.

我們連續第五個季度實現兩位數的固定匯率營收成長，為全年固定匯率營收成長貢獻了 17%。雖然營業收入成長並不是唯一重要的指標，但我們的發展軌跡是明確的。我們正在具有巨大成長潛力的行業中佔領市場份額，並在尚未滿足的需求領域佔據領導地位。

There's no secret sauce behind that growth. In fact, the formula is simple. We continue to introduce new products across businesses and geographies at a steady clip while optimizing our manufacturing process, which includes deploying AI.

這種增長背後沒有什麼秘密。其實公式很簡單。我們持續穩定地向各個業務和地區推出新產品，同時優化我們的製造流程，包括部署人工智慧。

Technology is also a key component of an ongoing investment in our sales force. Our reps are leveraging digital tools to establish new relationships and deepen existing ties. The easier we make their jobs, the better they perform. Again, it's a simple formula. Underpinning our recent success is a commitment to long term growth.

科技也是我們對銷售團隊持續投資的重要組成部分。我們的代表正在利用數位工具建立新的關係並加深現有的關係。我們讓他們的工作越輕鬆，他們的表現就越好。再次強調，這是一個簡單的公式。我們近期成功的基礎是對長期成長的承諾。

We are once again an innovation company, something I couldn't say when I rejoined Bausch and Lomb two years ago. Our R&D organization has been completely overhauled and infused with top talent. Our refocused pipeline is now filled with promise and potential to significantly enhance the standard of care in eye health.

我們再次成為一家創新公司，這是我兩年前重新加入博士倫時無法說出來的。我們的研發機構已經徹底改組，並注入了頂尖人才。我們重新調整後的管道現在充滿希望和潛力，可以顯著提高眼部保健標準。

This section of our road map to accelerate growth, which we highlight every quarter, focuses on phase 2. Innovate and execute. I can't think of a more appropriate way to describe our current state. Innovation is driving our decision making process and positioning the company for long term sustainable growth, and our relentless focus on execution is clearly reflected in our results.

我們每季都會專注於加速成長路線圖的這一部分，並專注於第二階段。創新並執行。我想不出更合適的方式來描述我們目前的狀態。創新推動著我們的決策過程，並使公司實現長期永續成長，而我們對執行的不懈關注也清晰地反映在我們的業績中。

Words on a road map are hollow without concrete examples, so consider the following when it comes to execution. Our organic revenue CAGR over the past two years is approximately 10%. The success of recent product launches is well documented, particularly in dry eye space, where a comprehensive portfolio is approaching $1 billion in annual revenue.

如果沒有具體的例子，路線圖上的文字就是空洞的，因此在執行時請考慮以下幾點。我們過去兩年的有機收入複合年增長率約為 10%。最近推出的產品的成功是有目共睹的，特別是在乾眼症治療領域，該領域的綜合產品組合年收入接近 10 億美元。

Proof of our commitment to innovation deserves its own slide, these are the pipeline products we're most excited about with representation from all businesses. Our in-house engineers are developing a first of its kind Biomimetic contact lens that would optimize oxygen permeability and critically can be produced on existing lines, which means minimizing future capital expenditures. We're also developing a myopia control solution for children and young adolescents.

我們致力於創新的證明值得用一張幻燈片來展示，這些是我們最為興奮的、代表各行各業的管道產品。我們的內部工程師正在開發第一種仿生隱形眼鏡，它可以優化透氧性，而且可以在現有生產線上生產，這意味著最大限度地減少未來的資本支出。我們也正在開發兒童和青少年的近視控制解決方案。

Our consumer pipeline is all about building on the success of category leading brands with new formulations. We're once again working with the National Eye Institute to develop an AIDS 3 offering, which we believe would expand the market for a high performance preservation franchise and address a significant growth opportunity in dry AMD.

我們的消費者管道全部都是透過新配方來鞏固同類領先品牌的成功。我們再次與美國國家眼科研究所合作開發 AIDS 3 產品，我們相信這將擴大高性能保存特許經營的市場，並解決乾性 AMD 的重大成長機會。

Lumified locks is currently under development and would represent the next chapter of premium redness relief. The recent addition of Elios procedure to our surgical portfolio unlocks new opportunities to treat glaucoma in conjunction with cataract surgery, and we hope to secure an FDA approval later this year.

Lumified locks 目前正在開發中，它將代表優質紅腫緩解技術的下一篇章。我們最近將 Elios 手術添加到我們的手術組合中，為結合白內障手術治療青光眼開闢了新的機會，我們希望在今年稍後獲得 FDA 批准。

Meanwhile, we continue to roll out premium IOL offerings in a staged approach with an expected 2026 U.S. launch from this to beyond and an adjustable IOL in early stages of development. Finally, we've transformed our pharma pipeline to potentially introduce several novel treatments. These include a first dual action therapeutic to address both evaporative and inflammatory dry eye disease.

同時，我們將繼續分階段推出高階 IOL 產品，預計 2026 年在美國推出，可調式 IOL 也處於開發早期階段。最後，我們改變了我們的製藥產品線，有可能推出幾種新的治療方法。其中包括第一種同時治療蒸發性乾眼症和發炎性乾眼症的雙重作用療法。

The first product to treat chronic ocular surface pain and the first glaucoma product to lower intraocular pressure and improve visual acuity. Our revamp pipeline positions us to significantly enhance the standard of care for patients across the spectrum of eye health needs. That's where our focus will continue to be.

第一個治療慢性眼表疼痛的產品和第一個降低眼壓、改善視力的青光眼產品。我們改進後的管道使我們能夠顯著提高各類眼保健需求患者的護理標準。我們的重點仍將放在那裡。

I reference our holistic strength every quarter, so it's no surprise that I'll do the same when providing a full year review. The key takeaway is there continues to be no lager. All three reporting segments delivered double-digit constant currency revenue growth for the year thanks to a focus on execution, in particular, when bringing new products to market.

我每季都會參考我們的整體實力，因此在提供全年回顧時我也會這樣做也就不足為奇了。關鍵的一點是，這裡仍然沒有啤酒。由於注重執行，特別是在將新產品推向市場時，所有三個報告部門全年均實現了兩位數的固定匯率收入成長。

Of note, absence either revenue, pharmaceuticals assault approximately 15% organic revenue growth for the year. The franchises we highlight speak to that holistic strength.

值得注意的是，即使沒有這兩項收入，藥品全年的有機收入成長率也達到 15% 左右。我們重點介紹的特許經營權就體現了這種整體實力。

We updated our 2024 projections for Miebo in November and still outperformed expectations with $172 million of revenue. Cydra hit the high end of our projections with $364 million in full year 2024 revenue, and a 14% year-over-year growth for Artelac is a reminder that our holistic strength extends to performance across geographies.

我們在 11 月更新了對 Miebo 2024 年的預測，並且仍然以 1.72 億美元的收入超出預期。Cydra 的 2024 年全年營收達到 3.64 億美元，超出了我們預期的高端，而 Artelac 的同比增長率為 14%，這提醒我們，我們的整體實力延伸至跨地區的表現。

Daily SiHy lenses uptake continues to leap off the page with over 70% reported revenue growth for the year. Three things are driving that growth a superior product offering, sales excellence, and a thoughtful approach to how we introduce multi focal and tour options in new markets around the world.

SiHy 每日鏡片的銷量持續飆升，今年的收入成長率超過 70%。推動這一成長的有三個因素：優質的產品、卓越的銷售、以及如何在全球新市場推出多焦點和旅遊選擇的深思熟慮的方法。

I referenced our premium IOL pipeline earlier, but it's important to recognize that we're carving out a significant presence in the category with existing offerings. Revenue from premium lenses was up 35% in 2024, despite several launches taking place later in the year.

我之前提到過我們的優質 IOL 產品線，但重要的是要認識到，我們正在利用現有產品在該類別中佔據重要地位。儘管今年稍後推出了幾款產品，但 2024 年高端鏡頭的收入仍增長了 35%。

I'll now turn it over to Sam for a closer look at the financials.

現在我將把問題交給 Sam，讓他仔細研究一下財務狀況。

Thank you, Brent, and good morning everyone.

謝謝你，布倫特，大家早安。

Before we begin, please note that all my comments today will be focused on growth expressed on constant currency basis unless specifically indicated otherwise. Turning now to our financial results on slides 8 and 9. We saw yet another quarter of solid performance. With revenue growth across our segments, geographies, and product franchises.

在我們開始之前，請注意，除非另有明確說明，我今天的所有評論都將集中在以固定匯率表示的成長上。現在來看看第 8 和第 9 頁的財務結果。我們又看到了另一個穩健表現的季度。我們各個部門、地區和產品系列的收入都在成長。

The broad-based momentum in our business continued during the quarter, driven by our sustained focus on execution. Total company revenue of $1.28 billion for the quarter reflects growth of 11% and 10% on an organic basis. For the full year, total company revenue of $4.791 billion reflects growth of 17% and 10% on an organic basis.

由於我們持續注重執行力，我們業務的廣泛發展勢頭在本季度得以延續。本季公司總營收為 12.8 億美元，有機成長率為 11%。全年公司總收入為 47.91 億美元，有機成長率為 10%。

As we have said before, 2024 was one of the most active product launch years in our history. Our steady stream of product launches continues to drive growth, and we are excited about the opportunity ahead of us in 2025 and beyond.

正如我們之前所說，2024 年是我們歷史上產品發布最活躍的年份之一。我們源源不絕的產品推出持續推動成長，我們對 2025 年及以後的機會感到興奮。

For the fourth quarter, translational currency was a headwind of $17 million to revenue and $4 million to adjusted EBITDA. For the full year, it was a headwind of $69 million to revenue and $11 million adjusted EBITDA.

第四季度，折算貨幣對收入造成了 1700 萬美元的不利影響，對調整後 EBITDA 造成了 400 萬美元的不利影響。就全年而言，該公司的收入減少了 6,900 萬美元，調整後 EBITDA 減少了 1,100 萬美元。

Now let's discuss the results in each of our segments. Vision care fourth quarter revenue of $723 million increased by 11% driven by growth in both the consumer and contact lens businesses. For the full year, vision care revenue was $2.739 billion and increased by 10%. The consumer business grew by 10% in Q4. Let me go over a few highlights on the consumer business.

現在讓我們討論一下各個部分的結果。視力保健第四季營收為 7.23 億美元，成長 11%，主要得益於消費者業務和隱形眼鏡業務的成長。全年視力保健收入為27.39億美元，成長10%。第四季消費者業務成長了10%。我來介紹一下消費者業務的幾個亮點。

In the quarter, Lumufai grew by 24% and continued to expand its market leading position. Our consumer dry eye portfolio delivered $103 million in revenue, representing 20% growth in the quarter. Our two key franchises, Artelac and Blink, were once again big contributors to the strong performance.

本季度，Lumufai成長24%，持續擴大市場領先地位。我們的消費者乾眼症產品組合實現了 1.03 億美元的收入，佔本季收入的 20%。我們的兩個主要特許經營權 Artelac 和 Blink 再次為強勁業績做出了重要貢獻。

Artelac grew by 18% and Blink grew by 12% in the quarter. The dry eye portfolio has continued its outstanding performance, with growth of approximately 27% on average over the past four quarters. I vitamins grow by 7% in Q4 as we continue to see solid consumption trends.

本季度，Artelac 成長了 18%，Blink 成長了 12%。乾眼症產品組合持續表現出色，過去四個季度平均成長約 27%。由於我們繼續看到穩健的消費趨勢，維生素 I 在第四季度增長了 7%。

And Lens care grew by 2% for the full year, led by our Biotrue NPS franchise. Contact lens revenue growth was 13%, with strong performance across modalities, key brands, and geographies. For the full year, contact lens revenue growth was 11%. We are continuing to see very strong momentum with daily SiHy, which grew 75% in the quarter.

在 Biotrue NPS 特許經營權的推動下，鏡頭護理全年增長了 2%。隱形眼鏡收入成長了 13%，各個類型、主要品牌和地區均有強勁表現。全年隱形眼鏡營收成長11%。我們繼續看到每日 SiHy 的強勁發展勢頭，本季成長了 75%。

We also saw growth across other key franchises, including Biotrue, which was up 3% in the quarter, and ultra which was up 10%. Contact lens revenue growth was broad based across markets, with the US up 17% in the quarter and international up 11%. For the full year, the US was up 12% and international was up 11%.

我們還看到其他主要特許經營權的增長，其中 Biotrue 在本季度增長了 3%，而 ultra 增長了 10%。隱形眼鏡營收成長遍佈各個市場，其中美國市場本季成長 17%，國際市場成長 11%。全年來看，美國市場上漲 12%，國際市場上漲 11%。

Outside the US we saw solid performance across all of the regions, with growth in China at 12% in the quarter and 18% for the full year. While we are still in the early innings, we are seeing our investments in Opal in the US and direct to consumer in China pay off.

在美國以外，我們看到所有地區都表現穩健，其中中國本季成長率為 12%，全年成長率為 18%。雖然我們仍處於早期階段，但我們看到我們在美國 Opal 和中國直接面向消費者的投資獲得了回報。

We believe the future of our lens business is highly promising. Our execution continues to be strong, and we have a robust pipeline of innovation. Moving now to the surgical segment, fourth quarter revenue was $231 million, an increase of 15%. For the full year, revenue was $843 million, representing growth of 11%.

我們相信，我們的鏡頭事業未來前景十分光明。我們的執行力持續強勁，我們擁有強大的創新管道。現在轉到外科手術領域，第四季營收為 2.31 億美元，成長 15%。全年營收為 8.43 億美元，成長 11%。

In Q4, we once again saw growth in each of our three surgical product categories, And we also saw growth across all regions. Consumables, our largest product category, grew in the quarter by 10% revenue from equipment was up 21%.

在第四季度，我們再次看到三個外科產品類別均實現成長，我們也看到所有地區的成長。我們最大的產品類別——消耗品——本季成長了 10%，設備收入成長了 21%。

Implantables grew by 19% in the quarter, with our standard IOS up 4% and our premium IOS was up 67%. Our Investor IOL platform is continuing to perform well, with the Investor Aspire lens and Investor Envy showing strong early results.

本季植入物成長了 19%，其中我們的標準 IOS 成長了 4%，而我們的高階 IOS 成長了 67%。我們的 Investor IOL 平台繼續表現良好，其中 Investor Aspire 鏡頭和 Investor Envy 顯示出強勁的早期業績。

We are very excited about the surgical business. We are delivering growth that's faster than the overall market, and our strategy remains the same. We will continue to focus on the top line growth, And drive marginal expansion with our premium products.

我們對外科手術業務感到非常興奮。我們的成長速度快於整體市場，而且我們的策略保持不變。我們將繼續專注於營收成長，並透過優質產品推動邊際擴張。

Lastly, revenue in the farmer segment was $326 million for the quarter, which represents growth of 7%. For the full year, revenue in the farmer segment was $1.209 billion, which represents growth of 45%. Touching on our farm and dry eye portfolio. Miebo has continued its exceptional launch performance and delivered $53 million in revenue in the quarter.

最後，本季農民部門的營收為 3.26 億美元，成長 7%。全年農場主部門收入為 12.09 億美元，成長 45%。談談我們的農場和乾眼症產品組合。Miebo 延續了其卓越的發布表現，本季實現了 5,300 萬美元的收入。

For the full year, My delivered $172 million exceeding our latest guidance. I will once again highlight our commitment to making investments to drive Miebo's strong growth, including investments in our direct to consumer campaign.

就全年而言，My 的營收為 1.72 億美元，超出了我們最新的預期。我將再次強調我們致力於投資推動 Miebo 的強勁成長，包括對我們的直接面向消費者的活動的投資。

Xander delivered $104 million revenue in the fourth quarter, this represents 6% growth when excluding the one-time $8 million rebate benefit we saw in Q4 of last year, which was driven by the acquisition from Novartis. For the full year Xander delivered $364 million in revenue coming in at the high end of our guidance range.

Xander 在第四季度實現了 1.04 億美元的營收，若不包括去年第四季因收購諾華而獲得的 800 萬美元一次性返利，則成長了 6%。全年而言，Xander 實現了 3.64 億美元的營收，達到我們預期範圍的高點。

As we look to 2025, our strategy remains unchanged. We will continue our efforts to maximize access to all Xiidra patients. Our team delivers strong Xiidra TRX growth in Q4. And we expect TRX growth to continue in 2025. As I have previously stated, We also expect a one-time impact from the inflation Reduction Act to be about $25 million in 2025.

展望2025年，我們的策略維持不變。我們將繼續努力，最大限度地讓所有 Xiidra 患者能夠接受該療法。我們的團隊在第四季度實現了強勁的 Xiidra TRX 成長。我們預計 TRX 將在 2025 年繼續成長。正如我之前所說，我們也預期《通膨削減法案》將在 2025 年產生約 2,500 萬美元的一次性影響。

Looking at our broader farmer portfolio, we are seeing solid performance for the full year, US generics grew by 10% and international farmer grew by 8%. Now, let me walk through some of the key non-GAAP line items on slides 10 and 11.

縱觀我們更廣泛的農民組合，我們看到全年表現穩健，美國仿製藥增長了 10%，國際農民增長了 8%。現在，讓我介紹一下第 10 和 11 張投影片中的一些關鍵的非 GAAP 專案。

Adjusted gross margin for the fourth quarter was 62.5% for the full year, adjusted gross margin was 62.6%, which was up 160 basis points compared to last year. The increase in adjusted gross margin was mainly driven by product mix. As we continue to execute our strategy to transition to higher margin products.

第四季調整後毛利率為62.5%，全年調整後毛利率為62.6%，較去年同期上升160個基點。調整後毛利率的成長主要得益於產品組合。我們將繼續執行向利潤率更高的產品轉型的策略。

In the fourth quarter, We invested $93 million adjusted R&D and $342 million for the full year, which is about 7% of revenue fourth quarter adjusted EBITDA, excluding IPR&D was $259 million, which represents 14% growth versus Q4 of '23.

第四季度，我們投資了 9,300 萬美元的調整後研發費用，全年投資了 3.42 億美元，約佔營收的 7%。第四季調整後的 EBITDA（不包括 IPR&D）為 2.59 億美元，與 23 年第四季相比成長了 14%。

For the full year, adjusted EBITDA excluding IPR&D was $878 million, up 20% versus 2023. Net interest expense for the quarter was $93 million and $384 million for the full year. Adjust the EPS excluding IPR&D with $0.25 for the quarter and $0.63 for the full year.

全年調整後的 EBITDA（不包括智慧財產權與研發）為 8.78 億美元，較 2023 年成長 20%。本季淨利息支出為 9,300 萬美元，全年淨利息支出為 3.84 億美元。調整不包括智慧財產權與研發的每股盈餘，本季為 0.25 美元，全年為 0.63 美元。

Over the course of 2024, we have discussed our targeted efforts to drive cash flow. These efforts are paying off adjusted cash flow from operations was $263 million for the full year compared to $56 million in 2023. We are pleased with this performance, and we will remain focused on this front in 2025.

在 2024 年期間，我們討論了推動現金流的目標努力。這些努力正在帶來回報，全年調整後的營運現金流為 2.63 億美元，而 2023 年為 5,600 萬美元。我們對這一表現感到滿意，並將在 2025 年繼續專注於這一領域。

Turning now to our 2025 guidance on slide 15, we expect full year revenue to be in a range of $4.95 billion to $5.05 billion. This reflects constant currency growth of approximately 5.5% to 7.5%. The fundamentals of our business and the eye care market remains strong, and we expect each of our segments to deliver growth in 2025.

現在來看看第 15 頁的 2025 年指引，我們預計全年營收將在 49.5 億美元至 50.5 億美元之間。這反映了約 5.5% 至 7.5% 的固定貨幣成長率。我們的業務和眼保健市場的基本面依然強勁，我們預計每個部門都將在 2025 年成長。

Shifting to adjusted EBITDA, we are setting our adjusted EBITDA guidance in a range of $900 million to $950 million consistent with our guidance in 2024. Our current guidance excludes any potential one-time IPR&D charges that we may have in 2025.

轉向調整後的 EBITDA，我們將調整後的 EBITDA 指引設定在 9 億至 9.5 億美元的範圍內，與 2024 年的指引一致。我們目前的指導不包括我們在 2025 年可能產生的任何潛在的一次性 IPR&D 費用。

As we exit 2024, we saw a swift strength of the US dollar. Based on current exchange rates for the full year 2025, we estimate currency heads of approximately $100 million to revenue. And $20 million to adjust to EBITDA.

隨著我們進入 2024 年，我們看到美元迅速走強。根據 2025 年全年的現行匯率，我們估計收入的貨幣部分約為 1 億美元。另外還有 2000 萬美元用於調整 EBITDA。

We expect 2025 phasing to follow the natural seasonality of our business. With the first quarter being the lowest and the fourth quarter being the highest. I do, however, want to highlight a couple of factors that will impact our typical phasing. First given the success we're seeing in the Miebo direct to consumer campaign, we plan to continue the investment through the early part of this year.

我們預計 2025 年的分階段實施將遵循我們業務的自然季節性。其中第一季最低，第四季最高。然而，我確實想強調幾個會影響我們典型分階段的因素。首先，鑑於我們在 Miebo 直接面向消費者的活動中看到的成功，我們計劃在今年年初繼續投資。

Second, we also expect to increase our investment in R&D in the first part of the year as we continue to drive our innovation pipeline. Based on these factors, in Q1 2025, we expect to achieve roughly 17% of the full year adjusted EBITDA guidance, and we expect to build on that as we progress throughout the year.

其次，我們也預計將在今年上半年增加對研發的投資，並持續推動我們的創新管道。基於這些因素，我們預計 2025 年第一季將實現全年調整後 EBITDA 指引的約 17%，並且我們預計全年都將在此基礎上繼續進步。

While these factors are expected to have a short-term impact on phasing, they represent a strategic opportunity that we believe will generate significant growth and sustainable market expansion over many years.

雖然這些因素預計會對分階段產生短期影響，但它們代表著一個策略機遇，我們相信它將在未來許多年內帶來顯著的成長和可持續的市場擴張。

In terms of the other key assumptions underlying our guidance, we expect adjusted gross margin to be approximately 62.5%. Keep in mind that we are absorbing an estimated $25 million impact from the inflation Reduction Act in adjusted gross margin.

就我們指引的其他關鍵假設而言，我們預期調整後的毛利率約為 62.5%。請記住，我們正在吸收通貨膨脹削減法案對調整後毛利率造成的約 2,500 萬美元的影響。

For the full year, we expect investments in R&D to be about 7.5% of revenue. As we continue to monitor Fed's actions, we expect interest expense to be approximately $375 million for the full year, which reflects a moderate decrease relative to 2024.

我們預計全年研發投入將佔營收的 7.5% 左右。隨著我們繼續關注聯準會的行動，我們預計全年利息支出約為 3.75 億美元，與 2024 年相比略有下降。

We expect our adjusted tax rate to be roughly 15% to 17% and full year CapEx is expected to be approximately $280 million. Now on slide 16, let me provide some additional color on how to think about the adjusted EBITDA guidance in 2025.

我們預計調整後的稅率約為 15% 至 17%，全年資本支出預計約為 2.8 億美元。現在在第 16 張投影片上，讓我提供一些關於如何考慮 2025 年調整後的 EBITDA 指引的額外說明。

The main point of our 2025 guidance range is $925 million. It absorbs currency headwinds of approximately $20 million. It also absorbs an estimated impact of approximately $20 million related to our recent acquisition of Elios as we prepare for the approval in the launch in the US.

我們 2025 年指導範圍的重點是 9.25 億美元。它吸收了約 2000 萬美元的貨幣逆風。在我們準備獲得美國上市批准之際，它還吸收了我們最近收購 Elios 所產生的約 2000 萬美元的預期影響。

We are excited about bringing Elios to the US market and believe it will be an important and profitable contributor to the surgical business for years to come. Excluding the impact of the currency headwinds and the Elios acquisition.

我們很高興將 Elios 帶入美國市場，並相信它將在未來幾年成為外科手術業務的重要且有利可圖的貢獻者。不包括貨幣逆風和 Elios 收購的影響。

At the midpoint of our guidance range, the adjusted EBITDA margin is 18.9% in 2025. This reflects a 60 basis points, even the marginal expansion in our base business relative to 2024. To sum up, we are continuing to see solid execution and strong performance across all segments. Our strategy is paying off. There is a clear momentum to further drive revenue growth and sustainable margin expansion.

在我們的指導範圍的中點，2025 年調整後的 EBITDA 利潤率為 18.9%。這反映了 60 個基點，甚至是我們基礎業務相對於 2024 年的邊際擴張。總而言之，我們繼續看到各部門的穩健執行和強勁表現。我們的策略已取得成效。進一步推動營收成長和可持續利潤率擴大的勢頭明顯。

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 highlight the categories and products that will help fuel growth in 2025. Earlier I mentioned that we're nearing $1 billion in annual revenue for our dry-eyed portfolio, which is impressive on its own. But how we got there is noteworthy. Organic revenue growth increased nearly 50% year-over-year.

謝謝，山姆，讓我們重點介紹一下有助於推動 2025 年成長的類別和產品。我之前提到過，我們的乾眼投資組合的年收入接近 10 億美元，這個數字本身就令人印象深刻。但我們如何到達那裡卻值得關注。有機收入成長較去年同期成長近50%。

NIO and Xiidra volumes played a prominent role in that growth, as weekly TRX trend lines illustrate. Both have benefited from effective direct to consumer campaigns and a full core press when it comes to educating prescribers on the distinct advantages of each medication.

正如每週 TRX 趨勢線所示，NIO 和 Xiidra 的交易量在這一增長中發揮了重要作用。在向處方人員宣傳每種藥物的獨特優勢方面，兩家​​公司都受益於有效的直接面向消費者的宣傳活動和全力支持。

But I'll once again point out that our dry eye portfolio is all encompassing. In addition to our flagship pharmaceutical products, we have OTC solutions that address all needs. One prominent example is our Blink franchise, which reported 12% revenue growth on a constant currency basis in the fourth quarter.

但我要再次指出，我們的乾眼症產品組合是包羅萬象的。除了我們的旗艦醫藥產品外，我們還有滿足所有需求的非處方藥解決方案。一個突出的例子就是我們的 Blink 特許經營權，其第四季營收以固定匯率計算成長了 12%。

We've become a one-stop shop for dry eye sufferers, and that's not only true for the approximately $150 million U.S adults that experience occasional or frequent symptoms of dry eye, or roughly the $38 million living with dry eye disease. We offer relief on a global scale.

我們已經成為乾眼症患者的一站式服務中心，這不僅適用於約 1.5 億偶爾或經常出現乾眼症症狀的美國成年人，也適用於約 3800 萬美元的乾眼症患者。我們在全球範圍內提供救濟。

Two OTC products with recognizable names are poised to have an impact in 2025. Lumified preservative Free eyedrops received FDA approval last year and make a wildly popular brand even more attainable.

兩種知名的 OTC 產品預計在 2025 年產生影響。Lumified 無防腐劑眼藥水去年獲得了 FDA 的批准，這使得這個廣受歡迎的品牌更容易買到。

The product was developed in response to feedback from consumers and eye care professionals. In fact, earlier this year, I had an ophthalmologist tell me she was compounding Lumify for a patient in need of a preservative-free option.

該產品是根據消費者和眼科專家的回饋而開發的。事實上，今年早些時候，一位眼科醫生告訴我，她正在為一位需要無防腐劑的患者配製 Lumify。

The drops are now available on Amazon and should be on shelves at most major US retailers by June. Another example of being responsive to the needs of consumers and eye care professionals was last year's launch of Blink Neutritiers, a clinically proven OTC supplement for dry eyes.

目前該產品已在亞馬遜上架，預計到六月將在美國大多數主要零售商上架。另一個回應消費者和眼科護理專業人士需求的例子是去年推出的 Blink Neutritiers，一種經過臨床驗證的治療乾眼症的非處方補充劑。

Some dry eye sufferers have an aversion to eye drops or simply prefer adding another pill to their daily regimen. And we've heard countless times from doctors the importance of having a once a day nutraceutical that they can recommend to patients.

有些乾眼症患者不喜歡滴眼藥水，或只是喜歡在日常治療中添加另一種藥片。我們已經無數次聽到醫生強調每天服用一次營養保健品對病人的重要性。

The opportunity for both products is significant. In January, we launched a new 32nd ad for Blink tears that will run throughout the year across linear and connected TV. It's early days, but there are promising signs. Since the Ad went live, we've seen a 4% increase in sales at major retailers.

這兩種產品的機會都十分巨大。今年 1 月，我們推出了第 32 期 Blink 眼淚新廣告，將全年在線性電視和連網電視上播放。雖然還為時過早，但已經有了令人鼓舞的跡象。自廣告上線以來，我們看到主要零售商的銷售額成長了 4%。

Unlike Neutritiers, Lumfy Preservative Free doesn't have to cultivate a nascent category. Instead, it can ride the coattails of a brand that saw 24% reported revenue growth in the fourth quarter. Our contact lens growth is outpacing the market, which may surprise some in the industry, not us. As highlighted earlier, daily SiHy lenses are driving that growth, and having the full family of offerings makes it much easier to convert eye care professionals, most of whom don't prefer to mix and match.

與 Neutritiers 不同，Lumfy Preservative Free 無需培育新興類別。相反，它可以藉助第四季度營收成長 24% 的品牌優勢。我們的隱形眼鏡成長速度超過了市場，這可能會讓一些業內人士感到驚訝，但我們並不感到驚訝。正如之前所強調的，日拋型 SiHy 鏡片是推動這一增長的動力，而擁有全系列的產品可以更輕鬆地吸引眼科護理專業人士，因為他們中的大多數不喜歡混合搭配。

While we typically lead with daily sa performance, it's important to remember that other products are contributing to our success. Ultra monthly contacts are a good example with 6% revenue growth in 2024. How we offer contact lenses to patients is increasingly important, which is why we're encouraged by the initial interest in Opal, our e-commerce platform launched in October.

雖然我們通常以日常 SA 表現為主導，但重要的是要記住其他產品也在為我們的成功做出貢獻。超級月度聯絡人就是一個很好的例子，到 2024 年營收將成長 6%。我們如何為患者提供隱形眼鏡變得越來越重要，這就是為什麼我們對 10 月推出的電子商務平台 Opal 的最初興趣感到鼓舞。

As more practices adopt this complementary service, product distribution will become increasingly automated and easier with an expected boost in patient loyalty as well. On another note, on distribution, putting the issues in Lynchburg behind us last year had an obvious impact on our performance.

隨著越來越多的機構採用這種補充服務，產品分銷將變得越來越自動化和容易，預計患者忠誠度也將提高。另一方面，在分銷方面，去年解決林奇堡的問題對我們的表現產生了明顯的影響。

It's no coincidence that the lone quarter single digit constant currency revenue growth for our lens business was at the tail end of our remediation process. Our steady drumbeat of premium IOL launches continues with an anticipated first quarter launch of LuxLife in Europe.

在我們補救過程的最後階段，鏡頭業務唯一一個季度的固定匯率收入實現了個位數成長，這絕非巧合。我們將繼續穩定地推出高端 IOL，預計第一季將在歐洲推出 LuxLife。

The lens offers a continuous range of vision and adds to the buzz around our aggressive push into the category. I've mentioned this before, but it's worth repeating, giving the surgical business is relationship driven.

這款鏡片提供了連續的視覺範圍，增強了我們積極進軍該類別的熱情。我之前提到過這一點，但值得重複一遍，外科手術業務是關係驅動的。

Ophthalmic surgeons are excited about our products and anxious for what's next. I hear it at industry meetings around the world and in conversations not only with our biggest customers but our newest customers as well.

眼科醫生對我們的產品感到興奮，並渴望知道下一步會是什麼樣子。我在世界各地的行業會議上聽到這種說法，在與我們最大的客戶和最新的客戶的交談中也聽到這種說法。

That excitement is certainly reflected in our premium I revenue growth and supports our pipeline strategy. I'll close with a reminder that cutting edge technology is foundational to how we source, make, and sell. I covered Opal earlier. Let me highlight some other important platforms and partnerships.

這種興奮肯定反映在我們的保費 I 收入成長中並支持了我們的管道策略。最後，我想提醒大家，尖端技術是我們採購、製造和銷售的基礎。我之前介紹過 Opal。讓我重點介紹一些其他重要的平台和合作關係。

We're leveraging collaboration, pharmaceutical data curation, and machine learning expertise to identify new drug candidates. Intelligence software simplifies the complex and time consuming surgical planning process and enables device integration.

我們正在利用協作、醫藥數據管理和機器學習專業知識來識別新的候選藥物。智慧軟體簡化了複雜且耗時的手術規劃流程並實現了設備整合。

Our collaboration with Character Bio will focus on developing innovative AMD treatments through the company's patient data platform and AI powered analytical engine. We've partnered with Arena AI to help drive yield and output gains at our contact lens manufacturing sites by utilizing predictive analytics. And finally, Glimpse is our proprietary digital sales platform that uses AI and machine learning to provide tailor-made guidance for engaging eyecare professionals.

我們與 Character Bio 的合作將專注於透過該公司的患者數據平台和 AI 分析引擎開發創新的 AMD 治療方法。我們與 Arena AI 合作，利用預測分析來幫助提高我們的隱形眼鏡製造工廠的產量和產出。最後，Glimpse 是我們專有的數位銷售平台，它使用人工智慧和機器學習為參與眼科保健專業人士提供量身定制的指導。

As made clear by our investments, technology will continue to be a driving force behind our ongoing evolution. Before we take questions, I'd like to thank my colleagues around the world for everything we accomplished in 2024.

正如我們的投資所表明的那樣，科技將繼續成為我們持續發展的驅動力。在我們回答問題之前，我想感謝世界各地的同事在 2024 年所取得的所有成就。

It's remarkable what we fit into 12 months and not just talking about the more visible achievements. We made significant strides in every area of our company thanks to their hard work and buy-in.

我們在 12 個月內取得的成就非常了不起，而且不僅僅是談論更明顯的成就。由於他們的辛勤工作和支持，我們在公司的各個領域都取得了重大進展。

Operator, let's take questions.

接線員，讓我們回答問題。

(Operator instructions)

（操作員指令）

And the first question today is coming from Patrick Wood, Morgan Stanley.

今天的第一個問題來自摩根士丹利的派崔克伍德 (Patrick Wood)。

Perfect. Thanks so much. I appreciate taking the question. I'll keep it to one just so everybody gets a chance. But Brent, you touched on it at the end about sort of customer side of things, and we can see the pipeline, the innovation that's coming through in the company, but I'd love to hear a little bit more about, I know you spend a lot of time on the ground with reps and things, what you're seeing at the customer level. So, is a lot of the growth also coming from, I don't know, on the consumer side, more shelf space, more.

完美的。非常感謝。我很感謝你回答這個問題。我會將其限制為一個，以便每個人都有機會。但是布倫特，你最後提到了客戶方面的事情，我們可以看到管道，以及公司正在進行的創新，但我希望聽到更多關於你花了很多時間在實地與銷售代表和其他人員打交道，以及你在客戶層面看到的情況。所以，我不知道，從消費者方面來說，成長是否也來自於更多的貨架空間等等。

And you know what are you seeing in terms of the rates of bringing new surgeons in who, previously wouldn't have had the discussion? I'm trying to pull out the execution component of the scorecard relative to the innovation. I know there are links, but I'm just interested to hear more about that.

您知道嗎，就引進新外科醫生的比例而言，之前是不會討論這個問題的？我正在嘗試提取記分卡中與創新相關的執行部分。我知道有鏈接，但我只是有興趣了解更多相關信息。

As we sit here today, it kind of marks my two year anniversary with Bausch and Lomb or my return to Bausch and Lomb, and I think you hit the nail on the head when I joined two years ago, I think, we were struggling with customer service on multiple fronts.

今天我們坐在這裡，正好是我在博士倫公司工作兩週年或者說我重返博士倫公司的兩週年紀念日，我想你說到了點子上，兩年前我加入的時候，我們在多個方面都面臨著客戶服務方面的困難。

It started with operational issues of being able to supply products, some of it due to the COVID supply chain disruption, some to our own, forced errors. In Lynchburg and the like, and I think we spent a lot of time focused on operational excellence because it's really hard to have selling excellence if you can't supply your products.

一開始是產品供應的營運問題，部分原因是因為 COVID 供應鏈中斷，部分原因是我們自己的錯誤，是被迫的。在林奇堡等地，我認為我們花了很多時間專注於卓越運營，因為如果你不能提供產品，就很難實現卓越銷售。

And you know Al Waterhouse and our and our team in supply chain and manufacturing have done a really great job over the last few years stabilizing and you don't hear us talking about any more in earning report, supply issues or recalls. The quality metrics in our plants are trending all in high levels. Our back orders are at all-time lows, and so we're really delivering great operational excellence, over the last two years.

您知道，Al Waterhouse 以及我們的供應鏈和製造團隊在過去幾年中做得非常出色，穩定了局面，您不會再聽到我們談論收益報告、供應問題或召回問題。我們工廠的品質指標都呈現高水準趨勢。我們的積壓訂單量處於歷史最低水平，因此，在過去的兩年裡，我們確實實現了卓越的營運。

We then focused on selling excellence, right, and a great proof point is since I joined the last two years, our revenue growth keger for the last two years is 10% on an organic basis, so growing much faster than our industry and taking market share, and I think that that was broad-based, right? If you look at over the two years.

然後，我們專注於銷售卓越，對吧，一個很好的證明點是，自從我加入的過去兩年以來，我們過去兩年的收入增長率在有機基礎上為 10%，因此增長速度遠遠快於我們的行業並佔據了市場份額，我認為這是廣泛的，對吧？如果你回顧一下過去的兩年。

In 24 you see consumer up 9% on constant currency, contact lens all-time high at 11%, surgical at 11%, and pharma at 15% organic constant currency. So really broad-based growth by geography would be a very similar story. And so that's not a one trick pony. It's a really holistic commitment to selling excellence.

在 24 年間，你會發現，消費品銷售額以固定匯率計算成長 9%，隱形眼鏡銷售額創歷史新高，成長 11%，外科手術銷售額以固定匯率計算成長 9%，隱形眼鏡銷售額創歷史新高，成長 11%，外科手術銷售額成長 11%，而製藥業以固定匯率計算有機成長 15%。因此，按地域劃分的真正廣泛增長將是一個非常相似的情景。所以這並不是只有一招的小技巧。這實際上是對卓越銷售的全面承諾。

And then, the third component of my roadmap plan was innovation, and you're right, we see that playing out in the depth of the pipeline and the new product launches, but as we think about the next few years, it's really about driving continued growth and now couple that with margin expansion and profitability improvement and it's not like we ignored it.

然後，我的路線圖計劃的第三個組成部分是創新，您說得對，我們看到創新在渠道深度和新產品發布中發揮作用，但當我們考慮未來幾年時，它實際上是為了推動持續增長，現在再加上利潤率擴大和盈利能力提高，我們並沒有忽視它。

If you look at '24 P&O leverage, right, margin expansion was about 50 bits. If you exclude some of the one-off items that Sam mentioned in the prepared remarks, '25 is about another 60 bits of improvement, but really I started to get excited when I look at '26 and '27 of the opportunity we have to continue that journey and margin expansion all while investing in the new products and the pipeline. So as I sit here today, I give the team a really good report card on the last two years of accomplishing.

如果您看一下'24 P＆O槓桿，那麼利潤率擴張約為50位。如果排除 Sam 在準備好的評論中提到的一些一次性項目，25 年大約還會有 60% 的改進，但當我展望 26 年和 27 年時，我開始真正感到興奮，因為我們有機會繼續這一旅程並擴大利潤率，同時投資於新產品和渠道。所以今天我坐在這裡，我要向團隊提供一份關於過去兩年所取得成就的非常好的成績單。

Frankly, doing what we said we would do and I look at the op opportunity over the next two years and I'm probably even more excited. So all in all, it's good. I think more specifically, and then I'll conclude when I go out and talk to customers, I'll be in China next week and meeting with customers and the team.

坦白說，按照我們說過的去做，並且展望未來兩年的營運機會，我可能會更加興奮。總的來說，還是不錯的。我會想得更具體一些，然後我會得出結論，當我出去與客戶交談時，我下週會去中國與客戶和團隊會面。

I'll be at the ACOS meeting out west this weekend. So I'm out quite a bit. There is just renewed excitement about what they call the new BNL. I don't know if I call it the new BNL, but they do, and surgeons in particular that that really didn't consider B&L in the past are looking at products like envy, in this envy.

這個週末我將去西部參加 ACOS 會議。所以我出去了相當長一段時間。人們對於所謂的新 BNL 又重新燃起了興奮之情。我不知道是否應該稱之為新的 BNL，但他們確實這麼稱呼它，尤其是那些過去確實沒有考慮過 B&L 的外科醫生，正在研究像 envy 這樣的產品。

And the chatter there early days, but about 10,000 lenses now implanted, about 900 surgeons doing envies, more in the queue that want to do envy are really getting great patient outcomes. They are noticing the difference and that's what drives customers to want to be with Bausch and Lomb innovation and great execution.

雖然這只是早期的討論，但目前已植入約 10,000 枚晶狀體，約有 900 名外科醫生在做 VE 手術，排隊等待做 VE 手術的更多患者確實獲得了良好的治療效果。他們注意到了差異，而這正是促使客戶想要採用博士倫創新和卓越執行力的原因。

Beautiful. Thanks so much for the question.

美麗的。非常感謝您提問。

The next question will be coming from Joanne Wuensch, Citi.

下一個問題來自花旗的 Joanne Wuensch。

Good morning and thank you so much for taking the question. I want to spend just a minute talking about compact lenses. We saw another quarter of very strong double digit growth both in the United States and outside the United States, and I was curious how you thought about the continuous nature of that continuality, whatever the right word is, and in particular what you can tell us about the biomimetic lens and myopia control?

早上好，非常感謝您回答這個問題。我想花一點時間談論緊湊型鏡頭。我們看到美國國內和美國以外地區又一個季度出現了非常強勁的兩位數增長，我很好奇您如何看待這種連續性的連續性，無論正確的詞是什麼，特別是您能告訴我們有關仿生鏡片和近視控制的知識嗎？

And I should have mentioned Yehia Hashad is with us for Q&A. He's our head of R&D and Chief Medical Officer, so I'll ask him to weigh in here as well on the pipeline. But look, I couldn't be more proud of our contact lens performance and the team 11% for the year, 13% on a constant currency basis for the quarter, we're hitting numbers that really we haven't hit. In terms of growth at Bausch & Lomb in probably 20 to 30 years.

我應該提到葉海亞·哈沙德 (Yehia Hashad) 也和我們一起參與問答。他是我們的研發主管兼首席醫療官，所以我會請他對我們的研發管道發表看法。但是，你看，我對我們的隱形眼鏡的業績感到無比自豪，團隊全年增長了 11%，按固定匯率計算本季度增長了 13%，我們達到了從未達到的數字。就博士倫未來的成長而言，大概需要20到30年。

And really, I dare to say we don't have all the numbers from competitors, but really probably sales leadership for the year and for the quarter based on what we believe will happen in the industry. And look, contact lines is a great business. It's a great market. It's got strong growth. I think we're slightly more optimistic about market growth in '25 than even '24, which was a very solid year.

事實上，我敢說我們並沒有來自競爭對手的所有數據，但根據我們對該行業未來發展的預測，我們很可能掌握今年和本季的銷售領先地位。瞧，聯絡線路是一項偉大的事業。這是一個很棒的市場。它實現了強勁增長。我認為我們對25年的市場成長比24年略微樂觀一些，因為24年是非常穩健的一年。

And our performance I think is quite broad based. I look at what we're doing in the US with the full family of Infused now and Opal, a big investment we made last year, is really making a difference. I look at a big market like China, where I'll be next week, and our direct to consumer capabilities that we invested in end of '23 and end of '24.

我認為我們的表現基礎非常廣泛。我看了看我們現在與 Infused 家族在美國所做的事情，以及我們去年進行的一項重大投資 Opal，它們確實發揮了作用。我關注的是中國這樣的大市場，下週我將前往那裡，關注我們在 23 年底和 24 年底投資的直接面向消費者的能力。

A really are making a difference in terms of how we interact with customers and deliver, contact lenses, but our product pipeline is probably what makes me even more excited, not just the biomimetic lens which you hear can contact touch on, but also our myopia control programs and quite a few other programs there. So I look at the next couple of years executing on the current pipeline of sustainable growth and leadership.

我們在與客戶互動和交付隱形眼鏡的方式上確實有所作為，但我們的產品線可能才是讓我更加興奮的，不僅僅是您聽到的可以觸摸的仿生鏡片，還有我們的近視控製程序和許多其他程序。因此，我展望了未來幾年如何執行當前的永續成長和領導力策略。

And then the future and probably '27 and beyond gets super exciting with the new products that are coming. But you you want to talk to on the biomimetic.

隨著新產品的不斷推出，未來以及2027年及以後將會變得非常令人興奮。但您想談論仿生學。

So actually, as you always mention, Brent, there hasn't been a lot of innovations in the material side of the contact lenses in so many years and in fact both one of its strengths is the capabilities we have in research and development for the contact lenses. And one of the areas that we focus on is what's next in terms of the material and can we create really a new material segment for the future.

事實上，正如你經常提到的，布倫特，這麼多年，隱形眼鏡的材料方面並沒有太多的創新，事實上，它的優勢之一就是我們在隱形眼鏡研發方面的能力。我們關注的領域之一是材料方面的下一步發展，以及我們是否能為未來創造出一個真正的新材料領域。

And this is actually what came up about we started the project about a year and a half ago. It's a lens done from a biomaterial substance that is designed to mimic the natural environment inside the eye from a chemistry and a biology perspective. Added to this, we are revamping the packaging solution for the contact lenses to add to the comfort that the consumer can feel, and also considering the global sustainability piece that also allows us to be expanding globally.

這實際上就是我們大約一年半前啟動該計畫時所發生的事情。這是一種由生物材料製成的晶狀體，旨在從化學和生物學的角度模擬眼睛內的自然環境。除此之外，我們正在改進隱形眼鏡的包裝解決方案，以增加消費者的舒適度，同時考慮全球永續發展，這也使我們能夠在全球擴張。

So we have done massive strides in terms of the developments. We have conducted over eight internal clinical studies, and the studies is showing pretty promising results. We are going for the first external big study during mid this year, and actually we hope that what we have put from a target. That we will be able to see from this clinical study. So that's yeah.

因此，我們在發展方面取得了巨大進步。我們已經進行了八項以上的內部臨床研究，研究結果顯示出相當有希望。我們將在今年年中進行第一次外部大型研究，實際上我們希望能夠實現所設定的目標。我們將能夠從這項臨床研究中看到這一點。是啊。

And I think and you won't say this, but outside of, the great work his team has done in developing this biomimetic material, the one requirement I gave the R&D team was they had to design for purpose on existing equipment to really, essentially.

我認為，你不會這麼說，但除了他的團隊在開發這種仿生材料方面所做的出色工作之外，我對研發團隊的一項要求是，他們必須在現有設備上進行有目的的設計。

Minimize or really not have any significant capital expenditure that generally comes with new material development and they did just that. So not only is a breakthrough innovation, it's going to be a high margin lens at the get go and not require big cash capital expenditures to get up and scale. So we're super excited about it. Obviously the clinical trial data is critical to the success of the lens, but we're really excited about it.

盡量減少或實際上不存在新材料開發通常帶來的任何重大資本支出，他們就是這麼做的。因此，它不僅是一項突破性創新，而且一開始就將成為高利潤的鏡頭，並且不需要大量的現金資本支出來啟動和擴大規模。因此我們對此感到非常興奮。顯然，臨床試驗數據對於鏡片的成功至關重要，但我們對此感到非常興奮。

And the next question is coming from Craig Bijou, Bank of America.

下一個問題來自美國銀行的 Craig Bijou。

Good morning guys. Thanks for taking the questions. Just wanted to start with the dry eye franchise on, at least on the prescription side.

大家早安。感謝您回答這些問題。只是想從乾眼症特許經營開始，至少在處方方面。

Obviously has seen a significant ramp since it launched through '24. Xiidra looks like it's rebounded, so we'd just love to understand the expectations that we should be thinking about for both of those in '25. So for Miebo, can you grow al sequentially like you have been? And then for Xiidra is is the mid single digits revenue growth that you've talked about in the past. Is that still the right way to think about growth for that franchise?

顯然，自 24 年推出以來，已經出現了顯著的成長。Xiidra 看起來已經反彈了，因此我們很想了解我們應該對 25 年這兩支球隊的期望。那麼對於 Miebo 來說，您可以像以前一樣逐步發展嗎？然後對於 Xiidra 來說，這就是您過去談到的中等個位數的收入成長。這仍然是思考該特許經營權增長的正確方式嗎？

Yes so let me start and then I'll ask Sam to chime in as well. It's a great question, Craig. Thank you. Look, I think both of those products are really the workhorses of our US pharmaceutical business.

是的，讓我先開始，然後我會請 Sam 也加入進來。這是一個很好的問題，克雷格。謝謝。看，我認為這兩種產品都是我們美國製藥業務的主力。

Miebo is the, I think it is the most successful launch in Ocular surface history. And we're really proud of what we've done there. We do have very high expectations for Miebo to continue to drive growth in '25 and for the long term. And it's one data point, you guys get the weekly report card in IQBA data. But you know January looked quite strong.

我認為 Miebo 是眼表歷史上最成功的產品。我們對於我們在那裡所做的事情感到非常自豪。我們確實對 Miebo 在 25 年及長期繼續推動成長抱有很高的期望。這是一個數據點，你們會在 IQBA 數據中獲得每週報告卡。但您知道一月份看起來相當強勁。

The momentum from Q4 has carried into January, and I think that's more impressive when you think about the seasonality of this category, dry category tends to see the first quarter and in particular January be the weakest month of the year because of the way that co-pays work and deductibles work.

第四季的勢頭一直延續到一月份，我認為，如果考慮到這個類別的季節性，這一點就更令人印象深刻了。由於共同支付和免賠額的運作方式，乾酒類別往往會在第一季度，尤其是一月份成為一年中銷量最弱的月份。

And so, I think that's good Xiidra, Sam can provide some more commentary. Our goal is TRX growth. We have this asset for the next several years and we're making an investment in managed care coverage in '25, which we talked about quite a bit, I think at every quarter last year about the investment we needed to make to maintain coverage.

所以，我認為這很好，Xiidra，Sam 可以提供更多評論。我們的目標是TRX成長。我們擁有未來幾年的資產，我們將在25年對管理式醫療保險進行投資，我們去年每個季度都討論過這個問題，我想我們去年每個季度都討論過我們需要進行的投資以維持保險範圍。

But clearly we see a real opportunity to continue momentum in TRX growth and believe this is going to be a growth driver for us for the long term. But Sam, you want to touch on on any financial metrics?

但顯然，我們看到了延續 TRX 成長動能的真正機會，並相信這將成為我們長期的成長動力。但 Sam，你想談談一些財務指標嗎？

Sure. And I'll start with Miebo and Craig, I think when you reflect back on Q4 for Miebo, we we had sales of roughly about $53 million. That's a pretty good baseline for us to think about as you think about foreign rates for and growth into 2025. Just keep in mind that sequential element that you asked about to point out is very important to understand the seasonality. Q1 is always the lowest Q4 is the highest. So you look at Q4 to Q1, you just have to keep that in mind as you think about the Q1 and you start phasing the growth from Miebo.

當然。我先從 Miebo 和 Craig 開始，我想當你回顧 Miebo 的第四季時，我們的銷售額大約是 5300 萬美元。當我們考慮2025年的外國利率和成長率時，這對我們來說是一個非常好的基準。請記住，您所詢問的順序元素對於理解季節性非常重要。Q1 總是最低的，Q4 是最高的。因此，當您查看 Q4 到 Q1 時，您只需要在考慮 Q1 時記住這一點，然後開始從 Miebo 開始分階段實現成長。

In terms of Xiidra, Our strategy in Xiidra has been working very nice, and you've seen that in the GRXs, especially in the second half of 2024, and we ended the year with the average GRX of 23,000 plus that Brent highlighted. This is a very important factor, because the team is executing very well.

就 Xiidra 而言，我們在 Xiidra 的策略運作良好，您已經在 GRX 中看到了這一點，尤其是在 2024 年下半年，而我們年底的平均 GRX 為 23,000 以上，正如布倫特所強調的那樣。這是一個非常重要的因素，因為團隊的執行力非常好。

And as you think about 2025. That momentum in terms of driving the volume will continue with us, and we expect to see that in 2025. The two things that we've been highlighting throughout 2024 is first is the IRA, the Inflation Reduction Act, which would quantify roughly about '25. That will be a one-time headwind for us as we think about '25 versus '24 in Xiidra.

正如你所想像的 2025 年。我們將繼續保持這種推動銷售成長的勢頭，預計在 2025 年就能實現。我們在 2024 年一直強調的兩件事是，第一件事是 IRA，即《通貨膨脹削減法案》，其量化目標大致為 25 年。當我們思考 Xiidra 的 25 年與 24 年之爭時，這對我們來說將是一次性的逆風。

The other part is the level of confidence that we have developed as we start seeing the execution and the TRXs. We always highlighted that we have to invest also in making sure that we have the right access, and that's something we will be doing. We highlighted in '24 that we'll make sure that that's taking place in '25. That also will be a one-time sort of investment. I refer to it as it's a short term investment in '25. It does pay a lot of dividends, beyond '25 as you go and you start driving those volume up. I refer to it as a simple ROI no-brainer in terms of the kind of an investment with the TRXs that we're seeing so far.

另一部分是當我們開始看到執行和 TRX 時，我們所建立的信心水準。我們一直強調，我們還必須進行投資，以確保我們擁有正確的訪問權限，而這正是我們將要做的事情。我們在24年就強調，我們將確保這一點在25年實現。這也將是一次性投資。我將其稱為'25年的短期投資。它確實會帶來很多紅利，隨著時間推移，超過 25 年，你的紅利就會開始增加。就我們目前看到的 TRX 投資類型而言，我認為這是簡單的 ROI 無需思考的事情。

No, I thanks Brent. I was just going to ask one quick follow up if I may. So on the market contact lens performance, just wanted to get your comments on your market share versus maybe transitioning your existing customers to, or I guess a mixed benefit from transitioning transitioning some of your existing customers to the daily disposables.

不，我感謝布倫特。如果可以的話，我只是想問一個簡單的後續問題。因此，在市場上隱形眼鏡的表現上，我只是想聽聽你們對你們的市場份額的看法，或者可能是將你們現有的一些客戶轉向日拋型隱形眼鏡，或者我猜想將你們現有的一些客戶轉向日拋型隱形眼鏡會帶來什麼樣的混合效益。

I think, there's a combination here of obviously transitioning some of our existing customers and also focusing on new fits or new starts, and I think there's a real nice balance being accomplished throughout the execution in the field and you see that, we saw ultra monthly up 6% for the year, so. When you look at this, it's not all of just coming from the new products. It's maintaining growth in in the older products while we use the new products to accelerate and and so it's not a leaky bucket. It's it's filling the bucket, higher and higher.

我認為，這顯然是對我們現有客戶的一些轉型和對新客戶的關注相結合，我認為在整個現場執行過程中實現了非常好的平衡，你會看到，我們今年的月度增長率達到了 6%，所以。如果你看一下這個，你會發現這並不是全部都來自新產品。我們在利用新產品來加速的同時，也保持了舊產品的成長，所以這不是一個漏水的桶子。它正在把桶子裝滿，而且越來越高。

Yeah, thanks for the extra question, guys.

是的，謝謝大家提出額外的問題。

The next question will be from Lawrence Biegelsen, Wells Fargo.

下一個問題來自富國銀行的 Lawrence Biegelsen。

Good morning. Thanks for taking the question and congrats on a strong finish to the year here. Brent and Sam, you talked about 10% organic growth in the last two years, Brent, and in Q4, so clearly a lot momentum here, but you're guiding to about 6.5% at the midpoint in 2025. Why is that the right starting point, which business is slow relative to '24, and Sam, I didn't hear you talk about revenue seasonality.

早安.感謝您回答這個問題，並祝賀您今年取得了圓滿的成績。布倫特和薩姆，你們談到了布倫特過去兩年和第四季度的 10% 有機增長率，所以顯然這裡的勢頭很大，但你們預計到 2025 年中點增長率將達到 6.5% 左右。為什麼這是正確的起點，哪些業務相對於'24來說是緩慢的，Sam，我沒有聽到你談論收入季節性。

Yeah, thanks, and I'll take part here and when I reflect on sort of all businesses, we don't see any business that slowly actually maybe take a step back and look at the overall market dynamics. The market dynamics are solid and we've seen the market is growing roughly around mid single digits, and as you pointed, our guidance bracket is roughly about anywhere between 5.5 to 7.5 with the mid point 6.5 in terms of revenue top line growth.

是的，謝謝，我會參加，當我反思所有的業務時，我們沒有看到任何業務能夠慢慢地退後一步，看看整體市場動態。市場動態穩健，我們已經看到市場大約以中等個位數成長，正如您所指出的，就收入頂線成長而言，我們的指導區間大約在 5.5 到 7.5 之間，中間點為 6.5。

Really, the framework that we've been following and we've seen that work very nicely in 2024 is driving our performers to be growing above market, and that's really what our guide suggested growth in terms of what we're seeing growing faster than the market and continuing to gain share.

實際上，我們一直在遵循的框架，我們已經看到它在 2024 年運行得非常好，正在推動我們的表演者實現高於市場的增長，而這正是我們的指南所建議的增長，因為我們看到增長速度快於市場並繼續獲得份額。

One of the elements that you have to keep in mind is we're also absorbing some of the elements of the IRA that I mentioned earlier in terms of the growth, on a year to year basis and also the market access elements of that's absorbed on a year to year basis, but overall, so. Growing fast in the market. So given the fact we're this is the first time we're setting our guidance for 2025, we think it's a reasonable place to start with the guidance range and we factor in all different elements of our business and we think it's pretty well balanced guidance at the start of the year.

您必須牢記的因素之一是，我們還在吸收我之前提到的 IRA 的一些要素，即逐年增長，以及逐年吸收市場准入要素，但總體而言。在市場上快速成長。因此，考慮到這是我們第一次製定 2025 年的指引，我們認為這是一個合理的起點，我們將業務的所有不同要素都考慮在內，我們認為這是年初相當均衡的指引。

That in seasonality, Sam.

那是季節性的，山姆。

It follows the natural seasonality that we've seen in 2024, really on the revenue side. I that was really the two factors that were unusual or unique for us in '25. That's why I called them out, being the. Investments that were continuing in Miebo DTC, which will continue in Q1, that we didn't happen at Q1 last year, as well as the audio acquisition and registration which we expect to be taking place in the first half of '24. So that's why I called out the I. Other than that, should fall '24.

從收入方面來看，它遵循了我們在 2024 年看到的自然季節性。我認為這確實是 25 年對我們來說不尋常或獨特的兩個因素。這就是為什麼我叫他們出來。我們繼續對 Miebo DTC 進行投資，這項投資將在第一季繼續進行，而去年第一季並沒有進行這項投資，此外，我們預計將在 2024 年上半年進行音訊收購和註冊。這就是為什麼我呼喚我。除此之外，應該在'24 年秋季。

All right, thanks so much.

好的，非常感謝。

The next question will be from Doug Miehm, RBC Capital.

下一個問題來自 RBC Capital 的 Doug Miehm。

My question has to do with Miebo. I'm really curious if you could update us on how managed care and your contracting has gone over the last year. I know that you've been hoping for one mid-year of last year, but that got delayed to the beginning of this year. I wonder if you could update us there.

我的問題與 Miebo 有關。我真的很好奇，您是否可以向我們介紹過去一年管理護理和承包的情況。我知道您一直希望能在去年年中舉行一次，但是卻被推遲到了今年年初。我想知道您是否可以向我們更新最新情況。

And then finally, When you think about the profitability of the product and the fact that you've extended that DTC campaign, do you expect that product as it leaves this year 2025 to be profitable, or are we really looking at '26, '27 to see that profitability come through?

最後，當您考慮產品的盈利能力以及您已經延長了 DTC 活動的事實時，您是否預計該產品在 2025 年上市時能夠盈利，還是我們真的要等到 2026 年、2027 年才能看到盈利能力的實現？

Yeah, so thanks, Doug. Yeah, so my coverage is quite strong, we're just starting the second year of launch here, right? This is the sixth quarter since launch, and we're at 74% commercial coverage and 64% Medicare. So, nearing full coverage, I usually say when both numbers in the 70s, you're at full coverage, so. We're just a hair away and so that's why you know you invest in the DTC because you have that coverage. We have the reps, the doctors are experiencing it, the patients are happy and so all that comes together for strong execution.

是的，謝謝你，道格。是的，所以我的覆蓋範圍很廣，我們才剛開始在這裡推出的第二年，對嗎？這是自推出以來的第六個季度，我們的商業覆蓋率為 74%，醫療保險覆蓋率為 64%。因此，接近全面覆蓋，我通常會說，當兩個數字都達到 70 左右時，就達到全面覆蓋了。我們只是差一點，所以這就是為什麼你知道你投資 DTC 是因為你有那個保障。我們有銷售代表，醫生正在體驗它，病人很高興，所以所有這一切都結合在一起實現了強有力的執行。

Clearly, what we see with Miebo, which we have for approximately another decade is a path to driving real profitability starting next year. And so, as most pharmaceutical launches, the first 2 years are investment years and then you see the profitability improve, I think we'll follow that very customary path. But the good news is, our numbers just keep improving like we did last year. We kept taking guidance up.

顯然，我們看到 Miebo 將在未來大約十年內引領真正的盈利之路，從明年開始。因此，與大多數藥品上市一樣，前兩年是投資年，然後你會看到盈利能力提高，我認為我們會遵循這條非常慣常的道路。但好消息是，我們的數字像去年一樣持續提高。我們不斷接受指導。

We kept overachieving, I do think that Miebo has the potential to just continue to outperform the category as it's an incredibly well tolerated and effective medicine for patients that suffer from dry eye disease. So I think we're strongly positioned.

我們一直超額完成任務，我確實認為 Miebo 有潛力繼續超越同類產品，因為它對於患有乾眼症的患者來說是一種耐受性極好且有效的藥物。因此我認為我們處於有利地位。

The next question will be from Matthew Miksic, Barclays.

下一個問題來自巴克萊銀行的馬修‧米克西克 (Matthew Miksic)。

Hey, thanks so much for taking the question. So maybe just a clarification on the comments you made about organic growth and the guidance for this year. It sounds like, if we were to think about the the difference that double digits and then the slightly lower, 25% growth, it's the IRA impact and then it's sort of maybe setting your goal to grow above market, but not really.

嘿，非常感謝您回答這個問題。因此，也許只是對您關於有機增長和今年指導的評論進行澄清。聽起來，如果我們考慮兩位數的差異，然後稍微低一點，25%的成長率，這是 IRA 的影響，然後它可能設定了高於市場的成長目標，但事實並非如此。

Gunning for double digit growth each year. That is just one quick clarification and then on surgical, if I could maybe it'd be great to hear you've had some success with envy, you've got a pipeline of new lenses coming to the market, where do you think You still have a key kind of gaps that you're that you're aiming to close that you think, could significantly step up the competitive and share trends within that market or are there any what are those in addition to the products that you rolled out.

每年都力爭實現兩位數的成長。這只是一個快速澄清，然後關於手術，如果可以的話，我很高興聽到您在 Envy 方面取得了一些成功，您有一系列新的鏡片進入市場，您認為您仍然在哪些關鍵方面存在差距，您希望縮小這些差距，您認為這些差距可以顯著加強競爭力並分享該市場的趨勢，或者除了您推出的產品之外，還有哪些產品。

Yes, let me answer the surgical one and I'll pass it over to Sam for the guidance question, Matt.

是的，讓我來回答外科手術的問題，然後我會把它交給 Sam 來回答指導問題，Matt。

Look, on surgical, our strategy was to, starting two years ago was to really drive into the premium category, and that really just kicked off in the fourth quarter with the launch of Envy. So we're just a few months into it. And obviously we have envy launching and really gaining really quick adoption. We're very pleased with that early days but great reported outcomes from surgeons and patients.

在外科手術方面，我們的策略是從兩年前開始真正進入高端領域，而這項策略在第四季隨著 Envy 的推出才真正拉開序幕。我們才剛開始幾個月。顯然，我們已經推出了 Envy 產品，並且確實獲得了非常快速的採用。我們對早期的進展感到非常滿意，外科醫生和患者報告的結果也非常好。

And now in Europe we're la launching LuxLife right now. The Invista platform will will launch in the back half of the year in Europe as well. He and his team are are are got the Eye off lens and Vista Beyond in in clinical trials with a launch towards the end of '26. And so the IOL portfolio is is the table is set, right?

現在我們正在歐洲推出 LuxLife。Invista 平台也將於今年下半年在歐洲推出。他和他的團隊已經對 Eye off 鏡片和 Vista Beyond 進行了臨床試驗，並於 26 年底正式推出。那麼 IOL 投資組合已經準備好了，對嗎？

We have to add one more piece to it, but that's in clinical studies, and I feel like we have arguably the most comprehensive. We actually do have the most comprehensive IOL portfolio once we have beyond in place, I think on the equipment side we have Sonova, our upgrade to to our FAO machine. Elios, which we expect an FDA approval for in later this year, is, I think really a game changer and minimally invasive glaucoma surgery.

我們必須再添加一點，但這是臨床研究，我覺得我們可以說是最全面的。一旦我們超越了這一點，我們實際上就擁有了最全面的 IOL 產品組合，我認為在設備方面，我們擁有 Sonova，這是我們對 FAO 機器的升級。Elios 預計將於今年稍晚獲得 FDA 批准，我認為它確實是一項改變遊戲規則的微創青光眼手術。

And so I think all the pieces are coming together. I'd mentioned in the prepared remarks we have, adjustable IOL in very early development. We continue to look at technologies in both accommodation and adjustability in IOLs and so, I think, I don't think we have any significant gaps. We have work to do, but I don't see any real significant gaps, in the near term, at least over the next couple of years.

所以我認為所有的部分都已經整合到了一起。我在準備好的發言中提到過，可調節 IOL 處於早期開發階段。我們繼續研究 IOL 的調節和可調整性技術，因此我認為我們沒有任何重大差距。我們還有很多工作要做，但我沒有看到任何真正重大的差距，至少在短期內，在未來幾年內不會。

SAM, you want to touch.

SAM，你想摸一下。

When you think about the revenue, I think given the fact that again you're starting setting up the guidance in the beginning of the year for 12 months out, you start by anchoring into where the market is and the market growth is, and the market growth, as I said, is about missing those digits.

當你考慮收入時，我認為考慮到你在年初就開始為 12 個月的未來製定指導方針，你首先要確定市場現狀和市場增長情況，而市場增長，正如我所說的，與這些數字相差無幾。

Our framework is to continue to grow faster in our market. That's why we positioned ourselves between the 5.5 to 7.5 in terms of growth. You point the IRA, that's definitely a headwind for us in 2025. Also, I did mention the access, as I was talking about that will also be a headwind for us in 2025.

我們的框架是繼續在我們的市場上更快地發展。這就是為什麼我們將自己的成長定位在 5.5 到 7.5 之間。你指出愛爾蘭共和軍，這對我們 2025 年來說無疑是個阻力。另外，我確實提到了訪問問題，因為我正在談論這也將成為我們在 2025 年面臨的阻力。

But putting those two points in terms of aside, there's always going to be puts and takes with our sort of guidance range, and I think there's definitely areas where we can have the opportunity to be able to outperform, but we will have to be able to work our way through as we see those areas how they play out throughout the year, and that's our guidance factor in multiple scenarios as we think about it.

但是，除了這兩點之外，我們的指導範圍總是會有一些取捨，我認為肯定有一些領域我們可以有機會超越，但我們必須能夠根據這些領域在全年的表現來努力解決，這就是我們在考慮的多種情景中的指導因素。

Thank you for the color and the questions.

感謝您提出的顏色和問題。

The next question will be from Robbie Marcus, JPMorgan.

下一個問題來自摩根大通的 Robbie Marcus。

Thanks for taking the questions. 2 for me, SAM, I'll just ask them together. One, maybe I missed it. How do we think about free cash flow in 2025? It was negative in '24, that term positive and how positive. And second, my rough math based on the guidance gets me to something like $0.2 to $0.04 of EPS growth. Is that the right ballpark and how do you think about taking this good top line growth you're seeing and driving EPS and free cash flow in the future?

感謝您回答這些問題。對我來說是 2 個，SAM，我會一起問他們。第一，我可能錯過了。我們如何看待2025年的自由現金流？在 24 年它是負面的，那個術語是積極的以及多麼積極。其次，根據指導意見，我粗略計算得出每股收益成長約為 0.2 至 0.04 美元。這是正確的估計嗎？您認為如何利用目前良好的營收成長來推動未來的每股盈餘和自由現金流？

All right, thanks for Robbie. Let me take them in a part here. So let me start with the cash flow. We're very pleased with what we've seen in '24 with the cash generation, and we've seen that really come to fruition for us in the second half, starting with Q3 and then full year as well. Our cash adjusted cash flow as we reported this morning, $263 million.

好的，謝謝你 Robbie。讓我在這裡帶他們參觀一下。那麼就讓我先從現金流開始吧。我們對 24 年的現金創造情況感到非常滿意，我們看到這在下半年真正取得了成果，從第三季開始，然後是全年。正如我們今天早上報告的那樣，我們的現金調整後現金流為 2.63 億美元。

As we think about '25 year Ravi, I would say that the momentum that we had with the adjusted cash flow operation that will continue pretty much we're not like, not sort of taking any steps back from all the actions we put in place to keep continue to drive that cash flow. So I expect that level of conversion to continue with potential continue to improve as we go into '25.

當我們思考「25 年拉維」時，我想說，我們在調整現金流營運方面所擁有的勢頭將持續下去，我們不會退縮，我們不會從我們為繼續推動現金流而採取的所有行動中退縮。因此我預計，隨著我們進入25年，這種轉換水準將繼續保持，並且潛力將繼續提高。

In terms of CapEx, we are guided to roughly about $280 million. There's always going to be a little bit of a timing around the spend of those caps and the timing of projects launches and the spending when it takes place. I do expect that we would be in a positive free cash flow in '25 based on what we see today in terms of our actions taken in place for the cash generation as well as where we're thinking about the CapEx, but that's something we'll continue to update on as we go throughout the year.

在資本支出方面，我們預計約為 2.8 億美元。這些上限的支出、專案啟動時間和支出發生的時間總是會有一些時間限制。我確實預計，根據我們今天看到的為現金創造所採取的行動以及我們對資本支出的考慮，我們在 25 年將獲得正的自由現金流，但這是我們將在全年繼續更新的內容。

In terms of the other part of your question on EPS. So I would, there's a couple of things when you think about EPS. We're going to see EPS growth on a year to year basis. We ended the year right now at 63%. We expect to be growth on a year to year basis. The two things I'll probably highlight for you to keep in mind as you think through it is our tax rate we're going to a 15% to 17% tax rate in 2025.

關於 EPS 的另一部分問題。所以我想說，當你考慮每股盈餘時，有幾件事需要考慮。我們將看到每股收益逐年成長。今年年底時，我們的比率是 63%。我們預計年復一年地實現成長。我可能會強調讓您記住的兩件事是我們的稅率，到 2025 年我們的稅率將達到 15％ 至 17％。

So that will be a little bit of a headwind as we think about the EPS bill, as well as the currency, which I highlighted on the EBI about $20 million. I'll see that flow of that currency as that goes through the EPS.

因此，當我們考慮 EPS 帳單以及貨幣時，這將是一個小小的阻力，我在 EBI 上強調了約 2000 萬美元。我會看到貨幣在 EPS 中的流動情況。

And just to clarify, is free cash flow positive in '25 or just improving towards positive?

需要澄清的是，25 年的自由現金流是正值還是只是逐漸向正值方向改善？

What we're expected to be positive.

我們期望結果是正面的。

Great, thank you very much.

太好了，非常感謝。

The last question today will be from Gary Nachman, Raymond James.

今天的最後一個問題來自雷蒙德詹姆斯 (Raymond James) 的加里納赫曼 (Gary Nachman)。

Hey guys, good morning. This is Dennis Resnick on for Gary Nachman. Thank you for taking my question. Congrats on the quarter. Just for the dry eye franchise, are there any metrics or color that you can share as a patient's compliance with the dosing and then any color on the refill rates? And then in the third quarter you previously mentioned about how you've begun sampling the 1.6 mL from IO. Can you just talk about the conversion efforts there and if I was able to activate any new subscribers.

大家早安。這是丹尼斯‧雷斯尼克 (Dennis Resnick)，取代加里‧納赫曼 (Gary Nachman)。感謝您回答我的問題。恭喜本季取得佳績。僅就乾眼症特許經營而言，您是否可以分享任何指標或顏色作為患者對劑量的依從性，然後是補充率的任何顏色？然後在第三季度，您之前提到如何開始從 IO 中抽取 1.6 毫升樣本。您能否談談那裡的轉換工作以及我是否能夠啟動任何新訂閱者？

Sure, so one of the, I think one of the important differentiating characteristics of Miebo versus the other drugs including Xiidra in the inflammatory category is higher refill rates. I don't have the exact number in front of me. I can have George send it to you, but its refill rate is is is significantly higher than that of the other in the category. Which goes to the, I think, strong clinical profile and safety profile of the medicine. I think people just feel better on it, to be fair, and that drives a lot of refills.

當然，我認為 Miebo 與其他抗發炎藥物（包括 Xiidra）相比的一個重要區別特徵是其補充率更高。我面前並沒有確切的數字。我可以讓喬治把它寄給你，但它的補充率明顯高於同類別的其他產品。我認為，這與該藥物強大的臨床特性和安全性有關。公平地說，我認為人們使用它感覺會更好，這會帶來大量的續杯。

So in essence, Miebo is potentially a harder working prescription because it's a stickier prescription versus the other drugs that tend to take a little longer to work and require a little bit more persistence from the patient to get relief. And so, that's why that investment in Miebo and the and the long term outlook for Miebo is particularly exciting for us.

因此，從本質上講，Miebo 可能是一種起效更快的處方藥，因為與其他藥物相比，它是一種更具粘性的處方藥，而其他藥物往往需要更長時間才能起效，並且需要患者多一點堅持才能得到緩解。所以，這就是為什麼對 Miebo 的投資以及 Miebo 的長期前景對我們來說特別令人興奮。

Great, thank you okay.

太好了，謝謝你，好的。

So operator, maybe just a quick few closing remarks. First and foremost, I really do want to thank my colleagues at Bausch and Lomb for delivering such a strong year and quarter. And I look forward to working with them in '25 to continue to deliver on our expectations. And then also a quick thank you to all of our customers and patients who rely on Bausch & Lomb to provide great products and continue to drive innovation. We look forward to keeping you updated and talk to you next quarter.

接線員，我只想快速說幾句結束語。首先，我真的要感謝博士倫的同事們，感謝他們在本財年和本季取得如此出色的成績。我期待在2025年與他們合作，繼續實現我們的期望。最後，我們也要向所有依賴博士倫提供優質產品並持續推動創新的客戶和患者表示感謝。我們期待向您提供最新資訊並在下個季度與您進行交流。

Thank you.

謝謝。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，各位現在可以掛斷電話了。感謝您的參與。