Bausch + Lomb Corp (BLCO) 2025 Q2 法說會逐字稿

Good morning, and welcome to Bausch + Lomb's second quarter 2025 earnings call. (Operator Instructions) Please note this event is being recorded.

早安，歡迎參加博士倫 2025 年第二季財報電話會議。（操作員指示）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.

現在，我想將會議交給投資者關係和商業洞察副總裁 George Gadkowski。請繼續。

Thank you. Good morning, everyone, and welcome to our second quarter 2025 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 2025 年第二季財務業績電話會議。參加今天電話會議的有董事長兼首席執行官布倫特·桑德斯先生和首席財務官薩姆·埃爾德蘇基先生。除了本次網路直播外，我們網站的「投資者關係」部分還將提供今天的幻燈片簡報副本和本次電話會議的重播。

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.

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財務指標和比率。有關這些措施和比率的更多信息，請參閱簡報的第 1 張幻燈片。非公認會計準則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 affirm guidance other than through broadly disseminated public disclosure.

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導，除非透過廣泛傳播的公開披露，否則不會更新或確認指導。

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

說完這些，我很高興將電話轉給布倫特。

Thank you, George, and thanks to everyone for joining us this morning. I'll start the call with an overview of our second quarter performance and how it aligns to the strategic road map we announced when I rejoined the company. Sam will unpack the financials and provide an update on 2025 guidance, and I'll close by highlighting standout products and services driving growth and future offerings with the potential to significantly improve the standard of care in eye health.

謝謝你，喬治，也謝謝大家今天早上加入我們。我將在電話會議開始時概述我們的第二季度業績以及它與我重新加入公司時宣布的戰略路線圖的一致性。Sam 將分析財務狀況並提供 2025 年指導的最新情況，最後我將重點介紹推動成長的傑出產品和服務以及未來可能顯著提高眼保健標準的產品。

Maintaining focus in the current environment is easy to talk about, but hard to do. I continue to be immensely proud of the way my colleagues have executed on our strategy despite facing unexpected challenges.

在當前環境下保持專注說起來容易做起來難。儘管面臨意想不到的挑戰，我仍然對我的同事們執行策略的方式感到無比自豪。

Our constant currency revenue growth speaks to the breadth and depth of our portfolio and is driven by a mix of hero products and a steady stream of new introductions around the world. Our contact lens performance is worth highlighting as we've continued to outpace industry growth averages, thanks to strong execution from the entire team.

我們持續的貨幣收入成長體現了我們產品組合的廣度和深度，並受到一系列明星產品和全球範圍內源源不斷的新產品的推動。我們的隱形眼鏡表現值得強調，由於整個團隊的強大執行力，我們繼續超過行業成長平均值。

There's no better example of selling excellence than the exponential growth in our comprehensive dry eye portfolio, which offers something for everyone. $1 billion is an important revenue milestone and a nice round number, but it will soon be in our rearview mirror as we continue to gain OTC and prescription market share. When it comes to operational excellence, look no further than our return to full production of our enVista intraocular lenses, which I'll speak to later.

沒有比我們全面的乾眼症產品組合的迅猛增長更好的銷售卓越例子了，它為每個人都提供了所需的產品。 10 億美元是一個重要的收入里程碑，也是一個不錯的整數，但隨著我們繼續獲得 OTC 和處方藥市場份額，它很快就會成為我們的後視鏡。說到卓越運營，我們恢復 enVista 人工水晶體的全面生產就是最好的證明，我稍後會談到這一點。

We continue to have an intense focus on innovation and our robust pipeline represents the future of the company. We're excited to showcase potential game changers at our November 13 Investor Day, where we'll cover our most promising candidates in each business from concept to commercialization.

我們將繼續高度重視創新，我們強大的產品線代表著公司的未來。我們很高興在 11 月 13 日的投資者日上展示潛在的遊戲規則改變者，屆時我們將介紹從概念到商業化的每個業務領域中最有前途的候選人。

The look and feel of our road map slide has evolved since first being introduced more than two years ago. What hasn't changed is our commitment to methodically moving through each phase as indicated by incremental advances in our progress with each update.

自從兩年多前首次推出以來，我們的路線圖投影片的外觀和感覺已經改變了。不變的是，我們致力於有條不紊地推進每個階段，正如每次更新所取得的進展所顯示的那樣。

Parts of the first 2 phases are admittedly boring, but absolutely necessary as we stand on the precipice of Phase 3, accelerate growth. We've adopted the theme of our upcoming Investor Day for this update because the growth will largely be driven by what's next. Our commitment to stay in the course for the first 2 phases has helped fortify our base business and develop the processes, platforms and talent required to write the next chapter in Bausch + Lomb's storied history.

前兩個階段的部分內容確實很無聊，但當我們站在第三階段的邊緣時，這絕對是必要的，可以加速成長。我們採用了即將到來的投資者日的主題來進行此次更新，因為成長很大程度上取決於接下來會發生什麼。我們致力於在前兩個階段堅持下去，這有助於鞏固我們的基礎業務，並開發書寫博士倫傳奇歷史新篇章所需的流程、平台和人才。

enVista implants continue to increase as we rapidly resupply the market. Surgeons who love these lenses before the voluntary recall have jumped right back in and adoption rates among others, including new users, are very encouraging as we make a significant push to recapture our momentum.

隨著我們快速補充市場供應，enVista 植入物的數量持續增加。在自願召回之前就喜歡這些鏡片的外科醫生已經重新開始使用這些鏡片，而包括新用戶在內的其他人的採用率非常令人鼓舞，因為我們正在大力推動重新獲得發展勢頭。

We recently hired a new Head of North American Surgical with more than 30 years of industry experience to help turbocharge that effort. Earlier this month, he attended the American-European Congress of Ophthalmic Surgery Summer session, and he was met with excitement for our return and appreciation for our ongoing focus on patient safety and customer trust.

我們最近聘請了一位擁有 30 多年行業經驗的北美外科新主管來幫助推動這項工作。本月初，他參加了美國-歐洲眼科外科大會夏季會議，他對我們的回歸感到興奮，並對我們持續關注病人安全和客戶信任表示讚賞。

Earlier, I mentioned operational excellence, which has been a core component of our strategic road map. If based with this recall two years ago, our return to market would have taken much, much longer. That speaks to how far we've come and the importance of resilient, talented operators who are obsessed with getting the small things right.

之前我提到了卓越運營，它是我們策略路線圖的核心組成部分。如果基於兩年前的這次召回，我們重返市場的時間將會更長。這說明了我們已經取得了多大的進步，也說明了堅韌、有才華、專注於做好小事的經營者的重要性。

I'd like to draw your attention to the fine print for some of these figures. Big picture, our 3% constant currency revenue growth in the quarter would be doubled if you excluded the enVista recall. The difference becomes even more pronounced in our Surgical segment. The fact that there was constant currency growth in the quarter is impressive on its own, but it would have been 15% absent the recall.

我想提請您注意其中一些數字的細則。整體來看，如果不考慮 enVista 召回事件，我們本季 3% 的固定貨幣收入成長率將會翻倍。在我們的外科手術領域，這種差異變得更加明顯。本季貨幣持續成長這一事實本身就令人印象深刻，但如果沒有召回，成長幅度將達到 15%。

Our Pharmaceutical segment performance also has an asterisk as underperformance in our US generic business brought constant currency revenue growth in the quarter from a would be 6% to minus 1%. While we're obviously disappointed with the generic results, we're confident there will be a steady improvement in the second half of the year for US generics, which has a new leader as of June.

我們的製藥部門業績也有一個星號，因為我們美國仿製藥業務表現不佳，導致本季固定貨幣收入成長率從 6% 降至負 1%。雖然我們對仿製藥的結果顯然感到失望，但我們相信，今年下半年美國仿製藥市場將會穩步改善，截至 6 月份，美國仿製藥市場已經有了新的領導者。

When it comes to our top-performing products in the second quarter, it's once again a story of launches and reinventions driving growth, which means our strategy is working. Nearly all the high-growth products shown here, which are spread out among our businesses, make the top 10 revenue list, that's staying power.

說到我們第二季度表現最好的產品，這再次是一個透過發布和重塑來推動成長的故事，這意味著我們的策略正在發揮作用。這裡展示的幾乎所有高成長產品（分佈在我們的業務中）都進入了收入排名前 10 位，這就是持久力。

I'll now turn it over to Sam. But before I do, it's important to recognize his team's work in revamping our capital structure and securing improved credit agreements. The favorable terms allow for more flexibility going forward, and it's important to take advantage of these opportunities. Sam?

現在我將把發言權交給 Sam。但在此之前，我必須承認他的團隊在改革我們的資本結構和確保改善信貸協議方面所做的工作。這些優惠條件為未來發展提供了更大的靈活性，因此充分利用這些機會非常重要。山姆？

Thank you, Brent, and good morning, everyone. Before we begin, please note that all of 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 8. Total company revenue for the quarter was $1.278 billion, which reflects year-over-year growth of 3%. We delivered a solid quarter led by the performance in consumer, contact lenses and promoted pharma brands.

謝謝你，布倫特，大家早安。在我們開始之前，請注意，除非另有明確說明，否則我今天的所有評論都將集中在以固定貨幣表示的成長上。現在就來看看幻燈片 8 上的財務表現。本季公司總營收為 12.78 億美元，年增 3%。我們本季業績表現穩健，主要得益於消費者、隱形眼鏡和促銷醫藥品牌的優異表現。

Our Surgical segment grew by 1%, absorbing a $29 million impact from the enVista recall in Q2. Excluding the impact of the enVista recall, total company revenue grew by 6% in the quarter. As Brent noted, enVista implants continue to increase as we resupply the market, and we are making a significant push to recapture our momentum.

我們的外科手術部門成長了 1%，吸收了第二季 enVista 召回事件造成的 2,900 萬美元的影響。不計入 enVista 召回事件的影響，本季公司總營收成長了 6%。正如布倫特所指出的，隨著我們重新供應市場，enVista 植入物持續增加，我們正在大力推動重新獲得發展勢頭。

For the second quarter, currency was a tailwind of approximately $21 million to revenue. As a reminder, in Q1, we experienced currency headwinds. On a year-to-date basis, currency has had a nominal impact on both revenue and adjusted EBITDA.

對於第二季而言，貨幣因素為收入帶來了約 2,100 萬美元的順風。提醒一下，在第一季度，我們經歷了貨幣逆風。從年初至今，貨幣對收入和調整後 EBITDA 的影響都不大。

Now let's discuss the results of each of our segments in more detail. Vision Care's second quarter revenue of $753 million increased by 6%, driven by growth in both consumer and contact lenses. The consumer business grew by 6% in Q2 as our key brands continue to perform well and consumption trends remained steady.

現在讓我們更詳細地討論每個部分的結果。Vision Care 第二季營收為 7.53 億美元，成長 6%，主要得益於消費者和隱形眼鏡業務的成長。由於我們的主要品牌持續表現良好且消費趨勢保持穩定，第二季消費者業務成長了 6%。

Let me go over a few highlights. In the quarter, LUMIFY grew by 27% and generated $61 million of revenue. We continued our strong execution in the dry eye portfolio, which delivered $115 million of revenue in Q2, representing 19% growth. Our 2 key franchises, ARTELAC and Blink, once again contributed to the strong performance.

讓我來回顧一下其中的幾個亮點。本季度，LUMIFY 成長了 27%，創造了 6,100 萬美元的收入。我們繼續在乾眼症產品組合中保持強勁表現，該產品組合在第二季度實現了 1.15 億美元的收入，成長了 19%。我們的兩個主要特許經營權 ARTELAC 和 Blink 再次為強勁的業績做出了貢獻。

ARTELAC grew by 34% and Blink grew by 13% in the quarter. As we mentioned in Q1, we anticipated retailer destocking of inventory to take place in Q2. The destocking impact mainly affect our eye vitamins, which declined by 8% in the quarter. It is important to note that consumption trends continue to remain steady and demand remains solid.

本季度，ARTELAC 成長了 34%，Blink 成長了 13%。正如我們在第一季提到的，我們預計零售商將在第二季去庫存。去庫存的影響主要影響到我們的眼部維生素，該類產品本季下降了 8%。值得注意的是，消費趨勢持續保持穩定，需求依然強勁。

Contact lenses revenue growth was 7%. Our contact lens business outpaced the market in 2024, and we continue to see strong performance in the first half of this year. In the quarter, we saw solid performance across our key brands.

隱形眼鏡收入成長7%。我們的隱形眼鏡業務在 2024 年超越了市場，並且在今年上半年繼續保持強勁表現。本季，我們的主要品牌均表現穩健。

The Daily SiHy franchise was up 36% in Q2 and continues to be our fastest-growing brand. Our ULTRA monthly franchise grew by 8% and Biotrue was up 2% in the quarter. In Q2, our contact lens business saw broad-based growth and strong performance across our key markets. The US was up 11%, EMEA was up 11%, LatAm grew by 25%, Japan grew 3% and China was up 7%.

Daily SiHy 特許經營權在第二季度增長了 36%，並且繼續成為我們成長最快的品牌。我們的 ULTRA 月度特許經營權增長了 8%，Biotrue 在本季度增長了 2%。在第二季度，我們的隱形眼鏡業務在主要市場實現了廣泛成長和強勁表現。美國成長 11%，歐洲、中東和非洲地區成長 11%，拉丁美洲成長 25%，日本成長 3%，中國成長 7%。

Moving now to the Surgical segment. Second quarter revenue was $216 million, an increase of 1%. As I mentioned, this absorbs the impact of the enVista recall. Excluding the recall, Surgical segment growth in Q2 was 15%. Consumables, which represents approximately 56% of surgical revenue grew by 10%. The enVista recall impacted our Implantables business and parts of the

現在轉到外科手術部分。第二季營收為2.16億美元，成長1%。正如我所提到的，這吸收了 enVista 召回的影響。不計召回事件，第二季外科手術部門的成長率為 15%。耗材約佔手術收入的 56%，成長了 10%。enVista 召回事件影響了我們的植入物業務和部分

Equipment portfolio. Implantables declined by 16% in the quarter and Equipment declined by 2%. In the quarter, we made solid progress with the enVista return to market. As we progress through the year, we expect to continue to build on the performance.

設備組合。本季植入物下降了 16%，設備下降了 2%。本季度，我們隨著 enVista 重返市場取得了堅實的進展。隨著今年的進展，我們期望繼續提高業績。

From a phasing perspective, we expect to continue to make progress in Q3 and further ramp up in Q4. Lastly, revenue in the Pharma segment was $309 million in Q2, which represents a decline of 1%. Our US branded Rx business was up 8% in the quarter, mainly driven by the continued growth of MIEBO. MIEBO delivered $63 million of revenue in Q2. This represents sequential growth of 11% and a year-over-year growth of 50%.

從分階段來看，我們預計第三季將繼續取得進展，並在第四季進一步加速。最後，第二季製藥部門的營收為 3.09 億美元，下降了 1%。本季度，我們的美國品牌 Rx 業務成長了 8%，主要得益於 MIEBO 的持續成長。MIEBO 在第二季度實現了 6,300 萬美元的收入。這意味著連續成長 11%，年成長 50%。

XIIDRA delivered $82 million of revenue in the quarter. We continue to see strong growth in XIIDRA volume with average weekly TRx up 12% on a year-over-year basis and 5% sequentially. MIEBO, XIIDRA and our consumer brands have established us as a clear leader in dry eye. We have built a robust dry eye platform to address all patient needs throughout their care journey, which gives us the confidence that we will continue to drive growth and leverage the portfolio to drive innovation.

XIIDRA 本季實現了 8,200 萬美元的收入。我們繼續看到 XIIDRA 交易量的強勁增長，平均每週 TRx 年比增長 12%，環比增長 5%。MIEBO、XIIDRA 和我們的消費品牌使我們成為乾眼症領域的領導者。我們已經建立了一個強大的乾眼症平台來滿足患者在整個護理過程中的所有需求，這使我們有信心繼續推動成長並利用產品組合來推動創新。

Our International Pharma business was up 2% with strong performance across our markets in Europe. Our US Generics business declined 29% in the quarter. As we have previously stated, we have taken a number of actions, which we expect will improve performance in the generics business in the second half of the year.

我們的國際製藥業務成長了 2%，歐洲市場表現強勁。本季我們的美國仿製藥業務下降了 29%。正如我們之前所說，我們已經採取了一系列行動，預計這些行動將提高下半年仿製藥業務的業績。

Now let me walk through some of the key non-GAAP line items on Slide 9. Adjusted gross margin for the second quarter was 60.6%, which represents a 130 basis point decrease year-over-year. This was driven by the onetime impact of the enVista recall, product mix and currency. In Q2, we invested $96 million in adjusted R&D, which represents an increase of approximately 12% over Q2 of 2024. Second quarter adjusted EBITDA, excluding acquired IPR&D was $192 million. This absorbs a one-time impact of $19 million from the enVista recall and [$18] million impact from the decline in the US Generics business.

現在讓我介紹一下投影片 9 上的一些關鍵非 GAAP 項目。第二季調整後毛利率為60.6%，較去年同期下降130個基點。這是由 enVista 召回、產品組合和貨幣的一次性影響所致。第二季度，我們在調整後的研發上投資了 9,600 萬美元，比 2024 年第二季成長了約 12%。第二季調整後的 EBITDA（不包括收購的 IPR&D）為 1.92 億美元。這筆支出吸收了 enVista 召回事件造成的 1900 萬美元的一次性影響，以及美國仿製藥業務下滑造成的 1800 萬美元的影響。

Adjusted cash flow from operations was $86 million in the quarter. Adjusted net interest expense for the quarter was $94 million and adjusted EPS, excluding IPR&D, was $0.07 for the quarter. Finally, as part of our efforts to continue to optimize our capital structure, in June, we successfully executed a refinancing of $3.1 billion of our debt. The refinancing extended the majority of our maturities to 2031 and is expected to have a minimal impact on our interest expense.

本季調整後的營運現金流為 8,600 萬美元。本季調整後的淨利息支出為 9,400 萬美元，不包括智慧財產權與研發的調整後每股收益為 0.07 美元。最後，作為我們繼續優化資本結構的努力的一部分，6月我們成功進行了31億美元債務的再融資。此次再融資將我們大部分的債務期限延長至 2031 年，預計對我們的利息支出影響極小。

Now turning to our 2025 guidance on Slide 12. We are raising our full year revenue guidance from a range of $5 billion to $5.1 billion to a range of $5.05 billion to $5.15 billion. The updated revenue guidance represents constant currency growth of approximately 5% to 7%, up from 4.5% to 6.5%. This new guidance range continues to absorb approximately 100 basis points from the one-time impact of the investor recall.

現在轉到投影片 12 上的 2025 年指引。我們將全年營收預期從 50 億美元至 51 億美元上調至 50.5 億美元至 51.5 億美元。更新後的收入預期代表固定匯率成長率約為 5% 至 7%，高於 4.5% 至 6.5%。這一新的指導範圍繼續吸收投資者召回的一次性影響約 100 個基點。

Shifting to adjusted EBITDA. We are raising our adjusted EBITDA guidance from a range of $850 million to $900 million to a range of $860 million to $910 million. In terms of the other key assumptions underlying our guidance, we continue to expect adjusted gross margin to be approximately 61.5%. As a reminder, the adjusted gross margin absorbs an estimated onetime 50 basis points headwind from the investor recall. For the full year, we continue to expect investments in R&D to be about 7.5% of revenue and interest expense to be approximately $375 million. We will continue to monitor the Fed's actions for the rest of the year.

轉向調整後的 EBITDA。我們將調整後的 EBITDA 預期從 8.5 億美元至 9 億美元上調至 8.6 億美元至 9.1 億美元。就我們指引的其他關鍵假設而言，我們繼續預期調整後的毛利率約為 61.5%。提醒一下，調整後的毛利率吸收了投資者召回造成的預計一次性 50 個基點的阻力。就全年而言，我們仍然預計研發投資將佔收入的 7.5% 左右，利息支出約為 3.75 億美元。我們將在今年剩餘時間內繼續關注聯準會的行動。

We continue to expect our adjusted tax rate to be approximately 15% and full year CapEx to be approximately $280 million. In terms of phasing, for the remainder of the year, we expect the fourth quarter to be the highest.

我們繼續預期調整後的稅率約為 15%，全年資本支出約為 2.8 億美元。從分階段來看，對於今年剩餘時間而言，我們預計第四季的成長將達到最高。

This is driven by the natural seasonality of our business, the ramp-up of enVista and the actions we're taking to improve performance in our US Generics business as we progress through the remainder of the year. Consistent with our previous guidance, our current guidance excludes any potential one- time IPR&D charges that we may incur in 2025.

這是由我們業務的自然季節性、enVista 的成長以及我們在今年剩餘時間內為提高美國仿製藥業務的業績而採取的行動所驅動的。與我們先前的指導一致，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。

Finally, let me briefly address tariffs. The tariff policy remains fluid, and we're continuing to monitor updates. Based on where the policy stands today and the actions we're taking, our updated guidance assumes we will be able to offset the impact of tariffs in 2025.

最後，讓我簡單談談關稅問題。關稅政策仍在不斷變化，我們將繼續關注最新動態。根據目前的政策狀況和我們正在採取的行動，我們更新的指南假設我們將能夠在 2025 年抵消關稅的影響。

Moving to Slide 13. Now let me provide some additional color on how to think about the updated revenue and adjusted EBITDA guidance in 2025. Our updated revenue guidance range of $5.05 billion to $5.15 billion reflects a $25 million raise driven by strong business performance and $25 million from currency tailwinds. The updated 2025 adjusted EBITDA guidance range of $860 million to $910 million includes approximately $10 million driven by business performance and our continued focus on disciplined cost management.

移至幻燈片 13。現在，讓我提供一些關於如何看待 2025 年更新的收入和調整後的 EBITDA 指導的額外資訊。我們更新的營收預期範圍為 50.5 億美元至 51.5 億美元，其中 2,500 萬美元的成長得益於強勁的業務表現，2,500 萬美元的成長得益於貨幣順風。更新後的 2025 年調整後 EBITDA 指引範圍為 8.6 億美元至 9.1 億美元，其中約 1,000 萬美元由業務績效和我們對嚴格成本管理的持續關注所推動。

To sum up, we had a solid quarter. The markets are healthy, and our business fundamentals remain strong. We are committed to our strategy to drive sustainable growth and margin expansion.

總而言之，我們本季業績穩健。市場健康，我們的業務基礎依然強勁。我們致力於推動永續成長和利潤擴張的策略。

And now I will turn the call back to Brent.

現在我將把電話轉回給布倫特。

Thanks, Sam. Let's focus on some of the more impressive second quarter performances and reasons to be so optimistic about the future of Bausch + Lomb. At the bottom of this slide, there's a simplified view of the dry eye journey for consumers and patients. No matter where they stop, whether it's an Amazon order or a visit to the pharmacy counter, we're there to meet them with solutions that have become among the favorite of eye care professionals. There are a few consumer options worth highlighting based on second quarter performance.

謝謝，山姆。讓我們關註一下博士倫第二季度的一些令人印象深刻的表現以及對其未來如此樂觀的原因。這張投影片的底部是消費者和患者的乾眼症治療歷程的簡化視圖。無論他們在哪裡停留，無論是亞馬遜訂單還是藥房櫃檯，我們都會為他們提供深受眼科護理專業人士喜愛的解決方案。根據第二季的表現，有幾個消費者選擇值得強調。

Momentum for Blink eye drops continues with 13% reported revenue growth. ARTELAC performance was even more impressive at 39% reported revenue growth, and it continues to be our most global dry eye option with availability in more than 40 countries and plans to expand further. Those products and others shown here drove a 16% constant currency revenue growth for the dry eye portfolio.

Blink 眼藥水的銷售動能持續良好，報告營收成長 13%。ARTELAC 的表現更令人印象深刻，報告收入成長了 39%，它繼續成為我們最全球化的乾眼症治療選擇，已在 40 多個國家/地區上市，併計劃進一步擴展。這些產品和這裡展示的其他產品推動了乾眼症產品組合 16% 的固定貨幣收入成長。

Expansion of the dry eye market shows no sign of slowing down, but there remains a gap in education and awareness. In fact, according to our updated state of the dry eye survey, 78% of sufferers wish they had more dry eye resources. We're doing our part to help fill that gap with our latest dry eye awareness month campaign, which encourages visits to knowyourdryeye.com and reinforces that there are a range of potential relief options available that may be appropriate depending on the cause, severity and frequency of symptoms.

乾眼症市場擴張沒有放緩的跡象，但在教育和意識方面仍然存在差距。事實上，根據我們最新的乾眼症調查結果，78% 的患者希望擁有更多乾眼症的資源。我們正在盡自己的努力，透過最新的乾眼症宣傳月活動來填補這一空白，該活動鼓勵人們訪問 knowyourdryeye.com，並強調有一系列潛在的緩解選擇，可能根據症狀的原因、嚴重程度和頻率而適合。

The theme of this slide is stay in the course. When we acquired XIIDRA in 2023, we made clear our intentions to nurse the brand back to health and remind eye care professionals of its benefits. Sticking to this playbook has resulted in 12% year-over-year prescription growth and renewed excitement for a medication that produces hundreds of millions of dollars in annual revenue. Our work to improve profitability is far from done, but we're starting to see the benefits. MIEBO continues to be a juggernaut with 111% year- over-year prescription growth. The playbook hasn't changed there either.

這張投影片的主題是堅持到底。當我們在 2023 年收購 XIIDRA 時，我們明確表示要讓品牌恢復健康，並提醒眼科護理專業人士其好處。堅持這項策略已使處方量年增 12%，並重新激發了人們對這種每年可創造數億美元收入的藥物的興趣。我們提高獲利能力的工作還遠未完成，但我們已經開始看到效益。MIEBO 持續保持強勁勢頭，處方量年增 111%。那裡的劇本也沒有改變。

Through extensive education and best-in-class field force, we've established MIEBO as the prescription solution for evaporative dry eye. Patient feedback continues to be overwhelmingly positive as made clear in the Phase IV data published earlier this year.

透過廣泛的教育和一流的現場力量，我們已將 MIEBO 確立為蒸發乾眼症的處方解決方案。今年稍早發布的 IV 期數據明確表明，患者的回饋仍然非常積極。

Study participants reported rapid relief of symptoms and most commonly chose silky, smooth and soothing to describe how the drop felt on administration. Effective direct-to-consumer campaigns continue to raise awareness of our flagship branded dry eye medications, rounding out a thoughtful all-encompassing approach that accounts for every possible touch point.

研究參與者報告症狀已快速緩解，最常見的選擇是絲滑、光滑和舒緩來描述滴劑使用後的感覺。有效的直接面向消費者的活動繼續提高人們對我們旗艦品牌乾眼症藥物的認識，完善了一種考慮到每一個可能的接觸點的周到的包羅萬象的方法。

The recent launches of preservative-free OTC options are a prime example of continuous brand reinvention and being responsive to evolving customer needs. LUMIFY preservative-free launched in May and brings the same fast-acting redness relief to those with sensitive eyes.

最近推出的不含防腐劑的非處方藥是品牌不斷重塑和回應不斷變化的客戶需求的典型例子。LUMIFY 不含防腐劑，於五月推出，為眼睛敏感的人士帶來同樣快速的紅血絲緩解效果。

While exponential growth has been a constant theme for LUMIFY, we're thinking well beyond the next few years. In fact, we recently settled patent disputes related to LUMIFY, enabling continued investment ahead of a date certain for generic launch.

雖然指數成長一直是 LUMIFY 不變的主題，但我們的考慮範圍遠不止於未來幾年。事實上，我們最近解決了與 LUMIFY 相關的專利糾紛，從而能夠在仿製藥上市的確定日期之前繼續進行投資。

Introducing preservative-free options for Blink, now means there are six dry eye drops to choose from in addition to multiple contact lens, lubricating drops and a once-a-day nutraceutical that's quickly becoming the most trusted among eye care professionals.

推出不含防腐劑的 Blink 選項，意味著現在除了多種隱形眼鏡、潤滑眼藥水和每日一次的營養保健品外，還有六種乾眼藥水可供選擇，這些營養保健品正迅速成為眼科護理專業人士最信賴的產品。

Optionality matters for consumers looking for OTC relief and the growing Blink family, a global brand, checks every box. While Daily SiHy was once again the clear standout with 36% constant currency revenue growth in the second quarter, it's important to note that all our key contact lens brands are growing. That includes ULTRA monthly contacts with 8% constant currency revenue growth, an impressive figure for a legacy brand bucking the trend of a gradual shift towards daily lenses.

對於尋求 OTC 救濟的消費者來說，可選性很重要，而不斷壯大的全球品牌 Blink 家族滿足了每一個要求。雖然 Daily SiHy 在第二季再次以 36% 的固定匯率營收成長脫穎而出，但值得注意的是，我們所有主要的隱形眼鏡品牌都在成長。其中包括 ULTRA 月拋型隱形眼鏡，其固定匯率收入增長率為 8%，對於一個逆著日拋型隱形眼鏡逐漸轉向的趨勢發展的傳統品牌來說，這是一個令人印象深刻的數字。

Our thoughtful approach to expanding our daily SiHy portfolio hasn't changed with plans to introduce multifocal and toric options in several markets next year and realize the expected benefits of offering a full suite of lenses. Those benefits are clear in the US with 40% constant currency revenue growth in the second quarter.

我們擴大日常 SiHy 產品組合的周到方法沒有改變，計劃明年在多個市場推出多焦點和散光選項，並實現提供全套鏡片的預期效益。這些好處在美國顯而易見，第二季固定貨幣收入成長了 40%。

In May, we received European approval for LuxLife, full range of vision IOL, the latest example of our push into the high-margin premium market. The lens has an impressive clinical profile and early feedback from surgeon mirrors our excitement about the latest addition to the Lux portfolio.

五月，我們的全系列視力 IOL LuxLife 獲得了歐洲批准，這是我們進入高利潤高端市場的最新例證。這款鏡片具有令人印象深刻的臨床特徵，外科醫生的早期回饋反映了我們對 Lux 產品組合最新產品的興奮之情。

Our stage rollout of premium offerings continues with the anticipated soft launch of enVista MV in Europe later this year and expected early 2027 US launch for enVista Beyond. Our pipeline slides should be familiar to you by now, but I won't go too deep to avoid spoiling Investor Day.

我們將繼續分階段推出高階產品，預計今年稍晚在歐洲試運行 enVista MV，並預計將於 2027 年初在美國推出 enVista Beyond。您現在應該對我們的管道幻燈片很熟悉了，但我不會講得太深，以免破壞投資者日。

I'll remind you that we have multiple shots on goal in each of our businesses and the focus is category disruption as opposed to modest improvement. Importantly, this isn't aspirational. We've initiated clinical studies for several of these products with others to follow soon. I look forward to seeing many of you in November where members of the R&D team and our commercial leaders will bring these products to life.

我要提醒大家的是，我們在每項業務中都有多個目標，重點是類別顛覆，而不是適度改進。重要的是，這並不是什麼理想。我們已經針對其中幾種產品啟動了臨床研究，其他產品也將很快跟進。我期待在十一月與大家見面，屆時研發團隊的成員和我們的商業領袖將把這些產品變成現實。

Let's move to Q&A now. Operator?

現在讓我們進入問答環節。操作員？

(Operator Instructions)

（操作員指示）

Matt Miksic from Barclays.

巴克萊銀行的 Matt Miksic。

Thanks so much and thanks for taking the question. So congrats on the strong quarter here, particularly kind of on an underlying basis, taking out some of the puts and takes as you talked about. Brent, I wanted to ask first about you've made sort of a recommitment to the company here based on your original contract, and you talk often about the bright future that you see for a lot of the product lines and product launches that you've run through.

非常感謝，也感謝您提出這個問題。因此，恭喜本季業績強勁，特別是從基本面來看，消除了您提到的一些損失。布倫特，我想先問一下，您是否根據最初的合約對公司做出了某種重新承諾，並且您經常談到您所看到的許多產品線和您所推出的產品的光明前景。

Maybe just talk about in the midst of the recent uncertainty, what are some of the key highlights that sort of inform that decision to sort of recommit for a longer period of time? And I have one follow-up on guidance, if I could.

也許只是談論在最近的不確定性中，有哪些關鍵亮點可以促使做出更長時間重新承諾的決定？如果可以的話，我還有一個後續指導。

Yeah, absolutely, Matt. So let me take the first part, and thank you. Look, I'm really excited that I extended my contract to stay at Bausch + Lomb. And I'll tell you, I did it entirely because of my deep confidence in our team, our products and the strength of our R&D pipeline. I think we have an amazing opportunity as we work through our road map here to truly transform our company in the next couple of years and really focus on accelerating sales growth, importantly, expanding margins and then, of course, advancing our innovations to help us fulfill our mission to help people see better to live better.

是的，絕對是，馬特。那麼請容許我談談第一部分，謝謝大家。瞧，我真的很高興能夠延長與博士倫公司的合約。我可以告訴你，我這樣做完全是因為我對我們的團隊、我們的產品以及我們的研發實力充滿信心。我認為，我們有一個絕佳的機會，我們正在按照路線圖努力，在未來幾年真正改變我們的公司，真正專注於加速銷售成長，更重要的是擴大利潤率，當然，還要推進我們的創新，以幫助我們實現我們的使命，幫助人們看得更清楚，生活得更好。

If you look at just the challenges we had in the first quarter, whether it be the recall or tariffs and the resiliency and our ability of our teams to execute and overcome those challenges that were very unexpected and quite impactful and get back on track here in the second quarter, it just underscores what I was saying about the confidence in the team and our ability to really transform our company.

如果你只看我們在第一季面臨的挑戰，無論是召回還是關稅，以及我們團隊的韌性和執行能力，克服了這些非常出乎意料且影響深遠的挑戰，並在第二季度重回正軌，這都強調了我所說的對團隊的信心以及我們真正改變公司的能力。

And I guess, net-net, if you really step back and think about it, the way I really think about it, I really see the opportunity in front of this team right now is really too important and too exciting not to be a part of it. And I'm just incredibly excited for what we can do in the future here.

我想，總的來說，如果你真的退一步想一想，就像我的想法一樣，我真的認為現在擺在這支球隊面前的機會實在是太重要、太令人興奮了，不容錯過。我對我們未來在這裡能做的事情感到無比興奮。

That's great. Great to hear. So and following that line of sort of some of the challenges and initiatives that factor into guidance, there's a couple, I think, that folks have some familiarity with or understanding maybe more so around the recall and the impact that, that had and around tariffs to some degree. But if you could talk a little maybe about quantifying the tariff impact?

那太棒了。很高興聽到這個消息。因此，按照這種思路，考慮到指導中的一些挑戰和舉措，我認為，大家對其中一些挑戰和舉措有一定的了解，或許更多地關注召回及其影響，以及某種程度上的關稅。但是，您能否稍微談談如何量化關稅的影響？

And then also just walk us through the strategy in pharma because there's clearly strong growth in XIIDRA scripts but and strong growth sequentially, but down a little bit year-over-year. Maybe walk us through what's the plan behind that? And how do you expect that to play out the rest of the year, plus anything you mentioned you'd be able to share on tariff impact would be helpful to folks as they do the puts and takes.

然後也請向我們介紹一下製藥業的策略，因為 XIIDRA 腳本顯然增長強勁，但環比增長強勁，但同比略有下降。也許可以向我們介紹一下這背後的計劃是什麼？您預計今年剩餘時間的情況會如何？另外，您提到的有關關稅影響的任何信息，如果能夠分享，將有助於人們做出選擇。

Yeah, so if you don't mind, Matt, let me take them in reverse order because then Sam can help me with the tariff impact. Look, in pharma, let's start with MIEBO, XIIDRA and gross to net. Throughout last year, I think we told you guys and at the beginning of this year as well that we had some headwinds going into 2025 that would kind of reset the base on particularly XIIDRA and those headwinds were onetime managed care payment and then the IRA, which we quantified.

是的，所以如果你不介意的話，馬特，讓我按相反的順序來討論，因為這樣薩姆就可以幫我解決關稅影響。看，在製藥領域，讓我們從 MIEBO、XIIDRA 和總額到淨額開始。我想我們在去年全年以及今年年初都告訴過你們，我們在 2025 年會面臨一些阻力，這些阻力將會重置 XIIDRA 的基礎，這些阻力包括一次性管理式醫療支付以及 IRA，我們已經對其進行了量化。

And so our focus this year was to drive prescription and demand, right? And so you see it, obviously, in XIIDRA, you see 12% TRx year-over-year, 5% sequentially. In MIEBO, you see 50% year-over-year and 11% sequentially. And so you see the expansion of the market. And clearly, now as a franchise, we're the market leaders in the prescription space.

所以我們今年的重點是推動處方和需求，對嗎？因此，您顯然可以在 XIIDRA 中看到，TRx 年比增長 12%，環比增長 5%。在 MIEBO，您會看到同比增長 50%，環比增長 11%。因此你會看到市場的擴張。顯然，現在作為一家特許經營企業，我們是處方藥領域的市場領導者。

The goal now after '25 and beyond is to now see that pull through the P&L. And I think you'll start to see that in '26, '27 and beyond as we focus on driving not just growth, but profitability through the P&L. And so we're exactly where we thought we would be. I get why it can look like a step backwards given the gross to net headwinds. But I think it's very important for a long-term franchise,

現在的目標是在 25 年及以後實現盈利。我認為你會在 26 年、27 年及以後開始看到這一點，因為我們不僅注重推動成長，還注重透過損益表來獲利。所以我們正處於想像的位置。我明白，考慮到總逆風和淨逆風，這看起來像是倒退了一步。但我認為這對長期特許經營來說非常重要，

and we have these drugs for several years to make sure that we secured reimbursement and availability for patients and then drive through an education to ECPs, the importance of treating both evaporative and inflammatory dry eye. And so I think we're 25 is an interesting year. I think the team is executing well.

我們使用這些藥物已有數年，以確保患者能夠獲得報銷和獲得這些藥物，然後透過對 ECP 的教育，強調治療蒸發性乾眼症和發炎性乾眼症的重要性。所以我認為 25 歲是一個有趣的年份。我認為該團隊表現良好。

That being said, I think we're exactly where we want to be. And if we could just have a little patience to see a pull-through starting in '26, I think you'll understand the power of what we can do with these franchises. I would also note the Generics, obviously, was a disappointment and something that we're working hard to reconcile. As I mentioned in the prepared remarks, we have a new leader of Generics. We saw modest improvement sequentially from first to second quarter was about 2% improvement. I would say green shoots at best, not where I would want to be.

話雖如此，我認為我們正處於我們想要的狀態。如果我們能有一點耐心，從 26 年開始見證這一轉變，我想你就會明白我們可以利用這些特許經營權做些什麼。我還要指出的是，仿製藥顯然令人失望，我們正在努力解決這個問題。正如我在準備好的演講中提到的那樣，我們有一位新的仿製藥領導者。我們看到第一季至第二季較上季略有改善，改善幅度約 2%。我想說，最多只是一些復甦的跡象，而不是我想要達到的水平。

But we're working with the team, and we're starting to see more improvements in early Q3, but we have a lot of work to do there, and we expect it to resolve in the back half of the year. So that will no longer be a drag going into '26 as well. And so net-net, Matt, I think we're well positioned. I'm excited about where we are and the execution that we've seen on our prescription brands. But we have some work to do, and we're focused on getting it done.

但我們正在與團隊合作，我們在第三季初開始看到更多改進，但我們還有很多工作要做，我們預計它將在今年下半年得到解決。因此，進入 26 年後，這將不再是拖累。因此，馬特，我認為我們處於有利地位。我對我們的現狀以及處方品牌的執行感到非常興奮。但我們還有一些工作要做，我們會專注於完成它。

I think with respect to guidance, I'll turn it over to Sam. But look, I'm proud of our ability to get through what we saw some unexpected challenges in the first quarter and deliver a solid second quarter and be positioned to grow with momentum into the back half of the year. And I really do think we have momentum. I think you see it because the market for eye health is vibrant. You see great execution on our team, as I've said several times. And then, of course, there's seasonality where the back half of the year, particularly the fourth quarter is our is our strongest.

我認為就指導而言，我會將其交給 Sam。但是，我為我們能夠克服第一季遇到的一些意想不到的挑戰，在第二季度取得穩健的業績，並為下半年的成長勢頭做好準備而感到自豪。我確實認為我們有動力。我認為您之所以能看到這一點，是因為眼保健市場十分活躍。正如我多次說過的，你會看到我們團隊的出色執行力。當然，還有季節性，下半年，特別是第四季是我們最強勁的。

But I'll turn it over to Sam for some more color on tariffs.

但我會將其交給 Sam，以便他進一步闡述關稅問題。

Yeah, and Matt, when you think about tariffs, the policy continues to be fluid and

是的，馬特，當你考慮關稅時，政策仍然是不斷變化的，

Say August 1 is Friday, right?

假設 8 月 1 日是星期五，對嗎？

So when you think about what we shared in our last earnings call, we estimated roughly about impact of 120 basis points. But at that point, that was based on the environment that we were reporting then back in April. So a lot has changed since then. One, the policy has changed in different directions, and that helped us in a meaningful way in terms of having favorability in terms of what we think the potential impact for '25.

因此，當您考慮我們在上次收益電話會議上分享的內容時，我們大致估計了約 120 個基點的影響。但當時的情況是基於我們四月報告的環境。從那時起，很多事情都改變了。首先，政策已經朝著不同的方向發生了變化，這對我們非常有幫助，因為我們對 25 年的潛在影響持樂觀態度。

But also, the team, our team has done a really great job in terms of navigating around the tariffs and taking steps and mitigating the impact where we see it. And that gives us the confidence to be able to reflect in our guidance and also be able to fully offset it within our guidance.

而且，我們的團隊在應對關稅、採取措施減輕影響方面做得非常出色。這使我們有信心能夠在我們的指導中反映出來，並且能夠在我們的指導中完全抵消它。

If I could, Sam, I'd also say it's easy for us to say the team helped mitigate, but it was an immense amount of work. And I would just want to acknowledge the hard work that our team and our supply chain and commercial colleagues had to do to really be nimble and reinvent ourselves a little bit to deal with these tariffs.

如果可以的話，山姆，我也會說，我們很容易說團隊幫助緩解了這種情況，但這是一項艱鉅的工作。我只想承認我們的團隊、供應鏈和商業同事付出了艱苦的努力，他們變得非常靈活，並稍微重塑了自己，以應對這些關稅。

So where we stand here today, we expect we estimate roughly about 40 basis points as an impact for us in 2025. Obviously, we'll continue to monitor what happens on end of this week and any other further developments from our policy. But that's one of the things where we're not going to sit back. We're going to continue to work around what comes our way from tariffs, and we'll continue to work to mitigate that through 2025.

因此，就我們目前的狀況而言，我們預計 2025 年對我們的影響約為 40 個基點。顯然，我們將繼續關注本週末發生的情況以及我們的政策的任何其他進一步發展。但這是我們不會袖手旁觀的事情之一。我們將繼續努力解決關稅帶來的影響，並將繼續努力在 2025 年之前減輕關稅的影響。

But to be clear, just so there's no confusion, those 40 basis points are absorbed in the guidance. So it's not that's not going to get carved out of guidance. That's absorbed in the guidance Sam just provided.

但需要明確的是，為了避免混淆，這 40 個基點已被納入指導範圍。因此，這並不是不會被排除在指導之外的。這吸收了 Sam 剛才提供的指導。

Very helpful. Thanks so much and congrats again.

非常有幫助。非常感謝，再次恭喜。

Yes, thanks, Matt.

是的，謝謝，馬特。

Xuyang Li from Jefferies.

傑富瑞 (Jefferies) 的李旭陽 (Xuyang Li)。

Very great, thanks for taking our questions. I guess to start on the pharma side. I think previously, you talked about investing heavily in Miebo for the first couple of years, basically to prime the market and then that investment will taper off and profitability will increase. But I guess with a pretty big competitor coming into the market soon, I'm wondering if that impacts your plans on investments and profitability timing.

非常好，感謝您回答我們的問題。我想從製藥方面開始。我認為之前您談到在最初幾年對 Miebo 進行大量投資，基本上是為了啟動市場，然後投資將逐漸減少，盈利能力將會增加。但我想，隨著一個相當大的競爭對手很快就進入市場，我想知道這是否會影響您的投資計劃和獲利時機。

Yeah, So great question. And while we're on the topic of TRYPTYR and Alcon, I'll ask Yehia, our Chief Medical Officer and Head of R&D that to comment as well. But look, I don't think our strategy has changed. To be fair, we knew this product was in development all along. So it's no surprise to us. And I think it's important to understand the dry eye market when you think about competitive environments. And I think two things are really important. Remember, I was running Allergan when Xiidra launched and obviously, was deeply involved in the defense of the market.

是的，這個問題問得真好。當我們討論 TRYPTYR 和愛爾康的話題時，我會請我們的首席醫療官兼研發主管 Yehia 也對此發表評論。但你看，我認為我們的策略沒有改變。公平地說，我們一直都知道該產品正在開發中。所以這對我們來說並不奇怪。我認為，當你考慮競爭環境時，了解乾眼症市場非常重要。我認為有兩件事非常重要。請記住，當 Xiidra 推出時，我正在負責 Allergan，並且顯然深度參與了市場防禦。

And I remember analysts on calls like this, thinking it was going to be a fight to the death between Restasis and Xiidra and one was going to win and one was going to lose. And the reality is the market expanded to accommodate both. And Restasis and Xiidra grew through the launch.

我記得當時的分析師在電話會議上認為，Restasis 和 Xiidra 之間將會是一場殊死搏鬥，一方會贏，另一方會輸。而現實情況是市場已經擴大到可以容納這兩種情況。Restasis 和 Xiidra 透過此次發布而不斷發展。

And that's because it's a very low penetration prescription market and a very large untreated market, as I mentioned in the prepared remarks. And so this market has plenty of room to bring more patients in for prescription treatment. And so that's a really important dynamic in this particular market.

這是因為，正如我在準備好的演講中提到的那樣，處方藥市場滲透率非常低，而未經治療的市場規模非常大。因此，這個市場有足夠的空間來吸引更多的患者接受處方治療。所以這對這個特定的市場來說是一個非常重要的動態。

And so Alcon, which is a great company and a storied company in eye care with deep relationships, you never want to underestimate them. But I think the second point I'd make is we have a beachhead. And when you have a beachhead in dry eye, it's really hard for competitors to work around us. And I think of even when I was running Allergan and Restasis, we thought we had a beachhead.

因此，愛爾康是一家偉大的公司，一家在眼科護理領域有著深厚關係的著名公司，你永遠不要低估它。但我認為我要說的第二點是，我們有一個灘頭陣地。當你在乾眼症領域佔有一席之地時，競爭對手就很難與我們抗衡。我記得，甚至在我管理 Allergan 和 Restasis 的時候，我們就認為我們已經佔據了先機。

Our beachhead here is even more comprehensive and deep given that we have the only evaporative dry eye drug and a best-in-class anti- inflammatory drug, which are the two main parts of the etiology of the disease. And so I don't and then, of course, all the OTC options as well.

鑑於我們擁有唯一的蒸發乾眼症藥物和一流的抗發炎藥物（這是該疾病病因的兩個主要部分），我們在這裡的立足點更加全面和深入。所以我不會，當然，所有的場外交易選擇權也是如此。

And so our ability to work with ECPs and work with consumers and patients is unprecedented versus any of our competitors. And I think we just have a terrific portfolio and a lot of momentum. But maybe Yehia, talk a little bit about how you see it more clinically.

因此，我們與 ECP 合作以及與消費者和患者合作的能力與任何競爭對手相比都是前所未有的。我認為我們擁有出色的投資組合和強大的發展勢頭。但也許 Yehia，您可以稍微談談您如何從更臨床的角度看待這個問題。

Yes.I think from a clinical perspective, we still believe Miebo is unique and it's the only approved treatment for evaporative dry eye. And let me just get a little bit back and just describe from a dry eye perspective, when we look to the etiology of dry eye, there are two main categories. One is either the eye is tear deficient. This means that doesn't secrete much tears. And for that category, you need an increased tear production, which we have multiple options in the market. TRYPTYR is not the first one. RESTASIS increases the tear production, Tyrvaya increased the tear production.

是的。我認為從臨床角度來看，我們仍然相信 Miebo 是獨一無二的，它是唯一核准的治療蒸發乾眼症的方法。讓我稍微回顧一下，從乾眼症的角度來描述，當我們研究乾眼症的原因時，主要有兩類。一是眼睛淚液不足。這意味著它不會分泌太多淚水。對於這個類別，您需要增加淚液分泌，我們在市場上有多種選擇。TRYPTYR 並不是第一個。RESTASIS 增加淚液分泌，Tyrvaya 增加淚液分泌。

So this is really now coming as a third to the market for increased tear production. But the bigger category of dry eye is really evaporative dry eye. And those are the patients who really have like meibomian gland dysfunction that no matter how you increase the tear production and you still have one of those causes, it will be like a leaking bucket syndrome.

因此，這其實是目前市面上第三種可以增加淚液分泌的藥物。但乾眼症較大的類別其實是蒸發乾眼症。這些患者確實患有瞼板腺功能障礙，無論你如何增加淚液分泌，如果仍有其中一個原因，就會出現漏水桶症候群。

So basically, you increase the tear, but it evaporates immediately. And this is where really the only treatment for these type of patients would be Miebo. So we still believe that it is unique from an etiological perspective. Apart from that, whether it's evaporative or decreased production, if the eye remains for a long period of time with dry eye, it will get inflammatory dry eye. And again, unless you have a specific treatment for the inflammation like Xiidra to address the inflammatory cytokines, you will not be able to treat the inflammatory component of the dry eye.

所以基本上，你增加了淚水，但它會立即蒸發。對這類患者來說，唯一的治療方法就是 Miebo。所以我們仍然認為從病因學角度來看它是獨特的。此外，無論是蒸發性或分泌性乾眼症，如果眼睛長時間處於乾眼狀態，就會患上發炎性乾眼症。再說一次，除非您有像 Xiidra 這樣的針對發炎的特定治療方法來解決發炎細胞因子，否則您將無法治療乾眼症的發炎成分。

But the most important piece, I would like to mention related to the clinical data is what matters for the patients are the symptoms of the dry eye. And this is really where we differentiate clearly versus TRYPTYR. So according to the Phase III data from TRYPTYR actually, while 50% have an increased reproduction, is still on the symptom scale, they do not show improvement except at day 14. And in fact, one of the pivotal studies failed the statistical significance and the other one met, and they had to pool the data to amplify the effects of the product.

但我想提到的最重要的一點是與臨床數據相關的，對患者來說重要的是乾眼症的症狀。這正是我們與 TRYPTYR 明顯區分的地方。因此，根據 TRYPTYR 的 III 期數據，實際上，雖然 50% 的患者繁殖有所增加，但仍處於症狀範圍內，除了第 14 天外，沒有顯示出改善。事實上，其中一項關鍵研究未能達到統計顯著性，而另一項研究卻達到了，他們必須匯總數據來放大產品的效果。

So I think this is a clear indication where the symptom and the patient outcome plays an important role of the use of the treatment because Miebo still in each individual pivotal study have significantly and clinically meaningful effect on the symptoms reduction. In fact, the late study that we conducted as a Phase IV study show that the improvement in the symptoms happens within a few minutes of the installation at day 1, day 3, day 14 and so on.

所以我認為這清楚地表明症狀和患者結果在治療中使用起著重要作用，因為 Miebo 在每個關鍵研究中仍然對減輕症狀具有顯著且具有臨床意義的效果。事實上，我們進行的第四階段研究表明，症狀的改善發生在安裝後的第 1 天、第 3 天、第 14 天等的幾分鐘內。

So we do believe that Miebo and Xiidra are totally differentiated. And again, needless to say, obviously, tolerability plays an important role in this market. And with a product that could have 50% of burning and stinging after installation, I think from a patient outcome perspective, it could be challenging to use it for a long period of time. So that's why I still have a lot of confidence in our dry eye portfolio, and I still believe that we have a very differentiated products existing on the market.

所以我們確實相信 Miebo 和 Xiidra 是完全不同的。不用說，耐受性顯然在這個市場中發揮著重要作用。而且對於安裝後可能會有 50% 的灼燒和刺痛感的產品，我認為從患者的結果角度來看，長期使用它可能具有挑戰性。這就是為什麼我仍然對我們的乾眼症產品組合充滿信心，我仍然相信我們在市場上擁有非常差異化的產品。

All right. That's a very comprehensive and helpful answer. Appreciate it. I guess switching gears a little bit to contact lens market. More than or almost half of the market is reported. So far, it's coming in better than expected in the second half. We definitely heard some last quarter around consumers buying less and channel inventory drawdowns. Can you maybe level set us a little bit on what you're seeing in the contact lens market from a macro and consumer and channel perspective?

好的。這是一個非常全面且有用的答案。非常感謝。我想稍微轉換一下話題，轉向隱形眼鏡市場。據報道，市場佔有率超過或接近一半。到目前為止，下半年的表現比預期好。上個季度我們確實聽到了一些有關消費者購買減少和通路庫存減少的消息。您能否從宏觀、消費者和通路的角度，向我們簡單介紹一下您對隱形眼鏡市場的看法？

Yes. We still see it as healthy. We have not seen obviously, we hear what some of our competitors are saying. And frankly, we just don't see it. And perhaps part of the reason why is the investments we've made over the last year in not just innovation, but also direct- to-consumer channel, whether it be in China, where we stood up a fully integrated direct-to-consumer and or in the US where we launched Opal, which is actually exceeding our expectations in terms of adoption and use and pull-through. And so I think that's a large part of it.

是的。我們仍然認為它是健康的。顯然，我們沒有看到，我們聽到一些競爭對手在說什麼。坦白說，我們根本沒看到這一點。或許部分原因是我們在過去一年中不僅在創新方面進行的投資，而且在直接面向消費者的渠道方面也進行的投資，無論是在中國，我們都建立了完全整合的直接面向消費者的渠道，還是在美國，我們推出了 Opal，這在採用、使用和拉動方面實際上已經超出了我們的預期。所以我認為這是其中很重要的一部分。

When I look at our performance, I think it tells the story when you we kind of expected our Daily SiHy and INFUSE ULTRA ONEday outside the US to do well, and you see that 36% growth performance in that Daily segment. But what makes me really proud of the team is the fact that Ultra monthly grew 8% and Biotrue even grew 2%. And so we're really trying to focus on that sealing the leaky bucket, right? You tend to launch the new products and the old products decline. And I think you see a really nice performance and execution from our contact lens team to drive growth.

當我回顧我們的表現時，我認為它說明了我們預期美國以外的 Daily SiHy 和 INFUSE ULTRA ONEday 會表現良好，而您會看到 Daily 部分業績增長了 36%。但真正讓我為團隊感到自豪的是，Ultra 每月增長了 8%，Biotrue 甚至增長了 2%。所以我們確實在努力集中精神堵住漏水的桶，對嗎？您傾向於推出新產品，而舊產品則會逐漸衰退。我認為您會看到我們的隱形眼鏡團隊表現出色，執行力出色，推動了成長。

And so when you get growth from your older products and stellar growth from your new products, it puts you in a very strong position. So very I'm very optimistic about the contact lens market, and I think it's going to remain healthy throughout the year and for years to come.

因此，當您的舊產品獲得成長，而新產品獲得顯著成長時，您就處於非常有利的地位。因此，我對隱形眼鏡市場非常樂觀，我認為今年乃至未來幾年它都將保持健康發展。

All right, thank you very much.

好的，非常感謝。

Larry Biegelsen from Wells Fargo.

富國銀行的 Larry Biegelsen。

This is Lei calling in for Larry. Congrats, nice quarter. I guess starting off, Sam, I know you're not giving a guidance for '26 yet, but you did give a lot of color around some of the issues in '25, the enVista recall, the relaunch, U S generics, et cetera, and all the investment that's going behind the key portfolios.

我是雷，替拉里打來的。恭喜，這是一個美好的季度。我想首先，山姆，我知道你還沒有給出 26 年的指導，但你確實對 25 年的一些問題、enVista 召回、重新推出、美國仿製藥等等，以及所有主要投資組合背後的投資給出了詳細的說明。

Can you just talk about for next year, as we think about it, is there any reason the business can't grow, let's say, the 6% to 8% you would be growing in '25 ex the recall, especially against the easy comps this year? And related in terms of EBITDA, do you think you can return to kind of the pre-recall margins next year, just given the ramp that we're likely to see? And I have a follow-up.

能否談談明年的情況？當我們考慮這個問題時，有什麼原因導致業務無法成長？比方說，在 25 年（不包括召回）的成長率為 6% 到 8%，尤其是與今年的簡單可比公司相比？就 EBITDA 而言，考慮到我們可能看到的成長，您是否認為明年您的利潤率能夠恢復到召回前的水平？我還有一個後續問題。

Yeah, so, I'll let obviously, Sam answer. But I think one piece of color I would say is I am very optimistic about '26 and beyond. And as I mentioned in the first question from Matt, why I stated is, I think we have a massive opportunity at this company over the next couple of years. And as I said, the key opportunities are really accelerating growth, strong improvement in margins and then, of course, our pull-through of our innovation and R&D pipeline. And so in that context, let me turn it over to Sam to provide more specific answer.

是的，所以，我顯然會讓 Sam 來回答。但我想說的是，我對 26 年及以後非常樂觀。正如我在馬特的第一個問題中提到的那樣，我之所以這麼說，是因為我認為未來幾年我們在這家公司有巨大的機會。正如我所說，關鍵機會是真正加速成長、大幅提高利潤率，當然還有我們的創新和研發管道的推進。因此，在這種情況下，讓我把問題交給 Sam 來提供更具體的答案。

Yeah, And Lei, I shared the exact same thoughts as Brent. And maybe just going through a little bit more stepping taking a step back and you think about what sort of how '25 plays for us first half versus second half. And with the raise of our guidance, that really represents sort of our confidence of the core business and what we're seeing in both the consumer business, the lens business performance that Brent just went through and also seeing the surgical outside sort of the investor recall as well as the work around sort of the pharma and even generics seeing a sequential improvement in generics, which is encouraging. More work there to be done, but it is encouraging in terms of how we think about it for the full year '25.

是的，雷，我和布倫特有著完全一樣的想法。也許只要再多走一步，退一步，你就會想想 25 對我們來說上半場和下半場的表現是怎麼樣的。隨著我們指引的提高，這確實代表了我們對核心業務的信心，以及我們在消費者業務、布倫特剛剛經歷的鏡頭業務表現以及投資者召回的外部手術以及圍繞製藥甚至仿製藥的工作中看到的仿製藥的連續改善，這是令人鼓舞的。雖然還有很多工作要做，但就我們對 25 年全年的展望而言，這是令人鼓舞的。

So when you think about that momentum and what we're doing here from '25, it gives us the confidence as we think forward. And I'm not going to give exact guidance for '26 right now. We'll spend more time talking through guidance as well as long-term guidance when we see each other in November 13 on the Investor Day. But it's really going to be important to how you build on this momentum going into 2026 and really during the first quarter, both on the top line growth as well as on the margin expansion.

因此，當你想到這種勢頭以及我們從 25 年開始所做的事情時，它就會讓我們對未來充滿信心。我現在還不會針對 26 年給予具體的指導。當我們在 11 月 13 日投資者日見面時，我們將花更多時間討論指導以及長期指導。但真正重要的是如何在 2026 年以及第一季保持這一勢頭，無論是營收成長還是利潤率擴張。

Just also maybe double-clicking a little bit here as you think about the margins and how we think about the buildup of the growth and the margins, our second half tends to be stronger than the first half because of seasonality in general. But this year is even more pronounced because of just how the ramp-up for enVista recall is playing out as well as how the generics actions are taking place and how we're building up with the generics.

當您考慮利潤率以及我們如何看待成長和利潤率的累積時，也許只需稍微雙擊一下，由於季節性因素，我們的下半年往往比上半年更強勁。但今年的情況更加突出，因為 enVista 召回行動正在加強，仿製藥行動正在進行，而且我們正在利用仿製藥進行建設。

So I do expect, as we think about the phasing for Q3 and Q4, I would expect Q3 probably a very similar phasing as we saw last year in '24, but that puts really a much bigger emphasis on Q4 for us, which is our exit point as we go into '26, which we'll build on from that point.

因此，當我們考慮第三季和第四季的分階段時，我確實預計第三季的分階段可能與我們去年 24 年看到的非常相似，但這確實讓我們更加重視第四季度，這是我們進入 26 年的退出點，我們將以此為基礎繼續努力。

And I think, Lei, it's important to recognize, I know we tend to think about quarters and we talk about quarters. But when I joined, I laid out the road map, and we spent the last two years really stabilizing and fortifying this company, making it more resilient, upgrading talent and building processes and customer focus. And you're starting to see that pay off in some of the resiliency we saw in the first quarter and first half of the year.

我認為，雷，認識到這一點很重要，我知道我們傾向於考慮季度，我們談論季度。但當我加入時，我制定了路線圖，我們花了兩年時間真正穩定和鞏固這家公司，使其更具彈性，升級人才，建立流程和客戶關注度。您開始從我們在第一季和今年上半年看到的一些彈性中看到回報。

But I think you're going to see the strategy is working in the second half of the year, but you're really I think you're going to see the fruits of all the hard work we've done over the last few years really start to pick up in '26 and '27 and beyond. And so that's what we're excited to talk to you about in November and really hope you and the team and Larry attend.

但我認為，你會看到該策略在今年下半年發揮作用，但你真的認為，你會看到我們過去幾年所做的所有努力的成果在 2026 年、2027 年及以後真正開始顯現。這就是我們很高興在 11 月與您討論的事情，並真誠希望您和團隊以及 Larry 能夠參加。

That's super helpful. And then just for my follow-up question, just a couple of things on the pipeline. On Elios, it looks like you're still looking the filing is pending. Would you still expect approval by the year-end? Any thoughts on adoption once you launch? And then beyond, it looks like it may have been pushed out to '27. Just see if you have any color on that.

這非常有幫助。然後，對於我的後續問題，只談及管道上的幾件事。在 Elios 上，看起來您仍在查看待處理的文件。您還期望年底前獲得批准嗎？對於產品發布後的採用，您有什麼想法嗎？再往後，看起來它可能會被推遲到 27 年。只要看看上面是否有任何顏色即可。

Yeah, 'll let Yehia answer. I'll just say on Elios, obviously, we're super excited about the technology. And I think the point we should just underscore here is having it approved in Europe and seeing the results clinically in Europe is quite encouraging for us.

是的，讓 Yehia 來回答。我只想說，關於 Elios，顯然我們對這項技術感到非常興奮。我認為我們應該強調的一點是，它在歐洲獲得批准並在歐洲看到臨床結果對我們來說是相當令人鼓舞的。

Obviously, a very different reimbursement environment than what the US will be. And so adoption will look entirely different. But clinically, you're seeing really great outcomes and great adoption in Europe. So that gives us a lot of confidence.

顯然，中國的報銷環境與美國的報銷環境有很大不同。因此，採用情況將會完全不同。但從臨床來看，你會看到它在歐洲取得了非常好的成果，並且得到了廣泛的應用。這給了我們很大的信心。

But Yehia, you want to talk about approval and the file and then, of course, enVista beyond as well?

但是 Yehia，您想談談批准和文件，當然還有 enVista 之外的事情嗎？

Sure. sure so for Elios, I think as Brent mentioned, we are very confident in the technology. The results we have seen and we are seeing from Europe is really very encouraging. With regard to the file, the strategy we took that we wanted to mitigate the risks once we submit the file, we get a lot of questions about certain areas from the FDA. So we're trying to do upfront work that can save us the number of questions and cycles that could come. And that's why we have actually put a little bit of time more in order to submit the file in the best shape.

當然。對於 Elios 來說，我認為正如 Brent 所提到的，我們對這項技術非常有信心。我們已經看到以及正在看到的歐洲的結果確實非常令人鼓舞。關於該文件，我們採取的策略是，一旦我們提交文件，我們就想降低風險，我們從 FDA 收到了很多關於某些領域的問題。因此，我們正在嘗試做好前期工作，以減少可能出現的問題和週期。這就是為什麼我們實際上花了更多一點時間來提交最佳形式的文件。

The other piece that we also decided to do it upfront is that we are actually introducing another probe which actually just from a capacity perspective, can work with the probe that we have in Europe. So as when we also launch the product, we don't have issues with regard to the supply. So that's why we have additional supplier that led also that we have to validate and verify that. So we're doing a huge progress. We do expect that we will submit this year. We do expect the approval could come early second half next year.

我們還決定提前做的另一件事是，我們實際上正在引入另一個探測器，從容量角度來看，它可以與我們在歐洲的探測器配合使用。因此，當我們推出產品時，我們不會遇到供應方面的問題。這就是為什麼我們有額外的供應商來領導，我們也必須驗證和核實這一點。因此，我們取得了巨大的進步。我們確實希望今年能夠提交。我們確實預計該批准可能會在明年下半年初到來。

Yeah, and look, I think it was a tough decision to rush it in or create a more robust file. And given the promise of this technology, we I think we made the right choice of creating a more robust file and approving a second supplier because we think demand will be high. And the last thing you want to do is launch a great product like this and not be able to supply. And so we've been in that position in the past, and I think a few months here will pay off handsomely for us in the future. You want to talk about enVista Beyond timeline?

是的，我認為是匆忙推出還是創建更強大的文件是一個艱難的決定。鑑於這項技術的前景，我認為我們做出了正確的選擇，即創建一個更強大的文件並批准第二家供應商，因為我們認為需求會很高。你最不想發生的事就是推出了這樣一款出色的產品，但卻無法供應。所以我們過去一直處於這種境地，我認為在這裡待幾個月將為我們帶來豐厚的回報。您想討論 enVista Beyond 時間軸嗎？

EnVista Beyond. Yes. So enVista Beyond, obviously, we were doing very good in terms of recruitment. However, with the recall, we were affected also because some of the IOL measurements were part of the recalls batches.

EnVista Beyond。是的。因此，enVista Beyond 在招募方面顯然做得非常好。然而，由於召回，我們也受到了影響，因為部分 IOL 測量數據屬於召回批次的一部分。

So we had to hold the recruitment for two months. But actually, we decided after that we came back to the market, we're also back to the recruitment. We have recruited approximately 32 patients since we are back. And we do expect still that we are trying to catch on the time lines, but we do expect maybe a couple of months of delayed launch based on the delay that we had from the recall.

所以我們只好將招聘延後兩個月。但實際上，我們決定在那之後重返市場，也重返招募工作。自從我們回來以來，我們已經招募了大約 32 名患者。我們確實仍在努力趕上時間表，但由於召回造成的延誤，我們確實預計發佈時間可能會延遲幾個月。

Does that answer the question?

這回答了問題嗎？

Yes, perfect.

是的，完美。

Joanne Wuensch from Citibank.

花旗銀行的 Joanne Wuensch。

Good morning and thank you for taking the question. I appreciate the comments on the contact lens market health, but I'm curious if you can give us an update on how you're thinking about the product pipeline and what we may be able to look forward to in the coming years?

早上好，感謝您回答這個問題。我很感謝您對隱形眼鏡市場健康狀況的評論，但我想知道您是否可以向我們介紹一下您對產品線的看法以及未來幾年我們可以期待什麼？

Yeah, Great question, and I'll ask Yehia again to talk a little bit about it. Obviously, this will be a key topic of the November event, Joanne. And so we don't want to front run our own Investor Day here too much. But I think the bottom line, and Yehia can provide a little more details is I think our contact lens portfolio of R&D projects is probably the best it's ever been in the history of the company. The last 30 years, our R&D has been playing catch-up to the market. And as part of our strategy, it was to now try to get into a lead the market.

是的，這個問題問得很好，我會再請葉海亞來談談這個問題。顯然，這將是 11 月活動的關鍵主題，喬安妮。因此，我們不想在這裡過度提前舉辦我們自己的投資者日。但我認為，最重要的是，葉海亞可以提供更多細節，我認為我們的隱形眼鏡研發專案組合可能是公司歷史上最好的。過去 30 年，我們的研發一直在追趕市場。作為我們策略的一部分，我們現在要努力進入市場領先地位。

And I think Yehia and the R&D team in contact lenses has cracked the code, and I'm immensely proud of the challenge we gave them a couple of years ago and where they are today. But do you want to talk a little bit more about that Yehia?

我認為葉海亞和隱形眼鏡研發團隊已經破解了密碼，我對我們幾年前給他們的挑戰以及他們今天所取得的成就感到無比自豪。但是你想再多談談葉海亞嗎？

Yes. So definitely, the contact lens actually, we saw the opportunity in the material innovation. And it has been for, as always Brent said, like there's no innovation happening on the material side for so many years. And this for us was really one of the areas that we wanted to tackle. However, the bigger challenge for us that we still wanted to produce it on our internal manufacturing capabilities without additional new lines of manufacturing and also to be considered one of the new segments if we can create a new segment for the contact lens area.

是的。因此，我們確實在隱形眼鏡材料創新方面看到了機會。正如布倫特所說，這麼多年材料方面似乎沒有任何創新。對我們來說，這確實是我們想要解決的領域之一。然而，對我們來說，更大的挑戰是我們仍然希望在不增加新生產線的情況下利用我們的內部製造能力進行生產，如果我們能夠在隱形眼鏡領域創建一個新的細分市場，那麼我們也希望將其視為新的細分市場之一。

And this is when we started the biomimetic about two years. We're doing a great progress on this project. In fact, our strategy, again, as I mentioned, that we are trying as much as possible to do a lot of upfront work to save time on the back end. So luckily, we have done approximately 10 internal studies on the biomimetic lens and the results are showing us great progress, giving us confidence every day.

大約兩年前我們就開始進行仿生研究了。我們在這個專案上取得了很大的進展。事實上，正如我所提到的，我們的策略是盡可能地做好前期工作，以節省後端的時間。幸運的是，我們已經對仿生鏡片進行了大約 10 項內部研究，結果顯示我們取得了巨大進步，這讓我們每天都充滿信心。

And we expect still that we will go for an external clinical study, a large one that will be starting around October time frame. And this is actually will be the first study. And you will hear more about the program and also the expected launches date at the Investor Day.

我們仍預計將進行一項外部臨床研究，一項大型研究將於 10 月左右開始。這實際上是第一項研究。您將在投資者日了解有關該計劃的更多資訊以及預計的發布日期。

Yes. We're going to do a deep dive of this in November, Joanne.

是的。喬安妮，我們將在十一月對此進行深入研究。

Doug Miehm from RBC Capital Markets.

來自加拿大皇家銀行資本市場的 Doug Miehm。

Yeah, thank you and good morning. I think we've touched on this to a fairly significant degree, but you mentioned about the gross to net on Xiidra, and I think that's well understood. But is there anything that you're doing with respect to Miebo as well in terms of pricing to really firmly place this market this product in the market, especially in anticipation of the competition that you've already highlighted?

是的，謝謝你，早安。我認為我們已經在相當大的程度上討論了這一點，但是您提到了 Xiidra 的毛收入與淨收入之比，我認為這很好理解。但是，在定價方面，您是否對 Miebo 做了什麼，以便真正穩固地將產品定位於市場，特別是考慮到您已經強調的競爭？

Yeah, I mean so we have invested immensely in Miebo and coverage rates on Miebo are incredibly strong. In fact, I would say we're essentially at what would be considered full coverage. And so as you compare it last year when it was uncovered, obviously, to full coverage today, you're looking at a hit to gross to net to secure that coverage.

是的，我的意思是我們在 Miebo 上投入了大量資金，而且 Miebo 的覆蓋率非常高。事實上，我想說我們基本上已經達到了全面覆蓋的水平。因此，當你將去年未被覆蓋的情況與今天的全面覆蓋情況進行比較時，你顯然會看到，為了確保覆蓋，總保費與淨保費之比會受到打擊。

But that is where it will be. And so when you think about 74% commercial coverage and 71% Medicare coverage, right, that's a great place. We did that regardless of the launch of a competitive product because that's how you win in this market.

但那確實是它的所在地。因此，當您考慮 74% 的商業覆蓋率和 71% 的醫療保險覆蓋率時，這是一個很好的地方。無論是否推出競爭產品，我們都會這樣做，因為這是在市場上獲勝的方法。

But it also, in some ways, creates an uphill battle for any competitor because you know how this disease state works, the patient comes in, gets a prescription, goes to fill it at the pharmacy. And if they don't have insurance coverage, they tend to abandon. And so making sure when you have a chronic medicine that they don't abandon and they stay on therapy because it's effective and tolerable and covered are really the key dynamics, and we are where we need to be.

但從某種程度上來說，這也給競爭對手帶來了一場艱苦的戰鬥，因為你知道這種疾病的狀態是怎樣的：病人進來，拿到處方，然後去藥房取藥。如果他們沒有保險，他們往往會放棄。因此，確保當您服用慢性病藥物時，患者不會放棄治療，而是繼續接受治療，因為這種治療有效、可耐受且覆蓋範圍廣，這才是真正的關鍵動力，而我們正處於我們需要的位置。

So there's really no further work to be done there. Now it's about driving more adoption and bringing more patients into the marketplace.

因此實際上沒有進一步的工作要做。現在我們的目標是推動更多的採用並將更多的患者帶入市場。

Okay. Perfect. And then just as a follow-up, with respect to the generics business, I know you're working on fixing this, but I imagine it does have an impact on the margins within the division. Can we think about the generics business as flat going forward? Or do you actually expect that you can gain share in that business? That would be unusual, but it would be great if you could do it.

好的。完美的。然後作為後續問題，關於仿製藥業務，我知道您正在努力解決這個問題，但我想它確實會對部門的利潤率產生影響。我們是否可以認為仿製藥業務未來會保持穩定？或者您實際上期望能夠在該業務中獲得份額？這可能不太常見，但如果你能做到就太好了。

I'm quite experienced in the generics world, having run Activist for a few years, right, and selling it to Teva. But look, I mean, there are a couple of things in the generics business that you have to be quite nimble to be able to handle, right? And what we saw over the last couple of years was a big competitor in the space, in the generic space go out Akorn. And then, of course, return. And when they're out, it's sort of a commodity-like business. So when supply is out, you have more robustness in the marketplace. And when

我在仿製藥領域相當有經驗，經營過 Activist 幾年，然後把它賣給了 Teva。但是，我的意思是，仿製藥業務中有一些事情你必須非常靈活才能處理，對嗎？過去幾年來，我們看到該領域出現了一個強大的競爭對手，即仿製藥領域的 Akorn。然後，當然返回。而當他們出去時，這就像是一門商品生意。因此，當供應不足時，市場就會更加強勁。什麼時候

supply is broad, you have less robustness in the marketplace. And so that's how this business works. But there's also just fundamental execution and other things. And I think we're solving those.

供應越廣泛，市場穩健性越低。這就是這個業務的運作方式。但也有一些基本執行和其他事情。我認為我們正在解決這些問題。

And our secret weapon in the generics business is we make the generics in the United States for the United States in our state-of-the- art facility in Tampa, where we make most of our pharmaceutical products or we will make most of our pharmaceutical products. So we'll see what happens with tariffs from India. We'll see what happens in other places, but we are a high-quality, reliable supplier of generics, and that's an important part of the dimension there.

我們在仿製藥業務中的秘密武器是，我們在坦帕的最先進的工廠為美國生產仿製藥，我們在那裡生產大部分藥品，或者我們將在那裡生產大部分藥品。因此，我們將拭目以待印度關稅政策將如何改變。我們將觀察其他地方發生的情況，但我們是一家高品質、可靠的仿製藥供應商，這是該領域的重要組成部分。

So it's a long way of saying it's an unpredictable market. We can do better than we've done in the first half of the year. And so we need to focus on what we can control, which is execution, high quality of reliable supply, and that's exactly what we're going to do to see improvement in the second half and there on.

所以，從長遠來看，這是一個難以預測的市場。我們可以做得比上半年更好。因此，我們需要專注於我們能夠控制的事情，即執行力、高品質、可靠的供應，這正是我們要做的事情，以便在下半年及以後看到改善。

Sam, any other color you want to add?

山姆，你想添加其他顏色嗎？

I think you covered it well, Brent. And when you think about the generics business, it exactly does go through those cycles. So for example, we don't talk much about it. But last year, we ended January was up about 10% and it was going to benefit from the cycle of the secret weapon that Brent talked about in terms of our manufacturing in Tampa, but also having the competitor being out of the market.

我認為你講得很好，布倫特。當你考慮仿製藥業務時，它確實會經歷這些週期。例如，我們對此談論不多。但去年，截至 1 月底，我們的銷售額上漲了約 10%，這將受益於布倫特所說的我們在坦帕製造的秘密武器週期，但同時競爭對手也退出了市場。

So one of the things we will look for in this business is, in addition to the steps we're taking for execution is we'll continue to be standing ready for capitalizing on those opportunities when they present themselves and get that market share and turn it into the growth rate that we saw last year.

因此，我們在這個業務中尋找的事情之一是，除了我們正在採取的執行步驟之外，我們還將繼續做好準備，在機會出現時抓住它們，獲得市場份額，並將其轉化為我們去年看到的增長率。

That's great, thank you.

太好了，謝謝。

Gary Nachman from Raymond James.

雷蒙德詹姆斯公司的加里納赫曼。

Great, thanks and good morning so first, regarding the enVista recovery after the recall, Brent, just provide some more detail on physician adoption and confidence in the product offering at this point? How quickly you were able to recapture that with the ECPs? And I guess as far as the investor recall impact on any of your other products or franchises, you specifically mentioned equipment. So just clarify that and how you were able to resolve that and if you're anticipating any other impacts from the recall over the course of the year? And then I have a follow-up.

太好了，謝謝，早上好，首先，關於召回後 enVista 的恢復情況，布倫特，能否提供一些關於醫生採用和對產品信心的更多細節？您多快能夠透過 ECP 重新獲得這種感覺？我想就投資者回憶對您的其他產品或特許經營權的影響而言，您特別提到了設備。那麼請澄清一下，您是如何解決這個問題的，以及您是否預計此次召回會在今年產生其他影響？然後我有一個後續問題。

Yeah, Sure, happy to. So look, when we voluntarily recalled the enVista product line, we did it because it was the right thing to do, and we always put patient safety first. The benefit from an unfortunate situation is also an opportunity, and that's about trust, right? And trust can be earned in every interaction with customers. It takes a long time to build a foundation of trust, and it can be destroyed very quickly.

是的，當然，很高興。所以，當我們自願召回 enVista 產品線時，我們這樣做是因為這是正確的做法，而且我們總是把病人的安全放在第一位。不幸的情況所帶來的好處也是一種機會，這就是信任的問題，對嗎？在與客戶的每一次互動中都可以贏得信任。建立信任的基礎需要很長時間，但信任的摧毀可能很快。

And so I think the way we handled it with the transparency and patient safety-first mentality, really gave us an opportunity to earn more trust in a marketplace like IOLs where surgeon relationships are paramount. And so when customers trust you, they give you their business. But when they really trust you, they give you their loyalty. And so we hope that our actions here will have a longer-term benefit.

因此，我認為我們以透明度和病人安全第一的心態處理此事的方式確實使我們有機會在 IOL 這樣的外科醫生關係至關重要的市場中贏得更多信任。因此，當客戶信任您時，他們就會與您做生意。但當他們真正信任你時，他們就會對你忠誠。因此我們希望我們在這裡的行動將帶來長遠的利益。

As surgeons know, we will always prioritize patient safety. I think when you look at where we stand in the context of the recall, I think we're in very good shape. It will take some time, right? We have shipped about 200,000 lenses, as we said in the prepared remarks.

正如外科醫生所知，我們始終將患者的安全放在首位。我認為，當你看看我們在召回事件中的位置時，我認為我們的狀況非常好。這需要一些時間，對吧？正如我們在準備好的演講中所說的那樣，我們已經運送了大約 200,000 個鏡頭。

We still don't have full consignment ability in the marketplace. And that will happen over the next few weeks as we continue to ramp up production. And then when you look at adoption, as I mentioned, the loyalist KOLs came right back in and even though we don't always have every diopter or every lens, they're working with us to really drive implantation and see strong results.

我們在市場上仍然不具備完整的寄售能力。隨著我們繼續提高產量，這將在未來幾週內實現。然後，當你看到採用率時，正如我提到的那樣，忠誠的 KOL 就會回來，儘管我們並不總是擁有每個屈光度或每個鏡片，但他們正在與我們合作，真正推動植入並看到強勁的效果。

There are a group of surgeons that are starting to implant, but haven't fully adopted because we can't provide a full consignment yet. And then, of course, when we get to full consignment, it will be about bringing new implanters and new surgeons into the business.

有一組外科醫生已經開始植入，但尚未完全採用，因為我們還不能提供完整的一批。當然，當我們實現全面委託時，就會為該業務引入新的植入者和新的外科醫生。

And so my sense of where we are today is that we will be fully back on track and recaptured our momentum by the first quarter of next year. So a work in progress throughout the year, but it will build sequentially and week-over-week, month-over-month and so we're seeing exactly what we want to see.

因此，我對我們目前狀況的感覺是，到明年第一季度，我們將完全回到正軌並重新獲得發展勢頭。因此，這項工作全年都在進行中，但它將按順序、週復一周、月復一月地進行，所以我們看到的正是我們想要看到的。

And I think this was as well handled as can be, but we still have a lot of work to do in the second half of the year to get to where we want to be, but we're absolutely on track. Does that answer your question?

我認為這個問題已經處理得很好了，但是下半年我們還有很多工作要做才能達到我們想要的目標，但我們絕對在按計劃進行。這回答了你的問題嗎？

Yeah, yes. Yes. No, that was perfect. And then just shifting to pharma. Just within dry eye, where we've been seeing a lot of market growth, where are you seeing most of the incremental growth in Miebo prescriptions? Is it mostly new patients or switches from other dry eye products, just given the unique evaporative nature of the product?

是的，是的。是的。不，那太完美了。然後轉向製藥業。就乾眼症而言，我們看到了很大的市場成長，您認為 Miebo 處方的大部分增量成長在哪裡？是否主要是新患者，還是從其他乾眼症產品轉換而來，只是因為該產品具有獨特的蒸發性質？

And then just lastly, just how comfortable I know you'll talk more about this at the R&D Day in November, but how comfortable are you with the pharma pipeline? And do you think you need to add to that meaningfully with BD to help with the long-term growth in that business? You talked a little bit about generics, but I'm curious more on the innovative side of things?

最後，我知道您會在 11 月的研發日上更多地談論這個問題，但是您對製藥管道有多滿意？您是否認為需要透過 BD 對此做出有意義的補充以幫助該業務的長期成長？您談到了一些關於仿製藥的事情，但我更好奇的是事物的創新方面？

Yes. So I think what you're seeing in dry eye, which is benefiting Miebo extensively is an expansion of new patients into the market. That's in part, it's obviously multifactorial, but it's in part based on our DTC and other efforts to expand the market, which are absolutely working. This is I've always said this, I know this market well. It's a very promotionally sensitive marketplace.

是的。所以我認為，您在乾眼症方面看到的是，Miebo 受益匪淺，新患者不斷湧入市場。部分原因顯然是多因素的，但部分原因在於我們的 DTC 和其他擴大市場的努力，這些努力絕對有效。我一直這麼說，我很了解這個市場。這是一個對促銷非常敏感的市場。

But I think what's making it better is when you look at a medicine like Miebo and you look at the risk benefit of it, it's tremendously tilts towards the benefit. You have a drug that works almost instantly, as Yehia mentioned from our Phase IV study we just produced, works consistently and has essentially no AEs, right? It's a highly tolerable drug. And so patients, as I said, describe it as silky and smooth in the eye.

但我認為，更好的是，當你觀察像 Miebo 這樣的藥物並考慮它的風險效益時，它會極大地傾向於效益。正如 Yehia 在我們剛剛進行的 IV 期研究中提到的那樣，你們有一種幾乎可以立即起效的藥物，它的作用持續並且基本上沒有不良反應，對嗎？這是一種耐受性極高的藥物。正如我所說，患者將其描述為眼睛如絲般柔滑。

And so when patients are getting that kind of relief when you have the type of managed care coverage that we had to investigate, that makes for kind of the winning formula for success in dry eye, right, a great product, instant relief, great long-term tolerability and affordability because of the coverage is really where you want to be. And so Miebo is absolutely growing the market.

因此，當患者獲得這種緩解時，當您擁有我們必須調查的那種管理式醫療保險時，這成為治療乾眼症的製勝法寶，對，一個偉大的產品，即時的緩解，良好的長期耐受性和可負擔性，因為保險範圍真的是您想要的。因此，Miebo 絕對正在擴大市場。

I think the other I don't have the data in front of me, we can follow up with you, but the refill rate on Miebo is higher than the rest of the category, too, which is another sign that patients really do appreciate this therapy.

我認為，我沒有掌握相關數據，因此我們可以跟進，但 Miebo 的補充率也高於其他同類產品，這也表明患者確實很欣賞這種療法。

And so I think Miebo has a lot of growth in front of it. And obviously, we'll talk more about it in the November meeting, but very optimistic on where we can drive Miebo despite noise around competition and the likewise. I don't really think that's going to be an issue for Miebo growth.

因此我認為 Miebo 還有很大發展空間。顯然，我們將在 11 月的會議上對此進行更多討論，但儘管競爭等方面存在噪音，我們對推動 Miebo 的發展非常樂觀。我確實不認為這會成為 Miebo 發展的問題。

The pipeline, Yehia can weigh in here. I'm super excited about our pharma pipeline from the combination for dry eye therapy that will enter clinicals this year, our novel neuroprotective glaucoma product that will enter clinicals this year. And then, of course, our pain product, I think, has already started.

關於管道，葉海亞可以在這裡發表意見。我對我們的藥物研發線感到非常興奮，包括今年將進入臨床階段的乾眼症治療組合藥物，以及今年將進入臨床階段的新型神經保護性青光眼產品。當然，我認為我們的痛苦產品已經開始了。

Actually, we'll be starting recruiting next week.

實際上，我們將於下週開始招募。

We'll start next week. So these programs are going to be in clinical, and we'll be able to talk about that in November. But early in the pipeline, we have a lot of other really important programs, whether it be through our collaborations with Citi or character and the like.

我們將於下週開始。因此這些項目將進入臨床階段，我們將在 11 月討論這個問題。但在籌備初期，我們還有很多其他非常重要的項目，無論是透過與花旗銀行的合作，或是與角色等的合作。

So Yehia, anything you want to chime in there?

那麼 Yehia，您有什麼想說的話嗎？

No, I think you addressed almost all points, Brent. But I just would like to just mention the philosophy on the pharma pipeline in particular, because I think it's one of the areas that witnessed a lot of transformation in Bausch & Lomb. And just to give you an overall perspective on the strategy. So what we are looking for is areas of high unmet medical need currently either not addressed by any treatment or addressed by treatment that could have the potential we get a better version of this treatment or best-in-class treatments.

不，我認為你幾乎解決了所有問題，布倫特。但我只想特別提一下製藥管道的概念，因為我認為這是博士倫經歷大量變革的領域之一。只是為了讓您對該戰略有一個總體的了解。因此，我們正在尋找的是目前尚未滿足的醫療需求領域，這些領域要么目前還沒有任何治療方法可以解決，要么可以透過可能讓我們獲得更好的治療方法或最佳治療方法的治療方法來解決。

And you mentioned the innovation part. And I just would like to comment on the innovation part because for ocular pain, it's a new chemical entity. It's the first time that we use this indication is not existing before or so. And if you look at the dry eye area, it's again, we are developing the first combination therapy in the prescription dry eye market that address inflammation and evaporative dry eye.

您提到了創新部分。我只想評論一下創新部分，因為對於眼部疼痛來說，這是一種新的化學實體。這是我們第一次使用這種以前不存在的適應症。如果你看一下乾眼症領域，你會發現我們正在開發處方乾眼症市場上第一種針對發炎和蒸發性乾眼症的聯合療法。

Glaucoma, we really want to change the standard of care. Glaucoma is a neuropathy disease. We have been addressing glaucoma as an IOP lowering only, but neglecting the neuropathy part that leads to vision loss.

對於青光眼，我們確實想改變治療標準。青光眼是一種神經病變疾病。我們一直將青光眼僅視為降低眼壓的治療方法，但卻忽略了導致視力喪失的神經病變部分。

And that's why we are very much interested in these new segments. And as Brent mentioned, this is the wave going into the clinical trials this year, but we also are having a second wave coming up next year from Character Bio Collaboration and City Therapeutics that address bigger areas in the retina like geographic atrophy, precision medicine.

這就是我們對這些新領域非常感興趣的原因。正如布倫特所提到的，這是今年進入臨床試驗的一波浪潮，但明年我們還將迎來第二波浪潮，由 Character Bio Collaboration 和 City Therapeutics 發起，旨在解決視網膜的更大區域，如地圖樣萎縮和精準醫療。

So you will hear a lot more about this at the Investor Day, but it's one of the most innovative pipelines if we look holistically in the pharma now existing in eye care.

因此，您將在投資者日聽到更多關於此內容的消息，但如果我們全面審視目前眼科護理領域的製藥業，它是最具創新性的管道之一。

Anything else there Gary?

加里，還有其他事情嗎？

Yeah, that color was really helpful.

是的，那個顏色確實很有幫助。

Great. Well, let me just conclude by thanking everyone for joining. As I opened the call, I think the opportunity in front of us is extraordinary. I think you'll better understand why I have so much optimism for our future after you hear our more detailed thoughts around our strategy, our guidance and our pipeline in November, which I encourage you all to participate in.

偉大的。好吧，最後我感謝大家的參與。當我打開電話時，我認為我們面前的機會是非凡的。我想，當您在 11 月聽到我們對我們的策略、指導和管道的更詳細的想法後，您會更好地理解為什麼我對我們的未來如此樂觀，我鼓勵大家參與其中。

And of course, we're always available to you if you have any questions. George, Sam and I are happy to follow up as we always do with you. But thank you for joining us today, and we look forward to keeping you updated.

當然，如果您有任何疑問，我們隨時為您服務。喬治、山姆和我很樂意像往常一樣跟進您的情況。但感謝您今天加入我們，我們期待向您提供最新進展。

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

謝謝。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。