Bausch + Lomb Corp (BLCO) 2026 Q1 法說會逐字稿

Good morning, and welcome to Bausch + Lomb's first quarter 2026 earnings call. (Operator Instructions) Please note, this event is being recorded.

早安，歡迎參加博士倫（Bausch + Lomb）2026 年第一季財報電話會議。（接線員指示）請注意，本活動將被錄音。

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

現在我想把會議交給投資人關係與商業洞察副總裁 George Gadkowski。請開始。

Thank you. Good morning, everyone, and welcome to our first quarter 2026 financial results conference call. Participating on today's call are Chairman and Chief Executive Officer, Mr. Brent Saunders; Chief Financial Officer, Mr. Sam Eldessouky; and President of Consumer, Mr. John Ferris.

謝謝。各位早安，歡迎參加我們 2026 年第一季財務結果電話會議。今天與會者包括董事長兼執行長 Brent Saunders 先生；財務長 Sam Eldessouky 先生；以及消費者事業總裁 John Ferris 先生。

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

除本次即時網路直播外，今日簡報投影片的副本以及本次電話會議的重播，將可於我們網站「投資人關係」專區取得。

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.

在開始之前，我想提醒各位，我們今天的簡報包含前瞻性資訊。我們請您花一點時間閱讀簡報開頭的前瞻性聲明說明，因其包含重要資訊。

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 GAAP 財務衡量指標與比率。關於這些衡量指標與比率的更多資訊，請參閱簡報第 1 頁。非 GAAP 調節表可於我們網站所發布之簡報附錄中查閱。

The financial guidance in this presentation is effective as of today only. It is our policy to generally not update guidance until the following quarter unless required by law and not to update or affirm guidance other than through broadly disseminated public disclosure.

本簡報中的財務指引僅以今日為準。除非法律要求，我們的政策通常不會在下一季之前更新指引，且不會透過非廣泛公開揭露的方式更新或確認指引。

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

接下來，我很高興把電話會議交給 Brent。

Thanks, George, and good morning, good afternoon, and good evening to everyone joining us today, including my colleagues from around the world. Before we get into the quarter, I want to address the question we hear most from investors. It's not whether our markets are growing or whether we have the right portfolio. The real question is, when will our earnings consistently reflect the strength of this business? Let me start there.

謝謝你，George。也向今天加入我們的各位道早安、午安與晚安，包括來自全球各地的同事。在進入本季內容之前，我想先回應投資人最常問的問題。問題不在於我們的市場是否成長，或我們是否擁有正確的產品組合。真正的問題是：我們的獲利何時才能持續反映這門業務的實力？我先從這裡談起。

Bausch + Lomb is a durable growth company. We operate in a category with long-term tailwinds, aging populations, rising myopia, and a move toward premium products in cataract surgery. That demand is not in question, and you see it in our performance. We're growing consistently across Pharmaceuticals, Surgical, and Vision Care. What is changing and what matters most for shareholders is the quality of that growth.

博士倫是一家具韌性的成長型公司。我們所處的類別具備長期順風因素：人口老化、近視率上升，以及白內障手術朝向高階產品的趨勢。需求無庸置疑，從我們的表現即可看出。我們在藥品、手術與視力保健三大領域皆持續成長。正在改變、且對股東最重要的是：成長的品質。

Over the past three years, we focused on building a strong and lasting foundation, simplifying the organization, driving cost discipline, improving execution. It's a fundamental shift that started to translate into operating leverage and margin expansion in the second half of 2025. You're seeing it in our mix as higher-margin categories like dry eye and premium IOLs become a larger part of the portfolio. You're seeing it in how we manage expenses with a much sharper focus on accountability, and you're seeing it in the consistency of our execution.

過去三年，我們專注於打造強健且長久的基礎：精簡組織、強化成本紀律、提升執行力。這是一項根本性的轉變，並在 2025 年下半年開始轉化為營運槓桿與毛利率/利潤率擴張。你可以從產品組合中看見：如乾眼與高階人工水晶體（IOL）等高毛利類別占比提高。你也可以從費用管理中看見：我們更聚焦於責任歸屬；也能從執行的一致性中看見。

We understand investors' focus on earnings consistency and leverage. We're addressing both through disciplined execution and continued adjusted EBITDA growth that supports deleveraging over time.

我們理解投資人對獲利一致性與槓桿的關注。我們將透過有紀律的執行，以及持續的調整後 EBITDA 成長來同時回應兩者，並在時間推移中支持去槓桿。

6% year-over-year constant currency revenue growth demonstrates the consistency I referenced earlier. More importantly, what we're proving quarter by quarter is that we can convert that growth into high-quality earnings with 59% adjusted EBITDA growth and 16.1% adjusted EBITDA margin in Q1, thanks to enduring structural changes. The patterns and proof points we're establishing position us well to deliver sustainable value for shareholders.

以固定匯率計算的營收年增 6%，展現了我先前提到的一致性。更重要的是，我們正逐季證明：我們能將這樣的成長轉化為高品質獲利——第一季調整後 EBITDA 成長 59%，調整後 EBITDA 利潤率達 16.1%，這得益於持久的結構性變革。我們正在建立的趨勢與佐證，使我們具備良好定位，為股東創造可持續的價值。

Three years ago, we set a clear plan, and we've executed against it with discipline. We're not making heel turns or concentrating risk in one area. We're doing exactly what we said we would, driving sustainable growth and margin expansion, improving how we sell and operate and continuing to invest in a pipeline that will carry us forward.

三年前，我們制定了清晰的計畫，並以紀律落實執行。我們沒有急轉彎，也沒有把風險集中在單一領域。我們正按照我們所說的去做：推動可持續成長與利潤率擴張，改善銷售與營運方式，並持續投資能帶領我們前行的研發管線。

On the growth front, I'd highlight an outstanding first-quarter performance from Pharmaceuticals with 12% constant currency revenue growth and 14% reported revenue growth. That's a prime example of selling excellence.

在成長方面，我要特別強調藥品事業第一季的亮眼表現：以固定匯率計算營收成長 12%，以報告口徑計算營收成長 14%。這是銷售卓越的最佳例證。

AI is becoming an increasingly important driver of operational excellence across the business. We're embedding it into how we work, from improving sales effectiveness and enabling more targeted customer engagement to streamlining operations and reducing reliance on external vendors and utilizing AI in drug discovery.

AI 正日益成為推動全公司營運卓越的重要驅動力。我們正把它嵌入工作方式之中：從提升銷售效能、促成更精準的客戶互動，到精簡營運、降低對外部供應商的依賴，以及在藥物研發中運用 AI。

Just as importantly, we're continuing to invest in our people, making upskilling a priority so teams can use these tools in practical and impactful ways. This is not a standalone initiative. It's a fundamental shift in how we operate and create value.

同樣重要的是，我們持續投資於人才，把技能提升（upskilling）列為優先事項，讓團隊能以務實且具影響力的方式使用這些工具。這不是一項獨立的專案，而是我們營運與創造價值方式的根本轉變。

As we said before, our pipeline isn't theoretical. It's active and progressing. We continue to deliver concrete milestones that show execution, not just ambition, which I'll touch on shortly.

如同我們先前所說，我們的研發管線不是停留在理論層面，而是正在運作並持續推進。我們不斷交付具體里程碑，展現的是執行力，而不只是企圖心；我稍後會再提到。

Our three-year plan for growth and meaningful margin expansion we presented at Investor Day in November is advancing with significant year-over-year improvements. One call-out is a more than 300-basis-point improvement in adjusted SG&A margin, a direct result of company-wide buy-in to our Vision '27 initiative and the muscle we continue to build around financial discipline. Keep in mind, these are part of an enduring structural change I referenced earlier.

我們在 11 月投資人日所提出的三年成長與顯著利潤率擴張計畫，正伴隨顯著的年對年改善而推進。其中一個重點是：調整後銷售、一般及行政費用（SG&A）利潤率改善超過 300 個基點，這直接反映全公司對 Vision '27 計畫的認同，以及我們持續鍛鍊的財務紀律。請記住，這些都是我先前提到的持久結構性變革的一部分。

The plan calls for steady acceleration of revenue growth and margin expansion through 2028, and we remain confident in our ability to meet or exceed the targets we set.

該計畫預期至 2028 年營收成長與利潤率擴張將穩步加速，我們仍對達成或超越既定目標充滿信心。

This is a pipeline that's moving. In the first quarter, we filed the NDA for LUMIFY NXT, formerly LUMIFY Luxe, and completed CE Mark submission for seeLYRA, while trial recruitment remains on track. These advancements demonstrate both development and regulatory progress. Commercialization is on full display as well, with both PreserVision AREDS3 And Blink Triple Care preservative-free shipping in the first quarter.

這是一條正在前進的研發管線。第一季，我們已為 LUMIFY NXT（前稱 LUMIFY Luxe）提交 NDA，並完成 seeLYRA 的 CE Mark 送件，同時臨床試驗招募仍按計畫進行。這些進展同時展現研發與法規面的推進。商業化也同樣清楚可見：PreserVision AREDS3 與 Blink Triple Care 無防腐劑產品皆已於第一季開始出貨。

We'll cover both later, but I can tell you anecdotally that the buzz for both products is real based on my own conversations with eyecare professionals at various industry gatherings.

我們稍後會談到這兩項產品，但我可以以親身經驗分享：根據我在各類產業聚會中與眼科照護專業人士的交流，這兩款產品的市場熱度確實存在。

This is what pipeline momentum looks like, consistent, visible and building. It's important to note that we delivered an impressive financial results while increasing our R&D investment by 17% in the quarter, which shows that growth and innovation are moving forward together. The dynamics in eye health are evolving, and that's clearly working in our favor. We're the most diversified eye health company in the world with broad-based growth across key brands.

這就是研發管線動能的樣貌：一致、可見、且持續累積。值得注意的是，我們在本季將研發投資提高 17% 的同時，仍交出令人印象深刻的財務成果，顯示成長與創新正同步向前。眼健康領域的動態正在演變，而這顯然對我們有利。我們是全球最多元化的眼健康公司，核心品牌呈現廣泛的成長動能。

It's a simple formula. The broadest portfolio leads to deeper customer, patient and consumer relationships, which drive more consistent and long-lasting performance. I referenced our standout Pharmaceutical first-quarter performance earlier but would also note that our Vision Care segment, which includes both contact lenses and consumer products continues to deliver.

這是一個簡單的公式：最廣的產品組合能帶來更深的客戶、病患與消費者關係，進而推動更一致且更長久的表現。我先前提到藥品事業第一季的突出表現，同時也要指出，我們的視力保健事業（包含隱形眼鏡與消費性產品）也持續交出成果。

Contact lens growth was a particular bright spot as it appears will once again outpace the industry, thanks in large part to 25% growth in our daily SiHy portfolio. Our Surgical business delivered growth in the quarter, though the results came in below expectations, primarily due to temporary factors, including weather-related disruption to cataract procedures and reimbursement pressures in select markets. This also reflects a challenging comparison to Q1 2025 when the business grew 11% on a constant currency basis.

隱形眼鏡的成長尤其亮眼，看起來將再次超越產業增速，主要受惠於我們每日拋矽水膠（SiHy）產品組合成長 25%。我們的手術事業本季亦實現成長，但結果低於預期，主要因暫時性因素所致，包括天候造成白內障手術受干擾，以及部分市場的給付/報銷壓力。這也反映了與 2025 年第一季的高基期比較挑戰，當時該業務以固定匯率計算成長 11%。

More importantly, we took deliberate action to strengthen our competitive position by rebuilding our US surgical field force. This was not a reactive move but a strategic reset to ensure we have the right structure, capabilities and focus to fully capitalize on our expanding portfolio of premium products and upcoming launches. While there are some near-term transition impact, early signs are encouraging with improving execution, rising productivity, and sales trends moving in the right direction.

更重要的是，我們採取了有意識的行動，透過重建美國手術業務的前線團隊來強化競爭地位。這不是被動反應，而是策略性的重置，以確保我們具備正確的組織架構、能力與聚焦，充分掌握我們不斷擴大的高階產品組合與即將上市的新產品。雖然短期內會有一些轉換期影響，但早期跡象令人鼓舞：執行力改善、生產力提升，且銷售趨勢正朝正確方向發展。

What gives us confidence is the underlying trajectory of the business. Our premium strategy continues to gain traction. In the US, premium products represented 26% of Q1 sales, up from 19% last year, with global mix increased to 13% from 10%. enVista US sales grew 16%, with Envy up 88% year over year as we continue to build momentum post-recall. In addition, US system placements were nearly 3 times higher than the prior year, position us well for future procedure growth.

讓我們有信心的是業務的基本走勢。我們的高階策略持續獲得市場認可。在美國，高階產品占第一季銷售的 26%，高於去年的 19%；全球產品組合占比也由 10% 提升至 13%。enVista 在美國的銷售成長 16%，而 Envy 年增 88%，我們在召回事件後持續累積動能。此外，美國系統裝機數接近前一年的 3 倍，為未來手術量成長奠定良好基礎。

These are clear leading indicators of improving performance. As the new commercial structure scales and our premium mix continues to expand, we expect the Surgical business to strengthen sequentially through the year and beyond.

這些都是改善表現的明確領先指標。隨著新的商業架構逐步擴大規模，且高階產品組合占比持續提升，我們預期手術事業將在今年及未來逐季走強。

I'll now turn it over to Sam to unpack first quarter financial drivers and update guidance. Sam?

接下來我把時間交給 Sam，請他說明第一季財務驅動因素並更新財務指引。Sam？

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. In addition, all references to adjusted EBITDA will exclude Acquired IPR&D.

謝謝你，Brent，各位早安。在開始之前，請注意：除非另有特別說明，我今天所有評論都將以固定匯率口徑表達成長。此外，所有對調整後 EBITDA 的提及將排除併購取得的在研研發（Acquired IPR&D）。

Q1 was a strong quarter with robust top-line growth and margin expansion. We delivered meaningful operating leverage with adjusted EBITDA reported growth of 59% on a year-over-year basis. The performance highlights the structural changes we have made to drive operating leverage, which are now translating into P&L flow-through. We have simplified our operating model, streamlined indirect support to better align resources with growth opportunities, and started implementing productivity initiatives across manufacturing and supply chain.

Q1 是表現強勁的一季，營收端成長穩健且毛利率擴張。我們實現了顯著的營運槓桿，調整後 EBITDA（息稅折舊攤銷前利潤）在申報口徑下年增 59%。此表現凸顯我們為推動營運槓桿所進行的結構性調整，現已開始反映在損益表（P&L）的傳導效果上。我們已簡化營運模式、精簡間接支援以更好地將資源與成長機會對齊，並開始在製造與供應鏈推動生產力提升計畫。

Taking a step back, we are building on our 2025 momentum and continuing to execute against the targets we outlined at Investor Day. This marks our third consecutive quarter of delivering on our priorities, and Q1 results reinforce that our focused execution is keeping us well on track to achieve our three-year targets.

回到更宏觀的角度，我們正延續 2025 年的動能，並持續依照投資人日所提出的目標推進執行。這是我們連續第三個季度落實既定優先事項，而 Q1 的結果也再次印證，我們聚焦的執行力正使我們穩步朝三年目標前進。

Turning now to our financial results on slide 9. Total company revenue for the quarter was $1.244 billion, up 6% year over year, reflecting strong underlying demand. Foreign exchange was a tailwind of approximately $42 million in the quarter.

接著看投影片 9 的財務結果。本季公司合併營收為 12.44 億美元，年增 6%，反映強勁的基本需求。外匯在本季帶來約 4,200 萬美元的正面助益。

Now let's dive into each of our segments in more detail. Vision Care first-quarter revenue of $711 million increased by 5%, driven by strong growth in both consumer and contact lenses.

現在我們更深入檢視各事業部門。首先是視力保健（Vision Care），第一季營收為 7.11 億美元，成長 5%，主要由消費者產品與隱形眼鏡兩大業務的強勁成長所帶動。

Let me go over a few highlights. The consumer business delivered 5% growth in the quarter. LUMIFY generated $55 million of revenue, up 15%. The consumer dry eye portfolio delivered $114 million of revenue in the first quarter, up 16%. Growth was driven by Artelac, which was up 25%; and Blink, which was up 5%. Eye vitamins, PreserVision, and Ocuvite grew by 2% in the first quarter.

我說明幾項重點。消費者業務本季成長 5%。LUMIFY 創造 5,500 萬美元營收，年增 15%。消費者乾眼產品組合第一季營收為 1.14 億美元，年增 16%。成長主要由 Artelac（成長 25%）與 Blink（成長 5%）帶動。眼部維他命 PreserVision 與 Ocuvite 第一季成長 2%。

Contact lens revenue growth was 5% in the first quarter. The growth was led by Daily SiHy and our Ultra franchises. In the first quarter, Daily SiHy was up 23% and Ultra was up 3%. The contact lens business grew in both the US and international markets, with the US up 6% and international up 4% in the quarter.

隱形眼鏡第一季營收成長 5%。成長主要由 Daily SiHy 與 Ultra 兩大系列帶動。第一季 Daily SiHy 成長 23%，Ultra 成長 3%。隱形眼鏡業務在美國與國際市場皆成長，其中美國本季成長 6%，國際成長 4%。

Moving now to the Surgical segment. First-quarter revenue was $228 million, an increase of 1%, lapping 11% growth in the prior year. As Brent mentioned, the Surgical business was impacted by, among other things, onetime weather-related disruption and a rebuild of the US field force, which is a strategic action designed to strengthen our execution as the year progresses.

接著看手術（Surgical）事業部。第一季營收為 2.28 億美元，成長 1%，主要因去年同期基期為 11% 成長。正如 Brent 提到的，手術業務受到多項因素影響，包括一次性的天候相關干擾，以及美國前線銷售團隊的重建；這是一項策略性行動，旨在隨著年度推進強化我們的執行力。

In Q1, implantables were up 3%. Our Surgical portfolio continues to transition to higher-margin premium categories, with growth in premium IOLs up 27% for the quarter. Consumables were up 2% in the first quarter. Equipment revenue declined 4%, driven by a greater mix of system placements that position us well for future pull-through sales.

Q1 植入式產品成長 3%。我們的手術產品組合持續轉向毛利率更高的高階品類，其中高階人工水晶體（premium IOLs）本季成長 27%。耗材第一季成長 2%。設備營收下滑 4%，主要因系統裝機（placements）組合占比提高，這將使我們在未來的帶動式銷售（pull-through sales）上具備更佳布局。

Revenue in the Pharma segment was $305 million in Q1, an increase of 12%. Our US Pharma business was up 14% in the quarter with strong execution across Miebo and Xiidra. Miebo delivered $76 million of revenue in Q1, up an impressive 33% year over year as it continues to scale in line with normal seasonality. Consistent with our commitment, Xiidra delivered revenue growth in the quarter. Xiidra revenue was $87 million, up 30% on a year-over-year basis.

藥品（Pharma）事業部 Q1 營收為 3.05 億美元，成長 12%。我們的美國藥品業務本季成長 14%，Miebo 與 Xiidra 皆展現強勁執行力。Miebo Q1 營收為 7,600 萬美元，年增亮眼的 33%，並持續依正常季節性擴張。依照我們的承諾，Xiidra 本季亦實現營收成長；Xiidra 營收為 8,700 萬美元，年增 30%。

As we've discussed, the dry eye portfolio has moved beyond the launch phase and is now in growth mode. With the platform established, we expect increasing bottomline leverage while continuing to invest behind the highest return opportunities. We are confident in the portfolio's trajectory and expect sustained revenue growth and margin expansion from both Miebo and Xiidra.

如我們先前所述，乾眼產品組合已走過上市導入期，現已進入成長模式。在平台已建立的情況下，我們預期在持續投資於最高報酬機會的同時，底線（bottom line）槓桿將逐步提升。我們對該產品組合的發展軌跡充滿信心，並預期 Miebo 與 Xiidra 皆將帶來持續的營收成長與利潤率擴張。

Finally, our International Pharma business was up 7% in the quarter.

最後，我們的國際藥品業務本季成長 7%。

Now let me walk through some of the key non-GAAP line items on slide 10. Adjusted gross margin for the first quarter was 61.2%, which was up 170 basis points year over year. In Q1, we invested $101 million in adjusted R&D, an increase of 15% year over year as we continue to focus on advancing the pipeline to drive the substantial opportunity ahead of us.

接著我說明投影片 10 中幾個主要的非 GAAP（非一般公認會計原則）科目。第一季調整後毛利率為 61.2%，年增 170 個基點。Q1 我們在調整後研發（R&D）投入 1.01 億美元，年增 15%，我們持續聚焦推進研發管線，以把握未來龐大的機會。

In the quarter, we saw approximately 340 basis points of adjusted SG&A margin improvement and delivered meaningful operating leverage. This highlights the structural changes implemented in 2025, which have been in place and effective for the last couple of quarters. We are driving SG&A efficiencies and delivering growth with a lower fixed cost structure. That discipline is translating into meaningful operating leverage, which is an outcome we expect to continue.

本季我們看到調整後銷售、一般及行政費用（SG&A）利潤率改善約 340 個基點，並實現顯著的營運槓桿。這凸顯 2025 年所導入的結構性調整，過去幾季已到位並發揮成效。我們正推動 SG&A 效率提升，並以更低的固定成本結構實現成長。這份紀律正轉化為顯著的營運槓桿，而這也是我們預期將持續出現的成果。

First quarter adjusted EBITDA was $200 million, up 59% year over year on a reported basis. And adjusted EBITDA margin was 16.1%, expanding 500 basis points year over year. Adjusted cash flow from operations was $45 million in the quarter, and CapEx for the quarter was $100 million, including capitalized interest of $7 million. This reflects the normal first-half cash generation cadence. As we move through the year, we expect operating cash flow to increase driven by earnings growth and working capital efficiencies with a lighter CapEx profile in the second half.

第一季調整後 EBITDA 為 2.00 億美元，在申報口徑下年增 59%。調整後 EBITDA 利潤率為 16.1%，年增 500 個基點。本季營運活動調整後現金流為 4,500 萬美元，資本支出（CapEx）為 1.00 億美元，其中包含 700 萬美元的資本化利息。這反映上半年正常的現金創造節奏。隨著年度推進，我們預期在獲利成長與營運資金效率提升的帶動下，營運現金流將增加，且下半年 CapEx 結構將較為輕量。

Net interest expense was $93 million for the quarter. We remain focused on progressing towards our 3.5 times net leverage target by the end of 2028. Our net leverage improved in the quarter, and we expect to make continued progress over the course of the year. Adjusted EPS, excluding Acquired IPR&D, was $0.08 for the quarter compared to a loss of $0.07 in the prior year.

本季淨利息費用為 9,300 萬美元。我們仍專注於在 2028 年底前達成淨槓桿倍數 3.5 倍的目標。本季淨槓桿已改善，且我們預期全年將持續取得進展。排除併購取得之進行中研發（Acquired IPR&D）後的調整後每股盈餘（EPS）為 0.08 美元，相較去年同期為虧損 0.07 美元。

Now turning to our 2026 guidance on slide 13. The fundamentals of our business and the eyecare market remain strong, and the momentum we're seeing reinforces our outlook. We delivered a strong start to the year, and the Q1 results further strengthen our confidence in our ability to execute through the remainder of 2026. We are raising our full-year revenue guidance by $45 million to a range of $5.42 billion to $5.52 billion. The updated revenue guidance reflects constant currency growth of approximately 5.3% to 7.2%, up roughly 30 basis points versus our prior outlook.

接著看投影片 13 的 2026 年財測指引。我們的業務基本面與眼科照護市場仍然強勁，而目前的動能也支持我們的展望。我們今年開局表現強勁，Q1 結果進一步提升我們對於 2026 年剩餘期間執行力的信心。我們將全年營收指引上調 4,500 萬美元至 54.2 億至 55.2 億美元區間。更新後的營收指引反映以固定匯率計算約 5.3% 至 7.2% 的成長，較先前展望約上調 30 個基點。

Turning to adjusted EBITDA. We are raising our full-year guidance by $10 million to a range of $1.01 billion to $1.06 billion. This reflects a margin of approximately 19% at the midpoint of the guidance range and adjusted EBITDA growth of approximately 16% on a year-over-year basis. We are executing our margin expansion strategy with discipline and momentum and continue to expect meaningful operating leverage in 2026, with adjusted EBITDA growing at a rate of nearly 3 times that of revenue.

再看調整後 EBITDA。我們將全年指引上調 1,000 萬美元至 10.1 億至 10.6 億美元區間。此對應指引區間中點約 19% 的利潤率，以及調整後 EBITDA 年增約 16%。我們正以紀律與動能執行利潤率擴張策略，並持續預期 2026 年將有顯著的營運槓桿，調整後 EBITDA 的成長速度將接近營收的 3 倍。

In terms of the other key assumptions underlying our guidance, based on current exchange rates, for the full-year 2026, we estimate currency tailwinds of approximately $50 million to revenue. We expect adjusted gross margin to be approximately 62% and investments in R&D to be in the range of 7.5% to 8% of revenue. Below the line, we continue to expect interest expense to be approximately $365 million and our adjusted tax rate to be approximately 19%.

就指引所依據的其他關鍵假設而言，依目前匯率估算，2026 全年外匯對營收的正面助益約為 5,000 萬美元。我們預期調整後毛利率約為 62%，研發投入約占營收 7.5% 至 8%。在損益表下方項目方面，我們仍預期利息費用約為 3.65 億美元，調整後有效稅率約為 19%。

Full-year CapEx remains unchanged and is expected to be approximately $285 million. As mentioned, CapEx is weighted to the first half of the year and spend is anticipated to be lighter in the second half of the year.

全年資本支出（CapEx）維持不變，預期約為 2.85 億美元。如前所述，CapEx 主要集中於上半年，下半年支出預期將較為減少。

In conclusion, Q1 was our third straight quarter of delivering on our strategy, and we are firmly on the right path. We are executing against our priorities, driving operating leverage and margin expansion and seeing that discipline convert into tangible P&L results. As we move through 2026, execution will remain our top priority, and the momentum we have established reinforces our confidence in achieving our three-year targets.

總結而言，Q1 是我們連續第三個季度落實策略，我們正堅定走在正確的道路上。我們依優先事項推進執行，推動營運槓桿與利潤率擴張，並看到這份紀律轉化為具體的損益表（P&L）成果。隨著 2026 年推進，執行仍將是我們的首要任務，而已建立的動能也強化我們達成三年目標的信心。

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

接下來我把電話會議交給 Brent。

Thanks, Sam. We'll now hear from John Ferris, President of our Consumer business, who will explain how we're leveraging leading brands to drive performance while broadening our reach through new product rollouts.

謝謝你，Sam。接下來我們將聽取消費者業務總裁 John Ferris 的分享，他將說明我們如何運用領先品牌帶動績效，同時透過新產品上市擴大觸及範圍。

Thanks, Brent. Bausch + Lomb is the number one consumer eye health company globally, anchored by our strength in the US where we've built a durable portfolio of hero brands.

謝謝你，Brent。Bausch + Lomb 是全球第一的消費者眼部健康公司，並以我們在美國的優勢為核心，在當地建立了由主力品牌（hero brands）構成、具持久競爭力的產品組合。

From PreserVision, the gold standard in eye vitamins to LUMIFY, the number one redness reliever to Blink and dry eye, we've continued our track record of growing faster than the market and winning share in the categories that matter most. And that strength extends globally, where we're building an international consumer powerhouse led by Artelac, our high-growth dry eye franchise now available in more than 40 countries.

從眼部維他命的黃金標準 PreserVision、到第一名的去紅血絲產品 LUMIFY、再到 Blink 與乾眼產品，我們持續維持「成長快於市場」的紀錄，並在最關鍵的品類中提升市占。這份優勢也延伸至全球市場：我們正打造由 Artelac 領軍的國際消費者強勢平台；Artelac 是我們高成長的乾眼系列，目前已在超過 40 個國家上市。

A few call-outs on first-quarter performance. Artelac delivered 34% reported revenue growth with no signs of slowing as our geographic footprint continues to expand. Blink has now grown for seven straight quarters under Bausch + Lomb management. And with the newly available Triple Care preservative-free offering, we expect to attract new users as we continue to infuse the brand with clinically meaningful innovation.

關於第一季表現有幾點重點說明。Artelac 在申報口徑下營收成長 34%，且未見放緩跡象，因為我們的地理覆蓋版圖持續擴大。Blink 在 Bausch + Lomb 管理之下已連續七個季度成長。隨著新推出的 Triple Care 無防腐劑產品上市，我們預期在持續為品牌注入具臨床意義的創新之際，將吸引更多新用戶。

We grew 2% in eye vitamins, a category we've built and have led for decades. PreserVision increased market share during the quarter, and we're extending that leadership by significantly expanding the addressable market in AMD with the introduction of our AREDS3 formula, which incorporates B vitamin science. More on that in a moment.

我們在眼部維生素品類成長 2%，這是我們打造並領先數十年的品類。PreserVision 在本季提升了市占率；而我們也透過推出 AREDS3 配方（納入 B 群維生素科學）大幅擴大 AMD 的可觸及市場，進一步延伸這項領導地位。稍後我會再多談一些。

And finally, LUMIFY, 15% reported revenue growth nearly eight years after launch with a 6% share gain in the quarter. We now hold close to 70% of the US redness relief market. That's what a true power brand does. It keeps building.

最後是 LUMIFY：在上市將近八年後，申報口徑下營收仍成長 15%，且本季市占率提升 6%。我們目前在美國去紅血絲市場的市占接近 70%。這就是真正的強勢品牌所做的事——持續累積、持續成長。

In consumer, innovation is the engine behind the enduring brands, and our pipeline reflects exactly that. PreserVision AREDS3 is now available nationwide on retail shelves and online, with distribution continuing to build. This launch changes the game for us in the AREDS formula eye vitamin category. With the addition of our unique B vitamin complex, we're no longer limited to serving the 11 million intermediate to advanced AMD patients.

在消費者業務中，創新是長青品牌背後的引擎，而我們的產品管線正好反映了這一點。PreserVision AREDS3 現已在全國零售通路與線上上架，且鋪貨仍在持續擴大。這次上市改變了我們在 AREDS 配方眼部維生素品類的競爭格局。隨著加入我們獨特的 B 群維生素複合配方，我們不再僅限於服務 1,100 萬名中期至晚期 AMD 患者。

We can now meaningfully address an additional 17 million early-stage patients. That's a significant expansion of our addressable market and we're building toward it the right way with professional endorsement first. We've hosted educational events at major industry meetings, completed dedicated field force training, and began detailing and sampling more than 8,000 targets earlier this month.

我們現在也能有效觸及另外 1,700 萬名早期患者。這大幅擴大了我們的可觸及市場；而我們也以正確方式逐步建立——先取得專業端背書。我們已在主要產業會議舉辦教育活動、完成專屬業務團隊訓練，並於本月稍早開始對超過 8,000 個目標進行拜訪推廣與提供試用樣品。

It's early in the launch, but initial retailer orders in the first 60 days have exceeded expectations and the sales velocity on Amazon is tracking well with a 4.7 star user rating.

目前仍處於上市初期，但前 60 天零售商的初始訂單已超出預期，而 Amazon 的銷售動能也追蹤良好，使用者評分達 4.7 顆星。

Turning to LUMIFY. LUMIFY is beloved by over 3 million highly satisfied users, with a commanding 95% share of US eyecare professional recommendations. And yet we believe we've barely scratched the surface of what this brand can become. The core audience for LUMIFY, beauty enthusiasts, is 100 million strong. That's a significant and largely untapped runway for growth.

接著談 LUMIFY。LUMIFY 深受超過 300 萬名高度滿意的使用者喜愛，且在美國眼科照護專業人士推薦中擁有高達 95% 的壓倒性占比。然而，我們認為這個品牌的潛力才剛開始被挖掘。LUMIFY 的核心受眾——美妝愛好者——規模達 1 億人，這是一條可觀且多數尚未開發的成長跑道。

We've built a highly differentiated durable brand with the scale, premium positioning, and professional credibility that make it increasingly difficult to displace. Later on, LUMIFY NXT, expected to launch in the first half of 2027, and we believe we have a clear path to continue building one of the most enduring brands in consumer eye health.

我們已打造出高度差異化、具持久性的品牌，具備規模、溢價定位與專業可信度，使其愈來愈難被取代。展望未來，預計於 2027 年上半年推出的 LUMIFY NXT，我們相信有清晰路徑可持續打造消費者眼部健康領域中最具長青性的品牌之一。

Thanks, John. Let's turn our attention to the biggest revenue drivers in Pharmaceuticals. You'll notice that we've moved from highlighting prescription growth to focusing on revenue, aligned with our strategy as Miebo enters the next phase of growth and our refreshed Xiidra market access approach takes hold. The acceleration we're seeing in Miebo revenue, which saw a 33% increase, shouldn't come as a surprise. It's consistent with the trajectory we've been building, strong uptake, growing familiarity among prescribers, and increased confidence in the product.

謝謝，John。接下來把焦點轉向藥品事業中最大的營收驅動因素。你會注意到，我們已從強調處方量成長轉為聚焦營收，這與我們的策略一致：Miebo 進入下一階段成長，而我們更新後的 Xiidra 市場准入策略也開始發揮作用。我們看到 Miebo 營收加速、成長 33%，這不應令人意外；這與我們一路建立的軌跡一致——強勁的採用、處方醫師熟悉度提升，以及對產品信心增加。

The same is true for Xiidra, which grew 30%. We said revenue growth was a priority, and that's exactly what we delivered and then some. There's nothing sudden or unexpected here. It's the result of steady, disciplined execution against a clear plan. This is the strategy working as designed.

Xiidra 也是如此，成長 30%。我們說過營收成長是優先事項，而這正是我們交出的成果，甚至更好。這裡沒有任何突然或出乎意料之處；這是依照清晰計畫、穩健且有紀律執行的結果。這項策略正如設計般運作。

Together, Miebo and Xiidra continue to anchor our dry eye portfolio, providing a strong and complementary foundation for growth. And with seasonality working in our favor, we expect that momentum to build as the year progresses. Our contact lens business continues to deliver, reflecting the strength of our portfolio and reinforcing our position as a reliable performer.

Miebo 與 Xiidra 共同持續支撐我們的乾眼產品組合，為成長提供強而互補的基礎。加上季節性因素對我們有利，我們預期這股動能將隨著年度推進而持續增強。我們的隱形眼鏡業務也持續交出成績，反映產品組合的實力，並鞏固我們作為穩健表現者的地位。

As noted earlier, 5% constant currency revenue growth in the category was driven by continued outperformance from our Daily SiHy lenses. We expect that momentum to continue as we execute a disciplined strategic rollout of planned SiHy offerings across the globe over the next few years.

如先前所述，該品類在固定匯率下營收成長 5%，主要由我們 Daily SiHy 鏡片的持續優於市場表現所帶動。我們預期在未來幾年於全球有紀律地推進既定 SiHy 產品的策略性上市計畫下，這股動能將延續。

As we continue to build momentum with our current portfolio, we remain focused on what's next. Beginning in 2028 with Project Halo, we have a new wave of disruptive lenses progressing through the pipeline that we believe position us to capture additional market share in a highly cost-effective way. It's a clear example of how we're pairing near-term execution with long-term innovation.

在持續為現有產品組合累積動能的同時，我們也專注於下一步。自 2028 年的 Project Halo 起，我們有新一波具顛覆性的鏡片正在管線中推進；我們相信這將使我們能以高度具成本效益的方式取得更多市占。這清楚展現我們如何將短期執行與長期創新相結合。

While the overall Surgical business performance in the first quarter wasn't quite up to our standards, our premium IOL portfolio remains a bright spot with 27% constant currency revenue growth. Our desire to develop a premium heavy IOL portfolio has been no secret, and the transition is well underway.

雖然第一季整體手術業務表現未完全達到我們的標準，但我們的高階 IOL 產品組合仍是亮點，固定匯率下營收成長 27%。我們想打造以高階產品為主的 IOL 組合並非秘密，而這項轉型已在順利推進中。

With the early April launch of enVista Envy in Europe, our first attractive premium IOL in the region, our expansion into the higher-margin segment continues. Envy will complement our European LuxLife offering, giving surgeons optionality to meet their evolving needs. We expect continued momentum in premium IOLs as we expand globally and drive a greater mix of higher-value offerings.

隨著 4 月初在歐洲推出 enVista Envy——我們在該地區首款具吸引力的高階 IOL——我們持續擴張至更高毛利的細分市場。Envy 將與我們在歐洲的 LuxLife 產品相互補強，讓外科醫師能有更多選擇以滿足其不斷演進的需求。隨著我們在全球擴張並提高高價值產品的組合占比，我們預期高階 IOL 將持續保持動能。

We've talked about our pipeline potential. Now you're seeing the reality. Advancement is happening across multiple programs and stages, with a steady cadence of milestones being achieved.

我們談過管線的潛力。現在你看到的是現實成果。多個專案與不同階段都在推進，並以穩定節奏達成各項里程碑。

Importantly, this is not a near-term peak. It's a sustained profile. This is the pipeline built to deliver year after year well into 2030 and beyond.

重要的是，這不是短期高峰，而是可持續的態勢。這是一條能在 2030 年及更遠未來、年復一年交付成果的產品管線。

Now let's open things up for questions. Operator?

現在我們開放提問。接線員？

(Operator Instructions) Matt Miksic, Barclays.

（接線員指示）Barclays 的 Matt Miksic。

Congratulations, Sam and Brent and team, on a really strong start to the year. So I wanted to maybe start with just a question about the strategic -- some of the strategic elements that are coming together to sort of drive the leverage that you've talked about and the drop-through that you're seeing.

恭喜 Sam、Brent 以及團隊在今年有個非常強勁的開局。我想先從一個問題開始，關於策略——也就是一些正在逐步到位、用以推動你們所提到的槓桿效應，以及你們看到的利潤下沉（drop-through）的策略要素。

Matt?

Matt？

Apologies. We seem to have lost Matt. We will bring Matt back in when he reconnects. In the meantime, we'll move to Robbie Marcus from JPMorgan.

抱歉，我們似乎與 Matt 失去連線。他重新連上後我們會再讓他加入。先請 JPMorgan 的 Robbie Marcus。

Congrats on a good quarter. Maybe I'll just ask my two upfront. I wanted to ask about two different markets, dry eye and contact lenses. Miebo was good. Xiidra was a lot better than expected. Maybe speak to what you're seeing there, particularly with Xiidra and what drove the pretty substantial year-over-year growth.

恭喜本季表現不錯。我先問兩個問題，分別關於兩個市場：乾眼與隱形眼鏡。Miebo 表現不錯，Xiidra 則遠優於預期。能否談談你們看到的情況，特別是 Xiidra，以及是什麼驅動了相當可觀的年對年成長？

And then I'll just ask second, contact lenses that was in line. What are you seeing there from a market perspective? We've seen over the past few quarters, the market decelerating as pricing has moderated. You put up 5% growth, 6% in the US, 4% outside the US. Just what you're seeing there in the market and how you think you're faring. Thanks a lot.

第二個問題是，隱形眼鏡表現符合預期。從市場角度你們看到什麼？過去幾季我們看到市場在價格漲幅趨緩後出現減速。你們繳出 5% 成長，美國 6%、美國以外 4%。想請教你們對市場的觀察，以及你們認為自身表現如何。非常感謝。

Yeah. Thanks, Robbie, and good morning. So let's take dry eye first. The way I think about it and really the important part of our strategy we started implementing a few years ago was to be an absolute leader in dry eye, both on the prescription and the OTC side. And strategically, the point was to be able to provide the full continuum of care for the patient wherever they are, whether that be in the OTC channel or in the prescription channel.

好的，謝謝你，Robbie，早安。我們先談乾眼。我的看法是——而且這也是我們幾年前開始落實的策略重點——要在乾眼領域成為絕對領導者，涵蓋處方藥與 OTC 兩端。策略上，我們的目標是能在患者所處的任何階段提供完整的照護連續性，不論是在 OTC 通路或處方通路。

As you know, it's a very large and underpenetrated market. And having -- and it's a multifactorial disease. And so being able to offer both the only anti-evaporative and the best anti-inflammatory treatment in the prescription market really complements one another.

如你所知，這是一個非常龐大且滲透率仍偏低的市場；而且這是一種多因素疾病。因此，在處方市場同時提供唯一的抗蒸發治療，以及最佳的抗發炎治療，兩者能彼此形成互補。

And so the first two years or so of Miebo and Xiidra, we were really focused on adoption, right? That's the launch phase that we talk about a lot. And so we made a lot of investments in making sure that prescribers and patients really understood the mechanisms, the benefits and risks of each medicine and how they work together. We had to get adoption and trial. We had to make sure clinical and medical information was well understood, and of course, consumer activation with DTC and the like.

因此在 Miebo 與 Xiidra 的前兩年左右，我們確實把重心放在採用上，對吧？那就是我們常說的上市階段。因此我們投入大量資源，確保處方醫師與患者真正理解各藥物的作用機轉、效益與風險，以及它們如何搭配使用。我們必須推動採用與試用；必須確保臨床與醫學資訊被充分理解；當然也包括透過 DTC 等方式進行消費者端的啟動。

As we look at what we're doing now, and I've talked about consistently through last year was shifting from launch to growth in 2026. And what I meant by that, and I think I said it on every earnings call last year was we were going to focus on revenue growth and profitability of these franchises.

而當我們看現在正在做的事——我在去年一整年也持續談到——就是在 2026 年從上市轉向成長。我所指的是，而且我想我去年每次財報電話會議都提到：我們將聚焦這些產品線的營收成長與獲利能力。

And I think you're seeing that play out in the quarter. I know you described Miebo as being okay, but 33% revenue growth to me is better than okay, Robbie. Maybe you and I have a different point of view. And Xiidra at 30% growth for a brand that's been on the market for several years is very impressive. And so we have a lot of momentum in dry eye.

而且我認為你正在看到這在本季反映出來。我知道你形容 Miebo 還可以，但對我來說，營收成長 33% 可不只是還可以，Robbie。也許你我觀點不同。再者，Xiidra 作為一個已上市好幾年的品牌，仍有 30% 的成長，這非常令人印象深刻。所以我們在乾眼領域有很強的動能。

The category still is very underpenetrated from a prescription perspective. We're seeing the market expand. Even with some limited competition that launched last year, we're seeing more than our fair share. We're seeing market expansion. And so the market is reacting exactly as we'd expect.

從處方的角度來看，這個品類的滲透率仍然非常低。我們看到市場在擴大。即使去年有一些有限的競爭產品上市，我們仍然拿到超過我們應得的份額。我們看到市場擴張。因此市場的反應完全符合我們的預期。

And given our pipeline with the dual action R&D program we have, we're committed to this category and driving innovation in it. So I think you're going to see this momentum continue to build. And the last thing I would say is, remember, there is a lot of seasonality in the dry eye market with the first quarter being the weakest and the fourth being the strongest, largely due to the way reimbursement and insurance plans work. And so to put up those kind of numbers in the first quarter, in particular, is a real testament to the team's execution and our ability to drive growth. I think you're going to see that momentum only improve as seasonality becomes a tailwind and execution continues to sharpen.

而且考量到我們的產品線（pipeline），以及我們正在進行的雙重作用研發計畫，我們承諾深耕這個品類並推動其中的創新。所以我認為你會看到這股動能持續累積。最後我想說的是，請記得乾眼市場有很強的季節性：第一季通常最弱、第四季最強，主要與給付與保險方案的運作方式有關。因此能在第一季就交出這樣的數字，特別能證明團隊的執行力與我們推動成長的能力。我認為隨著季節性轉為順風、執行持續精進，你會看到這股動能只會更好。

On contact lenses, data is a little harder to come by than it is in the prescription world, right, in the pharmaceutical world. But I think I told folks on the fourth quarter earnings call that we anticipated that 2025 market growth was around 4% and that I thought it was going to improve in 2026, somewhere between 4% to 5%.

至於隱形眼鏡，資料確實比處方領域（也就是製藥領域）更難取得。不過我想我在第四季財報電話會議上跟大家說過，我們預期 2025 年市場成長約在 4%，而我認為 2026 年會改善到約 4% 到 5% 之間。

And I think when you look at our growth, and we know at least one competitor reported and we're more than about double their growth in the quarter, a little less than double their growth in the quarter. I think you're going to see us lead the market in growth. And what's interesting, and you pointed this out, the growth was much higher in the US than outside.

而當你看我們的成長表現時，我們知道至少有一個競爭對手已經公布，他們本季的成長大概只有我們的一半多一點——我們的成長超過他們的兩倍，或接近兩倍。我認為你會看到我們在成長上領先市場。有趣的是，正如你指出的，美國的成長遠高於海外。

And the reason is we offer all the modalities in the US. We have the full portfolio. And it's much easier to become the lens of choice when you have the full lineup of modalities. It's much more difficult to get a prescriber to offer a lens when you don't have a toric or a multifocal in that line.

原因在於我們在美國提供所有配戴型態（modalities）。我們有完整的產品組合。當你擁有完整的配戴型態陣容時，就更容易成為首選鏡片；反之，如果某一條產品線沒有散光（toric）或多焦（multifocal）款，要讓開立者提供該鏡片就困難得多。

And that's exactly what we're doing now. We're starting to launch the other modalities in other markets around the world. And so I do think you're going to see the rest of the world look more like the US in time. And then lastly, I would say there's always a little seasonality, not as profound as in Pharmaceuticals, but the first quarter is always a bit slower in contact lenses as we saw first quarter of last year as well.

而這正是我們現在在做的事。我們正開始在全球其他市場推出其他配戴型態。因此我確實認為，隨著時間推進，世界其他地區會越來越像美國。最後我想說，隱形眼鏡也有一些季節性，雖然不像製藥那麼明顯，但第一季通常都會慢一些，我們去年第一季也看到了同樣情況。

And if you look at the pattern from last year, Robbie, our growth increased sequentially throughout the year, and we anticipate that happening this year as well. So I feel like the contact lens market is modestly improving and our performance -- our goal is to outperform the market.

而如果你看去年的走勢，Robbie，我們的成長在全年是逐季提升的，我們也預期今年會同樣發生。所以我覺得隱形眼鏡市場正在溫和改善，而我們的表現——我們的目標是跑贏市場。

Really helpful, Brent. I always talk relative 33% is a good absolute year-over-year growth.

非常有幫助，Brent。我一直是用相對的角度來看；33% 的年對年成長在絕對值上也很不錯。

Robbie, when you put up a 33% growth on a year three or year four of a product, that's still pretty impressive.

Robbie，當一個產品已經進入第三年或第四年，還能做到 33% 的成長，這仍然相當令人印象深刻。

Joanne Wuensch, Citibank.

Joanne Wuensch，花旗銀行。

I'll put my questions upfront. I'm curious what you're seeing globally as we think about the impacts of world order on the consumer. And I'm also coming closer to home, sort of curious what you're seeing in terms of implementation of your strategy and what gives you confidence as you go through the year?

我先把問題一次問完。我想了解，從全球角度來看，當我們思考世界秩序變化對消費者的影響時，你們觀察到什麼？另外回到更貼近本土的層面，我也想知道你們在策略落地執行上看到什麼，以及在接下來一年推進過程中，什麼讓你們有信心？

Yes. So Joanne, just to clarify, you're talking about the Middle East and the repercussions when you say consumer sentiment or --?

是的。Joanne，先確認一下，你提到消費者情緒或——你是指中東以及其連鎖影響嗎？

Middle East repercussions, consumer sentiment, inflation, I'm just going to put it in the new world order.

中東的連鎖影響、消費者情緒、通膨——我就把它統稱為新的世界秩序。

All right. Yes. No problem. Look, I would say this, and I'm going to ask John Ferris, our Head of Consumer, who's with us here to also weigh in because he tracks this very closely as well. And then maybe, Sam, if he has any comments as well.

好。沒問題。你看，我會這麼說：我也會請我們的消費品事業負責人 John Ferris（他今天也在現場）一起補充，因為他也非常密切追蹤這些議題。然後也許 Sam，如果他也有任何看法的話。

Look, the one thing I would say that gives me great confidence to navigate through some of the world uncertainty is this team is tested and prepared and focused. And I think if you watched us deal with many different obstacles throughout the last three years, I hope it gives you some sense of confidence that we can do that. You look at let's just take the Middle East as an example. We have a dedicated team that focuses on looking at transportation, supplier negotiations, cost efficiencies on a weekly basis.

我想讓我對於穿越這些全球不確定性最有信心的一點是：這個團隊經過考驗、準備充分且高度專注。我認為如果你看我們過去三年如何處理各種不同障礙，希望能讓你對我們有能力做到這點更有信心。以中東為例，我們有一個專責團隊，每週都在關注運輸、供應商談判與成本效率。

So we plan for them. We don't react to them. I think when you look at oil and freight costs, it's probably a little too early to quantify the impact, but we don't see an impact in our numbers in the first quarter. It was quite minimal. And it wasn't really -- the impact we saw wasn't demand related. It was really logistical and making sure that we were able to get our products where they needed to be at the right cost.

所以我們是為這些情境做規劃，而不是被動反應。我認為就油價與運費成本而言，現在可能還太早量化其影響，但我們在第一季的數字中沒有看到明顯影響，影響非常有限。而且我們看到的影響並不是需求面，而是物流面——確保我們能以合適的成本，把產品送到需要的地方。

I think in fairness, the fix is somewhat straightforward for us on that regard. It's more planning and making sure we have inventory in the right location at the right cost with the right shipping frequency, and that's what the team is very focused on. I think finally, I'd say that being said, if we see oil costs remain persistently elevated, it could become a bit of a headwind for us. But I think it's too early to call.

坦白說，對我們而言在這方面的解法相對直接：就是更周全的規劃，確保我們在正確的地點以正確的成本備有庫存，並搭配合適的出貨頻率，而這正是團隊目前非常專注的事。最後我會說，若油價長期維持在高檔，可能會對我們形成一些逆風，但現在下結論還太早。

And if you recall, at this time last year, we were talking about tariffs and folks were asking us to quantify tariffs. And we really pushed back saying that we could manage through that. It was too early to call, and we navigated through that disruption quite well, I think. And I think we'll be able to do the same with higher energy costs as well.

而且如果你還記得，去年這個時候我們在談關稅，大家也要求我們量化關稅影響。我們當時其實就回應說我們可以管理得過來，現在判斷仍太早；而我認為我們確實相當順利地度過了那次干擾。我也認為面對更高的能源成本，我們同樣能做到。

Finally, I would say in terms of my view on consumer confidence, I think it's fine is the best way to say it. I think some markets are different. I think the US is holding up more resilient than perhaps China and Southeast Asia at this moment in time. But overall, globally, I would say it's exactly as we predicted it to be and exactly how we think the year will play out is playing out so far.

最後，談到我對消費者信心的看法，我覺得用「還可以」來形容最貼切。我認為不同市場表現不一；目前美國的韌性似乎比中國與東南亞更強。但整體而言，從全球角度看，我會說目前的情況完全如我們所預測，也正如我們認為今年會如何發展——到目前為止確實就是這樣在走。

But John, any other? You're much closer to the consumer.

不過 John，你還有其他補充嗎？你離消費者更近。

Yes. I'd say we're always mindful of consumer sentiment. But that being said, our business has proven resilient through multiple cycles of macro headwinds that we think post pandemic. Brent mentioned inflation and tariffs, and now we talk about affordability. Part of that resilience comes from the need-based categories that we compete in, but a larger part comes from our execution and really the strength of our brands.

是的。我會說我們一直都很留意消費者情緒。不過話說回來，我們的業務在疫情後面對多輪宏觀逆風時，都證明了具備韌性。Brent 提到了通膨與關稅，現在我們談的是可負擔性。我們韌性的一部分來自於我們所競爭的是需求導向的品類，但更大一部分來自於我們的執行力，以及我們品牌的真正實力。

So I think we've shown we can consistently grow our business faster than the market, even in challenging environments with some macro headwinds. So that gives us confidence moving forward. But I will say, hey, we're always mindful of the health of the consumer and keeping a close eye on it.

所以我認為我們已經證明，即使在有一些宏觀逆風、環境具挑戰性的情況下，我們仍能持續讓業務成長快於市場。這讓我們對未來更有信心。不過我也要說，我們始終關注消費者的健康狀況，並密切追蹤。

Matt Miksic, Barclays.

Matt Miksic，巴克萊。

So maybe a follow-up on Surgical here and just one quick one on contacts. The really great growth sort of as expected. I don't want to take away from the credit, but --

那我可能先追問一下手術（Surgical）業務，然後再快速問一個隱形眼鏡的問題。成長非常亮眼，也算在預期之內。我不想抹煞你們的功勞，但——

Or maybe wrong expectations.

或者也可能是我預期錯了。

But that's good. It's probably right. I mean at ASCRS, it seems like there was a lot of interest and traction and feedback from doctors has been very good on your lenses, your ATIOL lenses and on equipment. And so maybe just to round out some of the success you're seeing in this time last year, you had to pull some products, you got them back into the market and they're now sort of regaining that momentum.

但這是好事。大概是我預期得對。我的意思是，在 ASCRS 上，看起來大家對你們的鏡片、ATIOL 鏡片以及設備都有很高的興趣、進展與回饋，醫師的反應也非常好。所以也許你可以更完整地談談你們看到的成功：去年這個時候你們不得不下架一些產品，後來又把它們重新推回市場，現在似乎正在重新找回那股動能。

On the equipment side, I mean, the numbers would say equipment is down, but that wasn't the feedback that I got from clinicians and -- or from the conference that there was some sort of share shift in equipment. Maybe if you could talk a little bit about that. And then I had one quick follow-up.

在設備端，我是說，從數字看設備是下滑的，但我從臨床醫師——或從會議現場得到的回饋，並不是設備端出現某種市占轉移。也許你可以談談這一點。然後我還有一個很快的追問。

Yeah. So I think you're right. As I mentioned in the prepared remarks, there was a focused rebuild of our Surgical US field force, much like we did in Pharma and in contact lenses. So we have a lot of experience in making sure that our frontline salespeople are the best in the industry, and we're doing that in Surgical as well.

好的。我認為你說得對。正如我在事先準備的發言中提到的，我們有針對性地重建了美國手術業務的一線團隊，就像我們在製藥與隱形眼鏡業務所做的一樣。因此我們在確保第一線銷售人員成為業界最佳方面有很多經驗，而我們也正在手術業務上做同樣的事。

And so when you think about what I said in the prepared remarks, our system placements were 3x higher than they were Q1 of last year. That's probably the strongest leading indicator to support what you saw at ASCRS. And so we feel very confident that equipment and the consumable pull-through will continue to strengthen sequentially throughout the year.

因此，當你回想我在事先準備的發言中提到的內容，我們的系統裝機量較去年第一季高出 3 倍。這大概是最強的領先指標，用來支持你在 ASCRS 上看到的情況。因此，我們非常有信心，設備以及耗材的拉動效應將在全年持續逐季走強。

Our team is doing an excellent job in placing and getting trial, and that will result to higher sales as time goes. So I feel very good.

我們的團隊在裝機與試用推進方面做得非常出色，隨著時間推移，這將帶來更高的銷售。所以我感覺非常好。

I think on the premium side, 27% constant currency growth there. And very impressive, Envy up 88%. And so you see the momentum that we had in that tough first quarter comp last year where prior to recall is back, right? I think I can fully say Envy is the best trifocal in the market, providing the best outcomes for patients and doctors and surgeons are recognizing that. So I feel very good.

我認為在高端產品方面，以固定匯率計算成長 27%。而且非常亮眼的是，Envy 成長 88%。因此你可以看到，我們在去年第一季那個艱難的比較基期下所累積的動能——也就是召回之前的狀態——已經回來了，對吧？我可以很明確地說，Envy 是市場上最好的三焦點人工水晶體，能為病患與醫師帶來最佳結果，外科醫師也正在認可這一點。所以我感覺非常好。

And the last thing I would just say, the momentum and part of my optimism of sequential improvement in surgical is while we focus on the US, we just launched in April in this quarter, Envy and Aspire in Europe. We're just launching our new Bi-Blade for retitrectomy in Europe this month. We're launching it in the US in the third quarter.

最後我想說的是，關於手術業務逐季改善的動能以及我樂觀的一部分原因在於：雖然我們聚焦美國市場，但我們已在本季（4 月）於歐洲推出 Envy 與 Aspire。我們也將在本月於歐洲推出用於玻璃體切除術（retitrectomy）的新 Bi-Blade，並將於第三季在美國上市。

We're upgrading the entire portfolio globally to preloaded from the enVista line, which is very important to surgeons. That's just happening this quarter. And then, of course, in the second half, we expect to launch Elios within our -- and assumed approval in the second half. So a lot of really positive momentum in the surgical business to be seen throughout the year.

我們正在把全球整個產品組合升級為採用 enVista 系列的預裝式（preloaded）設計，這對外科醫師非常重要，且正於本季進行中。然後，當然在下半年，我們預期在取得核准的前提下推出 Elios。因此，手術業務在全年都將展現許多非常正向的動能。

That's great and super helpful. And then just on some of the geographic performance in contact lenses, really strong, yes, 6% US, international also 4%. But I guess heading into the quarter, we had heard or maybe from some of your competitors' results to more uneven performance, particularly in Asia Pac and maybe around Japan or some of the other markets.

這很棒，也非常有幫助。接著談到隱形眼鏡在不同地區的表現，確實很強勁：美國 6%，國際也有 4%。但我想在進入本季之前，我們聽到一些消息，或從你們某些競爭對手的結果來看，表現較為不均，特別是在亞太地區，可能包括日本或其他一些市場。

Can you talk a little bit about what you saw there and whether that's -- you're just offsetting that with strong growth elsewhere or whether you're seeing anything like that and what it looks like in terms of trends?

你能否談談你們在那裡看到的情況？以及這是否只是被其他地區的強勁成長所抵消，或是你們也看到類似的情況？就趨勢而言看起來如何？

Yes. So I think from a market perspective, and let's talk about our performance in that market because they do bifurcate a bit. I think in fairness, the market in the US is the strongest followed by Europe and then Asia. And Asia, it's more of a China, Southeast Asia kind of softness that I'm not worried about long-term trends.

是的。我認為從市場角度來看——也讓我們談談我們在該市場的表現，因為兩者確實有些分化——公平地說，美國市場最強，其次是歐洲，再來是亞洲。而亞洲方面，較多是中國、東南亞這類偏疲弱的情況，我對其長期趨勢並不擔心。

I think it's more of an economic muting of the market. But I do think it will come back and long term, I think, is a very important market for us. Japan has been a flat to declining market for the last few years. But in fairness, this is where I think we bifurcate, our Japanese business was up 4% in the year. And remember, as I mentioned in the first question, we're just starting to launch the new modalities or additional modalities of our Daily SiHy portfolio into these markets.

我認為這更像是經濟因素使市場動能被壓抑。但我確實認為它會回來，而且長期來看，我認為這對我們是非常重要的市場。日本市場過去幾年持平到下滑。但公平地說，這就是我們分化之處：我們在日本的業務今年成長 4%。而且請記得，如同我在第一個問題中提到的，我們才剛開始在這些市場推出我們 Daily SiHy 產品組合的新配戴模式或更多配戴模式。

So if we can kind of perform better than the market in those even troubled or softer markets, and we're doing that organically and the new products are still on the come. I feel very good about where we're positioned to grow faster than the market and take more than our peers.

因此，如果我們能在那些即便較困難或較疲弱的市場中仍表現優於市場，而且我們是以有機方式做到，同時新產品還在陸續推出中，我對我們的定位非常有信心：我們能比市場成長更快，並取得比同業更多的份額。

Young Li, Jefferies.

Young Li，Jefferies。

I guess maybe a follow-up on the [Nigel] question earlier that we looked at the monthly script trends for Miebo, January and February were a lot lower sequentially. March rebounded pretty strongly. I think the April weekly numbers are also looking pretty good. I think you did address some of the dynamics driving that. But I just wanted to put a finer point on it since we did get some attention from investors on that topic.

我想可能是延續先前 [Nigel] 的問題：我們看了 Miebo 的每月處方量趨勢，1 月與 2 月相較前期低了很多，3 月則強勁反彈。我認為 4 月的每週數據看起來也相當不錯。我知道你確實已經說明了一些驅動因素，但我想把這點講得更精準一些，因為投資人對這個主題確實有些關注。

I guess what drove the big decel -- sequential decel in scripts in January, February, and then the subsequent rebound in March and then your confidence level on the sustainability of those improving trends for the rest of the year, especially with a big dry eye launch still ramping?

我想問的是：是什麼導致 1 月、2 月處方量出現明顯的環比放緩，之後 3 月又反彈？以及你對於今年剩餘時間這些改善趨勢可持續性的信心程度如何，尤其是在一個大型乾眼症產品上市仍在爬坡的情況下？

Yes. No, great question. Look, I think this is the new normal. And what I mean by that is as we've moved away from launch mode and we're a much bigger product, we're going to see the impact of true seasonality in this business for the foreseeable future. And it's all driven by the way insurance works.

是的。不，這是個很好的問題。你看，我認為這就是新的常態。我所謂的新常態是：隨著我們已經走出上市初期、產品規模變得更大，我們在可預見的未來會看到這個業務真正的季節性影響。而這一切都由保險運作方式所驅動。

It's going to be totally normal. You're going to see it again next year and the year after that and the year after that. With higher co-pays, higher deductible plans and everything else, you're always going to see the January, February period be lower prescription volume as a result of people having higher co-pays and more abandonment at the pharmacy counter. And that's just the way these markets work. And that's how we plan for it and that's how we model for it.

這將會是完全正常的。你明年會再看到，後年也會，再後年也會。隨著更高的自付額（co-pay）、更高的免賠額（deductible）方案以及其他因素，你總會看到 1 月、2 月的處方量較低，原因是民眾自付額更高，且在藥局櫃檯放棄領藥（abandonment）的比例更高。這就是這些市場的運作方式。我們也就是這樣做規劃、這樣做模型預測。

So in fairness, we believe that our team is executing with excellence. You're seeing the rebound in March. I actually thought it was going to happen in April. So we're a bit ahead of what I thought would happen. And so I feel very good and optimistic about the trends we're seeing. And Miebo and Xiidra are going to be strong growth drivers throughout the year and for the foreseeable future.

所以公平地說，我們相信團隊的執行非常到位。你已經看到 3 月的反彈。我原本以為會在 4 月才發生，所以其實比我預期的還要早一些。因此，我對我們看到的趨勢感到非常好、也很樂觀。而 Miebo 與 Xiidra 將在今年以及可預見的未來，持續成為強勁的成長驅動力。

Great. Very helpful. I guess another question just on the Surgical side. So you have PanOptix Pro ramping, Unity out there, PureSee is launching. I heard the 1Q comments on weather and tough comps.

很好，非常有幫助。我想再問一個關於手術業務的問題。你們有 PanOptix Pro 正在爬坡、Unity 已在市場上、PureSee 也在推出。我也聽到了你們在第一季提到天氣與艱難比較基期的評論。

But just wanted to get a sense about your feeling of your product portfolio and how that compares with all these new launches. We're assuming some level of trialing from PureSee. Just wondering if you are expecting that as well in your numbers.

但我想了解你對你們產品組合的感受，以及相較於這些新上市產品的競爭態勢。我們假設 PureSee 會帶來一定程度的試用（trialing）。想請問你們在數字上是否也預期會有同樣情況？

Yes, we are. I mean, I think, look, on Unity, I don't really see any impact to us. I think they're really focused on upgrading their existing customer base. They did do some trials last year, but we don't see that as common this year so far. And so nothing I'm really worried about there.

是的，我們有。我是說，我認為，關於 Unity，我其實沒有看到對我們有任何影響。我認為他們主要聚焦在升級既有客戶群。他們去年確實做了一些試用，但到目前為止，今年我們沒有看到那麼普遍。因此，這方面我沒有特別擔心。

I think seeLYRA and our next-generation seeNOVA are very competitive. In fact, I hear many times that once people try seeLYRA, they view it as the most stable and best phaco machine in the marketplace even when compared to Unity. I think as we look at our next-generation equipment, it's really going to be best in class.

我認為 seeLYRA 與我們下一代的 seeNOVA 競爭力非常強。事實上，我常常聽到，一旦有人試用 seeLYRA，他們會認為它是市場上最穩定、最好的超音波乳化（phaco）機器，即使與 Unity 相比也是如此。我認為當我們看向下一代設備時，它真的會是同級最佳（best in class）。

And the R&D team is -- I meet with them every other week. We review the project plan. We are progressing very nicely there. So very competitive with our existing portfolio, I think poised to break out with the next generation. I think on the IOL side, yes, we'll probably see some trial. But again, we're poised for growth. Envy is incredibly well received.

而研發團隊——我每兩週就和他們開一次會。我們會檢視專案計畫，我們的進展非常順利。因此，以現有產品組合來看，我認為我們非常有競爭力；而下一代產品也蓄勢待發，有望脫穎而出。至於 IOL 方面，是的，我們可能會看到一些試用。但同樣地，我們已準備好成長。Envy 的市場反應非常好。

A lot of times with IOLs, people wait, surgeons wait to see full year or more of results after implant, and we're seeing our data to show that we have an excellent product. And that word is spreading. I said 88% growth for Envy in the quarter, against a tough comp in the first quarter of last year.

很多時候在 IOL 上，人們會等待——外科醫師會等待——植入後一整年或更久的完整結果，而我們的數據顯示我們有一個非常出色的產品。而這個口碑正在擴散。我提到本季 Envy 成長 88%，而且是在去年第一季艱難比較基期之下。

Remember, the recall is in the second quarter, not the first quarter. And so I feel very confident given the outcomes, given the penetration, given the growth opportunity and our rebuilt Surgical field force, we are primed for sequential improvement in growth throughout the year.

請記得，召回是在第二季，不是在第一季。因此，基於臨床結果、基於滲透率、基於成長機會，以及我們重建的手術業務前線團隊，我非常有信心：我們已為全年逐季改善的成長做好準備。

Larry Biegelsen, Wells Fargo.

Larry Biegelsen，Wells Fargo。

It's Lei calling in for Larry. Good start to the year. Just two questions. First, you raised your sales growth guidance, looks a little bit conservative. Your EBITDA raise of $10 million is slightly below the beat in Q1.

我是 Lei，代 Larry 來電。今年開局不錯。我有兩個問題。第一，你們上調了銷售成長指引，看起來有點保守。你們 EBITDA 上調 1,000 萬美元，略低於第一季的超預期幅度。

So can you just talk about how much conservatism is built into that outlook? And if there's anything to call out in the marketplace that you want to flag concerning, for example, contact lens in China, Southeast Asia, cataract reimbursement change, any of those things affect your updated outlook.

所以你能否談談這個展望中包含了多少保守因素？以及市場上是否有任何你想提醒的、值得關注的事項，例如中國、東南亞的隱形眼鏡需求，白內障給付（reimbursement）變動等，這些是否會影響你們更新後的展望？

And my second question, I'll ask that as well, just phasing for the rest of the year in terms of sales growth and EBITDA. You had a pretty easy comp in 2Q in terms of the top line growth, but that does get tougher in the second half of the year.

我的第二個問題也一起問：就今年剩餘時間的銷售成長與 EBITDA 而言，後續的節奏（phasing）如何？第二季在營收成長的比較基期上相對容易，但下半年會變得更具挑戰。

Yes. Great question, Lei. Look, honestly, I expect that -- expected that question because I think investors look at the quarter and look at how our team has executed and have higher expectations, and that makes sense to us. But the fact is, look, we're raising guidance. We feel good about that.

是的。很好的問題，Lei。坦白說，我預期——也預期會被問到這個問題，因為我認為投資人會看這一季、看我們團隊的執行表現，並抱持更高的期待，這對我們來說是合理的。但事實是，你看，我們正在上調財測指引。我們對此感覺良好。

But I'll be pretty direct on this. We raise guidance when we have conviction, not when we have optimism alone. And so we're only one quarter into the year, and I agree, our momentum is real. I think 6% constant currency revenue growth and 59% adjusted EBITDA growth. Margin expansion of 500 basis points on a year over year is a real sign that the team is executing, and we intend to keep that up.

但我會在這點上說得很直接。我們上調指引是因為我們有把握（conviction），而不是只有樂觀。現在我們才進入年度的第一季，我同意，我們的動能是真實的。我認為以固定匯率計算的營收成長6%，以及調整後EBITDA成長59%。年對年毛利率擴張500個基點，是真正顯示團隊正在執行到位的訊號，而我們打算持續保持。

But I also think we have to recognize that it's a -- I think Joanne raised this, there are a lot of other variables. We're early in the year. And so I think we have to take this one step at a time. But I'll say this, we have a lot of momentum. We expect that momentum to continue.

但我也認為我們必須認知到——我想Joanne提到過——還有很多其他變數。我們才剛進入年度初期。因此我認為我們必須一步一步來。但我會這麼說：我們有很強的動能。我們預期這股動能會延續。

I think you can tell by my answers, I'm very excited about what the rest of the year looks like. And so just stay tuned as we continue to deliver, we'll adjust the guidance appropriately. Sam, do you want to?

我想你可以從我的回答看得出來，我對今年剩餘時間的展望非常興奮。所以請持續關注，隨著我們持續交出成果，我們會適時調整指引。Sam，你要補充嗎？

Yes. And no, you covered it pretty well here, Brent. And I think also maybe to add to what Brent said and give you a little bit more color. I think one of the things that when we think about the guidance, again, as Brent said, we're excited about what we put forward in the initial guidance and also with the upgrade to our guidance right now. I think you have to keep in mind that there's a fundamental shift also we're taking within the company right now with our operating leverage, right?

是的。不，Brent，你在這裡已經講得很完整了。我想也許再補充一下Brent所說的，提供你更多細節。我認為當我們思考指引時，如Brent所說，我們對最初提出的指引以及目前上調後的指引都感到振奮。同時你也要記得，我們公司目前在營運槓桿方面也正在進行一個根本性的轉變，對吧？

We've seen the improvement on the -- both the product mix and the gross margin. We're seeing it also with the 340 basis points in the SG&A and really pulling that through into where we expect from a full-year guidance is really something we're very excited about. This gives us the confidence not only in this guidance for this year, but also in the three-year targets that we put out on Investor Day.

我們看到產品組合與毛利率都有改善。我們也看到SG&A改善了340個基點，並且真正把這些成果帶入我們對全年指引的預期，這是我們非常興奮的事。這不僅讓我們對今年的指引更有信心，也讓我們對投資人日（Investor Day）提出的三年目標更有信心。

I think you had another question regarding the phasing. So let me take the phasing question as well. So as we think about the phasing, I would say that the phasing for us in '26 is very similar to what we saw in 2025 from a cadence perspective. So when you think -- and maybe I'll just focus on Q2 here to just give you a point of reference. You saw Q2 last year was roughly about 25% on the revenue achievement from the midpoint, from the revenue. That's probably in line with what we expect if you take that as a 25% over achievement from the midpoint of our guidance for revenue.

我想你還有一個關於分期（phasing）的問題。所以我也來回答分期問題。當我們思考分期時，我會說我們在'26年的分期節奏，從節奏（cadence）的角度來看，與2025年非常相似。所以當你想——我可能就聚焦在第二季，給你一個參考點。你看到去年第二季，營收達成大約占中點（midpoint）營收的25%左右。若以我們營收指引中點來看，這大概也符合我們預期的第二季約25%的達成比例。

When it comes to EBITDA, I think we are adding the benefit of all the work that we're seeing in terms of the leverage pulling through with a higher achievement rate on the EBITDA. So last year it was roughly about a 21.5% achievement. In Q2, we expect this year to be probably about 22.5% achievement if you take off the midpoint of our guidance. So we're seeing that progress and the pull-through and the leverage in the P&L playing out also in the phasing.

至於EBITDA，我認為我們正在把所有工作帶來的效益加進來，也就是我們看到槓桿效益逐步反映，因此EBITDA的達成比例會更高。去年第二季大約是21.5%的達成。今年第二季，若以指引中點來看，我們預期大約會是22.5%的達成。我們看到這些進展、傳導效應與損益表（P&L）中的槓桿效益，也同樣反映在分期上。

David Roman, Goldman Sachs.

David Roman，高盛。

This is Marco on for David. I wanted to ask more on the sales force rebuild. I appreciate that this is a deliberate action, but can you help us frame this more concretely? How should we think about the magnitude of reps being added versus current headcount and I guess, expectations for the new productivity?

我是代替David的Marco。我想更深入問一下銷售團隊重建。我理解這是一個審慎的行動，但你能否更具體地幫我們框架一下？我們應該如何看待新增業務代表（reps）的規模相對於目前人數（headcount），以及我想，新進人員的生產力預期？

Yes. So the principle -- I think we said last year that we had brought in a new head of the US. He came in and very -- he's a pro, he quickly diagnosed that we needed to organize the field force differently and really focus more on account management as you think about the breadth of the portfolio, and really partnering with practices to ensure more -- better outcomes and better productivity in the office and ASC.

是的。原則上——我想我們去年說過，我們聘請了一位新的美國區負責人。他上任後非常——他是專家，很快就診斷出我們需要以不同方式來組織前線團隊，並在考量產品組合廣度時，更聚焦於客戶管理（account management），並真正與診所合作，以確保在診所與ASC（門診手術中心）能有更多——更好的結果與更高的生產力。

And so what that caused us to do is realign territories, and that always means breaking and renewing relationships and surgical is still very much a relationship business. But Sam and I track it weekly with our leadership team.

因此我們做了區域重新劃分（realign territories），而這通常意味著要打破並重建關係，而外科領域仍然非常是關係型的生意。但Sam和我每週都會和領導團隊一起追蹤。

And I would say, as we look one month into the second quarter, we're seeing really positive signs of productivity improvement among that field force. We will continue to look at adding to that and in particular, as we get ready to launch Elios in the second half of the year as well. And so it was not just about adding more, it was also making sure we had the right structure to best service the customer.

我會說，當我們進入第二季一個月後來看，我們在該前線團隊的生產力改善上看到了非常正面的跡象。我們會持續評估增加人力，特別是當我們準備在下半年推出Elios時也是如此。所以這不只是增加人數，也是在確保我們有正確的組織架構，能以最佳方式服務客戶。

Doug Miehm, RBC Capital Markets.

Doug Miehm，RBC資本市場。

I'd like to expand on the Xiidra outperformance for the quarter, up over 30% or so. And I'm just curious, you had guided that product given the changes that were occurring on the insurance front and reimbursement to about mid-single digits. And while we may expect the 30% to moderate.

我想延伸問一下本季Xiidra的超預期表現，成長超過30%左右。我只是好奇，你們先前在保險端與給付（reimbursement）變動的背景下，對該產品的指引大約是中個位數成長。而雖然我們可能預期30%會放緩。

Number one, I'm wondering if there was any onetime benefit in Q1 due to inventory changes. And then as we think about the rest of the year, how should we be thinking about gross to nets and the growth for this product because it could have a material impact on your operations? And if this is a new norm, I'm curious as to why you didn't do it earlier? And I'll leave it there.

第一，我想知道第一季是否有任何一次性（onetime）因素來自庫存變動的好處。第二，當我們思考今年剩餘時間時，我們應該如何看待gross-to-net以及這個產品的成長，因為它可能對你們的營運有實質影響？如果這是新的常態，我也好奇為什麼你們沒有更早這麼做？我就問到這裡。

Great question, Marco. So look, Xiidra was a great performance and great execution from our team. The biggest change for us was walking away from the CVS contract. We discussed that last year, and we told you it was going to happen. and that you would see TRxs decline, but revenue increase.

很好的問題，Marco。你看，Xiidra表現很出色，這是我們團隊很好的執行成果。對我們而言最大的改變是退出CVS合約。我們去年討論過，也告訴過你們會發生，而且你們會看到TRx下降，但營收上升。

So it played out exactly as we had told everyone last year we would do. And the reason we didn't walk away from it earlier, it was a contract that we inherited from Novartis and it lasted until this year. And so we had to wait for the contract with CVS to end. We did try to renegotiate, but we couldn't get to an acceptable rate with them. Our relationship with CVS is good, and we'll revisit it again next year.

所以結果完全如同我們去年告訴大家的那樣發展。至於為什麼沒有更早退出，這是一份我們從諾華（Novartis）承接下來的合約，合約期限一直到今年。因此我們必須等到與CVS的合約到期。我們確實嘗試重新談判，但無法達到我們可接受的條件。我們與CVS的關係良好，明年會再重新檢視。

If we can get to a good spot, we would. But I would remind you, coverage for both Xiidra and Miebo still remain industry-leading in the mid-70% coverage. So most patients are covered. And so it was the right decision to make. I think the other part of your question was what's the future of Xiidra.

如果能談到一個好的位置，我們會願意。但我也提醒你，Xiidra與Miebo的覆蓋率仍然是業界領先，約在70%中段的覆蓋率。因此大多數病患都有保障。所以這是正確的決定。我想你問題的另一部分是Xiidra的未來會如何。

I think you're right, we're comping a softer quarter. Q1, because of the seasonality, I've said several times on this call, shows Xiidra at 30% growth. I wouldn't expect that level of growth throughout the year. But I do think low double-digit growth should be the new norm for the rest of the year, and then we'll see where we are to set guidance for the following year. But Xiidra will be a revenue and profit driver as will Miebo, and that's just the new phase we're in.

我認為你說得對，我們是在與一個較弱的季度做比較。第一季因為季節性，我在這通電話中已經說了好幾次，讓Xiidra呈現30%的成長。我不會預期全年都維持這樣的成長幅度。但我確實認為，今年剩餘時間低雙位數成長應該會成為新的常態，之後我們再看狀況來設定下一年的指引。不過Xiidra會是營收與獲利的驅動因素，Miebo也是，這就是我們目前所處的新階段。

Yes. And Doug, just to follow up on the last part of your question on the gross to net, we're expecting -- we said it should be about the low-70s from a gross to net.

是的。Doug，另外補充你問題最後一段關於gross-to-net，我們預期——我們說過gross-to-net大約會在70%出頭（low-70s）。

So it switched from high -- when we got rid of CBS, we moved from high 70s to low 70s, which is why you see the revenue growth.

所以當我們取消CBS之後，它從原本70%末段（high 70s）轉為70%出頭（low 70s），這就是你看到營收成長的原因。

Yes, yes. Okay, great. And then just the last question as a follow-up. Around PreserVision and Ocuvite, an important portfolio for you.

是，是。好的，很好。那最後一個追問。關於PreserVision和Ocuvite，這對你們來說是很重要的產品組合。

And with the introduction of AREDS3, I'd expect growth to accelerate certainly from what we saw in Q1. Is this something that could be mid- to high single-digit type of business portfolio for you? Or would you expect it to stay in the lower single digits?

隨著AREDS3的推出，我預期成長會加速，至少會比第一季看到的更快。這是否可能成為你們一個中到高個位數成長的產品組合？還是你們預期仍會維持在低個位數？

Yes. I'll ask John to weigh in, but I would just say that I think AREDS3 is a big opportunity for us. It will take some time to build because it's a -- unlike a lot of our other consumer brands, it's very reliant on physician recommendation. And so we need to get a build of medical communication, medical information, sales reps, samples and the like. But John, do you want to take it from there?

是的。我會請John補充，但我先說，我認為AREDS3對我們而言是很大的機會。它需要一些時間來建立，因為——不同於我們許多其他消費品牌，它非常依賴醫師推薦。因此我們需要建立醫療溝通、醫療資訊、業務代表、樣品等相關配置。John，你要接著說嗎？

Sure, Brent. So we're very excited about the long-term potential of AREDS3. But as Brent said, it's important to emphasize that this is going to be a multiyear opportunity. As I said in my remarks, we've built and led this market for over 20 years. So we understand both the science and how to execute here.

當然，Brent。所以我們對 AREDS3 的長期潛力感到非常振奮。但正如 Brent 所說，重要的是要強調，這將是一個跨多年的機會。正如我在發言中提到的，我們在這個市場已建立並領導超過 20 年。因此，我們同時了解科學面以及如何在這裡落地執行。

So we are confident that we'll deliver on that opportunity. That being said, it does start with the eye care professionals first, and that's where we're focusing our efforts today. We've seen one data point that's very encouraging. We've seen already 12% of eyecare professionals in the US reporting that they're recommending PreserVision AREDS3 to their patients. That's a really strong number this early in the launch.

因此，我們有信心能把握這個機會。話雖如此，這首先要從眼科照護專業人士開始，而這正是我們目前聚焦投入的地方。我們看到一個非常令人鼓舞的數據點：美國已有 12% 的眼科照護專業人士回報，他們正在向病患推薦 PreserVision AREDS3。以這個產品剛上市不久而言，這是非常強勁的數字。

I've launched multiple consumer products, including PreserVision AREDS2, and that number really reflects strong interest and is really impressive for us. I'd say we're on shelf in retailers now and that distribution is continuing to build, and that will build and ramp up through second quarter. And it's at that point that we'll layer on our consumer marketing efforts on the back half of the year. And that's when we anticipate we'll see ramp-up in our consumption, which will be then reflected in our results.

我曾推出多個消費性產品，包括 PreserVision AREDS2，而這個數字確實反映出強烈的興趣，對我們來說非常令人印象深刻。我會說我們目前已在零售通路上架，且鋪貨/通路覆蓋仍在持續擴大，並會在第二季持續建立並加速。到了那個時間點，我們會在下半年疊加消費者行銷投入。屆時我們預期會看到消費量的爬升，並進一步反映在我們的業績結果上。

When we think about the long-term potential for this brand and we think about the growth we've seen in our eye vitamin franchise, mid-single digit to slightly higher growth is certainly within our expectations, and we're confident in our ability to deliver upon that. I just say it's going to take some time to ramp this up, but we're starting with the eye care professional and again, seeing some really good early indicators.

當我們思考這個品牌的長期潛力，以及我們在眼部維他命產品線所看到的成長時，中個位數到略高於中個位數的成長，確實在我們的預期範圍內，我們也有信心能夠達成。我只想說，這需要一些時間來拉升，但我們先從眼科照護專業人士著手，而且再次強調，我們已看到一些非常好的早期指標。

Tom Stephan, Stifel.

Tom Stephan，Stifel。

I wanted to go back to Miebo -- Xiidra. Brent, can you talk about the script growth you're seeing year-to-date? Just as we think about underlying fundamentals of that product, particularly as we try to consider growth beyond '26?

我想回到 Miebo——Xiidra。Brent，你能談談你們今年迄今看到的處方量（script）成長嗎？特別是當我們試圖評估該產品的基本面、並思考 2026 年之後的成長時。

Yes. So when you look at prescription growth, it's actually declining, and we knew that as a result of the CVS contract termination. We told you that last year, but that to expect revenue growth. And so it's playing out exactly as we thought. Our goal is to stabilize that throughout the year.

可以。所以當你看處方成長時，實際上是在下滑，而我們也知道這是 CVS 合約終止所導致的結果。我們去年就告訴過各位，但同時也說過要預期營收成長。因此目前的發展完全如我們所預期。我們的目標是在全年把它穩定下來。

I think our team is best in class. And so I think we'll get there. But we've pivoted to really focus on revenue and profitability versus just trying to get broad TRx growth. And I think that's given the life of where we are and the fact that we have the combination coming, I think we're doing this the right way. And I think we're poised for being a leader and a growth driver of this market for more than decades ahead, given our portfolio. So playing out exactly as we expected, and we're very confident for a strong year.

我認為我們的團隊是同級最佳（best in class）。所以我相信我們會做到。但我們已經轉向，真正聚焦在營收與獲利能力，而不是只追求廣泛的 TRx 成長。我認為考量我們目前所處的產品生命週期，以及我們即將推出的組合療法（combination），這樣做是正確的方式。我也認為，憑藉我們的產品組合，我們已蓄勢待發，未來數十年都將成為這個市場的領導者與成長驅動者。因此一切都如我們預期在進行，我們對今年表現強勁非常有信心。

That's great. And then one quick follow-up, if I can. Just on contact lens performance, Brent, to go back to an earlier comment, I think you said that you expect sequential acceleration throughout the year. Is that right? And if so, what drives that notably as 1Q was the easiest comp of the year?

很好。然後如果可以的話再追問一個。關於隱形眼鏡的表現，Brent，回到你先前的評論，我想你說你預期全年會呈現逐季加速（sequential acceleration）。是這樣嗎？如果是的話，主要驅動因素是什麼？尤其 1Q 是全年最容易的比較基期。

Yes. So I think if you look at -- so let me back up. So yes, I did say that you'll see sequential improvement. In part, some of that is just seasonality. It's not again as profound of seasonality as we see in the prescription market, but there is some seasonality in contact lenses.

是的。所以我想如果你看——我先退一步說明。是的，我確實說過你會看到逐季改善。部分原因只是季節性。它不像我們在處方市場看到的季節性那麼明顯，但隱形眼鏡確實存在一些季節性。

But I think for us, more importantly, it's a focus on selling the whole portfolio, making sure that we obviously lead with our daily SiHy, but that we pull through our Ultra and our FRP offerings as well. There are different markets throughout the world that have different needs and different economics. And we have the full portfolio to sell the right product to the right consumer in the right market.

但對我們而言，更重要的是聚焦於銷售完整的產品組合，確保我們當然以每日拋 SiHy 作為主打，同時也帶動我們的 Ultra 與 FRP 產品供應。全球不同市場有不同需求與不同經濟性（economics）。而我們擁有完整的產品組合，能在正確的市場，將正確的產品賣給正確的消費者。

The other thing I mentioned a few times is we're launching other modalities in other markets around the world. And we know based on what we saw in the US, our Daily SiHy portfolio performs best when we have the full portfolio of modalities. That is not true in other parts of the world. And so as those launches come online this year, we're going to see much better performance of our Daily SiHy in the markets with more modalities.

我也提過幾次，我們正在全球其他市場推出其他配戴型態（modalities）。而根據我們在美國看到的情況，當我們擁有完整的配戴型態組合時，我們的 Daily SiHy 產品組合表現最佳。這在世界其他地區並不一定成立。因此，隨著今年這些上市逐步到位，我們將在配戴型態更完整的市場看到 Daily SiHy 表現顯著改善。

And so just net-net, I think the best way to look at it, Tom, is look at the pattern that we had in 2025, the sequential growth of the contact lens business, and I expect that to play out more or less the same this year, which would show sequential improvement. So I believe that was our last question. So let me just conclude with a couple of thoughts to wrap up the call.

所以總結來說（net-net），Tom，我認為最好的看法是參考我們在 2025 年的走勢，也就是隱形眼鏡業務的逐季成長模式；我預期今年大致會以相同方式呈現，亦即逐季改善。我相信那是我們最後一個問題。那我就用幾點想法來做結語，結束這通電話會議。

First, thanks, everyone, for participation. Most importantly, I want to thank my colleagues around the world for delivering a great quarter, and we're excited to watch what the team can do throughout the year. When I joined here three years ago, I talked a lot about selling excellence and creating revenue growth. And I think we've shown that over the last three years, we've created a very durable revenue growth story with 6% constant currency revenue growth in the quarter.

首先，感謝各位的參與。最重要的是，我要感謝全球各地的同仁交出一個很棒的季度成績，我們也很期待看到團隊在今年接下來的表現。三年前我加入時，我談了很多關於銷售卓越與創造營收成長。我認為過去三年我們已經證明了這一點：本季以固定匯率計算的營收成長 6%，我們打造出一個非常具韌性的營收成長故事。

We talked about pipeline innovation being important. We've really invested in the talent and capabilities of our R&D team. And now we have 60-plus programs advancing through the clinic. We didn't get a lot of questions for Yehia, who's here on the call, but we have a lot of data readouts in the second half of the year. We're very excited to see how our products are performing in clinical trials, and we'll release that information as soon as it becomes available in the second half, but expect a pretty steady cadence of news in the second half of the year related to the pipeline.

我們談到研發管線創新很重要。我們確實在研發團隊的人才與能力上做了大量投資。現在我們有 60 多個專案正在推進臨床階段。今天在電話會議上，對也在場的 Yehia 的提問不多，但我們在下半年會有很多數據讀出（data readouts）。我們非常期待看到產品在臨床試驗中的表現，一旦下半年有資訊可用，我們會盡快發布；同時也請預期下半年會有相當穩定的新聞節奏，與研發管線相關的消息會持續釋出。

We actually are doing an R&D Teach-in on contact lenses on June 1, as you can see on the screen. So hopefully, everybody can join us there.

我們其實會在 6 月 1 日針對隱形眼鏡舉辦一場 R&D Teach-in，如螢幕上所示。所以希望大家都能一起參加。

We also talked about operational excellence and making sure that our supply chain was reliable and of high quality. And I think we've hit every metric there. And now we're pivoting to gross margin improvement and efficiency in the supply chain. And then lastly, at Investor Day, we announced financial excellence as the fourth pillar of our strategy.

我們也談到營運卓越，並確保供應鏈可靠且具高品質。我認為我們在那方面達成了每一項指標。現在我們正轉向毛利率改善與供應鏈效率提升。最後，在投資人日（Investor Day）上，我們宣布財務卓越（financial excellence）是我們策略的第四大支柱。

And I think this is the third quarter where we've shown financial excellence on full display. When you see 6% constant currency growth and 59% EBITDA growth, and you see that leverage in the P&L. I think it's another proof point that we're focused on executing financial excellence quarter by quarter. As our new guidance suggests, you're going to see adjusted EBITDA grow at 3x that of revenue. And we do expect that we'll meet or exceed our financial goals that we outlined at Investor Day in November with nearly -- or more than 600% -- 600 basis points EBITDA margin improvement by 2028.

我認為這是我們連續第三個季度把財務卓越展現得淋漓盡致。當你看到固定匯率成長 6% 與 EBITDA 成長 59%，並看到損益表（P&L）上的槓桿效應。我認為這再次證明我們逐季聚焦於落實財務卓越。依照我們最新的財測指引，你將看到調整後 EBITDA 的成長速度是營收的 3 倍。我們也預期能達成或超越我們在 11 月投資人日所提出的財務目標：到 2028 年 EBITDA 利潤率提升接近——或超過——600 個基點。

Everything is on track. There is a lot of momentum inside the business. The team is focused and executing. And so we feel very good about the year, and we look forward to keeping you all updated, and we thank you again for joining us. Thank you, operator.

一切都在軌道上。業務內部動能很強。團隊專注且執行到位。因此我們對今年感到非常樂觀，也期待持續向各位更新進展，再次感謝各位加入。謝謝你，接線員。

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

謝謝。本次電話會議已結束。感謝各位出席今天的簡報。您現在可以斷線。