Viatris Inc (VTRS) 2022 Q3 法說會逐字稿

Good morning. My name is Gretchen, and I will be your conference operator today. At this time, I would like to welcome everyone to the Viatris 2022 Third Quarter Earnings Call and Webcast. (Operator Instructions) Thank you.

早安.我叫格雷琴，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Viatris 2022 年第三季財報電話會議和網路廣播。 （操作員指示）謝謝。

I will now turn the call over to Bill Szablewski, Head of Global Capital Markets. Please go ahead.

現在我將把電話轉給全球資本市場主管 Bill Szablewski。請繼續。

Good morning, everyone.

大家早安。

During today's call, we will be making forward-looking statements on a number of matters, including our financial guidance for 2022, various strategic initiatives in our Phase I and Phase II outlooks. These forward-looking statements are subject to risks and uncertainties that could cause future results or events to differ materially from today's projections. Please refer to today's presentations and our SEC filings for a full explanation of these risks and uncertainties and the limits applicable to forward-looking statements, including certain assumptions and risks related to the Phase I and Phase II outlooks.

在今天的電話會議中，我們將就許多事項做出前瞻性陳述，包括我們 2022 年的財務指導以及第一階段和第二階段展望中的各種策略舉措。這些前瞻性陳述受風險和不確定性的影響，可能導致未來結果或事件與今天的預測有重大差異。請參閱今天的簡報和我們向美國證券交易委員會提交的文件，以獲得對這些風險和不確定性以及適用於前瞻性陳述的限制的完整解釋，包括與第一階段和第二階段展望相關的某些假設和風險。

We will be referring to certain actual and projected non-GAAP financial metrics to supplement investors' understanding and assessment of our financial performance. Reconciliations of those non-GAAP measures to the most directly comparable GAAP measures can be found on our website and in the appendix of today's slide presentations. A copy of today's presentation and other earnings materials will be available on our website at investor.viatris.com following this call.

我們將參考某些實際和預期的非公認會計準則財務指標來補充投資者對我們財務表現的理解和評估。這些非公認會計準則 (non-GAAP) 指標與最直接可比較的公認會計準則 (GAAP) 指標的對帳可以在我們的網站和今天的幻燈片簡報附錄中找到。本次電話會議結束後，我們將在我們的網站 investor.viatris.com 上提供今天的簡報和其他收益資料的副本。

Now I'd like to turn it over to our Executive Chairman, Robert Coury.

現在我想把發言權交給我們的執行主席羅伯特·庫裡 (Robert Coury)。

Good morning. Almost 2 years ago today, we brought together 2 great complementary organizations to form a new company, Viatris, with the purpose of creating a sustainable global health care leader. Under the leadership of our Board of Directors, along with management, we laid out a very clear and deliberate strategy to build a highly diversified company with multiple capabilities spanning numerous geographies and therapeutic areas.

早安.大約兩年前的今天，我們整合了兩個極具互補性的組織，成立了一家新公司 Viatris，旨在打造可持續發展的全球醫療保健領導者。在董事會和管理層的領導下，我們制定了非常清晰和深思熟慮的策略，以建立一家高度多元化的公司，擁有跨越眾多地理和治療領域的多種能力。

At that time, we established a 2-phase road map that detailed and emphasized our strategic priorities to deliver value to our shareholders. Phase 1 has always been designed as our setup phase for Viatris. It is about building a rock-solid foundation setting us up for Phase 2, which is expected to be a period of renewed growth and leadership in our sector.

當時，我們制定了兩階段路線圖，詳細闡述並強調了我們的策略重點，以便為股東創造價值。第 1 階段一直被設計為 Viatris 的設定階段。這是為了奠定堅實的基礎，為我們進入第二階段做好準備，預計第二階段將是我們行業重新實現成長和領導地位的時期。

Up until now, we have been laser-focused on executing on Phase 1, consisting of the years 2021 through 2023. In doing so, our priorities have been clear: integrate the 2 organizations, generate $1 billion in cost synergies, deleverage the balance sheet, pay down at least $6.5 billion in debt, reduce our gross leverage to our long-term target ratio of 3x and maintain our investment-grade rating, all while returning capital to our shareholders.

到目前為止，我們一直專注於執行第一階段，即 2021 年至 2023 年。在這個過程中，我們的優先事項很明確：整合兩個組織，產生 10 億美元的成本協同效應，降低資產負債表的槓桿率，償還至少 65 億美元的債務，將我們的總槓桿率降低到 3 倍的長期目標比率，並保持我們的投資級評級，同時向股東返還資本。

Today, here's where we stand. First, we continue to execute on our integration plans and are well on track to capturing at least $1 billion of cost synergies by the end of Phase 1. Second, we continue to exercise our financial discipline and intend to keep our investment-grade rating.

今天，我們的立場就是這樣。首先，我們繼續執行我們的整合計劃，並預計在第一階段結束時實現至少 10 億美元的成本協同效應。其次，我們將繼續嚴格執行財務紀律，並打算維持我們的投資等級評級。

Third, we paid down $4.2 billion in debt since the beginning of 2021 and are on track to paying down at least $6.5 billion by the end of Phase 1. And lastly, we returned capital to shareholders beginning in 2021 with our inaugural dividend, growing the dividend by 9% in 2022 given our strong cash flow generation and plan to add to such return through the execution of our share repurchase plan.

第三，自 2021 年初以來，我們已償還了 42 億美元的債務，並預計在第一階段結束前償還至少 65 億美元。最後，我們從 2021 年開始以首次股息的形式向股東返還資本，鑑於我們強勁的現金流生成能力，2022 年股息將增長 9%，併計劃通過執行​​股票回購計劃來增加這種回報。

All of this while delivering on the seventh straight quarter of strong operating results despite many industry headwinds, including inflationary pressures and a negative impact that we estimate to be approximately $1.3 billion year-over-year for 2022 to the top line as a result of the material effects of adverse foreign exchange movements. We anticipate that Viatris' second full year results will only further demonstrate the strength and robustness of our business.

儘管面臨許多行業阻力，包括通膨壓力和負面影響，我們估計不利的外匯波動對 2022 年營收將同比減少約 13 億美元，但公司仍連續第七個季度實現了強勁的經營業績。我們預計 Viatris 的第二個全年業績將進一步證明我們業務的實力和穩健性。

This past February, we announced a strategically important transaction with Biocon Biologics regarding our biosimilars franchise, which we anticipate will close shortly. We also reported strong results on our first year of operations as well as announced, after careful analysis, the economics and proceeds that we anticipate receiving through other potential divestitures. I will give more detail and speak more about these potential divestitures shortly.

今年二月，我們宣布與 Biocon Biologics 就我們的生物相似藥特許經營權達成一項具有戰略意義的交易，我們預計該交易將很快完成。我們還報告了營運第一年的強勁業績，並經過仔細分析後宣布了我們預計透過其他潛在資產剝離獲得的經濟效益和收益。我很快就會提供更多細節並進一步談論這些潛在的資產剝離。

But first, while we will remain therapeutic-agnostic overall, we announced this morning 2 acquisitions consistent with one of our previously announced therapeutic areas of emphasis: ophthalmology. We anticipate the combined assets of these acquisitions to add to the top line immediately and grow in strong double digits from there, potentially reaching to at least $1 billion in sales by 2028.

但首先，雖然我們總體上仍對治療持不可知論態度，但我們今天上午宣布了兩項收購，這與我們先前宣布的重點治療領域之一相一致：眼科。我們預計，這些收購的合併資產將立即增加營業收入，並從此實現強勁的兩位數成長，到 2028 年銷售額可能達到至少 10 億美元。

As a result of the expected strong top line growth, we anticipate these acquisitions will also add at least $500 million in adjusted EBITDA by 2028 as well. The aggregate purchase price for the acquisitions is approximately $700 million to $750 million, which we expect to fund with cash on hand upon closing. Michael and Rajiv will discuss more about this in their prepared remarks.

由於預期強勁的營收成長，我們預計到 2028 年這些收購還將增加至少 5 億美元的調整後 EBITDA。此次收購的總購買價約為 7 億至 7.5 億美元，我們預計在交易完成後將以現金支付。邁克爾和拉吉夫將在他們準備好的演講中進一步討論這個問題。

Furthermore, given that we believe that our shares are significantly undervalued, our view is that, in addition to investing in growth assets, repurchasing our shares is another one of the best uses of our cash. Therefore, we intend to increase our return of capital to shareholders not only through the continuation of our dividend, but also following the receipt of the proceeds of the Biocon Biologics transaction, we intend to begin executing in 2023 on the $1 billion stock repurchase program authorized by our Board of Directors earlier this year.

此外，鑑於我們認為我們的股票被嚴重低估，我們認為，除了投資成長資產外，回購我們的股票是我們現金的最佳用途之一。因此，我們不僅打算透過繼續派發股息來增加對股東的資本回報，而且在收到 Biocon Biologics 交易的收益後，我們打算從 2023 年開始執行董事會今年稍早批准的 10 億美元股票回購計畫。

And now with almost 2 years of operations under our belt, we are even more confident in the strength of our platform and can more fully address a number of important questions that we have received from investors since our last investor update. These include: one, further details on our planned divestitures; two, the stability of our base business post Phase 1; three, our future capital allocation priorities and plans for Phase 2; four, how we will return our business back to growth; and lastly, confidence in our ability to ultimately execute on all actions that we have outlined to date.

現在，我們已經運營了近兩年，對我們平台的實力更加有信心，並且可以更全面地回答自上次投資者更新以來我們從投資者那裡收到的許多重要問題。其中包括：一、有關我們計劃中的資產剝離的更多細節；二、第一階段後我們基礎業務的穩定性；三、我們未來第二階段的資本配置重點和計劃；四、我們將如何恢復業務成長？最後，我們對最終執行迄今為止所概述的所有行動的能力充滿信心。

I will start with our announced divestitures. In February, management provided commentary with respect to our planned divestitures. We currently expect approximately $5 billion to $6 billion in pretax proceeds in addition to the proceeds expected from the sale of our biosimilars business.

我首先要談的是我們所宣布的資產剝離。二月份，管理層就我們計劃的資產剝離發表了評論。我們目前預計，除了出售生物相似藥業務預計獲得的收益外，還將獲得約 50 億至 60 億美元的稅前收益。

In order to fully address the stability and outlook of our current base business in Phase 2, 2024 and beyond, I will need to identify for you additional detail on the planned assets to be divested. It is important to note that these identified assets, which once were core assets to us in the past based on where we were in our business life cycle then, but have been now determined not to be core assets today based on where we are taking Viatris on a going-forward basis, which is continuing to move up the value chain.

為了全面解決我們目前基礎業務在第二階段（2024 年及以後）的穩定性和前景，我需要為您確定計劃剝離資產的更多細節。值得注意的是，這些已確定的資產，根據我們當時的業務生命週期所處的位置，曾經是我們的核心資產，但現在根據我們未來對 Viatris 的定位，已確定不再是核心資產，Viatris 將繼續向價值鏈上游移動。

Similar to our biosimilars transaction, we believe some additional benefits of divesting these noncore assets are reduced SG&A costs, reduced capital expenditures, and the aggregate average gross margin profile of these assets is lower than the company's current gross margin as a whole.

與我們的生物相似藥交易類似，我們認為剝離這些非核心資產的一些額外好處是降低銷售、一般及行政費用、減少資本支出，並且這些資產的總平均毛利率低於公司目前的整體毛利率。

The noncore assets that have been identified and that we intend to divest are as follows: one, our OTC business; two, our women's health care business; three, our active pharmaceutical ingredients business, or API, but retaining some selective development API capabilities; and lastly, certain geographical markets that were part of the combination with Upjohn's business that are smaller in nature and in which we had no established infrastructure prior to or following the transaction. We expect to complete these planned divestitures by the end of 2023 and also expect the proceeds to provide additional significant financial flexibility for both our Phase 1 and Phase 2 commitments.

我們已確定並打算剝離的非核心資產如下：一、我們的場外交易業務；二、我們的女性保健業務；三、我們的活性藥物成分業務，即API，但保留了一些選擇性開發API能力；最後，與 Upjohn 業務合併的某些地理市場規模較小，而且在交易之前或之後我們尚未建立基礎設施。我們預計在 2023 年底前完成這些計劃中的資產剝離，並預計所得款項將為我們的第一階段和第二階段的承諾提供額外的重大財務靈活性。

Now that I've addressed our divestiture plans, let me provide some additional detail on the outlook of our current business in Phase 2. My comments will refer to the base business from that point going forward, but before any positive impact of the 2 acquisitions we announced this morning, unless otherwise indicated.

既然我已經談到了我們的資產剝離計劃，那麼讓我再提供一些關於我們第二階段當前業務前景的更多細節。我的評論將參考從那時起的基礎業務，但在我們今天早上宣布的兩項收購產生任何積極影響之前，除非另有說明。

We believe that our base business will be well positioned to deliver 1% top line growth long term. This is supported primarily by our strong internal organic pipeline for our new product launches. We expect our strong pipeline alone to more than offset our annual base business erosion, which we now expect to be 2% to 3% beginning in Phase 2 versus previously forecasted 4% to 5% that we modeled for Phase 1. Rajiv will provide more details later.

我們相信，我們的基礎業務將能夠長期實現 1% 的營收成長。這主要得益於我們為新產品發布而建立的強大的內部有機管道。我們預計，僅憑我們強大的產品線就足以抵消我們年度基礎業務的侵蝕，我們現在預計從第二階段開始，基礎業務的侵蝕將達到 2% 到 3%，而之前我們為第一階段建模時預測的侵蝕率為 4% 到 5%。 Rajiv 稍後將提供更多詳細資訊。

Additionally, when including the potential financial impact of the 2 acquisitions announced this morning, which we expect will only be additive to our growth, we are targeting towards Phase 2 a top line total revenue CAGR of approximately 3%, adjusted EBITDA CAGR of approximately 4% to 5% and, most importantly, an adjusted earnings per share CAGR of approximately mid-teens.

此外，如果將今天上午宣布的兩項收購的潛在財務影響計算在內（我們預計這兩項收購只會對我們的成長產生附加作用），我們計劃在第二階段實現總收入複合年增長率約為 3%，調整後 EBITDA 複合年增長率約為 4% 至 5%，最重要的是，調整後每股收益複合年增長率約為 15% 左右。

Note that while these CAGRs include acquisitions announced this morning, they do not take into consideration the positive impact of any future business development or M&A. These targets reflect our commitment to executing and delivering growth to our business only using the assets that we already have in-house, a continuation of paying down debt and thereby decreasing net interest expenses and, most importantly, returning capital to shareholders through our anticipated future share repurchases plans, which I will discuss shortly.

請注意，雖然這些複合年增長率包括了今天上午宣布的收購，但它們並未考慮未來業務發展或併購的正面影響。這些目標反映了我們致力於僅使用我們已有的內部資產來實現和實現業務成長，繼續償還債務，從而減少淨利息支出，最重要的是，透過我們預期的未來股票回購計劃向股東返還資本，我將很快討論這一點。

For modeling purposes, you should consider 2 adjustments in exchange for the additional $8 billion to $9 billion of aggregate pretax proceeds we anticipate to receive by the end of 2023 or shortly thereafter from all our divestitures, including our biosimilars business.

出於建模目的，您應該考慮進行 2 項調整，以換取我們預計在 2023 年底或不久後從所有資產剝離（包括我們的生物仿製藥業務）中獲得的額外的 80 億至 90 億美元的稅前收益總額。

Therefore, as we enter Phase 2 beginning in 2024, you should think about making the following adjustments where we see ourselves for 2022: first, an adjustment of $2.1 billion in revenues and $700 million in adjusted EBITDA to reflect our 4 planned divestitures just mentioned, including our biosimilars business; and two, an adjustment of approximately $300 million in increased R&D expenses, partly due to the impact of the recent SEC guidelines for licensing deals that were previously excluded from adjusted EBITDA but will be included in the future.

因此，當我們從 2024 年開始進入第二階段時，您應該考慮對 2022 年的前景做出以下調整：首先，調整 21 億美元的收入和 7 億美元的調整後 EBITDA，以反映我們剛才提到的 4 項計劃中的資產剝離，包括我們的生物仿製藥業務；最近發布的許可交易指南的影響，這些許可交易先前被排除在調整後的 EBITDA 之外，但未來將被納入其中。

Also in that number are some continuing development expenses for the 2 acquisitions announced this morning, which will drive our continued long-term growth. Although we are not giving any official guidance today beyond 2022, these adjustments have taken into consideration the remaining actions that need to be taken on our divestitures as well as other expected pushes and pulls in 2023 as we reshape and rebase Viatris.

這個數字中還包括今天上午宣布的兩項收購的一些持續開發費用，這將推動我們持續的長期成長。儘管我們今天沒有給出 2022 年以後的任何官方指導，但這些調整已經考慮到了我們在資產剝離方面需要採取的剩餘行動以及 2023 年我們重塑和重新調整 Viatris 時預期的其他推拉因素。

Now turning to our future capital allocation priorities. For Phase 2 beginning in 2024, we expect to reshape and rebase Viatris to generate at least $2.3 billion of free cash flows per year, excluding transactions, costs and taxes, of which we intend to earmark 50% annually to be returned to shareholders in the form of dividends and future share repurchases. With the remaining approximately 50%, we do intend to identify and be able to reinvest further into our business organically and inorganically with value-creating, financially accretive, bolt-on transactions and other potential transactions that fit the mold of what we announced this morning.

現在來談談我們未來的資本配置重點。對於 2024 年開始的第二階段，我們預計將重塑和調整 Viatris，使其每年產生至少 23 億美元的自由現金流（不包括交易、成本和稅金），其中我們打算每年撥出 50% 以股息和未來股票回購的形式返還給股東。對於剩餘的約 50%，我們確實打算透過創造價值、增加財務價值、附加交易和其他符合我們今天上午宣布的模式的潛在交易，以有機和無機的方式進一步投資於我們的業務。

We are excited as we begin to approach the end of Phase 1 and enter Phase 2 of our strategic plan. After reporting on 7 straight strong quarters, we are hopeful that the market will increasingly begin to recognize the value of our strong balance sheet, our ability to generate strong cash flows, our ability to return capital to shareholders through our dividend and especially now with our commitment to future share repurchase plans given the tremendous undervaluation in our security shown by our current P/E multiple.

我們非常興奮，因為我們即將結束第一階段並進入策略計畫的第二階段。在連續 7 個季度報告強勁表現後，我們希望市場將越來越多地開始認識到我們強勁資產負債表的價值、我們產生強勁現金流的能力、我們通過股息向股東返還資本的能力，尤其是現在我們致力於未來的股票回購計劃，因為目前的市盈率顯示我們的安全性被嚴重低估。

Now in terms of adding to the growth of our base business, when we laid out our strategic vision at our February investor event, we discussed business development in the areas of ophthalmology, GI, dermatology as an important complementary vehicle to drive inorganic growth for our company. As Michael and Rajiv will elaborate later, we believe that the acquisitions of Oyster Point and Famy Life Sciences are excellent examples that will establish for Viatris a strong foundation for a leading ophthalmology franchise.

現在，就促進我們的基礎業務成長而言，當我們在二月份的投資者活動中闡述我們的策略願景時，我們討論了眼科、胃腸道、皮膚科領域的業務發展，作為推動公司無機成長的重要補充工具。正如邁克爾和拉吉夫稍後將詳細闡述的那樣，我們相信對 Oyster Point 和 Famy Life Sciences 的收購就是很好的例子，將為 Viatris 成為領先的眼科特許經營奠定堅實的基礎。

We expect these acquisitions over time to be substantially additive to both our top line and bottom line. And on a stand-alone basis, when combined with our commitment to begin repurchasing our shares, we expect these acquisitions to be adjusted earnings per share accretive in 2023.

我們預計，隨著時間的推移，這些收購將大幅增加我們的營業收入和淨利潤。從獨立角度來看，結合我們開始回購股票的承諾，我們預計這些收購將在 2023 年實現每股盈餘調整。

I would like to personally welcome Dr. Jeffrey Nau, CEO of Oyster Point Pharma who, upon closing, will be the newest member of Viatris' management team and who will be introducing himself and speaking to you shortly. Dr. Nau will be leading our new ophthalmology franchise at Viatris along with his talented and seasoned management team. We have been keenly impressed by Jeff and his team's accomplishments and especially Jeff's leadership and vision. We are confident that their talent and expertise will be a great asset to Viatris following the closing of the acquisition of Oyster Point Pharma and the complementary acquisition of Famy Life Sciences.

我謹親自歡迎 Oyster Point Pharma 執行長 Jeffrey Nau 博士，交易完成後，他將成為 Viatris 管理團隊的最新成員，他將在不久後進行自我介紹並與您交談。 Nau 博士將與他才華橫溢、經驗豐富的管理團隊一起領導我們在 Viatris 的新眼科特許經營業務。傑夫和他的團隊的成就，尤其是傑夫的領導能力和遠見給我們留下了深刻的印象。我們相信，在完成對 Oyster Point Pharma 的收購和對 Famy Life Sciences 的補充收購後，他們的才華和專業知識將成為 Viatris 的寶貴財富。

In terms of the confidence in our ability to execute on all the actions that we have just detailed, when you consider the tremendous operational and financial progress that we have made over the past 2 years despite a challenging external backdrop, there is no stronger testament to our entire company's ability and capabilities to successfully execute on all facets of our plan than delivering the consistent results that we have.

就我們執行剛才詳述的所有行動的能力的信心而言，當你考慮到我們在過去兩年中儘管外部環境充滿挑戰，但在運營和財務方面取得的巨大進步時，沒有什麼比我們取得的一致成果更能證明我們整個公司有能力成功執行我們計劃的各個方面。

Another notable achievement in our continuing successful integration is having been able to exit substantially all the transition services with Pfizer last month. And for all of this, the Board of Directors would like to thank the senior management team and all of our approximately 37,000 employees around the globe for their unwavering commitment, dedication and performance, especially towards some of the toughest years in this industry, including taking on the global fight against COVID.

我們持續成功整合的另一個顯著成就是上個月成功退出與輝瑞的幾乎所有過渡服務。為此，董事會謹感謝高階管理團隊和我們全球約 37,000 名員工的堅定承諾、奉獻精神和出色表現，尤其是在本行業最艱難的幾年裡，包括在全球抗擊新冠疫情的鬥爭中。

Before I conclude my prepared remarks, I would like to provide to the broader investment community a few items from our perspective that might be self-evident but underappreciated. One, how truly differentiated our company is amongst many of our peers. I believe that it sometimes gets lost on the investment community that we are no longer just a U.S. generics and specialty pharmaceutical company that is materially exposed to all of the volatility and the level of erosion that exists in the U.S. market.

在結束我的準備好的發言之前，我想從我們的角度向廣大投資界提供一些可能不言而喻但卻被低估的觀點。第一，我們公司與眾多同業相比有何真正區別。我認為投資界有時會忘記，我們不再只是一家美國仿製藥和特種製藥公司，並且會受到美國市場所有波動和侵蝕程度的嚴重影響。

In fact, only $1.8 billion out of an estimated $16.5 billion of our estimated sales in 2022 will represent the total sales of our generics in the U.S. We have deliberately taken steps to minimize such exposure by derisking our business model in the United States through geographical expansion and also by moving up the value chain with more highly complex products launched in the United States and elsewhere where our products would be differentiated and with a better financial analog.

事實上，在我們 2022 年預計的 165 億美元銷售額中，只有 18 億美元代表了我們在美國仿製藥的總銷售額。我們已採取措施，透過地理擴張降低我們在美國商業模式中的風險，同時透過在美國和其他地方推出更複雜的產品來提升價值鏈，從而最大限度地降低這種風險，在這些地方，我們的產品將具有差異化，並具有更好的財務模擬。

Two, Viatris is the only U.S. company with an investment-grade credit rating amongst our peers, which we believe is significant and meaningful especially in today's environment. Three, with one of the strongest balance sheets amongst our peers and significant cash flows, we have significant financial flexibility, which we believe positions us to be able to quickly adapt and adjust to the ever-changing global health care environment. And four, we have one of the lowest gross leverage ratios amongst our peers.

其次，Viatris 是我們同業中唯一擁有投資等級信用評等的美國公司，我們認為這在當今環境下具有重要意義。第三，憑藉同業中最強勁的資產負債表之一和可觀的現金流，我們擁有強大的財務靈活性，我們相信這使我們能夠快速適應和調整不斷變化的全球醫療保健環境。第四，我們的總槓桿率在同業中是最低的之一。

Five, we will be returning a quantum capital to shareholders through what we believe is an attractive dividend and soon through share repurchases. Six, the Board will continue to look at opportunities to add or even further unlock value when and where we see opportunities. And lastly, we represent a unique opportunity for the investment community to participate in what we expect to soon be a strong adjusted earnings per share growth story.

第五，我們將透過我們認為有吸引力的股息以及即將透過股票回購的方式向股東返還大量資本。第六，董事會將繼續尋找機會，在發現機會時增加甚至進一步釋放價值。最後，我們為投資界提供了一個獨特的機會，讓他們參與我們預計很快就會出現的強勁調整後每股盈餘成長故事中。

Simply put, once our business is rebased, we feel very confident in our future prospects for where we believe we will be able to deliver top line growth, adjusted EBITDA growth and adjusted earnings per share growth. And with our significant cash flow generation, we expect to be able to return capital to shareholders through dividends and especially through share repurchases.

簡而言之，一旦我們的業務重新定位，我們對未來前景非常有信心，我們相信我們將能夠實現營收成長、調整後 EBITDA 成長和調整後每股盈餘成長。憑藉我們大量的現金流，我們期望能夠透過股息，特別是透過股票回購向股東返還資本。

With that, and before I turn the call over to Michael, Rajiv and Sanjeev, I would like to note that following the call today, we will be commencing our annual shareholder outreach program. So please look forward to hearing from us in the coming weeks. Thank you, and especially thank you for your interest in Viatris. I look forward to answering your questions during our Q&A period.

說到這裡，在我將電話轉給麥可、拉吉夫和桑吉夫之前，我想指出，在今天的電話會議之後，我們將開始我們的年度股東外展計畫。因此，請期待未來幾週內收到我們的回覆。謝謝您，尤其感謝您對 Viatris 的關注。我期待在問答環節回答您的問題。

I will now turn the call over to Michael.

現在我將把電話轉給麥可。

Thank you, Robert. Now following your detailed outline, let me go directly to today's acquisition announcement and a high-level overview of our Q3 results.

謝謝你，羅伯特。現在，按照您的詳細概述，讓我直接介紹今天的收購公告和我們第三季業績的概述。

In February, we announced 3 therapeutic areas of focus for moving up the value chain with NCEs and 505(b)2s, and that included ophthalmology. We believe that the 2 ophthalmology acquisitions which we're announcing today, Oyster Point Pharma and Famy Life Sciences, give us a significant head start in creating an ophthalmology franchise within the company that will set a strong foundation for what we expect to be a future ophthalmology leader and in accelerating our strategy to move up the value chain. The total cash consideration for both acquisitions, including equity and debt, will be between $700 million and $750 million.

今年 2 月，我們宣布了 3 個重點治療領域，旨在透過 NCE 和 505(b)2 提升價值鏈，其中包括眼科。我們相信，今天宣布的兩起眼科收購，即 Oyster Point Pharma 和 Famy Life Sciences，將為我們在公司內部創建眼科特許經營權奠定堅實的基礎，為我們成為未來眼科領導者奠定堅實的基礎，並加速我們提升價值鏈的策略。兩次收購的總現金對價（包括股權和債務）將在 7 億美元至 7.5 億美元之間。

I'm excited about the assets, the talent, the expertise and the capabilities which we're bringing into the company with these acquisitions. Oyster Point will provide us with an exciting commercial-stage growth asset, Tyrvaya, the first and only FDA-approved nasal spray for signs and symptoms of dry eye disease with a unique and novel mechanism of action, activating the trigeminal parasympathetic pathway to increase the production of the patient's own natural tear film.

我對透過這些收購為公司帶來的資產、人才、專業知識和能力感到非常興奮。 Oyster Point 將為我們提供一項令人興奮的商業階段增長資產 Tyrvaya，這是第一個也是唯一一個獲得 FDA 批准的用於治療乾眼症體徵和症狀的鼻噴劑，具有獨特而新穎的作用機制，可激活三叉神經副交感神經通路，增加患者自身天然淚膜的產生。

Tyrvaya was launched in November 2021, and patients and physician feedback is very encouraging. Dry eye disease is an area of major unmet medical need, affecting approximately 17 million patients in the U.S. alone. And we're excited to bring an important innovation like Tyrvaya to more patients and more countries, consistent with our mission to empower patients worldwide to live healthy at every stage of life regardless of geography or circumstances.

Tyrvaya 於 2021 年 11 月推出，患者和醫生的回饋非常令人鼓舞。乾眼症是醫療需求未被滿足的主要領域，光在美國就有約 1,700 萬名患者。我們很高興能將 Tyrvaya 這樣的重要創新帶給更多患者和更多國家，這與我們的使命一致，即讓世界各地的患者無論身處何地或身處何種境況，都能在人生的每個階段過上健康的生活。

Clinical development is also ongoing to expand Tyrvaya into further indications such as neurotrophic keratopathy. In addition to that, the Famy Life Sciences acquisition will add 5 additional Phase III or Phase III-ready front-of-the-eye programs in various indications. We believe Tyrvaya and these front-of-the-eye ophthalmology assets could potentially have combined annual revenue of at least USD 1 billion by 2028.

目前正在進行臨床開發，以將 Tyrvaya 擴展到神經營養性角膜病變等其他適應症。除此之外，Famy Life Sciences 的收購還將增加 5 個針對不同適應症的 III 期或 III 期就緒的眼科計畫。我們相信，到 2028 年，Tyrvaya 和這些眼科資產的總年收入可能至少達到 10 億美元。

Together with our own capabilities, we believe we'll have everything we need to set the foundation to become the next global ophthalmology leader. The entire management team and I look forward to working with Dr. Jeffrey Nau, who will be leading this effort, and his talented team as we build a leadership position in ophthalmology and as we execute to make this area one of several billion-dollar growth drivers for Viatris.

結合我們自身的能力，我們相信我們將擁有成為下一個全球眼科領導者所需的一切基礎。我和整個管理團隊都期待與領導這項工作的 Jeffrey Nau 博士及其才華橫溢的團隊合作，共同打造眼科領域的領導地位，並使該領域成為 Viatris 數十億美元的成長動力之一。

As you can see, and consistent with our strategy which we announced in February, we continue to make important strides to reshape Viatris and we believe we have a clear, defined path to return our company to top and bottom line growth for 2024 and beyond and to have the necessary financial flexibility to return significant capital to our shareholders as well as to continued business development.

如您所見，與我們 2 月宣布的策略一致，我們將繼續在重塑 Viatris 方面取得重要進展，我們相信，我們擁有一條清晰、明確的道路，可使公司在 2024 年及以後恢復營收和利潤增長，並擁有必要的財務靈活性，為股東返還大量資本並繼續發展業務。

And this all would not be possible without the solid performance in our current business and focused execution of our integration and reshaping plans. We now have a track record of 7 quarters of consistent and strong business performance. And for the third quarter of 2022, we delivered total revenue of USD 4.08 billion, adjusted EBITDA of USD 1.5 billion and free cash flow of USD 765 million.

如果沒有我們目前業務的穩健表現以及整合和重塑計劃的專注執行，這一切都不可能實現。我們目前已擁有連續 7 個季度保持強勁業務表現的記錄。 2022 年第三季度，我們的總營收為 40.8 億美元，調整後 EBITDA 為 15 億美元，自由現金流為 7.65 億美元。

Our teams across the world are highly engaged and are performing at peak levels. Our pipeline continues to deliver, especially in the area of complex generics and injectables. We added USD 144 million in new product revenue in the quarter 3.

我們遍佈全球的團隊都高度參與並表現出最佳水準。我們的產品線持續交付，特別是在複雜的仿製藥和注射劑領域。我們在第三季增加了1.44億美元的新產品收入。

The year-to-date performance is operationally in line or better than our own expectations and we believe enables us to continue to deliver on our Phase 1 financial commitments. Notably, we have paid down approximately $2.1 billion in debt year-to-date in 2022 and approximately $4.2 billion since the beginning of 2021, putting us squarely on track for our target to pay down USD 6.5 billion by the end of 2023.

今年迄今的營運表現符合或優於我們的預期，我們相信這使我們能夠繼續履行第一階段的財務承諾。值得注意的是，2022 年迄今我們已償還約 21 億美元的債務，自 2021 年初以來已償還約 42 億美元的債務，這讓我們有望實現到 2023 年底償還 65 億美元的目標。

Our Board of Directors has declared another quarterly dividend of $0.12 per share. Cumulatively, since the formation of Viatris, we've already returned more than $800 million to shareholders through dividend payments.

我們的董事會已宣布再次派發每股 0.12 美元的季度股息。自 Viatris 成立以來，我們累計已透過股息支付向股東返還了超過 8 億美元。

We are reaffirming, again, our most recent 2022 full year guidance ranges for total revenue, adjusted EBITDA and free cash flow, driven by solid operating momentum and in spite of further increased foreign exchange headwinds. As Robert has already clearly indicated, we are confident in the outlook and future growth potential of Viatris.

我們再次重申我們最新的 2022 年全年總收入、調整後 EBITDA 和自由現金流指導範圍，這得益於穩健的營運勢頭，儘管外匯逆風進一步加劇。正如羅伯特已經明確指出的那樣，我們對 Viatris 的前景和未來成長潛力充滿信心。

The key tenets for that confidence are: the strength and market dynamics of our remaining base business after the main divestitures; our base business stabilizing the results of business transformation and portfolio choices we have made in the past years as well as solid performance of our branded portfolio; the strength of our pipeline, especially with complex generics and complex injectables as well as novel products, 505(b)(2)s and NCEs; and the expectation of our growing ophthalmology franchise upon completion of the acquisitions.

這種信心的關鍵原則是：主要資產剝離後我們剩餘基礎業務的實力和市場動態；我們的基礎業務穩定了我們過去幾年進行的業務轉型和投資組合選擇的成果以及我們品牌投資組合的穩健表現；我們產品線的實力，尤其是複雜的仿製藥、複雜的注射劑以及新產品、505(b)(2) 和 NCE；以及我們在完成後的眼科特許經營權。

With that, I would like now to hand it over to Rajiv to give further details on the Q3 performance and the outlook of our business going forward. Rajiv?

現在，我想將時間交給拉吉夫，讓他進一步介紹第三季的業績以及我們未來業務的前景。拉吉夫？

Thanks, Michael, and good morning, everyone. I'm very proud of what we have accomplished in our last 2 years as Viatris. We have executed 7 consecutive quarters of strong performance, underscoring the underlying strength of our diversified base business.

謝謝，邁克爾，大家早安。我對我們 Viatris 在過去兩年所取得的成就感到非常自豪。我們已連續 7 個季度實現強勁業績，彰顯了我們多元化基礎業務的潛在實力。

Let me begin with brief commentary about our strong third quarter operational results. On an operational basis, we were down 1% year-over-year for the quarter. Every segment performed solidly versus our expectations, including China, despite COVID headwinds. Our Generics segment in Developed Markets benefited from the launch of lenalidomide in North America.

首先，我簡單評論一下我們第三季強勁的營運表現。從營運角度來看，本季我們的營業額年減了 1%。儘管面臨新冠疫情的不利因素，包括中國市場在內，每個細分市場的表現都符合我們的預期。我們在已開發市場的仿製藥部門受益於來那度胺在北美的推出。

Overall, our Brands grew 1% year-over-year on an operational basis in the quarter and performed better than expected, led by Lipitor, Brufen and Creon. Our resilient global operations once again delivered excellent customer service levels while we weather increasing headwinds from inflation.

整體而言，本季我們的品牌營運金額年增 1%，且表現優於預期，其中立普妥、布洛芬和 Creon 表現最佳。在我們抵禦通貨膨脹日益加劇的阻力的同時，我們富有韌性的全球營運再次提供了卓越的客戶服務水準。

Moving to integration. We successfully completed our remaining SAP cutovers from Pfizer, and we have now substantially exited all of the remaining transition services. For the full year '22, we now expect to deliver approximately $525 million in new product launch revenue with better-than-expected margins, but below our expectations due to the timing of certain launches.

轉向整合。我們成功完成了輝瑞剩餘的 SAP 切換，並且我們現在基本上已經退出所有剩餘的過渡服務。對於 22 年全年，我們目前預計新產品發布收入約為 5.25 億美元，利潤率優於預期，但由於某些產品的發佈時間，收入低於我們的預期。

And on the R&D front, we crossed a major milestone with the announcement of positive top line results from our GA Depot Phase III clinical trial along with our partner, Mapi. We remain on track for our submission to FDA in quarter 1 '23.

在研發方面，我們與合作夥伴 Mapi 共同宣布了 GA Depot 第三階段臨床試驗的積極頂線結果，邁入了一個重要的里程碑。我們仍有望在 2023 年第一季向 FDA 提交申請。

Now turning to the next slide. I want to remind you of our operational priorities for Phase 1. We are well on our way to integrate and synergize, stabilize the base business and deliver the pipeline. In addition, we are on track to complete the planned divestitures by the end of '23. We believe these achievements position Viatris well for the future growth.

現在翻到下一張投影片。我想提醒大家我們第一階段的營運重點。我們正在順利進行整合和協同，穩定基礎業務並交付管道。此外，我們預計在 23 年底前完成計劃中的資產剝離。我們相信這些成就為 Viatris 未來的發展奠定了良好的基礎。

Flipping to the next slide. As we look ahead to Phase 2, our priorities are to continue to optimize and minimize total base business erosion; further enhance our existing durable, higher-margin organic pipeline to offset base erosion; maximize the execution of our ophthalmics franchise; and identify and add inorganic opportunities to further accelerate the growth.

翻到下一張投影片。展望第二階段，我們的首要任務是繼續優化並儘量減少整體基礎業務的侵蝕；進一步加強我們現有的耐用、利潤更高的有機管道，以抵消基礎侵蝕；最大限度地發揮我們的眼科特許經營權；並識別和增加無機機會以進一步加速增長。

Now on the next slide, I'll walk you through some details behind what is driving our total base erosion improvements. Recall, we originally modeled our total base erosion in Phase 1 to be about 4% to 5%. Based on our better-than-expected Brands performance and combined with other key catalysts, we believe the total erosion for Phase 2 is expected to improve by 200 basis points, getting us to the 2% to 3% of total erosion range.

現在，在下一張投影片中，我將向大家詳細介紹推動我們整體稅基侵蝕改善的背後因素。回想一下，我們最初預測第一階段的總稅基侵蝕率約為 4% 至 5%。基於我們好於預期的品牌表現，並結合其他關鍵催化劑，我們認為第二階段的總侵蝕率預計將提高 200 個基點，達到總侵蝕率的 2% 至 3% 範圍。

Turning to the next slide. Our Brands business, excluding China, will make up slightly more than 50% of the portfolio. Prior to formation of Viatris, our combined Brands were trending at approximately 6% erosion. At the launch of Viatris, we modeled approximately 4.5% to 5.5% brand erosion based on that trend. But as a result of our ability to effectively manage the Brands business, we have been able to contain this erosion to 1.5% to 2.5% over the last 7 quarters.

翻到下一張投影片。我們的品牌業務（不包括中國）將佔投資組合的 50% 多一點。在 Viatris 成立之前，我們合併後的品牌的衰退趨勢約為 6%。在 Viatris 推出時，我們根據這一趨勢預測了大約 4.5% 到 5.5% 的品牌侵蝕率。但由於我們能夠有效管理品牌業務，我們在過去 7 個季度中已經能夠將這種侵蝕控制在 1.5% 至 2.5% 之間。

The line graph on the right depicting our total Brands sales, excluding China, from 2017 to this quarter, is an insightful visual. Our business operating model completely changed and stabilized the trajectory of our expected erosion. And we expect this improvement to continue in Phase 2, which will potentially contribute an uplift of 150 basis points to our total base erosion.

右側的折線圖顯示了 2017 年至本季我們品牌的總銷售額（不包括中國），這是一個富有洞察力的圖表。我們的業務營運模式徹底改變並穩定了我們預期的侵蝕軌跡。我們預計這種改善將在第二階段繼續下去，這可能會使我們的總稅基侵蝕上升 150 個基點。

The next slide lists some other key contributors to our total erosion improvement and stabilization of the core in Phase 2, which we expect to contribute an additional 50 basis points. These include no additional significant LOEs on the horizon; our purposeful diversification of our core generics portfolio, which is now repositioned towards complex products; our decreased dependency on the commoditized U.S. generics market, today, the total U.S. generics portfolio contributes approximately 11% of total net sales; and the anticipated divestitures of certain noncore assets which, once completed, will not only help simplify the company, but will also help to further stabilize the remaining business.

下一張投影片列出了我們在第二階段全面改善侵蝕和穩定核心的一些其他關鍵因素，我們預計這些因素將額外貢獻 50 個基點。其中包括：未來不會再發生其他重大 LOE；我們有意對核心仿製藥產品組合進行多樣化，目前已重新定位為複雜產品；我們對商品化的美國仿製藥市場的依賴性降低，如今，美國仿製藥總量約佔總淨銷售額的 11%；以及預期的某些非核心資產的剝離，一旦完成，不僅將有助於簡化公司，而且還將有助於進一步穩定剩餘業務。

We believe that our ability to minimize the total base erosion when combined with our current organic pipeline lays a solid foundation for us to return to growth in Phase 2, which I will cover on the next few slides. Our current pipeline, which is driven largely by the U.S. market, consists of an increasing number of complex, hard-to-make products with a higher barrier to entry as well as fewer number of partner programs.

我們相信，我們最大限度地減少總稅基侵蝕的能力與我們目前的有機管道相結合，為我們在第二階段恢復成長奠定了堅實的基礎，我將在接下來的幾張幻燈片中介紹這一點。我們目前的產品線主要由美國市場驅動，包括越來越多的複雜、難以製造的產品，這些產品的進入門檻較高，而合作夥伴專案數量較少。

In addition to this, some other key geographies like China, Europe and the rest of the world markets will also benefit from the efforts of the last few years because of their dedicated and focused programs to build their pipeline. We expect Europe to have $100 million to $150 million of new product revenue every year and China to get the benefit of close to $100 million every year from '25 onwards.

除此之外，中國、歐洲和世界其他市場等一些其他主要地區也將受益於過去幾年的努力，因為他們制定了專門的、有針對性的計劃來建立自己的管道。我們預計從2025年起歐洲每年將獲得1億至1.5億美元的新產品收入，中國每年將獲得近1億美元的收益。

As Robert said, we have certain underappreciated assets in our pipeline that we have invested in during the recent past. We anticipate our complex injectables and select novel products to each make up at least $1 billion in peak annual net sales in Phase 2. Given all of these pieces, we feel confident to deliver $450 million to $550 million of annual new product revenue.

正如羅伯特所說，我們的產品線中有一些被低估的資產，我們最近對其進行了投資。我們預計，我們的複雜注射和精選新產品在第二階段的高峰年度淨銷售額將分別達到至少 10 億美元。考慮到所有這些因素，我們有信心實現 4.5 億至 5.5 億美元的年度新產品收入。

On the next 2 slides, I'll share more about our complex injectables. Our science team has successfully developed several technology platforms including, but not limited to, nano-particles, microspheres, liposomes and nano-emulsions. We expect these platforms to deliver a strong portfolio of approximately 40 products, 10 of which are already filed and under review with FDA. This portfolio represents a rapidly growing $50 billion to $60 billion growing market. Perhaps a generic Copaxone analog as a reference is the closest to help model these products.

在接下來的兩張幻燈片中，我將分享更多有關我們複雜注射劑的資訊。我們的科學團隊已成功開發多個技術平台，包括但不限於奈米顆粒、微球、脂質體和奈米乳液。我們預計這些平台將提供約 40 種產品的強大組合，其中 10 種產品已提交給 FDA 並正在審查中。這個投資組合代表著一個快速成長的 500 億至 600 億美元的市場。也許通用的 Copaxone 類似物作為參考最能幫助模擬這些產品。

I would like to highlight the pipeline chart on the next slide. Of the 10 products which are already under review with the FDA, we are confident that we will be the first to market with 7 generics, including Abilify Maintena, Invega Trinza and Sandostatin LAR. On a risk-adjusted basis, we believe these complex injectables franchise represents at least a $1 billion peak net sales opportunity in Phase 2.

我想在下一張投影片中重點介紹管道圖。在 FDA 已審查的 10 種產品中，我們有信心將 7 種仿製藥率先推向市場，包括 Abilify Maintena、Invega Trinza 和 Sandostatin LAR。在風險調整的基礎上，我們認為這些複雜的注射劑特許經營權代表著第二階段至少 10 億美元的最高淨銷售機會。

Turning to the next slide. Another growth catalyst of our organic pipeline is our novel products franchise with several 505(b)2s. We expect products like GA once-monthly and our novel meloxicam formulation will have patent protection. Additional in our products on the slide includes Xulane Low Dose and Effexor GAD. This chart also highlights our continued pursuit of highly complex products like the biosimilar to Botox. On a risk-adjusted basis, we believe these 5 select assets alone represent at least $1 billion peak net sales opportunity in Phase 2.

翻到下一張投影片。我們有機產品線的另一個成長催化劑是我們的擁有多個 505(b)2 的新產品特許經營權。我們期望每月一次的 GA 等產品和我們新穎的美洛昔康配方能夠獲得專利保護。幻燈片上我們的其他產品包括 Xulane Low Dose 和 Effexor GAD。這張圖表也強調了我們對肉毒桿菌生物相似藥等高度複雜產品的持續追求。在風險調整的基礎上，我們認為光是這 5 項精選資產就代表著第二階段至少 10 億美元的最高淨銷售機會。

Now let me move on to the great news we announced today. We have taken a major step to create an ophthalmics franchise. I want to echo the excitement you heard from Robert and Michael about the future addition of Oyster Point and Famy Life Sciences to Viatris family. Let me walk you through the strategic rationale for bringing these foundational assets together.

現在讓我來談談我們今天宣布的重大新聞。我們在創建眼科特許經營方面邁出了重要一步。我想回應您從羅伯特和邁克爾那裡聽到的關於未來 Oyster Point 和 Famy Life Sciences 加入 Viatris 家族的興奮之情。讓我向您介紹將這些基礎資產整合在一起的策略原則。

Oyster Point brings to Viatris not only a novel marketed dry eye product in the U.S., but more importantly, a very experienced team that possesses deep knowledge of the ophthalmic space from a clinical, medical, regulatory and commercial perspective. Further, when combining Oyster Point to the Famy Life Sciences pipeline and our global commercial footprint, R&D and regulatory capabilities, we believe that we are setting the foundation to become the next global ophthalmic leader.

Oyster Point 不僅為 Viatris 帶來了一種在美國上市的新型乾眼症產品，更重要的是，它還帶來了一支經驗豐富的團隊，該團隊從臨床、醫學、監管和商業角度對眼科領域有著深入的了解。此外，當將 Oyster Point 與 Famy Life Sciences 產品線以及我們的全球商業足跡、研發和監管能力相結合時，我們相信我們正在為成為下一個全球眼科領導者奠定基礎。

Moving to the next slide, I'm more excited that in addition to Tyrvaya, we are getting to start with a combined pipeline of exciting complementary programs, which include additional indications like neurotrophic keratopathy and 5 Phase III-ready programs we are acquiring from Famy Life Sciences. This combined global pipeline has the potential of net sales of more than $1 billion on a risk-adjusted basis by 2028. As we close this transaction, the ophthalmics franchise will function as a separate division within the company and will be led by Dr. Jeff Nau.

轉到下一張投影片，我更興奮的是，除了 Tyrvaya 之外，我們還將開始推出一系列令人興奮的互補項目，其中包括神經營養性角膜病變等其他適應症，以及我們從 Famy Life Sciences 收購的 5 個 III 期就緒項目。到 2028 年，合併後的全球產品線在風險調整後預計將實現超過 10 億美元的淨銷售額。在我們完成此交易後，眼科特許經營權將作為公司內部的獨立部門運作，並由 Jeff Nau 博士領導。

In summary, as I walked you through this morning, we believe we are well positioned to bring Viatris back to growth in Phase 2. We remain confident in our ability to contain erosion to 2% to 3% and generate $450 million to $550 million in new product revenue annually, which we expect will not only offset the erosion, but enable us to generate a 1% organic top line CAGR growth of the base in Phase 2. Maximizing and executing our ophthalmic strategy will help us reach a total revenue CAGR of approximately 3% from '24 to '28. Further, it's worth noting that this growth does not include any additional inorganic opportunities, which we expect to identify and add to our portfolio in Phase 2.

總而言之，正如我今天早上向大家介紹的那樣，我們相信我們已做好準備，使 Viatris 在第二階段恢復增長。我們仍然有信心將侵蝕控制在 2% 至 3% 之間，並每年創造 4.5 億至 5.5 億美元的新產品收入，我們預計這不僅可以抵消侵蝕，而且可以讓我們在第二階段實現 1% 的有機頂線複合年增長率。最大化和執行我們的眼科策略將幫助我們在 24 年至 28 年期間實現約 3% 的總收入複合年增長率。此外，值得注意的是，這種成長不包括任何額外的無機機會，我們預計將在第二階段識別這些機會並將其添加到我們的投資組合中。

With that, I would like to welcome Dr. Jeff Nau to the call to share some more information about Oyster Point and its exciting growth driver as well as his perspectives on the Famy assets. But before I do, I would like to thank our Viatris colleagues for their continued performance and look forward to welcoming our future colleagues from Oyster Point and Famy Life Sciences who are listening today.

在此，我歡迎 Jeff Nau 博士參加電話會議，分享有關 Oyster Point 及其令人興奮的成長動力的更多資訊以及他對 Famy 資產的看法。但在此之前，我要感謝 Viatris 同事的持續表現，並期待歡迎今天聆聽演講的 Oyster Point 和 Famy Life Sciences 的未來同事。

Thank you, Rajiv, and thank you to Viatris for allowing me the opportunity to speak today. Good morning. My name is Jeff Nau, and I am the President and CEO of Oyster Point Pharma, a public biopharmaceutical company focused on the discovery, development and commercialization of first-in-class pharmaceutical therapies to treat ophthalmic diseases.

謝謝你，拉吉夫，也謝謝維亞特里斯給我今天發言的機會。早安.我叫 Jeff Nau，是 Oyster Point Pharma 的總裁兼首席執行官，這是一家專注於發現、開發和商業化治療眼科疾病的一流藥物療法的上市生物製藥公司。

Our mission at Oyster Point is to advance truly breakthrough science to deliver therapies that patients and eye care professionals need. I was the first employee at Oyster Point in 2017. And since then, we have grown the company to more than 250 employees, including launching one of the most exciting commercial products in dry eye disease with a leading sales team in ophthalmology.

Oyster Point 的使命是推動真正突破性的科學，為患者和眼科護理專業人員提供所需的治療方法。我是 2017 年 Oyster Point 的第一位員工。從那時起，我們已將公司發展到擁有 250 多名員工，其中包括與眼科領域領先的銷售團隊一起推出了乾眼症領域最令人興奮的商業產品之一。

By educational training, I hold a Masters in Medical Science and a PhD in Public Health and Epidemiology. And for over 20 years, I have dedicated my career exclusively to drug and device development in the field of ophthalmology. Prior to joining Oyster Point Pharma, I was involved in the development of a number of promising therapies in the retina space, including while at Genentech, where I was part of the FDA approval and commercialization of numerous indications for the anti-VEGF therapy, Lucentis, a medical breakthrough for treating blindness which generated multibillion-dollar peak annual sales.

透過教育培訓，我擁有醫學碩士學位和公共衛生與流行病學博士學位。 20多年來，我一直致力於眼科領域的藥物和設備開發。在加入 Oyster Point Pharma 之前，我參與了視網膜領域多種有前景的療法的開發，包括在 Genentech 工作期間，我參與了 FDA 批准和商業化抗 VEGF 療法 Lucentis 的多種適應症，這是治療失明的醫學突破，產生了數十億美元的年銷售額峰值。

The Oyster Point team brings decades of experience in the eye care space with most of the leadership team dedicating their entire careers to eye care. Currently, we are 1 year into the successful launch of our first FDA-approved product. Tyrvaya is the first and only nasal spray for the treatment of the signs and symptoms of dry eye disease. Dry eye disease is a large market affecting an estimated 38 million Americans and over 700 million people worldwide. It's a chronic multifactorial disease, which is characterized by the imbalance to the nutrient-rich layers of the ocular surface known as the tear film. Increasing the production of natural tear film is believed to reduce the signs and symptoms of dry eye disease.

Oyster Point 團隊在眼科護理領域擁有數十年的經驗，大多數領導團隊成員都將整個職業生涯奉獻給眼科護理。目前，我們第一款獲得 FDA 批准的產品已成功推出一年了。 Tyrvaya 是第一種也是唯一一種用於治療乾眼症徵兆和症狀的鼻噴劑。乾眼症是一個巨大的市場，影響著約 3,800 萬美國人和全球超過 7 億人。這是一種慢性多因子疾病，其特徵是眼表營養豐富的層（即淚膜）失衡。人們認為，增加天然淚膜的產生可以減輕乾眼症的徵兆和症狀。

Prior to Tyrvaya's entry into the market, many patients reported being dissatisfied with older treatments in the class due to lack of efficacy, slow onset of action and the stinging and burning associated with prescription eye drops. The team at Oyster Point broke new ground with Tyrvaya. Tyrvaya's differentiated clinical profile rapidly bio-activates tear film production to help the body create more natural tears and can be easily administered. It's a preservative-free nasal spray that's convenient with a twice-a-day dosing regimen with no contraindications.

在 Tyrvaya 進入市場之前，許多患者表示對該類較舊的治療方法不滿意，因為這些治療方法缺乏療效、起效緩慢，並且會引起與處方眼藥水相關的刺痛和灼熱感。 Oyster Point 團隊憑藉 Tyrvaya 開闢了新局面。 Tyrvaya 的差異化臨床特徵可快速活化淚膜生成，幫助身體產生更多自然淚液，並且易於管理。這是一種不含防腐劑的鼻腔噴霧劑，每天使用兩次，非常方便，且沒有禁忌症。

Tyrvaya's unique mode of action involves activating the trigeminal parasympathetic pathway in the nose, which is believed to trigger tear film production. Tyrvaya was studied in a broad population of adults with mild, moderate and severe dry eye disease. In clinical trials, patients achieved statistically significant improvement in tear film production and other key dry eye measurements.

Tyrvaya 的獨特作用方式是活化鼻腔中的三叉神經副交感神經通路，據信可以觸發淚膜的產生。 Tyrvaya 的研究對像是患有輕度、中度和重度乾眼症的廣大成年人群。在臨床試驗中，患者的淚膜生成和其他關鍵乾眼症測量指標均取得了統計上顯著的改善。

In addition to this exciting product, let me share details on what Oyster Point will add from a pipeline perspective. In our development pipeline, we have several programs aimed at treating other ophthalmic disease with unmet needs, including Stage 1 neurotrophic keratopathy, a severe degenerative condition affecting the nerves of the cornea. Separately, our proprietary transformational gene therapy program is currently progressing towards IND-enabling studies in 2023 for Stages 2 and 3 neurotrophic keratopathy, and we have begun early development for a therapy to treat vernal and atopic keratoconjunctivitis, severe allergic conditions of the eye.

除了這個令人興奮的產品之外，讓我從管道角度分享一下 Oyster Point 將增加的內容的詳細資訊。在我們的開發管道中，我們有幾個旨在治療其他未滿足需求的眼科疾病的項目，包括第一階段神經營養性角膜病變，這是一種影響角膜神經的嚴重退化性疾病。另外，我們專有的轉化基因治療計劃目前正在推進，計劃於 2023 年針對第 2 和第 3 期神經營養性角膜病變進行 IND 支持研究，並且我們已經開始早期開發一種治療春季和特應性角結膜炎（一種嚴重的眼部過敏性疾病）的療法。

Oyster Point originally engaged with Viatris on ex U.S. licensing and partnering opportunities for our products. As discussions progressed, we quickly realized that the Global Healthcare Gateway that Viatris has built provides a unique partnership opportunity to accelerate and amplify Viatris' and Oyster Point's growth strategies and would enable increased access to ophthalmic therapies for patients worldwide.

Oyster Point 最初與 Viatris 就我們產品的美國以外授權和合作機會進行合作。隨著討論的進展，我們很快意識到 Viatris 建立的全球醫療保健入口網站提供了獨特的合作機會，可以加速和擴大 Viatris 和 Oyster Point 的成長策略，並使全球患者能夠更多地獲得眼科治療。

Just as Oyster Point could propel Viatris' expertise in ophthalmology through its infrastructure and deep knowledge of the space from a clinical, medical, regulatory and commercial perspective, Tyrvaya and pipeline assets, Viatris could propel Oyster Point with its global commercial footprint, R&D and regulatory capabilities, supply chain as well as the multiple additional ophthalmic assets. Conceptually, this is not a 1 plus 1 equals 2 addition of companies, but potentially more like a 1 plus 1 equals 4 addition. The sum of the merger amplifies itself based on the synergy that both companies would provide to each other.

正如 Oyster Point 可以透過其基礎設施和從臨床、醫學、監管和商業角度對該領域的深入了解、Tyrvaya 和管道資產推動 Viatris 在眼科領域的專業知識一樣，Viatris 也可以透過其全球商業足跡、研發和監管能力、供應鏈以及多種額外的眼科資產來推動 Oyster Point 的發展。從概念上講，這不是 1 加 1 等於 2 的公司加法，而可能更像是 1 加 1 等於 4 的加法。合併總額將根據兩家公司相互提供的綜效而擴大。

Oyster Point, as the foundation of the ophthalmology franchise of Viatris, will bring a team with deep expertise in ophthalmology to advance research and drug development as well as an experienced U.S. commercial sales and medical affairs infrastructure that I am confident will lead to a future innovation at Viatris.

Oyster Point 作為 Viatris 眼科特許經營的基礎，將帶來一支在眼科領域擁有深厚專業知識的團隊來推進研究和藥物開發，以及經驗豐富的美國商業銷售和醫療事務基礎設施，我相信這將為 Viatris 的未來帶來創新。

The ophthalmology and optometry communities deserve partners who are committed to investing in and bringing new therapies to market for patients and eye care professionals. On joining Viatris as its new ophthalmology franchise, we'll be committed to being that market leader in addressing the industry's unmet needs.

眼科和驗光界值得擁有致力於投資並為患者和眼科護理專業人士帶來新療法的合作夥伴。加入 Viatris 成為其新的眼科特許經營店後，我們將致力於成為解決行業未滿足需求的市場領導者。

As Rajiv previously stated, the ophthalmology portfolio that has been created to date is expected to have significant peak potential by 2030. What we have outlined here today is simply the foundation of what is expected over the next few years. Our focus will be to invest in the resources behind the continued launch and international expansion of Tyrvaya as well as the clinical development of multiple key assets ranging across a full spectrum of eye care disease areas, including dry eye disease and potentially glaucoma, neurotrophic keratopathy, blepharitis, presbyopia and a number of other vision-related disorders.

正如拉吉夫之前所說，迄今為止創建的眼科產品組合預計到 2030 年將具有顯著的峰值潛力。我們今天在這裡概述的只是未來幾年預期的基礎。我們的重點是投資 Tyrvaya 的持續推出和國際擴張背後的資源，以及涉及全方位眼科疾病領域的多項關鍵資產的臨床開發，包括乾眼症和潛在的青光眼、神經營養性角膜病變、瞼緣炎、老花眼和其他一些視力相關疾病。

In closing and on a personal note, I would like to thank the Oyster Point team for building such a strong organization over the last 5 years. We have built capabilities in R&D, clinical development and commercial within the eye care space in such a short period of time. It is the value of our people, our lead asset Tyrvaya and our pipeline that compelled Viatris to decide to bring our company into their organization. I would like to thank Robert, Michael, Rajiv and our future colleagues at Viatris for the opportunity to join the Viatris family and to say that I also share in the excitement surrounding the future of Viatris.

最後，就我個人而言，我要感謝 Oyster Point 團隊在過去 5 年裡建立瞭如此強大的組織。我們在如此短的時間內就建立了眼科保健領域的研發、臨床開發和商業能力。正是我們的員工、我們的主要資產 Tyrvaya 和我們的管道的價值促使 Viatris 決定將我們公司納入他們的組織。我要感謝羅伯特、邁克爾、拉吉夫以及 Viatris 的未來同事們給予我加入 Viatris 大家庭的機會，我也對 Viatris 的未來感到興奮。

Thank you, Jeff, and good morning, everyone. It's great to be with you today to share my thoughts on the recent quarter and expand upon what you've heard from Robert, Michael and Rajiv on the outlook of our company.

謝謝你，傑夫，大家早安。我很高興今天能和大家分享我對最近一個季度的看法，並進一步闡述羅伯特、麥可和拉吉夫對我們公司前景的看法。

Please turn to the slide with our third quarter financial highlights and the outlook for fourth quarter and full year 2022. We had another strong quarter operationally that was in line with our expectation. On a reported basis, revenue was impacted by foreign exchange headwinds by approximately 9% versus Q3 2021.

請翻到幻燈片，其中列出了我們第三季的財務亮點以及對第四季度和 2022 年全年的展望。我們又度過了一個營運表現強勁的季度，符合我們的預期。據報道，與 2021 年第三季相比，收入受到外匯不利因素的影響約 9%。

Let me walk you through the key drivers that contributed to the strong performance in third quarter. For revenue, we saw continued stability in our segments, including Developed Markets and China. New product revenue in the quarter benefited from the launch of lenalidomide in the U.S. This performance contributed to an overall favorable mix resulting in better gross margin.

讓我向您介紹一下推動第三季強勁表現的關鍵驅動因素。就收入而言，我們看到包括已開發市場和中國在內的各個細分市場持續保持穩定。本季新產品收入受惠於來那度胺在美國的上市。這一業績促成了整體有利的產品組合，從而提高了毛利率。

With respect to SG&A, we continue to benefit from synergies. R&D increased due to continued investment in the pipeline. We had another strong quarter of free cash flow generation. This underscores our confidence in the stability of our base business and the organizational effort around cash optimization initiatives.

就銷售、一般及行政費用而言，我們持續受惠於綜效。由於持續投資，研發支出增加。我們又經歷了一個自由現金流產生強勁的季度。這強調了我們對基礎業務穩定性和現金優化計劃的組織努力的信心。

On a year-to-date basis, we have met 2020 commitments and have paid down approximately $2.1 billion in debt and have also paid out approximately $436 million in dividends. With 3 quarters of solid performance under our belt, we feel good about the rest of the year and expect the positive momentum to continue.

從年初至今，我們已履行 2020 年的承諾，償還了約 21 億美元的債務，並支付了約 4.36 億美元的股息。憑藉過去三個季度的穩健表現，我們對今年剩餘時間的表現充滿信心，並預計積極的勢頭將繼續下去。

Now a few comments on the expected Q4 financial results. We anticipate the gross margin percentage will moderate from third quarter levels due to product and segment mix. SG&A, similar to last year, is expected to step up from Q3 2022. Free cash flow is expected to be significantly lower compared with Q3 2022 due to anticipated lower adjusted EBITDA, phasing of interest payments and higher CapEx.

現在就預期的第四季財務業績發表幾點評論。我們預計，由於產品和部門組合的原因，毛利率百分比將從第三季的水平下降。預計銷售、一般及行政費用 (SG&A) 與去年相似，將從 2022 年第三季開始增加。由於預計調整後 EBITDA 下降、利息支付分階段進行以及資本支出增加，預計自由現金流將與 2022 年第三季相比大幅下降。

Given the continued strength from operations, we expect to absorb the incremental impact from foreign exchange. We are reaffirming our guidance across total revenues, adjusted EBITDA and free cash flow. As previously mentioned on our Q2 call, it is likely we will come in at the lower end of the adjusted EBITDA range due to foreign exchange. And for free cash flow, it is likely we will end up at the midpoint of the range, fully absorbing the foreign exchange headwind.

鑑於營運持續強勁，我們預計將吸收外匯帶來的增量影響。我們重申對總收入、調整後 EBITDA 和自由現金流的指導。正如我們之前在第二季電話會議上提到的那樣，由於外匯原因，我們的調整後 EBITDA 可能會處於區間的低端。對於自由現金流，我們很可能會處於該範圍的中間點，完全吸收外匯逆風。

The next slide is an illustration of free cash flow over the last 7 quarters. Q3 was another strong quarter, especially considering it included EpiPen settlement for approximately $259 million. Taking this into account, the underlying free cash flow would have exceeded Q3 2021. This is another indication of stability we see in our business.

下一張投影片是過去 7 個季度的自由現金流的說明。第三季度又是一個強勁的季度，特別是考慮到它包括了約 2.59 億美元的 EpiPen 和解金。考慮到這一點，基礎自由現金流將超過 2021 年第三季。這是我們業務穩定的另一個跡象。

I'm very pleased with the progress we are making in improving cash conversion. This is a focus we expect to continue in 2023 and beyond. As mentioned, we expect the Biocon transaction to close shortly, and we expect to update you at that time with the associated impact on the current guidance.

我對我們在改善現金轉換方面取得的進展感到非常高興。我們預計在 2023 年及以後將繼續關注這一重點。如上所述，我們預計 Biocon 交易將很快完成，並且我們預計屆時將向您更新對當前指導的相關影響。

The next slide is an illustration of our sources and uses of divestiture proceeds. A key takeaway: we expect significant amount of cash over next year or so. On the left, we anticipate total estimated pretax proceeds of approximately $8 billion to $9 billion. This includes approximately $5 billion to $6 billion of pretax proceeds from the divestitures of identified noncore assets. Since our Investor Day in February, we have made significant progress on these initiatives and have updated our ranges based on latest discussions with our advisers.

下一張投影片說明了我們的資產剝離收益的來源和用途。一個關鍵的要點是：我們預計明年左右將有大量現金。左側，我們預計稅前收益總額約為 80 億美元至 90 億美元。其中包括從已確定的非核心資產剝離中獲得的約 50 億至 60 億美元的稅前收益。自二月份投資者日以來，我們在這些舉措上取得了重大進展，並根據與顧問的最新討論更新了我們的範圍。

We expect to cover all taxes and transaction costs with the divestiture proceeds. It is important to note that the proceeds from these divestitures will not be reported in the U.S. GAAP net cash provided by operating activities. However, the taxes and transactions costs will be reported in our future U.S. GAAP net cash provided by operating activity and therefore will impact reported free cash flow. As these costs are incurred, they will be appropriately disclosed in order to better model the underlying base business free cash flow.

我們預計利用剝離所得來支付所有稅款和交易成本。值得注意的是，這些資產剝離所得的收益將不會在美國公認會計準則下的營業活動淨現金中報告。然而，稅收和交易成本將在我們未來的美國公認會計準則經營活動提供的淨現金中報告，因此將影響報告的自由現金流。當這些成本產生時，我們將對其進行適當揭露，以便更好地模擬基礎業務自由現金流。

Totaling the estimated uses, including the cash to acquire ophthalmology franchise, we expect net divestiture proceeds of approximately $4.9 billion to $6.1 billion. We intend to allocate this significant financial flexibility towards incremental debt paydown, share buyback and potential future business development.

綜合估計用途，包括收購眼科特許經營權的現金，我們預計淨剝離收益約為 49 億美元至 61 億美元。我們打算將這種巨大的財務靈活性分配給增量債務償還、股票回購和潛在的未來業務發展。

Turning to next slide, which highlights a few key points on the acquisitions we announced earlier today. We're excited about the acquisition of Oyster Point Pharma. The transaction will consist of $11 per share in cash upfront through a tender offer. In addition to upfront cash consideration, each Oyster Point stockholder will receive one non-tradable contingent value right, representing up to additional $2 per share contingent on Oyster achieving certain metrics based on full year 2022 performance.

翻到下一張幻燈片，重點介紹了我們今天早些時候宣布的收購的幾個要點。我們對收購 Oyster Point Pharma 感到非常興奮。此次交易將透過要約收購的方式，以每股 11 美元的現金預付。除了預付現金對價外，每位 Oyster Point 股東還將獲得一項不可交易的或有價值權，相當於每股額外獲得 2 美元，但前提是 Oyster 能夠根據 2022 年全年業績實現某些指標。

Concurrent to Oyster Point closing, we also expect to acquire Famy Life Sciences, which has a complementary ophthalmology portfolio, for a total cash payout of approximately $281 million. Both transactions are subject to customary closing conditions. We expect these transactions will be funded with cash on hand.

在 Oyster Point 交易完成的同時，我們也預計將收購擁有互補眼科產品組合的 Famy Life Sciences，總現金支出約為 2.81 億美元。兩項交易均需滿足慣例成交條件。我們預計這些交易將以現金支付。

Now moving to next slide, which captures all the components of capital allocation framework. Taking into account the net divestiture proceeds and the significant free cash flow from our base business, we have the confidence that we will not only able to deliver our Phase 1 commitment, but also be able to increase our return of capital to shareholders in Phase 2.

現在轉到下一張投影片，它涵蓋了資本配置框架的所有組成部分。考慮到淨資產剝離收益和來自我們基礎業務的大量自由現金流，我們有信心，我們不僅能夠履行第一階段的承諾，而且還能夠在第二階段增加對股東的資本回報。

To recap our Phase 1 commitment, our highest priority in this phase has been debt paydown and leverage reduction. There are 2 components of this commitment: pay down $6.5 billion of debt, which represents the short-term and scheduled maturities between '21 and '23; and pay down additional debt to reduce our pro forma gross leverage ratio to 3x by the end of 2023. This priority fully supports our commitment to maintaining our investment-grade rating. The outcome is a financial profile that we believe differentiates us from our peers and has afforded us an attractive capital structure in these volatile times.

回顧我們第一階段的承諾，我們在這階段的首要任務是償還債務和降低槓桿。該承諾包括兩個部分：償還 65 億美元的債務，這些債務是 2021 年至 2023 年之間的短期和預定到期債務；並償還額外債務，以在 2023 年底前將我們的備考總槓桿率降至 3 倍。這項優先事項完全支持我們維持投資等級的承諾。我們相信，最終的財務狀況使我們有別於同行，並為我們在動盪時期提供了具有吸引力的資本結構。

Another part of Phase 1 commitment was returning capital through a dividend, which we initiated in 2021 and increased in 2022. As we mentioned, the net divestiture proceeds and the underlying free cash flow gives us the necessary flexibility to begin executing on the authorized share buyback in 2023. The expected completion of these Phase 1 commitments, especially meeting our gross leverage target of 3x by the end of 2023, will enable us to rebalance our capital allocation plan for '24 and beyond.

第一階段承諾的另一部分是透過股息返還資本，我們於 2021 年開始派發股息，並於 2022 年增加股息。正如我們所提到的，淨資產剝離收益和基礎自由現金流為我們提供了必要的靈活性，可以在 2023 年開始執行授權股票回購。預計完成這些第一階段的承諾，特別是在 2023 年底前實現 3 倍的總槓桿率目標，將使我們能夠重新平衡 2024 年及以後的資本配置計畫。

As you heard in Robert's opening remarks, we expect to take a more balanced approach with a focus on capital return and business investment during Phase 2. This is a result of an expectation of significant free cash flow growth during this phase. We will remain committed to our investment-grade rating, and we'll target gross leverage at 3x with a range of 2.8 to 3.2x.

正如您在羅伯特的開場白中聽到的那樣，我們預計將採取更平衡的方法，重點關注第二階段的資本回報和業務投資。這是因為預計此階段自由現金流將大幅成長。我們將繼續致力於我們的投資級評級，並將總槓桿目標設定為 3 倍，範圍為 2.8 至 3.2 倍。

We expect there will be significant cash available for capital return. We anticipate allocating approximately 50% of annual free cash flow to share buyback and the dividend. The organic adjusted earning growth expected during this phase and the reduction in annual share count is expected to accelerate our adjusted EPS growth. With respect to investing in our business organically and inorganically and taking into account the importance of our investment-grade rating, we will continue to be financially prudent in targeting bolt-ons and tuck-ins.

我們預計將有大量現金可用於資本回報。我們預計將約 50% 的年度自由現金流分配給股票回購和股利。預計此階段的有機調整後獲利成長和年度股票數量的減少將加速我們的調整後每股盈餘成長。關於對我們的業務進行有機和無機投資，並考慮到我們的投資等級評級的重要性，我們將繼續在財務上謹慎地瞄準附加投資和補充投資。

Moving to the next slide. After roughly 2 years of managing the business and the solid performance of last 7 quarters, we have high confidence on the rhythm of the business, the outlook, the investment needs to drive future growth. Therefore, we are in a position to provide long-term targets for total revenue, adjusted EBITDA, free cash flow and adjusted EPS. As Robert noted in his comments, these targets exclude the associated revenue of approximately $2.1 billion and adjusted EBITDA of approximately $700 million from the divestiture of biosimilars and noncore assets and $300 million of increased R&D.

移至下一張投影片。經過大約兩年的業務管理以及過去 7 個季度的穩健表現，我們對業務節奏、前景以及推動未來成長的投資需求充滿信心。因此，我們能夠為總收入、調整後 EBITDA、自由現金流和調整後 EPS 提供長期目標。正如羅伯特在評論中指出的那樣，這些目標不包括約 21 億美元的相關收入和約 7 億美元的調整後 EBITDA，這些收入來自生物仿製藥和非核心資產的剝離以及 3 億美元的研發增加。

Key assumption to support these targets, including base business erosion of approximately 2% to 3%, being fully offset by new product revenue from our pipeline. The return to growth will also be supported by the ophthalmology franchise. The anticipated 3% total revenue CAGR from '24 to '28 does not reflect any additional business development activity beyond the acquisition of ophthalmology franchise.

支持這些目標的關鍵假設包括基礎業務侵蝕約 2% 至 3%，但被我們管道中的新產品收入完全抵銷。眼科特許經營業務也將支持公司恢復成長。預計 24 年至 28 年總收入複合年增長率為 3%，但這並不反映除收購眼科特許經營權之外的任何其他業務發展活動。

Now a few assumptions supporting the growth of adjusted EBITDA. With the evolution of our portfolio moving up the value chain and the focus on more novel and branded products, we anticipate relatively stable gross margin during this period. We anticipate [SGN] investment on a total basis to be stable, but to decline on a percentage basis as revenues grow during this period.

現在有幾個支持調整後 EBITDA 成長的假設。隨著我們的產品組合向價值鏈上游移動，並專注於更多新穎和品牌產品，我們預計在此期間毛利率將相對穩定。我們預期 [SGN] 投資總額將保持穩定，但隨著這段時期收入的成長，投資百分比將會下降。

R&D investment will include the novel and complex pipeline, as outlined by Rajiv, and the ophthalmology asset. It will also include the impact of recent SEC guidelines for licensing deals that were previously excluded from adjusted earnings but will be included in the future. Free cash flow growth is expected to be significant and will benefit from reduced interest expenses, reduced onetime cash costs and expected benefit from cash optimization initiatives.

研發投資將包括拉吉夫概述的新穎而複雜的管道以及眼科資產。它還將包括美國證券交易委員會 (SEC) 最近發布的許可交易指南的影響，這些許可交易先前被排除在調整後收益之外，但未來將被納入其中。自由現金流預計將大幅成長，並將受益於利息支出的減少、一次性現金成本的降低以及現金優化措施的預期收益。

Finally, we expect adjusted EPS growth to be enhanced by annual share repurchases, which we believe will be an important part of our focus on capital return to shareholders. These assumptions, based on July 2022 foreign exchange rates, do not assume any benefit if foreign exchange rate return to historical averages.

最後，我們預期調整後的每股盈餘成長將透過年度股票回購得到加強，我們相信這將是我們關注股東資本回報的重要組成部分。這些假設是基於 2022 年 7 月的外匯匯率，並不認為如果外匯匯率恢復到歷史平均值會帶來任何好處。

In conclusion, I'm really pleased with how the business is performing after 7 strong quarters and the actions we're taking to strengthen our foundation. The free cash flow generation, along with financial flexibility from divestitures, gives us confidence in achieving our Phase 1 commitments, increasing our capital return to shareholders and positioning the business for future growth in Phase 2.

總而言之，我對公司在經歷了 7 個季度的強勁表現以及我們為加強基礎而採取的行動感到非常滿意。自由現金流的產生，加上資產剝離帶來的財務彈性，使我們有信心實現第一階段的承諾，增加對股東的資本回報，並為第二階段的未來成長做好業務定位。

With that, I'll turn the call back to the operator for Q&A.

說完這些，我將把電話轉回給接線生進行問答。

(Operator Instructions) We'll take our first question from Elliot Wilbur from Raymond James.

（操作員指示）我們將回答雷蒙德詹姆斯公司的艾略特威爾伯提出的第一個問題。

A lot to digest this morning. I appreciate the team taking the time to walk us through the detail. My first question and only question, I guess, is with respect to the acquisition of Oyster Point and Famy Life Sciences. I know you've talked about the ophthalmology portfolio generating around $1 billion in sales by 2028. But if I look at current external expectations, at least for Oyster Point, they seem to embed peak sales somewhere around $400 million, which I assume is Tyrvaya exclusively in 2027. And I know that you're expecting contribution from some other pipeline assets, but doesn't seem like many of those would hit before 2025 or 2026.

今天早上有很多事情要消化。我感謝團隊花時間向我們介紹細節。我想，我的第一個問題，也是唯一的問題，是關於收購 Oyster Point 和 Famy Life Sciences 的。我知道您談到眼科產品組合到 2028 年將創造約 10 億美元的銷售額。但如果我看一下目前的外部預期，至少對於 Oyster Point 而言，他們的峰值銷售額似乎在 4 億美元左右，我假設 Tyrvaya 將在 2027 年達到峰值。而且我知道您預計其他一些產品線資產也會做出貢獻，但似乎其中許多資產在 2025 年或 2026 年之前都不會實現。

So I'm trying to close the gap there between external expectations and what you are anticipating in terms of contribution from the new broader portfolio. Are you simply more optimistic on Tyrvaya than external expectations? Or am I under-appreciating the potential contribution from some of the pipeline assets in that period of time?

因此，我正試圖縮小外部預期與您在新的更廣泛的投資組合的貢獻方面的預期之間的差距。您對 Tyrvaya 的看法是否比外界預期更樂觀？還是我低估了那段時期內部分管道資產的潛在貢獻？

Elliot, I will take. And maybe later on, Jeff can add. So first of all, let me just break it. One is that, yes, it provides the U.S. expectations and we are talking about the global expectations. And you have to take this $1 billion, divide that, almost 2/3 is U.S. and 1/3 is the rest of the world for us. That's the first one.

艾略特，我會接受。也許稍後，傑夫可以補充。首先，讓我來分解一下。一是，是的，它提供了美國的期望，我們正在談論全球的期望。你必須拿出這 10 億美元，然後除以 1，幾乎 2/3 屬於美國，1/3 屬於世界其他地區。這是第一個。

The second one is most and maybe every -- all of these products will hit within -- hit the market within this period of time because, as you see, there are some Phase III assets and well advanced, and it's not going to be a long clinical study over there. So we see more products launched around '26, '27 to add on along with the Tyrvaya. So -- and if I have to do it by portfolio, I think our dry eye will be almost 2/3 again and 1/3 will be the products like blepharitis and presbyopia and others.

第二個是大多數，甚至可能是所有 - 這些產品都將在這段時間內上市，因為正如你所看到的，有一些 III 期資產並且進展順利，而且這不會是一個長期的臨床研究。因此，我們看到在 26、27 年左右推出了更多產品，與 Tyrvaya 一起推出。所以 - 如果我必須按投資組合來做的話，我認為我們的乾眼症將再次占到近 2/3，而 1/3 將是眼瞼炎和老花眼等產品。

With that, maybe, Jeff, do you want to add something to that?

有了這些，也許，傑夫，你想補充一些內容嗎？

Yes. What I would add is we're really excited about the portfolio that's been created here. And as Rajiv said, with the 2 dry eye assets making up most of the potential, I wouldn't discount the other products that are in the pipeline. They are exciting markets. This is the leading front of the eye portfolio. Lots of unmet need here with regards to things like blepharitis and many of these vision disturbance disorders. And so we're really exciting about the opportunity to go forward.

是的。我想補充的是，我們對這裡創建的投資組合感到非常興奮。正如拉吉夫所說，由於兩種乾眼症資產佔據了大部分潛力，我不會低估正在研發的其他產品。這些都是令人興奮的市場。這是領先眼界的投資組合。在諸如眼瞼炎和許多視力障礙等疾病方面，還有很多未滿足的需求。因此，我們對繼續前進的機會感到非常興奮。

And I think what's most exciting about it is, we have many Phase III-ready assets that will drop right into an existing sales force that is there and ready to go.

我認為最令人興奮的是，我們擁有許多已準備好進入第三階段的資產，這些資產將直接投入現有的、隨時準備投入使用的銷售團隊。

Your Next question comes from Umer Raffat from Evercore.

您的下一個問題來自 Evercore 的 Umer Raffat。

EBITDA. So your midpoint of the guidance is $6 billion. And Robert, I think you mentioned between divestitures, the SEC accounting as well as additional spend on new tuck-ins, it sounds like there's an additional $1 billion to $1.2 billion worth of headwinds on EBITDA, and that's without sort of the impact of China VBP rollout back on schedule next year. So is it fair to say that the EBITDA in 2024 is trending somewhere between $4.6 billion and $5 billion? That's question number one.

息稅折舊攤提前利潤。因此，您的指導中點是 60 億美元。羅伯特，我想你提到了資產剝離、美國證券交易委員會會計以及新收購的額外支出，這聽起來會對 EBITDA 造成額外的 10 億至 12 億美元的不利影響，而且這還不包括明年中國 VBP 按計劃推出的影響。那麼，可以公平地說，2024 年的 EBITDA 趨勢在 46 億美元至 50 億美元之間嗎？這是第一個問題。

Number two, on Oyster Point. It looks like there's either a bridge program or a major co-payor systems in place. And you can kind of see that on the realized pricing per prescription versus where Xiidra and where Restasis track. Can you speak to the absolute bonds we're seeing and to the extent we can scale them up?

第二個，位於 Oyster Point。看起來要么有一個過渡計劃，要么有一個主要的共同付款系統。您可以從 Xiidra 和 Restasis 追蹤的每張處方的實際定價中看到這一點。您能否談談我們所看到的絕對債券以及我們可以將其擴大到何種程度？

And also on Oyster Point, the Phase II OLYMPIA trial in neurotrophic keratopathy, that was due right around now. There was no update of that. I'd be curious on that. And it looks like the CVR is in the bag because the TRx and the sales numbers that were pointed out, it looks like it's trending towards that anyway. So we should assume that Oyster Point acquisition is $450 million valuation, correct, plus the net debt?

另外，在 Oyster Point 進行的神經營養性角膜病變 II 期 OLYMPIA 試驗也即將開始。目前還沒有更新消息。我對此很好奇。而且看起來 CVR 已經穩操勝券，因為 TRx 和所指出的銷售數字看起來無論如何都呈現這種趨勢。那麼，我們應該假設 Oyster Point 的收購估值為 4.5 億美元，對嗎，加上淨債務？

So let me go first. Obviously, I want to thank the entire investment community and really all of you for your input since the management team came forth in February. Because today, we're able to deliver in much more detail just like on the basis of answering all of your questions, quite frankly. And so the clarity that we gave you, and obviously I want to be clear, we're not giving the kind of the detailed '24 actual financial guidance right now. But we've given you enough directionally a guide where I will not dispute, let's just say, some of the things that you're throwing out because I think, once again, given your numbers, you can get to -- people can see you can get to where you are.

那麼就讓我先走吧。顯然，我要感謝整個投資界，以及自二月管理團隊成立以來所有人的投入。因為今天，我們能夠在回答你們所有問題的基礎上提供更詳細的信息，坦白說。因此，我們向您提供的清晰度，顯然我想明確一點，我們現在不會提供那種詳細的 24 小時實際財務指導。但是我們已經給了你足夠的方向性指導，我不會爭論，只能說，你所拋出的一些事情，因為我認為，再一次，根據你的數字，你可以到達 - 人們可以看到你可以到達你所在的地方。

I think the most important, Umer, is in my prepared remarks, I also try to be clear that we've taken into consideration living out 2023 with the rest of the initiatives that -- and the actions that were going to be taken as well as the pushes and pulls that we can see today in order to build that bridge for you to get to '24 to where you're at. So Jeff, do you want to take his next question?

烏默爾，我認為最重要的是，在我準備好的發言中，我也試圖清楚地表明，我們已經考慮過在 2023 年實施其他舉措——以及將要採取的行動，以及我們今天看到的推動和拉動，以便為你搭建橋樑，讓你能夠在 2024 年到達你所在的位置。那麼傑夫，你想回答他的下一個問題嗎？

Yes. Maybe I'll break it down into two parts, and we'll answer the easier one first. So as we have earnings coming up this week, what I would say on Olympia is we are tracking according to schedule, and we'll have an update there.

是的。也許我會把它分成兩個部分，我們先回答比較簡單的部分。因此，由於本週我們將公佈收益，我想說的是，奧林匹亞正在按照計劃進行跟踪，我們將在那裡進行更新。

And then with regards to Tyrvaya, I think what's really important in looking at this product is obviously first launched into the space this year. Our goal this year was really to build prescriber base. We have primarily a commercial prescription product this year. We still have bridge on. As we enter into 2023, we intend to pick up additional coverage. And at that point in time, we will reassess bridge. But I think that's also a really big opportunity for some marketing during that time.

至於 Tyrvaya，我認為在看待這款產品時真正重要的顯然是它今年首次在該領域推出。我們今年的目標實際上是建立處方者基礎。我們今年主要推出的是商業處方產品。我們仍有橋樑。隨著我們進入 2023 年，我們打算獲得更多的報告。到那時，我們將重新評估橋樑。但我認為這對那段時間的一些行銷來說也是一個非常大的機會。

So we want to make sure that we have good coverage on before we really pull the trigger on marketing. And as we know, this space is highly sensitive to that type of marketing. I think when you look at a product like Tyrvaya, there's a really unique opportunity to market the patient as it is the only nasal spray for the treatment of signs and symptoms of dry eye disease.

因此，我們希望確保在真正開始行銷之前，我們已經擁有了良好的覆蓋範圍。我們知道，這個領域對這種類型的行銷非常敏感。我認為，當你看到 Tyrvaya 這樣的產品時，這是一個真正獨特的行銷機會，因為它是唯一用於治療乾眼症徵兆和症狀的鼻噴劑。

Next question is from Balaji Prasad from Barclays.

下一個問題來自巴克萊銀行的巴拉吉‧普拉薩德 (Balaji Prasad)。

This is (inaudible) on for Balaji. Just circling back on the acquisition. Just wondering if this would be the template for your other two specialties as well? And could you provide some more color on when the EPS accretion will start?

這是（聽不清楚）為巴拉吉 (Balaji) 而設的。剛剛回顧一下收購事宜。只是想知道這是否也將成為您其他兩個專業的模板？您能否提供更多關於 EPS 成長何時開始的資訊？

So I think as I mentioned in my prepared remarks, yes, we think that this is an excellent example of a very attractive -- the type of targets that we can be highly sensitive, while maintaining our investment grade, while being sensitive to the increase in R&D and while we continue to be real sensitive to adding to the growth to the top line.

因此，我認為，正如我在準備好的發言中提到的那樣，是的，我們認為這是一個非常有吸引力的極好例子——我們可以對這種類型的目標高度敏感，同時保持我們的投資等級，同時對研發的增長保持敏感，同時我們繼續對增加營收成長保持真正的敏感。

But I think most importantly, in terms of an earnings per share accretion, I also try to stress, given now the clarity that we've now delivered to the Street, our capital allocation, we cannot ignore the 50% commitment once we're done with Phase I and hit our gross leverage target of 3x. There is a tremendous amount of more capital we intend to return to shareholders and especially through share buybacks. So I think that the earnings accretion, the adjusted earnings per share growth is really going to be what this story is all about on a going-forward basis.

但我認為最重要的是，就每股盈餘成長而言，我還試圖強調，鑑於我們現在向華爾街明確表示的資本配置，我們不能忽視在完成第一階段並達到 3 倍總槓桿目標後的 50% 承諾。我們打算向股東返還大量資本，特別是透過股票回購。因此，我認為收益成長、調整後的每股盈餘成長才是這個故事未來發展的真正意義。

Next question comes from Chris Schott from JPMorgan.

下一個問題來自摩根大通的 Chris Schott。

You've laid out today why ophthalmology is the right vertical for Viatris. But I'm just interested in how you compared, I guess, this vertical versus some of the franchises like OTC and biosimilars where the company also had an established footprint but where the company is exiting. So I guess what led you to kind of build up this direction and exit the others? I'm just trying to understand a little bit of kind of the thought process of kind of what's staying and what's going as you're thinking about the portfolio build.

您今天已經闡述了為什麼眼科是 Viatris 的正確垂直領域。但我只是對你如何比較這個垂直領域與一些特許經營領域（如 OTC 和生物仿製藥）感興趣，在這些領域該公司也已經建立了業務，但公司正在退出。那麼我想問一下是什麼促使您選擇這個方向並放棄其他方向呢？我只是想稍微了解一下您在考慮投資組合構建時應該保留什麼、應該刪除什麼的思維過程。

Thanks, Chris. I mean I would say that we made a -- we've done a tremendous amount of work and analysis on where we wanted to take Viatris. We've examined all the things that have worked in the past, investments made in the past and kind of sort of where we are, where we want to take. I would say that the financial analog of our entire business model is what we're being most sensitive to. If you look at our current pipeline portfolio and if you just examine the rotation within our own pipeline portfolio, we've been changing, moving up the value chain. We have a complete different product mix today than we did 4 or 5 years ago. And we've seen the benefit of that already.

謝謝，克里斯。我的意思是，我想說我們做了——我們已經為我們想要將 Viatris 帶到何處做了大量的工作和分析。我們研究了過去所有行之有效的方法、過去進行的投資以及我們現在所處的位置和我們想要實現的目標。我想說，我們整個商業模式的財務類似物是我們最敏感的。如果您看我們目前的管道組合，如果您只檢查我們自己的管道組合內的輪換，您會發現我們一直在變化，並不斷提升價值鏈。我們今天的產品組合與四、五年前相比完全不同。我們已經看到了它的好處。

So continuing to move up the value chain, and really, for example, the OTC, I'll be honest with you, is just a great business. It's not a declining business. It had very low single-digit growth. But in order to even keep that since we're not a consumer-oriented company, there was a tremendous amount of investment we would have to make year in and year out to support even that low-digit growth.

因此，繼續提升價值鏈，例如，OTC，我會誠實地告訴你，這是一項偉大的業務。這不是一個正在衰退的行業。它的個位數成長率非常低。但由於我們不是一家以消費者為導向的公司，為了維持這一水平，我們必須年復一年地投入大量資金來支持即使是低位數的成長。

Now as we shift our attention and really have identified what we consider to be what was once a core asset, no longer to be really a core asset, where we want to focus our attention going forward, both in human capital and financial resources, we think that today is a very good example of the opportunity to really once and for all set the interest on the trajectory of growth and do it in a way where we can grow that top line, grow the EBITDA, continue to generate significant cash flows while returning a substantial amount back to shareholders and especially through the share repurchases.

現在，我們轉移了注意力，真正確定了我們認為曾經的核心資產不再是真正的核心資產，我們希望將注意力集中在人力資本和財務資源上，我們認為今天是一個很好的例子，可以一勞永逸地將興趣放在增長軌跡上，並以一種可以增加營業收入、增加 EBITDA、繼續產生大量現金流，同時向股東還通過股票回購大量資金（特別是通過股票回購）。

Your next question comes from Gary Nachman from BMO Capital Markets.

您的下一個問題來自 BMO 資本市場的 Gary Nachman。

Thanks for the update. So for the other non-core divestitures, to get to the $5 billion to $6 billion of additional proceeds, that's a lot to get through between now and the end of next year. So how far along are you with those discussions? And what's your confidence in getting that done with respect to the different areas that you outlined? Maybe you could walk through some of the opportunities in more detail.

感謝您的更新。因此，對於其他非核心資產剝離而言，要獲得 50 億至 60 億美元的額外收益，從現在到明年年底還有很多工作要做。那麼這些討論進行到什麼程度了呢？就您概述的不同領域而言，您對完成這項工作有何信心？也許您可以更詳細地介紹一些機會。

And then just a quick follow-up. Just what caused some of the launch delays causing new product revenue to be lower than expected? And when you think of the annual contribution per year, I think you said $450 million to $550 million, just talk about your confidence in that, how risk-adjusted that number is given the importance in generating the 3% revenue CAGR in '24 to '28?

然後只是快速的跟進。究竟是什麼原因導致部分新品發表延遲，造成收入低於預期？當您考慮每年的貢獻時，我想您說的是 4.5 億到 5.5 億美元，請談談您對此的信心，考慮到在 24 年至 28 年期間產生 3% 的收入複合年增長率的重要性，這個數字經過風險調整後如何？

I mean just in terms of the -- and let me -- you can take the second one, Rajiv. But in terms of the -- we actually did really have a head start. We've been working on this project for quite some time in terms of identifying these particular assets. We have all the right advisers on board for each one of these. So we are well into the process. And we see no issue at all by striking and executing on each one of these in '23 and actually expect to even have the proceeds, certainly and if not, by the end of '23, the proceeds from these initiatives, but very, very shortly thereafter. Rajiv?

我的意思是，就──讓我──你可以回答第二個問題，拉吉夫。但就這一點而言——我們確實已經領先了。在識別這些特定資產方面，我們已經在這個專案上工作了相當長一段時間。對於每個問題，我們都有合適的顧問。我們已經順利進入這一進程。我們認為在 2023 年敲定並執行這些計劃不會有任何問題，我們實際上預計甚至肯定會獲得收益，即使不能，到 2023 年底，這些計劃的收益也會很快到賬。拉吉夫？

Yes. On the pipeline stance around the -- as Robert mentioned about very clearly on rotation in the pipeline, over the several years, we have been moving up the value chain steadily and have proven success regard.

是的。關於管道立場——正如羅伯特非常清楚地提到的，在管道輪換方面，在過去的幾年裡，我們一直在穩步提升價值鏈，並已證明是成功的。

Now on -- if you just -- that's why I tried to give you a little bit more granularity today about the growth catalysts of this pipeline. I try to break it in the bucket of the -- let's just take examples of complex injectables, that how much they add. In the Phase I of the -- if I break up this 5 years, first 2, 3 years, you will see major contribution coming from those injectables. While '25, '26 onwards, '24 onwards, whether Copaxone once a month, Botox, Meloxicam, Xulane low dose, (inaudible), now 5 of these products have a great potential just to have $1 billion over there and injectable bucket of $1 billion. And then we have a dedicated focused program of markets like Europe and China and the rest of the world markets. And I gave a breakup of it. China benefiting '25 onwards about approximately $100 million every year and Europe getting $100 million to $150 million every year. If you add that up, $450 million to $550 million is a very well-thought and risk-adjusted range.

現在——如果你只是——這就是為什麼我今天試圖給你更詳細地介紹這個管道的成長催化劑。我嘗試將其分解為 - 讓我們僅以複雜的注射劑為例，看看它們添加了多少。在第一階段——如果我把這 5 年分成前 2、3 年，你會看到這些注射帶來的主要貢獻。而從 25 年、26 年和 24 年起，無論是每月一次的 Copaxone、Botox、Meloxicam、低劑量的 Xulane，（聽不清楚），現在其中 5 種產品都具有巨大的潛力，可以在那裡獲得 10 億美元的收入，注射劑量也達到 10 億美元。然後，我們有一個專門針對歐洲、中國和世界其他市場的計劃。我對此進行了分解。中國自25年起每年受益約1億美元，歐洲每年受益1億至1.5億美元。如果將這些加起來，4.5 億美元到 5.5 億美元是一個非常深思熟慮且經過風險調整的範圍。

Your next question comes from Ash Verma from UBS.

您的下一個問題來自瑞銀的 Ash Verma。

For the potential divestment in candidates that you mentioned, I guess what I'm trying to understand is, is the collection solely based on whether you can be a core or non-core tier portfolio. Have you also considered factors like how these divestments would impact your remainco revenue or EBITDA capital of the user profile?

對於您提到的潛在候選人的撤資，我想我試圖理解的是，收集是否完全基於您是否可以成為核心或非核心層級投資組合。您是否也考慮過這些資產剝離將如何影響您的剩餘收入或使用者資料的 EBITDA 資本等因素？

Ash, obviously, obviously, we would have taken all that into consideration to be able to come here and to deliver to you our outlook. So the answer is yes, we've taken all that into consideration.

阿什，顯然，顯然，我們會考慮到所有這些因素，以便能夠來到這裡並向您傳達我們的觀點。所以答案是肯定的，我們已經考慮到了所有這些因素。

Our next question comes from Jason Gerberry from Bank of America.

下一個問題來自美國銀行的 Jason Gerberry。

Just on Famy care, it looks like that's probably about half the value that's kind of -- of the $700 million to $750 million. So is there a specific asset that sort of drives the valuation? Or is it just kind of more broadly dispersed across all the late-stage-ready assets?

僅就家庭護理而言，看起來這可能大約是價值的一半——7 億至 7.5 億美元。那麼是否存在某種特定資產可以推動估值？或者它只是更廣泛地分散在所有後期資產中？

And then as you lay out what looks like a leverage for what will be effectively remainco, just wondering, is that sort of what you think is the right amount of leverage for this business to carry longer term? And how ambitious should be sort of once the dust settles on all these transactions in terms of either more aggressively or more ambitiously building out some of these specialty brand verticals?

然後，當您列出看起來像是有效保留的槓桿時，我只是想知道，您是否認為這是該業務長期維持的適當槓桿量？一旦所有這些交易塵埃落定，在更積極或更雄心勃勃地打造一些專業品牌垂直領域方面，應該有多大的雄心壯志？

Let me just address on the Famy assets. I'd like to make a point that we've been around these assets for the last 5 years. We helped set up this company originally. We have a small 13.5% stake. And we've watched the development of what this company has done. So we're very, very familiar with these assets.

我只想談談家庭資產。我想指出的是，過去五年來我們一直在關注這些資產。我們最初幫助成立了這家公司。我們擁有 13.5% 的小額股份。我們一直在關注這家公司的發展。所以我們對這些資產非常非常熟悉。

To be able to find the right frontline asset, such as Oyster with such a phenomenal leadership team, they're very, very much into this community. This was not by happenstance. This was a very deliberate, well-targeted opportunity that we saw to create a real ophthalmology franchise.

為了能夠找到合適的一線資產，例如擁有如此出色領導團隊的 Oyster，他們非常非常投入這個社區。這並不是偶然的。我們認為這是一個非常謹慎、有針對性的機會，可以創造一個真正的眼科特許經營權。

So yes, we're very, very confident. Michael, do you want to just address some of the actual sure opportunities?

所以是的，我們非常非常有信心。邁克爾，你想談談一些實際的確定機會嗎？

Sure. So Jason, for the Famy life sciences portfolio, it's really portfolio is not one single asset that kind of drives the fair value. Just to give you a little bit more color, the blepharitis asset is the asset that we talked about a few months ago already, which was basically (inaudible) We now got the full right to that.

當然。所以 Jason，對於 Famy 生命科學投資組合來說，它的投資組合實際上並不是單一的資產來推動公允價值。只是為了給你更多細節，瞼緣炎資產是我們幾個月前已經討論過的資產，基本上（聽不清楚）我們現在擁有了它的全部權利。

Then there is the dry eye product that we're quite excited about, that's very complementary to mechanism of action to Tyrvaya.

然後還有我們非常興奮的乾眼症產品，它的作用機制與 Tyrvaya 非常互補。

And the other 3 indications, the presbyopia, the mydriasis and the myopia, that's actually the same molecule, maybe combined with another one, for all these 3 indications. So it's a very balanced portfolio.

另外 3 種適應症，即老花眼、散瞳和近視，實際上是同一種分子，可能與另一種分子結合，用於所有這 3 種適應症。所以這是一個非常平衡的投資組合。

It was the second question on -- yes, I mean let me just say that after 2 years of now operating this business, the only way you really ever know what kind of sort of that sweet spot from a leverage ratio perspective is actually living your business and understanding all these pushes and pulls. I would say that the range of about 2 8 to 3 2, with 3 being the midpoint, is that sweet spot range where you can have that accordion, where you can lever up and very quickly, get right back to your target. That is -- I mean we are extraordinarily disciplined and focused on that. All activity from here will be -- that will be front and center.

這是第二個問題——是的，我的意思是，在經營這項業務兩年之後，你真正知道從槓桿率角度來看最佳點的唯一方法就是實際經營你的業務並了解所有這些推動和拉動因素。我想說的是，範圍大約在 2.8 到 3.2 之間，以 3 為中點，這是您可以擁有手風琴的最佳點範圍，在這個範圍內，您可以加大槓桿，然後很快回到您的目標。也就是說——我的意思是我們非常自律並且專注於此。這裡的所有活動都將是——這將是最重要的。

Because we made some commitments to maintain investment grade. And what we now see, even with that commitment to 3x, we actually see through the significant cash flows that we're going to be generating once our Phase I commitments are satisfied that we can -- we have enough financial flexibility to fund ourselves. We do not see a real need of outside capital. And that's why I think that the transactions we announced this morning is a perfect example how we can continue to return significant amount more of capital back to shareholders, especially through share repurchases plan but as well as investing in our business at the same time. Sanjeev, do you want to add anything?

因為我們做了一些承諾來維持投資等級。我們現在看到的是，即使承諾增加 3 倍，我們實際上也看到，一旦我們履行第一階段的承諾，我們將產生大量現金流，我們有足夠的財務靈活性來為自己提供資金。我們認為其實不需要外部資本。這就是為什麼我認為我們今天早上宣布的交易是一個完美的例子，說明我們如何能夠繼續向股東返還更多的資本，特別是透過股票回購計劃，同時投資於我們的業務。 Sanjeev，你還有什麼要補充嗎？

I think Robert you covered that. You covered very well that we will have -- that we've not had in Phase I additional cash to invest organically, inorganically, and that will support that. That's why we are comfortable with the range that we talked about.

我認為羅伯特你已經涵蓋了這一點。您很好地說明了我們將擁有——我們在第一階段沒有額外的現金來進行有機投資和無機投資，這將支持這一點。這就是為什麼我們對所談論的範圍感到滿意。

Our next question comes from Glen Santangelo from Jefferies.

我們的下一個問題來自 Jefferies 的 Glen Santangelo。

I just want to follow up on some of the pro forma numbers you gave regarding 2024 and the Phase II part of the plan. I mean it seems like you're assuming that once you get out to 2024, that the erosion on the base business on the revenue line will be about minus 3%. And now with the benefit of some of these announcements today that the new growth CAGR is going to be plus 6% swing or almost close to $1 billion a year. And so I just want to make sure I understand in terms of what you're seeing and where that's coming from. It sounds like you -- in the past, you've been talking about $500 million a year from new product introductions, maybe with the balance coming from the acquisitions?

我只是想跟進您提供的有關 2024 年和計劃第二階段的一些預測數字。我的意思是，你似乎假設，到 2024 年，收入線上基礎業務的侵蝕將達到約負 3%。現在，根據今天的一些公告，新的成長複合年增長率將達到 6%，或接近每年 10 億美元。因此，我只是想確保我理解您所看到的內容以及其來源。聽起來你——過去，你一直在談論每年透過推出新產品獲得 5 億美元的收入，也許其餘的收入來自收購？

And then my follow-up to that would be, does that 3% CAGR in '24 to '28 include any incremental contribution from GI and derm? Or could those opportunities augment those growth rates from here?

然後我的後續問題是，24 年至 28 年 3% 的複合年增長率是否包括來自胃腸道和皮膚的任何增量貢獻？或者這些機會能否從現在開始提高成長率？

So thank you, Glen, and welcome to our sector. Let me start by saying, I think you can recalibrate if you get one of the variables in everything that you mentioned, and that is the base business from '24 and going on, we no longer see it eroding. Actually, we see a -- and that's why this morning I took the time because I think it was highly critical that, one, we identify exactly the assets for divestitures to support the economics and the expected proceeds we are going to get in. Two, what we intend on doing with those proceeds in a very clear and transparent way. And then three, once these assets are no longer with the -- our core business going forward, what does that base business look like x any inorganic activity, including this morning's announcement.

所以謝謝你，格倫，歡迎來到我們的部門。首先我要說的是，我認為如果你在你提到的所有事情中獲得一個變量，你就可以重新校準，那就是從 24 年開始的基礎業務，我們不再看到它在受到侵蝕。實際上，我們看到了——這就是為什麼我今天早上花了時間，因為我認為非常關鍵的是，第一，我們要準確地確定要剝離的資產，以支持經濟和我們將獲得的預期收益。第二，我們打算以非常清晰透明的方式使用這些效益。第三，一旦這些資產不再與我們的核心業務有關，那麼基礎業務會是什麼樣子？任何無機活動，包括今天上午的公告。

So it's very important that we share with the investment community what is that current base business that we have right now, with all the assets that we have right now in-house, after these divestitures. What we outlined this morning and what you heard from Rajiv is what we now forecast, given now that we have much more visibility and clarity, a 2% to 3% base business erosion, which is naturally inherent in our model. And we're benefiting from such a lower erosion than really most in our industry because we did diversify ex U.S.; outside the United States. As I mentioned, I think that could have been one of the -- maybe sometimes misunderstood, were viewed as a U.S. and specialty generics company, but we're actually not. We've spent a considerable amount of time to derisk our model not to have such emphasis in any one market or, in fact, any one country.

因此，與投資界分享我們目前的基礎業務以及資產剝離後我們目前擁有的所有內部資產非常重要。我們今天早上概述的內容以及您從拉吉夫那裡聽到的內容就是我們現在的預測，鑑於現在我們有了更多的可見性和清晰度，基礎業務將受到 2% 到 3% 的侵蝕，這自然是我們的模型所固有的。而且，我們受益於比行業中大多數企業更低的侵蝕程度，因為我們確實實現了除美國以外的業務多元化；在美國境外。正如我所提到的，我認為這可能是其中之一——有時可能會被誤解，被視為美國專業仿製藥公司，但實際上我們不是。我們花了大量的時間來降低我們的模型的風險，以避免在任何一個市場，或者事實上任何一個國家有如此大的重視。

So I think once you can see the base business, only then, in the strength of that base business, only then when you begin to add that anything from that point forward can be truly additive. So if you take a look at the 1% that we see in the base business alone and then add the Oyster Point asset on top of that, that's how you get to the 3% revenue CAGR from '24 to '28 and a 4% to 5% EBITDA growth from there.

所以我認為，一旦你能夠看到基礎業務，只有那時，在基礎業務的實力中，只有當你開始添加從那時起的任何東西時，才能真正具有附加性。因此，如果您只看基礎業務中的 1%，然後在其基礎上添加 Oyster Point 資產，那麼您就能獲得 24 年至 28 年 3% 的收入複合年增長率以及 4% 至 5% 的 EBITDA 增長率。

And Robert, just to further clarify, you talk about 2% to 3% base erosion, which is being more than offset by $450 million to $550 million of launches to bring what Robert said, a stable base. And then overlay on that, that ophthalmology assets, which will bring it back from flat to 1% to 3% growth.

羅伯特，為了進一步澄清，您談到了 2% 到 3% 的稅基侵蝕，而透過 4.5 億到 5.5 億美元的啟動，可以抵消這一損失，正如羅伯特所說，可以帶來一個穩定的稅基。然後疊加眼科資產，將使其從持平狀態恢復到 1% 至 3% 的增長。

And the answer to your last point, because there was a lot in your question, Glen, there is nothing, as a matter of fact, right now, in the current models that we see as a hedge, we committed -- we are committing 50% return of capital to shareholders. But right now in our models, we have the other 50% simply accumulating cash in our current models. We did not deploy that cash yet for two reasons.

對於你最後一點的回答，格倫，因為你的問題有很多，事實上，現在，在我們視為對沖的當前模型中，我們承諾——我們承諾向股東返還 50% 的資本。但目前在我們的模型中，另外 50％ 只是在當前模型中累積現金。由於兩個原因，我們尚未部署這筆現金。

One, we wanted to hedge for anything that can come our way. And two, we have not really identified at this juncture the specific target that we're looking at other than directionally giving you the kind of assets that we're looking at.

首先，我們希望對沖可能發生的任何事情。其次，除了定向告知大家我們正在尋找的資產類型之外，我們目前還沒有真正確定我們正在尋找的具體目標。

So I think that from everything that we see, it should be noted that we are also accumulating cash in our model at a rapid base to be deployed, which also really significantly brings our net leverage ratio down even that much more.

因此，我認為，從我們所看到的一切來看，應該注意到，我們也在快速累積模型中的現金以供部署，這也確實顯著降低了我們的淨槓桿率。

Our next question comes from Greg Fraser, Truist Securities.

我們的下一個問題來自 Truist Securities 的 Greg Fraser。

I want to follow up on capital allocation. How should investors think about the mix between funding the dividend and share buybacks in 2024 and beyond given the 50% targeted for free cash flow allocation? I guess, is a material increase in the payout ratio likely?

我想跟進資金配置。鑑於自由現金流分配目標為 50%，投資者應該如何考慮 2024 年及以後的股利融資和股票回購之間的組合？我猜，派息率有可能大幅提高嗎？

I guess I think the most important thing today, right now, today, and to be very honest with you, I don't know what '24, I'm not going to try to predict what '24 would look like. I think the most important commitment today is the commitment of 50% of our free cash flows to return to shareholders. That is a -- that's our commitment, period.

我想我認為今天最重要的事情是現在，今天，坦白說，我不知道 24 年會是什麼樣子，我不會試圖預測 24 年會是什麼樣子。我認為今天最重要的承諾是承諾將50%的自由現金流回饋給股東。這就是──這就是我們的承諾，就是這樣。

Now if it were today, I have to tell you with our -- as I mentioned, I really think with our current PE multiple and where we are, it's very difficult, very difficult to find a better investment than to buy our own shares back. I just have to be very honest with you.

如果是今天，我必須告訴你——正如我所提到的，我真的認為，以我們目前的本益比和現狀，很難找到比回購我們自己的股票更好的投資。我只是必須非常誠實地對待你。

So I think we want to focus on total shareholder return, dividend combined with share buyback. But if it were today, I would probably strike much more on reinvesting in our own business through the purchase of our own shares. Because I think what is going to quickly become the investment community (inaudible) I think that what Viatris is going to become is very quickly an extraordinarily strong adjusted earnings per share growth story once we begin to execute. And especially the repurchase of our shares is going to go a long way, I think, in that story.

因此我認為我們應該關注股東總回報、股利和股票回購。但如果是今天，我可能會更多地透過購買我們自己的股票來對我們自己的業務進行再投資。因為我認為，一旦我們開始執行，Viatris 很快就會成為投資界（聽不清楚）的焦點，並很快成為一個異常強勁的調整後每股盈餘成長故事。我認為，回購我們的股票在這過程中將發揮重要作用。

The next question comes from Nathan Rich from Goldman Sachs.

下一個問題來自高盛的 Nathan Rich。

I wanted to ask you on free cash flow. I guess how should we be thinking about the baseline for free cash flow? Kind of understand you're not planning to give guidance, but should we think about sort of the step down in EBITDA similar to what would happen to free cash flow? Or are there other factors to consider as we think about free cash flow in 2023 and beyond?

我想問您有關自由現金流的問題。我想我們應該如何考慮自由現金流的基準？我明白您不打算提供指導，但是我們是否應該考慮 EBITDA 的下降與自由現金流的下降類似？或者，當我們考慮 2023 年及以後的自由現金流時，還有其他因素需要考慮嗎？

And then just a couple of clarification questions. As we think about the target for EPS accretion next year from the deals as well as share repurchases, any more detail on how much EBITDA dilution you're expecting from the acquisitions? And was the R&D expense step-up of $300 million, was that inclusive of the two acquisitions as well?

然後只是幾個澄清問題。當我們考慮明年透過交易和股票回購實現每股盈餘成長的目標時，您能否詳細說明您預計收購將導致多少 EBITDA 稀釋？研發費用增加 3 億美元是否也包含兩筆收購？

Sanjeev, before you answer that question, I think, Nathan, I think we gave you the starting point of at least $2.3 billion in what we see in -- as a starting point. But we absolutely see it growing from there. Sanjeev?

Sanjeev，在你回答這個問題之前，我想，Nathan，我們給了你至少 23 億美元的起點，作為起點。但我們確實看到它從那裡開始增長。桑吉夫？

Yes. So Nathan, so as Robert pointed out in the opening remarks, so you start from where we are this year, which is -- it takes the midpoint. We're about $2.7 billion.

是的。所以內森，正如羅伯特在開場白中指出的那樣，所以你從我們今年的狀況開始，也就是 - 它取中點。我們的金額約為 27 億美元。

There are two adjustments that we are making from there. One is the EBITDA loss that is from the divested businesses and the R&D increase. So that both have an impact on cash flow. A high percentage of that goes into the cash flow.

我們正在進行兩項調整。一是業務剝離和研發增加帶來的EBITDA損失。因此兩者都會對現金流產生影響。其中很大一部分進入現金流。

On the positive side, you will see our onetime cash cost is coming down. And then there's going to be a reduction in the interest cost as we pay down significant amount of debt next year.

從積極的一面來看，你會看到我們的一次性現金成本正在下降。隨著我們明年償還大量債務，利息成本將會降低。

So put all those things together and you get our number, which is close to what Robert talked about. Again, we're not giving the guidance.

所以把所有這些放在一起，你就會得到我們的數字，這與羅伯特所說的很接近。再次強調，我們不會提供指導。

I think the important thing to think about this is, once that 2024 achieves our focus that we have -- you have seen in the last 7 quarters in terms of continually growing the cash flow conversion in the company will continue and we continue to add in the growth from cash optimization effort and then obviously focusing on our onetime cash costs.

我認為需要考慮的重要一點是，一旦 2024 年實現了我們的重點 - 您在過去 7 個季度中已經看到公司現金流轉換持續增長，我們將繼續透過現金優化工作增加成長，然後顯然將重點放在我們的一次性現金成本上。

Now 2023 is going to be a little bit choppy, if I kind of use the term, in terms of the cash flow because of all the transactions that are going to be happening during the year. The base cash flow is going to be very, very strong. But as I pointed out, as we divest these assets, the taxes of these assets that only proceeds and some of the onetime cash costs gets recorded in the free cash flow line.

現在，如果我使用這個術語的話，2023 年在現金流方面將會有點不穩定，因為這一年將會發生很多交易。基本現金流將會非常非常強勁。但正如我指出的那樣，當我們剝離這些資產時，這些資產的稅收（僅有的收益）和一些一次性現金成本會記錄在自由現金流中。

So we'll provide you all the transparency so you understand that the cash flow is very strong, but the outlook that I gave you for 2024 is a good starting point from that perspective.

因此，我們將為您提供所有透明度，以便您了解現金流非常強勁，但從這個角度來看，我為您提供的 2024 年展望是一個很好的起點。

Because I mean, one thing we are not able to be able to time exactly. So until we actually divest the assets that we've identified, we will continue to benefit in '23 from the top line EBITDA and even its cash flow.

因為我的意思是，有一件事我們無法準確地計時。因此，在我們實際剝離已確定的資產之前，我們將在 23 年繼續從營收 EBITDA 甚至現金流中受益。

So look, the beauty about this is that we don't have a gun to our head and there's no need to rush because these assets are all what they are. They're contributors, but certainly not where we want to apply our focus. That's why we took the time to build you a bridge to get right to '24 with all the activities that are going to be going on in '23.

所以你看，這件事的美妙之處在於，我們沒有被槍指著頭，也沒有必要著急，因為這些資產都是它們原本的樣子。他們是貢獻者，但肯定不是我們想要關注的地方。這就是為什麼我們花時間為您建造一座橋樑，讓您能夠直接進入 24 年，並開展 23 年將要開展的所有活動。

Yes, the R&D question, so the increased $300 million, that includes the investment from the two assets that we did, the R&D investment of those pipelines.

是的，研發問題，所以增加了 3 億美元，其中包括我們對兩項資產的投資，以及對這些管道的研發投資。

Our last question comes from David Amsellem from Piper Sandler.

我們的最後一個問題來自 Piper Sandler 的 David Amsellem。

So just going back to Tyrvaya. Can you talk about the challenges associated with the payer landscape, bearing in mind that with Stasis is available as a generic. And I know there's some differentiation that you cited, but I just wanted to get your thoughts on what you have to do to improve the access.

所以回到 Tyrvaya。您能否談談與付款人格局相關的挑戰，考慮到 Stasis 是一種通用藥物。我知道您提到了一些區別，但我只是想了解您對於如何改善訪問的看法。

And then related to that, as you're thinking broadly about your acquisition strategy, are you also willing to look at clinical-stage assets in more rare diseases where payer challenges ostensively would not be as much as an issue? How do you think about that in your overall strategy in terms of taking on significant R&D risk?

與此相關，當您廣泛考慮您的收購策略時，您是否也願意考慮更罕見疾病的臨床階段資產，而在這些疾病中，付款人的挑戰表面上不會成為什麼問題？在承擔重大研發風險的整體策略中，您如何看待這一點？

Yes. Great. This is Jeff now, and thanks for that question. So I think with -- as it pertains to our Tyrvaya, as we look at any launch into this space, the commercial opportunity is obviously the first opportunity that any company would face. We've been lucky enough that this year we're tracking at about 19% of our scripts will go to Medicare Part D patients.

是的。偉大的。我是傑夫，謝謝你的提問。因此我認為——就我們的 Tyrvaya 而言，當我們考慮進入這個領域的任何產品時，商業機會顯然是任何公司都會面臨的第一個機會。我們很幸運，今年我們追蹤到大約 19% 的處方將發給 Medicare Part D 患者。

As we turn the year into 2023, obviously, we expect those formularies to begin to adopt. And we're really excited about the opportunities as we move into that year. We've had great coverage so far on the commercial side. As you talked to, this is a really well-differentiated product. Our goal in 2023 is adopt that additional coverage and really just drive demand into the year.

隨著 2023 年的到來，我們顯然預期這些處方集將開始被採用。隨著新年的到來，我們對即將面臨的機會感到非常興奮。到目前為止，我們在商業方面的報道已經很豐富了。正如您所說，這是一款真正差異化的產品。我們 2023 年的目標是採用額外的覆蓋範圍並真正推動全年的需求。

Before Robert jumps in, one of the things that I will say on the ophthalmology pipeline is keeping in mind there are a number of products in there, especially on the gene therapy pipeline, that are in that rare disease area. And so that has already begun, but I'll let Robert add to the story there.

在羅伯特開始之前，我想說的關於眼科產品線的一件事是，請記住其中有許多產品，特別是基因治療產品線，屬於罕見疾病領域。這已經開始了，但我會讓羅伯特繼續講述這個故事。

Well, I mean I would just say that in terms of the R&D, David, I would guide you more towards the D and not the R. We will not be a company to be taking the type of binary risk that, say, big pharma takes. We're going to be very careful and selective.

嗯，我的意思是，就研發而言，大衛，我會更多地引導你進行開發而不是研究。我們不會像大型製藥公司那樣承擔二元風險。我們將非常謹慎並有選擇性。

And we've also given you targets what we'll be looking for next in the GI side as well as from dermatology, from pure emphasis. Because if you now look at our business model, we're crystal clear about being therapeutic agnostic. Our product portfolio with having products from birth to every stage of life around the globe is very critical going forward in our portfolio. It's just that the cash flows that we generate off of that portfolio is exactly what is going to be funding the very targeted opportunities that we highlighted, that we've emphasized, in that field of ophthalmology, GI and dermatology. So I think you can expect that directionally going forward. But yes, thank you for your question.

我們還為您提供了我們下一步在胃腸道方面以及皮膚病學方面尋找的目標，純粹是從重點方面。因為如果你現在看看我們的商業模式，你會發現我們對於治療的不可知論是十分清楚的。我們的產品組合涵蓋了從出生到生命各個階段的產品，這些產品在我們的產品組合中至關重要。只是，我們從該投資組合中產生的現金流正是用於資助我們在眼科、胃腸病學和皮膚病學領域所強調的、有針對性的機會。所以我認為你可以預期未來的發展方向。但是的，謝謝你的提問。

Was there any other questions?

還有其他問題嗎？

No. We're good.

不，我們很好。

We have reached our allotted time for question-and-answer session. I will now turn the call back over to Michael Goettler, CEO, to make a few quarterly remarks.

我們已經達到了問答環節的分配時間。現在我將把電話轉回給執行長 Michael Goettler，請他發表一些季度評論。

Okay. So thank you, everybody, for the good questions. And look, as you've seen, this is an exciting point in our development. We're following up on everything we said in terms of returning the company to growth, having a capital allocation that has the ability to both return capital to shareholders as well as invest in our business. And we're really excited to have Jeff and his team join us in Viatris going forward. Thank you very much.

好的。謝謝大家提出的好問題。如您所見，這是我們發展過程中的一個令人興奮的時刻。我們正在落實我們所說的一切，使公司恢復成長，進行資本配置，既能向股東返還資本，又能投資於我們的業務。我們非常高興 Jeff 和他的團隊能夠加入我們，共同推動 Viatris 的發展。非常感謝。

This does conclude today's Viatris 2022 Third Quarter Earnings Call and Webcast. Please disconnect your line at this time, and have a wonderful day.

今天的 Viatris 2022 年第三季財報電話會議和網路廣播到此結束。此時請斷開您的線路，祝您有美好的一天。