Viatris Inc.

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 Vietris 2023 first quarter earnings call and webcast. All participant lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer period. If you'd like to ask a question at that time, please press star one on your telephone keypad. If you need to ask further questions, you may re-answer the queue. Lastly, if you should require operator assistance, please press star zero. Thank you. I will now turn the call over to Bill Zabulski, head of Global Capital Markets. Please go ahead.

Good morning, everyone. It is my pleasure to welcome you to our first quarter 2023 earnings call. With us today is our CEO, Scott Smith, President Rajiv Malik, CFO Sanjeev Narula, and Jeff Nail from our high care division. During today's call, we will be making forward-looking statements on a number of matters, including our financial guidance for 2023 and various strategic initiatives. These forward-looking statements are subject to risk and uncertainties that could cause future results or events to differ materially from today's projections. Please refer to today's slide presentation and our SEC filings for a fuller explanation of those risks and uncertainties and the limits applicable to forward-looking statements. We will be referring to certain actual and projected non-GAAP financial measures to supplement investors' understanding and assessment of our financial performance. Reconciliations of those non-GAAP measures to the most directly comparable GAAP measures are available on our website and in the appendix of today's slide presentation. An archived copy of today's presentation and other earnings materials will be available on our website at investor.beatrice.com following the conclusion of today's call. With that, it is my pleasure to welcome our CEO, Scott Smith.

Good morning, everyone. I'm excited to speak to you today officially as the CEO of Beatrice. It's been a busy and productive first month. Beatrice is a special company. I knew that from the moment I joined the board in December, and I appreciate it even more today. It begins with our ability to sustainably deliver access to high-quality medicines at scale to people, regardless of geography or circumstance. Since becoming CEO, I've met with colleagues all over the globe, and I've had the opportunity to spend time with each business segment, I have seen firsthand the unique combination of passion, dedication, and skills of the people of Beatrice. Their unwavering commitment to our mission is infectious. I'm honored to be part of this amazing organization, and I'm extremely impressed by everything that has been accomplished to date. In addition to our historically strong regulatory, clinical, and manufacturing capabilities, I've also been very impressed with the company's global commercial infrastructure and the talented people we have there. I look forward to finding additional ways to leverage these capabilities to deliver more access to more medicines to more patients around the world. I want to reiterate that I firmly believe in the strategic plan announced in November of last year. I believe that executing this plan will ensure that we are able to solidify our unique place in the global healthcare landscape. A critical part of my job is to enhance the already strong execution of the company and ideally accelerate our well-crafted strategy. When I've already seen the experience, I believe we are positioned well to be set up for success in phase two of our strategic plan. I believe that Beatrice has the strong financial profile and financial flexibility to accelerate growth in the coming years. and I am fully aligned with the future capital allocation priorities that the company laid out in November, namely that, although we are not giving guidance beyond 2023, beginning in 2024, we expect the reshaped, rebased company to generate at least $2.3 billion of free cash flows per year, excluding transaction costs and taxes. And in phase two, we intend to earmark approximately 50% of our free cash flows annually to be returned to shareholders in the form of dividends and share repurchases. With the remaining 50%, we intend to identify and be able to reinvest further in our businesses organically and inorganically with value-creating strategic transactions. Well, I will leave the discussion of details of our first quarter results to Rajiv and Sanjeev. I am very pleased to report that Beatrice has had a great start to the year with yet another quarter of strong operational performance that gives us further confidence in our ability to return to growth as we enter phase two of our strategic plan in 2024. In the first quarter, we delivered total revenues of $3.73 billion, adjusted EBITDA of $1.34 billion, and free cash flow of $923 million. Based on the strong performance, we are reaffirming our financial guidance for 2023. We are also laser focused on executing our pipeline, especially our three franchises with the potential to reach $1 billion each in peak sales by 2028. Complex injectables, novel and complex products, and eye care. On our planned divestitures, I think it is important to note that we are in a position of strength. Executing these planned divestitures is a matter of strategic choice, not a necessity that we believe will accelerate our ability to move up the value chain and lay a solid foundation for our return to growth in phase two. We have been engaged in productive discussions with a number of interested parties to determine the right fit for these well-performing assets. We continue to believe that these divestitures will unlock meaningful value for the company And we remain on track with our stated goals, including announcing the transactions in 2023. I expect to be able to announce one or more of these transactions early in the second half of the year. And finally, on business development, the company laid out a strategic vision for business development in the area of ophthalmology, GI, and dermatology. Our acquisitions of Oyster Point and FAMI Life Sciences earlier in the year are excellent examples of the execution of that strategy, and I am focused on continuing to look for additional significant transaction in these areas and potentially others should the right opportunities arise. I think my combined experience with big biotech, big pharma, and smaller biotech companies will help us accelerate this vision. In summary, I could not be more energized by my time at the company so far, by the people I've met, and by all that I've experienced. I look forward to the exciting path ahead. I'll now turn the call over to Rajiv to provide you with an update on our operations and our pipeline, and then to Sanjeev, who will give you more detail on our financial results and capital deployment activities. Rajiv?