Viatris Inc.

Good morning. My name is Todd, and I will be your conference operator today. At this time, I would like to welcome everyone to the VITRIS 2023 Second Quarter Earnings Call and Webcast. All participants' lines have been muted to prevent any background noise. After the speakers, there will be a question and answer period. If you would like to ask a question at that time, please press star 1 on your telephone keypad. If you need to ask further questions, you may reenter the queue. Lastly, if you should require operator assistance, please press star zero. Thank you. I will now turn the call over to Bill Zabluski, Head of Global Capital Markets.

Please go ahead. Good morning, everyone. It is my pleasure to welcome you to our second quarter 2023 earnings call. With us today is our CEO, Scott Smith, President Rajiv Malik, CFO Sanjeev Narua, and Jeff Now from our iCare 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 full explanation of those risks and uncertainties and 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, I will now hand the call over to our CEO, Scott Smith.

Good morning to everyone on the call. I am pleased to report that the second quarter of 2023 was one of the strongest quarters we've had to date at Beatrice. I could not be more pleased with our overall execution. The positive momentum of the base business continues to push us forward. We are laser-focused on delivering our pipeline and are excited about new product launches. In the second quarter, we delivered total revenues of $3.9 billion, representing approximately 2% year-over-year growth on an operational adjusted basis. and adjusted EBITDA of $1.3 billion and free cash flow of $447 million, both of which were ahead of our expectations. Based on our performance this quarter and in the first half of the year, we are reaffirming our full-year financial guidance for 2023. These results signal the beginning of what we expect to be a growth journey for Vietris and set us up well for future success as we prepare to bring phase one of our strategic plan to successful completion and initiate phase two beginning in 2024. While I'm proud of our strong performance, the foundation the company has built, and the stability and predictability that we believe have clearly been achieved, my focus is on the future and on the trajectory of the company moving forward. Now let's turn our attention there. On executing our planned divestitures, we are on track to announce all transactions in 2023. As we've said, executing these planned divestitures is a matter of strategic choice, not of necessity. I am extremely pleased with where we are in the process. We are currently in advanced stages of discussions with potential buyers and anticipate announcing at least one significant divestiture in the third quarter, possibly more. As a result, I will not be in a position to take any further questions on this topic during Q&A today. but very much look forward to discussing in detail with you at an appropriate time in the future. The company has laid out clear capital allocation of business development priorities for Phase 2, and we are fully dedicated to executing on these priorities, which will allow us to continue our move up the value chain. We intend to earmark approximately 50% of our free cash flow annually to be returned to shareholders in the form of dividends, and especially share repurchases. With the remaining capital, we intend to invest in our businesses both organically and inorganically. I continue to be focused on looking for strategically significant transactions in ophthalmology, gastroenterology, and dermatology, as well as evaluating other therapeutic areas should the right opportunities arise. It's become apparent to me that there are many assets that could fit our needs and are transactable. I am optimistic about our ability to execute high-quality business development deals, not only through M&A, but also through strategic licensing agreements and partnerships when the time is right. In summary, I am very proud of our execution to date, the health of the company, and the strong foundation that has been built. Looking ahead, I believe in the future trajectory of the company, and I'm very excited for what's to come. 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 details of our financial results, 2023 guidance, and capital allocation activities. Rajiv?