Bausch Health Companies Inc.

Good day and welcome to the Bausch Health third quarter 2019 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note, this event is being recorded. I would now like to turn the conference over to Art Shannon, Senior Vice President, Head of Investor Relations and Corporate Communications. Please go ahead.

Thank you, Andrew. Good morning, everyone, and welcome to our third quarter 2019 financial results conference call. Participating on today's call are Chairman and Chief Executive Officer Joe Papa and Chief Financial Officer Paul Herringby. In addition to this live webcast, a copy of today's slide presentation and a replay of this conference call will be available on our website under the Investor Relations section. Before we begin, we'd like to remind you that our presentation today contains forward-looking information. We would ask that you take a moment to read the forward-looking statement legend at the beginning of our presentation as it contains important information. This presentation contains non-GAAP financial measures. For more information about these measures, please refer to slide 2 of the presentation. Non-GAAP reconciliations can be found in the appendix to the presentation posted on our website. Finally, the financial guidance in this presentation is effective as of today only. It is our policy to generally not update guidance until the following quarter and not to update or affirm guidance other than through broadly disseminated public disclosure. With that, it is my pleasure to turn the call over to Joe.

Thank you, Art, and thank you, everyone, for joining us today. I'll begin with the third quarter highlights before turning the call over to Paul Harradine, our CFO, to review the financial results in detail and update our 2019 guidance. We'll then review the segment highlights and open the line for questions. Beginning with slide four, we had another strong quarter of sustained performance that demonstrates that our team is continuing to gain traction with our plan to pivot to offense. Total company organic revenue grew by 4%. compared to the third quarter of 2018 and represented the seventh consecutive quarter of total company organic revenue growth. B&L is leading our turnaround with a twelfth consecutive quarter of organic revenue growth. Key drivers were a strong Bloomify launch, strong international prescription results, and the performance of our global vision care business. Salix reported more than $500 million in total quarterly revenue, driven by Syfaxon's 24% growth. Additionally, we generated $515 million of cash from operations and increased R&D investments by 15% during the third quarter. As of September 30th, we have utilized approximately $900 million to repay approximately $700 million of debt and approximately $200 million to complete the acquisition of Trulance and enter into a license agreement for MSL Mods. And in October, we acquired rights to Zypere. I'll talk more about that later. Moving over to the right of slide four, our new products are also producing results. The Thermage brand is now a top 10 Bouch Health franchise, following the successful launch of Thermage FLX in the Asia-Pacific region. Lumify generated $21 million of revenue in the third quarter and has achieved a weekly market share of approximately 43%. Trulance generated $37 million of revenue since our Synergy acquisition and continues to track the full-year guidance of $55 million. Duobree is off to a strong start at four months post-launch, with weekly TRX tracking right around the 2300 level. Thanks to a great team effort and the continued engagement of over 21,000 employees of Bausch Health, we have delivered another strong quarter. We remain focused on launching new products, improving operations, and delivering on the commitments we outlined at the beginning of the year. With that, I'll turn it over to Paul.