Bausch Health Companies Inc.

Good day and welcome to the Bosch Health fourth quarter and full year 2019 financial results conference call. All participants will be in a 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 touchtone phone. 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 Arthur Shannon, Senior Vice President of Investor Relations and Global Communications. Please go ahead.

Thank you, Alicia. Good morning, everyone, and welcome to our fourth quarter and full year 2019 Financial Results Conference Call. Participating on today's call are Chairman and Chief Executive Officer, Mr. Joe Papa, and Chief Financial Officer, Mr. Paul Herendine. In addition to this live webcast, a copy of today's live 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 two 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's my pleasure to turn the call over to Joe Papa.

Thank you, Art, and thanks, everyone, on the phone for joining us today. Let's quickly review the topics we will cover today. I'll begin with a brief summary of our 2019 company highlights before turning the call over to Paul Harrington, our CFO. Paul will take us through the fourth quarter. and full-year financial results, and provide our 2020 guidance. I'll then review the segment highlights and catalysts before opening the line for questions. Beginning on slide four, in 2019, our theme was pivot to offense, or focus on driving organic growth in our core businesses. We have now delivered eight consecutive quarters of organic growth, and 2019 was our first full year of reported revenue growth since 2015. Bouch Health grew organically by 4% in 2019, and reported revenues were up 3%. Our largest segment, B&L International, delivered its third consecutive year of mid-single-digit organic revenue growth. Salix reported full-year revenue of more than $2 billion for the first time ever. We generated $1.5 billion of cash from operations. We increased R&D investment by 14% compared to 2018, and we used approximately $1.1 billion of cash to pay down roughly $900 million of debt and fund approximately $250 million of bolt-on acquisitions or licensed end products. Pivoting to offense also included launching new products and driving their growth, and our new products continue to grow. First, following the launch of Thermage FLX in Asia Pacific, the Thermage franchise saw 73% organic revenue growth compared to 2018. This exceptional growth rate made the Thermage one of the Bausch Health's top 10 franchises in 2019. Lumify achieved a weekly market share of approximately 43% in 2019 compared is the number one physician-recommended product in the redness reliever category. Truliant's TRXs grew by 31% year over year, and we have improved the market access position for approximately 35 million lives since we acquired the product in the first quarter of 2019. Duovre has been another standout. Weekly, TRXs grew by 25% from the third to the fourth quarter of 2019, and we have now achieved 63% commercial access. Overall, the entire Bioshock team of 22,000 employees delivered on a promise to pivot to offense in 2019 and demonstrated the durability of our business, which we grew both organically and through strategic bolt-on acquisitions. Great effort by the entire Bioshock team. Paul is going to walk you through the fourth quarter and full year results in more detail. So with that, I'll turn it over to Paul.