Bausch Health Companies Inc.

Good morning and welcome to the Bausch Health third quarter 2021 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a comfort specialist by pressing star then zero on your telephone keypad. 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 Arthur Shannon, Senior Vice President, Head of Investor Relations and Global Communications. Please go ahead.

Thank you, Andrew. Good morning, everyone, and welcome to our third quarter 2021 Financial Results Conference Call. Participating on today's call are Chairman and Chief Executive Officer, Mr. Joe Papa, and Chief Financial Officer, Mr. Sam Maldasuki. Also joining for the Q&A portion of today's call are Tom Appio, who will serve as CEO of Bausch Pharma, and Scott Hirsch, who will serve as CEO of Solta Medical. In addition to today's 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 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.

Thank you, Art, and thank you for joining us today. I will start with an update on the progress we have made on accelerating strategic alternatives to unlock shareholder value. Then I will briefly cover the third quarter highlights before turning the call over to Sam Eldosuki, our CFO, to review the financial results in detail and discuss our 2021 guidance. I will then review the segment results before opening the line for questions. Before I start, let me quickly thank the 21,000 Bausch Health team members. Third quarter 2021 was another great effort by our team that simultaneously delivered a strong EBITDA performance, advanced our R&D projects, and made significant progress with our strategic alternative process to drive shareholder value. I'm pleased to share our great priorities on the strategic alternatives process on page four. Subject to market conditions, regulatory, and other necessary approvals, we expect to launch the proposed SOLTA IPO in December 2021 or January 2022. And then we expect to launch the Bausch & Lomb IPO approximately 30 days after the SOLTA IPO, subject again to market conditions and other necessary approvals. After that, the Bausch & Lomb spinoff of the remaining shares to existing Bausch Health shareholders can occur following expiry of customary lockups, the achievement of target net leverage ratios we previously disclosed, and subject to the receipt of regulatory approvals. We also are making great progress in reducing debt. We repaid $1.1 billion of debt in the third quarter of 2021. Year to date as of September 30th, we have reduced debt by $1.6 billion this year. Total BAUCH health company net leverage as of September 30th, 2021 was 6.4 times. Moving now to slide five, our third quarter results demonstrate that despite ongoing impact from pandemic in certain regions, overall, our recovery range in progress thanks to the continued efforts of our team. In the third quarter of 21, Total company revenue declined by 1% on a reported basis and was flat on an organic basis due to a strong comparator at the third quarter of 20 with a COVID-19 rebound across many of our international markets. Importantly, our business generated strong cash flows from operations of $564 million on a gap basis, and on adjusted for insurance recovery, separation costs, and other items, the adjusted cash generated from operations was $382 million, in the third quarter. We continue to see strong performance and recovery from our leading brands. For example, Lumify reported revenue grew by 40% during the third quarter of 2021 compared to last year. We also delivered a near-term R&D catalyst, including the very exciting news that we now have statistically significant top-line results from the second Phase III trial for NOVO3 in dry eye disease associated with meibomian gland dysfunction. And we received FDA approval of Zypyr, which we expect to launch in the first quarter of 2022, both of which I'll discuss in more detail later. To summarize, we have made significant progress on accelerating our strategic alternatives to unlock shareholder value. Our third quarter results demonstrate that the recovery remains in progress. Key products are growing and gaining market share. And we are delivering on near-term R&D catalysts. With that, I'll turn the call over to Sam to cover the financial results in more detail.