Bausch Health Companies Inc.

Good morning, and welcome to the Bosch Health 4th Quarter 2021 Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal conference specialists 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. Our knowledge is from the Conference of Art Shannon. Senior Vice President, Head of Investor Relations and Communications. Please go ahead.

Thank you, Anthony. Good morning, everyone, and welcome to our fourth quarter and full year 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 Eldersuke. In addition, Tom Appio and Scott Hirsch will be joining Joe and Sam for the Q&A portion of today's call. 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 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 is my pleasure to turn the call over to Joe.

Thank you, Art, and thank you, everyone, for joining us today. We have a lot to cover, so I'll begin with an update on the Bausch Health Strategic Alternatives process and discuss the 2021 full-year highlights. Sam Eldersuke, our CFO, will then review the fourth quarter and full-year financial results in detail and discuss our 2022 Bausch Health guidance. Finally, I'll conclude by reviewing the business results before opening the line for questions. As you can see on slide five, we continue to make great progress in our efforts to unlock value across the company. The most recent milestones were we raised new debt to refinance certain existing Bouch Health debt and announced a refinancing of our existing credit facilities, each subject to the B&L IPO to facilitate the B&L IPO in full separation. And we publicly filed the registration statements for the proposed IPOs of Bouch and L'Anse and Solta Medical. Our planning and preparations to launch the IPOs of Bausch & Lomb and Solta Medical are substantially complete, and we are prepared to move forward subject to market conditions and other approvals and factors. After the IPOs are complete, we plan to distribute the remaining Bausch & Lomb shares to existing Bausch Health shareholders following the expiry of customary lockups achievement of target net leverage ratios and subject to regulatory approvals. Turning to slide six, as we have said previously, we are targeting net leverage for Bausch and Lomb of less than 2.5 times and a range of 6.5 to 6.7 for the Bausch Pharma business at the time of the spin. We intend to achieve these target leverage ratios by paying down debt with cash generated from the immune divestiture that occurred in 2021, the IPO of Bausch & Lomb, a Bausch & Lomb debt raise, and the IPO of the Solta Medical business. We also expect to use the remaining value of Solta Medical to de-lever, as well as cash generated from operations and improved working capital efficiency. I also want to note that beginning with the first quarter of 2022 earnings, we will be reporting our financial results in three segments, Bausch Pharma, Bausch & Lomb, and Solta Medical. Slide 33 in the appendix shows how the new segment structures line up against our current segments. Turning now to slide 8, we finish the year with total company organic revenue growth of 6% and reported revenue growth of 5% versus 2020. Importantly, strong adjusted cash flows from operations of more than $1.6 billion and cash proceeds from the immune divestiture helped us to exceed our goal of paying down more than $1 billion of debt in 2021. Our leading brands saw a strong performance and recovery in 2021, including Zypaxon, with a reported revenue growth of 11% versus 2020, and Truland, which reported more than $100 million of revenue for the very first time in 2021. The international RX segment reported organic revenue growth of 7% versus last year. And finally, we are delivering a near-term R&D catalyst with four new product launches in 2021, in addition to the Zypair launch this quarter. And the advancement of our late-stage clinical trials with statistically significant top-line results for both NOVO 3 and our IDP 126. Thanks to a great Vouch Health team effort, we achieved our goals in 2021 and entered 2022 well-positioned for continued growth. The full year and fourth quarter results demonstrate that we are successfully growing market share of key products and capitalizing on key growth drivers and catalysts while taking steps to unlock shareholder value and create three great companies. With that, I'll turn it over to Sam to cover the financial results in more detail.