Bausch Health Companies Inc.

Good morning, ladies and gentlemen, and welcome to the Bosch Health Third Quarter 2022 Earnings Call. At this time, all participants have been placed on a listen-only mode, and we will open the floor for your questions and comments after the presentation. It is now my pleasure to turn the floor over to your host, Christina Chang, Senior Vice President, Investor Relations and Communications at Bosch Health. Ma'am, the floor is yours.

Thanks, Matt. Good morning. Welcome to our Third Quarter 2022 Earnings Conference Call. Participating in today's call are Thomas J. Appio, Chief Executive Officer of Bausch Health, and Tom Vatikas, Chief Financial Officer. Before we begin, I'd like to remind you that our presentation today contains forward-looking information. We ask you to take a moment to read the forward-looking statements at the beginning of this presentation. Our actual results may vary materially from these expressed or implied in our forward-looking statements, and you should not place under-reliance on any forward-looking statements. Please refer to our SEC filings and filings to the Canadian Securities Administrators for a list of some of the factors that could cause our actual results to differ materially from expectations. We use non-GAAP financial measures to help investors understand our ongoing business performance. Non-GAAP financial measures may not be comparable to similarly titled measures used by other companies and should be considered along with, but not as an alternative to, measures calculated in accordance with GAAP. You will find reconciliations to our non-GAAP measures in the appendix of this presentation, which is available on Bausch Health's Investor Relations website. Finally, the financial guidance in this presentation is effective as of today only. We do not undertake any obligation to update guidance. Our discussion today will focus on Bausch Pharma and Solta. However, we will briefly comment on Bausch & Lomb's results announced yesterday. We will refer to year-over-year comparisons with the same period last year unless otherwise noted. With that, it is my pleasure to turn the call over to our CEO, Thomas Appio.

Thank you, Christina, and welcome to those of you joining the call today. Let me start with the four points on slide six that I want you to take away from this quarter. First, we are encouraged with the sequential sales improvement for Bausch Pharma and Salta this quarter. Second, We created value during difficult market conditions with a very successful exchange offer that reduced debt principle by $2.5 billion. Third, we continue to evaluate potential options to maximize value, including improving our balance sheet and evaluating all factors related to the future distribution of Bausch and Lomb. Fourth, we continue to vigorously defend our intellectual property in a Xifaxin patent litigation. Let me now take you through some specifics. First, on slide seven, I am pleased to report that we are making progress on our key priorities in each of our business segments. In Salix, we are activating patient and caregivers through targeted commercial strategies, which are starting to drive results, with a Xifaxin script growth running positive during the last eight weeks of the quarter. Other key promoter brands also saw increased scripts led by double-digit growth for Relastor and Plenview and mid single-digit growth for Trulance. Salix had a 3% organic revenue increase in Q3, improving from the minus 2% during the first six months of the year. We continue to intensify our focus on near-term initiatives to improve the diagnosis and treatment of GI and HE disease. In international, we continue to grow key markets such as Poland, Mexico, and Canada with existing brands and new products. The international business posted a 10% organic growth following a healthy 5% increase during the first half of the year. In Sultan Medical, sales grew organically 4% with strong gains in our international business, following a slow first half given the ongoing COVID lockdowns in China. In diversified products, EBITDA margins remain stable, although sales for this segment declined by 17% on an organic basis. Jublia continues to benefit from our direct-to-consumer investments, and script growth was 34%. Arrestin drove a 9% increase in our dentistry business. Second, we took significant step forward in reducing our outstanding debt. After completing an open market repurchase program in the second quarter, which retired $481 million in long-term debt at a significant discount, we executed a very successful debt exchange this quarter that further reduced debt principal by $2.5 billion. with minimal cash outlay. This brings our year-to-date debt reduction to approximately $3.3 billion. I want to thank the teams, both internally and externally, who worked tirelessly through the summer to complete this very successful transaction. We made significant progress in strengthening the financial position this quarter. We reduced our leverage, pushed back our near-term debt maturities, and generated savings in annual interest costs. Third, we continue to evaluate potential options to maximize stakeholder value. This includes ongoing focus on our balance sheet and liquidity. We continue to believe that the separation of Bausch & Lomb makes strategic sense and we will thoughtfully evaluate all factors related to the B&L separation. In the meantime, we expect that continued focus on commercial execution will improve our operating results and reinforce a solid foundation for our future. Lastly, let me provide a brief update on the Xifaxan patent litigation. We filed our appeal with the U.S. Court of Appeals for the Federal Circuit and expect the process to take approximately 12 to 18 months. We will not provide any further comments on patent litigation at this time. With that, I'll turn the call over to Tom Vatikath, who will provide further details on our third quarter performance and outlook for the remainder of the year. Tom?