Bausch Health Companies Inc.

Greetings, and welcome to the Bouch Health First Quarter 2026 Earnings Conference Call. At this time, all participants are in listen-only mode. A question and answer session will follow the formal presentation. You may be placed into question queue at any time by pressing star 1 on your telephone keypad. As a reminder, this conference is being recorded. If anyone should require operator assistance, please press star 0 on your telephone keypad. It's now my pleasure to turn the call over to Garen Serafian, Vice President of Investor Relations. Garen, please go ahead.

Good afternoon, and welcome to Bosch Health's first quarter 2026 earnings conference call. My name is Garen Serafian, Vice President of Investor Relations. Participating in today's call are Thomas Appio, Chief Executive Officer of JJ Sharon, Chief Financial Officer, and Johnson Sade, Chief Medical Officer and Head of Research and Development. Before we begin, I would like to remind you that today's presentation contains forward-looking information. Please take a moment to review the forward-looking statements disclaimer at the beginning of the slides accompanying this presentation as it contains important information. Actual results may differ materially from those expressed or implied in these forward-looking statements and you should not place undue reliance on them. Please also refer to our SEC filings and our filings with the Canadian Securities Administrators for a discussion of certain risk factors that could cause actual results to differ materially from expectations. We use non-GAAP financial measures to help investors better understand our operating performance. These non-GAAP measures may not be comparable to similarly titled measures used by other companies and should be considered in addition to and not as a substitute for measures calculated in accordance with GAAP. Reconciliations toward non-GAAP measures are included in the appendix of the slides accompanying this presentation, which are also available on Bosch 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, Wednesday, April 29, will focus on Bausch Health excluding Bausch & Lomb. However, we will briefly comment on Bausch & Lomb's results announced this morning. We will refer to year-over-year comparisons with the same period last year unless otherwise noted. With that, I will turn the call over to our CEO, Tom Appio. Tom?

Thank you, Garen. Thank you to everyone joining us today. We began 2026. with another strong performance. Our first quarter results extend our track record to 12 consecutive quarters of year-over-year growth in both revenue and adjusted EBITDA for Bausch Health, excluding Bausch & Lomb, reflecting strategic execution and disciplined accountability across our global organization. Our priorities remain. We are focused on execution within our core business, R&D innovation, business development, and optimizing our capital structure. We delivered a strong start to the year in cash flow, supported by solid operating performance. That cash generation supports continued progress on capital structure priorities, enables investments, in our businesses and preserves capital allocation flexibility. It is also important to consider the composition of reported results this quarter. Core operating performance continues to demonstrate steady growth and is tracking well with expectations. Overall, this was a solid start to the year. Let me take a moment to share a few highlights from the quarter before handing it over to JJ for a closer look at the financials. Bausch Health, excluding Bausch & Lomb, increased revenue by 14% on a reported basis when compared to the first quarter of 2025. Results were led by Salix and Solta. Within Salix, revenue growth was driven by Xifaxin, which continues to perform well in both IBSD and OAG. We also benefited from residual volume in certain channels that we exited starting last quarter. Underlying prescription trends remain healthy. Zolta continued its double-digit growth trajectory. Demand for systems and consumables remained robust in core markets. Adjusted EBITDA for Bausch Health, excluding Bausch & Lomb, increased by 17% on a reported basis, largely attributable to Salix and Zolta performance. Salix benefited from improved margin dynamics following payer channel optimization, and Salta earnings growth was particularly notable given we had a one-time acquisition-related cost. Cash flow generation in the first quarter was healthy and progressing well towards guidance expectations. This includes the remaining settlement of our U.S. opt-out litigation, which have now all concluded, as well as reducing our net debt by over $100 million. Taken together, core operational performance was solid, turning briefly to R&D and business development. Through our acquisition of Direct last year, we are advancing our Larsu Kosterl acquisition Phase III program for alcohol-associated hepatitis, where there remains a significant unmet need. We believe lorsucosterol has the potential to be a platform asset with applicability and multiple indications. In recent months, we have made meaningful progress narrowing our broader list of potential indications to those with the strongest scientific and clinical rationale. Beyond Larsu-Costarol, we continue to assess multiple business development opportunities that leverage our proven commercial execution and strengthen our R&D pipeline. Our capital allocation strategy remains consistent and disciplined. We prioritize strengthening the balance sheet through ongoing delevering while we invest in our commercial engine and evaluate business development prospects. Within that framework, we evaluate opportunities selectively across our portfolio, emphasizing assets aligned with our strategic model and our outstanding commercial capabilities. Overall, we are very pleased with our start to the year and the momentum we are carrying forward. With that, I will turn the call over to JJ to walk through the detailed financial results. JJ?