Bausch Health Companies Inc.

Greetings and welcome to the Bounce Health Second Quarter 2026 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I'll now turn the conference over to Garen Sarafian. Vice President, Investor Relations. Thank you, Garen. You may begin.

Good afternoon and welcome to Bosch Health's second quarter 2026 earnings conference call. My name is Garen Sarafian, Vice President of Investor Relations. Participating in today's calls are Tom Appio, Chief Executive Officer, JJ Charron, 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 to our non-GAAP measures are included in the appendix of the slides accompanying this presentation, which are also 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, Wednesday, July 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, and thank you to everyone joining us today. Bausch Health had an exceptional quarter in Q2. Marking the 13th consecutive quarter of top line and bottom line growth, with all our segments contributing to segment profit growth. Performance was outstanding from revenue to adjusted EBITDA to cash flow generation. More importantly, we achieved several milestones in Q2. First, We grew revenue 16% and adjusted EBITDA 28%, our highest growth for both metrics in the last three years. Second, we generated historical high of 59% adjusted EBITDA margin, up 530 basis points year over year. Third, we generated our strongest quarter of adjusted cash flow from operations since the fourth quarter of 2024, allowing us to lower our net debt to $13.7 billion, one of the largest quarter-over-quarter reductions since our debt refinancing in 2022. While there were many business accomplishments in the quarter, let me highlight a few areas that stand out the most. Our sales segment grew 21% in the quarter fueled by net realized pricing and continued ZyFax in demand in the channels we serve today. Within international, EMEA continued its streak of organic revenue growth, now achieving 14 consecutive quarters. And in LATAM, also delivered strong underlying performance supported by continued expansion of our cardiometabolic franchise. Finally, Solta had another outstanding quarter with revenue up 38% and Segment Profit up 69%, illustrating for the first time the expected margin accretion associated with the integration of our full-service distributor in China. These outstanding results underscore the strength of the global organization. I want to personally thank and congratulate our teams worldwide for their dedication, collaboration and exceptional execution throughout the second quarter. The achievement that stands out the most is the consistency of our performance over the past three years. 13 consecutive quarters of revenue and adjusted EBITDA growth reflect the strength of our strategy, disciplined execution, and the consistent application of management principles that have become embedded throughout our organization. It starts with revenue and the intention of capitalizing on every single operating lever to drive profitable growth. Whether it's maximizing Salix performance through our Customer Insights Engine, improving Salesforce effectiveness in Solta, launching new products in Mexico or Poland, or driving performance organically, it is all grounded in the belief that we have market-leading commercial capabilities across our segments. Without sustainable, profitable growth, there is no lasting value creation. The best illustration of that consistent and relentless drive is the evolution of our last 12 months or LTM for revenue, which has grown every quarter since year-end 2023, leading to 20% revenue growth. Second, the focus on growth does not minimize the need to manage resources effectively and drive operating leverage. While there are at times purposeful strategic investments, there is a continuous effort to tighten our G&A infrastructure as much as possible through productivity initiatives. The result is an adjusted EBITDA margin that has steadily grown over 400 basis points when compared to 2023. Finally, these achievements have been realized without any major investments or acquisitions. This disciplined approach has enabled cash flow generation to grow disproportionately relative to the business while supporting a consistent reduction in net debt every quarter since Q4 of 2023. The consistent application of these management principles across our business is fundamental to our success. Our Q2 performance is a strong testament to the sustainable value we have strived to generate for our stakeholders, patients, customers, and employees. With that, I will turn the call over to JJ for further details on our financial results. JJ?