Bausch + Lomb Corporation

Good morning and welcome to Bausch & Lomb's second quarter 2025 earnings call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist 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 touchtone phone. 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 George Gatkowski. Vice President of Investor Relations and Business Insights. Please go ahead.

Thank you. Good morning, everyone, and welcome to our second quarter 2025 Financial Results Conference Call. Participating on today's call are Chairman and Chief Executive Officer, Mr. Brent Saunders, and Chief Financial Officer, Mr. Sam Aldasuki. 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, I would 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 legend at the beginning of our presentation as it contains important information. This presentation contains non-GAAP financial measures and ratios. For more information about these measures and ratios, please refer to slide 1 of the presentation. Non-GAAP reconciliations can be found in the appendix to the presentation posted on our website. 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 unless required by law 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 Brent.

Thank you, George, and thanks to everyone for joining us this morning. I'll start the call with an overview of our second quarter performance and how it aligns to the strategic roadmap we announced when I rejoined the company. Sam will unpack the financials and provide an update on 2025 guidance, and I'll close by highlighting standout products and services driving growth and future offerings with the potential to significantly improve the standard of care in eye health. Maintaining focus in the current environment is easy to talk about but hard to do. I continue to be immensely proud of the way my colleagues have executed on our strategy despite facing unexpected challenges. Our constant currency revenue growth speaks to the breadth and depth of our portfolio and is driven by a mix of hero products and a steady stream of new introductions around the world. Our contact lens performance is worth highlighting as we've continued to outpace industry growth averages thanks to strong execution from the entire team. There's no better example of selling excellence than the exponential growth in our comprehensive dry eye portfolio, which offers something for everyone. One billion is an important revenue milestone and a nice round number. but it will soon be in our rearview mirror as we continue to gain OTC and prescription market share. When it comes to operational excellence, look no further than our return to full production of our Invista intraocular lenses, which I'll speak to later. We continue to have an intense focus on innovation, and our robust pipeline represents the future of the company. We're excited to showcase potential game changers at our November 13th Investor Day. where we'll cover our most promising candidates in each business from concept to commercialization. The look and feel of our roadmap slide has evolved since first being introduced more than two years ago. What hasn't changed is our commitment to methodically moving through each phase, as indicated by incremental advances in our progress with each update. Parts of the first two phases are admittedly boring. but absolutely necessary as we stand on the precipice of phase three, accelerate growth. We've adopted the theme of our upcoming investor day for this update because the growth will largely be driven by what's next. Our commitment to stay in the course for the first two phases has helped fortify our base business and develop the processes, platforms, and talent required to write the next chapter in Bausch & Lomb's storied histories. Invista implants continue to increase as we rapidly resupply the market. Surgeons who love these lenses before the voluntary recall have jumped right back in, and adoption rates among others, including new users, are very encouraging as we make a significant push to recapture our momentum. We recently hired a new head of North American Surgical with more than 30 years of industry experience to help turbocharge that effort. Earlier this month, he attended the American European Congress of Ophthalmic Surgery's summer session, and he was met with excitement for our return and appreciation for our ongoing focus on patient safety and customer trust. Earlier, I mentioned operational excellence, which has been a core component of our strategic roadmap. If based with this recall two years ago, our return to market would have taken much, much longer. That speaks to how far we've come and the importance of resilient, talented operators who are obsessed with getting the small things right. I'd like to draw your attention to the fine print for some of these figures. Big picture, our 3% constant currency revenue growth in the quarter would be doubled if you excluded the investor recall. The difference becomes even more pronounced in our surgical segment. The fact that there was constant currency growth in the quarter is impressive on its own, but it would have been 15% absent the recall. Our pharmaceutical segment performance also has an asterisk, as underperformance in our U.S. generic business brought constant currency revenue growth in the quarter from a would-be 6% to minus 1%. While we're obviously disappointed with the generic results, we're confident there will be a steady improvement in the second half of the year for U.S. generics, which has a new leader as of June. When it comes to our top-performing products in the second quarter, it's once again a story of launches and reinventions driving growth, which means our strategy is working. Nearly all the high-growth products shown here, which are spread out among our businesses, make the top 10 revenue list. That's staying power. I'll now turn it over to Sam, but before I do, it's important to recognize his team's work in revamping our capital structure and securing improved credit agreements. The favorable terms allow for more flexibility going forward, and it's important to take advantage of these opportunities.