Bausch + Lomb Corporation

Good morning and welcome to Bosh and Lomb's fourth quarter 2025 earnings call. All participants will be in 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 Getkowski, Vice President of Investor Relations and Business Insights. Please go ahead.

Thank you. Good morning, everyone, and welcome to our fourth quarter 2025 Financial Results Conference Call. Participating on today's call are Chairman and Chief Executive Officer, Mr. Brent Saunders, Chief Financial Officer, Mr. Sam Aldasuki, and President of Global Pharmaceuticals and International Consumer, Mr. Andrew Stewart. In addition to this live webcast, a copy of today's live 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 good morning. I'm going to start by highlighting Q4 and full-year results, which show we don't just talk about strategy, we execute it. Sam will put more context around our performance and provide 2026 guidance, and Andrew will cover opportunities to expand our leadership in dry eye. I'll close with a look at why we continue to be so excited about 2026 and beyond. When you hear me talk about execution today, this is exactly what I mean. In the fourth quarter, we didn't just grow. We grew smarter and faster than the market. When you see 7% constant currency revenue growth and 27% adjusted EBITDA growth, that's real operating leverage and a clear sign of our commitment to financial excellence. The discipline we built into the organization is paying off. This isn't a one-time exercise. It's the direct result of teams making better decisions, a fundamental shift in our cost structure, and executing consistently across our businesses. We plan to harness that momentum to deliver on our three-year plan. Results don't come from slides or strategy decks. They come from people who believe in what they're doing, take ownership, and execute every day. That mindset across our company is what made our record performance in the fourth quarter possible, and it's a privilege to lead a global team committed to winning together. I highlighted fourth quarter growth on the previous slide, but would note that both $1.4 billion in revenue and $330 million adjusted EBITDA are a high watermark for our company that's been around for quite some time. While it's important to remember that there is seasonality to our business, which is especially true as our pharmaceutical segment becomes more prominent, we did what we said we would do in the quarter. Our ongoing focus on selling excellence is best illustrated by our continuously expanding dry-out portfolio, with my boat generating $112 million in the fourth quarter revenue. We continue to be impressed by Mibo's trajectory and turn towards profitability as we exit the launch phase. The latest demonstration of our commitment to operational excellence and staying nimble to drive sustained profitable growth comes from our surgical business where we made several strategic fourth quarter moves to position us for margin improvement. Finally, as I shared at Investor Day, Our pipeline isn't theoretical. It's active and delivering. From the imminent launches to active recruitment for forthcoming trials, we're translating R&D into revenue and impact. That's what builds confidence in future growth. If there are any skeptics of our three-year plan coming out of Investor Day, this slide's for you. We didn't overpromise in 2025. We executed. And the outcomes speak for themselves. 6% constant currency revenue growth, excluding the investor recall, was faster than the market and at the midpoint of our planned CAGR through 2028. Adjusted EBITDA margin came in at 17.5%, with an impressive 23.5% in the fourth quarter. Importantly, margin expansion steadily increased throughout the year, putting us on a path to achieve margin targets in 2026 and beyond. You've heard me and Sam reference say-do mentality before. Here it is on paper. Financial discipline is no longer a one-time effort or a cost savings program. We built the muscle around planning, prioritization, and accountability, which puts us in a much stronger position to drive sustained margin improvement over time. People hear pipeline and think long-term. What they should think is momentum. because something meaningful is happening across our portfolio at all times. Preservation ARADS 3 started to ship on February 2nd, and Blink TripleCare Preservative Free is expected to ship on March 1st. CE Mark submission for Celera, our next-generation femtosecond laser, is expected to take place next week with anticipated approval in the second half of the year. All trial recruitment is on schedule, and we recently received top line data from our first external study for our new bioactive contact lens material. We're pleased to report the study met our expectations and heightens our probability of success. Our in-house R&D team has started its analysis, which will allow us to make improvements to the lens, and we remain on track for our second external study and plan 2028 launch. When it comes to our pipeline, the future isn't waiting. It's already underway. This 2025 performance summary highlights the breadth of our offerings and shows why diversification is a competitive advantage. We built a company that covers iHealth end-to-end, and today, every part of the business is contributing. That's what durable growth looks like. The spotlight products drive that point home. They can be found behind the pharmacy counter, in the operating room, or a few clicks away. Some, like Artilak, have demonstrated strong growth in important markets outside the U.S. as we implement our strategy to focus on core formulations. Others, like Lumify, are primed for additional exposure and opportunity as next-generation offerings are introduced. I'll now turn it over to Sam for a deeper dive on Q4 and full-year financial metrics, including cash flow figures that I know he's particularly proud of. He'll also provide 2026 guidance, which is aligned with our three-year growth plan. Sam?