Bausch + Lomb Corporation

Good morning and welcome to Bausch & Lomb's first quarter 2026 earnings call. All participants will be on 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 first quarter 2026 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 Consumer, Mr. John Ferris. 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.

Thanks, George, and good morning, good afternoon, and good evening to everyone joining us today, including my colleagues from around the world. Before we get into the quarter, I want to address the question we hear most from investors. It's not whether our markets are growing or whether we have the right portfolio. The real question is, when will our earnings consistently reflect the strength of this business? Let me start there. Bausch & Lomb is a durable growth company. We operate in a category with long-term tailwinds, aging populations, rising myopia, and a move toward premium products in cataract surgery. That demand is not in question, and you see it in our performance. We're growing consistently across pharmaceuticals, surgical, and vision care. What is changing and what matters most for shareholders is the quality of that growth. Over the past three years, we've focused on building a strong and lasting foundation, simplifying the organization, driving cost discipline, improving execution. It's a fundamental shift that started to translate into operating leverage and margin expansion in the second half of 2025. You're seeing it in our mix as higher margin categories like dry eye and premium IOLs, become a larger part of the portfolio. You're seeing it in how we manage expenses, with a much sharper focus on accountability. And you're seeing it in the consistency of our execution. We understand investors' focus on earnings consistency and leverage. We're addressing both through disciplined execution and continued adjusted EBITDA growth that supports deleveraging over time. 6% year-over-year constant currency revenue growth demonstrates the consistency I referenced earlier. More importantly, what we're proving quarter-by-quarter is that we can convert that growth into high-quality earnings with 59% adjusted EBITDA growth and 16.1% adjusted EBITDA margin in Q1 thanks to enduring structural changes. The patterns and proof points we're establishing position us well to deliver sustainable value for shareholders. Three years ago, we set a clear plan, and we've executed against it with discipline. We're not making heel turns or concentrating risk in one area. We're doing exactly what we said we would, driving sustainable growth and margin expansion, improving how we sell and operate, and continuing to invest in a pipeline that will carry us forward. On the growth front, I'd highlight an outstanding first quarter performance from pharmaceuticals, with 12% constant currency revenue growth and 14% reported revenue growth. That's a prime example of selling excellence. AI is becoming an increasingly important driver of operational excellence across the business. We're embedding it into how we work, from improving sales effectiveness and enabling more targeted customer engagement to streamlining operations and reducing reliance on external vendors and utilizing AI and drug discovery. Just as importantly, we're continuing to invest in our people, making upskilling a priority so teams can use these tools in practical and impactful ways. This is not a standalone initiative. It's a fundamental shift in how we operate and create value. As we said before, our pipeline isn't theoretical. It's active and progressing. We continue to deliver concrete milestones that show execution, not just ambition, which I'll touch on shortly. Our three-year plan for growth and meaningful margin expansion we presented at Investor Day in November is advancing with significant year-over-year improvements. One call-out is a more than 300 basis point improvement in adjusted SG&A margin, a direct result of company-wide buy-in to our Vision 27 initiative, and the muscle we continue to build around financial discipline. Keep in mind, these are part of an enduring structural change I referenced earlier. The plan calls for steady acceleration of revenue growth and margin expansion through 2028. and we remain confident in our ability to meet or exceed the targets we set. This is a pipeline that's moving. In the first quarter, we filed the NDA for Lumify Next, formerly Lumify Lux, and completed CE mark submission for Celera, while trial recruitment remains on track. These advancements demonstrate both development and regulatory progress. Commercialization is on full display as well. with both Preservision ARADS III and Blink TripleCare preservative-free shipping in the first quarter. We'll cover both later, but I can tell you anecdotally that the buzz for both products is real, based on my own conversations with eye care professionals at various industry gatherings. This is what pipeline momentum looks like, consistent, visible, and building. It's important to note that we delivered an impressive financial result while increasing our R&D investment by 17% in the quarter, which shows that growth and innovation are moving forward together. The dynamics in iHealth are evolving, and that's clearly working in our favor. We're the most diversified iHealth company in the world, with broad-based growth across key brands. It's a simple formula. The broadest portfolio leads to deeper customer, patient and consumer relationships, which drive more consistent and long-lasting performance. I referenced our standout pharmaceutical first quarter performance earlier, but would also note that our vision care segment, which includes both contact lenses and consumer products, continues to deliver. Contact lens growth was a particular bright spot as it appears we'll once again outpace the industry, thanks in large part to 25% growth and our daily SIHI portfolio. Our surgical business delivered growth in the quarter, though the results came in below expectations, primarily due to temporary factors, including weather-related disruption to cataract procedures and reimbursement pressures in select markets. This also reflects a challenging comparison to Q1 2025, when the business grew 11 percent on a constant currency basis. More importantly, we took deliberate action to strengthen our competitive position by rebuilding our U.S. surgical field force. This was not a reactive move, but a strategic reset to ensure we have the right structure, capabilities, and focus to fully capitalize on our expanding portfolio of premium products and upcoming launches. While there's some near-term transition impact, early signs are encouraging with approving execution, rising productivity, and sales trends moving in the right direction. What gives us confidence is the underlying trajectory of the business. Our premium strategy continues to gain traction. In the U.S., premium products represented 26% of Q1 sales, up from 19% last year, with global mix increased to 13% from 10%. In Vista, U.S. sales grew 16%, with envy up 88% year-over-year as we continue to build momentum post-recall. In addition, US system placements were nearly three times higher than the prior year, positioning us well for future procedure growth. These are clear leading indicators of improving performance. As the new commercial structure scales and our premium mix continues to expand, we expect the surgical business to strengthen sequentially through the year and beyond. I'll now turn it over to Sam to unpack first quarter financial drivers and update guidance. Sam?