Bausch + Lomb Corporation

Good morning and welcome to Bausch & Lomb's second quarter 2026 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 touch-tone 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 Gadkowski, Vice President of Investor Relations and Business Insights. Please go ahead.

Thank you. Good morning, everyone, and welcome to our second 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 Eldessouky, and President of Surgical, Mr. Luke Bonifoy. 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-gap 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 joining us today. Especially my colleagues around the world whose commitment and passion are at the heart of everything we achieve. Today's presentation will follow a familiar format. I'll start with an overview of the quarter and Sam will walk through the details of another beat and raise. We'll then cover growth drivers by segment, including an update from our surgical president, Luke Bonifoy. But the format won't be the only thing that sounds familiar. Leverage in the P&L, Margin Expansion, Broad-Based Revenue Growth, Improved Cash Flow Generation. These have been themes since we unveiled our three-year plan for growth at Investor Day last November. And in the second quarter, progress continued at an accelerated pace. You see that here. 8% constant currency revenue growth once again reflects consistent performance across our pharmaceuticals, vision care, and surgical segments. Continued momentum from each business creates a stronger, more resilient company and more durable growth profile over time. 28% adjusted EBITDA growth and 17.6% adjusted EBITDA margin demonstrate the quality of the growth we referenced last quarter, building on the operating leverage and margin expansion that began in the second half of 2025. Of note, Sg&A continues to decline as a percentage of revenue, which Sam will cover later. If you're wondering where our confidence in meeting or exceeding our three-year plan comes from, look no further than these charts. On the left, you see the story we've been telling. Constant currency revenue growth accelerating from 6% in the first quarter to 8% in the second. An adjusted EBITDA margin expanding from 16.1% to 17.6%, an increase of 150 basis points. Growth and margin moving in the same direction quarter after quarter. But the more important story is on the right, because expanding margins only matter if they translate into cash, and they are. Adjusted cash flow from operations more than tripled from $45 million in the first quarter to $161 million in the second Year-to-date cash conversion is approximately 46% in line with our expectations. Stronger cash generation translated into meaningful balance sheet progress, helping us lower our leverage by a full turn from this point last year. Credibility doesn't come from making bold promises. It comes from making the right commitments and delivering on them quarter after quarter, year after year. That's been our approach from day one. We communicate our priorities, align our teams behind them, and execute with discipline. The say-do mentality has helped us build trust with stakeholders, and more importantly, has positioned us to create sustainable long-term value. In other words, companies earn credibility through consistency. You see that discipline reflected across these pillars. Second quarter growth was broad-based, with standout double-digit performance from pharmaceuticals and surgicals. The top-line momentum translated directly into profitability. $246 million in adjusted EBITDA, up 28% year-over-year. Again, growth and margin working together, consistent with the operating model we outlined. Our selling and operational execution is showing up in the numbers too. In surgical, the accelerating mixed shift towards premium IOLs is expanding both revenue and margin. In pharmaceuticals, Mibo and Zydra both delivered strong revenue growth, the result of a refreshed market access approach and disciplined commercial execution. Last quarter, we laid the groundwork for the introduction of Orphea, an AI-powered digital health platform designed to reduce the operational burden Orofia was built to serve every eye care provider, no matter what they prescribe or what products they use. It fills a real void, and it's already generating encouraging feedback within the eye care community. In our third pillar, what you're seeing is a pipeline delivering on two time horizons at once. In the near term, we have concrete milestones expected to land this year. We filed our FDA submission for our Elios implant-free MIGS eczema laser in the second quarter and readouts for our dual action dry eye candidate and ocular surface pain candidate are expected in the second half of this year. Looking further out, we have programs that are expected to extend our run right well into the next decade and into categories where the unmet need is only growing. We've been in this business long enough to know that not every program will make it to the finish line. That's the nature of innovation in eye health. But that's precisely why we built the pipeline the way we have. Breath and depth aren't buzzwords for us. They're a deliberate design choice. A robust, diversified pipeline means we're never dependent on any single asset to deliver. and it's what gives us confidence in sustained cadence of milestones quarter after quarter, year after year. You see that breadth and depth here. Rather than the linear pipeline timeline you're used to seeing from us, this view organizes our assets by category from dry eye disease and surgical to consumer eye health, contact lenses, retinal disease and increasingly AI and computational biology. We believe this distinguishes Bausch & Lomb among eye care companies. But depth of portfolio is only half the story. The other half is where the world is heading. An aging global population, the rapid rise of childhood myopia, longer screen time across every age group, a growing prevalence of dry eye and retinal disease. These aren't temporary tailwinds. They're structural shifts in demand. and each of the programs you see here is designed to meet one of them. As a reminder, we're expanding EBITDA margins while increasing our R&D spend, which is another way of saying we're not sacrificing innovation for metrics. This is what balance looks like. Every segment growing. Every segment contributing. Surgical revenue up 16% on a constant currency basis. Pharmaceuticals up 14%. VisionCare up 4%. The headline isn't just the numbers are strong, it's that they're coming from everywhere. Pharmaceuticals continued its momentum with Mibo and Zydra, once again anchoring the segment's growth. VisionCare delivered another quarter of dependable performance, with contact lenses up 5% on a constant currency basis, powered by ongoing strength in our daily Sci-High portfolio. I'd like to spend a moment on Surgical. Last quarter, we said the US Field Force rebuild was the right strategic decision and that the business would strengthen sequentially through the balance of the year. One quarter later, 16% constant currency revenue growth and 17% versus 2Q24, our premium IOL portfolio delivered 175% reported revenue growth and Premium Mix continue to expand both in the US and globally. Every one of the leading signals we pointed to last quarter, productivity, execution, sales trajectory, is now translating directly into results. The results support the strategic actions we took. We expect Surgical to remain a meaningful growth driver from here. And we're entering the second half of the year with real momentum behind us. Sam. Over to you for financial drivers and our refreshed outlook.