BLCO - Earnings call transcript Q3 2024 | Bausch + Lomb Corporation

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Operator

Good morning and welcome to Bausch + Lomb's Third Quarter 2024 Earnings Call. [Operator Instructions] 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.

George Gadkowski

Thank you. welcome third and results XXXX everyone, call. conference morning to quarter our financial Good call and are Mr. today's on Participating Chairman Chief Officer, Executive Brent Officer, Financial Saunders and Mr. Chief Sam Eldessouky.

presentation, a In will call on the of live to under available replay webcast, website Relations addition today's this this be slide Investor and our conference a of copy section.

legend begin, presentation you information. looking forward-looking ask measures that the today take the I moment at We important like read presentation contains remind to our it would we non of contains Before you GAAP our to a presentation, financial that beginning contains ratios. This would and forward as information.

update the measures website. required turn effective update the X guidance disclosure. is more presentation. over generally until can as in Non financial about broadly disseminated to these it's refer following in our With presentation to please reconciliations guidance Brent. to not call is of to on posted guidance and and appendix public For The that, unless this the not our the my quarter, or of Slide than to presentation GAAP law, through only, pleasure information found today to ratios, policy the other be it affirm by

Brenton L. Saunders

a the But products the Bausch for sustained recent for first, and George, and of chapter sale into that thank Sam I'll growth. today's around Thank some latest you going services note close highlighting diverse you joining numbers, an share story. on position I'm dig + profitable of will the everyone by speculation to call, in and execution Lomb. important us potential our

standard some don't and response. from today's happen. our you to and you'll may about Q committed I'm Health, paths are call, rumors on appreciate company. involving these appreciate A ask remain parties the We rumors portion to that there the as certainly Bausch I sure making all in full of multiple a separation that comment While of

cash shift or we You may our constant good of on over strides X currency represent what XXXX, will our is change doing. strategy past in in other the revenue We focus, be are Top our we need cover Instead, work one progress. focused a X how those We growth continue report Sam don't to as in critical growth that's three the there, expansion areas the metrics and which a execution, improving bored by focus line steadily X relentless best exactly is XXXX, a which dramatic quarters. figures we while thing. need we the company. and made metrics, flow, eye on great his become remarks. obviously to health of we're margin our

professionals. by is in to enhancing new to our on our last uses in making gauging jobs our made eye call, machine provide that pads by Our easier their online, fueled proprietary operating ] sales tailor and the stream giving guidance prescription Glimpse a care place and AI sales them platform [ new earnings a steady products I of force. highlighted digital learning digital but revenue for growth On We're capabilities. suites, store, also we're

a As its sales we seeing marketplace we're I'll both with and deeper our more digital on later. launched employee the on becomes team impact also comfortable engagement, that Opal, platform, go ecommerce

needs doing to happening in for changed category. progress the our and save focus aren't win means addressing existing ready We're for the dictate product nothing always this to margin how the the institutions Envy, enVista multiple What's moving FDA most approval stage future. evolution startups to will opportunity position premium we represents our this scenes of roadmap slide, can next candidates our now mind. ongoing but for over slide the recent areas that unmet through margin playing continued and needle. efficiency changing to therapies come. on to highlight important glamorous and which influx the is and turning making deliver and academic function some We're entry theme, into years less a our success in higher example indicator, move The talent clinical operate has top calculated we're boring our is of our behind the portfolio, where with an with growth, top IOL of Finally, partnering the the R&D ways critically of us positioned few latest of by an years. Keeping high with of

from a part line few year products is to of bottle at optimization Milan network similar July, our to broader in move mirrors in this facility new quarter. one we getting small In third products, This which a users the examples earlier mind, are Here faster. strategy. with installed goal a in a Berlin, manufacture end

drive small We in contact potential. predictive gains. lens realize and we full lines, performance right, how all in and isn't we operate last automated Rochester, the yield to constantly hype, to for of and get savings. Product things AI our millions using contact on the producing we but not our if It Waterford. downtime optimizing real output lenses, eliminate sake, can extended won't result program and getting to AI's we're launches to the continue analytics deploy started manufacturing sites quarter, This across AI

quarter, Ultra multifocal in once and Care we're market our we the continue own Vision was Daily not strength share again in our at and launch clear Lomb INFUSE, as continues options driving Bausch our taking see holistic BioTrue across on differentiate full beyond. expense. new to run There's lens offerings display health lenses and eye growth aggressive it's in and with + segment, toric and to new in with Our and picture, room to progressively switches geographies. Big In we starts. industry growth the SiHy third

on played of half overall these outsized saw that contributor, financials. X I'll We in impressive Miebo growth. It's Our over growth business, for it Pharmaceuticals XX% revenue revenue, certainly it's Sam revenue a was segment currency International a which is revenue for our pharmaceuticals Pharmaceutical last on for from to than revenues growth currency worth constant dive important and absence XX% in saw highlighted products quarter. now out holistic understand with that pointing particular, constant touch Surgical represents organic Xiidra later. our revenue less which turn revenue our XX% role of segment. But an XX% Xiidra microcosm combined solid strength, currency an constant a quarter. I'll for that sales the growth to deeper which

Osama Eldessouky

good morning, you, and Thank everyone. Brent,

expressed constant currency please otherwise. that a basis today begin, comments we on specifically indicated will unless my note all Before growth be focused on

on Turning results now our X. financial to Slide

the We with quarter company revenue growth product across for all reflects our revenue to segments, of growth XX% business basis. by of $X.XXX our XX% another are pleased billion report and the on and driven quarter We're solid seeing geographies execution. franchises. momentum in broad-based continue, intense performance of focus Total organic growth on an

continuing strategy. As Brent selling innovation. our driving and to we're on and prioritizing excellence remain focused highlighted, operational We execute

years. about Our of us steady remainder stream the growth, opportunity to and excited XXXX drive for of product and future the launches of ahead continues we're

of For the to $X million was currency third headwind a quarter, revenue.

million by QX. The consumer of lens X% our Now $XXX in results segments. the grew in by growth of consumer and driven Vision business by quarter X%, portfolios. in the each both let's increased Care's revenue third discuss contact

LUMIFY by market-leading over and expand to the go position. a In me few Let grew X% continued quarter, highlights. its

eye Our consumer the revenue, in in XX% delivered dry portfolio million representing growth $XX quarter.

XX% grew grew X by performance. XX% strong key franchises, Artelac Artelac to Blink, by and continue Our quarter. and in Blink drive the the

in daily the While growth quarter, the to rebalancing. we're channel modalities, dynamics and impact both XX%, market we third across we'll Post replacement October, as solid during vitamins market In had in the encouraged by consumption brands month the portfolio, QX, which the was broader our we frequent consumer we largest eye QX. Contact to the saw on experienced continue the growth geographies. into of solid in U.S. drug during the continue across strong store These quarter. the franchise, lens X% and the see revenue was QX, our our key in in and with disruptions growth market portfolio down retailer performance inventory strong market portfolios. and retailer retail and share monitor move consumption

to SiHy, XX% grew which the quarter. We in strong are Daily see momentum with continuing

growth was up across with which in the and including of saw quarter. and Biotrue, lens up XX% leading quarter growth We the X%. Contact key China also franchises, U.S., in was XX%. saw which in broad-based solid ULTRA, quarter the the growth across across the Outside up was in we the way XX% performance regions at revenue the international U.S. all X% up with markets,

contact As building Brent our in lenses. direct-to-consumer will in discuss we're further, channel investing

at launched We China, from the are last seeing the of in we results year. direct-to-consumer which end initiative early positive

segment. now Moving Surgical to the

In XX%. an in product Consumables, of QX, sales was X%, increase with XX%. Third saw the up standard our our we categories. the IOLs $XXX was product quarter XX%. in revenue mainly X our up category, driven implantables premium million, growth by quarter grew by Revenue X% each Surgical system from up of quarter, and largest Stellaris IOLs up equipment XX% in was and our

is Aspire perform the with a lens well strong platform enVista continuing to entry. Our early enVista market IOL making

of cadence launches to the expect IOL We continue.

Surgical the in strategy same. the Our business remains

of products in to growth delivering with products second, launch margins. case a to and our consistent FDA's point. supply deliver trifocal is approval customers; focusing of Brent that the enVista are IOL referred Envy continuing on by: We premium and The higher first, innovation to

XX%. $XXX in the its of revenue Pharma growth performance. of XX% million million for launch represents Miebo and quarter and Lastly, which quarter, was delivered $XX has organic revenue continued growth in segment exceptional the in the

investments access, said will strong to the delivered Brent and making in more recent to the including before, continuing remain detail. Xiidra expand in campaign $XX we million direct-to-consumer we've revenue in market the drive quarter. committed As third discuss growth, which to

move in investments weeks. XX,XXX executing We the with TRx trends approximately earlier in continue Xiidra to steady year. the field X direction. force positive and past marketing progress in our has strategy continue the make in realignment a TRxs reached direct-to-consumer to campaigns in

past, excited Miebo together in dry franchises businesses. dry a have Xiidra highlighted eye as leader our As consumer positioned the we have platform. strengthened in eye our the overall we're disease dry about and us and and eye Surgical in

we the of other business. parts also saw Miebo across Xiidra, growth Beyond strong Pharma and

For by example, XX%. International Pharma grew

generic a in XXXX to declined year. expected compared As this as PROLENSA and of of mentioned, QX entry QX to due previously

let as line third for in to of X% walk Now XXX up XXXX. quarter about the which margin $XX Adjusted revenue. increase gross transition adjusted of continue execute to compared we product XX%, points items was million through we of me mix basis was non-GAAP products. In R&D X. on QX key Slide quarter, to margin the higher-margin was or driven gross invested third by our adjusted mainly strategy in to the The some

before, agreements related investments we $XX collaboration anticipated IP million to which would In pipeline IP of approximately third R&D the drive As of we to entering in external discussed made innovation, investments. into result agreements. quarter, partners such onetime with onetime R&D we

Third IP quarter the million, the IP R&D which acquired XX% third adjusted EBITDA quarter R&D was of versus XXXX. million. investments, Including $XXX adjusted EBITDA, growth $XXX was excluding represents

I million. IP Adjusted EPS, R&D in not before, expense was R&D are for EPS guidance. Net the Including XXXX investments quarter $X.XX adjusted As interest $X.XX. these excluding full investments, reflected acquired was mentioned $XX for IP the R&D the our quarter. IP year was

was million. $XX For CapEx the quarter,

continuing flow Brent We're the to been capital third flow from was including our cash progress driving on various quarter on focused As operations in cash cash Adjusted million make management. and referenced, million $XXX $XXX working flow we've initiatives, year-to-date. performance.

guidance now our to Slide on XX. XXXX Turning

our $X.X We to billion of range a year billion. billion, to $X.XXX are to from up full guidance $X.XXX revenue $X.X raising billion

continue approximately expect XX% We currency to full XX%. of growth to year constant

revenue $XXX range guidance $XXX revenue million year $XXX full dry of guidance $XXX positive progress headwinds. expected for full growth a as to of $XXX Miebo in to million as our towards guidance the eye million reflects portfolio, are a encouraged Miebo range million. million. million $XXX of Xiidra to our TRx well also by year we raising We're increased to Our In lower as we strong performance currency our from

XXXX, there continue that flagged factors we into head watch quarter. closely, to Xiidra I we last are As on X which

strategy first many for impact have headwind as The growth of our while through ensuring Act. as drive we And health to balancing is to TRx potential coverage Inflation the access Reduction patients possible. the the plans is second

approximately For revenue, from the of down $XX headwinds $XX currency full million we year, million. to expect

million range not our a acquired EBITDA with adjusted R&D. is million adjusted $XXX million, excluding Our and IP guidance to In guidance, IP at $XX R&D year-to-date. of million include quarter, IP last was acquired $XX EBITDA QX, which consistent R&D $XXX did

other expect is to end X% adjusted XX.X%, And range. at key the R&D to which guidance to the expect of our of of we assumptions underlying margin X% quarter, we In our in terms last previous high noted to about guidance, be as investments gross revenue. be continue

to roughly the XX% the with the we're expect full be solid to million strong is we to be performance our million. To expect $XXX year pleased to year, be continue We in approximately CapEx and $XXX approximately and very expected rate quarter. expense adjusted and execution interest for summarize, tax full

across We continue to our and innovative launches, our make that and strategy investments portfolio paying off. product is in

We expect future continue margin to I'll to the now our Brent. to and turn back ongoing drive growth momentum expansion. And call revenue

Brenton L. Saunders

Thanks, Sam.

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to big have when big opportunity. you a Sometimes there's go

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Continued strength a in in and go of hot opinions important an doesn't We almost unnoticed formed our to surgeons. in When each area where whole, as it's strength launch means taking slide, cycles. by takes consider launch instantaneously. that are era live ophthalmic

market X attempt to this new In years. a viability product's a some on means last window. or launch limited will For determine reality, cycles X entries, performance based

bodes present every new by that shown targeting covering launch our Here's why future. opportunities When well audiences. aren't turn. XX prominently. at that for living, of growth to new products, all out feature checking around commitments the our products and multidimensional including knocking middle for the breathing products They're our you the all We're here exercises. us, of door. cycles in Product our are top of box businesses look new Others launches revenue, world, at

an excited open of to it would appeal to and customer who questions. especially revenue commitment continue goals. delivering why PreserVision are in without every the enhanced globe and let's at time base. When colleagues broader considering some our over None SiHy this our ongoing ranking landing the even freshness time on the possible compressed innovation has from growth our like LUMIFY Continued around be XX,XXX of on we're we for #XX frame, our Daily franchise a be impress index, line about me day. Operator, to trajectory. That's the being

Operator

Instructions] from And Patrick question today the Wood [Operator coming first is Stanley. from Morgan

Patrick Wood

get a a side ones, the on step I'll both guess, on of mean, quick product we to can. back, X change side. where then us I there's are, lot launch I business and been do the I employee in taking today the to if

those mentioned, X then margin and it, has And we launch cycle to biggest the X the -- one How have getting to about factor I about characterize I us launches how and what think you do growth guess, living, you the investing behind If had think between do you you to think follow-up. been years obviously, And do are in today? where quick interplay going and breathing. forward? you

Brenton L. Saunders

appreciate Thank Patrick. Sure. you, the I X questions.

really you factor. question, give my the is but So around back two to one, a let hard just on It's first to me step cents. interesting point take and what the question biggest

this XX,XXX joined lay to for operational I get to X things very out was a sales on excellence, So it almost think which the clear around and strategy years specific ago when laid I on people innovation. and with happened. company, strategy very buy-in and really good focus really very execution, actions out you relentlessly a you of clear excellence And focus

to And hard do, at Now see you really it's that. it's know working. that broad-based very to say, it's been working just performance, when you but team think easy doing the I hard has

if XX% the currency you drill an basis. XX%. that U.S. But a was that even as you a contact of down look like XX%. was XX% you up was like currency when on just International growth constant company. up example, across about so at a think organic business And And XX%, constant the up lenses on

up XX%, soft even grow. Daily Ultra even of X%, up up X%. up Our continue XX%. was SiHy Or Biotrue some up deeper, digging to China X%, products but lens even our FRP

launching markets, portfolio. we we a uninterrupted and in and have full we it be also see many we in have is China And really in know business and driven executing yet, really performance excellence. team with the products, U.S., you great supply, whether we're finally digital, like so that, think enhancing did Opal, a And the but I DTC, that fact by great the that's a in capabilities, now all or not that partly you have portfolio when markets

the we're launching the at looking the X, So year And or multifocal in other world. the markets spherical, has next over U.S. all modalities the the toric. around now and the INFUSE

is to So well. new Surgical on days driving early and in consumer And you portfolio. as the growth focus in that really do while that products maintaining Pharma the existing and cycle can we continue as in

today. we're so I will at at early you of hopefully, feel this the stages the launch the are good had think as continue launches, And remarks, then in that cycle think we And look early these next that that prepared I we we invest innovation said of this really slide robust many continue about in I where I in and launches, and over to beyond. the of decade new product presentation,

across again, summarize, just to on the world. a is So focus probably the relentless biggest factor execution

enVista curve to invest enVista early first Aspire. Envy, to the or profitable product launch INFUSE products example always we because we other margin creating that, years that cycles, great terms the margin are Obviously, committed Miebo important EBITDA very also act. shortchange can't you launch In expansion investing the have heavily is where gross that a launch make. change expect to or over really the that years the are Daily for getting product company. and decade more. to of a expansion of a in Blink, to we X need both is X we long-term And of critical But a Other And continuing time. balancing for or to right that's it's include SiHys, investment a

on and of daily, almost at we with look investment weekly, balance a continuous leaders. business the portfolio. And I ROI and it so do all And monthly key across our Sam basis

answers that your questions. hopefully, So X

Patrick Wood

Square I Miebo, every will is day for and the pass [indiscernible]. Commercial Times which

Brenton L. Saunders

talking Well, too. your hopefully, and you're visiting symptoms, a about doctor

Operator

be Jefferies. will Xuyang Li, question next The from

Young Li

doing there's bit on And from that talk focusing do from think portfolio And like side. can a sustainability Maybe little halo the really of benefiting maybe opportunities to products script well? about dry as also growth? the into incremental pull-through start, to add some guess some is you OTC it you effect seems OTC that the portfolio. pull-through broadly. the side I It's the well just eye or of

Brenton L. Saunders

Yes, you're right.

us pleased So third the a the with imperative we basis dry really important in on a portfolio for very quarter. saw eye comprehensive strategic what is and

the U.S. of really basis but And consumer business, pharmaceutical to ocular really some our up is exclusively Miebo predominantly weeks DTC international that international currency is in Artelac. we launch, side, and growth both strong saw portfolio our And for also you I performance are OTC Xiidra Blink offerings, we On are with outpacing started markets important. a new the just continues Blink really surface in constant any there, the we're and U.S., on then marketplace. XX% important couple Artelac set launched Obviously, getting a Miebo in. and X that records drivers. think pharmaceutical benchmark And year see. just ago. from

is at anticipate over look in at strong we the early coverage We is at Medicare have benchmark ad. to important XX%. now to And But And I weeks also this X that's think going quarter. really jump first for Commercial coverage. that's XX%. on we're signs creative XX% we're a really for coverage Medicare for point. Miebo. as expanding the only been air probably for

And a important. was so obviously Xiidra repair situation. that's

job team second the XX,XXX And a TRxs the solidly see in to to stabilizing. in think quarter, third week. you as growth. above green shoots as then of the you and starting particular, look But more at a importantly, nice see you're TRx really at did quarter prescription start trends we I look

goal the hopefully, We as expect, to our is XX,XXX the we solidly third quarter, in get go into XX,XXX. to into

growth Inflation year, to really TRx But and Act on Obviously, working Sam a we're out gross nice basis, are well. there. lot so some the a next seeing of called net pressure. And Reduction things I think

all to look disease, OTC or million their roughly dry you million up whether is eye actually just or be pick an Miebo or an Walmart X.X physician it megaphone, in and receiving it symptoms, U.S. or when X.X XXX huge whether drugstore Amazon put example, with consumer using but the getting million whether their about at with we're prescription, only And people they're a people untapped symptoms a take and and script. a let's million Xiidra the together you're so into a to market, going talk XX option your there you or them as to a to market there, driving prescription

was of have And really very we're disease products. early intentional And to these be strategy able so at think And more a long runway it off. on that we to holistically. I look the signs paying seeing

for it's the or more. a really part us so important of growth decade And next for

Young Li

up, wanted is And and I consumer, more premium thoughts have broadly, forward follow I hear diverse the of portfolio you industry the dynamics? wondering you lens and the for on to demand ability driving business, the a like seems going What guess contact with capacity SiHy prices to seeing was U.S. that. taking. new the Daily I consumer portfolio. share industry on it increase sustainability to of health are versus start

Brenton L. Saunders

Sure.

take the first, consumer. to let's come we'll lens So and back business

grew great in Even So yes, Japan, which right performance in markets in the world. holistically are lens X% we about like relatively now, around soft Japan.

performance. nice really So

of As I world SiHy, That of not market spherical, growth the X. will has pleased which mentioned performance I'm think remember, just is earlier, and Daily that really And is And China, the I XX%; full that up because the or what U.S. XX%. international about the exceptional. a roll long is the multifocal over only next has toric and runway year around the portfolio U.S. of the XX%

strategy, FRP of of just a part so growing But really the lot doing And to lenses that non-SiHy and an that. business while go and there. the team maintaining future is is important the growth

X%. earlier, even X%, up lens Ultra up X%, soft up As Biotrue I mentioned

business. growth And in is call older in see growth want in portfolio really growth we you portfolio, can -- the that to so we as to let's while drive it, maintain new what continue the exceptional

a runway long DTC weeks market, to in it a just embrace China, there. markets we which X. adding continue October So digital And few a like went technologies is I in there's live Opal U.S. the think as ago,

of make the I currency. to of part holistically customer destocking consumer, revenue at and lenses see important bit you at of quarter, look think experience our the then in improve retailers, an actual on about in multifactorial stay inventory. how On we lot easier the continue to working it which really we consumer that a ECP for strategy. little down is for X% growth constant situation was a There, a the

from I out We a lot behind Aid the of glass experienced as think know, go to well. little we own call store have of stores, with most challenging the there. bit bankruptcy as all saw probably And you lot channel And trade really those destocking. a those product is of are the do Rite and you their into probably experience a a a companies closures. drug is see issues, shopper more one that dealing making

to continue consumers shop those strong are reinvest And track, frankly, important we're see quarter. month we'll into maybe channel other outlets time, in drug very, experience. But over that perhaps that consumption. convenient brands. find consumption we will real quarter, is very really the so seeing the important to a or more the almost And there, most the our the key And fourth probably consumption seeing number nice consumer third the still numbers we're for in

very most I'm consumer to remain the to very number say cautiously critical numbers, strong. track, really sentiment optimistic. for are would which our now, watch world. so the Obviously, we And I right consumption around But continue

Operator

next The is from Wells Biegelsen question Fargo. coming Larry from

Unknown Analyst

on to to been items help look heading the margins and implies QX. on these should And quarters, I X XX% towards Simone then into midpoint, the year. a us? is kind we decelerates at Congrats on for accelerate constant follow-up. range guidance guidance, the past over have X%, XX% Maybe how XXXX? XX% about moved the have each the gap I mentioned and upwards This Brent, as start growth continue you currency of think earlier, growth margins through EBITDA see we quick bridge off between steadily at in quarter. I'll for If Larry. to it the the your currency while constant of has

Brenton L. Saunders

Sure. he any I'll after add Maybe Sam and I'll take answers. let it, color

Osama Eldessouky

said, actual QX we're to And what we've very were QX, what terms when with pleased what also of Sure. 'XX, and you X able you we Brent X reflecting in with And pleased look just at in we're do. back and throughout seen back the when results. on reflect

in and is just think last think Xiidra, you XX% organic outcomes, in So to factors balanced think an a holds stay think organic. still and always you that Xiidra When remember with of and about guidance taking midpoint trying our guidance we've be our is growth. had of terms year tend because range in year to and this our full anywhere this philosophy about was we guidance XX% you anywhere between for or QX, number how constant if roughly guidance you about that of think you're on just for using about year. our for it views. about currency, full guidance, of we And terms XX%. about our when the quarter, we X% to said have if XX% And that we the to our always When

So Xiidra in we're lapping QX.

currency to QX. as and same are going the constant be think number organic almost So about we

slowdown EBITDA, XX%, continuing said So the consistent guidance, midrange the the with with expansion, in really is don't about and forward have seen margin QX about the think throughout performance going a of of actually margin push we think we which you we've was play as continue we the beginning year. is continue QX. to probably of QX, the year forward that nice between as our go we expansion 'XX, into and out it will see we're expect QX. that QX, of in we're still to We that as steady we When a sort that and very which our

Just remember, always in seasonality our business. there's

bit of slower little the to half half. first we year as compare tend to Our the a be second

to QX. we So we QX talk our about phasing also factored as in that

Unknown Analyst

you grow can just that to in my And earlier? X with XXXX impact quantify headwinds? sales mentioned those headwinds the Xiidra maybe Xiidra can follow-up, XXXX in X for the you from And

Osama Eldessouky

to Yes. 'XX this guide don't call. I to on want

the volume probably think about that in Xiidra go at that TRxs now script. and we one the think should nice back around X think the about that and seen about parts But seen discussion I and average we've is thinking, holding best rebate about think continue perspective, Act you key the my especially in way of we the we're evolving well as Inflation some step as highlighted right that you now because our think Xiidra still here. If which growth in the that to we've of drive volume TRxs we Xiidra, 'XX. we XX,XXX growth from drivers into a sequential volume really in as we we

terms access thinking in year. volume we're for is Our the Inflation Act of evolve to the about continuing of sort the rebates next still and versus and managing how thinking

call anticipate a what look want know We a on an basis, you here But guide us 'XX. don't in will be for a I today. going is to number it be to to this we be at for it specific So in us. when headwind headwind equal

Brenton L. Saunders

question? Next

Operator

will be from from Matt Barclays. The next question Miksic

Matthew Miksic

DTC question of some which for and put and one place the Xiidra So they great. you've look in on that both Miebo, I've efforts seen

helpful be look to you efforts think timing couple like next follow-up. what And the to tends Just maybe those understand the of one quarters? have effect I the of over do of then

Brenton L. Saunders

Yes.

the So thanks for question.

third quarter. launched Xiidra, the end we towards the early second, So of

It's few weeks. Novartis out for from It's big the way good positioned creative. a a So been drug. it's the change

not always TRxs. I'm KPI fairness, is great the -- -- is a the in with sales And I growth my creative even commercial I growth. the we've lead that and sales great for great seen spokesperson best we've is spot. with sure I'm my think Xiidra, best since for in leads Julie joke joking Bowen creative really And launched

is a is after spot been driving And better in for I ask any early an working my early expect see in that, patients spot, sales, too spot Miebo time, think so well. but out strong months. and days, but The it's physician. eye really their intuition that And out to a been Xiidra But that measure I've very dry about weeks, will or for results to XX-plus but been spot talk I doing has incredibly years. and their only for X about several DTC long with we'll is do have that

types investment, invest. terms you to tend are In to of when start of response, the spots you these continue see to

don't, throughout And And I if these we'll they we down. commercial so to an to do invest they behind if investment of continue the quarter. based I analysis and both quarter it ROI And would with up. would now, off we every about Sam leads right And 'XX. at say every creatives look well, and our pulse think pulse of will continue

the LINZESS or done Miralax my is that, Schering-Plough that the we been to and probably the a the one got Blink time Blink I'm it for XX% Claritin ads put quarter. consumer others. just to say back year And is the lot, including or in say, So I've I've and very strongest analyze a I back -- saw a of fail best Coppertone spot, team spots mention of a what the in seen, We I've really was set which I wouldn't Botox quickly. all go we consumer or days. in of I And one don't number And long really time. or and And spend doing out it. excited, to growth

in difference growth biggest the just is probably that so And is that spot.

And what so that's to see. want you

when response it, to a we in to real continue see we invest. You And sales. want see

Matthew Miksic

given clinician together? clinicians a what's the interest dry look how between you X drive like action for multi-mechanism products to And of synergy what terms how similarly, strategy in of in community, about Miebo the just Xiidra? being alternatively are eye then the getting the early they're And and these messaging sort to or used to think evidence in on of maybe together

Brenton L. Saunders

Yes.

question, right? an and only evaporative differently. So anti-inflammatory mechanism. great approved very they Miebo is Xiidra work the Clearly, anti is

work. studies. anti-inflammatories, Xiidra, Xiidra just direct tend Obviously, And no when look so head-to-head better really is against options. the tends to it's other And medicine. It which be cyclosporine-based you at to competing

but So for effective. tends tends to it's it be faster and take it more worth, this to what work

so we clearly, have anti-inflammatory. believe And best we the

their highly patients want Xiidra drug evaporative And as And and patients. It's has evaporation, them gland overwhelming majority simpler sees caused for that dry experience for a really so only consider the approved Miebo we then to meibomian by the when cascade, doctor proposition. best to option of be the which tend eye a much dysfunction.

can for the option have enVista story doctors you really really product it's if help an and type an that around tell an how the team also physicians, didn't lot is understand seems or even well. front support about Miebo a our fairs it a it. the that's of anchor They and would of in you world, eye and behind their you support support other And with it's -- promotional the an we physicians is we really have, get way at to and dry direct-to-consumer position so We're of patients. about clinical and and practice. Xiidra lot ECPs. optometry contact it out business as Lomb be we -- and the brands attention helps having because the they holistic a lens with to lot are care working it whether we ophthalmology or note, that's getting is meetings through regardless but side even medical a + them, medical that be to And launch doing a Surgical And medical to the eye treat And affairs being or I and I company the that other whether with each center to like of IOLs. when advantage quite of and look helps think it. we Bausch support this, monofocal the that And talk think business go of the it. pulling ask how

so investing of next innovation And interconnectivity to the situation. lot a we And in early is here rising Bausch got really and kind that's describe unless decade they've talk and really tide and you a maintain innovation. an in out that of is energy back everywhere, + say to for get doctors. And most of Lomb suspect they're the hard really that And longer. are lot they you a importantly, we there and field or to is

Operator

Markets. Miehm from RBC coming Capital Doug from next question The is

Douglas Miehm

metrics delve what bit that wanted having prescription little benefits the given prescription investors I'm you're investment lower Miebo the that other that? the recognizing can businesses business, various track, that are EBITDA, at the to as mean be back to And a same an time trade you and is Xiidra respect with though these just business. on where multiples. is And deeper a do launch, valuation on a I dragging that But to would programs, you bit view might of getting there a fact that obvious at making potential I the capability. larger the today, as opportunity your even there that by curious, in leverage result investors

Brenton L. Saunders

Yes. It's about. thinking of time actually spent a something we lot

have to you it context. think I in keep

clearly of durable XX% the about is important incredibly future. overall us and Surgical, for Vision Pharmaceuticals which businesses consumer. an Very think is part and I our company, XX%, Care means right, of

largest with driving an as And and happening, so be equipment today, really launch what's Pharma take growth, may premium think look growth. of Surgical upgrades. example, the strong at stages IOLs early very I while a at you let's XX% cycle We're the

of the great their And messages ophthalmic Envy. texts number you a X and ago. what, enVista weeks surgeons boxes calls I've me is their their compelling. from just I Envy early example. enVista can't and tell And probably so best operating over important as believe importantly but most efficiency, efficiencies, most drive frankly, data gotten and product we the drive, next is IOLs the few I Surgical the opportunity years the -- is for do in margin largest really launched, better with we patient quite of and sending premium manufacturing And launches. pictures is improvement new

launched And Now which then to call enVista exciting. year kind of it's the monofocal think trend, too competition. limited category in really with Aspire, but early plus the very in early about you any

to portfolios. out probably the top-tier starting -- the are one IOL of We build

really over this in lenses. of told to drive really equal next of that business with X contact that so portends opportunity a in Pharma. And times years Same great story the footing that I've that already bunch for on call.

Care a story. really Pharma health of future incredibly Vision story. isn't eye So this company an consumer parts And growth. Surgical, is important and are This

Douglas Miehm

for a Sam. then And quick as follow-up

conservative. guide. when You the look number, But talked it's as year the be may XX.X% so that you X-month about a far. for at XX.X% full margins And

we the QX stronger for mean company? much just that it squeeze? Or typically does we which So leave you as quarter the there. at I'll being are a look a of could is see conservative a bit And numbers,

Osama Eldessouky

about really could when revenue lose products. think here probably I we Thanks, we I'm as range well of of think it. we I should range the how it But based Doug. important I as a It sight about be what's and think the again, our again, think not say pretty our as the more mix XX.X% on, would And of balanced squiggly is, and I call through 'XX XX.X%. of far is going just we to to you been to drive that year-to-date we've products, highlighted do, the what the 'XX a on said really Brent very has that what so Pharma to -- we're forward. and in side. step good mix really and and the executing happen that's been which seen we've nice think product IOLs trying higher-margin doing about We're sort

plan, mix which what that out. of exactly So what shift, we're play that our product seeing and is strategy sort is we're and we seeing our

be the gross right the range be XX.X% there's the end of in it could of higher in could now come So is margin. we're -- terms the improvement from And important the showing Again, guidance. key of XX.X%, range. the it It's squiggly it's that XX.X%? outcomes multiple our

Operator

The last today will coming JPMorgan. question Robbie Marcus be from from

Lilia-Celine Lozada

This is Lilly on for Robbie.

upside reported steady and adjusted year, the currency nice throughout guidance has steady EBITDA a in throughout. had of held cadence constant You've sales but

to top that just the seen yet? strength flow start we P&L haven't why through line So to

Brenton L. Saunders

add reason in cycle Xiidra or few last Yes. well. lenses we're commentary on new new our here, whether highlighted It's relaunching is color most the And SiHy and a the in. to or in also launch or but a that, can in invest the calls, great LUMIFY XXX-year launch PreserVision Daily some in Blink the we're in consumer, I've for continue investments and the cycle or question. the large probably history, Sam robust as that's Miebo IOLs

forward. a become strategy outsized important which move cycle. years these profitable X as X launches on getting And And investment trajectory, of the in really it, more so there they call launch then require let's is you incredibly the the right to first, of

that's doing. And so we're what

very been And about we've earnings cycle call. the slide reason. the highlighted other? in. the that launch transparent on we're every But main think Sam, that's We've launch I probably any

Osama Eldessouky

well. the beginning us. for think we will that doing one Yes. of be top an No, as from give the line want now, of our year, that's to came beginning go top we in the full year year, of actually as also QX on you QX, margin forward is we've we that coming even sort exactly reflecting year the expansion we that And the about invest as the liberty the line seen the number QX, us and right. And given year we've launches the investment that was top guidance at the of freedom be the were QX and the sort that's the and the you've in conferences knowing beyond really, to is of seen us that gives those to able into the point work before going growth, this growth. And that right And of of highlight first for and to when have, we launches. expand we focusing line from been margin that what and we've with behind

margin in expansion forward. I continue think So terms and ability we to the investing go be able still that is behind the having as to launches there steady story of show to the

Brenton L. Saunders

Okay.

And So for like again repeating look joining updated some as Bausch on the and liberty forward you comments. us colleagues quarter Lomb colleagues focus supporting all to products really thanks their and for make strong to servicing maybe here, keeping focus call myself to much. you on and the on I'd sell closing + on just Thank we quick a just call. make with so all special Thank not taking our We results. continue all progress. our the out who of you for relentless customers, our execution execution, XX,XXX driving to

Operator

presentation. The today's conference Thank now concluded. you attending has for

You may disconnect. now

Bausch + Lomb (BLCO) 30 Oct 242024 Q3 Earnings call transcript