BHC.TO - Earnings call 3 2022 | Bausch Health Companies Inc.

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Operator

Good morning, ladies and gentlemen, and welcome to the Bausch Health Third Quarter 2022 Earnings Call. [Operator Instructions] It is now my pleasure to turn the floor over to your host, Christina Cheng, Senior Vice President, Investor Relations and Communications at Bausch Health. Ma'am, the floor is yours.

Christina Cheng

Thanks, Matt. Good morning, and welcome to our third quarter 2022 earnings conference call. are Tom Chief Vadaketh, call Bausch Officer today's and Health Chief in Thomas Executive Appio, of Participating Financial Officer.

I'd forward-looking you presentation. begin, presentation statements at to we like of you forward-looking remind Before this beginning that read today the contains take information. to ask the We a moment to our

filings forward-looking may differ understand on may with, to should SEC measures with similarly not not you to could results these filings any from materially other actual calculated to and statements. non-GAAP and materially use Our titled refer expressed help or factors measures our to used cause accordance Canadian our financial for undue and along performance. reliance investors business the alternative statements, considered from vary by implied forward-looking should be Please measures an actual to, some in that measures in be results securities our ongoing companies, list but a comparable expectations. We financial to as not GAAP. Non-GAAP place of our administrators the of

You is will Health's on our find Relations the measures Investor available website. Bausch presentation, this reconciliations appendix of in to which non-GAAP

not as in of to obligation the is Finally, We do financial this guidance. presentation undertake today guidance effective any only. update

will today and Solta. Bausch discussion focus Our Pharma on

we will However, briefly comment Lomb's results on yesterday. & announced Bausch

with period Thomas my year last CEO, comparisons same unless With the to to turn to pleasure is year-over-year the that, noted. We it will call refer Appio. our otherwise over

Thomas Appio

to you today. the of joining those Thank and welcome you, Christina, call

from want the this on you away take that with X points I X start me Let quarter. to Slide

Solta quarter. sequential Pharma First, we sales for improvement Bausch are this and the with encouraged

very offer market principal we conditions reduced difficult billion. with during debt Second, successful value exchange a by $X.X that created

value, our XIFAXAN property vigorously we future to patent we & improving continue sheet options our of all evaluating intellectual related in distribution defend evaluate Fourth, continue including balance to the and factors to maximize Bausch to potential Third, Lomb. litigation.

take now specifics. me through you some Let

weeks on priorities caregivers X, Salix, First, each growth our last starting growth also months during growth our key improving increased XIFAXAN from for X% X X% on key X strategies, promoter of through and am quarter. the double-digit year. first PLENVU, the in increase that Slide with positive and scripts, mid-single-digit organic had report saw the Salix of pleased activating results, RELISTOR minus running Other In brands TRULANCE. during commercial by drive and targeted to progress are in for which revenue patient led a segments. making the the to I script of QX, we are are we business

Canada to of Medical, our COVID and ongoing and in investments an with was first on dentistry a XX% basis. increase to Arestin although the organic Products, continue growth, organic drove script JUBLIA intensify increase margins to stable, existing strong X% our Mexico and and In EBITDA our markets half gains this remained improve Solta a international for following the treatment disease. In such half first international, in continues declined International key lockdowns grew a from posted new business. the slow as following In sales XX%. organically growth X% of business given during our initiatives on Poland, we XX% segment China. direct-to-consumer benefit by X%, Diversified sales near-term and The products. continue We GI grow year. to healthy focus diagnosis brands the business HE with a in

reduction with minimal significant principal long-term retired this debt executed at further that exchange billion our $XXX through step debt million our and debt our significant our outlay. forward teams, the in complete worked our leverage, successful outstanding quarter, a we summer annual both debt near-term discount, open an pushed and completing internally debt. Second, quarter. cash this this approximately in generated in This the debt to billion. back externally, financial tirelessly second year-to-date reduced interest reducing position reduced After who progress thank market made savings a program costs. $X.X the strengthening significant quarter in we took We to want very I repurchase to in very brings successful by transaction. We $X.X maturities which

includes to continue value. to focus This sheet potential and we Third, our ongoing stakeholder options liquidity. maximize balance on evaluate

the that that results expect commercial will evaluate for our makes will Lomb believe sense, to the a on reinforce and continue future. execution and meantime, separation. all improve In strategic thoughtfully and Bausch the continued related B&L separation focus we operating solid We factors we of to our foundation

update a appeal We me XX brief and let months. to provide of filed the the on litigation. Federal process XIFAXAN for Court with Circuit the Appeals patent the Lastly, XX U.S. to approximately expect take our

call We will further the will provide that, our third litigation details year. performance outlook not Vadaketh, provide and Tom turn on I'll the over time. With for to of the further Tom? quarter any comments at patent who remainder on this

Tom Vadaketh

and growth My Thanks, adjusted refer comments and thanks for will joining results. Tom. us. everyone, today Hello, to organic

on At the half Slide encouraged with the same the Pharma year. the through quarter an last organic an of organic of a decline the This important inflection X. organic We're first Solta, X% on $X.X minus from progress third Bausch consolidated with flat an improving revenues was the basis. we of year first billion, revenues to the quarter, an $X which quarter. with start on half third quarter basis were this year, basis X% from billion, up and made Let's this represents X% over quarter

growth, X X out Salix, organic of International notably businesses posted and quarter, This Solta.

with also and by performance and Increased the TRx estimated RELISTOR but of with increases revenue flat, greater first third an XX. Salix half million, the of of segment of improvement XIFAXAN TRx as pleased with $XX PLENVU, from key the XX% were of respectively. International was shown on level. third positive up offset compared an $XXX an on by third of growth in revenues ended X%, the of XX year, basis quarter organic X% year, increase discuss Slides trend. quarter me and detail retail TRULANCE, in XX%, Europe this double-digit performance year. XX% growth the last million revenues double-digit quarter reduction growth an Let X% sales partially quarter was in from the with and inventory and versus each driven year. last a decline increase the of Canada of last We're an $XXX number were a was at strong brands. million, in in the demand X% and

basis million Diversified basis organic the driven XX% from quarter, of down strong revenues XX%, organic $XX demand decreased primarily in $XXX and with XX% million, Medical X% Wellbutrin as increased from for certain compared in the Aplenzin for COVID lockdowns. a COVID-related to Neurology by Asia quarter Solta region revenue. increase an lower on a on an by demand the products, third were last Products year. recovers revenues due Pacific of China Revenues this in results decline offset

saw XX%, Arestin JUBLIA products marketing generics. up legacy earlier, investments. In continues dentistry, was noted Tom benefit from sales in lower from we to and our As

were segment. quarter XXXX, revenues Lastly, $XXX segments on third & organic of Lomb with across compared with the XX, growth Bausch B&L led the X% million, Surgical Slide organically all up by

basis first the to refer the and then P&L the additional results on for consolidated provide will XX. color of Bausch Solta. Slide I to and a Pharma quarter performance on Turning some for

the This of margin Third quarter inflation. At was gross driven year. last quarter adjusted points the the basis impact and of with margin gross consolidated by prior XX Pharma and compared XX-basis-point flat the lower through a Solta, approximately was compares XX% year, XX.X%, decline third versus half Bausch the first year. adjusted to

are X.X% despite with contracts the costs. some We cost next R&D as increases in and year this however, cost adjusted renew. Consolidated expenses. goods invest in $XX with million, G&A reflects net and XX% costs R&D yesterday contractual expenses last the of providing public do, R&D stand greater to reported X.X% third year distribution of $XX increase up expenses. an was to energy X% the in pressure as or B&L operating quarter stability an year of the our on G&A higher of long-term compared Our separation quarter $XXX consolidated operating agreements sales in increase expect X continue for costs the of companies. expense increased and third impact million in Consolidated priorities. The we increase represented our and million

our will costs manage We to continue prudently.

$XXX quarter Third a attributable of versus consolidated Bausch adjusted year. decrease last Health to XX% EBITDA was million,

EBITDA year's foreign a margin segment divestiture revenue, with the Solta, and the million impact XXX $XXX versus last and XX.X%. basis, Pharma Bausch was exchange. On down includes compared decrease decline in consolidated quarter driven by of Amoun basis from primarily points third adjusted from of the $XX last million, year, a profit was million which XX.X%, $XX For X%

XXs a Bausch As margin low words Pharma for Bausch approximates adjusted range, the few EBITDA reminder, flow. and XX% about in Solta range. A the for and in cash and Lomb approximates

was settlements, costs, basis flow operations primarily $XXX QX. $XXX $XXX consolidated on exchange, working and our versus flow debt in paid on exchanged advanced Year-to-date was for year, interest have adjusted full cash quarter movements. million. after ordinarily approximately to legacy cash operations due and that flow capital results also was completed Excluding the included the payments and million, Pharma timing cash would million recently operating we separation fees million and related adjusted for provided $XXX by that Bausch of cash legal Amoun of of year accrued from Solta third-party million the flow a to from of debt Cash been $X expect adjusted last

lumpy timing, been highly to to generative. has year flow business cash be While cash continues this due the

flow a the a on U.S. restricted of securities included balance of payment cash out related of settlement litigation. $X.X cash GAAP to Our XX legacy billion previous the Slide

on to let's Slide turn sheet our Now balance XX.

secured of billion, maturities of of our quarter. for billion with principal see The mentioned, significant new outstanding can previously and wholly-owned, XX.X% offer senior notes a our A billion exchange of that successful September secured through of approximately reduced we accomplished debt in This offer Slide of Tom XX. holds of on debt XX. deleveraging Health successful $X.X in to $X.X were Lomb. $X.X issued sheet and billion exchange that minimal debt exchange new shares by of was cash total of notes 'XX Bausch secured closed you notes unrestricted unsecured which reduced this also As Bausch $X made debt our by outstanding $X.X senior balance The senior billion 'XX a outlay. strides -- exchanged subsidiary

We expect the cost approximately transaction to reduce forward. $XX going by million annually our interest

reduction premium guidance accounting applicable that $XXX recording debt will life reduce in This amortized of extinguishment million new an approximately over net additional expense debt. to to much of interest on Certain principal on than exchange bonds. the the the effectively be is of the XX-Q. remaining the our GAAP gain billion $X.X note of details premium smaller our the You'll in billion. the in find issued newly GAAP resulted Form $X.X debt approximately of Please

see restricted debt $XX.X of As consists newly excluding Slide secured debt, unrestricted Bausch you senior issued billion by issued and can XX, created total billion, subsidiary. $X of by of and which Lomb, Pharma notes billion the is $XX.X on Bausch

XX% Lomb, Excluding or a maturities XXXX. approximately and restricted restricted fixed, subsidiaries Health and B&L of debt, have until no we of basis, hold the Bausch XX% to itself Bausch a is continue the consolidated and subsidiary. majority remains debt its of our which shares on

could potential strategies. options or and evaluate balance these We're continuing identified on and is value. more these that strategies. the objectives. component of advance focused sheet such Unrestricting of thoughtfully all potential company's improving one are unlocking We believe B&L possible carefully We've we a to stakeholder

transactions. I'll XX. the for comment now we discuss further can which our XXXX, on However, regarding you remainder outlook on XX and find future any cannot Slides of speculation

billion, Pharma X% revenues down guidance full expected Full range of year organic adjusted to flat billion. unchanged, $X.XX billion between basis. which Our on to for Solta to $X.XX is an Bausch with remains $X.XX billion EBITDA and $X.X is year to

previously. is with little previous which now XX%, to tax from at of the adjusted are exception be rate, Our unchanged a up expected higher XX% assumptions

we continue year. to the previously are for FX a expect to full disclosed guidance be we While maintaining headwind, our

yesterday, million. by outlook has $XX by Lomb million heard million to you year billion and $XX year As driven Bausch reduced full its to adjusted $XXX to and $XXX $X.X EBITDA full billion FX, revenue $X.XX million by to

full to As $X.XX billion updating guidance and EBITDA revenues for our $X.XX billion, $X.XX the a billion adjusted we're of $X result, consolidated to of XXXX. for billion year

for to growth expectation the now X% consolidated up Our call to for concluding remarks. for is Tom unchanged organic full of hand back the Appio flat year. I'll

Thomas Appio

Thank you, Tom.

growth; have creating sales focusing behind we alternatives. two, and priorities: becoming R&D three, CEO, X four, developing EBITDA high-performance business As culture; the a and I value through one, said results-oriented and driving on since strategic operating rigor development;

solid this made quarter. progress have We

produce to a out of additional debt Pharma Bausch starting offer is invest segments organic X created innovate. posting with growth, and has strategy our Our and for results Solta, that and flexibility successful to X exchange very

We like have I'd also which to touch made good today. and progress development, on research briefly in

invest key to strategically advance GI, areas. R&D regulatory programs and other hepatology clinical continue We and to our in in

our of gained regulatory One alignment Phase various health new on global of with formulation pivotal rifaximin X III authorities trials.

RED-C overt with this Salix. Findings report could hepatic than being patients published -- past needed current be cirrhosis highlighted formulation our larger liver of this program global this OHE. much area. the much for is patients liver OHE. for with needs Solta of urgent franchise prevent quarter Our second This This their a product to be treatment bring would to trends population -- in in encephalopathy, a treated first living episode a rifaximin for the patient would

that research physician symptoms liver preventing reoccurrence Our were is primary uncomfortable respondents disease OHE. survey XX% of the treating finds the believe important, care XX% of yet of and extremely

to adherence. of our and the efforts medical and both HE diagnosis will to practitioners educate continue We patient increase improve

recent the continue life-threatening this to drive the the sheet. access of approval of conclusion, will new to code reimbursement profitability balance we and support for for, will ICD-XX expect and We HE growth, our improve treatment condition. In continued

continue to needs with and our We address defend will patient XIFAXAN. property intellectual vigorously

for team options all like thank dedication to their continue work, value all for will to Health building hard to in We and culture. performance evaluate and results-oriented driving Bausch stakeholders. I'd a the focus our potential maximize

we as a we remain sense stated to As are we with and I will drive with of before, execute working motivated, have resilient team, performance. and focused excellence a urgency ownership,

now line please we questions open take that, will the any you Q&A. have. With will for Operator,

Operator

BMO is Markets. first coming from [Operator Instructions] from Your question Capital Nachman Gary

Gary Nachman

Great.

you at distribution changed you that? And So follow-up. still a have achieving Is affect at might Have first, to you targets? related distribution? all? maybe then all could without options level, related you at appropriate the are targets what visibility -- them? you XIFAXAN the high B&L? are to the talk it appropriately the different of can do those appeal a secondly, on this the And How Can point, thinking about actually leverage just

anything? the status of at divestitures? time close for discussions front? Just, a high and just level what could Do like Tom, progressed Are you also frame maybe you talk have potential hear the us is to about you feel that maybe to something on

Thomas Appio

Vadaketh and thanks. Gary, I'll second What take let answer I'll Okay. Tom the Tom? first part, then I'll do the is part.

Tom Vadaketh

what's your to terms Look, criteria we for all options, options, mentioned, of value stakeholders. all you thanks Gary, our for to continue as in being, going question. consider create

for so would we're And that. on what then focused company also the position long-term And success.

step seen I and take. and each we're quite that have the you've that action be year thoughtful been taken, to think with already we steps we've we're this to thoughtful to continue going each in going

individual not But considering we're taking everything this thoughtfully. each are comment on on step we so going call actions. to pretty and And

would -- that that's vis-a-vis say about next anything front. I distribution or else steps can or So we unrestricting on all

Thomas Appio

Yes, I we look Gary, do. and we on we question and continues the have, continue team the assets at have on what can the to globally, seeing divestitures. what that

things interested look standpoint were investment something have that we or from we in assets, valuable paying a be we're course, lot that's to viewing But we're premium to down some that able that something do it's a because And of would if of have debt. to and continue at have very a we it divestiture divest assets, was there we some price. constantly. an then, So if at

question? Next

Operator

question from next Cowen. is Georgi from Yordanov Your coming

Georgi Yordanov

there you guidance? one, on previously-guided previous do the might optimum have ratios? And can updates requirements follow-up this So that about -- the examples the your guess, any petition? citizens what all and spin? any required I we point, specific a on in And have the at what -- similar follow-up, a leverage that you Can follow-up a like? just on the you just on guidance the confirm do those a from debt Are generic FDA a thinking questions. have products as allow is in other product-specific for to look if then you satisfied And bioequivalence updated covenant -- has you've talk

Thomas Appio

Okay.

let take So, take Georgi, part, I'll Tom the and first I'll the part. second

Tom Vadaketh

for George, got thanks. company steps as the other terms of approvals set before, as and -- leverage set targets certain -- there we've in as criteria we've spin, are that to regulatory various that The for we've well take. said ourselves had and

Obviously, and prepared made progress, So to has not targets. nice or whether spin. remarks. Tom said those we're I've leverage is have further debt just as we no are on of point, comments said, in all this But at exchange and closer -- we not the a considering our a

Thomas Appio

Yes.

Regarding the petition, the but second right the citizens issued part of petition part and product-specific now, the guidance, Bausch's regarding actual granted the as have question of XIFAXAN to right the revise now, yet. intends in FDA guidance not

Next question?

Operator

question next Sandler. Amsellem coming is from Piper from Your David

Isaac Somekh

is David. Two This on me. for for Isaac

agency So a draft updating on guidance. X ago. their looks saw the XIFAXAN, the strength went Allergan without of the month tentative And it like XXX-milligram decision we the ahead generic for approval with or

indication? And commercially, going and of? what your at state potential cash point, mature does invest more about this structure? XIFAXAN to on ability out that of the that the we, label carve-out largely the asset a the thinking flows your one a how dynamic capital then to follow-up, manage alter you're is maximize this HE So given think a as should for XIFAXAN as Or just

Thomas Appio

questions. X those take I'll Okay.

What we speculate and XIFAXAN what is, can't that let's I just say on this the team believe, I I question. XXX-milligram, have. about and would believes the on Firstly, talk regarding time

important X asset here great very indications. in a have We

a these the take IBS-D area X.X at clearly, you XXX,XXX take incidence perspective, have second-line million just I a a from take look we lot medication And with treated -- diagnoses diagnosed growth. are of If only IBS-D, if an look but diseases XIFAXAN. with are for like of -- patients

area a there of lot to So there's grow.

We are and next in investing this year year.

Our care to XXX,XXX have we indicates this behind there's are put only XX,XXX continue XIFAXAN, potentially at the in plan When indication. and a our medication only take standard HE, is investment look of this and just that HE about to patients a which analytics and franchise. more with treated is approved

believe space extra continue lot the we grow to in and to I of there for this investment there franchise a are So and that franchise, XIFAXAN to expecting increase is in XXXX. put investment we XXXX,

So we look franchise core as really a I is can for think there's we to it, us that continue at -- this grow.

Next question.

Operator

from is from Your Raffat Evercore. next question coming Umer

Umer Raffat

could of BLCO? I you may. And couple shareholder also maximizing to A value. quick remind you options on if ones, you're mentioned be spin to for one, the through us needed evaluating numerous Number if Could table? shareholder go if Solta approval is a then on

Thomas Appio

Omer, the thanks for question.

Okay.

course, of great again, we that have. I asset another the So is, Solta believe, franchise,

part the of As gives footprint us around the a world. assets now Bausch a -- with family global Health again, of

I that with previously, to type think open. of options this is can to in, a I like have premium keep actions we an any would would stated continue assets asset asset take as be that again, all grow, at an price. especially to but our continue Solta we invest But

Bausch part we of the things, to open and really believe family. can really at for grow Health be we're but different asset -- always we again, So this looking us

do you of approval? part shareholder to regarding the want Tom, the take question So second

Tom Vadaketh

spin. Yes. for -- the Omer, is shareholder spin indeed, required for approval B&L yes,

Thomas Appio

Next question.

Operator

Samimy from coming Your next is question from Annabel Stifel.

Jack Padovano

Jack for Annabel. calling is in This

which briefly, the revenues? rifaximin any going, some you have future several touched to for And a to to any provide of other have might the on on but able additional of color offer So you potential programs? the would you HE offset be update XIFAXAN

Thomas Appio

I I much said as I area is a remarks, patient when the my Jack, is larger where prepared in this RED-C program, population. that look at this an think

-- the in this and a that's much will a indication is here work pool. going so And on larger be

in us So growth can believe program future. driver for a this be really the that we really

data, Of for high a and priority but the we have RED-C in course, really is wait on to and it. program we the believe see us,

Next question.

Operator

question coming is Fraser next Your Truist from Securities. Greg from

Gregory Fraser

comment in need forward? And legacy package to process? in spin, P&L the capital IRS that changes cash then ops. You Any flow visibility would guess dispute in the capital, cases be order on On impacted just move on further remaining could I you additional the mentioned do the color helpful. the quarter? legal influence on working the are can working from there you those

Tom Vadaketh

Tom I'll take Vadaketh both. Greg, here.

unusual moving And had It's an have on hard beyond that companies. most of occurs working movements, cash just we've what So goes quarter. to in year. really throughout nothing even capital and the it's capital, flow just working predict pattern at the and out the cash

been and QX particularly have low, QX as And you so know.

year, with QX, And litigation, we're pretty pretty expect the we up you then year on the barbell legacy, nice to I we IRS strong of so correct, then where Greg? and meant had in end sort going well. And cash be the this as flow to QX think

Gregory Fraser

lawsuits [indiscernible] a remain. still in IRS that

Tom Vadaketh

the Yes. as and also like Tom's evaluating we step beginning, beneficial and our options company evaluating to that factors take steps said at carefully all interest the are very then for best I and well are as actions trying the all and forward stakeholders. Look, and and in the said, the

So process the frankly, been, few last that they decision-making years. all of as play these factors into really, have kind for of

Thomas Appio

Next question?

Operator

Your is Capital Douglas RBC Miehm next from Markets. coming question from

Douglas Miehm

looking $X one, billion Holdco about or you construct sits, appear perspective? ratios you're be questions. are Holdco? viewing the we held Tom, to then outside is company, would from at that's where Two within that, the on the X.X%. leverage below for think how the turnover covenant to which the can X.X% how elaborate the that Could of Number and and you secondly, things talk about And at when debt

Thomas Appio

pretty course lot since first went that the then the we what Again, part, If been the take years. at force of, we're When years. from second previous the see times, and Tom look I'll a the at we but turnover has what seen been haven't changes part. normal look is a of And sales we in there's IPO of through Douglas, take the much tracking will as for the in take we on course, the year, with been company. then B&L, we was policies turnover in there putting but at are place returning prior spikes can in work as to at optionality give what some they look terms we really have that above our taking there to we -- things of our in it, be of post-COVID, work. how employees want

So also. that helped has

have We our global restacked headquarters.

now So and then and we are separated Bausch Solta course, B&L. of Pharma between

we're seeing you course, with some a movements So And seeing has there. Tom, right do the of there other spikes that pretty around. what stabilization. we're and here globally are want a take as regard second in But know, place perspective, stable part? you than taken it to workforce now, some from

Tom Vadaketh

Yes.

take the Let second -- me your just your part question pieces. of in

$X So Holdco is that that is credit debt, billion The that at unrestricted the I subsidiary. just our around the first, agreements. and level, covenant an think

the I'll to debt accordance if can with tell the want not and count covenants. don't trouble briefly calculating with ratios and our to I leverage attempt our -- that that that, I we get would but covenants I not part agreements, into in so you And interpret is of basically team in -- try any legal are my

for out financially the ensure that X.X% company and a company that, I'll a you is set remaining that ourselves strong. the to target remind had to we that leverage On was ratio X.X%,

-- that's that. a to have not that -- be company, billion $X leave on just how is we've And not. of said said are I The the or don't at we want I'll going I the so it level debt, and consolidated never calculated. at debt to speculate we don't whether And

Thomas Appio

question? Next

Operator

question next Rishi from is Your from JPMorgan. coming Parekh

Rishi Parekh

relates I relates follow-up, the the where of point about spin? as noted to believe just I Do requirements? And timing the you've target. relates are spin Or One, past and covenant consider it moving or as XX% your have at then what's it Is what's holding that? XX% own, unrestricted target. Can it holding from you process? unrestricting as in that the just do you all it's spin-off, back coverage to that you litigation? would options constructing the Canadian that back? And the approval with and you requirements, my through Does the interest these to the is in move just and sub that it the And below have not will market near happening you're Anything at equity you two. opinions? to you you forward the created include in any are it you spin. meeting us that then walk August? with that just remaining leverage options the to solvency what's back with

Thomas Appio

Rishi. the first will take will part. part. Okay, I Tom take the second

course, Lomb And remarks, so we balance to can everything on all of continue looking part I liquidity. prepared to first situation. patent Bausch the we're said sheet continue of the So the doing and This includes my in that company's what and your at, we distribution. XIFAXAN question, evaluate relevant factors focused and improving considerations the regarding

we have the take the we do believe were potential second sense, we to still think situation everything We have the identified objectives. we makes but given could today. Tom, want we that that again, options reach So the -- part? strategic spin-off and considering you paths

Tom Vadaketh

some Yes. addressed Rishi, just overall I in the I unrestricting end think step. the question as our a towards path of It's a The -- It's it separation view is itself. of company. Tom part step don't sort the strategic towards as here second your well. of

unrestricted Tom all we We're haven't are, that. and yet, that I'll not, be in we taking, unrestrict to said, in step or trying at deciding B&L doing at looking And the and to we're it and leave very options. so as thoughtful each about

Thomas Appio

question? Next

Operator

Gerberry Securities. Jason from coming is question last Our Bank America from of

Unknown Analyst

This Chi on is for Jason.

I you quarter. can if maybe and volume the wondering XIFAXAN, dynamic So on price elaborate this on

IBS-D I COVID little of coming a up. to think pick out was slower

estimate returned you IBS-D to more have when hate [indiscernible] think can't on about on X% about you -- more more to -- and you HE the Do a what elaborate timeline your the dynamics, not, growth guys has last what can And indications? know I you growth for And potential have squeeze growth? And spin. organic done that But normalized but Solta, you little if the bit wondering I this curious, between be? that guess to previously return I I'm expect what might growth? this dynamics distribution. more if talk I'm about an So segment talk to a have one growth? And you wondering, talked you the timing a do underlying segment internal normalized can talk with I'm already a might lot in, you of

Thomas Appio

down. So break this question let's -- we'll

So the we When one business, Asia think in growth, back normalized Pac, a good normal look on China to look trajectory as to this I'll take this of our business at I the Pac the the levels, back of which dynamic, first. again, growth Solta on can we part Asia lockdowns somewhat with post-COVID, coming big is at get when growth. returns

investments we at have this is have continue our really We of in our to to we globally, work. we things invest areas build-out lot business which what do where can look there good -- COVID European regulatory the hurdles a overcome, can driving China, as Clearly, of do But in ongoing we have, performance. look it we ahead. We business. Clearly, see impacted at our what Solta. world around and the that

COVID. that -- due to really planned has for, to but great opportunity So we had that was that delayed build-out there's a accelerate

really think So from I asset. is this perspective, a great a Solta

in and part front underlying pass distribution on continue as Tom innovate going to the timing products, good we the to of have do XIFAXAN area. What question I'll great on, really we I'll performance. the is your some second next -- R&D this the and We the have regarding work

Tom Vadaketh

we've I that's price timing. with next going I'll predominantly our comment particular, are this several on distribution growth at XIFAXAN our steps, I'll and X%, quarter and the reminder, was as call, it times to we growth said Yes, and -- in not a on was really that. coming that organic start on so for On just -- Salix, through. leave

the pricing of and is took which stick, most actions that year, great. So seeing we we're beginning of at the

a TRx quarter. half the saw in growth back full basically the growth excited indications. retail we've we volume think, quarter the an both but was the in was are we're drop least million, I that mentioned last I in On quarter by but as about the we side, growth across of for inventory my was that flat, coming growth in in -- mentioned, then $XX by of a or we uptick the that offset seen which in -- drop seeing, the part And prescription comments. of at

was so negative quarter. growth during And volume the

Thomas Appio

Bausch Health Companies (BHC) 3 Nov 222022 Q3 Earnings call transcript