Bausch Health Companies Inc. (NYSE:BHC) Q3 2022 Earnings Conference Call November 3, 2022 8:00 AM ET

Company Participants

Christina Cheng - Senior Vice President, Investor Relations and Communications

Thomas Appio - Chief Executive Officer

Tom Vadaketh - Chief Financial Officer

Conference Call Participants

Gary Nachman - BMO Capital Markets

Georgi Yordanov - Cowen

Umer Raffat - Evercore

Greg Fraser - Truist Securities

Douglas Miehm - RBC Capital Markets

Rishi Parekh - JPMorgan

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. Participating in today’s call are Thomas J. Appio, Chief Executive Officer of Bausch Health and Tom Vadaketh, Chief Financial Officer.

Before we begin, I’d like to remind you that our presentation today contains forward-looking information. We ask you to take a moment to read the forward-looking statements at the beginning of this presentation. Our actual results may vary materially from these expressed or implied in our forward-looking statements and you should not place undue reliance on any forward-looking statements. Please refer to our SEC filings and filings with the Canadian securities administrators for a list of some of the factors that could cause our actual results to differ materially from expectations.

We use non-GAAP financial measures to help investors understand our ongoing business performance. Non-GAAP financial measures may not be comparable to similarly titled measures used by other companies and should be considered along with, but not as an alternative to, measures calculated in accordance with GAAP. You will find reconciliations to our non-GAAP measures in the appendix of this presentation, which is available on Bausch Health’s Investor Relations website.

Finally, the financial guidance in this presentation is effective as of today only. We do not undertake any obligation to update guidance. Our discussion today will focus on Bausch Pharma and Solta. However, we will briefly comment on Bausch + Lomb’s results announced yesterday. We will refer to year-over-year comparisons with the same period last year unless otherwise noted.

With that, it is my pleasure to turn the call over to our CEO, Thomas Appio.

Thomas Appio

Thank you, Christina and welcome to those of you joining the call today. Let me start with the four points on Slide 6 that I want you to take away from this quarter. First, we are encouraged with the sequential sales improvement for Bausch Pharma and Solta this quarter. Second, we created value during difficult market conditions with a very successful exchange offer that reduced debt principal by $2.5 billion. Third, we continue to evaluate potential options to maximize value, including improving our balance sheet and evaluating all factors related to the future distribution of Bausch + Lomb. Fourth, we continue to vigorously defend our intellectual property in XIFAXAN patent litigation.