Thank you, and good morning. So thanks for joining us today. It's good to be back at the J.P. Morgan Healthcare Conference. This is my 17th year attending this conference, and I probably have not been more excited to provide an update over that period of time. So let me run through some slides, and we'll leave plenty of time for Q&A. I'll have our Head of R&D and Chief Medical Officer, Yehia, and our CFO, Sam, join, and Robbie will come back up and ask questions. So let's see. Next. I got this. The most interesting slide. We'll skip through this. So this slide was meant to ground everyone in who we are now. We've built an iconic brand with rich history, but we've largely reinvented the company in the past few years.
We have built an unmatched platform that covers every aspect of eye health and have carved out market leadership positions in critical areas like dry eye. But our reinvention goes beyond the products we offer. We fundamentally have changed how we source, make, and sell, which has resulted in significant and consistent revenue growth. But what I'm really excited to share is how innovation is once again core to who we are and positions us for success in the near and long term. Touting revenue growth can sometimes open you up to criticism if you're relying on one or a handful of products or have benefited from overperformance in a certain region of the world. We don't have that problem. Our holistic strength has been on display every quarter this past year. Each of our reporting segments has delivered solid growth and continued momentum with no signs of slowing down.
That growth has spread around the globe, helping insulate us from events or market conditions that have an outsized impact on others. If you're in this room, these stats are probably familiar to you. Let's take a quick refresher on the opportunity that exists in eye health. There are significant unmet needs today, and those needs will rise exponentially in the future. While there are many contributing factors, two drivers stand out: an aging population and people, children in particular, spending more and more time staring at screens. Those needs translate to solid market dynamics with mid-single-digit growth projected for the foreseeable future. That anticipated growth is spread across the entire eye health spectrum, which obviously bodes well for a company like ours with proven holistic strength.
Something else I'm fond of highlighting every quarter is our roadmap to accelerate growth, which I introduced after rejoining the company nearly two years ago. Does our roadmap have any kind of wow factor? No, and that really is the point. Slow and steady wins the race when it comes to fundamentally changing how we operate and execute. We're making progress against the goals we've set, and our results so far back that up. It's important to bear in mind that this isn't a roadmap to general success. It is a roadmap to being the best eye health company in the world. Here's a reminder of the three pillars of our strategy that underpin that roadmap. We promised 2024 would be one of the busiest launch years in our company's history, and we delivered. We introduced products that will be significant contributors for years to come.
Operational excellence is an unsexy term, and we're okay with that. You don't realize margin expansion without optimizing your network. As mentioned in my opening, I'm particularly excited to talk about innovation. Approximately 60 R&D projects are in our pipeline, but it's what we are developing that will accelerate our position as an innovation-driven company. Let's talk about our growth drivers in 2024, and we'll start by highlighting our industry-leading position in dry eye. The focus continues to be on Miebo and Xiidra performance, and rightfully so. But it's important to note they're part of a global dry eye portfolio that is approaching $1 billion in revenue. While our pharma products will continue to play an important role in the growth of that platform, we're offering solutions at every turn in the category that continues to rapidly expand.
These include OTC products like Blink line of eye drops, and even ScoutPro, a diagnostic tool surgeons rely on. Now it's time to highlight Miebo and Xiidra. The proof is in the pudding for both. Nothing I say will paint a better picture than the charts on this slide, which are based on the most recent TRx data. As a reminder, at Q4 earnings last February, we had projected Miebo to contribute approximately $95 million of revenue in 2024. At our Q3 earnings in November, we raised that range to $165-$170 million. For Xiidra, year-over-year TRx growth has been consistent and encouraging, which means our patience is being rewarded. Both medications are being bolstered by significant investment in compelling direct-to-consumer campaigns and a combined sales force whose relationships deepen each day.
Moving to our vision care business, as of the third quarter, we are the market leader in yearly lens growth at 11% on a constant currency basis, something we haven't been able to say for a long time. Much of that can be attributed to the performance of our Daily SiHy lenses, and there's a long runway. We project double-digit Daily SiHy category growth over the next few years as we continue to launch multifocal and toric options in new geographies. Helping fuel that growth is an investment we made in digital capabilities, including in China direct-to-consumer program and the launch of Opal, our U.S. digital e-commerce platform, just this October. You're familiar with our category-leading consumer products, but the thing is, you don't remain a category leader by resting on your laurels.
While it sometimes seems like there's no end in sight to Lumify growth, we're injecting new life into that franchise with a preservative-free option expected to launch this month, and the next-gen Lumify Luxe is currently in development, and we'll have more to say about that in a bit. We're also working on a new formulation for PreserVision to address the significant growth opportunity in dry AMD. In fact, there are nearly 23 million dry AMD sufferers who don't currently use this product. Building on the successful collaboration dating back to 1995, we're once again working with the National Eye Institute to develop our AREDS3 offering. Our IOL portfolio is another demonstration of follow-through. We started the transition to higher-margin premium products, with the most recent examples being our October launch of enVista Envy in the United States.
Most of you know that ophthalmic surgeons are incredibly particular about the products they use, and the feedback can go a long way toward determining success or failure. While anecdotes don't necessarily translate to market growth, early feedback on our new offerings has been overwhelmingly positive, and we're not done yet. We plan to launch Lumify Luxe brand in Europe this year, and we have 12 out of 13 sites actively recruiting patients for enVista Beyond, our extended depth of focus IOL, with an expected launch in the United States in 2026. This is perhaps my favorite slide, as it really drives home how much our pipeline has evolved in just a few years. While our pipeline prior to 2023 included important products, some of which I just mentioned, it was largely centered around Miebo.
Perhaps my biggest priority upon rejoining the company was to complete an overhaul of our R&D organization, including hiring many top talent. That helped us lead us to where we are today, with a pipeline that positions us to lead the market, not follow it. Let's take a look at some of the potential game changers across the business. In December, we announced the acquisition of Elios as a prime example of investing in smart, innovative technologies that enable eye care professionals to better address the evolving needs of their patients. MIGS is an exciting new area for Bausch + Lomb that contemplates both our surgical portfolio and our Vyzulta franchise. There are two key differentiators here. The product is better. The excimer laser doesn't leave behind an implant, and recovery time is faster.
The acquisition will also help us promote combined treatment as a standard of care for the 20% of cataract patients with glaucoma or ocular hypertension. In the contact lens space, we have strong internal capabilities and impressive optical engineering heritage. As pointed out earlier, today, Daily SiHy is our fastest-growing lens category, but we're also focused on what's next. Our in-house engineers are advancing contact lens materials that have the potential to disrupt the daily disposable market. Without giving away too many details, this would be a first-of-its-kind biomimetic lens that really optimizes oxygen permeability and can be manufactured very efficiently. Earlier, I mentioned not resting on our laurels, and that's certainly the case in pharma, despite the resounding success of Miebo. We've transformed the pharma pipeline to potentially drive a number of firsts.
We're developing the first dual-action therapeutic to address both evaporative and inflammatory dry eye disease, the first product to treat chronic ocular surface pain, and the first product in glaucoma to lower intraocular pressure and improve visual acuity. We're also developing multiple best-in-class opportunities in intermediate AMD and geographic atrophy. My presentation has clearly had an emphasis on what's next, and that's what this chart illustrates. The continued success and growth trajectory of our current offerings allows us to significantly invest in the future. The pipeline products I highlighted and a few others we're excited about are captured here and represent the next cycle of innovation from Bausch + Lomb. In the absence of 2025 guidance, which we'll provide in the normal course in February, I'll leave you with our key priorities. Our strategy is working, and therefore it remains unchanged.
We'll continue to deliver revenue at or above market by focusing on operational and selling excellence. And as made clear in this presentation, we'll continue to build a pipeline that will be the envy of the industry, with an eye towards sustainable, profitable growth for years to come. Robbie, let's do some Q&A. Thank you all.
Great. A lot to talk about. I have to ask, I probably can anticipate the answer I'm going to get here, but there's been a lot of news reports about a potential sale of Bausch + Lomb over the past few months in publications. Any comments you can provide on that?
Can you expand? I don't know what you're doing.
Yeah, look, so we are always looking in conjunction with the board at BHC for ways to effectuate a separation. Both companies and both boards view that as a very high-priority action, and we'll see how it plays out, but we are committed to looking for multiple shots on goal to complete a separation.
Maybe to add to that, in conjunction, it was over the weekend, I think they all got announced, or Friday, if I remember. There were a number of small deals that were disclosed. So maybe we could start with those and how those fit into Bausch + Lomb and any of them going to contribute revenues in 2025.
Yeah, so really, with very few exceptions, very few of them will contribute revenue in 2025. Elios has some sales in Europe. It's an approved product in Europe, but we don't expect approval till the end of the year in the United States, or earlier if things go well with the agency. But that's the current planning cycle. But each one was designed to really bolster our innovation, and I'm happy to talk about anyone specifically if you like. Yehia is here and certainly can give some scientific rationale.
Yeah, just maybe because there was, I think, three, if I'm not mistaken. It'd be helpful just to give a quick overview of what they are and the importance.
Yeah, so actually, the way we looked at these types of deals is that we looked at first our internal capabilities, and we built a pipeline based on this. This includes the Miebo Xiidra combination and the chronic ocular surface pain. Both of them were available for us, and also we have the capabilities to develop them further. The other areas of high unmet medical needs, we realized that it exists in the glaucoma area and also in retina. There is a huge potential for retina, especially geographic atrophy, because we know that there are existing therapeutics that have been approved, but there are still huge unmet medical needs, namely in areas of visual improvement or functional improvement in these patients, or second, based also on some of the better safety profile for some of the products.
This is what we have been focusing on with regard to building the retina pipeline. One of the announcements that you hear, the City Therapeutics, which is a small interference RNA, we looked at this from the perspective that small interference RNA is a platform that can get us into many products. The second, it has been already used in indications other than ocular indications. We know there are plenty of certain products that have been approved, and there's an ample amount of data available on their safety. The third is that really the ocular pharmacology is a great way because it has a lack of immunogenicity. We can actually control the dose extremely on it. City Therapeutics for us was a potential that we would like to go further in this direction. Another one we announced, I think this morning as well, was the WhiteCap.
WideCap, we have two assets. One asset is in the area of glaucoma, and they have phase two data. They already conducted phase II data. And the phase II data, they showed actually that there are improvements, lowering intraocular pressure, but what was exciting for us that they demonstrated improvement in the low luminance visual acuity and on microperimetry for both doses, the higher and the lower dose of that. This was an interesting part that we can get it from phase II directly to phase three and approval. The other asset was in geographic atrophy, but still preclinical. These opportunities for us considering addressing areas that are not being addressed so far. The second is for us as well, we have the capability to develop it and move it forward.
The third, it's actually linked between things that are in clinical as well as in the preclinical stage, so we can have a pipeline of products over the coming 5-10 years.
Great. Maybe just to stick with M&A here while we're talking about it, you've done a larger deal with Xiidra. You've done the deals you just discussed also on the pharma side. I guess the question is, how do you think about M&A as it relates to the different business segments that you have? Is there a focused area and also on size? Now, with the leverage still coming down from the Xiidra deal, how do you feel about your capacity for anything larger than a small deal at this point?
Yeah, so maybe Sam and I will answer this, but all the deals we announced are relatively small, hence no need. The materiality standard didn't even reach the disclosure threshold. But look, when you think about our business as consumer, we can develop internally. Contact lens and vision care, we can develop internally. So they don't really need external deals. And then in pharma and surgical, we have a mix of capabilities. And so we supplement and add to those through M&A. So I think we have a really balanced approach to make sure all parts of our business in a holistic way have the right depth of pipeline and the right level of future growth. And it's really just a very balancing act between opportunities and need. But Sam, you want to touch on leverage?
Yeah, absolutely. And cash has been one of the areas that we've been focused on, Robbie. And we ended September with roughly about $231 million of adjusted cash from operations. I think this has been one of the focuses that the North Star for us remains the same, which is really putting strength into the balance sheet. You'll see those transactions, as Brent said, we finance them through cash on hand, pretty much most of them. So that was really the driver here for us that we're going to continue to drive the cash and drive that leverage down.
You had a slide on 2025 goals, and one of them was to grow at or above market rate. You do participate in a number of different markets. So how do you think about the market growth for Bausch + Lomb?
Yeah, so we tend to hold each of our businesses accountable to growing faster than the market. In other words, take market share. We've done that very successfully with the numbers reported through the third quarter. In the fourth quarter, the momentum has continued. We'll report that in February. But we expect to see a lot of the same in 2025.
If I throw out something like four or five for the company, is that in the ballpark for total growth?
Four to five, I think we're probably a tick higher.
Yeah. The overall market is running around 5%.
Okay. So we have ambitions higher than that.
Yeah.
I meant for underlying weighted average market growth.
Yeah. Yeah, I think that's right. Yep. Yes. Fair, Robbie. I thought you meant for us.
Right. And you do better. Yes. Sam, as we think about some of the puts and takes down the P&L, and again, we'll wait for February call for exact details. As I look at your P&L, currency is one that stands out, and interest is one that stands out. Any early thoughts as to how we should be thinking about those two line items?
Yeah, it may be worthwhile to take actually a step back and just reflect on a couple of things of how we actually positioned the company in 2024. Because we were very deliberate with how we actually took a number of steps in 2024 as we started the year. And that was really driving the top line growth. And we saw that throughout 2024, we delivered 20% constant currency growth, 10% organic. The other part of it, we also focused on how we can drive margin expansion as we go forward. And we said that we're going to drive sustainable margin expansion. We saw that every quarter throughout 2024. We didn't report Q4 yet, but as you saw Q1 through 3, we had a margin expansion every quarter on a sequential basis.
So that is very important to step back, Robbie, and just reflect on that, because that's really the foundation of how we actually think about 2025. And it's really driving the top line growth, durable as well, durable growth, as well as driving the margin expansion. A couple of things I will highlight. You highlighted the currency. Currency has been, we saw, especially after the election, towards the end of the year, we saw currency move with putting a little bit of pressure. So for example, just in the last number of weeks in Q4, we saw roughly about $4 million hit on EBITDA coming out from pressure in terms of currency. That's against our expectation. I expect that will continue with us as we go into 2025. We guided 2024 guidance was roughly about $75 million of currency headwind, top line.
We said on the bottom line was roughly anywhere between 10- 15. I think as we reflect on 2025 right now, we expect that probably, again, I don't want to speculate on currency, but if we use the rates today and nothing changes and we give earnings today, there will probably be something close to 100 on the top, about 20 on EBITDA in terms of currency. So I think we'll watch currency and we'll see how it plays out with post-election and with the new policies, but we'll see how that plays out. The other two parts that it's important to point out, you asked about tax. We have a very efficient tax structure. So we've been running roughly around that 15%. I expect that will continue with us into 2025.
And then the one other item that we highlighted for 2025 is the anomaly or one-time impact of the IRA, which we talked about throughout 2024 that is coming towards us. And we do expect that's going to be. We'll be ready for in 2025. Again, we estimate that roughly to be about $25 million impact for us in 2025 as a one-time.
That's mostly on Xiidra?
Mostly on Xiidra. It will impact other elements of the pharma portfolio, but mostly on Xiidra. Correct.
Maybe just the other one on interest. The market's now assuming fewer rate cuts than we were before. You're in the midst of paying down debt. So how do we think about the balance there?
Yeah, so the way I think about, we started our average interest expense roughly about 8.25% or so in the beginning. Right now, as we end the year, I expect that to be just under 8% on average cost of debt. As I think about next year, I think that should be, again, assuming a future curve with whatever we know today about the Fed actions, that should be in the range of anywhere between 7.25%-7.5%. So we're seeing a steady decline in our interest expense as we go into 2025, which helps the EPS growth as we expect into 2025.
Maybe if we shift to some of the products, I would say Miebo has been the standout in 2024 on the launch, beat pretty much every quarter, I think, during the year. You put up some really positive trends even for fourth quarter there on scripts. Where do you see that product positioning in the market? It has a really fast mechanism of action, which I think patients and doctors love. So clearly a strong first year, but how do you position that within the portfolio? You also have Xiidra as well. And your view for that moving forward?
Yeah, so what's interesting, when we launched Miebo, we really had to carve out or create a new market within dry eye. Dry eye had predominantly been treated as an inflammatory condition with the cyclosporine and Xiidra alternatives. And Miebo really created the first opportunity for our team to build an evaporative dry eye market within the dry eye marketplace. And I think they've done that quite well. And now when you go out and you talk to ophthalmologists or eye care professionals, they really understand the dual mechanism and really the paradigm of the disease. And so I think we have only, what, five quarters into the launch, right? We still have a lot of work to do to build the market.
But it's very encouraging to see what's happening, not just even with our commercial organization, but we have medical affairs, the literature, the training, the workshops we do with ECPs. It's really starting to stick in the vernacular and the treatment paradigm. And so a lot of momentum and excited about that. So I think Miebo has a long runway. And the other thing I would say about dry eye is most ECPs outside of some dry eye specialists look for the easy button. And Miebo really is the easy button. The efficacy safety profile was really compelling. As you said, really early onset of action. And patients like it. And so as we've sorted out managed care and made that part easier, clinically, it's a really easy prescription for doctors to write.
Obviously, you have Xiidra in the portfolio. So how do you balance the two of them? Are they complementary to each other?
They're very complementary to each other. I think in fairness, and my team's here, I hope you would agree with me, but I don't think we would have had the success with Miebo without Xiidra. And I think being able to talk holistically with an ECP about inflammatory, evaporative, having a full treatment paradigm, being able to leverage both medicines in medical affairs presentations and educational sessions and talking about the different modalities of this disease and the two treatment options really synergistically works together. And so they really do support one another. And that's why I think the combination that we're now working on is really a game changer. Because ultimately, if you talk to ECPs, they want to treat both the inflammatory and the evaporative. And first, they have to figure out, will managed care pay for both? Right? That's one hurdle.
The second is, will patients comply with multiple drop therapy? Because that's the only way to do it today. And so again, going back to that simple button, is let's give them one really hard to formulate together, by the way, very complex, very difficult science problem. But putting these together and giving patients what they really want, which is a one-drop solution that holistically treats the condition.
So it's now been over a year since Xiidra has closed. This had two previous owners that had pretty much underinvested in it at both shops that it was housed at. You put a lot of investment behind this asset. It's hard for us to see on the outside, but how has this trended versus your deal model on top line and returns year-end?
Yeah, so against the deal model, and the deal model is a standalone deal model, right? You don't factor in Mibo and the synergistic effect that it's had. If you did, it would be an overwhelming ROI. But just looking at it holistically as just Xiidra, look, the first half of the year, it started off behind. And we know the reasons why. We had Change Healthcare. We had a bunch of Salesforce integration. We had to create a new DTC campaign. The one that was left with us was suboptimal. And we've done all that. And as you see towards the end of the summer, all that started to come together. You see what was it now? About 20 weeks of week-after-week growth. And so you see the momentum coming from the real good execution at the field force level, medical affairs, really good new DTC campaign all working.
We see it starting to come back on track with the deal model. We're not quite where we wanted to be yet.
Maybe jumping around a little bit. Over the past year, I've heard you talk multiple times about evaluating whether you needed to be in all the markets you were in and focusing on profitable markets. Maybe now that we're in 2025, are there any markets that you've actually exited or cut back on products, and maybe just speak to your efforts around the world trying to focus on profitable growth.
Sure. And that's an area. And we looked at it from just not only your markets, but also we looked at it from our products. And we go down to even SKU levels. Because I think they all feed into each other. I think our focus has been really driven about how do you deploy your capital and the capital allocation within each of our businesses, how we're thinking about our ROIs, and how we're thinking about sort of the market strength in our position and where do we want to put our effort behind in each of our segments. And that sort of drove, I think, over the last year or so, we exited probably close to about in the thousands, about a couple of thousand SKUs that we exited. We also exited markets. And the way we exit the market, you can do it in multiple ways.
There's not a specific one where you can completely exit a market that's small that we feel that it's not really significant or meaningful for us from an effort perspective, but also you can switch from a direct to an indirect into that market, and that's been sort of a very deliberate type of steps that we've taken throughout 2024, and we saw the impact throughout 2024. Nothing was significant in terms of any specific market material itself, that's why we didn't talk about it specifically, but in totality, it's really simplified the portfolio and simplified our efforts as we went through, positioned us as we go to 2025. The key here, Robbie, I don't think there's a finish line to this exercise.
That's an exercise that we will continue to probably do every year as we look at always what falls into that category for us that will be a target for us to simplify.
I appreciate there wasn't just one R&D slide with new products. There were multiple. So there is a robust pipeline across multiple divisions. But I didn't see any timelines. So I guess the question is, how should we be thinking about the framework for new product introductions, especially since there were a handful up there that were first-in-class, best-in-class type of products? Are those maybe put in a frame of near-term, mid-term, longer-term? How should we think about some of the more exciting products? And then in 2025, any you want to highlight that might be more near-term?
You want to?
Yeah. So the way we looked at it, we always try to look at the short, the medium, and the long term. In our current pipeline, we still have focus on some of the high return on investment products. So we would like to complete the premium intraocular lens portfolio. We have the EDOF, should be coming 2026. This year we have Elios in the U.S., should be coming. We have also the SeeNova, which is the new Stellaris machine, should be coming 2026. And then we have also the remaining of our refractive platform, the TENEO. We already approved myopia. We're going through hyperopia and we're going through other indications. So we do believe over between 2025, 2026, there are focus on some of the short-term launches that will augment our growth.
Looking to the medium term, we do expect that some of the new project that we just started, we have the combo product and we have the ocular surface pain and we have the wide cap. These all are starting the clinical this year. And we should see data starting from 2026. And some of them could be pivotal data. We can negotiate with the FDA that we can get it in 2028 and 2029. And others, we will have to get one additional study in the phase three. So we're trying to balance really between what is currently coming, sharp focus on what's coming on the 2025, 2026. But we're also trying to prepare the stage for the new of some of the acquisitions or our internally developed products to come 2028, 2029. And then there are preclinical-stage products, City Therapeutics, Character Biosciences.
All this we expect to enter in the clinical stage by 2027 to launch 2030 and 2031. That's basically.
Biomimetic lens. Contact lens.
Yeah. And the biomimetic, we're targeting actually 2027. So 2027 launch of the biomimetic.
Really? Okay. That was going to be my thought. So when should we start to see trial data from that?
Yeah. So this year is very big for us to start the clinical trials. We're starting five big clinical trials. We're starting one in Lumify. We're starting the combo. We're starting the pain. We're starting the glaucoma study. And then we're starting also myopia. So basically, some of the studies can read out towards the end of this year and others will read out next year.
Biomimetic, you talked about manufacturing efficiencies with that. Would that be made on an entirely new line? So would there be new capital buildouts? Or it sounds like it's on the existing lines?
Yeah. So Brent gave us this challenge from the beginning. He said, "any innovative product, you need to consider our infrastructure capability, especially when it comes to the contact lenses." So all our new contact lenses portfolio are going to be manufactured on our existing lines.
Really important point, as you know. The investment otherwise is significant. Yeah, and contact lenses especially.
Yeah. So his team did a great job. Really, the challenge two years ago to them was we need to lead with innovative new materials, but you have to design for purpose on the existing infrastructure and lines that we have where we have capacity. And they've done just that. So really impressive.
Is there patent protection around biomimetic? And I guess, is that around the material, the manufacturing?
Yes.
All?
All of them, actually.
A full portfolio on it.
Okay. Great. Maybe if I take a step back on R&D, and I know that's been a big focus of the organization, should we be thinking of that as growing at, above, or slower than sales moving forward?
Yeah. We've historically been roughly around the 7% of revenue in terms of our R&D investment. I think with the excitement that we're seeing with the pipeline right now with the innovation we're putting in, I think that gradually will continue to uptick long term. So you're not going to see a big jump into 2025, to be very clear. But as more clinicals come into 2026, 2027, beyond, you're probably going to see it moving from the 7%- 7.5% to about 8%. So I think, again, when we started with the B&L business and we looked at the entire portfolio, we always used to say 7%- 8% in terms of R&D investment. We've been hanging around the lower end of that range. Over time, as you put in your future models, that's probably going to be upticking probably closer to 7.5%- 8%.
I would imagine to continue the margin expansion, gross margin is where we'll see the most uplift over time with new product introductions.
Absolutely. I think we're seeing that already with the product mix, which is, again, many of the deliberate steps that we've taken into 2024 is to position us to be able to drive that margin. So you're seeing it already with the shift in the portfolio in the surgical business. You're seeing it in the shift in the pharma business. So you're seeing that product mix play into that factor. But also, if you really double-click on the innovation pipeline, right, there tend to be staying in a high margin type of our portfolio, right? There are first innovative type of drugs within the pharma, which tend to be more of a higher margin. We talked about the Elios, which is in surgical, which is, again, a higher margin. And also the shift in the premium within our surgical portfolio.
And then the last but not least, which is very important, is the new innovation around the lenses and the ability to be able to utilize the existing portfolio that will actually drive the margin on that product when it comes to market.
Brent, maybe with the last minute or two here, you've been CEO, what is it, year and a half, two years? You came in, you made a lot of changes, you moved the portfolio around, you focused on margins. How do you feel about where Bausch + Lomb is today and where it can go in the next two, three years?
Yeah. So as I mentioned when I opened, I'm really excited. I think we've really shown over the last several quarters real momentum on top line growth, a steady cadence of margin improvement. And although they were all announced just over the last day or two, they've all been things we've been working on for a year or so, really building out the innovation cycle from contact lenses to drugs to surgical to consumer. And so as I sit here today, I would say, look, we have a lot of work to do still. But I'm really excited. I think our track record is starting to really build credibility inside the company. And I'm excited to see what the team can continue to do to transform us to the best eye health company.
Great. Well, we're out of time. Thanks a lot. Thanks, everyone, for attending.
Thank you, Robbie.
Thank you.
Thank you, sir.