“Lastly, turning to our 2023 non-GAAP guidance on Slide 21, we continue to expect revenue to decline in the low single digits compared to last year.”

In context

“mated tax rate. Overall, third quarter earnings per share was $2.00 per share, growing approximately 1%. Turning to the balance sheet and capital allocation on Slide 20, cash flow generation and our balance sheet remain strong. Cash flow from operations in the quarter was approximately $4.8 billion with over $8 million in cash and marketable securities on hand at the end of Q3. Our capital allocation approach remains focused on business development as a top priority, with the planned acquisition of Mirati as an example. We also remain focused on growing our dividend and on opportunistic share repurchases. In this regard, during the quarter we executed $4 billion of ASR and expect that to be completed by the end of the year. Today, we have roughly $2 billion of authorization outstanding. Lastly, turning to our 2023 non-GAAP guidance on Slide 21, we continue to expect revenue to decline in the low single digits compared to last year. As mentioned, we expect new products to be about $3.5 billion this year and for Revlimid to deliver about $6 billion. Turning to opex, we continue to expect roughly low single digit decline compared to last year, corresponding to roughly $4.4 billion expected in the fourth quarter. Based on the changes to tax I described earlier, we are revising our full year effective tax rate to 15.5%. With respect to our earnings, we have increased the midpoint of our non-GAAP EPS guidance and narrowed the range to $7.50 to $7.65. With respect to our medium term guidance on Slide 22, as Chris described earlier, we reaffirm our low to mid single digit revenue CAGR from 2020 to 2025 and the $8 billion to $10 billion growth from our in-line portfolio during this period. We have adjusted our new product p”