“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.”

In context

“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 portfolio target to greater than $10 billion in 2026, a year later than previously communicated, and with respect to operating margin, [indiscernible] our target to greater than 37% through 2025 to reflect continued strong profitability while enabling flexibility to invest in future growth and incorporating the dilution from Mirati. Now before we turn it over to questions and answers, I’d like to recognize Giovanni’s leadership of the company and thank him for his considerable contributions in transforming BMS. I also want to acknowledge the hard work of our teams around the world during the quarter. I know that our people remain focused on delivering for patients and will continue to do so under Chris’ leadership moving forward. I’ll now turn the call bac”