“Regarding CERTIKTU specifically, this will temper our reported sales in the first half of the year until demand volume can offset these impacts.”

In context

“he U.S. rebase sales more than doubled, driven by demand across newly launched markets in Europe and a strong launch in Japan. In cell therapy, BrionZ's fourth quarter sales more than doubled, driven by its best-in-class profile and strong demand growth across all its approved indications. Now moving to immunology on Slide 15. Global sales of STC grew more than 30% and U.S. sales benefited from higher demand, tempered by gross to net impacts from higher rebates associated with expanded access coverage. Starting in 2025, we further improved our access position with 80% of covered lives having 0 step edits, which will help us drive demand growth. As a result of this improved access position, however, we expect additional headwinds from higher rebates notably across the immunology franchise. Regarding CERTIKTU specifically, this will temper our reported sales in the first half of the year until demand volume can offset these impacts. I will wrap up reviewing our performance for the quarter on Slide 16 with neuroscience and cube fee. Covent sales in the fourth quarter were approximately $10 million and represent roughly 2 months of sales and initial stocking. And we've seen strong prescription uptake during these early months of launch. Feedback from both patients and physicians has been favorable, highlighting the benefits of Cobenfi's differentiated efficacy and safety profile. Let's now move to the P&L on Slide 17. As expected, gross margin declined about 240 basis points in the fourth quarter, driven primarily by product mix. Excluding in-process R&D, operating expenses increased approximately 8%, largely driven by R&D investments, partially offset by our ongoing cost savings program. Regarding our operating expens”