“With respect to our 2025 expansion, we expect to realize approximately $2 billion in annual cost savings by the end of 2027.”

In context

“illion in cash equivalents and marketable securities as of March 31. We generated cash flow from operations of approximately $2 billion in the first quarter. In terms of capital allocation, we maintain our strategic and balanced approach. As Chris highlighted earlier, business development remains a top priority. We continue to actively assess opportunities in line with our strategy. And we remain on track with our plan to pay down $10 billion of debt relative to our 03/31/2024 balance. Our capital allocations also include rewarding shareholders through the dividend. 2025 marks our ninety-third consecutive year of dividend payments. In addition to strategically allocating capital, we are also driving operational excellence through our previously announced strategic productivity initiative. With respect to our 2025 expansion, we expect to realize approximately $2 billion in annual cost savings by the end of 2027. And we remain on track to deliver $1 billion of these savings by the end of this year. Now turning to our outlook starting with revenue on slide 15. We are increasing our full-year revenue guidance to a range of $45.8 billion to $46.8 billion, reflecting strong performance of our growth portfolio, better-than-expected legacy sales in the first quarter, and a favorable impact of approximately $500 million related to foreign exchange rates relative to our previous 2025 guidance. Additionally, we now expect the legacy portfolio to decline approximately 16% to 18% for the year, a more moderate rate than previously anticipated due primarily to Revlimid's strong Q1 performance. We now project full-year sales of Revlimid to be at the top end of our previously guided range, $2 billion to $2.5 bil”