“We maintain our gross margin guidance at approximately 72%.”

In context

“e 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 billion. We maintain our gross margin guidance at approximately 72%. We continue to expect underlying operating expenses to be approximately $16 billion, with an additional impact of about $200 million due to foreign exchange rates. Expenses are now anticipated to be higher in the second half of the year compared to the first half, reflecting the timing of investments. Our operating margin target of approximately 37% for the full year remains unchanged. For OI and E, we now expect annual income of approximately $100 million due to higher-than-anticipated royalties and favorable interest income. Although the first-quarter tax rate was slightly lower than our full-year projection, we're maintaining our full-year tax rate guidance of 18%. As a result of these changes, we are raising the midpoint 2025 non-GAAP EPS guidance by 15¢ per share, with an expected ra”