“For OI and E, we now expect annual income of approximately $100 million due to higher-than-anticipated royalties and favorable interest income.”

In context

“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 range between $6.70 and $7. Our revised guidance includes the estimated impact of current tariffs on US products shipped to China but does not account for any potential pharmaceutical sector tariffs. In summary, our strong performance in the first quarter reflects our focus on disciplined execution. We are well-positioned to manage the near-term uncertainty in the macro environment while advancing our long-term growth strategy. And with that, I'll now turn the call over to Chuck for Q&A. Chuck Triano: Thank you. We will now begin”