“We maintain our gross margin guidance at approximately 72% as some of our high-margin legacy brands are expected to continue to decline through the second half of the year.”

In context

“half of 2026 relative to our March 31, 2024, balance and we remain committed to returning capital to shareholders through our dividend. Now turning to our guidance on Slide 16. We're increasing our full year reported revenue guidance by $700 million at the midpoint to a range of $46.5 billion to $47.5 billion, reflecting continued strong performance of our growth portfolio, better-than-expected legacy sales in the second quarter and a favorable impact of approximately $200 million related to foreign exchange rates. Additionally, we now expect the legacy portfolio to decline approximately 15% to 17% for the year, a more moderate rate than previously anticipated due primarily to Revlimid's strong year-to-date performance. We now project full year Revlimid sales of approximately $3 billion. We maintain our gross margin guidance at approximately 72% as some of our high-margin legacy brands are expected to continue to decline through the second half of the year. and Eliquis revenues to be more evenly phased throughout the year. We are adjusting our operating expense guidance to increase slightly to approximately $16.5 billion, reflecting investment behind recent business development deals, and additional investment opportunities within our growth portfolio. As previously guided, our operating expenses are anticipated to be higher in the second half of the year compared to the first half, reflecting timing of investments, including the recently signed BD deals. Our operating margin target of approximately 37% for the full year remains unchanged. For OI&E, we now expect annual income of approximately $250 million due to higher-than-anticipated royalties and favorable interest income and we're maintaining our full year tax rate guidance of approxima”