“We expect lower operating expenses compared to last year, due to our ongoing cost savings program.”

In context

“rough the pursuit of high-return business development. Our North Star remains to deliver industry-leading sustainable growth into the 2030s and beyond. Now let me give you a high-level overview of our 2026 guidance on Slide six, and David Elkins will speak to it in more detail shortly. We currently anticipate 2026 revenue in the range of $46 to $47.5 billion. This range reflects continued strong performance from our growth portfolio and a projected revenue decline for our legacy portfolio of between 12-16% given the ongoing LOE impacts. Within the legacy portfolio, we project Eliquis growth this year to be in the range of 10% to 15%. This is driven by continued global demand growth and the recent price reduction which expands patient access and eliminates the associated inflation penalty. We expect lower operating expenses compared to last year, due to our ongoing cost savings program. And we expect adjusted diluted earnings per share of between $6.05 and $6.35. With that, I'll turn it over to David Elkins. Thank you, Christopher Boerner, and good morning, everyone. David Elkins: I will begin my review of our 2025 financial results focusing on our fourth-quarter performance. I will follow up with the introduction of our non-GAAP financial guidance for 2026 and some considerations to help you better understand our financial outlook for this year. We had very strong commercial and financial performance in 2025, marked by focused execution on driving top-line growth and generating strong cash flow while strengthening our balance sheet and continuing to manage our cost structure. We've entered 2026 in a position of strength with a solid foundation, which we can continue to”