“and are on track to realize the remaining billion dollars over 2026 and 2027.”

In context

“up by reviewing our product performance for the quarter on slide 12 with neuroscience. CoBinfy revenue in the fourth quarter was $51 million, with continued steady uptake among prescribers and patients. CoBinfy's uptake has surpassed all schizophrenia comparators and relevant analogs in the first year of launch, and we continue to expect steady growth throughout the year. Let's move to the P&L on slide 13. As expected, gross margin declined 210 basis points in the fourth quarter to 71.9%, driven primarily by product mix, notably Eliquis and Revlimid. Regarding our operating expenses, we made significant progress during 2025 against our $2 billion strategic productivity initiative. As of the end of the fourth quarter, we delivered on a target of approximately $1 billion in savings in 2025, and are on track to realize the remaining billion dollars over 2026 and 2027. Excluding in-process R&D, operating expenses for the full year were $16.6 billion, a decrease of $1.2 billion from 2024. This reflects our ongoing cost savings program partially offset by continued investment behind growth initiatives. Our effective tax rate in the quarter was 22.1%, compared to 19.9% in the prior year. With the effective tax rate in 2025 reflecting the one-time non-tax deductible in-process R&D charge related to the Orbital acquisition. Overall, diluted earnings per share were $1.26 for the quarter, and full-year diluted earnings per share came in at $6.15. Both include a net charge related to in-process R&D and licensing income, which totaled 60¢ per share in the quarter and $1.40 for the full year. Now turning to the balance sheet and capital allocation highlights on s”