“First, anticipate that the second-half revenue will trend higher than the first half of the year.”

In context

“n pemigatinib and our orbital therapeutics program. Even with these investments, we expect to reduce costs year over year. We are expecting our OI and E expense of approximately $700 million, which reflects the expiry of our royalty-bearing license of diabetes products at the end of 2025. We expect to maintain our tax rate of approximately 18%. Considering these factors, we expect to deliver non-GAAP earnings per share in the range of $6.05 to $6.35. Before closing, let me provide some insight regarding our expected quarterly progression of revenue for 2026. As it relates to quarterly phasing, we expect our typical sequential revenue decrease in the first quarter due to the seasonal inventory destocking we see each year following the build in the fourth quarter. And two points on Eliquis. First, anticipate that the second-half revenue will trend higher than the first half of the year. And second, in terms of Eliquis-specific updated guidance. We currently expect 2027 Eliquis sales compared to 2026 to show a step down in the range of $1.5 to $2 billion, which is broadly consistent with analysts' existing estimates. In closing, our strong performance in 2025 demonstrated our confidence in our ability to deliver long-term value for our patients and shareholders. We remain focused on executing our growth strategy, advancing our pipeline, and optimizing our cost structure. We look forward to updating you on multiple data readouts this year. And with that, now turn the call back over to Chuck Triano for Q&A. Chuck Triano: Thank you. Operator: We'll now begin the question and answer session. And today's first question comes from Seamus Fernandez with Guggenheim Securities. Pl”