“At current rates, we expect foreign exchange to have a 1% unfavorable impact on full year sales growth.”

In context

“ted R&D expense was 13.3% of sales and adjusted SG&A expense was 22.9% of sales. The adjusted operating margin ratio was 42.6% of sales, which includes a 6.5% unfavorable impact from acquired IPR&D expense. Net interest expense was $506 million. The adjusted tax rate was 18.8%. Turning to our financial outlook, we are raising our full year adjusted earnings per share guidance by $0.10 to between $10.71 and $10.91. This EPS guidance continues to contemplate approximately $0.19 of dilution for the pending acquisition of Cerevel, which is expected to close soon. Please also note that this guidance does not include an estimate for acquired IPR&D expense that may be incurred beyond the second quarter. We now expect total net revenues of approximately $55.5 billion, an increase of $500 million. At current rates, we expect foreign exchange to have a 1% unfavorable impact on full year sales growth. This revenue forecast includes the following updated assumptions with the entire sales increase, once again, driven by our ex-Humira growth platform, which is now on pace to deliver nearly $6 billion of sales growth in 2024. We now expect Skyrizi global sales of approximately $11 billion, an increase of $300 million due to strong performance across all approved indications. Rinvoq, total revenue of approximately $5.7 billion, an increase of $100 million reflecting continued robust uptake in IBD. Venclexta total sales of approximately $2.5 billion, an increase of $100 million reflecting momentum in both U.S. and international markets. And for aesthetics, we now expect global revenue of approximately $5.5 billion. Given slower-than-expected near-term market growth, particularly in the U.S.”