“We now expect adjusted R&D expense of approximately $8.9 billion reflecting additional investment in our robust pipeline for long term growth.”

In context

“ing growth in chronic migraine and other indications. Total oral CGRP revenues of $2.2 billion an increase of $100 million reflecting strong prescription demand. Imbruvica global revenues of $2.8 billion an increase of $100 million reflecting lower erosion. Venclexta global sales of $2.7 billion an increase of $100 million reflecting continued uptake in both CLL and AML across our key countries. And for aesthetics, we now expect global sales of $5.1 billion as we are moderating our assumptions for market growth globally. As a result, total sales guidance for BOTOX and Juvederm will each be lower by roughly $100 million. Moving to the P&L for 2025, we continue to forecast full year adjusted gross margin of approximately 84% of sales and adjusted SG&A expense of approximately $13.2 billion. We now expect adjusted R&D expense of approximately $8.9 billion reflecting additional investment in our robust pipeline for long term growth. We also now anticipate an adjusted operating margin ratio of roughly 46.5% of sales, in line with our previous expectations after including the 0.4% unfavorable impact of acquired IPR&D expense incurred through the first quarter. Turning to the second quarter, we anticipate net revenues of approximately $15 billion. This reflects an estimated 0.3% unfavorable impact from foreign exchange on full year sales growth. We are forecasting an adjusted operating margin ratio of roughly 49.5%. We expect adjusted earnings per share between $3.26 and $3.30 This guidance does not include acquired IPR&D expense that may be incurred in the quarter. Our guidance is based on current trade rules and does not reflect the impact of any additional trade policy shifts, including pharmaceutical sector tariffs.”