“As it relates to tariffs, I'd say, as it relates to '25, we're fairly insulated from any impact this year given inventory management actions.”

In context

“we're seeing tremendous performance from Skyrizi and Rinvoq. Very pleased with the progress we're making, obviously, continue to raise our expectations for this year. As you know, we occasionally update the long-term guidance, while we've been doing that the last few years around the time of the fourth quarter call. We've done that also previously at the JPMorgan conference. So we do refresh long-term guidance. I'd say we're obviously tracking very well against the last long-term guidance we issued. And we will update that at the appropriate time. But obviously -- and then when you look at Street expectations as well, they have come up, too. And so we're very pleased with the performance, and we'll update that long-term guidance at the appropriate time, but the momentum is clearly there. As it relates to tariffs, I'd say, as it relates to '25, we're fairly insulated from any impact this year given inventory management actions. But look, without policy details, -- we're not going to speculate on the longer-term impact. We do need to see the outcome of the 232 investigation and how tariffs are ultimately phased in. What I can say is that we do not expect our exposure to be outsized relative to peers. And as I mentioned during the first quarter call, we have a broad U.S. network. It includes 11 sites that manufacture API, biologics, toxins and small molecules. As a reminder, again, our largest product, Skyrizi, is made in the U.S. for the domestic market. And longer term, we will add more U.S. manufacturing capacity, which is part of the planned $10 billion in capital investment that we announced during the first quarter call. That again includes adding 4 new sites to our U.S. network that will cover API, peptides”