“Reflecting these updates, we now expect operating income in the range of $8 billion to $8.3 billion, up from $7.2 billion to $7.6 billion previously.”

In context

“ar Veklury revenue to be approximately $1.8 billion. We therefore expect full-year 2024 total product sales in the range of $27.8 billion to $28.1 billion, an increase of $650 million at the midpoint compared to the prior range. Turning to the rest of the P&L on a non-GAAP basis, we expect product gross margin to be approximately 86%, narrowed from our prior 85% to 86% range, and reflecting year-to-date results as well as our expectations for a more favorable product mix in the fourth quarter. We now expect R&D expense to decline a low single-digit percentage as compared to our prior outlook of low-to-mid single-digit growth, reflecting the discontinuation of certain programs and careful expense management. And there is no change to our prior expectations for both acquired IPR&D and SG&A. Reflecting these updates, we now expect operating income in the range of $8 billion to $8.3 billion, up from $7.2 billion to $7.6 billion previously. Full-year tax is expected to be approximately 27%, slightly lower than our prior 30% guidance, and reflecting the higher operating income for the full year as well as the negative impact from the one-time charge for the acquisition of CymaBay in the first quarter. As a reminder, this compares to our initial guidance in February of approximately 19% prior to the CymaBay impact. Altogether, we've raised our earnings per share guidance to a range of $4.25 and $4.45. This compares to our prior guidance of $3.60 to $3.90, and reflects both revenue outperformance and continued operating expense discipline. At the midpoints, our updated guidance represents an increase of $750 million in non-GAAP operating income and an increase of $0.60 in non-GAAP earnings per share. On a GAAP basis, EPS is exp”