“product sales excluding Veclury of approximately $26.8 to $27.2 billion,”

In context

“was 43%, highlighting our ongoing commitment to continue to operating expense discipline and delivering top quartile margins once again. The non-GAAP effective tax rate was 16% this quarter, below our historic average, largely driven by tax benefits from stock-based compensation. And finally, non-GAAP diluted EPS was $1.81. Moving to our full-year guidance on slide 23, we are not making any changes to our revenue expectations or non-GAAP P&L guidance at this time. As we reflect on the tariffs that have been enacted to date, these could increase some of our indirect costs, but are expected to be manageable in 2025, in part due to potentially lighter FX headwinds than previously expected. For 2025, therefore, we continue to expect total product sales of approximately $28.2 to $28.6 billion, product sales excluding Veclury of approximately $26.8 to $27.2 billion, 2025 HIV sales to be approximately flat compared to 2024, with demand-driven growth offset by the impact of the Medicare Part D redesign. Veclury sales of approximately $1.4 billion. While the first quarter was lighter than expected, we know this can be a highly variable business. With that in mind, and consistent with our approach last year, we do not expect to update our Veclury guidance until our third-quarter earnings call. Andrew Dickinson: Moving to other parts of the P&L for full-year 2025, on a non-GAAP basis. We continue to expect product gross margin to range between 85% to 86%, R&D expenses to be roughly flat from 2024, acquired IPR&D to be approximately $400 million, including the $253 million of expenses in the first quarter, as well as known commitments and expected mileston”