“R&D expenses to be roughly flat from 2024,”

In context

“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 milestone payments. SG&A expenses to decline by a high single-digit percentage compared to 2024, operating income to be between $12.7 to $13.2 billion, effective tax rate to be approximately 19%, and finally, diluted EPS to be between $7.70 to $8.10 for the full year. Looking ahead, we will continue to monitor the macro landscape carefully. And we expect that our disciplined approach to operating expense management positions us well to adapt as needed in the months ahead. Finally, on slide 24, our capital priorities remain unchanged. We have already returned $1.7 billion to shareholders in the first quarter of 2025 through dividends and sh”