“And we expect our full year diluted EPS to be between $7.95 and $8.25, an increase of $0.20 at the midpoint compared to our prior guidance.”

In context

“ormance year-to-date and a more favorable product mix. We expect R&D expenses to be roughly flat on a dollar basis from 2024 which is consistent with our expectations at the start of the year. And we expect acquired IPR&D to be approximately $400 million, reflecting $315 million of expenses so far this year, in addition to known commitments and expected milestone payments. SG&A expenses are now expected to decline by a mid- to high single-digit percentage compared to 2024, updated to reflect higher HIV sales and marketing expenses and other corporate expenses associated with higher 2025 base business expectations. Rounding out the P&L, we expect operating income to be between $13 billion and $13.4 billion. Our effective tax rate to be approximately 19%, consistent with our prior guidance. And we expect our full year diluted EPS to be between $7.95 and $8.25, an increase of $0.20 at the midpoint compared to our prior guidance. 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. On Slide 26, our capital priorities remain unchanged, and we returned $1.5 billion to shareholders in the second quarter. This included $527 million of share repurchases, currently being executed under our 2020 plan. We expect to complete the 2020 program over the next several quarters, and our Board recently approved a new $6 billion program to support continued share repurchases. These repurchases are intended to offset equity dilution at a minimum but can also be used opportunistically as you've seen in the first half of 2025. Overall, Gilead delivered another very strong quarter o”