“As a result, we are increasing our revenue ranges by $400 million.”

In context

“ich I will discuss shortly. Back to our first quarter results, SG&A expenses were up 12% year-over-year, primarily reflecting higher selling and marketing expenses related to the Yes2Go launch. First quarter operating margin was 47%, reflecting our continued focus on operating expense discipline and delivering top-quartile margins. The non-GAAP effective tax rate was 18.3% in the first quarter. And finally, non-GAAP diluted EPS was $2.03, up 12% year-over-year. This reflected higher product sales and lower IPR&D expenses incurred this quarter, partially offset by higher tax and SG&A expenses. Moving to our full-year guidance, we are pleased to share our updated expectations for 2026, reflecting revenue outperformance in the first quarter and expected momentum through the rest of the year. As a result, we are increasing our revenue ranges by $400 million. With regards to operating expenses in 2026, and as discussed on our transaction call a few weeks ago, we continue the careful prioritization of operational spend, consistent with our track record over the last several years. For R&D, we expect a transaction-related modest and manageable dollar increase compared to our start-of-the-year guidance. And in SG&A, we are effectively absorbing incremental expenses associated with the acquisitions in our prior guidance. Upfront IPR&D of approximately $11.5 billion, together with transaction financing expenses collectively amounting to about $9.50 per share, are reflected in our updated EPS guidance. We are pleased to note that, excluding these transaction-related costs, we are effectively maintaining our start-of-the-year non-GAAP EPS guidance, h”