“We are pleased to note that, excluding these transaction-related costs, we are effectively maintaining our start-of-the-year non-GAAP EPS guidance, highlighting the flexibility in our operating model and our agility as we flex to accommodate the needs of the business.”

In context

“rformance 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, highlighting the flexibility in our operating model and our agility as we flex to accommodate the needs of the business. Looking at the details starting on slide 24, reflecting strength across our HIV businesses, we now expect 2026 HIV sales to grow 8% year-over-year, ahead of our prior guidance of 6% growth. Within HIV, we now expect Yes2Go sales of approximately $1 billion, up from $800 million at the start of the year. As a result, we are increasing our 2026 base business guidance and now expect a range between $29.4 billion and $29.8 billion. This increase of $400 million results in 5% to 6% year-over-year growth, up from the 4% to 5% growth expectation we shared in February. As we highlighted last quarter, our guidance includes a roughly 2% growth headwind from policy-related changes this year, primarily related to the drug pricing agreement announced in December 2025 and the Affordable Care Act. Absen”