“Excluding this impact, our non-GAAP diluted EPS would be $8.45 to $8.85, or in line with the non-GAAP EPS guidance we shared back in February.”

In context

“percentage increase compared to 2025. And we expect full-year 2026 operating income of $2.4 billion to $2.9 billion. Full-year 2026 effective tax rate is expected to be between 140% and 190% reflecting the nondeductible expenses from the Arcellx, Oral Medicines, and Tubulis transactions. Excluding the $11.5 billion in upfront payments related to these recent transactions, operating income would be between $14.0 billion and $14.5 billion, or $200 million higher than our February guidance. On slide 25, you can see that we now expect full-year 2026 non-GAAP loss per share in the range of $1.05 to $0.65 per share. This includes an expense of approximately $9.50 per share relating to the upfront payments and financing costs associated with the Arcellx, Oral Medicines, and Tubulis transactions. Excluding this impact, our non-GAAP diluted EPS would be $8.45 to $8.85, or in line with the non-GAAP EPS guidance we shared back in February. We are pleased to note that the strength in our commercial business, reflected in the $400 million increase in product sales, is effectively offsetting the impact, primarily R&D, of the three deals on an EPS basis. On slide 26, we returned greater than $1.4 billion to shareholders in 2026, including over $400 million of share repurchases. Combined with our dividend, we returned approximately 60% of our free cash flow to shareholders in 2026. Looking ahead, given the pace of our activity in 2026, our business development focus in the near term will be closing and successfully integrating these programs, and maintaining strong clinical momentum. At the same time, we will continue to pursue ordinary course business development transactions. It is less likely that we will pursue more sizable”