“Other income is anticipated to be in the range of $1 billion to $1.2 billion, a slight increase versus previous guidance.”

In context

“4. Last week, the euro spot rate relative to the US dollar was 1.11. We estimate an incremental positive foreign currency impact of $1.1 billion versus previous guidance, resulting in a full-year headwind of $600 million. As such, we now expect reported sales growth between 2.6% to 3.6% with a midpoint of $91.4 billion or 3.1%. Turning to other notable items on the P&L, we are maintaining our guide of operating margin improvement by 300 basis points versus 2024. This improvement takes into consideration the dilution from the IntraCellular transaction as well as what we know today about the impact of tariffs on our business. Joe Wolk: We now project net interest expense between $100 million and $200 million, primarily driven by financing costs associated with the IntraCellular acquisition. Other income is anticipated to be in the range of $1 billion to $1.2 billion, a slight increase versus previous guidance. Despite $0.25 dilution from the IntraCellular acquisition, including the impact of tariffs, based on what is in place today, we are pleased to be able to maintain our adjusted reported earnings per share guidance of 6.2% at the midpoint for a range of $10.50 to $10.70, partially aided by the reduced FX impact. I'll now provide some qualitative considerations on phasing for your models. We continue to expect both innovative medicine and MedTech operational sales growth to be higher in the second half of the year versus the first half. Regarding innovative medicine, we maintain the assumption that the impact of STELARA biosimilar competition will accelerate throughout the year, similar to HUMIRA's erosion curve, which is still our proxy with the additive impact of Part D redesign. The impac”