“We estimate an incremental positive foreign currency impact of $1.1 billion versus previous guidance. As such, we now expect reported sales growth between 5.1% to 5.6%, with a midpoint of $93.4 billion or 5.4%.”

In context

“e strength of our first half performance, we are increasing our operational sales guidance for the full year by approximately $900 million. We are now expecting operational sales growth for the full year to be in the range of 4.5% to 5%, with a midpoint of $92.9 billion or 4.8% representing a full point better when compared to prior guidance. Excluding the impact from acquisitions and divestitures, our adjusted operational sales growth is now expected to be in the range of 3.2% and to 3.7% compared to 2024. As you know, we don't speculate on future currency movements. And last quarter, we utilized the euro spot rate relative to the U.S. dollar of $1.11. The U.S. dollar has weakened across all major currencies since April. Last week, the euro spot rate relative to the U.S. dollar was 1.17. We estimate an incremental positive foreign currency impact of $1.1 billion versus previous guidance. As such, we now expect reported sales growth between 5.1% to 5.6%, with a midpoint of $93.4 billion or 5.4%. Currently, our guidance does not include the impact of the most favored nation concepts. With respect to MFN we share the administration's goal that American patients should pay less by addressing the real drivers of higher U.S. costs, including middlemen driving up prices and foreign markets not paying their fair share. Turning to other notable items on the P&L. At the beginning of the year, we guided to an approximate 300 basis points improvement in operating margin. Despite what you may have calculated on a year-to-date basis, we remain confident and reiterate our operating margin guide for the full year. This is due to efficiency programs designed for margin improvement as well as nonrecurring one-time IP R&D charges that occurred in the second half of 2024. This expected improvement”