“we have lowered our reported EPS guidance by $0.46 to now be in the range of $6.50 to $6.65 per share and lowered our 2022 non-GAAP EPS guidance by $0.20 to be in the range of $7.70 to $7.85.”

In context

“Our tax rate and EPS in the first 9 months of the year includes a favorable impact of the provision in the 2017 Tax Act that requires capitalization and amortization of research and development expenses for tax purposes. Our financial guidance for the full year continues to assume this provision will be deferred or repealed by Congress, effective for the full year 2022. Assuming this deferral repeal occurs before the end of the year, we expect our Q4 non-GAAP tax rate to be approximately 22%, which includes the cumulative tax impact of immediately expensing research and development costs for the full year 2022. If this provision is not deferred or repeal effective this year, then we would expect our reported and non-GAAP tax rate to be approximately 10% to 11%. Based on these changes, we have lowered our reported EPS guidance by $0.46 to now be in the range of $6.50 to $6.65 per share and lowered our 2022 non-GAAP EPS guidance by $0.20 to be in the range of $7.70 to $7.85. The $0.20 reduction in our non-GAAP EPS range is driven by the negative impact of foreign exchange rates as well as the $0.06 impact from the incremental acquired IPR&D and development milestone charges in Q3. Now before I turn the call over to Dan, I'd like to provide a few thoughts on the pushes and pulls across the P&L as you begin to think about next year. Starting with revenue, we're confident in the growth outlook of our core business. We expect to build on the positive momentum across our pre-growth products, including the continued strong launch of Mounjaro and launches of new products. While we anticipate that initial revenue from our next wave of potential launches will be modest in 2023 with only partial year revenue, we do expect the donanemab, pitubrutinib, mirikizumab and l”