“We've also increased our estimated effective tax rate to be in the range of 14% to 15%, up from approximately 13%, reflecting the impact of the sales of rights for our olanzapine portfolio and Baqsimi.”

In context

“reparation for launches of new medicine and line extensions expected later this year. The range for research and development expenses has been increased to $8.9 billion to $9.1 billion, reflecting positive dynamics across our portfolio, including success in events in our early-stage assets, positive enrollment trends in our late-stage studies, broadening of the clinical program for next-generation incretin, and expected incremental expenses from business development activities. We have incorporated IPR&D charges that have been incurred through Q2 2023, which totaled $202 million. Other income and expense and tax rate guidance have also been updated. OID is now expected to be between $0 million and $100 million in income, up from prior guidance of $100 million to $200 million in expense. We've also increased our estimated effective tax rate to be in the range of 14% to 15%, up from approximately 13%, reflecting the impact of the sales of rights for our olanzapine portfolio and Baqsimi. Based on these changes, we have raised our full year reported EPS guidance to now be in the range of $9.20 to $9.40 per share and raised our non-GAAP EPS guidance to be in the range of $9.70 to $9.90. Now I will turn the call over to Dan to highlight our progress in R&D. Daniel Skovronsky: Thanks, Anat. It's been a productive and busy few months for Lilly R&D. Since our last earnings call, we've had a few major readouts across our therapeutic areas, and we've announced several business development transactions. Let me start with the data that we shared in June at the American Diabetes Association. We presented over 40 abstracts across our portfolio and shared data during 2 ADA-sponsored symposia. The first was for the Phase III results from the SURMOUNT-2 study of tirzepatide in adults”