“Given the uptake of newer incretins, we expect Trulicity volume to continue declining as fewer new patients are starting on Trulicity.”

In context

“evenue benefited from increased U.S. wholesaler stocking at year-end. Worldwide Trulicity revenue declined 25%, driven by Mounjaro switches and to a lesser extent, lower realized prices. On Slide 12, we provide an update on capital allocation. Moving to Slide 13 and 14, I will discuss our 2025 financial guidance. As previously shared, we expect 2025 revenue to be between $58 million and $61 billion. The midpoint represents approximately 32% growth compared to 2024. We anticipate continued U.S. incretin class growth, consistent with the trajectory of total prescriptions seen in 2024. We expect to launch Mounjaro in new markets outside the U.S. and Europe throughout the year. Mounjaro international revenue will contribute to overall performance more significantly in the second part of 2025. Given the uptake of newer incretins, we expect Trulicity volume to continue declining as fewer new patients are starting on Trulicity. We expect oncology, neuroscience and immunology to also grow revenue in 2025 as Ebglyss, Jaypirca, Omvoh and Kisunla launch upticks continue. At the portfolio level, we anticipate foreign exchange to be a headwind as the dollar has strengthened relative to other currencies. In addition, we forecast overall net prices to decline by mid- to high single digits in percentage terms, including U.S. Part D changes. We continue expanding our manufacturing capacity and estimate to produce 1.6x the amount of incretin salable doses during the first half of 2025 compared to the first half of 2024. Our facility in Concord is anticipated to begin shipping medicines this year, and we plan to make continued progress on expanding our manufacturing network. Our expected ratio of gross margin less OpEx divi”