“We estimate our effective tax rate to be approximately 16%.”

In context

“ed to 2024. In SG&A, we will continue to invest behind our new launches, including direct-to-consumer efforts in the U.S. to drive new patient activation. In addition, we plan to increase investment outside the U.S. to support the launches of Mounjaro in new and existing markets. In R&D, we plan to accelerate our investment in early and late-stage activities. As Dan will share later, we started 8 new Phase III programs in 2024 and anticipate that investment in those programs will ramp as the studies enroll patients. We also plan to initiate new Phase III programs in 2025. While we keep a high bar for what we advance into clinical trial development, we expect to scale our investment in R&D this year. Other expenses is expected to be $600 million to $700 million, driven by interest expense. We estimate our effective tax rate to be approximately 16%. Earnings per share or EPS is expected to be $22.50 and $24 on a non-GAAP basis. This doesn't include a forecast for charges related to IPR&D. Now I will turn the call over to Dan to highlight our progress in R&D and to provide an overview of potential key events we expect in 2025. Daniel Skovronsky: Thanks, Lucas. Lilly R&D had another productive quarter. I'll cover pipeline progress in Q4, then the 2024 key events and finally, provide potential key events for 2025. Since our last earnings call, 2 new indications were approved in the U.S., Zepbound for obstructive sleep apnea in adults with obesity and Omvoh for moderate to severe Crohn's disease. Both approvals are important milestones and mark an expansion in the number of patients who can benefit from each of these medicines. Moving to”