“As a reminder, we recently initiated a limited Mounjaro launch in China with expectation to gradually increase commercial launch in the second half of 2025 as supply becomes available.”

In context

“arges. On Slide 8, we quantify the effect of price rate and volume on revenue growth. U.S. revenue increased 49% in Q1, driven by strong volume growth of our key products, including Zepbound and Mounjaro, partially offset by a 7% decline in price. Moving to Europe, revenue increased 71% in constant currency. Q1 2025 was positively impacted by a onetime benefit of $370 million related to further restructuring our alliance with Boehringer Ingelheim. Excluding this benefit, constant currency revenue grew 46%, driven primarily by Mounjaro, partially offset by a 7% decline in price. Japan revenue grew 15% in constant currency with volume growing 16%, driven by Mounjaro and Jardiance. Moving to China, Q1 revenue increased 21% in constant currency. Volume growth was primarily driven by Mounjaro. As a reminder, we recently initiated a limited Mounjaro launch in China with expectation to gradually increase commercial launch in the second half of 2025 as supply becomes available. Revenue in the rest of the world increased 17% in constant currency, primarily driven by volume growth from Mounjaro and to a lesser extent Verzenio. Slide 9 provides an update on the performance of our key products. Beginning with immunology, we have seen encouraging U.S. uptake of Ebglyss in atopic dermatitis. New patient starts are increasing and we are making good progress securing access and reimbursement. Ebglyss is currently covered by two of the largest pharmacy benefit managers and we expect further access improvement later this year. As of May 1, Ebglyss will be reimbursed on plans that account for 60% of people who are commercially insured. For Omvoh, we have received approval of Crohn's disease across the globe as a second indication. Commercial activities is going to drive ne”