“In fact, when we exclude the separation of our Renal Care business, we expect R&D to grow above revenue as we've signaled for a while now.”

In context

“e, but they are all roughly aligned to the corporate average for both the first quarter and the year, with the exception of diabetes, which we expect will start the year growing below the corporate average, and ramp through the year with the U.S. launch of 780G. While the impact of currency is fluid, based on rates at the beginning of May, foreign currency would have a positive impact on full year revenue of $110 million to $210 million, including an unfavorable impact of $50 million to $100 million in the first quarter. Moving down the P&L, I've been sharing for several quarters now that macroeconomic factors like inflation, foreign currency and to a lesser extent, interest and tax rates would impact our earnings power in fiscal '24. And we're continuing to prioritize investments in R&D. In fact, when we exclude the separation of our Renal Care business, we expect R&D to grow above revenue as we've signaled for a while now. At the same time, and as Jeff mentioned, we've been executing our cost reduction plans across the company, to lessen the impact of these macro factors on our earnings. Taking all this into account, we expect continued pressure on our margins and our guiding fiscal '24 non-GAAP diluted EPS in the range of $5 to $5.10. The range includes an unfavorable impact of roughly 6% from foreign currency based on rates at the beginning of May and driven by the large benefit last year from our hedging program that we don't expect will repeat this year. On a constant currency basis, our EPS guidance implies low-single digit growth this year. For the first quarter, we expect EPS of $1.10 to $1.12. Excluding the approximate 8% impact from foreign currency, based on rates at the beginning of May, this wou”