“In fact, irrespective of the performance of GARDASIL in China, we expect the Company to deliver strong growth in the second half of this year, as well as in both 2026 and 2027.”

In context

“al disclosure and working capital levels, we’ve made the decision to take a new approach and temporarily pause shipments to China beginning this month and through at least mid-year. We believe taking this action now will facilitate a more rapid reduction of inventory and help support the financial position of our important and valued partner. Importantly, we believe China still represents a significant long-term opportunity for GARDASIL given the large number of females, and now males with our recent approval, that are not yet immunized, and we remain both committed and well-positioned to maximize this potential for the long-term. Outside of China, demand for GARDASIL remains robust, and we expect strong growth this year and well into the future. Our overall business remains very healthy. In fact, irrespective of the performance of GARDASIL in China, we expect the Company to deliver strong growth in the second half of this year, as well as in both 2026 and 2027. Longer-term, our confidence in our ability to successfully navigate the KEYTRUDA LOE period is unchanged, which is based on the strength of our pipeline, the excitement we have for our ongoing and upcoming launches of innovative new products, and the commercial opportunity they represent. Next, I’d like to turn to our research efforts. We’re making remarkable progress across multiple therapeutic areas in our late-phase pipeline. In the fourth quarter, we announced FDA acceptance for our filing of clesrovimab, our long-acting monoclonal antibody to protect infants from RSV disease; and positive topline results from three programs, including for subcutaneous pembrolizumab; for islatravir in combination with doravirine in the treatment of HIV; and for WINREVAIR from the ZENITH trial. We also”