“We assume approximately 2.53 billion shares outstanding.”

In context

“For GARDASIL in China, our guidance assumes no further shipments at the low-end and less than $1 billion at the high-end. Excluding sales of GARDASIL in China in both 2024 and 2025, and the negative impact from foreign exchange, total company growth is expected to be 7% to 9%. Our gross margin assumption is approximately 82.5%. Operating expenses are assumed to be between $25.4 and $26.4 billion. This range includes a $300 million payment related to the license agreement with LaNova which will be recognized upon completion of the technology transfer for MK-2010. As a reminder, our guidance does not assume additional significant potential business development transactions. Other Expense is expected to be between $300 and $400 million. We assume a full year tax rate between 16.0% and 17.0%. We assume approximately 2.53 billion shares outstanding. Taken together, we expect EPS of $8.88 to $9.03. This range includes approximately $0.09 related to the expected payment to LaNova and a negative impact from foreign exchange of approximately 35 cents, using mid-January rates. As you consider your models, there are a few items to keep in mind. In 2025, we are expecting to see the benefit of a more diverse commercial portfolio with continued strength in Oncology and Animal Health as well as contributions from new product launches. During the first half of the year, we expect roughly flat year-over-year revenues as the headwind in China is offset by high single digit growth across the rest of our business. During the second half, we expect strong year over year growth. Looking at GARDASIL longer-term, while we believe there continues to be”