“With respect to potential additional tariffs by the US, specifically on pharmaceuticals, our global supply chain and current inventory levels put us in a good position to navigate potential near-term impacts.”

In context

“opportunities for export. Turning to our first quarter results, our performance was in line with our expectations with revenue of $15.5 billion reflecting strength in oncology, animal health, and increasingly meaningful contributions from the continued strong launches of WINREAVER and Cafaxib. As we look forward, we remain confident in our outlook for improved growth in the second half of the year. Considering the current environment, we are maintaining our full-year revenue and EPS guidance excluding business development charges which Caroline will speak to in more detail. The benefit from improved foreign exchange is offset in part by approximately $200 million of expected cost from tariffs implemented to date primarily between the US and China and to a lesser degree Canada and Mexico. With respect to potential additional tariffs by the US, specifically on pharmaceuticals, our global supply chain and current inventory levels put us in a good position to navigate potential near-term impacts. And our ongoing efforts to locate more manufacturing in the US for US supply, including for the majority of our upcoming new products, will help us manage over the medium and long term. As I look at how we've started 2025, I'm proud of the continued advancement of our research efforts. Recently, we presented important phase three data for wind repair in additional patient populations supporting the strong potential for this product to improve the lives of more people living with pulmonary arterial hypertension. In addition, our HIV pipeline is now coming into sharper focus, with data presentations from two phase three trials of the zolotrovir-based regimens. And new clinical trial starts and regulatory submissions in oncology reinforce our belief that we are well-positioned for long-term”