“Other expense is expected to be between $300 million and $400 million.”

In context

“evenue guidance of between $64.1 and $65.6 billion. This range represents growth of 1% to 3% excluding a negative impact from foreign exchange of approximately 1% using mid-April rates. Our gross margin assumption is now approximately 82%. This includes approximately $200 million in costs related to the tariffs implemented to date. Operating expenses are now assumed to be between $25.6 and $26.6 billion. This range now includes a $200 million payment related to the license agreement with Hungry Pharma, which is expected to close in the second quarter. It also includes the $300 million tech transfer payment related to Lenovo which remains in our guidance but has not yet occurred. As a reminder, our guidance does not assume additional significant potential business development transactions. Other expense is expected to be between $300 million and $400 million. We assume a full-year tax rate between 15.5% and 16.5%. We assume approximately 2.51 billion shares outstanding. Taken together, we expect EPS of $8.82 to $8.97. This range includes a negative impact from foreign exchange of more than 20¢ using mid-April rates. Recall, our prior guidance range was $8.88 to $9.03. If not for the one-time charge of $200 million related to Hongray, or per share our guidance range is unchanged. As you consider your models, there are a few items to keep in mind. Following the successful HPV catch-up vaccination program in Japan, we expect uptake to moderate as future sales will predominantly reflect the primary age cohort. As a result, global Gardasil growth excluding China while still strong, is anticipated to slow going forward. For Keytruda, the timing of w”