“As a result, global Gardasil growth excluding China while still strong, is anticipated to slow going forward.”

In context

“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 wholesaler purchasing in the US negatively impacted sales by approximately $250 million in the first quarter, and is expected to positively impact sales by roughly the same amount in the third quarter. As a reminder, we lowered the list prices for the Januvia family of products in the US at the beginning of 2025. The lower list prices reduced the rebate amount our company pays to Medicaid. As a result, we expect higher net sales for these products in 2025. First-quarter sales of the Januvia family of products in the US also benefited by more than $100 million from favorable one-time true-ups. Now turning to capital allocation. Where our strategy remains unchanged. We will continue to prioritize investments in our business to drive near and long-term growth and”