“We expect to return to growth in the second half of 2025 and remain confident in our outlook for the remainder of the year.”

In context

“w product launches now underway with more to come. We've also taken additional steps to augment our pipeline. Our recently announced acquisition of Verona Pharma is another example of acting decisively when science and value align and moving with urgency to achieve our business development objectives. I have increasing confidence that our science-driven strategy will continue to generate long-term value for shareholders and for all of our stakeholders. Turning to our second quarter results. We delivered performance in line with our expectations with revenue of $15.8 billion. Results reflect strength across oncology and Animal Health as well as increasing contributions from our new product launches, with WINREVAIR achieving $1 billion of cumulative sales in just over a year since approval. We expect to return to growth in the second half of 2025 and remain confident in our outlook for the remainder of the year. I'm proud of the tangible progress we're making in expanding and advancing our research program across key therapeutic areas. We're now conducting more than 80 Phase III studies across a range of therapeutic areas, and we're increasingly seeing the potential we've long spoken about validated with positive clinical trial results, registrational filings and new product launches. These proof points provide me with growing confidence that we're on track to achieve our ambitions. Moving to some notable recent news. We announced encouraging top line results from the first 2 Phase III trials evaluating enlicitide, our oral PCSK9 inhibitor for the treatment of hyperlipidemia; and for WINREVAIR based on the HYPERION study for patients recently diagnosed with PAH. On the regulatory front, the FDA a”