“This range represents growth of 1% to 2%, excluding a negative impact from foreign exchange of approximately 0.5% using mid-July rates.”

In context

“ned to maximize the many opportunities in front of us, we have announced a multiyear optimization program. This portfolio management program will enable us to fully reinvest $3 billion of cost savings from lower-growth areas of our business to higher-potential areas in order to have maximum impact. It will also allow us to leverage technological advancements to enable productivity and streamline our operations. Taken together, our overall investment will continue to increase, a reflection of the many compelling opportunities we have. We are confident these actions will position us to deliver value for patients, customers and shareholders as well as drive long- term growth. Now turning to our 2025 non-GAAP guidance. We expect full year revenue to be between $64.3 billion and $65.3 billion. This range represents growth of 1% to 2%, excluding a negative impact from foreign exchange of approximately 0.5% using mid-July rates. Our gross margin assumption remains approximately 82%. Our guidance of $200 million of costs related to the impact of tariffs is unchanged, pending the outcome of additional potential government actions. Operating expenses are now assumed to be between $25.6 billion and $26.4 billion. This range continues to include the $300 million milestone to LaNova for the tech transfer that was completed earlier this month. This guidance does not assume the proposed acquisition of Verona or additional significant potential business development transactions. Other expense is expected to be between $300 million and $400 million. We now assume a full year tax rate between 15% and 16%. We assume approximately 2.51 billion shares outstanding. Taken together, our EPS guidance is $8.87 to $8.97. This range”