“Operating expenses are now assumed to be between $25.6 billion and $26.4 billion.”

In context

“logical 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 includes a negative impact from foreign exchange of approximately $0.15 using mid-July rates. As you consider your models, there are a few items to keep in mind. We remain confident in the outlook for our launch products and continued growth across oncology and Animal Health as well as”