“Next, we expect other revenue to be significantly lower in the second half of the year.”

In context

“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 our return to growth in the second half of the year. In China, GARDASIL channel inventories remain elevated and demand continues to be soft. As a result, we will not resume shipments to China through at least the end of this year. As we look to the balance of the year for GARDASIL, Japan will be a more significant headwind to growth in the second half of the year as we lap the increase in vaccinations from the catch-up cohort in 2024. Overall, we expect full year growth for GARDASIL, excluding China. Next, we expect other revenue to be significantly lower in the second half of the year. While we actively manage the impact from foreign exchange through our revenue hedging program, based on mid-July rates, we expect to see a negative impact from our hedges, which is reflected in other revenue. Finally, we expect operating expenses to be roughly evenly split between the third and fourth quarters, excluding business development expenses. Now turning to capital allocation, where our strategy remains unchanged. We will prioritize investments in our business to drive near- and long-term growth. We will continue to invest in our innovative pipeline, including the initiation of many new late-stage clinical trials across multiple novel candidates, each of which has the potential to meaningfully address important unmet medical needs. We remain committed to our dividend with the goa”