“But what I would tell you is as we look at -- and I don't want to give '26 guidance because we're not giving forward guidance. But as you look at '25, I would tell you, if this was implemented immediately, it would be minimal impact based on all the work we've done around inventory management and moving our manufacturing to the U.S.”

In context

“preliminary perspective on how a 15% tariff on pharmaceuticals would impact your 2026 outlook. Recognize you're not going to give guidance at this point, but I was just wondering if you could help frame for us the potential impact there. And then any insight if this would be phased in over time or if this would be implemented more near term? Robert M. Davis: Yes. Terence, this is Rob. I appreciate the question. Maybe I'll take the second part of it first. So we need to see more clarity both from the administration and just overall as to exactly how this is going to play out. So it's still not clear exactly how this relates relative to the 232 investigation and the timing, so to speak, whether these apply now or will be phased in. Until there's further guidance, I can't really speak to it. But what I would tell you is as we look at -- and I don't want to give '26 guidance because we're not giving forward guidance. But as you look at '25, I would tell you, if this was implemented immediately, it would be minimal impact based on all the work we've done around inventory management and moving our manufacturing to the U.S. We're very well positioned overall as we look forward to be able to do that, and we have made very good progress as we look at even '26. We'll give the specific guidance as we move forward, but for '25, this would be minimal. Operator: Our next question comes from Courtney Breen with Bernstein. Courtney Breen: Coming back to the comments you've made around the cost savings program and the reallocation of this. Can you give us a little bit of context on your intentions to -- with KEYTRUDA, specifically recognizing that, that asset is coming nearer to the end of its life cycle, yet there are still many launches to come as well as a subcutaneous product launch ahead. And so how you're planning on reallocating in the context of KEYTRUDA SG&A relative to the newer opportunities that you need t”