“Our guidance assumes approximately $3 billion of share repurchases, and we remain committed to not having excess cash build on the balance sheet.”

In context

“, as well as continued strength in oncology and animal health. Despite a headwind of approximately $2.5 billion from generic competition, IRA price setting, and the restructured agreement for Koselugo. Generic competition primarily impacts the Januvia family of products, Brideon, and Deficit. We also expect significantly lower sales of Ligevrio due to continued soft demand. Now turning to capital allocation, where our strategy remains unchanged. We will prioritize investments in our business to drive near and long-term growth, including new product launches and our robust pipeline. We remain committed to the dividend with the goal of increasing it over time. Business development remains a high priority. We are well positioned to pursue additional transactions when science and value align. Our guidance assumes approximately $3 billion of share repurchases, and we remain committed to not having excess cash build on the balance sheet. To conclude, we entered 2026 with confidence in the outlook for our business driven by global demand for our innovative medicines and vaccines, including the exciting progress of our many launches and upcoming clinical milestones from our promising pipeline. We maintain our long-standing commitment to bringing forward medically significant innovations that will enable us to deliver value to patients, customers, and shareholders well into the future. With that, I would now like to turn the call over to Dean. Dean Y. Li: Thank you, Caroline. Good morning, everyone. Progress continues across programs spanning multiple therapeutic areas. Today, I will provide updates across cardiometabolic, respiratory, infectious disease, and oncology programs, then conclude with a summary of highlights from”