“Importantly, we continue to expect 6% to 8% full- year operational revenue growth for non-COVID products year-over-year.”

In context

“.17 in the quarter are primarily the result of the decline in Paxlovid and Comirnaty sales and the non-cash charge related to write-offs of COVID-related inventories. The inventory write-off of $4.7 billion for Paxlovid and $900 million for Comirnaty negatively affected adjusted loss per share by $0.84. Foreign exchange movements had a de minimis unfavorable impact on third quarter revenues and increased adjusted diluted loss per share by $0.04 or 2% compared to LY. Now, let me briefly touch on our full-year guidance. Given we updated our full-year revenue and EPS guidance on October 13th, I am just going to hit a few of the highlights. Total company full-year 2023 revenues are expected to be in the range of $58 billion to $61 billion versus previous range of $67 billion to $70 billion. Importantly, we continue to expect 6% to 8% full- year operational revenue growth for non-COVID products year-over-year. As anticipated, the majority of this growth is occurring in the second half of the year, given the timing of new product and indicated launches. I want to remind you that, beginning in Q4, we will overlap the acquisitions of Biohaven and GBT last year, which we completed on October of 2022. Adjusted cost of sales as a percentage of revenue is expected to be in the range of 41% to 43%, primarily the result of the $5.6 billion non-cash charge related to inventory write-offs for our COVID products. Adjusted SI&A expenses are expected to be in the range of $13.3 billion to $14.3 billion, and adjusted R&D expenses to be within a range of $11.9 billion to $12.9 billion. The mid-points of both ranges are now $500 million lower than our original guidance. As a result of all these, the company”