“Going forward, we expect to improve our cash flows, reduce our debt leverage, and have more flexibility for three capital allocation pillars.”

In context

“ll seek to further unlock access to this advanced systemic treatment for patients with severe alopecia areata. This highlights how we are positioned to further expand and sustain our performance trajectory among our key brands. And with that, now I will turn it to Dave to speak about the other two strategic priorities. Dave Denton: Thank you, Albert, and good morning. I'll begin this morning by reinforcing the fact that our solid financial results demonstrate our strong executional focus. We continue to concentrate on driving positive patient outcomes and delivering on our financial commitments while navigating an ever-complex external environment. Our productivity improvement programs continue to drive a more efficient organization enhanced by our strong operating margins in the quarter. Going forward, we expect to improve our cash flows, reduce our debt leverage, and have more flexibility for three capital allocation pillars. Our focus remains on creating long-term shareholder value. We will continue to invest in our business for the long term while prudently returning capital to our shareholders. Now first, let me start with our first quarter results. Second, I'll touch on our capital allocation priorities, and then I'll touch upon our cost improvement initiatives. I'll finish up with a few comments on the macro environment and our 2025 guidance, which we are reaffirming today. For the first quarter of 2025, we recorded revenues of $13.7 billion, a decline of 6% operational. The decline was largely due to lower PAX load with revenues, in part due to last year's one-time tax lubid revenue credit recorded in Q1 of 2024. In addition, US revenues were tempered by changes in the IRA Medicare Part D redesign, which”