“That said, the company's guidance absorbs the impact of the currently imposed tariffs from China, Canada and Mexico as well as potential price changes this year based on the letter received on July 31 from President Trump.”

In context

“mately $7.7 billion in savings by the end of '27 to drive operating efficiencies, strengthening our business with the potential of contributing significantly to our bottom line over the period. Of these savings, approximately $500 million identified in R&D will be reinvested in the pipeline, which we expect by the end of '26. Now with that, let me turn to our full year '25 guidance. The pharmaceutical industry continues to navigate a complex global landscape influenced by rapidly changing proposed trade and tariff policies. Strategies to help mitigate the potential impact on our business in the short term have been implemented. And we continue to evaluate opportunities and develop plans, which will help mitigate the potential long-term impact of tariffs on our business and our operations. That said, the company's guidance absorbs the impact of the currently imposed tariffs from China, Canada and Mexico as well as potential price changes this year based on the letter received on July 31 from President Trump. Our non-COVID revenues continued to perform very well operationally and ahead of our plan. In addition, our guidance assumes favorable -- favorability to revenues due to foreign exchange rates. As a reminder, our plan assumes that a large majority of our COVID revenues are forecasted in both Q3 and Q4. Given this fact, we believe it is prudent to maintain our full year revenue outlook as we enter the second half of the year. We continue to expect full year '25 revenues to be in the range of $61 billion to $64 billion. In addition, we now expect adjusted SI&A to be in the range of $13.1 billion to $14.1 billion, adjusted R&D to be in the range of $10.4 billion to $11.4 billion and our adjusted effective tax rate of approximately 13%. Now given our strong performance to date as well as our”