“We achieved approximately $600 million in savings from phase one of our manufacturing optimization program through 2025, with additional savings expected in 2026 and 2027.”

In context

“uct performance was solid, growing 9% operationally versus the same period of last year. Our results demonstrate the effectiveness of a refined commercial strategy. We saw solid contributions across our product portfolio, primarily driven by Abrisvo, Eliquis, Prevnar, and the Vyndaqel family. Adjusted gross margin for the fourth quarter was approximately 71%, primarily reflecting the product mix in the quarter, including lower commodity sales versus 2024 as well as continued strong cost management. Future improvements in our manufacturing footprint remain a top priority going forward. As a reminder, over the past two years, our adjusted gross margins have generally remained in the mid to upper seventies, excluding Commodity, which has a fifty-fifty profit split with our partner, BioNTech. We achieved approximately $600 million in savings from phase one of our manufacturing optimization program through 2025, with additional savings expected in 2026 and 2027. Total adjusted operating expenses were $7.4 billion for the fourth quarter, in line with last year. But looking at the components, adjusted SI and A expenses decreased 5% operationally, primarily driven by focused investments and ongoing productivity improvements that drove a decrease in marketing and promotional spend for various products and lower spending in corporate enabling functions. Adjusted R&D expense increased 4% operationally, primarily driven by an increase in spending in oncology and obesity product candidates, partially offset by a net decrease in spending due to pipeline focus and optimization, including the expansion of our digital capabilities. Now turning to the bottom line. In the fourth quarter, our reported diluted GAAP performance was a loss per share of 29¢. Our ad”