“However, given the next few years of LOE headwinds, we expect the leverage to remain at this current level or slightly higher through the LOE period.”

In context

“g further productivity opportunities and efficiencies. Let me quickly touch upon our capital allocation strategy, which is designed to enhance long-term shareholder value. Our strategy consists of maintaining and over the long term growing our dividend, reinvesting in our business at the appropriate level of financial return, and in the future, the potential to make value-enhancing share repurchases. In 2025, we returned $9.8 billion to shareholders via the quarterly dividend, invested $10.4 billion in internal R&D, and invested approximately $8.8 billion in business development transactions, primarily reflecting the Metcera acquisition and the 3S bio licensing deal. As a reminder, our leverage is expected to end 2025 at near our 2.7x target following the close of the Metcera transaction. However, given the next few years of LOE headwinds, we expect the leverage to remain at this current level or slightly higher through the LOE period. Additionally, the planned sale of our stake in VIVE will further improve our balance sheet. When including the Vee proceeds, we have approximately $7 billion in BD capacity. Now let me turn quickly to our full year 2026 guidance, again, which remains unchanged. We expect total company full year 2026 revenues to be in the range of $59.5 billion to $62.5 billion and full year 2026 adjusted diluted earnings per share to be in the range of $2.80 to $3 a share, which reflects our expectations of strong contributions across our product portfolio, mid-seventies adjusted gross margin, continued focus on strong cost management, all while prioritizing investments in our business to drive growth by the end of this decade. Our COVID products are expected to trend lower again in 2026 with revenues of”