“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.”

In context

“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 approximately $5 billion. We continue to expect stable revenue contribution from our non-COVID product portfolio, which incorporates an expectation of approximately $1.5 billion in revenue compression due to products impacted by anticipated generic entry in 2026. Revenues at the midpoint, excluding COVID and LOE products, are expected to grow approximately 4% operationally year over year. And lastly, I will mention that we will continue to monitor currency fluctuations as the year progresses. In closing, let me continue to emphasize that over the next few years, our focus is on investing in key assets and managing upcoming LOEs, mainly from 2026 through 2028. At the end of the decade, growth is expected to be dr”