“In terms of phasing for Q3, we expect organic growth in Q3 to be about 1 point higher than Q2 and adjusted EPS to be approximately $0.10 to $0.15 higher than Q2.”

In context

“to expect an adjusted tax rate of 10.5% for the full year. We continue to expect between $1.4 billion and $1.7 billion of net capital expenditures in 2025, and free cash flow in the range of $7 billion to $7.4 billion for the year. In terms of capital deployment, we're assuming $2 billion of share buybacks, which were already completed in January. We continue to estimate the full year average diluted share count will be between 378 million and 379 million shares. And we'll return approximately $600 million of capital to shareholders this year through dividends. Our guidance does not include any future acquisitions or divestitures. So it does not include any impact from the pending acquisitions of Solventum's Purification & Filtration business and the sterile fill-finish site from Sanofi. In terms of phasing for Q3, we expect organic growth in Q3 to be about 1 point higher than Q2 and adjusted EPS to be approximately $0.10 to $0.15 higher than Q2. Then finally, I wanted to touch on the financial scenario for the next couple of years that Marc outlined earlier. We're managing the company under the assumption that we'll deliver between 3% and 6% organic revenue growth in that period. That includes a continuation of the strong share gains that we've been delivering. In that top line environment using the proven levers of the PPI Business System, we expect to generate approximately 50 to 70 basis points of adjusted operating margin expansion and mid- to high single-digit adjusted operating income growth. We have a number of exciting opportunities to supplement this organic performance with effective capital deployment. We're very well positioned to continue to drive very strong earnings performance under this level of assumed top line”