“Non-GAAP R&D expenses in 2023 to remain unchanged and estimated to increase 3% to 4% year over year.”

In context

“dance of $17.40 per share to $18.60 per share. Let me mention a few more important considerations as you model the remainder of '23. For product sales, we project solid volume growth at a portfolio level and consistent with the first quarter. We expect a mid-single digit price decline for our portfolio in 2023. We now project full year Neulasta sales of approximately $700 million and full year combined KANJINT and MVASI sales of approximately 850 million. We anticipate full year non-GAAP operating expenses to increase by about 1% over last year. We expect the 2023 operating margin as a percent of product sales to be roughly 50% and expect our second quarter operating margin to also be roughly 50%. And we also expect cost of sales as a percentage of product sales to be between 16% and 17%. Non-GAAP R&D expenses in 2023 to remain unchanged and estimated to increase 3% to 4% year over year. Non-GAAP spend is a percentage of product sales to slightly decrease year-over-year, driven by our ongoing digitalization, continuous improvement and productivity imperatives. We anticipate non-GAAP OI&E to be in the range of 1.2 billion to 1.3 billion, reflecting the first quarter deleveraging related to the debt repurchases I mentioned. With the remainder of the year's R&D expense to be evenly split over the remaining three quarters. We expect a non-GAAP tax rate of 18% to 19%. We plan to continue to meaningfully increase our dividend. We continue to expect share repurchases not to exceed $500 million in 2023. Our capital expenditure guidance remains unchanged at approximately 925 million in 2023. Our confidence is strong and the long-term outlook for Amgen and our long-term growth. We”