“We continue to expect share repurchases not to exceed $500 million in 2023.”

In context

“t 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 look forward to completing the announced acquisition of Horizon. We expect to provide updated guidance as appropriate after the transaction closes. Many thanks as always to our 24,000 plus dedicated colleagues all over the world executing each day on behalf of our patients and our future patients. That concludes the financial update. I'll turn it over to Bob for Q&A. Bob Bradway: Okay. Thank you, Peter. All right, Julianne, if you could remind our callers of the process for asking a question. I know they've had a long day already, so ask them to hold their questions to one each and do our best to get to everybody”