“We now expect our non-GAAP R&D expenses in 2023 to increase about 5% year-over-year, which is higher than our prior guidance of 3% to 4%.”

In context

“of other revenue related to our COVID antibody manufacturing agreement and the milestone we earned that we do not expect to repeat in the third quarter of 2023. We anticipate full year non-GAAP operating expense for 2023 to increase by closer to 3% versus last year compared to our previous estimate of a 1% increase with higher cost of sales from projected increase sales, additional investments driving our innovative pipeline and increase support for our growing priority marketed products, including Repatha and Otezla. We continue to expect a full year 2023 operating margin as a percentage of product sales to be roughly 50%, although will vary in each of the remaining two quarters. We continue to expect non-GAAP cost to sales as the percentage of product sales will be between 16% and 17%. We now expect our non-GAAP R&D expenses in 2023 to increase about 5% year-over-year, which is higher than our prior guidance of 3% to 4%. We continue to expect non-GAAP SG&A spend to be slightly down year-over-year as a percentage of product sales. We now expect non-GAAP other income and expenses to be in the range of $1.1 billion to $1.2 billion down from the prior guidance of $1.2 billion to $1.3 billion. For the full year, we anticipate a non-GAAP tax rate of 17.5% to 18.5% down from prior guidance of 18.0% to 19.0%. We expect Q3 tax rate to be near the upper end of the revised range of 17.5% to 18.5%. Our capital expenditure guidance remains unchanged at approximately $925 million in 2023. Our confidence is strong in the long-term outlook and long-term growth for Amgen, and we look forward to completing the announced acquisition of Horizon by mid-December as Bob indicated. I’m incredibly grateful to our 24,000 plus coll”