“We do expect Q4 non-GAAP EPS to be lower than Q3 non-GAAP EPS, because of planned investment increases in our business, including key assets in our innovative pipeline beginning with MariTide and olpasiran and other strategic business investments.”

In context

“in our business for long-term growth, including advancing our exciting pipeline opportunities and expanding capacity in our state-of-the-art manufacturing processes and facilities. Our past investments enable us to serve a significant number of patients today. For example, with over 43 million units expected for Repatha and Prolia alone in 2024, ongoing and future investments will support MariTide and other products across the portfolio. In addition, we returned capital to shareholders as we paid competitive dividend of $2.25 per share in the second quarter, this represented a 6% increase compared to 2023. Let's turn to the outlook for the business for 2024 on Slide 30. We expect our 2024 total revenues in the range of $33.0 billion to $33.8 billion and non-GAAP EPS between $19.20 to $20. We do expect Q4 non-GAAP EPS to be lower than Q3 non-GAAP EPS, because of planned investment increases in our business, including key assets in our innovative pipeline beginning with MariTide and olpasiran and other strategic business investments. This sequential pattern is consistent with historical trends. Let me mention a few consideration as you model the remainder of 2024. We now project full year new asset sales at approximately $400 million and other revenue at approximately $1.4 billion. We expect TEPEZZA sales in Q4 to be flat to slightly down versus the third quarter, resulting in full year sales being up roughly 5% year-over-year as compared to the full year of TEPEZZA sales in 2023. Consistent with prior years, we expect Q4 non-GAAP operating expenses to be the highest of the year and expect approximately 28% of our full year operating expenses to be in the fourth quarter. This includes additional investments to drive momentum into 2025, for example, in key brands like Repatha and EVENITY. For the full year, our total n”