“For total company revenues, we expect each quarter of 2025 to have a relatively similar year-over-year growth rate.”

In context

“quarter. This represented a 6% increase compared to 2023. We expect that we will continue to increase our dividend. Let's turn to the outlook for the business for 2025 on Slide 31. We expect our 2025 total revenues in the range of $34.3 billion to $35.7 billion and non-GAAP earnings per share between $20 and $21.20. Our revenue range reflects our strong growth outlook driven by numerous opportunities across each of our therapeutic areas. We expect continued growth across a number of products, led by our near-term growth drivers, Repatha, EVENITY, TEZSPIRE; our innovative oncology portfolio; our rare disease portfolio; and biosimilars. This growth will more than offset declines due to the upcoming denosumab patent expiration as well as continued price declines across our portfolio in 2025. For total company revenues, we expect each quarter of 2025 to have a relatively similar year-over-year growth rate. A reminder as you model the first quarter of 2025 and consistent with our historical trends, we expect Otezla and Enbrel to follow their typical pattern of lower sales in the first quarter relative to subsequent quarters. Also note that biosimilar sales in the U.S. can significantly vary quarter-to-quarter, depending on customer ordering patterns. For example, we expect Q1 AMGEVITA sales in the U.S. to be in line with Q3 2024. For the full year, we expect other revenue to be approximately $1.4 billion. In 2025, we are driving R&D investments to support our promising late-stage pipeline, including MariTide and olpasiran. As a result, we project the full year non-GAAP operating margin as a percentage of product sales to be roughly 46%. We project non-GAAP cost of sales to be in the range of”