“We project non-GAAP cost of sales to be in the range of 18% to 19% as a percentage of product sales for 2025.”

In context

“o 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 18% to 19% as a percentage of product sales for 2025. This projection reflects the ongoing impact of sales mix, including profit share and royalties. We expect non-GAAP R&D expense to grow year-over-year in the mid-teens in 2025 with investments increasing to advance key pipeline assets, including MariTide and olpasiran. We see significant potential in our innovative pipeline, and it is important that we strategically invest now to fully unlock these opportunities. And for the non-GAAP SG&A spend, we expect the 2025 full year amount as a percentage of product sales to decline by approximately 1 to 2 percentage points year-over-year as we continue to drive efficiencies and prioritize resources, including leveraging both automation and our newly established innovation and technology hub in India. Overall, the operating margin of roughly 46% in”