“Free cash flow in the first half of 2025 will be impacted by strong 2024 year-end collections timing, the shift in 2024 tax payments to the second quarter of 2025 and also the final $1.8 billion repatriation tax payment in the second quarter of 2025.”

In context

“to 2024, we expect share repurchases not to exceed $500 million in 2025, and we expect the share count in the first quarter of 2025 to be flat to the fourth quarter of 2024. We expect capital expenditures of approximately $2.3 billion in 2025. This is consistent with our capital allocation priority to invest in our business and scale capacity for growth in marketed products and the pipeline. We expect to maintain strong investment-grade credit ratings as we continue to generate strong free cash flow, strengthen our balance sheet and remain on track to return to our pre-Horizon capital structure by the end of 2025. In 2025, we expect free cash flow performance to be similar to 2023. This decline is primarily driven by 2024 working capital favorability and incremental capital expenditures. Free cash flow in the first half of 2025 will be impacted by strong 2024 year-end collections timing, the shift in 2024 tax payments to the second quarter of 2025 and also the final $1.8 billion repatriation tax payment in the second quarter of 2025. Our long-term outlook remains strong, and I'm grateful to our colleagues worldwide for their dedication to serving patients. This concludes our financial update. I'll now hand it back to Bob for our Q&A session. Robert Bradway: Okay. Just to recap before we go to the Q&A session, as you can see, our results highlight the breadth and depth of opportunities across our business. And we exited the fourth quarter with 10 products growing at double-digit sales rate and 14 products annualizing at over $1 billion. And for the year, to repeat, we had 21 products delivering record sales. So this momentum supports our outlook for 2025 and through the long term. And with that, we'd be happy to take questions. Justin Claeys: Julienne, if you could please remind our participants of the procedures here.”