“For 2025, we continue to expect capital expenditures of $2.3 billion to expand network capacity for our products across the portfolio and our innovative pipeline, including MariTide.”

In context

“of 2025. Our non-GAAP tax rate decreased 0.7 percentage points year-over-year to 14.2%, primarily due to the change in earnings mix. The company generated $1.9 billion in free cash flow in the second quarter, reflecting operational momentum across the business while continuing to invest in innovation. We invested $1.7 billion in non-GAAP R&D spend, an increase of 18% year-over-year and expect to build on this momentum in the second half of the year with increased investment in our innovative late-stage pipeline. We are accelerating innovation and productivity through AI investments across the value chain from discovery to development to commercial execution and in G&A. This is enabled by digitized workflows, modernized data infrastructure and global access to advanced generative AI tools. For 2025, we continue to expect capital expenditures of $2.3 billion to expand network capacity for our products across the portfolio and our innovative pipeline, including MariTide. In addition, we returned capital to shareholders through competitive dividend payments of $2.38 per share, representing a 6% increase compared to the second quarter of 2024. Turning to the outlook for the business for 2025 on Slide 33. We expect our 2025 total revenues in the range of $35.0 billion to $36.0 billion and non-GAAP earnings per share between $20.20 and $21.30. This guidance includes the estimated impact of implemented tariffs. It does not account for tariffs or pricing actions announced or described but not implemented. In addition, let me highlight a few updates to our outlook for the remainder of the year. We now expect full year non-GAAP operating margin as a percentage of product sales to be roughly 45%. Our outlook now includes several business development transactions,”