on our good review financial better our of with considerations year. of Thank morning, some important my our everyone. focusing for XXXX begin financial will results, the up financial our for you, to follow I help understand I outlook XXXX non-GAAP introduction you will guidance fourth this and quarter performance. and Chris,
marked structure. XXXX in strong by performance and generating managing driving our execution line cash Our cost focused growth, on is flow top
across the quarter We the with have entered portfolio inventory the XXXX fourth Slide on Sales driven XX. to growth with market. in growth grew strategy. deliver in approximately foundation billion, to Starting stronger a $XX.X higher our levels volume and long-term by X%
portfolio like delivered Reblozyl, achieved our half and XX% significant KENZO up Key brands growth slightly another sales more and with Optolag Our than revenue. growth. strong quarter of represented all
the other our for increased SPRYCEL offset in of portfolio, for capped year sales Within POMALYST.
Overall, very of company, in off our fourth brands ABRAXANE, foundation performance Revlimid, growth. impact making across expected progress Electus building sustainable generic and a the legacy including long-term a several the quarter good volumes higher by were
on oncology. for solid it markets. remains and where taken on benefits quarter together. Opdivo expect another in the OPDIVO double-digit delivered benefited delivered Slide Optolag, and the Turning first-line and care newly to standard in to uptake the growth performance focused launched of product fourth of starting growth U.S. we of higher U.S. In market we With product primarily quarter, the are low conversion on demand a Kuventeg, XX, in from Opdivo this due we volume. growth U.S. single-digit XXXX, in educating with driven sales ex by melanoma
XX. inventory demand Slide $X on delivered sales. benefiting and cardiovascular primarily quarter Eliquis sales typical XX%, to U.S. fourth in billion build. over from strong continued grew the Moving
the redesign, The quarters D sequentially due think QX to be sales of about XX% in due impact the implementation initial as year to particularly second the remaining the XXXX from you the Eliquis coverage increase, manufacturer growth elimination phase. gap. to coverage Part Medicare the of in the steadily responsibility half of the should will tempered U.S. of Importantly,
to evidenced in a added and -- and show as than in fourth continued as to momentum by inventory more from sales quarter. obstructive the KEmZyOs, a patients KIMZYOs fourth drug the strong quarter large benefiting to approximate new Turning demand doubled, X,XXX HCM, the higher care standard build. commercial of
for monitoring received obstructive Europe for maintenance KEMZIOS the echo recently the requirements we label a in Additionally, ease update setting HCM. to in
have we PDUFA similar are in date U.S. we a Importantly, that the in easing today the April echo of a to pleased REMS monitoring requirements for announce
cell by approved quarter line turn U.S. in than markets onetime profile than solid therapy, demand strong sales the doubled, uptake fourth second outside and and by the its best-in-class rebase demand Rebase XX. U.S. indications. Sales across launched benefit hematology more MDS-associated on Japan. growth from In Europe across its demand across reflecting growth, a Slide first all patients. driven and anemia strong doubled, driven Let's in launch included XX% in and more BrionZ's newly sales to gross-to-net benefited more than delivered
from immunology to improved from grew step Starting tempered more sales expanded Slide which to us we lives coverage. gross drive associated than help of in Global demand, impacts sales having moving U.S. will and on net XX% demand Now higher access covered further by with edits, growth. access rebates position our XXXX, benefited X of XX. XX% with higher STC
improved of across additional result however, franchise. we from immunology headwinds this a rebates position, higher notably As the expect access
months were physicians differentiated been has and sales favorable, launch. approximately initial prescription represent And we've Feedback Cobenfi's of months roughly reported uptake patients cube performance the early quarter seen year highlighting impacts.
I during our and $XX and the and strong of of these the sales the X neuroscience in both million stocking. safety these from efficacy will and profile. quarter up on reviewing sales demand CERTIKTU this temper first will Regarding fourth with Slide until offset wrap Covent of XX half volume fee. in can for specifically, our the benefits
to Let's now on the XX. Slide P&L move
As about expected, gross product the margin fourth primarily declined points in mix. quarter, XXX by driven basis
operating largely R&D, our savings by X%, expenses investments, R&D in-process offset driven by partially program. Excluding approximately ongoing increased cost
Regarding strategic our XXXX we during against expenses, made significant progress productivity our initiative. $X.X billion operating
savings approximately $XXX the realized end XXXX. we the be $X.X to in quarter, of billion of realized As the million expect fourth remaining in and
Our earnings driven by XX.X% effective tax for was compared prior rate in XX.X% to primarily quarter mix. the the year,
For diluted at in-process the came full earnings quarter earnings charges, rate in diluted year R&D was year, were XX%, effective $X.XX our share share for per excluding tax the Overall, per $X.XX. full and
balance capital allocation highlights on Slide XX. Turning sheet to and the
generated as of fourth $XX.X securities remains in of and quarter. cash December with flow billion strong Our billion from in $X.X approximately strong the position cash financial We operations marketable XX. approximately equivalents
debt. terms does we as priority, a employ we allocation, our Business plan balanced strategic In ensure remains development capital to to approach. down continue pay a of and
have down balance. end debt approximately of we of of to repaid relative $X the to March billion committed XX, the As pay $XX our XXXX, of billion we XXXX
shareholders the drive Our and savings our on more opportunities I'll we cost last through operations we efficiency productivity to leverage ways on dividend consecutive returning dividend. streamline the XXXX that work XXrd provide our did to payments.
On mentioned allocation priorities also initiative marks capital to our Slide identified capture earlier. XX, Chris additional detail cash greater further year commitment year, of in include strategic a of working. to technology expanded Building
efficiency to needs the enhance This multiple in where $X.X and operational the the by design XX% billion this for productivity, $X To mainly areas achieved contrast to savings program align XXXX optimize cost the me across efficient $X savings future will with with drop result, XXXX business. savings will a expanded rate growth approximately driven business. billion to in operating changes XXXX.
Under Within expense by accounting operational the drive be $X incremental were incremental the efficiencies targeted non-GAAP see further on Slide organizational in savings to program, more bottom of and with roughly we existing initial include In will to remainder the savings. run the enhance walk our of we leaner, initiatives, As expanded you the the company savings while science. resources reinvested. and areas portfolio efforts organizational With to optimize and we line.
Overall, our promising XX, streamline our workforce become end of focus design, with mind, will in let a each investing and guidance to be better that expanded to starting program of continue approximately billion of behind of our through revenue. is billion
billion, in of our growth continued the we Chris portfolio. estimate products primarily $XX.X across As of earlier, generics reflecting and multiple approximately XXXX the to impact be near-term strength said revenue
expect of anticipated to brands. decline exchange approximately continued from in XX% foreign revenue due by our higher million. performance strong partially key the and growth the $XXX of will portfolio and LOEs be offset XX% of to legacy We an headwinds stacking This
product XXXX our guidance be to line of margin P&L expect items, we mix. with continuing reflects the XX%, approximately certain gross our which Now for impact
is $XX we $X.XX. Excluding Operating total earnings meaningful and factors, to these to in range of I phased show non-GAAP approximately to to expect driven We're approximately expanded by decline expecting savings billion, we income the in-process expenses rate anticipate year. operating just our more tax Considering expenses be deliver the R&D, we of approximately to share We to OI&E of XXXX. overall approximately program our be mentioned. maintain million XX%. $XX for expect evenly throughout margin XX% to expect cost approximately expected the $X.XX per a
provide me quarterly some our of revenue let progression XXXX. closing, regarding Before expected insight for
the be which we will as phasing, the the QX. year first additional quarterly see as from well to expect Part quarter build relates we redesign, by each Medicare it typical following accentuated As destocking the to D impacted Eliquis. be inventory pressures within gross-to-net in
earlier, quarters said half. the remaining in increase. revenue Eliquis expect of to I As steadily second the particularly we XXXX for
XX% expect legacy portfolio dynamics As to impacts sequential decline this, a reflecting the previously of result continued we to and these approximately a generic on basis, as XX% communicated.
revenues In to normalize expect in closing, second the total executing the inventory patients our of gross-to-net and and long-term to year. in However, has structure. to strong shareholders. than strengthened performance company half We our QX, in on we a with cost basis, confidence focused rightsizing first beginning XXXX dynamics half our ability deliver be higher growth strategy value on and our for remain the our our
future more I'll months catalysts, over our XX accelerate the for We back which call to pipeline multiple forward also on Q&A. certainty and will the derisk will to turn data look the next and provide over that, with Chuck shape our company.
And of now
