XX. you, Camilo. Juan Slide Beginning Thank on
growth X% year-over-year. full revenue bridge constant currency the year we Here
$XXX which the the Europe of year related $XX or third as $XX impact like year, an left. REMERON Starting million quarter LOE in full U.S. impact the of in Atozet Pricing certain approximate impact that year occurred as as year and in some as an the LOE the in reflects loss and from half the Spain LOE about Japan. and and exclusivity of from for was well and began RENFLEXIS, the There the was France, Japan expected mandatory from to of VBP NuvaRing, round million of approximate the revisions came the price mature COZAAR/HYZAAR. well of X.X%. headwinds X September. DULERA really for to included primarily and products XXXX which Atozet in contained about was from that of first in full in impact on million the September the pricing There was
the year representing the were almost growth growth, EMGALITY injectable market for recovery and growth and to was Volume million, a volume HADLIMA action X% followed by across NEXPLANON, $XXX largest drivers. multiple XXXX. following the steroids in contributors of
other, In that we we as expected. Merck, the contract declining which captured here lower-margin have since manufacturing arrangements spin-off have been supply with the
the Lastly, year. approximate reflects basis or an versus dollar points to about the foreign of strengthening million exchange XXX U.S. headwind had currencies revenue, most year the during translation impact in $XX which foreign
items line Now and for let's show to full we metrics the P&L non-GAAP Slide XX turn year. where key
reconciliations our presentation. and financial the appendix of in and to non-GAAP slides release GAAP financials included For press the measures this in are the reference,
gross profit, of we accounting our slides. seen amortization excluding in from onetime cost are appendix can purchase sold, which items, goods For be and
gross gross reflects well as was full XXXX, in Adjusted year-over-year margin year XXXX. higher year inflation adjusted price, the decrease and margin material as The unfavorable costs. impacts the in the as impacts distribution discussed, XX.X% of with of compared I to for XX.X% full
Excluding million non-GAAP efforts. reflective X% of down expense of year, of year, biosimilar a of our milestone related expense of operating preclinical the $XX were and for nonhormonal investigational $XX related during containment advancement in million Cirqle, pertuzumab for with and it a IPR&D expenses cost year-over-year, to Of Henlius our million denosumab the $XX the $XX to contraceptive candidate. IPR&D million candidates, collaboration Shanghai further incurred the
This our figure adjusted loss $XX million to the fourth a latter guidance full losses we half foreign impact of or coming million, $XX the earnings from of to year that, quarter For million to More the exchange. related full EBITDA ruble. transaction and of exchange. part in update in in that the where unhedgeable foreign last was after currencies, embedded XXXX of the $XX devaluation year, significant about half favorably compares on is realized than from
These in year an adjusted XX.X% XXXX XX.X% EBITDA full for of culminated margin or factors ex-IPR&D.
ex-IPR&D. that's a over than EBITDA mentioned, once more X.X expansion Kevin of As little margin adjusted year point full XXXX margin of XX.X%, again,
which billion was billion tax $X.XX per share XXXX compared with $X.XXX full diluted and in adjusted or with due profit year that expense per net in onetime essentially Non-GAAP is the both full for or billion that $XXX $X.XX termination year given net logical And XXXX, flat. was a a were arrangement. operating from prior $X.XX benefit million gross consistent income XXXX. for $X.XXX income year XXXX, of Swiss Reported to is year diluted share, difference full
half XXXX, flow of the number were due XXXX cash various items Turning that is taxes top which in relative for higher tax. an before the expected of to to which delivered stands in costs low that In higher payment of happened start triggered in free year unusually of onetime be Slide cash which settlements as the the non-U.S. cash out well to to certain taxes we jurisdictions cash as in the XX. XXXX, onetime met million free We flow $XXX as expectation cash from the our year. before table, taxes,
similar those to would XXXX, ahead to to we expect taxes cash be XXXX. Looking of
of Working working better active a capital management. expected $XXX bit we cash use ended attributable about to cycle in down capital XXXX. We the table, this had million working year
which And million XXXX, than in onetime forecasting essentially $XXX the spin-related spin-related we X. these we be were For to costs $XXX XXXX. originally year, better the for expect is were million, costs full
aimed the onetime million our In $XX restructuring the discussed initiatives at that other $XXX of about leaning ongoing relates to out operating costs, million expense. Kevin
expect ramping quarters up. $XX exits would XXXX. realizing efficiencies begin to Merck sourcing to Organon supply while in redefine chains to of that past be appropriate margin have activities focusing supply planned in to arrangements relates Another and strategy the starting that million which move in will from are expansion, on discussed we our with gross These enable fit-for-purpose terms we delivering
TSA in and, expected operating restructuring again, So other later be improved XXXX, costs together will expense drive in the that both see costs investors while continue costs will going form to XXXX cost-efficient could these to meaningful manufacturing separation to effectively see able onetime Merck that onetime in drive million spin-related is efficiency X margin value are related in and years, to the to expansion. for more be of $XXX we million in in $XXX that be manufacturing XXXX. Once to
Organon we're XXXX, growth AD As low And best to should milestones the that use capital of is An the able Henlius allocation, we million validates EMGALITY be between to in achievement we the revenue business made deliver. already highest signed XXXX, additional to remaining $XX of be realizing for dividend. $XX $XXX cash Kevin little been a about path expect post the already commercial million for about totaling about to mid-single-digit and we've milestones. in are and that VTAMA's over means We've development and payments due The the milestones. flow approval if milestones XXXX been mentioned, pay think met. million $XXX years, value our saying priority, SJXX business paid these to would development. has X $XXX commercial In million. upfront and past million as we opportunistic milestone In and
the end the of of Dermavant about which Moving our up year value. transaction. sheet Xx September, net at fair instruments, the primarily at XX. on ended recorded We debt-like X.Xx balance ratio, million assumed to are at We due to Dermavant from Slide $XXX leverage
about digest this to As more we've and this in through from the middle float mid-Xx leverage Dermavant the to acquisition, benefit a at the done of business by of closer when way the launch be we're year-end deployment that also biggest we'll area halfway Atozet coming a That's the strong before point LOE. the we our year down given capturing as capital up company, the and working we're was statement launch. year, could VTAMA, Xx a that with VTAMA
Now turning ] on XXXX (sic) guidance to [ XX. XXXX Slide
our driving highlight XXXX we the range. revenue guidance items Here
for range Our to $X.XXX revenue full XXXX billion. $X.XXX year is billion
the believe in midpoint if land range, at the look in impact expect foreign we will the moment to growth our Europe. exchange in we anywhere to products this of NEXPLANON is loss for is year-over-year help revenue midpoint ultimately X% While just which a of the the of EMGALITY Atozet range, estimate VTAMA, we compared XXXX, and performance Overall, offset could of continued essentially our other the and solid organic of under uptake translation. in down portfolio
in path revenue is the Even year, of year high end credible reflected that to our of revenue a this growth, full at there guidance. LOE another currency and year constant is
$XXX revenue for related of for Atozet LOE component we There's also headwind For a that total to million a $XXX we're $XXX driven volume for primarily of million, by LOE. the this about of in column, price-down EU. of retain, the volume with showing is Atozet which LOE, Atozet an In we to associated impact million expect in LOE XXXX. of the total
the right. Moving to
million, that from around for to to and impact implemented FOSAMAX, the expect we to late million relates expect XXXX. to be XX which $XX VBP $XX be We in approximately
a longer-term year, our million $XXX our for to range across from in pricing headwind price as prior percentage DULERA, RENFLEXIS pressures associated year. business, with impact impact is XXXX price but within approximately by in expectations NuvaRing. entire driven is versus on $XXX LOE competitive such is which X.X Atozet continuing than declines Our or point last well products million with as the U.S. mature higher the That and line as
pretty of NEXPLANON, products expect in $XXX and volume million strategic fertility, the growth will over growth to $XXX driven For our almost growth X% of last new the year. range be by range HADLIMA, X% in equally such the we million, year, and EMGALITY pillars: Volume growth as VTAMA. to reflecting
impact And headwind, on our about in revenue a or outside FX of based XXXX $XXX the earlier. function I basis from said of point U.S. of coming this is finally, And we current a as our expect about million a from view XXX XX% FX,
we As quarterly think cadence about revenue of this XXXX, believe a story in will bookends. you be
lowest quarter first We expect LOE through fourth first first and its ramps see have could impact the we quarter of be the Atozet and the $XXX VTAMA our expect the the between the more quarter of revenue By will of XXXX year be we highest a XXXX quarters XXXX. X of will of as greatest the swing will million in order the year. than fourth magnitude, and quarter
to XX, all we components show our where Turning guidance. of earnings Slide
on adjusted with gross in XXXX, be For in due of that back that's full compared at in a and half, higher and pressure year margin costs. price we the XXXX, lower expect XX%, about the to the to midpoint the we manufacturing especially saw distribution to XX% margin point last X year, range of gross continuation and
about R&D, SG&A X% expense, of a XXXX ended ex-IPR&D. That's at of XXXX. good On we for On XXXX revenue at revenue. we barometer XX% ended
upper get model place revenue XXXX. for probably is in digit XXXX, to single expense R&D percentage For a as of a your good
continuing where revenue Kevin's improve are year-over-year, is would imply that that dollars efficiency. our flat essentially operating landing, to Given commentary our with we consistent OpEx cost guide is which
to to guidance aligns adjusted XX% pieces ex-IPR&D. intend in made we on that This a margin floor culminate and today adjusted with Those remarks EBITDA EBITDA of commentary prior XX%. hold an XX% range of
won't profitability, of of phasing the full in until be the As run we benefit later actions think savings you cost year. rate getting quarterly about the
quarters savings of implementation EBITDA VTAMA of delta year. drive adjusted along in of and the fourth basis with XXX So point those the the could timing between uptake first margins of the
instruments Dermavant $XXX full the VTAMA is a a million, in expense in XXXX for related on sales. includes refinancing our the XXXX $XX in about which those Exclusive to transaction, million X is items, portion as $XX year assumed acquisition. interest interest debt-like of Payments XXXX variable about expense rate to are below-the-line of of tied instruments borrowing instruments. our debt million and rates result events Dermavant the For completed the estimate lower down on approximately
For XXXX, we XX% to be The our the X. rate of at required rate estimate is ERP system impact global non-GAAP tax range XX.X%. of from new to OECD's uptick is due to under million, minimum XX.X% in the XXXX our largely of tax XXXX. $XXX the Depreciation Pillar a touch driven in higher year the than last the completion by
up, reasons. XXXX for wrap a solid year To X was
reported we revenue as EBITDA and constant both First, and currency. at delivered growth
VTAMA excluding of business going quarter, prospect ratio on for have we gave EBITDA us dermatitis, XXXX, of atopic below heels with as the leverage base And improved we that have improved dermatology the the capability capacity we launch in the fourth IPR&D, and U.S. discussed. balance year-over-year. to margins third, of growth Xx and And Dermavant. solid Second, commercial immediate acquire in the the revenue into in the now sheet we
high constant LOE product. this our into going revenue year that the a We're stable reflects expense very at operating of And record the likely EBITDA best LOE, efficiency to financial despite successful metrics and we're have largest in margins, second expenses VTAMA currency $XXX if fourth we've that an probability least with being OpEx our and achieved. million of of XXXX for identified impact To potential since here, of temper guidance we're the a growth of launch savings spinoff. XXXX
we and million, not $XXX to annualize roughly expect but XXXX We benefit savings these XXXX realize only will in to which thereafter. FX
we the roll XXXX, strength in beyond As the of P&L XXXX. the out term near which underlying improve LOE to we in the impact, to expect business in window which throughout our expect here sequential a year, the into quarters provide the performance should see
turn and that, call over questions answers. With to now let's the
