morning. Thank you, Rob. Good
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industry, certain our As at reporting. ours, to made changes including non-GAAP have the request a SEC, the reminder, of companies in
results. as and longer to We acquisitions milestone will exclude non-GAAP licensing transactions significant accounted as related for no from payments asset as for agreements upfront and expenses collaborations well
of non-GAAP in included There result, of R&D XXXX. charges a billion XXXX of non-GAAP recast acquisition XXXX and related was As by quarters results. by and the expense Pandion $X.X are no This billion primarily to the increased R&D impact our EPS now $X.X decreased to first $X.XX.
from Our does have assume any excluded transactions would significant been not XXXX that previously non-GAAP. guidance
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our We margin XX.X%. between XX% gross are to and increasing expectation
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of an taxes paid expense XX.X% other U.S. We increase assume million. tax full outstanding. shares to rate expect approximately billion We income. year be We between X.XX due to assume and on XX.X% estimated a foreign in $XXX
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your on. to there you consider few a As focus are models, areas
we narrowing range billion. full $X.X First, guidance the of $X our to billion are LAGEVRIO, on to year
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the half quarter. revenue full in of from We the year remaining expect second LAGEVRIO approximately
for We especially China. continue ex-U.S. in including markets, GARDASIL, annual strong to growth expect
line a COVID the for approximately in revenue completion million and out-licensing benefited other as Johnson Other quarter contains began we included are also items, Also first of and receipts Finally, from spin-off $XXX Johnson its in to year Organon, revenue & revenue relating our reminder, which hedge last supply upon the to agreement. recording including sales the royalties. vaccine. to our several
unchanged. priorities Our capital remain allocation
we continue prioritize to pipeline to in business First, and will investments long-term and near- our growth. drive
strategic of time. pipeline the over continue to and we be development, through additional To internal it opportunities. value-enhancing will committed with to dividend goal We remain intend in the appropriately to our aggressive our share augmenting will the it shareholders by We for growth we increasing our business the in demand global and to extent, cash, we business, To confident have vaccines. the return we of very excess conclude, through repurchases. remain medicines innovative pursue driven
that, turn We position to future. deliver of us to to and execution well call patients are the and our over With our I'd operational into in a continued Dean. value will now shareholders to strength the enable financial and like
