Financial Performance - Q3 2025 revenues were $16.7 billion, a 7% decrease compared to Q3 2024, primarily due to a decline in COVID-19 product revenues[37] - Adjusted diluted EPS for Q3 2025 was $0.87, a 16% decrease compared to $1.06 in Q3 2024, impacted by a $1.35 billion Acquired In-Process R&D charge related to the 3SBio licensing agreement[37] - The company reaffirms its 2025 revenue guidance of $61.0 to $64.0 billion and raises and narrows its adjusted diluted EPS range to $3.00 to $3.15[47] Strategic Initiatives - The company reached an agreement with the U S Government to provide greater clarity and reduce uncertainty around tariffs and pricing[7, 8] - The company proposed acquisition of Metsera to accelerate and expand presence in obesity with highly differentiated medicines[7, 8] - The company closed of 3SBio Licensing Agreement, which is a potential foundational backbone in the company's Oncology portfolio[7, 8] Pipeline Development - PADCEV + pembro significantly and meaningfully improved overall and event-free survival vs surgery alone[11] - Single Arm Phase 2 PHAROS Trial OS showed 67% at 49 months, 54% at 47 months, 49% at 45 months[13] - XTANDI + Leuprolide showed HR (95% CI): 0.597 (0.444-0.804) P = 0.0006[17] Cost Management - The company expects $7.2 billion in total net cost savings by the end of 2027 while also reinvesting $500 million to strengthen R&D productivity[43]

Financial Performance - First quarter 2025 revenues reached $13.7 billion[26], a 6% decrease compared to $14.9 billion in the first quarter of 2024[28], primarily due to a decline in Paxlovid revenues[28] - Adjusted diluted EPS for the first quarter of 2025 was $0.92[26], a 10% increase compared to $0.82 in the first quarter of 2024[28], driven by operating efficiency and favorable global income tax resolutions[28] - Adjusted Cost of Sales as a percentage of revenues decreased by 1.5 percentage points, from 20.4% in Q1 2024 to 18.9% in Q1 2025[28], driven by favorable revision of accrued royalties and favorable FX[28] - Adjusted SI&A expenses decreased by 12% to $3.0 billion[28] from $3.5 billion[28] in the first quarter of 2024, reflecting productivity improvements and lower spending on COVID-19 products[28] - Adjusted R&D expenses decreased by 12% to $2.2 billion[28] from $2.5 billion[28] in the first quarter of 2024, driven by pipeline focus and optimization[28] Capital Allocation and Cost Savings - The company reinvested $2.2 billion in internal R&D in the first quarter of 2025[30] - $2.4 billion was returned to shareholders in the first quarter of 2025[30] - The company expects $7.2 billion in total net cost savings by the end of 2027[34], while reinvesting $500 million to strengthen R&D productivity[34] Strategic Priorities and Pipeline - The company reaffirms its 2025 financial guidance, with revenue expected to be in the range of $61.0 to $64.0 billion[35], and adjusted diluted EPS expected to be in the range of $2.80 to $3.00[35] - The company anticipates 4 regulatory decisions and 9 Phase 3 readouts in 2025[14]