Consistent with what was provided at the J.P. Morgan Conference a few weeks ago, we expect 2026 R&D spend to be in the range of $5.9 to $6.1 billion. The increase versus 2025 is driven by costs to support our expanding late-stage pipeline, including new Phase III studies in oncology and hemat, our Factor XI antibodies, and our obesity program.

Jan 30, 2026 / receipt

Consistent with what was provided at the J.P. Morgan Conference a few weeks ago, we expect 2026 R&D spend to be in the range of $5.9 to $6.1 billion. The increase versus 2025 is driven by costs to support our expanding late-stage pipeline, including new Phase III studies in oncology and hemat, our Factor XI antibodies, and our obesity program.

Jan 30, 2026 / receipt, needs a key / Chris, CFO | earnings call 2026-01-30 | transcript 130db652-0833-4325-8cfa-3a8b8bfbf8f8 | chars 30950-31295 | segment 30

Starting with R&D expense in 2024, which is anticipated to be in the range of $4.3 to $4.5 billion, as George just discussed and as we highlighted at the JPMorgan conference, our pipeline continues to expand with a growing number of registration-enabling studies ongoing, are expected to initiate this year.

Feb 2, 2024 / receipt, needs a key / George Yancopoulos, other | earnings call 2024-02-02 | transcript c17595ca-468d-4dfd-97f1-b4d5cb729ba9 | chars 30973-31280 | segment 31

However, we recently were informed that an FDA travel complication relating to scheduling a routine clinical trial site inspection in Eastern Europe will likely delay their decision until after our September 19th PDUFA date.

Aug 3, 2022 / receipt, needs a key / Bob Landry, CFO | earnings call 2022-08-03 | transcript d2460f26-35af-4e81-9594-2ef6fc22821c | chars 7472-7696 | segment 7

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