\n| \n 2026\u00a0<\/b><\/p>\n<\/td>\n | \n 2025\u00a0<\/b><\/p>\n<\/td>\n | \n Change\u00a0<\/b><\/p>\n<\/td>\n | \n Change\u00a0
\n
Ex-\u00a0
\n
Exchange\u00a0<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nSales<\/p>\n<\/td>\n | \n \n$16,286\u00a0<\/p>\n<\/td>\n | \n \n$15,529\u00a0<\/p>\n<\/td>\n | \n \n5%\u00a0<\/p>\n<\/td>\n | \n \n3%\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGAAP net (loss) income2<\/sup><\/p>\n<\/td>\n| \n \n(4,240)\u00a0<\/p>\n<\/td>\n | \n \n5,079\u00a0<\/p>\n<\/td>\n | \n \nN\/M\u00a0<\/p>\n<\/td>\n | \n \nN\/M\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-GAAP net (loss) income that excludes certain items2,3*<\/sup><\/p>\n<\/td>\n| \n \n(3,156)\u00a0<\/p>\n<\/td>\n | \n \n5,611\u00a0<\/p>\n<\/td>\n | \n \nN\/M\u00a0<\/p>\n<\/td>\n | \n \nN\/M\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGAAP EPS<\/p>\n<\/td>\n | \n \n(1.72)\u00a0<\/p>\n<\/td>\n | \n \n2.01\u00a0<\/p>\n<\/td>\n | \n \nN\/M\u00a0<\/p>\n<\/td>\n | \n \nN\/M\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-GAAP EPS that excludes certain items3*<\/sup><\/p>\n<\/td>\n| \n \n(1.28)\u00a0<\/p>\n<\/td>\n | \n \n2.22\u00a0<\/p>\n<\/td>\n | \n \nN\/M\u00a0<\/p>\n<\/td>\n | \n \nN\/M\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n*Refer to table on page 7.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nN\/M – Not meaningful.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nFor the first quarter of 2026, Generally Accepted Accounting Principles (GAAP) loss \/ earnings per share (EPS) assuming dilution was a loss per share of $1.72 and non-GAAP loss per share was $1.28. Both the GAAP and non-GAAP loss per share were due to a charge for the acquisition of Cidara Therapeutics, Inc. (Cidara) of $3.62 per share.<\/p>\n \nNon-GAAP EPS excludes acquisition- and divestiture-related costs and costs related to restructuring programs, as well as income and losses from investments in equity securities.<\/p>\n First-Quarter Sales Performance
\n
<\/span><\/b>The following table reflects sales of the Company\u2019s top products and significant performance drivers.<\/p>\n\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n First Quarter<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n$ in millions<\/p>\n<\/td>\n | \n 2026\u00a0<\/b><\/p>\n<\/td>\n | \n 2025\u00a0<\/b><\/p>\n<\/td>\n | \n Change\u00a0<\/b><\/p>\n<\/td>\n | \n Change\u00a0
\n
Ex-\u00a0
\n
Exchange\u00a0<\/b><\/p>\n<\/td>\n | \n Commentary<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nTotal Sales<\/p>\n<\/td>\n | \n \n$16,286\u00a0<\/p>\n<\/td>\n | \n \n$15,529\u00a0<\/p>\n<\/td>\n | \n \n5%\u00a0<\/p>\n<\/td>\n | \n \n3%\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPharmaceutical<\/p>\n<\/td>\n | \n \n14,349\u00a0<\/p>\n<\/td>\n | \n \n13,638\u00a0<\/p>\n<\/td>\n | \n \n5%\u00a0<\/p>\n<\/td>\n | \n \n2%\u00a0<\/p>\n<\/td>\n | \n \nIncrease primarily driven by growth in oncology as well as cardiometabolic and respiratory, partially offset by declines in vaccines, diabetes and infectious diseases.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nKEYTRUDA\/ KEYTRUDA QLEX<\/p>\n<\/td>\n | \n \n8,034\u00a0<\/p>\n<\/td>\n | \n \n7,205\u00a0<\/p>\n<\/td>\n | \n \n12%\u00a0<\/p>\n<\/td>\n | \n \n8%\u00a0<\/p>\n<\/td>\n | \n \nGrowth primarily driven by higher global demand in metastatic indications including urothelial cancer, as well as strong global uptake in earlier-stage indications, including triple-negative breast cancer, cervical cancer and renal cell carcinoma (RCC). Sales growth benefited from the timing of wholesaler purchases in the U.S. Sales of KEYTRUDA QLEX were $128 million.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGARDASIL\/
\n
GARDASIL 9<\/p>\n<\/td>\n | \n \n1,069\u00a0<\/p>\n<\/td>\n | \n \n1,327\u00a0<\/p>\n<\/td>\n | \n \n-19%\u00a0<\/p>\n<\/td>\n | \n \n-22%\u00a0<\/p>\n<\/td>\n | \n \nDecline primarily due to lower demand in China as well as lower sales in Japan following the national catch-up immunization program. Decline also reflects lower sales in the U.S. primarily due to unfavorable public-sector purchasing patterns, partially offset by higher net pricing.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nJANUVIA\/JANUMET<\/p>\n<\/td>\n | \n \n574\u00a0<\/p>\n<\/td>\n | \n \n796\u00a0<\/p>\n<\/td>\n | \n \n-28%\u00a0<\/p>\n<\/td>\n | \n \n-29%\u00a0<\/p>\n<\/td>\n | \n \nDecline primarily due to lower demand and net pricing in the U.S., as well as lower demand in China and most other international markets due to generic competition.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPROQUAD, M-M-R II and VARIVAX<\/p>\n<\/td>\n | \n \n538\u00a0<\/p>\n<\/td>\n | \n \n539\u00a0<\/p>\n<\/td>\n | \n \n0%\u00a0<\/p>\n<\/td>\n | \n \n-2%\u00a0<\/p>\n<\/td>\n | \n \nSales were flat, primarily driven by unfavorable private sector purchasing patterns for M-M-R II and lower demand for M-M-R II and VARIVAX in the U.S., offset by higher PROQUAD sales in the U.S. due to borrowing of doses in 2025 from a U.S. government stockpile, which lowered sales in that period.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nWINREVAIR<\/p>\n<\/td>\n | \n \n525\u00a0<\/p>\n<\/td>\n | \n \n280\u00a0<\/p>\n<\/td>\n | \n \n88%\u00a0<\/p>\n<\/td>\n | \n \n87%\u00a0<\/p>\n<\/td>\n | \n \nGrowth primarily reflects continued uptake in the U.S. and early launch uptake in certain international markets, particularly in Japan and Europe.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nBRIDION<\/p>\n<\/td>\n | \n \n472\u00a0<\/p>\n<\/td>\n | \n \n441\u00a0<\/p>\n<\/td>\n | \n \n7%\u00a0<\/p>\n<\/td>\n | \n \n7%\u00a0<\/p>\n<\/td>\n | \n \nGrowth primarily due to higher demand in the U.S., partially offset by lower demand in most international markets due to ongoing generic competition.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLynparza*<\/p>\n<\/td>\n | \n \n341\u00a0<\/p>\n<\/td>\n | \n \n312\u00a0<\/p>\n<\/td>\n | \n \n9%\u00a0<\/p>\n<\/td>\n | \n \n6%\u00a0<\/p>\n<\/td>\n | \n \nGrowth primarily due to higher demand in the U.S. and many international markets.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPREVYMIS<\/p>\n<\/td>\n | \n \n272\u00a0<\/p>\n<\/td>\n | \n \n208\u00a0<\/p>\n<\/td>\n | \n \n31%\u00a0<\/p>\n<\/td>\n | \n \n26%\u00a0<\/p>\n<\/td>\n | \n \nIncrease primarily due to higher demand in the U.S. and certain European markets, reflecting in part the launch of new indications.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLenvima*<\/p>\n<\/td>\n | \n \n256\u00a0<\/p>\n<\/td>\n | \n \n258\u00a0<\/p>\n<\/td>\n | \n \n-1%\u00a0<\/p>\n<\/td>\n | \n \n-2%\u00a0<\/p>\n<\/td>\n | \n \nRelatively flat compared with prior year.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nROTATEQ<\/p>\n<\/td>\n | \n \n206\u00a0<\/p>\n<\/td>\n | \n \n228\u00a0<\/p>\n<\/td>\n | \n \n-10%\u00a0<\/p>\n<\/td>\n | \n \n-11%\u00a0<\/p>\n<\/td>\n | \n \nDecrease primarily driven by lower demand in China.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nVAXNEUVANCE<\/p>\n<\/td>\n | \n \n202\u00a0<\/p>\n<\/td>\n | \n \n230\u00a0<\/p>\n<\/td>\n | \n \n-12%\u00a0<\/p>\n<\/td>\n | \n \n-16%\u00a0<\/p>\n<\/td>\n | \n \nDecrease primarily driven by lower demand in the U.S. and most international markets due to competitive pressure.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nWELIREG<\/p>\n<\/td>\n | \n \n199\u00a0<\/p>\n<\/td>\n | \n \n137\u00a0<\/p>\n<\/td>\n | \n \n45%\u00a0<\/p>\n<\/td>\n | \n \n43%\u00a0<\/p>\n<\/td>\n | \n \nGrowth primarily driven by higher demand in the U.S. and continued launch uptake in several international markets, particularly in Japan and certain European markets.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCAPVAXIVE<\/p>\n<\/td>\n | \n \n142\u00a0<\/p>\n<\/td>\n | \n \n107\u00a0<\/p>\n<\/td>\n | \n \n33%\u00a0<\/p>\n<\/td>\n | \n \n31%\u00a0<\/p>\n<\/td>\n | \n \nIncrease primarily driven by launch uptake in certain European markets and continued uptake in the U.S. U.S. sales growth was partially offset by a reduction in wholesaler inventory.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOHTUVAYRE<\/p>\n<\/td>\n | \n \n131\u00a0<\/p>\n<\/td>\n | \n \n–\u00a0<\/p>\n<\/td>\n | \n \n–\u00a0<\/p>\n<\/td>\n | \n \n–\u00a0<\/p>\n<\/td>\n | \n \nProduct obtained as part of the Company\u2019s October 2025 acquisition of Verona Pharma plc (Verona Pharma).<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLAGEVRIO<\/p>\n<\/td>\n | \n \n28\u00a0<\/p>\n<\/td>\n | \n \n102\u00a0<\/p>\n<\/td>\n | \n \n-73%\u00a0<\/p>\n<\/td>\n | \n \n-73%\u00a0<\/p>\n<\/td>\n | \n \nDecline largely due to lower demand in Japan and the U.S.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAnimal Health<\/p>\n<\/td>\n | \n \n1,791\u00a0<\/p>\n<\/td>\n | \n \n1,588\u00a0<\/p>\n<\/td>\n | \n \n13%\u00a0<\/p>\n<\/td>\n | \n \n6%\u00a0<\/p>\n<\/td>\n | \n \nGrowth attributable to performance in both Livestock and Companion Animal product portfolios.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLivestock<\/p>\n<\/td>\n | \n \n1,064\u00a0<\/p>\n<\/td>\n | \n \n924\u00a0<\/p>\n<\/td>\n | \n \n15%\u00a0<\/p>\n<\/td>\n | \n \n8%<\/p>\n<\/td>\n | \n \nGrowth primarily driven by higher demand for ruminant and poultry products as well as price.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCompanion Animal<\/p>\n<\/td>\n | \n \n727\u00a0<\/p>\n<\/td>\n | \n \n664\u00a0<\/p>\n<\/td>\n | \n \n9%\u00a0<\/p>\n<\/td>\n | \n \n4%\u00a0<\/p>\n<\/td>\n | \n \nGrowth from new product launches and price was partially offset by lower demand for other products in portfolio, reflecting a reduction in veterinary visits. Sales of BRAVECTO line of products were $379 million and $327 million in current and prior-year quarters, respectively, which represents an increase of 16%, or 9% excluding impact of foreign exchange.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther Revenues**<\/p>\n<\/td>\n | \n \n146\u00a0<\/p>\n<\/td>\n | \n \n303\u00a0<\/p>\n<\/td>\n | \n \n-52%\u00a0<\/p>\n<\/td>\n | \n \n4%\u00a0<\/p>\n<\/td>\n | \n \nDecline primarily due to unfavorable impact of revenue-hedging activities and lower revenue from third-party manufacturing arrangements, partially offset by higher milestones received for out-licensing arrangements and higher royalty income.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n*Alliance revenue for this product represents the Company\u2019s share of profits, which are product sales net of cost of sales and commercialization costs.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n**Other revenues are comprised primarily of revenues from third-party manufacturing arrangements and miscellaneous corporate revenues, including revenue-hedging activities.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nIn addition, Koselugo alliance revenue was $161 million for the first quarter of 2026 compared with $44 million for the first quarter of 2025. The increase was due to a $150 million payment received in the first quarter of 2026 in connection with an amendment to the collaboration agreement with AstraZeneca in 2025, which (subject to an annual election by AstraZeneca) discontinued the provisions whereby the Company shared revenue and costs with AstraZeneca, and revised the payment structure.<\/p>\n First-Quarter Expense and Related Information
\n
<\/span><\/b>The table below presents selected expense information.<\/p>\n\n\n| \n \n$ in millions<\/p>\n<\/td>\n | \n GAAP\u00a0<\/b><\/p>\n<\/td>\n | \n Acquisition-\u00a0
\n
and\u00a0
\n
Divestiture-\u00a0
\n
Related Costs4\u00a0<\/sup><\/b><\/p>\n<\/td>\n\n Restructuring\u00a0
\n
Costs\u00a0<\/b><\/p>\n<\/td>\n | \n (Income)\u00a0
\n
Loss From\u00a0
\n
Investments\u00a0
\n
in Equity\u00a0
\n
Securities\u00a0<\/b><\/p>\n<\/td>\n | \n Non-\u00a0
\n
GAAP3\u00a0<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n First Quarter 2026<\/b><\/p>\n<\/td>\n | | \n | \n | \n | \n | <\/tr>\n \n| \n \nCost of sales<\/p>\n<\/td>\n | \n \n$4,195\u00a0<\/p>\n<\/td>\n | \n \n$1,014\u00a0<\/p>\n<\/td>\n | \n \n$237\u00a0<\/p>\n<\/td>\n | \n \n$ –\u00a0<\/p>\n<\/td>\n | \n \n$2,944\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSelling, general and administrative<\/p>\n<\/td>\n | \n \n2,700\u00a0<\/p>\n<\/td>\n | \n \n32\u00a0<\/p>\n<\/td>\n | \n \n–\u00a0<\/p>\n<\/td>\n | \n \n–\u00a0<\/p>\n<\/td>\n | \n \n2,668\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nResearch and development<\/p>\n<\/td>\n | \n \n12,592\u00a0<\/p>\n<\/td>\n | \n \n–\u00a0<\/p>\n<\/td>\n | \n \n34\u00a0<\/p>\n<\/td>\n | \n \n–\u00a0<\/p>\n<\/td>\n | \n \n12,558\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRestructuring costs<\/p>\n<\/td>\n | \n \n195\u00a0<\/p>\n<\/td>\n | \n \n–\u00a0<\/p>\n<\/td>\n | \n \n195\u00a0<\/p>\n<\/td>\n | \n \n–\u00a0<\/p>\n<\/td>\n | \n \n–\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther (income) expense, net<\/p>\n<\/td>\n | \n \n138\u00a0<\/p>\n<\/td>\n | \n \n–\u00a0<\/p>\n<\/td>\n | \n \n–\u00a0<\/p>\n<\/td>\n | \n \n(180)\u00a0<\/p>\n<\/td>\n | \n \n318\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n First Quarter 2025<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCost of sales<\/p>\n<\/td>\n | \n \n$3,419\u00a0<\/p>\n<\/td>\n | \n \n$620\u00a0<\/p>\n<\/td>\n | \n \n$36\u00a0<\/p>\n<\/td>\n | \n \n$-\u00a0<\/p>\n<\/td>\n | \n \n$2,763\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSelling, general and administrative<\/p>\n<\/td>\n | \n \n2,552\u00a0<\/p>\n<\/td>\n | \n \n23\u00a0<\/p>\n<\/td>\n | \n \n–\u00a0<\/p>\n<\/td>\n | \n \n–\u00a0<\/p>\n<\/td>\n | \n \n2,529\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nResearch and development<\/p>\n<\/td>\n | \n \n3,621\u00a0<\/p>\n<\/td>\n | \n \n7\u00a0<\/p>\n<\/td>\n | \n \n–\u00a0<\/p>\n<\/td>\n | \n \n–\u00a0<\/p>\n<\/td>\n | \n \n3,614\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRestructuring costs<\/p>\n<\/td>\n | \n \n69\u00a0<\/p>\n<\/td>\n | \n \n–\u00a0<\/p>\n<\/td>\n | \n \n69\u00a0<\/p>\n<\/td>\n | \n \n–\u00a0<\/p>\n<\/td>\n | \n \n–\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther (income) expense, net<\/p>\n<\/td>\n | \n \n(35)\u00a0<\/p>\n<\/td>\n | \n \n(3)\u00a0<\/p>\n<\/td>\n | \n \n–\u00a0<\/p>\n<\/td>\n | \n \n(107)\u00a0<\/p>\n<\/td>\n | \n \n75\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n GAAP Expense, EPS and Related Information
\n
<\/span><\/b>Gross margin was 74.2% for the first quarter of 2026 compared with 78.0% for the first quarter of 2025. The decrease was primarily due to higher amortization of intangible assets, higher restructuring costs, the recognition of inventory fair value step-up related to the 2025 Verona Pharma acquisition and the unfavorable impact of foreign exchange, partially offset by favorable product mix.<\/p>\n\nSelling, general and administrative (SG&A) expenses were $2.7 billion in the first quarter of 2026, an increase of 6% compared with the first quarter of 2025. The increase was primarily due to higher administrative costs and the unfavorable impact of foreign exchange.<\/p>\n \nResearch and development (R&D) expenses were $12.6 billion in the first quarter of 2026 compared with $3.6 billion in the first quarter of 2025. The increase was primarily due to a $9.0 billion charge for the acquisition of Cidara, higher clinical development spending, the unfavorable impact of foreign exchange and restructuring costs, partially offset by a $200 million reduction in R&D expenses as part of the funding agreement with Blackstone Life Sciences (Blackstone) and a $100 million charge in the first quarter of 2025 for the achievement of a developmental milestone related to the 2024 acquisition of EyeBiotech Limited (EyeBio).<\/p>\n \nOther (income) expense, net, was $138 million of expense in the first quarter of 2026 compared with $35 million of income in the first quarter of 2025. The unfavorability was primarily due to higher net interest expense, partially offset by higher net income from investments in equity securities.<\/p>\n \nThe income tax provision for the first quarter of 2026 was $709 million on a pretax loss of $3.5 billion, resulting in an effective income tax rate of (20.1)%. This effective income tax rate includes a 33.1 percentage point unfavorable impact of the charge for the acquisition of Cidara, for which no tax benefit was recorded.<\/p>\n \nGAAP loss per share was $1.72 for the first quarter of 2026 compared with earnings per share of $2.01 for the first quarter of 2025, primarily driven by a $3.62 per share charge included in the first quarter of 2026 for the acquisition of Cidara.<\/p>\n Non-GAAP Expense, EPS and Related Information
\n
<\/span><\/b>Non-GAAP gross margin was 81.9% for the first quarter of 2026 compared with 82.2% for the first quarter of 2025. The decrease was primarily due to the unfavorable impact of foreign exchange, partially offset by favorable product mix.<\/p>\n\nNon-GAAP SG&A expenses were $2.7 billion in the first quarter of 2026, an increase of 5% compared with the first quarter of 2025. The increase was primarily due to higher administrative costs and the unfavorable impact of foreign exchange.<\/p>\n \nNon-GAAP R&D expenses were $12.6 billion in the first quarter of 2026 compared with $3.6 billion in the first quarter of 2025. The increase was primarily due to a $9.0 billion charge for the acquisition of Cidara, higher clinical development spending and the unfavorable impact of foreign exchange, partially offset by a $200 million reduction in R&D expenses as part of the funding agreement with Blackstone and a $100 million charge in the first quarter of 2025 for the achievement of a developmental milestone related to the 2024 acquisition of EyeBio.<\/p>\n \nNon-GAAP other (income) expense, net, was $318 million of expense in the first quarter of 2026 compared with $75 million of expense in the first quarter of 2025. The unfavorability was primarily due to higher net interest expense.<\/p>\n \nThe non-GAAP income tax provision for the first quarter of 2026 was $957 million on a pretax loss of $2.2 billion, resulting in a non-GAAP effective income tax rate of (43.5)%. This effective income tax rate includes a 57.6 percentage point unfavorable impact of the charge for the acquisition of Cidara, for which no tax benefit was recorded.<\/p>\n \nNon-GAAP loss per share was $1.28 for the first quarter of 2026 compared with earnings per share of $2.22 for the first quarter of 2025, primarily driven by a $3.62 per share charge included in the first quarter of 2026 for the acquisition of Cidara.<\/p>\n \nA reconciliation of GAAP to non-GAAP net (loss) income and EPS is provided in the table that follows.<\/p>\n | | | | | | | | | | |