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Segment and other information | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment and other information | Segment and other information We operate our business in one operating segment, which also represents one reportable segment: human therapeutics. Therefore, results of our operations are reported on a consolidated basis for purposes of segment reporting, consistent with internal management reporting. The human therapeutics segment is engaged in the discovery, development, manufacturing and delivery of innovative medicines to fight some of the world’s toughest diseases. The Company’s Chief Executive Officer has been identified as the chief operating decision maker (CODM). The CODM manages and allocates resources on a consolidated basis. The determination of a single segment is consistent with the financial information regularly reviewed by the CODM for purposes of evaluating performance and allocating resources, which is reviewed on a consolidated basis. As the Company’s CODM evaluates the financial performance of the Company’s human therapeutics segment on a consolidated basis, the measure of segment performance is net income, as reflected in the Condensed Consolidated Statements of Income. The CODM uses net income to allocate resources on a consolidated basis, which enables the CODM to both assess the overall level of resources available and optimize the distribution of resources across functions, therapeutic areas, regions and R&D programs in line with our long-term corporate-wide strategic goals. In addition, the CODM may also evaluate financial performance based on net income adjusted for certain items that are unusual and non-recurring. As the Company manages its assets on a consolidated basis, the measure of segment assets is total assets, as reflected in the Condensed Consolidated Balance Sheets. See Note 6, Investments, for further information regarding equity method investments, and Net cash used in investing activities in the Condensed Consolidated Statements of Cash Flows for further information regarding capital expenditures. The following table provides segment revenues, significant segment expenses, other segment items and reported segment net income for the Company’s one reportable segment, as well as a reconciliation of segment net income to the Company’s total consolidated net income for the three and nine months ended September 30, 2025 and 2024 (in millions):
|  | Three months ended September 30, |  | Nine months ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Revenues: |  |  |  |  |  |  |  |
Product sales |  | $ | 9,137 |  |  | $ | 8,151 |  |  | $ | 25,781 |  |  | $ | 23,310 |
Other revenues |  | 420 |  |  | 352 |  |  | 1,104 |  |  | 1,028 |
Total revenues |  | 9,557 |  |  | 8,503 |  |  | 26,885 |  |  | 24,338 |
Less: |  |  |  |  |  |  |  |
Manufacturing cost of sales(1)(2) |  | 2,508 |  |  | 2,852 |  |  | 7,520 |  |  | 8,491 |
Profit share and royalties in cost of sales(1) |  | 574 |  |  | 458 |  |  | 1,541 |  |  | 1,255 |
Research and development(1) |  | 1,900 |  |  | 1,450 |  |  | 5,130 |  |  | 4,240 |
Sales and marketing(1) |  | 1,097 |  |  | 1,117 |  |  | 3,300 |  |  | 3,532 |
General and administrative(1) |  | 623 |  |  | 508 |  |  | 1,798 |  |  | 1,686 |
Other segment items(3) |  | (1,642) |  |  | (1,661) |  |  | (1,676) |  |  | (696) |
Equity in (income) loss of equity method investments |  | (10) |  |  | 28 |  |  | 19 |  |  | (11) |
Interest income |  | (99) |  |  | (126) |  |  | (311) |  |  | (394) |
Interest expense, net |  | 685 |  |  | 776 |  |  | 2,102 |  |  | 2,408 |
Provision for income taxes |  | 705 |  |  | 271 |  |  | 1,084 |  |  | 364 |
Segment net income |  | 3,216 |  |  | 2,830 |  |  | 6,378 |  |  | 3,463 |
Reconciliation of profit or loss: |  |  |  |  |  |  |  |
Adjustments and reconciling items |  | — |  |  | — |  |  | — |  |  | — |
Consolidated net income |  | $ | 3,216 |  |  | $ | 2,830 |  |  | $ | 6,378 |  |  | $ | 3,463 |
____________ (1) During the three months ended September 30, 2025 and 2024, amortization of our finite-lived intangible assets was $1.1 billion and $1.2 billion, respectively. During the nine months ended September 30, 2025 and 2024, amortization of our finite-lived intangible assets was $3.4 billion and $3.6 billion, respectively. Amortization of intangible assets is primarily included in Cost of sales in the Condensed Consolidated Statements of Income. In addition, during the three months ended September 30, 2025 and 2024, we recognized depreciation and right-of-use asset amortization of $232 million and $198 million, respectively. During the nine months ended September 30, 2025 and 2024, we recognized depreciation and right-of-use asset amortization of $661 million and $601 million, respectively. (2) During the three months ended September 30, 2025 and 2024, manufacturing cost of sales included amortization of step-up to fair value of inventory acquired in business combinations of $338 million and $661 million, respectively. During the nine months ended September 30, 2025 and 2024, manufacturing cost of sales included amortization of step-up to fair value of inventory acquired in business combinations of $1.0 billion and $2.0 billion, respectively. (3) Other segment items included in Segment net income primarily consisted of fair value adjustments on equity securities (see Note 6, Investments) and net impairment charges on intangible assets (see Note 8, Goodwill and other intangible assets).

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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