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AVAILABLE-FOR-SALE DEBT SECURITIES AND EQUITY SECURITIES
 6 Months Ended
Jun. 30, 2025
Debt Securities, Available-for-Sale [Abstract]  
AVAILABLE-FOR-SALE DEBT SECURITIES AND EQUITY SECURITIES AVAILABLE-FOR-SALE DEBT SECURITIES AND EQUITY SECURITIES
Available-for-Sale Debt Securities
During the three months ended June 30, 2025, we purchased approximately $2.0 billion of marketable debt securities. There were no such balances as of December 31, 2024.
The following table summarizes our available-for-sale debt securities:
June 30, 2025
(in millions)Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
U.S. treasury securities$691 $1 $(1)$692 
U.S. government agencies securities10 — — 10 
Corporate debt securities987 4 — 991 
Residential mortgage and asset-backed securities299 1 — 300 
Total$1,987 $6 $(1)$1,992 
The following table summarizes information related to available-for-sale debt securities that have been in a continuous unrealized loss position, classified by length of time:
June 30, 2025
Less Than 12 Months12 Months or LongerTotal
(in millions)Gross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair Value
U.S. treasury securities$(1)$338 $— $— $(1)$338 
U.S. government agencies securities— 10 — — — 10 
Corporate debt securities— 121 — — — 121 
Residential mortgage and asset-backed securities— 51 — — — 51 
Total$(1)$519 $— $— $(1)$519 
No allowance for credit losses was recognized for investments with unrealized losses as of June 30, 2025 as the unrealized losses were primarily driven by broader change in interest rates with no adverse conditions identified that would prevent the issuer from making scheduled principal and interest payments. We do not currently intend to sell, and it is not more likely than not that we will be required to sell, such investments before recovery of their amortized cost bases.
The following table summarizes the classification of our available-for-sale debt securities on our Condensed Consolidated Balance Sheets:
(in millions)June 30, 2025
Cash and cash equivalents$10 
Short-term marketable debt securities69 
Long-term marketable debt securities1,913 
Total$1,992 
The following table summarizes our available-for-sale debt securities by contractual maturity:
June 30, 2025
(in millions)Amortized CostFair Value
Within one year$79 $79 
After one year through five years1,901 1,906 
After five years through ten years7 7 
After ten years— — 
Total$1,987 $1,992 
Equity Securities
The following table summarizes the classification of our equity securities on our Condensed Consolidated Balance Sheets:
(in millions)June 30, 2025December 31, 2024
Equity securities measured at fair value:
Cash and cash equivalents$3,528 $8,502 
Prepaid and other current assets1,310 1,577 
Other long-term assets358 327 
Equity method investments and other equity investments without readily determinable fair values:
Other long-term assets(1)
369 386 
Total$5,565 $10,791 
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(1)    Mostly comprised of equity interests in certain collaboration partners and investment funds that are considered to be variable interest entities (“VIEs”) for which we are not the primary beneficiary. Our maximum exposure to loss as a result of our involvement in these VIEs is limited to the value of our investment.
For our equity method investments in Galapagos and Arcus Biosciences, Inc. (“Arcus”), we elected and applied the fair value option as we believe it best reflects the underlying economics of these investments. Our investment in Galapagos is subject to certain lock-up provisions as discussed in Note 6. Acquisitions, Collaborations and Other Arrangements and was classified in Prepaid and other current assets as of June 30, 2025 and December 31, 2024 at $465 million and $462 million, respectively. Our investment in Arcus was classified in Prepaid and other current assets as of June 30, 2025 and December 31, 2024 at $256 million and $448 million, respectively.
The following table summarizes net unrealized gains and losses related to equity securities still held as of the respective ending balance sheet dates for the periods below, included in Other (income) expense, net on our Condensed Consolidated Statements of Operations:
Three Months EndedSix Months Ended
June 30,June 30,
(in millions)2025202420252024
Unrealized (gain) loss, net$(143)$392 $293 $412