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FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table summarizes the types of assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy:
|  | September 30, 2025 |  | December 31, 2024
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  | $ | 757 |  |  | $ | — |  |  | $ | — |  |  | $ | 757 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
U.S. government agencies securities |  | — |  |  | 5 |  |  | — |  |  | 5 |  |  | — |  |  | — |  |  | — |  |  | — |
Corporate debt securities |  | — |  |  | 963 |  |  | — |  |  | 963 |  |  | — |  |  | — |  |  | — |  |  | — |
Residential mortgage and asset-backed securities |  | — |  |  | 300 |  |  | — |  |  | 300 |  |  | — |  |  | — |  |  | — |  |  | — |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | 5,745 |  |  | — |  |  | — |  |  | 5,745 |  |  | 8,502 |  |  | — |  |  | — |  |  | 8,502 |
Publicly traded equity securities(1) |  | 1,804 |  |  | — |  |  | — |  |  | 1,804 |  |  | 1,561 |  |  | — |  |  | — |  |  | 1,561 |
Deferred compensation plan |  | 401 |  |  | — |  |  | — |  |  | 401 |  |  | 343 |  |  | — |  |  | — |  |  | 343 |
Foreign currency derivative contracts |  | — |  |  | 31 |  |  | — |  |  | 31 |  |  | — |  |  | 128 |  |  | — |  |  | 128 |
Total |  | $ | 8,707 |  |  | $ | 1,298 |  |  | $ | — |  |  | $ | 10,005 |  |  | $ | 10,405 |  |  | $ | 128 |  |  | $ | — |  |  | $ | 10,533 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration liability |  | $ | — |  |  | $ | — |  |  | $ | 274 |  |  | $ | 274 |  |  | $ | — |  |  | $ | — |  |  | $ | 206 |  |  | $ | 206 |
Deferred compensation plan |  | 401 |  |  | — |  |  | — |  |  | 401 |  |  | 343 |  |  | — |  |  | — |  |  | 343 |
Foreign currency derivative contracts |  | — |  |  | 92 |  |  | — |  |  | 92 |  |  | — |  |  | 3 |  |  | — |  |  | 3 |
Total |  | $ | 401 |  |  | $ | 92 |  |  | $ | 274 |  |  | $ | 767 |  |  | $ | 343 |  |  | $ | 3 |  |  | $ | 206 |  |  | $ | 552 |
_______________________________ (1) Publicly traded equity securities include our investment in Galapagos NV (“Galapagos”) of $570 million and Assembly Biosciences, Inc. (“Assembly”) of $115 million as of September 30, 2025, which are subject to contractual sale restrictions. Our investment in Assembly is restricted until October 2025, and our investment in Galapagos is restricted until December 2025. For additional details on Galapagos, see Note 6. Acquisitions, Collaborations and Other Arrangements.
Summary of Change in Fair Value of Contingent Consideration Liability | The following table summarizes the change in fair value of our contingent consideration liability:
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
(in millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Beginning balance |  | $ | 271 |  |  | $ | 208 |  |  | $ | 206 |  |  | $ | 228 |
Changes in valuation assumptions(1) |  | 4 |  |  | 5 |  |  | 41 |  |  | (6) |
Effect of foreign exchange remeasurement(2) |  | — |  |  | 9 |  |  | 27 |  |  | 1 |
Ending balance(3) |  | $ | 274 |  |  | $ | 222 |  |  | $ | 274 |  |  | $ | 222 |
________________________________ (1) Included in Research and development expenses on our Condensed Consolidated Statements of Operations. The changes for the nine months ended September 30, 2025 primarily related to changes in assumptions around probability. (2) Included in Other (income) expense, net on our Condensed Consolidated Statements of Operations. (3) Included in Other current liabilities and Other long-term liabilities on our Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024, respectively.
Summary of Total Estimated Fair Value and Carrying Value of Senior Unsecured Notes | The following table summarizes the total estimated fair value and carrying value of our senior unsecured notes, determined using Level 2 inputs based on their quoted market values:
(in millions) |  | September 30, 2025 |  | December 31, 2024
Fair value |  | $ | 22,398 |  |  | $ | 23,335 |
Carrying value |  | $ | 23,823 |  |  | $ | 25,562 |

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 55 -Paragraph 10 -SubTopic 10 -Topic 825 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-10 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-13 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-12 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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