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OTHER FINANCIAL INFORMATION | 9 Months Ended
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Sep. 30, 2025
Other Financial Information [Abstract] |
OTHER FINANCIAL INFORMATION | OTHER FINANCIAL INFORMATION Accounts Receivable, Net The following table summarizes our Accounts receivable, net:
(in millions) |  | September 30, 2025 |  | December 31, 2024
Accounts receivable |  | $ | 5,994 |  |  | $ | 5,319 |
Less: allowances for chargebacks |  | 762 |  |  | 759 |
Less: allowances for cash discounts and other |  | 97 |  |  | 89 |
Less: allowances for credit losses |  | 41 |  |  | 52 |
Accounts receivable, net |  | $ | 5,095 |  |  | $ | 4,420 |
As of September 30, 2025, the majority of our Accounts receivable balance arises from product sales in the U.S. and Europe and approximately 60% relates to three wholesalers—Cardinal Health, Inc., Cencora, Inc. and McKesson Corporation—and their specialty distributor affiliates. Inventories The following table summarizes our Inventories:
(in millions) |  | September 30, 2025 |  | December 31, 2024
Raw materials |  | $ | 1,396 |  |  | $ | 1,295 |
Work in process |  | 1,341 |  |  | 847 |
Finished goods |  | 1,650 |  |  | 1,447 |
Total |  | $ | 4,387 |  |  | $ | 3,589 |
Reported as: |  |  |  |
Inventories |  | $ | 1,785 |  |  | $ | 1,710 |
Other long-term assets(1) |  | 2,602 |  |  | 1,879 |
Total |  | $ | 4,387 |  |  | $ | 3,589 |
_______________________________ (1) As of September 30, 2025, this amount primarily consists of raw materials and work in process. Property, Plant and Equipment, Net The following table summarizes our Property, plant and equipment, net:
(in millions) |  | September 30, 2025 |  | December 31, 2024
Property, plant and equipment |  | $ | 8,193 |  |  | $ | 7,884 |
Less: accumulated depreciation |  | 2,693 |  |  | 2,470 |
Property, plant and equipment, net |  | $ | 5,500 |  |  | $ | 5,414 |
The following table summarizes Depreciation expense:
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
(in millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Depreciation expense |  | $ | 90 |  |  | $ | 94 |  |  | $ | 280 |  |  | $ | 286 |
Accumulated Other Comprehensive Income The following tables summarize the changes in Accumulated other comprehensive income by component, net of tax:
(in millions) |  | Foreign Currency Translation |  | Available-for-Sale Debt Securities |  | Cash Flow Hedges |  | Total
Balance as of June 30, 2025 |  | $ | 105 |  |  | $ | 4 |  |  | $ | (127) |  |  | $ | (18) |
Net unrealized gain, net of income tax expense of $0, $1, and $5, respectively |  | — |  |  | 4 |  |  | 38 |  |  | 42 |
(Gain) loss reclassified to net income, net of income tax expense (benefit) of $0, $0, and $(2), respectively |  | — |  |  | — |  |  | 13 |  |  | 13 |
Other comprehensive income, net |  | — |  |  | 3 |  |  | 51 |  |  | 55 |
Balance as of September 30, 2025 |  | $ | 106 |  |  | $ | 7 |  |  | $ | (76) |  |  | $ | 36 |
(in millions) |  | Foreign Currency Translation |  | Available-for-Sale Debt Securities |  | Cash Flow Hedges |  | Total
Balance as of December 31, 2024 |  | $ | 36 |  |  | $ | — |  |  | $ | 96 |  |  | $ | 132 |
Net unrealized gain (loss), net of income tax expense (benefit) of $0, $2, and $(22), respectively |  | 70 |  |  | 7 |  |  | (151) |  |  | (74) |
Gain reclassified to net income, net of income tax expense of $0, $0, and $3, respectively |  | — |  |  | — |  |  | (22) |  |  | (22) |
Other comprehensive income (loss), net |  | 70 |  |  | 7 |  |  | (173) |  |  | (96) |
Balance as of September 30, 2025 |  | $ | 106 |  |  | $ | 7 |  |  | $ | (76) |  |  | $ | 36 |
(in millions) |  | Foreign Currency Translation |  | Available-for-Sale Debt Securities |  | Cash Flow Hedges |  | Total
Balance as of June 30, 2024 |  | $ | 46 |  |  | $ | — |  |  | $ | 47 |  |  | $ | 93 |
Net unrealized gain (loss), net of income tax benefit of $0, $0, and $(9), respectively |  | 54 |  |  | — |  |  | (61) |  |  | (7) |
Gain reclassified to net income, net of income tax expense of $0, $0, and $2, respectively |  | — |  |  | — |  |  | (12) |  |  | (12) |
Other comprehensive income (loss), net |  | 54 |  |  | — |  |  | (74) |  |  | (20) |
Balance as of September 30, 2024 |  | $ | 100 |  |  | $ | — |  |  | $ | (27) |  |  | $ | 73 |
(in millions) |  | Foreign Currency Translation |  | Available-for-Sale Debt Securities |  | Cash Flow Hedges |  | Total
Balance as of December 31, 2023 |  | $ | 62 |  |  | $ | (5) |  |  | $ | (29) |  |  | $ | 28 |
Net unrealized gain, net of income tax expense of $0, $0, and $3, respectively |  | 38 |  |  | — |  |  | 20 |  |  | 58 |
Loss (gain) reclassified to net income, net of income tax expense of $0, $0, and $2, respectively |  | — |  |  | 5 |  |  | (17) |  |  | (12) |
Other comprehensive income, net |  | 38 |  |  | 5 |  |  | 3 |  |  | 45 |
Balance as of September 30, 2024 |  | $ | 100 |  |  | $ | — |  |  | $ | (27) |  |  | $ | 73 |
The following table summarizes the reclassifications out of Accumulated other comprehensive income and into Net income (loss), including the affected line items from our Condensed Consolidated Statements of Operations:
|  | Three Months Ended |  | Nine Months Ended |  |  |  |
|  | September 30, |  | September 30, |  |  |  |
(in millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  | Line Item Affected |  |  |  |
Net (loss) gain related to cash flow hedges |  | $ | (15) |  |  | $ | 14 |  |  | $ | 25 |  |  | $ | 19 |  |  | Product sales |  |  |  |
Net loss related to available-for-sale debt securities |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5 |  |  | Other (income) expense, net |  |  |  |
Income tax (benefit) expense |  | $ | (2) |  |  | $ | 2 |  |  | $ | 3 |  |  | $ | 2 |  |  | Income tax expense (benefit) |  |  |  |
Restructuring During the three and nine months ended September 30, 2025 and 2024, we incurred restructuring charges primarily related to reductions in our workforce. The following table summarizes the affected line items from our Condensed Consolidated Statements of Operations:
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
(in millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Research and development expenses |  | $ | 8 |  |  | $ | 5 |  |  | $ | 52 |  |  | $ | 68 |
Selling, general and administrative expenses |  | 5 |  |  | 23 |  |  | 49 |  |  | 45 |
Restructuring charges |  | $ | 14 |  |  | $ | 28 |  |  | $ | 101 |  |  | $ | 112 |
As of September 30, 2025, we had a remaining liability of $52 million on our Condensed Consolidated Balance Sheets associated with restructuring charges, a majority of which we anticipate will be paid in the next 12 months. Other (Income) Expense, Net The following table summarizes the components of Other (income) expense, net:
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
(in millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
(Gain) loss from equity securities, net |  | $ | (483) |  |  | $ | (258) |  |  | $ | (198) |  |  | $ | 148 |
Interest income |  | (88) |  |  | (52) |  |  | (254) |  |  | (196) |
Other, net |  | 1 |  |  | 4 |  |  | 3 |  |  | 7 |
Other (income) expense, net |  | $ | (569) |  |  | $ | (306) |  |  | $ | (449) |  |  | $ | (41) |

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