XML 27 R16.htm IDEA: XBRL DOCUMENT v3.25.3
OTHER FINANCIAL INFORMATION
 9 Months Ended
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, 2025December 31, 2024
Accounts receivable$5,994 $5,319 
Less: allowances for chargebacks762 759 
Less: allowances for cash discounts and other97 89 
Less: allowances for credit losses41 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, 2025December 31, 2024
Raw materials$1,396 $1,295 
Work in process1,341 847 
Finished goods1,650 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, 2025December 31, 2024
Property, plant and equipment$8,193 $7,884 
Less: accumulated depreciation2,693 2,470 
Property, plant and equipment, net$5,500 $5,414 
The following table summarizes Depreciation expense:
Three Months EndedNine Months Ended
September 30,September 30,
(in millions)2025202420252024
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 TranslationAvailable-for-Sale Debt SecuritiesCash Flow HedgesTotal
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 TranslationAvailable-for-Sale Debt SecuritiesCash Flow HedgesTotal
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), net70 7 (173)(96)
Balance as of September 30, 2025$106 $7 $(76)$36 
(in millions)Foreign Currency TranslationAvailable-for-Sale Debt SecuritiesCash Flow HedgesTotal
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), net54 — (74)(20)
Balance as of September 30, 2024$100 $— $(27)$73 
(in millions)Foreign Currency TranslationAvailable-for-Sale Debt SecuritiesCash Flow HedgesTotal
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, net38 5 3 45 
Balance as of September 30, 2024$100 $— $(27)$73 
The following table summarizes the reclassifications out of Accumulated other comprehensive income and into Net income (loss), including the affected line items from our Condensed Consolidated Statements of Operations:
Three Months EndedNine Months Ended
September 30,September 30,
(in millions)2025202420252024Line Item Affected
Net (loss) gain related to cash flow hedges$(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 EndedNine Months Ended
September 30,September 30,
(in millions)2025202420252024
Research and development expenses$8 $5 $52 $68 
Selling, general and administrative expenses5 23 49 45 
Restructuring charges$14 $28 $101 $112 
As of September 30, 2025, we had a remaining liability of $52 million on our Condensed Consolidated Balance Sheets associated with restructuring charges, a majority of which we anticipate will be paid in the next 12 months.
Other (Income) Expense, Net
The following table summarizes the components of Other (income) expense, net:
Three Months EndedNine Months Ended
September 30,September 30,
(in millions)2025202420252024
(Gain) loss from equity securities, net$(483)$(258)$(198)$148 
Interest income(88)(52)(254)(196)
Other, net1 4 3 7 
Other (income) expense, net$(569)$(306)$(449)$(41)