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AVAILABLE-FOR-SALE DEBT SECURITIES AND EQUITY SECURITIES (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Securities, Available-for-Sale [Abstract]  
Summary of Available-for-Sale Debt Securities at Estimated Fair Value
The following table summarizes our available-for-sale debt securities:
September 30, 2025
(in millions)Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
U.S. treasury securities$755 $2 $— $757 
U.S. government agencies securities5 — — 5 
Corporate debt securities956 6 — 963 
Residential mortgage and asset-backed securities298 1 — 300 
Total$2,014 $10 $— $2,024 
Summary of the Classification of Available-for-Sale Debt Securities
The following table summarizes the classification of our available-for-sale debt securities on our Condensed Consolidated Balance Sheets:
(in millions)September 30, 2025
Short-term marketable debt securities$19 
Long-term marketable debt securities2,005 
Total$2,024 
The following table summarizes our available-for-sale debt securities by contractual maturity:
September 30, 2025
(in millions)Amortized CostFair Value
Within one year$19 $19 
After one year through five years1,984 1,993 
After five years through ten years11 11 
After ten years— — 
Total$2,014 $2,024 
Summary of Classification of Equity Securities
The following table summarizes the classification of our equity securities on our Condensed Consolidated Balance Sheets, including certain equity method investments for which we elected and applied the fair value option as we believe it best reflects the underlying economics of these investments:
(in millions)September 30, 2025December 31, 2024
Equity securities measured at fair value:
Cash and cash equivalents$5,745 $8,502 
Prepaid and other current assets:
Equity method investment in Galapagos – fair value option570 462 
Equity method investment in Arcus Biosciences, Inc. (“Arcus”) – fair value option427 448 
Other equity method investments – fair value option(1)
143 53 
Other686 614 
Other long-term assets380 327 
Equity method investments and other equity investments without readily determinable fair values:
Other long-term assets(2)
393 386 
Total$8,344 $10,791 
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(1)    Mostly comprised of our equity interest in Assembly, which was approximately 27% of outstanding Assembly stock at the time of our latest purchase of shares.
(2)    Mostly comprised of equity interests in certain collaboration partners and investment funds that are considered to be variable interest entities (“VIEs”) for which we are not the primary beneficiary. Our maximum exposure to loss as a result of our involvement in these VIEs is limited to the value of our investment.
Summary of Net Unrealized Gains and Losses on Equity Securities
The following table summarizes net unrealized gains and losses related to equity securities still held as of the respective ending balance sheet dates for the periods below, included in Other (income) expense, net on our Condensed Consolidated Statements of Operations:
Three Months EndedNine Months Ended
September 30,September 30,
(in millions)2025202420252024
Unrealized (gain) loss, net, related to fair value option investments$(312)$(68)$(108)$341 
Unrealized gain, net, related to all other equity investments(182)(188)(93)(186)
Total unrealized (gain) loss, net$(494)$(257)$(201)$155