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INVESTMENTS | 6 Months Ended
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Jun. 30, 2026
Debt Securities, Available-for-Sale [Abstract] |
INVESTMENTS | INVESTMENTS Available-for-Sale Debt Securities During 2026, we sold all of our available-for-sale debt securities and used the proceeds to partially fund our acquisitions discussed in Note 6. Acquisitions, Collaborations and Other Arrangements. As such, there were no available-for-sale debt securities as of June 30, 2026. The following table summarizes our available-for-sale debt securities as of December 31, 2025:
|  | December 31, 2025
(in millions) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
U.S. treasury securities |  | $ | 1,222 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 1,224 |
U.S. government agencies securities |  | 15 |  |  | — |  |  | — |  |  | 15 |
Corporate debt securities |  | 1,392 |  |  | 7 |  |  | — |  |  | 1,398 |
Residential mortgage and asset-backed securities |  | 405 |  |  | 2 |  |  | — |  |  | 407 |
Total |  | $ | 3,033 |  |  | $ | 11 |  |  | $ | (1) |  |  | $ | 3,044 |
The total gross unrealized losses in the table above relate to available-for-sale debt securities, primarily corporate debt securities and U.S. treasury securities, with an estimated fair value of approximately $724 million that had been in a continuous unrealized loss position for less than 12 months as of December 31, 2025. 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) |  | June 30, 2026 |  | December 31, 2025
Equity securities measured at fair value: |  |  |  |
Cash and cash equivalents: |  |  |  |
Money market funds |  | $ | 1,563 |  |  | $ | 6,150 |
Prepaid and other current assets: |  |  |  |
Equity method investment in Lakefront Biotherapeutics NV (“Lakefront”) (formerly known as Galapagos NV) – fair value option |  | 500 |  |  | 551 |
Equity method investment in Arcus Biosciences, Inc. – fair value option |  | 969 |  |  | 749 |
Other equity method investments – fair value option(1) |  | 171 |  |  | 183 |
Other |  | 63 |  |  | 499 |
Other long-term assets |  | 431 |  |  | 386 |
Equity method investments and other equity securities without readily determinable fair values: |  |  |  |
Other long-term assets(2) |  | 295 |  |  | 393 |
Total |  | $ | 3,992 |  |  | $ | 8,909 |
________________________________ (1) Mostly comprised of our equity interest in Assembly Biosciences, Inc. (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. 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 Ended |  | Six Months Ended
|  | June 30, |  | June 30,
(in millions) |  | 2026 |  | 2025 |  | 2026 |  | 2025
Unrealized (gain) loss, net, related to fair value option investments |  | $ | (289) |  |  | $ | (72) |  |  | $ | (143) |  |  | $ | 204 |
Unrealized (gain) loss, net, related to all other equity investments |  | (51) |  |  | (71) |  |  | 6 |  |  | 89 |
Total unrealized (gain) loss, net |  | $ | (340) |  |  | $ | (143) |  |  | $ | (137) |  |  | $ | 293 |
Related Party Transaction During the six months ended June 30, 2026, we donated certain equity securities to the Gilead Foundation, a California nonprofit public benefit corporation for which certain of our officers serve as directors, and recorded a related expense of $63 million in Selling, general and administrative expenses on our Condensed Consolidated Statements of Operations.

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