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v3.26.1

DEBT AND CREDIT FACILITIES | 6 Months Ended
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Jun. 30, 2026
Debt Disclosure [Abstract] |
DEBT AND CREDIT FACILITIES | DEBT AND CREDIT FACILITIES The following table summarizes the carrying amount of our borrowings under various financing arrangements:
(in millions) |  | Carrying Amount
Type of Borrowing |  | Issue Date |  | Maturity Date |  | Interest Rate |  | June 30, 2026 |  | December 31, 2025
Senior Unsecured |  | September 2015 |  | March 2026 |  | 3.65% |  | — |  |  | 2,750 |
Senior Unsecured |  | September 2016 |  | March 2027 |  | 2.95% |  | 1,250 |  |  | 1,249 |
Term Loan |  | April 2026 |  | April 2027 |  | Variable |  | 1,099 |  |  | — |
Senior Unsecured |  | September 2020 |  | October 2027 |  | 1.20% |  | 749 |  |  | 749 |
Senior Unsecured |  | May 2026 |  | May 2028 |  | 4.25% |  | 498 |  |  | — |
Senior Unsecured |  | May 2026 |  | May 2029 |  | 4.40% |  | 996 |  |  | — |
Senior Unsecured |  | November 2024 |  | November 2029 |  | 4.80% |  | 747 |  |  | 747 |
Senior Unsecured |  | September 2020 |  | October 2030 |  | 1.65% |  | 996 |  |  | 996 |
Senior Unsecured |  | May 2026 |  | May 2031 |  | 4.60% |  | 995 |  |  | — |
Senior Unsecured |  | September 2023 |  | October 2033 |  | 5.25% |  | 994 |  |  | 994 |
Senior Unsecured |  | May 2026 |  | May 2034 |  | 4.90% |  | 497 |  |  | — |
Senior Unsecured |  | November 2024 |  | June 2035 |  | 5.10% |  | 992 |  |  | 992 |
Senior Unsecured |  | September 2015 |  | September 2035 |  | 4.60% |  | 995 |  |  | 994 |
Senior Unsecured |  | September 2016 |  | September 2036 |  | 4.00% |  | 744 |  |  | 744 |
Senior Unsecured |  | September 2020 |  | October 2040 |  | 2.60% |  | 990 |  |  | 990 |
Senior Unsecured |  | December 2011 |  | December 2041 |  | 5.65% |  | 997 |  |  | 997 |
Senior Unsecured |  | March 2014 |  | April 2044 |  | 4.80% |  | 1,739 |  |  | 1,738 |
Senior Unsecured |  | November 2014 |  | February 2045 |  | 4.50% |  | 1,736 |  |  | 1,736 |
Senior Unsecured |  | September 2015 |  | March 2046 |  | 4.75% |  | 2,225 |  |  | 2,225 |
Senior Unsecured |  | September 2016 |  | March 2047 |  | 4.15% |  | 1,731 |  |  | 1,731 |
Senior Unsecured |  | September 2020 |  | October 2050 |  | 2.80% |  | 1,480 |  |  | 1,480 |
Senior Unsecured |  | September 2023 |  | October 2053 |  | 5.55% |  | 989 |  |  | 989 |
Senior Unsecured |  | November 2024 |  | November 2054 |  | 5.50% |  | 989 |  |  | 989 |
Senior Unsecured |  | November 2024 |  | November 2064 |  | 5.60% |  | 739 |  |  | 739 |
Total senior unsecured notes and term loan facility |  | 25,168 |  |  | 23,827 |
Liability related to future royalties |  | 1,077 |  |  | 1,110 |
Total debt, net |  | 26,246 |  |  | 24,937 |
Less: Current portion of long-term debt, net |  | 2,414 |  |  | 2,807 |
Total Long-term debt, net |  | $ | 23,832 |  |  | $ | 22,129 |
Senior Unsecured Notes In May 2026, we issued $3.0 billion aggregate principal amount of senior unsecured notes in a registered offering consisting of $500 million principal amount of 4.25% senior unsecured notes due May 2028, $1.0 billion principal amount of 4.40% senior unsecured notes due May 2029, $1.0 billion principal amount of 4.60% senior unsecured notes due May 2031 and $500 million principal amount of 4.90% senior unsecured notes due May 2034. These notes may be redeemed at our option at a redemption price equal to the greater of (i) 100% of the principal amount of the notes to be redeemed and (ii) the sum, as determined by an independent investment banker, of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the redemption date on a semiannual basis at the Treasury Rate, plus a make-whole premium, which are defined in the terms of the notes. The May 2029, May 2031 and May 2034 senior unsecured notes also have a par call feature, exercisable at our option, to redeem the notes at par, in whole or in part, on dates ranging from one to two months prior to maturity. In each case, accrued and unpaid interest is payable to the redemption date. In the event of a change in control and a downgrade in the rating of our senior unsecured notes below investment grade by Moody’s Investors Service, Inc. and S&P Global Ratings, the holders may require us to repurchase all or a portion of their notes at a price equal to 101% of the aggregate principal amount of the notes repurchased, plus accrued and unpaid interest to the date of repurchase. In March 2026, we repaid $2.75 billion of principal balance related to our senior unsecured notes due March 2026. We are required to comply with certain covenants under the indentures governing our senior unsecured notes. As of June 30, 2026, we were in compliance with all such covenants. Term Loan Facility In April 2026, we entered into a term loan facility credit agreement (the “Term Loan Facility”) with a group of institutional lenders to provide for a one-year senior unsecured term loan facility in an aggregate principal amount of $4.7 billion. Pursuant to the Term Loan Facility, we borrowed an aggregate principal amount of $1.1 billion during the three months ended June 30, 2026, all of which remained outstanding as of June 30, 2026. During the three months ended June 30, 2026, we also cancelled the remaining $3.6 billion of undrawn commitments under the Term Loan Facility. The Term Loan Facility contains customary representations, warranties, affirmative and negative covenants and events of default. Borrowings under the Term Loan Facility bear interest at either (i) Term SOFR plus the Applicable Margin or (ii) Base Rate plus the Applicable Margin, each as defined in the Term Loan Facility. We may prepay or reduce the amount borrowed under the Term Loan Facility, in whole or in part, at any time without premium or penalty. As of June 30, 2026, we were in compliance with all covenants under the Term Loan Facility. Revolving Credit Facility As of June 30, 2026 and December 31, 2025, there were no amounts outstanding under our $2.5 billion revolving credit facility maturing in June 2029, and we were in compliance with all covenants.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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