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OTHER FINANCIAL INFORMATION | 6 Months Ended
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Jun. 30, 2026
Other Financial Information [Abstract] |
OTHER FINANCIAL INFORMATION | OTHER FINANCIAL INFORMATION Accounts Receivable, Net The following table summarizes our Accounts receivable, net:
(in millions) |  | June 30, 2026 |  | December 31, 2025
Accounts receivable(1) |  | $ | 5,902 |  |  | $ | 5,895 |
Less: allowances for chargebacks |  | (671) |  |  | (843) |
Less: allowances for cash discounts and other |  | (125) |  |  | (97) |
Less: allowances for credit losses |  | (51) |  |  | (41) |
Accounts receivable, net |  | $ | 5,055 |  |  | $ | 4,913 |
_______________________________ (1) As of June 30, 2026, 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) |  | June 30, 2026 |  | December 31, 2025
Raw materials |  | $ | 1,415 |  |  | $ | 1,414 |
Work in process |  | 1,163 |  |  | 1,306 |
Finished goods |  | 1,719 |  |  | 1,647 |
Total |  | $ | 4,298 |  |  | $ | 4,368 |
Reported as: |  |  |  |
Inventories |  | $ | 1,953 |  |  | $ | 1,774 |
Other long-term assets(1) |  | 2,345 |  |  | 2,594 |
Total |  | $ | 4,298 |  |  | $ | 4,368 |
_______________________________ (1) As of June 30, 2026, this amount primarily consists of raw materials and work in process. As of June 30, 2026, we held approximately $568 million of pre-commercial Trodelvy inventory for which the manufacturing process has not yet been approved by FDA. Property, Plant and Equipment, Net The following table summarizes our Property, plant and equipment, net:
(in millions) |  | June 30, 2026 |  | December 31, 2025
Property, plant and equipment |  | $ | 8,707 |  |  | $ | 8,302 |
Less: accumulated depreciation |  | (2,874) |  |  | (2,696) |
Property, plant and equipment, net |  | $ | 5,833 |  |  | $ | 5,606 |
The following table summarizes Depreciation expense:
|  | Three Months Ended |  | Six Months Ended
|  | June 30, |  | June 30,
(in millions) |  | 2026 |  | 2025 |  | 2026 |  | 2025
Depreciation expense |  | $ | 98 |  |  | $ | 93 |  |  | $ | 191 |  |  | $ | 190 |
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 March 31, 2026 |  | $ | 64 |  |  | $ | (3) |  |  | $ | 18 |  |  | $ | 78 |
Net unrealized (loss) gain, net of income tax expense of $0, $0, and $2, respectively |  | (18) |  |  | 1 |  |  | 16 |  |  | (1) |
Loss reclassified to net income, net of income tax benefit of $0, $0, and $(2), respectively |  | — |  |  | 2 |  |  | 16 |  |  | 18 |
Other comprehensive (loss) income, net |  | (18) |  |  | 3 |  |  | 32 |  |  | 17 |
Balance as of June 30, 2026 |  | $ | 46 |  |  | $ | — |  |  | $ | 49 |  |  | $ | 95 |
(in millions) |  | Foreign Currency Translation |  | Available-for-Sale Debt Securities |  | Cash Flow Hedges |  | Total
Balance as of December 31, 2025 |  | $ | 74 |  |  | $ | 8 |  |  | $ | (43) |  |  | $ | 39 |
Net unrealized (loss) gain, net of income tax expense (benefit) of $0, $(3), and $8, respectively |  | (28) |  |  | (9) |  |  | 56 |  |  | 19 |
Loss reclassified to net income, net of income tax benefit of $0, $0, and $(5), respectively |  | — |  |  | — |  |  | 37 |  |  | 37 |
Other comprehensive (loss) income, net |  | (28) |  |  | (8) |  |  | 92 |  |  | 56 |
Balance as of June 30, 2026 |  | $ | 46 |  |  | $ | — |  |  | $ | 49 |  |  | $ | 95 |
(in millions) |  | Foreign Currency Translation |  | Available-for-Sale Debt Securities |  | Cash Flow Hedges |  | Total
Balance as of March 31, 2025 |  | $ | 54 |  |  | $ | — |  |  | $ | 38 |  |  | $ | 92 |
Net unrealized gain (loss), net of income tax expense (benefit) of $0, $1, and $(21), respectively |  | 51 |  |  | 4 |  |  | (149) |  |  | (94) |
Loss (gain) reclassified to net income, net of income tax expense (benefit) of $0, $0, and $2, respectively |  | — |  |  | — |  |  | (16) |  |  | (16) |
Other comprehensive income (loss), net |  | 51 |  |  | 4 |  |  | (166) |  |  | (111) |
Balance as of June 30, 2025 |  | $ | 105 |  |  | $ | 4 |  |  | $ | (127) |  |  | $ | (18) |
(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, $1, and $(27), respectively |  | 69 |  |  | 4 |  |  | (189) |  |  | (116) |
Loss (gain) reclassified to net income, net of income tax expense (benefit) of $0, $0, and $5, respectively |  | — |  |  | — |  |  | (35) |  |  | (35) |
Other comprehensive income (loss), net |  | 69 |  |  | 4 |  |  | (224) |  |  | (150) |
Balance as of June 30, 2025 |  | $ | 105 |  |  | $ | 4 |  |  | $ | (127) |  |  | $ | (18) |
The following table summarizes the reclassifications out of Accumulated other comprehensive income and into Net (loss) income, including the affected line items from our Condensed Consolidated Statements of Operations:
|  | Three Months Ended |  | Six Months Ended |  |
|  | June 30, |  | June 30, |  |
(in millions) |  | 2026 |  | 2025 |  | 2026 |  | 2025 |  | Line Item Affected
Net (loss) gain related to cash flow hedges |  | $ | (18) |  |  | $ | 19 |  |  | $ | (42) |  |  | $ | 40 |  |  | Product sales
Net loss related to available-for-sale debt securities |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | Other (income) expense, net
Income tax (benefit) expense |  | $ | (2) |  |  | $ | 2 |  |  | $ | (5) |  |  | $ | 5 |  |  | Income tax expense
Restructuring During the three and six months ended June 30, 2026 and 2025, we incurred restructuring charges primarily related to severance costs resulting from reductions in our workforce and facility exit costs. The following table summarizes the affected line items from our Condensed Consolidated Statements of Operations:
|  | Three Months Ended |  | Six Months Ended
|  | June 30, |  | June 30,
(in millions) |  | 2026 |  | 2025 |  | 2026 |  | 2025
Research and development expenses |  | $ | 2 |  |  | $ | 6 |  |  | $ | 17 |  |  | $ | 44 |
Selling, general and administrative expenses |  | 15 |  |  | 7 |  |  | 40 |  |  | 43 |
Restructuring charges |  | $ | 17 |  |  | $ | 13 |  |  | $ | 57 |  |  | $ | 88 |
As of June 30, 2026, we had a remaining liability of $60 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 |  | Six Months Ended
|  | June 30, |  | June 30,
(in millions) |  | 2026 |  | 2025 |  | 2026 |  | 2025
(Gain) loss from equity securities, net |  | $ | (343) |  |  | $ | (142) |  |  | $ | (485) |  |  | $ | 284 |
Interest income |  | (45) |  |  | (73) |  |  | (140) |  |  | (166) |
Other, net |  | 1 |  |  | 6 |  |  | 3 |  |  | 2 |
Other (income) expense, net |  | $ | (387) |  |  | $ | (208) |  |  | $ | (621) |  |  | $ | 120 |

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