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OTHER FINANCIAL INFORMATION (Tables) | 6 Months Ended
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Jun. 30, 2026
Other Financial Information [Abstract] |
Summary of 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.
Summary of 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.
Summary of 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 |
Summary of Changes in 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) |
Reclassification out of Accumulated Other Comprehensive Income | 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
Summary of Restructuring Charges | 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 |
Summary of 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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