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INVESTMENTS
 6 Months Ended
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 CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
U.S. treasury securities$1,222 $3 $— $1,224 
U.S. government agencies securities15 — — 15 
Corporate debt securities1,392 7 — 1,398 
Residential mortgage and asset-backed securities405 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, 2026December 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 option500 551 
Equity method investment in Arcus Biosciences, Inc. – fair value option969 749 
Other equity method investments – fair value option(1)
171 183 
Other63 499 
Other long-term assets431 386 
Equity method investments and other equity securities without readily determinable fair values:
Other long-term assets(2)
295 393 
Total$3,992 $8,909 
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(1)    Mostly comprised of our equity interest in Assembly Biosciences, Inc.
(2)    Mostly comprised of equity interests in certain collaboration partners and investment funds that are considered to be variable interest entities (“VIEs”) for which we are not the primary beneficiary. Our maximum exposure to loss as a result of our involvement in these VIEs is limited to the value of our investment.
The following table summarizes net unrealized gains and losses related to equity securities still held as of the respective ending balance sheet dates for the periods below, included in Other (income) expense, net on our Condensed Consolidated Statements of Operations:
Three Months EndedSix Months Ended
June 30,June 30,
(in millions)2026202520262025
Unrealized (gain) loss, net, related to fair value option investments$(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.