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DEBT AND CREDIT FACILITIES
 6 Months Ended
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 BorrowingIssue DateMaturity DateInterest RateJune 30, 2026December 31, 2025
Senior UnsecuredSeptember 2015March 20263.65%— 2,750 
Senior UnsecuredSeptember 2016March 20272.95%1,250 1,249 
Term LoanApril 2026April 2027Variable1,099 — 
Senior UnsecuredSeptember 2020October 20271.20%749 749 
Senior UnsecuredMay 2026May 20284.25%498 — 
Senior UnsecuredMay 2026May 20294.40%996 — 
Senior UnsecuredNovember 2024November 20294.80%747 747 
Senior UnsecuredSeptember 2020October 20301.65%996 996 
Senior UnsecuredMay 2026May 20314.60%995 — 
Senior UnsecuredSeptember 2023October 20335.25%994 994 
Senior UnsecuredMay 2026May 20344.90%497 — 
Senior UnsecuredNovember 2024June 20355.10%992 992 
Senior UnsecuredSeptember 2015September 20354.60%995 994 
Senior UnsecuredSeptember 2016September 20364.00%744 744 
Senior UnsecuredSeptember 2020October 20402.60%990 990 
Senior UnsecuredDecember 2011December 20415.65%997 997 
Senior UnsecuredMarch 2014April 20444.80%1,739 1,738 
Senior UnsecuredNovember 2014February 20454.50%1,736 1,736 
Senior UnsecuredSeptember 2015March 20464.75%2,225 2,225 
Senior UnsecuredSeptember 2016March 20474.15%1,731 1,731 
Senior UnsecuredSeptember 2020October 20502.80%1,480 1,480 
Senior UnsecuredSeptember 2023October 20535.55%989 989 
Senior UnsecuredNovember 2024November 20545.50%989 989 
Senior UnsecuredNovember 2024November 20645.60%739 739 
Total senior unsecured notes and term loan facility25,168 23,827 
Liability related to future royalties1,077 1,110 
Total debt, net26,246 24,937 
Less: Current portion of long-term debt, net2,414 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.