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INCOME TAXES
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The following table summarizes our Income tax expense:
Three Months EndedSix Months Ended
June 30,June 30,
(in millions, except percentages)2026202520262025
(Loss) income before income taxes$(10,254)$2,429 $(7,674)$4,077 
Income tax expense$242 $468 $801 $802 
Effective tax rate(2.4)%19.3 %(10.4)%19.7 %
Our effective income tax rates of (2.4)% and (10.4)% for the three and six months ended June 30, 2026, respectively, differed from the U.S. federal statutory rate of 21% primarily due to non-deductible acquired IPR&D expense in connection with our acquisitions of Arcellx, Tubulis, and Ouro Medicines.
Our effective income tax rate of 19.3% for the three months ended June 30, 2025 differed from the U.S. federal statutory rate of 21% primarily due to favorable changes in the fair value of certain of our equity securities that are non-taxable for income tax purposes, tax benefits from stock-based compensation and a decrease in foreign deferred tax liabilities associated with the $190 million bulevirtide IPR&D intangible asset impairment charge.
Our effective income tax rate of 19.7% for the six months ended June 30, 2025 differed from the U.S. federal statutory rate of 21% primarily due to tax benefits from stock-based compensation.