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FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes the types of assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy:

						June 30, 2026																								December 31, 2025
(in millions)						Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total
Assets:
Available-for-sale debt securities(1):
U.S. treasury securities						$	—					$	—					$	—					$	—					$	1,224					$	—					$	—					$	1,224
U.S. government agencies securities						—						—						—						—						—						15						—						15
Corporate debt securities						—						—						—						—						—						1,398						—						1,398
Residential mortgage and asset-backed securities						—						—						—						—						—						407						—						407
Equity securities:
Money market funds						1,563						—						—						1,563						6,150						—						—						6,150
Publicly traded equity securities						1,676						—						—						1,676						1,961						—						—						1,961
Deferred compensation plan						458						—						—						458						406						—						—						406
Foreign currency derivative contracts						—						82						—						82						—						56						—						56
Total						$	3,697					$	82					$	—					$	3,779					$	9,741					$	1,875					$	—					$	11,616
Liabilities:
Contingent consideration liability						$	—					$	—					$	60					$	60					$	—					$	—					$	278					$	278
Deferred compensation plan						458						—						—						458						406						—						—						406
Foreign currency derivative contracts						—						18						—						18						—						72						—						72
Total						$	458					$	18					$	60					$	535					$	406					$	72					$	278					$	757

_______________________________

(1)    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.

Summary of Change in Fair Value of Contingent Consideration Liability

The following table summarizes the changes in fair value of our MYR contingent consideration liability:

						Three Months Ended												Six Months Ended
						June 30,												June 30,
(in millions)						2026						2025						2026						2025
Beginning balance						$	275					$	216					$	278					$	206
Changes in valuation assumptions(1)						72						35						74						37
Effect of foreign exchange remeasurement(2)						1						20						(5)						27
Payments						(288)						—						(288)						—
Ending balance(3)						$	60					$	271					$	60					$	271

________________________________

(1)    Included in Research and development expenses on our Condensed Consolidated Statements of Operations.

(2)    Included in Other (income) expense, net on our Condensed Consolidated Statements of Operations.

(3)    Included in Other current liabilities on our Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025.

Summary of Total Estimated Fair Value and Carrying Value of Senior Unsecured Notes

The following table summarizes the total estimated fair value and carrying value of our senior unsecured notes, determined using Level 2 inputs based on their quoted market values:

(in millions)						June 30, 2026						December 31, 2025
Fair value						$	22,262					$	22,342
Carrying value						$	24,069					$	23,827

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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