INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Debt Securities, Available-for-Sale [Abstract]

Summary of Available-for-Sale Debt Securities at Estimated Fair Value

The following table summarizes our available-for-sale debt securities as of December 31, 2025:


	December 31, 2025
(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
U.S. treasury securities	$	1,222	$	3	$	—	$	1,224
U.S. government agencies securities	15		—		—		15
Corporate debt securities	1,392		7		—		1,398
Residential mortgage and asset-backed securities	405		2		—		407
Total	$	3,033	$	11	$	(1)	$	3,044

Summary of Classification of 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, 2026		December 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 option	500		551
Equity method investment in Arcus Biosciences, Inc. – fair value option	969		749
Other equity method investments – fair value option(1)	171		183
Other	63		499
Other long-term assets	431		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.

Summary of Net Unrealized Gains and Losses on Equity Securities

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 Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2026		2025		2026		2025
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