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OTHER FINANCIAL INFORMATION (Tables)

6 Months Ended

Jun. 30, 2026

Other Financial Information [Abstract]

Summary of Accounts Receivable, Net

The following table summarizes our Accounts receivable, net:

(in millions)						June 30, 2026						December 31, 2025
Accounts receivable(1)						$	5,902					$	5,895
Less: allowances for chargebacks						(671)						(843)
Less: allowances for cash discounts and other						(125)						(97)
Less: allowances for credit losses						(51)						(41)
Accounts receivable, net						$	5,055					$	4,913

_______________________________

(1)     As of June 30, 2026, the majority of our Accounts receivable balance arises from product sales in the U.S. and Europe and approximately 60% relates to three wholesalers—Cardinal Health, Inc., Cencora, Inc. and McKesson Corporation—and their specialty distributor affiliates.

Summary of Inventories

The following table summarizes our Inventories:

(in millions)						June 30, 2026						December 31, 2025
Raw materials						$	1,415					$	1,414
Work in process						1,163						1,306
Finished goods						1,719						1,647
Total						$	4,298					$	4,368
Reported as:
Inventories						$	1,953					$	1,774
Other long-term assets(1)						2,345						2,594
Total						$	4,298					$	4,368

_______________________________

(1)     As of June 30, 2026, this amount primarily consists of raw materials and work in process.

Summary of Property, Plant and Equipment, Net

The following table summarizes our Property, plant and equipment, net:

(in millions)						June 30, 2026						December 31, 2025
Property, plant and equipment						$	8,707					$	8,302
Less: accumulated depreciation						(2,874)						(2,696)
Property, plant and equipment, net						$	5,833					$	5,606

The following table summarizes Depreciation expense:

						Three Months Ended												Six Months Ended
						June 30,												June 30,
(in millions)						2026						2025						2026						2025
Depreciation expense						$	98					$	93					$	191					$	190

Summary of Changes in Accumulated Other Comprehensive Income

The following tables summarize the changes in Accumulated other comprehensive income by component, net of tax:

(in millions)						Foreign Currency Translation						Available-for-Sale Debt Securities						Cash Flow Hedges						Total
Balance as of March 31, 2026						$	64					$	(3)					$	18					$	78
Net unrealized (loss) gain, net of income tax expense of $0, $0, and $2, respectively						(18)						1						16						(1)
Loss reclassified to net income, net of income tax benefit of $0, $0, and $(2), respectively						—						2						16						18
Other comprehensive (loss) income, net						(18)						3						32						17
Balance as of June 30, 2026						$	46					$	—					$	49					$	95

(in millions)						Foreign Currency Translation						Available-for-Sale Debt Securities						Cash Flow Hedges						Total
Balance as of December 31, 2025						$	74					$	8					$	(43)					$	39
Net unrealized (loss) gain, net of income tax expense (benefit) of $0, $(3), and $8, respectively						(28)						(9)						56						19
Loss reclassified to net income, net of income tax benefit of $0, $0, and $(5), respectively						—						—						37						37
Other comprehensive (loss) income, net						(28)						(8)						92						56
Balance as of June 30, 2026						$	46					$	—					$	49					$	95

(in millions)						Foreign Currency Translation						Available-for-Sale Debt Securities						Cash Flow Hedges						Total
Balance as of March 31, 2025						$	54					$	—					$	38					$	92
Net unrealized gain (loss), net of income tax expense (benefit) of $0, $1, and $(21), respectively						51						4						(149)						(94)
Loss (gain) reclassified to net income, net of income tax expense (benefit) of $0, $0, and $2, respectively						—						—						(16)						(16)
Other comprehensive income (loss), net						51						4						(166)						(111)
Balance as of June 30, 2025						$	105					$	4					$	(127)					$	(18)

(in millions)						Foreign Currency Translation						Available-for-Sale Debt Securities						Cash Flow Hedges						Total
Balance as of December 31, 2024						$	36					$	—					$	96					$	132
Net unrealized gain (loss), net of income tax expense (benefit) of $0, $1, and $(27), respectively						69						4						(189)						(116)
Loss (gain) reclassified to net income, net of income tax expense (benefit) of $0, $0, and $5, respectively						—						—						(35)						(35)
Other comprehensive income (loss), net						69						4						(224)						(150)
Balance as of June 30, 2025						$	105					$	4					$	(127)					$	(18)

Reclassification out of Accumulated Other Comprehensive Income

The following table summarizes the reclassifications out of Accumulated other comprehensive income and into Net (loss) income, including the affected line items from our Condensed Consolidated Statements of Operations:

						Three Months Ended												Six Months Ended
						June 30,												June 30,
(in millions)						2026						2025						2026						2025						Line Item Affected
Net (loss) gain related to cash flow hedges						$	(18)					$	19					$	(42)					$	40					Product sales
Net loss related to available-for-sale debt securities						$	2					$	—					$	—					$	—					Other (income) expense, net
Income tax (benefit) expense						$	(2)					$	2					$	(5)					$	5					Income tax expense

Summary of Restructuring Charges

The following table summarizes the affected line items from our Condensed Consolidated Statements of Operations:

						Three Months Ended												Six Months Ended
						June 30,												June 30,
(in millions)						2026						2025						2026						2025
Research and development expenses						$	2					$	6					$	17					$	44
Selling, general and administrative expenses						15						7						40						43
Restructuring charges						$	17					$	13					$	57					$	88

Summary of Other (Income) Expense, Net

The following table summarizes the components of Other (income) expense, net:

						Three Months Ended												Six Months Ended
						June 30,												June 30,
(in millions)						2026						2025						2026						2025
(Gain) loss from equity securities, net						$	(343)					$	(142)					$	(485)					$	284
Interest income						(45)						(73)						(140)						(166)
Other, net						1						6						3						2
Other (income) expense, net						$	(387)					$	(208)					$	(621)					$	120

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