XML 18 R8.htm IDEA: XBRL DOCUMENT v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating Activities:    
Net (loss) income $ (8,475) $ 3,275
Adjustments to reconcile Net (loss) income to Net cash provided by operating activities:    
Depreciation expense 191 190
Amortization expense 1,196 1,197
Stock-based compensation expense 449 434
Deferred income taxes (408) (377)
Net (gain) loss from equity securities (485) 284
Acquired in-process research and development expenses 12,150 315
In-process research and development impairments 1,750 190
Other, net 423 124
Changes in operating assets and liabilities:    
Accounts receivable, net (199) (213)
Inventories (197) (398)
Prepaid expenses and other (8) 93
Accounts payable (49) (267)
Income tax assets and liabilities, net 142 (1,852)
Accrued and other liabilities (364) (410)
Net cash provided by operating activities 6,117 2,584
Investing Activities:    
Purchases of marketable debt securities (551) (2,287)
Proceeds from sales of marketable debt securities 3,544 295
Proceeds from maturities of marketable debt securities 37 15
Acquisitions, including in-process research and development, net of cash acquired (11,318) (294)
Purchases of equity securities (35) (37)
Purchases of property, plant and equipment (257) (211)
Other investing activities, net 3 (13)
Net cash used in investing activities (8,577) (2,531)
Financing Activities:    
Proceeds from debt financing, net of issuance costs 4,085 0
Proceeds from issuances of common stock 175 279
Repurchases of common stock under repurchase programs (774) (1,257)
Repayments of debt and other obligations (2,783) (1,771)
Payments of dividends (2,069) (2,004)
Other financing activities, net (529) (240)
Net cash used in financing activities (1,895) (4,993)
Effect of exchange rate changes on cash and cash equivalents (30) 92
Net change in cash and cash equivalents (4,385) (4,848)
Cash and cash equivalents at beginning of period 7,564 9,991
Cash and cash equivalents at end of period $ 3,179 $ 5,144