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ACQUISITIONS, DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS (Tables) | 9 Months Ended
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Sep. 30, 2024
Acquisitions, Divestitures and Other Arrangements [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following summarizes the total consideration transferred and allocation of consideration transferred to the assets acquired, liabilities assumed and Acquired IPRD expense:
Dollars in millions |
Cash consideration for outstanding shares | $ | 12,606 |
Cash consideration for equity awards | 1,421 |
Consideration to be paid | 14,027 |
Less: Charge for unvested stock awards(a) | (289) |
Transaction costs | 55 |
Total consideration allocated | $ | 13,793 |
Cash and cash equivalents | $ | 1,167 |
Other assets | 67 |
Intangible assets | 100 |
Deferred income tax asset | 542 |
Deferred income tax liability | (25) |
Other liabilities | (180) |
Total identifiable assets acquired, net | 1,671 |
Acquired IPRD expense | 12,122 |
Total consideration allocated | $ | 13,793 |
(a) Includes cash-settled unvested equity awards of $130 million expensed in Marketing, selling and administrative and $159 million expensed in Research and development during the nine months ended September 30, 2024. The purchase price allocation resulted in the following amounts being allocated to the assets acquired and liabilities assumed as of the acquisition date based upon their respective fair values summarized below:
Dollars in millions | Purchase Price Allocation
Cash and cash equivalents | $ | 501 |
Other assets | 70 |
Intangible assets | 3,700 |
Deferred income tax asset | 81 |
Deferred income tax liability | (798) |
Other liabilities | (109) |
Identifiable net assets acquired | $ | 3,445 |
Goodwill | 428 |
Total consideration allocated | $ | 3,873 |
The purchase price allocation resulted in the following amounts being allocated to the assets acquired and liabilities assumed as of the acquisition date based upon their respective fair values summarized below:
Dollars in millions | Purchase price allocation
Cash and cash equivalents | $ | 748 |
Inventories | 215 |
Other assets | 159 |
Intangible assets | 4,225 |
Deferred income tax assets | 734 |
Deferred income tax liabilities | (1,094) |
Other liabilities | (204) |
Identifiable net assets acquired | $ | 4,783 |
Goodwill | 152 |
Total consideration allocated | $ | 4,935 |
Schedule of Business Acquisitions, by Acquisition | Total consideration for the acquisition consisted of the following:
Dollars in millions |
Cash consideration for outstanding shares | $ | 3,851 |
Cash consideration for equity awards | 296 |
Consideration paid | 4,147 |
Less: Unvested stock awards(a) | (274) |
Total consideration allocated | $ | 3,873 |
(a) Includes cash settlement for unvested equity awards of $159 million expensed in Marketing, selling and administrative and $115 million expensed in Research and development during the nine months ended September 30, 2024. Total consideration for the acquisition consisted of the following:
Dollars in millions |
Cash consideration for outstanding shares | $ | 4,596 |
Cash consideration for equity awards | 205 |
Consideration paid | 4,801 |
Plus: Fair value of CVRs | 248 |
Less: unvested stock awards(a) | (114) |
Total consideration allocated | $ | 4,935 |
(a) Includes cash settlement of unvested equity awards of $60 million expensed in Marketing, selling and administrative and $54 million expensed in Research and development during nine months ended September 30, 2024.
Divestitures | The following table summarizes the financial impact of divestitures including royalties, which are included in Other (income)/expense, net. Revenue and pretax earnings related to all divestitures were not material in all periods presented (excluding divestiture gains or losses).
| Three Months Ended September 30,
| Net Proceeds |  | Divestiture (Gains)/Losses |  | Royalty Income
Dollars in millions | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Diabetes business - royalties | $ | 278 |  |  | $ | 220 |  |  | $ | — |  |  | $ | — |  |  | $ | (284) |  |  | $ | (217) |
Mature products and other | 3 |  |  | 3 |  |  | 5 |  |  | — |  |  | — |  |  | — |
Total | $ | 281 |  |  | $ | 223 |  |  | $ | 5 |  |  | $ | — |  |  | $ | (284) |  |  | $ | (217) |
| Nine Months Ended September 30,
| Net Proceeds |  | Divestiture (Gains)/Losses |  | Royalty Income
Dollars in millions | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Diabetes business - royalties | $ | 774 |  |  | $ | 621 |  |  | $ | — |  |  | $ | — |  |  | $ | (820) |  |  | $ | (623) |
Mature products and other | 3 |  |  | 10 |  |  | 5 |  |  | — |  |  | — |  |  | — |
Total | $ | 777 |  |  | $ | 631 |  |  | $ | 5 |  |  | $ | — |  |  | $ | (820) |  |  | $ | (623) |
Licensing and Other Arrangements | The following table summarizes the financial impact of Keytruda* royalties, Tecentriq* royalties, upfront licensing fees and milestones for products that have not obtained commercial approval, which are included in Other (income)/expense, net.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
Dollars in millions | 2024 |  | 2023 |  | 2024 |  | 2023
Keytruda* royalties | $ | (137) |  |  | $ | (315) |  |  | $ | (407) |  |  | $ | (878) |
Tecentriq* royalties | (12) |  |  | (24) |  |  | (35) |  |  | (78) |
Contingent milestone income | (13) |  |  | — |  |  | (38) |  |  | (36) |
Amortization of deferred income | (12) |  |  | (12) |  |  | (36) |  |  | (39) |
Other royalties and licensing income | (6) |  |  | (14) |  |  | (16) |  |  | (37) |
Royalty and licensing income | $ | (180) |  |  | $ | (365) |  |  | $ | (532) |  |  | $ | (1,068) |

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