The Company’s short-term investments in debt, equity and other securities consist primarily of trading investments in mutual funds and are measured at fair value with realized and unrealized gains and losses recorded in other income, net on the accompanying consolidated statements of income.

The Company’s long-term debt and equity investments (except those accounted for under the equity method, those that result in consolidation of the investee and certain other investments) are measured at fair value and any changes in fair value are recognized in net income at the end of each reporting period. For debt and equity investments that do not have readily determinable fair values and do not qualify for the existing practical expedient in ASC 820, Fair Value Measurement, to estimate fair value using the net asset value per share of the investment, the Company applies the measurement alternative and measures those investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer at each reporting period.

The Company accounts for its investments in unconsolidated affiliates under the equity method of accounting and records its pro rata share of its losses or earnings from these investments in equity in earnings of unconsolidated affiliates. The following is a summary of the Company’s investments in unconsolidated affiliates:


	December 31,
(in millions)	2025		2024
NovaQuest Pharma Opportunities Fund V, L.P. (“NQ Fund V”)	$	33	$	36
NovaQuest Private Equity Fund I, L.P. (“NQ PE Fund I”)	10		11
RxWare (formerly "Helparound")	7		2
NovaQuest Pharma Opportunities Fund IV, L.P. (“NQ Fund IV”)	4		4
Longwood Fund V, L.P. ("Longwood")	4		6
NostraData Pty Ltd.	—		17
Other	266		190
	$	324	$	266

As of December 31, 2025, the Company’s investments in unconsolidated variable interest entities (“VIEs”) and its estimated maximum exposure to loss were as follows: