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Dispositions | 3 Months Ended
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Mar. 31, 2024
Divestitures [Abstract] |
Dispositions | Sale of Joint Venture Equity Interest in Samsung Bioepis In April 2022 we completed the sale of our 49.9% equity interest in Samsung Bioepis to Samsung BioLogics in exchange for total consideration of approximately $2.3 billion. Under the terms of this transaction, we received approximately $1.0 billion in cash at closing, with approximately $1.3 billion in cash to be deferred over two payments. The first deferred payment of $812.5 million was received in April 2023 and the second deferred payment of $437.5 million was received in April 2024. We elected the fair value option and measured the payments due to us from Samsung BioLogics at fair value. As of March 31, 2024, the estimated fair value of the second deferred payment using a risk-adjusted discount rate of 6.0% was approximately $436.1 million. This payment has been classified as a Level 3 measurement and is reflected in other current assets within our condensed consolidated balance sheets as of March 31, 2024. For the three months ended March 31, 2024, we recognized a gain of approximately $6.1 million to reflect the change in fair value related to the second deferred payment due to us. For the three months ended March 31, 2023, we recognized gains of approximately $11.1 million and $6.2 million to reflect the changes in fair value related to the first and second deferred payments due to us, respectively. These changes were recorded in other (income) expense, net in our condensed consolidated statements of income. For additional information on the sale of our equity interest in Samsung Bioepis, please read Note 3, Dispositions, to our consolidated financial statements included in our 2023 Form 10-K.

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