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Financial Instruments | 3 Months Ended
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Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Financial Instruments |
Note 9: | Financial Instruments
The following table summarizes our financial assets with maturities of less than 90 days from the date of purchase included in cash and cash equivalents in our condensed consolidated balance sheets:
(In millions) |  | As of March 31, 2025 |  | As of December 31, 2024
Money market funds |  | $ | 2,109.0 |  |  | $ | 1,664.9 |
Total |  | $ | 2,109.0 |  |  | $ | 1,664.9 |
The carrying value of our money market funds approximates fair value due to their short-term maturities. Our marketable equity securities gains (losses) are recorded in other (income) expense, net in our condensed consolidated statements of income. The following tables summarize our marketable equity securities, classified as available-for-sale:
|  | As of March 31, 2025
(In millions) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Marketable equity securities |  |  |  |  |  |  |  |
Marketable equity securities, non-current |  | $ | 668.7 |  |  | $ | — |  |  | $ | (521.8) |  |  | $ | 146.9 |
Total marketable equity securities |  | $ | 668.7 |  |  | $ | — |  |  | $ | (521.8) |  |  | $ | 146.9 |
|  | As of December 31, 2024
(In millions) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Marketable equity securities |  |  |  |  |  |  |  |
Marketable equity securities, non-current |  | $ | 668.7 |  |  | $ | — |  |  | $ | (489.0) |  |  | $ | 179.7 |
Total marketable equity securities |  | $ | 668.7 |  |  | $ | — |  |  | $ | (489.0) |  |  | $ | 179.7 |
Strategic Investments Our strategic investment portfolio includes investments in equity securities of certain biotechnology companies, which are reflected within our disclosures included in Note 8, Fair Value Measurements, to these condensed consolidated financial statements, as well as venture capital funds where the underlying investments are in equity securities of certain biotechnology companies and non-marketable equity securities. As of March 31, 2025 and December 31, 2024, our strategic investment portfolio was comprised of investments totaling $186.0 million and $226.7 million, respectively, which are included in investments and other assets within our condensed consolidated balance sheets. The decrease in our strategic investment portfolio for the three months ended March 31, 2025, was primarily due to the decrease in the fair value of our investment in Denali common stock, partially offset by an increase in the fair value of our investment in Sage common stock. For additional information on our investments in Denali and Sage common stock, please read Note 19, Collaborative and Other Relationships, to our consolidated financial statements included in our 2024 Form 10-K.

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- Definition The entire disclosure of cash, cash equivalents, and debt and equity securities, including any unrealized or realized gain (loss). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent + Details
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