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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2025
Fair Value Disclosures [Abstract] |
Summary of assets and liabilities recorded at fair value | The tables below present information about our assets and liabilities that are regularly measured and carried at fair value and indicate the level within the fair value hierarchy of the valuation techniques we utilized to determine such fair value:
|  | Fair Value Measurements on a Recurring Basis
|  | As of June 30, 2025
(In millions) |  | Total |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 2,234.9 |  |  | $ | — |  |  | $ | 2,234.9 |  |  | $ | — |
Marketable equity securities |  | 157.0 |  |  | 157.0 |  |  | — |  |  | — |
Other current assets: |  |  |  |  |  |  |  |
Derivative contracts |  | 31.7 |  |  | — |  |  | 31.7 |  |  | — |
Other non-current assets: |  |  |  |  |  |  |  |
Convertible note(1) |  | 30.0 |  |  | — |  |  | — |  |  | 30.0 |
Plan assets for deferred compensation |  | 50.1 |  |  | — |  |  | 50.1 |  |  | — |
Total |  | $ | 2,503.7 |  |  | $ | 157.0 |  |  | $ | 2,316.7 |  |  | $ | 30.0 |
Liabilities: |  |  |  |  |  |  |  |
Other current liabilities: |  |  |  |  |  |  |  |
Derivative contracts |  | $ | 123.7 |  |  | $ | — |  |  | $ | 123.7 |  |  | $ | — |
Contingent consideration obligations |  | 297.2 |  |  | — |  |  | — |  |  | 297.2 |
Other non-current liabilities: |  |  |  |  |  |  |  |
Derivative contracts |  | 26.8 |  |  | — |  |  | 26.8 |  |  | — |
Contingent consideration obligations |  | 237.7 |  |  | — |  |  | — |  |  | 237.7 |
Total |  | $ | 685.4 |  |  | $ | — |  |  | $ | 150.5 |  |  | $ | 534.9 |
(1) As part of our strategic research arrangement with City Therapeutics we invested in a convertible note, for which we elected the fair value option. For additional information on the arrangement with City Therapeutics, please read Note 19, Collaborative and Other Relationships, to these condensed consolidated financial statements.
|  | Fair Value Measurements on a Recurring Basis
|  | As of December 31, 2024
(In millions) |  | Total |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 1,664.9 |  |  | $ | — |  |  | $ | 1,664.9 |  |  | $ | — |
Marketable equity securities |  | 179.7 |  |  | 179.7 |  |  | — |  |  | — |
Other current assets: |  |  |  |  |  |  |  |
Derivative contracts |  | 62.5 |  |  | — |  |  | 62.5 |  |  | — |
Other non-current assets: |  |  |  |  |  |  |  |
Plan assets for deferred compensation |  | 42.8 |  |  | — |  |  | 42.8 |  |  | — |
Total |  | $ | 1,949.9 |  |  | $ | 179.7 |  |  | $ | 1,770.2 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |
Other current liabilities: |  |  |  |  |  |  |  |
Derivative contracts |  | $ | 11.7 |  |  | $ | — |  |  | $ | 11.7 |  |  | $ | — |
Contingent consideration obligations |  | 291.2 |  |  | — |  |  | — |  |  | 291.2 |
Other non-current liabilities: |  |  |  |  |  |  |  |
Contingent consideration obligations |  | 221.6 |  |  | — |  |  | — |  |  | 221.6 |
Total |  | $ | 524.5 |  |  | $ | — |  |  | $ | 11.7 |  |  | $ | 512.8 |
Fair Value Measurement Inputs and Valuation Techniques | The following table presents quantitative information, as of the dates indicated, about the valuation techniques and significant unobservable inputs used in the valuation of our Level 3 financial assets and liabilities measured at fair value on a recurring basis:
|  | Quantitative Information about Level 3 Fair Value Measurements
|  | As of June 30, 2025
(In millions) |  | Fair Value |  | Valuation Technique |  | Significant Unobservable Input(s) |  | Range |  | Weighted Average
Liabilities: |  |  |  |  |  |  |  |  |  |
Contingent consideration obligations |  | $ | 534.9 |  |  | Discounted cash flow |  | Discount rate |  | 5.6% - 5.7% |  | 5.7 | %
|  |  |  |  |  | Expected timing of achievement of development milestones |  | 2025 - 2030 |  | — |
|  | Quantitative Information about Level 3 Fair Value Measurements
|  | As of December 31, 2024
(In millions) |  | Fair Value |  | Valuation Technique |  | Significant Unobservable Input(s) |  | Range |  | Weighted Average
Liabilities: |  |  |  |  |  |  |  |  |  |
Contingent consideration obligations |  | $ | 512.8 |  |  | Discounted cash flow |  | Discount rate |  | 6.2% - 6.3% |  | 6.2 | %
|  |  |  |  |  | Expected timing of achievement of development milestones |  | 2025 - 2030 |  | — |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table provides a roll forward of the fair value of our contingent consideration obligations, which were classified as Level 3 measurements:
(In millions) |  | For the Three Months Ended June 30, 2025 |  |  |  | For the Six Months Ended June 30, 2025 |  |
Fair value, beginning of period |  | $ | 522.4 |  |  |  |  | $ | 512.8 |  |  |
Changes in fair value |  | 13.2 |  |  |  |  | 22.8 |  |  |
Payments |  | (0.7) |  |  |  |  | (0.7) |  |  |
Fair value, end of period |  | $ | 534.9 |  |  |  |  | $ | 534.9 |  |  |
Summary of fair and carrying value of debt instruments | The fair and carrying values of our debt instruments, which are Level 2 liabilities, are summarized as follows:
|  | As of June 30, 2025 |  | As of December 31, 2024
(In millions) |  | Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value
Current portion: |  |  |  |  |  |  |  |
4.050% Senior Notes due September 15, 2025(1) |  | $ | — |  |  | $ | — |  |  | $ | 1,741.0 |  |  | $ | 1,748.6 |
Current portion of notes payable |  | — |  |  | — |  |  | 1,741.0 |  |  | 1,748.6 |
Non-current portion: |  |  |  |  |  |  |  |
2.250% Senior Notes due May 1, 2030 |  | 1,351.1 |  |  | 1,495.2 |  |  | 1,295.6 |  |  | 1,494.7 |
5.050% Senior Notes due January 15, 2031(1) |  | 407.1 |  |  | 397.8 |  |  | — |  |  | — |
5.750% Senior Notes due May 15, 2035(1) |  | 668.7 |  |  | 645.5 |  |  | — |  |  | — |
5.200% Senior Notes due September 15, 2045 |  | 1,007.1 |  |  | 1,101.3 |  |  | 1,008.0 |  |  | 1,101.1 |
3.150% Senior Notes due May 1, 2050 |  | 946.0 |  |  | 1,475.3 |  |  | 943.7 |  |  | 1,475.0 |
3.250% Senior Notes due February 15, 2051 |  | 450.4 |  |  | 478.3 |  |  | 448.9 |  |  | 476.4 |
6.450% Senior Notes due May 15, 2055(1) |  | 721.7 |  |  | 690.3 |  |  | — |  |  | — |
Non-current portion of notes payable |  | 5,552.1 |  |  | 6,283.7 |  |  | 3,696.2 |  |  | 4,547.2 |
Total notes payable |  | $ | 5,552.1 |  |  | $ | 6,283.7 |  |  | $ | 5,437.2 |  |  | $ | 6,295.8 |
(1) In May 2025 we issued our 2025 Senior Notes for an aggregate principal amount of $1.75 billion. In June 2025 we used the net proceeds from the sale of our 2025 Senior Notes to redeem in full our 4.050% Senior Notes due September 15, 2025, prior to maturity. For additional information, please read Note 13, Indebtedness, to these condensed consolidated financial statements.

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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