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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Loss Before Provision For (Benefit From) Income Taxes

Loss before income taxes for the years ended December 31, 2025, 2024, and 2023 consisted of the following (in millions):

			Years Ended December 31,
			2025						2024						2023
United States			$	(2,655)					$	(3,697)					$	(4,056)
Foreign			(113)						90						114
Loss before income taxes			$	(2,768)					$	(3,607)					$	(3,942)

Schedule of Provision For (Benefit From) Income Taxes

The provision for income taxes for the years ended December 31, 2025, 2024, and 2023 consisted of the following components (in millions):

			Years Ended December 31,
			2025						2024						2023
Current:
Federal			$	11					$	(57)					$	(225)
State			4						(1)						72
Foreign			29						13						24
Total current			$	44					$	(45)					$	(129)
Deferred:
Federal			$	—					$	—					$	888
State			—						—						8
Foreign			10						(1)						5
Total deferred			10						(1)						901
Total provision for (benefit from) income taxes			$	54					$	(46)					$	772

Schedule of Reconciliation of U.S. Statutory Income Tax Rate to Effective Tax Rate

The reconciliation of the federal statutory income tax amount and rate to our effective tax rate for the year ended December 31, 2025 was as follows (in millions, except percentages):

			Year Ended December 31,
			2025
Federal statutory tax rate			$	(581)					21.0		%
State and local income tax, net of federal income tax effect			3						(0.2)		%
Foreign tax effects			62						(2.1)		%
Tax credits			(11)						0.4		%
Changes in valuation allowances			509						(18.4)		%
Nontaxable or nondeductible items			2						(0.1)		%
Stock-based compensation windfall/shortfall			43						(1.6)		%
Changes in unrecognized tax benefits			10						(0.4)		%
Other			17						(0.6)		%
Effective tax rate			$	54					(2.0)		%

The reconciliation of the federal statutory income tax rate to our effective tax rate for the years ended December 31, 2024 and 2023 was as follows:

									Years Ended December 31,
									2024						2023
Federal statutory tax rate									21.0		%				21.0		%
Change in valuation allowance									(23.5)		%				(52.6)		%
Foreign-derived intangible income									—		%				0.2		%
Stock-based compensation windfall/shortfall									0.2		%				2.4		%
Federal research and development credits									5.5		%				4.6		%
State taxes, net of federal benefits									(0.7)		%				5.7		%
Non-deductible items									(0.4)		%				(0.4)		%
Other									(0.8)		%				(0.5)		%
Effective tax rate									1.3		%				(19.6)		%

Schedule of Significant Components of Deferred Tax Assets and Tax Liabilities

Significant components of our deferred tax assets and tax liabilities as of December 31, 2025 and 2024 were as follows

(in millions):

			December 31,
			2025						2024
Deferred tax assets:
Net operating loss carryforwards			$	1,156					$	424
Stock-based compensation			129						131
Capitalized licenses, research and development and start-up costs			1,693						1,794
Tax credit carryforwards			308						251
Operating lease liabilities			134						138
Other comprehensive income			3						4
Inventory reserve and capitalization			152						205
Wholesaler chargebacks, discounts and fees			26						43
Returns and other fees			116						86
Outside basis difference			84						125
Other			213						160
Total deferred tax assets			4,014						3,361
Less: valuation allowance			(3,738)						(3,084)
Net deferred tax assets			$	276					$	277
Deferred tax liabilities:
Right-of-use assets, operating			$	(135)					$	(139)
Property, plant and equipment			(58)						(55)
Other			(23)						(16)
Total deferred tax liabilities			(216)						(210)
Net deferred tax assets			$	60					$	67

Schedule of Summary of Valuation Allowance

The table below summarizes changes in the valuation allowance for deferred tax assets for the periods presented (in millions):

			Years Ended December 31,
			2025						2024						2023
Valuation allowance at beginning of the period			$	3,084					$	2,224					$	155
Increases to valuation allowance			654						860						2,069
Valuation allowance at December 31			$	3,738					$	3,084					$	2,224

Schedule of Reconciliation of the Beginning and Ending Amounts of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amounts of unrecognized tax benefits during the years ended December 31, 2025, 2024, and 2023 were as follows (in millions):

			Years Ended December 31,
			2025						2024						2023
Unrecognized tax benefits at beginning of the period			$	240					$	231					$	128
Decrease due to prior positions:
Tax positions for prior years			(3)						(10)						—
Settlements with tax authorities			—						—						(27)
Increase due to current year tax positions:
Additions based on tax positions for current year			4						19						44
Additions based on tax positions for prior years			—						—						86
Unrecognized tax benefits at end of the period			$	241					$	240					$	231

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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