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v3.26.1

Other Balance Sheet Components (Tables) | 3 Months Ended
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Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Accounts, Notes, Loans and Financing Receivable | Accounts receivable, net, as of March 31, 2026 and December 31, 2025 consisted of the following (in millions):
|  | March 31, |  | December 31,
|  | 2026 |  | 2025
Accounts receivable |  | $ | 203 |  |  | $ | 368 |
Less: Wholesalers chargebacks, discounts and fees |  | (126) |  |  | (181) |
Less: Allowance for doubtful accounts |  | (6) |  |  | (3) |
Accounts receivable, net |  | $ | 71 |  |  | $ | 184 |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets, as of March 31, 2026 and December 31, 2025 consisted of the following (in millions):
|  | March 31, |  | December 31, |  |
|  | 2026 |  | 2025 |  |
Prepaid services |  | $ | 131 |  |  | $ | 169 |  |  |
Down payments and prepayments related to manufacturing and materials |  | 55 |  |  | 61 |  |  |
Interest receivable |  | 39 |  |  | 42 |  |  |
Prepaid income tax and income tax receivable |  | 35 |  |  | 41 |  |  |
Value added tax receivable |  | 29 |  |  | 37 |  |  |
Research and development funding receivable (Note 5) |  | 7 |  |  | — |  |  |
Collaboration receivable |  | 1 |  |  | 13 |  |  |
Other current assets |  | 51 |  |  | 45 |  |  |
Prepaid expenses and other current assets |  | $ | 348 |  |  | $ | 408 |  |  |
Schedule of Other Non-Current Assets | Other non-current assets, as of March 31, 2026 and December 31, 2025 consisted of the following (in millions):
|  | March 31, |  | December 31,
|  | 2026 |  | 2025
Income tax receivable, non-current |  | $ | 161 |  |  | $ | 161 |
Inventory, non-current(1) |  | 117 |  |  | 114 |
Finite-lived intangible assets, net(2) |  | 116 |  |  | 45 |
Down payments and prepayments, non-current |  | 97 |  |  | 100 |
Deferred tax assets |  | 82 |  |  | 81 |
Goodwill |  | 52 |  |  | 52 |
Other |  | 50 |  |  | 52 |
Other non-current assets |  | $ | 675 |  |  | $ | 605 |
_______ (1)Consisted of raw materials with an anticipated consumption beyond one year. (2)Includes a $72 million intangible asset related to a license recognized in connection with the settlement agreement with Arbutus and Genevant. See Note 12 for additional details.
Schedule of Accrued Liabilities | Accrued liabilities, as of March 31, 2026 and December 31, 2025 consisted of the following (in millions):
|  | March 31, |  | December 31,
|  | 2026 |  | 2025
Royalties(1) |  | $ | 967 |  |  | $ | 31 |
Provisions related to product sales (Note 3) |  | 470 |  |  | 509 |
Compensation-related |  | 108 |  |  | 420 |
Other external goods and services |  | 82 |  |  | 57 |
Development operations |  | 81 |  |  | 106 |
Manufacturing |  | 79 |  |  | 140 |
Clinical trials |  | 46 |  |  | 20 |
Property, plant and equipment |  | 31 |  |  | 45 |
Raw materials |  | 27 |  |  | 30 |
Commercial |  | 16 |  |  | 23 |
Loss on future firm purchase commitments(2) |  | 5 |  |  | 5 |
Accrued liabilities |  | $ | 1,912 |  |  | $ | 1,386 |
______ (1) Includes $950 million related to the litigation settlement with Arbutus and Genevant (Note 12). (2) Related to losses that are expected to arise from firm, non-cancellable, commitments for future raw material purchases (Note 7).
Schedule of Other Current Liabilities | Other current liabilities, as of March 31, 2026 and December 31, 2025 consisted of the following (in millions):
|  | March 31, |  | December 31, |  |
|  | 2026 |  | 2025 |  |
Estimated reimbursements to wholesalers and distributors |  | $ | 111 |  |  | $ | 84 |  |  |
Lease liabilities - financing (Note 10) |  | 31 |  |  | 25 |  |  |
Lease liabilities - operating (Note 10) |  | 19 |  |  | 17 |  |  |
Research and development funding liability (Note 5) |  | — |  |  | 43 |  |  |
Other |  | 59 |  |  | 16 |  |  |
Other current liabilities |  | $ | 220 |  |  | $ | 185 |  |  |
Schedule of Other Noncurrent Liabilities | Other non-current liabilities, as of March 31, 2026 and December 31, 2025 consisted of the following (in millions):
|  | March 31, |  | December 31,
|  | 2026 |  | 2025
Tax liabilities |  | $ | 253 |  |  | $ | 249 |
Other |  | 30 |  |  | 36 |
Other non-current liabilities |  | $ | 283 |  |  | $ | 285 |
Schedule of Deferred Revenue | The following table summarizes the activities related to product sales provision recorded as accrued liabilities for the three months ended March 31, 2026 (in millions):
|  | Returns and other fees
Balance at December 31, 2025 |  | $ | (509) |
Provision related to sales made in current period |  | (9) |
Provision related to sales made in prior periods |  | — |
Payments and returns related to sales made in current period |  | — |
Payments and returns related to sales made in prior year |  | 48 |
Balance at March 31, 2026 |  | $ | (470) |
The following table summarizes the activities in deferred revenue for the three months ended March 31, 2026 (in millions):
|  | December 31, 2025 |  | Additions |  | Deductions |  | March 31, 2026
Other revenue |  | $ | 145 |  |  | $ | 53 |  |  | $ | (37) |  |  | $ | 161 |
Net product sales |  | 107 |  |  | — |  |  | (12) |  |  | 95 |
Total deferred revenue |  | $ | 252 |  |  | $ | 53 |  |  | $ | (49) |  |  | $ | 256 |

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