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Other Balance Sheet Components | 3 Months Ended
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Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Other Balance Sheet Components | 9. Other Balance Sheet Components Accounts Receivable, net 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 |
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 |  |  |
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. 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). 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 |  |  |
Other Non-Current 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 |
Deferred Revenue 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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