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Other Balance Sheet Components
 3 Months Ended
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,
20262025
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,
20262025
Prepaid services$131 $169 
Down payments and prepayments related to manufacturing and materials
55 61 
Interest receivable39 42 
Prepaid income tax and income tax receivable
35 41 
Value added tax receivable29 37 
Research and development funding receivable (Note 5)
7 — 
Collaboration receivable1 13 
Other current assets51 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,
20262025
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 
Other50 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,
20262025
Royalties(1)
$967 $31 
Provisions related to product sales (Note 3)
470 509 
Compensation-related108 420 
Other external goods and services82 57 
Development operations81 106 
Manufacturing79 140 
Clinical trials46 20 
Property, plant and equipment31 45 
Raw materials27 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,
20262025
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 
Other59 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,
20262025
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, 2025AdditionsDeductionsMarch 31, 2026
Other revenue$145 $53 $(37)$161 
Net product sales
107 — (12)95 
Total deferred revenue$252 $53 $(49)$256