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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash Flows from Operating Activities    
Net income $ 87 $ 201
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Depreciation 34 32
Amortization 50 33
Acquired in-process research and development and milestones 6 15
Contingent consideration 11 0
Deferred income tax (benefit) expense (17) 5
Stock-based compensation 24 26
Unrealized foreign exchange gain (15) (18)
Other 20 5
Net changes in assets and liabilities, net of assets acquired    
Accounts receivable (85) 163
Inventories 3 19
Other current assets (11) (57)
Trade accounts payable (149) (349)
Accrued and other current liabilities 39 (15)
Income taxes payable 38 (6)
Other 40 22
Net Cash Flows Provided by Operating Activities 75 76
Cash Flows from Investing Activities    
Capital expenditures (32) (46)
Acquired in-process research and development and milestones (10) 0
Dermavant acquisition, net of cash acquired (75) 0
Purchase of product rights and asset acquisition (55) (50)
Net Cash Flows Used in Investing Activities (172) (96)
Cash Flows from Financing Activities    
Proceeds from debt 90 0
Repayments of debt (93) (2)
Employee withholding taxes related to stock-based awards (1) (2)
Dividend payments (71) (70)
Net Cash Flows Used in Financing Activities (75) (74)
Effect of Exchange Rate Changes on Cash and Cash Equivalents 44 (24)
Net Decrease in Cash and Cash Equivalents (128) (118)
Cash and Cash Equivalents, Beginning of Period 675 693
Cash and Cash Equivalents, End of Period $ 547 $ 575