v3.25.4
Consolidated Statement of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities      
Net income $ 18,263 $ 17,133 $ 377
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization 2,793 2,395 2,044
Depreciation 3,045 2,104 1,828
Intangible asset impairment charges 55 39 792
Income from investments in equity securities, net (368) (14) (340)
Charges for certain research and development asset acquisitions 0 3,456 11,409
Deferred income taxes (1,671) (1,249) (1,899)
Share-based compensation 820 761 645
Other 511 510 355
Net changes in assets and liabilities:      
Accounts receivable (1,090) (244) (1,148)
Inventories (1,180) (835) (816)
Trade accounts payable 110 182 (380)
Accrued and other current liabilities (1,841) (2,328) 1,783
Income taxes payable 137 1,023 214
Noncurrent liabilities 195 (49) 456
Other (3,307) (1,416) (2,314)
Net Cash Provided by Operating Activities 16,472 21,468 13,006
Cash Flows from Investing Activities      
Capital expenditures (4,112) (3,372) (3,863)
Purchases of securities and other investments (1,207) (519) (955)
Proceeds from sales of securities and other investments 1,678 377 1,658
Proceeds from sale of Seagen Inc. common stock 0 0 1,145
Acquisition of Verona Pharma plc, net of cash acquired (10,042) 0 0
Acquisition of Eyebiotech Limited, net of cash acquired 0 (1,344) 0
Acquisition of Elanco Animal Health Incorporated aqua business 0 (1,303) 0
Acquisition of Harpoon Therapeutics, Inc., net of cash acquired 0 (746) 0
Acquisition of MK-1045 from Curon Pharmaceutical 0 (700) 0
Acquisition of Prometheus Biosciences, Inc., net of cash acquired 0 0 (10,705)
Acquisition of Imago BioSciences Inc., net of cash acquired 0 0 (1,327)
Other (58) (127) (36)
Net Cash Used in Investing Activities (13,741) (7,734) (14,083)
Cash Flows from Financing Activities      
Payments on debt (2,503) (1,290) (1,755)
Proceeds from issuance of debt 13,880 3,599 5,939
Purchases of treasury stock (5,084) (1,306) (1,346)
Dividends paid to stockholders (8,176) (7,840) (7,445)
Proceeds from exercise of stock options 92 177 125
Other (131) (372) (328)
Net Cash Used in Financing Activities (1,922) (7,032) (4,810)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash 563 (293) 23
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 1,372 6,409 (5,864)
Cash, Cash Equivalents and Restricted Cash at Beginning of Year (includes $76, $68 and $79 of restricted cash at January 1, 2025, 2024 and 2023, respectively, included in Other current assets) 13,318 6,909 12,773
Cash, Cash Equivalents and Restricted Cash at End of Year (includes $125, $76 and $68 of restricted cash at December 31, 2025, 2024 and 2023, respectively, included in Other current assets) $ 14,690 $ 13,318 $ 6,909