v3.25.4
Revenues
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
We operate our business in one operating segment, which also represents one reportable segment: human therapeutics. Therefore, results of our operations are reported on a consolidated basis for purposes of segment reporting, consistent with internal management reporting. Revenues by product and by geographic area, based on customers’ locations, are presented below. A substantial portion of ROW product sales relates to products sold in Europe.
Revenues were as follows (in millions):
Year ended December 31, 2025Year ended December 31, 2024Year ended December 31, 2023
U.S.ROWTotalU.S.ROWTotalU.S.ROWTotal
Prolia$2,978 $1,436 $4,414 $2,885 $1,489 $4,374 $2,733 $1,315 $4,048 
Repatha
1,663 1,353 3,016 1,139 1,083 2,222 793 842 1,635 
Otezla1,839 426 2,265 1,699 427 2,126 1,777 411 2,188 
ENBREL2,199 27 2,226 3,288 28 3,316 3,650 47 3,697 
EVENITY1,600 500 2,100 1,131 432 1,563 809 351 1,160 
XGEVA1,355 729 2,084 1,507 718 2,225 1,527 585 2,112 
TEPEZZA(1)
1,758 145 1,903 1,835 16 1,851 441 7 448 
BLINCYTO1,049 510 1,559 800 416 1,216 566 295 861 
Nplate1,027 497 1,524 970 486 1,456 996 481 1,477 
TEZSPIRE (2)
1,478 — 1,478 972 — 972 567 — 567 
KYPROLIS913 499 1,412 948 555 1,503 921 482 1,403 
Aranesp416 973 1,389 386 956 1,342 452 910 1,362 
KRYSTEXXA(1)
1,340 — 1,340 1,185 — 1,185 272 — 272 
Vectibix604 571 1,175 519 526 1,045 461 523 984 
Other products(3)
5,437 1,826 7,263 4,037 1,593 5,630 3,307 1,389 4,696 
Total product sales(4)
25,656 9,492 35,148 23,301 8,725 32,026 19,272 7,638 26,910 
Other revenues763 840 1,603 562 836 1,398 534 746 1,280 
Total revenues$26,419 $10,332 $36,751 $23,863 $9,561 $33,424 $19,806 $8,384 $28,190 
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(1)    TEPEZZA and KRYSTEXXA were acquired from the acquisition of Horizon on October 6, 2023, and include product sales in the periods after the acquisition date.
(2)    TEZSPIRE is marketed by our collaborator AstraZeneca outside the United States.
(3)    Consists of product sales of our non-principal products.
(4)    Hedging gains and losses, which are included in product sales, were not material for the years ended December 31, 2025, 2024 and 2023.
In the United States, we sell primarily to pharmaceutical wholesale distributors that we use as the principal means of distributing our products to healthcare providers. Outside the United States, we sell principally to healthcare providers and/or pharmaceutical wholesale distributors depending on the distribution practice in each country. We monitor the financial condition of our larger customers and limit our credit exposure by setting credit limits and, in certain circumstances, by requiring letters of credit or obtaining credit insurance.
For each of the years ended December 31, 2025, 2024 and 2023, we had product sales to three customers that individually accounted for more than 10% of total revenues. For the year ended December 31, 2025, on a combined basis, these customers accounted for 77% of total gross revenues as shown in the following table. Certain information with respect to these customers was as follows (dollar amounts in millions):
Years ended December 31,
202520242023
McKesson Corporation:
Gross product sales$26,253 $22,173 $19,035 
% of total gross revenues34 %33 %33 %
Cencora, Inc.:
Gross product sales$20,986 $18,387 $16,625 
% of total gross revenues27 %27 %29 %
Cardinal Health, Inc.:
Gross product sales$12,562 $11,278 $9,775 
% of total gross revenues16 %17 %17 %
As of December 31, 2025 and 2024, amounts due from these three customers each exceeded 10% of gross trade receivables and accounted for 75% and 70%, respectively, of net trade receivables on a combined basis. As of December 31, 2025 and 2024, 21% and 26%, respectively, of net trade receivables were due from customers located outside the United States, the majority of which were from Europe. Our total allowance for doubtful accounts as of December 31, 2025 and 2024, was not material.