The following table provides segment revenues, significant segment expenses, other segment items and reported segment net income for the Company’s one reportable segment, as well as a reconciliation of segment net income to the Company’s total consolidated net income for the years ended December 31, 2025, 2024 and 2023 (in millions):


	Years ended December 31,
	2025		2024		2023
Revenues:
Product sales	$	35,148	$	32,026	$	26,910
Other revenues	1,603		1,398		1,280
Total revenues	36,751		33,424		28,190

Less:
Manufacturing cost of sales(1)(2)	9,845		11,118		7,347
Profit share and royalties in cost of sales(1)	2,192		1,740		1,104
Research and development(1)	7,272		5,964		4,784
Sales and marketing(1)	4,590		4,713		3,784
General and administrative(1)	2,460		2,383		2,395
Other segment items(3)	(931)		252		(729)

Interest income	(408)		(510)		(1,225)
Interest expense, net	2,755		3,155		2,875
Provision for income taxes	1,265		519		1,138
Segment net income	7,711		4,090		6,717
Reconciliation of profit or loss:
Adjustments and reconciling items	—		—		—
Consolidated net income	$	7,711	$	4,090	$	6,717

(1) During the years ended December 31, 2025, 2024 and 2023, we recognized amortization expense on our intangible assets of $4.3 billion, $4.8 billion and $3.2 billion, respectively. Amortization of intangible assets is primarily included in Cost of sales in the Consolidated Statements of Income. In addition, during the years ended December 31, 2025, 2024 and 2023, we recognized depreciation and ROU asset amortization expense of $887 million, $805 million and $824 million, respectively.

(2) During the years ended December 31, 2025, 2024 and 2023, manufacturing cost of sales included amortization of step-up to fair value of inventory acquired in business combinations of $1.3 billion, $2.4 billion and $656 million, respectively.

(3) Other segment items included in Segment net income primarily consists of: (i) fair value adjustments on equity securities (see Note 10, Investments); (ii) net impairment charges on intangible assets (see Note 13, Goodwill and other intangible assets); and (iii) expenses related to restructuring and cost-savings initiatives.