
(in millions)	March 31, 2026		December 31, 2025
Accounts receivable(1)	$	5,544	$	5,895
Less: allowances for chargebacks	661		843
Less: allowances for cash discounts and other	98		97
Less: allowances for credit losses	44		41
Accounts receivable, net	$	4,741	$	4,913

_______________________________

(1) As of March 31, 2026, the majority of our Accounts receivable balance arises from product sales in the U.S. and Europe and approximately 60% relates to three wholesalers—Cardinal Health, Inc., Cencora, Inc. and McKesson Corporation—and their specialty distributor affiliates.


(in millions)	March 31, 2026		December 31, 2025
Raw materials	$	1,357	$	1,414
Work in process	1,276		1,306
Finished goods	1,706		1,647
Total	$	4,339	$	4,368
Reported as:
Inventories	$	1,914	$	1,774
Other long-term assets(1)	2,424		2,594
Total	$	4,339	$	4,368

As of March 31, 2026, we held approximately $638 million of pre-commercial Trodelvy inventory for which the manufacturing process has not yet been approved by FDA.


(in millions)	March 31, 2026		December 31, 2025
Property, plant and equipment	$	8,422	$	8,302
Less: accumulated depreciation	2,784		2,696
Property, plant and equipment, net	$	5,638	$	5,606

The following tables summarize the changes in Accumulated other comprehensive income by component, net of tax:


(in millions)	Foreign Currency Translation		Available-for-Sale Debt Securities		Cash Flow Hedges		Total
Balance as of December 31, 2025	$	74	$	8	$	(43)	$	39
Net unrealized (loss) gain, net of income tax expense (benefit) of $0, $(3), and $6, respectively	(10)		(10)		40		20
(Gain) loss reclassified to net income, net of income tax benefit of $0, $0, and $(3), respectively	—		(2)		21		19
Other comprehensive (loss) income, net	(10)		(12)		61		39
Balance as of March 31, 2026	$	64	$	(3)	$	18	$	78


(in millions)	Foreign Currency Translation		Available-for-Sale Debt Securities		Cash Flow Hedges		Total
Balance as of December 31, 2024	$	36	$	—	$	96	$	132
Net unrealized gain (loss), net of income tax benefit of $0, $0, and $(6), respectively	18		—		(40)		(22)
Gain reclassified to net income, net of income tax expense of $0, $0, and $3, respectively	—		—		(18)		(18)
Other comprehensive income (loss), net	18		—		(58)		(40)
Balance as of March 31, 2025	$	54	$	—	$	38	$	92

The following table summarizes the reclassifications out of Accumulated other comprehensive income and into Net income, including the affected line items from our Condensed Consolidated Statements of Operations:


	Three Months Ended
	March 31,
(in millions)	2026		2025		Line Item Affected
Net (loss) gain related to cash flow hedges	$	(24)	$	21	Product sales
Net gain related to available-for-sale debt securities	$	(2)	$	—	Other (income) expense, net
Income tax (benefit) expense	$	(3)	$	3	Income tax expense

During the three months ended March 31, 2026 and 2025, we incurred restructuring charges primarily related to severance costs resulting from reductions in our workforce.

The following table summarizes the affected line items from our Condensed Consolidated Statements of Operations:


	Three Months Ended
	March 31,
(in millions)	2026		2025
Research and development expenses	$	14	$	38
Selling, general and administrative expenses	25		36
Restructuring charges	$	40	$	74

As of March 31, 2026, we had a remaining liability of $73 million on our Condensed Consolidated Balance Sheets associated with restructuring charges, a majority of which we anticipate will be paid in the next 12 months.


	Three Months Ended
	March 31,
(in millions)	2026		2025
(Gain) loss from equity securities, net	$	(142)	$	426
Interest income	(95)		(94)
Other, net	2		(4)
Other (income) expense, net	$	(235)	$	328