v3.26.1
INVESTMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Securities, Available-for-Sale [Abstract]  
Summary of Available-for-Sale Debt Securities at Estimated Fair Value
The following table summarizes our available-for-sale debt securities:
March 31, 2026December 31, 2025
(in millions)Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
U.S. treasury securities$300 $— $(1)$298 $1,222 $3 $— $1,224 
U.S. government agencies securities— — — — 15 — — 15 
Corporate debt securities557 — (2)555 1,392 7 — 1,398 
Residential mortgage and asset-backed securities144 — — 144 405 2 — 407 
Total$1,000 $1 $(4)$997 $3,033 $11 $(1)$3,044 
Summary of the Classification of Available-for-Sale Debt Securities
The following table summarizes the classification of our available-for-sale debt securities on our Condensed Consolidated Balance Sheets:
(in millions)March 31, 2026
Short-term marketable debt securities$15 
Long-term marketable debt securities983 
Total$997 
The following table summarizes our available-for-sale debt securities by contractual maturity:
March 31, 2026
(in millions)Amortized CostFair Value
Within one year$15 $15 
After one year through five years982 979 
After five years through ten years4 4 
Total$1,000 $997 
Summary of Classification of Equity Securities
The following table summarizes the classification of our equity securities on our Condensed Consolidated Balance Sheets, including certain equity method investments for which we elected and applied the fair value option as we believe it best reflects the underlying economics of these investments:
(in millions)March 31, 2026December 31, 2025
Equity securities measured at fair value:
Cash and cash equivalents:
Money market funds$5,966 $6,150 
Prepaid and other current assets:
Equity method investment in Galapagos NV (“Galapagos”) – fair value option504 551 
Equity method investment in Arcus Biosciences, Inc. – fair value option679 749 
Other equity method investments – fair value option(1)
155 183 
Other836 499 
Other long-term assets379 386 
Equity method investments and other equity securities without readily determinable fair values:
Other long-term assets(2)
308 393 
Total$8,827 $8,909 
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(1)    Mostly comprised of our equity interest in Assembly Biosciences, Inc. (“Assembly”), which was approximately 29% of outstanding Assembly stock at the time of our latest purchase of shares.
(2)    Mostly comprised of equity interests in certain collaboration partners and investment funds that are considered to be variable interest entities (“VIEs”) for which we are not the primary beneficiary. Our maximum exposure to loss as a result of our involvement in these VIEs is limited to the value of our investment.
Summary of Net Unrealized Gains and Losses on Equity Securities
The following table summarizes net unrealized gains and losses related to equity securities still held as of the respective ending balance sheet dates for the periods below, included in Other (income) expense, net on our Condensed Consolidated Statements of Operations:
Three Months Ended
March 31,
(in millions)20262025
Unrealized loss, net, related to fair value option investments$146 $276 
Unrealized (gain) loss, net, related to all other equity investments(277)160 
Total unrealized (gain) loss, net$(131)$436