v3.26.1
OTHER FINANCIAL INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2026
Other Financial Information [Abstract]  
Summary of Accounts Receivable, Net
The following table summarizes our Accounts receivable, net:
(in millions)March 31, 2026December 31, 2025
Accounts receivable(1)
$5,544 $5,895 
Less: allowances for chargebacks661 843 
Less: allowances for cash discounts and other98 97 
Less: allowances for credit losses44 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.
Summary of Inventories
The following table summarizes our Inventories:
(in millions)March 31, 2026December 31, 2025
Raw materials$1,357 $1,414 
Work in process1,276 1,306 
Finished goods1,706 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 
_______________________________
(1)     As of March 31, 2026, this amount primarily consists of raw materials and work in process.
Summary of Property, Plant and Equipment, Net
The following table summarizes our Property, plant and equipment, net:
(in millions)March 31, 2026December 31, 2025
Property, plant and equipment$8,422 $8,302 
Less: accumulated depreciation2,784 2,696 
Property, plant and equipment, net$5,638 $5,606 
The following table summarizes Depreciation expense:
Three Months Ended
March 31,
(in millions)20262025
Depreciation expense$93 $97 
Summary of Changes in Accumulated Other Comprehensive Income
The following tables summarize the changes in Accumulated other comprehensive income by component, net of tax:
(in millions)Foreign Currency TranslationAvailable-for-Sale Debt SecuritiesCash Flow HedgesTotal
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 TranslationAvailable-for-Sale Debt SecuritiesCash Flow HedgesTotal
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), net18 — (58)(40)
Balance as of March 31, 2025$54 $— $38 $92 
Reclassification out of Accumulated Other Comprehensive Income
The following table summarizes the reclassifications out of Accumulated other comprehensive income and into Net income, including the affected line items from our Condensed Consolidated Statements of Operations:
Three Months Ended
March 31,
(in millions)20262025Line Item Affected
Net (loss) gain related to cash flow hedges$(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
Summary of Restructuring Charges
The following table summarizes the affected line items from our Condensed Consolidated Statements of Operations:
Three Months Ended
March 31,
(in millions)20262025
Research and development expenses$14 $38 
Selling, general and administrative expenses25 36 
Restructuring charges$40 $74 
Summary of Other (Income) Expense, Net
The following table summarizes the components of Other (income) expense, net:
Three Months Ended
March 31,
(in millions)20262025
(Gain) loss from equity securities, net$(142)$426 
Interest income(95)(94)
Other, net2 (4)
Other (income) expense, net$(235)$328