v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 510 $ 319
Short-term investments 0 1
Accounts receivable, net of allowances of $2 (2025) and $3 (2024) 240 254
Inventories 149 167
Prepaid expenses 28 31
Current tax receivable 3 33
Other current assets 20 21
Total current assets 951 827
Long-term investments 27 27
Property, plant and equipment, net 117 100
Operating lease right of use assets, net 35 39
Goodwill and other intangible assets, net 7 6
Deferred tax assets 270 277
Other non-current assets 44 39
Total assets 1,452 1,316
Current liabilities    
Accrued rebates and product returns 709 562
Accounts payable and accrued expenses 196 216
Accrued litigation settlement expenses, current 105 99
Current portion of long-term debt 18 18
Operating lease liabilities, current 11 10
Income taxes payable 17 7
Other current liabilities 0 11
Total current liabilities 1,056 924
Long-term debt, less current portion 308 315
Accrued litigation settlement expenses, non-current 299 365
Operating lease liabilities, non-current 29 32
Other non-current liabilities 18 18
Total liabilities 1,709 1,652
Commitments and contingencies (Note 12)
Shareholders' deficit    
Common stock, par value $0.50 per share Issued shares: 125 (2025) and 125 (2024) 62 62
Additional paid-in capital 101 90
Share repurchase commitment 0 (10)
Accumulated other comprehensive loss (33) (36)
Accumulated deficit (388) (443)
Total shareholders' deficit (257) (337)
Total liabilities and shareholders' deficit $ 1,452 $ 1,316