The following table summarizes our financial assets with maturities of less than 90 days from the date of purchase included in cash and cash equivalents in our condensed consolidated balance sheets:


(In millions)	As of June 30, 2025		As of December 31, 2024


Money market funds	$	2,234.9	$	1,664.9


Total	$	2,234.9	$	1,664.9

The carrying value of our money market funds approximates fair value due to their short-term maturities.

Our marketable equity securities gains (losses) are recorded in other (income) expense, net in our condensed consolidated statements of income. The following tables summarize our marketable equity securities, classified as available-for-sale:


	As of June 30, 2025
(In millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value












Marketable equity securities

Marketable equity securities, non-current	$	668.7	$	—	$	(511.7)	$	157.0
Total marketable equity securities	$	668.7	$	—	$	(511.7)	$	157.0


	As of December 31, 2024
(In millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value












Marketable equity securities

Marketable equity securities, non-current	$	668.7	$	—	$	(489.0)	$	179.7
Total marketable equity securities	$	668.7	$	—	$	(489.0)	$	179.7

Our strategic investment portfolio includes investments in equity securities of certain biotechnology companies, which are reflected within our disclosures included in Note 8, Fair Value Measurements, to these condensed consolidated financial statements, as well as venture capital funds where the underlying investments are in equity securities of certain biotechnology companies and non-marketable equity securities.

As of June 30, 2025 and December 31, 2024, our strategic investment portfolio was comprised of investments totaling $224.0 million and $226.7 million, respectively, which are included in investments and other assets within our condensed consolidated balance sheets.

The decrease in our strategic investment portfolio as of June 30, 2025, compared to December 31, 2024, was primarily due to the decrease in the fair value of our investment in Denali common stock, partially offset by an increase in the fair value of our investment in Sage common stock.

For additional information on our investments in Denali and Sage common stock, please read Note 19, Collaborative and Other Relationships, to our consolidated financial statements included in our 2024 Form 10-K.