v3.25.2
Inventories
6 Months Ended
Jun. 30, 2025
Inventory Disclosure [Abstract]  
Inventories Inventories
The following table summarizes components of inventories:
June 30, 2025December 31, 2024
Finished products$1,354.8 $1,220.8 
Work in process6,509.0 3,979.5 
Raw materials and supplies3,151.4 2,326.0 
Total (approximates replacement cost)11,015.2 7,526.3 
(Decrease) increase to last-in, first-out (LIFO) cost(1.4)62.9 
Inventories$11,013.8 $7,589.2 
When we believe that future commercialization is probable and the future economic benefit is expected to be realized, we capitalize pre-launch inventory prior to regulatory approval. A number of factors are considered, including the current status in the regulatory approval process, potential impediments to the approval process such as safety or efficacy, viability of commercialization, and marketplace trends. Pre-launch inventories capitalized as of June 30, 2025 and December 31, 2024 were $808.5 million and $548.1 million, respectively, primarily related to orforglipron.