v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
We operate as a single reportable segment engaged in the discovery, development, manufacturing, marketing, and sales of pharmaceutical products worldwide. A global research and development organization and a supply chain organization are responsible for the discovery, development, manufacturing, and supply of our products. Our commercial organizations market, distribute, and sell the products. The business is also supported by global corporate staff functions. Our determination that we operate as a single segment is consistent with the nature of our operations and the financial information regularly reviewed by the chief executive officer, in his capacity as the chief operating decision maker (CODM), for the purposes of evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting for future periods.
Our purpose is to unite caring with discovery to create medicines that make life better for people around the world. Our long-term success is significantly dependent on our ability to research and develop innovative medicines. The CODM uses consolidated net income to assess performance of our company, ensuring that we are investing in future research and development while efficiently delivering products to patients. The CODM allocates research and development resources based upon several factors, including the likelihood of technical success, unmet medical needs, and the viability of commercial success. A significant component of the CODM’s decision-making process is to ensure a balanced investment in our research and development portfolio to drive near-term success and sustain for the long-term.
The following table summarizes our segment revenue, significant segment expenses, and segment profit:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Revenue$15,557.7 $11,302.8 $28,286.2 $20,070.8 
Less:
Cost of sales2,447.8 2,170.2 4,672.0 3,843.7 
Early-stage research and development(1)
1,156.0 1,025.3 2,146.0 1,877.4 
Late-stage research and development(1)
2,180.1 1,685.9 3,923.8 3,356.6 
Marketing, selling, and administrative2,753.0 2,117.3 5,221.8 4,069.5 
Acquired in-process research and development153.8 154.3 1,725.5 264.8 
Other segment items(2)
1,206.5 1,182.8 2,177.3 1,448.9 
Net income$5,660.5 $2,967.0 $8,419.8 $5,209.9 
(1) Early-stage research and development primarily includes costs incurred from discovery through Phase 2 clinical trials. Late-stage research and development primarily includes costs incurred from Phase 3 clinical trials.
(2) Other segment items primarily include income taxes and asset impairment, restructuring, and other special charges.
The following tables summarize additional segment information:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Interest expense$249.0 $183.6 $492.7 $363.2 
Interest income40.0 37.3 88.3 83.1 
Depreciation and amortization478.5 414.4 941.3 815.0 
Asset impairment, restructuring, and other special charges— 435.0 35.0 435.0 
Earnings (loss) in equity method investments
(16.0)25.9 (74.7)39.6 
Income taxes1,115.9 550.2 1,812.7 843.4 
Expenditures for long-lived assets(1)
1,985.1 1,401.3 3,501.7 2,460.9 
(1) Includes expenditures for property and equipment and computer software costs.
June 30, 2025December 31, 2024
Total assets$100,922.6 $78,714.9 
Equity method investments
1,188.4 1,142.7