v3.25.3
Other Consolidated Financial Statement Detail
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Other Consolidated Financial Statement Detail
Note 18:
Other Consolidated Financial Statement Detail
Other (Income) Expense, Net
Components of other (income) expense, net, are summarized as follows:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
(In millions)2025202420252024
Interest income$(31.6)$(11.6)$(87.8)$(49.1)
Interest expense67.4 59.8 200.0 190.3 
(Gains) losses on investments, net3.8 (39.1)34.1 22.2 
Foreign exchange (gains) losses, net10.3 4.9 16.9 25.6 
Other, net(15.8)0.8 (12.0)4.7 
Total other (income) expense, net$34.1 $14.8 $151.2 $193.7 
The (gains) losses on investments, net, as reflected in the table above, relate to equity securities of certain biotechnology companies, venture capital funds where the underlying investments are in equity securities of certain biotechnology companies and non-marketable equity securities.
The following table summarizes our (gains) losses on investments, net that relate to our equity securities held during the following periods:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
(In millions)2025202420252024
Net (gains) losses recognized on equity securities$3.8 $(39.1)$34.1 $21.9 
Less: Net (gains) losses realized on equity securities7.0 (10.9)1.6 (5.4)
Net unrealized (gains) losses recognized on equity securities$(3.2)$(28.2)$32.5 $27.3 
The net unrealized gains recognized during the three months ended September 30, 2025, primarily reflect an increase in the aggregate fair value of our investment in Denali common stock of approximately $3.8 million.
The net unrealized gains recognized during the three months ended September 30, 2024, primarily reflect an increase in the aggregate fair value of our investments in Denali and Sangamo common stock of approximately $53.3 million, partially offset by a decrease in the fair value of Sage common stock of approximately $22.7 million.
The net unrealized losses recognized during the nine months ended September 30, 2025, primarily reflect a decrease in the aggregate fair value of our investment in Denali common stock of approximately $41.9 million, partially offset by an increase in the fair value of Sage common stock of approximately $23.0 million.
The net unrealized losses recognized during the nine months ended September 30, 2024, primarily reflect a decrease in the aggregate fair value of our investments in Sage common stock of approximately $90.2 million, partially offset by an increase in the fair value of Denali and Sangamo common stock of approximately $70.1 million.
Accrued Expense and Other
Accrued expense and other consists of the following:
(In millions)As of September 30, 2025As of December 31, 2024
Revenue-related reserves for discounts and allowances$1,062.3 $937.5 
Employee compensation and benefits310.7 375.8 
Collaboration expense268.7 309.0 
Royalties and licensing fees320.2 190.2 
Current portion of contingent consideration obligations148.6 291.2 
Derivative liabilities89.1 11.7 
Other574.0 692.3 
Total accrued expense and other$2,773.6 $2,807.7 
Other Long-term Liabilities
Other long-term liabilities were $761.8 million and $732.3 million as of September 30, 2025 and December 31, 2024, respectively, and included accrued income taxes totaling $164.7 million and $156.7 million, respectively