v3.25.4
INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets    
Foreign net operating loss and other carryforwards $ 1,229 $ 1,521
State net operating loss and credit carryforwards 629 529
U.S. Federal capital loss, net operating loss and tax credit 557 695
Milestone payments and license fees 1,330 999
Capitalized research expenditures 4,366 3,886
Other 1,771 1,738
Total deferred tax assets 9,882 9,368
Valuation allowance (960) (929)
Deferred tax assets net of valuation allowance 8,922 8,439
Deferred tax liabilities    
Acquired intangible assets (3,069) (3,781)
Goodwill and other (698) (791)
Total deferred tax liabilities (3,767) (4,572)
Deferred tax assets/(liabilities), net 5,155 3,867
Deferred income taxes assets – non-current 5,378 4,236
Deferred income taxes liabilities – non-current $ (222) $ (369)