v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows from Operating Activities    
Net income $ 146 $ 87
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Depreciation 39 34
Amortization 47 50
Acquired in-process research and development and milestones 0 6
Accretion and changes in fair value in contingent consideration (5) 11
Deferred income tax expense (benefit) 3 (17)
Stock-based compensation 19 24
Unrealized foreign exchange loss (gain) 3 (15)
Gain on sale of Jada (81) 0
Other 12 20
Net changes in assets and liabilities, net of assets acquired    
Accounts receivable (65) (85)
Inventories (9) 3
Other current assets (15) (11)
Trade accounts payable 32 (149)
Accrued and other current liabilities 95 39
Income taxes payable (4) 38
Other 8 40
Net Cash Flows Provided by Operating Activities 225 75
Cash Flows from Investing Activities    
Capital expenditures (37) (32)
Acquired in-process research and development and milestones (10) (10)
Proceeds from sale of Jada 433 0
Dermavant acquisition, net of cash acquired 0 (75)
Purchase of product rights and asset acquisition 0 (55)
Net Cash Flows Provided by (Used) in Investing Activities 386 (172)
Cash Flows from Financing Activities    
Proceeds from debt 0 90
Repayments of debt (32) (93)
Employee withholding taxes related to stock-based awards (1) (1)
Dividend payments (5) (71)
Net Cash Flows Used in Financing Activities (38) (75)
Effect of Exchange Rate Changes on Cash and Cash Equivalents (31) 44
Net Increase (Decrease) in Cash and Cash Equivalents 542 (128)
Cash and Cash Equivalents, Beginning of Period 574 675
Cash and Cash Equivalents, End of Period $ 1,116 $ 547