v3.26.1
Financial instruments
 6 Months Ended
Jun. 30, 2026
Financial Instruments - additional disclosure [abstract]  
Disclosure of detailed information about financial instruments [text block]
5. Financial instruments
The following table illustrates the three hierarchical levels for valuing financial instruments at fair value as of June 30, 2026, and December 31, 2025. For additional information on the hierarchies and other matters, please refer to the Consolidated Financial Statements in the 2025 Annual Report, published on February 4, 2026.
Level 1
Level 2
Level 3
Total

(USD millions)
Jun 30,
2026
Dec 31,
2025
Jun 30,
2026
Dec 31,
2025
Jun 30,
2026
Dec 31,
2025
Jun 30,
2026
Dec 31,
2025
Financial assets
Cash and cash equivalents - debt securities
10
10
Derivative financial instruments
72
57
72
57
Current contingent consideration receivables
111
101
111
101
Current debt and equity securities
5
15
1
12
12
18
27
Total current financial assets at fair value
15
15
73
57
123
113
211
185
Non-current debt and equity securities
448
255
6
7
498
529
952
791
Fund investments
19
19
214
183
233
202
Non-current contingent consideration receivables
742
758
742
758
Associated companies at fair value through profit or loss
59
88
59
88
Total non-current financial assets at fair value
467
274
6
7
1 513
1 558
1 986
1 839
Financial liabilities
Current contingent consideration liabilities
-72
-215
-72
-215
Derivative financial instruments
-113
-81
-113
-81
Total current financial liabilities at fair value
-113
-81
-72
-215
-185
-296
Non-current contingent consideration liabilities
-351
-452
-351
-452
In the first half of 2026, there was one transfer of equity securities from Level 3 to Level 1 for USD 8 million due to Initial Public Offering of the invested company.
The carrying amount of non-current debt and equity securities, fund investments and non-current contingent consideration receivables totaling USD 2.0 billion at June 30, 2026 (USD 1.8 billion at December 31, 2025) is included in the line “Financial assets” of the consolidated balance sheets. The carrying amount of current contingent consideration liabilities of USD 0.1 billion at June 30, 2026 (USD 0.2 billion at December 31, 2025) is included in the line “Provisions and other current liabilities” of the consolidated balance sheets. The carrying amount of non-current contingent consideration liabilities of USD 0.4 billion at June 30, 2026 (USD 0.5 billion at December 31, 2025) is included in the line “Provisions and other non-current liabilities” of the consolidated balance sheets.
The fair value of straight bonds and floating rate bonds amounted to USD 39.2 billion at June 30, 2026 (USD 26.6 billion at December 31, 2025) compared with the carrying amount of USD 40.5 billion at June 30, 2026 (USD 27.9 billion at December 31, 2025). For all other financial assets and liabilities, the carrying amount is a reasonable approximation of the fair value.
The Company’s exposure to financial risks has not changed significantly during the period and there have been no major changes to the risk management department or in any risk management policies.