The following table summarizes our financial assets with maturities of less than 90 days from the date of purchase included in cash and cash equivalents in our condensed consolidated balance sheets:


(In millions)	As of June 30, 2026		As of December 31, 2025
Money market funds	$	569.4	$	2,027.7
Overnight reverse repurchase agreements	—		70.0

Short-term debt securities	—		15.4
Commercial paper	—		120.1
Total	$	569.4	$	2,233.2

The carrying values of our money market funds, overnight reverse repurchase agreements, short-term debt securities and commercial paper, including accrued interest, approximate fair value due to their short-term maturities.

Our marketable equity securities gains (losses) are recorded in other (income) expense, net in our condensed consolidated statements of income. The following tables summarize our marketable debt and equity securities, classified as available-for-sale:


	As of June 30, 2026
(In millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value












Marketable equity securities

Marketable equity securities, non-current	$	227.7	$	—	$	(43.7)	$	184.0
Total marketable equity securities	$	227.7	$	—	$	(43.7)	$	184.0


	As of December 31, 2025
(In millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable debt securities
Corporate debt securities:
Current	$	246.8	$	—	$	—	$	246.8
Non-current	290.6		0.2		—		290.8
Government securities:
Current	560.4		—		—		560.4
Non-current	88.4		—		—		88.4
Mortgage and other asset backed securities:

Non-current	52.7		—		—		52.7
Total marketable debt securities	$	1,238.9	$	0.2	$	—	$	1,239.1

Marketable equity securities

Marketable equity securities, non-current	$	227.7	$	—	$	(109.6)	$	118.1
Total marketable equity securities	$	227.7	$	—	$	(109.6)	$	118.1

The estimated fair value and amortized cost of our marketable debt securities classified as available-for-sale by contractual maturity are summarized as follows:


	As of December 31, 2025
(In millions)		Estimated Fair Value		Amortized Cost
Due in one year or less		$	807.2	$	807.2
Due after one year through five years		419.5		419.3
Due after five years		12.4		12.4
Total marketable debt securities		$	1,239.1	$	1,238.9

We funded our Apellis acquisition through available cash, cash equivalents and marketable securities. As of June 30, 2026, we have sold all of our marketable debt securities. For additional information on our acquisition of Apellis, please read Note 2, Acquisitions, to these condensed consolidated financial statements.

The proceeds from maturities and sales of marketable debt securities and any resulting realized gains and losses are summarized as follows:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(In millions)	2026		2025		2026		2025
Proceeds from maturities and sales	$	1,515.2	$	—	$	2,140.4	$	—
Realized gains	0.2		—		0.2		—
Realized losses	1.5		—		1.5		—

Our strategic investment portfolio includes investments in equity securities of certain biotechnology companies, which are reflected within our disclosures included in Note 8, Fair Value Measurements, to these condensed consolidated financial statements, as well as venture capital funds where the underlying investments are in equity securities of certain biotechnology companies and non-marketable equity securities.

As of June 30, 2026 and December 31, 2025, our strategic investment portfolio was comprised of investments totaling $248.7 million and $186.6 million, respectively, which are included in investments and other assets within our condensed consolidated balance sheets.

The increase in our strategic investment portfolio as of June 30, 2026, compared to December 31, 2025, was primarily due to the increase in the fair value of our investment in Denali common stock.

For additional information on our investments in Denali common stock, please read Note 8, Fair Value Measurements, and Note 17, Other Consolidated Financial Statement Detail, to these condensed consolidated financial statements.