v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flow from operating activities:    
Net income $ 417.0 $ 875.3
Adjustments to reconcile net income to net cash flow from operating activities:    
Depreciation and amortization 440.5 377.5
Impairment of intangible assets 0.0 3.5
Excess and obsolescence charges related to inventory 9.9 14.3
Amortization of acquired inventory step-up 310.4 103.9
Acquired in-process research and development 100.0 0.0
Share-based compensation 161.4 155.9
Contingent consideration 23.0 22.8
Deferred income taxes (4.0) (59.1)
(Gain) loss on strategic investments (61.8) 33.2
Other 64.0 16.0
Changes in operating assets and liabilities, net of effects of business acquired:    
Inventory 191.9 (27.9)
Accrued expense and other current liabilities (292.9) (318.7)
Income tax assets and liabilities 32.2 (534.7)
Other changes in operating assets and liabilities, net (143.0) (75.5)
Net cash flow provided by (used in) operating activities 1,094.4 420.2
Cash flow from investing activities:    
Purchases of property, plant and equipment (92.1) (63.7)
Proceeds from sales and maturities of marketable securities 2,140.4 0.0
Purchases of marketable securities (896.6) 0.0
Acquisition of Apellis, net of cash acquired 5,065.1 0.0
Payments to acquire in process research and development 135.0 0.0
Acquisitions of intangible assets 0.0 (10.0)
Proceeds from sales of strategic investments 0.5 0.0
Other (0.8) (30.6)
Net cash flow provided by (used in) investing activities (4,048.7) (104.3)
Cash flow from financing activities:    
Payments related to issuance of stock for share-based compensation arrangements, net (49.1) (18.2)
Proceeds from borrowings, net 2,400.0 1,733.4
Repayments of borrowings (1,096.7) (1,750.0)
Other (2.0) 0.1
Net cash flow provided by (used in) financing activities 1,252.2 (34.7)
Net increase (decrease) in cash and cash equivalents (1,702.1) 281.2
Effect of exchange rate changes on cash and cash equivalents (21.4) 102.6
Cash and cash equivalents, beginning of the period 3,008.5 2,375.0
Cash and cash equivalents, end of the period 1,285.0 2,758.8
Nonrelated Party    
Changes in operating assets and liabilities, net of effects of business acquired:    
Accounts receivable (166.0) (170.5)
Related Party    
Changes in operating assets and liabilities, net of effects of business acquired:    
Accounts receivable $ 11.8 $ 4.2