v3.26.1
Other Balance Sheet Components (Tables)
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Accounts, Notes, Loans and Financing Receivable
Accounts receivable, net, as of June 30, 2026 and December 31, 2025 consisted of the following (in millions):
June 30,December 31,
20262025
Accounts receivable$120 $368 
Less: Allowance for doubtful accounts
(6)(3)
Less: Wholesalers chargebacks, discounts and fees
(97)(181)
Accounts receivable, net$17 $184 
Schedule of Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets, as of June 30, 2026 and December 31, 2025 consisted of the following (in millions):
June 30,December 31,
20262025
Prepaid services$146 $169 
Down payments and prepayments related to manufacturing and materials
70 61 
Interest receivable40 42 
Prepaid income tax and income tax receivable
36 41 
Research and development funding receivable (Note 5)
31 — 
Value added tax receivable15 37 
Collaboration receivable (Note 5)
— 13 
Other current assets42 45 
Prepaid expenses and other current assets$380 $408 
Schedule of Other Non-Current Assets
Other non-current assets, as of June 30, 2026 and December 31, 2025 consisted of the following (in millions):
June 30,December 31,
20262025
Income tax receivable, non-current
$161 $161 
Finite-lived intangible assets, net(2)
109 45 
Down payments and prepayments, non-current
90 100 
Deferred tax assets
82 81 
Inventory, non-current(1)
81 114 
Goodwill
52 52 
Other43 52 
Other non-current assets$618 $605 
_______
(1)Consisted of raw materials with an anticipated consumption beyond one year.
(2)Includes a $66 million intangible asset related to a license recognized in connection with the settlement agreement with Arbutus and Genevant. See Note 12 for additional details.
Schedule of Accrued Liabilities
Accrued liabilities, as of June 30, 2026 and December 31, 2025 consisted of the following (in millions):
June 30,December 31,
20262025
Royalties(1)
$954 $31 
Provisions related to product sales (Note 3)
421 509 
Compensation-related192 420 
Manufacturing86 140 
Development operations78 106 
Other external goods and services58 57 
Raw materials44 30 
Clinical trials38 20 
Property, plant and equipment18 45 
Commercial
18 23 
Loss on future firm purchase commitments(2)
2 5 
Accrued liabilities$1,909 $1,386 
______
(1) Includes $950 million related to the litigation settlement with Arbutus and Genevant (Note 12).
(2) Related to losses that are expected to arise from firm, non-cancellable, commitments for future raw material purchases (Note 7).
Schedule of Other Current Liabilities
Other current liabilities, as of June 30, 2026 and December 31, 2025 consisted of the following (in millions):
June 30,December 31,
20262025
Estimated reimbursements to wholesalers and distributors
$58 $84 
Lease liabilities - financing (Note 10)
31 25 
Lease liabilities - operating (Note 10)
21 17 
Collaboration liabilities (Note 5)
15 — 
Research and development funding liability (Note 5)
14 43 
Other24 16 
Other current liabilities$163 $185 
Schedule of Other Noncurrent Liabilities
Other non-current liabilities, as of June 30, 2026 and December 31, 2025 consisted of the following (in millions):
June 30,December 31,
20262025
Tax liabilities
$255 $249 
Other
29 36 
Other non-current liabilities
$284 $285 
Schedule of Deferred Revenue
The following table summarizes the activities related to product sales provision recorded as accrued liabilities for the six months ended June 30, 2026 (in millions):
Returns and other fees
Balance at December 31, 2025$(509)
Provision related to sales made in current period
(23)
Provision related to sales made in prior periods
36 
Payments and returns related to sales made in current period 1 
Payments and returns related to sales made in prior year
74 
Balance at June 30, 2026$(421)
The following table summarizes the activities in deferred revenue for the six months ended June 30, 2026 (in millions):
December 31, 2025AdditionsDeductionsJune 30, 2026
Net product sales
$107 $171 $(13)$265 
Other revenue145 117 (85)177 
Total deferred revenue$252 $288 $(98)$442