v3.26.1
OTHER FINANCIAL INFORMATION
 6 Months Ended
Jun. 30, 2026
Other Financial Information [Abstract]  
OTHER FINANCIAL INFORMATION OTHER FINANCIAL INFORMATION
Accounts Receivable, Net
The following table summarizes our Accounts receivable, net:
(in millions)June 30, 2026December 31, 2025
Accounts receivable(1)
$5,902 $5,895 
Less: allowances for chargebacks(671)(843)
Less: allowances for cash discounts and other(125)(97)
Less: allowances for credit losses(51)(41)
Accounts receivable, net$5,055 $4,913 
_______________________________
(1)     As of June 30, 2026, the majority of our Accounts receivable balance arises from product sales in the U.S. and Europe and approximately 60% relates to three wholesalers—Cardinal Health, Inc., Cencora, Inc. and McKesson Corporation—and their specialty distributor affiliates.
Inventories
The following table summarizes our Inventories:
(in millions)June 30, 2026December 31, 2025
Raw materials$1,415 $1,414 
Work in process1,163 1,306 
Finished goods1,719 1,647 
Total$4,298 $4,368 
Reported as:
Inventories$1,953 $1,774 
Other long-term assets(1)
2,345 2,594 
Total$4,298 $4,368 
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(1)     As of June 30, 2026, this amount primarily consists of raw materials and work in process.
As of June 30, 2026, we held approximately $568 million of pre-commercial Trodelvy inventory for which the manufacturing process has not yet been approved by FDA.
Property, Plant and Equipment, Net
The following table summarizes our Property, plant and equipment, net:
(in millions)June 30, 2026December 31, 2025
Property, plant and equipment$8,707 $8,302 
Less: accumulated depreciation(2,874)(2,696)
Property, plant and equipment, net$5,833 $5,606 
The following table summarizes Depreciation expense:
Three Months EndedSix Months Ended
June 30,June 30,
(in millions)2026202520262025
Depreciation expense$98 $93 $191 $190 
Accumulated Other Comprehensive Income
The following tables summarize the changes in Accumulated other comprehensive income by component, net of tax:
(in millions)Foreign Currency TranslationAvailable-for-Sale Debt SecuritiesCash Flow HedgesTotal
Balance as of March 31, 2026$64 $(3)$18 $78 
Net unrealized (loss) gain, net of income tax expense of $0, $0, and $2, respectively
(18)1 16 (1)
Loss reclassified to net income, net of income tax benefit of $0, $0, and $(2), respectively
— 2 16 18 
Other comprehensive (loss) income, net(18)3 32 17 
Balance as of June 30, 2026$46 $— $49 $95 
(in millions)Foreign Currency TranslationAvailable-for-Sale Debt SecuritiesCash Flow HedgesTotal
Balance as of December 31, 2025$74 $8 $(43)$39 
Net unrealized (loss) gain, net of income tax expense (benefit) of $0, $(3), and $8, respectively
(28)(9)56 19 
Loss reclassified to net income, net of income tax benefit of $0, $0, and $(5), respectively
— — 37 37 
Other comprehensive (loss) income, net(28)(8)92 56 
Balance as of June 30, 2026$46 $— $49 $95 
(in millions)Foreign Currency TranslationAvailable-for-Sale Debt SecuritiesCash Flow HedgesTotal
Balance as of March 31, 2025$54 $— $38 $92 
Net unrealized gain (loss), net of income tax expense (benefit) of $0, $1, and $(21), respectively
51 4 (149)(94)
Loss (gain) reclassified to net income, net of income tax expense (benefit) of $0, $0, and $2, respectively
— — (16)(16)
Other comprehensive income (loss), net51 4 (166)(111)
Balance as of June 30, 2025$105 $4 $(127)$(18)
(in millions)Foreign Currency TranslationAvailable-for-Sale Debt SecuritiesCash Flow HedgesTotal
Balance as of December 31, 2024$36 $— $96 $132 
Net unrealized gain (loss), net of income tax expense (benefit) of $0, $1, and $(27), respectively
69 4 (189)(116)
Loss (gain) reclassified to net income, net of income tax expense (benefit) of $0, $0, and $5, respectively
— — (35)(35)
Other comprehensive income (loss), net69 4 (224)(150)
Balance as of June 30, 2025$105 $4 $(127)$(18)
The following table summarizes the reclassifications out of Accumulated other comprehensive income and into Net (loss) income, including the affected line items from our Condensed Consolidated Statements of Operations:
Three Months EndedSix Months Ended
June 30,June 30,
(in millions)2026202520262025Line Item Affected
Net (loss) gain related to cash flow hedges$(18)$19 $(42)$40 Product sales
Net loss related to available-for-sale debt securities$2 $— $— $— Other (income) expense, net
Income tax (benefit) expense$(2)$2 $(5)$5 Income tax expense
Restructuring
During the three and six months ended June 30, 2026 and 2025, we incurred restructuring charges primarily related to severance costs resulting from reductions in our workforce and facility exit costs.
The following table summarizes the affected line items from our Condensed Consolidated Statements of Operations:
Three Months EndedSix Months Ended
June 30,June 30,
(in millions)2026202520262025
Research and development expenses$2 $6 $17 $44 
Selling, general and administrative expenses15 7 40 43 
Restructuring charges$17 $13 $57 $88 
As of June 30, 2026, we had a remaining liability of $60 million on our Condensed Consolidated Balance Sheets associated with restructuring charges, a majority of which we anticipate will be paid in the next 12 months.
Other (Income) Expense, Net
The following table summarizes the components of Other (income) expense, net:
Three Months EndedSix Months Ended
June 30,June 30,
(in millions)2026202520262025
(Gain) loss from equity securities, net$(343)$(142)$(485)$284 
Interest income(45)(73)(140)(166)
Other, net1 6 3 2 
Other (income) expense, net$(387)$(208)$(621)$120