v3.26.1
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows from Operating Activities    
Net (loss) income $ (5,580) $ 9,514
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Amortization 1,915 1,198
Depreciation 1,180 1,020
Income from investments in equity securities, net (411) (189)
Charges for research and development asset acquisitions 13,811 0
Deferred income taxes (859) (634)
Share-based compensation 483 411
Other (61) 444
Net changes in assets and liabilities (1,190) (5,971)
Net Cash Provided by Operating Activities 9,288 5,793
Cash Flows from Investing Activities    
Capital expenditures (1,884) (2,092)
Purchases of securities and other investments (522) (1,207)
Proceeds from sales of securities and other investments 1,303 1,057
Acquisition of Cidara Therapeutics, Inc., net of cash acquired (8,779) 0
Acquisition of Terns Pharmaceuticals, Inc., net of cash acquired (5,842) 0
Other (88) (15)
Net Cash Used in Investing Activities (15,812) (2,257)
Cash Flows from Financing Activities    
Proceeds from term loan 6,000 0
Payments on term loan (6,000) 0
Proceeds from issuance of debt 5,956 0
Payments on debt (1,145) (2,500)
Dividends paid to stockholders (4,249) (4,127)
Purchases of treasury stock (1,631) (2,509)
Proceeds from exercise of stock options 200 31
Other (350) (206)
Net Cash Used in Financing Activities (1,219) (9,311)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash (56) 530
Net Decrease in Cash, Cash Equivalents and Restricted Cash (7,799) (5,245)
Cash, Cash Equivalents and Restricted Cash at Beginning of Year (includes restricted cash of $125 and $76 at January 1, 2026 and 2025, respectively, included in Other current assets) 14,690 13,318
Cash, Cash Equivalents and Restricted Cash at End of Period (includes restricted cash of $42 and $66 at June 30, 2026 and 2025, respectively, included in Other current assets) $ 6,891 $ 8,073