v3.26.3
Other Consolidated Financial Statement Detail
 9 Months Ended
Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Other Consolidated Financial Statement Detail
Note 18:
Other Consolidated Financial Statement Detail
Other (Income) Expense, Net
Components of other (income) expense, net, are summarized as follows:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
(In millions)2026202520262025
Interest income$(9.3)$(31.6)$(72.5)$(87.8)
Interest expense87.5 67.4 237.4 200.0 
(Gains) losses on investments, net33.3 3.8 (30.6)34.1 
Litigation related expense30.8 0.8 35.1 9.0 
Foreign exchange (gains) losses, net6.3 10.3 19.3 16.9 
Other, net(11.2)(16.6)(13.1)(21.0)
Total other (income) expense, net$137.4 $34.1 $175.6 $151.2 
The (gains) losses on investments, net, as reflected in the table above, relate to debt securities, equity securities of certain biotechnology companies, venture capital funds where the underlying investments are in equity securities of certain biotechnology companies and non-marketable equity securities.
The following table summarizes our (gains) losses on investments, net that relate to our equity securities held during the following periods:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
(In millions)2026202520262025
Net (gains) losses recognized on equity securities$33.3 $3.8 $(31.8)$34.1 
Less: Net (gains) losses realized on equity securities8.2 7.0 5.0 1.6 
Net unrealized (gains) losses recognized on equity securities$25.1 $(3.2)$(36.8)$32.5 
The net unrealized losses recognized during the three months ended September 30, 2026, primarily reflect a decrease in the aggregate fair value of our investment in Denali common stock of approximately $23.7 million.
The net unrealized gains recognized during the three months ended September 30, 2025, primarily reflect an increase in the aggregate fair value of our investments in Denali common stock of approximately $3.8 million.
The net unrealized gains recognized during the nine months ended September 30, 2026, primarily reflect an increase in the aggregate fair value of our investment in Denali common stock of approximately $42.2 million.
The net unrealized losses recognized during the nine months ended September 30, 2025, primarily reflect a decrease in the aggregate fair value of our investments in Denali common stock of approximately $41.9 million, partially offset by an increase in the fair value of Sage common stock of approximately $23.0 million.
Other Current Assets
Other current assets includes prepaid taxes of $943.7 million and $693.6 million as of September 30, 2026 and December 31, 2025, respectively.
Accrued Expense and Other
Accrued expense and other consists of the following:
(In millions)As of September 30, 2026As of December 31, 2025
Revenue-related reserves for discounts and allowances$1,019.5 $1,000.4 
Employee compensation and benefits451.2 375.8 
Collaboration expense234.3 280.0 
Royalties and licensing fees348.4 302.4 
Other960.2 844.0 
Total accrued expense and other$3,013.6 $2,802.6 
For additional information on our acquisition of Apellis, please read Note 2, Acquisitions, to these condensed consolidated financial statements.
Other Long-term Liabilities
Other long-term liabilities were $668.4 million and $748.5 million as of September 30, 2026 and December 31, 2025, respectively, and included accrued income taxes totaling $179.1 million and $166.4 million, respectively