v3.26.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash Flows from Operating Activities    
Net income $ 418 $ 392
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Depreciation 107 110
Amortization 141 155
Impairment of assets 0 9
Acquired in-process research and development and milestones 1 6
Accretion and changes in fair value in contingent consideration (6) (9)
Deferred income tax expense 32 33
Stock-based compensation 65 70
Unrealized foreign exchange gain (15) (8)
Gain on sale of Jada (81) 0
Gain on debt repurchase 0 (46)
Other 21 60
Net changes in assets and liabilities, net of assets acquired    
Accounts receivable (167) (81)
Inventories (36) (94)
Other current assets (36) (54)
Trade accounts payable 39 (97)
Accrued and other current liabilities 191 14
Income taxes payable (1) (30)
Other 29 129
Net Cash Flows Provided by Operating Activities 702 559
Cash Flows from Investing Activities    
Capital expenditures (123) (117)
Proceeds from sale of property, plant and equipment 0 1
Acquired in-process research and development and milestones (10) (10)
Proceeds from sale of Jada 433 0
Dermavant acquisition, net of cash acquired 0 (75)
Purchase of product rights and asset acquisition (34) (124)
Net Cash Flows Provided by (Used in) Investing Activities 266 (325)
Cash Flows from Financing Activities    
Proceeds from debt 0 730
Repayments of debt (32) (1,006)
Employee withholding taxes related to stock-based awards (7) (14)
Dividend payments (16) (84)
Net Cash Flows Used in Financing Activities (55) (374)
Effect of Exchange Rate Changes on Cash and Cash Equivalents (32) 137
Net Increase (Decrease) in Cash and Cash Equivalents 881 (3)
Cash and Cash Equivalents, Beginning of Period 574 675
Cash and Cash Equivalents, End of Period $ 1,455 $ 672