v3.26.3
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Operating activities:        
Net income (loss) $ 234 $ 434 $ 27 $ 937
Adjustments to reconcile net income (loss) to net cash provided by operations:        
Depreciation and amortization 245 249 725 742
Impairment of long-lived assets and assets held for sale 228 79 350 255
Acquired in-process research and development [1] 23 17 785 52
Net change in operating assets and liabilities (682) (578) (1,523) (1,647)
Deferred income taxes – net and uncertain tax positions 53 107 56 (76)
Stock-based compensation 38 34 121 106
Loss on extinguishment of debt 224 0 224 0
Other items (53) 27 (65) 122
Net loss (gain) from sale of business and long-lived assets (69) 0 (89) 0
Net cash provided by (used in) operating activities 241 369 612 491
Investing activities:        
Beneficial interest collected in exchange for securitized trade receivables 327 274 992 932
Purchases of property, plant and equipment and intangible assets (120) (136) (393) (359)
Proceeds from sale of businesses and long-lived assets, net 47 8 93 34
Purchases of in-process research and development [1] (46) (12) (747) (41)
Other investing activities 2 1 3 6
Net cash provided by (used in) investing activities 210 135 (52) 572
Financing activities:        
Repayment of senior notes and loans and other long-term liabilities (4,883) (444) (4,906) (4,112)
Proceeds from senior notes, net of issuance costs 4,845 (7) 4,845 2,298
Purchase of shares from redeemable and non-redeemable non-controlling interests 0 0 0 (38)
Dividends paid to redeemable and non-redeemable non-controlling interests 0 0 0 (340)
Other financing activities 43 (2) 78 1
Net cash provided by (used in) financing activities 6 (453) 18 (2,191)
Effect of exchange rate changes on cash and cash equivalents (27) (9) (49) 31
Net change in cash and cash equivalents 430 42 529 (1,097)
Balance of cash and cash equivalents at beginning of period 3,655 2,161 3,556 3,300
Balance of cash and cash equivalents at end of period 4,085 2,203 4,085 2,203
Non-cash financing and investing activities:        
Beneficial interest obtained in exchange for securitized accounts receivables 253 296 859 937
Receivable for sale of long-lived assets 90 0 90 0
Net change in operating assets and liabilities:        
Other assets (233) (289) (835) (1,033)
Trade payables, accrued expenses, employee-related obligations and other liabilities (109) (309) (209) (300)
Trade receivables net of sales reserves and allowances (311) (145) (298) (298)
Inventories (29) 165 (181) (16)
Net change in operating assets and liabilities $ (682) $ (578) $ (1,523) $ (1,647)
[1] In the first nine months of 2026, mainly related to the acquisition of Emalex and its primary asset ecopipam (EBS-101). See ‘Emalex Biosciences’ included in note 2.