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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash Flows From Operating Activities:    
Net earnings/(loss) $ 5,970 $ (9,009)
Adjustments to reconcile net earnings/(loss) to net cash provided by operating activities:    
Depreciation and amortization, net 3,034 7,720
Deferred income taxes (573) (1,298)
Stock-based compensation 420 387
Impairment charges 514 1,010
Divestiture gains and royalties (880) (838)
Acquired IPRD 2,328 13,343
Equity investment (gains)/losses, net (90) (221)
Contingent consideration fair value adjustments 336 0
Other adjustments (76) 123
Changes in operating assets and liabilities:    
Receivables (314) 121
Inventories (255) (661)
Accounts payable 88 (333)
Rebates and discounts 1,957 1,889
Income taxes payable 320 (1,381)
Other (597) (101)
Net cash provided by/(used in) operating activities 12,182 10,751
Cash Flows From Investing Activities:    
Sale and maturities of marketable debt securities 1,573 1,060
Purchase of marketable debt securities (1,922) (398)
Proceeds from sales of equity investments 61 60
Capital expenditures (941) (870)
Divestiture and other proceeds 792 766
Acquisition and other payments, net of cash acquired (2,237) (21,774)
Net cash provided by/(used in) investing activities (2,674) (21,156)
Cash Flows From Financing Activities:    
Proceeds from issuance of short-term debt obligations 0 2,987
Repayments of short-term debt obligations 0 (3,000)
Other short-term financing obligations, net 431 504
Proceeds from issuance of long-term debt 0 12,883
Repayments of long-term debt (872) (2,873)
Dividends (3,783) (3,645)
Stock option proceeds and other, net (95) (87)
Net cash provided by/(used in) financing activities (4,319) 6,769
Effect of exchange rates on cash, cash equivalents and restricted cash 190 10
Increase/(decrease) in cash, cash equivalents and restricted cash 5,379 (3,626)
Cash, cash equivalents and restricted cash at beginning of period 10,347 11,519
Cash, cash equivalents and restricted cash at end of period $ 15,726 $ 7,893