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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis
The following tables summarize the types of assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in millions):
Fair value measurement as of March 31, 2025Level 1Level 2Level 3Total
Assets
Money market funds$149 $— $— $149 
U.S. treasury securities— 231 — 231 
Corporate securities and commercial paper— 586 — 586 
U.S. government agency obligations— 5 — 5 
Certificate of deposit— 34 — 34 
Total assets measured at fair value$149 $856 $— $1,005 
Fair value measurement as of December 31, 2024Level 1Level 2Level 3Total
Assets
Money market funds$120 $— $— $120 
U.S. treasury securities— 251 — 251 
Corporate securities and commercial paper— 592 — 592 
U.S. government agency obligations— 5 — 5 
Certificate of deposit— 24 — 24 
Total assets measured at fair value$120 $872 $— $992 
Liabilities    
Liability for sale of future royalties$— $— $21 $21 
Total liabilities measured at fair value$— $— $21 $21 
Summary of Changes of Liabilities for Sale of Future Royalties The liability for sale of future royalties is reflected at the unamortized carrying amount and thus is no longer considered to be at fair value commencing the first quarter 2025, with the estimated fair value being immaterial.
The liability is reported in Other noncurrent liabilities in the Condensed Consolidated Balance Sheets and changes were as follows (in millions):
Three Months Ended March 31,
20252024
Beginning balance$21 $19 
Interest accretion— 1 
Ending balance$21 $20