Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Summary 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 September 30, 2025	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	171	$	—	$	—	$	171
U.S. treasury securities	—		246		—		246
Corporate securities and commercial paper	—		406		—		406
Certificate of deposit	—		18		—		18
Total assets measured at fair value	$	171	$	670	$	—	$	841

Fair value measurement as of December 31, 2024	Level 1		Level 2		Level 3		Total
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 is reported in Other noncurrent liabilities in the Condensed Consolidated Balance Sheets and changes were as follows (in millions):

	Nine Months Ended September 30,
	2025		2024
Beginning balance	$	21	$	19
Interest accretion	—		2
Ending balance	$	21	$	21