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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows from Operating Activities    
Net income $ 232 $ 396
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Depreciation 70 64
Amortization 103 67
Impairment of assets 9 0
Acquired in-process research and development and milestones 6 30
Accretion and changes in fair value in contingent consideration 23 0
Deferred income tax (benefit) expense (7) 26
Stock-based compensation 46 54
Unrealized foreign exchange loss (gain) 1 (20)
Gain on debt repurchase (46) 0
Other 44 14
Net changes in assets and liabilities, net of assets acquired    
Accounts receivable (76) 88
Inventories (31) (39)
Other current assets (78) (156)
Trade accounts payable (109) (56)
Accrued and other current liabilities (59) (92)
Income taxes payable 46 2
Other 121 30
Net Cash Flows Provided by Operating Activities 295 408
Cash Flows from Investing Activities    
Capital expenditures (71) (78)
Proceeds from sale of property, plant and equipment 1 1
Acquired in-process research and development and milestones (10) (15)
Dermavant acquisition, net of cash acquired (75) 0
Purchase of product rights and asset acquisition (55) (50)
Net Cash Flows Used in Investing Activities (210) (142)
Cash Flows from Financing Activities    
Proceeds from debt 430 1,036
Repayments of debt (634) (1,043)
Payment of long-term debt issuance costs 0 (36)
Employee withholding taxes related to stock-based awards (13) (16)
Dividend payments (81) (149)
Net Cash Flows Used in Financing Activities (298) (208)
Effect of Exchange Rate Changes on Cash and Cash Equivalents 137 (47)
Net (Decrease) Increase in Cash and Cash Equivalents (76) 11
Cash and Cash Equivalents, Beginning of Period 675 693
Cash and Cash Equivalents, End of Period $ 599 $ 704