Segment Information

3 Months Ended

Mar. 28, 2025

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The Company operates and reports its results in three separate business segments consisting of the Biotechnology, Life Sciences and Diagnostics segments. Operating profit represents total revenues less operating expenses, excluding nonoperating income and expense, interest and income taxes. The identifiable assets by segment are those used in each segment’s operations. Intersegment amounts are not significant and are eliminated to arrive at consolidated totals.

The chief operating decision maker (“CODM”) uses segment sales and operating profit to allocate resources (including employees and financial or capital resources), predominantly through the annual budget process, to assess the performance of the segments and to evaluate the performance of certain employees for the determination of compensation. The CODM reviews forecast-to-actual variances in segment sales and operating profit on a monthly basis when making decisions about allocating capital and personnel to the segments.

The table below reconciles segment sales to segment operating profit with the expense categories presented reflecting the expenses that the Company has determined to be significant segment expenses. Significant segment expenses are the expense category details regularly provided to the CODM to allocate resources to the segments and to evaluate segment performance. Detailed segment data for the three-month periods ended March 28, 2025 and March 29, 2024 is as follows ($ in millions):

	Biotechnology		Life Sciences		Diagnostics		Other(a)		Total
For the Three-Month Period Ended March 28, 2025:
Sales	$	1,612	$	1,680	$	2,449	$	—	$	5,741
Less:
Depreciation	(34)		(45)		(100)		(2)		(181)
Amortization of intangible assets	(213)		(149)		(48)		—		(410)
Other segment expenses(b)	(924)		(1,285)		(1,583)		(84)		(3,876)
Operating profit	$	441	$	201	$	718	$	(86)	$	1,274
For the Three-Month Period Ended March 29, 2024:
Sales	$	1,524	$	1,745	$	2,527	$	—	$	5,796
Less:
Depreciation	(42)		(38)		(97)		(2)		(179)
Amortization of intangible assets	(218)		(141)		(48)		—		(407)
Other segment expenses(b)	(939)		(1,331)		(1,552)		(76)		(3,898)
Operating profit	$	325	$	235	$	830	$	(78)	$	1,312

(a) Other consists of unallocated corporate costs and other costs not considered part of management’s evaluation of reportable segment operating performance.

(b) Other segment expenses for each reportable segment include cost of sales, selling, general and administrative (“SG&A”) expenses, research and development (“R&D”) expenses, excluding in each case depreciation and amortization of intangible assets. Included within these categories of expenses are overhead expenses, stock compensation expense, restructuring charges and allocated corporate expenses.

The following table presents identifiable assets as of March 28, 2025 and December 31, 2024 ($ in millions):

	March 28, 2025		December 31, 2024
Identifiable assets:
Biotechnology	$	36,121	$	34,605
Life Sciences	23,396		23,211
Diagnostics	14,291		14,204
Other	5,308		5,522
Total	$	79,116	$	77,542

The following table presents capital expenditures for the three-month periods ended March 28, 2025 and March 29, 2024 ($ in millions):

	Three-Month Period Ended
	March 28, 2025		March 29, 2024
Capital expenditures:
Biotechnology	$	81	$	102
Life Sciences	48		60
Diagnostics	115		127
Other	1		2
Total	$	245	$	291