Segment Information

9 Months Ended

Sep. 26, 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 evaluate and 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 and nine-month periods ended September 26, 2025 and September 27, 2024 is as follows ($ in millions):

	Biotechnology		Life Sciences		Diagnostics		Other(a)		Total
For the Three-Month Period Ended September 26, 2025:
Sales	$	1,798	$	1,792	$	2,463	$	—	$	6,053
Less:
Depreciation	(38)		(47)		(101)		(3)		(189)
Amortization of intangible assets	(231)		(154)		(48)		—		(433)
Impairments(b)	(86)		—		(15)		—		(101)
Other segment expenses(c)	(1,091)		(1,369)		(1,634)		(82)		(4,176)
Operating profit	$	352	$	222	$	665	$	(85)	$	1,154
For the Three-Month Period Ended September 27, 2024:
Sales	$	1,653	$	1,782	$	2,363	$	—	$	5,798
Less:
Depreciation	(36)		(44)		(95)		(2)		(177)
Amortization of intangible assets	(218)		(147)		(49)		—		(414)
Impairments(b)	—		(222)		—		—		(222)
Other segment expenses(c)	(1,009)		(1,334)		(1,604)		(80)		(4,027)
Operating profit (loss)	$	390	$	35	$	615	$	(82)	$	958

	Biotechnology		Life Sciences		Diagnostics		Other(a)		Total
For the Nine-Month Period Ended September 26, 2025:
Sales	$	5,260	$	5,249	$	7,221	$	—	$	17,730
Less:
Depreciation	(110)		(137)		(301)		(7)		(555)
Amortization of intangible assets	(672)		(453)		(144)		—		(1,269)
Impairments(b)	(101)		(432)		(15)		—		(548)
Other segment expenses(c)	(3,053)		(4,043)		(4,824)		(250)		(12,170)
Operating profit	$	1,324	$	184	$	1,937	$	(257)	$	3,188
For the Nine-Month Period Ended September 27, 2024:
Sales	$	4,890	$	5,297	$	7,150	$	—	$	17,337
Less:
Depreciation	(113)		(123)		(292)		(6)		(534)
Amortization of intangible assets	(650)		(428)		(145)		—		(1,223)
Impairments(b)	—		(222)		—		—		(222)
Other segment expenses(c)	(2,950)		(4,021)		(4,712)		(237)		(11,920)
Operating profit (loss)	$	1,177	$	503	$	2,001	$	(243)	$	3,438

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

(b) For information on the impairments, refer to Note 8.

(c) Other segment expenses for each reportable segment include cost of sales, selling, general and administrative (“SG&A”) expenses and research and development (“R&D”) expenses, excluding in each case depreciation, amortization of intangible assets and impairments. 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 September 26, 2025 and December 31, 2024 ($ in millions):

	September 26, 2025		December 31, 2024
Identifiable assets:
Biotechnology	$	37,296	$	34,605
Life Sciences	23,179		23,211
Diagnostics	14,653		14,204
Other	4,769		5,522
Total	$	79,897	$	77,542

The following table presents capital expenditures for the three and nine-month periods ended September 26, 2025 and September 27, 2024 ($ in millions):

	Three-Month Period Ended				Nine-Month Period Ended
	September 26, 2025		September 27, 2024		September 26, 2025		September 27, 2024
Capital expenditures:
Biotechnology	$	94	$	117	$	255	$	330
Life Sciences	40		52		129		162
Diagnostics	157		129		397		382
Other	1		—		4		2
Total	$	292	$	298	$	785	$	876