Segment Information

3 Months Ended

Mar. 27, 2026

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-month periods ended March 27, 2026 and March 28, 2025 is as follows ($ in millions):

	Biotechnology		Life Sciences		Diagnostics		Total Reportable Segments		Other(a)		Total
For the Three-Month Period Ended March 27, 2026:
Sales	$	1,797	$	1,737	$	2,417	$	5,951	$	—	$	5,951
Less:
Depreciation	(40)		(48)		(102)		(190)		(3)		(193)
Amortization of intangible assets	(234)		(152)		(48)		(434)		—		(434)
Other segment items(b)	(989)		(1,312)		(1,593)		(3,894)		(86)		(3,980)
Operating profit	$	534	$	225	$	674	$	1,433	$	(89)	$	1,344
For the Three-Month Period Ended March 28, 2025:
Sales	$	1,612	$	1,680	$	2,449	$	5,741	$	—	$	5,741
Less:
Depreciation	(34)		(45)		(100)		(179)		(2)		(181)
Amortization of intangible assets	(213)		(149)		(48)		(410)		—		(410)
Other segment items(b)	(924)		(1,285)		(1,583)		(3,792)		(84)		(3,876)
Operating profit (loss)	$	441	$	201	$	718	$	1,360	$	(86)	$	1,274

(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 items 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 March 27, 2026 and December 31, 2025 ($ in millions):

	March 27, 2026		December 31, 2025
Biotechnology	$	36,697	$	37,337
Life Sciences	22,873		23,112
Diagnostics	14,657		14,748
Other	9,317		8,267
Total	$	83,544	$	83,464

The following table presents capital expenditures, gross for the three-month periods ended March 27, 2026 and March 28, 2025 ($ in millions):

	Three-Month Period Ended
	March 27, 2026		March 28, 2025
Biotechnology	$	64	$	81
Life Sciences	27		48
Diagnostics	144		115
Other	2		1
Total	$	237	$	245