Revenues

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenues

Revenues

We operate our business in one operating segment: human therapeutics. Therefore, results of our operations are reported on a consolidated basis for purposes of segment reporting, consistent with internal management reporting. Revenues by product and by geographic area, based on customers’ locations, are presented below. The majority of ROW product sales relates to products sold in Europe.

Revenues were as follows (in millions):

	Year ended December 31, 2024						Year ended December 31, 2023						Year ended December 31, 2022
	U.S.		ROW		Total		U.S.		ROW		Total		U.S.		ROW		Total
Prolia	$	2,885	$	1,489	$	4,374	$	2,733	$	1,315	$	4,048	$	2,465	$	1,163	$	3,628
ENBREL	3,288		28		3,316		3,650		47		3,697		4,044		73		4,117
XGEVA	1,507		718		2,225		1,527		585		2,112		1,480		534		2,014
Repatha	1,139		1,083		2,222		793		842		1,635		608		688		1,296
Otezla	1,699		427		2,126		1,777		411		2,188		1,886		402		2,288
TEPEZZA(1)	1,835		16		1,851		441		7		448		—		—		—
EVENITY	1,131		432		1,563		809		351		1,160		533		254		787
KYPROLIS	948		555		1,503		921		482		1,403		850		397		1,247
Nplate	970		486		1,456		996		481		1,477		848		459		1,307
Aranesp	386		956		1,342		452		910		1,362		521		900		1,421
BLINCYTO	800		416		1,216		566		295		861		336		247		583
KRYSTEXXA(1)	1,185		—		1,185		272		—		272		—		—		—
Vectibix	519		526		1,045		461		523		984		396		497		893
TEZSPIRE	972		—		972		567		—		567		170		—		170
Other products(2)	4,037		1,593		5,630		3,307		1,389		4,696		3,606		1,444		5,050
Total product sales(3)	23,301		8,725		32,026		19,272		7,638		26,910		17,743		7,058		24,801
Other revenues	562		836		1,398		534		746		1,280		852		670		1,522
Total revenues	$	23,863	$	9,561	$	33,424	$	19,806	$	8,384	$	28,190	$	18,595	$	7,728	$	26,323

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(1)    TEPEZZA and KRYSTEXXA were acquired from the acquisition of Horizon on October 6, 2023, and include product sales in the periods after the acquisition date.

(2)    Consists of product sales of our non-principal products.

(3)    Hedging gains and losses, which are included in product sales, were not material for the years ended December 31, 2024, 2023 and 2022.

In the United States, we sell primarily to pharmaceutical wholesale distributors that we use as the principal means of distributing our products to healthcare providers. Outside the United States, we sell principally to healthcare providers and/or pharmaceutical wholesale distributors depending on the distribution practice in each country. We monitor the financial condition of our larger customers and limit our credit exposure by setting credit limits and, in certain circumstances, by requiring letters of credit or obtaining credit insurance.

For each of the years ended December 31, 2024, 2023 and 2022, we had product sales to three customers that individually accounted for more than 10% of total revenues. For the year ended December 31, 2024, on a combined basis, these customers accounted for 77% of total gross revenues as shown in the following table. Certain information with respect to these customers was as follows (dollar amounts in millions):

	Years ended December 31,
	2024			2023			2022
McKesson Corporation:
Gross product sales	$	22,173		$	19,035		$	17,305
% of total gross revenues	33		%	33		%	35		%
Cencora, Inc.:
Gross product sales	$	18,387		$	16,625		$	15,443
% of total gross revenues	27		%	29		%	31		%
Cardinal Health, Inc.:
Gross product sales	$	11,278		$	9,775		$	8,319
% of total gross revenues	17		%	17		%	16		%

As of December 31, 2024 and 2023, amounts due from these three customers each exceeded 10% of gross trade receivables and accounted for 70% and 75%, respectively, of net trade receivables on a combined basis. As of December 31, 2024 and 2023, 26% and 22%, respectively, of net trade receivables were due from customers located outside the United States, the majority of which were from Europe. Our total allowance for doubtful accounts as of December 31, 2024 and 2023, was not material.