Segment and other information (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Segment Reporting Information

The following table provides segment revenues, significant segment expenses, other segment items, reported segment net income and a reconciliation of segment net income to the Company’s total consolidated net income for the years ended December 31, 2024, 2023 and 2022 (in millions):


	Years ended December 31,
	2024		2023		2022
Revenues:
Product sales	$	32,026	$	26,910	$	24,801
Other revenues	1,398		1,280		1,522
Total revenues	33,424		28,190		26,323

Less:
Manufacturing cost of sales(1)(2)	11,118		7,347		5,776
Profit share and royalties in cost of sales(1)	1,740		1,104		630
Research and development(1)	5,964		4,784		4,434
Sales and marketing(1)	4,713		3,784		3,736
General and administrative(1)	2,383		2,395		1,678
Other segment items(3)	262		(743)		777
Equity in (income) loss of equity method investments	(10)		14		667
Interest income	(510)		(1,225)		(127)
Interest expense, net	3,155		2,875		1,406
Provision for income taxes	519		1,138		794
Segment net income	4,090		6,717		6,552
Reconciliation of profit or loss:
Adjustments and reconciling items	—		—		—
Consolidated net income	$	4,090	$	6,717	$	6,552

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(1) During the years ended December 31, 2024, 2023 and 2022, we recognized amortization expense on our intangible assets of $4.8 billion, $3.2 billion and $2.6 billion, respectively. Amortization of intangible assets is included primarily in Cost of sales in the Consolidated Statements of Income. In addition, during the years ended December 31, 2024, 2023 and 2022, we recognized depreciation and ROU asset amortization expense of $805 million, $824 million and $818 million, respectively.

(2) During the years ended December 31, 2024, 2023 and 2022, manufacturing cost of sales included amortization of step-up to fair value of inventory acquired in business combinations of $2.4 billion, $656 million and $30 million, respectively.

(3) Other segment items included in Segment net income primarily consists of: (i) fair value adjustments on equity securities (see Note 10, Investments) and (ii) net impairment charges on intangible assets (see Note 13, Goodwill and other intangible assets). For the year ended December 31, 2023, other segment items also included expenses related to our restructuring plan that was both initiated and substantially completed in 2023. For the year ended December 31, 2022, other segment items also included a loss on the divestiture of Gensenta (see Note 4, Acquisitions and divestitures).