Other Consolidated Financial Statement Detail (Tables)

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Other income (expense), net

Components of other (income) expense, net, are summarized as follows:

	For the Three Months Ended March 31,
(In millions)	2023		2022
Interest income	$	(80.9)	$	(2.9)
Interest expense	62.5		66.1
(Gains) losses on investments, net	77.7		191.1
Foreign exchange (gains) losses, net	10.7		8.3
Other, net	(0.6)		0.7
Total other (income) expense, net	$	69.4	$	263.3

Gain (loss) on investments in equity securities

The following table summarizes our (gains) losses on investments, net that relate to our equity securities held during the following periods:

	For the Three Months Ended March 31,
(In millions)	2023		2022
Net (gains) losses recognized on equity securities	$	78.1	$	190.7
Less: Net (gains) losses realized on equity securities	1.6		(0.2)
Net unrealized (gains) losses recognized on equity securities	$	76.5	$	190.9

The net unrealized losses recognized during the three months ended March 31, 2023, primarily reflect a decrease in the aggregate fair value of our investments in Denali, Sangamo and Ionis common stock of approximately $100.0 million, partially offset by an increase in the fair value of Sage common stock of approximately $23.8 million.

The net unrealized losses recognized during the three months ended March 31, 2022, primarily reflect a decrease in the aggregate fair value of our investments in Denali, Sage and Sangamo common stock of approximately $205.5 million, partially offset by an increase in the fair value of Ionis common stock of approximately $19.0 million.

Accrued expenses and other

Accrued expense and other consists of the following:

(In millions)	As of March 31, 2023		As of December 31, 2022
Revenue-related reserves for discounts and allowances	$	907.2	$	891.6
Employee compensation and benefits	187.2		395.6
Collaboration expense	265.5		277.9
Royalties and licensing fees	183.9		209.4
Other	744.4		746.9
Total accrued expense and other	$	2,288.2	$	2,521.4