Other Consolidated Financial Statement Detail (Tables)

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(In millions)	2023		2022		2023		2022
Gain on sale of equity interest in Samsung Bioepis(1)	$	—	$	—	$	—	$	(1,505.4)
Litigation settlement agreement	—		—		—		900.0
Interest income	(95.9)		(23.9)		(252.7)		(39.4)
Interest expense	63.8		59.9		175.4		191.8
(Gains) losses on investments, net	317.3		(101.8)		289.6		167.5
Foreign exchange (gains) losses, net	11.4		11.5		30.8		39.0
Other, net	3.4		(1.7)		5.1		25.2
Total other (income) expense, net	$	300.0	$	(56.0)	$	248.2	$	(221.3)

(1) Reflects the pre-tax gain, net of transaction costs, recognized from the sale of our 49.9% equity interest in Samsung Bioepis to Samsung BioLogics in April 2022. For additional information on the sale of our equity interest in Samsung Bioepis, please read Note 3, Dispositions, to these condensed consolidated financial statements.

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 September 30,				For the Nine Months Ended September 30,
(In millions)	2023		2022		2023		2022
Net (gains) losses recognized on equity securities	$	302.0	$	(109.8)	$	273.6	$	158.1
Less: Net (gains) losses realized on equity securities	4.4		(0.5)		5.3		—
Net unrealized (gains) losses recognized on equity securities	$	297.6	$	(109.3)	$	268.3	$	158.1

The net unrealized losses recognized during the three months ended September 30, 2023, primarily reflect a decrease in the aggregate fair value of our investments in Sage, Denali and Sangamo common stock of approximately $295.6 million.

The net unrealized gains recognized during the three months ended September 30, 2022, primarily reflect an increase in the aggregate fair value of our investments in Sage, Ionis, Sangamo and Denali common stock of approximately $112.5 million.

The net unrealized losses recognized during the nine months ended September 30, 2023, primarily reflect a decrease in the aggregate fair value of our investments in Sage, Denali, Sangamo and Ionis common stock of approximately $265.0 million.

The net unrealized losses recognized during the nine months ended September 30, 2022, primarily reflect a decrease in the aggregate fair value of our investments in Denali and Sangamo common stock of approximately $198.0 million, partially offset by an increase in the fair value of Ionis and Sage common stock of approximately $52.2 million.

Accrued expenses and other

Accrued expense and other consists of the following:


(In millions)	As of September 30, 2023		As of December 31, 2022
Reata acquisition-related accrued expense	$	1,407.0	$	—
Revenue-related reserves for discounts and allowances	940.9		891.6
Employee compensation and benefits	276.7		395.6
Collaboration expense	298.3		277.9
Royalties and licensing fees	202.8		209.4


Other	712.7		746.9
Total accrued expense and other	$	3,838.4	$	2,521.4