Other Consolidated Financial Statement Detail (Tables)

9 Months Ended

Sep. 30, 2024

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 September 30,				For the Nine Months Ended September 30,
(In millions)	2024		2023		2024		2023
Interest income	$	(11.6)	$	(95.9)	$	(49.1)	$	(252.7)
Interest expense	59.8		63.8		190.3		175.4
(Gains) losses on investments, net	(39.1)		317.3		22.2		289.6
Foreign exchange (gains) losses, net	4.9		11.4		25.6		30.8
Other, net	0.8		3.4		4.7		5.1
Total other (income) expense, net	$	14.8	$	300.0	$	193.7	$	248.2

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)	2024		2023		2024		2023
Net (gains) losses recognized on equity securities	$	(39.1)	$	302.0	$	21.9	$	273.6
Less: Net (gains) losses realized on equity securities	(10.9)		4.4		(5.4)		5.3
Net unrealized (gains) losses recognized on equity securities	$	(28.2)	$	297.6	$	27.3	$	268.3

The net unrealized gains recognized during the three months ended September 30, 2024, primarily reflect an increase in the aggregate fair value of our investments in Denali and Sangamo common stock of approximately $53.3 million, partially offset by a decrease in the fair value of Sage common stock of approximately $22.7 million.

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 losses recognized during the nine months ended September 30, 2024, primarily reflect a decrease in the aggregate fair value of our investments in Sage common stock of approximately $90.2 million, partially offset by an increase in the fair value of Denali and Sangamo common stock of approximately $70.1 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.

Accrued expenses and other

Accrued expense and other consists of the following:

(In millions)	As of September 30, 2024		As of December 31, 2023
Revenue-related reserves for discounts and allowances	$	1,000.3	$	926.5
Employee compensation and benefits	288.7		335.1
Collaboration expense	280.6		214.6
Royalties and licensing fees	178.7		191.5
Current portion of contingent consideration obligations	287.1		—
Reata related accrued expense	82.3		117.5
Other	637.4		838.4
Total accrued expense and other	$	2,755.1	$	2,623.6