Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Revenues by Product

Product revenues, net consisted of the following:

	Year ended December 31,
	2024		2023		2022
	(in millions)
TRIKAFTA/KAFTRIO	$	10,238.6	$	8,944.7	$	7,686.8
Other product revenues	781.5		924.5		1,243.9
Total product revenues, net	$	11,020.1	$	9,869.2	$	8,930.7

Schedule of Revenues and Property and Equipment by Location

Net product revenues are attributed to countries based on the location of the customer and consisted of the following:

	Year ended December 31,
	2024		2023		2022
	(in millions)
United States	$	6,684.9	$	6,040.4	$	5,699.3
Outside of the United States
Europe	3,453.9		3,109.0		2,705.5
Other	881.3		719.8		525.9
Total product revenues outside of the United States	4,335.2		3,828.8		3,231.4
Total product revenues, net	$	11,020.1	$	9,869.2	$	8,930.7

Long-lived assets by location consisted of the following:

	As of December 31,
	2024		2023
	(in millions)
United States	$	2,392.4	$	1,359.7
Outside of the United States
United Kingdom	176.6		77.3
Other	15.6		15.9
Total long-lived assets outside of the United States	192.2		93.2
Total long-lived assets	$	2,584.6	$	1,452.9

Schedule of Significant Customers

Gross product revenues and accounts receivable from each of our customers who individually accounted for 10% or more of total gross product revenues and/or 10% or more of total accounts receivable consisted of the following:

	Percent of Total Gross Product Revenues						Percent of Accounts Receivable
	Year Ended December 31,						As of December 31,
	2024		2023		2022		2024		2023
McKesson Corporation	26	%	26	%	25	%	17	%	23	%
Accredo Health Group, Inc.	11	%	11	%	12	%	<10%		<10%
Walgreen Co.	<10%		<10%		10	%	<10%		<10%
Lloyds Pharmacy*	<10%		<10%		<10%		13	%	10	%
*A wholly owned subsidiary of McKesson Corporation in the U.K. until 2022.

Schedule of Significant Segment Expenses

Significant segment expenses are set forth in the following table:

	Year ended December 31,
	2024		2023		2022
	(in millions)
Product revenues, net	$	11,020.1	$	9,869.2	$	8,930.7
Costs and expenses:
Cost of sales - products	516.3		349.2		260.5
Cost of sales - royalty	1,014.2		913.0		819.8
Research expenses	804.5		705.6		626.7
Development expenses	2,825.8		2,457.3		1,913.6
Acquired in-process research and development expenses	4,628.4		527.1		115.5
Selling and other commercial expenses	838.5		592.4		468.9
General and administrative expenses	625.8		544.2		475.8
Interest income	(598.1)		(614.7)		(144.6)
Other Segment items (1)	116.2		15.3		162.1
Provision for income taxes	784.1		760.2		910.4
Net (loss) income	$	(535.6)	$	3,619.6	$	3,322.0

(1)Other segment items included in “Net (loss) income” primarily include changes in the fair value of contingent consideration, interest expense and changes in the fair value of equity investments.