Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Revenues by Product

“Product revenues, net” consisted of the following:

	Three Months Ended March 31,
	2025		2024
	(in millions)
TRIKAFTA/KAFTRIO	$	2,535.5	$	2,483.6
ALYFTREK	53.9		—
Other product revenues	170.8		207.0
Total product revenues, net	$	2,760.2	$	2,690.6

Schedule of Product Revenues by Geographic Location

“Product revenues, net” by geographic region, based on the location of the customer, consisted of the following:

	Three Months Ended March 31,
	2025		2024
	(in millions)
United States	$	1,653.5	$	1,519.9
Outside of the United States
Europe	826.6		967.4
Other	280.1		203.3
Total product revenues outside of the United States	1,106.7		1,170.7
Total product revenues, net	$	2,760.2	$	2,690.6

Schedule of Significant Segment Expenses

Significant segment expenses are set forth in the following table:

	Three Months Ended March 31,
	2025		2024
	(in millions)
Total revenues	$	2,770.2	$	2,690.6
Costs and expenses:
Cost of sales - products	130.6		108.8
Cost of sales - royalty	232.4		233.8
Research expenses	206.1		196.1
Development expenses	773.6		593.0
Acquired in-process research and development expenses	19.8		76.8
Selling and other commercial expenses	241.1		191.7
General and administrative expenses	155.3		151.0
Intangible asset impairment charge	379.0		—
Interest income	(120.9)		(181.2)
Other segment items (1)	22.8		41.5
Provision for income taxes	84.1		179.5
Net income	$	646.3	$	1,099.6

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