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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating Activities:    
Net income (loss) $ 3,239 $ (1,808)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation expense 157 136
Amortization expense 835 562
Stock-based compensation expense 305 309
Acquired in-process research and development expenses 158 4,621
Deferred income taxes 3 109
Net losses from equity securities 525 82
Other 576 130
Changes in operating assets and liabilities:    
Accounts receivable, net 694 368
Inventories (94) (22)
Prepaid expenses and other (2) 76
Accounts payable (222) (113)
Income taxes payable (535) (361)
Accrued and other liabilities (713) (87)
Net cash provided by operating activities 4,926 4,002
Investing Activities:    
Purchases of marketable debt securities (2,078) (16,753)
Proceeds from sales of marketable debt securities 251 10,426
Proceeds from maturities of marketable debt securities 1,250 6,227
Acquisitions, including in-process research and development, net of cash acquired (1,347) (4,804)
Purchases of equity securities (301) (86)
Capital expenditures (284) (314)
Other (110) (63)
Net cash used in investing activities (2,619) (5,367)
Financing Activities:    
Proceeds from issuances of common stock 100 212
Repurchases of common stock (352) (1,382)
Repayments of debt and other obligations (1,250) (500)
Payments of dividends (1,811) (1,730)
Other (95) (85)
Net cash used in financing activities (3,408) (3,485)
Effect of exchange rate changes on cash and cash equivalents (3) (35)
Net change in cash and cash equivalents (1,104) (4,885)
Cash and cash equivalents at beginning of period 5,997 11,631
Cash and cash equivalents at end of period $ 4,893 $ 6,746