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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating Activities:    
Net (loss) income $ (4,170) $ 985
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation expense 94 94
Amortization expense 596 546
Stock-based compensation expense 187 165
Deferred income taxes (723) (303)
Net loss from equity securities 14 256
Acquired in-process research and development expenses 4,131 481
In-process research and development impairment 2,430 0
Other 119 63
Changes in operating assets and liabilities:    
Accounts receivable, net (66) 635
Inventories (45) (227)
Prepaid expenses and other (37) 26
Accounts payable 72 (272)
Income tax assets and liabilities, net (208) (161)
Accrued and other liabilities (175) (543)
Net cash provided by operating activities 2,219 1,744
Investing Activities:    
Purchases of marketable debt securities (244) (527)
Proceeds from sales of marketable debt securities 2,265 167
Proceeds from maturities of marketable debt securities 327 324
Acquisitions, including in-process research and development, net of cash acquired (4,043) (551)
Purchases of equity securities (410) (125)
Capital expenditures (105) (109)
Other 5 (5)
Net cash used in investing activities (2,207) (826)
Financing Activities:    
Proceeds from issuances of common stock 146 97
Repurchases of common stock under repurchase programs (400) (400)
Payments of dividends (990) (969)
Other (116) (135)
Net cash used in financing activities (1,361) (1,406)
Effect of exchange rate changes on cash and cash equivalents (18) 13
Net change in cash and cash equivalents (1,367) (476)
Cash and cash equivalents at beginning of period 6,085 5,412
Cash and cash equivalents at end of period $ 4,718 $ 4,936