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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating Activities:    
Net income (loss) $ (2,556) $ 2,024
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation expense 192 177
Amortization expense 1,192 1,144
Stock-based compensation expense 397 363
Deferred income taxes (889) (524)
Net loss from equity securities 405 187
Acquired in-process research and development expenses 4,169 717
In-process research and development impairment 2,430 0
Other 208 205
Changes in operating assets and liabilities:    
Accounts receivable, net (95) 549
Inventories (115) (453)
Prepaid expenses and other (56) 66
Accounts payable (11) (275)
Income tax assets and liabilities, net (1,379) (189)
Accrued and other liabilities (349) 91
Net cash provided by operating activities 3,544 4,082
Investing Activities:    
Purchases of marketable debt securities (244) (1,105)
Proceeds from sales of marketable debt securities 2,265 317
Proceeds from maturities of marketable debt securities 327 719
Acquisitions, including in-process research and development, net of cash acquired (4,195) (794)
Purchases of equity securities (444) (192)
Capital expenditures (235) (248)
Other 12 (6)
Net cash used in investing activities (2,514) (1,309)
Financing Activities:    
Proceeds from issuances of common stock 151 123
Repurchases of common stock under repurchase programs (500) (550)
Repayments of debt and other obligations (1,851) 0
Payments of dividends (1,962) (1,913)
Other (152) (167)
Net cash used in financing activities (4,314) (2,507)
Effect of exchange rate changes on cash and cash equivalents (29) 26
Net change in cash and cash equivalents (3,313) 292
Cash and cash equivalents at beginning of period 6,085 5,412
Cash and cash equivalents at end of period $ 2,772 $ 5,704