EMPLOYEE BENEFITS (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Stock-based Compensation Expenses -Included in Consolidated Statement of Income

The following tables summarize total stock-based compensation expense included on our Consolidated Statements of Operations, classified by award type and expense type:

	Year Ended December 31,
(in millions)	2024		2023		2022
RSUs	$	732	$	666	$	557
PSUs	37		32		25
Stock options	30		30		28
ESPP	36		37		26
Acquisition-related expense(1)	133		29		8
Stock-based compensation expense included in total costs and expenses	$	969	$	796	$	645

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(1)    Accelerated post-acquisition stock-based compensation expenses of $133 million related to the 2024 CymaBay acquisition, $19 million and $10 million related to the 2023 XinThera and Tmunity acquisitions, respectively, and $8 million related to the 2022 MiroBio acquisition.

	Year Ended December 31,
(in millions)	2024		2023		2022
Cost of goods sold	$	61	$	57	$	46
Research and development expenses	458		377		285
Selling, general and administrative expenses	450		361		313
Stock-based compensation expense included in total costs and expenses	969		796		645
Income tax effect	(192)		(165)		(91)
Stock-based compensation expense, net of tax	$	777	$	630	$	553

Summary of RSU Activity

The following tables summarize our RSU activity:

	RSUs
(in millions, except per share amounts)	Shares	Weighted- Average Grant Date Fair Value Per Share
Outstanding as of December 31, 2023	22.7	$	71.24
Granted	12.4	$	74.82
Vested	(11.0)	$	70.49
Forfeited	(2.2)	$	72.52
Outstanding as of December 31, 2024	21.8	$	73.52

	Year Ended December 31,
(in millions, except per share amounts)	2024		2023		2022
Weighted-average grant date fair value of RSUs granted	$	74.82	$	79.66	$	60.36
Total fair value of RSUs vested	$	847	$	849	$	554

Summary of PSU Activity

The following tables summarize our PSU activity:

	PSUs
(in millions, except per share amounts)	Shares	Weighted- Average Grant Date Fair Value Per Share
Outstanding as of December 31, 2023	1.0	$	67.48
Granted	0.6	$	72.24
Vested	(0.5)	$	71.86
Forfeited	—	$	72.10
Outstanding as of December 31, 2024	1.1	$	72.24

	Year Ended December 31,
(in millions, except per share amounts)	2024		2023		2022
Weighted-average grant date fair value of PSUs granted	$	72.24	$	81.39	$	60.04
Total fair value of PSUs vested	$	43	$	35	$	14

Summary of Activity Under Stock Option Plans

The following tables summarize activity and other information related to our stock options:

	Shares (in millions)	Weighted- Average Exercise Price (in dollars)		Weighted-Average Remaining Contractual Term (years)	Aggregate  Intrinsic Value (in millions)(1)
Outstanding as of December 31, 2023	14.3	$	69.38
Granted	2.5	$	74.70
Exercised	(4.1)	$	69.28
Forfeited	(0.5)	$	71.65
Expired	(0.3)	$	89.27
Outstanding as of December 31, 2024	11.8	$	69.85	6.38	$	268
Exercisable as of December 31, 2024	7.4	$	68.72	5.26	$	178
Expected to vest, net of estimated forfeitures as of December 31, 2024	4.2	$	71.67	8.26	$	86

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(1)     Aggregate intrinsic value represents the value of our closing stock price on the last trading day of the year in excess of the weighted-average exercise price multiplied by the number of options outstanding or exercisable.

	Year Ended December 31,
(in millions, except per share amounts)	2024		2023		2022
Weighted-average grant date fair value of stock options granted	$	13.70	$	16.11	$	9.08
Total intrinsic value of options exercised	$	77	$	25	$	59

Summary of Assumptions to Calculate the Estimated Fair Value of Awards

We used the following weighted-average assumptions in the Black-Scholes model to calculate the estimated fair value of the stock option awards:

	Year Ended December 31,
	2024		2023		2022
Expected volatility	25	%	26	%	27	%
Expected terms in years	5		5		5
Risk-free interest rate	4.1	%	4.1	%	1.9	%
Expected dividend yield	3.9	%	3.5	%	4.3	%

We used the following weighted-average assumptions in the Black-Scholes model to calculate the estimated fair value of the ESPP awards:

	Year Ended December 31,
	2024		2023		2022
Expected volatility	25	%	24	%	23	%
Expected terms in years	0.5		0.5		0.5
Risk-free interest rate	5.2	%	5.1	%	1.8	%
Expected dividend yield	4.3	%	3.7	%	4.5	%

Summary of ESPP Activity

The following table summarizes our ESPP activity:

	Year Ended December 31,
(in millions, except per share amounts)	2024		2023		2022
Shares issued	2		2		2
Amount paid by employees for shares	$	139	$	129	$	103
Weighted-average grant date fair value of ESPP shares granted	$	15.76	$	17.31	$	13.40
Total fair value of ESPP shares vested	$	27	$	45	$	21