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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income $ 722.0 $ 817.8
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 114.1 99.5
Stock-based compensation expense 230.1 238.7
Losses on marketable and other securities, net 196.1 166.6
Other non-cash items, net 0.1 20.6
Deferred income taxes (190.4) (216.5)
Changes in assets and liabilities:    
Decrease in accounts receivable 446.8 210.1
Increase in inventories (155.8) (46.8)
Increase in prepaid expenses and other assets (77.9) (5.5)
Increase (decrease) in deferred revenue 116.9 (35.9)
Increase in accounts payable, accrued expenses, and other liabilities 110.5 119.0
Total adjustments 790.5 549.8
Net cash provided by operating activities 1,512.5 1,367.6 Close
Cash flows from investing activities:    
Purchases of marketable and other securities (5,657.5) (1,749.4)
Sales or maturities of marketable and other securities 4,132.2 1,792.8
Capital expenditures (133.9) (178.2)
Payments for Libtayo intangible asset (27.9) (100.9)
Net cash used in investing activities (1,687.1) (235.7) Close
Cash flows from financing activities:    
Proceeds from issuance of Common Stock 682.1 485.2
Payments in connection with Common Stock tendered for employee tax obligations (343.7) (97.0)
Repurchases of Common Stock (291.3) (710.7)
Net cash provided by (used in) financing activities 47.1 (322.5) Close
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (0.5) 0.0 Close
Net (decrease) increase in cash, cash equivalents, and restricted cash (128.0) 809.4 Close
Cash, cash equivalents, and restricted cash at beginning of period 2,737.8 3,119.4
Cash, cash equivalents, and restricted cash at end of period $ 2,609.8 $ 3,928.8