0000318154-24-000011 | 10-K | XBRL Viewer

Print Document View Excel Document

Derivative instruments - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments Gain Loss [Line Items]
Length of time hedged in foreign currency contracts	3 years
0.41% CHF700 million bonds due 2023 (0.41% 2023 Swiss franc Bonds) \| Notes
Derivative Instruments Gain Loss [Line Items]
Interest rate, stated percentage	0.41%	0.41%	0.41%
Foreign currency and cross currency swap contracts
Derivative Instruments Gain Loss [Line Items]
Amounts expected to be reclassified from AOCI into earnings over the next 12 months, foreign currency and cross-currency swaps	$ 35
Designated as Hedging Instrument \| Foreign currency forward contracts
Derivative Instruments Gain Loss [Line Items]
Notional amount	6,600		$ 6,000	$ 5,700
Designated as Hedging Instrument \| Interest rate swap contracts
Derivative Instruments Gain Loss [Line Items]
Notional amount	6,700		6,700
Not Designated as Hedging Instrument \| Foreign currency forward contracts
Derivative Instruments Gain Loss [Line Items]
Notional amount	$ 457		$ 517	$ 680

Fair value measurement - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Oct. 19, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net changes in valuations		$ 165	$ 65	$ (7)
Aggregate fair value of long-term debt, including current portion	$ 59,200	59,200	35,000
Carrying value of long-term debt, including current portion	64,613	$ 64,613	38,945
Teneobio, Inc.
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Maximum additional consideration due contingent on certain milestones					$ 1,600
Teneobio, Inc. \| AMG 340 development program liability
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net changes in valuations	$ 165
Other Noncurrent Assets \| BeiGene
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying and fair value of investment			4,200
Approximate carrying value of the company's equity method investment			$ 2,200

Revenues - Revenues Earned from Major Customers (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue, Major Customer [Line Items]
Gross product sales	$ 28,190	$ 26,323	$ 25,979
Total product sales
Revenue, Major Customer [Line Items]
Gross product sales	$ 26,910	24,801	24,297
Three Customers \| Revenue Benchmark \| Customer Concentration Risk
Revenue, Major Customer [Line Items]
Concentration risk, percentage	79.00%
McKesson Corporation \| Total product sales
Revenue, Major Customer [Line Items]
Gross product sales	$ 19,035	$ 17,305	$ 15,187
McKesson Corporation \| Total product sales \| Revenue Benchmark \| Customer Concentration Risk
Revenue, Major Customer [Line Items]
Concentration risk, percentage	33.00%	35.00%	33.00%
Cencora, Inc. \| Total product sales
Revenue, Major Customer [Line Items]
Gross product sales	$ 16,625	$ 15,443	$ 14,783
Cencora, Inc. \| Total product sales \| Revenue Benchmark \| Customer Concentration Risk
Revenue, Major Customer [Line Items]
Concentration risk, percentage	29.00%	31.00%	32.00%
Cardinal Health, Inc. \| Total product sales
Revenue, Major Customer [Line Items]
Gross product sales	$ 9,775	$ 8,319	$ 7,681
Cardinal Health, Inc. \| Total product sales \| Revenue Benchmark \| Customer Concentration Risk
Revenue, Major Customer [Line Items]
Concentration risk, percentage	17.00%	16.00%	17.00%

Derivative instruments

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative instruments

The Company is exposed to foreign currency exchange rate and interest rate risks related to its business operations. To reduce our risks related to such exposures, we use or have used certain derivative instruments, including foreign currency forward, foreign currency option, cross-currency swap, forward interest rate and interest rate swap contracts. We have designated certain of our derivatives as cash flow and fair value hedges; we also have derivatives not designated as hedges. We do not use derivatives for speculative trading purposes.

Cash flow hedges

We are exposed to possible changes in the values of certain anticipated foreign currency cash flows resulting from changes in foreign currency exchange rates primarily associated with our euro-denominated international product sales. The foreign currency exchange rate fluctuation exposure associated with cash inflows from our international product sales is partially offset by corresponding cash outflows from our international operating expenses. To further reduce this exposure, we enter into foreign currency forward contracts to hedge a portion of our projected international product sales up to a maximum of three years into the future; and at any given point in time, a higher percentage of nearer-term projected product sales is being hedged than in successive periods.

As of December 31, 2023, 2022 and 2021, we had outstanding foreign currency forward contracts with aggregate notional amounts of $6.6 billion, $6.0 billion and $5.7 billion, respectively. We have designated these foreign currency forward contracts, which are primarily euro based, as cash flow hedges. Accordingly, we report unrealized gains and losses on these contracts in AOCI in the Consolidated Balance Sheets, and we reclassify them to Product sales in the Consolidated Statements of Income in the same periods during which the hedged transactions affect earnings.

To hedge our exposure to foreign currency exchange rate risk associated with certain of our long-term debt denominated in foreign currencies, we enter into cross-currency swap contracts. Under the terms of such contracts, we paid euros, pounds sterling and Swiss francs and received U.S. dollars for the notional amounts at inception of the contracts; and based on these notional amounts, we exchange interest payments at fixed rates over the lives of the contracts by paying U.S. dollars and receiving euros, pounds sterling and Swiss francs. In addition, we will pay U.S. dollars to and receive euros, pounds sterling and Swiss francs from the counterparties at the maturities of the contracts for these same notional amounts. The terms of these contracts correspond to the related hedged debt, thereby effectively converting the interest payments and principal repayment on the debt from euros, pounds sterling and Swiss francs to U.S. dollars. We have designated these cross-currency swap contracts as cash flow hedges. Accordingly, the unrealized gains and losses on these contracts are reported in AOCI in the Consolidated Balance Sheets and reclassified to Other income (expense), net, in the Consolidated Statements of Income in the same periods during which the hedged debt affects earnings.

The notional amounts and interest rates of our cross-currency swaps as of December 31, 2023, were as follows (notional amounts in millions):


	Foreign currency				U.S. dollars
Hedged notes	Notional amounts		Interest rates		Notional amounts		Interest rates

2.00% 2026 euro Notes	€	750	2.0	%	$	833	3.9	%
5.50% 2026 pound sterling Notes	£	475	5.5	%	$	747	6.0	%
4.00% 2029 pound sterling Notes	£	700	4.0	%	$	1,111	4.6	%

During the first quarter of 2023, our 0.41% 2023 Swiss franc Bonds matured, and the related cross-currency swaps were settled.

In connection with the anticipated issuance of long-term fixed-rate debt, we occasionally enter into forward interest rate contracts in order to hedge the variability in cash flows due to changes in the applicable U.S. Treasury rate between the time we enter into these contracts and the time the related debt is issued. Gains and losses on forward interest rate contracts, which are designated as cash flow hedges, are recognized in AOCI in the Consolidated Balance Sheets and are amortized into Interest expense, net, in the Consolidated Statements of Income over the lives of the associated debt issuances. Amounts expected to be recognized during the subsequent 12 months on forward interest rate contracts are not material.

The unrealized gains and losses recognized in AOCI for our derivative instruments designated as cash flow hedges were as follows (in millions):


	Years ended December 31,
Derivatives in cash flow hedging relationships	2023		2022		2021
Foreign currency forward contracts	$	(14)	$	308	$	373
Cross-currency swap contracts	73		(219)		(214)
Forward interest rate contracts	(31)		(5)		—
Total unrealized gains	$	28	$	84	$	159

Fair value hedges

To achieve a desired mix of fixed-rate and floating-rate debt, we entered into interest rate swap contracts that qualified for and were designated as fair value hedges. These interest rate swap contracts effectively convert fixed-rate coupons to floating-rate SOFR-based coupons over the terms of the related hedge contracts. As of both December 31, 2023 and 2022, we had interest rate swap contracts with aggregate notional amounts of $6.7 billion that hedge certain portions of our long-term debt issuances. See Note 16, Financing arrangements, for information on our interest rate swaps.

For interest rate swap contracts that qualify for and are designated as fair value hedges, we recognize in Interest expense, net, in the Consolidated Statements of Income the unrealized gain or loss on the derivative resulting from the change in fair value during the period, as well as the offsetting unrealized loss or gain of the hedged item resulting from the change in fair value during the period attributable to the hedged risk. If a hedging relationship involving an interest rate swap contract is terminated, the gain or loss realized on contract termination is recorded as an adjustment to the carrying value of the debt and amortized into Interest expense, net, over the remaining life of the previously hedged debt.

The hedged liabilities and related cumulative-basis adjustments for fair value hedges of those liabilities were recorded in the Consolidated Balance Sheets as follows (in millions):


	Carrying amounts of hedged liabilities(1)				Cumulative amounts of fair value hedging adjustments related to the carrying amounts of the hedged liabilities(2)
	December 31,				December 31,
Consolidated Balance Sheets locations	2023		2022		2023		2022
Current portion of long-term debt	$	1,441	$	82	$	41	$	82
Long-term debt	$	4,788	$	6,017	$	(355)	$	(519)

____________

(1)Current portion of long-term debt includes $69 million and $82 million of carrying value with discontinued hedging relationships as of December 31, 2023 and 2022, respectively. Long-term debt includes $288 million and $357 million of carrying value with discontinued hedging relationships as of December 31, 2023 and 2022, respectively.

(2)Current portion of long-term debt includes $69 million and $82 million of hedging adjustments on discontinued hedging relationships as of December 31, 2023 and 2022, respectively. Long-term debt includes $188 million and $257 million of hedging adjustments on discontinued hedging relationships as of December 31, 2023 and 2022, respectively.

Impact of hedging transactions

The following tables summarize the amounts recorded in income and expense line items and the effects thereon from fair value and cash flow hedging, including discontinued hedging relationships (in millions):


	Year ended December 31, 2023
	Product sales		Other income (expense), net		Interest expense, net
Total amounts recorded in income and (expense) line items presented in the Consolidated Statements of Income	$	26,910	$	2,833	$	(2,875)
The effects of cash flow and fair value hedging:
Gains on cash flow hedging relationships reclassified out of AOCI:
Foreign currency forward contracts	$	180	$	—	$	—
Cross-currency swap contracts	$	—	$	42	$	—
(Losses) gains on fair value hedging relationships—interest rate swap agreements:
Hedged items(1)	$	—	$	—	$	(118)
Derivatives designated as hedging instruments	$	—	$	—	$	205


	Year ended December 31, 2022
	Product sales		Other income (expense), net		Interest expense, net
Total amounts recorded in income and (expense) line items presented in the Consolidated Statements of Income	$	24,801	$	(814)	$	(1,406)
The effects of cash flow and fair value hedging:
Gains (losses) on cash flow hedging relationships reclassified out of AOCI:
Foreign currency forward contracts	$	231	$	—	$	—
Cross-currency swap contracts	$	—	$	(233)	$	—
Gains (losses) on fair value hedging relationships—interest rate swap agreements:
Hedged items(1)	$	—	$	—	$	716
Derivatives designated as hedging instruments	$	—	$	—	$	(636)


	Year ended December 31, 2021
	Product sales		Other income (expense), net		Interest expense, net
Total amounts recorded in income and (expense) line items presented in the Consolidated Statements of Income	$	24,297	$	259	$	(1,197)
The effects of cash flow and fair value hedging:
Losses on cash flow hedging relationships reclassified out of AOCI:
Foreign currency forward contracts	$	(8)	$	—	$	—
Cross-currency swap contracts	$	—	$	(245)	$	—

Gains (losses) on fair value hedging relationships—interest rate swap agreements:
Hedged items(1)	$	—	$	—	$	281
Derivatives designated as hedging instruments	$	—	$	—	$	(192)

__________

(1) Gains on hedged items do not completely offset losses on the related designated hedging instruments due to amortization of the cumulative amounts of fair value hedging adjustments included in the carrying amount of the hedged debt for discontinued hedging relationships and the recognition of gains on terminated hedges when the corresponding hedged item was paid down in the period.

No portions of our cash flow hedge contracts were excluded from the assessment of hedge effectiveness. As of December 31, 2023, we expected to reclassify $35 million of net gains on our foreign currency and cross-currency swap contracts out of AOCI and into earnings during the next 12 months.

Derivatives not designated as hedges

To reduce our exposure to foreign currency fluctuations in certain assets and liabilities denominated in foreign currencies, we enter into foreign currency forward contracts that are not designated as hedging transactions. Most of these exposures are hedged on a month-to-month basis. As of December 31, 2023, 2022 and 2021, the total notional amounts of these foreign currency forward contracts were $457 million, $517 million and $680 million, respectively. Gains and losses recognized in earnings for our derivative instruments not designated as hedging instruments were not material for the years ended December 31, 2023, 2022 and 2021.

Fair values of derivatives

The fair values of derivatives included in the Consolidated Balance Sheets were as follows (in millions):


	Derivative assets			Derivative liabilities
December 31, 2023	Consolidated Balance Sheets locations	Fair values		Consolidated Balance Sheets locations	Fair values
Derivatives designated as hedging instruments:
Foreign currency forward contracts	Other current assets/ Other noncurrent assets	$	145	Accrued liabilities/ Other noncurrent liabilities	$	116
Cross-currency swap contracts	Other current assets/ Other noncurrent assets	—		Accrued liabilities/ Other noncurrent liabilities	405
Interest rate swap contracts	Other current assets/ Other noncurrent assets	—		Accrued liabilities/ Other noncurrent liabilities	571
Forward interest rate contracts	Other current assets/ Other noncurrent assets	—		Accrued liabilities/ Other noncurrent liabilities	—
Total derivatives designated as hedging instruments		145			1,092



Total derivatives		$	145		$	1,092

	Derivative assets			Derivative liabilities
December 31, 2022	Consolidated Balance Sheets locations	Fair values		Consolidated Balance Sheets locations	Fair values
Derivatives designated as hedging instruments:
Foreign currency forward contracts	Other current assets/ Other noncurrent assets	$	287	Accrued liabilities/ Other noncurrent liabilities	$	76
Cross-currency swap contracts	Other current assets/ Other noncurrent assets	54		Accrued liabilities/ Other noncurrent liabilities	541
Interest rate swap contracts	Other current assets/ Other noncurrent assets	—		Accrued liabilities/ Other noncurrent liabilities	776
Forward interest rate contracts	Other current assets/ Other noncurrent assets	—		Accrued liabilities/ Other noncurrent liabilities	5
Total derivatives designated as hedging instruments		341			1,398



Total derivatives		$	341		$	1,398

For additional information, see Note 18, Fair value measurement.

Our derivative contracts that were in liability positions as of December 31, 2023, contain certain credit-risk-related contingent provisions that would be triggered if (i) we were to undergo a change-in-control and (ii) our or the surviving entity’s creditworthiness deteriorates, which is generally defined as having either a credit rating that is below investment grade or a materially weaker creditworthiness after the change-in-control. If these events were to occur, the counterparties would have the right, but not the obligation, to close the contracts under early-termination provisions. In such circumstances, the counterparties could request immediate settlement of these contracts for amounts that approximate the then current fair values of the contracts. In addition, our derivative contracts are not subject to any type of master netting arrangement, and amounts due either to or from a counterparty under the contracts may be offset against other amounts due either to or from the same counterparty only if an event of default or termination, as defined, were to occur.

The cash flow effects of our derivative contracts in the Consolidated Statements of Cash Flows are included in Net cash provided by operating activities, except for the settlement of notional amounts of cross-currency swaps, which are included in Net cash used in financing activities.

Restructuring

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring

In the first quarter of 2023, we initiated a restructuring plan to enhance continued innovation, including investments in first-in-class medicines, while improving our cost structure. As part of the plan, we are reallocating resources to the areas of the business that will enable long-term growth. We completed substantially all the activities associated with this restructuring plan in 2023.

The following table summarizes recorded charges related to the restructuring plan by type of activity and the locations recognized within the Consolidated Statements of Income (in millions):


	Year ended December 31, 2023
	Separation costs		Asset impairments and other charges		Total
Cost of sales	$	—	$	36	$	36
Research and development	—		29		29
Selling, general and administrative	—		13		13
Other	186		3		189
Total	$	186	$	81	$	267

As of December 31, 2023, total restructuring liability decreased to $45 million primarily due to payments related to separation costs. The total restructuring liability was included in Accrued liabilities in the Consolidated Balance Sheets.

Stockholders' equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended													3 Months Ended												12 Months Ended
	Dec. 12, 2023	Mar. 31, 2024	Oct. 31, 2023	Jul. 31, 2023	Mar. 31, 2023	Dec. 31, 2022	Oct. 31, 2022	Jul. 31, 2022	Mar. 31, 2022	Dec. 31, 2021	Oct. 31, 2021	Jul. 31, 2021	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Stock repurchases															$ 0	$ 0	$ 0	$ 0	$ 0	$ 900	$ 0	$ 5,410	$ 1,461	$ 1,069	$ 1,592	$ 865	$ 0	$ 6,310	$ 4,987
Stock repurchases (in shares)															0	0	0	0	0	1,500,000	0	24,600,000	6,900,000	4,600,000	6,500,000	3,700,000	0	26,100,000	21,700,000
Amount available for stock repurchases under a board approved stock repurchase plan															$ 7,000												$ 7,000
Common stock, dividends declared per share (in usd per share)	$ 2.25		$ 2.13	$ 2.13	$ 2.13	$ 2.13	$ 1.94	$ 1.94	$ 1.94	$ 1.94	$ 1.76	$ 1.76	$ 1.76	$ 1.76													$ 8.64	$ 7.95	$ 7.22
Common stock, dividends paid per share (in usd per share)															$ 2.13	$ 2.13	$ 2.13	$ 2.13	$ 1.94	$ 1.94	$ 1.94	$ 1.94	$ 1.76	$ 1.76	$ 1.76	$ 1.76
Income taxes expense or (benefit) for unrealized gains and losses for cash flow hedges																											$ 6	$ (19)	$ (33)
Income taxes expense or (benefit) for unrealized gains and losses for cash flow hedges and related reclassifications																											$ 50	$ 0	$ (55)
Preferred stock shares authorized (in shares)															5,000,000												5,000,000
Preferred stock, par value (in usd per share)															$ 0.0001												$ 0.0001
Preferred stock, shares outstanding (in shares)						0									0				0								0	0
Preferred stock, shares issued (in shares)						0									0				0								0	0
Forecast
Class of Stock [Line Items]
Common stock, dividends paid per share (in usd per share)		$ 2.25
Accelerated stock repurchase agreement
Class of Stock [Line Items]
Stock repurchases																						$ 6,000
Stock repurchases (in shares)																						23,300,000						24,800,000

Acquisitions and divestitures - Summary of Total Consideration for Teneobio Inc (Details) - USD ($) $ in Millions		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Contingent consideration		$ 0	$ 0	$ 309
Goodwill	$ 15,529	$ 18,629	15,529	$ 14,890
Teneobio
Business Acquisition [Line Items]
Cash purchase price	993
Contingent consideration	299
Total consideration	1,292
Cash and cash equivalents	100		100
Goodwill	273		273
Other assets, net	16		16
Deferred tax liability	(244)		(244)
Total assets acquired, net	1,292		1,292
Teneobio \| R & D Technology rights
Business Acquisition [Line Items]
Finite-lived intangible assets	115		115
Teneobio \| Licensing rights
Business Acquisition [Line Items]
Finite-lived intangible assets	41		41
Teneobio \| IPR&D
Business Acquisition [Line Items]
IPR&D	$ 991		$ 991

Cover page - USD ($)	12 Months Ended
Cover page - USD ($)	Dec. 31, 2023	Feb. 09, 2024	Jun. 30, 2023
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-37702
Entity Registrant Name	Amgen Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-3540776
Entity Address, Address Line One	One Amgen Center Drive
Entity Address, City or Town	Thousand Oaks
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91320-1799
City Area Code	805
Local Phone Number	447-1000
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 118,556,278,405
Entity Common Stock, Shares Outstanding		535,918,901
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Specified portions of the registrant’s Proxy Statement with respect to the 2024 Annual Meeting of Stockholders to be held on May 31, 2024, are incorporated by reference into Part III of this annual report.
Entity Central Index Key	0000318154
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common stock, $0.0001 par value
Trading Symbol	AMGN
Security Exchange Name	NASDAQ
2.00% Senior Notes Due 2026
Entity Information [Line Items]
Title of 12(b) Security	2.00% Senior Notes due 2026
Trading Symbol	AMGN26
Security Exchange Name	NASDAQ

Investments - Neumora Therapeutics, Inc. (Details) - USD ($) $ in Millions		3 Months Ended	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Unrealized gain (loss) on equity method investment			$ 98	$ (165)	$ 161
Neumora Therapeutics, Inc.
Schedule of Equity Method Investments [Line Items]
Ownership percentage	25.90%		23.20%	24.90%
Payments to acquire equity method investments, cash		$ 30
Carrying and fair value of investment			$ 603	$ 335
Unrealized gain (loss) on equity method investment			$ 238	$ 105	$ (37)
Neumora Therapeutics, Inc.
Schedule of Equity Method Investments [Line Items]
Equity method investment, aggregate cost	$ 257
Payments to acquire equity method investments, cash	100
Payments to acquire equity method investments, noncash	$ 157

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Allowance for doubtful accounts [Roll Forward]
Balance at beginning of period	$ 22	$ 26	$ 32
Additions charged to costs and expenses	6	0	0
Other additions	0	0	0
Deductions	0	(4)	(6)
Balance at end of period	$ 28	$ 22	$ 26

Property, plant and equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Components of Property, Plant and Equipment

Property, plant and equipment consisted of the following (dollar amounts in millions):


		December 31,
	Useful life (in years)	2023		2022
Land	—	$	339	$	292
Buildings and improvements	10-40	4,507		4,201
Manufacturing equipment	8-12	3,220		3,105
Laboratory equipment	8-12	1,346		1,277
Fixed equipment	12	2,526		2,478
Capitalized software	3-5	1,320		1,215
Other	5-10	941		929
Construction in progress	—	1,550		1,213
Property, plant and equipment, gross		15,749		14,710
Less accumulated depreciation and amortization		(9,808)		(9,283)
Property, plant and equipment, net		$	5,941	$	5,427

Property, Plant and Equipment by Geographic Area

Certain geographic information with respect to property, plant and equipment, net (long-lived assets), was as follows (in millions):


	December 31,
	2023		2022
U.S.	$	3,658	$	3,154
Puerto Rico	1,148		1,247
ROW	1,135		1,026
Total property, plant and equipment, net	$	5,941	$	5,427

Acquisitions and divestitures - Teneobio Inc. (Details) $ in Millions		12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) program	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Goodwill, adjustment		$ 3,089	$ 651
Additions		0	0	$ 309
Goodwill	$ 15,529	18,629	15,529	$ 14,890
Teneobio
Business Acquisition [Line Items]
Goodwill, adjustment		$ 22
Cash purchase price	993
Maximum additional consideration due contingent on certain milestones	1,600		1,600
Additions	299
Deferred tax liabilities	244		244
Goodwill	273		273
Teneobio \| R & D Technology rights
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 115
Weighted average period of amortization	10 years
Teneobio \| Licensing rights
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 41
Teneobio \| IPR&D
Business Acquisition [Line Items]
Acquired in-process research and development	991		991
Number of oncology programs comprising remaining IPR&D \| program		4
Teneobio \| IPR&D \| AMG 340
Business Acquisition [Line Items]
Acquired in-process research and development	$ 784		$ 784

Fair value measurement - Fair Value of Financial Assets and Liabilities on Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets:
Available-for-sale securities:	$ 10,404	$ 4,335
Other investments	0	130
Equity securities	4,514	815
Derivatives:
Total assets	15,063	5,621
Derivatives:
Contingent consideration obligations	96	270	$ 342	$ 33
Total liabilities	1,188	1,668
Foreign currency forward contracts
Derivatives:
Derivative assets	145	287
Derivatives:
Derivative liabilities	116	76
Cross-currency swap contracts
Derivatives:
Derivative assets	0	54
Derivatives:
Derivative liabilities	405	541
Interest rate swap contracts
Derivatives:
Derivative assets	0
Derivatives:
Derivative liabilities	571	776
Forward interest rate contracts
Derivatives:
Derivative liabilities	0	5
U.S. Treasury bills
Assets:
Available-for-sale securities:	0	1,676
Money market mutual funds
Assets:
Available-for-sale securities:	10,266	2,659
Other short-term interest-bearing securities
Assets:
Available-for-sale securities:	138	0
Quoted prices in active markets for identical assets (Level 1)
Assets:
Other investments	0	0
Equity securities	4,514	480
Derivatives:
Total assets	14,780	4,815
Derivatives:
Contingent consideration obligations	0	0
Total liabilities	0	0
Quoted prices in active markets for identical assets (Level 1) \| Foreign currency forward contracts
Derivatives:
Derivative assets	0	0
Derivatives:
Derivative liabilities	0	0
Quoted prices in active markets for identical assets (Level 1) \| Cross-currency swap contracts
Derivatives:
Derivative assets	0	0
Derivatives:
Derivative liabilities	0	0
Quoted prices in active markets for identical assets (Level 1) \| Interest rate swap contracts
Derivatives:
Derivative assets	0
Derivatives:
Derivative liabilities	0	0
Quoted prices in active markets for identical assets (Level 1) \| Forward interest rate contracts
Derivatives:
Derivative liabilities	0	0
Quoted prices in active markets for identical assets (Level 1) \| U.S. Treasury bills
Assets:
Available-for-sale securities:	0	1,676
Quoted prices in active markets for identical assets (Level 1) \| Money market mutual funds
Assets:
Available-for-sale securities:	10,266	2,659
Quoted prices in active markets for identical assets (Level 1) \| Other short-term interest-bearing securities
Assets:
Available-for-sale securities:	0	0
Significant other observable inputs (Level 2)
Assets:
Other investments	0	130
Equity securities	0	0
Derivatives:
Total assets	283	471
Derivatives:
Contingent consideration obligations	0	0
Total liabilities	1,092	1,398
Significant other observable inputs (Level 2) \| Foreign currency forward contracts
Derivatives:
Derivative assets	145	287
Derivatives:
Derivative liabilities	116	76
Significant other observable inputs (Level 2) \| Cross-currency swap contracts
Derivatives:
Derivative assets	0	54
Derivatives:
Derivative liabilities	405	541
Significant other observable inputs (Level 2) \| Interest rate swap contracts
Derivatives:
Derivative assets	0
Derivatives:
Derivative liabilities	571	776
Significant other observable inputs (Level 2) \| Forward interest rate contracts
Derivatives:
Derivative liabilities	0	5
Significant other observable inputs (Level 2) \| U.S. Treasury bills
Assets:
Available-for-sale securities:	0	0
Significant other observable inputs (Level 2) \| Money market mutual funds
Assets:
Available-for-sale securities:	0	0
Significant other observable inputs (Level 2) \| Other short-term interest-bearing securities
Assets:
Available-for-sale securities:	138	0
Significant unobservable inputs (Level 3)
Assets:
Other investments	0	0
Equity securities	0	335
Derivatives:
Total assets	0	335
Derivatives:
Contingent consideration obligations	96	270
Total liabilities	96	270
Significant unobservable inputs (Level 3) \| Foreign currency forward contracts
Derivatives:
Derivative assets	0	0
Derivatives:
Derivative liabilities	0	0
Significant unobservable inputs (Level 3) \| Cross-currency swap contracts
Derivatives:
Derivative assets	0	0
Derivatives:
Derivative liabilities	0	0
Significant unobservable inputs (Level 3) \| Interest rate swap contracts
Derivatives:
Derivative assets	0
Derivatives:
Derivative liabilities	0	0
Significant unobservable inputs (Level 3) \| Forward interest rate contracts
Derivatives:
Derivative liabilities	0	0
Significant unobservable inputs (Level 3) \| U.S. Treasury bills
Assets:
Available-for-sale securities:	0	0
Significant unobservable inputs (Level 3) \| Money market mutual funds
Assets:
Available-for-sale securities:	0	0
Significant unobservable inputs (Level 3) \| Other short-term interest-bearing securities
Assets:
Available-for-sale securities:	$ 0	$ 0

Investments - Schedule of Available-For-Sale Investments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt securities
Amortized cost	$ 10,404	$ 4,335
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Fair values	10,404	4,335
U.S. Treasury bills
Debt securities
Amortized cost	0	1,676
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Fair values	0	1,676
Money market mutual funds
Debt securities
Amortized cost	10,266	2,659
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Fair values	10,266	2,659
Other short-term interest-bearing securities
Debt securities
Amortized cost	138	0
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Fair values	$ 138	$ 0

Stock-based compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	4 Months Ended	12 Months Ended
	Feb. 14, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amount by which the pool of available shares will be reduced for each stock option granted (in shares)		1
The amount of common stock available under the plan for future grants and/or issuances (in shares)		12,000,000
Total unrecognized compensation cost related to nonvested awards		$ 498
Weighted average number of years over which compensation cost related to nonvested awards is expected to be recognized		1 year 7 months 6 days
Period over which the grants of equity instruments vest		3 years
Number of common shares issued for each performance unit earned (in shares)		1	1	1
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
The number of shares by which the pool of available shares will be reduced for other types of awards granted (in shares)		1.9
Number of shares added back for tax withholding on full value awards (in shares)		1.9
Weighted average grant date fair value, granted (in usd per share)		$ 237.70	$ 234.47	$ 233.10
Total fair value of units that vested during the year		$ 309	$ 192	$ 166
Units outstanding (in shares)		3,900,000	2,800,000
Weighted-average grant date fair value (in usd per share)		$ 246.43	$ 228.71
Units granted (in shares)		1,000,000.0
Units, forfeited (in shares)		300,000
Weighted average grant date fair value, forfeited (in usd per share)		$ 234.35
RSUs \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards accelerated and settled	$ 42
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period of stock options from date of grant		10 years
Total intrinsic value of stock options exercised during the year		$ 33	$ 67	56
Actual tax benefits realized from tax deductions from option exercises		$ 7	$ 14	$ 12
Performance units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
The number of shares by which the pool of available shares will be reduced for other types of awards granted (in shares)		1.9
Number of shares added back for tax withholding on full value awards (in shares)		1.9
Weighted average grant date fair value, granted (in usd per share)		$ 252.49	$ 247.48	$ 254.68
Total fair value of units that vested during the year		$ 109	$ 150	$ 149
Total unrecognized compensation cost related to nonvested awards		$ 146
Weighted average number of years over which compensation cost related to nonvested awards is expected to be recognized		1 year
Units outstanding (in shares)		1,700,000	1,600,000
Weighted-average grant date fair value (in usd per share)		$ 251.41	$ 250.27
Units granted (in shares)		700,000
Units, forfeited (in shares)		200,000
Weighted average grant date fair value, forfeited (in usd per share)		$ 251.38

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following (in millions):


	December 31,
	2023		2022
Raw materials	$	993	$	828
Work in process	5,747		3,098
Finished goods	2,778		1,004
Total inventories(1)	$	9,518	$	4,930

____________

(1) The increase to Inventories was primarily due to the estimated fair value of the acquired inventory from the Horizon acquisition. See Note 3, Acquisitions and divestitures.

Financing arrangements - Interest Costs (Details) - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Interest paid, net of interest rate and cross currency swaps	$ 2.4	$ 1.2	$ 1.2

Other current assets and accrued liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Sales deductions	$ 7,271	$ 5,986
Income taxes payable	1,664	1,195
Employee compensation and benefits	1,381	1,099
Dividends payable	1,205	1,137
Accrued interest payable	936	470
Other	2,902	2,637
Total accrued liabilities	$ 15,359	$ 12,524

Fair value measurement - Contingent Consideration Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Combination, Contingent Consideration [Roll Forward]
Beginning balance	$ 270	$ 342	$ 33
Additions	0	0	309
Payments	(9)	(7)	(7)
Net changes in valuations	(165)	(65)	7
Ending balance	$ 96	$ 270	$ 342

Stock-based compensation - Summary of RSUs (Details) - RSUs - $ / shares shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Units
Balance nonvested at beginning of period (in shares)	2.8
Granted (in shares)	1.0
Replacement awards granted - Horizon acquisition (in shares)	1.7
Vested (in shares)	(1.3)
Forfeited (in shares)	(0.3)
Balance nonvested at end of period (in shares)	3.9	2.8
Weighted-average grant date fair value
Balance nonvested at beginning of period (in usd per share)	$ 228.71
Granted (in usd per share)	237.70	$ 234.47	$ 233.10
Replacement awards granted - Horizon acquisition (in usd per share)	267.47
Vested (in usd per share)	231.81
Forfeited (in usd per share)	234.35
Balance nonvested at end of period (in usd per share)	$ 246.43	$ 228.71

Financing arrangements - Cross-Currency Swaps (Details)	Dec. 31, 2023
2.00% €750 million notes due 2026 (2.00% 2026 euro Notes) \| Notes payable
Debt Instrument [Line Items]
Interest rate, stated percentage	2.00%
2.00% €750 million notes due 2026 (2.00% 2026 euro Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.00%
5.50% £475 million notes due 2026 (5.50% 2026 pound sterling Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.50%
4.00% £700 million notes due 2029 (4.00% 2029 pound sterling Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69F

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Revenues

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenues

We operate in one business segment: human therapeutics. Therefore, results of our operations are reported on a consolidated basis for purposes of segment reporting, consistent with internal management reporting. Revenues by product and by geographic area, based on customers’ locations, are presented below. The majority of ROW revenues relates to products sold in Europe.

Revenues were as follows (in millions):


	Year ended December 31, 2023						Year ended December 31, 2022						Year ended December 31, 2021
	U.S.		ROW		Total		U.S.		ROW		Total		U.S.		ROW		Total
Prolia	$	2,733	$	1,315	$	4,048	$	2,465	$	1,163	$	3,628	$	2,150	$	1,098	$	3,248
ENBREL	3,650		47		3,697		4,044		73		4,117		4,352		113		4,465
Otezla	1,777		411		2,188		1,886		402		2,288		1,804		445		2,249
XGEVA	1,527		585		2,112		1,480		534		2,014		1,434		584		2,018
Repatha	793		842		1,635		608		688		1,296		557		560		1,117
Nplate	996		481		1,477		848		459		1,307		566		461		1,027
KYPROLIS	921		482		1,403		850		397		1,247		736		372		1,108
Aranesp	452		910		1,362		521		900		1,421		537		943		1,480
EVENITY	809		351		1,160		533		254		787		331		199		530
Vectibix	461		523		984		396		497		893		347		526		873
BLINCYTO	566		295		861		336		247		583		278		194		472
TEPEZZA(1)	441		7		448		—		—		—		—		—		—
KRYSTEXXA(1)	272		—		272		—		—		—		—		—		—
Other products(2)	3,874		1,389		5,263		3,776		1,444		5,220		4,194		1,516		5,710
Total product sales(3)	19,272		7,638		26,910		17,743		7,058		24,801		17,286		7,011		24,297
Other revenues	534		746		1,280		852		670		1,522		908		774		1,682
Total revenues	$	19,806	$	8,384	$	28,190	$	18,595	$	7,728	$	26,323	$	18,194	$	7,785	$	25,979

____________

(1) TEPEZZA and KRYSTEXXA were acquired from the acquisition of Horizon on October 6, 2023, and includes product sales from the acquisition date through December 31, 2023.

(2) Consists of product sales of our non-principal products, as well as sales prior to the divestiture of our Bergamo and Gensenta subsidiaries in the second quarter of 2023 and fourth quarter of 2022, respectively.

(3) Hedging gains and losses, which are included in product sales, were not material for the years ended December 31, 2023, 2022 and 2021.

In the United States, we sell primarily to pharmaceutical wholesale distributors that we use as the principal means of distributing our products to healthcare providers. Outside the United States, we sell principally to healthcare providers and/or pharmaceutical wholesale distributors depending on the distribution practice in each country. We monitor the financial condition of our larger customers and limit our credit exposure by setting credit limits and, in certain circumstances, by requiring letters of credit or obtaining credit insurance.

We had product sales to three customers that individually accounted for more than 10% of total revenues for each of the years ended December 31, 2023, 2022 and 2021. For the year ended December 31, 2023, on a combined basis, these customers accounted for 79% of total gross revenues as shown in the following table. Certain information with respect to these customers was as follows (dollar amounts in millions):


	Years ended December 31,
	2023			2022			2021
McKesson Corporation:
Gross product sales	$	19,035		$	17,305		$	15,187
% of total gross revenues	33		%	35		%	33		%
Cencora, Inc. (formerly AmerisourceBergen Corporation):
Gross product sales	$	16,625		$	15,443		$	14,783
% of total gross revenues	29		%	31		%	32		%
Cardinal Health, Inc.:
Gross product sales	$	9,775		$	8,319		$	7,681
% of total gross revenues	17		%	16		%	17		%

As of both December 31, 2023 and 2022, amounts due from these three customers each exceeded 10% of gross trade receivables and accounted for 75% of net trade receivables on a combined basis. As of December 31, 2023 and 2022, 22% and 26%, respectively, of net trade receivables were due from customers located outside the United States, the majority of which were from Europe. Our total allowance for doubtful accounts as of December 31, 2023 and 2022, was not material.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Income taxes - Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current provision:
Federal	$ 1,524	$ 1,721	$ 865
State	43	44	18
Foreign	786	304	359
Total current provision	2,353	2,069	1,242
Deferred benefit:
Federal	(1,124)	(1,185)	(308)
State	(25)	(27)	(9)
Foreign	(66)	(63)	(117)
Total deferred benefit	(1,215)	(1,275)	(434)
Total provision for income taxes	$ 1,138	$ 794	$ 808

Income taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income taxes

Income before income taxes included the following (in millions):


	Years ended December 31,
	2023		2022		2021
Domestic	$	4,047	$	3,026	$	1,850
Foreign	3,808		4,320		4,851
Total income before income taxes	$	7,855	$	7,346	$	6,701

The provision for income taxes included the following (in millions):


	Years ended December 31,
	2023		2022		2021
Current provision:
Federal	$	1,524	$	1,721	$	865
State	43		44		18
Foreign	786		304		359
Total current provision	2,353		2,069		1,242
Deferred benefit:
Federal	(1,124)		(1,185)		(308)
State	(25)		(27)		(9)
Foreign	(66)		(63)		(117)
Total deferred benefit	(1,215)		(1,275)		(434)
Total provision for income taxes	$	1,138	$	794	$	808

Deferred income taxes reflect the tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, tax credit carryforwards and the tax effects of NOL carryforwards. As of December 31, 2022, we elected to establish deferred taxes with respect to the U.S. minimum tax on the earnings of our foreign subsidiaries for the reversal of temporary items in future years. Significant components of our deferred tax assets and liabilities were as follows (in millions):


	December 31,
	2023		2022
Deferred income tax assets:
NOL and credit carryforwards	$	1,465	$	1,344
Accrued expenses	668		584
Capitalized research and development expenses	1,333		515
Investments	—		270
Expenses capitalized for tax	210		211
Earnings of foreign subsidiaries	1,260		192
Stock-based compensation	159		104
Other	416		317
Total deferred income tax assets	5,511		3,537
Valuation allowance	(957)		(718)
Net deferred income tax assets	4,554		2,819

Deferred income tax liabilities:
Acquired intangible assets	(3,028)		(1,238)
Debt	(268)		(272)
Fixed assets	(140)		(112)
Fair value of acquired inventory	(349)		(5)
Investments	(99)		—
Other	(224)		(249)
Total deferred income tax liabilities	(4,108)		(1,876)
Total deferred income taxes, net	$	446	$	943

The Company has determined that unremitted foreign earnings are not considered indefinitely reinvested to the extent foreign earnings can be distributed without a significant tax cost. For the amount considered to be indefinitely reinvested, it is not practicable to determine the amount of the related deferred income tax liability due to the complexities of the tax laws and assumptions we would have to make.

Valuation allowances are provided to reduce the amounts of our deferred tax assets to an amount that is more likely than not to be realized based on an assessment of positive and negative evidence, including estimates of future taxable income necessary to realize future deductible amounts.

The valuation allowance increased in 2023, primarily driven by the Company’s expectation that certain state R&D credits will expire unused as well as acquired state credits and state NOLs not expected to be realized.

As of December 31, 2023, we had $201 million of federal tax credit carryforwards available to reduce future federal income taxes and have provided a valuation allowance for $19 million of those federal tax credit carryforwards. The federal tax credit carryforwards expire between 2024 and 2044. We had $1.1 billion of state tax credit carryforwards available to reduce future state income taxes and have provided a valuation allowance for $971 million of those state tax credit carryforwards. We had $84 million of tax credit carryforwards related to our foreign jurisdictions available to offset future foreign income taxes for which we have provided $59 million valuation allowance.

As of December 31, 2023, we had $869 million of federal NOL carryforwards available to reduce future federal income taxes and have provided no valuation allowance on those federal NOL carryforwards. Additionally, $691 million of those federal NOL carryforwards have no expiration; the remainder begin to expire between 2025 and 2037. We had $872 million of state NOL carryforwards available to reduce future state income taxes and have provided a valuation allowance for

$738 million of those state NOL carryforwards. We had $1.3 billion of foreign NOL carryforwards available to reduce future foreign income taxes and have provided a valuation allowance for $238 million of those foreign NOL carryforwards. For the foreign NOLs with no valuation allowance provided, $243 million have no expiration; and the remainder will expire between 2024 and 2033.

The reconciliations of the total gross amounts of UTBs were as follows (in millions):


	Years ended December 31,
	2023		2022		2021
Beginning balance	$	3,770	$	3,546	$	3,352
Additions based on tax positions related to the current year	196		151		171
Additions based on tax positions related to prior years	56		90		35
Reductions for tax positions of prior years	—		(14)		(4)
Reductions for expiration of statute of limitations	(4)		(3)		—
Settlements	(6)		—		(8)
Ending balance	$	4,012	$	3,770	$	3,546

Substantially all of the UTBs as of December 31, 2023, if recognized, would affect our effective tax rate. As a result, we remeasured our UTBs accordingly.

Interest and penalties related to UTBs are included in our provision for income taxes. During the years ended December 31, 2023, 2022 and 2021, we recognized $287 million, $189 million and $98 million, respectively, of interest and penalties through the income tax provision in the Consolidated Statements of Income. The increase in interest expense for the year ended December 31, 2023, was primarily due to higher interest rates during 2023 and acquired positions. As of December 31, 2023 and 2022, accrued interest and penalties associated with UTBs were $1.4 billion and $1.1 billion, respectively.

The reconciliations between the federal statutory tax rate applied to income before income taxes and our effective tax rate were as follows:


	Years ended December 31,
	2023		2022		2021
Federal statutory tax rate	21.0	%	21.0	%	21.0	%
Foreign earnings	(5.1)	%	(5.6)	%	(7.8)	%
Foreign-derived intangible income	(1.3)	%	(1.3)	%	(1.0)	%
Credits, Puerto Rico excise tax	0.3	%	(2.8)	%	(3.4)	%

Interest on uncertain tax positions	2.6	%	1.9	%	1.1	%
Credits, primarily federal R&D	(3.5)	%	(2.0)	%	(2.1)	%
Acquisition IPR&D	—	%	—	%	4.9	%

Other, net	0.5	%	(0.4)	%	(0.6)	%
Effective tax rate	14.5	%	10.8	%	12.1	%

The effective tax rates for the years ended December 31, 2023, 2022 and 2021, differ from the federal statutory rate primarily due to impacts of the jurisdictional mix of income and expenses. Substantially all of the benefit to our effective tax rate from foreign earnings results from locations where the Company has significant manufacturing operations, including Singapore, Ireland and Puerto Rico, a territory of the United States that is treated as a foreign jurisdiction for U.S. tax purposes. Our operations in Puerto Rico are subject to tax incentive grants through 2050. Additionally, the Company’s operations conducted in Singapore are subject to a tax incentive grant through 2036. Our foreign earnings are also subject to U.S. tax at a reduced rate of 10.5%.

We are no longer subject to a 4% excise tax in the U.S. territory of Puerto Rico on the gross intercompany purchase price of goods and services from our manufacturer in Puerto Rico. As of January 1, 2023, we qualify for and are subject to the alternative income tax rate on industrial development income of our Puerto Rico affiliate. In the United States, this income tax qualifies for foreign tax credits. Both this income tax and the associated foreign tax credits are generally recognized in our provision for income taxes. We accounted for the 2022 excise tax that was capitalized in Inventories as an expense in Cost of sales when the related products were sold in 2023, and a foreign tax credit was not recognized in 2023 with respect to the excise tax.

Income taxes paid during the years ended December 31, 2023, 2022 and 2021, were $3.4 billion, $2.4 billion and $1.9 billion, respectively.

One or more of our legal entities file income tax returns in the U.S. federal jurisdiction, various U.S. state jurisdictions and certain foreign jurisdictions. Our income tax returns are routinely examined by tax authorities in those jurisdictions. Significant disputes can and have arisen with tax authorities involving issues regarding the timing and amount of deductions, the use of tax credits and allocations of income and expenses among various tax jurisdictions because of differing interpretations of tax laws, regulations and relevant facts. Tax authorities, including the IRS, are becoming more aggressive and are particularly focused on such matters.

In 2017, we received an RAR and a modified RAR from the IRS for the years 2010–2012, proposing significant adjustments that primarily relate to the allocation of profits between certain of our entities in the United States and the U.S. territory of Puerto Rico. We disagreed with the proposed adjustments and calculations and pursued resolution with the IRS appeals office but were unable to reach resolution. In July 2021, we filed a petition in the U.S. Tax Court to contest two duplicate Statutory Notices of Deficiency (Notices) for the years 2010–2012 that we received in May and July 2021, which seek to increase our U.S. taxable income for the years 2010–2012 by an amount that would result in additional federal tax of approximately $3.6 billion plus interest. Any additional tax that could be imposed for the years 2010–2012 would be reduced by up to approximately $900 million of repatriation tax previously accrued on our foreign earnings.

In 2020, we received an RAR and a modified RAR from the IRS for the years 2013–2015, also proposing significant adjustments that primarily relate to the allocation of profits between certain of our entities in the United States and the U.S. territory of Puerto Rico similar to those proposed for the years 2010–2012. We disagreed with the proposed adjustments and calculations and pursued resolution with the IRS appeals office but were unable to reach resolution. In July 2022, we filed a petition in the U.S. Tax Court to contest a Notice for the years 2013–2015 that we previously reported receiving in April 2022 that seeks to increase our U.S. taxable income for the years 2013–2015 by an amount that would result in additional federal tax of approximately $5.1 billion, plus interest. In addition, the Notice asserts penalties of approximately $2.0 billion. Any additional tax that could be imposed for the years 2013–2015 would be reduced by up to approximately $2.2 billion of repatriation tax previously accrued on our foreign earnings.

We firmly believe that the IRS positions set forth in the 2010–2012 and 2013–2015 Notices are without merit. We are contesting the 2010–2012 and 2013–2015 Notices through the judicial process. The two cases were consolidated in the U.S. Tax Court on December 19, 2022. On February 10, 2023, the U.S. Tax Court entered an order setting a trial date of November 4, 2024.

We are currently under examination by the IRS for the years 2016–2018 with respect to issues similar to those for the 2010 through 2015 period. In addition, we are under examination by a number of state and foreign tax jurisdictions.

Final resolution of these complex matters is not likely within the next 12 months. We continue to believe our accrual for income tax liabilities is appropriate based on past experience, interpretations of tax law, application of the tax law to our facts and judgments about potential actions by tax authorities; however, due to the complexity of the provision for income taxes and uncertain resolution of these matters, the ultimate outcome of any tax matters may result in payments substantially greater than amounts accrued and could have a material adverse impact on our consolidated financial statements.

We are no longer subject to U.S. federal income tax examinations for years ended on or before December 31, 2009.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Summary of significant accounting policies	12 Months Ended
Summary of significant accounting policies	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of significant accounting policies	Summary of significant accounting policies Business Amgen Inc. (including its subsidiaries, referred to as “Amgen,” “the Company,” “we,” “our” or “us”) is a global biotechnology pioneer that discovers, develops, manufactures and delivers innovative human therapeutics. We operate in one business segment: human therapeutics. Principles of consolidation The consolidated financial statements include the accounts of Amgen as well as its majority-owned subsidiaries. In determining whether we are the primary beneficiary of a variable interest entity, we consider whether we have both the power to direct activities of the entity that most significantly impact the entity’s economic performance and the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to that entity. We do not have any significant interests in any variable interest entities of which we are the primary beneficiary. All material intercompany transactions and balances have been eliminated in consolidation. Certain reclassifications have been made to prior periods in the consolidated financial statements and accompanying notes to conform with the current presentation. On October 6, 2023, Amgen completed its acquisition of Horizon, and its operations became included in our consolidated financial statements commencing on the acquisition date. See Note 3, Acquisitions and divestitures, for additional information regarding this acquisition. Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from those estimates. Revenues Product sales and sales deductions Revenue from product sales is recognized upon transfer of control of a product to a customer, generally upon delivery, based on an amount that reflects the consideration to which we expect to be entitled, net of accruals for estimated rebates, wholesaler chargebacks, discounts and other deductions (collectively, sales deductions) and returns established at the time of sale. We analyze the adequacy of our accruals for sales deductions quarterly. Amounts accrued for sales deductions are adjusted when trends or significant events indicate that an adjustment is appropriate. Accruals are also adjusted to reflect actual results. Accruals for sales deductions are based primarily on estimates of the amounts earned or to be claimed on the related sales. These estimates take into consideration current contractual and statutory requirements, specific known market events and trends, internal and external historical data and forecasted customer buying patterns. Sales deductions are substantially product specific and therefore, for any given period, can be affected by the mix of products sold. Included in sales deductions are immaterial net adjustments related to prior-period sales due to changes in estimates. Returns are estimated through comparison of historical return data with their related sales on a production lot basis. Historical rates of return are determined for each product and are adjusted for known or expected changes in the marketplace specific to each product, when appropriate. Historically, sales return provisions have amounted to less than 1% of gross product sales. Changes in estimates for prior-period sales return provisions have historically been immaterial. Our payment terms vary by types and locations of customers and by products or services offered. Payment terms differ by jurisdiction and customer, but payment is generally required in a term ranging from 30 to 120 days from date of shipment or satisfaction of the performance obligation. For certain products or services and certain customer types, we may require payment before products are delivered or services are rendered to customers. Indirect taxes collected from customers and remitted to government authorities that are related to sales of the Company’s products, primarily in Europe, are excluded from revenues. As a practical expedient, sales commissions are expensed when incurred because the amortization period would have been one year or less. These costs are recorded in SG&A expense in the Consolidated Statements of Income. Other revenues Other revenues consist primarily of royalty income and corporate partner revenues. Royalties from licensees are based on third-party sales of licensed products and are recorded when the related third-party product sale occurs. Royalty income is estimated based on historical and forecasted sales trends. Corporate partner revenues are composed mainly of license fees and milestones earned and our share of commercial profits generated from collaborations. See Arrangements with multiple-performance obligations, discussed below. Arrangements with multiple-performance obligations From time to time, we enter into arrangements for the R&D, manufacture and/or commercialization of products and product candidates. Such arrangements may require us to deliver various rights, services and/or goods, including intellectual property rights/licenses, R&D services, manufacturing services and/or commercialization services. The underlying terms of these arrangements generally provide for consideration to Amgen in the form of nonrefundable, upfront license fees; development and commercial-performance milestone payments; royalty payments; and/or profit sharing. In arrangements involving more than one performance obligation, each required performance obligation is evaluated to determine whether it qualifies as a distinct performance obligation based on whether (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available and (ii) the good or service is separately identifiable from other promises in the contract. The consideration under the arrangement is then allocated to each separate distinct performance obligation based on its respective relative stand-alone selling price. The estimated selling price of each deliverable reflects our best estimate of what the selling price would be if the deliverable was regularly sold by us on a stand-alone basis or by using an adjusted market assessment approach if selling price on a stand-alone basis is not available. The consideration allocated to each distinct performance obligation is recognized as revenue when control of the related goods or services is transferred. Consideration associated with at-risk substantive performance milestones is recognized as revenue when it is probable that a significant reversal of the cumulative revenue recognized will not occur. We utilize the sales- and usage-based royalty exception in arrangements that resulted from the license of intellectual property, recognizing revenues generated from royalties or profit sharing as the underlying sales occur. Research and development costs R&D costs are expensed as incurred and primarily include salaries, benefits and other staff-related costs; facilities and overhead costs; clinical trial and related clinical manufacturing costs; contract services and other outside costs; information systems’ costs; and amortization of acquired technology used in R&D with alternative future uses. R&D expenses also include costs and cost recoveries associated with third-party R&D arrangements, including upfront fees and milestones paid to third parties in connection with technologies that had not reached technological feasibility and did not have an alternative future use. Net payment or reimbursement of R&D costs is recognized when the obligations are incurred or as we become entitled to the cost recovery. See Note 9, Collaborations. Selling, general and administrative costs SG&A costs are primarily composed of salaries, benefits and other staff-related costs associated with sales and marketing, finance, legal and other administrative personnel; facilities and overhead costs; outside marketing, advertising and legal expenses; the U.S. healthcare reform federal excise fee on Branded Prescription Pharmaceutical Manufacturers and Importers; and other general and administrative costs. Advertising costs are expensed as incurred and were $647 million, $841 million and $843 million during the years ended December 31, 2023, 2022 and 2021, respectively. SG&A expenses also include costs and cost recoveries associated with marketing and promotion efforts under certain collaborative arrangements. Net payment or reimbursement of SG&A costs is recognized when the obligations are incurred or we become entitled to the cost recovery. See Note 9, Collaborations. Leases At inception of a contract, we determine whether an arrangement is or contains a lease. For all leases, we determine the classification as either operating or financing. Operating leases are included in Other noncurrent assets, Accrued liabilities and Other noncurrent liabilities in our Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments under the lease. Lease recognition occurs at the commencement date, and lease liability amounts are based on the present value of lease payments made during the lease term. Our lease terms may include options to extend or terminate a lease when it is reasonably certain that we will exercise that option. Because most of our leases do not provide information to determine an implicit interest rate, we use our incremental borrowing rate in determining the present value of lease payments. ROU assets also include any lease payments made prior to the commencement date less lease incentives received. Operating lease expense is recognized on a straight-line basis over the lease term. We have lease agreements with both lease and nonlease components, which are generally accounted for together as a single lease component. In addition, for certain vehicle and equipment leases, we apply a portfolio approach to determine the lease term and discount rate. Stock-based compensation We have stock-based compensation plans under which various types of equity-based awards are granted, including RSUs, performance units and stock options. The fair values of RSUs and stock option awards, which are subject only to service conditions with graded vesting, are recognized as compensation expense, generally on a straight-line basis over the service period, net of estimated forfeitures. The fair values of performance unit awards are recognized as compensation expense, generally on a straight-line basis from the grant date to the end of the performance period. See Note 5, Stock-based compensation. Income taxes We provide for income taxes based on pretax income and applicable tax rates in the various jurisdictions in which we operate. Significant judgment is required in determining our provision for income taxes and income tax assets and liabilities, including evaluating uncertainties in the application of accounting principles and complex tax laws. Deferred income taxes are recorded for the expected tax consequences of temporary differences between the bases of assets and liabilities, as well as for loss and tax credit carryforwards for financial reporting purposes and amounts recognized for income tax purposes. We record a valuation allowance to reduce our deferred tax assets to the amount of future tax benefit that is more likely than not to be realized. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by tax authorities based on the technical merits of the position. The tax benefit recognized in the consolidated financial statements for a particular tax position is based on the largest benefit that is more likely than not to be realized. The amount of UTBs is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by tax authorities, new information obtained during a tax examination or resolution of an examination. We recognize both accrued interest and penalties, when appropriate, related to UTBs in income tax expense. See Note 7, Income taxes. Acquisitions We first determine whether a set of assets acquired constitute a business and should be accounted for as a business combination. If the assets acquired do not constitute a business, we account for the transaction as an asset acquisition. Business combinations are accounted for by means of the acquisition method of accounting. Under the acquisition method, assets acquired, including IPR&D projects, and liabilities assumed are recorded at their respective fair values as of the acquisition date in our consolidated financial statements. The excess of the fair value of consideration transferred over the fair value of the net assets acquired is recorded as goodwill. Contingent consideration obligations incurred in connection with a business combination (including the assumption of an acquiree’s liability arising from an acquisition it consummated prior to our acquisition) are recorded at their fair values on the acquisition date and remeasured at their fair values each subsequent reporting period until the related contingencies have been resolved. The resulting changes in fair values are recorded in earnings. In contrast, asset acquisitions are accounted for by using a cost accumulation and allocation model. Under this model, the cost of the acquisition is allocated to the assets acquired and liabilities assumed. IPR&D projects with no alternative future use are recorded in R&D expense upon acquisition, and contingent consideration obligations incurred in connection with an asset acquisition are recorded when it is probable that they will occur and they can be reasonably estimated. See Note 3, Acquisitions and divestitures, and Note 18, Fair value measurement. Cash equivalents We consider cash equivalents to be only those investments that are highly liquid, that are readily convertible to cash and that mature within three months from the date of purchase. Interest-bearing securities We consider our interest-bearing securities investment portfolio as available-for-sale, and accordingly, these investments are recorded at fair value, with unrealized gains and losses recorded in AOCI. Investments with maturities beyond one year may be classified as short-term marketable securities in the Consolidated Balance Sheets due to their highly liquid nature and because they represent the Company’s investments that are available for current operations. See Note 10, Investments, and Note 18, Fair value measurement. Inventories Inventories are stated at the lower of cost or net realizable value. Cost, which includes amounts related to materials, labor and overhead, is determined in a manner that approximates the first-in, first-out method. Net realizable value is the estimated selling price in the ordinary course of business less reasonably predictable costs of completion, disposal and transportation. See Note 11, Inventories. Derivatives We recognize all of our derivative instruments as either assets or liabilities at fair value in the Consolidated Balance Sheets. The accounting for changes in the fair value of a derivative instrument depends on whether the derivative has been formally designated and qualifies as part of a hedging relationship under the applicable accounting standards and, further, on the type of hedging relationship. For derivatives formally designated as hedges, we assess both at inception and quarterly thereafter whether the hedging derivatives are highly effective in offsetting changes in either the fair value or cash flows of the hedged item. Our derivatives that are not designated and do not qualify as hedges are adjusted to fair value through current earnings. See Note 18, Fair value measurement, and Note 19, Derivative instruments. Property, plant and equipment, net Property, plant and equipment is recorded at historical cost, net of accumulated depreciation, amortization and, if applicable, impairment charges. We review our property, plant and equipment assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Depreciation is recorded over the assets’ useful lives on a straight-line basis. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or lease terms. See Note 12, Property, plant and equipment. Goodwill and other intangible assets Finite-lived intangible assets are recorded at cost, net of accumulated amortization, and, if applicable, impairment charges. Amortization of finite-lived intangible assets is recorded over the assets’ estimated useful lives on a straight-line basis or based on the pattern in which economic benefits are consumed, if reliably determinable. We review our finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. See Note 13, Goodwill and other intangible assets. The fair values of IPR&D projects acquired in a business combination that are not complete are capitalized and accounted for as indefinite-lived intangible assets until completion or abandonment of the related R&D efforts. Upon successful completion of the project, the capitalized amount is amortized over its estimated useful life. If a project is abandoned, all remaining capitalized amounts are written off immediately. Major risks and uncertainties are often associated with IPR&D projects because we are required to obtain regulatory approvals before marketing the resulting products. Such approvals require completing clinical trials that demonstrate a product candidate is safe and effective. Consequently, the eventual realized value of the acquired IPR&D project may vary from its fair value at the date of acquisition, and IPR&D impairment charges may occur in future periods. Capitalized IPR&D projects are tested for impairment annually and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We consider various factors for potential impairment, including the current legal and regulatory environment and the competitive landscape. Adverse clinical trial results, significant delays in obtaining marketing approval, the inability to bring a product to market and the introduction or advancement of competitors’ products could result in partial or full impairment of the related intangible assets. We perform an impairment test of goodwill annually and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. To date, an impairment of goodwill has not been recorded. See Note 13, Goodwill and other intangible assets. Contingencies In the ordinary course of business, we are involved in various legal proceedings, government investigations and other matters that are complex in nature and have outcomes that are difficult to predict. Certain of these proceedings are discussed in Note 20, Contingencies and commitments. We record accruals for loss contingencies to the extent that we conclude it is probable that a liability has been incurred and the amount of the related loss can be reasonably estimated. We evaluate, on a quarterly basis, developments in legal proceedings and other matters that could cause an increase or decrease in the amount of the liability that has been accrued previously. Foreign currency translation The net assets of international subsidiaries whose functional currencies are not in U.S. dollars are translated into U.S. dollars using current exchange rates. The U.S. dollar effects that arise from translation of the net assets of these subsidiaries at changing rates are recognized in AOCI. The subsidiaries’ earnings are translated into U.S. dollars by using average exchange rates. Equity investments Marketable and nonmarketable equity securities Investments in publicly traded equity securities with readily determinable fair values are recorded at quoted market prices for identical securities, with changes in fair value recorded in Other income (expense), net, in the Consolidated Statements of Income. Investments in equity securities without readily determinable fair values are recorded at cost minus impairment, if any, adjusted for changes resulting from observable price changes in orderly transactions for identical or similar securities. Such adjustments are recorded in Other income (expense), net, in the Consolidated Statements of Income. Equity method investments Equity investments that give us the ability to exert significant influence, but not control, over an investee for which we have not elected the fair value option are accounted for under the equity method of accounting. In concluding whether we have the ability to exercise significant influence over an investee, we consider factors such as our ownership percentage, voting and other shareholder rights, board of directors representation and the existence of other collaborative or business relationships. The equity method of accounting requires us to allocate the difference between the fair value of securities acquired and our proportionate share of the carrying value of the underlying assets (the basis difference) to various items and amortize such differences over their useful lives. Our share of investees’ earnings or losses and amortization of basis differences, if any, are recorded one quarter in arrears in Other income (expense), net, in the Consolidated Statements of Income. We record impairment losses on our equity method investments if we deem the impairment to be other-than-temporary. We deem an impairment to be other-than-temporary based on various factors, including but not limited to, the length of time the fair value is below the carrying value, volatility of the security price and our intent and ability to retain the investment to allow for a recovery in fair value. For equity method investments for which we have elected the fair value option, changes in fair value are recorded in Other income (expense), net, in the Consolidated Statements of Income. Additionally, we hold investments in limited partnerships, which primarily invest in early-stage biotechnology companies. As a practical expedient, such limited partnership investments are measured by using our proportionate share of the net asset values of the underlying investments held by the limited partnerships, with such changes included in Other income (expense), net, in the Consolidated Statements of Income. Recent accounting pronouncements In November 2023, the FASB issued a new accounting standard which improves reportable segment disclosure requirements. The new standard will require enhanced disclosures about a public company’s significant segment expenses and more timely and detailed segment information reporting throughout the fiscal period, including for companies with a single reportable segment. The standard is effective for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024, and early adoption is permitted. We are currently evaluating the impact of this new standard on our consolidated financial statements and related disclosures. In December 2023, the FASB issued a new accounting standard which improves income tax disclosure requirements. The new standard will require more detailed information on several income tax disclosures, such as income taxes paid and the income tax rate reconciliation table. The standard is effective for public business entities such as Amgen with annual periods beginning after December 15, 2024, and early adoption is permitted. We are currently evaluating the impact of this new standard on our consolidated financial statements and related disclosures.

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

We lease certain facilities and equipment related primarily to R&D, administrative and commercial activities. Leases with terms of 12 months or less are expensed as incurred and are not recorded in the Consolidated Balance Sheets.

Most leases include one or more options to renew, with renewal terms that may extend the lease term up to seven years. The exercise of lease renewal options is at our sole discretion. In addition, some of our lease agreements include rental payments adjusted periodically for inflation. Our lease agreements neither contain residual value guarantees nor impose significant restrictions or covenants. We sublease certain real estate to third parties. Our sublease portfolio consists of operating leases from former R&D and administrative space.

The following table summarizes information related to our leases, all of which are classified as operating, included in our Consolidated Balance Sheets (in millions):


	December 31,
Consolidated Balance Sheets locations	2023		2022
Assets:
Other noncurrent assets	$	651	$	579
Liabilities:
Accrued liabilities	$	119	$	156
Other noncurrent liabilities	691		539
Total lease liabilities	$	810	$	695

The components of net lease costs were as follows (in millions):


	Years ended December 31,
Lease costs	2023		2022		2021
Operating(1)	$	208	$	218	$	237






Sublease income	(28)		(32)		(38)
Total net lease costs	$	180	$	186	$	199

____________

(1) Includes short-term leases and variable lease costs, which were not material for the years ended December 31, 2023, 2022 and 2021.

Maturities of lease liabilities as of December 31, 2023, were as follows (in millions):


Maturity dates	Amounts
2024	$	138
2025	121
2026	109
2027	95
2028	74
Thereafter	440
Total lease payments(1)	977
Less imputed interest	(167)
Present value of lease liabilities	$	810

____________

(1) Includes future rental commitments for abandoned leases of $67 million. We expect to receive total future rental income of $70 million related to noncancellable subleases for abandoned facilities.

The weighted-average remaining lease terms and weighted-average discount rates were as follows:


	December 31,
	2023		2022
Weighted-average remaining lease term (in years)	9.7		8.2
Weighted-average discount rate	3.6	%	2.7	%

Cash and noncash information related to our leases was as follows (in millions):


	Years ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	182	$	171	$	190


ROU assets obtained in exchange for lease obligations:
Operating leases	$	245	$	191	$	340

As of December 31, 2023, there were no future lease payments for leases that have not yet commenced.

Investments - Available-For-Sale (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Cash	$ 540	$ 4,970
Interest income	$ 1,200	$ 127	$ 11

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References + Details

Financing arrangements - Contractual Maturities of Long-term Debt (Details) $ in Millions	Dec. 31, 2023 USD ($)
Maturities of Long-term Debt [Abstract]
2024	$ 1,403
2025	5,500
2026	6,183
2027	2,724
2028	4,984
Thereafter	45,553
Total	$ 66,347

Stockholders' equity - Summary of Stock Repurchase Program Activity (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended												12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Stock repurchases (in shares)	0.0	0.0	0.0	0.0	0.0	1.5	0.0	24.6	6.9	4.6	6.5	3.7	0.0	26.1	21.7
Stock repurchases	$ 0	$ 0	$ 0	$ 0	$ 0	$ 900	$ 0	$ 5,410	$ 1,461	$ 1,069	$ 1,592	$ 865	$ 0	$ 6,310	$ 4,987

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Financing arrangements - Debt Repayments and Redemptions (Details) € in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 EUR (€)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 CHF (SFr)
Debt Instrument [Line Items]
Repayments of debt	$ 1,454,000,000	$ 0	$ 4,150,000,000
Interest expense, net	2,875,000,000	1,406,000,000	1,197,000,000
Notes
Debt Instrument [Line Items]
Face amount		7,000,000,000	5,000,000,000		$ 24,000,000,000
Repayments of debt		$ 0	4,200,000,000
Interest expense, net			$ 24,000,000
2.25% notes due 2023 (2.25% 2023 Notes) \| Notes
Debt Instrument [Line Items]
Face amount	750,000,000
Interest rate, stated percentage		2.25%				2.25%
0.41% CHF700 million bonds due 2023 (0.41% 2023 Swiss franc Bonds) \| Cross-currency swap contract gains (losses) \| Cash flow hedge
Debt Instrument [Line Items]
Notional amount	$ 704,000,000
0.41% CHF700 million bonds due 2023 (0.41% 2023 Swiss franc Bonds) \| Notes
Debt Instrument [Line Items]
Face amount \| SFr						SFr 700,000,000
Interest rate, stated percentage	0.41%	0.41%			0.41%	0.41%
1.25% notes due 2022 (1.25% 2022 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage			1.25%
Repayments of debt			$ 1,400,000,000	€ 1,250
2.70% notes due 2022 (2.70% 2022 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage			2.70%
Repayments of debt			$ 500,000,000
2.65% notes due 2022 (2.65% 2022 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage			2.65%
Repayments of debt			$ 1,500,000,000
3.625% Notes Due 2022 \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage			3.625%
Repayments of debt			$ 750,000,000

Acquisitions and divestitures - Summary of Total Consideration for Horizon Therapeutics plc (Details) - USD ($) $ in Millions	Dec. 31, 2023	Oct. 06, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 18,629		$ 15,529	$ 14,890
Horizon Therapeutics
Business Acquisition [Line Items]
Cash and cash equivalents		$ 681
Inventories	$ 5,000	5,025
Property, plant and equipment, net		318
Acquired in-process research and development		1,060
Goodwill		3,111
Deferred tax asset		834
Deferred tax liability, net		(2,492)
Other liabilities, net		(294)
Total assets acquired, net		27,833
Horizon Therapeutics \| Developed-product-technology rights
Business Acquisition [Line Items]
Finite-lived intangible assets – developed-product-technology rights		$ 19,590

Earnings per share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Computation for Basic and Diluted Earnings per Share

The computations for basic and diluted EPS were as follows (in millions, except per-share data):


	Years ended December 31,
	2023		2022		2021
Income (Numerator):
Net income for basic and diluted EPS	$	6,717	$	6,552	$	5,893

Shares (Denominator):
Weighted-average shares for basic EPS	535		538		570
Effect of dilutive securities	3		3		3
Weighted-average shares for diluted EPS	538		541		573

Basic EPS	$	12.56	$	12.18	$	10.34
Diluted EPS	$	12.49	$	12.11	$	10.28

Revenues - Disaggregation of Revenue by Product and by Geographic Area (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 28,190	$ 26,323	$ 25,979
U.S.
Disaggregation of Revenue [Line Items]
Total revenues	19,806	18,595	18,194
ROW
Disaggregation of Revenue [Line Items]
Total revenues	8,384	7,728	7,785
Prolia
Disaggregation of Revenue [Line Items]
Total revenues	4,048	3,628	3,248
Prolia \| U.S.
Disaggregation of Revenue [Line Items]
Total revenues	2,733	2,465	2,150
Prolia \| ROW
Disaggregation of Revenue [Line Items]
Total revenues	1,315	1,163	1,098
ENBREL
Disaggregation of Revenue [Line Items]
Total revenues	3,697	4,117	4,465
ENBREL \| U.S.
Disaggregation of Revenue [Line Items]
Total revenues	3,650	4,044	4,352
ENBREL \| ROW
Disaggregation of Revenue [Line Items]
Total revenues	47	73	113
Otezla
Disaggregation of Revenue [Line Items]
Total revenues	2,188	2,288	2,249
Otezla \| U.S.
Disaggregation of Revenue [Line Items]
Total revenues	1,777	1,886	1,804
Otezla \| ROW
Disaggregation of Revenue [Line Items]
Total revenues	411	402	445
XGEVA
Disaggregation of Revenue [Line Items]
Total revenues	2,112	2,014	2,018
XGEVA \| U.S.
Disaggregation of Revenue [Line Items]
Total revenues	1,527	1,480	1,434
XGEVA \| ROW
Disaggregation of Revenue [Line Items]
Total revenues	585	534	584
Repatha
Disaggregation of Revenue [Line Items]
Total revenues	1,635	1,296	1,117
Repatha \| U.S.
Disaggregation of Revenue [Line Items]
Total revenues	793	608	557
Repatha \| ROW
Disaggregation of Revenue [Line Items]
Total revenues	842	688	560
Nplate
Disaggregation of Revenue [Line Items]
Total revenues	1,477	1,307	1,027
Nplate \| U.S.
Disaggregation of Revenue [Line Items]
Total revenues	996	848	566
Nplate \| ROW
Disaggregation of Revenue [Line Items]
Total revenues	481	459	461
KYPROLIS
Disaggregation of Revenue [Line Items]
Total revenues	1,403	1,247	1,108
KYPROLIS \| U.S.
Disaggregation of Revenue [Line Items]
Total revenues	921	850	736
KYPROLIS \| ROW
Disaggregation of Revenue [Line Items]
Total revenues	482	397	372
Aranesp
Disaggregation of Revenue [Line Items]
Total revenues	1,362	1,421	1,480
Aranesp \| U.S.
Disaggregation of Revenue [Line Items]
Total revenues	452	521	537
Aranesp \| ROW
Disaggregation of Revenue [Line Items]
Total revenues	910	900	943
EVENITY
Disaggregation of Revenue [Line Items]
Total revenues	1,160	787	530
EVENITY \| U.S.
Disaggregation of Revenue [Line Items]
Total revenues	809	533	331
EVENITY \| ROW
Disaggregation of Revenue [Line Items]
Total revenues	351	254	199
Vectibix
Disaggregation of Revenue [Line Items]
Total revenues	984	893	873
Vectibix \| U.S.
Disaggregation of Revenue [Line Items]
Total revenues	461	396	347
Vectibix \| ROW
Disaggregation of Revenue [Line Items]
Total revenues	523	497	526
BLINCYTO
Disaggregation of Revenue [Line Items]
Total revenues	861	583	472
BLINCYTO \| U.S.
Disaggregation of Revenue [Line Items]
Total revenues	566	336	278
BLINCYTO \| ROW
Disaggregation of Revenue [Line Items]
Total revenues	295	247	194
TEPEZZA
Disaggregation of Revenue [Line Items]
Total revenues	448	0	0
TEPEZZA \| U.S.
Disaggregation of Revenue [Line Items]
Total revenues	441	0	0
TEPEZZA \| ROW
Disaggregation of Revenue [Line Items]
Total revenues	7	0	0
KRYSTEXXA
Disaggregation of Revenue [Line Items]
Total revenues	272	0	0
KRYSTEXXA \| U.S.
Disaggregation of Revenue [Line Items]
Total revenues	272	0	0
KRYSTEXXA \| ROW
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0
Other products
Disaggregation of Revenue [Line Items]
Total revenues	5,263	5,220	5,710
Other products \| U.S.
Disaggregation of Revenue [Line Items]
Total revenues	3,874	3,776	4,194
Other products \| ROW
Disaggregation of Revenue [Line Items]
Total revenues	1,389	1,444	1,516
Total product sales
Disaggregation of Revenue [Line Items]
Total revenues	26,910	24,801	24,297
Total product sales \| U.S.
Disaggregation of Revenue [Line Items]
Total revenues	19,272	17,743	17,286
Total product sales \| ROW
Disaggregation of Revenue [Line Items]
Total revenues	7,638	7,058	7,011
Other revenues
Disaggregation of Revenue [Line Items]
Total revenues	1,280	1,522	1,682
Other revenues \| U.S.
Disaggregation of Revenue [Line Items]
Total revenues	534	852	908
Other revenues \| ROW
Disaggregation of Revenue [Line Items]
Total revenues	$ 746	$ 670	$ 774

Derivative instruments - Hedged Liabilities and Cumulative Amount (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Cumulative amounts of fair value hedging adjustments related to the carrying amounts of the hedged liabilities	$ (314)	$ (437)
Current portion of long-term debt
Derivative [Line Items]
Carrying amounts of hedged liabilities	1,441	82
Cumulative amounts of fair value hedging adjustments related to the carrying amounts of the hedged liabilities	41	82
Carrying value with discontinued hedging relationships	69	82
Hedging adjustments on discontinued hedging relationships	69	82
Long-term debt
Derivative [Line Items]
Carrying amounts of hedged liabilities	4,788	6,017
Cumulative amounts of fair value hedging adjustments related to the carrying amounts of the hedged liabilities	(355)	(519)
Carrying value with discontinued hedging relationships	288	357
Hedging adjustments on discontinued hedging relationships	$ 188	$ 257

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 10,944	$ 7,629
Marketable securities	0	1,676
Trade receivables, net	7,268	5,563
Inventories	9,518	4,930
Other current assets	2,602	2,388
Total current assets	30,332	22,186
Property, plant and equipment, net	5,941	5,427
Intangible assets, net	32,641	16,080
Goodwill	18,629	15,529
Other noncurrent assets	9,611	5,899
Total assets	97,154	65,121
Current liabilities:
Accounts payable	1,590	1,572
Accrued liabilities	15,359	12,524
Current portion of long-term debt	1,443	1,591
Total current liabilities	18,392	15,687
Long-term debt	63,170	37,354
Long-term deferred tax liabilities	2,354	11
Long-term tax liabilities	4,680	5,757
Other noncurrent liabilities	2,326	2,651
Contingencies and commitments
Stockholders’ equity:
Common stock and additional paid-in capital; $0.0001 par value per share; 2,750.0 shares authorized; outstanding—535.4 shares in 2023 and 534.0 shares in 2022	33,070	32,514
Accumulated deficit	(26,549)	(28,622)
Accumulated other comprehensive loss	(289)	(231)
Total stockholders’ equity	6,232	3,661
Total liabilities and stockholders’ equity	$ 97,154	$ 65,121

Goodwill and other intangible assets - Schedule of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Beginning balance	$ 15,529	$ 14,890
Goodwill, adjustment	3,089	651
Currency translation adjustments	11	(12)
Ending balance	$ 18,629	$ 15,529

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Financing arrangements - Shelf Registration Statement and Other Facilities (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) renewal_options	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Commercial paper, maximum borrowing capacity		$ 2,500,000,000
Commercial paper		0	$ 0
Annual commitment fees for syndicated, unsecured, revolving credit agreement	0.09%
Line of credit
Debt Instrument [Line Items]
Maximum current borrowing capacity under a syndicated, unsecured, revolving credit agreement	$ 4,000,000,000
Amount by which borrowing capacity under a syndicated unsecured revolving credit agreement may be increased upon our request at discretion of banks	$ 1,250,000,000
Initial commitment term of each bank which is a party to the agreement	5 years
Number of additional term extension options \| renewal_options	2
Additional period for extension of commitment term	1 year
Amount outstanding under syndicated, unsecured, revolving credit facility		$ 0	0
Line of credit \| Federal Funds Purchased
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Line of credit \| Variable Rate Component One \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.01%
Line of credit \| Variable Rate Component Two \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.10%
prior line of credit
Debt Instrument [Line Items]
Maximum current borrowing capacity under a syndicated, unsecured, revolving credit agreement			$ 2,500,000,000
Amount by which borrowing capacity under a syndicated unsecured revolving credit agreement may be increased upon our request at discretion of banks	$ 750,000,000

Other current assets and accrued liabilities - Schedule of Other Current Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Prepaid expenses	$ 1,647	$ 1,204
Corporate partner receivables	502	700
Tax receivables	172	129
Other	281	355
Total other current assets	$ 2,602	$ 2,388

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Leases - Summary of Operating Leases (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets:
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Other assets	$ 651	$ 579
Liabilities:
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Liabilities, Current	Accrued Liabilities, Current
Accrued liabilities	$ 119	$ 156
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Other noncurrent liabilities	$ 691	$ 539
Total lease liabilities	$ 810	$ 695

Investments (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-For-Sale Investments

The amortized cost, gross unrealized gains, gross unrealized losses and fair values of interest-bearing securities, which are considered available-for-sale, by type of security were as follows (in millions):


Types of securities as of December 31, 2023	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair values

U.S. Treasury bills	$	—	$	—	$	—	$	—







Money market mutual funds	10,266		—		—		10,266
Other short-term interest-bearing securities	138		—		—		138
Total available-for-sale investments	$	10,404	$	—	$	—	$	10,404


Types of securities as of December 31, 2022	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair values

U.S. Treasury bills	$	1,676	$	—	$	—	$	1,676






Money market mutual funds	2,659		—		—		2,659
Other short-term interest-bearing securities	—		—		—		—


Total available-for-sale investments	$	4,335	$	—	$	—	$	4,335

Schedule of Fair Values by Classification

The fair values of available-for-sale investments by location in the Consolidated Balance Sheets were as follows (in millions):


	December 31,
Consolidated Balance Sheets locations	2023		2022
Cash and cash equivalents	$	10,404	$	2,659
Marketable securities	—		1,676

Total available-for-sale investments	$	10,404	$	4,335

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 993	$ 828
Work in process	5,747	3,098
Finished goods	2,778	1,004
Total inventories	$ 9,518	$ 4,930

Contingencies and commitments - U.S. Repatriation Tax Commitments (Details) $ in Millions	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024	$ 1,467
2025	1,834
Total remaining U.S. repatriation tax commitments	$ 3,301

Income taxes - Reconciliation of Federal Statutory Tax Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Federal statutory tax rate	21.00%	21.00%	21.00%
Foreign earnings	(5.10%)	(5.60%)	(7.80%)
Foreign-derived intangible income	(1.30%)	(1.30%)	(1.00%)
Credits, Puerto Rico excise tax	0.30%	(2.80%)	(3.40%)
Interest on uncertain tax positions	2.60%	1.90%	1.10%
Credits, primarily federal R&D	(3.50%)	(2.00%)	(2.10%)
Acquisition IPR&D	0.00%	0.00%	4.90%
Other, net	0.50%	(0.40%)	(0.60%)
Effective tax rate	14.50%	10.80%	12.10%

Financing arrangements - Interest Rate and Cross-Currency Swaps (Details) - Notes payable - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Notional amount	$ 6,650	$ 6,650
3.625% notes due 2024 (3.625% 2024 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	3.625%
Notional amount	$ 1,400	$ 1,400
3.625% notes due 2024 (3.625% 2024 Notes) \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Derivative, effective interest rate	3.40%	3.40%
3.125% notes due 2025 (3.125% 2025 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	3.125%
Notional amount	$ 1,000	$ 1,000
3.125% notes due 2025 (3.125% 2025 Notes) \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Derivative, effective interest rate	2.10%	2.10%
2.60% notes due 2026 (2.60% 2026 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	2.60%
Notional amount	$ 1,250	$ 1,250
2.60% notes due 2026 (2.60% 2026 Notes) \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Derivative, effective interest rate	2.10%	2.10%
2.45% notes due 2030 (2.45% 2030 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	2.45%
Notional amount	$ 1,000	$ 1,000
2.45% notes due 2030 (2.45% 2030 Notes) \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Derivative, effective interest rate	1.30%	1.30%
2.30% notes due 2031 (2.30% 2031 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	2.30%
Notional amount	$ 500	$ 500
2.30% notes due 2031 (2.30% 2031 Notes) \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Derivative, effective interest rate	1.10%	1.10%
4.663% notes due 2051 (4.663% 2051 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	4.663%
Notional amount	$ 1,500	$ 1,500
4.663% notes due 2051 (4.663% 2051 Notes) \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Derivative, effective interest rate	4.30%	4.30%

Fair value measurement (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities on Recurring Basis

The fair values of each major class of the Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows (in millions):


Fair value measurement as of December 31, 2023, using:	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets:
Available-for-sale securities:

U.S. Treasury bills	$	—	$	—	$	—	$	—






Money market mutual funds	10,266		—		—		10,266
Other short-term interest-bearing securities	—		138		—		138

Other investments	—		—		—		—
Equity securities	4,514		—		—		4,514
Derivatives:
Foreign currency forward contracts	—		145		—		145
Cross-currency swap contracts	—		—		—		—
Interest rate swap contracts	—		—		—		—
Total assets	$	14,780	$	283	$	—	$	15,063
Liabilities:
Derivatives:
Foreign currency forward contracts	$	—	$	116	$	—	$	116
Cross-currency swap contracts	—		405		—		405
Interest rate swap contracts	—		571		—		571
Forward interest rate contracts	—		—		—		—
Contingent consideration obligations	—		—		96		96
Total liabilities	$	—	$	1,092	$	96	$	1,188


Fair value measurement as of December 31, 2022, using:	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets:
Available-for-sale securities:

U.S. Treasury bills	$	1,676	$	—	$	—	$	1,676






Money market mutual funds	2,659		—		—		2,659
Other short-term interest-bearing securities	—		—		—		—
Other investments	—		130		—		130
Equity securities	480		—		335		815
Derivatives:
Foreign currency forward contracts	—		287		—		287
Cross-currency swap contracts	—		54		—		54

Total assets	$	4,815	$	471	$	335	$	5,621

Liabilities:
Derivatives:
Foreign currency forward contracts	$	—	$	76	$	—	$	76
Cross-currency swap contracts	—		541		—		541
Interest rate swap contracts	—		776		—		776
Forward interest rate contracts	—		5		—		5
Contingent consideration obligations	—		—		270		270
Total liabilities	$	—	$	1,398	$	270	$	1,668

Contingent Consideration Obligations

Changes in the carrying amounts of contingent consideration obligations were as follows (in millions):


	Years ended December 31,
	2023		2022		2021
Beginning balance	$	270	$	342	$	33
Additions	—		—		309
Payments	(9)		(7)		(7)
Net changes in valuations	(165)		(65)		7
Ending balance	$	96	$	270	$	342

Stockholders' equity - Reclassifications Out of AOCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Gross product sales	$ 28,190	$ 26,323	$ 25,979
Other income (expense), net	2,833	(814)	259
Income before income taxes	7,855	7,346	6,701
Provision for income taxes	(1,138)	(794)	(808)
Net income	6,717	6,552	5,893
Product sales
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Gross product sales	26,910	24,801	24,297
Reclassification out of AOCI \| Cash flow hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	222	(2)	(253)
Provision for income taxes	(50)	0	55
Net income	172	(2)	(198)
Reclassification out of AOCI \| Foreign currency contract gains (losses) \| Product sales \| Cash flow hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Gross product sales	180	231	(8)
Reclassification out of AOCI \| Cross-currency swap contract gains (losses) \| Cash flow hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other income (expense), net	$ 42	$ (233)	$ (245)

Financing arrangements - Principal Amounts and Carrying Value of Long-term Borrowings (Details)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 GBP (£)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CHF (SFr)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Unamortized bond discounts, premiums and issuance costs, net	$ (1,420,000,000)				$ (1,246,000,000)
Fair value adjustments	(314,000,000)				(437,000,000)
Other	17,000,000				12,000,000
Total carrying value of debt	64,613,000,000				38,945,000,000
Less current portion	(1,443,000,000)				(1,591,000,000)
Total long-term debt	$ 63,170,000,000				37,354,000,000
Notes
Debt Instrument [Line Items]
Face amount				$ 24,000,000,000	$ 7,000,000,000		$ 5,000,000,000
0.41% CHF700 million bonds due 2023 (0.41% 2023 Swiss franc Bonds) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	0.41%	0.41%	0.41%	0.41%	0.41%	0.41%
Face amount \| SFr						SFr 700,000,000
Long-term debt, gross					$ 757,000,000
2.25% notes due 2023 (2.25% 2023 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage					2.25%	2.25%
Face amount	$ 750,000,000
Long-term debt, gross					$ 750,000,000
3.625% notes due 2024 (3.625% 2024 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.625%	3.625%	3.625%
Long-term debt, gross	$ 1,400,000,000				1,400,000,000
1.90% notes due 2025 (1.90% 2025 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	1.90%	1.90%	1.90%
Long-term debt, gross	$ 500,000,000				500,000,000
5.25% 2025 Notes \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.25%	5.25%	5.25%
Face amount				$ 2,000,000,000
5.25% notes due 2025 (5.25% 2025 Notes) \| Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,000,000,000
Term loan due April 2025 \| Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,000,000,000
3.125% notes due 2025 (3.125% 2025 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.125%	3.125%	3.125%
Long-term debt, gross	$ 1,000,000,000				1,000,000,000
2.00% €750 million notes due 2026 (2.00% 2026 euro Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.00%	2.00%	2.00%
Face amount \| €		€ 750,000,000
Long-term debt, gross	$ 828,000,000				803,000,000
5.507% notes due 2026 (5.507% 2026 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.507%	5.507%	5.507%
Face amount				1,500,000,000
Long-term debt, gross	$ 1,500,000,000
2.60% notes due 2026 (2.60% 2026 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.60%	2.60%	2.60%
Long-term debt, gross	$ 1,250,000,000				1,250,000,000
Term loan due October 2026 \| Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,000,000,000
5.50% £475 million notes due 2026 (5.50% 2026 pound sterling Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.50%	5.50%	5.50%
Face amount \| £			£ 475,000,000
Long-term debt, gross	$ 605,000,000				$ 574,000,000
2.20% notes due 2027 (2.20% 2027 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.20%	2.20%	2.20%		2.20%	2.20%
Long-term debt, gross	$ 1,724,000,000				$ 1,724,000,000
3.20% notes due 2027 (3.20% 2027 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.20%	3.20%	3.20%
Long-term debt, gross	$ 1,000,000,000				$ 1,000,000,000
5.15% notes due 2028 (5.15% 2028 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.15%	5.15%	5.15%
Face amount				3,750,000,000
Long-term debt, gross	$ 3,750,000,000
1.65% notes due in 2028 (1.65% 2028 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	1.65%	1.65%	1.65%		1.65%	1.65%	1.65%
Face amount							$ 1,250,000,000
Long-term debt, gross	$ 1,234,000,000				$ 1,234,000,000
3.00% notes due 2029 (3.00% 2029 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.00%	3.00%	3.00%		3.00%	3.00%
Face amount					$ 750,000,000
Long-term debt, gross	$ 750,000,000				$ 750,000,000
4.05% notes due 2029 (4.05% 2029 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.05%	4.05%	4.05%		4.05%	4.05%
Face amount					$ 1,250,000,000
Long-term debt, gross	$ 1,250,000,000				1,250,000,000
4.00% £700 million notes due 2029 (4.00% 2029 pound sterling Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.00%	4.00%	4.00%
Face amount \| £			£ 700,000,000
Long-term debt, gross	$ 892,000,000				846,000,000
2.45% notes due 2030 (2.45% 2030 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.45%	2.45%	2.45%				2.45%
Long-term debt, gross	$ 1,250,000,000				1,250,000,000
5.25% notes due 2030 (5.25% 2030 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.25%	5.25%	5.25%
Face amount				2,750,000,000
Long-term debt, gross	$ 2,750,000,000
2.30% notes due 2031 (2.30% 2031 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.30%	2.30%	2.30%				2.30%
Long-term debt, gross	$ 1,250,000,000				$ 1,250,000,000
2.00% notes due 2032 (2.00% 2032 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.00%	2.00%	2.00%		2.00%	2.00%
Long-term debt, gross	$ 1,001,000,000				$ 1,051,000,000
3.35% notes due 2032 (3.35% 2032 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.35%	3.35%	3.35%		3.35%	3.35%
Face amount					$ 1,000,000,000
Long-term debt, gross	$ 1,000,000,000				$ 1,000,000,000
4.20% notes due 2033 (4.20% 2033 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.20%	4.20%	4.20%		4.20%	4.20%
Face amount					$ 750,000,000
Long-term debt, gross	$ 750,000,000				750,000,000
5.25% notes due 2033 (5.25% 2033 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.25%	5.25%	5.25%
Face amount				4,250,000,000
Long-term debt, gross	$ 4,250,000,000
6.375% notes due 2037 (6.375% 2037 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	6.375%	6.375%	6.375%
Long-term debt, gross	$ 478,000,000				478,000,000
6.90% notes due 2038 (6.90% 2038 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	6.90%	6.90%	6.90%
Long-term debt, gross	$ 254,000,000				254,000,000
6.40% notes due 2039 (6.40% 2039 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	6.40%	6.40%	6.40%
Long-term debt, gross	$ 333,000,000				333,000,000
3.15% notes due 2040 (3.15% 2040 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.15%	3.15%	3.15%
Long-term debt, gross	$ 1,803,000,000				2,000,000,000
5.75% notes due 2040 (5.75% 2040 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.75%	5.75%	5.75%
Long-term debt, gross	$ 373,000,000				$ 373,000,000
2.80% notes due 2041 (2.80% 2041 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.80%	2.80%	2.80%		2.80%	2.80%
Long-term debt, gross	$ 949,000,000				$ 1,110,000,000
Four Point Nine Five Percent Notes Due 2041 [Member] \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.95%	4.95%	4.95%
Long-term debt, gross	$ 600,000,000				600,000,000
5.15% notes due 2041 (5.15% 2041 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.15%	5.15%	5.15%
Long-term debt, gross	$ 729,000,000				729,000,000
5.65% notes due 2042 (5.65% 2042 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.65%	5.65%	5.65%
Long-term debt, gross	$ 415,000,000				415,000,000
5.60% notes due 2043 (5.60% 2043 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.60%	5.60%	5.60%
Face amount				2,750,000,000
Long-term debt, gross	$ 2,750,000,000				0
5.375% notes due 2043 (5.375% 2043 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.375%	5.375%	5.375%
Long-term debt, gross	$ 185,000,000				185,000,000
4.40% notes due 2045 (4.40% 2045 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.40%	4.40%	4.40%
Long-term debt, gross	$ 2,250,000,000				2,250,000,000
4.563% notes due 2048 (4.563% 2048 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.563%	4.563%	4.563%
Long-term debt, gross	$ 1,415,000,000				1,415,000,000
3.375% notes due 2050 (3.375% 2050 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.375%	3.375%	3.375%
Long-term debt, gross	$ 2,132,000,000				2,250,000,000
4.663% notes due 2051 (4.663% 2051 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.663%	4.663%	4.663%
Long-term debt, gross	$ 3,541,000,000				$ 3,541,000,000
3.00% notes due 2052 (3.00% 2052 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.00%	3.00%	3.00%		3.00%	3.00%	3.00%
Face amount							$ 1,350,000,000
Long-term debt, gross	$ 999,000,000				$ 1,254,000,000
4.20% notes due 2052 (4.20% 2052 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.20%	4.20%	4.20%		4.20%	4.20%
Face amount					$ 1,000,000,000
Long-term debt, gross	$ 950,000,000				$ 1,000,000,000
4.875% notes due 2053 (4.875% 2053 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.875%	4.875%	4.875%		4.875%	4.875%
Face amount					$ 1,000,000,000
Long-term debt, gross	$ 1,000,000,000				1,000,000,000
5.65% notes due 2053 (5.65% 2053 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.65%	5.65%	5.65%
Face amount				4,250,000,000
Long-term debt, gross	$ 4,250,000,000				0
2.77% notes due 2053 (2.77% 2053 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.77%	2.77%	2.77%
Long-term debt, gross	$ 940,000,000				$ 940,000,000
4.40% notes due 2062 (4.40% 2062 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.40%	4.40%	4.40%		4.40%	4.40%
Face amount					$ 1,250,000,000
Long-term debt, gross	$ 1,200,000,000				1,250,000,000
5.75% notes due 2063 (5.75% 2063 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.75%	5.75%	5.75%
Face amount				$ 2,750,000,000
Long-term debt, gross	$ 2,750,000,000				0
Other notes due 2097 \| Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 100,000,000				$ 100,000,000

Income taxes - Schedule of Income before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Domestic	$ 4,047	$ 3,026	$ 1,850
Foreign	3,808	4,320	4,851
Total income before income taxes	$ 7,855	$ 7,346	$ 6,701

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Derivative instruments - Fair Value of Derivatives (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets
Total derivative assets, fair value	$ 145	$ 341
Liabilities
Total derivative liabilities, fair value	1,092	1,398
Designated as Hedging Instrument
Assets
Total derivative assets, fair value	145	341
Liabilities
Total derivative liabilities, fair value	1,092	1,398
Designated as Hedging Instrument \| Foreign currency forward contracts \| Other current assets/ Other noncurrent assets
Assets
Total derivative assets, fair value	145	287
Designated as Hedging Instrument \| Foreign currency forward contracts \| Accrued liabilities/ Other noncurrent liabilities
Liabilities
Total derivative liabilities, fair value	116	76
Designated as Hedging Instrument \| Cross-currency swap contracts \| Other current assets/ Other noncurrent assets
Assets
Total derivative assets, fair value	0	54
Designated as Hedging Instrument \| Cross-currency swap contracts \| Accrued liabilities/ Other noncurrent liabilities
Liabilities
Total derivative liabilities, fair value	405	541
Designated as Hedging Instrument \| Interest rate swap contracts \| Other current assets/ Other noncurrent assets
Assets
Total derivative assets, fair value	0	0
Designated as Hedging Instrument \| Interest rate swap contracts \| Accrued liabilities/ Other noncurrent liabilities
Liabilities
Total derivative liabilities, fair value	571	776
Designated as Hedging Instrument \| Forward interest rate contracts \| Other current assets/ Other noncurrent assets
Assets
Total derivative assets, fair value	0	0
Designated as Hedging Instrument \| Forward interest rate contracts \| Accrued liabilities/ Other noncurrent liabilities
Liabilities
Total derivative liabilities, fair value	$ 0	$ 5

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares		1 Months Ended												12 Months Ended
	Dec. 12, 2023	Oct. 31, 2023	Jul. 31, 2023	Mar. 31, 2023	Dec. 31, 2022	Oct. 31, 2022	Jul. 31, 2022	Mar. 31, 2022	Dec. 31, 2021	Oct. 31, 2021	Jul. 31, 2021	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Common stock, dividends declared per share (in usd per share)	$ 2.25	$ 2.13	$ 2.13	$ 2.13	$ 2.13	$ 1.94	$ 1.94	$ 1.94	$ 1.94	$ 1.76	$ 1.76	$ 1.76	$ 1.76	$ 8.64	$ 7.95	$ 7.22

Acquisitions and divestitures - Acquisition of Horizon Therapeutics plc (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended		12 Months Ended
	Oct. 06, 2023	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill		$ 18,629	$ 18,629	$ 18,629	$ 15,529	$ 14,890
Horizon Therapeutics
Business Acquisition [Line Items]
Acquisition price per share (in usd per share)	$ 116.50
Consideration transferred	$ 27,800
Acquisition related costs		487
Integration related costs		167
Acquisition related transaction costs		320
Cash purchase price	26,700
Consideration transferred for vested and outstanding awards	523
Consideration transferred for replacement awards	180
Liabilities incurred	$ 382
Replacement equity awards issued (in shares)	1.7
Inventories	$ 5,025	$ 5,000	5,000	$ 5,000
Business combination, turnover period of inventory acquired				27 months
Deferred tax liabilities	2,492
Deferred tax asset	834
Goodwill	3,111
Revenue of acquiree			955
Net losses of acquiree			$ 1,200
Horizon Therapeutics \| Fair Value Adjustment to Inventory
Business Acquisition [Line Items]
Net losses of acquiree				$ 633
Horizon Therapeutics \| Amortization Of Intangibles Assets
Business Acquisition [Line Items]
Net losses of acquiree				$ 479
Horizon Therapeutics \| Developed-product-technology rights
Business Acquisition [Line Items]
Estimated fair value	$ 20,700
Weighted average period of amortization	10 years

Derivative instruments - Summary of Income and Expense Line Items (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Total revenues	$ 28,190	$ 26,323	$ 25,979
Other income (expense), net	2,833	(814)	259
Interest expense, net	(2,875)	(1,406)	(1,197)
Cross-currency swap contract gains (losses) \| Reclassification out of Accumulated Other Comprehensive Income \| Cash flow hedges
Derivative [Line Items]
Other income (expense), net	42	(233)	(245)
Interest rate swap contracts
Derivative [Line Items]
Gains (losses) on fair value hedging relationships, Hedged Items	(118)	716	281
Gains (losses) on fair value hedging relationships, Derivatives designated as hedging instruments	205	(636)	(192)
Total product sales
Derivative [Line Items]
Total revenues	26,910	24,801	24,297
Total product sales \| Foreign currency forward contracts \| Reclassification out of Accumulated Other Comprehensive Income \| Cash flow hedges
Derivative [Line Items]
Total revenues	$ 180	$ 231	$ (8)

Collaborations	12 Months Ended
Collaborations	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaborations	Collaborations A collaborative arrangement is a contractual arrangement that involves a joint operating activity. Such arrangements involve two or more parties that are both (i) active participants in the activity and (ii) exposed to significant risks and rewards dependent on the commercial success of the activity. From time to time, we enter into collaborative arrangements for the R&D, manufacture and/or commercialization of products and/or product candidates. These collaborations generally provide for nonrefundable upfront license fees, development and commercial-performance milestone payments, cost sharing, royalties and/or profit sharing. Our collaboration arrangements are performed with no guarantee of either technological or commercial success, and each arrangement is unique in nature. See Note 1, Summary of significant accounting policies, for additional discussion of revenues recognized under these types of arrangements. Operating expenses for costs incurred pursuant to these arrangements are reported in their respective expense line items in the Consolidated Statements of Income, net of any payments due to or reimbursements due from our collaboration partners, with such reimbursements being recognized at the time the party becomes obligated to pay. Our significant arrangements are discussed below. BeiGene, Ltd. In January 2020, we acquired an equity stake in BeiGene for approximately $2.8 billion in cash as part of a collaboration to expand our oncology presence in China. For additional information regarding our equity investment in BeiGene, see Note 10, Investments. Under the collaboration, BeiGene began selling XGEVA in 2020, BLINCYTO in 2021 and KYPROLIS in 2022 in China, and Amgen shares profits and losses equally during the initial product-specific commercialization periods; thereafter, product rights may revert to Amgen, and Amgen will pay royalties to BeiGene on sales in China of such products for a specified period. Amgen manufactures and supplies the collaboration products to BeiGene. In addition, we jointly develop a portion of our oncology portfolio with BeiGene, which shares in global R&D costs by providing cash and development services of up to $1.25 billion. Upon regulatory approval, BeiGene will assume commercialization rights in China for a specified period, and Amgen and BeiGene will share profits equally until certain of these product rights revert to Amgen. Upon return of the product rights, Amgen will pay royalties to BeiGene on sales in China for a specified period. For product sales outside China, Amgen will also pay royalties to BeiGene. During the years ended December 31, 2023, 2022 and 2021, net costs recovered from BeiGene for oncology product candidates were $109 million, $199 million and $220 million, respectively, and were recorded as an offset to R&D expense in the Consolidated Statements of Income. During the years ended December 31, 2023, 2022 and 2021, product sales from Amgen to BeiGene under the collaboration were $125 million, $64 million and $72 million, respectively, and were recorded in Product sales in the Consolidated Statements of Income. During the years ended December 31, 2023, 2022 and 2021, profit and loss share expenses related to the initial product-specific commercialization period were $40 million, $53 million and $64 million, respectively, and were recorded in SG&A expense in the Consolidated Statements of Income. Amounts owed from BeiGene for product sales were $16 million and $6 million as of December 31, 2023 and 2022, respectively, which are included in Trade receivables, net, in the Consolidated Balance Sheets. Net amounts owed from BeiGene for cost recoveries and profit and loss share payments were $44 million and $47 million as of December 31, 2023 and 2022, respectively, which are included in Other current assets in the Consolidated Balance Sheets. AstraZeneca plc We are in a collaboration with AstraZeneca for the development and commercialization of TEZSPIRE. Under our collaboration, both companies share global costs, profits and losses equally after payment by AstraZeneca of a mid-single-digit royalty to Amgen. AstraZeneca leads global development, and both Amgen and AstraZeneca jointly commercialize TEZSPIRE in North America. In North America, Amgen, as the principal, recognizes product sales of TEZSPIRE in the United States, and AstraZeneca, as the principal, recognizes product sales of TEZSPIRE in Canada. AstraZeneca leads commercialization for TEZSPIRE outside North America. Amgen manufactures and supplies TEZSPIRE worldwide. During the years ended December 31, 2023, 2022 and 2021, net costs due to AstraZeneca for global development were $77 million, $74 million and $49 million, respectively, and were recorded in R&D expense in the Consolidated Statements of Income. During the years ended December 31, 2023, 2022 and 2021, net costs due to AstraZeneca for global commercialization were $73 million, $60 million and $39 million, respectively, and were recorded in SG&A expense in the Consolidated Statements of Income. During the years ended December 31, 2023 and 2022, global profit and loss share expenses were $310 million and $119 million, respectively, and were recorded primarily in Cost of sales in the Consolidated Statements of Income. TEZSPIRE launched in the United States in January 2022. UCB We are in a collaboration with UCB for the development and commercialization of EVENITY. Under our collaboration, UCB has rights to lead commercialization for EVENITY in most countries in Europe. Amgen, as the principal, leads commercialization for EVENITY and recognizes product sales in all other territories, including the United States. Global development costs and commercialization profits and losses related to the collaboration are shared equally. Amgen manufactures and supplies EVENITY worldwide. During the years ended December 31, 2023, 2022 and 2021, global profit and loss share expenses were $396 million, $255 million and $186 million, respectively, and were recorded in Cost of sales in the Consolidated Statements of Income. Net costs recovered from and due to UCB during the years ended December 31, 2023, 2022 and 2021, were not material. Novartis Pharma AG We are in a collaboration with Novartis to jointly develop and commercialize Aimovig. On January 31, 2022, we modified the terms of the collaboration. Effective January 1, 2022, in the United States, Novartis no longer collaborates with Amgen, shares Aimovig commercialization costs or is required to pay milestones, and Amgen no longer pays royalties to Novartis on U.S. sales of Aimovig. Novartis continues to hold global co-development rights and exclusive commercial rights outside the United States and Japan for Aimovig. Amgen and Novartis share global development expenses, and Novartis pays Amgen double-digit royalties on net sales of the product outside the United States and Japan. Amgen manufactures and supplies Aimovig worldwide. During the years ended December 31, 2023 and 2022, net costs recovered from Novartis for migraine products were $42 million and $53 million, respectively, and were recorded in R&D expense in the Consolidated Statements of Income. During the year ended December 31, 2021, net costs recovered from Novartis for migraine products were $160 million and were recorded primarily in SG&A expense in the Consolidated Statements of Income. During the year ended December 31, 2021, royalties due to Novartis for Aimovig were $116 million and were recorded in Cost of sales in the Consolidated Statements of Income. During the years ended December 31, 2023, 2022 and 2021, royalties due from Novartis for Aimovig were not material. Kyowa Kirin Co., Ltd. We are in a collaboration and licensing agreement with Kyowa Kirin to jointly develop and commercialize rocatinlimab, an anti-OX40 fully human monoclonal antibody, worldwide, except in Japan. Rocatinlimab is for the treatment of atopic dermatitis, with potential for treatment of other autoimmune diseases. Under the terms of the agreement, we lead the global development, manufacture and commercialization of rocatinlimab, except in Japan. Kyowa Kirin will co-promote rocatinlimab with Amgen in the United States and have opt in rights to co-promote rocatinlimab in various other markets outside the United States, including in Europe and Asia. We made an upfront payment of $400 million to Kyowa Kirin that was recognized in R&D expense in the third quarter of 2021. Amgen and Kyowa Kirin share equally the global development costs, except in Japan, and the U.S. commercialization costs. Outside the United States and Japan, any commercialization costs incurred by Kyowa Kirin will be reimbursed by Amgen. We may also be required to make milestone payments of up to $850 million contingent upon the achievement of certain regulatory events and commercial thresholds. We will also pay Kyowa Kirin significant double-digit royalties on global sales, except in Japan. During the year ended December 31, 2023, net costs recovered from Kyowa Kirin were $93 million and were recorded in R&D expense in the Consolidated Statements of Income. Net costs due to or recovered from Kyowa Kirin during the years ended December 31, 2022 and 2021, were not material. Other In addition to the collaborations discussed above, we have various other collaborations that are not individually significant to our business at this time. Pursuant to the terms of those agreements, we may be required to pay additional amounts, or we may receive additional amounts upon the achievement of various development and commercial milestones that in the aggregate could be significant. We may also incur or have reimbursed to us significant R&D costs if a related product candidate were to advance to late-stage clinical trials. In addition, if any products related to these collaborations are approved for sale, we may be required to pay significant royalties, or we may receive significant royalties on future sales. The payments of these amounts, however, are contingent upon the occurrence of various future events that have high degrees of uncertainty of occurrence.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 6,717	$ 6,552	$ 5,893
Other comprehensive (loss) income, net of reclassification adjustments and taxes:
Gains (losses) on foreign currency translation	50	496	(135)
(Losses) gains on cash flow hedges	(150)	67	324
Losses on available-for-sale securities	0	0	(1)
Other	42	2	1
Other comprehensive (loss) income, net of taxes	(58)	565	189
Comprehensive income	$ 6,659	$ 7,117	$ 6,082

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Acquisitions and divestitures (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the total consideration and allocated acquisition date fair values of assets acquired and liabilities assumed (in millions):


	Amounts
Cash and cash equivalents	$	681
Inventories	5,025
Property, plant and equipment, net	318
Finite-lived intangible assets – developed-product-technology rights	19,590
IPR&D	1,060
Goodwill	3,111
Deferred tax asset	834
Deferred tax liability	(2,492)
Other assets and liabilities, net	(294)
Total assets acquired, net	$	27,833

The following table summarizes the final total consideration and allocated acquisition date fair values of assets acquired and liabilities assumed, inclusive of measurement period adjustments (in millions):


	Amounts
Cash and cash equivalents	$	86
Marketable securities	235
Inventories	41
Finite-lived intangible assets – developed-product-technology rights	3,499
Goodwill	649
Other liabilities, net	(83)
Deferred tax liability, net	(502)
Total assets acquired, net	$	3,925


	Amounts
Cash purchase price	$	993
Contingent consideration	299
Total consideration	$	1,292

Cash and cash equivalents	$	100
IPR&D	991
Finite-lived intangible asset – R&D technology rights	115
Finite-lived intangible assets – licensing rights	41
Goodwill	273
Other assets, net	16
Deferred tax liability	(244)
Total assets acquired, net	$	1,292

Business Acquisition, Pro Forma Information

The following table presents the unaudited supplemental pro forma results of a hypothetical combined Amgen and Horizon for the years ended December 31, 2023 and 2022, as if the acquisition of Horizon had occurred on January 1, 2022 (in millions):


	Years ended December 31,
	2023		2022
Total revenue	$	30,969	$	29,964
Net income	$	5,383	$	2,381

Stock-based compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-based compensation

Our Amended 2009 Plan authorizes for issuance to employees of Amgen and nonemployee members of our Board of Directors shares of our common stock pursuant to grants of equity-based awards, including RSUs, stock options and performance units. The pool of shares available under the Amended 2009 Plan is reduced by one share for each stock option granted and by 1.9 shares for other types of awards granted, including full-value awards. In general, if any shares subject to an award granted under the Amended 2009 Plan expire or become forfeited, terminated or canceled without the issuance of shares, the shares subject to such awards are added back into the authorized pool on the same basis that they were removed. In addition, under the Amended 2009 Plan, shares withheld to pay for minimum statutory tax obligations with respect to full-value awards are added back into the authorized pool on the basis of 1.9 shares. As of December 31, 2023, the Amended 2009 Plan provides for future grants and/or issuances of up to approximately 12 million shares of our common stock. Stock-based awards under our employee compensation plans are made with newly issued shares reserved for this purpose.

The following table reflects the components of stock-based compensation expense recognized in our Consolidated Statements of Income (in millions):


	Years ended December 31,
	2023		2022		2021
RSUs	$	309	$	227	$	183
Performance units	121		132		121
Stock options	43		42		37
Total stock-based compensation expense, pretax	473		401		341
Tax benefit from stock-based compensation expense	(102)		(86)		(74)
Total stock-based compensation expense, net of tax	$	371	$	315	$	267

Restricted stock units and stock options

Eligible employees generally receive an annual grant of RSUs and, for certain executive-level employees, stock options, with the size and type of award generally determined by the employee’s salary grade and performance level. Certain management and professional-level employees typically receive RSU grants upon commencement of employment. Nonemployee members of our Board of Directors also receive an annual grant of RSUs.

Our RSU and stock option grants provide for accelerated or continued vesting in certain circumstances as defined in the plans and related grant agreements, including upon death, disability, termination in connection with a change in control and the retirement of employees who meet certain service and/or age requirements. RSUs and stock options generally vest in equal amounts on the second, third and fourth anniversaries of the grant date. RSUs accrue dividend equivalents, which are typically payable in shares only when and to the extent the underlying RSUs vest and are issued to the recipient.

Restricted stock units

The grant date fair value of an RSU equals the closing price of our common stock on the grant date, as RSUs accrue dividend equivalents during their vesting period, except with respect to Horizon replacement RSUs, discussed below. The weighted-average grant date fair values per unit of RSUs granted (excluding replacement awards granted to Horizon RSU holders) during the years ended December 31, 2023, 2022 and 2021, were $237.70, $234.47 and $233.10, respectively.

The following table summarizes information regarding our RSUs:


	Year ended December 31, 2023
	Units (in millions)	Weighted-average grant date fair value
Balance nonvested as of December 31, 2022	2.8	$	228.71
Granted	1.0	$	237.70
Replacement awards granted - Horizon acquisition	1.7	$	267.47
Vested	(1.3)	$	231.81
Forfeited	(0.3)	$	234.35
Balance nonvested as of December 31, 2023	3.9	$	246.43

Holders of Horizon unvested RSUs were granted replacement Amgen RSUs under the original terms of the awards in connection with the Horizon acquisition based on the terms of the transaction. See Note 3, Acquisitions and divestitures. Subsequent to the acquisition, $42 million of the RSUs were accelerated and cash settled.

The total grant date fair values of RSUs that vested during the years ended December 31, 2023, 2022 and 2021, were $309 million, $192 million and $166 million, respectively.

Stock options

The exercise price of stock options is set as the closing price of our common stock on the grant date, and the related number of shares granted is fixed at that point in time. Awards expire 10 years from the date of grant. We use the Black–Scholes option valuation model to estimate the grant date fair value of stock options.

The weighted-average assumptions used in the option valuation model and the resulting weighted-average grant date fair values of stock options granted were as follows:


	Years ended December 31,
	2023			2022			2021
Closing price of our common stock on grant date	$	235.97		$	230.92		$	237.17
Expected volatility (average of implied and historical volatility)	23.3		%	24.5		%	25.6		%
Expected life (in years)	5.7			5.7			5.7
Risk-free interest rate	3.4		%	2.8		%	1.0		%
Expected dividend yield	3.5		%	3.3		%	2.9		%
Fair value of stock options granted	$	41.86		$	42.43		$	40.43

The following table summarizes information regarding our stock options:


	Year ended December 31, 2023
	Options (in millions)	Weighted- average exercise price		Weighted- average remaining contractual life (in years)	Aggregate intrinsic value (in millions)
Balance unexercised as of December 31, 2022	5.3	$	207.29
Granted	1.1	$	235.97
Exercised	(0.4)	$	182.33
Expired/forfeited	(0.1)	$	234.10
Balance unexercised as of December 31, 2023	5.9	$	213.90	6.7	$	438
Vested or expected to vest as of December 31, 2023	5.7	$	213.15	6.7	$	427
Exercisable as of December 31, 2023	2.8	$	190.59	5.0	$	271

The total intrinsic values of options exercised during the years ended December 31, 2023, 2022 and 2021, were $33 million, $67 million and $56 million, respectively. The actual tax benefits realized from tax deductions from option exercises during the years ended December 31, 2023, 2022 and 2021, were $7 million, $14 million and $12 million, respectively.

As of December 31, 2023, $498 million of unrecognized compensation cost was related to nonvested RSUs and unvested stock options, which is expected to be recognized over a weighted-average period of 1.6 years.

Performance units

Certain management-level employees also receive annual grants of performance units, which give the recipient the right to receive common stock that is contingent upon achievement of specified preestablished goals over the performance period, which is generally three years. The performance goals for the units granted during the years ended December 31, 2023, 2022 and 2021, which are accounted for as equity awards, are based on (i) Amgen’s stockholder return compared with a comparator group of companies, which are considered market conditions and are therefore reflected in the grant date fair values of the units, and (ii) Amgen’s stand-alone financial performance measures, which are considered performance conditions. The expense recognized for awards is based on the grant date fair value of a unit multiplied by the number of units expected to be earned with respect to the related performance conditions, net of estimated forfeitures. Depending on the outcome of these performance goals, a recipient may ultimately earn a number of units greater or less than the number of units granted. Shares of our common stock are issued on a one-for-one basis for each performance unit earned. In general, performance unit awards vest at the end of the performance period. The performance award program provides for accelerated or continued vesting in certain circumstances as defined in the plan, including upon death, disability, a change in control and retirement of employees who meet certain service and/or age requirements. Performance units accrue dividend equivalents that are typically payable in shares only when and to the extent the underlying performance units vest and are issued to the recipient, including with respect to market and performance conditions that affect the number of performance units earned.

We use a payout simulation model to estimate the grant date fair value of performance units. The weighted-average assumptions used in the payout simulation model and the resulting weighted-average grant date fair values of performance units granted were as follows:


	Years ended December 31,
	2023			2022			2021
Closing price of our common stock on grant date	$	235.97		$	230.92		$	239.64
Volatility	21.6		%	28.1		%	29.3		%
Risk-free interest rate	3.7		%	0.3		%	0.3		%
Fair value of units granted	$	252.49		$	247.48		$	254.68

The payout simulation model assumes correlations of returns of the stock prices of our common stock and the common stocks of the comparator groups of companies and stock price volatilities of the comparator groups of companies to simulate stockholder returns over the performance periods and their resulting impact on the payout percentages based on the contractual terms of the performance units.

As of December 31, 2023 and 2022, 1.7 million and 1.6 million performance units were outstanding, respectively, with weighted-average grant date fair values per unit of $251.41 and $250.27 per unit, respectively. During the year ended December 31, 2023, 0.7 million performance units with a weighted-average grant date fair value per unit of $252.49 were granted, and 0.2 million performance units with a weighted-average grant date fair value per unit of $251.38 were forfeited.

The total fair values of performance units paid during the years ended December 31, 2023, 2022 and 2021, were $109 million, $150 million and $149 million, respectively, based on the number of performance units earned multiplied by the closing stock price of our common stock on the last day of the performance period.

As of December 31, 2023, $146 million of unrecognized compensation cost was related to nonvested performance units, which is expected to be recognized over a weighted-average period of one year.

Earnings per share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings per share

The computation of basic EPS is based on the weighted-average number of our common shares outstanding. The computation of diluted EPS is based on the weighted-average number of our common shares outstanding and dilutive potential common shares, which primarily include shares that may be issued under our stock option, restricted stock and performance unit award programs (collectively, dilutive securities), as determined by using the treasury stock method.

The computations for basic and diluted EPS were as follows (in millions, except per-share data):


	Years ended December 31,
	2023		2022		2021
Income (Numerator):
Net income for basic and diluted EPS	$	6,717	$	6,552	$	5,893

Shares (Denominator):
Weighted-average shares for basic EPS	535		538		570
Effect of dilutive securities	3		3		3
Weighted-average shares for diluted EPS	538		541		573

Basic EPS	$	12.56	$	12.18	$	10.34
Diluted EPS	$	12.49	$	12.11	$	10.28

For each of the three years ended December 31, 2023, the number of antidilutive employee stock-based awards excluded from the computation of diluted EPS was not significant.

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

SCHEDULE II

AMGEN INC.

VALUATION AND QUALIFYING ACCOUNTS

Years ended December 31, 2023, 2022 and 2021

(In millions)


Allowance for doubtful accounts	Balance at beginning of period		Additions charged to costs and expenses		Other additions		Deductions		Balance at end of period
Year ended December 31, 2023	$	22	$	6	$	—	$	—	$	28
Year ended December 31, 2022	$	26	$	—	$	—	$	(4)	$	22
Year ended December 31, 2021	$	32	$	—	$	—	$	(6)	$	26

Collaborations - BeiGene (Details) - USD ($) $ in Millions		12 Months Ended
Collaborations - BeiGene (Details) - USD ($) $ in Millions	Jan. 02, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues		$ 28,190	$ 26,323	$ 25,979
Due from related party		7,268	5,563
Due from related party		2,602	2,388
BeiGene
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development arrangement, contract to provide cash and development services, maximum amount	$ 1,250
BeiGene \| Related Party
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Due from related party		16	6
Due from related party		44	47
BeiGene
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Equity method investment, aggregate cost	$ 2,800
Research and development \| BeiGene
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cost recoveries		109	199	220
Selling, general and administrative \| BeiGene
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Profit and loss share of expenses		40	53	64
BeiGene \| BeiGene
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues		$ 125	$ 64	$ 72

Financing arrangements

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Financing arrangements

Our borrowings consisted of the following (in millions):


	December 31,
	2023		2022
0.41% CHF700 million bonds due 2023 (0.41% 2023 Swiss franc Bonds)	$	—	$	757
2.25% notes due 2023 (2.25% 2023 Notes)	—		750
3.625% notes due 2024 (3.625% 2024 Notes)	1,400		1,400
1.90% notes due 2025 (1.90% 2025 Notes)	500		500
5.25% notes due 2025 (5.25% 2025 Notes)	2,000		—
Term loan due April 2025	2,000		—
3.125% notes due 2025 (3.125% 2025 Notes)	1,000		1,000
2.00% €750 million notes due 2026 (2.00% 2026 euro Notes)	828		803
5.507% notes due 2026 (5.507% 2026 Notes)	1,500		—
2.60% notes due 2026 (2.60% 2026 Notes)	1,250		1,250
Term loan due October 2026	2,000		—
5.50% £475 million notes due 2026 (5.50% 2026 pound sterling Notes)	605		574
2.20% notes due 2027 (2.20% 2027 Notes)	1,724		1,724
3.20% notes due 2027 (3.20% 2027 Notes)	1,000		1,000
5.15% notes due 2028 (5.15% 2028 Notes)	3,750		—
1.65% notes due in 2028 (1.65% 2028 Notes)	1,234		1,234
3.00% notes due 2029 (3.00% 2029 Notes)	750		750
4.05% notes due 2029 (4.05% 2029 Notes)	1,250		1,250
4.00% £700 million notes due 2029 (4.00% 2029 pound sterling Notes)	892		846
2.45% notes due 2030 (2.45% 2030 Notes)	1,250		1,250
5.25% notes due 2030 (5.25% 2030 Notes)	2,750		—
2.30% notes due 2031 (2.30% 2031 Notes)	1,250		1,250
2.00% notes due 2032 (2.00% 2032 Notes)	1,001		1,051
3.35% notes due 2032 (3.35% 2032 Notes)	1,000		1,000
4.20% notes due 2033 (4.20% 2033 Notes)	750		750
5.25% notes due 2033 (5.25% 2033 Notes)	4,250		—
6.375% notes due 2037 (6.375% 2037 Notes)	478		478
6.90% notes due 2038 (6.90% 2038 Notes)	254		254
6.40% notes due 2039 (6.40% 2039 Notes)	333		333
3.15% notes due 2040 (3.15% 2040 Notes)	1,803		2,000
5.75% notes due 2040 (5.75% 2040 Notes)	373		373
2.80% notes due 2041 (2.80% 2041 Notes)	949		1,110
4.95% notes due 2041 (4.95% 2041 Notes)	600		600
5.15% notes due 2041 (5.15% 2041 Notes)	729		729
5.65% notes due 2042 (5.65% 2042 Notes)	415		415
5.60% notes due 2043 (5.60% 2043 Notes)	2,750		—
5.375% notes due 2043 (5.375% 2043 Notes)	185		185
4.40% notes due 2045 (4.40% 2045 Notes)	2,250		2,250
4.563% notes due 2048 (4.563% 2048 Notes)	1,415		1,415
3.375% notes due 2050 (3.375% 2050 Notes)	2,132		2,250
4.663% notes due 2051 (4.663% 2051 Notes)	3,541		3,541
3.00% notes due 2052 (3.00% 2052 Notes)	999		1,254
4.20% notes due 2052 (4.20% 2052 Notes)	950		1,000
4.875% notes due 2053 (4.875% 2053 Notes)	1,000		1,000


	December 31,
	2023		2022
5.65% notes due 2053 (5.65% 2053 Notes)	4,250		—
2.77% notes due 2053 (2.77% 2053 Notes)	940		940
4.40% notes due 2062 (4.40% 2062 Notes)	1,200		1,250
5.75% notes due 2063 (5.75% 2063 Notes)	2,750		—
Other notes due 2097	100		100
Unamortized bond discounts, premiums and issuance costs, net	(1,420)		(1,246)
Fair value adjustments	(314)		(437)
Other	17		12
Total carrying value of debt	64,613		38,945
Less current portion	(1,443)		(1,591)
Total long-term debt	$	63,170	$	37,354

There are no material differences between the effective interest rates and the coupon rates of any of our borrowings, except for the 4.563% 2048 Notes, the 4.663% 2051 Notes and the 2.77% 2053 Notes, which have effective interest rates of 6.3%, 5.6% and 5.2%, respectively.

Under the terms of all of our outstanding notes, except our Other notes due 2097, in the event of a change-in-control triggering event we may be required to purchase all or a portion of these debt securities at prices equal to 101% of the principal amounts of the notes plus accrued and unpaid interest. In addition, all of our outstanding notes—except our Other notes due 2097—may be redeemed at any time at our option—in whole or in part—at the principal amounts of the notes being redeemed plus accrued and unpaid interest and make-whole amounts, which are defined by the terms of the notes. Certain of the redeemable notes do not require the payment of make-whole amounts if redeemed during a specified period of time immediately prior to the maturity of the notes. Such time periods range from one month to six months prior to maturity, except for the 5.507% 2026 Notes, which may be redeemed without payment of the make-whole amount if redemption occurs after two years prior to maturity.

Debt issuances and acquisition-related financing

In March 2023, in connection with the acquisition of Horizon (see Note 3, Acquisitions and divestitures—Acquisition of Horizon Therapeutics plc), we issued the following series of notes (in millions):


	Principal Amount
5.25% 2025 Notes	$	2,000
5.507% 2026 Notes	1,500
5.15% 2028 Notes	3,750
5.25% 2030 Notes	2,750
5.25% 2033 Notes	4,250
5.60% 2043 Notes	2,750
5.65% 2053 Notes	4,250
5.75% 2063 Notes	2,750
Total	$	24,000

In December 2022, in connection with the acquisition of Horizon, we entered into a bridge credit agreement, which provided for borrowings with an aggregate principal amount of $24.5 billion as of December 31, 2022. Subsequent to our March 2023 debt issuance described above, we terminated the bridge credit agreement. Accordingly, during the first quarter of 2023, we recognized $98 million of financing cost associated with the bridge credit agreement, primarily in Other income (expense), net, in the Consolidated Statements of Income.

Also in connection with the acquisition of Horizon, we entered into a $4.0 billion term loan credit agreement in December 2022. In October 2023, in connection with the completion of the acquisition of Horizon, we borrowed $4.0 billion under the term loan credit agreement with an interest rate of three-month SOFR plus 1.225%, of which $2.0 billion is due in April 2025 and $2.0 billion is due in October 2026. No amounts under this agreement were outstanding as of December 31, 2022.

During the years ended December 31, 2022 and 2021, we issued debt securities in the following offerings:

•In 2022, we issued $7.0 billion of debt consisting of $750 million of the 3.00% 2029 Notes, $1.25 billion of the 4.05% 2029 Notes, $1.0 billion of the 3.35% 2032 Notes, $750 million of the 4.20% 2033 Notes, $1.0 billion of the 4.20% 2052 Notes, $1.0 billion of the 4.875% 2053 Notes and $1.25 billion of the 4.40% 2062 Notes. The 3.00% 2029 Notes were issued and used to finance eligible projects that met specified criteria to reduce our impact on the environment.

•In 2021, we issued $5.0 billion of debt consisting of $1.25 billion of the 1.65% 2028 Notes, $1.25 billion of the 2.00% 2032 Notes, $1.15 billion of the 2.80% 2041 Notes and $1.35 billion of the 3.00% 2052 Notes.

Debt extinguishment

In 2023, we repurchased portions of the 2.00% 2032 Notes, 3.15% 2040 Notes, 2.80% 2041 Notes, 3.375% 2050 Notes, 3.00% 2052 Notes, 4.20% 2052 Notes and 4.40% 2062 Notes for an aggregate cost of $647 million, which resulted in the recognition of a $225 million gain on extinguishment of debt recorded in Other income (expense), net, in the Consolidated Statements of Income.

In 2022, we repurchased portions of the 2.20% 2027 Notes, the 1.65% 2028 Notes, the 2.00% 2032 Notes, the 2.80% 2041 Notes and the 3.00% 2052 Notes for an aggregate cost of $297 million, which resulted in the recognition of a $78 million gain on extinguishment of debt recorded in Other income (expense), net, in the Consolidated Statements of Income.

Debt repayments/redemptions

We made debt repayments/redemptions during the years ended December 31, 2023, 2022 and 2021, as follows:

•In 2023, we repaid $750 million aggregate principal amount of the 2.25% 2023 Notes as well as the CHF700 million aggregate principal amount ($704 million upon settlement of the related cross-currency swap) of the 0.41% 2023 Swiss franc Bonds.

•In 2022, no debt was repaid/redeemed.

•In 2021, we redeemed $4.2 billion of debt, including the €1.25 billion aggregate principal amount ($1.4 billion upon settlement of the related cross-currency swap) of the 1.25% 2022 euro Notes, the $500 million aggregate principal amount of the 2.70% 2022 Notes, the $1.5 billion aggregate principal amount of the 2.65% 2022 Notes and the $750 million aggregate principal amount of the 3.625% 2022 Notes. In connection with the redemption of these notes, we paid a total of $24 million in make-whole amounts plus associated accrued and unpaid interest, all of which was recognized in Interest expense, net, in the Consolidated Statements of Income.

Interest rate swaps

To achieve a desired mix of fixed-rate and floating-rate debt, we entered into interest rate swap contracts that effectively converted fixed-rate interest coupons for certain of our debt issuances to floating SOFR-based coupons over the lives of the respective notes. These interest rate swap contracts qualified and are designated as fair value hedges.

During the year ended December 31, 2021, we entered into interest rate swap contracts with an aggregate notional amount of $1.0 billion with respect to the 2.45% 2030 Notes and an aggregate notional amount of $500 million with respect to the 2.30% 2031 Notes. In connection with the redemption of the 3.625% 2022 Notes, discussed above, associated interest rate swap contracts with an aggregate notional amount of $750 million were terminated.

As of December 31, 2023 and 2022, the effective interest rates on notes for which we have entered into interest rate swap contracts and the related notional amounts of these contracts were as follows (dollar amounts in millions):


Notes	Notional amounts		Effective interest rates
3.625% 2024 Notes	$	1,400	SOFR + 3.4%
3.125% 2025 Notes	1,000		SOFR + 2.1%
2.60% 2026 Notes	1,250		SOFR + 2.1%
2.45% 2030 Notes	1,000		SOFR + 1.3%
2.30% 2031 Notes	500		SOFR + 1.1%
4.663% 2051 Notes	1,500		SOFR + 4.3%
Total notional amounts	$	6,650

Cross-currency swaps

To hedge our exposure to foreign currency exchange rate risk associated with certain of our long-term notes denominated in foreign currencies, we entered into cross-currency swap contracts. The terms of these contracts outstanding as of December 31, 2023, effectively convert the interest payments and principal repayments on our 2.00% 2026 euro Notes, 5.50% 2026 pound sterling Notes and 4.00% 2029 pound sterling Notes from euros and pounds sterling to U.S. dollars. These cross-currency swap contracts have been designated as cash flow hedges. For information regarding the terms of these contracts, see Note 19, Derivative instruments. Cross-currency swap contracts associated with other foreign denominated debt previously outstanding were settled in connection with the repayment/redemption of such debt, as discussed above.

Shelf registration statement and other facilities

As of December 31, 2023, we have a commercial paper program that allows us to issue up to $2.5 billion of unsecured commercial paper to fund our working-capital needs. As of December 31, 2023 and 2022, we had no amounts outstanding under our commercial paper program.

In the first quarter of 2023, we amended and restated our syndicated, unsecured, revolving credit agreement, under which we may borrow up to $4.0 billion (increased from $2.5 billion prior to the amendment) for general corporate purposes, including as a liquidity backstop for our commercial paper program. The commitments under the revolving credit agreement may be increased by up to $1.25 billion with the agreement of the banks (increased from $750 million prior to the amendment). Each bank that is a party to the agreement has an initial commitment term of five years. This term may be extended for up to two additional one-year periods with the agreement of the banks. Annual commitment fees for this agreement are 0.09% of the unused portion of the facility based on our current credit rating. Generally, we would be charged interest for any amounts borrowed under this facility, based on our current credit rating, at (i) SOFR plus 1.01% or (ii) the highest of (A) the administrative agent bank base commercial lending rate, (B) the overnight federal funds rate plus 0.50% or (C) one-month SOFR plus 1.1%. As of December 31, 2023 and 2022, no amounts were outstanding under this facility.

In February 2023, we filed a shelf registration statement with the SEC that allows us to issue unspecified amounts of debt securities; common stock; preferred stock; warrants to purchase debt securities, common stock, preferred stock or depositary shares; rights to purchase common stock or preferred stock; securities purchase contracts; securities purchase units; and depositary shares. Under this shelf registration statement, all of the securities available for issuance may be offered from time to time, with terms to be determined at the time of issuance. This shelf registration statement expires in February 2026.

Certain of our financing arrangements contain nonfinancial covenants. In addition, our revolving credit agreement and term loan agreement include a financial covenant, which requires us to maintain a specified minimum interest coverage ratio of (i) the sum of consolidated net income, interest expense, provision for income taxes, depreciation expense, amortization expense, unusual or nonrecurring charges and other noncash items (Consolidated EBITDA) to (ii) Consolidated Interest Expense, each as defined and described in the respective agreements. We were in compliance with all applicable covenants under these arrangements as of December 31, 2023.

Contractual maturities of debt obligations

The aggregate contractual maturities of all borrowings due subsequent to December 31, 2023, are as follows (in millions):


Maturity dates	Amounts
2024	$	1,403
2025	5,500
2026	6,183
2027	2,724
2028	4,984
Thereafter	45,553
Total	$	66,347

Interest costs

Interest costs are expensed as incurred except to the extent such interest is related to construction in progress, in which case interest is capitalized. Interest costs capitalized for the years ended December 31, 2023, 2022 and 2021, were not material. Interest paid, including the ongoing impact of interest rate and cross-currency swap contracts, during the year ended December 31, 2023 was $2.4 billion, and for each of the years ended December 31, 2022 and 2021 was $1.2 billion.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Derivative instruments - Schedule of Cross-Currency Swaps (Details) € in Millions, £ in Millions, $ in Millions	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 GBP (£)
2.00% 2026 euro Notes \| Notes
Derivative [Line Items]
Interest rate, stated percentage	2.00%	2.00%	2.00%
5.50% 2026 pound sterling Notes \| Notes
Derivative [Line Items]
Interest rate, stated percentage	5.50%	5.50%	5.50%
4.00% 2029 pound sterling Notes \| Notes
Derivative [Line Items]
Interest rate, stated percentage	4.00%	4.00%	4.00%
Cash flow hedge \| Cross-currency swap contracts \| 2.00% 2026 euro Notes
Derivative [Line Items]
Notional amount	$ 833	€ 750
Cash flow hedge \| Cross-currency swap contracts \| 5.50% 2026 pound sterling Notes
Derivative [Line Items]
Notional amount	747		£ 475
Cash flow hedge \| Cross-currency swap contracts \| 4.00% 2029 pound sterling Notes
Derivative [Line Items]
Notional amount	$ 1,111		£ 700
Cash flow hedge \| Cross-currency swap contracts \| Euro Member Countries, Euro \| 2.00% 2026 euro Notes
Derivative [Line Items]
Interest rates	2.00%	2.00%	2.00%
Cash flow hedge \| Cross-currency swap contracts \| United Kingdom, Pounds \| 5.50% 2026 pound sterling Notes
Derivative [Line Items]
Interest rates	5.50%	5.50%	5.50%
Cash flow hedge \| Cross-currency swap contracts \| United Kingdom, Pounds \| 4.00% 2029 pound sterling Notes
Derivative [Line Items]
Interest rates	4.00%	4.00%	4.00%
Cash flow hedge \| Cross-currency swap contracts \| United States of America, Dollars \| 2.00% 2026 euro Notes
Derivative [Line Items]
Interest rates	3.90%	3.90%	3.90%
Cash flow hedge \| Cross-currency swap contracts \| United States of America, Dollars \| 5.50% 2026 pound sterling Notes
Derivative [Line Items]
Interest rates	6.00%	6.00%	6.00%
Cash flow hedge \| Cross-currency swap contracts \| United States of America, Dollars \| 4.00% 2029 pound sterling Notes
Derivative [Line Items]
Interest rates	4.60%	4.60%	4.60%

Investments - BeiGene (Details) - USD ($) $ in Millions	12 Months Ended
Investments - BeiGene (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 02, 2020
Net Investment Income [Line Items]
Unrealized gain on equity method investment	$ 98	$ (165)	$ 161
Company's share of profits (losses) of related party	(11)	$ (891)	$ (33)
BeiGene
Net Investment Income [Line Items]
Ownership percentage		18.20%		20.50%
Equity method investment, difference between carrying amount and underlying equity				$ 2,400
BeiGene
Net Investment Income [Line Items]
Equity method investment, aggregate cost				2,800
Equity method investment, quoted market value				$ 2,600
Unrealized gain on equity method investment	1,200
Company's share of profits (losses) of related party	(394)	$ (265)
Amortization of the basis difference	190	172
Payments to acquire equity method investments, cash		50
Increase in carrying value of equity method investment	11	265
BeiGene \| Other Noncurrent Assets
Net Investment Income [Line Items]
Approximate carrying value of the company's equity method investment		2,200
Carrying and fair value of investment		$ 4,200
BeiGene \| BeiGene \| Other Noncurrent Assets
Net Investment Income [Line Items]
Carrying and fair value of investment	$ 3,400

Restructuring - Summary of Restructuring Charges by Type of Activity (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 267
Separation costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	186
Asset impairments and other charges
Restructuring Cost and Reserve [Line Items]
Restructuring charges	81
Cost of sales
Restructuring Cost and Reserve [Line Items]
Restructuring charges	36
Cost of sales \| Separation costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0
Cost of sales \| Asset impairments and other charges
Restructuring Cost and Reserve [Line Items]
Restructuring charges	36
Research and development
Restructuring Cost and Reserve [Line Items]
Restructuring charges	29
Research and development \| Separation costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0
Research and development \| Asset impairments and other charges
Restructuring Cost and Reserve [Line Items]
Restructuring charges	29
Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring charges	13
Selling, general and administrative \| Separation costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0
Selling, general and administrative \| Asset impairments and other charges
Restructuring Cost and Reserve [Line Items]
Restructuring charges	13
Other
Restructuring Cost and Reserve [Line Items]
Restructuring charges	189
Other \| Separation costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	186
Other \| Asset impairments and other charges
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Goodwill and other intangible assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The changes in the carrying amounts of goodwill were as follows (in millions):


	December 31,
	2023		2022
Beginning balance	$	15,529	$	14,890
Changes to goodwill resulting from acquisitions and divestitures, net(1)	3,089		651
Currency translation adjustments	11		(12)
Ending balance	$	18,629	$	15,529

____________

(1) For 2023, the increase to Goodwill was primarily due to goodwill resulting from the acquisition of Horizon. For 2022, the increase to goodwill was due to goodwill resulting from the acquisition of ChemoCentryx, changes to the acquisition date fair values of net assets acquired in the acquisition of Teneobio and the nonstrategic Gensenta divestiture. See Note 3, Acquisitions and divestitures.

Schedule of Identifiable Intangible Assets

Other intangible assets consisted of the following (in millions):


	December 31,
	2023						2022
	Gross carrying amounts		Accumulated amortization		Other intangible assets, net		Gross carrying amounts		Accumulated amortization		Other intangible assets, net
Finite-lived intangible assets:
Developed-product-technology rights	$	48,631	$	(18,049)	$	30,582	$	29,028	$	(15,045)	$	13,983
Licensing rights	3,865		(3,265)		600		3,864		(3,123)		741
Marketing-related rights	1,339		(1,264)		75		1,326		(1,167)		159
R&D technology rights	1,394		(1,228)		166		1,378		(1,190)		188
Total finite-lived intangible assets	55,229		(23,806)		31,423		35,596		(20,525)		15,071
Indefinite-lived intangible assets:
IPR&D	1,218		—		1,218		1,009		—		1,009
Total other intangible assets	$	56,447	$	(23,806)	$	32,641	$	36,605	$	(20,525)	$	16,080

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Stock-based compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Components of Stock-based Compensation Expense

The following table reflects the components of stock-based compensation expense recognized in our Consolidated Statements of Income (in millions):


	Years ended December 31,
	2023		2022		2021
RSUs	$	309	$	227	$	183
Performance units	121		132		121
Stock options	43		42		37
Total stock-based compensation expense, pretax	473		401		341
Tax benefit from stock-based compensation expense	(102)		(86)		(74)
Total stock-based compensation expense, net of tax	$	371	$	315	$	267

Summary of RSUs

The following table summarizes information regarding our RSUs:


	Year ended December 31, 2023
	Units (in millions)	Weighted-average grant date fair value
Balance nonvested as of December 31, 2022	2.8	$	228.71
Granted	1.0	$	237.70
Replacement awards granted - Horizon acquisition	1.7	$	267.47
Vested	(1.3)	$	231.81
Forfeited	(0.3)	$	234.35
Balance nonvested as of December 31, 2023	3.9	$	246.43

Summary of Stock Option Assumptions

The weighted-average assumptions used in the option valuation model and the resulting weighted-average grant date fair values of stock options granted were as follows:


	Years ended December 31,
	2023			2022			2021
Closing price of our common stock on grant date	$	235.97		$	230.92		$	237.17
Expected volatility (average of implied and historical volatility)	23.3		%	24.5		%	25.6		%
Expected life (in years)	5.7			5.7			5.7
Risk-free interest rate	3.4		%	2.8		%	1.0		%
Expected dividend yield	3.5		%	3.3		%	2.9		%
Fair value of stock options granted	$	41.86		$	42.43		$	40.43

Summary of Stock Options

The following table summarizes information regarding our stock options:


	Year ended December 31, 2023
	Options (in millions)	Weighted- average exercise price		Weighted- average remaining contractual life (in years)	Aggregate intrinsic value (in millions)
Balance unexercised as of December 31, 2022	5.3	$	207.29
Granted	1.1	$	235.97
Exercised	(0.4)	$	182.33
Expired/forfeited	(0.1)	$	234.10
Balance unexercised as of December 31, 2023	5.9	$	213.90	6.7	$	438
Vested or expected to vest as of December 31, 2023	5.7	$	213.15	6.7	$	427
Exercisable as of December 31, 2023	2.8	$	190.59	5.0	$	271

Weighted-Average Assumptions

The weighted-average assumptions used in the payout simulation model and the resulting weighted-average grant date fair values of performance units granted were as follows:


	Years ended December 31,
	2023			2022			2021
Closing price of our common stock on grant date	$	235.97		$	230.92		$	239.64
Volatility	21.6		%	28.1		%	29.3		%
Risk-free interest rate	3.7		%	0.3		%	0.3		%
Fair value of units granted	$	252.49		$	247.48		$	254.68

Goodwill and other intangible assets - Schedule of Identifiable Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Finite-lived intangible assets:
Gross carrying amounts	$ 55,229	$ 35,596
Accumulated amortization	(23,806)	(20,525)
Other intangible assets, net	31,423	15,071
Indefinite-lived intangible assets:
Identifiable intangible assets	56,447	36,605
Accumulated amortization	(23,806)	(20,525)
Identifiable intangible assets, net	32,641	16,080
IPR&D
Indefinite-lived intangible assets:
Indefinite-lived intangible assets	1,218	1,009
Developed-product-technology rights
Finite-lived intangible assets:
Gross carrying amounts	48,631	29,028
Accumulated amortization	(18,049)	(15,045)
Other intangible assets, net	30,582	13,983
Licensing rights
Finite-lived intangible assets:
Gross carrying amounts	3,865	3,864
Accumulated amortization	(3,265)	(3,123)
Other intangible assets, net	600	741
Marketing-related rights
Finite-lived intangible assets:
Gross carrying amounts	1,339	1,326
Accumulated amortization	(1,264)	(1,167)
Other intangible assets, net	75	159
R&D technology rights
Finite-lived intangible assets:
Gross carrying amounts	1,394	1,378
Accumulated amortization	(1,228)	(1,190)
Other intangible assets, net	$ 166	$ 188

Summary of significant accounting policies - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) operating_segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of business segment \| operating_segment	1
Sales return provisions as a percentage of gross product sales (less than)	1.00%
Advertising cost \| $	$ 647	$ 841	$ 843
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue payment term	30 days
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue payment term	120 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 50
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147477123/405-50-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482477/820-10-65-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482477/820-10-65-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (i)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (i)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 832
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483482/832-10-65-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 832
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483482/832-10-65-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479845/805-20-65-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479845/805-20-65-3

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479845/805-20-65-3

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479832/842-10-65-5

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479832/842-10-65-5

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479832/842-10-65-5

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479832/842-10-65-5

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483550/848-10-65-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483550/848-10-65-2

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483550/848-10-65-2

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)(3)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483550/848-10-65-2

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)(3)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483550/848-10-65-2

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479343/105-10-65-6

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479343/105-10-65-6

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479343/105-10-65-6

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479343/105-10-65-6

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479343/105-10-65-6

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 45: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 49: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (h)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 50: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 51: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 11.M.Q2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480530/250-10-S99-5

Reference 52: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-4

Reference 53: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-4

Reference 54: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-4

Reference 55: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482615/740-10-65-8

Reference 56: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482615/740-10-65-8

Reference 57: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482615/740-10-65-8

Reference 58: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482615/740-10-65-8

Reference 59: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-4

Reference 60: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-4

Reference 61: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-4

Reference 62: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 15
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480336/718-10-65-15

Reference 63: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 15
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480336/718-10-65-15

Reference 64: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 15
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480336/718-10-65-15

Reference 65: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483194/926-20-65-2

Reference 66: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483194/926-20-65-2

Reference 67: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483194/926-20-65-2

Reference 68: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 69: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 70: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 71: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 72: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 73: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 74: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483421/250-10-45-6

Reference 75: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482833/825-10-65-6

Reference 76: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482833/825-10-65-6

Reference 77: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482833/825-10-65-6

Reference 78: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482833/825-10-65-6

Reference 79: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 80: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 81: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 82: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 83: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 84: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 85: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 86: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 87: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 88: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 89: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 90: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

Reference 91: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

Reference 92: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480424/946-10-50-3

+ Details

Stockholders' equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholders' equity

Stockholders’ equity

Stock repurchase program

Activity under our stock repurchase program, on a trade date basis, was as follows (in millions):


	Years ended December 31,
	2023			2022			2021
	Shares	Dollars		Shares	Dollars		Shares	Dollars
First quarter	—	$	—	24.6	$	5,410	3.7	$	865
Second quarter	—	—		—	—		6.5	1,592
Third quarter	—	—		1.5	900		4.6	1,069
Fourth quarter	—	—		—	—		6.9	1,461
Total stock repurchases	—	$	—	26.1	$	6,310	21.7	$	4,987

During the year ended December 31, 2023, we did not repurchase shares of our common stock.

During the first quarter of 2022, the Company entered into ASR agreements with third-party financial institutions (Dealers) whereby the Company made payments in an aggregate amount of $6.0 billion to the Dealers and received and retired an initial 23.3 million shares of the Company’s common stock from the Dealers; during the third quarter of 2023, the ASR agreements were settled. In total, we repurchased 26.1 million shares of common stock during the year ended December 31, 2022, consisting primarily of the 24.8 million shares received under the ASR agreements.

As of December 31, 2023, $7.0 billion remained available under our stock repurchase program.

Dividends

Our Board of Directors declared quarterly dividends per share of $2.13, $1.94 and $1.76, which were paid in each of the four quarters of 2023, 2022 and 2021, respectively.

Historically, we have declared dividends in December of each year, which were paid in the first quarter of the following fiscal year and in March, July and October, which were paid in the second, third and fourth quarters, respectively, of the same fiscal year. Additionally, on December 12, 2023, the Board of Directors declared a quarterly cash dividend of $2.25 per share of common stock, which will be paid in March 2024, to all stockholders of record as of the close of business on February 16, 2024.

Accumulated other comprehensive loss

The components of AOCI were as follows (in millions):


	Foreign currency translation		Cash flow hedges		Available-for-sale securities		Other		AOCI
Balance as of December 31, 2020	$	(709)	$	(263)	$	1	$	(14)	$	(985)
Foreign currency translation adjustments	(135)		—		—		—		(135)
Unrealized gains (losses)	—		159		(1)		—		158
Reclassification adjustments to income	—		253		—		—		253
Other gains	—		—		—		1		1
Income taxes	—		(88)		—		—		(88)
Balance as of December 31, 2021	(844)		61		—		(13)		(796)

Foreign currency translation adjustments	496		—		—		—		496
Unrealized gains	—		84		—		—		84
Reclassification adjustments to income	—		2		—		—		2
Other gains	—		—		—		2		2
Income taxes	—		(19)		—		—		(19)
Balance as of December 31, 2022	(348)		128		—		(11)		(231)

Foreign currency translation adjustments	50		—		—		—		50
Unrealized gains	—		28		—		—		28
Reclassification adjustments to income	—		(222)		—		—		(222)
Other gains	—		—		—		42		42
Income taxes	—		44		—		—		44
Balance as of December 31, 2023	$	(298)	$	(22)	$	—	$	31	$	(289)

With respect to the table above, income tax expenses or benefits for unrealized gains and losses and the related reclassification adjustments to income for cash flow hedges were a $6 million expense and a $50 million benefit in 2023, a $19 million expense and a $0 million expense in 2022 and a $33 million expense and a $55 million expense in 2021, respectively.

Reclassifications out of AOCI and into earnings were as follows (in millions):


	Years ended December 31,
Components of AOCI	2023		2022		2021		Consolidated Statements of Income locations
Cash flow hedges:
Foreign currency contract gains (losses)	$	180	$	231	$	(8)	Product sales
Cross-currency swap contract gains (losses)	42		(233)		(245)		Other income (expense), net

	222		(2)		(253)		Income before income taxes
	(50)		—		55		Provision for income taxes
	$	172	$	(2)	$	(198)	Net income

Other

In addition to common stock, our authorized capital includes 5 million shares of preferred stock, $0.0001 par value. As of December 31, 2023 and 2022, no shares of preferred stock were issued or outstanding.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Collaborations - AstraZeneca PLC (Details) - AstraZeneca PLC - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Research and development
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Development costs due to collaboration partner	$ 77	$ 74	$ 49
Selling, general and administrative
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cost recoveries	73	60	$ 39
Cost of sales
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Profit and loss share of expenses	$ 310	$ 119

Derivative instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Cross-Currency Swaps

The notional amounts and interest rates of our cross-currency swaps as of December 31, 2023, were as follows (notional amounts in millions):


	Foreign currency				U.S. dollars
Hedged notes	Notional amounts		Interest rates		Notional amounts		Interest rates

2.00% 2026 euro Notes	€	750	2.0	%	$	833	3.9	%
5.50% 2026 pound sterling Notes	£	475	5.5	%	$	747	6.0	%
4.00% 2029 pound sterling Notes	£	700	4.0	%	$	1,111	4.6	%

Summary of Unrealized Gains and Losses Recognized in AOCI

The unrealized gains and losses recognized in AOCI for our derivative instruments designated as cash flow hedges were as follows (in millions):


	Years ended December 31,
Derivatives in cash flow hedging relationships	2023		2022		2021
Foreign currency forward contracts	$	(14)	$	308	$	373
Cross-currency swap contracts	73		(219)		(214)
Forward interest rate contracts	(31)		(5)		—
Total unrealized gains	$	28	$	84	$	159

Hedged Liabilities and Cumulative Amount

The hedged liabilities and related cumulative-basis adjustments for fair value hedges of those liabilities were recorded in the Consolidated Balance Sheets as follows (in millions):


	Carrying amounts of hedged liabilities(1)				Cumulative amounts of fair value hedging adjustments related to the carrying amounts of the hedged liabilities(2)
	December 31,				December 31,
Consolidated Balance Sheets locations	2023		2022		2023		2022
Current portion of long-term debt	$	1,441	$	82	$	41	$	82
Long-term debt	$	4,788	$	6,017	$	(355)	$	(519)

____________

Summary of Income and Expense Line Items


	Year ended December 31, 2023
	Product sales		Other income (expense), net		Interest expense, net
Total amounts recorded in income and (expense) line items presented in the Consolidated Statements of Income	$	26,910	$	2,833	$	(2,875)
The effects of cash flow and fair value hedging:
Gains on cash flow hedging relationships reclassified out of AOCI:
Foreign currency forward contracts	$	180	$	—	$	—
Cross-currency swap contracts	$	—	$	42	$	—
(Losses) gains on fair value hedging relationships—interest rate swap agreements:
Hedged items(1)	$	—	$	—	$	(118)
Derivatives designated as hedging instruments	$	—	$	—	$	205


	Year ended December 31, 2022
	Product sales		Other income (expense), net		Interest expense, net
Total amounts recorded in income and (expense) line items presented in the Consolidated Statements of Income	$	24,801	$	(814)	$	(1,406)
The effects of cash flow and fair value hedging:
Gains (losses) on cash flow hedging relationships reclassified out of AOCI:
Foreign currency forward contracts	$	231	$	—	$	—
Cross-currency swap contracts	$	—	$	(233)	$	—
Gains (losses) on fair value hedging relationships—interest rate swap agreements:
Hedged items(1)	$	—	$	—	$	716
Derivatives designated as hedging instruments	$	—	$	—	$	(636)


	Year ended December 31, 2021
	Product sales		Other income (expense), net		Interest expense, net
Total amounts recorded in income and (expense) line items presented in the Consolidated Statements of Income	$	24,297	$	259	$	(1,197)
The effects of cash flow and fair value hedging:
Losses on cash flow hedging relationships reclassified out of AOCI:
Foreign currency forward contracts	$	(8)	$	—	$	—
Cross-currency swap contracts	$	—	$	(245)	$	—

Gains (losses) on fair value hedging relationships—interest rate swap agreements:
Hedged items(1)	$	—	$	—	$	281
Derivatives designated as hedging instruments	$	—	$	—	$	(192)

__________

Fair Value of Derivatives

The fair values of derivatives included in the Consolidated Balance Sheets were as follows (in millions):


	Derivative assets			Derivative liabilities
December 31, 2023	Consolidated Balance Sheets locations	Fair values		Consolidated Balance Sheets locations	Fair values
Derivatives designated as hedging instruments:
Foreign currency forward contracts	Other current assets/ Other noncurrent assets	$	145	Accrued liabilities/ Other noncurrent liabilities	$	116
Cross-currency swap contracts	Other current assets/ Other noncurrent assets	—		Accrued liabilities/ Other noncurrent liabilities	405
Interest rate swap contracts	Other current assets/ Other noncurrent assets	—		Accrued liabilities/ Other noncurrent liabilities	571
Forward interest rate contracts	Other current assets/ Other noncurrent assets	—		Accrued liabilities/ Other noncurrent liabilities	—
Total derivatives designated as hedging instruments		145			1,092



Total derivatives		$	145		$	1,092

	Derivative assets			Derivative liabilities
December 31, 2022	Consolidated Balance Sheets locations	Fair values		Consolidated Balance Sheets locations	Fair values
Derivatives designated as hedging instruments:
Foreign currency forward contracts	Other current assets/ Other noncurrent assets	$	287	Accrued liabilities/ Other noncurrent liabilities	$	76
Cross-currency swap contracts	Other current assets/ Other noncurrent assets	54		Accrued liabilities/ Other noncurrent liabilities	541
Interest rate swap contracts	Other current assets/ Other noncurrent assets	—		Accrued liabilities/ Other noncurrent liabilities	776
Forward interest rate contracts	Other current assets/ Other noncurrent assets	—		Accrued liabilities/ Other noncurrent liabilities	5
Total derivatives designated as hedging instruments		341			1,398



Total derivatives		$	341		$	1,398

For additional information, see Note 18, Fair value measurement.

Earnings per share - Computation for Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income (Numerator):
Net income for basic and diluted EPS	$ 6,717	$ 6,552	$ 5,893
Shares (Denominator):
Weighted-average shares for basic EPS (in shares)	535	538	570
Effect of dilutive securities (in shares)	3	3	3
Weighted-average shares for diluted EPS (in shares)	538	541	573
Basic EPS (in usd per share)	$ 12.56	$ 12.18	$ 10.34
Diluted EPS (in usd per share)	$ 12.49	$ 12.11	$ 10.28

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-52

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-52

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Financing arrangements - Debt Issuances and Acquisition-Related Financing (Details) - USD ($)	1 Months Ended	3 Months Ended
	Oct. 31, 2023	Mar. 31, 2023	Dec. 31, 2023	Oct. 06, 2023	Dec. 31, 2022	Dec. 31, 2021
Notes
Debt Instrument [Line Items]
Face amount		$ 24,000,000,000			$ 7,000,000,000	$ 5,000,000,000
Notes \| 3.00% notes due 2029 (3.00% 2029 Notes)
Debt Instrument [Line Items]
Face amount					$ 750,000,000
Interest rate, stated percentage			3.00%		3.00%
Notes \| 4.05% notes due 2029 (4.05% 2029 Notes)
Debt Instrument [Line Items]
Face amount					$ 1,250,000,000
Interest rate, stated percentage			4.05%		4.05%
Notes \| 3.35% notes due 2032 (3.35% 2032 Notes)
Debt Instrument [Line Items]
Face amount					$ 1,000,000,000
Interest rate, stated percentage			3.35%		3.35%
Notes \| 4.20% notes due 2033 (4.20% 2033 Notes)
Debt Instrument [Line Items]
Face amount					$ 750,000,000
Interest rate, stated percentage			4.20%		4.20%
Notes \| 4.20% notes due 2052 (4.20% 2052 Notes)
Debt Instrument [Line Items]
Face amount					$ 1,000,000,000
Interest rate, stated percentage			4.20%		4.20%
Notes \| 4.875% notes due 2053 (4.875% 2053 Notes)
Debt Instrument [Line Items]
Face amount					$ 1,000,000,000
Interest rate, stated percentage			4.875%		4.875%
Notes \| 4.40% notes due 2062 (4.40% 2062 Notes)
Debt Instrument [Line Items]
Face amount					$ 1,250,000,000
Interest rate, stated percentage			4.40%		4.40%
Notes \| 1.65% notes due in 2028 (1.65% 2028 Notes)
Debt Instrument [Line Items]
Face amount						$ 1,250,000,000
Interest rate, stated percentage			1.65%		1.65%	1.65%
Notes \| 2.00% notes due 2032 (2.00% 2032 Notes)
Debt Instrument [Line Items]
Face amount						$ 1,250,000,000
Interest rate, stated percentage						2.00%
Notes \| 2.80% notes due 2041 (2.80% 2041 Notes)
Debt Instrument [Line Items]
Face amount						$ 1,150,000,000
Interest rate, stated percentage						2.80%
Notes \| 3.00% notes due 2052 (3.00% 2052 Notes)
Debt Instrument [Line Items]
Face amount						$ 1,350,000,000
Interest rate, stated percentage			3.00%		3.00%	3.00%
Variable Rate Component Three \| term loan credit agreement \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.225%
Horizon Therapeutics
Debt Instrument [Line Items]
Bridge credit reduced amount					$ 24,500,000,000
Term loan credit agreement, total amount					4,000,000,000
Term loan credit agreement, total borrowed				$ 4,000,000,000
Term loan credit agreement, due in April 2025				2,000,000,000
Term loan credit agreement, due in October 2026				$ 2,000,000,000
Term loan, outstanding					$ 0
Horizon Therapeutics \| Other Nonoperating Income (Expense)
Debt Instrument [Line Items]
Amortization of other deferred charges		$ 98,000,000

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
2024	$ 138
2025	121
2026	109
2027	95
2028	74
Thereafter	440
Total lease payments	977
Less imputed interest	(167)
Present value of lease liabilities	810	$ 695
Abandoned Leases
Lessee, Lease, Description [Line Items]
Future rental commitments for abandoned leases	67
Expected total future rental income to be received	$ 70

Contingencies and commitments

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Contingencies and commitments

Contingencies

In the ordinary course of business, we are involved in various legal proceedings, government investigations and other matters that are complex in nature and have outcomes that are difficult to predict. See Part I, Item 1A. Risk Factors—Our business may be affected by litigation and government investigations. We describe our legal proceedings and other matters that are significant or that we believe could become significant in this footnote.

We record accruals for loss contingencies to the extent that we conclude it is probable that a liability has been incurred and the amount of the related loss can be reasonably estimated. We evaluate, on a quarterly basis, developments in legal proceedings and other matters that could cause an increase or decrease in the amount of the liability that has been accrued previously.

Our legal proceedings involve various aspects of our business and a variety of claims, some of which present novel factual allegations and/or unique legal theories. In each of the matters described in this filing, in which we could incur a liability, our opponents seek an award of a not-yet-quantified amount of damages or an amount that is not material. In addition, a number of the matters pending against us are at very early stages of the legal process, which in complex proceedings of the sort we face often extend for several years. As a result, none of the matters described in this filing, in which we could incur a liability, have progressed sufficiently through discovery and/or the development of important factual information and legal issues to enable us to estimate a range of possible loss, if any, or such amounts are not material. While it is not possible to accurately predict or determine the eventual outcomes of these matters, an adverse determination in one or more of these matters currently pending could have a material adverse effect on our consolidated results of operations, financial position or cash flows.

Certain recent developments concerning our legal proceedings and other matters are discussed below.

Repatha Patent Litigation

Patent Disputes in the International Region

We are involved in and expect future involvement in additional disputes regarding our PCSK9 patents in other jurisdictions and regions. This includes matters filed against us and that we have filed in Germany and Japan.

Germany

In February 2016, the European Patent Office (EPO) granted European Patent No. 2,215,124 (the EP’124 Patent) to Amgen. This patent describes and claims monoclonal antibodies to PCSK9 and methods of treatment and Sanofi filed an opposition to the patent in the EPO seeking to invalidate it. In November 2016, Sanofi-Aventis Deutschland GmbH, Sanofi-Aventis Groupe S.A. and Sanofi Winthrop Industrie S.A. filed a joint opposition against Amgen’s patent, and each of Lilly, Regeneron Pharmaceuticals, Inc. (Regeneron) and Strawman Ltd. also filed oppositions to Amgen’s patent. In November 2018, the EPO confirmed the validity of Amgen’s EP’124 Patent, which was appealed to the Technical Board of Appeal (TBA). On October 29, 2020, the TBA upheld the validity of certain claims, including claims that protect Repatha, but ruled that broader claims encompassing PRALUENT were invalid. As a result of the TBA’s decision, national litigations regarding PRALUENT in Germany are in the process of being resolved.

In Germany, Sanofi-Aventis Deutschland GmbH and Regeneron filed actions seeking damages arising from the provisional enforcement of an injunction against PRALUENT that was lifted after the TBA’s October 2020 ruling. Amgen filed counterclaims alleging that PRALUENT infringes Amgen’s European Patent No. 2,641,917 (the EP’917 Patent). On November 29, 2023, the Regional Court of Munich ruled that PRALUENT does not infringe the EP’917 Patent. A hearing has been

scheduled for February 28, 2024 in the Munich Regional Court on Sanofi-Aventis Deutschland GmbH’s and Regeneron’s action for damages.

On July 21, 2022, Sanofi Biotechnology SAS filed an action against Amgen GmbH and Amgen (Europe) B.V. before the Regional Court of Dusseldorf alleging that the marketing and sale of Repatha infringes European Patent No. 2,756,004 (the EP’004 Patent), which Sanofi Biotechnology SAS licensed from Regeneron. Sanofi Biotechnology SAS is seeking infringement damages and injunctive relief. The court scheduled a hearing on this infringement action for May 28, 2024.

On August 3, 2023, Amgen GmbH filed a Nullity Action before the German Federal Patent Court seeking invalidation of Regeneron’s EP’004 Patent. Regeneron filed a Statement of Defense on November 20, 2023. On January 22, 2024, Amgen filed its brief in reply.

Amgen and an anonymous third party opposed the EP’004 Patent in the EPO, but on December 6, 2023 the patent was finally upheld by the TBA as granted.

Unified Patent Court of the European Union

On June 1, 2023, Amgen filed an action before the Local Division of the Unified Patent Court in Munich against Sanofi-Aventis Deutschland GmbH, Sanofi-Aventis Groupe S.A., Sanofi Winthrop Industrie S.A. (collectively, Sanofi-Aventis), and Regeneron alleging that the importation, marketing, sale and use of PRALUENT infringes European Patent 3,666,797 (the EP’797 Patent) seeking an injunction and damages for past infringement. Regeneron filed counterclaims for revocation, but on February 5, 2024, the court transferred the counterclaims to the Central Division of the Unified Patent Court that is presiding over Sanofi’s revocation action. The Local Division scheduled the hearing on our EP’797 Patent infringement action to begin on October 16, 2024.

On June 29, 2023, the Central Division of the Unified Patent Court in Munich served Amgen with an action that was filed by Sanofi-Aventis that seeks revocation of the EP’797 Patent. The Central Division scheduled a hearing on the revocation action to begin on June 4, 2024.

On January 10, 2024, Sanofi Biotechnologies SAS and Regeneron filed an action against Amgen Inc., Amgen Europe B.V., Amgen N.V., Amgen GmbH, Amgen B.V., Amgen SAS, and Amgen S.R.L before the Unified Patent Court, alleging infringement of EP 3,536,712, which Sanofi Biotechnology SAS licensed from Regeneron. Sanofi and Regeneron are seeking an injunction against the sale, marketing, use, importation, or storage of Repatha for certain specified uses in Belgium, France, Germany, Italy and the Netherlands.

Japan

On April 24, 2020, the Supreme Court of Japan declined to hear Sanofi K.K.’s appeals making final the Japanese High Court’s decisions that PRALUENT infringes Amgen’s valid patent rights in Japan. On June 24, 2020, Amgen filed written answers to the invalidity trials initiated by Regeneron on February 12, 2020 before the Japan Patent Office seeking to invalidate Amgen’s Japanese patents that were previously held infringed by PRALUENT and valid over challenges filed by Sanofi K.K. On April 15, 2021, the Japanese Patent Office dismissed Regeneron’s invalidity trials, and in August 2021 Regeneron appealed the decisions to the Japanese High Court. On January 26, 2023, the Japanese High Court found Amgen’s patent claims invalid for lacking adequate support. On March 13, 2023, Amgen appealed to the Japanese Supreme Court the High Court’s decision that Amgen’s Japanese patent claims relating to PCSK9 were invalid for lacking adequate support. On September 15, 2023, the Japanese Supreme Court declined to hear Amgen’s appeal. The case will be remanded to the Japan Patent Office for further proceedings.

Damages proceedings against Sanofi K.K. are ongoing before the Tokyo District Court, where Sanofi K.K. has initiated new validity challenges to Amgen patents in Japan. On September 27, 2023, the Tokyo District Court found Amgen’s patent claims invalid and dismissed Amgen’s lawsuit for damages. Amgen appealed the District Court’s decision to the IP High Court on December 28, 2023.

Prolia/XGEVA Biologics Price Competition and Innovation Act (BPCIA) Litigation

Amgen Inc. et al. v. Sandoz Inc., et al.

On May 1, 2023, Amgen Inc. and Amgen Manufacturing Limited filed a lawsuit in the U.S. District Court for the District of New Jersey (New Jersey District Court) against Sandoz Inc., Sandoz GmbH, Lek Pharmaceuticals d.d., Novartis Pharmaceutical Productions d.o.o., and Novartis AG (collectively, Defendants) based on the submission to the FDA of a BLA seeking approval to market and sell a biosimilar version of Amgen’s Prolia and XGEVA products. The complaint asserts infringement of the following 21 patents, which are listed in the FDA’s Purple Book for Amgen’s Prolia and XGEVA products: U.S. Patent Nos. 7,364,736; 7,928,205; 8,058,418; 9,012,178; 9,133,493; 9,228,168; 9,320,816; 9,328,134; 9,359,435;

9,481,901; 10,167,492; 10,513,723; 10,583,397; 10,822,630; 10,894,972; 11,077,404; 11,098,079; 11,130,980; 11,254,963; 11,299,760; and 11,434,514 (collectively, the Asserted Patents). Amgen seeks a judgment from the New Jersey District Court that Defendants have infringed or will infringe one or more claims of each of the Asserted Patents and based on that judgment, a permanent injunction prohibiting the commercial manufacture, use, offer to sell, or sale within the United States or importation into the United States of Defendants’ proposed denosumab biosimilar before expiration of each of the Asserted Patents found to infringe. Amgen also seeks monetary remedies for any past acts of infringement.

On June 16, 2023, Amgen filed an amended and supplemental complaint to include additional information regarding the completion of the BPCIA information exchange after the filing of the original complaint. Sandoz Inc. (Sandoz) responded to the amended and supplemental complaint on July 7, 2023, denying infringement and asserting counterclaims seeking a declaratory judgment that asserted patents are invalid and/or unenforceable. On July 28, 2023, Amgen responded, seeking a denial and dismissal of Sandoz’s counterclaims.

On August 23, 2023, the New Jersey District Court entered a stipulation and order dismissing without prejudice Sandoz GmbH, Lek Pharmaceuticals d.d., Novartis Pharmaceutical Productions d.o.o., and Novartis AG (collectively, Foreign Defendants) from the action. Pursuant to the stipulation entered by the New Jersey District Court, the Foreign Defendants agreed to be bound by any judgment order or decision in the matter (including appeals) as if the Foreign Defendants were named as defendants and parties to the judgment order or decision. Sandoz is now the sole named Defendant in the action.

On October 30, 2023, the New Jersey District Court commenced a hearing on Amgen’s motion for a preliminary injunction to prohibit Sandoz from engaging in the commercial manufacture, use, offer for sell or sale within the United States, or importation into the United States of its proposed denosumab biosimilar until judgment is entered after trial on the merits. Closing arguments on Amgen’s motion for the preliminary injunction were held on December 21, 2023.

ABP 938 (aflibercept) Patent Litigation

On January 10, 2024, Regeneron filed a lawsuit in the U.S. District Court for the Central District of California (the California Central District Court) against Amgen alleging infringement of 32 patents listed by Regeneron in the BPCIA exchange. The lawsuit stems from Amgen’s submission of an application under the BPCIA for FDA licensure of ABP 938 as biosimilar to Regeneron’s EYLEA. By its complaint, Regeneron seeks, among other remedies, an injunction prohibiting the commercial manufacture, use, offer for sale or sale in the United States or import into the United States of ABP 938 before the expiration of each of the patents found to be infringed. On January 11, 2024, Regeneron filed a motion with the Judicial Panel on Multidistrict Litigation to transfer this case from the California Central District Court to the U.S. District Court for the Northern District of West Virginia for coordinated pretrial proceedings with the five other cases involving EYLEA biosimilars pending in that district. A hearing on Regeneron’s motion to transfer has been scheduled for March 28, 2024. Amgen responded to Regeneron’s complaint on February 2, 2024, denying infringement and asserting counterclaims seeking a declaratory judgment that the asserted patents are not infringed, invalid, and/or unenforceable.

Antitrust Class Action

Sensipar Antitrust Class Actions

From February to April 2019, four plaintiffs filed putative class action lawsuits against Amgen and various entities affiliated with Teva Pharmaceuticals USA, Inc. (Teva) alleging anticompetitive conduct in connection with settlements between Amgen and manufacturers of generic cinacalcet product. Two of those actions were brought in the U.S. District Court for the District of Delaware (the Delaware District Court), captioned UFCW Local 1500 Welfare Fund v. Amgen Inc., et al. (February 21, 2019) (Local 1500) and Cesar Castillo, Inc. v. Amgen Inc., et al. (February 26, 2019) (Castillo). The third action was brought in the New Jersey District Court, captioned Teamsters Local 237 Welfare Fund, et al. v. Amgen Inc., et al. (March 14, 2019) (Local 237) and the fourth action was brought in the U.S. District Court for the Eastern District of Pennsylvania (the Eastern Pennsylvania District Court), captioned KPH Healthcare Services, Inc. a/k/a Kinney Drugs, Inc. v. Amgen Inc., et al (April 10, 2019) (KPH). Each of the lawsuits is brought on behalf of a putative class of direct or indirect purchasers of Sensipar and alleges that the plaintiffs have overpaid for Sensipar as a result of Amgen’s conduct that allegedly improperly delayed market entry by manufacturers of generic cinacalcet products. The lawsuits focus predominantly on the settlement among Amgen, Watson Laboratories, Inc. (Watson) and Teva of the parties’ patent infringement litigation. Each of the lawsuits seeks, among other things, treble damages, equitable relief and attorneys’ fees and costs. On April 10, 2019, the plaintiff in the KPH lawsuit filed a motion seeking to have the four lawsuits consolidated and designated as a multidistrict litigation (MDL) in the Eastern Pennsylvania District Court, and the plaintiff in the Local 1500 lawsuit filed a motion seeking to have the four lawsuits, along with Cipla Ltd. v. Amgen Inc., consolidated and designated as an MDL in the Delaware District Court.

On July 31, 2019, the MDL panel entered an order consolidating in the Delaware District Court the four class action lawsuits. On September 13, 2019, the plaintiffs filed amended complaints, and on October 15, 2019, Amgen filed its motion to dismiss both the direct purchaser plaintiffs’ consolidated class action complaint and the indirect purchaser end payer plaintiffs’

complaint. On December 6, 2019, the plaintiffs responded to Amgen’s motion to dismiss and, on January 10, 2020, Amgen filed its response. On February 6, 2020, the motions in the class action lawsuits were transferred to the U.S. Magistrate Judge for the District of Delaware (Magistrate Judge) for a recommendation. The MDL panel certified its conditional transfer order on February 6, 2020 transferring the additional class action lawsuit brought in the U.S. District Court for the Southern District of Florida, captioned MSP Recovery Claims v. Amgen Inc., et al., to the Delaware District Court.

On July 22, 2020, the Magistrate Judge issued a recommendation to the Delaware District Court that the claims against Amgen be dismissed but leave be given to plaintiffs to amend their complaints. On August 5, 2020, the plaintiffs filed objections to the Magistrate Judge’s report and recommendation. On August 19, 2020, Amgen filed a response to the plaintiffs’ objections. On November 30, 2020, the Delaware District Court adopted the Magistrate Judge’s recommendation in part and denied it in part, denying Amgen’s motion to dismiss on the grounds that plaintiffs adequately alleged reverse payment claims but granted Amgen’s motion to dismiss with respect to the other Federal antitrust claims. On December 23, 2020, Teva, Watson and Actavis filed a motion for interlocutory appeal and for a stay pending appeal and Amgen filed its joinder (the 1292 Motion). On January 5, 2021, a joint status report was filed advising the Delaware District Court that the defendants are still considering whether to withdraw the 1292 Motion and plaintiffs’ offer to stay discovery, pending further rulings on motions to dismiss the amended complaints. On January 19, 2021, a joint status report was filed pursuant to the Delaware District Court’s January 6, 2021 order along with a stipulation to defer the 1292 Motion until after rulings on the amended complaints.

On February 16, 2021, the plaintiffs in the antitrust class action lawsuit brought on behalf of putative classes of direct or indirect purchasers of Sensipar filed their amended complaints. On March 4, 2021, a stipulation and order regarding the filing of a second amended complaint were filed to add another plaintiff: Teamsters Western Region & Local 177 Health Care Fund. On March 17, 2021, a defendant, MSP Recovery Claims, Series LLC, filed its notice of voluntary dismissal. On March 30, 2021, the remaining defendants, including Amgen, filed their motions to dismiss the second amended complaint.

On April 27, 2021, plaintiffs filed their oppositions to defendants’ (including Amgen’s) motion to dismiss, and defendants’ reply was filed on May 25, 2021. A hearing on defendants’ motion to dismiss was held in the Delaware District Court on July 13, 2021.

On March 11, 2022, the Delaware District Court granted defendants’ (including Amgen’s) motion to dismiss except as to the reverse payment claim and various state law claims from ten of the states in which plaintiffs reside. On May 11, 2022, the parties filed motions asking permission to seek interlocutory appeal. The plaintiffs did not oppose Amgen’s motion and instead argued all issues should be appealed at this time. Amgen filed its opposition to plaintiffs’ motion on June 10, 2022, and reply briefs were filed on June 24, 2022.

On February 16, 2023, the Delaware District Court denied Amgen’s motion for interlocutory appeal. On March 2, 2023, Amgen filed a motion for reargument, which the Delaware District Court denied while also certifying a question regarding whether the current judge has the authority to certify a question decided by a predecessor judge. On April 17, 2023, Amgen filed a petition with the U.S. Court of Appeals for the Third Circuit (the Third Circuit Court), seeking a grant of our request for interlocutory appeal of the certified question as well as the Delaware District Court’s denial of our motion to dismiss the reverse payment claim. Amgen’s response to the class action complaints is due 30 days after resolution or denial of the interlocutory appeal.

On June 26, 2023, the Third Circuit Court entered an order granting defendants’ (including Amgen’s) petition for interlocutory appeal and denying plaintiffs’ cross-petition. The questions certified are whether (1) the statute for interlocutory decisions authorizes a district court judge to certify for interlocutory appeal an order issued in the same case by a predecessor district court judge; and (2) the settlement of a patent infringement claim that involves the forgiveness of damages associated with that patent’s alleged infringement, on its own or combined with an acceleration clause, constitutes a reverse payment. On July 3, 2023, Amgen and Teva Pharmaceuticals USA, Inc. filed a notice of appeal, and on October 17, 2023, Amgen submitted its initial brief in its appeal before the Third Circuit Court.

On January 12, 2024, Amgen reached an agreement in principle to settle with the putative class of indirect purchasers of Sensipar. The action with respect to the putative class of direct purchasers of Sensipar will proceed with the pending appeal before the Third Circuit Court.

Regeneron Pharmaceuticals, Inc. Antitrust Action

On May 27, 2022, Regeneron filed suit against Amgen in the Delaware District Court for federal and state antitrust and unfair competition violations and tortious interference with prospective business relations. Regeneron alleges that Amgen’s sales contracting practices for Repatha, ENBREL and Otezla with key insurers, third-party payers and PBMs have harmed the sales of its product PRALUENT and focuses on two primary arguments: that Amgen improperly bundled sales of Repatha with ENBREL, Otezla and potentially other products and sought exclusive or de facto exclusive formulary positioning for Repatha. Amgen’s initial responsive pleading, a motion to dismiss, was filed on August 1, 2022.

On August 11, 2022, Amgen moved to stay the case pending the ultimate decision on the merits of the ongoing patent litigation between Amgen and Regeneron in Amgen Inc., et al. v. Sanofi, et al. On January 6, 2023, the Delaware District Court heard oral argument on the motion to stay and the motion to dismiss. On February 10, 2023, the Delaware District Court denied Amgen’s motion to stay this action, and on March 21, 2023, the Delaware District Court denied Amgen’s motion to dismiss the complaint.

On August 28, 2023, Regeneron filed its amended complaint, and on September 20, 2023, Amgen filed a counterclaim, alleging Regeneron’s own anticompetitive conduct with respect to formulary position for Regeneron’s drug, PRALUENT, at CVS.

Trial is scheduled to begin on November 12, 2024.

U.S. Tax Litigation and Related Matters

Amgen Inc. & Subsidiaries v. Commissioner of Internal Revenue

See Note 7, Income taxes, for discussion of the IRS tax dispute and the Company’s petitions in the U.S. Tax Court.

Securities Class Action Litigation

On March 13, 2023, Roofers Local No. 149 Pension Fund filed a purported class action against Amgen, Robert Bradway and Peter Griffith. The action was brought on behalf of an alleged class of Amgen shareholders who owned stock between July 29, 2020 and April 27, 2022 (the alleged class period). Plaintiffs allege that the defendants made a series of materially false and misleading statements and omissions during the alleged class period regarding the failure to timely disclose the potential tax liability claimed by the IRS. Plaintiffs further allege that they and other purported class members suffered losses and damages resulting from declines in the market value of Amgen’s common stock after the potential tax liability claimed by the IRS was disclosed.

On August 31, 2023, plaintiff filed an amended complaint and Amgen filed its motion to dismiss on November 6, 2023. Plaintiff’s response was filed on January 12, 2024 and Amgen’s reply is due February 26, 2024.

Shareholder Derivative Litigation (Martin)

On August 2, 2023, Leon Martin filed a derivative action (the Martin Derivative Action) captioned Leon Martin v. Robert A. Bradway, et al., No. 1:23-cv-06754 (S.D.N.Y. Aug. 2, 2023), purportedly on behalf of Amgen, against Amgen, Robert Bradway, Peter Griffith and Amgen’s independent Board members. The action was filed in the U.S. District Court for the Southern District of New York (Southern District Court of New York) as related to the pending federal securities class action filed by Roofers Local No. 149 Pension Fund on March 13, 2023 (the Roofers securities class action). The complaint in this matter alleges claims for violations of the Securities Exchange Act of 1934, breach of fiduciary duty, aiding and abetting breach of fiduciary duty, unjust enrichment and waste of corporate assets. The factual allegations that form the basis for these claims are essentially the same as the allegations asserted in the Roofers securities class action regarding purportedly false and misleading statements and omissions made from July 29, 2020 through April 27, 2022 relating to Amgen’s tax liabilities, business and finances, and the adequacy and maintenance of its internal controls.

On October 2, 2023, the Southern District Court of New York granted a stay of the matter pending an outcome on the motion to dismiss in the federal securities class action filed by plaintiff. On December 7, 2023, Plaintiff filed a Notice of Voluntary Dismissal as to Board member Michael Drake.

Shareholder Derivative Litigation (Clearwater)

On December 1, 2023, a second derivative action (the Clearwater Derivative Action) was filed, captioned Cheri Clearwater v. Robert A. Bradway, et al., No. 1:23-cv-10538 (S.D.N.Y. Dec. 1, 2023), in the same court as the earlier-filed Martin Derivative Action. The second action is largely duplicative of the Martin Derivative Action, asserting the same claims purportedly on behalf of the Company against the individual directors that sat on Amgen’s Board during the relevant time period (July 29, 2020 through April 27, 2022). The complaint asserts claims for breach of fiduciary duty, unjust enrichment, waste of corporate assets, abuse of control, gross mismanagement, and violations of Section 10(b) of the Exchange Act arising out of Amgen’s disclosures with respect to its transfer pricing dispute with the IRS. However, the Clearwater Derivative Action complaint adds (1) two additional claims for violations of Sections 14(a) and 20(a) of the Exchange Act; (2) allegations that Amgen repurchased its own stock at artificially inflated prices during the relevant period; and (3) more detailed allegations as to why first making a demand on the Board would have been futile.

On January 16, 2024, the Southern District Court of New York consolidated the Martin Derivative Action and Clearwater Derivative Action (the Consolidated Action). The stay entered in the Martin Derivative Action also applies to the Consolidated Action.

ChemoCentryx, Inc. Securities Matters

On May 5 and June 8 of 2021, ChemoCentryx and its Chief Executive Officer were named as defendants in two putative shareholder class actions filed in the U.S. District Court for the Northern District of California (Northern District Court of California). These cases were consolidated into Homyk v. ChemoCentryx, Inc. in which the plaintiffs allege violations of Sections 10(b) and 20(a) of the Securities Exchange Act in connection with statements regarding the New Drug Application for TAVNEOS and the underlying Phase 3 clinical trial, seeking an award of damages, interest and attorneys’ fees. On March 28, 2022, the plaintiffs filed their consolidated amended complaint, and on May 19, 2022, ChemoCentryx moved to dismiss these claims.

On February 23, 2023, the Northern District Court of California substantially denied ChemoCentryx’s motion to dismiss the matter in its entirety, while granting the motion to dismiss with respect to certain allegations of the plaintiffs. On April 4, 2023, the parties submitted a case management statement to the Northern District Court of California, and on April 10, 2023, the Northern District Court of California entered an order setting dates for amendment of pleadings and briefing on class certification. On April 27, 2023, ChemoCentryx submitted its answer to the complaint.

On August 25, 2023, the lead plaintiff moved to certify a class composed of all purchasers of ChemoCentryx stock between November 25, 2019 and May 6, 2021. ChemoCentryx filed its opposition on November 22, 2023.

Lead plaintiff filed its reply brief in support of class certification on January 23, 2024. A hearing on class certification is set for February 15, 2024.

Commitments – U.S. repatriation tax

Under the 2017 Tax Act, we elected to pay in eight annual installments the repatriation tax related primarily to prior indefinitely invested earnings of our foreign operations. The following table summarizes the remaining scheduled repatriation tax payments as of December 31, 2023 (in millions):


	Amounts
2024	$	1,467
2025	1,834
Total remaining U.S. repatriation tax commitments	$	3,301

Revenues - Narrative (Details) - operating_segment	12 Months Ended
Revenues - Narrative (Details) - operating_segment	Dec. 31, 2023	Dec. 31, 2022
Concentration Risk [Line Items]
Number of operating segments	1
Percentage of net trade receivables due from customers located outside the United States, primarily in Europe	22.00%	26.00%
Three Customers \| Accounts Receivable \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	75.00%	75.00%

Investments - Schedule of Fair Values by Classification (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Consolidated Balance Sheets locations
Marketable securities	$ 0	$ 1,676
Total available-for-sale investments	10,404	4,335
Available-for-sale investments
Consolidated Balance Sheets locations
Cash and cash equivalents	10,404	2,659
Marketable securities	0	1,676
Total available-for-sale investments	$ 10,404	$ 4,335

Collaborations - Kyowa Kirin (Details) - Kyowa Kirin Co. Ltd. - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Up-front payment	$ 400
Contingent future milestone payments		$ 850
Research and development
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cost recoveries		$ 93	$ 0	$ 0

Investments - Other Equity Securities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities	$ 4,514	$ 815
Unrealized gain (loss) on equity method investment	98	(165)	$ 161
Equity securities without readily determinable fair value, gains due to upward adjustments			152
Equity securities, gains realized on disposition			$ 41
Equity securities without readily determinable fair value, downward adjustments to carrying value		67
Other Noncurrent Assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities	494	480
Equity securities without readily determinable fair value	$ 309	$ 233

Summary of significant accounting policies (Policies)	12 Months Ended
Summary of significant accounting policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Business	Business Amgen Inc. (including its subsidiaries, referred to as “Amgen,” “the Company,” “we,” “our” or “us”) is a global biotechnology pioneer that discovers, develops, manufactures and delivers innovative human therapeutics. We operate in one business segment: human therapeutics.
Principles of consolidation	Principles of consolidation The consolidated financial statements include the accounts of Amgen as well as its majority-owned subsidiaries. In determining whether we are the primary beneficiary of a variable interest entity, we consider whether we have both the power to direct activities of the entity that most significantly impact the entity’s economic performance and the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to that entity. We do not have any significant interests in any variable interest entities of which we are the primary beneficiary. All material intercompany transactions and balances have been eliminated in consolidation. Certain reclassifications have been made to prior periods in the consolidated financial statements and accompanying notes to conform with the current presentation. On October 6, 2023, Amgen completed its acquisition of Horizon, and its operations became included in our consolidated financial statements commencing on the acquisition date. See Note 3, Acquisitions and divestitures, for additional information regarding this acquisition.
Use of estimates	Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from those estimates.
Revenues	Revenues Product sales and sales deductions Revenue from product sales is recognized upon transfer of control of a product to a customer, generally upon delivery, based on an amount that reflects the consideration to which we expect to be entitled, net of accruals for estimated rebates, wholesaler chargebacks, discounts and other deductions (collectively, sales deductions) and returns established at the time of sale. We analyze the adequacy of our accruals for sales deductions quarterly. Amounts accrued for sales deductions are adjusted when trends or significant events indicate that an adjustment is appropriate. Accruals are also adjusted to reflect actual results. Accruals for sales deductions are based primarily on estimates of the amounts earned or to be claimed on the related sales. These estimates take into consideration current contractual and statutory requirements, specific known market events and trends, internal and external historical data and forecasted customer buying patterns. Sales deductions are substantially product specific and therefore, for any given period, can be affected by the mix of products sold. Included in sales deductions are immaterial net adjustments related to prior-period sales due to changes in estimates. Returns are estimated through comparison of historical return data with their related sales on a production lot basis. Historical rates of return are determined for each product and are adjusted for known or expected changes in the marketplace specific to each product, when appropriate. Historically, sales return provisions have amounted to less than 1% of gross product sales. Changes in estimates for prior-period sales return provisions have historically been immaterial. Our payment terms vary by types and locations of customers and by products or services offered. Payment terms differ by jurisdiction and customer, but payment is generally required in a term ranging from 30 to 120 days from date of shipment or satisfaction of the performance obligation. For certain products or services and certain customer types, we may require payment before products are delivered or services are rendered to customers. Indirect taxes collected from customers and remitted to government authorities that are related to sales of the Company’s products, primarily in Europe, are excluded from revenues. As a practical expedient, sales commissions are expensed when incurred because the amortization period would have been one year or less. These costs are recorded in SG&A expense in the Consolidated Statements of Income. Other revenues Other revenues consist primarily of royalty income and corporate partner revenues. Royalties from licensees are based on third-party sales of licensed products and are recorded when the related third-party product sale occurs. Royalty income is estimated based on historical and forecasted sales trends. Corporate partner revenues are composed mainly of license fees and milestones earned and our share of commercial profits generated from collaborations. See Arrangements with multiple-performance obligations, discussed below. Arrangements with multiple-performance obligations From time to time, we enter into arrangements for the R&D, manufacture and/or commercialization of products and product candidates. Such arrangements may require us to deliver various rights, services and/or goods, including intellectual property rights/licenses, R&D services, manufacturing services and/or commercialization services. The underlying terms of these arrangements generally provide for consideration to Amgen in the form of nonrefundable, upfront license fees; development and commercial-performance milestone payments; royalty payments; and/or profit sharing. In arrangements involving more than one performance obligation, each required performance obligation is evaluated to determine whether it qualifies as a distinct performance obligation based on whether (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available and (ii) the good or service is separately identifiable from other promises in the contract. The consideration under the arrangement is then allocated to each separate distinct performance obligation based on its respective relative stand-alone selling price. The estimated selling price of each deliverable reflects our best estimate of what the selling price would be if the deliverable was regularly sold by us on a stand-alone basis or by using an adjusted market assessment approach if selling price on a stand-alone basis is not available. The consideration allocated to each distinct performance obligation is recognized as revenue when control of the related goods or services is transferred. Consideration associated with at-risk substantive performance milestones is recognized as revenue when it is probable that a significant reversal of the cumulative revenue recognized will not occur. We utilize the sales- and usage-based royalty exception in arrangements that resulted from the license of intellectual property, recognizing revenues generated from royalties or profit sharing as the underlying sales occur.
Research and development costs	Research and development costs R&D costs are expensed as incurred and primarily include salaries, benefits and other staff-related costs; facilities and overhead costs; clinical trial and related clinical manufacturing costs; contract services and other outside costs; information systems’ costs; and amortization of acquired technology used in R&D with alternative future uses. R&D expenses also include costs and cost recoveries associated with third-party R&D arrangements, including upfront fees and milestones paid to third parties in connection with technologies that had not reached technological feasibility and did not have an alternative future use. Net payment or reimbursement of R&D costs is recognized when the obligations are incurred or as we become entitled to the cost recovery. See Note 9, Collaborations.
Selling, general and administrative costs	Selling, general and administrative costs SG&A costs are primarily composed of salaries, benefits and other staff-related costs associated with sales and marketing, finance, legal and other administrative personnel; facilities and overhead costs; outside marketing, advertising and legal expenses; the U.S. healthcare reform federal excise fee on Branded Prescription Pharmaceutical Manufacturers and Importers; and other general and administrative costs. Advertising costs are expensed as incurred and were $647 million, $841 million and $843 million during the years ended December 31, 2023, 2022 and 2021, respectively. SG&A expenses also include costs and cost recoveries associated with marketing and promotion efforts under certain collaborative arrangements. Net payment or reimbursement of SG&A costs is recognized when the obligations are incurred or we become entitled to the cost recovery. See Note 9, Collaborations.
Leases	Leases At inception of a contract, we determine whether an arrangement is or contains a lease. For all leases, we determine the classification as either operating or financing. Operating leases are included in Other noncurrent assets, Accrued liabilities and Other noncurrent liabilities in our Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments under the lease. Lease recognition occurs at the commencement date, and lease liability amounts are based on the present value of lease payments made during the lease term. Our lease terms may include options to extend or terminate a lease when it is reasonably certain that we will exercise that option. Because most of our leases do not provide information to determine an implicit interest rate, we use our incremental borrowing rate in determining the present value of lease payments. ROU assets also include any lease payments made prior to the commencement date less lease incentives received. Operating lease expense is recognized on a straight-line basis over the lease term. We have lease agreements with both lease and nonlease components, which are generally accounted for together as a single lease component. In addition, for certain vehicle and equipment leases, we apply a portfolio approach to determine the lease term and discount rate.
Stock-based compensation	Stock-based compensation We have stock-based compensation plans under which various types of equity-based awards are granted, including RSUs, performance units and stock options. The fair values of RSUs and stock option awards, which are subject only to service conditions with graded vesting, are recognized as compensation expense, generally on a straight-line basis over the service period, net of estimated forfeitures. The fair values of performance unit awards are recognized as compensation expense, generally on a straight-line basis from the grant date to the end of the performance period. See Note 5, Stock-based compensation.
Income taxes	Income taxes We provide for income taxes based on pretax income and applicable tax rates in the various jurisdictions in which we operate. Significant judgment is required in determining our provision for income taxes and income tax assets and liabilities, including evaluating uncertainties in the application of accounting principles and complex tax laws. Deferred income taxes are recorded for the expected tax consequences of temporary differences between the bases of assets and liabilities, as well as for loss and tax credit carryforwards for financial reporting purposes and amounts recognized for income tax purposes. We record a valuation allowance to reduce our deferred tax assets to the amount of future tax benefit that is more likely than not to be realized. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by tax authorities based on the technical merits of the position. The tax benefit recognized in the consolidated financial statements for a particular tax position is based on the largest benefit that is more likely than not to be realized. The amount of UTBs is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by tax authorities, new information obtained during a tax examination or resolution of an examination. We recognize both accrued interest and penalties, when appropriate, related to UTBs in income tax expense. See Note 7, Income taxes.
Acquisitions	Acquisitions We first determine whether a set of assets acquired constitute a business and should be accounted for as a business combination. If the assets acquired do not constitute a business, we account for the transaction as an asset acquisition. Business combinations are accounted for by means of the acquisition method of accounting. Under the acquisition method, assets acquired, including IPR&D projects, and liabilities assumed are recorded at their respective fair values as of the acquisition date in our consolidated financial statements. The excess of the fair value of consideration transferred over the fair value of the net assets acquired is recorded as goodwill. Contingent consideration obligations incurred in connection with a business combination (including the assumption of an acquiree’s liability arising from an acquisition it consummated prior to our acquisition) are recorded at their fair values on the acquisition date and remeasured at their fair values each subsequent reporting period until the related contingencies have been resolved. The resulting changes in fair values are recorded in earnings. In contrast, asset acquisitions are accounted for by using a cost accumulation and allocation model. Under this model, the cost of the acquisition is allocated to the assets acquired and liabilities assumed. IPR&D projects with no alternative future use are recorded in R&D expense upon acquisition, and contingent consideration obligations incurred in connection with an asset acquisition are recorded when it is probable that they will occur and they can be reasonably estimated. See Note 3, Acquisitions and divestitures, and Note 18, Fair value measurement.
Cash equivalents	Cash equivalents We consider cash equivalents to be only those investments that are highly liquid, that are readily convertible to cash and that mature within three months from the date of purchase.
Interest-bearing securities	Interest-bearing securities We consider our interest-bearing securities investment portfolio as available-for-sale, and accordingly, these investments are recorded at fair value, with unrealized gains and losses recorded in AOCI. Investments with maturities beyond one year may be classified as short-term marketable securities in the Consolidated Balance Sheets due to their highly liquid nature and because they represent the Company’s investments that are available for current operations. See Note 10, Investments, and Note 18, Fair value measurement.
Inventories	Inventories Inventories are stated at the lower of cost or net realizable value. Cost, which includes amounts related to materials, labor and overhead, is determined in a manner that approximates the first-in, first-out method. Net realizable value is the estimated selling price in the ordinary course of business less reasonably predictable costs of completion, disposal and transportation. See Note 11, Inventories.
Derivatives	Derivatives We recognize all of our derivative instruments as either assets or liabilities at fair value in the Consolidated Balance Sheets. The accounting for changes in the fair value of a derivative instrument depends on whether the derivative has been formally designated and qualifies as part of a hedging relationship under the applicable accounting standards and, further, on the type of hedging relationship. For derivatives formally designated as hedges, we assess both at inception and quarterly thereafter whether the hedging derivatives are highly effective in offsetting changes in either the fair value or cash flows of the hedged item. Our derivatives that are not designated and do not qualify as hedges are adjusted to fair value through current earnings. See Note 18, Fair value measurement, and Note 19, Derivative instruments.
Property, plant and equipment, net	Property, plant and equipment, net Property, plant and equipment is recorded at historical cost, net of accumulated depreciation, amortization and, if applicable, impairment charges. We review our property, plant and equipment assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Depreciation is recorded over the assets’ useful lives on a straight-line basis. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or lease terms. See Note 12, Property, plant and equipment.
Goodwill and other intangible assets	Goodwill and other intangible assets Finite-lived intangible assets are recorded at cost, net of accumulated amortization, and, if applicable, impairment charges. Amortization of finite-lived intangible assets is recorded over the assets’ estimated useful lives on a straight-line basis or based on the pattern in which economic benefits are consumed, if reliably determinable. We review our finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. See Note 13, Goodwill and other intangible assets. The fair values of IPR&D projects acquired in a business combination that are not complete are capitalized and accounted for as indefinite-lived intangible assets until completion or abandonment of the related R&D efforts. Upon successful completion of the project, the capitalized amount is amortized over its estimated useful life. If a project is abandoned, all remaining capitalized amounts are written off immediately. Major risks and uncertainties are often associated with IPR&D projects because we are required to obtain regulatory approvals before marketing the resulting products. Such approvals require completing clinical trials that demonstrate a product candidate is safe and effective. Consequently, the eventual realized value of the acquired IPR&D project may vary from its fair value at the date of acquisition, and IPR&D impairment charges may occur in future periods. Capitalized IPR&D projects are tested for impairment annually and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We consider various factors for potential impairment, including the current legal and regulatory environment and the competitive landscape. Adverse clinical trial results, significant delays in obtaining marketing approval, the inability to bring a product to market and the introduction or advancement of competitors’ products could result in partial or full impairment of the related intangible assets. We perform an impairment test of goodwill annually and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. To date, an impairment of goodwill has not been recorded. See Note 13, Goodwill and other intangible assets.
Contingencies	Contingencies In the ordinary course of business, we are involved in various legal proceedings, government investigations and other matters that are complex in nature and have outcomes that are difficult to predict. Certain of these proceedings are discussed in Note 20, Contingencies and commitments. We record accruals for loss contingencies to the extent that we conclude it is probable that a liability has been incurred and the amount of the related loss can be reasonably estimated. We evaluate, on a quarterly basis, developments in legal proceedings and other matters that could cause an increase or decrease in the amount of the liability that has been accrued previously.
Foreign currency translation	Foreign currency translation The net assets of international subsidiaries whose functional currencies are not in U.S. dollars are translated into U.S. dollars using current exchange rates. The U.S. dollar effects that arise from translation of the net assets of these subsidiaries at changing rates are recognized in AOCI. The subsidiaries’ earnings are translated into U.S. dollars by using average exchange rates.
Equity investments	Equity investments Marketable and nonmarketable equity securities Investments in publicly traded equity securities with readily determinable fair values are recorded at quoted market prices for identical securities, with changes in fair value recorded in Other income (expense), net, in the Consolidated Statements of Income. Investments in equity securities without readily determinable fair values are recorded at cost minus impairment, if any, adjusted for changes resulting from observable price changes in orderly transactions for identical or similar securities. Such adjustments are recorded in Other income (expense), net, in the Consolidated Statements of Income.
Equity method investments	Equity method investments Equity investments that give us the ability to exert significant influence, but not control, over an investee for which we have not elected the fair value option are accounted for under the equity method of accounting. In concluding whether we have the ability to exercise significant influence over an investee, we consider factors such as our ownership percentage, voting and other shareholder rights, board of directors representation and the existence of other collaborative or business relationships. The equity method of accounting requires us to allocate the difference between the fair value of securities acquired and our proportionate share of the carrying value of the underlying assets (the basis difference) to various items and amortize such differences over their useful lives. Our share of investees’ earnings or losses and amortization of basis differences, if any, are recorded one quarter in arrears in Other income (expense), net, in the Consolidated Statements of Income. We record impairment losses on our equity method investments if we deem the impairment to be other-than-temporary. We deem an impairment to be other-than-temporary based on various factors, including but not limited to, the length of time the fair value is below the carrying value, volatility of the security price and our intent and ability to retain the investment to allow for a recovery in fair value. For equity method investments for which we have elected the fair value option, changes in fair value are recorded in Other income (expense), net, in the Consolidated Statements of Income. Additionally, we hold investments in limited partnerships, which primarily invest in early-stage biotechnology companies. As a practical expedient, such limited partnership investments are measured by using our proportionate share of the net asset values of the underlying investments held by the limited partnerships, with such changes included in Other income (expense), net, in the Consolidated Statements of Income.
Recent accounting pronouncements	Recent accounting pronouncements In November 2023, the FASB issued a new accounting standard which improves reportable segment disclosure requirements. The new standard will require enhanced disclosures about a public company’s significant segment expenses and more timely and detailed segment information reporting throughout the fiscal period, including for companies with a single reportable segment. The standard is effective for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024, and early adoption is permitted. We are currently evaluating the impact of this new standard on our consolidated financial statements and related disclosures. In December 2023, the FASB issued a new accounting standard which improves income tax disclosure requirements. The new standard will require more detailed information on several income tax disclosures, such as income taxes paid and the income tax rate reconciliation table. The standard is effective for public business entities such as Amgen with annual periods beginning after December 15, 2024, and early adoption is permitted. We are currently evaluating the impact of this new standard on our consolidated financial statements and related disclosures.

Fair value measurement

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair value measurement

To estimate the fair value of our financial assets and liabilities, we use valuation approaches within a hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing an asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing an asset or liability and are developed based on the

best information available in the circumstances. The fair value hierarchy is divided into three levels based on the source of inputs as follows:


Level 1	—	Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access
Level 2	—	Valuations for which all significant inputs are observable either directly or indirectly—other than Level 1 inputs
Level 3	—	Valuations based on inputs that are unobservable and significant to the overall fair value measurement

The availability of observable inputs can vary among the various types of financial assets and liabilities. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used for measuring fair value may fall into different levels of the fair value hierarchy. In such cases, for financial statement disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is categorized is based on the lowest level of input used that is significant to the overall fair value measurement.

The fair values of each major class of the Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows (in millions):


Fair value measurement as of December 31, 2023, using:	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets:
Available-for-sale securities:

U.S. Treasury bills	$	—	$	—	$	—	$	—






Money market mutual funds	10,266		—		—		10,266
Other short-term interest-bearing securities	—		138		—		138

Other investments	—		—		—		—
Equity securities	4,514		—		—		4,514
Derivatives:
Foreign currency forward contracts	—		145		—		145
Cross-currency swap contracts	—		—		—		—
Interest rate swap contracts	—		—		—		—
Total assets	$	14,780	$	283	$	—	$	15,063
Liabilities:
Derivatives:
Foreign currency forward contracts	$	—	$	116	$	—	$	116
Cross-currency swap contracts	—		405		—		405
Interest rate swap contracts	—		571		—		571
Forward interest rate contracts	—		—		—		—
Contingent consideration obligations	—		—		96		96
Total liabilities	$	—	$	1,092	$	96	$	1,188


Fair value measurement as of December 31, 2022, using:	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets:
Available-for-sale securities:

U.S. Treasury bills	$	1,676	$	—	$	—	$	1,676






Money market mutual funds	2,659		—		—		2,659
Other short-term interest-bearing securities	—		—		—		—
Other investments	—		130		—		130
Equity securities	480		—		335		815
Derivatives:
Foreign currency forward contracts	—		287		—		287
Cross-currency swap contracts	—		54		—		54

Total assets	$	4,815	$	471	$	335	$	5,621

Liabilities:
Derivatives:
Foreign currency forward contracts	$	—	$	76	$	—	$	76
Cross-currency swap contracts	—		541		—		541
Interest rate swap contracts	—		776		—		776
Forward interest rate contracts	—		5		—		5
Contingent consideration obligations	—		—		270		270
Total liabilities	$	—	$	1,398	$	270	$	1,668

Interest-bearing and equity securities

The fair values of our U.S. Treasury securities, money market mutual funds and equity investments in publicly traded securities, including our equity investments in BeiGene and Neumora, as of December 31, 2023, are based on quoted market prices in active markets, with no valuation adjustment. Previously, the fair value of our equity investment in Neumora did not have a readily determinable fair value and was initially valued at the acquisition price and subsequently valued based on a combination of observable price transactions when available, market performance and publicly available market information for similar companies that have actively traded equity securities. During the third quarter of 2023, Neumora became a publicly traded company, and its equity securities now have a readily determinable fair value. Accordingly, the fair value inputs of our equity investment in Neumora changed from using Level 3 inputs as of December 31, 2022, to using a Level 1 input as of December 31, 2023. See Note 10, Investments— Neumora Therapeutics, Inc.

As of the first quarter of 2023, we no longer account for our equity investment in BeiGene under the equity method of accounting. As of December 31, 2022, the fair value and carrying value were $4.2 billion and $2.2 billion, respectively, with the fair value estimated by using a Level 1 input. See Note 10, Investments—BeiGene, Ltd.

Derivatives

Our foreign currency forward contracts, cross-currency swap contracts and interest rate swap contracts are with counterparties that have minimum credit ratings of A– or equivalent by S&P, Moody’s or Fitch. We estimate the fair values of these contracts by taking into consideration valuations obtained from a third-party valuation service that uses an income-based industry-standard valuation model for which all significant inputs are observable either directly or indirectly. These inputs, as applicable, include foreign currency exchange rates, LIBOR, SOFR, swap rates, obligor credit default swap rates and cross-currency basis swap spreads. Certain inputs, when applicable, are at commonly quoted intervals. Starting in the third quarter of 2023, terms under our existing derivative contracts reference the SOFR benchmark consistent with the ISDA protocol. See Note 19, Derivative instruments.

Contingent consideration obligations

As a result of our business acquisitions, we have incurred contingent consideration obligations as discussed below. The contingent consideration obligations are recorded at their fair values by using probability-adjusted discounted cash flows, and we revalue these obligations each reporting period until the related contingencies have been resolved. The fair value measurements of these obligations are based on significant unobservable inputs related to licensing rights and product candidates acquired in business combinations, and they are reviewed quarterly by management in our R&D and commercial sales organizations. The inputs include, as applicable, estimated probabilities and the timing of achieving specified development, regulatory and commercial milestones as well as estimated annual sales. Significant changes that increase or decrease the probabilities of achieving the related development, regulatory and commercial events or that shorten or lengthen the time required to achieve such events or that increase or decrease estimated annual sales would result in corresponding increases or decreases in the fair values of the obligations, as applicable. Changes in the fair values of contingent consideration obligations are recognized in Other operating expenses in the Consolidated Statements of Income.

Changes in the carrying amounts of contingent consideration obligations were as follows (in millions):


	Years ended December 31,
	2023		2022		2021
Beginning balance	$	270	$	342	$	33
Additions	—		—		309
Payments	(9)		(7)		(7)
Net changes in valuations	(165)		(65)		7
Ending balance	$	96	$	270	$	342

As of December 31, 2023 and 2022, our contingent consideration obligations are primarily the result of our acquisition of Teneobio in October 2021, which obligated us to pay the former shareholders up to $1.6 billion upon achieving separate development and regulatory milestones with regard to various R&D programs. See Note 3, Acquisitions and divestitures. During the third quarter of 2023, the development of AMG 340 was terminated, resulting in a decrease of the related contingent consideration liability. The remeasurement of this liability of $165 million was recognized in Other operating expenses in the Consolidated Statements of Income and included in Other items, net, in the Consolidated Statements of Cash Flows. See Note 13, Goodwill and other intangible assets, for the impact on the related IPR&D asset. The remaining contingent consideration liability as of December 31, 2023, primarily relates to potential development and regulatory milestones for R&D programs acquired via the Teneobio acquisition that we continue to pursue.

Summary of the fair values of other financial instruments

Cash equivalents

The fair values of cash equivalents approximate their carrying values due to the short-term nature of such financial instruments.

Borrowings

We estimated the fair values of our borrowings by using Level 2 inputs. As of December 31, 2023 and 2022, the aggregate fair values of our borrowings were $59.2 billion and $35.0 billion, respectively, and the carrying values were $64.6 billion and $38.9 billion, respectively.

During the years ended December 31, 2023 and 2022, there were no transfers of assets or liabilities between fair value measurement levels, and except with respect to the impairment of AMG 340 disclosed in Note 13, Goodwill and other

intangible assets, there were no material remeasurements to the fair values of assets and liabilities that are not measured at fair value on a recurring basis.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Goodwill and intangible assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and other intangible assets

Goodwill

The changes in the carrying amounts of goodwill were as follows (in millions):


	December 31,
	2023		2022
Beginning balance	$	15,529	$	14,890
Changes to goodwill resulting from acquisitions and divestitures, net(1)	3,089		651
Currency translation adjustments	11		(12)
Ending balance	$	18,629	$	15,529

____________

Other intangible assets

Other intangible assets consisted of the following (in millions):


	December 31,
	2023						2022
	Gross carrying amounts		Accumulated amortization		Other intangible assets, net		Gross carrying amounts		Accumulated amortization		Other intangible assets, net
Finite-lived intangible assets:
Developed-product-technology rights	$	48,631	$	(18,049)	$	30,582	$	29,028	$	(15,045)	$	13,983
Licensing rights	3,865		(3,265)		600		3,864		(3,123)		741
Marketing-related rights	1,339		(1,264)		75		1,326		(1,167)		159
R&D technology rights	1,394		(1,228)		166		1,378		(1,190)		188
Total finite-lived intangible assets	55,229		(23,806)		31,423		35,596		(20,525)		15,071
Indefinite-lived intangible assets:
IPR&D	1,218		—		1,218		1,009		—		1,009
Total other intangible assets	$	56,447	$	(23,806)	$	32,641	$	36,605	$	(20,525)	$	16,080

Developed-product-technology rights consists of rights related to marketed products acquired in acquisitions. Licensing rights consists primarily of contractual rights acquired in acquisitions to receive future milestone, royalty and profit-sharing payments; capitalized payments to third parties for milestones related to regulatory approvals to commercialize products; and up-front payments associated with royalty obligations for marketed products. Marketing-related rights consists primarily of rights related to the sale and distribution of marketed products. R&D technology rights pertains to technologies used in R&D that have alternative future uses. Developed-product-technology rights include assets acquired with the Horizon and ChemoCentryx acquisitions. IPR&D includes assets acquired with the Horizon and Teneobio acquisitions. R&D technology rights and licensing rights includes assets acquired with the Teneobio acquisition. See Note 3, Acquisitions and divestitures.

IPR&D consists of R&D projects acquired in a business combination that are not complete at the time of acquisition due to remaining technological risks and/or lack of receipt of required regulatory approvals. All IPR&D projects have major risks and uncertainties associated with the timely and successful completion of the development and commercialization of product candidates, including our ability to confirm safety and efficacy based on data from clinical trials, our ability to obtain necessary regulatory approvals and our ability to successfully complete these tasks within budgeted costs. We are not permitted to market a human therapeutic without obtaining regulatory approvals, and such approvals require the completion of clinical trials that demonstrate that a product candidate is safe and effective. In addition, the availability and extent of coverage and reimbursement from third-party payers, including government healthcare programs and private insurance plans as well as competitive product launches, affect the revenues a product can generate. Consequently, the eventual realized values, if any, of acquired IPR&D projects may vary from their estimated fair values. We review IPR&D projects for impairment annually, whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable and upon the establishment of technological feasibility or regulatory approval. During the third quarter of 2023, the development of AMG 340 acquired in connection with our Teneobio acquisition was terminated, resulting in an impairment charge of $783 million, which was recognized in Other operating expenses in the Consolidated Statements of Income and included in Other items, net, in the Consolidated Statements of Cash Flows. See Note 18, Fair value measurement, for the impact on the related contingent consideration liability.

During the years ended December 31, 2023, 2022 and 2021, we recognized amortization associated with our finite-lived intangible assets of $3.2 billion, $2.6 billion and $2.6 billion, respectively. Amortization of intangible assets is included primarily in Cost of sales in the Consolidated Statements of Income. The total estimated amortization for our finite-lived intangible assets for the years ending December 31, 2024, 2025, 2026, 2027 and 2028, are $4.8 billion, $4.5 billion, $3.9 billion, $3.9 billion and $2.9 billion, respectively.

Leases - Narrative (Details)	Dec. 31, 2023
Leases [Abstract]
Renewal term	7 years

Collaborations - UCB (Details) - USD ($) $ in Millions	12 Months Ended
Collaborations - UCB (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
UCB \| Cost of sales
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Profit and loss share of expenses	$ 396	$ 255	$ 186

Property, plant and equipment - Components of Property, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 15,749	$ 14,710
Less accumulated depreciation and amortization	(9,808)	(9,283)
Property, plant and equipment, net	5,941	5,427
Depreciation and amortization charges associated with property, plant and equipment	685	661	$ 644
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	339	292
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 4,507	4,201
Buildings and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	10 years
Buildings and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	40 years
Manufacturing equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 3,220	3,105
Manufacturing equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	8 years
Manufacturing equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	12 years
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,346	1,277
Laboratory equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	8 years
Laboratory equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	12 years
Fixed equipment
Property, Plant and Equipment [Line Items]
Useful life (in years)	12 years
Property, plant and equipment, gross	$ 2,526	2,478
Capitalized software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,320	1,215
Capitalized software \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	3 years
Capitalized software \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	5 years
Other
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 941	929
Other \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	5 years
Other \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	10 years
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,550	$ 1,213

Collaborations - Novartis AG (Details) - Novartis Pharma AG - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Research and development
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cost recoveries	$ 42	$ 53
Selling, general and administrative
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cost recoveries			$ 160
Cost of sales
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalties due			$ 116

Other current assets and accrued liabilities

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Other current assets and accrued liabilities

Other current assets consisted of the following (in millions):


	December 31,
	2023		2022
Prepaid expenses	$	1,647	$	1,204
Corporate partner receivables	502		700
Tax receivables	172		129
Other	281		355
Total other current assets	$	2,602	$	2,388

Accrued liabilities consisted of the following (in millions):


	December 31,
	2023		2022
Sales deductions	$	7,271	$	5,986
Income taxes payable	1,664		1,195
Employee compensation and benefits	1,381		1,099
Dividends payable	1,205		1,137
Accrued interest payable	936		470
Other	2,902		2,637
Total accrued liabilities	$	15,359	$	12,524

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock and additional paid-in capital, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock and additional paid-in capital, shares authorized (in shares)	2,750.0	2,750.0
Common stock and additional paid-in capital, shares outstanding (in shares)	535.4	534.0

Stock-based compensation - Summary of Stock Option Assumptions (Details) - Stock options - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Closing price of our common stock on grant date (in usd per share)	$ 235.97	$ 230.92	$ 237.17
Volatility	23.30%	24.50%	25.60%
Expected life (in years)	5 years 8 months 12 days	5 years 8 months 12 days	5 years 8 months 12 days
Risk-free interest rate	3.40%	2.80%	1.00%
Expected dividend yield	3.50%	3.30%	2.90%
Granted (in usd per share)	$ 41.86	$ 42.43	$ 40.43

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Total revenues	$ 28,190	$ 26,323	$ 25,979
Operating expenses:
Cost of sales	8,451	6,406	6,454
Research and development	4,784	4,434	4,819
Acquired in-process research and development	0	0	1,505
Selling, general and administrative	6,179	5,414	5,368
Other	879	503	194
Total operating expenses	20,293	16,757	18,340
Operating income	7,897	9,566	7,639
Other income (expense):
Interest expense, net	(2,875)	(1,406)	(1,197)
Other income (expense), net	2,833	(814)	259
Income before income taxes	7,855	7,346	6,701
Provision for income taxes	1,138	794	808
Net income	$ 6,717	$ 6,552	$ 5,893
Earnings per share:
Basic (in usd per share)	$ 12.56	$ 12.18	$ 10.34
Diluted (in usd per share)	$ 12.49	$ 12.11	$ 10.28
Shares used in the calculation of earnings per share:
Basic (in shares)	535	538	570
Diluted (in shares)	538	541	573
Product sales
Revenues:
Total revenues	$ 26,910	$ 24,801	$ 24,297
Other revenues
Revenues:
Total revenues	$ 1,280	$ 1,522	$ 1,682

Investments

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

Available-for-sale investments


Types of securities as of December 31, 2023	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair values

U.S. Treasury bills	$	—	$	—	$	—	$	—







Money market mutual funds	10,266		—		—		10,266
Other short-term interest-bearing securities	138		—		—		138
Total available-for-sale investments	$	10,404	$	—	$	—	$	10,404


Types of securities as of December 31, 2022	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair values

U.S. Treasury bills	$	1,676	$	—	$	—	$	1,676






Money market mutual funds	2,659		—		—		2,659
Other short-term interest-bearing securities	—		—		—		—


Total available-for-sale investments	$	4,335	$	—	$	—	$	4,335

The fair values of available-for-sale investments by location in the Consolidated Balance Sheets were as follows (in millions):


	December 31,
Consolidated Balance Sheets locations	2023		2022
Cash and cash equivalents	$	10,404	$	2,659
Marketable securities	—		1,676

Total available-for-sale investments	$	10,404	$	4,335

Cash and cash equivalents in the above table excludes bank account cash of $540 million and $4,970 million as of December 31, 2023 and 2022, respectively.

All interest-bearing securities as of December 31, 2023 and 2022, mature in one year or less. For the years ended December 31, 2023, 2022 and 2021, interest income on these investments were $1.2 billion, $127 million and $11 million, respectively.

For the years ended December 31, 2023, 2022 and 2021, realized gains and losses on interest-bearing securities were not material. Realized gains and losses on interest-bearing securities are recorded in Other income (expense), net, in the Consolidated Statements of Income. The cost of securities sold is based on the specific-identification method.

The primary objective of our investment portfolio is to maintain safety of principal, prudent levels of liquidity and acceptable levels of risk. Our investment policy limits interest-bearing security investments to certain types of debt and money market instruments issued by institutions with investment-grade credit ratings, and it places restrictions on maturities and concentration by asset class and issuer.

Equity securities

BeiGene, Ltd.

On January 2, 2020, we acquired a 20.5% ownership interest in BeiGene for $2.8 billion, of which $2.6 billion was attributed to the fair value of equity securities upon closing, with the remainder attributed to prepaid R&D. Our equity investment in BeiGene is included in Other noncurrent assets in the Consolidated Balance Sheets. The fair value of equity securities acquired exceeded our proportionate share of the carrying value of BeiGene’s underlying net assets by $2.4 billion, and we began amortizing the intangible assets that gave rise to this basis difference over their useful lives.

Effective January 30, 2023, we relinquished our right to appoint a director to BeiGene’s Board of Directors. We no longer have the ability to exert significant influence over BeiGene. As a result, in the first quarter of 2023, we began to account for our ownership interest as an equity security with a readily determinable fair value, with changes in fair value recorded in Other income (expense), net, in the Consolidated Statements of Income. See Note 18, Fair value measurement. During the year ended December 31, 2023, we recognized an unrealized gain of $1.2 billion recorded in Other income (expense), net, in the Consolidated Statements of Income. As of December 31, 2023, the carrying and fair value of our investment in BeiGene was $3.4 billion and was included in Other noncurrent assets in the Consolidated Balance Sheets.

During the years ended December 31, 2022 and 2021, under the equity method of accounting, the carrying value of the investment was reduced by our share of BeiGene’s net losses of $394 million and $265 million, respectively, and amortization of the basis difference of $190 million and $172 million, respectively. During the year ended December 31, 2021, we increased the carrying value by $50 million as a result of our purchase of additional shares of BeiGene; we did not purchase additional shares of BeiGene during the years ended December 31, 2023 and 2022. In addition, during the years ended December 31, 2022 and 2021, the carrying value increased by $11 million and $265 million, respectively, from the impact of other BeiGene ownership transactions. As of December 31, 2022, the carrying and fair values of our investment in BeiGene were $2.2 billion and $4.2 billion, respectively, and our ownership percentage was 18.2%. For information on a collaboration agreement we entered into with BeiGene in connection with this investment, see Note 9, Collaborations.

Other equity securities

Excluding our equity investments in BeiGene and Neumora (discussed below), we held investments in other equity securities with readily determinable fair values (publicly traded securities) of $494 million and $480 million as of December 31, 2023 and 2022, respectively, which are included in Other noncurrent assets in the Consolidated Balance Sheets. For the years ended December 31, 2023, 2022 and 2021, net unrealized gains and losses on publicly traded securities were a net gain of $98 million, a net loss of $165 million and a net gain of $161 million, respectively. Realized gains and losses on publicly traded securities for the years ended December 31, 2023, 2022 and 2021, were not material.

We held investments of $309 million and $233 million in equity securities without readily determinable fair values as of December 31, 2023 and 2022, respectively, which are included in Other noncurrent assets in the Consolidated Balance Sheets. For the years ended December 31, 2023 and 2022, gains due to upward adjustments and gains realized upon dispositions of these securities were not material. For the year ended December 31, 2021, gains due to upward adjustments were $152 million, and gains realized on the dispositions of these securities were $41 million. For the years ended December 31, 2023 and 2021, downward adjustments were not material. For the year ended December 31, 2022, downward adjustments to the carrying values of these securities were $67 million. Adjustments were based on observable price transactions.

Equity Method Investments

Neumora Therapeutics, Inc.

On September 30, 2021, we acquired an approximately 25.9% ownership interest in Neumora, a then privately held company, for $257 million, which is included in Other noncurrent assets in the Consolidated Balance Sheets, in exchange for a $100 million cash payment and $157 million in noncash consideration primarily related to future services. During the third quarter of 2023, we made an additional $30 million equity investment in Neumora in connection with their initial public stock offering, and consequently, our investment now has a readily determinable fair value. Although our equity investment provides

us with the ability to exercise significant influence over Neumora and therefore qualifies us for the equity method of accounting, we have elected the fair value option to account for our investment. Under the fair value option, changes in the fair value of the investment are recognized through earnings in Other income (expense), net, in the Consolidated Statements of Income each reporting period. We believe the fair value option best reflects the economics of the underlying transaction. As of December 31, 2023 and 2022, our ownership interests in Neumora were approximately 23.2% and 24.9%, respectively, and the fair values of our investment were $603 million and $335 million, respectively. During the years ended December 31, 2023, 2022 and 2021, we recognized gains of $238 million and $105 million and a loss of $37 million, respectively, for the change in fair values in Other income (expense), net, in the Consolidated Statements of Income.

For information on determination of fair values, see Note 18, Fair value measurement.

Limited partnerships

We held limited partnership investments of $251 million and $249 million as of December 31, 2023 and 2022, respectively, which are included in Other noncurrent assets in the Consolidated Balance Sheets. These investments, which are primarily investment funds of early-stage biotechnology companies, are accounted for by using the equity method of accounting and are measured by using our proportionate share of the net asset values of the underlying investments held by the limited partnerships as a practical expedient. These investments are typically redeemable only through distributions upon liquidation of the underlying assets. As of December 31, 2023, unfunded additional commitments to be made for these investments during the next several years were $159 million. For the years ended December 31, 2023, 2022 and 2021, net gains and losses recognized from our limited partnership investments were net losses of $14 million and $284 million and a net gain of $143 million, respectively.

Financing arrangements - Miscellaneous (Details)	12 Months Ended
Financing arrangements - Miscellaneous (Details)	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt securities payable \| Minimum
Debt Instrument [Line Items]
Redemption period without payment of make whole amount	1 month
Debt securities payable \| Maximum
Debt Instrument [Line Items]
Redemption period without payment of make whole amount	6 months
4.563% notes due 2048 (4.563% 2048 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.563%
Effective interest rate on note	6.30%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
4.663% notes due 2051 (4.663% 2051 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.663%
Effective interest rate on note	5.60%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
2.77% notes due 2053 (2.77% 2053 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.77%
Effective interest rate on note	5.20%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
3.15% notes due 2040 (3.15% 2040 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.15%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
6.40% notes due 2039 (6.40% 2039 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	6.40%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
2.00% €750 million notes due 2026 (2.00% 2026 euro Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.00%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
4.40% notes due 2045 (4.40% 2045 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.40%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
3.625% notes due 2024 (3.625% 2024 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.625%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
Four Point Nine Five Percent Notes Due 2041 [Member] \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.95%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
3.35% notes due 2032 (3.35% 2032 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.35%		3.35%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
3.00% notes due 2052 (3.00% 2052 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.00%		3.00%	3.00%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
2.00% notes due 2032 (2.00% 2032 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage				2.00%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
3.00% notes due 2029 (3.00% 2029 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.00%		3.00%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
4.00% £700 million notes due 2029 (4.00% 2029 pound sterling Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.00%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
3.375% notes due 2050 (3.375% 2050 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.375%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
2.80% notes due 2041 (2.80% 2041 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage				2.80%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
5.375% notes due 2043 (5.375% 2043 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.375%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
4.40% notes due 2062 (4.40% 2062 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.40%		4.40%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
5.15% notes due 2041 (5.15% 2041 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.15%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
4.875% notes due 2053 (4.875% 2053 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.875%		4.875%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
3.125% notes due 2025 (3.125% 2025 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.125%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
5.75% notes due 2040 (5.75% 2040 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.75%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
2.30% notes due 2031 (2.30% 2031 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.30%			2.30%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
5.50% £475 million notes due 2026 (5.50% 2026 pound sterling Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.50%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
2.25% notes due 2023 (2.25% 2023 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage			2.25%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
6.375% notes due 2037 (6.375% 2037 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	6.375%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
2.60% notes due 2026 (2.60% 2026 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.60%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
1.65% notes due in 2028 (1.65% 2028 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	1.65%		1.65%	1.65%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
1.90% notes due 2025 (1.90% 2025 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	1.90%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
3.20% notes due 2027 (3.20% 2027 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.20%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
5.65% notes due 2042 (5.65% 2042 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.65%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
2.20% notes due 2027 (2.20% 2027 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.20%		2.20%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
2.45% notes due 2030 (2.45% 2030 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.45%			2.45%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
4.05% notes due 2029 (4.05% 2029 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.05%		4.05%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
6.90% notes due 2038 (6.90% 2038 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	6.90%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
4.20% notes due 2052 (4.20% 2052 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.20%		4.20%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
0.41% CHF700 million bonds due 2023 (0.41% 2023 Swiss franc Bonds) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	0.41%	0.41%	0.41%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
4.20% notes due 2033 (4.20% 2033 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.20%		4.20%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
5.507% Notes Due 2026 \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.507%
5.507% Notes Due 2026 \| Debt securities payable
Debt Instrument [Line Items]
Redemption period without payment of make whole amount	2 years

Stockholders' equity - Components of AOCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 3,661	$ 6,700	$ 9,409
Foreign currency translation adjustments	50	496	(135)
Unrealized gains (losses)	28	84	158
Reclassification adjustments to income	(222)	2	253
Other gains (losses)	42	2	1
Income taxes	44	(19)	(88)
Ending balance	6,232	3,661	6,700
AOCI
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(231)	(796)	(985)
Ending balance	(289)	(231)	(796)
Foreign currency translation
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(348)	(844)	(709)
Foreign currency translation adjustments	50	496	(135)
Unrealized gains (losses)	0	0	0
Reclassification adjustments to income	0	0	0
Other gains (losses)	0	0	0
Income taxes	0	0	0
Ending balance	(298)	(348)	(844)
Cash flow hedges
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	128	61	(263)
Foreign currency translation adjustments	0	0	0
Unrealized gains (losses)	28	84	159
Reclassification adjustments to income	(222)	2	253
Other gains (losses)	0	0	0
Income taxes	44	(19)	(88)
Ending balance	(22)	128	61
Available-for-sale securities
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	0	0	1
Foreign currency translation adjustments	0	0	0
Unrealized gains (losses)	0	0	(1)
Reclassification adjustments to income	0	0	0
Other gains (losses)	0	0	0
Income taxes	0	0	0
Ending balance	0	0	0
Other
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(11)	(13)	(14)
Foreign currency translation adjustments	0	0	0
Unrealized gains (losses)	0	0	0
Reclassification adjustments to income	0	0	0
Other gains (losses)	42	2	1
Income taxes	0	0	0
Ending balance	$ 31	$ (11)	$ (13)

Investments - Limited Partnership Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net Investment Income [Line Items]
Investment, Type [Extensible Enumeration]	Partnership Interest [Member]	Partnership Interest [Member]
Investments, unfunded additional commitments	$ 159
Fair Value Measured at Net Asset Value Per Share
Net Investment Income [Line Items]
Investments	251	$ 249
Investment, (losses) gains recognized	$ (14)	$ (284)	$ 143

- Definition

Indicates type of investment. Includes, but is not limited to, common stock, preferred stock, convertible security, fixed income security, government security, option purchased, warrant, loan participation and assignment, commercial paper, bankers' acceptance, certificates of deposit, short-term security, repurchase agreement, and other investment company.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-12A(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 2)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 1)(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-12A(Column C)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-2

+ Details

Leases - Cash and Noncash Information of Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 182	$ 171	$ 190
ROU assets obtained in exchange for lease obligations	$ 245	$ 191	$ 340

Defined contribution plan	12 Months Ended
Defined contribution plan	Dec. 31, 2023
Retirement Benefits [Abstract]
Defined contribution plan	Defined contribution plan The Company has defined contribution plans to which certain employees of the Company and participating subsidiaries may defer compensation for income tax purposes. Participants are eligible to receive matching contributions based on their contributions, in addition to other Company contributions. Defined contribution plan expenses were $311 million, $243 million and $279 million for the years ended December 31, 2023, 2022 and 2021, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Audit information	12 Months Ended
Audit information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Los Angeles, California
Auditor Firm ID	42

Stock-based compensation - Weighted-Average Assumptions (Details) - Performance units - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Weighted-average assumptions and resulting weighted-average grant date fair values [Abstract]
Closing price of our common stock on grant date (in usd per share)	$ 235.97	$ 230.92	$ 239.64
Volatility	21.60%	28.10%	29.30%
Risk-free interest rate	3.70%	0.30%	0.30%
Fair value of unit (in usd per share)	$ 252.49	$ 247.48	$ 254.68

Contingencies and commitments (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

U.S. Repatriation Tax Commitments

The following table summarizes the remaining scheduled repatriation tax payments as of December 31, 2023 (in millions):


	Amounts
2024	$	1,467
2025	1,834
Total remaining U.S. repatriation tax commitments	$	3,301

Acquisitions and divestitures - Summary of Pro Forma Revenue for Horizon Therapeutics (Details) - Horizon Therapeutics - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Total revenue	$ 30,969	$ 29,964
Net income	$ 5,383	$ 2,381

Financing arrangements - Debt Extinguishment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Extinguishment of debt, amount	$ 647	$ 297
Gain (loss) on extinguishment of debt	$ 225	$ 78
2.00% notes due 2032 (2.00% 2032 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.00%	2.00%
3.15% notes due 2040 (3.15% 2040 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.15%
2.80% notes due 2041 (2.80% 2041 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.80%	2.80%
3.375% notes due 2050 (3.375% 2050 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.375%
3.00% notes due 2052 (3.00% 2052 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.00%	3.00%	3.00%
4.20% 2052 Notes \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.20%
4.40% 2062 Notes \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.40%
2.20% notes due 2027 (2.20% 2027 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.20%	2.20%
1.65% notes due in 2028 (1.65% 2028 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	1.65%	1.65%	1.65%

Income taxes - Reconciliation of Total Gross Amounts of UTBs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of total gross amounts of unrecognized tax benefits (excluding interest, penalties, foreign tax credits and the federal tax benefit of state taxes related to unrecognized tax benefits)
Beginning balance	$ 3,770	$ 3,546	$ 3,352
Additions based on tax positions related to the current year	196	151	171
Additions based on tax positions related to prior years	56	90	35
Reductions for tax positions of prior years	0	(14)	(4)
Reductions for expiration of statute of limitations	(4)	(3)	0
Settlements	(6)	0	(8)
Ending balance	$ 4,012	$ 3,770	$ 3,546

Financing arrangements (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Borrowings

Our borrowings consisted of the following (in millions):


	December 31,
	2023		2022
0.41% CHF700 million bonds due 2023 (0.41% 2023 Swiss franc Bonds)	$	—	$	757
2.25% notes due 2023 (2.25% 2023 Notes)	—		750
3.625% notes due 2024 (3.625% 2024 Notes)	1,400		1,400
1.90% notes due 2025 (1.90% 2025 Notes)	500		500
5.25% notes due 2025 (5.25% 2025 Notes)	2,000		—
Term loan due April 2025	2,000		—
3.125% notes due 2025 (3.125% 2025 Notes)	1,000		1,000
2.00% €750 million notes due 2026 (2.00% 2026 euro Notes)	828		803
5.507% notes due 2026 (5.507% 2026 Notes)	1,500		—
2.60% notes due 2026 (2.60% 2026 Notes)	1,250		1,250
Term loan due October 2026	2,000		—
5.50% £475 million notes due 2026 (5.50% 2026 pound sterling Notes)	605		574
2.20% notes due 2027 (2.20% 2027 Notes)	1,724		1,724
3.20% notes due 2027 (3.20% 2027 Notes)	1,000		1,000
5.15% notes due 2028 (5.15% 2028 Notes)	3,750		—
1.65% notes due in 2028 (1.65% 2028 Notes)	1,234		1,234
3.00% notes due 2029 (3.00% 2029 Notes)	750		750
4.05% notes due 2029 (4.05% 2029 Notes)	1,250		1,250
4.00% £700 million notes due 2029 (4.00% 2029 pound sterling Notes)	892		846
2.45% notes due 2030 (2.45% 2030 Notes)	1,250		1,250
5.25% notes due 2030 (5.25% 2030 Notes)	2,750		—
2.30% notes due 2031 (2.30% 2031 Notes)	1,250		1,250
2.00% notes due 2032 (2.00% 2032 Notes)	1,001		1,051
3.35% notes due 2032 (3.35% 2032 Notes)	1,000		1,000
4.20% notes due 2033 (4.20% 2033 Notes)	750		750
5.25% notes due 2033 (5.25% 2033 Notes)	4,250		—
6.375% notes due 2037 (6.375% 2037 Notes)	478		478
6.90% notes due 2038 (6.90% 2038 Notes)	254		254
6.40% notes due 2039 (6.40% 2039 Notes)	333		333
3.15% notes due 2040 (3.15% 2040 Notes)	1,803		2,000
5.75% notes due 2040 (5.75% 2040 Notes)	373		373
2.80% notes due 2041 (2.80% 2041 Notes)	949		1,110
4.95% notes due 2041 (4.95% 2041 Notes)	600		600
5.15% notes due 2041 (5.15% 2041 Notes)	729		729
5.65% notes due 2042 (5.65% 2042 Notes)	415		415
5.60% notes due 2043 (5.60% 2043 Notes)	2,750		—
5.375% notes due 2043 (5.375% 2043 Notes)	185		185
4.40% notes due 2045 (4.40% 2045 Notes)	2,250		2,250
4.563% notes due 2048 (4.563% 2048 Notes)	1,415		1,415
3.375% notes due 2050 (3.375% 2050 Notes)	2,132		2,250
4.663% notes due 2051 (4.663% 2051 Notes)	3,541		3,541
3.00% notes due 2052 (3.00% 2052 Notes)	999		1,254
4.20% notes due 2052 (4.20% 2052 Notes)	950		1,000
4.875% notes due 2053 (4.875% 2053 Notes)	1,000		1,000


	December 31,
	2023		2022
5.65% notes due 2053 (5.65% 2053 Notes)	4,250		—
2.77% notes due 2053 (2.77% 2053 Notes)	940		940
4.40% notes due 2062 (4.40% 2062 Notes)	1,200		1,250
5.75% notes due 2063 (5.75% 2063 Notes)	2,750		—
Other notes due 2097	100		100
Unamortized bond discounts, premiums and issuance costs, net	(1,420)		(1,246)
Fair value adjustments	(314)		(437)
Other	17		12
Total carrying value of debt	64,613		38,945
Less current portion	(1,443)		(1,591)
Total long-term debt	$	63,170	$	37,354


	Principal Amount
5.25% 2025 Notes	$	2,000
5.507% 2026 Notes	1,500
5.15% 2028 Notes	3,750
5.25% 2030 Notes	2,750
5.25% 2033 Notes	4,250
5.60% 2043 Notes	2,750
5.65% 2053 Notes	4,250
5.75% 2063 Notes	2,750
Total	$	24,000

Schedule of Interest Rate Derivatives


Notes	Notional amounts		Effective interest rates
3.625% 2024 Notes	$	1,400	SOFR + 3.4%
3.125% 2025 Notes	1,000		SOFR + 2.1%
2.60% 2026 Notes	1,250		SOFR + 2.1%
2.45% 2030 Notes	1,000		SOFR + 1.3%
2.30% 2031 Notes	500		SOFR + 1.1%
4.663% 2051 Notes	1,500		SOFR + 4.3%
Total notional amounts	$	6,650

Aggregate Contractual Maturities of Long-Term Debt Obligations

The aggregate contractual maturities of all borrowings due subsequent to December 31, 2023, are as follows (in millions):


Maturity dates	Amounts
2024	$	1,403
2025	5,500
2026	6,183
2027	2,724
2028	4,984
Thereafter	45,553
Total	$	66,347

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482949/835-30-55-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480848/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

Acquisitions and divestitures

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions and divestitures

Acquisition of Horizon Therapeutics plc

On October 6, 2023, Amgen completed its acquisition of Horizon for $116.50 per share in cash, representing a total consideration of approximately $27.8 billion. The acquisition was funded primarily through our March 2023 debt issuance and borrowings from our term loan credit agreement. See Note 16, Financing arrangements. Horizon is a global biotechnology company focused on the discovery, development and commercialization of medicines that address critical needs of patients impacted by rare, autoimmune and severe inflammatory diseases. The acquisition, which was accounted for as a business combination, aligns with Amgen’s core strategy of delivering innovative medicines that make a significant difference for patients suffering from serious diseases and strengthens Amgen’s leading rare disease portfolio by adding first-in-class, early-in-lifecycle medicines, including TEPEZZA for thyroid eye disease, KRYSTEXXA for chronic refractory gout and UPLIZNA for neuromyelitis optica spectrum disorder. Upon its acquisition, Horizon became a wholly owned subsidiary of Amgen, and its operations have been included in our consolidated financial statements commencing on the acquisition date.

During the three months ended December 31, 2023, the Company incurred approximately $487 million of acquisition costs related to the closing of our Horizon acquisition, consisting of $167 million for share-based payments to settle non-vested equity awards attributable to post-combination services, severance and other employee-related expenses, and $320 million of transaction costs. These costs were included primarily in SG&A expense in the Consolidated Statements of Income.

The following table summarizes the total consideration and allocated acquisition date fair values of assets acquired and liabilities assumed (in millions):


	Amounts
Cash and cash equivalents	$	681
Inventories	5,025
Property, plant and equipment, net	318
Finite-lived intangible assets – developed-product-technology rights	19,590
IPR&D	1,060
Goodwill	3,111
Deferred tax asset	834
Deferred tax liability	(2,492)
Other assets and liabilities, net	(294)
Total assets acquired, net	$	27,833

The $27.8 billion total consideration for this transaction consisted of (i) cash consideration transferred to common shareholders of $26.7 billion; (ii) cash consideration transferred to vested and outstanding options, outstanding RSU awards, and outstanding PSU awards of $523 million; (iii) fair value of Amgen replacement awards (based on conversion of outstanding employee RSU awards) of $180 million representing non-cash consideration; and (iv) a portion of Horizon’s debt, settled by Amgen on the closing date, of $382 million. Amgen issued 1.7 million replacement equity awards with the original vesting conditions, and fair value was determined based on acquisition date fair value based on the conversion calculation. See Note 5, Stock-based compensation.

The estimated fair values of $20.7 billion for the developed-product-technology rights and IPR&D intangible assets were determined using a multi-period excess earnings income approach that discounts expected future cash flows to present value by applying a discount rate that represents the estimated rate that market participants would use to value the intangible assets. The projected cash flows were based on certain assumptions attributable to the respective intangible asset, including estimates of future revenues and expenses, the time and resources needed to complete development and the probabilities of obtaining marketing approval from the FDA and other regulatory agencies. The developed-product-technology rights are being amortized on a straight-line basis over a weighted-average period of approximately 10 years using the straight-line methodology.

The estimated fair value of the acquired inventory of $5.0 billion was determined using the comparative sales method, which uses actual or expected selling prices of inventory as the base amount to which adjustments for selling effort and a profit on the buyer’s effort are applied. The inventory fair value adjustment is being amortized using a weighted-average inventory turnover, which we estimate to approximate 27 months.

A deferred tax liability of $2.5 billion was recognized on the temporary differences related to the book bases and tax bases of the acquired identifiable assets and assumed liabilities, primarily driven by the intangible assets acquired, as well as associated deferred tax asset for anticipatory foreign tax credits of $834 million.

The excess of the acquisition date consideration over the fair values assigned to the assets acquired and the liabilities assumed of $3.1 billion was recorded as goodwill, which is not deductible for tax purposes. The goodwill value represents expected synergies from the marketed products acquired and other benefits.

Our accounting for this acquisition is preliminary and will be finalized upon completion of our analysis to determine the acquisition date fair values of certain assets acquired, liabilities assumed and tax-related items as we obtain additional information during the measurement period of up to one year from the acquisition date.

Following the acquisition date of October 6, 2023, the operating results of Horizon have been included in our consolidated financial statements. For the period from the acquisition date through December 31, 2023, total revenues and net losses attributable to Horizon were $955 million and $1.2 billion, respectively, inclusive of $633 million of inventory fair value step-up amortization and $479 million of intangible asset amortization recorded in Cost of sales in the Consolidated Statements of Income.

Supplemental Pro Forma Financial Information


	Years ended December 31,
	2023		2022
Total revenue	$	30,969	$	29,964
Net income	$	5,383	$	2,381

The unaudited supplemental pro forma combined financial information was prepared using the acquisition method of accounting and was based on the historical financial information of Amgen and Horizon. In order to reflect the occurrence of the acquisition on January 1, 2022, the unaudited supplemental pro forma financial information includes adjustments to reflect the following: (i) incremental amortization expense based on the current preliminary fair values of the identifiable intangible assets and inventory step-up; (ii) the additional interest expense associated with the issuance of debt to finance the acquisition; (iii) the reclassification of transaction and other acquisition-related costs incurred during the three months ended December 31, 2023, to the year ended December 31, 2022; and (iv) the income tax impact using an estimated effective tax rate applied to the combined entity. The unaudited supplemental pro forma financial information is not necessarily indicative of what the consolidated results of operations would have been had the acquisition been completed on January 1, 2022. In addition, the unaudited pro forma financial information is not a projection of future results of operations of the combined company, nor does it reflect the expected realization of any synergies or cost savings associated with the acquisition.

Acquisition of ChemoCentryx, Inc.

On October 20, 2022, we acquired all of the outstanding stock of ChemoCentryx, a publicly traded biotechnology company focused on orally administered therapeutics to treat autoimmune diseases, inflammatory disorders and cancer, for $52.00 per share in cash, representing a total consideration of $3.9 billion. The acquisition, which was accounted for as a business combination, includes TAVNEOS, an orally administered selective complement 5a receptor inhibitor that was approved by the FDA in October 2021 as an adjunctive therapy for adults with severe active antineutrophil cytoplasmic autoantibody-associated vasculitis (ANCA-associated vasculitis). TAVNEOS is commercialized by us in the United States; for markets outside the United States, TAVNEOS is commercialized by a collaboration partner, and Amgen is entitled to royalties and milestones based on future sales of the product. Upon its acquisition, ChemoCentryx became a wholly owned subsidiary of Amgen, and its operations became included in our consolidated financial statements commencing on the acquisition date.

Measurement period adjustments during the year ended December 31, 2023, included changes in the purchase price allocation and total consideration, resulting in a net decrease of approximately $18 million to goodwill. The measurement period adjustments resulted primarily from valuation inputs pertaining to the TAVNEOS intangible assets, adjustments to vendor payables and deferred tax attributes based on facts and circumstances that existed as of the acquisition date and did not result from events subsequent to the acquisition date. The adjustments did not have a significant impact on Amgen’s results of operations during the year ended December 31, 2023, and would not have had a significant impact on prior-period results if the adjustments had been made as of the acquisition date.


	Amounts
Cash and cash equivalents	$	86
Marketable securities	235
Inventories	41
Finite-lived intangible assets – developed-product-technology rights	3,499
Goodwill	649
Other liabilities, net	(83)
Deferred tax liability, net	(502)
Total assets acquired, net	$	3,925

The $3.9 billion total consideration consisted of (i) a $3.7 billion cash payment to outstanding common stockholders of ChemoCentryx and (ii) a $181 million cash payment to equity award holders of ChemoCentryx for services rendered prior to the acquisition date of October 20, 2022, under the ChemoCentryx equity award plans.

The developed-product-technology rights acquired relates to TAVNEOS, which is approved in the United States and the EU for ANCA-associated vasculitis. The estimated fair values of $3.5 billion were determined by using a multi-period excess earnings income approach that discounts expected future cash flows to present value by applying a discount rate that represents the estimated rate that market participants would use to value the intangible assets. The developed-product-technology rights are being amortized on a straight-line basis over a weighted-average period of approximately 11 years using the straight-line method.

The estimated fair value of the acquired inventory of $41 million was determined using the comparative sales method, which uses actual or expected selling prices of inventory as the base amount to which adjustments for selling effort and a profit on the buyer’s effort are applied. The inventory fair value adjustment was amortized as inventory turned over, which we estimated to be approximately 13 months.

A net deferred tax liability of $502 million was recognized on the temporary differences related to the book bases and tax bases of the acquired identifiable assets and assumed liabilities, primarily driven by the intangible assets acquired.

The excess of the acquisition date consideration over the fair values assigned to the assets acquired and the liabilities assumed of $649 million was recorded as goodwill, which is not deductible for tax purposes. The goodwill value is primarily attributable to the expected synergies from the TAVNEOS asset.

Acquisition of Teneobio, Inc.

On October 19, 2021, we acquired all of the outstanding stock of Teneobio, a privately held, clinical-stage biotechnology company developing a new class of biologics called human heavy-chain antibodies, which are single-chain antibodies composed of the human heavy-chain domain. The transaction, which was accounted for as a business combination, includes Teneobio’s proprietary bispecific and multispecific antibody technologies, which complement Amgen’s existing antibody capabilities and bispecific T-cell engager BiTE® platform and will enable significant acceleration and efficiency in the discovery and development of new molecules to treat diseases across Amgen’s core therapeutic areas. Upon its acquisition, Teneobio became a wholly owned subsidiary of Amgen, and its operations have been included in our consolidated financial statements commencing on the acquisition date.

Measurement period adjustments for the year ended December 31, 2022, included changes to the purchase price allocation and total consideration, resulting in a net increase of $22 million to goodwill. The measurement period adjustments resulted primarily from valuation inputs pertaining to certain acquired assets based on facts and circumstances that existed as of the acquisition date and did not result from events subsequent to the acquisition date. These adjustments did not have a significant impact on Amgen’s results of operations during the year ended December 31, 2022, and would not have had a significant impact on prior-period results if these adjustments had been made as of the acquisition date.


	Amounts
Cash purchase price	$	993
Contingent consideration	299
Total consideration	$	1,292

Cash and cash equivalents	$	100
IPR&D	991
Finite-lived intangible asset – R&D technology rights	115
Finite-lived intangible assets – licensing rights	41
Goodwill	273
Other assets, net	16
Deferred tax liability	(244)
Total assets acquired, net	$	1,292

Consideration for this transaction comprised of (i) an upfront cash payment of $993 million, which included a working-capital adjustment, and (ii) future contingent milestone payments to Teneobio’s former equity holders of up to $1.6 billion in cash, based on the achievement of various development and regulatory milestones with regard to the leading asset (AMG 340, formerly TNB-585) and to various development milestones for other drug candidates. The estimated fair values of the contingent consideration obligations aggregated $299 million as of the acquisition date and were determined using a probability-weighted expected return methodology. The assumptions in this method include the probability of achieving the milestones and the expected payment dates, with such amounts discounted to present value based on our pretax cost of debt. See Note 18, Fair value measurement, for information regarding the estimated fair value of these obligations as of December 31, 2023.

The estimated fair values of acquired IPR&D assets totaled $991 million, of which $784 million related to AMG 340, and the balance related to four separate preclinical oncology programs. See Note 13, Goodwill and other intangible assets, for information regarding the acquired IPR&D assets as of December 31, 2023. The R&D technology rights of $115 million related to Teneobio’s proprietary bispecific and multispecific antibody technologies; the amount is being amortized over 10 years by using the straight-line method. Teneobio has also licensed its technology and certain identified targets to various third parties, representing contractual agreements valued at $41 million. The estimated fair values for these intangible assets were determined using a multi-period excess earnings income approach that discounts expected future cash flows to present value by applying a discount rate that represents the estimated rate that market participants would use to value the intangible assets. The projected cash flows were based on certain assumptions attributable to the respective intangible asset, including estimates of future revenues and expenses, the time and resources needed to complete development and the probabilities of obtaining marketing approval from the FDA and other regulatory agencies.

A deferred tax liability of $244 million was recognized on temporary differences related to the book bases and tax bases of the acquired identifiable assets and assumed liabilities, primarily driven by the intangible assets acquired.

The excess of the acquisition date consideration over the fair values assigned to the assets acquired and the liabilities assumed of $273 million was recorded as goodwill, which is not deductible for tax purposes. The goodwill value represented expected synergies from both AMG 340 and the technologies acquired.

During the third quarter of 2023, the development of AMG 340 acquired in connection with our Teneobio acquisition was terminated. See Note 13, Goodwill and other intangible assets, and Note 18, Fair value measurement, for additional information.

Acquisition of Five Prime Therapeutics, Inc.

On April 16, 2021, Amgen completed its acquisition of Five Prime for a total cash consideration of $1.6 billion, net of cash acquired. The purchase price was funded with cash on hand. This transaction was accounted for as an asset acquisition because substantially all the value of the assets acquired was concentrated in the intellectual property rights of bemarituzumab, a Phase 3 first-in-class program for gastric cancer. Five Prime’s operations have been included in our consolidated financial statements commencing after the acquisition date.

We allocated the consideration to acquire Five Prime to the bemarituzumab IPR&D program of $1.5 billion, which was expensed immediately in Acquired IPR&D expense in the Consolidated Statements of Income; deferred tax assets of $177 million; and other net liabilities of $47 million. The acquired IPR&D expense was not tax deductible.

Divestiture of Gensenta İlaç Sanayi ve Ticaret A.Ş.

On November 2, 2022, we sold our shares in Gensenta, a subsidiary in Turkey, to Eczacıbaşı for net cash proceeds of approximately $130 million. The transaction was accounted for as a sale of a business and did not meet the criteria to be classified as discontinued operations. Upon closing of this transaction, net assets related to Gensenta of $86 million were divested, and during the year ended December 31, 2022, we recognized a loss on divestiture of $567 million recorded in Other operating expenses in the Consolidated Statements of Income, primarily due to the reclassification of $615 million of cumulative foreign currency translation losses from AOCI into earnings. See Note 17, Stockholders’ equity.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 6,717	$ 6,552	$ 5,893
Depreciation, amortization and other	4,071	3,417	3,398
Stock-based compensation expense	431	401	341
Deferred income taxes	(1,273)	(1,198)	(453)
Acquired in-process research and development	0	0	1,505
Adjustments for equity method investments	11	891	33
Loss on divestiture	0	567	0
(Gains) losses on equity securities	(1,565)	127	0
Other items, net	563	(303)	(262)
Changes in operating assets and liabilities, net of acquisitions:
Trade receivables, net	(1,015)	(746)	(429)
Inventories	491	(742)	(165)
Other assets	(564)	258	(237)
Accounts payable	(402)	154	(69)
Accrued income taxes, net	(1,031)	(647)	(854)
Long-term tax liabilities	371	229	204
Accrued sales incentives and allowance	935	846	404
Other liabilities	731	(85)	(48)
Net cash provided by operating activities	8,471	9,721	9,261
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired	(26,989)	(3,839)	(2,529)
Purchases of marketable securities	(1)	(2,587)	(8,900)
Proceeds from sales of marketable securities	1,123	98	4,403
Proceeds from maturities of marketable securities	550	1,120	8,831
Purchases of property, plant and equipment	(1,112)	(936)	(880)
Other	225	100	(192)
Net cash (used in) provided by investing activities	(26,204)	(6,044)	733
Cash flows from financing activities:
Net proceeds from issuance of debt	27,777	6,919	4,945
Extinguishment of debt	(647)	(297)	0
Repayment of debt	(1,454)	0	(4,150)
Repurchases of common stock	0	(6,360)	(4,975)
Dividends paid	(4,556)	(4,196)	(4,013)
Other	(72)	(103)	(78)
Net cash provided by (used in) financing activities	21,048	(4,037)	(8,271)
Increase (decrease) in cash and cash equivalents	3,315	(360)	1,723
Cash and cash equivalents at beginning of year	7,629	7,989	6,266
Cash and cash equivalents at end of year	$ 10,944	$ 7,629	$ 7,989

Income taxes - Narrative (Details)	12 Months Ended
Income taxes - Narrative (Details)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 19, 2022 case	Apr. 28, 2022 USD ($)	May 31, 2021 USD ($) notice
Tax Credit Carryforward [Line Items]
Interest and penalties related to unrecognized tax benefits recognized in income tax provision	$ 287,000,000	$ 189,000,000	$ 98,000,000
Accrued interest and penalties associated with unrecognized tax benefits	1,400,000,000	1,100,000,000
Income taxes paid	3,400,000,000	$ 2,400,000,000	$ 1,900,000,000
Federal
Tax Credit Carryforward [Line Items]
Tax credit carryforwards available to reduce income taxes	201,000,000
NOL carryforwards available to reduce income taxes	869,000,000
NOL carryforwards, valuation allowance	0
NOLs with no valuation allowance and no expiration	691,000,000
Number of notices on proposed additional tax \| notice						2
Proposed additional income tax						$ 3,600,000,000
Repatriation tax on proposed additional tax						$ 900,000,000
Proposed additional income tax 2013-2015					$ 5,100,000,000
Penalties on proposed additional income tax 2013-2105					2,000,000,000
Repatriation tax on proposed additional tax 2013-2015					$ 2,200,000,000
Number of notices consolidated in court \| case				2
Federal \| Expiration in tax years between 2023 and 2043
Tax Credit Carryforward [Line Items]
Tax credit carryforwards, valuation allowance	19,000,000
State
Tax Credit Carryforward [Line Items]
Tax credit carryforwards available to reduce income taxes	1,100,000,000
Tax credit carryforwards, valuation allowance	971,000,000
NOL carryforwards available to reduce income taxes	872,000,000
NOL carryforwards, valuation allowance	738,000,000
Foreign
Tax Credit Carryforward [Line Items]
Tax credit carryforwards available to reduce income taxes	84,000,000
Tax credit carryforwards, valuation allowance	59,000,000
NOL carryforwards available to reduce income taxes	1,300,000,000
NOL carryforwards, valuation allowance	238,000,000
NOLs with no valuation allowance and no expiration	243,000,000
Foreign \| Operating Losses That Expire Between 2022 and 2031
Tax Credit Carryforward [Line Items]
NOL carryforwards, valuation allowance	$ 0

Property, plant and equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, plant and equipment

Property, plant and equipment consisted of the following (dollar amounts in millions):


		December 31,
	Useful life (in years)	2023		2022
Land	—	$	339	$	292
Buildings and improvements	10-40	4,507		4,201
Manufacturing equipment	8-12	3,220		3,105
Laboratory equipment	8-12	1,346		1,277
Fixed equipment	12	2,526		2,478
Capitalized software	3-5	1,320		1,215
Other	5-10	941		929
Construction in progress	—	1,550		1,213
Property, plant and equipment, gross		15,749		14,710
Less accumulated depreciation and amortization		(9,808)		(9,283)
Property, plant and equipment, net		$	5,941	$	5,427

During the years ended December 31, 2023, 2022 and 2021, we recognized depreciation and amortization expense associated with our property, plant and equipment of $685 million, $661 million and $644 million, respectively.

Geographic information

Certain geographic information with respect to property, plant and equipment, net (long-lived assets), was as follows (in millions):


	December 31,
	2023		2022
U.S.	$	3,658	$	3,154
Puerto Rico	1,148		1,247
ROW	1,135		1,026
Total property, plant and equipment, net	$	5,941	$	5,427

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Summary of Operating Leases

The following table summarizes information related to our leases, all of which are classified as operating, included in our Consolidated Balance Sheets (in millions):


	December 31,
Consolidated Balance Sheets locations	2023		2022
Assets:
Other noncurrent assets	$	651	$	579
Liabilities:
Accrued liabilities	$	119	$	156
Other noncurrent liabilities	691		539
Total lease liabilities	$	810	$	695

The components of net lease costs were as follows (in millions):


	Years ended December 31,
Lease costs	2023		2022		2021
Operating(1)	$	208	$	218	$	237






Sublease income	(28)		(32)		(38)
Total net lease costs	$	180	$	186	$	199

____________

(1) Includes short-term leases and variable lease costs, which were not material for the years ended December 31, 2023, 2022 and 2021.

The weighted-average remaining lease terms and weighted-average discount rates were as follows:


	December 31,
	2023		2022
Weighted-average remaining lease term (in years)	9.7		8.2
Weighted-average discount rate	3.6	%	2.7	%

Cash and noncash information related to our leases was as follows (in millions):


	Years ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	182	$	171	$	190


ROU assets obtained in exchange for lease obligations:
Operating leases	$	245	$	191	$	340

Maturities of Lease Liabilities

Maturities of lease liabilities as of December 31, 2023, were as follows (in millions):


Maturity dates	Amounts
2024	$	138
2025	121
2026	109
2027	95
2028	74
Thereafter	440
Total lease payments(1)	977
Less imputed interest	(167)
Present value of lease liabilities	$	810

____________

Stockholders' equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Summary of Stock Repurchase Program Activity

Activity under our stock repurchase program, on a trade date basis, was as follows (in millions):


	Years ended December 31,
	2023			2022			2021
	Shares	Dollars		Shares	Dollars		Shares	Dollars
First quarter	—	$	—	24.6	$	5,410	3.7	$	865
Second quarter	—	—		—	—		6.5	1,592
Third quarter	—	—		1.5	900		4.6	1,069
Fourth quarter	—	—		—	—		6.9	1,461
Total stock repurchases	—	$	—	26.1	$	6,310	21.7	$	4,987

Components of AOCI

The components of AOCI were as follows (in millions):


	Foreign currency translation		Cash flow hedges		Available-for-sale securities		Other		AOCI
Balance as of December 31, 2020	$	(709)	$	(263)	$	1	$	(14)	$	(985)
Foreign currency translation adjustments	(135)		—		—		—		(135)
Unrealized gains (losses)	—		159		(1)		—		158
Reclassification adjustments to income	—		253		—		—		253
Other gains	—		—		—		1		1
Income taxes	—		(88)		—		—		(88)
Balance as of December 31, 2021	(844)		61		—		(13)		(796)

Foreign currency translation adjustments	496		—		—		—		496
Unrealized gains	—		84		—		—		84
Reclassification adjustments to income	—		2		—		—		2
Other gains	—		—		—		2		2
Income taxes	—		(19)		—		—		(19)
Balance as of December 31, 2022	(348)		128		—		(11)		(231)

Foreign currency translation adjustments	50		—		—		—		50
Unrealized gains	—		28		—		—		28
Reclassification adjustments to income	—		(222)		—		—		(222)
Other gains	—		—		—		42		42
Income taxes	—		44		—		—		44
Balance as of December 31, 2023	$	(298)	$	(22)	$	—	$	31	$	(289)

Reclassifications Out of AOCI

Reclassifications out of AOCI and into earnings were as follows (in millions):


	Years ended December 31,
Components of AOCI	2023		2022		2021		Consolidated Statements of Income locations
Cash flow hedges:
Foreign currency contract gains (losses)	$	180	$	231	$	(8)	Product sales
Cross-currency swap contract gains (losses)	42		(233)		(245)		Other income (expense), net

	222		(2)		(253)		Income before income taxes
	(50)		—		55		Provision for income taxes
	$	172	$	(2)	$	(198)	Net income

Defined contribution plan - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Expense attributed to retirement and savings Plan	$ 311	$ 243	$ 279

Property, plant and equipment - Property, Plant and Equipment by Geographic Area (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 5,941	$ 5,427
U.S.
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	3,658	3,154
Puerto Rico
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	1,148	1,247
ROW
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 1,135	$ 1,026

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Total	Number of shares of common stock	Common stock and additional paid-in capital	Accumulated deficit	Accumulated other comprehensive (loss) income
Beginning balance (in shares) at Dec. 31, 2020		578.3
Beginning balance at Dec. 31, 2020	$ 9,409		$ 31,802	$ (21,408)	$ (985)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	5,893			5,893
Other comprehensive income, net of taxes	189				189
Dividends declared on common stock	(4,098)			(4,098)
Issuance of common stock in connection with the Company’s equity award programs (in shares)		1.7
Issuance of common stock in connection with the Company’s equity award programs	82		82
Stock-based compensation expense	361		361
Tax impact related to employee stock-based compensation expense	(149)		(149)
Repurchases of common stock (in shares)		(21.7)
Repurchases of common stock	(4,987)			(4,987)
Ending balance (in shares) at Dec. 31, 2021		558.3
Ending balance at Dec. 31, 2021	6,700		32,096	(24,600)	(796)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	6,552			6,552
Other comprehensive income, net of taxes	565				565
Dividends declared on common stock	(4,264)			(4,264)
Issuance of common stock in connection with the Company’s equity award programs (in shares)		1.8
Issuance of common stock in connection with the Company’s equity award programs	138		138
Stock-based compensation expense	419		419
Tax impact related to employee stock-based compensation expense	(139)		(139)
Repurchases of common stock (in shares)		(26.1)
Repurchases of common stock	$ (6,310)			(6,310)
Ending balance (in shares) at Dec. 31, 2022	534.0	534.0
Ending balance at Dec. 31, 2022	$ 3,661		32,514	(28,622)	(231)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	6,717			6,717
Other comprehensive income, net of taxes	(58)				(58)
Dividends declared on common stock	(4,644)			(4,644)
Issuance of common stock in connection with the Company’s equity award programs (in shares)		1.4
Issuance of common stock in connection with the Company’s equity award programs	95		95
Stock-based compensation expense	454		454
Equity awards issued for Horizon acquisition, net	141		141
Tax impact related to employee stock-based compensation expense	(134)		(134)
Repurchases of common stock (in shares)		0.0
Repurchases of common stock	$ 0		0	0
Ending balance (in shares) at Dec. 31, 2023	535.4	535.4
Ending balance at Dec. 31, 2023	$ 6,232		$ 33,070	$ (26,549)	$ (289)

Leases - Components of Lease Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating	$ 208	$ 218	$ 237
Sublease income	(28)	(32)	(38)
Total net lease costs	$ 180	$ 186	$ 199

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income	$ 6,717	$ 6,552	$ 5,893

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Contingencies and commitments - Narrative (Details)	1 Months Ended	3 Months Ended
Contingencies and commitments - Narrative (Details)	Jun. 08, 2021 lawsuit	Apr. 30, 2019 plaintiff claim lawsuit	Jan. 10, 2024 patent	Dec. 31, 2023 installment	May 01, 2023 patent	Mar. 11, 2022 state
Loss Contingencies [Line Items]
U.S. repatriation tax commitments, number of annual installments \| installment				8
Prolia/XGEVA Biologics Price Competition And Innovation Act \| Pending Litigation
Loss Contingencies [Line Items]
Potential number of patents infringed upon \| patent					21
Sensipar Antitrust Class Actions \| Pending Litigation
Loss Contingencies [Line Items]
Loss contingency, number of plaintiffs \| plaintiff		4
Number of lawsuits \| claim		2
Loss contingency, number of lawsuits filed \| lawsuit		4
Number of states in which plaintiffs reside \| state						10
ChemoCentryx, Inc. Securities Matters
Loss Contingencies [Line Items]
Number of class action law suits \| lawsuit	2
ABP 938 Patent Litigation \| Pending Litigation \| Subsequent Event
Loss Contingencies [Line Items]
Potential number of patents infringed upon \| patent			32

Financing arrangements - Interest Rate Swaps (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest rate swap contracts \| Designated as Hedging Instrument
Debt Instrument [Line Items]
Notional amount	$ 6,700	$ 6,700
Derivative, amount terminated			$ 750
2.45% notes due 2030 (2.45% 2030 Notes) \| Notes
Debt Instrument [Line Items]
Notional amount			$ 1,000
Interest rate, stated percentage	2.45%		2.45%
2.30% notes due 2031 (2.30% 2031 Notes) \| Notes
Debt Instrument [Line Items]
Notional amount			$ 500
Interest rate, stated percentage	2.30%		2.30%
3.625% Notes Due 2022 \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage			3.625%

Acquisitions and divestitures - Five Prime Therapeutics Inc. (Details) - USD ($) $ in Millions		12 Months Ended
	Apr. 16, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Total cash consideration		$ 26,989	$ 3,839	$ 2,529
Acquired in-process research and development		$ 0	$ 0	$ 1,505
Five Prime Therapeutics, Inc.
Business Acquisition [Line Items]
Total cash consideration	$ 1,600
Acquired in-process research and development	1,500
Deferred tax asset	177
Other liabilities	$ 47

Leases - Weighted Average Remaining Lease Terms & Discount Rates (Details)	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term (in years)	9 years 8 months 12 days	8 years 2 months 12 days
Weighted-average discount rate	3.60%	2.70%

Acquisitions and divestitures - Summary of Total Consideration for ChemoCentryx Inc (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Oct. 20, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 18,629	$ 15,529		$ 14,890
ChemoCentryx, Inc.
Business Acquisition [Line Items]
Cash and cash equivalents			$ 86
Marketable securities			235
Inventories			41
Goodwill			649
Other liabilities, net			(83)
Deferred tax liability, net			(502)
Total assets acquired, net			3,925
ChemoCentryx, Inc. \| Developed-product-technology rights
Business Acquisition [Line Items]
Finite-lived intangible assets – developed-product-technology rights			$ 3,499

Inventories

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following (in millions):


	December 31,
	2023		2022
Raw materials	$	993	$	828
Work in process	5,747		3,098
Finished goods	2,778		1,004
Total inventories(1)	$	9,518	$	4,930

____________

(1) The increase to Inventories was primarily due to the estimated fair value of the acquired inventory from the Horizon acquisition. See Note 3, Acquisitions and divestitures.

Acquisitions and divestitures - ChemoCentryx Inc. Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Oct. 20, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill		$ 18,629	$ 15,529	$ 14,890
ChemoCentryx, Inc.
Business Acquisition [Line Items]
Acquisition price per share (in usd per share)	$ 52.00
Total consideration	$ 3,900
Goodwill, net decrease		$ 18
Cash purchase price	3,700
Business acquisition, cash consideration paid to equity holders for pre-acquisition services	181
Inventories	$ 41
Business combination, turnover period of inventory acquired	13 months
Deferred tax liability, net	$ (502)
Goodwill	649
ChemoCentryx, Inc. \| Developed-product-technology rights
Business Acquisition [Line Items]
Finite-lived intangible assets	$ 3,499
Weighted average period of amortization	11 years

Income taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Income before income taxes included the following (in millions):


	Years ended December 31,
	2023		2022		2021
Domestic	$	4,047	$	3,026	$	1,850
Foreign	3,808		4,320		4,851
Total income before income taxes	$	7,855	$	7,346	$	6,701

Provision for Income Taxes

The provision for income taxes included the following (in millions):


	Years ended December 31,
	2023		2022		2021
Current provision:
Federal	$	1,524	$	1,721	$	865
State	43		44		18
Foreign	786		304		359
Total current provision	2,353		2,069		1,242
Deferred benefit:
Federal	(1,124)		(1,185)		(308)
State	(25)		(27)		(9)
Foreign	(66)		(63)		(117)
Total deferred benefit	(1,215)		(1,275)		(434)
Total provision for income taxes	$	1,138	$	794	$	808

Components of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities were as follows (in millions):


	December 31,
	2023		2022
Deferred income tax assets:
NOL and credit carryforwards	$	1,465	$	1,344
Accrued expenses	668		584
Capitalized research and development expenses	1,333		515
Investments	—		270
Expenses capitalized for tax	210		211
Earnings of foreign subsidiaries	1,260		192
Stock-based compensation	159		104
Other	416		317
Total deferred income tax assets	5,511		3,537
Valuation allowance	(957)		(718)
Net deferred income tax assets	4,554		2,819

Deferred income tax liabilities:
Acquired intangible assets	(3,028)		(1,238)
Debt	(268)		(272)
Fixed assets	(140)		(112)
Fair value of acquired inventory	(349)		(5)
Investments	(99)		—
Other	(224)		(249)
Total deferred income tax liabilities	(4,108)		(1,876)
Total deferred income taxes, net	$	446	$	943

Reconciliation of Total Gross Amounts of UTBs

The reconciliations of the total gross amounts of UTBs were as follows (in millions):


	Years ended December 31,
	2023		2022		2021
Beginning balance	$	3,770	$	3,546	$	3,352
Additions based on tax positions related to the current year	196		151		171
Additions based on tax positions related to prior years	56		90		35
Reductions for tax positions of prior years	—		(14)		(4)
Reductions for expiration of statute of limitations	(4)		(3)		—
Settlements	(6)		—		(8)
Ending balance	$	4,012	$	3,770	$	3,546

Reconciliation of Federal Statutory Tax Rate

The reconciliations between the federal statutory tax rate applied to income before income taxes and our effective tax rate were as follows:


	Years ended December 31,
	2023		2022		2021
Federal statutory tax rate	21.0	%	21.0	%	21.0	%
Foreign earnings	(5.1)	%	(5.6)	%	(7.8)	%
Foreign-derived intangible income	(1.3)	%	(1.3)	%	(1.0)	%
Credits, Puerto Rico excise tax	0.3	%	(2.8)	%	(3.4)	%

Interest on uncertain tax positions	2.6	%	1.9	%	1.1	%
Credits, primarily federal R&D	(3.5)	%	(2.0)	%	(2.1)	%
Acquisition IPR&D	—	%	—	%	4.9	%

Other, net	0.5	%	(0.4)	%	(0.6)	%
Effective tax rate	14.5	%	10.8	%	12.1	%

Acquisitions and divestitures - Divestiture of Gensenta (Details) - USD ($) $ in Millions		12 Months Ended
	Nov. 02, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Proceeds from divestiture of businesses	$ 130
Divested assets	$ 86
Foreign currency translation, loss on divestiture of a business		$ 615
Other general expense
Business Acquisition [Line Items]
Loss on divestiture		$ 567

Stock-based compensation - Components of Stock-based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Components of stock-based compensation expense [Abstract]
Total stock-based compensation expense, pretax	$ 473	$ 401	$ 341
Tax benefit from stock-based compensation expense	(102)	(86)	(74)
Total stock-based compensation expense, net of tax	371	315	267
RSUs
Components of stock-based compensation expense [Abstract]
Total stock-based compensation expense, pretax	309	227	183
Performance units
Components of stock-based compensation expense [Abstract]
Total stock-based compensation expense, pretax	121	132	121
Stock options
Components of stock-based compensation expense [Abstract]
Total stock-based compensation expense, pretax	$ 43	$ 42	$ 37

Revenues (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue by Product and by Geographic Area

Revenues were as follows (in millions):


	Year ended December 31, 2023						Year ended December 31, 2022						Year ended December 31, 2021
	U.S.		ROW		Total		U.S.		ROW		Total		U.S.		ROW		Total
Prolia	$	2,733	$	1,315	$	4,048	$	2,465	$	1,163	$	3,628	$	2,150	$	1,098	$	3,248
ENBREL	3,650		47		3,697		4,044		73		4,117		4,352		113		4,465
Otezla	1,777		411		2,188		1,886		402		2,288		1,804		445		2,249
XGEVA	1,527		585		2,112		1,480		534		2,014		1,434		584		2,018
Repatha	793		842		1,635		608		688		1,296		557		560		1,117
Nplate	996		481		1,477		848		459		1,307		566		461		1,027
KYPROLIS	921		482		1,403		850		397		1,247		736		372		1,108
Aranesp	452		910		1,362		521		900		1,421		537		943		1,480
EVENITY	809		351		1,160		533		254		787		331		199		530
Vectibix	461		523		984		396		497		893		347		526		873
BLINCYTO	566		295		861		336		247		583		278		194		472
TEPEZZA(1)	441		7		448		—		—		—		—		—		—
KRYSTEXXA(1)	272		—		272		—		—		—		—		—		—
Other products(2)	3,874		1,389		5,263		3,776		1,444		5,220		4,194		1,516		5,710
Total product sales(3)	19,272		7,638		26,910		17,743		7,058		24,801		17,286		7,011		24,297
Other revenues	534		746		1,280		852		670		1,522		908		774		1,682
Total revenues	$	19,806	$	8,384	$	28,190	$	18,595	$	7,728	$	26,323	$	18,194	$	7,785	$	25,979

____________

(1) TEPEZZA and KRYSTEXXA were acquired from the acquisition of Horizon on October 6, 2023, and includes product sales from the acquisition date through December 31, 2023.

(3) Hedging gains and losses, which are included in product sales, were not material for the years ended December 31, 2023, 2022 and 2021.

Revenues Earned from Major Customers

For the year ended December 31, 2023, on a combined basis, these customers accounted for 79% of total gross revenues as shown in the following table. Certain information with respect to these customers was as follows (dollar amounts in millions):


	Years ended December 31,
	2023			2022			2021
McKesson Corporation:
Gross product sales	$	19,035		$	17,305		$	15,187
% of total gross revenues	33		%	35		%	33		%
Cencora, Inc. (formerly AmerisourceBergen Corporation):
Gross product sales	$	16,625		$	15,443		$	14,783
% of total gross revenues	29		%	31		%	32		%
Cardinal Health, Inc.:
Gross product sales	$	9,775		$	8,319		$	7,681
% of total gross revenues	17		%	16		%	17		%

Goodwill and other intangible assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Indefinite-Lived Intangible Assets [Line Items]
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]		Other General Expense
Amortization charges associated with finite-lived intangible assets		$ 3,200	$ 2,600	$ 2,600
Total estimated amortization of finite-lived intangible assets for 2024		4,800
Total estimated amortization of finite-lived intangible assets for 2025		4,500
Total estimated amortization of finite-lived intangible assets for 2026		3,900
Total estimated amortization of finite-lived intangible assets for 2027		3,900
Total estimated amortization of finite-lived intangible assets for 2028		$ 2,900
IPR&D
Indefinite-Lived Intangible Assets [Line Items]
IPR&D impairment charge	$ 783

Stock-based compensation - Summary of Stock Options (Details) - Stock options $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Options
Balance unexercised at beginning of period (in shares) \| shares	5.3
Granted (in shares) \| shares	1.1
Exercised (in shares) \| shares	(0.4)
Expired/forfeited (in shares) \| shares	(0.1)
Balance unexercised at end of period (in shares) \| shares	5.9
Vested or expected to vest (in shares) \| shares	5.7
Exercisable (in shares) \| shares	2.8
Weighted- average exercise price
Balance unexercised at beginning of period (in usd per share) \| $ / shares	$ 207.29
Granted (in usd per share) \| $ / shares	235.97
Exercised (in usd per share) \| $ / shares	182.33
Expired/forfeited (in usd per share) \| $ / shares	234.10
Balance unexercised at end of period (in shares) \| $ / shares	213.90
Weighted-average exercise price, vested or expected to vest (in usd per share) \| $ / shares	213.15
Weighted-average exercise price, exercisable (in usd per share) \| $ / shares	$ 190.59
Stock options information [Abstract]
Weighted-average remaining contractual life (years), unexercised	6 years 8 months 12 days
Weighted-average remaining contractual life (years), vested or expected to vest	6 years 8 months 12 days
Weighted-average remaining contractual life (years), exercisable	5 years
Aggregate intrinsic value, unexercised \| $	$ 438
Aggregate intrinsic value, vested or expected to vest \| $	427
Aggregate intrinsic value, exercisable \| $	$ 271

Income taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred income tax assets:
NOL and credit carryforwards	$ 1,465	$ 1,344
Accrued expenses	668	584
Capitalized research and development expenses	1,333	515
Investments	0	270
Expenses capitalized for tax	210	211
Earnings of foreign subsidiaries	1,260	192
Stock-based compensation	159	104
Other	416	317
Total deferred income tax assets	5,511	3,537
Valuation allowance	(957)	(718)
Net deferred income tax assets	4,554	2,819
Deferred income tax liabilities:
Acquired intangible assets	(3,028)	(1,238)
Debt	(268)	(272)
Fixed assets	(140)	(112)
Fair value of acquired inventory	(349)	(5)
Investments	(99)	0
Other	(224)	(249)
Total deferred income tax liabilities	(4,108)	(1,876)
Total deferred income taxes, net	$ 446	$ 943

Derivative instruments - Effective Portion of Unrealized Gain (Loss) Recognized in AOCI (Details) - Cash flow hedge - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments Gain Loss [Line Items]
Total unrealized gains	$ 28	$ 84	$ 159
Foreign currency forward contracts
Derivative Instruments Gain Loss [Line Items]
Total unrealized gains	(14)	308	373
Cross-currency swap contracts
Derivative Instruments Gain Loss [Line Items]
Total unrealized gains	73	(219)	(214)
Forward interest rate contracts
Derivative Instruments Gain Loss [Line Items]
Total unrealized gains	$ (31)	$ (5)	$ 0

Financing arrangements - Debt Issuances (Details) - Notes - USD ($) $ in Millions	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Face amount		$ 24,000	$ 7,000	$ 5,000
5.25% 2025 Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.25%
Face amount		2,000
5.507% notes due 2026 (5.507% 2026 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	5.507%
Face amount		1,500
5.15% notes due 2028 (5.15% 2028 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	5.15%
Face amount		3,750
5.25% notes due 2030 (5.25% 2030 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	5.25%
Face amount		2,750
5.25% notes due 2033 (5.25% 2033 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	5.25%
Face amount		4,250
5.60% notes due 2043 (5.60% 2043 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	5.60%
Face amount		2,750
5.65% notes due 2053 (5.65% 2053 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	5.65%
Face amount		4,250
5.75% notes due 2063 (5.75% 2063 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	5.75%
Face amount		$ 2,750

Restructuring - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($)
Accrued liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring liability	$ 45

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Restructuring (Tables)

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Summary of Restructuring Charges by Type of Activity

The following table summarizes recorded charges related to the restructuring plan by type of activity and the locations recognized within the Consolidated Statements of Income (in millions):


	Year ended December 31, 2023
	Separation costs		Asset impairments and other charges		Total
Cost of sales	$	—	$	36	$	36
Research and development	—		29		29
Selling, general and administrative	—		13		13
Other	186		3		189
Total	$	186	$	81	$	267

Other current assets and accrued liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Schedule of Other Current Assets

Other current assets consisted of the following (in millions):


	December 31,
	2023		2022
Prepaid expenses	$	1,647	$	1,204
Corporate partner receivables	502		700
Tax receivables	172		129
Other	281		355
Total other current assets	$	2,602	$	2,388

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in millions):


	December 31,
	2023		2022
Sales deductions	$	7,271	$	5,986
Income taxes payable	1,664		1,195
Employee compensation and benefits	1,381		1,099
Dividends payable	1,205		1,137
Accrued interest payable	936		470
Other	2,902		2,637
Total accrued liabilities	$	15,359	$	12,524