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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income $ 4,338.4 $ 8,075.3 $ 3,513.2
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 341.4 286.2 235.9
Stock-based compensation expense 725.0 601.7 432.0
Losses (gains) on marketable and other securities, net 36.8 (387.0) (221.8)
Other non-cash items, net 368.0 568.7 86.8
Deferred income taxes (746.4) (147.1) 75.6
Acquired in-process research and development in connection with asset acquisition 195.0 0.0 0.0
Changes in assets and liabilities:      
Decrease (increase) in accounts receivable 707.8 (1,927.4) (1,356.1)
Increase in inventories (696.5) (494.3) (529.4)
(Increase) decrease in prepaid expenses and other assets (148.6) (240.7) 114.9
Increase (decrease) in deferred revenue 32.4 (120.2) 148.1
(Decrease) increase in accounts payable, accrued expenses, and other liabilities (138.4) 866.1 118.9
Total adjustments 676.5 (994.0) (895.1)
Net cash provided by operating activities 5,014.9 7,081.3 2,618.1
Cash flows from investing activities:      
Purchases of marketable and other securities (7,487.9) (7,048.1) (3,241.0)
Sales or maturities of marketable and other securities 5,550.5 2,215.3 3,785.0
Capital expenditures (590.1) (551.9) (614.6)
Payments for Libtayo intangible asset (1,026.8) 0.0 0.0
Asset acquisition, net of cash acquired (230.3) 0.0 0.0
Net cash used in investing activities (3,784.6) (5,384.7) (70.6)
Cash flows from financing activities:      
Proceeds from issuance of Common Stock 1,519.5 1,672.3 2,575.2
Payments in connection with Common Stock tendered for employee tax obligations (445.7) (1,032.7) (680.8)
Repurchases of Common Stock (2,082.8) (1,645.4) (5,846.8)
Proceeds from issuance of long-term debt 0.0 0.0 1,981.9
Proceeds from bridge loan facility 0.0 0.0 1,500.0
Repayment of bridge loan facility 0.0 0.0 (1,500.0)
Net cash used in financing activities (1,009.0) (1,005.8) (1,970.5)
Net increase in cash, cash equivalents, and restricted cash 221.3 690.8 577.0
Cash, cash equivalents, and restricted cash at beginning of period 2,898.1 2,207.3 1,630.3
Cash, cash equivalents, and restricted cash at end of period 3,119.4 2,898.1 2,207.3
Supplemental disclosure of cash flow information      
Cash paid for interest (net of amounts capitalized) 53.7 55.8 23.2
Cash paid for income taxes $ 1,502.4 $ 1,218.4 $ 188.1