Income-tax expense
The income-tax expense shown above is a book financial-reporting measure. It is not cash taxes paid or a federal tax-return liability.
COMPANY INFORMATION / 2025 REVIEW
Worldwide financial information for the full years 2023, 2024 and 2025. All table figures are in US dollars, millions.
ASTERIA / IN FOCUS
Consolidated worldwide figures are presented after intercompany elimination. Standalone entity revenues should not be added to replace these totals.
| Measure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 5,940 | 6,320 | 6,180 |
| Product revenue | 4,950 | 5,200 | 5,000 |
| Collaboration / alliance revenue | 830 | 940 | 980 |
| Royalty / license revenue | 160 | 180 | 200 |
| Research and development expense | 1,070 | 1,120 | 1,090 |
| Impairment | 90 | 40 | 250 |
| Operating income | 400 | 1,110 | 1,020 |
| Income before tax | 270 | 920 | 860 |
| Income-tax expense | 50 | 180 | 150 |
| Net income | 220 | 740 | 710 |
ASTERIA / IN FOCUS
Worldwide cash-flow summary. Investing and financing outflows retain their negative signs. The source records exchange-rate effects of $10 million in 2023 and $20 million in 2024. No separate FX line is reported for 2025; its listed flows reconcile opening and closing cash without an additional adjustment. A dash means no separate source line, not a reported zero.
| Measure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Opening cash | 660 | 750 | 820 |
| Net cash from operating activities | 860 | 1,260 | 1,370 |
| Net cash from investing activities | -500 | -470 | -700 |
| Net cash from financing activities | -280 | -740 | -710 |
| Effect of exchange rates on cash | 10 | 20 | — |
| Year-end cash | 750 | 820 | 780 |
In 2025, operating cash flow was $1,370 million while net income was $710 million. These are different measures, not interchangeable descriptions of performance.
Return to management considerationsASTERIA / IN FOCUS
The income-tax expense shown above is a book financial-reporting measure. It is not cash taxes paid or a federal tax-return liability.
Research and development expense, acquired in-process R&D and capital expenditure are separate measures. The FY2025 R&D expense shown here is $1.09 billion.
A compact, read-only data file of the consolidated figures on this page, with year and unit labels.
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