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Operating Expense Breakdown
Details core costs like R&D, marketing, and admin, offering insight into how efficiently the company runs and where it’s prioritizing investment.Operating expenses are being driven by episodic, deal‑related and accounting items rather than steady cost inflation: SG&A shows only modest seasonal growth, while R&D spikes reflect large one‑time charges (including the $9B Cidara hit in Q1‑2026 and an expected ~$5.8B R&D impact from the proposed Terns deal). Restructuring and “Other” are similarly lumpy. Management’s note that ex‑one‑offs OpEx rose only ~2% YoY implies non‑GAAP margins are intact, but GAAP EPS will remain volatile around major BD activity.
Date | Research and Development | Selling, General, and Administrative | Other | Restructuring |
|---|---|---|---|---|
Jun 30, 2026 | $9.74B | $2.90B | $99.00M | $151.00M |
Mar 31, 2026 | $12.59B | $2.70B | $138.00M | $195.00M |
Dec 31, 2025 | $3.89B | $2.90B | $432.00M | $213.00M |
Sep 30, 2025 | $4.23B | $2.63B | -$238.00M | $47.00M |
Jun 30, 2025 | $4.05B | $2.65B | -$7.00M | $560.00M |
Mar 31, 2025 | $3.62B | $2.55B | -$35.00M | $69.00M |
Dec 31, 2024 | $4.58B | $2.86B | $126.00M | $51.00M |
Sep 30, 2024 | $5.86B | $2.73B | -$162.00M | $56.00M |
Jun 30, 2024 | $3.50B | $2.74B | $42.00M | $80.00M |
Mar 31, 2024 | $3.99B | $2.48B | -$33.00M | $123.00M |