Commentary on Financial Condition

“The decrease in cash and cash equivalents from $8.5 billion at December 31, 2025, to $5.1 billion at June 30, 2026, primarily reflects the use of cash to fund the cash portion of the acquisition of Exact Sciences and repay the $2.8 billion of debt assumed in the acquisition, as well as the payment of dividends, share repurchases, and capital expenditures in the first six months of 2026, partially offset by cash generated from operations. Working capital was $6.7 billion at June 30, 2026, and $9.5 billion at December 31, 2025. The decrease in working capital in 2026 primarily reflects the reduction in cash to fund the cash portion of the Exact Sciences acquisition and the repayment of $2.8 billion of debt assumed as part of the acquisition, as well as an increase in other accrued liabilities, partially offset by increases in trade receivables and inventories.” (from July 2026 filing’s Liquidity and Capital Resources) Filed At: 2026-07-28