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Goodwill and other intangible assets
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and other intangible assets Goodwill and other intangible assets
Goodwill
The change in the carrying amount of goodwill was as follows (in millions):
Balance at December 31, 2024
$18,637 
Foreign currency translation adjustments
8 
Balance at March 31, 2025
$18,645 
Other intangible assets
Other intangible assets consisted of the following (in millions):
 March 31, 2025December 31, 2024
 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$47,824 $(23,743)$24,081 $48,611 $(22,594)$26,017 
Licensing rights3,875 (3,425)450 3,875 (3,392)483 
Marketing-related rights1,202 (1,202)— 1,202 (1,202)— 
Research and development technology rights1,387 (1,254)133 1,374 (1,235)139 
Total finite-lived intangible assets54,288 (29,624)24,664 55,062 (28,423)26,639 
Indefinite-lived intangible assets:
In-process research and development1,060 — 1,060 1,060 — 1,060 
Total other intangible assets$55,348 $(29,624)$25,724 $56,122 $(28,423)$27,699 
Developed-product-technology rights consists of rights related to marketed products acquired in business acquisitions. Licensing rights primarily consists of contractual rights to receive future milestone, royalty and profit-sharing payments; capitalized payments to third parties for milestones related to regulatory approvals to commercialize products; and upfront payments associated with royalty obligations for marketed products. Marketing-related rights primarily consists 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.
In January 2025, as part of the IRA, the Company’s product Otezla was selected by CMS for Medicare price setting that will be applicable beginning on January 1, 2027. The earlier than anticipated selection resulted in a decrease in the estimated future cash flows for the product in the United States. This selection represented a triggering event that required the Company to evaluate the underlying developed-product-technology rights for impairment. The Company utilized a discounted cash flow analysis based on Level 3 inputs, including estimated product sales, operating expenses and a discount rate. The discounted cash flow analysis resulted in an intangible asset fair value of $4.0 billion as of March 31, 2025, which was lower than the carrying value of $4.8 billion and resulted in a partial impairment of both the gross and net carrying amounts. See Note 11, Fair value measurement. Based on the revised estimated cash flows, during the three months ended March 31, 2025, we recorded an intangible asset impairment charge of $800 million in Other operating expenses in the Condensed Consolidated Statements of Income (Loss).
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. 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 both the three months ended March 31, 2025 and 2024, we recognized amortization of our finite-lived intangible assets of $1.2 billion, which was primarily included in Cost of sales in the Condensed Consolidated Statements of Income (Loss). As of March 31, 2025, the total estimated future amortization of our finite-lived intangible assets for the remaining nine months ending December 31, 2025, and the years ending December 31, 2026, 2027, 2028, 2029 and 2030, was $3.1 billion, $3.7 billion, $3.7 billion, $2.8 billion, $2.2 billion and $2.1 billion, respectively.