INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2025

Intangible Assets Disclosure [Abstract]

The following table summarizes our Intangible assets, net:


	March 31, 2025								December 31, 2024
(in millions)	Gross Carrying Amount		Accumulated Amortization		Foreign Currency Translation Adjustment		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Foreign Currency Translation Adjustment		Net Carrying Amount
Finite-lived assets:
Intangible asset – sofosbuvir	$	10,720	$	(7,923)	$	—	$	2,797	$	10,720	$	(7,749)	$	—	$	2,971
Intangible asset – axicabtagene ciloleucel	7,110		(2,822)		—		4,288		7,110		(2,721)		—		4,389
Intangible asset – Trodelvy	11,730		(3,353)		—		8,377		11,730		(3,083)		—		8,647
Intangible asset – Hepcludex	845		(351)		—		494		845		(329)		—		516
Other	1,479		(971)		1		510		1,474		(940)		1		535
Total finite-lived assets	31,884		(15,421)		1		16,465		31,879		(14,822)		1		17,058
Indefinite-lived assets – IPR&D(1)	2,890		—		—		2,890		2,890		—		—		2,890
Total intangible assets	$	34,774	$	(15,421)	$	1	$	19,355	$	34,769	$	(14,822)	$	1	$	19,948

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(1) The Indefinite-lived assets – IPR&D balance as of March 31, 2025 was comprised of $1.8 billion related to sacituzumab govitecan-hziy (“SG”) for non-small cell lung cancer (“NSCLC”) and $1.1 billion related to bulevirtide.

Impairment Assessments

No indicators of impairment were noted for the three months ended March 31, 2025 and 2024, except as described in “2024 Impairment” below.

2024 Impairment

In January 2024, we received data from our Phase 3 EVOKE-01 study of Trodelvy evaluating SG indicating that the study did not meet its primary endpoint of overall survival in previously treated metastatic NSCLC, thus triggering a review for potential impairment of the NSCLC IPR&D intangible asset. Based on our evaluation of the study results and all other data currently available, and in connection with the preparation of the financial statements for the first quarter, we performed an interim impairment test and determined that the revised estimated fair value of the NSCLC IPR&D intangible asset was below its carrying value. As a result, we recognized a partial impairment charge of $2.4 billion in In-process research and development impairments on our Condensed Consolidated Statements of Operations for the three months ended March 31, 2024.

To arrive at the revised estimated fair value as of March 31, 2024, we used a probability-weighted income approach that discounts expected future cash flows to present value, which requires the use of Level 3 fair value measurements and inputs, including critical estimated inputs, such as: revenues and operating profits related to the planned utilization of SG in NSCLC, which includes inputs such as addressable patient population, projected market share, treatment duration, and the life of the potential commercialized product; the probability of technical and regulatory success; the time and resources needed to complete the development and approval of SG in NSCLC; an appropriate discount rate based on the estimated weighted-average cost of capital for companies with profiles similar to our profile; and risks related to the viability of and potential alternative treatments in any future target markets. We used a discount rate of 7.00% which is based on the estimated weighted-average cost of capital for companies with profiles similar to ours.