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INTANGIBLE ASSETS | 9 Months Ended
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Sep. 30, 2025
Intangible Assets Disclosure [Abstract] |
INTANGIBLE ASSETS | INTANGIBLE ASSETS The following table summarizes our Intangible assets, net:
|  | September 30, 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 |  |  | $ | (8,273) |  |  | $ | — |  |  | $ | 2,447 |  |  | $ | 10,720 |  |  | $ | (7,749) |  |  | $ | — |  |  | $ | 2,971 |
Intangible asset – axicabtagene ciloleucel |  | 7,110 |  |  | (3,026) |  |  | — |  |  | 4,084 |  |  | 7,110 |  |  | (2,721) |  |  | — |  |  | 4,389 |
Intangible asset – Trodelvy |  | 11,730 |  |  | (3,894) |  |  | — |  |  | 7,836 |  |  | 11,730 |  |  | (3,083) |  |  | — |  |  | 8,647 |
Intangible asset – Hepcludex |  | 845 |  |  | (394) |  |  | — |  |  | 451 |  |  | 845 |  |  | (329) |  |  | — |  |  | 516 |
Other |  | 1,479 |  |  | (1,028) |  |  | — |  |  | 451 |  |  | 1,474 |  |  | (940) |  |  | 1 |  |  | 535 |
Total finite-lived assets |  | 31,884 |  |  | (16,614) |  |  | — |  |  | 15,270 |  |  | 31,879 |  |  | (14,822) |  |  | 1 |  |  | 17,058 |
Indefinite-lived assets – IPR&D(1) |  | 2,700 |  |  | — |  |  | — |  |  | 2,700 |  |  | 2,890 |  |  | — |  |  | — |  |  | 2,890 |
Total intangible assets |  | $ | 34,584 |  |  | $ | (16,614) |  |  | $ | — |  |  | $ | 17,970 |  |  | $ | 34,769 |  |  | $ | (14,822) |  |  | $ | 1 |  |  | $ | 19,948 |
_______________________________ (1) The Indefinite-lived assets – IPR&D balance as of September 30, 2025 was comprised of $1.75 billion related to sacituzumab govitecan-hziy (“SG”) for non-small cell lung cancer (“NSCLC”) and $950 million related to bulevirtide. See “2025 Impairment” below for 2025 activity. Impairment Assessments No indicators of impairment were noted for the three and nine months ended September 30, 2025 and 2024, except as described in “2025 Impairment” and “2024 Impairments” below. 2025 Impairment During the three months ended June 30, 2025, additional competitive clinical data became available indicating a potentially more competitive market for bulevirtide where it is not yet approved. Based on our evaluation of the data, and in connection with the preparation of the financial statements for the second quarter of 2025, we performed an interim impairment test and determined that the revised estimated fair value of the bulevirtide IPR&D intangible asset was below its carrying value. As a result, we recognized a partial impairment charge of $190 million in In-process research and development impairments on our Condensed Consolidated Statements of Operations for the three months ended June 30, 2025. To arrive at the revised estimated fair value as of June 30, 2025, 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 bulevirtide outside of the European Union (“EU”), 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 bulevirtide outside of the EU; 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 8.25% which is based on the estimated weighted-average cost of capital for companies with profiles similar to ours. 2024 Impairments 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 available at the time, and in connection with the preparation of the financial statements for the first quarter of 2024, 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. In September 2024, based on discussions with regulators and external opinion leaders and the completed evaluation of the Phase 3 EVOKE-01 study data, we made a strategic decision to discontinue our clinical development program in metastatic NSCLC for Trodelvy in the second-line indication. This decision triggered a review for potential impairment of the NSCLC IPR&D intangible asset. Based on our evaluation, and in connection with the preparation of the financial statements for the third quarter of 2024, 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 $1.8 billion in In-process research and development impairments on our Condensed Consolidated Statements of Operations for the three months ended September 30, 2024. To arrive at the revised estimated fair values as of March 31, 2024 and September 30, 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.

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