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Intangible Assets and Goodwill | 6 Months Ended
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Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets and Goodwill | Intangible Assets Intangible assets, net of accumulated amortization, impairment charges and adjustments are summarized as follows:
|  |  |  | As of June 30, 2022 |  | As of December 31, 2021
(In millions) |  | Estimated Life |  | Cost |  | Accumulated Amortization |  | Net |  | Cost |  | Accumulated Amortization |  | Net
Completed technology |  | 4-28 years |  | $ | 7,415.0 |  |  | $ | (5,522.9) |  |  | $ | 1,892.1 |  |  | $ | 7,413.1 |  |  | $ | (5,388.5) |  |  | $ | 2,024.6 |
In-process research and development |  | Indefinite until commercialization |  | 119.2 |  |  | — |  |  | 119.2 |  |  | 132.7 |  |  | — |  |  | 132.7 |
Trademarks and trade names |  | Indefinite |  | 64.0 |  |  | — |  |  | 64.0 |  |  | 64.0 |  |  | — |  |  | 64.0 |
Total intangible assets |  |  |  | $ | 7,598.2 |  |  | $ | (5,522.9) |  |  | $ | 2,075.3 |  |  | $ | 7,609.8 |  |  | $ | (5,388.5) |  |  | $ | 2,221.3 |
Amortization and Impairments For the three and six months ended June 30, 2022, amortization and impairment of acquired intangible assets totaled $67.5 million and $134.4 million, respectively, compared to $604.1 million and $702.2 million, respectively, in the prior year comparative periods. For the three and six months ended June 30, 2022, we had no impairment charges. For the three and six months ended June 30, 2021, amortization and impairment of acquired intangible assets reflects a $350.0 million impairment charge related to BIIB111 (timrepigene emparvovec) for the potential treatment of choroideremia and a $191.6 million impairment charge related to BIIB112 (cotoretigene toliparvovec) for the potential treatment of X-linked retinitis pigmentosa. For the six months ended June 30, 2021, amortization and impairment of acquired intangible assets also reflects a $44.3 million impairment charge related to vixotrigine (BIIB074) for the potential treatment of trigeminal neuralgia (TGN). Completed Technology Completed technology primarily relates to our acquisition of all remaining rights to TYSABRI as well as other amounts related to our other marketed products and programs acquired through business combinations. IPR&D Related to Business Combinations In-process research and development (IPR&D) represents the fair value assigned to research and development assets that we acquired as part of a business combination and had not yet reached technological feasibility at the date of acquisition. Included in IPR&D balances are adjustments related to foreign currency exchange rate fluctuations. We review amounts capitalized as acquired IPR&D for impairment annually, as of October 31, and whenever events or changes in circumstances indicate to us that the carrying value of the assets might not be recoverable. The carrying value associated with our IPR&D assets as of June 30, 2022, relates to the IPR&D programs we acquired in connection with our acquisition of Convergence Pharmaceuticals Holdings Ltd. (Convergence). Vixotrigine In the periods since we acquired vixotrigine, there have been numerous delays in the initiation of Phase 3 studies for the potential treatment of TGN and for the potential treatment of diabetic painful neuropathy (DPN), another form of neuropathic pain. We have engaged with the FDA regarding the design of the Phase 3 studies of vixotrigine for the potential treatment of TGN and DPN and are now performing an additional clinical trial of vixotrigine, which is expected to be completed by the end of 2022. The performance of this additional clinical trial has delayed the initiation of the Phase 3 studies of vixotrigine for the potential treatment of TGN, and, as a result, we recognized an impairment charge of $44.3 million related to vixotrigine for the potential treatment of TGN during the fi rst quarter of 2021. As of June 30, 2022, the carrying value associated with the remaining IPR&D intangible asset for DPN was $119.2 million a nd the fair value of this asset was not significantly in excess of its carrying value. We will reassess the carrying value of this program upon conclusion of the ongoing clinical trial or sooner if there is a reevaluation event and may record an impairment charge related to this asset. BIIB111 and BIIB112 During the second quarter of 2021 we announced that our Phase 3 STAR study of BIIB111 did not meet its primary or key secondary endpoints. We reassessed the fair value of the program based on the results of this study and recognized an impairment charge of $350.0 million during the second quarter of 2021, which resulted in a reduction of the IPR&D intangible asset from $365.0 million to $15.0 million. During the second quarter of 2021 we announced that our Phase 2/3 XIRIUS study of BIIB112 did not meet its primary endpoint; however, positive trends were observed across several clinically relevant prespecified secondary endpoints. We reassessed the fair value of the program based on the results of this study and recognized an impairment charge of $191.6 million during the second quarter of 2021, which resulted in a reduction of the IPR&D intangible asset from $220.0 million to $28.4 million. In the third quarter of 2021 we suspended further development on these programs based on the decision by management as part of its strategic review process. For the year ended December 31, 2021, we recognized additional impairment charges related to BIIB111 and BIIB112, reducing the remaining book values of these IPR&D intangible assets to zero. Estimated Future Amortization of Intangible Assets The estimated future amortization of finite-lived intangible assets for the next five years is expected to be as follows:
(In millions) |  | As of June 30, 2022
2022 (remaining six months) |  | $ | 130.0 |
2023 |  | 210.0 |
2024 |  | 195.0 |
2025 |  | 195.0 |
2026 |  | 180.0 |
2027 |  | 165.0 |
Goodwill The following table provides a roll forward of the changes in our goodwill balance:
(In millions) |  | As of June 30, 2022
Goodwill, December 31, 2021 |  | $ | 5,761.1 |
Other |  | (11.5) |
Goodwill, June 30, 2022 |  | $ | 5,749.6 |
As of June 30, 2022, we had no accumulated impairment losses related to goodwill. Other includes adjustments related to foreign currency exchange rate fluctuations.

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