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Intangible Assets and Goodwill | 6 Months Ended
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Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets and Goodwill |
Note 7: | Intangible Assets and Goodwill
Intangible Assets Intangible assets, net of accumulated amortization, impairment charges and adjustments are summarized as follows:
|  |  |  | As of June 30, 2025 |  | As of December 31, 2024
(In millions) |  | Estimated Life |  | Cost |  | Accumulated Amortization |  | Net |  | Cost |  | Accumulated Amortization |  | Net
Completed technology |  | 2-31 years |  | $ | 14,087.1 |  |  | $ | (6,423.0) |  |  | $ | 7,664.1 |  |  | $ | 14,138.4 |  |  | $ | (6,254.1) |  |  | $ | 7,884.3 |
In-process research and development |  | Indefinite until commercialization |  | 1,639.4 |  |  | — |  |  | 1,639.4 |  |  | 1,642.9 |  |  | — |  |  | 1,642.9 |
Priority review voucher |  | Indefinite |  | 100.0 |  |  | — |  |  | 100.0 |  |  | 100.0 |  |  | — |  |  | 100.0 |
Trademarks and trade names |  | Indefinite |  | 64.0 |  |  | — |  |  | 64.0 |  |  | 64.0 |  |  | — |  |  | 64.0 |
Total intangible assets |  |  |  | $ | 15,890.5 |  |  | $ | (6,423.0) |  |  | $ | 9,467.5 |  |  | $ | 15,945.3 |  |  | $ | (6,254.1) |  |  | $ | 9,691.2 |
Amortization and Impairments For the three and six months ended June 30, 2025, amortization and impairment of acquired intangible assets totale d $130.9 million and $242.7 million, respectively, compared to $86.9 million and $165.2 million, respectively, in the prior year comparative periods. For the three and six months ended June 30, 2025, amortization of acquired intangible assets, excluding impairment charges, totaled $127.4 million and $239.2 million, respectively, compared to $86.9 million and $165.2 million, respectively, in the prior year comparative periods. Th e increases were primarily due to amortization for the acquired intangible assets associated with SKYCLARYS and TYSABRI. For the three and six months ended June 30, 2025, amortization and impairment of acquired intangible assets reflects the impact of a $3.5 million impairment charge related to a compound acquired from HI-Bio. For the three and six months ended June 30, 2024, we had no im pair ment charges. Completed Technology Completed technology primarily relates to our other marketed products and programs acquired through asset acquisitions, licenses and business combinations. Completed technology intangible assets are amortized over their estimated useful lives, which range between 2 to 31 years, with a remaining weighted average useful life of 12 years. IPR&D Related to Business Combinations 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. The carrying value associated with our IPR&D assets as of June 30, 2025 and December 31, 2024, primarily relates to the IPR&D programs we acquired in connection with our acquisition of HI-Bio in July 2024, with an estimated fair value of approximately $1.6 billion. Priority Review Voucher In connection with our acquisition of Reata in September 2023 we acquired a rare pediatric disease PRV which may be used to obtain priority review by the FDA for a future regulatory submission or sold to a third party. We recorded the PRV based on its estimated fair value of $100.0 million as an intangible asset. 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, 2025
2025 (remaining six months) |  | $ | 240.0 |
2026 |  | 565.0 |
2027 |  | 600.0 |
2028 |  | 630.0 |
2029 |  | 665.0 |
2030 |  | 700.0 |
Goodwill The following table provides a roll forward of the changes in our goodwill balance:
(In millions) |  | As of June 30, 2025
Goodwill, December 31, 2024 |  | $ | 6,478.9 |
Goodwill resulting from HI-Bio acquisition(1) |  | 4.5 |
Other(2) |  | 9.7 |
Goodwill, June 30, 2025 |  | $ | 6,493.1 |
(1) Goodwill resulting from the HI-Bio acquisition relates to HI-Bio measurement period adjustments recognized during 2025 related to certain income tax adjustments. For additional information on our acquisition of HI-Bio, please read Note 2, Acquisitions, to these condensed consolidated financial statements. (2) Other includes adjustments related to foreign currency exchange rate fluctuations. As of June 30, 2025, we had no impairment losses related to goodwill.

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