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Inventory | 6 Months Ended
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Jun. 30, 2025
Inventory Disclosure [Abstract] |
Inventory |
Note 6: | Inventory
The components of inventory are summarized as follows:
(In millions) |  | As of June 30, 2025 |  | As of December 31, 2024
Raw materials |  | $ | 305.0 |  |  | $ | 317.8 |
Work in process |  | 1,641.9 |  |  | 1,882.8 |
Finished goods |  | 478.0 |  |  | 353.8 |
Total inventory |  | $ | 2,424.9 |  |  | $ | 2,554.4 |
Balance Sheet Classification: |  |  |  |
Inventory |  | $ | 2,274.3 |  |  | $ | 2,460.5 |
Investments and other assets |  | 150.6 |  |  | 93.9 |
Total inventory |  | $ | 2,424.9 |  |  | $ | 2,554.4 |
Long-term inventory is included in investments and other assets within our condensed consolidated balance sheets. As a result of our acquisition of Reata in September 2023 we recorded a fair value step-up adjustment related to the acquired inventory of SKYCLARYS of approximately $1.3 billion. This fair value step-up adjustment is being amortized to cost of sales within our condensed consolidated statements of income as the inventory is sold or used for clinical purposes. We expect this amount to be fully amortized by the end of 2028. For the three and six months ended June 30, 2025, amortization from the fair value step-up adjustment was approximately $52.5 million and $103.9 million, respectively. For the three and six months ended June 30, 2024, amortization from the fair value step-up adjustment was approximately $90.1 million and $134.2 million, respectively, which includes approximately $46.0 million of inventory used for clinical purposes, which is reflected in research and development expense within our condensed consolidated statements of income. For additional information on our acquisition of Reata, please read Note 2, Acquisitions, to our consolidated financial statements included in our 2024 Form 10-K.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/330/tableOfContent + Details
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