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Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Components of Intangible Assets

Intangible assets consist of the following components at June 30, 2023 and December 31, 2022:

(In millions)			Weighted Average Life (Years)						Original Cost						Accumulated Amortization						Net Book Value
June 30, 2023
Product rights, licenses and other (1)			15						$	37,929.8					$	16,176.7					$	21,753.1
In-process research and development									331.3						—						331.3
									$	38,261.1					$	16,176.7					$	22,084.4
December 31, 2022
Product rights, licenses and other (1)			15						$	37,490.5					$	14,923.6					$	22,566.9
In-process research and development									40.2						—						40.2
									$	37,530.7					$	14,923.6					$	22,607.1

____________

(1)Represents amortizable intangible assets. Other intangible assets consists principally of customer lists and contractual rights.

Finite-lived Intangible Assets Amortization Expense

			Three Months Ended												Six Months Ended
			June 30,												June 30,
(In millions)			2023						2022						2023						2022
Intangible asset amortization expense			$	591.2					$	634.1					$	1,194.5					$	1,282.2
Intangible asset disposal & impairment charges			—						—						32.0						—
Total intangible asset amortization expense (including disposal & impairment charges)			$	591.2					$	634.1					$	1,226.5					$	1,282.2

During the six months ended June 30, 2023, the Company recognized an intangible asset charge of approximately $32.0 million, which was recorded within Cost of sales in the condensed consolidated statement of operations, to write down the disposal group to fair value, less cost to sell, related to our Upjohn Distributor Markets, which are classified as held for sale. As of June 30, 2023 and December 31, 2022, the Company has approximately $174.9 million and $230.3 million, respectively, of intangible assets related to the Upjohn Distributor Markets that are classified as held for sale in the condensed consolidated balance sheets. Refer to Note 5 Divestitures for additional information.

Expected Amortization Expense

Intangible asset amortization expense over the remainder of 2023 and for the years ending December 31, 2024 through 2027 is estimated to be as follows:

(In millions)
2023			$	1,182
2024			2,271
2025			2,177
2026			2,121
2027			1,909

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- Definition

Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance with a finite life, by either major class or business segment.

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-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
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-Topic 350
-SubTopic 30
-Section 50
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