Intangible assets and goodwill

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

The Company's intangible assets consist of products acquired via business combinations or asset acquisitions. Components of the Company’s intangible assets, excluding goodwill, consists of the following:


		December 31, 2023						December 31, 2022
	Weighted Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Products (1)(2)	13.6	$	855.4	$	288.8	$	566.6	$	982.1	$	253.3	$	728.8
Customer relationships	0.0	28.6		28.6		—		28.6		28.6		—
Bioservices	0.0	5.5		5.5		—		5.5		5.5		—
Total intangible assets	13.5	$	889.5	$	322.9	$	566.6	$	1,016.2	$	287.4	$	728.8

(1) During the year ended December 31, 2023, the Company sold $102.9 million of intangible assets, net as part of the sale of its travel health business to Bavarian Nordic. See Note 3, "Divestiture" for more information on the sale of the travel health business.

(2) During the year ended December 31, 2023, the Company recorded a $6.3 million intangible asset addition related to the contingent consideration payment to Ridgeback for the award of a 10-year contract by the Biomedical Advanced Research and Development Authority for advanced development, manufacturing scale-up, and procurement of EbangaTM treatment for Ebola. The related intangible asset was acquired through an asset acquisition that was completed in 2022.

Amortization expense associated with the Company's intangible assets was recorded as follows:


	Year Ended December 31,
	2023	2022	2021
Amortization expense	65.6	59.9	58.5

The Company estimates our future amortization expense for our intangible assets as follows:


Year	As of December 31, 2023
2024	$	65.1
2025	65.1
2026	63.9
2027	60.6
2028	51.7
Thereafter	260.2
Total remaining amortization	$	566.6

Goodwill

The table below summarizes the changes in the carrying amount of goodwill by reportable segment:


	Commercial Products (1)		MCM Products (2)		Services (3)		Total
Balance at December 31, 2021	$	—	$	218.2	$	6.7	$	224.9
Goodwill impairment	—		—		(6.7)		(6.7)

Balance at December 31, 2022	$	—	$	218.2	$	—	$	218.2
Goodwill impairment	—		(218.2)		—		(218.2)

Balance at December 31, 2023	$	—	$	—	$	—	$	—

(1) Amounts for the Company's Commercial Products segment include gross carrying values of $41.7 million as of December 31, 2023, 2022 and 2021, and accumulated impairment losses of $41.7 million as of December 31, 2023, 2022 and 2021.
(2) Amounts for the Company's MCM Products segment include gross carrying values of $218.2 million as of December 31, 2023, 2022 and 2021, and accumulated impairment losses of $218.2 million as of December 31, 2023.

(3) Amounts for the Company's Services segment include gross carrying values of $6.7 million as of December 31, 2023, 2022, and 2021, and accumulated impairment losses of $6.7 million as of December 31, 2023 and 2022.

The Company performs its goodwill impairment evaluation annually, during the fourth quarter, or sooner if triggering events are identified. During the third quarter of 2023, the Company observed continued market volatility including significant declines in its market capitalization and revised its financial outlook during the third quarter of 2023, which was identified as a triggering event. As a result of the quantitative assessments performed in connection with the preparation of the financial statements as of and for the quarter ended September 30, 2023, the Company recorded a $218.2 million non-cash goodwill impairment charge for the MCM Products reporting unit, which is included in "Goodwill impairment" on the Consolidated Statement of Operations for the year ended December 31, 2023. The MCM Products reporting unit and segment had no remaining goodwill as of December 31, 2023. The goodwill impairment charge resulted from a reduction in the estimated fair value of the MCM reporting unit due to changes in the risk profile of the Company as well as revisions to the long-term operating plan that reflected lower expectations for growth and profitability than previous expectations. The Company used a quantitative assessment, utilizing an income-based (discounted cash flows) approach, Level 3 non-recurring fair value measurement, for its goodwill impairment testing.