Intangible assets and goodwill

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

The Company’s finite-lived intangible assets consist of products acquired via business combinations or asset acquisitions. The following table summarizes the Company’s finite-lived intangible assets:


		December 31, 2024						December 31, 2023
	Weighted Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Products	13.5	$	855.4	$	353.9	$	501.5	$	855.4	$	288.8	$	566.6
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	0.0	$	889.5	$	388.0	$	501.5	$	889.5	$	322.9	$	566.6

Amortization expense associated with the Company’s finite-lived intangible assets was recorded as follows:


	Year Ended December 31,
	2024		2023		2022
Amortization expense	$	65.1	$	65.6	$	59.9

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


Year	As of December 31, 2024
2025	$	65.1
2026	63.9
2027	60.6
2028	51.7
2029	51.7
Thereafter	208.5
Total remaining amortization	$	501.5

Goodwill

The Company had no remaining goodwill as of December 31, 2024 and 2023. During 2023 and in prior periods, the Company performed its goodwill impairment evaluation annually, during the fourth quarter, or sooner if triggering events were 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 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.