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Identifiable Intangible Assets | 3 Months Ended
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Mar. 31, 2025
Identifiable Intangible Assets | NOTE 5 – Identifiable intangible assets: Identifiable intangible assets consisted of the following:
|  | Gross carrying amount net of impairment |  |  | Accumulated amortization |  |  | Net carrying amount |
|  | March 31, |  |  | December 31, |  |  | March 31, |  |  | December 31, |  |  | March 31, |  |  | December 31, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (U.S. $ in millions) |
Product rights |  | $ | 15,973 |  |  | $ | 15,915 |  |  | $ | 12,265 |  |  | $ | 11,998 |  |  | $ | 3,708 |  |  | $ | 3,917 |
Trade names |  |  | 579 |  |  |  | 568 |  |  |  | 310 |  |  |  | 300 |  |  |  | 269 |  |  |  | 268 |
In process research and development |  |  | 212 |  |  |  | 233 |  |  |  | — |  |  |  | — |  |  |  | 212 |  |  |  | 233 |
Total |  | $ | 16,764 |  |  | $ | 16,716 |  |  | $ | 12,575 |  |  | $ | 12,298 |  |  | $ | 4,189 |  |  | $ | 4,418 |
Product rights and trade names Product rights and trade names are assets presented at amortized cost. Product rights and trade names represent a portfolio of pharmaceutical products in various therapeutic categories from various acquisitions with a weighted average life period of approximately 8 years. Amortization of intangible assets was $145 million and $152 million in the three months ended March 31, 2025 and 2024, respectively. IPR&D Teva’s IPR&D are assets that have not yet been approved in its major markets. IPR&D carries intrinsic risks that the asset might not succeed in advanced phases and may be impaired in future periods. Intangible assets impairments Impairments of long-lived intangible assets for the three months ended March 31, 2025 and 2024 were $121 million and $80 million, respectively. The fair value measurement of the impaired intangible assets in the three months ended March 31, 2025 is based on significant unobservable inputs in the market and thus represents a Level 3 measurement within the fair value hierarchy. The discount rate applied ranged from 8.25% to 9.25%. A probability of success factor of 90% was used in the fair value calculation to reflect inherent regulatory and commercial risk of IPR&D. Impairments in the first quarter of 2025 consisted of:
| (a) | Identifiable product rights of $112 million due to: (i) $72 million mainly related to a change in Teva’s commercial plan regarding certain products as part of its optimization efforts, mainly in the U.S., and (ii) $40 million mainly related to updated market assumptions regarding price and volume of products in Europe; and
| (b) | IPR&D assets of $9 million, mainly related to generic pipeline products resulting from development progress and changes in other key valuation indications mainly in the U.S. (e.g., market size, competition assumptions, legal landscape and launch date).
Impairments in the first quarter of 2024 consisted of:
| (a) | Identifiable product rights of $57 million, mainly due to updated market assumptions regarding price and volume of products mainly in the U.S.; and
| (b) | IPR&D assets of $23 million, mainly related to generic pipeline products resulting from development progress and changes in other key valuation indications mainly in the U.S. (e.g., market size, competition assumptions, legal landscape and launch date).

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