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Goodwill and Other Intangible Assets
 3 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
The changes in goodwill for the three months ended March 31, 2024 and for the year ended December 31, 2023 were as follows (in thousands):
March 31,
2024		December 31,
2023
Balance, beginning of period$598,629 $598,853 
Currency translation(80)(224)
Balance, end of period$598,549 $598,629 
As of March 31, 2024, $366.3 million, $162.7 million, and $69.5 million of goodwill was allocated to the Specialty, Generics, and AvKARE segments, respectively. As of December 31, 2023, $366.3 million, $162.8 million, and $69.5 million of goodwill was allocated to the Specialty, Generics, and AvKARE segments, respectively.
Intangible assets as of March 31, 2024 and December 31, 2023 were comprised of the following (in thousands):
March 31, 2024December 31, 2023
Weighted-Average
Amortization Period
(in years)		CostAccumulated
Amortization		NetCostAccumulated
Amortization		Net
Amortizing intangible assets:
Product rights6.2$1,207,469 $(739,351)$468,118 $1,198,971 $(703,297)$495,674 
Other intangible assets3.1111,800 (76,491)35,309 111,800 (72,896)38,904 
Subtotal1,319,269 (815,842)503,427 1,310,771 (776,193)534,578 
In-process research and development355,845 — 355,845 355,845 — 355,845 
Total intangible assets$1,675,114 $(815,842)$859,272 $1,666,616 $(776,193)$890,423 
Amortization expense related to intangible assets for the three months ended March 31, 2024 and 2023 was $39.9 million and $41.1 million, respectively.
The following table presents future amortization expense for the next five years and thereafter, excluding $355.8 million of in-process research and development (“IPR&D”) intangible assets (in thousands):
Future
Amortization
Remainder of 2024$119,432 
2025121,638 
202673,115 
202752,606 
202833,263 
202926,484 
Thereafter76,889 
   Total$503,427 
The Company reviews intangible assets with finite lives for recoverability whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. Indefinite-lived intangible assets, including IPR&D, are tested for impairment if impairment indicators arise and, at a minimum, annually. Intangible asset impairments were immaterial for the three months ended March 31, 2024 (none for the three months ended March 31, 2023).
On June 30, 2023, the Company received a complete response letter (“CRL”) from the FDA regarding its new drug application (“NDA”) for IPX203 for the treatment of Parkinson’s disease. The CRL indicated that, although an adequate scientific bridge was established for the safety of one ingredient, levodopa, based on pharmacokinetic studies, it was not adequately established for the other ingredient, carbidopa, and the FDA requested additional information. The CRL did not identify any issues with respect to the efficacy or manufacturing of IPX203. During October 2023, the Company met with the FDA to align on the path to approval for IPX203. During the meeting, the FDA asked the Company to perform a QT study, a routine cardiac safety study that is required for new drugs. On February 7, 2024, the Company provided a complete response resubmission to the FDA for IPX203. IPX203 has a Prescription Drug User Fee Act (PDUFA) decision date of August 7, 2024.
No indicators of impairment of the Company’s IPX203 IPR&D intangible asset were identified during 2024. Additionally, there was no impairment recorded during 2023. While management believes the assumptions used in the Company’s 2023 annual impairment test of its IPX203 IPR&D intangible asset were reasonable and continue to be commensurate with the views of a market participant, changes in key assumptions, including increasing the discount rate, lowering forecasts for revenue and operating margin, delaying the potential launch date, and lowering the probability of technical and regulatory success, could result in material future impairments of the Company’s IPX203 IPR&D intangible asset. Refer to Note 13. Goodwill and Other Intangible Assets in the Company’s Annual Report on Form 10-K for additional information.