Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the three months ended March 31, 2024 are as follows:

(In millions)	Developed Markets (1)		Greater China		JANZ (2)		Emerging Markets (3)		Total
Balance at December 31, 2023:	7,107.4		932.8		645.7		1,181.2		9,867.1
Acquisitions	19.5		—		—		—		19.5
Foreign currency translation	(153.5)		(7.5)		(24.6)		(7.5)		(193.1)
Balance at March 31, 2024:	$	6,973.4	$	925.3	$	621.1	$	1,173.7	$	9,693.5

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(1)Balances as of March 31, 2024 and December 31, 2023 include an accumulated impairment loss of $929.0 million.

(2)Balances as of March 31, 2024 and December 31, 2023 include an accumulated impairment loss of $30.0 million.

(3)Balances as of March 31, 2024 and December 31, 2023 include an accumulated impairment loss of $124.0 million.

Components of Intangible Assets

Intangible assets consist of the following components at March 31, 2024 and December 31, 2023:

(In millions)	Weighted Average Life (Years)	Original Cost		Accumulated Amortization		Net Book Value
March 31, 2024
Product rights, licenses and other (1)	13	$	33,830.4	$	15,690.8	$	18,139.6
In-process research and development		994.1		—		994.1
		$	34,824.5	$	15,690.8	$	19,133.7
December 31, 2023
Product rights, licenses and other (1)	13	$	34,178.1	$	15,316.4	$	18,861.7
In-process research and development		319.4		—		319.4
		$	34,497.5	$	15,316.4	$	19,181.1

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

Finite-lived Intangible Assets Amortization Expense

	Three Months Ended
	March 31,
(In millions)	2024		2023
Intangible asset amortization expense	$	601.0	$	603.3
Intangible asset disposal & impairment charges	—		32.0
Total intangible asset amortization expense (including disposal & impairment charges)	$	601.0	$	635.3

During the three months ended March 31, 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 commercialization rights in the Upjohn Distributor Markets, which are classified as held for sale. Refer to Note 5 Divestitures for additional information.

Expected Amortization Expense

Intangible asset amortization expense over the remainder of 2024 and for the years ending December 31, 2025 through 2028 is estimated to be as follows:

(In millions)
2024	$	1,750
2025	2,255
2026	2,205
2027	2,006
2028	1,769