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Goodwill and Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Changes in Carrying Amount of Goodwill
The changes in the carrying amount of goodwill for the nine months ended September 30, 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 
Acquisitions19.5 — — — 19.5 
Impairment
— — (321.0)— (321.0)
Foreign currency translation15.7 (0.5)(17.3)(1.8)(3.9)
Balance at September 30, 2024:$7,142.6 $932.3 $307.4 $1,179.4 $9,561.7 
____________
(1)Balances as of September 30, 2024 and December 31, 2023 include an accumulated impairment loss of $929.0 million.
(2)Balances as of September 30, 2024 and December 31, 2023 include an accumulated impairment loss of $351.0 million and $30.0 million, respectively.
(3)Balances as of September 30, 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 September 30, 2024 and December 31, 2023:
(In millions)Weighted Average Life (Years)Original CostAccumulated AmortizationNet Book Value
September 30, 2024
Product rights, licenses and other (1)
13$34,275.2 $17,187.9 $17,087.3 
In-process research and development891.6 — 891.6 
$35,166.8 $17,187.9 $17,978.9 
December 31, 2023
Product rights, licenses and other (1)
13$34,178.1 $15,316.4 $18,861.7 
In-process research and development319.4 — 319.4 
$34,497.5 $15,316.4 $19,181.1 
____________
(1)Represents amortizable intangible assets. Other intangible assets consist principally of customer lists and contractual rights.
Finite-lived Intangible Assets Amortization Expense
Three Months EndedNine Months Ended
September 30,September 30,
(In millions)2024202320242023
Intangible asset amortization expense$574.7 $584.0 $1,772.9 $1,778.5 
Intangible asset disposal & impairment charges— — — 32.0 
IPR&D intangible asset impairment charges
— — 102.0 — 
Total intangible asset amortization expense (including disposal & impairment charges)$574.7 $584.0 $1,874.9 $1,810.5 
In the second quarter of 2024, the Company concluded that one of its IPR&D assets was fully impaired due to unfavorable clinical results and the termination of the development program.
During the nine months ended September 30, 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 were 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$580 
20252,296 
20262,243 
20272,025 
20281,781