Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the six months ended June 30, 2025 are as follows:

(In millions)	Developed Markets (1)		Greater China		JANZ (2)		Emerging Markets (3)		Total
Balance at December 31, 2024:	6,752.9		921.5		295.1		1,163.8		9,133.3
Impairment	(2,261.0)		—		(300.8)		(375.0)		(2,936.8)
Foreign currency translation	527.3		6.3		5.7		12.5		551.8
Balance at June 30, 2025:	$	5,019.2	$	927.8	$	—	$	801.3	$	6,748.3

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(1)Balances as of June 30, 2025 and December 31, 2024 include an accumulated impairment loss of $3.19 billion and $929.0 million, respectively.

(2)Balances as of June 30, 2025 and December 31, 2024 include an accumulated impairment loss of $651.8 million and $351.0 million, respectively.

(3)Balances as of June 30, 2025 and December 31, 2024 include an accumulated impairment loss of $499.0 million and $124.0 million, respectively.

Components of Intangible Assets

Intangible assets consist of the following components at June 30, 2025 and December 31, 2024:

(In millions)	Weighted Average Life (Years)	Original Cost		Accumulated Amortization		Net Book Value
June 30, 2025
Product rights, licenses and other (1)	13	$	34,906.3	$	19,384.4	$	15,521.9
In-process research and development		801.9		—		801.9
		$	35,708.2	$	19,384.4	$	16,323.8
December 31, 2024
Product rights, licenses and other (1)	13	$	33,348.5	$	17,091.8	$	16,256.7
In-process research and development		814.2		—		814.2
		$	34,162.7	$	17,091.8	$	17,070.9

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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

In conjunction with its March 31, 2025 interim goodwill impairment test, the Company recorded the following impairment charges in the first quarter of 2025:

(In millions)	North America		Europe		JANZ		Emerging Markets		Total
Impairment charge	$	707.0	$	1,554.0	$	300.8	$	375.0	$	2,936.8

Amortization expense, intangible asset disposal & impairment charges and IPR&D intangible asset impairment charges (which are included as a component of amortization expense) are classified primarily within Cost of Sales in the condensed consolidated statements of operations and were as follows for the three and six months ended June 30, 2025 and 2024:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In millions)	2025		2024		2025		2024
Intangible asset amortization expense	$	583.3	$	597.2	$	1,154.5	$	1,198.2
IPR&D intangible asset impairment charges	2.2		102.0		2.2		102.0
Total intangible asset amortization expense (including disposal & impairment charges)	$	585.5	$	699.2	$	1,156.7	$	1,300.2

Expected Amortization Expense

Intangible asset amortization expense over the remainder of 2025 and for the years ending December 31, 2026 through 2029 is estimated to be as follows:

(In millions)
2025	$	1,189
2026	2,324
2027	2,103
2028	1,840
2029	1,235