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Goodwill and other intangible assets
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and other intangible assets Goodwill and other intangible assets
Goodwill
The change in the carrying amount of goodwill was as follows (in millions):
Balance at December 31, 2024
$18,637 
Foreign currency translation adjustments
37 
Balance at June 30, 2025
$18,674 
Other intangible assets
Other intangible assets consisted of the following (in millions):
 June 30, 2025December 31, 2024
 Gross
carrying
amounts		Accumulated
amortization		Other intangible
assets, net		Gross
carrying
amounts		Accumulated
amortization		Other intangible
assets, net
Finite-lived intangible assets:
Developed-product-technology rights$48,201 $(24,846)$23,355 $48,611 $(22,594)$26,017 
Licensing rights3,875 (3,457)418 3,875 (3,392)483 
Research and development technology rights1,419 (1,288)131 1,374 (1,235)139 
Marketing-related rights1,202 (1,202)— 1,202 (1,202)— 
Total finite-lived intangible assets54,697 (30,793)23,904 55,062 (28,423)26,639 
Indefinite-lived intangible assets:
In-process research and development710 — 710 1,060 — 1,060 
Total other intangible assets$55,407 $(30,793)$24,614 $56,122 $(28,423)$27,699 
Developed-product-technology rights consists of rights related to marketed products acquired in business acquisitions. Licensing rights primarily consists of contractual rights to receive future milestone, royalty and profit-sharing payments; capitalized payments to third parties for milestones related to regulatory approvals to commercialize products; and upfront payments associated with royalty obligations for marketed products. Marketing-related rights primarily consists of rights related to the sale and distribution of marketed products. R&D technology rights pertains to technologies used in R&D that have alternative future uses.
In January 2025, as part of the IRA, the Company’s product Otezla was selected by CMS for Medicare price setting that will be applicable beginning on January 1, 2027. The earlier than anticipated selection resulted in a decrease in the estimated future cash flows for the product in the United States. This selection represented a triggering event that required the Company to evaluate the underlying developed-product-technology rights for impairment. In the first quarter of 2025, the Company utilized a discounted cash flow analysis based on Level 3 inputs, including estimated product sales, operating expenses and a discount rate, that resulted in an intangible asset fair value of $4.0 billion, which was lower than the carrying value of $4.8 billion, and resulted in a partial impairment of both the gross and net carrying amounts of $800 million, which was recognized in Other operating expenses in the Condensed Consolidated Statements of Income. See Note 11, Fair value measurement.
IPR&D consists of R&D projects acquired in a business combination that are not complete at the time of acquisition due to remaining technological risks and/or lack of receipt of required regulatory approvals. We review IPR&D projects for impairment annually, whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable and upon the establishment of technological feasibility or regulatory approval. During the second quarter of 2025, the FDA approved UPLIZNA for the Immunoglobulin G4-related disease (IgG4-RD) indication, and commercialization commenced in the United States. As a result, the Company reclassified the related intangible asset with a gross carrying value of $350 million from IPR&D to developed-product-technology rights and began amortizing it on a straight-line basis over its estimated useful life of approximately 11 years from the date placed in service.
During the three months ended June 30, 2025 and 2024, we recognized amortization of our finite-lived intangible assets of $1.1 billion and $1.2 billion, respectively. During the six months ended June 30, 2025 and 2024, we recognized amortization of our finite-lived intangible assets of $2.3 billion and $2.4 billion, respectively. Amortization of intangible assets is primarily included in Cost of sales in the Condensed Consolidated Statements of Income. As of June 30, 2025, the total estimated future
amortization of our finite-lived intangible assets for the remaining six months ending December 31, 2025, and the years ending December 31, 2026, 2027, 2028, 2029 and 2030, was $2.0 billion, $3.7 billion, $3.7 billion, $2.9 billion, $2.3 billion and $2.2 billion, respectively.