
		As of December 31, 2025						As of December 31, 2024
(In millions)	Estimated Life	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net




Completed technology	1-30 years	$	14,067.3	$	(6,687.8)	$	7,379.5	$	14,138.4	$	(6,254.1)	$	7,884.3
In-process research and development	Indefinite until commercialization	1,635.0		—		1,635.0		1,642.9		—		1,642.9
Priority review voucher	Indefinite	100.0		—		100.0		100.0		—		100.0
Trademarks and trade names	Indefinite	64.0		—		64.0		64.0		—		64.0
Total intangible assets		$	15,866.3	$	(6,687.8)	$	9,178.5	$	15,945.3	$	(6,254.1)	$	9,691.2

Amortization and impairment of acquired intangible assets totaled $515.0 million, $446.7 million and $240.6 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Amortization of acquired intangible assets, excluding impairment charges, totaled $507.1 million, $386.5 million and $240.6 million for the years ended December 31, 2025, 2024 and 2023, respectively. The increase in

amortization of acquired intangible assets, excluding impairment charges, was primarily due to amortization for the acquired intangible assets associated with SKYCLARYS and TYSABRI.

For the year ended December 31, 2025, amortization and impairment of acquired intangible assets reflects the impact of $7.9 million in impairment charges related to compounds acquired from HI-Bio.

For the year ended December 31, 2024, amortization and impairment of acquired intangible assets reflects the impact of a $40.0 million impairment charge related to intangible assets from other clinical programs we acquired from Reata, reducing the remaining book value of these IPR&D intangible assets to zero, and a $20.2 million impairment charge related to intangible assets associated with the termination of Samsung Bioepis' commercialization rights during the third quarter of 2024. For the year ended December 31, 2023, we had no impairment charges.

We monitor events and expectations regarding product performance. If new information indicates that the assumptions underlying our most recent analysis are substantially different than those utilized in our current estimates, our analysis would be updated and may result in a significant change in the anticipated lifetime revenue of the relevant products. The occurrence of an adverse event could substantially increase the amount of amortization expense related to our acquired intangible assets as compared to previous periods or our current expectations, which may result in a significant negative impact on our future results of operations.

Completed technology primarily relates to our other marketed products and programs acquired through asset acquisitions, licenses and business combinations. Completed technology intangible assets are amortized over their estimated useful lives, which range between approximately 1 to 30 years, with a remaining weighted average useful life of 12 years, as of December 31, 2025.

IPR&D represents the fair value assigned to research and development assets that we acquired as part of a business combination and had not yet reached technological feasibility at the date of acquisition. We review amounts capitalized as acquired IPR&D for impairment annually, as of October 31, and whenever events or changes in circumstances indicate to us that the carrying value of the assets might not be recoverable.

The carrying value associated with our IPR&D assets as of December 31, 2025 and 2024, primarily relates to the IPR&D programs we acquired in connection with our acquisition of HI-Bio in July 2024, with an estimated fair value of approximately $1.6 billion.

In connection with our acquisition of Reata in September 2023 we acquired a rare pediatric disease PRV which may be used to obtain priority review by the FDA for a future regulatory submission or sold to a third party. We recorded the PRV based on its estimated fair value of $100.0 million as an intangible asset.

For additional information on our acquisitions of Reata and HI-Bio, please read Note 2, Acquisitions, to these consolidated financial statements.


	As of December 31,
(In millions)	2025		2024
Goodwill, January 1	$	6,478.9	$	6,219.2
Goodwill resulting from HI-Bio acquisition(1)	4.5		256.5
Goodwill resulting from Reata acquisition(2)	—		4.7

Other(3)	7.7		(1.5)
Goodwill, December 31	$	6,491.1	$	6,478.9

(1) Goodwill resulting from the HI-Bio acquisition for the year ended December 31, 2025, relates to HI-Bio measurement period adjustments recognized during 2025.

(2) Goodwill resulting from the Reata acquisition for the year ended December 31, 2024, relates to Reata measurement period adjustments recognized during 2024.

For additional information on our acquisitions of Reata and HI-Bio, please read Note 2, Acquisitions, to these consolidated financial statements.