Intangible Assets

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible Assets

“Other intangible assets, net” consisted of the following:

		As of March 31, 2025						As of December 31, 2024
	Estimated Useful Lives	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
		(in millions, except useful lives)
In-process research and development	Indefinite	$	224.6	$	—	$	224.6	$	603.6	$	—	$	603.6
Finite-lived intangible assets - marketed products	10 to 12 years	238.0		(26.9)		211.1		238.0		(21.9)		216.1
Finite-lived intangible assets - assembled workforce	3 years	7.7		(2.2)		5.5		7.7		(1.5)		6.2
Total other intangible assets, net		$	470.3	$	(29.1)	$	441.2	$	849.3	$	(23.4)	$	825.9

In March 2025, based on results from a Phase 1/2 clinical trial evaluating our VX-264 clinical program in patients with type 1 diabetes (“T1D”), we concluded that VX-264 will not be advancing further in clinical development. Based on this event, we performed an interim impairment test on the fair value of our VX-264 indefinite-lived in-process research and development asset that we acquired from Semma Therapeutics, Inc. in 2019. As a result, using the multi period earnings method of the income approach, we recorded a full intangible asset impairment charge of $379.0 million in the three months ended March 31, 2025. As of March 31, 2025, our remaining indefinite-lived in-process research and development assets were associated with our T1D program.