v3.25.1
Goodwill and Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Changes in Carrying Amount of Goodwill
The changes in the carrying amount of goodwill for the three months ended March 31, 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 translation250.3 1.8 5.7 7.8 265.6 
Balance at March 31, 2025:$4,742.2 $923.3 $— $796.6 $6,462.1 
____________
(1)Balances as of March 31, 2025 and December 31, 2024 include an accumulated impairment loss of $3.19 billion and $929.0 million, respectively.
(2)Balances as of March 31, 2025 and December 31, 2024 include an accumulated impairment loss of $651.8 million and $351.0 million, respectively.
(3)Balances as of March 31, 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 March 31, 2025 and December 31, 2024:
(In millions)Weighted Average Life (Years)Original CostAccumulated AmortizationNet Book Value
March 31, 2025
Product rights, licenses and other (1)
13$33,905.0 $18,047.1 $15,857.9 
In-process research and development804.4 — 804.4 
$34,709.4 $18,047.1 $16,662.3 
December 31, 2024
Product rights, licenses and other (1)
13$33,348.5 $17,091.8 $16,256.7 
In-process research and development814.2 — 814.2 
$34,162.7 $17,091.8 $17,070.9 
____________
(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 millions)
North America
Europe
JANZ
Emerging Markets
Total
Impairment charge
$707.0 $1,554.0 $300.8 $375.0 $2,936.8 
Three Months Ended
March 31,
(In millions)20252024
Intangible asset amortization expense$571.2 $601.0 
Total intangible asset amortization expense (including disposal & impairment charges)$571.2 $601.0 
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$1,726 
20262,251 
20272,034 
20281,793 
20291,233