
		As of June 30, 2025						As of December 31, 2024
(In millions)	Estimated Life	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net



Completed technology	2-31 years	$	14,087.1	$	(6,423.0)	$	7,664.1	$	14,138.4	$	(6,254.1)	$	7,884.3
In-process research and development	Indefinite until commercialization	1,639.4		—		1,639.4		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		$	15,890.5	$	(6,423.0)	$	9,467.5	$	15,945.3	$	(6,254.1)	$	9,691.2

For the three and six months ended June 30, 2025, amortization and impairment of acquired intangible assets totaled $130.9 million and $242.7 million, respectively, compared to $86.9 million and $165.2 million, respectively, in the prior year comparative periods.

For the three and six months ended June 30, 2025, amortization of acquired intangible assets, excluding impairment charges, totaled $127.4 million and $239.2 million, respectively, compared to $86.9 million and $165.2 million, respectively, in the prior year comparative periods. The increases were primarily due to amortization for the acquired intangible assets associated with SKYCLARYS and TYSABRI.

For the three and six months ended June 30, 2025, amortization and impairment of acquired intangible assets reflects the impact of a $3.5 million impairment charge related to a compound acquired from HI-Bio. For the three and six months ended June 30, 2024, we had no impairment charges.

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 2 to 31 years, with a remaining weighted average useful life of 12 years.

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. Included in IPR&D balances are adjustments related to foreign currency exchange rate fluctuations.

The carrying value associated with our IPR&D assets as of June 30, 2025 and December 31, 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.

The estimated future amortization of finite-lived intangible assets for the next five years is expected to be as follows:


(In millions)	As of June 30, 2025
2025 (remaining six months)	$	240.0
2026	565.0
2027	600.0
2028	630.0
2029	665.0
2030	700.0


(In millions)	As of June 30, 2025
Goodwill, December 31, 2024	$	6,478.9
Goodwill resulting from HI-Bio acquisition(1)	4.5

Other(2)	9.7
Goodwill, June 30, 2025	$	6,493.1

(1) Goodwill resulting from the HI-Bio acquisition relates to HI-Bio measurement period adjustments recognized during 2025 related to certain income tax adjustments. For additional information on our acquisition of HI-Bio, please read Note 2, Acquisitions, to these condensed consolidated financial statements.