v3.26.1
GOODWILL AND INTANGIBLE ASSETS
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
Goodwill
As of March 31, 2026, the Company has assigned its goodwill in three reporting units, Generics and Other, Brands, and Rare Disease reporting units. There have been no events or changes in circumstances that would have reduced the fair value of the reporting units below their carrying value during the three months ended March 31, 2026, and 2025, respectively, and as a result, no impairment charges have been recognized.
Intangible Assets
The components of net definite-lived intangible assets, other than goodwill, are as follows:
March 31, 2026December 31, 2025
Remaining Weighted Average
Amortization
Period (1)
(in thousands)Gross Carrying
Amount		Accumulated
Amortization		Net Carrying Amount Gross Carrying
Amount		Accumulated
Amortization		Net Carrying Amount
Definite-Lived Intangible Assets:
Acquired ANDAs intangible assets$214,313 $(152,802)$61,511 $214,260 $(147,511)$66,749 3.5 years
NDAs and product rights679,804 (284,065)395,739 673,554 (271,818)401,736 10.0 years
Marketing and distribution rights17,157 (16,436)721 17,157 (16,195)962 0.8 years
Customer relationships24,900 (15,710)9,190 24,900 (14,821)10,079 2.6 years
Total Intangible Assets, net$936,174 $(469,013)$467,161 $929,871 $(450,345)$479,526 9.0 years
_____________________________________________
(1)Weighted average amortization period as of March 31, 2026.
Definite-lived intangible assets arising from business combinations and other asset acquisitions include intangibles such as Abbreviated New Drug Applications (“ANDAs”), New Drug Applications (“NDAs”) and product rights, marketing and distribution rights, customer relationships, and non-compete agreements. Definite-lived intangible assets are tested for impairment when events or changes in circumstances indicate that these assets might be impaired.
During the three months ended March 31, 2026, approximately $6.3 million of acquired definite-lived intangible assets consisting of product rights, patents, know-how, and trade secrets were capitalized pursuant to the Patent Purchase Agreement between Nuray Chemicals Private Limited (“Nuray”) and the Company.

Amortization expense for definite-lived intangibles was $18.7 million and $20.7 million for the three months ended March 31, 2026 and 2025, respectively.
During the year ended December 31, 2025, $15.8 million was reclassified from indefinite-lived In-Process Research & Development (“IPR&D”) to definite-lived NDAs and Product Rights related to the commercialization of certain products, and will be amortized over ten years. As of March 31, 2026 and December 31, 2025 there was no IPR&D on the unaudited condensed consolidated balance sheets.
There were no impairment charges during the three months ended March 31, 2026 and 2025.
Expected future amortization expense for definite-lived intangible assets is as follows:
(in thousands)
2026 (remainder of the year)$51,777 
202761,411 
202855,420 
202949,166 
203038,565 
203137,127 
2032 and thereafter 173,695 
Total$467,161 
Expected amortization expense is an estimate. Actual amounts of amortization expense may differ due to additional intangible assets acquired, impairment of intangible assets, and other events.