v3.26.1
Goodwill and Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Changes in Carrying Amount of Goodwill
The changes in the carrying amount of goodwill for the six months ended June 30, 2026 are as follows:
(In millions)
Developed Markets (1)
Greater China
JANZ (2)
Emerging Markets (3)
Total
Balance at December 31, 2025:5,024.5 933.2 — 797.0 6,754.7 
Foreign currency translation(106.2)5.9 — — (100.3)
Balance at June 30, 2026:$4,918.3 $939.1 $— $797.0 $6,654.4 
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(1)Balances as of June 30, 2026 and December 31, 2025 include an accumulated impairment loss of $3.19 billion.
(2)Balances as of June 30, 2026 and December 31, 2025 include an accumulated impairment loss of $651.8 million.
(3)Balances as of June 30, 2026 and December 31, 2025 include an accumulated impairment loss of $499.0 million.
Components of Intangible Assets
Intangible assets consist of the following components at June 30, 2026 and December 31, 2025:
(In millions)Weighted Average Life (Years)Original CostAccumulated AmortizationNet Book Value
June 30, 2026
Product rights, licenses and other (1)
13$33,819.6 $20,848.7 $12,970.9 
In-process research and development706.0 — 706.0 
$34,525.6 $20,848.7 $13,676.9 
December 31, 2025
Product rights, licenses and other (1)
13$34,506.8 $20,110.7 $14,396.1 
In-process research and development706.0 — 706.0 
$35,212.8 $20,110.7 $15,102.1 
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(1)Represents amortizable intangible assets. Other intangible assets consist principally of customer lists and contractual rights.
Finite-lived Intangible Assets Amortization Expense
Amortization expense, intangible impairment charges and IPR&D intangible asset impairment charges (which are included as a component of amortization expense) are classified primarily within Cost of Sales in the condensed consolidated statements of operations and were as follows for the three and six months ended June 30, 2026 and 2025:
Three Months EndedSix Months Ended
June 30,June 30,
(In millions)2026202520262025
Intangible asset amortization expense$571.9 $583.3 $1,156.5 $1,154.5 
Intangible asset impairment charges7.4 — 7.4 — 
IPR&D intangible asset impairment charges
— 2.2 — 2.2 
Total intangible asset amortization expense (including impairment charges)$579.3 $585.5 $1,163.9 $1,156.7 
Expected Amortization Expense
Intangible asset amortization expense over the remainder of 2026 and for the years ending December 31, 2027 through 2030 is estimated to be as follows:
(In millions)
2026$1,132 
20272,034 
20281,779 
20291,190 
20301,184