
		As of September 30, 2026						As of December 31, 2025
(In millions)	Estimated Life	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net



Completed technology	1-30 years	$	18,713.7	$	(7,165.1)	$	11,548.6	$	14,067.3	$	(6,687.8)	$	7,379.5
In-process research and development	Indefinite until commercialization	1,667.3		—		1,667.3		1,635.0		—		1,635.0
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		$	20,545.0	$	(7,165.1)	$	13,379.9	$	15,866.3	$	(6,687.8)	$	9,178.5

For the three and nine months ended September 30, 2026, amortization and impairment of acquired intangible assets totaled $172.8 million and $477.5 million, respectively, compared to $135.7 million and $378.4 million, respectively, in the prior year comparative periods.

For the three and nine months ended September 30, 2026, amortization of acquired intangible assets, excluding impairment charges, totaled $172.8 million and $477.5 million, respectively, compared to $135.7 million and $374.9 million, respectively in the prior year comparative periods. The increases were primarily due to higher rates of amortization for the acquired intangible assets associated with SKYCLARYS and amortization expense related to intangible assets acquired from Apellis, which totaled $45.2 million and $67.8 million for the three and nine months ended September 30, 2026, respectively.

For the three and nine months ended September 30, 2026, we had no impairment charges. For the three months ended September 30, 2025, we had no impairment charges. For the nine months ended September 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.

Completed technology primarily relates to our other marketed products and programs acquired through asset acquisitions, licenses and business combinations. In connection with our acquisition of Apellis we acquired completed technology with an estimated fair value of approximately $4.6 billion, comprised of $2.4 billion related to EMPAVELI commercialization rights in the U.S., $1.9 billion related to SYFOVRE commercialization rights and $380.0 million related to royalty rights associated with Sobi sales of EMPAVELI outside the U.S. under the brand name ASPAVELI.

Completed technology intangible assets are amortized over their estimated useful lives, which range between approximately 1 to 30 years, with a remaining weighted average useful life of 13 years as of September 30, 2026.

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 September 30, 2026, relates to the IPR&D programs we acquired in connection with our acquisition of HI-Bio in July 2024, with a carrying value of approximately $1.6 billion, and the IPR&D programs we acquired in connection with our acquisition of Apellis in May 2026, with a carrying value of approximately $32.3 million.

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


(In millions)	As of September 30, 2026
2026 (remaining three months)	$	155.0
2027	660.0
2028	720.0
2029	830.0
2030	940.0
2031	1,045.0


(In millions)	As of September 30, 2026
Goodwill, December 31, 2025	$	6,491.1
Goodwill resulting from Apellis acquisition	503.5
Other(1)	(2.0)
Goodwill, September 30, 2026	$	6,992.6

For additional information on our acquisition of Apellis, please read Note 2, Acquisitions, to these condensed consolidated financial statements.