v3.26.3
Goodwill and Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Changes in Carrying Amount of Goodwill
The changes in the carrying amount of goodwill for the nine months ended September 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(143.3)8.3 — 0.3 (134.7)
Balance at September 30, 2026:$4,881.2 $941.5 $— $797.3 $6,620.0 
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(1)Balances as of September 30, 2026 and December 31, 2025 include an accumulated impairment loss of $3.19 billion.
(2)Balances as of September 30, 2026 and December 31, 2025 include an accumulated impairment loss of $651.8 million.
(3)Balances as of September 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 September 30, 2026 and December 31, 2025:
(In millions)Weighted Average Life (Years)Original CostAccumulated AmortizationNet Book Value
September 30, 2026
Product rights, licenses and other (1)
13$33,725.0 $21,320.5 $12,404.5 
In-process research and development675.0 — 675.0 
$34,400.0 $21,320.5 $13,079.5 
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 asset 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 nine months ended September 30, 2026 and 2025:
Three Months EndedNine Months Ended
September 30,September 30,
(In millions)2026202520262025
Intangible asset amortization expense$558.3 $593.4 $1,714.8 $1,747.9 
Intangible asset impairment charges17.5 — 24.9 — 
IPR&D intangible asset impairment charges
31.0 — 31.0 2.2 
Total intangible asset amortization expense (including impairment charges)$606.8 $593.4 $1,770.7 $1,750.1 
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 (1):
(In millions)
2026$557 
20272,023 
20281,770 
20291,190 
20301,183 
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(1)Excludes the pending Pacira acquisition.