v3.26.3
Goodwill and Other Intangible Assets
 9 Months Ended
Sep. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
The changes in goodwill by segment were as follows (in thousands):
Affordable MedicinesSpecialtyAvKARETotal
Balance as of December 31, 2024$161,659 $366,312 $69,465 $597,436 
Currency translation(1,966)— — (1,966)
Balance as of December 31, 2025159,693 366,312 69,465 595,470 
Goodwill acquired during the period179,478 — — 179,478 
Currency translation(2,475)— — (2,475)
Balance as of September 30, 2026$336,696 $366,312 $69,465 $772,473 
For the nine months ended September 30, 2026, goodwill acquired during the period was associated with the Kashiv Acquisition. Refer to Note 2. Acquisition for additional information.
Intangible assets as of September 30, 2026 and December 31, 2025 were comprised of the following (in thousands):
September 30, 2026December 31, 2025
Weighted-Average
Amortization Period
(in years)		CostAccumulated
Amortization		NetCostAccumulated
Amortization		Net
Amortizing intangible assets:
Product rights5.8$1,768,413 $(1,071,688)$696,725 $1,519,694 $(977,819)$541,875 
Other intangible assets1.982,700 (77,270)5,430 82,700 (69,177)13,523 
Total1,851,113 (1,148,958)702,155 1,602,394 (1,046,996)555,398 
IPR&D
849,100 — 849,100 8,100 — 8,100 
Total intangible assets$2,700,213 $(1,148,958)$1,551,255 $1,610,494 $(1,046,996)$563,498 
In connection with the Kashiv Acquisition on August 10, 2026, the Company recognized $1,003.0 million of intangible assets at their preliminary acquisition-date fair values, consisting of $40.0 million of product rights and $963.0 million of IPR&D. Product rights are amortized to cost of goods sold over their estimated useful lives. Refer to Note 2. Acquisition for additional information regarding the preliminary purchase price allocation for the Kashiv Acquisition.
Amortization expense related to intangible assets for the three months ended September 30, 2026 and 2025 was $38.6 million and $39.6 million, respectively. Amortization expense related to intangible assets for the nine months ended September 30, 2026 and 2025 was $103.5 million and $130.6 million, respectively.
The following table presents future amortization expense for the next five years and thereafter, excluding $849.1 million of IPR&D intangible assets (in thousands):
Future Amortization
Remainder of 2026$45,026 
2027162,946 
2028117,468 
2029104,765 
2030105,989 
203192,587 
Thereafter73,374 
Total$702,155 
The Company reviews intangible assets with finite lives for recoverability whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. Indefinite-lived intangible assets, including IPR&D intangible assets, are tested for impairment if impairment indicators arise and, at a minimum, annually. For the three and nine months ended September 30, 2026, intangible asset impairments were immaterial. For the three and nine months ended September 30, 2025, the Company recorded $22.8 million of intangible asset impairment charges in cost of goods sold. The charges primarily related to a Specialty segment product right for which the Company significantly reduced the cash flow forecast after receipt of a complete response letter dated July 22, 2025 from the FDA regarding a supplemental new drug application.