Divestitures

3 Months Ended

Mar. 31, 2026

Discontinued Operations and Disposal Groups [Abstract]

Divestitures

Divestitures

During 2023, 2024 and 2025, the Company completed several divestiture transactions. The significant financial statement impacts relating to these transactions were recognized in prior periods. The disclosures below summarize amounts recognized in prior‑year comparative periods included in the accompanying Condensed Consolidated Statements of Operations as well as ongoing arrangements and contingent consideration related to these divestitures.

Transition Services Agreements (“TSAs”) Revenue

In connection with certain divestitures, the Company entered into TSAs to support the orderly transfer of operations to the respective buyers. Income from performing services under these TSAs is recorded within the Condensed Consolidated Statements of Operations. TSA revenue from the SERB TSA (RSDL® divestiture) and Bora TSA (Baltimore-Camden facility divestiture) recognized during the three months ended March 31, 2025 was immaterial. No TSA revenue was recognized during the three months ended March 31, 2026.

Milestones and Contingent Consideration

Travel Health Business (Bavarian Nordic)

In May 2023, the Company completed the sale of its travel health business to Bavarian Nordic. The Company was entitled to receive milestone payments totaling up to $80.0 million upon the achievement of specified regulatory milestones, all of which were received by the Company during 2024 and 2025.

Milestone income of $50.0 million was recognized during the three months ended March 31, 2025, which the Company recorded within “Other, net” in the Condensed Consolidated Statement of Operations. No milestone income was recognized during the three months ended March 31, 2026. In addition, the Company may receive up to $30.0 million of earn-out payments from Bavarian Nordic based on aggregate net sales of Vaxchora® and Vivotif® in calendar year 2026.

RSDL® Component Sourcing Milestone

In connection with the July 2024 sale of RSDL®, the Company may receive a $5.0 million milestone payment contingent upon the achievement of a component sourcing milestone. No amounts related to this milestone were recognized during the three months ended March 31, 2026 and 2025.

Sale of Baltimore-Bayview Facility

The Company completed the sale of its Baltimore‑Bayview facility in March 2025. As a result of the divestiture, the Company recognized a pre-tax gain of $7.9 million, net of transaction costs of $1.2 million, during the three months ended March 31, 2025, recorded within “Other, net” on the Condensed Consolidated Statements of Operations.