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Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 25, 2020
Dec. 27, 2019
Net sales (includes refined estimate of the retrospective one-time charge of $536.0 related to the Medicaid lawsuit for fiscal 2020) $ 2,208.8 $ 2,213.4 $ 3,162.5
Cost of sales 1,317.1 1,544.0 1,741.1
Gross profit 891.7 669.4 1,421.4
Selling, general and administrative expenses 581.8 884.1 831.0
Research and development expenses 205.2 290.8 349.4
Restructuring charges, net 26.9 37.5 (1.7)
Non-restructuring impairment charges 154.9 63.5 388.0
Losses (gains) on divestiture 0.8 (16.6) 33.5
Opioid-related litigation settlement loss (gain) (Note 19) 125.0 (43.4) 1,643.4
Medicaid lawsuit (Note 19)   641.1  
Operating loss (202.9) (651.6) (1,822.2)
Interest expense (222.6) (261.1) (309.0)
Interest income 1.9 5.9 9.5
Gains on debt extinguishment, net 0.0 0.0 466.6
Other income, net 22.0 7.4 63.6
Reorganization items, net (428.2) 61.4 0.0
Loss from continuing operations before income taxes (829.8) (960.8) (1,591.5)
(Benefit) expense from income taxes (106.3) 8.9 (584.3)
Loss from continuing operations (723.5) (969.7) (1,007.2)
Income from discontinued operations, net of tax (benefit) expense of ($5.0), $(16.2) and $1.7 6.1 25.1 10.7
Net loss $ (717.4) $ (944.6) $ (996.5)
Basic loss per share (Note 9):      
Loss from continuing operations $ (8.54) $ (11.48) $ (12.00)
Income from discontinued operations $ 0.07 $ 0.30 $ 0.13
Basic weighted-average shares outstanding 84.7 84.5 83.9
Diluted loss per share (Note 9):      
Loss from continuing operations $ (8.54) $ (11.48) $ (12.00)
Income from discontinued operations 0.07 0.30 0.13
Net loss $ (8.47) $ (11.18) $ (11.88)
Diluted weighted-average shares outstanding 84.7 84.5 83.9
Operating Expense [Member]      
Medicaid lawsuit (Note 19) $ 0.0 $ 105.1 $ 0.0
Sales [Member]      
Medicaid lawsuit (Note 19) [1] $ 0.0 $ (536.0) [2] $ 0.0
[1] Specialty Brands net sales for fiscal 2020 includes the prospective change to the Medicaid rebate calculation, which served to reduce Acthar Gel net sales by $40.4 million for the period from June 15, 2020 through December 25, 2020. See Note 19 for further detail on the status of the Medicaid lawsuit.
[2] Excludes the $105.1 million that is reflected as a component of operating expenses as it represents a pre-acquisition contingency related to the portion of the liability that arose from sales of Acthar Gel prior to the Company's acquisition of Questcor in August 2014. See Note 19 for further detail on the status of the Medicaid lawsuit.