Segment Data (Tables)

3 Months Ended

Mar. 28, 2025

Schedule of Segment Reporting Information by Reportable Segment

The Company operates in two reportable segments, which are further described below:

•Specialty Brands includes innovative specialty pharmaceutical brands; and

•Specialty Generics includes specialty generic drugs and API(s).

The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer and Director. The CODM measures and evaluates the Company's operating segments based on segment net sales by product type and segment operating income. The CODM uses this information to evaluate the Company’s businesses operations and allocate resources. The CODM considers budget-to-actual variances of segment net sales and segment operating income on a quarterly basis to assess performance and make decisions about allocating resources to the segments.

Certain amounts that the Company considers to be non-recurring or non-operational are excluded from segment operating income because the CODM evaluates the operating results of the segments excluding such items. These items may include, but are not limited to corporate and unallocated expenses, combination, integration, and other related costs, and liabilities management and separation costs. Although these amounts are excluded from segment operating income, as applicable, they are included in reported consolidated operating loss and are reflected in the reconciliations presented below.

The CODM manages assets on a total company basis, not by operating segment. The CODM is not regularly provided any asset information by operating segment and, accordingly, the Company does not report asset information by operating segment. Total assets were approximately $3,309.5 million and $3,302.6 million as of March 28, 2025 and December 27, 2024, respectively.

Selected information by reportable segment was as follows:


	Three Months Ended March 28, 2025
	Specialty Brands		Specialty Generics		Total
Net sales	$	207.3	$	212.6	$	419.9
Cost of sales	92.4		121.5		213.9
Selling, general and administrative expenses	59.0		26.9		85.9
Research and development expenses	7.3		5.2		12.5
Restructuring charges, net	(2.0)		—		(2.0)
Segment operating income	$	50.6	$	59.0	109.6
Corporate and unallocated expenses:
Cost of sales (1)					3.1
Selling, general and administrative expenses (1)					61.6
Combination, integration, and other related expenses (2)					20.5
Research and development expenses (1)					8.0
Liabilities management and separation costs (3)					1.4
Operating income					15.0
Interest expense					(32.8)
Interest income					5.8
Loss on divestiture					(6.2)
Other expense, net					(5.8)
Loss from continuing operations before income taxes					$	(24.0)

Depreciation and amortization	$	12.1	$	9.8


	Three Months Ended March 29, 2024
	Specialty Brands		Specialty Generics		Total
Net sales	$	257.3	$	210.5	$	467.8
Cost of sales	142.5		159.3		301.8
Selling, general and administrative expenses	59.1		19.4		78.5
Research and development expenses	13.4		5.9		19.3
Restructuring charges, net	10.2		—		10.2
Segment operating income	$	32.1	$	25.9	58.0
Corporate and unallocated expenses:
Cost of sales (1)					2.0
Selling, general and administrative expenses (1)					58.4
Research and development expenses (1)					8.6


Liabilities management and separation costs (3)					6.7
Operating loss					(17.7)
Interest expense					(59.1)
Interest income					6.8
Other income, net					3.7
Loss from continuing operations before income taxes					$	(66.3)

Depreciation and amortization	$	22.4	$	12.2

(1)Includes certain compensation, information technology, legal, environmental and other costs not charged to the Company’s reportable segments.

(2)Represents legal, financial, and other advisory and consulting expenses, which primarily relate to shareholder matters, integration planning, and regulatory costs associated with the proposed Business Combination. Refer to Note 3 for further information on the Business Combination.

(3)Represents costs primarily related to professional fees incurred as the Company explored potential sales of non-core assets.

Schedule of Net Sales from External Customers by Products

Net sales by product family within the Company's reportable segments were as follows:


	Three Months Ended
	March 28, 2025		March 29, 2024
Acthar Gel	$	115.4	$	102.8
INOmax	62.5		70.2
Therakos (Note 3)	—		58.2
Amitiza	20.2		19.4
Terlivaz	7.4		6.0
Other	1.8		0.7
Specialty Brands	207.3		257.3

Opioids	83.7		81.9
ADHD	47.2		31.7
Addiction treatment	18.5		15.4
Other	3.9		1.5
Generics	153.3		130.5
Controlled substances	19.1		22.9
APAP	33.8		51.7
Other	6.4		5.4
API	59.3		80.0
Specialty Generics	212.6		210.5
Net sales	$	419.9	$	467.8