Segment Data

6 Months Ended

Jun. 27, 2025

Segment Reporting [Abstract]

Segment Data

15. Segment Data

For the periods presented in this Quarterly Report on Form 10-Q, the Company operated its business 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 $3,286.3 million and $3,302.6 million as of June 27, 2025 and December 27, 2024, respectively.

Selected information by reportable segment was as follows:

	Three Months Ended June 27, 2025
	Specialty Brands		Specialty Generics		Total
Net sales	$	264.3	$	220.8	$	485.1
Cost of sales	109.4		139.4		248.8
Selling, general and administrative expenses	59.4		31.3		90.7
Research and development expenses	8.3		5.6		13.9
Restructuring charges, net	(0.2)		—		(0.2)
Segment operating income	$	87.4	$	44.5	131.9
Corporate and unallocated expenses:
Cost of sales (1)					4.5
Selling, general and administrative expenses (1)					59.9
Combination, integration, and other related expenses (2)					22.6
Research and development expenses (1)					9.7
Liabilities management and separation costs (3)					2.2
Operating income					33.0
Interest expense					(32.6)
Interest income					5.9
Loss on divestiture					(0.5)
Other income, net					7.2
Income from continuing operations before income taxes					$	13.0
Depreciation and amortization	$	12.2	$	9.8

	Three Months Ended June 28, 2024
	Specialty Brands		Specialty Generics		Total
Net sales	$	274.5	$	239.8	$	514.3
Cost of sales	151.9		162.1		314.0
Selling, general and administrative expenses	66.3		19.6		85.9
Research and development expenses	12.1		6.3		18.4
Restructuring charges, net	0.2		—		0.2
Segment operating income	$	44.0	$	51.8	95.8
Corporate and unallocated expenses:
Cost of sales (1)					5.3
Selling, general and administrative expenses (1)					42.0
Research and development expenses (1)					10.8
Liabilities management and separation costs (3)					10.3
Operating income					27.4
Interest expense					(59.4)
Interest income					6.0
Other expense, net					(3.5)
Loss from continuing operations before income taxes					$	(29.5)
Depreciation and amortization	$	21.5	$	10.5

	Six Months Ended June 27, 2025
	Specialty Brands		Specialty Generics		Total
Net sales	$	471.6	$	433.4	$	905.0
Cost of sales	201.8		260.9		462.7
Selling, general and administrative expenses	118.4		58.2		176.6
Research and development expenses	15.6		10.8		26.4
Restructuring charges, net	(2.2)		—		(2.2)
Segment operating income	$	138.0	$	103.5	241.5
Corporate and unallocated expenses:
Cost of sales (1)					7.6
Selling, general and administrative expenses (1)					121.5
Combination, integration, and other related expenses (2)					43.1
Research and development expenses (1)					17.7
Liabilities management and separation costs (3)					3.6
Operating income					48.0
Interest expense					(65.4)
Interest income					11.7
Loss on divestiture					(6.7)
Other income, net					1.4
Loss from continuing operations before income taxes					$	(11.0)
Depreciation and amortization	$	24.3	$	19.6

	Six Months Ended June 28, 2024
	Specialty Brands		Specialty Generics		Total
Net sales	$	531.8	$	450.3	$	982.1
Cost of sales	294.4		321.4		615.8
Selling, general and administrative expenses	125.4		39.0		164.4
Research and development expenses	25.5		12.2		37.7
Restructuring charges, net	10.4		—		10.4
Segment operating income	$	76.1	$	77.7	153.8
Corporate and unallocated expenses:
Cost of sales (1)					7.3
Selling, general and administrative expenses (1)					100.4
Research and development expenses (1)					19.4
Liabilities management and separation costs (3)					17.0
Operating income					9.7
Interest expense					(118.5)
Interest income					12.8
Other income, net					0.2
Loss from continuing operations before income taxes					$	(95.8)
Depreciation and amortization	$	43.9	$	22.7

(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 Business Combination. Refer to Note 3 for further information on the Business Combination.

(3)Represents costs primarily related to the Separation during the three and six months ended June 27, 2025 and professional fees incurred as the Company explored potential sales of non-core assets to enable further deleveraging post-emergence from the 2023 Bankruptcy Proceedings during the three and six months ended June 28, 2024.

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

	Three Months Ended				Six Months Ended
	June 27, 2025		June 28, 2024		June 27, 2025		June 28, 2024
Acthar Gel	$	175.1	$	117.7	$	290.5	$	220.5
INOmax	61.9		66.4		124.4		136.6
Therakos (Note 3)	—		67.2		—		125.4
Amitiza	17.2		15.3		37.4		34.7
Terlivaz	8.0		5.3		15.4		11.3
Other	2.1		2.6		3.9		3.3
Specialty Brands	264.3		274.5		471.6		531.8
Opioids	73.2		95.2		156.9		177.1
ADHD	48.7		41.8		95.9		73.5
Addiction treatment	26.5		21.0		45.0		36.4
Other	0.6		3.6		4.5		5.1
Generics	149.0		161.6		302.3		292.1
Controlled substances	27.5		26.4		46.6		49.3
APAP	39.6		47.3		73.4		99.0
Other	4.7		4.5		11.1		9.9
API	71.8		78.2		131.1		158.2
Specialty Generics	220.8		239.8		433.4		450.3
Net sales	$	485.1	$	514.3	$	905.0	$	982.1