Goodwill and Intangible Assets

9 Months Ended

Sep. 26, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

10. Goodwill and Intangible Assets

Changes in the carrying amount of goodwill by reportable segment were as follows:

	Specialty Brands		Generics		Sterile Injectables		Total
Balance as of December 27, 2024	$	—	$	—	$	—	$	—
Goodwill additions (Note 3)	7.3		—		—		7.3
Balance as of September 26, 2025	$	7.3	$	—	$	—	$	7.3

The gross carrying amount and accumulated amortization of intangible assets were comprised of the following (in millions):

	September 26, 2025						December 27, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Amortizable:
Completed technology	$	2,659.2	$	(147.9)	$	2,511.3	$	495.2	$	(75.8)	$	419.4
License agreements	34.0		(1.9)		32.1		—		—		—
Amortizable intangibles assets, net	$	2,693.2	$	(149.8)	$	2,543.4	$	495.2	$	(75.8)	$	419.4
Non-Amortizable:
In-process research and development	17.0		—		17.0		—		—		—
Intangible assets, net	$	2,710.2	$	(149.8)	$	2,560.4	$	495.2	$	(75.8)	$	419.4

Intangible asset amortization expense is included in COGS in the condensed consolidated statements of operations and was as follows:

	Three Months Ended				Nine Months Ended
	September 26, 2025		September 27, 2024		September 26, 2025		September 27, 2024
Amortization expense	$	47.9	$	18.0	$	74.2	$	66.1

During the three months ended September 26, 2025, the Company acquired $2,215.0 million of intangible assets as a result of the Business Combination, including $2,198.0 million of amortizable intangible assets and $17.0 million of in-process research and development. Additionally, during the fiscal year ended December 27, 2024, the Company divested $108.7 million of an intangible asset, which was comprised of $129.4 million gross carrying amount and $20.7 million of accumulated amortization, related to Therakos. Refer to Note 3 for additional information on the Business Combination and the Therakos Divestiture.

As of September 26, 2025, the estimated aggregate amortization expense in the next five fiscal years is expected to be as follows:

Remainder of Fiscal 2025	$	64.8
Fiscal 2026	257.1
Fiscal 2027	253.8
Fiscal 2028	239.6
Fiscal 2029	217.6
Fiscal 2030	204.7