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Segment Data
 9 Months Ended
Sep. 26, 2025
Segment Reporting [Abstract]  
Segment Data
15.
Segment Data
The Company operated its business in three reportable segments, which are further described below:
•Specialty Brands includes innovative specialty pharmaceutical brands;
•Generics includes generic drugs and API(s); and
•Sterile Injectables includes vials and RTU sterile injectable products.
As a result of the Business Combination, the Company is now organized into three reportable segments, which contain different types of products with different target end-consumers, sales and marketing requirements, distribution channels and pricing strategies, among other reasons. The Company has not aggregated its operating segments. The Company’s operating results for the three and nine months ended September 26, 2025 reflect the consolidated results of two months of Endo’s performance in its consolidated and segment results. Refer to Note 3 for further information on the Business Combination.
The Company’s chief operating decision maker (“CODM”) is the President, 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.
The accounting policies of the segments are the same as those applied to the consolidated financial statements as further described in Note 3 of this Form 10-Q and in Note 3 of the Company’s 2024 Form 10-K. 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 $8,467.7 million and $3,302.6 million as of September 26, 2025 and December 27, 2024, respectively.
Selected information by reportable segment was as follows:
Three Months Ended September 26, 2025
Specialty Brands (1)
Generics (1)
Sterile Injectables (1)
Total
Net sales$416.0 $289.9 $47.2 $753.1 
Cost of sales238.3 198.9 56.9 494.1 
Selling, general and administrative expenses115.4 32.4 5.1 152.9 
Research and development expenses16.1 7.5 7.4 31.0 
Segment operating income (loss)$46.2 $51.1 $(22.2)75.1 
Corporate and unallocated expenses:
Cost of sales (2)
5.0 
Selling, general and administrative expenses (2)
198.8 
Combination, integration, and other related expenses (3)
93.8 
Research and development expenses (2)
13.3 
Liabilities management and separation costs (4)
33.3 
Operating loss(269.1)
Interest expense(70.6)
Interest income6.5 
Gain on debt extinguishment4.6 
Gain on divestiture0.8 
Other income, net0.8 
Loss from continuing operations before income taxes$(327.0)
Depreciation and amortization$42.9 $17.5 $2.2 
Three Months Ended September 27, 2024
Specialty BrandsGenericsSterile InjectablesTotal
Net sales$286.0 $219.5 $— $505.5 
Cost of sales133.8 147.0 — 280.8 
Selling, general and administrative expenses63.7 23.3 — 87.0 
Research and development expenses10.7 7.2 — 17.9 
Restructuring charges, net0.1 — — 0.1 
Segment operating income$77.7 $42.0 $— 119.7 
Corporate and unallocated expenses:
Cost of sales (2)
3.6 
Selling, general and administrative expenses (2)
54.2 
Research and development expenses (2)
10.3 
Liabilities management and separation costs (4)
15.2 
Operating income36.4 
Interest expense(59.0)
Interest income7.4 
Other expense, net(3.8)
Loss from continuing operations before income taxes$(19.0)
Depreciation and amortization$16.3 $9.8 $— 
Nine Months Ended September 26, 2025
Specialty Brands (1)
Generics (1)
Sterile Injectables (1)
Total
Net sales$887.6 $723.3 $47.2 $1,658.1 
Cost of sales440.1 459.8 56.9 956.8 
Selling, general and administrative expenses233.8 90.6 5.1 329.5 
Research and development expenses31.7 18.3 7.4 57.4 
Restructuring charges, net(2.2)— — (2.2)
Segment operating income (loss)$184.2 $154.6 $(22.2)316.6 
Corporate and unallocated expenses:
Cost of sales (2)
12.6 
Selling, general and administrative expenses (2)
320.3 
Combination, integration, and other related expenses (3)
136.9 
Research and development expenses (2)
31.0 
Liabilities management and separation costs (4)
36.9 
Operating loss(221.1)
Interest expense
(136.0)
Interest income
18.2 
Gain on debt extinguishment4.6 
Loss on divestiture(5.9)
Other income, net2.2 
Loss from continuing operations before income taxes$(338.0)
Depreciation and amortization$67.2 $37.1 $2.2 
Nine Months Ended September 27, 2024
Specialty BrandsGenericsSterile InjectablesTotal
Net sales$817.8 $669.8 $— $1,487.6 
Cost of sales428.2 468.4 — 896.6 
Selling, general and administrative expenses189.1 62.3 — 251.4 
Research and development expenses36.2 19.4 — 55.6 
Restructuring charges, net10.5 — — 10.5 
Segment operating income$153.8 $119.7 $— 273.5 
Corporate and unallocated expenses:
Cost of sales (2)
10.9 
Selling, general and administrative expenses (2)
154.6 
Research and development expenses (2)
29.7 
Liabilities management and separation costs (4)
32.2 
Operating income46.1 
Interest expense
(177.5)
Interest income
20.2 
Other expense, net(3.6)
Loss from continuing operations before income taxes$(114.8)
Depreciation and amortization$60.2 $32.5 $— 
(1)The Company’s operating results for the three and nine months ended September 26, 2025 reflect the consolidated results of two months of Endo’s performance in its consolidated and segment results.
(2)Includes certain compensation, information technology, legal, environmental and other costs not charged to the Company’s reportable segments.
(3)Represents legal, financial, other advisory and consulting, and severance expenses, which primarily relate to shareholder matters, integration planning, and regulatory costs associated with the Business Combination.
(4)Represents costs primarily related to the Separation during the three and nine months ended September 26, 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 nine months ended September 27, 2024.
Net sales by product family within the Company's reportable segments were as follows:
Three Months EndedNine Months Ended
September 26,
2025		September 27,
2024		September 26,
2025		September 27,
2024
Acthar Gel$181.4 $126.4 $471.9 $346.9 
Xiaflex (1)
90.1 — 90.1 — 
INOmax58.9 64.0 183.3 200.6 
Amitiza18.8 18.8 56.2 53.5 
Supprelin LA (1)
13.6 — 13.6 — 
Percocet (1)
10.6 — 10.6 — 
Testopel (1)
8.6 — 8.6 — 
Terlivaz8.5 7.3 23.9 18.6 
Edex (1)
6.6 — 6.6 — 
Other (2)
18.9 1.9 22.8 5.2 
Therakos (3)
— 67.6 — 193.0 
Specialty Brands416.0 286.0 887.6 817.8 
Opioids70.4 85.9 227.3 263.0 
ADHD48.9 41.3 144.8 114.8 
Addiction treatment22.5 18.1 67.5 54.5 
Lidoderm AG (1)
33.7 — 33.7 — 
Other (2)
47.3 0.9 51.8 6.0 
Finished Dosage Generics222.8 146.2 525.1 438.3 
APAP44.6 40.0 118.0 139.0 
Controlled substances18.9 27.2 65.5 76.5 
Other3.6 6.1 14.7 16.0 
API67.1 73.3 198.2 231.5 
Generics289.9 219.5 723.3 669.8 
Aplisol (1)
11.6 — 11.6 — 
Adrenalin (1)
11.5 — 11.5 — 
Vasostrict (1)
4.8 — 4.8 — 
Other sterile injectables (1)
19.3 — 19.3 — 
Sterile Injectables (1)
47.2 — 47.2 — 
Net sales$753.1 $505.5 $1,658.1 $1,487.6 
(1)These products were acquired from Endo as a result of the Business Combination. The Company’s operating results for the three and nine months ended September 26, 2025 reflect the consolidated results of two months of Endo’s performance in its consolidated and segment results.
(2)These balances contain products that were acquired from Endo as a result of the Business Combination. The Company’s operating results for the three and nine months ended September 26, 2025 reflect the consolidated results of two months of Endo’s performance in its consolidated and segment results. The Other Specialty Brands balances for the three and nine months ended September 26, 2025 included $17.1 million of sales related to legacy Endo products while the Other Finished Dosage Generics balances included $47.0 million of sales related to legacy Endo products for the three and nine months ended September 26, 2025.
(3)This product was divested during fiscal 2025. Refer to note 3 for further information on the Therakos Divestiture.