Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 26, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis

The following tables provide a summary of the significant assets and liabilities that are measured at fair value on a recurring basis at the end of each period:

			Fair Value Measurement Using Fair Value Hierarchy:
	September 26, 2025		Level 1		Level 2		Level 3
Assets:
Debt and equity securities held in rabbi trusts	$	27.0	$	18.0	$	9.0	$	—
Equity securities	9.3		9.3		—		—
Interest rate cap	0.9		—		0.9		—
	$	37.2	$	27.3	$	9.9	$	—
Liabilities:
Deferred compensation liabilities	$	27.7	$	—	$	27.7	$	—
Contingent consideration liabilities	43.8		—		—		43.8
	$	71.5	$	—	$	27.7	$	43.8

			Fair Value Measurement Using Fair Value Hierarchy:
	December 27, 2024		Level 1		Level 2		Level 3
Assets:
Debt and equity securities held in rabbi trusts	$	25.4	$	17.4	$	8.0	$	—
Equity securities	12.0		12.0		—		—
Interest rate cap	5.3		—		5.3		—
	$	42.7	$	29.4	$	13.3	$	—
Liabilities:
Deferred compensation liabilities	$	22.5	$	—	$	22.5	$	—
Contingent consideration liabilities	17.5		—		—		17.5
	$	40.0	$	—	$	22.5	$	17.5

Schedule of Contingent Consideration

The following table summarizes activity for contingent consideration:

	Terlivaz CVR		Auxilium		Other		Total
December 27, 2024	$	17.5	$	—	$	—	$	17.5
Business Combination additions (Note 3)	—		24.8		0.4		25.2
Fair value adjustment	2.5		0.4		—		2.9
Payments	—		(1.7)		(0.1)		(1.8)
September 26, 2025	$	20.0	$	23.5	$	0.3	$	43.8

The following table summarizes the expenses recorded within SG&A in the unaudited condensed consolidated statements of operation:

	Three Months Ended				Nine Months Ended
	September 26, 2025		September 27, 2024		September 26, 2025		September 27, 2024
Terlivaz CVR	$	1.7	$	1.1	$	2.5	$	3.2
Auxilium	0.4		—		0.4		—
Total contingent consideration expense	$	2.1	$	1.1	$	2.9	$	3.2

Schedule of Carrying Amount and Fair Value of Long-Term Debt

The following table presents the carrying values and estimated fair values of the Company's debt as of the end of each period:

	September 26, 2025				December 27, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
Level 1:
8.50% Senior Secured Notes due April 2031	$	1,062.8	$	1,071.7	$	—	$	—
14.75% Second-Out Takeback Notes due November 2028	—		—		505.4		511.6
Level 2:
Term Loan due July 2030	1,200.0		1,242.0		—		—
Term Loan due April 2031	1,491.4		1,493.4		—		—
Second-Out Takeback Term Loan Due November 2028	—		—		410.2		415.4
Total Debt	$	3,754.2	$	3,807.1	$	915.6	$	927.0

Schedules of Concentration of Risk

The following table shows net sales attributable to distributors that accounted for 10.0% or more of the Company's total net sales:

	Three Months Ended				Nine Months Ended
	September 26, 2025		September 27, 2024		September 26, 2025		September 27, 2024
FFF Enterprises, Inc.	23.2	%	23.3	%	27.4	%	21.7	%
Cencora, Inc.	18.4		*		19.1		13.7
McKesson Corporation	13.5		*		10.1		*
Cardinal Health, Inc.	11.6		*		*		*

* Net sales attributable to this distributor were less than 10.0% of the Company's total net sales for the respective periods presented above.

The following table shows accounts receivable attributable to distributors that accounted for 10.0% or more of the Company's gross accounts receivable at the end of each period:

	September 26, 2025		December 27, 2024
Cencora, Inc.	36.9	%	34.9	%
McKesson Corporation	22.2		19.8
Cardinal Health, Inc.	14.1		*
FFF Enterprises, Inc.	*		12.1

* Accounts receivable to this distributor were less than 10.0% of the Company’s total accounts receivable for the respective period presented above.

The following table shows net sales attributable to products that accounted for 10.0% or more of the Company's total net sales:

	Three Months Ended				Nine Months Ended
	September 26, 2025		September 27, 2024		September 26, 2025		September 27, 2024
Acthar Gel	24.1	%	25.0	%	28.5	%	23.3	%
Xiaflex (Note 3)	12.0		**		*		**
INOmax	*		12.7		11.1		13.5
Therakos (Note 3)	*		13.4		*		13.0

* Net sales attributable to this product were less than 10.0% of the Company's total net sales for the respective periods presented above.

** This product was acquired from Endo as a result of the Business Combination. The Company’s concentration of net sales attributable to products reflects the inclusion of two months of Endo’s performance in its consolidated results for the three and nine months ended September 26, 2025.