Segment Data (Tables)

9 Months Ended

Sep. 26, 2025

Schedule of Segment Reporting Information by Reportable Segment

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 sales	238.3		198.9		56.9		494.1
Selling, general and administrative expenses	115.4		32.4		5.1		152.9
Research and development expenses	16.1		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 income							6.5
Gain on debt extinguishment							4.6
Gain on divestiture							0.8
Other income, net							0.8
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 Brands		Generics		Sterile Injectables		Total
Net sales	$	286.0	$	219.5	$	—	$	505.5
Cost of sales	133.8		147.0		—		280.8
Selling, general and administrative expenses	63.7		23.3		—		87.0
Research and development expenses	10.7		7.2		—		17.9
Restructuring charges, net	0.1		—		—		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 income							36.4
Interest expense							(59.0)
Interest income							7.4
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 sales	440.1		459.8		56.9		956.8
Selling, general and administrative expenses	233.8		90.6		5.1		329.5
Research and development expenses	31.7		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 extinguishment							4.6
Loss on divestiture							(5.9)
Other income, net							2.2
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 Brands		Generics		Sterile Injectables		Total
Net sales	$	817.8	$	669.8	$	—	$	1,487.6
Cost of sales	428.2		468.4		—		896.6
Selling, general and administrative expenses	189.1		62.3		—		251.4
Research and development expenses	36.2		19.4		—		55.6
Restructuring charges, net	10.5		—		—		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 income							46.1
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.

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				Nine 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		—
INOmax	58.9		64.0		183.3		200.6
Amitiza	18.8		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		—
Terlivaz	8.5		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 Brands	416.0		286.0		887.6		817.8

Opioids	70.4		85.9		227.3		263.0
ADHD	48.9		41.3		144.8		114.8
Addiction treatment	22.5		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 Generics	222.8		146.2		525.1		438.3
APAP	44.6		40.0		118.0		139.0
Controlled substances	18.9		27.2		65.5		76.5
Other	3.6		6.1		14.7		16.0
API	67.1		73.3		198.2		231.5
Generics	289.9		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.