Divestitures

3 Months Ended

Mar. 31, 2026

Discontinued Operations and Disposal Groups [Abstract]

Divestitures

4. Divestitures

Par Health Separation

On November 10, 2025, the Company completed the separation (“Separation”) of its Generics and Sterile Injectables businesses into an independent, private company named Par Health Inc. (“Par Health”). As a result of the Separation, the Company no longer retains any ownership interest in Par Health. For further information, refer to Note 6. Divestitures of the Notes to the Consolidated Financial Statements included in Item 8. Financial Statements and Supplementary Data of the 2025 Form 10-K.

The financial results of Par Health are classified as discontinued operations in accordance with ASC 205-20, Presentation of Financial Statements - Discontinued Operations, for all relevant periods presented. The following table summarizes the financial performance of Par Health for the three months ended March 28, 2025, which reflects the results of the Company’s former Generics business during this time period.

Major line items constituting income from discontinued operations	Three Months Ended March 28, 2025 (1)
Net sales	$	212.7
Cost of sales	121.8
Gross profit	90.9
Selling, general and administrative expenses	34.0
Research and development expenses	5.2
Operating income	51.7
Interest expense	(0.1)
Interest income	1.7
Other expense, net	(0.3)
Income from discontinued operations before income taxes	53.0
Provision for income taxes	5.6
Income from discontinued operations, net of tax	$	47.4

(1)    Results do not include $0.2 million of income from discontinued operations, net of tax, relating to the Company’s prior divestiture of its Nuclear Imaging business.

In connection with the Separation, the Company entered into a transition services agreement to provide and receive certain services following the separation (the “Par Health TSA”). Income under the Par Health TSA was $3.1 million during the three months ended March 31, 2026. As of March 31, 2026 under the provisions of these certain agreements, the Company was owed approximately $9.1 million from Par Health and the Company owed approximately $4.2 million to Par Health, which primarily reflect amounts owed between the parties for certain pass-through costs paid or received by one party on behalf of the other party.

Therakos Divestiture

On November 29, 2024, the Company completed the divestiture of the Company’s Therakos business (“Therakos Divestiture”). The Company recorded $6.2 million for the final working capital settlement for the Therakos Divestiture during the three months ended March 28, 2025. In connection with the Therakos Divestiture, the Company entered into a transition services agreement (the “Therakos TSA”) effective upon closing to provide certain business support services generally for up to 18 months after the closing date or a longer period for certain services. Income under the Therakos TSA was $0.4 million and $3.0 million during the three months ended March 31, 2026 and March 28, 2025, respectively. For further information, refer to Note 6. Divestitures of the Notes to the Consolidated Financial Statements included in Item 8. Financial Statements and Supplementary Data of the 2025 Form 10-K.