Segment Data

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Data

15. Segment Data

The Company operates its business in one operating and reportable segment with a clear and focused strategy centered on its branded therapeutics. The Company’s business is dedicated to developing, manufacturing, and commercializing branded therapeutics for the treatment of rare or unaddressed diseases in the specialty areas of rheumatology, ophthalmology, nephrology, pulmonology, orthopedics, urology and neonatal respiratory critical care.

The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM measures and evaluates the Company's operations on a consolidated basis based on net income (loss). Significant segment expenses include cost of sales, research and development and selling, general and administrative expenses. The CODM considers budget-to-actual variances of consolidated net sales and consolidated net income (loss) on a quarterly basis to assess performance and operating trends and to make decisions about allocating resources

The CODM manages assets on a total company basis. The CODM is not regularly provided any asset information below the consolidated balance sheet.

Net sales by product family were as follows:

	Three Months Ended
	March 31, 2026		March 28, 2025
Acthar Gel	$	169.5	$	115.4
Xiaflex (1)	134.4		—
INOmax	58.8		62.5
Amitiza	21.0		20.0
Other Products (1)	78.7		9.1
License Revenue (1)	5.9		0.2
Net sales	$	468.3	$	207.2

(1)Is or contains products acquired in the Business Combination. Accordingly, there are no comparable net sales for these products during the prior year period.