Restructuring

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Restructuring

Note 4: Restructuring

2023 Fit for Growth Restructuring Program

In 2023 we initiated cost saving measures as part of our Fit for Growth program to reduce operating costs, while improving operating efficiency and effectiveness. The Fit for Growth program generated approximately $1.0 billion in gross operating expense savings by the end of 2025, some of which has been reinvested in various initiatives. The Fit for Growth program included net headcount reductions of approximately 1,400 employees and we incurred total restructuring charges of approximately $320.0 million by the end of 2025.

Total charges incurred from our 2023 Fit for Growth program are summarized as follows:

	For the Years Ended December 31,
	2025						2024						2023
(In millions)	Severance Costs		Accelerated Depreciation and Other		Total		Severance Costs		Accelerated Depreciation and Other		Total		Severance Costs		Accelerated Depreciation and Other		Total
Selling, general and administrative	$	—	$	(1.4)	$	(1.4)	$	—	$	13.8	$	13.8	$	—	$	23.3	$	23.3
Research and development	—		10.1		10.1		—		11.7		11.7		—		1.2		1.2
Restructuring charges	48.7		—		48.7		24.2		—		24.2		153.4		34.6		188.0
Total charges	$	48.7	$	8.7	$	57.4	$	24.2	$	25.5	$	49.7	$	153.4	$	59.1	$	212.5

Other Costs: Includes costs associated with items such as asset abandonment and write-offs, facility closure costs, pre-tax gains and losses resulting from the termination of certain leases, employee non-severance expense, consulting fees and other costs.

Reata Integration

Following the close of our Reata acquisition in September 2023, we implemented an integration plan designed to realize operating synergies through cost savings and avoidance. Under this initiative, we estimated we would incur total integration charges of approximately $35.0 million related to severance and employment costs, which were substantially incurred during 2023.

Total charges incurred from our Reata integration are summarized as follows:

	For the Years Ended December 31,
	2025						2024						2023
(In millions)	Severance Costs		Accelerated Depreciation and Other		Total		Severance Costs		Accelerated Depreciation and Other		Total		Severance Costs		Accelerated Depreciation and Other		Total
Selling, general and administrative	$	—	$	6.8	$	6.8	$	—	$	6.3	$	6.3	$	—	$	—	$	—
Research and development	—		14.3		14.3		—		11.9		11.9		—		—		—
Restructuring charges	(0.7)		—		(0.7)		3.4		—		3.4		30.4		—		30.4
Total charges	$	(0.7)	$	21.1	$	20.4	$	3.4	$	18.2	$	21.6	$	30.4	$	—	$	30.4

In connection with our acquisition of Reata we assumed responsibility for a single-tenant, build-to-suit building of approximately 327,400 square feet of office and laboratory space located in Plano, Texas, with an initial lease term of 16 years. We do not intend to occupy this building and are evaluating opportunities to sublease the property. For additional information on our acquisition of Reata, please read Note 2, Acquisitions, to these consolidated financial statements.

Restructuring Reserve

Charges and spending related to workforce reductions are summarized as follows:

(In millions)	Workforce Reductions
Restructuring reserve, December 31, 2023	$	75.4
Expense	30.2
Payment	(73.8)
Foreign currency and other adjustments	0.1
Restructuring reserve, December 31, 2024	31.9
Expense	48.6
Payment	(61.5)
Foreign currency and other adjustments	(3.2)
Restructuring reserve, December 31, 2025	$	15.8