0001628280-26-055614 | 10-Q | XBRL Viewer

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Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Inventory [Line Items]
Raw materials	$ 56.9	$ 54.1
Work in process	301.1	253.7
Finished goods	118.4	245.7
Inventories	476.4	553.5
Inventory noncurrent	346.2	497.4
Balance Sheet Location [Axis]: us-gaap:InventoryNet
Inventory [Line Items]
Inventory adjustments	264.0	368.0
Balance Sheet Location [Axis]: us-gaap:OtherAssetsNoncurrent
Inventory [Line Items]
Inventory adjustments	$ 265.5	$ 413.0

Recently Issued Accounting Standards

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Recently Issued Accounting Standards


2.			Recently Issued Accounting Standards

Recently Issued Accounting Standards Not Yet Adopted

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). This ASU requires new financial statement disclosures about the nature, amount, and timing of relevant expense categories underlying income statement expense, including purchases of inventory, employee compensation, depreciation, and amortization in commonly presented expense captions such as cost of revenue and selling, general and administrative expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The disclosure updates are required to be applied prospectively with the option for retrospective application. The Company is currently evaluating the disclosure requirements of this standard and the impact on its Consolidated Financial Statements.

In September 2025, the FASB issued ASU 2025‑06, Intangibles—Goodwill and Other—Internal‑Use Software (Subtopic 350‑40): Targeted Improvements to the Accounting for Internal‑Use Software (“ASU 2025-06”). This ASU modernizes the accounting guidance for internal‑use software costs by eliminating references to software development project stages and introducing a principles‑based model that requires capitalization of costs when management has authorized and committed to funding the project and it is probable that the project will be completed and the software will be used for its intended purpose. This ASU also supersedes existing guidance on website development costs and incorporates that guidance into Subtopic 350‑40. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The standard may be applied prospectively, modified retrospectively, or retrospectively. The Company is currently evaluating the impact of this standard on its accounting for internal‑use software costs and related disclosures.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) - Narrow-Scope Improvements (“ASU 2025-11”). The amendments add to Topic 270 a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is not intended to change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements. Rather, the objective of the amendments is to provide clarity on interim reporting requirements. ASU 2025-11 results in a comprehensive list of interim disclosures that are required by GAAP and is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this standard.

No other new accounting pronouncement issued has had, or is expected to have, a material impact on the Company’s Unaudited Condensed Consolidated Financial Statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Background and Basis of Presentation

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Background and Basis of Presentation


1.			Background and Basis of Presentation

Background

Keenova Therapeutics plc and its consolidated subsidiaries (collectively, “Keenova” or “the Company”) is a leading United States (“U.S.”) -focused branded therapeutics company that strives to help patients with rare or unaddressed conditions live happier and healthier lives. Keenova’s rare disease capabilities underpin the Company’s diversified brands portfolio, which is focused across a wide range of therapeutic areas of significant unmet need. These include rheumatology, ophthalmology, nephrology, neurology, pulmonology, orthopedics, urology, and neonatal respiratory critical care.

The Company’s principal executive offices are located at College Business & Technology Park, Cruiserath, Blanchardstown, Dublin 15, Ireland, where certain manufacturing operations are also located. In addition, the Company has locations in the U.S., including manufacturing facilities in Horsham, Pennsylvania; Port Allen, Louisiana; Rye, New York; Cranbury, New Jersey; and Madison, Wisconsin, as well as office facilities in Bridgewater, New Jersey; Malvern, Pennsylvania; Hazelwood, Missouri; Washington, D.C.; and in Tokyo, Japan, among others. The Company also has seven regional service centers in the U.S.

Basis of Presentation

The Unaudited Condensed Consolidated Financial Statements have been prepared in U.S. dollars and in accordance with generally accepted accounting principles in the U.S. (“GAAP”) and rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The preparation of the Unaudited Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Actual results may differ from those estimates. The Unaudited Condensed Consolidated Financial Statements include the accounts of the Company, its wholly owned subsidiaries and entities in which they own or control more than 50.0% of the voting shares. In the opinion of management, all adjustments necessary for a fair statement of results of operations, cash flows and financial position have been made. All intercompany balances and transactions have been eliminated in consolidation and all adjustments necessary for a fair statement have been included in the results reported.

The results of entities disposed of are included in the Unaudited Condensed Consolidated Financial Statements up to the date of disposal, and where appropriate, these operations have been reported in discontinued operations. Divestitures of product lines and businesses not meeting the criteria for discontinued operations have been reflected in continuing operations.

The fiscal year-end balance sheet data was derived from Audited Consolidated Financial Statements, but does not include all of the annual disclosures required by GAAP; accordingly these Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Company's Audited Annual Consolidated Financial Statements included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on April 15, 2026 (“2025 Form 10-K”).

Fiscal Year

The Company historically reported its results based on a “52-53 week” year ending on the last Friday of December. In the fourth quarter of fiscal year 2025, the Company approved a change in its fiscal year end from a 52-53-week year ending on the last Friday of December to a calendar year ending on December 31, 2025. Beginning with fiscal 2026, the Company’s fiscal year corresponds to the calendar year from January 1 through December 31.

The number of operating days in the quarterly periods in fiscal year 2026 are different as compared to the 52-53 week quarterly periods in fiscal year 2025, which has an impact on the Company’s comparative presentation of period-over-period information. The three months ended June 27, 2025, refers to the thirteen-week period ended June 27, 2025, and includes the same number of operating days as the three months ended June 30, 2026. The six months ended June 27, 2025, refer to the twenty-six-week period ended June 27, 2025, and includes one additional operating day when compared to the six months ended June 30, 2026.

Summary of Significant Accounting Policies

There have been no material changes to the Company’s significant accounting policies during the six months ended June 30, 2026, as compared to the significant accounting policies presented in Note 4. Summary of Significant Accounting Policies of the Notes to the Consolidated Financial Statements included in Item 8. Financial Statements and Supplementary Data of the 2025 Form 10-K.

Share-based Compensation (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026
Restricted Share Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangements by share-based payment award, equity instruments other than options, granted in period, fair value	$ 2.5	$ 57.6
Conversion of RSUs (in shares)		0.7
Performance Share Units \| Share-Based Payment Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangements by share-based payment award, equity instruments other than options, granted in period, fair value		$ 21.3
Conversion of RSUs (in shares)		0.3
Vesting period		3 years
Performance Share Units \| Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangements by share-based payment award, equity instruments other than options, granted in period, fair value		$ 85.1
Conversion of RSUs (in shares)		1.0
Compensation expense		$ 0.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Property, Plant, and Equipment
Land	$ 218.9	$ 208.2
Less: accumulated depreciation	(34.2)	(22.8)
Property, plant and equipment, net	184.7	185.4
Land
Property, Plant, and Equipment
Land	8.0	8.2
Buildings
Property, Plant, and Equipment
Land	57.2	56.5
Capitalized software
Property, Plant, and Equipment
Land	6.0	4.8
Machinery and equipment
Property, Plant, and Equipment
Land	126.9	116.4
Construction in process
Property, Plant, and Equipment
Land	$ 20.8	$ 22.3

- Definition

Amount of accumulated depreciation, depletion, and amortization of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

Amount, after accumulated depreciation, depletion, and amortization, of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

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+ Details

(Loss) Income per Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

(Loss) Income per Share


7.			(Loss) Income per Share

The weighted-average number of shares outstanding used in the computations of basic and diluted (loss) income per share were as follows (in millions of shares):


	Three Months Ended		Six Months Ended
	June 30, 2026	June 27, 2025	June 30, 2026	June 27, 2025
Basic	39.6	19.7	39.6	19.7
Dilutive impact of restricted share units	—	—	—	—
Diluted	39.6	19.7	39.6	19.7

A net loss cannot be diluted. When a company is in a net loss position, basic and diluted (loss) income per share are the same. If a company records net income, the denominator of a diluted earnings per share calculation will include both the weighted average number of shares outstanding and the number of common stock equivalents, if the inclusion of such common stock equivalents would be dilutive.

The computation of diluted weighted-average shares outstanding for the three months ended June 30, 2026 and June 27, 2025 excluded approximately 2.7 million and 1.7 million, respectively and for the six months ended June 30, 2026 and June 27, 2025 excluded approximately 2.1 million and 1.7 million, respectively, of common stock equivalents (consisting of stock awards during all periods and contingent value rights during the three and six months ended June 27, 2025) because the effect would have been anti-dilutive.

Background and Basis of Presentation (Policies)	6 Months Ended
Background and Basis of Presentation (Policies)	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The Unaudited Condensed Consolidated Financial Statements have been prepared in U.S. dollars and in accordance with generally accepted accounting principles in the U.S. (“GAAP”) and rules and regulations of the U.S. Securities and Exchange Commission (“SEC”).
Use of Estimates	The preparation of the Unaudited Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Actual results may differ from those estimates.
Consolidation	The Unaudited Condensed Consolidated Financial Statements include the accounts of the Company, its wholly owned subsidiaries and entities in which they own or control more than 50.0% of the voting shares. In the opinion of management, all adjustments necessary for a fair statement of results of operations, cash flows and financial position have been made. All intercompany balances and transactions have been eliminated in consolidation and all adjustments necessary for a fair statement have been included in the results reported.
Discontinued Operations	The results of entities disposed of are included in the Unaudited Condensed Consolidated Financial Statements up to the date of disposal, and where appropriate, these operations have been reported in discontinued operations. Divestitures of product lines and businesses not meeting the criteria for discontinued operations have been reflected in continuing operations.
Fiscal Year	Fiscal Year The Company historically reported its results based on a “52-53 week” year ending on the last Friday of December. In the fourth quarter of fiscal year 2025, the Company approved a change in its fiscal year end from a 52-53-week year ending on the last Friday of December to a calendar year ending on December 31, 2025. Beginning with fiscal 2026, the Company’s fiscal year corresponds to the calendar year from January 1 through December 31. The number of operating days in the quarterly periods in fiscal year 2026 are different as compared to the 52-53 week quarterly periods in fiscal year 2025, which has an impact on the Company’s comparative presentation of period-over-period information. The three months ended June 27, 2025, refers to the thirteen-week period ended June 27, 2025, and includes the same number of operating days as the three months ended June 30, 2026. The six months ended June 27, 2025, refer to the twenty-six-week period ended June 27, 2025, and includes one additional operating day when compared to the six months ended June 30, 2026.
Recently Issued Accounting Standards Not Yet Adopted	Recently Issued Accounting Standards Not Yet Adopted In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). This ASU requires new financial statement disclosures about the nature, amount, and timing of relevant expense categories underlying income statement expense, including purchases of inventory, employee compensation, depreciation, and amortization in commonly presented expense captions such as cost of revenue and selling, general and administrative expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The disclosure updates are required to be applied prospectively with the option for retrospective application. The Company is currently evaluating the disclosure requirements of this standard and the impact on its Consolidated Financial Statements. In September 2025, the FASB issued ASU 2025‑06, Intangibles—Goodwill and Other—Internal‑Use Software (Subtopic 350‑40): Targeted Improvements to the Accounting for Internal‑Use Software (“ASU 2025-06”). This ASU modernizes the accounting guidance for internal‑use software costs by eliminating references to software development project stages and introducing a principles‑based model that requires capitalization of costs when management has authorized and committed to funding the project and it is probable that the project will be completed and the software will be used for its intended purpose. This ASU also supersedes existing guidance on website development costs and incorporates that guidance into Subtopic 350‑40. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The standard may be applied prospectively, modified retrospectively, or retrospectively. The Company is currently evaluating the impact of this standard on its accounting for internal‑use software costs and related disclosures. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) - Narrow-Scope Improvements (“ASU 2025-11”). The amendments add to Topic 270 a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is not intended to change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements. Rather, the objective of the amendments is to provide clarity on interim reporting requirements. ASU 2025-11 results in a comprehensive list of interim disclosures that are required by GAAP and is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this standard. No other new accounting pronouncement issued has had, or is expected to have, a material impact on the Company’s Unaudited Condensed Consolidated Financial Statements.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
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-Section S50
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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

+ Details

Property, Plant and Equipment (Tables)

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

Property, Plant, and Equipment

The gross carrying amount and accumulated depreciation of property, plant and equipment were comprised of the following at the end of each period:


	June 30, 2026		December 31, 2025
Land	$	8.0	$	8.2
Buildings	57.2		56.5
Capitalized software	6.0		4.8
Machinery and equipment	126.9		116.4
Construction in process	20.8		22.3
Property, plant and equipment, at cost	218.9		208.2
Less: accumulated depreciation	(34.2)		(22.8)
Property, plant and equipment, net	$	184.7	$	185.4

Depreciation of Fixed Assets

Depreciation expense was as follows:


	Three Months Ended				Six Months Ended
	June 30, 2026		June 27, 2025		June 30, 2026		June 27, 2025
Depreciation expense	$	6.2	$	3.0	$	11.8	$	5.7

Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 27, 2025	Jun. 30, 2026	Jun. 27, 2025	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Costs to fulfill a contract, net	$ 64.8		$ 64.8		$ 62.0
Capitalized contract cost, amortization	$ 2.4	$ 1.4	$ 4.7	$ 2.9

Background and Basis of Presentation (Details)	6 Months Ended
Background and Basis of Presentation (Details)	Jun. 30, 2026 center
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of regional service centers	7

Revenue from Contracts with Customers - Rollforward of Variable Consideration Reserves (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 27, 2025
Movement In Contract With Customer Liability [Roll Forward]
Beginning balance	$ 284.5	$ 69.3
Provisions	411.3	125.0
Payments or credits	(413.7)	(97.0)
Ending balance	282.1	97.3
Rebates and Chargebacks
Movement In Contract With Customer Liability [Roll Forward]
Beginning balance	234.4	65.0
Provisions	389.7	122.7
Payments or credits	(394.3)	(96.5)
Ending balance	229.8	91.2
Product Returns
Movement In Contract With Customer Liability [Roll Forward]
Beginning balance	48.3	4.2
Provisions	11.6	2.3
Payments or credits	(9.7)	(0.5)
Ending balance	50.2	6.0
Other Sales Deductions
Movement In Contract With Customer Liability [Roll Forward]
Beginning balance	1.8	0.1
Provisions	10.0	0.0
Payments or credits	(9.7)	0.0
Ending balance	$ 2.1	$ 0.1

Divestitures - Narrative (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
Divestitures - Narrative (Details) - USD ($) $ in Millions	Jun. 13, 2026	Jun. 30, 2026	Jun. 27, 2025	Jun. 30, 2026	Jun. 27, 2025
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Percocet and Endocet Businesses
Disposal Group, Including Discontinued Operations [Line Items]
Divestiture consideration	$ 25.0
Contingent consideration arrangement, term	5 years
Projected future cash flows and a discount rate	16.00%
Disposal groupincluding discontinued operation, estimated fair value	$ 177.1
Disposal group including discontinued operation, carrying amount	359.0
Non-cash impairment charge	$ 181.9
Transition services agreement, term	3 months
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Par Health
Disposal Group, Including Discontinued Operations [Line Items]
Discontinued operation, amount of continuing cash flows after disposal		$ 2.6		$ 5.7
Provisions certain agreements, income		1.2		1.2
Provisions certain agreements, owed		$ 10.5		$ 10.5
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Therakos Divestiture
Disposal Group, Including Discontinued Operations [Line Items]
Transition services agreement, term		18 months		18 months
Payments for divestiture					$ 6.2
Transition services agreement, revenue		$ 0.2	$ 2.2	$ 0.6	$ 5.2

Business Combination (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
Business Combination (Details) - USD ($) $ in Millions	Mar. 31, 2026	Jun. 30, 2026
Business Combination [Line Items]
Decrease to goodwill		$ 6.9
Mallinckrodt & Endo Merger
Business Combination [Line Items]
Measurement period adjustments, inventory	$ 2.5
Measurement period adjustments, prepaid expenses and other current assets	2.1
Measurement period adjustments, decrease to accrued and other current liabilities	2.3
Decrease to goodwill	$ 6.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
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-Section 50
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+ Details

Business Combination

6 Months Ended

Jun. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Combination


3.			Business Combination

Business Combination with Endo

On March 13, 2025, the Company entered into a Transaction Agreement (as amended on April 23, 2025) (“Transaction Agreement”) with Endo, Inc. (which has since been converted to Endo LP, “Endo”) and Salvare Merger Sub LLC, the Company’s wholly owned subsidiary (“Merger Sub”). On July 31, 2025, pursuant to the Transaction Agreement, the Company acquired all of the issued and outstanding shares of Endo through the merger of Merger Sub with and into Endo, with Endo continuing as the surviving entity and a wholly owned subsidiary of the Company (the “Business Combination”). For further information, refer to Note 5. Business Combination of the Notes to the Consolidated Financial Statements included in Item 8. Financial Statements and Supplementary Data of the 2025 Form 10-K.

During the three months ended March 31, 2026, the Company’s assessment of additional information that existed at the acquisition date relating to the fair value of assets acquired and liabilities assumed resulted in an increase in the fair value of inventory of $2.5 million, an increase in prepaid and other current assets of $2.1 million, and a decrease in accrued and other current liabilities of $2.3 million. As a result, goodwill was reduced by $6.9 million. There were no measurement period adjustments made during the three months ended June 30, 2026. The measurement period for the Business Combination ended on July 31, 2026, with no further adjustments recorded.

- Definition

The entire disclosure for business combination.

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+ Details

Debt (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Debt

Debt was comprised of the following at the end of each period:


	June 30, 2026				December 31, 2025
	Principal		Carrying Value			Principal		Carrying Value
Current maturities of long-term debt:
Term Loan due April 2031	$	15.0	$	15.0		$	15.0	$	15.0

Total current maturities of long-term debt	$	15.0	$	15.0		$	15.0	$	15.0

Long-term debt:
Term Loan due April 2031	$	1,458.8	$	1,464.3		$	1,466.3	$	1,472.3
8.50% Senior Secured Notes Due April 2031	1,000.0		1,054.3			1,000.0		1,060.0




Total long-term debt	$	2,458.8	$	2,518.6		$	2,466.3	$	2,532.3
Total debt	$	2,473.8	$	2,533.6		$	2,481.3	$	2,547.3

Schedule of Applicable Interest Rate on Variable-rate Debt

As of June 30, 2026, the applicable interest rate on the Company's debt instruments were as follows:


	Applicable Interest Rate
Term Loan due April 2031	7.39	%
8.50% Senior Secured Notes due April 2031	8.50	%

Revenue from Contracts with Customers - Disaggregation of Revenue (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 27, 2025	Jun. 30, 2026	Jun. 27, 2025
Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Product sales (as a percent)	88.60%	76.60%	88.10%	73.60%
Transferred over Time
Disaggregation of Revenue [Line Items]
Product sales (as a percent)	11.40%	23.40%	11.90%	26.40%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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(Loss) Income per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 27, 2025	Jun. 30, 2026	Jun. 27, 2025
Earnings Per Share [Abstract]
Potentially dilutive share amounts (in shares)	2.7	1.7	2.1	1.7

Inventories (Tables)

6 Months Ended

Jun. 30, 2026

Inventory, Net [Abstract]

Schedule of Inventories

Inventories were comprised of the following at the end of each period:


	June 30, 2026		December 31, 2025
Raw materials	$	56.9	$	54.1
Work in process	301.1		253.7
Finished goods	118.4		245.7
Inventories (1)	$	476.4	$	553.5

Inventories, long-term (1) (2)	346.2		$	497.4

(1)As of June 30, 2026, inventories and inventories, long-term include approximately $264.0 million and $265.5 million, respectively, of remaining unamortized fair value step up. As of December 31, 2025, inventories and inventories, long-term include $368.0 million and $413.0 million respectively, of remaining unamortized fair value step up. The remaining unamortized fair value step up will be expensed as cost of sales in future periods as the inventory is sold.

(2)Inventories, long-term are included in other assets in the Consolidated Balance Sheets at June 30, 2026, and December 31, 2025.

Segment Data - Schedule of Net Sales from External Customers by Products (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 27, 2025	Jun. 30, 2026	Jun. 27, 2025
Segment Reporting
Net sales	$ 517.2	$ 264.3	$ 985.5	$ 471.5
Single Reportable Segment
Segment Reporting
Net sales	517.2	264.3	985.5	471.5
Acthar Gel \| Single Reportable Segment
Segment Reporting
Net sales	204.7	175.1	374.2	290.5
Xiaflex \| Single Reportable Segment
Segment Reporting
Net sales	149.8	0.0	284.2	0.0
INOmax \| Single Reportable Segment
Segment Reporting
Net sales	58.9	61.9	117.7	124.4
Other Products \| Single Reportable Segment
Segment Reporting
Net sales	94.2	27.2	193.9	56.3
License Revenue \| Single Reportable Segment
Segment Reporting
Net sales	$ 9.6	$ 0.1	$ 15.5	$ 0.3

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Divestitures - Income (Loss) From Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 27, 2025	Jun. 27, 2025
Par Health \| Discontinued Operations, Disposed of by Means Other than Sale, Spinoff
Disposal Group, Including Discontinued Operations [Line Items]
Net sales	$ 220.8	$ 433.5
Cost of sales	139.6	261.4
Gross profit	81.2	172.1
Selling, general and administrative expenses	32.5	66.5
Research and development expenses	5.6	10.8
Combination, integration, and other related expenses	2.6	2.6
Operating income	40.5	92.2
Interest expense	(0.2)	(0.3)
Interest income	2.1	3.8
Other expense, net	(0.7)	(1.0)
Income from discontinued operations before income taxes	41.7	94.7
Provision for income taxes	8.9	14.5
Income from discontinued operations, net of tax	32.8	80.2
Nuclear Imaging \| Discontinued Operations, Disposed of by Sale
Disposal Group, Including Discontinued Operations [Line Items]
Income from discontinued operations, net of tax	$ 0.1	$ 0.3

Goodwill and Intangible Assets - Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 30, 2026 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 31.8
Measurement period adjustments (Note 3)	(6.9)
Allocation to Disposal Group (Note 4)	(1.1)
Ending balance	$ 23.8

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

+ Details

Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Goodwill and Intangible Assets


10.			Goodwill and Intangible Assets

Goodwill

The following table presents the changes in the carrying amount of goodwill for the six months ended June 30, 2026:


	Total
Balance as of December 31, 2025	$	31.8
Measurement period adjustments (Note 3)	(6.9)
Allocation to Disposal Group (Note 4)	(1.1)
Balance as of June 30, 2026	$	23.8

Intangible Assets

The gross carrying amount and accumulated amortization of intangible assets were comprised of the following at the end of each period:


	June 30, 2026						December 31, 2025
	Gross Carrying Amount (1)		Accumulated Amortization (1)		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Amortizable:
Developed technology	$	1,974.7	$	252.9	$	1,721.8	$	2,404.7	$	175.1	$	2,229.6
Intangible assets, net	$	1,974.7	$	252.9	$	1,721.8	$	2,404.7	$	175.1	$	2,229.6

(1)Excludes gross carrying amount of $430.0 million and accumulated amortization of $31.2 million related to the Disposal Group classified as assets held for sale.

Intangible asset amortization expense

Intangible asset amortization expense is included in cost of sales in the Condensed Consolidated Statements of Operations and was as follows:


	Three Months Ended				Six Months Ended
	June 30, 2026		June 27, 2025		June 30, 2026		June 27, 2025
Amortization expense	$	53.6	$	9.5	$	109.0	$	19.2

Based on the carrying amount of developed technology intangible assets as of June 30, 2026 and assuming no future impairment of the underlying assets, the estimated future amortization is expected to be as follows:


Remainder of Fiscal 2026	$	91.9
Fiscal 2027	181.3
Fiscal 2028	178.0
Fiscal 2029	171.7
Fiscal 2030	159.7
Thereafter	939.2
Total amortization	$	1,721.8

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2026	Jun. 27, 2025	Jun. 30, 2026	Jun. 27, 2025	Dec. 31, 2025
Income Taxes [Line Items]
Income tax (benefit) expense	$ (23.0)	$ 2.0	$ (18.2)	$ 0.3
Losses from continuing operations	$ 243.5	$ 28.5	$ 352.2	$ 105.5
Effective tax rate	9.50%	(7.00%)	5.20%	(0.30%)
Unrecognized tax benefits	$ 26.6		$ 26.6		$ 26.6
IRELAND
Income Taxes [Line Items]
Effective income tax rate	12.50%	12.50%	12.50%	12.50%

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Financial Instruments and Fair Value Measurements - Schedule of Carrying Amount and Fair Value of Long-term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025	Apr. 23, 2024
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair Value	$ 2,533.6	$ 2,547.3
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair Value	$ 2,531.4	2,530.1
8.50% Senior Secured Notes due April 2031
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Interest rate percentage	8.50%		8.50%
Level 1 \| 8.50% Senior Secured Notes due April 2031
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Interest rate percentage	8.50%
Level 1 \| 8.50% Senior Secured Notes due April 2031 \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair Value	$ 1,054.3	1,060.0
Level 1 \| 8.50% Senior Secured Notes due April 2031 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair Value	1,054.0	1,058.1
Level 2 \| Term Loan due April 2031 \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair Value	1,479.3	1,487.3
Level 2 \| Term Loan due April 2031 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair Value	$ 1,477.4	$ 1,472.0

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

+ References

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-Section 50
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025	Apr. 23, 2024
Current maturities of long-term debt:
Principal	$ 15.0	$ 15.0
Carrying Value	15.0	15.0
Long-term debt:
Principal	2,458.8	2,466.3
Carrying Value	2,518.6	2,532.3
Total debt, principal	2,473.8	2,481.3
Total debt, carrying value	2,533.6	2,547.3
Term Loan due April 2031
Current maturities of long-term debt:
Principal	15.0	15.0
Carrying Value	15.0	15.0
Long-term debt:
Principal	1,458.8	1,466.3
Carrying Value	1,464.3	1,472.3
8.50% Senior Secured Notes due April 2031
Long-term debt:
Principal	1,000.0	1,000.0
Carrying Value	$ 1,054.3	$ 1,060.0
Interest rate percentage	8.50%		8.50%

Financial Instruments and Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026	Jun. 27, 2025	Dec. 31, 2025	Apr. 23, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Proceeds from sale of equity securities	$ 4.5	$ 10.2	$ 0.0
Realized gain (loss)	0.5	0.6
Restricted cash	142.3	142.3		$ 141.1
Self insurance reserve	85.9	85.9
Bank guarantees, letters of credit, surety bonds and collateral	$ 33.8	$ 33.8
8.50% Senior Secured Notes due April 2031
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest rate percentage	8.50%	8.50%			8.50%
Indemnification Agreement \| Mallinckrodt Baker
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Escrow deposit	$ 22.6	$ 22.6

Goodwill and Intangible Assets - Schedule of Intangible Asset Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 27, 2025	Jun. 30, 2026	Jun. 27, 2025	Dec. 31, 2025
Intangible Asset, Goodwill and Other [Abstract]
Amortization expense	$ 53.6	$ 9.5	$ 109.0	$ 19.2
Gross Carrying Amount	$ 1,974.7		$ 1,974.7		$ 2,404.7

- Definition

Amount of amortization expense for finite-lived intangible asset. Excludes goodwill and capitalized cost for software to be sold, leased, or marketed.

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-Topic 230
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+ Details

Property, Plant and Equipment

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

Property, Plant and Equipment


9.			Property, Plant and Equipment

The gross carrying amount and accumulated depreciation of property, plant and equipment were comprised of the following at the end of each period:


	June 30, 2026		December 31, 2025
Land	$	8.0	$	8.2
Buildings	57.2		56.5
Capitalized software	6.0		4.8
Machinery and equipment	126.9		116.4
Construction in process	20.8		22.3
Property, plant and equipment, at cost	218.9		208.2
Less: accumulated depreciation	(34.2)		(22.8)
Property, plant and equipment, net	$	184.7	$	185.4

Depreciation expense was as follows:


	Three Months Ended				Six Months Ended
	June 30, 2026		June 27, 2025		June 30, 2026		June 27, 2025
Depreciation expense	$	6.2	$	3.0	$	11.8	$	5.7

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
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+ Details

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2026	Aug. 04, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-35803
Entity Registrant Name	Keenova Therapeutics plc
Entity Incorporation, State or Country Code	L2
Entity Tax Identification Number	98-1088325
Entity Address, Address Line One	College Business & Technology Park
Entity Address, Address Line Two	Cruiserath
Entity Address, Address Line Three	Blanchardstown
Entity Address, City or Town	Dublin
Entity Address, Postal Zip Code	15
Entity Address, Country	IE
Country Region	353
City Area Code	1
Local Phone Number	696 0000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Common Stock, Shares Outstanding		39,646,277
Entity Central Index Key	0001567892
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false

Property, Plant and Equipment - Depreciation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 27, 2025	Jun. 30, 2026	Jun. 27, 2025
Property, Plant, and Equipment [Abstract]
Depreciation expense	$ 6.2	$ 3.0	$ 11.8	$ 5.7

Guarantees

6 Months Ended

Jun. 30, 2026

Guarantees [Abstract]

Guarantees


12.			Guarantees

In disposing of assets or businesses, the Company has from time to time provided representations, warranties and indemnities to cover various risks and liabilities, including unknown damage to assets, environmental risks involved in the sale of real estate, liability to investigate and remediate environmental contamination at waste disposal sites and manufacturing facilities, and unidentified tax liabilities related to periods prior to disposition. The Company assesses the probability of potential liabilities related to such representations, warranties and indemnities and adjusts potential liabilities as a result of changes in facts and circumstances. As of June 30, 2026, the Company believes the likelihood of payment is remote and the fair value of such guarantees is not material.

As of June 30, 2026, there were no material changes in the Company’s guarantees or non-indebtedness obligations from those disclosed in the 2025 Form 10-K.

- Definition

The entire disclosure for each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
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-Section S99
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-Subparagraph (SX 210.9-06)
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+ Details

Goodwill and Intangible Assets - Schedule Of Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Schedule of Intangible Asset by Major Class [Line Items]
Gross Carrying Amount	$ 1,974.7	$ 2,404.7
Accumulated Amortization	252.9	175.1
Net Book Value	1,721.8	2,229.6
Disposal Group, Held-for-Sale, Not Discontinued Operations
Schedule of Intangible Asset by Major Class [Line Items]
Gross Carrying Amount	430.0
Accumulated Amortization	31.2
Developed technology
Schedule of Intangible Asset by Major Class [Line Items]
Gross Carrying Amount	1,974.7	2,404.7
Accumulated Amortization	252.9	175.1
Net Book Value	$ 1,721.8	$ 2,229.6

Share-based Compensation

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Share-based Compensation


16.			Share-based Compensation

During the three months ended June 30, 2026, the Company granted to its directors time-based restricted share-units (“RSUs”) with an aggregate grant-date fair value of $2.5 million which fully vest on the first anniversary of the award.

During the six months ended June 30, 2026, the Company granted 0.7 million time-based RSUs with an aggregate grant-date fair value of $57.6 million, which vest in equal installments on each of the first three anniversaries of the grant date for executive officers and fully vest on the first anniversary of the grant date for directors, 0.3 million performance-based restricted-share units (“PSUs”), with an aggregate grant-date fair value of $21.3 million, which cliff vest after three years upon achievement of specified financial performance criteria, and 1.0 million PSUs with an aggregate grant-date fair value of $85.1 million, which vest solely upon the occurrence of a qualifying event.

Compensation expense for the RSUs and the PSUs tied to financial performance criteria is recognized using the graded attribution method and, for PSUs, gives consideration to the probability of achieving the applicable vesting conditions. With respect to the PSUs that vest solely upon the occurrence of event criteria, no stock‑based compensation expense has been recognized during the six months ended June 30, 2026, as qualifying events are not considered probable.

Revenue from Contracts with Customers - Future Performance Obligations (Details) $ in Millions	Jun. 30, 2026 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation amount	$ 105.3
Remaining performance obligation, timing of satisfaction	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation amount	$ 68.5
Remaining performance obligation, timing of satisfaction	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation amount	$ 31.8
Remaining performance obligation, timing of satisfaction	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation amount	$ 5.6
Remaining performance obligation, timing of satisfaction

(Loss) Income per Share - Computations of Both Basic and Diluted Income (Loss) Per Share (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 27, 2025	Jun. 30, 2026	Jun. 27, 2025
Earnings Per Share [Abstract]
Basic (in shares)	39.6	19.7	39.6	19.7
Dilutive impact of restricted share units (in shares)	0.0	0.0	0.0	0.0
Diluted (in shares)	39.6	19.7	39.6	19.7

Commitments and Contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies


13.			Commitments and Contingencies

Legal Proceedings and Investigations

The Company is subject to various legal proceedings and claims, including government investigations, environmental matters, product liability matters, patent infringement claims, antitrust matters, securities class action lawsuits, personal injury claims, employment disputes, contractual and other commercial disputes, and other legal proceedings, all in the ordinary course of business, including those described below. Although it is not feasible to predict the outcome of these matters, the Company believes, unless otherwise indicated below, given the information currently available, that the ultimate resolution of any particular matter, or matters that have the same legal or factual issues, will not have a material adverse effect on its financial condition, results of operations and cash flows.

Government Proceedings

U.S. Attorney's Office Subpoena W.D. Va. In March 2025, Endo USA, Inc. (“Endo USA”) received a subpoena duces tecum issued by the U.S. Attorney’s Office for the Western District of Virginia (“WDVA USAO”) requesting documents and information from 1996 through the present related to any interactions by Endo USA, its affiliates, predecessors or other related parties with pharmacy benefit managers, including (i) remuneration provided, (ii) negotiation of rebates, (iii) communications regarding the prescription, administration or payment for opioid medications, and (iv) communications regarding the safety or efficacy of opioid medications. Endo USA received two additional subpoenas from the WDVA USAO seeking related material in April 2025. Endo

USA has responded to the subpoenas and is cooperating with the investigation. The Company cannot predict the eventual scope, duration or outcome of this matter at this time.

U.S. Department of Justice Consumer Protection Branch Subpoena. In April 2025, Endo USA received subpoenas from the U.S. Department of Justice’s Consumer Protection Branch seeking documents and information, if any, related to the marketing and promotion of Supprelin® LA from January 2020 through the present, for certain unapproved uses, including transgender care and gender dysphoria. Endo USA is cooperating with the investigation and is in the process of responding to the subpoenas. The Company cannot predict the eventual scope, duration or outcome of the investigation at this time.

U.S. Department of Justice Civil Investigative Demand. In October 2025, Endo received a Civil Investigative Demand (“CID”) from the U.S. Department of Justice under the False Claims Act seeking documents and information from January 2020 through the present. The CID concerns allegations that (1) Endo violated the False Claims Act by paying kickbacks to induce the purchase of XIAFLEX, in violation of the Anti-Kickback Statute and (2) Endo inflated reimbursement rates for XIAFLEX by excluding applicable price concessions from average sales price reports submitted to the Centers for Medicare & Medicaid Services. Endo is cooperating with the investigation and is in the process of responding to the CID. The Company cannot predict the eventual scope, duration or outcome of this matter at this time.

Securities Litigation

Alta Fundamental. In September 2024, a lawsuit was filed against the Company’s CEO Sigurdur Olafsson, its former CFO Bryan Reasons, the former Chair of the Board Paul Bisaro, its former Chief Strategy and Restructuring Officer Jason Goodson, and its former Global Controller and Chief Investor Relations Officer Daniel Speciale (“Alta Individual Defendants”), in the U.S. District Court for the District of New Jersey, captioned Alta Fundamental Advisors, LLC et al. v. Bisaro et al., No. 24-cv-09245. The Alta Fundamental lawsuit generally alleges that the defendants made false and misleading statements related to the Company’s business, operations, and prospects, including its financial strength, its ability to timely make certain payments related to the Company’s opioid-related litigation settlement and the risk of additional filings for bankruptcy protection. The lawsuit alleges claims under Sections 10(b), 18(a), and 20(a) of the Securities Exchange Act of 1934, Rule 10b-5 promulgated thereunder, and the New Jersey Uniform Securities Act, as well as common law fraud and negligent misrepresentation. The Company assumed the obligation to defend and indemnify the Alta Individual Defendants. The lawsuit seeks monetary damages in an unspecified amount. In June 2025, the court granted in part and denied in part the Alta Individual Defendants' motion to dismiss. Certain of the Alta Individual Defendants filed a motion for reconsideration as to the court’s partial denial. In February 2026, the court granted the motion for reconsideration and the Individual Defendants Goodson and Speciale were dismissed from this case. The Alta Individual Defendants who did not file a motion for reconsideration answered the complaint in August 2025. In May 2026, the parties entered into an agreement to resolve all claims on this matter, with the settlement amount funded by the Company’s insurance carriers and not material to the Company’s financial condition, results of operations, or cash flows.

Endo Bankruptcy

Historically, Endo’s business had been operated by Endo International plc, together with its subsidiaries. On August 16, 2022, Endo International plc, together with certain of its direct and indirect subsidiaries, filed voluntary petitions for relief under the chapter 11 of title 11 of the United States Code (“Bankruptcy Code,” and such cases, the “Endo Chapter 11 Cases”); certain additional Endo entities filed voluntary petitions for relief under the Bankruptcy Code on May 25, 2023 and May 31, 2023 (together the “Endo Debtors”). On December 19, 2023, the Endo Debtors filed a proposed chapter 11 plan of reorganization (as amended, including on January 5, 2024, January 9, 2024 and March 18, 2024, and including any exhibits and supplements filed with respect thereto, the “Endo Plan”) and related disclosure statement with the U.S. Bankruptcy Court for the Southern District of New York (“New York Bankruptcy Court”). The New York Bankruptcy Court confirmed the Endo Plan on March 19, 2024, and the Endo Debtors satisfied all conditions required for the Endo Plan effectiveness on April 23, 2024.

At the Endo Debtors’ request, the New York Bankruptcy Court appointed the Future Claimants' Representative (“FCR”) in the Endo Chapter 11 Cases. As further described in the applicable New York Bankruptcy Court filings, the FCR represents the rights of individuals who may in the future assert one or more personal injury claims against the Endo Debtors or a successor of the Endo Debtors’ businesses relating to the Endo Debtors’ opioid or transvaginal surgical mesh products, but who could not assert such claims in the Endo Chapter 11 Cases because, among other reasons, such individuals were unaware of the alleged injury, had a latent manifestation of the alleged injury or were otherwise unable to assert or incapable of asserting claims based on the alleged injury. Under the Endo Plan and the settlement contemplated thereby, the trust established for the benefit of eligible future claimants assumed liability for all future claims in exchange for Endo’s ongoing obligation to fund such trust. As of June 30, 2026, the Company’s accrual for loss contingencies is approximately $8.3 million. The liability was assumed in connection with the Business Combination, which is discussed further in Note 3 in our Annual Report on Form 10-K for the year ended December 31, 2025.

Under the Endo Plan, the U.S. Government Economic Settlement provides for payment by Endo of contingent consideration of $25.0 million per year for each calendar year between 2024 and 2028 (capped at $100.0 million in the aggregate) if Endo’s annual earnings before interest, taxes, depreciation, and amortization (“EBITDA”) for the corresponding calendar year exceeds defined baselines (the “EBITDA Outperformance Targets”), as set forth in the U.S. Government Economic Settlement. In accordance with the provisions of the U.S. Government Economic Settlement, in the event Endo acquires or sells assets, such EBITDA Outperformance

Targets, as adjusted to reflect the effects of the Business Combination in July 2025 and the Separation in November 2025 shall be adjusted upward or downward dollar for dollar in an amount equal to the EBITDA contribution of such acquired or sold assets. The EBITDA Outperformance Targets for 2024 and 2025 were not met and the Company does not expect to meet the EBITDA Outperformance Targets in any of the fiscal years 2026 through 2028. No payments have been made or accrued related to the achievement of certain EBITDA Outperformance Targets. Such contingent payments continue to apply after the closing of the Business Combination and the Separation.

Patent Litigation

The Company will continue to vigorously enforce its intellectual property rights relating to its products to prevent the marketing of infringing generic, biosimilar or competing products prior to the expiration of patents covering those products, which, if unsuccessful, could adversely affect the Company's ability to successfully maximize the value of individual products and have an adverse effect on its financial condition, results of operations and cash flows. In the case of litigation filed against potential generic, biosimilar or competing products to the Company's products, those litigation matters can either be settled or the litigation pursued through a trial and any potential appeals of the lower court decision.

Mallinckrodt Pharmaceuticals Ireland Limited, et al. v. Airgas Therapeutics LLC et al. On December 30, 2022, the Company initiated litigation against Airgas Therapeutics, LLC, Airgas USA LLC, and Air Liquide S.A. (collectively “Airgas”) in the U.S. District Court for the District of Delaware following notice from Airgas of its Abbreviated New Drug Application (“ANDA”) submission seeking approval from the Food and Drug Administration (“FDA”) for a generic version of INOmax® (nitric oxide) gas, for inhalation (“INOmax”). Airgas's ANDA received final approval from the FDA in July 2023, and according to Airgas' counsel, the original ANDA was filed in April 2011. In February 2024, the court entered stipulations of consent for filing of an amended complaint. In March 2024, the court granted Air Liquide S.A.’s motion to dismiss. Airgas Therapeutics, LLC and Airgas USA LLC remain parties to the litigation. In January 2025, the court denied the Company’s motion for preliminary injunction seeking to prevent defendants Airgas Therapeutics LLC and Airgas USA LLC from infringing the Company’s U.S. patents during the pendency of the litigation. The defendants have filed a motion for summary judgment. There was a jury trial in September 2025. At trial, the Company asserted three patents. The Company was seeking monetary and equitable relief. On September 12, 2025, the jury returned a verdict in favor of the Company. The jury found that Airgas willfully infringed the asserted patents. The jury awarded approximately $9.5 million in monetary damages. On October 7, 2025, the court entered judgment that Airgas infringes the asserted patents under 35 U.S.C. §271(e) and will enter final judgment on remedies after considering motions for judgment as a matter of law.

Amitiza Patent Challenges. The Company was granted numerous Japanese patents related to Amitiza. The Company has received notifications of petitions for invalidation trials described below, each of which was filed with the Japan Patent Office (“JPO”) and relates to Amitiza and its use in Japan. The JPO has the authority to determine the validity of each of these patent grants and each of these patent term extension (“PTE”) registration grants. A party may appeal the JPO’s determination to a court of law.

In October 2023, the Company received notification that Sawai Pharmaceutical Co., Ltd. (“Sawai”) had filed petitions for two invalidation trials against two PTE registrations for JP Patent No. 4332353. In June 2025, the JPO determined that none of the invalidation grounds can stand and concluded that the two PTE registrations for the 24 and 12μg capsules are valid. Sawai has appealed the JPO decision for both PTE registrations. Oral arguments were held in February 2026. A decision was reached on April 9, 2026, dismissing Sawai’s complaints. Sawai did not appeal the decision.

In December 2023, the Company received notification that Sawai had filed a petition for an invalidation trial against JP Patent No. 4332353. The JPO held a hearing in December 2024 relating to Sawai’s challenge of JP Patent No. 4332353, and in May 2025 the JPO issued a decision finding that all of the asserted claims in respect of JP Patent No. 4332353 are valid and will be maintained. Sawai has appealed the JPO's decision to the IP High Court. Initial briefs were filed by all parties and an oral argument was held on April 23, 2026. On June 25, 2026, the Company received the judgment indicating that it prevailed on the appeal. Sawai has appealed the decision to the Supreme Court of Japan. The appeal is at an early stage.

In April 2024, the Company received notification that Sawai had filed petitions for invalidation trials with respect to only the 12µg strength of Amitiza against PTE registrations of three additional patents (JP Patent No. 4786866, JP Patent No. 4852229, and JP Patent No. 4889219). The JPO held a hearing in August 2025 with respect to the three invalidations trials regarding the 12 µg PTE registrations. A decision was reached on May 26, 2026, dismissing Sawai’s complaints. Sawai has appealed the JPO decisions for all three PTE registrations. The appeals are at an early stage.

In April 2024, the Company received notification that Sawai had filed a petition for invalidation trial against JP Patent No. 4786866. In December 2025, the JPO issued a Notice of Completion of Examination in the invalidation trial. In February 2026, the JPO issued a decision finding that all of the asserted claims in respect of JP Patent No. 4786866 as amended during the invalidation trial are valid and will be maintained. The decision was not appealed by Sawai, and the deadline to appeal has passed.

In May 2024, the Company received notification that Sawai had filed petitions for invalidation trials with respect to only the 12µg strength of Amitiza against PTE registrations of two additional patents (JP Patent No. 4332316 and JP Patent No. 4684334). An oral hearing was held on March 2, 2026. A decision was reached on May 26, 2026, dismissing Sawai’s complaints. Sawai did not appeal the decision, and so the decision is final.

In December 2025, the Company received notification that Towa Pharmaceutical Co., Ltd (“Towa”) had filed petitions for invalidation trials with respect to only the 12µg strength of Amitiza against PTE registrations for JP Patent Nos. 4786866, 4852229, and 4889219. The petitions have been received by the parties, and answers to the petitions have been filed. An oral hearing is expected to be scheduled later this year. The Company believes that each of these patents and/or PTE registrations is valid, and the Company will vigorously defend these patents and PTE registrations.

In October 2025, the Company intervened in a patent infringement suit filed by Viatris Pharmaceuticals Japan G.K. (“Viatris”) against Sawai, in Osaka District Court, Civil Division, related to certain Japanese patents. Viatris has filed lawsuits against Sawai alleging that Sawai has infringed JP Patent Nos. 4889219 (“the ‘219 patent”) and 4332353 (“the ‘353 patent”). In the lawsuit, Viatris alleges that Sawai has infringed the ‘219 and ‘353 patents by filing an application for marketing approval of a generic drug of Amitiza 24 mcg capsules. Petitions for preliminary injunction have also been filed against Sawai to enjoin it from continuing to infringe the ‘219 and ‘353 patents. The Company has intervened in both lawsuits to support Viatris in its claims against Sawai and to defend the validity of the ‘219 and ‘353 patents. In February 2026, the Osaka District Court ruled on the preliminary injunction cases in favor of Sawai, finding that Sawai does not infringe the ‘219 patent or the ‘353 patent. The Osaka District Court did not rule on the validity of either the ‘219 patent or the ‘353 patent. Viatris appealed the decision, and the Company joined the appeal, but the appeal was later withdrawn. A decision in the patent infringement lawsuits was received on March 3, 2026, finding that Sawai does not infringe the ‘219 patent or the ‘353 patent. Viatris has appealed the decision, and the Company has joined the appeal. Towa also joined the appeal in support of Sawai. On February 16, 2026, the Japanese regulatory authority approved both Towa’s and Sawai’s generic 24 mcg Amitiza products; however, the generic Amitiza products were not included in the National Health Insurance (“NHI”) price listing for generic drugs published in June, and so the generic Amitiza products are not available on the market. The next NHI price listing will occur in December.

Separately, Viatris filed a number of additional proceedings alleging patent infringement against Towa and Sawai in Japan, including petitions to enjoin them from continuing to infringe a number of patents related to the Amitiza 24 mcg capsules. The Company has intervened in the lawsuits to support Viatris in its claims and to defend the validity of the patents. The petitions to enjoin Sawai and Towa from continuing to infringe a number of patents related to the Amitiza 24 mcg capsules have been withdrawn, but the patent infringement cases remain pending.

The outcome of the foregoing proceedings is expected to impact the Company’s sales of Amitiza in Japan.

Other Matters

The Company is a defendant in a number of other pending legal proceedings relating to present and former operations, acquisitions and dispositions. The Company does not expect the outcome of these proceedings, either individually or in the aggregate, to have a material adverse effect on its financial condition, results of operations and cash flows.

SpinCo Liabilities

Pursuant to the terms and conditions of the Separation Agreement by and between the Company and Par Health, at the effective time of its separation from the Company, Par Health or one of its subsidiaries assumed certain liabilities (whether accrued, contingent or otherwise) relating to, arising out of or resulting from the generic pharmaceuticals (including active pharmaceutical ingredient (“API’s”)) and sterile injectables businesses of the Company or certain related assets, including all related pending, threatened and unasserted legal matters (collectively, the “SpinCo Liabilities”). These SpinCo Liabilities include, among others, environmental proceedings, governmental investigations, patent proceedings, commercial disputes, and other litigation. The Company or one of its subsidiaries retained all liabilities (including whether accrued, contingent or otherwise) other than SpinCo Liabilities, including all related pending, threatened and unasserted legal matters (the “Parent Liabilities”). Par Health agreed to indemnify the Company for any liability arising out of or resulting from the SpinCo Liabilities, and the Company agreed to indemnify Par Health for any liability arising out of or resulting from the Parent Liabilities. Items described above are considered to be Parent Liabilities.

Based on the Company’s understanding of the matters to date, the Company does not intend to further report on SpinCo Liabilities, except for the matters described below under the captions “U.S. Attorney's Office Subpoena W.D. Va.” and “Generic Pharmaceutical Antitrust Multi-District Litigation” in which a Keenova entity has been named a party.

U.S. Attorney's Office Subpoena W.D. Va. In August 2023, the Company received a grand jury subpoena from the WDVA USAO. Subsequently, the Company and Par Health received additional grand jury subpoenas from the WDVA USAO, most recently, in December 2025. The subpoenas seek production of certain data and information for the time period from July 17, 2012, to the present, including information and data relating to the controlled substances compliance program of the Company’s former subsidiaries, reporting of suspicious orders for controlled substances, chargebacks and other transactions, financial accounts related to these issues, financial transactions involving prescription drug products, and communications with the U.S. Drug Enforcement Administration. The Company cannot predict the eventual scope, duration or outcome of this matter at this time.

Generic Pharmaceutical Antitrust Multi-District Litigation. In August 2016, a multi-district litigation (“MDL”) was established in the U.S. District Court for the Eastern District of Pennsylvania (“EDPA”) relating to allegations of antitrust violations with respect to generic pharmaceutical pricing (“Generic Pricing MDL”). Plaintiffs in the Generic Pricing MDL, captioned In re: Generic Pharmaceuticals Pricing Antitrust Litigation, allege a conspiracy of price-fixing and customer allocation among generic drug

manufacturers beginning in or around July 2009. The Generic Pricing MDL includes lawsuits against the Company and dozens of other pharmaceutical companies, including a complaint filed by Attorneys General for 51 States, Territories and the District of Columbia seeking monetary damages and injunctive relief (“AG Litigation”). Since its inception, the Generic Pricing MDL has expanded to encompass dozens of pharmaceutical companies and more than 200 generic pharmaceutical drugs. Although the AG Litigation had been consolidated in the EDPA in the Generic Pricing MDL, a 2022 federal legislative change exempted state antitrust enforcement actions arising under federal antitrust law from MDLs. As a result, the plaintiffs sought and won a remand to the jurisdiction in which the case was filed, the District of Connecticut. As a result of this change and resulting action, the Company filed its answer to the plaintiffs’ amended complaint in the District Court of Connecticut in September 2024. While the Company believes it is not subject to monetary damages in connection with these matters, as a result of its emergence from Chapter 11 bankruptcy proceedings and Irish examinership proceedings on June 16, 2022 and vigorously disagrees with the plaintiffs' characterization of the facts and law, the Company is not able to reasonably estimate whether any injunctive relief will be granted, and if granted, whether it will materially impact the Company's financial position or operations. The joint defense group filed joint motions for summary judgment, which have been denied. A number of defendants, including the Company, have filed defendant-specific motions for summary judgment, many of which presently remain pending. In February 2026, the Company’s defendant-specific motion for summary judgment was granted as to the unavailability of monetary relief against the Company, but denied as to the Company’s motion to dismiss the Company. In March 2026, a defendant filed a writ of mandamus to the U.S. Court of Appeals for the Second Circuit challenging the summary judgment ruling allowing the plaintiffs’ overarching conspiracy theory, which was denied in May 2026. The Company cannot predict the eventual scope, duration or outcome of this matter at this time.

Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Goodwill

The following table presents the changes in the carrying amount of goodwill for the six months ended June 30, 2026:


	Total
Balance as of December 31, 2025	$	31.8
Measurement period adjustments (Note 3)	(6.9)
Allocation to Disposal Group (Note 4)	(1.1)
Balance as of June 30, 2026	$	23.8

Intangible Asset, Finite-Lived

The gross carrying amount and accumulated amortization of intangible assets were comprised of the following at the end of each period:


	June 30, 2026						December 31, 2025
	Gross Carrying Amount (1)		Accumulated Amortization (1)		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Amortizable:
Developed technology	$	1,974.7	$	252.9	$	1,721.8	$	2,404.7	$	175.1	$	2,229.6
Intangible assets, net	$	1,974.7	$	252.9	$	1,721.8	$	2,404.7	$	175.1	$	2,229.6

(1)Excludes gross carrying amount of $430.0 million and accumulated amortization of $31.2 million related to the Disposal Group classified as assets held for sale.

Intangible Asset, Finite-Lived, Amortization Expense

Intangible asset amortization expense is included in cost of sales in the Condensed Consolidated Statements of Operations and was as follows:


	Three Months Ended				Six Months Ended
	June 30, 2026		June 27, 2025		June 30, 2026		June 27, 2025
Amortization expense	$	53.6	$	9.5	$	109.0	$	19.2

Schedule of Future Amortization Expense, Intangible Assets


Remainder of Fiscal 2026	$	91.9
Fiscal 2027	181.3
Fiscal 2028	178.0
Fiscal 2029	171.7
Fiscal 2030	159.7
Thereafter	939.2
Total amortization	$	1,721.8

- Definition

Tabular disclosure of goodwill.

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+ Details

Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers


5.			Revenue from Contracts with Customers

Product Sales Revenue

See Note 15. Segment Data of the Notes to the Unaudited Condensed Consolidated Financial Statements included in this Quarterly Report for disaggregation of the Company's net sales by product.

Reserves for variable consideration

The following table reflects activity in the Company's sales reserve accounts:


	Rebates and Chargebacks		Product Returns		Other Sales Deductions		Total
Balance as of December 27, 2024	$	65.0	$	4.2	$	0.1	$	69.3
Provisions	122.7		2.3		—		125.0
Payments or credits	(96.5)		(0.5)		—		(97.0)
Balance as of June 27, 2025	$	91.2	$	6.0	$	0.1	$	97.3

Balance as of December 31, 2025	$	234.4	$	48.3	$	1.8	$	284.5

Provisions	389.7		11.6		10.0		411.3
Payments or credits	(394.3)		(9.7)		(9.7)		(413.7)
Balance as of June 30, 2026	$	229.8	$	50.2	$	2.1	$	282.1

Product sales transferred to customers at a point in time and over time were as follows:


	Three Months Ended				Six Months Ended
	June 30, 2026		June 27, 2025		June 30, 2026		June 27, 2025
Product sales transferred at a point in time	88.6	%	76.6	%	88.1	%	73.6	%
Product sales transferred over time	11.4		23.4		11.9		26.4

Transaction price allocated to the remaining performance obligations

The following table includes estimated revenue from contracts extending greater than one year for certain of the Company's hospital products that are expected to be recognized in the future related to performance obligations that were unsatisfied or partially unsatisfied as of June 30, 2026:


Remainder of Fiscal 2026	$	105.3
Fiscal 2027	68.5
Fiscal 2028	31.8
Thereafter	5.6

Costs to fulfill a contract

As of June 30, 2026 and December 31, 2025, the total net book value of the devices used in the Company's portfolio of drug-device combination products, which are used in satisfying future performance obligations and reflected in property, plant and equipment, net, on the Unaudited Condensed Consolidated Balance Sheet was $64.8 million and $62.0 million, respectively. The associated depreciation expense recognized for the three months ended June 30, 2026 and June 27, 2025 was $2.4 million and $1.4 million, and for the six months ended June 30, 2026 and June 27, 2025 was $4.7 million and $2.9 million, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Goodwill and Intangible Assets - Schedule of Future Amortization Expense, Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Intangible Asset, Goodwill and Other [Abstract]
Remainder of Fiscal 2026	$ 91.9
Fiscal 2027	181.3
Fiscal 2028	178.0
Fiscal 2029	171.7
Fiscal 2030	159.7
Thereafter	939.2
Net Book Value	$ 1,721.8	$ 2,229.6

Debt - Schedule of Applicable Interest Rates on Variable-rate Debt (Details)	Jun. 30, 2026 Rate	Apr. 23, 2024
Term Loan due April 2031
Schedule of Applicable Interest Rate on Variable-rate Debt [Line Items]
Applicable Interest Rate	7.39%
8.50% Senior Secured Notes due April 2031
Schedule of Applicable Interest Rate on Variable-rate Debt [Line Items]
Applicable Interest Rate	8.50%
Interest rate percentage	8.50%	8.50%

Commitments and Contingencies (Details) $ in Millions		1 Months Ended				6 Months Ended
Commitments and Contingencies (Details) $ in Millions	Sep. 12, 2025 USD ($)	Apr. 30, 2025 subpoena	May 31, 2024 patent	Apr. 30, 2024 patent	Oct. 31, 2023	Jun. 30, 2026 USD ($) patent
Loss Contingencies [Line Items]
Loss contingency estimate instability \| subpoena		2
Contractual obligation contingent consideration						$ 0.0
Loss contingency, number of patents asserted \| patent						3
Loss contingency, number of invalidation trials				three	two
Loss contingency, number of PTE registrations					two
Patents allegedly infringed, number \| patent			2	3
Endo Bankruptcy \| Pending Litigation
Loss Contingencies [Line Items]
Loss contingency accrual						$ 8.3
Remainder of fiscal year						25.0
Year one						25.0
Year two						25.0
Year three						25.0
Year four						25.0
Endo Bankruptcy \| Pending Litigation \| Maximum
Loss Contingencies [Line Items]
Contractual obligation						$ 100.0
Mallinckrodt Pharmaceuticals Ireland Limited v.s. Airgas Therapeutics LLC \| Pending Litigation
Loss Contingencies [Line Items]
Damages awarded	$ 9.5

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 27, 2025	Jun. 30, 2026	Jun. 27, 2025
Income Statement [Abstract]
Net sales	$ 517.2	$ 264.3	$ 985.5	$ 471.5
Cost of sales	235.2	113.6	516.9	208.7
Gross profit	282.0	150.7	468.6	262.8
Selling, general and administrative expenses	243.8	116.4	454.4	231.3
Combination, integration, and other related expenses	8.6	22.6	28.4	43.1
Research and development expenses	25.0	18.0	48.2	33.3
Restructuring credits, net	0.0	(0.2)	0.0	(2.2)
Non-cash impairment charge	207.7	0.0	207.7	0.0
Liabilities management and separation costs	0.0	1.0	0.0	1.0
Operating loss	(203.1)	(7.1)	(270.1)	(43.7)
Interest expense	(51.2)	(32.5)	(102.2)	(65.1)
Interest income	6.7	3.6	12.1	7.7
Other income (expense), net	4.1	7.5	8.0	(4.4)
Loss from continuing operations before income taxes	(243.5)	(28.5)	(352.2)	(105.5)
Income tax (benefit) expense	(23.0)	2.0	(18.2)	0.3
Loss from continuing operations	(220.5)	(30.5)	(334.0)	(105.8)
Income from discontinued operations, net of income taxes	0.0	32.9	0.0	80.5
Net (loss) income	$ (220.5)	$ 2.4	$ (334.0)	$ (25.3)
Basic (loss) income per share (Note 7):
Loss from continuing operations (in dollars per share)	$ (5.57)	$ (1.55)	$ (8.43)	$ (5.37)
Income from discontinued operations (in dollars per share)	0	1.67	0	4.09
Net (loss) income (in dollars per share)	$ (5.57)	$ 0.12	$ (8.43)	$ (1.28)
Basic weighted-averaged shares outstanding (in shares)	39.6	19.7	39.6	19.7
Diluted (loss) income per share (Note 7):
Loss from continuing operations (in dollars per share)	$ (5.57)	$ (1.55)	$ (8.43)	$ (5.37)
Income from discontinued operations (in dollars per share)	0	1.67	0	4.09
Net (loss) income (in dollars per share)	$ (5.57)	$ 0.12	$ (8.43)	$ (1.28)
Diluted weighted-average shares outstanding (in shares)	39.6	19.7	39.6	19.7

Financial Instruments and Fair Value Measurements - Schedule of Reconciliation of Changes in Fair Value of Contingent Liabilities (Details) - Level 3 $ in Millions	6 Months Ended
	Jun. 30, 2026 USD ($)
Contingent Consideration [Roll Forward]
Beginning balance	$ 54.8
Fair value adjustment	1.2
Payments	(1.3)
Ending balance	54.7
Balance Sheet Location [Axis]: us-gaap:OtherLiabilitiesCurrent
Contingent Consideration [Roll Forward]
Beginning balance	3.0
Ending balance	2.9
Terlivaz CVR
Contingent Consideration [Roll Forward]
Beginning balance	20.0
Fair value adjustment	0.0
Payments	0.0
Ending balance	20.0
Edex
Contingent Consideration [Roll Forward]
Beginning balance	34.8
Fair value adjustment	1.2
Payments	(1.3)
Ending balance	$ 34.7

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 963.7	$ 812.8
Accounts receivable, less allowance for doubtful accounts of $1.2 and $1.1	336.2	299.1
Inventories	476.4	553.5
Prepaid expenses and other current assets	228.8	254.9
Assets held for sale	202.8	0.0
Total current assets	2,207.9	1,920.3
Property, plant and equipment, net	184.7	185.4
Goodwill	23.8	31.8
Intangible assets, net	1,721.8	2,229.6
Deferred income taxes	633.9	654.8
Other assets	441.2	606.7
Total Assets	5,213.3	5,628.6
Current Liabilities:
Current maturities of long-term debt	15.0	15.0
Accounts payable	92.9	77.9
Accrued payroll and payroll-related costs	70.8	120.7
Accrued interest	18.0	18.0
Acthar Gel-Related Settlement	29.6	33.7
Accrued rebates and returns	238.3	241.0
Accrued and other current liabilities	170.3	165.8
Liabilities held for sale	25.7	0.0
Total current liabilities	660.6	672.1
Long-term debt	2,518.6	2,532.3
Acthar Gel-Related Settlement	92.0	112.1
Deferred income taxes	55.8	115.6
Other income tax liabilities	19.5	18.8
Other liabilities	110.0	112.5
Total Liabilities	3,456.5	3,563.4
Commitments and contingencies (Note 13)
Shareholders' Equity:
Preferred shares, $0.001 par value, 3,000,000,000,000 authorized; none issued and outstanding	0.0	0.0
Additional paid-in capital	2,145.7	2,115.5
Accumulated other comprehensive (loss) income	(3.6)	1.0
Accumulated deficit	(385.7)	(51.7)
Total Shareholders' Equity	1,756.8	2,065.2
Total Liabilities and Shareholders' Equity	5,213.3	5,628.6
Ordinary A
Shareholders' Equity:
Ordinary shares	0.0	0.0
Ordinary Shares
Shareholders' Equity:
Ordinary shares	$ 0.4	$ 0.4

Inventories

6 Months Ended

Jun. 30, 2026

Inventory, Net [Abstract]

Inventories


8.			Inventories

Inventories were comprised of the following at the end of each period:


	June 30, 2026		December 31, 2025
Raw materials	$	56.9	$	54.1
Work in process	301.1		253.7
Finished goods	118.4		245.7
Inventories (1)	$	476.4	$	553.5

Inventories, long-term (1) (2)	346.2		$	497.4

(2)Inventories, long-term are included in other assets in the Consolidated Balance Sheets at June 30, 2026, and December 31, 2025.

Income Taxes

6 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

Income Taxes


6.			Income Taxes

The Company recognized income tax benefits of $23.0 million and $18.2 million on losses from continuing operations before income taxes of $243.5 million and $352.2 million for the three and six months ended June 30, 2026, respectively. This resulted in an effective tax rate of 9.5% and 5.2%, respectively. The effective tax rate differs from the Irish statutory tax rate of 12.5%, predominantly due to non-deductible expenses, including interest, compensation, and costs associated with the Business Combination, integration, and other related activity.

The Company recognized income tax expenses of $2.0 million and $0.3 million on losses from continuing operations before income taxes of $28.5 million and $105.5 million for the three and six months ended June 27, 2025, respectively. This resulted in an effective tax rate of (7.0)% and (0.3)%, respectively. The effective tax rate differs from the Irish statutory tax rate of 12.5%, predominately due to statutory rate differences across the jurisdictions in which the Company operates, net of valuation allowances, applied to pretax earnings which includes the impacts of inventory step-up and intangible amortization expense. The effective tax rate is also affected by non-deductible expenses, including interest, compensation, and costs associated with the Business Combination, integration, and other related activity.

The Company's unrecognized tax benefits, excluding interest, totaled $26.6 million as of both June 30, 2026 and December 31, 2025.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Data

6 Months Ended

Jun. 30, 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, neurology, 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				Six Months Ended
	June 30, 2026		June 27, 2025		June 30, 2026		June 27, 2025
Acthar Gel	$	204.7	$	175.1	$	374.2	$	290.5
XIAFLEX (1)	149.8		—		284.2		—
INOmax	58.9		61.9		117.7		124.4

Other Products (1)	94.2		27.2		193.9		56.3
License Revenue (1)	9.6		0.1		15.5		0.3
Net sales	$	517.2	$	264.3	$	985.5	$	471.5

(1)Contains products acquired in the Business Combination. Accordingly, there are no comparable net sales for these products during the prior year periods.

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 40
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+ Details

Segment Data - Additional Information (Details)	6 Months Ended
Segment Data - Additional Information (Details)	Jun. 30, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	1

Divestitures - Schedule of Fresh Start Accounting and Reorganization Adjustment Related to the Discontinued Operations (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Carrying amounts of major classes of assets
Assets held for sale	$ 202.8	$ 0.0
Carrying amounts of major classes of liabilities
Liabilities held for sale	25.7	$ 0.0
Percocet and Endocet Businesses \| Disposal Group, Held-for-Sale, Not Discontinued Operations
Carrying amounts of major classes of assets
Accounts receivable, net	2.4
Inventories	8.1
Intangible assets, net	192.3
Assets held for sale	202.8
Carrying amounts of major classes of liabilities
Accounts payable	0.4
Accrued and other current liabilities	4.8
Deferred tax liabilities	20.5
Liabilities held for sale	$ 25.7

Segment Data (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information by Reportable Segment

Net sales by product family were as follows:


	Three Months Ended				Six Months Ended
	June 30, 2026		June 27, 2025		June 30, 2026		June 27, 2025
Acthar Gel	$	204.7	$	175.1	$	374.2	$	290.5
XIAFLEX (1)	149.8		—		284.2		—
INOmax	58.9		61.9		117.7		124.4

Other Products (1)	94.2		27.2		193.9		56.3
License Revenue (1)	9.6		0.1		15.5		0.3
Net sales	$	517.2	$	264.3	$	985.5	$	471.5

(1)Contains products acquired in the Business Combination. Accordingly, there are no comparable net sales for these products during the prior year periods.

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

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+ Details

Financial Instruments and Fair Value Measurements - Schedules of Concentration of Risk (Details) - Customer Concentration Risk	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 27, 2025	Jun. 30, 2026	Jun. 27, 2025	Dec. 31, 2025
Net sales \| FFF Enterprises, Inc.
Concentration Risk
Concentration risk, percentage	39.80%	62.80%	37.30%	59.30%
Net sales \| Cencora, Inc.
Concentration Risk
Concentration risk, percentage	19.00%		19.40%
Net sales \| CVS Health Corporation
Concentration Risk
Concentration risk, percentage	12.90%		12.60%
Accounts receivable to distributors \| FFF Enterprises, Inc.
Concentration Risk
Concentration risk, percentage			29.10%		19.20%
Accounts receivable to distributors \| Cencora, Inc.
Concentration Risk
Concentration risk, percentage			38.70%		47.50%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Divestitures

6 Months Ended

Jun. 30, 2026

Discontinued Operations and Disposal Groups [Abstract]

Divestitures


4.			Divestitures

Sale of Percocet and Endocet Businesses

On June 13, 2026, the Company entered into a purchase agreement with Par Health, Inc. (“Par Health”), pursuant to which the Company has agreed to sell its Percocet and Endocet businesses (the “Disposal Group”) to Par Health. Consideration for the transaction consists of an upfront purchase price of $25.0 million, subject to customary adjustments for cash, debt and working capital, and quarterly earnout payments payable in cash, related to the gross profit of the Disposal Group over a period of five years following the closing of the transaction. All closing conditions, including the termination of the waiting period under the Hart-Scott-Rodino Act, have been satisfied and the transaction closed on July 31, 2026. Following closing of the transaction and completion of related transition services, the Company will no longer market, manufacture or distribute opioid products.

The assets and liabilities of the Disposal Group were classified as held for sale in the Company’s Unaudited Condensed Consolidated Balance Sheet as of June 30, 2026. The Disposal Group did not qualify as discontinued operations as its divestiture does not have a major effect on the Company’s operations and financial results; accordingly, the results of the Disposal Group are presented in continuing operations for all periods through the closing of the transaction. Amortization of the long-lived assets ceased on the date the Disposal Group was classified as held for sale.

Impairment of the Disposal Group

The Company compared the carrying amount of the Disposal Group against the estimated fair value less costs to sell in order to determine if an impairment existed. The Company utilized an income approach based on a discounted cash flow (“DCF”) analysis to determine the estimated fair value of consideration to be received in exchange for the Disposal Group. The fair value measurement of the Disposal Group was determined on a nonrecurring basis and is classified within Level 3 of the fair value hierarchy due to the use of significant unobservable inputs. The DCF analysis incorporated assumptions that market participants would use in estimating fair value, including projected future cash flows and a discount rate of 16%.

Based on the DCF analysis, the estimated fair value of the Disposal Group was determined to be $177.1 million, below its carrying amount of $359.0 million. As a result, the Company recorded a non-cash impairment charge, net of tax, of approximately $181.9 million to reduce the carrying amount of the Disposal Group to its estimated fair value. In accordance with ASC 360-10-35-28, the impairment charge was first applied to allocated goodwill and then to long-lived assets within the Disposal Group.

The following table summarizes the assets and liabilities of the Disposal Group that were classified as held for sale on the Unaudited Condensed Consolidated Balance Sheet as of June 30, 2026. As of December 31, 2025, the Company had no assets or liabilities related to divestiture activities that met the classification of held for sale.


	June 30, 2026


Accounts receivable, net	$	2.4
Inventories	8.1



Intangible assets, net	192.3

Assets held for sale	$	202.8


Accounts payable	$	0.4
Accrued and other current liabilities	4.8
Deferred tax liabilities	20.5
Liabilities held for sale	$	25.7

Upon the closing of the transaction, we expect to incur further losses as we intend to make an accounting policy election to apply the gain contingency model to the gross-profit based earnout. Accordingly, the Company will not recognize a contingent consideration receivable at closing for earnout amounts that are not realized or realizable as of the closing date and earnout payments will be recognized in earnings as additional consideration when the applicable contingency is resolved and the consideration becomes realized or realizable.

Transition Services Agreement

In connection with the divestiture of the Disposal Group, the Company entered into a transition services agreement (“TSA”) effective upon closing to provide certain business support services for up to 3 months after the closing date or a longer period for certain services. These services include, but are not limited to, information technology, procurement, distribution, logistics and order to delivery, compliance, accounting, finance, and administrative activities. Income associated with the TSA will be recorded within other income (expense), net, and expenses associated with servicing the TSA will be recorded within their natural expense classifications, respectively, on the Unaudited Condensed Consolidated Statements of Operations. Since the TSA is not yet in effect, there was no income or expense recorded related to the TSA during the three or six months ended June 30, 2026.

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. 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 and six months ended June 27, 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 June 27, 2025		Six Months Ended June 27, 2025
Net sales	$	220.8	$	433.5
Cost of sales	139.6		261.4
Gross profit	81.2		172.1

Selling, general and administrative expenses	32.5		66.5
Research and development expenses	5.6		10.8
Combination, integration, and other related expenses	2.6		2.6
Operating income	40.5		92.2

Interest expense	(0.2)		(0.3)
Interest income	2.1		3.8
Other expense, net	(0.7)		(1.0)
Income from discontinued operations before income taxes	41.7		94.7

Provision for income taxes	8.9		14.5
Income from discontinued operations, net of tax (1)	$	32.8	$	80.2

(1) Results exclude income from discontinued operations, net of tax, of $0.1 million and $0.3 million for the three and six months ended June 27, 2025, respectively, related 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 $2.6 million and $5.7 million during the three and six months ended June 30, 2026, respectively. As of June 30, 2026, under the provisions of these certain agreements, the Company was owed approximately $1.2 million from Par Health and the Company owed approximately $10.5 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 its Therakos business (“Therakos Divestiture”). The Company recorded $6.2 million for the final working capital settlement for the Therakos Divestiture during the six months ended June 27, 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 $0.2 million and $0.6 million for the three and six months ended June 30, 2026, respectively, compared to $2.2 million and $5.2 million for the three and six months ended June 27, 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.

Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Ordinary Shares	Treasury Shares	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance, ordinary shares (in shares) at Dec. 27, 2024		19.7
Beginning balance at Dec. 27, 2024	$ 1,645.8	$ 0.2	$ 0.0	$ 1,199.8	$ 439.7	$ 6.1
Beginning balance, treasury stock (in shares) at Dec. 27, 2024			0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(27.7)				(27.7)
Other Comprehensive income (loss)	3.1					3.1
Vesting of restricted share units, net of tax withholdings (in shares)		0.1
Vesting of restricted share units, net of tax withholdings	(1.0)		$ (1.9)	0.9
Share cancellation	0.1			(0.8)	0.9
Share-based compensation	9.7			9.7
Ending balance, ordinary shares (in shares) at Mar. 28, 2025		19.8
Ending balance at Mar. 28, 2025	1,630.0	$ 0.2	$ (1.9)	1,209.6	412.9	9.2
Ending balance, treasury stock (in shares) at Mar. 28, 2025			0.0
Beginning balance, ordinary shares (in shares) at Dec. 27, 2024		19.7
Beginning balance at Dec. 27, 2024	1,645.8	$ 0.2	$ 0.0	1,199.8	439.7	6.1
Beginning balance, treasury stock (in shares) at Dec. 27, 2024			0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(25.3)
Ending balance, ordinary shares (in shares) at Jun. 27, 2025		19.8
Ending balance at Jun. 27, 2025	1,641.9	$ 0.2	$ (1.9)	1,214.4	415.3	13.9
Ending balance, treasury stock (in shares) at Jun. 27, 2025			0.0
Beginning balance, ordinary shares (in shares) at Mar. 28, 2025		19.8
Beginning balance at Mar. 28, 2025	1,630.0	$ 0.2	$ (1.9)	1,209.6	412.9	9.2
Beginning balance, treasury stock (in shares) at Mar. 28, 2025			0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	2.4				2.4
Other Comprehensive income (loss)	4.7					4.7
Share-based compensation	4.8			4.8
Ending balance, ordinary shares (in shares) at Jun. 27, 2025		19.8
Ending balance at Jun. 27, 2025	1,641.9	$ 0.2	$ (1.9)	1,214.4	415.3	13.9
Ending balance, treasury stock (in shares) at Jun. 27, 2025			0.0
Beginning balance, ordinary shares (in shares) at Dec. 31, 2025		39.5
Beginning balance at Dec. 31, 2025	2,065.2	$ 0.4	$ 0.0	2,115.5	(51.7)	1.0
Beginning balance, treasury stock (in shares) at Dec. 31, 2025			0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(113.5)				(113.5)
Other Comprehensive income (loss)	(2.5)					(2.5)
Vesting of restricted share units, net of tax withholdings (in shares)		0.1
Vesting of restricted share units, net of tax withholdings	(1.9)			(1.9)
Share-based compensation	11.1			11.1
Ending balance, ordinary shares (in shares) at Mar. 31, 2026		39.6
Ending balance at Mar. 31, 2026	1,958.4	$ 0.4	$ 0.0	2,124.7	(165.2)	(1.5)
Ending balance, treasury stock (in shares) at Mar. 31, 2026			0.0
Beginning balance, ordinary shares (in shares) at Dec. 31, 2025		39.5
Beginning balance at Dec. 31, 2025	2,065.2	$ 0.4	$ 0.0	2,115.5	(51.7)	1.0
Beginning balance, treasury stock (in shares) at Dec. 31, 2025			0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(334.0)
Ending balance, ordinary shares (in shares) at Jun. 30, 2026		39.6
Ending balance at Jun. 30, 2026	1,756.8	$ 0.4	$ 0.0	2,145.7	(385.7)	(3.6)
Ending balance, treasury stock (in shares) at Jun. 30, 2026			0.0
Beginning balance, ordinary shares (in shares) at Mar. 31, 2026		39.6
Beginning balance at Mar. 31, 2026	1,958.4	$ 0.4	$ 0.0	2,124.7	(165.2)	(1.5)
Beginning balance, treasury stock (in shares) at Mar. 31, 2026			0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(220.5)				(220.5)
Other Comprehensive income (loss)	(2.1)					(2.1)
Share-based compensation	21.0			21.0
Ending balance, ordinary shares (in shares) at Jun. 30, 2026		39.6
Ending balance at Jun. 30, 2026	$ 1,756.8	$ 0.4	$ 0.0	$ 2,145.7	$ (385.7)	$ (3.6)
Ending balance, treasury stock (in shares) at Jun. 30, 2026			0.0

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 27, 2025	Jun. 30, 2026	Jun. 27, 2025
Cash Flows From Operating Activities - Continuing Operations:
Loss from continuing operations	$ (220.5)	$ (30.5)	$ (334.0)	$ (105.8)
Adjustments to reconcile net cash from operating activities:
Depreciation and amortization			120.8	24.9
Share-based compensation			32.0	13.6
Deferred income taxes			(38.8)	(5.6)
Non-cash impairment charge	207.7	0.0	207.7	0.0
Loss on divestiture			0.0	6.7
Inventory step-up amortization from acquisitions			190.3	0.0
Inventory provisions			5.8	8.9
Fair value adjustment in contingent consideration liabilities			1.2	0.8
Non-cash accretion expense			9.5	3.4
Other non-cash items			(6.0)	5.4
Changes in assets and liabilities:
Accounts receivable, net			(39.7)	(18.5)
Inventories			22.2	61.2
Accounts payable			15.6	12.6
Income taxes			(5.7)	15.9
Acthar Gel-Related Litigation Settlement			(33.7)	(21.3)
Other			21.6	46.8
Net cash provided by operating activities - continuing operations			168.8	49.0
Cash Flows From Investing Activities - Continuing Operations:
Capital expenditures			(13.9)	(16.7)
Payments from divestiture, net of divested cash (Note 4)			0.0	(6.2)
Proceeds from sale of equity securities	4.5		10.2	0.0
Other			0.0	0.3
Net cash used in investing activities - continuing operations			(3.7)	(22.6)
Cash Flows From Financing Activities - Continuing Operations:
Repayment of external debt			(7.5)	(2.0)
Repurchase of shares			(1.9)	(1.9)
Payment of contingent consideration			(1.3)	0.0
Other			0.0	(0.3)
Net cash used in financing activities - continuing operations			(10.7)	(4.2)
Discontinued Operations:
Net cash provided by operating activities - discontinued operations			0.0	112.7
Net cash used in investing activities - discontinued operations			0.0	(23.3)
Net cash provided by financing activities - discontinued operations			0.0	0.0
Net cash provided by discontinued operations			0.0	89.4
Effect of currency rate changes on cash			(2.4)	1.7
Net change in cash, cash equivalents and restricted cash			152.0	113.3
Cash, cash equivalents and restricted cash at beginning of period			954.0	445.7
Cash, cash equivalents and restricted cash at end of period	1,106.0	559.0	1,106.0	559.0
Cash and cash equivalents at end of period	963.7	497.8	963.7	497.8
Restricted cash included in prepaid expenses and other assets at end of period (Note 14)	112.1	19.5	112.1	19.5
Restricted cash included in other long-term assets at end of period (Note 14)	30.2	41.7	30.2	41.7
Cash, cash equivalents and restricted cash at end of period	1,106.0	559.0	1,106.0	559.0
Cash and cash equivalents at end of period - discontinued operations	0.0	127.0	0.0	127.0
Restricted cash included in prepaid expenses and other assets at end of period - discontinued operations	0.0	0.0	0.0	0.0
Restricted cash included in other long-term assets at end of period - discontinued operations	0.0	13.9	0.0	13.9
Cash, cash equivalents and restricted cash at end of period - continuing operations	1,106.0	418.1	1,106.0	418.1
Cash and cash equivalents at end of period - continuing operations	963.7	370.8	963.7	370.8
Restricted cash included in prepaid expenses and other assets at end of period - continuing operations	112.1	19.5	112.1	19.5
Restricted cash included in other long-term assets at end of period - continuing operations	$ 30.2	$ 27.8	$ 30.2	$ 27.8

Condensed Consolidated Statements of Comprehensive Operations - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 27, 2025	Jun. 30, 2026	Jun. 27, 2025
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (220.5)	$ 2.4	$ (334.0)	$ (25.3)
Other comprehensive (loss) income, net of tax:
Currency translation adjustments	(2.1)	4.8	(4.6)	8.0
Benefit plans	0.0	(0.1)	0.0	(0.2)
Total other comprehensive (loss) income, net of tax	(2.1)	4.7	(4.6)	7.8
Comprehensive (loss) income	$ (222.6)	$ 7.1	$ (338.6)	$ (17.5)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

(Loss) Income per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Loss per Share

The weighted-average number of shares outstanding used in the computations of basic and diluted (loss) income per share were as follows (in millions of shares):


	Three Months Ended		Six Months Ended
	June 30, 2026	June 27, 2025	June 30, 2026	June 27, 2025
Basic	39.6	19.7	39.6	19.7
Dilutive impact of restricted share units	—	—	—	—
Diluted	39.6	19.7	39.6	19.7

Divestitures (Tables)

6 Months Ended

Jun. 30, 2026

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations


	June 30, 2026


Accounts receivable, net	$	2.4
Inventories	8.1



Intangible assets, net	192.3

Assets held for sale	$	202.8


Accounts payable	$	0.4
Accrued and other current liabilities	4.8
Deferred tax liabilities	20.5
Liabilities held for sale	$	25.7

The following table summarizes the financial performance of Par Health for the three and six months ended June 27, 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 June 27, 2025		Six Months Ended June 27, 2025
Net sales	$	220.8	$	433.5
Cost of sales	139.6		261.4
Gross profit	81.2		172.1

Selling, general and administrative expenses	32.5		66.5
Research and development expenses	5.6		10.8
Combination, integration, and other related expenses	2.6		2.6
Operating income	40.5		92.2

Interest expense	(0.2)		(0.3)
Interest income	2.1		3.8
Other expense, net	(0.7)		(1.0)
Income from discontinued operations before income taxes	41.7		94.7

Provision for income taxes	8.9		14.5
Income from discontinued operations, net of tax (1)	$	32.8	$	80.2

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Debt

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Debt


11.			Debt

Debt was comprised of the following at the end of each period:


	June 30, 2026				December 31, 2025
	Principal		Carrying Value			Principal		Carrying Value
Current maturities of long-term debt:
Term Loan due April 2031	$	15.0	$	15.0		$	15.0	$	15.0

Total current maturities of long-term debt	$	15.0	$	15.0		$	15.0	$	15.0

Long-term debt:
Term Loan due April 2031	$	1,458.8	$	1,464.3		$	1,466.3	$	1,472.3
8.50% Senior Secured Notes Due April 2031	1,000.0		1,054.3			1,000.0		1,060.0




Total long-term debt	$	2,458.8	$	2,518.6		$	2,466.3	$	2,532.3
Total debt	$	2,473.8	$	2,533.6		$	2,481.3	$	2,547.3

Following the initial recognition at fair value, the Company accounts for its debt instruments utilizing the amortized cost method and amortizes the fair value premium to the principal amount over the term of the respective instruments as a reduction to interest expense on the Condensed Consolidated Statements of Operations.

Applicable interest rate

As of June 30, 2026, the applicable interest rate on the Company's debt instruments were as follows:


	Applicable Interest Rate
Term Loan due April 2031	7.39	%
8.50% Senior Secured Notes due April 2031	8.50	%

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Rollforward of Variable Consideration Reserves

The following table reflects activity in the Company's sales reserve accounts:


	Rebates and Chargebacks		Product Returns		Other Sales Deductions		Total
Balance as of December 27, 2024	$	65.0	$	4.2	$	0.1	$	69.3
Provisions	122.7		2.3		—		125.0
Payments or credits	(96.5)		(0.5)		—		(97.0)
Balance as of June 27, 2025	$	91.2	$	6.0	$	0.1	$	97.3

Balance as of December 31, 2025	$	234.4	$	48.3	$	1.8	$	284.5

Provisions	389.7		11.6		10.0		411.3
Payments or credits	(394.3)		(9.7)		(9.7)		(413.7)
Balance as of June 30, 2026	$	229.8	$	50.2	$	2.1	$	282.1

Schedule of Disaggregation of Revenue

Product sales transferred to customers at a point in time and over time were as follows:


	Three Months Ended				Six Months Ended
	June 30, 2026		June 27, 2025		June 30, 2026		June 27, 2025
Product sales transferred at a point in time	88.6	%	76.6	%	88.1	%	73.6	%
Product sales transferred over time	11.4		23.4		11.9		26.4

Schedule of Transaction Price Allocated to the Remaining Performance Obligations


Remainder of Fiscal 2026	$	105.3
Fiscal 2027	68.5
Fiscal 2028	31.8
Thereafter	5.6

Condensed Consolidated Balance Sheets (Parenthetical) $ in Millions	Jun. 30, 2026 USD ($) $ / shares shares	Jun. 30, 2026 € / shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2025 € / shares
Statement [Line Items]
Allowance for doubtful accounts \| $	$ 1.2		$ 1.1
Preferred shares, par value (in usd per share) \| $ / shares	$ 0.001		$ 0.001
Preferred shares, shares authorized (in shares)	3,000,000,000,000		3,000,000,000,000
Preferred shares, shares issued (in shares)	0		0
Preferred shares, shares outstanding (in shares)	0		0
Ordinary A
Statement [Line Items]
Ordinary shares, par value (in dollars and euros per share) \| € / shares		€ 1.00		€ 1.00
Ordinary shares, shares authorized (in shares)	25,000		25,000
Ordinary shares, shares issued (in shares)	0
Ordinary shares, shares outstanding (in shares)	0		0
Ordinary Shares
Statement [Line Items]
Ordinary shares, par value (in dollars and euros per share) \| $ / shares	$ 0.01		$ 0.01
Ordinary shares, shares authorized (in shares)	500,000,000		500,000,000
Ordinary shares, shares issued (in shares)	39,581,987		39,543,990
Ordinary shares, shares outstanding (in shares)	39,581,987		39,543,990

Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

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:
	June 30, 2026		Level 1		Level 2		Level 3
Assets:

Equity securities	$	0.3	$	0.3	$	—	$	—


	$	0.3	$	0.3	$	—	$	—
Liabilities:

Deferred compensation liabilities	$	18.7	$	—	$	18.7	$	—
Contingent consideration liabilities	54.7		—		—		54.7
	$	73.4	$	—	$	18.7	$	54.7


			Fair Value Measurement Using Fair Value Hierarchy:
	December 31, 2025		Level 1		Level 2		Level 3
Assets:

Equity securities	$	10.5	$	10.5	$	—	$	—

	$	10.5	$	10.5	$	—	$	—
Liabilities:

Deferred compensation liabilities	$	21.7	$	—	$	21.7	$	—
Contingent consideration liabilities	54.8		—		—		54.8
	$	76.5	$	—	$	21.7	$	54.8

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes activity for contingent consideration:


	Terlivaz CVR (1)		Edex (2)		Total
December 31, 2025	$	20.0	$	34.8	$	54.8

Fair value adjustment	—		1.2		1.2
Payments	—		(1.3)		(1.3)
June 30, 2026	$	20.0	$	34.7	$	54.7

(1) Fair value classified within accrued and other current liabilities as of June 30, 2026 and December 31, 2025.

(2) Includes fair value of $2.9 million and $3.0 million as of June 30, 2026 and December 31, 2025, classified within accrued and other current liabilities, respectively.

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


	June 30, 2026				December 31, 2025
	Carrying Value		Fair Value		Carrying Value		Fair Value
Level 1:
8.50% Senior Secured Notes due April 2031	$	1,054.3	$	1,054.0	$	1,060.0	$	1,058.1


Level 2:

Term Loan due April 2031	1,479.3		1,477.4		1,487.3		1,472.0

Total Debt	$	2,533.6	$	2,531.4	$	2,547.3	$	2,530.1

Schedules of Concentration of Risk

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


	Three Months Ended				Six Months Ended
	June 30, 2026		June 27, 2025		June 30, 2026		June 27, 2025
FFF Enterprises, Inc.	39.8	%	62.8	%	37.3	%	59.3	%
Cencora, Inc.	19.0		*		19.4		*
CVS Health Corporation	12.9		*		12.6		*

* Net sales to this customer were less than 10.0% of total net sales during 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:


	June 30, 2026		December 31, 2025
Cencora, Inc.	38.7	%	47.5	%


FFF Enterprises, Inc.	29.1		19.2

Financial Instruments and Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Assets:
Equity securities	$ 0.3	$ 10.5
Total assets, fair value	0.3	10.5
Liabilities:
Deferred compensation liabilities	18.7	21.7
Contingent consideration liabilities	54.7	54.8
Total liabilities, fair value	73.4	76.5
Level 1
Assets:
Equity securities	0.3	10.5
Total assets, fair value	0.3	10.5
Liabilities:
Deferred compensation liabilities	0.0	0.0
Contingent consideration liabilities	0.0	0.0
Total liabilities, fair value	0.0	0.0
Level 2
Assets:
Equity securities	0.0	0.0
Total assets, fair value	0.0	0.0
Liabilities:
Deferred compensation liabilities	18.7	21.7
Contingent consideration liabilities	0.0	0.0
Total liabilities, fair value	18.7	21.7
Level 3
Assets:
Equity securities	0.0	0.0
Total assets, fair value	0.0	0.0
Liabilities:
Deferred compensation liabilities	0.0	0.0
Contingent consideration liabilities	54.7	54.8
Total liabilities, fair value	$ 54.7	$ 54.8

Financial Instruments and Fair Value Measurements

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements


14.			Financial Instruments and Fair Value Measurements

Fair value is defined as the exit price that would be received from the sale of an asset or paid to transfer a liability, using assumptions that market participants would use in pricing an asset or liability. The fair value guidance establishes a three-level fair value hierarchy as follows:

•Level 1 — observable inputs such as quoted prices in active markets for identical assets or liabilities;

•Level 2 — significant other observable inputs that are observable either directly or indirectly; and

•Level 3 — significant unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions.

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:
	June 30, 2026		Level 1		Level 2		Level 3
Assets:

Equity securities	$	0.3	$	0.3	$	—	$	—


	$	0.3	$	0.3	$	—	$	—
Liabilities:

Deferred compensation liabilities	$	18.7	$	—	$	18.7	$	—
Contingent consideration liabilities	54.7		—		—		54.7
	$	73.4	$	—	$	18.7	$	54.7


			Fair Value Measurement Using Fair Value Hierarchy:
	December 31, 2025		Level 1		Level 2		Level 3
Assets:

Equity securities	$	10.5	$	10.5	$	—	$	—

	$	10.5	$	10.5	$	—	$	—
Liabilities:

Deferred compensation liabilities	$	21.7	$	—	$	21.7	$	—
Contingent consideration liabilities	54.8		—		—		54.8
	$	76.5	$	—	$	21.7	$	54.8

Equity securities. Equity securities consisted primarily of shares of Silence Therapeutics plc (“Silence”), for which quoted prices are available in an active market; therefore, these investments are classified as Level 1 and are valued based on quoted market prices reported on internationally recognized securities exchanges.

During the three and six months ended June 30, 2026, the Company divested all of its ownership interest in Silence for proceeds of $4.5 million and $10.2 million, respectively, resulting in realized gains of $0.5 million and $0.6 million for the three and six months ended June 30, 2026, respectively, included within other income (expense), net in the Unaudited Condensed Consolidated Statements of Operations.

Deferred compensation liabilities. The Company maintains a non-qualified deferred compensation plan in the U.S. (the “Supplemental Savings Plan”) for eligible employees. A recordkeeping account is maintained for each participant, inclusive of any employee deferrals and any company credits earned by the participant. The plan is currently frozen for employee deferrals. Participants may choose from a variety of investments for the deemed investment of their accounts, which generally correspond to the funds offered in the Company’s U.S. tax-qualified defined contribution retirement plan. Recordkeeping account balances fluctuate with the investment returns on the selected investments.

Contingent consideration liability. The fair value of contingent consideration liabilities is determined using unobservable inputs; hence, these instruments represent Level 3 measurements within the above-defined fair value hierarchy. These inputs include the estimated amount and timing of projected cash flows, the probability of success (achievement of the contingent event) and the risk-adjusted discount rate used to present value the probability-weighted cash flows. Subsequent to the acquisition date, at each reporting period, the contingent consideration liability is remeasured at current fair value with changes recorded in earnings. The estimates of fair value are uncertain and changes in any of the estimated inputs used as of the date of this report could have resulted in significant adjustments to fair value.

The following table summarizes activity for contingent consideration:


	Terlivaz CVR (1)		Edex (2)		Total
December 31, 2025	$	20.0	$	34.8	$	54.8

Fair value adjustment	—		1.2		1.2
Payments	—		(1.3)		(1.3)
June 30, 2026	$	20.0	$	34.7	$	54.7

(1) Fair value classified within accrued and other current liabilities as of June 30, 2026 and December 31, 2025.

(2) Includes fair value of $2.9 million and $3.0 million as of June 30, 2026 and December 31, 2025, classified within accrued and other current liabilities, respectively.

Financial Instruments Not Measured at Fair Value

The following methods and assumptions were used by the Company in estimating fair values for financial instruments not measured at fair value as of June 30, 2026 and December 31, 2025:

•The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and the majority of other current assets and liabilities approximate fair value because of their short-term nature. The Company classifies cash on hand and deposits in banks, including commercial paper, money market accounts and other highly liquid investments it may hold from time to time, with an original maturity of three months or less, as cash and cash equivalents (Level 1). The fair value of restricted cash was equivalent to its carrying value of $142.3 million and $141.1 million as of June 30, 2026 and December 31, 2025 (Level 1), respectively. Restricted cash as of June 30, 2026 primarily relates to certain self-insurance related matters of $85.9 million, $22.6 million related to the Mallinckrodt Baker escrow and approximately $33.8 million related to certain bank guarantees, letters of credit, surety bonds, and other collateral arrangements.

•The Company's 8.50% Senior Secured Notes due April 2031 are classified as Level 1, as quoted prices are available in an active market for these notes. Since quoted market prices for the Company's Term Loan due April 2031 are not available in an active market, they are classified as Level 2 for purposes of developing an estimate of fair value. Refer to Note 15. Debt of the Notes to the Consolidated Financial Statements included in Item 8. Financial Statements and Supplementary Data of the 2025 Form 10-K for further discussion regarding the Company’s debt instruments.


	June 30, 2026				December 31, 2025
	Carrying Value		Fair Value		Carrying Value		Fair Value
Level 1:
8.50% Senior Secured Notes due April 2031	$	1,054.3	$	1,054.0	$	1,060.0	$	1,058.1


Level 2:

Term Loan due April 2031	1,479.3		1,477.4		1,487.3		1,472.0

Total Debt	$	2,533.6	$	2,531.4	$	2,547.3	$	2,530.1

Concentration of Credit and Other Risks

Financial instruments that potentially subject the Company to concentrations of credit risk primarily consist of accounts receivable. The Company generally does not require collateral from customers.

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


	Three Months Ended				Six Months Ended
	June 30, 2026		June 27, 2025		June 30, 2026		June 27, 2025
FFF Enterprises, Inc.	39.8	%	62.8	%	37.3	%	59.3	%
Cencora, Inc.	19.0		*		19.4		*
CVS Health Corporation	12.9		*		12.6		*

* Net sales to this customer were less than 10.0% of total net sales during 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:


	June 30, 2026		December 31, 2025
Cencora, Inc.	38.7	%	47.5	%


FFF Enterprises, Inc.	29.1		19.2

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details