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Restructuring, Business Transformation and Other Cost Saving Initiatives | 6 Months Ended
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Jun. 30, 2025
Restructuring and Related Activities [Abstract] |
Restructuring, Business Transformation and Other Cost Saving Initiatives |
Note 4: | Restructuring
2023 Fit for Growth Restructuring Program In 2023 we initiated cost saving measures as part of our Fit for Growth program to reduce operating costs, while improving operating efficiency and effectiveness. The Fit for Growth program is expected to generate approximately $1.0 billion in gross operating expense savings by the end of 2025, some of which will be reinvested in various initiatives. The Fit for Growth program is currently estimated to include net headcount reductions of approximately 1,400 employees and we expect to incur total restructuring charges ranging from approximately $300.0 million to $310.0 million. As of June 30, 2025, cumulative total restructuring charges incurred in connection with our Fit for Growth program totaled approximately $300.0 million. Total charges incurred from our 2023 Fit for Growth program are summarized as follows:
|  | For the Three Months Ended June 30,
|  | 2025 |  | 2024
(In millions) |  | Severance Costs |  | Accelerated Depreciation and Other Costs |  | Total |  | Severance Costs |  | Accumulated Depreciation and Other Costs |  | Total
Selling, general and administrative |  | $ | — |  |  | $ | 0.7 |  |  | $ | 0.7 |  |  | $ | — |  |  | $ | 2.0 |  |  | $ | 2.0 |
Research and development |  | — |  |  | 1.3 |  |  | 1.3 |  |  | — |  |  | 2.2 |  |  | 2.2 |
Restructuring charges |  | (1.1) |  |  | — |  |  | (1.1) |  |  | 6.3 |  |  | — |  |  | 6.3 |
Total charges |  | $ | (1.1) |  |  | $ | 2.0 |  |  | $ | 0.9 |  |  | $ | 6.3 |  |  | $ | 4.2 |  |  | $ | 10.5 |
|  | For the Six Months Ended June 30,
|  | 2025 |  | 2024
(In millions) |  | Severance Costs |  | Accelerated Depreciation and Other Costs |  | Total |  | Severance Costs |  | Accumulated Depreciation and Other Costs |  | Total
Selling, general and administrative |  | $ | — |  |  | $ | (3.2) |  |  | $ | (3.2) |  |  | $ | — |  |  | $ | 3.4 |  |  | $ | 3.4 |
Research and development |  | — |  |  | 6.4 |  |  | 6.4 |  |  | — |  |  | 7.1 |  |  | 7.1 |
Restructuring charges |  | 34.2 |  |  | — |  |  | 34.2 |  |  | 15.6 |  |  | — |  |  | 15.6 |
Total charges |  | $ | 34.2 |  |  | $ | 3.2 |  |  | $ | 37.4 |  |  | $ | 15.6 |  |  | $ | 10.5 |  |  | $ | 26.1 |
Other Costs: Includes costs associated with items such as asset abandonment and write-offs, facility closure costs, pre-tax gains and losses resulting from the termination of certain leases, employee non-severance expense, consulting fees and other costs. Reata Integration Following the close of our Reata acquisition in September 2023, we implemented an integration plan designed to realize operating synergies through cost savings and avoidance. Under this initiative, we estimate we will incur total integration charges of approximately $35.0 million related to severance and employment costs. These severance and employment costs were substantially incurred during 2023. Total charges incurred from our Reata integration are summarized as follows:
|  | For the Three Months Ended June 30,
|  | 2025 |  | 2024
(In millions) |  | Severance Costs |  | Accelerated Depreciation and Other Costs |  | Total |  | Severance Costs |  | Accumulated Depreciation and Other Costs |  | Total
Selling, general and administrative |  | $ | — |  |  | $ | 1.8 |  |  | $ | 1.8 |  |  | $ | — |  |  | $ | 1.5 |  |  | $ | 1.5 |
Research and development |  | — |  |  | 4.0 |  |  | 4.0 |  |  | — |  |  | 3.3 |  |  | 3.3 |
Restructuring charges |  | — |  |  | — |  |  | — |  |  | 0.3 |  |  | — |  |  | 0.3 |
Total charges |  | $ | — |  |  | $ | 5.8 |  |  | $ | 5.8 |  |  | $ | 0.3 |  |  | $ | 4.8 |  |  | $ | 5.1 |
|  | For the Six Months Ended June 30,
|  | 2025 |  | 2024
(In millions) |  | Severance Costs |  | Accelerated Depreciation and Other Costs |  | Total |  | Severance Costs |  | Accumulated Depreciation and Other Costs |  | Total
Selling, general and administrative |  | $ | — |  |  | $ | 3.6 |  |  | $ | 3.6 |  |  | $ | — |  |  | $ | 3.3 |  |  | $ | 3.3 |
Research and development |  | — |  |  | 6.3 |  |  | 6.3 |  |  | — |  |  | 6.0 |  |  | 6.0 |
Restructuring charges |  | (0.2) |  |  | — |  |  | (0.2) |  |  | 2.5 |  |  | — |  |  | 2.5 |
Total charges |  | $ | (0.2) |  |  | $ | 9.9 |  |  | $ | 9.7 |  |  | $ | 2.5 |  |  | $ | 9.3 |  |  | $ | 11.8 |
In connection with our acquisition of Reata we assumed responsibility for a single-tenant, build-to-suit building of approximately 327,400 square feet of office and laboratory space located in Plano, Texas, with an initial lease term of 16 years. We do not intend to occupy this building and are evaluating opportunities to sublease the property. For additional information on our acquisition of Reata, please read Note 2, Acquisitions, to our consolidated financial statements included in our 2024 Form 10-K. Restructuring Reserve Charges and spending related to workforce reductions are summarized as follows:
|  | Workforce Reductions |  |  |  |
(In millions) |  | 2025 |  | 2024
Restructuring reserve as of January 1 |  | $ | 31.9 |  |  |  |  |  |  | $ | 75.4 |  |  |  |  |
Expense |  | 35.3 |  |  |  |  |  |  | 11.5 |  |  |  |  |
Payment |  | (25.8) |  |  |  |  |  |  | (42.2) |  |  |  |  |
Foreign currency and other adjustments |  | (1.0) |  |  |  |  |  |  | 0.8 |  |  |  |  |
Restructuring reserve as of March 31 |  | 40.4 |  |  |  |  |  |  | 45.5 |  |  |  |  |
Expense |  | (0.7) |  |  |  |  |  |  | 6.6 |  |  |  |  |
Payment |  | (9.5) |  |  |  |  |  |  | (11.9) |  |  |  |  |
Foreign currency and other adjustments |  | (1.0) |  |  |  |  |  |  | — |  |  |  |  |
Restructuring reserve as of June 30 |  | $ | 29.2 |  |  |  |  |  |  | $ | 40.2 |  |  |  |  |

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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