Following the closing of the Apellis acquisition, we implemented an integration plan designed to realize operating synergies through cost savings and avoidance. For the three and six months ended June 30, 2026, we recognized approximately $153.2 million of net pre-tax restructuring charges, primarily consisting of employee severance costs and the acceleration of bonus payments that were subject to a double-trigger provision.

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

For the six months ended June 30, 2025, we recorded approximately $34.2 million in restructuring charges related to severance costs from our Fit for Growth program within restructuring charges in our condensed consolidated statements of income.


	Workforce Reductions
(In millions)	2026		2025
Restructuring reserve as of January 1	$	15.8		$	31.9
Expense	7.9			35.3
Payment	(10.3)			(25.8)
Foreign currency and other adjustments	0.2			(1.0)
Restructuring reserve as of March 31	13.6			40.4
Expense	165.4			(0.7)
Payment	(143.2)			(9.5)
Foreign currency and other adjustments	0.1			(1.0)
Restructuring reserve as of June 30	$	35.9		$	29.2