We have undertaken a number of initiatives, including Fit for Growth and our integration of Apellis, which are designed to reduce operating costs, improve synergies, efficiency and effectiveness and integrate the operations of Apellis.

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.

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 nine months ended September 30, 2026, we recognized approximately $41.5 million and $194.7 million, respectively, of net pre-tax restructuring charges, primarily consisting of employee severance costs and the acceleration of bonus payments for Apellis employees that were subject to a double-trigger provision. We have also undertaken targeted initiatives to generate efficiencies consistent with our change in our product profile and need to invest resources in our product launches.

For three and nine months ended September 30, 2026, we recognized $66.5 million and $239.8 million, respectively, in restructuring charges primarily consisting of employee severance costs and the acceleration of bonus payments for Apellis employees that were subject to a double-trigger provision within restructuring charges in our condensed consolidated statements of income, compared to $7.4 million and $42.0 million in the comparable periods in 2025.


	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
Expense	66.5			7.4
Payment	(35.8)			(17.4)
Foreign currency and other adjustments	0.2			—
Restructuring reserve as of September 30	$	66.8		$	19.2