PEPG Investors Have the Opportunity to Lead the PepGen Securities Fraud Lawsuit with Faruqi & Faruqi, LLP
If you purchased or acquired securities in PepGen between March 7, 2024 and March 3, 2025 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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New York, New York--(Newsfile Corp. - July 18, 2025) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against PepGen Inc. ('PepGen' or the 'Company') (NASDAQ: PEPG) and reminds investors of the August 11, 2025 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
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Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) PGN-EDO51 was less effective and safe than Defendants had led investors to believe; (ii) the CONNECT2 study was dangerous or otherwise deficient for purposes of U.S. Food and Drug Administration ('FDA') approval; (iii) as a result of all the foregoing, PepGen was likely to halt the CONNECT2 study, and PGN-EDO51's clinical, regulatory, and commercial prospects were overstated; and (iv) as a result, Defendants' public statements were materially false and misleading at all relevant times.
On July 30, 2024, PepGen issued a press release announcing purported 'positive clinical data from the first dose cohort (5 mg/kg) of PGN-EDO51" in its ongoing CONNECT1 study. Among other results, the Company reported that 'PGN-EDO51 achieved a mean absolute dystrophin level of 0.61% of normal and a 0.26% change from baseline after 4 doses, measured at week 13 by Western blot analysis.' However, as subsequently noted by a Stifel analyst, 'the magnitude of dystrophin increase was below what [PepGen] anticipated, which is disappointing[.]' Likewise, a Leerink Partners analyst noted that the low dose missed PepGen's expectations of 1% or greater dystrophin expression.
On this news, PepGen's stock price fell $5.55 per share, or 32.69%, to close at $11.43 per share on July 31, 2024.
On December 16, 2024, PepGen issued a press release announcing that it had received a clinical hold notice from the FDA regarding an Investigational New Drug ('IND') application 'to initiate the [CONNECT2] clinical trial in patients with [DMD]' in the U.S. Notably, the FDA's issuance of a clinical hold notice for the IND application indicated that the FDA had concerns regarding risks posed to patients in the CONNECT2 study and/or there were other deficiencies associated with the study.
On this news, PepGen's stock price fell $0.17 per share, or 3.63%, to close at $4.51 per share on December 16, 2024.
On January 29, 2025, PepGen issued a press release providing updates regarding safety concerns observed in the CONNECT1 study and the FDA's concerns regarding the CONNECT2 study. With respect to the CONNECT1 study, the press release stated, inter alia, that "[d]osing of one of the[] . . . participants [in the 10 mg/kg cohort] was paused due to a reduction of his estimated glomerular filtration rate[.]' In addition, PepGen 'ha[d] received communication from Health Canada . . . request[ing] additional information from the Company to address Health Canada's safety concerns before any further dose escalation or enrollment of any additional participants at the current dose levels.' With respect to the CONNECT2 study, the same press release stated, in relevant part, that "[t]he Company is working with the FDA to address its questions regarding supportive data for the dosing levels planned for the patient population.'
Following these disclosures, PepGen's stock price fell $0.40 per share, or 21.74%, to close at $1.44 per share on January 30, 2025.
On March 4, 2025, PepGen issued a press release 'announc[ing] its voluntary decision to temporarily pause the [CONNECT2] study . . . until the Company can review results from the 10 mg/kg cohort in the ongoing [CONNECT1] study.'
On this news, PepGen's stock price fell $0.53 per share, or 18.86%, to close at $2.28 per share on March 4, 2025.
Then, on May 28, 2025, PepGen issued a press release announcing that 'PGN-EDO51 did not achieve target dystrophin levels' in the CONNECT1 study and had chosen to discontinue development of its DMD programs.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding PepGen's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the PepGen class action, go to www.faruqilaw.com/PEPG or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
Follow us for updates on LinkedIn, on X, or on Facebook.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ( www.faruqilaw.com ). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/259152
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Our actual actions or results may differ materially from those expected or anticipated in the forward-looking statements due to both known and unknown risks and uncertainties. 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and other challenges in the territories in which we operate; risks related to political, economic and public health conditions or regulatory changes in the markets in which we and our customers, partners, licensees, suppliers and manufacturers operate, such as inflation, fluctuating interest rates, tariffs, higher commodity prices, labor strikes, labor costs or transportation costs, or outbreaks of illness or disease, the occurrence of which could create work slowdowns, delays or shortages in production or shipment of products, increases in costs, reduced purchasing power or less discretionary income, or losses and delays in revenue and earnings; uncertain and unpredictable global and regional economic conditions impacting one or more of the markets in which we sell products, which can negatively impact our customers and consumers, result in lower employment levels, consumer disposable income, retailer inventories and spending, including lower spending on purchases of our products; our ability to transform our business and capabilities to address the changing global consumer landscape, including evolving demographics for our products and advancements in emerging technologies, including the integration of artificial intelligence (AI) into our product development, marketing strategies, business operations and consumer engagement, and the associated risks such as ethical concerns, evolving regulatory standards, implementation challenges, and third-party dependencies; our ability to design, develop, manufacture, and ship products on a timely, cost-effective and profitable basis; the concentration of our customers, potentially increasing the negative impact to our business of difficulties experienced by any of our customers or changes in their purchasing or selling patterns; our dependence on third party relationships, including with third party partners, manufacturers, distributors, studios, content producers, licensors, licensees, and outsourcers, which creates reliance on others and loss of control; risks relating to the concentration of manufacturing for many of our products in the People's Republic of China, which include the risks associated with increased tariffs imposed by China and the U.S., and our ability to successfully diversify sourcing of our products to reduce reliance on sources of supply in China; the success of our key partner brands, including the ability to secure, maintain and extend agreements with our key partners or the risk of delays, increased costs or difficulties associated with any of our or our partners' planned digital applications or media initiatives; 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EBITDA represents net earnings attributable to Hasbro, Inc. excluding interest expense, income tax expense, net earnings attributable to noncontrolling interests, depreciation and amortization of intangibles. Adjusted EBITDA also excludes strategic transformation initiatives, restructuring and severance costs, loss on disposal of business, eOne Film and TV business divestiture related costs, non-cash goodwill impairment charges, and the impact of stock compensation. As required by SEC rules, we have provided reconciliations on the attached schedules of these measures to the most directly comparable GAAP measure. Management believes that Adjusted net earnings, Adjusted net earnings per diluted share, Adjusted operating profit and Adjusted operating margin provide investors with an understanding of the underlying performance of our business absent unusual events. Management believes that EBITDA and Adjusted EBITDA are appropriate measures for evaluating the operating performance of our business because they reflect the resources available for strategic opportunities including, among others, to invest in the business, strengthen the balance sheet and make strategic acquisitions. The Company is not able to reconcile its forward-looking non-GAAP adjusted operating margin and adjusted EBITDA measures because the Company cannot predict with certainty the timing and amounts of discrete items such as charges associated with its cost-savings program, which could impact GAAP results. Constant currency is also a non-GAAP financial measure. The impact of changes in foreign currency exchange rates used to translate the consolidated statements of operations is quantified by translating the current or future period revenues at the prior period exchange rates and comparing this amount to the prior period reported revenues. The Company believes that the presentation of the impact of changes in exchange rates, which are beyond the Company's control, is helpful to an investor's understanding of the performance of the underlying business. These non-GAAP measures should be considered in addition to, not as a substitute for, or superior to, net earnings or other measures of financial performance prepared in accordance with GAAP as more fully discussed in our consolidated financial statements and filings with the SEC. As used herein, "GAAP" refers to accounting principles generally accepted in the United States of America. HAS-E (Tables Attached) HASBRO, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (1) (Unaudited) (Millions of Dollars) June 29, 2025 June 30, 2024 ASSETS Cash and Cash Equivalents $ 546.9 $ 626.8 Short-term Investments — 483.0 Accounts Receivable, Net 717.8 789.0 Inventories 417.1 357.6 Prepaid Expenses and Other Current Assets 359.4 418.0 Total Current Assets 2,041.2 2,674.4 Property, Plant and Equipment, Net 251.8 340.4 Goodwill 1,256.8 2,278.8 Other Intangible Assets, Net 489.4 552.8 Other Assets 1,135.2 1,017.7 Total Assets $ 5,174.4 $ 6,864.1 LIABILITIES, NONCONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY Current Portion of Long-Term Debt — 500.0 Accounts Payable 339.6 297.5 Accrued Liabilities 888.2 1,032.6 Total Current Liabilities 1,227.8 1,830.1 Long-Term Debt 3,320.9 3,461.4 Other Liabilities 356.0 399.7 Total Liabilities 4,904.7 5,691.2 Total Shareholders' Equity 269.7 1,172.9 Total Liabilities, Noncontrolling Interests and Shareholders' Equity $ 5,174.4 $ 6,864.1 (1) Amounts may not sum due to rounding Expand HASBRO, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (1) (Unaudited) (Millions of Dollars and Shares Except Per Share Data) Three Months Ended Six Months Ended June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 Amount % of Net Revenues Amount % of Net Revenues Amount % of Net Revenues Amount % of Net Revenues Net revenues $ 980.8 100.0 % $ 995.3 100.0 % $ 1,867.9 100.0 % $ 1,752.6 100.0 % Costs and expenses: Cost of sales 225.3 23.0 % 237.7 23.9 % 429.8 23.0 % 441.9 25.2 % Program cost amortization 6.2 0.6 % 8.5 0.9 % 13.6 0.7 % 16.6 0.9 % Royalties 84.5 8.6 % 55.3 5.6 % 141.5 7.6 % 106.2 6.1 % Product development 77.5 7.9 % 70.4 7.1 % 158.0 8.5 % 135.9 7.8 % Advertising 63.6 6.5 % 60.4 6.1 % 119.0 6.4 % 111.9 6.4 % Amortization of intangible assets 17.2 1.8 % 17.1 1.7 % 34.2 1.8 % 34.1 1.9 % Impairment of goodwill 1,021.9 104.2 % — — % 1,021.9 54.7 % — — % Loss on disposal of business — — % 15.3 1.5 % 25.0 1.3 % 24.4 1.4 % Selling, distribution and administration 282.8 28.8 % 318.5 32.0 % 552.4 29.6 % 553.3 31.6 % Total costs and expenses 1,779.0 181.4 % 783.2 78.7 % 2,495.4 133.6 % 1,424.3 81.3 % Operating profit (loss) (798.2 ) (81.4 )% 212.1 21.3 % (627.5 ) (33.6 )% 328.3 18.7 % Non-operating expense (income): — % Interest expense 40.6 4.1 % 43.0 4.3 % 82.2 4.4 % 81.5 4.7 % Interest income (5.4 ) (0.6 )% (13.0 ) (1.3 )% (14.3 ) (0.8 )% (21.3 ) (1.2 )% Other (income) expense, net (18.7 ) (1.9 )% (0.8 ) (0.1 )% (17.3 ) (0.9 )% 4.2 0.2 % Total non-operating expense, net 16.5 1.7 % 29.2 2.9 % 50.6 2.7 % 64.4 3.7 % Earnings (loss) before income taxes (814.7 ) (83.1 )% 182.9 18.4 % (678.1 ) (36.3 )% 263.9 15.1 % Income tax expense 40.0 4.1 % 44.4 4.5 % 77.1 4.1 % 66.3 3.8 % Net earnings (loss) (854.7 ) (87.1 )% 138.5 13.9 % (755.2 ) (40.4 )% 197.6 11.3 % Net earnings attributable to noncontrolling interests 1.1 0.1 % — — % 2.0 0.1 % 0.9 0.1 % Net earnings (loss) attributable to Hasbro, Inc. $ (855.8 ) (87.3 )% $ 138.5 13.9 % $ (757.2 ) (40.5 )% $ 196.7 11.2 % Net earnings (loss) per common share: Basic $ (6.10 ) $ 0.99 $ (5.41 ) $ 1.41 Diluted $ (6.10 ) $ 0.99 $ (5.41 ) $ 1.41 Cash dividends declared per common share $ 0.70 $ — $ 1.40 $ 0.70 Weighted Average Number of Shares Basic 140.3 139.5 140.0 139.2 Diluted 140.3 140.0 140.0 139.6 (1) Amounts may not sum due to rounding Expand HASBRO, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (1) (Unaudited) (Millions of Dollars) Six months ended June 29, 2025 June 30, 2024 Cash Flows from Operating Activities: Net Earnings $ (755.2 ) $ 197.6 Impairment of Goodwill 1,021.9 — Loss on Disposal of Business 25.0 24.4 Other Non-Cash Adjustments 106.3 126.8 Changes in Operating Assets and Liabilities (188.6 ) 16.3 Net Cash Provided by Operating Activities 209.4 365.1 Cash Flows from Investing Activities: Additions to Property, Plant and Equipment (29.9 ) (49.5 ) Additions to Software Development (61.8 ) (48.2 ) Purchase of investments (10.0 ) (480.1 ) Other 12.5 2.4 Net Cash Utilized by Investing Activities (89.2 ) (575.4 ) Cash Flows from Financing Activities: Proceeds from Long-Term Debt — 498.6 Repayments of Borrowings (60.5 ) — Dividends Paid (196.0 ) (194.6 ) Payments Related to Tax Withholding for Share-Based Compensation (19.9 ) (11.9 ) Stock-Based Compensation Transactions 4.9 4.0 Payments of financing costs — (5.3 ) Other (3.1 ) (2.3 ) Net Cash Provided (Utilized) by Financing Activities (274.6 ) 288.5 Effect of Exchange Rate Changes on Cash 6.3 3.2 Net Increase (Decrease) in Cash and Cash Equivalents (148.1 ) 81.4 Cash and Cash Equivalents at Beginning of Year 695.0 545.4 Cash and Cash Equivalents at End of Period $ 546.9 $ 626.8 (1) Amounts may not sum due to rounding Expand HASBRO, INC. SEGMENT RESULTS - AS REPORTED AND AS ADJUSTED (1) (Unaudited) (Millions of Dollars) Three Months Ended June 29, 2025 Three Months Ended June 30, 2024 Operating Results As Reported Non-GAAP Adjustments Adjusted As Reported Non-GAAP Adjustments Adjusted % Change Total Company Results External Net Revenues $ 980.8 $ — $ 980.8 $ 995.3 $ — $ 995.3 -1 % Operating Profit (Loss) (798.2 ) 1,045.3 247.1 212.1 36.7 248.8 -1 % Operating Margin -81.4 % >100 % 25.2 % 21.3 % 3.7 % 25.0 % Segment Results Wizards of the Coast and Digital Gaming: External Net Revenues $ 522.4 $ — $ 522.4 $ 452.0 $ — $ 452.0 16 % Operating Profit 241.8 — 241.8 247.1 — 247.1 -2 % Operating Margin 46.3 % — 46.3 % 54.7 % — 54.7 % Consumer Products: External Net Revenues $ 442.4 $ — $ 442.4 $ 524.5 $ — $ 524.5 -16 % Operating Profit (Loss) (1,029.6 ) 1,030.8 1.2 (9.3 ) 9.0 (0.3 ) >100 % Operating Margin >-100 % >100 % 0.3 % -1.8 % 1.7 % -0.1 % Entertainment: External Net Revenues $ 16.0 $ — $ 16.0 $ 18.8 $ — $ 18.8 -15 % Operating Profit (Loss) 6.3 3.8 10.1 (1.0 ) 18.7 17.7 -43 % Operating Margin 39.4 % 23.8 % 63.1 % -5.3 % 99.5 % 94.1 % Corporate and Other: Operating Profit (Loss) $ (16.7 ) $ 10.7 $ (6.0 ) $ (24.7 ) $ 9.0 $ (15.7 ) 62 % (1) Amounts may not sum due to rounding Expand Three Months Ended Wizards of the Coast and Digital Gaming Net Revenues by Category June 29, 2025 June 30, 2024 % Change Tabletop Gaming $ 406.3 $ 307.6 32 % Digital and Licensed Gaming 116.1 144.4 -20 % Net revenues $ 522.4 $ 452.0 Three Months Ended Consumer Products Segment Net Revenues by Major Geographic Region June 29, 2025 June 30, 2024 % Change North America $ 236.0 $ 306.1 -23 % Europe 95.7 92.0 4 % Asia Pacific 63.6 62.6 2 % Latin America 47.1 63.8 -26 % Net revenues $ 442.4 $ 524.5 Three Months Ended Entertainment Segment Net Revenues by Category June 29, 2025 June 30, 2024 % Change Film and TV $ 1.5 $ 1.8 -17 % Family Brands 14.5 17.0 -15 % Net revenues $ 16.0 $ 18.8 Three Months Ended Supplementary Hasbro Gaming Information: June 29, 2025 June 30, 2024 % Change MAGIC: THE GATHERING $ 412.0 $ 336.0 23 % Hasbro Total Gaming (1) 615.8 548.4 12 % (1) Hasbro Total Gaming includes all gaming revenue, most notably DUNGEONS & DRAGONS, MAGIC: THE GATHERING and Hasbro Gaming. Expand Six Months Ended June 29, 2025 Six Months Ended June 30, 2024 Operating Results (1) As Reported Non-GAAP Adjustments Adjusted As Reported Non-GAAP Adjustments Adjusted % Change Total Company Results External Net Revenues $ 1,867.9 $ — $ 1,867.9 $ 1,752.6 $ — $ 1,752.6 7 % Operating Profit (Loss) (627.5 ) 1,097.1 469.6 328.3 69.1 397.4 18 % Operating Margin -33.6 % 58.7 % 25.1 % 18.7 % 3.9 % 22.7 % Segment Results Wizards of the Coast and Digital Gaming: External Net Revenues $ 984.5 $ — $ 984.5 $ 768.3 $ — $ 768.3 28 % Operating Profit 471.8 — 471.8 369.9 — 369.9 28 % Operating Margin 47.9 % — 47.9 % 48.1 % — 48.1 % Consumer Products: External Net Revenues $ 840.7 $ — $ 840.7 $ 937.5 $ — $ 937.5 -10 % Operating Profit (Loss) (1,073.5 ) 1,043.7 (29.8 ) (56.2 ) 18.1 (38.1 ) 22 % Operating Margin >-100 % >100 % -3.5 % -6.0 % 1.9 % -4.1 % Entertainment: External Net Revenues $ 42.7 $ — $ 42.7 $ 46.8 $ — $ 46.8 -9 % Operating Profit (Loss) (4.9 ) 32.4 27.5 4.8 31.1 35.9 -23 % Operating Margin -11.5 % 75.9 % 64.4 % 10.3 % 66.5 % 76.7 % Corporate and Other: Operating Profit (Loss) $ (20.9 ) $ 21.0 $ 0.1 $ 9.8 $ 19.9 $ 29.7 -100 % (1) Amounts may not sum due to rounding Expand Six Months Ended Wizards of the Coast and Digital Gaming Net Revenues by Category June 29, 2025 June 30, 2024 % Change Tabletop Gaming $ 750.1 $ 535.8 40 % Digital and Licensed Gaming 234.4 232.5 1 % Net revenues $ 984.5 $ 768.3 Six Months Ended Consumer Products Segment Net Revenues by Major Geographic Region June 29, 2025 June 30, 2024 % Change North America $ 467.4 $ 545.2 -14 % Europe 180.7 179.5 1 % Asia Pacific 117.4 111.4 5 % Latin America 75.2 101.4 -26 % Net revenues $ 840.7 $ 937.5 Six Months Ended Entertainment Segment Net Revenues by Category June 29, 2025 June 30, 2024 % Change Film and TV $ 5.8 $ 1.8 >100 % Family Brands 36.9 45.0 -18 % Net revenues $ 42.7 $ 46.8 Six Months Ended Supplementary Hasbro Gaming Information: June 29, 2025 June 30, 2024 % Change MAGIC: THE GATHERING $ 758.3 $ 573.9 32 % Hasbro Total Gaming (1) 1,165.9 956.4 22 % (1) Hasbro Total Gaming includes all gaming revenue, most notably DUNGEONS & DRAGONS, MAGIC: THE GATHERING and Hasbro Gaming. Expand HASBRO, INC. NON-GAAP RECONCILIATION (Unaudited) (Millions of Dollars) Three Months Ended Six Months Ended Reconciliation of EBITDA and Adjusted EBITDA (1) June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 Net Earnings (Loss) Attributable to Hasbro, Inc. $ (855.8 ) $ 138.5 $ (757.2 ) $ 196.7 Interest expense 40.6 43.0 82.2 81.5 Income tax expense 40.0 44.4 77.1 66.3 Net earnings attributable to noncontrolling interests 1.1 — 2.0 0.9 Depreciation expense 14.9 28.4 32.1 49.6 Amortization of intangibles 17.2 17.1 34.2 34.1 EBITDA $ (742.0 ) $ 271.4 $ (529.6 ) $ 429.1 Stock compensation 11.3 17.8 29.7 12.8 Strategic transformation initiatives (2) 3.9 7.3 11.1 12.5 Restructuring and severance costs (3) 6.8 1.7 12.7 7.4 Loss on disposal of business (4) — 15.3 25.0 24.4 eOne Film and TV business divestiture related costs (5) 0.1 — 5.6 — Impairment of goodwill (6) 1,021.9 — 1,021.9 — Adjusted EBITDA $ 302.0 $ 313.5 $ 576.4 $ 486.2 (1) Amounts may not sum due to rounding (2) Strategic transformation initiatives costs represent non-recurring expenses for strategic projects with anticipated long-term benefits to support the organization in identifying, realizing and capturing savings to create efficiencies and improve business processes and operations. (3) Restructuring and severance associated with cost-savings initiatives across the Company. (4) Loss on disposal of a business related to the sale of the eOne Film and TV business executed on December 27, 2023. The costs are included in Loss on Disposal of Business within the Entertainment segment. (5) eOne Film and TV business divestiture related costs as a result of the sale of the eOne Film and TV business and certain retained liabilities. (6) During Q2 2025, Hasbro recorded a non-cash goodwill impairment charge of $1,021.9 million in the Consumer Products segment, following completion of an interim quantitative assessment of goodwill triggered by the implementation of tariffs. Expand HASBRO, INC. NON-GAAP RECONCILIATION (Unaudited) (Millions of Dollars) Three Months Ended Six Months Ended Reconciliation of Adjusted Operating Profit (1) June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 Operating Profit (Loss) $ (798.2 ) $ 212.1 $ (627.5 ) $ 328.3 Wizards of the Coast and Digital Gaming 241.8 247.1 471.8 369.9 Consumer Products (1,029.6 ) (9.3 ) (1,073.5 ) (56.2 ) Entertainment 6.3 (1.0 ) (4.9 ) 4.8 Corporate and Other (16.7 ) (24.7 ) (20.9 ) 9.8 Non-GAAP Adjustments $ 1,045.3 $ 36.7 $ 1,097.1 $ 69.1 Consumer Products 1,030.8 9.0 1,043.7 18.1 Entertainment 3.8 18.7 32.4 31.1 Corporate and Other 10.7 9.0 21.0 19.9 Adjusted Operating Profit (Loss) $ 247.1 $ 248.8 $ 469.6 $ 397.4 Wizards of the Coast and Digital Gaming 241.8 247.1 471.8 369.9 Consumer Products 1.2 (0.3 ) (29.8 ) (38.1 ) Entertainment 10.1 17.7 27.5 35.9 Corporate and Other (6.0 ) (15.7 ) 0.1 29.7 Non-GAAP Adjustments include the following: Acquired intangible amortization (2) 12.6 12.4 25.0 24.8 Strategic transformation initiatives (3) 3.9 7.3 11.1 12.5 Restructuring and severance costs (4) 6.8 1.7 12.7 7.4 Loss on disposal of business (5) — 15.3 25.0 24.4 eOne Film and TV business divestiture related costs (6) 0.1 — 1.4 — Impairment of goodwill (7) 1,021.9 — 1,021.9 — Total $ 1,045.3 $ 36.7 $ 1,097.1 $ 69.1 (1) Amounts may not sum due to rounding (2) Represents intangible amortization costs related to the intangible assets acquired in the eOne acquisition. The Company has allocated certain of these intangible amortization costs between the Consumer Products and Entertainment segments, to match the revenue generated from such intangible assets. While amortization of acquired intangibles is being excluded from the related GAAP financial measure, the revenue of the acquired company is reflected within the Company's operating results to which these assets contribute. (3) Strategic transformation initiatives costs represent non-recurring expenses for strategic projects with anticipated long-term benefits to support the organization in identifying, realizing and capturing savings to create efficiencies and improve business processes and operations. (4) Restructuring and severance costs associated with cost-savings initiatives across the Company. (5) Loss on disposal of a business related to the sale of the eOne Film and TV business executed on December 27, 2023. The costs are included in Loss on Disposal of Business within the Entertainment segment. (6) eOne Film and TV business divestiture related costs as a result of the sale of the eOne Film and TV business and certain retained liabilities. (7)During Q2 2025, Hasbro recorded a non-cash goodwill impairment charge of $1,021.9 million in the Consumer Products segment, following completion of an interim quantitative assessment of goodwill triggered by the implementation of tariffs. Expand HASBRO, INC. NON-GAAP RECONCILIATION (Unaudited) (Millions of Dollars and Shares, Except Per Share Data) Reconciliation of Net Earnings and Earnings per Share (1) Three Months Ended June 29, 2025 Diluted Per Share Amount June 30, 2024 Diluted Per Share Amount Net Earnings (Loss) Attributable to Hasbro $ (855.8 ) $ (6.10 ) $ 138.5 $ 0.99 Acquired intangible amortization (2) 9.4 0.07 9.3 0.07 Strategic transformation initiatives (3) 3.0 0.02 5.7 0.04 Restructuring and severance costs (4) 5.3 0.04 1.3 0.01 Loss on disposal of business (5) — — 15.3 0.11 eOne Film and TV divestiture related costs (6) 0.1 — — — Impairment of goodwill (7) 1,021.9 7.24 — — Net Earnings Attributable to Hasbro as Adjusted $ 183.9 $ 1.30 $ 170.1 $ 1.22 Six Months Ended June 29, 2025 Diluted Per Share Amount June 30, 2024 Diluted Per Share Amount Net Earnings (Loss) Attributable to Hasbro $ (757.2 ) $ (5.41 ) $ 196.7 $ 1.41 Acquired Intangible Amortization (2) 18.7 0.13 18.6 0.13 Strategic transformation initiatives (3) 8.5 0.06 9.6 0.07 Restructuring and severance costs (4) 9.8 0.07 5.7 0.04 Loss on disposal of business (5) 25.0 0.18 24.4 0.18 eOne Film and TV business sale process charges (6) 4.2 0.03 — — Impairment of goodwill (7) 1,021.9 7.24 — — Net Earnings Attributable to Hasbro as Adjusted $ 330.9 $ 2.35 $ 255.0 $ 1.83 (1) Amounts may not sum due to rounding (2) Represents intangible amortization costs related to the intangible assets acquired in the eOne acquisition. The Company has allocated certain of these intangible amortization costs between the Consumer Products and Entertainment segments, to match the revenue generated from such intangible assets. While amortization of acquired intangibles is being excluded from the related GAAP financial measure, the revenue of the acquired company is reflected within the Company's operating results to which these assets contribute. (3) Strategic transformation initiatives costs represent non-recurring expenses for strategic projects with anticipated long-term benefits to support the organization in identifying, realizing and capturing savings to create efficiencies and improve business processes and operations. These costs primarily consist of third party consulting of $3.9 ($3.0 after-tax) and $11.1 ($8.5 after-tax) for the three months and six months ended June 29, 2025, respectively, and $7.3 ($5.7 after-tax) and $12.5 ($9.6 after-tax) for the three months and six months ended June 30, 2024, respectively. (4) Restructuring and severance costs $6.8 ($5.3 after-tax) and $12.7 ($9.8 after-tax) for the three months and six months ended June 29, 2025, respectively, and $1.7 ($1.3 after-tax) and $7.4 ($5.7 after-tax) for the three months and six months ended June 30, 2024, respectively, associated with cost-savings initiatives across the Company. (5) Loss on disposal of a business of $25.0 ($25.0 after-tax) for the six months ended June 29, 2025 and $15.3 ($15.3 after-tax) and $24.4 ($24.4) after-tax for the three months and six months ended June 30, 2024, respectively, related to the sale of the eOne Film and TV business executed on December 27, 2023. The costs are included in Loss on Disposal of Business within the Entertainment segment. (6) eOne Film and TV business divestiture related costs of $0.1 ($0.1 after-tax) and $5.6 ($4.2 after-tax) for three months and six months ended June 29, 2025, respectively, as a result of the sale of the eOne Film and TV business and certain retained liabilities. (7) During Q2 2025, Hasbro recorded a non-cash goodwill impairment charge of $1,021.9 million in the Consumer Products segment, following completion of an interim quantitative assessment of goodwill triggered by the implementation of tariffs. Expand
