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Q2 2026 Financial Results Keenova.I © 2026 Keenova Therapeutics plc or one of its affiliates . All rights reserved .
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Forward Looking Statements and Additional Information 2 Statements in this Presentation that are not strictly historical, including statements regarding the future financial conditi on and operating results of Keenova Therapeutics plc (the “Company”), expected product launches, legal, economic, business, comp etitive and/or regulatory factors affecting Keenova’s businesses and any other statements regarding events or developments Keenova believes or anticipates will or may oc cur in the future, may be “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, and involve a number of risks and uncertainties. Forward-looking statements can be identified by the use of forward -looking terminology such as the words “bel ieve,” “expect,” “plan,” “intend,” “project,” “anticipate,” “approximately,” “estimate,” “predict,” “potential,” “continue,” “may,” “could,” “should,” “will” or the negative of these terms or similar expressions. There are a number of important factors that could cause actual events to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward -looking statements. These factors i nclude risks and uncertainties related to, among other things: the expected benefits and synergies of the merger with Endo LP (formerly Endo, Inc., “Endo”) (the “merger” or “business combination”) may not be fully realized in a timely manner, or at all; the Company’s increased indebt edness as a result of the merger with Endo and significant transaction costs related to the merger with Endo; the expected growth opportunities, profit improvement s, cost savings and other benefits as a result of the spin -off of Par Health, Inc. may not be fully realized in a timely manner, or at all; loss of the benefits of services provided by Par Health or certain of its subsidiaries as a result of the spin -off of Par Health; risks associated with being a s maller, less diversified company as a result of the spin -off of Par Health; unanticipated costs, litigation and/or regulatory in quiries and investigations, including as a result of the merger with Endo or the spin-off of Par Health; potential changes in the Company’s business strategy, portfolio, capital allocation decisions, and performance; the total consideration to be received in connection with the Percocet divestiture; ex posure to global economic conditions and market uncertainty; governmental investigations and inquiries, regulatory actions, and lawsuits, in each case related to the Company or its officers; the Company’s contractual and court -ordered compliance obligations that, if violated, could result in pena lties; matters related to Acthar® Gel (repository corticotropin injection), including the settlement with governmental parties to resolve certain disputes and comp liance with and restrictions under the related corporate integrity agreement; the ability to maintain relationships with the Com pany’s suppliers, customers, employees and other third parties; scrutiny from governments, legislative bodies and enforcement agencies related to sales, marketing and p ricing practices; pricing pressure on certain of the Company’s products due to legal changes or changes in insurers’ or other pa yers’ reimbursement practices resulting from recent increased public scrutiny of healthcare and pharmaceutical costs; the reimbursement practices of governmental hea lth administration authorities, private health coverage insurers and other third -party payers; complex reporting and payment obliga tions under the Medicare and Medicaid rebate programs and other governmental purchasing and rebate programs; cost containment efforts of customers, purcha sing groups, third-party payers and governmental organizations; changes in or failure to comply with relevant laws and regulations; any undesirable side effects caused by the Company’s approved and investigational products, which could limit their commercial profile or result in other negative consequences; the Company’s and its partners’ ability to successfully develop, commercialize or launch new products or expand commercial opportunities of existing products, including Acthar Gel SelfJect, the INOmax® Evolve DS delivery system, and XIAFLEX® (collagenase clostridiu m histolyticum); the Company’s ability to successfully pursue additional indications for XIAFLEX, including the timing and outco me of clinical results and regulatory submissions; the Company’s ability to successfully identify or discover additional products or product candidates; the Compan y’s ability to navigate price fluctuations and pressures, including the ability to achieve anticipated benefits of price increase s of its products; competition; the Company’s and its partners’ ability to protect intellectual property rights; limited clinical trial data for Acthar Gel; the timing, ex pense and uncertainty associated with clinical studies and related regulatory processes; product liability losses and other liti gation liability; material health, safety and environmental laws and related liabilities; business development activities or other strategic transactions; attraction and retention of qu alified personnel in key fields; the effectiveness of information technology infrastructure, including risks of external attacks or failures; customer concentration; the Company’s reliance on certain individual products that are material to its financial performance; complex manufacturing processes; reli ance on third-party manufacturers and supply chain providers and related market disruptions; conducting business internationally; n ew or increased tariffs and evolving trade relations and changes in trade and taxation policy; the Company’s significant levels of intangible assets and related i mpairment testing; natural disasters or other catastrophic events; the Company’s substantial indebtedness and settlement obligat ion, its ability to generate sufficient cash to reduce its indebtedness and its potential need and ability to incur further indebtedness; restrictions contained in the ag reements governing the Company’s indebtedness and settlement obligation on the Company’s operations, future financings and use o f proceeds; the Company’s variable rate indebtedness; the Company’s tax treatment by the Internal Revenue Service under Section 7874 and Section 382 of the Inte rnal Revenue Code of 1986, as amended; future changes to applicable tax laws or the impact of disputes with governmental tax aut horities; the impact of Irish laws; the comparability of the Company’s financial results to historical financial statements in light of its emergence from Chapter 11 bankruptcy proceedings in 2023, the divestiture of the Therakos business, the merger with Endo and spin -off of Par Health. The “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” sections of th e Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC and its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026, filed with the SEC, its Quarterly Report on Form 10 -Q for the quarterly period ended June 30, 2026, to be filed with the SEC, and other filings with the SEC, all of which are on file and available from the SEC’s website (www. sec.gov) and the Company’s website (www.keenova.com), identify and describe in more detail the risks and uncertainties to which the Company’s businesses are sub ject. There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect t o have a material adverse effect on our business. The forward-looking statements made herein speak only as of the date hereof and the Company does not assume any obliga tion to update or revise any forward-looking statement, whether as a result of new information, future events and developments o r otherwise, except as required by law. Given these uncertainties, one should not put undue reliance on any forward -looking statements. No Offer of Securities The Company’s potential NYSE listing in 2027 is subject to approval by Keenova’s Board of Directors and other considerations and conditions. The Company expects to conduct a public offering of Keenova’s ordinary shares to facilitate the listing at that t ime, and no assurance can be given as to whether or when such transaction will occur or its impact. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. Any such offer ing would be made pursuant to a registration statement to be filed with the SEC. The price and number of the ordinary shares to b e sold in any such offering have not yet been determined. The timing of any such offering would be subject to market and other conditions and the completion of the SE C’s review process. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the re gistration requirements of the Securities Act of 1933, as amended.
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Presentation of Historical Financial Information and Non-GAAP Financial Measures 3 Keenova (formerly Mallinckrodt plc) completed a merger with Endo in July 2025 and the separation of Par Health in November 2025. The separation of Par Health included the Company’s Specialty Generics segment and Endo’s Generic Pharmaceuticals and Sterile Injectables segments. To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), thispresentation includes certain financial information of the Company that is not prescribed by or prepared in accordance with GAAP. The Company utilizes these non-GAAP financial measures as supplements to financial measures determined in accordance with GAAP when evaluating operating performance and assessing the Company’s capital structure, and the Company believes that these measures will be used by certain investors to evaluate operating results and financial leverage, borrowing capacity and balance sheet risk. The Company believes that presenting these non-GAAP financial measures provides useful information about performance and financial leverage across reporting periods on a consistent basis by excluding certain items, which may be favorable or unfavorable. The unaudited financial results presented in this presentation reflect Keenova’s continuing operations and exclude the contribution of Percocet, which was divested on July 31, 2026. The comparable second quarter 2025 results were prepared on a pro forma basis as if the Mallinckrodt-Endo merger, the separation of Par Health, and the divestiture of Percocet had each occurred at the beginning of 2025 and also exclude Endo’s International Pharmaceuticals business, which was sold in 2025. Thepro forma prior period information has been prepared for illustrative and informational purposes only. Such pro forma financial information has not been prepared and presented in accordance with the requirements of Article 11 of Regulation S-X or Accounting Standards Codification 805, Business Combinations. Despite the importance of these measures to management in goal-setting and performance measurement, these are non-GAAP financial measures that have no standardized meaning prescribed by GAAP and, therefore, have limits in their usefulness to investors. Because of the non-standardized definitions, metrics such as non-GAAP Adjusted EBITDA from continuing operations, net debt and similar metrics provided on a pro forma basis (unlike GAAP measures and relevant components) may differ from, and may not be comparable to, the calculation of similar measures of other companies. These non-GAAP financial measures are presented solely to permit investors to more fullyunderstand how management assesses performance. These non-GAAP financial measures should not be viewed in isolation or as substitutes for, or superior to, financial measures calculated in accordance with GAAP. These non-GAAP financial measures should be read in conjunction with the Company’s and Endo’s unaudited condensed consolidated financial statements, audited financial statements, and publicly filed reports in their entirety. Reconciliations of certain of these historical adjusted financial measures to the most directly comparable GAAP financial measures are included in the tables accompanying this presentation. Further information regarding non-GAAP financial measures can be found on the Company’s website at www.keenova.com. Note that the financial figures in this presentation have been rounded; as a result, percentages and variances may not recalculate.
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4 Agenda 1 Financial & Operational Highlights 2 Q2 2026 Results 3 Revised 2026 Financial Guidance 4 Appendix
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XIAFLEX® net sales grew 8%1, reflecting increased demand in Peyronie’s disease and net price XIAFLEX® pipeline advances with meaningful progress in establishing Podiatry franchise Q2’26 Financial & Operational Highlights 5 Positive Momentum Continues as Keenova Delivers on Strategic Plan (1) Year-over-year comparison is on a Pro Forma basis. Acthar® Gel net sales grew 17%, driven by patient demand, category expansion and payer mix Delivered strong Q2 net sales and Adjusted EBITDA growth1, driven by core brands Synergies program remains on track to achieve $150M of annual pre-tax, run-rate synergies by Year 3 Successful divestiture of Percocet, further refining the portfolio and fully exiting opioid business
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6 XIAFLEX Pipeline Update Phase 3 enrollment Topline results Regulatory submission Completed Positive Targeted Q4 2026 Plantar Fibromatosis: Hammer Toe: FDA End-of-Phase 2 meeting Phase 3 enrollment begins Completed Expected Q3 2026
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Q2’25 Q2’26 Q2’26 Pro Forma Financial Highlights1 (excludes Percocet) Net Sales ($ million) Adjusted EBITDA from Continuing Operations ($ million)2 (1) The above results presented reflect the continuing operations of Keenova Therapeutics plc. For an explanation of these me asures and comparisons against prior periods, please see “Presentation of Historical Financial Information and Non-GAAP Financial Measures" above. (2) Q2’25 Adjusted EBITDA from Continuing Operations adjusts for $2 million of transaction-related compensation expenses under the Transaction Incentive Plan. $181 $190+5% 7 Growth continues to be led by Core Brands Acthar Gel and XIAFLEX Q2’25 Q2’26 +6%$471 $500 Total Core +13%
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Growth exceeds plan, driven by higher patient demand, continued category expansion, payer mix, and continued momentum in SelfJect uptake Productivity gains achieved by enhanced sales force execution Acthar Gel Performance Net Sales ($ million) Q2’25 Q2’26 +17% 8 Raises full-year sales guidance
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XIAFLEX Performance Growth driven by increased demand in Peyronie’s disease and price Guidance tightened to high single- digits growth (1) 2025 as reported by Endo prior to the merger. Net Sales ($ million)1 Q2’25 Q2’26 +8% 9
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(1) For additional information on this measure, please see “Presentation of Historical Financial Information and Non-GAAP Financial Measures" above. (2) Includes permitted add-backs under the Company’s credit agreement. Strong Financial Position Synergy Plan on Track • $25M realized in Q2’26 • ~$100M planned for 2026 • $150M pre-tax, run-rate synergies by 3rd year post-merger Strong Balance Sheet • $964 million of cash and cash equivalents • $2.474 billion of total debt principal outstanding • Net Debt-to-Covenant Adjusted EBITDA1 ratio of approximately ~1.742 10
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Original Full-Year Guidance Including Percocet Revised Full-Year Guidance Excluding Percocet Acthar Gel Net Sales Mid-teens growth 20-22% growth XIAFLEX Net Sales (Pro Forma) Mid- to high-single digit growth High single-digits growth Net Sales (Incl. Percocet) Net Sales (Excl. Percocet) $1.94B – $2.00B $1.88B – $1.94B $1.94B – $2.00B Adjusted EBITDA (Incl. Percocet) Adjusted EBITDA (Excl. Percocet) $730M – $760M $665M – $695M $715M – $745M (1) Note the following regarding guidance: Adjusted EBITDA is as calculated in accordance with Keenova’s non-GAAP policy and incorporates anticipated merger synergies to be realized in 2026. Guidance metrics do not take into account any future acquisition or divestiture activity. 2026 Financial Guidance Evolution1 11 Key Highlights • Acthar Gel range adjusted upward • XIAFLEX guidance tightened to high single-digits growth • Net sales range maintained, as core brand strength offsets full-year removal of Percocet on a pro forma basis
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Original Guidance Incl. Percocet FY Percocet Net Sales Contribution Original Guidance Excl. Percocet Expected Incremental Net Sales Contribution from Core Brands Revised Net Sales Guidance Excl. Percocet 2026 Pro Forma Net Sales Guidance Evolution $1.94B - $2.00B $1.88B - $1.94B $1.94B - $2.00B 12
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Original Guidance Incl. Percocet Margin Contribution from Percocet Original Guidance Excl. Percocet Expected Incremental Margin Contribution from Core Brands Revised EBITDA Guidance $730M - $760M $665M - $695M $715M - $745M 2026 Pro Forma EBITDA Guidance Evolution 13
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© 2025 Keenova Therapeutics plc or one of its affiliates. All rights reserved. 14
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Q&A 15
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Appendix 16
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17 Keenova Therapeutics plc Select product line net sales Totals may not add due to rounding. (1) Keenova Net Sales as reported. (2) Q2'25 Endo Brands Net Sales as derived from Endo accounting records. (3) Removal of Percocet Net Sales due to divestiture in July 2026. (Unaudited, $ in millions) Q2261 Remove Percocet3 Pro Forma Q226 Q2251 Endo Pre- Merger2 Remove Percocet3 Pro Forma Q225 Acthar Gel $ 204.7 204.7 $ 175.1 175.1 Xiaflex 149.8 149.8 — 138.6 138.6 INOmax 58.9 58.9 61.9 — 61.9 Other Products 94.2 (17.5) 76.7 27.1 80.9 (21.0) 87.0 License Revenues 9.6 9.6 0.2 8.4 8.6 Total $ 517.2 $ (17.5) $ 499.7 $ 264.3 $ 227.9 $ (21.0) $ 471.2
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18 (Unaudited, $ in millions) Q2261 Remove Percocet3 Pro Forma Q226 Q2251 Endo Pre- Merger2 Remove Percocet3 Pro Forma Q225 Net Income (loss) $ (220.5) $ 190.0 $ (30.5) $ 2.4 $ (88.2) $ (11.1) $ (96.9) (Income) loss from discontinued operations, net of income taxes — — — (32.9) 11.4 — (21.5) Income (loss) from continuing operations (220.5) 190.0 (30.5) (30.5) (76.8) (11.1) (118.4) Interest expense, net 44.5 — 44.5 28.9 53.8 — 82.7 Income tax expense (benefit) (23.0) 25.8 2.8 2.0 (6.7) — (4.7) Depreciation 6.2 — 6.2 3.0 2.5 — 5.5 Amortization 53.6 (7.3) 46.3 9.5 46.6 (6.0) 50.1 Combination, integration, and other related expenses 8.6 — 8.6 22.6 32.0 — 54.6 Restructuring credits, net — — — (0.2) — — (0.2) Non-restructuring impairment charge 207.7 (207.7) — — — — — Liabilities management and separation costs — — — 1.0 — — 1.0 Loss (gain) on divestiture (0.1) — (0.1) 0.5 — — 0.5 Fresh-start inventory-related expense 8.9 — 8.9 47.7 55.6 (3.6) 99.7 Business combination inventory-related expenses 90.0 (17.4) 72.6 — — — — Share-based compensation 21.0 — 21.0 4.7 3.3 — 8.0 Change in fair value of contingent consideration 0.6 — 0.6 0.9 0.4 — 1.3 Change in derivative asset and liabilities fair value — — — 0.4 — — 0.4 Unrealized loss (gain) on equity investment — — — (4.0) — — (4.0) Strategic initiative costs 8.5 — 8.5 — — — Other — — — 2.6 — 2.6 Adjusted EBITDA from continuing operations $ 206.0 $ (16.6) $ 189.4 $ 86.5 $ 113.3 $ (20.7) $ 179.1 Totals may not add due to rounding. (1) Keenova Adjusted EBITDA as reported. (2) Addition of Endo Brands and Corporate results for the quarter as derived from Endo accounting records. (3) Removal of Percocet due to divestiture in July 2026. Keenova Therapeutics plc Consolidated adjusted EBITDA
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Keenova Therapeutics plc Pro forma net debt leverage ratio (non-GAAP) 19 Totals may not add due to rounding. (1) Represents adjusted EBITDA as calculated in accordance with Keenova GAAP-adjusted policy, on a pro forma basis adjusted to include Endo Brands and Corporate results prior to the merger. Refer to slide 20. (2) Computation of adjusted EBITDA pursuant to the terms of our credit agreement allows for the add-back of certain compensation related expenses primarily related to the merger of Mallinckrodt and Endo. (3) Pro forma run-rate merger net synergies expected within 18 months of 6/30/2026, reduced by amounts already reflected in pro forma adjusted EBITDA. (4) Other adjustments pursuant to the terms of our credit agreement. Unaudited, $ in millions (except ratios) Q226 Keenova total debt principal outstanding $ 2,473.8 (-) Keenova unrestricted cash and cash equivalents 963.7 Keenova net debt $ 1,510.1 TTM Q226 pro forma adjusted EBITDA(1) $ 669.2 (+) Transaction compensation(2) 120.2 (+) Merger related synergies(3) 47.7 (+) Other debt agreement adjustments(4) 28.4 TTM Q226 pro forma adjusted EBITDA (debt agreement basis) $ 865.5 Pro forma net debt leverage ratios Keenova net debt to TTM Q226 pro forma adjusted EBITDA (debt agreement basis) 1.74x
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20 (Unaudited, $ in millions) Pro Forma FY251 Pro Forma YTD Q2252 Pro Forma YTD Q2262 Pro Forma TTM Q226 (A) (B) (C) (A) – (B) + (C) Net Income (loss) $ (859.4) $ (223.2) $ (135.1) $ (771.3) (Income) loss from discontinued operations, net of income taxes 58.2 (59.7) 0.0 117.9 Income (loss) from continuing operations $ (801.3) $ (282.9) $ (135.1) $ (653.5) Interest expense, net 273.5 164.1 90.1 199.55 Income tax expense (benefit) 94.1 (18.6) 7.6 $ 120.3 Depreciation 21.4 11.1 11.7 21.9 Amortization 195.3 100.4 92.6 $ 187.5 Combination, integration, and other related expenses 207.2 95.9 28.4 139.7 Restructuring credits, net (2.2) (2.2) — $ — Liabilities management and separation costs — 1.0 (1.0) Loss (gain) on extinguishment of debt (15.9) — — $ (15.9) Loss (gain) on divestiture 5.9 0.3 (0.3) 5.3 Fresh-start inventory-related expense 300.3 182.0 53.7 172.0 Business combination inventory-related expenses 180.5 — 157.8 338.3 Share-based compensation 48.7 19.9 32.0 $ 60.8 Change in fair value of contingent consideration 15.6 2.0 1.2 14.8 Change in derivative asset and liabilities fair value 5.3 3.0 — $ 2.3 Unrealized loss (gain) on equity investment 1.7 2.2 0.5 — Strategic initiatives — — 13.4 $ 13.4 Other 3.4 3.7 (0.6) (0.8) Adjusted EBITDA from continuing operations - excluding Percocet $ 533.5 $ 281.9 $ 353.0 $ 604.5 Add back Percocet contribution 75.3 42.4 31.8 64.6 Adjusted EBITDA from continuing operations - including Percocet $ 608.7 $ 324.4 $ 384.8 $ 669.2 Totals may not add due to rounding. (1) Pro Forma FY25 as reported on March 31, 2026. (2) Refer to slide 3. Keenova Therapeutics plc Consolidated Pro Forma TTM Adjusted EBITDA
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Non-GAAP Definitions 21 Adjusted EBITDA Adjusted EBITDA represents net income or loss prepared in accordance GAAP and adjusted for certain items that management believes are not reflective of the operational performance of the business. Adjustments to GAAP amounts include interest expense, net; income tax expense; depreciation and amortization; combination, integration, and other related expenses; restructuring charges, net; non- restructuring impairment charges, liabilities management and separation costs; gains/losses on debt extinguishment; gains/losses on divestitures; fresh-start inventory-related expenses; business combination inventory-related expense; share-based compensation; strategic initiative costs, and other items identified by the Company. Adjusted EBITDA from Continuing Operations Adjusted EBITDA from continuing operations represents Adjusted EBITDA (as defined above) and as adjusted for income (loss) from discontinued operations. Pro Forma Combined Net Sales and Pro Forma Combined Adjusted EBITDA Keenova pro forma combined net sales and pro forma combined Adjusted EBITDA reflect Keenova’s continuing operations as if the merger with Endo and the separation of Par Health had each occurred at the beginning of the respective periods presented. Pro forma combined results for Q225 also exclude Endo’s International Pharmaceuticals business, which was sold in 2025, and the results of the Percocet business, which was sold in July 2026. Net Debt-to-Covenant Adjusted EBITDA Ratio Net debt leverage ratio represents net debt divided by Adjusted EBITDA as calculated in accordance with the Company’s Credit Agreement. Net debt leverage ratio is a leverage metric that reflects the relationship between net debt (defined as total debt less cash and cash equivalents) and Adjusted EBITDA, and it is used to assess capital structure and borrowing capacity.