Slides
Page 1
October 9, 2026
Page 2
2 | This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on management’s current beliefs and expectations and are subject to substantial risks and uncertainties, both known and unknown, that could cause our future results, performance or achievements to differ significantly from that expressed or implied by such forward-looking statements. These forward-looking statements may include statements concerning our plans, strategies, objectives, future performance and fi nancial and operating targets, and any other information that is not historical information. Important factors that could cause or contribute to such differences include risks relating to: • our ability to successfully compete in the marketplace, including: our ability to successfully develop and commercialize WELT RUZATM; our ability to develop and commercialize additional pharmaceutical products in a timely manner; intense competition for our innovative medicines; our ability to achieve expected results from investments i n our product pipeline; our ability to successfully execute on our Pivot to Growth strategy, including to expand our innovative and biosimilar medicines pipeline and to profitably commercialize our innovative medicines and biosimilar portfolio, whether organically or through business development, to sustain and focus our portfolio of generic medicines, and to execute on our organizational transformation and to achieve expected cost savings; and the effectiveness of our patents and other measures to protect our intellectual property rights; • our significant indebtedness, which may limit our ability to incur additional indebtedness, engage in additional transactions or make new investments; and our potential need to raise additional funds in the future, which may not be available on acceptable terms or at all; • our business and operations in general, including: the impact of global economic conditions and other macroeconomic developments and the governmental and societal responses thereto, and our exposure to changes in international trade policies, including the imposition of tariffs in the jurisdictions in which we operate, and an y effects of such developments on sales of our products and the pricing and availability of raw materials; effectiveness of our optimization efforts; significant disruptions of information technology systems, including c ybersecurity attacks, as well as risks and uncertainties related to the adoption of artificial intelligence technologies, and breaches of our data security; interruptions in our supply chain or problems with i nternal or third party manufacturing; challenges associated with conducting business globally, including political or economic instability, prolonged government shutdowns, widespread outbreaks of major diseases and major hostilities or acts of terrorism, ongoing global conflicts, including in the Middle East and the war involving Iran and the war between Russia and Ukraine; our ability to attract, hire, integrate and retain highly skilled personnel; our ability to successfully bid for suitable acquisition targets or licensing opportunities, or to consummate and/or integrate acquisitions successfully and cost- effectively; and our prospects and opportunities for growth if we sell assets or business units and close or divest plants and facilities, as well as our ability to successfully and cost-effectively consummate such sales and divestitures, inclu ding our planned divestiture of our API business; • compliance, regulatory and litigation matters, including: failure to comply with complex legal and regulatory requirements, the effects of regulatory uncertainty and changes and the results of increased regulatory oversight, including expenditures required to ensure compliance with research, production and quality control regulations and remedial actions taken to address product issues, such as delayed product launches, product recalls, and facility shutdowns; the effects of governmental, regulatory and civil proceedings and litigation which w e are, or in the future become, party to; the effects of reforms in healthcare regulation and related reductions in pharmaceutical pricing, reimbursement and coverage, including as a result of the One Big Beautiful Bill signed into law in the U.S. in July 2025 (“OBBBA”), which will likely reduce the number of insured in Medicaid and Health Insurance Exchange markets, potentially altering utilization patterns and shifting n egotiating leverage among payors, U.S. Executive Orders issued in April and May 2025 intended to reduce the prices paid for prescription medicines, including most-favored-nation pricing and related regulatory efforts; legal and regulatory actions in connection with public concern over the abuse of opioid medications; our ability to timely make payments required under our nationwide opioids settlement agreement and provid e our generic version of Narcan® (naloxone hydrochloride nasal spray) in the amounts and at the times required under the terms of such agreement; scrutiny from competition and pricing authorities around the world, including our ability to comply with and operate under our deferred prosecution agreement (“DPA”) with the U.S. Department of Justice (“DOJ”); potential liability for intellectual property right infringement; significant product liability claims; claims brought by regulatory agencies; failure to comply with complex Medicare, Medicaid and other governmental programs' reporting and payment obligations; compliance with sanctions and trade control laws; environmental risks and changes in governmental, investor and societal responses to climate change and sustainability related issues; • other financial, economic and other risks, including: our exposure to currency fluctuations and restrictions as well as credi t risks; impairments of our long-lived assets; potential significant increases in tax liabilities; the effect on our overall effective tax rate of the termination or expiration of governmental programs or tax benefits, or of a change in our business; the impact of any failure to maintain effective internal control over our financial reporting; and our ability to achieve our aims as a result of directly listing our ordinary shares in lieu of the American Depository Share (ADS) program; and other factors discussed in this presentation and in our Quarterly Report on Form 10-Q for the second quarter of 2026 and in our Annual Report on Form 10-K for the year ended December 31, 2025, including in the sections captioned "Risk Factors" and “Forward-looking Statements." Forward-looking statements speak only as of the date on which they are made, and we assume no oblig ation to update or revise any forward-looking statements or other information contained herein, whether as a result of new information, future events or otherwise. You are cautioned not to put undue reliance on these forward-looking statements.
Page 3
1 Introduction 2 3 President and Chief Executive Officer EVP, Global R&D & Chief Medical Officer EVP, Chief Financial Officer WELTRUZA Approval Q&A 3 | EVP, US Commercial Officer
Page 4
President and Chief Executive Officer 4 |
Page 5
Focus our business Sustain generics powerhouse Deliver on growth engines Step up innovation 5 |
Page 6
6 | UC: ulcerative colitis; CD: Crohn's disease; MSA: Multiple System Atrophy; LAI: Long Acting Injectable; DARI: Dual-Action Asthma Rescue Inhaler; duvakitug, emrusolmin and DARI are developed in collaboration with Sanofi, MODAG and Launch Therapeutics, respectively Assets Key anticipated milestone for 2026 Timing duvakitug UC/CD Phase 2 maintenance data H1’26 Anti-IL-15 DARI (ICS/SABA) emrusolmin Anti-PD-1/IL-2 H2'26 Targeted completion of pivotal Phase 3 studies H2'26 Phase 2 futility analysis H2'26 FDA approval H2'26 Initial human data H2'26 H1'26 Celiac Phase 2a topline results Vitiligo Phase 1b topline results ecopipam NDA accepted by the FDA with priority review H1’26
Page 7
Executive Vice President, Global R&D & Chief Medical Officer 7 |
Page 8
8 | Sources: Lin D, et al. Front Psychiatry. 2021 Oct 26;12:695672. doi: 10.3389/fpsyt.2021.695672; Robinson D, et al. Arch Gen Psychiatry. 1999;56(3):241. doi:10.1001/archpsyc.56.3.241; 3. Bodén R, et al. Schizophr Res. 2011;133(1-3):36-41. doi:10.1016/j.schres.2011.08.024. Relapse drives progression 80% experience multiple relapses in first 5 years Compliance is the challenge Disability Prodromal phase Functional impairment Chronic phase Remission Premorbid phase Progressive phase Acute exacerbations Negative symptoms Cognitive deficits Positive symptoms Illness severity Course of illness over time Relapse 1st psychotic episode Remission
Page 9
9 | Deep understanding of the patient journey Requirements to increase LAI penetration Demonstrated safety profile Go-to-market capabilities ~2.2M1 Diagnosed patients in the US in 2026 ~1.5M2 Patients treated with oral antipsychotics ~20%2 oral olanzapine Significant U.S. market opportunity 1. DRG / Clarivate (Nov 2025 Market Forecast Assumptions-Schizophrenia). 2. SCZ patients and LAAD Rx (LAI & Oral) claims from LAAD April 2026 data file for FY2025 with 2-year look-back.
Page 10
10 | Addressing unmet medical need with proven science at high velocity Unmet Patient Needs Differentiated By Design High-Velocity Execution On-Target Submission Right First Time Approval
Page 11
11 | • Filling a long-standing gap in care Monthly Subcutaneous Long-Acting Injection PROVEN EFFICACY OF OLANZAPINE • NO loading dose • NO oral supplementation • NO post-injection monitoring
Page 12
0 20 40 60 80 100 318 mg 425 mg 531 mg 4% n=10 Total Stabilized participants, % No relapse Relapse Relapse after stabilization (SOLARIS Period 2) 56% of participants stabilized on WELTRUZA 4% of stabilized participants relapsed 21% achieved remission after ≥6 months Wk 0 Period 2: open-label, up to 48 weeks Wk 56 Note: Relapse was uncommon and consistent across all three dose levels, supporting long-term durability of response. Outcomes assessed in open-label Period 2 of the phase 3 SOLARIS trial (n=411); remission per Andreasen 2005 criteria in participants treated ≥6 months. Source: Correll CU, et al. Poster 30, Annual Psych Congress, September 15-19, 2026, New Orleans, LA. WELTRUZA dose 96% n=221 95%99%94% 5%1%6% 12 |
Page 13
13 |
Page 14
WELTRUZA Phase 3 SOLARIS Data Webcast WELTRUZA Phase 3 SOLARIS Data Presentation U.S. Prescribing Information 14 |
Page 15
v We are all in for better health