# EDGAR Filing Document

**Accession Number:** 0001625297
**File Stem:** 0001193125-25-169947
**Filing Date:** 2025-7
**Character Count:** 168046
**Document Hash:** cfa09df9832a56a21aab58b6779acc63
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-169947.hdr.sgml**: 20250731

**ACCESSION NUMBER**: 0001193125-25-169947

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 84

**CONFORMED PERIOD OF REPORT**: 20250731

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250731

**DATE AS OF CHANGE**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INDIVIOR PLC
- **CENTRAL INDEX KEY:** 0001625297
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** X0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37835
- **FILM NUMBER:** 251169292

**BUSINESS ADDRESS:**
- **STREET 1:** 234 BATH ROAD
- **CITY:** SLOUGH, BERKSHIRE
- **STATE:** X0
- **ZIP:** SL1 4EE
- **BUSINESS PHONE:** 804-379-1090

**MAIL ADDRESS:**
- **STREET 1:** 234 BATH ROAD
- **CITY:** SLOUGH, BERKSHIRE
- **STATE:** X0
- **ZIP:** SL1 4EE

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C.

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 OR 15(d)

#### of The Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): July 31, 2025

## INDIVIOR PLC

#### (Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **England and Wales** | **001-37835** | **98-1204773** |
| **(State or other jurisdiction<br>of incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer<br>Identification No.)** |

---

---

| | |
|:---|:---|
| **10710 Midlothian Turnpike Suite 125**<br> **North Chesterfield, VA** | **23235** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

#### Registrant's telephone number, including area code: 804-379-1040

#### (Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange<br>on which registered** |
| Ordinary shares, $0.50 nominal value per share | INDV | The Nasdaq Stock Market LLC |
| Indicate by check mark | INDV | London Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.**  |

---

On July 31, 2025, Indivior PLC ("Indivior" or the Company) issued a press release reporting its financial results for the period ended June 30, 2025 and posted on its website the press release and related presentation materials. The press release and related presentation materials are furnished as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K.

---

| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure.**  |

---

On July 31, 2025, the Company updated its corporate presentation materials. The corporate presentation is furnished as Exhibit 99.3 to this Current Report on Form 8-K.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

---

---

| | |
|:---|:---|
| **Exhibit**<br> **No.** | **Description** |
| 99.1 | [Press release issued by Indivior PLC dated July 31, 2025.](d908304dex991.htm) |
| 99.2 | [Presentation materials dated July 31, 2025.](d908304dex992.htm) |
| 99.3 | [Corporate Presentation updated July 31, 2025.](d908304dex993.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  |  | **Indivior PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: July 31, 2025 | By: | /s/ Ryan Preblick |
|  | Name: | Ryan Preblick |
|  | Title: | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g908304g0731005137694.jpg)

**<u>Indivior Reports Second Quarter 2025 Financial Results and Raises FY 2025 Financial Guidance</u>**

*• Q2'25 Total Net Revenue of $302m; Q2'25 SUBLOCADE<sup>®</sup> Net Revenue of $209m, up 9% Year-over-Year* 

*• Indivior Action Agenda Underway to Strengthen Business and Generate Operational Momentum* 

*• Conference Call Scheduled for Today at 8:00 A.M. EDT* 

**Richmond, VA, July 31, 2025 – Indivior PLC (Nasdaq: INDV) today reported its financial results for the second quarter ended June 30, 2025, and provided a business update.** 

"SUBLOCADE<sup>®</sup> net revenue and pricing stability in SUBOXONE<sup>®</sup> Film in the U.S. drove solid results in the second quarter, leading us to raise our 2025 financial guidance," said Joe Ciaffoni, Chief Executive Officer. "In the second half of 2025, we are focused on implementing Phase 1 of the Indivior Action Agenda, Generate Momentum, which includes growing U.S. SUBLOCADE net revenue and simplifying the organization to generate operational momentum. We are committed to achieving our financial guidance for the year, investing in U.S. SUBLOCADE growth and implementing organizational changes that will strongly position us to advance to Phase 2 of the Indivior Action Agenda, Accelerate, at the start of 2026 and immediately realize bottom line accretion."

"We are increasing our 2025 financial guidance to reflect better-than-expected net revenue performance in the first half of the year," said Ryan Preblick, Chief Financial Officer. "Our expectations for total net revenue and adjusted EBITDA are increasing by $65 million and $48 million, respectively, at the mid-points from our original guidance."

**<u>Business Highlights</u>**

• Grew total SUBLOCADE Q2'25 net revenue to $209m, up 9% year-over-year and 19% versus Q1'25. Q2'25
U.S. SUBLOCADE net revenue increased 9% to $195m versus Q2'24 and 20% versus Q1'25. Growth was primarily volume driven.

• Initiated the Indivior Action Agenda with workstreams focused on U.S. SUBLOCADE growth and reducing
organizational complexity. These efforts are expected to support long-term growth with significant operating leverage and durable cash generation.

• Strengthened Executive Team and Board of Directors with the addition of Patrick Barry, Chief Commercial
Officer, Vanessa Procter, Executive Vice President of Corporate Affairs and Tony Kingsley, Independent Director.

• Completed London Stock Exchange (LSE) cancellation effective July 24, 2025. INDV now trades exclusively on
Nasdaq, which aligns to the Company's capital markets footprint and a stronger focus on SUBLOCADE growth in the U.S.

• Announced inclusion in Russell Equity Indexes. Effective June 30, 2025, Indivior became a member of
the U.S. small-cap Russell 2000<sup>®</sup> Index and the broad-market Russell 3000<sup>®</sup> Index.

• Presented new SUBLOCADE data at the College on Problems of Drug Dependence (CPDD) Annual Scientific
Meeting demonstrating higher doses of SUBLOCADE may offer better outcomes for individuals with high levels of fentanyl use.

• Published study "Monthly Buprenorphine Depot Injection (SUBLOCADE) for Opioid Use Disorder During
Pregnancy" in Th *e American Journal on Addictions,* illustrating monthly SUBLOCADE use as a potential treatment option for opioid use disorder during and after pregnancy.

• Published real-world study in *Drug and Alcohol Dependence Reports* that found that opioid use disorder
patients treated with extended-release buprenorphine (SUBLOCADE / SUBUTEX<sup>®</sup> Prolonged Release) had 57% lower odds of all cause emergency department (ED) visits compared to those who received no
medications for opioid use disorder.

------

• Introduced Adjusted EBITDA (replacing Non-GAAP Operating Income) as a new
key profitability measure and financial guidance metric because management believes it to be a better measure of operating results and cash generation. See page 11 and the accompanying Q2 2025 Financial Results Presentation.

**<u>Raising Financial Guidance for 2025</u>**

• Raised its full-year 2025 financial guidance.

• Guidance assumes no material change in exchange rates for key currencies compared with 2024 average rates,
notably USD/GBP and USD/EUR.

---

| | | |
|:---|:---|:---|
|  | **Prior FY 2025 Guidance** | **Revised FY 2025 Guidance** |
| **Net Revenue (NR)** | $955 million to $1,025 million | $1,030 million to $1,080 million |
| **SUBLOCADE NR** | $725 million to $765 million | $765 million to $785 million |
| **OPVEE NR** | $10 million to $15 million | No change |
| **SUBOXONE Film** | Accelerating NR decline in FY 2025 reflecting increased generic competitive activity and the potential impact from a fifth buprenorphine / naloxone sublingual generic in the U.S. market | More moderated NR decline in FY 2025 reflecting pricing stabilization across the U.S. generic buprenorphine / naloxone sublingual film market participants |
| **Non-GAAP Gross Margin** | Low to mid-80s % range | No change |
| **Non-GAAP SG&A** | $500 million to $510 million | No change |
| **Non-GAAP R&D** | $85 million to $90 million | No change |
| **Adjusted EBITDA\*** | $220 million to $260 million | $275 million to $300 million |

---

\* See page 9 for reconciliation of non-GAAP measures and page 11 for reconciliation to original guidance.

**<u>Financial Results for Second Quarter Ended June 30, 2025</u>**

• Total net revenue in Q2 increased 1% to $302m (Q2'24: $299m) at actual exchange rates (1% increase at
constant exchange rates). Total SUBLOCADE Q2 net revenue was $209m, up 9% year-over-year and 19% versus Q1'25.

• U.S. net revenue in Q2 of $256m increased slightly over Q2'24. U.S. SUBLOCADE net revenue increased 9% to
$195m versus Q2'24. The slight increase in U.S. net revenue was primarily driven by volume growth of SUBLOCADE offsetting the decline in SUBOXONE Film due to generic competition and the discontinuation of PERSERIS in July 2024.

• Rest of World net revenue in Q2 increased 5% at actual exchange rates to $46m (3% increase at constant exchange
rates). Growth in SUBLOCADE / SUBUTEX<sup>®</sup> Prolonged Release and SUBOXONE Film more than offset ongoing generic erosion of the legacy SUBUTEX (buprenorphine) tablet business. Rest of World Q2
SUBLOCADE net revenue was $14m at actual exchange rates, an increase of 4% versus Q2'24.

• Gross margin in Q2 was 83% (Q2'24: 74%). Non-GAAP gross margin in Q2
was 84% (Q2'24: 84%).

• SG&A expense in Q2 was $158m (Q2'24: $152m). Non-GAAP SG&A
expense in Q2 increased 6% to $146m (non-GAAP Q2'24: $137m) and primarily reflects an expected increase in marketing for U.S. SUBLOCADE.

• R&D expense in Q2 was $21m (Q2'24: $26m), a decrease of 20%, reflecting the refocusing of the pipeline
on existing Phase 2 OUD assets (INDV-2000 and INDV-6001).

• Net income in Q2 was $18m and diluted EPS was $0.14 (Q2'24 net loss $97m; diluted loss per share: $(0.72)). Non-GAAP net income in Q2 was $64m and non-GAAP diluted EPS was $0.51 (Q2'24 non-GAAP net income: $66m; non-GAAP diluted EPS $0.48). The increase in non-GAAP diluted EPS reflects a lower diluted share count of approximately 8%.

• Adjusted EBITDA in Q2 was $88m ($93m Q2'24). The decrease primarily reflects increased marketing for U.S.
SUBLOCADE.

• Cash and investments totaled $538m at the end of Q2'25, an increase of $191m compared to $347m at the end of
2024. **<u>Conference Call and Webcast Details</u>**

A live conference call and webcast presentation will be held on July 31, 2025, at 8:00 A.M. EDT (13:00 GMT). The details to access the conference call and webcast are below. Materials will be available on the Company's website prior to the event at <u>www.indivior.com</u>.

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<u>The webcast link is</u>: **<u>https://edge.media-server.com/mmc/p/ro37758v</u>**

<u>Participants may access the presentation telephonically by registering with the following link (please cut and paste into your browser)</u>: **<u>https://register-conf.media-server.com/register/BIb74823c247374ec38580055874599386</u>**

(*Registrants will have an option to be called back directly immediately prior to the call or be provided a call-in # with a unique pin code following their registration)*

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**<u>About Indivior</u>**

Indivior is a global pharmaceutical company working to help change patients' lives by developing medicines to treat opioid use disorder (OUD). Our vision is that all patients around the world will have access to evidence-based treatment for OUD and we are dedicated to transforming OUD from a global human crisis to a recognized and treated chronic disease. Building on its global portfolio of OUD treatments, Indivior has a pipeline of product candidates designed to expand on its heritage in this category. Headquartered in the United States in Richmond, VA, Indivior employs over 1,000 individuals globally and its portfolio of products is available in over 30 countries worldwide. Visit www.indivior.com to learn more. Connect with Indivior on LinkedIn by visiting www.linkedin.com/company/Indivior.

**<u>Non-GAAP Financial Measures</u>**

This announcement includes financial measures that are not measures defined by US GAAP, such as non-GAAP gross margin, non-GAAP selling, general and administrative expenses, non-GAAP research and development expenses, and adjusted EBITDA, non-GAAP net income and non-GAAP diluted earnings per share. These non-GAAP financial measures are not a substitute for, or superior to, results presented in accordance with US GAAP. Non-GAAP results as presented by the Company are not necessarily comparable to similarly titled measures used by other companies. As a result, these performance measures should not be considered in isolation from, or as a substitute analysis for, the Company's results as reported in accordance with US GAAP. Management performs a quantitative and qualitative assessment to determine if an item should be considered for adjustment.

Non-GAAP financial measures adjust for non-recurring items and other items representing significant expenses or income that we believe do not reflect the Company's ongoing operations or the adjustment of which may help with the comparison to prior periods. Non-recurring items and other adjustments are excluded from non-GAAP financial measures consistent with the internal reporting provided to management and the Directors. Examples of such items could include share-based compensation expense, income or restructuring and related expenses from the reconfiguration of the Company's activities and/or capital structure, impairment of current and non-current assets, gains and losses from the sale of intangible assets, certain costs arising as a result of significant and non-recurring regulatory and litigation matters, and certain tax related matters. Beginning with this Q2 2025 financial release, adjusted EBITDA will replace adjusted operating income as a non-GAAP measure. The Company believes adjusted EBITDA may be useful to investors to understand the Company's performance. In addition, the Company uses "Adjusted EBITDA" in its annual incentive plan in which all executive officers participate. Supplemental historical reconciliations of net income to adjusted EBITDA for Q1 2024 to Q1 2025 are included on page 11. Share-based compensation has been excluded from non-GAAP selling, general and administrative expenses, non-GAAP net income, non-GAAP diluted earnings per share and adjusted EBITDA for the current period and prior period comparatives presented.

We have not provided the forward-looking U.S. GAAP equivalents for certain forward-looking non-U.S. GAAP metrics as a result of the uncertainty and potential variability of reconciling items. Accordingly, the Company has relied upon the exception in item 10(e)(1)(i)(B) of Regulation S-K to exclude such reconciliations, as the reconciliations of these non-U.S. GAAP guidance metrics to their corresponding U.S. GAAP equivalents are not available without unreasonable effort.

Columns and rows within financial tables may not foot due to rounding. Percentages and per share data have been calculated using actual, non-rounded figures.

**<u>Important Cautionary Note Regarding Forward-Looking Statements</u>**

This announcement contains certain statements that are forward-looking. Forward-looking statements include, among other things, express and implied statements regarding: the Company's financial guidance including net revenue, gross margin, non-GAAP gross margin, non-GAAP SG&A, non-GAAP R&D expense, and Adjusted EBITDA, and its medium- and long-term growth outlook; expected future growth and expectations for sales levels for particular products, and expectations regarding the future impact of factors that have affected sales in the past; expected operational savings and expected benefits from our reinvestment efforts; assumptions regarding expected changes in market share and expectations regarding the extent and impact of competition; assumptions regarding future exchange rates; our expectations that we can reach a final settlement related to the provision we recorded regarding opioid litigation (including the MDL) brought by certain municipalities and tribal nations and the material terms and conditions of the final settlement agreement, including the ultimate timing and structure of payments and product distribution, injunctive relief, and scope of releases; our product development pipeline and potential future products, including the timing of clinical trials, expectations regarding regulatory approval of such product candidates, the timing of such approvals, and the timing of potential commercial launch of such products or product candidates, and eventual annual revenues of such future products; company actions expected to improve or support execution, reduce organizational complexity, support long-term growth with significant operating leverage, drive durable cash generation and create value for the patients we serve and our shareholders; our belief that

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higher doses of SUBLOCADE may offer better outcomes for individuals with high levels of fentanyl use; and other statements containing the words "believe," "anticipate," "plan," "expect," "intend," "estimate," "forecast," "strategy," "target," "guidance," "outlook," "potential," "project," "priority," "may," "will," "should," "would," "could," "can," the negatives thereof, and variations thereon and similar expressions. By their nature, forward-looking statements involve risks and uncertainties as they relate to events or circumstances that may or may not occur in the future.

Actual results may differ materially from those expressed or implied in these forward-looking statements due to a number of factors, including: lower than expected future sales of our products; greater than expected impacts from competition; failure to achieve market acceptance of OPVEE; unanticipated costs including the effects of potential tariffs and potential retaliatory tariffs; whether we are able to identify efficiencies and fund additional investments that we expect to generate increased revenues, and the timing of such actions; and litigants with whom we are otherwise unable or unwilling to agree to final terms, or who choose to "opt out" of proposed settlements. For additional information about some of the risks and important factors that could affect our future results and financial condition, see "Risk Factors" in Indivior's Annual Report on Form 10-K filed March 3, 2025, our Form 10-Q filed May 1, 2025, and our other filings with the U.S. Securities and Exchange Commission.

We have based the forward-looking statements in this report on our current expectations and beliefs concerning future events. Forward-looking statements contained in this report speak only as of the day they are made and, except as required by law, we undertake no obligation to update or revise any forward-looking statement, whether due to new information, future developments or otherwise.

**<u>For Further Information</u>**

---

| | | | |
|:---|:---|:---|:---|
| **Investor Inquiries** | Jason Thompson | VP, Investor Relations<br> Indivior PLC | +1 804 402 7123<br> jason.thompson@indivior.com |
|  | Tim Owens | Director, Investor Relations<br>Indivior PLC | +1 804 263 3978<br> timothy.owens@indivior.com |
| **Media Inquiries** | Cassie France-Kelly | VP, Communications<br>Indivior PLC | +1 804 594 0836<br> Indiviormediacontacts@indivior.com |

---

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**Indivior PLC** 

**(Amounts in millions, except per share data and percentages)** 

**(Unaudited)** 

**Condensed consolidated statements of operations** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  **Net revenue** | $**302** | $299 | $**568** | $583 |
|  Cost of sales | **52** | 79 | **96** | 117 |
|  **Gross profit** | **250** | 220 | **472** | 466 |
|  Selling, general and administrative | **158** | 152 | **290** | 295 |
|  Research and development | **21** | 26 | **43** | 54 |
|  Litigation settlement | **—** | 160 | **1** | 160 |
|  **Operating income (loss)** | **72** | (118) | **138** | (43) |
|  Interest (income)<sup>1</sup> | **(6)** | (6) | **(10)** | (13) |
|  Interest expense<sup>1</sup> | **15** | 9 | **27** | 18 |
|  **Income (loss) before income taxes** | **62** | (121) | **121** | (48) |
|  Income tax expense (benefit)<sup>1</sup> | **44** | (23) | **56** | (12) |
|  **Net income (loss)** | $**18** | $(97) | $**65** | $(36) |
|  <sup>1</sup> Sign convention has been revised for all periods presented | <sup>1</sup> Sign convention has been revised for all periods presented | <sup>1</sup> Sign convention has been revised for all periods presented | <sup>1</sup> Sign convention has been revised for all periods presented |  |
|  Earnings (loss) per share |  |  |  |  |
|  Basic | $**0.15** | $(0.72) | $**0.53** | $(0.27) |
|  Diluted | $**0.14** | $(0.72) | $**0.52** | $(0.27) |

---

Columns may not foot due to rounding. Per share data has been calculated using actual, non-rounded figures.

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**Indivior PLC** 

**(Amounts in millions, except per share data and percentages)** 

**(Unaudited)** 

**Condensed consolidated balance sheets** 

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| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
|  **Assets** |  |  |
|  **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $510 | $319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term investments |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, net of allowances of $2 (2025) and $3 (2024) | 240 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | 149 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 28 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current tax receivable | 3 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets | 20 | 21 |
|  **Total current assets** | **951** | **827** |
|  Long-term investments | 27 | 27 |
|  Property, plant and equipment, net | 117 | 100 |
|  Operating lease right of use assets, net | 35 | 39 |
|  Goodwill and other intangible assets, net | 7 | 6 |
|  Deferred tax assets | 270 | 277 |
|  Other non-current assets | 44 | 39 |
|  **Total assets** | $**1452** | $**1316** |
|  **Liabilities and shareholders' deficit** |  |  |
|  **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued rebates and product returns | $709 | $562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued expenses | 196 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued litigation settlement expenses, current | 105 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of long-term debt | 18 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities, current | 11 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes payable | 17 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current liabilities |  | 11 |
|  **Total current liabilities** | **1056** | **924** |
|  Long-term debt, less current portion | 308 | 315 |
|  Accrued litigation settlement expenses, non-current | 299 | 365 |
|  Operating lease liabilities, non-current | 29 | 32 |
|  Other non-current liabilities | 18 | 18 |
|  **Total liabilities** | **1709** | **1652** |
|  **Shareholders' deficit** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, par value $0.50 per share Issued shares: 125 (2025) and 125 (2024) | 62 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 101 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share repurchase commitment |  | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive loss | (33) | (36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated deficit | (388) | (443) |
|  **Total shareholders' deficit** | **(257)** | **(337)** |
|  **Total liabilities and shareholders' deficit** | $**1452** | $**1316** |

---

Columns may not foot due to rounding.

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**Indivior PLC** 

**(Amounts in millions, except per share data and percentages)** 

**(Unaudited)** 

**Condensed consolidated statements of cash flows** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** |
|  **Cash flows from operating activities:** |  |  |
|  **Net income (loss)** | $**65** | $**(36)** |
|  **Adjustments to reconcile net income (loss) to net cash from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 5 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of right-of-use assets | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation expense | 14 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of tangible and intangible assets |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized loss on equity investments | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | 7 | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impact from foreign exchange movements | (5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other adjustments, net | 1 |  |
|  **Change in operating assets and liabilities** | 139 | 79 |
|  **Net cash provided by operating activities** | **233** | **51** |
|  **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of property and equipment | (22) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of in-process research and development and intangible assets | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments in debt securities | (11) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales and maturities of debt securities | 11 | 42 |
|  **Net cash (used in) provided by investing activities** | **(22)** | **26** |
|  **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the issuance of common stock | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid for repurchases of common stock | (11) | (71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments of debt | (8) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Settlement of tax on equity awards | (3) | (20) |
|  **Net cash used in financing activities** | **(22)** | **(91)** |
|  **Net increase (decrease) in cash and cash equivalents** | **189** | **(14)** |
|  Exchange differences | 1 |  |
|  Cash and cash equivalents at beginning of period | 319 | 316 |
|  **Cash and cash equivalents at end of period** | $**510** | $**302** |

---

Columns may not foot due to rounding.

------

**Indivior PLC** 

**(Amounts in millions, except per share data and percentages)** 

**(Unaudited)** 

**Selected revenue and expense information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
|  US: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SUBLOCADE\* | $195 | $179 | $359 | $346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sublingual & other | 52 | 63 | 107 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PERSERIS<sup>1</sup> | 8 | 13 | 12 | 23 |
|  **Total U.S.** | **256** | **255** | **478** | **496** |
|  Rest of World | 46 | 44 | 90 | 87 |
|  **Net revenue** | $**302** | $**299** | $**568** | $**583** |
|  **\*Total SUBLOCADE net revenue** | $**209** | $**192** | $**385** | $**371** |
|  Selling, general and administrative expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Selling and marketing* | $80 | $66 | $147 | $132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *General and administrative* | 78 | 86 | 142 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total selling, general and administrative expenses** | $**158** | $**152** | $**290** | $**295** |

---

Columns may not foot due to rounding.

<sup>1</sup> Marketing and promotion activities for PERSERIS were discontinued in July 2024.

**Reconciliation of GAAP to non-GAAP financial information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
|  **GAAP gross profit** | $**250** | $220 | $**472** | $466 |
|  ***Adjustments within cost of sales*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manufacturing transition | **2** |  | **2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discontinuation of PERSERIS marketing and promotion | **—** | 32 | **—** | 32 |
|  Adjustments in cost of sales | **2** | 32 | **2** | 32 |
|  **Non-GAAP Gross Profit** | $**252** | $252 | $**474** | $498 |

---

Columns may not foot due to rounding.

We define adjusted gross margin % as adjusted gross profit divided by net revenue.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
|  **GAAP selling, general and administrative expenses** | $**158** | $152 | $**290** | $295 |
|  ***Adjustments within SG&A*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation | **8** | 6 | **14** | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate initiative transition<sup>1</sup> | **4** |  | **5** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discontinuation of PERSERIS marketing and promotion | **—** | 3 | **—** | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition-related costs<sup>2</sup> | **—** | 2 | **—** | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. listing costs | **—** | 4 | **—** | 4 |
|  Less: Adjustments in selling, general and administrative expenses | **12** | 15 | **19** | 23 |
|  **Non-GAAP selling, general and administrative expenses** | $**146** | $137 | $**270** | $272 |

---

Columns may not foot due to rounding.

<sup>1</sup> Includes legal and consulting costs and expenses related to severance.

<sup>2</sup> Non-recurring costs related to the acquisition and integration of the aseptic manufacturing site acquired in November 2023.

------

**Indivior PLC** 

**(Amounts in millions, except per share data and percentages)** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
|  **GAAP research and development expenses** | $**21** | $26 | $**43** | $54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Adjustments within R&D*** |  |  |  |  |
|  Less: Adjustments in research and development expenses | **—** |  | **—** |  |
|  **Non-GAAP research and development expenses** | $**21** | $26 | $**43** | $54 |

---

Columns may not foot due to rounding.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
|  **GAAP tax expense (benefit)** | $**44** | $(23) | $**56** | $(12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax on non-GAAP adjustments | **(6)** | (43) | **(7)** | (46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax settlement<sup>1</sup> | **33** |  | **33** |  |
|  Other tax non-GAAP adjustments | **1** |  | **2** | 5 |
|  Less: Adjustments in tax expenses | **28** | (43) | **29** | (41) |
|  **Non-GAAP tax expense** | $**16** | $20 | $**27** | $29 |

---

Columns may not foot due to rounding.

<sup>1</sup> Reflects an HMRC settlement which became probable during the quarter, relating to aspects of prior years' intercompany financing arrangements. The settlement is not expected to impact our future tax rates.

The 2025 YTD effective tax rate was 46% (2024 YTD: 25%). On a non-GAAP basis, the 2025 YTD effective tax rate was 18% (2024 YTD: 17%). We define Non-GAAP effective tax rate as Non-GAAP tax expense divided by Non-GAAP income before taxation.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
|  **GAAP net income (loss)** | $**18** | $(97) | $**65** | $(36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments in cost of sales | **2** | 32 | **2** | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments in selling, general and administrative expenses | **12** | 15 | **19** | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Litigation settlement expenses | **—** | 160 | **1** | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments in interest expense<sup>1</sup> | **4** |  | **4** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments in tax expenses | **28** | (43) | **29** | (41) |
|  **Non-GAAP net income** | $**64** | $66 | $**121** | $138 |
|  Non-GAAP diluted earnings per share | $**0.51** | $0.48 | $**0.96** | $1.01 |
|  **Shares used in computing diluted non-GAAP earnings per share** | **126** | 136 | **125** | 137 |

---

Columns may not foot due to rounding.

<sup>1</sup> Reflects interest related to an HMRC settlement which became probable during the quarter.

------

**Indivior PLC** 

**(Amounts in millions, except per share data and percentages)** 

**(Unaudited)** 

**Non-GAAP diluted earnings/(loss) per share** 

Management believes that non-GAAP diluted earnings/(loss) per share, adjusted for the impact of non-recurring items and other adjustments after the appropriate tax amount, may provide meaningful information on underlying trends to shareholders in respect of earnings per ordinary share. Weighted average shares used in computing non-GAAP diluted earnings per share are included in the table above. A reconciliation of GAAP net income to non-GAAP net income is included above.

**Adjusted EBITDA** 

Adjusted EBITDA is a non-GAAP financial measure that represents GAAP net income or loss adjusted to exclude interest expense, interest income, income tax expense or benefit, depreciation and amortization, as well as share-based compensation and other adjustments reflecting changes in our business that do not represent ongoing operations. Adjusted EBITDA, as used by us, may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
|  **Net income (loss)** | $**18** | $(97) | $**65** | $(36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest (income) | **(6)** | (6) | **(10)** | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | **15** | 9 | **27** | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense (benefit) | **44** | (23) | **56** | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | **3** | 4 | **5** | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation expense | **8** | 6 | **14** | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manufacturing transition | **2** |  | **2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discontinuation of PERSERIS marketing and promotion | **—** | 35 | **—** | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition-related costs | **—** | 2 | **—** | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. listing costs | **—** | 4 | **—** | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate initiative transition | **4** |  | **5** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal costs/provision | **—** | 160 | **1** | 160 |
|  **Adjusted EBITDA** | $**88** | $93 | $**165** | $178 |

---

Columns may not foot due to rounding.

**Supplemental historical adjusted EBITDA reconciliations** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Q1 2024** | **Q2 2024** | **Q3 2024** | **Q4 2024** | **FY 2024** | **Q1 2025** |
|  **Net income (loss)** | $**61** | $**(97)** | $**22** | $**21** | $**7** | $**47** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest (income) | (7) | (6) | (5) | (5) | (23) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 9 | 9 | 11 | 13 | 41 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense (benefit) | 11 | (23) | 8 | 17 | 13 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 3 | 4 | 4 | 6 | 16 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation expense | 6 | 6 | 6 | 6 | 24 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-GAAP adjustments in operating income | 2 | 201 | 60 | 17 | 280 | 3 |
|  **Adjusted EBITDA** | $**86** | $**93** | $**105** | $**75** | $**358** | $**78** |

---

Columns may not foot due to rounding.

------

**Indivior PLC** 

**(Amounts in millions, except per share data and percentages)** 

**(Unaudited)** 

**FY 2025 Original Guidance (April 24, 2025)** 

FY 2025 Guidance now reflects the adoption of Adjusted EBITDA as a key profit measure, replacing non-GAAP Operating Income.

---

| | | | |
|:---|:---|:---|:---|
|  | **Original Guidance** | **Adding Adjusted EBITDA** |  |
|  Net Revenue | $955 – $1,025m | $955 – $1,025m | No Change |
| &nbsp;&nbsp;&nbsp;&nbsp; SUBLOCADE | $725 - 765m | $725 - 765m |  |
| &nbsp;&nbsp;&nbsp;&nbsp; OPVEE | $10 – 15m | $10 – 15m |  |
|  Non-GAAP GM% | Low to Mid 80%s | Low to Mid 80%s |  |
|  Non-GAAP OPEX | ($610) – ($625m) | ($585) – ($600m) | Exclude Stock Based Compensation Expense (SG&A) |
|  Non-GAAP SG&A | ($525) – ($535m) | ($500) – ($510m) |  |
|  Non-GAAP R&D | ($85 – $90m) | ($85 – $90m) | No Change |
|  Non-GAAP Op Inc | $185 – $225m | N/A | Exclude Stock Based Compensation and Certain Depreciation/Amortization Expenses |
|  Adjusted EBITDA | NA | $220 - $260m |  |

---

## Exhibit 99.2

![Slide 1](g908304ex99_2s1g1.jpg)

Q2 2025 Results July 31, 2025 Exhibit 99.2

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![Slide 2](g908304ex99_2s2g1.jpg)

c Important Cautionary Statement Regarding Forward-looking Statements This presentation contains certain statements that are forward-looking. Forward-looking statements include, among other things, express and implied statements regarding: the Company's financial guidance including revenue, operating, and profit margins for 2025, and its medium- and long-term growth outlook; expected expense savings and our ability to strengthen the company through increased focus, reduced costs, and improved execution through simplification; Potential changes to our business including our "go-forward" model for the Rest of the World business, the path forward for OPVEE, our operating footprint, and the composition of our pipeline and R&D and Medical Affairs teams; assumptions regarding expected changes in market share and expectations regarding the extent and impact of competition; assumptions regarding future exchange rates; expected future growth and expectations for sales levels for particular products, and expectations regarding the future impact of factors that have affected sales in the past; our product development pipeline and potential future products, the timing of clinical trials, expectations regarding regulatory approval of such product candidates, the timing of such approvals, and the timing of commercial launch of such products or product candidates, and eventual annual revenues of such future products; changes or unwinds in our favorable net working capital position; and other statements containing the words "believe," "anticipate," "plan," "expect," "intend," "estimate," "forecast," "strategy," "target," "guidance," "outlook," "potential," "project," "priority," "may," "will," "should," "would," "could," "can," the negatives thereof, and variations thereon and similar expressions. By their nature, forward-looking statements involve risks and uncertainties as they relate to events or circumstances that may or may not occur in the future. Actual results may differ materially from those expressed or implied in these forward-looking statements due to a number of factors, including: lower than expected future sales of our products; greater than expected impacts from competition; failure to achieve market acceptance of OPVEE; unanticipated costs including the effects of potential tariffs and potential retaliatory tariffs; whether we are able to identify efficiencies and fund additional investments that we expect to generate increased revenues, and the timing of such actions; and litigants with whom we are otherwise unable or unwilling to agree to final terms, or who choose to "opt out" of proposed settlements. For additional information about some of the risks and important factors that could affect our future results and financial condition, see "Risk Factors" in our Annual Report on Form 10-K filed March 3, 2025, in our Quarterly Report on Form 10-Q filed May 1, 2025, and our other filings with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date that they are made and should be regarded solely as our current plans, estimates and beliefs. Except as required by law, we do not undertake and specifically decline any obligation to update, republish or revise forward-looking statements to reflect future events or circumstances or to reflect the occurrences of unanticipated events. 2 Q2 2025 Results \| JuLY 31, 2025

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![Slide 3](g908304ex99_2s3g1.jpg)

Joe Ciaffoni Chief Executive Officer

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![Slide 4](g908304ex99_2s4g1.jpg)

Call Agenda 4 Q2 2025 Results \| JuLY 31, 2025 Overview & Indivior Action AgendaJoe Ciaffoni, CEO SUBLOCADE® Commercial StrategyPatrick Barry, CCO Q2 Performance & FY 2025 GuidanceRyan Preblick, CFO ConclusionJoe Ciaffoni, CEO Q&AAll participants

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![Slide 5](g908304ex99_2s5g1.jpg)

Pioneering life-transforming treatment for opioid use disorder to make meaningful recovery possible

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![Slide 6](g908304ex99_2s6g1.jpg)

SUBLOCADE Net Revenue Q2 2025 Business Highlights 6 Q2 2025 Results \| JuLY 31, 2025 1Adjusted EBITDA is a Non-GAAP Financial Measure with Net Income as the most directly comparable; Net Income/(loss) was (97m) in Q2 2024 and $18m in Q2 2025; See Non-GAAP Financial Measures in the Appendix for reconciliation Total Net Revenue Adjusted EBITDA1 Raising Full-Year 2025 Financial Guidance +1% +9% (5)%

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![Slide 7](g908304ex99_2s7g1.jpg)

FY 2025: A Transition Year 7 Q2 2025 Results \| JuLY 31, 2025 Strengthening expertise and leadership at the Board and Executive levels Dr. David Wheadon BOD Chair Joe Ciaffoni Chief Executive Officer Patrick Barry Chief Commercial Officer Daniel Ninivaggi Independent Non-Executive Director Vanessa Procter Executive Vice President, Corporate Affairs Tony Kingsley Independent Non-Executive Director Foundational Leadership Additions

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![Slide 8](g908304ex99_2s8g1.jpg)

Indivior Action Agenda 8 Phase I (Generate Momentum) Underway Q2 2025 Results \| JuLY 31, 2025 I II III Grow U.S. SUBLOCADE net revenue Simplify the organization and establish "go-forward" operating model Determine actions and investments necessary to expand LAI penetration in U.S. BMAT market to accelerate U.S. SUBLOCADE net revenue Accelerate U.S. SUBLOCADE net revenue Generate immediate accretion from profitability and cash flow growth exceeding revenue growth Phase II – Accelerate (Jan. '26) Leverage strengthened financial profile to acquire next growth drivers Phase III – Breakout (H2'26 – Beyond) Phase I – Generate Momentum (Q2'25)

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![Slide 9](g908304ex99_2s9g1.jpg)

Patrick Barry Chief Commercial Officer

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![Slide 10](g908304ex99_2s10g1.jpg)

Q2 2025 U.S. SUBLOCADE Performance 10 Q2 2025 Results \| JuLY 31, 2025 1Total number of dispenses (new and refill) within the quarter; Indivior analytics. 2Rolling 12 mos. Estimated patients in treatment 3 Active count of prescribing HCPs excluding delisted and Specialty HCPs Improving Prescriber Depth: HCPs with 5+ SUBLOCADE Patients3 TTM SUBLOCADE Patients2 Strong SUBLOCADE Dispense Growth1 Growing SUBLOCADE Prescriber Base3 +6% // +6% YoY +9% QoQ +14% YoY +9% YoY +7% YoY

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![Slide 11](g908304ex99_2s11g1.jpg)

Improving U.S. SUBLOCADE Commercial Execution to Generate Momentum 11 Q2 2025 Results \| JuLY 31, 2025 OVERRIDING GOAL: Extend SUBLOCADE's Position as No. 1 LAI Choice Field Force Execution: Improving field force messaging acumen and productivity Driving HCP awareness of label updates Payor Pull-Through: Leveraging broad access across payor landscape Closing commercial patient gap Specialty Pharmacy Performance: Improving dispense yield for commercial patients HCP and Patient Media: Investing in omni-channel digital media targeting HCPs Activating patients through DTC

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![Slide 12](g908304ex99_2s12g1.jpg)

Ryan Preblick Chief Financial Officer

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![Slide 13](g908304ex99_2s13g1.jpg)

Q2 2025 Financial Highlights 13 Q2 2025 Results \| JuLY 31, 2025 1See non-GAAP Financial Measures in the Appendix for reconciliation; Columns and rows may not foot due to rounding. 2GAAP Selling and Marketing Expenses were $80m in Q2 2025 and $66m in Q2 2024, GAAP Administrative and General Expenses were $78m in Q2 2025 and $86m in Q2 2024, GAAP Research and Development expenses were $21m in Q2 2025 and $26m in Q2 2024, GAAP Litigation Settlement expenses were $160m in Q2 2024 OPERATING RESULTS: KEY TAKEAWAYS: (vs. Q2 2024 unless otherwise indicated) Total Net Revenue up 1% with SUBLOCADE Net Revenue offsetting SUBOXONE Film Net Revenue erosion and PERSERIS discontinuation SUBLOCADE Net Revenue of $209m, up 9%, reflecting solid dispense volume growth and stocking and gross-to-net favorability U.S. Film Net Revenue benefited from price stability in the U.S. in 1H'25 and modestly higher-than-anticipated market share Total Non-GAAP Operating Expense1 expenses up 2%, reflecting elevated SUBLOCADE commercial investments partially offset by streamlining actions, PERSERIS discontinuation and R&D refocus Adjusted EBITDA1 reflects the increase in U.S. SUBLOCADE investments $ mil Q2 2025 Q2 2024 Change Net Revenue (NR): 302 299 1% Gross Profit: 250 220 14% Gross Margin 83% 74% +900 bps Non-GAAP Gross Profit: 252 252 Flat Non-GAAP Gross Margin1 84% 84% Flat Operating Expenses2: (179) (338) (47)% Non-GAAP Operating Expenses1: (167) (163) 2% Non-GAAP Selling and Marketing (80) (66) 21% Non-GAAP General and Administrative (66) (71) (7)% Non-GAAP Research and Development (21) (26) (20)% Net Income 18 (97) NM Non-GAAP Net Income1 64 66 (3)% Adjusted EBITDA1 88 93 (5)%

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![Slide 14](g908304ex99_2s14g1.jpg)

Cash and Borrowing Position 14 Q2 2025 Results \| JuLY 31, 2025 1See discussion of obligations in Note 12 in SEC filed form 10-K on March 3, 2025; Columns and rows may not foot due to rounding. 2Defined as Total Debt divided by Adjusted EBITDA for the trailing 12 months; Total debt excludes legal settlement obligations. Cash and borrowing KEY TAKEAWAYS: (vs. December 31, 2024, unless otherwise indicated) Cash & Investments of $538m1 Strong YTD cash generated by operations Net working capital benefit of approximately $120 million from timing of Medicaid rebate invoices, which we expect to reverse next quarter Adjusted leverage ratio of ~1.02 $ mil June 30, 2025 Dec 31, 2024 Cash & Cash Equivalents 510 319 ST and LT Investments 27 28 Total Cash & Investments1 538 347 Current Borrowings (18) (18) Long-Term Borrowings (308) (315) Adjusted Leverage Ratio2 ~1.0 ~1.0

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![Slide 15](g908304ex99_2s15g1.jpg)

2025 Financial Guidance Reconciliation: Introducing Adjusted EBITDA1 15 Q2 2025 Results \| JuLY 31, 2025 1For non-GAAP guidance items, the Company has relied upon the exception in item 10(e)(1)(i)(B) of Regulation S-K to exclude such reconciliations, as the reconciliations of these non-GAAP guidance metrics to their corresponding GAAP equivalents are not available without unreasonable effort. Guidance and expectations provided on this slide are as of April 24, 2025. $185m-$225m +$25m +$10m $220m-$260m Non-GAAP Operating Profit Guided on 4/24/25 Add Back Expected Stock-based Compensation Add Back Expected Depreciation & Amortization Reconciled to Adjusted EBITDA 4/24/25 Non-GAAP Operating Profit Guidance Reconciled to Adjusted EBITDA Replacing non-GAAP operating profit with adjusted EBITDA guidance metric to measure operating results and cash generation Adds back $25m in stock-based compensation and $10m in depreciation & certain amortization Amounts reflect full-year 2025 expectations when guided on 4/24/25 $610m-$625m -$25m $585m-$600m Exclude Expected Stock-based Compensation 4/24/25 Non-GAAP Operating Expense Guidance Reconciled To align with adjusted EBITDA method, excludes $25m in stock-based compensation Amount reflects full-year 2025 expectations when guided on 4/24/25 Non-GAAP Operating Expense Guided on 4/24/25 Reconciled to Align with Adjusted EBITDA Adjusted EBITDA Non-GAAP Operating Expenses

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![Slide 16](g908304ex99_2s16g1.jpg)

Raising 2025 Financial Guidance: Reflecting Stronger Top-line Growth 16 Q2 2025 Results \| JuLY 31, 2025 1As of July 31, 2025, before exceptional items and assuming no material change in key FX rates vs. FY 2024 average rates. Financial data provided by Indivior in its press release on Form 8-K filed with the SEC on July 31, 2025. 2For non-GAAP guidance items, the Company has relied upon the exception in item 10(e)(1)(i)(B) of Regulation S-K to exclude such reconciliations, as the reconciliations of these non-GAAP guidance metrics to their corresponding GAAP equivalents are not available without unreasonable effort; See slide 15 for details . Previous Guidance (4/24/25) (Reconciled for Adjusted EBITDA) Updated Guidance (7/31/25)1 Commentary on Performance-Based Changes to Guidance Total Net Revenue $955m - $1,025m $1,030m - $1,080m Reflects solid YTD U.S. SUBLOCADE performance and U.S. pricing stability for SUBOXONE Film SUBLOCADE Net Revenue $725m - $765m $765m - $785m Solid dispense volume growth in line with expectations and gross-to-net favorability OPVEE Net Revenue $10m - $15m $10m - $15m No change Non-GAAP Gross Margin2 Low to mid 80% range Low to mid 80% range No change Non-GAAP Operating Expenses2 $585m - $600m $585m - $600m No change Non-GAAP SG&A2 $500m – $510m $500m – $510m No change R&D $85m – $90m $85m – $90m No change Adjusted EBITDA2 $220m - $260m $275m - $300m Increase of 20% at the mid-points reflect top-line improvement

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![Slide 17](g908304ex99_2s17g1.jpg)

Concluding Remarks

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![Slide 18](g908304ex99_2s18g1.jpg)

Execute Phase I of Indivior Action Agenda Deliver on Raised 2025 Financial Guidance Clear Focus on Executing the Action Agenda and Delivering on Commitments 18 Q2 2025 Results \| JuLY 31, 2025

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![Slide 19](g908304ex99_2s19g1.jpg)

Q&A

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Appendix

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Key Ongoing Clinical Trials 21 Q2 2025 Results \| JuLY 31, 2025 1Treatment failure defined as either one of two criteria: 1. Urine Drug Screen positive for opioids, or fentanyl on 4 consecutive assessments while participants are on INDV-2000 or placebo alone, 2. Discontinued INDV-2000 or placebo prematurely. 2Status as per June 24, 2025. 3Status as per July 7, 2025 Trial Population Patients Design Primary Endpoints Status Estimated Completion INDV-6001 3-month long- acting buprenorphine Phase II NCT06576843 Moderate to severe Opioid Use Disorder (OUD) 122 Multiple dose Phase 2 PK study Evaluate PK, safety and tolerability of INDV-6001 following multiple doses in participants with OUD Last Patient First Visit Q2-20252 Last Patient Last Visit Q4 2025 INDV-2000 Selective Orexin-1 receptor antagonist Phase II NCT06384157 Moderate to severe Opioid Use Disorder (OUD) 300 Placebo or 3 dosing regimes of INDV-2000 Efficacy – Proportion (probability) of patients without treatment failure1 by the end of week 12 Last Patient First Visit Q3-20253 Last Patient Last Visit Q4 2025

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Financial Reconciliations 22 Q2 2025 Results \| JuLY 31, 2025

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Financial Reconciliations 23 Q2 2025 Results \| JuLY 31, 2025

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Financial Reconciliations 24 Q2 2025 Results \| JuLY 31, 2025

## Exhibit 99.3

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Investor Presentation July 31, 2025 For Investor Relations Purposes Only Exhibit 99.3

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c Important Cautionary Statement Regarding Forward-looking Statements This presentation contains certain statements that are forward-looking. Forward-looking statements include, among other things, express and implied statements regarding: the Company's financial guidance including revenue, operating, and profit margins for 2025, and its medium- and long-term growth outlook; expected expense savings and our ability to strengthen the company through increased focus, reduced costs, and improved execution through simplification; Potential changes to our business including our "go-forward" model for the Rest of the World business, the path forward for OPVEE, our operating footprint, and the composition of our pipeline and R&D and Medical Affairs teams; assumptions regarding expected changes in market share and expectations regarding the extent and impact of competition; assumptions regarding future exchange rates; expected future growth and expectations for sales levels for particular products, and expectations regarding the future impact of factors that have affected sales in the past; our product development pipeline and potential future products, the timing of clinical trials, expectations regarding regulatory approval of such product candidates, the timing of such approvals, and the timing of commercial launch of such products or product candidates, and eventual annual revenues of such future products; changes or unwinds in our favorable net working capital position; and other statements containing the words "believe," "anticipate," "plan," "expect," "intend," "estimate," "forecast," "strategy," "target," "guidance," "outlook," "potential," "project," "priority," "may," "will," "should," "would," "could," "can," the negatives thereof, and variations thereon and similar expressions. By their nature, forward-looking statements involve risks and uncertainties as they relate to events or circumstances that may or may not occur in the future. Actual results may differ materially from those expressed or implied in these forward-looking statements due to a number of factors, including: lower than expected future sales of our products; greater than expected impacts from competition; failure to achieve market acceptance of OPVEE; unanticipated costs including the effects of potential tariffs and potential retaliatory tariffs; whether we are able to identify efficiencies and fund additional investments that we expect to generate increased revenues, and the timing of such actions; and litigants with whom we are otherwise unable or unwilling to agree to final terms, or who choose to "opt out" of proposed settlements. For additional information about some of the risks and important factors that could affect our future results and financial condition, see "Risk Factors" in our Annual Report on Form 10-K filed March 3, 2025, in our Quarterly Report on Form 10-Q filed May 1, 2025, and our other filings with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date that they are made and should be regarded solely as our current plans, estimates and beliefs. Except as required by law, we do not undertake and specifically decline any obligation to update, republish or revise forward-looking statements to reflect future events or circumstances or to reflect the occurrences of unanticipated events. 2 INVESTOR PRESENTATION \| July 31, 2025

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c Rescue Recovery Founded to Help Address the Opioid Crisis Leading with Science Leading in discovery and commercialization of buprenorphine evidence-based medicines for opioid dependence for over 30 years 10-year company history of bringing science-based, life-transforming treatments to tackle the opioid crisis, one of the largest and most urgent U.S. public health emergencies of our time SUBLOCADE® is a first-in-class monthly subcutaneous long-acting injectable (LAI) medication for the treatment of moderate to severe opioid use disorder (OUD) SUBLOCADE Positioned to be a Durable Growth Driver No. 1 prescribed LAI in the U.S., with over 350k lives treated, supporting OUD recovery Formulated to deliver sustained buprenorphine concentrations of >2ng/mL throughout dosing intervals to block opioid-rewarding effects1,2,3 The only once monthly LAI with rapid initiation on day 1 Strong IP management with patents to 2031-2038 Financial Strength $1,188m total net revenue (FY2024) $358m adj. EBITDA (FY2024)4 Ability to leverage revenue growth and create durable cash generation $538m in cash and investments (as of Q2 2025)5 ~1.0x adj. leverage ratio (as of Q2 2025, exclude legal settlements)6 U.S. Commercial Portfolio 1 Laffont CM, et al. Front Pharmacol. 2022;13:105213. doi:10.3389/fphar.2022.105213. 2 Nasser AF, et al. Clin Pharmacokinet. 2014;53(9):813-824. doi:10.1007/s40262-014-0155-0. 3 Jones AK, et al. Clin Pharmacokinet. 2021;60(4):527- 540. doi:10.1007/s40262- 020- 00957- 0. 4 See Non-GAAP Financial Measures in the Appendix for reconciliation; Net Income for FY 2024 was $7 million. 5 Includes benefit of approximately $120 million from timing of Medicaid rebate invoices; For a discussion of additional obligations, see Note 12 in form 10-K filed with the SEC on March 3, 2025. 6 Defined as Total Debt as of June 30, 2025, divided by Adjusted EBITDA for June 2025 trailing 12 months; Total debt excludes legal settlement obligations; See Non-GAAP Financial Measures in the Appendix for reconciliation. INVESTOR PRESENTATION \| July 31, 2025

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1 Financial data provided by Indivior in its Annual Reports on Forms 20-F and 10-K filed with the SEC on June 5, 2023, March 6, 2024 and February 3, 2025. 2 Other includes Sublingual Film/Tablets, OPVEE® & PERSERIS®. Track Record of Strong Net Revenue Growth U.S. net revenue1 Rest of World net revenue1 SUBLOCADE net revenue1 Net revenue from other products1,2 +16% CAGR +55% CAGR Revenue Growth Driven by the U.S.… …And Increasing Contribution from SUBLOCADE INVESTOR PRESENTATION \| July 31, 2025

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Leverage Cost Structure… 1 Non-GAAP operating expenses and adjusted EBITDA are Non-GAAP financial measures; see appendix for reconciliation. GAAP Net Income/(loss) of ($148m) in FY 2020, $205m in FY 2021, ($42m) in FY 2022, ($126m) in FY 2023 and $7m in FY 2024; GAAP Total Expenses of $706m in FY 2020, $451m in FY 2021, $827m in FY 2022, $1,072m in FY 2023 and $919m in FY 2024 2 FY2023 adjusted EBITDA excludes $162m in acquired in-process R&D (primarily Opiant Pharmaceuticals acquisition). Clear Path to Generating Meaningful Cash Flows from Operations … To Drive Robust Bottom-line Growth +10% CAGR +26% CAGR Adjusted EBITDA1 Non-GAAP operating expenses1 Non-GAAP operating expenses as % of net revenue1 INVESTOR PRESENTATION \| July 31, 2025

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U.S. Commercial Portfolio Spanning Recovery and Rescue Daily self-administered treatment for moderate to severe opioid use disorder Nasal spray for emergency treatment of known or suspected opioid overdose Long-acting injectable for moderate to severe opioid use disorder Indication Recovery Medicines Rescue Medicine Durable Growth Driver with Strong Patent Protection Genericized Market Strong Patent Protection Genericized 12 Orange Book patents (2031 – 2038) 2 Orange Book patents (2038 – 2042) IP Protection INVESTOR PRESENTATION \| July 31, 2025

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2025: A Transition Year Foundational Leadership Additions Current U.S. Dynamics Refocused Pipeline on OUD Strengthening expertise and leadership with Board of Directors (BOD) and Executive Team additions 2025 U.S. NR Headwinds: SUBLOCADE Net Revenue impacted by funding gaps in the Criminal Justice System (CJS) channel SUBOXONE® Film Net Revenue declining due to expected pricing pressure from generic competition PERSERIS discontinuation Strengthening U.S. Capital Markets Presence: London Stock Exchange (LSE) listing canceled as of July 24, 2025; all trading on Nasdaq under ticker INDV INDV added to U.S. Russell 2000® and 3000® indexes Investigational Candidate Preclinical Phase 1 Phase 2 Phase 3 Anticipated Milestones IP Protection INDV-6001 (Opioid Use Disorder) (3-month long-acting buprenorphine) Last Patient Last Visit Q4 2025 2043 INDV-2000 (Opioid Use Disorder) (Selective Orexin-1 (OX1) receptor antagonist) Last Patient Last Visit Q4 2025 2037 Dr. David Wheadon BOD Chair Joe Ciaffoni Chief Executive Officer Daniel Ninivaggi Independent Non-Executive Director Patrick Barry Chief Commercial Officer Vanessa Procter Executive Vice President, Corporate Affairs Tony Kingsley Independent Non-Executive Director INVESTOR PRESENTATION \| July 31, 2025

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Indivior Action Agenda Phase I (Generate Momentum) Underway I II III Grow U.S. SUBLOCADE net revenue Simplify the organization and establish "go-forward" operating model Determine actions and investments necessary to expand LAI penetration in U.S. BMAT market to accelerate U.S. SUBLOCADE net revenue Accelerate U.S. SUBLOCADE net revenue Generate immediate accretion from profitability and cash flow growth exceeding revenue growth Phase II – Accelerate (Jan. '26) Leverage strengthened financial profile to acquire next growth drivers Phase III – Breakout (H2'26 – Beyond) Phase I – Generate Momentum (Q2'25) INVESTOR PRESENTATION \| July 31, 2025 BMAT: buprenorphine medication assisted treatment.

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SUBLOCADE®

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c c c c Bipartisan Commitment to Addressing Opioid Crisis in the U.S. U.S. Illicit Opioid Use Could Be 20 Times Higher Than Previously Estimated May 12, 2025 The SUPPORT for Patients and Communities Reauthorization Act of 2025 (H.R. 2483) reauthorizes key public health programs focused on prevention, treatment, and recovery for patients with substance use disorder that were established in the Substance Use-Disorder Prevention that Promotes Opioid Recovery and Treatment (SUPPORT) for Patients and Communities Act, which was signed into law in 2018. WTAS: Widespread Industry Support of Bipartisan SUPPORT Act April 8, 2025 Secretary Kennedy Renews Public Health Emergency Declaration to Address National Opioid Crisis The U.S. Department of Health and Human Services (HHS) announced today that Secretary Robert F. Kennedy, Jr. renewed the public health emergency declaration addressing our nation's opioid crisis, which will allow sustained federal coordination efforts and preserve key flexibilities that enable HHS to continue leveraging expanded authorities to conduct certain activities in response to the opioid overdose crisis. March 18, 2025 Sources: https://www.hhs.gov/press-room/secretary-kennedy-opiod-crisis-emergency-declaration.html and https://energycommerce.house.gov/posts/wtas-widespread-industry-support-of-bipartisan-support-act Opioid Overdoses Remain the Leading Cause of Death AGED 18-44 May 14, 2025 INVESTOR PRESENTATION \| July 31, 2025

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American Society of Addiction Medicine (ASAM) BMAT Guidelines For Individuals using High-Potency Synthetic Opioids (HPSO) Expert consensus based on limited available evidence suggests that the high plasma buprenorphine concentrations at steady state and continuous exposure offered by extended-release buprenorphine may help stabilize2 some individuals with extensive HPSO exposure ASAM Clinical Consideration1,2 1 This document is not a Clinical Practice Guideline (CPG) and does not follow the rigorous CPG methodology. 2 Defined as attaining a medically stable, steady state in which the patient is adequately supported to prevent deterioration of their illness. ASAM Clinical Guideline1 Treatment Goals with Buprenorphine1 Suppress opioid withdrawal Reduce opioid cravings Stop or Reduce illicit opioid use Block the opioid "high" Engage patients in recovery activities, including psychosocial interventions Length of Treatment1 While limited, research suggests treatment of <3 months has limited benefit; significantly longer durations are associated with more positive outcomes INVESTOR PRESENTATION \| July 31, 2025

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12023 NSDUH Annual National Report (SAMSHA). 2Symphony and Indivior analytics, patient treated over the last twelve months. 3HCP Survey conducted Q3 2024. N=400 HCP and patients combined in qual and quant. LAI Buprenorphine Medications are Under-Penetrated in the Treatment of OUD Current ~8% LAI usage in BMAT population allows for significant potential expansion HCPs Expect LAI Usage to Increase to 20-30% of the BMAT population3 8.9m1 Misuse opioids in U.S. (Total Addressable Market) 5.9m1 OUD diagnosed in U.S. (Service Addressable Market) 2.0m2 Received Buprenorphine Medication Assisted Treatment (BMAT) INVESTOR PRESENTATION \| July 31, 2025

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Buprenorphine plasma concentrations >2 ng/mL ≥70% brain μORs are occupied less μORs are available for illicit opioids Low buprenorphine plasma concentrations few brain μORs are occupied more μORs are available for illicit opioids As buprenorphine plasma levels increase, the number of receptors available for opioids binding decreases, resulting in a decrease in opioid-rewarding effects (i.e. subjective drug-liking and negative reinforcing effects).1,3,4 ≥2 ng/mL Buprenorphine Blood Plasma Levels Were Needed in Most Individuals Studied To Help Protect from Opioid-Rewarding Effects, Subject to Variability1,2 Lower μORO (≥50%) ≥1 ng/mL 0 ng/mL 6 ng/mL Higher μORO (≥70%) ≥2 ng/mL\* BLOCKS OPIOID-REWARDING EFFECTS1,2 1 Laffont CM, Ngaimisi E, Gopalakrishnan M, et al. Buprenorphine exposure levels to optimize treatment outcomes in opioid use disorder. Front Pharmacol. 2022;13:1052113. doi:10.3389/fphar.2022.1052113. 2 Nasser AF, Heidbreder C, Gomeni R, Fudala PJ, Zheng B, Greenwald MK. A population pharmacokinetic and pharmacodynamic modelling approach to support the clinical development of RBP-6000, a new, subcutaneously injectable, long-acting, sustained-release formulation of buprenorphine, for the treatment of opioid dependence. Clin Pharmacokinet. 2014;53(9):813-824. doi:10.1007/s40262-014-0155-0. 3 Greenwald MK, Johanson C-E, Moody DE, et al. Effects of buprenorphine maintenance dose on mu-opioid receptor availability, plasma concentrations, and antagonist blockade in heroin-dependent volunteers. Neuropsychopharmacology. 2003;28(11):2000-2009. doi:10.1038/sj.npp.1300251. 4 Greenwald MK, Johanson C-E, Bueller J, et al. Buprenorphine duration of action: mu-opioid receptor availability and pharmacokinetic and behavioral indices. Biol Psychiatry. 2007;61(1):101-110. doi:10.1016/j.biopsych.2006.04.043. INVESTOR PRESENTATION \| July 31, 2025 \*Based on studies, data show that buprenorphine plasma concentrations of ≥2ng/mL provide optimal exposure levels to control the different components of disease (i.e., symptoms, cravings, opioid use). WITHDRAWAL SUPPRESSION

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Mean Buprenorphine Levels During TM BUP\* Induction, Dose-Stabilization, and After the First 2 Injections of SUBLOCADE5 A peak occurred around 24 hours, the first measurement post-injection, then slowly decreased to a plateau around 2 ng/mL for the first injection and 3 ng/mL for the second injection1,5 SUBLOCADE helped provide stable plasma levels with continuous buprenorphine delivery all month without daily fluctuation1,5 \*TM BUP = transmucosal buprenorphine. 1 SUBLOCADE Prescribing Information. Indivior Inc; 2025. 2 BRIXADI® Prescribing Information. Braeburn Inc; 2023. 3 VIVITROL® Prescribing Information. Alkermes, Inc; 2024. 4 Direct correlation between half-life ad clinical efficacy has not been evaluated. 5 Laffont CM, Ngaimisi E, Gopalakrishnan M, et al. Buprenorphine exposure levels to optimize treatment outcomes in opioid use disorder. Front Pharmacol. 2022;13:1052113. doi:10.3389/fphar.2022.1052113. 6 Data on file. Indivior Inc. North Chesterfield, VA. 7 Haight BR, Learned SM, Laffont CM, et al. Efficacy and safety of a monthly buprenorphine depot injection for opioid use disorder: a multicenter, randomized, double-blind, placebo-controlled, phase 3 trial. Lancet. 2019;393(10173):778-790. doi:10.1016/S0140-6736(18)32259-1 8 Jones AK, Ngaimisi E, Gopalakrishnan M, Young MA, Laffont CM. Population pharmacokinetics of a monthly buprenorphine depot injection for the treatment of opioid use disorder: a combined analysis of Phase II and Phase III trials. Clin Pharmacokinet. 2021;60(4):527-540. doi:10.1007/s40262-020-00957-0. Mean Weekly Buprenorphine Concentrations6,7 SUBLOCADE delivers therapeutic buprenorphine plasma level of ≥2 ng/mL throughout the dosing interval in most patients after the second injection of 300 mg8 SUBLOCADE Delivers Continuous, Long-Lasting Buprenorphine Protection All Month with a 43 to 60 Day Half-Life1,2,3,4 INVESTOR PRESENTATION \| July 31, 2025

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The longer the SUBLOCADE treatment duration, the higher the likelihood of continuous self-reported abstinence 12 months after treatment cessation % Abstinent subjects Length of SUBLOCADE treatment Source: Ling W, Nadipelli VR, Aldridge AP, Ronquest NA, Solem CT, Chilcoat H, Albright V, Johnson C, Learned SM, Mehra V, Heidbreder C. Recovery From Opioid Use Disorder (OUD) After Monthly Long-acting Buprenorphine Treatment: 12-Month Longitudinal Outcomes From RECOVER, an Observational Study. J Addict Med. 2020 Sep/Oct;14(5):e233-e240. doi: 10.1097/ADM.0000000000000647. Longer SUBLOCADE Treatment Shown to Improve Patient Outcomes 75% Continuous 12-month self-reported abstinence if subjects stayed on SUBLOCADE for 12 months INVESTOR PRESENTATION \| July 31, 2025

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New SUBLOCADE Label Benefits1 Label Updates Further Differentiate SUBLOCADE for Today's Opioid Crisis Driven by the Proliferation of Synthetic Opioids START PATIENTS ON SUBLOCADE SOONER: Only monthly LAI to initiate on Day 1 with buprenorphine naive patients (no 7-day oral induction).1,2 2nd INJECTION: Helps patients reach 2+ ng/mL earlier than previous label – enables continuous protection.1 Abdomen Thigh Back of the Upper Arm Buttock CLINICALLY RELEVANT: Rapid initiation studied in majority fentanyl positive patients & high-risk users.3 ADDITIONAL INJECTION SITES: Choice supports patient preference and buy-in. Includes all four sites from Day 1. INVESTOR PRESENTATION \| July 31, 2025 1 www.sublocade.com/Content/pdf/prescribing-information.pdf 2 ww.brixadi.com/pdfs/brixadi-prescribing-information.pdf 3 www.indivior.com/en/media/press-releases/indivior-announces-fda-approval-of-label-changes-for-sublocade-injection

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Broad Payor Access for SUBLOCADE High Intent to Prescribe 1 Active count of prescribing HCPs; excludes delisted and Specialty HCPs. 47% of HCPs expected to increase prescribing of SUBLOCADE in the next 18 months 2/3 of patients suitable for SUBLOCADE today (per HCPs) 90% of HCPs associate SUBLOCADE with efficacy as primary attribute Strong Fundamentals Position SUBLOCADE for Growth Growing SUBLOCADE Prescriber Base1 Prescribing Depth Improving: HCPs with 5+ SUBLOCADE Patients1 ~88% Coverage in Medicaid and Commercial Simple single prior authorization (PA) PA is label aligned INVESTOR PRESENTATION \| July 31, 2025

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Q2 2025 U.S. SUBLOCADE Performance 1 Total number of dispenses (new and refill) within the quarter; Indivior analytics. 2 Rolling 12 mos. Estimated patients in treatment TTM SUBLOCADE Patients2 Strong SUBLOCADE Dispense Growth1 // +6% YoY +9% QoQ +7% YoY INVESTOR PRESENTATION \| July 31, 2025

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Improving U.S. SUBLOCADE Commercial Execution to Generate Momentum 11 OVERRIDING GOAL: Extend SUBLOCADE's Position as No. 1 LAI Choice Field Force Execution: Improving field force messaging acumen and productivity Driving HCP awareness of label updates Payor Pull-Through: Leveraging broad access across payor landscape Closing commercial patient gap Specialty Pharmacy Performance: Improving dispense yield for commercial patients HCP and Patient Media: Investing in omni-channel digital media targeting HCPs Activating patients through DTC INVESTOR PRESENTATION \| July 31, 2025

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OPVEE®

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26% in 2015 90% in 2024 Source: Ahmad FB, C. J., Rossen LM, Sutton P., 2024. Provisional drug overdose death counts. National Center for Health Statistics, https://www.cdc.gov/nchs/nvss/vsrr/drug-overdose-data.htm; Centers for Disease Control and Prevention, National Center for Injury Prevention and Control. WISQARS leading causes of death reports. In last 12-month period ending August 2023 250% increase over the past decade ~26m People in the U.S. are Potentially Misusing Synthetic Opioids Illicit Fentanyl Use in the U.S. (% population) Source: Powell D, Jacobson M. Estimates of Illicit Opioid Use in the US. JAMA Health Forum. 2025;6(5):e250809. https://doi.org/10.1001/jamahealthforum.2025.0809 Potent Synthetic Opioids (Fentanyl) are Driving U.S. Overdose Crisis Contribution of Synthetic Opioids to All Opioid Overdose Deaths INVESTOR PRESENTATION \| July 31, 2025

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1 The Journal of Clinical Pharmacology Authors: Mark Ellison PhD, Emily Hutton, MSci, Lynn Webster, MD, and Phil Skolnick PhD, DSc (hon.). 2 BARDA: Biomedical Advanced Research and Development Authority. 3 NIDA: National Institute on Drug Abuse. 4 Amount includes potential future sales to BARDA and expense reimbursement to conduct clinical studies and real-world evidence studies. BARDA2 Contract OPVEE development supported through federal grants from BARDA and NIDA3 10-year BARDA contract of up to $110M4 OPVEE Patent Estate Regulatory Exclusivity to May 2026 Two Orange Book Patents 11,458,091 (July 2038) 12,290,596 (August 2042) Two patents pending Triple Threat of Synthetic Opioid Pharmacology such as Fentanyl The first and only nasal rescue medicine specifically indicated for synthetic opioids, like fentanyl, as well as non-synthetic opioids Developed for rapid absorption by incorporating Intravail® into its formulation and using a proven nasal spray device Differentiated by a higher affinity at μ opioid receptors Data indicates fast, strong and long-lasting reduction of respiratory depression in a simulated opioid overdose OPVEE Provides Rapid, Potent, Long-Lasting Reduction of Respiratory Depression1 to Address the Current Wave of Synthetic Opioid Overdoses Rapid Potent Long-Lasting INVESTOR PRESENTATION \| July 31, 2025

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OPVEE compared with 4mg nasal naloxone OPVEE vs. 4mg nasal naloxone(5) OPNT0003 (3mg) Naloxone (4mg) Affinity at μ opioid receptors 1.0 (1) 5.4 (1) Plasma concentrations at 5 minutes (ng/ml) 4.43 (3) 1.5 (2) Tmax (minutes) 15 (3) 30 (4) Cmax (ng/ml) 10 (3) 4.83 (4) Half-life (hours) 11 (3) 2.08 (4) Scientific Evidence Confirms OPVEE's Potential to Improve and Sustain Reversal of an Opioid Overdose 1Kivalues were estimated using [3H]alvimopan binding to cloned humanmopioid receptors (Cassel, et al., 2005). The ~5-fold higher affinity of nalmefene compared to naloxone is consistent with both Kivalues obtained (0.13 and 0.62 nM, respectively) using [3H]DAMGO as a radioligand in monkey brain membranes (Emmerson, et al., 1994) and pA2values of 9.38 and 8.51, respectively, in functional assays using guinea pig ileum and mouse vas deferens (Toll, et al., 1998). 2Krieter, et al., 2016. 3Data on file: NCT04759768. 4Data from FDA, 2015(https://www.accessdata.fda.gov/drugsatfda_docs/label/2015/208411lbl.pdf). 5Data compiled in separate studies on normal healthy volunteers. INVESTOR PRESENTATION \| July 31, 2025

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Pipeline

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1 Treatment failure defined as either one of two criteria: (1) Urine Drug Screen positive for opioids, or fentanyl on 4 consecutive assessments while participants are on INDV-2000 or placebo alone, (2) Discontinued INDV-2000 or placebo prematurely. Trial Patients & Population Design Primary Endpoints Estimated Completion INDV-6001 3-month long-acting buprenorphine Phase II NCT06576843 122 Patients Moderate to severe OUD Multiple dose Phase II PK study Evaluate PK, safety and tolerability of INDV-6001 following multiple doses in participants with OUD Last Patient Last Visit Q4 2025 INDV-2000 Selective Orexin-1 receptor antagonist Phase II NCT06384157 300 Patients Moderate to severe OUD Placebo or 3 dosing regimes of INDV-2000 Efficacy – Proportion (probability) of patients without treatment failure1 by the end of week 12 Last Patient Last Visit Q4 2025 OUD Focused Pipeline INVESTOR PRESENTATION \| July 31, 2025

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Financials

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SUBLOCADE Net Revenue Q2 2025 Business Highlights 6 1 Adjusted EBITDA is a Non-GAAP Financial Measure with Net Income as the most directly comparable; Net Income/(loss) was (97m) in Q2 2024 and $18m in Q2 2025; See Non-GAAP Financial Measures in the Appendix for reconciliation Total Net Revenue Adjusted EBITDA1 Raising Full-Year 2025 Financial Guidance +1% +9% (5)% INVESTOR PRESENTATION \| July 31, 2025

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Raising 2025 Financial Guidance: Reflecting Stronger Top-line Growth 16 1 As of July 31, 2025, before exceptional items and assuming no material change in key FX rates vs. FY 2024 average rates. Financial data provided by Indivior in its press release on Form 8-K filed with the SEC on July 31, 2025. 2 For non-GAAP guidance items, the Company has relied upon the exception in item 10(e)(1)(i)(B) of Regulation S-K to exclude such reconciliations, as the reconciliations of these non-GAAP guidance metrics to their corresponding GAAP equivalents are not available without unreasonable effort; See slide 15 for details . Previous Guidance (4/24/25) (Reconciled for Adjusted EBITDA) Updated Guidance (7/31/25)1 Commentary on Performance-Based Changes to Guidance Total Net Revenue $955m - $1,025m $1,030m - $1,080m Reflects solid YTD U.S. SUBLOCADE performance and U.S. pricing stability for SUBOXONE Film SUBLOCADE Net Revenue $725m - $765m $765m - $785m Solid dispense volume growth in line with expectations and gross-to-net favorability OPVEE Net Revenue $10m - $15m $10m - $15m No change Non-GAAP Gross Margin2 Low to mid 80% range Low to mid 80% range No change Non-GAAP Operating Expenses2 $585m - $600m $585m - $600m No change Non-GAAP SG&A2 $500m – $510m $500m – $510m No change R&D $85m – $90m $85m – $90m No change Adjusted EBITDA2 $220m - $260m $275m - $300m Increase of 20% at the mid-points reflect top-line improvement INVESTOR PRESENTATION \| July 31, 2025

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1 Financial data provided by Indivior in its press release on Form 8-K filed with the SEC on July 31, 2025. 2 Based on the midpoint of 2025 financial guidance ranges. 3 Other includes Sublingual Film/Tablets, OPVEE® & PERSERIS®. 4 2025E at the mid-point of Guidance; See Non-GAAP Financial Measures in the Appendix for reconciliation. Expect >$60m in Non-GAAP Operating Expense Savings4 SUBLOCADE net revenue Net revenue from other products3 2024 2025E2 SUBLOCADE Contribution to Total NR Expected to Increase >$60m reduction Selling, general and administrative Research and development $655m $593M Transition Year: Evolution of the Business in 20251 INVESTOR PRESENTATION \| July 31, 2025 2

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Key Balance Sheet Items 1 Defined as Earnings Before Interest, Taxes, Deprecation and Amortization; See Non-GAAP Financial Measures in the Appendix for reconciliation; Net Income/(loss) of ($148m) in FY 2020, $205m in FY 2021, ($42m) in FY 2022, ($126m) in FY 2023 and $7m in FY 2024. 2 Based on the midpoint of 2025 financial guidance ranges. 3 Includes benefit of approximately $120 million from timing of Medicaid rebate invoices. 4 See discussion of obligations in Note 12 in SEC filed form 10-K on March 3, 2025. \*Excludes $162m in acquired in-process R&D (primarily Opiant Pharmaceuticals acquisition) $538m of cash and investments as of Q2 20253 $350m term loan maturing in 2030 with $50m revolving credit facility provides financial flexibility ~1.0x adjusted leverage ratio (as of Q2 2025, excluding legal settlements)4 $400m of share repurchases conducted since 2021 Growing Non-GAAP EBITDA1 Generating Significant Cash Flow with Strong Balance Sheet INVESTOR PRESENTATION \| July 31, 2025 2

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Context & Expected Benefits U.S. NR makes up 85% of total NR for FY 2024, with anticipated growth Over 70% of Indivior's shareholders based in the U.S. Majority of stock trading volume conducted through Nasdaq listing Reduces the costs and complexities of maintaining a secondary listing Potential for further U.S. index inclusion in the future Net Revenue by Geography U.S. Net Revenue Progression May 23rd Russell U.S. Equity Indexes Preliminary Inclusion Announcement June 2nd LSE Delisting Announcement July 24th Last Day of Trading on LSE July 25th All Trading on Nasdaq Under Ticker INDV FY 23 FY 22 FY 21 FY 20 $912m $731m $603m $456m 84% 81% 76% 70% U.S. % FY 24 $1,188m 85% U.S. Rest of World $1,188m FY 2024 Capital Markets Footprint to Align with U.S. Focused Business Transition from London Stock Exchange (LSE) to Nasdaq June 30th Anticipate Inclusion in Russell U.S. Equity Indexes INVESTOR PRESENTATION \| July 31, 2025

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Appendix

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Q2 2025 Financial Highlights 13 1See non-GAAP Financial Measures in the Appendix for reconciliation; Columns and rows may not foot due to rounding. 2GAAP Selling and Marketing Expenses were $80m in Q2 2025 and $66m in Q2 2024, GAAP Administrative and General Expenses were $78m in Q2 2025 and $86m in Q2 2024, GAAP Research and Development expenses were $21m in Q2 2025 and $26m in Q2 2024, GAAP Litigation Settlement expenses were $160m in Q2 2024 OPERATING RESULTS: KEY TAKEAWAYS: (vs. Q2 2024 unless otherwise indicated) Total Net Revenue up 1% with SUBLOCADE Net Revenue offsetting SUBOXONE Film Net Revenue erosion and PERSERIS discontinuation SUBLOCADE Net Revenue of $209m, up 9%, reflecting solid dispense volume growth and stocking and gross-to-net favorability U.S. Film Net Revenue benefited from price stability in the U.S. in 1H'25 and modestly higher-than-anticipated market share Total Non-GAAP Operating Expense1 expenses up 2%, reflecting elevated SUBLOCADE commercial investments partially offset by streamlining actions, PERSERIS discontinuation and R&D refocus Adjusted EBITDA1 reflects the increase in U.S. SUBLOCADE investments $ mil Q2 2025 Q2 2024 Change Net Revenue (NR): 302 299 1% Gross Profit: 250 220 14% Gross Margin 83% 74% +900 bps Non-GAAP Gross Profit: 252 252 Flat Non-GAAP Gross Margin1 84% 84% Flat Operating Expenses2: (179) (338) (47)% Non-GAAP Operating Expenses1: (167) (163) 2% Non-GAAP Selling and Marketing (80) (66) 21% Non-GAAP General and Administrative (66) (71) (7)% Non-GAAP Research and Development (21) (26) (20)% Net Income 18 (97) NM Non-GAAP Net Income1 64 66 (3)% Adjusted EBITDA1 88 93 (5)% INVESTOR PRESENTATION \| July 31, 2025

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Cash and Borrowing Position 14 1See discussion of obligations in Note 12 in SEC filed form 10-K on March 3, 2025; Columns and rows may not foot due to rounding. 2Defined as Total Debt divided by Adjusted EBITDA for the trailing 12 months; Total debt excludes legal settlement obligations. Cash and borrowing KEY TAKEAWAYS: (vs. December 31, 2024, unless otherwise indicated) Cash & Investments of $538m1 Strong YTD cash generated by operations Net working capital benefit of approximately $120 million from timing of Medicaid rebate invoices, which we expect to reverse next quarter Adjusted leverage ratio of ~1.02 $ mil June 30, 2025 Dec 31, 2024 Cash & Cash Equivalents 510 319 ST and LT Investments 27 28 Total Cash & Investments1 538 347 Current Borrowings (18) (18) Long-Term Borrowings (308) (315) Adjusted Leverage Ratio2 ~1.0 ~1.0 INVESTOR PRESENTATION \| July 31, 2025

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2025 Financial Guidance Reconciliation: Introducing Adjusted EBITDA1 15 1For non-GAAP guidance items, the Company has relied upon the exception in item 10(e)(1)(i)(B) of Regulation S-K to exclude such reconciliations, as the reconciliations of these non-GAAP guidance metrics to their corresponding GAAP equivalents are not available without unreasonable effort. Guidance and expectations provided on this slide are as of April 24, 2025. $185m-$225m +$25m +$10m $220m-$260m Non-GAAP Operating Profit Guided on 4/24/25 Add Back Expected Stock-based Compensation Add Back Expected Depreciation & Amortization Reconciled to Adjusted EBITDA 4/24/25 Non-GAAP Operating Profit Guidance Reconciled to Adjusted EBITDA Replacing non-GAAP operating profit with adjusted EBITDA guidance metric to measure operating results and cash generation Adds back $25m in stock-based compensation and $10m in depreciation & certain amortization Amounts reflect full-year 2025 expectations when guided on 4/24/25 $610m-$625m -$25m $585m-$600m Exclude Expected Stock-based Compensation 4/24/25 Non-GAAP Operating Expense Guidance Reconciled To align with adjusted EBITDA method, excludes $25m in stock-based compensation Amount reflects full-year 2025 expectations when guided on 4/24/25 Non-GAAP Operating Expense Guided on 4/24/25 Reconciled to Align with Adjusted EBITDA Adjusted EBITDA Non-GAAP Operating Expenses INVESTOR PRESENTATION \| July 31, 2025

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Q2 2025 Financial Reconciliations INVESTOR PRESENTATION \| July 31, 2025

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Q2 2025 Reconciliations INVESTOR PRESENTATION \| July 31, 2025

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Q2 2025 Financial Reconciliations INVESTOR PRESENTATION \| July 31, 2025

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FY 2020–2024 Non-GAAP Operating Expense Reconciliations INVESTOR PRESENTATION \| July 31, 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Reconciliation: IFRS to GAAP exceptionals within operating profit Q4 Reclassification US GAAP Operating Profit $73.209536594165002 $-,119.2966617134996 $33.694954031548903 $44.122005667998202 $31.729834580212504 IFRS exceptionals within operating profit 335 -2.8991669999999998 Debt refinance deferred costs write down (reclassified from SG&A exceptionals account back to interest expense) Adjustments within cost of sales Amortisation of acquired intangibles -11 Amortization of acquired intangibles 0 0 0 0 0 Perseris inventory write-ups 0 Discontinuation of sales & promotion of PERSERIS 0 32 10 -2 40 Note 1 Perseris intangible impairment -9 Total adjustments within cost of sales 0 32 10 -2 40 Click intangible impairment -7 Adjustments within SG&A 0 Aelis intangible impairment -28 Discontinuation of sales & promotion of PERSERIS 3 9 0 12 Note 2 Optima filler 1 Impairment of products in development 0 0 0 GAAP exceptionals within operating profit 281 Acquisition-related costs 2 2 0 0 4 check 0 U.S. listing costs 0 4 0 0 4 Restructuring - severance and other 0 0 0 12 12 1 different to IFRS re Optima filler Debt refinancing costs 0 0 0 4 4 Total adjustments within SG&A 2 9 9 16 36 Adjustments within Legal Legal costs/provision 0 160 36 -1 195 Total adjustments within Legal 0 160 36 -1 195 Adjustments within IPR&D Optima filler 1 1 Total adjustments within R&D 0 0 0 1 1 Adjustments within R&D Click contract termination fee 0 0 0 4 4 Total adjustments within R&D 0 0 0 4 4 Adjustments within net other operating income 0 Mark-to-market on equity investments 0 0 5 0 5 Income recognized in relation to a supply agreement 0 0 0 0 0 Insurance reimbursement 0 0 0 0 0 Total adjustments within other net operating income 0 0 5 0 5 Total adjustments within operating profit 2 201 60 18 281 GAAP Adjusted Operating Profit $75.209536594165002 $81.703338286500397 $93.694954031548903 $62.122005667998202 $312.72983458021253 1 Inventory write-ups (gain in IFRS) are not included in US GAAP financials. Difference between IFRS and GAAP COGS exceptionals is inventory write-ups (ie effect is additional exceptionals expense for GAAP Q2 $1m, Q3 $2m, Q4 $2m) 2 $2m severance recorded in Q2 vs Q3 for GAAP, timing difference only. No impact on full year. 42222 COGS exceptionals 8.0715786742299997E-2 32.590125518868099 10.68720459 -2.5122844623255998 40.8457614332848 76202 SG&A exceptionals 1.74639251 166.71154881000001 47.890584429999997 10.272734659629601 226.6212604096296 76203SG&A exceptionals 0 2.0943420000000001 3.2298322599999998 12.1310416278366 17.455215887836601 Total exceptionals 1.8271082967423 201.39601632886811 61.807621279999999 19.891491825140601 284.92223773075102 Reclass debt def costs amortisation -2.8991669999999998 -2.8991669999999998 Adjusted total exceptionals 1.8271082967423 201.39601632886811 61.807621279999999 16.992324825140603 282.02307073075104 check total -0.17289170325769998 0.39601632886811444 1.8076212799999993 -1.0076751748593971 1.0230707307510443 Reconciliation of EBITDA GAAP-------------------------------------------------------------------- IFRS--------------------- Q2 2025 Q1 2025 FY 2024 FY 2023 FY 2022 FY 2021 FY 2020 Net Income 18 47 7 -126 -42 205 -148 Revised 10Q Add Back: Interest Income -6 -4 -23 -43 -19 -4 -9 10K Interest Expense 15 12 41 35 27 27 26 10K Income Tax Expense / (Benefit) 44 11 13 -19 -43 -15 -25 Revised 10Q Non-GAAP adjustments in Operations 6 3 280 265 297 -25 244 IFRS to GAAP file Dep/Amort (excluding ROU Amort) 3 3 16 11 9 15 18 10K; 2021 Press Release - excluding ROU from Priyanka file Share-Based Compensation Expense 8 6 24 21 16 11 8 10K Opiant Transaction 162 Total Adjustments 70 31 351 432 287 9 262 EBITDA 88 78 358 306 245 214 114 Match 310? FY 2023 Income Statement: IFRS to US GAAP Bridge FY 2023 ($ millions, except per share data) US GAAP Adjustments IFRS Caption IFRS Total Change Reclassification US GAAP Caption US GAAP Total Net revenue $1,093 0 0 Net revenue $1,093 Cost of sales -,186 12 0 Cost of sales -,174 Gross profit 907 12 0 Gross profit 919 Selling, general & administrative -,811 3 239 Selling, general & administrative -,569 Research & development -,106 -,171 161.56400000000002 Research & development -,116 0 0 -,161.56400000000002 Acquired in-process research & development -,161.56400000000002 0 0 -,239 Litigation settlement expenses -,239 Other operating income 6 3 0 Other operating income 9 Operating profit -4 -,153 0 Income from operations -,156 Finance income 43 0 0 Interest income 43 Finance expense -38 3 0 Interest expense -35 Net finance expense 5 3 0 Interest expense, net 8 0 0 0 Other income 0 Profit before taxation 1 -,150 0 Income before income taxes -,149 Income tax benefit 1 21 0 Provision for income taxes 22 Net income $2 -,129 0 Net income $-,127 Diluted EPS $0.01 Diluted EPS $-0.95 IFRS Net Income $2 US GAAP Net Income $-,127 Adjustments within cost of sales Adjustments within cost of sales Amortization of acquired intangibles 8 Amortization of acquired intangibles 0 Total adjustments within cost of sales 8 Total adjustments within cost of sales 0 Adjustments within cost of SG&A Adjustments within cost of SG&A Legal costs/provision 240 Legal costs/provision 240 -1 Acquisition-related costs 22 Acquisition-related costs 22 537 U.S. listing costs 6 U.S. listing costs 6 Total adjustments within SG&A 268 Total adjustments within SG&A 268 Adjustments within net other operating income Adjustments within net other operating income Income recognized in relation to a supply agreement -3 Income recognized in relation to a supply agreement -3 Insurance reimbursement 0 Insurance reimbursement 0 Total adjustments within other net operating income -3 Total adjustments within other net operating income -3 Total adjustments before taxes 273 Total adjustments before taxes 265 Adjustments within tax Adjustments within tax Tax on adjustments -63 Tax on adjustments -61 Tax adjustments 11 Tax adjustments 3 Total adjustments within tax -52 Total adjustments within tax -58 Total adjustments 221 Total adjustments 207 IFRS Adjusted Net Income $223 GAAP Adjusted Net Income $80 Adjusted Diluted EPS $1.57 Adjusted Diluted EPS $0.56000000000000005 \* - Columns and rows may not add and may change in final reporting due to rounding Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 TTM Total Gross Debt 350 341 Net income (loss) 61.4 -97.293182069999986 21.5 21 7 47 18.101428300000002 107.60142830000001 Adjustments: 0 0 0 0 0 0 0 0 Interest income -7 -5.6497671480000005 -5 -5 -23 -4 -5.7200703859999997 -19.720070386 Interest expense 9 8.5183084099999995 11 13 41 12 15.398883060000001 51.398883060000003 Income tax expense (benefit) 11 -23.352700989999999 8 17 13 11 44.203073189999998 80.203073189999998 Depreciation/amortization (excluding ROU amortization) 3.1248689999999999 4 3.6567029999999998 5.8588120000000004 16.348337000000001 3 2.5500189999999998 15.065534 Non-GAAP adjustments in operating income 2 201 60 17 280 3 5.7477989999999997 85.747799000000001 Share-based compensation expense 6 6 6 6 24 6 7.9809182120000006 25.980918211999999 Total Adjustments 24.124869 190.51584027200002 83.656702999999993 53.858812 351.34833700000001 31 70.16062207600001 238.676137076 0 0 0 0 0 0 0 0 Adjusted EBITDA 85.524868999999995 93.222658202000005 105.15670299999999 74.858812 358.34833700000001 78 88.262050376000005 346.27756537599998 Adjusted Leverage 0.97670329079830498 0.98475914727461644 TTM FY Q2'2024 Q3'2024 Q4'2025 Q1'2025 TTM US 254 261 251 222 988 0.84444444444444444 US 1008 0.84848484848484851 ROW 45 46 47 44 182 0.15555555555555556 ROW 179 0.15067340067340068 299 307 298 266 1170 1188 Total Sublocade 192 191 194 176 753 0.64358974358974363 Total Sublocade 756 0.64615384615384619 PERSERIS 13 8 9 4 34 2.9% PERSERIS 40 3.4% OPVEE 15 15 1.3% OPVEE 15 1.3% ROW - Ex 32 33 33 31 129 0.11025641025641025 ROW - Ex 127 0.10854700854700855 SUBOXONE 62 60 62 55 239 0.20427350427350427 SUBOXONE 250 0.21367521367521367 299 307 298 266 1170 100.0% 1188 1.0153846153846153 FY 2022 Income Statement: IFRS to US GAAP Bridge FY 2022 ($ millions, except per share data) US GAAP Adjustments IFRS Caption IFRS Total Change Reclassification US GAAP Caption US GAAP Total Net revenue $901 0 0 Net revenue $901 Cost of sales -,159 8 0 Cost of sales -,151 Gross profit 742 8 0 Gross profit 749 Selling, general & administrative -,763 -2 296 Selling, general & administrative -,469 Research & development -72 -2 0 Research & development -74 0 0 0 Acquired in-process research & development 0 0 0 -,296 Litigation settlement expenses -,296 Other operating income 8 0 0 Other operating income 8 Operating profit -85 4 0 Income from operations -81 Finance income 19 0 0 Interest income 19 Finance expense -29 2 0 Interest expense -27 Net finance expense -10 2 0 Interest expense, net -8 0 0 0 Other income 0 Profit before taxation -95 6 0 Income before income taxes -89 Income tax benefit 42 3 0 Provision for income taxes 44 Net income $-53 9 0 Net income -44 Diluted EPS $-0.38 Diluted EPS $-0.32 IFRS Net Income $-53 US GAAP Net Income $-44 Adjustments within cost of sales Adjustments within cost of sales Amortization of acquired intangibles 0 Amortization of acquired intangibles $0 Total adjustments within cost of sales 0 Total adjustments within cost of sales 0 Adjustments within SG&A Adjustments within SG&A Legal costs/provision 296 Legal costs/provision 296 Acquisition-related costs 0 Acquisition-related costs 0 U.S. listing costs 6 U.S. listing costs 6 Total adjustments within SG&A 302 Total adjustments within SG&A 302 Adjustments within net other operating income Adjustments within net other operating income Income recognized in relation to a supply agreement 0 Income recognized in relation to a supply agreement 0 Insurance reimbursement -5 Insurance reimbursement -5 Total adjustments within other net operating income -5 Total adjustments within other net operating income -5 Total adjustments before taxes 297 Total adjustments before taxes 297 Adjustments within tax Adjustments within tax Tax on adjustments -57 Tax on adjustments -57 Tax adjustments -18 Tax adjustments -20 Total adjustments within tax -75 Total adjustments within tax -77 Total adjustments 222 Total adjustments 220 IFRS Adjusted Net Income $169 GAAP Adjusted Net Income $176 Adjusted diluted EPS $1.1599999999999999 Adjusted diluted EPS $1.21 \* - Columns and rows may not add and may change in final reporting due to rounding Reconciliation of Net Income to Non-GAAP Operating Income ($m) GAAP-------------------------------- IFRS-------------------- 2024 2023 2022 2021 2020 Net Income 7 -126 -42 205 -148 Revised 10Q Net Finance Income -23 -43 -19 -4 -9 10K Net Finance Expense 41 35 27 27 26 10K Income Tax Expense 13 -19 -43 -15 -25 Revised 10Q Total Adjustments 281 265 297 -25 244 2021-2020 from press Q4 2021 press release - total exceptionals Acquired In-process R&D 1 162 - - - Non-GAAP Operating Income 320 274 220 188 88 Net Revenue 1,188 1,093 901 791 647 Non-GAAP Operating Margin 0.26936026936026936 0.25068618481244281 0.24417314095449499 0.23767383059418457 0.13601236476043277 Reconciliation of Non-GAAP operating expenses GAAP-------------------------------- IFRS-------------------- 2024 2023 2022 2021 2020 Total Operating Expenses, net 919 1072 827 451 706 Other operating expense (income), net -4 9 8 32 - Acquired In-process R&D -1 -161.56400000000002 - - - Non-GAAP adjustments -235 -268 -302 -6 -244 Share based compesation -24 -22 -16 -11 -8 Non-GAAP operating expenses 655 630.43599999999992 517 466 454 Net Revenue 1,188 1,093 901 791 647 Non-GAAP operating expense % 0.55134680134680136 0.5767941445562671 0.57380688124306323 0.58912768647281921 0.70170015455950541 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Reconciliation: IFRS to GAAP exceptionals within operating profit Q4 Reclassification US GAAP Operating Profit $73.209536594165002 $-,119.2966617134996 $33.694954031548903 $44.122005667998202 $31.729834580212504 IFRS exceptionals within operating profit 335 -2.8991669999999998 Debt refinance deferred costs write down (reclassified from SG&A exceptionals account back to interest expense) Adjustments within cost of sales Amortisation of acquired intangibles -11 Amortization of acquired intangibles 0 0 0 0 0 Perseris inventory write-ups 0 Discontinuation of sales & promotion of PERSERIS 0 32 10 -2 40 Note 1 Perseris intangible impairment -9 Total adjustments within cost of sales 0 32 10 -2 40 Click intangible impairment -7 Adjustments within SG&A 0 Aelis intangible impairment -28 Discontinuation of sales & promotion of PERSERIS 3 9 0 12 Note 2 Optima filler 1 Impairment of products in development 0 0 0 GAAP exceptionals within operating profit 281 Acquisition-related costs 2 2 0 0 4 check 0 U.S. listing costs 0 4 0 0 4 Restructuring - severance and other 0 0 0 12 12 1 different to IFRS re Optima filler Debt refinancing costs 0 0 0 4 4 Total adjustments within SG&A 2 9 9 16 36 Adjustments within Legal Legal costs/provision 0 160 36 -1 195 Total adjustments within Legal 0 160 36 -1 195 Adjustments within IPR&D Optima filler 1 1 Total adjustments within R&D 0 0 0 1 1 Adjustments within R&D Click contract termination fee 0 0 0 4 4 Total adjustments within R&D 0 0 0 4 4 Adjustments within net other operating income 0 Mark-to-market on equity investments 0 0 5 0 5 Income recognized in relation to a supply agreement 0 0 0 0 0 Insurance reimbursement 0 0 0 0 0 Total adjustments within other net operating income 0 0 5 0 5 Total adjustments within operating profit 2 201 60 18 281 GAAP Adjusted Operating Profit $75.209536594165002 $81.703338286500397 $93.694954031548903 $62.122005667998202 $312.72983458021253 1 Inventory write-ups (gain in IFRS) are not included in US GAAP financials. Difference between IFRS and GAAP COGS exceptionals is inventory write-ups (ie effect is additional exceptionals expense for GAAP Q2 $1m, Q3 $2m, Q4 $2m) 2 $2m severance recorded in Q2 vs Q3 for GAAP, timing difference only. No impact on full year. 42222 COGS exceptionals 8.0715786742299997E-2 32.590125518868099 10.68720459 -2.5122844623255998 40.8457614332848 76202 SG&A exceptionals 1.74639251 166.71154881000001 47.890584429999997 10.272734659629601 226.6212604096296 76203SG&A exceptionals 0 2.0943420000000001 3.2298322599999998 12.1310416278366 17.455215887836601 Total exceptionals 1.8271082967423 201.39601632886811 61.807621279999999 19.891491825140601 284.92223773075102 Reclass debt def costs amortisation -2.8991669999999998 -2.8991669999999998 Adjusted total exceptionals 1.8271082967423 201.39601632886811 61.807621279999999 16.992324825140603 282.02307073075104 check total -0.17289170325769998 0.39601632886811444 1.8076212799999993 -1.0076751748593971 1.0230707307510443 Reconciliation of EBITDA GAAP-------------------------------------------------------------------- IFRS--------------------- Q2 2025 Q1 2025 FY 2024 FY 2023 FY 2022 FY 2021 FY 2020 Net Income 18 47 7 -126 -42 205 -148 Revised 10Q Add Back: Interest Income -6 -4 -23 -43 -19 -4 -9 10K Interest Expense 15 12 41 35 27 27 26 10K Income Tax Expense / (Benefit) 44 11 13 -19 -43 -15 -25 Revised 10Q Non-GAAP adjustments in Operations 6 3 280 265 297 -25 244 IFRS to GAAP file Dep/Amort (excluding ROU Amort) 3 3 16 11 9 15 18 10K; 2021 Press Release - excluding ROU from Priyanka file Share-Based Compensation Expense 8 6 24 21 16 11 8 10K Opiant Transaction 162 Total Adjustments 70 31 351 432 287 9 262 EBITDA 88 78 358 306 245 214 114 Match 310? FY 2023 Income Statement: IFRS to US GAAP Bridge FY 2023 ($ millions, except per share data) US GAAP Adjustments IFRS Caption IFRS Total Change Reclassification US GAAP Caption US GAAP Total Net revenue $1,093 0 0 Net revenue $1,093 Cost of sales -,186 12 0 Cost of sales -,174 Gross profit 907 12 0 Gross profit 919 Selling, general & administrative -,811 3 239 Selling, general & administrative -,569 Research & development -,106 -,171 161.56400000000002 Research & development -,116 0 0 -,161.56400000000002 Acquired in-process research & development -,161.56400000000002 0 0 -,239 Litigation settlement expenses -,239 Other operating income 6 3 0 Other operating income 9 Operating profit -4 -,153 0 Income from operations -,156 Finance income 43 0 0 Interest income 43 Finance expense -38 3 0 Interest expense -35 Net finance expense 5 3 0 Interest expense, net 8 0 0 0 Other income 0 Profit before taxation 1 -,150 0 Income before income taxes -,149 Income tax benefit 1 21 0 Provision for income taxes 22 Net income $2 -,129 0 Net income $-,127 Diluted EPS $0.01 Diluted EPS $-0.95 IFRS Net Income $2 US GAAP Net Income $-,127 Adjustments within cost of sales Adjustments within cost of sales Amortization of acquired intangibles 8 Amortization of acquired intangibles 0 Total adjustments within cost of sales 8 Total adjustments within cost of sales 0 Adjustments within cost of SG&A Adjustments within cost of SG&A Legal costs/provision 240 Legal costs/provision 240 -1 Acquisition-related costs 22 Acquisition-related costs 22 537 U.S. listing costs 6 U.S. listing costs 6 Total adjustments within SG&A 268 Total adjustments within SG&A 268 Adjustments within net other operating income Adjustments within net other operating income Income recognized in relation to a supply agreement -3 Income recognized in relation to a supply agreement -3 Insurance reimbursement 0 Insurance reimbursement 0 Total adjustments within other net operating income -3 Total adjustments within other net operating income -3 Total adjustments before taxes 273 Total adjustments before taxes 265 Adjustments within tax Adjustments within tax Tax on adjustments -63 Tax on adjustments -61 Tax adjustments 11 Tax adjustments 3 Total adjustments within tax -52 Total adjustments within tax -58 Total adjustments 221 Total adjustments 207 IFRS Adjusted Net Income $223 GAAP Adjusted Net Income $80 Adjusted Diluted EPS $1.57 Adjusted Diluted EPS $0.56000000000000005 \* - Columns and rows may not add and may change in final reporting due to rounding Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 TTM Total Gross Debt 350 341 Net income (loss) 61.4 -97.293182069999986 21.5 21 7 47 18.101428300000002 107.60142830000001 Adjustments: 0 0 0 0 0 0 0 0 Interest income -7 -5.6497671480000005 -5 -5 -23 -4 -5.7200703859999997 -19.720070386 Interest expense 9 8.5183084099999995 11 13 41 12 15.398883060000001 51.398883060000003 Income tax expense (benefit) 11 -23.352700989999999 8 17 13 11 44.203073189999998 80.203073189999998 Depreciation/amortization (excluding ROU amortization) 3.1248689999999999 4 3.6567029999999998 5.8588120000000004 16.348337000000001 3 2.5500189999999998 15.065534 Non-GAAP adjustments in operating income 2 201 60 17 280 3 5.7477989999999997 85.747799000000001 Share-based compensation expense 6 6 6 6 24 6 7.9809182120000006 25.980918211999999 Total Adjustments 24.124869 190.51584027200002 83.656702999999993 53.858812 351.34833700000001 31 70.16062207600001 238.676137076 0 0 0 0 0 0 0 0 Adjusted EBITDA 85.524868999999995 93.222658202000005 105.15670299999999 74.858812 358.34833700000001 78 88.262050376000005 346.27756537599998 Adjusted Leverage 0.97670329079830498 0.98475914727461644 TTM FY Q2'2024 Q3'2024 Q4'2025 Q1'2025 TTM US 254 261 251 222 988 0.84444444444444444 US 1008 0.84848484848484851 ROW 45 46 47 44 182 0.15555555555555556 ROW 179 0.15067340067340068 299 307 298 266 1170 1188 Total Sublocade 192 191 194 176 753 0.64358974358974363 Total Sublocade 756 0.64615384615384619 PERSERIS 13 8 9 4 34 2.9% PERSERIS 40 3.4% OPVEE 15 15 1.3% OPVEE 15 1.3% ROW - Ex 32 33 33 31 129 0.11025641025641025 ROW - Ex 127 0.10854700854700855 SUBOXONE 62 60 62 55 239 0.20427350427350427 SUBOXONE 250 0.21367521367521367 299 307 298 266 1170 100.0% 1188 1.0153846153846153 FY 2022 Income Statement: IFRS to US GAAP Bridge FY 2022 ($ millions, except per share data) US GAAP Adjustments IFRS Caption IFRS Total Change Reclassification US GAAP Caption US GAAP Total Net revenue $901 0 0 Net revenue $901 Cost of sales -,159 8 0 Cost of sales -,151 Gross profit 742 8 0 Gross profit 749 Selling, general & administrative -,763 -2 296 Selling, general & administrative -,469 Research & development -72 -2 0 Research & development -74 0 0 0 Acquired in-process research & development 0 0 0 -,296 Litigation settlement expenses -,296 Other operating income 8 0 0 Other operating income 8 Operating profit -85 4 0 Income from operations -81 Finance income 19 0 0 Interest income 19 Finance expense -29 2 0 Interest expense -27 Net finance expense -10 2 0 Interest expense, net -8 0 0 0 Other income 0 Profit before taxation -95 6 0 Income before income taxes -89 Income tax benefit 42 3 0 Provision for income taxes 44 Net income $-53 9 0 Net income -44 Diluted EPS $-0.38 Diluted EPS $-0.32 IFRS Net Income $-53 US GAAP Net Income $-44 Adjustments within cost of sales Adjustments within cost of sales Amortization of acquired intangibles 0 Amortization of acquired intangibles $0 Total adjustments within cost of sales 0 Total adjustments within cost of sales 0 Adjustments within SG&A Adjustments within SG&A Legal costs/provision 296 Legal costs/provision 296 Acquisition-related costs 0 Acquisition-related costs 0 U.S. listing costs 6 U.S. listing costs 6 Total adjustments within SG&A 302 Total adjustments within SG&A 302 Adjustments within net other operating income Adjustments within net other operating income Income recognized in relation to a supply agreement 0 Income recognized in relation to a supply agreement 0 Insurance reimbursement -5 Insurance reimbursement -5 Total adjustments within other net operating income -5 Total adjustments within other net operating income -5 Total adjustments before taxes 297 Total adjustments before taxes 297 Adjustments within tax Adjustments within tax Tax on adjustments -57 Tax on adjustments -57 Tax adjustments -18 Tax adjustments -20 Total adjustments within tax -75 Total adjustments within tax -77 Total adjustments 222 Total adjustments 220 IFRS Adjusted Net Income $169 GAAP Adjusted Net Income $176 Adjusted diluted EPS $1.1599999999999999 Adjusted diluted EPS $1.21 \* - Columns and rows may not add and may change in final reporting due to rounding Reconciliation of Net Income to Non-GAAP Operating Income ($m) GAAP-------------------------------- IFRS-------------------- 2024 2023 2022 2021 2020 Net Income 7 -126 -42 205 -148 Revised 10Q Net Finance Income -23 -43 -19 -4 -9 10K Net Finance Expense 41 35 27 27 26 10K Income Tax Expense 13 -19 -43 -15 -25 Revised 10Q Total Adjustments 281 265 297 -25 244 2021-2020 from press Q4 2021 press release - total exceptionals Acquired In-process R&D 1 162 - - - Non-GAAP Operating Income 320 274 220 188 88 Net Revenue 1,188 1,093 901 791 647 Non-GAAP Operating Margin 0.26936026936026936 0.25068618481244281 0.24417314095449499 0.23767383059418457 0.13601236476043277 Reconciliation of Non-GAAP operating expenses GAAP-------------------------------- IFRS-------------------- 2024 2023 2022 2021 2020 Total Operating Expenses, net 919 1072 827 451 706 Other operating expense (income), net -4 9 8 32 - Acquired In-process R&D -1 -161.56400000000002 - - - Non-GAAP adjustments -235 -268 -302 -6 -244 Share based compesation -24 -22 -16 -11 -8 Non-GAAP operating expenses 655 630.43599999999992 517 466 454 Net Revenue 1,188 1,093 901 791 647 Non-GAAP operating expense % 0.55134680134680136 0.5767941445562671 0.57380688124306323 0.58912768647281921 0.70170015455950541

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FY 2020–2025 Q2 EBTIDA Reconciliations INVESTOR PRESENTATION \| July 31, 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Reconciliation: IFRS to GAAP exceptionals within operating profit Q4 Reclassification US GAAP Operating Profit $73.209536594165002 $-,119.2966617134996 $33.694954031548903 $44.122005667998202 $31.729834580212504 IFRS exceptionals within operating profit 335 -2.8991669999999998 Debt refinance deferred costs write down (reclassified from SG&A exceptionals account back to interest expense) Adjustments within cost of sales Amortisation of acquired intangibles -11 Amortization of acquired intangibles 0 0 0 0 0 Perseris inventory write-ups 0 Discontinuation of sales & promotion of PERSERIS 0 32 10 -2 40 Note 1 Perseris intangible impairment -9 Total adjustments within cost of sales 0 32 10 -2 40 Click intangible impairment -7 Adjustments within SG&A 0 Aelis intangible impairment -28 Discontinuation of sales & promotion of PERSERIS 3 9 0 12 Note 2 Optima filler 1 Impairment of products in development 0 0 0 GAAP exceptionals within operating profit 281 Acquisition-related costs 2 2 0 0 4 check 0 U.S. listing costs 0 4 0 0 4 Restructuring - severance and other 0 0 0 12 12 1 different to IFRS re Optima filler Debt refinancing costs 0 0 0 4 4 Total adjustments within SG&A 2 9 9 16 36 Adjustments within Legal Legal costs/provision 0 160 36 -1 195 Total adjustments within Legal 0 160 36 -1 195 Adjustments within IPR&D Optima filler 1 1 Total adjustments within R&D 0 0 0 1 1 Adjustments within R&D Click contract termination fee 0 0 0 4 4 Total adjustments within R&D 0 0 0 4 4 Adjustments within net other operating income 0 Mark-to-market on equity investments 0 0 5 0 5 Income recognized in relation to a supply agreement 0 0 0 0 0 Insurance reimbursement 0 0 0 0 0 Total adjustments within other net operating income 0 0 5 0 5 Total adjustments within operating profit 2 201 60 18 281 GAAP Adjusted Operating Profit $75.209536594165002 $81.703338286500397 $93.694954031548903 $62.122005667998202 $312.72983458021253 1 Inventory write-ups (gain in IFRS) are not included in US GAAP financials. Difference between IFRS and GAAP COGS exceptionals is inventory write-ups (ie effect is additional exceptionals expense for GAAP Q2 $1m, Q3 $2m, Q4 $2m) 2 $2m severance recorded in Q2 vs Q3 for GAAP, timing difference only. No impact on full year. 42222 COGS exceptionals 8.0715786742299997E-2 32.590125518868099 10.68720459 -2.5122844623255998 40.8457614332848 76202 SG&A exceptionals 1.74639251 166.71154881000001 47.890584429999997 10.272734659629601 226.6212604096296 76203SG&A exceptionals 0 2.0943420000000001 3.2298322599999998 12.1310416278366 17.455215887836601 Total exceptionals 1.8271082967423 201.39601632886811 61.807621279999999 19.891491825140601 284.92223773075102 Reclass debt def costs amortisation -2.8991669999999998 -2.8991669999999998 Adjusted total exceptionals 1.8271082967423 201.39601632886811 61.807621279999999 16.992324825140603 282.02307073075104 check total -0.17289170325769998 0.39601632886811444 1.8076212799999993 -1.0076751748593971 1.0230707307510443 Reconciliation of EBITDA GAAP-------------------------------------------------------------------- IFRS--------------------- Q2 2025 Q1 2025 FY 2024 FY 2023 FY 2022 FY 2021 FY 2020 Net Income 18 47 7 -126 -42 205 -148 Revised 10Q Add Back: Interest Income -6 -4 -23 -43 -19 -4 -9 10K Interest Expense 15 12 41 35 27 27 26 10K Income Tax Expense / (Benefit) 44 11 13 -19 -43 -15 -25 Revised 10Q Non-GAAP adjustments in Operations 6 3 280 265 297 -25 244 IFRS to GAAP file Dep/Amort (excluding ROU Amort) 3 3 16 11 9 15 18 10K; 2021 Press Release - excluding ROU from Priyanka file Share-Based Compensation Expense 8 6 24 21 16 11 8 10K Opiant Transaction 162 Total Adjustments 70 31 351 432 287 9 262 EBITDA 88 78 358 306 245 214 114 FY 2023 Income Statement: IFRS to US GAAP Bridge FY 2023 ($ millions, except per share data) US GAAP Adjustments IFRS Caption IFRS Total Change Reclassification US GAAP Caption US GAAP Total Net revenue $1,093 0 0 Net revenue $1,093 Cost of sales -,186 12 0 Cost of sales -,174 Gross profit 907 12 0 Gross profit 919 Selling, general & administrative -,811 3 239 Selling, general & administrative -,569 Research & development -,106 -,171 161.56400000000002 Research & development -,116 0 0 -,161.56400000000002 Acquired in-process research & development -,161.56400000000002 0 0 -,239 Litigation settlement expenses -,239 Other operating income 6 3 0 Other operating income 9 Operating profit -4 -,153 0 Income from operations -,156 Finance income 43 0 0 Interest income 43 Finance expense -38 3 0 Interest expense -35 Net finance expense 5 3 0 Interest expense, net 8 0 0 0 Other income 0 Profit before taxation 1 -,150 0 Income before income taxes -,149 Income tax benefit 1 21 0 Provision for income taxes 22 Net income $2 -,129 0 Net income $-,127 Diluted EPS $0.01 Diluted EPS $-0.95 IFRS Net Income $2 US GAAP Net Income $-,127 Adjustments within cost of sales Adjustments within cost of sales Amortization of acquired intangibles 8 Amortization of acquired intangibles 0 Total adjustments within cost of sales 8 Total adjustments within cost of sales 0 Adjustments within cost of SG&A Adjustments within cost of SG&A Legal costs/provision 240 Legal costs/provision 240 -1 Acquisition-related costs 22 Acquisition-related costs 22 537 U.S. listing costs 6 U.S. listing costs 6 Total adjustments within SG&A 268 Total adjustments within SG&A 268 Adjustments within net other operating income Adjustments within net other operating income Income recognized in relation to a supply agreement -3 Income recognized in relation to a supply agreement -3 Insurance reimbursement 0 Insurance reimbursement 0 Total adjustments within other net operating income -3 Total adjustments within other net operating income -3 Total adjustments before taxes 273 Total adjustments before taxes 265 Adjustments within tax Adjustments within tax Tax on adjustments -63 Tax on adjustments -61 Tax adjustments 11 Tax adjustments 3 Total adjustments within tax -52 Total adjustments within tax -58 Total adjustments 221 Total adjustments 207 IFRS Adjusted Net Income $223 GAAP Adjusted Net Income $80 Adjusted Diluted EPS $1.57 Adjusted Diluted EPS $0.56000000000000005 \* - Columns and rows may not add and may change in final reporting due to rounding Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 TTM Total Gross Debt 350 341 Net income (loss) 61.4 -97.293182069999986 21.5 21 7 47 18.101428300000002 107.60142830000001 Adjustments: 0 0 0 0 0 0 0 0 Interest income -7 -5.6497671480000005 -5 -5 -23 -4 -5.7200703859999997 -19.720070386 Interest expense 9 8.5183084099999995 11 13 41 12 15.398883060000001 51.398883060000003 Income tax expense (benefit) 11 -23.352700989999999 8 17 13 11 44.203073189999998 80.203073189999998 Depreciation/amortization (excluding ROU amortization) 3.1248689999999999 4 3.6567029999999998 5.8588120000000004 16.348337000000001 3 2.5500189999999998 15.065534 Non-GAAP adjustments in operating income 2 201 60 17 280 3 5.7477989999999997 85.747799000000001 Share-based compensation expense 6 6 6 6 24 6 7.9809182120000006 25.980918211999999 Total Adjustments 24.124869 190.51584027200002 83.656702999999993 53.858812 351.34833700000001 31 70.16062207600001 238.676137076 0 0 0 0 0 0 0 0 Adjusted EBITDA 85.524868999999995 93.222658202000005 105.15670299999999 74.858812 358.34833700000001 78 88.262050376000005 346.27756537599998 Adjusted Leverage 0.97670329079830498 0.98475914727461644 TTM FY Q2'2024 Q3'2024 Q4'2025 Q1'2025 TTM US 254 261 251 222 988 0.84444444444444444 US 1008 0.84848484848484851 ROW 45 46 47 44 182 0.15555555555555556 ROW 179 0.15067340067340068 299 307 298 266 1170 1188 Total Sublocade 192 191 194 176 753 0.64358974358974363 Total Sublocade 756 0.64615384615384619 PERSERIS 13 8 9 4 34 2.9% PERSERIS 40 3.4% OPVEE 15 15 1.3% OPVEE 15 1.3% ROW - Ex 32 33 33 31 129 0.11025641025641025 ROW - Ex 127 0.10854700854700855 SUBOXONE 62 60 62 55 239 0.20427350427350427 SUBOXONE 250 0.21367521367521367 299 307 298 266 1170 100.0% 1188 1.0153846153846153 FY 2022 Income Statement: IFRS to US GAAP Bridge FY 2022 ($ millions, except per share data) US GAAP Adjustments IFRS Caption IFRS Total Change Reclassification US GAAP Caption US GAAP Total Net revenue $901 0 0 Net revenue $901 Cost of sales -,159 8 0 Cost of sales -,151 Gross profit 742 8 0 Gross profit 749 Selling, general & administrative -,763 -2 296 Selling, general & administrative -,469 Research & development -72 -2 0 Research & development -74 0 0 0 Acquired in-process research & development 0 0 0 -,296 Litigation settlement expenses -,296 Other operating income 8 0 0 Other operating income 8 Operating profit -85 4 0 Income from operations -81 Finance income 19 0 0 Interest income 19 Finance expense -29 2 0 Interest expense -27 Net finance expense -10 2 0 Interest expense, net -8 0 0 0 Other income 0 Profit before taxation -95 6 0 Income before income taxes -89 Income tax benefit 42 3 0 Provision for income taxes 44 Net income $-53 9 0 Net income -44 Diluted EPS $-0.38 Diluted EPS $-0.32 IFRS Net Income $-53 US GAAP Net Income $-44 Adjustments within cost of sales Adjustments within cost of sales Amortization of acquired intangibles 0 Amortization of acquired intangibles $0 Total adjustments within cost of sales 0 Total adjustments within cost of sales 0 Adjustments within SG&A Adjustments within SG&A Legal costs/provision 296 Legal costs/provision 296 Acquisition-related costs 0 Acquisition-related costs 0 U.S. listing costs 6 U.S. listing costs 6 Total adjustments within SG&A 302 Total adjustments within SG&A 302 Adjustments within net other operating income Adjustments within net other operating income Income recognized in relation to a supply agreement 0 Income recognized in relation to a supply agreement 0 Insurance reimbursement -5 Insurance reimbursement -5 Total adjustments within other net operating income -5 Total adjustments within other net operating income -5 Total adjustments before taxes 297 Total adjustments before taxes 297 Adjustments within tax Adjustments within tax Tax on adjustments -57 Tax on adjustments -57 Tax adjustments -18 Tax adjustments -20 Total adjustments within tax -75 Total adjustments within tax -77 Total adjustments 222 Total adjustments 220 IFRS Adjusted Net Income $169 GAAP Adjusted Net Income $176 Adjusted diluted EPS $1.1599999999999999 Adjusted diluted EPS $1.21 \* - Columns and rows may not add and may change in final reporting due to rounding Reconciliation of Net Income to Non-GAAP Operating Income ($m) GAAP-------------------------------- IFRS-------------------- 2024 2023 2022 2021 2020 Net Income 7 -126 -42 205 -148 Revised 10Q Net Finance Income -23 -43 -19 -4 -9 10K Net Finance Expense 41 35 27 27 26 10K Income Tax Expense 13 -19 -43 -15 -25 Revised 10Q Total Adjustments 281 265 297 -25 244 2021-2020 from press Q4 2021 press release - total exceptionals Acquired In-process R&D 1 162 - - - Non-GAAP Operating Income 320 274 220 188 88 Net Revenue 1,188 1,093 901 791 647 Non-GAAP Operating Margin 0.26936026936026936 0.25068618481244281 0.24417314095449499 0.23767383059418457 0.13601236476043277 Reconciliation of Non-GAAP operating expenses GAAP-------------------------------- IFRS-------------------- 2024 2023 2022 2021 2020 Total Operating Expenses, net 919 1072 827 451 706 Other operating expense (income), net -4 9 8 32 - Acquired In-process R&D -1 -161.56400000000002 - - - Non-GAAP adjustments -235 -268 -302 -6 -244 Share based compesation -24 -22 -16 -11 -8 Non-GAAP operating expenses 655 630.43599999999992 517 466 454 Net Revenue 1,188 1,093 901 791 647 Non-GAAP operating expense % 0.55134680134680136 0.5767941445562671 0.57380688124306323 0.58912768647281921 0.70170015455950541 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Reconciliation: IFRS to GAAP exceptionals within operating profit Q4 Reclassification US GAAP Operating Profit $73.209536594165002 $-,119.2966617134996 $33.694954031548903 $44.122005667998202 $31.729834580212504 IFRS exceptionals within operating profit 335 -2.8991669999999998 Debt refinance deferred costs write down (reclassified from SG&A exceptionals account back to interest expense) Adjustments within cost of sales Amortisation of acquired intangibles -11 Amortization of acquired intangibles 0 0 0 0 0 Perseris inventory write-ups 0 Discontinuation of sales & promotion of PERSERIS 0 32 10 -2 40 Note 1 Perseris intangible impairment -9 Total adjustments within cost of sales 0 32 10 -2 40 Click intangible impairment -7 Adjustments within SG&A 0 Aelis intangible impairment -28 Discontinuation of sales & promotion of PERSERIS 3 9 0 12 Note 2 Optima filler 1 Impairment of products in development 0 0 0 GAAP exceptionals within operating profit 281 Acquisition-related costs 2 2 0 0 4 check 0 U.S. listing costs 0 4 0 0 4 Restructuring - severance and other 0 0 0 12 12 1 different to IFRS re Optima filler Debt refinancing costs 0 0 0 4 4 Total adjustments within SG&A 2 9 9 16 36 Adjustments within Legal Legal costs/provision 0 160 36 -1 195 Total adjustments within Legal 0 160 36 -1 195 Adjustments within IPR&D Optima filler 1 1 Total adjustments within R&D 0 0 0 1 1 Adjustments within R&D Click contract termination fee 0 0 0 4 4 Total adjustments within R&D 0 0 0 4 4 Adjustments within net other operating income 0 Mark-to-market on equity investments 0 0 5 0 5 Income recognized in relation to a supply agreement 0 0 0 0 0 Insurance reimbursement 0 0 0 0 0 Total adjustments within other net operating income 0 0 5 0 5 Total adjustments within operating profit 2 201 60 18 281 GAAP Adjusted Operating Profit $75.209536594165002 $81.703338286500397 $93.694954031548903 $62.122005667998202 $312.72983458021253 1 Inventory write-ups (gain in IFRS) are not included in US GAAP financials. Difference between IFRS and GAAP COGS exceptionals is inventory write-ups (ie effect is additional exceptionals expense for GAAP Q2 $1m, Q3 $2m, Q4 $2m) 2 $2m severance recorded in Q2 vs Q3 for GAAP, timing difference only. No impact on full year. 42222 COGS exceptionals 8.0715786742299997E-2 32.590125518868099 10.68720459 -2.5122844623255998 40.8457614332848 76202 SG&A exceptionals 1.74639251 166.71154881000001 47.890584429999997 10.272734659629601 226.6212604096296 76203SG&A exceptionals 0 2.0943420000000001 3.2298322599999998 12.1310416278366 17.455215887836601 Total exceptionals 1.8271082967423 201.39601632886811 61.807621279999999 19.891491825140601 284.92223773075102 Reclass debt def costs amortisation -2.8991669999999998 -2.8991669999999998 Adjusted total exceptionals 1.8271082967423 201.39601632886811 61.807621279999999 16.992324825140603 282.02307073075104 check total -0.17289170325769998 0.39601632886811444 1.8076212799999993 -1.0076751748593971 1.0230707307510443 Reconciliation of EBITDA GAAP-------------------------------------------------------------------- IFRS--------------------- Q2 2025 Q1 2025 FY 2024 FY 2023 FY 2022 FY 2021 FY 2020 Net Income 18 47 7 -126 -42 205 -148 Revised 10Q Add Back: Interest Income -6 -4 -23 -43 -19 -4 -9 10K Interest Expense 15 12 41 35 27 27 26 10K Income Tax Expense / (Benefit) 44 11 13 -19 -43 -15 -25 Revised 10Q Non-GAAP adjustments in Operations 6 3 280 265 297 -25 244 IFRS to GAAP file Dep/Amort (excluding ROU Amort) 3 3 16 11 9 15 18 10K; 2021 Press Release - excluding ROU from Priyanka file Share-Based Compensation Expense 8 6 24 21 16 11 8 10K Opiant Transaction 162 Total Adjustments 70 31 351 432 287 9 262 EBITDA 88 78 358 306 245 214 114 FY 2023 Income Statement: IFRS to US GAAP Bridge FY 2023 ($ millions, except per share data) US GAAP Adjustments IFRS Caption IFRS Total Change Reclassification US GAAP Caption US GAAP Total Net revenue $1,093 0 0 Net revenue $1,093 Cost of sales -,186 12 0 Cost of sales -,174 Gross profit 907 12 0 Gross profit 919 Selling, general & administrative -,811 3 239 Selling, general & administrative -,569 Research & development -,106 -,171 161.56400000000002 Research & development -,116 0 0 -,161.56400000000002 Acquired in-process research & development -,161.56400000000002 0 0 -,239 Litigation settlement expenses -,239 Other operating income 6 3 0 Other operating income 9 Operating profit -4 -,153 0 Income from operations -,156 Finance income 43 0 0 Interest income 43 Finance expense -38 3 0 Interest expense -35 Net finance expense 5 3 0 Interest expense, net 8 0 0 0 Other income 0 Profit before taxation 1 -,150 0 Income before income taxes -,149 Income tax benefit 1 21 0 Provision for income taxes 22 Net income $2 -,129 0 Net income $-,127 Diluted EPS $0.01 Diluted EPS $-0.95 IFRS Net Income $2 US GAAP Net Income $-,127 Adjustments within cost of sales Adjustments within cost of sales Amortization of acquired intangibles 8 Amortization of acquired intangibles 0 Total adjustments within cost of sales 8 Total adjustments within cost of sales 0 Adjustments within cost of SG&A Adjustments within cost of SG&A Legal costs/provision 240 Legal costs/provision 240 -1 Acquisition-related costs 22 Acquisition-related costs 22 537 U.S. listing costs 6 U.S. listing costs 6 Total adjustments within SG&A 268 Total adjustments within SG&A 268 Adjustments within net other operating income Adjustments within net other operating income Income recognized in relation to a supply agreement -3 Income recognized in relation to a supply agreement -3 Insurance reimbursement 0 Insurance reimbursement 0 Total adjustments within other net operating income -3 Total adjustments within other net operating income -3 Total adjustments before taxes 273 Total adjustments before taxes 265 Adjustments within tax Adjustments within tax Tax on adjustments -63 Tax on adjustments -61 Tax adjustments 11 Tax adjustments 3 Total adjustments within tax -52 Total adjustments within tax -58 Total adjustments 221 Total adjustments 207 IFRS Adjusted Net Income $223 GAAP Adjusted Net Income $80 Adjusted Diluted EPS $1.57 Adjusted Diluted EPS $0.56000000000000005 \* - Columns and rows may not add and may change in final reporting due to rounding Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 TTM Total Gross Debt 350 341 Net income (loss) 61.4 -97.293182069999986 21.5 21 7 47 18.101428300000002 107.60142830000001 Adjustments: 0 0 0 0 0 0 0 0 Interest income -7 -5.6497671480000005 -5 -5 -23 -4 -5.7200703859999997 -19.720070386 Interest expense 9 8.5183084099999995 11 13 41 12 15.398883060000001 51.398883060000003 Income tax expense (benefit) 11 -23.352700989999999 8 17 13 11 44.203073189999998 80.203073189999998 Depreciation/amortization (excluding ROU amortization) 3.1248689999999999 4 3.6567029999999998 5.8588120000000004 16.348337000000001 3 2.5500189999999998 15.065534 Non-GAAP adjustments in operating income 2 201 60 17 280 3 5.7477989999999997 85.747799000000001 Share-based compensation expense 6 6 6 6 24 6 7.9809182120000006 25.980918211999999 Total Adjustments 24.124869 190.51584027200002 83.656702999999993 53.858812 351.34833700000001 31 70.16062207600001 238.676137076 0 0 0 0 0 0 0 0 Adjusted EBITDA 85.524868999999995 93.222658202000005 105.15670299999999 74.858812 358.34833700000001 78 88.262050376000005 346.27756537599998 Adjusted Leverage 0.97670329079830498 0.98475914727461644 TTM FY Q2'2024 Q3'2024 Q4'2025 Q1'2025 TTM US 254 261 251 222 988 0.84444444444444444 US 1008 0.84848484848484851 ROW 45 46 47 44 182 0.15555555555555556 ROW 179 0.15067340067340068 299 307 298 266 1170 1188 Total Sublocade 192 191 194 176 753 0.64358974358974363 Total Sublocade 756 0.64615384615384619 PERSERIS 13 8 9 4 34 2.9% PERSERIS 40 3.4% OPVEE 15 15 1.3% OPVEE 15 1.3% ROW - Ex 32 33 33 31 129 0.11025641025641025 ROW - Ex 127 0.10854700854700855 SUBOXONE 62 60 62 55 239 0.20427350427350427 SUBOXONE 250 0.21367521367521367 299 307 298 266 1170 100.0% 1188 1.0153846153846153 FY 2022 Income Statement: IFRS to US GAAP Bridge FY 2022 ($ millions, except per share data) US GAAP Adjustments IFRS Caption IFRS Total Change Reclassification US GAAP Caption US GAAP Total Net revenue $901 0 0 Net revenue $901 Cost of sales -,159 8 0 Cost of sales -,151 Gross profit 742 8 0 Gross profit 749 Selling, general & administrative -,763 -2 296 Selling, general & administrative -,469 Research & development -72 -2 0 Research & development -74 0 0 0 Acquired in-process research & development 0 0 0 -,296 Litigation settlement expenses -,296 Other operating income 8 0 0 Other operating income 8 Operating profit -85 4 0 Income from operations -81 Finance income 19 0 0 Interest income 19 Finance expense -29 2 0 Interest expense -27 Net finance expense -10 2 0 Interest expense, net -8 0 0 0 Other income 0 Profit before taxation -95 6 0 Income before income taxes -89 Income tax benefit 42 3 0 Provision for income taxes 44 Net income $-53 9 0 Net income -44 Diluted EPS $-0.38 Diluted EPS $-0.32 IFRS Net Income $-53 US GAAP Net Income $-44 Adjustments within cost of sales Adjustments within cost of sales Amortization of acquired intangibles 0 Amortization of acquired intangibles $0 Total adjustments within cost of sales 0 Total adjustments within cost of sales 0 Adjustments within SG&A Adjustments within SG&A Legal costs/provision 296 Legal costs/provision 296 Acquisition-related costs 0 Acquisition-related costs 0 U.S. listing costs 6 U.S. listing costs 6 Total adjustments within SG&A 302 Total adjustments within SG&A 302 Adjustments within net other operating income Adjustments within net other operating income Income recognized in relation to a supply agreement 0 Income recognized in relation to a supply agreement 0 Insurance reimbursement -5 Insurance reimbursement -5 Total adjustments within other net operating income -5 Total adjustments within other net operating income -5 Total adjustments before taxes 297 Total adjustments before taxes 297 Adjustments within tax Adjustments within tax Tax on adjustments -57 Tax on adjustments -57 Tax adjustments -18 Tax adjustments -20 Total adjustments within tax -75 Total adjustments within tax -77 Total adjustments 222 Total adjustments 220 IFRS Adjusted Net Income $169 GAAP Adjusted Net Income $176 Adjusted diluted EPS $1.1599999999999999 Adjusted diluted EPS $1.21 \* - Columns and rows may not add and may change in final reporting due to rounding Reconciliation of Net Income to Non-GAAP Operating Income ($m) GAAP-------------------------------- IFRS-------------------- 2024 2023 2022 2021 2020 Net Income 7 -126 -42 205 -148 Revised 10Q Net Finance Income -23 -43 -19 -4 -9 10K Net Finance Expense 41 35 27 27 26 10K Income Tax Expense 13 -19 -43 -15 -25 Revised 10Q Total Adjustments 281 265 297 -25 244 2021-2020 from press Q4 2021 press release - total exceptionals Acquired In-process R&D 1 162 - - - Non-GAAP Operating Income 320 274 220 188 88 Net Revenue 1,188 1,093 901 791 647 Non-GAAP Operating Margin 0.26936026936026936 0.25068618481244281 0.24417314095449499 0.23767383059418457 0.13601236476043277 Reconciliation of Non-GAAP operating expenses GAAP-------------------------------- IFRS-------------------- 2024 2023 2022 2021 2020 Total Operating Expenses, net 919 1072 827 451 706 Other operating expense (income), net -4 9 8 32 - Acquired In-process R&D -1 -161.56400000000002 - - - Non-GAAP adjustments -235 -268 -302 -6 -244 Share based compesation -24 -22 -16 -11 -8 Non-GAAP operating expenses 655 630.43599999999992 517 466 454 Net Revenue 1,188 1,093 901 791 647 Non-GAAP operating expense % 0.55134680134680136 0.5767941445562671 0.57380688124306323 0.58912768647281921 0.70170015455950541

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FY 2024 & TTM Leverage Reconciliation INVESTOR PRESENTATION \| July 31, 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Reconciliation: IFRS to GAAP exceptionals within operating profit Q4 Reclassification US GAAP Operating Profit $73.209536594165002 $-,119.2966617134996 $33.694954031548903 $44.122005667998202 $31.729834580212504 IFRS exceptionals within operating profit 335 -2.8991669999999998 Debt refinance deferred costs write down (reclassified from SG&A exceptionals account back to interest expense) Adjustments within cost of sales Amortisation of acquired intangibles -11 Amortization of acquired intangibles 0 0 0 0 0 Perseris inventory write-ups 0 Discontinuation of sales & promotion of PERSERIS 0 32 10 -2 40 Note 1 Perseris intangible impairment -9 Total adjustments within cost of sales 0 32 10 -2 40 Click intangible impairment -7 Adjustments within SG&A 0 Aelis intangible impairment -28 Discontinuation of sales & promotion of PERSERIS 3 9 0 12 Note 2 Optima filler 1 Impairment of products in development 0 0 0 GAAP exceptionals within operating profit 281 Acquisition-related costs 2 2 0 0 4 check 0 U.S. listing costs 0 4 0 0 4 Restructuring - severance and other 0 0 0 12 12 1 different to IFRS re Optima filler Debt refinancing costs 0 0 0 4 4 Total adjustments within SG&A 2 9 9 16 36 Adjustments within Legal Legal costs/provision 0 160 36 -1 195 Total adjustments within Legal 0 160 36 -1 195 Adjustments within IPR&D Optima filler 1 1 Total adjustments within R&D 0 0 0 1 1 Adjustments within R&D Click contract termination fee 0 0 0 4 4 Total adjustments within R&D 0 0 0 4 4 Adjustments within net other operating income 0 Mark-to-market on equity investments 0 0 5 0 5 Income recognized in relation to a supply agreement 0 0 0 0 0 Insurance reimbursement 0 0 0 0 0 Total adjustments within other net operating income 0 0 5 0 5 Total adjustments within operating profit 2 201 60 18 281 GAAP Adjusted Operating Profit $75.209536594165002 $81.703338286500397 $93.694954031548903 $62.122005667998202 $312.72983458021253 1 Inventory write-ups (gain in IFRS) are not included in US GAAP financials. Difference between IFRS and GAAP COGS exceptionals is inventory write-ups (ie effect is additional exceptionals expense for GAAP Q2 $1m, Q3 $2m, Q4 $2m) 2 $2m severance recorded in Q2 vs Q3 for GAAP, timing difference only. No impact on full year. 42222 COGS exceptionals 8.0715786742299997E-2 32.590125518868099 10.68720459 -2.5122844623255998 40.8457614332848 76202 SG&A exceptionals 1.74639251 166.71154881000001 47.890584429999997 10.272734659629601 226.6212604096296 76203SG&A exceptionals 0 2.0943420000000001 3.2298322599999998 12.1310416278366 17.455215887836601 Total exceptionals 1.8271082967423 201.39601632886811 61.807621279999999 19.891491825140601 284.92223773075102 Reclass debt def costs amortisation -2.8991669999999998 -2.8991669999999998 Adjusted total exceptionals 1.8271082967423 201.39601632886811 61.807621279999999 16.992324825140603 282.02307073075104 check total -0.17289170325769998 0.39601632886811444 1.8076212799999993 -1.0076751748593971 1.0230707307510443 Reconciliation of EBITDA GAAP-------------------------------------------------------------------- IFRS--------------------- Q2 2025 Q1 2025 FY 2024 FY 2023 FY 2022 FY 2021 FY 2020 Net Income 18 47 7 -126 -42 205 -148 Revised 10Q Add Back: Interest Income -6 -4 -23 -43 -19 -4 -9 10K Interest Expense 15 12 41 35 27 27 26 10K Income Tax Expense / (Benefit) 44 11 13 -19 -43 -15 -25 Revised 10Q Non-GAAP adjustments in Operations 6 3 280 265 297 -25 244 IFRS to GAAP file Dep/Amort (excluding ROU Amort) 3 3 16 11 9 15 18 10K; 2021 Press Release - excluding ROU from Priyanka file Share-Based Compensation Expense 8 6 24 21 16 11 8 10K Opiant Transaction 162 Total Adjustments 70 31 351 432 287 9 262 EBITDA 88 78 358 306 245 214 114 Match 310? FY 2023 Income Statement: IFRS to US GAAP Bridge FY 2023 ($ millions, except per share data) US GAAP Adjustments IFRS Caption IFRS Total Change Reclassification US GAAP Caption US GAAP Total Net revenue $1,093 0 0 Net revenue $1,093 Cost of sales -,186 12 0 Cost of sales -,174 Gross profit 907 12 0 Gross profit 919 Selling, general & administrative -,811 3 239 Selling, general & administrative -,569 Research & development -,106 -,171 161.56400000000002 Research & development -,116 0 0 -,161.56400000000002 Acquired in-process research & development -,161.56400000000002 0 0 -,239 Litigation settlement expenses -,239 Other operating income 6 3 0 Other operating income 9 Operating profit -4 -,153 0 Income from operations -,156 Finance income 43 0 0 Interest income 43 Finance expense -38 3 0 Interest expense -35 Net finance expense 5 3 0 Interest expense, net 8 0 0 0 Other income 0 Profit before taxation 1 -,150 0 Income before income taxes -,149 Income tax benefit 1 21 0 Provision for income taxes 22 Net income $2 -,129 0 Net income $-,127 Diluted EPS $0.01 Diluted EPS $-0.95 IFRS Net Income $2 US GAAP Net Income $-,127 Adjustments within cost of sales Adjustments within cost of sales Amortization of acquired intangibles 8 Amortization of acquired intangibles 0 Total adjustments within cost of sales 8 Total adjustments within cost of sales 0 Adjustments within cost of SG&A Adjustments within cost of SG&A Legal costs/provision 240 Legal costs/provision 240 -1 Acquisition-related costs 22 Acquisition-related costs 22 537 U.S. listing costs 6 U.S. listing costs 6 Total adjustments within SG&A 268 Total adjustments within SG&A 268 Adjustments within net other operating income Adjustments within net other operating income Income recognized in relation to a supply agreement -3 Income recognized in relation to a supply agreement -3 Insurance reimbursement 0 Insurance reimbursement 0 Total adjustments within other net operating income -3 Total adjustments within other net operating income -3 Total adjustments before taxes 273 Total adjustments before taxes 265 Adjustments within tax Adjustments within tax Tax on adjustments -63 Tax on adjustments -61 Tax adjustments 11 Tax adjustments 3 Total adjustments within tax -52 Total adjustments within tax -58 Total adjustments 221 Total adjustments 207 IFRS Adjusted Net Income $223 GAAP Adjusted Net Income $80 Adjusted Diluted EPS $1.57 Adjusted Diluted EPS $0.56000000000000005 \* - Columns and rows may not add and may change in final reporting due to rounding Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 TTM Total Gross Debt 350 341 Net income (loss) 61.4 -97.293182069999986 21.5 21 7 47 18.101428300000002 107.60142830000001 Adjustments: 0 0 0 0 0 0 0 0 Interest income -7 -5.6497671480000005 -5 -5 -23 -4 -5.7200703859999997 -19.720070386 Interest expense 9 8.5183084099999995 11 13 41 12 15.398883060000001 51.398883060000003 Income tax expense (benefit) 11 -23.352700989999999 8 17 13 11 44.203073189999998 80.203073189999998 Depreciation/amortization (excluding ROU amortization) 3.1248689999999999 4 3.6567029999999998 5.8588120000000004 16.348337000000001 3 2.5500189999999998 15.065534 Non-GAAP adjustments in operating income 2 201 60 17 280 3 5.7477989999999997 85.747799000000001 Share-based compensation expense 6 6 6 6 24 6 7.9809182120000006 25.980918211999999 Total Adjustments 24.124869 190.51584027200002 83.656702999999993 53.858812 351.34833700000001 31 70.16062207600001 238.676137076 0 0 0 0 0 0 0 0 Adjusted EBITDA 85.524868999999995 93.222658202000005 105.15670299999999 74.858812 358.34833700000001 78 88.262050376000005 346.27756537599998 Adjusted Leverage 0.97670329079830498 0.98475914727461644 TTM FY Q2'2024 Q3'2024 Q4'2025 Q1'2025 TTM US 254 261 251 222 988 0.84444444444444444 US 1008 0.84848484848484851 ROW 45 46 47 44 182 0.15555555555555556 ROW 179 0.15067340067340068 299 307 298 266 1170 1188 Total Sublocade 192 191 194 176 753 0.64358974358974363 Total Sublocade 756 0.64615384615384619 PERSERIS 13 8 9 4 34 2.9% PERSERIS 40 3.4% OPVEE 15 15 1.3% OPVEE 15 1.3% ROW - Ex 32 33 33 31 129 0.11025641025641025 ROW - Ex 127 0.10854700854700855 SUBOXONE 62 60 62 55 239 0.20427350427350427 SUBOXONE 250 0.21367521367521367 299 307 298 266 1170 100.0% 1188 1.0153846153846153 FY 2022 Income Statement: IFRS to US GAAP Bridge FY 2022 ($ millions, except per share data) US GAAP Adjustments IFRS Caption IFRS Total Change Reclassification US GAAP Caption US GAAP Total Net revenue $901 0 0 Net revenue $901 Cost of sales -,159 8 0 Cost of sales -,151 Gross profit 742 8 0 Gross profit 749 Selling, general & administrative -,763 -2 296 Selling, general & administrative -,469 Research & development -72 -2 0 Research & development -74 0 0 0 Acquired in-process research & development 0 0 0 -,296 Litigation settlement expenses -,296 Other operating income 8 0 0 Other operating income 8 Operating profit -85 4 0 Income from operations -81 Finance income 19 0 0 Interest income 19 Finance expense -29 2 0 Interest expense -27 Net finance expense -10 2 0 Interest expense, net -8 0 0 0 Other income 0 Profit before taxation -95 6 0 Income before income taxes -89 Income tax benefit 42 3 0 Provision for income taxes 44 Net income $-53 9 0 Net income -44 Diluted EPS $-0.38 Diluted EPS $-0.32 IFRS Net Income $-53 US GAAP Net Income $-44 Adjustments within cost of sales Adjustments within cost of sales Amortization of acquired intangibles 0 Amortization of acquired intangibles $0 Total adjustments within cost of sales 0 Total adjustments within cost of sales 0 Adjustments within SG&A Adjustments within SG&A Legal costs/provision 296 Legal costs/provision 296 Acquisition-related costs 0 Acquisition-related costs 0 U.S. listing costs 6 U.S. listing costs 6 Total adjustments within SG&A 302 Total adjustments within SG&A 302 Adjustments within net other operating income Adjustments within net other operating income Income recognized in relation to a supply agreement 0 Income recognized in relation to a supply agreement 0 Insurance reimbursement -5 Insurance reimbursement -5 Total adjustments within other net operating income -5 Total adjustments within other net operating income -5 Total adjustments before taxes 297 Total adjustments before taxes 297 Adjustments within tax Adjustments within tax Tax on adjustments -57 Tax on adjustments -57 Tax adjustments -18 Tax adjustments -20 Total adjustments within tax -75 Total adjustments within tax -77 Total adjustments 222 Total adjustments 220 IFRS Adjusted Net Income $169 GAAP Adjusted Net Income $176 Adjusted diluted EPS $1.1599999999999999 Adjusted diluted EPS $1.21 \* - Columns and rows may not add and may change in final reporting due to rounding Reconciliation of Net Income to Non-GAAP Operating Income ($m) GAAP-------------------------------- IFRS-------------------- 2024 2023 2022 2021 2020 Net Income 7 -126 -42 205 -148 Revised 10Q Net Finance Income -23 -43 -19 -4 -9 10K Net Finance Expense 41 35 27 27 26 10K Income Tax Expense 13 -19 -43 -15 -25 Revised 10Q Total Adjustments 281 265 297 -25 244 2021-2020 from press Q4 2021 press release - total exceptionals Acquired In-process R&D 1 162 - - - Non-GAAP Operating Income 320 274 220 188 88 Net Revenue 1,188 1,093 901 791 647 Non-GAAP Operating Margin 0.26936026936026936 0.25068618481244281 0.24417314095449499 0.23767383059418457 0.13601236476043277 Reconciliation of Non-GAAP operating expenses GAAP-------------------------------- IFRS-------------------- 2024 2023 2022 2021 2020 Total Operating Expenses, net 919 1072 827 451 706 Other operating expense (income), net -4 9 8 32 - Acquired In-process R&D -1 -161.56400000000002 - - - Non-GAAP adjustments -235 -268 -302 -6 -244 Share based compesation -24 -22 -16 -11 -8 Non-GAAP operating expenses 655 630.43599999999992 517 466 454 Net Revenue 1,188 1,093 901 791 647 Non-GAAP operating expense % 0.55134680134680136 0.5767941445562671 0.57380688124306323 0.58912768647281921 0.70170015455950541 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Reconciliation: IFRS to GAAP exceptionals within operating profit Q4 Reclassification US GAAP Operating Profit $73.209536594165002 $-,119.2966617134996 $33.694954031548903 $44.122005667998202 $31.729834580212504 IFRS exceptionals within operating profit 335 -2.8991669999999998 Debt refinance deferred costs write down (reclassified from SG&A exceptionals account back to interest expense) Adjustments within cost of sales Amortisation of acquired intangibles -11 Amortization of acquired intangibles 0 0 0 0 0 Perseris inventory write-ups 0 Discontinuation of sales & promotion of PERSERIS 0 32 10 -2 40 Note 1 Perseris intangible impairment -9 Total adjustments within cost of sales 0 32 10 -2 40 Click intangible impairment -7 Adjustments within SG&A 0 Aelis intangible impairment -28 Discontinuation of sales & promotion of PERSERIS 3 9 0 12 Note 2 Optima filler 1 Impairment of products in development 0 0 0 GAAP exceptionals within operating profit 281 Acquisition-related costs 2 2 0 0 4 check 0 U.S. listing costs 0 4 0 0 4 Restructuring - severance and other 0 0 0 12 12 1 different to IFRS re Optima filler Debt refinancing costs 0 0 0 4 4 Total adjustments within SG&A 2 9 9 16 36 Adjustments within Legal Legal costs/provision 0 160 36 -1 195 Total adjustments within Legal 0 160 36 -1 195 Adjustments within IPR&D Optima filler 1 1 Total adjustments within R&D 0 0 0 1 1 Adjustments within R&D Click contract termination fee 0 0 0 4 4 Total adjustments within R&D 0 0 0 4 4 Adjustments within net other operating income 0 Mark-to-market on equity investments 0 0 5 0 5 Income recognized in relation to a supply agreement 0 0 0 0 0 Insurance reimbursement 0 0 0 0 0 Total adjustments within other net operating income 0 0 5 0 5 Total adjustments within operating profit 2 201 60 18 281 GAAP Adjusted Operating Profit $75.209536594165002 $81.703338286500397 $93.694954031548903 $62.122005667998202 $312.72983458021253 1 Inventory write-ups (gain in IFRS) are not included in US GAAP financials. Difference between IFRS and GAAP COGS exceptionals is inventory write-ups (ie effect is additional exceptionals expense for GAAP Q2 $1m, Q3 $2m, Q4 $2m) 2 $2m severance recorded in Q2 vs Q3 for GAAP, timing difference only. No impact on full year. 42222 COGS exceptionals 8.0715786742299997E-2 32.590125518868099 10.68720459 -2.5122844623255998 40.8457614332848 76202 SG&A exceptionals 1.74639251 166.71154881000001 47.890584429999997 10.272734659629601 226.6212604096296 76203SG&A exceptionals 0 2.0943420000000001 3.2298322599999998 12.1310416278366 17.455215887836601 Total exceptionals 1.8271082967423 201.39601632886811 61.807621279999999 19.891491825140601 284.92223773075102 Reclass debt def costs amortisation -2.8991669999999998 -2.8991669999999998 Adjusted total exceptionals 1.8271082967423 201.39601632886811 61.807621279999999 16.992324825140603 282.02307073075104 check total -0.17289170325769998 0.39601632886811444 1.8076212799999993 -1.0076751748593971 1.0230707307510443 Reconciliation of EBITDA GAAP-------------------------------------------------------------------- IFRS--------------------- Q2 2025 Q1 2025 FY 2024 FY 2023 FY 2022 FY 2021 FY 2020 Net Income 18 47 7 -126 -42 205 -148 Revised 10Q Add Back: Interest Income -6 -4 -23 -43 -19 -4 -9 10K Interest Expense 15 12 41 35 27 27 26 10K Income Tax Expense / (Benefit) 44 11 13 -19 -43 -15 -25 Revised 10Q Non-GAAP adjustments in Operations 6 3 280 265 297 -25 244 IFRS to GAAP file Dep/Amort (excluding ROU Amort) 3 3 16 11 9 15 18 10K; 2021 Press Release - excluding ROU from Priyanka file Share-Based Compensation Expense 8 6 24 21 16 11 8 10K Opiant Transaction 162 Total Adjustments 70 31 351 432 287 9 262 EBITDA 88 78 358 306 245 214 114 Match 310? FY 2023 Income Statement: IFRS to US GAAP Bridge FY 2023 ($ millions, except per share data) US GAAP Adjustments IFRS Caption IFRS Total Change Reclassification US GAAP Caption US GAAP Total Net revenue $1,093 0 0 Net revenue $1,093 Cost of sales -,186 12 0 Cost of sales -,174 Gross profit 907 12 0 Gross profit 919 Selling, general & administrative -,811 3 239 Selling, general & administrative -,569 Research & development -,106 -,171 161.56400000000002 Research & development -,116 0 0 -,161.56400000000002 Acquired in-process research & development -,161.56400000000002 0 0 -,239 Litigation settlement expenses -,239 Other operating income 6 3 0 Other operating income 9 Operating profit -4 -,153 0 Income from operations -,156 Finance income 43 0 0 Interest income 43 Finance expense -38 3 0 Interest expense -35 Net finance expense 5 3 0 Interest expense, net 8 0 0 0 Other income 0 Profit before taxation 1 -,150 0 Income before income taxes -,149 Income tax benefit 1 21 0 Provision for income taxes 22 Net income $2 -,129 0 Net income $-,127 Diluted EPS $0.01 Diluted EPS $-0.95 IFRS Net Income $2 US GAAP Net Income $-,127 Adjustments within cost of sales Adjustments within cost of sales Amortization of acquired intangibles 8 Amortization of acquired intangibles 0 Total adjustments within cost of sales 8 Total adjustments within cost of sales 0 Adjustments within cost of SG&A Adjustments within cost of SG&A Legal costs/provision 240 Legal costs/provision 240 -1 Acquisition-related costs 22 Acquisition-related costs 22 537 U.S. listing costs 6 U.S. listing costs 6 Total adjustments within SG&A 268 Total adjustments within SG&A 268 Adjustments within net other operating income Adjustments within net other operating income Income recognized in relation to a supply agreement -3 Income recognized in relation to a supply agreement -3 Insurance reimbursement 0 Insurance reimbursement 0 Total adjustments within other net operating income -3 Total adjustments within other net operating income -3 Total adjustments before taxes 273 Total adjustments before taxes 265 Adjustments within tax Adjustments within tax Tax on adjustments -63 Tax on adjustments -61 Tax adjustments 11 Tax adjustments 3 Total adjustments within tax -52 Total adjustments within tax -58 Total adjustments 221 Total adjustments 207 IFRS Adjusted Net Income $223 GAAP Adjusted Net Income $80 Adjusted Diluted EPS $1.57 Adjusted Diluted EPS $0.56000000000000005 \* - Columns and rows may not add and may change in final reporting due to rounding Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 TTM Total Gross Debt 350 341 Net income (loss) 61.4 -97.293182069999986 21.5 21 7 47 18.101428300000002 107.60142830000001 Adjustments: 0 0 0 0 0 0 0 0 Interest income -7 -5.6497671480000005 -5 -5 -23 -4 -5.7200703859999997 -19.720070386 Interest expense 9 8.5183084099999995 11 13 41 12 15.398883060000001 51.398883060000003 Income tax expense (benefit) 11 -23.352700989999999 8 17 13 11 44.203073189999998 80.203073189999998 Depreciation/amortization (excluding ROU amortization) 3.1248689999999999 4 3.6567029999999998 5.8588120000000004 16.348337000000001 3 2.5500189999999998 15.065534 Non-GAAP adjustments in operating income 2 201 60 17 280 3 5.7477989999999997 85.747799000000001 Share-based compensation expense 6 6 6 6 24 6 7.9809182120000006 25.980918211999999 Total Adjustments 24.124869 190.51584027200002 83.656702999999993 53.858812 351.34833700000001 31 70.16062207600001 238.676137076 0 0 0 0 0 0 0 0 Adjusted EBITDA 85.524868999999995 93.222658202000005 105.15670299999999 74.858812 358.34833700000001 78 88.262050376000005 346.27756537599998 Adjusted Leverage 0.97670329079830498 0.98475914727461644 TTM FY Q2'2024 Q3'2024 Q4'2025 Q1'2025 TTM US 254 261 251 222 988 0.84444444444444444 US 1008 0.84848484848484851 ROW 45 46 47 44 182 0.15555555555555556 ROW 179 0.15067340067340068 299 307 298 266 1170 1188 Total Sublocade 192 191 194 176 753 0.64358974358974363 Total Sublocade 756 0.64615384615384619 PERSERIS 13 8 9 4 34 2.9% PERSERIS 40 3.4% OPVEE 15 15 1.3% OPVEE 15 1.3% ROW - Ex 32 33 33 31 129 0.11025641025641025 ROW - Ex 127 0.10854700854700855 SUBOXONE 62 60 62 55 239 0.20427350427350427 SUBOXONE 250 0.21367521367521367 299 307 298 266 1170 100.0% 1188 1.0153846153846153 FY 2022 Income Statement: IFRS to US GAAP Bridge FY 2022 ($ millions, except per share data) US GAAP Adjustments IFRS Caption IFRS Total Change Reclassification US GAAP Caption US GAAP Total Net revenue $901 0 0 Net revenue $901 Cost of sales -,159 8 0 Cost of sales -,151 Gross profit 742 8 0 Gross profit 749 Selling, general & administrative -,763 -2 296 Selling, general & administrative -,469 Research & development -72 -2 0 Research & development -74 0 0 0 Acquired in-process research & development 0 0 0 -,296 Litigation settlement expenses -,296 Other operating income 8 0 0 Other operating income 8 Operating profit -85 4 0 Income from operations -81 Finance income 19 0 0 Interest income 19 Finance expense -29 2 0 Interest expense -27 Net finance expense -10 2 0 Interest expense, net -8 0 0 0 Other income 0 Profit before taxation -95 6 0 Income before income taxes -89 Income tax benefit 42 3 0 Provision for income taxes 44 Net income $-53 9 0 Net income -44 Diluted EPS $-0.38 Diluted EPS $-0.32 IFRS Net Income $-53 US GAAP Net Income $-44 Adjustments within cost of sales Adjustments within cost of sales Amortization of acquired intangibles 0 Amortization of acquired intangibles $0 Total adjustments within cost of sales 0 Total adjustments within cost of sales 0 Adjustments within SG&A Adjustments within SG&A Legal costs/provision 296 Legal costs/provision 296 Acquisition-related costs 0 Acquisition-related costs 0 U.S. listing costs 6 U.S. listing costs 6 Total adjustments within SG&A 302 Total adjustments within SG&A 302 Adjustments within net other operating income Adjustments within net other operating income Income recognized in relation to a supply agreement 0 Income recognized in relation to a supply agreement 0 Insurance reimbursement -5 Insurance reimbursement -5 Total adjustments within other net operating income -5 Total adjustments within other net operating income -5 Total adjustments before taxes 297 Total adjustments before taxes 297 Adjustments within tax Adjustments within tax Tax on adjustments -57 Tax on adjustments -57 Tax adjustments -18 Tax adjustments -20 Total adjustments within tax -75 Total adjustments within tax -77 Total adjustments 222 Total adjustments 220 IFRS Adjusted Net Income $169 GAAP Adjusted Net Income $176 Adjusted diluted EPS $1.1599999999999999 Adjusted diluted EPS $1.21 \* - Columns and rows may not add and may change in final reporting due to rounding Reconciliation of Net Income to Non-GAAP Operating Income ($m) GAAP-------------------------------- IFRS-------------------- 2024 2023 2022 2021 2020 Net Income 7 -126 -42 205 -148 Revised 10Q Net Finance Income -23 -43 -19 -4 -9 10K Net Finance Expense 41 35 27 27 26 10K Income Tax Expense 13 -19 -43 -15 -25 Revised 10Q Total Adjustments 281 265 297 -25 244 2021-2020 from press Q4 2021 press release - total exceptionals Acquired In-process R&D 1 162 - - - Non-GAAP Operating Income 320 274 220 188 88 Net Revenue 1,188 1,093 901 791 647 Non-GAAP Operating Margin 0.26936026936026936 0.25068618481244281 0.24417314095449499 0.23767383059418457 0.13601236476043277 Reconciliation of Non-GAAP operating expenses GAAP-------------------------------- IFRS-------------------- 2024 2023 2022 2021 2020 Total Operating Expenses, net 919 1072 827 451 706 Other operating expense (income), net -4 9 8 32 - Acquired In-process R&D -1 -161.56400000000002 - - - Non-GAAP adjustments -235 -268 -302 -6 -244 Share based compesation -24 -22 -16 -11 -8 Non-GAAP operating expenses 655 630.43599999999992 517 466 454 Net Revenue 1,188 1,093 901 791 647 Non-GAAP operating expense % 0.55134680134680136 0.5767941445562671 0.57380688124306323 0.58912768647281921 0.70170015455950541

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SUBLOCADE (SUBUTEX®PR (ROW)) SUBOXONE Film1 North America U.S. ● ● Canada ● ● Europe & Middle East France ● ● Italy ● ● Germany ● ● Denmark, Norway2 ● ● Sweden ● ● Finland ● ● Switzerland ● UK ● ● Israel ● ● Australasia Australia ● ● (available)1 (approved/Not Marketed) $1,188m Net Revenue by Geography FY 2024 Global Markets 1The Group does not promote SUBOXONE Film in the US. 2Expect to launch in Norway and Denmark in Q4 2025. U.S. Rest of World INVESTOR PRESENTATION \| July 31, 2025

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SUBLOCADE® (buprenorphine extended-release) injection, for subcutaneous use (CIII) INDICATION SUBLOCADE is indicated for the treatment of moderate to severe opioid use disorder in patients who have initiated treatment with a single dose of a transmucosal buprenorphine product or who are already being treated with buprenorphine. SUBLOCADE should be used as part of a complete treatment plan that includes counseling and psychosocial support. HIGHLIGHTED SAFETY INFORMATION WARNING: RISK OF SERIOUS HARM OR DEATH WITH INTRAVENOUS ADMINISTRATION; SUBLOCADE RISK EVALUATION AND MITIGATION STRATEGY See full prescribing information for complete boxed warning. Serious harm or death could result if administered intravenously. SUBLOCADE is only available through a restricted program called the SUBLOCADE REMS Program. Healthcare settings and pharmacies that order and dispense SUBLOCADE must be certified in this program and comply with the REMS requirements. CONTRAINDICATIONS Hypersensitivity to buprenorphine or any other ingredients in SUBLOCADE. WARNINGS AND PRECAUTIONS Addiction, Abuse, and Misuse: SUBLOCADE contains buprenorphine, a Schedule III controlled substance that can be abused in a manner similar to other opioids. Monitor patients for conditions indicative of diversion or progression of opioid dependence and addictive behaviors. Respiratory Depression: Life threatening respiratory depression and death have occurred in association with buprenorphine. Warn patients of the potential danger of self-administration of benzodiazepines or other CNS depressants while under treatment with SUBLOCADE. Risk of Serious Injection Site Reactions: Likelihood of may increase with inadvertent intramuscular or intradermal administration. Evaluate and treat as appropriate. The most common injection site reactions are pain, erythema and pruritus with some involving abscess, ulceration and necrosis. Neonatal Opioid Withdrawal Syndrome: Neonatal opioid withdrawal syndrome (NOWS) is an expected and treatable outcome of prolonged use of opioids during pregnancy. Adrenal Insufficiency: If diagnosed, treat with physiologic replacement of corticosteroids, and wean patient off the opioid. Risk of Opioid Withdrawal With Abrupt Discontinuation: If treatment with SUBLOCADE is discontinued, monitor patients for several months for withdrawal and treat appropriately. Risk of Hepatitis, Hepatic Events: Monitor liver function tests prior to and during treatment. Risk of Withdrawal in Patients Dependent on Full Agonist Opioids: Verify that patients have tolerated transmucosal buprenorphine before injecting SUBLOCADE. Treatment of Emergent Acute Pain: Treat pain with a non-opioid analgesic whenever possible. If opioid therapy is required, monitor patients closely because higher doses may be required for analgesic effect. ADVERSE REACTIONS Adverse reactions commonly associated with SUBLOCADE (in ≥5% of subjects) were constipation, headache, nausea, injection site pruritus, vomiting, increased hepatic enzymes, fatigue, and injection site pain. For more information about SUBLOCADE, the full Prescribing Information including BOXED WARNING, and Medication Guide, visit www.sublocade.com. INVESTOR PRESENTATION \| July 31, 2025

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OPVEE® (nalmefene) nasal spray INDICATION AND USAGE OPVEE nasal spray is an opioid antagonist indicated for the emergency treatment of known or suspected overdose induced by natural or synthetic opioids in adults and pediatric patients aged 12 years and older, as manifested by respiratory and/or central nervous system depression. OPVEE nasal spray is intended for immediate administration as emergency therapy in settings where opioids may be present. OPVEE nasal spray is not a substitute for emergency medical care. HIGHLIGHTED SAFETY INFORMATION CONTRAINDICATIONS Hypersensitivity to nalmefene or to any of the other ingredients. WARNINGS AND PRECAUTIONS Risk of Recurrent Respiratory and Central Nervous System Depression: While the duration of action of nalmefene is as long as most opioids, a recurrence of respiratory depression is possible, therefore, keep patient under continued surveillance and administer repeat doses of OPVEE using a new nasal spray with each dose, as necessary, while awaiting emergency medical assistance. Limited Efficacy with Partial Agonists or Mixed Agonist/Antagonists: Reversal of respiratory depression caused by partial agonists or mixed agonists/antagonists, such as buprenorphine and pentazocine, may be incomplete. Larger or repeat doses may be required. Precipitation of Severe Opioid Withdrawal: Use in patients who are opioid dependent may precipitate opioid withdrawal. In neonates, opioid withdrawal may be life-threatening if not recognized and properly treated. Monitor for the development of opioid withdrawal. Risk of Cardiovascular (CV) Effects: Abrupt postoperative reversal of opioid depression may result in adverse CV effects. These events have primarily occurred in patients who had preexisting CV disorders or received other drugs that may have similar adverse CV effects. Monitor these patients closely in an appropriate healthcare setting after use of nalmefene hydrochloride. Risk of Opioid Overdose from Attempts to Overcome the Blockade: Attempts to overcome opioid withdrawal symptoms caused by opioid antagonists with high or repeated doses of exogenous opioids may lead to opioid intoxication and death. ADVERSE REACTIONS Most common adverse reactions (incidence at least 2%) are nasal discomfort, headache, nausea, dizziness, hot flush, vomiting, anxiety, fatigue, nasal congestion, throat irritation, rhinalgia, decreased appetite, dysgeusia, erythema, and hyperhidrosis. For more information about OPVEE and the full Prescribing Information visit www.opvee.com INVESTOR PRESENTATION \| July 31, 2025