# EDGAR Filing Document

**Accession Number:** 0001567892
**File Stem:** 0001567892-25-000039
**Filing Date:** 2025-8
**Character Count:** 272566
**Document Hash:** cc6a1aaaf38a819827188facdf2d407f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001567892-25-000039.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0001567892-25-000039

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 66

**CONFORMED PERIOD OF REPORT**: 20250806

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

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Mallinckrodt plc
- **CENTRAL INDEX KEY:** 0001567892
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 981088325
- **STATE OF INCORPORATION:** L2
- **FISCAL YEAR END:** 1226

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35803
- **FILM NUMBER:** 251187319

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** COLLEGE BUSINESS & TECHNOLOGY PARK
- **STREET 2:** CRUISERATH, BLANCHARDSTOWN
- **CITY:** DUBLIN 15
- **PROVINCE COUNTRY:** L2
- **ZIP:** D15
- **BUSINESS PHONE:** 353 1 6960000

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** COLLEGE BUSINESS & TECHNOLOGY PARK
- **STREET 2:** CRUISERATH, BLANCHARDSTOWN
- **CITY:** DUBLIN 15
- **PROVINCE COUNTRY:** L2
- **ZIP:** D15

?xml version='1.0' encoding='ASCII'? mnk-20250806

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**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): August 6, 2025

**Mallinckrodt plc** 

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Ireland** | **001-35803** | **98-1088325** |
| (State or other jurisdiction <br>of incorporation) | (Commission <br>File Number) | (IRS Employer<br> Identification No.) |

---

**College Business & Technology Park, Cruiserath, Blanchardstown, Dublin 15, Ireland**

(Address of principal executive offices)

**+353 1 696 0000**

(Registrant's telephone number, including area code)

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:

☐ 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: None

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. ☐

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**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On August 6, 2025, Mallinckrodt plc ("Mallinckrodt") reported its financial results for the three months ended June 27, 2025 as set forth in the attached Exhibit 99.1.

The information contained in this Item 2.02, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise expressly set forth by specific reference in such a filing.

**Item 8.01&nbsp;&nbsp;&nbsp;&nbsp;Other Events.**

As previously disclosed, on July 31, 2025, Mallinckrodt completed its acquisition of Endo, Inc., a Delaware corporation (which has been converted into Endo LP, a Delaware limited partnership, "Endo"). Mallinckrodt is filing as (i) Exhibit 99.2, the unaudited financial statements of Endo as of and for the six months ended June 30, 2025 and (ii) as Exhibit 99.3, management's discussion and analysis of financial condition and results of operations of Endo as of and for the six months ended June 30, 2025.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

(d) Exhibits

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| | |
|:---|:---|
| **Exhibit Number** | **Exhibit** |
| 99.1 | <u>[Second Quarter Financial Results.](mnkexhibit991q22025.htm)</u> |
| 99.2 | <u>[Unaudited Financial Statements for Endo as of and for the Six Months Ended June 30, 2025.](endo992.htm)</u> |
| 99.3 | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations for Endo as of and for the Six Months Ended June 30, 2025.](endo993.htm)</u> |
| 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.

---

| | | | |
|:---|:---|:---|:---|
| | | | **MALLINCKRODT PLC** |
| | | | (registrant) |
| Date: | August 6, 2025 | By: | /s/ Bryan M. Reasons |
|  |  |  | Bryan M. Reasons |
|  |  |  | *Executive Vice President and Chief Financial Officer*<br>*(principal financial and accounting officer)* |

---

## Exhibit 99.1

**Exhibit 99.1**

![mallinckrodtlogoa11.jpg](mallinckrodtlogoa11.jpg)

**Mallinckrodt plc Reports Financial Results for Second Quarter 2025 and Provides Guidance**

***Legacy Mallinckrodt Second Quarter 2025 Results***

*Delivers Second Quarter Net Sales of $485.1 Million, Reflecting a 5.7% Year-Over-Year Decrease on a Reported Basis; Excluding Impact of Therakos*<sup>®</sup> *Divestiture, Net Sales Grew 8.5%*

*Reports Net Income of $2.4 Million and Adjusted EBITDA of $137.2 Million*

*Achieved Highest Acthar*<sup>®</sup> *Gel (repository corticotropin injection) Net Sales Growth in Over a Decade*

***Legacy Endo Second Quarter 2025 Results***

*Delivers Second Quarter Total Revenues of $447.8 Million, Flat on a Reported Basis;* 

*Excluding Impact of Divested International Segment, Revenues Grew 2.0%*

*Achieved XIAFLEX*<sup>®</sup> *(Collagenase Clostridium Histolyticum) 9.4% Year-Over-Year Revenue Growth*

***Combined Company Full-Year 2025 Guidance***

*Expects Total Company 2025 Net Sales of $3.57 Billion to $3.62 Billion and Adjusted EBITDA <br>of $1.10 Billion to $1.13 Billion*

*Expects Par Health 2025 Net Sales of $1.72 Billion to $1.75 Billion and Adjusted EBITDA <br>of $450 Million to $470 Million*

**DUBLIN, August 6, 2025** – <u>Mallinckrodt plc</u> ("Mallinckrodt" or the "Company") today reported its financial results for the second quarter ended June 27, 2025, the last quarter prior to its merger with Endo, Inc. ("Endo"), which occurred on July 31, 2025. The Company is also providing financial results for Endo on a standalone basis for the quarter ended June 30, 2025.

"We are excited to be moving forward as a global, scaled, diversified therapeutics leader following the completion of the merger of Mallinckrodt and Endo last week," said Siggi Olafsson, President and Chief Executive Officer. "With greater diversification and enhanced scale and capabilities, we see significant growth and value creation opportunities ahead for our combined business, and we look forward to working as one team to deliver on the compelling benefits of this merger for our shareholders, customers, employees and, ultimately, the patients we serve."

Mr. Olafsson continued, "The results for both legacy businesses in the second quarter underscore our confidence as we enter this new chapter together. Mallinckrodt's performance demonstrates continued positive momentum and strong execution, including the highest quarter of growth for the Acthar<sup>®</sup> Gel brand in more than a decade. Endo also continued advancing key growth drivers, as evidenced by strong XIAFLEX<sup>®</sup> performance and the advancement of the Sterile Injectables pipeline. Both teams have done tremendous work to position our combined company for success, carefully executing our integration plan while continuing to meet important business objectives. I am grateful for their efforts and dedication to our future as one company."

**Par Health Spin-Off Update**

The Company continues to make progress toward the planned spin-off of the combined generics pharmaceuticals and sterile injectables business, Par Health. With financing secured for the merger, the Company is well positioned to move forward with the spin-off in the fourth quarter of 2025, subject to approval by Mallinckrodt's Board of Directors and other conditions. Until the spin-off, Par Health will continue to operate as a fully owned business of the merged company.

**Legacy Mallinckrodt Second Quarter 2025 Financial Results**

Legacy Mallinckrodt's net sales in the second quarter of 2025 were $485.1 million, compared to $514.3 million in the second quarter of 2024. This reflects a 5.7% decrease on a reported and constant currency basis. Excluding the impact of the Therakos<sup>®</sup> divestiture, total net sales grew by 8.5%.

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The Specialty Brands segment reported net sales of $264.3 million in the second quarter of 2025, compared to $274.5 million in the second quarter of 2024. This 3.7% decrease includes the impact of the Therakos divestiture. Excluding Therakos, Specialty Brands net sales grew by 27.5%, driven primarily by growth in Acthar Gel and continued uptake in the SelfJect™ device. Acthar Gel net sales increased $57.4 million, or 48.8%, compared to the second quarter of 2024 to $175.1 million.

The Specialty Generics segment reported net sales of $220.8 million in the second quarter of 2025, compared to $239.8 million in the second quarter of 2024. This 7.9% decrease was driven primarily by competitive pressures on finished dosage opioids and Acetaminophen (APAP) products, somewhat offset by strong performance in finished dose attention deficit hyperactivity disorder (ADHD) and Addiction Treatment product families.

Gross profit in the second quarter of 2025 increased $36.8 million, or 18.9%, to $231.8 million, compared to $195.0 million in the second quarter of 2024. Gross profit margin was 47.8% in the second quarter of 2025, compared with 37.9% in the second quarter of 2024.

Adjusted EBITDA in the second quarter of 2025 was $137.2 million, compared to $174.0 million in the second quarter of 2024, driven by strength in Acthar Gel, largely offset by the impact of the Therakos divestiture, incremental commercial investments for Acthar Gel and the impact of nitric oxide competition in the U.S.

Net income for the second quarter of 2025 was $2.4 million, an improvement from a net loss of $43.3 million in the second quarter of 2024.

**Legacy Endo Second Quarter 2025 Financial Results**

Legacy Endo's total revenues in the second quarter of 2025 were $447.8 million, flat compared to $446.6 million in the combined second quarter of 2024. Excluding the International Pharmaceuticals business, which was divested in the second quarter, total revenues increased by 2.0%.

The Branded Pharmaceuticals segment reported revenues of $227.9 million in the second quarter of 2025, compared to $225.1 million in the combined second quarter of 2024. This change was led by strong XIAFLEX and SUPPRELIN<sup>®</sup> LA (histrelin acetate) revenue growth. XIAFLEX revenues increased 9.4% to $138.6 million, compared to $126.6 million in the combined second quarter of 2024.

The Sterile Injectables segment reported revenues of $87.4 million in the second quarter of 2025, compared to $90.8 million in the combined second quarter of 2024. This change was primarily driven by competitive pressure on ADRENALIN<sup>®</sup> vials and VASOSTRICT<sup>®</sup>, which was partially offset by increased revenues from ADRENALIN ready-to-use premixed bag products as well as increased volumes across other sterile injectables products.

The Generic Pharmaceuticals segment reported revenues of $119.0 million in the second quarter of 2025, compared to $110.1 million in the combined second quarter of 2024. This change was primarily driven by increased revenue from lidocaine patch 5%.

The International Pharmaceuticals segment reported revenues of $13.4 million in the second quarter of 2025, compared to $20.7 million in the combined second quarter of 2024. This change was a result of the previously announced divestiture of the International Pharmaceuticals business that was completed on June 17, 2025.

Adjusted EBITDA in the second quarter of 2025 was $149.8 million, compared to $175.8 million in the combined second quarter of 2024, primarily driven by lower adjusted gross margin due to changes in product mix and investments in the Sterile Injectables manufacturing network.

Net loss for the second quarter of 2025 was $59.6 million, compared to net income of $6.4 billion in the combined second quarter of 2024. This change was primarily due to gains arising from the Endo International plc plan of reorganization recorded in the second quarter of 2024 and the application of fresh start accounting.

Adjusted net income in the second quarter of 2025 was $63.9 million, compared to $104.7 million in the combined second quarter of 2024. This change was primarily due to a decrease in adjusted EBITDA coupled with an increase in interest expense.

Please see our website (https://www.MNK-Endo.com) for certain unaudited historical financial information for the combined company on a non-GAAP pro forma basis to supplement the information disclosed in this press release.

------

**Combined Company 2025 Financial Guidance**

For the total company for full-year fiscal 2025, the Company expects:

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| | |
|:---|:---|
| | **2025 Guidance** |
| Total Net Sales | $3.57 billion to $3.62 billion |
| Adjusted EBITDA | $1.10 billion to $1.13 billion |

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For the Par Health business for full-year fiscal 2025, the Company expects:

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| | |
|:---|:---|
| | **2025 Guidance** |
| Total Net Sales | $1.72 billion to $1.75 billion |
| Adjusted EBITDA | $450 million to $470 million |

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In addition, the Company is raising 2025 full-year net sales growth guidance for Acthar Gel from a high-single digit range to a 20% to 30% range and reaffirming guidance for high-single digit XIAFLEX revenue growth for full-year 2025.

The aforementioned guidance ranges for Adjusted EBITDA do not include transaction-related compensation expenses related to the merger.

The Company does not provide comparable GAAP measures for its forward-looking non-GAAP guidance or a reconciliation of such measures because the reconciling items described in the definition of Adjusted EBITDA provided below are inherently uncertain and difficult to estimate and cannot be predicted without unreasonable effort. The variability of such items may have a significant impact on our future GAAP results.

Please see "Non-GAAP Financial Measures" included in this release for a discussion of non-GAAP measures and reconciliation of GAAP and non-GAAP financial measures for the second quarter.

Please see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's Quarterly Report on Form 10-Q for the quarter ended June 27, 2025, to be filed with the U.S. Securities and Exchange Commission (SEC) for additional information.

**Second Quarter 2025 Conference Call and Webcast**

Mallinckrodt will hold a conference call for investors today, August 6, 2025, at 8:00 a.m. Eastern Time.

The audio webcast may be accessed through https://app.webinar.net/DLBYlR9Jk2m, and to access the call through a conference line, participants may dial 800-836-8184 (U.S. and Canada toll-free) or 646-357-8785 (outside the U.S.). Participants are advised to join 10 minutes prior to the scheduled start time. A replay of the webcast will be available following the event.

**About Mallinckrodt**

Mallinckrodt is a leading provider of life-enhancing therapeutics focused on addressing unmet patient needs and a world-class manufacturer of high-quality generics, sterile injectables, and active pharmaceutical ingredients.

Our company consists of multiple wholly owned subsidiaries that operate in two businesses. Our Brands business is focused on autoimmune and rare diseases in areas including endocrinology, gastroenterology, hepatology, neonatal respiratory critical care, nephrology, neurology, pulmonology, ophthalmology, orthopedics, rheumatology, and urology. Our Par Health business includes generic drugs, sterile injectables, and active pharmaceutical ingredients. To learn more, visit https://www.MNK-Endo.com.

Mallinckrodt uses its website as a channel of distribution of important company information, such as press releases, investor presentations and other financial information. It also uses its website to expedite public access to time-critical information regarding the Company in advance of or in lieu of distributing a press release or a filing with the U.S. Securities and Exchange Commission ("SEC") disclosing the same information. Therefore, investors should look to the Investor Relations page of the website for important and time-critical information. Visitors to the website can also register to receive automatic e-mail and other notifications alerting them when new information is made available on the Investor Relations page of the website.

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**Non-GAAP Financial Measures**

This press release contains financial measures, including Adjusted EBITDA, adjusted gross profit, adjusted selling, general, and administrative ("SG&A") expenses, adjusted research and development ("R&D") expenses, net sales growth (loss) on a constant-currency basis, net debt, adjusted net income, adjusted operating expenses, adjusted income taxes, adjusted effective tax rate and EBITDA which are considered "non-GAAP" financial measures under applicable SEC rules and regulations.

The Company has provided these adjusted financial measures because they are used by management, along with financial measures in accordance with GAAP, to evaluate the Company's operating performance and liquidity. In addition, the Company believes that they will be used by investors to measure Mallinckrodt's operating results. Management believes that presenting these adjusted measures provides useful information about the Company's performance across reporting periods on a consistent basis by excluding items that the Company does not believe are indicative of its core operating performance.

These adjusted measures should be considered supplemental to and not a substitute for financial information prepared in accordance with GAAP. The Company's definition of these adjusted measures may differ from similarly titled measures used by others.

Because adjusted financial measures exclude the effect of items that will increase or decrease the Company's reported results of operations, management strongly encourages investors to review the Company's unaudited condensed consolidated financial statements and publicly filed reports in their entirety. A reconciliation of certain of these historical adjusted financial measures to the most directly comparable GAAP financial measures is included in the tables accompanying this release.

Further information regarding non-GAAP financial measures can be found on the Investor Relations page of the Company's website.

***Non-GAAP Financial Measures - Mallinckrodt***

*Adjusted EBITDA* 

Adjusted EBITDA represents net income or loss prepared in accordance with accounting principles generally accepted in the U.S. ("GAAP") and adjusted for certain items that management believes are not reflective of the operational performance of the business. Adjustments to GAAP amounts include, as applicable to each measure, interest expense, net; income taxes; depreciation; amortization from intangible assets and right-of use asset resulting from finance leases; combination, integration, and other related expenses; restructuring charges, net; liabilities management and separation costs; divestitures; reorganization items, net; discontinued operations; changes in fair value of contingent consideration obligations; changes in derivative assets and liabilities fair value; unrealized gain or loss on equity investment; share-based compensation; fresh-start inventory related expenses; and other items identified by the Company.

*Adjusted gross profit, adjusted SG&A expenses and adjusted R&D expenses*

Adjusted gross profit, adjusted SG&A expenses and adjusted R&D expenses represent amounts prepared in accordance with GAAP, adjusted for certain items that management believes are not reflective of the operational performance of the business. Adjustments to GAAP amounts include, as applicable to each measure, the aforementioned items in the Adjusted EBITDA paragraph. The adjustments for these items are on a pre-tax basis for adjusted gross profit and adjusted SG&A expenses.

*Segment net sales growth (loss) on a constant-currency basis*

Segment net sales growth (loss) on a constant-currency basis measures the change in segment net sales between current- and prior-year periods using a constant currency, the exchange rate in effect during the applicable prior-year period.

*Net debt*

Net debt of $374.6 million as of June 27, 2025, reflects $863.6 million in total debt outstanding and $8.8 million in undiscounted finance lease liabilities on a GAAP basis less $497.8 million in cash and cash equivalents (unrestricted cash) on a GAAP basis.

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**Non-GAAP Financial Measures - Endo**

**Adjusted net income, Adjusted Gross Profit and Adjusted Operating Expenses**

Adjusted net income, Adjusted Gross Profit and Adjusted Operating Expenses are presented as non-GAAP measures and are reconciled to their corresponding GAAP measures of Net income (loss), Gross Profit, defined as revenues less cost of revenues, and Operating Expenses, defined as the sum of (i) Selling, general and administrative; (ii) Research and development; (iii) Acquired in-process research and development; (iv) Litigation-related and other contingencies, net; (v) Asset impairment charges; and (vi) Acquisition related and integration items, net.

Adjustments, to the extent they apply to the corresponding GAAP amounts, may include, but are not limited to expense or income related to: acquisitions and divestitures, such as amortization of intangible assets and of inventory step-up adjustments, certain employee-related charges, including earn-outs, separation, retention, or relocation costs, changes in the fair value of contingent consideration, transaction costs of executed deals, and integration or disintegration-related costs; certain amounts related to strategic review initiatives; certain cost reduction initiatives such as separation benefits, continuity payments, other exit costs; asset impairment charges; certain costs incurred in connection with debt or equity-financing activities, such as non-capitalizable transaction costs incurred in connection with a successful financing transaction and gains or losses associated with early repayments, extinguishment or modification of our debt instruments; litigation-related and other contingent matters; certain legal costs; gains or losses from the sales of businesses and other assets; gains or losses associated with discontinued operations, net of tax; foreign currency gains or losses on intercompany financing arrangements; reorganization items, net; the tax effect of adjusted pre-tax income at applicable tax rates and other tax adjustments; and certain other items.

*Adjusted gross margin* 

Adjusted gross margin represents total revenues less cost of revenues prepared in accordance with GAAP and adjusted for the certain items enumerated above under the heading "Adjusted net income" to the extent such items relate to cost of revenues. Such items may include, but are not limited to, expenses or income related to: acquisitions and divestitures, such as amortization of intangible assets and of inventory step-up adjustments, certain employee-related charges, including earn-outs, separation, retention, or relocation costs, certain amounts related to strategic review initiatives; certain cost reduction initiatives such as separation benefits, continuity payments, contract termination costs and other exit costs; certain integration or disintegration efforts; certain amounts related to strategic review initiatives; amortization of intangible assets and of inventory step-up adjustments; and certain other items.

*Adjusted operating expenses*

Adjusted operating expenses represent operating expenses prepared in accordance with GAAP and adjusted for certain items enumerated above under the heading "Adjusted net income" to the extent such items relate to operating expenses. Such items may include, but are not limited to expenses or income related to: acquisitions and divestitures, such as certain employee-related charges, including earn-outs, separation, retention, or relocation costs, transaction costs and changes in the fair value of contingent consideration; cost reduction and integration-related initiatives such as separation benefits, continuity payments, other exit costs; certain integration or disintegration efforts; certain amounts related to strategic review initiatives; asset impairment charges; amortization of intangible assets; inventory step-up recorded as part of our acquisitions; litigation-related and other contingent matters; certain legal costs; certain costs incurred in connection with debt or equity-financing activities, such as non-capitalizable transaction costs incurred in connection with a successful financing transaction and gains or losses associated with early repayments, extinguishment or modification of our debt instruments; and certain other items.

*Adjusted income taxes and Adjusted effective tax rate*

Adjusted income taxes are calculated by tax effecting adjusted pre-tax income and permanent book-tax differences at the applicable effective tax rate that will be determined by reference to statutory tax rates in the relevant jurisdictions in which the Company operates. Adjusted income taxes include current and deferred income tax expense commensurate with the non-GAAP measure of profitability. Adjustments are then made for certain items relating to prior years and for tax planning actions that are expected to be distortive to the underlying effective tax rate and trend in the effective tax rate. The most directly comparable GAAP financial measure for Adjusted income taxes is Income tax expense (benefit), prepared in accordance with GAAP. The Adjusted effective tax rate represents the rate generated when dividing Adjusted income taxes by the amount of adjusted pre-tax income.

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*EBITDA and Adjusted EBITDA*

EBITDA represents Net income (loss) before Interest expense, net; Income tax expense; Depreciation; and Amortization, each prepared in accordance with GAAP. Adjusted EBITDA further adjusts EBITDA by excluding those items enumerated above under the heading "Adjusted net income," without duplication, and stock-based compensation costs.

Because adjusted financial measures exclude the effect of items that will increase or decrease the Company's reported results of operations, the Company strongly encourages investors to review the Company's consolidated financial statements and publicly filed reports in their entirety. Investors are also encouraged to review the reconciliation of the non-GAAP financial measures used in the Earnings Release to their most directly comparable GAAP financial measures as included in the Earnings Release. However, the Company does not provide reconciliations of projected non-GAAP financial measures to GAAP financial measures, nor does it provide comparable projected GAAP financial measures for such projected non-GAAP financial measures. The Company is unable to provide such reconciliations without unreasonable efforts due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including adjustments that could be made for asset impairments, contingent consideration adjustments, legal settlements, gains or losses on extinguishment or modification of debt, adjustments to inventory and other charges reflected in the reconciliation of historic numbers, the amount of which could be significant.

**Information Regarding Forward Looking Statements**

Statements in this press release that are not strictly historical, including statements regarding future financial condition and operating results of the combined business and Par Health, expected product launches, legal, economic, business, competitive and/or regulatory factors affecting Mallinckrodt's businesses and any other statements regarding events or developments Mallinckrodt believes or anticipates will or may occur in the future, may be "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, and involve a number of risks and uncertainties.

There are a number of important factors that could cause actual events to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These factors include risks and uncertainties related to, among other things: the expected benefits and synergies of the business combination with Endo ("Business Combination") may not be fully realized in a timely manner, or at all; risks related to Mallinckrodt's increased indebtedness as a result of the Business Combination and significant transaction costs related to the Business Combination; uncertainties related to a future separation of the combined generics pharmaceuticals businesses and sterile injectables business including the risk that the separation may not occur on a timely basis or at all; potential changes in Mallinckrodt's business strategy and performance; exposure to global economic conditions and market uncertainty; the exercise of contingent value rights by the Opioid Master Disbursement Trust II; governmental investigations and inquiries, regulatory actions, and lawsuits, in each case related to Mallinckrodt or its officers; Mallinckrodt's contractual and court-ordered compliance obligations that, if violated, could result in penalties; compliance with and restrictions under the global settlement to resolve all opioid-related claims; matters related to Acthar Gel, including the settlement with governmental parties to resolve certain disputes and compliance with and restrictions under the related corporate integrity agreement; the ability to maintain relationships with Mallinckrodt's suppliers, customers, employees and other third parties following the emergence from the 2023 bankruptcy proceedings ("2023 Bankruptcy Proceedings"); scrutiny from governments, legislative bodies and enforcement agencies related to sales, marketing and pricing practices; pricing pressure on certain of Mallinckrodt's products due to legal changes or changes in insurers' or other payers' reimbursement practices resulting from recent increased public scrutiny of healthcare and pharmaceutical costs; the reimbursement practices of governmental health administration authorities, private health coverage insurers and other third-party payers; complex reporting and payment obligations under the Medicare and Medicaid rebate programs and other governmental purchasing and rebate programs; cost containment efforts of customers, purchasing groups, third-party payers and governmental organizations; changes in or failure to comply with relevant laws and regulations; any undesirable side effects caused by Mallinckrodt's approved and investigational products, which could limit their commercial profile or result in other negative consequences; Mallinckrodt's and its partners' ability to successfully develop, commercialize or launch new products or expand commercial opportunities of existing products, including Acthar Gel (repository corticotropin injection) SelfJect, the INOmax Evolve DS delivery system, and XIAFLEX; Mallinckrodt's ability to successfully identify or discover additional products or product candidates; Mallinckrodt's ability to navigate price fluctuations and pressures, including the ability to achieve anticipated benefits of price increases of its products; competition; Mallinckrodt's and its partners' ability to protect intellectual property rights, including in relation to ongoing and future litigation; limited clinical trial data for Acthar Gel; the timing, expense and uncertainty associated with clinical studies and related regulatory processes; product liability losses and other litigation liability; material health, safety and environmental laws and related liabilities; business development activities or other strategic transactions; attraction and retention of key personnel; the effectiveness of information technology infrastructure, including risks of external attacks or failures; customer concentration; Mallinckrodt's reliance on certain individual products

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that are material to its financial performance; Mallinckrodt's ability to receive sufficient procurement and production quotas granted by the U.S. Drug Enforcement Administration; complex manufacturing processes; reliance on third-party manufacturers and supply chain providers and related market disruptions; conducting business internationally; Mallinckrodt's significant levels of intangible assets and related impairment testing; natural disasters or other catastrophic events; Mallinckrodt's substantial indebtedness and settlement obligation, its ability to generate sufficient cash to reduce its indebtedness and its potential need and ability to incur further indebtedness; restrictions contained in the agreements governing Mallinckrodt's indebtedness and settlement obligation on Mallinckrodt's operations, future financings and use of proceeds; Mallinckrodt's variable rate indebtedness; Mallinckrodt's tax treatment by the Internal Revenue Service under Section 7874 and Section 382 of the Internal Revenue Code of 1986, as amended; future changes to applicable tax laws or the impact of disputes with governmental tax authorities; the impact of Irish laws; the impact on the holders of Mallinckrodt's ordinary shares if Mallinckrodt were to cease to be a reporting company in the United States; the comparability of Mallinckrodt's post-emergence financial results and the projections filed with the U.S. Bankruptcy Court for the District of Delaware and the lack of comparability of Mallinckrodt's historical financial statements and information contained in its financial statements after the adoption of fresh-start accounting following emergence from the 2023 Bankruptcy Proceedings.

The "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of Mallinckrodt's Annual Report on Form 10-K for the fiscal year ended December 27, 2024, its Quarterly Report on Form 10-Q for the quarterly period ended March 28, 2025, and its Quarterly Report for the quarterly period ended June 27, 2025 to be filed with the SEC, its Registration Statement on Form S-4, as amended, filed with the SEC, and other filings with the SEC, all of which are on file with the SEC and available from the SEC's website (www.sec.gov) and Mallinckrodt's website (www.mallinckrodt.com), identify and describe in more detail the risks and uncertainties to which Mallinckrodt's businesses are subject. There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our business. The forward-looking statements made herein speak only as of the date hereof and Mallinckrodt does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise, except as required by law. Given these uncertainties, one should not put undue reliance on any forward-looking statements

**CONTACTS**

<u>Investor Relations</u>

Bryan Reasons

Executive Vice President and Interim Chief Financial Officer

bryan.reasons@mnk.com

<u>Media</u>

Michael Freitag / Aura Reinhard / Catherine Simon

Joele Frank, Wilkinson Brimmer Katcher

212-355-4449

Mallinckrodt, the "M" brand mark, the Mallinckrodt Pharmaceuticals logo, Endo and the Endo logo are trademarks owned or licensed by a Mallinckrodt company. Other brands are trademarks of a Mallinckrodt company or their respective owners.© 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **MALLINCKRODT PLC** | **MALLINCKRODT PLC** | **MALLINCKRODT PLC** | **MALLINCKRODT PLC** | **MALLINCKRODT PLC** |
| **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** |
| *(unaudited, in millions, except per share data)* | *(unaudited, in millions, except per share data)* | *(unaudited, in millions, except per share data)* | *(unaudited, in millions, except per share data)* | *(unaudited, in millions, except per share data)* |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **June 27,<br>2025** | **Percent of <br>Net sales** | **June 28,<br>2024** | **Percent of <br>Net sales** |
| **Net sales** | $485.1 | 100.0% | $514.3 | 100.0% |
| Cost of sales | 253.3 | 52.2 | 319.3 | 62.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Gross profit** | 231.8 | 47.8 | 195.0 | 37.9 |
| Selling, general and administrative expenses | 150.6 | 31.0 | 127.9 | 24.9 |
| Combination, integration, and other related expenses | 22.6 | 4.7 |  |  |
| Research and development expenses | 23.6 | 4.9 | 29.2 | 5.7 |
| Restructuring charges, net | (0.2) |  | 0.2 |  |
| Liabilities management and separation costs | 2.2 | 0.5 | 10.3 | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating income** | 33.0 | 6.8 | 27.4 | 5.3 |
| Interest expense | (32.6) | (6.7) | (59.4) | (11.5) |
| Interest income | 5.9 | 1.2 | 6.0 | 1.2 |
| Loss on divestiture | (0.5) | (0.1) |  |  |
| Other income (expense), net | 7.2 | 1.5 | (3.5) | (0.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income (loss) from continuing operations before income taxes** | 13.0 | 2.7 | (29.5) | (5.7) |
| Income tax expense | 10.7 | 2.2 | 13.9 | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income (loss) from continuing operations** | 2.3 | 0.5 | (43.4) | (8.4) |
| Income from discontinued operations, net of income taxes | 0.1 |  | 0.1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income (loss)** | $2.4 | 0.5% | $(43.3) | (8.4)% |
| **Basic income (loss) per share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from continuing operations | $0.12 |  | $(2.20) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from discontinued operations | 0.01 |  | 0.01 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $0.12 |  | $(2.20) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic weighted-average shares outstanding | 19.7 |  | 19.7 |  |
| **Diluted income (loss) per share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from continuing operations | $0.11 |  | $(2.20) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from discontinued operations |  |  | 0.01 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $0.12 |  | $(2.20) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted weighted-average shares outstanding | 20.1 |  | 19.7 |  |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **MALLINCKRODT PLC** | **MALLINCKRODT PLC** | **MALLINCKRODT PLC** | **MALLINCKRODT PLC** | **MALLINCKRODT PLC** | **MALLINCKRODT PLC** | **MALLINCKRODT PLC** | **MALLINCKRODT PLC** | **MALLINCKRODT PLC** |
| **CONSOLIDATED ADJUSTED EBITDA** | **CONSOLIDATED ADJUSTED EBITDA** | **CONSOLIDATED ADJUSTED EBITDA** | **CONSOLIDATED ADJUSTED EBITDA** | **CONSOLIDATED ADJUSTED EBITDA** | **CONSOLIDATED ADJUSTED EBITDA** | **CONSOLIDATED ADJUSTED EBITDA** | **CONSOLIDATED ADJUSTED EBITDA** | **CONSOLIDATED ADJUSTED EBITDA** |
| *(unaudited, in millions)* | *(unaudited, in millions)* | *(unaudited, in millions)* | *(unaudited, in millions)* | *(unaudited, in millions)* | *(unaudited, in millions)* | *(unaudited, in millions)* | *(unaudited, in millions)* | *(unaudited, in millions)* |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **June 27, 2025** | **June 27, 2025** | **June 27, 2025** | **June 27, 2025** | **June 28, 2024** | **June 28, 2024** | **June 28, 2024** | **June 28, 2024** |
|  | **Gross profit** | **SG&A** | **R&D** | **Adjusted EBITDA** | **Gross profit** | **SG&A** | **R&D** | **Adjusted EBITDA** |
| Net income (loss) | $231.8 | $150.6 | $23.6 | $2.4 | $195.0 | $127.9 | $29.2 | $(43.3) |
| Adjustments: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net |  |  |  | 26.7 |  |  |  | 53.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense |  |  |  | 10.7 |  |  |  | 13.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 8.4 | (0.6) | (0.1) | 9.1 | 8.0 | (0.4) | (0.3) | 8.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization | 13.2 |  |  | 13.2 | 23.4 |  |  | 23.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Combination, integration, and other related expenses <sup>(1)</sup> |  |  |  | 22.6 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges, net |  |  |  | (0.2) |  |  |  | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities management and separation costs <sup>(2)</sup> |  |  |  | 2.2 |  |  |  | 10.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on divestiture |  |  |  | 0.5 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reorganization items, net <sup>(3)</sup> |  |  |  |  |  | 3.3 |  | (3.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from discontinued operations |  |  |  | (0.1) |  |  |  | (0.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in contingent consideration fair value |  | (0.9) |  | 0.9 |  | (0.7) |  | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in derivative asset & liabilities fair value |  |  |  | 0.4 |  |  |  | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss on equity investment |  |  |  | (4.0) |  |  |  | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation |  | (4.9) | (0.2) | 5.1 | 0.1 | (3.2) | (0.1) | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fresh-start inventory-related expense <sup>(4)</sup> | 47.7 |  |  | 47.7 | 108.6 |  |  | 108.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recovery of bad debt - customer bankruptcy |  |  |  |  |  | 6.4 |  | (6.4) |
| As adjusted: | $301.1 | $144.2 | $23.3 | $137.2 | $335.1 | $133.3 | $28.8 | $174.0 |

---

(1)Represents legal, financial, and other advisory and consulting expenses, which primarily relate to shareholder matters, integration planning, and regulatory costs associated with the Business Combination.

(2)Represents costs primarily related to the proposed future separation of the combined generics pharmaceuticals businesses of Mallinckrodt and Endo and Endo's sterile injectables business ("Separation") during the three months ended June 27, 2025. Represents professional fees incurred as the Company explored potential sales of non-core assets to enable further deleveraging post-emergence from the 2023 Bankruptcy Proceedings during the three months ended June 28, 2024.

(3)As of December 30, 2023, professional fees directly related to the 2023 Bankruptcy Proceedings that were previously reflected as reorganization items, net, are classified within SG&A expenses.

(4)Represents inventory step-up amortization of $47.7 million for the three months ended June 27, 2025 and inventory step-up amortization of $109.1 million and $0.5 million of fresh-start inventory-related income during the three months ended June 28, 2024.

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| | | | |
|:---|:---|:---|:---|
| **MALLINCKRODT PLC** | **MALLINCKRODT PLC** | **MALLINCKRODT PLC** | **MALLINCKRODT PLC** |
| **SEGMENT OPERATING INCOME** | **SEGMENT OPERATING INCOME** | **SEGMENT OPERATING INCOME** | **SEGMENT OPERATING INCOME** |
| *(unaudited, in millions)* | *(unaudited, in millions)* | *(unaudited, in millions)* | *(unaudited, in millions)* |
|  | **Three Months Ended June 27, 2025** | **Three Months Ended June 27, 2025** | **Three Months Ended June 27, 2025** |
|  | **Specialty Brands** | **Specialty Generics** | **Total** |
| **Net sales** | $264.3 | $220.8 | $485.1 |
| Cost of sales <sup>(1)</sup> | 109.4 | 139.4 | 248.8 |
| Selling, general and administrative expenses | 59.4 | 31.3 | 90.7 |
| Research and development expenses | 8.3 | 5.6 | 13.9 |
| Restructuring charges, net | (0.2) |  | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Segment operating income** | $87.4 | $44.5 | 131.9 |
| **Corporate and unallocated expenses:** |  |  |  |
| &nbsp;&nbsp;Cost of sales <sup>(2)</sup> |  |  | 4.5 |
| &nbsp;&nbsp;Selling, general and administrative expenses <sup>(2)</sup> |  |  | 59.9 |
| &nbsp;&nbsp;Combination, integration, and other related expenses <sup>(3)</sup> |  |  | 22.6 |
| &nbsp;&nbsp;Research and development expenses <sup>(2)</sup> |  |  | 9.7 |
| &nbsp;&nbsp;Liabilities management and separation costs <sup>(4)</sup> |  |  | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating income** |  |  | 33.0 |
| Interest expense |  |  | (32.6) |
| Interest income |  |  | 5.9 |
| Loss on divestiture |  |  | (0.5) |
| Other income, net |  |  | 7.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from continuing operations before income taxes** |  |  | $13.0 |
| Depreciation and amortization | $12.2 | $9.8 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended June 28, 2024** | **Three Months Ended June 28, 2024** | **Three Months Ended June 28, 2024** |
| | **Specialty Brands** | **Specialty Generics** | **Total** |
| **Net sales** | $274.5 | $239.8 | $514.3 |
| Cost of sales <sup>(1)</sup> | 151.9 | 162.1 | 314.0 |
| Selling, general and administrative expenses | 66.3 | 19.6 | 85.9 |
| Research and development expenses | 12.1 | 6.3 | 18.4 |
| Restructuring charges, net | 0.2 |  | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Segment operating income** | $44.0 | $51.8 | 95.8 |
| **Corporate and unallocated expenses:** |  |  |  |
| &nbsp;&nbsp;Cost of sales <sup>(2)</sup> |  |  | 5.3 |
| &nbsp;&nbsp;Selling, general and administrative expenses <sup>(2)</sup> |  |  | 42.0 |
| &nbsp;&nbsp;Research and development expenses <sup>(2)</sup> |  |  | 10.8 |
| &nbsp;&nbsp;Liabilities management and separation costs <sup>(4)</sup> |  |  | 10.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating Income** |  |  | 27.4 |
| Interest expense |  |  | (59.4) |
| Interest income |  |  | 6.0 |
| Other expense, net |  |  | (3.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Loss from continuing operations before income taxes** |  |  | $(29.5) |
| Depreciation and amortization | $21.5 | $10.5 |  |

---

(1)Includes $47.7 million and $76.5 million of inventory step-up amortization within the Specialty Brands segment during the three months ended June 27, 2025 and June 28, 2024, respectively. Includes $32.6 million of inventory step-up amortization and $0.5 million of fresh-start inventory-related income within the Specialty Generics segment during the three months ended June 28, 2024.

(2)Includes certain compensation, information technology, legal, environmental and other costs not charged to our reportable segments.

(3)Represents legal, financial, and other advisory and consulting expenses, which primarily relate to shareholder matters, integration planning, and regulatory costs associated with the Business Combination.

(4)Represents costs primarily related to the Separation during the three months ended June 27, 2025. Represents professional fees incurred as the Company explored potential sales of non-core assets to enable further deleveraging post-emergence from the 2023 Bankruptcy Proceedings during the three months ended June 28, 2024.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MALLINCKRODT PLC** | **MALLINCKRODT PLC** | **MALLINCKRODT PLC** | **MALLINCKRODT PLC** | **MALLINCKRODT PLC** | **MALLINCKRODT PLC** |
| **SELECT PRODUCT LINE NET SALES AND CONSTANT-CURRENCY GROWTH** | **SELECT PRODUCT LINE NET SALES AND CONSTANT-CURRENCY GROWTH** | **SELECT PRODUCT LINE NET SALES AND CONSTANT-CURRENCY GROWTH** | **SELECT PRODUCT LINE NET SALES AND CONSTANT-CURRENCY GROWTH** | **SELECT PRODUCT LINE NET SALES AND CONSTANT-CURRENCY GROWTH** | **SELECT PRODUCT LINE NET SALES AND CONSTANT-CURRENCY GROWTH** |
| *(unaudited, in millions)* | *(unaudited, in millions)* | *(unaudited, in millions)* | *(unaudited, in millions)* | *(unaudited, in millions)* | *(unaudited, in millions)* |
|  | **Three Months Ended** | **Three Months Ended** |  |  |  |
|  | **June 27, 2025** | **June 28, 2024** | **Percent <br>change** | **Currency impact** | **Constant-currency growth (loss)** |
| Acthar Gel | $175.1 | $117.7 | 48.8% | —% | 48.8% |
| INOmax | 61.9 | 66.4 | (6.8) | (0.1) | (6.7) |
| Therakos <sup>(1)</sup> |  | 67.2 | (100.0) |  | (100.0) |
| Amitiza | 17.2 | 15.3 | 12.4 |  | 12.4 |
| Terlivaz | 8.0 | 5.3 | 50.9 |  | 50.9 |
| Other | 2.1 | 2.6 | (19.2) | 3.5 | (22.7) |
| &nbsp;&nbsp;&nbsp;Specialty Brands | 264.3 | 274.5 | (3.7) |  | (3.7) |
| Opioids | 73.2 | 95.2 | (23.1) |  | (23.1) |
| ADHD | 48.7 | 41.8 | 16.5 |  | 16.5 |
| Addiction treatment | 26.5 | 21.0 | 26.2 | (0.1) | 26.3 |
| Other | 0.6 | 3.6 | (83.3) |  | (83.3) |
| &nbsp;&nbsp;&nbsp;Generics | 149.0 | 161.6 | (7.8) |  | (7.8) |
| Controlled substances | 27.5 | 26.4 | 4.2 |  | 4.2 |
| APAP | 39.6 | 47.3 | (16.3) |  | (16.3) |
| Other | 4.7 | 4.5 | 4.4 |  | 4.4 |
| &nbsp;&nbsp;&nbsp;API | 71.8 | 78.2 | (8.2) |  | (8.2) |
| &nbsp;&nbsp;&nbsp;Specialty Generics | 220.8 | 239.8 | (7.9) |  | (7.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net sales | $485.1 | $514.3 | (5.7)% | —% | (5.7)% |

---

(1)On November 29, 2024, the Company completed the sale of the Therakos business. As result, there were three months of Therakos net sales during the three months ended June 28, 2024, which did not recur in the three months ended June 27, 2025. Excluding Therakos, Specialty Brands and total company net sales were $207.3 million and $447.1 million, respectively, for the three months ended June 28, 2024.

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| | | | | |
|:---|:---|:---|:---|:---|
| **MALLINCKRODT PLC** | **MALLINCKRODT PLC** | **MALLINCKRODT PLC** | **MALLINCKRODT PLC** | **MALLINCKRODT PLC** |
| **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** |
| *(unaudited, in millions, except per share data)* | *(unaudited, in millions, except per share data)* | *(unaudited, in millions, except per share data)* | *(unaudited, in millions, except per share data)* | *(unaudited, in millions, except per share data)* |
|  | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 27,<br>2025** | **Percent of <br>Net sales** | **June 28,<br>2024** | **Percent of <br>Net sales** |
| Net sales | $905 | 100.0% | $982.1 | 100.0% |
| Cost of sales | 470.3 | 52.0 | 623.1 | 63.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 434.7 | 48.0 | 359.0 | 36.6 |
| Selling, general and administrative expenses | 298.1 | 32.9 | 264.8 | 27.0 |
| Combination, integration, and other related expenses | 43.1 | 4.8 |  |  |
| Research and development expenses | 44.1 | 4.9 | 57.1 | 5.8 |
| Restructuring charges, net | (2.2) | (0.2) | 10.4 | 1.1 |
| Liabilities management and separation costs | 3.6 | 0.4 | 17.0 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income | 48.0 | 5.3 | 9.7 | 1.0 |
| Interest expense | (65.4) | (7.2) | (118.5) | (12.1) |
| Interest income | 11.7 | 1.3 | 12.8 | 1.3 |
| Loss on divestiture | (6.7) | (0.7) |  |  |
| Other income, net | 1.4 | 0.2 | 0.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from continuing operations before income taxes | (11.0) | (1.2) | (95.8) | (9.8) |
| Income tax expense | 14.6 | 1.6 | 13.2 | 1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from continuing operations | (25.6) | (2.8) | (109.0) | (11.1) |
| Income from discontinued operations, net of income taxes | 0.3 |  | 0.3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(25.3) | (2.8)% | $(108.7) | (11.1)% |
| **Basic and diluted (loss) income per share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from continuing operations | $(1.30) |  | $(5.53) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from discontinued operations | 0.02 |  | $0.02 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(1.28) |  | $(5.52) |  |
| **Weighted-average number of shares outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 19.7 |  | 19.7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 19.7 |  | 19.7 |  |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **MALLINCKRODT PLC** | **MALLINCKRODT PLC** | **MALLINCKRODT PLC** | **MALLINCKRODT PLC** | **MALLINCKRODT PLC** | **MALLINCKRODT PLC** | **MALLINCKRODT PLC** | **MALLINCKRODT PLC** | **MALLINCKRODT PLC** |
| **CONSOLIDATED ADJUSTED EBITDA** | **CONSOLIDATED ADJUSTED EBITDA** | **CONSOLIDATED ADJUSTED EBITDA** | **CONSOLIDATED ADJUSTED EBITDA** | **CONSOLIDATED ADJUSTED EBITDA** | **CONSOLIDATED ADJUSTED EBITDA** | **CONSOLIDATED ADJUSTED EBITDA** | **CONSOLIDATED ADJUSTED EBITDA** | **CONSOLIDATED ADJUSTED EBITDA** |
| *(unaudited, in millions)* | *(unaudited, in millions)* | *(unaudited, in millions)* | *(unaudited, in millions)* | *(unaudited, in millions)* | *(unaudited, in millions)* | *(unaudited, in millions)* | *(unaudited, in millions)* | *(unaudited, in millions)* |
|  | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 27, 2025** | **June 27, 2025** | **June 27, 2025** | **June 27, 2025** | **June 28, 2024** | **June 28, 2024** | **June 28, 2024** | **June 28, 2024** |
|  | **Gross profit** | **SG&A** | **R&D** | **Adjusted EBITDA** | **Gross profit** | **SG&A** | **R&D** | **Adjusted EBITDA** |
| Net loss | $434.7 | $298.1 | $44.1 | $(25.3) | $359.0 | $264.8 | $57.1 | $(108.7) |
| Adjustments: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net |  |  |  | 53.7 |  |  |  | 105.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense |  |  |  | 14.6 |  |  |  | 13.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 16.8 | (1.1) | (0.3) | 18.2 | 17.4 | (0.9) | (0.7) | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization | 26.6 |  |  | 26.6 | 48.2 |  |  | 48.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Combination, integration, and other related expenses <sup>(1)</sup> |  |  |  | 43.1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges, net <sup>(2)</sup> |  |  |  | (2.2) |  | 2.5 |  | 7.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities management and separation costs <sup>(3)</sup> |  |  |  | 3.6 |  |  |  | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses on divestiture |  |  |  | 6.7 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reorganization items, net <sup>(4)</sup> |  |  |  |  |  | (4.7) |  | 4.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from discontinued operations |  |  |  | (0.3) |  |  |  | (0.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in contingent consideration fair value |  | (0.8) |  | 0.8 |  | (2.1) |  | 2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in derivative asset & liabilities fair value |  |  |  | 3.0 |  |  |  | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized loss (gain) on equity investment |  |  |  | 2.2 |  |  |  | (2.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 0.2 | (14.0) | (0.6) | 14.8 | 0.1 | (5.0) | (0.2) | 5.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fresh-start inventory-related expense <sup>(5)</sup> | 80.0 |  |  | 80.0 | 209.9 |  |  | 209.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recovery of bad debt - customer bankruptcy |  |  |  |  |  | 6.4 |  | (6.4) |
| As adjusted: | $558.3 | $282.2 | $43.2 | $239.5 | $634.6 | $261.0 | $56.2 | $318.9 |

---

(1)Represents legal, financial, and other advisory and consulting expenses, which primarily relate to shareholder matters, integration planning, and regulatory costs associated with the Business Combination.

(2)Includes a net $2.5 million gain on termination of a lease in SG&A during the six months ended June 28, 2024.

(3)Represents costs primarily related to the Separation during the six months ended June 27, 2025. Represents professional fees incurred as the Company explored potential sales of non-core assets to enable further deleveraging post-emergence from the 2023 Bankruptcy Proceedings during the six months ended June 28, 2024.

(4)As of December 30, 2023, professional fees directly related to the 2023 bankruptcy proceedings that were previously reflected as reorganization items, net, are classified within SG&A expenses.

(5)Represents inventory step-up amortization of $80.0 million during the six months ended June 27, 2025 and inventory step-up amortization of $212.4 million and $2.5 million of fresh-start inventory-related income during the six months ended June 28, 2024.

------

---

| | | | |
|:---|:---|:---|:---|
| **MALLINCKRODT PLC** | **MALLINCKRODT PLC** | **MALLINCKRODT PLC** | **MALLINCKRODT PLC** |
| **SEGMENT OPERATING INCOME** | **SEGMENT OPERATING INCOME** | **SEGMENT OPERATING INCOME** | **SEGMENT OPERATING INCOME** |
| *(unaudited, in millions)* | *(unaudited, in millions)* | *(unaudited, in millions)* | *(unaudited, in millions)* |
|  | **Six Months Ended June 27, 2025** | **Six Months Ended June 27, 2025** | **Six Months Ended June 27, 2025** |
|  | **Specialty Brands** | **Specialty Generics** | **Total** |
| **Net sales** | $471.6 | $433.4 | $905.0 |
| Cost of sales <sup>(1)</sup> | 201.8 | 260.9 | 462.7 |
| Selling, general and administrative expenses | 118.4 | 58.2 | 176.6 |
| Research and development expenses | 15.6 | 10.8 | 26.4 |
| Restructuring charges, net | (2.2) |  | (2.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Segment operating income** | $138.0 | $103.5 | 241.5 |
| **Corporate and unallocated expenses:** |  |  |  |
| &nbsp;&nbsp;Cost of sales <sup>(2)</sup> |  |  | 7.6 |
| &nbsp;&nbsp;Selling, general and administrative expenses <sup>(2)</sup> |  |  | 121.5 |
| &nbsp;&nbsp;Combination, integration, and other related expenses <sup>(3)</sup> |  |  | 43.1 |
| &nbsp;&nbsp;Research and development expenses <sup>(2)</sup> |  |  | 17.7 |
| &nbsp;&nbsp;Liabilities management and separation costs <sup>(4)</sup> |  |  | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating income** |  |  | 48.0 |
| Interest expense |  |  | (65.4) |
| Interest income |  |  | 11.7 |
| Loss on divestiture |  |  | (6.7) |
| Other expense, net |  |  | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from continuing operations before income taxes** |  |  | $(11.0) |
| Depreciation and amortization | $24.3 | $19.6 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Six Months Ended June 28, 2024** | **Six Months Ended June 28, 2024** | **Six Months Ended June 28, 2024** |
| | **Specialty Brands** | **Specialty Generics** | **Total** |
| **Net sales** | $531.8 | $450.3 | $982.1 |
| Cost of sales <sup>(1)</sup> | 294.4 | 321.4 | 615.8 |
| Selling, general and administrative expenses | 125.4 | 39.0 | 164.4 |
| Research and development expenses | 25.5 | 12.2 | 37.7 |
| Restructuring charges, net | 10.4 |  | 10.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Segment operating income** | $76.1 | $77.7 | 153.8 |
| **Corporate and unallocated expenses:** |  |  |  |
| &nbsp;&nbsp;Cost of sales <sup>(2)</sup> |  |  | 7.3 |
| &nbsp;&nbsp;Selling, general and administrative expenses <sup>(2)</sup> |  |  | 100.4 |
| &nbsp;&nbsp;Research and development expenses <sup>(2)</sup> |  |  | 19.4 |
| &nbsp;&nbsp;Liabilities management and separation costs <sup>(4)</sup> |  |  | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating Income** |  |  | 9.7 |
| Interest expense |  |  | (118.5) |
| Interest income |  |  | 12.8 |
| Other income, net |  |  | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Loss from continuing operations before income taxes** |  |  | $(95.8) |
| Depreciation and amortization | $43.9 | $22.7 |  |

---

(1)Includes $80.0 million and $148.5 million of inventory step-up amortization within the Specialty Brands segment during the six months ended June 27, 2025 and June 28, 2024, respectively. Includes $63.9 million of inventory step-up amortization and $2.5 million of fresh-start inventory-related income within the Specialty Generics segment during the six months ended June 28, 2024.

(2)Includes certain compensation, information technology, legal, environmental and other costs not charged to our reportable segments.

(3)Represents legal, financial, and other advisory and consulting expenses, which primarily relate to shareholder matters, integration planning, and regulatory costs associated with the Business Combination.

(4)Represents costs primarily related to the Separation during the six months ended June 27, 2025. Represents professional fees incurred as the Company explored potential sales of non-core assets to enable further deleveraging post-emergence from the 2023 Bankruptcy Proceedings during the six months ended June 28, 2024.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MALLINCKRODT PLC** | **MALLINCKRODT PLC** | **MALLINCKRODT PLC** | **MALLINCKRODT PLC** | **MALLINCKRODT PLC** | **MALLINCKRODT PLC** |
| **SELECT PRODUCT LINE NET SALES AND CONSTANT-CURRENCY GROWTH** | **SELECT PRODUCT LINE NET SALES AND CONSTANT-CURRENCY GROWTH** | **SELECT PRODUCT LINE NET SALES AND CONSTANT-CURRENCY GROWTH** | **SELECT PRODUCT LINE NET SALES AND CONSTANT-CURRENCY GROWTH** | **SELECT PRODUCT LINE NET SALES AND CONSTANT-CURRENCY GROWTH** | **SELECT PRODUCT LINE NET SALES AND CONSTANT-CURRENCY GROWTH** |
| *(unaudited, in millions)* | *(unaudited, in millions)* | *(unaudited, in millions)* | *(unaudited, in millions)* | *(unaudited, in millions)* | *(unaudited, in millions)* |
|  | **Six Months Ended** | **Six Months Ended** |  |  |  |
|  | **June 27, 2025** | **June 28, 2024** | **Percent <br>change** | **Currency impact** | **Constant-currency growth (loss)** |
| Acthar Gel | $290.5 | $220.5 | 31.7% | —% | 31.7% |
| INOmax | 124.4 | 136.6 | (8.9) | (0.1) | (8.8) |
| Therakos <sup>(1)</sup> |  | 125.4 | (100.0) |  | (100.0) |
| Amitiza | 37.4 | 34.7 | 7.8 |  | 7.8 |
| Terlivaz | 15.4 | 11.3 | 36.3 |  | 36.3 |
| Other | 3.9 | 3.3 | 18.2 | 2.8 | 15.4 |
| &nbsp;&nbsp;&nbsp;Specialty Brands | 471.6 | 531.8 | (11.3) |  | (11.3) |
| Opioids | 156.9 | 177.1 | (11.4) |  | (11.4) |
| ADHD | 95.9 | 73.5 | 30.5 |  | 30.5 |
| Addiction treatment | 45.0 | 36.4 | 23.6 | (0.2) | 23.8 |
| Other | 4.5 | 5.1 | (11.8) |  | (11.8) |
| &nbsp;&nbsp;&nbsp;Generics | 302.3 | 292.1 | 3.5 |  | 3.5 |
| Controlled substances | 46.6 | 49.3 | (5.5) |  | (5.5) |
| APAP | 73.4 | 99.0 | (25.9) |  | (25.9) |
| Other | 11.1 | 9.9 | 12.1 |  | 12.1 |
| &nbsp;&nbsp;&nbsp;API | 131.1 | 158.2 | (17.1) |  | (17.1) |
| &nbsp;&nbsp;&nbsp;Specialty Generics | 433.4 | 450.3 | (3.8) |  | (3.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net sales | $905.0 | $982.1 | (7.9)% | —% | (7.9)% |

---

(1)On November 29, 2024, the Company completed the sale of the Therakos business. As result, there were six months of Therakos net sales during the six months ended June 28, 2024, which did not recur in the six months ended June 27, 2025. Excluding Therakos, Specialty Brands and total company net sales were $406.4 million and $856.7 million, respectively, for the six months ended June 28, 2024.

------

---

| | | |
|:---|:---|:---|
| **MALLINCKRODT PLC** | **MALLINCKRODT PLC** | **MALLINCKRODT PLC** |
| **CONDENSED CONSOLIDATED BALANCE SHEETS** | **CONDENSED CONSOLIDATED BALANCE SHEETS** | **CONDENSED CONSOLIDATED BALANCE SHEETS** |
| *(unaudited, in millions)* | *(unaudited, in millions)* | *(unaudited, in millions)* |
|  | **June 27,<br>2025** | **December 27, 2024** |
| **Assets** |  |  |
| Current Assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $497.8 | $382.6 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, less allowance for doubtful accounts of $3.3 million and $6.2 million | 410.7 | 395.3 |
| &nbsp;&nbsp;&nbsp;Inventories | 594.0 | 664.9 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 112.7 | 186.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1615.2 | 1629.1 |
| Property, plant and equipment, net | 414.3 | 390.6 |
| Intangible assets, net | 393.1 | 419.4 |
| Deferred income taxes | 658.3 | 651.8 |
| Other assets | 205.4 | 211.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $3286.3 | $3302.6 |
| **Liabilities and Shareholders' Equity** |  |  |
| Current Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Current maturities of long-term debt | $3.9 | $3.9 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 78.4 | 57.8 |
| &nbsp;&nbsp;&nbsp;Accrued payroll and payroll-related costs | 76.3 | 108.1 |
| &nbsp;&nbsp;&nbsp;Accrued interest | 13.7 | 9.2 |
| &nbsp;&nbsp;&nbsp;Acthar Gel-Related Settlement | 33.7 | 21.3 |
| &nbsp;&nbsp;&nbsp;Accrued and other current liabilities | 250.6 | 231.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 456.6 | 431.4 |
| Long-term debt | 901.4 | 909.5 |
| Acthar Gel-Related Settlement | 102.7 | 126.5 |
| Pension and postretirement benefits | 27.1 | 26.5 |
| Environmental liabilities | 34.0 | 34.3 |
| Other income tax liabilities | 24.8 | 25.7 |
| Other liabilities | 97.8 | 102.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 1644.4 | 1656.8 |
| Shareholders' Equity: |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary A shares, €1.00 par value, 25,000 authorized; none issued and outstanding |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary shares, $0.01 par value, 500,000,000 authorized; 19,762,306 and 19,696,335 issued;<br> 19,736,759 and 19,696,335 outstanding | 0.2 | 0.2 |
| &nbsp;&nbsp;&nbsp;Ordinary shares held in treasury at cost, 25,547 and zero | (1.9) |  |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 1214.4 | 1199.8 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 13.9 | 6.1 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 415.3 | 439.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Shareholders' Equity** | 1641.9 | 1645.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Shareholders' Equity** | $3286.3 | $3302.6 |

---

------

---

| | | |
|:---|:---|:---|
| **MALLINCKRODT PLC** | **MALLINCKRODT PLC** | **MALLINCKRODT PLC** |
| **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** | **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** | **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** |
| *(unaudited, in millions)* | *(unaudited, in millions)* | *(unaudited, in millions)* |
|  | **Six Months Ended** | **Six Months Ended** |
|  | **June 27, 2025** | **June 28, 2024** |
| **Cash Flows From Operating Activities:** |  |  |
| Net loss | $(25.3) | $(108.7) |
| Adjustments to reconcile net cash from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 44.8 | 67.2 |
| &nbsp;&nbsp;&nbsp;Share-based compensation | 14.8 | 5.3 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | (6.5) | 16.3 |
| &nbsp;&nbsp;&nbsp;Non-cash accretion (amortization) expense | 3.4 | (2.1) |
| &nbsp;&nbsp;&nbsp;Loss on divestiture | 6.7 |  |
| &nbsp;&nbsp;&nbsp;Other non-cash items | 13.7 | 5.8 |
| Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | (14.1) | (18.6) |
| &nbsp;&nbsp;&nbsp;Inventories | 62.3 | 161.6 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 20.6 | (11.5) |
| &nbsp;&nbsp;&nbsp;Income taxes | 15.9 | (5.9) |
| &nbsp;&nbsp;&nbsp;Acthar Gel-Related Litigation Settlement liability | (21.3) | (21.4) |
| &nbsp;&nbsp;&nbsp;Other | 46.7 | (41.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash from operating activities | 161.7 | 47.0 |
| **Cash Flows From Investing Activities:** |  |  |
| Capital expenditures | (40.4) | (50.9) |
| Payments related to divestiture | (6.2) |  |
| Proceeds from debt and equity securities |  | 22.6 |
| Other | 0.7 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash from investing activities | (45.9) | (27.6) |
| **Cash Flows From Financing Activities:** |  |  |
| Repayment of debt | (2.0) | (4.4) |
| Repurchase of shares | (1.9) |  |
| Other | (0.3) | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash from financing activities | (4.2) | (4.6) |
| Effect of currency rate changes on cash | 1.7 | (2.2) |
| **Net change in cash, cash equivalents and restricted cash** | 113.3 | 12.6 |
| **Cash, cash equivalents and restricted cash at beginning of period** | 445.7 | 343.4 |
| **Cash, cash equivalents and restricted cash at end of period** | $559.0 | $356.0 |
| Cash and cash equivalents at end of period | $497.8 | $291.1 |
| Restricted cash included in prepaid expenses and other current assets at end of period | 19.5 | 23.6 |
| Restricted cash included in other long-term assets at end of period | 41.7 | 41.3 |
| **Cash, cash equivalents and restricted cash at end of period** | $559.0 | $356.0 |

---

------

**ENDO, INC. FINANCIAL SCHEDULE**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ENDO, INC.** | **ENDO, INC.** | **ENDO, INC.** | **ENDO, INC.** | **ENDO, INC.** | **ENDO, INC.** |
| **SELECT PRODUCT LINE NET SALES** | **SELECT PRODUCT LINE NET SALES** | **SELECT PRODUCT LINE NET SALES** | **SELECT PRODUCT LINE NET SALES** | **SELECT PRODUCT LINE NET SALES** | **SELECT PRODUCT LINE NET SALES** |
| (*unaudited, in thousands)* | (*unaudited, in thousands)* | (*unaudited, in thousands)* | (*unaudited, in thousands)* | (*unaudited, in thousands)* | (*unaudited, in thousands)* |
|  | **Successor** | **Successor** | **Predecessor** | **Non-GAAP** | **Non-GAAP** |
|  | **Three Months Ended<br>June 30, 2025** | **Three Months Ended<br>June 30, 2024** | **Period From April 1, 2024 through <br>April 23, 2024** | **Combined Three Months Ended**<br>**June 30, 2024** <sup>(6)</sup> | **% Change**<br>**2025 vs. 2024** |
| *Specialty Products:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;XIAFLEX<sup>®</sup> | $138598 | $87054 | $39588 | $126642 | 9.4% |
| &nbsp;&nbsp;&nbsp;SUPPRELIN<sup>®</sup> LA | 23271 | 14518 | 6078 | 20596 | 13.0% |
| &nbsp;&nbsp;&nbsp;Other Specialty <sup>(1)</sup> | 14300 | 9339 | 5902 | 15241 | (6.2)% |
| Total Specialty Products | $176169 | $110911 | $51568 | $162479 | 8.4% |
| *Established Products:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;PERCOCET<sup>®</sup> | $20959 | $13910 | $9348 | $23258 | (9.9)% |
| &nbsp;&nbsp;&nbsp;TESTOPEL<sup>®</sup> | 9339 | 8382 | 2734 | 11116 | (16.0)% |
| &nbsp;&nbsp;&nbsp;EDEX<sup>®</sup> | 11065 | 5749 | 3932 | 9681 | 14.3% |
| &nbsp;&nbsp;&nbsp;Other Established | 10403 | 7199 | 11336 | 18535 | (43.9)% |
| Total Established Products <sup>(2)</sup> | $51766 | $35240 | $27350 | $62590 | (17.3)% |
| Total Branded Pharmaceuticals | $227935 | $146151 | $78918 | $225069 | 1.3% |
| *Sterile Injectables:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ADRENALIN<sup>®</sup> | $21266 | $14642 | $11233 | $25875 | (17.8)% |
| &nbsp;&nbsp;&nbsp;VASOSTRICT<sup>®</sup> | 9593 | 7926 | 7356 | 15282 | (37.2)% |
| &nbsp;&nbsp;&nbsp;APLISOL<sup>®</sup> | 18581 | 9274 | 4426 | 13700 | 35.6% |
| &nbsp;&nbsp;&nbsp;Other Sterile Injectables <sup>(3)</sup> | 37972 | 24632 | 11282 | 35914 | 5.7% |
| Total Sterile Injectables <sup>(2)</sup> | $87412 | $56474 | $34297 | $90771 | (3.7)% |
| Total Generic Pharmaceuticals <sup>(4)</sup> | $118986 | $69722 | $40360 | $110082 | 8.1% |
| Total International Pharmaceuticals <sup>(5)</sup> | $13442 | $11816 | $8892 | $20708 | (35.1)% |
| Total Revenues, Net <sup>(7)</sup> | $447775 | $284163 | $162467 | $446630 | 0.3% |

---

(1)Products included within Other Specialty include, but are not limited to, AVEED<sup>®</sup>.

(2)Individual products presented above represent the top three performing products for the periods presented and/or any product having revenues in excess of $25 million during any period presented for 2025 or 2024.

(3)No individual product within Other Sterile Injectables has exceeded 5% of consolidated total revenues for the periods presented.

(4)The Generic Pharmaceuticals segment is comprised of a portfolio of products that are generic versions of branded products, are distributed primarily through the same wholesalers, generally have limited or no intellectual property protection and are sold within the U.S. During the Successor three months ended June 30, 2025, the Successor three months ended June 30, 2024 and the Predecessor period April 1, 2024 through April 23, 2024, Lidocaine patch 5% made up 10%, 9% and 7%, respectively, of consolidated revenues. No other individual product within the segment has exceeded 5% of consolidated total revenues for the periods presented.

(5)No individual product within the International Pharmaceuticals segment accounted for more than 5% of consolidated total revenues for any of the periods presented.

(6)As required by GAAP, due to the application of Fresh Start Accounting, results for the period must be presented separately for the predecessor period from April 1, 2024 through April 23, 2024 (the "Predecessor" period) and the successor three months ended June 30, 2024 (the "Successor" period), where applicable. However, to facilitate comparison of our operating results against the relevant prior periods the Company has combined the results of the Predecessor and Successor periods as non-GAAP measures ("combined" results).

(7)On June 17, 2025, Endo completed the sale of International Pharmaceuticals business. Excluding International Pharmaceuticals, total revenues, net were $434.3 million and $272.3 million during the three months ended June 30, 2025 and 2024 (Successor), respectively, and $153.6 million during period from April 1, 2024 through April 23, 2024 (Predecessor). For the combined three months June 30, 2024, total revenues net excluding the International Pharmaceuticals was $425.9 million.

------

---

| | | | |
|:---|:---|:---|:---|
| **ENDO, INC.** | **ENDO, INC.** | **ENDO, INC.** | **ENDO, INC.** |
| **CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS** | **CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS** | **CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS** | **CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS** |
| (*unaudited, in thousands, except per share data)* | (*unaudited, in thousands, except per share data)* | (*unaudited, in thousands, except per share data)* | (*unaudited, in thousands, except per share data)* |
|  | **Successor** | **Successor** | **Predecessor** |
|  | **Three Months Ended <br>June 30, 2025** | **Three Months Ended <br>June 30, 2024** | **Period From April 1, 2024 through <br>April 23, 2024** |
| TOTAL REVENUES, NET | $447775 | $284163 | $162467 |
| COSTS AND EXPENSES: |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of revenues | 289464 | 333695 | 60539 |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative | 158767 | 95992 | 28323 |
| &nbsp;&nbsp;&nbsp;Research and development | 25991 | 22448 | 6120 |
| &nbsp;&nbsp;&nbsp;Acquired in-process research and development | 100 |  |  |
| &nbsp;&nbsp;&nbsp;Litigation-related and other contingencies, net | 687 |  | 200 |
| &nbsp;&nbsp;&nbsp;Asset impairment charges | 1000 |  | 1799 |
| &nbsp;&nbsp;&nbsp;Acquisition-related and integration items, net | 385 | (130) | (817) |
| &nbsp;&nbsp;&nbsp;Interest expense (income), net | 53572 | 44669 | (2) |
| &nbsp;&nbsp;&nbsp;Reorganization items, net |  |  | (6328145) |
| &nbsp;&nbsp;&nbsp;Other (income) expense, net | (15907) | 246 | (493) |
| (LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAX | $(66284) | $(212757) | $6394943 |
| INCOME TAX (BENEFIT) EXPENSE | (6674) | (63981) | 50629 |
| (LOSS) INCOME FROM CONTINUING OPERATIONS | $(59610) | $(148776) | $6344314 |
| DISCONTINUED OPERATIONS, NET OF TAX |  |  | 183234 |
| NET (LOSS) INCOME | $(59610) | $(148776) | $6527548 |
| NET (LOSS) INCOME PER SHARE—BASIC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Continuing operations | $(0.78) | $(1.95) | $26.97 |
| &nbsp;&nbsp;&nbsp;Discontinued operations |  | $— | $0.78 |
| &nbsp;&nbsp;&nbsp;Basic | $(0.78) | $(1.95) | 27.75 |
| NET (LOSS) INCOME PER SHARE—DILUTED: |  |  |  |
| &nbsp;&nbsp;&nbsp;Continuing operations | $(0.78) | $(1.95) | $26.97 |
| &nbsp;&nbsp;&nbsp;Discontinued operations |  | $— | 0.78 |
| &nbsp;&nbsp;&nbsp;Diluted | $(0.78) | $(1.95) | $27.75 |
| WEIGHTED AVERAGE SHARES: |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | &nbsp;&nbsp;&nbsp;&nbsp;76289&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;76156&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;235220&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp;Diluted | &nbsp;&nbsp;&nbsp;&nbsp;76289&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;76156&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;235220&nbsp;&nbsp;&nbsp;&nbsp; |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ENDO, INC.** | **ENDO, INC.** | **ENDO, INC.** | **ENDO, INC.** | **ENDO, INC.** | **ENDO, INC.** |
| **SELECT PRODUCT LINE NET SALES** | **SELECT PRODUCT LINE NET SALES** | **SELECT PRODUCT LINE NET SALES** | **SELECT PRODUCT LINE NET SALES** | **SELECT PRODUCT LINE NET SALES** | **SELECT PRODUCT LINE NET SALES** |
| *(unaudited, in thousands)* | *(unaudited, in thousands)* | *(unaudited, in thousands)* | *(unaudited, in thousands)* | *(unaudited, in thousands)* | *(unaudited, in thousands)* |
|  | **Successor** | **Successor** | **Predecessor** | **Non-GAAP** | **Non-GAAP** |
|  | **Six Months Ended<br>June 30, 2025** | **Six Months Ended <br>June 30, 2024** | **Period From January 1, 2024 through <br>April 23, 2024** | **Combined Six Months Ended June 30, 2024** <sup>(6)</sup> | **% Change**<br>**2025 vs. 2024** |
| *Specialty Products:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;XIAFLEX<sup>®</sup> | $259965 | $87054 | $152638 | $239692 | 8.5% |
| &nbsp;&nbsp;&nbsp;SUPPRELIN<sup>®</sup> LA | 50651 | 14518 | 26213 | 40731 | 24.4% |
| &nbsp;&nbsp;&nbsp;Other Specialty <sup>(1)</sup> | 25882 | 9339 | 21120 | 30459 | (15.0)% |
| Total Specialty Products | $336498 | $110911 | $199971 | $310882 | 8.2% |
| *Established Products:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;PERCOCET<sup>®</sup> | $42945 | $13910 | $33892 | $47802 | (10.2)% |
| &nbsp;&nbsp;&nbsp;TESTOPEL<sup>®</sup> | 19629 | 8382 | 13225 | 21607 | (9.2)% |
| &nbsp;&nbsp;&nbsp;EDEX<sup>®</sup> | 20609 | 5749 | 13228 | 18977 | 8.6% |
| &nbsp;&nbsp;&nbsp;Other Established | 17745 | 7199 | 19398 | 26597 | (33.3)% |
| Total Established Products <sup>(2)</sup> | $100928 | $35240 | $79743 | $114983 | (12.2)% |
| Total Branded Pharmaceuticals | $437426 | $146151 | $279714 | $425865 | 2.7% |
| *Sterile Injectables:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ADRENALIN<sup>®</sup> | $35317 | $14642 | $38601 | $53243 | (33.7)% |
| &nbsp;&nbsp;&nbsp;VASOSTRICT<sup>®</sup> | 17879 | 7926 | 34309 | 42235 | (57.7)% |
| &nbsp;&nbsp;&nbsp;APLISOL<sup>®</sup> | 33482 | 9274 | 16813 | 26087 | 28.3% |
| &nbsp;&nbsp;&nbsp;Other Sterile Injectables <sup>(3)</sup> | 72005 | 24632 | 42808 | 67440 | 6.8% |
| Total Sterile Injectables <sup>(2)</sup> | $158683 | $56474 | $132531 | $189005 | (16.0)% |
| Total Generic Pharmaceuticals <sup>(4)</sup> | $218070 | $69722 | $143677 | $213399 | 2.2% |
| Total International Pharmaceuticals <sup>(5)</sup> | $26429 | $11816 | $26052 | $37868 | (30.2)% |
| Total Revenues, Net <sup>(7)</sup> | $840608 | $284163 | $581974 | $866137 | (2.9)% |

---

(1)Products included within Other Specialty include, but are not limited to, AVEED<sup>®</sup>.

(2)Individual products presented above represent the top three performing products for the periods presented and/or any product having revenues in excess of $25 million during any period presented for 2025 or 2024.

(3)No individual product within Other Sterile Injectables has exceeded 5% of consolidated total revenues for the periods presented.

(4)The Generic Pharmaceuticals segment is comprised of a portfolio of products that are generic versions of branded products, are distributed primarily through the same wholesalers, generally have limited or no intellectual property protection and are sold within the U.S. During the Successor six months ended June 30, 2025, the Successor six months ended June 2024 and the Predecessor period January 1, 2024 through April 23, 2024, Lidocaine patch 5% made up 10%, 9% and 7%, respectively, of consolidated revenues. No other individual product within the segment has exceeded 5% of consolidated total revenues for the periods presented. No other individual product within the segment has exceeded 5% of consolidated total revenues for the periods presented.

(5)No individual product within the International Pharmaceuticals segment accounted for more than 5% of consolidated total revenues for any of the periods presented.

(6)As required by GAAP, due to the application of Fresh Start Accounting, results for the period must be presented separately for the predecessor period from January 1, 2024 through April 23, 2024 (the "Predecessor" period) and the successor six months ended June 30, 2024 (the "Successor" period), where applicable. However, to facilitate comparison of our operating results against the relevant prior periods the Company has combined the results of the Predecessor and Successor periods as non-GAAP measures ("combined" results).

(7)On June 17, 2025, Endo completed the sale of International Pharmaceuticals business. Excluding International Pharmaceuticals, total revenues, net were $814.2 million and $272.3 million during the six months ended June 30, 2025 and 2024 (Successor), respectively, and $555.9 million during period from January 1, 2024 through April 23, 2024 (Predecessor). For the combined six months June 30, 2024, total revenues net excluding the International Pharmaceuticals was $828.3 million.

------

---

| | | | |
|:---|:---|:---|:---|
| **ENDO, INC.** | **ENDO, INC.** | **ENDO, INC.** | **ENDO, INC.** |
| **CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS** | **CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS** | **CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS** | **CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS** |
| (*unaudited, in thousands, except per share data)* | (*unaudited, in thousands, except per share data)* | (*unaudited, in thousands, except per share data)* | (*unaudited, in thousands, except per share data)* |
|  | **Successor** | **Successor** | **Predecessor** |
|  | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2024** | **Period From January 1, 2024 through <br>April 23, 2024** |
| TOTAL REVENUES, NET | $840608 | $284163 | $581974 |
| COSTS AND EXPENSES: |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of revenues | 584867 | 333695 | 259552 |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative | 307808 | 95992 | 158391 |
| &nbsp;&nbsp;&nbsp;Research and development | 57625 | 22448 | 32022 |
| &nbsp;&nbsp;&nbsp;Acquired in-process research and development | 2636 |  | 750 |
| &nbsp;&nbsp;&nbsp;Litigation-related and other contingencies, net | 1007 |  | 200 |
| &nbsp;&nbsp;&nbsp;Asset impairment charges | 1000 |  | 2103 |
| &nbsp;&nbsp;&nbsp;Acquisition-related and integration items, net | 1400 | (130) | (196) |
| &nbsp;&nbsp;&nbsp;Interest expense (income), net | 106242 | 44669 | (2) |
| &nbsp;&nbsp;&nbsp;Reorganization items, net |  |  | (6125099) |
| &nbsp;&nbsp;&nbsp;Other (income) expense, net | (14879) | 246 | 5262 |
| (LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAX | $(207098) | $(212757) | $6248991 |
| INCOME TAX (BENEFIT) EXPENSE | (18858) | (63981) | 58511 |
| (LOSS) INCOME FROM CONTINUING OPERATIONS | $(188240) | $(148776) | $6190480 |
| DISCONTINUED OPERATIONS, NET OF TAX | $— | $— | $182838 |
| NET (LOSS) INCOME | $(188240) | $(148776) | $6373318 |
| NET (LOSS) INCOME PER SHARE—BASIC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Continuing operations | $(2.47) | $(1.95) | $26.32 |
| &nbsp;&nbsp;&nbsp;Discontinued operations |  |  | 0.78 |
| &nbsp;&nbsp;&nbsp;Basic | $(2.47) | $(1.95) | $27.10 |
| NET (LOSS) INCOME PER SHARE—DILUTED: |  |  |  |
| &nbsp;&nbsp;&nbsp;Continuing operations | $(2.47) | $(1.95) | $26.32 |
| &nbsp;&nbsp;&nbsp;Discontinued operations |  |  | 0.78 |
| &nbsp;&nbsp;&nbsp;Diluted | $(2.47) | $(1.95) | $27.10 |
| WEIGHTED AVERAGE SHARES: |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | &nbsp;&nbsp;&nbsp;&nbsp;76250&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;76156&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;235220&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp;Diluted | &nbsp;&nbsp;&nbsp;&nbsp;76250&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;76156&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;235220&nbsp;&nbsp;&nbsp;&nbsp; |

---

------

---

| | | |
|:---|:---|:---|
| **ENDO, INC.** | **ENDO, INC.** | **ENDO, INC.** |
| **CONDENSED CONSOLIDATED BALANCE SHEETS** | **CONDENSED CONSOLIDATED BALANCE SHEETS** | **CONDENSED CONSOLIDATED BALANCE SHEETS** |
| *(unaudited, in thousands)* | *(unaudited, in thousands)* | *(unaudited, in thousands)* |
|  | **June 30,<br>2025** | **December 31,<br>2024** |
| **ASSETS** |  |  |
| CURRENT ASSETS: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $438999 | $387247 |
| &nbsp;&nbsp;&nbsp;Restricted cash and cash equivalents | 93105 | 89183 |
| &nbsp;&nbsp;&nbsp;Accounts receivable | 453130 | 415924 |
| &nbsp;&nbsp;&nbsp;Inventories, net | 439689 | 527736 |
| &nbsp;&nbsp;&nbsp;Other current assets | 58776 | 55797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | $1483699 | $1475887 |
| TOTAL NON-CURRENT ASSETS | 2641745 | 2877014 |
| TOTAL ASSETS | $4125444 | $4352901 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| CURRENT LIABILITIES: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses, including legal settlement accruals | $453169 | $476827 |
| &nbsp;&nbsp;&nbsp;Other current liabilities | 30771 | 38166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | $483940 | $514993 |
| LONG-TERM DEBT, LESS CURRENT PORTION, NET | 2418820 | 2422721 |
| OTHER LIABILITIES | 151598 | 162849 |
| SHAREHOLDERS' EQUITY | 1071086 | 1252338 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $4125444 | $4352901 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **ENDO, INC.** | **ENDO, INC.** | **ENDO, INC.** | **ENDO, INC.** |
| **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** | **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** | **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** | **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** |
| (*unaudited, in thousands, except per share data)* | (*unaudited, in thousands, except per share data)* | (*unaudited, in thousands, except per share data)* | (*unaudited, in thousands, except per share data)* |
|  | **Successor** | **Successor** | **Predecessor** |
|  | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2024** | **Period From January 1, 2024 through<br>April 23, 2024** |
| OPERATING ACTIVITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net (loss) income | $(188240) | $(148776) | $6373318 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile Net loss to Net cash provided by operating activities | 197595 | 220615 | (7117959) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | $9355 | $71839 | $(744641) |
| INVESTING ACTIVITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital expenditures, excluding capitalized interest | (24396) | (8921) | (19751) |
| &nbsp;&nbsp;&nbsp;Acquisitions, including in-process research and development, net of cash and restricted cash acquired | (2536) |  | (750) |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of business and other assets | 81982 | 1631 | 2188 |
| &nbsp;&nbsp;&nbsp;Proceeds from the U.S. Government Agreement | 785 | 1161 | 7728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | $55835 | $(6129) | $(10585) |
| FINANCING ACTIVITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp;Payments on borrowings, including certain adequate protection payments, net (a) | (7500) |  | (2786331) |
| &nbsp;&nbsp;&nbsp;Other | (2698) | (2767) | 2909939 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by financing activities | $(10198) | $(2767) | $123608 |
| Effect of foreign exchange rate | 682 | 439 | (1998) |
| NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS | $55674 | $63382 | $(633616) |
| CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF PERIOD | 476430 | 397005 | 1030621 |
| CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD | $532104 | $460387 | $397005 |

---

(a)Beginning during the third-quarter of 2022, Endo International plc (EIP) became obligated to make certain adequate protection payments as a result of its previously disclosed Chapter 11 proceedings.

------

**SUPPLEMENTAL FINANCIAL INFORMATION**

The tables below provide reconciliations of certain of the non-GAAP financial measures included in this release to their most directly comparable GAAP metrics. Refer to the "Notes to the Reconciliations of GAAP and Non-GAAP Financial Measures" section below for additional details regarding the adjustments to the non-GAAP financial measures detailed throughout this Supplemental Financial Information section.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ENDO, INC.** | **ENDO, INC.** | **ENDO, INC.** | **ENDO, INC.** | **ENDO, INC.** |
| **CONSOLIDATED ADJUSTED EBITDA** | **CONSOLIDATED ADJUSTED EBITDA** | **CONSOLIDATED ADJUSTED EBITDA** | **CONSOLIDATED ADJUSTED EBITDA** | **CONSOLIDATED ADJUSTED EBITDA** |
| (*unaudited, in thousands)* | (*unaudited, in thousands)* | (*unaudited, in thousands)* | (*unaudited, in thousands)* | (*unaudited, in thousands)* |
|  | **Successor** | **Successor** | **Predecessor** | **Non-GAAP<br>Combined** |
|  | **Three Months Ended <br>June 30, 2025** | **Three Months Ended<br>June 30, 2024** | **Period From April 1, 2024 through<br>April 23, 2024** | **Three Months Ended<br>June 30, 2024** |
| Net Loss (GAAP) | $(59610) | $(148776) | $6527548 | $6378772 |
| &nbsp;&nbsp;&nbsp;Income tax (benefit) expense, net | (6674) | (63981) | 50630 | (13351) |
| &nbsp;&nbsp;&nbsp;Interest expense, net | 53572 | 44669 | (3) | 44666 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization <sup>(1)</sup> | 75133 | 60352 | 18030 | 78382 |
| EBITDA (non-GAAP) | $62421 | $(107736) | $6596205 | $6488469 |
| &nbsp;&nbsp;&nbsp;Asset impairment charges <sup>(2)</sup> | 1000 |  | 1799 | 1799 |
| &nbsp;&nbsp;&nbsp;Share-based compensation <sup>(1)</sup> | 1735 |  |  |  |
| &nbsp;&nbsp;&nbsp;Acquisition & Divestitures <sup>(3)</sup> | 94294 | 191857 | (817) | 191040 |
| &nbsp;&nbsp;&nbsp;Restructuring or similar transactions <sup>(4)</sup> | 5933 | 5324 |  | 5324 |
| &nbsp;&nbsp;&nbsp;Reorganization items, net <sup>(5)</sup> |  |  | (6328145) | (6328145) |
| &nbsp;&nbsp;&nbsp;Other <sup>(6)</sup> | (15616) | 246 | 282 | 528 |
| &nbsp;&nbsp;&nbsp;Discontinued Operations <sup>(8)</sup> |  |  | (183234) | (183234) |
| Adjusted EBITDA (non-GAAP) | $149767 | $89691 | $86090 | $175781 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ENDO, INC.** | **ENDO, INC.** | **ENDO, INC.** | **ENDO, INC.** | **ENDO, INC.** |
| **CONSOLIDATED ADJUSTED NET INCOME** | **CONSOLIDATED ADJUSTED NET INCOME** | **CONSOLIDATED ADJUSTED NET INCOME** | **CONSOLIDATED ADJUSTED NET INCOME** | **CONSOLIDATED ADJUSTED NET INCOME** |
| (*unaudited, in thousands)* | (*unaudited, in thousands)* | (*unaudited, in thousands)* | (*unaudited, in thousands)* | (*unaudited, in thousands)* |
|  | **Successor** | **Successor** | **Predecessor** <sup>(a)</sup> | **Non-GAAP<br>Combined** |
|  | **Three Months Ended<br>June 30, 2025** | **Three Months Ended<br>June 30, 2024** | **Period From April 1, 2024 through<br>April 23, 2024** | **Three Months Ended<br>June 30, 2024** |
| Net Loss (GAAP) | $(59610) | $(148776) | $6527548 | $6378772 |
| &nbsp;&nbsp;&nbsp;Non-GAAP adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset impairment charges <sup>(2)</sup> | 1000 |  | 1799 | 1799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition & Divestitures <sup>(3)</sup> | 156138 | 240938 | 14264 | 255202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring or similar transactions <sup>(4)</sup> | 5933 | 5324 | 1 | 5325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reorganization items, net <sup>(5)</sup> |  |  | (6328145) | (6328145) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other <sup>(6)</sup> | (15616) | 246 | 32 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax adjustments <sup>(7)</sup> | (23926) | (69610) | 44307 | (25303) |
| &nbsp;&nbsp;&nbsp;&nbsp;Discontinued Operations <sup>(8)</sup> |  |  | (183234) | (183234) |
| Adjusted Net Income (Loss) (non-GAAP) | $63919 | $28122 | $76572 | $104694 |

---

------

**Reconciliation of Select Other Adjusted Income Statement Data (non-GAAP)**

The following tables provide detailed reconciliations of select other income statement data for Endo, Inc. between the GAAP and non-GAAP measure (in thousands):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025 (Successor)** | **Three Months Ended June 30, 2025 (Successor)** | **Three Months Ended June 30, 2025 (Successor)** | **Three Months Ended June 30, 2025 (Successor)** | **Three Months Ended June 30, 2025 (Successor)** | **Three Months Ended June 30, 2025 (Successor)** | **Three Months Ended June 30, 2025 (Successor)** |
| | **Cost of revenues** | **Gross** <br>**profit** <sup>(a)</sup> | **Gross margin** <sup>(a)</sup> | **Total operating expenses** <sup>(b)</sup> | **Reorganization items, net** | **Other (income) expense, net** | **Income tax (benefit) expense** |
| Reported (GAAP) | $289464 | $158311 | 35.4% | $186930 | $— | $(15907) | $(6674) |
| Items impacting comparability: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset Impairment charges <sup>(2)</sup> |  |  |  | (1000) |  |  |  |
| &nbsp;&nbsp;&nbsp;Acquisition & Divestitures <sup>(3)</sup> | (123678) | 123678 |  | (32460) |  |  |  |
| &nbsp;&nbsp;&nbsp;Restructuring or similar transactions <sup>(4)</sup> | (768) | 768 |  | (5165) |  |  |  |
| &nbsp;&nbsp;&nbsp;Other <sup>(6)</sup> |  |  |  | (291) |  | 15907 |  |
| &nbsp;&nbsp;&nbsp;Tax adjustments <sup>(7)</sup> |  |  |  |  |  |  | 23926 |
| Non-GAAP | $165018 | $282757 | 63.1% | $148014 | $— | $— | $17252 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2024 (Successor)** | **Three Months Ended June 30, 2024 (Successor)** | **Three Months Ended June 30, 2024 (Successor)** | **Three Months Ended June 30, 2024 (Successor)** | **Three Months Ended June 30, 2024 (Successor)** | **Three Months Ended June 30, 2024 (Successor)** | **Three Months Ended June 30, 2024 (Successor)** |
| | **Cost of revenues** | **Gross** <br>**profit** <sup>(a)</sup> | **Gross margin** <sup>(a)</sup> | **Total operating expenses** <sup>(b)</sup> | **Reorganization items, net** | **Other expense, net** | **Income tax (benefit) expense** |
| Reported (GAAP) | $333695 | $(49532) | (17.4)% | $118310 | $— | $246 | $(63981) |
| Items impacting comparability: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Acquisition & Divestitures <sup>(3)</sup> | (241068) | 241068 |  | 130 |  |  |  |
| &nbsp;&nbsp;&nbsp;Restructuring or similar transactions <sup>(4)</sup> | (7) | 7 |  | (5317) |  |  |  |
| &nbsp;&nbsp;&nbsp;Other <sup>(6)</sup> |  |  |  |  |  | (246) |  |
| &nbsp;&nbsp;&nbsp;Tax adjustments <sup>(7)</sup> |  |  |  |  |  |  | 69610 |
| Non-GAAP | $92620 | $191543 | 67.4% | $113123 | $— | $— | $5629 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Period From April 1, 2024 through April 23, 2024 (Predecessor)** | **Period From April 1, 2024 through April 23, 2024 (Predecessor)** | **Period From April 1, 2024 through April 23, 2024 (Predecessor)** | **Period From April 1, 2024 through April 23, 2024 (Predecessor)** | **Period From April 1, 2024 through April 23, 2024 (Predecessor)** | **Period From April 1, 2024 through April 23, 2024 (Predecessor)** | **Period From April 1, 2024 through April 23, 2024 (Predecessor)** |
| | **Cost of revenues** | **Gross** <br>**profit** <sup>(a)</sup> | **Gross margin** <sup>(a)</sup> | **Total operating expenses** <sup>(b)</sup> | **Reorganization items, net** | **Other (income) expense, net** | **Income tax expense** |
| Reported (GAAP) | $60539 | $101928 | 62.7% | $35625 | $(6328145) | $(493) | $50629 |
| Items impacting comparability: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset impairment charges <sup>(2)</sup> |  |  |  | (1799) |  |  |  |
| &nbsp;&nbsp;&nbsp;Acquisition & Divestitures <sup>(3)</sup> | (15081) | 15081 |  | 818 |  |  |  |
| &nbsp;&nbsp;&nbsp;Restructuring or similar transactions <sup>(4)</sup> | (1) | 1 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reorganization items, net <sup>(5)</sup> |  |  |  |  | 6328145 |  |  |
| &nbsp;&nbsp;&nbsp;Other <sup>(6)</sup> |  |  |  | (778) |  | 746 |  |
| &nbsp;&nbsp;&nbsp;Tax adjustments <sup>(7)</sup> |  |  |  |  |  |  | (44309) |
| Non-GAAP | $45457 | $117010 | 72.0% | $33866 | $— | $253 | $6320 |

---

(a)Gross profit is calculated as total revenues less cost of revenues. Gross margin is calculated as gross profit divided by total revenues. Adjusted gross profit is calculated as total revenues less adjusted cost of sales. Adjusted gross margin is calculated as adjusted gross profit divided by total revenues.

(b)Total operating expenses is calculated as the total of: (i) Selling, general and administrative; (ii) Research and development; (iii) Acquired in-process research and development; (iv) Litigation-related and other contingencies, net; (v) Asset impairment charges; and (vi) Acquisition related and integration items, net.

------

**Notes to the Reconciliations of GAAP and Non-GAAP Financial Measures**

Notes to certain line items included in the reconciliations of the GAAP financial measures to the non-GAAP financial measures are as follows:

(1)&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization and Share-based compensation per the Adjusted EBITDA reconciliations do not include amounts reflected in other lines of the reconciliations, including amounts related to restructuring or other transactions.

(2)&nbsp;&nbsp;&nbsp;&nbsp;To exclude long-lived and other intangible assets impairment charges for the three months ended June 30, 2025 and the Predecessor period April 1, 2024 through April 23, 2024.

(3)&nbsp;&nbsp;&nbsp;&nbsp;Adjustments for acquisitions and divestitures included the following (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Successor** | **Successor** | **Successor** | **Successor** | **Predecessor** | **Predecessor** |
| | **Three Months Ended <br>June 30, 2025** | **Three Months Ended <br>June 30, 2025** | **Three Months Ended <br>June 30, 2024** | **Three Months Ended <br>June 30, 2024** | **April 1, 2024 <br>through <br>April 23, 2024** | **April 1, 2024 <br>through <br>April 23, 2024** |
| | **Cost of revenues** | **Operating expenses** | **Cost of revenues** | **Operating expenses** | **Cost of revenues** | **Operating expenses** |
| Amortization of inventory step-up | $61834 | $— | $191987 | $— | $— | $— |
| Fair value of contingent consideration |  | 385 |  | (130) |  | (818) |
| Amortization of intangible assets <sup>(a)</sup> | 61844 |  | 49081 |  | 15081 |  |
| Integration <sup>(b)</sup> |  | 32075 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total | $123678 | $32460 | $241068 | $(130) | $15081 | $(818) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)For the purposes of calculating Adjusted EBITDA (non-GAAP), amortization of intangible assets is excluded from the adjustments for acquisitions and divestitures as it is included as an adjustment to arrive at EBITDA (non-GAAP). Amortization of intangible assets is an adjustment included in the acquisitions and divestitures line item for the purposes calculating Adjusted Net Income (non-GAAP).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Company has incurred certain transaction costs during the Successor three months ended June 30, 2025 in connection with the execution of the combination of Mallinckrodt and Endo.

(4)&nbsp;&nbsp;&nbsp;&nbsp;Adjustments for Restructuring or similar transactions included the following (in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Successor** | **Successor** | **Successor** | **Successor** | **Predecessor** |
| | **Three Months Ended<br>June 30, 2025** | **Three Months Ended<br>June 30, 2025** | **Three Months Ended <br>June 30, 2024** | **Three Months Ended <br>June 30, 2024** | **April 1, 2024<br>through<br>April 23, 2024** |
| | **Cost of revenues** | **Operating expenses** | **Cost of revenues** | **Operating expenses** | **Cost of revenues** |
| Continuity and separation benefits | $768 | $5165 | $— | $— | $— |
| Other |  |  | 7 | 5317 | 1 |
| &nbsp;&nbsp;&nbsp;Total | $768 | $5165 | $7 | $5317 | $1 |

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(5) &nbsp;&nbsp;&nbsp;&nbsp;Amounts relate to the net expense or income recognized during Endo International plc's bankruptcy proceedings required to be presented as Reorganization items, net under *Accounting Standards Codification Topic 852, Reorganizations*.

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(6)&nbsp;&nbsp;&nbsp;&nbsp;The "Other" row included in the above reconciliation of Net (Loss) Income (GAAP) to Adjusted Net Income (non-GAAP) includes the following adjustments:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Successor** | **Successor** | **Successor** | **Predecessor** | **Predecessor** | **Predecessor** |
| | **Three Months Ended<br>June 30, 2025** | **Three Months Ended<br>June 30, 2025** | **Three Months Ended <br>June 30, 2024** | **April 1, 2024<br>through<br>April 23, 2024** | **April 1, 2024<br>through<br>April 23, 2024** | **April 1, 2024<br>through<br>April 23, 2024** |
| | **Operating expenses** | **Other (Income)/Expense** | **Other (Income)/Expense** | **Operating expenses** | **Other (Income)/Expense** | **Discontinued Operations** |
| Certain Legal Costs | $— | $— | $— | $578 | $— | $— |
| Legal Settlements | 687 |  |  | 200 |  |  |
| Foreign currency impact related to the re-measurement of intercompany debt instruments |  | 2281 | 246 |  | (746) |  |
| (Gain)/Loss on Asset/Business Sale |  | (20464) |  |  |  |  |
| Other | (396) | 2276 |  |  |  | 137578 |
| &nbsp;&nbsp;&nbsp;Total | $291 | $(15907) | $246 | $778 | $(746) | $137578 |

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(7)&nbsp;&nbsp;&nbsp;&nbsp;Adjusted income taxes are calculated by tax effecting adjusted pre-tax income and permanent book-tax differences at the applicable effective tax rate that will be determined by reference to statutory tax rates in the relevant jurisdictions in which Endo, Inc. operates or EIP operated. Adjusted income taxes include current and deferred income tax expense commensurate with the non-GAAP measure of profitability.

(8)&nbsp;&nbsp;&nbsp;&nbsp;To exclude from the results of the Predecessor reported as discontinued operations. No portion of Endo, Inc.'s business is currently reported as a discontinued operation.

## Exhibit 99.2

![](endo992001.jpg)

Exhibit 99.2 ENDO, INC. INDEX Condensed Consolidated Balance Sheets as of June 30, 2025 (Successor) and December 31, 2024 (Successor) (Unaudited) 2 Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2025 (Successor), the three and six months ended June 30, 2024 (Successor), the period April 1, 2024 to April 23, 2024 (Predecessor) and the period January 1, 2024 to April 23, 2024 (Predecessor) (Unaudited) 3 Condensed Consolidated Statements of Comprehensive (Loss) Income for the three and six months ended June 30, 2025 (Successor), the three and six months ended June 30, 2024 (Successor), the period April 1, 2024 to April 23, 2024 (Predecessor) and the period January 1, 2024 to April 23, 2024 (Predecessor) (Unaudited) 5 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 (Successor), the six months ended June 30, 2024 (Successor) and the period January 1, 2024 to April 23, 2024 (Predecessor) (Unaudited) 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 8 Page 1

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ENDO, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Dollars in thousands, except share and per share data) June 30, 2025 December 31, 2024 ASSETS CURRENT ASSETS: Cash and cash equivalents $438,999 $387,247 Restricted cash and cash equivalents 93,105 89,183 Accounts receivable, net 453,130 415,924 Inventories, net 439,689 527,736 Prepaid expenses and other current assets 49,973 53,288 Income taxes receivable 8,803 2,509 Total current assets $1,483,699 $1,475,887 PROPERTY, PLANT AND EQUIPMENT, NET 539,839 548,818 OPERATING LEASE ASSETS 37,205 39,193 OTHER INTANGIBLES, NET 1,646,662 1,815,861 DEFERRED INCOME TAXES 267,413 240,192 OTHER ASSETS 150,626 232,950 TOTAL ASSETS $4,125,444 $4,352,901 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable and accrued expenses $451,378 $475,485 Current portion of legal settlement accrual 1,791 1,342 Current portion of operating lease liabilities 4,085 3,994 Current portion of long-term debt 15,000 15,000 Income taxes payable 11,686 19,172 Total current liabilities $483,940 $514,993 DEFERRED INCOME TAXES 38,618 46,389 LONG-TERM DEBT, LESS CURRENT PORTION, NET 2,418,820 2,422,721 LONG-TERM LEGAL SETTLEMENT ACCRUAL, LESS CURRENT PORTION 6,635 6,088 OPERATING LEASE LIABILITIES, LESS CURRENT PORTION 33,655 34,759 OTHER LIABILITIES 72,690 75,613 COMMITMENTS AND CONTINGENCIES (NOTE 12) STOCKHOLDERS' EQUITY: Endo, Inc. common stock, $0.001 par value; 1,000,000,000 shares authorized; 76,313,462 and 76,211,329 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 76 76 Endo, Inc. additional paid-in capital 1,990,282 1,986,133 Accumulated deficit (919,104) (730,864) Accumulated other comprehensive loss (168) (3,007) Total stockholders' equity $1,071,086 $1,252,338 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $4,125,444 $4,352,901 See accompanying Notes to Condensed Consolidated Financial Statements. 2

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ENDO, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (Dollars and shares in thousands, except per share data) Successor Predecessor Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Period From April 1, 2024 through April 23, 2024 TOTAL REVENUES, NET $447,775 $284,163 $162,467 COSTS AND EXPENSES: Cost of revenues 289,464 333,695 60,539 Selling, general and administrative 158,767 95,992 28,323 Research and development 25,991 22,448 6,120 Acquired in-process research and development 100 — — Litigation-related and other contingencies, net 687 — 200 Asset impairment charges 1,000 — 1,799 Acquisition-related and integration items, net 385 (130) (817) Interest expense (income), net 53,572 44,669 (2) Reorganization items, net — — (6,328,145) Other (income) expense, net (15,907) 246 (493) (LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAX $(66,284) $(212,757) $6,394,943 INCOME TAX (BENEFIT) EXPENSE (6,674) (63,981) 50,629 (LOSS) INCOME FROM CONTINUING OPERATIONS $(59,610) $(148,776) $6,344,314 DISCONTINUED OPERATIONS, NET OF TAX (NOTE 3) — — 183,234 NET (LOSS) INCOME $(59,610) $(148,776) $6,527,548 NET (LOSS) INCOME PER SHARE—BASIC: Continuing operations $(0.78) $(1.95) $26.97 Discontinued operations — — 0.78 Basic $(0.78) $(1.95) $27.75 NET (LOSS) INCOME PER SHARE—DILUTED: Continuing operations $(0.78) $(1.95) $26.97 Discontinued operations — — 0.78 Diluted $(0.78) $(1.95) $27.75 WEIGHTED AVERAGE SHARES: Basic 76,289 76,156 235,220 Diluted 76,289 76,156 235,220 See accompanying Notes to Condensed Consolidated Financial Statements. 3

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![](endo992004.jpg)

ENDO, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - CONTINUED (Dollars and shares in thousands, except per share data) Successor Predecessor Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Period From January 1, 2024 through April 23, 2024 TOTAL REVENUES, NET $840,608 $284,163 $581,974 COSTS AND EXPENSES: Cost of revenues 584,867 333,695 259,552 Selling, general and administrative 307,808 95,992 158,391 Research and development 57,625 22,448 32,022 Acquired in-process research and development 2,636 — 750 Litigation-related and other contingencies, net 1,007 — 200 Asset impairment charges 1,000 — 2,103 Acquisition-related and integration items, net 1,400 (130) (196) Interest expense (income), net 106,242 44,669 (2) Reorganization items, net — — (6,125,099) Other (income) expense, net (14,879) 246 5,262 (LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAX $(207,098) $(212,757) $6,248,991 INCOME TAX (BENEFIT) EXPENSE (18,858) (63,981) 58,511 (LOSS) INCOME FROM CONTINUING OPERATIONS $(188,240) $(148,776) $6,190,480 DISCONTINUED OPERATIONS, NET OF TAX (NOTE 3) — — 182,838 NET (LOSS) INCOME $(188,240) $(148,776) $6,373,318 NET (LOSS) INCOME PER SHARE—BASIC: Continuing operations $(2.47) $(1.95) $26.32 Discontinued operations — — 0.78 Basic $(2.47) $(1.95) $27.10 NET (LOSS) INCOME PER SHARE—DILUTED: Continuing operations $(2.47) $(1.95) $26.32 Discontinued operations — — 0.78 Diluted $(2.47) $(1.95) $27.10 WEIGHTED AVERAGE SHARES: Basic 76,250 76,156 235,220 Diluted 76,250 76,156 235,220 See accompanying Notes to Condensed Consolidated Financial Statements. 4

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NET (LOSS) INCOME $(59,610) $(148,776) $6,527,548 OTHER COMPREHENSIVE INCOME: Net unrealized gain on foreign currency $3,504 $177 $226,686 Total other comprehensive income $3,504 $177 $226,686 COMPREHENSIVE (LOSS) INCOME $(56,106) $(148,599) $6,754,234 ENDO, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED) (Dollars in thousands) Successor Predecessor Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Period From April 1, 2024 through April 23, 2024 NET (LOSS) INCOME $(188,240) $(148,776) $6,373,318 OTHER COMPREHENSIVE INCOME: Net unrealized gain on foreign currency $2,839 $177 $223,762 Total other comprehensive income $2,839 $177 $223,762 COMPREHENSIVE (LOSS) INCOME $(185,401) $(148,599) $6,597,080 See accompanying Notes to Condensed Consolidated Financial Statements. Successor Predecessor Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Period From January 1, 2024 through April 23, 2024 5

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![](endo992006.jpg)

OPERATING ACTIVITIES: Net (loss) income $(188,240) $(148,776) $6,373,318 Adjustments to reconcile Net (loss) income to Net cash provided by (used in) operating activities: Depreciation and amortization 151,606 60,399 92,556 Inventory step-up 145,810 191,987 — Share-based compensation 4,915 — — Amortization of debt issuance costs and discount 4,382 1,513 — Deferred income taxes (34,836) (126,892) 9,345 Change in fair value of contingent consideration 1,399 (58) 284 Acquired in-process research and development charges 2,636 — 750 Asset impairment charges 1,000 — 2,103 Non-cash impacts of the reorganization, inclusive of certain reorganization-related income tax expenses — — (6,471,963) (Gain) loss on sale of business and other assets (20,577) 52 (115) Other 1,179 572 1,577 Changes in assets and liabilities which (used) provided cash: Accounts receivable (36,083) 37,003 (19,173) Inventories 3,003 (15,952) (11,660) Prepaid and other assets 5,149 (6,140) 4,565 Accounts payable, accrued expenses and other liabilities (18,513) 14,292 (27,762) Income taxes payable/receivable, net (13,475) 63,839 3,687 Liabilities subject to compromise, excluding financing activities — — (702,153) Net cash provided by (used in) operating activities $9,355 $71,839 $(744,641) INVESTING ACTIVITIES: Capital expenditures, excluding capitalized interest (24,396) (8,921) (19,751) Proceeds from the U.S. Government Agreement 785 1,161 7,728 Acquisitions, including in-process research and development, net of cash and restricted cash acquired (2,536) — (750) Proceeds from sale of business and other assets 81,982 1,631 2,188 Net cash provided by (used in) investing activities $55,835 $(6,129) $(10,585) ENDO, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Dollars in thousands) Successor Predecessor Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Period From January 1, 2024 through April 23, 2024 6

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![](endo992007.jpg)

FINANCING ACTIVITIES: Proceeds from issuance of notes — — 1,000,000 Proceeds from issuance of term loans — — 1,500,000 Payments for settlement of first lien claims — — (2,591,609) Repayments of term loans (7,500) — — Adequate protection payments — — (192,341) Repayments of other indebtedness (359) (1,190) (2,381) Payments for debt issuance and extinguishment costs — — (58,485) Payments for contingent consideration (1,573) (1,577) (2,134) Proceeds from issuance of common stock — — 500,321 Payments for backstop commitment premium — — (25,540) Payments for equity issuance — — (4,223) Payments of tax withholding for restricted shares (766) — — Net cash (used in) provided by financing activities $(10,198) $(2,767) $123,608 Effect of foreign exchange rate 682 439 (1,998) NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS $55,674 $63,382 $(633,616) CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF PERIOD 476,430 397,005 1,030,621 CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD $532,104 $460,387 $397,005 SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES: Acquisitions, including in-process research and development, accrued in the period but not yet paid $100 $— $— See accompanying Notes to Condensed Consolidated Financial Statements. ENDO, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Dollars in thousands) Successor Predecessor Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Period From January 1, 2024 through April 23, 2024 7

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ENDO, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 1. BASIS OF PRESENTATION Basis of Presentation Unless otherwise indicated or required by the context, references throughout to "Endo," the "Company," the "Successor," "we," "our" or "us" refer to Endo, Inc. and its subsidiaries, as successor entity for accounting and financial reporting purposes following the consummation of the Plan (as defined below) on the Effective Date (April 23, 2024, as further defined below). References to Endo International plc and its direct and indirect subsidiaries on a consolidated basis, refer to the predecessor entity to Endo, Inc. for accounting and financial reporting purposes prior to and including the consummation of the Plan on the Effective Date. On August 1, 2025, in connection with the combination between Mallinckrodt plc and Endo, Inc., discussed below, Endo, Inc. converted into a Delaware limited partnership named Endo, LP. The accompanying unaudited Condensed Consolidated Financial Statements of Endo, Inc. and its subsidiaries and the Predecessor have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, the accompanying Condensed Consolidated Financial Statements of Endo, Inc. and its subsidiaries and the Predecessor, which are unaudited, include all normal and recurring adjustments necessary for a fair statement of the Company's financial position as of June 30, 2025 and the results of operations and cash flows for the periods presented. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. The year-end Condensed Consolidated Balance Sheet data as of December 31, 2024, was derived from the audited financial statements of Endo, Inc. but does not include all disclosures required by U.S. GAAP. The information included in the accompanying unaudited Condensed Consolidated Financial Statements should be read in conjunction with the annual financial statements of Endo, Inc. within the Company's Annual Report. Effectiveness of the Plan of Reorganization Historically, our business has been operated by Endo International plc, together with its subsidiaries. On August 16, 2022 (the Petition Date), Endo International plc, together with certain of its direct and indirect subsidiaries (the Debtors), filed voluntary petitions for relief under chapter 11 of title 11 of the United States (U.S.) Code (the Bankruptcy Code). The Debtors received approval from the U.S. Bankruptcy Court for the Southern District of New York (the Bankruptcy Court) to jointly administer their chapter 11 cases (the Chapter 11 Cases) for administrative purposes only pursuant to Rule 1015(b) of the Federal Rules of Bankruptcy Procedure under the caption In re Endo International plc, et al. On December 19, 2023, the Debtors filed a proposed chapter 11 plan of reorganization (as amended, including on January 5, 2024, January 9, 2024 and March 18, 2024, and including any exhibits and supplements filed with respect thereto, the Plan or Plan of Reorganization) and related disclosure statement with the Bankruptcy Court. The Bankruptcy Court confirmed the Plan on March 19, 2024, and the Debtors satisfied all conditions required for the Plan effectiveness (the Effective Date) on April 23, 2024. Pursuant to the Plan and the Purchase and Sale Agreement (PSA), Endo, Inc. acquired from the Debtors substantially all of the assets, as well as certain equity interests of the Debtors and non-debtor affiliates and assumed certain liabilities of Endo International plc. Endo International plc will be dissolved in connection with the consummation of the Plan. Endo, Inc. was incorporated as a Delaware corporation on December 5, 2023 for the express purpose of completing the transactions contemplated in the Plan and PSA, which was entered into among Endo, Inc., certain other applicable purchaser entities, certain Debtors and certain non-debtor affiliates. From its formation on December 5, 2023 through the Effective Date, Endo, Inc. had no operations or business transactions or activities other than those taken in furtherance of the transactions contemplated by the Plan including in connection with the incurrence of the Exit Financing Debt (as defined below) and those incidental to the preparation of its registration statement. As of the Effective Date, and continuing through the date of this report, Endo, Inc. was a holding company and all of its business was conducted through its subsidiaries, and the financial results of such subsidiaries are consolidated in its financial statements. In accordance with Financial Accounting Standards Board Accounting Standards Codification (ASC) Topic 852 - Reorganizations (ASC 852), Endo, Inc. has become the Successor reporting entity. As the application of fresh start accounting resulted in a new basis of accounting, our financial statements and notes for the Successor are not comparable to the historical financial statements and notes of Endo International plc. Combination of Mallinckrodt and Endo On March 13, 2025, Endo Inc. and Mallinckrodt plc (Mallinckrodt) entered into a transaction agreement (the Transaction Agreement) to effectuate a combination of the respective companies. The shareholders of both companies approved the Transaction Agreement on June 13, 2025 and the transaction closed on July 31, 2025 following the satisfaction of the remaining closing conditions and regulatory approvals. Under the terms of the agreement, upon completion of the combination transaction, Endo's stockholders 8

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![](endo992009.jpg)

received shares of Mallinckrodt stock and their pro rata share of cash, totaling $100 million in the aggregate, for each share of Endo stock owned as of the specified record date, such that upon completion of the combination transaction, Mallinckrodt became the parent entity of the combined group and Mallinckrodt shareholders own 50.1% and Endo shareholders own 49.9% of the combined company. Mallinckrodt will continue as the holding company for the combined business, and Endo became a wholly owned subsidiary of Mallinckrodt, with all of Mallinckrodt's operating assets being contributed to Endo or its subsidiaries. The business combination will be accounted for as an acquisition of Endo by Mallinckrodt under the acquisition method of accounting, and Mallinckrodt will be treated as the acquirer for accounting purposes. Mallinckrodt will record assets acquired and liabilities assumed from Endo primarily at their respective fair values at the date of completion of the business combination. Any excess of the purchase price over the net fair value of such assets and liabilities will be recorded as goodwill. At this time, we anticipate that the financial statements and operating results of the combined company subsequent to the closing will be significantly different from the Company's historical financial statements and operating results in periods prior to the closing of the transaction. On July 31, 2025, ST 2020, Inc. (ST 2020) and MEH, Inc. (MEH), wholly owned subsidiaries of Mallinckrodt which, following completion of the merger and certain post-merger reorganization activities, hold the combined businesses of the "Specialty Generics" reporting segment of Mallinckrodt and the "Generic Pharmaceuticals" and "Sterile Injectables" reporting segments of the Company and which are not restricted subsidiaries under the Company's existing debt instruments, entered into a Credit Agreement (the GxSI Credit Agreement) among ST 2020, MEH, the financial institutions party thereto as lenders, and Wilmington Savings Fund Society, FSB as administrative agent and collateral agent. The GxSI Credit Agreement provides for a five-year term loan facility in an initial principal amount of $1,200 million (the GxSI Term Facility) and a five-year revolving credit facility in an aggregate committed amount of $150 million (the GxSI Revolving Facility and, together with the GxSI Term Facility, the GxSI Facilities). The proceeds of the term loan facility were used (i) to consummate the business combination, the other transactions contemplated by the Transaction Agreement and associated restructuring transactions, (ii) to repay certain indebtedness of Mallinckrodt and its subsidiaries and (iii) for general corporate purposes. The GxSI Facilities are secured by substantially all of the assets of ST 2020, MEH and MEH's material, wholly-owned U.S., Irish and Luxembourgish subsidiaries, subject to certain exceptions and exclusions. Borrowings under the term loan facility bear interest at a rate per annum equal to, at MEH's option, either (a) Term SOFR (provided that Term SOFR shall be no less than 2.00% per annum at any time) plus an applicable margin of 7.00% per annum or (b) an alternate base rate (which shall be no less than 3.00% per annum at any time) plus an applicable margin of 6.00% per annum. MEH is also required to pay quarterly in arrears an undrawn commitment fee on the GxSI Revolving Facility of 25 basis points. The GxSI Term Facility will amortize in quarterly installments as follows: (i) commencing with the fiscal quarter ending December 31, 2025 through (and including) the fiscal quarter ending September 30, 2026, 0.625% of the initial aggregate principal amount of the GxSI Term Facility, (ii) from the last day of the fiscal quarter ending December 31, 2026 through (and including) the last day of the fiscal quarter ending September 30, 2027, 1.25% of the initial aggregate principal amount of the GxSI Term Facility, (iii) from the last day of the fiscal quarter ending December 31, 2027 through (and including) the last day of the fiscal quarter ending September 30, 2028, 1.875% of the initial aggregate principal amount of the GxSI Term Facility and (iv) from the last day of the fiscal quarter ending December 31, 2028 through the maturity date of the GxSI Term Facility, 2.50% of the initial aggregate principal amount of the Term Facility, with the balance payable on the maturity date of the GxSI Term Facility. Subject to certain exceptions and customary baskets set forth in the GxSI Credit Agreement, MEH is required to make mandatory prepayments of the loans under the GxSI Term Facility under certain circumstances, including from: (i) 100% of the net cash proceeds of insurance and condemnation proceeds for property or asset losses (subject to reinvestment rights and net proceeds threshold), (ii) 100% of the net cash proceeds from the incurrence of debt (other than permitted debt as described in the GxSI Credit Agreement), (iii) 75% of Excess Cash Flow (as defined in the GxSI Credit Agreement) subject to decrease based on leverage ratios and (iv) 100% of net cash proceeds from asset sales (subject to reinvestment rights and net proceeds threshold). These mandatory prepayments may be used to satisfy future amortization. The GxSI Facilities contain customary affirmative and negative covenants and specified events of default. These affirmative and negative covenants include, among other things, and subject to certain qualifications and exceptions, covenants that restrict ST 2020's and MEH's ability and the ability of its subsidiaries to: incur or guarantee additional indebtedness; create or permit liens on assets; pay dividends on capital stock or redeem, repurchase or retire capital stock or subordinated indebtedness; make certain investments and other restricted payments; engage in mergers, acquisitions, consolidations and amalgamations; transfer and sell certain assets; and engage in transactions with affiliates. The GxSI Revolving Facility also contains a financial covenant that requires ST 2020 and MEH to, if, as of the last day of any fiscal quarter (commencing with the fiscal quarter ending December 31, 2025), the aggregate outstanding revolving credit exposure under the GxSI Revolving Facility exceeds 40% of the total commitments thereunder at such time, maintain a maximum first lien net leverage ratio of not greater than (a) for the fiscal quarters ended December 31, 2025 through March 31, 2027, 4.00:1.00, (b) for the fiscal quarters ended June 30, 2027 through March 31, 2028, 3.25:1.00 and (c) thereafter, 2.50:1.00. The financial covenant applicable to the GxSI Revolving Credit Facility may be waived or amended with the consent of a majority of the lenders under the GxSI Revolving Facility, and without the consent of the lenders under the GxSI Term Facility or any other person and will contain a customary term loan facility standstill and customary cure rights. 9

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NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of our Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts and disclosures in our Condensed Consolidated Financial Statements, including the Notes thereto, and elsewhere in this report. For example, we are required, or were required in the predecessor period, to make significant estimates and assumptions related to revenue recognition, including sales deductions, long-lived assets, goodwill, intangible assets, income taxes, contingencies, financial instruments, share-based compensation, estimated allowed claim amounts, liabilities subject to compromise and reorganization items, net, among others. Some of these estimates can be subjective and complex. Uncertainties related to worldwide macroeconomic conditions including interest rates, employment rates, consumer spending, tariffs and health insurance coverage, among others, have increased the complexity of developing these estimates, including the allowance for expected credit losses and the carrying amounts of long-lived assets and intangible assets. Additionally, we may sell or otherwise dispose of or liquidate assets or settle liabilities for amounts other than those reflected in the accompanying Condensed Consolidated Financial Statements. The possibility or occurrence of any such actions could materially impact the amounts and classifications of such assets and liabilities reported in our Condensed Consolidated Balance Sheets. Although we believe that our estimates and assumptions are reasonable, there may be other reasonable estimates or assumptions that differ significantly from ours. Further, our estimates and assumptions are based upon information available at the time they were made. Actual results may differ significantly from our estimates, including as a result of the uncertainties described in this report, those described in our other reports filed with the SEC or other uncertainties. Significant Accounting Policies Added or Updated since December 31, 2024 There have been no significant changes to our significant accounting policies since December 31, 2024. For additional discussion of the Company's significant accounting policies, see Note 4. Summary of Significant Accounting Policies in the Consolidated Financial Statements included in Part IV, Item 15 of the Company's Annual Report. Recent Accounting Pronouncements Recent Accounting Pronouncements Not Yet Adopted at June 30, 2025 In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures (ASU 2023-09) to enhance the transparency and decision usefulness of income tax disclosures, primarily related to standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. The Company intends to adopt the new guidance on the effective date and does not expect the adoption to have a material impact on its consolidated financial statements other than the expanded disclosure. In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40) (ASU 2024-03), which responds to longstanding investor requests for more detailed information about an entity's expenses. ASU 2024-03 requires disclosures about specified categories of expenses—including purchases of inventory, employee compensation, and depreciation and amortization—within certain expense captions presented on the face of the income statement. Additional disclosures about selling expenses will also be required. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively to financial statements issued after the effective date or retrospectively to all prior periods presented in the financial statements. The Company intends to adopt the new guidance on the effective date and does not expect the adoption to have a material impact on its consolidated financial statements other than the expanded disclosure. 10

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NOTE 3. DISCONTINUED OPERATIONS AND DIVESTITURES The operating results of Endo International plc's legacy Astora business, which was resolved to be wound down in 2016, are reported as Discontinued operations, net of tax in the Predecessor Condensed Consolidated Statements of Operations for all periods presented, if applicable. The following table provides the operating results of Astora Discontinued operations, net of tax (in thousands): Predecessor Period From April 1, 2024 through April 23, 2024 Period From January 1, 2024 through April 23, 2024 Income from discontinued operations before income taxes $183,152 $182,696 Income tax benefit (82) (142) Discontinued operations, net of tax $183,234 $182,838 For the Predecessor periods from April 1, 2024 through April 23, 2024 and January 1, 2024 through April 23, 2024, the income from discontinued operations before income taxes is primarily related to the impacts of the Plan. For the Predecessor period from January 1, 2024 through April 23, 2024, the cash outflows from discontinued operating activities related to Astora included the impact of net loss, prior to impacts of the Plan, of approximately $0.9 million as well as cash outflows in connection with the Plan of approximately $37.1 million. During the periods presented above, there were no material net cash flows related to Astora discontinued investing activities and there was no depreciation or amortization expense related to Astora. There are no discontinued operations in the Successor period. Divestiture of International Pharmaceutical Business On March 10, 2025, the Company entered into a definitive agreement to divest its International Pharmaceuticals business to Knight Therapeutics Inc. The sale closed on June 17, 2025 and the Company received net cash consideration of approximately $78.6 million, consisting of $89.9 million upfront, less approximately $11.3 million related to certain permitted hold backs. The total contractual consideration also includes up to $15 million in potential future payments contingent upon the achievement of certain milestones. The Company recognized a preliminary pre-tax gain of $20.4 million upon sale in Other expense (income), net. The final gain is subject to the resolution of the previously noted holdbacks and contingencies. The International Pharmaceuticals business, which represented substantially all of the Company's International Pharmaceuticals segment, did not meet the requirements for treatment as a discontinued operation as the divestiture was concluded to not represent a strategic shift that has (or will have) a major effect on the Company's financial results. NOTE 4. SEGMENT RESULTS The Company's four reportable business segments are Branded Pharmaceuticals, Sterile Injectables, Generic Pharmaceuticals and International Pharmaceuticals. These reportable segments represent our strategic business units. Each segment derives revenue from the sales or licensing of its respective products. They are managed separately because the segments contain different types of products with different target end-consumers, differing sales and marketing requirements, differing distribution channels and differing pricing strategies, among other reasons. We have not aggregated operating segments. Branded Pharmaceuticals Our Branded Pharmaceuticals segment includes a variety of branded products in the therapeutic areas of urology, orthopedics, endocrinology and bariatrics, among others. Products in this segment include XIAFLEX®, SUPPRELIN® LA, AVEED®, PERCOCET®, TESTOPEL® and EDEX®, among others. Sterile Injectables Our Sterile Injectables segment consists primarily of branded sterile injectable products such as ADRENALIN®, VASOSTRICT® and APLISOL®, among others, and certain generic sterile injectable products. Generic Pharmaceuticals The Generic Pharmaceuticals segment includes a product portfolio including patches, solid oral extended-release products, solid oral immediate-release products, liquids, semi-solids, powders, ophthalmics and sprays and includes products that treat and manage a wide variety of medical conditions. 11

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International Pharmaceuticals Our International Pharmaceuticals segment includes a variety of specialty pharmaceutical products, including over-the-counter (OTC) products, sold outside the U.S., primarily in Canada through our operating company Paladin. Refer to Note 3. Discontinued Operations and Divestitures for additional information about the current period sale of the International Pharmaceuticals business which represents substantially all of the International Pharmaceuticals segment. The chief operating decision maker (CODM) is the Company's Interim Chief Executive Officer. The CODM uses Segment adjusted income (loss) from operations before income tax to evaluate segment performance and to allocate resources, including as it relates to employees and capital resources, among others predominantly in the annual budget and forecasting process. The CODM considers budget-to-actual variances, as well as period over period variances, on a quarterly basis when making decisions about allocation of capital and personnel to segments. The CODM is not provided, nor does he review, asset information at the segment level. Therefore, the Company has not disclosed asset information for each reportable segment. The accounting policies of the segments are the same as those applied to the Condensed Consolidated Financial Statements and remain consistent with those described in the audited Consolidated Financial Statements and the notes thereto for the fiscal year ended December 31, 2024, included in the Company's Annual Report. Segment results exclude the impact of certain income and expenses that are not reflective of the underlying operations of the business and are therefore not considered by the CODM in evaluating the performance of the segments. Segment adjusted income (loss) from operations before income tax is defined as Loss from continuing operations before income tax, excluding: acquired in-process research and development charges; acquisition-related and integration items, including transaction costs and changes in the fair value of contingent consideration; cost reduction and integration-related initiatives such as separation benefits, continuity payments, other exit costs and certain costs associated with integrating an acquired company's operations; certain amounts related to strategic review initiatives; asset impairment charges; amortization of intangible assets; inventory step-up recorded as part of our acquisitions; litigation-related and other contingent matters; certain legal costs; gains or losses from early termination of debt; debt modification costs; gains or losses from the sales of businesses and other assets; foreign currency gains or losses on intercompany financing arrangements; reorganization items, net (in the Predecessor periods); and certain other items. For the three and six months ended June 30, 2025, the Successor does not have operating results classified as Discontinued operations, net of tax. Interest income and expense and certain other corporate expenses incurred by the Company are not directly attributable to any specific segment. Accordingly, these costs are not reflected in any of the Company's segments and are included in the results below as "Corporate unallocated costs." The Company's Total segment adjusted income from continuing operations before income tax is equal to the combined results of each of its segments. The Company disaggregated its revenue from contracts with customers into the categories included in the tables below (in thousands). The Company believes these categories depict how the nature, timing and uncertainty of revenue and cash flows are affected by economic factors. 12

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Successor Predecessor Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Period From April 1, 2024 through April 23, 2024 Branded Pharmaceuticals: Specialty Products: XIAFLEX® $138,598 $87,054 $39,588 SUPPRELIN® LA 23,271 14,518 6,078 Other Specialty (1) 14,300 9,339 5,902 Total Specialty Products $176,169 $110,911 $51,568 Established Products: PERCOCET® $20,959 $13,910 $9,348 TESTOPEL® 9,339 8,382 2,734 EDEX® 11,065 5,749 3,932 Other Established 10,403 7,199 11,336 Total Established Products (2) $51,766 $35,240 $27,350 Total Branded Pharmaceuticals $227,935 $146,151 $78,918 Sterile Injectables: ADRENALIN® $21,266 $14,642 $11,233 VASOSTRICT® 9,593 7,926 7,356 APLISOL® 18,581 9,274 4,426 Other Sterile Injectables (3) 37,972 24,632 11,282 Total Sterile Injectables (2) $87,412 $56,474 $34,297 Total Generic Pharmaceuticals (4) $118,986 $69,722 $40,360 Total International Pharmaceuticals (5) $13,442 $11,816 $8,892 Total revenues, net $447,775 $284,163 $162,467 13

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Successor Predecessor Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Period From January 1, 2024 through April 23, 2024 Branded Pharmaceuticals: Specialty Products: XIAFLEX® $259,965 $87,054 $152,638 SUPPRELIN® LA 50,651 14,518 26,213 Other Specialty (1) 25,882 9,339 21,120 Total Specialty Products $336,498 $110,911 $199,971 Established Products: PERCOCET® $42,945 $13,910 $33,892 TESTOPEL® 19,629 8,382 13,225 EDEX® 20,609 5,749 13,228 Other Established 17,745 7,199 19,398 Total Established Products (2) $100,928 $35,240 $79,743 Total Branded Pharmaceuticals $437,426 $146,151 $279,714 Sterile Injectables: ADRENALIN® $35,317 $14,642 $38,601 VASOSTRICT® 17,879 7,926 34,309 APLISOL® 33,482 9,274 16,813 Other Sterile Injectables (3) 72,005 24,632 42,808 Total Sterile Injectables (2) $158,683 $56,474 $132,531 Total Generic Pharmaceuticals (4) $218,070 $69,722 $143,677 Total International Pharmaceuticals (5) $26,429 $11,816 $26,052 Total revenues, net $840,608 $284,163 $581,974 __________ (1) Products included within Other Specialty include, but are not limited to, AVEED®. (2) Individual products presented above represent the top three performing products in each product category for either the Successor three or six months ended June 30, 2025 and/or any product having revenues in excess of $25 million during any completed quarterly period in 2025 or 2024. (3) No individual product within Other Sterile Injectables has exceeded 5% of consolidated total revenues for the periods presented. (4) The Generic Pharmaceuticals segment is comprised of a portfolio of products that are generic versions of branded products, are distributed primarily through the same wholesalers, generally have limited or no intellectual property protection and are sold within the U.S. During the Successor three months ended June 30, 2025, the Successor three months ended June 2024 and the Predecessor period April 1, 2024 through April 23, 2024, Lidocaine patch 5% made up 10%, 9% and 7%, respectively, of consolidated revenues. During the Successor six months ended June 30, 2025, the Successor six months ended June 2024 and the Predecessor period January 1, 2024 through April 23, 2024, Lidocaine patch 5% made up 10%, 9% and 7%, respectively, of consolidated revenues. No other individual product within the segment has exceeded 5% of consolidated total revenues for the periods presented. (5) No individual product within the International Pharmaceuticals segment accounted for more than 5% of consolidated total revenues for any of the periods presented. Refer to Note 3. Discontinued Operations and Divestitures for additional information about the current period sale of the International Pharmaceuticals business on June 17, 2024, which represents substantially all of the International Pharmaceuticals segment. There were no material revenues from external customers attributed to an individual country outside of the U.S. during any of the periods presented. Successor period segment disclosure. The following tables represent the information, including significant segment expenses, regularly provided to and reviewed by the Company's CODM (in thousands): 14

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For the Successor Three Months Ended June 30, 2025 Branded Pharmaceuticals Sterile Injectables Generic Pharmaceuticals International Pharmaceuticals Total Total revenues, net (1) $227,935 $87,412 $118,986 $13,442 $447,775 Less: (2) Cost of revenues 16,846 56,889 85,103 6,182 Selling and marketing 60,140 4,109 1,621 2,881 General and administrative 8,856 4,294 3,515 2,734 Research and development 9,976 14,346 1,386 — Segment adjusted income (loss) from operations before income tax $132,117 $7,774 $27,361 $1,645 $168,897 Other segment disclosures: Depreciation (3) $1,735 $7,182 $3,547 $50 For the Successor Six Months Ended June 30, 2025 Branded Pharmaceuticals Sterile Injectables Generic Pharmaceuticals International Pharmaceuticals Total Total revenues, net (1) $437,426 $158,683 $218,070 $26,429 $840,608 Less: (2) Cost of revenues 33,627 113,181 155,863 12,323 Selling and marketing 120,323 7,959 3,253 5,367 General and administrative 17,407 7,964 6,499 5,672 Research and development 21,715 32,240 3,387 — Segment adjusted income (loss) from operations before income tax $244,354 $(2,661) $49,068 $3,067 $293,828 Other segment disclosures: Depreciation (3) $3,537 $14,417 $7,086 $225 For the Successor Three Months Ended June 30, 2024 Branded Pharmaceuticals Sterile Injectables Generic Pharmaceuticals International Pharmaceuticals Total Total revenues, net (1) $146,151 $56,474 $69,722 $11,816 $284,163 Less: (2) Cost of revenues 7,514 30,868 49,234 5,014 Selling and marketing 40,113 2,855 1,015 2,543 General and administrative 7,182 1,751 2,720 3,217 Research and development 9,983 10,972 1,392 102 Segment adjusted income (loss) from operations before income tax $81,359 $10,028 $15,361 $940 $107,688 Other segment disclosures: Depreciation (3) $1,097 $4,277 $2,406 $125 15

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For the Successor Six Months Ended June 30, 2024 Branded Pharmaceuticals Sterile Injectables Generic Pharmaceuticals International Pharmaceuticals Total Total revenues, net (1) $146,151 $56,474 $69,722 $11,816 $284,163 Less: (2) Cost of revenues 7,514 30,868 49,234 5,014 Selling and marketing 40,113 2,855 1,015 2,543 General and administrative 7,182 1,751 2,720 3,217 Research and development 9,983 10,972 1,392 102 Segment adjusted income (loss) from operations before income tax $81,359 $10,028 $15,361 $940 $107,688 Other segment disclosures: Depreciation (3) $1,097 $4,277 $2,406 $125 __________ (1) Total revenues, net represent revenue from external customers and amounts align with the segment-level information that is regularly provided to the CODM. There are no intersegment revenues reflected in the information provided to or reviewed by the CODM. (2) The significant expenses categories and amounts align with the segment-level information that is regularly provided to the CODM. There are no intersegment expenses reflected in the information provided to or reviewed by the CODM. Significant segment expense captions are adjusted to exclude: acquired in- process research and development charges; acquisition-related and integration items, including transaction costs and changes in the fair value of contingent consideration; cost reduction and integration-related initiatives such as separation benefits, continuity payments, other exit costs and certain costs associated with integrating an acquired company's operations; certain amounts related to strategic review initiatives; asset impairment charges; amortization of intangible assets; inventory step-up recorded as part of our acquisitions; litigation-related and other contingent matters; certain legal costs; and certain other items. (3) Depreciation expense disclosed by reportable segment is included in segment expense captions, such as Cost of revenues, Selling and marketing, General and administrative, and Research and development. Predecessor period segment disclosure. The following represents selected information for the Company's reportable segments (in thousands): Predecessor Period From April 1, 2024 to April 23, 2024 Period From January 1, 2024 through April 23, 2024 Net revenues from external customers: Branded Pharmaceuticals $78,918 $279,714 Sterile Injectables 34,297 132,531 Generic Pharmaceuticals 40,360 143,677 International Pharmaceuticals (1) 8,892 26,052 Total net revenues from external customers $162,467 $581,974 Segment adjusted income from continuing operations before income tax: Branded Pharmaceuticals $57,499 $161,592 Sterile Injectables 14,907 51,977 Generic Pharmaceuticals 16,922 42,378 International Pharmaceuticals 4,249 7,735 Total segment adjusted income from continuing operations before income tax $93,577 $263,682 __________ (1) Revenues generated by our International Pharmaceuticals segment are primarily attributable to external customers located in Canada. 16

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Successor and Predecessor reconciliations. The table below provide reconciliations of our Total segment adjusted income from continuing operations before income tax to our Total consolidated (loss) income from continuing operations before income tax (in thousands): Successor Predecessor Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Period From April 1, 2024 through April 23, 2024 Period From January 1, 2024 through April 23, 2024 Reconciliation of profit or loss (Segment adjusted income from operations before income tax): Segment adjusted income from operations before income tax $168,897 $293,828 $107,688 $107,688 $93,577 $263,682 Interest expense, net (53,572) (106,242) (44,669) (44,669) 2 2 Unallocated amounts: Corporate unallocated costs (1) (34,154) (77,091) (29,513) (29,513) (10,686) (48,238) Asset impairment charges (1,000) (1,000) — — (1,799) (2,103) Acquisitions and divestitures (2) (156,138) (325,968) (240,938) (240,938) (14,264) (77,543) Restructuring or similar transactions (3) (5,933) (4,524) (1,900) (1,900) 1 (4,960) Reorganization items, net — — — — 6,328,145 6,125,099 Other, net (4) 15,616 13,899 (3,425) (3,425) (33) (6,948) Total consolidated (loss) income from continuing operations before income tax $(66,284) $(207,098) $(212,757) $(212,757) $6,394,943 $6,248,991 __________ (1) For all periods presented, amounts include certain corporate overhead costs, such as headcount, facility and corporate litigation expenses and certain other income and expenses. (2) Amounts for the Successor three months ended June 30, 2025, includes: (i) approximately $61.8 million of inventory step up amortization; (ii) approximately $61.8 million of intangible assets amortization; (iii) approximately $32.1 million of transaction costs related to the combination of Mallinckrodt and Endo, divestiture of our International Pharmaceutical business and costs related to the ongoing wind down of the remaining Debtors; and (v) an approximately $0.4 million increase in the fair value of acquisition-related contingent consideration. Amounts for the Successor six months ended June 30, 2025, includes: (i) approximately $145.8 million of inventory step up amortization; (ii) approximately $124.4 million of intangible assets amortization; (iii) approximately $54.3 million of transaction costs related to the combination of Mallinckrodt and Endo, divestiture of our International Pharmaceutical business and costs related to the ongoing wind down of the remaining Debtors; and (v) an approximately $1.4 million increase in the fair value of acquisition-related contingent consideration. Amounts for the Successor three and six months ended June 30, 2024, includes approximately $192.0 million of inventory step up amortization and approximately $50.0 million of intangible assets amortization. Amounts for the Predecessor periods April 1, 2024 through April 23, 2024 and January 1, 2024 through April 23, 2024 primarily relate to amortization of intangible assets. (3) Amounts for the Successor three and six months ended June 30, 2025 primarily relate to net employee separation, continuity and other benefit-related charges. Amounts for the Successor three and six months ended June 30, 2024, primarily relate to net employee separation charges. Amounts for the Predecessor period January 1, 2024 through April 23, 2024 primarily relate to net employee separation, continuity and other benefit-related charges. (4) Amounts for the Successor three and six months ended June 30, 2025 and three and six months ended June 30, 2024 primarily relate to items included in Other (income) expense, net further discussed in Note 15. Other (Income) Expense, Net. Amounts for the Predecessor period January 1, 2024 through April 23, 2024 primarily relate to a charge of approximately $6 million associated with the rejection of an executory contract, which was approved by the Bankruptcy Court in February 2024. 17

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NOTE 5. FAIR VALUE MEASUREMENTS Fair value guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Financial Instruments The financial instruments recorded in the Condensed Consolidated Balance Sheets include cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, acquisition-related contingent consideration and debt obligations. Included in cash and cash equivalents and restricted cash and cash equivalents are money market funds representing a type of mutual fund required by law to invest in low-risk securities (for example, U.S. government bonds, U.S. Treasury Bills and commercial paper). Money market funds pay dividends that generally reflect short-term interest rates. Due to their initial maturities, the carrying amounts of non-restricted and restricted cash and cash equivalents (including money market funds), accounts receivable, accounts payable and accrued expenses approximate their fair values. Restricted Cash and Cash Equivalents The Company's restricted cash and cash equivalent balances at June 30, 2025 and December 31, 2024 were $93.1 million and $89.2 million, respectively, and primarily relate to certain self-insurance related matters. These balances are classified as current assets in the Condensed Consolidated Balance Sheets in the Restricted cash and cash equivalents line item, as the potential for, and timing of, future claims and/or payment is unknown and could result in distributions within the next twelve months. Acquisition-Related Contingent Consideration The fair value of contingent consideration liabilities is determined using unobservable inputs; hence, these instruments represent Level 3 measurements within the above-defined fair value hierarchy. These inputs include the estimated amount and timing of projected cash flows, the probability of success (achievement of the contingent event) and the risk-adjusted discount rate used to present value the probability-weighted cash flows. Subsequent to the acquisition date, at each reporting period, the contingent consideration liability is remeasured at current fair value with changes recorded in earnings. The estimates of fair value are uncertain and changes in any of the estimated inputs used as of the date of this report could have resulted in significant adjustments to fair value. See the "Recurring Fair Value Measurements" section below for additional information on acquisition-related contingent consideration. 18

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Recurring Fair Value Measurements The financial assets and liabilities measured at fair value on a recurring basis were as follows (in thousands): Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Assets: Money market funds $223,368 $— $— $223,368 Liabilities: Acquisition-related contingent consideration—current $— $— $2,082 $2,082 Acquisition-related contingent consideration—noncurrent $— $— $4,633 $4,633 Fair Value Measurements at June 30, 2025 using: Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Assets: Money market funds $141,315 $— $— $141,315 Liabilities: Acquisition-related contingent consideration—current $— $— $3,303 $3,303 Acquisition-related contingent consideration—noncurrent $— $— $4,041 $4,041 Fair Value Measurements at December 31, 2024 using: Fair Value Measurements Using Significant Unobservable Inputs The following table presents changes to the liability for acquisition-related contingent consideration, which is measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in thousands): Successor Predecessor Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 Three Months Ended June 30, 2024 (1) Six Months Ended June 30, 2024 (1) Period from April 1, 2024 to April 23, 2024 Period from January 1, 2024 to April 23, 2024 Beginning of period $8,060 $7,344 $— $— $12,050 $12,447 Acquisition of contingent consideration from Predecessor — — 10,195 10,195 — — Amounts settled (1,730) (2,028) (1,577) (1,577) (1,499) (2,475) Changes in fair value recorded in earnings 385 1,399 (58) (58) (338) 284 Effect of currency translation — — 31 31 (18) (61) End of period $6,715 $6,715 $8,591 $8,591 $10,195 $10,195 __________ (1) Prior to the Effective Date, the Successor entity had no liabilities for acquisition related contingent consideration. The Successor entity assumed the liabilities for acquisition related contingent consideration in connection with the Plan. At June 30, 2025, the fair value measurements of the contingent consideration obligations were determined using risk-adjusted discount rates ranging from 8.9% to 19.0% (weighted average rate of approximately 18.4%, weighted based on relative fair value). Changes in fair value recorded in earnings related to acquisition-related contingent consideration are included in our Condensed Consolidated Statements of Operations as Acquisition-related and integration items, net. 19

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The following table presents changes to the liability for acquisition-related contingent consideration by acquisition (in thousands): Balance as of December 31, 2024 Changes in Fair Value Recorded in Earnings Amounts Settled and Other Balance as of June 30, 2025 Auxilium acquisition $6,647 $1,241 $(1,573) $6,315 Other 697 158 (455) 400 Total $7,344 $1,399 $(2,028) $6,715 Nonrecurring Fair Value Measurements The Company's long-lived assets and other intangible assets may be subject to nonrecurring fair value measurement for the evaluation of potential impairment. During the periods covered by this report, nonrecurring fair value measurements, which related to certain property, plant and equipment and other intangible assets, were not material. NOTE 6. INVENTORIES Inventories, net of applicable reserves, consisted of the following (in thousands): June 30, 2025 December 31, 2024 Raw materials $88,708 $94,758 Work-in-process 240,815 274,321 Finished goods 110,166 158,657 Total $439,689 $527,736 Inventory in excess of the amount expected to be sold within one year is classified as noncurrent inventory and is not included in the table above. At June 30, 2025 and December 31, 2024, $128.1 million and $203.5 million, respectively, of noncurrent inventory was included in Other assets in the Condensed Consolidated Balance Sheets. These noncurrent inventory balances reflect the impact of fresh start accounting. As of June 30, 2025 and December 31, 2024, the reported inventory balances include approximately $294.4 million and $440.2 million, respectively, of remaining unamortized step up in fair value, including $78.3 million and $170.6 million, respectively, classified as long term inventory and presented as Other assets in the Condensed Consolidated Balance Sheet. The remaining unamortized step up in fair value will be reflected as Cost of revenue in future periods as the inventory is sold. As of June 30, 2025 and December 31, 2024, the Company's Condensed Consolidated Balance Sheets included approximately $1.1 million and $0.1 million, respectively, of capitalized pre-launch inventories related to products that were not yet available to be sold. NOTE 7. LEASES The following table presents information about the Company's right-of-use assets and lease liabilities (in thousands): Balance Sheet Line Items June 30, 2025 December 31, 2024 Right-of-use assets: Operating lease right-of-use assets Operating lease assets $37,205 $39,193 Finance lease right-of-use assets Property, plant and equipment, net 3,457 3,822 Total right-of-use assets $40,662 $43,015 Operating lease liabilities: Current operating lease liabilities Current portion of operating lease liabilities $4,085 $3,994 Noncurrent operating lease liabilities Operating lease liabilities, less current portion 33,655 34,759 Total operating lease liabilities $37,740 $38,753 Finance lease liabilities: Current finance lease liabilities Accounts payable and accrued expenses $975 $634 Noncurrent finance lease liabilities Other liabilities 2,400 2,794 Total finance lease liabilities $3,375 $3,428 20

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The following tables present information about lease costs and expenses and sublease income (in thousands): Successor Predecessor Statement of Operations Line Items Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Period From April 1, 2024 through April 23, 2024 Operating lease cost Various (1) $1,628 $356 $(436) Finance lease cost: Amortization of right-of-use assets Various (1) $175 $1,346 $495 Interest on lease liabilities Interest expense, net $65 $87 $30 Other lease costs and income: Variable lease costs (2) Various (1) $3,556 $2,371 $606 Sublease income Various (1) $— $(459) $(229) Successor Predecessor Statement of Operations Line Items Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Period From January 1, 2024 through April 23, 2024 Operating lease cost Various (1) $3,675 $356 $550 Finance lease cost: Amortization of right-of-use assets Various (1) $363 $1,346 $2,519 Interest on lease liabilities Interest expense, net $134 $87 $169 Other lease costs and income: Variable lease costs (2) Various (1) $6,141 $2,371 $3,588 Sublease income Various (1) $— $(459) $(1,129) __________ (1) Amounts are included in the Condensed Consolidated Statements of Operations based on the function that the underlying leased asset supports. The following table presents the components of such aggregate amounts (in thousands): Successor Predecessor Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Period From April 1, 2024 through April 23, 2024 Cost of revenues $2,207 $1,055 $468 Selling, general and administrative $3,152 $2,559 $(32) Successor Predecessor Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Period From January 1, 2024 through April 23, 2024 Cost of revenues $3,782 $1,055 $2,130 Selling, general and administrative $6,397 $2,559 $3,398 (2) Amounts represent variable lease costs incurred that were not included in the initial measurement of the lease liability such as common area maintenance and utilities costs associated with leased real estate and certain costs associated with our automobile leases. 21

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The following table provides certain additional information related to our leases (in thousands): Successor Predecessor Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Period From January 1, 2024 through April 23, 2024 Cash paid for amounts included in the measurement of lease liabilities: Operating cash payments for operating leases $3,115 $1,105 $1,863 Operating cash payments for finance leases $136 $132 $366 Financing cash payments for finance leases $359 $1,190 $2,381 Lease liabilities arising from obtaining right-of-use assets: Operating leases (1) $1,113 $— $— __________ (1) For the six months ended June 30, 2025, approximately $0.4 million relates to a lease liability arising from obtaining a right-of-use asset that was sold in connection with the International Pharmaceuticals business divestiture. Refer to Note 3. Discontinued Operations and Divestitures for additional information about the current period sale of the International Pharmaceuticals business NOTE 8. OTHER INTANGIBLES Other Intangible Assets The Company's intangible assets consist of the following components (in thousands): Cost basis: June 30, 2025 December 31, 2024 Indefinite-lived intangibles: In-process research and development $49,509 $50,509 Total indefinite-lived intangibles $49,509 $50,509 Finite-lived intangibles: Marketed products (weighted average life of 8 years) (1) $1,821,485 $1,869,140 Licenses (weighted average life of 5 years) 69,757 69,757 Total finite-lived intangibles (weighted average life of 8 years) $1,891,242 $1,938,897 Total other intangibles $1,940,751 $1,989,406 Accumulated amortization: Finite-lived intangibles: Marketed products $(277,017) $(163,654) Licenses (17,072) (9,891) Total other intangibles $(294,089) $(173,545) Net other intangibles $1,646,662 $1,815,861 __________ (1) The change in the cost basis of marketed products during the period is the result of the International Pharmaceuticals business divestiture. Refer to Note 3. Discontinued Operations and Divestitures for additional information. Amortization expense for the Successor three and six months ended June 30, 2025 totaled approximately $61.8 million and $124.4 million, respectively. Amortization expense for the Successor three and six months ended June 30, 2024, the Predecessor periods from April 1, 2024 through April 23, 2024 and January 1, 2024 through April 23, 2024, totaled approximately $49.1 million, $15.1 million and $77.0 million, respectively. Amortization expense is included in Cost of revenues in the Condensed Consolidated Statements of Operations. Impairments Indefinite-lived intangible assets are tested for impairment annually, as of October 1, and when events or changes in circumstances indicate that the asset might be impaired. We estimate the fair values of our intangible assets using an income approach that utilizes a discounted cash flow model, or, where appropriate a market approach. The discounted cash flow models reflect our estimates of future cash flows and other factors including estimates of future operating performance, including future sales, long-term growth rates, gross margins, operating expenses, discount rates, and the 22

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probability of technical and regulatory success. These assumptions are based on significant inputs and judgments not observable in the market, and thus represent Level 3 measurements within the fair value hierarchy. The discount rates used in the determination of fair value reflect our judgments regarding the risks and uncertainties inherent in the estimated future cash flows and may differ over time depending on the risk profile of the particular assets and other market factors. We believe the discount rates and other inputs and assumptions are consistent with those a market participant would use. Any impairment charges resulting from annual or interim intangible asset impairment assessments are recorded to Asset impairment charges in our Condensed Consolidated Statements of Operations. During the three months ended June 30, 2025, the Company recorded a $1.0 million impairment charge due to the decision to discontinue the development of an indefinite-lived intangible asset. This asset was included in the Generics Pharmaceuticals segment. NOTE 9. CONTRACT ASSETS AND LIABILITIES Our revenue consists almost entirely of sales of our products to customers, whereby we ship products to a customer pursuant to a purchase order. Revenue contracts such as these do not generally give rise to contract assets or contract liabilities because: (i) the underlying contracts generally have only a single performance obligation and (ii) we do not generally receive consideration until the performance obligation is fully satisfied. At June 30, 2025, the unfulfilled performance obligations for these types of contracts relate to ordered but undelivered products. We generally expect to fulfill the performance obligations and recognize revenue within one week of entering into the underlying contract. Based on the short-term initial contract duration, additional disclosure about the remaining performance obligations is not required. Certain of our other income-generating contracts, including license and collaboration agreements, may result in contract assets and/or contract liabilities. For example, we may recognize contract liabilities upon receipt of certain upfront and milestone payments from customers when there are remaining performance obligations. The following table shows the opening and closing balances of contract assets and contract liabilities from contracts with customers (dollars in thousands): June 30, 2025 December 31, 2024 Contract assets (1) $9,094 $11,728 Contract liabilities (2) $— $2,969 __________ (1) At June 30, 2025 and December 31, 2024, approximately $2.3 million and $2.4 million, respectively, of these contract asset amounts are classified as current and are included in Prepaid expenses and other current assets in the Company's Condensed Consolidated Balance Sheets. The remaining amounts, if applicable, are classified as noncurrent and are included in Other assets. (2) At December 31, 2024, approximately $0.6 million of these contract liability amounts are classified as current and are included in Accounts payable and accrued expenses in the Company's Condensed Consolidated Balance Sheets. During the three and six months ended June 30, 2025, approximately $0.1 million and $0.2 million, respectively, of revenue was recognized that was included in the contract liability balance at December 31, 2024. The contract liability balance as of June 17, 2025, was included in the divested net assets of our International Pharmaceuticals business, described in Note 3. Discontinued Operations and Divestitures. During the Successor six months ended June 30, 2025, we recognized reductions in revenue of $1.2 million related to performance obligations satisfied, or partially satisfied, in prior periods. During the Successor six months ended June 30, 2024 and Predecessor period January 1, 2024 through April 23, 2024, we recognized revenue of $13.7 million and $0.3 million, respectively, relating to performance obligations satisfied, or partially satisfied, in prior periods. Such revenue generally relates to changes in estimates with respect to our variable consideration. 23

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NOTE 10. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses included the following at June 30, 2025 and December 31, 2024 (in thousands): June 30, 2025 December 31, 2024 Trade accounts payable $64,744 $107,635 Returns and allowances 89,868 99,425 Rebates 104,256 108,831 Other sales deductions 3,277 3,367 Accrued interest 18,202 17,772 Accrued payroll and related benefits 63,196 68,808 Accrued royalties and other distribution partner payables 19,051 20,281 Acquisition-related contingent consideration—current 2,082 3,303 Other 86,702 46,063 Total $451,378 $475,485 The decrease in the Returns and allowances and Rebates accruals are primarily due to changes in gross sales and customer mix, as well as other factors. The increase in the Other category is primarily due to changes in accrued legal and other professional fees associated with the combination of Mallinckrodt and Endo. For further information regarding the combination of Mallinckrodt and Endo refer to Note 1. Basis of Presentation. The fluctuations in the remaining categories are primarily the result of timing of payments. NOTE 11. DEBT The following table presents information about the Company's total indebtedness at June 30, 2025 and December 31, 2024 (dollars in thousands): Effective Interest Rate Principal Amount (1) Carrying Amount (2) Effective Interest Rate Principal Amount (1) Carrying Amount (2) 8.50% Senior Notes Due 2031 8.87 % $1,000,000 $983,368 8.87 % $1,000,000 $982,291 Term Loan Facility 8.91 % 1,488,750 1,450,452 9.16 % 1,496,250 1,455,430 Total $2,488,750 $2,433,820 $2,496,250 $2,437,721 Less: current portion, net 15,000 15,000 15,000 15,000 Total long-term debt, less current portion, net $2,473,750 $2,418,820 $2,481,250 $2,422,721 June 30, 2025 December 31, 2024 __________ (1) As of June 30, 2025 and December 31, 2024, the principal amounts represent the amount of unpaid contractual principal owed on the respective instruments. (2) As of June 30, 2025 and December 31, 2024, the carrying amount of the respective debt instruments represents the unpaid contractual principal amounts owed less applicable deferred financing fees and original issue discounts. General Information The aggregate estimated fair value of long-term debt, which was determined based on Level 2 quoted market price inputs for the same or similar debt issuances, was approximately $2.6 billion at both June 30, 2025 and December 31, 2024. New Credit Facilities On the Effective Date, as contemplated in the Plan, Endo Finance Holdings, Inc. (Endo Finance), a wholly owned subsidiary of Endo, Inc., also referred to herein as the Issuer, entered into the New Credit Agreement by and among the Issuer, as borrower, Endo, Inc., as parent guarantor, the lenders from time to time party thereto and Goldman Sachs Bank USA, as administrative agent, collateral agent, issuing bank and swingline lender, which provides for, among other things: (i) the New Revolving Credit Facility, and (ii) the New Term Facility, presented in the table above as Term Loan Facility (Successor) (the New Term Facility and, together with the New Revolving Credit Facility, the New Credit Facilities). The New Credit Agreement provides the Issuer with the option to raise certain incremental credit facilities, subject to certain limitations and conditions specified in the New Credit Agreement. The New Revolving Credit Facility has a maturity date of April 23, 2029 and the New Term Facility has a maturity date of April 23, 2031. At June 30, 2025, approximately $396 million of capacity under the New Revolving Credit Facility is undrawn and available to the Company, net of outstanding standby letters of credit. 24

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On October 29, 2024, the Company entered into the First Amendment (the "Amendment") to the New Credit Agreement, and as amended by the Amendment, the "Amended Credit Agreement," among Endo, Endo Finance, the lenders party thereto and Goldman Sachs Bank USA, as administrative agent, collateral agent, issuing bank and swingline lender. The Amendment provides for, among other things, the refinancing of all outstanding initial term loans with a new tranche of term loans that bears interest at a rate per annum equal to, at our option, (x) Term SOFR plus a range of 3.75% to 4.00% or (y) an alternate base rate plus a range of 2.75% to 3.00%, in each case based upon our First Lien Net Leverage Ratio (as defined in the Amended Credit Agreement). The Amendment resulted in a 0.50% reduction in our term loan interest rate margins. As of June 30, 2025 and December 31, 2024, we were in compliance with all covenants contained in the New Credit Facilities. New Senior Secured Notes On the Effective Date, the Issuer issued the New Senior Secured Notes (presented in the table above as 8.50% Senior Notes Due 2031) at an issue price of 100%. The New Senior Secured Notes were issued in a private offering to qualified institutional buyers pursuant to Rule 144A and outside the United States to non-U.S. persons pursuant to Regulation S. The New Senior Secured Notes are the Issuer's senior secured obligations and are guaranteed on a senior secured basis by Endo, Inc. and the subsidiaries that guarantee the New Credit Agreement. The New Senior Secured Notes are secured on a pari passu basis by first-priority liens, subject to permitted liens and certain other exceptions, and the prior payment of the Revolving Facility Obligations from proceeds of the collateral, on the same collateral that secures the New Credit Agreement. The New Senior Secured Notes will mature on April 15, 2031, subject to earlier repurchase or redemption in accordance with the terms of the Indenture (as defined below), and bear interest at 8.50% per annum, payable semi-annually in cash in arrears on April 15 and October 15 of each year, commencing on October 15, 2024. As of June 30, 2025 and December 31, 2024, we were in compliance with all covenants contained in the New Senior Secured Notes. GxSI Credit Facilities On July 31, 2025, ST 2020, Inc. and MEH, Inc. entered into a Credit Agreement among ST 2020, MEH, the financial institutions party thereto as lenders, and Wilmington Savings Fund Society, FSB as administrative agent and collateral agent. For further information regarding the GxSI Credit Facilities, refer to Note 1. Basis of Presentation. NOTE 12. COMMITMENTS AND CONTINGENCIES Legal Proceedings and Investigations Endo, Inc. and certain of its subsidiaries are involved in various claims, legal proceedings and internal and governmental investigations (collectively, proceedings) arising from time to time, including, among others, those relating to product liability, intellectual property, regulatory compliance, consumer protection, tax and commercial matters. An adverse outcome in certain proceedings described herein could have a material adverse effect on our business, financial condition, results of operations and cash flows. Endo, Inc. and certain of its subsidiaries are also subject to a number of matters that are not being disclosed herein because, in the opinion of our management, these matters are immaterial both individually and in the aggregate with respect to our financial position, results of operations and cash flows. Endo, Inc. believes that certain settlements and judgments, as well as legal defense costs are or may be covered in whole or in part under our insurance policies with a number of insurance carriers. In certain circumstances, insurance carriers reserve their rights to contest or deny coverage. Amounts recovered under our insurance policies could be materially less than stated coverage limits and may not be adequate to cover damages, other relief and/or costs relating to claims. In addition, there is no guarantee that insurers will pay claims in the amounts we expect or that coverage will otherwise be available. Even where claims are submitted to insurers for defense and indemnity, there can be no assurance that the claims will be covered by insurance or that the indemnitors or insurers will remain financially viable or will not challenge our right to reimbursement in whole or in part. Accordingly, we will record receivables with respect to amounts due under these policies only when the realization of the potential claim for recovery is considered probable. We may not have and may be unable to obtain or maintain insurance on acceptable terms or with adequate coverage against potential liabilities or other losses, including costs, judgments, settlements and other liabilities incurred in connection with current or future legal proceedings, regardless of the success or failure of the claim. Additionally, we may be limited by the surviving insurance policies of acquired entities, which may not be adequate to cover potential liabilities or other losses. Even where claims are submitted to insurance carriers for defense and indemnity, there can be no assurance that the claims will be covered by insurance or that the indemnitors or insurers will remain financially viable or will not challenge our right to reimbursement in whole or in part. The failure to generate sufficient cash flow or to obtain other financing could affect our ability to pay amounts due under those liabilities not covered by insurance. Additionally, the nature of our business, the legal proceedings to which we are exposed and any losses we suffer may increase the cost of insurance, which could impact our decisions regarding our insurance programs. As disclosed in prior filings, on the Petition Date, Endo International plc, together with the Debtors, filed voluntary petitions for relief under the Bankruptcy Code. Certain additional Debtors filed voluntary petitions for relief under the Bankruptcy Code on May 25

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25, 2023 and May 31, 2023. Under the Bankruptcy Code, third-party actions to collect prepetition indebtedness owed by the Debtors, as well as most litigation pending against the Debtors as of the Petition Date were generally subject to an automatic stay. Such automatic stay remained in place until the April 23, 2024 Effective Date, at which point claims against the Debtors were discharged and channeled to the applicable trusts in accordance with the Plan. The prepetition litigation that was discharged included, among other things, all prepetition liabilities relating to vaginal mesh matters, opioid-related matters, ranitidine matters, generic drug pricing matters, other antitrust matters, securities litigation matters, and governmental investigation matters. In accordance with the Plan, Endo, Inc. does not have any liability with respect to any prepetition claims. At the Debtors' request, the Bankruptcy Court appointed the Future Claimants' Representative (the FCR) in the Chapter 11 Cases. As further described in the applicable Bankruptcy Court filings, the FCR represents the rights of individuals who may in the future assert one or more personal injury claims against the Debtors or a successor of the Debtors' businesses relating to the Debtors' opioid or transvaginal surgical mesh products, but who could not assert such claims in the Chapter 11 Cases because, among other reasons, such individuals were unaware of the alleged injury, had a latent manifestation of the alleged injury or were otherwise unable to assert or incapable of asserting claims based on the alleged injury. Although the FCR was initially appointed to represent the rights of individuals who may in the future assert one or more personal injury claims against the Debtors or a successor of the Debtors' businesses relating to the Debtors' ranitidine products, in August 2023 the Bankruptcy Court entered an order terminating the FCR's appointment with respect to claims relating to the Debtors' ranitidine products. As of June 30, 2025, our accrual for loss contingencies of approximately $8.4 million represents the unpaid portion of the settlement consideration payable under the Debtors' settlement with the FCR, which Endo, Inc. assumed on the Effective Date. Under the Plan and the settlement contemplated thereby, the trust established for the benefit of eligible future claimants assumed liability for all future claims in exchange for Endo, Inc.'s ongoing obligation to fund such trust. Government Investigations In March 2025, Endo USA, Inc. (Endo USA) received a subpoena issued by the U.S. Attorney's Office for the Western District of Virginia (the WDVA USAO) requesting documents and information from 1996 through the present related to any interactions by Endo USA, its affiliates, predecessors or other related parties with pharmacy benefit managers, including (i) remuneration provided, (ii) negotiation of rebates, (iii) communications regarding the prescription, administration or payment for opioid medications, and (iv) communications regarding the safety or efficacy of opioid medications. In April 2025, Endo USA received additional subpoenas from the WDVA USAO, requesting accounting records and documents related to pharmacy benefit managers. Endo USA is cooperating with the investigation and is in the process of responding to the subpoenas, including to the extent that Endo USA serves as custodian of records for Debtors Endo Health Solutions Inc. and Endo Pharmaceuticals Inc. with respect to the period from 1996 through the April 2024 Effective Date. In April 2025, Endo USA received subpoenas from the United States Department of Justice's Consumer Protection Branch seeking documents and information, if any, related to the marketing and promotion of SUPPRELIN® LA from January 2020 through the present, for certain unapproved uses, including transgender care and gender dysphoria. Endo is cooperating with the investigation and is in the process of responding to the subpoenas, including to the extent that Endo USA serves as custodian of records for Debtor Endo Pharmaceuticals Inc. with respect to the period from January 2020 through the April 2024 Effective Date. We are unable to predict the outcome of these matters or the ultimate legal and financial liability, if any, and at this time cannot reasonably estimate the possible loss or range of loss, if any, for these matters. Patent Matters Endo Operations Limited exclusively licenses several patents that relate to Endo USA Inc.'s ADRENALIN® (epinephrine in sodium chloride injection) product. On March 5, 2025, Endo USA, Inc. and Endo Operations Limited filed an action against Baxter Healthcare Corporation (Baxter) in the U.S. District Court for the Northern District of Illinois for infringement of the licensed patents with respect to Baxter's 16 mg/250 mL presentation of epinephrine in sodium chloride injection (Endo USA, Inc. & Endo Operations Ltd. v. Baxter Healthcare Corp., C.A. No. 25-2365 (N.D. III.)). Endo USA, Inc. and Endo Operations Limited then filed a motion for a preliminary injunction on March 26, 2025. The Magistrate Judge issued a Report and Recommendation to deny that motion on May 15, 2025 and Baxter commercially launched its product shortly thereafter. The case was dismissed without prejudice on June 12, 2025. On May 30, 2025, Endo received a Notice of Paragraph IV Certification from Baxter regarding its supplemental NDA seeking approval from the FDA to market its 4 mg/ 250 mL presentation of epinephrine in sodium chloride injection product. On July 10, 2025, Endo Operations Limited, Endo USA, Inc., PH Health Limited, and Par Health USA, LLC filed an action against Baxter in the U.S. District Court for the District of Delaware for infringement of the licensed patents (Endo Operations Limited, Endo USA, Inc., PH Health Limited, and Par Health USA, LLC v. Baxter Healthcare Corporation, C.A. No. 25-861 (D. Del.)). The filing of the action triggered a 30-month stay of FDA's approval of Baxter's 4 mg/ 250 mL presentation of epinephrine in sodium chloride injection, which expires on November 30, 2027. 26

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Other Proceedings and Investigations Additional proceedings may also be brought in the future. We cannot predict the timing or outcome of these other proceedings. Currently, neither we nor our subsidiaries are involved in any other proceedings that we expect to have a material effect on our business, financial condition, results of operations and cash flows. NOTE 13. OTHER COMPREHENSIVE (LOSS) INCOME During the periods covered by this report, substantially all of the Accumulated other comprehensive loss balances at June 30, 2025 and December 31, 2024 consist of Foreign currency translation loss. There were no tax effects in Other comprehensive (loss) income and there were no reclassifications out of Accumulated other comprehensive loss. NOTE 14. SHAREHOLDERS'/STOCKHOLDERS' (DEFICIT) EQUITY The following table presents a reconciliation of the beginning and ending balances in Total shareholders' (deficit) equity (in thousands): Euro Deferred Shares / Preferred Stock Ordinary Shares / Common Stock Additional Paid- in Capital (Accumulated Deficit) Retained Earnings Accumulated Other Comprehensive (Loss) Income Total Shareholders' (Deficit) Equity BALANCE, DECEMBER 31, 2023 (PREDECESSOR) $44 $24 $8,980,561 $(15,354,427) $(223,762) $(6,597,560) Net loss — — — (154,230) — (154,230) Other comprehensive loss — — — — (2,924) (2,924) Other (1) — — — — (1) BALANCE, MARCH 31, 2024 (PREDECESSOR) $43 $24 $8,980,561 $(15,508,657) $(226,686) $(6,754,715) Net income — — — 6,527,548 — 6,527,548 Other comprehensive income — — — — 226,686 226,686 Cancellation of Predecessor equity (43) (24) (8,980,561) 8,980,628 — — Issuance of Successor common stock — 76 1,981,480 — — 1,981,556 Other — — — 481 — 481 BALANCE, APRIL 23, 2024 (PREDECESSOR) $— $76 $1,981,480 $— $— $1,981,556 27

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The following tables present reconciliations of the beginning and ending balances in Total stockholders' equity (in thousands): Preferred Stock Common Stock Additional Paid- in Capital (Accumulated Deficit) Retained Earnings Accumulated Other Comprehensive (Loss) Income Total Stockholders' (Deficit) Equity BALANCE, DECEMBER 31, 2023 (SUCCESSOR) $— $— $— $— $— $— Net income — — — — — — BALANCE, MARCH 31, 2024 (SUCCESSOR) $— $— $— $— $— $— Issuance of Successor common stock — 76 1,981,480 — — 1,981,556 Net loss — — — (148,776) — (148,776) Other comprehensive income — — — — 177 177 BALANCE, JUNE 30, 2024 (SUCCESSOR) $— $76 $1,981,480 $(148,776) $177 $1,832,957 Preferred Stock Common Stock Additional Paid- in Capital Accumulated Deficit Accumulated Other Comprehensive Loss Total Stockholders' Equity BALANCE, DECEMBER 31, 2024 (SUCCESSOR) $— $76 $1,986,133 $(730,864) $(3,007) $1,252,338 Net loss — — — (128,630) — (128,630) Other comprehensive loss — — — — (665) (665) Compensation related to share-based awards — — 3,180 — — 3,180 BALANCE, MARCH 31, 2025 (SUCCESSOR) $— $76 $1,989,313 $(859,494) $(3,672) $1,126,223 Net loss — — — (59,610) — (59,610) Other comprehensive income — — — — 3,504 3,504 Compensation related to share-based awards — — 1,735 — — 1,735 Tax withholding for restricted shares — — (766) — — (766) BALANCE, JUNE 30, 2025 (SUCCESSOR) $— $76 $1,990,282 $(919,104) $(168) $1,071,086 Share-Based Compensation The Company recognized share-based compensation expense of $1.7 million and $4.9 million, respectively, during the three and six months ended June 30, 2025. As of June 30, 2025, the total remaining unrecognized compensation cost related to non-vested share-based compensation awards amounted to $14.3 million. As of June 30, 2025, the weighted average remaining requisite service period for non-vested restricted stock units and performance share units was 1.4 years. As contemplated by the Plan, on the Effective Date, the Company adopted a long-term incentive plan and authorized and reserved 3.6 million shares for issuance pursuant to equity incentive awards to be granted under such plan. As of July 30, 2025, 1.1 million shares have been granted under the Company's Management Incentive Plan to current employees and non-employee directors. 28

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NOTE 15. OTHER (INCOME) EXPENSE, NET The components of Other (income) expense, net are as follows (in thousands): Successor Predecessor Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Period From April 1, 2024 through April 23, 2024 Net (gain) loss on sale of business and other assets (1) $(20,510) $52 $63 Foreign currency loss (gain), net (2) 2,282 266 (540) Net loss (gain) from our investments in the equity of other companies (3) 2,454 (64) — Other miscellaneous, net (4) (133) (8) (16) Other (income) expense, net $(15,907) $246 $(493) Successor Predecessor Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Period From January 1, 2024 through April 23, 2024 Net (gain) loss on sale of business and other assets (1) $(20,577) $52 $(115) Foreign currency loss (gain), net (2) 3,240 266 (376) Net loss (gain) from our investments in the equity of other companies (3) 2,525 (64) 5 Other miscellaneous, net (4) (67) (8) 5,748 Other (income) expense, net $(14,879) $246 $5,262 __________ (1) Amounts for the Successor three and six months ended June 30, 2025 primarily relate to the sale of the International Pharmaceuticals business, as discussed further in Note 3. Discontinued Operations and Divestitures. Amounts for the Successor three and six months ended June 30, 2024, and the Predecessor periods from April 1, 2024 through April 23, 2024 and January 1, 2024 through April 23, 2024 primarily relate to the sale of certain intellectual property rights and certain other assets. (2) Amounts relate to the remeasurement of foreign currency denominated assets and liabilities. (3) Amounts relate to the income statement impacts of our investments in the equity of other companies, including investments accounted for under the equity method. (4) The amount for the Predecessor period January 1, 2024 through April 23, 2024 primarily relates to a charge of approximately $6 million associated with the rejection of an executory contract, which was approved by the Bankruptcy Court in February 2024. 29

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NOTE 16. INCOME TAXES The following tables display our Loss from continuing operations before income tax, Income tax (benefit) expense and Effective tax rate (dollars in thousands): Successor Predecessor Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Period From April 1, 2024 through April 23, 2024 (Loss) income from continuing operations before income tax $(66,284) $(212,757) $6,394,943 Income tax (benefit) expense $(6,674) $(63,981) $50,629 Effective tax rate 10.1 % 30.1 % 0.8 % Successor Predecessor Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Period From January 1, 2024 through April 23, 2024 (Loss) income from continuing operations before income tax $(207,098) $(212,757) $6,248,991 Income tax (benefit) expense $(18,858) $(63,981) $58,511 Effective tax rate 9.1 % 30.1 % 0.9 % The income tax benefit of $6.7 million for the Successor three months ended June 30, 2025 primarily related to a $6.1 million tax benefit on pre-tax losses outside of the United States (OUS). The income tax benefit of $18.9 million for the Successor six months ended June 30, 2025 primarily related to a $20.1 million tax benefit on pre-tax losses OUS, partially offset by the establishment of a valuation allowance. The income tax benefit of $64.0 million for the Successor three and six months ended June 30, 2024 primarily related to a $37.6 million tax benefit associated with a deferred tax benefit on a post-emergence intra-entity transfer during the Successor three months ended June 30, 2024, and a $27.1 million tax benefit on pre-tax losses outside of the United States (OUS). The income tax expense of $50.6 million for the Predecessor period from April 1, 2024, through April 23, 2024 primarily consisted of the income tax impacts of the Plan and Fresh Start Adjustments, including adjustments to historical valuation allowances. Endo International plc recorded an income tax benefit of $196.6 million for a reduction to the historical valuation allowance associated with deferred tax assets, and an income tax expense of $3.8 million for the reduction in income taxes payable/receivables. These benefits are offset by $211.4 million of income tax expense for the net decrease in deferred tax assets resulting from Fresh Start Adjustments. The Company also recorded income tax expenses of $16.7 million related to increases in accrued interest on uncertain tax positions, $4.2 million Indian capital gain tax on the intercompany transfer of shares, and $9.3 million related to changes in valuation allowances. The income tax expense of $58.5 million for the Predecessor period from January 1, 2024 through April 23, 2024 consisted of the income tax impacts of the Plan and Fresh Start Adjustments, including adjustments to historical valuation allowances. Endo International plc recorded an income tax benefit of $196.6 million for a reduction to the historical valuation allowance associated with deferred tax assets, and an income tax expense of $3.8 million for the reduction in income taxes payable/receivables. These benefits are offset by $211.4 million of income tax expense for the net decrease in deferred tax assets resulting from Fresh Start Adjustments. The Company also recorded income tax expenses of $30.1 million related to increases in accrued interest on uncertain tax positions, $4.2 million Indian capital gain tax on the intercompany transfer of shares, and $9.3 million related to changes in valuation allowances. This was offset by an income tax benefit of $10.3 million associated with a reduction to our net unrecognized tax position (UTP) liability related to a Canadian statute lapse. 30

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A valuation allowance is required when it is more likely than not that all or a portion of a deferred tax asset will not be realized. The Company assesses the available positive and negative evidence to estimate whether the existing deferred tax assets will be realized. It is possible that in the future we may be required to establish a valuation allowance on a portion of a jurisdiction's deferred tax assets. Establishing these valuation allowances would result in a charge to income tax expense for the period the establishment is recorded, which could have a material impact on net earnings. The timing and amount of the potential valuation allowance establishment are subject to significant management judgment and prospective earnings. During the six months ended June 30, 2025, the Company recognized an expense of $2.8 million related to the establishment of a valuation allowance on a Canadian affiliate. The Company records accrued interest and penalties, where applicable, related to UTPs as part of the provision for income taxes. As of December 31, 2024, the Company had total UTPs, including accrued interest and penalties, of $4.3 million. The Company recognized net expense of $0.1 million associated with UTPs during the six months ending June 30, 2025, related to accrued interest in India. On July 4, 2025, President Donald Trump signed the reconciliation tax bill, commonly known as the "One Big Beautiful Bill Act" (OBBBA). Notable corporate provisions include the restoration of 100% bonus depreciation, the creation of Section 174A, which reinstates expensing for domestic research and experimental (R&E) expenditures; modifications to Section 163(j) interest limitations; updates to the rules for global intangible low-taxed income (GILTI) and foreign-derived intangible income (FDII); amendments to the rules for energy credits; and the expansion of Section 162(m) aggregation requirements. While there were no impacts to the Company for the period ending June 30, 2025, the Company is still assessing the future impacts of the tax legislation. NOTE 17. NET LOSS PER SHARE The following is a reconciliation of the numerator and denominator of basic and diluted net (loss) income per share (in thousands): Successor Predecessor Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Period From April 1, 2024 through April 23, 2024 Numerator: (Loss) income from continuing operations $(59,610) $(148,776) $6,344,314 Income from discontinued operations — — 183,234 Net (loss) income $(59,610) $(148,776) $6,527,548 Denominator: For basic per share data—weighted average shares 76,289 76,156 235,220 Dilutive effect of common stock/ordinary share equivalents — — — For diluted per share data—weighted average shares 76,289 76,156 235,220 Successor Predecessor Six Months Ended June 30, 2025 Period From April 1, 2024 through April 23, 2024 Period From January 1, 2024 through April 23, 2024 Numerator: (Loss) income from continuing operations $(188,240) $(148,776) $6,190,480 Income from discontinued operations — — 182,838 Net (loss) income $(188,240) $(148,776) $6,373,318 Denominator: For basic per share data—weighted average shares 76,250 76,156 235,220 Dilutive effect of common stock/ordinary share equivalents — — — For diluted per share data—weighted average shares 76,250 76,156 235,220 Basic per share amounts are computed based on the weighted average number of common stock or ordinary shares outstanding, as applicable, during the period. Diluted per share amounts are computed based on the weighted average number of common stock or ordinary shares, as applicable, outstanding and, if there is net income from continuing operations during the period, the dilutive effect of common stock/ordinary share equivalents outstanding during the period. The dilutive effect of common stock/ordinary share equivalents, if any, is measured using the treasury stock method. 31

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As contemplated by the Plan and approved on July 23, 2024, Endo, Inc. adopted a long-term incentive plan and authorized and reserved 3.6 million shares for issuance pursuant to equity incentive awards to be granted under such plan. On September 30, 2024, Endo, Inc. granted 1.3 million awards under the Endo, Inc. 2024 Stock Incentive Plan. As of July 30, 2025, up to approximately 2.4 million shares are issuable subject to the terms of equity awards granted under Endo, Inc.'s 2024 Stock Incentive Plan and terms of the Transaction Agreement. Diluted shares used in the calculation of the diluted loss per share for the three and six months ended June 30, 2025 represented basic shares. Due to the net loss experienced by the Company for the three and six months ended June 30, 2025, the inclusion of the potentially dilutive effect of approximately 1.3 million equity awards in the calculation of actual diluted shares would have resulted in anti-dilution. 32

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## Exhibit 99.3

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Exhibit 99.3 Management's Discussion and Analysis of Financial Condition and Results of Operations The following Management's Discussion and Analysis of Financial Condition and Results of Operations describes the principal factors affecting our financial condition at June 30, 2025 and results of operations for the Successor three and six months ended June 30, 2025 and 2024, the Predecessor period from April 1, 2024 through April 23, 2024 and the Predecessor period from January 1, 2024 through April 23, 2024. The following discussion should be read in conjunction with Endo Inc.'s unaudited condensed consolidated financial statements and related notes contained (Quarterly Financial Statements) and the Annual Report (as defined in the Quarterly Financial Statements). In addition to historical financial information, this discussion and analysis contains forward- looking statements that involve risks, uncertainties and assumptions including, but not limited to, statements that refer to expected, estimated or anticipated future results or that do not relate solely to historical facts. Statements including words or phrases such as "believe," "expect," "anticipate," "intend," "estimate," "plan," "will," "may," "look forward," "outlook," "guidance," "future," "potential" or similar expressions are forward-looking statements. All forward-looking statements in this discussion and analysis reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on certain information currently available to us and on assumptions we have made. Actual results may differ materially and adversely from current expectations based on a number of risk factors. Additional information concerning risk factors can be found in press releases issued by us, and in filings with the U.S. Securities and Exchange Commission (the SEC), including the discussion under the heading "Risk Factors" in Endo, Inc.'s most recent Annual Report on Form 10-K. We assume no obligation to update any of these forward-looking statements, except as required by law. The Annual Report includes additional information about significant accounting policies, practices and the transactions that underlie the Successor and Predecessor financial results. Historically, our business has been operated by Endo International plc, together with its subsidiaries. Pursuant to the Plan, Endo, Inc. acquired from the Debtors substantially all of the assets, as well as certain equity interests of the Debtors and non-debtor affiliates and assumed certain liabilities of Endo International plc. Endo International plc will be dissolved in connection with the consummation of the Plan. Endo, Inc. was formed on December 5, 2023 and from its formation to the Effective Date had no operations or business transactions or activities other than those taken in furtherance of the transactions contemplated by the Plan including in connection with the incurrence of the Exit Financing Debt and those incidental to the preparation of its registration statement. As of the Effective Date and continuing through the date of this report, Endo, Inc. is a holding company and all of its business is conducted through its subsidiaries, and the financial results of such subsidiaries are consolidated in the financial statements. Unless otherwise indicated or required by the context, references throughout to "Endo," the "Company," "we," "our" or "us" refer to Endo, Inc. and its subsidiaries, as successor entity for accounting and financial reporting purposes following the consummation of the Plan on the Effective Date. References to Endo International plc and its direct and indirect subsidiaries on a consolidated basis, refer to the predecessor entity to Endo, Inc. for accounting and financial reporting purposes prior to the consummation of the Plan on the Effective Date. RESULTS OF OPERATIONS In addition to the impacts due to fresh start accounting (described below), quarterly results have fluctuated in the past and may continue to fluctuate. These fluctuations may be due to the business and financial statement effects of, among other things, new product launches by us or our competitors; market acceptance of our products; purchasing patterns of our customers; changes in pricing; changing inflation and interest rates; changes in the availability of our products; litigation-related and other contingencies; mergers, acquisitions, divestitures and other related activity; restructurings and other cost-reduction initiatives; financing activities; public health crises and epidemics; acquired in-process research and development charges; asset impairment charges; share-based and other long-term incentive compensation; and changes in the fair value of financial instruments. The following summary highlights certain recent developments that have resulted in and/or could in the future result in fluctuations in our results of operations and/or changes in our liquidity and capital resources: • The Bankruptcy Court confirmed the Plan on March 19, 2024, and the Debtors satisfied all conditions required for the Plan on the Effective Date. As a result of the Plan, on the Effective Date, our capital structure now includes: (i) a $400 million New Revolving Credit Facility; (ii) a $1,500 million New Term Facility; and (iii) New Senior Secured Notes in the aggregate principal amount of $1,000 million, due in 2031. In addition, on the Effective Date, all equity interests of Endo International plc that were outstanding immediately prior to the Effective Date were terminated and cancelled and Endo, Inc. issued common stock at a par value of $0.001 per share to first lien creditors and holders of second lien deficiency claims and unsecured notes claims in exchange for the satisfaction of their claims. All cash required for payments made by Endo International plc (or Endo, Inc.) under the Plan on the Effective Date was obtained from cash on hand and proceeds of the First Lien Rights Offering, GUC Rights Offering and Exit Financing Debt. 1

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• Endo, Inc. has qualified for and applied fresh start accounting on the Effective Date. With the application of fresh start accounting, we allocated the reorganization value to our individual assets and liabilities based on their estimated fair values. The Effective Date fair values of our assets and liabilities differed materially from their recorded values as reflected on the historical balance sheets. The application of fresh start accounting resulted in a new reporting entity with no beginning retained earnings or accumulated deficit. Accordingly, our financial statements and notes thereto after the Effective Date are not comparable to our financial statements and notes prior to that date. To facilitate our discussion and analysis of our results of operations herein, we refer to the reorganized company as the "Successor" for periods subsequent to the Effective Date, and "Predecessor" for periods prior to the Effective Date. Furthermore, our presentation herein includes a "black line" division to delineate the lack of comparability between the Predecessor and Successor periods. • Endo International plc was the subject of various legal proceedings, including with regard to the sale, marketing and/or distribution of prescription opioid medications. For the Predecessor periods presented, the results reflect Endo International plc's best estimate of the allowed claims related to the contingencies associated with these litigation claims against Endo International plc and its subsidiaries. Pursuant to the Plan, on the Effective Date thereof, all such civil claims against the Debtors were discharged and resolved in accordance with the Plan. • On March 10, 2025, the Company entered into a definitive agreement to divest its International Pharmaceuticals business to Knight Therapeutics Inc. The sale closed on June 17, 2025. The cash consideration for the sale is up to approximately $105 million, consisting of approximately $78.6 million paid at closing, approximately $11.3 million related to certain permitted hold backs, and up to $15 million in potential future payments contingent upon the achievement of certain milestones. The assets subject to sale are classified as held and used as of December 31, 2024 as the criteria for classification as held for sale were not met as of that date. • On March 13, 2025, Endo Inc. and Mallinckrodt entered into a Transaction Agreement to effectuate a combination of the respective companies. The shareholders of both companies approved the Transaction Agreement on June 13, 2025 and the transaction closed on July 31, 2025 following the satisfaction of the remaining closing conditions and regulatory approvals. Under the terms of the agreement, upon completion of the combination transaction, Endo's stockholders received shares of Mallinckrodt stock and their pro rata share of cash, totaling $100 million in the aggregate, for each share of Endo stock owned as of the specified record date, such that upon completion of the combination transaction, Mallinckrodt became the parent entity of the combined group and Mallinckrodt shareholders own 50.1% and Endo shareholders own 49.9% of the combined company. Mallinckrodt will continue as the holding company for the combined business, and Endo became a wholly owned subsidiary of Mallinckrodt, with all of Mallinckrodt's operating assets being contributed to Endo or its subsidiaries. The business combination will be accounted for as an acquisition of Endo by Mallinckrodt under the acquisition method of accounting, and Mallinckrodt will be treated as the acquirer for accounting purposes. Mallinckrodt will record assets acquired and liabilities assumed from Endo primarily at their respective fair values at the date of completion of the business combination. Any excess of the purchase price over the net fair value of such assets and liabilities will be recorded as goodwill. At this time, it is impracticable to accurately predict the extent of the potential accounting and financial reporting effects of the transaction on the Company's financial statements and operating results in future periods. However, we anticipate that the financial statements and operating results of the combined company subsequent to the closing will be significantly different from the Company's historical financial statements and operating results in periods prior to the closing of the transaction. • On July 31, 2025, ST 2020, Inc. and MEH, Inc. entered into a Credit Agreement (the GxSI Credit Agreement) among ST 2020, MEH, the financial institutions party thereto as lenders, and Wilmington Savings Fund Society, FSB as administrative agent and collateral agent. The GxSI Credit Agreement provides for a five-year term loan facility in an initial principal amount of $1,200 million (the GxSI Term Facility) and a five-year revolving credit facility in an aggregate committed amount of $150 million (the GxSI Revolving Facility and, together with the GxSI Term Facility, the GxSI Facilities). The proceeds of the term loan facility were used (i) to consummate the business combination, the other transactions contemplated by the Transaction Agreement and associated restructuring transactions, (ii) to repay certain indebtedness of Mallinckrodt and its subsidiaries and (iii) for general corporate purposes. Consolidated Results Review In accordance with ASC 852, Reorganizations, the results of operations are presented separately for the Predecessor and Successor periods in the Condensed Consolidated Statements of Operations. While the Company's normal business operations continued uninterrupted between the Predecessor and Successor periods, the Predecessor and Successor financial statements, including the results of operations, are not comparable in many respects. For example, Endo, Inc. will not apply the provisions of ASC 852, Reorganizations. Further, as a result of fresh start accounting, our assets, including our inventory, long-lived tangible and intangible assets and our liabilities, including debt, and contingent consideration, among others, were adjusted to their estimated fair values on the Effective Date. These fair value adjustments and the corresponding subsequent impact on the Successor results of operations have caused the Successor results of operations to be disproportionately impacted compared to the Predecessor, most notably within Cost of sales, as a result of: (i) the amortization of inventory step up; (ii) increased amortization of intangible assets; (iii) increased depreciation of fixed assets; and (iv) Interest expense (income), net, due to the Exit Financing Debt. Other financial statement line items, such as Total revenues, net, Selling, general & administrative costs and Research and development costs are generally 2

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unaffected by the effects of fresh start accounting. As a result, in our discussion of the results of operations on a consolidated and segment basis below, we may at times describe the results of operations for the Predecessor and Successor in 2024 on a combined or aggregate basis, or describe common themes among the periods, and compare those results to the results in the corresponding Successor three and six month periods of 2025. We believe this discussion will facilitate an understanding of the results of continuing operations and trends in our business while also providing a reader insight into the underlying effects of the application of fresh start accounting that affect the comparability of certain financial statement line items between the respective periods. The discussion of combined 2024 Predecessor and Successor results of operations is solely to facilitate comparison to prior periods and is not intended to be indicative of the results of operations of our business going forward. Three Months Ended June 30, 2025 (Successor) Compared with Three Months Ended June 30, 2024 (Successor) and Period from April 1, 2024 through April 23, 2024 (Predecessor) The following table displays our revenue, gross margin, gross margin percentage and other pre-tax expense or income (dollars in thousands): Successor Predecessor Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Period From April 1, 2024 through April 23, 2024 Total revenues, net $447,775 $284,163 $162,467 Cost of revenues 289,464 333,695 60,539 Gross margin $158,311 $(49,532) $101,928 Gross margin percentage 35.4 % (17.4) % 62.7 % Selling, general and administrative 158,767 95,992 28,323 Research and development 25,991 22,448 6,120 Acquired in-process research and development 100 — — Litigation-related and other contingencies, net 687 — 200 Asset impairment charges 1,000 — 1,799 Acquisition-related and integration items, net 385 (130) (817) Interest expense, net 53,572 44,669 (2) Reorganization items, net — — (6,328,145) Other income, net (15,907) 246 (493) (Loss) income from continuing operations before income tax $(66,284) $(212,757) $6,394,943 Total revenues, net. The increase in revenues for the Successor three months ended June 30, 2025 compared to the Successor three months ended June 30, 2024 and the Predecessor period April 1, 2024 through April 23, 2024 was primarily due to an increase in our Generic Pharmaceuticals and Branded Pharmaceuticals segments, partially offset by decreased revenue in our International Pharmaceuticals and Sterile Injectables segments. Our revenues are further disaggregated and described below under the heading "Business Segment Results Review." Cost of revenues and gross margin percentage. Cost of revenues includes certain amounts that impact its comparability among periods, as well as the comparability of gross margin percentage. The following table summarizes such amounts (in thousands): Successor Predecessor Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Period From April 1, 2024 through April 23, 2024 Acquisition and divestitures (1) $123,678 $241,068 $15,081 __________ (1) Cost of revenue amounts characterized as acquisitions & divestitures primarily include amortization of intangible assets, and in periods where applicable, inventory step-up amortization. Successor amortization of intangible assets and inventory step-up are impacts of fresh start accounting and are not comparable to the Predecessor. Predecessor amortization expense historically fluctuated based on changes in the total amount of amortizable intangible assets and the rate of amortization in effect for each intangible asset, both of which varied based on factors such as the amount and timing of acquisitions, dispositions, asset impairment charges, transfers between indefinite- and finite-lived intangibles assets, changes in foreign currency rates and changes in the composition of our intangible assets impacting the weighted average useful lives and amortization methodologies being utilized. 3

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The decrease in Cost of revenues for the Successor three months ended June 30, 2025 was primarily related to amortization of inventory step-up, which was $61.8 million for the Successor three months ended June 30, 2025 compared to $191.9 million for the Successor three months ended June 30, 2024 and did not exist in the Predecessor period April 1, 2024 through April 23, 2024. Inventory step-up is amortized as products are sold. The decreased amortization of inventory step-up is the result of certain on-hand inventory on the Effective Date fully amortizing prior to the Successor three months ended June 30, 2025. The decrease for the Successor three months ended June 30, 2025 is partially offset by increased sales volumes compared to the Successor three months ended June 30, 2024 and the Predecessor period April 1, 2024 through April 23, 2024. The increase in gross margin percentage for the Successor three months ended June 30, 2025 in comparison to the Successor three months ended June 30, 2024 and the Predecessor period April 1, 2024 through April 23, 2024 was primarily due to the decreased inventory step-up amortization discussed above, partially offset by decreases in revenues in our Sterile Injectables segment of historically higher margin products VASOSTRICT® and ADRENALIN® vials due to ongoing competitive pressures. Selling, general and administrative. The increase for the Successor three months ended June 30, 2025 in comparison to the Successor three months ended June 30, 2024 and the Predecessor period April 1, 2024 through April 23, 2024 was primarily due to approximately $27.0 million of transaction costs incurred in the current period related to the combination of Mallinckrodt and Endo and divestiture of our International Pharmaceutical business. In connection with the combination of Mallinckrodt and Endo, Selling, general and administrative costs could increase in the future, and the amount of any increases could be material. Research and development. The decrease in Research and development for the Successor three months ended June 30, 2025 was primarily driven by the timing of spending for certain Branded Pharmaceuticals pipeline projects.. Total R&D expenses for the Successor three months ended June 30, 2025, the Successor three months ended June 30, 2024 and the Predecessor period April 1, 2024 through April 23, 2024 include $10.0 million, $10.0 million and $2.6 million, respectively, related to our Branded Pharmaceuticals development projects. The remaining R&D expenses for these periods were primarily related to our Sterile Injectables segment. Refer to the annual financial statements within the Company's Annual Report for further information about the Sterile Injectables pipeline. As our development programs progress, it is possible that our R&D expenses could increase. Litigation-related and other contingencies, net. For further discussion, refer to Note 12. Commitments and Contingencies of the Condensed Consolidated Financial Statements included in the Company's Quarterly Financial Statements. Asset impairment charges. The following table presents the components of our total Asset impairment charges (in thousands): Successor Predecessor Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Period From April 1, 2024 through April 23, 2024 Other intangible asset impairment charges $1,000 $— $— Property, plant and equipment impairment charges — — 1,799 Total asset impairment charges $1,000 $— $1,799 Acquisition-related and integration items, net. Acquisition-related and integration items, net primarily consist of the net expense from changes in the fair value of acquisition-related contingent consideration liabilities resulting from changes to our estimates regarding the timing and amount of the future revenues of the underlying products and changes in other assumptions impacting the probability of incurring, and extent to which we could incur, related contingent obligations. See Note 5. Fair Value Measurements of the Condensed Consolidated Financial Statements included in the Company's Quarterly Financial Statements for further discussion of our acquisition-related contingent consideration. 4

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Interest expense (income), net. The components of Interest expense (income), net are as follows (in thousands): Successor Predecessor Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Period From April 1, 2024 through April 23, 2024 Interest expense $55,928 $44,808 $31 Interest income (2,356) (139) (33) Interest expense (income), net $53,572 $44,669 $(2) Interest expense in the Successor three months ended June 30, 2025 and the Successor three months ended June 30, 2024 was primarily attributable to indebtedness incurred under the Exit Financing Debt on the Effective Date (as further discussed in Note 11. Debt of the Condensed Consolidated Financial Statements included in the Company's Quarterly Financial Statements). Beginning during the third quarter of 2022 and continuing through the Effective Date, Endo International plc ceased recognition of interest expense related to its then-outstanding debt obligations and became obligated to make certain adequate protection payments as a result of the Chapter 11 Cases, which were accounted for as a reduction to the principal balance of the then-outstanding first lien debt instruments. The first lien debt instruments were later adjusted to the estimated allowed claim amount, resulting in a corresponding charge to Reorganization items, net. Refer to Note 11. Debt of the Condensed Consolidated Financial Statements included in the Company's Quarterly Financial Statements for further discussion. Interest income varies primarily based on the amounts of our interest-bearing investments, such as money market funds, as well as changes in the corresponding interest rates. Reorganization items, net. Amounts relate to the net expense or income recognized during Endo International plc's bankruptcy proceedings required to be presented as Reorganization items, net under ASC 852. Other (income) expense, net. The components of Other (income) expense, net are as follows (in thousands): Successor Predecessor Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Period From April 1, 2024 through April 23, 2024 Net (gain) loss on sale of business and other assets $(20,510) $52 $63 Foreign currency loss (gain), net 2,282 266 (540) Net loss (gain) from our investments in the equity of other companies 2,454 (64) — Other miscellaneous, net (133) (8) (16) Other (income) expense, net $(15,907) $246 $(493) For additional information on the components of Other (income) expense, net, refer to Note 15. Other (Income) Expense, Net of the Condensed Consolidated Financial Statements included in the Company's Quarterly Financial Statements. 5

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Income tax expense. The following table displays our Loss from continuing operations before income tax, Income tax expense and Effective tax rate (dollars in thousands): Successor Predecessor Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Period From April 1, 2024 through April 23, 2024 (Loss) income from continuing operations before income tax $(66,284) $(212,757) $6,394,943 Income tax (benefit) expense $(6,674) $(63,981) $50,629 Effective Tax Rate (calculated) 10.1 % 30.1 % 0.8 % Our tax rate is affected by recurring items, such as tax rates in non-U.S. jurisdictions as compared to the notional U.S. federal statutory tax rate, and the relative amount of income or loss in those various jurisdictions. It is also impacted by certain items that may occur in any given period but are not consistent from period to period. The income tax benefit of $6.7 million for the Successor three months ended June 30, 2025 primarily related to a $6.1 million tax benefit on pre-tax losses outside of the United States (OUS). The income tax benefit of $64.0 million for the Successor three months ended June 30, 2024 primarily related to a $37.6 million tax benefit associated with a deferred tax benefit on a post-emergence intra-entity transfer during the Successor three months ended June 30, 2024, and a $27.1 million tax benefit on pre-tax losses OUS. The income tax expense of $50.6 million for the Predecessor period April 1, 2024 through April 23, 2024 primarily consisted of the income tax impacts of the Plan and Fresh Start Adjustments, including adjustments to historical valuation allowances. Endo International plc recorded an income tax benefit of $196.6 million for a reduction to the historical valuation allowance associated with deferred tax assets, and an income tax expense of $3.8 million for the reduction in income taxes payable/receivables. These benefits are offset by $211.4 million of income tax expense for the net decrease in deferred tax assets resulting from Fresh Start Adjustments. The Company also recorded income tax expenses of $16.7 million related to increases in accrued interest on uncertain tax positions, $4.2 million Indian capital gain tax on the intercompany transfer of shares, and $9.3 million related to changes in valuation allowances. We are incorporated in the U.S. and also maintain subsidiaries in Ireland, Canada, India and Luxembourg. The U.S. Internal Revenue Service (IRS) and other taxing authorities may challenge our tax positions. Where appropriate, we have established reserves for tax-related uncertainties. Uncertain tax positions are reviewed quarterly and adjusted as necessary when events occur that impact potential tax liabilities, such as lapsing of applicable statutes of limitations, proposed assessments by tax authorities, identification of new issues and issuance of new legislation, regulations or case law. For additional information on our income taxes, see Note 16. Income Taxes of the Condensed Consolidated Financial Statements included in the Company's Quarterly Financial Statements. Discontinued operations, net of tax. The operating results of Endo International plc's Astora business, which was resolved to be wound down in 2016, are reported as Discontinued operations, net of tax in the Predecessor Condensed Consolidated Statements of Operations. There are no discontinued operations in the Successor period. 6

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Six Months Ended June 30, 2025 (Successor) Compared with Six Months Ended June 30, 2024 (Successor) and Period from January 1, 2024 through April 23, 2024 (Predecessor) The following table displays our revenue, gross margin, gross margin percentage and other pre-tax expense or income (dollars in thousands): Successor Predecessor Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Period From January 1, 2024 through April 23, 2024 Total revenues, net $840,608 $284,163 $581,974 Cost of revenues 584,867 333,695 259,552 Gross margin $255,741 $(49,532) $322,422 Gross margin percentage 30.4 % (17.4) % 55.4 % Selling, general and administrative 307,808 95,992 158,391 Research and development 57,625 22,448 32,022 Acquired in-process research and development 2,636 — 750 Litigation-related and other contingencies, net 1,007 — 200 Asset impairment charges 1,000 — 2,103 Acquisition-related and integration items, net 1,400 (130) (196) Interest expense, net 106,242 44,669 (2) Reorganization items, net — — (6,125,099) Other expense, net (14,879) 246 5,262 (Loss) income from continuing operations before income tax $(207,098) $(212,757) $6,248,991 Total revenues, net. The decrease in revenues for the Successor six months ended June 30, 2025 compared to the Successor six months ended June 30, 2024 and the Predecessor period from January 1, 2024 through April 23, 2024 was primarily due to by decreased revenue in our Sterile Injectables and International Pharmaceuticals segments, partially offset by an increase in our Branded Pharmaceuticals and Generic Pharmaceuticals segments. Our revenues are further disaggregated and described below under the heading "Business Segment Results Review." Cost of revenues and gross margin percentage. Cost of revenues includes certain amounts that impact its comparability among periods, as well as the comparability of gross margin percentage. The following table summarizes such amounts (in thousands): Successor Predecessor Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Period From January 1, 2024 through April 23, 2024 (2) Acquisition & divestitures (1) $270,252 $241,068 $76,989 __________ (1) Cost of revenue amounts characterized as acquisitions & divestitures primarily include amortization of intangible assets, and in periods where applicable, inventory step-up amortization. Successor amortization of intangible assets and inventory step-up are impacts of fresh start accounting and are not comparable to the Predecessor. Predecessor amortization expense historically fluctuated based on changes in the total amount of amortizable intangible assets and the rate of amortization in effect for each intangible asset, both of which varied based on factors such as the amount and timing of acquisitions, dispositions, asset impairment charges, transfers between indefinite- and finite-lived intangibles assets, changes in foreign currency rates and changes in the composition of our intangible assets impacting the weighted average useful lives and amortization methodologies being utilized. (2) Acquisition & divestiture activity for the Predecessor period January 1, 2024 through April 23, 2024 has been updated to reflect the amount recorded in the financial statements. The decrease in Cost of revenues for the Successor six months ended June 30, 2025 compared to the Successor six months ended June 30, 2024 and the Predecessor period from January 1, 2024 through April 23, 2024 was primarily related to amortization of inventory step-up, which was $145.8 million for the Successor three months ended June 30, 2025 compared to $191.9 million for the Successor six months ended June 30, 2024 and did not exist in the Predecessor period from January 1, 2024 through April 23, 2024. The decreased amortization of inventory step-up is the result of certain on-hand inventory on the Effective Date fully amortizing prior to the Successor six months ended June 30, 2025. The decrease for the Successor six months ended June 30, 2025 is partially offset by increased sales volumes compared to the Successor six months ended June 30, 2024 and the Predecessor period from January 1, 2024 through April 23, 2024. 7

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The decrease in gross margin percentage for the Successor six months ended June 30, 2025 compared to the Successor six months ended June 30, 2024 and the Predecessor period from January 1, 2024 through April 23, 2024 was primarily due to the decreased inventory step-up amortization noted above, as well as decreases in revenues in our Sterile Injectables segment of historically higher margin products VASOSTRICT® and ADRENALIN® vials due to ongoing competitive pressures. Selling, general and administrative. The increase for the Successor six months ended June 30, 2025 compared to the Successor six months ended June 30, 2024 and the Predecessor period from January 1, 2024 through April 23, 2024 was primarily due to approximately $43.0 million of transaction costs incurred in the current period related to the combination of Mallinckrodt and Endo and divestiture of our International Pharmaceutical business. In connection with the combination of Mallinckrodt and Endo, Selling, general and administrative costs could increase in the future, and the amount of any increases could be material. Research and development. The increase in Research and development for the Successor six months ended June 30, 2025 compared to the Successor six months ended June 30, 2024 and the Predecessor period from January 1, 2024 through April 23, 2024 was primarily driven by the timing of Prescription Drug User Fee Act (PDUFA) fees for three Sterile Injectables pipeline projects in the first quarter of 2025, partially offset by the timing of spending for certain Branded Pharmaceuticals pipeline projects. Total R&D expenses for the Successor six months ended June 30, 2025, the Successor six months ended June 30, 2024 and the Predecessor period from January 1, 2024 through April 23, 2024 include $21.7 million, $10.0 million and $15.4 million, respectively related to our Branded Pharmaceuticals development projects. The remaining R&D expenses for these periods were primarily related to our Sterile Injectables segment. Refer to the annual financial statements within the Company's Annual Report for further information about the Sterile Injectables pipeline. As our development programs progress, it is possible that our R&D expenses could increase. Acquired in-process research and development. Acquired in-process research and development charges during the Successor six months ended June 30, 2025 and the Predecessor period from January 1, 2024 through April 23, 2024 represents costs incurred in connection with certain licensing arrangements where the product(s) were in development at the time of acquisition. Acquired in- process research and development charges could increase in the future, and the amounts of any increases could be material. Litigation-related and other contingencies, net. For further discussion, refer to Note 12. Commitments and Contingencies of the Condensed Consolidated Financial Statements included in the Company's Quarterly Financial Statements. 8

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Asset impairment charges. The following table presents the components of our total Asset impairment charges (in thousands): Successor Predecessor Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Period From January 1, 2024 through April 23, 2024 Other intangible asset impairment charges $1,000 $— $— Property, plant and equipment impairment charges — — 2,103 Total asset impairment charges $1,000 $— $2,103 Acquisition-related and integration items, net. Acquisition-related and integration items, net primarily consist of the net expense from changes in the fair value of acquisition-related contingent consideration liabilities resulting from changes to our estimates regarding the timing and amount of the future revenues of the underlying products and changes in other assumptions impacting the probability of incurring, and extent to which we could incur, related contingent obligations. See Note 5. Fair Value Measurements of the Condensed Consolidated Financial Statements included in the Company's Quarterly Financial Statements for further discussion of our acquisition-related contingent consideration. Interest expense (income), net. The components of Interest expense (income), net are as follows (in thousands): Successor Predecessor Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Period From January 1, 2024 through April 23, 2024 Interest expense $111,295 $44,808 $394 Interest income (5,053) (139) (396) Interest expense (income), net $106,242 $44,669 $(2) Interest expense for the Successor six months ended June 30, 2025 and 2024 was primarily attributable to the indebtedness incurred under the Exit Financing Debt on the Effective Date (as further discussed in Note 11. Debt of the Condensed Consolidated Financial Statements included in the Company's Quarterly Financial Statements). Beginning during the third quarter of 2022 and continuing through the Effective Date, Endo International plc ceased the recognition of interest expense related to its then-outstanding debt obligations and became obligated to make certain adequate protection payments as a result of the Chapter 11 Cases, which were accounted for as a reduction of the principal balance of the then-outstanding first lien debt instruments. The first lien debt instruments were later adjusted to the estimated allowed claim amount, resulting in a corresponding charge to Reorganization items, net. Interest income varies primarily based on the amounts of our interest-bearing investments, such as money market funds, as well as changes in the corresponding interest rates. Reorganization items, net. Amounts relate to the net expense or income recognized during Endo International plc's bankruptcy proceedings required to be presented as Reorganization items, net under ASC 852. Other (income) expense, net. The components of Other (income) expense, net are as follows (in thousands): Successor Predecessor Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Period From January 1, 2024 through April 23, 2024 Net (gain) loss on sale of business and other assets $(20,577) $52 $(115) Foreign currency loss (gain), net 3,240 266 (376) Net loss (gain) from our investments in the equity of other companies 2,525 (64) 5 Other miscellaneous, net (67) (8) 5,748 Other (income) expense, net $(14,879) $246 $5,262 For additional information on the components of Other (income) expense, net, refer to Note 15. Other (Income) Expense, Net of the Condensed Consolidated Financial Statements. 9

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Income tax (benefit) expense. The following table displays our (Loss) income from continuing operations before income tax, Income tax (benefit) expense and Effective tax rate (dollars in thousands): Successor Predecessor Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Period From January 1, 2024 through April 23, 2024 (Loss) income from continuing operations before income tax $(207,098) $(212,757) $6,248,991 Income tax (benefit) expense $(18,858) $(63,981) $58,511 Effective Tax Rate (calculated) 9.1 % 30.1 % 0.9 % Our tax rate is affected by recurring items, such as tax rates in non-U.S. jurisdictions as compared to the notional U.S. federal statutory tax rate, and the relative amount of income or loss in those various jurisdictions. It is also impacted by certain items that may occur in any given period but are not consistent from period to period. The income tax benefit of $18.9 million for the Successor six months ended June 30, 2025 primarily related to a $20.1 million tax benefit on pre-tax losses OUS, partially offset by the establishment of a valuation allowance. The income tax benefit of $64.0 million for the Successor six months ended June 30, 2024 primarily related to a $37.6 million tax benefit associated with a deferred tax benefit on a post-emergence intra-entity transfer during the Successor six months ended June 30, 2024, and a $27.1 million tax benefit on pre-tax losses OUS. The income tax expense of $58.5 million for the Predecessor period from January 1, 2024 through April 23, 2024 consisted of the income tax impacts of the Plan and Fresh Start Adjustments, including adjustments to historical valuation allowances. Endo International plc recorded an income tax benefit of $196.6 million for a reduction to the historical valuation allowance associated with deferred tax assets, and an income tax expense of $3.8 million for the reduction in income taxes payable/receivables. These benefits are offset by $211.4 million of income tax expense for the net decrease in deferred tax assets resulting from Fresh Start Adjustments. The Company also recorded income tax expenses of $30.1 million related to increases in accrued interest on uncertain tax positions, $4.2 million Indian capital gain tax on the intercompany transfer of shares, and $9.3 million related to changes in valuation allowances. This was offset by an income tax benefit of $10.3 million associated with a reduction to our net UTP liability related to a Canadian statute lapse. We are incorporated in the U.S. and also maintain subsidiaries in Ireland, Canada, India and Luxembourg. The IRS and other taxing authorities may challenge our tax positions. Where appropriate, we have established reserves for tax-related uncertainties. Uncertain tax positions are reviewed quarterly and adjusted as necessary when events occur that impact potential tax liabilities, such as lapsing of applicable statutes of limitations, proposed assessments by tax authorities, identification of new issues and issuance of new legislation, regulations or case law. For additional information on our income taxes, see Note 16. Income Taxes of the Condensed Consolidated Financial Statements included in the Company's Quarterly Financial Statements. Discontinued operations, net of tax. The operating results of Endo International plc's Astora business, which was resolved to be wound down in 2016, are reported as Discontinued operations, net of tax in the Predecessor Condensed Consolidated Statements of Operations. There are no discontinued operations in the Successor period. Three Months Ended June 30, 2025 (Successor) Compared with Three Months Ended June 30, 2024 (Successor) and Period from April 1, 2024 through April 23, 2024 (Predecessor) Revenues, net. The following table displays our revenue by reportable segment (dollars in thousands): Successor Predecessor Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Period From April 1, 2024 through April 23, 2024 Branded Pharmaceuticals $227,935 $146,151 $78,918 Sterile Injectables 87,412 56,474 34,297 Generic Pharmaceuticals 118,986 69,722 40,360 International Pharmaceuticals (1) 13,442 11,816 8,892 Total net revenues from external customers $447,775 $284,163 $162,467 __________ (1) Revenues generated by our International Pharmaceuticals segment are primarily attributable to external customers located in Canada. 10

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Branded Pharmaceuticals. The following table displays the significant components of our Branded Pharmaceuticals revenues from external customers (dollars in thousands): Successor Predecessor Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Period From April 1, 2024 through April 23, 2024 Specialty Products: XIAFLEX® $138,598 $87,054 $39,588 SUPPRELIN® LA 23,271 14,518 6,078 Other Specialty (1) 14,300 9,339 5,902 Total Specialty Products $176,169 $110,911 $51,568 Established Products: PERCOCET® $20,959 $13,910 $9,348 TESTOPEL® 9,339 8,382 2,734 EDEX® 11,065 5,749 3,932 Other Established 10,403 7,199 11,336 Total Established Products (2) $51,766 $35,240 $27,350 Total Branded Pharmaceuticals $227,935 $146,151 $78,918 __________ (1) Products included within Other Specialty include, but are not limited to, AVEED®. (2) Individual products presented above represent the top three performing products in each product category and/or any product having revenues in excess of $25 million during any period presented for 2024 or 2025. Specialty Products The increase in XIAFLEX® revenues for the Successor three months ended June 30, 2025 compared to the Successor three months ended June 30, 2024 and the Predecessor period April 1, 2024 through April 23, 2024 was attributable to increased net price and volumes of approximately 7% and 3%, respectively. The increase in SUPPRELIN® LA revenues for the Successor three months ended June 30, 2025 compared to the Successor three months ended June 30, 2024 and the Predecessor period April 1, 2024 through April 23, 2024 was attributable to increased volumes of 24%, partially offset by decreased net price of approximately 11%. The favorable changes in volume were driven by increased demand and the unfavorable changes in net price were driven by unfavorable customer mix. The decrease in Other Specialty revenues for the Successor three months ended June 30, 2025 compared to the Successor three months ended June 30, 2024 and the Predecessor period April 1, 2024 through April 23, 2024 was primarily attributable to lower volumes of NASCOBAL® Nasal Spray due to product discontinuation. Established Products The decrease in Established Products revenues for the Successor three months ended June 30, 2025 compared to the Successor three months ended June 30, 2024 and the Predecessor period April 1, 2024 through April 23, 2024 was primarily related to a prior period nonrecurring gross-to-net reserve adjustment for a previously discontinued product. Our Established Products portfolio has been and is likely to continue to be affected by ongoing competitive pressures. The effects of competition could result in revenue decreases or otherwise impact future periods, which could have a material adverse effect on our business, financial condition, results of operations and cash flows. 11

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Sterile Injectables. The following table displays the significant components of our Sterile Injectables revenues from external customers (dollars in thousands): Successor Predecessor Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Period From April 1, 2024 through April 23, 2024 ADRENALIN® $21,266 $14,642 $11,233 APLISOL® 18,581 9,274 4,426 VASOSTRICT® 9,593 7,926 7,356 Other Sterile Injectables 37,972 24,632 11,282 Total Sterile Injectables (1) $87,412 $56,474 $34,297 __________ (1) Individual products presented above represent the top three performing products within the Sterile Injectables segment and/or any product having revenues in excess of $25 million during any period presented in 2024 or 2025. The decrease in ADRENALIN® revenues for the Successor three months ended June 30, 2025 compared to the Successor three months ended June 30, 2024 and the Predecessor period April 1, 2024 through April 23, 2024 was driven by a net price decline on ADRENALIN® vials of approximately 23% due to the impacts of continued vial competition, partially offset by the favorable volume impacts from the launch of our ADRENALIN® ready-to-use (RTU) premixed bag which launched in October 2024. The increase in APLISOL® revenues for the Successor three months ended June 30, 2025 compared to the Successor three months ended June 30, 2024 and the Predecessor period April 1, 2024 through April 23, 2024 was driven by an increase in net price and volumes of 26% and 10%, respectively. Net volume increases are primarily due to favorable demand. The decrease in VASOSTRICT® revenues for the Successor three months ended June 30, 2025 compared to the Successor three months ended June 30, 2024 and the Predecessor period April 1, 2024 through April 23, 2024 was driven by a net price decline of approximately 41% due to the impacts of continued competition on both the vial and RTU products. The increase in Other Sterile Injectables revenues for the Successor three months ended June 30, 2025 compared to the Successor three months ended June 30, 2024 and the Predecessor period April 1, 2024 through April 23, 2024 was primarily attributable to increased volumes across multiple products, partially offset by decreased net price. Our Sterile Injectables segment is likely to continue to be affected by ongoing competitive pressures. This could result in revenue decreases or otherwise impact future periods, which could have a material adverse effect on our business, financial condition, results of operations and cash flows. Generic Pharmaceuticals. The increase in Generic Pharmaceuticals revenues for the Successor three months ended June 30, 2025 compared to the Successor three months ended June 30, 2024 and the Predecessor period April 1, 2024 through April 23, 2024 was primarily attributable to increased revenue from lidocaine patch 5% driven by increased volumes. For the Successor three months ended June 30, 2025, the Successor three months ended June 30, 2024 and the Predecessor period April 1, 2024 through April 23, 2024, lidocaine patch 5% made up approximately 10%, 9% and 7%, respectively, of consolidated total revenues. Other products in our Generic Pharmaceuticals segment are likely to continue to be affected by ongoing competitive pressures. These factors could result in revenue decreases or otherwise impact future periods, which could have a material adverse effect on our business, financial condition, results of operations and cash flows. 12

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Segment adjusted income from continuing operations before income tax. The following table displays our Segment adjusted income from continuing operations before income tax (the measure we use to evaluate segment performance) by reportable segment (dollars in thousands): Successor Predecessor Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Period From April 1, 2024 through April 23, 2024 Branded Pharmaceuticals $132,117 $81,359 $57,499 Sterile Injectables $7,774 $10,028 $14,907 Generic Pharmaceuticals $27,361 $15,361 $16,922 International Pharmaceuticals $1,645 $940 $4,249 Branded Pharmaceuticals. The unfavorable change in Segment adjusted income from continuing operations before income tax for the Successor three months ended June 30, 2025 compared to the Successor three months ended June 30, 2024 and the Predecessor period April 1, 2024 through April 23, 2024 was attributable to increased XIAFLEX® advertising and promotion costs, partially offset by the gross margin effects of the increased revenues further described above. Sterile Injectables. The unfavorable change in Segment adjusted income from continuing operations before income tax for the Successor three months ended June 30, 2025 compared to the Successor three months ended June 30, 2024 and the Predecessor period April 1, 2024 through April 23, 2024 was primarily attributable to the gross margin effects of the decreased revenues and changes in product mix, further described above. Generic Pharmaceuticals. The unfavorable change in Segment adjusted income from continuing operations before income tax for the Successor three months ended June 30, 2025 compared to the Successor three months ended June 30, 2024 and the Predecessor period April 1, 2024 through April 23, 2024 was primarily attributable to product mix. Six Months Ended June 30, 2025 (Successor) Compared with Six Months Ended June 30, 2024 (Successor) and Period from January 1, 2024 through April 23, 2024 (Predecessor) Revenues, net. The following table displays our revenue by reportable segment (dollars in thousands): Successor Predecessor Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Period From January 1, 2024 through April 23, 2024 Branded Pharmaceuticals $437,426 $146,151 $279,714 Sterile Injectables 158,683 56,474 132,531 Generic Pharmaceuticals 218,070 69,722 143,677 International Pharmaceuticals (1) 26,429 11,816 26,052 Total net revenues from external customers $840,608 $284,163 $581,974 __________ (1) Revenues generated by our International Pharmaceuticals segment are primarily attributable to external customers located in Canada. 13

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Branded Pharmaceuticals. The following table displays the significant components of our Branded Pharmaceuticals revenues from external customers (dollars in thousands): Successor Predecessor Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Period From January 1, 2024 through April 23, 2024 Specialty Products: XIAFLEX® $259,965 $87,054 $152,638 SUPPRELIN® LA 50,651 14,518 26,213 Other Specialty (1) 25,882 9,339 21,120 Total Specialty Products $336,498 $110,911 $199,971 Established Products: PERCOCET® $42,945 $13,910 $33,892 TESTOPEL® 19,629 8,382 13,225 EDEX® 20,609 5,749 13,228 Other Established 17,745 7,199 19,398 Total Established Products (2) $100,928 $35,240 $79,743 Total Branded Pharmaceuticals $437,426 $146,151 $279,714 __________ (1) Products included within Other Specialty include, but are not limited to, AVEED®. (2) Individual products presented above represent the top three performing products in each product category and/or any product having revenues in excess of $25 million during any period presented for 2024 or 2025. Specialty Products The increase in XIAFLEX® revenues for the Successor six months ended June 30, 2025 compared to the Successor six months ended June 30, 2024 and the Predecessor period from January 1, 2024 through April 23, 2024 was primarily attributable to increased volumes and net price, both of which increased approximately 4%. The increase in SUPPRELIN® LA revenues for the Successor six months ended June 30, 2025 compared to the Successor six months ended June 30, 2024 and the Predecessor period from January 1, 2024 through April 23, 2024 was primarily attributable to increased volumes of approximately 48% partially offset by decreased net price of approximately 24%. The favorable changes in volume were driven by increased demand and the unfavorable changes in net price were driven by unfavorable customer mix. The decrease in Other Specialty revenues for the Successor six months ended June 30, 2025 compared to the Successor six months ended June 30, 2024 and the Predecessor period from January 1, 2024 through April 23, 2024 was primarily attributable to the 2024 discontinuation of NASCOBAL® Nasal Spray. Established Products Our Established Products portfolio has been and is likely to continue to be affected by ongoing competitive pressures. The effects of competition could result in revenue decreases or otherwise impact future periods, which could have a material adverse effect on our business, financial condition, results of operations and cash flows. 14

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Sterile Injectables. The following table displays the significant components of our Sterile Injectables revenues from external customers (dollars in thousands): Successor Predecessor Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Period From January 1, 2024 through April 23, 2024 ADRENALIN® $35,317 $14,642 $38,601 VASOSTRICT® 17,879 7,926 34,309 APLISOL® 33,482 9,274 16,813 Other Sterile Injectables 72,005 24,632 42,808 Total Sterile Injectables (1) $158,683 $56,474 $132,531 __________ (1) Individual products presented above represent the top two performing products within the Sterile Injectables segment and/or any product having revenues in excess of $25 million during any period presented for 2024 or 2025. The decrease in ADRENALIN® revenues for the Successor six months ended June 30, 2025 compared to the Successor six months ended June 30, 2024 and the Predecessor period from January 1, 2024 through April 23, 2024 was primarily driven by a 23% decrease in ADRENALIN® vial net price and an 11% decrease to volumes, reflecting continued competitive pressures on the ADRENALIN® vial, partially offset by the favorable volume impacts for the launch of our ADRENALIN® RTU premixed bag which launched in October 2024. The decrease in VASOSTRICT® revenues for the Successor six months ended June 30, 2025 compared to the Successor six months ended June 30, 2024 and the Predecessor period from January 1, 2024 through April 23, 2024 was primarily driven by a 43% decrease in net price and a 14% decrease to volumes, reflecting continued competitive pressures. The increase in APLISOL® revenues for the Successor six months ended June 30, 2025 compared to the Successor six months ended June 30, 2024 and the Predecessor period from January 1, 2024 through April 23, 2024 was driven by an increase in net price and volumes of 25% and 4%, respectively. Net volume increases are primarily due to favorable demand. The increase in Other Sterile Injectables revenues for the Successor six months ended June 30, 2025 compared to the Successor six months ended June 30, 2024 and the Predecessor period from January 1, 2024 through April 23, 2024 was primarily attributable to an increase in volumes across multiple products. On-market products in our Sterile Injectables segment are likely to continue to be affected by ongoing competitive pressures. This could result in revenue decreases or otherwise impact future periods, which could have a material adverse effect on our business, financial condition, results of operations and cash flows. Generic Pharmaceuticals. The increase in Generic Pharmaceuticals revenues for the Successor six months ended June 30, 2025 compared to the Successor six months ended June 30, 2024 and the Predecessor period from January 1, 2024 through April 23, 2024 was primarily attributable to increased revenue from lidocaine patch 5% driven by increased volumes, partially offset by competitive pressures across multiple products. For the Successor six months ended June 30, 2025, Successor six months ended June 30, 2024 and the Predecessor period from January 1, 2024 through April 23, 2024, lidocaine patch 5% made up approximately 10%, 9% and 7%, respectively, of consolidated total revenues. Other products in our Generic Pharmaceuticals segment are also likely to continue to be affected by ongoing competitive pressures. These factors could result in revenue decreases or otherwise impact future periods, which could have a material adverse effect on our business, financial condition, results of operations and cash flows. 15

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Segment adjusted income (loss) from operations before income tax. The following table displays our Segment adjusted income (loss) from operations before income tax (the measure we use to evaluate segment performance) by reportable segment (dollars in thousands): Successor Predecessor Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Period From January 1, 2024 through April 23, 2024 Branded Pharmaceuticals $244,354 $81,359 $161,592 Sterile Injectables $(2,661) $10,028 $51,977 Generic Pharmaceuticals $49,068 $15,361 $42,378 International Pharmaceuticals $3,067 $940 $7,735 Branded Pharmaceuticals. The favorable change in Segment adjusted income from continuing operations before income tax for the Successor six months ended June 30, 2025 compared to the Successor six months ended June 30, 2024 and the Predecessor period from January 1, 2024 through April 23, 2024 was primarily attributable to the gross margin effects of the increased revenues further described above, partially offset by increased XIAFLEX® advertising and promotion costs. Sterile Injectables. The unfavorable change in Segment adjusted income from continuing operations before income tax for the Successor six months ended June 30, 2025 compared to the Successor six months ended June 30, 2024 and the Predecessor period from January 1, 2024 through April 23, 2024 was primarily attributable to the gross margin effects of the decreased revenues and changes in product mix, further described above, as well as increased R&D driven by PDUFA fees for three Sterile Injectables pipeline projects in the current period. Generic Pharmaceuticals. The unfavorable change in Segment adjusted income from continuing operations before income tax for the Successor six months ended June 30, 2025 compared to the Successor six months ended June 30, 2024 and the Predecessor period from January 1, 2024 through April 23, 2024 was primarily attributable to product mix. LIQUIDITY AND CAPITAL RESOURCES Our principal source of liquidity is cash generated from operations and access to our $400 million New Revolving Credit Facility, which remains undrawn at June 30, 2025. Cash and cash equivalents, which primarily consisted of bank deposits and money market accounts, totaled $439.0 million at June 30, 2025 compared to $387.2 million at December 31, 2024. Our principal liquidity requirements are primarily for working capital for operations, licenses, capital expenditures, mergers and acquisitions (including upfront and milestone payments to third parties), income taxes and debt service payments including principal and interest payments on the Exit Financing Debt. We believe our principal sources of liquidity and cash on hand will be sufficient to meet our principal liquidity requirements for the next twelve months from the date of issuance of the Condensed Consolidated Financial Statements, included elsewhere in this report. Our business is exposed to a variety of material risks as further described herein and we may face unexpected costs in connection with our business operations and our ongoing and future legal proceedings, governmental investigations and other contingent liabilities (including potential costs related to settlements and judgments, as well as legal defense costs). On a longer-term basis, we may not be able to accurately predict the effect of certain developments on our sales and gross margins, such as the degree of market acceptance, patent protection and exclusivity of our products, pricing pressures (including those due to the impact of competition), the effectiveness of our sales and marketing efforts and the outcome of our current efforts to develop, receive approval for and successfully launch our product candidates. Furthermore, we may not be successful in implementing, or may face unexpected changes or expenses in connection with, our strategic direction, including the potential for opportunistic corporate development transactions. Any of the above could have a material adverse effect on our business, financial condition, results of operations and cash flows and require us to seek additional sources of liquidity and capital resources as described below. To the extent we are required or choose to seek third-party financing in the future, there can be no assurance that we would be able to obtain any such required financing on a timely basis or at all, particularly in light of the Predecessor's bankruptcy proceedings and the corresponding event of default on our then-existing debt instruments. Additionally, any future financing arrangements could include terms that are not commercially beneficial to us, which could further restrict our operations and exacerbate any impact on our results of operations and liquidity that may result from any of the factors described herein or other factors. At any given time, we may be evaluating or pursuing one or more opportunities that could reduce our liquidity position. Any such activities could impact our results of operations. 16

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Indebtedness. In connection with the Plan, Endo, Inc. incurred indebtedness of $2.5 billion related to the Exit Financing Debt. Additionally, in connection with the Combination of Mallinckrodt and Endo, MEH incurred indebtedness of $1.2 billion. Refer to Note 11. Debt of the Condensed Consolidated Financial Statements included in the Company's Quarterly Financial Statements for additional information about the Endo, Inc. Exit Financing Debt, including a summary of key terms, as amended, including applicable interest rates, as well as additional information about Endo Finance's debt commitment papers. Working capital. The components of our working capital and our liquidity at June 30, 2025 and December 31, 2024 are below (dollars in thousands): June 30, 2025 December 31, 2024 Total current assets $1,483,699 $1,475,887 Less: total current liabilities 483,940 514,993 Working capital $999,759 $960,894 Current ratio (total current assets divided by total current liabilities) 3.1:1 2.9:1 Working capital increased by $38.9 million from December 31, 2024 to June 30, 2025. During this period, working capital was impacted from the favorable impacts to: (i) net current assets resulting from revenues and gross margins, which are further described above; and (ii) the impact of sale of International Pharmaceuticals business assets, as further described in Note 3. Discontinued Operations and Divestitures. These benefits were partially offset by, among other things, Capital expenditures, net of Proceeds from the U.S. Government Cooperative Agreement (as defined in the Annual Report), of $23.6 million. The following table summarizes our Condensed Consolidated Statements of Cash Flows (in thousands): Successor Predecessor Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Period From January 1, 2024 through April 23, 2024 Net cash flow provided by (used in): Operating activities $9,355 $71,839 $(744,641) Investing activities 55,835 (6,129) (10,585) Financing activities (10,198) (2,767) 123,608 Effect of foreign exchange rate 682 439 (1,998) Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents $55,674 $63,382 $(633,616) Operating activities. Net cash provided by operating activities of the Successor six months ended June 30, 2025 and Successor six months ended June 30, 2024 represents the cash receipts and cash disbursements from all of our activities other than investing activities and financing activities. Changes in cash from operating activities reflect, among other things, the timing of cash collections from customers, payments to suppliers, managed care organizations, government agencies, collaborative partners and employees in the ordinary course of business, as well as the timing and amount of cash payments and/or receipts related to interest, litigation-related matters, restructurings, reorganization items, income taxes and certain other items. The $744.6 million net cash used in operating activities during the Predecessor period from January 1, 2024 through April 23, 2024 reflects payments made pursuant to the Plan, including among other things: (i) $441 million to fund the various trusts and sub- trusts; (ii) $200 million to fund the U.S. Government Economic Settlement (as defined in the Annual Report); (iii) payments of certain professional fees and other cure amounts; and (iv) funding of the plan administrator wind down budget. It is possible that our operating cash flows could decline in the future as a result of, among other things, reductions in revenues and payments associated with the implementation of the transactions contemplated by the Plan following the Effective Date. Investing activities. Net cash provided by investing activities during the Successor six months ended June 30, 2025 primarily reflects the proceeds from the sale of the International Pharmaceuticals business. Net cash used in investing activities during the Successor for the six months ended June 30, 2024 and Predecessor period from January 1, 2024 through April 23, 2024 reflect a decrease in Capital expenditures spending, partially offset by a decrease in Proceeds from the U.S. Government Cooperative Agreement. Financing activities. Net cash provided by financing activities during the Predecessor period from January 1, 2024 through April 23, 2024 primarily related to Proceeds from issuance of common stock of $500.3 million, partially offset by issuance costs paid and Adequate protection payments of $192.3 million. Cash in excess of $200 million (as defined in the Plan as Exit Cash), of approximately $141.9 million was paid to the holders of first lien claims. The proceeds from the Exit Financing Debt have no impact on a net basis as the cash provided was paid to holders of first lien claims. 17

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Cash Requirements for Contractual and Other Obligations. As of June 30, 2025, there were no material changes in our contractual obligations from those disclosed in the annual financial statements within the Company's Annual Report. Customer Concentration. A substantial portion of our total revenues are through a limited number of distributors who in turn supply our products to pharmacies, hospitals and physicians. There are no material write-offs of trade receivables in any periods presented in this report; however, due to the significant customer concentration, we may, in the future, be subject to a concentration of credit risk with respect to our trade receivables. Inflation. Materials, equipment and labor shortages, shipping, logistics and other delays and other supply chain and manufacturing disruptions continue to make it more difficult and costly for us to obtain raw materials, supplies or services from third parties, to manufacture our own products and to pursue clinical development activities. Economic or political instability or disruptions, such as the conflict in Ukraine and the Middle East, could also negatively affect our supply chain or increase our costs. In addition, the imposition of new tariffs, such as those on imported medicines and pharmaceutical ingredients that may result following the tariff investigations opened by the U.S. Commerce Department in April 2025, or increases in existing tariffs could result in disruptions to our existing supply chains and result in increased costs on our business. See "Risk Factors—Risks Related to our Legal and Regulatory Environment-New or increased tariffs and evolving trade relations between the United States and other countries could have a material adverse effect on our business, financial condition, results of operations and cashflows" in Item 1A of Part I in the Company's Annual Report for more information. While we do not believe that inflation had a material adverse effect on our financial statements for the periods presented, if these types of events or disruptions continue to occur, they could have a material adverse effect on our business, financial condition, results of operations and cash flows. CRITICAL ACCOUNTING ESTIMATES Our critical accounting estimates have not changed materially since December 31, 2024. For additional discussion of the Company's critical accounting estimates, see "Critical Accounting Estimates" in Item 7 of the Endo, Inc's Annual Report. RECENT ACCOUNTING PRONOUNCEMENTS Refer to Note 2. Summary of Significant Accounting Policies of the Condensed Consolidated Financial Statements included in the Company's Quarterly Financial Statements, as applicable. 18

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