Grünenthal Report 2024/2025 CORPORATE PROFILE Grünenthal is a global leader in pain management and related diseases. We have a long track record of bringing innovative treatments to patients worldwide. As a fully integrated pharmaceutical company, we cover the entire value chain – from drug research and development to commercial- isation of portfolios with growth products and established medicines. We operate in accordance with the highest ethical and regulatory standards, and we focus our efforts on our vision of a World Free of Pain. 2

Grünenthal Report 2024/2025 LETTER FROM THE CEO Dear Friends and Partners, Chronic pain causes suffering for one in five people worldwide.1 There is an urgent need for better pain treatment, now and in the future. At Grünenthal, we are leading the way by researching the next generation of pain medicines and serving today's unmet needs. 2024 was a pivotal year of progress to- wards our vision of a World Free of Pain. Strong financial performance The Grünenthal team has achieved robust business results for many years. Since 2017, we have more than tripled our company value. Our transfor- mational journey is progressing well, guided by a clear corporate strategy. Grünenthal’s business is in a uniquely strong position to continue its growth in the coming years. In 2024, Grünenthal’s revenue reached € 1.8 billion, which is equal to the record level from 2023, despite the revenue erosion of € 74 million caused by the loss of exclusivity for Palexia™. Our adjusted EBITDA for 2024 was € 412 million. After considering the impact of Palexia™ on the EBITDA, this is an increase of 9 % compared to 2023. These results are driven by strong business performance, especially from Qutenza™ in the US and Europe, and strategic investments in R&D, business deals and growth markets. Business growth through strong organic performance and M&A Grünenthal has built a strong platform and unique capabilities to acquire, successfully integrate and maximise the performance of established brands and even entire portfolios. Since 2017, we have completed successful acqui- sition of established brands worth more than € 2.1 billion. In July 2024, Grünenthal acquired the US company Valinor Pharma and its product Movantik™ for around $ 250 million. This deal strengthens our pres- ence in the United States, the most important growth market for Grünenthal. Overall, the acquisition is expected to contribute around $ 50 million to our EBITDA from 2025 onwards and adds an additional growth product for our US organisation. The product is patent protected until 2032 in the US. These acquisitions boost our profitability, which is particularly important because Palexia™ lost exclusivity in 2021, and generic versions have en- tered the market. Since 2016, we have transformed our portfolio to de- crease reliance on Palexia™ and other products with generic competition. The ongoing erosion of PalexiaTM is now stabilising like expected. The growth of Qutenza™ in the USA during 2024 is a powerful example of our ability to acquire, integrate and market brands effectively. Since 2020, this brand has significantly grown and still has enormous untapped potential. In 2024, more than 105,000 patients had treatment with Qutenza™ worldwide, and around 19,000 patients in the US received treatment with Qutenza™ for painful diabetic peripheral neuropathy (DPN) and postherpetic neural- gia (PHN). Grünenthal only recently entered the US market, and due to its growth, the US in 2025 is our second biggest affiliate worldwide. Investing in innovation As a science-driven company, we are committed to researching and de- veloping novel treatments that address the unmet medical needs of many patients worldwide. With our Glucocorticoid Receptor Modulator (GRM), we investigate a new treatment option for Duchenne Muscular Dystrophy (DMD), a fatal inherited disease characterised by the progressive loss of muscular function. There is currently no curative therapy available for patients. Glucocorticoids, the current standard of care for DMD, come with several significant side ef- fects, including reduced bone formation that may lead to osteoporosis, as well as increased glucose levels, which raises the risk of diabetes. These side effects are a strong limitation for the long-term use of glucocorticoids despite their efficacy. Grünenthal’s GRM has the potential to provide similar or even better efficacy to those patients but without the common side ef- fects of Glucocorticoids. Although several different treatment options are available, many patients with neuropathic pain still suffer from treatment non-response or insufficient pain relief. With our NOP programme, we are pursuing the development of a selective, peripherally-restricted oral treatment with a unique mechanism of action for chronic pain that offers a more favourable safety profile than current therapies. This programme is based on our many years of intense and ground-breaking research in the field of NOP receptors, and opens up a unique opportunity for a transformative first-in-class treatment. With our promising NaV channels programme, we investigate genetically and clinically well-validated human pain targets known to play a key role in pain signaling. We have developed highly potent and selective candidates that have the potential to provide a significant analgesic effect across a number of chronic and acute pain conditions, adding to our industry-lead- ing pipeline of non-opioid investigational medicines. In November 2024, our US subsidiary, Averitas Pharma, Inc., completed re- cruitment for the Phase III clinical trial AV001. The trial investigates the effi- cacy, safety and tolerability of Qutenza™ in post-surgical neuropathic pain (PSNP) and if successful could support an extension of the US label. The topline results are expected in Q4 2025. The two Phase III studies for resiniferatoxin, an investigational medicine for the treatment of pain associated with knee osteoarthritis, did not meet their primary endpoint. 4

Grünenthal Report 2024/2025 THE GRÜNENTHAL WORLD Grünenthal is a global company based in Aachen, Germany, with affiliates in 28 countries across Europe, Latin America and the US. Our products benefit patients in around 100 countries worldwide. As a family-owned business, we have been de- livering innovative medicines for over 75 years, focusing on pain treatments for the past five decades. We aim to strengthen our leadership in this field by creating cutting-edge, non-opioid therapies. We cover the full value chain from research to dis- tribution and collaborate with top scientific organ- izations to enhance our impact. Our company's profitable growth has been driven by acquisitions of established brands that secure our financial stability and enable investments in research. Boston, US Innovation Hub Quito, EC Production Panama, PA Regional Office Products sold in around Production capacities 100 countries 5 manufacturing sites in Europe and Latin America Strong and capable team International R&D network 4,300 employees worldwide 8 2 R&D sites – one R&D Unit in Aachen (Germany) and an Innovation Hub in Boston (US) Santiago de Chile, CL Production

Grünenthal Report 2024/2025 OUR EXECUTIVE BOARD TEAM Gabriel Baertschi Jan Adams, MD Chief Executive Officer I love science and have a deep passion for improving patients’ lives. I chose a career in the pharma industry because of this, and it is also why I was excited to join Grünenthal as its CEO and Chairman of the Corporate Executive Board in 2016. Since then, our teams have transformed this company and more than tripled its value by completing big acquisitions and expanding our R&D pipeline. We have a great strategy that our people are delivering every day. I am excited about our future and the positive impact we can continue to have on patients, communities and our environment. Chief Commercial Officer I assumed the role of Chief Commercial Officer in October 2024, after leading Grünenthal’s R&D organization as Chief Scientific Officer (CSO) since 2020. During my time as CSO, we created a state-of-the-art R&D organization and built an industry-leading pipeline focused on innovative treatments for acute and chronic pain. After joining Grünenthal in 2017 and prior to my CSO role, I was Head of Strategy and Portfolio, where I worked at the intersection of Strategy, R&D, and Commercial, contributing to successful M&A projects and Grünenthal’s entry into the US market. I am an MD by training, and prior to Grünenthal worked in different roles in the healthcare and pharmaceutical industry at Takeda, McKinsey&Company, and Novartis. 10

Grünenthal Report 2024/2025 OUR EXECUTIVE BOARD TEAM Victor Barbosa Leen Hofkens Head Global Operations My journey at Grünenthal began in 2006, and since then, I have worked across our supply chain and operations teams in many countries around the world. Leading our Global Operations (GO) since 2017, my team and I are account- able for pharmaceutical product quality, safety, cost and continuous supply to our patients and healthcare organisations worldwide. This is an incredible responsibility which fills me with pride, and together with over 2,000 people from our outstanding GO team, we ensure our mission day in and day out. Head Global Human Resources One of my top priorities after joining Grünenthal in 2018 as Head Global Human Resources was to launch our Values & Behaviours, which now guide our decision-making and shape our culture. Our HR team has also strengthened Grünenthal’s approach to performance, development and compensation in recent years, while driving progress for our diversity and engagement agenda. Together, these have helped to create a high-performance culture where individuals can thrive and make a positive impact. 12

14

STORY OF TRANSFORMATION Our vision and strategic approach Since 2017, Grünenthal has made far-reach- ing changes that put us in a strong position to achieve growth and reach more patients with life-changing treatments. Grünenthal strives to be a leading innovator in pain treatments, focusing on non-opioid treat- ments to address unmet medical needs. We drive the success of our brands and also complement our portfolio with strategic acquisitions. Over the past few years, Grünenthal has funda- mentally transformed its business. We have cre- ated solid growth, diversified our portfolio and built a leading innovation pipeline to provide pa- tients with better, non-opioid treatments to man- age their pain. And we have evolved our culture to make Grünenthal an attractive workplace for international talents. Today, Grünenthal touches the lives of millions of patients worldwide with innovative treatments that can give patients the quality of life they deserve. Grünenthal Report 2024/2025 16

Grünenthal Report 2024/2025 Grünenthal’s business results 2017-2024 500 Adjusted EBITDA in € mn Financial growth Financial performance Grünenthal has continued to make remarkable progress with its financial performance since 2017. Its profitability, measured by adjusted EBIT- DA, has more than tripled during this period, with the company’s value (measured by equity market value and operating cash flow) also more than three times higher. In 2024, Grünenthal’s revenue reached € 1.8 billion , matching the level of 2023, despite the revenue erosion of € 74 million caused by the loss of ex- clusivity for Palexia™. Our adjusted EBITDA for 2024 was € 412 million. After considering the impact of Palexia™ on the EBITDA, this is an in- crease of 9 % compared to 2023. 400 300 200 100 0 438 427 412 341 338 370 212 129 2017 2018 2019 2020 2021 2022 2023 2024 of the feet in adults. AV001, an ongoing clinical Phase III trial, investigates the efficacy, safety and tolerability of Qutenza™ (capsaicin) 8 % topical system in post-surgical neuropathic pain (PSNP) to support another extension of the US label. Recruitment was completed in November 2024. We are expecting topline results in Q4 2025 and - subject to positive data - aim to submit a sup- plemental new drug application (sNDA) in 2026 at the latest. Grünenthal’s growing pipeline of innovative in- vestigational medicines reflects the success of our R&D strategy launched in 2019. It has creat- ed a modern operating model that enables our scientists to pursue high-potential assets in a modality-agnostic manner. Among others, our scientists are researching Nociceptin (NOP) Receptor Agonists and voltage-gated sodi- um channels to create the next generation of non-opioid pain medicines and achieve break- throughs for patients. They can rely on cut- ting-edge methodologies from bioinformatics and systems biology all the way to genetic med- icine approaches. As part of our global approach that includes re- search partnerships with academia and start-ups, we set up our Innovation Hub in Boston in 2020. It established a centre of excellence for pain re- search, where our experts can identify and devel- op promising external innovation opportunities by collaborating with institutions in the Boston area, one of the world’s largest life science hotspots. R&D transformation Driving innovation in pain Since 2017, we have dramatically expanded our innovation pipeline. Several exciting candidates are making their way through the development process. In 2020, we achieved a label extension for Qutenza™ in the US. Under the extended label, this non-opioid treatment option is now available to patients with Diabetic Peripheral Neuropathy 18

Grünenthal Report 2024/2025 M&A Growth from M&A Since 2017, Grünenthal has invested more than € 2.1 billion in successful deals that expand our portfolio of products and R&D assets – while also boosting our company’s profitability. Mergers and acquisitions (M&A) contribute sig- nificantly to our business growth strategy. We place a sharp focus on acquiring brands that can quickly increase our profitability and cash flow. We explore opportunities to diversify our portfo- lio by adding new products that address unmet medical needs. Our teams also target acquisi- tions that offer potential synergies in production, logistics and commercial activities. 2017 European Rights / 2018 Global Rights Acquired in 2017 Acquired in 2018 Acquired in 2022 Acquired in 2020 Acquired in 2018 Joint Venture established in 2023 Acquired in 2024 20

Grünenthal Report 2024/2025 Almost a quarter of Grünenthal’s revenue comes from Latin America, with a very diverse product portfolio. Since 2017, we have been focusing on innovative pain products (+30 % growth) and profitable diversified products (+23 % growth), a successful strategy that has led to increased profitability in the region. As we look to the future, we continue to evaluate opportunities to further expand our portfolio and our geographic footprint. As part of this ambition, in 2022 we entered into a commercial partnership with Shionogi in Japan. In November 2024, Grünenthal expanded its ge- ographic footprint in the Middle East and North Africa through a partnership with Menarini, bringing Zomig™, Nebido™ and Vimovo™ to pa- tients in this region. Working in Grünenthal's laboratories 22

Grünenthal Report 2024/2025 Inclusive culture and responsible business Ensuring the highest standards for conducting our business responsibly As a global leader in pain management, we con- stantly seek to achieve positive outcomes for patients and their families. We also aim to maxim- ise our beneficial effect on employees, partners and society – while reducing the environmental footprint of our business. We bring these ambitions to life by pursuing a holistic Corporate Responsibility Programme which is embedded in our company’s overall business strategy. It centres around three focus areas: Patient, People and Planet. Within those focus areas, we have defined key topics, each with specific ambitions that guide our work to 24 achieve progress every day. This structured ap- proach ensures that we take real-world action to protect the long-term future of our company, our communities and our environment. the transparently communicate We latest achievements for this programme in our annual Responsibility Report. Our performance in envi- ronmental, social and governance (ESG) criteria is regularly evaluated by independent external rating agencies, which reaffirm our company as an industry leader for ESG. Winning culture At Grünenthal, our success hinges on our tal- ented people, who positively impact patients' lives each day. In recent years, our colleagues have collaborated to transform the company into a more agile organisation, ready to capture numerous opportunities. Since 2017, we have implemented various initiatives to enhance our culture, culminating in record results in our 2024 Great Place to Work survey, where 83 % of col- leagues globally stated Grünenthal is a great place to work. This milestone reflects the enthu- siasm and commitment of our motivated team, which drives our progress each day. An ethos of continuous improvement has been instrumental in our transformation and will remain a key focus as we move forward, ensuring that Grünenthal is well-positioned to leverage opportunities that boost our success and improve the lives of pa- tients around the world.

26

Grünenthal Report 2024/2025 BRINGING OUR VISION TO LIFE The five pillars of our corporate strategy 1. Innovation Be a leading innovator in pain treatments to address critical unmet medical needs, with a focus on non-opioid treatments. 2. Growth Drive the commercial success of our growth brands and evolve our go-to-market model towards digital and omnichannel approaches. 3. Acquisitions Complement our portfolio with deals for established brands, irrespective of therapeutic area. 4. Efficiency Drive profitability through efficiencies across the value chain and manufacture at the best safety, quality and cost level. 5. People Invest in building capabilities of our people and operate in line with the highest ethical and regulatory standards. 28 We are committed to our vision of a World Free of Pain. Our strategy gives Grünenthal a power- ful plan for bringing that vision to life. 1. Innovation As a science-driven company, Grünenthal de- velops novel non-opioid treatments for pain that address unmet medical needs. Our teams focus on four key indications: peripheral neuropathic pain, post-surgical pain, chronic low back pain and osteoarthritis. We also acquire early-stage and late-stage R&D assets that fit our portfo- lio. And we engage in partnerships to share the costs and risks of late-stage development. Our work on nociceptin (NOP) receptor agonists is an exciting example of our approach. NOP re- ceptors are involved in regulating various brain activities, including pain signals. Grünenthal has developed molecules with a unique mechanism of action for treating chronic pain by targeting these receptors. In this way, we aim to provide a non-opioid treatment that delivers safer and more effective relief for patients with neuropathic pain. You can find specific details about our R&D projects in the chapter Cutting-Edge Science. 2. Growth Grünenthal is in a strong position to maxim- ise business opportunities and build success- ful brands – now and in the future. Most of the products in our established medicines portfolio performed above plan in 2024. We also achieved important progress with our growth engine, Qutenza™, during the past twelve months. With Qutenza™, our topical non-opioid patch, we aim to improve the lives of patients suffering from peripheral neuropathic pain (PNP). Read more in the chapter Serving the Unmet Needs of Patients Living with Pain.

Grünenthal Report 2024/2025 STRONG FINANCIAL PERFORMANCE Finally, in December 2024, Grünenthal success- fully closed a € 500 million bond transaction, reinforcing our financial strength and setting the stage for future growth. The bond issuance included a 4.625 % senior secured note due in 2031, rated by Fitch, Standard & Poor's, and Moody’s. The proceeds will refinance part of the company’s existing debt, including € 100 million from its revolving credit facility and a € 400 million note due in 2026. Resilience and stability Grünenthal's financial performance in 2024 demonstrated resilience and stability, navigating challenges and capitalising on opportunities to maintain robust results. Despite the ongoing ge- neric erosion of Palexia™, one of our key brands, three factors helped to offset this impact: the growth of Qutenza™, the strong development of our established brands, and the continued bolstering of our portfolio with strategic acqui- sitions, including Valinor Pharma and its product Movantik™. Our brands continue to drive growth The continuous growth of Qutenza™ in the US and European markets, as well as the solid per- formance of the Grünenthal Meds joint venture (JV) and the remaining established brands port- folio, reinforced Grünenthal’s growth. The decline in sales of Palexia™ continued to slow, supporting the belief that Palexia’s™ performance will stabi- lise, akin to the performance of other late-stage brands of the type and size of Palexia™. Financial flexibility and operational achievements Our adjusted EBITDA for 2024 was € 412 million, in line with our expectations and despite the revenue erosion caused by the loss of exclusiv- ity for Palexia™. After considering the impact of Palexia™ on the EBITDA, this is an increase of 9 % compared to 2023. Grünenthal's financial posi- tion remains strong, with the early carve out of brands from KKI and the acquisition of Valinor Pharma and its product Movantik™ positively im- pacting 2024 adjusted EBITDA from the second half of the year. In addition, adapting our cost structures to help offset the Loss of Exclusivity impact related to Palexia™ has led to a decrease in our European commercial costs. By leveraging the benefits of being fully vertical- ly integrated across the pharmaceutical value chain, we are also able to realise significant man- ufacturing and supply synergies. These have led to a cost reduction on the manufacturing side. Proactive cost control measures and limited capital expenditure needs also supported robust free cash flow generation. 30

Grünenthal Report 2024/2025 Focus on M&A and an innovative product pipeline Grünenthal’s outlook for 2025 also anticipates continued challenges from the generic erosion of Palexia™ and Nebido™, but our strategic focus on expanding our product pipeline is expected to mit- igate this. We remain committed to a disciplined M&A strategy, leveraging our financial strength to acquire established brands and products with attractive growth potential. Our strong liquidi- ty position, supported by existing credit facilities, provides a robust platform to fund these strate- gic initiatives. Overall, we will continue to focus on maximising the value of our current portfolio, advancing our R&D pipeline, and executing our growth strategy across new and existing markets. Solid financial position confirmed Leading independent credit rating agencies have confirmed Grünenthal’s solid financial position. RATING AGENCY Fitch Ratings (January 2025) Moody’s Investors Service (April 2024) Standard & Poor’s (July 2024) GRÜNENTHAL OUTLOOK BB B1 BB- stable stable stable It was a strong year for Grünenthal, highlighted by the robustness of our organisation and the continued commitment of our people. Fabian Raschke Chief Financial Officer

Grünenthal Report 2024/2025 MOVANTIKTM: A PERFECT FIT FOR GRÜNENTHAL the European brand, Moventig™, following its ac- quisition as part of our joint venture with Kyowa Kirin that led to the creation of Grünenthal Meds. An excellent strategic fit Valinor Pharma supports our ongoing efforts to strengthen Grünenthal’s market presence in the US – our most important growth market. It also complements our existing portfolio of products and is highly relevant for our customer base. Overall, the acquisition is expected to contrib- ute around $50 million annually to Grünenthal’s EBITDA performance from 2025. Investing in business growth Since 2017, we have invested more than € 2.1 billion in successful transactions, with the acquisition of Valinor Pharma marking another exciting mo- ment in our strategy to expand our portfolio and increase our profitability through targeted acqui- sitions. It is also strengthening our role as a global leader in providing relief for patients with pain and related diseases. Grünenthal’s growth strategy focuses on acquir- ing established brands to boost profits and fund R&D for innovative pain treatments. In July 2024, we took another step forward with this strategy by acquiring US-based company Valinor Pharma and its product Movantik™ (branded as Moventig™ outside the US) for around $250 million. This marks the latest milestone in our strategy of growth through acquisitions. The deal was fi- nanced using available liquidity and expands our portfolio of innovative treatments for patients with pain and related conditions worldwide. Global leader for patients with OIC Movantik™/ MoventigTM is the world’s leading prescription product for treating opioid-induced constipation (OIC), one of the most common and distressing side effects of opioids. The patent-protected drug blocks the binding of opioids to certain receptors in the gut and is approved in Europe, the US and several other countries. With this deal, we now own the rights to Movantik™ and Moventig™ everywhere in the world (except Canada). Grünenthal already owned the rights to 34 $ 250 m total value of the deal

Grünenthal Report 2024/2025 CRESTORTM: INTEGRATION COMPLETE People from across our teams worldwide suc- cessfully completed the integration process for Crestor™ in October 2024 – while ensuring an uninterrupted supply of this medicine for patients. A multifaceted workstream Grünenthal acquired the European rights to Crestor™ (excluding Spain and the UK) for a total of US$350 million in February 2021. The deal marked an important milestone for our strategy of achiev- ing business growth by acquiring established brands. It is also a vivid example of how Grünenthal has gathered expertise and established highly ef- fective processes for integrating these brands in a fast, cost-efficient way that generates benefits for patients and for our company. Successfully integrating an established brand is a complex and multifaceted task that involves specialists from every area of our business. For Crestor™, we officially completed the integration process in October 2024 – while making certain patients could rely on access to Crestor™ at all times. A smooth transition of ownership The efficient and professional transition of this brand into our value chain demanded an incred- ible range of activities. Grünenthal teams iden- tified and transferred all relevant clinical data, patents, trademarks, supplier relationships, cus- tomer relationships, marketing and promotional material, packaging designs and production pro- cesses. They also transitioned a wide range of contracts with third parties, while selecting and contracting new partners in some cases. In ad- dition, our teams transferred marketing author- isations across the territory. This is particularly challenging because every country has unique regulations for acquisitions of pharmaceutical products – even within the European Union. Such a wide-ranging project requires a variety of expertise. That is why Grünenthal formed a core integration team of around 30 people who represented every function of our business. This group was supported by colleagues from across the company who helped implement changes and bring Crestor™ into Grünenthal’s portfolio. Representatives from AstraZeneca also worked alongside our teams to ensure a smooth transi- tion of ownership. The successful integration of Crestor™ demonstrates our capacity to bring strong brands to patients across markets – while strengthening Grünenthal’s financial performance. Gabriel Baertschi Chief Executive Officer 36

Grünenthal Report 2024/2025 A constant focus on patients Since 2017, our company has closed deals with a value of more than € 2.1 billion. That includes four acquisitions from AstraZeneca: Crestor™, Nexium™, Vimovo™ and Zomig™. Brands that join our portfolio boost our profitability and make it possible for Grünenthal to invest in R&D projects for innovative pain treatments. In this way, we are securing the long-term future of our business while also driving progress towards our vision of a World Free of Pain. March 2025 marked the successful completion of all transition activities with our strategic alliance partner AstraZeneca. These activities cover a to- tal deal value of $ 1.6 billion. Grünenthal is now in full control of all assets for all acquired brands. Our teams manage manufacturing, supply and com- mercialisation across more than 60 countries. 4 major brands have completed transition into Grünenthal in March 2025: in Origgio, The first finished goods batches of Crestor™ manufactured at our site Italy, reached patients in January 2025. At every step in the integration and post-integration process, Grünenthal teams look for ways to leverage syn- ergies and increase efficiency throughout the value chain. In this way, we are able to maxim- ise the positive business impact of brands like Crestor™. And we also make sure patients get access to the treatment they need with the right level of quality, cost and availability. We have a very experienced and dedicated team to manage such complex integration processes. Even in the most challenging situations, our colleagues find solutions to move things forward to always ensure product supply. Helge Engel Head of Integration & Alliance at Grünenthal

Grünenthal Report 2024/2025 MEET ULI BRÖDL, MD OUR NEW CHIEF SCIENTIFIC OFFICER Uli Brödl, MD, joined Grünenthal in February 2025 as Head of Research and Development, Chief Scientific Officer (CSO) and Member of the Executive Board. We caught up with him a few weeks into his new role to discuss his impres- sions and priorities. Uli, what attracted you to join Grünenthal? Uli: The people. The passion. The science. Every- one I met in the process was passionate about their work, about Grünenthal and about our shared vision of a World Free of Pain. And not only is it a bold vision, it is backed by a fantastic pipeline including potential first-in-class com- pounds that aim to improve the lives of people living with pain. This made it easy for me to join Grünenthal and I am excited to be developing such promising assets with my team. You have been with Grünenthal since February 2025. What are your first impressions? Uli: I have joined a very committed organisa- tion and am still in the middle of my onboard- ing. I think it is important not to form an opin- ion too quickly, but to immerse myself in the organisation and get to know my colleagues. I have spent a lot of time doing this in my first few months here - my ambition is to get to know all of the 300 or so colleagues in R&D personally in the first six to twelve months. I am convinced that valuable ideas, answers to open questions and the knowledge we need to move the nee- dle are already available within the organisation and its network. If we work together, we can create the solutions that are so urgently need- ed in the field of pain. What shaped your view of pharma- ceutical research? Uli: I am a medical doctor by training, which has put patients and improving patient outcomes at the centre of my ambitions. Seeing patients' overall quality of life improve with the right treat- ments, and hearing from those for whom we have not yet found an effective treatment are formative experiences. That is why I always think of pharmaceutical research and the work we do from the patient's point of view. How does this patient-centric approach translate into the day-to- day work of an R&D organisation? Uli: There are many aspects. It starts with under- standing the needs of patients and healthcare professionals. What do people with a particular disease expect or want from a new treatment option? Where do healthcare professionals see a gap in patient care? By addressing these is- sues, we can optimise patient outcomes and take our discussions with authorities, payers and regulators to a new level. In practical terms, this means involving patients and healthcare professionals in all our efforts and co-creating solutions. For example, when we de- sign a clinical trial, they need to have a say in the protocols and endpoints - we need to listen to their voices and trust their assessment of our ideas. Finally, it is about instilling a sense of urgency in everything we do. Patients can not wait for in- novation, and they should not have to. When we have great science, we should move it forward and bring it to market as quickly as possible, without compromising quality. Speaking of joining forces, who are other key players you would like to connect with? Uli: We can only make a difference for patients if we bring together everyone who can help us achieve our vision. This includes regulators, pay- ers, academia, patient advocacy groups, Con- tract Research Organisations and other partners. Together, we can produce the best science, ev- idence and actionable plans to develop the fu- ture of healthcare and life sciences. And since our common goal is to improve patient out- comes, it should be a no-brainer that we work together to get there. I invite everyone to join us in co-creating inno- vative solutions, which has been the concept at Grünenthal for some time already. Our Boston Innovation Hub, for example, is our embassy in one of the most dynamic life science hotspots to establish contacts and strengthen our network. Where do you see the priorities for Grünenthal and pain research in the future? Uli: As I said, it is important not to make up your mind too early. Although success is never guar- anteed, science is a fascinating and fast-mov- ing field - and it is great fun. Especially today, it is great to see the opportunities that digitalisa- tion, AI and new developments such as genetic medicine offer us. As part of my onboarding, I want to discuss all these opportunities with my team. I am sure that together we can figure out how to make the most of these opportunities for us at Grünenthal and ultimately for the pa- tients we serve. 42

Grünenthal Report 2024/2025 UNDERSTANDING THE GLOBAL BURDEN OF PAIN Over 1.5 billion people worldwide suffer from chronic pain1 and the condition has a profound impact on patients, families and society. Grünenthal’s Head of Research, Gillian Burgess, took some time to reflect on what it means to be a leader in pain medicine and our ongoing efforts to strive for a World Free of Pain. 44 What is chronic pain and what can cause someone to experience this condition? the World Health Organization (WHO) and the International Association for the Study of Pain recognised in 2019.2 Gillian: The important thing to understand is that chronic pain is not just another symptom. It is a disease in its own right – something that Pain is considered to be chronic when it has lasted for more than three months.3 For some people, pain is their only complaint, but others can be experiencing chronic pain due to an underlying condition such arthritis, cancer or diabetes.4 What we know is that chronic pain is very complex and can be influenced by a whole range of inter- connected factors including injury, illness, nerve damage, poor sleep, anxiety or depression.4 What is the global burden of chronic pain? Gillian: I think the impact that chronic pain has on individuals, their loved ones and society as a whole is often greatly underestimated. Those with chronic pain can experience higher rates of anx- iety and depression, have insomnia and struggle to maintain an independent lifestyle.5 In addition to this, chronic pain is one of the most common reasons that a person will visit their doctor. On a societal level, chronic pain can often lead to missed days at work, lower productivity, unemployment and early retirement.6 And across Europe and the US, the cost of chronic pain is estimated to be in the billions.7 Gillian Burgess, Head of Research

The burden of chronic pain 1 in 5 people suffer from chronic pain worldwide1 60 % of permanent work incapacity in Europe is related to musculoskeletal pain8 13 % lower back pain prevalence in Southern Latin America in 20179 78 % of patients living with chronic pain in Europe are not satisfied with the efficacy of their treatment10 53-90 % of adults with chronic pain experience a clinically significant degree of insomnia11 $ 560-635 bn estimated medical costs and lost productivity per year caused by chronic pain in the US4 € 300 bn estimated total cost of the consequences of chronic pain across Europe10 Grünenthal Report 2024/2025 Working in Grünenthal's laboratories 46

Grünenthal Report 2024/2025 IMPROVING CARE FOR PATIENTS We empower healthcare professionals to provide better treatment for patients worldwide. One out of five people worldwide suffers from chronic pain.1 Grünenthal aims to improve the lives of people living with pain by developing and delivering life-changing treatments. Our products are available in around 100 coun- tries, either directly from our 28 affiliates or indi- rectly from our strategic partners. We serve a di- verse customer base of approximately 230,000 customers. Over the last 50 years, we have built a strong presence in Europe and Latin America. This ena- bles us to provide millions of people with access to different medicines that improve their health condition, particularly effective pain treatments. In the US, we continue to observe significant growth with our non-opioid cutaneous system, Qutenza™, and anticipate that this rapid growth will continue in the coming years. Even though effective treatments are available for some forms of pain, there is still a significant unmet medical needs among patients. Engaging with diverse markets and customer groups in today’s world requires new ways of operating. It is particularly important to ensure a strong focus on our customers’ needs. With our omnichannel engagement model, we provide a tailored customer experience and meaningful in- teractions for our customers everywhere, at any time and across multiple channels. Key brands outperform the market In 2024, Qutenza™ made an exceptional im- pact on our business, propelling global sales growth by 25 % year-on-year. This impressive performance is underscored by 49 % in-market volume growth within the US market. Further- more, Qutenza™ not only surpassed the signif- icant milestone of € 100 million in revenue but also delivered innovative treatment to 90,000 patients worldwide, demonstrating our commit- ment to improving patient outcomes globally. in the established medicine Many brands portfolio (Nexium™, Versatis™, Zomig™ and Vimovo™) continue outperforming the defined European markets they compete in. Revenue from the overall established medicines portfo- lio was higher than planned in 2024. The loss of exclusivity for Palexia™ and Nebido™ in many markets led to price pressure from generic treatments and volume erosion. We were able to compensate for that decline by continuing with strict cost management, as well as valua- ble contributions from across our established medicine portfolio. For example, Zomig™ and Versatis™ benefitted from better access and selling conditions, growing versus previous year +8 % and +9 % respectively. The acquisi- tion of Nebido™ in 2022 generated € 120 million operational revenue in 2024. We continue to expand our omnichannel initiatives to evolve with our customers’ needs In 2024, the Commercial team launched over 377 omnichannel campaigns, generating 1,089 million interactions with healthcare professionals, account- ing for 44 % of our total customer engagements. By integrating AI and content tagging into our operations, we have dramatically improved both efficiency and impact. Currently, 44 % of the content we generate is shared and reused across multiple markets, enabling us to deliver more per- sonalised customer experiences which has re- sulted in a significant boost in customer satisfac- tion and optimised resources. Additionally, we are investing in our people’s capabilities to embrace Scientists are working to improve patient care 48

Grünenthal Report 2024/2025 STRONG PRODUCT PORTFOLIO Grünenthal’s product portfolio has a well-bal- anced mix of resilient established medicines complemented by innovative growth brands. The established medicines portfolio includes all mature and off-patent products. They are char- acterised by high brand awareness, predictable and stable sales, and high profitability. Exam- ples include Nexium™, Crestor™, Nebido™ and Tramal™. The growth brands are innovative and pat ent- protected products like Qutenza™. Combining these two product categories pro- vides us with a well-balanced and resilient busi- ness. Profit from that portfolio finances our inno- vation to create new pain treatments. 50 Revenue by geography Diversifying products and geographies enables us to manage our business risks more effectively, making us less dependent on a single product or market. Revenue by geography Other 4 % North America 10 % Latin America 22 % Europe 64 %

Grünenthal Report 2024/2025 MAXIMISING BRANDS ALONG THE LIFE CYCLE Grünenthal operates a portfolio of global brands with various levels of market maturity, divided into two categories: Growth brands and established brands. Together, brands in these two categories give our company a balanced and resilient over- all market presence. Our established brands are mature products that are characterised by high brand awareness, predictable sales and strong profitability. Examples include Abstral™, Crestor™, Nebido™, Nexium™, Tramal™, Transtec™, Versatis™, Zaldiar™ and Zomig™. With our global portfolio, we contributed to improving quality of life for millions of patients worldwide. Managing the late-stage life cycle At Grünenthal, we proactively manage our es- tablished portfolio to reflect the needs of pa- tients and customers while also delivering the highest profit for our company. The majority of our established brands are in later stages of their life cycle and already face generic competition or other market pressures. However, some of these brands do not face generic competition yet. In fact, attractive business opportunities are available for many of them. we unlock differentiated strategies for our port- folio that reflect the unique market conditions for each treatment and its respective market. Promotional activities for these established brands are developed in line with a strong focus on Return on Investment (ROI). In recent years, we have transformed our go-to-market mod- el into an omnichannel and digital-focused ap- proach. During 2024, our Commercial team ran more than 337 omnichannel campaigns and en- gaged in approximately 1,089 million interactions with healthcare professionals. We have substantially expanded the use of chan- nels that enable remote interaction in recent years. Now, our teams conduct almost half of our interactions via digital channels. Innovative tech- nologies like AI are enabling us to increase our fo- cus on personalisation. This supports a more cus- tomer-centric approach that meets the needs of healthcare professionals more effectively and en- sures high levels of engagement with our brands, while also boosting cost-efficiency. As a result of this active management, our estab- lished brands outperformed expected sales levels and contributed revenue of € 1,517 million in 2024. Our teams collaborate across departments and functions to maximise the performance of this di- verse portfolio of established brands. By applying our expertise in late-stage life cycle management, Nebido™, which we acquired in 2022, contribut- ed € 120 million to our overall revenue. Versatis™ also delivered strong performance in 2024, with 9 percent growth and € 168 million revenue. 52 88 % of Grünenthal’s operational revenue is from established medicines (incl. PalexiaTM)

Grünenthal Report 2024/2025 OUTSTANDING GROWTH FOR QUTENZA™ 2024 was an important year for Qutenza™. We expanded our reach to more patients worldwide and thereby increased our revenues. expanding the Qutenza™ indication in the US to include treatment for post-surgical neuropathic pain (PSNP). With Qutenza™, we aim to improve the lives of patients suffering from peripheral neuropathic pain (PNP). We are focused on optimising the customer experience for patients, healthcare professionals and payers. Qutenza™ is a topical non-opioid patch that is approved, in Europe, for the treatment of periph- eral neuropathic pain in adults either alone or in combination with other medicinal products for the treatment of pain. In the US, it is approved for the treatment of neuropathic pain associat- ed with postherpetic neuralgia (PHN) and neuro- pathic pain associated with diabetic peripheral neuropathy (DPN) of the feet. Globally, PNP conditions are highly prevalent and account for around 40 percent of all chron- ic pain cases12. The most common type of PNP condition is related to neuropathic pain associ- ated with diabetic peripheral neuropathy (pDPN). It affects 60 to 70 percent of individuals with dia- betes13. More than five million people suffer from pDPN in the US. pDPN is a debilitating complication of diabe- tes with the potential to impact the daily lives of people living with this disease. The far-reaching impact of neuropathic pain underscores the im- portance of our ongoing clinical studies aimed at Investing for growth Grünenthal is taking decisive action to accel- erate positive momentum for Qutenza™. Our company has launched a dynamic commercial strategy, and we are constantly expanding our expertise in Key Account Excellence, Market Access and Medical Affairs. Grünenthal is dedicated to ensuring a seamless experience for customers and patients. Through our healthcare professional and patient portals, we meet our customers wherever they are. And we leverage omnichannel strategies to provide unparalleled support and accessibility. Patient-centric strategy Our approach for Qutenza™ places a sharp fo- cus on patients’ needs. Ÿ We focus on the patients’ voices: For exam- ple, we have created several patient advisory councils where people living with neuropathic pain share their experiences of this condition. Ÿ We aim to broaden access to Qutenza™: For example, we have increased the number of lives covered by health insurance compa- nies to 193 million in the US and launched the first ever Grünenthal co-payment support programme to ensure eligible patients can af- ford this treatment. Ÿ And we work closely with patients to optimise their Qutenza™ treatment: For example, we run various patient support programmes in Europe to enable the best possible treatment experience. Trusted by the medical community Several key updates to treatment guidelines em- phasise the medical community’s confidence in Qutenza™. Ÿ Qutenza™ is featured in The Neuropathic Pain Guidelines (Neu-PSIG) from the International Association for the Study of Pain (IASP). Ÿ In the US, the American Diabetes Association (ADA) and the American Association of Clinical Endocrinology (AACE) recommend Qutenza™ for diabetic peripheral neuropathy (DPN). Ÿ And the American Society of Pain and Neuro- science (ASPN) and the American Limb Pres- ervation Society included Qutenza™ in their updated guidelines for managing painful dia- betic neuropathy (pDPN) during 2023. Further expanding access to therapies Our global commercial strategy for Qutenza™ demonstrates our commitment to improving pa- tient care. Grünenthal is focused on engaging 54

Grünenthal Report 2024/2025 GLOBAL BRANDS BRAND NAME ACTIVE INGREDIENT / TECHNOLOGY Capsaicin Fixed-dose combination of Esomeprazole and Naproxen Lidocaine INDICATION RANGE* EU indication: Treatment of peripheral neuropathic pain in adults either alone or in combination with other medicinal products for the treatment of pain. US indication: Indicated in adults for the treatment of neuropathic pain associated with postherpetic neuralgia (PHN) and for neuropathic pain associated with diabetic peripheral neuropathy (DPN) of the feet. In adults for the symptomatic treatment of osteoarthritis, rheumatoid arthritis and ankylosing spondylitis, in patients who are at risk for developing non-steroidal anti-inflammatory drug (NSAID)-associated gastric and/or duodenal ulcers and where treatment with lower doses of naproxen or of other NSAIDs is not considered sufficient. EU and Peru indication: Symptomatic relief of neuropathic pain associated with previous herpes zoster infection (postherpetic neuralgia, PHN) in adults. Latin America indication: Treatment of localised neuropathic pain, including pain associated with a previous herpes zoster infection (postherpetic neuralgia). Zolmitriptan Oral formulations: In adults aged 18 years and older for acute treatment of migraine headache with or without aura. Nasal spray: In adults and adolescents aged 12 years and older for the acute treatment of migraine headache with or without aura, and in adults for the treatment of cluster headache.*** Testosterone undecanoate Treatment of male hypogonadism, when testosterone deficiency has been confirmed by clinical features and biochemical tests. OPERATIONAL REVENUE** 2024 IN € MILLION 147 71 168 80 120 56

Grünenthal Report 2024/2025 BRAND NAME ACTIVE INGREDIENT / TECHNOLOGY Rosuvastatin OPERATIONAL REVENUE** 2024 IN € MILLION 86 INDICATION RANGE* Treatment of hypercholesterolaemia Adults, adolescents and children aged 6 years or older with primary hypercho- lesterolaemia (type IIa including heterozygous familial hypercholesterolaemia) or mixed dyslipidaemia (type IIb) as an adjunct to diet when response to diet and other non-pharmacological treatments (e.g. exercise, weight reduction) is inadequate. Adults, adolescents and children aged 6 years or older with homozygous familial hypercholesterolaemia as an adjunct to diet and other lipid lowering treatments (e.g. LDL apheresis) or if such treatments are not appropriate. Prevention of cardiovascular events Prevention of major cardiovascular events in patients who are estimated to have a high risk for a first cardiovascular event, as an adjunct to correction of other risk factors. Tapentadol Prolonged-release tablet: Management of severe chronic pain in adults which can be adequately managed only with opioid analgesics. Management of severe chronic pain in children above 6 years and adolescents, which can be adequately managed only with opioid analgesics. 160 Film-coated IR tablet: Relief of moderate to severe acute pain in adults which can be adequately managed only with opioid analgesics. Oral solution: Relief of moderate to severe acute pain in children*** and adolescents from 2 years of age and in adults, which can be adequately managed only with opioid analgesics. Tramadol EU and Latin America indication: Treatment of moderate to severe pain. 85 58

Grünenthal Report 2024/2025 STATEMENT REGARDING THE RESPONSIBLE USE OF OPIOID- BASED MEDICINES General considerations for the management of pain with any medication that contains an opioid mechanism of action. All opioid medications are not authorised for all types of pain indication. Al- ways refer to the product prescribing information. An individualised, patient-centred ap- proach for the diagnosis and treatment of pain is essential to establish a therapeutic alliance between patient and clinician.14 To optimise opioid treatment: Ÿ It is important to optimally use multimodal, non-opioid approaches in acute and chronic pain before escalating to opioids or in con- junction with opioid therapy.14 Ÿ Opioids should be used only when benefits for pain and function are expected to out- weigh risks.15 Ÿ Consider patient variables that may affect opi- oid dose for each patient prior to opioid use.14 Ÿ During ongoing opioid therapy, clinician should collaborate with patients to evaluate and care- fully weigh benefits and risks of continuing opi- oid therapy and exercise care when increasing, continuing, or reducing opioid dosage.15 Ÿ Make a careful selection of patients, abuse risk factors evaluated, and regular monitoring and follow-up implemented to ensure that opioids are used appropriately and in alignment with treatment goals (pain intensity and functional- ity) as agreed with the patient.16,17 Ÿ Make patients aware of the potential side ef- fects of opioids and the potential for develop- ing tolerance, dependence and addiction.16,17 Ÿ Addiction is possible even when opioids are taken as directed.18 Ÿ Signs of opioid use disorder should be moni- tored and addressed.16,17 If an opioid is authorised and selected for treatment of acute pain, please consider: Ÿ The use should be for the shortest necessary time.14 If an opioid is authorised and selected for treatment of chronic pain, please consider: Ÿ To continue opioid therapy only if there is clin- ically meaningful improvement in pain and function that outweighs risks to patient safety.15 Ÿ Regular monitoring, clinical reviews, re-evalu- ations are required for long-term opioid treat- ment to assess pain control, impact on lifestyle, physical and psychological well-being, side ef- fects and continued need for treatment.16,17,19 Ÿ How opioid therapy will be discontinued if ben- efits do not outweigh risks (CDC new ref), incl. tapering down the dose where possible.16,17 Patients and the general public can ben- efit from clear educational materials and awareness interventions to support the re- sponsible use of opioids.20 60

Grünenthal Report 2024/2025 PROMOTING PAIN RESEARCH We are committed to building a better future for patients. Participating in various initiatives that advance this goal is essential. 62 EFIC-Grünenthal-Grant (EGG) Through the EFIC-Grünenthal-Grant (E-G-G), Grünenthal supports young scientists early in their career in carrying out innovative clinical pain research with up to € 110,000 provided every two years. Research grants are intend- ed for clinical and human experimental pain re- search, including innovative educational initia- tives aimed at improving diagnosis and treatment of pain. Since 2004, the E-G-G has successfully funded 73 innovative research projects, award- ing almost € 1.8 million to participants in more than 14 countries. The three recipients of the 2023 E-G-G were recognised at the 13th Congress of the Europe- an Pain Federation EFIC in September 2023. www.grunenthal.com/en/worldfree-of- pain/initiatives/e-g-g Fatigue and pain was quite a new area for me. I am so grateful that the E-G-G gave me the opportunity to pursue this project and expand my work. Joukje Oosterman Professor of Neuropsychology and Rehabilitation Psychology department at Radboud University, Winner of the 2016 E-G-G

Grünenthal Report 2024/2025 Scientists in Grünenthal's biology laboratories 66

Grünenthal Report 2024/2025 OUR KEY PROJECTS IN R&D Qutenza™ – Reaching more patients in the US Qutenza™ is a topical system that contains prescrip- tion-strength capsaicin. It is a non-opioid treatment that can provide prolonged pain relief for several months. Its most frequently reported adverse effects were usually transient, self-limiting, mild-to-moder- ate reactions on the application site.22 In Europe, it is approved for treating peripher- al neuropathic pain (PNP) in adults either alone or in combination with other medicinal products for the treatment of pain. In the US, Qutenza™ is approved for treating PNP associated with post-herpetic neuralgia and for treating pain associated with diabetic peripheral neuropa- thy (DPN) of the feet.23 The US FDA approval of Qutenza™ for the treatment of pain associated with DPN of the feet in adults in 2020 marked a major milestone in our efforts to bring this treat- ment to more patients. Painful DPN is a progres- sive and debilitating complication of diabetes that affected more than five million Americans in 2020.24 It is difficult to diagnose, treat and manage effectively. Our life cycle management activities aim to make Qutenza™ more widely available by ex- panding the label – particularly in the US. In Q4 2024 we announced the completion of recruitment for an additional Phase III trial to investigate the efficacy, safety and tolerability of Qutenza™ in post-surgical neuropathic pain (PSNP). Assuming positive data is available in Q4 2025, the goal is to file a supplemental new drug application with the FDA in 2026 at the latest. We are also pursuing further exploratory activities for other indications in collaboration with external partners. AV001 – Clinical Trial AV001 is a Phase III, randomised, double-blind trial evaluating the efficacy and safety of Qutenza™ in subjects with moderate-to-se- vere post-surgical neuropathic pain (PSNP). The study aims to enrol 408 patients across multiple sites, who have been diagnosed with moderate-to-severe PSNP for at least six months. Primary endpoint Ÿ Reduction in the average pain intensity after 12 weeks compared to baseline Key secondary endpoints Ÿ Reduction in the average pain intensity after 42 weeks Ÿ Progressive response over time with repeated application Ÿ Reduction of the treatment area over several applications Ÿ Quality of life outcomes such as sleep interference, physical activi- ty, anxiety and depression With the entirety of the trial remaining blinded, AV001 could be the first trial in PSNP to provide blinded long-term treatment data. 68 QutenzaTM (capsaicin) 8 % topical system releases capsaicin through the skin

MPC-06-ID – Cell therapy for chronic low back pain In 2019, we partnered with Mesoblast to develop a highly innovative mesenchymal precursor cell therapy for patients with chronic low back pain associated with degenerative disc disease who have not found effective relief from available treatment options. Early in 2021, Mesoblast published results from the Phase III trial MSB-DR003 that was carried out in the US and Australia. The trial provided several important findings, including a significant and long-lasting treatment effect on pain relief. However, it did not achieve its primary outcome measure between the treatment groups. After analysing the data obtained through this trial, Mesoblast anticipated conducting another confirmatory trial in the US and received positive feedback from the FDA regarding a new Phase III programme for MPC-06-ID in patients with chronic low back pain due to degenerative disc disease. The new trial will be conducted with up to 20 percent of the patient population involved coming from Europe, to support potential prod- uct approvals in both the US and Europe.

Grünenthal Report 2024/2025 NOP – Promising treatment for chronic pain Our proprietary nociceptin (NOP) receptor agonist franchise of molecules is the culmination of many years of pioneering research in the field of NOP receptor analgesics. These molecules have a unique mechanism of action for treating chronic pain and are predicted to deliver robust pain relief in a broad range of chronic conditions, without the side effects commonly associated with opioids. For this reason, they may provide a unique and transformative first-in-class therapy option for patients living with chronic pain. In 2022, a NOP agonist from this franchise was tested in a human experimental pain clinical study in healthy participants and produced a significant reduction in both electrical signalling in pain pathways and subjective pain percep- tion. A clinical Phase I trial evaluated its safety, tolerability and pharmacokinetics, and based on these results we were able to bring forward a new candidate for clinical investigation that showed best-in-class selectivity compared to traditional opioid receptors. In 2024, we en- rolled the first participant in a Phase I clinical trial for this candidate, and the results from this study are expected in Q3 2025. Why is the NOP receptor so promising? The nociceptin (NOP) receptor is a G protein-coupled receptor. Its natural ligand is the 17 amino acid neuropeptide known as nociceptin (N/OFQ). NOP agonists have been shown to suppress responses in pre-clinical models of hyperalgesia. Although the NOP receptor shares sequence identity (~60 percent) with the opioid receptors μ-OP (MOP), κ-OP (KOP) and δ-OP (DOP), it has little or no affinity for opioid peptides or morphine-like compounds. Likewise, classical opioid receptors have little affinity towards NOP’s endogenous ligand nociceptin.25

CREATING INNOVATIVE MEDICINES Scientists at Grünenthal develop promising new treatments by identifying the best potential tar- gets – and we pursue them by leveraging our deep expertise in bioinformatics, systems biolo- gy and pain biology. Humanising pain research – predictive validity After decades of research, pain scientists now understand that pre-clinical in vivo behavioural models have limited capability of predicting the biological relevance of potential new targets in humans. This could in part be because the expression profile and/or function of proteins can differ between species. As a result, Grünenthal’s experts select targets by studying human genetic and clinical data, and by developing pre-clinical models using hu- man tissues and cells. This helps to increase the probability of success for the clinical translation of a chosen target in patients. For example, we are conducting investigations on human nocicep tive neurones, which car- ry pain signals from the periphery to the spinal cord. By studying these neurones and examining how they interact with other cell types, we can understand how they work in healthy individuals and in patients with pain conditions. Our research teams are also investigating the role of key targets in processing pain signals. Based on these investigations, we are evaluating whether natural variation in a target, such as genetic dif- ferences, may have functional consequences. Be- yond genetic evidence, we analyse existing clinical and pharmacological evidence that modulating the activity or function of a target may impact pain. Within our scientific framework a target is consid- ered very promising if it is possible to combine an understanding of its function in pain processing with clinical and genetic evidence for a role in dis- ease pathophysiology. In addition, we always con- sider the safety implications of modulating a target before adding it to our portfolio. Grünenthal Report 2024/2025 74

Turning data into knowledge We use our expertise in bioinformatics and systems biology to screen, analyse and process large volumes of omics data generated from pain-centric human and disease model samples. Our scientists leverage state-of-the-art data analytics and digital technologies to analyse such multi-modal data sets and transform them into insights that can guide our research strat- egy. We build strong collaborative relationships with external partners such as academic groups and key opinion leaders to mine this data to- gether – and deepen our understanding of how cells and tissues communicate when someone is experiencing pain. The power of omics data Omics approaches are high-throughput technologies that can be used to simultaneously profile biological systems at different levels of cellular hierarchy and organisation, including, but not limited to genes, transcripts and proteins: Ÿ Genomics analyses the entire set of genes within an organism and studies their interrelationships Ÿ Transcriptomics investigates all RNA molecules, including mRNA, rRNA, tRNA, and other non-coding RNAs Ÿ Proteomics enables the study of all of the proteins produced by an organism Grünenthal Report 2024/2025 Human validation in early research 76

Grünenthal Report 2024/2025 Scientists analyse the microscope image of a cell 78

Grünenthal Report 2024/2025 A PARTNER OF CHOICE FOR PAIN RESEARCH We collaborate with organisations worldwide to drive progress for pain research and develop- ment (R&D). From evaluating new molecules to successfully commercialising products, we are always on the lookout for partnerships with the potential to elevate our research efforts. Understanding the R&D landscape Historically, a significant proportion of clinical programmes in pain have derived from reformu- lating existing drugs or repositioning medicines from other central nervous system (CNS) indi- cations in pain. Pain research has also attract- ed less funding from industry or venture capital when compared with disease areas like oncol- ogy and immunology, and many large pharma- ceutical companies have exited the pain med- icine space. However, over the last few years the pain R&D landscape has been slowly transforming. Innova- tion driven by smaller companies and academic institutions has led to breakthroughs related to genomics, and a movement away from rodent models to those that offer more translatable insights. These methods are making it possible to identify new targets and novel non-opioid mech- anisms with the potential to address the signif- icant unmet medical need still associated with many pain conditions today. as RNA therapeutics, which have provided scien- tific breakthroughs outside of the pain medicine space and may have the potential to act on well- known pain targets. A powerful partner for pain R&D Grünenthal is committed to maintaining its leader- ship in pain R&D. This makes us an attractive part- ner for small or large companies that are seeking deep expertise to support progress for pain as- sets, as well as organisations that need a source of non-dilutive revenue through licensing or are keen to divest their pain programmes completely. We also believe it is vital to work closely with ac- ademia to drive progress in pain R&D. Universi- ties have strong relationships with hospitals and can leverage their academic networks to access human tissue, proprietary models and biomark- er research. Therefore, we also collaborate with pioneers from academia who are pursuing pro- gress in pain medicine. Our partnering approach is flexible depending on the stage of the asset and the aspirations of our partner. It may involve licensing deals for an early research collaboration and access to our capabilities, co-development or co-commer- cialisation, a geographic-split deal for an asset in clinical development or an asset acquisition. Looking to the future, several companies are now pursuing novel approaches like gene thera- py or cell therapy, that carry a higher risk but may provide better patient outcomes in the long run. Grünenthal is investigating novel modalities such Grünenthal has a leading position in pain and a long tradition of driving progress for pain man- agement. We are committed to continuing that progress in the future and that makes us a strong partner for innovation 80 Innovating with academia Grünenthal has collaborated with renowned universities to develop next-generation treatments and research methodologies, including leading researchers at Uniklinik RWTH Aachen, RTWH Aachen University, McGill University (Montreal, Canada) and King’s College London (UK). These collaborations have furthered our internal research by: Ÿ Enabling access to ethically sourced human tissues Ÿ Applying advanced microfluidic cul- ture models based on human induced pluripotent stem cells (iPSCs) that are customised for pain research Ÿ Exploring novel pre-clinical techniques to assess sensory neuron activity If successful, these activities would provide us with access to novel, trans- lational models that could increase our understanding of human pain mecha- nisms and provide new insights into how to modulate these therapeutically.

Grünenthal Report 2024/2025 MEET THE INNOVATORS Our R&D team are championing innovation in all aspects of pain medicine. In a world of data and science, it can sometimes be too easy to focus on the numbers and forget about the people. But the real power of our R&D engine comes from our amazing team. Several hundred individuals from around the world come to work each day, dedicated to finding and de- livering the next innovative pain therapy for pa- tients. This spirit of innovation is what drives our company and propels us on our journey towards a World Free of Pain. Maria Stupar Global Safety Lead Chanchal Kumar Head Bioinformatics, Disease Understanding The efficacy of a product is important, but its safety is everything. Using the power of data, Maria works tirelessly to ensure that we main- tain the highest safety standards of our prod- ucts, from pre-clinical development all the way to commercialisation. Through her efforts, she is ensuring that we continue to stand as a trusted leader in the pain medicine space, for healthcare professionals and the patients we serve. With an insatiable desire to turn data into knowl- edge, Chanchal and his team are leveraging state-of-the-art data analytics and digital tech- nologies to identify the specific cells that lead to chronic pain. In doing so, Chanchal is on the hunt for new precise targets that could represent the future of pain medicine. Scan to learn more Scan to learn how 82

Grünenthal Report 2024/2025 MANAGING THE END- TO-END VALUE CHAIN In Global Operations we are committed to en- suring the highest levels of safety, quality and cost-efficiency in all of our activities – and at every stage in our value chain. Every day, every single person in our Global Operations (GO) team comes to work with one goal in mind – to ensure patients have access to the medicines they need in almost 100 coun- tries worldwide. We are incredibly proud to have maintained an uninterrupted supply of medicines throughout 2024, overcoming a number of sig- nificant local and global challenges while inte- grating various acquisitions into our company. In GO, our people are united by a strong cul- ture of commitment, openness and innovation. We operate a robust production network with five specialised production facilities – in Chile, Ecuador, Germany, Italy and Switzerland, where we manufacture Grünenthal products as well as medicines for key external partners. In 2024, third-party manufacturing accounted for almost 50 percent of our production volume. By always looking for new ways to drive excellence, we are improving patients’ lives and also supporting the continued growth of Grünenthal. Over the last year, how did the GO team contribute to Grünenthal’s business strategy? Victor: In 2024 we found our footing after the challenges of the post-COVID years. As a re- sult of the outstanding efforts of the team, we strengthened our end-to-end supply chain, en- hanced our profitability and improved our risk management processes. And while other players in the space experienced supply issues, I am ex- tremely proud to say that we maintained a con- stant supply of all of our medications to patients. This is no small feat and is entirely down to the hard work and dedication of our team. We also successfully integrated a number of new products into the organisation – under- scoring our position as a best-in-class integra- tion machine and the premier company for es- tablished brands in the market. This is one of our biggest strengths as an organisation and some- thing that the GO team is constantly looking to improve on. What is your vision for the future of GO? Each year, our Global Operations team supplies millions of people worldwide with critical medi- cines. Victor Barbosa, Head of Global Opera- tions, shares his thoughts on what it takes to de- liver on this tremendous responsibility. Victor: In 2020 we looked ahead and set our- selves a moonshot for 2025. It was a bold and ambitious plan to overhaul our team culture, in- crease our profitability by € 100 million per year and optimise critical operational processes. I am proud to say that we have made tremendous progress against these targets and are on track to deliver an organisation that is highly engaged, cost-efficient and better able to deal with an ev- er-changing landscape. But the journey doesn’t end next year. As we look beyond 2025, our key focus will be on finding ways to harness the power of technology, robotics and digitalisation to max- imise our ability to deliver for patients and facilitate the continued growth of the Grünenthal business. In your view, what makes the GO team special? It is a simple answer – the people. Over the last few years, we have placed an emphasis on our team culture and creating an environment of openness, where people feel comfortable ad- dressing issues quickly, transparently and without blame. We have also worked hard to empower leaders across GO to take control, be accounta- ble and strive for continuous improvement. This has led us to a place where every single mem- ber of the GO team understands that they play a critical role in our ability to deliver Grünenthal’s vision of a World Free of Pain. From analysts to engineers, scientists to operators, pharma- cists to strategists, you can really feel the sense of commitment and pride that the team has in knowing that, because of what they do each day, patients will receive safe and effective products when they need them. 86

Grünenthal Report 2024/2025 OUR WORLD-CLASS MANUFACTURING SITES In 2024, thanks to the outstanding work of the en- tire Global Operations team, 177 million packs of Grünenthal medicines reached patients worldwide. We operate five world-class manufacturing sites around the globe, where we produce all of our own products, as well as manufacturing medicines for key industry partners. We have made significant in- vestments into our facilities and are fully commit- ted to ensuring the quality, safety and sustainability of every medicine we produce for patients. Santiago, Chile Our manufacturing site in Santiago is a centre of excellence for hormone production, as well as the production and packaging of solid products. Grünenthal has made a significant investment into the Santiago site to fully upgrade the bulk manufacturing and packaging capabilities of the facility. In 2025, the site will be focused on securing EMA certification so that it can begin exporting prod- ucts to Europe, in order to serve even more pa- tients around the globe. We are incredibly proud of the inauguration of our state-of- the-art facility in June 2024. This plant stands as a beacon of innovation and cost-efficiency, ensuring safe, efficient and reliable product supply to our patients. We are dedicated to continuously enhancing our processes and building capabilities to achieve EMA certification in 2025. Our ambition is to become a global site, exporting products to Europe and the rest of the world. Leonardo Tonelli Fava Site Director – Santiago 2024 Fast Facts Size: 25,720m2 Employees: 400 28 million packs 1.05 billion tablets 88

Grünenthal Report 2024/2025 Aachen, Germany Our largest packaging site can be found in Aachen, Germany. It is responsible for packaging the products that make up around 50 % of our annual revenue. 400 team members manufacture a wide varie- ty of products from our core portfolio, including QutenzaTM, PalexiaTM and VersatisTM and have overseen the integration of build-muscle deals such as VimovoTM and NexiumTM. Over the last year, the site has seen significant improvement in all key operational performance indicators and is focused on advancing leader- ship development and maximising the potential of automation and digitalisation. We have set an ambitious goal to become the Best Pharma Packaging Site in Europe by 2026, and so all our efforts this year have been in service of this mission. I am extremely proud of how the team has worked tirelessly to optimise our operating procedures, so that we can maximise efficiency and productivity while maintaining the highest safety standards. Patients continue to sit at the heart of all we do, and we will continue to work each day to ensure they have access to the medicines they need. Christoph Hausser Site Director – Aachen 2024 Fast Facts Size: 6,500m2 Employees: 400 92 million packs 90

Grünenthal Report 2024/2025 Origgio, Italy Our Origgio site in Italy has a key role in manu- facturing several strategic Grünenthal brands, including PalexiaTM, ZomigTM and CrestorTM, while supplying the largest variety of markets, including the US and Japan. The site manag- es various technologies, like oral solids, nasal spray and medical device assembly and pack- aging. During 2024, the team achieved a num- ber of key milestones including the success- ful initiation of CrestorTM manufacturing and distribution, the integration of new partner products and the launch of new photovoltaic panels in the plant. Looking to the future, this site continues to be a significant area of growth. It has been instrumen- tal in driving many of our recent acquisitions. The team is heavily engaged in ramping up produc- tion of CrestorTM, contributing to its robust out- put. Additionally, the site launched new products in biopharma packaging and secured contracts to drive growth in the coming years. To enable new opportunities, the site initiated a three-year master plan expansion project in 2024, covering production, warehouse, office, and laboratory facilities. Looking ahead, this site remains a key driver of product integrations, sup- porting Grünenthal's acquisition strategy and enhancing profitability. Strategic product integrations, capacity expansions and new contract acquisitions are impressive milestones achieved by the team at our Origgio plant in 2024. We look forward to 2025 and beyond with great confidence to continue the growth with further products, technologies and expansions while always keeping the well-being and safety of our employees at the centre of our strategy alongside quality and efficiency. Giovanni Marangoni Site Director – Origgio 2024 Fast Facts Size: 22,000 m² Employees: 500 23 million packs 2.2 billion tablets 5 million vials 92

Grünenthal Report 2024/2025 INVESTING IN OUR FUTURE We made the largest manufacturing investment in our company’s history, to modernise our Latin American production sites. We established our operations in Latin America decades ago, and over that time, our manufac- turing plants in Quito, Ecuador, and Santiago, Chile, have supplied life-changing medicines to patients across the region. Looking ahead, these facilities are expanding their reach to serve pa- tients beyond Latin America, including the US and Europe. In an effort to safeguard and expand our ability to provide patients with a safe and reliable supply of products for the decades to come, we made the decision to invest € 80 million to upgrade our fa- cilities in Ecuador and Chile. Built for excellence, designed for impact – the new plant at our Quito site Quito, Ecuador Our facility in Quito houses Ecuador’s largest and most modern manufacturing plant for pharma- ceuticals and is one of only a handful of facilities in Latin America licensed to supply medicines to Europe. The team at this facility manufactures a wide variety of products including granules, coated tablets, capsules, liquids and semi-solids. Celebrating the grand opening of our cutting-edge facility in Quito Our manufacturing investment facilitated the ex- pansion of our existing facility with the construc- tion of a brand-new and state-of-the-art plant to support the global production of VimovoTM. The new plant extends our capabilities and we plan the production of 300 million tablets a year for pa- tients living with pain across 17 European countries. The facility has been certified by various Lat- in American authorities, such as ANVISA (Brazil) and INVIMA (Colombia), and is the only facility in Ecuador with an EU Good Manufacturing Prac- tice certificate. We are incredibly proud of this achievement and are committed to ensuring that this site continues to stand as a beacon of qual- ity in the region. 94

Grünenthal Report 2024/2025 From four machines to one: Our cutting-edge stick pack machine in our Santiago site streamlines the entire production process for single-dose sachets GO2025 – OUR ROADMAP FOR SUCCESS In 2020, the GO2025 programme was initiated and has served as our roadmap for success for the last four years. The strategy supports our mis- sion to ensure that we provide a safe, efficient and reliable product supply to patients. We set out on an ambitious journey designed to transform the way we work, innovate and grow. We aimed high, defining clear goals that would reshape our team culture, enhance operational excellence and drive € 100 million in annual profitability improvements. Four years in, our progress has been remarka- ble and we remain fully focused on ensuring we reach our goals for 2025. 1. Building a high-performing organisation At the heart of GO2025 is our commitment to cre- ating a highly engaged workforce and establish- ing a culture that makes us a Great & Cool Place to Work. The strength of GO lies in our people, and we know that to drive innovation and maxim- ise the performance of our business, it is essential that we attract, retain and develop talent. In order to achieve this, we have invested heavily in the learning and development of our team and have worked to foster a culture that supports innova- tion, collaboration and inclusivity. Through our GO-specific education and train- ing programme, we ensure that our operators are equipped with all required skills, provid- ing a “license to operate” as well as develop- ing new skills and enabling them to work even more autonomously. Looking to 2025, we are expanding this programme to our maintenance technicians and analysts, increasing the pro- gramme's scope and allowing even more team members to participate and acquire new skills. We have expanded this programme beyond our operators and implemented global com- petency frameworks for all our GO roles, en- suring every team member understands their 96

Grünenthal Report 2024/2025 Maximising value through procurement Each year, our procurement team is responsi- ble for overseeing the allocation and spending of hundreds of millions of Euros – more than € 500 million addressable spend. That is a tre- mendous responsibility, and only by maximising our spending can we continue to invest in our vision of a World Free of Pain. Given the highly strategic nature of this element of our busi- ness, procurement has been a core element of the GO2025 plan from the beginning. By optimising supplier relationships, increasing transparency around budgets and ensuring every investment delivers maximum value, we have unlocked significant cost efficiencies. Our procurement team has worked relentless- ly to challenge suppliers to innovate, explore new efficiencies and drive smarter spend- ing decisions. This approach has enabled Grünenthal to reinvest savings into research, development and future growth initiatives. Grünenthal PRO: A key growth driver Our Contract Manufacturing Business, Grünenthal PRO, has been another critical contributor to our financial success. Offering specialised manufac- turing services – including biopharma assembly, unit dose nasal spray filling, and packaging of complex drug formulations – Grünenthal PRO has expanded rapidly, achieving record-breaking per- formance in 2024. The demand for our high-qual- ity manufacturing capabilities continues to grow, with new customer partnerships, expanded ser- vice offerings and increased production volumes driving strong revenue growth. We focus on a selected customer base with a long-term partnership view, ensuring that we build sustainable collaborations that deliver mutual success. This approach has been instrumental in fostering trust and securing high-value contracts with leading pharmaceutical companies. In 2024, the US was our single biggest growth mar- ket, with three product launches by our customers. It was a year of record API production for third-par- ty customers. Finally, we decided to invest further in machinery supporting our growth path, enhancing our capacity and technological capabilities. Our Grünenthal PRO team takes great pride in satisfying our customers' needs. Our people con- stantly seek to build trust-based relationships while proactively mitigating market risks and striv- ing for win-win situations for our partners and us. We take care of their products as if they were our own, ensuring the highest levels of quality and reli- ability in every step of the manufacturing process. 3. Striving for excellence and innovation Excellence and innovation have been at the heart of GO2025 from the very beginning. We set out to embed a culture of continuous improvement across the entire organisation, ensuring that we remain agile, efficient and ready to embrace the future. Today, this ambition is a reality. Through our Global Operations Business System (GOBS), we have established a robust foundation for op- erational excellence – one that drives sustaina- ble efficiencies, fosters innovation and strength- ens Grünenthal's ability to grow and scale fast. At the start of our GO2025 journey, we in- troduced GOBS as a structured approach to maximise efficiency and improve performance across all relevant areas of Global Operations. More than just a framework, GOBS defines our mindset and way of working. It provides the tools, processes and methodologies needed to achieve best-in-class results while fostering a culture of continuous improvement. By anchor- ing GOBS across the entire organisation, we have delivered continuous improvement initia- tives that generate over € 10 million in sustain- able annual savings – efficiencies that will con- tinue to support Grünenthal's financial strength and future growth. In 2024, we took GOBS to the next level with the launch of the GOBS Academy. This initiative plays a crucial role in strengthening our capabil- ities, equipping our teams with critical skills and capabilities, and training employees on how to integrate these best practices into their daily work. The academy ensures that striving for ex- cellence is not just an aspiration but a lived reality within every part of GO. Beyond process optimisation, innovation re- mains a core focus. Digitalisation and data an- alytics are key enablers in this transformation, allowing us to leverage automation and smarter decision-making to enhance productivity and streamline operations. As we look ahead to 2025 and beyond, we will continue expanding our dig- ital capabilities to unlock even greater efficien- cies and drive long-term business success. The GO Business System provides the founda- tion for future-proofing our operations, ensur- ing that we remain competitive and resilient in an evolving market. Through our commitment to in- novation and improvement, we are optimising our cost of goods sold (COGS) and also strengthen- ing Grünenthal's financial position and ability to invest in its mission of a World Free of Pain. With a relentless focus on excellence, agility and in- novation, we are building an operational model that will drive Grünenthal's success for years to come. 98

100

Grünenthal Report 2024/2025 A GREAT PLACE TO WORK AND GROW We are proud that we have maintained high levels of engagement across the organisation, achieving our highest-ever results in the Great Place to Work® survey, underscoring the strides we have made in growing trust, inclusion and engagement. This milestone reflects our collective commitment to creating a workplace where everyone feels valued and empowered to contribute to our shared vision of a World Free of Pain. Leen Hofkens Head Global Human Resources 102 We actively listen to our people and take action to maintain high levels of engagement across the or- ganisation, resulting in high trust and satisfaction. In 2024, we strengthened our position as a lead- ing employer, achieving our highest-ever satis- faction levels in the Great Place to Work® (GPtW) survey that we have conducted regularly since 2009. We were certified as a Great Place to Work® in 20 countries, including our headquar- ters and all of our production sites. This reflects our employees’ positive feedback about our workplace culture and leadership approach, and reveals the significant progress we have made together. The results highlight our commitment to building a positive and inclusive workplace where everyone can thrive and contribute to our shared vision of a World Free of Pain. Our high-performance culture is key to our suc- cess. To keep our employees engaged in work- ing towards our shared priorities, we make sure everybody understands and fully supports our company strategy. Together, we strive to bring our Values & Behaviours to life – every day, everywhere, every one of us. Regular employee surveys help us gain a clear picture of our progress in evolving our culture. The consistently high participation rates strongly indi- cate our employees’ commitment to shaping our culture. And we are proud of the positive progress on our cultural journey. Our employee engage- ment levels reached new heights in 2024, with the response rate in the GPtW survey climbing to 88 %, the highest since the survey’s introduction.

Grünenthal Report 2024/2025 OUR DIVERSITY AND INCLUSION JOURNEY We are making substantial progress in fostering an inclusive culture where individuality is cele- brated and colleagues have a sense of belonging. ideas to the table and develop their full potential as contributors to the success of Grünenthal and the communities we serve. At Grünenthal, we are committed to creating an inclusive environment where every team member feels valued and empowered to bring their au- thentic self to work. Our employees bring great Our dedication to diversity and inclusion is re- flected in a broad range of initiatives. With our global volunteering programme Grünenthal Gives, every employee can spend one working day per year contributing to a good cause in their local community. And our Proud to be Myself initiative is focused on supporting the LGBTQ+ community and building awareness. Many more culture-building activities cele- brate individuality and encourage a sense of belonging. Our Diversity and Engagement strategy: Enhancing our diversity Driving conscious inclusion Positively impacting our local communities Enhancing our talent pool through attraction, retention and enablement of diverse talent. Creating psychological safety and belonging through our people processes and leadership. Inspiring younger generations, partnering with diverse suppliers and supporting communities through volunteering. When nobody gets left behind, everybody moves forward Through activities including cultural celebra- tions, where colleagues share what their cul- ture and beliefs mean to them, and new joiners being given a personal welcome by our Execu- tive Board Team members, we continue to build a workplace where respect and understanding are at the core. 104 The impact of these efforts is evidenced in our GPtW survey results: • 88 % of our employees report that they feel accepted and respected for all aspects of their identity. • 86 % of our employees report that diversity is seen as a strength. • 81 % report that managers encourage those with different opinions or ideas to speak up Stories like those of our colleagues who par- ticipated in Grünenthal Gives and experienced its positive impact reinforce our commitment to an inclusive culture. We will continue to ad- vance these initiatives to ensure that everyone at Grünenthal has the opportunity to thrive and con- tribute to our shared vision of a World Free of Pain.

Grünenthal Report 2024/2025 Pride celebrations in Aachen, Germany 106 Colleagues gather in Milan, Italy, to celebrate Pride

Grünenthal Report 2024/2025 A GREAT PLACE TO LEARN AND DEVELOP, TOGETHER Our focus on developing talent and fostering continuous learning – from grassroots to leader- ship levels – is stronger than ever. We continue to build new capabilities internally, as well as by bringing in diverse talent from outside the company to help us achieve our strategic priorities today and in the future. We welcomed more than 570 new colleagues worldwide in 2024, of which 40 % work in our production sites and contribute to our growth strategy in Global Operations. Every employee is a talent bringing great skills and experience to Grünenthal. We are commit- ted to providing development opportunities for all our employees, whether emerging leaders or experienced professionals, to reach their full potential. The majority of our employees have a personal development plan in place that they have actively worked on throughout 2024. Em- ployees can flexibly design and enhance their learning journey by accessing relevant content that is fully focused on their individual needs – at any time and from anywhere. We provide a range of growth opportunities, in- cluding internal job moves, on-the-job training and skill-building initiatives available to everyone in our organisation. In 2024, we continued to invest in development programmes such as Leadership Learning Labs and our Academies to develop stra- tegic and foundational competencies in our core functions, combined with learning platforms such as LinkedIn Learning and Coursera. In addition, many employees took part in a comprehensive pilot programme testing Generative AI tools with a focus on Microsoft CoPilot, supported by com- prehensive training sessions. By facilitating more and more internal job moves in 2024, we are proud that we have continued to enrich our talent pool and strengthen our culture of continuous development. Stories like that of Carlos Piqueras Estepa, who has held a variety of positions across the organisation, highlight how our support and development resources empower employees to thrive in new roles and grow their careers within Grünenthal. 108

Grünenthal Report 2024/2025 NURTURING TALENT FROM THE START In 2024, we brought our Global Graduate Pro- gramme to the next level, now including even more countries and sites across the world. The programme has become very important for Grünenthal, helping us to fuel our pipeline of tal- ents and future leaders, and increasing the di- versity of our workforce and diversity of thinking. More leaders are convinced of the value of this programme as part of their hiring and succes- sion planning strategy. Ÿ >30 graduates have already gone through the programme with 23 currently enrolled. Ÿ Almost all graduates who finished the pro- gramme have landed in a role at Grünenthal in many different areas/functions. Ÿ We are able to attract highly qualified and moti- vated young talents with diverse backgrounds, and see a very positive external reputation re- sulting in a very high numbers of applications. We continuously gather feedback from gradu- ates, leaders and mentors to enhance the pro- gramme, making it more tailored to their needs and improving the graduate experience. Close collaboration and networking between gradu- ates, Grünenthal and mentors is a key success factor. The organisation is actively involved in recruitment through activities such as full as- sessment days and university campus events. The programme offers significant flexibility in its two-year rotation setup, allowing graduates to typically land their first role after just 17 months. Join forces. Make an impact. Innovate for a World Free of Pain Our Employer Brand helps us attract, develop and retain talented and diverse colleagues on all levels. Follow us on LinkedIn for regular updates and check out open positions on our Careers website. careers.grunenthal.com Recent members of Grünenthals' Graduate Programme 110

Grünenthal Report 2024/2025 OUR FOCUS: PATIENT, PEOPLE, PLANET We want to make a valuable and sustainable contribution to society – and we have a deep commitment to Environmental, Social and Gov- ernance (ESG) topics. All areas of our business join forces to manage ESG risks at every step in our value chain. Together, we create sustainable value for patients and their families, for our em- ployees, for our customers and investors, and for the communities in which we operate. Our efforts to make a net-positive impact are in line with the three focus areas of our Corporate Responsibili- ty Programme: Patient, People and Planet. Learn more about some highlight initiatives across the globe: Patient We focus our activities on topics such as pa- tient safety, product quality, enhancing patients' quality of life, fostering innovation in pain man- agement, promoting the responsible use of opi- oids, and improving access to healthcare. Rais- ing awareness of pain as a disease is also a topic close to our heart. Powerful stories that raise awareness of pain as a disease Facts and diagrams help to raise awareness about pain – but real-world stories from patients carry more emotional power. In 2024, Grünenthal Mexico published a book featuring authentic experienc- es from people living with chronic pain. It is called “Pain and Me: Personal Chronicles” and it aims to inspire progress towards better treatment out- comes for patients by highlighting the urgent need to improve pain management. This patient-focused project shines a spotlight on the physical, psycho- logical and emotional impact of chronic pain by going beyond data and diagrams to unlock the power of true stories from real patients. 114 Book “El dolor y yo: Crónicas personales” (“Pain and Me: Personal Chronicles”) sharing authentic experiences of people living with chronic pain

Grünenthal Report 2024/2025 Solar power system at Grünenthal’s headquarters in Aachen, Germany Planet Our employees work with suppliers, partners and customers to reduce CO2 emissions, save ener- gy and resources in our own operations, and de- crease waste across our entire value chain. 100 percent renewable electricity and zero waste for our sites Renewable electricity powered by the sun: In Au- gust 2024, Grünenthal connected the largest solar power system in Aachen, Germany, to the grid. It marks an important step on our path to a sustainable future. Almost 4,000 solar modules with an output of 1.9 MWp produce electricity over an area of 18,000 m2. This will enable our company to reduce its CO2 emissions by around 366 tonnes per year, which corresponds to the emissions from flying an Airbus A380 for around 63 hours. All Grünenthal manufacturing sites now use 100 percent renewable electricity and send zero waste to landfill. 116 Responsibility Report Grünenthal's annual Responsibility Report shares updates on our Environmental, Social and Governance ambitions. It transparently communicates our pro- gress while also forming the foundation for our annual ESG ratings. The Report is available on Grünenthal's corporate website www.grunenthal.com. Grünenthal employee with Responsibility Report

Grünenthal Report 2024/2025 COMPLIANCE AND ETHICS FRAMEWORK We want to ensure trust from patients, custom- ers, employees, partners, suppliers, investors and the communities we serve. To earn that trust, we do business in line with our Compliance and Ethics Framework. It provides clear guidance and structure for our decisions and actions, alongside Grünenthal's established processes for control and compliance. We encourage a speak-up culture while continuously training our employees to ensure they act in alignment with the highest ethical standards. Compliance and business ethics Our mature compliance management system is accompanied by a clear framework. It is based on a global Code of Conduct that brings to- gether specific policies that outline our high standards for ethical and legal conduct. These policies cover topics including anti-corruption, anti-money laundering, data privacy and digital ethics. In addition, our policies provide guidance to prevent opioid-related risks. Speak-up culture All employees receive training related to the Code of Conduct and are responsible for com- plying with it in their daily work. In fact, integri- ty is one of the five core values that define our company culture and shape our behaviour. We believe in fostering a speak-up culture, where employees feel empowered to identify and re- port questions, concerns or doubts. As part of this approach, Grünenthal offers a 24/7 Ethics Helpline that is available for anyone within or outside Grünenthal. Every complaint or concern received via any channel is reviewed diligently by our compliance organisation. Organisational setup Our compliance organisation is fully integrat- ed within the business as part of the General Counsel area. Compliance officers are members of the local leadership teams across the compa- ny. They directly report to the Global Compliance & Responsibility Officer, who regularly reports to the Executive Board and the Supervisory Board. This setup allows compliance officers to be trust- ed advisors for the business leaders while being independent in their role. It also supports our ef- forts to build synergies between various topics and to align them across the globe effectively. Business partner compliance Grünenthal also insists that all business part- ners act lawfully and with integrity in line with our Compliance and Ethics Framework. They under- go state-of-the-art due diligence and adhere to our Code of Conduct for Business Partners. It clearly sets out our expectations related to com- pliance, ethics and integrity. Compliance and responsibility are closely connected by a shared foundation of always doing the right thing. Hannah Engels Global Compliance & Responsibility Officer 118

Grünenthal Report 2024/2025 A RECOGNISED INDUSTRY LEADER IN ESG Independent and external organisations provide ratings of Grünenthal based on detailed assess- ments of our approach to managing risks related to Environmental, Social and Governance (ESG) topics. These rankings recognise our company as a leader in this area. Managing ESG risks ef- fectively is a key part of our Corporate Respon- sibility Programme. The scores provided by ex- ternal rating organisations confirm that we are taking meaningful action to expand our positive impact on society. MSCI: Industry leader with (p) AA rating Sustainalytics: Low risk and ahead of peers EcoVadis: Gold medal for sustainability Morgan Stanley Capital International (MSCI) recognised Grünenthal as an industry lead- er for managing the most significant ESG risks and opportunities by awarding a (p) AA rating. Scores range from CCC (laggard) to AAA (lead- er), depending on exposure to industry-specific ESG risks and the ability to manage those risks relative to peers. Our rating puts us ahead of several high-profile competitors in the pharma- ceutical industry. Sustainalytics, another leading ESG risk rating provider, certified our company a “low ESG risk”. This rating recognises us as one of the top per- forming companies in our industry, based on our ESG risk rating score. Sustainalytics rated our ESG risk management approach as “strong”, which is the highest possible assessment level. EcoVadis is a provider of business sustaina- bility ratings, with a global network of more than 150,000 rated companies. Our Gold Medal rating places Grünenthal among the top-ranked companies assessed worldwide. EcoVadis assesses companies across various sustainability criteria including environmental impact, labour practices, ethical business con- duct and sustainable procurement. 120

Grünenthal Report 2024/2025 THALIDOMIDE AND OUR RESPONSIBILITY TODAY: DIALOGUE FOR A BETTER FUTURE People affected by Thalidomide are in their six- ties today. They have lived with a wide range of disabilities related to the physical impairments caused by Thalidomide. In some cases, those disabilities are extremely severe. As they grow older, many are now facing increasing or addi- tional health problems and mobility issues. The Grünenthal Foundation supports affect- ed people by funding projects that contribute to a more independent life. That helps to close the gap between public pensions that cover everyday expenses and the practical needs of affected people. We remain in close contact with people whose lives have been impacted by Thalidomide in Germany and other countries, listen carefully, and aim to provide help where it is most needed. platform designed to provide comprehensive information on the Thalidomide topic, address medical needs through expert networking, and facilitate connections among those affected. Throughout the last years, the collaboration be- tween Grünenthal and those affected has inten- sified. In 2023, the Federal Association of Tha- lidomide Affected People and the Grünenthal Foundation created the Dialogue Forum. Through regular meetings and working groups, the Dialogue Forum will foster further exchange and joint projects to tackle current and future needs. Such projects comprise, e.g. a digital The Grünenthal Foundation was established in 2012. Since then, it has provided support in nearly 4,500 cases in Germany and 17 other countries. Through many in-depth conversations with people affected by Thalidomide, the team of the Grünenthal Foundation has learned about the importance of mobility and an independent life in all its facettes. It is time to talk about our common goals rather than about the past. I am confident that we will be able to achieve important improvements together. Jutta Sattler Thalidomide-affected Person from Germany and member of the board of the German Association of Thalidomide Affected People

REFERENCES Treede RD, et al. Pain. 2015 Jun;156(6):1003-1007 Treede RD, et al. Pain. 2019;160(1):19–27 World Health Organization (WHO). International Classification of Diseases 11th Revision (ICD-11). MG30 Chronic pain. 2019. Available at: https://icd.who.int/browse11/lm/en#/http://id.who.int/icd/entity/1581976053 [Accessed October 2024] Cohen SP, et al. Lancet. 2021;397:2082-297 Oliveira DS, et al. Pain Medicine. 2019;20(4):736–746. | Nijs J, et al. PMR 2020;410-419 | Breivik H, et al. Eur J Pain. 2006;10(4):287–333 Evan S, et al. Reducing Temporary Work Absence Through Early Intervention: The case of MSDs in The EU, London: The Work Foundation, 2013. | Yong RJ, et al. Pain. 2022;163(2):e328–e332. | Pain Alliance Europe. Survey on Chronic Pain and your Work Life. A survey in 14 EU countries. 2018. Available at: PAE-Survey-2018-Pain-And-Your-Work-Life.pdf (pae-eu.eu). [Accessed May 2022] U.S. Department of Health and Human Services. Pain Management Best Practices Inter-Agency Task Force Report: Updates, Gaps, Inconsistencies, and Recommendations. 2019. Available at: https://www.hhs.gov/ sites/default/files/pmtf-final-report-2019-05-23.pdf. Accessed May 2022. | Pain Alliance Europe, Survey on Chronic Pain 2017, Diagnosis, Treatment and Impact of Pain. Available at: https://www.pae-eu.eu/wp-con- tent/uploads/2017/12/PAE-Survey-on-Chronic-Pain-June-2017.pdf. [Accessed April 2024] Bevan S, et al. Reducing Temporary Work Absence Through Early Intervention: The case of MSDs in the EU, London: The Work Foundation, 2013 Wu A, et al. Global low back pain prevalence and years lived with disability from 1990 to 2017: estimates from the Global Burden of Disease Study 2017. Ann Transl Med 2020;8(6):299. doi: 10.21037/atm.2020.02.175 Pain Alliance Europe, Survey on Chronic Pain 2017, Diagnosis, Treatment and Impact of Pain. Available at: https://www.pae-eu.eu/wp-content/uploads/2017/12/PAE-Survey-on-Chronic-Pain-June-2017.pdf. [Ac- cessed April 2024] Nijs J, et al. PMR 2020;410-419 Sicras-Mainar A et al. J Comp Eff Res. 2018;7:615–25 The Foundation for Peripheral Neuropathy. What is peripheral neuropathy? Types of Risk Factors. 2016. Available at: https://www.foundationforpn.org/types-risk-factors/ DHHS Pain Management Best Practices Inter-Agency Taskforce Report May 2019 https://www.hhs.gov/sites/default/files/pmtf-final-report-2019-05-23.pdf (hhs.gov) CDC Clinical Practice Guideline for Prescribing Opioids for Pain — United States, 2022 Recommendations and Reports / November 4, 2022 / 71(3);1–95 CDC Clinical Practice Guideline for Prescribing Opioids for Pain — United States, 2022 | MMWR Faculty of Pain Medicine, Opioids Aware. Available at: https://fpm.ac.uk/opioids-aware. [Accessed February 2024] Kosten TR, et al, Scie Pract. Perspect 2002;1:13-20 Rosenblum A, et al Exp. Clin. Psychopharmacol. 2008;16(5):405-416 O’Brien T, et al. Eur J Pain 2017;21:3-192 OECD Health Policy. Addressing Problematic opioid use in OECD Countries May 2019. Available at: http://www.oecd.org/health/addressing-problematic-opioid-use-in-oecd-countries-a18286f0-en.htm. [Accessed April 2024] Medscape is the leading online global destination for physicians and healthcare professionals worldwide. It offers the latest medical news and expert perspectives, essential point-of-care drug and disease information, relevant professional education and Continuing Medical Education (CME) (about Medscape: https://www.medscape.com) Summary of Product Characteristics (SmPC) Qutenza™. Available at: https://www.ema.europa.eu/en/medicines/human/EPAR/qutenza#overview. [Accessed April 2024] Qutenza™ [prescribing information]. Morristown, NJ: Averitas Pharma. Available at: https://www.averitaspharma.com/our-products/ [Accessed April 2024] LTP 2020-2030: ADDRESSABLE POPULATIONS BY CONDITION (PDPN, PSNP, PHN, CINP). Company data on file. April 30, 2020 Butour JL, et al. Recognition and activation of the opioid receptor-like ORL 1 receptor by nociceptin, nociceptin analogs and opioids. European Journal of Pharmacology. 321 (1): 97–103. doi:10.1016/S0014- 2999(96)00919-3. PMID 9083791 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 124

Copyright Page 33: © adobestock, Alex from the Rock Page 1/128, 2/3, 6/7, 14/15, 26/27, 40, 64/65, 69, 70/71, 72, 84/85, 100/101, 112/113, 124/125, 126/127: © Grünenthal; © Image Professionals GmbH Page 5, 10/11, 12/13, 22, 25, 29, 32, 35, 37, 38/39, 43, 44, 46, 48/49, 51, 53, 55, 61, 62, 66, 68, 73, 76/77, 78/79, 81, 82/83, 87, 88/89, 90/91, 92/93, 94/95, 96, 99, 102/103, 105, 106, 109, 110, 114/115, 116, 119, 121, 122/123: © Grünenthal 126

For more information, please visit www.grunenthal.com www.linkedin.com/company/gruenenthal www.instagram.com/grunenthal