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 commercialisation 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.

GRÜNENTHAL REPORT 2023/2024 4 LETTER FROM THE CEO Dear Friends and Partners, One out of five people worldwide suffers from chronic pain.1 The need for better pain treatments remains high and will further in- crease in the future. Grünenthal, with its vision of a World Free of Pain, is uniquely positioned to meet this demand and deliver the next generation of pain medicine. Nebido™ and the portfolio of established brands from Kyowa Kirin International. Already in 2023, the loss of revenue from Palexia™ was partly compensated by the strong growth of key brands like Qutenza™ and Vimovo™ worldwide. Our busi- ness in Latin America achieved 10 percent growth driven by our pain brands. In the US, we doubled the sales of Qutenza™, further increasing our footprint in this critical market. Leveraging Grünenthal’s transformative momentum Strategy for growth Our people have fundamentally transformed Grünenthal over the last few years: Grünenthal scientists have advanced our R&D pipeline, which is solely focused on bringing innovative, non-opi- oid treatment options to patients suffering from various forms of pain. Through strategic acquisitions, our portfolio has been com- plemented by established brands that have propelled Grünen- thal’s growth and often outperform the market in which they compete. Our medicines today help more patients than ever be- fore as we are growing our presence in key pharmaceutical mar- kets, especially the United States. Many new talents have joined Grünenthal, and we are recognised as a Great Place to Work™ in most of our offices worldwide. As a responsible business, we aim to positively impact our employees, partners and society, and we have been recognised with an outstanding ESG rating. Exceptional business performance Grünenthal’s portfolio of established medicines has outper- formed its respective markets. Since 2017, we have invested more than €2 billion in successful acquisitions of established brands that immediately contributed to our business results. Our teams have successfully integrated them into Grünenthal and created a manufacturing platform to deliver consistent patient supply with impactful cost improvement. In 2023, we continued that M&A journey by creating a joint venture with Kyowa Kirin that includes a portfolio of 13 brands across six therapeutic areas – with the majority of revenue from pain management medicines. To finance our acquisitions and enhance the company’s capital structure, we successfully placed a new €300 million bond, pro- viding additional flexibility for implementing our strategy. Developing the next generation of pain medicine This momentum put us in an excellent position to deliver out- standing financial performance: The 2023 revenue of €1.8 billion marks an all-time high and an increase of 10 percent compared to 2022. The adjusted EBITDA reached €427 million, close to last year’s record level, despite continuous investments in grow- ing our US business and advancing our pipeline. Grünenthal’s portfolio underwent a significant transformation: the first gener- ic versions of our key brand Palexia™ have entered major mar- kets after the brand lost its exclusivity. Anticipating that typical erosion curve, we have future-proofed our portfolio ahead of the patent expiry by acquiring established brands like Crestor™, Through strategic acquisitions and our own research, Grünenthal has drastically progressed its R&D pipeline over the past years and in 2024 expects to have development projects in all three Phases of clinical development with three programmes in Phase III. That makes Grünenthal’s pipeline industry-leading, focused on non-opioid innovations for the treatment of various forms of chronic and acute pain. Our priority asset, resiniferatoxin (RTX), developed by Grünenthal for treating pain related to knee osteoarthritis, made important steps forward in 2023. We have finalised the patient enrolment for the two pivotal studies in our global development programme,

GRÜNENTHAL REPORT 2023/2024 6 ABOUT US We are proud to work for a World Free of Pain.

GRÜNENTHAL REPORT 2023/2024 BY THE NUMBERS Pain, especially chronic pain, places a significant burden on people and society. However, there is still an urgent and unmet medical need to relieve pain. Grünenthal is leading the search for more effective pain treatments to lift this heavy burden. 8 As a family-owned company, we have been providing innovative medicines for more than 75 years – and we are passionate about transforming the fu- ture of pain management. Our work in the last five decades has focused on developing, manufacturing and com- mercialising new pain treatments. We aim to strengthen our leadership in this field by creating innovative, non-opioid therapies. From research to distribu- tion, our capabilities cover the entire value chain. Teams from Grünenthal also work closely with leading scientif- ic organisations to generate more val- ue for patients and healthcare systems. Acquisitions of established brands have played a key role in driving our compa- ny’s profitability and growth. In turn, this helps secure our financial stability and enables us to reinvest in pain research. Grünenthal’s strategy and culture are built around a deep commitment to conducting business responsibly.

GRÜNENTHAL REPORT 2023/2024 OUR EXECUTIVE BOARD TEAM 10 Gabriel Baertschi Chief Executive Officer Jan Adams, MD Chief Scientific Officer Gabriel joined Grünenthal in 2016 as Chairman of the Corporate Executive Board and CEO. As a biologist, his love of science and dedication to improving patients’ lives led him to work for the pharma industry. His strong leadership and clear vision have enabled Grünenthal to transform its business. He has executed a diligent strategy with EBITDA-accretive acquisitions, a promising R&D pipeline and strong financial performance that has tripled the company value since 2017. Gabriel is a non-executive board member at DKSH, a Swiss stock-listed company where he serves on the Compensation and Remuneration and the M&A commit- tees. He is a non-executive board member at MedXCell, a Swiss biotech company. Jan has more than 15 years of experience in healthcare and biopharmaceuticals, and took over the role of Chief Sci- entific Officer in 2020. Under his leadership, Grünenthal has transformed its R&D strategy and operating model, significantly strengthening its pipeline of highly innovative non-opioid pain assets. Jan joined Grünenthal in July 2017 as Head of Corporate Strategy and Portfolio Management, and has been instrumental in many transformational initiatives working at the interface between Strategy, Business Develop- ment, Research, Development and Commercial.

GRÜNENTHAL REPORT 2023/2024 OUR EXECUTIVE BOARD TEAM 12 Victor Barbosa Head Global Operations Leen Hofkens Head Global Human Resources Since joining Grünenthal in 2006, Victor has worked across the organisation’s supply chain and operations teams. With extensive experience in diverse markets, he has been in- strumental in redefining Grünenthal’s organisation of prod- uct supply. As Head Global Operations (GO), Victor is ac- countable for Grünenthal’s product quality, cost and service to patients and customers worldwide. He leads around 2,100 people in the GO unit, spanning the full value chain of prod- uct supply, and is also accountable for Grünenthal’s Contract Manufacturing Business. Leen joined Grünenthal in 2018 and has driven a high-perfor- mance culture where individuals can thrive and make an impact on Grünenthal’s success. She was instrumental in launching the organisation’s Values & Behaviours, which guide our de- cision-making and help shape the culture at Grünenthal. Leen also played a key role in strengthening the Performance, Devel- opment and Compensation approach. She is also passionate- ly driving Grünenthal’s Diversity and Engagement agenda and related activities.

GRÜNENTHAL REPORT 2023/2024 MARKET PRESENCE Grünenthal is a global company head- quartered in Aachen, Germany. It has affiliates in 27 countries across Europe, Latin America and the US. Patients and customers benefit from Grünenthal prod- ucts in around 100 countries worldwide. 14 Quito, EC Production Boston, US Innovation Hub Panama, PA Regional Office Santiago de Chile, CL Production

GRÜNENTHAL REPORT 2023/2024 16 TRANSFORMING A COMPANY Our path to a World Free of Pain.

GRÜNENTHAL REPORT 2023/2024 STORY OF TRANSFORMATION Since 2017, Grünenthal has made far-reaching changes that put us in a strong position to achieve future growth and reach more patients with life-changing treatments. 18 Our vision and strategic approach Over the past few years, Grünenthal has fundamentally transformed its business. We have created solid growth, diversi- fied our portfolio and built an innovation pipeline to provide patients with better, non-opioid treatments to manage their pain. And we have evolved our culture to make Grünenthal an attractive work- place 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. Our Vision: A World Free of Pain

GRÜNENTHAL REPORT 2023/2024 Financial growth Grünenthal’s business results 2017-2023 Our company has achieved remarka- ble progress with its financial perfor- mance since 2017. Grünenthal’s prof- itability, measured by adjusted EBITDA, has more than tripled during the last half-decade. Our company value is now more than three times higher, in terms of our equity market value and operating cash flow. Grünenthal has successfully entered the capital market with multiple bonds yielding strong in- vestor demand. Three major independ- ent credit rating agencies regularly as- sess Grünenthal and have confirmed our solid financial position. 500 400 300 200 100 0 Adjusted EBITDA in € mn 438 427 341 338 370 212 129 2017 2018 2019 2020 2021 2022 2023 20 Driving innovation in pain Since 2017, we have dramatically ex- panded our innovation pipeline. Several exciting candidates are making their way through the development process. This growing pipeline of innovative investi- gational medicines reflects the success of our R&D strategy launched in 2019. It has created a modern operating mod- el that enables our scientists to pursue high-potential assets in a modality-ag- nostic manner. Since adopting this new setup, we have become a more diverse and international organisation, with a global approach that includes partner- ships with organisations who share our passion for scientific progress. As part of this approach, we set up our Innova- tion Hub in Boston in 2020. It establish- es a centre of excellence for pain re- search, where our experts can identify and develop promising external innova- tion opportunities by collaborating with institutions in the Boston area, one of the world’s largest life science hotspots.

GRÜNENTHAL REPORT 2023/2024 The right deals Mergers and Acquisitions (M&A) are a key driver of our growth strategy. Our M&A strategy has increased profitability and diversified Grünenthal’s brand port- folio. Since 2017, Grünenthal has invest- ed more than €2 billion in successful acquisitions of established brands that immediately contributed to our busi- ness results. We also expanded our portfolio of established brands through a joint venture collaboration with Kyowa Kyrin, which gives Grünenthal access to 13 life-changing brands across six ther- apeutic areas. Grünenthal’s experts around the globe join forces across functions to maxim- ise the return on our investments by in- tegrating new products and businesses into our company quickly and effective- ly. This begins with our due diligence approach, where we evaluate possible targets with a focus on potential syn- ergies in our production, logistics and commercial activities. Our teams ac- tively strive to reduce costs and gen- erate additional value from all brands at every stage in the product life cycle. And we strongly focus on identifying deals for brands that will make an im- mediate positive contribution to profit- ability and cash flow. 22 2016 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

GRÜNENTHAL REPORT 2023/2024 24 STRATEGY AND FINANCIALS A strong corporate strategy is driving the transformation of Grünenthal and our financial performance is a clear indication that we are heading the right direction.

GRÜNENTHAL REPORT 2023/2024 MOVING CLOSER TO OUR VISION We are committed to our vision of a World Free of Pain. Our company’s strategy is designed to bring that vision to life. 26 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.

GRÜNENTHAL REPORT 2023/2024 28 Growth Acquisitions Grünenthal is in a strong position to maximise business opportunities and build successful brands – now and in the future. We aim to drive fur- ther growth for Qutenza™ in all key mar- kets, especially the US. Since 2020, this product has been approved for treating neuropathic pain associated with dia- betic peripheral neuropathy (DPN) of the feet in adults in the US. This offers a unique growth opportunity and allows us to reach more patients than with the original label for treating neuropathic pain associated with postherpetic neu- ralgia (PHN). In August 2023, Grünenthal and Kyowa Kirin International (KKI) agreed a joint venture collaboration. It includes 13 established brands across six thera- peutic areas, with the majority of rev- enue resulting from pain management medicines. As part of this deal, we cre- ated a new enterprise called Grünenthal Meds to market KKI’s portfolio. Our omnichannel engagement model gives customers a consistent and seam- less experience whenever they engage with Grünenthal’s brands, whether on- line or offline. Our Commercial team ran more than 240 omnichannel campaigns during 2023, including webinars and hybrid meetings for several brands. We have substantially expanded our use of channels that enable remote interac- tion and are placing an increasing fo- cus on personalisation to better meet the needs of healthcare professionals. We keep growing our business through targeted acquisitions of established brands based on clear- ly defined acquisition criteria: Ÿ Established brands with high brand loyalty and predictable, stable sales. Ÿ Synergistic products with significant overlaps to our existing infrastruc- ture and regulatory expertise, ideally in territories where Grünenthal has a commercial footprint. Ÿ Acquisitions that enhance our portfolio diversification with products in areas with high medical needs. Ÿ Immediate positive EBITDA and cash flow contributions, with an acquisition at attractive multiples, guarantee- ing short payback periods and fast deleveraging. We enforce a disciplined acquisition strategy supported by robust due dil- igence. Leveraging our many years of experience, we ensure fast and effec- tive integration of acquisitions while maintaining an uninterrupted mar- ket supply. Partners benefit from our commercial, regulatory and manufac- turing expertise to achieve valuable synergies. Since 2017, Grünenthal has closed suc- cessful acquisitions with a total expect- ed deal value of more than €2.0 billion. Some Grünenthal acquisitions are also made through collaborations and joint venture arrangements, like our latest joint venture collaboration with KKI. Synergies play an important role af- ter the integration of acquired brands. Through cost-effective integration, we have achieved savings of €3.7 million per year through in-house bulk pro- duction and packaging for Zomig™ and €12.7 million per year through in-house packaging for Nexium™ and Vimovo™. Efficiency We are always looking for ways to boost efficiency throughout our value chain. Key ongoing projects include operational excellence pro- grammes, leveraging digital technolo- gies and automation, technical prod- uct re-development and direct spend optimisation. These improvements are integrated end-to-end in our manufac- turing process – for our own medicines and for products we manufacture for other companies as a trusted supplier. At all times, we apply strict measures to control costs and we follow a pru- dent financial policy that is supported by the long-term commitment of our shareholders. People Our employees are the key to our success – and our company’s cul- ture is the backbone of everything we achieve. We continued to make substantial progress on our cultural journey last year. We are certified as a Great Place to Work® in 24 entities across 19 countries. To further bol- ster our high-performance culture, we

GRÜNENTHAL REPORT 2023/2024 A GREAT FIT FOR GRÜNENTHAL Grünenthal Meds: A flying start for our new joint venture 30 Christoph Stolle, Chief Executive Officer Grünenthal Meds In 2023, Grünenthal entered a joint ven- ture collaboration with Kyowa Kirin Inter- national, a Japan-based global specialty pharmaceutical company. The joint ven- ture collaboration includes a portfolio of 13 brands across six therapeutic areas, with the majority of revenue resulting from pain management medicines. The new enterprise, branded as Grünenthal Meds, was launched in August 2023. Grünenthal owns a 51 percent share and will acquire the remaining share in 2026. Find insights into the integration of the new medicine portfolio and the pro- gress to bring that portfolio to patients worldwide in this conversation with Quentin Le Masne de Chermont, Head Corporate Strategy and Portfolio Man- agement, and Christoph Stolle, Chief Executive Officer of Grünenthal Meds.

GRÜNENTHAL REPORT 2023/2024 A JOURNEY OF GROWTH WITH OUR PARTNERS Our company has the vision of creating a World Free of Pain. By joining forces with like-minded companies, we are able to grant access to our products to more patients around the world. 32 Partner Business has defined a strategy of maximising the value of our brands on a global level by partnering our products in markets where we do not have a direct presence. João Simões, Head Partner Business, explains more in this interview. Why is Partner Business important for Grünenthal? João: Partner Business is a unit that ex- pands the reach of our brands to more patients around the world by working with partners where Grünenthal has de- cided not to do it by itself. With Partner Business, Grünenthal can be a global company without the need to be di- rectly present in all countries or busi- ness segments. This gives the company a lot of flexibility in the way we operate. How does Partner Business work? João: Partner Business tries to expand the value of our existing portfolio. When there is a benefit to partner our prod- ucts in certain territories with other companies, Partner Business leads the out-partnering process and later the support to the launch and operations of our partners. By choosing the right part- ners and supporting them throughout the different stages of the brands’ life cycle we are able to maximise the value for Grünenthal for a very long time. What are the areas of interest for Partner Business? João: Partner Business is interested in building a strong network of partners around the world that allow us to have a strong presence at a global scale. By working with partners we are able to work with the best companies in each specific market and segment. Main ar- eas of interest for Partner Business are the launch of our most innovative port- folio in new geographies, managing our established portfolio through a strong network of partners and integrating the acquired assets in such network. Af- ter a couple of years where there was a clear focus on the last two, we are now focused on the geographical ex- pansion of our most innovative portfo- lio, Qutenza™ and resiniferatoxin (RTX).

GRÜNENTHAL REPORT 2023/2024 STRONG FINANCIAL PERFORMANCE Revenue growth across all product categories and regions enabled strategic investments into the future of our company during 2023. 34 Financial results enable investment 2023 was a strong year for Grünenthal. Revenue reached €1,819 million, an in- crease of 10 percent compared to 2022. Adjusted EBITDA reached €427 million, which is 3 percent lower than in the previous year. Grünenthal also made im- portant strategic investments through- out 2023 to advance its R&D pipeline, continue its M&A strategy and grow the business in the United States. Solid business performance The 2023 results were made possible by strong revenue growth across all prod- uct categories and regions, despite headwinds from the loss of exclusivity of Palexia™ in Germany. Our teams also continued to exercise a proactive ap- proach to cost management. Revenue was driven by recent acquisi- tions such as Crestor™ and Nebido™, as well as positive developments in For information about the sales perfor- mance of our other brands, please see the table in the chapter a World Free of Pain. Expanding our portfolio In August 2023, we successfully com- pleted a deal to enter a joint venture collaboration with Kyowa Kirin Interna- tional (KKI). This deal covers KKI’s estab- lished medicines portfolio, which com- prises 13 brands across six therapeutic areas. In 2024, we will begin distributing all products through Grünenthal affili- ates in seven European countries. Oth- er markets will transition over time. The joint venture includes a network of part- ners in various territories worldwide. the continuing expansion of Qutenza™ in the US. Operational revenue from growth brands and established brands increased again. Overall, Grünenthal is making solid progress with its ambitious strategy for business growth. Key brands such as Versatis™ and Vimovo™ grew faster than the market. Versatis™’s operational revenue reached €153 million (+€12 million; +9%) and Vimovo™’s operational revenue reached €78 million (+€12 million; +17%). Opera- tional revenue from Qutenza™ reached €117 million (+€42 million; +55%). The surge in demand for this topical non-opioid treatment for various neu- ropathic pain conditions was particular- ly evident in the US, where the product is indicated for treating post-herpetic neuralgia and pain related to diabet- ic neuropathy of the feet. The neuro- pathic pain market is significant, with an estimated size of $4.5 billion in the US, which is the largest global neuropathic pain market.4

GRÜNENTHAL REPORT 2023/2024 Outlook Our strong liquidity profile is supported by high cash generation, existing cash on the balance sheet and €500 mil- lion of Revolving Credit Facility. In April 2023, we successfully placed a new €300 million bond. This new financing will enhance our capital structure and provide additional flexibility for the im- plementation of our growth strategy. Going forward, we will continue to fi- nance our M&A strategy with our estab- lished funding mix. We will maintain our disciplined approach to acquiring estab- lished products with attractive multiples that contribute to EBITDA. Our financial policy is supported by our family share- holders and their long-term commitment to the sustainable growth of Grünenthal. We anticipate further solid perfor- mance in 2024. Strong Qutenza™ growth is expected to continue and we will also see the first full-year contribu- tion from Grünenthal Meds. However, generic erosion of Palexia™ will con- tinue. Grünenthal will continue to invest into further growth, including optimisa- tion projects in Latin America, as well as preparing our innovative knee osteoar- thritis treatment resiniferatoxin (RTX) for potential market authorisation in 2026. 36 Solid financial position confirmed Leading independent credit rating agencies have confirmed Grünenthal’s solid financial position. RATING AGENCY GRÜNENTHAL OUTLOOK Fitch Ratings (March 2023) Moody’s Investors Service (April 2024) Standard & Poor’s (April 2023) BB B1 BB- stable stable stable

GRÜNENTHAL REPORT 2023/2024 BUILDING TRUST WITH INVESTORS Interactions with the financial community are a key area of focus that have gained further importance since Grünenthal issued its first bonds in 2021 and placed additional bonds in 2023. 38 To gain insights into our company’s ap- proach to investor relations, Andrew Duncan, Deputy Head of Treasury and Head of Investor Relations, and Anna Carduck, Investor Relations Manager, an- swered four questions about their work. What are the main responsibilities of Grünenthal’s Investor Relations team? Anna: Everything we do is about build- ing trust in Grünenthal to secure our company’s long-term financing. We share information about our business performance, expectations and any significant changes in financial perfor- mance or corporate strategy to pro- vide strategic and financial transparen- cy. And this allows us to create strong relationships with investors, analysts, ratings agencies and other financial stakeholders. Andrew: On top of that commitment to regular and open contact, we also help to ensure Grünenthal complies with regulations related to financial informa- tion at all times. We also work closely with our colleagues across the busi- ness to lead new capital markets-relat- ed financing projects. How exactly do you interact with people from the financial community? Andrew: Our approach begins with being open for dialogue via email or

GRÜNENTHAL REPORT 2023/2024 40 A WORLD FREE OF PAIN For more than 50 years, we have been a leading innovator in pain treatments that address critical unmet medical needs and bring us closer to our vision of a World Free of Pain.

GRÜNENTHAL REPORT 2023/2024 UNDERSTANDING PAIN More than 1.5 billion patients suffer from chronic pain1 – which is almost one in five people worldwide. 42 Chronic pain is a disease with a substan- tial burden on people and society. It is one of the most common reasons for patients seeking medical help. It is a fre- quent cause of people withdrawing from the labour market early and a significant contributor to disability retirement.5 But many patients struggle to find medicines that deliver effective relief. Chronic pain is a disease At Grünenthal, we consider pain a dis- ease in its own right rather than just a symptom of another condition. For more than 50 years, our company has been dedicated to creating innova- tive treatments for people affected by pain. We successfully brought six in- novative pain medicines to patients, and we are a global leader in pain re- search and management. This success story began in the 1970s with Tramal™ (Tramadol), which is still one of the most frequently prescribed opioid analgesics in the world. Another example is Palexia™ (Tapentadol), which was the first innovative molecule in the opioid analgesic class to be approved for over 25 years. And our non-opioid product Qutenza™, which leverages Nobel Prize-winning science, is lead- ing valuable progress for pain manage- ment, particularly in the treatment of painful diabetic neuropathy (pDPN). Pain patients are still seriously under- served. That is why we are determined to develop the next generation of pain medicines. Our R&D activities focus on four strategic indications that are char- acterised by a substantial unmet medi- cal need in large patient populations: Ÿ Peripheral neuropathic pain. Ÿ Chronic post-surgical pain. Ÿ Chronic low back pain. Ÿ Osteoarthritis. For more than half a century, our in- novators have been driving progress towards our vision of a World Free of Pain. With every research project we launch and every pain treatment we create, Grünenthal seeks to make life better for patients and their families.

GRÜNENTHAL REPORT 2023/2024 A GLOBAL BURDEN Pain generates an increasingly large burden around the world.6 It impacts patients and their families, as well as caregivers and society as a whole. 44 Chronic pain refers to pain that lasts longer than three months.7 In chronic pain syndromes, pain can be the sole or a leading complaint, or can be sec- ondary to an underlying disease.8 The condition is influenced by multiple in- terconnected biological, psychological and social factors. This might include injury, illness or nerve damage, poor sleep, anxiety or depression.9 In 2019, the International Association for the Study of Pain and the World Health Organization recognised chronic pain as a health condition in its own right.10 Patients need better solutions to man- age pain because many available treat- ments do not provide sufficient relief or have severe side effects. Grünenthal is investing in research into innovative, non-opioid pain medicines that offer ef- fective relief for patients. Some of the most common types of chronic pain are:10 Migraine Pain associated with osteoarthritis Low back pain or lumbar pain Neck pain Musculoskeletal pain

GRÜNENTHAL REPORT 2023/2024 DEVELOPING LIFE-CHANGING TREATMENTS Driving innovation in the therapeutic area of pain to meet the unmet medical needs of patients worldwide. As a leader in pain research, we are committed to advancing non-opioid pain medicines to patients, leveraging our deep understanding of human biology, a broad range of therapeutic modalities, and collaborations with top global institutions. Jan Adams, MD Chief Scientific Officer

GRÜNENTHAL REPORT 2023/2024 OUR KEY PROJECTS IN R&D We are pursuing a range of programmes that aim to move us closer towards achieving our vision of a World Free of Pain. 48 In April 2021, we acquired the Swiss biotech company Mestex AG and its innovative investigational medicine resiniferatoxin (RTX). This is a develop- mental-stage intra-articular treatment opportunity for pain associated with os- teoarthritis (OA) of the knee, a condi- tion that currently cannot be cured. RTX is a highly potent TRPV1 agonist with a well-validated mechanism of action. In- itial data indicates a long-lasting and significant analgesic effect, as well as a favourable safety profile and functional improvements compared to placebo. In 2022, Phase III trials started inves- tigating the efficacy and safety of in- tra-articular injections of RTX in adults with moderate to severe pain associ- ated with knee osteoarthritis who have inadequate relief from available treat- ment options. These studies are part of a global development programme that aims to meet requirements for approval in the EU, the US and Japan. Grünenthal entered an agreement with NovaQuest Capital Management in March 2022 to support these trials. NovaQuest is a life science investment firm and will re- imburse Grünenthal’s investments into the clinical Phase III programme for RTX, while also sharing the clinical de- velopment and approval risks with us. In case of successful development and marketing approval, NovaQuest will re- ceive one-time payments or milestones and revenue-based payments over the course of the commercialisation. In addition, we signed a licensing agreement with the Japanese pharma- ceutical company Shionogi in August 2022. Shionogi obtained the exclusive rights to commercialise RTX for pain associated with OA of the knee in Ja- pan if the Phase III trials are successful. Grünenthal will carry out manufacturing and supply under the terms of this part- nership. RTX has the potential to be a transforma- tive asset for patients and for Grünenthal. It strengthens our late-stage pipeline with a global development programme covering Europe, the US and Japan. In this way, it opens up a significant busi- ness opportunity.

GRÜNENTHAL REPORT 2023/2024 Qutenza™ – Reaching more patients in the US Qutenza™ is a topical system that con- tains prescription-strength capsaicin. It is a non-opioid treatment that can provide prolonged pain relief for sever- al months. Its most frequently reported adverse effects were usually transient, self-limiting, mild-to-moderate reactions on the application site.18 In Europe, it is approved for treating pe- ripheral neuropathic pain. Until 2020, in the US, Qutenza™ was only approved for treating peripheral neuropathic pain associated with post-herpetic neuralgia. In 2020, Qutenza™ additionally received approval for treating pain associated with DPN of the feet in adults19 in the US. The US FDA approval of Qutenza™ for the treatment of pain associated with diabetic peripheral neuropathy (DPN) of the feet in adults marks a major mile- stone in our efforts to bring this treat- ment to more patients. Painful DPN is a progressive and debilitating complication of diabetes that affected more than five million Americans in 2020. It is difficult to diagnose, treat and manage effectively.20 Our life cycle management activities aim to make Qutenza™ more widely available by expanding the label – par- ticularly in the US. Since 2021, we are conducting an additional Phase III trial to investigate the efficacy, safety and tolerability of Qutenza™ in post-surgical neuropathic pain (PSNP). Enrolment is currently ongoing. We are also pur- suing further exploratory activities for other indications in collaboration with external partners. 50 Qutenza™ is applied to the feet via a patch

GRÜNENTHAL REPORT 2023/2024 52 NOP – Promising treatment for chronic pain Our proprietary Nociceptin/Orphanin FQ receptor (NOP) agonist franchise of mol- ecules 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 without the side effects commonly associated with opioids. For this reason, they may provide a unique and transformative first-in-class therapy option for chronic pain patients. A NOP agonist from this franchise was tested in a human experimental pain clinical study in healthy participants. It produced a significant reduction in both electrical signalling in pain pathways and subjective pain perception. A clinical Phase I trial evaluated its safety, toler- ability and pharmacokinetics. Results from these early clinical studies have further informed the development of our NOP franchise. This enabled us to bring forward a candidate for clinical investigation that showed best-in-class selectivity compared to traditional opi- oid receptors. These properties are pre- dicted to provide robust pain relief in a broad range of chronic pain indications without the serious CNS-related side effects associated with conventional opioids. We aim to bring this candidate into the clinic in 2024. Why is the NOP receptor so promising? The Nociceptin/Orphanin FQ (N/FQ) receptor (NOP) is a G protein-cou- pled receptor. Its natural ligand is the 17 amino acid neuropeptide known as nociceptin (N/OFQ). NOP agonists have been shown to suppress nocic- eptive responses in pre-clinical models of hypersensitivity. Although NOP shares high sequence identity (~60 percent) with classical opioid receptors μ-OP (MOP), κ-OP (KOP), and δ-OP (DOP), it possesses little or no affinity for opioid peptides or morphine-like compounds. Likewise, classical opioid receptors have little affinity towards NOP’s endogenous ligand nociceptin.21

GRÜNENTHAL REPORT 2023/2024 Osteoarthritis – Hope for millions of patients is already the leading cause of disability worldwide.22 affected joints include the knees, hips, hands, lower back and neck.17 Osteoarthritis (OA) is the most com- mon form of arthritis and is not a nor- mal part of ageing.17 It is a serious, de- bilitating and painful condition where tissues in the joints break down over time. And it can have a profound im- pact on almost every aspect of a per- son’s life.17,22,23 With more than 500 million people worldwide suffering from OA today24, it Since the 1990s, OA cases have in- creased by more than 100 percent23 and more than 40 million people are now being diagnosed each year.17 Despite the available treatment options, many of these patients are still living with pain.17,22 OA is a complex disease with a range of symptoms. Patients often experience joint pain, stiffness and swelling as well as joint instability.17 The most commonly Painful, inflamed and swollen joints can significantly reduce mobility for patients while also negatively impacting quality of life and limiting their ability to per- form everyday tasks.25,26,27,28 Pain is the most disabling symptom of OA.22 How- ever, the disease has several implica- tions for patients. 70 percent of people with this condition have trouble sleep- ing29, and rates of depression and anx- iety are between two and ten times 54 Working in Grünenthal's biology laboratories

GRÜNENTHAL REPORT 2023/2024 56 RTX – DEVELOPING A NEW TREATMENT FOR OSTEOARTHRITIS Since acquiring the promising investigational medicine RTX in 2021, our experts have achieved solid progress to bring this potential life-changer closer to market authorisation. RTX is a highly potent Transient Recep- tor Potential Vanilloid 1 (TRPV1) agonist. It was developed based on research that won the Nobel Prize in Physiology or Medicine in 2021. Initial data gath- ered by Mestex AG indicated that this investigational medicine achieved a long-lasting, significant analgesic ef- fect and functional improvements when compared to placebo (saline injection). It also demonstrated a favourable safe- ty profile. If further data confirms this performance, RTX could offer patients a non-opioid therapy option that provides long-lasting pain relief and functional improvement of the affected joints. Acquiring investigational medicines is the first step in a com- plex process. Grünenthal’s teams bring innovative together wide-ranging expertise in how to drive investigational medicines through clinical development – and tap into their potential to generate positive outcomes for patients. Our progress with resiniferatoxin (RTX) is a powerful example of this approach in action. This investigational medicine entered our portfolio in April 2021, when Grünenthal acquired the Swiss biotech company Mestex AG. Since then, we have taken decisive steps to advance this potential treatment on its journey into the lives of patients suffering from pain associated with osteoarthritis of the knee. Latex is extracted from an euphorbia resinifera plant

GRÜNENTHAL REPORT 2023/2024 A comprehensive Phase III programme Grünenthal is now conducting three tri- als across approximately 200 sites in Eu- rope, the US, Latin America, South Afri- ca and Japan to investigate the efficacy and safety of intra-articular injections of RTX in adults. These trials, which com- menced in August 2022, include more than 1,700 adult patients with moderate to severe pain associated with knee os- teoarthritis who have inadequate relief from available treatment options. If suc- cessful, the Phase III programme aims to enable market authorisation for RTX in the EU, the US and Japan. 58 Partners for developing RTX Our partnership with the US-based life science investment firm NovaQuest Capital Management supports these Phase III trials. Grünenthal entered an agreement with NovaQuest in March 2022, and the two companies are now advancing the RTX development togeth- er. Under the terms of the agreement, NovaQuest will reimburse Grünenthal’s investments into the clinical Phase III programme for RTX, and will share the clinical development and approval risks with Grünenthal. If RTX achieves market authorisation, NovaQuest will receive one-time payments or milestones and revenue-based payments throughout the commercialisation. This agreement frees up Grünenthal’s resources to make further investments in executing its growth strategy and advancing its promising pipeline into the clinic. Reaching patients worldwide Grünenthal is also engaging in part- nerships that aim to maximise the pa- tient population that can benefit from access to RTX if it receives market au- thorisation. For example, we entered a licensing agreement with Shionogi in August 2022. Shionogi is a leading global research-driven pharmaceutical company based in Japan. With this deal, it obtained exclusive rights to commercialise RTX in Japan for pain as- sociated with knee osteoarthritis for a total consideration of up to $525 million plus additional sales-based payments. The agreement includes competitive in- vestment commitments for launch and commercialisation. Grünenthal will man- ufacture and supply RTX, and Shionogi will leverage its strong commercial pres- ence in Japan to bring RTX to patients in need. The osteoarthritis market Grünenthal holds the global rights for this potential new treatment for OA of the knee. If the outcome of the Phase III programme is positive, Grünenthal intends to explore the potential of RTX for treating OA-related pain. The osteoarthritis market is projected to have strong growth from $8.5bn in 2022 to $12.8bn in 2032.3 Resiniferatoxin is a promising non- opioid asset with the potential to address the most debilitating symptom of osteoarthritis, which affects more than half a billion people worldwide.33 Gabriel Baertschi Chief Executive Officer

GRÜNENTHAL REPORT 2023/2024 IMPROVING CARE FOR PATIENTS We empower healthcare professionals to provide better treatment for patients worldwide. 60 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 countries, either directly from our 27 affil- iates or indirectly from our strategic part- ners. We serve a diverse customer base of approximately 250,000 customers. Over the last 50 years, we have built a strong presence in Europe and Latin America. This makes it possible to pro- vide millions of people with access to ef- fective pain treatments. Grünenthal recently expanded its geo- graphical footprint to the US. We have seen significant growth of our non-opi- oid cutaneous system Qutenza™ in this important market. In the years ahead, we expect this rapid growth to continue. Even though effective treatments are available for some forms of pain, there is still a significant unmet medical need among patients. One out of five peo- ple worldwide suffers from chronic pain.1 We work to provide them better treatments. Engaging with diverse markets and cus- tomer groups in today’s world requires new ways of operating. It is particularly important to ensure a strong focus on our customers’ needs at all times. With our omnichannel engagement model, we are providing a tailored customer experience and meaningful interac- tions for our customers – everywhere and at any time. Key brands outperform the market Qutenza™ made an outstanding contri- bution to our business in 2023. Global sales of this non-opioid topical system grew by 55 percent year-on-year. This included growth of almost 100 percent within the US market. In 2023, revenue from Qutenza™ passed the milestone of €100mn and 90,000 patients world- wide were treated with this innovative product. Many brands in the established medi- cine portfolio (Crestor™, Nexium™ and Versatis™) are outperforming the markets they compete in. Revenue from these medicines was higher than expected in 2023. The loss of exclusivity of Palexia™ in many markets led to price pressure from generic treatments. We were able to compensate for that decline with strict cost management, as well as valuable contributions from across our established medicine portfolio. Vimovo™ achieved growth of 17 percent, for example, while Crestor™ benefitted from an out-of-stock situation at gener- ic competitors. The increase was main- ly due to the acquisition of Nebido™ in Q4 2022, with €120.2 million operational revenue in the twelve months of 2023. Overall, our portfolio of established medicines without Palexia™ grew by 19 percent in 2023.

GRÜNENTHAL REPORT 2023/2024 STRONG PRODUCT PORTFOLIO Grünenthal’s product portfolio has a well-balanced and resilient mix of innovative growth brands and established medicines. 62 The established medicines include all mature and off-patent products. They are characterised by high brand awareness, predictable and stable sales, and high profitability. Examples include Nexium™, Crestor™, Nebido™ and Tramal™. The growth brands are innovative and patent-protected products like Qutenza™, as well as brands that continue to have valuable growth potential like Vimovo™. Combining these two product catego- ries provides us with a well-balanced and resilient business. Profit from that portfolio finances our innovation to create new pain treatments. 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 8% North America 8% Latin America 22% Europe 62%

GRÜNENTHAL REPORT 2023/2024 MAXIMISING BRANDS ALONG THE LIFE CYCLE Grünenthal operates a portfolio that features eleven global brands with various levels of market maturity. We proactively manage our established medicines through a customer-centric approach delivered via a range of chan- nels. These brands are at a later stage of the life cycle and already face generic competition or other market pressures. In 2023, our established medicines de- livered revenue above expected levels. Overall, they contributed operation- al revenue of €1,483 million. This was made possible by differentiated strate- gies that reflected the specific market conditions for each treatment and mar- ket archetype, as well as cross-business transparency to boost synergies. 64 Our portfolio consists of growth brands and established medicines. Combin- ing these product profiles gives our company a well-balanced and resilient overall market presence. Our established brands are mature and off-patent products such as Crestor™, Nexium™, Nebido™, Versatis™ and Zomig™, Tramal™, Transtec™ and Zaldiar™. Established brands are char- acterised by high brand awareness, pre- dictable sales and strong profitability. Managing the late life cycle Vimovo™ was an important part of our portfolio in 2023. Active promotion of this brand helped to achieve significant growth of 17 percent. Nebido™, which we acquired in Q4/2022, contributed to our overall revenue with €120 million. These successes reflect our constant effort to unlock further potential from our late life cycle brands worldwide via an omnichannel approach that leverag- es digital and face-to-face promotion. 88 % of Grünenthal’s operational revenue is from established medicines (incl. PalexiaTM).

GRÜNENTHAL REPORT 2023/2024 OUTSTANDING GROWTH FOR QUTENZA™ 2023 was an important year for Qutenza™, with increasing revenue and continuing expansion to reach more patients worldwide. 66 Key milestones in 2023 Approx. 90,000 patients treated Doubled in-market volume (compared to 2022) €115 million revenue With Qutenza™, we aim to improve the lives of patients living with various forms of neuropathic pain through a laser focus on the customer experi- ence for patients, healthcare profes- sionals and payers. impact of neuropathic pain The is far-reaching. For this reason, we are con- ducting ongoing clinical studies seeking to expand the Quentza™ indication in the US to allow treatment of patients with post-surgical neuropathic pain. Qutenza™ is a topical non-opioid patch that is approved for the treat- ment of peripheral neuropathic pain in Europe. In the United States, it is approved for the treatment of neuro- pathic pain associated with post-her- petic neuralgia and neuropathic pain associated with diabetic peripheral neuropathy of the feet in adults. Globally, millions of patients suffer from neuropathic pain associated with diabetic peripheral neuropathy (DPN) of the feet. More than five million peo- ple suffer from this condition in the US alone. DPN is a debilitating complica- tion of diabetes and has the potential to impact the everyday lives of people living with this disease. Investing for growth Grünenthal is taking decisive action to accelerate the positive momentum of this brand. Our commercial strategy is dynamic and we are constantly adding talented new colleagues to our key ac- count management, market access and medical affairs teams. We continue to focus on and communicate the science behind this transformative asset through peer-to-peer education programmes. Grünenthal aims to make the custom- er and patient experience as smooth as possible through our healthcare profes- sional and patient portals, meeting our customers where they are through our omnichannel strategies.

GRÜNENTHAL REPORT 2023/2024 GLOBAL BRANDS Providing solutions for patients with high medical needs. BRAND NAME ACTIVE INGREDIENT / TECHNOLOGY Capsaicin 68 Fixed-dose combination of Esomeprazole and Naproxen Lidocaine Zolmitriptan OPERATIONAL REVENUE** 2023 IN € MILLION 117.5 78.2 153.4 74.0 INDICATION RANGE* EU indication: Treatment of peripheral neuropathic pain in adults either alone or in combination with other medicinal products for the treat- ment of pain. US indication: Treatment of neuropathic pain associated with postherpetic neuralgia (PHN) and for neuropathic pain associated with diabetic peripheral neuropathy (DPN) of the feet in adults. 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). 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. 120.2

GRÜNENTHAL REPORT 2023/2024 BRAND NAME ACTIVE INGREDIENT / TECHNOLOGY Rosuvastatin 70 Tapentadol OPERATIONAL REVENUE** 2023 IN € MILLION 97.6 Palexia™ 232.4 INDICATION RANGE* Treatment of hypercholesterolaemia Adults, adolescents and children aged 6 years or older with pri- mary hypercholesterolaemia (type IIa including heterozygous fa- milial hypercholesterolaemia) or mixed dyslipidaemia (type IIb) as an adjunct to diet when response to diet and other non-phar- macological treatments (e.g. exercise, weight reduction) is inad- equate. 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. Prolonged-release tablet: Management of severe chronic pain in adults which can be adequately managed only with opioid analgesics. 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*** 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. 91.9

GRÜNENTHAL REPORT 2023/2024 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 authorized for all types of pain indication. Always refer to the product prescribing information. 72 An individualised, patient-centred approach for the diagnosis and treat- ment of pain is essential to establish a therapeutic alliance between patient and clinician.34 To optimize opioid treatment: Ÿ It is important to optimally use mul- timodal, non-opioid approaches in acute and chronic pain before es- calating to opioids or in conjunction with opioid therapy.34 Ÿ Opioids should be used only when benefits for pain and function are ex- pected to outweigh risks.35 Ÿ Consider patient variables that may affect opioid dose for each patient prior to opioid use.34 Ÿ During ongoing opioid therapy, clini- cian should collaborate with patients to evaluate and carefully weigh ben- efits and risks of continuing opioid therapy and exercise care when in- creasing, continuing, or reducing opi- oid dosage.35 Ÿ Make a careful selection of patients, abuse risk factors evaluated, and reg- ular monitoring and follow-up imple- mented to ensure that opioids are used appropriately and in alignment with treatment goals (pain intensity and functionality) as agreed with the patient.36,37 Ÿ Make patients aware of the potential side effects of opioids and the poten- tial for developing tolerance, depend- ence and addiction.36,37 Ÿ Addiction is possible even when opi- oids are taken as directed.38 Ÿ Signs of opioid use disorder should be monitored and addressed.36,37 If an opioid is authorized and se- lected for treatment of acute pain, please consider: Ÿ The use should be for the shortest necessary time.34 If an opioid is authorized and se- lected for treatment of chronic pain, please consider: Ÿ To continue opioid therapy only if there is clinically meaningful improvement in pain and function that outweighs risks to patient safety.35 Ÿ Regular monitoring, clinical reviews, re-evaluations are required for long- term opioid treatment to assess pain control, impact on lifestyle, physical and psychological well-being, side effects and continued need for treatment.36,37,39 Ÿ How opioid therapy will be discontinued if benefits do not outweigh risks (CDC new ref), incl. tapering down the dose where possible.36,37 Patients and the general public can benefit from clear educational ma- terials and awareness interventions to support the responsible use of opioids.40

GRÜNENTHAL REPORT 2023/2024 PROMOTING PAIN RESEARCH We are dedicated to creating a better future for patients, so getting involved with diverse initiatives that support this goal is vital. 74 EFIC-Grünenthal-Grant (EGG) the EFIC-Grünenthal-Grant Through (E-G-G), Grünenthal supports young scientists early in their career in carry- ing 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 research, including innovative ed- ucational initiatives aimed at improving diagnosis and treatment of pain. Since 2004, the E-G-G has successfully fund- ed 73 innovative research projects, awarding almost €1.8 million to partici- pants in more than 14 countries. The three recipients of the 2023 E-G-G were recognised at the 13th Congress of the European Pain Fed- in September 2023. eration EFIC www.grunenthal.com/en/world- free-of-pain/initiatives/e-g-g Three early-career scientists who won the E-G-G 2023 celebrate together

GRÜNENTHAL REPORT 2023/2024 76 CUTTING-EDGE SCIENCE Our experts conduct pioneering research to develop next-generation pain medicines with the power to change the lives of patients in need – wherever they are in the world.

GRÜNENTHAL REPORT 2023/2024 CREATING INNOVATIVE MEDICINES Scientists at Grünenthal develop promising new treatments by identifying the best potential targets – and pursuing them by leveraging our deep expertise in bioinformatics, systems biology and pain biology. 78 Predictive validity Pain scientists now understand that pre-clinical behavioural models are not capable of predicting the performance of potential new targets with the nec- essary level of accuracy. The expres- sion profile of proteins varies between species, for example. The function of a target may also be different. Grünenthal’s experts in this field select targets by working on human genetic and clinical data, and by developing pre-clinical models using human tis- sues and cells. This helps to minimise the number of potential targets that ultimately fail to demonstrate efficacy during clinical development. For exam- ple, we investigate human cells such as nociceptive neurones that carry pain signals from the periphery to the spi- nal cord. By working on these neurones and examining how they interact with other cell types, we can understand how they work in healthy patients and patients with pain conditions. Our research teams investigate the role of key targets in processing pain signals. Based on these investigations, they evaluate whether natural varia- tion in a target, such as genetic dif- ferences, may have functional conse- quences. Beyond genetic evidence, we look for existing clinical evidence that modulating the activity or func- tion of a target may impact pain. We consider a target very promising if it is possible to combine an understand- ing of its function in pain processing with clinical and genetic evidence for a role in pathophysiology. In addition, we consider the safety implications of modulating a target before adding it to our portfolio.

GRÜNENTHAL REPORT 2023/2024 80 Grünenthal’s R&D organisation is able to address pain holistically and deliver innovative potential treatments. Our teams include talented scientists from around the globe and we work closely with leading organisations that share our vision of a World Free of Pain. Gillian Burgess Head of Research

GRÜNENTHAL REPORT 2023/2024 EXPLORING NEW MODALITIES FOR TREATING PAIN Scientists at Grünenthal are leveraging genetic medicine to develop innovative approaches for treating pain. 82 Grünenthal is broadening its approach to pain management by integrating the advanced field of genetic medicine into its established portfolio of small mole- cule treatments. Our teams are placing a particular emphasis on RNA thera- peutics. Our objective is to harness the distinctive characteristics of RNA-based treatments – such as their precise de- sign, their reversible yet long-lasting im- pact, and their ability to modulate tar- gets that were previously inaccessible to small molecules. We aim to develop mol- ecules that offer transformative specific- ity and efficacy. The utilisation of the base genetic code in molecule design is central to RNA therapeutics. By using genetic coding when designing our molecules, we can create drugs aimed at specific pain tar- gets with remarkable levels of precision. This approach enables a high degree of selectivity and ensures the effectiveness of our interventions while also signifi- cantly reducing the likelihood of off-tar- get effects. This is vital for patient safety. A prime example of this strategy is the use of specifically designed antisense oligonucleotides (ASOs) to target mes- senger RNA (mRNA). These ASOs can selectively inhibit the production of spe- cific proteins involved in human pain sensation, addressing targets that were previously beyond the reach of conven- tional pain management modalities. Our genetic medicine strategy also in- cludes efforts to develop an advanced RNA therapeutics delivery platform. This platform will optimise the precise delivery of RNA-based treatments to pain-relevant sensory neurones. This ‘plug-and-play’ concept, where different RNA sequences can be seamlessly inte- grated into the existing chemistry frame- work, allows for rapid customisation and development of new therapies for vari- ous indications. It offers potential to sig- nificantly accelerate the expansion of our portfolio in an efficient manner. Grünenthal’s exploration of RNA thera- peutics represents a transformative shift in our approach to pain management. By integrating the targeted precision and adaptability of RNA-based treatments with our established range of small mole- cule therapies, we are investigating new therapeutic hypotheses. These hypoth- eses, previously untestable with small molecules, open up new opportunities for understanding and treating pain.

GRÜNENTHAL REPORT 2023/2024 A PARTNER OF CHOICE FOR PAIN R&D We collaborate with organisations worldwide to drive progress for pain R&D. From evaluating new molecules to successful commercialisation, Grünenthal is a strong partner with a proven track record of turning bright ideas into life-changing treatments. 84 Today, most clinical R&D involves refor- mulating existing drugs or seeking ap- provals for the same drug to treat addi- tional diseases. This trend reflects the cost and difficulty of developing ther- apies for pain. However, the pain R&D landscape is transforming because of breakthroughs related to genomics, in- vestigating biological processes at the level of single cells and moving away from rodent models to better translat- able models. These methods are mak- ing it possible to identify new targets and mechanisms with potential to treat pain conditions. Investment is the key to innovation. However, pain research attracts less funding from industry or venture capital than other disease areas like oncology or immunology. Many large pharmaceu- tical companies have exited pain. As a result, innovation in this field is being led by smaller companies and academic in- stitutions. Several small biotech compa- nies are pursuing applications like gene therapy or cell therapy that carry a higher risk but may have better patient outcomes in the long run. Companies are also investigating novel modalities that may have better traction for well- known pain targets. At Grünenthal, we believe it is vital for businesses to work closely with aca- demia to drive progress in pain R&D. Universities have strong relationships with hospitals and can leverage their academic networks to access human tissue, proprietary models or biomarker research. Grünenthal collaborates with pioneers from academia who are tar- geting progress for pain. A powerful partner for pain R&D Grünenthal is committed to leadership in pain R&D. This makes us an attractive partner for small or large companies that are seeking deep expertise to sup- port progress for pain assets, as well as organisations that need a source of non-dilutive revenue through licensing or are keen to divest their pain pro- grammes completely. Our partnering approach is flexible de- pending on the stage of the asset and the aspirations of our partner. It may in- volve an early research collaboration and access to our capabilities, co-de- velopment or co-commercialisation, or a geographic-split deal for an asset in clinical development. We also engage in standard licensing deals and asset acquisition. Grünenthal has a leading position in pain and a long tradition of driving pro- gress for pain management. We are committed to continuing that progress in the future. That makes us a popular partner for innovation.

GRÜNENTHAL REPORT 2023/2024 86 RELIABLE SUPPLY TO PATIENTS Our Global Operations team brings together 2,100 committed people to supply 95 unique products to patients in around 100 countries.

GRÜNENTHAL REPORT 2023/2024 MANAGING THE END-TO-END VALUE CHAIN Our Global Operations team ensures the highest levels of safety, quality and cost-efficiency in all of our activities – and at every stage in our value chain. 88 Every day, our Global Operations (GO) team strives to ensure patients have reliable access to medicines in around 100 countries worldwide. We are proud that we successfully maintained an uninterrupted supply of treatments in 2023, despite several local and global challenges. People in GO share a strong sense of commitment and responsibility. Togeth- er, they improve patients’ lives and sup- port growth for Grünenthal by ensuring outstanding quality and excellent pro- cesses. Around 2,100 people manage the full end-to-end value chain for our products. We operate five specialised production facilities – in Chile, Ecuador, Germany, Italy and Switzerland. Along- side manufacturing Grünenthal prod- ucts at those sites, we also support ex- ternal customers. In 2023, third-party manufacturing accounted for 48 per- cent of our production volume. Victor Barbosa, Head Global Operations, shares his opinions about… … GO’s contribution to growth for Grünenthal Victor: Grünenthal has ambitious growth plans – and GO is a powerful force driving that growth. Our GO team is very proud of its achievements in 2023. It was a record year in terms of volume produced and distributed, with 180 million packs of Grünenthal products reaching patients worldwide. These accomplishments are a power- ful example of how GO contributes to Grünenthal’s build-muscle strategy. Our capacity to integrate acquired products helps to drive value from our compa- ny’s investments by improving the cost of goods sold (COGS) and ensuring re- silient global supply chains. GO has a proven track record of managing these integrations quickly and effectively to maintain outstanding levels of quali- ty and ensure a dependable supply of medicines to patients. At all times, we place a strong focus on continuous im- provement within Grünenthal’s opera- tions to boost safety, sustainability and efficiency. … GO’s constant transforma- tion Victor: In today’s rapidly shifting busi- ness environment, it is essential to stay agile and adapt to new challenges. These priorities are a key factor in our work related to procurement, manufac- turing, product integration, supply chain management, contract manufacturing and quality assurance. Our GO2025 strategic plan guides our efforts to con- stantly future-proof Grünenthal’s profit- ability by striving for outstanding levels of cost-efficiency, quality and safety along the entire value chain. Achieving

GRÜNENTHAL REPORT 2023/2024 90 Machine for Tablets Coating

GRÜNENTHAL REPORT 2023/2024 92 Data & Analytics – Driving innovation The ongoing evolution of Artificial Intel- ligence (AI) and Machine Learning (ML) is a significant driver of value within Data & Analytics (D&A). The ability to derive meaningful insights from large, complex datasets is becoming more sophisticat- ed. This enables us to make more accu- rate predictions, optimise processes and identify new opportunities. Generative AI (GenAI) is a particularly promising technology. Integrating GenAI into everyday tools and applications can enhance accessibility and user-friendli- ness, while empowering people across our company – including the GO team. In 2023, Grünenthal and GO began to invest in D&A processes, target operat- ing models and platforms. These serve as the backbone for leveraging advanced analytics such as AI and ML. We expect these technologies to enable significant efficiency improvements. The integration of D&A throughout our value chain is becoming increasingly seamless. Our interconnected approach brings together data from various sites and sources to create a holistic over- view of GO. It also supports collaboration and opens up synergies across the entire company. Overall, these technologies will generate more nuanced insights and will enhance decision-making in every area of our business. € 170 mn Invested in our sites between 2020 and the end of 2024

GRÜNENTHAL REPORT 2023/2024 ADVANCING OPERATIONAL EXCELLENCE WORLDWIDE Interview with Philipp Schaffrath, Head of Strategy & Development for Global Operations. 94 What is Grünenthal’s approach to operational excellence? Philipp: Our Global Operations Busi- ness System (GOBS) encompasses the essential components for fostering ex- cellence. It is a comprehensive frame- work of standards, processes, practices, principles, tools and templates aimed at achieving outstanding performance across all areas of an organisation. Im- plementing this system ensures measur- able results, accelerates growth and cul- tivates culture. Most importantly, it fulfils our promise to patients – by ensuring a safe, reliable and efficient product supply. Can you share an example of GOBS in practice? Philipp: Our newly revamped site in San- tiago, Chile, has seen notable gains this year due to the integration of GOBS. The focus in Santiago is on engaging employ- ees, fostering ownership and instilling pride. We believe in making excellence a habit rather than a one-off action. By modernising the facilities and using auto- mation, we have optimised our process- es and reduced energy consumption, while also cutting costs. This has posi- tively influenced EBITDA and helped en- able the company to invest in innovation and growth. We are eager to implement these achievements at our other sites. What are the future ambitions? Philipp: Our aim is to enhance our production sites to make them highly competitive, technologically advanced, flexible and sustainable manufacturing facilities. We envision our sites around the world to be data-driven, lean, stand- ardised and resilient. While embracing digitalisation and automation, we recog- nise the vital role of human capabilities. In this context, we will continue to invest in training programmes that encourage innovation among our workforce.

GRÜNENTHAL REPORT 2023/2024 96 Zomig™ is another integration success story. We acquired this brand from As- traZeneca in 2017. Now, we expect to achieve synergies worth up to €3.7 mil- lion annually through our in-house bulk and packaging capabilities. From 2023 onwards, Grünenthal’s site in Italy will take over production of the Zomig™ nasal spray formulation and supply it to Europe, Canada and the US. After investing around €10 million in a new 10,000 m² facility and the related equipment, we can now ensure patients have access to this valuable treatment beyond AstraZeneca’s original supply agreement that ended in 2022. For the integration of Crestor™, we will completely insource the product end- to-end – from API production through to bulk manufacturing and packaging. We expect to take over production and packaging activities in all relevant mar- kets in 2025. We anticipate substantial synergies worth up to €15 million per annum through in-house bulk and pack- aging, as well as an additional €5 million through in-house API production from 2027 onwards. The investment of €12 million will reduce of cost of goods by 63 percent. This complete insourcing also increas- es our supply chain resilience. In today’s dynamic market environment, it is more important than ever to have a robust supply chain in place to absorb sudden uncertainties and delays. With our prod- uct integrations, we are able to control our supply chain much better and en- sure an uninterrupted supply of treat- ments. The cost savings achieved by our integration efforts enable the company to grow. This is a valuable contribution to Grünenthal’s future and it helps our company to continue investing in R&D. Integration for the product portfolio of Kyowa Kirin International’s established medicines business unit is a slightly un- usual project. Grünenthal and Kyowa Kirin have now transformed this portfo- lio into a joint venture called Grünenthal Meds. It is owned by Grünenthal, as ma- jor shareholder, as well as Kyowa Kirin In- ternational. This new setup enables the integration of 13 brands into Grünenthal’s portfolio, including 200 marketing au- thorisations. In this way, we will further improve our range of therapies world- wide – and will be able to reach more patients. In 2024, we will begin inte- grating this business into some of our Grünenthal affiliates in Europe. Through cost-effective integration, we have achieved savings of: per year through in-house packaging for Nexium™ and Vimovo™. € 12.7 mn € 3.7 mn per year through in-house bulk production and packaging for Zomig™. From 2017 until end of 2024 25 end-to-end integrations into Global Operations (finalised or in progress) Expected savings of € 20 mn per year through in-house API, bulk production and packaging for Crestor™.

GRÜNENTHAL REPORT 2023/2024 98 Filling of tablets into bottles in our production site in Aachen.

GRÜNENTHAL REPORT 2023/2024 100 People in GO share a strong sense of responsibility for ensuring outstanding quality and excellent processes Safety first One element of our company’s ap- proach to manufacturing will never change: We always put safety first. Every accident is one accident too many. In this spirit, we continuously develop preventative measures and provide training activities to improve the level of occupational safety at Grünenthal. Every step, however small, brings us closer to achieving our goal of zero accidents. This requires safe framework conditions and safe behaviour. To pro- mote these two components of work- place safety, we actively search for unsafe situations and behaviour – and then make sure they are corrected. We also analyse every accident at one of our locations and then share key learn- ings with other sites around the world. Here are some examples of our suc- cess with boosting safety: Ÿ Over 98 percent of our GO staff have taken part in the Behaviour Safety Observation programme. This simple and effective approach supports em- ployees in identifying potential haz- ards and taking corrective actions. Ÿ Lost Working Day (LWD) accidents decreased by 27 percent across our manufacturing sites in 2023 compared to 2022. We have now achieved a reduction of 62 percent in the last three years. LWD accidents at our manufacturing sites are now at a single-digit level for the first time, which reflects the collective efforts of our entire GO team. Ÿ Grünenthal’s site in Aachen was ac- cident-free for the entire year during 2023. We also celebrated Grünenthal’s first ever Global EHS Day in 2023. This event raised awareness about how to keep safe, stay healthy and look after the environment. Each manufacturing site hosted activities that highlighted these topics. Our teams placed a particular focus on preventing occupational ac- cidents and diseases, as well as safe approaches to handling hazardous ma- terials, waste and wastewater.

GRÜNENTHAL REPORT 2023/2024 102 PEOPLE AND CULTURE By exemplifying our Values & Behaviours, our people make the biggest impact towards Grünenthal’s vision of a World Free of Pain.

GRÜNENTHAL REPORT 2023/2024 ENGAGING OUR PEOPLE We strive to maintain a high level of engagement across the organisation and take action based on feedback gathered from our people through targeted initiatives. 104 In 2023, following the successful Great Place to Work® accreditations we re- ceived, we continued implementing actions to strengthen our organisation further. This way, we continue to build a working culture where people feel respected, fairly treated, are proud of the impact they can make, enjoy the collaboration and experience credible leadership. Ÿ We continue our transparent com- munication with the organisation on the progress we are making and how we bring our strategy to life, including through townhall events and regular updates with our leaders. Ÿ To increase connectivity among col- leagues, all teams have implement- ed new initiatives and we installed a monthly ‘Week at the Campus’ to increase both formal and informal interactions with colleagues across different functions. Ÿ We also celebrate successes more often and share best practices more broadly. Ÿ We also acknowledge some are- as requiring further improvement, which vary across the business. Each area has defined actions where we can further drive engagement. We have identified some common themes across the different areas, such as recognition, prioritisation and simplification. Towards the end of 2023, our US affil- iate Averitas Pharma was named one of the top 30 Best Workplaces in Bi- oPharma (Small and Medium) by For- tune Magazine, further building on the Great Place to Work® recognition. ® More Grünenthal entities are now certified than ever before

GRÜNENTHAL REPORT 2023/2024 OUR DIVERSITY AND INCLUSION JOURNEY Our passion for diversity and inclusion is widely shared and we are making visible progress year after year. 106 Our Diversity and Engagement strategy: 2023 was the first full year with our Diversity and Engagement strategy implemented. It brings together global and local initia- tives under three core pillars: Enhancing our diversity Driving conscious inclusion Positively impacting our local communities Enhancing our talent pool through at- traction, retention and enablement of diverse talent. Creating psychological safety and be- longing through our people processes and leadership. Inspiring younger generations, partner- ing with diverse suppliers and support- ing communities through volunteering. Our vision is to create an environment where all employees feel val- ued, respected, included and empowered to do their best, bring great ideas to the table and develop their full potential as a contributor to the success of Grünenthal and the communities we serve. When nobody gets left behind, everybody moves forward

GRÜNENTHAL REPORT 2023/2024 GRÜNENTHAL GIVES Colleagues across the organisation gave more than 3,000 hours of their time to community volunteering in 2023. 108 Our people got together throughout 2023 to support their local communi- ties and give back to society via our Grünenthal Gives initiative. Employees can take a day’s paid leave, separate from their annual leave entitlement, to support people in need. In 2023, this included helping with the logistics of a local marathon, cooking for disadvantaged families, cleaning beaches, planting trees and supporting youth groups. It has been amazing to see how Grünenthal Gives has been so warmly embraced across the organisation. I am constantly inspired by the pictures and videos of our supportive colleagues and their fulfillment when giving back to the community. Leen Hofkens Head Global Human Resources

GRÜNENTHAL REPORT 2023/2024 NURTURING TALENT We welcomed hundreds of new colleagues to the business, while also continuing to invest in our people who are already helping us to realise our vision. 110 We have strengthened our position as an attractive employer, which is evi- denced by our ability to attract new tal- ents and by a lower voluntary turnover in the last three years. We are proud of the progress we are making in developing and growing our people and the talent mobility we have seen in recent years. Throughout 2023, we welcomed more than 670 new colleagues to Grünenthal. Many of these employees joined to support the growth strategy of our Global Op- erations team, particularly in global roles and at our manufacturing sites in Italy and Germany. We saw increased activity on social media, which supports the positioning of Grünenthal as an attractive employer. Around 60 percent of applications for jobs at our company were generated via LinkedIn in 2023. In 2023, we continued to encourage lateral moves for people across our diverse functions and geographies worldwide by supporting job moves and job rotations. Our flourishing Global Graduate Pro- gramme is another ongoing highlight. In 2023, we welcomed 11 new gradu- ates to the programme and celebrat- ed a 100% takeover of graduates who completed the programme and en- tered roles within our business. Our pipeline of future leaders and experts is fuelled by this two-year programme. Graduates gather valuable skills and ex- perience, and can positively impact our company through hands-on training and action. In addition, they develop a solid professional network and gain a well-rounded view of our organisation by rotating through roles, affiliates and sites. Each graduate partners with a senior leader who acts as a mentor. Feedback from our new hires highlights that we can do a better job in onboard- ing new talents to the organisation and make them feel welcomed, informed and equipped to start their journey with Grünenthal. We have started to act on their feedback and strengthen our on-boarding activities.

GRÜNENTHAL REPORT 2023/2024 LEARNING AND DEVELOPING, TOGETHER Inspiring our people to adopt a growth mindset, we continued to invest in our people’s development throughout 2023. These efforts enable our employees to further develop in their role and achieve their career aspirations. 112 More than 80 percent of colleagues now have a Personal Development Plan (PDP) to guide them on their respective development journeys through Grünenthal, while also iden- tifying and capturing opportunities to create further added value for the employee and our business. To ensure a consistent approach to learning and development, we take a 70/20/10 approach: Ÿ 70 % of learning takes place ‘on-the- job’ in the workplace. Ÿ 20 % involves learning from others. Ÿ 10 % comes from ‘off the job’ activities such as courses or special training. In 2023, we offered access to LinkedIn Learning for all colleagues worldwide. More than 2,000 employees are now actively using this learning platform. Leadership development We have introduced a set of essential leadership attributes and skills to en- able leaders to exemplify our Values & Behaviours. Within this framework, we conducted a 360° feedback sur- vey that saw more than 2,400 pieces of feedback provided to senior lead- ers. This feedback will be considered within each leader’s Personal Devel- opment Plan. support their individual development, including a comprehensive online de- velopment guide, self-assessment tools, peer coaching opportunities, the Leadership Learning Labs and access to online learning platforms. We also initiated new Group-wide de- velopment formats, such as a three- day Leadership Academy within our Global Operations business and a new capability programme for our Commer- cial colleagues. These formats support leaders of tomorrow to have the nec- essary skills to excel in their roles. To further strengthen the accountabil- ity of leaders, we make ‘Organisational and People Leadership’ a standard pri- ority in their annual objectives. Various learning resources were provided to

GRÜNENTHAL REPORT 2023/2024 ONE TEAM. ONE VISION. ONE GRÜNENTHAL – THE CORPORATE HUB The office in Lisbon, Portugal, is a global centre of excellence for our company. 114 What started as our internal shared ser- vice centre for transactional finance activities in 2016 has grown to become our Corporate Hub. The facility in Lisbon, Portugal, provides global business ser- vices and centres of expertise across many different functions – including Global Supply Chain, Global IT, Global Procurement, Quality Assurance, Strat- egy and Development Operations, Reg- ulatory Affairs, and Finance and Con- trolling. This supports the establishment of new standards, while helping to drive forward innovation and digitalisation. Towards the end of 2023, our Corporate Hub celebrated its growth into a team of more than 200 employees. In the same year, new joiners rated its approach to onboarding as 4.5 out of 5. To support Grünenthal’s global talent development aspirations, 25 Corporate Hub col- leagues undertook job rotations or were internally promoted. Grünenthal is an inspiring organisation. The company has helped me grow and develop my skills. Improving my critical thinking and problem resolution has been vital to me, both personally and professionally. I am very proud to work in the Corporate Hub. Catarina Baptista OCM Senior Specialist

GRÜNENTHAL REPORT 2023/2024 116 RESPONSIBLE BUSINESS Conducting business responsibly is a core part of our company’s strategy and culture. Everything we do is guided by our deep commitment to integrity, transparency and high ethical standards.

GRÜNENTHAL REPORT 2023/2024 MAKING A POSITIVE IMPACT As a global leader in pain management, we are always seeking positive outcomes for patients and their families. Grünenthal also aims to maximise its beneficial effect on employees, partners and society – while reducing the environmental footprint of our business. These ambitions shape our approach to Corporate Responsibility. 118 Our holistic Corporate Responsibility Programme brings Grünenthal’s strong commitment to life. It focuses on four modules: Fields of Action, Ethical Frame- work, ESG Risk Management and ESG Governance. I Fields of Action Based on insights from a detailed ma- teriality analysis, we have defined four dedicated Fields of Action: “Patient”, “People”, “Planet” as well as “Compli- ance, Ethics and Transparency”. Within these Fields, we have identified twelve environmental, social and governance (ESG) topics that are most relevant to our business and our stakeholders. Each year, we set ambitious targets and key performance indicators (KPIs) for each of these key material topics to measure progress. You can find details about how each material topic impacts strategic and operational activities along our value chain in our Respon- sibility Report. II Ethical Framework It is our fundamental responsibility to meet the highest ethical standards in everything we do. We aim to build trust and give confidence to patients, em- ployees, partners and communities. Our strict ethical framework – including our bioethics and data ethics frameworks – provides guidance in areas that lack clear legal regulations. III ESG Risk Management Managing risks is an essential aspect of Corporate Responsibility. Potential risks in this area can be clustered into Environmental, Social and Governance (ESG) categories. Independent agen- cies regularly assess our approach to managing these ESG risks. IV ESG Governance Our ESG governance system ensures that we always act in line with our belief in decent entrepreneurship. Our dedi- cated Responsibility Board is responsi- ble for driving the implementation and development of our Corporate Respon- sibility Programme.

GRÜNENTHAL REPORT 2023/2024 OUR IMPACT INITIATIVES We have set up impact initiatives for our Fields of Action Patient, People and Planet. They are designed to boost our positive impact around the world. 120 Patient Educating patients and healthcare professionals – To better support patients on their journey to achiev- ing optimal pain management, we have established an initiative to edu- cate healthcare professionals about the responsible use of pain medica- tion. With regard to opioid medica- tions, our Charter on the Responsible Use of Opioids sets out Grünenthal’s commitment to exploring and endors- ing measures that minimise the risk of inappropriate and illegitimate use of prescription opioids – while striving to ensure that individual patients with a clear need for opioid-based pain relief are not denied access. Data-driven human disease under- standing – To enhance our ability to create truly novel medicines for pa- tients in need, we are expanding our understanding of human disease based on reliable and specific data. sustainably, avoid waste in our opera- tions and switch to low-carbon or re- newable energy sources at our sites. Three major areas of action are guid- ing progress towards our environmental goals: Ÿ Sustainable Operations: This aims to reduce emissions from our sites, while also reducing waste and improving wastewater treatment. Ÿ Sustainable Procurement: This focus- es on working with key suppliers to reduce carbon emissions, as well as aligning with waste and wastewater standards. Ÿ Sustainable Products: This strives to reduce the environmental impact as- sociated with our product packaging, while also embedding sustainable de- sign principles into the development and manufacture of our products. Awareness and Accessibility – Our Awareness and Accessibility Initiative aims to positively impact patients’ lives by improving access to adequate pain management and raising awareness about chronic pain and palliative care. People Circle of Trust – Our Diversity & En- gagement Council fosters a culture of trust among employees, partners and communities. It raises awareness, identi- fies needs, governs initiatives and mon- itors impact. Our Diversity & Engage- ment strategy guides our work to build an inclusive and diverse workplace with engaged colleagues. Planet Driving environmental sustainability – We aim to reduce the environmental impact of our business. To achieve this, we have established a range of initia- tives to ensure we use resources more

GRÜNENTHAL REPORT 2023/2024 VALUES AND ETHICAL FRAMEWORK Our deep commitment to ethical behaviour guides everything we do, every day. 122 We want our patients, customers, em- ployees, partners, suppliers, investors and the communities we serve to have confidence and trust when they do business with us. This is key to our long- term success. We have a shared set of Values & Behaviours that make clear how we work together to achieve suc- cessful outcomes for patients and our company. These Values & Behaviours guide our decision-making and give a clear indication of how we behave – as individuals and as an organisation. Business ethics Our Code of Conduct provides a frame- work for our actions and decisions. Everyone in our organisation has the responsibility to live up to these stand- ards in their daily work. All employees are trained in the Code of Conduct when joining the company and period- ically throughout the employment peri- od. We bring it to life through face-to- face and online training. We also offer a 24-hour Ethics Helpline for anyone within or outside Grünenthal with ques- tions, concerns or doubts. Every com- plaint or concern is reviewed by our Compliance organisation, which is fully integrated within the business. Our Compliance Officers sit on deci- sion-making bodies across the compa- ny and report to the Global Compliance & Responsibility Officer, who regularly reports to the Executive Board and the Supervisory Board. In addition, we insist that our business partners act lawfully and with integrity in line with this framework. To ensure this, we have established our Code of Conduct for Business Partners. It clear- ly sets out our expectations related to compliance, ethics and integrity for all business partners. Bio ethics We are committed to conducting our research activities within a strict bioeth- ical framework. We adhere to clear rules about animal trials, human biological sampling and emerging technologies. In addition, we share clinical information that is necessary for conducting legiti- mate research, serving patients’ safety and improving public health.

GRÜNENTHAL REPORT 2023/2024 OUR ENVIRONMENTAL, SOCIAL AND GOVERNANCE RATING Independent, external raters have ranked Grünenthal as a leader in managing risks related to Environmental, Social and Governance (ESG) criteria. 124 Our excellent ESG rating is a testament to our strong risk and governance approaches. Sebastian Köhler General Counsel

GRÜNENTHAL REPORT 2023/2024 SUPPORT FOR PEOPLE AFFECTED BY THALIDOMIDE The Grünenthal Foundation for the Support of Thalidomide-affected People provides help where it is most needed. 126 We have a deep commitment to help- ing individuals and families impacted by the Thalidomide tragedy that happened over 60 years ago. Therefore, we are in a permanent and intense dialogue with these people to fully understand their needs. The Grünenthal Foundation for the Support of Thalidomide-affected People is at the heart of this approach. It employs full-time staff who are in daily contact with affected people and their families and coordinate projects that contribute to a more independent life. The Grünenthal Foundation’s team really listened to my needs and gave meaningful, uncompli- cated support. Person affected by Thalidomide A range of available support Thalidomide-affected people live with disabilities such as shortened limbs that make day-to-day activities highly chal- lenging. Since 2011, the Foundation has helped to improve the individual auton- omy and mobility of affected people in almost 4,000 cases. Long-term funding for the Foundation is secured, so Tha- lidomide-affected people can rely on support in the future. Projects are focused on modifying homes or vehicles and providing tech- nological and personal assistance. The Foundation has co-financed alterations to over 800 bathrooms and kitchens, as well as more than 540 cars. Open dialogue and exchange Personal communication is the key to the Foundation’s work. The team regu- larly engages with people affected by Thalidomide on a daily basis and takes time to understand each individual’s needs. They then make sure the Foun- dation offers support in ways that make a real positive impact. In 2023, the Foundation launched a new platform to further strengthen the exchange of information with people affected by Thalidomide. This initiative was established in partnership with the German Federal Association of Thalido- mide-affected People (Bundesverband Contergangeschädigter e.V.). It aims to boost support and cooperation, while also enabling more regular discus- sions about future-facing topics. This includes the changing needs of Thalid- omide-affected people as they get old- er and measures to preserve and make knowledge about Thalidomide available.

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