Exhibit 99.2 Qwo Update December 2022 Confidential Cleansing Material endo.com
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Executive Summary ► The unfavorable perception of intense bruising following initial treatment and the risk of prolonged skin discoloration has created a significant and sustained hesitancy in QWO utilization in the market. ► A number of commercial and medical initiatives were launched over the last 18 months to address the issue; however, the limitations of new clinical data has been a significant constraint to making progress. ► The QWO APHRODITE open-label clinical study was launched in 2Q22 to evaluate different potentially commercially viable interventions to mitigate initial bruising and the risk of prolonged skin discoloration. ► Imaging data from 7 cohorts has been obtained and, while a modest reduction of bruising area and severity was observed in certain cohorts, the extent of bruising reduction was not consistent among all participants and is believed to be insufficient to adequately alleviate the market concerns. ► Based on the study results, our recommended course of action is to immediately cease further production and commercialization of QWO. [a] ► This action will result in annual pre-tax cash savings of ~$50M-60M starting in FY23 and result in one- time cash and non-cash restructuring charges of up to ~$20M and ~$230M, respectively, in 4Q22. [a] Based on May 2022 long-term plan as reflected in the Management Presentation; assumes 2 transition actions are fully implemented by January 1, 2023.
APHRODITE-1 study results ► APHRODITE study primary endpoint is severity of bruising at days 3 to 5 following initial injection as this is the most important market concern that needs to be addressed. ‒ Secondary Endpoint – bruising resolution assessment at day 10 to 14 ‒ Efficacy assessment – day 90 ‒ Discoloration assessment – day 180 ► Our conclusions as to the primary endpoint are based upon our review of adequate imaging data samples from all 7 cohorts. ► While a modest reduction of bruising area and severity was observed in certain cohorts, the extent of bruising reduction was not consistent among all participants and is believed to be insufficient to adequately alleviate the market concerns. – Consistent and demonstrable bruising reduction in the first few days (Day 3 to 5) following initial QWO treatment is required to confirm commercial viability. – Given the absence of a consistent benefit at the primary endpoint, we believe it is clinically unnecessary to await later endpoints such as bruising resolution and efficacy assessments prior to determining to cease further production and commercialization of QWO. 3
We expect to realize $50-60M in total annual run rate cost savings $ millions 2023 and Cash Savings [a],[b] 2022 Thereafter ▪ The level of QWO utilization will be Cost of sales (fixed only) $ - $ 5-10 significantly constrained due to the inability to effectively address the negative Operating expenses - 45-50 perception of intense bruising following Total $ - $ 50-60 initial treatment and the associated risk of prolonged skin discoloration. 2023 and ▪ The minimum level of commercial and One-time Charges [c] 2022 Thereafter medical resources required to support this Cash restructuring charges $ 15-20 $ - scenario would result in a prolonged period of significant losses (i.e., gross Non-cash asset impairments 220-230 - profit < operating expenses) with low Total $ 235-250 $ - probability of achieving future profitability. [a] Represents full year estimates and assumes transition actions are fully implemented by January 1, 2023. [b] Based on May 2022 Long-Term Plan as reflected in the Management Presentation. 4 [c] Expected to be recorded in 4Q22.
Next Steps Element Key Activity Tentative Date ▪ Consultations with advisors to (i) the 1L group, (ii) the cross-holder group, (iii) the committees and (iv) the future claimants’ w/o November 28 representative Chapter 11 ▪ 1L group consent December 5 or 6 ▪ Bankruptcy court approval January 19 [a] ▪ Endo PLC Board approval (after committee consultations) December 2 Board Review ▪ 8-K filing ▪ Internal communications to organization and impacted team members December 6 and 7 Communication ▪ External communications to customers, clinical investigators, and other key stakeholders 5 [a] Actual date could potentially be earlier if bankruptcy court provides alternative hearing date.