#1JP Morgan 41st Annual Healthcare Conference January 10, 2023 James C. Foster Chairman, President & CEO charles river#2Safe Harbor Statement Caution Concerning Forward-Looking Statements. This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate,” “believe,” “expect,” “intend,” “will,” “may,” “estimate," "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements also include statements about our expectations regarding the availability of NHPS; Charles River's expectations around our ability to diversify our NHP supply chain; our future financial performance (including, without limitation, revenue and revenue growth rates, operating income and margin, earnings per share, capital expenditures, operating and free cash flow, net interest expense, effective tax rate, foreign exchange rates, corporate expenses, and leverage ratios) whether reported, constant currency, organic, and/or factoring acquisitions, with respect to Charles River as a whole and/or any of our reporting or operating segments or business units; our expectations with respect to the impact of external interest rate fluctuations; the assumptions that form the basis for our guidance, including the anticipated impact of higher compensation costs and of the 53rd week in 2022; the estimated diluted shares outstanding; the expected performance of our venture capital and other strategic investments; client demand, particularly the future demand for drug discovery, development, and CDMO products and services, and our intentions to expand those businesses, including our investments in our portfolio; the impact of foreign exchange; the impact of the COVID-19 pandemic for our business, financial condition and results of operations; our compliance with the maintenance covenants under our credit agreement; our expectations regarding stock repurchases and debt repayment; the development and performance of our services and products, including expectations with respect to reducing timelines; expectations with respect to pricing of our products and services; market and industry conditions, including industry consolidation and the Company's share of any market it participates in, outsourcing of services and identification of spending trends by our clients and funding available to them; the potential outcome of, and impact to, our business and financial operations due to litigation and legal proceedings and tax law changes; our business strategy, including with respect to capital deployment and leverage; our success in identifying, consummating, and integrating, and the impact of, our acquisitions, on the Company, our service offerings, client perception, strategic relationships, revenue, revenue growth rates, earnings, and synergies, including client overlap; our expectations regarding the financial performance of the companies we have acquired; our strategic agreements with our clients and opportunities for future similar arrangements; our ability to obtain new clients in targeted market segments and/or to predict which client segments will be future growth drivers; the impact of our investments in specified business lines, products, sites and geographies; and Charles River's future performance as otherwise delineated in our forward-looking guidance. Forward-looking statements are based on Charles River's current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. Those risks and uncertainties include, but are not limited to: any changes in business, political, or economic conditions due to the November 16, 2022 announcement by the U.S. Department of Justice through the U.S. Attorney's Office for the Southern District of Florida that a Cambodian NHP supplier and two Cambodian officials had been criminally charged in connection with illegally importing NHPs into the United States; the ability to successfully integrate businesses we acquire (including Explora Biolabs, Distributed Bio, Cognate BioServices and Vigene Biosciences and risks and uncertainties associated with Cognate's and Vigene's products and services, which are in areas that the Company did not previously operate); the timing and magnitude of our share repurchases; negative trends in research and development spending, negative trends in the level of outsourced services, or other cost reduction actions by our clients; the ability to convert backlog to revenue; special interest groups; contaminations; industry trends; new displacement technologies; USDA and FDA regulations; changes in law; continued availability of products and supplies; loss of key personnel; interest rate and foreign currency exchange rate fluctuations; changes in tax regulation and laws; changes in generally accepted accounting principles; the COVID-19 pandemic, its duration, its impact on our business, results of operations, financial condition, liquidity, business practices, operations, suppliers, third party service providers, clients, employees, industry, ability to meet future performance obligations, ability to efficiently implement advisable safety precautions, and internal controls over financial reporting; and any changes in business, political, or economic conditions due to the COVID-19 and the threat of future terrorist activity in the U.S. and other parts of the world, and related U.S. military action overseas. A further description of these risks, uncertainties, and other matters can be found in the Risk Factors detailed in Charles River's Annual Report on Form 10-K as filed on February 16, 2022, as well as other filings we make with the Securities and Exchange Commission. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by Charles River, and Charles River assumes no obligation and expressly disclaims any duty to update information contained in this presentation except as required by law. Regulation G This presentation includes discussion of non-GAAP financial measures. We believe that the inclusion of these non-GAAP financial measures provides useful information to allow investors to gain a meaningful understanding of our core operating results and future prospects, without the effect of often one-time charges, consistent with the manner in which management measures and forecasts the Company's performance. The non-GAAP financial measures included in this presentation are not meant to be considered superior to or a substitute for results of operations prepared in accordance with GAAP. The company intends to continue to assess the potential value of reporting non-GAAP results consistent with applicable rules and regulations. In accordance with Regulation G, you can find the comparable GAAP measures and reconciliations to those GAAP measures on our website at ir.criver.com. Quiet Period Disclaimer The Company is presently in quiet period pending its fourth-quarter and full-year 2022 earnings release in mid/late February 2023. As a result, the Company will not comment on its financial performance for the fourth quarter of 2022. Charles River - JP Morgan Conference Presentation 2#3The scientific partner of choice to accelerate biomedical research and therapeutic innovation Working with clients from discovery and early-stage development through the safe manufacture of life-saving therapies Charles River - JP Morgan Conference Presentation 30 Innovate One-stop shop for high-quality research models and associated services to support biomedical researchers in discovery of new therapeutics Accelerate Flexible and efficient outsourced model for non- clinical development to enable quick progression into the clinic Manufacture Comprehensive solutions to support biopharmaceutical manufacturers in the critical testing, process development, and production of advanced therapies 3#4Leading, global, non-clinical drug development partner with a mission to create healthier lives ~21,500 global employees >2,000 scientific professionals with advanced degrees Global Scale >10,000 clients, including >2,000 biopharma clients >150 sites in >20 countries Supported >80% of FDA-approved novel drugs over last three years (2020-22) Proven Results >95 preclinical candidates originated for clients since 1999 #1 position in Research Models, Safety Assessment & Microbial Solutions Charles River - JP Morgan Conference Presentation LTM 2022 revenue based on LTM September 2022 financial information. Diverse Revenue Base by Region 27% 5% $3.8B LTM 2022 revenue 68% ■North America ■Europe Asia-Pacific 4#5($ in millions) $3,540 $2,924 Strong financial results supporting shareholder value Revenue 13.7% REV. CAGR ('18-LTM '22) Operating & Free Cash Flow ($ in millions) $761 $3,781 $614 $547 $229 $481 $2,621 $441 $2,266 15.1% $167 $334 $141 $140 11.2% $532 8.7% 8.5% $301 $340 $380 7.0% $280 2018 2019 Revenue 2020 2021 LTM 3Q22 Organic Revenue Growth 2018 2019 2020 2021 LTM 3Q22 Free Cash Flow Capital Expenditures Non-GAAP Operating Income $ / Margin % ($ in millions, except margin amounts) Non-GAAP EPS $798 $742 16.4% EPS CAGR ('18-LTM '22) $10.65 $10.32 $585 $8.13 $497 $6.73 $425 21.0% 21.1% $5.80 20.0% 18.8% 19.0% 2018 2019 2020 2021 LTM 3Q22 2018 2019 2020 2021 LTM 3Q22 Charles River - JP Morgan Conference Presentation See ir.criver.com for reconciliations of GAAP to non-GAAP results. All LTM 3Q22 figures based on LTM September 2022 financial information. 5#6CRL Investment Thesis TTT XX D kil Unique, scientifically differentiated platform with integrated, non- clinical capabilities and broad expertise across all drug modalities Leading partner to accelerate biomedical research and therapeutic innovation with flexible, efficient outsourcing solutions Large and diversified client base across the entire drug research, development, and manufacturing continuum Strong and durable industry fundamentals driven by increased outsourcing to address unmet medical needs and evolving complexity of disease Robust value creation strategy led by M&A and strategic partnerships to maintain leadership positions in high-growth markets Charles River - JP Morgan Conference Presentation 6#7Unique, scientifically differentiated platform اس Research Models and Services (RMS) Global leader in the production of the most widely used small research models and associated services Foundational tools that enable clients to discover new molecules Discovery and Safety Assessment (DSA) Largest, global partner for outsourced drug discovery, non-clinical development and regulated safety testing services Enabling preclinical success and efficiently advancing ideas into the clinic Manufacturing Solutions Full-service process development, clinical- to-commercial manufacturing, and quality- control testing products and services Ensuring the quality and safety of manufacturing activities and commercial therapies Basic Research Drug Discovery Non-Clinical Development Charles River - JP Morgan Conference Presentation Clinical Development Market Approval Commercial Manufacture Research & Development Continuum Note: DSA segment provides certain services to support clinical development, including clinical bioanalysis/lab sciences. However, the Company does not conduct human clinical trials. 7#8Balanced revenue contribution and robust growth profile 19% RMS Research Models Research Model Services Human Cellular Products (Cell Supply) 9.5% organic growth LTM 3Q22 26.3% non-GAAP operating margin LTM 3Q22 Total Revenue 60% DSA 21% Manufacturing* - - Discovery Services Safety Assessment 12.6% organic growth LTM 3Q22 24.5% non-GAAP operating margin LTM 3Q22 Microbial Solutions Biologics Testing C&GT CDMO 8.6% organic growth LTM 3Q22 31.6% non-GAAP operating income LTM 3Q22 Charles River - JP Morgan Conference Presentation See ir.criver.com for reconciliations of GAAP to non-GAAP results. All revenue and operating income/margin figures based on LTM September 2022 financial information. Note: Charles River completed the previously announced divestiture of the Avian Vaccine business in December 2022. Avian is included in the LTM 2022 figures above. 8#9RMS Segment Foundational tools for the discovery of new molecules #1 RMS market position Research Models Breeding and distribution of the most widely used small research models Services Flexible solutions that support our clients' use of models and the screening of drug candidates Cell Supply Supply of customized primary cells and blood components for use in cell therapy development and production 37% global RMS market share - Global footprint ensures proximity to major biohubs - Consistent, high-quality source of small research models provides critical link to DSA business - Enhanced digital enterprise improves efficiency and client experience ~1 of 2 small research models sold in North America and Europe from CRL ~150 of the most widely used research model strains Charles River - JP Morgan Conference Presentation 9#10Expansion of services, capabilities, and footprint RMS: Re-established as a sustained growth engine RM Services driving incremental growth, representing nearly half of RMS segment revenue Genetically Engineered Models and Services (GEMS) Research Animal Diagnostic Services (RADS) - Insourcing Solutions (IS), including CRADL™M Expansion of CRADL™ offering - Enables clients to invest in research, not in infrastructure - Explora acquisition in 2022 further expands CRADL TM to 28 facilities with >380,000 sq. ft. of full-service, turnkey vivarium rental capacity Continued expansion of China footprint in high-growth market explora biolabs a charles river company – New sites in central (Wuhan), southern (Shunde), and western (Chengdu) regions - RMS China averaged double-digit annual revenue growth since acquired in 2013 Charles River - JP Morgan Conference Presentation 10#11DSA Segment Drug discovery research, development, and regulatory-required safety testing of potential new drugs - • S Discovery Services Single source of services for discovering and characterizing novel drug candidates for preclinical development Early discovery, in vivo and in vitro capabilities Expertise in most major therapeutic areas, with a focus on oncology and CNS Broad capabilities across small and large molecule, antibody and C&GT Expertise in integrated programs Ability to engage with clients at any stage of their discovery or early-stage development programs - • • XX Safety Assessment (SA) Full suite of safety studies required for regulatory submission on a global basis across all therapeutic areas Global leader in both non-regulated and regulated (GLP) outsourced SA services Broad scientific capabilities General and specialty toxicology, bioanalysis, pathology, safety pharmacology; drug metabolism and pharmacokinetics (DMPK) services Largest specialty toxicology offering from inhalation, and infusion to developmental and reproductive toxicology >95 Preclinical drug candidates discovered for clients since 1999 40% Outsourced SA market share, with next largest competitor at 17% -30 DSA sites worldwide ensures proximity to clients A safety assessment program costs 5x-10x less than a late-stage clinical program, providing incentive for clients to focus R&D spending on IND achievement Charles River - JP Morgan Conference Presentation Note: CRL market share data based on management estimates and publicly available information. 11#12Best-in-class science and service driving robust demand DSA: Focused on preclinical R&D support M&A and technology partnerships enhancing scale, innovative capabilities and therapeutic area expertise distributed bio RETROGENIX™ SPOTTING YOUR TARGET. WILRESEARCH MPI citoxlab RESEARCH Safety and Health Research A CHARLES RIVER COMPANY Robust demand driven by greater outsourcing by biopharma clients - - Opportunity to drive incremental outsourcing penetration with Discovery only ~25% outsourced and Safety Assessment 60%+ outsourced • Biotech leveraging outsourcing expertise to drive innovation, instead of building in-house capabilities Large biopharma utilizing scientific partners like CRL, in place of maintaining internal resources Significant opportunity to further increase synergies and client overlap - More than half of Discovery clients remained with CRL for safety assessment over last three years Charles River - JP Morgan Conference Presentation 12#13Safety Assessment Supply Chain Update - Both small and large research models are required for use in regulated drug safety testing by the U.S. Food and Drug Administration and other international regulatory agencies Non-human primates (NHPs) are the most scientifically relevant large model for critical translational research for biologic drugs - NHPs have been in high demand in recent years due to a significant increase in biologic drug development activity - NHP supply remains a fluid situation that we are continuing to work through - CRL continues to work diligently on the diversification of its NHP supply chain - CRL intends to provide a broader update on the status of NHP shipments and supply for 2023 when we issue 2023 financial guidance in mid/late February Charles River - JP Morgan Conference Presentation 13#14Manufacturing Solutions Segment Safe production and release of manufactured products - Microbial Solutions Rapid, efficient testing platform for microbial detection and identification of sterile and non- sterile applications • • • Leading global provider of quality-control (QC) testing products and services FDA-mandated lot release testing for sterile biopharmaceutical products Market-leading platforms EndosafeⓇ endotoxin detection AccugenixⓇ microbial identification and strain typing CelsisⓇ rapid microbial detection - Biologics Testing Process development and quality- control testing to support the manufacture of biologics Premier global partner in navigating the complex pathway to biologic effectiveness Supports developers and manufacturers with their testing, characterization, and cell bank manufacturing needs Testing and assay development throughout drug development, clinical and commercial manufacturing - i C&GT CDMO Scientific partner for cell and gene therapy development, testing, and manufacturing Solutions across all major CDMO platforms for C&GT Primary expertise in gene- modified cell therapy with growing capabilities in gene therapy, including plasma DNA and viral vectors Excellent strategic fit across CRL portfolio Integrated value chain from foundational cellular materials through analytical testing and the production of advanced therapies ~70% Microbial revenue from reagents/consumables, creating a recurring revenue stream ~70% Cell Therapy CDMO Revenue Mix by Service Area Hannah ~20% Viral Vector -10% 54 charles rive Plasmid DNA Charles River - JP Morgan Conference Presentation 14#15Capitalizing on the rapid expansion of biologics and C&GT pipelines Manufacturing Solutions: Driven by biologics No competitors have our comprehensive, rapid and efficient testing platform for microbial detection and identification - Only >10% of endotoxin testing volume converted to rapid testing methods - long runway for future growth Increased number of biologics in development, fueled by C&GT programs - ~3,300 C&GT programs in the biopharma R&D pipeline, with >2/3 of programs in preclinical phase Recent M&A established premier C&GT CDMO portfolio in high-growth market Charles River - JP Morgan Conference Presentation COGNATE BIOSERVICES* Vigene Biosciences Excellerce in Gene Delivery A Charles River Company 15#16Broad capabilities across all modalities Accelerating discovery to clinical candidate & beyond Modality Spectrum of Capabilities Small Discovery Non-Clinical Development Molecule Early discovery and disease biology capabilities across major therapeutic areas to develop innovative small molecule candidates Acquisitions Cerpen argenta BioFocus Large Molecule/ Non-Clinical Development Discovery Antibodies + Biologics QC Testing Antibody libraries and integrated antibody optimization technologies to provide fully integrated antibody drug discovery services distributed bio algorithms for life Non-Clinical Development Cell & Gene Therapy Discovery + Biologics QC Testing + Clinical/Commercial Production Cellular products, efficacy and safety testing, process development, analytical testing, and CDMO solutions to support clients through commercial production of advanced drug modalities ◆ Charles River - JP Morgan Conference Presentation COGNATE BIOSERVICES A Charles River Company Vigene Biosciences Excellence in Gene Delivery 16#17Comprehensive C&GT capabilities In high-growth, high-science cell and gene therapy sector Research Models & Services - Immunodeficient rodent models Cellular products used as inputs in research, process development, and manufacture of cell therapies Microbial Solutions - Advanced rapid screening technologies Charles River - JP Morgan Conference Presentation Discovery Services "Combo" pharmacology and safety studies collaborating across multiple DSA sites Safety Assessment Bioanalytical, immunogenicity, and biodistribution, and GLP toxicology assessments performed across multiple SA sites Extensive Portfolio Spanning Cell & Gene Therapies Biologics Testing - Analytical efficacy/safety testing for viral gene therapy or viral vector C&GT CDMO - CGMP cell therapy manufacturing Plasmid DNA and viral vector production for gene therapies 17#18Cutting-edge digital transformation enhances 75 years of scientific expertise Faster Data. Better Application. Improved Timelines. More Educated Results. Digital roadmap for faster and more efficient data access - Better scheduling and resource optimization Remove "white space" and reduce manual work Digital ecosystem to manage client relationships Enhance real-time client connectivity - E-commerce solutions • Enable clients to order research models Charles River - JP Morgan Conference Presentation online and goal to book their own studies - Promote better data management and scientific decision making Enhance data-driven insights Enhanced Al / machine learning © Drive data automation 18#19Large and diverse client base provides stability and sustained growth Most of top 25 clients are large biopharmaceutical companies Capital market dependent (CMD) public biotechs with <2 years cash represent only ~5% of revenue Strong client overlap between business segments with opportunity to further capture incremental client wallet share Revenue by Client Segment* CRL New Biotech Clients Added >2.000 Biopharma clients in 2022 Largest client ~3% of total YTD 3Q22 revenue -20% -10% 419 410 410 ■ Biotech ~40% ■ Globals ■ Other -30% ■ Academic/ Government Charles River - JP Morgan Conference Presentation 485 2019 2020 2021 YTD 3Q22 Note: CRL revenue by client segment based on LTM September 2022 revenue. Top 25 clients -30% of total YTD 3Q22 revenue 19#20Strong and durable industry fundamentals Mid- to high-single- digit growth 10%+ Long-term market growth potential Low-double- digit growth $6.0B Discovery Mid-teens growth 20-25% growth $2.5- Mid-single- $3.0B digit growth $2.5- $3.0B High-single- digit growth $3.0B $5.0- $5.5B Safety Assessment DSA Segment Charles River - JP Morgan Conference Presentation Microbial Solutions Manufacturing Segment RMS RMS $2.0B >$20B Outsourcing continues to increase every year Addressable Market Opportunity Increasingly complex science Note: All growth rates (in green boxes) represent the long-term market sector growth potential. Exposure to high-growth markets 20#21Multiple strategies to strengthen portfolio and enhance value for our clients and shareholders Disciplined M&A Strategic Partnerships Venture Capital Relationships M&A remains top, long-term priority for disciplined capital deployment and enhances growth strategy Invested >$4.5B in >25 acquisitions since 2012 Focused on enhancing breadth of scientific capabilities, expanding global scale, and maintaining leadership in advanced and emerging therapies Partnerships and licensing arrangements add innovative capabilities and cutting-edge technologies with limited upfront risk 19 active partnerships currently with >$110M invested to-date (1) • Highlights include: Valo Health - Discovery Al SAMDI Tech - Label-free high-throughput screening solutions Cypre - 3D tumor modeling PathoQuest - NGS sequencing Innovative strategy to establish CRL as a preferred partner to a large group of emerging, VC-backed biotech companies and create value ~10% of annual revenue comes from VC portfolio companies(2) Nearly 30% avg. annual return on VC relationships (investments and revenue)(3) (1) Charles River - JP Morgan Conference Presentation (2) (3) Amount invested in strategic partnerships excludes purchase price to acquire Distributed Bio. VC revenue includes VC firms with which we have invested, those which we have a strategic relationship, and other revenue from VC portfolio companies with which we have no formal relationship. Return calculation as of Oct. 2022 includes VC investment gains and operating cash flow from revenue generated from VC funds in which we have invested (both net of tax). It does not include revenue generated from VC funds in which we have not invested. 21#22Our commitment to Corporate Citizenship Leadership Operating our business with integrity and accountability - - - 36% women or minority representation on Board Adopted proxy access in 2021 Formalized and launched ESG Council, chaired by COO Humane Care Initiative: 3R principles of Replacement, Reduction and Refinement Published formal Human Rights statement aligned with U.N. principles - - - People Creating a work environment built on trust, inclusion, accountability, respect, and well-being 9 global Employee Resource Groups (ERGS) with >2,000 employees Demonstrate equitable pay practices, with less than 1% gap in pay by gender (global) and race/ethnicity (U.S.) Provide employee sabbaticals and additional development opportunities Employees completed nearly 290,000+ development courses in 2021 יויו 金剑 Communities Supporting and investing in the geographies where we live and work ☑Environment Embedding working safely and sustainably into everything we do - - Established Charles River Employee Relief Fund in 2021 Launched Charitable Match Policy, with 1:1 company match of employee charitable donations Employees volunteered a collective 13,000+ hours of service in 2021 Donated 500 STEM boxes for youth in foster care during first annual STEM Day - - Funded $4.5M capital projects in 2021 under the Sustainability Capital Fund Goal to reduce annual GHG emissions ~3.2% Achieved 25% reduction in global Scope 1 & 2 GHG emissions from 2018 to 2021 Committed to achieving 100% renewable electricity by end of 2023 through vPPAs in North America (solar) and Europe (wind) Charles River - JP Morgan Conference Presentation 22 222#23Robust value creation supported by strategic imperatives ☐☐☐ Strengthen Portfolio Ⓒ Drive Efficiency Continuous innovation to distinguish ourselves scientifically and unlock new capabilities Emerging therapies and modalities - High-growth investment opportunities Maximizing synergies across portfolio to drive value for clients Process optimization and harmonization to drive continuous improvement Scale operating model and optimize operational effectiveness Enhance Speed Champion Technology Advance Culture Charles River - JP Morgan Conference Presentation Targeting to reduce early-stage timelines by an additional year - Leveraging expertise in science, digital enterprise, and regulatory compliance Decentralized and agile decision making to enhance responsiveness Transforming industry and client experience with best-in-class technology platform - Real-time access to scientific data with self-service options - E-commerce solutions, automation/robotics and Al/machine learning Delivering meaningful contributions through an exceptional work environment Focused on opportunities for growth, well-being, meaningful work, and recognition - - Make a difference to colleagues, clients, and communities through purpose, belonging, and support 23#24Regulation G Financial Reconciliations Charles River - JP Morgan Conference Presentation 01->#25CHARLES RIVER LABORATORIES INTERNATIONAL, INC. RECONCILIATION OF LAST TWELVE MONTHS (LTM) REVENUE & NON-GAAP OPERATING INCOME (1) (dollars in thousands, except per share data) Revenue RMS DSA Fiscal Year Ended December 25, 2021 Nine Months Ended September 24, 2022 Less: Nine Months Ended September 25, 2021 Last Twelve Months (LTM) Ended September 24, 2022 Segment % of Total $690,437 543,066 $2,107,231 1,755,639 Manufacturing $742,492 577,512 (524,862) (1,573,095) (537,153) Total CRL $3,540,160 2,876,217 (2,635,110) $708,641 $2,289,775 $782,851 $3,781,267 18.7% 60.6% 20.7% 100.0% Non-GAAP Operating Income (2) Fiscal Year Ended December 25, 2021 Nine Months Ended September 24, 2022 Less: Nine Months Ended September 25, 2021 RMS DSA Manufacturing Unallocated Corp. Total CRL $188,501 141,573 $499,206 436,700 $254,210 173,845 ($199,854) (142,986) $742,063 (143,879) (375,590) (180,933) Last Twelve Months (LTM) Ended September 24, 2022 $186,195 $560,316 LTM 2022 Operating Margin % 26.3% 24.5% $247,122 31.6% 147,439 ($195,401) 609,132 (552,963) $798,232 21.1% Total LTM 2022 Non-GAAP OI excluding Unallocated Corp. $993,633 Segment % of Total excluding Unallocated Corp. 18.7% 56.4% 24.9% 100% Non-GAAP Net Income Fiscal Year Ended December 25, 2021 Nine Months Ended September 24, 2022 Less: Nine Months Ended September 25, 2021 Last Twelve Months (LTM) Ended September 24, 2022 Non-GAAP Earnings Per Share Weighted average shares outstanding - Diluted Last Twelve Months (LTM) Ended September 24, 2022 Total CRL $530,534 417,752 (402,085) $546,201 51,282 $10.65 Free Cash Flow Fiscal Year Ended December 25, 2021 Nine Months Ended September 24, 2022 Less: Nine Months Ended September 25, 2021 Last Twelve Months (LTM) Ended September 24, 2022 Operating CF $760,799 384,883 Cap Ex $228,772 235,709 Total CRL $532,027 (531,541) $614,141 (129,997) $334,484 149,174 (401,544) $279,657 (1) Charles River management believes that supplementary non-GAAP financial measures provide useful information to allow investors to gain a meaningful understanding of our core operating results and future prospects, without the effect of often one-time charges and other items which are outside our normal operations, consistent with the manner in which management measures and forecasts the Company's performance. The supplementary non-GAAP financial measures included are not meant to be considered superior to, or a substitute for results of operations prepared in accordance with U.S. GAAP. The Company intends to continue to assess the potential value of reporting non-GAAP results consistent with applicable rules, regulations and guidance. (2) See Financial Reconciliations section of the Company's Investor Relations web site at ir.criver.com for a reconciliation of GAAP to Non-GAAP Operating Income for each period. Charles River - JP Morgan Conference Presentation 25#26CHARLES RIVER LABORATORIES INTERNATIONAL, INC. RECONCILIATION OF GAAP REVENUE GROWTH TO NON-GAAP REVENUE GROWTH, ORGANIC (UNAUDITED) Twelve Months Ended September 24, 2022 Revenue growth, reported Increase due to foreign exchange Contribution from acquisitions (2) Impact of divestitures (3) Non-GAAP revenue growth, organic (4) (1) Total CRL RMS Segment DSA Segment MS Segment 10.4 % 4.0% 10.7 % 15.7 % 2.6% 2.1 % (3.6)% (4.1)% 2.4% (0.5)% 3.7 % (12.2)% 1.8% 7.5% - % 1.4 % 11.2 % 9.5% 12.6 % 8.6 % (1) Charles River management believes that supplementary non-GAAP financial measures provide useful information to allow investors to gain a meaningful understanding of our core operating results and future prospects, without the effect of often-one-time charges and other items which are outside our normal operations, consistent with the manner in which management measures and forecasts the Company's performance. The supplementary non-GAAP financial measures included are not meant to be considered superior to, or a substitute for results of operations prepared in accordance with U.S. GAAP. The Company intends to continue to assess the potential value of reporting non-GAAP results consistent with applicable rules, regulations and guidance. (2) The contribution from acquisitions reflects only completed acquisitions. (3) The Company sold both its RMS Japan operations and its gene therapy CDMO site in Sweden on October 12, 2021. This adjustment represents (4) the revenue from these businesses for all applicable periods in 2021. Organic revenue growth is defined as reported revenue growth adjusted for acquisitions and foreign exchange. Charles River - JP Morgan Conference Presentation 26#27Charles River - JP Morgan Conference Presentation Research Models and Services Revenue Operating income Operating income as a % of revenue Add back: Amortization related to acquisitions Severance CHARLES RIVER LABORATORIES INTERNATIONAL, INC. RECONCILIATION OF GAAP TO NON-GAAP SELECTED BUSINESS SEGMENT INFORMATION (UNAUDITED)(¹) (in thousands, except percentages) $ Three Months Ended December 25, 2021 December 26, 2020 165,575 $ 40,188 24.3% 156,697 S 34,381 21.9% Twelve Months Ended December 25, 2021 December 26, 2020 690,437 $ 166,814 24.2% 571,152 102,706 18.0% Acquisition related adjustments (2) 4,075 3,975 118 359 876 20,104 19,556 7 645 1,576 2,375 Site consolidation costs, impairments and other items 200 Total non-GAAP adjustments to operating income Operating income, excluding non-GAAP adjustments Non-GAAP operating income as a % of revenue $ 4,434 $ 4,969 S 21,687 $ 22,776 $ 44,622 $ 39,350 S 188,501 $ 125,482 26.9% 25.1 % 27.3% 22.0% Depreciation and amortization Capital expenditures $ 9,673 $ $ 31,667 $ 9,747 13,902 S 39,123 $ 37,080 S 61,188 $ 29,487 Discovery and Safety Assessment Revenue Operating income Operating income as a % of revenue Add back: Amortization related to acquisitions Severance Acquisition related adjustments (2) Site consolidation costs, impairments and other items Total non-GAAP adjustments to operating income Operating income, excluding non-GAAP adjustments Non-GAAP operating income as a % of revenue Depreciation and amortization Capital expenditures Manufacturing Solutions Revenue Operating income $ 534,136 $ 94,967 17.8% 495,004 91,087 18.4% S 2,107,231 $ 406,978 1,837,428 325,959 19.3% 17.7% 19,933 21,978 84,740 90,304 (144) 130 1,016 4,117 8,016 828 4,374 3,673 844. 726 2,098 6,598 $ 28,649 $ 23,662 $ 92,228 $ 104,692 $ 123,616 $ 114,749 $ 499,206 $ 430,651 23.1% 23.2% 23.7% 23.4 % $ $ 44,986 $ 40,694 $ 43,784 S 177,254 $ 168,922 59,217 S 101,477 $ 105,653 $ 205,339 $ 91,673 139,289 49,206 S 742,492 $ 515,353 246,390 181,494 44.6% 35.3% 33.2% 35.2% Operating income as a % of revenue Add back: Amortization related to acquisitions 5,390 2,144 23,304 8,758 Severance 1,278 428 3,622 2,413 Acquisition related adjustments (2) (25,281) (20,437) (421) Site consolidation costs, impairments and other items (3) 217 151 1,331 320 Total non-GAAP adjustments to operating income $ (18,396) $ 2,723 S 7,820 $ 11,070 Operating income, excluding non-GAAP adjustments Non-GAAP operating income as a % of revenue $ 73,277 $ 51,929 S 254,210 $ 192,564 35.7% 37.3% 34.2% 37.4% Depreciation and amortization Capital expenditures CONTINUED ON NEXT SLIDE $ 11,721 $ 6,647 S 46,195 $ 25,904 $ 24,869 $ 12.302 $ 58,877 $ 26.287 27 27#28CONTINUED FROM PREVIOUS SLIDE CHARLES RIVER LABORATORIES INTERNATIONAL, INC. RECONCILIATION OF GAAP TO NON-GAAP SELECTED BUSINESS SEGMENT INFORMATION (UNAUDITED) (¹) (in thousands, except percentages) Unallocated Corporate Overhead Add back: Severance Acquisition related adjustments Other items (3) (2) Total non-GAAP adjustments to operating expense Unallocated corporate overhead, excluding non-GAAP adjustments Total Revenue Operating income Operating income as a % of revenue Add back: Amortization related to acquisitions Severance Acquisition related adjustments (2) Site consolidation costs, impairments and other items (3) Total non-GAAP adjustments to operating income Operating income, excluding non-GAAP adjustments Non-GAAP operating income as a % of revenue Depreciation and amortization Capital expenditures Three Months Ended December 25, 2021 December 26, 2020 Twelve Months Ended December 25, 2021 December 26, 2020 $ (54,021) $ (45,747) $ (230,320) $ (177,430) 224 1,343 375 4,020 73 30,354 411 39 39 13,996 (661) $ 1,606 $ 4,395 $ 30,466 $ 13,746 $ (52,415) $ (41,352) $ (199,854) $ (163,684) 905,050 $ 790,990 172,807 128,927 19.1 % 16.3 % $ 3,540,160 $ 2,923,933 589,862 16.7 % 432,729 14.8 % 29,398 28,097 128,148 118,618 1,358 1,051 4,718 7,586 (15,563) 5,724 15,867 19,623 1,100 877 3,468 6,457 $ 16,293 $ 35,749 $ 152,201 $ 152,284 $ 189,100 20.9 % $ 164,676 $ 20.8 % 742,063 $ 21.0 % 585,013 20.0 % S $ 67,241 $ 98,775 $ 60,876 87,854 $ 265,540 $ 234,924 $ 228,772 $ 166,560 (1) Charles River management believes that supplementary non-GAAP financial measures provide useful information to allow investors to gain a meaningful understanding of our core operating results and future prospects, without the effect of often-one-time charges and other items which are outside our normal operations, consistent with the manner in which management measures and forecasts the Company's performance. The supplementary non-GAAP financial measures included are not meant to be considered superior to, or a substitute for results of operations prepared in accordance with U.S. GAAP. The Company intends to continue to assess the potential value of reporting non-GAAP results consistent with applicable rules, regulations and guidance. (2) These adjustments are related to the evaluation and integration of acquisitions, which primarily include transaction, third-party integration, and certain compensation costs, and fair value adjustments associated with contingent consideration. (3) Other items include certain costs in our Microbial Solutions business related to environmental litigation incurred during the three and twelve months ended December 25, 2021, which impacted Manufacturing Solutions; and third-party costs, net of insurance reimbursements, incurred during the twelve months ended December 26, 2020 associated with the remediation of the unauthorized access into the Company's information systems which was detected in March 2019, which impacted Unallocated Corporate Overhead. Charles River - JP Morgan Conference Presentation 28#29Charles River - JP Morgan Conference Presentation Research Models and Services Revenue Operating income Operating income as a % of revenue Add back: Amortization related to acquisitions CHARLES RIVER LABORATORIES INTERNATIONAL, INC. RECONCILIATION OF GAAP TO NON-GAAP SELECTED BUSINESS SEGMENT INFORMATION (UNAUDITED)(¹) (in thousands, except percentages) S Three Months Ended September 24, 2022 September 25, 2021 180,114 35,891 $ 19.9% 171,258 39,111 22.8% $ Nine Months Ended September 24, 2022 September 25, 2021 543,066 123,299 $ 22.7% 524,862 126,626 24.1% 5,467 5,344 14,777 16,029 Severance (110) 1,017 7 Acquisition related adjustments (2) 1,126 241 2,480 1,217 Total non-GAAP adjustments to operating income S 6,483 $ 5,585 $ 18,274 $ 17,253 Operating income, excluding non-GAAP adjustments. Non-GAAP operating income as a % of revenue $ 42,374 $ 44,696 $ 141,573 $ 143,879 23.5% 26.1 % 26.1% 27.4% Depreciation and amortization Capital expenditures Discovery and Safety Assessment Revenue Operating income Operating income as a % of revenue Add back: Amortization related to acquisitions Severance Acquisition related adjustments (2) Site consolidation costs, impairments and other items Total non-GAAP adjustments to operating income Operating income, excluding non-GAAP adjustments Non-GAAP operating income as a % of revenue Depreciation and amortization Capital expenditures Manufacturing Solutions Revenue Operating income Operating income as a % of revenue Add back: Amortization related to acquisitions Severance Acquisition related adjustments (2) $ 13.128 $ $ 10,743 $ 9,927 $ 18,026 $ 35,825 $ 29,450 33,239 $ 29,521 S 619,463 $ 142,143 22.9% 531,823. $ 116,548 1,755,639 $ 1,573,095 375,922 312,011 21.9% 21.4% 19.8% 20,039 20,983 63,253 64,807 (28) (180) 433 1,160 (395) (9,316) (5,909) (3,642) (3) 645 S 20,261 $ $ 162,404 $ 26.2 % 961 12,448 $ 128,996 $ 24.3% 3,001 1,254 60,778 $ 63,579 436,700 $ 24.9% 375,590 23.9% Site consolidation costs, impairments and other items (3) Total non-GAAP adjustments to operating income Operating income, excluding non-GAAP adjustments Non-GAAP operating income as a % of revenue Depreciation and amortization Capital expenditures CONTINUED ON NEXT SLIDE $ 43,913 $ 43,400 $ $ 44,072 $ 23,270 $ 135,328 $ 133,908 $ 132,268 60,783 S 189,580 $ 31,479 192,856 $ 48,563 577,512 $ 537,153 140,350 154,717 16.6 % 25.2% 24.3% 28.8 % 10,115 7,888 33,386 17,914 241 10,555 1.515 619 2,344 4,116 (4,191) 4,844 1,741 1,074 3,681 1,114 $ 22,652 $ 14,593 $ 33,495 $ 26,216 S 54,131 $ 28.6% 63,156 $ 173,845 $ 180,933 32.7% 30.1 % 33.7% $ 17,005 $ 13,953 $ 53,487 $ 34,474 S 18.137 $ 13,296 $ 65,396 $ 34,008 29#30CONTINUED FROM PREVIOUS SLIDE CHARLES RIVER LABORATORIES INTERNATIONAL, INC. RECONCILIATION OF GAAP TO NON-GAAP SELECTED BUSINESS SEGMENT INFORMATION (UNAUDITED)") (in thousands, except percentages) Unallocated Corporate Overhead Add back: Severance Acquisition related adjustments (2) Total non-GAAP adjustments to operating expense Unallocated corporate overhead, excluding non-GAAP adjustments Total Revenue Operating income Operating income as a % of revenue Add back: Amortization related to acquisitions Severance Acquisition related adjustments (2) Site consolidation costs, impairments and other items Total non-GAAP adjustments to operating income Operating income, excluding non-GAAP adjustments Non-GAAP operating income as a % of revenue Depreciation and amortization Capital expenditures Three Months Ended September 24, 2022 September 25, 2021 Nine Months Ended September 24, 2022 September 25, 2021 $ (58,537) $ (48,420) $ (152,406) $ (176,299) (193) 1.229 $ 1,036 $ 3,387 3,387 1,061 8,359 (151) 29,011 $ (57,501) $ (45,033) $ 9,420 (142,986) $ $ 28,860 (147,439) $ 989,157 $ 150,976 895,937 $ 155,802 2,876,217 $ 2,635,110 487,165 417,055 15.3 % 17.4% 16.9% 15.8 % 35,621 34,215 111,416 98,750 (90) 1,335 3,130 3,360 12,515 (1,572) 739 31,430 (3) 2,386 2,035 6,682 2,368 $ $ 50,432 $ 201,408 $ 20.4% 36,013 $ 191,815 $ 21.4% 121,967 $ 135,908 609,132 21.2 % $ 552,963 21.0 % $ $ 74,605 $ 72,393 $ 68,686 $ 55,536 $ 226,325 $ 235,709 $ 198,299 129,997 (1) Charles River management believes that supplementary non-GAAP financial measures provide useful information to allow investors to gain a meaningful understanding of our core operating results and future prospects, without the effect of often-one-time charges and other items which are outside our normal operations, consistent with the manner in which management measures and forecasts the Company's performance. The supplementary non-GAAP financial measures included are not meant to be considered superior to, or a substitute for results of operations prepared in accordance with U.S. GAAP. The Company intends to continue to assess the potential value of reporting non-GAAP results consistent with applicable rules, regulations and guidance. (2) These adjustments are related to the evaluation and integration of acquisitions, which primarily include transaction, third-party integration, and certain compensation costs, fair value adjustments associated with contingent consideration, and an adjustment related to certain indirect tax liabilities. (3) Other items include certain third-party legal costs related to (a) an environmental litigation related to the Microbial business and (b) responses to a U.S. government industry-wide supply chain management inquiry applicable to our Safety Assessment business. Charles River - JP Morgan Conference Presentation 30#31CHARLES RIVER LABORATORIES INTERNATIONAL, INC. RECONCILIATION OF GAAP EARNINGS TO NON-GAAP EARNINGS (UNAUDITED)(¹) (in thousands, except per share data) Net income attributable to common shareholders Add back: Non-GAAP adjustments to operating income (Refer to previous schedule) Write-off of deferred financing costs and fees related to debt financing Venture capital and strategic equity investment losses (gains), net Gain due to sale of RMS Japan operations Loss due to U.S. Pension termination Other (2) Tax effect of non-GAAP adjustments: Non-cash tax provision related to international financing structure (3) Enacted tax law changes Tax effect of the remaining non-GAAP adjustments $ Three Months Ended December 25, 2021 December 26, 2020 137,578 $ 143,191 S Twelve Months Ended December 25, 2021 December 26, 2020 390,982 $ 364,304 16,293 35,749 152,201 152,284 26,089 13,142 (22,656) (68,635) 30,419 (100,861) (22,656) 10,283 10,283 (2,942) 1,028 1,454 (16,936) 87 Net income attributable to common shareholders, excluding non-GAAP adjustments $ 128,449 $ 122,129 Weighted average shares outstanding - Basic 50,471 49,754 Effect of dilutive securities: Stock options, restricted stock units and performance share units Weighted average shares outstanding - Diluted 1,084 51,555 1.274 51,028 Earnings per share attributable to common shareholders: Basic Diluted Basic, excluding non-GAAP adjustments Diluted, excluding non-GAAP adjustments 4,809 4,444 10,036 (58,404) (18,953) S 530,534 $ 411,501 50,293 49,550 1,132 51.425 1,061 50,611 $ 2.73 $ 2.88 $ 7.77 $ 7.35 $ 2.67 $ 2.81 S 7.60 $ 7.20 $ $ 2.55 2.49 $ $ 2.45 2.39 $ 10.55 $ $ 10.32 $ 8.30 8.13 (1) Charles River management believes that supplementary non-GAAP financial measures provide useful information to allow investors to gain a meaningful understanding of our core operating results and future prospects, without the effect of often-one-time charges and other items which are outside our normal operations, consistent with the manner in which management measures and forecasts the Company's performance. The supplementary non-GAAP financial measures included are not meant to be considered superior to, or a substitute for results of operations prepared in accordance with U.S. GAAP. The Company intends to continue to assess the potential value of reporting non-GAAP results consistent with applicable rules, regulations and guidance. (2) Includes adjustments related to the gain on an immaterial divestiture and the finalization of the annuity purchase related to the termination of the Company's U.S. pension plan. (3) This adjustment relates to the recognition of deferred tax assets expected to be utilized as a result of changes to the Company's international financing structure. Charles River - JP Morgan Conference Presentation 31#32CHARLES RIVER LABORATORIES INTERNATIONAL, INC. RECONCILIATION OF GAAP EARNINGS TO NON-GAAP EARNINGS (UNAUDITED) (D) (in thousands, except per share data) Net income attributable to common shareholders Add back: Non-GAAP adjustments to operating income (Refer to previous schedule) Write-off of deferred financing costs and fees related to debt financing Venture capital and strategic equity investment losses (gains), net Other (2) Tax effect of non-GAAP adjustments: $ Three Months Ended September 24, 2022 September 25, 2021 96,473 $ 103,426 $ Nine Months Ended September 24, 2022 September 25, 2021 298,816 $ 253,404 50,432 36,013 121,967 135,908 26,089 (3,447) 10,367 20,068 17,277 240 4,205 (2,942) Non-cash tax provision related to international financing structure (3) 1,161 1,461 3,624 3,781 Enacted tax law changes Tax effect of the remaining non-GAAP adjustments 10,036 (10,115) Net income attributable to common shareholders, excluding non-GAAP adjustments 134,744 $ (12,139) 139,128 $ (30,928) (41,468) 417,752 $ 402,085 Weighted average shares outstanding - Basic 50,870 50,425 50,778 50,234 Effect of dilutive securities: Stock options, restricted stock units and performance share units Weighted average shares outstanding - Diluted Earnings per share attributable to common shareholders: Basic Diluted Basic, excluding non-GAAP adjustments Diluted, excluding non-GAAP adjustments 413 51,283 1,133 51,558 507 51,285 1,126 51,360 $ 1.90 $ 2.05 $ 5.88 $ 5.04 $ 1.88 $ 2.01 $ 5.83 $ 4.93 $ $ 2.65 2.63 $ $ 2.76 $ 2.70 $ 8.23 $ 8.00 8.15 $ 7.83 (1) Charles River management believes that supplementary non-GAAP financial measures provide useful information to allow investors to gain a meaningful understanding of our core operating results and future prospects, without the effect of often-one-time charges and other items which are outside our normal operations, consistent with the manner in which management measures and forecasts the Company's performance. The supplementary non-GAAP financial measures included are not meant to be considered superior to, or a substitute for results of operations prepared in accordance with U.S. GAAP. The Company intends to continue to assess the potential value of reporting non-GAAP results consistent with applicable rules, regulations and guidance. (2) Adjustments included in 2022 primarily relate to a purchase price adjustment in connection with the 2021 divestiture of RMS Japan and a reversal of an indemnification asset related to a prior acquisition. Adjustments included in 2021 include gains on an immaterial divestiture and the finalization of an annuity purchase related to the termination of the Company's U.S. pension plan. (3) This adjustment relates to the recognition of deferred tax assets expected to be utilized as a result of changes to the Company's international financing structure. Charles River - JP Morgan Conference Presentation 22 32#33charles river CRL LISTED NYSE