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Akorn, Inc . Nasdaq: AKRX

Akorn, Inc . Nasdaq: AKRX. Bank of America • 2012 Health Care Conference • May 15, 2012. Company Overview. Company Overview. Market / THERAPEUTIC Focus. Anti-Allergy, Diagnostics, Anesthetics, Antibiotics, Dry Eyes, IOP, Conjunctivitis

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Akorn, Inc . Nasdaq: AKRX

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  1. Akorn, Inc.Nasdaq: AKRX Bank of America • 2012 Health Care Conference • May 15, 2012

  2. CompanyOverview

  3. CompanyOverview Market / THERAPEUTIC Focus • Anti-Allergy, Diagnostics, Anesthetics, Antibiotics, Dry Eyes, IOP, Conjunctivitis • Critical Care, Pain Management (Analgesics and Narcotics), Antidotes, Carbapenems, Cephalosporins, Hormones Ophthalmics Specialty Injectables Facilities: FDA and DEA approved Decatur, IL Somerset, NJ Paonta Sahib, India Gurnee, IL Skokie, IL Lake Forest, IL • 65K sq. ft. manufacturing and 75K sq. ft. packaging • Liquid and lyophilized injectables; ophthalmic solutions • 50K sq. ft.; ophthalmic solutions, ointment and gels • 14 acre campus with 5 manufacturing units and 250k sq. ft.; injectables – liquid, lyophilized and powder fill; general injectables, cephalosporins, carbapenems, hormones and oncology • 74K sq. ft.; warehouse & distribution center • R&D center at Illinois Science & Technology Park • Corporate headquarters Employees Total : 802 - Sales: 63 - Manufacturing & Distribution: 455 - Akorn India: 185 - Corporate: 57 - Regulatory and R&D: 42

  4. CompanyOverview Ophthalmics • Niche therapeutic area • Limited competition • High value legacy brand generics • Akorn has tremendous brand recognition DIVERSIFIED MIX INDUSTRY DYNAMICS Injectables • High barriers to entry • Limited manufacturing capacities • Drug Shortages • Huge patent cliff in the next five years

  5. Market opportunity OPHTHALMOLOGY SPECIALTY INJECTABLES Estimated Annual Sales of $5.6 Billion Estimated Annual Sales of $5.6 Billion

  6. Drug shortages • Rampant hospital drug shortages creating serious patient care issues • Manufacturing and compliance issues • Akorn has been diligently addressing the problem by reviving certain critical care products. Identified 10 products to revive and re-launch

  7. Drug shortages — OPPORTUNITIES Q1 2012 Annualized Unit Volume Q1 2011 Annualized Sales Q1 2012 Annualized Sales Q1 2011 Annualized Unit Volume Product

  8. CompanyStrategy

  9. Advancing theNew Vision Plan Exceptional year of performance through our strategic initiatives Research & Development Infrastructure Improvements • Pipeline expansion • Injectables • Ophthalmics • Increase capacity • Automation • R&D • Sales New Business Initiatives • Broadening the Ophthalmology Franchise • Enhancing Capacity & Capabilities • In-licensing & Acquisition of Products

  10. INCREASED INVESTMENT IN R&D

  11. INCREASED FDA SUBMISSIONS

  12. NEW BUSINESS INITIATIVES • Enhanced manufacturing capacities & capabilities • Acquired Kilitch facilities to established Akorn India • Broadened the ophthalmology business • Acquired AVR to enter the OTC market • Made strategic investment in Aciex Therapeutics to gain access to a branded eye care product pipeline • Acquired three branded hospital injectables from Lundbeck

  13. GLOBAL EXPANSION

  14. FINANCIAL PERFORMANCE

  15. CONSISTENT REVENUE GROWTH “Revenue” excludes the Biologics & Vaccines segment, which the company exited in the first quarter of 2010

  16. SUSTAINED GROSS MARGIN EXPANSION “Gross Margin” excludes the Biologics & Vaccines segment, which the company exited in the first quarter of 2010

  17. IMPROVING THE BOTTOM LINE Adjusted EBITDA (In Thousands) Adjusted EPS

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