A Specialty Pharmaceutical Leader Focused in Pain and Neurology Jefferies Global Healthcare Conference

June 3, 2014

Note on Forward-Looking Statements

Statements made in this presentation that are not historical facts are forward-looking statements that involve risks

and uncertainties.

The inclusion of forward-looking statements, including those related to our commercialization plans for Gralise®,

CAMBIA®, Zipsor® and Lazanda®, the efforts of our collaboration partners to obtain regulatory approval of product

candidates and commercialize products, financial projections and expectations, and intellectual property and

other litigation to which we are a party, should not be regarded as a representation that any of our plans will be

achieved. Actual results may differ materially from those described in this presentation due to the risks and

uncertainties inherent in our business, including, without limitation, risks and uncertainties related to: our ability to

successfully commercialize our products; the success of our collaborative arrangements with development and

commercialization partners; our research and development efforts, regulation by the FDA and other government

agencies; the timing of regulatory approvals and product launches; and other risks detailed in our filings with the

Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and our most

recent Quarterly Report on Form 10-Q.

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the

date hereof. We undertake no obligation to revise or update this presentation to reflect events or circumstances

that occur after the date of this presentation.

2 June 2014

Commercial Vision and Product Acquisitions have Transformed DEPO into a

Leading Specialty Pharmaceutical Company with a Strong Growth Trajectory

2011 2014

Only marketed product

(Glumetza) sold by partner

Four marketed products with high

growth potential and lengthy periods

of expected exclusivity

~$1 million in sales from

direct-marketed product (as of YE)

Product revenue guidance

of >$115-125 million

$77 million in cash for building

company

$213 million in cash (March 2014)

supporting product acquisition initiatives

Development stage-focused

management and BOD

Commercial Specialty Pharma oriented

management and BOD

Technology generating revenue

through upfronts and milestones

Technology generating revenue

through milestones and royalties

3 June 2014

Depomed: Track Record of Creating Value

from Products and Deals

4

TYPE 2

DIABETES DEAL

Reworked

Santarus deal

and tripled

net revenue

>100% y/y

revenue

growth in 2013

22% sales

growth

following

acquisition

Relaunch with

improved

patient access

and support

following

acquisition

Milestones

& royalties

sold for

$240M

Acquired

June 2014

Depomed: A Commercial-focused Organization

with Value-generating Acquisition Strategy

Three product acquisitions in pain and neurology

Now four direct-marketed products sold by DEPO

No debt

5

$0

$25

$50

$75

$100

$125

$150

2011 2012 2013 2014(guidance)

DIRECT MARKETED PRODUCT REVENUE (MILLIONS)

$0

$50

$100

$150

$200

$250

$300

2010 2011 2012 2013

YE CASH BALANCE (MILLIONS)

June 2014

DEVELOPMENT REGISTRATION MARKETED 2014 2016 2018 2020 2022 2024

DEPOMED PRODUCTS

Gralise (PHN) 9 orange book patents; 7 defensive patents; last OB patent to expire Feb 2024

CAMBIA

(Acute migraine) ANDA settlement with expected protection to Jan 2023

Zipsor

(Mild/Mod pain) 5 orange book patents; last to expire Feb 2029

Lazanda (BTCP) 2 orange book patents; patents pending; last OB patent to expire Oct 2024

PARTNER PRODUCTS

Nucynta ER (JNJ) Royalty through 2021

Xartemis XR (MNK) Approval March 2014; $10 million milestone Royalty 15 years+ from first sale

MNK-155 (MNK)

Ironwood (IRWD) IW-3718 for refractory GERD; phase 2 initiated March 2014

Depomed’s Broad Set of Marketed Products in Pain

and Neurology Drive Current and Future Revenues

6

June 2014

NDA accepted May 2014; Royalty 15 years+ from first sale

Depomed’s Partnerships, Technology and IP Continue

to Provide Cash, Revenue and Upside

$240.5 million royalty sale to PDL (October 2013)

• Sale of non-core diabetes royalties and milestones

• Provides growth capital without dilution

Partner products provide future revenue and upside

• Nucynta ER (Johnson & Johnson) - royalty to 2021

• Xartemis XR and MNK-155 (Mallinckrodt) – potential abuse-resistant

opioids with milestones and high single digit royalties for 15+ year term;

Xartemis XR approved by the FDA March 2014

• MNK-155 NDA accepted for filing 2014; PDUFA date January 2015

• IW-3718 (Ironwood) – now in Phase 2

Potential cash flow from IP litigation against Purdue and Endo

7

Over past 7 years, Depomed generated >$500 million in non-dilutive capital

June 2014

Depomed Quarterly Financial Performance (GAAP)

Quarter Ended

3/31/13 6/30/13 9/30/13 12/31/13 3/31/14

Product Sales $9.1 $14.1 $16.3 $18.8 $21.5

Total Revenues $26.2 $30.0 $37.5 $40.6 $76.5

Total Costs and $(31.7) $(29.4) $(30.6) $(33.1) $(40.8)

Expenses

Income(Loss)from $(5.5) $0.5 $6.8 $7.5 $35.7

Operations

Income(Loss)Per Share $(0.10) $0.01 $0.11 $0.72 $0.30

Cash at 3/31/14 $213MM

Cash Per Share at 3/31/14 $3.70

8 June 2014

Depomed 2014 Financial Guidance

Product Sales $115 to $125 mm

Total Revenues $200 to $215 mm

GAAP EPS $0.21 to $0.36

Non-GAAP EPS breakeven to $0.16

Cash flow breakeven or better

Guidance provided is as of May 8, 2014. Depomed is not confirming or updating that guidance, and actual results may differ.

Reconciliation can be found at the end of this presentation. Non-GAAP EPS is adjusted to exclude (1) non-cash revenue and costs related to the sale of future proceeds to PDL, (2) non-cash interest expense on liability resulting from the debt accounting treatment related to the sale od future proceeds to PDL, (3) amortization related to product acquisitions and (4) stock based compensation expense and to adjust (5) the income tax provision to reflect the estimated amounts payable in cash.

9 June 2014

Gralise® for Postherpetic Neuralgia

Indicated for the management of postherpetic neuralgia (PHN)

Large and growing market opportunity

>$60 million run rate as of April 2014

Promoted by >160 sales professionals who also sell CAMBIA and Zipsor

Additional managed care contracts to improve coverage in 2014

10 June 2014

BENEFITS Proven Efficacy QD dosing Significant improvements in

dizziness and somnolence

Gralise Clinical Differentiation Drives Growth

Effective 24-hour pain control with once-daily dosing (with evening meal)

Low incidence of dizziness and daytime sleepiness

Titration to an effective, therapeutic dose (1800 mg) in 2 weeks

Not interchangeable with other gabapentin products

DRUG REDUCTION IN

PAIN SCORE DOSING DIZZINESS SOMNOLENCE

Gralise (1,800mg) -2.1 1x daily 10.9% 4.5%*

Neurontin (1,800-2,400mg) -2.2 to -2.3 3-4x daily 31%-33% 17%-20%

Lyrica (150-300mg) -1.8 to -2.2 2-3x daily 12%-28% 15%-24%

11

* Somnolence data not statistically different versus placebo June 2014

10,000

15,000

20,000

25,000

Apr 13 May 13 Jun 13 Jul 13 Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14

Total Prescriptions

Gralise Monthly Prescriptions Continue to Build;

Annual Run Rate of >$60 million

12

Mo

nth

ly S

cri

pts

Source: Symphony Healthcare Analytics PHAST

Over 22,400 unique prescribers since launch

June 2014

Gralise patent protection

Patent litigation

• ANDA litigation down to 1 filer, from 6

– Trial with Actavis (first filer) completed May 2014

– Favorable Markman ruling, January 2014

– Settlements with two defendants, April 2014

• January 1, 2024 entry (earlier under certain circumstances)

– Other filers withdrew or converted to Paragraph 3

2015 2020 2025

9 Orange Book listed patents to Feb 2024

7 defensive patents to Oct 2022

Additional patents pending

Strong Gralise IP Protection Expected to Provide

Long-Term Market Exclusivity

13

June 2014

CAMBIA Adds Differentiated Migraine

Product to Depomed in December 2013

Acquired December 2013 for $48.7 million

The only single agent in its therapeutic class approved for treatment of

migraine attacks in adults in the U.S.

Powdered formulation of diclofenac dissolves in liquid, provides rapid

relief of pain and is easy to take

Principally prescribed by neurologists

14 June 2014

CAMBIA Positioned for Long-term Growth

and Great Overlap with Gralise

Bolsters portfolio in pain and neurology, strengthening Depomed’s position with

neurologists

Settled ANDA litigation with expected generic entry in January 2023

Strong growth product – CAMBIA prescriptions were up 30 percent in Q3 2013

compared to Q2 2012 with prior owner’s 35-rep sales force

$23 million annual run rate at April 2014

Creates synergies with Gralise commercial efforts – nearly 70% of CAMBIA Rxs

are written by neurologists, half of whom already prescribe Gralise

Very little overlap with Zipsor, as neurologists only write 3.5% of Zipsor Rxs

15

CAMBIA

Writers Gralise

Writers

June 2014

Zipsor®

16 June 2014

Zipsor Acquisition in 2012 Expanded Pain Franchise and Was Immediately Accretive

Broad indication for mild to moderate pain

Rapidly dispersed, liquid-filled capsule provides acute pain

relief in <1 hour

Acquired in 2012 for ~$28 million

Current annual run rate >$25 million (as of April 2014)

Highly profitable with gross margin over 95%

Depomed halted sales decline and resumed growth of

product in 2013

17 June 2014

Zipsor Continues to Contribute to Depomed’s Top and Bottom Line

18

5,000

7,000

9,000

Apr 13 May 13 Jun 13 Jul 13 Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14

Total Prescriptions

Mo

nth

ly S

cri

pts

June 2014

Source: Symphony Healthcare Analytics PHAST

Lazanda (fentanyl) Nasal Spray Expands Depomed’s

Pain Franchise, Acquired Late July 2013

Indicated for the management of

breakthrough pain in cancer patients

18 years of age and older who are

already receiving and who are tolerant

to opioid therapy for their underlying

persistent cancer pain

May only be dispensed by physicians

enrolled in the TIRF REMS Access program

19

Only fentanyl product

delivered nasally

Rapid onset of action to handle

breakthrough cancer pain

May be used by patients

with oral mucositis

Opportunity for growth

June 2014

Lazanda is a Great Fit for Depomed

Attractive synergies and economics

• Brings third product focused on pain and leverages

current infrastructure

• Purchase price of $4 million with LTM sales of $3.3 million

(SHA June 2013)

Opportunity for growth

• Relaunched by Depomed late 2013

• Dedicated sales force focused on TIRF REMS prescribers

• New Signature Support program to assist physicians

and patients

• Improved reimbursement support and co-pay assistance

20 June 2014

Lazanda Annualized Gross Weekly Revenue Since

Re-Launch

21 June 2014

Source: Symphony Healthcare Analytics PHAST (SHA Weekly Revenue x 52 weeks)

$0

$2,000,000

$4,000,000

$6,000,000

$8,000,000

$10,000,000

$12,000,000

$14,000,000

$16,000,000

Annualized Gross Revenue

Three Acuform Technology Licenses Provide Significant

Revenue Potential Both Near Term and Over the Next Decade

• Acetaminophen / opiate combination products

with abuse resistance potential

Xartemis XR approved March 2014; earned $10 million approval

milestone and high single digit royalty starting 1Q 2014

MNK-155 NDA accepted for filing May 2014; $5 million milestone to

Depomed

$10 million approval milestone for MNK-155 possible in 2015

High single-digit royalties for 15+ years from first sale of each product

• NUCYNTA ER

$10 million upfront; royalty revenue through 2021

• New gastrointestinal program – IW-3718

New program for refractory GERD

Phase 2 initiated in March 2014; milestone earned

Milestones and royalties

22 June 2014

Depomed (DEPO): a Specialty Pharmaceutical Leader

Focused in Pain and Neurology

Four proprietary, marketed products with long-term, high growth opportunity

Track record of creating value from product acquisitions

Significant cash to acquire additional products to fuel growth

Partnerships, technology and IP continue to provide value and upside

23 June 2014

Non-GAAP Financial Measures

Depomed is using for its 2014 guidance 2014 non-GAAP adjusted earnings and non-GAAP adjusted earnings per share. These operating metrics are non-GAAP financial measures that Depomed believes provide supplementary information to investors. The Company uses these non-GAAP measures in connection with its own planning and forecasting purposes and for measuring the Company’s performance. These non-GAAP financial measures should be considered in addition to, and not a substitute for, or superior to financial measures calculated in accordance with GAAP.

Non-GAAP adjusted earnings and non-GAAP adjusted earnings per share guidance for the year ending December 31, 2014 are not based on any standardized methodology prescribed by GAAP and represent GAAP net income and GAAP earnings per share adjusted to exclude (1) non-cash PDL royalty revenue, net of related cost, (2) non-cash interest expense on the liability related to the sale of future royalties and milestones to PDL, (3) amortization related to product acquisitions and (4) stock-based compensation expense, and to adjust (5) the income tax provision to reflect the estimated amounts payable in cash.

24 June 2014

Reconciliation of GAAP EPS to Non-GAAP Adjusted

EPS Guidance for the Year Ending 12/31/14

GAAP EPS $0.21 - 0.36

Non-cash PDL royalties, net (1.04 - 1.16)

Non-cash interest expense 0.31 - 0.33

related to sale to PDL of

royalties and milestones

Amortization related to product 0.27 - 0.29

Acquisition

Stock based compensation 0.11 - 0.12

Non-cash income tax

adjustment 0.14 - 0.22

Non-GAAP adjusted EPS $0.00 - 0.16

25 June 2014

Thank You www.depomed.com Contact: August Moretti amoretti@depomed.com 510-744-8000