Akorn, Inc.N a s d a q : A K R X

Bank of America • 2012 Health Care Conference • May 15, 2012

COMPANY OVERVIEW

COMPANY OVERVIEWMARKET / THERAPEUTIC FOCUS

Ophthalmics

Specialty Injectables

• Anti-Allergy, Diagnostics, Anesthetics, Antibiotics, Dry Eyes, IOP, Conjunctivitis

• Critical Care, Pain Management (Analgesics and Narcotics), Antidotes, Carbapenems, Cephalosporins, Hormones

FACILITIES: FDA AND DEA APPROVEDDecatur, IL

Somerset, NJPaonta Sahib, India

Gurnee, ILSkokie, 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

Ophthalmics• Niche therapeutic area• Limited competition• High value legacy brand generics• Akorn has tremendous brand recognition

INDUSTRY DYNAMICS

Injectables• High barriers to entry• Limited manufacturing capacities• Drug Shortages• Huge patent cliff in the next five years

COMPANY OVERVIEW

DIVERSIFIED MIX

OPHTHALMOLOGY SPECIALTY INJECTABLES

MARKET OPPORTUNITY

Estimated Annual Sales of $5.6 Billion Estimated Annual Sales of $5.6 Billion

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

DRUG SHORTAGES — OPPORTUNITIES

ProductQ1 2011

Annualized Sales

Q1 2011 Annualized Unit Volume

Q1 2012 Annualized

Sales

Q1 2012 Annualized Unit Volume

Calcitriol $5,601,704 1,620,956 $2,164,588 550,832

Diltiazem $12,341,284 5,108,552 $12,882,244 4,425,392

Droperidrol $2,348,872 1,183,528 $4,660,200 1,473,988

Ethanol $4,605,164 249,112 $4,364,696 221,784

Fentanyl $51,312,516 64,938,152 $36,490,808 43,237,200

Labetalol $6,221,436 3,349,148 $7,392,632 2,669,488

Levofloxacin Inj. $5,753,780 194,348 $5,546,092 368,544

Levofloxacin Bag $160,294,484 12,814,704 $72,205,860 8,516,840

Lorazepam $31,104,332 26,153,960 $14,226,748 13,087,032

Total $279,583,572 115,612,460 $159,933,868 74,551,100

COMPANY STRATEGY

Research & Development• Pipeline expansion• Injectables• Ophthalmics

Infrastructure Improvements

New BusinessInitiatives

• Increase capacity• Automation• R&D• Sales

• Broadening the Ophthalmology Franchise• Enhancing Capacity & Capabilities• In-licensing & Acquisition

of Products

ADVANCING THE NEW VISION PLANExceptional year of performance through our strategic initiatives

INCREASED INVESTMENT IN R&D

INCREASED FDA SUBMISSIONS

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

GLOBAL EXPANSION

15

FINANCIAL PERFORMANCE

CONSISTENT REVENUE GROWTH

“Revenue” excludes the Biologics & Vaccines segment, which the company exited in the first quarter of 2010

SUSTAINED GROSS MARGIN EXPANSION

“Gross Margin” excludes the Biologics & Vaccines segment, which the company exited in the first quarter of 2010

IMPROVING THE BOTTOM LINE

Adjusted EPS Adjusted EBITDA (In Thousands)