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

March 2014

Barclays Global Healthcare Conference

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DISCLAIMER

• This presentation includes certain forward-looking statements regarding our views with respect to our business, operations, current and future acquisitions, economic model, and our expected performance for future periods, as well as the pharmaceutical industry conditions. These statements are intended as “forward-looking statements” under the Private Securities Litigation Reform Act of 1995.

• Actual results may differ materially from our expectations due to the risks, uncertainties and other factors that affect our business. These factors include, among others, changing market conditions in the overall economy and the industry; the success of implementing our corporate strategies; the effects of federal, state and other governmental regulation on our business; current and future litigation; the success of new acquisitions and new product launches; our success in developing, manufacturing, acquiring and marketing new products; the success of our strategic partnerships for the development and marketing of new products; our ability to obtain and maintain regulatory approvals for our products; and the effects of competition from other generic pharmaceuticals and from other pharmaceutical companies; loss of key personnel; our ability to obtain additional funding or financing to operate and grow our business; our liquidity; and other factors detailed in our Annual Report on Form 10-K and our other reports filed from time to time with the Securities and Exchange Commission (“SEC”).

• These factors also include factors specific to our pending acquisition of Hi-Tech Pharmacal Co., Inc. (“Hi-Tech”), including the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement with Hi-Tech; the failure to satisfy conditions to completion of the merger, including receipt of regulatory approvals; changes in the business or operating prospects of Hi-Tech; our ability to successfully integrate Hi-Tech businesses and its products; and other factors related to the acquisitions and integration of Hi-Tech.

• If any of these risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may vary significantly from what we projected. Any forward-looking statement you see or hear during the presentation reflects Akorn, Inc.’s current views with respect to future events and is subject to these and other risks, uncertainties, and assumptions. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made.

• For more complete information about Akorn, you should read the reports filed by Akorn with the SEC. You may get these documents for free through EDGAR on the SEC website at www.sec.gov, which you may also access through our website at http://www.akorn.com.

• You should also read the reports filed by Hi-Tech with the SEC which are similarly available through EDGAR and Hi-Tech’s website at http://www.hitechpharm.com.

AKORN OVERVIEW

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Acquires four branded ophthalmic products

COMPANY TRANSFORMATION

Acquires AVR to expand presence in $1.2 billion

OTC eye care market

Divests Akorn-Strides JV to focus on

strategic priorities

2007 2008 2010 2011 2012 2013 2009

Listed on the NASDAQ

Enters into an agreement to acquire Hi-Tech

Expands manufacturing footprint to India through

asset acquisition

PROVEN EXECUTION COMPANY PROFILE Fast growing pharmaceutical company with proven

execution of strategic initiatives and focus on niche dosage forms

Headquarters: Lake Forest, IL

R&D: Vernon Hills, IL Copiague, NY (Hi-Tech)

Manufacturing: Somerset, NJ Amityville, NY (Hi-Tech) Decatur, IL Paonta Sahib, India

Raj Rai named CEO

Acquires three branded injectable products

from H. Lundbeck

Ophthalmics 21%

Hospital / Injectables

33%

Contract 4%

Hi-Tech Pharma

42%

$540mm+ Revenue

Post Hi-Tech deal close

2010 2011 2012 2013

Pipeline / R&D

($mm)

ANDA’s filed 1 22 25 12

ANDA’s under review 11 31 55 63

R&D spend $6.8 $11.6 $15.9 $19.9

Revenue ($mm)

Ophthalmics $32.8 $68.6 $129.7 114.5

Injectables $28.9 $55.1 $103.8 179.6

Total Revenue $86.4 $136.9 $256.2 $317.7

Gross Margin

Ophthalmics 59.4% 62.8% 56.7% 55.4%

Injectables 47.5% 54.6% 64.3% 58.2%

Total Gross Margin 49.1% 58.2% 58.0% 54.1%

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Pace of consolidation to continue in specialty pharma & generics

Generic market opportunity remains strong (generics ~83% of Rx volume)*

Elevated scrutiny on both regulatory environment & approval process

Over 100 drugs currently on FDA shortage list, majority are sterile injectables

Globalization provides new opportunities in high growth emerging markets

Commitment to R&D, recent acquisitions and focused growth strategy support Akorn’s position as a key generics player

*Data from IMS - YTD September 2013

MARKET DYNAMICS & OPPORTUNITY

Focus on quality and robust R&D processes enables continued success and supports future growth

Akorn produces over a dozen products that have appeared on the FDA shortage list; the approval of Akorn India will increase overall injectable capacities for the U.S. market

Acquisition of manufacturing assets in India have positioned Akorn to pursue a global strategy over the long-term

Successful business transformation has positioned company well to be a key acquirer in the industry

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Be #1 in generic ophthalmics

Be a top 5 player in generic injectables

Increase market leadership position for Hi-Tech dosage forms

Expand sales reach to over 30 countries

Become a $1 billion revenue company

STRATEGIC GOALS

US Generic Ophthalmology Competitive Landscape

# 15 in Sales # 10 in Molecules

US Generic Injectable Competitive Landscape

IMS Data for 12 months ended 10/31/13. Some data may have been excluded based on company judgment of comparability.

TOD

AY

3

– 5

YEA

R G

OA

LS

# 3 in Sales and Molecules

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INTEGRATE Hi-Tech

• Leverage scale and diversification

• Tap into non-sterile platform

• Capture synergies

DEVELOP New

Products

• Continue R&D investment

• Strengthen Hi-Tech’s R&D pipeline

• Maturing R&D pipeline

• Private label opportunity

PURSUE Strategic

M&A

• Strategic fit

• Revenue enhancing

• Accretive

BUILD Brand

Platform

• Maximize value from recent acquisitions

• Leverage & expand existing ophthalmology sales infrastructure

EXECUTE India

Strategy

• Obtain regulatory approvals in US and RoW

• Effectively manage approval timelines

• Leverage new manufacturing capacity

STRATEGIC EXECUTION

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Anticipated Transaction Benefits Creates a larger, more diversified specialty generics player

Builds scale, breadth of products and dosage forms, enhances diversification

Over 130 combined company approved ANDAs/NDAs

Over $540 million in combined company revenues

Approximately 40% accretive to non-GAAP earnings with synergies1

Expect rapid pay-down of debt from strong combined cash flow

1 Pro forma for full year 2013 as if expected synergies were fully realized. Does not include recent branded ophthalmic acquisitions

(Pro Forma1)

Total Sales (LTM 12/31/13)

$318mm Total Sales (LTM 1/31/14)

$227mm Total Pro Forma Sales

$540+ mm

INTEGRATE

A UNIQUE COMBINATION

Hospital Drugs & Injectables

57%

Contract Services

7%

Ophthalmics 36%

HT Generics 83%

ECR 10%

HCP 7%

Hospital Drugs & Injectables

33%

HT Generics 35% Ophthalmics

21%

Contract Services

4%

ECR 4%

HCP 3%

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HI-TECH

Source: IMS Health and company analysis

AKORN

Sterile Products: • Solutions • Ointments • Gels • Injectables

• Liquid • Lyophilized

Non-Sterile Products: • Nasal sprays

• Oral liquids

• Topical solutions, gels,

creams, ointments

• Unit dose cups

Market Market Size (IMS $bn)

Akorn Hi-Tech AKORN (post close)

Injectables $16.5

Ophthalmics $6.0

Topicals $9.3

Oral Liquid $3.5

Nasal Spray $2.9

Otics $0.5

Over $16 billion in newly

addressable Non-Sterile

market opportunity

post deal close

Sterile Products: • Solutions,

ointments, gels

INTEGRATE

NEW MARKET OPPORTUNITIES

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HI-TECH INTEGRATION PLAN

Deal Close 6 months 12 months

Consolidate corporate functions

Implement Akorn Quality Policy

Optimize capacity across sterile ophthalmic plants (2)

Implement new R&D strategy

Achieve annual synergy

run-rate $15 - 20mm

INTEGRATE

Opportunity for significant cost savings due to overlap with minimal risk or disruption to business operations

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3 6

2 3 1

22 25

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2010 2011 2012 2013

Hi-Tech

Akorn

$7.0

$11.6

$15.9

$19.9

$39-$43 8.1% 8.4% 6.2% 6.3%

7.5%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

2010 2011 2012 2013 2014

($mm) % of Revenue

Long-term commitment to R&D to support growth

New R&D Centers

– Akorn: 19,200 ft2 center can house up to 50 scientists

– Hi-Tech: 18,000 ft2 center can house up to 50 scientists

Filings under review today:

– Akorn: 65 with market value ~ $5.6bn – Hi-Tech: 16 with market value ~ $2.0bn

Flexible R&D and pipeline strategy selectively targets Paragraph IV products

– Akorn: 10 PIV Challenges – Hi-Tech: 4 PIV Challenges

Goal to increase filings to 35-40 per year by 2015

AKORN R&D SPEND

DEVELOP

NUMBER OF ANDAs FILED

INVESTMENT IN R&D

Market value of filings per IMS Health 12 months ended December 2013. Guidance assumes an April 1, 2014 close of the Hi-Tech acquisition.

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A growing number of products have been with the FDA for over 36 months.

DEVELOP

MATURING PIPELINE

Filings shown are Akorn only and do not include any of Hi-Tech’s filings

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$500 million Estimated newly addressable Non-Sterile

OTC market for private label creams, liquids, nasal sprays

Akorn has established itself as a player in the private label OTC ophthalmic market:

Source: Market value is based on IRI retail sales data and company analysis

DEVELOP

Through Hi-Tech

PRIVATE LABEL OPPORTUNITY

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Market Size (2016 Sales - $US bn)

CAGR (2012 – 2016)

Approved Registrations Dossiers # of Countries

Global Market $1,175 – 1,205 3 – 6%

North America $375 – 405 1 – 4% Akorn Domestic Market

Western Europe $175 – 205 -1 – 2%

Japan $105 – 135 1 – 4%

Central & Eastern Europe $71 – 81 4 – 7%

Asia Pacific $240 – 270 11 – 14% 15 3

Latin America $95 – 105 10 – 13% 2 2

MEA & CIS (Main Markets) $74 – 78 8 – 10% 6 3

Middle East & Africa $41 – 51 8 – 11% 20 4

Aggressively Pursue US FDA Approvals • Expand Operations • Expand Globally

EXECUTE

AKORN INDIA – GLOBAL OPPORTUNITY

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Increased emphasis on quality in India to support approval timeline in US and RoW

• Incremental staffing

• Training initiatives

• Compliance management

US FDA Filing Timeline

• First filing in Q1’14 – tech transfer of existing NDA product

• Followed by three other filings in 2014

• Begin manufacturing for US market in 2015

Support expansion into higher growth geographies

• Pursue WHO and PIC/S approvals

US FDA TIMELINE

Development Initiated

Exhibit Batch Produced

Filing Submitted to FDA

Approval

General Injectable

2013 2014 2015 2016

Cephalosporin

Carbapenem

Hormone

(NDA product transfer)

Facility Inspections

& Approvals

(Tech transfer acquired ANDA product)

(Develop ANDA product)

(Develop ANDA product)

INDIA

INDIA REGULATORY APPROVALS EXECUTE

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14 37

68

225

300

14

262

368

0

50

100

150

200

250

300

350

400

2009 2012 2015

Cap

acit

y in

mil

lion

un

its

US India Total Capacity

2009 2012 2015

18.7 X 1.4 X

EXPANDED CAPACITY FOR US/ROW MARKETS

Akorn India’s manufacturing capacity

allows Akorn to become a significant player in the

$27 billion addressable global injectable market

EXECUTE

LEVERAGE INDIA INFRASTRUCTURE

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BUILD

BRANDED OPHTHALMOLOGY PLATFORM

Plan to utilize and expand sales team to reinvigorate revenues of four branded ophthalmic products recently acquired from Merck and Santen

– Leverages existing ophthalmic sales force and physician relationships

– Elevates Akorn’s reputation with prescribers

– Creates a prescription branded ophthalmic strategy

– Broadens existing platform that includes TheraTears, Akten, and IC Green

Platform supports future acquisitions and in-licensing of branded ophthalmic products

Recent product acquisitions will benefit revenue by $42 - $47 million and adjusted EPS by $0.12 – $0.15 per share

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PURSUE

M&A STRATEGY Continue to seek companies and/or products that build upon our expertise Acquire companies and/or products within same or adjacent market space – leverage pipeline,

marketing, distribution channels, etc. Acquire companies that provide additional value to supply chain either through capacity or cost benefits

PURSUE STRATEGIC M&A

AKORN GROWTH THROUGH M&A ACTIVITY

2011 • Expanded product portfolio and strengthened position in niche area of

OTC ophthalmics with acquisition of Advanced Vision Research

2011 • Accelerated growth rate as a result of acquisition of Nembutal, Diuril and

Cogentin from H. Lundbeck

2012 • Increased capacity for US FDA products & expanded int’l presence with

acquisition of injectable manufacturing assets from Kilitch India

2013 • Hi-Tech acquisition will bring critical mass to generics business and

diversifies product offering and areas of expertise with niche products

2013 • Acquisition of branded ophthalmic products elevates reputation with

prescribers and creates prescription ophthalmic strategy

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FINANCIAL PERFORMANCE

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FINANCIAL MOMENTUM

REVENUE ADJUSTED EBITDA ADJUSTED EPS

54% CAGR (’10-’13) 75% CAGR (’10-’13) 51% CAGR (’10-’13)

Transformation has led to strong and consistent performance

$86 $137

$256 $318

2010 2011 2012 2013 2014

$540-560

G

U

I

D

A

N

C

E

$21

$45

$96 $111

2010 2011 2012 2013 2014

$179-185

G

U

I

D

A

N

C

E

$0.16

$0.35

$0.52 $0.55

2010 2011 2012 2013 2014

$0.76-0.79

G

U

I

D

A

N

C

E

All Value millions, except EPS

Guidance assumes an April 1, 2014 close of the Hi-Tech acquisition.

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STRONG BALANCE SHEET & FREE CASH FLOW

$12.3

$19.7

$26.2

$57.3

$0

$10

$20

$30

$40

$50

$60

$70

2010 2011 2012 2013

Improving cash flow generation

Strong synergy opportunity in Hi-Tech integration

Cash position $34mm (as of 12-31-13)

$600 million Term Loan B; 3.8x leverage at Hi-Tech close

– Total leverage objective of 2.0-2.5x

$150M ABL revolving credit facility available

Strong Financial Position

Capital Priorities

Invest in business and growth strategy

Strategic M&A opportunities

Rapid debt reduction post Hi-Tech close

Cash from Operations ($mm)

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Attractive industry dynamics

Injectable and ophthalmic products represent niche segments

with limited competition and high barriers to entry Acquisition of Hi-Tech adds over 50 products in attractive niche

categories

Generic market opportunity remains strong core business – Generics make-up ~83% of all Rx volume

Proven Execution

Investing in infrastructure improvements

Clear strategy for sustained growth

Strong revenue growth and increasing margins, profitability and

cash flow

Strategic company/product M&A

Increasing capacity and improving efficiency

Upgrading to comply with ever-changing regulatory environment

Robust product pipeline and R&D program

Global expansion through Akorn India

Acquisitions / In-licensing opportunities

INVESTMENT HIGHLIGHTS

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ROBUST R&D PIPELINE DETAILS (US MARKET)

Filed In Development Total

Mkt Value Count Mkt Value Count Mkt Value Count Mkt Value Count

Brand $2,966 26 $1,834 10 $2,096 19 $6,896 55

Generic $2,588 39 $20 2 $1,358 33 $3,965 74

Total $5,553 65 $1,854 12 $3,455 52 $10,862 129

To Be Filed Filed To Be Filed In Development Total

Mkt Value Count Mkt Value Count Mkt Value Count Mkt Value Count

Ophthalmic $1,859 24 $953 7 $561 14 $3,373 45

Injectable $2,717 33 $901 5 $2,509 36 $6,127 74

Other $977 8 - 0 $384 2 $1,361 10

Total $5,553 65 $1,854 12 $3,455 52 $10,862 129

Market value is based on IMS 12 months ended Dec 2013. Pipeline status is as of February 2014. Akorn only, Hi-Tech’s filings are not included.

25 Market value is based on IMS 12 months ended Dec 2013. Filed product count as of February 2014. Akorn only, Hi-Tech’s filings are not included.

MATURING PIPELINE