Pernix Therapeutics 8-K Pernix Therapeutics Provides Business Update and Announces New Product Development Agreement

Exhibit 99.2

Investor Presentation

The following presentation includes “forward-looking statements” within the meaning of the “safe harbor”
provisions of the Private Securities Litigation Reform Act of 1995. You should be aware that our actual results
could differ materially from those contained in the forward looking statements, which are based on
management’s current expectations and are subject to a number of risks and uncertainties, including, but not
limited to, our failure to successfully commercialize our product candidates; costs and delays in the
development and/or FDA approval of our product candidates, including as a result of the need to conduct
additional studies, or the failure to obtain such approval of our products or product candidates; changes in
regulatory standards or the regulatory environment with any of our product candidates; our inability to maintain
or enter into, and the risks resulting from our dependence upon, collaboration or contractual arrangements
necessary for the development, manufacture, commercialization, marketing, sales and distribution of any
products, including our inability to protect our patents or proprietary rights and obtain necessary rights to third
party patents and intellectual property to operate our business; our inability to operate our business without
infringing the patents and proprietary rights of others; general economic conditions; the failure of any products
to gain market acceptance; our inability to obtain any additional required financing; technological changes;
changes in industry practice; and one-time events. More detailed information about the Company and the risk
factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with
the Securities and Exchange Commission.Such documents may be read free of charge on the company’s
web site, www.pernixtx.com, or the SEC’s web site at www.sec.gov.You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the date hereof.

Pernix™ is a registered trademark of Pernix Therapeutics, LLC. Other trademarks referenced herein are the
property of their respective owners. ©2010 Pernix Therapeutics Holdings, Inc.

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Safe Harbor Statement

Corporate Headquarters: The Woodlands, TX
Distribution Centers in Magnolia TX & Gonzales LA

Generic Business Platform Focused on
Niche Markets

Acquired Macoven Pharmaceuticals in September 2010;
Launched 11 generic products in 2010

Pernix Overview

Branded Prescription Pediatric Products

4

Branded Prescription Gastroenterology Products

Establish new specialty sales force of 30 representatives

for expected launch in mid-year of 2012

Low-Risk Development
Strategy

Maximize Theobromine, a

codeine-free cough

suppressant, via JV

with SEEK; Phase III

expected to

begin in Europe

in Q1 of

2012

§Swift, nimble and agile company with the ability to capitalize on new
opportunities quickly

§Demonstrated success with consistent revenue growth
(41.9% 4-year CAGR)

§Highly effective 55 person sales force able to adapt quickly to launch
and promote existing and new products

§Current Growth Drivers: Cedax, Natroba, Macoven

§Successful track record of acquisitions, in-licensing's and co-
promotions which has broadened and diversified product portfolio

§Potential expansion within pediatrics and other therapeutic areas

§Seasoned senior management team with approximately 80 years of
combined experience at pharmaceutical companies

Investment Highlights

5

§Net revenues expected to increase more than 64% between $20 and
$22 million in Q4 2011, compared to $12.2 million for Q4 2010

§Net revenues expected to increase more than 78% between $59 and
$61 million for the full year of 2011, compared to $33.2 million in 2010

§Earnings per share (EPS) expected between $0.13 and $0.15 in Q4
2011, compared to basic and diluted EPS of $0.07 in Q4 2010

§Earnings per share expected between $0.33 and $0.35 for the full year
of 2011, compared to basic and diluted EPS of $0.40 in 2010

Fourth quarter and full year 2011 results are preliminary and unaudited

Audited financial results expected on March 28, 2012

Significant Net Revenue Growth in 2011

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Growth Opportunities Within Pediatrics

7

Based on Total Number of Pediatric
Prescriptions in 2010(1)

Current Markets

Potential Markets

The current Pernix markets have a $3.0 billion in brand sales potential

Source:

1 - IMS Data

Allergies & Asthma

ADHD

Pharyngitis & Strep

Sinusitus & Bronchitis

Acne & Eczema

Conjunctivitis

Otitis Media

Upper Respiratory

Lice

§Pernix has an active business development effort focused on acquiring
complementary low-risk / under-marketed commercial products

§Acquired Brovex for $450,000 and leveraged the Pernix sales force to
grow the product to approximately $5.8m in sales within 6 months

§Acquisitions of Cedax, Macoven, Natroba and Theobromine represent
future growth opportunities for Pernix

§Recently licenseda new FDA-approved Gastroenterology product and
initiated development of a new pediatric product

Successful Track Record of Acquisitions

2009201020112012

Macoven

Cedax

Licensed new FDA-
approved

GI product

Theobromine

JV

Brovex

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Initiated
development of
pediatric product

§Significantly increased sales force to approximately 55 representatives
from 30 in 2010

§Unique hiring process

§Unlimited commission payout with modest base pay

§Approximately 13 calls per day per sales rep

§Focus on highly populated states and high-prescribing physicians

§Demonstrated ability to execute new product launches: Brovex, Aldex,
Pediatex, Cedax, and Natroba

§Flexibility to change sales force focus rapidly

Performance-Driven Sales Force

9

Continued Strong Revenue Growth

($ in millions)

Net Sales Growth

10

Revenue CAGR 2007-2011

* Based on preliminary unaudited results

Strategic Plan for Future Growth

Grow sales of Cedax,
Natroba and Macoven
products; Expansion into

Gastroenterology;

Develop New

Products

Maximize value

of Theobromine;

Accretive acquisitions
within pediatrics and
other therapeutic

areas

Launch new

products; Continue to
expand into new markets
and leverage core
expertise

Near-Term

Medium-Term

Long-Term

Leverage pediatric
sales force, grow
generics and
expand into GI
specialty.

Continue product
expansion by
acquisition,
Theobromine EU
regulatory filing and
implement OTC
strategies

Utilize lower risk
regulatory pathways
for development
projects to lower cost
and risk exposure

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Expansion into Gastroenterology

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§Broadens product portfolio

§FDA-approved prescription product to treat GI disease

§Licensed exclusive marketing rights in the U.S

§Establish sales force in the first-half of 2012

•Approximately 30 sales reps

§Launch expected in mid-year of 2012

Product Portfolio

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Product Portfolio

Allergies, congestion and cough

Q3:2006

Allergies, congestion and cough

Q2:2009

Allergies and congestion

Q3:2008

Bronchitis, ear and throat infections

Q2:2010

Topical treatment of head lice

August:2011

Gastroenterology

Mid-Year 2012
(Expected)

Various generics

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GI Product

11 in 2010

11 in 2011

New Growth Driver - Cedax

§CEDAX is a third generation oral cephalosporin
indicated for the treatment of mild to moderate
acute bacterial exacerbations of chronic bronchitis,
middle ear infection due to haemophilus influenza
or streptococcus pyogenes

§Acquired the CEDAX product line from Shionogi in
the H1:2010

§Successful launch of 180mg suspension in January
2011

§IP protection through 2014

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§Over 5 Million cases of middle ear infections occur annually in children,
which resulted in 10 million antibiotic prescriptions per year1

§Middle ear infections are the most common illnesses experienced by
babies and young children

oNumber one cause of consultations with physicians

§Cedax (ceftibuten) 180mg oral suspension product

oProven efficacy in head-to-head studies

oConvenient cherry-flavored dosing

§Fewer side effects than current competitors

Pediatrics - Middle Ear Infections

Source:

1 -American Academy of Pediatrics

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Effectiveness of CEDAX

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Source:

1) Craig, WA, Andes D. Pharmokinetics and pharmacodynamics of antibiotics in otitis media.Pediatr Infect Dis J. 1996; 15(3): 255-259.

2) Physicians’ Desk Reference.Montvale, NJ: Thomson Medical Economics Company, Inc. 2003. Available at http://www.pdr.net

3) Scaglione F, Demartinit G, Dugnani S, Arcidiacono, MM Pintucci JP, Frashchini.Interpretations of middle ear fluid concentrations of antibiotics:
comparison between ceftibuten, cefixime and azithromcin; F. Br J clin Pharmacol. 1999; 47:267-271

Strong Launch for New 180mg Cedax

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Strong growth in Cedax oral suspension total weekly prescriptions
since launch of 180mg formulation in January 2011 (IMS)

■Natroba (spinosad), branded prescription
treatment for head lice

oReceived FDA approval in January 2011

■Exclusive co-promotion agreement with
ParaPro

■Launched in August 2011 for the lice season
with adequate product supply by ParaPro

■IP protection through 2021

■Natural non-neurotoxic pediculocide (no black
box warning)

■No nit combing required and typically only one
application.

■Significantly more effective in eliminating head
lice than permethrin 1% (Nix) in two Phase III
studies

New Growth Driver - Natroba

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■Patients were 1,038 boys and girls
age six months and older with active
head lice infestations (pediculosis
capitis)

Strong Clinical Support - Natroba

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■Most participants in the Natroba groups (63.8% and 86.2%) needed only
one application, whereas most participants in the permethrin groups
(60.3% and 64.5%) required two applications

Phase III Studies - Natroba vs. Permethrin 1%

§The U.S. Centers for Disease Control and prevention estimates
between 6 to 12 million cases of head lice infestations each year

§Direct and indirect costs of head lice infestations in U.S. estimated
at over $1 billion1

§Key issues with current therapies include growing resistance,
toxicity, black box warnings, chemical odor and nit combing

§Launch strategy will focus primarily on the pediatric market

oFirst position detailing

oFocus on 2,000-4,000 high prescribing doctors that write over
50% of lice scripts

oFocus on school nurses and OTC conversion

§Introduced Point of Sale coupon in February 2012

Lice Market & Sales Strategy

Source:

1 - Lebwohl M, Clark L, Levitt J. Therapy for head lice based on life cycle, resistance and safety considerations. Pediatrics 2007; 119(5): 965-974

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§Q4 2010 - Completed acquisition of Macoven Pharmaceuticals, a generic
business platform for Pernix

oProvides the opportunity to diversify and grow revenues with generics
and authorized generics

oManagement team started and successfully grew generic businesses

oStrategy to launch pediatric and other products in niche markets with
limited competition

§Launched 11 generic products in 2011

§Launched several generic products outside of cough & cold market

§Contributed to significant growth in net revenues in 2011

Macoven Pharmaceuticals

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§Theobromine is a medical food candidate which is naturally present in all
cocoa products and is an existing human metabolite of caffeine

§Has been shown to suppress cough by acting on the vagus nerve

§Proven efficacy and safety from a Phase III trial in South Korea; approved
and marketed as a drug

§Theobromine has been shown to be as effective as codeine with
substantially less side-effects

§Currently evaluating potential Over-the-Counter (OTC) strategies in the
United States

Theobromine Update

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Summary

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üFDA approval of Natroba; Co-promotion with ParaProJanuary 2011

üLaunch of Cedax 180mgJanuary 2011

üLaunch of NatrobaAugust 2011

üGeneric Launches by MacovenH2:2011

üLicensed Gastroenterology ProductQ1:2012

üInitiated ATM Offering ProgramQ1:2012

üLicensed Pediatric Development ProductQ1:2012

Ongoing Business Development ActivityH1:2012

Key Milestones

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Management	Title	Prior Company Experience
Cooper Collins	President and Chief Executive Officer	Joined Pernix in 2003
David Becker	Chief Financial Officer	Adams Respiratory Therapeutics, Ernst & Young LLP
Chuck Hrushka	Vice President, Sales and Marketing	Shionogi/Sciele Pharma, Sucampo Pharmaceuticals, Burren Pharmaceuticals, Schebo Biotech USA, Axcan Pharma and Solvay Pharmaceuticals
Mike Venters	Vice President, Corporate Development	Cornerstone Therapeutics, Aristos Pharmaceuticals, DJ Pharma, Dura Pharmaceuticals, Biovail

Experienced Management Team

§Experienced senior management team with approximately 80 years of
combined experience in the Pharmaceutical industry

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§Swift, nimble and agile company with the ability to capitalize on new
opportunities quickly

§Demonstrated success with consistent revenue growth
(41.9% 4-year CAGR)

§Highly effective 55 person sales force able to adapt quickly to launch
and promote existing and new products

§Current Growth Drivers: Cedax, Macoven, Natroba

§Successful track record of acquisitions, in-licensing's and co-
promotions which has broadened and diversified product portfolio

§Potential expansion within pediatrics and other therapeutic areas

§Seasoned senior management team with approximately 80 years of
combined experience at pharmaceutical companies

Investment Highlights

27

Financial Results

Through First Nine Months of 2011

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Continued Growth in 2011

($, in millions except per share data)	Three Months Ended September 30		Nine Months Ended September 30
	2011	2010	2011	2010
Net Sales	$17.1	$7.8	$39.2	$21.0
Gross Profit	9.3(1)	6.4	25.5(1)	17.7
SG&A Expense	5.4(2)	3.5	14.9	9.4
Income from Operations	3.0	2.1	7.1	6.7
Adjusted EBITDA	3.6	2.7	8.8(3)	7.5
Net Income	2.0	2.4	4.5	7.8
Earnings per Share	$0.08	$0.10	$0.19	$0.33
Weighted Avg. Shares Outstanding, diluted	25,147	24,417	23,737	23,656

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(1)Gross profit for the three and nine months ended September 30, 2011 includes a non-recurring adjustment of approximately $492,000 and $1,300,000, respectively, for obsolete, expired, or donated product inventory, and costs paid to ParaPRO, LLC
under the supply and distribution agreement

(2)Selling, general and administrative expenses increased in 2011 due to higher salaries, bonuses, commissions, incentives and stock compensation expense

(3)The Company defines EBITDA as net income plus income taxes, interest, depreciation and amortization. Adjusted EBITDA further excludes the effect of certain non-recurring items including bargain purchase gains andobligation forgiveness.

Solid Financial Position

As of September 30, 2011 ($, in millions)
Cash and Cash Equivalents	$27.6
Accounts Receivable, net	23.7
Inventory, net	7.5
Working Capital	38.4
Total Assets	77.5
Total Debt	6.0

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Investor Presentation