Endo Health Solutions (ENDP) 8-K FBR Growth Investor Conference

drives us…

What

…is

our

passionate

pursuit

of

improving

patients’

lives.

ENDO PHARMACEUTICALS

FBR Growth Investor Conference

May 31, 2006

Exhibit 99.1

1

©

2006 Endo Pharmaceuticals

What drives us…

Forward-Looking Statements

This

presentation

contains

forward-looking

statements,

within

the

meaning

of

Section

27A

of

the

Securities

Act

of

1933

and

Section

21E

of

the

Securities

Exchange

Act

of

1934,

as

amended,

that

are

based

on

management’s

beliefs

and

assumptions,

current

expectations,

estimates

and

projections.

These

statements

are

subject

to

risks

and

uncertainties

and,

therefore,

actual

results

may

differ

materially

from

those

expressed

or

implied

by

these

forward-looking

statements.

Forward-looking

statements

are

not

historical

facts

and

include

information

regarding

the

Company’s

possible

or

assumed

results

of

operations.

Also,

statements

or

expressions

that

are

preceded

by,

followed

by,

or

that

include,

the

words

“believes,”

“anticipates,”

“plans,”

“expects,”

“intends,”

“estimates”

or

similar

expressions

are

forward-looking

statements.

Endo’s

estimated

or

anticipated

future

results,

product

performance

or

other

non-historical

facts

are

forward-looking

and

reflect

Endo’s

current

perspective

on

existing

trends

and

information.

Many

of

the

factors

that

will

determine

the

Company’s

future

results

are

beyond

the

ability

of

the

Company

to

control

or

predict.

The

reader

should

not

rely

on

any

forward-looking

statement.

The

Company

undertakes

no

obligations

to

update

any

forward-looking

statements

whether

as

a

result

of

new

information,

future

events

or

otherwise.

None

of

the

development

products

in

the

Company’s

pipeline

have

been

established

as

safe

and

effective

by

the

FDA

or

approved

by

the

FDA.

Several

important

factors,

in

addition

to

the

specific

factors

discussed

in

connection

with

these

forward-looking

statements

individually,

could

affect

the

future

results

of

Endo

and

could

cause

those

results

to

differ

materially

from

those

expressed

in

the

forward-looking

statements

contained

herein.

Important

factors

that

may

affect

future

results

include,

but

are

not

limited

to:

the

Company’s

ability

to

successfully

develop,

commercialize

and

market

new

products;

results

of

clinical

trials

on

new

products;

competition

for

the

business

of

the

Company’s

branded

and

generic

products,

and

in

connection

with

the

Company’s

acquisition

of

rights

to

intellectual

property

assets;

market

acceptance

of

the

Company’s

future

products;

government

regulation

of

the

pharmaceutical

industry;

the

Company’s

dependence

on

a

small

number

of

products;

the

Company’s

dependence

on

outside

manufacturers

for

the

manufacture

of

its

products;

the

Company’s

dependence

on

third

parties

to

supply

raw

materials

and

to

provide

services

for

the

core

aspects

of

its

business;

new

regulatory

action

or

lawsuits

relating

to

the

Company’s

use

of

narcotics

in

most

of

its

core

products;

the

Company’s

exposure

to

product

liability

claims

and

product

recalls

and

the

possibility

that

the

Company

may

not

be

able

to

adequately

insure

itself;

the

Company’s

ability

to

protect

its

proprietary

technology;

the

Company’s

ability

to

successfully

implement

its

acquisition

strategy;

the

availability

of

controlled

substances

that

constitute

the

active

ingredients

of

some

of

the

Company’s

products

and

products

in

development;

the

availability

of

third-party

reimbursement

for

the

Company’s

products;

the

Company’s

dependence

on

sales

to

a

limited

number

of

large

pharmacy

chains

and

wholesale

drug

distributors

for

a

large

portion

of

its

total

net

sales;

and

other

risks

and

uncertainties

detailed

in

Endo’s

filings

with

the

Securities

and

Exchange

Commission,

including

its

Registration

Statement

on

Form

S-3

filed

with

the

SEC

on

March

21,

2006.

Readers

should

evaluate

any

statement

in

light

of

these

important

factors.

2

©

2006 Endo Pharmaceuticals

What drives us…

Endo Profile

Fully

integrated

specialty

pharma

company

with

market

leadership

in

pain management; expanding into complementary therapeutic areas

Well-developed commercial capability:

Portfolio

of

branded

prescription

products

including

Lidoderm

®

, Frova

®

and Percocet

®

Promising pipeline, with seven mid-

to late-stage products

Action letters expected on oxymorphone ER and IR June 22, 2006

Strong cash flow and no debt

3

©

2006 Endo Pharmaceuticals

What drives us…

Lidoderm

®

Profile

Topical patch launched in 1999

Covered by five Orange Book-

listed patents through 2015

First FDA-approved drug for the

treatment of the pain of post-

herpetic neuralgia, a form of

neuropathic pain

Provides analgesia (without

anesthesia) directly to the affected

nerves

4

©

2006 Endo Pharmaceuticals

What drives us…

Frova

®

Profile

Triptan indicated for acute treatment of

migraine headaches in adults

Commercial strategy to implement

marketing, education and clinical plan to

differentiate Frova

®

in the marketplace

Low recurrence rate

Long half-life

Target specialty physician audience

Focus on neurologists, pain

management specialists

Leverage existing coverage of high

prescribers

Create advocacy base among thought

leaders

Phase III development completed for

Menstrual Migraine prophylaxis indication

by partner Vernalis plc

5

©

2006 Endo Pharmaceuticals

What drives us…

Substantial Pipeline Opportunities

FDA-Approved

Synera™

(2)

Transdermal sufentanil patch

(3)

Topical ketoprofen patch

(3)

Rapinyl™

(3)

Selected Endo Development Projects

PDUFA date June 22, 2006

Oxymorphone ER

(1)

and IR

Status

Filed

(1)

Co-developed

(2) 

Licensed marketing rights

(3)

Licensed marketing and development rights

LidoPAIN

®

BP

(2)

and CHRONOGESIC™

(2)

Partner development projects include Frova

(Menstrual Migraine)

(2)

,

®

6

©

2006 Endo Pharmaceuticals

What drives us…

Topical, local anesthetic patch indicated for use in

children and adults to numb the skin before various

medical procedures; e.g., blood draws or IV cannulation

Thin layer of local anesthetic formulation integrated with

an oxygen-activated heating element

Exclusive N. American rights licensed from ZARS Pharma

Market Need Addressed:

Hospitalized pediatric patients

Anticipated benefits include:

•

Fast onset of action

•

Ease of administration

Status:

FDA approval in June 2005

•

Safety and efficacy demonstrated in more than 660

pediatric (aged 3-17 years) and adult patients

undergoing superficial dermatological procedures

Anticipated launch in second half of 2006

Pediatric immunization studies planned

Description / Indication:

Synera™

Profile

7

©

2006 Endo Pharmaceuticals

What drives us…

Oral oxymorphone hydrochloride in extended (ER)

and immediate (IR) release formulations

Intended to treat moderate-to-severe pain

IR a complementary treatment to ER for

breakthrough pain

Market Need Addressed:

Will compete in the strong opioid market

We believe that oxymorphone ER will provide

equivalent analgesia with only half the milligram

dosage of OxyContin

Convenience of twice-daily dosing

Status:

FDA

“Approvable

Letters”

received

10/03

Positive results in Phase III trials for ER and IR

conducted with FDA agreed-upon endpoints

•

PDUFA date June 22, 2006

Description / Indications:

Oxymorphone ER / IR Profile

8

©

2006 Endo Pharmaceuticals

What drives us…

Oxymorphone ER Development Program

FDA has accepted one clinical trial as pivotal proof of efficacy

Two additional clinical trials conducted to file at least one additional

pivotal trial

First positive 12-week double-blind, placebo-controlled trials

ever

conducted with an opioid in chronic low back pain patients

–

One trial (under SPA) in opioid-naïve patients

–

One trial in opioid-experienced patients

Efficacy data from these additional

trials presented at APS Annual

Meeting,

May 3-6, in San Antonio, Texas

9

©

2006 Endo Pharmaceuticals

What drives us…

Oxymorphone ER Data from APS 2006

Conclusions from ER studies:

Patients titrated to effective, well-tolerated dose had pain level

maintained effectively at same dose level for three months

Statistically significant reduction in average pain intensity

compared to placebo (p<0.0001)

Both trials met all of their secondary endpoints

Low drop-out rate due to AEs in treatment periods in both trials:

–

Opioid-naïve (8.6% treated group vs. 8.0% placebo)

–

Opioid-experienced (10% treated group vs. 11% placebo)

10

©

2006 Endo Pharmaceuticals

What drives us…

Frova

®

Clinical Development in MM

Two double-blind, placebo-controlled studies in Menstrual Migraine (“MM”)

prophylaxis; long-term open-label safety & tolerance study

Frova

®

taken for six days, starting two days prior to onset of expected MM

headache

Primary efficacy endpoint: reduction in the incidence of MM headache

(statistical and clinical significance achieved in both trials)

p<0.0001 to p < 0.01 (vs. placebo)

Secondary endpoints also achieved -

reduction in severity and duration of

MM headache

Results of first Phase III efficacy trial published in July 2004

Neurology

Positive

confirmatory Phase III efficacy study announced May 8, 2006

Expect to file sNDA in coming weeks

11

©

2006 Endo Pharmaceuticals

What drives us…

Key Milestones for 2006

File sNDA for Frova

®

in MM prophylaxis                         Coming weeks

Initiate Phase III trials for topical ketoprofen patch

1st

Half

Launch oxymorphone ER and IR

2nd

Half

Launch Synera™

2nd

Half

Advance pipeline development

Ongoing

Acquire / in-license opportunities in pain and

complementary areas such as neurology,

perioperative care and supportive care oncology

Ongoing

Building a solid platform for sustainable growth:

st

nd

nd

12

©

2006 Endo Pharmaceuticals

What drives us…

Summary

Fully

integrated

specialty

pharma

company

with

market

leadership

in

pain management; expanding into complementary therapeutic areas

Well-developed commercial capability:

Broadest and deepest pipeline in the pain management arena

Strong financial condition

drives us…

What

…is

our

passionate

pursuit

of

improving

patients’

lives.

ENDO PHARMACEUTICALS

Nasdaq: ENDP