Endo Health Solutions (ENDP) 8-K Credit Suisse 2011 Healthcare Conference

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ENDO PHARMACEUTICALS

Credit Suisse 2011 Healthcare Conference

November 10, 2011

grow. collaborate. innovate. thrive.

2

FORWARD LOOKING STATEMENTS

This presentation contains forward-looking statements within the meaning of the Private Securities

Litigation

Reform

Act

of

1995.

Statements

including

words

such

as

“believes,”

“expects,”

“anticipates,”

“intends,”

“estimates,”

“plan,”

“will,”

“may,”

“look forward,”

“intend,”

“guidance,”

“future”

or similar

expressions are forward-looking statements.  Because these statements reflect our current views,

expectations and beliefs concerning future events, these forward-looking statements involve risks and

uncertainties. Investors should note that many factors, as more fully described under the caption “Risk

Factors”

in our Form 10-K, Form 10-Q and Form 8-K filings with the Securities and Exchange Commission

and as otherwise enumerated herein or therein, could affect our future financial results and could cause

our actual results to differ materially from those expressed in forward-looking statements contained in

our Annual Report on Form 10-K. The forward-looking statements in this presentation are qualified by

these risk factors. These are factors that, individually or in the aggregate, could cause our actual results to

differ materially from expected and historical results. We assume no obligation to publicly update any

forward-looking statements, whether as a result of new information, future developments or otherwise.

©2011 Endo Pharmaceuticals

ENDO PHARMACEUTICALS

I.

Our Diversified Business

II.

Pharmaceuticals

III.

American Medical Systems

IV.Innovation

V.

Financial Outlook

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STRONG OPERATING PERFORMANCE

16%

3

-

YEAR

CAGR

FOR

REVENUE*

* Revenue CAGR 2007-2010.

$mm

4

Revenue

Cash Flow from Operations

Sustaining our Growth

$399

$596

$615

$820

$910

$1,086

$1,261

$1,461

$1,716

2.72B -

2.80B

$110

$217

$171

$285

$345

$366

$356

$295

$454

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011E

©2011 Endo Pharmaceuticals

$

$

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5

DIVERSIFIED HEALTHCARE SOLUTIONS COMPANY

Generic

Men’s

Health

TTM 9/30/11: $2.34B

TTM 9/30/11: $0.54B

TTM 9/30/11: $2.88B

(3)

Revenue mix

Endo

AMS

Pro Forma

1.

Represents TTM of pro forma 2010 acquisitions (Qualitest, HealthTronics and Penwest, excluding AMS)

2.

Includes $0.3MM of revenue from the uterine health business, which was divested during the first quarter 2010.

3.

Includes full year of AMS acquisition

Branded

Pharmaceuticals

Devices &

Services

Women’s

Health

BPH

Generic

Branded

Pharmaceuticals

Devices &

Services

Revenue mix

Revenue mix

International

US

©2011 Endo Pharmaceuticals

(1)

(2)

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6

ENDO’S INTEGRATED BUSINESS MODEL

Devices

& Services

Generics

Branded

Pharmaceuticals

Pain

Urology

Oncology

Endocrinology

©2011 Endo Pharmaceuticals

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STRONG CORE BUSINESS SUPPORTING GROWTH

7

©2011 Endo Pharmaceuticals

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©2011 Endo Pharmaceuticals Inc.

40% of Sales from Controlled Substances

Manufacturing Flexibility

Distribution Capability

Product Line Optimization

GENERICS OVERVIEW

•

•

17% pro forma sales growth

versus same quarter last year.

•

•

Expect net sales CAGR of more

than 15% for 2010 through 2012

•

•

Cost of Goods improvement

through insourcing of product

manufacturing

•

API procurement

8

Strong Q3 2011 Top-line

Growth

Strong Growth Expectations

Outperforming Deal Synergies

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SO WHAT HAPPENS NEXT?

AMERICAN MEDICAL SYSTEMS

9

©2011 Endo Pharmaceuticals Inc.

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10

Leading Provider of Devices to Pelvic Health Space 

•

Men’s Health: Solutions for male incontinence and erectile

dysfunction prostheses

•

Women’s Health: Solutions for female incontinence and pelvic

floor repair

•

Benign Prostatic Hyperplasia (BPH) Therapy: Laser treatments

Strong Product Portfolio Supported by Robust Future

Product Cadence

•

Solid market share in several categories that have historically

grown in the mid-to-high single digit range over the long-term

•

Near-term growth driven by new product launches and

increased utilization of recent products such as MoXy Fiber

Seasoned Management Team and High Quality Assets

•

Team has significant experience running a growing devices

business

•

Four global facilities –

two in the US (Minnetonka, MN and San

Jose, CA) and two in Europe (Breukelen, Netherlands and

Athlone, Ireland)

10

AMS COMPANY PROFILE

Revenue by Business

(1)

TTM as of 9/30/2011

Revenue by Geography

(1)

TTM as of 9/30/2011

(1) Includes $0.3MM of revenue from the

uterine health business, which was divested

during the first quarter of 2010

Men's Health

45%

Women's

Health

33%

BPH

22%

United States

71%

International

29%

©2011 Endo Pharmaceuticals

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11

AMS –

PRODUCT PORTFOLIO

Men’s Health

BPH

Women’s Health

Product

Description

AMS 800®

Artificial Urinary

Sphincter

InVance®

Less invasive treatment

for moderate

incontinence

AdVance®

Less invasive treatment

for mild to moderate

incontinence

UroLume®

Endoprosthesis for non-

surgical candidates

AMS 700®

Semi-rigid malleable

prostheses/inflatable

prostheses for treatment

of Erectile Dysfunction

Product

Description

Monarc®

Self-fixating, subfascial

hammock for treatment of

stress incontinence

MiniArc®

Single-Incision Sling for

stress incontinence

Elevate®

Transvaginal pelvic floor

repair system (requires no

external incisions)

Product

Description

GreenLight™

Photo Vaporization / laser

therapy designed to

remove prostatic tissue

StoneLight®

Laser treatment of urinary

stones

SureFlex™

Fiber optic line designed

for holmium laser

lithotripsy

TherMatrx®

Less invasive tissue

ablation technique for

men not yet to the point

of urethral obstruction

©2011 Endo Pharmaceuticals

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12

PRACTICE OVERLAP OPPORTUNITY

VALSTAR®/VANTAS®

(Urology practices

currently prescribing)

AMS

(Urology practices

with at least one MD using

AMS products in a top-200

AMS account)

HealthTronics

(Urology practices currently

in a partnership)

911

325

65

63

72

593

959

More than 2,400 practices

have a relationship with one business,

but could represent opportunity for the others

©2011 Endo Pharmaceuticals

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ENDO HEALTHCARE SOLUTIONS IN ACTION

PAIN & UROLOGY

Branded

Pharmaceuticals

Generics

Devices

and Services

13

©2011 Endo Pharmaceuticals

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COMMITMENT TO INNOVATION

14

Branded Pharmaceuticals

Medical Devices

Generic Pharmaceuticals

Generic Development

Supplements strong

commercial base growth

•

Continually enhancing

existing products

•

Recent advances:

GreenLight™

XPS Laser

Console

MoXy™

Laser Fiber

AdVance™

XP (OUS)

•

Developing treatments in

new areas

Topas™

sling

•

Exploring new emerging

technologies

•

Key Therapeutic Areas

•

Pain

•

Oncology

•

Endocrinology

•

Semi-Virtual R&D Model

•

Global Partnerships

•

Discovery

•

Early Development

•

Development Pipeline

ANDA

Filings

~50 Current

ANDA Reviews

ANDA

Approvals

©2011 Endo Pharmaceuticals Inc.

OPANA®

ER                                

(NDA)

Formulation designed to be crush-resistant

AVEED™

(NDA)

Long Acting Injectable

Testosterone

Urocidin™

(Ph. III)

Bladder Cancer

Androgen Receptor Agonist   

(Ph. I)

Castration Resistant Prostate Cancer

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15

2011 ENDO GUIDANCE

Guidance

Revenue range

$2.72B -

$2.80B

Adjusted diluted EPS range

$4.55 -

$4.65

Reported (GAAP) diluted EPS range

$1.87 -

$1.97

©2011 Endo Pharmaceuticals

ENDO PHARMACEUTICALS

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grow. collaborate. innovate. thrive.

17

17

RECONCILIATION OF NON-GAAP MEASURES

17

For an explanation of Endo’s reasons for using non-GAAP measures, see Endo’s Current Report on Form 8-K filed today with the Securities and Exchange Commission

Reconciliation of Projected GAAP Diluted Earnings Per Share to Adjusted Diluted Earnings Per Share Guidance for the Year Ending December 31, 2011

Lower End of Range

Upper End of Range

Projected GAAP diluted income per common share

$1.87

$1.97

Upfront and milestone-related payments to partners

$0.25

$0.25

Amortization of commercial intangible assets and inventory step-up

$2.10

$2.10

Acquisition and integration costs related to recent acquisitions.

$0.48

$0.48

Impairment of long-lived assets through September 30, 2011

$0.19

$0.19

Interest expense adjustment for ASC 470-20

$0.16

$0.16

Tax effect of pre-tax adjustments at the applicable tax rates and

certain other expected cash tax savings as a result of recent

acquisitions

($0.50)

($0.50)

Diluted adjusted income per common share guidance

$4.55

$4.65

The company's guidance is being issued based on certain assumptions including:

•Certain of the above amounts are based on estimates and there can be no assurance that Endo will achieve these results

•Includes all completed business development transactions as of November 10, 2011

©2011 Endo Pharmaceuticals

ENDO PHARMACEUTICALS

Credit Suisse 2011 Healthcare Conference

November 10, 2011

grow. collaborate. innovate. thrive.