2014 Credit Suisse Healthcare Conference

November 11, 2014

Impax Cautionary Statement Regarding Forward Looking Statements and Use of Non-GAAP Financial Measures To the extent any statements made in this presentation contain information that is not historical; these statements are forward-looking in nature and express the beliefs and expectations of management. Such statements are based on current expectations and involve a number of known and unknown risks and uncertainties that could cause the Company’s future results, performance, or achievements to differ significantly from the results, performance, or achievements expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to: fluctuations in revenues and operating income; the Company’s ability to promptly correct the issues raised in the warning letter and Form 483 observations received from the FDA; the Company’s ability to successfully develop and commercialize pharmaceutical products in a timely manner; reductions or loss of business with any significant customer; the impact of consolidation of the Company’s customer base; the impact of competition; the substantial portion of our total revenues derived from sales of a limited number of products; the Company’s ability to sustain profitability and positive cash flows; any delays or unanticipated expenses in connection with the operation of the Company’s manufacturing facilities; the effect of foreign economic, political, legal, and other risks on the Company’s operations abroad; the uncertainty of patent litigation and other legal proceedings; the increased government scrutiny on the Company’s agreements with brand pharmaceutical companies; product development risks and the difficulty of predicting FDA filings and approvals; consumer acceptance and demand for new pharmaceutical products; the impact of market perceptions of the Company and the safety and quality of the Company’s products; the Company’s determinations to discontinue the manufacture and distribution of certain products; the Company’s ability to achieve returns on its investments in research and development activities; the Company’s inexperience in conducting clinical trials and submitting new drug applications; the Company’s ability to successfully conduct clinical trials; the Company’s reliance on third parties to conduct clinical trials and testing; the Company’s lack of a license partner for commercialization of IPX066 outside of the United States; impact of illegal distribution and sale by third parties of counterfeits or stolen products; the availability of raw materials and impact of interruptions in the Company’s supply chain; the Company’s policies regarding returns, allowances and chargebacks; the use of controlled substances in the Company’s products; the effect of current economic conditions on our industry, business, results of operations and financial condition; disruptions or failures in the Company’s information technology systems and network infrastructure; the Company’s reliance on alliance and collaboration agreements; the Company’s reliance on licenses to proprietary technologies; the Company’s dependence on certain employees; the Company’s ability to comply with legal and regulatory requirements governing the healthcare industry; the regulatory environment; the Company’s ability to protect its intellectual property; exposure to product liability claims; risks relating to goodwill and intangibles; changes in tax regulations; the Company’s ability to manage growth, including through potential acquisitions; the Company’s ability to meet expectations regarding the timing and completion of the proposed transaction with Tower Holdings, Inc. and Lineage Therapeutics Inc.; the Company’s ability to consummate such proposed transaction; the conditions to the completion of such proposed transaction (including the receipt of the regulatory approvals required for the transaction not being obtained on the terms expected or on the anticipated schedule), the integration of the acquired business by the Company being more difficult, time-consuming or costly than expected, operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers) being greater than expected following the proposed transaction, the retention of certain key employees of the acquired business being difficult, the Company’s and the acquired business’s expected or targeted future financial and operating performance and results, the combined company’s capacity to bring new products to market, and the possibility that the Company may be unable to achieve expected synergies and operating efficiencies in connection with such proposed transaction within the expected time-frames or at all and to successfully integrate the acquired business, the restrictions imposed by the Company’s credit facility; uncertainties involved in the preparation of the Company’s financial statements; the Company’s ability to maintain an effective system of internal control over financial reporting; the effect of terrorist attacks on the Company’s business; the location of the Company’s manufacturing and research and development facilities near earthquake fault lines; expansion of social media platforms and other risks described in the Company’s periodic reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as to the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, regardless of whether new information becomes available, future developments occur or otherwise. Trademarks referenced herein are the property of their respective owners. ©2014 Impax Laboratories, Inc. All Rights Reserved.

Use of Non-GAAP Financial Measures

This presentation contains forward-looking EBITDA, which is a non-GAAP financial measure. EBITDA is adjusted to exclude, among other things, the impact of interest income and expense, depreciation and amortization expense, and income tax expense or benefit. These items are excluded from EBITDA because they are generally outside the normal operations of a company. There are limitations in using non-GAAP financial measures, as they are not prepared in accordance with generally accepted accounting principles, and may be different than non-GAAP financial measures used by other companies. The non-GAAP financial measures included in this press release are not meant to be considered superior to or a substitute for results of operations prepared in accordance with GAAP. It is not feasible to provide reconciliation to the most comparable projected U.S. GAAP measure because the excluded items are difficult to predict and estimate and are primarily dependent on future events.

2

Our Dual Business Model

Unique targeted ANDAs

FTF/FTM emphasis

Focused on sustainable products

23 products pending at FDA

23 products under development

Partnerships and M&A

Currently CNS focused

Commercializing Zomig® in the US

Promotion with 64 Sales Reps

RYTARYTM PDUFA Jan. 9, 2015

Building a product pipeline

Partnerships and M&A

Data as of November 2014. FTF= first-to-file; FTM = first-to-market; CNS = Central Nervous System 46 Generic products target over $19 billion in US brand/generic sales – IMS data as of September 2014.

3

Focus on Four Core Areas

Focus on Quality

Maximize Dual Platform

Optimize R&D

Business Development Acceleration

Resolve FDA issues

Fully Implement industry-best continuous improvement program

Optimize strategies related to Brand and Generic business

Accentuate similarities and taking advantage of differences

Refocus internal Brand and Generic pipeline

Identify opportunities for improvements

Evaluate/Act on opportunities for expanding Brand and Generic business

Increase efficiency of the Balance Sheet

4

Focus on Quality

Corporate Quality Improvement Program a top priority

Remediation – providing monthly updates and ongoing dialogue with FDA

Goals:

To closeout Warning Letter at Hayward facility and remove compliance hold on product approvals

RYTARYTM approval

Future events:

RYTARYTM PDUFA – January 9, 2015

Official classification from FDA of the July 2014 Hayward inspection

Communication from FDA on the Warning Letter and its effect on future Pre-Approval Inspection’s

5

10 9

18

Other Solid Oral 49%

Controlled-Release Solid Oral

24%

Alternative Dosage Form

27%

GENERIC

37 Currently Marketed Products

Maximizing Generic Opportunities

6

Over $190 Million Revenue Contribution From Product Launches Since 2012

Authorized Generic (AG) RENVELA® Tablets

Ursodiol Tablets

Diclofenac Sodium Gel 3% (Generic Solaraze®)

AG Trilipix® Delayed Release Capsules

AG Zomig® Tablets

AG Zomig® Orally Disintegrating Tablets

Oxymorphone Hydrochloride ER Tablets

Source: Impax 10-K and 10-Q’s

Source: IMS NPA

Maximizing Brand Opportunities

7

Successfully Commercializing Zomig® Nasal Spray

+70% Revenue Growth Nine Months Ended Sept. 2014 vs. Sept. 2013

Product Nasal Triptan National Segment

Prescription Share Growth Since

Impax Promotion Aug. 2012 Sept. 2014

Zomig® 23% 30% 28% Imitrex® 5% 5% 5% Generic Sumatriptan 72% 65% (9%)

Optimizing R&D – Identifying Opportunities for Improvement

Strengthening R&D infrastructure by reorganizing R&D operating model

Goals of reorganization

Leverage internal strengths while improving efficiencies

Combine similar functions within generic and brand operations

Prioritize corporate quality initiatives within scientific operations

Generic R&D team continues to concentrate on a refined portfolio of high-value generic products

Brand R&D team focusing on late-stage opportunities

R&D efficiency and effectiveness expected to realize cost savings

Approximately $8 million in annual cost savings beginning in 2015

8

Matching Resources to High-Value Projects

46 Future Generic Opportunities Pending at FDA or Under Development

Represents significant potential in current U.S. Brand / Generic market (~$19 billion sales)

Note: Date as of November 2014. All product sales data included herein are derived from data published by IMS for the 12 months ended September 2014. Pending at FDA - $12B current U.S. Brand/Generic Sales; Under Development - $8B current U.S. Brand/Generic Sales. FDA = U.S. Food and Drug Administration MAA = Marketing Authorization Applications EMA = European Medicines Agency

8 5 13

11

6

17 4 12

16

23 23

46

Pending at FDA Under Development Total Pipeline

Other Solid Oral Dosage

Alternative Dosage

Controlled-Release Solid Oral Dosage

9

Brand Opportunities Pending at FDA or Under Development

Product Status

RYTARYTM (IPX066) Parkinson’s Disease

FDA PDUFA date Jan. 9, 2015

IPX066 Parkinson’s Disease

Filed MAA to EMA Nov. 5, 2014

IPX239 Post-herpetic neuralgia (PHN)

Successful Phase II Evaluating clinical path forward

IPX203 Parkinson’s Disease

Filed Investigational New Drug Application

• Founded in 1998, CorePharma develops, manufactures and markets high-quality, targeted, generic prescription pharmaceuticals across a variety of dosage forms and therapeutic categories

• Six facilities in Middlesex, New Jersey

• Amedra Pharmaceuticals focuses on offering high value branded prescription products in the United States

• Lineage Therapeutics focuses on offering generic products in the United States

Business Development Acceleration

Tower Holdings subsidiary

Tower Holdings subsidiary

Impax proposed acquisition of:

10

COMPELLING FINANCIAL BENEFITS

Immediately accretive to earnings per diluted share by approximately $0.90 in 2015

Assumes transaction closes within six months of announcement

Diversifies and enlarges revenue and earnings base

Approx. $215MM-$225MM in 2014E revenues

Approx. $80MM-$85MM in 2014E EBITDA

> $10MM+ of synergy opportunity

Reduced SG&A

R&D optimization of combined portfolio

Gross margins comparable to current Impax margin profile

Continued balance sheet flexibility

COMPELLING STRATEGIC BENEFITS

Provides portfolio of growing, high-margin, complex branded and generic products

4 branded products: Albenza®: Niche Anthelmintic Daraprim®: Antiparasitic Dexedrine® ER: ADHD & Narcolepsy Adrenaclick®: Anaphylaxis

3 high value AG’s Epinephrine auto-injector Metaxalone Dextroamphetamine ER

5 complementary generic products

Generic pipeline with near-term opportunities

Diversifies and expands manufacturing and supply chain infrastructure

AG = Authorized Generic

11

Acquisition Adds Growth and Provides Strategic and Financial Benefits

Albenza (albendazole) is indicated for the treatment of invasive tapeworm infections The leading treatment for this indication Established safety profile Strong managed care coverage

Long-term opportunity via life cycle management strategies

Addition of this new therapeutic area allows Impax to more efficiently utilize its brand commercial infrastructure and provides upside growth potential

Niche Product with Strong Growth, Attractive Margins, with Lifecycle Management Strategies

12

26,133

75,384

139,656

102,944

2011 2012 2013 (Jan-Sept)2014

Albenza Annual Prescription Volume

Source: Sales figures IMS National Prescription Audit; Prescription numbers in thousands.

Albenza® Franchise: Leading Treatment with Significant Upside Opportunities

Large and growing market driven by increase in prevalence of people suffering from allergies

Launched two epinephrine auto-injector products in 2013: Branded version (Adrenaclick®) Authorized Generic to Adrenaclick®

Competitively priced products

Opportunity for continued growth 1,416 1,551 1,656 1,918 2,187

3,421 3,772 4,101 5,036

5,783

2009 2010 2011 2012 2013

US Epinephrine Auto-injector sales(1)

0.15MG 0.30MG

4,837 5,757

5,323

6,953 7,971

(‘000s of auto-injectors)

(1) Source: Sales figure IMS National Sales Perspective Audit

13

Epinephrine Auto-Injector: High Growth Potential in an Attractive Market

FDA approved and DEA licensed manufacturing facility

Successful implementation of a Quality Improvement Program with proven results

Lead Brand in a new therapeutic area

High value Generic product line with 5+ near term new product launches

Focus on late stage & life cycle management Brand projects

Significant near-term Generic opportunities

Opportunity for optimization of combined R&D portfolio

Strategic M&A transaction intended to enhance Shareholder value

Balance sheet remains flexible for additional opportunities

Acquisition Delivers in Our Primary Areas of Focus

Focus on Quality

Maximize Dual Platform

Optimize R&D

Business Development Acceleration

14

Positioned for Future Growth

15

Established Core

Competencies

Strong and Flexible Financial Profile

Targeting Sustainable Generic and Specialized

Brand Markets