May 2015 1

May 2015 2

Forward Looking Statements

This document includes statements concerning our operating results (including product sales), financial condition and product development milestones, which are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements herein that are not clearly historical in nature are forward-looking, and the words “anticipate,” “assume,” “believe,” “expect,” “estimate,” “plan,” “will,” “may,” and the negative of these and similar expressions generally identify forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond Flamel’s control and could cause actual results to differ materially from the results contemplated in such forward-looking statements. These risks, uncertainties and contingencies include the risks relating to: our dependence on a small number of products and customers for the majority of our revenues; the possibility that our Bloxiverz® and Vazculep™ products, which are not patent protected, could face substantial competition resulting in a loss of market share or forcing us to reduce the prices we charge for those products; the possibility that we could fail to successfully complete the research and development for the two pipeline products we are evaluating for potential application to the FDA pursuant to our “unapproved-to-approved” strategy, or that competitors could complete the development of such products and apply for FDA approval of such products before us; our dependence on the performance of third parties in partnerships or strategic alliances for the commercialization of some of our products; the possibility that our products may not reach the commercial market or gain market acceptance; our need to invest substantial sums in research and development in order to remain competitive; our dependence on certain single providers for development of several of our drug delivery platforms and products; our dependence on a limited number of suppliers to manufacture our products and to deliver certain raw materials used in our products; the possibility that our competitors may develop and market technologies or products that are more effective or safer than ours, or obtain regulatory approval and market such technologies or products before we do; the challenges in protecting the intellectual property underlying our drug delivery platforms and other products; our dependence on key personnel to execute our business plan; the possibility that we may cease to qualify as a foreign private issuer, which would increase the costs and expenses we incur to comply with U.S. securities laws; and the other risks, uncertainties and contingencies described in the Company’s filings with the U.S. Securities and Exchange Commission, including our annual report on Form 20-F for the year ended December 31, 2014, all of which filings are also available on the Company’s website. Flamel undertakes no obligation to update its forward-looking statements as a result of new information, future events or otherwise, except as required by law.

May 2015 3

FLAMEL Technologies Transformed

• Fully integrated global specialty pharmaceutical company with FDA approved products and a broad pipeline using Flamel’s four proprietary drug delivery platforms

• Two FDA approved products marketed by Flamel in the United States will drive significant revenue growth in 2015

• Incremental clinical data for several of Flamel’s pipeline products over the next 12-18 months

• Cash flow positive as of Q4 2014 and will be cash flow positive in 2015 and beyond

• Net cash position in excess of $113m on March 31, 2015 provides for a strong balance sheet

• New strategy: Flamel controls 100% of its drug development

May 2015 4

Key Milestones Achieved

Launched Bloxiverz® and Vazculep™ in the United States

Presented positive clinical and preclinical data • Micropump sodium oxybate: eliminated middle of the night dose (12/2014)

• LiquiTime ibuprofen: positive PK results (09/2014)

• LiquiTime guaifenesin: positive First-In-Man data (03/2015)

• Medusa exenatide: positive preclinical studies for 1x/week administration (06/2014)

Completed an equity raise of $121m • Eliminated virtually all debt

Divested contract manufacturing facility • Clear focus on product development and revenue generation

Implemented corporate reorganization • Established footprint in Ireland and shifted all intellectual property from France to

Ireland

May 2015 5

2015 Expectations

• Achieve total product sales of $170-185m

• Submit an application for UMD#3 to the FDA

• Start pivotal study for Micropump sodium oxybate

• Present human clinical data on at least one additional LiquiTime product achieved

Positive LiquiTime guaifenesin First-In-Man data announced in March 2015

• Enter into an agreement for one or more LiquiTime OTC products

• Present PK data and abuse deterrence data on Trigger Lock

• Present First-in-Man interim data on Medusa exenatide

May 2015 6

Flamel’s Goals

• Upcoming Milestones

• Evolution of Pipeline

May 2015 7

Upcoming Milestones

Technology H1 2015 H2 2015

UMD Product* FDA NDA filing

Micropump Pre-IND meeting with FDA for sodium oxybate

Sodium oxybate pivotal study initiation

LiquiTime Clinical data guaifenesin announced March 2015

Ibuprofen pivotal trial initiation

Trigger Lock Clinical data with in-vitro abuse deterrence data - 1 program

Medusa Exenatide Phase I clinical data

*UMD is Flamel’s Unapproved Marketed Drugs Strategy

May 2015 8

Drug/ Technology

Indication

Pre- Clinical

Proof of Concept

Dose Ranging

Pivotal

Under Review

Approved Marketed Sales Force

Bloxiverz/UMD* Anesthesia Flamel

Vazculep/UMD* Anesthesia Flamel

UD/UMD #3* Undisclosed Flamel

UD/UMD #4* Undisclosed Flamel

Sodium oxybate/ Micropump

Narcolepsy TBD

Ibuprofen/LiquiTime Pain, fever TBD

Guaifenesin/LiquiTime Respiratory TBD

Opioid/Trigger Lock Pain TBD

Exenatide XL/ Medusa Diabetes TBD

Flamel’s Pipeline (Q2 2015)

*UMD is Flamel’s Unapproved Marketed Drugs Strategy, but does not involve patented technology. UD = undisclosed TBD= To Be Determined

May 2015 9

Flamel’s Pipeline Looking Ahead (Q2 2016)

Drug/ Technology

Indication

Pre- Clinical

Proof of Concept

Dose Ranging

Pivotal

Under Review

Approved Marketed Sales Force

Bloxiverz/UMD* Anesthesia Flamel

Vazculep/UMD* Anesthesia Flamel

Disclosed/UMD #3 * Disclosed Flamel

Disclosed/UMD #4 * Disclosed Flamel

Sodium oxybate/ Micropump

Narcolepsy TBD

Ibuprofen/LiquiTime Pain, fever TBD

Guaifenesin/LiquiTime Respiratory TBD

Opioid/Trigger Lock Pain TBD

Exenatide XL/Medusa Diabetes TBD

*UMD is Flamel’s Unapproved Marketed Drugs Strategy, but does not involve patented technology. TBD= To Be Determined

May 2015 10

Flamel’s Marketed Products

• Bloxiverz®

• Vazculep™

May 2015 11

Marketed Products

• BLOXIVERZ®

• FDA approval on May 31, 2013 (first FDA-approved neostigmine methylsulfate injection)

• Strengths: 0.5 mg/mL or 1 mg/mL (10 mL MDV)

• Indication: reversal of the effects of non-depolarizing neuromuscular blocking agents after surgery

• Bloxiverz WAC price is $98.75 per vial

• There are approximately 5 million vials sold annually in the United States

• Website: www.bloxiverz.com

May 2015 12

Marketed Products

• VAZCULEP™

• FDA approval on June 30, 2014 (only FDA-approved phenylephrine injection available in three vial sizes)

• Form: 1 mL single use vials, 5 mL and 10 mL pharmacy bulk package vials for intravenous injection (bolus or infusion) (10 mg/mL)

• Indication: Treatment of clinically important hypotension resulting primarily from vasodilation in the setting of anesthesia

• Prices for all three sizes are competitive

• Recent data show the following approximate annual unit volumes:

• 1ml vial – 5.6m 5ml vial – 1.3m 10ml vial – 140K

• Website: www.vazculep.com

May 2015 13

Flamel’s R&D Pipeline

• Micropump® sodium oxybate

• LiquiTime® ibuprofen

• LiquiTime® guaifenesin

• Trigger-Lock™ opioid

• Medusa™ Exenatide

May 2015 14

• Micropump® sodium oxybate has been studied in 40 healthy volunteers to date across 2 studies

• Flamel’s results of its two studies at doses of 4.5g and 6g show the following:

Onset of action similar to 4.5g nightly dose of Xyrem® (sodium oxybate)

Cmax lower than 4.5g nightly dose of Xyrem® (6g dose similar to Xyrem 4.5g dose)

Mean blood concentration (μg/ml) at hours 7 and 8 similar to 4.5g nightly dose of Xyrem®

No adverse events or tolerability issues

• Micropump Sodium Oxybate 7.5g dose performed in line with expectations relative to the data at lower doses of Micropump Sodium Oxybate

• Profile is consistent with the need for only one single dose before bedtime

• Current dosing regimen for Xyrem®, the standard of care in the U.S., is two equal, divided doses: the first dose at bedtime and the second dose 2.5 to 4 hours later

• Flamel will meet with FDA in H1 2015 and begin a pivotal study at year end 2015

Micropump® Sodium Oxybate – Treatment of Narcolepsy Single Dose Nightly Formulation

May 2015 15

• 2014 sales for Xyrem® were $779m1

• Sales outside the US are quite low, but upside exists with a superior profile

• CAGR for Xyrem from 2009-2014 is in excess of 50%

• Industry sources estimate the number of Narcoleptics in the US at 200,000 with 50,000 diagnosed2

• Jazz reports less than 13,000 patients currently on treatment

• Limited competition to date

Micropump® Sodium Oxybate – Market Opportunity

1 Jazz’s fourth quarter 2014 financial results 2 Narcolepsy Network

May 2015 16

LiquiTime® Ibuprofen – Treatment of Pain and Fever Extended Release Liquid Ibuprofen

• Ibuprofen oral suspension twice-daily dosing confirmed

• First-in-Man (FIM) clinical study in healthy volunteers (15 subjects)

• Trial design: open-label, randomized, 3-way crossover with an immediate- release ibuprofen control and 2 formulations of LiquiTime ibuprofen

• PK results announced in September 2014 demonstrated:

Bioequivalence to immediate-release ibuprofen

Similar onset versus immediate-release ibuprofen

Similar blood levels at 12 hours versus immediate-release ibuprofen

No safety or tolerability issues

• US regulatory filing expected in H1 2016

• Market opportunity: OTC (Over-The-Counter) ibuprofen products recorded sales in the USA beyond $400m including combination products (source: IMS)

May 2015 17

LiquiTime® Guaifenesin – Treatment of Cough and Cold Extended Release Liquid Guaifenesin

• Highly likely to succeed in pivotal study

• First-In-Man (FIM) clinical study in healthy volunteers (16 subjects)

• Trial design: open label, randomized, 4 way crossover with an immediate release guaifenesin control dosed three times over 12 hours and three formulations of LiquiTime guaifenesin

• PK results announced in March 2015 demonstrated:

A profile that is highly likely to succeed in a pivotal bioequivalence study

Similar blood levels at 12 hours versus immediate-release guaifenesin

No safety or tolerability issues

• US regulatory filing expected in H2 2016

• Market opportunity: OTC guaifenesin products recorded sales in the USA beyond $400m including combination products (source: IMS)

May 2015 18

• Cough and cold US market is estimated at $6.5b annually1

• These markets are dominated by OTC drugs, many of which are combination of different active ingredients having distinctive actions:

• Ibuprofen or Acetaminophen/paracetamol (analgesic and antipyretic)

• Chlorpheniramine or Diphenhydramine (antihistamine)

• Pseudoephedrine or Phenylephrine (decongestant)

• Dextromethorphan (antitussive)

• Guaifenesin (expectorant)

• LiquiTime allows for the combination of those active ingredients with tailored release profiles for each of them

1 Deutsche Bank

LiquiTime OTC Franchise - Market Opportunity

May 2015 19

• PK and abuse-deterrence data expected in H1 2015

• Abuse of such drugs is a major public health concern in the USA • An estimated 2.1 million people in the US are suffering from substance use

disorders related to prescription opioid pain relievers in 2012

• Recent FDA policy on abuse of such products is positive for anti-abuse platforms such as Trigger Lock

• Market opportunity: U.S. market for prescription painkillers in 2013: $7.2b1

• Oxycontin (extended-release oxycodone, Purdue): $2.6b

• Over 34 million opioid prescriptions were written for extended-release and immediate-release oral products in the US in 20131

1 Source: IMS Health

Trigger Lock – Extended-Release Abuse-Resistant Opioid

May 2015 20

• Successfully tested in minipigs (June 2014)

• Significantly improved bioavailability versus Bydureon®

• Two successive injections were administered with very similar release profiles

• No adverse clinical signs

• Excellent local tolerability

• PK profile is compatible with a release over one week in humans

• Interim phase I human clinical data to be reported in late 2015

• Market opportunity: GLP-1 (glucagon-like peptide-1) products recorded global sales beyond $3b in 2014

Medusa Exenatide – Treatment of Type 2 Diabetes Positive Preclinical Results and Market Opportunity

May 2015 21

Flamel’s Strengths

• Diversified and proven drug delivery platforms

• Strong intellectual property

• Seasoned senior management

• Healthy financial situation

May 2015 22

Diversified and Proven Drug Delivery Platforms

• Flamel owns and develops outstanding drug delivery platforms that are able to tackle key challenges in the formulation, in various dosage forms (e.g. capsules, tablets, sachets or oral liquid suspensions; or injectable for subcutaneous administration) of a broad range of drugs (novel, already-marketed, or off-patent):

Micropump, LiquiTime, Trigger Lock and Medusa are trademarks of Flamel Technologies S.A.

Modified/Controlled Release of Solid Oral Drugs

Modified/Controlled Release of Liquid Oral Drugs

Abuse-Resistant Modified/Controlled Release Narcotics/Opioid Analgesics

Modified/Controlled Release of Injectable Drugs

May 2015 23

Strong Intellectual Property

Broad portfolio of patents*

*Source: 2014’ Annual Report on form 20-F published on April 31st, 2015

• New patents may be issued targeting each individual product in development where a Flamel drug delivery platform is applied to a specific molecule

Date of expiration of granted patents

Platform US Europe

Micropump® July 2027 July 2023

LiquiTime® September 2025 April 2023

Trigger Lock™ April 2027 May 2026 (pending)

Medusa™ June 2031 June 2027 (pending)

May 2015 24

Seasoned Senior Management

Name Title Appointed Experience

Michael S. Anderson Chief Executive Officer 2012 40+ years Pharma

Phillandas T. Thompson, J.D., M.B.A.

Senior Vice President, General Counsel 2013 16+ years Legal

Siân Crouzet Principal Financial Officer 2005 17+ years Financial

David Monteith, Ph.D.

Vice President, Research and Development 2014 25+ years Pharma

Scott Macke Vice President, Supply Chain and Operations 2012 22+ years Pharma

Jean Chatellier, Ph.D. Vice President, Alliance Management and Licensing 2010 15+ years Pharma

Séverine Martin, E.M.B.A.

Director, Human Resources and Corporate Projects 2014 13 + Human Resources

May 2015 25

Condensed Consolidated Statement of Operations

Unaudited Three months ended

In USD million, except EPS (USD) and shares data (million)

March 31, 2014 March 31, 2015

Total Revenue 4.6 32.7

Total Costs and Expenses (28.8) (22.5)

Profit (loss) from continuing operations (24.2) 10.2

Net income (loss) from continuing operations (26.9) 11.6

Net income (loss) (26.6) 11.6

Diluted EPS from continuing operations (0.95) 0.27

Adjusted Diluted EPS (non GAAP) (0.16) 0.10

Diluted Shares Outstanding 28.3 42.8

All figures are on a continuing operations basis reflecting the 4Q14 divestiture of Pessac’ Facility and all Coreg CR® related revenues

May 2015 26

Condensed Balance Sheet (Unaudited)

In USD million As of

Dec. 31, 2013 As of

Dec. 31, 2014 As of

March 31, 2015

Cash & marketable securities

7.0 92.8 113.2

LT debt 1 66.3 76.1 TBA

Other LT liabilities 2 15.9 2.3 TBA

1 Includes government loans for R&D projects + acquisition liability contingent consideration, note and warrant consideration, and facility and royalty agreements concluded in February 2013 and December 2013

2 Includes R&D credit tax financing, funding from former partner GSK, provision for retirement indemnity and employee service award provision

TBA = to be announced

May 2015 27

FLAMEL Technologies Transformed

• Fully integrated global specialty pharmaceutical company with FDA approved products and a broad pipeline using Flamel’s four proprietary drug delivery platforms

• Two FDA approved products marketed by Flamel in the United States will drive significant revenue growth in 2015

• Incremental clinical data for several of Flamel’s pipeline products over the next 12-18 months

• Cash flow positive as of Q4 2014 and will be cash flow positive in 2015 and beyond

• Net cash position in excess of $113m on March 31, 2015 provides for a strong balance sheet

• New strategy: Flamel controls 100% of its drug development

May 2015 28

Flamel Technologies SA (NASDAQ: FLML) is a specialty pharmaceutical company utilizing its core competencies in formulation development and drug delivery to develop safer and more efficacious pharmaceutical products, addressing unmet medical needs and/or reducing overall healthcare costs. Flamel currently has approvals for and markets two previously Unapproved Marketed Drugs (“UMDs”) in the USA, Bloxiverz® (neostigmine methylsulfate injection) and Vazculep™ (phenylephrine hydrochloride injection). The Company intends to add to this branded business by creating additional products, focusing on the development of products utilizing Flamel’s proprietary drug delivery platforms. Flamel currently has several products in development utilizing Micropump® (oral sustained release microparticles platform) along with its tangent technologies, LiquiTime® and Trigger Lock™. The lead project for Micropump is Sodium Oxybate. LiquiTime allows for the extended-release of liquid medicines (such as Ibuprofen and Guaifenesin) and Trigger Lock is an abuse-resistant iteration of Micropump, designed specifically for long-acting opioids. Additionally, the Company has developed a long acting injectable platform, Medusa™, a hydrogel depot technology currently being studied with Exenatide. Flamel’s products are targeting high-value molecules and will utilize either the 505(b)(2) approval process for NDAs or biosimilar pathways ultimately approved by FDA and other regulatory authorities. The Company is headquartered in Lyon, France and has operations in St. Louis, Missouri, USA, and Dublin, Ireland Additional information can be found at http://www.flamel.com.

Headquarters

33 avenue du Dr. Georges Levy

69200 Vénissieux (Lyon)

France

Corporate Contact

Phone: +33 472 783 434

Fax: +33 472 783 435

E-mail: licensing@flamel.com

Specialty Pharmaceutical Company with Proprietary Drug Delivery Platforms Focused on

Improved or Cost-Effective Products

May 2015 29

Drug Delivery Platforms at a Glance

May 2015 30

Micropump® Platform at a Glance

• Extended/delayed release of drugs best absorbed in the small intestine (75% of all small molecules)

• Precise pharmacokinetics of single or combination of drugs in various formats

• Numerous Micropump®-based products successfully tested in human clinical trials

Various dosage forms (pills, tablet, capsule, sachet, liquid)

Commercial Stage Platform approved in the USA

and EU

Widely used and accepted excipients

Rapid development time Combination of

multiple release profiles and/or multiple active ingredients

Taste-masking properties

Cost effective and easy to scale-up

Strong IP position

May 2015 31

• Microparticles are dispersed in the stomach and pass into the small intestine, where each microparticle releases the drug at an adjustable rate and over an extended period of time (up to 24 hours)

• Drug released at an adjustable rate controlled and/or delayed

• Micropump® microparticles can be used separately or together to provide highly specialized delivery profiles

Micropump Microparticles for Controlled/Modified Release

Granules drug granulate or layered neutral core

May 2015 32

LiquiTime® Platform at a Glance

LiquiTime® is a novel, proprietary and innovative delivery platform allowing the stable

Liquid and controlled release formulation of one or several combined drugs over Time

LiquiTime® meets challenges

faced in the treatment of

pediatric and geriatric patients

and patient populations who

have difficulty swallowing

tablets or capsules, and may

provide better patient

compliance

LiquiTime’s versatility allows once- or twice-daily liquid formulations of a wide variety of drugs

This graph illustrates the different near zero-order release profiles which can be tailored for the same drug

May 2015 33

Each microparticle is individually coated and behaves as an independent micro reservoir

Coating • controls diffusion • keeps its integrity • offers good resistance to stress

LiquiTime® for Extended Release Liquid Suspension

The liquid suspension contains small coated drug microparticles

A dose typically contains 5,000 to 50,000 particles

ER microparticles are suspended in the liquid medium

Granules drug granulate or layered neutral core

150-500 µm

May 2015 34

Trigger Lock™ is a proprietary and innovative delivery platform that enables

the controlled release of narcotic and opioid analgesics while deterring their

abuse

Trigger Lock™ successfully addresses the issues of narcotic/opioid analgesics

tampering:

The sustained release Micropump®-based microparticles are resistant to

crushing: each microparticle retains its polymer coating which is virtually

impervious to further crushing

Trigger Lock™ resists extraction attempts (even in boiling liquids) with

beverages (alcoholic or not) preventing injection

Trigger Lock™ preserves the bioavailability of the narcotic/opioid analgesics

Trigger Lock™ is compatible with different dosage forms (capsules, tablets)

Trigger Lock™ Platform at a Glance

May 2015 35

1. Drug loaded Micropump® microparticles Sustained Release (SR) microparticles which are resistant to crushing

2. Viscosifying ingredient(s) To prevent abuse by injection after extraction in a small volume of solvent

3. Quenching ingredient(s)

To prevent extraction in large volumes of liquid

• These ingredients are all in the size range of 150-350 µm

• The high number of microparticles per dose (>20,000) prevents easy separation of these components

Each microparticle retains its polymer coating which is virtually impervious to further crushing

Trigger Lock™ SR Microparticles for Abuse Resistance

May 2015 36

Medusa™ Hydrogel Depot

Solubilization and stabilization of drugs

Applicable to a wide range of small molecules, peptide

and protein drugs

Safe, non-immunogenic and fully biodegradable

Sustained delivery from 1 to 7 days in human

Combination of several different drugs in the same

formulation

Bio-friendly, water-based, solvent-free

formulation process

Cost effective and easy to scale-up

Strong IP position

Medusa™ Platform at a Glance

May 2015 37

Medusa™ Hydrogel Depot For Injection

COO- Na+

COO- Na+

COO- Na+

COO- Na+

COO- Na+ COO- Na+

COO- Na+

Vitamin E Polyglutamate chain

Drug solution

or powder

Formulation by simple mixing in water Non-covalent association (reversible hydrophobic and/or

electrostatic interaction) of the drug with Medusa™ hydrogel

Injection

In vivo depot formation

1 2 3

Sustained release of the unmodified drug over 1 to 7 days

*

*

*

Water clear liquid Solution

Or Freeze-dried

In Vitro In Vivo

• Made of polyglutamic acid and Vitamin E • Amphiphilic and spontaneously forms stable nanoparticles in water • Complexes are stable over a wide range of pH