Fourth Quarter and Full Year 2017 Financial Update February 27, 2018

Forward Looking Statements 2 The statements that are not historical facts contained in this presentation are forward-looking statements that involve risks and uncertainties including, but not limited to, those related to Depomed’s strategy, plans, objectives, expectations (financial or otherwise) and intentions, future financial results and growth potential, including projected revenues and earnings, expectations regarding periods of exclusivity for the Nucynta® franchise, Gralise®, CAMBIA®, Zipsor®, as well as any other statements that are not historical facts. These forward-looking statements are based on Depomed’s current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation: risks associated with the commercialization of our products, including competitive risks; risks relating to the pending ANDA litigation for Nucynta and Nucynta ER; pricing and third party payor reimbursement risks for our products; regulatory risks, including FDA regulation of our products and regulation of our promotional practices; risks relating to the successful development of new product candidates; as well as other risks related to Depomed's business detailed from time-to-time under the caption "Risk Factors" and elsewhere in Depomed's SEC filings and reports, including in its Annual Report on Form 10-K for the year ended December 31, 2017 and its most recent Quarterly Report on Form 10-Q. Depomed undertakes no duty or obligation to update any forward-looking statements contained in this presentation as a result of new information, future events or changes in its expectations except as may be required by law. This presentation contains non-GAAP financial measures, including EBITDA, Adjusted EBITDA and other financial measures labeled as “non-GAAP.” Please refer to Depomed’s February 27, 2018 earnings release on the Depomed website (Depomed.com) for an explanation of these non-GAAP financial measures and for tables that reconcile the non-GAAP figures to their GAAP equivalent. “Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995 February 2018

A Clear Strategy for Growth Execution of Three Pillar Growth Strategy Transforms Company 3 MAINTAIN a Strong/Profitable NUCYNTA Franchise GROW Neurology and Pain Franchise BUILD a New Specialty Franchise Collegium Transaction December 2017 90 Rep Salesforce Operational October 2017 Cosyntropin Depot Transaction November 2017 February 2018

Collegium Deal Maintains a Strong/Profitable NUCYNTA® Franchise 4 MAINTAIN NUCYNTA Commercialization Agreement with Collegium Pharmaceutical Announced December 2017; Closed January 2018 Collegium obtains the rights to commercialize NUCYNTA® Collegium will record revenues and assume all responsibilities associated with commercialization and distribution of NUCYNTA® Depomed received $10 million upfront and minimum royalties on all NUCYNTA® revenues from Collegium For up to four years, Depomed will be due minimum royalties of $135 million per year, payable quarterly Special Purpose Vehicle with Lockbox System to ensure payments to Depomed are highly secure The minimum Depomed can expect to receive under early termination of the agreement is $305 million Collegium salesforce received NUCYNTA training in early February and deployed mid-February Collegium is the right partner for this important asset February 2018

Collegium: Ideal Partner to Take NUCYNTA® to the Next Level Recognized as an emerging leader in pain management and committed to building a leading pain company Xtampza® ER is the fastest growing Extended Release branded opioid Strong home office, commercial and managed care infrastructures Salesforce focused on Pain Specialists with significant overlap with NUCYNTA customers Collegium desired an Immediate Release product and viewed NUCYNTA® IR as best-in-class Xtampza® ER and NUCYNTA® ER’s different MOAs will be positioned as complementary products: Xtampza® ER: Abuse deterrent oxycodone of choice NUCYNTA® ER: Dual MOA and Diabetic Peripheral Neuropathy (DPN) Offering improves the continuum of care for patients with chronic pain 5 Collegium and Depomed Share a Commitment to Putting the Patient First February 2018

GROW Salesforce Optimization Grows Our Neurology and Pain Franchise Relaunch of our 90 representative Neurology salesforce in September Salesforce fully operationalized in October Promotion of Gralise®, Cambia® and for the first time in January 2018, Zipsor® Successful National Sales Meeting held in January Opportunity to examine physician base and reevaluate traditional pharmaceutical targeting Aim is to return to growth by year-end Targeting growing the portfolio with at least one new product in 2018 Goal is to make the franchise EBITDA positive in 2H 2018 6 February 2018

Slán Transaction Builds A New Specialty Franchise November 2017 Asset Transfer Agreement with Slán Establishes a New Specialty Products Business Unit Diversifies portfolio with Cosyntropin (Synthetic ACTH Depot) First of a portfolio of high-value, high-touch specialty/ orphan products positioned to address the needs of patients, physicians and payors 1st Indication (Confidential) NDA filing in late 2018; Potential launch late 2019/ early 2020 2nd Indication (Infantile Spasms) Investigational New Drug (IND) Trial ongoing The Pediatric Epilepsy Research Consortium (Kelly Knupp, M.D., Principal Investigator) Investigator Meeting held in January 15 sites enrolling approximately 400 patients 3 year trial 7 BUILD February 2018

Headquarters Relocation Final negotiations between two sites underway New office is ~31,000 square feet, current office is ~60,000 square feet New location expected to provide better access to specialty pharmaceutical talent Employee migration to commence in second quarter Mirroring of select groups at each location, such as finance, will occur in the second quarter Goal is to have new headquarters fully operational in the third quarter February 2018 8

NUCYNTA® Commercialization Agreement: Closed Agreement with Collegium Pharmaceutical Synthetic Cosyntropin (Synthetic ACTH Depot): Commenced Investigational New Drug (IND) Trial in Infantile Spasms Milestones Driving Growth in 2018 and Beyond 9 First Half 2018 Relocation: Move into New Corporate Headquarters in Third Quarter Refinancing: Execute Refinancing of Deerfield and Pharmakon Advisors’ Secured Debt Synthetic Cosyntropin (Synthetic ACTH Depot): Submission of NDA by West for 1st Indication Purdue Litigation: Potential Trial Date Third/ Fourth Quarter Neurology Business: Return to growth and become EBITDA positive Business Development: Execute 1 to 2 New Opportunities Aimed at Accelerating Growth Second Half 2018 2018: A Year of Growth and Repositioning Setting up for a Potential Breakout 2019/2020 February 2018

Fourth Quarter and Full Year 2017 Financial Results August Moretti, SVP Finance and Chief Financial Officer

11 4Q 2017 total GAAP revenues of $94.4 million Financial 4Q 2017 net sales of $60.0 million versus $58.7 million in 3Q 2017* NUCYNTA® 4Q 2017 net sales of $20.2 million versus $21.1 million in 3Q 2017 Gralise® 4Q 2017 net sales of $7.7 million versus $8.2 million in 3Q 2017 CAMBIA® 4Q 2017 net sales of $1.8 million versus $4.0 million in 3Q 2017** Lazanda® 4Q 2017 net sales of $4.4 million versus $3.2 million in 3Q 2017 Zipsor® Fourth Quarter 2017 Revenue Overview February 2018 * Due to supply issues resulting from Hurricanes Maria and Irma, Depomed was unable to ship out approximately $8 million (net) in NUCYNTA ER orders in 4Q 2017. In 3Q 2017, Depomed was unable to ship out approximately $2 million (net) in NUCYNTA IR orders, which were subsequently filled in 4Q 2017. ** Depomed booked fourth quarter revenues of Lazanda until the November 7, 2017 Strategic Asset Transaction with Slán

12 Approximately 19% of revenue COGS $48.3 million GAAP SG&A $45.0 million Non-GAAP SG&A $1.3 million GAAP R&D $1.2 million Non-GAAP R&D $32.8 million versus $30.1 million in Q3 2017 Non-GAAP EBIDTA Fourth Quarter 2017 Overview NUCYNTA ER: Decreased by over two weeks from end of Q3 2017*** Days on Hand February 2018 *** Result of NUCYNTA ER supply interruptions during the quarter from the impact of Hurricanes Irma and Maria on our third party manufacturing plant based in Puerto Rico Remainder of Portfolio: Increased by 1-2 days from end of Q3 2017

13 2017 total GAAP revenues of $381 million Financial 2017 net sales of $240 million versus $281 million in 2016 NUCYNTA® 2017 net sales of $77 million versus $88 million in 2016 Gralise® 2017 net sales of $32 million versus $31 million in 2016 CAMBIA® 2017 net sales of $15.0 million versus $26.5 million in 2016** Lazanda® 2017 net sales of $16.7 million versus $27.5 million in 2016 Zipsor® Full Year 2017 Revenue Overview February 2018 ** Depomed booked fourth quarter revenues of Lazanda until the November 7, 2017 Strategic Asset Transaction with Slán

Fourth Quarter 2017 Balance Sheet 14 cash equivalents and marketable securities of $128 million versus $113 million in Q3 2017 Cash February 2018 CONSOLIDATED CONDENSED BALANCE SHEETS (in thousands) (unaudited) December 31, December 31, 2017 2016 Cash, cash equivalents and marketable securities 128,089 $ 177,420 $ Accounts receivable 72,482 102,589 Inventories 13,042 13,033 Property and equipment, net 13,024 15,526 Intangible assets, net 793,873 902,149 Prepaid and other assets 18,107 14,620 Total assets 1,038,617 $ 1,225,337 $ Accounts payable 14,732 $ 14,855 $ Income tax payable 126 59 Interest payable 13,220 15,924 Accrued liabilities 60,496 59,398 Accrued rebates, returns and discounts 135,828 131,536 Senior notes 357,220 466,051 Convertible notes 269,510 252,725 Contingent consideration liability 1,613 14,825 Other liabilities 16,364 19,176 Shareholders’ equity 169,508 250,788 Total liabilities and shareholders’ equity 1,038,617 $ 1,225,337 $

2018 Full-Year Guidance Guidance Neurology Franchise Net Sales $120 to $125 million GAAP SG&A Expense $123 to $133 million GAAP R&D Expense $11 to $16 million Non-GAAP SG&A Expense $110 to $120 million Non-GAAP R&D Expense $10 to $15 million GAAP Net Loss ($72) to ($82) million Non-GAAP Adjusted EBITDA $125 to $135 million As the Company is no longer responsible for the commercialization of the NUCYNTA franchise, the Company is not providing revenue guidance on total revenue. The difference between GAAP Expenses and Non-GAAP Expenses relates to stock based compensation. February 2018 15

Summary Arthur Higgins, President and Chief Executive Officer

180 Days Ago NUCYNTA and Lazanda franchises placed Depomed with a heavy opioid concentration in a volatile market NUCYNTA field force needed to be downsized and retargeted with significant dislocation risk Cebranopadol being developed as a follow-on to NUCYNTA Promotionally-sensitive neurology products under resourced with ~40 person field force, Zipsor not promoted No Third Pillar Pain Field Force: 270 persons Newark, CA HQ: ~60,000 square feet with 120 people; challenging location to recruit specialty pharmaceutical talent Depomed’s Transformation is Well Underway 17 Today Collegium agreement removes volatility and provides Depomed a minimum of $135M royalty annually for first 4 years Collegium is a strong and committed partner better positioned to address the opioid continuum of care Lazanda divested to Slán Cebranopadol returned to Grünenthal Depomed’s renewed commitment to franchise with ~90 person field force Slán asset transaction divests Lazanda and creates a Third Pillar new specialty/ orphan franchisebuilt around cosyntropin Pain field force eliminated Moving to New HQ: ~30,000 square feet with ~40% less people; location facilitates recruitment of specialty pharmaceutical talent Significant improvement in EBITDA per employee MAINTAIN GROW BUILD RESTRUCTURE February 2018 The New Depomed is a Leaner, More Entrepreneurial and Faster Moving Company Positioned for Growth in 2018 and Potential Breakout in 2019

Questions and Answers

Appendix

Note Regarding Use of GAAP and Non-GAAP Financial Measures To supplement our financial results presented on a U.S. generally accepted accounting principles, or GAAP, basis, the Company has included information about non-GAAP adjusted earnings, non-GAAP adjusted earnings per share and non-GAAP adjusted EBITDA, non-GAAP financial measures, as useful operating metrics. The Company believes that the presentation of these non-GAAP financial measures, when viewed with our results under GAAP and the accompanying reconciliation, provides supplementary information to analysts, investors, lenders, and our management in assessing the Company’s performance and results from period to period. The Company uses these non-GAAP measures internally to understand, manage and evaluate the Company’s performance, and in part, in the determination of bonuses for executive officers and employees. These non-GAAP financial measures should be considered in addition to, and not a substitute for, or superior to, net income or other financial measures calculated in accordance with GAAP. Non-GAAP adjusted earnings and non-GAAP adjusted earnings per share are not based on any standardized methodology prescribed by GAAP and represent GAAP net income (loss) and GAAP earnings (loss) per share adjusted to exclude amortization, IPR&D and non-cash adjustments related to product acquisitions, stock-based compensation expense, non-cash interest expense related to debt, the special meeting requests made by an activist investor and CEO transition, restructuring costs, adjustments associated with non-recurring legal settlements and disputes, and to adjust for the tax effect related to each of the non-GAAP adjustments. Non-GAAP adjusted EBITDA is not based on any standardized methodology prescribed by GAAP and represents GAAP net income (loss) adjusted to exclude interest income, interest expense, amortization, IPR&D and non-cash adjustments related to product acquisitions, stock-based compensation expense, depreciation, taxes, restructuring costs, adjustments related to non-recurring legal settlements and disputes, the special meeting requests made by an activist investor, and CEO transition. Non-GAAP financial measures used by us may be calculated differently from, and therefore may not be comparable to, non-GAAP measures used by other companies. 20 February 2018

GAAP to Non-GAAP Reconciliation Adjusted Earnings 21 February 2018 RECONCILIATION OF GAAP NET LOSS TO NON-GAAP ADJUSTED EARNINGS (in thousands, except per share amounts) Three Months Ended Twelve Months Ended December 31, December 31, 2017 2016 2017 2016 (unaudited) (unaudited) GAAP net loss (33,104) $ (44,368) $ (102,496) $ (88,720) $ Non-cash interest expense on debt 5,340 4,588 20,953 18,449 Managed care dispute settlement - - 4,742 - Intangible amortization related to product acquisitions 25,541 25,734 102,745 106,845 Inventory step-up related to product acquisitions - - - 15 Contingent consideration related to product acquisitions (104) 694 (6,629) 2,287 Stock based compensation 3,095 4,570 12,965 17,172 Acquired in process research and development 24,900 - 24,900 - Gain on divestiture of Lazanda (17,064) - (17,064) - Restructuring and other costs (1) 9,817 2,409 16,834 5,352 Valuation allowance on deferred tax assets 11,017 42,634 30,291 42,634 Income tax effect of non-GAAP adjustments (3) (18,626) (13,220) (56,875) (52,431) Non-GAAP adjusted earnings 10,813 $ 23,041 $ 30,366 $ 51,603 $ Add interest expense of convertible debt, net of tax (2) 1,348 1,348 5,390 5,390 Numerator 12,160 $ 24,389 $ 35,756 $ 56,993 $ Shares used in calculation (2) 81,360 82,258 81,619 81,597 Non-GAAP adjusted earnings per share 0.15 $ 0.30 $ 0.44 $ 0.70 $ (2) The Company uses the if-converted method to compute diluted earnings per share with respect to its convertible debt. (3) Calculated by taking the pre-tax non-GAAP adjustments and applying the statutory tax rate. Expected cash taxes were zero for the three months ended December 31, 2017 and zero for the three months ended December 31, 2016. Expected cash taxes were zero for the twelve months ended December 31, 2017 and zero for the twelve months ended December 31, 2016. (1) Restructuring and other costs represents non-recurring costs associated with the Company's restructuring, the special meeting requests of an activist investor, CEO transition and an attempted debt refinancing.

GAAP to Non-GAAP Reconciliation EBITDA and Adjusted EBIDTA 22 February 2018 RECONCILIATION OF GAAP NET LOSS TO NON-GAAP ADJUSTED EBITDA (in thousands) Three Months Ended Twelve Months Ended December 31, December 31, 2017 2016 2017 2016 (unaudited) (unaudited) GAAP net loss (33,104) $ (44,368) $ (102,496) $ (88,720) $ Pharmacy benefit manager dispute settlement - - 4,742 - Intangible amortization related to product acquisitions 25,541 25,734 102,745 106,845 Inventory step-up related to product acquisitions - - - 15 Contingent consideration related to product acquisitions (104) 694 (6,629) 2,287 Stock based compensation 3,095 4,570 12,965 17,172 Interest income (77) (137) (410) (447) Interest expense 18,361 19,932 78,190 87,088 Depreciation 918 652 2,757 2,530 Benefit from income taxes (870) 41,910 (1,429) 24,218 Restructuring and other costs (1) 9,817 2,409 16,834 5,352 Acquired in process research and development 24,900 - 24,900 - Gain on divestiture of Lazanda (17,064) - (17,064) - Transaction costs 1,435 - 1,435 45 Non-GAAP adjusted EBITDA 32,847 $ 51,397 $ 116,540 $ 156,385 $ (1) Restructuring and other costs represents non-recurring costs associated with the Company's restructuring, special meeting requests of an activist investor, CEO transition and an attempted debt refinancing.

GAAP to Non-GAAP Reconciliation Adjusted Information (Three Months Ended December 31, 2017) 23 February 2018 Cost of sales Research and development expense Selling, general and administrative expense Restructuring Charges Amortization of intangible assets Interest expense Benefit from (provision for) income taxes GAAP as reported 17,704 $ 1,259 $ 48,318 $ 9,372 $ 25,541 $ (17,857) $ 870 $ Non-cash interest expense on debt - - - - - 5,340 - Intangible amortization related to product acquisitions - - - - (25,541) - - Contingent consideration related to product acquisitions - - 166 - - 62 - Stock based compensation (14) (58) (3,023) - - - - Restructuring and other costs - - (445) (9,372) - - - Valuation allowance on deferred tax assets - - - - - - 11,017 Income tax effect of non-GAAP adjustments - - - - - - (18,626) Non-GAAP adjusted 17,690 $ 1,201 $ 45,016 $ - $ - $ (12,455) $ (6,738) $ RECONCILATIONS OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION For the three months ended December 31, 2017 (in thousands) (unaudited)

GAAP to Non-GAAP Reconciliation Adjusted Information (Three Months Ended December 31, 2016) 24 February 2018 Cost of sales Research and development expense Selling, general and administrative expense Amortization of intangible assets Interest expense Benefit from (provision for) income taxes GAAP as reported 22,657 $ 9,154 $ 48,462 $ 25,734 $ (20,537) $ (41,910) $ Non-cash interest expense on debt - - - - 4,588 - Intangible amortization related to product acquisitions - - - (25,734) - - Contingent consideration related to product acquisitions - - (89) - 605 - Stock based compensation (15) (166) (4,389) - - - Restructuring and other costs - - (2,409) - - - Valuation allowance on deferred tax assets - - - - - 42,634 Income tax effect of non-GAAP adjustments - - - - - (13,220) Non-GAAP adjusted 22,642 $ 8,988 $ 41,574 $ - $ (15,344) $ (12,496) $ (in thousands) (unaudited) RECONCILATIONS OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION For the three months ended December 31, 2016

GAAP to Non-GAAP Reconciliation Adjusted Information (Twelve Months Ended December 31, 2017) 25 February 2018 Product Sales Cost of sales Research and development expense Selling, general and administrative expense Restructuring Charges Amortization of intangible assets Interest expense Benefit from (provision for) income taxes GAAP as reported 380,724 $ 72,598 $ 13,718 $ 195,695 $ 13,247 $ 102,745 $ (73,552) $ 1,429 $ Non-cash interest expense on debt - - - - - - 20,953 - Managed care dispute settlement 4,742 - - - - - - - Intangible amortization related to product acquisitions - - - - - (102,745) - - Contingent consideration related to product acquisitions - - - 7,708 - - 1,079 - Stock based compensation - (98) (710) (12,157) - - - - Restructuring and other costs - - - (3,587) (13,247) - - - Valuation allowance on deferred tax assets - - - - - - - 30,291 Income tax effect of non-GAAP adjustments - - - - - - - (56,875) Non-GAAP adjusted 385,466 $ 72,500 $ 13,008 $ 187,659 $ - $ - $ (51,520) $ (25,155) $ RECONCILATIONS OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION For the twelve months ended December 31, 2017 (in thousands) (unaudited)

GAAP to Non-GAAP Reconciliation Adjusted Information (Twelve Months Ended December 31, 2016) 26 February 2018 Cost of sales Research and development expense Selling, general and administrative expense Amortization of intangible assets Interest expense Benefit from (provision for) income taxes GAAP as reported 87,414 $ 32,631 $ 204,498 $ 106,845 $ (83,719) $ (24,218) $ Non-cash interest expense on debt - - - - 18,449 - Intangible amortization related to product acquisitions - - - (106,845) - - Inventory step-up related to product acquisitions (15) - - - - - Contingent consideration related to product acquisitions - - 120 - 2,407 - Stock based compensation (43) (496) (16,633) - - - Restructuring and other costs - - (5,352) - - - Valuation allowance on deferred tax assets - - - - - 42,634 Income tax effect of non-GAAP adjustments - - - - - (52,431) Non-GAAP adjusted 87,356 $ 32,135 $ 182,633 $ - $ (62,863) $ (34,015) $ For the twelve months ended December 31, 2016 (in thousands) (unaudited) RECONCILATIONS OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION

GAAP to Non-GAAP Reconciliation Earnings Per Share 27 February 2018 RECONCILIATION OF GAAP NET LOSS PER SHARE TO NON-GAAP ADJUSTED EARNINGS PER SHARE Three Months Ended Twelve Months Ended December 31, December 31, 2017 2016 2017 2016 GAAP net loss per share (0.52) $ (0.72) $ (1.63) $ (1.45) $ Conversion from basic shares to diluted shares 0.12 0.18 0.38 0.36 Non-cash interest expense on debt 0.07 0.06 0.26 0.23 Managed care dispute settlement - - 0.06 - Intangible amortization related to product acquisitions 0.31 0.31 1.25 1.31 Contingent consideration related to product acquisitions (0.00) 0.01 (0.08) 0.03 Stock based compensation 0.04 0.06 0.16 0.21 Acquired in process research and development 0.30 - 0.30 - Gain on divestiture of Lazanda (0.21) - (0.21) - Restructuring and other costs 0.12 0.03 0.21 0.06 Valuation allowance on deferred tax assets 0.14 0.52 0.37 0.52 Income tax effect of non-GAAP adjustments (0.23) (0.16) (0.70) (0.64) Add interest expense of convertible debt, net of tax 0.02 0.02 0.07 0.07 Non-GAAP adjusted earnings per share 0.15 $ 0.30 $ 0.44 $ - $ (unaudited)

GAAP to Non-GAAP Reconciliation Adjusted EBIDTA Guidance February 2018 28 GAAP net loss ($72) - ($82) Intangible amortization related to product acquisitions $102 Interest Expense $63 - $66 Stock Based Compensation $13 - $15 Taxes $0 - $3 Depreciation $3 Restructuring $20 - $24 Non-GAAP adjusted EBITDA $125 - $135 RECONCILIATION OF FY 2018 GAAP NET LOSS TO NON-GAAP ADJUSTED EBITDA GUIDANCE (in millions)