AMAG Pharmaceuticals, Inc. All© Rights 2019 Reserved AMAG Pharmaceuticals, Inc

Jefferies Global Healthcare Conference November 20, 2019

Forward Looking Statements This presentation contains forward‐looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (PSLRA) and other federal securities laws. Any statements contained herein which do not describe historical facts, including, among others, AMAG’s expectations for its product and product candidate portfolio, including beliefs about the market share of AMAG’s key commercial products; beliefs that AMAG will be able to work collaboratively with the FDA and expectations that there may be a path forward for Makena; AMAG’s belief that early feedback related to the Vyleesi launch is promising; AMAG’s expectations regarding the efficacy of its direct- to-consumer campaign and Early Experience initiative for Vyleesi; AMAG’s expectations regarding ciraparantag and its clinical development program, including the design and use of the automated coagulometer, potential features of the product, including storage and preparation and dosing; the anticipated regulatory and clinical trial timelines for AMAG’s product candidates, including ciraparantag and AMAG-423; AMAG’s belief that its evolved balance sheet will support transformation and the future; AMAG’s belief that its commercial products will fund investments in its development programs; beliefs about the U.S. and ex-U.S. commercial opportunities; AMAG’s 2019 goals, 2019 financial guidance, including forecasted GAAP operating loss and non-GAAP adjusted EBITDA; and beliefs that AMAG will be EBITDA neutral in 2020 are forward‐looking statements which involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward‐looking statements. Such risks and uncertainties include, among others the risk that the FDA will withdraw approval of Makena in line with the recommendation of BRUDAC that approval of 17P be withdrawn; the risk that the FDA could take other adverse action related to Makena given the findings and recommendation of BRUDAC; the risk that AMAG may not be able to generate additional efficacy data that will be satisfactory to the FDA (if the FDA permits AMAG to submit additional data to support or as a condition to the continued commercialization of Makena); the risk that healthcare providers may be reluctant to continue to prescribe the Makena auto-injector or the FDA may require that the Makena label include information on the PROLONG study, restrictions to the current indication or the insertion of new warnings or precautions and those risks identified in AMAG’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including its Annual Report on Form 10‐K for the year ended December 31, 2018, Quarterly Reports on Form 10-Q for March 31, 2019, June 30, 2019 and September 30, 2019, and subsequent filings with the SEC, which are available at the SEC’s website at www.sec.gov. Any such risks and uncertainties could materially and adversely affect AMAG’s results of operations, its profitability and its cash flows, which would, in turn, have a significant and adverse impact on AMAG’s stock price. AMAG cautions you not to place undue reliance on any forward‐looking statements, which speak only as of the date they are made. AMAG disclaims any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward‐looking statements. Cautionary Disclosures Regarding AMAG’s Long-term Outlook AMAG has made forward looking estimates of its long-term outlook, including that it will be adjusted EBITDA neutral by 2020. AMAG’s growth trajectory and expectations for adjusted EBITDA on a multi-year timeframe are based on a strategy of maximizing commercial product opportunities to fund investments in new products, with various assumptions, including certain assumptions about the progression and approval of AMAG’s product candidates and the continued viability of AMAG’s commercialized products, including the Makena SC auto-injector. In addition to the risk factors and forward-looking statements disclosed above, these estimates involve risks and uncertainties related to: (i) the success of AMAG’s development pipeline; (ii) an increased focus on durable assets; (iii) ongoing efforts to leverage clinical development capabilities against later-stage, lower-risk development opportunities which are themselves subject to considerable risk; (iv) the cash-flows required to the fund AMAG’s evolving business model, including its development efforts; (v) the uncertain and highly speculative commercial potential of therapeutic areas of interest; (vi) external pricing / reimbursement and (vii) the continued viability of the Makena platform. The purpose of this adjusted EBITDA estimate is not to provide financial guidance or forecasts, but rather to illustrate AMAG’s current growth model based on current plans for the advancement of ciraparantag and AMAG-423 and potential future portfolio expansion and the continued commercialization of Makena, Feraheme, Intrarosa and Vyleesi. These estimates include assumptions based on current circumstances with respect to, among other things, (A) design, enrollment, timing and successful execution of clinical trials, (B) anticipated timetables for regulatory filings and related reviews and potential approvals of products, and approved indications, (C) cost and timing for development efforts and commercial launches, (D) forecasted volumes and pricing and (E) the continued approval and performance of AMAG’s commercialized products. Additional risk factors include, among others, (i) the risk that AMAG’s commercial products will not achieve the level of revenues needed to support AMAG’s research and development efforts, including because such efforts require greater costs than anticipated, or because such revenues fall short of expectations, including because approval of any such products is withdrawn or the FDA takes other adverse action with respect to any such products, (ii) the speculative nature of the addressable market for the indications being pursued for AMAG’s product candidates, (iii) the risk that the FDA will not approve AMAG’s product candidates for commercial use on the expected timeframe, for the anticipated indications, uses and label, or at all, and (iv) the risk that AMAG will not be able to continue to execute on its business plan. There can be no assurance that all or any of the assumptions and estimates built into our long-term models will prove correct, and we caution you not to place undue reliance on such statements and the overall progression of revenue or adjusted EBITDA for our products, as the timing of regulatory approvals, clinical study results, commercial launch, supply availability, competition, volume and pricing may turn out to be significantly different from our current estimates. You are strongly encouraged to read those risks and uncertainties identified above and in AMAG’s filings with the SEC. AMAG Pharmaceuticals®, the logo and designs, Feraheme® and Vyleesi ® are registered trademarks of AMAG Pharmaceuticals, Inc. Makena® is a registered trademark of AMAG Pharma USA, Inc. Intrarosa® is a registered trademark of Endoceutics, Inc. Other trademarks referenced in this report are the property of their respective owners. © 2019 AMAG Pharmaceuticals, Inc. All rights reserved 2 AMAG’s Strategic Evolution from Spec Pharma to BioPharma Commercial and clinical-stage assets address women’s health and hematology

just PORTFOLIO SNAPSHOT launched

Ciraparantag AMAG-423

PIPELINE

COMMERCIAL COMMERCIAL Hematology Women’s Health Hematology Women’s Health 2016 Today

Subcutaneous Auto-injector Record Revenues & Market Share1 Quarterly Market Share2 TRx/NRx Average Market Share3 5.0% Revenues 4.5% % 63% 63% YoY: up nearly 20% 54 4.0% TRx QoQ: up more than 5% 3.5% 3.0% NRx Market share 2.5% 2.0% Q1-2019 Q2-2019 Q3-2019 17.5% 3Q-2019 avg. market share Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19

Feraheme Quarterly Net Revenues Makena Quarterly Net Revenues Intrarosa Quarterly Net Revenues

$44.2 $42.1 $40.0 $41.0 $41.3 $37.8

$5.6 $4.4 $4.9

Q1-2019 Q2-2019 Q3-2019 Q1-2019 Q2-2019 Q3-2019 Q1-2019 Q2-2019 Q3-2019

1 Feraheme market share based on IQVIA data and internal analytics. 2 Makena SC auto-injector market share is based on all FDA-approved hydroxyprogesterone caproate TRxs. Data based on Specialty Pharmacy Demand Data; Valuecentric 867 Data; and IQVIA SMART US Edition Integrated View – NSP. 3 Intrarosa market share based on IQVIA Xponent Plantrak data.

5 Makena Addresses Urgent Public Health Crisis

• Makena (and FDA-approved generic alternatives of 17P IM) is the only FDA-approved therapy to reduce recurrent preterm birth in certain at-risk women • Makena has become the standard of care and is recognized in medical treatment guidelines of American College of Obstetricians and Gynecologists (ACOG) and Society for Maternal-Fetal Medicine (SMFM) • Preterm birth (babies born <37 weeks) is a significant and growing problem in the U.S.1 – 1 in 10 babies is born prematurely (~400,000 babies/year), and ~130,000 babies/year born to women who had experienced a prior spontaneous preterm birth2 – Preterm birth disproportionately affects certain ethnic minorities (e.g. African Americans) and socio-economically disadvantaged women1

1 https://www.marchofdimes.org/mission/prematurity-campaign.aspx. Accessed November 18, 2019. 2 Petrini JR, CallaghanWM, Klebanoff M, et al. Estimated effect of 17 alpha-hydroxyprogesterone caproate on preterm birth in the United States. Obstet Gynecol 2005;105(02):267–272.

. Meis trial published in . Makena approved . AMAG announced topline results . FDA held Advisory Committee meeting New England Journal of under Subpart H from PROLONG trial – 7 members voted to keep Makena on the Medicine (Meis et al ‒ Approval on basis of ‒ Did not demonstrate a statistically market and generate more data through a NEJM 2003) Meis trial significant difference between the new confirmatory trial ‒ Conducted in U.S. patients treatment and placebo arms – 9 members voted to recommend that the FDA pursue withdrawal from the market ‒ Demonstrated a 30% ‒ Confirmed safety profile of Makena reduction in the rate of ‒ 77% patients from outside U.S. – BRUDAC’s recommendation is not binding, preterm birth (predominantly E. Europe and Russia) but will be considered by FDA in making its decision

JUNE 2003 FEBRUARY 2011 MARCH 2019 OCTOBER 29, 2019

OCTOBER 2009 NOVEMBER 2014 OCTOBER 25, 2019

. PROLONG . AMAG acquired rights . PROLONG trial results published in The confirmatory trial to Makena through American Journal of Perinatology initiated acquisition of Lumara ‒ Primary author Dr. Sean Blackwell puts Health results in perspective in discussion section . Professional societies ACOG and SMFM updated guidelines reaffirming recommendation for use of Makena for at-risk pregnant women

MEIS TRIAL PROLONG TRIAL Conducted in U.S. pregnant women Conducted primarily in non-U.S. with high rates of preterm birth patient population Demonstrated a Did not show a reduction in preterm birth rates 30% reduction Lower preterm birth rates than Meis trial in preterm birth rates (in both the treatment and placebo arms) Confirmed strong safety profile of Makena

ACOG and SMFM recommend (pre- and post-PROLONG trial results) the use of Makena to reduce the risk of preterm birth

Today, Makena (and generic 17P) If Makena were not approved and AMAG is committed to working is the only FDA-approved therapy available, those committed to the collaboratively with the FDA on the to reduce the risk of preterm birth use of 17P would be forced to seek path forward that could allow at- compounded drug, which could risk pregnant women to continue create a potential safety risk to have access to Makena

9 Vyleesi® FDA-Approved June 2019 First FDA-approved as-needed treatment option for premenopausal women1

1/10 premenopausal women have low desire with associated distress2,3

95% of women are not yet aware of HSDD and that their distressing lack of desire is a medical condition4

91% of healthcare practitioners are not satisfied with current treatment options4

1 Vyleesi is approved for the treatment of premenopausal women with acquired, generalized hypoactive sexual desire disorder (HSDD). 2 Shifren JL, Monz BU, Russo PA, Segreti A, Johannes CB. Sexual problems and distress in United States women: prevalence and correlates. Obstet Gynecol. 2008;112(5):970–978. 3 Goldstein I, Kim NN, Clayton AH, et al. Hypoactive sexual desire disorder: International Society for the Study of Women’s Sexual Health (ISSWSH) expert consensus panel review. Mayo Clin Proc. 2017;92(1):114‐128. 4 Palatin supported research that was performed by Burke, Inc., an ISO 20252–certified company, in compliance with the established standard for market, opinion, and social research.

ACCELERATING ENGAGEMENT Early experience program built demand and I have had 4 enhanced market knowledge ahead of launch different Approximately 125 sales professionals providers requesting now targeting 15,000 HCPs me to come by and Social and digital reach is driving consumer awareness detail Vyleesi. Those requests came from ENABLING EARLY ACCESS no access offices. Copay program supporting patients while payer coverage builds Vyleesi sales rep

Early metrics through one month post launch

12.6M 120k+ 1,300+ 1 women 40.7M symptom prescribers have been impressions checkers 3,000+ reached completed prescriptions1

What you can expect post first full quarter when we report 4Q19

Early Digital & formulary Number of New patient Total Early repeat social media coverage prescribers starts prescriptions prescription campaign wins metrics

1 Number of prescribers and prescriptions from Vyleesi Specialty Pharmacy Status/Dispense data provided by ValueCentric.

Ciraparantag

13 Novel Oral Anticoagulant (NOAC) Use Growing Improved reversal agents could lead to even broader NOAC use Anticoagulants (often referred to as blood thinners) reduce the ability of the blood to form clots • Prevention of stroke in patients with nonvalvular atrial fibrillation • Prevention and treatment of deep vein thrombosis (DVT) and pulmonary embolism (PE) • ~6M patients on NOACs or low molecular weight heparin (LMWH)1 • ~100,000 estimated NOAC/LMWH patients per year requiring a reversal agent1

2010 Introduction of NOACs Xarelto® (rivaroxaban) | Eliquis® (apixaban) | Savaysa® (edoxaban) | Pradaxa® (dabigatran)

• October 2018 approval of expanded label for Xarelto® to reduce the risk of major cardiovascular events in patients with chronic coronary artery disease or peripheral Anticipate broader artery disease future use of NOACs • American Heart Association recently wrote guidelines suggesting patients be taken off Coumadin and switched to NOACs1

1 January CT, et al. 2019 Focused Update on Atrial Fibrillation. 2019 AHA/ACC/HRS Focused Update of the 2014 AHA/ACC/HRS Guideline for the Management of Patients With Atrial Fibrillation. A Report of the American College of Cardiology/American Heart Association Task Force on Clinical Practice Guidelines and the Heart Rhythm Society.

• Use of NOACs and LMWH increase risk of serious bleeding complications (1.5%-2% of patients per year)1 • To manage bleeding, a reversal agent may be critical in cases such as:

Emergency/urgent surgery Serious/Life-threatening Major Anticoagulant or invasive procedures bleeding (e.g., GI, intra- trauma overdose abdominal, intracranial)

• Reversal agents approved by FDA: – Praxbind® for reversal of Pradaxa® (dabigatran) – initially approved October 2015; full approval April 2018 – AndexXa® for reversal of Xarelto® and Eliquis® due to life-threatening or uncontrolled bleeding– approved May 2018

1 Tepper, Ping G et al. (2018 ) Real-world comparison of bleeding risks among non-valvular atrial fibrillation patients prescribed apixaban, dabigatran, or rivaroxaban” PLOS ONE 13(11): e0205989. https://doi.org/10.1371/journal.pone.0205989.

HEMATOLOGY: CIRAPARANTAG © 2019 AMAG Pharmaceuticals, Inc. All rights reserved 15 Ciraparantag: Differentiated Anticoagulation Reversal Therapy Ciraparantag: in development as an anticoagulant reversal agent

Storage & Duration Prothrombotic Reversal Agent Dosing Preparation of Action Signal Praxbind® • Requires storage at • One treatment given as 2 • Sustained effect over • No prothrombotic o o o o Biologic that binds Pradaxa® 2 -8 C (36 -46 F) sequential IV doses 24 hours signal

AndexXa® • Requires storage at • One treatment given as a 30 • Anticoagulation starts • Boxed warning related o o o o Biologic that binds Xarelto® and Eliquis® 2 -8 C (36 -46 F) minute bolus followed by infusion to return to normal to thromboembolic • Complex and lengthy over 2 hours immediately after risks, ischemic risks, preparation • Requires different doses based on cessation of dosing cardiac arrest, and timing of last NOAC dose sudden death

Ciraparantag • Requires storage at • Given as a single IV injection dose • Demonstrates a • No prothrombotic o o o o Small molecule in development to bind 2 -8 C (36 -46 F) with • Potential for a fixed dose for all Xa sustained effect over signal to date NOACs and LMWH potential for room inhibitors 24 hours temperature storage • Ready-to-use

HEMATOLOGY: CIRAPARANTAG © 2019 AMAG Pharmaceuticals, Inc. All rights reserved 16 Phase 2b Study of Ciraparantag: Reversal of Xarelto® Study in healthy subjects; 180 mg dose demonstrates 100% response rate

Mean Whole Blood Clotting Individual Responder Analysis Time (WBCT) by Timepoint (n=12 per dose) 40% 100.0% 100% 30%

80% 20% 66.7% 58.3% 60% 10%

40% % of Subjectsof %

WBCT Baseline WBCT % Normalof 0% 0.25 0.5 0.75 1 2 4 6 8 24 20% Ciraparantag -10% or placebo dose Hours Post Dose 0.0% 0% Baseline & Xarelto® dose *WBCT reversed to within 10% of n Placebo n Ciraparantag 60 mg n Ciraparantag 120 mg n Ciraparantag 180 mg baseline within 30 minutes and sustained for 24 hours

1 Doses previously presented as ciraparantag acetate doses: 300 mg acetate = 180 mg; 200 mg acetate = 120 mg; 100 mg acetate = 60 mg.

• WBCT is a measure of the time it takes for blood to clot – clinically Perosphere Technologies’ broad spectrum relevant physiologic outcome Point-of-Care coagulometer1 – WBCT is currently evaluated manually – Anticoagulant activity (and reversal) is best measured by WBCT – WBCT (manually measured) was the clinical endpoint measured in the Phase 2b clinical trials

• Perosphere Technologies has developed an automated coagulometer to measure WBCT at the bedside, with results within minutes1 – Progressing through validation for Investigative Device Exemption (IDE) approval by FDA – AMAG plans to utilize the automated coagulometer in its clinical development program

1 AMAG has entered into an agreement with Perosphere Technologies for rights to the automated coagulometer, which the company plans to utilize in the Phase 3 clinical program.

19 Severe Preeclampsia: Significant Unmet Medical Need Globally AMAG-423 (Digoxin Immune Fab: DIF) in development for the treatment of severe preeclampsia

Preeclampsia is the Maternal morbidity Adverse neonatal leading cause of: and mortality outcomes

No effective treatments FDA granted AMAG-423 Significant $2.2 billion for preeclampsia orphan status annual burden to U.S. (7-years exclusivity 1 Only “treatment” is delivery of healthcare system the baby, often times very expected at approval) preterm and fast track review

1 Stevens W et al, Short-term costs of preeclampsia to the U.S. health care system. American Journal of Obstetrics & Gynecology. September 2017, Volume 217, Issue 3, pp237- 248.e16 .

MECHANISM OF ACTION • Endogenous digitalis-like factors (EDLFs) are 30 DEEP Trial4: Sodium Pump Activity circulating inhibitors of the Na+ K+ ATPase pump 25 (Surrogate for EDLF Activity) (“sodium pump”) and when elevated can lead to vasoconstriction, elevated blood pressure, and 20 1 15 decreased blood flow n=19 n=15 10 n=21 n=22 • Elevations in EDLFs have been implicated in a 5 n=20 n=12 n=21 number of diseases including hypertension and 0 1 n=19

preeclampsia -5 % Change from baseline % from Change -10 p=0.05 p=0.10 p=0.07 • DIF binds to and reverses effects of EDLFs 0-12h 12-24h 24-48h restoring sodium pump activity and has the (LOCF)* potential to improve vascular blood flow2,3 ‒ DIF ‒ Placebo

* Last observation carried forward

1 Lam GK et al. Digoxin antibody fragment, antigen binding (Fab), treatment of preeclampsia in women with EDLF: a secondary analysis of the DEEP Trial. American Journal of Obstetrics & Gynecology. August 2013, pp119.e1- 119.e6. 2 DigiFab® Prescribing Information, 12.1 Mechanism of Action. 3 Wang Y et al, Digoxin Immune Fab Protects Endothelial Cells from Ouabain-Induced barrier Injury. Am J Reprod Immunol. Author manuscript; available in PMC 2016 December 07. 4 Adair CD, Buckalew VM, Graves SW, et al. Digoxin immune fab treatment for severe preeclampsia. Am J Perinatol. 2010;27:655-62.

MATERNAL HEALTH: AMAG-423 © 2019 AMAG Pharmaceuticals, Inc. All rights reserved 21 DEEP Trial: Improvements in Select Neonatal Outcome Measures1 Primary composite endpoint in current Phase 2b/3a study of AMAG-423

Intraventricular Hemorrhage (IVH) Necrotizing Enterocolitis (NEC) Deaths Severe (grades 3 and 4)

p=0.24 p=0.61 p=0.49 n=3 n=3

n=2

n=1

% of neonatal Deaths neonatal % of

% of neonates IVH with neonates % of % of neonates % neonates of with NEC n=0 n=0

DIF n=24 Placebo n=27 DIF n=24 Placebo n=27 DIF n=24 Placebo n=27

1 Adair CD, Buckalew VM, Graves SW, et al. Digoxin immune fab treatment for severe preeclampsia. Am J Perinatal. 2010;27:655-62

Regulatory Approved/ Phase 1 Phase 2 Phase 3 Review Marketed

Treatment of iron deficiency anemia

Anticoagulant reversal agent

Ciraparantag (potential for orphan drug designation) HEMATOLOGY

Treatment to reduce recurrent preterm birth in certain at-risk women

Treatment for moderate to severe dyspareunia (pain during sex) in postmenopausal women

Treatment of low desire or libido with associated distress (HSDD*) in premenopausal women AMAG-423 Treatment of severe preeclampsia

WOMEN’S HEALTHCAREDigoxin Immune (orphan drug designation) Fab (ovine)

* HSDD: Hypoactive Sexual Desire Disorder

Strengthened financial profile; material deleveraging by ~75% to support strategic pivot & allow for period of investment

Debt Maturity Schedule $M

Total Leverage: $1,028 Total Leverage: $320 20161 20192 Senior Notes $500 Term Loan Convertible Facility Notes Convertible $328 $320 Notes $200

2017 2018 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023

1 Balance Sheet as of 12/31/16 2 Balance Sheet as of 06/30/19

Updated 2019 Guidance (November 1) Previous 2019 Guidance (August 7)

($M) Low Mid High Low Mid High

Total revenue $320 $325 $330 $325 $340 $355

GAAP operating loss ($278) ($273) ($268) ($286) ($281) ($276)

Non-GAAP adjusted EBITDA ($75) ($70) ($65) ($85) ($80) ($75)

Modest revenue growth in 2020 and full year impact of SG&A reductions taken in 2019 position the company well to be adjusted EBITDA neutral in 2020

1 See slide 29 for a reconciliation of GAAP to non-GAAP financial guidance.

Makena Continue enrollment and additional subcutaneous Maintain strong market share AMAG-423 site initiations, including EU auto-injector FDA AdComm follow up

IDE submission (Perosphere Technologies) Vyleesi Continue to drive successful launch Ciraparantag Complete healthy volunteer study

Continue to focus on maximizing Feraheme 2020 Continue market and share growth shareholder value

28 Reconciliation of GAAP to Non-GAAP 2019 Financial Guidance

2019 Financial Guidance ($M) Revised Guidance Previous Guidance

Operating loss ($278) – ($268) ($286) – ($276)

Depreciation & intangible asset amortization 20 18

Stock-based compensation 19 19

Acquired IPR&D 75 75

Restructuring 7 7

Asset impairment charges 82 82

Adjusted EBITDA ($75) – ($65) ($85) – ($75)