1

December 2011

(NASDAQ: AUXL)

Exhibit 99.1

2

We

will

make

various

remarks

relating

to

our

current

plans,

potential

future

events,

and

what

we

believe

to

be

the

prospects

for

the

Company

during

this

conference

call

that

constitute

forward-looking

statements

for

purposes

of

the

Safe

Harbor

provisions

under

the

Private

Securities

Litigation

Reform

Act

of

1995.

Today

our

forward-looking

statements

will

cover,

among

other

things,

the

Company’s

expected

financial

performance,

results

and

strategic

priorities

during

2011;

the

impact

of

organizational

changes;

marketing

strategies

for

XIAFLEX

for

Dupuytren’s

contracture;

the

potential

for

XIAFLEX

to

change

the

treatment

paradigm

and

become

the

standard

of

care

for

the

treatment

of

Dupuytren’s;

the

size

of

the

Dupuytren’s

market;

the

durability

of

XIAFLEX

treatment

outcomes;

future

rates

of

recurrence;

a

clinical

trial

to

assess

multiple

concurrent

injections

of

XIAFLEX

and

the

timing

to

report

results

of

such

trial;

the

value

for

XIAFLEX

provided

by

the

2012

Medicare

national

average

reimbursement

rates

for

new

procedure

codes

and

the

effect

of

new

procedure

codes

on

the

reimbursement

process

and

XIAFLEX

growth;

reductions

in

Medicare

payment

rates

in

accordance

with

the

SGR

formula

for

2012;

the

effect

of

the

identified

leading

indicators

on

the

success

of

the

XIAFLEX

launch

and

future

net

revenues;

additional

Phase

IV

clinical

trials

for

XIAFLEX;

peer

to

peer

dialogue

programs

for

U.S.

physicians

and

our

U.S.

patient

education

campaign;

Pfizer’s

ability

to

commercialize

XIAPEX

for

Dupuytren’s

contracture

in

EU

and

Eurasian

markets;

Asahi

Kasei

Pharma's

ability

to

develop,

register

for

approval

and

commercialize

XIAFLEX

for

Dupuytren's

contracture

and

Peyronie's

disease

in

Japan;

the

potential

for

XIAFLEX

to

be

used

in

multiple

indications,

including

for

the

treatment

of

Peyronie’s,

cellulite,

Frozen

Shoulder

syndrome

and

canine

and

human

lipomas,

the

effectiveness

of

XIAFLEX

for

any

such

indications,

and

the

success

of

efforts

to

advance

any

such

new

indications;

the

design

and

methodology,

and

the

timing

to

report

results,

of

the

phase

III

trials

for

XIAFLEX

for

the

treatment

of

Peyronie’s;

the

Peyronie’s,

Frozen

Shoulder

and

cellulite

markets;

the

timing,

commencement,

methodology,

safety

and

efficacy

of

planned

clinical

trials

for

XIAFLEX

for

the

treatments

of

cellulite,

Frozen

Shoulder

syndrome,

and

human

and

canine

lipomas;

our

future

relationship

with

BioSpecifics

Technologies

Corp.;

the

growth

of

the

testosterone

replacement

therapy

market,

and

the

growth

opportunity

for

Testim;

business

development efforts and opportunities to build out the Company’s pipeline; our ability to maximize the value of XIAFLEX and Testim, deliver on our

current

pipeline,

build

out

our

pipeline

and

create

shareholder

value.

Actual

results

may

differ

materially

from

those

reflected

in

these

forward-looking

statements

due

to

various

factors,

including

general

financial,

economic,

regulatory

and

political

conditions

affecting

the

biotechnology

and

pharmaceutical

industries

and

those

discussed

in

Auxilium's

Annual

Report

on

Form

10-K

for

the

year

ended

December

31,

2010

and

Quarterly

Report

on

Form

10-Q

for

the

quarter

ended

September

30,

2011

under

the

heading

“Risk

Factors,”

which

are

on

file

with

the

Securities

and

Exchange

Commission

(the

“SEC”)

and

may

be

accessed

electronically

by

means

of

the

SEC’s

home

page

on

the

Internet

at

http://www.sec.gov

or

by

means

of

the

Company’s

home

page

on

the

Internet

at

http://www.auxilium.com

under

the

heading

“For

Investors

-

SEC

Filings.”

There

may

be

additional

risks

that

the

Company

does

not

presently

know

or

that

the

Company

currently

believes

are

immaterial

which

could

also

cause

actual

results

to

differ

from

those

contained

in

the

forward-looking

statements.

Given

these

risks

and

uncertainties,

any

or

all

of

these

forward-looking

statements

may

prove

to

be

incorrect.

Therefore,

you

should

not

rely

on

any

such

factors

or

forward-looking

statements.

In

addition,

forward-looking

statements

provide

the

Company’s

expectations,

plans

or

forecasts

of

future

events

and

views

as

of

the

date

of

this

presentation.

The

Company

anticipates

that

subsequent

events

and

developments

will

cause

the

Company’s

assessments

to

change.

However,

while

the

Company

may

elect

to

update

these

forward-looking

statements

at

some

point

in

the

future,

the

Company

specifically

disclaims

any

obligation

to

do

so.

These

forward-looking

statements

should

not

be

relied

upon

as

representing

the

Company’s

assessments

as

of

any

date

subsequent

to

the

date

of

this

presentation..

Safe Harbor Statement

3

Our Vision Is to Become a Rapidly Growing,

Profitable and Sustainable Biopharmaceutical

Company

Maximize Value of

Testim

®

and XIAFLEX

®

Deliver on

Current Pipeline

Build Out

Pipeline in

Specialty

Therapeutic

Areas

4

Adrian Adams Has Been Appointed CEO

and President of Auxilium

•

30 years of experience in the pharmaceutical industry,

most recently serving as Chairman and CEO of

Neurologix, Inc.

•

CEO and President of Inspire Pharmaceuticals, Inc.,

from 2010 through 2011. 

•

CEO and President of Sepracor Inc. from 2007 through

2010. 

•

CEO and President of Kos Pharmaceuticals, Inc. from

2002 through 2006. 

•

General management and senior international and

national marketing positions at Novartis, SmithKline

Beecham and ICI (now part of AstraZeneca).

5

XIAFLEX and Testim Are Global Product

Opportunities

U.S.

Canada

EU

Japan

Open

ROW

Open

Open

Territory

XIAFLEX

Testim

Auxilium Has a 6 Year Net Revenue CAGR

of 39.4%

7

8

•

Excessive collagen in fascia of hand

•

Nodules or pits are an early, active

presentation

•

Rope-like cords develop in the finger

and result in contractures

•

Quality of life and daily activities

affected

•

Surgery has been reserved for

advanced disease due to the nature of

the disease, unpredictable results,

complications, long recovery time and

recurrence/additional surgeries

Dupuytren’s Contracture Is Debilitating for Patients

and Surgery Has Been the Standard of Care

Immediately

post-operative

Intra-operative

open

fasciectomy

Pictures

courtesy

of

Dr.

Clayton

Peimer

pre-operative

open

fasciectomy

9

We Believe XIAFLEX Is a Paradigm

Changing Treatment

•

Simple, non-invasive injection of XIAFLEX

•

Established mechanism of action and selective for specific types of collagen

•

XIAFLEX’s post-approval profile is consistent with clinical trial experience

Pre XIAFLEX injection

30 days following XIAFLEX

injection

10

Strategies for Establishing XIAFLEX as the

Standard of Care

•

Leverage excellent clinical efficacy/safety data

•

Generate new data to expand treatable population

•

Facilitate peer to peer dialogue

•

Streamline the reimbursement process

•

Activate patients to seek a non-surgical option

11

Commercial Changes Designed to Speed

Decision Making and Improve XIAFLEX

Performance

•

Eliminated

EVP of Sales and Marketing position

•

SVP Sales, and SVP Marketing will report to CEO

•

Changed Professional Advertising Agency and Public

Relations Firm

•

Changed Senior Director of Marketing

12

XIAFLEX Growth Strategy is Tailored to

Customer Needs

•

~ 6,000 target physicians

–

Hand surgeons, plastic surgeons, orthopedic

surgeons, general surgeons, rheumatologists

•

~ 100 field based personnel

–

Sales reps, sales managers, and reimbursement

specialists

•

Medical science liaisons

–

Key opinion leader and regional opinion leader

support

13

We Believe the U.S. Dupuytren’s Opportunity Is

Significant

70,000 Surgical

2,3,4

Patients Annually

300,000 Diagnosed

Patients Annually

2,3,4

>1

Million

Diagnosed

Patients

2,4

1.

Dupuytren’s

Disease

–

Tubiana,

LeClerq,

Hurst,

Badalamente,

Mackin

2.

SDI Claims Data Based Projections

3.

Medicare

Data

Based

Projections

(BESS

database

used,

Medicare

5%

database

also

used

to

validate

numbers)

4.

Auxilium Research   (Patient Segmentation, Forecast Research, WK/AMA Databases)

Sources:

$350 Million

Market

Opportunity

$1 Billion

Annual Market

Opportunity

>$3 Billion Market

Opportunity

14

Highlights of Data Released at ASSH Meeting

•

Post marketing safety experience

–

No clinically meaningful change in nature of adverse events

–

Tendon rupture rate per distributed doses significantly lower than in clinical studies

•

Chart review (300 patients):

–

63% attain full release following first injection vs. 39% in CORD I

–

Injections per joint is 36% lower than CORD I data with equivalent efficacy

•

Three year recurrence data:

–

65% of successfully treated patients did not recur

–

93% of successfully treated joints did not receive medical or surgical Intervention

–

For those with recurrence, contracture had yet to reach pre-treatment levels at 3 years.

•

Multi Cord –

Two 0.58 mg doses concurrently into the same hand

–

Safety profile in pilot study (12 patients with 36 cords) consistent with previous clinical

studies

–

60 Patient trial assessing efficacy and safety underway.  Top line results in 2H12

15

Building on Momentum from ASSH

•

Introduced Sample program for non-using physicians

•

Introduced Patient co-pay assistance program

•

Initiated Direct Response TV Campaign in 7 Ready Markets

•

Initiated Multi-Cord Phase IV clinical study

•

Obtained CPT Codes Specific for Xiaflex –

Effective Jan.1, 2012

•

Obtained Coverage at several BCBS Plans

16

Launch Update Through

November 2011

17

Adoption of XIAFLEX is Growing

~57% of enrolled sites have ordered XIAFLEX

Growth in Number of Experienced Sites

Continues

19

2012 Average Medicare Reimbursement Rates

for Unique XIAFLEX Procedure Codes*

Expected to Provide Appropriate Value

Description

Code

Amount

Office or other outpatient visit, for

the evaluation and management of a

new patient

99203

$102.95

INJECTION, ENZYME (EG,

COLLAGENASE), PALMAR FASCIAL

CORD (IE, DUPUYTREN'S

CONTRACTURE) 

20527

$75.77

Finger Extension- MANIPULATION,

PALMAR FASCIAL CORD (IE,

DUPUYTREN'S CORD), POST ENZYME

INJECTION (EG, COLLAGENASE),

SINGLE CORD  (10 day global)

26341

$98.53

Application of finger splint; static

29130

$39.07

*The above codes represent what the Company expects will be the typical treatment cycle (evaluation & management visit, injection procedure, manipulation procedure and splinting)

of a new Dupuytren’s patient who eventually receives a single XIAFLEX injection in a Dupuytren’s cord.  These 2012 rates reflect a national Medicare average of the non-facility

allowable.  As always, coding reflects clinical decisions, and physicians may opt to use other or additional codes based on their medical judgment. The above rates are calculated

using the final 2012 relative value unit (RVU) for each of the above codes and multiplying it by the 2011 conversion factor (i.e. RVU x conversion factor = reimbursement rate).  Without

a change in the law from Congress, Medicare payment rates to providers that are paid under the Medicare Physician Fee Schedule will be reduced by 27.4 percent (via the proposed

2012 conversion factor) for services in 2012.  This is the eleventh time the Sustainable Growth Rate (SGR) formula has proposed a payment cut although the reductions have been

averted through legislation in ten of the past eleven years, with the exception of allowing the reduction to stand in 2002.

20

New CPT Codes for XIAFLEX Should Help

Streamline Reimbursement in 2012

•

We believe the codes should ease the reimbursement

processing burden on office staff, speed up the time to

payment and increase predictability of payment.

•

Based on experience with the J-code, we believe full

utilization of the new CPT codes could take some time

before affecting site reimbursement practices

•

2012 XIAFLEX growth should be helped modestly by

new CPT codes

21

Testim

®

1% Testosterone Gel

•

Indicated for testosterone replacement therapy in adult

males for hypogonadism

•

Launched in U.S. in 2003 and EU in 2006

•

>8 yrs of use with established safety and efficacy

•

Applied

once

daily

at

5-10mg

>

~100M

daily

doses

since

launch

>

16

clinical

studies

involving

approx.

1,800

patients

>

90%

stay

on

starting

dose

of

5mg

(one

tube)

>

Simple

application

process

and

dosing

22

Hypogonadism Is an Unmet Need and

Under-penetrated Market

•

39% of U.S. males over 45 yrs are

hypogonadal

1

>Less than 10% of affected population

receives treatment

•

Increasing physician and patient education

and awareness should result in increased

treatment

1

Mulligan T. et al. Int J. Clin Pract

2006

23

Gels Continue to Drive Significant Growth in

TRT Marketplace

Source: IMS data

$35

$117

$198

$281

$334

$371

$439

$545

$685

$892

$1,149

$49

$59

$77

$118

$210

$302

$390

$451

$483

$554

$663

$810

$1,041

0

200

400

600

800

1,000

1,200

1,400

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

Gel

Patch

Oral

Injectables

($ in millions)

$1,329

24

Testosterone Replacement Therapy Landscape

is Changing

•

New competition helping expand treated market

in 2011 with 17% y/y growth from 3Q10

•

Maintaining solid market share (21%) due to

blunting of competitor launch tactics

•

Testim has expanded covered lives through

some wins in managed care

25

XIAFLEX Pipeline

26

XIAFLEX  Represents a Pipeline in a Product

-

U.S. patent protected through 2028

PRODUCT

LATE RESEARCH      PRE-CLINICAL           PHASE I           PHASE II           PHASE III              MARKET  

XIAFLEX

XIAFLEX

XIAFLEX

XIAFLEX

XIAFLEX

XIAFLEX

Dupuytren’s Contracture

Peyronie’s Disease

Frozen Shoulder Syndrome

Canine Lipoma*

Cellulite*

Human Lipoma*

*Right to exercise option for exclusive global license from BioSpecifics Technologies Corp.

27

1

Smith BH. Am J Clin Pathol. 1966;45:670-678.

2

Somers KD, Dawson DM. J Urol. 1997;157:311-315.

•

Scarring phenomenon affecting the

tunica albuginea

1

•

Plaques

show

excessive

collagen

deposition

2

•

Potential Symptoms

>

Pain with erection, penile curvature/

deviation, penile shortening, indentations,

and/or erectile dysfunction

>

May experience difficulty with sexual

intercourse, loss of self-esteem,

and depression

•

Surgery is a treatment of last resort

Peyronie’s disease Is a Devastating Disorder

with No Approved Therapies

28

1

Bella  A. Peyronie’s Disease J Sex Med 2007;4:1527–1538

2

Lue TF, et al. Summary of the recommendations on sexual dysfunctions in men. J Sex Med 2004;1:6–23.

3

Mulhall JP, et al. Subjective and objective analysis of the prevalence of Peyronie’s disease in a population of men presenting

for prostate cancer screening. J Urol 2004;171:2350–3.

4

Smith BH. Am J Clin Pathol. 1966;45:670-678.

5

Lindsay MB, J Urol.

1991;146:1007-1009.

6

Nyberg L, J Urol.128: 48, 1982

•

Prevalence of Peyronie’s disease is estimated to be

approximately 5% in adult men

1,2,3

>

Actual

prevalence

may

be

higher,

based

on

autopsies

4

•

Prevalence rate increases with age

>

The

average

age

of

disease

onset

is

53

years

5

•

High association with other diseases such as:

>

Diabetes, erectile dysfunction (ED), Dupuytren’s contracture, plantar

fascial

contracture,

tympanosclerosis,

gout,

and

Paget’s

disease

6

We believe Peyronie’s Disease Is Under-

diagnosed and Under-treated

29

Peyronie’s Disease Phase III Development

Program

Study

Type

~ #

Subjects

Sites

XIAFLEX:

Placebo

Duration

AUX-CC-803

Double-blind,

placebo controlled

400

~ 30 US

5 AUS

2:1

52 Wks

AUX-CC-804

Double-blind,

placebo controlled

400

~ 30 US

5 AUS

2:1

52 Wks

AUX-CC-802

Open Label

300

12 US

6 NZ

~ 21 EU

N/A

36 Wks

AUX-CC-805

Pharmacokinetics

20

1 US

N/A

4 Wks

XIAFLEX 0.58 mg

Two injections per treatment cycle

24 to 72 hours between injections

Penile plaque modeling following each cycle

Up to 4 cycles at 6 week intervals

Co-primary endpoints of disease bother and penile curvature

30

We Believe Changes to the Phase IIb Trial Design

Should Increase the Chance of Success in Phase III

•

4 cycles of therapy in the phase III trial

•

All patients receive modeling

•

All patients must have at least 12 months of

disease since diagnosis

Mean net improvements in phase IIb penile

curvature and bother domain would have met

statistical significance using phase III co-primary

endpoint requirements

31

Baseline Characteristics in the Phase III Double-

blind Trials are Similar to the Phase IIb Clinical

Trial

•

Phase III baseline curvature and Peyronie’s disease bother

are comparable to the phase IIb baseline.

•

Degree of penile curvature deformity did not correlate with PD

bother at baseline (e.g. low curvature may result in high PD

bother and vice-versa)

•

The majority of patients with penile curvature =60°

or >60°

were:

–

very bothered or extremely bothered  the last time they looked at their

erect penis (58% and 73%, respectively)

–

reported difficulty in having vaginal intercourse (70% and 76%,

respectively)

–

reported having sexual intercourse less frequently (81%)

•

A significant correlation exists between PD bother and patient

reported distress.

32

Peyronie’s Pivotal Phase III Update

•

Active dosing phase complete

•

Double-blind patients are now in the 34 week

follow-up phase of studies

•

Top line results in Peyronie’s should be

available in 2Q12

33

Collagen Septae Enable Edematous

Fibrosclerotic Panniculopathy (EFP)

Cellulite

Collagen Network

34

EFP Represents an Unmet Medical Need

•

Current non-surgical treatment options have not shown benefit in EFP

–

OTC pills, creams and lotions. 

–

Unapproved mixtures of enzymes and fat dissolvers

–

Various devices, including lasers 

•

There are currently no FDA approved medical therapies for EFP

•

Surgical approaches have shown some benefit, but are invasive

–

Liposuction

–

Subscision 

•

We believe XIAFLEX may enable physicians to enzymatically and

specifically lyse the septae, in a less invasive fashion than subscision,

possibly resulting in a smoother appearance to the skin surface.

35

Early Pilot Phase I Trial was Encouraging

•

Drs. Dagum and Badalamente at SUNY Stony Brook 

•

10 female subjects were treated with a single 0.58 mg dose of collagenase

•

76% reduction in the physician reported appearance of cellulite and a patient

satisfaction score of 1.75 at 6 months 

–

Scale for the patient satisfaction scoring ranged from 1 being completely satisfied and 4 being

not satisfied

36

Considerable Work Done in Cellulite

•

Pre-IND meeting with FDA to determine a

path forward

•

Pre-clinical work done with subcutaneous

injections of XIAFLEX at variable doses in

a mini-pig study

–

Lysis of collagen in dermal septae was

observed at all doses

•

Completing stability work on new diluent

and dosage formulations

•

Preparation for the filing of an IND in the

4Q11

37

Cellulite –

Phase Ib Dose Escalation Study

•

Expected to begin in 1Q12

•

Assess the safety and efficacy of XIAFLEX in the

treatment of cellulite

–

Multiple doses in various volumes and concentrations

–

10 injection

sites over an 8 x 10cm surface area

–

Seven cohorts followed for 90 days

•

Physician and patient reported improvement of

cellulite endpoints

•

Topline results expected in 4Q12

38

Collagen Accumulation Can Result in

Adhesive Capsulitis

Normal Shoulder

Frozen Shoulder

39

Adhesive Capsulitis Represents an Unmet

Medical Need

•

Current treatment options have limited results

–

non-steroidal pain relievers

–

oral steroids

–

corticosteroid injections

–

physical therapy all with limited results. 

•

Manipulation of the shoulder under anesthesia or arthroscopic

surgery can disrupt the frozen capsule 

•

There are currently no FDA approved non-surgical therapies for

Frozen Shoulder 

•

We believe that XIAFLEX may act by thinning the thickened

collagen capsule allowing improved range of motion of the affected

shoulder.

40

Early Pilot Phase II Trial was Encouraging

•

Drs. Wang and Badalamente at SUNY Stony Brook

–

60 subjects treated with varying doses of collagenase

–

Following a single injection of collagenase, 8 subjects in the collagenase groups or

approximately 16% achieved successful treatment outcomes

–

In the subsequent open label portion, 46 subjects received additional injections of

0.58 mg of collagenase up to a total of 4 injections

–

By the third injection, 43 of the 46 subjects in the open label extension or 93%, had

achieved a response with increased shoulder motion

•

Saline injection study

–

Injected sterile saline under ultrasound guidance

–

All subjects confirmed appropriate location of injection as extraarticular

41

Frozen Shoulder –

Phase IIa Dose

Escalation Study Underway

•

To assess the safety and efficacy of XIAFLEX in the

treatment of Frozen Shoulder

–

Two doses (0.29 and 0.58 mg) given under ultrasound guidance

–

Approximately 50 subjects across 5 cohorts

–

Up to three injections 21 days apart

–

Subjects followed for 90 days

•

Endpoint will be range of motion parameters for the

affected shoulder compared to exercise only group

•

Topline results expected in 1H13

42

BTC Will Advance Clinical Studies in Canine

and Human Lipomas

•

Lipomas consist of normal fat encapsulated

within a collagen capsule or shell

•

Current treatment options for lipoma include

liposuction or surgical excision 

•

There are no approved non-surgical

therapies 

•

We believe XIAFLEX may be beneficial in

lysing that collagen capsule allowing

redistribution of the normal fat and reduction

or disappearance of the palpable lipoma

43

XIAFLEX –

Additional Data and Development

Work Ongoing

•

Some small pilot studies were conducted examining the effects of

collagenase on lipomas in humans and animals.

•

Investigators noted improvement in lipomas, specifically reduction in

their size, following injections of collagenase. 

•

BTC is planning a pilot dose escalation study with treatment of

benign lipomas with XIAFLEX in 14 human subjects.

•

BTC is planning a study in 32 canines in which they will examine

several doses for the treatment of benign lipomas with XIAFLEX.

44

Business Development Efforts Expected to

Focus on Building Out Pipeline

•

Leverage current infrastructure of Testim and

XIAFLEX field forces with additional marketed

products

•

Seeking assets in Urology, Orthopedics and

Orphan Diseases

45

Net Revenues Up 24% over 3Q10

Quarter End

Quarter End

Increase

9/30/2011

9/30/2010

(Decrease)

Testim U.S. Revenue

$52.9

$47.4

$5.5

Testim Ex – U.S. & Contract Revenue

0.7

0.5

0.2

Total Testim Revenue

$53.6

$47.9

$5.7

XIAFLEX U.S. Revenue

$10.3

$4.6

$5.7

XIAFLEX Ex – U.S. and Contract Revenue

$2.8

1.1

1.7

Total XIAFLEX Revenue

$13.1

$5.7

$7.4

Total Worldwide Revenue

$66.7

$53.6

$13.1

46

3Q11 Financial Results ($ Millions)

(Decr.)

3Q11

3Q10

$

%

Total Revenues

$         66.7

$            53.6

$   13.1

24%

Cost of Goods Sold *

$         13.5

$            11.6

$     2.0

17%

Gross Profit

$         53.2

$            42.1

$   11.1

26%

% of Revenues

80%

78%

R & D Expense *

$         14.2

$            14.4

$    (0.3)

(2%)

SG&A Expense *

$         43.3

$            40.3

$     2.9

7%

Net Loss

$          (4.1)

$          (12.8)

$     8.7

68%

Earnings per share

$        (0.08)

$          (0.27)

$   0.18

68%

*  Stock Based

Comp Expense

$           3.8

$              3.5

$     0.3

10%

Cash & Cash

Equivalents

$       149.6

Incr. /

47

2011 Guidance

Global Testim Revenues

$200 -

210 million

Xiaflex:

US Revenues

45 -

50 million

Ex-U.S. / Def Rev*

9 -

11 million

Total Xiaflex

$54 -

61 million

Total Revenues

$254 -

271 million

R & D Expense

$60 -

70 million

S G & A Expense

$170 -

180 million

Net Income (Loss)

$(40) -

(45) million

Stock Base Comp Expense

$15 -

20 million

*Following Pfizer’s first sale in Spain, the third major market, we expect to exceed the upper end of this guidance by $1 to 2 million.

48

We Believe That Auxilium is Well-Positioned

for Long-Term Growth

•

Establish XIAFLEX as the standard of care for Dupuytren’s contracture in

the U.S.

•

Maximize Testim in a changing competitive environment

•

Support Pfizer’s launch of XIAPEX for the treatment of Dupuytren’s

contracture 

•

Complete the Peyronie’s Disease double blind studies and announce top-

line data in 2Q12

•

Initiate phase Ib trial for cellulite in early 2012

•

Work collaboratively with BTC to assist them as they initiate studies using

XIAFLEX

49

Our Vision Is to Become a Rapidly Growing,

Profitable and Sustainable Biopharmaceutical

Company

Maximize Value of

Testim and XIAFLEX

Deliver on

Current Pipeline

Build Out

Pipeline in

Specialty

Therapeutic

Areas

50

Management Contact

James E. Fickenscher/CFO

Auxilium Pharmaceuticals, Inc.

(484) 321-5900

jfickenscher@auxilium.com

William Q. Sargent Jr./ VP IR

Auxilium Pharmaceuticals, Inc.

(484) 321-5900

wsargent@auxilium.com