8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): January 8, 2018

AMAG PHARMACEUTICALS, INC.

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation)

001-10865	04-2742593
(Commission File Number)	(IRS Employer Identification No.)

1100 Winter St.
Waltham, Massachusetts	02451
(Address of principal executive offices)	(Zip Code)

(617) 498-3300

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

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Item 2.02. Results of Operations and Financial Condition.

The following information and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, (the “Securities Act”) except as expressly set forth by specific reference in such filing.

On January 8, 2018, AMAG Pharmaceuticals, Inc. (“the Company”) issued a press release providing a business update, including preliminary unaudited fourth quarter and annual 2017 financial results and financial guidance for 2018. A copy of the Company’s press release is furnished herewith as Exhibit 99.1.

Item 7.01. Regulation FD Disclosure.

The following information and Exhibit 99.2 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act, except as expressly set forth by specific reference in such filing.

The Company will present further details on the matters noted above at the 36th Annual J.P. Morgan Healthcare Conference in San Francisco on January 9, 2018, which presentation will be accessible by a live audio webcast through the Company’s website at www.amagpharma.com on January 9, 2018 at 10:00 a.m. Pacific Time (1:00 p.m. Eastern Time). During the conference, the Company intends to conduct meetings with third parties in which a corporate slide presentation will be presented. A copy of the Company's slide presentation, which will be referenced during the conference, including the Company's webcast presentation, is furnished herewith as Exhibit 99.2.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

AMAG hereby furnishes the following exhibits:

Exhibit Number	Description
99.1	Press release issued by AMAG Pharmaceuticals, Inc. on January 8, 2018.
99.2	Copy of AMAG Pharmaceuticals, Inc. slide presentation dated January 8, 2018.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

AMAG PHARMACEUTICALS, INC.
By:	/s/ Joseph D. Vittiglio
	Joseph D. Vittiglio Executive Vice President, General Counsel, Quality & Corporate Secretary
Date: January 8, 2018

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EXHIBIT INDEX

Exhibit Number	Description
99.1		Press release issued by AMAG Pharmaceuticals, Inc. on January 8, 2018.
99.2		Copy of AMAG Pharmaceuticals, Inc. slide presentation dated January 8, 2018.

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EX-99.1

FOR IMMEDIATE RELEASE

AMAG Pharmaceuticals Announces Preliminary 2017 Financial Results

and Provides 2018 Guidance

WALTHAM, Mass., January 8, 2018 –AMAG Pharmaceuticals, Inc. (NASDAQ: AMAG) today provided a business update, including preliminary unaudited fourth quarter and full year 2017 financial results and 2018 financial guidance. The company will present further details at the 36^th Annual J.P. Morgan Healthcare Conference in San Francisco on Tuesday, January 9, 2018 at 10:00 a.m. PT (1:00 p.m. ET). A live audio webcast of the presentation and following breakout session will be accessible through the Investors section of AMAG’s website at www.amagpharma.com.

William Heiden, AMAG’s president and chief executive officer, said, “Over the last few years we have transformed AMAG from a one product company into a company with five marketed products and two additional products in development. Today we are reporting double-digit revenue growth in 2017 of more than $600 million, along with strong bottom-line cash generation. Throughout the year, we also achieved many important goals that will be key to our long-term success, including the establishment of our new 200-person women’s health commercial team, the launch of Intrarosa® (prasterone), a novel women’s health product, and the filing of supplemental new drug applications to extend our Makena and Feraheme brands.”

“Our flexible operating plan supports the 2018 top-line revenue and adjusted EBITDA guidance ranges provided today, which incorporate the opportunities and key risks across our product portfolio. 2018 promises to be an exciting year for AMAG with many key value drivers ahead of us, including potential FDA approvals of the Makena subcutaneous auto-injector and the Feraheme broad label, as well as building on the successful launch of Intrarosa, with approximately 20,000 total prescriptions already written by more than 4,200 healthcare providers since our July 2017 launch,” Mr. Heiden concluded.

Preliminary Fourth Quarter and Full Year 2017 Financial Results (unaudited)

Fourth Quarter 2017

AMAG expects total GAAP revenue for the fourth quarter of 2017 to be between $155 million and $162 million, representing approximately 5% growth over the same period in 2016. This includes Makena® (hydroxyprogesterone caproate injection) net product sales of between $97 million and $102 million, Feraheme® (ferumoxytol) injection and MuGard® net product sales of between $26 million and $28 million, Intrarosa (launched in July 2017) net product sales of approximately $2 million, and Cord Blood Registry® (CBR) service revenue of approximately $30 million.

AMAG expects total fourth quarter 2017 total non-GAAP revenue to be between $156 million and $163 million, which reflects a $1.4 million purchase accounting adjustment related to CBR deferred revenue.

For the fourth quarter of 2017, AMAG expects an operating loss of between $6 million and $16 million and adjusted EBITDA of between $58 million and $68 million.¹ 

Full Year 2017

AMAG expects 2017 total GAAP revenue to be between $607 million and $614 million, representing 15% growth over 2016. This includes Makena net product sales of between $385 million and $390 million, Feraheme and MuGard net product sales of between $106 million and $108 million, Intrarosa net product sales of approximately $2 million, and CBR service revenue of approximately $114 million.

AMAG expects 2017 total non-GAAP revenue to be between $613 million and $620 million, which reflects a $5.5 million purchase accounting adjustment related to CBR deferred revenue.

For the full year of 2017, AMAG expects an operating loss of between $292 million and $302 million (due primarily to a third quarter non-cash accounting charge) and adjusted EBITDA of between $220 million and $230 million, the higher end of the guidance range.

In 2017, AMAG reduced total debt by approximately 20%, extended average debt maturities, and repurchased and retired approximately 1.4 million shares in the fourth quarter at an average price of $14.27 per share.

The company ended 2017 with approximately $329 million in cash and investments and total debt (principal amount outstanding) of approximately $815 million. In late February 2018, the company expects to report final financial results for the fourth quarter and audited results for full year of 2017.

2018 Financial Guidance

The company is providing the following financial guidance for 2018. This guidance encompasses management’s current assumptions about the potential impact of multiple opportunities and risks across AMAG’s product portfolio, including various potential outcomes of the pending FDA submissions for the Makena subcutaneous auto-injector and the Feraheme label expansion, as well as the entrance of generics to compete with the Makena intramuscular formulation in 2018.

$ in millions	2018 GAAP Guidance	2018 Non-GAAP Guidance
Total revenue	$500 - $560	$500 - $560
Operating loss	($147) – ($117)	N/A
Adjusted EBITDA	N/A	$100 - $130

2018 Key Dates and Priorities

• February 2, 2018: PDUFA date for the expansion of the Feraheme label beyond the current chronic kidney disease (CKD) indication to include all eligible adult patients with iron deficiency anemia (IDA); prepare for first quarter 2018 potential approval and subsequent launch;

• February 3, 2018: loss of Makena orphan drug exclusivity – While the company is currently ready with a partner to launch its own authorized generic to the intramuscular formulation (IM) as early as February, the company believes that a generic competitor may not enter the market until later in 2018;

• February 14, 2018: PDUFA date for Makena subcutaneous auto-injector; prepare for first quarter 2018 potential approval and subsequent launch;

• First quarter 2018: submit bremelanotide new drug application to FDA;

• Continue to broaden awareness and drive prescriptions of Intrarosa

‒ Increase formulary coverage (65% unrestricted commercial lives covered anticipated by month end);

‒ Increase the number of healthcare professional prescribers (from ~4,200 achieved in 2017);

‒ Increase the number of total prescriptions written (from ~20,000 in 2017);

‒ Increase market share (from year-end weekly NRx share of 2.6%);

‒ Launch digital-to-direct consumer campaign in first half of 2018;

• Expand CBR first time enrollments; and

• Further diversify product portfolio through disciplined business development.

“In 2017, we delivered strong top-line and adjusted EBITDA results while investing aggressively in the products that will drive our future growth. We also improved our liability profile so that our balance sheet is better aligned with our evolving business strategy. Finally, we have managed and will continue to manage our expenses carefully to maintain operational flexibility,” said Ted Myles, AMAG’s chief financial officer. “​We are guiding to continued positive adjusted EBITDA generation​ in 2018, and with $329 million of cash on hand as of December 31, 2017, ​we are in a strong position to continue to invest in our current products, while remaining active in the search for additional asset acquisitions or licensing transactions that provide durable, long-term growth.”

Webcast Information

A live audio webcast of the company’s presentation and the following breakout session, along with the accompanying slide presentation at the 36^th Annual J.P. Morgan Healthcare Conference, will be accessible through the Investors section of the company’s website at www.amagpharma.com on January 9, 2018 at 10:00 a.m. P.T. (1:00 p.m. E.T.). Following the conference, the webcast will be archived on the company’s website until February 9, 2018.

Use of Non-GAAP Financial Measures

AMAG has presented certain non-GAAP financial measures, including non-GAAP revenue and non-GAAP adjusted EBITDA (earnings before income taxes, depreciation and amortization). These non-GAAP financial measures exclude certain amounts, revenue, expenses or income, from the corresponding financial measures determined in accordance with accounting principles generally accepted in the U.S. (GAAP). Management believes this non-GAAP information is useful for investors, taken in conjunction with AMAG’s GAAP financial statements, because it provides greater transparency regarding AMAG’s operating performance. Management uses these measures, among other factors, to assess and analyze operational results and trends and to make financial and operational decisions. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of AMAG’s operating results as reported under GAAP, not as a substitute for GAAP. In addition, these non-GAAP financial measures are unlikely to be comparable with non-GAAP information provided by other companies. The determination of the amounts that are excluded from non-GAAP financial measures is a matter of management judgment and depends upon, among other factors, the nature of the underlying expense or income amounts. Reconciliations between these non-GAAP financial measures and the most comparable GAAP financial measures are included in the tables at the conclusion of this press release.

About AMAG

AMAG is a biopharmaceutical company focused on developing and delivering important therapeutics, conducting clinical research in areas of unmet need and creating education and support programs for the patients and families we serve. Our currently marketed products support the health of patients in the areas of maternal and women's health, anemia management and cancer supportive care. Through CBR®, we also help families to preserve newborn stem cells, which are used today in transplant medicine for certain cancers and blood, immune and metabolic disorders, and have the potential to play a valuable role in the ongoing development of regenerative medicine. For additional company information, please visit www.amagpharma.com.

About Intrarosa® (prasterone)

Intrarosa is a steroid indicated for the treatment of moderate to severe dyspareunia, a symptom of vulvar and vaginal atrophy, due to menopause. Intrarosa contains prasterone, a synthetic form of dehydroepiandrosterone (DHEA), which is an inactive endogenous steroid. Intrarosa is administered locally in the vagina, and is converted by enzymes in the body into androgens and estrogens. The mechanism of action is not fully established. In clinical studies, Intrarosa demonstrated efficacy through improvement in percentage of superficial cells and parabasal cells, pH and pain with intercourse.

Intrarosa is contraindicated in women with undiagnosed abnormal genital bleeding. Estrogen is a metabolite of prasterone. Use of exogenous estrogen is contraindicated in women with a known or suspected history of breast cancer. Intrarosa has not been studied in women with a history of breast cancer.

In four 12-week randomized, placebo-controlled clinical trials, the most common adverse reaction with an incidence ≥2 percent was vaginal discharge. In one 52-week open-label clinical trial, the most common adverse reactions with an incidence ≥2 percent were vaginal discharge and abnormal pap smear. There were 11 cases of abnormal pap smears.

Please see full Prescribing Information available at www.intrarosa.com.

About Makena® (hydroxyprogesterone caproate injection)

Makena is a progestin indicated to reduce the risk of preterm birth in women pregnant with a single baby who have a history of singleton spontaneous preterm birth.

The effectiveness of Makena is based on improvement in the proportion of women who delivered <37 weeks of gestation. There are no controlled trials demonstrating a direct clinical benefit, such as improvement in neonatal mortality and morbidity.

Limitation of use: While there are many risk factors for preterm birth, safety and efficacy of Makena has been demonstrated only in women with a prior spontaneous singleton preterm birth. It is not intended for use in women with multiple gestations or other risk factors for preterm birth.

Makena should not be used in women with any of the following conditions: blood clots or other blood clotting problems, breast cancer or other hormone-sensitive cancers, or history of these conditions; unusual vaginal bleeding not related to the current pregnancy, yellowing of the skin due to liver problems during pregnancy, liver problems, including liver tumors, or uncontrolled high blood pressure. Before patients receive Makena, they should tell their healthcare provider if they have an allergy to hydroxyprogesterone caproate, castor oil, or any of the other ingredients in Makena; diabetes or prediabetes, epilepsy, migraine headaches, asthma, heart problems, kidney problems, depression, or high blood pressure.

In one clinical study, certain complications or events associated with pregnancy occurred more often in women who received Makena. These included miscarriage (pregnancy loss before 20 weeks of pregnancy), stillbirth (fetal death occurring during or after the 20th week of pregnancy), hospital admission for preterm labor, preeclampsia (high blood pressure and too much protein in the urine), gestational hypertension (high blood pressure caused by pregnancy), gestational diabetes, and oligohydramnios (low amniotic fluid levels).

Makena may cause serious side effects including blood clots, allergic reactions, depression, and yellowing of the skin and the whites of the eyes. The most common side effects of Makena include injection site reactions (pain, swelling, itching, bruising, or a hard bump), hives, itching, nausea, and diarrhea.

For additional product information, including full prescribing information, please visit www.makena.com.

About Feraheme® (ferumoxytol)

Feraheme received marketing approval from the FDA on June 30, 2009 for the treatment of IDA in adult CKD patients and was commercially launched by AMAG in the U.S. shortly thereafter. Ferumoxytol is protected in the U.S. by seven issued patents covering the composition and dosage form of the product. Six of the issued patents are listed in the FDA’s Orange Book, the last of which expires in June 2023.

Fatal and serious hypersensitivity reactions including anaphylaxis have occurred in patients receiving Feraheme. Initial symptoms may include hypotension, syncope, unresponsiveness, cardiac/cardiorespiratory arrest. Feraheme is contraindicated in patients with a known hypersensitivity to Feraheme or any of its components, or a history of allergic reaction to any intravenous iron product.

For additional product information, please see full Prescribing Information, including Boxed Warning, available at www.feraheme.com.

About Cord Blood Registry® (CBR)

CBR is the world’s largest private newborn stem cell company. Founded in 1992, CBR is entrusted by parents with storing approximately 700,000 umbilical cord blood and cord tissue units. CBR is dedicated to advancing the clinical application of newborn stem cells by partnering with reputable research institutions on FDA-regulated clinical trials for conditions that have no cure today. For more information, visit www.cordblood.com.

About Bremelanotide

Bremelanotide, an investigational product, is thought to possess a novel mechanism of action, activating endogenous melanocortin pathways involved in sexual desire and response.

The two Phase 3 studies for hypoactive sexual desire disorder (HSDD) in pre-menopausal women consisted of double-blind placebo-controlled, randomized parallel group studies comparing a subcutaneous dose of 1.75 mg of bremelanotide delivered via an auto-injector pen to placebo. Each trial consisted of more than 600 patients randomized in a 1:1 ratio to either the treatment arm or placebo with a 24 week evaluation period. In both clinical trials, bremelanotide met the pre-specified co-primary efficacy endpoints of improvement in desire and decrease in distress associated with low sexual desire as measured using validated patient-reported outcome instruments.

Women in the trials had the option, after completion of the trial, to continue in an open-label safety extension study for an additional 12 months. Nearly 80% of patients elected to remain in the open-label portion of the study, and all of these patients received bremelanotide.

In both Phase 2 and Phase 3 clinical trials, the most frequent adverse events were nausea, flushing, and headache, which were generally mild-to-moderate in severity.

Bremelanotide has no known alcohol interactions.

Forward-Looking Statements

This press release contains forward-looking information about AMAG Pharmaceuticals, Inc. within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Any statements contained herein which do not describe historical facts, including, among others, statements regarding expected 2017 preliminary fourth quarter and full year financial results, including revenues, operating loss, adjusted EBITDA, year-end cash, cash equivalents and investments balances and total debt; AMAG’s belief that the achievement of 2017 goals will be key to its long-term success; expectations that 2018 will be an exciting year for AMAG; plans to report final, audited financial results in late February 2018; AMAG’s 2018 financial guidance, including total revenue, operating loss and adjusted EBITDA; 2018 key dates and priorities, including PDUFA dates and expected launch timing for the Makena subcutaneous auto-injector and the expanded Feraheme label, beliefs that an authorized generic to the Makena intramuscular product may not enter the market until later in 2018, expectations regarding the submission of a new drug application for bremelanotide in the first quarter of 2018, methods to be utilized to broaden awareness and drive usage of Intrarosa as well as AMAG’s expectation that 65% of unrestricted commercial lives will be covered by month end, and expectations to expand CBR’s first time enrollments and further diversify AMAG’s product portfolio; AMAG’s belief that it will continue to manage its expenses to maintain operational flexibility and that its projected EBITDA generation along with its cash on hand puts it in a strong position to invest in its current products while searching for additional assets; AMAG’s ability to invest aggressively in current products, while continuing to pursue additional asset acquisitions or licensing transactions that provide durable, long-term growth; and beliefs that newborn stem cells have the potential to play a valuable role in the development of regenerative medicine 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. In addition, AMAG has presented 2018 guidance in this press release, which guidance is based upon management’s current assumptions and beliefs about various opportunities and risks, including key milestones whose outcomes may be determined during the first quarter and first half of 2018. AMAG makes no assurances that such guidance numbers will be indicative of actual results or that any or all of the 2018 guidance assumptions will be realized on the anticipated timelines, or at all, or that the impact on revenues, operating income and adjusted EBITDA will be as projected, and the company does not undertake any obligation to update such guidance to reflect actual outcomes or revised expectations.

Such risks and uncertainties include, among others, the possibility that the company’s expectations as to key 2018 priorities, goals and expectations will not be realized, including the results of the pending FDA submissions for the Makena subcutaneous auto-injector and the Feraheme label expansion, as well as the timing for entrance of generics to the Makena intramuscular formulation, and those other risks identified in AMAG’s filings with the U.S. Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year ended December 31, 2016 and subsequent filings with the SEC. 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.

AMAG Pharmaceuticals® and Feraheme® are registered trademark of AMAG Pharmaceuticals, Inc. MuGard® is a registered trademark of Abeona Therapeutics, Inc. Makena® is a registered trademark of AMAG Pharma USA, Inc. Cord Blood Registry® and CBR® are registered trademarks of Cbr Systems, Inc. Intrarosa® is a registered trademark of Endoceutics, Inc.

-- Tables Follow --

AMAG Pharmaceuticals, Inc.
Reconciliation of GAAP to Non-GAAP Preliminary Financial Results
(unaudited, amounts in millions)
	Q4-2017 Preliminary	Q4-2016 Actual		FY 2017 Preliminary	FY 2016 Actual
GAAP operating income (loss)	($16) – ($6)		$14.6	($302) – ($292)		$78.9
Purchase accounting adjustments related to CBR deferred revenue	1	1.4		6	17.0
Depreciation and intangible asset amortization	68	29.1		152	94.2
Non-cash inventory step-up adjustments	1	1.0		2	5.7
Stock-based compensation	5	5.7		23	22.5
Adjustments to contingent consideration	(1)	20.6		(48)	25.7
Impairment charges of intangible assets	--	3.7		319	19.7
Transaction/acquisition-related costs	--	1.3		2	1.3
Acquired IPR&D	--	--		66	--
Restructuring costs	--	--		--	0.7
Adjusted EBITDA	$58 - $68		$77.4	$220 - $230		$265.7

AMAG Pharmaceuticals, Inc.
Reconciliation of 2018 Financial Guidance of Non-GAAP Adjusted EBITDA
(unaudited, amounts in millions)
	2018 Financial Guidance
GAAP operating loss	$ (147) – (117)
Depreciation and intangible asset amortization	200
Stock-based compensation	23
Non-cash inventory step-up adjustments and contingent consideration	4
Acquired IPR&D	20
Non-GAAP adjusted EBITDA	100 - 130

CONTACTS:

Investors:

Linda Lennox

908-627-3424

Media:
Katie Payne

617-498-3303

EX-99.2

J.P. Morgan Healthcare Conference January 2018 © 2018 AMAG Pharmaceuticals, Inc. All rights reserved. 1

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, expectations regarding AMAG’s future growth and diversification; expectations regarding Intrarosa’s commercial opportunity and revenue potential, including the number of women who suffer from dyspareunia in the U.S.; AMAG’s goal to achieve 65% unrestricted commercial coverage by month end; 2018 launch priorities for Intrarosa, including to broaden its utilization and differentiating it with health care professionals; the expected bremelanotide regulatory timeline and initiatives in preparation for commercial launch; AMAG’s beliefs regarding the target product profile for bremelanotide, including the presumed dosing and administration, indication, safety profile and mechanism of action; the breadth of the hypoactive sexual desire disorder (HSDD) market and bremelanotide’s market potential; beliefs regarding Makena’s position in the market; future revenue drivers for Makena, including securing reimbursement and distribution for the subcutaneous auto-injector (if FDA approval is received), educating health care professionals on the auto- injector product, expanding conversion through alternative treatment sites and launching an authorized generic; growth drivers for Cord Blood Registry (CBR), including plans to grow first time enrollments, optimize first year price, strengthen core audiences, explore new channels and leverage advancements in stem cell research; growth drivers for Feraheme, including initiating launch activities for the expanded label (if approved) to include all eligible adult IDA patients, expanding access beyond chronic kidney disease through contracting and relationships in new specialties (if the broader indication is approved) and continued market share growth; beliefs regarding the size of the current addressable market and expectations that the size of the addressable market would double if the broader indication is approved; AMAG’s 2018 financial guidance, including forecasted GAAP and non- GAAP revenue, GAAP operating income, and non-GAAP adjusted EBITDA; plans to issue fourth quarter and full year 2017 financial results in late February 2018; and AMAG’s 2018 key priorities related to its products and product candidates, portfolio expansion and financial goals 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. In addition, AMAG has presented 2018 guidance in this presentation, which guidance is based upon management’s current assumptions and beliefs about various risks and opportunities, including key milestones whose outcomes may be determined during the first quarter and first half of 2018. AMAG makes no assurances that such guidance numbers will be indicative of actual results or that any or all of the 2018 guidance assumptions will be realized on the anticipated timelines, or at all, or that the impact on revenues, operating income and adjusted EBITDA will be as projected, and the company does not undertake any obligation to update such guidance to reflect actual outcomes or revised expectations. Such risks and uncertainties include, the possibility that the company’s expectations as to key 2018 priorities, goals and expectations will not be realized, including the results of the pending FDA submissions for the Makena subcutaneous auto-injector and the Feraheme label expansion, as well as the timing for entrance of generics to the Makena intramuscular formulation, and those other risks identified in AMAG’s Securities and Exchange Commission (“SEC”) filings, including its Annual Report on Form 10-K for the year ended December 31, 2016 and subsequent filings with the SEC. 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. AMAG Pharmaceuticals® and Feraheme® are registered trademarks of AMAG Pharmaceuticals, Inc. MuGard® is a registered trademark of Abeona Therapeutics, Inc. Makena® is a registered trademark of AMAG Pharma USA, Inc. Cord Blood Registry® and CBR® are registered trademarks of Cbr Systems, Inc. Intrarosa® is a trademark of Endoceutics, Inc. 2

AMAG: Growth and Diversification Tomorrow  Well-diversified portfolio of products and services  Investing in differentiated products with durable growth potential  Mix of commercial products and development pipeline for long- term growth  Enhanced internal capabilities that come with scaled organization Today  Profitable company with several marketed products  Multiple therapeutic areas in attractive segments  Maturing next generation development pipeline − Feraheme IDA label expansion1 − Makena sub-q auto-injector1  Licensed two exciting product opportunities Yesterday  Single product company  Significant cash burn  Limited opportunities for organic growth 1 If regulatory approval is received. Makena Feraheme CBR Intrarosa Bremelanotide Future Product 3

Review of 2017 Key Priorities Makena Feraheme  Executed pre-launch activities for Makena and Feraheme line extensions  NDA and pre-launch preparation for bremelanotide  Executed on additional potential licensing or acquisition transactions Portfolio Expansion Financial  Reported results from sub-q auto-injector PK study  Filed sNDA  Expected FDA decision 4Q-2017 (now expected in 1Q-2018)  Reported results from Phase 3 clinical trial evaluating the safety of Feraheme compared to Injectafer in adults with IDA  Filed for broad label mid-2017  Achieved GAAP net product revenue of $607M - $614M (non-GAAP $613M - $620M)  Achieved high end of adjusted EBITDA guidance range           Established a new ~200 person Women’s Health commercial team  Launched Intrarosa, ending the year with >4,200 prescribing HCPs  Reduced overall indebtedness by 20%, extended maturities out to 2022 Additional 2017 Accomplishments 4

2017 Financial Results Preliminary and Unaudited ($M) 4Q-2017 Preliminary Results Full Year 2017 Preliminary Results GAAP Non-GAAP GAAP Non-GAAP Makena $97 - $102 $97 - $102 $385 - $390 $385 - $390 Feraheme/MuGard $26 - $28 $26 - $28 $106 - $108 $106 - $108 Cord Blood Registry ~$30 ~$311 ~$114 ~$1201 Intrarosa ~$2 ~$2 ~$2 ~$2 Total revenue $155 - $162 $156 - $1631 $607 - $614 $613 - $6201 Operating loss ($16) – ($6) N/A ($302) – ($292) N/A Adjusted EBITDA2 N/A $58 - $68 N/A $220 - $230 Total GAAP revenue increased 5% and 15% in the fourth quarter and full year, respectively, over 2016 1 Non-GAAP revenue includes purchase accounting adjustments related to CBR deferred revenue of $1.4M and $5.5M in the fourth quarter and full year of 2017, respectively. 2 See slide 41 for a reconciliation of GAAP to non-GAAP financials. 5

 Treatment of iron deficiency anemia (IDA) in adult patients with chronic kidney disease (CKD)  The only FDA-approved therapy to reduce recurrent preterm birth in certain at-risk women  World’s largest umbilical cord stem cell collection and storage company  Candidate for the treatment of severe preeclampsia  An investigational product for the treatment of hypoactive sexual desire disorder (HSDD) in pre- menopausal women  Management of oral mucositis, a common side effect of radiation or chemotherapy Maternal and Women’s HealthHematology / Oncology Pregnancy & Birth Wellness Post-Menopausal Health Velo Option Bremelanotide  FDA-approved locally administered non- estrogen1 product to treat moderate to severe dyspareunia (pain during sex), a symptom of VVA, due to menopause, which does not carry a boxed warning in its label 61 Intrarosa is converted by enzymes in the body into androgens and estrogens, though the mechanism of action is not fully established. AMAG’s Expanding Portfolio of Products

Product Portfolio Overview •Intrarosa® • Bremelanotide • Makena® • Cord Blood Registry® • Feraheme® 7

Affected, but not currently seeking treatment Utilizing OTC treatments Dyspareunia: Sizable Untapped Treatment Market 8 1 Intrarosa is a steroid indicated for the treatment of moderate to severe dyspareunia, a symptom of vulvar and vaginal atrophy, due to menopause. 2 Based on IMS SMART Tool NSP and NPA data for total VVA prescriptions. 3 AMAG estimates based on: a) Wysocki et al. Management of Vaginal Atrophy: Implications from the REVIVE Survey. Clinical Medicine Insights: Reproductive Health 2014:8 23–30; b) Kingsberg et al. Vulvar and Vaginal Atrophy in Postmenopausal Women: Findings from the REVIVE Survey. J Sex Med 2013;101790-1799; and c) F. Palma et al: Vaginal atrophy of women in postmenopause. Results from a multicentric observational study: The AGATA study. 4 Company estimated based on IMS SMART Tool NSP and NPA data. Currently on Rx estrogen therapy Local (intra-vaginal) estrogen therapies = sales of >$1B per year2 1.7M women3 ~6M women3 ~12M women3 W O M E N ’ S H E A L T H : I N T R A R O S A ~20M women in U.S. suffer from dyspareunia, a symptom of VVA1 New potential patients represent a market opportunity of ~$14B/year4 2017 Focus

9 Intrarosa: Two Key Differentiators W O M E N ’ S H E A L T H : I N T R A R O S A Non-Estrogen1 with No Boxed Warning Differentiated Mechanism of Action 1 Intrarosa is converted by enzymes in the body into androgens and estrogens, though the mechanism of action is not fully established. ® DHEA levels decrease with age

Launch Priority 3 Increase HCP prescribing Launch Priority 2 Increase market awareness Intrarosa Launch: Strong Progress in Awareness and Access 10 W O M E N ’ S H E A L T H : I N T R A R O S A Launch Priority 1 Create affordable access for all patients 2017: Focused on HCP experience and patient access to treatment • Broad use of patient copay savings card • ~65% of commercial lives with unrestricted formulary access expected by month end • 140 sales reps, >90,0001 calls made to ~22,0001 HCPs • 2402 speaker programs with >2,5002 HCP attendees • NRx market share 2.6%3 • Early adopters with samples driving higher NRx share ‒ 9%3 and growing • >4,2003 HCP prescribers (>2x since November) 1 SFDC call notes data through 12/22/17. 2 Avant Health Speaker program data. 3 IMS data through w/e 12/22/17.

Performance vs. Previous Osphena® Launch 11 W O M E N ’ S H E A L T H : I N T R A R O S A Aggregate TRx totals in first 23 weeks of launch – Intrarosa vs. Osphena1 TRx 1 IMS data for the first 23 weeks of each respective launch. 9,002 19,727 - 5,000 10,000 15,000 20,000 25,000 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Week # Osphena Intrarosa

W O M E N ’ S H E A L T H : I N T R A R O S A Intrarosa Growth Strategy 12

Affected, but not currently seeking treatment Utilizing OTC treatments Dyspareunia: Sizable Untapped Treatment Market 13 1 Intrarosa is a steroid indicated for the treatment of moderate to severe dyspareunia, a symptom of vulvar and vaginal atrophy, due to menopause. 2 Based on IMS SMART Tool NSP and NPA data for total VVA prescriptions. 3 AMAG estimates based on: a) Wysocki et al. Management of Vaginal Atrophy: Implications from the REVIVE Survey. Clinical Medicine Insights: Reproductive Health 2014:8 23–30; b) Kingsberg et al. Vulvar and Vaginal Atrophy in Postmenopausal Women: Findings from the REVIVE Survey. J Sex Med 2013;101790-1799; and c) F. Palma et al: Vaginal atrophy of women in postmenopause. Results from a multicentric observational study: The AGATA study. 4 Company estimated based on IMS SMART Tool NSP and NPA data. Currently on Rx estrogen therapy Local (intra-vaginal) estrogen therapies = sales of >$1B per year2 1.7M women3 ~6M women3 ~12M women3 W O M E N ’ S H E A L T H : I N T R A R O S A ~20M women in U.S. suffer from dyspareunia, a symptom of VVA1 New potential patients represent a market opportunity of ~$14B/year4 2017 Focus 2018 A d d iti o n al E ff ort s

Develop condition awareness The Digital Patient Journey W O M E N ’ S H E A L T H : I N T R A R O S A or Consult MD Office visit or on-line On-line adherence programs Seek treatment options 14

Product Portfolio Overview • Intrarosa® •Bremelanotide • Makena® • Cord Blood Registry® • Feraheme® 15 © 2018 AMAG Pharmaceuticals, Inc. All rights reserved.

 Investigational product to treat hypoactive sexual desire disorder (HSDD)  Self-administered auto-injector pen used in anticipation of sexual activity  Novel mechanism of action: melanocortin receptor agonist (MCR4)  Two Phase 3 studies met co-primary, pre-specified endpoints on desire and distress  Favorable safety profile  On track for NDA submission Q1-2018  Large market opportunity Significant Opportunity in Area of High Unmet Need W O M E N ’ S H E A L T H : B R E M E L A N O T I D E Bremelanotide Overview 16

Treated (Rx) Presented to HCP, but not treated Not diagnosed .5M4 1.6M1,2,4 3.7M Significant Market Opportunity ~10M pre-menopausal women in U.S. with HSDD1 17 1 Rosen et al, Characteristics of premenopausal and postmenopausal women with acquired, generalized HSDD: the HSDD Registry for women. 2 Patient segmentation market research sponsored by Palatin Technologies, Inc. and conducted by the Burke Institute, September 2016. 3 Survey data from Shifren (2008); 2014 U.S. census data. 4 Dectiva market research report (HSDD registry). Pre-menopausal women with HSDD (primary symptom) Initial target patient population Pre-menopausal women with HSDD (not primary symptom) Post-menopausal women with HSDD W O M E N ’ S H E A L T H : B R E M E L A N O T I D E 4.8M1 4.4M 5.8M2 15M U.S. Women with HSDD3

Differentiated Target Product Profile Bremelanotide Dosing & Administration  Self-administered subcutaneous auto-injector pen used in anticipation of sexual activity Indication  The treatment of pre-menopausal women with HSDD Clinical  Two successful Phase 3 studies completed  Randomized 1,267 pre-menopausal women with primary HSDD  Co-primary efficacy endpoints met  Increase in sexual desire and decrease in distress associated with low sexual desire Safety  No known alcohol interaction (alcohol interaction study completed)  Favorable overall safety profile in Phase 3 controlled studies  Most common AEs were nausea, flushing and headache; generally mild- to-moderate in severity  Only two treatment related SAEs; both occurred in one subject (nausea/vomiting and headache)  ~80% of patients that completed the Phase 3 trials elected to participate in the open label roll-over safety study Presumed Mechanism of Action  Targets pathways (melanocortin receptor agonist) involved in sexual desire and arousal response W O M E N ’ S H E A L T H : B R E M E L A N O T I D E 18

HCP Market Research: High Likelihood to Prescribe W O M E N ’ S H E A L T H : B R E M E L A N O T I D E 19 15% 27% 13% 28% 16% All physicians surveyed: >50% likelihood to prescribe1 “Show-me” segment “Support-me” segment 70% of key target segments likely to prescribe bremelanotide, and prescribe early1 (when approved/available) Research identified five distinct physician segments 1 Market research sponsored by AMAG and conducted by Burke Institute (304 Physician ATU July 2017). 2 Market research sponsored by AMAG and conducted by Burke Institute (605 Physician Segmentation March 2017).

2016 2017 2018 2019 Estimated Timeline to Approval 20 ▪ Targeted FDA approval ▪ Phase 3 studies completed ▪ Completed drug-drug interaction and safety pharmacology studies ▪ Planned NDA submission W O M E N ’ S H E A L T H : B R E M E L A N O T I D E 2018 launching HSDD awareness and education initiatives in preparation for early 2019 potential approval and launch

Product Portfolio Overview • Intrarosa® • Bremelanotide •Makena® • Cord Blood Registry® • Feraheme® 21 © 2018 AMAG Pharmaceuticals, Inc. All rights reserved.

$334.1 2016 Act 2017 Prelim $385-$390 Solid Growth in 2017 M A T E R N A L H E A L T H : M A K E N A 1 Company estimates Makena market share based on distributor dispensing data and all other market share based on physician market research data conducted by AMAG. 2 Off guidance represents patients treated outside guidance of Society for Maternal Fetal Medicine, including patients treated with unapproved therapies and untreated patients. 3 Preliminary and unaudited. Off Guidance2 30% Makena 50% Compounded Hydroxyprogesterone Caproate 20% December 31, 2017 Market Share1  Gained 8 percentage points in market share over 2016  Increased 2017 net product revenue by ~16% over 2016  Majority of Makena prescriptions go through MCC and Optum Home Health  sNDA for sub-q auto-injector submitted to and accepted by FDA  Signed agreement with authorized generic partner Makena Net Product Revenue ($M) 22 3

M A T E R N A L H E A L T H : M A K E N A 2018 Revenue Drivers 1 If regulatory approval by FDA is received. 23  Secure approval, reimbursement and distribution of sub-q auto-injector1  Quickly educate HCPs on sub-q auto injector to facilitate new patient starts – Sales force – Makena Care Connection  Expand conversion activity through alternate treatment sites (i.e. retail pharmacies)  Launch authorized generic upon first generic entrant to capture economics on residual IM business

Product Portfolio Overview • Intrarosa® • Bremelanotide • Makena® •Cord Blood Registry® • Feraheme® 24© 2018 AMAG Pharmaceuticals, Inc. All rights reserved.

$99.6 ~$114 2016 Act 2017 Prelim 25 1 Preliminary and unaudited. 2 Non-GAAP CBR revenue includes purchase accounting adjustments related to CBR deferred revenue of $17M and $5.5M for 2016 and 2017, respectively. M A T E R N A L H E A L T H : C O R D B L O O D R E G I S T R Y Attractive Recurring Revenue Stream ($M) $116.6 ~$120 2016 Act 2017 Prelim1 1 GAAP CBR Full Year Revenue Non-GAAP CBR Full Year Revenue2

Accomplishments & Growth Drivers 2018 Growth Drivers  Grow ‘first time’ enrollments  Optimize first year price  Strengthen core audiences (HCPs and consumers)  Explore new channels (i.e. employers)  Leverage advancements in stem cell research M A T E R N A L H E A L T H : C O R D B L O O D R E G I S T R Y 2017 Accomplishments  Reached 700,000 cord blood and cord tissue units stored  ‘First time’ enrollments returned to growth  Stabilized new enrollment pricing  Increased annual storage fee on ~1/3 of existing customers 26

Product Portfolio Overview • Intrarosa® • Bremelanotide • Makena® • Cord Blood Registry® •Feraheme® 27 © 2018 AMAG Pharmaceuticals, Inc. All rights reserved.

H E M A T O L O G Y / O N C O L O G Y : F E R A H E M E Feraheme Continued Growth ($M) $97.1 2016 Act 2017 Prelim $106-$108 1 Represents revenues from Feraheme only. Excludes revenues from MuGard as reported on financial statements. 2 Preliminary and unaudited numbers. 21 2017 Accomplishments  Completed an additional head-to-head Phase 3 trial for broader indication well ahead of schedule  Received FDA acceptance for review of submission to broaden the current label  5.3% growth in Feraheme grams over 2016  Continued broad patient access strategy, creating reimbursement predictability ‒ >95% of business is contracted 28

H E M A T O L O G Y / O N C O L O G Y : F E R A H E M E  Initiate launch activities for potential Q1 expanded label to include all eligible adult IDA patients1  Grow market share of Feraheme through clinical differentiation  Expand access through contracting beyond CKD with key accounts and GPOs  Build relationships in new specialties to maximize expanded indication 2018 Growth Drivers 1 If regulatory approval is received for expansion of the label to include adult IDA patients who have an intolerance to iron or have had an unsatisfactory response to oral iron. 29

Large IV Iron Market Opportunity of $780M1,2 30 1 If regulatory approval is received for broad IDA indication. 2 AMAG estimates market opportunity using ~$600/gram and 1.3M grams (Q2-2017 IMS data annualized). 3 AMAG estimates current market using IMS data and internal analytics. Feraheme 23%3 Other IV irons 77%3 Current Addressable IV Iron Market: $390M3 Additional Addressable IV Iron Market: $390M ‒ Iron deficiency anemia caused by other diseases – Iron deficiency anemia caused by chronic kidney disease Label expansion doubles our addressable market1 Non-dialysis IV iron market H E M A T O L O G Y / O N C O L O G Y : F E R A H E M E

H E M A T O L O G Y / O N C O L O G Y : F E R A H E M E IV Iron Market Represents Small Subset of Patients Who Suffer from IDA 31 1 Global Intravenous (I.V.) Iron Drugs Market Report: 2015 Edition. 2 AMAG estimates current market using IMS data and internal analytics. 3 AMAG estimates market opportunity using ~$600/gram and 1.3M grams (Q2-2017 IMS data annualized). 4 If regulatory approval is received for broader IDA indication. 4.5M Total U.S. Patients Diagnosed with Iron Deficiency Anemia1 4.5M Diagnosed IDA Patients1  Under the care of other physician specialists, including in women’s health, where AMAG has a strong commercial presence Feraheme 23%2 Other IV irons 77%2 Label expansion doubles addressable IV iron market3,4 Non-dialysis IV iron market

Financial Overview © 2018 AMAG Pharmaceuticals, Inc. All rights reserved. 32

Solid 2017 GAAP Revenue Growth Q4-2016 Act Q4-2017 Prelim $151.5 $155-$162 Fourth Quarter Revenue ~5% ($M) Makena CBRFeraheme/MuGard 2016 Act 2017 Prelim $532.1 $607-$614 Full Year Revenue ~15% 1 Preliminary and unaudited. 1 1 Intrarosa 33

Solid 2017 Non-GAAP Revenue Growth Q4-2016 Act Q4-2017 Prelim $152.9 $156-$163 Fourth Quarter Revenue ~4% ($M) 2016 Act 2017 Prelim $549.1 $613-$620 Full Year Revenue ~12% 1,2 1,2 1 Preliminary and unaudited. 2 Includes purchase accounting adjustments related to deferred revenue of $1.4M in Q4-2016, $1.4M in Q4-2017, $17M in 2016 and $5.5M in 2017. 22 Makena CBRFeraheme/MuGardIntrarosa 34

GAAP Operating Income and Non-GAAP Adjusted EBITDA1 $14.6 ($11) $77.4 $63 35 Operating Income (Loss) $78.9 $265.7 $225 Fourth Quarter Full Year 1 See slide 41 for a reconciliation of GAAP to non-GAAP financials results. 2 Preliminary and unaudited. 3 2017 non-GAAP adjusted EBITDA reflects the mid-point of preliminary, unaudited results. AMAG plans to issue final 2017 financial results in late February 2018. 2,3 2,3 ($M) Q4-2016 Act Q4-2017 Prelim 2016 Act 2017 Prelim ($297) Adjusted EBITDA

Strong Liquidity Profile ($M) 12/31/17 12/31/16 Cash, cash equivalents and investments $329 $579 Principal debt outstanding Convertible senior notes (2.5%) due 2019 $21 $200 Convertible senior notes (3.25%) due 2022 320 -- Term loan facility (4.75%) due 2021 -- 328 2023 senior notes (7.875%) due 2023 475 500 Total debt outstanding $816 $1,028 Balance sheet improved to align with evolving business plan: ‒ De-levered by ~20% ‒ Extended maturities and removed term loan ‒ Purchased ~$20M of stock in open market transactions during Q4-2017 ‒ Forward net leverage ratio ~4.2x1 36 1 Net leverage ratio derived from netting cash balance as of 12/31/17 from debt balance as of 12/31/17, divided by mid-point of EBITDA guidance for 2018.

2018 Financial Guidance1 ($M) 2018 Guidance GAAP Non-GAAP Total revenue $500 - $560 $500 - $560 Operating loss ($147) – ($117) N/A Adjusted EBITDA N/A $100 - $130 1 See slide 42 for a reconciliation of 2018 GAAP to non-GAAP financial guidance. • 2018 guidance encompasses management’s current assumptions about the potential impact of multiple opportunities and risks across our product portfolio, including various potential outcomes of the pending FDA submissions for the Makena subcutaneous auto-injector and the Feraheme label expansion, as well as the entrance of generics to compete with the Makena intramuscular formulation in 2018. • Consistent with industry practice, AMAG will provide total company revenue guidance and continue to report revenue by product on a quarterly basis. 37

2018 Key Priorities Intrarosa  Continue to drive awareness and usage of Intrarosa  Initiate digital consumer campaign mid-2018  Invest to expand treatable patient population (i.e. HSDD Phase 3 study) Makena  Launch subcutaneous auto-injector in Q1-20181  Prepare for potential 2018 competitive generic threat  Authorized generic readiness CBR  Continue to grow ‘first time’ enrollments Feraheme  Launch expanded IDA label (all causes) in Q1-20181  Increase market share Bremelanotide  Submit NDA in Q1-2018  Prepare for FDA advisory committee meeting in Q4-2018 (estimated timing) Portfolio Expansion  Continue to explore the addition of longer-lived, durable products through licensing or acquisition transactions Financial  Drive toward non-GAAP revenue of $530M (midpoint of guidance)  Achieve adjusted EBITDA of $115M (midpoint of guidance) 38 1 If regulatory approval is received.

© 2018 AMAG Pharmaceuticals, Inc. All rights reserved. 39 J.P. Morgan Healthcare Conference January 2018

Appendix 40 © 2018 AMAG Pharmaceuticals, Inc. All rights reserved.

Reconciliation of GAAP to Non-GAAP Preliminary Financial Results 41 ($M) GAAP operating income (loss) Purchase accounting adjustments related to CBR deferred revenue Depreciation and intangible asset amortization Non-cash inventory step-up adjustments Stock-based compensation Adjustments to contingent consideration Impairment charges of intangible assets Transaction / acquisition related costs Acquired IPR&D Restructuring costs Non-GAAP adjusted EBITDA Q4-2017 Prelim Q4-2016 Actual 2017 Prelim 2016 Actual ($16) – ($6) $14.6 ($302) – ($292) $78.9 1 1.4 6 17.0 68 29.1 152 94.2 1 1.0 2 5.7 5 5.7 23 22.5 (1) 20.6 (48) 25.7 -- 3.7 319 19.7 -- 1.3 2 1.3 -- -- 66 -- -- -- -- 0.7 $58 - $68 $77.4 $220 - $230 $265.7

Reconciliation of GAAP to Non-GAAP 2018 Financial Guidance 42 ($M) 2018 Financial Guidance Operating loss ($147) – ($117) Depreciation & intangible asset amortization 200 Stock-based compensation 23 Non-cash inventory step up and adjustments to contingent consideration 4 Acquired IPR&D 20 Non-GAAP adjusted EBITDA $100 - $130

J.P. Morgan Healthcare Conference January 2018 © 2018 AMAG Pharmaceuticals, Inc. All rights reserved. 43