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 6, 2013

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.)

100 Hayden Avenue
Lexington, Massachusetts	02421
(Address of principal executive offices)	(Zip Code)

(617) 498-3300

(Registrant’s telephone number, including area code)

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:

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

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

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

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

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 and Exchange Act of 1934, as amended, 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, except as expressly set forth by specific reference in such filing.

On January 6, 2013, AMAG Pharmaceuticals, Inc., or the Company, issued a press release providing a business update, including preliminary fourth quarter 2012 financial results and its outlook for 2013. A copy of the Company’s press release is furnished herewith as Exhibit 99.1.

Item 7.01. Regulation FD

The following information and Exhibit 99.2 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, 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, except as expressly set forth by specific reference in such filing.

The Company will present further details on the matters noted above at the 31st Annual J.P. Morgan Healthcare Conference in San Francisco on January 9, 2013, which will be accessible by a live audio webcast through the Company’s website at www.amagpharma.com on January 9, 2013 at 8:30 a.m. Pacific Time (11:30 a.m. Eastern Time). A copy of the Company’s presentation slides is furnished herewith as Exhibit 99.2.

Item 9.01.  Financial Statements and Exhibits.

(d)  Exhibits.

The Company hereby furnishes the following exhibits:

99.1                        Press release dated January 6, 2013.

99.2                        Copy of Company’s presentation slides dated January 2013.

Forward-looking Statement

This report contains forward-looking statements 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 but not limited to statements regarding the Company’s presentation at the annual J.P. Morgan Healthcare Conference, 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: (1) uncertainties regarding the Company’s and Takeda’s ability to successfully compete in the intravenous iron replacement market both in the U.S. and outside the U.S., including the E.U., (2) uncertainties regarding the Company’s ability to

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successfully and timely complete clinical development programs and obtain regulatory approval for Feraheme/Rienso in the broader IDA indication both in the US and outside of the U.S., including the E.U., (3) the possibility that significant safety or drug interaction problems could arise with respect to Feraheme/Rienso, (4) uncertainties regarding the manufacture of Feraheme/Rienso, (5) uncertainties relating to the Company’s patents and proprietary rights, both in the U.S. and outside of the U.S., (6) the risk of an Abbreviated New Drug Application (ANDA) filing following the FDA’s recently published draft bioequivalence recommendation for ferumoxytol, and (7) other risks identified in the Company’s Securities and Exchange Commission (“SEC”) filings, including the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 and subsequent filings with the SEC. The Company cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made.

The Company 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.

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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 thereunto duly authorized.

AMAG PHARMACEUTICALS, INC.
By:	/s/ Scott B. Townsend
General Counsel and Senior Vice President of Legal Affairs
Date: January 7, 2013

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EXHIBIT INDEX

Exhibit  Number	Description
99.1	Press release dated January 6, 2013.
99.2	Copy of Company’s presentation slides dated January 2013.

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EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

AMAG Pharmaceuticals Provides Business Update

Announces Preliminary 2012 Financial Results and 2013 Financial Guidance

·  Submits sNDA for expanded indication for Feraheme® (ferumoxytol)

·  Achieves 14% growth in fourth quarter 2012 U.S. Feraheme product revenues, compared to fourth quarter of 2011

·  Ends 2012 with approximately $227 million in cash and investments

LEXINGTON, MA (January 6, 2013) — AMAG Pharmaceuticals, Inc. (NASDAQ: AMAG) today announced a business update, including preliminary fourth quarter 2012 financial results and its outlook for 2013. The company will present further details at the 31st Annual J.P. Morgan Healthcare Conference in San Francisco on Wednesday, January 9, 2013 at 8:30 a.m. Pacific time.

“AMAG turned a corner in 2012, achieving all of our commercial and development milestones for the year, which together have placed Feraheme on a path to realize its full potential, both in the U.S. and abroad,” stated William Heiden, president and chief executive officer of AMAG. “Additionally, we believe, that the more efficient cost structure that we established in 2012, coupled with continued top-line growth, will help drive our company to profitability.”

Business Highlights and Estimated 2012 Financial Results (unaudited)

·AMAG expects to report 2012 full year financial results in line with previous guidance, which was positively updated over the course of the year. The company ended 2012 with approximately $227 million in cash and investments.

·For the fourth quarter of 2012, AMAG expects total revenues of between $21.1 million and $21.5 million, including between $14.4 million and $14.8 million of net U.S. Feraheme product revenues. The approximate 14% growth in U.S. net product revenues, compared to the fourth quarter of 2011, was driven by increased volume and an improving net effective price per gram for Feraheme.

·Total operating expenses, excluding cost of goods sold, for the fourth quarter of 2012 are expected to be between $21.0 million and $22.5 million, approximately 31% lower than the fourth quarter of 2011.

·AMAG sold approximately 110,000 grams of Feraheme in the U.S. in 2012, representing record demand and more than 17% volume growth over 2011.

·During the fourth quarter of 2012, AMAG’s partner, Takeda Pharmaceutical Company Limited, launched ferumoxytol in Canada, under the brand name Feraheme, and in several European countries as Rienso® (ferumoxytol). During 2012, AMAG received $33 million in milestone payments related to ex-U.S. approvals and launches, $18 million of which it received in the fourth quarter. Additionally, during the fourth quarter of 2012, AMAG realized its first revenues from royalties and product sales in these regions.

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·AMAG submitted a supplemental new drug application (sNDA) for Feraheme to the U.S. Food and Drug Administration (FDA) in December 2012. The company is seeking to expand the label for Feraheme to include all patients with iron deficiency anemia, regardless of the underlying cause, who have failed or could not tolerate oral iron.  The company believes that regulatory approval from the FDA for this broader patient population would double the market opportunity in the U.S. for Feraheme.

2013 Financial Outlook

“As we look to 2013, we plan to deliver accelerating revenue growth, driven by both greater volume and increasing net revenue realized per gram of Feraheme sold,” Heiden stated. “While we will continue to operate as efficiently as possible, we do plan to make strategic investments over the course of 2013 to maximize the commercial potential of Feraheme and to ensure that we are positioned for success in the broader IV iron market, in anticipation of potential regulatory approval for the expanded IDA indication late in the year.”

The company expects to achieve the following in 2013:

·Total revenues of between $73 million and $77 million, including:

·Feraheme U.S. net product revenues of between $63 million and $67 million, driven by a combination of price and double-digit volume growth;

·Royalties and product sales related to ex-U.S. sales of Feraheme/Rienso and recognition of milestones of approximately $10 million;

·Cost of goods sold (COGS) of between 14% and 18% of net product sales;

·Total operating expenses, excluding COGS, of between $78 million and $82 million, representing an approximate 10% reduction from 2012. The reduced operating expenses in 2013 will be driven by decreased clinical trial costs, offset in part by new investments in a lower-cost production process and pre-launch investments to support a potential expansion to Feraheme’s label. The company expects:

·Research and development expenses of between $24 million and $27 million, representing an approximate 27% reduction from 2012;

·Selling, general and administrative expenses of between $54 million and $57 million, representing an approximate 2% increase from 2012; and

·A 2013 year-end cash and investments balance of between $206 million and $211 million, not including the impact of business development transactions.

“AMAG is a different company than it was just 12 months ago — I believe that we are now in a stronger position, both commercially and financially. Feraheme is a on a solid growth trajectory and we are now ready to add additional commercial products to our portfolio to leverage these strengths,” concluded Heiden.

Webcast Information

A live audio webcast of the company’s presentation and the following breakout session, along with the accompanying slide presentation at the 31st Annual J.P. Morgan Healthcare Conference will be accessible through the Investors section of the company’s website at www.amagpharma.com on

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January 9, 2013 at 8:30 a.m. P.T. (11:30 a.m. E.T.).  Following the conference, the webcast will be archived on the AMAG Pharmaceuticals, Inc. website until February 9, 2013.

About Iron Deficiency Anemia

More than 4 million Americans have IDA; 1.6 million of whom are estimated to have CKD, while the other 2.4 million suffer from anemia due to other causes.(1)  For these patients with anemia due to other causes, the underlying diseases or issues causing IDA include abnormal uterine bleeding, gastrointestinal disorders, inflammatory diseases and chemotherapy-induced anemia.  Many IDA patients fail treatment with oral iron due to intolerability or side effects.(2)

About AMAG

AMAG Pharmaceuticals, Inc. is a specialty pharmaceutical company that manufactures and markets Feraheme® (ferumoxytol) Injection for Intravenous (IV) use in the United States.  Along with driving organic growth of its lead product, AMAG intends to expand its portfolio with additional commercial-stage specialty pharmaceuticals. The company is seeking complementary products that leverage the company’s commercial footprint and focus on hematology and oncology centers and hospital infusion centers. For additional company information, please visit www.amagpharma.com.

About Feraheme® (ferumoxytol)/Rienso

In the United States, Feraheme (ferumoxytol) Injection for Intravenous (IV) use is indicated for the treatment of iron deficiency anemia in adult chronic kidney disease (CKD) patients. Feraheme received marketing approval from the U.S. Food and Drug Administration on June 30, 2009 and was commercially launched by AMAG in the U.S. shortly thereafter. Ferumoxytol received marketing approval in Canada in December 2011, where it is marketed by Takeda as Feraheme, and in the European Union in June 2012 and Switzerland in August 2012, where it is marketed by Takeda as Rienso®. For additional product information, please visit www.feraheme.com.

Feraheme ® (ferumoxytol) Injection for Intravenous (IV) is indicated for the treatment of iron deficiency anemia in adult patients with chronic kidney disease. Feraheme is contraindicated in patients with known hypersensitivity to Feraheme or any of its components.

Serious hypersensitivity reactions, including anaphylactic-type reactions, some of which have been life-threatening and fatal, have been reported in patients receiving Feraheme.  Serious adverse reactions of clinically significant hypotension have been reported. In the post-marketing setting, life-threatening anaphylactic type reactions, cardiac/cardiorespiratory arrest, clinically significant hypotension, syncope, unresponsiveness and other safety events have been reported in patients being treated with Feraheme. In clinical trials, the most commonly occurring adverse reactions for Feraheme-treated patients were nausea, dizziness, hypotension, peripheral edema, headache, edema and vomiting. A full list of adverse events can be found in the full prescribing information for Feraheme.

(1)  U.S. Census; U.S. Renal Data System, USRDS 2010 Annual Data Report: Atlas of Chronic Kidney Disease and End-Stage Renal Disease in the United States, National Institutes of Health, National Institute of Diabetes and Digestive and Kidney Diseases, Bethesda, MD, 2010: 41-42; Fishbane, S. et al. Iron Indices in CKD in the NHANES 1998-2004. Clin J Am Soc Nephrol. 2009 January; 4(1): 57—61.

(2)  Barton, James et al. Intravenous iron dextran therapy in patients with iron deficiency and normal renal function who failed to respond to or did not tolerate oral iron supplementation. Am J Medicine. 2000; 109: 27-32.

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For full prescribing information, please visit www.feraheme.com.

Forward-looking Statement

This press release contains forward-looking statements 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 but not limited to, our presentation at the 31st Annual J.P. Morgan Healthcare Conference; the market for Feraheme and our future profitability; our estimates of fourth quarter 2012 total revenues, Feraheme net product revenues, operating expenses and cost of goods sold; our efforts and expectations regarding our supplemental new drug application for Feraheme; revenue growth and plans for strategic investments, including the addition of commercial products to our portfolio; our expectations regarding Feraheme provider demand trends and the effective price per gram for Feraheme; our expected 2013 Feraheme product revenue; our expected 2013 operating expenses and cost of goods sold; our expected 2013 year-end cash and investments balance; potential Feraheme milestone or royalty payments; and our plans to expand the reach of Feraheme to new indications and geographic territories 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: (1) uncertainties regarding our and Takeda’s ability to successfully compete in the intravenous iron replacement market both in the US and outside the US, including the EU, (2) uncertainties regarding our ability to successfully and timely complete our clinical development programs and obtain regulatory approval for Feraheme/Rienso in the broader IDA indication both in the US and outside of the US, including the EU, (3) the possibility that significant safety or drug interaction problems could arise with respect to Feraheme/Rienso, (4) uncertainties regarding the manufacture of Feraheme/Rienso, (5) uncertainties relating to our patents and proprietary rights, both in the US and outside of the US, (6) the risk of an Abbreviated New Drug Application (ANDA) filing following the FDA’s recently published draft bioequivalence recommendation for ferumoxytol, and (7) other risks identified in our Securities and Exchange Commission filings, including our Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 and subsequent filings with the SEC. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made.

We disclaim 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.

Rienso is a registered trademark of Takeda Pharmaceutical Company Limited.

AMAG Pharmaceuticals, Inc. Contact

Amy Sullivan, 617-498-3303

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EX-99.2

Exhibit 99.2

AMAG PHARMACEUTICALS JP Morgan Healthcare Conference January 2013

FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements 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 but not limited to: (i) our statement that AMAG is well positioned for growth in 2013 and beyond; (ii) our plans to grow Feraheme revenues in 2013 and thereafter through a combination of volume and price growth; (iii) expectations regarding the status, expiry and extension of our Orange Book listed patents for Feraheme; (iv) the potential for approval and potential launch of the supplemental new drug application in the U.S. and the timing and potential regulatory submission in the EU for Feraheme/Rienso for the broad iron deficiency anemia indication; (v) statements regarding our plans to acquire and/or in-license additional commercial products or assets; (vi) statements regarding the potential size and expansion of the U.S. IV iron market opportunity; (vii) our expected financial results for 2013; (viii) our expected cash flows in 2013 and beyond; (ix) our plans to expand the reach of Feraheme to new indications and geographic territories; (x) statements regarding any potential milestone payments or royalties we may receive; (xi) statements regarding future annual sales for Feraheme/Rienso; (xii) our expected fourth quarter 2012 and full year 2012 financial results; (xiii) our expectation to increase our market share of the IV iron market in 2013; and (xiv) statements regarding our expectation to become the market leader in the current IV iron market, 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: (1) uncertainties regarding our and Takeda's ability to successfully compete in the intravenous iron replacement market both in the US and outside the US, including the EU, (2) uncertainties regarding our ability to successfully and timely complete our clinical development programs and obtain regulatory approval for Feraheme/Rienso in the broader IDA indication both in the US and outside of the US, including the EU, (3) the possibility that significant safety or drug interaction problems could arise with respect to Feraheme/Rienso, (4) uncertainties regarding the manufacture of Feraheme/Rienso, (5) uncertainties relating to our patents and proprietary rights both in the US and outside the US, (6) the risk of an Abbreviated New Drug Application (ANDA) filing following the FDA’s recently published draft bioequivalence recommendation for ferumoxytol, and (7) other risks identified in our Securities and Exchange Commission (SEC) filings, including our Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 and subsequent filings with the SEC. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. We disclaim 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 2

AMAG: 2012 HIGHLIGHTS Continued growth of Feraheme U.S. CKD business Drove 17% Feraheme volume growth in the US compared to 2011 Exited year with 14% market share in grams Improved net revenue per gram for Feraheme Significant progress in Feraheme expansion efforts Completed phase III program for broad IDA indication; submitted sNDA Launched in Canada and Europe; triggered $33 million in milestones Stabilized organization and turned focus to execution and growth Ready to purchase/in-license additional comercial products Financial Streamlined cost structure with 32% reduction in operating expenses compared to 2011 Exceeded original guidance; delivered on updated financial guidance 3

Marketed Product Feraheme® (ferumoxytol) Injection for intravenous (IV) use, an IV iron replacement therapy Approved in the U.S., Europe, Switzerland and Canada Indicated for adult patients with chronic kidney disease (CKD) with iron deficiency anemia (IDA) 3 Orange Book listed patents; 2020 expiry; anticipated extension in the U.S. to 2023 $200 million market opportunity in the U.S. in non-dialysis CKD setting sNDA submitted in December 2012; if approved, U.S. launch expected in Q4 2013 Commercial Organization Specialty field force of ~50 professionals Targeting hematology-oncology practices, hospitals, and nephrology clinics Full complement of MSLs, managed markets and reimbursement professionals Deep relationships with KOL’s, key physician groups and GPOs International Expansion Feraheme strategic alliance with Takeda in select ex-U.S. territories Canadian and European approvals and launches triggered $33 million in milestones $187 million in remaining milestones; double-digit, tiered royalties based on net sales Strategic alliance with 3SBio for development and commercialization of Feraheme in China Business Development Actively pursuing acquisition or in-licensing of commercial assets Leverage existing commercial infrastructure and potential synergies with Feraheme Financial Profile Double-digit revenue growth and aggressive management of operating expenses Cash and investments of $227 million at December 31, 2012; no debt AMAG OVERVIEW 4

AMAG: LEVERAGING OUR ASSETS AND CORE COMPETENCIES TO BUILD A PROFITABLE, MULTI-PRODUCT SPECIALTY PHARMACEUTICAL COMPANY Commercial Infrastructure Focus on Hematology/Oncology, Hospital and Nephrology Strong Balance Sheet Product #2 Product #3 Experienced Management Team Feraheme U.S. CKD Business Feraheme IDA label Expansion IV Iron Market Expansion Feraheme Geographic Expansion 5

U.S. IV IRON MARKET

CURRENT US NON-DIALYSIS IV IRON MARKET ~ $400 MILLION (FERAHEME DOLLARS) 50% of market is for treatment of patients with CKD Primary sites of treatment are hematology / oncology clinics and hospitals ~70% of market reimbursed at ASP+ model 7

U.S. NON-DIALYSIS CKD IV IRON MARKET OPPORTUNITY Current Feraheme Opportunity Expanded Label Opportunity (sNDA submitted December 2012) Sources: U.S. Census; U.S. Renal Data System, USRDS 2010 Annual Data Report: Atlas of Chronic Kidney Disease and End-Stage Renal Disease in the United States, National Institutes of Health, National Institute of Diabetes and Digestive and Kidney Diseases, Bethesda, MD, 2010: 41-42; Fishbane, S. et al. Iron Indices in CKD in the NHANES 1998-2004. Clin J Am Soc Nephrol. 2009 January; 4(1): 57–61; AMAG estimates market opportunity at $500/gram. Current CKD market opportunity of approximately 400,000 grams or ~$200 million CKD market expansion could drive additional growth 8

FERAHEME PERFORMANCE IN THE U.S.

ABOUT FERAHEME® (FERUMOXYTOL)/RIENSO In the United States, Feraheme (ferumoxytol) Injection for Intravenous (IV) use is indicated for the treatment of iron deficiency anemia in adult chronic kidney disease (CKD) patients. Feraheme received marketing approval from the U.S. Food and Drug Administration on June 30, 2009 and was commercially launched by AMAG in the U.S. shortly thereafter. Ferumoxytol received marketing approval in Canada in December 2011, where it is marketed by Takeda as Feraheme, and in the European Union in June 2012 and Switzerland in August 2012, where it is marketed by Takeda as Rienso®. For additional product information, please visit www.feraheme.com. Feraheme ® (ferumoxytol) Injection for Intravenous (IV) is indicated for the treatment of iron deficiency anemia in adult patients with chronic kidney disease. Feraheme is contraindicated in patients with known hypersensitivity to Feraheme or any of its components. Serious hypersensitivity reactions, including anaphylactic-type reactions, some of which have been life-threatening and fatal, have been reported in patients receiving Feraheme. Serious adverse reactions of clinically significant hypotension have been reported. In the post-marketing setting, life-threatening anaphylactic type reactions, cardiac/cardiorespiratory arrest, clinically significant hypotension, syncope, unresponsiveness and other safety events have been reported in patients being treated with Feraheme. In clinical trials, the most commonly occurring adverse reactions for Feraheme-treated patients were nausea, dizziness, hypotension, peripheral edema, headache, edema and vomiting. A full list of adverse events can be found in the full prescribing information for Feraheme. 10

NON-DIALYSIS MARKET SHARE SHIFT SINCE FERAHEME LAUNCH (ASP DOLLARS) 11 ® ® ® ® Demand information is based on data from IMS Health; market share is calculated on published ASP data.

IV IRON HISTORICAL DOSING PARADIGM One gram of IV iron is the usual therapeutic course. Labels of Venofer and Ferrlecit were harmonized by the FDA in the summer of 2011 to all include post-dose observation periods and similar language regarding hypersensitivity reactions in the warnings and precautions sections. Dexferum and Infed do not have observation periods, but have boxed warnings. 12

FERAHEME IS AS EASY AS 1 – 2 – 3 1 GRAM, 2 DOSES, 3 DAYS APART One gram of IV iron is the usual therapeutic course and that which was studied in the Feraheme clinical trials. Feraheme Indication and contraindications Feraheme ® (ferumoxytol) Injection for Intravenous (IV) is indicated for the treatment of iron deficiency anemia in adult patients with chronic kidney disease. Feraheme is contraindicated in patients with known hypersensitivity to Feraheme or any of its components. Serious hypersensitivity reactions, including anaphylactic-type reactions, some of which have been life-threatening and fatal, have been reported in patients receiving Feraheme. Anaphylactic type reactions, presenting with cardiac/cardiorespiratory arrest, clinically significant hypotension, syncope, and unresponsiveness have been reported in the post-marketing experience. In clinical trials, the most commonly occurring adverse reactions for Feraheme-treated patients were diarrhea, nausea, dizziness, hypotension, constipation and peripheral edema. A full list of adverse events can be found in the full prescribing information for Feraheme. For full prescribing information, please visit www.feraheme.com. 13

2012 – STRONG GROWTH IN FERAHEME PROVIDER DEMAND 14 Source: IMS Health Data. 17% Grams 2012 Results 17% increase in Feraheme provider demand; 115 evolution index 4th Quarter Share 14% of non-dialysis IV iron market 26% of heme/onc segment 9% of hospital segment 34% of nephrology segment

EXPANSION OPPORTUNITIES

U.S. BROAD IDA IV IRON MARKET OPPORTUNITY TODAY Current Feraheme Opportunity Sources: U.S. Census; U.S. Renal Data System, USRDS 2010 Annual Data Report: Atlas of Chronic Kidney Disease and End-Stage Renal Disease in the United States, National Institutes of Health, National Institute of Diabetes and Digestive and Kidney Diseases, Bethesda, MD, 2010: 41-42; Fishbane, S. et al. Iron Indices in CKD in the NHANES 1998-2004. Clin J Am Soc Nephrol. 2009 January; 4(1): 57–61; AMAG estimates market opportunity at $500/gram. Current CKD market opportunity of ~$200 million CKD market expansion could drive additional growth Opportunity doubles to ~$400 million adding broad IDA patients currently treated with IV iron Significant market expansion potential with broad label 16 Expanded Label Opportunity (sNDA submitted December 2012)

U.S. BROAD IDA IV IRON MARKET OPPORTUNITY TODAY Current Feraheme Opportunity Sources: U.S. Census; U.S. Renal Data System, USRDS 2010 Annual Data Report: Atlas of Chronic Kidney Disease and End-Stage Renal Disease in the United States, National Institutes of Health, National Institute of Diabetes and Digestive and Kidney Diseases, Bethesda, MD, 2010: 41-42; Fishbane, S. et al. Iron Indices in CKD in the NHANES 1998-2004. Clin J Am Soc Nephrol. 2009 January; 4(1): 57–61; AMAG estimates market opportunity at $500/gram Current CKD market opportunity of ~$200 million CKD market expansion could drive additional growth Opportunity doubles to ~$400 million adding broad IDA patients currently treated with IV iron Significant market expansion potential with broad label 17 Same Referral Pattern for Anemia Treatment From nephrologist, OB/Gyn, Oncologist, gastroenterologist, cardiologist, rheumatologist AMAG Targets Referral Patterns Well Established Expanded Label Opportunity (sNDA submitted December 2012)

BROAD IDA LABEL EXPANSION PLANS 18 2012 2013 2014 sNDA submitted to FDA Global 1,400 patient phase III program completed Potential U.S. sNDA approval IDA submission in EU Potential IDA approval in EU (milestone to AMAG)

IDA-301: PATIENT REPORTED OUTCOMES OF 600 FERUMOXYTOL-TREATED PATIENTS 19 In IDA-301, clinically meaningful improvements in multiple patient-reported outcome instruments were associated with increases in hemoglobin; no new safety signals were observed in the study. 48% 59% 28% 33% Primary Endpoint Secondary and Exploratory Endpoints

IV IRON MARKET EXPANSION OPPORTUNITY 20 Expansion Opportunity Current IV Iron Market

GASTROENTEROLOGY – A PRIME OPPORTUNITY UPON APPROVAL 21 Causes of IDA Chronic GI disorders Inflammatory bowel disease >150,000 with IDA Bleeds of unknown origin Malabsorption disorders Celiac disease Bariatric surgery patients >150,000 with IDA Cannot tolerate or absorb oral iron Chronically iron deficient Relatively small specialty; easily targeted 13,000 GI specialists 150 Hospital-based IBD Centers 570 CMS-approved bariatric surgery centers Recognize anemia as an issue in their patients Have a high level of concern about the impact of anemia on their patients lives Treat IDA today Minority with IV iron Majority unaware of Feraheme Patient Characteristic Physician Characteristics

AMAG’S GI PRE-LAUNCH ACTIVITIES Further understand view of anemia management Market research Advisory boards Meet with key opinion leaders in the treatment of IBD and bariatric surgeons who are thought leaders in IDA Meet with advocacy groups to understand the community Educate Present GI-specific data at key GI medical meetings (DDW, ACG) Publish GI-specific data in peer-reviewed journals 22

INTERNATIONAL EXPANSION BRINGS NEAR-TERM GROWTH Approved for CKD indication in Europe and Canada Launches began in 4Q12 and will continue through 2013 Deal terms $60 million upfront payment $33 million in milestone payments in 2012 related to ex-US approvals and launches $187 million in milestones remaining Broad IDA approval in EU Sales milestones Royalties on sales: tiered, double-digit 23

FUTURE ANNUAL SALES OPPORTUNITY 24

PORTFOLIO EXPANSION Current focus Commercial product acquisitions Assets that can be purchased with AMAG’s existing cash Products with annual revenues of $10 million to $60 million Products with growth potential that leverage our commercial footprint Positive impact on Feraheme Strong intellectual property Accretive to earnings in first year Highly transactable Several opportunities currently in-process (evaluation, due diligence or active negotiations) hematology/oncology assets hospital assets renal assets Future Continue to add commercial products that leverage commercial team Expand to late-stage development or more strategic transactions 25

FINANCIAL OVERVIEW

2012 PROJECTED FINANCIAL HIGHLIGHTS ($ in millions) 4Q2012 Estimate 4Q2011 Change Total Revenues $21.1 – $21.5 $14.9 ~43% Net Feraheme U.S. Product Revenues $14.4 – $14.8 $12.8 ~14% Total Operating Expenses $21.0 – $22.5 $31.7 ~(31%) Cash and Investments $227 $230 ~(1%) 27 ($ in millions) 2012 Estimate 2012 Guidance Net Feraheme U.S. Product Revenues ~$59 $58 - $60* Total Operating Expenses ~$89 $87 - $90* Cash and Investments $227 $225 - $230 * 2012 guidance was revised favorably in 3Q2012

IMPROVING NET REVENUE PER GRAM OF FERAHAME SOLD 28 Realizing benefit of price increases taken in 2012 Reversed historically deteriorating net revenue per gram in 2012 ASP has increased in each of last two quarters * Net price per gram is calculated by deducting estimated fees, discounts, rebates, and returns from the wholesale acquisition cost (list price) per gram of Feraheme. See AMAG’s quarterly filings with the SEC for more information related to the Company’s gross to net sales adjustment.

AMAG: CASH FLOW TRAJECTORY 29 $ millions 2012 -$35 million (excluding milestones) 2013 -$18 million Illustrative IDA Investment 2014

2013 FINANCIAL OUTLOOK 30 Expenses ($ in millions) Total Revenues of $73 - $77 million $63 – $67 million in Feraheme net U.S. product revenue Operating expenses of $78– $82 million (excluding COGS) R&D expenses decline New Investments for IDA launch COGS: 14%-18% of product sales End 2013 with $206 – $211 million of cash and investments, not including the impact of business development transactions 2013 Guidance Revenues ($ in millions)

BUILDING OFF A BASE OF SUCCESS IN 2013 31 Stabilized organization and turned focus to execution and growth Continued growth of Feraheme US CKD business Drove 17% Feraheme volume growth in the US Improved net revenue per gram for Feraheme Significant progress in Feraheme expansion efforts Completed phase III program for broad IDA indication; submitted sNDA Approved and launched in Canada and Europe; triggered $33 million in milestones Delivered on financial guidance Streamlined cost structure with 32% reduction in operating expenses 2013 Objectives Achieve double-digit growth of Feraheme in CKD patient population Increase net revenue per gram of Feraheme sNDA Formal acceptance by FDA – 1Q13 Approval – 4Q13 Launch – upon approval Execute a business development transaction Prepare for launch in broader IDA patient population Deliver on financial guidance 2012 Accomplishments

AMAG PHARMACEUTICALS Well positioned for growth in 2013... and beyond