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): February 6, 2014

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 Street
Waltham, Massachusetts	02451
(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:

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

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

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

¨  Pre-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 information under this Item 2.02, including Exhibits 99.1 and 99.2 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities 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 February 6, 2014, AMAG Pharmaceuticals, Inc., (the “Company”) issued a press release regarding its financial results for the quarter and year ended December 31, 2013, its outlook for 2014, and its intention to hold a conference call to discuss the Company’s financial results and commercial progress. A copy of the Company’s press release is furnished herewith as Exhibit 99.1 and a copy of the presentation slides to be used during the conference call are furnished herewith as Exhibit 99.2.

Item 9.01.  Financial Statements and Exhibits.

(d)  Exhibits.

The Company hereby furnishes the following exhibits:

99.1Press Release dated February 6, 2014.

99.2Copy of presentation slides of the Company for the February 6, 2014 conference call.

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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: February 6, 2014

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EXHIBIT INDEX

Exhibit
Number
99.1	Press Release dated February 6, 2014.
99.2	Copy of presentation slides of the Company for the February 6, 2014 conference call.

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EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

AMAG Provides Business Outlook for 2014 and Reports 2013 Financial Results

·Achieves record annual U.S. Feraheme product revenues in 2013 with 28% growth over 2012

·Guides to continued growth for Feraheme and first breakeven year in 2014

·Conference call scheduled for 8:00 a.m. Eastern time today

WALTHAM, MA (February 6, 2014) — AMAG Pharmaceuticals, Inc. (NASDAQ: AMAG), a specialty pharmaceutical company, today reported unaudited consolidated financial results for the fourth quarter and year ended December 31, 2013. The company achieved record annual U.S. Feraheme® net product sales of $71.4 million. As of December 31, 2013, the company’s cash and investments totaled $216.7 million (including $2.9 million of restricted cash).

“In 2013, we executed a plan to drive renewed volume growth and increased net revenue per gram for Feraheme, generating the outstanding results reported today,” said William Heiden, president and chief executive officer of AMAG. “While the recent news on our supplemental new drug application for Feraheme in the U.S. clearly represents, at a minimum, a delay in the potential approval of the expanded label, we intend to continue to work towards an approval and remain focused on the near-term opportunity of maximizing Feraheme in our current indication for the treatment of iron deficiency anemia (IDA) in chronic kidney disease (CKD) patients.”

Heiden continued, “We achieved a number of important corporate objectives in 2013, including dramatic improvements in our top-line and bottom-line performance (vs. 2012). These successes have given us an even stronger foundation from which to continue to build across an ambitious new set of goals for 2014.”

2014 Goals

The company’s goals for 2014 include the following:

·Maximize Feraheme revenues, including increasing market share within the current U.S. IDA CKD indication, undertaking market expansion initiatives for the 1.6 million patients diagnosed with IDA and CKD but not treated with IV iron, and optimizing net revenue per gram;

·Drive MuGard® Mucoadhesive Oral Wound Rinse growth across the 400,000 patients in the U.S. at risk of developing oral mucositis;

·Support Takeda’s efforts to gain approval of the Type II Variation with the European Medicines Agency (EMA) for broad IDA label expansion of Rienso in the E.U., which would trigger a significant milestone payment;

·Determine and pursue the optimal path forward for Feraheme for the broad IDA indication in the U.S. with input from the U.S. Food and Drug Administration (FDA); and

·Expand the company’s product portfolio through acquisition or in-licensing of specialty pharmaceutical product(s) or companies.

February 6, 2014 AMAG Pharmaceuticals, Inc.

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2014 Financial Outlook

The company is issuing the following financial guidance for 2014:

·Total revenues of between $88 million and $100 million (not including the potential milestone payment for broad IDA approval in the E.U.), including:

·U.S. Feraheme net product sales of between $75 million and $85 million;

·Revenue from MuGard, ex-U.S. Feraheme product sales, royalties and milestones of between $13 million and $15 million;

·Cost of goods sold (COGS) of between 14% and 16% of Feraheme net product sales;

·Total operating expenses of between $80 million and $85 million, including:

·Research and development expenses of between $20 million and $22 million;

·Selling, general and administrative expenses of between $60 million and $63 million; and

·Operating the business to break-even for the full year, before the potential milestone related to broad IDA approval in the E.U.

The company’s guidance for 2014 does not include: the impact of business development transactions or potential expenses associated with further development of Feraheme for the broad IDA indication.

Fourth Quarter and Full Year 2013 Financial Results (unaudited)

Total revenues for the fourth quarter ended December 31, 2013 were $21.7 million, as compared to $21.1 million for the same period in 2012. Total revenues for the year ended December 31, 2013 were $80.9 million as compared to $85.4 million for 2012. The decrease in total revenues in 2013 was driven primarily by non-recurring 2012 milestone revenues, partially off-set by increased U.S. Feraheme product sales.

U.S. Feraheme net product sales for the quarter ended December 31, 2013 were $19.0 million, a 32% increase compared to $14.4 million for the same period in 2012. U.S. Feraheme net product sales for 2013 were $71.4 million (including a $0.6 million reduction of Medicaid reserves), as compared to $58.3 million (including a $3.2 million reduction of product return and Medicaid reserves) for 2012.  This represents a 28% increase excluding the reductions in Medicaid and product return reserves and a 22% increase when including these reductions in reserves. The strong growth in 2013 Feraheme sales was driven by significant increases in volume as well as an increasing net revenue per gram.

Feraheme COGS for the fourth quarter of 2013 was $3.2 million, or 17%, of Feraheme net product sales, compared to $4.0 million, or 28%, for the fourth quarter of 2012. Feraheme COGS for 2013 was $11.6 million, or 16%, of Feraheme net product sales, compared to $14.0 million, or 24%, for 2012. Feraheme COGS for the 2012 periods included expenses associated with the closing of the company’s Cambridge, Massachusetts manufacturing facility.

Total operating expenses, excluding COGS, for the fourth quarter of 2013 were $22.4 million, compared to $21.1 million same period in 2012.  The increase in operating expenses in the fourth quarter of 2013 relates to increased business development expenses in support of the company’s portfolio expansion and contingent consideration expense related to the purchase accounting for the license of MuGard in 2013. Total operating expenses for 2013 were $80.5 million, as compared to $88.6 million for 2012. The decrease in operating costs in 2013 versus 2012 was primarily attributable to lower research and development expenses due to the completion of the phase III IDA clinical program in mid-2012, partially offset by increased expenses associated with acquiring and marketing MuGard.

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The company reported a net loss of $3.7 million, or $0.17 per share, for both quarters ended December 31, 2013 and 2012. Net loss for 2013 was $9.6 million, or $0.44 per share, as compared to a net loss of $16.8 million, or $0.78 per share, for 2012.

AMAG utilized $10.3 million to fund its operations in 2013, including the $3.3 million upfront payment to license MuGard and ended the year with $216.7 million in cash and investments.

“We are proud of the achievements of 2013, represented in our financial results reported today; significant volume and price growth for Feraheme, the addition of a new commercial product to our portfolio, and continued financial discipline resulting in a 43% reduction in net loss,” said Frank Thomas, chief operating officer of AMAG. “We have set another set of ambitious goals for 2014, including the financial guidance that we have given today, which we have already begun to pursue aggressively in order to meet or beat.”

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)

Conference Call and Webcast Access

AMAG Pharmaceuticals, Inc. will host a conference call and webcast with slides today at 8:00 a.m. ET, during which management will discuss the company’s financial results and commercial progress. To access the conference call via telephone, please dial (877) 412-6083 from the United States or (702) 495-1202 for international access.  A telephone replay will be available from approximately 11:00 a.m. ET on February 6, 2014 through midnight on February 13, 2014.  To access a replay of the conference call, dial (855) 859-2056 from the United States or (404) 537-3406 for international access.  The pass code for the live call and the replay is 58720931.

The call will be webcast with slides and accessible through the Investors section of the company’s website at www.amagpharma.com.  The webcast replay will be available from approximately 11:00 a.m. ET on February 6, 2014 through midnight March 7, 2014.

About AMAG

AMAG Pharmaceuticals, Inc. is a rapidly growing, specialty pharmaceutical company, supported by a talented and passionate workforce. AMAG currently markets Feraheme® (ferumoxytol) Injection and MuGard® Mucoadhesive Oral Wound Rinse in the United States. Along with driving organic growth of its products, AMAG intends to expand its portfolio with additional commercial-stage specialty products. The company is seeking complementary products that leverage the company’s commercial footprint and focus

(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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on hematology and oncology centers and hospital infusion centers. The company’s primary goal is to bring to market therapies that provide clear benefits and improve patients’ lives. For additional company information, please visit www.amagpharma.com.

AMAG Pharmaceuticals, Inc.

Condensed Consolidated Statements of Operations

(unaudited, amounts in thousands, except per share data)

	Three Months EndedDecember 31,						Twelve Months EndedDecember 31,
	2013			2012			2013			2012
Revenues:
U.S. Feraheme product sales, net	$	18,981		$	14,381		$	71,362		$	58,287
Other product sales and royalties	401			199			1,109			616
License fee and other collaboration revenues	2,329			6,564			8,385			26,475
Total revenues	21,711			21,144			80,856			85,378
Operating costs and expenses:
Cost of product sales	3,326			4,027			11,960			14,220
Research and development expenses	6,581			7,903			20,564			33,296
Selling, general and administrative expenses	15,799			12,629			59,949			53,071
Restructuring expenses	—			595			—			2,215
Total operating costs and expenses	25,706			25,154			92,473			102,802
Operating loss	(3,995		)	(4,010		)	(11,617		)	(17,424		)
Interest and dividend income, net	278			260			1,051			1,286
Gains on sale of assets	59			—			924			—
Gains (losses) on investments, net	4			3			40			(1,466		)
Net loss before income taxes	(3,654		)	(3,747		)	(9,602		)	(17,604		)
Income tax benefit	—			61			—			854
Net loss	$	(3,654	)	$	(3,686	)	$	(9,602	)	$	(16,750	)
Net loss per share:
Basic and diluted	$	(0.17	)	$	(0.17	)	$	(0.44	)	$	(0.78	)
Weighted average shares outstanding used to compute net loss per share:
Basic and diluted	21,743			21,446			21,703			21,392

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AMAG Pharmaceuticals, Inc.

Condensed Consolidated Balance Sheets

(unaudited, amounts in thousands)

	December 31, 2013		December 31, 2012
Cash and cash equivalents	$	26,986	$	46,293
Short-term investments	186,803		180,750
Accounts receivable, net	6,842		6,410
Inventories	17,217		12,451
Receivable from collaboration	278		263
Assets held for sale	—		2,000
Other current assets	6,279		6,213
Total current assets	244,405		254,380
Property and equipment, net	1,846		3,297
Intangible assets, net	16,844		—
Other assets	2,364		460
Total assets	$	265,459	$	258,137
Accounts payable	$	2,629	$	3,515
Accrued expenses	22,266		20,338
Deferred revenues	8,226		9,104
Total current liabilities	33,121		32,957
Deferred revenues	44,534		50,350
Acquisition-related contingent consideration, net	13,609		—
Other long-term liabilities	1,787		2,033
Total long-term liabilities	59,930		52,383
Total stockholders’ equity	172,408		172,797
Total liabilities and stockholders’ equity	$	265,459	$	258,137

About Feraheme® (ferumoxytol)/Rienso

Feraheme (ferumoxytol) Injection for Intravenous (IV) use received marketing approval from the U.S. Food and Drug Administration (FDA) on June 30, 2009 for the treatment of IDA in adult chronic kidney disease patients and was commercially launched by AMAG in the U.S. shortly thereafter.  Ferumoxytol is protected in the U.S. by five issued patents covering the composition and dosage form of the product, and approved method of use. Each issued patent is listed in the FDA’s Orange Book. These patents are set to expire in 2020; a request for patent term extension has been filed, which, if granted, may extend the patent term to 2023 for one of the patents.

Ferumoxytol received marketing approval in Canada in December 2012, where it is marketed by Takeda as Feraheme, and in the European Union in June 2013 and Switzerland in August 2013, where it is marketed by Takeda as Rienso™.

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Forward-looking Statements

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 statements regarding: our expectations and goals for 2014, including plans to maximize Feraheme sales and increase market share, to increase utilization of MuGard and to expand our product portfolio; our plans to work with Takeda on label expansion initiatives outside of the U.S.; expectations regarding milestone payments; our plans regarding the path forward for Feraheme and our intentions to continue to work towards approval for an expanded label; expected revenues, cost of goods sold, operating expenses and operating the business to break even for 2014, are forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements.

Such risks and uncertainties include, among others: (1) uncertainties regarding the likelihood and timing of potential approval of AMAG’s sNDA for Feraheme in the U.S. in the broader IDA indication, (2) the possibility that following FDA review of post-marketing safety data, including reports of serious anaphylaxis, cardiovascular events, and death, the FDA will request additional technical or scientific information, new studies or reanalysis of existing data, on-label warnings, post-marketing requirements/commitments or risk evaluation and mitigation strategies (REMS) in the current CKD indication for Feraheme, (3) 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, as a result of limitations, restrictions or warnings in Feraheme’s/Rienso’s current or future label that put Feraheme/Rienso at a competitive disadvantage, (4) uncertainties regarding Takeda’s ability to obtain regulatory approval for Feraheme in Canada, and Rienso in the EU, in the broader IDA patient population, (5) the possibility that significant safety or drug interaction problems could arise with respect to Feraheme/Rienso and in turn affect sales, or the company’s ability to market the product both in the US and outside of the US, including the EU, (6) uncertainties regarding the manufacture of Feraheme/Rienso or MuGard, (7) uncertainties relating to our patents and proprietary rights, both in the US and outside of the US, (8) the risk of an Abbreviated New Drug Application (ANDA) filing following the FDA’s recently published draft bioequivalence recommendation for ferumoxytol, and (9) other risks identified in our Securities and Exchange Commission filings, including our Quarterly Report on Form 10-Q for the three months ended September 30, 2013 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.  MuGard is a registered trademark of Access Pharmaceuticals, Inc.  Rienso is a 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, Inc. 1100 Winter Street Waltham, MA 02451 o 617.498.3300 www.amagpharma.com A SPECIALTY PHARMACEUTICAL COMPANY DEDICATED TO BRINGING TO MARKET THERAPIES THAT IMPROVE PATIENTS’ LIVES. AMAG Pharmaceuticals 2013 Financial Results February 6, 2014

Copyright © 2014 AMAG Pharmaceuticals, Inc. All Rights Reserved. Forward Looking Statements 1 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: statements regarding (i) our strategic plan; (ii) our 2014 financial outlook, including projected sales, cost of goods sold, operating expenses and cash and investments balance; (iii) plans to drive revenue growth of Feraheme in the current indication and possible plans to seek to enhance Feraheme’s label and expand into new markets; (iv) commercial opportunities for Feraheme in the current indication; (v) the possibility and next steps for label expansion, including assumptions regarding the patient study and its return on investment; (vi) the expected timing and magnitude of milestone payments; (vii) expectations regarding the demand for MuGard and our s trategies to increase MuGard’s commercial success; (viii) our business development goals and opportunities, including our expectations that more than 50% of our revenues will be attributable to new products by 2018; (ix) the impact of business development transactions on EBITDA; (x) our ability to optimize after-tax cash flows with business development transactions; and (xi) our statement that AMAG is well positioned for success in 2014 and beyond are forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements. Such risks and uncertainties include, among others: (1) uncertainties regarding the likelihood and timing of potential approval of AMAG’s supplemental New Drug Application (sNDA) for Feraheme in the U.S. in the broader iron deficiency anemia (IDA) indication, (2) the possibility that following the FDA’s review of post-marketing safety data, including reports of serious anaphylaxis, cardiovascular events, and death, the FDA will request additional technical or scientific information, new studies or reanalysis of existing data, on-label warnings, post-marketing requirements/commitments or risk evaluation and mitigation strategies (REMS) in the current CKD indication for Feraheme, (3) uncertainties regarding our and Takeda Pharmaceutical’s ability to successfully compete in the intravenous iron replacement market both in the U.S. and outside the U.S., including the EU, including as a result of limitations, restrictions or warnings in Feraheme’s/Rienso’s current or future label that put Feraheme/Rienso at a competitive disadvantage, (4) uncertainties regarding Takeda’s ability to obtain regulatory approval for Feraheme in Canada, and Rienso in the EU, in the broader IDA patient population, (5) the possibility that significant safety or drug interaction problems could arise with respect to Feraheme/Rienso and in turn affect sales, or the company’s ability to market the product both in the U.S. and outside of the U.S., including the EU, (6) uncertainties regarding the manufacture of Feraheme/Rienso or MuGard, (7) uncertainties relating to our patents and proprietary rights both in the U.S. and outside the U.S., (8) the risk of an Abbreviated New Drug Application (ANDA) filing following the FDA’s recently published draft bioequivalence recommendation for ferumoxytol, (9) uncertainties regarding our ability to compete in the oral mucositis market in the U.S. and (10) other risks identified in our filings with the U.S. Securities and Exchange Commission (SEC), including our Quarterly Report on Form 10-Q for the quarter ended September 30, 2013 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 s tatements 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.

Copyright © 2014 AMAG Pharmaceuticals, Inc. All Rights Reserved. Agenda Topic Speaker Opening Remarks Bill Heiden, CEO 2013 Financial Highlights Frank Thomas, COO Commercial Performance, Expansion Opportunities and Business Development Bill Heiden, CEO 2014 Financial Outlook Frank Thomas, COO Closing Remarks Bill Heiden, CEO 2

Copyright © 2014 AMAG Pharmaceuticals, Inc. All Rights Reserved. Mission: Build a Profitable, Multi-product Specialty Pharmaceutical Company Commercial Infrastructure Focus on Hematology/Oncology, Hospital and Nephrology Strong Balance Sheet Experienced Management Team Feraheme® U.S. CKD Business Feraheme IDA label Expansion* IV Iron Market Expansion Feraheme Geographic Expansion Product #3 3 MuGard® Product #4 *If regulatory approval is pursued and received.

Copyright © 2014 AMAG Pharmaceuticals, Inc. All Rights Reserved. 2013 Achievements • Outstanding 2013 financial performance Feraheme revenue +28% vs. 2012 Operating expenses -7% vs. 2012 Net loss -43% vs. 2012 • Record-breaking Feraheme performance In-market physician demand +20% vs. 2012 Evolution index of 113, gaining share of a growing market • Published key data from Feraheme clinical development program • First business development deal completed with license of MuGard® • Hired key executives to leadership team • Developed 5-year strategic plan Key long-term financial metrics established 4

Copyright © 2014 AMAG Pharmaceuticals, Inc. All Rights Reserved. Feraheme 2013 Performance 5 Net ex-factory sales* ($ in millions) * Excludes the impact of changes in estimates made to product returns and Medicaid reserves in 2012 and 2013

Copyright © 2014 AMAG Pharmaceuticals, Inc. All Rights Reserved. Outstanding 2013 Results 6 * Includes the recognition of $18 million in milestones ** Includes the upfront costs of the MuGard licensing transaction and $2.9 million of restricted cash as of 12/31/13. *** Excludes the following non-cash items: depreciation, stock compensation expense, and contingent consideration expense (2013 only). ($ in millions) 2012 2013 (unaudited) Total revenues $85.4* $80.9 U.S. net Feraheme sales $58.3 $71.4 Feraheme COGS (% of Feraheme global ne t sales) 24% 17% Operating expenses $88.6 $80.5 Net loss ($16.8) ($9.6) Cash and investments $227.0 $216.7** Adjusted (non-GAAP) net income (loss)*** ($8.4) $2.3

[LOGO]

Copyright © 2014 AMAG Pharmaceuticals, Inc. All Rights Reserved. Demand Growth by Segment 8 2013 Results 20% increase in Feraheme provider demand 113 evolution index Source: IMS Health Data.

Copyright © 2014 AMAG Pharmaceuticals, Inc. All Rights Reserved. U.S. IV Iron Market: Competitive Landscape 9 *Aggregate of Ferrlecit Brand + Generic Ferric Gluconate Source: IMS DDD Data thru week ending 12/20/13 2013 Share of ~850,000 Gram Non-dialysis Market

Copyright © 2014 AMAG Pharmaceuticals, Inc. All Rights Reserved. Today’s Commercial Objective: Increase Share of Current CKD IV Iron Market 10 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 $550/gram. IDA IDA-CKD ~30% Feraheme Significant growth opportunity in current indication 265,000 patients (425,000 grams) ~$250 million Feraheme potential

Copyright © 2014 AMAG Pharmaceuticals, Inc. All Rights Reserved. 2014: U.S. IDA Label Expansion 11 Value of IDA in the US* •Leverage strong market position in IDA-CKD •Five Orange Book listed patents •Manufacturing and other proprietary know-how •Large market opportunity *If regulatory approval is pursued and received.

Copyright © 2014 AMAG Pharmaceuticals, Inc. All Rights Reserved. 12 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 $550/gram. 530,000 patients (850,000 grams) ~$500 million Feraheme potential IDA IDA-CKD Label Expansion Opportunity* Same call audience: Hematology/Oncology Expand use to all IDA patients in current accounts Convert single IV iron stockers to Feraheme Hospitals Expand use to all IDA patients in current accounts Continue to gain new accounts Potential IDA Label Expansion*: Gain Additional Share of IV Iron Market *If regulatory approval is pursued and received.

Copyright © 2014 AMAG Pharmaceuticals. All Rights Reserved. Opportunity: Grow U.S. IV Iron Market 13 IV Iron IDA* IV Iron IDA-CKD 4,000,000 patients diagnosed with IDA placed on oral iron therapy IV Iron IDA-CKD IV Iron IDA* Oral Iron IDA* Oral Iron IDA-CKD *If regulatory approval is pursued and received. 4,000,000 patients diagnosed with IDA placed on oral iron therapy Current CKD call points Potential future call points • Oncology • Nephrology • Women’s Health • Rheumatology • Gastroenterology

Copyright © 2014 AMAG Pharmaceuticals, Inc. All Rights Reserved. Takeda’s in Europe 14 Double-digit tiered royalties on all Takeda sales; additional potential milestones

Copyright © 2014 AMAG Pharmaceuticals, Inc. All Rights Reserved. MuGard’s Road to Success in 2014 15 MuGard is a prescription oral rinse for the management of oral mucositis

BUILDING •Build our future by expanding our product portfolio

Copyright © 2014 AMAG Pharmaceuticals, Inc. All Rights Reserved. Targeted Business Development 17 Financial •Similarly sized (or smaller) specialty company •Eliminate overlapping infrastructure and increase EBITDA •Examine transactions to optimize after-tax cash flows Bulls-Eye •Hem/onc or hospital company or product •$10 MM–$60 MM/yr. revenue potential •IP runway •Immediately accretive Strategic •Opportunities aligned with Feraheme growth strategy (e.g., GI, Rheum)

Copyright © 2014 AMAG Pharmaceuticals, Inc. All Rights Reserved. 2014 Financial Outlook ($ in millions) Projections* Change from 2013 (calculated at midpoint of 2014 range) Total revenues $88 - $100 +16% U.S. Feraheme sales, net $75 - $85 +12% Feraheme COGS (% of Feraheme global net sales) 14% - 16% -12% Operating expenses, excluding COGS $80 - $85 +3% Net income Break-even -- Cash and investments $215 - $220 -- 18 * Exclude the impact of business development transactions , potential expenses associated with further development of Feraheme for the broad IDA indication and potential milestone associated with broad IDA approval in EU.

Copyright © 2014 AMAG Pharmaceuticals, Inc. All Rights Reserved. 2014 Goals • Maximize Feraheme opportunities Drive market share and market growth within current U.S. IDA-CKD indication Optimize net revenue per gram Potential label expansion: IDA (non-CKD) oral iron failures - Expected E.U. action – mid-2014; broad IDA approval triggers significant milestone - Determine regulatory path forward in U.S. Pursue IV iron market expansion initiatives • Drive MuGard growth across oral mucositis patient population • Execute additional, quality business development transactions Continue to identify unique in-license/acquisition candidates Leverage balance sheet strength to consummate additional business development deals • Continue to operate the business with financial discipline 19

AMAG Pharmaceuticals, Inc. 1100 Winter Street Waltham, MA 02451 o 617.498.3300 www.amagpharma.com A SPECIALTY PHARMACEUTICAL COMPANY DEDICATED TO BRINGING TO MARKET THERAPIES THAT IMPROVE PATIENTS’ LIVES. Well positioned for success in 2014. . . and beyond.