1

A Leading CNS BioPharma

NASDAQ: AVNR

June 2014

2

Forward-looking Statement

Except for the historical information contained herein, the matters set forth in this press release, including statements

regarding Avanir’s plans, potential opportunities, financial or other expectations, projections, goals, objectives,

milestones, strategies, market growth, timelines, legal matters, product pipeline, clinical studies, product development

and the potential benefits of its commercialized products and products under development are forward-looking

statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995.

These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ

materially, including the risks and uncertainties associated with Avanir’s operating performance and financial position,

joint ventures, collaborations and partnerships with third parties, market size, market share, commercial viability,

market demand for and acceptance of Avanir’s products domestically and internationally, research, development and

commercialization of new products domestically and internationally, reliance upon the collaborative efforts of others,

competition domestically and internationally, the success of external business-development activities, intellectual

property rights, government regulation, obtaining and maintaining regulatory approvals domestically and internationally,

government investigations, litigation, including, but not limited to Avanir’s ability to obtain, maintain, and protect its

patents and other intellectual property both domestically and internationally, the occurrence of adverse safety events,

delay or failure to gain acceptance by the medical field domestically and internationally, dependence on third parties for

supply, manufacturing and distribution, delay or failure to adequately build or maintain the necessary sales, marketing,

supply chain management and reimbursement capabilities on our own or enter into arrangements with third parties to

perform these functions in a timely manner or on acceptable terms, and other risks detailed from time to time in the

Company's most recent Annual Report on Form 10-K and other documents subsequently filed with or furnished to the

Securities and Exchange Commission. These forward-looking statements are based on current information that may

change and you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of

the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary

statement, and the Company undertakes no obligation to revise or update any forward-looking statement to reflect

events or circumstances after the issuance of this press release.

3

Avanir: A Leading CNS BioPharma

LONGEVITY OF FRANCHISE (exclusivity to 2030+ with AVP-786)

STUDIES IN 4 POTENTIAL NEW INDICATIONS (potential in the $ billions)

1 APPROVED PRODUCT + 1 FILED NDA (potential in the $100’s of millions)

GROWING REVENUES (net revenue run-rate ~$100 million)

4

Avanir: A Leading CNS BioPharma

A Leading CNS Biopharma

Demonstrated commercial success

Broad development pipeline

Infrastructure to grow

Broad Pipeline Across 3 Assets

Pain: Migraine, DPN pain

Mood/Behavior: AD agitation, depression, autism

Movement Disorders: PD dyskinesia, spasticity

NUEDEXTA® in Pseudobulbar Affect

Large market with a high unmet medical need

First and only FDA & EMA approved Rx for PBA

Robust and growing revenues

Robust PBA Franchise

6

PBA: A Debilitating Condition Impacting Millions

Neurologic disorder causing involuntary & uncontrollable emotional outbursts

− Crying and or laughing episodes

− Incongruent or exaggerated to patient’s inner mood

− Usually occur several times per day

− Episodes last from seconds to minutes

Episodes can be severe and cause significant impairment

Occurs secondary to neurologic diseases or injuries

− Alzheimer’s disease, amyotrophic lateral sclerosis (ALS), multiple

sclerosis (MS), Parkinson’s disease, stroke, traumatic brain injury

Estimated 1.8 million with moderate-to-severe PBA1

1 Work SS. Adv Ther. 2011;28(7):586-601

6

7

1% = $7 million

PBA Commercial Opportunity (U.S.)

Based on PRISM Registry data; Brooks et al. PLOS One, August 2013(8). www.plosone.org

18 million Patients with key neurological disorders

1.8 million with moderate-severe PBA

1% = $122 million

1.7 million Out-patient 100,000 Institutional

(NUEDEXTA <10% Today) (NUEDEXTA <1% Today)

8

0

5

10

15

20

25

millions

($)

Net Revenues

Total

Retail

Institutional

Growing NUEDEXTA® Franchise

Monthly Capsule Count

Source: IMS Health Monthly NPA (National Prescription Audit); Avanir data on file

Robust Quarterly Growth

$24.4m

9

PBA Awareness & Diagnosis

Continuing to Grow the PBA Opportunity…

• 152 Sales Representatives

− 80 Institutional

− 72 Retail

• PBA Education & Screening

• NUEDEXTA Clinical Sell

• Additional Clinical Data

• Contracting (75%+ Lives)

• Patient Assistance Programs

• PBA DTC Campaign

• Database Marketing

Strategy Key Tactics

Physician Adoption

Patient Access

Patient & Caregiver Activation

DM Pharmacology & Avanir Pipeline

11

NMDA

Receptor

Antagonist

Serotonin

Reuptake

Inhibitor

Norepinephrine

Reuptake

Inhibitor

Sigma-1

Receptor

Agonist

DM Binds to Key Receptors in the CNS

1. Netzer R, et al. Eur J Pharmacol. 1993;238(2-3):209-16; 2. Jaffe DB, et al. Neurosci Lett. 1989;105:227-32; 3. Zhou GZ, et al. Eur J Pharmacol.1991;206:261-9; 4.

Maurice T, et al. Brain Res Brain Res Rev. 2001;37:116 –32; 5. Cobos EJ, et al. Curr Neuropharmacol. 2008;6:344-66; 6. Gillman PK, et al. Br J Anaesth.2005;95:434–41; 7.

Meoni P, et al. Br J Pharmacol. 1997;120(7):1255–62; 8. Codd EE, et al. JPET. 1995:274;1263-70; 9. Su TP, et al. Trends Pharmacol Sci.2010;31(12):557-66;10. Maurice T,

et al. Pharmacol Ther. 2009;124(2):195-206; 11. Carpenter CL, et al. Brain Res. 1988;439:372-5.

(Ki = 200 nM)3-5

Low affinity (Ki = 1500 nM)1,2

(Ki = 240 nM for inhibition of uptake; 13 µM for inhibition of binding)6-9

(Ki = 40 nM)

DEXTROMETHORPHAN

12

Potential Therapeutic Applications of DM Pharmacology

Alzheimer’s Cognition

Parkinson’s

Depression

Pain

Memantine

Ketamine

Amantadine

NMDA

Receptor

Antagonist

Depression

Anxiety

PTSD

Impulse Control Disorder

Panic

OCD

Escitalopram

Sertraline

Fluoxetine

Serotonin

Reuptake

Inhibitor

Depression

Anxiety

Pain

ADHD

Duloxetine

Venlafaxine

Atomoxetine

Norepinephrine

Reuptake

Inhibitor

Depression

Cognition

Movement Disorder

Fluvoxamine

Donepezil

Sigma-1

Receptor

Agonist

13

PRE-CLIN PHASE 1 PHASE 2 PHASE 3 FILED MARKET

Avanir Programs

NUEDEXTA

Pseudobulbar Affect

AVP-825

Migraine

AVP-923 / AVP-786

Alzheimer’s Disease (Agitation)

Parkinson’s Disease (Dyskinesia)

Treatment-Resistant Depression

Neuropathic Pain

Investigator Programs

AVP-923

Treatment-Resistant Depression

Behavior Symptoms (Autism)

Bulbar Function (ALS)

Pending

Broad Pipeline

Approved (U.S + Europe)

Data 2HCY14

Data 2HCY14

PDUFA 4QCY14

Study Begins 2HCY14

Behavioral Disturbances of Neurological Disease

Agitation in Alzheimer’s Disease

15

Agitation in AD (Potential U.S. Opportunity)

Sources: 2012 Alzheimer’s Disease Facts & Figures (Alzheimer’s Assoc.); Alzheimer’s Dement. 2011 Jan; 7(1):80-93; USPSTF, Screening for Dementia in

Primary Care; Therapeutics Categories Outlook, Cowen & Co. October 2012; American Journal of Managed Care, 2011; Avanir Sep 2012; J. Rural Trop

Public Health 2010, Vol. 9, p. 82-94; J. Gerontol Nurs. 2008 December; 34(12):8-17; Patient numbers are approximate.

6 million with Dementia/AD

2.6 million diagnosed

1% = $115 million

1.6 million with Agitation*

* ~80% of nursing home residents with dementia have agitation

16

Improving Agitation/Aggression in PBA Patients

-5

-4

-3

-2

-1

0

-1.31

-2.79*

-4.64* Change i

n N

PI A

git

ati

on/A

ggre

ssio

n

Fre

quency *

Severi

ty

(n=11) (n=14) (n=16)

* P≤0.05 for regression to evaluate dose-related trend

+ STAR Analysis done of patients with agitation/aggression occurring once a week or more frequently at baseline

The Neuropsychiatric Inventory (NPI) is a retrospective (to 1 month) caregiver–informant interview assessing the frequency and

severity of 12 neuropsychiatric symptom domains. Data on file. AVP-923 is not approved for the treatment of agitation.

NPI Agitation/Aggression in PBA Patients Treated with DM/Q

Placebo DMQ 20/10 DMQ 30/10

17

Primary Endpoint

− Agitation/Aggression domain of Neuropsychiatric Inventory (NPI)

Secondary Endpoints

− MMSE

− ADCS-ADL

− ADCS-CGIC

− ADAS-Cog

− Quality of Life-AD

− Cornell Depression Scale

− Caregiver Strain Index

Additional Information

− Number of sites ~30 (US)

− Top-line data: H2 CY2014

Study AVR-131: Phase II Trial of AVP-923

Treatment of Symptoms of Agitation in Alzheimer’s Disease

Placebo

BID

AVP-923

20/10 mg BID

Escalating to

AVP-923

30/10 mg BID Randomize

N ≈ 200

AVP-923-20 is approved in the US as NUEDEXTA for the treatment of PBA; AVP-923-30 is not approved in the US; AVP – 923 is not approved for

the treatment of agitation in Alzheimer’s Disease

Mood Disorders

Treatment Resistant Major Depressive Disorder (TR-MDD)

19

Treatment-Resistant MDD (U.S. Opportunity)

Sources: http://nimh.nih.gov; CDC; J Affect Disord. 2012 Nov; Ronald M et al., Undiagnosed Depression, J Gen Intern Med. 2010; Treatment Resistant

Depression – Am Fam Physician. 2009; Arch Gen Psychiatry, 2010;67(12):1265-1273; Teresa BG et al., Cost Burden of Treatment Resistance in Patients

With Depression, Am J Manag Care 2010; STAR*D report, Am J Psychiatry 2006 * Refractory = non-responder or inadequate response; Patient numbers are

approximate.

15.7 million with Depression

7 million patients in treatment

4.6 million patients refractory* to 1st line

1% = $165 - 330 million

2.3 million patients refractory* to multiple lines

20

Treatment-Resistant MDD Clinical Rationale

-10.00

-8.00

-6.00

-4.00

-2.00

0.00

-0.02

-1.10 -0.50

-1.59 P<0.05

-3.40 P<0.08

-8.60 P=0.03

Change i

n B

DI-

II S

core

Improved Depressive Symptoms in PBA Patients treated with DM/Q

Avanir STAR data on file. All P values vs placebo. Mild Depressive Symptoms: BDI>10≤19; Moderate or Greater Depressive Symptoms: BDI≥18

IMPRO

VEM

EN

T

(n=101) (n=97) (n=103) (n=48) (n=43) (n=38) (n=11) (n=12) (n=7)

-2.90 -3.30

-1.03

Overall Study Population

Post Hoc Subgroup Analysis

Patients with Moderate or Greater Depressive

Symptoms

Patients with Mild or Greater Depressive

Symptoms

21

Next Steps for Treatment Resistant MDD

Initiate Phase II study H2 CY2014

Target population

− Patients with MDD that have insufficient response to conventional antidepressants

Randomized, placebo controlled

− AVP-786 or placebo adjunctive to other antidepressants

Standard efficacy and safety endpoints used in registration trials

Powered to demonstrate statistical and clinically meaningful differences

Pain

Acute Treatment of Migraine

23

Avanir’s Next NDA Filing

AVP-825 First and Only

Breath-Powered Powder

Formulation of Sumatriptan

AVP-825 is an investigational drug-device combination product utilizing a novel Breath Powered intranasal technology to

deliver a low-dose of sumatriptan powder.

24

Transformational Nasal Technology

Breath Powered technology allows ideal intranasal targeting: Powder is delivered deep in nasal cavity where absorption is optimal without post-nasal drip or delivery to lungs.

Gamma-scintigraphy images from the same subject. Cumulative distribution during 32 minutes

White areas: 20% more of the max intensity; Orange Areas: 0-20% of the max intensity; Green Areas: no deposition

TRADITIONAL NASAL SPRAY AVP-825

25

AVP-825: A Potential New Migraine Opportunity

Clinical profile may deliver on key unmet needs

Large well-established market but high dissatisfaction

− 1% share of the triptan market is worth $50-65 million

Peak revenue between $150-200 million

AVP-825 is an investigational drug-device combination product utilizing a novel Breath Powered intranasal technology to deliver a

low-dose of sumatriptan powder.

AVP-825:

Rapid Absorption

Fast Pain

Relief

Low Dose

Low Systemic

AEs

Easy and

Convenient

26

0

10

20

30

40

50

60

70

80

0 10 20 30 40 50 60 70 80 90 100 110 120

% O

F S

UBJECTS W

ITH

HEAD

ACH

E R

ELIE

F *

TIME TO RELIEF IN MINUTES

AVP-82516mg (n=108)

Placebo (n=104)

* P<.0.05

* Defined as reduction from moderate (Grade 2) or severe (Grade 3) pain to none (Grade 0) or mild (Grade1) pain

* *

* * *

AVP-825: Meaningful Efficacy and Onset of Action

Source: TARGET Phase III data; AVP-825 is an investigational drug-device combination product utilizing

a novel Breath Powered intranasal technology to deliver a low-dose of sumatriptan powder.

Headache relief begins to separate at 15 minutes, significant by 30 minutes: Large effect size achieved despite modest sample size

Finances & Milestones

28

Key Financial Metrics

NUEDEXTA NET

REVENUES:

$24.4 million

TOTAL CASH

BALANCE:

$56.5 million

3-months ending March 31, 2014 (Fiscal 2Q 2014)

TOTAL NET

REVENUES:

$26.9 million

29

Multiple Catalysts over Next the 12 Months

NDA Filing (AVP-825)

ANDA Litigation Decision

PBA Phase IV Interim Data (“PRISM II”)

H1 CY2014 H2 CY2014

LID Parkinson’s Phase II Data

Agitation in Alzheimer’s Phase II Data

IND Filing for AVP-786

Initiate TR-MDD Phase II (AVP-786)

PDUFA Date (AVP-825)

30

Important Information

About NUEDEXTA

NUEDEXTA is an innovative combination of two well-characterized components; dextromethorphan hydrobromide (20 mg), the ingredient active in the

central nervous system, and quinidine sulfate (10 mg), a metabolic inhibitor enabling therapeutic dextromethorphan concentrations. NUEDEXTA acts on

sigma-1 and NMDA receptors in the brain, although the mechanism by which NUEDEXTA exerts therapeutic effects in patients with PBA is unknown.

NUEDEXTA Important Safety Information

NUEDEXTA is indicated for the treatment of pseudobulbar affect (PBA). PBA occurs secondary to a variety of otherwise unrelated neurological conditions,

and is characterized by involuntary, sudden, and frequent episodes of laughing and/or crying. PBA episodes typically occur out of proportion or

incongruent to the underlying emotional state. Studies to support the effectiveness of NUEDEXTA were performed in patients with amyotrophic lateral

sclerosis (ALS) and multiple sclerosis (MS). NUEDEXTA has not been shown to be safe and effective in other types of emotional lability that can commonly

occur, for example, in Alzheimer’s disease and other dementias. NUEDEXTA and certain other medicines can interact, causing serious side effects. If you

take certain drugs or have certain heart problems, NUEDEXTA may not be right for you. NUEDEXTA causes dose-dependent QTc prolongation. When

initiating NUEDEXTA in patients at risk for QT prolongation and torsades de pointes, electrocardiographic (ECG) evaluation should be conducted at

baseline and 3-4 hours after the first dose. The most common adverse reactions are diarrhea, dizziness, cough, vomiting, asthenia, peripheral edema,

urinary tract infection, influenza, increased gamma-glutamyltransferase, and flatulence. NUEDEXTA may cause dizziness. These are not all the risks from

use of NUEDEXTA. Please refer to full Prescribing Information at www.NUEDEXTA.com.

AVP-923 is an investigational product and not FDA approved.

AVP-825 is an investigational product and not FDA approved.

AVP-786 is an investigational product and not FDA approved.

31

COMPANY CONTACT:

Ian Clements, PhD

IR & Corporate Communications

iclements@avanir.com

• www.avanir.com

• www.nuedexta.com

• www.pbafacts.com

©2014 Avanir Pharmaceuticals, Inc. All rights reserved. Avanir® and NUEDEXTA® are trademarks or registered trademarks of Avanir Pharmaceuticals, Inc. in the United States and other countries. All other trademarks are the property of their respective owners. The information herein is for informational purposes only and represents the current view of Avanir Pharmaceuticals, Inc. as of the date of this presentation. Avanir cannot guarantee the accuracy of any information provided after the date of this presentation. Avanir makes no warranties, express, implied or statutory, as to the information in this presentation.