NASDAQ: ATRS

Jefferies 2019 Healthcare ConferenceJune 6, 2019

Robert F. ApplePresident & Chief Executive Officer

Safe Harbor StatementThis presentation contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to certain risks and uncertainties that can cause actual results to differ materially from those described. Factors that may cause suchdifferences include, but are not limited to: adequate reimbursement coverage and commercial success of XYOSTED™ and future revenue from the same; marketacceptance of Teva’s generic epinephrine auto-injector product and future revenue from the same; timing and successful development and FDA approval of the rescue penwith Pfizer and future revenue from the same; market acceptance and revenue from AMAG Pharmaceutical’s Makena® subcutaneous auto injector product; successfulcompletion of the transaction with Ferring International Center, S.A. and satisfaction of the various conditions in the Ferring asset purchase agreement and payment ofthe full purchase price; Teva’s ability to successfully commercialize VIBEX® Sumatriptan Injection USP and the amount of revenue from the same; continued growth ofprescriptions and sales of OTREXUP®; the timing and results of the Company’s or its partners’ research projects or clinical trials of product candidates in developmentincluding ATRS-1701 and ectopic pregnancy; actions by the FDA or other regulatory agencies with the respect to the Company’s products or product candidates of itspartners including Teva and Pfizer; continued growth in product, development, licensing and royalty revenue; achievement of the Company’s 2019 revenue guidance; theCompany’s ability to obtain financial and other resources for its research, development, clinical, and commercial activities and other statements regarding matters that arenot historical facts, and involve predictions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results,performance, achievements or prospects to be materially different from any future results, performance, achievements or prospects expressed in or implied by suchforward-looking statements. In some cases you can identify forward-looking statements by terminology such as ''may'', ''will'', ''should'', ''would'', ''expect'', ''intend'',''plan'', ''anticipate'', ''believe'', ''estimate'', ''predict'', ''potential'', ''seem'', ''seek'', ''future'', ''continue'', or ''appear'' or the negative of these terms or similar expressions,although not all forward-looking statements contain these identifying words. Additional information concerning these and other factors that may cause actual results todiffer materially from those anticipated in the forward-looking statements is contained in the "Risk Factors" section of the Company's most recently filed Annual Reporton Form 10-K, and in the Company's other periodic reports and filings with the Securities and Exchange Commission. The Company cautions investors not to place unduereliance on the forward-looking statements contained in this press release. The Company cautions investors not to place undue reliance on the forward-lookingstatements contained in this presentation. All forward-looking statements are based on information currently available to the Company on the date hereof, and theCompany undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date of this presentation, except asrequired by law.

©2019 Copyright Antares Pharma, Inc. All Rights Reserved.

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Antares PharmaØAn Innovative Leader in Self-Administered Injection Technology – Five products utilizing

ATRS devices FDA approved in the past five years and three in 2018 - Makena® SC AI, Generic EpiPen® and XYOSTED™

ØA Growing Combination Drug Device Company with 2018 Revenue of $63.6 Million

üQ119 revenue of $23.3M was the fifth consecutive quarter of total revenue growth

Ø2019 revenue guidance - $95-$105 Million – a potential 50% to 65% increase over 2018 reported revenue

ØNovel Drug Delivery Technology can provide numerous product opportunities and life cycle management solutions - Proprietary and Partnered revenue streams provide multiple opportunities for growth

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NASDAQ: ATRS

Antares Proprietary Commercial Products

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PRODUCT FEATURES

• Easy to use and store at room temperature

• Fine (27-gauge) needle allows for rapid subcutaneous delivery of sesame oil solution (~10 seconds)

• Locking needle guard hides needle before, during, and after administration and reduces risk of needle stick injuries

TE, testosterone enanthate

XYOSTED™ Product Features

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NAME

XYOSTED™ (testosterone enanthate injection)

INDICATION

Replacement therapy in adult males for deficiency or absence of endogenous testosterone caused by

• Primary TD (congenital or acquired)• Hypogonadotropic TD (congenital or acquired)

DOSING

Once weekly, single-use, fixed-dose subcutaneous product

Prescribing Information

See Full Prescribing Information including Boxed Warning and Important Safety Information at www.xyosted.com

A New Choice in the Management of TESTOSTERONE DEFICIENCY

The first and only weekly auto injector for TRT

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Ctrough Stable For 52 Weeks

Mean Ctrough (ng/dL) over 52 week “003” study

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200

400

600

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1200

0 24 486 12 18 26 38 52Week 1, pre-dose

QST-13-003 treatment regimen demonstrated a mean steady state concentration of testosterone of 553.3 ± 127.3 ng/dL at 12 weeks

Orange lines represent the defined range of 300 – 1100 ng/dL . . . . . . . . Baseline

The safety of XYOSTED was evaluated in 2 clinical studies in a total of 283 men who received weekly subcutaneous doses for up to oneyear. In these studies, the most commonly reported adverse reactions (>5%) were: hematocrit increased, hypertension, PSA increased,injection site bruising, and headache.

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Unique Messaging:

Ø 98.5% of P3 XYOSTED™ patients achieved levels in the physiologic range

Ø With XYOSTED™, consistent steady state, physiologic levels are achieved in 6 weeks and then maintained over a year in the P3 study

Ø In a P3 clinical study, 99.4% of observed injections were virtually pain-free

Ø Co-pay program* for eligible commercially insured patients

Ø Potentially lower out of pocket than a generic

Ø Patient Hub Service : STEADYCareprogram

Core Visual Aid Physician Leave-Behind

Patient Brochure

Core Launch Selling Messages & Tools

* For more information go to www.xyosted.com

>5500 PATIENTS have been prescribed

XYOSTEDby ~1700 HCP ’s

The NEW Way to Deliver TRT

E A S E O F U S E

S T E A D Y L E V E L S

W E E K LY D O S I N G

V I R T U A L LY PA I N F R E E

WE ARE WORKING THROUGH THE TOUGHEST PART OF THE YEAR!

45% of XYOSTED business is Coming From New Patient Starts* and is Increasing

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Source of Business

NTS Other Switch Generic Injectable

*Patients are either naïve or have not been treated within 21 monthsNew Therapy Starts

Generic Injectable

Other/Switch

New Therapy Starts

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WE ARE WORKING THROUGH THE TOUGHEST PART OF THE YEAR!

Broad Utilization Across all TRT Specialties

URO26%

ENDO22%FM/GP/IM

23%

NP/PA17%

OTHER12%

Specialty TRx Share

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XYOSTED™ Weekly Prescription Trends

11Source: Symphony/Bloomberg Weekly Data

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/2018

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TRx

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Refills NRx TRx

918

526

392

TRT TRx Trends

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603,567

428,467

150,219

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May 20

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Rx View

Total Injectables Topical SolutionsSource: IQVIA

ATRS Commercial Products

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OTREXUP® (methotrexate) injection

Sumatriptan Injection USP

• OTREXUP® and Sumatriptan combined 2018 revenue - $29 million ü Q119 combined revenue - $7.5 million

NASDAQ: ATRS

Antares Partnered Commercial Products

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Teva’s Epinephrine Injection USP ApprovedUtilizing ATRS VIBEX® Device

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Ø Teva’s generic EpiPen® was approved by FDA and made commercially available in limited quantities November 2018 – therapeutically equivalent and fully substitutable at the pharmacy

Ø Teva continues to manufacture drug and build supply – normalized inventory levels expected Q219 – Tevaexpects significant market share by the end of this year and continued growth in 2020

Ø Antares 2019 revenue assumptions include Teva’s full commercial launch in the second half of 2019

Ø Antares receives cost plus margin on devices sold to Teva plus mid to high single digit royalties on in-market sales of product

Ø EpiPen Jr. expected to launch in time for the back-to-school season

Ø According to the most recent Symphony weekly prescription data, Teva has a 30% share of theEpiPen market and a 20% share of the overallepinephrine market

Generic EpiPen® Weekly Prescription Trends

16Source: Symphony/Bloomberg Weekly Data

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5/24/

2019

TRx

Volu

me

TRx

11,490

Ø Week ended 5/24 TRx’s represented 30% of the EpiPen® market (Teva and Mylan combined)

Makena® hydroxyprogesterone caproate injectionUtilizing ATRS QuickShot® Device

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Subcutaneous injection Intramuscular injectionEfficient

Discreet

Administration friendly

ü

ü

ü

Makena® - Used to Reduce the Risk of Preterm Birth in Certain At-Risk Women

Ø Q119 AMAG SC auto injector revenue of $37.8M – SC AI market share increased 7% to 54% of all FDA approvedhydroxyprogesterone TRx’s1 – Continued favorable payer and prescriber support with broad payer coverage

Ø AMAG/Makena® collaboration began in 2014Alliance terms:Ø Cost plus product transfer price (fully packaged

QuickShot® device), plus royalty on net sales and sales performance milestones

Ø Q119 ATRS Total Makena Revenue - $4.6 million

1 - Specialty Pharmacy Demand Data; Valuecentric 867 Data; IQVIA

NASDAQ: ATRS

Antares Development Pipeline

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Antares Development Pipeline

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Product Preclinical Phase 1 Phase 2 Phase 3 Marketed

Antares Proprietary and Partnered Products

Teriparatide - Teva

Exenatide - Teva

ATRS-1701 - Neurology

Methotrexate – Ectopic Pregnancy – (Orphan Status)

Rescue Pen - Pfizer

NASDAQ: ATRS

ATRS Q1 2019 Results

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Q119 Significant Financial and Operational Achievements

ü Record quarterly revenue of $23.3 million – an 83% increase vs. Q118

ü $18.3 million in product revenue – a 67% increase as compared to the same period one year agoØ Commercialized Proprietary Products: OTREXUP®, Sumatriptan, XYOSTED™ - $8.2MØ Partnered Products: Epi, Teriparatide, Makena®, Needle Free - $10.1M

ü Royalty Revenue $4.1M

ü Progress on XYOSTED™ launch

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First Quarter 2019 Financial Results

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Three Months Ended Mar 31 Increase

2019 2018 (Decrease)Total Revenue $ 23,286 $ 12,703 83%

Cost of Revenue 10,946 7,186 52%

Gross Profit 12,340 5,517 124%

% Revenues 53% 43%

Research & Development 2,387 2,900 (18%)

Selling, General & Administrative 14,935 8,236 81%

Total Operating Expenses 17,322 11,136 56%

Operating Loss (4,982) (5,619) (11%)

Other Income (Expense) (557) (574) (3%)

Net Loss (5,539) (6,193) (11%)

Loss Per Share $ (0.03) $ (0.04)

ATRS Projected Five Year Revenue Growth

$45.7$52.2 $54.5

$63.6

$95-$105

2015 2016 2017 2018 2019

Total Revenue in Millions

+4% vs. ‘16

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Projected CAGR – 30.4%

Guidance

+14% vs. ‘15+72% vs. ‘14

+17% vs. ‘17

+49% - 65% vs. ’18*

* Percent increase based on 2019 guidance

ATRS – 2019 Potential Catalysts

ØXYOSTED™ prescription growth

ØGeneric EpiPen® prescription growth

ØContribution from the Makena® SC auto injector product

ØU.S. FDA approval and global launch of generic Forteo®

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NASDAQ: ATRS

Jefferies 2019 Healthcare ConferenceJune 6, 2019

Robert F. ApplePresident & Chief Executive Officer