Janet Barth Vice President, Investor Relations & …library.corporate-ir.net/library/18/189/189397/items/238284/Adams...Vice President, Investor Relations & Corporate Communications

Janet BarthVice President, Investor Relations &

Corporate Communications

Welcome to Adams’ Inaugural Investor Day 2007

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Housekeeping Items

This meeting is being webcastPlease turn off/silence cellphones, pagers, BlackberriesQ&A – end of each presentationAll presentations posted to Adamsrt.comFormal presentations to end before lunchPlease complete presentation survey

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Housekeeping Items

Scheduled breaksRestroomsRefreshments

Adams personnel available for assistanceWearing yellow or blue badges

Emergency exits

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Safe Harbor

Today’s presentations may contain forward-looking statements. The company’s SEC filings, including the Current Report on Form 8-K filed this morning, identify certain factors that could cause the Company’s actual results to differ materially from those projected in any forward-looking statements made today.

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Mike ValentinoChief Executive Officer

Meeting Overview

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Meeting Overview

Sales Modeling AnalysisRita O’Connor, CFO

Adams’ Expanded OTC Product PortfolioBob Casale, COO

Adams’ Entry Into Rx MarketKen Miller, Exec. Dir. Marketing

Sales Force InitiativesTim Miller, VP Sales Operations & Training

Review of Erdosteine DataHelmut Albrecht, M.D., SVP R&D

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Other Members of Management…

Marylou Arnett, SVP Marketing

Bill Fogarty, SVP Sales & Trade Development

Bill Howard, SVP New Products

Dave Long, SVP Regulatory Counsel

Tom Long, SVP & General Manager Manufacturing Operations

John Thievon, EVP Sales & Business Development

Peter Wentworth, EVP HR

Walt Riehemann, EVP General Counsel

Rita O’ConnorChief Financial Officer & Treasurer

Sales Modeling AnalysisInventory analysis and revenue modeling assumptions

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Safe Harbor

This presentation contains certain “forward-looking” statements. These statements are based on the current estimates and assumptions of the management of Adams Respiratory Therapeutics, Inc. (or “Adams”) as of the date of this presentation and are naturally subject to uncertainty and changes in circumstances. Given these uncertainties, you should not place undue reliance onthese forward-looking statements. Actual results may vary materially from the expectations contained in this presentation. When used in this presentation, the words “may”, “will”, “should”, “could”, “would”, “plan”, “anticipate”, “believe”, “estimate”, “intend”, “project”, “potential” and “expect” and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements are subject to risks, uncertainties, assumptions and other factors that may cause the actual results of Adamsto be materially different from those reflected in such forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, among others: the continued success of Adams’ existing products and the successful acquisition or development and commercialization of future products; ability to leverage the Mucinex brand name and advertising and general and administrative expenses to increase net sales; continued and increased competition; the severity of the cough and cold season; Adams’ ability to fill backorders; and other risk factors set forth under Item 1A. Risk Factors in Adams’ Annual Report on Form 10-K for the fiscal year ended June 30, 2006 and under Item 1A. Risk Factors in Adams’ Quarterly Report on Form 10-Q for the period ended December 31, 2006. Except to the extent required by applicable securities laws, Adams is not under any obligation to (and expressly disclaims any such obligation to) update its forward-looking statements, whether as a result of new information, future events, or otherwise. All statements contained in this presentation are made only as of the date of this presentation. A, Adams, A Adams Respiratory Therapeutics, Adams Respiratory Therapeutics, Delsym, Mucinex Full Force, Humibid, Junior Mucus, Mucinex Moisture Smart, Mini-Melts, Mucinex, MucinexIN...Mucus OUT, Mr. Mucus, Mrs. Mucus, Nothing Lasts Longer, Opening New Pathways for Respiratory Relief, Turn Off the Cough, and the Junior Mucus, Mr. Mucus and Mrs. Mucus characters are Adams’ trademarks and have been registered in the U.S. Patent and Trademark Office or are the subject of pending U.S. trademark applications. The marks may also be the subject of foreign trademark registrations and/or trademark applications. Each of the other trademarks, trade names or service marks appearing in this presentation belongs to its respective holder.

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What’s On Your Mind?

1. Is IRI* a good tool for modeling revenue?

2. What is the effect of the cough/cold season on trade purchases?

3. How do we evaluate trade inventories?

4. How should we look at the base business moving into FY 08?

5. How should we think about SG&A going forward?

10*Information Resources, Inc.

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What’s On My Mind?

Provide insight on the key variables that impact revenue and expenses How to use the available “tools” for modeling our business

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Question #1Is IRI a good tool for modeling

revenue?

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Purchases through store scanners in retail dollars at: ►Chain drug stores►Most food stores and ►Mass market outlets, Wal-Mart excluded

Retailer margins range from 20% to 35%

What Does IRI Capture?

IRI captures about 70% of the retail universe

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What Does IRI Not Capture?

Wal-Mart ►~25% of our sales (Dec. 2006 10-Q)

National Prescription Audit (NPA) ► Sales flowing through state Medicaid programs

►~3% of our sales (June 2006 10-K)

Non-retail sales ► Government agencies, hospitals, prisons,

universities, etc. ►~11% of our sales (June 2006 10-K)

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Example 1: IRI to Net Sales Calculation(in millions)

$ Consumption $

IRI 1,000

5% Retail(not covered by IRI)

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Wal-Mart 250

NPA 30

Non-retail 110

Total consumption 1,440 @ retail $

1,080 @ factory $ (25% retail margin)

$ 994 @ net sales (92% of gross)

Note: For example purposes only.

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IRI vs. Net Sales

Without doing a full bottom-up calculation, IRI is a good surrogate for annual net sales ►Will never agree 100%, but generally works►Retail margin and non-retail sales subject to

variability

Quarterly spread of revenue can fluctuate due to seasonal buying patterns

Question #2What is the effect of the

cough/cold season on trade purchases?

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September quarter►“Table-setting”quarter: initial display ordering►No meaningful consumption data – can’t draw conclusions

December quarter►“Stocking quarter”: insuring enough stock for potential strong

season, heavy display activity, in-store promotions; heavy advertising

March quarter►“Replenishment quarter”: evaluating season to determine product

performance and needs for future supply►Begin to adjust orders to consumption►Focus begins to shift to allergy season

June quarter►“Out of season” quarter: volume shifts to post-season levels

Trade View of Cough/Cold Season

19Source: Surveillance Data Inc. (SDI)

The Many Shapes of the Cough/Cold Season –

A Historical Perspective

0.0

10.0

20.0

30.0

40.0

50.0

60.0

9-Sep

16-Sep

23-Sep

30-Sep

7-Oct

14-Oct

21-Oct

28-Oct

4-Nov

11-Nov

18-Nov

25-Nov

2-Dec9-Dec

16-Dec

23-Dec

30-Dec

6-Jan13-J

an

20-Jan

27-Jan

3-Feb

10-Feb

17-Feb

24-Feb

3-Mar

10-Mar

17-Mar

24-Mar

31-Mar

Millions

1999/00 2000/01 2001/02 2002/032003/042004/052005/062006/07

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Typical Dome SeasonTheoretical Flow of Quarterly Revenue

Fiscal Quarter

Trade Purchases

Consumption Data

First(Sept) #3 #4

Second(Dec.) #1 #2Third

(March) #2 #1Fourth(June) #4 #3

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Fiscal Quarter

Trade Purchases

Consumption Data

First(Sept) #2 #4

Second(Dec.) #1 #1Third

(March) #3 #2Fourth(June) #4 #3

Typical Peak SeasonTheoretical Flow of Quarterly Revenue

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Translation

(in millions) 1Q 2Q 3Q 4Q YTD

Net Sales reported FY'06 $ 47 $ 63 $ 76 $ 53 $ 239

Reported % 20% 26% 32% 22% 100%

Backorder* 10 10 (10) (10) -

Normalized $ $ 57 $ 73 $ 66 $ 43 $ 239

Normalized % 24% 31% 28% 18% 100%

*Numbers rounded for illustrative purposes.

#3 #1 #2 #4Quarterly Rank

Question #3How do we evaluate trade inventories?

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Factors Affecting Trade Inventory

Trade factors:►Establishing appropriate pipeline inventory

for base and new products (shelf + warehouse)►Supply chain efficiencies►Estimate of strength and shape of season

Supplier factors:►Forward trajectory of brand growth ►Reliability of order fulfillment►Introduction of new items

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How We View Inventory

“Weeks of inventory” = backward looking calculation; inventory ÷ past consumption and in our opinion, not that valuable“Dollar value of inventory” = shipments less consumption and in our opinion, a more useful approach In a seasonal business, the amount of inventory will vary dramatically throughout the season At the end of the season it should adjust to consumption

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Example 2: Trade Inventory Analysis

(millions) Beginning Inventory

Shipments Consumption Ending Inventory

Q107 $ 70* $ 90 $ (42) $ 118

Q207 118 111 (99) 130

Q307 130 83 (128) 85

Q407 85 49 (63) 70

FY07 70 333 (333) 70

*Estimated value of inventory in the trade as of June 30, 2006. (June 2006 10-K)

For example purposes only and not intended to forecast future results or expectations of future performance.

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Key Reminders

Results ultimately driven by changes in annual consumptionQuarterly shipments will adjust to annual consumption

Question #4How should we look at the base business moving into FY 08?

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Roadmap

Make assumption for total dollar consumption of cough/cold/allergy/sinus (C/C/A/S) category ►Without significant product introductions, we assume

market grows by approximately 2 – 3%Make assumption for annual market share for each brand

Key variables to consider:•Strength and shape of season•Adams’ and/or competitive product launches that could impact prior trends

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IRI Dollars Q1 Q2 Q3E Q4E FY07EChg VYA

C/C/A/S 531 906 990 684 3,111 8%

Mucinex 36 82 106 54 279 46%

Delsym 5 18 22 9 54 42%

Total Adams RT 42 99 128 63 333 74%

Adams RT Market Share of C/C/A/S 8.0% 11.0% 12.9% 9.2% 10.7% 4.5Mucinex 6.9% 9.0% 10.7% 7.9% 9.0% 4.1

Delsym 1.0% 1.9% 2.2% 1.3% 1.7% 0.4

Example 3: Applying the Roadmap to FY07

30Source: IRI through 2/25/07 and internal estimates.


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Example 4: Applying the Roadmap to FY08

Estimated IRI Dollars Q1 Q2 Q3 Q4 FY08Chg VYA

C/C/A/S 547 899 1,030 729 3,204 3.0%

Mucinex 52 83 110 67 311 11.8%

Delsym 8 19 25 12 65 20.0%

Adams RT 60 102 135 79 376 13.1%

Estimated Adams RT Market Share of C/C/A/S 10.9% 11.3% 13.1% 10.9% 11.7% 1.0

Mucinex 9.4% 9.2% 10.7% 9.2% 9.7% 0.7

Delsym 1.5% 2.2% 2.4% 1.7% 2.0% 0.3


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Key Reminders

Our sales reflect shipments to trade customers not consumption from retail shelf Our sales occur in advance of consumptionTrade purchases adjust to consumption on an annualized basisUse normalized FY’06 as a basis for quarterly trends going forward

Question #5How should we think about

SG&A going forward?

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Trends in SG&A Going Forward

Experience leverage on consumer marketing spend►Consumer marketing highest during season

(Dec. and March quarters) when commercials airExperience leverage on base G&A spend

Goal for FY’08 forward: SG&A expense growth trails revenue growth

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Example 5: Leverage In Consumer Marketing Spend

Fiscal 2006 Fiscal 2007 Fiscal 2008* Fiscal 2009*

Mucinex Base Brand

$35 MM $35 MM $30 MM $30 MM

Children’s $15 MM $15 MM $12 MM

ProductEntering NewSegment

Incremental(e.g. $12 MM)

Same as FY08(e.g. $12 MM)

ProductEntering NewSegment

Incremental (e.g. $10 MM)

Total $35 MM $50 MM $57 MM $64 MMFor example purposes only and not intended to forecast future results or expectations of future performance.

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Is IRI a good tool for modeling revenue?What is the effect of the cough/cold season on trade purchases?What do we need to know about trade inventories? How should we look at the base business moving into FY 08?How should we think about SG&A going forward?

Questions Addressed Today

Bob CasaleChief Operating Officer

New OTC Products Review

April 4, 2007

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Safe HarborThis presentation contains certain “forward-looking” statements. These statements are based on the current estimates and assumptions of the management of Adams Respiratory Therapeutics, Inc. (“Adams”) as of the date of this presentation and are subject to uncertainty and changes in circumstances. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Actual results may vary materially from the expectations contained in this presentation. When used in this presentation, the words “may”, “will”, “should”, “could”, “would”, “plan”, “anticipate”, “believe”, “estimate”, “intend”, “project”, “potential”, “poised” and “expect” and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements are subject to risks, uncertainties, assumptions and other factors that may cause the actual results of Adams to be materially different from those reflected in such forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, among others: the continued success of Adams’existing products and the successful commercialization of new products; Adams’ ability to in-license or acquire new products and brands, successfully develop new products and expand into new market segments; Adams’ ability to leverage the Mucinex brand name and marketing efforts to increase market share and introduce new products; Adams’ ability to achieve projected growth and sales; continued and increased competition; the severity of the cough and cold season; Adams’ ability to preserve and successfully defend its patent position; Delsym's competitive position as the only OTC 12-hour liquid cough syrup; Adams’ ability to meet consumer needs and demands; and other risk factors set forth under Item 1A. Risk Factors in Adams’ Annual Report on Form 10-K for the fiscal year ended June 30, 2006 and under Item 1A. Risk Factors in Adams’ Quarterly Report on Form 10-Q for the period ended December 31, 2006. Except to the extent required by applicable securities laws, Adams is not under any obligation to (andexpressly disclaims any such obligation to) update its forward-looking statements, whether as a result of new information, future events, or otherwise. All statements contained in this presentation are made only as of the date of this presentation. A, Adams, A Adams Respiratory Therapeutics, Adams Respiratory Therapeutics, Delsym, Mucinex Full Force, Humibid, Junior Mucus, MucinexMoisture Smart, Mini-Melts, Mucinex, Mucinex IN...Mucus OUT, Mr. Mucus, Mrs. Mucus, Nothing Lasts Longer, Opening New Pathways for Respiratory Relief, Turn Off the Cough, and the Junior Mucus, Mr. Mucus and Mrs. Mucus characters are Adams’trademarks and have been registered in the U.S. Patent and Trademark Office or are the subject of pending U.S. trademark applications. The marks may also be the subject of foreign trademark registrations and/or trademark applications. Each of the other

trademarks, trade names or service marks appearing in this presentation belongs to its respective holder.

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1271

597

291

1751

646

318

1743

580

279

2009

649

314

2074

602

310

2002 2003 2004 2005 2006

CAS Tablets/Packets CAS Liquids/Pow ders Cough Syrup/Sore Throat

Total CCAS CategoryDollar Sales Trend ($ MM)

2002-2006

4 Year CAGR

Category +8.4%

Cough Syrup/Sore Throat

+1.5%

CAS Liquids/ Powders +0.2%

CAS Tablets/ Packets +13%

Source: Information Resources, Inc. (IRI), U.S. Food/Drug/Mass (FDMx) , 2002-2006.

2,159

2,715 2,6022,972 2,986

Category growth in 2003 driven by Claritin® and in 2005 by Mucinex.

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$223

$10

$72

$305

All other Brands

Delsym

Mucinex

Total CCASGrowth Brands

Dollar Sales Chg VYA ($MM)

Of the $305MM in CCAS growth brands this past year, Adams contributed $82MM– more than a quarter of the total.

Source: IRI, U.S. FDMx, 52 weeks ended 2/25/07.

Total CCAS CategoryGrowth Brands – Dollar Sales Change VYA

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22.0

27.6

35.3

37.9

45.7

48.4

59.0

64.7

65.5

98.2

106.4

(14) Delsym

(10) Alka Seltzer Plus

(9) Theraflu

(8) Benadryl

(7) Airborne

(6) Sudafed

(5) Claritin

(4) Robitussin

(3) Nyquil

(2) Mucinex

(1) Tylenol

CCAS CategoryMajor Brands Performance

$ % ChgVYA

$ Share

ChgVs.

VYA+62.1 11.0 +3.5+50.8 10.2 +2.7

+1.1 6.8 -0.6

+0.2 6.7 -0.7

+12.0 6.1 0.1

-4.7 5.0 -0.8

+20.2 4.7 +0.3

-5.9 3.9 -0.2

+23.8 3.7 +0.4

+10.6 2.9 +0.0

61.8 2.3 +0.7


$ Sales (MM)®

®®®®

®

®®

®

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CCAS BrandsTop 10 Productivity Rank - $ Sales per SKU

3.1

3.2

3.2

3.2

3.9

4.7

6.3

7.3

10.1

10.9

Robitussin

Theraflu

Tylenol

Sudafed

Claritin

Nyquil

Zicam

Delsym

Airborne

Mucinex

Avg # SKU’s carried

Dollar Sales Rank

9 2

5 7

3 14

4 12

14 3

15 5

15 6

33 1

11 9

21 4

Source: IRI, U.S. FDMx, 12 weeks ended 2/25/07

Note: Avg # SKU’s is for the 12 weeks ended 12/31/06.

$ Sales per SKU (MM)

®

®

®

®

®

®®

®

43Source: IRI U.S. FDMx, 52 weeks ended 7/2/06 and projection for 52 weeks ending 7/1/07.

Mucinex®

Mucinex® DM

Mucinex® D

Mucinex® Children’s Liquids

Mucinex® Children’s Mini-Melts

Delsym®

3.7 3.2 1.1 0.4 0.6 10.7% total

0.7

1.7

4.9 2.1 0.6 6.6% total

FY 2007 Projected

Dollar Share of C/C/A/S Category+4.1 points VYA

FY 2006

Adams is a major player in the total CCAS Category

Adult Mucinex

+30%

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Fiscal 2007

Fiscal 2007

New Products Fiscal 2007

Fiscal 2006

Fiscal 2006

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Mucinex Core Equity

Mucinex = Mucus Out

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Loyal Consumer Base

Of the consumers who use Mucinex…

►~90% intend to buy it again►~30% try more than one

type of Mucinex►~70% actually plan their

purchase►~50% would rather make an

additional trip to another store if their store did not have Mucinex

Source: Proprietary on-line research conducted 12/06.

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Mucinex Advertising Awareness High

51%38%June ‘06

March ‘07

Advertising Awareness

Mucinex ranks # 2; only Nyquil® higher at 55%.

Ahead of Claritin® (44%) – despite 2x Mucinex spending during cough/cold season

Surpasses both Robitussin® and Tylenol® – 33%

Far exceeds level of other new brands –Airborne® (26%) and Zicam® (23%)

Source: Millward Brown proprietary consumer tracking study.

24%April ‘05

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Ad Awareness the Key Driver of Overall awareness of Mucinex

69%78%

Brand Awareness

Mucinex brand awareness of 78% is exceptional when compared to that of more established brands:►Claritin® – 87%; Tylenol®/Robitussin®/Nyquil® – 97-99%

Far exceeds the level achieved by other new brands:► Airborne® (61%) and Zicam® (55%)

Source: Millward Brown proprietary consumer tracking study.

June ‘06March ‘07

47%April ‘05

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1. Pharmacy Times, 2007 OTC Survey of Pharmacists Recommendations conducted 10/06.2. Proprietary Physician Tracking Study conducted 12/06.

Strong Professional Following

In a few short years, Mucinexhas…

►Become #1 pharmacist recommended adult expectorant1

►Achieved the highest satisfaction rate among PCPs2

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90%+ of patients were pleased with Mucinex

7510.0%6870.0% 6780.0%

5530.0% 5460.0%

COUGH EXCESSMUCUS

NASALCONGESTION

THICKMUCUS

CHESTCONGESTION

One week of treatment with Mucinex significantly improved all mucus-related symptoms

Sym

ptom

Rel

ief

100%

0

100%

# of

Pat

ient

s

0 COUGH EXCESSMUCUS

NASALCONGESTION

THICK MUCUS

CHEST CONGESTION

75.1

68.7 67.8

55.3 54.6

Mucinex 600 mg. – Patient Satisfaction

Source: Proprietary in-house research. “Must Have” Study.

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ConsumerAdvertisingConsumer

AdvertisingProfessional

DetailingProfessional

Detailing

GeneratesConsumerAwareness

GeneratesConsumerAwareness

GeneratesProfessional

Recommendations

GeneratesProfessional

Recommendations

TrialPurchase

TrialPurchase

Consumer/Professional: Working Together to Build Trial & Conversion

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Top Three Influencers of Mucinex Trial

Recommendations by healthcare professionals 49%

Friend/family recommendation 31%

TV advertising 28%

Source: Proprietary consumer tracking study conducted 12/06.

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Mucinex Adult Products Today

►600 mg. guaifenesin-based 12 hour tablets

►Leading position in cough, cold and sinus segments

►Highly productive franchise

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Introducing…The Next Major Addition to the Mucinex Franchise

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►Address consumer that demands maximum strength treatment options

► Expand franchise across any Upper Respiratory segment, Rx or OTC, that delivers consumer value through innovation and stays true to “mucus out” equity

Mucinex Adult ProductsWhere We Are Going

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Market Research Confirms Need for Maximum Strength Product

Key Findings*

►Majority of respondents were very interested in buying Maximum Strength Mucinex

►Majority prefer one tablet dose of Maximum Strength Mucinex

►Research also indicates that Mucinexfranchise revenue should increase significantly with the addition of Maximum Strength Mucinex

Source: Maximum Strength Mucinex Discrete Choice Study, 3/07.

* Among both current Mucinex users and competitive product users

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Maximum Strength MucinexStrengthens the Mucinex Franchise


Definitely / Probably “would buy”

58%58%

83%83%

Strong interest in Maximum Strength Mucinexamong both non-users and current users

►Based upon key attributes important to consumersLong lasting / 12 hoursEfficacious / works quicklyConvenience / 1 pill dose

Total Category Users Mucinex Users

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Mirrors Existing Consumer Behavior

Preferred Mucinex Dosage for Mucinex and Non-Mucinex Users


56%

27%

16%

0% 20% 40% 60% 80% 100%

One 1200mgTablet

One 600 mg Tablet

Two 600mgTablets

• 63% of current Mucinex users take only one tablet per dose

• Majority of consumers would choose to take one 1200 mg tablet/dose

•Trading consumers up should achieve better outcomes

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46% of the Volume for Maximum Strength Mucinex Comes From Competitive Brands

54% of the volume for Maximum Strength should come from current Mucinex productsMost vulnerable competitors include:►Vicks Nyquil®/Dayquil®, 11%; Robitussin®, 9%;

Tylenol®, 6%


Maximum Strength Source of Volume

Competitive Brands

46% Total Mucinex 54%

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Strong Potential for Maximum Strength

In Year 1, Maximum Strength Mucinex is projected to achieve between $50MM and $70MM in consumption

►Approximately 40% of Maximum Strength Mucinex dollars expected to be incremental

►Total Adult Mucinex franchise is expected to grow in excess of 20%


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Base Mucinex, 40%

Max Strength Mucinex, 60%

Research indicates that over time, Maximum Strength Mucinex may represent

60% of Mucinex franchise sales

Assumes:

Maximum Strength Potential

•Full distribution•Continued support •Acceptability of tablet size


62

Marketing Maximum Strength Mucinex

Dedicated TV commercialFocused Professional efforts targeted to doctors and pharmacists

Children’s Mucinex Line

64

Children’s Mucinex and Delsymexpanded the category

Children’s CCAS CategoryMajor Brands Performance

1.3

2.7

6.2

7.6

7.9

9.1

10.9

16.0

25.4

25.7

(10) Sudafed

(9) Claritin

(8) Pediacare

(7) Delysm

(6) Benadryl

(5) Robitussin

(4) Mucinex

(3) Dimetapp

(2) Triaminic

(1) Tylenol

$ %VYA $ Share

Chg VYA

+61.6 19.5 +3.4

+22.4 19.3 -1.7

+29.0 12.1 +0.4

n/a 8.3 8.3

+22.9 6.9 -0.6

-9.3 6.0 -2.8

+63.9 5.8 +1.1

-43.0 4.7 -6.3

+16.4 2.1 -0.3

-48.1 1.0 -1.6


®

®

®

®

®

®

®

®

65

1.1

1.3

1.6

1.7

2.4

2.5

3.2

3.3

5.1

5.5

Claritin

Sudafed

Benadryl

Pediacare

Robitussin

Triaminic

Dimetapp

Mucinex

Delsym

Tylenol

Children’s CCAS BrandsProductivity Rank - $ Sales per SKU

Avg # SKU’s carried

Dollar Sales Rank

6.1 1

1.5 7

3.3 4

5.0 3

10.1 2

3.8 5

3.7 8

5.0 6

1.6 10

2.4 9

$ Sales per SKU (MM)

Source: IRI, U.S. FDMx, 12 weeks ending 2/25/07.

®

®

®

®

®

®

®

®

66

Children’s Mucinex Products Today

►Immediate-release guaifenesin-based line

►Innovative form addressing consumer needs

►Highly productive line poised for a top place within segment

67

Introducing…The New Additions to the Children’s Mucinex Line

68

Two New Indications

Adding New Indications to the Children’s Line

100 mg guaifenesin/ 5 mg dextromethorphan HBr►Orange Crème flavor►Congestion and cough

“Cough” for Mini-Melts100 mg guaifenesin/2.5 mg phenylephrine/5 ml►Mixed Berry flavor►Nasal congestion & Cough

“Cold” for Liquids

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►Parents’ product of choice for cough/cold relief for their children

►Technology-based point of differenceAddress convenience, compliance and efficacy needs

►Future introductions may not be limited to monographed OTC products

Children’s Mucinex ProductsWhere We Are Going

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Children’s Mucinex Meets Consumer Needs

Mini-Melt Cough and Liquid Cold formulations

►Cough is viewed as most disruptive symptom by parents*

►“Good taste” and “easy to take” are critical to compliance according to both moms and pediatricians*

►Cold indication represents multi-symptom relief

Children’s Mucinex is expected to grow in excess of 20% in consumption from FY07 to FY08

*Source: Millward Brown Consumer Tracker 1/07. 70

71

Children’s Mucinex Marketing Support

Dedicated TV commercialFocused Professional efforts targeted to pediatricians

Mucinexnew market segment

equity travels to a

73

Strong Equity Relevant To Consumers

Established brand equity

►“Mucinex In, Mucus out.™”

Successful launch in children’s segment indicates opportunity to extend Mucinex brand name

►All 4 SKUs rank among the top twenty-five; outselling established competitive liquids¹¹IRI, FDMx, 4 weeks ended 2/25/07.

74

Introducing…

75

Mucinex Nasal SpraysUnique Benefits

Full Force

Effective nasal decongestant“Sensory signal” lets consumer know it is working“12 Hour Concentrated Vapor Technology”

Moisture Smart

Effective nasal decongestantSpecially formulated to soothe irritated 75

76

Mucinex Nasal Sprays will compete in a $370MM OTC category

►Nearly a 50/50 split between medicated and non-medicated segments.

IRI, FDMx52 Wks Ended 12/31/06

$ Sales (MM)

% ChgVYA

Total Nasal Category $370 +7Non-Medicated Sprays/Drops/Inhalers 194 +12

Medicated Sprays/Drops 177 +4

Mucinex Nasal Sprays

77

Proprietary research indicates that 64% of current Mucinex adult users who do not use other nasal sprays intend to purchase Mucinex Nasal Spray►Importantly, these users will add this new product

to their treatment regimen

Mucinex Should BuildNasal Spray Category

Source: Proprietary research conducted 12/06, % of respondents that stated (Definitely/Probably would buy).

CategoryExpansionCategory

ExpansionHigher Retail

Revenue

Higher Retail

RevenueNew Category

UsersNew Category

Users

78

Mucinex Will Also Capture Existing Nasal Spray Consumers

► 57% of current nasal spray users also expressed intent to purchase Mucinex Nasal Spray

Current Afrin® users potentially the largest source Mucinex adds value with 50% more product per unit

Higher Retail

Revenue

Higher Retail

RevenueHigher Mucinex

Retail RingHigher Mucinex

Retail Ring

Source: Proprietary research conducted 12/06, % of respondents that stated (Definitely/Probably would buy).

79

Mucinex Nasal Sprays Market Opportunity

Expands Mucinex franchise into additional respiratory segment► High percentage of cough /cold category sufferers also use nasal sprays

Year 1 projected to achieve 4% – 5% dollar share of nasal sprays market.

Leading Medicated Nasal Spray Brands

2006 Dollar Share

Afrin® 16%Vicks Sinex® 6%Zicam® 3%4 Way® 3%

Goal: Become # 2Brand by Year 2


80

Mucinex Nasal Sprays Marketing Support

Dedicated TV commercialConsumer incentives to purchase both nasal spray and base MucinexProfessional efforts targeted to pharmacists

81

Mr. Mucus Highlights

“Here’s Mucus” – Mucinex DM “Wrap” – Mucinex SE

“Painter” – Children’s Mucinex Mini-Melts

82

Coming Soon: The New Adventures of Mr. Mucus

Delsym

84

Delsym Core Equity

Delsym = 12 hour Cough Relief

85

Delsym Provides Unique Benefits

The first and only OTC cough liquid that suppresses cough for 12 hours►4 hours longer than leading competitor

Patented extended-release technology

Great-tasting flavor

86

Delsym

Adams acquired Delsym in June 2006 from UCB to:► Increase critical mass within respiratory market and develop a

strategic foothold in OTC cough syrup segment►Leverage our core competency: synergistic consumer and

professional marketing►Gain access to an additional proprietary delivery technology

Expected to grow brand sales to $45-60MM and achieve 15-20% market share of cough syrup segment for FY ‘07►On target to achieve these objectives

87

$0

$1

$2

$3

$4

$5

$6

$7

$8

$9

03/19/06 04/16/06 05/21/06 06/18/06 07/16/06 08/13/06 09/10/06 10/08/06 11/05/06 12/03/06 12/31/06 01/28/07 02/25/07

Mill

ions

Source: IRI U.S. FDMx, 52 weeks ended 2/25/07.*4 weeks ended 12/31/06.

Adams Acquired Delsym®

Professional Promotion

Began

Consumer Advertising

Began

+70% VYA

Delsym Consumption ReachedNew High

Achieved all-time consumption high of 18.9% at peak*

ahead of Robitussin® DM

87

88

Improved Delsym Packaging

89

Over 50% of Delsym users did not consider purchasing another brand to treat their cough

90% of purchasers plan to buy Delsym again

Nearly 60% of users treated their cough with Delsym exclusively

Delsym Users Highly Loyal to Brand

Source: Proprietary on-line research conducted 12/06.

High consumer satisfaction with product enables expansion within Cough CategoryHigh consumer satisfaction with product enables expansion within Cough Category

90

DelsymWhere We Are Now

►Fastest-growing cough syrup brand

►Highly productive franchise

►Single-flavor focused for Adults and Children’s

91

Introducing…The New Additions to the Delsym Line

92

DelsymWhere We Are Going

►Building awareness and trial (significant upside potential)

►Franchise expansion that delivers against the core benefit of 12 hour relief

►Improved shelf presence

93

New DelsymGrape Flavor

Grape line extension►Flavor appeals to both children and adults

Grape is #1 flavor in Children’s segment with 39% of retail market*

►Available in both Adult 3 oz. and Children 3 oz.►Same active ingredient and dosing as orange

flavor

* IRI, U.S. FDMx, 52 weeks ended 2/25/07.

94

Delsym Grape Should Attract New Users

New grape variety provides greater choice to consumers for whom flavor is a trial motivator►Fills an important flavor gap in the franchise

Total Delsym consumption is expected to grow 15% to 20% in FY08

95

Delsym Marketing Support

Dedicated TV commercial

96

Fiscal 2007

Fiscal 2007

New Products Fiscal 2007

Fiscal 2006

Fiscal 2006

97

Expansion Accelerates in FY08

Fiscal2008

Fiscal2008

Adams Takes First Steps into Rx Market

Ken MillerExecutive Director, Marketing

April 4th, 2007

99

Safe HarborThis presentation contains certain “forward-looking” statements. These statements are based on the current estimates and assumptions of the management of Adams Respiratory Therapeutics, Inc. (“Adams”) as of the date of this presentation and are subject to uncertainty and changes in circumstances. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Actual results may vary materially from the expectations contained in this presentation. When used in this presentation, the words “may”, “will”, “should”, “could”, “would”, “plan”, “anticipate”, “believe”, “estimate”, “intend”, “project”, “potential”, and “expect” and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements are subject to risks, uncertainties, assumptions and other factors that may cause the actual results of Adams to be materially different from those reflected in such forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, among others: the FDA’s denial of Adams’ NDA for the combination codeine prescription product; the introduction of a generic equivalent to the combination codeine prescription product; Adams’ ability to successfully commercialize the combination codeine prescription product; Adams’ ability to leverage the Mucinex brand name and marketing efforts to expand professional endorsement of the combination codeine prescription product; Adams’ ability to achieve projected market share and sales of the combination codeine prescription product; the severity of the cough and cold season; the competitive position of the prescription product as the only long-acting oral solid codeine combination product; Adams’ position as the only dedicated sales force to actively promote in the market category; acceptance of the combination codeine prescription product by managed care; Adams’ plans to expand its sales force and other risk factors set forth under Item 1A. Risk Factors in Adams’ Annual Report on Form 10-K for the fiscal year ended June 30, 2006 and under Item 1A. Risk Factors in Adams’ Quarterly Report on Form 10-Q for the period ended December 31, 2006. Except to the extent required by applicable securities laws, Adams is not under any obligation to (and expressly disclaims any such obligation to) update its forward-looking statements, whether as a result of new information, future events, or otherwise. All statements contained in this presentation are made only as of the date of this presentation. A, Adams, A Adams Respiratory Therapeutics, Adams Respiratory Therapeutics, Delsym, Mucinex Full Force, Humibid, Junior Mucus, Mucinex Moisture Smart, Mini-Melts, Mucinex, Mucinex IN...Mucus OUT, Mr. Mucus, Mrs. Mucus, Nothing Lasts Longer, Opening New Pathways for Respiratory Relief, Turn Off the Cough, and the Junior Mucus, Mr. Mucus and Mrs. Mucus characters are Adams’ trademarks and have been registered in the U.S. Patent and Trademark Office or are the subject of pending U.S. trademark applications. The marks may also be the subject of foreign trademark registrations and/or trademark applications. Each of the other trademarks, trade names or service marks appearing in this presentation belongs to its respective holder.

100

First New Codeine Cough Combination Rx In 15 years

For example purposes only.

101

Current Market Value = $255 MM

$255MM=

Narcotic Cough MarketMarket Potential

Source: IMS NPA TRx MAT 1/07*Parity price with branded molecule

Guaifenesin + Codeine19%

Promethazine + Codeine23%

All other Codeine Combos3%

Hydrocodone Combos55%

102

$1.6Bn

Market Potential = $1.6 Bn @ *$70/Rx

Narcotic Cough MarketMarket Potential

Source: IMS NPA TRx MAT 1/07*Parity price with branded molecule

=Guaifenesin + Codeine

19%



Hydrocodone Combos55%

103

Guaifenesin + 19%

55%

Codeine


Hydrocodone Combos


Codeine Cough Market

Source: IMS NPA TRx MAT 1/07

104

Guaifenesin + 19%


Codeine


Codeine Cough Market10.3 MM TRx’s


Guaifenesin + Codeine4,310,557 Promethazine + Codeine

5,795,735

All other Codeine Combos179,250

Codeine Market = 10.3 MM TRx’sCodeine Market = 10.3 MM TRx’s

105



Guaifenesin + Codeine4,310,557 Promethazine + Codeine

5,795,735



106

Guaifenesin + Codeine4,310,557

Promethazine + Codeine5,795,735



=$721MM

Market Potential @ *$70/Rx


Source: IMS NPA TRx MAT 1/07*Parity price with branded molecule (Tussionex®)

Market Potential @ *$70/Rx

• Primarily short-acting generics

• Primarily liquids

107

0

100000

200000

300000

400000

500000

600000

700000

SEPT TRx OCT TRx NOV TRx DEC TRx JAN TRx FEB TRx MRC TRx APR TRx MAY TRx JNE TRx JLY TRx AUG TRx

2006 Season 2007 Season

Codeine Market Seasonality

49% of Annual volume(Dec-March)


108

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

Family

Medicine

Internal M

edicine

Family

Practice

Nurse Prac

titioner

Physicia

n Assista

nt

Pediatrics

Emergency

Medicine

General Prac

tice

All Other

Source: IMS Prescriber Profiler; Deciles 10-4, 1/07

Codeine MarketDriven by PCP’s

109

Managed Markets

Managed care influence on Rx writing and dispensing continues to grow

66%11%

8%

15%

Third PartyCashMedicaidPart D

Generics reside in Tier I with minimal or no associated Co-payBranded Molecules typically reside in Tier II/III with higher Co-pay

Source: IMS Medicare Weekly Update, June 2006

110

Physician Market Research Ideal Rx Cough Product

Source: Chestnut PartnershipPhysician IDI’s; Feb. ‘07

I wonder what MD’s

want?

Ideal Product Attributes• QD or BID Dosing;Unlike current TID to QID dosing regimens

• Fast Acting;Rapid suppression of cough, enabling patients to sleepthroughout the night

• Helps patients sleep all night without a “hangover”Unlike current TID to QID dosing regimens

• Multiple dose options to fit different patient types

• Adolescents, adults, senior citizens

• Heavier vs. thinner patients

• Sugar free for diabetics

111

Physician Market Research Trusted agents in Cough Treatment

Guaifenesin• Prescribers accept guaifenesin as critical and necessary

• “It’s in most if not everything”• “It works”

• High level awareness of 600 mg tablets• Many desired a 1200 mg BID for a total of 2400 mg

• Codeine Combos are considered most effective;However precautions are taken into consideration

• Addictive properties

• Dose-dependent GI upset side effects (codeine)• Individual patient variability in response/sensitivity

Codeine

Source: Chestnut PartnershipPhysician IDI’s; Feb. ‘07

112

Unique Rx Product Profile

Primary Indication(s) • Loosens mucus and thins bronchial secretions • Makes cough more productive • Controls cough • Helps patients sleep

Formulation(s) • Unique immediate/extended release bi-layer tablets- 1200mg guaifenesin/60mg codeine - 600mg guaifenesin/30mg codeine

*Target Product Profile

*Subject to FDA agreement and approval

113

Unique Features and Benefits

Two titration optionsPatient convenience and complianceadvantage► B.I.D. dosing schedule

Currently available agents T.I.D. or Q.I.D.

Only long-acting oral solid codeinecombinationProven safety and well tolerated► No anti-cholinergic effects

114

B.I.D. Dosing – 12 hour controlTablet vs. syrup Mucinex brand equityGuaifenesin and codeine levels No promotional activity from competitionAdams dedicated sales force No generic equivalentPrice flexibility; no true referenceStarter samples

Potential DriversGeneric market ($8-10/Rx)Managed care acceptance willtake time to develop givengeneric marketPhysicians have years of habitwriting by ingredients 50% of the market requireseducating regarding benefits ofguaifenesin vs. promethazine

Potential Challenges

Establishing Mucinex with CODEINEPotential Drivers and Potential Challenges

115

Positioning12 Hour Control with One Tablet….

Market Insight

Functional & EmotionalBenefit

Reasons to Believe

Currently available agents require multiple doses ofmessy, short-acting cough liquids, which is disruptiveto patients

Suppresses the urge to cough for 12 hours with justone tablet , helping patients enjoy the day or sleep allnight

• Controls coughing for a full 12 hours with a single dose• Convenient solid tablet form• Effectiveness of Mucinex combined with the power of codeine• Thins & loosens mucus to make coughs more productive• Bi-layer technology delivers immediate and extended-release • 2 strengths for dosing flexibility; 600/30mg & 1200/60mg

116

Syrups vs. Tablets Convenience and Accuracy

OR

Convenient long-lasting tablets

Two 1200mg tablets**

Messy cough liquids

*12 t

easp

oons

No messy syrups or short-acting formulationsNo sleep interruptions due to nighttime dosing

Less concern about dosing accuracyFlexible dosing (600mg or 1200mg) to maintaintherapeutic effectiveness for 12 hours

Based on recommended doses cited in the 2006 Physicians ‘ Desk Reference* Maximum daily dose: 2-tsp every 6 hours; 12- teaspoons/day** Maximum daily dose: 1- 1200mg tablets B.I.D.

117

Product TRx (MAT 1/07)

Physician Contacts

(MAT 12/06)PROMETHAZINE/CD 4,576,545 0

PROMETHAZINE VC/CD 732,036 0

PHENERGAN SYR W/CO 695 0

PHENERGAN SYR VC/C 264 0

GUAI/CD 2,049,103 0

CHERATUSSIN AC 1,920,786 0

IOPHEN-C NR 195,082 0

GUAITUSS AC 64,927 0

Source: IMS NPA, IPS March ‘07

Promotional ActivityAdams Plans to Dominate Share of Voice

0!

118

“Starter Sample”

Increase product awarenessEarly trial adoption Provides added value to physician visit Increases likelihood of prescription (Rx) fulfillmentServes as brand reminderExpedites penetration with “no see MDs”

Market

No competitive samplingAcute conditionPatient demands immediate reliefMinimal brand experienceFlexible dosing options

600mg & 1200mgNo generic substitution

Promotional ActivitySampling Strategy

119

“Starter Sample”

Increase product awarenessEarly trial adoption Provides added value to physician visit Increases likelihood of prescription (Rx) fulfillmentServes as brand reminderExpedites penetration with “no see MDs”

Promotional ActivitySampling Strategy


120



= $721MMWhat is the potential

value of market penetration?


Promethazine + Codeine5,795,735


Guaifenesin + Codeine4,310,557

121

Codeine Potential

$9-11 MM

$48-55 MM

$100-120 MM

$160-190 MM

$240-280 MM

1-2%

5-6%

10-12%

14-18%

20-23%

Mucinex with Codeine Opportunity

0

50

100

150

200

250

FY 2008 FY 2009 FY 2010 FY 2011 FY2012

Total sales across both sub -markets.Note: Uncertainty in the forecast is captured as a +/ - 10% range around the expected values

Launch years will require aggressive promotion to break prescriber habitsManaged care acceptance will be critical to ensure seamless reimbursement

MCO goal: 70% tier II/III coverage in first full year

Note: Percentages represent TRxsFor example purposes only and not intended to forecast future results or expectations of future performance.

122

Launch Strategy Considerations

2006 2007

Dec 2006NDA

Submission

March 2007NDA Submission

Accepted by FDA

Oct 2007FDA

PDUFA

2008

Earliest*LAUNCHPossible

2009

*Pending FDA ApprovalDDMAC Review

• 2008: Set the table• Physician targeting• Managed care coverage

•2009: Fully optimized launch

123

Summary

Adams’ entry into Rx market represents an attractive business opportunity

► Significant unrealized potential

Adams has the experience and know-how to win within this category

► Mucinex track record of success

No innovation or therapeutic advance in recent years

► Adams would potentially have the ONLY extended-release tablet on the market

Potential to garner 100% share of voice (SOV)

► Brand name recognition sets stage for early adoption

► Only dedicated respiratory field force actively promoting in category

Sales Force StructureTim Miller

Vice President, Sales Operations & Training

125

Current Sales Force

125 reps in 12 regions►50 rep expansion – December, 2004►25 rep expansion – July, 2006

Call Capacity►213,000 prescriber calls (1,700 calls/rep/year)

►110,000 pharmacy calls

Coverage of all major metropolitan areas in US and Puerto Rico

126

Mucinex with CodeineFY’08 Sales Force Strategy

Dominate Share of Voice in codeine category► Dedicated Adams sales force of 125 representatives

Focus on high decile writers in new codeine combo markets ► Decile 10 - 7 or 40% of market volume► Carry Mucinex & Delsym OTC brand message to these new prescribers

Call emphasis► Mucinex with Codeine – 1st position► Mucinex & Delsym OTC brands – 2nd/3rd positions

Continue to support Mucinex pediatric products with important pediatric prescribers

127

Codeine Combo Market – Decile View

Source: IMS Prescriber Profiler, Feb ‘07

Decile Rx MeanCumulative # of Docs

10 836 1,0959 379 3,5058 250 7,1797 178 12,3166 131 19,308

5 97 28,654

4 69 41,682

3 46 61,741

2 25 96,826

1 4 294,517

128

Codeine Combo Market – Decile View

Source: IMS Prescriber Profiler, Feb ‘07

Decile Rx MeanCumulative # of Docs

10 836 1,0959 379 3,5058 250 7,1797 178 12,3166 131 19,308

5 97 28,654

4 69 41,682

3 46 61,741

2 25 96,826

1 4 294,517

Covering 40% of CodeineScripts

129

Physician Audience - New

Targets ~ 18,000 prescribers

►12,000 Primary Care – Internists – SpecialistsBest codeine targets 80% of overall call effortFrequency of 14+ times/year

►6,000 Pediatricians20% of overall call effortContinued support of Adams’ children’s productsFrequency of 7 times/year

130

Future Considerations

Potentially expand sales force to cover additional prescribers in lower deciles

Pulse promotion to lower decile prescribers during season (Dec-March)

131

Take Home Messages

Mucinex with CODEINE represents an attractive entry into Rx market

Cough market is ready for a branded molecule

Adams knows how to win in the cough market

Erdosteine: Where Are We Today?

Helmut Albrecht, MDSenior Vice President, R&D

April 4, 2007

133

Safe HarborThis presentation contains certain “forward-looking” statements. These statements are based on the current estimates and assumptions of the management of Adams Respiratory Therapeutics, Inc. (“Adams”) as of the date of this presentation and are subject to uncertainty and changes in circumstances. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Actual results may vary materially from the expectations contained in this presentation. When used in this presentation, the words “may”, “will”, “should”, “could”, “would”, “plan”, “anticipate”, “believe”, “estimate”, “intend”, “project”, “potential”, “poised” and “expect” and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements are subject to risks, uncertainties, assumptions and other factors that may cause the actual results of Adams to be materially different from those reflected in such forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, among others: the successful completion of clinical trials and development of erdosteine and other risk factors set forth under Item 1A. Risk Factors in Adams’ Annual Report on Form 10-K for the fiscal year ended June 30, 2006 and under Item 1A. Risk Factors in Adams’ Quarterly Report on Form 10-Q for the period ended December 31, 2006. Except to the extent required by applicable securities laws, Adams is not under any obligation to (and expressly disclaims any such obligation to) update its forward-looking statements, whether as a result of new information, future events, or otherwise. All statements contained in this presentation are made only as of the date of this presentation. A, Adams, A Adams Respiratory Therapeutics, Adams Respiratory Therapeutics, Delsym, Mucinex Full Force, Humibid, Junior Mucus, Mucinex Moisture Smart, Mini-Melts, Mucinex, MucinexIN...Mucus OUT, Mr. Mucus, Mrs. Mucus, Nothing Lasts Longer, Opening New Pathways for Respiratory Relief, Turn Off the Cough, and the Junior Mucus, Mr. Mucus and Mrs. Mucus characters are Adams’ trademarks and have been registered in the U.S. Patent and Trademark Office or are the subject of pending U.S. trademark applications. The marks may also be the subject of foreign trademark registrations and/or trademark applications. Each of the other trademarks, trade names or service marks appearing in this presentation belongs to its respective holder.

134

Preliminary Results of Phase IIb Study

Subsequent analyses are showing more promising data, but it is too early to draw conclusions

March 16, 2007 Disclosure“The preliminary data suggest a significant placebo effect and that the two different erdosteine treatment

groups do not seem to break statistically from placebo. Further analyses will continue during the remainder of fiscal 2007 to determine the ultimate

outcome of the study.”

Detailed analyses and p-values not available at time of press release

135

COPD: Fastest Growing US Health Problem

135

136

COPD: A Chronic Progressive Disease

136

Celli et al: ATS/ERS Task Force. Eu Respir J. 2004; 23:932-46

137

COPD: Recommended Progression of Pharmacotherapy

I: Mild II: Moderate III: Severe IV: Very Severe

Add Short-acting Bronchodilator

Add Long-acting Bronchodilators and Rehabilitation

Add ICS* if repeated exacerbations

> Add long-termoxygen indicated> Consider surgical treatments What’s missing?

*Inhaled corticosteroids

138

Erdosteine: A Muco-Regulator

Mode of Action:►Cleaves disulfide links found in mucus proteins

Pharmacologic Effects:►Thins mucus and alters flow characteristics

(reduces viscosity, elasticity, and adhesiveness)►Improves mucociliary clearance►Reduces mucus volume

Reduces cough and dyspnea

Additional Properties:►Anti-inflammatory activity►Anti-oxidant action►Anti-bacterial properties

139

Equalife Study: Recent Published Erdosteine Data From Europe

(completed between 2000 and 2002)

Outcomes Erdosteine300mg, b.i.d.

(n = 63)

Placebo(n = 61)

p-value

Patients with exacerbation 37 (58%) 48 (77%) NS

<0.05

<0.05

NS

Exacerbation/pt 0.94 (1.12) 1.38 (1.39)

Admissions/pt 0.16 (0.57) 0.31 (0.74)

Days in Hospital 70 163

Equalife Study: Drugs Exptl Clin Res 2004;30:143-152

140

Erdosteine Phase IIb Clinical Study

Objective:LifeShirt®

Subjective:SGRQBCSSLCQVAS

Cough Frequency

Health Status

Subjective:SGRQ

Objective:6MWTFEV-1LifeShirt®

# of Acute Exacerbations Physician & Patient Global Assessments {PSGA/SSGA}General Safety & AE Evaluation

Model as discussed with FDA

10+ Outcome Variables

141

Life Shirt

Go ahead, make my

day!

142

Phase IIb Clinical Study Protocol

Study Design►Randomized, double-blind, parallel-group,

multi-center, placebo-controlled dose-ranging study

Doses Tested ►150 mg, 300mg or matching placebo

capsules, b.i.d.Objectives►Test 2 dose levels vs. placebo ►Exploratory Phase IIb study►Evaluate 10+ primary & secondary outcome

variables►T t t f t bl COPD ti t f 12

143

Statistical Analysis

Intent-To-Treat (ITT), Per Protocol (PP) analyses completed per Statistical Analysis PlanAdditional analyses ongoing ►Population subsets, sub-domains►Additional statistical methods►Co-medications►Comparing effects between visits, etc.

Source: Adams’ U.S. Phase IIb Erdosteine clinical trial.

144

Physician Global Assessment (PSGA, per protocol)

-0.5

-0.45

-0.4

-0.35

-0.3

-0.25

-0.2

-0.15

-0.1

-0.05

0

Baseline Week 4 Week 12

150 bid 300 bid Placebo

p= 0.0142


145

BCSS Total Score (mean, per protocol)

-2.5

-2

-1.5

-1

-0.5

0

Baseline Week 4 Week 8 Week 12


p=0.193 (300mg bid vs. placebo at wk 12)


146

BCSS Sputum Score (mean, per protocol)

-0.8

-0.7

-0.6

-0.5

-0.4

-0.3

-0.2

-0.1

0

Baseli

neW

eek 1

Wee

k 2W

eek 3

Wee

k 4W

eek 5

Wee

k 6W

eek 7

Wee

k 8W

eek 9

Wee

k 10

Wee

k 11

Wee

k 12




147

BCSS Cough Score (mean, per protocol)

-0.8

-0.7

-0.6

-0.5

-0.4

-0.3

-0.2

-0.1

0

Baseline Week 4 Week 8 Week 12 Week 16





148

-1.5

-1

-0.5

0

0.5

1

1.5

2

2.5

3

LCQ<median LCQ-Q2<median

150mg bid300mg bidPlacebo

p=0.0038 p=0.0087

Analysis showing the difference between weeks 4 and 12 of treatment

Source: Adams’ U.S. Phase IIb Erdosteine clinical trial. 148

Sicker Patients Improve on High-Dose Erdosteine in LCQ Subset Analysis

149

Leister Cough Questionnaire Physical Score (mean, per protocol)

0

0.2

0.4

0.6

0.8

1



Overall p= 0.12150mg bid vs Pl, p=0.045300mg bid vs Pl, p=0.144


150

Saint George’s Respiratory Questionnaire (SGRQ) Impact Score (mean, per protocol)

-10

-5

0



p=0.39 (150 bid vs. Pl.); p=0.57 (300mg bid vs. Pl)


151

LifeShirt® Results

Small sample size: 87 (78 = 22/21/35)Mixed results across variables►Some with no change/difference from placebo►Some parameters show positive trends►Several statistically significant results, e.g.

Accelerometer (activity measure): p=0.041/0.043 Cough Frequency (overall): p=0.015Tidal Volume (inhaled air volume): p=0.067

Validation of the LifeShirt® and optimization of algorithm still ongoing


152

LifeShirt® Accelerometer: Activity Results

(ITT, mean data-Clinic)

110115120125130135140145150155160165170175180



p=0.041, 300mg bid vs Pl at wk 12


153

Summary of Safety Data

Safety data collected in daily diary No problematic safety issues or surprise results►1 fatality (cardiovascular-related)►22 serious adverse events (SAE’s)►638 AEs total (~ 1.5 AEs/patient in 12 weeks)No apparent safety issues with co-medications

154

Key Outcomes To DatePhase IIb Erdosteine Study

Most of the primary and secondary outcome variables are without significant results vs. placebo

Positive Outcomes To Date► Statistically significant Physician’s Global Assessment and positive trends for

the BCSS (overall drug effect)► Improving role of sputum in COPD (e.g. BCSS sputum score - mucolytic effect)► Increasing physical domain in cough score (e.g. LCQ physical score),

sicker patients benefit more (e.g. LCQ subset)► Positive effects on Activity in LifeShirt® group (accelerometer) ► Improving impact domain in QoL measure (e.g. SGRQ impact score)

Further analyze strong placebo effect► Review patient selection criteria (smoking history, productive cough, etc.)► Review co-medications► Ensure sufficient statistical power (sample size)

Note: Data analysis only through March 29, 2007.

155

Where Are We Today?

While subsequent analyses are showing more promising data, it is still too early to determine ultimate outcome ►Continue ‘data mining’ during Q4, FY 07► Review results, trends and hypotheses with

external experts►Formulate potential follow-on research plans

in FY08, if warrantedDiscuss results with FDA at EOP II meeting

156

Glossary for Outcome Variables

6MWT: 6-minute walk testBCSS: Breathlessness, cough, and sputum scaleFEV1: 1-second forced expiratory volumeLCQ: Leicester cough questionnairePSGA: Physician static global assessmentSGRQ: St George’s respiratory questionnaireSSGA: Subject static global assessmentVAS: visual analog scale

Mike ValentinoChief Executive Officer

Closing Remarks

158

Safe Harbor

This presentation contains certain “forward-looking” statements. These statements are based on the current estimates and assumptions of the management of Adams Respiratory Therapeutics, Inc. (“Adams”) as of the date of this presentation and are subject to uncertainty and changes in circumstances. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Actual results may vary materially from the expectations contained in this presentation. When used in this presentation, the words “may”, “will”, “should”, “could”, “would”, “plan”, “anticipate”, “believe”, “estimate”, “intend”, “project”, “potential”, “poised” and “expect” and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements are subject to risks, uncertainties, assumptions and other factors that may cause the actual results of Adams to be materially different from those reflected in such forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, among others: Adams’ ability to in-license or acquire new products and brands, successfully develop new products and expand into new market segments; the successful commercialization of new products; Adams’ ability to leverage the Mucinexbrand name and marketing efforts to increase market share and introduce new products; Adams’ ability to achieve projected growth and sales; continued and increased competition; the FDA’s denial of Adams’ NDA for the combination codeine prescription product; the successful completion of clinical trials and development of erdosteine; the FDA’s removal from the market of products similar to Mucinex D and Mucinex DM; and other risk factors set forth under Item 1A. Risk Factors in Adams’ Annual Report on Form 10-K for the fiscal year ended June 30, 2006 and under Item 1A. Risk Factors in Adams’Quarterly Report on Form 10-Q for the period ended December 31, 2006. Except to the extent required by applicable securities laws, Adams is not under any obligation to (and expressly disclaims any such obligation to) update its forward-looking statements, whether as a result of new information, future events, or otherwise. All statements contained in this presentation are made only as of the date of this presentation. A, Adams, A Adams Respiratory Therapeutics, Adams Respiratory Therapeutics, Delsym, Mucinex Full Force, Humibid, Junior Mucus, Mucinex Moisture Smart, Mini-Melts, Mucinex, Mucinex IN...Mucus OUT, Mr. Mucus, Mrs. Mucus, Nothing Lasts Longer, Opening New Pathways for Respiratory Relief, Turn Off the Cough, and the Junior Mucus, Mr. Mucus and Mrs. Mucus characters are Adams’ trademarks and have been registered in the U.S. Patent and Trademark Office or are the subject of pending U.S. trademark applications. The marks may

also be the subject of foreign trademark registrations and/or trademark applications. Each of the other trademarks, trade names or service marks appearing in this presentation belongs to its respective holder.

159

Key Growth Drivers

OTC Portfolio Diversification and ExpansionOTC Portfolio Diversification and Expansion

160

Expansion Accelerates in FY08

Fiscal2008

Fiscal2008


161

OTC Portfolio Diversification and ExpansionOTC Portfolio Diversification and ExpansionNew Rx NDA New Rx NDA –– MucinexMucinex with Codeinewith Codeine

Key Growth Drivers

162

Mucinex with Codeine Potential

$9-11 MM

$48-55 MM

$100-120 MM

$160-190 MM

$240-280 MM

1-2%

5-6%

10-12%

14-18%

20-23%

Mucinex with Codeine Opportunity

0

50

100

150

200

250

FY 2008 FY 2009 FY 2010 FY 2011 FY2012

Total sales across both sub -markets.Note: Uncertainty in the forecast is captured as a +/ - 10% range around the expected valuesLaunch years will require aggressive promotion to break prescriber habits

Once clinical benefits are recognized uptake should be more rapid and steady

Note: Percentages represent TRxsFor example purposes only and not intended to forecast future results or expectations of future performance.

163

OTC Portfolio Diversification and ExpansionOTC Portfolio Diversification and ExpansionNew Rx NDA New Rx NDA –– MucinexMucinex with Codeinewith CodeineErdosteineErdosteine

Key Growth Drivers

164

Where Are We Today?

While subsequent analyses are showing more promising data, it is still too early to determine ultimate outcome ►Continue ‘data mining’ during Q4, FY 07► Review results, trends and hypotheses with

external experts►Formulate potential follow-on research plans

in FY08, if warrantedDiscuss results with FDA at EOP II meeting

165

Four Catalysts for Growth

OTC Portfolio Diversification and ExpansionOTC Portfolio Diversification and ExpansionNew Rx NDA New Rx NDA –– MucinexMucinex with Codeinewith CodeineErdosteineErdosteineFDA Exclusivity Decision on DM and DFDA Exclusivity Decision on DM and D

166

6.7 MM Rx6.7 MM Rx

1.5 MM Rx1.5 MM Rx

Consumer Consumer AdvertisingAdvertising

February 2006February 2006

Competing Competing Product Product

Removal?Removal?

Competing Competing Product Product

Removal?Removal?

FDA Exclusivity Decision Pending

Consumer Consumer Advertising Advertising

November 2004November 2004

Competing Competing Products Products Removed Removed

December 2003December 2003

Launched Launched July 2002July 2002

Approved Approved July 2002July 2002

$125 MM Rx market

$21 MMRx market

Consumer Consumer AdvertisingAdvertising

November 2004November 2004

Note: Market size = No. of Rx’s (based on IMS Health NPA data for 12 months ended 12/31/06) at Mucinex® pricing.

Launched Launched October 2005October 2005

Approved Approved June 2004June 2004

Launched Launched August 2004August 2004

Approved Approved April 2004April 2004

Mucinex® SE Mucinex® DM Mucinex® D

$84 MMRx market

Documents

Janet Barth Vice President, Investor Relations & …library.corporate-ir.net/library/18/189/189397/items/238284/Adams...Vice President, Investor Relations & Corporate Communications