fres_425.htm

Filed by Fresenius Kabi Pharmaceuticals Holding, LLC

pursuant to Rule 425 under the Securities Act of 1933

Subject Company: APP Pharmaceuticals, Inc.

Commission File No.: 0-33407

Analyst Meeting - H1/08 Results

July 30, 2008

Conference Call - Results H1/2008, Fresenius SE, Investor Relations © Copyright, July 30, 2008 Page 2

Safe Harbor Statement

This presentation contains forward-looking statements that are subject to various risks and
uncertainties. Future results could differ materially from those described in these forward-
looking statements due to certain factors, e.g. changes in business, economic and competitive
conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations,
uncertainties in litigation or investigative proceedings, and the availability of financing. Fresenius
does not undertake any responsibility to update the forward-looking statements contained in this
presentation.

ADDITIONAL INFORMATION

In connection with Fresenius Kabi Pharmaceuticals Holding, LLC's proposed acquisition of APP
Pharmaceuticals, Inc., Fresenius Kabi Pharmaceuticals Holding, LLC and APP Pharmaceuticals,
Inc. will file relevant materials with the SEC, including a registration statement that will contain
a joint prospectus and information statement. Investors and security holders are urged to read
these documents and any other relevant documents filed with the SEC, as well as any
amendments or supplements to those documents, because they will contain important
information. Investors and security holders may obtain these documents free of charge at the
SEC's website at www.sec.gov. Such documents are not currently available. Investors and
security holders are urged to read the joint information statement/prospectus and the other
relevant materials when they become available before making any investment decision with
respect to the proposed acquisition.

Conference Call - Results H1/2008, Fresenius SE, Investor Relations © Copyright, July 30, 2008 Page 3

Growth at constant
currency rates

Growth at actual
currency rates

H1/08

Sales

EBIT

Net income

€ 5,710 m

€ 781 m

€ 212 m

9 %

8 %

14 %

2 %

0 %

9 %

Fresenius Group: Financial Results

Conference Call - Results H1/2008, Fresenius SE, Investor Relations © Copyright, July 30, 2008 Page 4

H1/08

US$ 5,177 m
10 %

Fresenius
Medical Care

US$ 818 m
8 %

Fresenius
Kabi

€ 1,121 m
14 %

€ 181 m
14 %

Fresenius
Helios

€ 1,040 m
17 %

€ 83 m
22 %

Fresenius
Vamed

€ 177 m
11 %

€ 9 m
0 %

Fresenius Group:
Double-digit Sales Growth in all Business Segments

Conference Call - Results H1/2008, Fresenius SE, Investor Relations © Copyright, July 30, 2008 Page 5

Fresenius Kabi: Update H1/08

- Excellent organic sales growth of 10 %

- Performance of 2007 acquisitions fully
in line with our expectations

- Dabur Pharma: Successful conclusion
of public offer allows for transaction
closing in Q3/08

- APP - outstanding opportunity to
achieve a leading position in i.v. drugs
and to grow Fresenius Kabi´s existing
product portfolio in the U.S.

Conference Call - Results H1/2008, Fresenius SE, Investor Relations © Copyright, July 30, 2008 Page 6

APP Pharmaceuticals - Transaction Update

- Financing package

- first step of equity financing put in place

- will not limit growth opportunities in other business segments

- FTC filing submitted

- Integration planning initiated

- complementary structures → virtually no overlap

- very strong cultural fit, strong leadership team

- Confirm EPS* neutral in year 1 after closing, clearly accretive in year 2

- no cross-selling revenue synergies included

- update with bottom-up synergy opportunities and timelines in
H1/2009

* EPS: before one-time transaction-related depreciation charges and assuming a 2008 closing.

Conference Call - Results H1/2008, Fresenius SE, Investor Relations © Copyright, July 30, 2008 Page 7

- Strong organic revenue growth of
5 %*

- 1.8 % EBIT margin progression in
established clinics

- Smooth integration of Krefeld/Hüls
hospitals

- ~9 % increase in hospital admissions

- Krefeld hospital construction plans
finalized; investment of ~ € 180 m
until 2015

* growth rate on a like for like basis

New Krefeld hospital

Fresenius Helios: Update H1/08

Conference Call - Results H1/2008, Fresenius SE, Investor Relations © Copyright, July 30, 2008 Page 8

- H1/08 financial results fully on track to
meet 2008 guidance

- Strong order intake in H1/08

- € 25 m awarded for the hospital
extension in Oberndorf/Austria

- € 8 m for medical technical
equipment supply for 25 hospitals
in Sri Lanka

- Hermed acquisition on track - perfect
fit to strengthen the German service
business

Krasnodar hospital (model), Russia

Fresenius Vamed: Update H1/08

Conference Call - Results H1/2008, Fresenius SE, Investor Relations © Copyright, July 30, 2008 Page 9

Group Financials H1/08 − Outlook 2008

Conference Call - Results H1/2008, Fresenius SE, Investor Relations © Copyright, July 30, 2008 Page 10

Sales 2,912 5,710 2 % 9 % Organic growth: 6 %

EBIT 404 781 0 % 8 % Margin: 13.7 %

Interest result  -83 -167 10 % 2 % Positive currency
     impact, lower average
     rates

Taxes -111 -214 0 % -8 % Tax rate: 34.9 %

Net income 112 212 9 % 14 %

actual constant
rates rates

Fresenius Group: Profit and Loss Statement

€m Q2/08 H1/08 H1/08 YoY Remarks

Conference Call - Results H1/2008, Fresenius SE, Investor Relations © Copyright, July 30, 2008 Page 11

€m H1/08 H1/07 Change Organic

Growth

Germany 213 213 0 % 2 %

Europe
ex Germany 536 461 16 % 7 %

Asia-Pacific 180 145 24 % 27 %

Latin America 84 66 27 % 9 %

RoW 108 101 7 % 11 %

Total sales 1,121 986 14 % 10 %

Fresenius Kabi: Organic Sales Growth of 10 %

Maximal zweizeilig, 18 pt

Conference Call - Results H1/2008, Fresenius SE, Investor Relations © Copyright, July 30, 2008 Page 12

€m H1/08 H1/07 Growth

Total EBIT 181 159 14 %

Margin 16.1 % 16.1 %

By Region:

Europe 162 145 12 %

Margin 21.6 % 21.5 %

International 60 50 20 %

Margin 16.1 % 16.0 %

Corporate and Corporate R&D -41 -36 -14 %

Fresenius Kabi: Strong EBIT Growth

Conference Call - Results H1/2008, Fresenius SE, Investor Relations © Copyright, July 30, 2008 Page 13

Fresenius Group: Cash Flow

€m Q2/08 H1/08 YoY Remarks

Cash flow 324 624 7 % Strong earnings growth

Change in working capital -121 -143 --

Operating Cash flow 203 481 -13 % Margin: 8.4 %

Capex (net) -171 -332 -13 % On track for full-year
guidance
Cash flow 32 149 -42 %

(bf. acquisitions and dividends)

Acquisitions (net) -65 -224 -37 %

Dividends -213 -218 -16 %

Free Cash flow -246 -293 --

(after acquisitions and dividends)

Conference Call - Results H1/2008, Fresenius SE, Investor Relations © Copyright, July 30, 2008 Page 14

Fresenius Business Segments: Financial Outlook 2008
Fully Confirmed

Conference Call - Results H1/2008, Fresenius SE, Investor Relations © Copyright, July 30, 2008 Page 15

Revenue growth
in constant currency

8 - 10 %

Net income growth
in constant currency

10 - 15 %

Guidance

Capex

~ € 750 m

Fresenius Group: Outlook 2008 Fully Confirmed

Conference Call - Results H1/2008, Fresenius SE, Investor Relations © Copyright, July 30, 2008 Page 16

in process

APP Acquisition Financing: Execution Fully on Track

Conference Call - Results H1/2008, Fresenius SE, Investor Relations © Copyright, July 30, 2008 Page 17

Attachments

Conference Call - Results H1/2008, Fresenius SE, Investor Relations © Copyright, July 30, 2008 Page 18

Earnings before tax and minority interest 614 1,241

Taxes -214 -448

Minority interest, thereof -188 -383

Fresenius Medical Care net income not attributable -166 -335
to Fresenius (~64 %)

Minority interest holders in Fresenius Medical Care -8 -19
(FY/2007: US$ 26 m, H1/2008: US$ 13 m according
to Fresenius Medical Care’s Financial Statements)

Minority interest holders in Fresenius Kabi, -14 -29
Fresenius Helios, Fresenius Biotech and due to
Fresenius Vamed’s 23 % external ownership

Net income 212 410

€m H1/08 FY/07

Fresenius Group:
Overview - Calculation of Minority Interest

Conference Call - Results H1/2008, Fresenius SE, Investor Relations © Copyright, July 30, 2008 Page 19

June 30, Dec 31,
2008 2007

Net debt/EBITDA

3.6

3.0

2.8

2.6

2.4

2.2

2.0

1.8

3.4

3.2

Debt (€m) 5,805 5,699

Net debt (€m) 5,464 5,338

Net debt/EBITDA 2.7 2.6

EBITDA/Interest 6.0 5.5

Fresenius Group: Debt and Interest Ratios

Conference Call - Results H1/2008, Fresenius SE, Investor Relations © Copyright, July 30, 2008 Page 20

€m H1/08 H1/07 Growth

Total sales 1,040 890 17 %

- established clinic portfolio 945 890 5 %*

- acquisitions (consolidation < 1 yr) 95 0

* growth rate on a like for like basis

Fresenius Helios: Outstanding Sales Growth

€m H1/08 H1/07 Growth

Total EBIT 83 68 22 %

Margin 8.0 % 7.6 %

- established clinic portfolio 89 68

Margin 9.4 % 7.6 %

- acquisitions (consolidation < 1 yr) -6 0

Fresenius Helios: Excellent Earnings Development

€m H1/08 H1/07 Change

Total sales 177 160 11 %

By Division:

Project business 99 87 14 %

Service business 78 73 7 %

* project business only ** Dec 31, 2007

Order intake* 170 84 102 %

Order backlog* 573 510 12 %

Fresenius Vamed: Strong Sales Development

€m H1/08 H1/07 Change

Total EBIT 9 9 0 %

Margin 5.1 % 5.6 %

Net income 9 8 13 %

Fresenius Vamed: EBIT Development According to Plan

Organic

€m H1/08 H1/07 Growth

Sales 1,121 986 10 %

By Product Segment:

Infusion Therapy 589 529 6 %

Clinical Nutrition 461 398 13 %

Transfusion Technology 71 59 19 %

Fresenius Kabi: Strong Sales Growth in H1/2008

H1/08 H1/07 Change

* Clinics in Germany ** Dec 31, 2007

No. of hospitals** 60 60

- Acute clinics 40 40

- Postacute care clinics 20 20

No. of beds** 17,460 17,192 2 %

- Acute clinics 13,699 13,333 3 %

- Postacute care clinics 3,761 3,859 -3 %

Admissions*

- Acute care (inpatient) 255,924 211,524 21 %

Occupancy*

- Postacute care 79 % 81 %

Average length of stay (days)*

- Acute care** 7.1 7.1

- Postacute care** 30.7 31.9

Fresenius Helios: Performance Indicators

Fresenius Helios:
Sales Impact Hospital Acquisitions

Acquisitions Annualized sales

Hospital Oberhausen (NRW) € ~20 m consolidated as of Apr 1, 2007

Hospital Lengerich (NRW) € ~12 m consolidated as of Apr 1, 2007

Municipal hospitals, Krefeld and Hüls € ~175 m consolidated as of Dec 31, 2007

Hospital Mariahilf, Hamburg € ~26 m not yet closed

Sales 5,710 5,719

EBIT 781 786

Interest result -167 -167

Net income 212 211

Operating Cash flow 481 483

Balance sheet total 15,491 15,543

€m H1/08 H1/08
US GAAP IFRS

Fresenius Group: Key Figures According to IFRS

4.11.2008 Report on 1st-3rd quarters 2008

Contact
Birgit Grund SVP Investor Relations Fresenius SE

Telephone: +49 6172 608-2485
e-mail: Birgit.Grund@fresenius.com

For further information and current news: http://www.fresenius.com

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