“We make healthy possible” Q2 2018 Financial Earnings Call Results and Business Update August 9, 2018

Safe Harbor Statement Certain statements contained herein, regarding matters that are not historical facts, may be forward-looking statements (as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended). We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with the safe harbor provisions. Such forward-looking statements include statements regarding management’s intentions, plans, beliefs, expectations or forecasts for the future. The words such as “may,” “will,” “could,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “assume,” “continue,” and similar words are intended to identify estimates and forward-looking statements. Such forward-looking statements are based on the expectations of Amneal Pharmaceuticals, Inc. (“our” or the “Company”) and involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied in the statements. Such risks and uncertainties include, but are not limited to (i) the impact of global economic conditions, (ii) our ability to integrate the operations of Amneal Pharmaceuticals LLC (“Amneal”) and Impax Laboratories, LLC (“Impax”) pursuant to the transactions (the “Combination”) contemplated by that certain Business Combination Agreement dated as of October 17, 2017 by and among the Company, Amneal, Impax and K2 Merger Sub Corporation as amended on November 21, 2017 and December 16, 2017 and our ability to realize the anticipated synergies and other benefits of the Combination, (iii) our ability to successfully develop and commercialize new products, (iv) our ability to obtain exclusive marketing rights for our products and to introduce products on a timely basis, (v) the competition we face in the pharmaceutical industry from brand and generic drug product companies, (vi) our ability to manage our growth, (vii) the illegal distribution and sale by third parties of counterfeit versions of our products or of stolen products, (viii) market perceptions of us and the safety and quality of our products, (ix) our dependence on the sales of a limited number of products for a substantial portion of our total revenues, (x) our ability to develop, license or acquire and introduce new products on a timely basis, (xi) the ability of our approved products to achieve expected levels of market acceptance, (xii) the risk that we may discontinue the manufacture and distribution of certain existing products, (xiii) the impact of manufacturing or quality control problems, (xiv) the risk of product liability and other claims against us by consumers and other third parties, (xv) risks related to changes in the regulatory environment, including United States federal and state laws related to healthcare fraud abuse and health information privacy and security and changes in such laws, (xvi) changes to FDA product approval requirements, (xvii) risks related to federal regulation of arrangements between manufacturers of branded and generic products, (xviii) the impact of healthcare reform and changes in coverage and reimbursement levels by governmental authorities and other third-party payers, (xix) our dependence on a few locations that produce a majority of our products, (xx) relationships with our major customers, (xxi) the continuing trend of consolidation of certain customer groups, (xxii) our reliance on certain licenses to proprietary technologies from time to time, (xxiii) our dependence on third party suppliers and distributors for raw materials for our products and certain finished goods, (xxiv) the time necessary to develop generic and branded drug products, (xxv) our dependence on third parties for testing required for regulatory approval of our products, (xxvi) our dependence on third party agreements for a portion of our product offerings, (xxvii) our ability to make acquisitions of or investments in complementary businesses and products on advantageous terms, (xxviii) regulatory oversight related to our international operations, (xxix) our increased exposure to tax liabilities due to our international operations and the impact of recent U.S. tax legislation, (xxx) payments required by our Tax Receivable Agreement, (xxxi) our involvement in various legal proceedings, including those brought by third parties alleging infringement of their intellectual property rights, (xxxii) legal, regulatory and legislative efforts by our brand competitors to deter competition from our generic alternatives, (xxxiii) the significant amount of resources we expend on research and development, (xxxiv) our substantial amount of indebtedness and our ability to generate sufficient cash to service our indebtedness in the future, (xxxv) risks inherent in conducting clinical trials, (xxxvi) our reporting and payment obligations under the Medicaid rebate program and other government purchase and rebate programs, (xxxvii) quarterly fluctuations in our operating results, (xxxviii) adjustments to our reserves based on price adjustments and sales allowances, (xix) impairment of our goodwill and other intangible assets, (xl) investigations and litigation concerning the calculation of average wholesale prices, (xli) cybersecurity and data leakage risks, (xlii) our ability to attract and retain talented employees and consultants, (xliii) our ability to protect our intellectual property rights, (xliv) uncertainties involved in the preparation of our financial statements, (xlv) our ability to maintain an effective system of internal controls over financial reporting, (xlvi) the impact of terrorist attacks and other acts of violence, (xlvii) expansion of social media platforms, (xlviii) our need to raise additional funds in the future, (xlix) the restrictions imposed by the terms of our credit agreement, (l) the fact that we are a holding company with nominal net worth, (li) the volatility of the price of our Class A Common Stock, (lii) the impact from future sales of shares by our stockholders on the price of our Class A Common Stock, (liii) the high concentration of ownership of our Class A Common Stock, (liv) the fact that we are controlled by APHC Holdings, LLC, (lv) the impact of our charter specifying the Court of Chancery of the State of Delaware as the sole and exclusive forum for all disputes between us and our stockholders, (lvi) the impact of anti-takeover provisions under Delaware law, (lvii) our current expectation that we will not pay dividends in the future, (lviii) the impact of any changed recommendations regarding our Class A Common Stock from analysts and (lix) such other factors as may be set forth in our public filings with the Securities and Exchange Commission. Forward-looking statements included herein speak only as of the date hereof and we undertake no obligation to revise or update such statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events or circumstances. Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures as defined by SEC rules. Please see our press release reporting our 2018 second quarter financial results, as well as our Quarterly Report on Form 10-Q for the quarter ended June 30, 2018, for a reconciliation of the GAAP results to the combined adjusted non-GAAP figures. Management believes that using additional non-GAAP measures on a combined company basis will facilitate the evaluation of the financial performance of the Company and its ongoing operations. The Company does not provide forward-looking guidance metrics on a GAAP basis. Consequently, the Company cannot provide a reconciliation between non-GAAP expectations and corresponding GAAP measures without unreasonable efforts because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items required for the reconciliation. The items include, but are not limited to, acquisition-related expenses, restructuring expenses, asset impairments and certain and other gains and losses. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP reported results for the guidance period. Trademarks referenced herein are the property of their respective owners. ©2018 Amneal Pharmaceuticals, Inc. All Rights Reserved. 2

Q2 2018 Results and Business Update Robert Stewart President and CEO 3

Q2 2018 Highlights  GAAP1 Combined Adjusted2 Completed business combination with Impax Laboratories Q2 2018 Compared to ‒ Integration running ahead of schedule ($ in millions, Q2 Q2 Q1 Q2 Q1 Q2 except EPS) 2018 2018 2018 2017 2018 2017  Enhanced Specialty portfolio by acquiring Gemini Laboratories Net $414 $462 $427 $474 8% (3)% ® Revenue ‒ Lead product Unithroid Net (loss)  Expanded biosimilar pipeline with $(250) $70 $39 $62 82% 13% Income mAbxience agreement ‒ Biosimilar candidate Avastin® EBITDA N/A $139 $96 $1119 45% 17% Diluted $(0.15) $0.24 $0.14 N/A 71% N/A EPS 1 GAAP results from May 4, 2018, through June 30, 2018 including Amneal Pharmaceuticals LLC and Impax Laboratories, LLC. 4 2 Assumes the combination between Amneal Pharmaceuticals LLC and Impax Laboratories, LLC occurred on the first day of the quarter presented. Refer to the GAAP to non-GAAP reconciliation tables in the appendix for a reconciliation of non-GAAP results.

Integration Advancing Ahead of Schedule • Rapid and seamless execution of integration strategies • On track to achieve more than $200 million in cost synergies at an accelerated pace • Closure of Hayward, CA facility tracking ahead of schedule • Rebranding Impax Specialty as Amneal Specialty 5

Generics Business Highlights ADJUSTED NET REVENUE1 KEY PRODUCT LAUNCHES $ millions YEAR TO DATE ANDAs APPROVED $411 $358 $385 YEAR TO DATE 2 Colesevelam Tablets (gWelchol®) Cyclophosphamide Injection FINAL APPROVAL TENTATIVE APPROVAL Erythromycin IR Tablets Methylphenidate HCl ER Tablets (gConcerta®) 2Q17 1Q18 2Q18 33 9 Phytonadione Tablets (gMephyton®) 7% Sequential Growth driven by Potassium Chloride Oral Solution ‒ New product launches and capitalizing NEW PRODUCT LAUNCHES ® on existing high-value opportunities, Vigabatrin Oral Solution (gSabril ) partially offset by seasonal gTamiflu® decline YEAR TO DATE 2 6% Year-over-Year decline due to − Ongoing intermittent supply of Epinephrine Auto-Injector and 22 discontinued low-value products 6 1 Assumes the combination between Amneal Pharmaceuticals LLC and Impax Laboratories, LLC occurred on the first day of the quarter presented. 2 As of August 8, 2018.

Specialty Pharma Business Highlights ADJUSTED NET REVENUE1 $ millions $80 $63 $69 2Q17 1Q18 2Q18 16% Sequential Revenue Growth Litigation Update ‒ Rytary® TRx growth of 10% ‒ Settled Rytary® litigation with Actavis (first-to-file); granted 27% Year-Over-Year Revenue Growth license to begin selling a generic version end of July 2025 ‒ Rytary® TRx growth of 28% ‒ Favorable U.S. Court of Appeals ruling regarding patent validity for Zomig® Nasal Spray; patent expires May 2021 IPX-203 Extended-Release Formulation of Carbidopa-Levodopa ‒ Patient enrollment for Phase III study beginning early Q4 2018 7 1 Assumes the combination between Amneal Pharmaceuticals LLC and Impax Laboratories, LLC occurred on the first day of the quarter presented.

Generic Pipeline - Diversified and High-Value Approximately 258 total projects of which ~50% are high value opportunities1 Ophthalmic Transmucosal Transdermal Transdermal 3% - $2.2B 1% - $1.1B Nasal Spray Other 4% - $1.6B 4% - $2.4B 2% $0.3B 1% - $0.4B Nasal Spray Inhalation 1% - $0.1B 6% - $13.1B Topical Injectable Injectable 10% - $3.1B 17% - $7.9B Topical 21% - $8.9B 5% - $0.8B ER Tablets ER Tablets 7% - $1.0B 11% - $7.2B Oral Liquid 10% - $0.4B IR Tablets Oral Liquid IR Tablets 18% - $5.6B 6% - $2.0B 34% - $32.2B Ophthalmic Capsules/Soft Gels 11% - $1.2B 12% - $14.6B Capsules/Soft Gels 13% - $7.6B Filings 134 ANDAs2 Development Pipeline: 124 projects2 U.S. Brand/Generic Sales ~$72 Billion3 U.S. Brand/Generic Sales ~$42 Billion3 Note: % numbers in pie charts above represent percentage of products within each dosage form; $ amounts represent respective sales data per IQVIA, as noted below. 1 High value opportunities are eFTF, FTF, FTM and other high value opportunities with 0 to 3 competitors. 8 2 Pipeline data as of July 31, 2018. 3 Sales data per IQVIA LTM March 2018

Q2 2018 Financial Results Bryan Reasons SVP, Chief Financial Officer 9

Generic Division Results GAAP1 Combined Adjusted2 Key Driver: Generic Combined Adjusted Results Q2 2018 Sequentially: Revenue Up 7% Compared to • New product launches contributed $41MM Q2 Q2 Q1 Q2 Q1 • Higher sales of Yuvafem, Aspirin Dipyridamole, ($ in millions, except EPS) Q2 2017 2018 2018 2018 2017 2018 Diclofenac 1% up $33MM • Lower sales of Oseltamivir (gTamiflu®) due to seasonality Net Revenue $362 $383 $358 $411 7% (6)% down $43MM Year-Over-Year: Revenue Down 6% Gross Margin 41% 48% 42% 50% 600bps (160)bps • Lower sales of Epinephrine Auto-Injector due to ongoing intermittent supply down $12MM Operating (loss) profit $(57) $113 $79 $106 44% 7% • Discontinued products $8MM Gross Margin Q2 2018 • Sequential improvement driven by product sales mix Top 5 Generic Products Revenue Operating Income ® Diclofenac Sodium Topical Gel 1% (gVoltaren Gel) $31.8 • Sequential improvement driven by higher gross profit • Year-over year improvement primarily driven by lower Yuvafem Estradiol Vaginal Tablets (gVagifem®) $30.8 operating expenses as a result of cost synergies Aspirin and ER Dipyridamole (gAggrenox®) $27.9 Oxymorphone ER Tablets $18.2 Epinephrine Auto-Injector (gAdrenaclick®) $18.2 10 1 GAAP results from May 4, 2018, through June 30, 2018 including Amneal Pharmaceuticals LLC and Impax Laboratories, LLC. 2 Assuming the business combination between Amneal Pharmaceuticals LLC and Impax Laboratories, Inc. had been completed as of April 1, 2018. Adjusted to exclude certain items. Refer to the GAAP to non-GAAP reconciliation tables in the appendix for a reconciliation of non-GAAP results.

Specialty Pharma Division Results GAAP1 Combined Adjusted2 Key Drivers: Specialty Combined Adjusted Results Q2 2018 Sequentially: Revenue Up 16% Compared to • Rytary® up 15%; volume up 8% Q2 Q2 Q1 Q2 Q1 Q2 • Anthelmintic franchise up 10% ($ in millions, except EPS) 2018 2018 2018 2017 2018 2017 Year-Over-Year: Revenue Up 27% ® Net Revenue $52 $80 $69 $63 16% 27% • Rytary up 39%; volume up 31% • Zomig® up 15%; prior year impacted by new competition in triptan market Gross Margin 54% 79% 78% 78% 170bps 80bps • Anthelmintic franchise (Emverm® and Albenza®) up 49% ‒ Prior year Albenza® supply disruption Operating (loss) profit $9 $38 $30 $18 24% 104% Gross Margin • Sequential improvement driven by product sales mix • Year-over-year improvement driven by higher sales of Rytary and Albenza Operating Income • Sequential and year-over-year improvement primarily driven by an increase in gross profit from favorable sales mix 11 1 GAAP results from May 4, 2018, through June 30, 2018 including Amneal Pharmaceuticals LLC and Impax Laboratories, LLC. 2 Assuming the business combination between Amneal Pharmaceuticals LLC and Impax Laboratories, Inc. had been completed as of April 1, 2018. Adjusted to exclude certain items. Refer to the GAAP to non-GAAP reconciliation tables in the appendix for a reconciliation of non-GAAP results.

Q2 2018 Non-GAAP Adjustments $ Millions $ Millions Amortization 22,156 Combined net loss (273,096) Acquisition, transaction and integration 211,888 Total adjustments 343,249 Restructuring and severance charges 44,688 Adjusted Net Income $70,153 Diluted shares outstanding 298,417 Loss on extinguishment of debt 19,667 Adjusted Diluted EPS $0.24 Inventory related charges 35,524 Exchange loss 25,946 All other 2,028 Tax effect at 21% (18,648) Total Adjustments $ 343,249 12

Closing Remarks Robert Stewart President and CEO 13

2018 Financial Guidance Guidance Range Full Year 2018 Adjusted Gross Margins 50% to 55% Adjusted R&D Expense as a % of Total Revenues1 10% to 15% Adjusted SG&A Expense as a % of Total Revenues 13% to 16% Adjusted EBITDA2 $580 to $620 million (previously $600 to $650 million) Adjusted EPS $0.90 to $1.00 (previously $0.95 to $1.10) Adjusted Effective Tax Rate 20% to 22% Capital Expenditures $80 to $100 million Diluted Shares Outstanding Approximately 300 million 1 Targeted annualized R&D spend is approximately 10% of total revenues. Delayed closing of business combination resulting in higher R&D spend in 2018. 2 Includes cost synergies of ~ $30 - $35 million currently expected to be realized in 2018. Amneal’s full year 2018 estimates are based on management's current expectations, including with respect to prescription trends, pricing levels, inventory levels, and the anticipated timing of future product launches and events. The Company does not provide forward-looking guidance metrics as outlined below on a GAAP basis. Consequently, the Company cannot provide a reconciliation between non-GAAP expectations and corresponding GAAP measures without unreasonable efforts because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items required for the reconciliation. The items include, but are not limited to, acquisition-related expenses, restructuring expenses, asset impairments and certain and other gains and losses. These items are uncertain, depend on 14 various factors, and could have a material impact on U.S. GAAP reported results for the guidance period. The following statements are forward looking and actual results could differ materially depending on market conditions and the factors set forth under "Safe Harbor" on page 2.

Adjusted EBITDA Bridge to Full Year 2018 Guidance Focused on Delivering Double-Digit Year-Over-Year Adjusted EBITDA Growth1 ~15% to 23% Growth Over 20171 $580 to $560 $620 $470 2018 Full Year Brand Backlog All Other Net Competition 2018 Year To Go Full Year Annualized 1st Half 1st Half Launches Growth Epinephrine Synergies Adjusted Launches Guidance Auto-Injector $ millions 15 1 Based on combined company adjusted EBITDA of $504 million in 2017.

Focus on Key Priorities OPERATIONAL PRIORITES  Focus on synergy capture and cost control  Maintain high level of quality and compliance  Continue to provide superior service to our customers COMMERCIAL PRIORITIES  Maximize value of enhanced commercial portfolio to grow revenue and profits  Focus on bringing products to market on time with consistent supply  Creative tuck-in transactions to support portfolio development 16

Long-Term Capital Deployment OUR PORTFOLIO FOCUS Specialty Generics Biosimilars Products  Continue investment in organic growth through focused R&D  Pursue creative business development to substantially strengthen our key portfolios  Continue to evaluate additional adjacencies as market dynamics develop 17

Questions & Answers 18

Appendix & Non-GAAP Reconciliations 19

GAAP to Non-GAAP Reconciliation The following table reconciles GAAP net loss to Combined adjusted net income: (Unaudited; In thousands, except per share amounts) Three months ended June 30, 2018 Three months ended June 30, 2017 Add: Add: Impax/ Impax/ GAAP Gemini Combined GAAP Gemini Combined Net loss $(250,090) $(23,006) $(273,096) $37,748 $(15,917) $21,831 Adjusted to add (deduct): Non-cash interest 4,407 2,549 6,956 1,521 6,430 7,951 GAAP Income taxes (12,416) 1,017 (11,399) 1,852 (520) 1,332 Amortization 16,694 5,812 22,506 886 17,219 18,105 Share-based compensation expense 1,644 - 1,644 - 6,225 6,225 Acquisition, transaction and integration 207,507 4,381 211,888 81 99 180 Restructuring and severance charges 44,465 223 44,688 - 13,943 13,943 Loss on extinguishment of debt 19,667 - 19,667 - - - Inventory related charges 32,519 3,005 35,524 16,605 - 16,605 Litigation, settlements and related charges - - - - 7,989 7,989 (Gain)/loss on sale of assets 878 - 878 - (12,200) (12,200) Asset impairment charges - - - - 1,894 1,894 Royalty expense - - - 4,921 - 4,921 Exchange gain 25,946 - 25,946 (15,333) - (15,333) Other 2,649 750 3,399 997 4,639 5,636 Income tax at 21% (19,525) 1,096 (18,429) (10,348) (6,258) (16,607) Adjusted Net Income $74,345 $(4,173) $70,172 $38,930 $23,543 $62,472 Adjusted Earnings per share $ 0.24 20

GAAP to Non-GAAP Reconciliation The following table reconciles GAAP net loss to Combined EBITDA and Combined adjusted EBITDA: (Unaudited, In thousands) Three months ended June 30, 2018 Three months ended June 30, 2017 Add: Add: Impax/ Impax/ GAAP Gemini Combined GAAP Gemini Combined Net loss $(250,090) $(23,006) $(273,096) $37,748 $(15,917) $21,831 Adjusted to add (deduct): Interest expense, net 36,622 4,753 41,375 17,726 13,214 30,940 Income taxes (12,416) 1,017 (11,399) 1,852 (520) 1,332 Depreciation and amortization 32,147 6,925 39,072 10,535 24,355 34,890 EBITDA (193,737) (10,311) (204,048) 67,861 21,132 88,993 Adjusted to add (deduct): Share-based compensation expense 1,644 - 1,644 - 6,225 6,225 Acquisition, transaction and integration 207,507 4,381 211,888 81 99 180 Restructuring and severance charges 44,465 223 44,688 - 13,943 13,943 Loss on extinguishment of debt 19,667 - 19,667 - - - Inventory related charges 32,519 3,005 35,524 16,605 - 16,605 Litigation, settlements and related charges - - - - 7,989 7,989 (Gain)/loss on sale of assets 878 - 878 - (12,200) (12,200) Asset impairment charges - - - - 1,894 1,894 Royalty expense - - - 4,921 - 4,921 Exchange gain 25,946 - 25,946 (15,333) - (15,333) Other 2,649 - 2,649 997 4,639 5,636 Adjusted EBITDA $141,538 $(2,702) $138,836 $75,132 $43,721 $118,853 21

GAAP to Non-GAAP Reconciliation The following table reconciles the Generics Business GAAP results to combined results and to adjusted combined operating profit: (Unaudited, In thousands) Three months ended June 30, 2018 Three months ended March 31, 2018 Three months ended June 30, 2017 Add: Add: Add: GAAP Impax Combined GAAP Impax Combined GAAP Impax Combined Net revenue $ 361,770 $ 20,995 $ 382,765 275,189 $ 81,242 $ 356,431 259,871 $ 150,889 $ 410,760 Cost of goods sold 211,534 29,624 241,158 130,594 93,137 223,731 136,138 108,901 245,039 Gross profit 150,236 (8,629) 141,607 144,595 (11,895) 132,700 123,733 41,988 165,721 Selling, general, and administrative 16,621 4,340 20,961 11,202 7,556 18,758 14,845 8,034 22,879 Research and development 47,206 3,984 51,190 44,208 9,639 53,847 47,184 20,995 68,179 Intellectual property legal development expenses 4,004 - 4,004 4,576 84,597 89,173 4,926 319 5,245 Acquisition, integration and transaction related expenses 114,622 - 114,622 - - - - - - Restructuring 24,797 - 24,797 - - - - 8,789 8,789 Operating profit (57,014) (16,953) (73,967) 84,609 (113,687) (29,078) 56,778 28,776 60,629 Adjusted to add (deduct): Amortization 6,043 3,934 9,977 1,760 9,889 11,649 886 13,385 14,271 Inventory step-up 13,250 - 13,250 - - - - - - Other inventory related charges 17,319 3,005 20,324 - 6,889 6,889 16,605 - 16,605 Intellectual property legal development expenses 4,004 - 4,004 4,576 84,597 89,173 4,926 319 5,245 Acquisition, integration and transaction related expenses 114,622 - 114,622 - - - - - - Restructuring 24,797 - 24,797 - - - - 8,789 8,789 Adjusted operating profit $ 123,021 $ (10,014) $ 113,007 $ 90,945 $ (12,312) $ 78,633 $ 79,195 $ 51,269 $ 105,539 22

GAAP to Non-GAAP Reconciliation The following table reconciles the Specialty Pharama Business GAAP results to combined results and to adjusted combined operating profit: (Unaudited, In thousands) Three months ended June 30, 2018 Three months ended March 31, 2018 Three months ended June 30, 2017 Add: Add: Add: GAAP Impax/Gemini Combined GAAP Impax/Gemini Combined GAAP Impax/Gemini Combined Rytary $ 20,520 $ 8,578 $ 29,098 $ - $ 26,508 $ 26,508 $ - $ 21,922 $ 21,922 Zomig 9,695 3,933 13,628 - 10,478 10,478 - 12,325 $ 12,325 All other Specialty 21,802 15,035 36,837 - 31,713 31,713 - 29,164 29,164 Net revenue 52,017 27,546 79,563 - 68,699 68,699 - 63,411 63,411 Cost of goods sold 23,958 6,711 30,669 - 20,020 20,020 - 25,269 25,269 Gross profit 28,059 20,835 48,894 - 48,679 48,679 - 38,142 38,142 Selling, general, and administrative 13,549 7,707 21,256 - 20,235 20,235 - 19,693 19,693 Research and development 3,129 1,007 4,136 - 2,657 2,657 - 5,852 5,852 Intellectual property legal development expenses 43 - 43 - 23 23 - 851 851 Acquisition, integration and transaction related expenses - - - - - - - - - Restructuring 2,421 - 2,421 - 940 940 - - - Operating profit 8,917 12,121 21,038 - 24,824 24,824 - 11,746 11,746 Adjusted to add (deduct): Amortization 10,651 1,528 12,179 - 4,584 4,584 - 3,834 3,834 Inventory step-up 1,950 - 1,950 - - - - - - Other inventory related charges - - - - - - - 2,006 2,006 Intellectual property legal development expenses 43 - 43 - 23 23 - 851 851 Acquisition, integration and transaction related expenses - - - - - - - - - Restructuring 2,421 - 2,421 - 940 940 - - - Adjusted operating profit $ 23,982 $ 13,649 $ 37,631 $ - $ 30,371 $ 30,371 $ - $ 18,437 $ 18,437 23