1 Israel Canada U.S. Low Cost, Tax Advantaged R&D and Manufacturing 82% of Total Sales in World’s Biggest Market Low Cost Manufacturing, Generic Incentives export Worldwide Operational Presence export

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4 Successful New Product Introductions Lotrisone ® Market – Total U.S. Prescriptions Dispensed Week of Over 50% Market Share Over 50% Market Share Increased Overall Prescriptions Written

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7 Financial Review R&D Investment U.S. dollars (in millions) 5.5% 6.8% 10.9% 11.2% 11.6% 14.7% 15.8% 15.9% 13.8% 14.0% 14.1% Percentage numbers above each bar represent percentage of total sales

8 U.S. Sales U.S. Dollars (in millions) Base Line BusinessNew Business Equals Impressive Sales Growth

9 Financial Review 24% Growth Sales U.S. dollars (in millions)