This presentation discusses Antares Pharma's OTREXUP product and pipeline. OTREXUP is a methotrexate auto-injector that was recently approved for treatment of rheumatoid arthritis, psoriasis, and juvenile rheumatoid arthritis. Antares has also partnered with LEO Pharma for promotion of OTREXUP in dermatology. The presentation provides an overview of Antares' launch plan for OTREXUP and discusses its VIBEX QS Testosterone product which is currently in development for treatment of low testosterone.

1. 32nd Annual J.P. Morgan Healthcare Conference
January 16, 2014
Paul K. Wotton, Ph.D.
President and Chief Executive Officer
NASDAQ:ATRS
Paul

2. This presentation may contain forward-looking statements which are made pursuant to the safe
harbor provisions of Section 21E of the Securities Exchange Act of 1934 and the Private Securities
Litigation Reform Act of 1995. Investors are cautioned that statements which are not strictly
historical statements, including, without limitation, statements regarding the plans, objectives
and future financial performance of Antares Pharma, constitute forward-looking statements
which involve risks and uncertainties. The Company’s actual results may differ materially from
those anticipated in these forward-looking statements based upon a number of factors, including
anticipated operating losses, uncertainties associated with research, development, testing and
related regulatory approvals, unproven markets, future capital needs and uncertainty of
additional financing, competition, uncertainties associated with intellectual property, complex
manufacturing, high quality requirements, dependence on third-party manufacturers, suppliers
and collaborators, lack of sales and marketing experience, loss of key personnel, uncertainties
associated with market acceptance and adequacy of reimbursement, technological change, and
government regulation. For a more detailed description of the risk factors associated with the
Company, please refer to the Company’s periodic reports filed with the U.S. Securities and
Exchange Commission from time to time, including its Annual Report on Form 10-K for the year
ended December 31, 2012. Undue reliance should not be placed on any forward-looking
statements, which speak only as of the date of this presentation. The Company undertakes no
obligation to update any forward-looking information contained in this presentation.
Safe Harbor Statement
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3. Overview of Q313 and Recent Events
3
RESEARCH AND DEVELOPMENT
• Received approval from the U.S. Food and Drug Administration (FDA) for OTREXUP™ for the treatment of RA,
Psoriasis and JRA.
• Initiated a clinical study evaluating testosterone enanthate administered weekly by subcutaneous injection and
dosed the first testosterone deficient adult males using the VIBEX® Quick Shot™ auto injector device. Enrolment
was completed 11/12/13, audited results due in late February.
BUSINESS DEVELOPMENT
• Entered into an exclusive U.S. collaboration agreement with LEO Pharma for OTREXUP™ in Dermatology.
CORPORATE
• Elected Robert P Roche Jr. to the Board of Directors. Mr. Roche brings to Antares extensive commercial and
product launch experience.
• Appointed Dr. Bruce Freundlich as Senior Vice President, Medical. Dr. Freundlich’s experience both in industry and
academia as a practicing and highly regarded rheumatologist will be valuable as we commercialize OTREXUP™.
• Appointed David H. Bergstrom Ph.D. Senior Vice President Pharmaceutical Development. Dr. Bergstrom has
worked on multiple FDA approved products including 505B2 drug/device combination programs.
• Finalizing OTREXUP™ launch plan – Supply Chain, Reimbursement, Sales Force Training, and Launch Meeting all
in place.
• Ended the quarter with $70.0 million in cash and investments and no debt.

4. 4
ANTARES PHARMA
DEVICE/GEL SALES
• Royalties
• Royalties from
partnered products
• Elestrin®
• Gelnique™
• TevTropin®
DEVICE BUSINESS
• Teva Partnership
• Pfizer Partnership
• Potential Future
Partners
PRODUCT BUSINESS
• OTREXUP™
• LEO Derm Partnership
PIPELINE ENGINE
• QS T 2016
• QS M 2017
• Others TBD
Antares Business Structure
Partnerships Antares Commercial Business
L E O

5. Antares Pharma – 505(b)(2) Growth Engine
Novel route of
administration
Enhanced
Therapeutic
Value
Novel Device
Platform
Identify
unmet
patient
need
Combine
technology
with known
molecules
Specialty Target
Segment with
Differentiated
Products
5

6. Powerful Engine and Disciplined Process for
Creating Novel Products
~200
Compounds
Screened
>60
Feasible
Candidates
OTREXUP™
~30
Interesting
Evaluation Criteria
• Clinical and Patient Benefits
• Health Economic Benefits
• Development Feasibility
• Commercial Attractiveness
(e.g., concentrated market)
Preliminary
Assessment
• Does candidate meet key
evaluation criteria?
Market and
Technical Input
• Assess market acceptance of
product concept
• Determine specific requirements
for development and approval
Development Program
• Formalize the development &
commercialization plan
QS T
QS M
Additional Drug
Products
6

7. ATRS Technology Platform Built for Success
Create Enhanced Products with Significant Sales Potential
Engineer Established Drugs for Clinical Advantage
Unique Technical Platform with IP Protection
NEEDLE FREE
TevTropin®
TevTropin® 10 mg
MULTI-DOSE PENS
TEVA PEN 1
TEVA PEN 2
MEDI-JET
OTREXUP™
VIBEX® QS T
VIBEX® QS M
VIBEX® Epi
VIBEX® Suma
505(b)(2) Pipeline
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8. Advanced Product Pipeline
PRODUCT PRECLINICAL CLINICAL FILED MARKETEDPARTNER APPROVED
TEVA – US
Ferring – EU
JCR – Japan
TevTropin®/
Zomajet®
Meda (US) Elestrin®
Actavis (US)
Daewoong (SK)
Gelnique 3%™
TEVA Vibex® EPI ANDA
TEVA
Vibex®
Sumatriptan
ANDA
TEVA Pen 1 ANDA
ANTARES OTREXUP™
TEVA Pen 2 NDA
Population
Council
NestraGel™ NDA
Pfizer
Branded OTC Gel
Product NDA
ANTARES
(TRT)
Vibex® QS T NDA
TevTropin® 10mgTEVA – US SNDA
ANTARES
(Neurology)
Vibex® QS M NDA
Marketed Products
Pipeline Products
8

9. 9

10. A Compelling Opportunity
 First and only FDA approved SC MTX product for
self administration now available to patients
 Single use, once weekly disposable device
 Dosages: 10, 15, 20 and 25mg
 Oral MTX may not always provide an adequate response due to lack of efficacy or
poor tolerability and has GI absorption limitations
 OTREXUP™ (SC MTX) delivers greater bioavailability than oral MTX – systemic
exposure of MTX from OTREXUP™ at all doses (10, 15, 20, and 25mg) was higher
than that of oral MTX
 Convenience – easy to use even for RA patients with moderate to severe hand
impairment
 Safety – avoid dosing errors and inadvertent exposure to cytotoxic agent through
accidental needle sticks
 OTREXUP™ addresses a large and growing RA and Psoriasis market
 Switching to OTREXUP™ may extend the use of MTX as well as potentially reduce
overall cost of the RA treatment continuum
 Seven Orange Book listed patents with coverage ranging from 2019 - 2030
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OTREXUP™ Overview

11. RA Market Overview
 Approximately 3,000 RHU specialists in USA
 Decile 4-10 RHU: ~2,500
 Estimated 1.5 million people with RA in USA
 RA Market continues to grow at similar rates
(July 2012 MAT)
 $17B in Sales, up 14% vs. year ago
 15.7m TRxs, up 3% vs. year ago
 Biologics continue to dominate share of sales
 Humira – 25%
 Enbrel – 24%
 Remicade – 22%
 Rituxan – 18%
 Methotrexate and hydroxychloroquine
(Plaquenil) continue to lead TRx share
 Methotrexate – 36%
 Hydroxychloroquine – 28%
25%
24%
22%
18%
4%
2%
2% 1% 0% 1%
RA Market – Product $ Share
HUMIRA
ENBREL
REMICADE
RITUXAN
ORENCIA
CIMZIA
SIMPONI
ACTEMRA
METHOTREXATE
Other
36%
28%
10%
10%
6%
5%
1%
1% 1% 0% 0%
1%
RA Market – Product TRx Share
METHOTREXATE
HYDROXYCHLOROQUINE
HUMIRA
ENBREL
SULFASALAZINE
LEFLUNOMIDE
NEORAL
CIMZIA
SIMPONI
REMICADE
ORENCIA
Other
Note: Data do not reflect co-Rx of DMARD with Biologics

12. First-line Therapy Second-line Therapy Third-line Therapy
Diagnosis
Key Findings for Newly Diagnosed Patients
Lines of Therapy in Rheumatoid Arthritis
43.8%ofdiagnosedpatientsmovingtofirst-lineinfirstyear
155AvgdaysfromDxto1stRx
46.4%offirst-linemovingtosecond-lineinfirstyear
272Avgdayson1st-linebefore2nd-line
70.8%ofsecond-linemovingtothirdlineinfirstyear
210Averagedayson2nd-linebefore3rd-line
Methotrexate 48.4%
Hydroxychloroquine/chloroquine 34.0%
Sulfasalazine 6.7%
Leflunomide 3.8%
Enbrel 3.2%
Humira 3.1%
Other conventional DMARDs 1.5%
Remicade 1.4%
Rituxan 0.8%
Orencia IV 0.6%
Simponi 0.2%
Cimzia 0.1%
Actemra 0.1%
Grand Total 103.9%
Methotrexate 57.0%
Hydroxychloroquine/chloroquine 32.1%
Enbrel 14.0%
Humira 13.1%
Leflunomide 12.6%
Sulfasalazine 12.1%
Remicade 5.4%
Other conventional DMARDs 2.4%
Simponi 2.4%
Orencia IV 1.7%
Cimzia 1.4%
Rituxan 0.7%
Actemra 0.2%
Grand Total 155.0%
Methotrexate 57.5%
Hydroxychloroquine/chloroquine 32.2%
Enbrel 16.9%
Humira 13.0%
Leflunomide 11.7%
Sulfasalazine 8.2%
Remicade 6.2%
Orencia IV 3.1%
Simponi 2.3%
Other conventional DMARDs 2.0%
Rituxan 1.7%
Cimzia 1.3%
Actemra 0.2%
Grand Total 156.3%
Nearly half of newly diagnosed, drug-treated RA patients received methotrexate as a first-line therapy
Note: Drugs with no measurable patient share are not shown. Percentages reflect distribution of patient share. Data represent patients newly diagnosed between January 1, 2009,
and June 30, 2009; the treatment progression of these patients was followed for 1095 days. Total percent of patients may exceed 100% due to combination therapy.
~50% of patients add or switch
to a biologic in < 36 months

13. OTREXUP™ In Dermatology – LEO Pharma
 Exclusive U.S. collaboration agreement with LEO Pharma for
OTREXUP™ in dermatology
 LEO is a global leader in dermatology and topical treatments
for psoriasis
 Antares to receive up to $20 million in milestone payments
including an upfront payment of $5 million
 Antares will record all dermatology related product revenues
 LEO will be responsible for promotion and marketing
activities in dermatology supported by a sales force of 75
representatives
 LEO has proven capabilities within life-cycle management
focusing on innovative patient solutions in dermatology
13

14. OTREXUP™Polyarticular Juvenile Arthritis
 Polyarticular Juvenile Arthritis refers to a form of juvenile arthritis that
causes joint inflammation and stiffness for more than six weeks in children
under 16
 About 30% of all children with juvenile arthritis have polyarticular disease
and girls are two times more likely to have the disease than boys
 Children with polyarticular juvenile arthritis are unlikely to outgrow the
disease, therefore initial drug therapy should be aggressive in order to
control the inflammatory process and relieve symptoms as quickly as
possible
 It is rare for NSAIDS alone to control the inflammatory process of
polyarticular disease – methotrexate has been recognized as the standard
therapy for children with this form of juvenile arthritis
 OTREXUP™ label includes Juvenile Indication – 80% of prescriptions in this
area written by same physicians as for Adult RA
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15. OTREXUP™ Launch Plan
 OTREXUP™ NDA approved October 14 – launched!
 OTREXUP™ Commercial Team – Broad Rheumatology expertise with over
100 years of combined commercial experience
 DMs, Sales Representatives and NAMs possess extensive experience in
marketing rheumatoid arthritis drugs and will be Quintiles employees
dedicated solely to the marketing of OTREXUP™
 Six MSL’s providing value proposition to Key Opinion Leaders in RA
 Feedback from AMCP validates pricing strategy – $548 per Rx (4 weeks)
 Discussions with pharmacy and medical directors suggest initial tier 3
access with several plans already mentioning the possibility of tier 2 access
 Leo will launch to dermatologists in February with 75 Representatives
bringing total number of OTREXUP™ sales personnel to over 100
15

16. OTREXUP™ Launch Success Factors
 Enthusiasm by Rheumatologists and Dermatologists
 Market Access Through Managed Care
 Understanding the value proposition of OTREXUP™
 ATRS Managed Markets Group working since June
 Initial Tier 3 coverage with potential for Tier 2
coverage
 Risk Mitigation With LEO Partnership
 “First Impressions” Program educating Physicians,
Nurses and Patients
16

17. VIBEX QS Testosterone
 First testosterone jet-injector for treatment of Low T
 Single use, disposable VIBEX™ QS device engineered to deliver high
viscosity products through fine (27 gauge) needle with 1 ml capacity
 Quick, easy and painless – less than 5 seconds to inject
 Once a week injection optimizes blood levels
 Peak: Trough ratio reduced compared to once or twice a month
administration
 Many untreated Low-T patients in the
U.S. with growing awareness
 Three-year development program to
NDA – Projected launch in 2016
17

18. QS T Competing in Changing TRT Market
0
1
2
3
4
5
6
2008 2009 2010 2011 2012 2013
0.5
0.7
1.0
1.5
2.1
2.4
2.7
3.1
3.4
3.9
5.1
4.9
PrescriptionsinMillions
Year Injectable Testosterone
Topical Testosterone
Source: Bloomberg/Wolters Kluwer Prescription Data
18
TRT Market Overview
• Injectables continue to
show strong growth
• Antares well positioned to
take advantage of the
injectables growth
segment with QuickShot™
Testosterone
• Gel market growth is
slowing in 2013 due in
large part to:
– Switching of patients from
gels to injectables
– Side effect (transference)
issues

19. VIBEX QS T – Testosterone Replacement Therapy (TRT)
 U.S. sales of testosterone replacement therapies exceeded $2.7 billion* in
2013 – 7.3 million Rx’s, growing at ~18% annually and projected to exceed
$5 Billion in 2017**
 Studies have shown that gel patients do not achieve adequate absorption
or therapeutic response, injection patients bear the cost and
inconvenience of in-office deep intramuscular injections every 2 to 4 weeks
 Physicians surveyed believe weekly self-injection will improve patient
compliance and deliver optimized serum testosterone levels
 Self contained Auto-injector avoids the transference issues seen with Gels
(Black Box)
 Pre-IND meeting held with FDA on 12/5/12 – clinical path forward agreed
upon with agency
 First patients dosed 9/16/13 – 2015 NDA filing on track
 Expected to go to market in 2016
19
Sources: *Bloomberg **Global Industry Analysts

20. Financial Overview
 Cash Position
 As of September 30th 2013 cash and investments of $70
million
 Growing Revenue Base
 2008 total revenues $4.6 million
 2009 total revenues $8.3 million (47% over 2008)
 2010 total revenues $12.8 million (54% over 2009)
 2011 total revenues $16.5 million (28% over 2010)
 2012 total revenues $22.6 million (37% over 2011)
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21. Priority Goals for Next 12-18 Months
 OTREXUP™ partnership – Completed
 OTREXUP™ launched in Q1 2014 for RA and Psoriasis (LEO)
• VIBEX™ QS T (testosterone) will complete clinical studies
• VIBEX™ QS M to begin clinical studies
• Teva programs – two multi-dose pen products filed
• TevTropin® 10 mg approval and launch
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22. Antares Pharma, Inc.
Princeton South Corporate Center
100 Princeton South, Suite 300
Ewing, NJ 08628
NASDAQ: ATRS
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