#1CUMBERLAND® PHARMACEUTICALS Investor Presentation Nasdaq CPIX#2Safe Harbor Statement 2 This presentation contains forward-looking statements concerning our approved products and product development, our technology, our competitors, our intellectual property, our financial condition and our plans for research and development programs that involve risks, uncertainties and assumptions. These statements are based on the current estimates and assumptions of the management of Cumberland Pharmaceuticals 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 upon these forward- looking statements. Such forward-looking statements are subject to risks, uncertainties, assumptions and other factors that may cause the actual results of Cumberland Pharmaceuticals 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, those set forth under the headings "Risk factors" and "Management's discussion and analysis of financial condition and results of operations" in our Form 10-K and Form 10-Q Reports on file with the SEC. The Company does not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. All statements contained in this presentation are made only as of the date of this presentation. For more information on our brands, including full prescribing and safety information, please see the links to the product websites which can be found at www.cumberlandpharma.com.#3Company Overview Specialty pharmaceutical company Portfolio of six FDA approved products Promoted by two national sales forces Several near-term catalysts for new growth opportunities . • Vibativ post-acquisition integration and market expansion Next Generation Caldolor product • RediTrex methotrexate product line 3 Five Phase II products in development with upcoming study milestones Proven record of successful product development and product acquisition Strong financial position and positive net cash flows from operations#4Strategy & Mission Strategy: Build a portfolio of Branded Pharmaceutical Products Product Development: Product Acquisition: IVACETADOTE KRISTALOSE® Vaprisol CALDOLOR® Omeclamox+Pak Ⓡ VIBATIVⓇ (telavancin) for injection Mission: Advance Patient Care through delivery of high quality medicines#5Strategic Review 5 In early 2019, we initiated a strategic review of our products, partners and organization to ensure we have the proper focus and capabilities. As a result: • We extended the arrangement with Clinigen to continue to promote Ethyol and Totect until the end of the year. We have concluded our co-promotion arrangement with Pirimal Critical Care. A transition plan has been implemented to transition Caldolor and Vaprisol accounts from Piramal to Cumberland. We finalized Vibativ agreements with SciClone for China and Dr. Reddy's Laboratories for India.#6IVACETADOTE 0 IV treatment for acetaminophen overdose Developed and registered by Cumberland • Acetaminophen is the leading cause of poisoning in the U.S.* Acetadote now standard of care Cumberland offers both Brand and Authorized Generic Favorable court rulings upholding patents 0 30 ml Sterile NDC 66220-207-30 CUMBERLAND PHARMACEU Acetadote (acetylcysteine) Injection 200mg/mL (6g/30mL) OOD Pogin Maintaining significant market share *National Poison Data System, American Association of Poison Centers 6#7CALDOLOR R Pre-empt post-op pain Patented, injectable formulation of ibuprofen Developed and registered by Cumberland First injectable approved in the US for pain & fever Unresolved pain remains leading cause for hospital readmissions, with a total market potential of over 700M units* • Significant data supports pre-op management of inflammation Pediatric labeling approved by FDA and launched Next Generation product approved and prepping for launch *Symphony Source Health 7 Have you given CALDOLOR yet? Choose MAKE THE DECISION BEFORE INCISION CALDOLOR (ibuprofen) Injection Please see attached full Prescribing information including Boed Warning#8KRISTALOSE (lactulose) For Oral Solution Ⓡ • Unique crystalline formulation of lactulose • Prescription strength laxative • Clinically proven increases in patient satisfaction Repositioned to reflect branded status New pricing allowed co-pay support Expanding Managed Care coverage 8 Kristalose (lactulose) Cam#9Commercial Portfolio Expansion Strategy IDENTIFY Late Stage Candidates ACQUIRE Under-Promoted, Approved Brands PRODUCT PORTFOLIO 9 ☑ EXPAND Existing Products DEVELOP Early-Stage Candidates#10Acquisition Initiative 10 GOAL TO ADD ONE NEW PRODUCT PER YEAR through business development initiative or internal product development Active, ongoing initiative to identify, evaluate and acquire/license new products into the portfolio Source opportunities through direct efforts and intermediaries Seek commercial and late stage development assets that fit our strategy and focus Branded, Rx products in hospital acute care or gastroenterology Sales of $5-25 million or larger with attractive margins#11750 NDC 62847-001-01 VIBATIV (telavancin) for injection VIBATIVⓇ [telavancin) for injection Acquired VibativⓇ from Theravance in November 2018 Financial terms included: - $20MM upfront payment - $5MM milestone payment in 2019 VIBATIV andhi for injection - Double-digit royalty on future net sales • Transaction included the global responsibility for the product FDA-approved product with favorable margins 750 11 garring arma 750 mg/ Rx Only Single Use Vial- Discard Unused Portion Store refrigerated at 2 (35 to 46°F). Excu ambient temperatures up 25°C (77°F) are acceptal avoid excessive heat Tance NDC 62847-001-01, elavancin) for injection VIBATIV 750 mg/vial For letravenous Infusion Only Usa Wat Pa Only Unused Porson Dispence with endles in Guide 11#1212 VIBATIVⓇ [telavancin) for injection Injectable antibiotic that treat serious, life-threatening infections Hospital product that aligns well with our current infrastructure Strong potential to continue brand growth Patent protection through 2027 Established network of worldwide licensing partners New study data demonstrates superiority over vancomycin in select patients with bacterial pneumonia. Published in Infectious Disease and Therapy NDC 0469-3575-50 Vibativ telavancin for injection 750 mg/vial For Intravenous Infusion Only For Dosage, Reconstitution, and D See Package Insert Medication Guide ATTENTION: Dispense with enclosed Rx Only 357550 12#13RediTrex TM . New delivery of methotrexate designed for the treatment of various forms of arthritis Exclusive U.S. rights through a long-term partnership with the Nordic Group (based in Europe) Widely used throughout Europe with a strong brand presence • The U.S. methotrexate market is seeing significant growth FDA submission filed and accepted for review 13#14Ifetroban Overview A potent, selective antagonist of thromboxane receptor (TPr) • Initially developed by Bristol-Myers Squibb as an anti-platelet agent • Safety is well-established in 26 clinical studies with over 1,300 subjects • Cumberland is collaborating with Vanderbilt, Harvard, Scripps and other academic centers • Cumberland successfully manufactures both IV and oral formulations 14#15Ifetroban Development Pipeline Preclinical IND Phase I Phase II Phase III NDA BoxabanⓇ (aspirin-exacerbated respiratory disease) Vasculan™ (systemic sclerosis) Dyscorban™ (Duchenne muscular dystrophy) HepatorenⓇ (hepatorenal syndrome) Portaban™ (portal hypertension)#16Duchenne Muscular Dystrophy (DMD) ☐ ■ ☐ A rare, fatal, genetic neuromuscular disease characterized by the progressive loss of muscle which results in deterioration of the skeletal, heart and lung muscles New data demonstrates ifetroban could prevent cardiac fibrosis and improve cardiac function Cumberland is investigating ifetroban for the treatment of cardiomyopathy associated with DMD The FDA awarded just over $1 million in Orphan Drug Grant funding for this unmet medical need IND cleared and Phase II study is underway for the treatment of DMD cardiomyopathy#17CET Cumberland Emerging Technologies ur University of Tennessee Health Science Center Memphis, TN or University of Tennessee Knoxville, TN 1848 University of Mississippi Oxford/Jackson, MS Louisiana State University LSU Health NEW ORLEANS Health Sciences New Orleans, LA 17 Vanderbilt University Nashville, TN Medical University of MUSC South Carolina MEDICAL UNIVERSITY of SOUTH CAROLINA Charleston, SC#18Expanding Our Product Portfolio 18 VIBATIV® [telavancin) for injection CUMBERLAND® PHARMACEUTICALS In-Line Brands CET RediTrex Ifetroban CALDOLOR Next Gen Deploying a Multifaceted Strategy to Create Value#19Financial Overview 19 ($ in millions, except per diluted share) Net Revenues Cost of Products Sold Gross Profit Selling & Marketing Research & Development General Administrative Amortization Operating Income (Loss) Adjusted Earnings* per diluted share *Represents a non-GAAP financial measure. YTD 2019 $33.9 6.0 $27.9 $15.8 4.0 7.6 3.1 ($2.6) $0.22#20Summary Balance Sheet 20 ($ IN MILLIONS) CASH & SECURITIES TOTAL ASSETS TOTAL LIABILITIES RETAINED EARNINGS TOTAL EQUITY *$20 million available on revolving line of credit *Tax carry forward credits of $44 million available *Continued Share Repurchase Program Q3 as of Sept 30, 2019 $29.2 103.8 52.1 2.2 51.7#21Cumberland Moving Forward 21 0 Diverse product portfolio with 6 FDA approved brands 169 $ Proven development and commercialization capabilities Various initiatives in place to support near-term growth Phase II products in development with upcoming study milestones Strong financial position with positive net cash flows from operations Valuation gap given assets, cash, sales, and pipeline#22CUMBERLAND® PHARMACEUTICALS Investor Presentation Nasdaq CPIX