Slides
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Results Presentation Fiscal 2026 Third Quarter
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1© Kyowa Kirin Co., Ltd. Delivering Life-changing value to Patients Commitment to Life We remain dedicated to our mission of delivering life-changing value to everyone battling illness, as we continue to push the boundaries of innovative drug discovery. Commitment to Life Luis Miguel Berlanas, Father of Candela, affected by XLH David Riley, MLD father
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2© Kyowa Kirin Co., Ltd. Agenda Chairman Masashi Miyamoto President and Chief Executive Officer (CEO) Abdul Mullick Chief Medical Officer (CMO) Yoshifumi Torii Chief Financial Officer (CFO) Koji Igarashi Q3 2026 Highlights 01 Financial Review02 Commercial update03 Business update04 R&D update05 2© Kyowa Kirin Co., Ltd.
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3© Kyowa Kirin Co., Ltd. Executive Summary: Q3 2026 Highlights ◼ Dialogue with Stakeholders ◼ Q3 Financial Results ⚫ Revenue increased by 10% and Core operating profit by 47% year on year ⚫ Core operating profit progressing steadily against the revised full-year plan (75% progress) ⚫ Potential to exceed the full-year plan, supported by favorable FX; no further revision to the earnings forecast ◼ Business Update ⚫ Agreement with U.S. Administration to Reduce Treatment Costs for Americans Through Generous Program ⚫ Orchard Updates, including current progress in MLD and pipeline ◼ R&D Update ⚫ Announced Phase 2 topline results for KHK4951 in nAMD* in September *Neovascular age-related macular degeneration
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4© Kyowa Kirin Co., Ltd. Dialogue with Patients XLH Day 2026 October 2-4, 2026 | Indianapolis, USA | Organizer: XLH Network 1 Listening directly to patients' voices CEO Abdul Mullick heard directly from patients about their XLH journeys and the difference our work is making in their lives 2 Through dialogue, we reaffirmed our mission Through dialogue with patients and their families, we are once again reminded of the changes our work brings to people's lives. 3 Creating life-changing value from patient voices We continue listening, learning, and working with the patient community to deliver life-changing value to people living with XLH. XLH patients and their families, at XLH Day 2026 (Indianapolis, USA) Patient and family voices are at the heart of how we create and deliver value.
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5© Kyowa Kirin Co., Ltd. Dialogue with Investors / Shareholders Tokyo Research Park Tour: Dialogue with Investors and Shareholders *Materials from the briefing session on the day are posted on our company's IR website. Event Overview Date and Time September 10, 2026 Composition Part 1: Presentation & Q&A / Part 2: Facility tour Venue Tokyo Research Park (TRP) Theme History of our technologies (POTELLIGENT®/REGULGENTTM) and our research philosophy Speakers Takeyoshi Yamashita (CSciO), Takashi Shimada (Head of Research), Rinpei Niwa (Head of TRP), Hikaru Miyagi (Director, Antibody & Biologics Group, Core Research Laboratories) Presentation Highlights Tokyo Research Park (TRP) 01 Research Division organization and management 02 POTELLIGENT® Technology: Overview from a Science Perspective 03 The development story of REGULGENT 04 Q&A with Kyowa Kirin Researchers
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6 ⚫ Hearing directly from patients at patient advocacy group events and at internal management meetings to which patients were invited ⚫ Listening to learn from people living with illness, and committing to addressing unmet medical needs C-suite Executive Incorporating Stakeholder Voices into Management Discussions Continuing dialogue with key stakeholders and leveraging it in management discussions to shape our business strategy ⚫ Monthly Global and Regional Town Hall meetings ⚫ As the company undergoes transformation, communicating management information directly and clearly to employees ⚫ Intensifying discussions under the C-Suite Executive ⚫ Shaping future business strategy “Key Priorities Under the New C-Suite Executive Team” announced Q1 Maximize the value of our key products Establish the next-generation growth platform focusing on priority disease areas Drive Operational Excellence to Support Growth Actively pursue strategic investments with financial discipline 1 2 3 4 *Including events scheduled within 2026 **See page 44 for details. Employees ⚫ Stepping up engagement with capital markets and incorporating investor expectations and concerns into management discussions in a timely manner ✓ Roadshows：4 times* ✓ Global healthcare conferences: 2 times* ✓ Tour of research site (Tokyo Research Park) ✓ Roundtable with Independent Outside Directors and Investors/Analysts: January 2027 (planned) ** Investors / Shareholders Patients
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7© Kyowa Kirin Co., Ltd. Financial Review
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8© Kyowa Kirin Co., Ltd. FY2025 Jan-Sep FY2026 Jan-Sep Change FY2026 Rev. Plans*3 Progress Revenue [Overseas Ratio] 349.5 [73%] 384.9 [77%] +35.5 (+10%) 520.0 [77%] 74% Gross Profit [Gross Profit Margin] 259.4 [74%] 288.4 [75%] +29.0 (+11%) 388.0 [75%] 74% SG&A*1 [SG&A Ratio] 116.5 [33%] 123.7 [32%] +7.2 (+6%) 163.0 [31%] 76% R&D Exp. [R&D Ratio] 76.8 [22%] 67.7 [18%] -9.1 (-12%) 95.0 [18%] 71% Core Operating Profit*2 [Core OP Margin] 66.1 [19%] 97.0 [25%] +30.9 (+47%) 130.0 [25%] 75% Profit [Profit to Revenue Ratio] 32.6 [9%] 51.7 [13%] +19.1 (+59%) 75.0 [14%] 69% Summary of FY26 Q3 (YTD) Results Q3 delivered revenue and profit growth, with greater confidence in achieving the full-year plan supported by favorable FX (Billion JPY / Rounded) Foreign Exchange Assumptions ◼ FY2025Q3 Actual: ¥149 / USD ◼ FY2026Q3 Actual: ¥159 / USD ◼ FY2026 Rev. Plan: ¥150 / USD • There has been no change in the foreign exchange assumptions from those used in the FY2026 plans announced on February 9, 2026. *1 Excludes amortization of intangible assets (sales rights amortization) *2 Core operating profit: GP - SG&A (excl. intangible amortization) - R&D - Company-defined non-recurring items *3 Unchanged from the revised plans announced on May 7, 2026.
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9© Kyowa Kirin Co., Ltd. +8.9bn +7% -5.8bn -9% +18.6bn +28% +19.8bn YoY Analysis ~Revenue~ by Region FY25 Jan-Sep Japan North America EMEA Others FX Impact FY26 Jan-Sep 349.5 +8.9 384.9 (Billion JPY) Although Phozevel (+19%), Duvroq (+17%) and Crysvita (+14%) grew, sales in the Japan region decreased by 7% due to the impact of drug price revisions. Crysvita (+9%) and Poteligeo (+6%) grew, leading to a 7% revenue increase in North America. Although EMEA revenue declined 9% due to the absence of prior-year one-time income from the brand license transfer (6.1 bn) and lower royalties following the JV divestment, Crysvita (+7%) and Poteligeo (+11%) continued to grow steadily. Other revenue increased by 28%, mainly due to higher tech- licensing income from the one-time recognition of deferred upfront revenue for rocatinlimab following the termination of the Amgen development collaboration, as well as increased royalty income from Fasenra sales. Regional changes exclude FX impact Revenue Up on North America, Tech Income and FX, Despite Lapse of EMEA Prior-Year Brand Transfer Income +18.6 +19.8 Temporary factors ・Rocatinlimab upfront deferred revenue FY25 6.1 bn FY26 9.7 bn（+3.6 bn） ・EMEA established products brand transfer FY25 6.1 bn FY26 ー bn（- 6.1 bn） -6.0bn -7% Japan North America (excl. FX Impact +9.7) (excl. FX Impact +6.2) (excl. FX Impact +3.9) EMEA Others FX impact Incl.FX +35.5 Excl.FX +15.7 -6.0 -5.8
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10© Kyowa Kirin Co., Ltd. YoY Analysis ~Revenue~ by Product FY25 Jan-Sep Crysvita Poteligeo Libmeldy/ Lenmeldy Tech-licensing FY26 Jan-Sep 349.5 +5.1 384.9 (Billion JPY) Strong demand growth in North America (+17%) drove growth, while EMEA (+17%) and Japan (+14%) also grew, resulting in global revenue growth of 17%. Poteligeo total revenue grew 15%, led by North America (+13%) and EMEA (+22%). The identification of eligible patients progressed steadily and remained broadly on track with the plan. 41% revenue growth driven by the one-time recognition of deferred upfront revenue for rocatinlimab following the termination of the development collaboration with Amgen and higher royalty income from Fasenra sales. Revenue up on double-digit Crysvita/Poteligeo growth and tech-licensing +16.3 Other Products -13.5 Despite growth in Phozevel (+19%) and Duvroq (+17%), revenue declined due to drug price revisions and product discontinuations (Depakene, Allelock Granules) in Japan, and the absence of prior- year one-time income (6.1 bn) from the brand license transfer in EMEA. ※Changes in revenue include the impact of foreign exchange (+19.8 billion JPY) +24.8 +2.9 Temporary factors ・Rocatinlimab upfront deferred revenue FY25 6.1 bn FY26 9.7 bn (+3.6 bn) ・EMEA established products brand transfer FY25 6.1 bn FY26 - bn (-6.1 bn) +24.8bn +17% Crysvita +5.1bn +15% Poteligeo +2.9bn +66% Libmeldy/ Lenmeldy +16.3bn +41% Tech-licensing -13.5bn Other Products Incl.FX +35.5
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11© Kyowa Kirin Co., Ltd. 66.1 97.0 YoY Analysis ~Core Operating Profit*1~ FY25 Jan-Sep Gross Profit SG&A R&D Expenses FY26 Jan-Sep +12.5 -1.6 +11.4 FX Impact +8.5 (Billion JPY) Gross profit increased due to higher revenue. The gross profit margin increased by 1 point from 74% to 75%. R&D expenses decreased due to the absence of rocatinlimab development expenses, which peaked in the previous year. R&D expense ratio fell by 4 points from 22% to 18%. Core operating profit up on global products, Tech-licensing income, and reduced rocatinlimab development costs *1 Core operating profit: Gross profit - selling, general and administrative expenses (excluding amortization of intangible assets) - R&D expenses - non-recurring profit and loss as determined by the Company Incl. FX impact +30.9 Excl. FX impact +22.4 (excl. FX Impact +16.4) (excl. FX Impact -2.3) +12.5bn Gross Profit +11.4bn R&D Expenses (excl. FX Impact -5.7)
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12© Kyowa Kirin Co., Ltd. 32.6 51.7 YoY Analysis ~Profit~ Profit growth driven by higher core operating profit despite impairment losses and clinical trial closing costs related to rocatinlimab FY25 Jan-Sep Core operating profit*1 Amortization of intangible assets Equity Method Finance & Others Tax Expenses FY26 Jan-Sep -3.8 (Billion JPY) The effective tax rate declined, as the gain/loss on the share transfer of the established medicines Joint Venture is a non-taxable transaction. Effective tax rate: FY25 Q3 32.0% → FY26 Q3 20.2% *1 Core operating profit: Gross profit - selling, general and administrative expenses (excluding amortization of intangible assets) - R&D expenses - non- recurring profit and loss as determined by the Company Increased amortization of sales rights due to the launch of KOMZIFTI in the U.S. (November 2025)+30.9 +2.3 -10.0 -0.3 FY2025 ・JP Special Voluntary Early Retirement Program (-9.4 bn) FY2026 ・Rocatinlimab clinical trial closing costs (-20.2 bn) and relevant impairment losses (-5.0 bn) ・Gains from the established medicines JV divestment (+4.3 bn) -3.8 bn Amortization of intangible assets -10.0 bn Finance & Others +2.3 bn Tax Expenses Profit +19.1
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13© Kyowa Kirin Co., Ltd. Commercial Update Coordinated Actions to Maximize Patient Access to Global Strategic Products
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14© Kyowa Kirin Co., Ltd. 21.2 31.0 24.5 35.1 37.1 51.5 42.4 57.5 49.7 57.4 87.0 70.2 105.2 87.2 130.0 92.0 141.8 107.5 220.7 6.4 8.9 7.4 10.5 8.2 11.7 9.7 13.6 11.1 14.7 Crysvita 2026 Key Actions & Q3 Topics Sales Revenue (Billion yen) North America Sales Revenue ($M) EMEA Sales Revenue (£M) 2026 KEY ACTIONS 2026 Q3 TOPICS 456 512 575 620 676 22Q3 23Q3 24Q3 25Q3 26Q3 133 144 193 219 233 22Q3 23Q3 24Q3 25Q3 26Q322Q3 FY22 23Q3 FY23 24Q3 FY24 25Q3 FY25 FY2026 Plan 127.1 152.4 196.6 216.4 235.4 Japan NA EMEA Others ◼ Global: YTD Sales rev. YoY, in Yen +17%, annual plan progress rate 73% ◼ NA: YTD Sales rev. YoY, in Yen +17%, in local currency +9% Demand growth remained strong, driven by enhanced patient-finding and support programs. Leading indicators, incl. new patient additions, stayed favorable. Q3 growth temporarily moderated due to the reversal of Q2 pre-price-increase shipments. ◼ EMEA: YTD Sales rev. YoY, in Yen +17%, in local currency +7% Underlying demand remained strong, driven mainly by continued patient growth, particularly among adults. ◼ JP: YTD Sales rev. YoY, in Yen +14% Dedicated-rep promotion and disease awareness efforts drove steady new patient additions, led by adults, and faster uptake of the pre-filled syringe. 26Q3 ◼ NA: Continue investments in people and operations to support patient identification, customer education, and the evolution of patient support services. ◼ EMEA: Drive growth through improved patient identification, including AI-enabled initiatives, reinforcement of guideline-based use in pediatrics, expansion into adult patients. ◼ JAPAN: Drive adult patient penetration through enhanced promotion and disease awareness activities led by the dedicated bone metabolism unit established in October 2025. North America Demand Trend 85.1 103.1 134.9 146.7 171.5 155 233 187 285 157 273 191 325 151 325 200 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 26Q3 Sales Revenue（$M） Demand (mg) 12 month MA +17%
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15© Kyowa Kirin Co., Ltd. 3.5 5.1 4.8 6.9 6.0 8.2 7.3 10.0 8.9 12.012.6 17.2 15.1 21.5 21.6 29.7 25.1 33.9 28.4 40.9 Poteligeo 2026 Key Actions & Q3 Topics Japan EMEA 2026 KEY ACTIONS 2026 Q3 TOPICS Revenue (Billion yen) North America Revenue ($M) EMEA Revenue (£M) 22Q3 FY22 23Q3 FY23 24Q3 FY24 25Q3 FY25 337 22 28 31 38 42 22Q3 23Q3 24Q3 25Q3 26Q3 NA Others ◼ Global: YTD Sales rev. YoY, in Yen +15%, annual plan progress rate 71% ◼ NA: YTD Sales rev. YoY, in Yen +13%, in local currency +6% YTD demand remained above the prior-year level. Continued active promotion to target institutions leveraging accumulated evidence, with ongoing focus on patient-finding through ML/AI and advanced analytics. ◼ EMEA: YTD Sales rev. YoY, in Yen +22%, in local currency +11% Underlying demand remained robust, supported by accelerating evidence-based communication and sustained patient engagement initiatives. Continued to expand geographic reach across the region. ◼ Global: Support the Poteligeo franchise in MF/SS through aligned global execution and continued use of clinical and real-world evidence to reinforce long-term value. ◼ NA: Focus on identifying appropriate MF/SS patients and supporting broader and earlier use through evidence-based communication. Continue to leverage ML & AI based technology. ◼ EMEA: Focus on identifying appropriate MF/SS patients and supporting broader and earlier use through evidence-based communication. Support market expansion opportunities and reimbursement efforts. Utilize peer exchange programs and AI data to help identify patients earlier. 100 110 143 169 179 22Q3 23Q3 24Q3 25Q3 26Q3 26Q3 FY2026 Plan 24.2 30.3 39.9 45.7 54.6 17.5 21.3 29.1 33.7 38.8
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16© Kyowa Kirin Co., Ltd. KOMZIFTI 2026 Key Actions & Q3 Topics KEY ACTIONS IN 2026 ◼ KOMZIFTI’s efficacy, safety profile, and ease of use support its positioning as a competitive option in R/R NPM1-mutated AML, with the potential for increased market penetration over time. Items FY2025 2026 Jan- Mar 2026 Apr- Jun 2026 Jul- Sep 2026 YTD Revenue ー ー ー ー ー SG&A (4.1) (0.7) (0.9) (0.2) (1.7) Core Operating Profit (4.1) (0.7) (0.9) (0.2) (1.7) Amortization of Intangible Assets (0.7) (1.1) (1.1) (1.2) (3.4) Profit before Tax (4.8) (1.8) (2.0) (1.3) (5.1) Kyowa Kirin P/L Image Unit: Billions of yen 2026 Q3 TOPICS ◼ Commercial efforts continue to support the successful launch of KOMZIFTI ◼ KOMZIFTI is establishing a differentiated position within the menin inhibitor class for relapsed or refractory NPM1-mutated AML ◼ We continue to engage healthcare professionals through a range of educational and field-based activities ◼ We are strengthening the evidence base to support broader adoption in clinical practice ◼ Multiple clinical updates are expected at ASH*, further deepening understanding of ziftomenib's potential value Items FY 2025 2026 Jan- Mar 2026 Apr- Jun 2026 Jul- Sep 2026 YTD Net Product Revenue 0.3 0.9 1.4 * * Net Profit / Net Loss before Tax (8.2) (1.5) (1.7) (0.3) (3.5) KOMZIFTI Product P/L Image 50% Unit: Billions of yen Profit *Net Product Revenue: refer to Kura Oncology's Q3 2026 earnings materials (Expected by mid-November). 50% of Net Profit / Net Loss before Tax is recorded as revenue (if Net Profit) or SG&A (if Net Loss). Loss *The American Society of Hematology Annual Meeting
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17© Kyowa Kirin Co., Ltd. Business Update
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18© Kyowa Kirin Co., Ltd. Agreement with the U.S. Government News Releases (August 31, 2026, U.S. time) Agreement with U.S. Administration to Reduce Treatment Costs for Americans Voluntary agreement with the U.S. government to improve access and lower the cost of medicines for Americans Participation in the GENEROUS model Certain medicines offered to state Medicaid patients at a discount Balanced pricing for new products Applicable new products to be launched in other developed countries with a more balanced pricing framework Deferral of Section 232 tariffs Agreement with the U.S. Department of Commerce to defer Section 232 tariffs * The detailed terms of the agreement remain confidential
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19© Kyowa Kirin Co., Ltd. Orchard updates: Advancing Our Gene & Cell Therapy Platform Revenue Growth ⚫ Revenue +66% YoY (Jan–Sep 2026) ⚫ Aim for +30 to 40% CAGR over next three years driven by newborn screening and geographic expansion Newborn Screening Europe / U.S. ⚫ Approved in 2020 and 2024, respectively. ⚫ Qualified Treatment Centers: 9 in the U.S. and 7 in Europe Japan ⚫ NDA1 submitted (Mar 2026) Other regions ⚫ Saudi Arabia: MAA2 submitted (Jan 2026) ⚫ Future filings planned in Brazil and Canada Treatment Access OTL-203 (MPS-IH) OTL-201 (MPS-IIIA) ⚫ PoC study is ongoing with long- term patient follow-up ongoing ⚫ Aligning with global regulatory agencies on final design of registrational study Portfolio Expansion Europe ⚫ Sweden, Norway: nationwide screening in place ⚫ Austria: nationwide pilot ongoing ⚫ Other countries: regional or pilot screening programs underway in Italy, Germany, France U.S. ⚫ MLD added to RUSP4 (Dec 2025) ⚫ 21 states (>50% of U.S. births) with RUSP alignment legislation ⚫ Actively screening: 3 states ⚫ Recommend add to state panel: 18 states ⚫ Outlook: expect active screening in 29 states, or 2.7 million newborns by end of 2028 4.4 Bn yen 7.3 Bn yen 10.0 Bn yen 2025 Q3 YTD 2026 Q3 YTD 2026 Full-year Plan Libmeldy®/LenmeldyTM MLD3 Libmeldy®/LenmeldyTM Gene and Cell Therapy 1. New Drug Application, 2. Market Authorization Application, 3. Metachromatic Leukodystrophy, 4. Recommended Uniform Screening Panel, 5. Biologics License Application ⚫ Completed a meeting with the FDA in September 2026 on clinical and CMC plans and BLA5 submission strategy ⚫ FDA indicated that accelerated approval based on a surrogate marker endpoint could be a potential submission pathway ⚫ Currently planning for a BLA submission in the U.S. in 2029
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20© Kyowa Kirin Co., Ltd. R&D Update
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21© Kyowa Kirin Co., Ltd. Development Pipeline: News Flow (1) Product Indication Event Status ziftomenib Already marketed as KOMZIFTITM AML (1L/Combination) KOMET-017（P3） Ongoing KOMET-007（P1）Presentation at EHA Congress and Journal Publication June 2026 KOMET-J001 (P2, Japan) Ongoing AML (NPM1-m or KMT2A-r) Orphan Drug Designation in Japan August 2026 OTL-203 MPS-I (Hurler Syndrome) Registrational Study（P3 Equivalent） Ongoing OTL-200 Already marketed as Libmeldy®/Lenmeldy® MLD P3 (Japan) NDA (Japan) In preparation March 2026 KK8398 infigratinib Achondroplasia P3 Ongoing Hypochondroplasia P3 In preparation KHK4951 tivozanib eyedrop nAMD P2 Topline Data Announcement September 2026 DME P2 Ongoing OTL-201 MPS-IIIA (Sanfilippo Syndrome Type A) PoC Study (P1/2 Equivalent) Ongoing As of Nov 2, 2026 New information highlighted in orange
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22© Kyowa Kirin Co., Ltd. Development Pipeline: News Flow (2) Product Indication Event Status KK4277 SLE, CLE P1 Completed KK2260 Advanced or metastatic solid tumors P1 Ongoing KK2269 Advanced or metastatic solid tumors P1 Ongoing KK2845 AML and other Hematologic Malignancies P1 Ongoing KK8123 XLH P1/2 Ongoing KK8005 XLH P1/2 initiation September 2026 KK3910 Essential Hypertension P1 Ongoing KK2223 CTCL, PTCL P1 initiation September 2026 KK4408 Autoimmune disease P1/2 initiation October 2026 As of Nov 2, 2026 New information highlighted in orange
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© Kyowa Kirin Co., Ltd.23 KHK4951 Phase 2 Summary of Test Results Achieved the company's pre-defined product profile targets Results suggest the potential of an eye drop-centered maintenance treatment strategy 1. IVT = Intravitreal; 2. Best-Corrected Visual Acuity; 3. Central Subfield Thickness Primary Evaluation Items The “statistical difference among dose groups in the proportion of patients with a reduction of 15 or more BCVA2 between 8 and 52 weeks" was not observed Safety and Tolerability No new safety signals were observed in this study Effectiveness In all treatment groups, including the low-dose group, 65-69% of subjects maintained their vision within 15 letters decrease in BCVA without any rescue IVT1 injection at Week 52 Secondary Evaluation Items In all groups, BCVA and CST3 remained stable throughout the treatment period. Source: Kyowa Kirin, “Topline Results of the KHK4951 Phase 2 study in nAMD patients” disclosed on September 8, 2026.
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24© Kyowa Kirin Co., Ltd. Appendix Financial Information R&D Other Updates
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25© Kyowa Kirin Co., Ltd. Revenue of Major Items (Units are billion JPY, rounded) *1 Sales royalties of Fasenra sold by AstraZeneca (including our own estimates) *2 Overseas items are shown after deducting discounts, etc., including foreign exchange effects. Items in the Japan region display the amount before deductions. Product Name, etc. FY2025 Jan-Sep FY2026 Jan-Sep YoY Change Key Reason FY2026 Rev. Plans* Progress Crysvita 146.7 171.5 +24.8 (+17%) Market Penetration 235.4 73% Japan 9.7 11.1 +1.4 (+14%) 14.7 75% North America 92.0 107.5 +15.5 (+17%) 220.7 73%EMEA 42.4 49.7 +7.3 (+17%) Others 2.6 3.3 +0.6 (+25%) Poteligeo 33.7 38.8 +5.1 (+15%) Market Penetration 54.6 71% Japan 1.2 1.3 +0.1 (+9%) 1.4 88% North America 25.1 28.4 +3.3 (+13%) 40.9 69% EMEA 7.3 8.9 +1.6 (+22%) 12.0 74% Others 0.1 0.2 +0.1 (+142%) 0.2 93% Libmeldy / Lenmeldy 4.4 7.3 +2.9 (+66%) Market Penetration (US FDA approval in March 2024) 10.0 73% United States 1.6 4.9 +3.3 (+203%) 4.5 108% EMEA/ Others 2.8 2.4 -0.4 (-13%) 5.5 44% Phozevel Japan 5.9 7.1 +1.1 (+19%) Market Penetration (Launched in February 2024) 11.6 61% Duvroq Japan 10.9 12.8 +1.9 (+17%) Market Penetration 16.2 79% G-Lasta Japan 13.7 10.5 -3.1 (-23%) Drug price revisions and BS Penetration 16.2 65% Romiplate Japan 11.5 9.0 -2.5 (-22%) Drug price revisions 11.4 79% Tech-licensing 39.4 55.6 +16.3 (+41%) Fasenra growth and one- time recognition of deferred revenue for rocatinlimab 74.9 74% Benralizumab Royalty*1 25.4 31.6 +6.2 (+25%) *The forecasts for Revenue of Major Items were not changed in the revision of the earnings forecasts announced on May 7, 2026.
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26© Kyowa Kirin Co., Ltd. Impact on Business Performance ◼ Estimated Impact on Core Operating Profit ⚫ 2026 : Approx. +¥20～30 billion ⚫ 2027 : Approx. +¥30 billion ⚫ 2028 : Approx. +¥10 billion ⚫ 2029 onwards : Certain negative impact expected ◼ Estimated Impact on Net Income for the Current Fiscal Year ⚫ In addition to the impact on core operating profit, closing costs arising from the termination of the clinical trials will be recorded as “other expenses” • Short-term profit increase due to elimination of SG&A and R&D expenses related to rocatinlimab • Certain negative profit impact expected in the medium to long term ◼ Revision of FY2026 Earnings Forecast ⚫ Currently under review; revision to the earnings forecast will be disclosed at the time of the Q1 FY2026 earnings announcement Source: Kyowa Kirin, “Discontinuation of Clinical Trials for Rocatinlimab,” disclosed on March 4, 2026.
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27© Kyowa Kirin Co., Ltd. （Billion JPY） 2023 Actual 2024 Actual 2025 Actual 2026 Rev. Plans Core Operating Profit [Core Operating Profit Margin] (Current Metric) 96.8 [22%] 95.4 [19%] 103.1 [21%] 119.0 [23%] Excluded Amortization of intangible assets (sales rights) 5.6 7.6 7.6 11.0 Equity method investment P&L 0.9 3.5 0.8 0.0 Non-recurring items － － － － Core Operating Profit [Core Operating Profit Margin] (Revised Metric) 101.4 [23%] 99.4 [20%] 109.8 [22%] 130.0 [25%] Change in Core Performance Metrics from FY2026 Reviewing performance management post 2021-2025 Mid-term Business Plan, we change core performance metrics anticipating the impact of IFRS 18 "Presentation and Disclosure in Financial Statements" effective FY2027. ◼ Consolidated P/L display change (intro of 3 categories: operating, investing, financing) →Equity method investment P&L excluded from operating profit ◼ Intro of "Management-defined Performance Metrics" footnote (audited) for investor comms →Revisions to metrics for better comparability with global pharma, reflecting group's sustainable profitability Background Calculated by deducting SG&A (excl. amortization of intangible assets) and R&D from gross profit, and further excluding non-recurring items as determined by the Company →Compared to previous core operating profit, amortization of intangible assets (amortization of selling rights) and equity in earnings of affiliates are excluded Details Source: Kyowa Kirin, “FY2025 Financial Results Briefing,” disclosed on Feb 9, 2026. (Updated 2026 Plans)
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28© Kyowa Kirin Co., Ltd. From the fiscal year ending December 2027, the presentation of our consolidated statement of profit or loss will be revised as outlined below. Ahead of this change, we have updated our performance indicators starting from the fiscal year ending Dec. 2026. Core Operating Profit: Gross profit less selling, general and administrative expenses, R&D expenses, and related non-recurring items. Core Profit for the Year: Core operating profit less related income tax expense. Core EPS: Core profit for the year divided by the weighted average number of shares outstanding. Current Presentation (through FY2025) Current Core Metrics (through FY2025) New Core Metrics (from FY2026) IFRS 18 (from FY2027) Revenue Cost of Sales Gross Profit SG&A R&D Expenses (Amortization of Intangible Assets) ※ Equity-method profit/loss Other Operating Income / Expenses Revenue Cost of Sales Gross Profit SG&A R&D Expenses Amortization of Intangible Assets Equity-method profit/loss Other Operating Income / Expenses Operating Profit Profit Before Finance and Income Taxes Other Investment Income / Expenses Profit Before Tax Finance income / costs Income Tax Expense Profit for the Year Core Operating Profit (excluding non-recurring items) Core Operating Profit Finance income / costs Finance income / costs Profit Before Tax Profit for the Year Income Tax Expense Income Tax Expenses (Excl. other income/expenses) Core Profit for the Year Core EPS Core Profit for the Year Core EPS Income tax expense (Core operating profit items) [Ref.] Impacts arising from the adoption of IFRS 18 “Presentation and Disclosure in Financial Statements Operating Investment Finance *Amortization of intangible assets (amortization of selling rights) was included in SG&A until 2025. Beginning in 2026, it has been separately disclosed as amortization of intangible assets due to increased materiality.
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29© Kyowa Kirin Co., Ltd. Operating CF before R&D expenses Cash to be generated in 2026-2028 ¥ 660 B ⚫Operating CF 280 ⚫ R&D expenses 380 Consider leveraging debt when appropriate ⚫ Investment in a US biopharmaceutical manufacturing facility and IT, DX and AI investments AllocationSource Share buyback will be considered flexibly ⚫ Share buyback will be considered flexibly, taking into account the status of strategic investments, business performance, and share price trends, with a focus on ROE Capital Allocation Policy (2026–2028) While properly allocating the generated cash flow to investments for organic growth and to dividends, we will also allocate c ash for future inorganic growth with discipline. ¥ 40 B Dividend R&D CAPEX Cash on hand EMBU business restructuring Consistent Investment for Organic Growth Strategic cash allocation for Inorganic growth Stable Shareholders Return ⚫ DOE 4%+ ⚫ Progressive dividend ¥ 380 B ¥ 110 B ¥ 130 B ¥ 220 B (End of FY2025) ⚫ Strategic investments will, in principle, be considered within the scope of available cash on hand; however, the use of external debt will also be considered as necessary. (Even when making use of debt financing, we will, as a rule, maintain discipline by keeping the net D/E ratio within 0.5x or lower.) Strategic investment Investment CF Source: Kyowa Kirin, “Kyowa Kirin Equity Story” disclosed in June 2026.
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© Kyowa Kirin Co., Ltd. P/L Impact on EMEA established medicines portfolio Before Aug 2023 After Aug 2023 2024 2025 2026 Revenue COGs SG&A Equity method Other income Product sales Disposal proceeds Share transfer * 49% of profit for Joint Venture Collaboration, Grünenthal Meds 51% of Grünenthal Meds share has transferred (Aug 1) Gain on sales of 51% share＋ gain on valuation of remaining 49% share at ￡80.9M (JPY 14.8B) in total £ 62.5M (JPY 11.4B) Contingency income £8.5M (JPY 1.6B) Tostran until Oct * Kyowa Kirin International plc (“KKI”) transferred the remaining assets related to its established pharmaceutical business, including the IP for 9 brands (down from 13), to Grünenthal in the Q1 of FY2026. In prior periods, options held under a collaboration agreement were measured at fair value and recognized as liabilities. Following the termination of the option agreements, the derivative liabilities were reversed and a gain on derivative remeasurement was recognized. Tostran IP transfer （ADVANZ PHARMA） Established portfolio 13 brands SG&A costs Cost of product sales Transfer of residual assets + Realization of unrealized profits IP transfer £ 66.4M(JPY13.1B) IP transfer 1 brand 9 brands 3+1 brands Sales Royalties & license fees 3 brands Royalties decrease due to early IP transfer unrealized 49% of the transfer value 30 £38.5M (JPY7.7B) *Incl. price adj. diff. for 3 brands transferred last year JPY 4.3 B Disposal of shares + derivative valuation gains
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31© Kyowa Kirin Co., Ltd. FX Info 2025 Jan-Sep 2026 Jan-Sep YoY 2026 Rev. Plans* USD 149 159 +10 ¥150 GBP 195 213 +18 ¥205 EUR 165 185 +20 ¥180 Revenue Core OP USD +12.3 +6.3 GBP +0.5 -1.4 EUR +5.6 +3.1 Sensitivity Revenue Core OP USD 1 yen Weaker +1.8B +0.6B GBP 1 yen Weaker +0.1B -0.1B EUR 1 yen Weaker +0.4B +0.2B Period Avg. FX Rate (yen) FY2026 YTD Q3 FX Impact (vs FY25, billion yen) FY2026 FX Sensitivity (vs FY26 Rev. Plans, billion yen) *There has been no change in the foreign exchange assumptions from those used in the FY2026 plans announced on February 9, 2026.
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32© Kyowa Kirin Co., Ltd. Ziftomenib ~Kura Oncology Collaboration~ Kyowa Kirin to pay $330M upfront, up to $1,161M milestones. Includes: $420M near-term milestones, $228M solid tumor option, future global sales royalties. US Ex-US Dev. ◼ Kura leads Dev. ◼ Dev. costs 50/50 ◼ Kura funds Dev. (~2028) ◼ Kyowa Kirin leads Dev. Commercial. ◼ Kura books sales ◼ 50/50 Profit Share ◼ Kyowa Kirin sells & books sales Sales Royalties ◼ Kyowa Kirin pays double-digit % sales royalties Supply ◼ Kura supplies ◼ Kura supplies
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33© Kyowa Kirin Co., Ltd. Crysvita ~Ultragenyx Collaboration~ Economic Terms US･Canada ◼ Kyowa Kirin books sales ◼ 50/50 profit share for 5 years post-launch ◼ From Yr 6 (Apr 27, 2023), tiered sales royalties to Ultragenyx (mid-to-high 20s%) Europe ◼ Kyowa Kirin books sales ◼ Sales royalties to Ultragenyx (<10%) Latin America ◼ Ultragenyx books sales ◼ Kyowa Kirin receives sales royalties (low single-digits%). Turkey ◼ Ultragenyx books sales ◼ Kyowa Kirin receives sales royalties (≤20%). Asia & Other ◼ Kyowa Kirin books sales *Kyowa Kirin supplies product in all regions.
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34© Kyowa Kirin Co., Ltd. Key Development Pipeline (1) Disease in development*1 Planned approval year*2 Development status Market size*3 Number of patients*4 ziftomenib AML (NPM1-m or KMT2A-r, Newly Diagnosed) TBD P3 (Global) ★★★★ 20K KK8398 infigratinib Achondroplasia TBD P3 (Japan) ★ 1 in 20K live births Hypochondroplasia TBD P3 (Japan) In preparation ★ 1 in 33K live births OTL-200 Metachromatic Leukodystrophy 2026/2027 P3 (Japan) In preparation ★ 1 in 100K live births*6 KHK4951 tivozanib eyedrop nAMD TBD P2 (JP/US) ★★★★★ 2672K DME TBD P2 (JP/US) ★★★★ 2219K OTL-203 MPS-IH (Hurler Syndrome) 2029/2030 Registrational study*5 (US, EU) ★ 1 in 100K live births*6 OTL-201 MPS-IIIA (Sanfilippo syndrome type A) TBD Proof-of-concept study*7 ★ ~1 in 100K live births *1 This refers to diseases under development at the time of this presentation and may differ from the final indications approved by regulatory authorities. *2 Represents the anticipated year of regulatory approval for the indication currently under development. *3 Market size is our own independent estimate based on the total of all products for the “disease under development.” The colored section is global, the rest are values for Japan only. ★: Under 50 billion yen, ★★: 50 billion yen or more– Under 100 billion yen, ★★★: 100 billion yen or more– Under 500 billion yen, ★★★★: 500 billion yen or more– Under 1 trillion yen, ★★★★★: 1trillion yen or more *4 This is an independent estimate by our company. Colored sections are values for global, the rest for Japan only. *5 Equivalent to phase 3 trial. *6 “1 in 100,000” is for all MPS-I cases,Hurler syndrome accounts for 60% of this value. *7 P1/2 Equivalent to trial. As of Nov 2, 2026
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35© Kyowa Kirin Co., Ltd. Key Development Pipeline (2) Disease in Development*1 Development Status Modality, Technology Used KK4277 Systemic Lupus Erythematosus Cutaneous Lupus Erythematosus P1 (Japan/Asia) completed Antibody, POTELLIGENT® KK2260 Advanced/Metastatic Solid Tumors P1 (JP: Ongoing, US: Prep) Antibody, REGULGENTTM KK2269 Advanced/Metastatic Solid Tumors P1 (JP/US) Antibody, REGULGENTTM KK2845 Acute Myeloid Leukemia (AML) P1 (Japan) Antibody-Drug Conjugate (ADC) KK8123 XLH (Adults) P1/2 (US/EU) Antibody KK8005 XLH (Adults) P1/2 (Japan) Antibody KK3910 Essential Hypertension P1 (Japan) Antibody KK2223 CTCL, PTCL P1 (US: Ongoing, EU: Prep) Antibody-Drug Conjugate (ADC) KK4408 Autoimmune disease P1/2 (Japan) Antibody, REGULGENTTM *1 Diseases in development as of this presentation; final approved indications may differ from regulatory authorities. As of Nov 2, 2026
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36© Kyowa Kirin Co., Ltd. Key Development Pipeline: Future Plans Product Name Target Disease Development Phase 2026 2027 2028 ＋ ziftomenib ALL P1a1 (KMT2A-r) AML P1a1 (non NPM1-m / non-KMT2A-r AML) P1 P11 P3 P2 OTL-203 MPS-I (Hurler Syndrome) Registrational7 OTL-200 MLD P3 In preparation KK8398 Achondroplasia P3 KOMET- 0012 KOMET- 0073 KOMET- 0084 KOMET- 0175 1. Dose escalation ongoing, 2. 2L+ Mono, 3. 1L, 2L+, Combinations with cytarabine + daunorubicin (7+3), venetoclax + azacitidine, and 7+3 and quizartinib, 4. 2L+, Combination with gilteritinib, FLAG- IDA, LDAC, 5. 1L, Combinations with cytarabine + daunorubicin (7+3), and venetoclax + azacitidine, 6. Japan P2 monotherapy study in R/R NPM1-m AML, 7. Equivalent to P3. Studies of ziftomenib on this slide sponsored by Kura Oncology. Bar graphs correspond to clinicaltrials.gov timelines Orange: Ongoing Gray: Pre-initiation or Completed KOMET- J0016 As of Nov 2, 2026
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37© Kyowa Kirin Co., Ltd. Key Development Pipeline: Future Plans Bar graphs correspond to clinicaltrials.gov timelines Product Name Target Disease Development Phase 2026 2027 2028 ＋ KHK4951 tivozanib eyedrop nAMD P2 DME P2 KK4277 SLE CLE P1 KK2260 Advanced/Metastatic Solid Tumors P1 KK2269 Advanced/Metastatic Solid Tumors P1 KK2845 R/R AML and Other Hematologic Malignancies P1 KK8123 XLH (Adults) P1/2 KK8005 XLH (Adults) P1/2 KK3910 Essential HTN P1 KK2223 CTCL, PTCL P1 KK4408 Autoimmune disease P1/2 September 2026 Topline Data Announcement P1 study has been completed. Reviewing results to determine next steps. Orange: Ongoing Gray: Pre-initiation or Completed As of Nov 2, 2026
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38© Kyowa Kirin Co., Ltd. Ziftomenib Assets in focus disease areas Disease areas Hematology/ Hemato-oncology Market potential New Patient 22k/year US New Patient 7k/year Japan Acute Myeloid Leukemia Up to ~50% of overall AML patients are eligible In development for relapsed/refractory and front-line AML with NPM1 mutation, KMT2A rearrangement, and FLT3 mutation Differentiated by deep and durable efficacy, combinability with other agents, safety, and a simple dosing schedule Total Accessible Market1 ~7B USD (US) Modalities Small Molecule (Once daily, oral) Commercialization Leveraging Hematology/ Hemato-oncology Franchise Efficacy Compatibility Safety Simplicity Deep and durable clinical responses Once-daily oral dosing without weight- based adjustments or complex tablet combinations No interaction-driven dose modifications or additional toxicity beyond standard therapy expectations Manageable safety and tolerability profile US Creating Innovative Life-changing value 1Kura Oncology estimate.
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39© Kyowa Kirin Co., Ltd. KHK4951 Assets in focus disease areas Patients 2670k Global nAMD Existing Market Size2 1Trillion Yen~ In development for neovascular Age-related Macular Degeneration (nAMD) and Diabetic Macular Edema (DME) Non-invasive eye drop option for maintenance therapy after induction treatment in diseases where intravitreal injection is the SOC1, aiming to reduce injection frequency and clinic visit burden for patients continuing treatment DME Patients 2220k Existing Market Size2 500B~1Tyen Lancet 2012; 379: 1728–38 Nano-crystallized tivozanib Efficient posterior eye delivery Strategic Partnering Assets Global KHK4951 Disease areas Ophthalmology Modalities Small Molecule (Eyedrop) Commercialization Exploring Strategic Partner Market Potential Market Potential 1 Standard of Care, 2 Market size is our own independent estimate based on the total of all products for the disease under development. Creating Innovative Life-changing value
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40© Kyowa Kirin Co., Ltd. KK2845 New Patients 22k/year New Patients 7k/year Acute Myeloid Leukemia Existing Market Size 500B~1 Trillion Yen Modified from: Kikushige Y et. al., Cell Stem Cell, 2015 Leukemic stem cells (LSC) TIM-3 Proliferation of AML cells TIM-3 signaling Galectin-9 (TIM-3 Ligand) US Japan Disease areas Hematology/ Hemato-oncology Modalities Antibody Drug Conjugate Commercialization Leveraging Hematology/ Hemato-oncology Franchise Kyowa Kirin’s first ADC in development for relapsed/refractory acute myeloid leukemia (AML) Targeting TIM-3 with the ADC to reach leukemic stem cells and blasts — aiming for a fundamental cure of the disease Targeting Market Potential US KK2845 Creating Innovative Life-changing value Assets in focus disease areas
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41© Kyowa Kirin Co., Ltd. Est. Patients Disease Country/ Region Incidence Prevalence1 Source PTCL Japan, US, EU4+UK 9,000 / year Clarivate - Decision Resources NK/T-Cell Lymphoma/ Global Data - Epidemiology Intelligence CTCL Japan, US, EU4+UK 80,000 Clarivate - Decision Resources NK/T-Cell Lymphoma - Epidemiology Intelligence XLH Japan 1:20,000 Adults: 5,000 Peds: 1,000 Est. based on incidence; Nationwide survey of fibroblast growth factor 23 (FGF23)-related hypophosphatemic diseases in Japan: prevalence, biochemical data and treatment. (Endo I et al., Endocr J., 2015) Europe 1:20,000 Adults: 12,000 Peds: 3,000 Est. based on incidence US 1:20,000 Adults: 12,000 Peds: 3,000 Est. based on incidence; New perspectives on the biology and treatment of X-linked hypophosphatemic rickets. (Carpenter TO, Pediatr Clin North Am., 1997) TIO Japan 30 MHLW 2010 Epi Survey on Hormone Receptor Abnormalities US 500-1,000 Ultragenyx survey nAMD Japan, US, EU 2,700,000 Decision Resources survey MLD Global 1:100,000 Mahmood et al. Metachromatic Leukodystrophy: A Case of Triplets with the Late Infantile Variant and a Systematic Review of the Literature. Journal of Child Neurology 2010, MPS-IH Global 1:100,0002 Puckett et al. 2021 Orphanet J Rare Dis 16:241: US NBS data (MPS-I incidence derived from NBS data in Table 3) MPS-IIIA Global ~1:100,000 Shapiro EG, et al. J Pediatr. 2016 Mar;170:278-87.e1-4. AML Japan US 7,000 / year 22,000 / year MHLW 2020 Patient Survey, by Disease National Cancer Institute. Cancer Stat Facts: Leukemia 1. Prevalence is est. # per total population of country/region; 2. Value for total MPS-I per 100k live births; Hurler is approx. 60% of this.
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42© Kyowa Kirin Co., Ltd. Abbreviations AG Authorized Generic ALL Acute Lymphoblastic Leukemia AML Acute Myeloid Leukemia BS Biosimilar CTCL Cutaneous T-cell Lymphoma DME Diabetic Macular Edema EMEA Europe, Middle East, & Africa JP Japan LCM Lifecycle Management MLD Metachromatic Leukodystrophy MPS-IH Mucopolysaccharidosis type I, Hurler syndrome MPS-IIIA Mucopolysaccharidosis type IIIA NA North America nAMD Neovascular Age-related Macular Degeneration PTCL Peripheral T-cell Lymphoma TIO Tumor-Induced Osteomalacia XLH X-linked Hypophosphatemia
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43© Kyowa Kirin Co., Ltd. Reference Information URL Vision 2030 and Beyond: Our Growth Story (February 2026) Click here for the material→ LINK Kyowa Kirin Equity Story (June 2026) Integrated Report 2025 (May 2026) Click here for the material→ LINK Click here for the material→ LINK
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44© Kyowa Kirin Co., Ltd. Upcoming IR Event: Roundtable with Independent Outside Directors Our independent outside directors will engage directly with investors and analysts on Board discussions and the oversight of management Takashi Oyamada, MBA Independent Outside Director Nomination and Remuneration Advisory Committee (Committee chair) Yukiko Ito, Ph.D. Independent Outside Director Nomination and Remuneration Advisory Committee Kohei Kan Independent Outside Director Audit and Supervisory Committee (Committee chair) Date & Time: Wednesday, January 20, 2027, 13:30–14:30 JST (planned) Format: In person at Kyowa Kirin head office and via Zoom (planned) Program: Opening remarks from the speakers, followed by Q&A (questions will also be accepted in advance) * Details and registration information will be provided separately. The content is subject to change.
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45© Kyowa Kirin Co., Ltd. This document contains forward-looking statements regarding the outlook, targets, plans, and other future-related matters of the Company (including its consolidated subsidiaries in Japan and overseas). These statements are based on our reasonable judgments using current information and forecasts but involve uncertainties that could cause actual results to differ materially. These uncertainties include, but are not limited to, risks inherent in the domestic and international pharmaceutical industry, intellectual property rights, side effects, legal regulations, product defects, fluctuations in raw material/fuel prices, market prices, and exchange/financial markets. This document is for investor information purposes only and contains information on pharmaceuticals (including products under development), but it is not intended for promotional advertising or medical advice.
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～Contact for Inquiries Regarding This Material～ Kyowa Kirin Co., Ltd. Finance Dep., IR Group +81-3-5205-7206 / ir@kyowakirin.com