Slides
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October 30th, 2025 Committed to Growth & Shareholder Returns TSE: 4502 FY2025 Q2 Earnings Announcement
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For the purposes of this notice, “presentation” means this document, any oral presentation, any question and answer session and any written or oral material discussed or distributed by Takeda Pharmaceutical Company Limited (“Takeda”) regarding this presentation. This presentation (including any oral briefing and any question-and-answer in connection with it) is not intended to, and does not constitute, represent or form part of any offer, invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, exchange, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction. No shares or other securities are being offered to the public by means of this presentation. No offering of securities shall be made in the United States except pursuant to registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom. This presentation is being given (together with any further information which may be provided to the recipient) on the condition that it is for use by the recipient for information purposes only (and not for the evaluation of any investment, acquisition, disposal or any other transaction). Any failure to comply with these restrictions may constitute a violation of applicable securities laws. The companies in which Takeda directly and indirectly owns investments are separate entities. In this presentation, “Takeda” is sometimes used for convenience where references are made to Takeda and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to subsidiaries in general or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies. The product names appearing in this document are trademarks or registered trademarks owned by Takeda, or their respective owners. Forward-Looking Statements This presentation and any materials distributed in connection with this presentation may contain forward-looking statements, beliefs or opinions regarding Takeda’s future business, future position and results of operations, including estimates, forecasts, targets and plans for Takeda. Without limitation, forward-looking statements often include words such as “targets”, “plans”, “believes”, “hopes”, “continues”, “expects”, “aims”, “intends”, “ensures”, “will”, “may”, “should”, “would”, “could”, “anticipates”, “estimates”, “projects”, “forecasts”, “outlook” or similar expressions or the negative thereof. These forward-looking statements are based on assumptions about many important factors, including the following, which could cause actual results to differ materially from those expressed or implied by the forward-looking statements: the economic circumstances surrounding Takeda’s global business, including general economic conditions in Japan and the United States and with respect to international trade relations; competitive pressures and developments; changes to applicable laws and regulations, including tax, tariff and other trade-related rules; challenges inherent in new product development, including uncertainty of clinical success and decisions of regulatory authorities and the timing thereof; uncertainty of commercial success for new and existing products; manufacturing difficulties or delays; fluctuations in interest and currency exchange rates; claims or concerns regarding the safety or efficacy of marketed products or product candidates; the impact of health crises, like the novel coronavirus pandemic; the success of our environmental sustainability efforts, in enabling us to reduce our greenhouse gas emissions or meet our other environmental goals; the extent to which our efforts to increase efficiency, productivity or cost-savings, such as the integration of digital technologies, including artificial intelligence, in our business or other initiatives to restructure our operations will lead to the expected benefits; and other factors identified in Takeda’s most recent Annual Report on Form 20-F and Takeda’s other reports filed with the U.S. Securities and Exchange Commission, available on Takeda’s website at: https://www.takeda.com/investors/sec-filings-and-security-reports/ or at www.sec.gov. Takeda does not undertake to update any of the forward-looking statements contained in this presentation or any other forward-looking statements it may make, except as required by law or stock exchange rule. Past performance is not an indicator of future results and the results or statements of Takeda in this presentation may not be indicative of, and are not an estimate, forecast, guarantee or projection of Takeda’s future results. Financial Information and Non-IFRS Measures Takeda’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). This presentation and materials distributed in connection with this presentation include certain financial measures not presented in accordance with IFRS, such as Core Revenue, Core Operating Profit, Core Net Profit for the year attributable to owners of the Company, Core EPS, Constant Exchange Rate (“CER”) change, Net Debt, Adjusted Net Debt, EBITDA, Adjusted EBITDA, Free Cash Flow and Adjusted Free Cash Flow. Takeda’s management evaluates results and makes operating and investment decisions using both IFRS and non-IFRS measures included in this presentation. These non-IFRS measures exclude certain income, cost and cash flow items which are included in, or are calculated differently from, the most closely comparable measures presented in accordance with IFRS. Takeda’s non-IFRS measures are not prepared in accordance with IFRS and such non-IFRS measures should be considered a supplement to, and not a substitute for, measures prepared in accordance with IFRS (which we sometimes refer to as “reported” measures). Investors are encouraged to review the definitions and reconciliations of non-IFRS measures to their most directly comparable IFRS measures, which are in the Financial Appendix appearing at the end of this presentation. Peak Revenue Potential and PTRS Estimates References in this presentation to peak revenue ranges are estimates that have not been adjusted for probability of technical and regulatory success (PTRS) and should not be considered a forecast or target. These peak revenue ranges represent Takeda’s assessments of various possible future commercial scenarios that may or may not occur. U.S. Dollar Convenience Translations In this presentation, certain amounts presented in Japanese yen have been translated to U.S. dollars solely for the convenience of the reader. Except where otherwise noted, these convenience translations have been made at an exchange rate of 1USD = 147.97 JPY, the Noon Buying Rate certified by the Federal Reserve Bank of New York on September 30, 2025. The rate and methodologies used for these convenience translations differ from the currency exchange rates and translation methodologies under IFRS used for the preparation of Takeda’s consolidated financial statements. These translations should not be construed as a representation that the Japanese yen amounts could be converted into U.S. dollars at this or any other rate. Medical information This presentation contains information about products that may not be available in all countries, or may be available under different trademarks, for different indications, in different dosages, or in different strengths. Nothing contained herein should be considered a solicitation, promotion or advertisement for any prescription drugs including the ones under development. License and Collaboration Agreement with Innovent Biologics IBI343, IBI363 and IBI3001 are included in this presentation for reference only. Takeda entered into a license and collaboration agreement with Innovent Biologics for rights to IBI343 and IBI363, and an exclusive option to license rights to IBI3001, in each case worldwide outside of mainland China, Hong Kong, Macau and Taiwan. The transaction is subject to customary closing conditions, including regulatory approvals. Takeda does not have rights to IBI343 or IBI363 until the transaction closes and does not have rights to IBI3001 until the option exercise. Important Notice 2
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Opening Remarks Christophe Weber, President & CEO Financial Highlights Milano Furuta, Chief Financial Officer Pipeline Update Andy Plump, President, R&D Question & Answer Session AGENDA Partnership with Innovent Biologics Teresa Bitetti, President, Global Oncology Business Unit P .K. Morrow, Head of Oncology Therapeutic Area Unit 1. 2. 3. 4. 5.
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Opening Remarks Christophe Weber, President & CEO Financial Highlights Milano Furuta, Chief Financial Officer Pipeline Update Andy Plump, President, R&D Question & Answer Session AGENDA Partnership with Innovent Biologics Teresa Bitetti, President, Global Oncology Business Unit P .K. Morrow, Head of Oncology Therapeutic Area Unit 1. 2. 3. 4. 5.
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Business Fundamentals Tracking as Planned During a Pivotal Year for the Pipeline 5 FY2025 Core Business Performance In-Line with Expectations Full-Year Management Guidance Updated due to Transactional FX Advancing our Highly Innovative Late-Stage Pipeline • Impacted by VYVANSE generics as expected • Growth & Launch Products +5.3% at CER 1 with higher growth rate anticipated in H2 • Driving OPEX savings through efficiency improvements 1. Constant Exchange Rate. Please refer to appendix slide A-1 for definition • Maintaining guidance for “Broadly flat” revenue at CER • Headwind from transactional FX impacting Core Operating Profit and Core EPS guidance • Reported EPS forecast reflects non-tax deductible impairment booked in H1 • Rusfertide & oveporexton on track to file within FY2025 • Zasocitinib Ph3 psoriasis data expected in H2 • Mezagitamab Ph1b IgAN data show durable eGFR over 18 months • Partnership with Innovent Biologics to bolster oncology pipeline
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Opening Remarks Christophe Weber, President & CEO Financial Highlights Milano Furuta, Chief Financial Officer Pipeline Update Andy Plump, President, R&D Question & Answer Session AGENDA Partnership with Innovent Biologics Teresa Bitetti, President, Global Oncology Business Unit P .K. Morrow, Head of Oncology Therapeutic Area Unit 1. 2. 3. 4. 5.
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1. Please refer to appendix slide A-1 for definition of Core financial measures, and slides A-8 and A-10 for reconciliation. 2. Constant Exchange Rate. Please refer to appendix slide A-1 for definition 3. Please refer to appendix slide A-2 for definition and slide A-12 for reconciliation (BN YEN, except EPS) REPORTED FY2025 H1 FY2024 H1 ACTUAL % CHANGE REVENUE 2,219.5 2,384.0 -6.9% OPERATING PROFIT 253.6 350.6 -27.7% Margin 11.4% 14.7% -3.3pp NET PROFIT 112.4 187.3 -40.0% EPS 72 yen 119 yen -39.8% OPERATING CASH FLOW 593.7 451.3 +31.6% ADJUSTED FREE CASH FLOW3 525.4 247.5 +112.3% FY2025 H1: Core Business Performance Tracking as Planned; Expecting Better Growth Outlook for the Full-year 7 CORE 1 FY2025 H1 FY2024 H1 ACTUAL % CHANGE CER2 % CHANGE 2,219.5 2,384.0 -6.9% -3.9% 639.2 719.9 -11.2% -8.8% 28.8% 30.2% -1.4pp 438.6 489.1 -10.3% -11.1% 279 yen 310 yen -10.0% -10.8% FY2025 H1 (APR -SEP) FINANCIAL RESULTS (SUMMARY)
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GI RARE DISEASES PLASMA -DERIVED THERAPIES (PDT) ONCOLOGY VACCINES NEUROSCIENCE % of Sales: 31% Growth at CER: +3.2% % of Sales: 17% Growth at CER: +0.7% % of Sales: 23% Growth at CER: +0.4% % of Sales: 13% Growth at CER: +3.4% % of Sales: 1% Growth at CER: -16.8% % of Sales: 9% Change at CER: -32.1% Growth & Launch Products +5.3% at CER in H1; Higher Growth Rate Anticipated in H2 8 Absolute values are FY2025 H1 results presented on an IFRS (reported) basis; growth rates are year-on-year change at Constant Exchange Rate (CER) (please refer to appendix slide A-1 for definition). “% of Sales” reflects percentage of FY2025 H1 Revenue 1. Please refer to disclaimer on Exchange Rates on slide 2 JPY 479.2B +5.1% JPY 4.2B +98.4% JPY 113.3B +5.9% JPY 22.1B +47.7% JPY 4.8B +103.9% IMMUNOGLOBULIN JPY 387.1B +3.1% ALBUMIN JPY 66.1B -2.4% JPY 27.3B +22.2% JPY 17.8B +0.7% JPY 21.1B +6.2% Growth & Launch Products FY2025 H1 revenue JPY 1,143.0B (USD 7.7B) 1 52% of Total Revenue +5.3% at CER Balanced Portfolio Across 6 Key Business Areas
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FY2025 H1 Revenue: Impacted by VYVANSE Generics as Expected; Projecting More Favorable Year-on-Year Growth Dynamics in H2 9 For FY2025 H1 versus FY2024 H1 comparison, Reported Revenue and Core Revenue are equivalent, as no Core adjustment was made to revenue in either year. FY2025 H1 REVENUE VS PRIOR YEAR (BN JPY) Graphs are illustrative LOE: Loss of Exclusivity FY2024 H1 Revenue Growth & Launch Products LOE impacted products Other products -72.0 FX FY2025 H1 Revenue 2,384.0 2,219.5 -3.9% at CER -6.9% Mainly VYVANSE -45.6% at CER Growth of +5.3% at CER
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Driving OPEX Savings Through Efficiency Improvements Data, Digital & Technology Procurement Savings Organizational Agility Optimizing external spend through procurement-led initiatives Focus on agility and organizational simplicity, reducing layers, broadening spans, and refining operating models 10 Targeting increased productivity and efficiency across the whole enterprise through digital, automation, & AI Incremental Initiatives in H1 of FY2025 • Additional impact of approx. 600 positions across the organization, primarily within regional commercial, R&D, manufacturing, and back-office functions • Exited additional office location in Boston area • Broad initiatives to optimize efficiencies in R&D, with savings in CROs, CMOs, facilities and logistics • Incremental procurement savings of approx. JPY 25.0B • H1 restructuring costs of JPY 27.4B
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FY2024 H1 Core Operating Profit Growth & Launch Products, and Others LOE impacted products R&D Expenses SG&A Expenses -17.3 FX FY2025 H1 Core Operating Profit 719.9 639.2 -8.8% at CER -11.2% FY2025 H1 Core Operating Profit: Operational Efficiencies Deliver Year-on-Year Reduction in R&D and SG&A Expenses 11 Note: Core Operating Profit is a non-IFRS metric. Please refer to appendix for definitions and reconciliations. Graphs are illustrative Gross Profit Impact (BN JPY) FY2025 H1 CORE OPERATING PROFIT VS PRIOR YEAR LOE: Loss of Exclusivity
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FY2024 H1 Reported Operating Profit Change in Core Operating Profit (at CER) Impairment of Intangible Assets Other Operating Income/Expenses (net) Other -6.0 FX FY2025 H1 Reported Operating Profit 350.6 253.6 -27.7% FY2025 H1 Reported Operating Profit: Includes Impairment Related to Cell Therapy Discontinuation 12 Lower restructuring costs and higher divestiture income, partially offset by higher valuation reserve for pre-launch inventories (BN JPY) FY2025 H1 REPORTED OPERATING PROFIT VS PRIOR YEAR Includes JPY 58.2B impairment in FY25 related to decision to discontinue cell therapy efforts Note: Core Operating Profit is a non-IFRS metric. Please refer to appendix for definitions and reconciliations. Graphs are illustrative
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FY2025 Management Guidance Updated due to Transactional FX; Reported Profit Forecasts Reflect Non-tax Deductible Impairment in H1 13 (BN YEN, except EPS) REPORTED CORE ORIGINAL FORECAST REVISED FORECAST ORIGINAL FORECAST REVISED FORECAST REVENUE 4,530.0 4,500.0 4,530.0 4,500.0 OPERATING PROFIT 475.0 400.0 1,140.0 1,130.0 EPS 145 yen 97 yen 485 yen 479 yen CORE CHANGE AT CER (MANAGEMENT GUIDANCE) ORIGINAL GUIDANCE REVISED GUIDANCE Broadly Flat Broadly flat Broadly Flat Low-single-digit % decline Broadly Flat Low-single-digit % decline Slide includes non-IFRS metrics. Please refer to appendix for definitions and reconciliations. REVENUE CORE OPERATING PROFIT CORE EPS • Updated FX assumptions (full year average): JPY/USD 150 → 147 JPY/EUR 160 → 170 ADJUSTED FREE CASH FLOW 750.0 – 850.0 600.0 – 700.0 ANNUAL DIVIDEND PER SHARE 200 yen (no change) • Reported profit forecasts assume higher impairment of intangible assets & higher tax rate due to non- deductible expenses, reflecting H1 results • Adjusted Free Cash Flow forecast updated to include expected USD $1.2B payment to Innovent Biologics • Confirming full-year dividend of 200 yen per share • Maintaining guidance for “Broadly flat” revenue at Constant Exchange Rate • Higher OPEX savings expected to fully mitigate unfavorable change in product mix • Incremental headwind from transactional FX impacting Core Operating Profit and Core EPS Note: Takeda’s forecast for FY2025 reflects our latest assumptions for the impact of tariffs (e.g. 15% tariff on pharmaceutical products being imported into the U.S. from the EU and Japan), as well as certain mitigation strategies we are taking to minimize the impact (e.g. inventory management). Please refer to appendix slide A-18 for more details of the FY2025 forecast Please refer to appendix slide A-20 for more details on FX assumptions and sensitivity.
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FY2025 Core Operating Profit Forecast: OPEX Savings Fully Mitigate Change in Product Mix; Incremental Headwind from Transactional FX 14 Graphs are illustrative Note: Core Operating Profit is a non-IFRS metric. Please refer to appendix for definitions and reconciliations. (BN JPY) FY2025 CORE OPERATING PROFIT FORECAST (OCT VS MAY) FY2025 Original Forecast (May) Change in Gross Profit (excl. FX impact) OPEX ~JPY 30.0B Transactional FX1 Translational FX2 FY2025 Revised Forecast (Oct) 1,140.0 1,130.0 Transactional FX impact mainly due to EUR appreciation against multiple currenciesMainly through cost efficiencies and prioritization within R&D 1. Transactional FX refers to the impact of fluctuations in non-functional currencies which are recorded by Takeda entities when they carry out and settle transactions in those non-functional currencies. Total shown in the chart is an estimate that also includes other FX-related items including impact from translation of subsidiaries in countries experiencing hyperinflation and for which IAS29, Financial Reporting in Hyperinflation Economics, is applied. 2. Translational FX refers to the impact of fluctuations of currencies when translating foreign subsidiaries’ financial results to Japanese yen, which is Takeda’s reporting currency. Mainly due to lower forecasts for ENTYVIO and VYVANSE
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Business Fundamentals Tracking as Planned During a Pivotal Year for the Pipeline 15 FY2025 Core Business Performance In-Line with Expectations Full-Year Management Guidance Updated due to Transactional FX Advancing our Highly Innovative Late-Stage Pipeline • Impacted by VYVANSE generics as expected • Growth & Launch Products +5.3% at CER 1 with higher growth rate anticipated in H2 • Driving OPEX savings through efficiency improvements 1. Constant Exchange Rate. Please refer to appendix slide A-1 for definition • Maintaining guidance for “Broadly flat” revenue at CER • Headwind from transactional FX impacting Core Operating Profit and Core EPS guidance • Reported EPS forecast reflects non-tax deductible impairment booked in H1 • Rusfertide & oveporexton on track to file within FY2025 • Zasocitinib Ph3 psoriasis data expected in H2 • Mezagitamab Ph1b IgAN data show durable eGFR over 18 months • Partnership with Innovent Biologics to bolster oncology pipeline
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Opening Remarks Christophe Weber, President & CEO Financial Highlights Milano Furuta, Chief Financial Officer Pipeline Update Andy Plump, President, R&D Question & Answer Session AGENDA Partnership with Innovent Biologics Teresa Bitetti, President, Global Oncology Business Unit P .K. Morrow, Head of Oncology Therapeutic Area Unit 1. 2. 3. 4. 5.
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FY2025 a Pivotal Year as We Prepare for Late-Stage Pipeline Launches 17 On track to be first-in-class orexin agonist with potential to transform NT1 treatment paradigm Peak revenue potential: $2-3 billion+ Ph3 data readout: July 2025 Rusfertide (TAK-121) Polycythemia Vera Oveporexton (TAK-861) Narcolepsy Type 1 Zasocitinib (TAK-279) Psoriasis Delivering rapid, consistent & sustained hematocrit control with potential for use at each step of the treatment landscape Peak revenue potential: $1-2 billion Ph3 data readout: March 2025 Highly selective TYK2 inhibitor with potential to redefine what is possible with an oral therapy in psoriatic disease Peak revenue potential: $3-6 billion1 Expected Ph3 data readout: H2 FY2025 Please refer to the Important Notice at the start of this presentation for more information about peak revenue estimates 1. Peak sales total for psoriasis and psoriatic arthritis. Does not include potential upside from additional indications such as Ulcerative Colitis, Crohn’s disease, HS, and Vitiligo. • Mezagitamab (TAK-079) Ph1b 96wk data in IgAN to be presented at American Society of Nephrology Kidney Week in November • Announced global partnership with Innovent Biologics to bolster oncology pipeline with two late-stage assets
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Towards a New Standard: Oveporexton 2/2mg Demonstrated Normalized Daytime and Nighttime Symptoms in Majority of NT1 Patients EQ-5D-5L: EuroQol-5 Dimensions 5-levels; ESS: Epworth Sleepiness Scale; MCS: Mental Component Summary; MWT: Maintenance of Wakefulness Test; NSS-CT: Narcolepsy severity scale; PGI-C: Patient Clinical Global Impression of Change; PVT: Psychomotor Vigilance Task; SF-36: Short Form-36 Survey; WCR: Weekly cataplexy rate Results of Phase 3 for NT1 patients treated with 2/2mg Oveporexton over 12 weeks1 1. Results from TheFirstLight (3001) and TheRadiantLight (3002) studies presented at World Sleep 2025. Unless specified the 1/1mg dose was excluded from the analysis. 2. Results from TheFirstLight (3001) study presented at World Sleep 2025 for the 2/2mg dose. 3. Results from TheFirstLight (3001) and TheRadiantLight (3002) studies presented at World Sleep 2025 across all patients at all doses (2/2mg + 1/1mg). 18 Cognitive symptoms Excessive daytime sleepiness Cataplexy Oveporexton Transformative Orexin Therapy 63% patients in normative range for MWT ~85% patients in normative range for ESS1 Nighttime symptoms Safety and tolerability Symptom severity 76%, 80% of patients reported only mild symptoms (NSS-CT)1 88%, 92% patients EQ-5D-5L Index scores reached normative values1 Generally well tolerated No evidence of hepatotoxicity 83%, 89% median reduction in WCR from baseline1 Functioning & QoL 91%, 97% of patients reported much or very much improved NT1 symptoms (PGI-C)1 ~85% of patients with no hallucinations or sleep paralysis (NSS-CT) across both studies and all doses3 73%, 75% patients SF-36 MCS scores reached normative values1 ~70% of patients reached normative range of sustained attention (PVT)2 Median of 4.7 days per week cataplexy free1
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Mezagitamab: First IgAN Therapy with Durable eGFR 18 months After Last Dose 48-week Data at International IgA Nephropathy Network September 20251 96-week Abstract Data at American Society of Nephrology November 20252 • UPCR reduced by 56.3% (95% CI: 30.2, 72.6) • eGFR mean change from baseline +2.9 (95% CI: −1.8, 7.6) • No new safety concerns were identified. No serious AEs, discontinuations due to AEs, grade ≥3 infections, or opportunistic infections were reported. Stable eGFR maintained 18 months after last dose Full data to be presented at American Society of Nephrology – Kidney Week November 6-9, 2025 Global Phase 3 IgAN trial enrolling -60 -40 -20 0 Week Change from baseline in UPCR, % (geometric LS mean and 95%CI) Participants at each visit 15 17 17 17 0 8 24 36 48 17n −54.1% 0 4 8 12 16 20 24 28 32 36 40 44 48 -10 -5 0 5 10 Week Change from baseline in eGFR, mL/min/1.73 m2 (LS mean and 95% CI) Participants at each visit 17 17 17 1716 16 17 17 17 17 17 16 17 2 17n 1. Barratt J, et al. 18th International Symposium on IgA Nephropathy; Poster. September 17-20, 2025. Phase 1b, N=17 enrolled into trial. 2. Barratt J, et al. ASN 2025 Poster FR-PO0808; November 7, 2025. Weekly 600 mg dose x 8 weeks Q2 week 600 mg dose for 16 weeks Dosing-free period ongoing Change from baseline to week 48 in serum: Gd-IgA1 - 58% IgA - 52% IgG - 19% +1.1 19
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Delivering Our Late-Stage Programs that have the Potential to Transform Lives and Generate Significant Value Late-stage program: Program in or expected to be in potential pivotal trial or having achieved proof-of-concept. Orphan drug designations in at least one indication Japan SAKIGAKE and/or China Breakthrough designations in at least one indication US Breakthrough and/or EU PRIME designations in at least one indication Target Filing, anticipated year of filing for regulatory approval Targeted pivotal study / Phase 3 start 20 Approved All timelines are approximate estimates as of October 30th 2025, are subject to change and are subject to clinical and regulatory success. Table only shows selected R&D milestones and is not comprehensive. For full glossary of abbreviations please refer to appendix. Proof-of-concept/Dose ranging Phase 2 study Milestone achieved FY25 GASTROINTESTINAL AND INFLAMMATION zasocitinib (TAK-279) mezagitamab (TAK-079) IgA Nephropathy Ph3 Started Psoriasis Head-to-Head vs. deucravacitinib Started fazirsiran (TAK-999) FY26 Psoriasis Target Filing Psoriatic Arthritis Target Filing FY27 - 29 IgA Nephropathy Target Filing AATD Liver Disease Target Filing Immune Thrombocytopenia Target Filing NEUROSCIENCE oveporexton (TAK-861) Narcolepsy Type 1 Target Filing 1L Anemia-associated MDS Ph3 Start Polycythemia Vera Target Filing AA MF -- POC Readout ONCOLOGY elritercept (TAK-226) rusfertide (TAK-121) UC -- Ph2b Readout Crohn’s -- Ph2b Readout HS -- Ph2a Start Vitiligo -- Ph2b Start 2L Anemia-associated MDS Target Filling LCM Opportunities
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Opening Remarks Christophe Weber, President & CEO Financial Highlights Milano Furuta, Chief Financial Officer Pipeline Update Andy Plump, President, R&D Question & Answer Session AGENDA Partnership with Innovent Biologics Teresa Bitetti, President, Global Oncology Business Unit P .K. Morrow, Head of Oncology Therapeutic Area Unit 1. 2. 3. 4. 5.
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IBI363 （PD-1/IL-2α-bias） IBI343 （CLDN18.2 ADC） IBI3001 （EGFR/B7H3 ADC） Option Further positions Takeda as a future leader in oncology with cutting edge anchor assets Adds anchor assets to pipeline; one with potential as immuno-oncology backbone Strengthens solid tumor presence; fully aligned with Oncology strategy Addresses significant unmet need in prevalent and difficult-to-treat cancers Potential to be a significant growth driver for Takeda 2030+ 2 A Strategic Oncology Partnership Representing a Significant Future Growth Opportunity for Takeda 1 4 3 22 Please refer to the Important Notice at the start of this presentation for more information about the license and collaboration agreement with Innovent Biologics
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IBI363 (PD-1/IL-2α-bias） IBI343 (CLDN18.2 ADC) IBI3001 （EGFR/B7H3 ADC） In-license of ex-China Rights Option for In-License of ex-China Rights In-License of ex-China Rights with: Global Co-development U.S. Co-commercialization Ex-China & ex-U.S. Exclusive Commercialization Global Partnership Significantly Expands our Late-stage Oncology Pipeline 23 Please refer to the Important Notice at the start of this presentation for more information about the license and collaboration agreement with Innovent Biologics
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AML: Acute Myeloid Leukemia, CML: Chronic Myeloid Leukemia, CRC: Colorectal Cancer, HCC: Hepatocellular Carcinoma, MDS: Myelodysplastic Syndrome, MF: Myelofibrosis, NSCLC: Non-Small Cell Lung Cancer, SCCHN: Squamous Cell Carcinoma of Head and Neck, SCLC: Small-Cell Lung Cancer. Augments Portfolio with Next Generation Programs that Target Solid Tumors in Areas of High Unmet Need and are a Strong Fit with our Oncology Strategy 24 ONCOLOGY DISEASE AREAS MODALITIES HEME Myeloid (AML/MDS, CML/MF, PV) GASTRO INTESTINAL CRC, Gastric, Pancreatic, HCC Small Molecules Complex Biologics Antibody-drug conjugates (ADCs) THORACIC NSCLC, SCCHN, SCLC Please refer to the Important Notice at the start of this presentation for more information about the license and collaboration agreement with Innovent Biologics
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IBI363: Potential First-in-class PD-1/IL-2α Biased Bispecific Antibody Fusion Protein Uniquely stimulates the tumor microenvironment ▪ Potential first-in-class α-biased IL-2 and anti-PD-1 bispecific antibody ▪ Rejuvenates exhausted tumor-specific T cells by dual immune activation ▪ Differentiated mechanism through targeting α-biased IL-2 tumor-specific T cells designed to maximize antitumor efficacy while minimizing toxicity ▪ Expands the overall immune response ▪ Ability to combine with both chemo, VEGF and other modalities Large patient experience with >1,200 patients treated across multiple solid tumors Reference: Nature Cancer, 2023 Sep;4(9):1309-1325 UNIQUE AND DIFFERENTIATED MECHANISM WITH POTENTIAL AS A NEXT-GEN IO BACKBONE Tumor Microenvironment PD-1 binding site α-biased IL-2 IBI363 25 Please refer to the Important Notice at the start of this presentation for more information about the license and collaboration agreement with Innovent Biologics
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Against the Backdrop of a Competitive Landscape IBI363 has Demonstrated Encouraging Data Across Multiple Solid Tumor Types Indication Outcome Measure IBI363* Standard of Care Chemotherapy* sqNSCLC (IO-Refractory) cORR 36.7% 1 13% 6 mOS 15.3 months at 1/1.5 mg/kg 1 Not Mature at 3 mg/kg (Ph3 dose) 1 9.4 months 6 nsqNSCLC (IO-Refractory) cORR 24.0% 1 13 – 17% 7 mOS 17.5 months at 1/1.5 mg/kg 1 Not Mature at 3 mg/kg (Ph3 dose) 1 12.3 months 7 3L+ MSS CRC cORR 13.6% - IBI363 mono 2 19.4% - IBI363 + bevacizumab 2 6% 8 mOS 16.1 months – IBI363 mono 2 Not Mature – IBI363 + bevacizumab 2 10.8 months 8 1. Zhou, J. et al., ASCO2025; 2. Lin, Z. et al., ASCO2025; 3. Hiltbrunner, S. et al., 2023. Nat Commun; 4. Schoenfeld, A.J. et al., 2020. J Clin Oncol; 5. Li, Y., et al., 2022, BMC Gastroenterol; 6. Docetaxel in sqNSCLC, Phase 3 TROPION-Lung01 trial; 7. Docetaxel in nsqNSCLC, Phase 3 TROPION-Lung01 trial; 8. TAS-102+Bevacizumab in 3L MSS CRC Phase 3 SUNLIGHT trial. 26 Please refer to the Important Notice at the start of this presentation for more information about the license and collaboration agreement with Innovent Biologics sqNSCLC: squamous non small cell lung cancer; nsqNSCLC: non-squamous non small cell lung cancer; IO: Immuno-oncology; MSS CRC: microsatellite-stable colorectal cancer; cORR: confirmed objective response rate; mOS: median overall survival 9. The U.S. Food and Drug Administration (FDA) has granted Fast Track designation to IBI363 for the treatment of patients with unresectable, locally advanced or metastatic sqNSCLC that has progressed following anti-PD-(L)1 therapy and platinum-based chemotherapy. Translatable results ▪ US/AU patient subgroups have results consistent with overall study Safety Profile ▪ In the recent NSCLC study presented at ASCO, IBI363 demonstrated a tolerable safety profile ▪ Rash and arthralgias were the most common grade 3 or higher treatment-related adverse events (TRAEs), and few TRAEs led to discontinuation ▪ A priming dose was added to the dosing schedule to reduce risk of immune-related events that may occur with bispecific dosing FDA Fast Track designation for squamous non-small cell lung cancer9 *Reported IBI363 data is not randomized. Data is reported from a cross-trial comparison and IBI363 mOS is single arm data.
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An Ambitious Initial Clinical Development Program to Establish IBI363 as a Backbone IO Therapy with Extensive Expansion Opportunities Enabling Studies Enabling Studies Enabling Studies Global Phase 3 Study1 Global Phase 3 Study Global Phase 3 Studies Global Phase 3 Study October 2025 Extensive LCM opportunities to expand into other IO-validated indications as well as cold tumors = registrational studies = enabling studies in progress 27 Please refer to the Important Notice at the start of this presentation for more information about the license and collaboration agreement with Innovent Biologics 2L IO/chemo- refractory nsqNSCLC 1L NSCLC 1L MSS CRC Enabling Studies 2L IO/chemo- refractory sqNSCLC 1. Study Already Endorsed by FDA
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IBI343: Potentially Best-in-Class CLDN18.2 Targeted Therapy Addressing Unmet Need in Pancreatic and Gastric Cancer Exatecan payload TOPO1 inhibitor with high potency and strong bystander killing effect ▪ Leveraging TOPO1i’s proven MoA in pancreatic and gastric cancer IgG1 Fc silenced for potential better safety ▪ Reduced off target toxicity (i.e. GI/lung tox) with no antibody dependent cell-mediated cytotoxicity (ADCC) ▪ Robust therapeutic index as both monotherapy and combination therapy IBI343 (CLDN18.2 ADC) Drug to Antibody Ratio = 4:1 (DAR4) IgG1 Fc silenced Exatecan payload TOPO1 inhibitor Site specific conjugation & cleavable linker A HIGHLY DIFFERENTIATED CLDN18.2 TARGETED ANTIBODY DRUG CONJUGATE (ADC) 1. SEER 21 (2015-2021) Cancer Stat Facts 28 Please refer to the Important Notice at the start of this presentation for more information about the license and collaboration agreement with Innovent Biologics
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IBI343: Differentiated Profile with Encouraging Data that Address Critical Unmet Need Indication Outcome Measure IBI343* Standard of Care Chemotherapy* 2L Pancreatic Cancer (CLDN18.2 1+/2+/3+ ≥60% expression) cORR ~ 30% 1 ~ 6 – 17% 3-5 mOS 12.1 months 1 6.2 – 6.7 months 3-5 2L+ Gastric Cancer 7 (CLDN18.2 2+/3+ ≥75% expression) cORR 29% 2 (proportion of 2L patients: 23%; 3L+ patients: 77%) 4% 6 (3L+ patients) mOS 10.8 months 2 (proportion of 2L patients: 23%; 3L+ patients: 77%) 5.7 months 6 (3L+ patients) Robust monotherapy activity ▪ >340 patients have been treated with IBI343 monotherapy ▪ Pancreatic and Gastric Cancer data significantly exceeding Standard-of-Care benchmarks Favorable and consistent safety profile ▪ Manageable GI and hematologic adverse effect ▪ Strongly supports future combination strategies Translatable results ▪ US/AU patient subgroups have results consistent with overall study FDA Fast Track designation for pancreatic ductal adenocarcinoma9Minimal GI toxicity2 compared to other CLDN18.2 agents, including zolbetuximab 8 Gr ≥3 nausea: 1.7% vs. 3–15% Gr ≥3 vomiting: 2.6% vs. 3.7–22% 29 1. Yu, X. et al., ASCO2025. Data shown here represent 2L PDAC. Data cutoff: March 14, 2025. 2. Liu, J. et al.,Nature Medicine. 2025. Data cutoff: June 30, 2024. 3. Nal-IRI + 5FU/LV in 2L PDAC, Phase 3 NAPOLI-1 study, Wang-Gillam, A. Eur J Cancer. 2019. 4. Gem + Paclitaxel in 2L PDAC, Phase 3 PRODIGE study, De La Fouchardière. J Clin Oncol. 2024. 5. FOLFOX in 2L PDAC, Phase 3 SEQUOIA study, Hecht, J.R.J Clin Oncol. 2021. 6. TAS-102 in 3L+ GC, Phase 3 TAGS study, Shitara, K., Doi, T.Lancet Oncol. 2018. 7. Prior treatment lines: IBI343, 1 line: 22%, 2+ lines: 78%; TAS-102, 2+ lines: 100%. 8. Türeci, O., Annals of Oncology 2019. Please refer to the Important Notice at the start of this presentation for more information about the license and collaboration agreement with Innovent Biologics 9. The U.S. FDA has granted Fast Track designation to IBI343 for the treatment of advanced unresectable or metastatic pancreatic ductal adenocarcinoma (PDAC) that has relapsed and/or is refractory to one prior line of therapy. *Reported IBI343 data is not randomized. Data is reported from a cross-trial comparison and IBI343 mOS is single arm data.
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Private and confidential. For internal use only. Clinical Development Program for IBI343 to Address High Unmet Need in Pancreatic and Gastric Cancers 1L CLDN18.2+ PDAC 3L+ CLDN18.2+ Gastric Cancer 1L CLDN18.2+ Gastric Cancer Enabling Studies Enabling Studies Global Phase 3 Study JP/CN Phase 3 Study Global Phase 3 Study US/EU Phase 2 Single Arm Study = registrational studies = enabling studies PDAC= pancreatic ductal adenocarcinoma 30 Please refer to the Important Notice at the start of this presentation for more information about the license and collaboration agreement with Innovent Biologics October 2025
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IBI3001: Potential First-in-class Bispecific EGFR/B7H3 ADC IBI3001 1 is a potential first-in- class bispecific ADC comprised of a bispecific antibody targeting EGFR and B7H3 antigens and an exatecan payload. First-in-class potential Ongoing Ph 1 clinical trial in solid tumors Baseline After treatment (2 cycles) IBI3001 shows encouraging response in non-small cell lung cancer (NSCLC) patient with lung, liver and lymph node metastases Dual-target synergistically covering multiple high-potential indications 31 1. Takeda receives exclusive right to option. Please refer to the Important Notice at the start of this presentation for more information about the license and collaboration agreement with Innovent Biologics Source: Innovent investor Presentation October 22, 2025.
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Private and confidential. For internal use only. Collaboration Adds Investigational Medicines in Four of the Most Common and Difficult to Treat Cancers Worldwide with Extensive LCM Opportunities More than 5.8M newly diagnosed patients each year globally Most Common Cancers Worldwide: Annual Incident Cases (2022) 1 1.Ferlay J, Ervik M, Lam F, Laversanne M, Colombet M, Mery L, Piñeros M, Znaor A, Soerjomataram I, Bray F (2024). Global Cancer Observatory: Cancer Today (version 1.1). Lyon, France: International Agency for Research on Cancer. Available from: https://gco.iarc.who.int/today, accessed 10/20/2025. 510,992 Pancreatic Esophageal 511,054 553,389 Non-Hodgkin Lymphoma 614,298 Bladder Cervical 662,301 821,214 Thyroid Liver 866,136 Gastric Prostate 1,467,854 Colorectal Lung Breast 2,296,840 968,784 1,926,425 2,480,675 32 Please refer to the Important Notice at the start of this presentation for more information about the license and collaboration agreement with Innovent Biologics
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IBI363 Potential Addressable Market Opportunity $40B+ Within Initial Indications $14Bn 2L / IO Refractory NSCLC $23Bn 1L NSCLC $9Bn 1L CRC Potential to play a significant role in the IO- refractory setting where PD-1’s today show minimal benefit Expand into 1L with the potential to play a role as both a mono and combination therapy Expand to 1L CRC, building on already promising efficacy shown in later lines Market opportunity based on 2030 estimates for NSCLC and CRC from Evaluate Pharma; NSCLC estimates split into 1L & 2L based on progression rate in US, includes both Sq. and non-SQ patients and excludes patients with AGA (EGFR, RAS, ALK, HER2, BRAF); 1L CRC excludesMSI-H patients. Sources: Estimates for 1&2L Squamous and Non- squamous NSCLC, as well as mCRC are from proprietary DRG models derived from SEER 2021, ECIS 2021, RKI 2021, ONS 2019, NCC 2021, MHLW 2016, NCI 2021 (NPCR & SEER); CRC AGA: Chu JE Et al. Population-based Screening for BRAFV600E in Metastatic Colorectal Cancer Reveals Increased Prevalence and Poor Prognosis. Clin Cancer Res. 2020 Sep 1;26(17):4599-4605. Kimberly Lowe et al. Prevalence of KRAS, NRAS, and BRAF gene mutations in metastatic colorectal cancer patients: A systematic literature review and meta-analysis.. JCO 37, 523-523(2019). Singh H et al. Systematic literature review and meta-analysis of HER2 amplification, overexpression, and positivity in colorectal cancer, JNCI Cancer Spectrum 2024; 8(1): pkad082 NSCLC AGA: Kato S, Subbiah V, Marchlik E, Elkin SK, Carter JL, Kurzrock R. RET Aberrations in Diverse Cancers: Next-Generation Sequencing of 4,871 Patients. Clin Cancer Res. 2017 Apr 15;23(8):1988-1997. doi: 10.1158/1078-0432.CCR-16-1679. Epub 2016 Sep 28. PMID: 27683183. . Cancer Genome Atlas Research Network. Comprehensive molecular profiling of lung adenocarcinoma. Nature. 2014 Jul 31;511(7511):543-50. doi: 10.1038/nature13385. Epub 2014 Jul 9. Erratum in: Nature. 2014 Oct 9;514(7521):262. Rogers, K [corrected to Rodgers, K]. Erratum in: Nature. 2018 Jul;559(7715):E12. doi: 10.1038/s41586-018-0228-6. PMID: 25079552; PMCID: PMC4231481. 7. Barlesi F, Mazieres J, Merlio JP, Debieuvre D, Mosser J, Lena H, Ouafik L, Besse B, Rouquette I, Westeel V, Escande F, Monnet I, Lemoine A, Veillon R, Blons H, Audigier-Valette C, Bringuier PP, Lamy R, Beau-Faller M, Pujol JL, Sabourin JC, Penault-Llorca F, Denis MG, Lantuejoul S, Morin F, Tran Q, Missy P, Langlais A, Milleron B, Cadranel J, Soria JC, Zalcman G; Biomarkers France contributors. Routine molecular profiling of patients with advanced non-small-cell lung cancer: results of a 1-year nationwide programme of the French Cooperative Thoracic Intergroup (IFCT). Lancet. 2016 Apr 2;387(10026):1415-1426. doi: 10.1016/S0140-6736(16)00004-0. Epub 2016 Jan 15. PMID: 26777916. Please refer to the Important Notice at the start of this presentation for more information about the license and collaboration agreement with Innovent Biologics33
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IBI343 Potential Addressable Market Opportunity ~$8B GC PDAC Global Incidence ~1MM ~500K CLDN 18.2+ >= 50% ~35-55% ~30-60% Current SoC 1L: Chemo ± CPI 1L : Chemo only 5y survival rate 38% 13% CPI: Checkpoint inhibitor; Source: Int J Mol Med. 2024 Nov; 54(5): 100.; WHO Cancer Tomorrow; MSD Manuals CLDN 18.2+ rates ref: Katoh M et al. Int J Mol Med. 2024 Nov;54(5):100. doi: 10.3892/ijmm.2024.5424.; Ferlay J at al; (2024). Global Cancer Observatory: Cancer Today (version 1.1). Lyon, France: International Agency for Research on Cancer. Available from: https://gco.iarc.who.int/today, accessed 10/20/2025. Alexander G Raufi et al. J Clin Oncol 42, TPS3163-TPS3163(2024). Relative 5-year survival rates among those with gastric or pancreatic cancer in the US not specific to CLDN 18.2 positivity from SEER; GC includes Gastroesophageal junction cancer. Combined addressable market based on 2030 estimates for Stomach Cancer and Pancreatic Cancer from Evaluate Pharma; Evaluate includes only 50% of GEJ under stomach cancer CLDN 18.2+ >= 50% assumes intensity of 1+ for PDAC and 2+ for GC. ~$8Bn combined total market Accelerate and expand the potential in 1L PDAC & 1L GC 34 Please refer to the Important Notice at the start of this presentation for more information about the license and collaboration agreement with Innovent Biologics
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A Strategic Oncology Partnership with Potential to Deliver Significant Value for Patients and Takeda LRF 24 ▪ Closes critical treatment gaps in prevalent and difficult-to-treat cancers ▪ Potential to benefit patients across a broad range of solid tumors ADDRESSES UNMET NEED COMMITMENT TO CUTTING EDGE SCIENCE FUTURE GROWTH DRIVER FOR TAKEDA ▪ Unique, differentiated mechanisms ▪ Potential next-gen IO backbone & ADC ▪ Adds anchor assets to our pipeline ▪ Strengthens our presence in solid tumors ▪ Potential to sustain Takeda’s growth post-2030 Further positions Takeda as a future leader in oncology 35 Please refer to the Important Notice at the start of this presentation for more information about the license and collaboration agreement with Innovent Biologics
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Q&A SESSION ANDY PL UM P Director; President, Research & Development C HRISTO PHE WE BE R Representative Director; President & CEO M IL ANO FURUTA Director; Chief Financial Officer G IL E S PL ATFO RD President, Plasma-Derived Therapies Business Unit TE RE SA BITE TTI President, Global Oncology Business Unit JUL IE KIM CEO Elect Interim Head, Global Portfolio Division P.K. M O RRO W Head of Oncology Therapeutic Area Unit
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APPENDIX
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GASTROENTEROLOGY (GI) ENTYVIO Momentum Continues with Expansion of ENTYVIO PEN (BN JPY) Absolute values are presented on an IFRS (reported) basis; Year-on-year changes are at CER (please refer to appendix slide A-1 for definition). GI PORTFOLIO FY 2025 H 1 R E V E NUE 38 0 100 200 300 400 500 600 700 FY2024 H1 FY2025 H1 ENTYVIO TAKECAB GATTEX EOHILIA Other +3% +5% +9% +2% FY2025 H1 Revenue JPY 479.2B (+5.1% growth at CER) -13% 1. Source: US Patient Share – IQVIA • In the U.S., ENTYVIO remains the #1 prescribed brand in IBD (UC and Crohn’s combined)1 and is the only gut-focused treatment for UC and Crohn’s • Competition and dynamics within the U.S. IBD IV and SC market are increasingly complex and challenging: FY2025 forecast changed to +6% at CER, growing with the market • U.S. Pen patients grew ~20% QoQ, with 91% IV to 9% Pen volume ratio. Pen uptake improves as we continue to work on access • In Europe, Entyvio maintains patient growth, growing slightly below the overall IBD advanced therapy market, fueled by SC penetration despite competitive pressure • Investment in studies to support targets ofdisease clearance and endoscopic healing, plus studies investigating the potential role of combination therapies to break efficacy ceilingwith vedolizumab as backbone • No change to assumption of biosimilar entry timing. Any biosimilar that seeks to launch prior to 2032 would need to address potential infringement and / or the validity of all relevant patents FY2025 H1 Revenue JPY 4.2B (+98.4% growth at CER) • Patient demand for EOHILIA continues to grow month over month since launch in February 2024 • Growth supported by over 80% unaided HCP awareness and initial positive patient experience; U.S. team remains focused on HCP and patient engagement and education • EOHILIA is the only FDA-approved treatment with a strong recommendation as a first-line treatment option for Eosinophilic Esophagitis, based on the American College of Gastroenterology guidelines +98%
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RARE DISEASES Sustained TAKHZYROGrowth with ~6,700 Patients Treated Globally; LIVTENCITY Strong Market Penetration in the U.S. & Rapid Geo Expansion • 7 years in the market, TAKHZYRO continues to be the #1 prescribed modern long-term prophylaxis with ~6,700 patients treated globally and over 20,000 patient years of experience since launch. Strong performance driven by: o Strong global demand (commercial presence now in >55 countries with continued patient growth) supported by compelling real-world evidence for >3.5 years on therapy with demonstrated improved Quality of Life (potential for zero attacks) o Strong patient persistency and rising prophylactic market growth o New pre-filled pen presentation (launching in FY25/26 in EU, JP , Emerging Markets) is designed to allow for an individualized treatment approach for adolescent and adult HAE patients • TAKHZYRO is the first and only Long-Term Prophylactic HAE treatment available for patients 2 years of age and up • LIVTENCITY continues to show strong U.S performance driven by increasedbreadth and depth of activated centers, new and repeat prescribers, and positive market access trends leading to growth in newpatient starts • Real world utilization has demonstrated highly individualized treatment with partially longer treatment duration and a potential broader patient base • Rapid geo expansion: Available in >30 countries worldwide; recent launch in Japan and NRDL coverage in China 39 FY2025 H1 Revenue JPY 113.3B (+5.9% growth at CER) FY2025 H1 Revenue JPY 22.1B (+47.7% growth at CER) Absolute values are presented on an IFRS (reported) basis; Year-on-year changes are at CER (please refer to appendix slide A-1 for definition). FY2025 H1 Revenue JPY 4.8B (+103.9% growth at CER) • Strong launch trajectory: Launched for cTTP in the U.S., Japan, Germany and Austria, and approval granted in Brazil in December 2024, UK in May 25. Further launches ongoing for EU and emerging markets • Momentum driven by high HCP interest for an ultra-rare patient population with a tremendous unmet need • Commercial launch and uptake in cTTP is exceeding our initial ambition, with patients continuing to transition quickly from historical treatments to ADZYNMA HCP: Healthcare professional RARE DISEASES PORTFOLIO FY 2025 H 1 R E V E NUE 100 150 200 250 300 350 400 0 50 Other VPRIV REPLAGAL ELAPRASE ADVATE/ ADYNOVATE TAKHZYRO FY2025 H1FY2024 H1 ADZYNMA LIVTENCITY +1% +6% +7% -5% (BN JPY) -9% -5% -5% +48% +104%
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• Plasma volume continues to grow supported by the ramp-up of new centers, network optimization, and digital transformation • Deployment of Fresenius Kabi’s new adaptive nomogram aimed at safely increasing plasma donation volumes completed ahead of schedule • Significant investment in data and digital helps attract and retain donors through the delivery of an exceptional, personalized and differentiated donor experience • Targeted investments across manufacturing network continue to increase yield,expand capacity and create efficiencies, leveraging data, digital & technology capabilities • IVIG growth was impacted by inter quarter fluctuations and part D redesign which is expected to normalize in H2; SCIG portfolio expanded with double-digit % revenue growth • Full-year growth outlook confirmed with strong global demand and the U.S. launch of the recently approved HyHub/HyHub Duo devices PDT Full-year Growth Outlook Confirmed Despite H1 Phasing Impact, with Strong Demand for Immunoglobulin and Albumin PLASMA -DERIVED THERAPIES 40 Immunoglobulin FY25 H1 Revenue JPY 387.1B (+3.1% growth at CER) Absolute values are presented on an IFRS (reported) basis; Year-on-year changes are at CER (please refer to appendix slide A-1 for definition). Albumin FY25 H1 Revenue JPY 66.1B (-2.4% change at CER) • Albumin growth was impacted by shipment timing in China and tender phasing globally • Confirming full-year forecast of “high single-digit growth” at CER as tender timing supports expected growth rebound in H2 CONTINUING TO INVEST IN PLASMA DONATION AND CAPACITY EXPANSION PDT PORTFOLIO FY 2025 H 1 R E V E NUE (BN JPY) 0 100 200 300 400 500 600 FY2024 H1 FY2025 H1 Immuno- globulin Albumin Other +0% +3% -11% -2%
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Growth of Oncology Portfolio Driven by FRUZAQLA and ADCETRIS ONCOLOGY 41 1. FRUZAQLA is in-licensed from HUTCHMED Limited; Takeda has the exclusive worldwide license to further develop, commercialize, and manufacture fruquintinib outside of mainland China, Hong Kong and Macau. 2. Takeda has commercialization rights for ICLUSIG in the U.S., Australia and Canada. Outside of the U.S., Australia and Canda, ICLUSIG is marketed in over 60 markets by four authorized partners. 3. ADCETRIS is in-licensed from Pfizer Inc. (Seagen acquired by Pfizer in December 2023); Takeda has global co-development and marketing rights outside of the U.S. and Canada. ONCOLOGY PORTFOLIO FY 2025 H 1 R E V E NUE 41 0 100 200 50 150 250 300 FY2024 H1 FY2025 H1 Leuprorelin NINLARO ADCETRIS3 ICLUSIG2 ALUNBRIG FRUZAQLA1 Other +3% -10% -2% +1% +12% +5% ECADD: etoposide, cyclophosphamide, doxorubicin, dacarbazine and dexamethasone . NICE: National Institute for Health and Care Excellence. NHS: National Health Service. For full glossary of abbreviations please refer to appendix. +1% • Continued increased use in 1L Hodgkin lymphoma is primary driver of growth • Recent European Commission approval of ADCETRIS in combination with ECADD for the treatment of adult patients with newly diagnosed Stage IIb with risk factors/III/IV Hodgkin lymphoma continues to impact growth, with especially strong sales in Germany • Approved or launched in more than 30 countries to date; Q2 launches include Slovenia and Canada (certain provinces) • Strong uptake following NICE positive recommendation for NHS reimbursement in England and Wales; reimbursement and pricing negotiations in additional markets ongoing • Key drivers include the need for new non-chemotherapy treatment options in mCRC and ongoing positive feedback from oncologists in 3L+ FY2025 H1 Revenue JPY 27.3B (+22.2% growth at CER) FY2025 H1 Revenue JPY 74.5B (+11.5% growth at CER) (BN JPY) Absolute values are presented on an IFRS (reported) basis; Year-on-year changes are at CER (please refer to appendix slide A-1 for definition). +22%
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VACCINES 0 10 20 5 15 25 30 35 40 FY2024 H1 FY2025 H1 QDENGA Other -17% +6% -42% QDENGA Demand Remains Strong, with H1 Growth Impacted by Shipment Timing & Transactional FX VACCINES PORTFOLIO FY 2025 H 1 R E V E NUE 42 FY2025 H1 Revenue JPY 21.1B (+6.2% change at CER) Absolute values are presented on an IFRS (reported) basis; Year-on-year changes are at CER (please refer to appendix slide A-1 for definition). (BN JPY) • H1 year-on-year growth impacted by shipment timing and transactional FX headwind due to depreciation of BRL versus the EUR. Full-year guidance revised to 53% growth at CER to reflect transactional FX impact • Strong global demand; available in 31 countries • Increasing breadth and depth in these markets and further geo expansion drive additional growth • Productive discussions ongoing with governments in endemic markets towards inclusion in National Immunization Programs (NIP) • Available through NIP/regional programs in 2 countries: Brazil (approved Mar 2023, available Dec 2023) and Argentina (approved Apr 2023, available Aug 2024) • Acknowledgement by important global organizations drives awareness and access for QDENGA • World Health Organization (WHO) has added QDENGA to its List of Prequalified Vaccines • Available through PAHO’s Revolving Fund in4 countries: Honduras (Oct 2024), Peru (Oct 2024), Paraguay (Oct 2025) and Colombia (Oct 2025) • The Gavi Board has approved support for a dengue vaccine program which is a major milestone towards broadening access • Pursuing private and public partnerships with governments, institutional businesses, NGOs and manufacturers to expand access • Plan to manufacture 15.5 million doses in FY2025; on track towards reaching 100 million doses per year by FY2030 PAHO: Pan American Health Organization Gavi: Global Alliance for Vaccines and Immunization
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NEUROSCIENCE VYVANSE U.S. Loss of Exclusivity Impact from August 2023 0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 300 320 FY2024 H1 FY2025 H1 TRINTELLIX1 VYVANSE Other -32% -7% -8% -46% 1. TRINTELLIX is in-licensed from Lundbeck; Takeda has commercialization rights in the U.S. and co-marketing rights in Japan. 2. Source: IQVIA NEUROSCIENCE PORTFOLIO FY 2025 H 1 R E V E NUE 43 FY2025 H1 Revenue JPY 106.6B (-45.6% change at CER) FY2025 H1 Revenue JPY 57.0B (-7.0% change at CER) Absolute values are presented on an IFRS (reported) basis; Year-on-year changes are at CER (please refer to appendix slide A-1 for definition). (BN JPY) • U.S. revenue declined -57.7% at CER in FY2025 H1, reflecting broader availability of generic supply • Outside the U.S., major markets where generic versions of VYVANSE/ELVANSE have launched to date include Canada (Jun 2024), Brazil (Jul 2024), and Germany (Aug 2024) • In the U.S., decline of -9.3% at CER in FY2025 H1 is primarily due to Medicare Part D redesign impacts and changes in stocking patterns for a major retailer • In Japan, demonstrating continued strong momentum with +15.0% growth in FY2025 H1 VYVANSE U.S. Weekly Volume (million units)2
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Milestone achieved Target Filing Approved ONCOLOGY PLASMA-DERIVED THERAPIES GASTROINTESTINAL AND INFLAMMATION FY26 Maximizing Potential of Marketed Portfolio Through LCM Expansions 44 All timelines are approximate estimates as of October 30th 2025, are subject to change and are subject to clinical and regulatory success. Table only shows selected R&D milestones and is not comprehensive. For full glossary of abbreviations please refer to appendix. FY25 ENTYVIO IV Target Filing Crohn’s/UC Peds (US, EU) mirvetuximab Target filing PROC (JP) TAK-881 Target filing PID, SID, CIDP (EU) TAK-881 Ph3 Start CIDP ADZYNMA Ph3 Start iTTP Phase 3 study start ADZYNMA iTTP Proof-of-concept Proof-of-concept study readout GAMMAGARD LIQUID Ph3 Start SID TAK-881 Target filing Multiple Indications (JP) TAK-881 Target filing PID (US) VACCINES QDENGA Rolling/ongoing filings in endemic and travel markets1 1.QDENGA approved in Mexico (Sept 2025)
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Potential Key Phase 3 NME Readouts and Indication Expansions A “readout(s)” for a clinical trial occurs when Takeda has (1) received the relevant clinical data, (2) completed any necessary analysis and review of such clinical data, and (3) in instances where it is required or otherwise common convention or practice, consulted with applicable regulatory authorities regarding such clinical data. 1. Phase 1/2 pivotal trial supports filing in Japan. 2. TAK-880 has been approved in the U.S. as GAMMAGARD LIQUID ERC and in the EU as DEQSIGA ADCETRIS Frontline Hodgkin lymphoma (BrECADD regimen) EU approval VONVENDI Pediatric von Willebrand disease (on-demand/surgery) U.S. approval TAK-8802 Low IgA IgG primary immunodeficiency U.S. approval EU approval oveporexton Narcolepsy type 1 Phase 3 readout zasocitinib Psoriasis Phase 3 readout mirvetuximab Platinum resistant ovarian cancer Pivotal readout1 Milestone achieved KEY POTENTIAL REGULATORY APPROVALS KEY PIVOTAL READOUTS 45 Milestone not achieved All timelines are approximate estimates as of October 30th 2025, are subject to change and are subject to clinical and regulatory success. Table only shows selected R&D milestones and is not comprehensive. For full glossary of abbreviations please refer to appendix.
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PHASE 2 (8 NMEs + 2 LCM)PHASE 1 (2 NMEs) PLASMA-DERIVED THERAPIES Consolidated Development Pipeline by Phase NEUROSCIENCE ACI-24.0604 Alzheimer’s Disease ADZYNMA® iTTP 1. Danavorexton trials in respiratory conditions under development 2. Currently in phase 2 of a phase 1/2 trial 3. Select options: Other selected assets that Takeda holds contractual rights to potentially clinically develop and/or commercialize in the future. 4. ACI-24.060 is included for reference only. AC Immune retains ownership of this asset and is solely responsible for its clinical development prior to Takeda’s potential exercise of its option to exclusively license certain rights, which is subject to customary conditions including regulatory approval. GASTROINTESTINAL AND INFLAMMATION TAK-101 Celiac Disease TAK-411 CIDP zasocitinib Ulcerative Colitis TAK-360 IH mirvetuximab PROC (JP)2 SELECT OPTIONS3 All timelines are approximate estimates as of October 30th 2025, are subject to change and are subject to clinical and regulatory success. Table is not comprehensive. For full glossary of abbreviations please refer to appendix. danavorexton Respiratory1 TAK-594 Frontotemporal Dementia TAK-004 Nausea & Vomiting TAK-227 Celiac Disease elritercept AA Myelofibrosis Orphan Drug Designation potential (in any region / indication for a given asset) NME LCM 46 TAK-360 NT2 ONCOLOGY zasocitinib Crohn’s Disease TAK-168 Solid Tumors
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Orphan Drug Designation potential (in any region / indication for a given asset) FILED (14 LCMs)PHASE 3 (6 NMEs + 11 LCMs) NME LCMAPPROVED Prothromplex DOAC Reversal (US) ADCETRIS® FL HL BrECADD (EU) HYQVIA® CIDP, MMN (JP) ENTYVIO® IV Pediatric UC/Crohn’s QDENGA® Dengue Vaccine Booster fazirsiran AATD Liver Disease Glovenin-I 10% TAK-961 Autoimmune Encephalitis (JP) Consolidated Development Pipeline by Phase ONCOLOGY PLASMA-DERIVED THERAPIES NEUROSCIENCE SELECT OPTIONS1 GASTROINTESTINAL AND INFLAMMATION ADZYNMA® cTTP (CN) ADYNOVATE® recombinant Factor VIII Pediatric HemA (EU) VONVENDI® vWD Pediatric On-demand & Surgery (JP) LIVTENCITY® Pediatric Post-transplant CMV infection Other Rare Diseases All timelines are approximate estimates as of October 30th 2025, are subject to change and are subject to clinical and regulatory success. Table is not comprehensive. For full glossary of abbreviations please refer to appendix. DEQSIGA TAK-880 IgG – Low IgA (EU) ADYNOVATE® recombinant Factor VIII HemA (CN) zasocitinib Psoriatic Arthritis TAK-881 CIDP 47 rusfertide Polycythemia Vera GAMMAGARD ERC TAK-880 IgG – Low IgA (US) 1.Select options: Other selected assets that Takeda holds contractual rights to potentially clinically develop and/or commercialize in the future. 2.Olverembatinib/HQP1351 is included for reference only. Ascentage Pharma retains ownership of this asset and is solely responsible for its clinical development prior to Takeda’s potential exercise of its option to exclusively license certain rights, which is subject to customary conditions including regulatory approval. olverembatinib2 HQP1351 CP-CML VACCINES mezagitamab ITP mezagitamab IgAN HyHub AVA Device (US) mirvetuximab PSOC (JP) zasocitinib Psoriasis elritercept 2L AA MDS oveporexton NT1 Glovenin-I 10% TAK-339 Multiple Indications (JP) ENTYVIO® SC Pediatric UC/Crohn’s TAK-881 PID VONVENDI® vWD Pediatric Surgery (EU), Prophylaxis VONVENDI® vWD Pediatric On-demand (EU) VONVENDI® vWD Pediatric On-demand & Surgery (US) Glovenin-I 5% TAK-961 Autoimmune Encephalitis (JP) Glovenin-I 10% TAK-339 Autoimmune Encephalitis (JP) Glovenin-I 10% TAK-961 Multiple Indications (JP)
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Continuing Evidence Generation and Indication Expansion ENT: ENTYVIO Tof: tofacitinib Ada: adalimumab Ust: ustekinumab Upa: upadacitinib ENTYVIO® IV (VARSITY) ENT vs. ada1 ENTYVIO® IV (Global) ENTYVIO® SC (US, EU, JP)Ulcerative colitis ENTYVIO® IV Pediatric (EU) ENTYVIO® IV (Global) ENTYVIO® SC (US, EU, JP) Crohn’s disease ENTYVIO® IV (EU)Pouchitis ENTYVIO® IV (Global)2 Graft-versus- host disease APPROVEDPHASE 3 PHASE 3b / 4 ENTYVIO® IV (EXIGEM) ENT + tof (US/Can)3 Ongoing study or filingApproved Published Orphan Drug Designation potential PUBLISHED ENTYVIO® IV Pediatric (Global) ENTYVIO® IV (VECTORS) (Global)3,4 ENTYVIO® IV (VERDICT) (Global)3,4 48 ENTYVIO® (VOICE) ENT or ust (US/Can)3,4 ENTYVIO® IV (VICTRIVA) ENT + upa (Global)3 ENTYVIO® IV (EXPLORER 2) ENT + ada or ENT + ust (US/Can)3 1. Sands BE et al. N Engl J Med 2019;381:1215-26. 2. Chen YB et al., presented at the Transplantation & Cellular Therapy Meetings of ASTCT and CIBMTR, February 18th, 2023 3. Not designed as label-enabling studies 4. Collaborative study led by Alimentiv in collaboration with Takeda All timelines are approximate estimates as of October 30th 2025, are subject to change and are subject to clinical and regulatory success. Table is not comprehensive. For full glossary of abbreviations please refer to appendix. ENTYVIO® SC Pediatric (Global) ENTYVIO® SC Pediatric (Global) ENTYVIO® IV/SC (PANORAMA) (US)3 ENTYVIO® IV/SC (PANORAMA) (US)3 ENTYVIO® IV Pediatric (Global)
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Zasocitinib (TAK-279): Best-in-class potential due to high selectivity, once daily oral administration 49 Zasocitinib is a highly selective (TYK2 over JAKs >1M fold) once daily pill • TYK2 mediates IL-23 plus other core disease-driving immune pathways • Genetic data: Loss of TYK2 function reduces risk in PsO, PsA, Crohn’s, UC, others • Preclinical models support use Strong clinical validation for mechanism across multiple autoimmune conditions: Promising for other immune conditions, including IBD PHASE 2 START PHASE 2b READOUT PHASE 3 FILING Psoriasis Ph2b March 2023 Ph3 Start FY2023 Target FY2026 H2H vs. deucra Start FY2025 Psoriatic Arthritis Ph2b September 2023 Ph3 Start FY2024 Target FY27 - 29 Crohn’s Disease Ph2b March 2024 Target FY2026 Ulcerative Colitis Ph2b June 2024 Target FY2026 Vitiligo Ph2b FY2025 Hidradenitis Suppurativa Ph2a FY25/26 Milestone achieved All timelines are approximate estimates as of October 30th 2025 are subject to change and are subject to clinical and regulatory success. Table is not comprehensive. For full glossary of abbreviations please refer to appendix.
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- 200 400 600 800 FY 25 FY 26 FY 27 FY 28 FY 29 FY 30 FY 31 FY 32 FY 34 FY 35 FY 40 FY 44 FY 45 FY 50 FY 54 FY 55 FY 60 FY 64 FY 84 BILLION JPY MATURITY LADDER 1 AS OF 30 SEPTEMBER 2025 HYBRID DEBT 2 50 Debt Maturity Ladder as of September 2025 1. Non-JPY debt principal calculated as at end of September 2025 FX Rates (147.86 JPY/USD and 173.82 JPY/EUR). This reflects the actual conversion rate used for reporting purposes. 2. FY 84 Hybrid Debt (JPY 500B) comprises JPY 460B Hybrid Bonds (Issued in June 2024, maturity date of June 2084) and Hybrid Loans (JPY 40B Issued in October 2024, maturity date of October 2084). ‖ ‖ ‖ ‖‖ ‖ 100% Debt at Fixed rate (~2.3% Weighted Average); Average Debt Maturity ~10 years ‖‖
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51 Regional Abbreviations: CN: China; EU: Europe; JP: Japan; U.S.: United States of America Glossary of Abbreviations 1L first line 2L second line 3L third line AA anemia-associated AATD α1-antitrypsin deficiency ADC antibody–drug conjugate AE adverse event AI artifcial inetlligence AML acute myeloid leukemia ASN American Society of Nephrology AVA Advanced Vial Access B7-H3 B7 Homolog 3 BID bis in die, twice a day BTD breakthrough therapy designation CD cluster of differentiation CI confidence interval CIDP chronic inflammatory demyelinating polyradiculoneuropathy CLDN18.2 claudin 18.2 CML chronic myeloid leukemia CMV cytomegalovirus cORR confirmed objective response rate CP-CML chronic-phase chronic myeloid leukemia CPI Checkpoint inhibitor CRC colorectal cancer cTTP congenital thrombotic thrombocytopenic purpura CY calendar year DAR4 Drug to Antibody Ratio 4:1 DOAC direct oral anti-coagulation EDS excessive daytime sleepiness EGFR epidermal growth factor receptor eGFR estimated glomerular filtration rate EMA European Medicines Agency EQ-5D-5L EuroQol-5 Dimensions 5-levels ESS Epworth Sleepiness Scale FDA U.S. Food & Drug Administration FL front line FSI first subject in FY fiscal year Gd-IgA galactose-deficient IgA GZMB granzyme B HCC hepatocellular carcinoma HCP healthcare professional HemA hemophilia A HER2 human epidermal growth factor receptor 2 HL Hodgkin lymphoma HS hidradenitis suppurativa IBD inflammatory bowel disease IFN-α/β/γ interferon alpha/beta/gamma IgA immunoglobulin A IgAN immunoglobulin A nephropathy IgG immunoglobulin G IgG1 Fc crystallizable fragment of IgG IH idiopathic hypersomnia IL-2/12/17/23 interleukin 2/12/17/23 IND investigational new drug IO immuno-oncology iTTP immune thrombotic thrombocytopenic purpura IV Intravenous JPY Japanese Yen KRAS Kirsten rat sarcoma viral gene LCM lifecycle management LS least square LTE long-term extension MCS Mental Component Summary MDS myelodysplastic syndrome MF myelofibrosis MMN multifocal motor neuropathy MOA mechanism of action mOS median overall survival MSS CRC microsatellite-stable colorectal cancer MWT maintenance of wakefulness test NDA new drug application NME new molecular entity NMPA (China’s) National Medical Products Administration NSCLC non-small cell lung cancer nsqNSCLC non-squamous non-small cell lung cancer NSS-CT Narcolepsy Severity Scale for Clinical Trials NT1 or 2 narcolepsy type 1 or 2 PD-1 programmed cell death protein 1 PDAC pancreatic ductal adenocarcinoma PGI-C Patient Clinical Global Impression of Change Ph1, Ph2, Ph3 phase 1, 2 ,3 PID primary immunodeficiency PK pharmacokinetics PMDA Japan’s Pharmaceuticals and Medical Devices Agency POC proof of concept PRIME Priority medicines scheme by EMA PROC platinum-resistant ovarian cancer PsA psoriatic arthritis PsO psoriasis PSOC platinum-sensitive ovarian cancer PVT Psychomotor Vigilance Task QOL quality of life R&D Research and Development SAE serious adverse event SC subcutaneous formulation SCCHN squamous cell carcinoma of head and neck SCLC small-cell lung cancer SID secondary immunodeficiency SF-36 Short Form-36 Survey SOC standard of care sqNSCLC squamous non-small cell lung cancer TEAE treatment emergent adverse event TIL tumor-infiltrating lymphocyte TNFα tumor necosis factor alpha TOPO1 Topoisomerase I (one) TST tumor-specific T cell TYK2 tyrosine kinase 2 UC ulcerative colitis UPCR urine protein-creatinine ratio USD US dollar VEGF vascular endothelial growth factor vWD von Willebrand disease WCR weekly cataplexy rate wk(s) week(s) WW worldwide
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FINANCIAL APPENDIX Definition of Non-IFRS Measures Definition and Explanation of Non-IFRS Measures and U.S. Dollar Convenience Translations A-1 Reconciliations and Other Financial Information FY2025 H1 Reported Results with CER % Change A-4 FY2025 Q2 (Jul-Sep) Reported Results with CER % Change A-5 FY2025 H1 Core Results with CER % Change A-6 FY2025 Q2 (Jul-Sep) Core Results with CER % Change A-7 FY2025 H1 Reconciliation from Reported to Core A-8 FY2025 Q2 (Jul-Sep) Reconciliation from Reported to Core A-9 FY2024 H1 Reconciliation from Reported to Core A-10 FY2024 Q2 (Jul-Sep) Reconciliation from Reported to Core A-11 FY2025 H1 Adjusted Free Cash Flow A-12 FY2025 H1 Adjusted Net Debt to Adjusted EBITDA A-13 FY2024 Adjusted Net Debt to Adjusted EBITDA A-14 FY2025 H1 Net Profit to Adjusted EBITDA Bridge A-15 FY2025 H1 Net Profit to Adjusted EBITDA LTM Bridge A-16 FY2025 H1 CAPEX, Depreciation and Amortization and Impairment Losses A-17 FY2025 Full Year Detailed Forecast A-18 FY2025 Full Year Reconciliation from Reported Operating Profit to Core Operating Profit Forecast A-19 FY2025 Full Year FX Rates Assumptions and Currency Sensitivity vs. Forecast A-20 Exhibit 99.1
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Definition and Explanation of Non-IFRS Measures and U.S. Dollar Convenience Translations Core Financial Measures Takeda’s Core Financial Measures, particularly Core Revenue, Core Operating Profit, Core Net Profit for the Year attributable to owners of the Company and Core EPS, exclude revenue from divestments, amortization and impairment losses on intangible assets associated with products (including in-process R&D) and other impacts unrelated to the underlying trends and business performance of Takeda’s core operations, such as non-recurring items, purchase accounting effects and transaction related costs. Core Revenue represents revenue adjusted to exclude revenue items unrelated to the underlying trends and business performance of Takeda’s core operations (primarily revenue or related adjustments associated with divestments and liquidations). Core Operating Profit represents operating profit adjusted to exclude other operating expenses and income, amortization and impairment losses on intangible assets associated with products (including in-process R&D) and non-cash items or items unrelated to the underlying trends and business performance of Takeda’s core operations. Core Net Profit for the Year attributable to owners of the Company represents net profit for the year attributable to owners of the Company, adjusted to eliminate the impact of items excluded in the calculation of Core Operating Profit and other non-operating items (e.g. amongst other items, fair value adjustments and the imputed financial charge related to contingent consideration) that are unusual, non-recurring in nature or unrelated to the underlying trends and business performance of Takeda’s ongoing operations and the tax effect of each of the adjustments. Core EPS is calculated by dividing Core Net Profit for the Year attributable to owners of the Company by the average outstanding shares (excluding treasury shares) of the reporting periods presented. Takeda presents its Core Financial Measures because Takeda believes that these measures are useful to understanding its business without the effect of items that Takeda considers to be unrelated to the underlying trends and business performance of its core operations, including items (i) which may vary significantly from year-to-year or may not occur in each year or (ii) whose recognition Takeda believes is largely uncorrelated to trends in the underlying performance of our core business. Takeda believes that similar measures are frequently used by other companies in its industry and that providing these measures helps investors evaluate Takeda’s performance against not only its performance in prior years but on a similar basis as its competitors. Takeda also presents Core Financial Measures because these measures are used by Takeda for budgetary planning and compensation purposes (i.e., certain targets for the purposes of Takeda’s Short-Term Incentive and Long-Term Incentive compensation programs, including incentive compensation of the CEO and CFO, are set in relation to the results of Takeda’s Core Financial Measures). Constant Exchange Rate (“CER”) Change CER Change eliminates the effect of foreign exchange rates from year-over-year comparisons by translating financial results in accordance with IFRS or Core (non-IFRS) financial measures for the current period using corresponding exchange rates in the same period of the previous fiscal year, provided, however, that the results of operations of subsidiaries in countries experiencing hyperinflation, and for which IAS 29, Financial Reporting in Hyperinflationary Economies, is applied, are not adjusted for CER Change, and instead are calculated in accordance with IAS 29. Takeda presents CER change because we believe that this measure is useful to investors to better understand the effect of exchange rates on our business and to understand how our results of operations might have changed from year to year without the effect of fluctuations in exchange rates. These are the primary ways in which our management uses these measures to evaluate our results of operations. We also believe that this is a useful measure for investors as similar performance measures are frequently used by securities analysts, investors and other interested parties in the evaluation of the results of operations of other companies in our industry (many of whom similarly present measures that adjust for the effect of exchange rates). The usefulness of this presentation has significant limitations including but not limited to, that while CER change is calculated using the same exchange rates used to calculate financial results as presented under IFRS for the previous fiscal year, this does not necessarily mean that the transactions entered into during the relevant fiscal year could have been entered into or would have been recorded at the same exchange rates. Moreover, other companies in our industry using similarly titled measures may define and calculate those measures differently than we do and therefore such measures may not be directly comparable. Accordingly, CER change should not be considered in isolation and is not, and should not be viewed as, a substitute for change in financial results as prepared and presented in accordance with IFRS. A-1
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Free Cash Flow and Adjusted Free Cash Flow Takeda defines Free Cash Flow as cash flows from operating activities less acquisition of property, plant and equipment (“PP&E”). Takeda defines Adjusted Free Cash Flow as cash flows from operating activities, subtracting payments for acquisition of PP&E, intangible assets, investments (excluding debt investments classified as Level 1 in the fair value hierarchy), shares in associates and businesses, net of cash and cash equivalents acquired and other transactional payments deemed related or similar in substance thereto as well as adding proceeds from sales of PP&E, sales and redemption of investments (excluding debt investments classified as Level 1 in the fair value hierarchy), sales of shares in associates and sales of businesses, net of cash and cash equivalents divested and further adjusting for the movement of any other cash that is not available to Takeda’s immediate or general business use. Takeda presents Free Cash Flow and Adjusted Free Cash Flow because Takeda believes that these measures are useful to investors as similar measures of liquidity are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. Adjusted Free Cash Flow is also used by our management to evaluate our liquidity and our cash flows, particularly as they relate to our ability to meet our liquidity requirements and to support our capital allocation policies. Takeda also believes that Free Cash Flow and Adjusted Free Cash Flow are helpful to investors in understanding how our strategic acquisitions and divestitures of businesses contribute to our cash flows and liquidity. The usefulness of Free Cash Flow and Adjusted Free Cash Flow to investors has significant limitations including, but not limited to, (i) they may not be comparable to similarly titled measures used by other companies, including those in our industry, (ii) they do not reflect the effect of our current and future contractual and other commitments requiring the use or allocation of capital and (iii) the addition of proceeds from sales and redemption of investments and the proceeds from sales of business, net of cash and cash equivalents divested do not represent cash received from our core ongoing operations. Free Cash Flow and Adjusted Free Cash Flow should not be considered in isolation and are not, and should not be viewed as, substitutes for cash flows from operating activities or any other measure of liquidity presented in accordance with IFRS. The most directly comparable measure under IFRS for Free Cash Flow and Adjusted Free Cash Flow is net cash from operating activities. EBITDA and Adjusted EBITDA Takeda defines EBITDA as consolidated net profit before income tax expenses, depreciation and amortization and net interest expense. Takeda defines Adjusted EBITDA as EBITDA further adjusted to exclude impairment losses, other operating income and expenses (excluding depreciation and amortization, as well as impairment losses), finance income and expenses (excluding net interest expense), our share of profit or loss of investments accounted for using the equity method, other non-cash items such as non-cash equity-based compensation expense, and other items that management believes are unrelated to our core operations, including EBITDA from divested products, purchase accounting effects and transaction related costs. Takeda presents EBITDA and Adjusted EBITDA because Takeda believes that these measures are useful to investors as they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. Primarily, Adjusted EBITDA is used by Takeda for the purposes of monitoring its financial leverage. Takeda further believes that Adjusted EBITDA is helpful to investors in identifying trends in its business that could otherwise be obscured by certain items unrelated to ongoing operations because they are highly variable, difficult to predict, may substantially impact our results of operations and may limit the ability to evaluate our performance from one period to another on a consistent basis. The usefulness of EBITDA and Adjusted EBITDA to investors has significant limitations including, but not limited to, (i) they may not be comparable to similarly titled measures used by other companies, including those in the pharmaceutical industry, (ii) they exclude financial information and events, such as the effects of an acquisition, or amortization of intangible assets, that some may consider important in evaluating Takeda’s performance, value or prospects for the future, (iii) they exclude items or types of items that may continue to occur from period to period in the future and (iv) they may not include all items which investors may consider important to an understanding of our results of operations, or may not exclude all items which investors may not consider important for such understanding. EBITDA and Adjusted EBITDA should not be considered in isolation and are not, and should not be viewed as, substitutes for operating income, net profit for the year or any other measure of performance presented in accordance with IFRS. The most closely comparable measure presented in accordance with IFRS is net profit for the year. A-2
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Net Debt and Adjusted Net Debt Takeda defines Net Debt as the book value of bonds and loans on consolidated statements of financial position adjusted only for cash and cash equivalents and Adjusted Net Debt first by calculating the sum of the current and non-current portions of bonds and loans as shown on our consolidated statement of financial position, which is then adjusted to reflect (i) the use of prior 12-month average exchange rates for non-JPY debt outstanding at the beginning of the period and the use of relevant spot rates for new non-JPY debt incurred and existing non-JPY debt redeemed during the reporting period, which reflects the methodology our management uses to monitor our leverage, and (ii) the “equity credit” applied to Takeda’s “hybrid” subordinated indebtedness by S&P Global Rating Japan in recognition of the equity-like features of those instruments pursuant to such agency’s ratings methodology. To calculate Adjusted Net Debt, Takeda deducts from this figure cash and cash equivalents, excluding cash temporarily held by Takeda on behalf of third parties related to vaccine operations and to the trade receivables sales program, and debt investments classified as Level 1 in the fair value hierarchy being recorded as Other Financial Assets. Takeda presents Net Debt and Adjusted Net Debt because Takeda believes that these measures are useful to investors in that our management uses it to monitor and evaluate our indebtedness, net of cash and cash equivalents and, in conjunction with Adjusted EBITDA, to monitor our financial leverage (for the avoidance of doubt, Adjusted Net Debt and the ratio of Adjusted Net Debt to Adjusted EBITDA are not intended to be indicators of Takeda’s liquidity). Takeda also believes that similar measures of indebtedness are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. Particularly following the acquisition of Shire, investors, analysts and, in particular, ratings agencies, have closely monitored Takeda’s leverage, as represented by the ratio of its Adjusted Net Debt to Adjusted EBITDA. In light of the weight given by ratings agencies in particular to this ratio, Takeda believes that such information is useful to investors to help understand not only Takeda’s financial leverage, but also how ratings agencies evaluate the level of financial leverage in evaluating Takeda’s quality of credit. Accordingly, as described below, Takeda includes an adjustment to its Adjusted Net Debt to reflect the “equity credit” afforded to certain of its subordinated indebtedness by ratings agencies (such indebtedness does not qualify for treatment as equity under IFRS). The usefulness of Adjusted Net Debt to investors has significant limitations including, but not limited to, (i) it may not be comparable to similarly titled measures used by other companies, including those in the pharmaceutical industry, (ii) it does not reflect the amounts of interest payments to be paid on Takeda’s indebtedness, (iii) it does not reflect any restrictions on Takeda’s ability to prepay or redeem any of our indebtedness, (iv) it does not reflect any fees, costs or other expenses that Takeda may incur in converting cash equivalents to cash, in converting cash from one currency into another or in moving cash within our consolidated group, (v) it applies to gross debt an adjustment for average foreign exchange rates which, although consistent with Takeda’s financing agreements, does not reflect the actual rates at which Takeda would be able to convert one currency into another and (vi) it reflects an equity credit despite the fact that Takeda’s subordinated bonds are not eligible for equity treatment under IFRS, although Takeda believes this adjustment to be reasonable and useful to investors. Adjusted Net Debt should not be considered in isolation and is not, and should not be viewed as, a substitute for bonds and loans or any other measure of indebtedness presented in accordance with IFRS. The most directly comparable measures under IFRS for Net Debt is bonds and loans. U.S. Dollar Convenience Translations In the Financial Appendix, certain amounts presented in Japanese yen have been translated to U.S. dollars solely for the convenience of the reader at an exchange rate of 1USD = 147.97 JPY, the Noon Buying Rate certified by the Federal Reserve Bank of New York on September 30, 2025 . The rate and methodologies used for the convenience translations differ from the currency exchange rates and translation methodologies under IFRS used for the preparation of the condensed interim consolidated financial statements. The translation should not be construed as a representation that the Japanese yen amounts could be converted into U.S. dollars at this or any other rate. A-3
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FY2025 H1 Reported Results with CER % Change (Billion JPY, except EPS) FY2024 H1 FY2025 H1 AER CER (Million USD, except EPS) FY2025 H1 Convenience USD TranslationJPY Change % Change % Change Revenue 2,384.0 2,219.5 (164.5) (6.9) % (3.9) % 15,000 Cost of sales (781.3) (764.7) 16.5 2.1 % (0.9) % (5,168) Gross profit 1,602.8 1,454.7 (148.0) (9.2) % (6.2) % 9,831 Margin 67.2 % 65.5 % (1.7) pp (1.6) pp 65.5 % SG&A expenses (538.3) (509.4) 28.9 5.4 % 2.0 % (3,443) R&D expenses (344.0) (305.4) 38.7 11.2 % 7.5 % (2,064) Amortization of intangible assets associated with products (277.5) (260.8) 16.7 6.0 % 2.1 % (1,762) Impairment losses on intangible assets associated with products* (27.8) (76.0) (48.3) (173.9) % (169.9) % (514) Other operating income 13.9 23.5 9.6 68.8 % 68.6 % 159 Other operating expenses (78.5) (73.1) 5.4 6.9 % 4.9 % (494) Operating profit 350.6 253.6 (97.0) (27.7) % (26.0) % 1,714 Margin 14.7 % 11.4 % (3.3) pp (3.4) pp 11.4 % Finance income 34.8 118.2 83.4 239.6 % 240.5 % 799 Finance expenses (128.1) (190.3) (62.2) (48.5) % (49.5) % (1,286) Share of profit (loss) of investments accounted for using the equity method (1.2) (2.6) (1.4) (109.7) % (85.3) % (18) Profit before tax 256.0 178.8 (77.2) (30.1) % (28.1) % 1,208 Income tax (expenses) benefit (68.6) (66.3) 2.3 3.4 % 6.9 % (448) Net profit for the period 187.4 112.5 (74.9) (39.9) % (35.8) % 761 Non-controlling interests (0.1) (0.1) 0.0 3.5 % (3.9) % (1) Net profit attributable to owners of the Company 187.3 112.4 (74.9) (40.0) % (35.9) % 760 Basic EPS (JPY or USD) 118.85 71.57 (47.28) (39.8) % (35.7) % 0.48 * Includes in-process R&D The amount of change and percentage change based on Actual Exchange Rates are presented in “AER” (which is presented in accordance with IFRS) and percentage change based on Constant Exchange Rate (which is a non-IFRS measure) is presented in “CER”. Please refer to Definition and Explanation of Non-IFRS Measures and U.S. Dollar Convenience Translations, for the definition of the “Constant Exchange Rate change”. % change is presented as positive when favorable to profits, and negative when unfavorable to profits. A-4
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FY2025 Q2 (Jul-Sep) Reported Results with CER % Change (Billion JPY, except EPS) FY2024 Q2 (Jul-Sep) FY2025 Q2 (Jul-Sep) AER CER (Million USD, except EPS) FY2025 Q2 (Jul-Sep) Convenience USD TranslationJPY Change % Change % Change Revenue 1,176.0 1,112.8 (63.2) (5.4) % (4.0) % 7,520 Cost of sales (394.3) (380.1) 14.2 3.6 % 2.5 % (2,569) Gross profit 781.7 732.7 (49.0) (6.3) % (4.8) % 4,952 Margin 66.5 % 65.8 % (0.6) pp (0.5) pp 65.8 % SG&A expenses (268.3) (253.6) 14.7 5.5 % 3.9 % (1,714) R&D expenses (175.6) (161.5) 14.1 8.0 % 5.3 % (1,091) Amortization of intangible assets associated with products (138.9) (131.4) 7.5 5.4 % 3.1 % (888) Impairment losses on intangible assets associated with products* (3.5) (73.7) (70.2) (1,978.7) % (1,941.1) % (498) Other operating income 3.1 1.5 (1.6) (51.4) % (50.5) % 10 Other operating expenses (14.3) (45.0) (30.8) (215.3) % (214.3) % (304) Operating profit 184.2 69.0 (115.3) (62.6) % (62.0) % 466 Margin 15.7 % 6.2 % (9.5) pp (9.5) pp 6.2 % Finance income 6.5 44.4 37.9 579.4 % 579.4 % 300 Finance expenses (70.9) (83.1) (12.3) (17.3) % (18.6) % (562) Share of profit (loss) of investments accounted for using the equity method (0.5) (2.1) (1.5) (288.2) % (291.1) % (14) Profit before tax 119.4 28.2 (91.2) (76.4) % (76.4) % 190 Income tax (expenses) benefit (27.3) (39.9) (12.6) (46.4) % (32.7) % (270) Net profit for the period 92.1 (11.7) (103.8) ― ― (79) Non-controlling interests (0.1) (0.1) (0.0) (18.7) % (27.1) % (0) Net profit attributable to owners of the Company 92.0 (11.8) (103.8) ― ― (80) Basic EPS (JPY or USD) 58.21 (7.49) (65.71) ― ― (0.05) * Includes in-process R&D The amount of change and percentage change based on Actual Exchange Rates are presented in “AER” (which is presented in accordance with IFRS) and percentage change based on Constant Exchange Rate (which is a non-IFRS measure) is presented in “CER”. Please refer to Definition and Explanation of Non-IFRS Measures and U.S. Dollar Convenience Translations, for the definition of the “Constant Exchange Rate change”. % change is presented as positive when favorable to profits, and negative when unfavorable to profits. A-5
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FY2025 H1 Core Results with CER % Change (Billion JPY, except EPS) FY2024 H1 FY2025 H1 AER CER (Million USD, except EPS) FY2025 H1 Convenience USD TranslationJPY Change % Change % Change Revenue 2,384.0 2,219.5 (164.5) (6.9) % (3.9) % 15,000 Cost of sales (781.5) (765.2) 16.3 2.1 % (0.9) % (5,171) Gross profit 1,602.6 1,454.3 (148.2) (9.2) % (6.2) % 9,829 Margin 67.2 % 65.5 % (1.7) pp (1.6) pp 65.5 % SG&A expenses (538.5) (509.7) 28.9 5.4 % 2.0 % (3,445) R&D expenses (344.1) (305.5) 38.7 11.2 % 7.5 % (2,064) Operating profit 719.9 639.2 (80.7) (11.2) % (8.8) % 4,320 Margin 30.2 % 28.8 % (1.4) pp (1.5) pp 28.8 % Finance income 28.8 117.7 88.9 309.3 % 310.3 % 795 Finance expenses (102.0) (184.8) (82.7) (81.1) % (82.3) % (1,249) Share of profit (loss) of investments accounted for using the equity method 1.6 (0.6) (2.2) ― ― (4) Profit before tax 648.3 571.5 (76.8) (11.8) % (9.3) % 3,862 Income tax (expenses) benefit (159.1) (132.8) 26.3 16.5 % 3.6 % (897) Net profit for the period 489.2 438.7 (50.5) (10.3) % (11.1) % 2,965 Non-controlling interests (0.1) (0.1) 0.0 3.5 % (3.9) % (1) Net profit attributable to owners of the Company 489.1 438.6 (50.5) (10.3) % (11.1) % 2,964 Basic EPS (JPY or USD) 310 279 (31) (10.0) % (10.8) % 1.89 The amount of change and percentage change based on Actual Exchange Rates are presented in “AER” (which is presented in accordance with IFRS) and percentage change based on Constant Exchange Rate (which is a non-IFRS measure) is presented in “CER”. Please refer to Definition and Explanation of Non-IFRS Measures and U.S. Dollar Convenience Translations, for the definition of the “Constant Exchange Rate change”. % change is presented as positive when favorable to profits, and negative when unfavorable to profits. A-6
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FY2025 Q2 (Jul-Sep) Core Results with CER % Change (Billion JPY, except EPS) FY2024 Q2 (Jul-Sep) FY2025 Q2 (Jul-Sep) AER CER (Million USD, except EPS) FY2025 Q2 (Jul-Sep) Convenience USD TranslationJPY Change % Change % Change Revenue 1,176.0 1,112.8 (63.2) (5.4) % (4.0) % 7,520 Cost of sales (394.4) (380.2) 14.1 3.6 % 2.5 % (2,570) Gross profit 781.7 732.6 (49.1) (6.3) % (4.8) % 4,951 Margin 66.5 % 65.8 % (0.6) pp (0.5) pp 65.8 % SG&A expenses (268.4) (253.7) 14.7 5.5 % 3.9 % (1,714) R&D expenses (175.6) (161.5) 14.1 8.0 % 5.3 % (1,092) Operating profit 337.7 317.4 (20.3) (6.0) % (5.3) % 2,145 Margin 28.7 % 28.5 % (0.2) pp (0.4) pp 28.5 % Finance income 6.1 44.7 38.5 627.4 % 627.4 % 302 Finance expenses (49.4) (80.5) (31.1) (63.0) % (64.7) % (544) Share of profit (loss) of investments accounted for using the equity method 1.3 (0.5) (1.7) ― ― (3) Profit before tax 295.7 281.1 (14.6) (4.9) % (4.4) % 1,900 Income tax (expenses) benefit (83.3) (79.5) 3.9 4.7 % (15.6) % (537) Net profit for the period 212.3 201.6 (10.7) (5.0) % (12.2) % 1,363 Non-controlling interests (0.1) (0.1) (0.0) (18.7) % (27.1) % (0) Net profit attributable to owners of the Company 212.3 201.6 (10.7) (5.0) % (12.2) % 1,362 Basic EPS (JPY or USD) 134 128 (6) (4.7) % (11.9) % 0.86 The amount of change and percentage change based on Actual Exchange Rates are presented in “AER” (which is presented in accordance with IFRS) and percentage change based on Constant Exchange Rate (which is a non-IFRS measure) is presented in “CER”. Please refer to Definition and Explanation of Non-IFRS Measures and U.S. Dollar Convenience Translations, for the definition of the “Constant Exchange Rate change”. % change is presented as positive when favorable to profits, and negative when unfavorable to profits. A-7
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FY2025 H1 Reconciliation from Reported to Core (Billion JPY, except EPS and number of shares) Reported Reported to Core adjustments CoreAmortization of intangible assets Impairment of intangible assets Other operating income/ expenses Others Revenue 2,219.5 2,219.5 Cost of sales (764.7) (0.4) (765.2) Gross profit 1,454.7 (0.4) 1,454.3 SG&A expenses (509.4) (0.3) (509.7) R&D expenses (305.4) (0.1) (305.5) Amortization of intangible assets associated with products (260.8) 260.8 — Impairment losses on intangible assets associated with products* (76.0) 76.0 — Other operating income 23.5 (23.5) — Other operating expenses (73.1) 73.1 — Operating profit 253.6 260.8 76.0 49.6 (0.7) 639.2 Margin 11.4 % 28.8 % Finance income and (expenses), net (72.1) 5.0 (67.1) Share of profit (loss) of investments accounted for using the equity method (2.6) 2.0 (0.6) Profit before tax 178.8 260.8 76.0 49.6 6.3 571.5 Income tax (expenses) benefit (66.3) (52.4) (4.9) (7.7) (1.5) (132.8) Non-controlling interests (0.1) (0.1) Net profit attributable to owners of the Company 112.4 208.3 71.1 41.9 4.9 438.6 Basic EPS (JPY) 72 279 Number of shares (millions) 1,571 1,571 * Includes in-process R&D. A-8
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FY2025 Q2 (Jul-Sep) Reconciliation from Reported to Core (Billion JPY, except EPS and number of shares) Reported Reported to Core adjustments CoreAmortization of intangible assets Impairment of intangible assets Other operating income/ expenses Others Revenue 1,112.8 1,112.8 Cost of sales (380.1) (0.2) (380.2) Gross profit 732.7 (0.2) 732.6 SG&A expenses (253.6) (0.1) (253.7) R&D expenses (161.5) (0.0) (161.5) Amortization of intangible assets associated with products (131.4) 131.4 — Impairment losses on intangible assets associated with products* (73.7) 73.7 — Other operating income 1.5 (1.5) — Other operating expenses (45.0) 45.0 — Operating profit 69.0 131.4 73.7 43.6 (0.3) 317.4 Margin 6.2 % 28.5 % Finance income and (expenses), net (38.7) 2.9 (35.8) Share of profit (loss) of investments accounted for using the equity method (2.1) 1.6 (0.5) Profit before tax 28.2 131.4 73.7 43.6 4.2 281.1 Income tax (expenses) benefit (39.9) (24.9) (4.4) (9.6) (0.6) (79.5) Non-controlling interests (0.1) (0.1) Net profit attributable to owners of the Company (11.8) 106.5 69.3 33.9 3.6 201.6 Basic EPS (JPY) (7) 128 Number of shares (millions) 1,575 1,575 * Includes in-process R&D. A-9
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FY2024 H1 Reconciliation from Reported to Core (Billion JPY, except EPS and number of shares) Reported Reported to Core adjustments CoreAmortization of intangible assets Impairment of intangible assets Teva JV related adjustment*2 Other operating income/ expenses Others Revenue 2,384.0 2,384.0 Cost of sales (781.3) (0.2) (781.5) Gross profit 1,602.8 (0.2) 1,602.6 SG&A expenses (538.3) (0.2) (538.5) R&D expenses (344.0) (0.1) (344.1) Amortization of intangible assets associated with products (277.5) 277.5 — Impairment losses on intangible assets associated with products*1 (27.8) 27.8 — Other operating income 13.9 (13.9) — Other operating expenses (78.5) 78.5 — Operating profit 350.6 277.5 27.8 64.6 (0.5) 719.9 Margin 14.7 % 30.2 % Finance income and (expenses), net (93.4) 18.3 1.7 (73.3) Share of profit (loss) of investments accounted for using the equity method (1.2) 2.9 1.6 Profit before tax 256.0 277.5 27.8 18.3 64.6 4.1 648.3 Income tax (expenses) benefit (68.6) (58.1) (8.0) (5.6) (14.7) (4.1) (159.1) Non-controlling interests (0.1) (0.1) Net profit attributable to owners of the Company 187.3 219.4 19.8 12.7 49.9 (0.0) 489.1 Basic EPS (JPY) 119 310 Number of shares (millions) 1,576 1,576 *1 Includes in-process R&D. *2 An impairment loss of JPY 18.3 billion recorded as a result of the classification of Teva Takeda Pharma Ltd. shares as assets held for sale for the six-month period ended September 30, 2024. A-10
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FY2024 Q2 (Jul-Sep) Reconciliation from Reported to Core (Billion JPY, except EPS and number of shares) Reported Reported to Core adjustments CoreAmortization of intangible assets Impairment of intangible assets Teva JV related adjustment*2 Other operating income/ expenses Others Revenue 1,176.0 1,176.0 Cost of sales (394.3) (0.1) (394.4) Gross profit 781.7 (0.1) 781.7 SG&A expenses (268.3) (0.1) (268.4) R&D expenses (175.6) (0.0) (175.6) Amortization of intangible assets associated with products (138.9) 138.9 — Impairment losses on intangible assets associated with products*1 (3.5) 3.5 — Other operating income 3.1 (3.1) — Other operating expenses (14.3) 14.3 — Operating profit 184.2 138.9 3.5 11.2 (0.2) 337.7 Margin 15.7 % 28.7 % Finance income and (expenses), net (64.3) 18.3 2.8 (43.2) Share of profit (loss) of investments accounted for using the equity method (0.5) 1.8 1.3 Profit before tax 119.4 138.9 3.5 18.3 11.2 4.3 295.7 Income tax (expenses) benefit (27.3) (29.1) (0.8) (5.6) (3.3) (17.3) (83.3) Non-controlling interests (0.1) (0.1) Net profit attributable to owners of the Company 92.0 109.8 2.8 12.7 7.9 (13.0) 212.3 Basic EPS (JPY) 58 134 Number of shares (millions) 1,581 1,581 *1 Includes in-process R&D. *2 An impairment loss of JPY 18.3 billion recorded as a result of the classification of Teva Takeda Pharma Ltd. shares as assets held for sale for the quarter ended September 30, 2024. A-11
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FY2025 H1 Adjusted Free Cash Flow (Billion JPY) FY2024 H1 FY2025 H1 JPY Change % Change (Million USD) FY2025 H1 Convenience USD Translation Net profit 187.4 112.5 (74.9) (39.9) % 761 Depreciation, amortization and impairment losses 420.7 453.8 33.0 3,067 Decrease (increase) in trade working capital (146.1) (15.0) 131.1 (101) Income taxes paid (89.1) (91.9) (2.8) (621) Tax refunds and interest on tax refunds received 4.3 5.5 1.3 37 Other 74.0 128.7 54.7 870 Net cash from operating activities (Operating Cash Flow) 451.3 593.7 142.4 31.6 % 4,012 Acquisition of PP&E (106.9) (88.0) 18.9 (595) Free Cash Flow*1 344.4 505.6 161.3 46.8 % 3,417 Adjustment for cash temporarily held by Takeda on behalf of third parties*2 8.5 19.8 11.3 134 Proceeds from sales of PP&E 0.0 6.4 6.3 43 Acquisition of intangible assets*3 (91.6) (39.9) 51.7 (270) Acquisition of option to license (31.8) — 31.8 — Acquisition of investments*4 (13.5) (0.2) 13.3 (2) Proceeds from sales and redemption of investments 23.1 4.0 (19.1) 27 Acquisition of shares in associates — (0.6) (0.6) (4) Proceeds from sales of shares in associates — 0.7 0.7 5 Proceeds from sales of business, net of cash and cash equivalents divested 8.3 29.6 21.3 200 Adjusted Free Cash Flow*1 247.5 525.4 277.9 112.3 % 3,551 *1 Please refer to Definition and Explanation of Non-IFRS Measures and U.S. Dollar Convenience Translations for the definitions of Free Cash Flow and Adjusted Free Cash Flow. *2 Adjustment for cash temporarily held by Takeda on behalf of third parties refers to changes in cash balances that are temporarily held by Takeda on behalf of third parties related to vaccine operations and the trade receivables sales program, which are not available to Takeda’s immediate or general business use. *3 Proceeds from sales of intangible assets are included in cash flow from operating activities, except certain immaterial transactions. *4 Acquisition of JPY 14.3 billion debt investments classified as Level 1 in the fair value hierarchy is excluded for the six-month period ended September 30, 2024. A-12
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FY2025 H1 Adjusted Net Debt to Adjusted EBITDA ADJUSTED NET DEBT/ADJUSTED EBITDA RATIO NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (Billion JPY) FY2025 H1 (Billion JPY) FY2024 H1 FY2025 H1 JPY Change % Change Book value of bonds and loans on consolidated statement of financial position (4,645.3) Net cash from operating activities (Operating Cash Flow) 451.3 593.7 142.4 31.6 % Acquisition of PP&E (106.9) (88.0) Cash & cash equivalents 681.5 Proceeds from sales of PP&E 0.0 6.4 Net Debt*1 (3,963.8) Acquisition of intangible assets (91.6) (39.9) Application of equity credit*2 250.0 Acquisition of option to license (31.8) — FX adjustment*3 63.3 Acquisition of investments (27.7) (0.2) Cash temporarily held by Takeda on behalf of third parties*4 (86.0) Proceeds from sales and redemption of investments 23.1 4.0 Level 1 debt investments*4 79.2 Acquisition of shares in associates — (0.6) Adjusted Net Debt*1 (3,657.3) Proceeds from sales of shares in associates — 0.7 Proceeds from sales of business, net of cash and cash equivalents divested 8.3 29.6 Adjusted EBITDA (LTM)*5 1,353.9 Payments for the settlement of forward exchange contracts designated as net investment hedges (14.0) (1.5) Adjusted Net Debt/Adjusted EBITDA ratio 2.7x Net increase (decrease) in short-term loans and commercial papers (317.0) (341.8) Proceeds from long-term loans 50.0 — Book value of bonds and loans on consolidated statement of financial position (4,645.3) Repayment of long-term loans (50.2) (10.1) Proceeds from issuance of bonds 934.5 526.1 Application of equity credit *2 250.0 Repayment of bonds (233.8) (115.3) FX adjustment*3 63.3 Proceeds from the settlement of cross currency interest rate swaps related to bonds and loans 46.9 — Adjusted Gross Debt (4,332.0) Acquisition of treasury shares (1.9) (51.6) Interest paid (42.3) (52.3) Dividends paid (147.3) (154.1) Others (23.8) (19.6) Net increase (decrease) in cash and cash equivalents 425.8 285.4 (140.3) (33.0) % *1 Please refer to Definition and Explanation of Non-IFRS Measures and U.S. Dollar Convenience Translations for the definitions of Net Debt and Adjusted Net Debt. *2 Application of equity credit includes JPY 250.0 billion reduction in debt due to a 50% equity credit applied to JPY 500.0 billion principal amount of our hybrid (subordinated) bonds and loans by S&P Global Rating Japan, given that those instruments qualify for certain equity credit for leverage purposes. *3 FX adjustment refers to change from month-end rate to average rate used for non-JPY debt calculation outstanding at the beginning of the period to match with adjusted EBITDA (which is calculated based on average rates). New non-JPY debt incurred and existing non-JPY debt redeemed during the reporting period are translated to JPY at relevant spot rates as of the relevant date. *4 Adjustments related to cash temporarily held by Takeda on behalf of third parties related to vaccine operations and to the trade receivables sales program, which is not available to Takeda’s immediate or general business use, and debt investments classified as Level 1 in the fair value hierarchy being recorded as Other Financial Assets. *5 LTM represents Last Twelve Months (October 2024 - September 2025). Calculated by subtracting FY2024 H1 from FY2024 Full Year and adding FY2025 H1. A-13
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FY2024 Adjusted Net Debt to Adjusted EBITDA ADJUSTED NET DEBT/ADJUSTED EBITDA RATIO NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (Billion JPY) FY2024 (Billion JPY) FY2023 FY2024 JPY Change % Change Book value of bonds and loans on consolidated statement of financial position (4,515.3) Net cash from operating activities (Operating Cash Flow) 716.3 1,057.2 340.8 47.6 % Acquisition of PP&E (175.4) (200.8) Cash & cash equivalents 385.1 Proceeds from sales of PP&E 8.6 0.1 Net Debt*1 (4,130.2) Acquisition of intangible assets (305.3) (147.0) Application of equity credit*2 250.0 Acquisition of option to license — (31.8) FX adjustment*3 (68.9) Acquisition of investments (6.8) (97.5) Cash temporarily held by Takeda on behalf of third parties*4 (105.8) Proceeds from sales and redemption of investments 8.0 29.4 Level 1 debt investments*4 79.3 Acquisition of shares in associates — (1.0) Adjusted Net Debt*1 (3,975.5) Proceeds from sales of shares in associates — 57.7 Proceeds from sales of business, net of cash and cash equivalents divested 20.0 20.6 Adjusted EBITDA 1,441.0 Payments for the settlement of forward exchange contracts designated as net investment hedges (33.3) (13.8) Adjusted Net Debt/Adjusted EBITDA ratio 2.8x Net increase (decrease) in short-term loans and commercial papers 277.0 27.5 Proceeds from long-term loans 100.0 90.0 Book value of bonds and loans on consolidated statement of financial position (4,515.3) Repayment of long-term loans (100.4) (587.2) Proceeds from issuance of bonds — 934.5 Application of equity credit*2 250.0 Repayment of bonds (220.5) (733.8) FX adjustment*3 (68.9) Proceeds from the settlement of cross currency interest rate swaps related to bonds and loans 60.1 46.9 Adjusted Gross Debt (4,334.2) Acquisition of treasury shares (2.3) (51.9) Interest paid (100.4) (113.0) Dividends paid (287.2) (302.5) Others (60.3) (44.6) Net increase (decrease) in cash and cash equivalents (101.9) (61.3) 40.6 39.9 % *1 Please refer to Definition and Explanation of Non-IFRS Measures and U.S. Dollar Convenience Translations for the definitions of Net Debt and Adjusted Net Debt. *2 Application of equity credit includes JPY 250.0 billion reduction in debt due to a 50% equity credit applied to JPY 500.0 billion principal amount of our hybrid (subordinated) bonds and loans by S&P Global Rating Japan, given that those instruments qualify for certain equity credit for leverage purposes. *3 FX adjustment refers to change from month-end rate to average rate used for non-JPY debt calculation outstanding at the beginning of the period to match with adjusted EBITDA (which is calculated based on average rates). New non-JPY debt incurred and existing non-JPY debt redeemed during the reporting period are translated to JPY at relevant spot rates as of the relevant date. *4 Adjustments related to cash temporarily held by Takeda on behalf of third parties related to vaccine operations and to the trade receivables sales program, which is not available to Takeda’s immediate or general business use, and debt investments classified as Level 1 in the fair value hierarchy being recorded as Other Financial Assets. A-14
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FY2025 H1 Net Profit to Adjusted EBITDA Bridge (Billion JPY) FY2024 H1 FY2025 H1 JPY Change % Change Net profit 187.4 112.5 (74.9) (39.9) % Income tax expenses (benefit) 68.6 66.3 Depreciation and amortization 384.7 366.6 Interest expense, net 58.3 63.3 EBITDA 699.0 608.7 (90.3) (12.9) % Impairment losses 36.1 87.1 Other operating expenses (income), net, excluding depreciation and amortization, and impairment losses 54.2 37.1 Finance expenses (income), net, excluding interest expense, net 35.0 8.9 Share of loss (profit) of investments accounted for using the equity method 1.2 2.6 Other costs* 34.2 33.8 Adjusted EBITDA 859.8 778.2 (81.5) (9.5) % * Includes adjustments for non-cash items such as non-cash equity-based compensation expense, and other items that management believes are unrelated to our core operations, including purchase accounting effects and transaction related costs. A-15
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FY2025 H1 Net Profit to Adjusted EBITDA LTM Bridge (Billion JPY) FY2024 Full Year (Apr - Mar) FY2024 H1 (Apr - Sep) FY2025 H1 (Apr - Sep) FY2025 H1 LTM*1 (Oct - Sep) Net profit 108.1 187.4 112.5 33.3 Income tax expenses (benefit) 66.9 68.6 66.3 64.6 Depreciation and amortization 761.4 384.7 366.6 743.3 Interest expense, net 117.7 58.3 63.3 122.6 EBITDA 1,054.2 699.0 608.7 963.9 Impairment losses 106.5 36.1 87.1 157.6 Other operating expenses (income), net, excluding depreciation and amortization, and impairment losses 163.2 54.2 37.1 146.1 Finance expenses (income), net, excluding interest expense, net 45.8 35.0 8.9 19.7 Share of loss (profit) of investments accounted for using the equity method 4.0 1.2 2.6 5.4 Other costs*2 67.4 34.2 33.8 67.0 Adjusted EBITDA 1,441.2 859.8 778.2 1,359.6 EBITDA from divested products*3 (0.2) (5.8) Adjusted EBITDA (LTM) 1,441.0 1,353.9 *1 LTM represents Last Twelve Months (October 2024 - September 2025). Calculated by subtracting FY2024 H1 from FY2024 Full Year and adding FY2025 H1. *2 Includes adjustments for non-cash items such as non-cash equity-based compensation expense, and other items that management believes are unrelated to our core operations, including purchase accounting effects and transaction related costs. *3 Represents adjustments for EBITDA from divested products which are removed as part of LTM Adjusted EBITDA. A-16
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FY2025 H1 CAPEX, Depreciation and Amortization and Impairment Losses (Billion JPY) FY2024 H1 FY2025 H1 JPY Change % Change Revised Forecast (October 30,2025) Capital expenditures*1 198.5 127.9 (70.6) (35.6) % 400.0 - 450.0 Tangible assets 106.9 88.0 (18.9) (17.7) % Intangible assets 91.6 39.9 (51.7) (56.4) % Depreciation and amortization 384.7 366.6 (18.1) (4.7) % 717.0 Depreciation of tangible assets*2 (A) 87.6 85.7 (1.9) (2.1) % Amortization of intangible assets (B) 297.1 280.9 (16.2) (5.4) % Of which Amortization on intangible assets associated with products (C) 277.5 260.8 (16.7) (6.0) % 497.0 Of which Amortization excluding intangible assets associated with products (D) 19.6 20.1 0.5 2.8 % Depreciation and amortization (excluding intangible assets associated with products) (A)+(D) 107.2 105.9 (1.3) (1.2) % 220.0 Impairment losses 36.1 87.1 51.1 141.6 % Impairment losses on intangible assets associated with products*3 27.8 76.0 48.3 173.9 % 110.0 Amortization and impairment losses on intangible assets associated with products 305.2 336.8 31.5 10.3 % 607.0 *1 Cash flow base *2 Includes depreciation of investment properties *3 Includes in-process R&D A-17
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FY2025 Full Year Detailed Forecast (BN JPY) Original Forecast (May 8, 2025) Revised Forecast (October 30, 2025) JPY Change % Change Variances REPORTED Revenue 4,530.0 4,500.0 (30.0) (0.7) % Decline in sales forecasts for products including ENTYVIO and VYVANSE, partially offset by favorable revisions in FX assumptions Cost of sales (1,540.0) (1,590.0) (50.0) (3.2) % Gross Profit 2,990.0 2,910.0 (80.0) (2.7) % Decrease in profit driven by the decrease in revenue forecasts, as well as unfavorable product mix impact and transactional FX impact SG&A expenses (1,100.0) (1,095.0) 5.0 0.5 % R&D expenses (750.0) (685.0) 65.0 8.7 % Additional cost savings, including from pipeline prioritization and the enterprise-wide efficiency program, and FX benefits Amortization of intangible assets associated with products (500.0) (497.0) 3.0 0.6 % Mainly due to FX benefits Impairment losses on intangible assets associated with products*1 (50.0) (110.0) (60.0) (120.0) % Revised full-year forecast reflecting first-half results, including the impairment related to gamma delta T-cell therapy (JPY 58.2 B) recorded in FY25 Q2 Other operating income 10.0 27.0 17.0 170.0 % Increase in divestiture gains Other operating expenses (125.0) (150.0) (25.0) (20.0) % Primarily reflects higher expenses for pre-launch inventories and higher restructuring expenses for the R&D organization (FY25 total restructuring expenses: originally JPY 48.0 B, revised JPY 56.0 B) Operating profit 475.0 400.0 (75.0) (15.8) % Finance income (expenses), net (167.0) (156.0) 11.0 6.6 % Profit before tax 307.0 243.0 (64.0) (20.8) % Net profit attributable to owners of the Company 228.0 153.0 (75.0) (32.9) % Assumes an effective tax rate of ~37%, mainly driven by non-deductible expenses related to impairments and derecognition of deferred tax assets Basic EPS (yen) 145 97 (48) (32.9) % Core Revenue*2 4,530.0 4,500.0 (30.0) (0.7) % Decline in sales forecasts for products including ENTYVIO and VYVANSE, partially offset by favorable revisions in FX assumptions Core Operating Profit*2 1,140.0 1,130.0 (10.0) (0.9) % Decline in sales forecasts for products including ENTYVIO and VYVANSE, offset by lower R&D expenses, but further reduced by unfavorable transactional and translational FX impacts Core EPS (yen)*2 485 479 (6) (1.2) % Adjusted Free Cash Flow*2 750.0 to 850.0 600.0 to 700.0 Reflects expected USD 1.2 B upfront payment under the strategic global partnership agreement with Innovent BiologicsCAPEX (cash flow base) (270.0) to (320.0) (400.0) to (450.0) Depreciation and amortization (excl. intangible assets associated with products) (216.0) (220.0) (4.0) (1.9) % Cash tax rate on Adjusted EBITDA (excl. divestitures)*2 Mid teen% Mid teen% USD/JPY 150 147 (3) (2.0) % EUR/JPY 160 170 10 6.3 % *1 Includes in-process R&D. *2 Please refer to Definition and Explanation of Non-IFRS Measures and U.S. Dollar Convenience Translations, for the definition of Non-IFRS Measures and FY2025 Full Year Reconciliation from Reported Operating Profit to Core Operating Profit Forecast. A-18
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FY2025 Full Year Reconciliation from Reported Operating Profit to Core Operating Profit Forecast (Billion JPY) Reported Reported to Core adjustments CoreAmortization of intangible assets Impairment of intangible assets Other operating income (expenses) Revenue 4,500.0 4,500.0 Cost of sales (1,590.0) (3,370.0) Gross Profit 2,910.0 SG&A expenses (1,095.0) R&D expenses (685.0) Amortization of intangible assets associated with products (497.0) 497.0 — Impairment losses on intangible assets associated with products*1 (110.0) 110.0 — Other operating income 27.0 (27.0) — Other operating expenses (150.0) 150.0 — Operating profit 400.0 497.0 110.0 123.0 1,130.0 *1 Includes in-process R&D A-19
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FY2025 Full Year FX Rates Assumptions and Currency Sensitivity vs. Forecast Average Exchange Rates vs. JPY Impact of depreciation of yen from October 2025 to March 2026 (100 million JPY) FY2024 H1 Actual (Apr-Sep) FY2025 H1 Actual (Apr-Sep) FY2025 Full Year Assumption (Apr-Mar) FY2025 H2 Assumption (Oct-Mar) Revenue (IFRS) Operating Profit (IFRS) Net Profit (IFRS) Core Operating Profit (non-IFRS) USD 154 146 147 148 1% depreciation 92.2 (1.7) (3.7) 14.7 1 yen depreciation 62.3 (1.2) (2.5) 10.0 EUR 166 166 170 174 1% depreciation 29.8 (13.6) (9.3) (8.8) 1 yen depreciation 17.2 (7.8) (5.3) (5.1) RUB 1.7 1.8 1.8 1.8 1% depreciation 1.6 0.7 0.4 0.9 CNY 21.3 20.3 20.5 20.8 9.5 5.9 3.7 5.9 BRL 28.9 26.2 27.0 27.8 5.5 4.0 2.5 4.0 A-20
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