Slides
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From Transformation to Growth Acceleration Horizon One: Transforming for Growth October 29th, 2026 FY2026 Q2 Earnings Announce me n t TSE: 4502
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2 Important Notice 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. 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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. 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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. Clinical Trial Terminology In this presentation and with respect to clinical trials, (1) “proof-of-concept” (or “POC”) means obtaining clinical data sufficient to initiate pivotal trials or late-stage development; and (2) a “readout” for a clinical trial occurs when Takeda has (a) received the relevant clinical data, (b) completed any necessary analysis and review of such clinical data, and (c) in instances where it is required or otherwise common convention or practice, consulted with applicable regulatory authorities regarding such clinical data, provided that, where a readout is indicated for a class of related indications (e.g., solid tumors) involving multiple POC clinical trials, such readout occurs upon the earlier of (x) the first achievement of POC in an indication in such class, or (y) the conclusion of all of the POC clinical trials in such class. 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.
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AGENDA Q&A Financial Highlights Milano Furuta, Chief Financial Officer Pipeline Highlights Andy Plump, President, R&D Question & Answer Session Business Highlights Julie Kim, President & CEO Closing Remarks Julie Kim, President & CEO
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AGENDA Financial Highlights Milano Furuta, Chief Financial Officer Pipeline Highlights Andy Plump, President, R&D Question & Answer Session Business Highlights Julie Kim, President & CEO Closing Remarks Julie Kim, President & CEO
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H1 Results on Track; Steady Progress Against FY2026 Priorities 5 • Deliver successful U.S. launches of ORZEYFUL & MIMRYLO, and NDA submission of zasocitinib • Progress next wave of pipeline with key readouts for TAK-360, TAK-928, arcotatug tavatecan & zasocitinib in IBD • Execute transformation program unlocking new capabilities and efficiencies Core Revenue JPY 2,407.0B (USD $15.3B) -1.0% at CER Core EPS JPY 308 (USD $1.96) -1.2% at CER Core Operating Profit JPY 710.6B (USD $4.5B) +0.7% at CER Positive Data Readouts Arcotatug tavatecan (TAK-921) PFS & OS data in 3L+ gastric cancer ENTYVIO treat-to-target VERDICT trial in ulcerative colitis Phase 3 Study Starts Elritercept (myelofibrosis) Regulatory Submissions Zasocitinib filed in U.S. & EU for psoriasis TAK-881 filed in U.S. for primary immunodeficiency Priorities for FY26 Please refer to appendix slide A-1 for definition of Core financial measures, and slides A-8 and A-9 for reconciliation. Year-on-year changes are at Constant Exchange Rates (CER) (please refer to appendix slide A-1 for definition). 1. Approved indication is for the treatment of erythrocytosis in adults with polycythemia vera 2. Approved indication is for the treatment of folate receptor alpha (FRα)-positive, platinum-resistant recurrent ovarian cancer PFS: Progression Free Survival. OS: Overall Survival. For full glossary of abbreviations please refer to appendix. Pipeline Progress Since Q1 EarningsFY2026 H1 Core Results New Product Approvals ORZEYFUL approved in U.S. & Japan for narcolepsy type 1 MIMRYLO approved in U.S. for polycythemia vera 1 ELAHERE approved in Japan for FRα-positive ovarian cancer 2
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ORZEYFUL Now Approved in the U.S., Japan & China as the First & Only Medicine to Treat the Underlying Cause of NT1 6 Approved: Jul ‘26 Launched Oct ‘26 Approved: Aug ‘26 Launched Oct ‘26 Approved: Aug ‘26 Launch: Expected Nov ‘26, pending DEA scheduling • First-in-class oral orexin receptor 2 agonist for the treatment of narcolepsy type 1 (NT1), and the only medicine indicated to treat the disease holistically • Potential to redefine NT1 care with significant, meaningful improvements across full range of symptoms • Approved in China, the U.S., and Japan within approx. one month of each other in July-August 2026
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MIMRYLO Now Available in the U.S., Marking a Potential Shift in the Treatment Paradigm for Polycythemia Vera 7 • First-in-class hepcidin mimetic approved in the U.S. for the treatment of erythrocytosis in adults with polycythemia vera • Provides rapid, stable & durable hematocrit control, the primary treatment goal in PV , and has been shown to reduce phlebotomy burden and improve fatigue • Label allows for use at any step in the treatment paradigm, in both high and low-risk patients, with no boxed warning • The only PV treatment listed as category 1 for both high and low-risk patients in the NCCN treatment guidelines • Approved and launched in the U.S. in August 2026 NCCN: National Comprehensive Cancer Network
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3 Transformative Medicines Setting Takeda on a New Growth Trajectory 8 MIMRYLO (rusfertide) Polycythemia Vera Zasocitinib Psoriasis Launched (JP , CN) October 2026 Expected launch (U.S.) November 2026 Launched (U.S.) August 2026 U.S. PDUFA Date in Q4 FY2026 Orexin agonist with potential to redefine standard of care with transformative efficacy across broad range of NT1 symptoms Hepcidin mimetic delivering rapid, stable & durable hematocrit control addressing major unmet need Next-generation, highly selective oral TYK2 inhibitor delivering rapid & durable skin clearance in a convenient once-daily pill Images are illustrative schematics; not intended to represent all molecular interactions or biological pathways Breakthrough Designation Fast Track Designation Orphan Drug Designation Japan SAKIGAKE and China Breakthrough Designation ORZEYFUL (oveporexton) Narcolepsy Type 1
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A New Era Defined by Two Growth Horizons, Bridging from Transformation to Acceleration 9 Horizon One: Transforming for Growth Strengthen Competitiveness & Build Growth Engine Horizon Two: Growth Acceleration Deliver Long-term Profitable Growth & Patient Impact • Establish new growth drivers starting with 3 successful launches • Advance robust late-stage pipeline through key inflection points • Ensure resilience & competitiveness of core in-line brands • Execute transformation unlocking capabilities & efficiencies • Drive scale and maximize revenue from first wave of launches • Launch next wave of products from late-stage pipeline • Deliver steady stream of new drug candidates from R&D engine • Improve speed, quality & efficiencies with advanced technology 9 Capital Markets Day: December 11th, 2026 TakedaTokyo HQ
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AGENDA Financial Highlights Milano Furuta, Chief Financial Officer Pipeline Highlights Andy Plump, President, R&D Question & Answer Session Business Highlights Julie Kim, President & CEO Closing Remarks Julie Kim, President & CEO
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FY2026 H1 Results: Transformation Savings Largely Offset Significant Investment in New Launches and R&D 11 F Y 2 0 2 6 H 1 ( A P R- S E P ) F I N A N C I A L R E S U L T S ( S U M M A R Y ) 1. Please refer to appendix slide A-1 for definition of Core financial measures, and slides A-8 and A-9 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 FY2026 H1 FY2025 H1 ACTUAL % CHANGE REVENUE 2,407.0 2,219.5 +8.4% OPERATING PROFIT 406.7 253.6 +60.4% Margin 16.9% 11.4% +5.5pp NET PROFIT 305.6 112.4 +171.8% EPS 193 yen 72 yen +169.0% OPERATING CASH FLOW 431.9 593.7 -27.2% ADJUSTED FREE CASH FLOW3 325.7 525.4 -38.0% CORE 1 FY2026 H1 FY2025 H1 ACTUAL % CHANGE CER2 % CHANGE 2,407.0 2,219.5 +8.4% -1.0% 710.6 639.2 +11.2% +0.7% 29.5% 28.8% +0.7pp 489.6 438.6 +11.6% -0.2% 308 yen 279 yen +10.5% -1.2%
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Transformation Program Initiatives on Track 12 Centralize & streamline corporate functions Reduce management layers to bring teams closer to patients & customers Ongoing focus on procurement excellence Process simplification through advanced technologies, and expansion of Global Capability Centers On track to deliver gross savings of ~JPY 100.0B in FY2026 ~JPY 30.0B annualized procurement savings captured in H1 Restructuring costs JPY 79.8B in H1; full year forecast JPY 160.0B
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Revenue Growth of Core In-line Brands & New Launches Partially Offset Headwinds in LOE and Mature Portfolio 13 F Y 2 0 2 6 H 1 ( A P R- S E P ) R E V E N U E V S P R I O R Y E A R (BN JPY) FY2025 H1 Revenue New Launches1 Core In-line Brands2 LOE & Mature Portfolio 210.5 FX FY2026 H1 Revenue 2,219.5 2,407.0 -1.0% at CER +8.4% Represent 58% of total revenue; grew +0.5% at CER Represent 4% of total revenue; grew +17.3% at CER Graphs are illustrative LOE: Loss of Exclusivity In FY2025 and FY2026 H1, Reported Revenue and Core Revenue are equivalent, as no Core adjustment was made to revenue in either year. 1. “New Launches” refers to select products launched within past 5 years (EOHILIA, LIVTENCITY, ADZYNMA, FRUZAQLA, QDENGA), recently approved products ORZEYFUL & MIMRYLO, and anticipated launch zasocitinib. Revenue from upcoming launches subject to regulatory approvals. 2. “Core In-line Brands” refers to select products launched 6+ years ago that generate over JPY 100.0B in annual revenue and are actively promoted (ENTYVIO, GATTEX/REVESTIVE, TAKECAB/VOCINTI, TAKHZYRO, immunoglobulin products, albumin products, ADCETRIS).
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Transformation Program Helping to Fund Growth Investments 14 F Y 2 0 2 6 H 1 ( A P R- S E P ) C O R E O P E R A T I N G P R O F I T V S P R I O R Y E A R Graphs are illustrative Note: Core Operating Profit is a non-IFRS metric. Please refer to appendix for definitions and reconciliations. (BN JPY) FX 66.9 Other prioritized investment R&D investment 639.2 710.6 New Launches investment OPEX SavingsGross Profit FY2026 H1 Core Operating Profit FY2025 H1 Core Operating Profit +0.7% at CER +11.2% Mainly launch investment for ORZEYFUL, MIMRYLO, and zasocitinib Includes Transformation Program savings
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Reported Operating Profit Reflects end of VYVANSE Amortization Period and Lower Impairment Charges 15 F Y 2 0 2 6 H 1 ( A P R- S E P ) R E P O R T E D O P E R A T I N G P R O F I T V S P R I O R Y E A R Graphs are illustrative Note: Core Operating Profit is a non-IFRS metric. Please refer to appendix for definitions and reconciliations. (BN JPY) FY2025 H1 Reported Operating Profit Change in Core Operating Profit (at CER) Amortization of intangible assets Impairment of intangible assets Other operating income/expenses (net) Others 39.1 FX FY2026 H1 Reported Operating Profit 253.6 406.7 +60.4% Mainly due to completion of amortization period for VYVANSE in January 2026 Includes JPY 79.8B of restructuring expenses related to Transformation Program in FY26 Mainly due to impairment in FY25 related to decision to discontinue cell therapy efforts
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Upgrading FY2026 Full-year Outlook Mainly due to FX 16 Note: Slide includes non-IFRS metrics. Please refer to appendix for definitions and reconciliations. Please refer to appendix slide A-18 for more details of the FY2026 forecast. Please refer to appendix slide A-20 for more details on FX assumptions and sensitivity. (BN YEN, except EPS) REPORTED CORE ORIGINAL FORECAST REVISED FORECAST ORIGINAL FORECAST REVISED FORECAST REVENUE 4,640.0 4,700.0 4,640.0 4,700.0 OPERATING PROFIT 420.0 453.0 1,160.0 1,190.0 EPS 104 yen 131 yen 472 yen 482 yen CORE CHANGE AT CER (MANAGEMENT GUIDANCE) ORIGINAL GUIDANCE REVISED GUIDANCE Low-single digit % decline Low-single digit % decline 5% ~ 8% decline Mid-single digit % decline Mid-teens % decline Low-teens % decline REVENUE CORE OPERATING PROFIT CORE EPS • Updated FX assumptions (full year average): JPY/USD 156 → 158 JPY/EUR 182 → 182 (unchanged) ADJUSTED FREE CASH FLOW 650.0 – 750.0 700.0 – 800.0 ANNUAL DIVIDEND PER SHARE 204 yen (no change) • Revenue & profit forecasts upgraded mainly due to FX • Reported EPS forecast also reflects a more favorable tax rate assumption • Maintaining guidance for “Low-single digit %” revenue decline at Constant Exchange Rate • Raising Core Operating Profit and Core EPS guidance to reflect transactional FX benefits; still positioning FY2026 as a year of growth investment
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FY2026 Core Operating Profit Forecast Increased Mainly due to FX; Maintaining Strict Cost Discipline while Investing for Growth 17 Graphs are illustrative F Y 2 0 2 6 R E V I S E D C O R E O P E R A T I N G P R O F I T F O R E C A S T ( V S O R I G I N A L F O R E CA S T ) (BN JPY) FY2026 Original Forecast Gross Profit R&D investment New product launch investment Other SG&A FX FY2026 Revised Forecast 1,160.0 1,190.0 Acceleration of launch investment, mainly for zasocitinib Includes savings target originally allocated to SG&A in original forecast that have been re-allocated to opportunities in R&D and Cost of Goods Includes transactional FX benefit
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AGENDA Financial Highlights Milano Furuta, Chief Financial Officer Pipeline Highlights Andy Plump, President, R&D Question & Answer Session Business Highlights Julie Kim, President & CEO Closing Remarks Julie Kim, President & CEO
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VERDICT Treat-to-Target Trial Shows Treating to Disease Clearance vs. Symptomatic Remission with ENTYVIO Prolongs Time to First Disease-Related Complication 19 Source: Jairath V, et al. Presentation at UEG Week, Barcelona, Spain. October 17 – 20, 2026. The VERDICT Trial. Treat-to-target means actively monitoring a patient's disease and adjusting treatment on a set schedule until a specific, pre-defined clinical target is reached, rather than evaluating the clinical status of the patient out of the framework of an assigned target. Each patients enters follow-up when they achieve their assigned target (t=0). Censoring indicates last observed follow-up without a first event. CI, confidence interval; HR, hazard ratio; TNF, tumour necrosis factor; UC, ulcerative colitis. STRIDE: Selecting Therapeutic Targets in IBD, an initiative of the International Organization for the Study of IBD 1. UC-related complication defined as: rescue therapy for a documented UC flare; hospitalization for treatment of a UC flare; colectomy for UC; UC treatment-related complication; or other UC disease-related complication. † Cox proportional hazard models were adjusted for stratification factors: current corticosteroid use (yes; no), current immunosuppressive use (yes; no), and TNF antagonist use (current; past; never). Group 3 vs. Group 1 HR = 0.33† 95% CI, 0.17-0.67; p=0.0014 Group 3 (corticosteroid-free symptomatic + endoscopic + histologic remission) Group 1 (corticosteroid-free symptomatic remission) Time to a UC-related complication after treatment target achievement with ENTYVIO was significantly longer for Group 3 compared to Group 1 Primary Analysis: Time to first UC-related complication1 following treatment target achievement (achieved-target population) 0 20 40 60 80 100Percentage of patients with event Week0 16 32 48 64 80 96 112 Group 1 Group 3 • Low overall rates of UC-related complications occurred in parallel with high rates of endoscopic and histologic remission in response to ENTYVIO algorithms, demonstrating that implementation of a treat-to-target strategy with ENTYVIO can safely modify the disease course • Safety outcomes in VERDICT were consistent with the established safety profile of ENTYVIO • These are the first randomized data to demonstrate that treating to more stringent endpoints in UC results in fewer complications compared with treating to symptomatic remission alone, providing the first prospective evidence for the STRIDE consensus framework
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3 Transformative Medicines Setting Takeda on a New Growth Trajectory 20 MIMRYLO (rusfertide) Polycythemia Vera Zasocitinib Psoriasis Launched (JP , CN) October 2026 Expected launch (U.S.) November 2026 Launched (U.S.) August 2026 U.S. PDUFA Date in Q4 FY2026 Orexin agonist with potential to redefine standard of care with transformative efficacy across broad range of NT1 symptoms Hepcidin mimetic delivering rapid, stable & durable hematocrit control addressing major unmet need Next-generation, highly selective oral TYK2 inhibitor delivering rapid & durable skin clearance in a convenient once-daily pill Images are illustrative schematics; not intended to represent all molecular interactions or biological pathways Breakthrough Designation Fast Track Designation Orphan Drug Designation Japan SAKIGAKE and China Breakthrough Designation ORZEYFUL (oveporexton) Narcolepsy Type 1
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A Greater Proportion of Zasocitinib-Treated Patients Achieved Clear Skin Versus Deucravacitinib in Phase 3 Head-To-Head Trial Week Proportion of patients achieving PASI 100 response (%) 12.3% 23.3% 36.5% 8.9% 13.9% 4.3% 3003 Phase 3 open label trial with 52-week data to be presented FY2026 Zasocitinib filed in the U.S. and EU with U.S. PDUFA date in Q4 FY2026 0% 10% 20% 30% 40% 50% 0 2 4 6 8 10 12 14 16 Zasocitinib 30 mg QD (n=301) Deucravacitinib 6 mg QD (n=303) Source: Gold LS, et al. Presentation at EADV Congress, Vienna, Austria, Sep 30 – Oct 3, 2026. LATITUDE Atlas PsO 3004. Number of patients based on the full analysis set with non-responder imputation. P values for comparison versus deucravacitinib based on a stratified Mantel–Haenszel test: ***p < 0.001. † Nominal p value. PASI: Psoriasis Area and Severity Index. ***† ***† *** PASI 100 (Primary Endpoint) • 36.5% of Zasocitinib-treated patients achieved complete skin clearance (PASI 100) at week 16 • >2.5x greater PASI 100 response rate vs. deucravacitinib as early as week 8 • Greater improvement in itch vs. deucravacitinib starting week 2 • Safety results consistent with previous trials 21
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Delivering Our Late-Stage Programs that are Starting to Transform Lives and Generate Significant Value 22 FY26 mezagitamab (TAK-079) Psoriasis 3003 Readout3 fazirsiran (TAK-999) FY27 Psoriasis Filed U.S., EU Psoriatic Arthritis Target Filing All timelines are approximate estimates as of October 29th, 2026, subject to change and 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. Late-stage program: Program in or expected to be in potential pivotal trial or having achieved proof-of-concept. FY28 - 29 IgA Nephropathy Target Filing AATD Liver Disease Target Filing Immune Thrombocytopenia Target Filing AMR - Ph2 Start Crohn’s - Ph2b Readout HS - Ph2a Readout Vitiligo - Ph2b Readout NEUROSCIENCE TAK-360 Narcolepsy Type 1 Approved U.S., Japan, China ORZEYFUL (oveporexton) NT1 - Ph2a Start NT2 - Ph2b Readout Narcolepsy Type 1 Target Filing EU subject to 3003 study UC - Ph2b Readout1 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 Phase 3 study Approved Proof-of-concept/Dose ranging Phase 2 study Milestone achieved Orexin Franchise zasocitinib (TAK-279) GASTROINTESTINAL AND INFLAMMATION IH - Ph2b Readout Psoriasis H2H Readout2 2. Head-to-head trial vs. deucravacitinib; 3. Latitude PsO 3003 study open label cohort NCT06550076 : Part A de novo patients Additional Indications 1. Zasocitinib Ph2b UC study topline result: Clinical remission rate at week 12 showed strong separation from placebo and a nominally significant p-value at one of the two doses tested. We did not observe a dose dependent efficacy effect. Clinical remission rate in the effective dose arm was on par with other investigational oral products in Ph2 UC studies. The safety results continue to be consistent with previous trials across all dose arms. We are moving forward with planning for Phase 3 studies in UC and Crohn’s disease, with final go/no-go decisions expected to be made following further data analysis of the UC-2001 and CD-2001 studies.
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Delivering Our Late-Stage Programs that are Starting to Transform Lives and Generate Significant Value 23 FY26 FY27 FY28 - 29 elritercept (TAK-226) MIMRYLO (rusfertide) TAK-928 / IBI363 arcotatug tavatecan (TAK-921) 2L Anemia-associated MDS Target Filing Polycythemia Vera Target Filing JP 1L Anemia-associated MDS Ph3 Start 2L Squamous NSCLC Target Filing 1L GC, 1L PDAC – POC Readouts 2L nsq NSCLC ✓ , 1L NSCLC ✓ , 1L MSS CRC, Others1 – POC Readouts 3L Gastric Cancer Target Filing JP Solid Tumors Ph3 Program Expansion Solid Tumors Ph3 Program Expansion 1. Innovent is running early-stage trials in additional indications. 2. TAK-881 indications EU: PID, SID, CIDP; Japan: PID, SID, CIDP, MMN All timelines are approximate estimates as of October 29th, 2026, subject to change and 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. Late-stage program: Program in or expected to be in potential pivotal trial or having achieved proof-of-concept. ONCOLOGY 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 Phase 3 study Approved Proof-of-concept/Dose ranging Phase 2 study Milestone achieved PLASMA-DERIVED THERAPIES PID Filed USTAK-881 Multiple Indications2 Target Filing EU, JP CIDP Target Filing US 2L Non-squamous NSCLC Ph3 Start Polycythemia Vera Approved US, Filed EU Anemia-associated MF Ph3 Start
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In Advanced Gastric Cancer Patients, Arcotatug T avatecan (TAK-921) Demonstrated Clinically Meaningful and Statistically Significant PFS & OS vs. Chemotherapy 3L+ Gastric Cancer Filing Planned FY2027 in Japan Global 1L Gastric and Pancreatic Cancer POC studies ongoing; Readouts expected FY2026/27 Source: Shitara K, et al. Presentation at ESMO Congress, Madrid, Spain. October 23, 2026. G-HOPE-001 study 1. PFS shown in this slide is a descriptive analysis at IA2 when OS endpoint was met 2. Complete response + partial response OS, overall survival; PFS, progression-free survival; TPC, Treatment of Physician’s Choice chemotherapy (irinotecan, paclitaxel, trifluridine/tipiracil); ORR, objective response rate; HR, hazard ratio; CI, confidence interval; GI, gastrointestinal 24 Fc-silenced backbone is designed to reduce risk of Fc-mediated side effects Manageable toxicity profile demonstrated in study: • Limited severe GI toxicity (Grade ≥3 nausea 0.9%, vomiting 2.6%) • Grade ≥3 TRAEs, dose reductions, and delays were less frequent than in the TPC arm. 0 0.2 0.4 0.6 0.8 1.0 Overall survival (%) At risk (censored) Arcotatug tavatecan TPC 43.2% 24.7% Months 0 3 6 9 12 15 18 21 24 230 (0) 181 (3) 113 (14) 52 (45) 26 (56) 10 (65) 3 (70) 2 (71) 0 (71) 230 (0) 218 (0) 149 (16) 88 (52) 43 (78) 14 (98) 7 (103) 1 (107) 0 (108) 71.6% 54.5% Overall Survival Arcotatug tavatecan Treatment of Physician’s Choice (TPC) Median 10.2 6.9 HR (95% CI) 0.57 (0.45, 0.73) P-value <0.0001 Arcotatug Tavatecan met dual study Primary Endpoints • Overall Survival • Progression-Free Survival Significantly higher Objective Response Rate (ORR)2 Arcotatug Tavatecan: 37.4% TPC chemotherapy: 7.7% MonthsAt risk (censored) Arcotatug tavatecan TPC 0 3 6 9 12 15 18 230 (0) 82 (54) 16 (85) 6 (90) 3 (93) 1 (93) 0 (93) 230 (0) 142 (32) 81 (60) 38 (89) 10 (108) 1 (112) 0 (113) 55.2% 23.1% 0 0.2 0.4 0.6 0.8 1.0 Progression-free survival (%) Progression- free Survival1 Arcotatug tavatecan TPC Median 7.1 3.1 HR (95% CI) 0.45 (0.35, 0.58)
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AGENDA Financial Highlights Milano Furuta, Chief Financial Officer Pipeline Highlights Andy Plump, President, R&D Question & Answer Session Business Highlights Julie Kim, President & CEO Closing Remarks Julie Kim, President & CEO
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Steady Progress Against Horizon One Priorities 26 On track or ahead of plan Requires further monitoring Significantly behind plan Horizon One: Transforming for Growth • Establish new growth drivers starting with 3 successful launches • Execute transformation unlocking capabilities & efficiencies • Ensure resilience & competitiveness of core in-line brands • Advance robust late-stage pipeline through key inflection points MIMRYLO launched U.S. ORZEYFUL launched JP & CN; approved in U.S. Zasocitinib filed in U.S. and EU Transformation initiatives on track Confirming FY2026 gross savings target of JPY 100.0B ENTYVIO growth on-track with expectations Albumin tracking slightly behind plan Arcotatug tavatecan Overall Survival data in 3L+ GC Elritercept Ph3 study start in myelofibrosis
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Q&A Teresa Bitetti President, Oncology Business Unit Rhonda Pacheco President, U.S. Business Unit Milano Furuta Chief Financial Officer Andy Plump President, R&D Julie Kim President & CEO Ramy Riad President, Plasma-Derived Therapies Business Unit
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Appendix
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Repaid $1.5bn Bond in Q2 with Cash on-Hand & Plan to Repay €1.5bn Bond in Q3 without Refinancing by Long-term Debt 29 - 200 400 600 800 FY 26 FY 27 FY 28 FY 29 FY 30 FY 31 FY 32 FY 33 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 SEPTEMBER 30, 2026 HYBRID DEBT 2 RE- PAID IN Q2 ‖ ‖ ‖ ‖‖ ‖ FY2026 debt maturities to be repaid predominantly through cash on-hand & Free Cash Flow 100% debt at fixed rate (~2.3% weighted average); Average debt maturity ~10 years 1. Non-JPY debt principal calculated as at end of September 2026 FX Rates (156.96 JPY/USD and 178.26 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). ‖
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ENTYVIO Growth Continues with Well-Established 1L Position GI Portfolio FY2026 H1 REVENUEFY2026 H1 Revenue JPY 541.7B (+2.7% growth at CER) (BN JPY) G A S T R O E N T E R O L O G Y ( G I ) 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). 30 0 100 200 300 400 500 600 700 800 FY2025 H1 FY2026 H1 ENTYVIO GATTEX TAKECAB EOHILIA Other +3% +3% +2% +6% -2% -6% 1. Source: US Patient Share – IQVIA Claims through July 2026 • 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 • Globally, ENTYVIO IV and SC have more than 2.3 million patient years of exposure to date • Ex-U.S., ENTYVIO delivered high-single digit % volume growth, supported by SC penetration despite competitive pressure • Continuing evidence generation and indication expansion, including investment in studies to support targets of disease clearance and endoscopic healing, plus studies investigating the potential role of combination therapies to break efficacy ceiling with ENTYVIO as backbone • VERDICT, a Phase 4 ENTYVIO randomized trial, the first and only treat-to-target clinical trial in ulcerative colitis and the first to prospectively assess the optimal treatment target to prolong time to ulcerative colitis (UC)-related complications, showed that treating to stringent composite targets (disease clearance) with ENTYVIO reduced UC complication risk by ~70%, up to 80 weeks after target achievement • Applications for pediatric UC and Crohn’s disease accepted in Europe (April 2026) , the U.S. (June 2026) and Japan (July 2026) • Takeda is aware of the submission of vedolizumab biosimilar marketing authorization applications in certain jurisdictions. This was as expected, and Takeda has been actively planning for this situation. Biosimilars seeking to launch prior to 2032 must address potential infringement and / or the validity of all relevant patents. Takeda is confident in the strength of the patents that protect ENTYVIO (vedolizumab), and the innovation they support. We are fully prepared to vigorously defend our intellectual property Core In-line Brand
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TAKHZYRO Reaching Maturity in Increasingly Competitive U.S. Market Rare Diseases Portfolio FY2026 H1 REVENUEFY2026 H1 Revenue JPY 115.6B (-7.5% change at CER) • 8 years in the market, TAKHZYRO continues to be the #1 prescribed modern long-term prophylaxis with over 7,300 patients treated globally and approximately 25,000 patient years of experience since launch • Commercial presence in over 60 countries, delivering improved patient outcomes (including demonstrated quality-of-life improvements and potential for zero attacks) supported by compelling real-world evidence (3.5+ years on therapy) • First Long-Term Prophylactic HAE treatment to be approved for use in patients 2 years of age and up • TAKHZYRO maintains U.S. market leadership position despite an increasingly competitive HAE market FY2026 H1 Revenue JPY 28.8B (+18.6% growth at CER) • LIVTENCITY continues strong U.S. performance driven by increased breadth 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 • Available in >30 countries worldwide (BN JPY) R A R E D I S E A S E S 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). 31 FY2026 H1 Revenue JPY 8.8B (+65.5% growth at CER) • Strong launch trajectory, with 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 expectation, with patients continuing to transition quickly from previous treatments to ADZYNMA 0 100 200 50 150 250 300 350 400 FY2025 H1 FY2026 H1 TAKHZYRO ADVATE/ ADYNOVATE ELAPRASE REPLAGAL VPRIV LIVTENCITY ADZYNMA Other -6% -8% -1% -8% -14% -3% -7% +19% +65% Core In-line Brand New Launch Brand New Launch Brand
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Balancing Near-term Growth & Margin Improvement in PDT Business PDT Portfolio FY2026 H1 REVENUE (BN JPY) P L A S M A- D E R I V E D T H E R A P I E S 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). 32 0 100 200 300 400 500 600 FY2025 H1 FY2026 H1 Immuno- globulin Albumin Other -2% 0% -3% -7% • H1 growth impacted by IVIG phasing and price dynamics in the U.S. • SCIG portfolio grew by double-digits (+16.4% at CER), partially offsetting IVIG phasing impact • Expect growth acceleration in H2 driven by momentum in large U.S. contracts Immunoglobulin FY2026 H1 Revenue JPY 423.8B (-0.3% change at CER) Albumin FY2026 H1 Revenue JPY 69.1B (-6.9% change at CER) • H1 growth impacted by suppressed demand in China and phasing in U.S. • Cost containment measures in China persist, having stronger than expected impact on global market • Full year guidance adjusted from broadly flat to mid-single digit % decline • Continued margin improvement driven by SCIG adoption, focus on strategic market segments, and productivity gains enabled by data, digital and technology • Strategic collaboration with Indonesia to diversify plasma supply progressing with first lease signed for initial BioLife donation center • Plasma volume growth continues to benefit from personalized nomogram roll-out in the U.S. (Haemonetics and Fresenius Kabi), safely increasing volume per donor by an average of 11% • Targeted manufacturing network investments increasing yield, expanding capacity and driving efficiencies • Innovative R&D-led growth reinforced through anticipated launch of TAK-881 (SCIG 20% facilitated with hyaluronidase) in PID. Completed U.S. regulatory filing & on track to complete filings in the EU and Japan in FY26 Continuing to Improve Margins and Strategically Invest across the Value Chain IVIG: Intravenous immunoglobulin; SCIG: Subcutaneous immunoglobulin. For full glossary of abbreviations please refer to appendix. Core In-line Brand Core In-line Brand
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Growth of Oncology Portfolio Driven by FRUZAQLA and ADCETRIS Oncology Portfolio FY2026 H1 REVENUE FY2026 H1 Revenue JPY 33.4B (+12.6% growth at CER) • Approved or launched in more than 40 countries • Key drivers include growth in newly launched markets, as well as the continued patient need for novel non-chemotherapy treatment options in mCRC and ongoing positive experiences of oncologists in 3L+ FY2026 H1 Revenue JPY 85.5B (+2.5% growth at CER) • Continued increased use in 1L Hodgkin lymphoma is primary driver of growth • Use of ADCETRIS in combination with ECADD for adult patients with newly diagnosed Stage IIb (with risk factors) or Stage III/IV Hodgkin lymphoma in the EU, as well as approval in 30+ other markets, continues to drive growth (BN JPY) O N C O L O G Y 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). 33 100 200 300 20 40 60 80 120 140 160 180 220 240 260 280 320 0 FY2025 H1 FY2026 H1 Leuprorelin NINLARO ADCETRIS3 ICLUSIG2 ALUNBRIG FRUZAQLA1 Other +1% -4% +2% -2% +3% -4% 0% +13% 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 Canada, 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. ECADD: etoposide, cyclophosphamide, doxorubicin, dacarbazine and dexamethasone. For full glossary of abbreviations please refer to appendix. Core In-line Brand New Launch Brand
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QDENGA Global Demand Remains Strong Vaccines Portfolio FY2026 H1 REVENUEFY2026 H1 Revenue JPY 26.6B (+14.4% growth at CER) • 2-year contract with Brazil Ministry of Health for a total of 18 million doses (nine million in calendar year 2026 and nine million in calendar year 2027) • Post-launch demand growth is primarily coming from Brazil and Vietnam. • Available in more than 30 countries and approved in over 40 countries • Received Market Authorization in India in July 2026; entered collaboration with Dr. Reddy’s Laboratories to promote and distribute QDENGA in India’s private market • Available through NIP/regional programs in 4 countries: Indonesia (Approved Aug 2022, Available Nov 2023), Brazil (approved Mar 2023, available Feb 2024), Argentina (approved Apr 2023, available Feb 2024), Colombia (approved Sep 2023, available Feb 2026). • In June 2026, signed an innovative, multi-year agreement with the Pan American Health Organization (PAHO) to support broad, equitable access to QDENGA through a country-specific, cohort-based approach tailored to each country’s dengue epidemiology and program needs • 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 in 4 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 • Plan to manufacture 21 million doses in FY2026; on track towards reaching 100 million doses per year by FY2030 (BN JPY) V A C C I N E S 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). 34 0 10 20 5 15 25 30 35 40 FY2025 H1 FY2026 H1 QDENGA Other +8% +14% -5% Gavi: Global Alliance for Vaccines and Immunization New Launch Brand
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Impact from VYVANSE U.S. Loss of Exclusivity is Now Largely Behind Us Neuroscience Portfolio FY2026 H1 REVENUE FY2026 H1 Revenue JPY 105.6B (-10.7% change at CER) • U.S. revenue was JPY 26.1B, declining -55.7% at CER versus prior year reflecting broad availability of generic supply • Outside the U.S., VYVANSE/ELVANSE grew double-digit % with no new major Loss of Exclusivities anticipated in FY2026 • Major markets where VYVANSE/ELVANSE has experienced Loss of Exclusivity to date include the U.S. (Aug 2023), Canada (Jun 2024), Brazil (Jul 2024), and Germany (Aug 2024) (BN JPY) N E U R O S C I E N C E 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). 35 0 20 40 60 80 100 120 140 160 180 200 220 240 FY2025 H1 FY2026 H1 TRINTELLIX1 VYVANSE Other -2% +16% -2% -11%FY2026 H1 Revenue JPY 71.3B (+15.6% growth at CER) 1. TRINTELLIX is in-licensed from Lundbeck; Takeda has commercialization rights in the U.S. and co-marketing rights in Japan. • U.S. revenue increased 15.8% at CER year over year in H1, supported by demand in line with forecast and favorable gross-to-net adjustments. Growth also reflects stronger sales compared with the prior year, which was impacted by channel destocking at a major customer. • Launches of generic versions of TRINTELLIX (vortioxetine) are expected in the U.S. from Dec 2026
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Maximizing Potential of Marketed Portfolio Through LCM Expansions 36 1. TAK-755 is the development code for recombinant ADAMTS13 2. QDENGA approved in Australia (April 2026), India (July 2026) Phase 2 study Target Filing Approved Milestone achieved NEUROSCIENCE All timelines are approximate estimates as of October 29th, 2026, subject to change and 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. ONCOLOGY FY27FY26 ENTYVIO IV Filed Crohn’s/UC Peds (US, EU, JP, CN) TAK-7551 Ph2 Start Acute Ischemic Stroke VACCINES QDENGA Rolling/ongoing filings in endemic and travel markets2 mirvetuximab Target Filing PSOC (JP) GASTROINTESTINAL AND INFLAMMATION
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Potential Key Approvals and Phase 3 Readouts in FY2026 37 All timelines are approximate estimates as of October 29th, 2026, subject to change and 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. ORZEYFUL (oveporexton) Narcolepsy type 1 U.S. approval Japan approval China approval MIMRYLO (rusfertide) Polycythemia vera U.S. approval zasocitinib Psoriasis U.S. approval ENTYVIO IV Crohn’s disease pediatric U.S. approval Ulcerative colitis pediatric U.S. approval QDENGA Dengue vaccine India approval ELAHERE (mirvetuximab) Platinum resistant ovarian cancer Japan approval TAK-881 Primary immunodeficiency Phase 3 readout arcotatug tavatecan (TAK-921) 3L Gastric cancer (Japan) Phase 3 readout Milestone achieved KEY PIVOTAL READOUTS POTENTIAL KEY REGULATORY APPROVALS
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Consolidated Development Pipeline by Phase 38 New molecular entity Orphan Drug Designation potential (in any region / indication for a given asset) Approval received Gastrointestinal & Inflammation Plasma-Derived Therapies Neuroscience Select Options4 Oncology All timelines are approximate estimates as of October 29th, 2026, subject to change and subject to clinical and regulatory success. Table only shows selected R&D projects and is not comprehensive. For full glossary of abbreviations please refer to appendix. Lifecycle management 1. IBI3001 is included for reference only. Innovent Biologics 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. 2. 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. 3. 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. 4. Select options: Other selected assets that Takeda holds contractual rights to potentially clinically develop and/or commercialize in the future. TAK-781 | Primary Sclerosing Cholangitis zasocitinib | Crohn’s Disease zasocitinib | Pediatric Psoriasis zasocitinib | Psoriasis (US) TAK-495 | Orexin2 Receptor Agonist zasocitinib | Ulcerative Colitis zasocitinib | Psoriatic Arthritis zasocitinib | Psoriasis (EU) TAK-168 | Solid Tumors zasocitinib | Vitiligo mezagitamab | IgA Nephropathy ADZYNMA | cTTP (CN) P TAK-188 | Solid Tumors zasocitinib | Hidradenitis Suppurativa mezagitamab | ITP ENTYVIO IV | Pediatric UC/Crohn’s (US) TAK-505 | Solid Tumors TAK-227 | Celiac Disease fazirsiran | AATD Liver Disease ENTYVIO IV | Pediatric UC/Crohn’s (EU) TAK-921 | Solid Tumors TAK-360 | Idiopathic Hypersomnia ENTYVIO SC | Pediatric UC/Crohn’s ENTYVIO IV | Pediatric UC/Crohn’s (JP) TAK-360 | Narcolepsy Type 2 oveporexton | NT1 (EU) ENTYVIO IV | Pediatric UC/Crohn’s (CN) TAK-360 | Narcolepsy Type 1 elritercept | 1L AA MDS ORZEYFUL | NT1 (US) P TAK-755 | Acute Ischemic Stroke elritercept | 2L AA MDS ORZEYFUL | NT1 (JP) P TAK-928 | Solid Tumors elritercept | AA MF ORZEYFUL | NT1 (CN) P TAK-411 | CIDP TAK-921 | 3L+ Gastric Cancer (JP) MIMRYLO | Polycythemia Vera (US) P TAK-928 | 2L sqNSCLC mirvetuximab | PROC (JP) P mirvetuximab | PSOC (JP) Glovenin-I 10% TAK-339 | AE (JP) P TAK-881 | Muliple Indications (EU, JP) Glovenin-I 10% TAK-961 | AE (JP) P TAK-881 | CIDP (US) TAK-881 | PID (US) Prothromplex | DOAC Reversal (US) GAMMAGARD | SID IBI3001 | Solid Tumors1 ACI-24.060 | Alzheimer’s Disease2 olverembatinib | CP-CML3 PHASE 1 (6 NMEs) PHASE 2 (5 NMEs + 1 LCM) PHASE 3 (8 NMEs + 4 LCMs) FILED (4 NMEs + 8 LCMs)
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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. ada2 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)3 Graft-versus- host disease APPROVEDPHASE 3 PHASE 3b / 4 ENTYVIO® IV (EXIGEM) ENT + tof (US/Can)4 Ongoing study or filingApproved Published Orphan Drug Designation potential PUBLISHED ENTYVIO® IV Pediatric (Global)1 ENTYVIO® IV (VECTORS) (Global)4,5 ENTYVIO® IV (VERDICT) (Global)4,5 ENTYVIO® (VOICE) ENT or ust (US/Can)4,5 ENTYVIO® IV (VICTRIVA) ENT + upa (Global)4 ENTYVIO® IV (EXPLORER 2) ENT + ada or ENT + ust (US/Can)4 1. Filed for regulatory approval in the U.S., EU, Japan, China 2. Sands BE et al. N Engl J Med 2019;381:1215-26. 3. Chen, YB., Mohty, M., Zeiser, R. et al. Nat Med 30, 2277–2287 (2024). 4. Not designed as label-enabling studies 5. Collaborative study led by Alimentiv in collaboration with Takeda All timelines are approximate estimates as of October 29th, 2026, subject to change and 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)4 ENTYVIO® IV/SC (PANORAMA) (US)4 ENTYVIO® IV Pediatric (Global)1 39
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Zasocitinib Could Redefine What is Possible with an Oral Therapy, with Studies Underway Across a Broad Range of Indications 40 All timelines are approximate estimates as of October 29th, 2026, subject to change and subject to clinical and regulatory success. Table is not comprehensive. For full glossary of abbreviations please refer to appendix. PHASE 2 START PHASE 2 READOUT PHASE 3 START PHASE 3 READOUT FILING Psoriasis March 2023 Nov 2023 Dec 2025 July 2026 Psoriasis H2H vs deucravacitinib July 2025 June 2026 Psoriasis Pediatric Dec 2025 Psoriatic Arthritis Sept 2023 March 2024 Target FY2027 Target FY2027 Crohn’s Disease March 2024 (Ph2b) Target FY2026 Ulcerative Colitis June 2024 (Ph2b) Oct 20261 Vitiligo Dec 2025 (Ph2b) Target FY2027 Hidradenitis Suppurativa Feb 2026 (Ph2a) Target FY2027 Milestone achieved 1. Zasocitinib Ph2b UC study topline result: Clinical remission rate at week 12 showed strong separation from placebo and a nominally significant p-value at one of the two doses tested. We did not observe a dose dependent efficacy effect. Clinical remission rate in the effective dose arm was on par with other investigational oral products in Ph2 UC studies. The safety results continue to be consistent with previous trials across all dose arms. We are moving forward with planning for Phase 3 studies in UC and Crohn’s disease, with final go/no-go decisions expected to be made following further data analysis of the UC-2001 and CD-2001 studies.
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Glossary of Abbreviations 41 Regional Abbreviations: CN: China; EU: Europe; JP: Japan; U.S.: United States of America 1L first line 2L second line 3L third line AA anemia-associated AATD α1-antitrypsin deficiency ADAMTS13 a disintegrin-like and metalloproteinase with a thrombospondin type 1 motifs 13 ADC antibody–drug conjugate AE adverse event AE autoimmune encephalitis AI artificial intelligence AMR antibody-mediated rejection AT arcotatug tavatecan BID bis in die, twice a day BTD breakthrough therapy designation CEO chief executive officer CI confidence interval CIDP chronic inflammatory demyelinating polyradiculoneuropathy CLDN18.2 claudin 18.2 CML chronic myeloid leukemia cORR confirmed objective response rate CP-CML chronic-phase chronic myeloid leukemia CRC colorectal cancer cTTP congenital thrombotic thrombocytopenic purpura CY calendar year DOAC direct oral anti-coagulation EADV European Academy of Dermatology and Venereology EMA European Medicines Agency EQ-5D-5L EuroQol-5 Dimensions 5-levels ESMO European Society for Medical Oncology Fc fragment crystallizable FDA U.S. Food & Drug Administration FINI Functional Impacts of Narcolepsy Instrument FSI first subject in FY fiscal year GC gastric cancer GI gastrointestinal hfPGA hands and/or feet-specific Physician's Global Assessment HR hazard ratio HS hidradenitis suppurativa H2H head-to-head IBD inflammatory bowel disease IgA immunoglobulin A IgAN immunoglobulin A nephropathy IgG immunoglobulin G IH idiopathic hypersomnia IL-2/12/17/23 interleukin 2/12/17/23 IND investigational new drug ITP immune thrombocytopenia IV intravenous JPY Japanese Yen LCM lifecycle management MDS myelodysplastic syndrome MF myelofibrosis MMN multifocal motor neuropathy MSS CRC microsatellite-stable colorectal cancer 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 ORR objective response rate OS overall survival OX2R orexin receptor 2 PASI Psoriasis Area and Severity Index PD-1 programmed cell death protein 1 PDAC pancreatic ductal adenocarcinoma PDT plasma derived therapies PDUFA Prescription Drug User Fee Act PFS progression-free survival PGA Physician's Global Assessment Ph1, Ph2, Ph3 phase 1, 2 ,3 PID primary immunodeficiency 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 PV polycythemia vera QOL quality of life R&D Research and Development REM rapid eye movement SC subcutaneous formulation SF-36 Short Form-36 Survey SID secondary immunodeficiency SOC standard of care sqNSCLC squamous non-small cell lung cancer ssPGA scalp-specific Physician's Global Assessment TNFα tumor necrosis factor alpha TPC treatment of physician’s choice TRAE treatment-related adverse event TYK2 tyrosine kinase 2 UC ulcerative colitis UEG(W) United European Gastroenterology (Week) USD US dollar 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 A-4 A-5 A-6 A-7 A-8 A-9 A-10 A-11 A-12 A-13 A-14 A-15 A-16 A-17 A-18 A-19 A-20 FY2026 H1 Reported Results with CER % Change FY2026 Q2 (Jul - Sep) Reported Results with CER % Change FY2026 H1 Core Results with CER % Change FY2026 Q2 (Jul-Sep) Core Results with CER % Change FY2026 H1 Reconciliation from Reported to Core FY2026 Q2 (Jul-Sep) Reconciliation from Reported to Core FY2025 H1 Reconciliation from Reported to Core FY2025 Q2 (Jul-Sep) Reconciliation from Reported to Core FY2026 H1 Adjusted Free Cash Flow FY2026 H1 Adjusted Net Debt to Adjusted EBITDA FY2025 Adjusted Net Debt to Adjusted EBITDA FY2026 H1 Net Profit to Adjusted EBITDA Bridge FY2026 H1 Net Profit to Adjusted EBITDA LTM Bridge FY2026 H1 CAPEX, Depreciation and Amortization and Impairment Losses FY2026 Full Year Detailed Forecast FY2026 Full Year Reconciliation from Reported Operating Profit to Core Operating Profit Forecast FY2026 Full Year FX Rates Assumptions and Currency Sensitivity vs. Forecast 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, 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 foreign exchange gains and losses arising directly from, or economically attributable to items excluded from the Core Financial Measures. Core Net Profit for the Year attributable to owners of the Company is also adjusted to eliminate the tax effect associated with each of these 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 rate s for non-JPY debt outstanding at the beginning of the current quarter and the use of relevant spot rates for new non-JPY debt incurred and existing non-JPY debt redeemed during the current quarter, 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 them 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 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 = 157.25 JPY, the Noon Buying Rate certified by the Federal Reserve Bank of New York on September 30, 2026 . 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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FY2026 H1 Reported Results with CER % Change (Billion JPY, except EPS) FY2025 H1 FY2026 H1 AER CER (Million USD, except EPS) FY2026 H1 Convenience USD TranslationJPY Change % Change % Change Revenue 2,219.5 2,407.0 187.5 8.4 % (1.0) % 15,307 Cost of sales (764.7) (798.8) (34.0) (4.5) % 4.6 % (5,080) Gross profit 1,454.7 1,608.2 153.5 10.6 % 0.8 % 10,227 Margin 65.5 % 66.8 % 1.3 pp 1.2 pp 66.8 % SG&A expenses (509.4) (558.2) (48.8) (9.6) % (0.3) % (3,550) R&D expenses (305.4) (338.6) (33.3) (10.9) % (2.1) % (2,153) Amortization of intangible assets associated with products (260.8) (212.3) 48.4 18.6 % 25.7 % (1,350) Impairment losses on intangible assets associated with products* (76.0) (6.2) 69.8 91.8 % 91.9 % (39) Other operating income 23.5 15.5 (8.1) (34.3) % (37.7) % 98 Other operating expenses (73.1) (101.6) (28.5) (39.0) % (25.4) % (646) Operating profit 253.6 406.7 153.2 60.4 % 45.0 % 2,587 Margin 11.4 % 16.9 % 5.5 pp 5.3 pp 16.9 % Finance income 118.2 39.2 (79.0) (66.8) % (68.0) % 249 Finance expenses (190.3) (127.2) 63.1 33.1 % 36.5 % (809) Share of profit (loss) of investments accounted for using the equity method (2.6) (0.0) 2.6 99.8 % ― (0) Profit before tax 178.8 318.7 139.9 78.2 % 59.3 % 2,027 Income tax (expenses) benefit (66.3) (13.0) 53.3 80.4 % 92.6 % (82) Net profit for the period 112.5 305.7 193.2 171.6 % 148.7 % 1,944 Non-controlling interests (0.1) (0.1) 0.0 17.6 % 20.2 % (1) Net profit attributable to owners of the Company 112.4 305.6 193.2 171.8 % 148.9 % 1,944 Basic EPS (JPY or USD) 71.57 192.53 120.96 169.0 % 146.3 % 1.22 * 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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FY2026 Q2 (Jul - Sep) Reported Results with CER % Change (Billion JPY, except EPS) FY2025 Q2 (Jul-Sep) FY2026 Q2 (Jul-Sep) AER CER (Million USD, except EPS) FY2026 Q2 (Jul-Sep) Convenience USD TranslationJPY Change % Change % Change Revenue 1,112.8 1,187.1 74.3 6.7 % (1.6) % 7,549 Cost of sales (380.1) (392.1) (12.0) (3.2) % 4.7 % (2,493) Gross profit 732.7 795.0 62.3 8.5 % 0.0 % 5,056 Margin 65.8 % 67.0 % 1.1 pp 1.1 pp 67.0 % SG&A expenses (253.6) (271.7) (18.2) (7.2) % 1.1 % (1,728) R&D expenses (161.5) (171.2) (9.7) (6.0) % 2.0 % (1,089) Amortization of intangible assets associated with products (131.4) (106.8) 24.6 18.7 % 25.3 % (679) Impairment losses on intangible assets associated with products* (73.7) (0.8) 73.0 99.0 % 99.0 % (5) Other operating income 1.5 7.2 5.7 383.9 % 356.0 % 46 Other operating expenses (45.0) (46.4) (1.3) (2.9) % 4.6 % (295) Operating profit 69.0 205.3 136.3 197.6 % 173.6 % 1,306 Margin 6.2 % 17.3 % 11.1 pp 11.0 pp 17.3 % Finance income 44.4 47.7 3.3 7.4 % 6.1 % 303 Finance expenses (83.1) (96.5) (13.3) (16.1) % (9.4) % (614) Share of profit (loss) of investments accounted for using the equity method (2.1) (0.5) 1.5 73.9 % 80.4 % (3) Profit before tax 28.2 156.0 127.8 453.6 % 412.9 % 992 Income tax (expenses) benefit (39.9) 36.5 76.4 ― ― 232 Net profit (loss) for the period (11.7) 192.5 204.2 ― ― 1,224 Non-controlling interests (0.1) (0.0) 0.0 58.8 % 58.0 % (0) Net profit (loss) attributable to owners of the Company (11.8) 192.4 204.2 ― ― 1,224 Basic EPS (JPY or USD) (7.49) 120.79 128.28 ― ― 0.77 * 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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FY2026 H1 Core Results with CER % Change (Billion JPY, except EPS) FY2025 H1 FY2026 H1 AER CER (Million USD, except EPS) FY2026 H1 Convenience USD TranslationJPY Change % Change % Change Revenue 2,219.5 2,407.0 187.5 8.4 % (1.0) % 15,307 Cost of sales (765.2) (799.4) (34.3) (4.5) % 4.6 % (5,084) Gross profit 1,454.3 1,607.6 153.2 10.5 % 0.8 % 10,223 Margin 65.5 % 66.8 % 1.3 pp 1.2 pp 66.8 % SG&A expenses (509.7) (558.4) (48.7) (9.6) % (0.2) % (3,551) R&D expenses (305.5) (338.6) (33.2) (10.9) % (2.1) % (2,153) Operating profit 639.2 710.6 71.4 11.2 % 0.7 % 4,519 Margin 28.8 % 29.5 % 0.7 pp 0.5 pp 29.5 % Finance income 117.7 39.8 (77.8) (66.1) % (67.3) % 253 Finance expenses (184.8) (119.6) 65.2 35.3 % 38.5 % (761) Share of profit (loss) of investments accounted for using the equity method (0.6) (0.0) 0.6 99.2 % ― (0) Profit before tax 571.5 630.8 59.3 10.4 % (0.5) % 4,012 Income tax (expenses) benefit (132.8) (141.1) (8.3) (6.3) % 1.5 % (897) Net profit for the period 438.7 489.7 51.0 11.6 % (0.2) % 3,114 Non-controlling interests (0.1) (0.1) 0.0 17.6 % 20.2 % (1) Net profit attributable to owners of the Company 438.6 489.6 51.0 11.6 % (0.2) % 3,114 Basic EPS (JPY or USD) 279 308 29 10.5 % (1.2) % 1.96 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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FY2026 Q2 (Jul-Sep) Core Results with CER % Change (Billion JPY, except EPS) FY2025 Q2 (Jul-Sep) FY2026 Q2 (Jul-Sep) AER CER (Million USD, except EPS) FY2026 Q2 (Jul-Sep) Convenience USD TranslationJPY Change % Change % Change Revenue 1,112.8 1,187.1 74.3 6.7 % (1.6) % 7,549 Cost of sales (380.2) (392.4) (12.1) (3.2) % 4.7 % (2,495) Gross profit 732.6 794.7 62.2 8.5 % (0.0) % 5,054 Margin 65.8 % 66.9 % 1.1 pp 1.1 pp 66.9 % SG&A expenses (253.7) (271.8) (18.1) (7.1) % 1.1 % (1,728) R&D expenses (161.5) (171.2) (9.7) (6.0) % 2.1 % (1,089) Operating profit 317.4 351.7 34.3 10.8 % 1.9 % 2,237 Margin 28.5 % 29.6 % 1.1 pp 1.0 pp 29.6 % Finance income 44.7 48.3 3.7 8.3 % 6.9 % 307 Finance expenses (80.5) (90.9) (10.4) (12.9) % (6.6) % (578) Share of profit (loss) of investments accounted for using the equity method (0.5) (0.5) (0.1) (17.4) % 11.8 % (3) Profit before tax 281.1 308.6 27.6 9.8 % 1.4 % 1,963 Income tax (expenses) benefit (79.5) (61.8) 17.6 22.2 % 26.4 % (393) Net profit for the period 201.6 246.8 45.2 22.4 % 12.4 % 1,569 Non-controlling interests (0.1) (0.0) 0.0 58.8 % 58.0 % (0) Net profit attributable to owners of the Company 201.6 246.8 45.2 22.4 % 12.4 % 1,569 Basic EPS (JPY or USD) 128 155 27 21.0 % 11.1 % 0.99 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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FY2026 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 2,407.0 2,407.0 Cost of sales (798.8) (0.7) (799.4) Gross profit 1,608.2 (0.7) 1,607.6 SG&A expenses (558.2) (0.2) (558.4) R&D expenses (338.6) 0.0 (338.6) Amortization of intangible assets associated with products (212.3) 212.3 — Impairment losses on intangible assets associated with products* (6.2) 6.2 — Other operating income 15.5 (15.5) — Other operating expenses (101.6) 101.6 — Operating profit 406.7 212.3 6.2 86.1 (0.8) 710.6 Margin 16.9 % 29.5 % Finance income and (expenses), net (88.0) 8.3 (79.8) Share of profit (loss) of investments accounted for using the equity method (0.0) (0.0) Profit before tax 318.7 212.3 6.2 86.1 7.5 630.8 Income tax (expenses) benefit (13.0) (43.3) (1.9) (18.8) (64.1) (141.1) Non-controlling interests (0.1) (0.1) Net profit attributable to owners of the Company 305.6 169.0 4.3 67.3 (56.6) 489.6 Basic EPS (JPY) 193 308 Number of shares (millions) 1,587 1,587 * Includes in-process R&D. A-8
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FY2026 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 1,187.1 1,187.1 Cost of sales (392.1) (0.3) (392.4) Gross profit 795.0 (0.3) 794.7 SG&A expenses (271.7) (0.1) (271.8) R&D expenses (171.2) 0.0 (171.2) Amortization of intangible assets associated with products (106.8) 106.8 — Impairment losses on intangible assets associated with products* (0.8) 0.8 — Other operating income 7.2 (7.2) — Other operating expenses (46.4) 46.4 — Operating profit 205.3 106.8 0.8 39.2 (0.4) 351.7 Margin 17.3 % 29.6 % Finance income and (expenses), net (48.8) 6.3 (42.5) Share of profit (loss) of investments accounted for using the equity method (0.5) (0.5) Profit before tax 156.0 106.8 0.8 39.2 5.9 308.6 Income tax (expenses) benefit 36.5 (20.9) (0.2) (9.0) (68.2) (61.8) Non-controlling interests (0.0) (0.0) Net profit attributable to owners of the Company 192.4 85.9 0.6 30.1 (62.2) 246.8 Basic EPS (JPY) 121 155 Number of shares (millions) 1,593 1,593 * Includes in-process R&D. A-9
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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-10
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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 (loss) 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-11
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FY2026 H1 Adjusted Free Cash Flow (Billion JPY) FY2025 H1 FY2026 H1 JPY Change % Change (Million USD) FY2026 H1 Convenience USD Translation Net profit 112.5 305.7 193.2 171.6 % 1,944 Depreciation and amortization, and impairment losses 453.8 358.3 (95.4) 2,279 Decrease (increase) in trade working capital (15.0) (119.6) (104.6) (761) Income taxes paid (91.9) (77.2) 14.6 (491) Tax refunds and interest on tax refunds received 5.5 3.9 (1.6) 25 Settlement of forward exchange contracts, net 75.4 (16.1) (91.5) (103) Other 53.3 (23.1) (76.4) (147) Net cash from operating activities (Operating Cash Flow) 593.7 431.9 (161.8) (27.2) % 2,747 Acquisition of PP&E (88.0) (98.5) (10.5) (626) Free Cash Flow*1 505.6 333.4 (172.3) (34.1) % 2,120 Adjustment for cash temporarily held by Takeda on behalf of third parties*2 19.8 28.4 8.7 181 Proceeds from sales of PP&E 6.4 1.5 (4.9) 9 Acquisition of intangible assets*3 (39.9) (60.5) (20.6) (384) Acquisition of investments (0.2) (1.1) (0.9) (7) Proceeds from sales and redemption of investments 4.0 1.4 (2.6) 9 Acquisition of shares in associates (0.6) (0.2) 0.4 (1) Proceeds from sales of shares in associates 0.7 — (0.7) — Proceeds from sales of business, net of cash and cash equivalents divested 29.6 22.7 (6.9) 145 Adjusted Free Cash Flow*1 525.4 325.7 (199.7) (38.0) % 2,071 *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. A-12
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FY2026 H1 Adjusted Net Debt to Adjusted EBITDA ADJUSTED NET DEBT/ADJUSTED EBITDA RATIO NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (Billion JPY) FY2026 H1 (Billion JPY) FY2025 H1 FY2026 H1 JPY Change % Change Book value of bonds and loans on consolidated statement of financial position (4,575.6) Net cash from operating activities (Operating Cash Flow) 593.7 431.9 (161.8) (27.2) % Acquisition of PP&E (88.0) (98.5) Cash & cash equivalents 418.5 Proceeds from sales of PP&E 6.4 1.5 Net Debt*1 (4,157.1) Acquisition of intangible assets (39.9) (60.5) Application of equity credit*2 250.0 Acquisition of investments (0.2) (1.1) FX adjustment*3 (27.0) Proceeds from sales and redemption of investments 4.0 17.4 Cash temporarily held by Takeda on behalf of third parties*4 (50.7) Acquisition of shares in associates (0.6) (0.2) Level 1 debt investments*4 67.0 Proceeds from sales of shares in associates 0.7 — Adjusted Net Debt*1 (3,917.9) Proceeds from sales of business, net of cash and cash equivalents divested 29.6 22.7 Settlement of forward exchange contracts designated as net investment hedges, net (1.5) — Adjusted EBITDA (LTM)*5 1,540.3 Net increase (decrease) in short-term loans and commercial papers (341.8) — Repayment of long-term loans (10.1) (0.0) Adjusted Net Debt/Adjusted EBITDA ratio 2.5x Proceeds from issuance of bonds 526.1 — Repayment of bonds (115.3) (239.6) Book value of bonds and loans on consolidated statement of financial position (4,575.6) Acquisition of treasury shares (51.6) (1.0) Interest paid (52.3) (66.4) Application of equity credit*2 250.0 Dividends paid (154.1) (157.9) FX adjustment*3 (27.0) Others (19.6) (16.5) Adjusted Gross Debt (4,352.6) Net increase (decrease) in cash and cash equivalents 285.4 (168.3) (453.7) — *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 current quarter 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 current quarter 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 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 2025 - September 2026). Calculated by subtracting FY2025 H1 from FY2025 Full Year and adding FY2026 H1. A-13
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FY2025 Adjusted Net Debt to Adjusted EBITDA ADJUSTED NET DEBT/ADJUSTED EBITDA RATIO NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (Billion JPY) FY2025 (Billion JPY) FY2024 FY2025 JPY Change % Change Book value of bonds and loans on consolidated statement of financial position (4,881.8) Net cash from operating activities (Operating Cash Flow) 1,057.2 1,041.4 (15.8) (1.5) % Acquisition of PP&E (200.8) (176.0) Cash & cash equivalents 595.1 Proceeds from sales of PP&E 0.1 6.5 Net Debt*1 (4,286.8) Acquisition of intangible assets (147.0) (234.9) Application of equity credit*2 250.0 Acquisition of option to license (31.8) (3.7) FX adjustment*3 213.2 Acquisition of investments (97.5) (15.9) Cash temporarily held by Takeda on behalf of third parties*4 (79.2) Proceeds from sales and redemption of investments 29.4 7.0 Level 1 debt investments*4 85.1 Acquisition of shares in associates (1.0) (0.6) Adjusted Net Debt*1 (3,817.6) Proceeds from sales of shares in associates 57.7 0.9 Proceeds from sales of business, net of cash and cash equivalents divested 20.6 33.3 Adjusted EBITDA 1,457.2 Settlement of forward exchange contracts designated as net investment hedges, net (13.8) (1.5) Net increase (decrease) in short-term loans and commercial papers 27.5 (341.8) Adjusted Net Debt/Adjusted EBITDA ratio 2.6x Proceeds from long-term loans 90.0 60.0 Repayment of long-term loans (587.2) (85.1) Book value of bonds and loans on consolidated statement of financial position (4,881.8) Proceeds from issuance of bonds 934.5 526.1 Repayment of bonds (733.8) (115.3) Application of equity credit*2 250.0 Settlement of cross currency interest rate swaps related to bonds and loans 46.9 — FX adjustment*3 213.2 Acquisition of treasury shares (51.9) (51.6) Adjusted Gross Debt (4,418.7) Interest paid (113.0) (121.4) Dividends paid (302.5) (311.9) Others (44.6) (39.9) Net increase (decrease) in cash and cash equivalents (61.3) 175.5 236.8 — *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 current quarter 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 current quarter 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 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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FY2026 H1 Net Profit to Adjusted EBITDA Bridge (Billion JPY) FY2025 H1 FY2026 H1 JPY Change % Change Net profit 112.5 305.7 193.2 171.6 % Income tax expenses (benefit) 66.3 13.0 Depreciation and amortization 366.6 327.5 Interest expense, net 63.3 73.0 EBITDA 608.7 719.1 110.4 18.1 % Impairment losses 87.1 30.9 Other operating expenses (income), net, excluding depreciation and amortization, and impairment losses 37.1 60.1 Finance expenses (income), net, excluding interest expense, net 8.9 15.1 Share of loss (profit) of investments accounted for using the equity method 2.6 0.0 Other costs* 33.8 34.9 Adjusted EBITDA 778.2 860.0 81.8 10.5 % * 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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FY2026 H1 Net Profit to Adjusted EBITDA LTM Bridge (Billion JPY) FY2025 Full Year (Apr - Mar) FY2025 H1 (Apr - Sep) FY2026 H1 (Apr - Sep) FY2026 H1 LTM*1 (Oct - Sep) Net profit (152.1) 112.5 305.7 41.0 Income tax expenses (benefit) 9.8 66.3 13.0 (43.5) Depreciation and amortization 721.1 366.6 327.5 682.0 Interest expense, net 131.2 63.3 73.0 140.9 EBITDA 710.0 608.7 719.1 820.5 Impairment losses 145.7 87.1 30.9 89.4 Other operating expenses (income), net, excluding depreciation and amortization, and impairment losses 516.7 37.1 60.1 539.7 Finance expenses (income), net, excluding interest expense, net 15.1 8.9 15.1 21.4 Share of loss (profit) of investments accounted for using the equity method 2.2 2.6 0.0 (0.4) Other costs*2 69.6 33.8 34.9 70.7 Adjusted EBITDA 1,459.4 778.2 860.0 1,541.2 EBITDA from divested products*3 (2.1) (0.9) Adjusted EBITDA (LTM)*1 1,457.2 1,540.3 *1 LTM represents Last Twelve Months (October 2025 - September 2026). Calculated by subtracting FY2025 H1 from FY2025 Full Year and adding FY2026 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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FY2026 H1 CAPEX, Depreciation and Amortization and Impairment Losses (Billion JPY) FY2025 H1 FY2026 H1 JPY Change % Change Revised Forecast (October 29, 2026) Capital expenditures*1 127.9 159.0 31.1 24.3 % 330.0 - 380.0 Tangible assets 88.0 98.5 10.5 11.9 % Intangible assets 39.9 60.5 20.6 51.6 % Depreciation and amortization (A)+(B) 366.6 327.5 (39.1) (10.7) % 644.0 Depreciation of tangible assets*2 (A) 85.7 91.7 6.0 7.0 % Amortization of intangible assets (B)=(C)+(D) 280.9 235.7 (45.2) (16.1) % Of which Amortization on intangible assets associated with products (C) 260.8 212.3 (48.4) (18.6) % 409.0 Of which Amortization excluding intangible assets associated with products (D) 20.1 23.4 3.3 16.2 % Depreciation and amortization (excluding intangible assets associated with products) (A)+(D) 105.9 115.2 9.3 8.8 % 235.0 Impairment losses 87.1 30.9 (56.3) (64.6) % Impairment losses on intangible assets associated with products*3 (E) 76.0 6.2 (69.8) (91.8) % 100.0 Amortization and impairment losses on intangible assets associated with products (C)+(E) 336.8 218.5 (118.3) (35.1) % 509.0 *1 Cash flow base *2 Includes depreciation of investment properties *3 Includes in-process R&D A-17
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FY2026 Full Year Detailed Forecast (BN JPY) Original Forecast (May 13, 2026) Revised Forecast (October 29, 2026) JPY Change % Change Variances REPORTED Revenue 4,640.0 4,700.0 60.0 1.3 % FX benefits and higher-than-expected revenue from LOE and Mature Portfolio partially offset by the underperformance of Albumin and QDENGA Cost of sales (1,625.0) (1,617.0) 8.0 0.5 % Favorable transactional FX impacts, manufacturing efficiency improvements, and the updated tariff assumption, partially offset by higher costs associated with increased revenue Gross Profit 3,015.0 3,083.0 68.0 2.3 % Gross margin positively impacted by favorable transactional FX and product mix SG&A expenses (1,093.0) (1,141.0) (48.0) (4.4) % Savings targets allocated to SG&A in the original forecast have been reallocated to R&D and cost of sales. Also reflects increased investment in new product launches, and FX headwinds. R&D expenses (762.0) (752.0) 10.0 1.3 % Additional cost savings including pipeline prioritization, partially offset by FX headwinds Amortization of intangible assets associated with products (413.5) (409.0) 4.5 1.1 % Impairment losses on intangible assets associated with products*1 (100.0) (100.0) — — Other operating income 2.5 16.0 13.5 540.0 % Gains on divestitures and liquidation of certain entities Other operating expenses (229.0) (244.0) (15.0) (6.6) % Losses on divestitures, higher expenses for pre-launch inventories and FX headwinds were partly offset by lower restructuring expenses. Restructuring costs are now expected to be JPY 160 B. Operating profit 420.0 453.0 33.0 7.9 % Finance income (expenses), net (170.0) (184.0) (14.0) (8.2) % Higher interest expenses, including accrual for interest related to the AMITIZA litigation judgment Profit (loss) before tax 252.0 270.0 18.0 7.1 % Net profit (loss) attributable to owners of the Company 166.0 209.0 43.0 25.9 % Lower tax rate driven mainly by deferred tax asset recognition Basic EPS (yen) 104 131 27 25.9 % Core Revenue*2 4,640.0 4,700.0 60.0 1.3 % FX benefits and higher-than-expected revenue from LOE and Mature Portfolio partially offset by the underperformance of Albumin and QDENGA Core Operating Profit*2 1,160.0 1,190.0 30.0 2.6 % Higher revenue, lower cost of sales and favorable FX impacts, partially offset by higher operating expenses Core EPS (yen)*2 472 482 10 2.1 % Mainly due to higher profit before tax Adjusted Free Cash Flow*2 650.0 to 750.0 700.0 to 800.0 Mainly due to higher profit before tax CAPEX (cash flow base) (330.0) to (380.0) (330.0) to (380.0) Depreciation and amortization (excl. intangible assets associated with products) (235.0) (235.0) — — Cash tax rate on Adjusted EBITDA (excl. divestitures)*2 Low 10s% Low 10s% USD/JPY 156 158 2 1.6 % EUR/JPY 182 182 0 0.1 % *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 FY2026 Full Year Reconciliation from Reported Operating Profit to Core Operating Profit Forecast. A-18
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FY2026 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 4,700.0 4,700.0 Cost of sales (1,617.0) (3,510.0) Gross Profit 3,083.0 SG&A expenses (1,141.0) R&D expenses (752.0) Amortization of intangible assets associated with products (409.0) 409.0 — Impairment losses on intangible assets associated with products*1 (100.0) 100.0 — Other operating income 16.0 (16.0) — Other operating expenses (244.0) 244.0 — Operating profit 453.0 409.0 100.0 228.0 1,190.0 *1 Includes in-process R&D A-19
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FY2026 Full Year FX Rates Assumptions and Currency Sensitivity vs. Forecast Average Exchange Rates vs. JPY Impact of depreciation of yen from October 2026 to March 2027 (100 million JPY) FY2025 H1 Actual (Apr-Sep) FY2026 H1 Actual (Apr-Sep) FY2026 Full Year Assumption (Apr-Mar) FY2026 H2 Assumption (Oct-Mar) Revenue (IFRS) Operating Profit (IFRS) Net Profit (IFRS) Core Operating Profit (non-IFRS) USD 146 160 158 157 1% depreciation 92.4 (5.7) (8.1) 10.7 1 yen depreciation 58.9 (3.6) (5.2) 6.8 EUR 166 185 182 180 1% depreciation 30.7 (15.4) (12.7) (9.3) 1 yen depreciation 17.1 (8.5) (7.1) (5.2) RUB 1.8 2.0 2.0 1.9 1% depreciation 1.8 1.0 0.8 1.1 CNY 20.3 23.5 23.5 23.4 9.5 5.9 4.6 5.9 BRL 26.2 31.2 30.7 30.2 6.5 5.3 4.2 5.4 A-20
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TSE: 4502 Takeda Investor Relations: takeda.ir.contact@takeda.com