Interim report
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Securities Code : Representative : Financial Results for Three Months Ended June 30 , 2026 [ IFRS ] ( Consolidated ) Name of Company : Stock Listing : URL : Astellas Pharma Inc. Tokyo Stock Exchange 4503 https://www.astellas.com/en/ ( Title ) President and CEO August 5 , 2026 Contact : ( Title ) Chief Communications & IR Officer Scheduled Date of Dividend Payment Commencement : Supplementary Materials Prepared for the Financial Results : Yes Information Meeting Held to Explain the Financial Results : ( Name ) Naoki Okamura ( Name ) Nobuko Kato ( TEL ) + 81-3-3244-3201 Yes ( Rounded to the nearest million JPY ) 1. Consolidated financial results for the three months ended June 30 , 2026 ( Q1 FY2026 ) ( 1 ) Consolidated business results Revenue Operating profit Profit before tax Profit ( Percentages represent year - on - year changes ) Profit attributable to Total comprehensive owners of the parent Q1 FY2026 Q1 FY2025 Mil . JPY % Mil . JPY 640,914 26.7 184,506 505,794 6.9 94,647 % 94.9 Mil . JPY 186,514 86.8 90,416 % 106.3 79.1 Mil . JPY 141,752 68,422 % 107.2 82.0 Mil . JPY 141,828 % 107.3 68,422 82.0 income Mil . JPY 183,619 34,893 % 426.2 ( 76.7 ) Basic earnings per share Diluted earnings per share Q1 FY2026 Q1 FY2025 JPY 79.15 JPY 78.96 38.22 38.11 ( 2 ) Consolidated financial position Q1 FY2026 FY2025 2. Dividends Total assets Mil . JPY 3,692,526 3,567,042 Total equity Mil . JPY 1,944,449 1,830,884 Total equity attributable to owners of the parent Ratio of equity attributable to owners of the parent to total assets Annual dividends per share Q1 - end Q2 - end JPY FY 2025 JPY 39.00 FY 2026 FY 2026 40.00 Mil . JPY 1,942,686 1,829,044 % 52.6 51.3 Q3 - end Year - end Total JPY JPY JPY 39.00 78.00 ( Forecast ) ( Note ) Change from the latest published dividends forecast : None 3. Consolidated financial forecast for the fiscal year ending March 31 , 2027 40.00 80.00 ( Percentages represent year - on - year changes ) Profit attributable to Basic earnings per Revenue Operating profit Profit before tax Profit owners of the share Full year Mil . JPY 2,220,000 % Mil . JPY 3.8 395,000 % 3.2 Mil . JPY 385,000 % 2.2 Mil . JPY 300,000 % 2.9 parent Mil . JPY 300,000 % 2.9 JPY 167.46 ( Note ) Change from the latest published financial forecast : None
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The consolidated financial forecast on a core basis is as follows. (Percentages represent year-on-year changes) R evenue Core operating profit Core profit Basic earnings per share (core basis) Mil. JPY % Mil. JPY % Mil. JPY % JPY Full year 2,220,000 3.8 620,000 11.6 460,000 8.4 256.77 (Note) Change from the latest published financial forecast: None The Company discloses financial results on a core basis as an indicator of the Company’s profitability . For the definition of financial results on a core basis, please refer to the accompanying documents. *Footnotes (1) Material change in scope of consolidation during the period: No ne (2) C hange in accounting policies and accounting estimates (i) Changes in accounting policies required by IFRS: None (ii) Changes in accounting policies other than those required by IFRS: None (iii) Changes in accounting estimates: None (3) Number of sh ares issued (ordinary shares) (i) Number of shares issued at the end of the period (including treasury shares) Q1 FY2026 1,809,663,075 Shares FY2025 1,809,663,075 Shares (ii) Number of treasury shares at the end of the period Q1 FY2026 16,649,328 Shares FY2025 18,170,817 Shares (iii) Average number of outstanding shares during the period Q1 FY2026 1,791,933,371 Shares Q1 FY2 02 5 1,790,411,635 S hares * Audit on the accompanying condensed interim financial statements by a certified public accountant or an audit firm: No * Notes on the Appropriate Use of Financial Forecasts and Other Special Remarks (Cautionary Note Regarding Forward-Looking Statements) The forward-looking statements contained in the above forecasts and the accompanying materials are based on information available as of the release date of this document and on certain assumptions regarding uncertain factors that may affect future performance. These statements do not constitute a guarantee of their future realization. Actual results may vary substantially in the future due to a number of factors. For matters r elated to the financial forecasts, please refer to the accompanying documents. (Methods for Accessing the Supplementary Documents and the Presentation Material for Information Meeting) Along with the release of this document (the Financial Results) , we have also disclosed the supplementary materials and the presentation material for information meeting. Furthermore, an information meeting for securities analysts, institutional investors, and the press is scheduled to be held on Wednesday, August 5, 2026, and will be delivered via live video streaming. The content of this information meeting will be posted on our website promptly after the event.
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Table of Contents of the Accompanying Documents 1. Overview of business performance and others 2 (1) Overview of business performance for the first three months of FY2026 2 (2) Financial position 7 2. Condensed Interim Consolidated Financial Statements and Notes 9 (1) Condensed Interim Consolidated Statement of Income 9 (2) Condensed Interim Consolidated Statement of Comprehensive Income 10 (3) Condensed Interim Consolidated Statement of Financial Position 11 (4) Condensed Interim Consolidated Statement of Changes in Equity 13 (5) Condensed Interim Consolidated Statement of Cash Flows 15 (6) Notes to condensed interim consolidated financial statements 16 Notes on segment information 16 Notes on going concern assumption 16 1
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1. Overview of business performance and others (1) Overview of business performance for the first three months of FY2026 <Consolidated financial results (core basis (Note))> Consolidated financial results (core basis) in the first three months of FY2026 are shown in the table below. Revenue, core operating profit and core profit increased across the board. Consolidated financial results (core basis) (Millions of yen) First three months of FY2025 First three months of FY2026 Change (%) Revenue 505,794 640,914 +135,120 (+26.7%) Cost of sales 94,829 122,702 +27,873 (+29.4%) Selling, general and administrative expenses 196,997 215,067 +18,069 (+9.2%) R&D expenses 71,698 81,729 +10,031 (+14.0%) Core operating profit 142,269 221,417 +79,148 (+55.6%) Core profit 104,721 170,472 +65,750 (+62.8%) Core profit attributable to owners of the parent 104,721 170,548 +65,827 (+62.9%) Basic core earnings per share (yen) 58.49 95.18 +36.69 (+62.7%) (Note) The Company discloses financial results on a core basis as an indicator of the Company’s profitability. Financial results on a core basis exclude certain significant adjusted items defined by the Company that are reported in financial results on a full basis. These adjusted items include amortisation of intangible assets, gain on divestiture of intangible assets, share of profit (loss) of investments accounted for using the equity method, impairment losses, gain/loss on sales of property, plant and equipment, restructuring costs, loss on disaster, a large amount of losses on compensation or settlement of litigations and other legal disputes, and certain other items defined by the Company. A reconciliation table between results on a full basis and results on a core basis is provided in the “Supplementary Documents for Q1YTD/FY2026 Financial Results.” 2
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Revenue - Sales of Strategic Brands*, including PADCEV for the treatment of urothelial cancer, IZERVAY for the treatment for geographic atrophy secondary to age-related macular degeneration, VYLOY for the treatment of gastric and gastroesophageal junction adenocarcinoma, VEOZAH for the treatment of vasomotor symptoms due to menopause and XOSPATA for the treatment of acute myeloid leukemia showed solid growth. In addition, the expansion of sales of XTANDI for the treatment of prostate cancer has also contributed to revenue growth. As a result of the above, revenue in the first three months of FY2026 increased by 26.7% compared to that in the previous fiscal year (“year-on-year”) to ¥640.9 billion. Core operating profit / Core profit - Gross profit increased by 26.1% year-on-year to ¥518.2 billion. - Selling, general and administrative expenses increased by 9.2% year-on-year to ¥215.1 billion. While promoting cost optimization through SMT** (approximately ¥3.0 billion), the total amount increased mainly as a result of foreign exchange rate impact (an increase of ¥19.6 billion year-on-year). Selling, general and administrative expenses, excluding co-promotion fees of XTANDI in the United States, increased by 10.1% year-on-year to ¥147.6 billion. - Research and development (R&D) expenses increased by 14.0% year-on-year to ¥81.7 billion. While promoting cost optimization through SMT (approximately ¥3.0 billion), the total amount increased mainly as a result of foreign exchange rate impact (an increase of ¥5.8 billion year-on-year), investments in Strategic Brands clinical development (an increase of approximately ¥2.0 billion year-on-year) and in pipeline clinical development (an increase of approximately ¥4.0 billion year-on-year). As a result of the above, core operating profit increased by 55.6% year-on-year to ¥221.4 billion, and core profit increased by 62.8% year-on-year to ¥170.5 billion. * Strategic Brands: PADCEV, IZ E RVAY, VYLOY , VEOZAH, XOSPATA ** SMT: Sustainable Margin Transformation Impact of exchange rate on financial results The exchange rates for the yen in the first three months of FY2026 are shown in the table below. The resulting impacts were a ¥60.0 billion increase in revenue and a ¥25.5 billion increase in core operating profit compared with if the exchange rates of the first three months of FY2025 were applied. Average rate First three months of FY2025 First three months of FY2026 Change US$/¥ 145 159 ¥15 (Weakening of yen) €/¥ 164 185 ¥21 (Weakening of yen) 3
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<Consolidated financial results (full basis)> Consolidated financial results on a full basis in the first three months of FY2026 are shown in the table below. Operating profit, profit before tax and profit increased across the board. The full basis financial results are calculated by adding back “amortisation of intangible assets,” “gain on divestiture of intangible assets,” “share of profit (loss) of investments accounted for using the equity method,” “other income” and “other expenses” to the core basis financial results. In the first three months of FY2026, “amortisation of intangible assets” was ¥35.7 billion (¥32.8 billion in the same period of the previous fiscal year), “other income” was ¥3.9 billion (¥4.4 billion in the same period of the previous fiscal year), and “other expenses” was ¥4.3 billion (¥21.3 billion in the same period of the previous fiscal year). Consolidated financial results (full basis) (Millions of yen) First three months of FY2025 First three months of FY2026 Change (%) Revenue 505,794 640,914 +135,120 (+26.7%) Operating profit 94,647 184,506 +89,859 (+94.9%) Profit before tax 90,416 186,514 +96,098 (+106.3%) Profit 68,422 141,752 +73,330 (+107.2%) Profit attributable to owners of the parent 68,422 141,828 +73,406 (+107.3%) Basic earnings per share (yen) 38.22 79.15 +40.93 (+107.1%) Comprehensive income 34,893 183,619 +148,725 (+426.2%) 4
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<Sales of Main Brands> (Billions of yen) First three months of FY2025 First three months of FY2026 Change Strategic Brands Total 112.0 160.3 +43.2% PADCEV 55.5 75.5 +36.0% IZERVAY 15.9 27.2 +70.3% VYLOY 14.0 21.1 +50.7% VEOZAH* 9.6 14.9 +54.8% XOSPATA 17.0 21.6 +27.3% XTANDI 233.0 276.6 +18.7% <PADCEV> - S trong penetration in global first-line therapy for patients with metastatic urothelial cancer (1L mUC) and cisplatin-ineligible muscle-invasive bladder cancer (MIBC) in the United States contributed to significant global sales growth. <IZERVAY> - I ncreased new patient starts and continued adoption across the retina community contributed to significant sales growth. <VYLOY> - Increased adoption of Claudin 18 testing contributed to significant global sales growth. <VEOZAH> - Global sales increased steadily, mainly in the United States. <XOSPATA> - Global sales increased steadily. <XTANDI> - Global sales increased. * VEOZAH: Approved as “VEOZA” in ex-US 5
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<Revenue by region> Revenue by region is shown in the table below. Revenue increased across all regions. (Billions of yen) First three months of FY2025 First three months of FY2026 Change United States 224.7 288.8 +28.5% Japan 68.9 79.6 +15.5% Established Markets*1 128.8 152.2 +18.2% China*2 29.4 32.1 +8.9% International Markets*3 53.2 85.4 +60.5% *1 Established Markets: Europe, Canada, etc. *2 China: China, Hong Kong. *3 International Markets: Latin America, Middle East, Africa, South East Asia, South Asia, Russia, Korea, Taiwan, Australia, Export sales, etc. 6
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(2) Financial position 1) Assets, equity and liabilities An overview of the consolidated statement of financial position as of June 30, 2026 and the main changes from the end of the previous fiscal year are shown below. Assets Total assets as of June 30, 2026 saw an increase of ¥125.5 billion compared to the end of the previous fiscal year to ¥3,692.5 billion. <Non-current assets> As of June 30, 2026: ¥2,206.9 billion (an increase of ¥61.8 billion) - Property, plant and equipment increased by ¥5.2 billion compared to the end of the previous fiscal year to ¥363.6 billion. - G oodwill increased by ¥9.3 billion compared to the end of the previous fiscal year to ¥ 450.5 billion, and intangible assets increased by ¥25.8 billion compared to the end of the previous fiscal year to ¥1,022.7 billion. <Current assets> As of June 30, 2026: ¥1,485.6 billion (an increase of ¥63.7 billion) - Cash and cash equivalents decreased by ¥ 36.9 billion compared to the end of the previous fiscal year to ¥244.7 billion. Equity Total equity as of June 30, 2026 saw an increase of ¥113.6 billion compared to the end of the previous fiscal year to ¥ 1,944.4 billion, making the ratio of equity attributable to owners of the parent to total assets 52.6%. - While profit stood at ¥141.8 billion, the Company paid ¥69.9 billion of dividends of surplus. Liabilities Total liabilities increased by ¥11.9 billion compared to the end of the previous fiscal year to ¥ 1,748.1 billion. <Non-current liabilities> As of June 30, 2026: ¥513.3 billion (a decrease of ¥4.4 billion) <Current liabilities> As of June 30, 2026: ¥1,234.8 billion (an increase of ¥16.4 billion) 7
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Changes in bonds and borrowings are shown below. (Billions of yen) As of 31 March 2026 As of 30 June 2026 Change Bonds 220.0 220.0 － Current portion of bonds 100.0 100.0 － Long-term borrowings 100.0 100.0 － Current portion of long- term borrowings 146.0 139.9 -6.1 Commercial papers － 30.0 +30.0 Total bonds and borrowings 566.0 589.9 +23.9 2) Cash flow Cash flows from operating activities Net cash flows from operating activities in the first three months of FY2026 increased by ¥31.6 billion year-on-year to ¥86.5 billion. - Income tax paid increased by ¥29.0 billion year-on-year to ¥62.4 billion. Cash flows from investing activities Net cash flows used in investing activities in the first three months of FY2026 was ¥69.2 billion, an increase in outflow of ¥52.5 billion year-on-year. Cash flows from financing activities Net cash flows used in financing activities in the first three months of FY2026 was ¥52.9 billion, an increase in outflow of ¥41.9 billion year-on-year. - Dividends paid increased by ¥3.6 billion year-on-year to ¥69.9 billion. As a result, cash and cash equivalents totaled ¥244.7 billion as of June 30, 2026, a decrease of ¥36.9 billion compared to the end of the previous fiscal year. 8
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2. Condensed Interim Consolidated Financial Statements and Notes (1) Condensed Interim Consolidated Statement of Income (Millions of yen) Three months ended 30 June 2025 Three months ended 30 June 2026 Revenue 505,794 640,914 Cost of sales (94,829) (122,702) Gross profit 410,965 518,212 Selling, general and administrative expenses (196,997) (215,067) Research and development expenses (71,698) (81,729) Amortisation of intangible assets (32,767) (35,674) Gain on divestiture of intangible assets 3,700 － Share of profit (loss) of investments accounted for using equity method (1,593) (850) Other income 4,371 3,915 Other expenses (21,333) (4,303) Operating profit 94,647 184,506 Finance income 1,667 5,130 Finance expenses (5,898) (3,121) Profit before tax 90,416 186,514 Income tax expense (21,994) (44,762) Profit 68,422 141,752 Profit attributable to: Owners of the parent 68,422 141,828 Non-controlling interest － (76) Profit 68,422 141,752 Earnings per share: Basic (Yen) 38.22 79.15 Diluted (Yen) 38.11 78.96 9
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(2) Condensed Interim Consolidated Statement of Comprehensive Income (Millions of yen) Three months ended 30 June 2025 Three months ended 30 June 2026 Profit 68,422 141,752 Other comprehensive income Items that will not be reclassified to profit or loss Financial assets measured at fair value through other comprehensive income 9 (2,714) Remeasurements of defined benefit plans 315 2,970 Subtotal 324 256 Items that may be reclassified to profit or loss Exchange differences on translation of foreign operations (33,852) 41,611 Subtotal (33,852) 41,611 Other comprehensive income (33,529) 41,867 Comprehensive income 34,893 183,619 Comprehensive income attributable to: Owners of the parent 34,893 183,695 Non-controlling interest － (76) Comprehensive income 34,893 183,619 10
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(3) Condensed Interim Consolidated Statement of Financial Position (Millions of yen) As of 31 March 2026 As of 30 June 2026 Assets Non-current assets Property, plant and equipment 358,424 363,614 Goodwill 441,175 450,475 Intangible assets 996,932 1,022,695 Investments accounted for using equity method 20,297 20,504 Deferred tax assets 146,588 146,271 Other financial assets 138,296 155,982 Other non-current assets 43,408 47,385 Total non-current assets 2,145,119 2,206,927 Current assets Inventories 331,014 337,887 Trade and other receivables 746,808 831,701 Income tax receivable 14,955 13,102 Other financial assets 9,572 11,166 Other current assets 37,969 47,044 Cash and cash equivalents 281,605 244,698 Total current assets 1,421,923 1,485,599 Total assets 3,567,042 3,692,526 11
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(Millions of yen) As of 31 March 2026 As of 30 June 2026 Equity and liabilities Equity Share capital 103,001 103,001 Capital surplus 185,162 181,698 Treasury shares (34,945) (31,656) Retained earnings 902,836 976,692 Other components of equity 672,989 712,952 Total equity attributable to owners of the parent 1,829,044 1,942,686 Non-controlling interest 1,840 1,763 Total equity 1,830,884 1,944,449 Liabilities Non-current liabilities Bonds and borrowings 320,000 320,000 Income tax payable 6,726 8,090 Deferred tax liabilities 1,275 3,035 Retirement benefit liabilities 21,473 21,574 Provisions 8,188 11,656 Other financial liabilities 89,082 89,234 Other non-current liabilities 71,013 59,732 Total non-current liabilities 517,757 513,321 Current liabilities Bonds and borrowings 245,952 269,870 Trade and other payables 199,752 192,286 Income tax payable 68,934 43,410 Provisions 23,544 22,889 Refund liabilities 422,557 448,323 Other financial liabilities 22,342 29,760 Other current liabilities 235,319 228,218 Total current liabilities 1,218,401 1,234,756 Total liabilities 1,736,158 1,748,077 Total equity and liabilities 3,567,042 3,692,526 12
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(4) Condensed Interim Consolidated Statement of Changes in Equity (Millions of yen) Equity attributable to owners of the parent Share capital Capital surplus Treasury shares Retained earnings Other components of equity Subscription rights to shares Exchange differences on translation of foreign operations As of 1 April 2025 103,001 185,259 (37,524) 740,939 298 508, 585 Comprehensive income Profit － － － 68,422 － － Other comprehensive income － － － － － (33,852) Comprehensive income － － － 68,422 － (33,852) Transactions with owners etc. Acquisition of treasury shares － － (727) － － － Disposals of treasury shares － ( 2,566) 2,567 － － － Dividends － － － (66,241) － － Share-based payments － 611 － － － － Transfer to retained earnings － － － (884) － － Total transactions with owners etc. － (1,955) 1,841 (67,126) － － As of 30 June 2025 103,001 183,304 (35,683) 742,235 298 474,733 As of 1 April 2026 103,001 185,162 (34,945) 902,836 271 654, 364 Comprehensive income Profit － － － 141, 828 － － Other comprehensive income － － － － － 41,611 Comprehensive income － － － 141, 828 － 41,611 Transactions with owners etc. Acquisition of treasury shares － － (595) － － － Disposals of treasury shares － ( 3,874) 3,883 － (8) － Dividends － － － (69,868) － － Share-based payments － 410 － － － － Transfer to retained earnings － － － 1,896 － － Total transactions with owners etc. － ( 3,465) 3,288 (67,972) (8) － As of 30 June 2026 103,001 181,698 (31,656) 976,692 263 695,975 13
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(Millions of yen) Equity attributable to owners of the parent Non-controlling interest Total equity Other components of equity Total Financial assets measured at fair value through other comprehensive income Remeasure- ments of defined benefit plans Total As of 1 April 2025 12,697 － 521,580 1,513,255 － 1,513,255 Comprehensive income Profit － － － 68,422 － 68,422 Other comprehensive income 9 315 (33,529) ( 33,529) － (33,529) Comprehensive income 9 315 (33,529) 34,893 － 34,893 Transactions with owners etc. Acquisition of treasury shares － － － (727) － (727) Disposals of treasury shares － － － 1 － 1 Dividends － － － (66,241) － (66,241) Share-based payments － － － 611 － 611 Transfer to retained earnings 1,200 (315) 884 － － － Total transactions with owners etc. 1,200 (315) 884 ( 66,356) － (66,356) As of 30 June 2025 13,905 － 488, 936 1,481,792 － 1,481,792 As of 1 April 2026 18,354 － 672,989 1,829,044 1,840 1,830,884 Comprehensive income Profit － － － 141,828 (76) 141,752 Other comprehensive income (2,714) 2,970 41, 867 41,867 － 41,867 Comprehensive income (2,714) 2,970 41, 867 183,695 (76) 183,619 Transactions with owners etc. Acquisition of treasury shares － － － (595) － (595) Disposals of treasury shares － － (8) 0 － 0 Dividends － － － (69,868) － (69,868) Share-based payments － － － 410 － 410 Transfer to retained earnings 1,073 (2,970) (1,896) － － － Total transactions with owners etc. 1,073 (2,970) (1,905) ( 70,053) － (70,053) As of 30 June 2026 16,714 － 712,952 1,942,686 1,763 1,944,449 14
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(5) Condensed Interim Consolidated Statement of Cash Flows (Millions of yen) Three months ended 30 June 2025 Three months ended 30 June 2026 Cash flows from operating activities Profit before tax 90,416 186,514 Depreciation and amortisation 47,804 49,888 Impairment losses (reversal of impairment losses) 13,554 49 Finance income and expenses 4,231 (2,009) (Increase) decrease in inventories (6,377) (3,337) (Increase) decrease in trade and other receivables (40,791) (70,946) Increase (decrease) in trade and other payables (8,471) (10,784) Increase (decrease) in refund liabilities 28,055 17,152 Other (40,176) (17,664) Subtotal 88,244 148,863 Income tax paid (33,408) (62,387) Net cash flows from operating activities 54,837 86,476 Cash flows from investing activities Purchases of property, plant and equipment (12,808) (12,615) Purchases of intangible assets (2,980) (45,527) Purchases of equity instruments － (12,251) Interest and dividends received 1,015 1,152 Other (1,973) (2) Net cash flows provided by (used in) investing activities (16,745) (69,243) Cash flows from financing activities Increase (decrease) in short-term borrowings and commercial papers 65,629 29,867 Redemption of bonds and repayments of long-term borrowings (6,667) (6,667) Acquisition of treasury shares (727) (595) Dividends paid to owners of the parent (66,241) (69,868) Repayments of lease liabilities (3,719) (4,096) Other 683 (1,589) Net cash flows provided by (used in) financing activities (11,042) (52,948) Effect of exchange rate changes on cash and cash equivalents (23) (1,192) Net increase (decrease) in cash and cash equivalents 27,027 (36,907) Cash and cash equivalents at the beginning of the year 188,372 281,605 Cash and cash equivalents at the end of the period 215,399 244,698 15
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(6) Notes to condensed interim consolidated financial statements Notes on segment information Segment information is omitted because the Group has a single reporting segment, “Pharmaceutical.” Notes on going concern assumption Not applicable. 16