Slides
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1 1st Half (Interim period) of Fiscal 2025 Financial Results October 27, 2025 Shionogi & Co., Ltd.
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2 Agenda 1. Overview of 2nd Half (Interim period) FY2025 2. FY2025 Forecasts 3. Domestic and International Business Outlook 4. Toward the Realization of the 2030 Vision 5. Shareholder Returns （P. 3-10） （P. 1 7-24） （P. 1 1-16） （P. 2 5-36） （P. 3 7-38） 01 03 02 05 04
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3 Overview of 2nd Half (Interim period) FY2025 Financial Results
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4 2Q Highlights Maintain revenue and operating profit at the same level as the previous year − Stable profit growth in the HIV business and overseas businesses Profit before tax increased, and profit attributable to owners of parent increased slightly − Increased dividend from ViiV reflecting solid progress in the HIV business Progress on key initiatives driving medium to long term growth − HIV business: Expansion of LAI*1 formulations − Acquisition of TORII PHARMACEUTICAL CO., LTD. as a wholly-owned subsidiary*2 − Ensitrelvir application accepted in the US and Europe *1 LAI: Long acting injectable *2 September 2025 Press Release
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5 Financial Results Revenue and operating profit declined year-on-year, but profit before tax and profit attributable to owners of parent were achieved FY2025 FY2024 Y on Y Forecasts 1H results Achievement (%) 1H results Change (%) ChangeFull year 1H Revenue 530.0 233.0 213.0 91.4 214.0 (0.5) (1.0) Operating profit 175.0 82.0 74.8 91.2 75.9 (1.4) (1.1) Profit before tax 222.0 102.0 98.4 96.5 93.8 4.9 4.6 Profit attributable to owners of parent 180.0 86.0 83.5 97.1 83.1 0.5 0.4 EBITDA* 196.0 93.0 85.8 92.3 86.7 (1.0) (0.8) (Unit: B yen) * Earnings Before Interest, Taxes, Depreciation, and Amortization: Operating profit added depreciation and adjusted for one-time factors (impairment losses, gain on sale of property, plant and equipment, etc.)
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6 Statement of Profit or Loss (Unit: B yen) FY2025 FY2024 Y on Y Forecast 1H Results Achievement (%) 1H Results Change (%) ChangeFull year 1H Revenue 530.0 233.0 213.0 91.4 214.0 (0.5) (1.0) Cost of Sales 16.6 14.2 13.7 14.1 88.0 33.0 29.3 88.7 30.1 (2.9) (0.9) Gross profit 442.0 200.0 183.7 91.9 183.8 (0.1) (0.1) SG&A*1, R&D expenses total 49.6 49.8 50.1 49.9 263.0 116.0 106.8 92.1 106.7 0.1 0.1 SG&A*1 24.7 24.9 25.5 23.3 131.0 58.0 54.3 93.7 49.9 8.9 4.4 R&D expenses 24.9 24.9 24.6 26.6 132.0 58.0 52.4 90.4 56.8 (7.7) (4.4) Other income & expenses (4.0) (2.0) (2.2) 107.6 (1.2) 74.0 (0.9) Operating profit 33.0 35.2 35.1 35.5 175.0 82.0 74.8 91.2 75.9 (1.4) (1.1) Finance income & costs 47.0 20.0 23.6 118.1 18.0 31.4 5.6 Profit before tax 41.9 43.8 46.2 43.9 222.0 102.0 98.4 96.5 93.8 4.9 4.6 Profit attributable to owners of parent 180.0 86.0 83.5 97.1 83.1 0.5 0.4 • Increase: Royalty income, Overseas subsidiaries /export • Decrease: Prescription drugs Revenue SG&A Main variation factors (Y on Y) • Increase: Selling-related expenses in US business, PMI costs R&D expenses • Decrease: Multiple large-scale clinical trials were conducted in FY2024 - Ensitrelvir Phase 3 trial - S-309309 Phase 2 trial Finance income & costs • Increase: Dividends from ViiV - Strong sales performance in the HIV franchise *1 Selling, general & administractive
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7 Analysis of Operating Profit Factors (vs. 1H forecast) Thorough cost management based on the epidemic situation reduces discrepancies with forecasts 820 △ 200 37 37 56 △ 2 748 (7.2) • SG&A - Refined decision-making through strict prioritization > Achieved cost reductions of JPY about 5 billion within two months - Maintained planned investments essential for growth > Sales-related expenses for the U.S. business • R&D expenses - Advanced prioritized R&D investments > Clinical trials for key assets are progressing as planned OP (Forecast) Revenue SG&A R&D expenses Other income & costs OP (Result) Cost of sales : Factors contributing to profit growth : Factors contributing to profit decline Implemented thorough cost optimization across all divisions(Unit: B yen) (20.0) 3.7 3.7 5.6 (0.2) 74.8 82.0
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8 Revenue by Segment FY2025 FY2024 Y on Y Forecast 1H Results Achievement (%) 1H Results Change(%) Change Full year 1H Prescription drugs 183.0 62.0 36.8 59.4 47.7 (22.8) (10.9) Overseas subsidiaries/export 54.9 25.7 30.6 119.2 28.3 8.1 2.3 Shionogi Inc. (US) 22.6 10.9 13.6 124.5 11.2 21.0 2.4 Fetroja - - 13.0 - 9.4 39.3 3.7 Shionogi B.V. (EU) 16.9 8.3 9.8 118.4 8.3 18.3 1.5 Fetcroja - - 7.6 - 6.4 19.1 1.2 Shionogi China 7.0 3.5 3.0 84.9 4.2 (29.2) (1.2) Others 8.4 3.0 4.3 142.1 4.6 (7.6) (0.4) Contract manufacturing 13.2 6.5 7.1 109.5 7.8 (8.3) (0.6) OTC and quasi-drug 18.5 8.9 7.9 88.4 8.2 (3.6) (0.3) Royalty income 257.9 128.7 129.3 100.5 121.5 6.4 7.8 HIV franchise 244.8 125.8 125.8 100.0 119.6 5.2 6.2 Others 13.1 2.9 3.5 121.0 1.9 84.8 1.6 Others 2.5 1.2 1.2 101.6 0.5 135.4 0.7 Total 530.0 233.0 213.0 91.4 214.0 (0.5) (1.0) (Unit: B yen) • Increase: Torii Pharmaceutical*1 • Decrease: Sales of acute respiratory virus infection treatments - Sales of Xocova declined as the outbreak subsided Prescription drugs Overseas subsidiaries/export Main variation factors (Y on Y) • Increase: Sales of cefiderocol (US and Europe) • Decrease: Sales of China business Royalty income • Increase: - HIV franchise: Sales generated by ViiV - Others: Royalty income from Roche > Influenza outbreaks in China and US *1 Connection with the full acquisition of the subsidiary, expenses for the month of September have been recognized
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9 Prescription Drugs in Japan FY2025 FY2024 Y on Y Forecast Full year Forecast 1H 1H Results Achievement (%) 1H Results Change(%) Change Acute Respiratory Virus Infection Treatments 85.8 31.0 8.7 28.0 24.9 (65.1) (16.2) Quviviq 9.3 1.2 0.4 35.6 - - 0.4 Symproic 8.1 3.9 2.9 75.0 2.4 23.9 0.6 OxyContin franchise 5.6 2.9 2.3 78.8 2.1 10.7 0.2 Others 74.2 23.0 22.5 97.9 18.4 22.1 4.1 TORII 33.0 3.0 5.5 184.0 - - 5.5 Total 183.0 62.0 36.8 59.4 47.7 (22.8) (10.9) Acute respiratory virus infection treatments • COVID-19 related product: Xocova • Influenza franchise: Xofluza, Rapiacta （Unit: B yen)
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10 Results for the 1H of FY 2025 and Future Outlook Accelerate efforts toward sustainable growth based on 1H results and challenges 1H results Revenue Profit Solid progress in the HIV business and overseas businesses • Good progress as a medium to long-term revenue base Profit before tax and profit attributable to owners of parent growth were achieved • Actions to manage costs in line with sales Challenges Growth in domestic business • Stabilization of acute respiratory infection business • Growth in the QOL disease area*1 Strengthening company-wide cost management • Timely and effective decision-making *1 High social impact QOL-related diseases: sleep disorders, hearing loss, rare pediatric diseases, immune and allergic conditions, etc.
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11 FY2025 Forecasts
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12 Revision of Earnings Forecast Revenue and all profit items are expected to increase compared to the previous year (Unit: B yen) * Earnings Before Interest, Taxes, Depreciation, and Amortization: Operating profit added depreciation and adjusted for one-time factors (impairment losses, gain on sale of property, plant and equipment, etc.) FY2025 FY2024 Y on Y Initial Forecast Revised Forecast Revised Amount Result Change (%) Change Revenue 530.0 500.0 (30.0) 438.3 14.1 61.7 Operating profit 175.0 185.0 10.0 156.6 18.1 28.4 Profit before tax 222.0 232.0 10.0 200.8 15.6 31.2 Profit attributable to owners of parent 180.0 188.0 8.0 170.4 10.3 17.6 EBITDA*1 196.0 206.0 10.0 179.3 14.9 26.7
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13 Assumptions Underlying the Revised Forecast Upward revision • Increase in HIV royalty income − Increase in other royalties − Strong sales performance of HIV franchise by ViiV • Increase in sales at Shionogi Inc., and Shionogi B.V. − Steady sales growth of cefiderocol Royalty income and overseas subsidiaries/exports ー Topline ー ー New business opportunities ー ー Cost management ー Delay in progress of acute respiratory infection treatments • Revision of forecasts for Xocova, Xofluza, and Quviviq Revenue forecast revised downward, while all profit metrics revised upward Downward revision Prescription drugs SG&A • Zero-based review following first-half revenue shortfall • Continued investment in activities for new product launches R&D • Review of priorities including JT pharmaceutical pipeline • Continued investment in key assets as planned Growth in other incomeUpward revision • Increase in other revenue
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14 Consolidated Statement of Income FY2025 Forecast Full year FY2025 Forecast 2H FY2024 Y on Y Initial Forecast Revised Forecast Revised Amount Forecast (May. 12) Revised Forecast Revised Amount Result Change(%) Change Revenue 530.0 500.0 (30.0) 297.0 287.0 (10.0) 438.3 14.1 61.7 Cost of Sales 16.6 16.4 18.5 18.4 14.6 88.0 82.0 (6.0) 55.0 52.7 (2.3) 63.8 28.5 18.2 Gross profit 442.0 418.0 (24.0) 242.0 234.3 (7.7) 374.4 11.6 43.6 SG&A1, R&D expenses total 49.6 48.0 49.5 46.4 49.0 263.0 240.0 (23.0) 147.0 133.2 (13.8) 214.7 11.8 25.3 SG&A*1 24.7 24.0 24.6 22.9 24.2 131.0 120.0 (11.0) 73.0 65.7 (7.3) 106.1 13.2 13.9 R&D expenses 24.9 24.0 24.9 23.5 24.8 132.0 120.0 (12.0) 74.0 67.6 (6.4) 108.6 10.5 11.4 Other income & Expenses (4.0) 7.0 11.0 (2.0) 9.2 11.2 (3.2) - 10.2 Operating profit 33.0 37.0 31.3 38.4 35.7 175.0 185.0 10.0 93.0 110.2 17.2 156.6 18.1 28.4 Finance income & costs 47.0 47.0 - 27.0 23.4 (3.6) 44.1 6.5 2.9 Profit before tax 41.9 46.4 40.4 46.6 45.8 222.0 232.0 10.0 120.0 133.6 13.6 200.8 15.6 31.2 Profit attributable to owners of parent 180.0 188.0 8.0 94.0 104.5 10.5 170.4 10.3 17.6 （Unit: B yen） *1 Selling, general & administractive
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15 Revenue by Business Segment FY2025 Forecast Full year FY2025 Forecast 2H FY2024 Y on Y Initial Forecast Revised Forecast Revised Amount Forecast (May 12) Revised Forecast Revised Amount Result Change(%) Change Prescription drugs 183.0 143.5 (39.5) 121.0 106.7 (14.3) 98.8 45.3 44.7 Overseas subsidiaries/export 54.9 61.0 6.1 29.2 30.4 1.2 59.1 3.2 1.9 Shionogi Inc. (US) 22.6 27.2 4.6 11.7 13.6 1.9 23.4 16.2 3.8 Shionogi B.V. (EU) 16.9 19.3 2.4 8.6 9.4 0.8 16.8 14.5 2.4 Shionogi China 7.0 5.9 (1.1) 3.5 3.0 (0.5) 8.7 (31.5) (2.7) Others 8.4 8.6 0.2 5.4 4.4 (1.0) 10.2 (15.5) (1.6) Contract manufacturing 13.2 14.0 0.8 6.7 6.9 0.2 17.3 (18.9) (3.3) OTC and quasi-drug 18.5 17.5 (1.0) 9.6 9.6 0.0 16.8 4.1 0.7 Royalty income 257.9 261.5 3.6 129.2 132.2 3.0 244.7 6.9 16.8 HIV franchise 244.8 245.0 0.2 119.0 119.2 0.2 240.4 1.9 4.6 Others 13.1 16.5 3.4 10.2 13.0 2.8 4.3 286.9 12.2 Others 2.5 2.5 - 1.3 1.3 0.0 1.7 48.8 0.8 Total 530.0 500.0 (30.0) 297.0 287.0 (10.0) 438.3 14.1 61.7 （Unit: B yen）
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16 Domestic Prescription Drug Revenue FY2025 Forecast Full year FY2025 Forecast 2H FY2024 Y on Y Initial Forecast Revised Forecast Revised Amount Forecast (May 12) Revised Forecast Revised Amount Result Change(%) Change Acute Respiratory Virus Infection Treatments 85.8 56.0 (29.8) 54.8 47.3 (7.5) 51.8 8.1 4.2 Quviviq 9.3 2.5 (6.8) 8.1 2.1 (6.0) 0.8 213.9 1.7 Symproic 8.1 6.5 (1.6) 4.2 3.5 (0.7) 5.0 28.7 1.4 OxyContin franchise 5.6 5.3 (0.3) 2.7 3.0 0.3 4.3 25.1 1.1 Others 74.2 73.2 (1.0) 51.2 50.7 (0.5) 36.9 98.4 36.3 Torii Pharmaceutical 33.0 41.2 8.2 30.0 35.7 5.7 - - 41.2 Prescription drugs 183.0 143.5 (39.5) 121.0 106.7 (14.3) 98.8 45.3 44.7 （Unit: B yen） Acute respiratory virus infection treatments • COVID-19 related product: Xocova • Influenza franchise: Xofluza, Rapiacta
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17 Domestic and Overseas Business Outlook
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18 Infectious Disease Policy Achieving both social contribution and revenue stability by having multiple infectious disease treatments *1 2025 Guidelines for the Treatment of COVID-19 by Five Academic Societies - COVID-19 treatment - - Influenza treatments - Oral medications recommended by academic conference, regardless of risk of severe illness*1 The only oral drug that can treat or prevent disease with a single dose Reliable administration is expected even when oral is limited XOFLUZA (Cap-dependent endonuclease inhibitor) ※Influenza: Trending in the 2025/2026 season (The second fastest in the past 20 years) Granules scheduled for release within the year RAPIACTA (Neuraminidase inhibitor) XOCOVA (3CL protease inhibitor)
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19 Review of our Efforts against COVID-19 While no significant change in overall treatment rates, there was a significant increase in treatment rates for HR*1 patients *¹ HR (High Risk): Based on information from the Ministry of Health, Labour and Welfare and academic societies, HR is defined as having risk factors for severe disease such as advanced age or underlying conditions *² Created by our company based on JAMDAS data *3 Created by our company based on JAMDAS data (2024) report *⁴ SR(Standard Risk): Define non-HR cases as SR FY2025 Target FY2024 1H FY2025 1H Average Xocova share ＞65％ Approximately 65％ Approximately 65％ Treatment rate*2 Average value of the most prevalent month ＞20％ 13.1% 13.9% HR patients SR*4 patients ーTreatment rate by risk categoryーーTreatment rate and Xocova share with oral antiviralsー 7.0 %*3 (1.6% up Y on Y) 29.4 %*3 (7.1% up Y on Y) The risk of severe disease remains high, and the need for treatment is becoming increasingly recognized Lower need for treatment despite variant changes • Maintains a strong market share in the oral antiviral segment • Despite efforts to raise disease awareness, the treatment rate has seen only a modest increase
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20 Future Initiatives for COVID-19 Early diagnosis and treatment at community clinics is critical Recommended Xocova as a treatment option for preventing severe disease ※Published on October 16, 2025 The current treatment rate is insufficient, and the number of hospitalized patients remains high 1 2 Recommendation for early diagnosis and early treatment *1 Ministry of Health, Labour and Welfare: October 17, 2025 – Situation Report on Novel Coronavirus Infection (COVID-19) *2 https://nishakyo.or.jp/siryo/covid-sisin.pdf *3 Takahiro Takazono et al.,Real-World Effectiveness of Ensitrelvir in Reducing Severe Outcomes in Outpatients at High Risk for COVID-19 *4 Ryohei Yoshida et al., Real-World Efficacy of Ensitrelvir in Hospitalized Patients With COVID-19 in Japan: A Retrospective Observational Study Strengthening activities to prevent severe disease in HR patients requiring early diagnosis and treatment ーEnhancing Xocova Information Provision ActivitiesーーNeed for Preventing Severe Disease in HR Patientsー Strengthening activities for HR patients aimed at preventing severe disease Clinical Evidence Economic & Pharmaceutical Value Co-Promotion Communicate benefits of reducing severe cases and hospitalization Collaborate with Trii flu clinics to reinforce early treatment initiatives 1 2 3 ーNew clinical guideline announced by the 5 Societiesー Number of hospitalized patients*1 Approximately 50 K people Real-world evidence on reducing hospital admissions*3 and shortening hospital stays*4 in HR patients
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21 QOL Disease Policy Drive substantial growth in the QOL therapeutic area 感染症領域 QOL疾患領域 QOL疾患領域 現在 今後 Revenue Making QOL disease a business pillar alongside infectious diseases Torii Shionogi Now Future QOLQOLInfectious Diseases *1 Quviviq: Insomnia treatment (dual orexin receptor antagonist, DORA) *2 Zuranolone: Depression treatment (GABAA receptor (γ-aminobutyric acid-gated chloride ion channel) positive allosteric modulator) For details on Zuranolone, refer to appendix p. 46 and 47 • Growth of Quviviq*1 (after removal of prescription period restrictions) ‒ Co-promotion with Torii Pharmaceutical is planned • Launch of Zuranolone*2 Shionogi Broad product portfolio delivering steady growth • Allergen immunotherapy: Cedacure etc • Dermatology: Corectim / Vtama etc Torii
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22 Towards Expanding Quviviq (Insomnia treatment) Market penetration accelerated with the lifting of prescription period restrictions on December 1st. Market size: Estimated at over ¥100 billion annually - Growth of DORA*2 driving market expansion Insomnia Market*1 • Limited prescription duration: Maximum of 14 days per fill*3 Current Status *1 Copyright © 2025 IQVIA. Created by our company based on IQVIA JPM April 2020- March 2025 years Reprinted with permission *2 Dual Orexin Receptor Antagonist *3 To ensure the safety and efficacy of new drugs, the prescription period is generally limited to a maximum of 14 days per pres cription for one year starting from the month following their listing in the National Drug Price List *4 Source: Impact Track, INTAGE Healthcare Inc. (covering GP channels from December 2024 to August 2025) Results of Actions • Maintained MR detailing rank within Top 3*4 • Number of adoptions expanded steadily - Accumulated prescription experience and confirmed positive feedback0 400 800 1,200 2020年度 2021年度 2022年度 2023年度 2024年度 DORA DORA以外 (B yen) 120 80 40 Other 2020 2021 2022 2023 2024 (FY)
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23 Strengthening QOL Disease by Full Acquisition of Torii Pharmaceutical Achieved stable growth in both the allergen and dermatology segments Allergens • Operating of API Manufacturing Facility for Cedarcure • Increasing Inventory in Preparation for Lifting of Shipping Restrictions 0 50 100 150 200 250 2019 2020 2021 2022 2023 2024 Revenue (B yen) Sales Trend of SLIT Formulations*1 （CY） （Forecast） Dermatology • Sustained Growth Driven by Expansion of Corectim • Further Growth Through Early Market Penetration of Vtama*2 0 20 40 60 80 100 120 140 160 180 2019 2020 2021 2022 2023 2024 Revenue（B yen） Sales Trend コレクチム その他 （CY） Corectim Others （CY） *1 SLIT: Sublingual Immunotherapy *2 Launch timing for Vtama: October 2024
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24 Further Growth of Overseas Business EU and U.S. Business China Business Current Fetroja・Fetcroja Accelerating growth by adding Ensitrelvir and Zatolmilast Naldemedine Cefiderocol scheduled to launch in FY2026 Accelerate growth in Europe and U.S. business, and full-scale expansion of new drug business in China China Business Shift to new drug business Europe and U.S. Business Rapid expansion into China based on successful experiences in Europe and the U.S Accelerating Growth Growth Image • Growth of cefiderocol • Launch of products including QOL disease treatments Generic business Ensitrelvir Naldemedine Olorofim to be launched by FY2030 Sleep apena syndrome Pompe disease Hearing loss Next growth area Immunology/ Allergy
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25 Toward the Realization of the 2030 Vision
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26 HIV Business: Progress in ViiV's HIV Franchise (GSK's Q2 results as of July 30, 2025) Driving overall growth of the HIV business through expansion of LAI formulations and oral two-drug regimens Cabenuva (cabotegravir + rilpivirine) + £177M（+42%） Q1 CY2025 result: £635M Apretude (cabotegravir) + £64M（+56%） Q1 CY2025 result: £190M Dovato (dolutegravir + lamivudine) + £191M（+21%） Q1 CY2025 result: £1,225M Treatment Prevention Treatment YoY increase from the same period 0 1,000 2,000 3,000 4,000 1H/'21 1H/'22 1H/'23 1H/'24 1H/'25 ViiV’s sales trends*1 Revenue （£M） （CY） LAI*3 formulationsOral two-drug regimens*2 Other oral regimens *1 Created by SHIONOGI based on GSK's Q2 Quarterly Results *2 Oral two-drug regimens: Dovato, Juluca *3 Long Acting injectable: Cabenuva, Apretude
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27 Various Clinical Data Supporting the Growth of LAI Products VOLITION trial*1,2 CLARITY trial*3,4 Cabenuva Treatment-naive HIV-positive people (145 cases) Evaluate the rates and drivers for switching from oral 2-drug regimens to LAI Switching drivers Not having to worry about missing a dose each day Not having to carry medication 80 % 68 % Achievement of rapid virologic suppression Multiple reports suggest that cabotegravir formulations are preferred for treatment and prevention Phase1 study comparing acceptability and tolerability of single dose cabotegravir (CAB-LA) and lenacapavir (LEN) injections Day1 Day15 Administer either CAB-LA or LEN Administer a different agent than Day 1 Evaluate the acceptability of injection site reactions 7 days after administration of each drug. CAB-LA LEN 68 % HIV-negative adults (61 cases) HIV-negative adults Healthcare providers Percentage of people who preferred CAB-LA after single dose A study investigating whether treatment-naïve people choose to switch to Cabenuva after achieving rapid viral suppression with Dovato Continue Treatment with Dovato Dovato Switch Switching to Cabenuva 89 % Percentage of patients who chose to switch from oral medication to LAI formulations Participants who answered "completely or very acceptable" 48 % 90 % 86 % Treatment Prevention *1 Press release *2 NCT05917509 *3 Press release *4 NCT06970223
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28 Clinical Evidence for Oral Two-Drug Regimens Uptake Dovato as a promising option not only for its viral suppression effects but also for its impact on weight PASO DOBLE trial*1,2 A head-to-head study comparing the two-drug regimen Dovato with Biktarvy (three-drug regimen) Results • Viral load suppression effects after 96 weeks Non-inferiority Achieved primary and key secondary endpoints Dovato Biktarvy Virologic failure 0 case 3 cases Weight change after 96 wk 0.84 kg 2.35 kg Percentage of participants gaining ≥5% of their body weight at wk 96 20.1% 34.8% Drug-related adverse events 7.6% 13.4% Switching to Dovato People living with HIV with maintained viral suppression (553 cases) Switching to Biktarvy (277 cases) (276 cases) Evaluate up to 96 weeks later Primary endpoint Viral suppression after 96 weeks of treatment (Proportion of patients with HIV-1 RNA levels of ≥ 50 copies/mL, FDA snapshot method, non- inferiority margin 4%) Key secondary endpoints Weight gain, BMI change, percentage of subjects with weight gain of 5% or more, etc. • Weight gain side effect Significantly suppressed *1 ViiV HEALTHCARE ANNOUNCES 96-WEEK DATA REAFFIRMING DOVATO IS AS EFFECTIVE AS BIKTARVY IN MAINTAINING VIROLOGICAL SUPPRESSION OF HIV-1 WITH SIGNIFICANTLY LESS WEIGHT GAIN *2 NCT04884139
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29 Investment Strategy for Future Growth Aiming to expand business in growth areas through aggressive investment, leveraging abundant cash flow Business Investment • Further strengthen SHIONOGI’s strengths • Do not overinvest or buy at high prices Proactive deal promotion Capital Investment Build a production system resilient to changes R&D Investment Strengthen in-house drug discovery capabilities • Update our own factories • Establish overseas production capabilities JT Group Pharmaceutical Business M&A Several other deals in progress • Enhance speed and quality of drug discovery • Aggressive investment in development Reintegration of Shionogi Pharma Strengthen the global supply chain Prerequisites Planned In progress Reorganization of research structure (integration with JT) Progress in development pipeline
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30 Reintegration of Shionogi Pharma*1 As a company dealing with infectious diseases, we have reaffirmed the importance of building a production system resilient to environmental changes -Future Challenges and Countermeasures--Changes Leading to the Reintegration- • Sudden fluctuations in demand - Outbreaks of acute infectious diseases, shortages in medical pharmaceuticals supply • Rising geopolitical risks - Risks in supply of raw materials and active pharmaceutical ingredients from overseas, rising costs • Declining labor population involved in production and quality • Global business expansion, mainly for infectious disease drugs - Cefiderocol, Ensitrelvir • Group pharmaceutical business M&A - Torii and JT products, development pipeline Business Environment • Building a production system for sudden fluctuations in demand • Strengthening efforts in cost control and cost reduction • Retaining and acquiring personnel responsible for production and quality control Accelerating the construction of a unified group production system Shionogi & Co., Ltd. (Parent company) 100% Shionogi & Co., Ltd. Scheduled for April 2027 Reintegrate production functions within the company External Environment *1 A wholly owned subsidiary of our company that manufactures and undertakes contract manufacturing of prescription pharmaceuticals, as well as contract manufacturing of investigational drugs, analytical testing, pharmaceutical engineering, etc. Shionogi Pharma Co., Ltd. (Subsidiary)
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31 Strengthen the Global Supply Chain Establish manufacturing methods with superior quality and efficiency at in-house factories, and stably supply products globally under any circumstances - Build a self-led production network - Centering on in-house factories and Expanding the range of control within the company 1 2 manufacturing methods at in-house factories Establish manufacturing methods with superior quality and efficiency Expansion of production sites Based on established manufacturing methods, expand to 2nd and 3rd sites - Initiatives toward realization - S&OP*3 Function Reform • Strengthening collaboration among sales, supply, and production function - Providing pharmaceuticals according to infectious disease trends - Stable supply based on highly accurate forecasts *1 DX：Digital Transformation *2 CMO：Contract Manufacturing Organization *3 S&OP：Sales and Operation Enhancement of overseas manufacturing capabilities • Establishment of new overseas production sites • Strengthening the global network with CMOs* 2 and suppliers Update on our own factory • Streamlining production and reducing manpower through advanced manufacturing technologies - Promotion of continuous manufacturing and DX*1 initiatives
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32 Major Development Projects: Infectious Diseases Project Indication Current stage*1 Update Ensitrelvir COVID-19 treatment Submission Acceptance of New Drug Application by the EMA*2 COVID-19 treatment (age 6-11) Submission COVID-19 PEP Submission Acceptance of New Drug Application by the FDA*3 and EMA S-268024 COVID-19 (JN.1 vaccine) Phase 3 Cefiderocol AMR*4 (Pediatric・Gram-negative bacteria infection) Phase 3 Completed submission of all clinical trial reports to the FDA and EMA Olorofim Invasive Aspergillosis Phase 3 S-337395 RSV infections Phase 2b Initiated a phase 2b trial S-892216 COVID-19 treatment (Oral pill・ treatment) Phase 2 Primary endpoint achieved COVID-19 (Long-acting injectable・ pre-exposure prophylaxis) Phase 1 Fast Track designation granted by the FDA S-743229 AMR (Complicated urinary tract infection) Phase 1 S-649228 AMR (Gram-negative bacteria infection) Phase 1 S-567123 COVID-19 Prevention(Injection) non-clinical *1 The current stage indicated refers to the most advanced stage in any region, excluding countries or regions where the product has already been launched, and is not based on any specific region *2 EMA：European Medicines Agency *3 FDA：Food and Drug Administration *4 AMR：Antimicrobial Resistance
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33 Major Development Projects: QOL Disease with High Social Impact Project Indication Current stage*1 Update Zuranolone Depression Submission Resiniferatoxin Pain associated with knee osteoarthritis Phase 3 Zatolmilast Fragile X syndrome Phase 2/3 LPO*2 achieved Jordan syndrome Phase 2 Redasemtide Dystrophic epidermolysis bullosa Phase 2 Acute ischemic stroke Phase 2b SASS-001 (S-600918＋ Combination medicine) Sleep apnea symdrome (central component) Phase 2 SASS-002 (Sulthiame) Sleep apnea syndrome (obstructive) Phase 2 The results of the Phase 2 trial were published in the Lancet*3 S-606001 Pompe disease Phase 2 S-309309 Obesity Phase 2 S-531011 Solid tumors Phase 1b/2 Obtained the results of Phase 1b parts S-151128 Chronic pain Phase 1b *1 The current stage indicated refers to the most advanced stage in any region, excluding countries or regions where the product has already been launched, and is not based on any specific region *2 LPO：Last Patient Out *3 The clinical trial conducted by Desitin prior to asset introduction to Shionogi-Apnimed Sleep Science, LLC: The Lancet
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34 S-892216 (COVID-19 Treatment, Oral): Phase 2 Trial Results Trial design Preliminary trial results Trial Design Multicenter, Randomized, Double-blind, Placebo- controlled, Parallel-group trial Subjects Outpatients with COVID-19 Primary Endpoint Change from baseline in SARS-CoV-2 viral RNA level by qRT-PCR testing (Nasopharyngeal swabs) on day 4 Secondary Endpoints Safety, Pharmacokinetics, Time to sustained resolution of COVID-19 symptoms etc. Dosing Regimen Sample Size 70 subjects each group • Placebo • S-892216: 3 groups • Achieved primary endpoint - Statistically significant reductions in viral load were confirmed in all S-892216 groups compared with placebo • No new safety concerns were identified Accelerating data analysis and study design planning in preparation for the upcoming Phase 3 trials The Phase 2 trial conducted in Japan and US successfully achieved its primary endpoint
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35 0 50 100 0 2 4 6 8 PEDI-CEFI APEKS-PEDI NEO-CEFI Cefiderocol Development Progress • Confirmed safety equivalent to that of adults • Confirmed maintenance of plasma concentrations at therapeutically effective levels Hospitalized pediatric and neonatal patients with suspected or confirmed aerobic gram- negative bacterial infections Evaluate safety, tolerability, and pharmacokinetics in single and multiple doses 試験一覧 Pediatric*1: PEDI-CEFI*2, APEKS-PEDI*3 Neonate*4: NEO-CEFI*5Trial list Study population 幾何平均血漿中濃度（ug/mL） Positive results confirmed in clinical trials on pediatric and neonates, application to be filed in Europe and the US within the fiscal year Therapeutic blood concentration (MIC*6＝４μg/mL or higher) Time Trial overview Results objective 4ug/mL *1 Pediatric: 3 months to 18 years old *2 NCT04335539 *3 NCT04215991 *4 Neonate: 0-3 months *5 NCT06086626 *6 MIC：Minimum Inhibitory Concentration Geometric mean plasma concentration (ug/mL)
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36 Phase 1b trials showed positive results, and Phase 2 trials are currently underway Concept and Mechanism • 1995: Discovery of the existence of Treg*1 • 2014: Collaborative research with Osaka University on Treg begins • 2018: CCR8*2, which is selectively highly expressed in intratumoral Tregs (patent pending) is discovered • 2022: Clinical trials for S-531011 (a humanized antibody targeting CCR8) begins Phase 1b trial results*5 and future schedule *1 CCR8: Chemokine (C-C motif) receptor 8 *2 Treg: Regulatory T cell *3 ADCC: Antibody-Dependent Cellular Cytotoxicity *4 ADCP: Antibody-Dependent Cellular Phagocytosis *5 Presented at ASCO 2025 (American Society of Clinical Oncology Annual Meeting) Depletes tumor-infiltrating Tregs, thereby relieving immunosuppression 1 2 3 S-531011 selectively binds to CCR8 expressed on tumor- infiltrating Tregs, exhibiting ADCC*3 activity, ADCP*4 activity, and neutralizing activity Restores tumor immunity and exerts antitumor effects CCR8 FY2022 FY2023 FY2024 FY2025 FY2026 monotherapyConcomitant use Phase 1b Phase 1b Phase 2 Phase 2※Concomitant medication: Pembrolizumab • Both monotherapy and combination therapy with pembrolizumab demonstrated promising antitumor activity in advanced and metastatic colorectal cancer • All doses were well tolerated, both as monotherapy and in combination with Pembrolizumab Dose escalation study Dose escalation study Dose expansion study Dose expansion study S-531011 Mechanism and Future Schedule
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37 Shareholder Return
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38 33 33 14 15 17 21 24 27 31 34 36 38 45 53 61 0 20 40 60 80Dividend per share（yen） Shareholder Returns Shareholder return policy through which shareholders can feel our growth FY 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Treasury stocks Buyback (B yen) - - 30.0 - 35.0 29.4 50.0 50.0 50.0 - 49.4 75.0 - - Cancelation*1 (M shares) - - - - 66.00 15.00 22.05 15.60*2 - - 12.60 32.52*3 - - • Considering flexible share buybacks based on the progress of growth investments • Planning for the 14th consecutive annual dividend increase in FY2025 • End of second quarter dividend: ¥33*1 （Planned） 66yen （Planned） *1 Effective October 1, 2024, Shionogi has implemented a 3-for-1 stock split of its common stock. Dividends and Treasury stock’s Cancelation are calculated based on the assumption that the stock split was implemented at the beginning of the FY2012 *2 Resolution passed on March 30, 2020, and treasure shares cancelled on April 6 *3 Resolution passed on July 31, 2023, and treasure shares cancelled on April 17, 2024
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39 Appendix
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40 Shareholder Returns Shareholder returns FY2023 Results FY2024 Results FY2025 Goal EPS 181.17 yen 200.36 yen 200 yen or more DOE 4.0 % 4.0 % 4 % ROE 13.9 % 13.1 % 14 % or more *1 Materials from the STS2030 Revision Medium-Term Management Plan briefing, announced in June 2023 Financial KPIs for the Medium-Term Management Plan STS2030 Revision Phase 2*1
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41 FY2025 Exchange Rate Exchange rate (average during the period) FY2025 Forecast （5/13） Forecast （10/27） Apr.-Sep. Results USD($) – JPY(¥) 147 yen 146 yen 146.03 yen GBP(£) – JPY(¥) 187 yen 197 yen 195.96 yen EUR(€) – JPY(¥) 153 yen 171 yen 168.06 yen
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42 Major Development Products Pipeline Indication Current stage Target Launch Timing*1 Ensitrelvir COVID-19 treatment Submission - FY2027 COVID-19 treatment (Pediatric Ages 6-11) Submission - FY2027 COVID-19 PEP Submission - FY2027 S-268024 COVID-19 (JN.1Vaccine) Phase3 - FY2027 Cefiderocol Pediatric, Gram-negative bacteria infection Phase 3 - FY2027 Olorofim Invasive Aspergillosis Phase 3 FY2028-2030 S-337395 RSV infections Phase 2 FY2028-2030 S-743229 Complicated urinary tract infection Phase 1 FY2028-2030 S-649228 Gram-negative bacteria infection Phase 1 FY2028-2030 S-567123 COVID-19 (Universal vaccine) Preclinical FY2028-2030 S-892216 COVID-19 treatment (Oral)) Phase 2 FY2028-2030 COVID-19 Prevention (Injection) Phase 1 FY2031- Pipeline Indication Current stage Target Launch Timing*1 Zuranolone Depression Submission FY2025 Resiniferatoxin Pain associated with knee osteoarthritis Phase 3 - FY2027 Zatolmilast Fragile X syndrome Phase 2/3 - FY2027 Jordan syndrome Phase 2 - FY2027 Redasemtide Dystrophic epidermolysis bullosa Phase 2 - FY2027 Acute ischemic stroke Phase 2b FY2028-2030 SASS-001 (S-600918＋ Combination medicine) Sleep Apnea with a Central Component Phase 2 FY2028-2030 S-531011 Solid tumor Phase 1b/2 FY2028-2030 S-151128 Chronic pain Phase 1b FY2031- S-606001 Pompe disease Phase 2 FY2031- S-309309 Obesity Phase 2 Development Plan Under Consideration - Infection Diseases - - QOL Diseases - *1 The listed launch timing refers to the earliest expected launch in any region and is not specific to any particular country or area
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43 R&D Milestones Planned for FY2025 Disease area Pipeline Indication Current stage FY2025 1H FY2025 2H Infection Diseases Ensitrelvir COVID-19 treatment Submission Submission (EU) COVID-19 PEP Submission Submission (US, EU) Approval (Japan) COVID-19 treatment (Pediatric Ages 6-11) Submission Submission (Japan) S-268024 COVID-19 (JN.1Vaccine) Phase 3 Phase 3 Topline results Cefiderocol Pediatric, Gram-negative bacteria infection Phase 3 Phase 3 Topline results Submission (US, EU) S-892216 COVID-19 treatment (Oral) Phase 2 Phase 2 Topline results S-743229 complicated urinary tract infection Phase 1 Phase 1 Topline results S-649228 Gram-negative bacteria infection Phase 1 Phase 1 Topline results QOL Diseases with High Social Impact Zuranolone Depression Submission Approval (Japan) Zatolmilast Fragile X syndrome Phase 2/3 Phase 2/3 Topline results SASS-001 (S-600918 ＋ Combination medicine) Sleep Apnea with a Central Component Phase 2 Phase 2 Topline results S-531011 Solid tumor Phase 1b/2 Phase 2 Topline results S-606001 Pompe disease Phase 2 Phase 1 Topline results S-740792 Gait disorders associated with multiple sclerosis Phase 1 Phase 1Topline results Red: Update from July 29, 2025, to October 28, 2025, : Milestone-completed items ※Topline results: It is the timing of acquisition, and the timing of disclosure will be considered separately
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44 Pipeline: Infectious Disease Out license Ensitrelvir COVID-19 treatment Ensitrelvir COVID-19 treatment (Ages 6-11) S-892216 COVID-19 treatment （Oral pill・ treatment ） Olorofim Invasive Aspergillosis 2025年1月31日現在Preclinical Phase 1 Phase 2 Phase 3 Submission S-649228 AMR (Gram-negative bacteria infection) S-743229 AMR (Complicated urinary tract infection) S-337395 RSV infections Cefiderocol AMR (Gram-negative bacteria infection) Baloxavir Influenza virus infection (Transmission) S-365598 HIV infection Change from July 29, 2025, to October 27, 2025 • Baloxavir (Influenza virus infection Granules, < 20kg): Approval in Japan S-917091 HIV infection as of October 27, 2025 S-892216 COVID-19 (Long-acting injectable・ pre-exposure prophylaxis) S-268024 COVID-19 vaccine (JN.1) S-872600 Influenza nasal vaccine S-875670 COVID-19 nasal vaccine S-540956 Nucleic acid adjuvant S-567123 COVID-19 Universal vaccine Cefiderocol Aerobic Gram-negative bacterial infection (Pediatric) S-268019 COVID-19 vaccine (Ages 5-19) S-268023 COVID-19 vaccine (XBB 1.5) Ensitrelvir COVID-19 PEP S-554110 Nontuberculous mycobacterial infection
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45 Pipeline: QOL Diseases with High Social Impact S-588410 Bladder cancer Redasemtide Epidermolysis bullosa S-723595 Type 2 diabetes S-151128 Chronic pain Resiniferatoxin [GRT7039] Pain associated with knee osteoarthritis Zuranolone Depression Naldemedine Opioid-induced Constipation (pediatric) Redasemtide Acute ischemic stroke S-531011 Solid tumor S-309309 Obesity S-540956 Nucleic acid adjuvan S-109802 Post-stroke spasticity S-588410 Esophageal cancer SR-0379 Cutaneous ulcer ADR-001 Decompensated liver cirrhosi S-222611 [Epertinib] Malignant tumor S-488210 Head and neck squamous cell carcinoma S-588210 Solid tumor Zatolmilast Fragile X Syndrome Preclinical Phase 1 Phase 2 Phase 3 Submission : Progress from to July 29 2025, to October 27, 2025 Zatolmilast Alzheimer’s disease S-898270 Alzheimer’s disease S-740792 Gait disorders associated with multiple sclerosis SASS-001 (S-600918 ＋Combination medicine) Sleep Apnea with a Central Component Zatolmilast Jordan syndrome SDS-881 Dementia (AI program for cognitive function testing) S-606001 Pompe disease SASS-002 (Sulthiame) Obstructive Sleep Apnea Naldemedine Opioid-induced Constipation Tapinarof Atopic dermatitisin Pediatric Patients TO-210 Acne Tapinarof Atopic dermatitis in infants Change from July 29, 2025, to October 27, 2025 • YCANTH*1: Approval in Japan • Tapinarof *1 (Atopic dermatitisin Pediatric Patients): Submission in Japan • Tapinarof *1 (Atopic dermatitis in infants): Phase 3 • TO-210*1: Phase 3 • TO-209*1: Phase 3 • TO-203*1: Phase 3 • Cantharidin*1: Phase 2*2 TO-209 Grass pollen-induced allergic rhinitis Out license as of October 27, 2025 Cantharidin*2 Common Warts *1 Torii Pharmaceutical's Development Pipeline *2 Conducted by Verrica in the US TO-203 House dust mite induced allergic asthma
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46 -8 -6 -4 -2 0 1 3 8 15 Zuranolone: New Drug Application (NDA) in Japan for Major Depressive Disorder Based on favorable clinical trial results, submitted NDA in Japan* Results from Phase 3 validation study * Press Release on September 27, 2024: Shionogi Submits New Drug Application in Japan for Zuranolone as a Treatment for Major Depressive Disorder *2 17-item Hamilton Depression Rating Scale (The scale used to assess the severity of depression) Primary endpoint: Change from baseline in the total HAM-D17 score*2 on Day 15 Response rate: The percentage of patients whose total HAM-D score*2 improved by 50% or more from baseline Overview of the Phase 3 validation study design: Please refer to appendix p.47 Change from baseline in HAM-D total score 0 5 10 15 20 25 3 8 15(Day) † † † † P<0.05 vs Placebo Achieved the primary endpoint and confirmed the rapid onset of action of zuranolone Zuranolone 30mg (n=205) Placebo (n=199) Zuranolone 30mg Placebo † † (Day) 【Change from baseline in HAM-D total score*2】 【The change in response rate from baseine】 Observed favorable results in the response rate, a measure of antidepressant efficacy The change in response rate from baseline (%) † P<0.05 vs Placebo
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47 Zuranolone: Phase 3 Validation Study Design Subject Patients with moderate to severe major depressive disorder Purpose [Part A] Examination of superiority of Zuranolone over placebo [Part B] Examination of safety and tolerability of re-administration when necessary Primary endpoint Change from baseline in the total HAM-D17 score on Day 15 Dosing group [Part A] A multicenter, randomized, double-blind, placebo-controlled, parallel-group trial [Part B] Multicenter, open label Sample size Zuranolone 30mg group, placebo group Dose administration [Targets] 200 in each group, 400 in total, [Result] 412 Placebo Zuranolone 30mg observation period (6 weeks) Treatment period (2 weeks)allocation Part A (8 weeks) Treatment period (2 weeks) zuranolone 30mg follow-up observation period (6 weeks) follow-up Treatment cycle is repeated in as-needed basis Part B (52-week observation) 1 Cycle
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48 S-337395*1: Upcoming Development Plan (Phase 2b trial overview and design) Initiated a Phase 2b study targeting high-risk patients, aiming to develop the world’s first oral therapeutic Primary Endpoint Change from baseline in viral RNA load (qRT-PCR) Secondary objectives Efficacy assessment: time-course change from baseline in symptom severity score Trial Design Multicenter, randomized, double-blind, placebo-controlled, parallel-group design Dosing Regimen Sample Size • Randomization cohorts: placebo (n=64) • S-337395 low dose (n=64), high dose (n=64) S-337395 Low dose End of observation(Day 28) Placebo I C Treatment Follow-up observation Randomization S-337395 High dose High-risk adult RSV patients • Chronic pulmonary disease (e.g., COPD, asthma, emphysema) • Chronic cardiovascular disease (e.g., heart failure, coronary artery disease) • Elderly people, etc *1 Joint development with UBE Corporation Patient population
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49 Anti-HIV Drug Released by ViiV Product name Formulations Compounds Administrations Frequency Indications CY2024 Sales Cabenuva LAI formulations CAB＋RPV IM injection Q2M (LA) Treatment ￡1,013M Apretude CAB IM injection Q2M (LA) PrEP ￡279M Dovato Oral two-drug regimens DTG＋3TC Oral Every day Treatment ￡2,239M Juluca DTG＋RPV Oral Every day Treatment ￡685M Tivicay Oral single agent DTG Oral Every day Treatment ￡1,350M Triumeq Oral three-drug regimen DTG+ABC+3TC Oral Every day Treatment ￡1,325M
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50 Growth Outlook for the HIV Market (Treatment + Prevention) In the treatment and PrEP*1 market, LA formulations will continue to drive growth Treatment PrEP • In the US, new infections have increased by approximately 2.5-3% in recent years*3 • The market size will be stable even after the launch of oral GE drugs • LA formulations, including integrase inhibitors, will continue to be mainstream ‒ LA injectables are expected to represent approximately ~30% of the total by 2031 • In the US, currently about one-third of potential candidates (approximately 1.2 million people) are receiving PrEP medications*4 • With the penetration of LA formulations, the overall PrEP market is expected to expand ‒ LA injectables are expected to represent approximately ~80% of the total by 2031 • LA integrase inhibitors are also expected to be an important option in the PrEP market, potentially taking over the substantial majority of the market if reimbursement is sufficient. 新製品・ 新規事業 Existing businesses 0% 20% 40% 60% 80% 100% 2022 2031 2022 2031 Oral pills LA inj. Treatment market 2031：stable at ~£20bn 2031：Expand to ~£4-5bn PrEP market Outlook for the HIV Market*2 (Treatment + PrEP) The core of the HIV market will continue to be the treatment market *1 PrEP: Pre-Exposure Prophylaxis *2 ViiV Healthcare Meet the Management *3 https://www.hiv.gov/hiv-basics/overview/data-and-trends/statistics *4 https://www.cdc.gov/nchhstp/director-letters/expanding-prep-coverage
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51 Other Major Progress*1 • August − Shionogi & Co., Ltd. Selected for METI’s FY2024 Supplementary Budget Grant Program for Future-Oriented Co-Creation with the Global South – Feasibility Study on the Use of Digital Solutions to Promote Appropriate Use of Japan-Origin Antimicrobials and Hygiene Products in Kenyan Healthcare Facilities – • September - Shionogi & Co., Ltd. and FRONTEO launch "Talk Lab KIBIT," a web application that uses AI analysis to assess mental health. - Shionogi & Co., Ltd. and FRONTEO have signed an absorption-type company split agreement to transfer Japan Tobacco Inc.'s pharmaceutical business to Shionogi. - Shionogi & Co., Ltd. and AirDog Japan have signed a basic business agreement to promote awareness of the current state and challenges of infectious diseases. *1 Only items with progress made between July 28 and October 20, 2025 are listed.
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52 Forward-Looking Statements • Forecast or target figures in this material are neither official forecasts of earnings and dividends nor guarantee of target, achievement and forecasts, but present the midterm strategies, goals and visions. Official earnings guidance should be referred to in the disclosure of the annual financial report (kessan tanshin) in accordance with the rules set by Tokyo Stock Exchange. • Materials and information provided during this presentation may contain so-called “forward-looking statements”. These statements are based on current expectations, forecasts and assumptions that are subject to risks and uncertainties which could cause actual outcomes and results to differ materially from these statements. • Risks and uncertainties include general industry and market conditions, and general domestic and international economic conditions such as interest rate and currency exchange fluctuations. Risks and uncertainties particularly apply with respect to product-related forward-looking statements. Product risks and uncertainties include, but are not limited to, technological advances and patents attained by competitors; challenges inherent in new product development, including completion of clinical trials; claims and concerns about product safety and efficacy; regulatory agency’s examination period, obtaining regulatory approvals; domestic and foreign healthcare reforms; trend toward managed care and healthcare cost containment; and governmental laws and regulations affecting domestic and foreign operations. • For products that are approved, there are manufacturing and marketing risks and uncertainties, which include, but are not limited to, inability to build production capacity to meet demand, lack of availability of raw materials, and failure to gain market acceptance. • Shionogi disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. • This material is presented to inform stakeholders of the views of Shionogi's management but should not be relied on solely in making investment and other decisions. • You should rely on your own independent examination of us before investing in any securities issued by our company. Shionogi shall accept no responsibility or liability for damage or loss caused by any error, inaccuracy, misunderstanding or changes of target figuresor any other use of this material. • This English presentation was translated from the original Japanese version. In the event of any inconsistency between the statements in the two versions, the statements in the Japanese version shall prevail.