Slides
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1 3rd Quarter of Fiscal 2025 Financial Results January 30, 2026 Shionogi & Co., Ltd.
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2 Agenda 01 Overview of Q3 FY2025 Financial Results （P. 3-9） Toward the Realization of the 2030 Vision 02 （P. 1 0-23） • Business Investment Progress • Development Pipeline Progress
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3 Overview of Q3 FY2025 Financial Results
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4 Highlights of the Third Quarter *1 Provisional accounting prior to the completion of Purchase Price Allocation *2 January 2026 Press release *3 December 2025 Press release *4 December 2025 Press release Revenue, operating profit, and profit attributable to owners of the parent for the cumulative third quarter reached record highs - As a one-off factor boosting profit, a gain on negative goodwill gain associated with the acquisition of JT Group’s pharmaceutical business was recorded*1 Revenue for the quarter amounted to 147.7 billion yen - TORII’s sales are beginning to be fully reflected in financial performance Advancing business investments to accelerate medium- to long-term growth - Conversion into an equity-method affiliate through additional investment in ViiV Healthcare*2 - Acquisition of the edaravone business from Tanabe Pharma*3 - Completion of succession of JT’s pharmaceutical business and acquisition of shares in Akros Co., Ltd.*4
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5 Financial Results Revenue and all profit items increased year-on-year, showing steady progress toward achieving the full-year forecast FY2025 FY2024 Y on Y Forecasts Apr.-Dec. Results Achievement (%) Apr.-Dec. Results Change (%) ChangeFull year Revenue 500.0 360.7 72.1 333.6 8.1 27.1 Operating profit 185.0 148.7 80.4 129.2 15.1 19.5 Profit before tax 232.0 191.3 82.4 155.9 22.7 35.4 Profit attributable to owners of parent 188.0 158.2 84.2 133.8 18.3 24.4 EBITDA*1 206.0 147.8 71.7 146.4 1.0 1.4 (Unit: B yen) *1 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 *1 Selling, general & administrative expenses (Unit：B yen) FY2025 FY2024 Y on Y Forecasts Apr.-Dec. Results Achievem ent (%) Apr.-Dec. Results Change (%) ChangeFull year Revenue 500.0 360.7 72.1 333.6 8.1 27.1 Cost of Sales 16.4 15.1 13.8 82.0 54.3 66.3 46.0 18.1 8.3 Gross profit 418.0 306.3 73.3 287.6 6.5 18.8 SG&A*1, R&D expenses total 48.0 47.9 46.7 240.0 172.7 72.0 155.9 10.8 16.8 SG&A*1 24.0 25.1 22.9 120.0 90.4 75.3 76.4 18.3 14.0 R&D expenses 24.0 22.8 23.8 120.0 82.3 68.6 79.4 3.6 2.9 Other income & expenses 7.0 15.1 215.7 (2.5) - 17.6 Operating profit 37.0 41.2 38.7 185.0 148.7 80.4 129.2 15.1 19.5 Finance income & costs 47.0 42.5 90.5 26.7 59.6 15.9 Profit before tax 46.4 53.0 46.7 232.0 191.3 82.4 155.9 22.7 35.4 Profit attributable to owners of parent 188.0 158.2 84.2 133.8 18.3 24.4 Revenue Increase: Prescription drugs, Royalty income, Overseas subsidiaries /export Cost of Sales Increase: Sales of TORII SG&A Increase: Selling-related expenses in US business TORII’s SG&A expenses, PMI costs R&D expenses Increase: Former JT Pharmaceuticals Business unit and TORII’s R&D expenses Main variation factors (Y on Y) Other income & expenses Increase: Negative goodwill gain arising from the M&A (provisional treatment before the completion of the PPA) Finance income & costs Increase: Dividends from ViiV
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7 Revenue by Segment Prescription drugs Overseas subsidiaries/export Royalty income • Increase: Sales of cefiderocol (US and Europe) • Decrease: Sales of China business • Increase: Sales of TORII • Decrease: Sales of acute respiratory virus (Unit：B yen) FY2025 FY2024 Y on Y Forecast Full year Apr.-Dec. Results Achieveme nt(%) Apr.-Dec. Results Change (%) Change Prescription drugs 143.5 86.7 60.4 78.9 9.8 7.8 Overseas subsidiaries/export 61.0 48.9 80.2 43.4 12.8 5.6 Shionogi Inc. (US) 27.2 22.1 81.3 17.5 26.3 4.6 Fetroja - 21.3 - 14.7 44.8 6.6 Shionogi B.V. (EU) 19.3 15.6 81.0 12.9 20.6 2.7 Fetcroja - 12.1 - 9.9 21.9 2.2 Shionogi China 5.9 4.5 76.1 6.3 (27.9) (1.7) Others 8.6 6.7 78.0 6.7 0.9 0.1 Contract manufacturing 14.0 10.2 73.0 10.7 (4.4) (0.5) OTC and quasi-drug 17.5 11.7 66.7 12.7 (8.2) (1.0) Royalty income 261.5 201.3 77.0 186.8 7.8 14.5 HIV franchise 245.0 193.4 79.0 183.5 5.4 9.9 Others 16.5 7.8 47.5 3.3 140.8 4.6 Others 2.5 1.9 75.4 1.1 68.6 0.8 Total 500.0 360.7 72.1 333.6 8.1 27.1 • Increase: HIV franchise: Sales generated by ViiV Others - Royalty income from Roche - Royalty income related to the former JT Pharmaceutical Business Unit Main variation factors (Y on Y)
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8 Prescription Drugs in Japan Acute respiratory virus infection treatments • COVID-19 related product: Xocova • Influenza franchise: Xofluza, Rapiacta FY2025 FY2024 Y on Y Forecast Full year Apr.-Dec. Results Achievement (%) Apr.-Dec. Results Change(%) Change Acute Respiratory Virus Infection Treatments 56.0 27.3 48.7 43.3 (37.0) (16.0) Quviviq 2.5 1.1 44.3 0.5 123.8 0.6 Symproic 6.5 4.6 70.5 3.8 18.8 0.7 OxyContin franchise 5.3 3.5 66.3 3.3 6.6 0.2 Others 73.2 50.2 68.6 28.0 79.4 22.2 TORII 41.2 24.1 58.4 - - 24.2 Total 143.5 86.7 60.4 78.9 9.8 7.8 （Unit: B yen) *1 *1 Recognized from September 1, 2025
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9 Results for the Third Quarter Growth in core businesses led to record-high sales revenue, operating profit, and quarterly profit attributable to owners of the parent company • Strong growth of LAI*1 products • Steady growth of cefiderocol in the U.S. and Europe • Cost management of SG&A expenses, including those related to TORII • Promotion of proactive R&D investment through prioritization • Growth of TORII’s products • Stable contribution of Xofluza during the influenza season • Sales expansion through co-promotion of priority products by Shionogi and Torii Stable performance in HIV and overseas businesses Growth of the domestic business as a key challenge in the first half of the fiscal year Cost management aligned with sales *1 Long Acting Injectable: Cabenuva, Apretude
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10 Toward the Realization of the 2030 Vision • Business Investment Progress • Development Pipeline Progress
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11 Business Investments Executed in FY2025 Active investing in business to realize the 2030 Vision M&A involving JT Group’s pharmaceutical business Acquisition of the edaravone business Purpose: • Strengthening in-house drug discovery capabilities • Enhancing commercial capabilities in Japan Purpose: • Expanding U.S. business • Establishing rare disease franchise Additional investment in ViiV Purpose: • Strengthening the management foundation through further commitment to the HIV business Executed a diverse range of strategic business investments
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12 0 100 200 300 400 500 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 B yen Sales Trend on SHIONOGI Others HIV SHIONOGI’s Growth Driven by HIV Business Dolutegravir has provided a stable foundation for SHIONOGI’s growth FY2014~ Accelerated growth from increased adoption of LAI formulations Accelerating future growth through the development of ultra long- acting LAI formulations FY2021~ FY2026~ Multiple integrase inhibitors discovered by SHIONOGI have significantly contributed to growth (FY)
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13 Long-acting Injectables Driving a Paradigm Shift in the HIV Market Growth of LAI Formulations Development and Launch of ULA*1 Formulation (S-365598*2) 0 250 500 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2021 2022 2023 2024 2025 Sales（M￡） Cabenuva Apretude Sales growth of LAI formulations by ViiV Rapid growth in both treatment and prevention segments - From 2028 to 2030: Formulation administered once every six months - Addressing unmet needs through innovative solutions to achieve sustained growth 2021: Launch 2022: Launch 2021~: Formulation administered once every month FY2021 Out-licensed to ViiV Healthcare FY2022 Start of clinical trials FY2023 Clinical trial results obtained （oral formulation: Phase 1 & 2） No concerns regarding tolerability or safety Potent efficacy as seen with best-in-class in similar studies FY2025 Expected results for injectable formulation (injectable formulation: Phase 1) Plan to obtain six-month PK data *1 Ultra long-acting *2 ViiV Healthcare development code: VH4524184 A distinct resistance profile compared to existing integrase inhibitors 2022~: Formulation administered once every two months
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14 Partnership with ViiV Healthcare 10.0 21.7 78.3 0 20 40 60 80 100 2009 2012 2026 Shareholding Ratio (%) SHIONOGI Pfizer GSK Establishment of ViiV Healthcare (by GSK and Pfizer) Revision of contractual framework with ViiV Healthcare Equity-method affiliate status*2 ーChanges in shareholding ratioー 1 2 3 1 2 3 Increased dividends Stronger commitment to HIV business Shareholding ratio: 21.7% The right to nominate one board member, with voting rights increased to 2 Became an equity-method affiliate Strengthening partnership with ViiV Healthcare to ensure a stable earnings base and drive further growth *1 Shionogi-GSK Healthcare was established in September 2001 as a joint venture between GSK and SHIONOGI. Following GSK’s transfer of its stake to ViiV Healthcare, the company name was changed to Shionogi-ViiV Healthcare Transferred assets of Shionogi-ViiV Healthcare*1 to ViiV Healthcare Acquired 10.0% of ViiV shares with the right to nominate one board member (one voting right) Received sales royalties from ViiV Healthcare *2 The transaction is subject to regulatory approvals, expected to occur during by the end of March 2026
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15 M&A background A new research and development framework has been launched to create innovative pharmaceuticals and deliver them globally Integration of JT’s Pharmaceutical Business Increasing difficulty in drug discovery Increasing research resources needed to create new drugs Strengthening the drug discovery technology platform Strategic goals Infectious Diseases QOL Diseases Expand small-molecule capabilities from infectious diseases to QOL diseases Maintaining a strong franchise Establishing a second strong franchise Acquired drug discovery platform Approximately 670 researchers and related staff Advanced technology （AI, quantum computing and others) Improve in-house drug discovery capabilities through a significant increase in resources*1 Generation and utilization of data, and prediction of compound profiles × Strengthening our in-house discovery capabilities *1 Example: Doubling the number of medicinal chemists (drug discovery chemistry researchers)
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16 Integration with TORII Shionogi Internal medicine/ Psychiatry Infectious diseases/ Central nervous system diseases Dermatology/ ENT/ Pediatrics TORII Allergens/ Skin diseases Clinical department Focus Areas ① 営業活動のシナジー効果 Xocova Xofluza Corectim 統合 Sep. 2025 Dec. 2025 Quviviq A treatment in which allergen extracts are administered under the tongue to gradually desensitize the body Achieving long-term symptom relief rather than merely treating the symptoms schedule Riona Vtama Ycanth, etc. Improves sneezing, runny nose, and nasal congestion Expected effects Difficulties in antigen extraction and quality control Need for long-term safety and efficacy evidence High barriers to entry Enhancing domestic sales by leveraging sales synergies and expanding our product lineup to meet market needs - Strengthening domestic sales - -Sublingual immunotherapy (SLIT)- Improves watery and itchy eyes Allergy Reducing medication dosage Features -Strengthening business that does not rely on patents- -Co-promotion leveraging the expertise of both companies- Clinical department Focus Areas
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17 Overview of the Edaravone Business Acquisition Acquiring full rights to edaravone and a U.S. commercial platform to accelerate global growth beyond infectious disease areas • Acquisition Target: All global rights to edaravone • Economic Terms: ① Upfront payment: USD 2.5 billion ② Royalty payment • U.S. Expansion: Shionogi Inc. to acquire a new company to be established by Tanabe Pharma America, Inc. as a wholly owned subsidiary ーTransaction overviewーーPurpose of the business acquisitionー Expected to make a sustained contribution to revenue and profit from FY2026 onward Establishing rare diseases as an important focus area Expand our U.S. business to drive global growth
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18 Innovative Therapeutic Drugs Addressing Unmet Needs A marketed product with established safety and efficacy, expected to deliver stable growth going forward *1 Tanabe Pharma’s sales performance ーU.S. Sales trend of edaravone (Radicava)*1ー Growth of the oral suspension is driving overall Radicava expansion Revenue (M$) Oral suspension Injection ーFeatures of edaravoneー • Indication: Treatment of amyotrophic lateral sclerosis (ALS) • Modality: Small-molecule drug • Formulations: - Injection (U.S. launch: 2017) - Oral suspension (U.S. launch: 2022) Enhancing QOL through the oral suspension Provides an option for patients with dysphagia Allows administration without requiring clinic visits Avoids injection-related pain FY2023 FY2024FY2022 245 491 609 245 491 609 0 100 200 300 400 500 600 700
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19 Toward Establishing a Rare Disease Business in the U.S. Acquire a strong business foundation for expansion in the rare disease field Zatolmilast Fragile X Syndrome Jordan syndrome S-606001 Pompe disease New Assets Talent with deep expertise in rare diseases 1 Connections with established patient networks 3 Business operation know-how 2 ーBusiness foundations to be acquiredー ーExpansion of our U.S. business over the mid- to long-termー Rare disease pipeline aiming for commercialization Build a commercial infrastructure in anticipation of rare disease pipeline launches Aim for rapid market expansion following launch - Research program of the former JT Pharmaceuticals Business - Further acquisitions under assessment
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20 Positioning of Business Investments within the Corporate Strategy*1 We are making investments to strengthen SHIONOGI’s foundation toward achieving the 2030 Vision Vaccines Digital therapeutics OTC New platform business Strengthening the management foundation -Additional investment in ViiV- Strengthening U.S. sales -Acquisition of the edaravone business- Current identity: Foundation in pharmaceutical alliances (royalty business, current earnings pillar) Areas to strengthen: A non-patent-dependent products and services Strengthening domestic sales - M&A of TORII - Strengthening our in-house discovery capabilities -M&A of JT’s pharmaceutical business- Areas to strengthen: Sale of pharmaceuticals through our own channels (Japan, US, Europe, China) Acquisition of SLIT formulations - M&A of TORII - Sale by our own business Alliance business Pharmaceutical patent business model Non-patent-dependent business *1 June 2020 Presentation: 2030 Vision and Medium-Term Business Plan ‘STS2030’ (p.20)
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21 Toward the Realization of the 2030 Vision • Business Investment Progress • Development Pipeline Progress
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22 Major Development Projects: Infectious Diseases Project Indication Current stage*1 Update Ensitrelvir COVID-19 treatment Submission COVID-19 treatment (age 6-11) Submission COVID-19 PEP Submission COVID-19 treatment (age 0-5) Phase 3 FPI*3 achieved S-268024 COVID-19 (JN.1 vaccine) Submission Submitted in Japan Cefiderocol AMR*2 (Pediatric・Gram-negative bacterial infection) Phase 3 Olorofim Invasive Aspergillosis Phase 3 LPI*4 achieved S-337395 RSV infections Phase 2b S-892216 COVID-19 treatment (Oral pill・ treatment) Phase 2 COVID-19 (Long-acting injectable・ pre-exposure prophylaxis) Phase 1 S-743229 AMR (Complicated urinary tract infection) Phase 1 S-649228 AMR (Gram-negative bacterial infection) Phase 1 Obtained the topline result of Phase 1 S-567123 COVID-19 Prevention (Broadly protective coronavirus vaccine) Phase 1 FPI*3 achieved *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 AMR：Antimicrobial Resistance *3 FPI: First Patient In *4 LPI：Last Patient In
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23 Major Development Projects: QOL Diseases with High Social Impact Project Indication Current stage*1 Update Zuranolone Depression Approved Approved in Japan Resiniferatoxin Pain associated with knee osteoarthritis Phase 3 Zatolmilast Fragile X syndrome Phase 2/3 Jordan syndrome Phase 2 LPI achieved Redasemtide Dystrophic epidermolysis bullosa Phase 2 Acute ischemic stroke Phase 2b LPI achieved SASS-001 (S-600918＋ Combination medicine) Sleep apnea symdrome (central component) Phase 2 SASS-002 (Sulthiame) Sleep apnea syndrome (obstructive) Phase 2 S-606001 Pompe disease Phase 2 S-309309 Obesity Phase 2 S-531011 Solid tumors Phase 1b/2 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
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24 Appendix
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25 FY2025 Exchange Rate Exchange rate (average during the period) FY2025 Forecast （10/27） Apr.-Dec. Results USD($) – JPY(¥) 146 yen 148.71 yen GBP(£) – JPY(¥) 197 yen 198.98 yen EUR(€) – JPY(¥) 171 yen 171.84 yen
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26 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) Submission - FY2027 Cefiderocol Pediatric, Gram-negative bacterial 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 bacterial infection Phase 1 FY2028-2030 S-567123 COVID-19 (Broadly protective coronavirus vaccine) Phase 1 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 Approved 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 - Infectious Diseases - - QOL Diseases - *1 This indicates the timing of the initial launch in any country or region where SHIONOGI holds commercialization rights, and is not intended to refer to any specific country or region
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27 R&D Milestones Planned for FY2025 Disease area Pipeline Indication Current stage FY2025 1H FY2025 2H Infectious 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) Submission Phase 3 Topline results Submission (Japan) Cefiderocol Pediatric, Gram-negative bacterial 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 bacterial infection Phase 1 Phase 1 Topline results QOL Diseases with High Social Impact Zuranolone Depression Approved 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 October 28, 2025, to January 30, 2026, : Milestone-completed items ※Topline results: It is the timing of acquisition, and the timing of disclosure will be considered separately
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28 Pipeline: Infectious Diseases 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 bacterial infection) S-743229 AMR (Complicated urinary tract infection) S-337395 RSV infections Cefiderocol AMR (Gram-negative bacterial infection) Baloxavir Influenza virus infection (Transmission) S-365598 HIV infection Change from October 28, 2025, to January 30, 2026 • Cefiderocol: Approved in China • Ensitrelvir: Initiated a phase 3 trial • S-567123: Initiated a phase 1 trial • S-268024*1: Submitted in Japan • S-268023: Deleted S-917091 HIV infection as of January 30, 2026 S-892216 COVID-19 (Long-acting injectable・ pre-exposure prophylaxis) S-268024*1 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 (Broadly protective coronavirus vaccine) Cefiderocol Gram-negative bacterial infection (Pediatric) S-268019 COVID-19 vaccine (Ages 5-19) Ensitrelvir COVID-19 PEP S-554110 Nontuberculous mycobacterial infection ： Progress from October 28, 2025, to January 30, 2026 *1 Submitted together with data from S-268023 Ensitrelvir COVID-19 treatment (Ages 0-5)
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29 Pipeline: QOL Diseases with High Social Impact Preclinical Phase 1 Phase 2 ： Progress from October 28, 2025, to January 30, 2026 Delgocitinib*1 Ophthalmological diseases *1 Products acquired through M&A S-151128 Chronic pain S-540956 Nucleic acid adjuvan S-109802 Post-stroke spasticity S-588210 Solid tumor S-898270 Alzheimer’s disease S-740792 Gait disorders associated with multiple sclerosis S-588410 Bladder cancer Naldemedine Opioid-induced Constipation (pediatric) S-531011 Solid tumor S-309309 Obesity S-488210 Head and neck squamous cell carcinoma ADR-001 Decompensated liver cirrhosi Redasemtide Epidermolysis bullosa Redasemtide Acute ischemic stroke Zatolmilast Alzheimer’s disease SASS-001 (S-600918 ＋Combination medicine) Sleep Apnea with a Central Component SASS-002 (Sulthiame) Obstructive Sleep Apnea S-222611 [Epertinib] Malignant tumor Zatolmilast Jordan syndrome S-606001 Pompe disease S-723595 Type 2 diabetes Out license as of January 30, 2026 S-662662(JTT-662)*1 Hypertrophic cardiomyopathy S-051051(JTE-051)*1 Interstitial cystitis/ Bladder pain syndrome Autoimmune and allergic diseases S-861861(JTT-861)*1 Chronic heart failure S-064064(JTC-064)*1 Neurodegenerative diseases S-161161(JTV-161)*1 Pulmonary arterial hypertension S-162162(JTE-162)*1 Autoinflammatory/ autoimmune diseases S-261261(JTV-261)*1 Thrombosis S-263263(JTV-263)*1 Peripheral arterial disease S-262262(JTC-262)*1 Neurodegenerative diseases S-461461(JTE-461)*1 Idiopathic chronic urticaria Delgocitinib*1 Palmoplantar pustulosis
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30 Pipeline: QOL Diseases with High Social Impact as of January 30, 2026 SubmissionPhase 3 Change from October 28, 2025, to January 30, 2026 • Zuranolone: Approved in Japan • Delgocitinib*1 (chronic hand eczema): Submitted in China • Cantharidin: Initiated a phase 3 trial • Delgocitinib*1(Lichen sclerosus ): Phase 3 • Delgocitinib*1(Ophthalmological diseases): Phase 2 • Delgocitinib*1 (Palmoplantar pustulosis): Phase 2 • S-051051(JTE-051)*1: Phase 2 • S-861861(JTT-861)*1: Phase 2 Delgocitinib*1 Chronic hand eczema Out license Resiniferatoxin [GRT7039] Pain associated with knee osteoarthritis S-588410 Esophageal cancer Zatolmilast Fragile X Syndrome Cantharidin Common Warts SR-0379 Cutaneous ulcer SDS-881 Dementia (AI program for cognitive function testing) TO-203 House dust mite induced allergic asthma TO-210 Acne Tapinarof Atopic dermatitis in infants TO-209 Grass pollen-induced allergic rhinitis Naldemedine Opioid-induced Constipation Tapinarof Atopic dermatitisinPediatric Patients ： Progress from October 28, 2025, to January 30, 2026 *1 Products acquired through M&A • S-662662(JTT-662)*1: Phase 1 • S-064064(JTC-064)*1: Phase 1 • S-161161(JTV-161)*1: Phase 1 • S-162162(JTE-162)*1: Phase 1 • S-261261(JTV-261)*1: Phase 1 • S-262262(JTC-262)*1: Phase 1 • S-263263(JTV-263)*1: Phase 1 • S-461461(JTE-461)*1: Phase 1 Delgocitinib*1 Lichen sclerosus
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31 Anti-HIV Drug Released by ViiV Product name Formulations Compounds*1 Administrations Frequency Indications CY2024 Sales Cabenuva LAI formulations CAB＋RPV IM injection Q2M (LA) Treatment ￡1,013M Apretude CAB IM injection Q2M (LA) PrEP*2 ￡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 *1 CAB: Cabotegravir, RPV: Rilpivirine, DTG: Dolutegravir, 3TC: Lamibudine, ABC: Abacavir *2 PrEP: Pre-Exposure Prophylaxis
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32 Growth Outlook for the HIV Market (Treatment + Prevention) In the treatment and PrEP 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*2 • 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*3 • 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 LAI inj. Treatment market 2031：stable at ~£20bn 2031：Expand to ~£4-5bn PrEP market Outlook for the HIV Market*1 (Treatment + PrEP) The core of the HIV market will continue to be the treatment market *1 ViiV Healthcare Meet the Management *2 https://www.hiv.gov/hiv-basics/overview/data-and-trends/statistics *3 https://www.cdc.gov/nchhstp/director-letters/expanding-prep-coverage
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33 Other Major progress*1 • November − Shionogi Pharma’s Kanegasaki Plant Receives “BSI Kitemark for Minimized Risk of AMR” Certification for Antimicrobial Manufacturing − New Clinical Data on the Efficacy of Antiviral Treatments for Post-COVID-19 Condition − Launched XOFLUZA® Granules 2% – New Formulation for Influenza Treatment and Prophylaxis − Shionogi & Co., Ltd. and Pixie Dust Technologies' joint invention receives the Invention Encouragement Award at the 2025 Kanto Region Invention Awards <Modulated Sound Output Device Generates Gamma Wave Sound from Everyday Sounds> • December − Recognized with the Double A List for Leadership in Corporate Transparency and Performance on Climate Change and Water Security by CDP − Received Approval in Japan to Manufacture and Market ZURZUVAE® Capsules 30 mg for the Treatment of Major Depressive Disorder − Execution of a Joint Research and Development Agreement and an Investment Agreement with Salubritasto Demonstrate Hearing Function Improvement through Hair Cell Regeneration and to Create Innovative Pharmaceuticals • January − The antibacterial drug cefiderocol for gram-negative bacterial infections has been awarded the Minister of Health, Labour and Welfare Award at the 8th Japan Medical Research and Development Awards *1 Only items with progress made between October 28, 2025 and January 30, 2026 are listed.
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34 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 towardmanaged 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 inmaking investment and other decisions. • You should rely on your own independent examination of us before investing in any securities issued by our company. Shionogishall accept no responsibility or liability for damage or loss caused by any error, inaccuracy, misunderstanding or changes of target figures or 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.