Slides
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1 1st Quarter of Fiscal 2026 Financial Results and HIV Business Update August 3, 2026 Shionogi & Co., Ltd.
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2 Agenda 1st Quarter of Fiscal 2026 Financial Results P.3-21 HIV Business Update P. 2 2-32 Overview of 1Q FY2026 Financial Results （P. 3-8） 01 02 03 Progress of Key Businesses （P. 9-14） Progress of Development Pipeline （P. 1 5-21）
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3 Overview of 1Q FY2026 Financial Results
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4 639 801 142 422 141 335 FY2025 1Q FY2026 1Q ロイヤリティー収入 海外子会社/輸出 国内医療用医薬品 製造受託 一般用医薬品 その他 Significant Growth of Key Businesses Revenue reached a record high for the first quarter, driven by growth of existing businesses and integration effects from acquired businesses 163.3 B yen 99.8 B yen -Revenue Growth Trend- +63.7% (YoY) Domestic prescription drugs sales: +137.3% (YoY) Overseas subsidiaries/exports: +196.6% (YoY) Royalty income +25.3% (YoY) • Integration Benefits from Business Investments. - Torii Pharmaceutical, Radicut sales • Sales growth of Quviviq • Integration and launch of the RADICAVA business in the U.S. • Stable growth of cefiderocol in Europe and the United States • Revenue growth at ViiV healthcare Ltd. • Royalty income related to the former JT pharmaceutical business 80.1 33.5 42.2 63.9 14.1 14.2 Royalty income Overseas subsidiaries / Exports Domestic prescription drugs Contract manufact uring OTC Others
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5 Financial Results (Consolidated) Year-on-year growth achieved revenue and all profit categories *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.) FY2026 FY2025 YoY Forecast Full year Forecast 1H Apr.-Jun. Results Achievement (%) Apr.-Jun. Results Change (%) Change Revenue 700.0 340.0 163.3 48.0 99.8 63.7 63.5 Operating profit 220.0 96.0 66.9 69.7 35.1 90.6 31.8 Profit before tax 220.0 96.0 73.7 76.8 46.3 59.2 27.4 Profit attributable to owners of parent 210.0 108.0 97.7 90.5 39.4 148.2 58.3 EBITDA*1 315.0 152.0 93.4 61.4 40.6 129.8 52.7 （Unit: B yen)
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6 FY2026 FY2025 YoY Forecast Full year Forecast 1H Apr.-Jun. Results Achievement (%) Apr.-Jun. Results Change(%) Change Revenue 700.0 340.0 163.3 48.0 99.8 63.7 63.5 Cost of Sales 17.1 18.8 18.9 12.3 120.0 64.0 30.8 48.1 12.3 150.0 18.5 Gross profit 580.0 276.0 132.5 48.0 87.5 51.5 45.1 SG&A*1, R&D expenses total 56.4 57.9 56.8 51.3 395.0 197.0 92.8 47.1 51.2 81.2 41.6 SG&A*1 34.3 34.7 37.3 26.4 240.0 118.0 61.0 51.7 26.3 131.8 34.7 R&D expenses 22.1 23.2 19.5 24.9 155.0 79.0 31.8 40.2 24.9 27.7 6.9 Other income & Expenses 35.0 17.0 27.2 159.8 (1.2) - 28.3 Operating profit 31.4 28.2 41.0 35.2 220.0 96.0 66.9 69.7 35.1 90.6 31.8 Finance income & costs - - 6.8 - 11.2 (39.2) (4.4) Profit before tax 31.4 28.2 45.2 46.4 220.0 96.0 73.7 76.8 46.3 59.2 27.4 Profit attributable to owners of parent 210.0 108.0 97.7 90.5 39.4 148.2 58.3 Statement of Profit or Loss (Consolidated)（Unit: B yen) *1 Selling, general and administrative expenses *2 PPA: Purchase Price Allocation — provisional accounting treatment before completion *3 Dividends received from ViiV Healthcare, which were recognized as financial income (dividend income) in the statement of profit or loss in the previous fiscal year, are reflected in "Investments accounted for using the equity method" (non-current assets) in the statement of financial position Revenue • Increase: Royalty income, domestic prescription drugs, overseas subsidiaries/exports Cost of Sales • Increase: Sales of Torii Pharmaceutical, one-off expenses related to inventory revaluation of edaravone SG&A Expenses • Increase: Amortization of intangible assets (JT Group pharmaceutical business, edaravone business*2), sales-related expenses of U.S. business, SG&A expenses of Torii Pharmaceutical R&D Expenses • Increase: R&D expenses of the former JT pharmaceutical business and Torii Pharmaceutical Main variation factors (YoY) Other Income/Expenses • Increase: Share of profit of ViiV Healthcare accounted for using the equity method*2 ※ The impact of PPA associated with Shionogi’s increased shareholding in ViiV shares was not reflected in the 1Q Finance Income/Expenses • Decrease: Change in the accounting treatment of dividends received from ViiV Healthcare*3 • Increase: Foreign exchange gains Profit Attributable to Owners of Parent • Increase: Reduction in tax expense due to the recognition of deferred tax assets
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7 FY2026 FY2025 YoY Forecast Full year Forecast 1H Apr.-Jun. Results Achievement (%) Apr.-Jun. Results Change(%) Change Prescription drugs 178.6 79.9 33.5 42.0 14.1 137.3 19.4 Overseas subsidiaries/export 175.2 85.4 42.2 49.4 14.2 196.6 28.0 Shionogi Inc. (US) 138.7 68.0 32.0 47.1 6.2 417.1 25.8 RADICAVA* 101.7 51.8 24.2 46.7 - - 24.2 Fetroja - - 7.7 - 5.9 29.4 1.7 Shionogi B.V. (EU) 22.6 11.1 6.6 59.7 4.7 40.4 1.9 Fetcroja - - 5.0 - 3.4 44.9 1.5 Shionogi China 5.3 2.5 1.5 57.8 1.5 (2.6) (0.0) Others 8.7 3.8 2.1 55.2 1.8 15.5 0.3 Contract manufacturing 14.4 7.7 4.0 51.7 4.5 (11.0) (0.5) OTC and quasi-drug 18.8 8.3 2.9 34.7 2.4 19.6 0.5 Royalty income 310.6 157.7 80.1 50.8 63.9 25.3 16.2 HIV franchise 276.0 139.1 72.7 52.3 61.2 18.9 11.5 Others 34.6 18.6 7.4 39.6 2.7 169.3 4.6 Others 2.3 0.9 0.6 66.7 0.6 (4.4) (0.0) Total 700.0 340.0 163.3 48.0 99.8 63.7 63.5 Revenue by Segment （Unit: B yen) Prescription drugs Overseas subsidiaries / Exports Royalty income • Increase: RADICAVA, sales of cefiderocol in the U.S. and Europe (U.S.: Fetroja, Europe: Fetcroja) • Increase: Sales of Torii Pharmaceutical, Radicut, Quviviq • Decrease: Sales of acute respiratory infection drugs • Increase: HIV franchise (sales by ViiV Healthcare) • Other: Royalties related to the former JT pharmaceutical business Main variation factors (YoY) *UP rate of RADICAVA revenue in the U.S. and Canada: 14.6% Apr.–Jun. 2026: 151.9 MUSD (sales at SHIONOGI Group), Apr.–Jun. 2025: 132.5 MUSD (RADICAVA sales at Tanabe Pharma)
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8 1Q Results and Future Outlook Steady progress toward achievement of 1H forecast through further growth of key businesses 1Q results 1H outlook • Performance expanded through growth of key businesses and integration effects from acquired businesses • Continued investment to drive further growth of the U.S. business • HIV franchise and overseas business expected to continue revenue and profit growth through further expansion • Advancing initiatives in preparation for a potential increase in COVID-19 infections • From Q2 onward, the PPA impacts associated with Shionogi's increased shareholding in ViiV will be reflected in "Equity method income." Record-high 1Q results for revenue and all profit items On track to achieve the 1H forecast
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9 Progress of Key Businesses
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10 Progress of ViiV’s HIV Franchise Long-acting injectable portfolio powers HIV growth and market share increases ViiV Sales Trend (LAI formulations) Note: Growth is presented at constant exchange rates (CER) and excludes the impact of foreign exchange movements 0 100 200 300 400 500 600 700 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q CY2021 CY2022 CY2023 CY2024 CY2025 CY2026 ￡M Cabenuva Apretude ￡ 453M + 33% + 39%￡ 140M • U.S.: 77% of patients switching to Cabenuva came from competing products YoY +￡153M (+35%) Growth rate (YoY)Revenue (CY2026 2Q) ーPreventionー ーTreatmentー Growth rate (YoY)Revenue (CY2026 2Q)
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11 RADICAVA Business Progress Achieved record-high 1Q revenue through a smooth business transition and effective PMI*1 execution Reference: Before business transfer (Tanabe Pharma results) RADICAVA Sales Trend in U.S. and Canada Growth-driving Actions*2 *1 PMI: Post Merger Integration *2 Details: Appendix P.40-41 Continue strengthening each initiative to accelerate business growth Steady progress in three key actions since the business transfer 1 2 3 Maintain: Keep Patients on Therapy Grow: Increase New Patients Prescribed RADICAVA Convert: Improve Access and Conversion After business transfer 0 50 100 150 200 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q FY2022 FY2023 FY2024 FY2025 FY2 M$ FY2026
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12 U.S. Launch of XOCOVA (Post-Exposure Prophylaxis for COVID-19) Driving adoption of post-exposure prophylaxis as a new option Individuals at High Risk of Severe Disease • Approximately 69% are interested in receiving a prescription for XOCOVA Interest in PEP*1 and Physicians' Willingness to Prescribe*2 *1 Post-Exposure Prophylaxis: Administration of antiviral agents before symptom onset to prevent development of disease after poten tial exposure to the virus, such as through contact with an individual infected with COVID-19 *2 Envitalix Consumer and HCP Research (Dec 2024–Mar 2025) *3 Connected TV: Internet-connected video streaming services Individuals Living with Someone at High Risk of Severe Disease • Approximately 81% are interested in receiving a prescription for XOCOVA Key Ongoing Actions × Promoting Awareness and Healthcare- Seeking Behavior • Prioritized investment in digital channels including social media and CTV*3 to effectively reach high- interest populations • Use of broadcast TV and search engine optimization to maximize awareness among older adults Promoting Appropriate Use • Establishment of a sales organization: approximately 160 sales representatives targeting U.S. geographies with high COVID incidence Establishing Distribution & Coverage • Ensuring pharmacy inventory availability and beginning negotiations with payers for coverage88% of physicians are willing to prescribe 92% of physicians are willing to prescribe 1 2 3
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13 Cefiderocol Growth 売上収益の推移（欧米） *1 Press Release dated April 1, 2026 *2 Press Release dated July 17, 2026 Key Achievements and Actions • Expansion into the Pediatric Population - Supplemental application accepted for review by the U.S. Food and Drug Administration (FDA)*2 > PDUFA target action date: February 23, 2027 • Recognition for efforts to address AMR*1 - Ranked No. 2 globally in the Antimicrobial Resistance Benchmark 2026 Maximizing product value through the promotion of appropriate use 0 10 20 30 40 50 FY2022 FY2023 FY2024 FY2025 FY2026 1Q 2Q-4Q 1Q Revenue Growth (Europe and U.S.) • Continued revenue growth - FY2026 1Q Revenue: 12.7 B yen > Europe: YoY +1.5 B yen (+44.9%) > U.S.: YoY +1.7 B yen (+29.4%) B yen Achieved over 40B yen in annual revenue
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14 Progress in Domestic Business QOL疾患 感染症 FY2025 FY2026 *1 Share of domestic business revenue (1Q) • Encouraging early diagnosis and timely treatment through awareness campaigns • Sales growth driven by increased adoption among psychiatric institutions • Growing number of adopting facilities, mainly clinics • Achieved a 67.5%*7 market share in the COVID-19 treatment market • Providing information in preparation for infectious disease outbreaks • Increased shipment volume of SLIT*4 products*5 • Co-promotion in the dermatology area Acute respiratory infection (Xocova, Xofluza, Rapiacta) Products of Torii Pharmaceutical 1Q revenue: 18.8 B yen*3 Radicut 1Q revenue: 1.8 B yen*6 (Amyotrophic lateral sclerosis (ALS) treatment) Quviviq (Insomnia treatment ) 1Q revenue: 1.5 B yen Zurzuvae (MDD treatment ) 1Q revenue: 0.4 B yen ■QOL diseases*1 ■Infectious diseases +19.4B yen（+137.3％）YoY 33.5B yen 14.1B yen*2 Diversified product portfolio drives stable growth in the domestic business *1 High social impact QOL-related diseases: sleep disorders, hearing loss, rare pediatric diseases, immunology/allergy, etc. *2 Excluding revenue from Torii Pharmaceutical-related products, Radicut, and Zurzuvae *3 YoY growth rate: 13.2% (comparison with the prior-year revenue of Torii-related products in the JT Group pharmaceutical business)*4 SLIT: Sublingual Immunotherapy *5 Although limited shipments remain in place, shipment volumes to wholesalers have been increasing *6 YoY growth rate: 2.4% (comparison with the prior-year revenue at Tanabe Pharma)*7 JAMDAS (Data from April 1 to June 30, 2026)
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15 Progress of Development Pipeline
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16 Olorofim: Phase 3 Study Results (Preliminary) Achievement of the primary endpoint, with regulatory filings planned in Europe and Asia Study design Global multicenter, randomized, assessor-blinded, active-controlled, Phase 3 study Primary endpoint All-cause mortality at day 42 after treatment initiation Olorofim tablets (150 mg twice daily on Day 1, 90 mg twice daily from Day 2 onward, up to 90 days) Followed by continued AmBisome® or standard antifungal treatment (SoC) N=151 N=74 Study overview Study results (preliminary)*1 AmBisome® + SoC Target patients 23.8% 35.8% 24.3% 63.9% 全死因死亡率 有害事象発現率 オロロフィム投与群 対照群 *3 Non-inferiority confirmed*3 *2 • Non-inferiority confirmed in all-cause mortality at day 42, the primary endpoint • Related adverse events*4 was 35.8%, with no new safety concerns All-cause mortality Related adverse events*4 Olorofim group AmBisome® + SoC Primary endpoint Safety results AmBisome® IV*2 Patients with invasive aspergillosis for whom azole antifungals are unsuitable due to resistance, drug-drug interactions, intolerance, or inadequate response *1 Press Release: June 18, 2026 *2 Intravenous infusion 3 Between-group difference: -0.5% (95% CI: -13.1% to 10.8%) *4 % of patients with at least one treatment-emergent adverse event (TEAE) judged by the investigator to be related to the study drug
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17 Treatment Challenges in Invasive Aspergillosis Treatment options remain limited for patients who cannot receive azole antifungals *1 Walsh TJ et al. J Fungi. 2025, 11(9), 657 *2 Lestrade PPA, et al. Emerg Infect Dis. 2020;26(7):1447-1455 *3 Including polyene antifungals and other alternative therapies （Source: IDSA 2016 Clinical Practice Guideline Update for the Diagnosis and Management of Aspergillosis） Patient Population High Mortality Risk Lack of Treatment Options • Estimated annual diagnoses exceed 200,000 patients across Europe, Japan, and China • Mortality rate is 100%*1 if left untreated • Mortality rate is approximately 30% with current antifungal therapies*¹ • Azole antifungals are preferred first-line therapy but can be inappropriate due to increasing prevalence of azole-resistant strains,*2 drug-drug interactions • Alternative therapies*3 are urgently needed 1. Improved Safety Profile Treatment options that can be more readily used in high-risk patients are needed Risk of organ toxicity Risk of drug-drug interactions 2. Reduced Patient Burden Need for convenient treatment options that support long-term therapy Prolonged intravenous treatment Transition to outpatient care Current Treatment Landscape in Invasive Aspergillosis Expectations for New Alternative Treatment Options
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18 Contributing to AMR Measures in the Fungal Disease Area An Oral Treatment OptionPotent Antifungal Activity Favorable Safety Profile Providing a new treatment option for fungal infections that are difficult to treat with existing therapies A novel mechanism of action that inhibits pyrimidine biosynthesis, an essential pathway for fungal growth Enabling consistent treatment from hospitalization through discharge A favorable safety profile that may help reduce patient burden during long-term treatment Cefiderocol Drug-Resistant Bacteria Severe infections including carbapenem-resistant bacteria Olorofim Drug-Resistant Fungi Invasive aspergillosis including azole-resistant strains + -Active against azole-resistant and rare resistant fungal pathogens*1- -No major safety concerns identified- -A benefit not offered by injectable therapies- *1 Scedosporium, Lomentospora, Scopulariopsis, Coccidioides, etc. Contributing to AMR measures, a global challenge, as a leading company in infectious diseases Key Product Attributes of Olorofim
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19 Development products Target diseases FY2026 1H FY2026 2H Target launch timing*1 Ensitrelvir COVID-19 treatment Approval (Europe) -FY2027 COVID-19 treatment (Pediatric ages 6-11) Approval (Japan) ✓ COVID-19 treatment (Pediatric ages 0-5) Phase 3 top-line results COVID-19 PEP Approval (U.S.*2) ✓ Secutrelvir COVID-19 treatment (oral) Phase 3 starts ✓ FY2028-2030 COVID-19 pre-exposure prophylaxis (injection) Initiation of Phase 2 IND preparation FY2031- S-268024 COVID-19 (JN.1 vaccine) Approval (Japan) -FY2027 S-567123 Sarbecovirus*4 infections (Broadly protective coronavirus vaccine) Phase 1 top-line results Phase 2 starts FY2028-2030 S-337395 RSV infections Phase 2b top-line results FY2028-2030 Olorofim Invasive aspergillosis Phase 3 top-line results ✓ Submission (Europe) FY2028-2030 Cefiderocol Pediatric, Gram-negative bacterial infection Submission (U.S. and Europe) ✓ Approval (U.S.) -FY2027 S-649228 Gram-negative bacterial infection Phase 1 top-line results Phase 2 starts FY2028-2030 R&D Milestones for FY2026 (Infectious Disease Areas) *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 *2 Already submitted in Europe *3 IND：Investigational New Drug *4 A group of viruses including SARS-CoV (2002 SARS) and SARS-CoV-2 (COVID-19) Red text: Changes from May 13, 2026, to August 3, 2026, ✓: Milestone achieved The list of applicable assets is planned to be updated on a rolling basis Top-line results: This indicates the timing of data acquisition, and the timing of disclosure will be considered separately
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20 Development products Target diseases FY2026 1H FY2026 2H Target launch timing*1 Zatolmilast Fragile X syndrome Phase 2 additional analysis results Phase 3 top-line results FY2028-2030 Jordan syndrome Phase 2 top-line results S-606001 Pompe disease Phase 2 LPI FY2031- S-054501 (S-600918 ＋ Combination medicine) Sleep apnea with a central component Phase 2 top-line results FY2028-2030 S-054502 (Sulthiame) Sleep apnea Phase 1 top-line results Phase 2b/3 starts FY2028-2030 Redasemtide Epidermolysis bullosa Phase 2 top-line results Submission (Japan) -FY2027 Acute ischemic stroke Phase 2b top-line results FY2028-2030 Naldemedine Constipation associated with Parkinson’s disease Phase 2a top-line results FY2031- S-531011 Solid tumor Phase 2 top-line results FY2031- SDS-881 Dementia (AI program for cognitive function testing) Phase 3 top-line results Submission (Japan) -FY2027 R&D Milestones for FY2026 (QOL Disease Areas) The list of applicable assets is planned to be updated on a rolling basis Top-line results: This indicates the timing of data acquisition, and the timing of disclosure will be considered separately *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 *2 LPI: Last Patient In
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21 R&D Outlook / Future R&D Outlook Integrated R&D pipeline to be unveiled at the R&D Day on November 18, 2026 Former JT Pharmaceutical Business Torii Pharmaceutical Shionogi 23projects42projects Current development pipeline total: 65 projects
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22 HIV Business Update
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23 Approval2 Formulations Product name Approval2 Formulations Product name CY2013 Oral （single agent） Daily CY2019 Oral （two-drug regimen） Daily CY2014 Oral （three-drug regimen） Daily CY2021 LAI3 6× a year CY2017 Oral （two-drug regimen） Daily CY2021 LAI3 6× a year Products containing integrase inhibitors licensed by SHIONOGI ViiV’s INSTI1-based therapies containing dolutegravir or cabotegravir 1 INSTI: Integrase strand transfer inhibitor 2 US approvals 3LAI: Long-acting Injectable *4 Apretude: for prevention *4
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24 Integrase Inhibitors Are the Gold Standard for HIV Treatment Following the launch of dolutegravir, the majority of the market was replaced by integrase inhibitor-based therapies Two types of drugs with different mechanisms of action Partner drug —Establishing its position as a standard drug in treatment— HIV treatment is now primarily based on combination therapy with 2-3 drugs, including an integrase inhibitor ・ dolutegravir ・ cabotegravir Integrase inhibitor As an initial treatment, triple therapy with an integrase inhibitor plus two other drugs is recommended For initial treatment, Dolutegravir/Lamivudine dual therapy is recommended, albeit with certain conditions*1, 2 Strong antiviral effect 2024 2014 *1 Guidelines for the Use of Antiretroviral Agents in Adults and Adolescents With HIV (US DHHS, Sep 12,2024). *2 European AIDS Clinical Society (EACS) Guidelines. Version 12.1-November 2024. Key drug • Superior efficacy • Long-term tolerability • High barrier to resistance • Nucleoside reverse transcriptase inhibitor (NRTI) • Non-nucleoside reverse transcriptase inhibitor (NNRTI) • Protease inhibitor (PI) Reduced drug burden Reduced healthcare costs ・Lamivudine ・Rilpivirine, etc
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25 Sales Growth of ViiV and the Integrase Inhibitor Portfolio ViiV’s growth continues, driven by the integrase inhibitor portfolio The sales share of integrase inhibitors containing HIV drugs*2 (CY2025) インテグラーゼ阻害剤 その他 76% -Regimens with INSTI at the core driving ViiV’s growth- -Integrase inhibitors are amongthe most widely used drugs globally- *1 Created by SHIONOGI based on GSK's financial statements *2 Calculated by SHIONOGI based on sales data disclosed by companies marketing anti-HIV drugs 0 2000 4000 6000 8000 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 M￡ Sales of ViiV by products*1 Cabenuva Apretude Dovato Juluca Tivicay Triumeq Integrase inhibitors Others (CY)
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26 Unmet Needs of People Living with HIV Are Changing Since the launch of dolutegravir, we’ve seen a shift in the market to focus on quality of life, not just viral suppression Effective daily oral medication Unmet Needs High effectiveness and safety Reduced concerns about treatment failure due to rapid resistance development Anxiety about developing AIDS Unmet Needs The fundamental needs of people living with HIV Relieve the burden and anxiety associated with daily medication Maintain privacy Engage in daily life without thinking about HIV Reduce pill burden Development of two-drug regimens -Dovato, Juluca- Toward development of LAI formulations Treatment is a three- drug regimen -Triumeq- Both patients and healthcare providers prefer less frequent dosing
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27 Creation of LAI Integrase Inhibitor: Cabenuva (6× a year) No long-acting injectable integrase inhibitors other than ViiV/Shionogi INSTIs projected to be approved until after 2030 ーWhy was development possible?ー ーStrengths of cabotegravirー Development of LAI INSTI is highly challenging World’s first oral two-drug regimen Confidence that a two-drug regimen is also feasible in LAI formulations × Identification of a compound capable of maintaining sufficient plasma concentration for a long period Dovato, Juluca During dolutegravir development Successful early start in LAI drug discovery The only approved long-acting injectable integrase inhibitor *1 SOLAR Study Robust IP strategy ‒ Patent protection into 2040 Retains properties comparable to dolutegravir ‒ Potent viral suppression ‒ Low likelihood of resistance emergence Enables treatment with once-every- two-month dosing ‒ Demonstrated sustained antiviral efficacy in clinical trials*1
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28 LAIs Expected to Drive Growth Beyond 2030 Continued innovation in LAIs positions ViiV to lead the future of the HIV market -Foundation for ViiV’s sustained long-term growth Unsolved public health need Long-acting HIV treatment is the largest growth opportunity Leading market transformation With INSTIs at the core; uniquely positioned to shape where the market goes next Raising standard of care Long-acting leadership fuels next generation of treatment and prevention options -Significant near-term growth drivers- 2027 2028 End of the decade 3× a year CAB*1 3× a year CAB+RPV LAI*1,2 2× a year VH184*3+VH499 -Prevention- -Treatment- -Treatment- -Toward Sustained Growth- *1 New IM formulations *2 RPV: Rilpivirine *3 VH184：SHIONOGI’s development number: S-365598
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29 3× a year LAI Treatment (CAB+RPV) Lowering the dosing frequency of the marketed LAI therapy Cabenuva to enhance convenience -Robust IP strategy- Additional patents pending into 2047*3 CY2026 June：Phase 3 CUATRO study started CY2028：Anticipated approval Cabotegravir (CAB*1) Rilpivirine (RPV*1) NNRTI*2 INSTI ＋ Ⅰ Ⅱ Ⅲ Ⅳ Confidence builds on Cabenuva’s proven efficacy and trust 365 → 3 Doubles Unlocks patient treatment days clinic LAI treatment capacity substantial switch opportunity Extending dosing intervals from 6× to 3× a year- Two-drug regimen *1 New IM formulations *2 NNRTI: Non-Nucleoside Reverse Transcriptase Inhibitor *3 cabotegravir NCE patent expiry 2031 -Development Timeline-
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30 2× a year LAI Treatment (VH184+VH499) -Advancing toward 2× a year LAI treatment- -Development Timeline- Best-in-class profile transforms adherence, setting a new standard of care CY2026 H2：VH499 CINERGY Phase 2b start CY2028：Phase 3 start NCE*2 patent expiry into 2040s Patents pending into at least 2047 Ⅰ Ⅱ Ⅲ Ⅳ 1st third-gen INSTI with enhanced resistance profile highly potent capsid inhibitor with low risk of DDIs*1 patient population opportunity VH184 INNOVATE study Phase 2b S-365598 (VH184) VH499 CAPSID INHIBITOR INSTI ＋ Two-drug regimen VH184 VH499 OngoingBroadest *1 DDI: Drug-drug interaction *2 NCE: New chemical entity -Robust IP strategy-
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31 CAB (3× a year Prevention) 3× a year Prevention : The optimal choice for patients and healthcare providers Patents pending into 2045*5 CY2026 H2：EXTEND 4M pivotal data CY2027：Anticipated approval Ⅰ Ⅱ Ⅲ Ⅳ builds on Apretude’s >99% efficacy and >4 years of RWE*2 intramuscular injection per clinic visit dosing aligns with routine STI*3 testing in prevention ISR*4 profile and favourable DDI profile -Extending dosing intervals from 6× to 3× a year- Single-agent Cabotegravir (CAB*1) In prevention, a single-agent regimen is possible Confidence 1 PreferredOptimal -Robust IP strategy--Development Timeline- INSTI *1 New IM formulation *2 RWE: Real-world evidence *3 STI: Sexually transmitted infection *4 ISR: Injection site reaction *5 cabotegravir NCE patent expiry 2031
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32 HIV Market Size（CY2025-CY2035） CY2025 CY2031 CY2035 LAI Weekly oral Branded daily oral Generic oral CY2025 CY2031 CY2035 LAI Branded oral Generic oral ~￡22bn ~￡22bn*1 ~￡25bn*1 ~￡3bn ~￡6bn ~￡6bn Treatment remains the largest segment, representing the majority of the HIV market HIV market value rapidly shifting from daily orals therapies to LAIs Global Treatment U.S. Prevention The prevention market is expected to grow with LAIs, but remain smaller than the treatment market Market Size*2 *1 Excluding IRA impact *2 Created by SHIONOGI based on GSK's financial statements
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33 Appendix
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34 Revenue for Prescription Drugs in Japan FY2026 FY2025 YoY Forecast Full year Forecast 1H Apr.-Jun. Results Achievement (%) Apr.-Jun. Results Change (%) Change Acute Respiratory Virus Infection drugs 41.6 16.2 0.4 2.3 2.9 (87.2) (2.5) Quviviq 6.7 2.9 1.5 52.5 0.1 - 1.4 Zurzuvae 4.0 1.1 0.4 39.1 - - 0.4 Radicut 7.0 3.5 1.8 50.4 - - 1.8 Symproic 6.4 3.1 1.7 53.9 1.5 15.0 0.2 OxyContin franchise 4.9 2.5 1.2 48.0 1.1 4.9 0.1 TORII Pharmaceutical-related products* 77.6 36.8 18.8 51.1 - - 18.8 Other 30.5 13.8 7.8 56.2 8.5 (8.9) (0.8) Prescription drugs 178.6 79.9 33.5 42.0 14.1 137.3 19.4 （Unit: B yen） *Torii Pharmaceutical-related products UP rate: 13.2% Apr.–Jun. 2026: 18.8 B yen (sales of Torii-related products at SHIONOGI Group) Apr.–Jun. 2025: 16.6 B yen (sales of Torii-related products at JT Group pharmaceutical business) Acute respiratory virus infection drugs • Anti-SARS-CoV-2 drug: Xocova • Anti-influenza virus drugs: Xofluza, Rapiacta
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35 Revenue for TORII Pharmaceutical Related Products FY2026 FY2025 YoY Forecast Full year Forecast 1H Apr.-Jun. Result*1 Achievement (%) Apr.-Jun. Results*2 Change (%) Change Dermatology Area 23.0 11.1 5.9 53.5 5.5 7.1 0.4 Corectim 9.5 4.9 2.6 53.0 2.5 4.5 0.1 Vtama 4.2 1.6 0.6 38.0 0.7 △14.6 △0.1 Allergen Area・Others 54.6 25.7 12.9 50.1 8.4 52.7 4.4 TORII Pharmaceutical–related products 77.6 36.8 18.8 51.1 16.6 13.2 2.2 （Unit: B yen) *¹ Sales of Torii-related products at SHIONOGI Group (Apr.–Jun. 2026) *² Sales of Torii-related products in the JT Group pharmaceutical business (Apr.–Jun. 2025)
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36 FY2026 Exchange Rate Exchange Rate (Average) FY2026 Forecast Apr.-Jun. Results USD($) – JPY(¥) 153 159.57 GBP(£) – JPY(¥) 205 214.00 EUR(€) – JPY(¥) 184 185.42
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37 ： Progress from May 13, 2026, to August 3, 2026 Pipeline: Infectious Diseases Out license Ensitrelvir COVID-19 treatment Secutrelvir 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-337395 RSV infections Cefiderocol AMR (Gram-negative bacterial infection) S-365598 HIV infection Change from May 13, 2026, to August 3, 2026 • Secutrelvir（Treatment）：Phase 3 initiated • Cefiderocol（Pediatric）：Submission in US and Europe • Ensitrelvir（treatment ages 6-11）：Approval in Japan • Ensitrelvir（PEP）：Approval in US S-917091 HIV infection as of August 3, 2026 Secutrelvir 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 Broadly protective coronavirus vaccine Cefiderocol Gram-negative bacterial infection (Pediatric) S-268019 COVID-19 vaccine (Ages 5-19) Ensitrelvir COVID-19 PEP Ensitrelvir COVID-19 treatment (Ages 0-5) S-048133 Malaria prevention
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38 Pipeline: QOL Diseases with High Social Impact Preclinical Phase 1 Phase 2 Delgocitinib Ophthalmological diseases 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-488210 Head and neck squamous cell carcinoma Redasemtide Epidermolysis bullosa Redasemtide Acute ischemic stroke S-054501 (S-600918 ＋Combination medicine) Sleep apnea with a Central Component S-054502 (Sulthiame) Sleep apnea Zatolmilast Jordan syndrome S-606001 Pompe disease S-723595 Type 2 diabetes Out license as of August 3, 2026 S-662662(JTT-662) Hypertrophic cardiomyopathy S-051051(JTE-051) Interstitial cystitis/ Bladder pain syndrome Autoimmune and allergic diseases S-861861(JTT-861) Chronic heart failure S-064064(JTC-064) Neurodegenerative diseases S-161161 Pulmonary arterial hypertension S-162162(JTE-162) Autoinflammatory/ autoimmune diseases S-261261(JTV-261) Thrombosis S-263263 Peripheral arterial disease S-262262(JTC-262) Neurodegenerative diseases S-461461(JTE-461) Idiopathic chronic urticaria Delgocitinib Palmoplantar pustulosis Naldemedine Parkinson’s disease with constipation S-462462 Atopic dermatitis Zatolmilast Alzheimer’s disease ： Progress from May 13, 2026, to August 3, 2026 S-229531 Autoimmune disease S-213951 Obstructive sleep apnea
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39 Pipeline: QOL Diseases with High Social Impact as of August 3, 2026 SubmissionPhase 3 Change from May 13, 2026, to August 3, 2026 • S-229531：Pre-clinical • S-213951：Pre-clinical • Naldemedine（Opioid-induced Constipation）：Approved in China Delgocitinib Chronic hand eczema Out license 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 Tapinarof Atopic dermatitis in pediatricpatients Delgocitinib Lichen sclerosis Delgocitinib Atopic dermatitis in pediatric patients (New dosage form) Delgocitinib Atopic dermatitis (New dosage form) S-588410 Esophageal cancer
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40 Start of the RADICAVA Business in the U.S. – Improving Access to Treatment – 未治療患者 Diagnosed, untreated patients Undiagnosed patients Patients treated with other therapies ALS patients*1 (approx. 33,000 people) Leveraging the strengths of the established operating company to contribute to patients who have not yet gained access ーStrengths of RADICAVA Operating Companyー Deep communication with patient advocacy groups Relationship building with insurers Information provision to specialists 01 Know - how accumulated over four years Patients treated with RADICAVA Treated Patients (2025) Approx. 4,500 *1 Full article: Amyotrophic lateral sclerosis estimated prevalence cases from 2022 to 2030, data from the national ALS Registry
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41 Patient Support in the RADICAVA Business: Three Pillars Building a Foundation for Continued Treatment • Supporting long-term treatment adherence • Reducing the risk of treatment discontinuation through multiple initiatives • Providing stage-appropriate support based on data insights Timely and Reliable Support for Newly Diagnosed Patients Streamlining Treatment Initiation • Strengthening proactive and timely patient support • Reducing time to treatment initiation through faster insurance approvals and seamless pharmacy dispensing • Enhancing financial support for patients • Raising awareness of the importance of early diagnosis and treatment • Providing appropriate information to healthcare professionals • Increasing awareness of RADICAVA among newly diagnosed patients Provide comprehensive patient support tailored to each phase from diagnosis through treatment continuation 1 2 3
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42 Ensitrelvir: Positive Results From the SCORPIO-PEP*1 Trial Country US, South America, Africa, Asia including Japan Trial Design Multicenter, randomized, placebo-controlled, double-blind trial Subjects Family members or cohabitants of COVID-19 patients (approximately 2,400 cases) Dosing Regimen Sample Size • Once daily for 5 days (Same as treatment indication) • Ensitrelvir: 1,200 cases, placebo: 1,200 cases Main purpose Verification of the effect of suppressing the onset of COVID-19 symptoms for10 days after starting ensitrelvir administration Demonstrated the world's first preventive effect against the onset of COVID-19 with an oral antiviral drug*2 -Trial design*3- *1 PEP: Post-Exposure prophylactic *2 Press release dated October 29, 2024 *3 jRCT: 2031230124 *4 The Conference on Retroviruses and Opportunistic Infections エンシトレルビル プラセボ Proportion of participants who developed COVID-19 within 10 days after administration (%) High-risk individuals*1 0 2 4 6 8 10 12 14 16 エンシトレルビル プラセボ Overall Population -Primary Endpoint- - Stratified Analysis - Ensitrelvir EnsitrelvirPlacebo Placebo 67% risk reduction in disease onset 76% risk reduction in disease onset The world’s first results demonstrating the preventive effect of an oral antiviral drug against the onset of COVID-19 - Phase 3 Trial Results of Ensitrelvir (SCORPIO-PEP)-
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43 Anti-HIV Drug Released by ViiV Product name Formulations Compounds*1 Administrations Frequency Indications CY2025 Sales Cabenuva LAI formulations CAB＋RPV IM injection Q2M (LA) Treatment ￡1,402M Apretude CAB IM injection Q2M (LA) PrEP*2 ￡439M Dovato Oral two-drug regimens DTG＋3TC Oral Every day Treatment ￡2,678M Juluca DTG＋RPV Oral Every day Treatment ￡656M Tivicay Oral single agent DTG Oral Every day Treatment ￡1,323M Triumeq Oral three-drug regimen DTG+ABC+3TC Oral Every day Treatment ￡991M *1 CAB: Cabotegravir, RPV: Rilpivirine, DTG: Dolutegravir, 3TC: Lamivudine, ABC: Abacavir *2 PrEP: Pre-Exposure Prophylaxis
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44 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.