Slides
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Conference on FY2025.12 Financial Results 29 January 2026 CHUGAI PHARMACEUTICAL CO., LTD.
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Forward-Looking Statements This presentation may include forward-looking statements pertaining to the business and prospects of Chugai Pharmaceutical Co., Ltd. (the “Company”). These statements reflect the Company’s current analysis of existing information and trends. Actual results may differ from expectations based on risks and uncertainties that may affect the Company’s businesses. Core Results Chugai discloses its results on a Core basis from 2013 in conjunction with its transition to IFRS. Core results are the results after adjusting non-recurring items recognized by Chugai to IFRS results. Chugai’s recognition of non-recurring items may differ from that of Roche due to the difference in the scale of operations, the scope of business and other factors. Core results are used by Chugai as an internal performance indicator, for explaining the status of recurring profits both internally and externally, and as the basis for payment-by- results. Important Reminder Note: • Amounts shown in this report are rounded to the nearest 0.1 billion yen • Variance and % are calculated based on the amounts shown 2
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Agenda 3 01 FY2025 Overview and FY2026 Forecast President & CEO Dr. Osamu Okuda 02 Overview of Development Pipeline Executive Vice President, Head of Project & Lifecycle Management Unit Tsukasa Kusano 03 FY2025 Consolidated Financial Overview (Core) Director, Executive Vice President & CFO Iwaaki Taniguchi
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FY2025 Overview and FY2026 Forecast President & CEO Dr. Osamu Okuda
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2025 Financial Performance FY2025 Overview and FY2026 Forecast ◼ Record-high revenue, operating profit, and net income ◼ Operating profit surpassed 600 billion JPY for the first time, marking the 9th consecutive period of growth ◼ Achieved a high operating profit margin of 49.5%, demonstrating strong profitability 5 Core (billions of JPY) 2024 2025 Growth (year-on-year) 2025 Jan - Dec actual Jan - Dec actual Jan - Dec forecast Achiev. Revenue 1,170.6 1,257.9 +87.3 +7.5% 1,190.0 105.7% Domestic sales 461.1 472.4 +11.3 +2.5% 462.5 102.1% Overseas sales 536.8 605.4 +68.6 +12.8% 555.5 109.0% Other revenue 172.7 180.1 +7.4 +4.3% 172.0 104.7% Operating profit 556.1 623.2 +67.1 +12.1% 570.0 109.3% Operating margin 47.5% 49.5% +2.0%p - 47.9% - Net income 397.1 451.0 +53.9 +13.6% 410.0 110.0% EPS (JPY) 241.31 274.02 +32.71 +13.6% 250.0 109.6%
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2026 Forecast FY2025 Overview and FY2026 Forecast ◼ Revenue: 1,345.0 billion JPY (+6.9%, YoY), Operating profit: 670.0 billion JPY (+7.5%, YoY) ◼ Revenue and profits are expected to reach a record high mainly due to growth in domestic sales and other revenue including royalty income. Operating margin is expected to remain at high level of 49.8% Core (billions of JPY) 2025 Jan - Dec actual 2026 Jan - Dec forecast Growth (year on year) Revenue 1,257.9 1,345.0 +87.1 +6.9% Domestic sales 472.4 498.0 +25.6 +5.4% Overseas sales 605.4 602.0 -3.4 -0.6% Other revenue 180.1 245.0 +64.9 +36.0% Operating profit 623.2 670.0 +46.8 +7.5% Operating margin 49.5% 49.8% +0.3%p - Net income 451.0 485.0 +34.0 +7.5% EPS (JPY) 274.02 295.00 +20.98 +7.7% 6
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FY2025 Overview and FY2026 Forecast Topline Analysis of 2026 Forecast 【Billions of JPY】 +87.1, +6.9% 1,257.9 1,345.0 2025 Actual ＋44.5 ◼ Domestic sales Expected to increase, driven by higher sales volume of new product Lunsumio as well as mainstay products, despite the decrease in sales caused by the effects of the NHI drug price revisions and the market penetration of generic drugs ◼ Overseas sales Expected to remain stable year- on-year, as continued growth in NEMLUVIO and Hemlibra is offset by the impact of generic penetration on Actemra ◼ Other revenue Expected to grow, due to an increase in royalty and profit- sharing income from products out-licensed to third parties and Hemlibra, and one-time income ＋20.3 Other revenue +64.9 Export unit price ROY/PS income Other operating income Overseas sales ‐ 3.4 NHI drug price revision Sales volume, etc. Sales volume, etc. Domestic sales +25.6 ROY/PS income: Royalty income and profit-sharing income 2026 Forecast 7
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38 40 41 50 66 40 40 57 72 66 75 75 78 80 98 272 132 Contribution to Shareholders 8 ◼ The annual dividend for 2025 is planned to be 272 JPY per share, comprising a regular dividend of 122 JPY together with an additional 100th anniversary dividend of 150 JPY ◼ In 2026, the annual dividends of 132 JPY per share are expected FY2025 Overview and FY2026 Forecast 8 Regular dividends (End of FY) Regular dividends (Half-year) Core dividend payout ratio excl. Anniversary dividends 5 Year- Average 42.0% 40.9% 40.3% 41.3% 42.3% Single FY 40.4% 39.5% 40.6% 44.5% 44.7% (JPY) Anniversary dividends(Half-year) Anniversary dividends(End of FY) End of FY : Plan Forecast 20262025202420232022 Core dividend payout ratio 5 Year- Average 42.0% 40.9% 40.3% 54.9% 54.7% Single FY 40.4% 39.5% 40.6% 99.3% 44.7%
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3. Strengthen business foundation ● Steady progress in introduction of new HR management system and preparation for ASPIRE ● Mid-Term Environmental Goals: While on track to achieve all 2025 targets, some challenges remain toward achieving 2030 targets ● Announced "Chugai AI Strategy" to accelerate company-wide business transformation through AI Review of Management Policies for 2025 (1/2) ◼ Significant progress in promising projects for future growth, including confirming PoC for NXT007 and successful Phase 3 results and regulatory filing for orforglipron ◼ Accelerated selection and concentration of our in-house projects through Go/No-Go decisions at an early stage and the collective decision to discontinue in-house development of selected projects ◼ Delivered strong results in partnering, including the initiation of multiple technology collaborations and the acquisition of sparsentan FY2025 Overview and FY2026 Forecast 1. Enhance RED functions and creation of value ● Confirmed PoC for NXT007 ● Early stage value assessment: Executed 6 Go/No-Go decisions in addition to the discontinuation of in- house development of 5 projects ● Accelerated open innovation: Signed 12 new research and technology collaborations 2. Maximize value of LCM projects ● Successful P3 results and regulatory filing for orforglipron ● Strong growth of domestic mainstay and new products, driven by Hemlibra, Vabysmo, Enspryng, Phesgo and Polivy ● Acquired sparsentan for IgA nephropathy ● Launch of Elevidys postponed ●Progressed as planned ●Issues identified ASPIRE: A business and digital transformation program to implement cutting edge, global standardization processes and next-generation enterprise resource planning across Chugai 9
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Review of Management Policies for 2025 (2/2) ◼ Steady progress across R&D projects, both in phase transitions and new project initiation, including Roche products expected to drive domestic sales growth. ◼ Accelerating future development by prioritizing early-stage development projects. FY2025 Overview and FY2026 Forecast Filed 3 + Changes in the number of R&D projects (from January 1 to December 31, 2025) PC 5 P3 28 P2 9 P1 15 Approval/ Launch MINT91 AUBE00 Elevidys and 5 other additional indications LUN＋PLI (r/r aNHL) GMY329 (obesity) 1 other Roche Pj trontinemab zilebesiran Number of Projects as of Dec. 31, 2025 RAY121 1 other Roche Pj 4 in-house Pj BRY10 1 other Roche Pj ENS (DMD) 2 other Roche Pj AMY109 PIA (SCD) sparesntan VAB (NPDR) HEM (VWD) 2 other Roche Pj 8 Roche Pj ALC (Solid tumors) 3 other Roche Pj Phase Transition New Development / Filing (incl. public knowledge-based applications and investigator- initiated trials) Discontinuation (incl. discontinuation of the development of in-house projects) * *LUNA18, SAIL66, SOF10, STA551 PC: preclinical development, Pj: development project, LUN＋PLI (r/r aNHL): Lunsumio+Polivy (relapsed or refractory aggressive B-cell non-Hodgkin’s lymphoma) ENS (DMD): Enspryng (Duchenne muscular dystrophy), PIA (SCD): PiaSKy (sickle cell disease), VAB (NPDR): Vabysmo (non-proliferative diabetic retinopathy), HEM (VMD): Hemlibra (von Willebrand disease), ALC: Alecensa 10
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Review of 2025 Priority Items ◼ Steady progress in the development of Hemlibra auto-injector, NXT007, and DONQ52 ◼ For Elevidys, targeting a 2026 launch in ambulatory patients with rigid safety measures in place ◼ Significant shift to a job-based and voluntary application system via new HR management system, promoting autonomous career development FY2025 Overview and FY2026 Forecast Maximize value of DONQ52 Proper operation of new HR management system and strengthen HR Functions Strengthen hemophilia franchise Gene therapy product Elevidys: establish supply system and promote proper use ・Confirmed biological PoC ・Made steady progress toward initiating Phase II clinical trials • Hemlibra: Progressing toward regulatory filing for the auto-injector • NXT007: Confirmed Proof of Concept (PoC); preparing to initiate Phase III clinical trials • Establishing a domestic commercial structure as Chugai's first gene therapy product • Safety measures implemented following fatal cases of acute liver failure in non-ambulatory patients in close collaboration with relevant authorities • Proactive employee engagement exceeding targets: over 20% of employees applied for internal positions, and the job posting system accounted for over 60% of annual personnel transfers 11 biological PoC: proof that the expected mechanism of action for a drug actually functions within the patient’s body
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TOP I 2030: Progress Over the Past Five Years 12 FY2025 Overview and FY2026 Forecast "Double R&D output" "Launch global in-house products every year" ✓ Establish a robust Value Delivery (VD) function • Ranked No. 1 in sales of sales promotion companies (2024)****, and implemented VD organizational reform through functional consolidation, etc. • Maintained the TOP market share in the CGP market ✓ Progress in production and supply systems • Contributed to patients by completing supply in response to demand fluctuations • Enhanced in-house production infrastructure (FJ2, FJ3, UK4, UT3, UTA, etc.) • Promoted a dual-site supply strategy in collaboration with CMOs ✓ Promotion of company-wide DX • Promotion of DX in production functions, cumulative time saved by RPA (approx. 320,000 hours (FY2021-FY2025)) • Steady project progress toward the go-live of ASPIRE ✓ Introduction of a new HR management system • Company-wide rollout of job-based personnel system and introduction of a job posting ✓ Received high external evaluations for sustainability management • Continued inclusion in the Dow Jones Best-in-Class Index (formerly DJSI) World ✓ Progress of drug discovery projects in pursuit of technology and quality • Steady increase in the number of projects in drug discovery research and preclinical development stages • The PC transition, clinical trial initiation and concept confirmation of multiple mid-size molecule projects ✓ Full operation of Chugai LSP Yokohama ✓ Establishment of elemental technology and production base for mid-size molecule pharmaceuticals • Successful and accelerated development of manufacturing technology for challenging mid-size molecules and highly potent substances ✓ Execution of Go/No-Go decisions and steady project promotion • Implementation of Go/No-Go decisions (6 cases in FY2025 / 2 cases in FY2024), and discontinuation of in-house development for 5 projects due to management decisions • PoC confirmation: NXT007, orfoglipron *, avutometinib ** , AP306 *** ✓ Promotion of AI drug discovery and increase in external alliances and investments • Started clinical trial of AI drug discovery project leveraging MALEXA • 7 CVF investments, technology alliances such as RaniPill PC transition: entering the final stage of research before clinical trials, CGP: Comprehensive Genomic Profiling Global First -class Drug Discovery Futuristic Business Model *Licensed out to Eli Lilly and Company **Licensed out to Verastem Oncology ***Licensed out to Alebund **** Copyright © 2025 IQVIA. Source: Pharmaceutical Market Statistics. Unauthorized reproduction prohibited.
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TOP I 2030: Key Focus Areas for the Second Half 13 FY2025 Overview and FY2026 Forecast "Double R&D output" "Launch global in-house products every year" Global First -class Drug Discovery Futuristic Business Model 41 2 3 5 Enhancing Early-Stage Development Capabilities Strengthening Partnering Capabilities Strengthening Global Supply Chain Building Foundation for CVM Business Entry Transforming Company-Wide Business by Leveraging AI
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Management Policies and Priority Items for 2026 ◼ Accelerating company-wide efforts to achieve TOP I 2030. FY2025 Overview and FY2026 Forecast Early market penetration of Lunsumio+Polivy combination therapy Strengthening the hemophilia franchise Strengthening digital infrastructure and promoting company-wide AI utilization 1. Enhance RED functions and creation of value • Building a portfolio to achieve sustainable drug discovery • Advancement of drug discovery projects and developing foundational and pharmaceutical technologies • Development of new technologies with competitive advantages • Early proof of value and value maximization for in-house pre-PoC projects • Further strengthening of the global development structure to accommodate the increasing number of in-house pre-PoC projects • Acceleration of open innovation for new project creation 3. Strengthen business foundation • Go-live of the new enterprise resource planning system (ASPIRE) • Strengthening people, organizations, and business foundations that enable continuous innovation • Proactive disclosure of sustainability information and promotion of dialogue with stakeholders • Value creation and business transformation through AI-driven digital utilization Achieving the highest number of application plans ever < Management Policies > < Priority Items > 2. Maximize value of LCM projects • Accelerating development of post-PoC projects and steadily executing regulatory application plans • Maximizing the value of new products and growth drivers • Promotion of in-licensing from third parties to accelerate profit growth • Evolving operational models for efficient and advanced business models 14
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Achieving Sustainable Growth through TOP I 2030 ◼ We are steadily growing the average number of annual in-house global product launches. By achieving our target of annual launches post-2030, we will secure further profit growth. ◼ Leveraging our proprietary drug discovery approach, we will accelerate the development of mid-size molecule and new modalities, expanding the creation of innovative new drugs that only Chugai can deliver. FY2025 Overview and FY2026 Forecast Antibody New modalities Mid-size molecule Global in-house products launch per year Operating Profit 2030- growth 2020- growth 1.0 /y Small molecule 0.3 /y0.1 /y 2040- growth 0.6 /y 2001-2010 2011-2020 2031-20402026-20302021-2025 15
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Chugai Pharma Europe (London) Chugai Headquarters (Tokyo) Chugai Pharmabody Research (Singapore) Expanding Our Scope of Open Innovation Globally FY2025 Overview and FY2026 Forecast ◼ January 2024- ◼ Evaluated approximately 900 investment opportunities and closed 7 deals up to date Chugai Venture Fund (Boston) ◼ January 2026- ◼ Search, scout, evaluate and facilitate collaboration with U.S. Academia/Industry Chugai Partnering US Office (South San Francisco) ◼ Chugai US Partnering Office established in January 2026, strengthening global partnership network and framework 16
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Summary ◼ In 2025, we achieved record-high performance, with revenue, operating profit, and net income all surpassing initial forecasts. Notably, operating profit exceeded 600 billion JPY for the first time. ◼ For 2026, we project another year of record-high revenue and profits, primarily driven by the growth of domestic sales, royalty income and profit-sharing income. ◼ We made steady progress on our 2025 “management policies” / “priority items" and delivered solid results. In 2026, we will concentrate on "strengthening the hemophilia franchise," "achieving the highest number of application plans ever,“ etc. ◼ The first five years of our TOP I 2030 plan are progressing on track. Going forward, we will target “enhancing early-stage development capabilities" and "building foundation for CVM business entry". ◼ To achieve the ambitious TOP I 2030 goal of "launching global in-house products every year" and drive sustainable growth, we will accelerate the creation of innovative new drugs. FY2025 Overview and FY2026 Forecast 17
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Chugai AI Strategy FY2025 Overview and FY2026 Forecast Chugai AI Vision Digital infrastructure designed for collaboration with AI Security and governance suited to the AI era • AI is positioned as a partner that maximizes the capabilities of each and every employee • All employees use AI as a matter of course, enhancing the quality and speed of everyday work • AI is embedded across all business processes within each organization, driving organization-wide productivity gains • This will enhance productivity, quality, and speed across the entire value chain AI Everyday AI Everywhere • Through AI, we will create new value that leads to business transformation and broader societal change AI Transformation Chugai positions AI as a partner that unlocks the potential of people and organizations, opening up the future of healthcare and continuing to deliver new hope to society 18
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Overview of Development Pipeline Executive Vice President, Head of Project & Lifecycle Management Unit Tsukasa Kusano
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Q4 Topics (1/2) Overview of Development Pipeline Approved Tecentriq Unresectable thymic carcinoma December 2025 Lunsumio Addition of dosage form (SC: Subcutaneous injection) December 2025 Filed orforglipron* Obesity Q4 2025 (U.S.) Tecentriq Adjuvant therapy for MRD (molecular residual disease)-positive bladder cancer January 2026 Initiation of Study trontinemab Alzheimer's disease (P3) November 2025 zilebesiran Hypertension (P3) November 2025 divarasib Non-small cell lung cancer (NSCLC) [1st Line] (P3) January 2026 Removed from Pipeline BRY10 Chronic diseases : Discontinuation of development - Tecentriq NSCLC (perioperative) (IMpower030 study) : Discontinuation of development - ODD divarasib KRAS G12C mutation-positive unresectable, advanced or recurrent NSCLC December 2025 Literature Publication ROSE12 Journal of ImmunoTherapy of Cancer (Non-clinical study results) January 2026 Agreement biomy Memorandum of Understanding for the joint development of an AI-based cancer pathology diagnostic support program November 2025 Investment Investment by Chugai Venture Fund, LLC** One new portfolio company: U.S.-based company November 2025 As of January 29, 2026 Orange: in-house projects (global development), Blue: In-licensed from Roche (development and distribution in Japan) 20 *Conducted by Eli Lilly and Company, a global licensee, **A cumulative total of 7 companies https://www.chugaiventurefund.com/portfolio
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Q4 Topics (2/2) Overview of Development Pipeline 21 Readout PiaSky P3 COMMUTE-a study (atypical hemolytic uremic syndrome (aHUS) (Adult/Adolescent patients)): PE was met* November 2025 orforglipron** P3 ATTAIN-MAINTAIN study (Maintenance of weight reduction in patients with obesity after switching from injectable incretin-based therapies): PE was met December 2025 Enspryng P3 METEOROID study (myelin oligodendrocyte glycoprotein antibody–associated disease (MOGAD)) : PE was met January 2026 Gazyva P3 INShore study (Pediatric nephrotic syndrome): PE was met October 2025 giredestrant P3 lidERA study (Hormone receptor (HR) positive breast cancer (adjuvant)): PE was met November 2025 Tecentriq P3 IMpower030 study (NSCLC (perioperative)): PE was not met November 2025 ranibizumab(Port Delivery Platform with ranibizumab) Domestic P1/2 TEIEN study (neovascular age-related macular degeneration (nAMD), diabetic macular edema (DME)): The efficacy in nAMD and the safety in both diseases are consistent with those of previous global clinical trials November 2025 Elevydis P3 EMBARK study (ambulatory patients with DMD, Part 1): 3-year data show durable efficacy January 2026 sparsentan Domestic P3 study (IgA nephropathy): Positive topline results November 2025 Medical Conference NXT007 ASH: P1/2 multiple-ascending-dose study (Hemophilia A) December 2025 giredestrant SABCS: P3 lidERA study (HR positive breast cancer (adjuvant)) December 2025 Vabysmo Japanese Retina and Vitreous Society: P3 NIHOMBASHI study (angioid streaks associated with neovascularization, long term data) December 2025 Orange: in-house projects (global development), Blue: In-licensed from Roche (development and distribution in Japan), Purple: In-licensed from 3rd parties (development and distribution in Japan) As of January 29, 2026 PE: primary endpoint, DMD: Duchenne muscular dystrophy, ASH: American Society of Hematology, SABCS: San Antonio Breast Cancer Symposium *COMMUTE-p study for pediatric patients also met PE, **Conducted by Eli Lilly and Company, a global licensee,
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Orange: in-house projects (global development) Blue: In-licensed from Roche (development and distribution in Japan), r/r: relapsed or refractory, PE: primary endpoint, HR: hormone receptor, PoC: Proof of Concept, *COMMUTE-p study for pediatric patients also met PE, **Discussion for filing with global health authorities, ***Three phase 3 studies scheduled to initiate in 2026 (vs. FVIII products, vs. Hemlibra, and pediatric patients) 2025: Key R&D Milestones 22 Overview of Development Pipeline Product Indication / Study name Progress Projects to be Approved Elevydis Duchenne muscular dystrophy (ambulatory) Approved Vabysmo Angioid streaks Approved P3/Pivotal Readouts PiaSky COMMUTE-a study: atypical hemolytic uremic syndrome (aHUS) (Adult/Adolescent patients) Met PE* Enspryng P3 SatraGO-1 study : TED Not met PE** P3 SatraGO-2 study : TED Met PE** Lunsumio + Polivy SUNMO study: r/r aggressive B-cell non-Hodgkin’s lymphoma Met PE Lunsumio CELESTIMO study: follicular lymphoma (2nd line) Changed to 2026 ― giredestrant persevERA study: HR positive breast cancer (1st line) Changed to 2026 ― evERA study: HR positive breast cancer (1st line to 3rd line) Met PE vamikibart SANDCAT study: noninfectious uvetic macular edema (UME) Not met PE** MEERKAT study: UME Met PE** GAZYVA INShore study: pediatric nephrotic syndrome Met PE P2 Readouts GYM329 / emugrobart + Evrysdi MANATEE study: spinal muscular atrophy (SMA) Changed to 2026 ― GYM329 / emugrobart MANOEUVRE study: facioscapulohumeral muscular dystrophy (FSHD) Changed to 2026 ― NXT007 Hemophilia A PoC confirmed / Decision to proceed to P3*** PiaSky CROSSWALK-c study: Sick cell disease (SCD) Not met PE P1/2 Readout trontinemab Brainshuttle AD study: Alzheimer's disease Decision to proceed to P3 Initiation of study GYM329 / emugrobart Obesity (P2 study) Study initiated Underlined and bolded: Changes since October 24, 2025 As of January 29, 2026
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Orange: in-house projects (global development) Blue: In-licensed from Roche (development and distribution in Japan), PE: primary endpoint, r/r: relapsed or refractory, HR: hormone receptor, *Three phase 3 studies scheduled to initiate in 2026 (vs. FVIII products, vs. Hemlibra, and pediatric patients) 2026: Key R&D Milestones 23 Overview of Development Pipeline Product Indication / Study name Progress Projects to be Approved Alecensa ALK fusion / rearrangement gene-positive unresectable advanced or recurrent solid tumors Lunsumio + Polivy r/r aggressive B-cell non-Hodgkin’s lymphoma P3/Pivotal Readouts Enspryng METEOROID study: myelin oligodendrocyte glycoprotein antibody– associated disease (MOGAD) Met PE divarasib KRASCENDO 1 study: NSCLC (2nd line) giredestrant persevERA study: HR positive breast cancer (1st line) Lunsumio CELESTIMO study: follicular lymphoma (2nd line) sefaxersen IMAGINATION study: IgA nephropathy P2 Readouts GYM329 / emugrobart+ Evrysdi MANATEE study: spinal muscular atrophy (SMA) Data inhouse GYM329 / emugrobart MANOEUVRE study: facioscapulohumeral muscular dystrophy (FSHD) Data inhouse GYMINDA study: obesity Initiation of study NXT007 Hemophilia A (P3)* DONQ52 Celiac disease (P2) As of January 29, 2026
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Giredestrant: evERA study（CDK4/6 inhibitor-treated HR+ HER2- Breast Cancer） 24 Overview of Development Pipeline Mode of Action • Giredestrant is a next-generation oral selective estrogen receptor degrader (SERD) designed to inhibit estrogen receptor (ER) signaling irrespective of ESR1 gene mutation* status.1 Giredestrant is also expected to be effective even in tumors resistant to conventional endocrine therapies including former-generation SERD *ESR1 gene mutation (ESR1m) is one of the key factors associated with resistance to endocrine therapy2 • Giredestrant was shown to be more potent in in vitro assays than other oral SERDs1, 3. • Giredestrant plus everolimus (an mTOR inhibitor) combination therapy is expected to exert a stronger anti-tumor effect by simultaneously suppressing two signaling pathways involved in the proliferation of HR- positive breast cancer and resistance to endocrine therapy.4 Overview of the results of evERA study • Giredestrant plus everolimus combination therapy significantly improved the primary endpoint of investigator-assessed PFS (INV-PFS) in both the ESR1- mutant (ESR1m) population and the ITT population, reducing the risk of disease progression or death by 62% and 44%, respectively4. Giredestrant plus everolimus combination therapy has shown efficacy regardless of ESR1 mutation status in the post-CDK4/6 inhibitor segment, where effective treatment options are limited, and may represent a useful new treatment option as an all-oral regimen Patients with ESR1m disease Intention to treat population （Patients with ESR1m and without ESR1m detected disease) Exploratory analysis in patients without ESR1m detected shows favorable trend in INV-PFS (HR 0.84) 1: Liang J, et al. J Med Chem 2021; 64:11841–11856, 2: Toy W, et al. Nat Genet 2013; 45:1439-1445, 3: Guan J, et al. SABCS 2025, 4: Mayer EL, et al. ESMO 2025 CDK: Cyclin-dependent kinase, HR: Hormone receptor, HER2: Human epidermal growth factor receptor 2, SERD: Selective estrogen receptor degradar, ER: Estrogen receptor, ITT: Intention to treat, PFS: Progression Free Survival 24
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Giredestrant: lidERA study（Adjuvant Treatment for HR+ HER2- Early Breast Cancer） Overview of Development Pipeline Giredestrant antiproliferative effects • The efficacy of giredestrant has been shown to be closely associated with ER signaling activity level, and in endocrine sensitive / ESR1 wild-type cell models with high ER signaling activity, giredestrant demonstrated stronger antiproliferative effects than E2 depletion (mimicking aromatase inhibition) or tamoxifen2,3. • In Phase 2 trials of neoadjuvant therapy for EBC, giredestrant demonstrated superior antiproliferative activity compared to aromatase inhibitors and tamoxifen3, 4, 5, 6. Overview of lidERA study interim analysis results • In a comparison of giredestrant monotherapy with SOC endocrine therapy (aromatase inhibitors, tamoxifen) as an adjuvant therapy for HR-positive, HER2-negative EBC, giredestrant significantly improved the primary endpoint of iDFS (Invasive Disease-Free Survival), reducing the risk of recurrence or death by 30%3. Giredestrant has delivered benefits as a novel endocrine therapy for EBC for the first time in approximately 20 years and has demonstrated the potential to become a new standard in the adjuvant setting for HR+ HER2- EBC, accounting for >70% of all EBC1 Antiproliferative effect in EBC as neoadjuvant therapy4, 5 Ki67: marker of proliferative activity -67%-75% P=0.0433 Geometric mean reduction In vitro antiproliferative effect on ESR1 wild-type cell lines with active ER signal2,3. 1: Guan J, et al. SABCS 2025, 2: Bardia A, et al. SABCS 2025, 3: Toy W, et al. Nat Genet 2013; 45:1439-1445, 4: Hurvitz SA, et al. SABCS 2021, 5: Hurvitz SA, et al. Lancet Oncol 2020; 24:1029-1041, 6: Llombart Cussac A, et al. ESMO 2025 HR: Hormone receptor, HER2: Human epidermal growth factor receptor 2, EBC: early breast cancer, ER: Estrogen receptor, E2: Estradiol, SOC: Standard-of-care 25
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Open Innovation to Expand Our Drug Discovery Engine Overview of Development Pipeline More convenient biologics (e.g. weekly or monthly oral administration) with comparable efficacy to biologics administered by IV or SC injection Highly differentiated ADCs with larger therapeutic window, and improved efficacy and tolerability First in class medicines for age-related diseases [Strengths of Gero] ◼ Target discovery for age-related diseases using a platform that combines physics-based machine learning (AI) models and human dataset analysis [Strengths of ADCs using AraLinQ Technology] ◼ Exceptional stability in the blood ◼ Preserving the antibody's original performance characteristics (e.g. pharmacokinetics) ◼ Incorporating dual- or triple-payloads [Strengths of RaniPill Technology] ◼ Enable the oral delivery of any biologic ◼ Painless, trans-enteric injection ◼ Highly efficient route of delivery ◼ Bioavailability comparable to subcutaneous injection Chugai’s proprietary antibody technologies ◼ Driving strategic partnerships in target discovery and modality technologies synergistic with our technologies 26
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Potential Market Sales of Main Projects Overview of Development Pipeline ✓ Three P3 studies planned for 2026, including a head-to-head vs. Hemlibra NXT007: 3bn+ CHF (Hemophilia A) ✓ P2 data for SMA, FSHD, and obesity expected in 2026 GYM329 / emugrobart: 2-3bnCHF (SMA/FSHD/Obesity) ✓ Better-than-expected strong initial performance of overseas local sales ✓ Paid NBRx weekly market share trend (new patient starts) in the U.S. [PN: ~39%, AD: ~9%] * NEMLUVIO: 2bn+ USD (AD/PN) NEMLUVIO: Based on Galderma guidance (Source: Galderma.com). Others: Per Roche public announcements [Global Sales] [Domestic Sales] In-licensed Indications Peak sales / Peak year Tecentriq LC, BC, HCC, Urological cancer, and others 70bn+ JPY -2030 Phesgo BC、Colorectal cancer 30bn+ JPY -2030 Polivy DLBCL、aNHL 50bn+ JPY 2031 and beyond Vabysmo nAMD、DME、RVO、AS、 NPDR 30bn+ JPY 2031 and beyond trontinemab Alzheimer's disease 30bn+ JPY 2031 and beyond zilebesiran Hypertension 30bn+ JPY 2031 and beyond In-house Indications Peak sales / Peak year Hemlibra Hemophilia A、Acquired Hemophilia A 50bn+ JPY -2030 Alecensa NSCLC、ALCL 30bn+ JPY -2030 Enspryng NMOSD、MOGAD、AIE、TED 30bn+ JPY -2030 NXT007 Hemophilia A 50bn+ JPY 2031 and beyond Peak sales are estimated without considering the probability of success. Certain products in development are excluded for financial and strategic reasons. SMA: spinal muscular atrophy FSHD: facioscapulohumeral muscular dystrophy AD: atopic dermatitis, PN: prurigo nodularis NSCLC: non-small cell lung cancer ALCL: anaplastic large cell lymphoma NMOSD: neuromyelitis optica spectrum disorder MOGAD: myelin oligodendrocyte glycoprotein antibody-associated disease AIE: autoimmnemediated encephalitis, TED: thyroid eye disease As of January 29, 2026 LC: lung cancer, BC: Breast cancer HCC: hepatocellular carcinoma DLBCL: refractory diffuse large B-cell lymphoma aNHL: aggressive B-cell non-Hodgkin’s lymphoma nAMD: neovascular age-related macular degeneration DME : diabetic macular edema RVO: retinal vein occlusion AS: angioid streaks NPDR: non-proliferative diabetic retinopathy *Source: Galderma‘s J.P. Morgan Healthcare Conference 2026 presentation NBRx: New-to-brand prescriptions; rolling 6 week average as of the week ending December 19, 2025 27
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Portfolio of Each Modality Overview of Development Pipeline ｚ Drug Discovery Preclinical development Clinical Launched AlecensaSmall molecule drugs Edirol >9 Antibody drugs, cellular and gene therapy products … >30 Enspryng (MOGAD, AIE, TED, DMD) Enspryng Hemlibra Deberza Actemra >25 Oxarol … Alecensa (Maintenance treatment of NSCLC (stage III) after chemoradiotherapy, ALK fusion / rearrangement gene- positive unresectable advanced or recurrent solid tumors*) Blue: Joint development with Roche DONQ52 RAY121 GC33 ALPS12 / clesitamig ROSE12 … orforglipron (T2D, Obesity, and others**) AVMAPKI (mPDAC) Mitchga (JPN) NEMLUVIO (US/EU) AP306 (Hyperphosphatemia) Developments licensed out to 3rd parties excl. Roche REVN24 AUBE00 PiaSky GYM329 / emugrobart (SMA, FSHD, Obesity) PiaSky (aHUS) … AVMAPKI (LGSOC) MINT91 (Of which, new technology adoption projects >16) Infectious disease Immunity Cancer Acute diseases Cancer As of January 29, 2026 Developments licensed out to 3rd parties excl. Roche (Chronic diseases, cancer, etc.) Macrocyclic peptide (Mid-size molecule) NXT007(Hemophilia A) NEMLUVIO (Chronic pruritus of unknown origin) (Chronic diseases, cancer, etc.) *filed in Japan **Obstructive sleep apnea, Hypertension, Osteoarthritis, Stress urinary incontinence, Investigation of the effect of orforglipron on the incidence of major adverse cardiovascular events, Peripheral arterial disease Our Macrocyclic Peptide Drug Discovery Platform Technology named as “SnipeTide” Precisely binds to intracellular targets via oral administration Represents pep”tide” and a new “tide” (wave) in peptide drug discovery “Snipe” “Tide” Hemlibra (Type3 VWD) 28
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Projected Submissions (Phase 2 & Later Programs and Products) Overview of Development Pipeline PIASKY (SKY59/RG6107) aHUS ENSPRYNG (SA237/RG6168) MOGAD ranibizumab (Port Delivery Platform with ranibizumab) (RG6321) nAMD TECENTRIQ+AVASTIN (RG7446+RG435) HCC (intermediate stage) ranibizumab (Port Delivery Platform with ranibizumab) (RG6321) DME 2026 GAZYVA (RG7159) Lupus nephritis GAZYVA(RG7159) Pediatric nephrotic syndrome GAZYVA (RG7159) Extra renal lupus LUNSUMIO (RG7828) 2L Follicular lymphoma giredestrant (RG6171） Breast cancer (adj) vamikibart (RG6179) UME ENSPRYNG (SA237/RG6168) Thyroid eye disease 2027 divarasib (RG6330) 2L NSCLC Filed AVASTIN (RG435) NF2 emugrobart (GYM329/RG6237) FSHD emugrobart (GYM329/RG6237) + EVRYSDI SMA glofitamab (RG6026) + Polivy Previously untreated LBCL sefaxersen (RG6299) IgA nephropathy emugrobart (GYM329/RG6237) Obesity LUNSUMIO (RG7828) Previously untreated Follicular lymphoma ENSPRYNG (SA237/RG6168) Autoimmune encephalitis afimkibart (RG6631) Ulcerative colitis ELEVYDIS (RG6356) DMD (non-ambulatory) giredestrant (RG6171) 1L Breast cancer giredestrant (RG6171) 1L-3L Breast cancer 2028 and beyond NXT007 (RG6512) Hemophilia A ENSPRYNG (SA237/RG6168) DMD VABYSMO (RG7716) Non-proliferative diabetic retinopathy LUNSUMIO+POLIVY (RG7828+RG7596) r/r aNHL 29 ALECENSA (AF802/RG7853) ALK fusion / rearrangement gene-positive unresectable advanced or recurrent solid tumors aHUS: atypical hemolytic uremic syndrome DMD: Duchenne muscular dystrophy DME: diabetic macular edema FSHD: facioscapulohumeral muscular dystrophy HCC: hepatocellular carcinoma LBCL: large B-cell lymphoma MOGAD: myelin oligodendrocyte glycoprotein antibody–associated disease MRD: molecular residual disease nAMD: neovascular age-related macular degeneration NF2: Neurofibromatosis type 2 NSCLC: non-small cell lung cancer r/r aNHL: relapsed or refractory aggressive B-cell non-Hodgkin’s lymphoma r/r DLBCL: relapsed or refractory diffuse large B- cell lymphoma SMA: spinal muscular atrophy UME: uvetic macular edema VWD: von Willebrand diseas glofitamab (RG6026) r/r DLBCL New entry Changes in submission year glofitamab (RG6026) relapsed or refractory mantle cell lymphoma afimkibart (RG6631) Crohn's Disease HEMLIBRA (ACE910/RG6013) Type 3 VWD sparsentan IgA nephropathy In-licensed (Roche) In-house NME Line extension In-licensed (3rd Parties) As of January 29, 2026 divarasib (RG6330) 1L NSCLC trontinemab (RG6102) Alzheimer‘s disease zilebesiran (RG6615) Hypertension TECENTRIQ (RG7446) MRD-positive bladder cancer (adj)
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Projects under Development (1/2) 30 Overview of Development Pipeline Phase I Phase II Phase III Filed Cancer GC33 / codrituzumab - HCC ALPS12 / clesitamig - Solid tumors ROSE12 ‐ Solid tumors MINT91 - Solid tumors AUBE00 - Solid tumors RG7421 / cobimetinib - Solid tumors RG6160 / cevostamab - r/r MM RG6114 / inavolisib - PIK3CA- mutated breast cancer (PI/II) RG6026 / glofitamab - r/r DLBCL - r/r MCL AF802 (RG7853) / Alecensa - NSCLC (stage III)* RG7446 / Tecentriq - HCC (2L) RG7446 / Tecentriq +RG435 / Avastin - HCC (intermediate stage) RG6171 / giredestrant - BC (adjuvant) - BC (1L) - BC (1L-３L) RG7828 / Lunsumio - Follicular lymphoma (2L) - Previously untreated follicular lymphoma RG6026 / glofitamab +RG7596 / Polivy - Previously untreated large B-cell lymphoma RG6330 / divarasib - NSCLC (2L) - NSCLC (1L) ★ AF802 (RG7853) / Alecensa - ALK fusion / rearrangement gene-positive unresectable advanced or recurrent solid tumors RG7828 / Lunsumio +RG7596/Polivy - r/r aNHL RG435 / Avastin - Neurofibromatosis type 2 (NF2) RG7446 / Tecentriq - MRD-positive bladder cancer (adj)★ Immunology DONQ52 - Celiac disease RAY121 - Autoimmune disease RG7159 / Gazyva - Lupus nephritis - Pediatric nephrotic syndrome - Extra renal lupus RG6299 / sefaxersen -IgA nephropathy RG6631 / afimkibart - Ulcerative colitis - Crohn‘s Disease - / sparsentan -IgA nephropathy ★ In principle, completion of first dose is regarded as pipeline entry into each phase of clinical studies. Orange: in-house projects (global development), Blue: In-licensed from Roche (development and distribution in Japan), Purple: In-licensed from 3rd parties (development and distribution in Japan) ★: Projects with advances in stages since October 24, 2025 aNHL: aggressive B-cell non-Hodgkin’s lymphoma, BC: breast cancer, HCC: hepatocellular carcinoma, MM: multiple myeloma, MRD: molecular residual disease, NSCLC: non-small cell lung cancer, r/r: relapsed or refractory,DLBCL: diffuse large B-cell lymphoma, MCL: mantle cell lymphoma *maintenance therapy after chemoradiation As of January 29, 2026
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Projects under Development (2/2) 31 Overview of Development Pipeline Phase I Phase II Phase III Filed Neurology RG7935 / prasinezumab - Parkinson's disease GYM329 (RG6237) / emugrobart - SMA (combination with Evrysdi) (PII/III) - FSHD SA237 (RG6168) / Enspryng - DMD RG6042 / tominersen - Huntington's disease SA237 (RG6168) / Enspryng - MOGAD - AIE RG6356 / Elevydis - DMD (non- ambulatory)* RG6102 / trontinemab -Alzheimer‘s disease ★ Hematology NXT007 (RG6512) - Hemophilia A (PI/II) SKY59 (RG6107) / PiaSky ‐ aHUS ACE910 (RG6013) / Hemlibra - Type 3 von Willebrand disease Ophthalmo logy RG6321 / ranibizumab (Port Delivery Platform with ranibizumab) - nAMD (PI/II) - DME (PI/II) SA237 (RG6168) / Enspryng - TED RG6179 / vamikibart - UME RG7716 / Vabysmo - Non-proliferative diabetic retinopathy Other REVN24 - Acute diseases RAY121 - (Not disclosed) GYM329 (RG6237) / emugrobart- Obesity RG6615 / zilebesiran - Hypertension ★ In principle, completion of first dose is regarded as pipeline entry into each phase of clinical studies *Sarepta manages the global study, including Japan. aHUS: atypical hemolytic uremic syndrome, AIE: autoimmune encephalitis, DMD: Duchenne muscular dystrophy, DME: diabetic macular edema, FSHD: facioscapulohumeral muscular dystrophy, MOGAD: myelin oligodendrocyte glycoprotein antibody–associated disease, nAMD: neovascular age-related macular degeneration, SMA: spinal muscular atrophy, TED: thyroid eye disease, UME: uvetic macular edema Orange: in-house projects (global development) Blue: In-licensed from Roche (development and distribution in Japan) ★: Projects with advances in stages since October 24, 2025 As of January 29, 2026
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Advances in Major Chugai Originated Projects Out-Licensed to 3rd Parties (1/2) 32 Overview of Development Pipeline Generic name/ Development code Mode of Action Licensee Granted rights to licensee Indication Stage Progress avutometinib /VS-6766 RAF/MEK clamp Verastem Oncology Exclusive global license for the manufacturing, development and marketing KRAS-mutated recurrent low-grade serous ovarian cancer (LGSOC) Overseas/US: P3 US: Approved ⚫ U.S. FDA BTD (recurrent LGSOC in combination with defactinib) ⚫ U.S. orphan drug designation (avutometinib in combination with defactinib in recurrent LGSOC) ⚫ RAMP301 trial (P3) ongoing globally ⚫ Obtained approval in May 2025 under the accelerated approval pathway in the U.S. for the treatment of adult patients with KRAS-mutated recurrent LGSOC who have received prior systemic therapy, in combination with defactinib Japan: P2 ⚫ RAMP201J trial (P2 in combination with defactinib) ongoing First-line metastatic pancreatic ductal adenocarcinoma (mPDAC) US: P1/2 ⚫ RAMP 205 trial (P1/2 evaluating avutometinib and defactinib in combination with gemcitabine and nab-paclitaxel) ongoing nemolizumab Anti-IL-31 receptor A humanized monoclonal antibody Galderma Exclusive global license for the development and marketing excluding Japan Atopic dermatitis Overseas: Approved (US/EU) ⚫ Obtained U.S. FDA approval in Dec 2024 ⚫ Obtained EMA approval in Feb 2025 Prurigo nodularis Overseas: Approved (US/EU) ⚫ Obtained U.S. FDA approval in Aug 2024 ⚫ Obtained EMA approval in Feb 2025 Chronic pruritus of unknown origin (CPUO) Overseas: P2 ⚫ Initiated a P2 study in Q4 2025 ★ -/AP306 (EOS789) Oral inhibitor of phosphate transporters Alebund Exclusive global license for the manufacturing, development and marketing Hyperphosphatemia China: P2 ⚫ In a P2 study, AP306 showed a clinically significant reduction in serum phosphorus levels at the end of treatment compared to baseline ⚫ AP306 is granted China Breakthrough Therapy Designation for the treatment of hyperphosphatemia in patients with chronic kidney disease As of January 29, 2026 ★: Changes since October 24, 2025
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Advances in Major Chugai Originated Projects Out-Licensed to 3rd Parties (2/2) 33 Overview of Development Pipeline Generic name/ Development code Mode of Action Licensee Granted rights to licensee Indication Stage Progress orforglipron /LY3502970 Oral non- peptidic GLP-1 receptor agonist Eli Lilly and Company Worldwide development and commercialization rights Type 2 diabetes Global: P3 ⚫ P3 (ACHIEVE-1)*: Orforglipron demonstrated HbA1c reduction by an average of 1.3% to 1.6% and a 7.9% weight reduction at the highest dose at 40 weeks ⚫ P3 (ACHIEVE-2)*: The primary endpoint was achieved, demonstrating superiority over dapagliflozin. Orforglipron demonstrated HbA1c reduction by an average of 1.3% to 1.7% at the highest dose at 40 weeks ⚫ P3 (ACHIEVE-3)*: Orforglipron met the primary endpoint and showed superiority vs. oral semaglutide. Orforglipron demonstrated HbA1c reduction by an average of 1.9% to 2.2% and a 9.2% weight reduction at the highest dose at 52 weeks ⚫ P3 (ACHIEVE-5)*: Orforglipron demonstrated HbA1c reduction by an average of 1.5% to 2.1% at the highest dose at 40 weeks Obesity Global: P3 US: Filed ★ ⚫ submitted orforglipron to the U.S. Food and Drug Administration for the treatment of obesity in Q4 2025 ★ ⚫ P3 (ATTAIN-1)*: Orforglipron demonstrated an average of 12.4% weight reduction at the highest dose at 72 weeks ⚫ P3 (ATTAIN-2)*: Orforglipron demonstrated an average of 10.5% weight reduction in adults with obesity or overweight and type 2 diabetes at the highest dose at 72 weeks ⚫ P3 (ATTAIN-MAINTAIN)*: Met the primary endpoint for weight maintenance. At 52 weeks, the mean change in body weight was 0.9 kg after switching from semaglutide to orforglipron, and 5.0 kg after switching from tirzepatide to orforglipron ★ Obstructive sleep apnea Global: P3 ⚫ Initiated a P3 study in Q4 2024 Hypertension Global: P3 ⚫ Initiated a P3 study in Q3 2025 Osteoarthritis Global: P3 ⚫ Initiated a P3 study in Q4 2025 Stress urinary incontinence ★ Global: P3 ★ ⚫ Initiated a P3 study in Q4 2025 ★ Investigation of the effect of orforglipron on the incidence of major adverse cardiovascular events**★ Global: P3 ★ ⚫ Initiated a P3 study in Q4 2025 ★ Peripheral arterial disease ★ Global: P3 ★ ⚫ Initiated a P3 study in Q1 2026 ★ * A safety profile was consistent with injectable GLP-1 medicines ** In participants with established atherosclerotic cardiovascular disease and/or chronic kidney disease ★: Changes since October 24, 2025 As of January 29, 2026
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FY2025 Consolidated Financial Overview (Core) Director, Executive Vice President & CFO Iwaaki Taniguchi
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2024 2025 Revenue 1,170.6 1,257.9 + 87.3 + 7.5% Sales 997.9 1,077.8 + 79.9 + 8.0% Domestic 461.1 472.4 + 11.3 + 2.5% Overseas 536.8 605.4 + 68.6 + 12.8% Other revenue 172.7 180.1 + 7.4 + 4.3% Cost of sales -338.1 -351.5 - 13.4 + 4.0% (cost to sales ratio) 33.9% 32.6% -1.3%p - Research and development -176.9 -180.1 - 3.2 + 1.8% Selling, general and administration -102.2 -103.2 - 1.0 + 1.0% Other operating income (expense) 2.7 0.0 - 2.7 - Operating profit 556.1 623.2 + 67.1 + 12.1% (operating margin) 47.5% 49.5% +2.0%p - Financial account balance 1.0 -1.0 - 2.0 - Income taxes -160.0 -171.2 - 11.2 + 7.0% Net income 397.1 451.0 + 53.9 + 13.6% EPS (JPY) 241.31 274.02 +32.71 + 13.6% (Billions of JPY) Growth P/L Jan – Dec (Year on Year) 35 FY2025 Consolidated Financial Overview (Core) Domestic sales Increase due to growth of new products and mainstay products, despite decrease due to the market penetration of generic drugs and the NHI drug price revisions, etc. Overseas sales Increase in Hemlibra and Actemra Other revenue Increase in the income related to Hemlibra, despite decrease in the one-time income Cost of sales Cost to sales ratio improved due to changes in foreign exchange rates and product mix, etc. Research and development expenses Increase due to investments in research and early development, and progress of development projects, etc. Selling, general and administration expenses Same level as the same period of the previous year
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Sales Jan – Dec (Year on Year) 36 FY2025 Consolidated Financial Overview (Core) (Billions of JPY) Sales by Disease Area, Year on Year +79.9, +8.0% Overseas +68.6, +12.8% Specialty +12.4, +5.8% Oncology -1.2, -0.5% Domestic 472.4 +11.3, +2.5% Domestic 461.1 2024 2025 Sales by Product, Year on Year ( ): Actual sales in FY2025 %: Year-on-year percentage change (26.1） (12.5） (344.5） (6.9） (33.9） (29.2） (62.7） (59.2） (11.3） (158.2） (26.2） (33.5） (3.3） (37.2） (50.5） (62.8） (2.5） *included in Other products of Specialty
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Export of Hemlibra and Actemra to Roche FY2025 Consolidated Financial Overview (Core) 37 <Actemra> <Hemlibra> (Billions of JPY) ■Export to Roche Exceeded the prior-year results, reflecting steady progress in global sales of Hemlibra and Actemra
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623.2 556.1 Operating Profit Jan – Dec (Year on Year) FY2025 Consolidated Financial Overview (Core) (Billions of JPY) 2024 2025 38 +67.1，+12.1% NHI drug price revisions Domestic sales +11.3 Impact of sales volume, etc. Increase due to increased product sales. However, cost to sales ratio improved due to impact of foreign exchange and change in product mix, etc. Export unit price Impact of sales volume, etc. Overseas sales +68.6 Impact of foreign exchange Increase in other revenue Increase in cost of sales Increase in various costs and decrease in other operating income-13.4 -9.3 +7.4 -6.9 +82.9 -50.5 +36.3 +20.6
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Structure of Costs and Profit by Quarter FY2025 Consolidated Financial Overview (Core) (Billions of JPY) Cost of sales Operating profit % of Revenue (% of sales for cost of sales) R&D expenses SG&A expenses Other operating income (expense) ＊Income is shown below operating profit. ＊ Year on Year (vs. 2024 Q4) Cost to sales ratio: improve due to a change in product mix, etc. R&D: increase due to investments in research and early development, and progress of development projects, etc. SG&A: increase mainly in various expenses, etc. Other operating income (expense): same level as the same period of the previous year Operating profit: +43.2 billion JPY, +33.4% Quarter on Quarter (vs. 2025 Q3) Cost to sales ratio: same level as the previous quarter R&D: increase due to investments in research and early development, and progress of development projects, etc. SG&A: increase in line with the trend of previous years Other operating income (expense): same level as the previous quarter Operating profit: -5.8 billion JPY, -3.2% 39
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Structure of Revenue by Quarter FY2025 Consolidated Financial Overview (Core) (Billions of JPY) Overseas sales Domestic sales % of Revenue Other revenue Year on Year (vs. 2024 Q4) Domestic sales: same level as the same period of the previous year due to the market penetration of generic drugs and the NHI drug price revisions, etc., despite increase due to growth of new products and mainstay products Overseas sales: significant increase in Hemlibra Other revenue: increase mainly in the income related to Hemlibra Quarter on Quarter (vs. 2025 Q3) Domestic sales: increase due to growth of mainstay products Overseas sales: decrease in Hemlibra Other revenue: increase mainly in the income related to Hemlibra 40
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Forecast Actual +/- Revenue 1,190.0 1,257.9 + 67.9 105.7% Sales 1,018.0 1,077.8 + 59.8 105.9% Domestic 462.5 472.4 + 9.9 102.1% Overseas 555.5 605.4 + 49.9 109.0% Other revenue 172.0 180.1 + 8.1 104.7% Cost of sales - 341.0 - 351.5 - 10.5 103.1% (cost to sales ratio) 33.5% 32.6% -0.9%p - Research and development - 178.0 - 180.1 - 2.1 101.2% Selling, general and administration - 101.0 - 103.2 - 2.2 102.2% Other operating income (expense) - 0.0 0.0 - Operating profit 570.0 623.2 + 53.2 109.3% (operating margin) 47.9% 49.5% +1.6%p - Net income 410.0 451.0 + 41.0 110.0% EPS (JPY) 250.00 274.02 + 24.02 109.6% 2025 Achiev.(Billions of JPY) P/L Jan – Dec (vs. Forecast) FY2025 Consolidated Financial Overview (Core) Domestic sales Outperformed the forecast due to favorable progress of mainstay products and new products Overseas sales Sales of Actemra and Hemlibra exceeded the forecast Other revenue Royalty income of NEMLUVIO exceeded the forecast Cost of sales Cost to sales ratio improved due to a change in product mix, etc. Research and development Mostly in line with the forecast Selling, general and administration expenses Mostly in line with the forecast 41
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( ): Actual sales in FY2025 %: Achievement Sales Jan – Dec (vs. Forecast) FY2025 Consolidated Financial Overview (Core) 42 (Billions of JPY) Domestic 462.5 Domestic 472.4 +9.9, 102.1 % Specialty +2.5, 101.1% 2025 Forecast 2025 Actual +59.8, 105.9% Overseas +49.9, 109.0% Oncology +7.3, 103.1% Sales by Disease Area (59.2） (158.2） (344.5 ） (62.7 ） (29.2 ） (26.2 ） (6.9 ） (8.9 ） Sales by Product (33.9 ） (8.0 ）
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Impact from Foreign Exchange Jan – Dec FY2025 Consolidated Financial Overview (Core) (Billions of JPY) vs.2024 Actual rate 【C】vs.【A】 vs.2025 Forecast rate 【C】vs.【B】 Revenue Sales Other revenue +49.6 +36.3 +13.4 +5.0 +3.1 +1.9 Cost of sales Other than above*1 -5.0 -0.5 -1.0 -0.4 Operating profit +44.2 +3.6 *1 Total of R&D, SG&A and other operating income (expense) *2 Weighted average of the exchange rates used to record foreign currency transactionsincluded in categories from revenue to operating profit *3 Market average rates in during the fiscal period Exchange Rate (JPY) 2024 Actual rate*2 Jan - Dec 【A】 2025 Forecast rate Jan - Dec 【B】 2025 Actual rate*2 Jan -Dec 【C】 1CHF 161.02 171.00 173.57 1EUR 163.30 160.00 168.84 1USD 139.11 148.00 147.08 43 2025 Market average rate*3 Jan – Dec 179.98 168.68 149.66
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Net working capital Financial Position (vs. 2024 Year End) FY2025 Consolidated Financial Overview (Core) 2025 Dec 2024 Dec +78.3 -16.6 +84.4 1,110.3 + 162.7 -21.8 Other non-operating assets - net *¹ (Billions of JPY) 947.6 Net operating assets Long-term net operating assets Net cash Net operating assets *1 E.g., deferred income tax assets, accrued corporate tax, etc. +124.2 1,901.5 2,025.7Total net assets Total assets Total liabilities 2,208.4 -306.9 2,468.6 -442.9 +260.2 -136.0 86.1％ 82.1％-4.0%p Ratio of equity attributable to Chugai shareholders Increase in net working capital Increase in trade accounts receivable and other accounts receivable, etc. Increase in long-term net operating assets Increase due to investments in the following facilities and increase in intangible assets, etc. - the manufacturing building for bio drug substance (UT3) at Utsunomiya Plant - the manufacturing building for injectables (UTA) at Utsunomiya Plant Decrease in net cash (See next slide) Decrease in other non-operating assets – net Decrease mainly due to increase in lease liabilities 44
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Operating profit after adjustment *1 +651.5 Operating profit *1 +598.8 Depreciation, amortization and impairment *1 +45.1 Increase in net working capital, etc. -79.7 Total investment -119.8 Property, plant and equipment -76.3 Payment for lease liabilities -8.2 Intangible assets -35.3 Operating free cash flows +452.1 Income tax payable, etc. -178.8 Income tax payable -191.1 Free cash flows +273.3 Dividends paid -299.4 Net effect of currency transaction on net cash, etc. *2 +9.5 996.3 979.7 -79.7 +651.5 -119.8 -178.8 -299.4 Net Cash (vs. 2024 Year End) FY2025 Consolidated Financial Overview (Core) (Billions of JPY) ‐16.6，-1.7% 2024 Dec *1 Including Non-Core (IFRS results) *2 Net effect of currency translation on net cash, etc. = Transaction in own equity instruments + Net effect of currency trans lation on net cash(*3) *3 Results from using different types of exchange rates when consolidating overseas subsidiaries in financial statements, i.e. net cash using end of period exchange rate and free cash flows using average exchange rate. (Chugai defines this term based on International Accounting Standard (IAS) 7 and IAS 21) 2025 Dec Income tax payable, etc. 45 Operating profit after adjustments *1 Increase in net working capital, etc. Total investment Operating free cash flow +452.1 Free cash flow +273.3 Dividends paid Net effect of currency translation on net cash, etc. *2 +9.5
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FY2025 Consolidated Financial Overview (Core) ROIC ROE 396.1 583.3 314.0 Net working capital NOA 947.6 1,110.3 772.6 448.7 527.0 370.1 498.9 452.0 42.9% 43.9%44.3% (Billions of JPY) 402.4 36.1% 319.9 551.6 447.8 999.3 328.9 422.6 478.3 900.9 34.6% 20242021 2022 2023 2025 Long-term net operating assets Operating profit after tax 〈ROIC*¹〉 〈ROE*²〉 22.1% 28.0% 28.7% 21.3% 22.0% Profit attributable to the Company’s shareholders Equity attributable to the Company’s shareholders 20242021 2022 2023 2025 434.0 2,025.7 1,188.0 1,424.4 1,625.6 1,901.5 303.0 374.4 325.5 387.3 *1ROIC = operating profit after tax / the average of opening and ending NOA balances *2ROE: Profit attributable to owners of parent / Equity attributable to owners of parent (Billions of JPY) 46
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2025 2026 Actual Forecast Revenue 1,257.9 1,345.0 + 87.1 + 6.9% Sales 1,077.8 1,100.0 + 22.2 + 2.1% Domestic 472.4 498.0 + 25.6 + 5.4% Overseas 605.4 602.0 - 3.4 - 0.6% Other revenue 180.1 245.0 + 64.9 + 36.0% Cost of sales - 351.5 - 383.5 - 32.0 + 9.1% (cost to sales ratio) 32.6% 34.9% +2.3%p - Research and development - 180.1 - 190.0 - 9.9 + 5.5% Selling, general and administration - 103.2 - 102.0 + 1.2 - 1.2% Other operating income (expense) 0.0 0.5 + 0.5 - Operating profit 623.2 670.0 + 46.8 + 7.5% (operating margin) 49.5% 49.8% +0.3%p - Net income 451.0 485.0 + 34.0 + 7.5% EPS (JPY) 274.02 295.00 + 20.98 + 7.7% (Billions of JPY) Growth Excehange Rate (JPY) 2025 Actual End of December 2025 2026 Assumption 1CHF 173.57 197.48 184.00 1EUR 168.84 183.75 179.00 1USD 147.08 156.47 151.00 P/L 2026 Forecast FY2025 Consolidated Financial Overview (Core) 47 Domestic sales Increase due to growth of new products and mainstay products, despite decrease due to the NHI price revisions and market penetration of generic drugs Overseas sales Decrease in Actemra, etc., despite growth in NEMLUVIO and Hemlibra Other revenue Increase in the income related to out-licensed products and Hemlibra, and in the one-time income Cost of sales Rise due to a change in product mix, etc. Research and development Increase due to investments in research and early development, and progress of development projects, etc. Selling, general and administration expenses Mostly the same level as the previous year
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Sales 2026 Forecast FY2025 Consolidated Financial Overview (Core) (Billions of JPY) Domestic 472.4 Domestic 498.0 +25.6, +5.4% Specialty +13.0, +5.8% 2025 Actual 2026 Forecast +22.2, +2.1 % Overseas -3.4, -0.6% Oncology +12.7, +5.2% Sales by Disease Area ( ): Forecast sales in FY2026 %: Year-on-year percentage change (136.3） (13.7） (2.4） (7.0） (9.2） (46.2） (28.4） (354.0） (42.5） (30.1） (66.6） (61.1） Sales by Product (31.9） (8.3） (11.1） 48
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Revenue 1,257.9 1,257.9 Sales 1,077.8 1,077.8 Other revenue 180.1 180.1 Cost of sales -363.7 +1.2 +11.0 -351.5 Research and development -187.6 +1.9 +5.6 -180.1 Selling, general and administration -116.5 +13.3 -103.2 Other operating income (expense) 8.6 -8.6 0.0 Operating profit 598.8 +3.1 +21.3 623.2 Financial account balance -1.0 -1.0 Income taxes -163.8 -0.9 -6.5 -171.2 Net income 434.0 +2.2 +14.8 451.0 EPS (JPY) 263.72 274.02 Core results (Billions of JPY) Non-core items Intangible assets Others IFRS results P/L Jan – Dec (Non-core adjustment) 49 FY2025 Consolidated Financial Overview (Core) Non-core items Factors affected operating profit Intangible assets Amortization +1.4 Impairment +1.7 Others Business rebuilding expenses +13.3 Expenses due to the collective discontinuation of development projects, etc. +16.4 Restructuring expenses, etc. including gain on disposal of assets -8.4
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Planned investment Total amount Investment to-date Unit Utsunomiya plant UT3: Manufacture bio drug substance for middle to later- stage clinical 37.4 33.2 billion JPY development and early commercial use Utsunomiya plant UTA: Manufacture sterile injectables for early commercial use 19.0 17.5 billion JPY (Completed) Ukima plant UK3(modification): Manufacture bio drug substance 20.3 7.3 billion JPY CPR Move and renovate facilities to enhance research functions 60 22 million SGD IFReC Funding to IFReC per comprehensive collaboration agreement 10.0 8.8 billion JPY Ukima Site UKX: Strengthening the process development function of small-and-mid-size molecule 80.0 1.3 billion JPY drugs and biopharmaceuticals Environmental Equipment upgrade to achieve Mid-Term Environmental Goals 2030 135.9 8.1 billion JPY investment** *For capital investments, the period indicates the years from project start to planned completion ** incl. part of investments described in the schedule above Environment 2022 2032 estimated total amount Research and development 2024 2026 2017 2027 2026 2028 2030～ Period* Manufacturing 2023 2026 2023 2025 2024 2027 ～2024 2025 2026 2027 2028 2029 Current Status / Plan for Major Investments FY2025 Consolidated Financial Overview (Core) 50
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‘Export’ in the table includes Taiwan local sales in the Chugai territory. ‘Overseas local’ refers to overseas local sales by Roche, and Year on Year (%) is on a constant exchange rate basis. Y on Y: year on year, NSCLC: non-small cell lung cancer Product (Billions of JPY) FY2025 Results Y on Y FY2026 Forecast Comments Hemlibra Domestic: 62.7 +6.3% 66.6 • Japan: Sales increased year on year as domestic market share steadily increased. • Overseas: Sales increased in all regions. Exceeded export forecast for the full year. • We provide value to patients worldwide through its convenience and accumulated clinical evidence. Export: 344.5 +12.0% 354.0 Overseas local: 4,376mCHF +11％ - Actemra Domestic: 50.5 +5.2% 46.2 • Japan: Continued to obtain new prescriptions for rheumatoid arthritis. Other indications also penetrated. • Overseas: Sales decreased in EU and the U.S. Exceeded export forecast for the full year, mainly due to lower-than-expected biosimilar penetration. • We provide value to patients through the established evidence as an originator of IL-6 inhibitor. Export: 158.2 +19.9% 136.3 Overseas local: 2,160mCHF -3％ - Alecensa Domestic: 33.5 +8.1% 32.8 • Japan: Maintains its high share in the first-line therapy despite competitors' entry since 2021. • Overseas: Sales increased in the U.S. and International. Fell short of export forecast for the full year due to inventory adjustments. • We provide value to patients for early-stage NSCLC as the first ALK inhibitor, in addition to advanced NSCLC. Export: 59.2 -5.7% 60.4 Overseas local: 1,359mCHF +6％ - Enspryng Domestic: 29.2 +18.2% 31.9 • Japan: Sales increased solidly year on year as the switching from other drugs progressed steadily, despite the significant drug price revision implemented in 2024*. • Overseas: Sales increased in all regions. Fell short of export forecast for the full year due to inventory adjustments. • We provide a convenient treatment option for patients who wish to avoid steroids. Export: 11.3 -18.1% 9.2 Overseas local: 200mCHF +28％ - PiaSky Domestic: 6.9 +165.4％ 8.3 • Japan: The product successfully penetrates the market, gaining favorable evaluation in medical facilities due to the convenience of subcutaneous administration and reduced hospital time. • Overseas: Market introduction is progressing in EU. We aim to penetrate markets in various countries worldwide. • We provide an improved convenience and a broad range of treatment opportunities for patients including C5 gene polymorphisms. Export: - ‐％ - Overseas local: 8mCHF +700％ - Summary of Chugai Originated Global Products * Market expansion re-pricing in April 2024 (-25.0%) [Hemlibra] Domestic Hemophilia A Patient Share Trends Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 35.3% 36.2% 37.0% 37.7% 38.2% 51 (Billions of JPY) FY2025 Consolidated Financial Overview (Core)
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Contacts 52 Corporate Communications Dept. For Media: Media Relations Group Tel： +81 (0)3-3273-0881 E-mail： pr@chugai-pharm.co.jp Person in charge： Naoki Kouzai, Atsuki Hirano, Ikue Miyazawa, Kaho Izumi For Investors: Investor Relations Group Tel： +81 (0)3-3273-0554 E-mail： ir@chugai-pharm.co.jp Person in charge： Takayuki Sakurai, Tomoyuki Shimamura, Yayoi Yamada, Yuri Ikegaya, Mari Otsuka