Interim report
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CO NSOLIDATED FINANCIAL REPORT [IFRS] for the Six-Month Period Ended September 30, 2025 No vember 5 , 20 25 Eisai Co., Ltd. Stock exchange listing: Tokyo Stock Exchange (TSE) TSE Code: 4523 URL: https://www.eisai.com Representative: Haruo Naito, Representative Corporate Officer & CEO Contact: Teruyuki Masaka, Vice President, Corporate Communications Telephone: +81-3-3817-5120 Expected date of Semiannual Securities Report submission: November 12, 2025 Expected date of dividend payment commencement: November 18, 2025 Preparation of supplementary explanatory material: Yes Financial results briefing held: Yes (Figures are rounded to the nearest million yen ) 1. C onsolidated Financial Results for the Six- Month Period Ended September 30, 2025 (1) Consolidated Operating Results (Percentage figures show year on year change ) Rev enue Operating profit Profit before income taxes Profit for the period Profit for the period attributable to owners of the parent Comprehensive income for the period (¥ million) (%) (¥ million) (%) (¥ million) (%) (¥ million) (%) (¥ million) (%) (¥ million) (%) Six-month period ended September 30, 2025 400,013 3.9 34,418 23.6 36,936 17.1 25,870 12.2 24,630 13.5 37,341 ― Six-month period ended September 30, 2024 385,023 3.1 27,837 -11.4 31,535 -11.6 23,065 -4.6 21,693 -6.2 -2,053 ― E arnings per share attributable to owners of the parent (basic) Earnings per share attributable to owners of the parent (diluted) (¥) (¥) Six-month period ended September 30, 2025 87.37 — Six-month period ended September 30, 2024 76.13 — ( 2) C onsolidated Financial Position Total assets Total equity Equity attributable to owners of the parent Ratio of equity attributable to owners of the parent Equity per share attributable to owners of the parent (¥ million) (¥ million) (¥ million) (%) (¥) As of September 30, 2025 1,437,998 879,770 854,433 59.4 3,031.07 As of March 31, 2025 1,386,547 865,968 841,417 60.7 2,984.93
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2. Dividends Annual dividend per share End of Q1 End of Q2 End of Q3 End of FY Total (¥) (¥) (¥) (¥) (¥) FY 2024 — 80.00 — 80.00 160.00 FY 2025 — 80.00 FY 2025 (Forecast) — 80.00 160.00 (Note) Revisions to the latest dividend forecast: No 3. Consolidated Financial Forecast for Fiscal 2025 ( April 1, 2025 – March 31, 2026) (Percentage figures show year on year change) Revenue Operating profit Profit before income taxes Profit for the year Profit for the year attributable to owners of the parent Earnings per share attributable to owners of the parent (basic) (¥ million) (%) (¥ million) (%) (¥ million) (%) (¥ million) (%) (¥ million) (%) (¥) Fiscal Year 790,000 0.1 54,500 0.2 59,000 -3.4 43,500 -9.5 41,500 -10.6 147.20 (Note) Revisions to the latest financial forecast: No * Explanatory Notes (1) Changes in number of significant subsidiaries during the period (changes in specified subsidiaries resulting i n a change in scope of consolidation): No ( 2) Changes in accounting policies and accounting estimates: 1) Changes in accounting policies required by IFRS: Yes 2) Changes in accounting policies other than 1): No 3) Changes in accounting estimates: No (3) Number of shares issued (common shares): 1) Number of shares issued (including treasury shares) As of September 30, 2025 291,649,149 As of March 31, 2025 291,649,149 2) Number of treasury shares As of September 30, 2025 9,534,452 As of March 31, 2025 9,533,249 3) Weighted average number of shares outstanding For the six-month period ended September 30, 2025 281,889,505 For the six-month period ended September 30, 2024 284,940,435 T he Company’s shares held through a trust (223,240 shares) are not included in the number of treasury shares as of the end of the period, but are included in the average number of shares outstanding as treasury shares that are deducted from the calculation of earnings per share. * R eview of attached Interim Consolidated Financial Statements by independent auditors: No * Explanation concerning the appropriate use of results forecast and other special instructions: (Caution concerning forward-looking statements) Materials and information provided in this financial disclosure may contain “forward- looking statements” based on expectations, business goals , estimates, forecasts and assumptions that are subject to risks and uncertainties as of the publication date of these materials. Accordingly, actual outcomes and results may differ materially from these statements depending on a number of important factors. Please refer to the page 8 for details with regard to the assumptions and other related matters concerning the consolidated financial forecast. (Methods for obtaining supplementary materials and content of financial results disclosure meeting) Supplementary materials are attached to this financial report. The Company plans to hold a financial results disclosure meeting for institutional investors and securities analysts on Wednesday, November 5, 2025. The handouts for the disclosure meeting will be made available on the Company’s website.
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Supplemental Materials: Table of Contents 1. Qualitative Information regarding Financial Results for the Period (Page) (1) Operating Results ･･･････････ 2 (2) F inancial Position ･･･････････ 4 (3) Research & Development Pipeline, Alliances, and Other Events ･･･････････ 5 (4) Information on Outlook for the Future including Financial Forecast ･･･････････ 8 (5) Basic Policy on Profit Appropriation and Interim Dividend for the E nd of the Second Quarter of Fiscal 2025 ･･･････････ 8 2. Condensed Interim Consolidated Financial Statements and Major Notes (1) C ondensed Interim Consolidated Statement of Income ･･･････････ 10 (2) Condensed Interim Consolidated Statement of Comprehensive Income ･･･････････ 11 (3) Condensed Interim Consolidated Statement of Financial Position ･･･････････ 12 (4) Condensed Interim Consolidated Statement of Changes in Equity ･･･････････ 14 (5) Condensed Interim Consolidated Statement of Cash Flows ･･･････････ 16 (6) Notes to Condensed Interim Consolidated Financial Statements (Going Concern) ･･･････････ 17 (Changes in Accounting Policies) ･･･････････ 17 (Segment Information) ･･･････････ 18 (Consolidated Statement of Income) ･･･････････ 19 (Consolidated Statement of Cash Flows) ･･･････････ 19 (Business Combination) ･･･････････ 19 (Significant Subsequent Events) ･･･････････ 20 1
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1．Qualitative Information regarding Financial Results for the Period (1) Operating Results [Revenue and Profit] 〇 Eisai Co., Ltd. (“the Company”) and its affiliates (collectively referred to as “the Group”) recorded the following consolidated financial results for the six-month period ended September 30, 2025. (¥billion) Six-month period ended September 30, 2024 Six-month period ended September 30, 2025 Year on year change (%) Revenue 385.0 400.0 103.9 Cost of sales 82.3 88.1 107.1 Gross profit 302.8 311.9 103.0 Selling, general and administrative expenses 197.0 204.0 103.6 Research and development expenses 81.8 75.5 92.4 Other income 5.5 2.8 49.8 Operating profit 27.8 34.4 123.6 Profit before income taxes 31.5 36.9 117.1 Profit for the period 23.1 25.9 112.2 Profit for the period attributable to owners of the parent 21.7 24.6 113.5 〇 R evenue increased due to continued growth of Alzheimer’s disease (AD) treatment Leqembi, insomnia treatment Dayvigo and anticancer agent Lenvima. Revenue of pharmaceutical business came to ¥393.3 billion (105.4% year on year). 〇 Regarding revenue from major products, revenue for Lenvima, Leqembi, Dayvigo, and antiepileptic agent Fycompa was ¥166 .5 billion (101.0 % year on year), ¥ 41.1 billion (252.6% year on year), ¥29.1 billion (115.0% year on year), and ¥16.0 billion (108.9% year on year), respectively. 〇 While there was a decrease due to the appreciation of the Japanese yen, selling, general and administrative expenses increased due to proactive resource investment for Leqembi. 〇 While proactive resource investment in important projects such as Leqembi and anti - microtubule binding region ( MTBR) tau antibody E2814 continued, research and development expenses decreased due to reevaluation of development themes, cost efficiency measures and the appreciation of the Japanese yen. 〇 O ther income decreased due to the recording of ¥4.8 billion as reversal profit of the deposit in the same period of the previous fiscal year. 〇 As a result of the above, operating profit increased significantly. Segment profit of pharmaceutical business came to ¥186.1 billion (103.8% year on year). 2
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[P erformance by Segment ] (R evenue for each segment indicates revenue from external customers) The Group’s business is comprised of pharmaceutical business and other business. The pharmaceutical business is organized into the following five reporting segments in this report: Japan, Americas (North America), China, EMEA (Europe, the Middle East, Africa, Russia and Oceania), and East Asia Global South (primarily South Korea, Taiwan, India, ASEAN, Central and South America, and South Africa). <Japan pharmaceutical business> 〇 Total revenue came to ¥112.5 billion (104.9% year on year), with a segment profit of ¥36.8 billion (100.8% year on year). Breakdown of revenue was ¥101.1 billion (105.4% year on year) from prescription medicines and ¥11 .5 billion (100.6% year on year) from OTC and others. 〇 Regarding revenue by product, from neurology products, revenue for Leqembi achieved significant growth coming to ¥11.7 billion (276.9% year on year). Revenue for Dayvigo and Fycompa both achieved growth coming to ¥22.0 billion (103.8% year on year) and ¥4.1 billion (105.7% year on year), respectively. Among oncology products, revenue for Lenvima achieved growth coming to ¥7.0 billion (101.8% year on year). Revenue for JAK (Janus kinase) inhibitor Jyseleca and c hronic constipation treatment Goofice both achieved significant growth coming to ¥ 8.7 billion (120.8% year on year) and ¥4.3 billion (112.7% year on year), respectively . In OTC and others, revenue for Chocola BB Group achieved growth coming to ¥8.1 billion (105.3% year on year). 〇 Proton p ump inhibitor Pariet S, an OTC medicine, was launched in June 2025. <Americas pharmaceutical business> 〇 Total revenue came to ¥141.7 billion (103.4% year on year), with a segment profit of ¥83.2 billion (104.8% year on year). 〇 Regarding revenue by product, from neurology products, revenue for Leqembi and Dayvigo both achieved significant growth coming to ¥ 19.3 billion (184.2% year on year) and ¥4.2 billion (134.1% year on year), respectively. Among oncology products, while revenue for Lenvima achieved growth in local currency, it stood at ¥ 114.4 billion (98.7% year on year) due to the appreciation of the Japanese yen. 〇 Subcutaneous autoinjector L eqembi Iqlik was launched in the United States in October 2025. < China pharmaceutical business> 〇 Total revenue came to ¥66.2 billion (110.9% year on year), with a segment profit of ¥32.1 billion (105.2% year on year). 〇 Regarding revenue by product, revenue for Lenvima came to ¥12.7 billion (96.8% year on year). Revenue for Leqembi came to ¥7.9 billion (542.2% year on year), due to increasing demand and stockpiling by distributors in the first quarter of this fiscal year in response to the risk of tariffs. Revenue for peripheral neuropathy treatment Methycobal achieved growth 3
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coming to ¥6.4 billion ( 101.7% year on year) . Revenue for vertigo and equilibrium disturbance treatment Merislon, came to ¥6.3 billion (80.4% year on year). 〇 Gout treatment URECE was launched in China in July 2025. 〇 Dayvigo was launched in China in August 2025. <EMEA pharmaceutical business> 〇 Total revenue came to ¥38.8 billion (98.2% year on year), with a segment profit of ¥17.1 billion (89.7% year on year). 〇 Regarding revenue by product , from neurology products, revenue for Fycompa achieved growth coming to ¥8.1 billion (108.5% year on year). Revenue for Leqembi came to ¥0.4 billion ( 331.2% year on year) . Among oncology products, revenue for Lenvima/Kisplyx achieved growth coming to ¥23.1 billion (109.0% year on year). 〇 Leqembi was launched in Austria in August 2025, and in Germany and Saudi Arabia in September 2025. <East Asia Global South pharmaceutical business> 〇 Total revenue came to ¥34.1 billion (115.7% year on year), with a segment profit of ¥16.9 billion (123.0% year on year). 〇 Regarding revenue by product, Lenvima achieved significant growth coming to ¥9.3 billion (120.3% year on year). Revenue for Aricept, a treatment for Alzheimer’s disease dementia, achieved growth coming to ¥7.5 billion (103.7% year on year). Revenue for Leqembi came to ¥1.9 billion (¥0.02 billion in the same period of the previous year) . 〇 Leqembi was launched in Taiwan and Singapore in June 2025, and in Mexico in September 2025. 〇 Overactive bladder treatment Beova was launched in Thailand in July 2025. ( 2) Financial Position [Assets, Liabilities, and Equity] 〇 Total assets as of the end of the period amounted to ¥1,438.0 billion (up ¥51.5 billion from the end of the previous fiscal year). Inventories increased due to proceeding the production of Leqembi and others. 〇 Total liabilities as of the end of the period amounted to ¥558.2 billion (up ¥37.6 billion from the end of the previous fiscal year). While accounts payable-other and accrued expenses decreased, short-term borrowings increased. 〇 Total equity as of the end of the period amounted to ¥879.8 billion (up ¥13.8 billion from the end of the previous fiscal year) . Exchange differences on translation of foreign operations increased due to impact of the exchange rate. 〇 As a result of the above, the ratio of equity attributable to owners of the parent was 59.4 % ( down 1.3 percentage points from the end of the previous fiscal year). 4
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[Cash Flows] 〇 Net cash from operating activities amounted to an in flow of ¥22 .3 billion (up ¥21.4 billion from the same period of previous fiscal year). Working capital increased mainly due to an increase in inventories for Leqembi and others, as well as a decrease in accrued expenses. 〇 Net cash used in investing activities amounted to an out flow of ¥12.8 billion (inflow of ¥0.8 billion in the same period of previous fiscal year). While there were proceeds from sale of financial assets, there was net cash outflow on acquisition of subsidiaries. 〇 Net cash from financing activities amounted to an inflow of ¥19.9 billion (outflow of ¥ 33.1 billion in the same period of previous fiscal year) . While dividends were paid, short- term borrowings increased. 〇 As a result of the above, cash and cash equivalents as of the end of the period stood at ¥301.6 billion (up ¥36.1 billion from the end of the previous fiscal year). Free cash flow (cash flow from operating activities excluding capital expenditures) for the year was an inflow of ¥9.6 billion. (3) Research & Development Pipeline, Alliances, and Other Events [Status of Ongoing Research & Development Pipelines] 〇 Anticancer agent Lenvima (lenvatinib, jointly developed with Merck & Co., Inc., Rahway, NJ, USA) Approved as a monotherapy for use in the treatment of thyroid cancer and hepatocellular carcinoma (first-line) mainly in Japan, the United States, Europe, China and Asia. Approved as a monotherapy for use in the treatment of unresectable thymic carcinoma in Japan . A pproved in combination with everolimus for use in the treatment of renal cell carcinoma (second-line) mainly in the United States, Europe and Asia. Approved in combination with pembrolizumab, Merck & Co., Inc., Rahway, NJ, USA’s anti-PD-1 therapy, f or use in the treatment of renal cell carcinoma (first-line) a nd endo metrial carcinoma (following prior systemic therapy) mainly in Japan, the United States, Europe and Asia. A Phase III study in combination with pembrolizumab and transcatheter arterial chemoembolization (TACE) for hepatocellular carcinoma demonstrated a statistically significant and clinically meaningful improvement in progression- free survival (PF S) c ompared to TACE alone, achieving one of the study’s primary endpoints. Based on this study the combination was approved in China in July 2025 for this indication. At an interim analysis, the combination did not achieve statistical significance for overall survival (OS), the study’s other primary endpoint. The likelihood of reaching the protocol- specified threshold for statistical significance for OS at a future analysis was considered to be low, and the study will be closed. The results of this study do not affect the approval for this indication in China. A Phase III study in combination with pembrolizumab for esophageal carcinoma (first- line, in combination with chemotherapy) in Japan, the United States, Europe and China, w as discontinued based on the recommendation of an independent Data Monitoring Committee. 5
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Regarding a combination treatment with Merck & Co., Inc., Rahway, NJ, USA’ s bel zutifan, a Phase III study conducted by Merck & Co., Inc., Rahway, NJ, USA for renal cell carcinoma met one of its primary endpoints of PFS by demonstrating a statistically significant and clinically meaningful improvement in PFS compared to cabozantinib. A t rend toward improvement in OS, the study’s other primary endpoint, was observed; however, this result did not reach statistical significance at the time of this interim analysis. OS will be tested at a subsequent analysis per the clinical protocol . 〇 AD treatment Leqembi (lecanemab, jointly developed with Biogen Inc. (U.S.)) Approved as a treatment for early AD in India and Australia in September 2025, and in Canada in October 2025. As a result, acquired approvals have expanded to 51 countries and regions including Japan, the United States, China, Europe (European Union), South Korea, and Taiwan. Applications have been submitted in 9 countries. Approved in China for once every four weeks intravenous maintenance treatment a fter an 18 month initiation phase with once every two weeks treatment in September 2025. Approved in 5 countries including the United States, and applications have been submitted in 5 countries and regions. Subcutaneous autoinjector L eqembi I qlik for weekly maintenance treatment was approved in the United States in August 2025. A rolling Supplemental Biologics License Application (sBLA) for subcutaneous autoinjector Leqembi Iqlik for weekly initiation treatment was initiated under Fast Track Status in September 2025. AHEAD 3 -45 (Phase III study) for preclinical (asymptomatic) AD is underway in partnership with the Alzheimer's Clinical Trials Consortium (ACTC) in countries includin g J apan, the United States and Europe. 〇 Insomnia treatment Dayvigo (lemborexant) Approved for the treatment of insomnia mainly in Japan, the United States and Asia . A pproved for the treatment of adults with insomnia, characterized by difficulties with sleep onset and/or sleep maintenance in China in May 2025. 〇 The notification was received from Japan’s Ministry of Health, Labour, and Welfare (MHLW) about the clearance of the “all -case surveillance” post -marketing observational study condition required at the time of approval of anticancer agent “Remitoro for Intravenous Drip Infusion 300μg” (Denileukin Diftitox (Genetical Recombination)) for the indications of T-cell Lymphoma in May 2025. 〇 Anticancer agent Tazverik (tazemetostat) was granted orphan drug designation in Japan by the MHLW for unresectable INI1- negative epithelioid sarcoma that has progressed after chemotherapy in August 2025. 〇 Anti- MTBR (microtubule binding region) tau antibody E2814 (etalanetug) was granted Fast Track designation for AD by the United States Food and Drug Administration (FDA) in September 2025. 6
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〇 EA Pharma Co., Ltd. (Tokyo) submitted an application for chronic constipation treatment MOVICOL in Japan for an additional dosage and administration for chronic constipation in 1-year old pediatric patients in October 2025. 〇 Regarding folate receptor α targeted antibody drug conjugate MORAb- 202 (farletuzumab ecteribulin), a Phase II study for non-small cell lung cancer in the United States and Europe has finished. [Major Alliances and Agreements] 〇 In May 2025, as the conditions for the success of a public tender offer (TOB) to acquire the common shares and share acquisition rights of EcoNaviSta, Inc. ( Tokyo, hereinafter EcoNavista) were met, it became Eisai’s consolidated subsidiary. In June 2025, EcoNaviSta became a wholly owned subsidiary of Eisai through a squeeze-out procedure. [Oth er Events] ○ Regarding the patent infringement litigation related to Lenvima in the United States, Eisai received a favorable decision in the lawsuit filed in the U.S. District Court for the District of New Jerse y against Shilpa Medicare Limited in May 2025 . Shilpa Medicare Limited has appealed this decision to the United States Court of Appeals for the Federal Circuit. A settlement agreement was reached with Dr. Reddy’s Laboratories, Ltd. and Dr. Reddy’s Laboratories, Inc. in September 2025. An additional patent infringement litigation against Torrent Pharmaceuticals Ltd. is currently ongoing in the U.S. District Court for the District of New Jersey. ○ In July 2025, Eisai was selected for the highest rating of “Supplier Engagement Leader” in the Supplier Engagement Rating by the non-profit organization CDP (UK). 7
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(4) Information on Outlook for the Future including Financial Forecast (April 1, 2025 – March 31, 2026) [Consolidated Fi nancial Forecast] 〇 There are no changes to the consolidated financial forecast announced on May 15, 2025. F Y2024 FY2025 Forecast Year on year change Revenue ¥789.4 billion ¥790.0 billion 100.1% Operating profit ¥54.4 billion ¥54.5 billion 100.2% Profit before income taxes ¥61.1 billion ¥59.0 billion 96.6% Profit for the year ¥48.1 billion ¥43.5 billion 90.5% Profit for the year attributable to owners of the parent ¥46.4 billion ¥41.5 billion 89.4% Earnings per share attributable to owners of the parent (basic) ¥167.76 ¥147.20 89.9% (Assumptions: 1 USD = ¥148.0 , 1 EUR = ¥157.0, 1 GBP = ¥188.0, 1 RMB = ¥20.8) [Fo recasts and Risk Factors] The materials and information provided in this announcement include current forecasts, targets, evaluations, estimates, assumptions that are accompanied by risks, and other matters that are based on uncertain factors. Accordingly, it is possible that actual results will deviate significantly from forecasts, etc., due to changes to a variety of factors. These risks and uncertainties include general industry and market conditions, changes in tariff policies in various countries, fluctuation of interest rates and currency exchange rates, and other aspects of economic conditions in Japan and internationally. For further details on risks and uncertainties that could cause significant fluctuations in the results of the Group or have a material effect on investment decisions, please refer to the “Risk Factors” section of the Annual Securities Report in the previous fiscal year. However, these do not cover all of the risks and uncertainties faced by the Group, and it is possible that they will be affected in the future by other factors that cannot be foreseen, or are not deemed to be important, at this point in time. These are judgments as of the time of the announcement, and statements in the text regarding the future are not guarantees that they will occur or be achieved. (5) Basic Policy on Profit Appropriation and Interim Dividend for the End of the Second Quarter of Fiscal 2025 The Company pays dividends to all shareholders in a sustainable and stable way based on fac tors such as a healthy balance sheet and comprehensive consideration of the consolidated financial results, Dividends on Equity (DOE) and free cash flow, as well as taking into consideration the signaling effect. Because DOE indicates the ratio of dividends to consolidated net assets, the Group has positioned it as an indicator that reflects balance sheet management, and, consequently, capital policy. Acquisition of treasury stock will be carried out appropriately after factors such as the market environment and capital efficiency are taken into account. The 8
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Group uses the ratio of equity attributable to owners of the parent and net debt equity ratio as indicators to measure a healthy balance sheet. At the Company, the dividend payments are determined by a resolution of the Board of Directors as specified in the Company’s Articles of Incorporation. The Company has set the interim dividend for the end of the second quarter of fiscal 202 5 at ¥80 per share (the same amount as in fiscal 2024) as previously projected. 9
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(Millions of yen) For the six-month period ended September 30, 2025 For the six-month period ended September 30, 2024 Revenue 400,013 385,023 Cost of sales (88,124) (82,269) Gross profit 311,889 302,754 Selling, general and administrative expenses (204,027) (196,962) Research and development expenses (75,528) (81,763) Other income 2,755 5,535 Other expenses (671) (1,727) Operating profit 34,418 27,837 Financial income 4,875 5,350 Financial costs (2,358) (1,652) Profit before income taxes 36,936 31,535 Income taxes (11,066) (8,470) Profit for the period 25,870 23,065 Profit for the period attributable to Owners of the parent 24,630 21,693 Non-controlling interests 1,241 1,372 Earnings per share Basic (yen) 87.37 76.13 Diluted (yen) － － 2. Condensed Interim Consolidated Financial Statements and Major Notes (1) Condensed Interim Consolidated Statement of Income 10
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(Millions of yen) For the six-month period ended September 30, 2025 For the six-month period ended September 30, 2024 Profit for the period 25,870 23,065 Other comprehensive income (loss) Items that will not be reclassified to profit or loss Financial assets measured at fair value through other comprehensive income (loss) 3,358 868 Subtotal 3,358 868 Items that may be reclassified subsequently to profit or loss Exchange differences on translation of foreign operations 8,224 (25,980) Cash flow hedges (111) (6) Subtotal 8,113 (25,986) Total other comprehensive income (loss), net of tax 11,471 (25,118) Comprehensive income (loss) for the period 37,341 (2,053) Comprehensive income (loss) for the period attributable to Owners of the parent 36,110 (3,394) Non-controlling interests 1,231 1,341 (2) Condensed Interim Consolidated Statement of Comprehensive Income 11
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(Millions of yen) As of September 30, 2025 As of March 31, 2025 Assets Non-current assets Property, plant and equipment 154,428 158,088 Goodwill 242,050 233,441 Intangible assets 73,584 75,263 Other financial assets 54,532 64,740 Other assets 26,486 26,045 Deferred tax assets 96,222 101,311 Total non-current assets 647,302 658,888 Current assets Inventories 236,461 215,905 Trade and other receivables 224,056 220,022 Other financial assets 477 488 Other assets 28,056 25,682 Cash and cash equivalents 301,646 265,561 Total current assets 790,696 727,659 Total assets 1,437,998 1,386,547 (3) Condensed Interim Consolidated Statement of Financial Position 12
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(Millions of yen) As of September 30, 2025 As of March 31, 2025 Equity Equity attributable to owners of the parent Share capital 44,986 44,986 Capital surplus 74,307 74,843 Treasury shares (42,284) (42,294) Retained earnings 517,336 511,917 Other components of equity 260,088 251,965 Total equity attributable to owners of the parent 854,433 841,417 Non-controlling interests 25,338 24,551 Total equity 879,770 865,968 Liabilities Non-current liabilities Borrowings 134,753 99,832 Other financial liabilities 33,110 34,429 Provisions 1,462 1,424 Other liabilities 9,687 11,866 Deferred tax liabilities 967 732 Total non-current liabilities 179,979 148,284 Current liabilities Borrowings 101,912 87,691 Trade and other payables 80,729 91,571 Other financial liabilities 16,129 15,385 Income taxes payable 8,804 4,260 Provisions 46,946 35,644 Other liabilities 123,729 137,744 Total current liabilities 378,249 372,294 Total liabilities 558,228 520,578 Total equity and liabilities 1,437,998 1,386,547 13
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(Millions of yen) Equity attributable to owners of the parent Share capital Capital surplus Treasury shares Retained earnings Other components of equity Financial assets measured at fair value through other comprehensive income (loss) As of April 1, 2025 44,986 74,843 (42,294) 511,917 － Profit for the period － － － 24,630 － Total other comprehensive income (loss) － － － － 3,358 Comprehensive income (loss) for the period － － － 24,630 3,358 Dividends － － － (22,569) － Acquisition of treasury shares － － (5) － － Disposal of treasury shares － 16 15 － － Acquisition of subsidiaries － － － － － Changes in ownership interest in subsidiaries － (552) － － － Reclassification － － － 3,358 (3,358) Total transactions with owners － (536) 10 (19,211) (3,358) As of September 30, 2025 44,986 74,307 (42,284) 517,336 － Equity attributable to owners of the parent Non-controlling interests Total equity Other components of equity Total equity attributable to owners of the parent Exchange differences on translation of foreign operations Cash flow hedges Total other components of equity As of April 1, 2025 251,796 169 251,965 841,417 24,551 865,968 Profit for the period － － － 24,630 1,241 25,870 Total other comprehensive income (loss) 8,233 (111) 11,481 11,481 (10) 11,471 Comprehensive income (loss) for the period 8,233 (111) 11,481 36,110 1,231 37,341 Dividends － － － (22,569) (579) (23,148) Acquisition of treasury shares － － － (5) － (5) Disposal of treasury shares － － － 31 － 31 Acquisition of subsidiaries － － － － 179 179 Changes in ownership interest in subsidiaries － － － (552) (44) (596) Reclassification － － (3,358) － － － Total transactions with owners － － (3,358) (23,095) (444) (23,539) As of September 30, 2025 260,029 59 260,088 854,433 25,338 879,770 (4) Condensed Interim Consolidated Statement of Changes in Equity For the six-month period ended September 30, 2025 14
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(Millions of yen) Equity attributable to owners of the parent Share capital Capital surplus Treasury shares Retained earnings Other components of equity Financial assets measured at fair value through other comprehensive income (loss) As of April 1, 2024 44,986 78,863 (33,612) 526,490 － Profit for the period － － － 21,693 － Total other comprehensive income (loss) － － － － 868 Comprehensive income (loss) for the period － － － 21,693 868 Dividends － － － (22,963) － Acquisition of treasury shares － － (29,124) － － Disposal of treasury shares － 9 9 － － Reclassification － － － 868 (868) Others － (91) － － － Total transactions with owners － (81) (29,115) (22,095) (868) As of September 30, 2024 44,986 78,782 (62,726) 526,088 － Equity attributable to owners of the parent Non-controlling interests Total equity Other components of equity Total equity attributable to owners of the parent Exchange differences on translation of foreign operations Cash flow hedges Total other components of equity As of April 1, 2024 258,855 32 258,886 875,614 23,361 898,975 Profit for the period － － － 21,693 1,372 23,065 Total other comprehensive income (loss) (25,949) (6) (25,087) (25,087) (31) (25,118) Comprehensive income (loss) for the period (25,949) (6) (25,087) (3,394) 1,341 (2,053) Dividends － － － (22,963) (531) (23,494) Acquisition of treasury shares － － － (29,124) － (29,124) Disposal of treasury shares － － － 18 － 18 Reclassification － － (868) － － － Others － － － (91) 91 － Total transactions with owners － － (868) (52,159) (440) (52,599) As of September 30, 2024 232,906 26 232,931 820,061 24,262 844,322 For the six-month period ended September 30, 2024 15
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(Millions of yen) For the six-month period ended September 30, 2025 For the six-month period ended September 30, 2024 Operating activities Profit before income taxes 36,936 31,535 Depreciation and amortization 19,506 20,036 Impairment losses 1,309 6 (Increase) decrease in working capital (27,587) (39,633) Interest and dividends received 4,259 5,215 Interest paid (1,911) (1,198) Income taxes paid (6,933) (11,077) Income taxes refund － 1,685 Other (3,305) (5,689) Net cash from (used in) operating activities 22,273 881 Investing activities Purchases of property, plant and equipment (6,998) (5,813) Purchases of intangible assets (3,857) (1,715) Proceeds from sale of property, plant and equipment and intangible assets 120 9,400 Net cash outflow on acquisition of subsidiaries (12,584) － Payments on investments in joint ventures － (260) Purchases of financial assets (673) (3,136) Proceeds from sale and redemption of financial assets 11,355 2,336 Payments of time deposits exceeding three months (1) － Proceeds from redemption of time deposits exceeding three months 6 0 Other (206) (29) Net cash from (used in) investing activities (12,839) 782 Financing activities Net increase (decrease) in short-term borrowings 48,648 24,214 Proceeds from long-term borrowings 35,000 － Repayments of long-term borrowings (35,004) (4) Repayments of lease liabilities (5,167) (4,978) Purchase of shares of subsidiaries not resulting in change in scope of consolidation (493) － Payments for acquisition of treasury shares (5) (29,124) Dividends paid (22,569) (22,963) Other (494) (274) Net cash from (used in) financing activities 19,915 (33,129) Effect of exchange rate change on cash and cash equivalents 6,735 (4,604) Net increase (decrease) in cash and cash equivalents 36,085 (36,070) Cash and cash equivalents at beginning of period 265,561 304,678 Cash and cash equivalents at end of period 301,646 268,608 (5) Condensed Interim Consolidated Statement of Cash Flows 16
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(6) Notes to Condensed Interim Consolidated Financial Statements (Going Concern) Not applicable Accounting standards and interpretations Mandatory application (Date of commencement) To be applied by the Group Description IAS 21 The Effects of Changes in Foreign Exchange Rates January 1, 2025 Fiscal year ending March 31, 2026 Clarifying a consistent approach to assess whether a currency lacks exchangeablity (Changes in Accounting Policies) With the exception of the following, all material accounting policies that are applied to these condensed interim consolidated financial statements for this period are the same as those that were applied to the consolidated financial statements for the previous fiscal year. None of the following accounting standards and interpretations applied by the Group has any major impact on the condensed interim consolidated financial statements for this period. 17
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(Millions of yen) For the six-month period ended September 30, 2025 For the six-month period ended September 30, 2024 Revenue Segment profit (loss) Revenue Segment profit (loss) Pharmaceutical business Japan 112,518 36,844 107,295 36,538 Americas 141,669 83,179 137,040 79,386 China 66,230 32,145 59,715 30,558 EMEA 38,793 17,112 39,516 19,073 East Asia Global South 34,060 16,856 29,451 13,701 Reporting segment total 393,270 186,135 373,017 179,257 Other business (Note 1) 6,743 3,127 12,006 8,289 Total 400,013 189,263 385,023 187,546 R&D expenses (Note 2) － (66,045) － (71,578) Group headquarters’ management costs and other expenses (Note 3) － (88,799) － (88,131) Operating profit in the condensed interim consolidated statement of income － 34,418 － 27,837 (Segment Information) Reporting segments are units for which the Group can obtain independent financial information and for which top management undertakes periodic reviews in order to determine the allocation of management resources and evaluate performance. The Group’s business is comprised of pharmaceutical business and other business. The pharmaceutical business is organized into the following five reporting segments in this report: Japan, Americas (North America), China, EMEA (Europe, the Middle East, Africa, Russia and Oceania), and East Asia Global South (primarily South Korea, Taiwan, India, ASEAN, Central and South America, and South Africa). (Note 1) “Other business” mainly includes the license revenue and pharmaceutical ingredient business of the parent company. (Note 2) “R&D expenses” do not include expenses associated with medical activities, which are reflected in each reporting segment. (Note 3) “Group headquarters’ management costs and other expenses” are the costs and expenses covering Group-wide operations which include the amount of other income and expenses, and the amount of profits and expenses shared under strategic collaborations with partners. For the six-month period ended September 30, 2025, shared profit of ¥75,565 million (¥73,939 million for the six-month period ended September 30, 2024) for anticancer agent Lenvima paid by the Group to Merck & Co., Inc., Rahway, NJ, USA was included in Group headquarters’ management costs and other expenses. 18
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(Consolidated Statement of Income) (1) Selling, general and administrative expenses (SG&A expenses) For the six-month period ended September 30, 2025, the Group recognized shared profit of ¥75,565 million (¥73,939 million for the six-month period ended September 30, 2024) for anticancer agent Lenvima paid by the Group to Merck & Co., Inc., Rahway, NJ, USA as SG&A expenses. (2) Other income For the six-month period ended September 30, 2024, the Company agreed to end its global strategic collaboration with Bristol Myers Squibb for the antibody-drug conjugate farletuzumab ecteribulin (development code: MORAb-202). Following the agreement to end the collaboration, of the unused portion of the deposit received from Bristol Myers Squibb for the Company's future R&D, the Company recorded ¥4,830 million, which is not required to be refunded, as other income. (Consolidated Statement of Cash Flows) (1) Net cash outflow on acquisition of subsidiaries It is described in “(Business Combinations) (8) Cash outflows due to acquisition of the subsidiary”. (Business Combination) The Company decided to acquire the common shares and share acquisition rights of EcoNaviSta, Inc. (hereinafter referred to as "EcoNaviSta") through a public tender offer (hereinafter referred to as "TOB") on March 14, 2025, which commenced on March 17, 2025. Subsequently, as the conditions for the success of the TOB were met, EcoNaviSta became a consolidated subsidiary on May 14, 2025. After the successful completion of the TOB, the Company acquired 100% of the shares of EcoNaviSta through a squeeze-out procedure and made it a wholly owned subsidiary of the Company on June 19, 2025. (1) Name of the acquired company: EcoNaviSta, Inc. (2) Acquisition date: May 14, 2025 (3) Method of acquiring the common shares and share acquisition rights: Acquired 7,031,940 common shares and 60,000 share acquisition rights by cash through a TOB (Additional acquisition of 212,715 common shares through a squeeze-out procedure) (4) Percentage of voting equity interests acquired: 97.1% (100% after a squeeze-out procedure) (5) The primary reason for the business combination Based on the human healthcare (hhc) concept, the Company is promoting business activities towards building a dementia platform. Through this platform, the Company aims to support the prevention and early detection of MCI (mild cognitive impairment) and dementia in healthy people and people at high risk before the onset of these conditions. Additionally, the Company aims to support people after the onset of dementia to live their lives in their own way, not only through medication but also by providing other solutions such as communication apps and exercise programs. EcoNaviSta offers SaaS type monitoring services for the elderly, and their "Life Rhythm Navi," which enables users to check the life rhythms of facility residents, could become one of the core solutions in the Company’s dementia platform. The Company aims to create synergies and benefits by leveraging the strengths of both companies and achieve the prevention and early diagnosis of MCI and dementia by building an ecosystem in the dementia field, which is an urgent issue in Japan's super-aging society. 19
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Acquisition date (May 14, 2025) Consideration transferred Non-controlling interests (Note1, 2) 15,527 179 Assets acquired and liabilities assumed Property, plant and equipment Intangible assets Cash Other assets Non-current liabilities Current liabilities 318 3,888 2,943 409 (1,176) (221) Total 6,161 Goodwill 9,545 (6) Fair value of consideration transferred, assets acquired and liabilities assumed, non-controlling interests and goodwill: (Millions of yen) (Note 1) Non-controlling interests are measured as the ratio of non-controlling interests to the fair value of the acquired company's identifiable net assets. (Note 2) In June 2025, the Company acquired an additional 212,715 common shares of EcoNaviSta through a squeeze-out procedure, making EcoNaviSta a wholly owned subsidiary. The consideration for the additional common shares acquired was ¥596 million. As a result of the additional acquisition, non- controlling interests decreased by ¥177 million, and capital surplus decreased by ¥419 million. As of the date of the condensed consolidated interim financial statements, the fair value measurement of the acquired assets and assumed liabilities by independent advisors has not been completed. Accordingly, these items are reported based on provisional amounts. Within one year from the acquisition date, if complete information regarding facts and circumstances that existed as of the acquisition date becomes available, the provisional amounts may be retrospectively adjusted based on such information. (7) Acquisition-related costs: Acquisition-related costs incurred in connection with the business combination amounted to ¥271 million and were recognized as "Selling, General and Administrative Expenses." For the six-month period ended September 30, 2025, the Company recorded acquisition related costs of ¥196 million. For the year ended March 31, 2025, the Company recorded acquisition related costs of ¥76 million. (8) Cash outflows due to acquisition of the subsidiary: Cash outflows related to the acquisition of the subsidiary amounted to ¥12,584 million, calculated by deducting ¥2,943 million in cash held by the acquiree from the total consideration of ¥15,527 million. (9) Revenue and profit of the acquiree: The revenue and profit of the acquiree recognized in the condensed consolidated statement of income for the six- month period ended September 30, 2025 since the acquisition date in consolidated statement of income were immaterial and were therefore omitted. Similarly, the impact on the Group’s revenue and profit as though the acquisition date for all business combinations occurred during the year had been as of April 1, 2025, was also immaterial and were therefore omitted. (Significant Subsequent Events) Not applicable 20