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August 3, 2026 Q1 FY2026 (Fiscal Year Ending March 31, 2027) Financial Results and Business Update Eisai Co., Ltd.
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1 Keisuke Naito COO, Chief Growth Officer Takuya Oyama CFO, Chief IR Officer Today’s Speakers
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Q1 FY2026 Financial Highlights 2 Revenue ◼ 234.3 billion yen +15.6% YoY ◼ Achieved double-digit revenue growth, driven by the strong performance of the Pharmaceutical business (organic business) Operating profit ◼ 24.7 billion yen +19.2% YoY ◼ Double-digit operating profit growth, due to strong growth in 3L* major products Progress toward FY2026 forecast ◼ Progress toward FY2026 forecast: Revenue reached 27% (883.5 billion yen) and operating profit reached 35% (70.0 billion yen) of FY2026 full-year forecast, showing steady progress * LENVIMA, DAYVIGO (lemborexant), LEQEMBI
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◼ Revenue was 234.3 billion yen, achieving 16% YoY growth ◼ Driven by strong growth in the Pharmaceutical business, operating profit increased by 19% YoY, and core operating profit increased by 14% YoY ◼ Showing steady progress toward FY2026 forecast Q1 FY2026 Consolidated Statement of Income (IFRS) 3 （Billions of yen） FY2025 FY2026 Change (Year-on-year) FY2026 April-June Results April-June Results Forecast Progress Revenue 202.7 234.3 +31.7 +15.6% 883.5 26.5% Pharmaceutical business 198.4 230.9 +32.5 +16.4% 870.0 26.5% Other business 4.2 3.4 -0.8 -18.4% 13.5 25.4% Cost of sales 42.6 51.1 +8.5 +19.9% 209.5 24.4% Cost of sales ratio to revenue 21.0% 21.8% +0.8pts － 23.7% － Gross profit 160.1 183.2 +23.2 +14.5% 674.0 27.2% R&D expenses 38.8 43.7 +4.9 +12.7% 164.0 26.7% R&D expenses ratio to revenue 19.1% 18.7% -0.5pts － 18.6% － SG&A expenses 100.2 114.8 +14.7 +14.6% 441.5 26.0% Expenses regarding shared profit of LENVIMA paid to Merck 36.0 44.3 +8.2 +22.8% － － Other income & expenses -0.4 0.0 +0.4 － 1.5 1.8% Operating profit 20.7 24.7 +4.0 +19.2% 70.0 35.3% Operating profit margin 10.2% 10.6% +0.3pts － 7.9% － Core Operating profit* 21.7 24.7 +3.0 +13.9% 70.0 35.3% Core operating profit margin* 10.7% 10.6% -0.2pts － 7.9% － Profit for the period (Attributable to owners of the parent) 14.5 18.2 +3.8 +26.0% 52.3 34.9% EPS (yen) 51.35 64.71 +13.37 +26.0% 185.00 35.0% * Core Operating Profit: an indicator of fundamental earnings calculated by excluding temporary income and expenses from operating profit; excluded items are: (1) Gains or losses related to product out-licensing or divestiture (2) Gains or losses on disposal of tangible fixed assets (3) Termination benefit costs associated with business restructuring (4) Goodwill impairment losses (5) Significant litigation-related damages or settlement expenses
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1,800 1,850 1,900 1,950 2,000 2,050 2,100 2,150 2,200 2,250 2,300 2,350 売上収益 2025年度4-6月 3L合計 3L以外の製品 その他事業 売上収益 2026年度4-6月 Analysis of Revenue Increase/Decrease ◼ Revenue increased by 31.7 billion yen, driven by growth of the 3L* products ◼ Pharmaceutical business revenue increased by 16% YoY to 230.9 billion yen 4* LENVIMA, DAYVIGO (lemborexant), LEQEMBI 234.3 202.7 Revenue +31.7 billion yen (+15.6%) +24.8 +7.7 -0.8 • LENVIMA: +13.4 billion yen (+16%) • DAYVIGO: +5.2 billion yen (+38%) • LEQEMBI: +6.2 billion yen (+27%) Negative factors for revenue (Billions of yen)Positive factors for revenue FY2025 April-June FY2026 April-June 3L products Pharmaceutical business Other business Products excluding 3L Revenue from Other business Revenue from Other business Revenue from Pharmaceutical business 230.9 billion yen (+16% YoY) Revenue from Pharmaceutical business 198.4 billion yen
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-50 50 150 250 350 450 550 2025年度4-6月 売上総利益 研究開発費 販売管理費 その他の損益 2026年度4-6月 Analysis of Operating Profit Increase/Decrease 5 +23.2 -4.9 -14.7 +0.4 24.7 Operating profit +4.0 billion yen (+19.2%) Operating profit margin 10.2% • Higher profit-sharing expenses associated with LENVIMA revenue growth: 8.2 billion yen (-) • Increased costs due to proactive investments in LEQEMBI: 2.6 billion yen (-) • Continued proactive investment in key projects, including LEQEMBI and anti-MTBR tau antibody etalanetug, etc. 20.7 Core operating profit 21.7 • Growth of pharmaceutical business driven by the expansion of 3L* products (+) ◼ Robust growth of the 3L* products led to substantial growth in operating profit and core operating profit FY2025 April-June FY2026 April-June Gross profit R&D expenses SG&A expenses * LENVIMA, DAYVIGO (lemborexant), LEQEMBI Other income & expenses Core operating profit 24.7 Positive factors for operating profit (Billions of yen）Negative factors for operating profit Operating profit margin 10.6%
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Business and Pipeline Updates ◼ 3L* products business updates ◼ LEQEMBI – Initiatives toward maximizing LEQEMBI value • Approval of LEQEMBI IQLIK for initiation treatment in the U.S. • Establishing a treatment platform leveraging the dosing convenience of LEQEMBI IQLIK • Long-term treatment value of LEQEMBI supported by RWE • Evolution of diagnostic pathway through the implementation of BBM ◼ Pipeline – Next-generation Drug Discovery Based on AD Continuum • Progress in developing etalanetug as a next-generation AD disease-modifying treatment • Striving to “Make AD a curable disease” (Preclinical AD, etalanetug) – Orexin-pathway Platform: From sleep/wake to brain function network regulation – Pipeline 6* LENVIMA, DAYVIGO (lemborexant), LEQEMBI AAIC2026 AAIC2026
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LENVIMA: Business Updates 7 (Billions of yen) Contributed to the treatment of approx. 620,000 patients in 83 countries and territories over the 11 years since its launch Anticancer agent: In-house developed oral multi-kinase inhibitor with 7 indications across 5 cancer types. Expanded through monotherapy and combination therapies with KEYTRUDA® etc. LENVIMA’s continued growth, primarily driven by the U.S., together with favorable foreign exchange impact, contributed to Q1 revenue of 97.3 billion yen (+16% YoY). LENVIMA continues to serve as a foundation supporting investment for future growth. On track toward FY2026 revenue forecast of 345.0 billion yen. ◼ Sales in the U.S. continued to grow, supported by solid demand across all tumor types. LENVIMA continues to hold top share within the TKI*1 category in advanced renal cell carcinoma (aRCC), advanced endometrial carcinoma, advanced hepatocellular cancer and radioactive iodine-refractory differentiated thyroid cancer*2. ◼ New indication is under review for the treatment of certain patients with aRCC whose disease has progressed on or after treatment with anti-PD-1/L1 therapy based on the results of LITESPARK-011*3 (WELIREG® plus LENVIMA). U.S. FDA: PDUFA*4 is set for October 4, 2026. 58.1 66.5 3.6 3.76.9 6.811.0 15.14.3 5.2 2025年度 4-6月実績 2026年度 4-6月実績 Revenue by region アメリカス 日本 中国 EMEA イーストアジア・グローバルサウス 83.9 97.3 +16% YoY Americas Japan East Asia Global South FY2025 April - June FY2026 April - June China *1 Tyrosine kinase inhibitor *2 Market share within IO (Immuno-Oncology) -TKI (Tyrosine Kinase Inhibitor) combination therapies and IO-IO combination therapies for advanced renal cell carcinoma and advanced endometrial carcinoma(Internal estimate); Market share within TKI monotherapy for unresectable hepatocellular carcinoma and radioactive iodine-refractory differentiated thyroid cancer (Internal estimate) *3 Strategic collaboration for the worldwide co-development and co-commercialization of LENVIMA with Merck & Co., Inc., Rahway, NJ, USA (known as MSD outside the U.S. and Canada). Combination therapy with Merck’s WELIREG® (Generic name: belzutifan). Clinical study led by Merck. *4 Prescription Drug User Fee Act
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1.9 3.3 11.0 12.4 0.1 1.4 0.8 1.8 2025年度 4-6月実績 2026年度 4-6月実績 アメリカス 日本 中国 その他（EMEA、イーストアジア・グローバルサウス） DAYVIGO: Business Updates 8*1 For the insomnia indication. Internal estimate based on data from JMDC Inc. *2 Medicines and Healthcare products Regulatory Agency *3 European Medicines Agency Revenue by region (Billions of yen) 13.7 18.9 +38% YoY Growth across all regions is accelerating global expansion, driving Q1 revenue to 18.9 billion yen (+38% YoY). Showing steady progress toward FY2026 revenue forecast of 73.5 billion yen. ◼ In Japan, growth continued by leveraging DAYVIGO’s strength in the dual orexin receptor antagonist market, supported by its ability to improve both sleep onset and sleep maintenance symptoms with a single tablet. Maintained the No. 1 share in both sales and number of patients treated.*1 ◼ Steady growth continued in the U.S., Canada, China, and other markets. ◼ Submissions were completed in the UK (MHRA*2) and EU (EMA*3) in July. Approved for the treatment of insomnia in 29 countries and territories, including Japan and the U.S. Insomnia treatment: An orexin receptor antagonist developed from an in-house drug discovery platform targeting the orexin pathway, which is involved in the regulation of sleep and wakefulness. Americas Japan China Others (EMEA and East Asia Global South) FY2025 April - June FY2026 April - June
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9 9.1 15.5 5.5 6.1 0.9 2.9 4.8 2025年度 4-6月実績 2026年度 4-6月実績 アメリカス 日本 その他（EMEA、イーストアジア・グローバルサウス） 中国 29.3 23.1 +27% YoY LEQEMBI: Business Updates *1 Product name for LEQEMBI subcutaneous formulation with auto-injector (SC-AI) in the U.S. *2 Blood-Based Biomarker *3 Internal estimate based on claim data *4 Internal estimate based on actual demand from medical institutions 2.4*4 7.7 +64% YoY, excluding one-time impact in China All regions contributed to growth, driving Q1 revenue to 29.3 billion yen (+27% YoY). Progress is on track toward FY2026 revenue forecast of 143.5 billion yen, supported by technological innovations such as LEQEMBI IQLIK*1 and BBM*2. ◼ In the U.S., LEQEMBI continues to grow, supported by increases in the number of patients with Early AD and BBM testing volumes, and maintaining the leading share of patients treated*3. LEQEMBI IQLIK was approved for initiation treatment on July 13. ◼ In Japan, LEQEMBI continues to grow, offsetting the impact of the 15% drug price reduction implemented in November 2025. ◼ In China, reimbursement has commenced under several commercial insurance programs, with broader commercial insurance coverage expected from the 2H onward. ◼ In EMEA, negotiations with authorities for reimbursement are ongoing across multiple countries. FY2025 revenue of LEQEMBI in China included increase in demand in China, as well as one-time impact of stockpiling by distributors in China Approved in 53 countries and territories including Japan, U.S., China, EU and others for the treatment of Early AD An anti-Aβ antibody which reduces the rate of disease progression and slows the decline in cognitive function and activities of daily living in adults with AD through the clearance of neurotoxic Aβ protofibrils and plaques. Suitable for long-term treatment. Revenue by region (Billions of yen) Americas Japan ChinaOthers (EMEA and East Asia Global South) FY2025 April - June FY2026 April - June
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Maximizing LEQEMBI Value: Approval of LEQEMBI IQLIK*1 for initiation treatment in the U.S. 10 Evidence on SC-AI presented at AAIC 2026: Leveraged Modeling & Simulation • Once-weekly SC administration showed similar exposure to IV administration, with comparable clinical efficacy and biomarker (amyloid clearance) benefits. • The incidence of exposure-related adverse events, such as ARIA-E, was projected to be similar between SC and IV administration. • The safety profile of SC is consistent with IV administration. • 94% found that the device was easy/very easy to use without help*5. *1 U.S. product name for the LEQEMBI subcutaneous formulation with auto-injector (SC-AI) *2 Anti-Amyloid Therapy *3 Intravenous administration, or IV infusion *4 IQLIK can be administered by patients or care partners *5 Turner RS, et al. Presented at the Alzheimer’s Association International Conference 2025; July 27-31, 2025; Toronto, Canada. Auto-injector acceptability study in patients, care partners, and healthcare professionals ◼ LEQEMBI is an anti-Aβ antibody that slows progression of AD pathology and slows the decline in cognitive function and activities of daily living. It is suitable for long-term treatment. ◼ LEQEMBI is the only AAT*2 that provides administration optionality through IV*3 and LEQEMBI IQLIK (SC-AI). ◼ LEQEMBI IQLIK offers dosing convenience. ◼ Allows at-home administration*4, and is expected to help reduce the burden of clinic visits for patients and care partners. ◼ Expected to reduce reliance on IV infusion and related healthcare resources at medical institutions. ◼ Patients may switch from IV to LEQEMBI IQLIK, or vice versa. LEQEMBI IQLIK (SC-AI) Initiation treatment kit Maintenance treatment After 18 months of initiation treatment IV (10 mg/kg), every 4 weeks LEQEMBI IQLIK 360 mg, once weekly Initiation treatment IV (10 mg/kg), every 2 weeks LEQEMBI IQLIK 500 mg, once weekly (2 injections of 250 mg)
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11 ◼ The approval of LEQEMBI IQLIK as an initiation treatment is expected to support easier initiation and continuation of treatment by expanding patient optionality and strengthening the treatment infrastructure. Expected to drive LEQEMBI to the next phase of its growth in U.S. *1 LEQEMBI IQLIK is the U.S. product name for the LEQEMBI SC-AI (subcutaneous formulation with auto-injector). LEQEMBI IQLIK for initiation treatment is planned for launch in the U.S. in late August 2026 *2 PA (Prior Authorization): A pre-approval process in which an insurer confirms that the prescribed medication meets specified coverage criteria before providing insurance coverage. 3) Patient support for LEQEMBI IQLIK administration Strengthening at-home administration & treatment continuation support 1) Coverage & reimbursement/ PA*2 requirements Streamlining the treatment access process 2) Required testing/ benefits verification Standardizing and embedding the treatment initiation flow Three key foundations for leveraging the dosing convenience of LEQEMBI IQLIK to improve patient access to treatment Maximizing LEQEMBI Value: Establishing a treatment foundation for LEQEMBI IQLIK*1 in the U.S. Contribution to LEQEMBI sales growth Further strengthening support for treatment initiation and continuation is expected to contribute to LEQEMBI’s medium-term growth in the U.S.
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Maximizing LEQEMBI Value: Long-term treatment value supported by RWE*1 ◼ LEADER study data*2 from 432 patients with Early AD across 13 clinical practices in the U.S. were presented at AAIC2026.*3,*4 Consistency in long-term and maintenance treatment benefit, and safety profile in LEQEMBI treatment was shown. 82.5% of evaluable patients were stable or improved 75.9% (n=324) Stable*5 64.8% MCI due to AD; 35.2% mild AD dementia 6.6% (n=28) Improved*6 17.6% (n=75) Progressed*7 Treatment retention rate 86.6 % (at time of chart extraction, n=432) Safety observations in this real-world study were consistent with the FDA-approved label. ARIA was observed in 12.3% of overall patients ARIA-E 6.3% ARIA-H 7.9% Most ARIA cases reported were asymptomatic or were mild in radiographic severity. No macrohemorrhages/intracerebral hemorrhages or treatment-related deaths were reported. Maintenance treatment is gaining acceptance as a long-term treatment option in real-world settings after 18 months. • Among 204 patients*8 treated for more than 18 months, 161*9 (78.9%) transitioned to maintenance treatment with LEQEMBI IV or LEQEMBI IQLIK*10 and remained on treatment (at time of chart extraction). Clinical Benefit Safety Maintenance *1 Real-world evidence *2 Average treatment period 17 months *3 The 2026 Alzheimer’s Association International Conference Annual Meeting. July 12-15. London *4 AAIC2026, Developing Topics Session #3-33-DEV-A *5 Stable was defined as a patient staying in the same disease stage (MCI due to AD or mild AD dementia) from baseline throughout the course of lecanemab treatment *6 Improvement was defined as a patient going from mild AD dementia at baseline to MCI due to AD over the course of lecanemab treatment *7 Progression was defined as the patient going from MCI at baseline to mild/moderate AD dementia or mild AD dementia at baseline to moderate AD dementia throughout the course of lecanemab treatment. Disease stage is based on clinical judgment *8 204 patients had ≥540 days from the first dose to the last follow-up and were still on lecanemab treatment at the time of chart extraction *9 161 patients were calculated by subtracting 8 duplicate patients included in both groups from the combined total of 155 patients continuing IV maintenance treatment and 14 patients continuing SC maintenance treatment. The 8 duplicate patients had transitioned from IV to SC maintenance treatment. *10 U.S. product name for the LEQEMBI subcutaneous formulation with auto-injector (SC-AI) AAIC2026 12
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Maximizing LEQEMBI Value: Evolution of diagnostic pathway through the implementation of BBM*1 13 ◼ Aiming to expand LEQEMBI prescribing opportunities through standardizing Aβ diagnosis*2 and improving patient access. *1 Blood-Based Biomarker *2 Diagnosis to confirm the presence of Aβ pathology in the brain (Aβ positivity) *3 U.S. product name for the LEQEMBI subcutaneous formulation with auto-injector (SC-AI) *4 In vitro diagnostic *5 Alzheimer‘s Association Clinical Practice Guideline and Evidence, https://www.alz.org/professionals/health-systems-medical-professionals/clinical-practice-guidelines-and-evidence *6 Centers for Medicare & Medicaid Services *7 Testing data were obtained from major U.S. clinical laboratories and include only tests performed consistently across all laboratories. Eisai internal estimates based on the monthly testing volumes of major clinical laboratory service providers. *8 Eisai internal estimates based on claims data (SiteRx data). U.S.: Leading indicators of prescription expansion 0 10 20 30 40 Jan-24 Jul-24 Jan-25 Jul-25 Jan-26 Aβ 42/40 pTau-181 pTau-217 FY2025 growth rate 75% 0 60 120 FY2024 FY2025 FY2026 FY2027 FY2028 PET/CSF BBM 15% (FY2025) → Approx. 50% (FY2028) Regulatory approvals and establishment of infrastructure for BBM primarily using p-Tau217 are progressing • U.S.: Fujirebio (p-Tau217/Aβ1-42): Confirmatory diagnosis Roche (p-Tau181): Triage Further expansion of IVD*4 clearances is expected, which may support Aβ confirmatory diagnosis Alzheimer‘s Association (AA) guideline issuance*5 Included in the CMS*6 Anti-Amyloid Therapy Registry Commercial testing available through Quest Diagnostics, Mayo Clinic Laboratories, and Labcorp, and others • EU: Roche (p-Tau181): Triage Roche (p-Tau217): Confirmatory diagnosis Fujirebio (p-Tau217): Confirmatory diagnosis Beckman Coulter (p-Tau217): Confirmatory diagnosis • Japan: Sysmex (Aβ1-42/Aβ1-40): Approved Fujirebio (p-Tau217/Aβ1-42): IVD submitted As of July 2026 BBM tests performed*7 (Aβ confirmatory diagnosis and triage) (Unit: 1,000 cases) Aβ confirmatory diagnosis performed*8 (Unit: 1,000 tests) BBM triage Expanding patient access: Minimally invasive approach. Geographic and testing-capacity constraints are alleviated. Shortening the diagnostic pathway: Aβ positivity rates are increasing through triage testing and PET/CSF resource utilization is being optimized. BBM confirmatory diagnosis Aβ confirmatory diagnosis: Highly sensitive and specific BBMs can be used as an alternative to PET/CSF for Aβ confirmatory diagnosis. Wider adoption of BBM for triage and confirmatory diagnosis, and expansion of treatment opportunities are expected Cognitive testing BBM triage Aβ confirmatory diagnosis PET/CSF/BBM LEQEMBI treatment initiation with IV/ LEQEMBI IQLIK*3
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*1 ATN: Amyloid, Tau, Neurodegeneration *2 Jack CR Jr, et al. Alzheimer’s & Dementia. 2024.DOI: 10.1002/alz.13859 *3 endogenously-cleaved Microtubule binding region *4 Investigational, E2814, Anti- MTBR （Microtubule binding region） tau antibody *5 Tau Next Generation is a study conducted by DIAN-TU (Dominantly Inherited Alzheimer Network Trials Unit) *6 Dominantly inherited Alzheimer disease. Gene mutation was confirmed in either PSEN1, PSEN2, or APP. *7 K Wildsmith, AAIC2026 *8 Standardized Uptake Value Ratio ◼ MTBR-tau243 is included as a tau pathology biomarker (T2) in the Alzheimer's Association's biological diagnostic criteria.*2 ◼ Measurement of plasma eMTBR*3-tau243 enabled assessment of the pharmacodynamic effects of etalanetug*4 and demonstrated results consistent with CSF findings. eMTBR-tau243 is expected to serve as a blood-based biomarker that simplifies the assessment of brain tau pathology. Clinical development status Tau NexGen*5 Phase II/III: Etalanetug add-on to LEQEMBI (ongoing) • Patient population: Preclinical AD to Early AD • Topline data: Expected in FY2028 Sporadic AD (sAD) Phase II (Study 202): Etalanetug add-on to LEQEMBI (ongoing) • Patient population: Early AD • Topline data: Expected in FY2027 DIAD*6 Phase Ib/II (Study 103): Target engagement and proof of mechanism (POM) confirmed (Study completed) AAIC2026 [18F] Change from Baseline in MK-6240 Tau PET SUVR Each line indicates an individual participant Baseline Week 60 Week 108 Change in Tau PET (SUVR*8) Changes in tau PET showed progression suppression or a trend toward reduction Effect of etalanetug on eMTBR-tau243 in plasma mirrors CSF*7 CSF 62% reduction after 3 months 89% reduction by 9 months Plasma 78% reduction after 3 months >90% reduction by 9 months Etalanetug: Study 103 in patients with DIAD Once etalanetug binds to tau seeds, MTBR-tau that relates to propagation can be cleared from brain by microglia Suppression of propagation and tau aggregation = Etalanetug Microglia Propagation Full Length Tau protein Next-Generation Drug Discovery Based On AD Continuum (ATN *1 ) Tau 14 Etalanetug MTBR region Cleavage
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Next-Generation Drug Discovery Based On AD Continuum (ATN*1) ◼ Striving to “Make AD a Curable Disease” Lecanemab AHEAD3-45*3 • Evaluating efficacy in a pure Preclinical AD population through rigorous patient selection using biomarkers. (Global CDR=0, Aβ accumulation >40 CL; A45, n=1,173) • Phase III study was designed to meet FDA and EMA guidelines. • Optimized dosing regimen: A45 consists of biweekly intravenous administration for 2 years, followed by once-monthly maintenance dosing for 2 years. • Data readout expected in FY2028 (PACC5 *4 ) ◼ Approx. 400 million people*5 are estimated to have Preclinical AD, with approx. 2.3 million*6 potential patients who are eligible for AD-DMTs*7. Aiming to suppress the onset of AD through LEQEMBI treatment, creating new treatment opportunities, and addressing a significant market potential. Potentially initiating treatment at the presymptomatic stage (Preclinical AD) to prevent Aβ accumulation with the aim that AD “would not develop” Aim to “halt disease progression” by suppressing the propagation of tau pathology, another major pathology of AD Lecanemab Dual Mechanism Lecanemab Targets Protofibrils Lecanemab Clears Plaques Lecanemab Slows Tau Pathology MTBR tau propagation species Lecanemab Dual Mechanism Lecanemab Targets Protofibrils Lecanemab Clears Plaques Lecanemab Slows Tau Pathology Fibril Tau hyper- phosphorylation Tau aggregation and neurofibrillary changes Etalanetug*2 Early tau pathology (T1, p-Tau217) Late tau pathology (T2, MTBR-tau243)Tau cascade Lecanemab Dual Mechanism Lecanemab Targets Protofibrils Lecanemab Clears Plaques Lecanemab Slows Tau Pathology LEQEMBI Amyloid A Tau T Neurodegeneration N Protofibril Plaque Monomer Oligomer Neuronal death Neurodegeneration (N) E2511*2 Restoring neuronal function through TrkA stimulation Anti-tau antibody, Etalanetug • AD Continuum: Tau is a microtubule-stabilizing protein that aggregates following abnormal phosphorylation, forming neurofibrillary tangles; the accumulation and propagation of these tangles are believed to drive progression of AD. • Etalanetug: Designed to target MTBR*8 Tau located within the tangle core region involved in tau aggregate seeding and to inhibit the propagation of MTBR Tau. Aiming to deliver disease-modifying effects. • Confirmation of Proof of Mechanism (POM): In the clinical study in patients with DIAD*9 (Study 103),pharmacodynamiceffects on Tau pathology have been demonstrated through changes in multiple biomarkers, including eMTBR-tau243 in CSF and plasma, as well as Tau PET. A potential to suppress the progression of tau pathology has been shown. *1 ATN: Amyloid, Tau, Neurodegeneration *2 Investigational *3 Investigational. A clinical study conducted with Alzheimer’s Clinical Trials Consortium *4 Preclinical AD Cognitive Composite 5 *5 Internal estimate based on following article: A Gustavsson et al, Alzheimer’s Dementia, 2023; 19; 658-670, W Jansen et al, JAMA Neurol 2022; 79:228-243 *6 Internal estimates *7 Alzheimer‘s Disease (AD) Disease Modifying Treatment *8 Microtubule binding region *9 Dominantly inherited Alzheimer disease. Gene mutation was confirmed in either PSEN1, PSEN2, or APP 15
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Orexin Pathway Platform: From sleep/wake toward brain function network regulation 16 *1 Dual Orexin Receptor Antagonist *2 Chronic insomnia is characterized by difficulty falling asleep, staying asleep, or both, occurring at least three times per week for at least three months despite an adequate opportunity to sleep *3 Investigational *4 Presented at World Sleep 2025 *5 Plazzi G, et al. Sleep. 2026;49 (Suppl 1): A327–A328. Lammers GJ, et al. JAMA Neurol. 2026;83:145–152. Liao Y, et al. Neuron. 2024;112:155–173.e8. Kim JG, et al. Science. 2026;391:800–806. Expansion: Future areas of investigation ◼ The potential of orexin-based drug discovery is expanding from sleep/wake regulation to the regulation of brain function networks that support daytime functioning, including cognition, behavior, and social participation.*5 Lemborexant: DORA*1 Insomnia Approved in Japan, U.S., China, etc. Under review in UK and EU Chronic insomnia*2 ◼ Insomnia treatment: An orexin receptor antagonist developed from an in-house drug discovery platform targeting the orexin pathway, which is involved in the regulation of sleep and wakefulness. ◼ Maintained the top share in Japan in both sales and number of patients treated. Aiming to expand as a global brand. ◼ Proof of Concept (POC) in Study 202: NT1 and NT2 are evaluated in the same study Topline data expected in FY2026 ◼ A small molecule compound with a unique chemical structure discovered by leveraging the strengths of our in-house orexin pathway platform and the experience and knowledge accumulated through exploratory research on the orexin receptor antagonist DAYVIGO. ◼ Proof of Mechanism (POM) in Study 101*4: A single-dose study in patients with narcolepsy type 1 (NT1) has been completed. It was shown that once-daily administration of ledasorexton significantly reduced excessive daytime sleepiness compared with placebo and the active comparator, modafinil. At the dose that demonstrated efficacy after a single administration, ledasorexton was considered well tolerated and showed a favorable safety profile, with no liver dysfunction or visual abnormalities observed. Ledasorexton*3: Orexin 2 receptor agonist
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Pipeline 17 Neurodegeneration ATN*1 Continuum Target Indication Development Stage Key Events Strategic positioning in the three-year plan*2 A Amyloid LEQEMBI*3 (Anti-Aβ protofibril antibody) Early AD (IV initiation/ maintenance) Global submission/approval Approved for initiation treatment: 53 countries and territories Approved for maintenance treatment: 8 countries and territories AD Continuum, Aβ Technological innovations Aiming to establish as the standard of care in the AAT*6 market through the adoption of SC-AI and BBM*7 confirmatory diagnosis, and the accumulation of RWE*8 Early AD (SC-AI*4 initiation) Approved: U.S. (July 13) Submitted: Japan, China (500 mg) Japan regulatory decision anticipated: Q2 FY2026 China regulatory decision anticipated: Q4 FY2026- FY2027 Early AD (SC-AI maintenance) Approved: U.S. (360 mg) Preclinical AD (AHEAD3-45*5) Phase III Topline data: Expected in FY2028 T Tau Etalanetug (E2814) (Anti-MTBR*9 tau antibody) DIAD*10 (Tau NexGen*11) Phase II/III Topline data: Expected: FY2028 AD Continuum, Tau Next-generation drug discovery eMTBR*13-tau243: Potential practical utility for tau pathology assessment was shownsAD*12 (Study 202) Phase II Topline data: Expected in FY2027 N Neuro- degeneration E2511 (TrkA*14 Integrated synapse regenerant) AD Phase I Phase Ib study in preparation AD Continuum, Neurodegeneration Next-generation drug discovery E2025 (Anti-EphA4*15 antibody) AD Phase I CSF biomarker data: Expected in FY2026 AD Continuum, Neurodegeneration Next-generation drug discovery Orexin Pathway Platform Target Indication Development Stage Key Events Strategic positioning in the three-year plan Lemborexant (DAYVIGO) Insomnia Submitted: EU, UK Sleep: Expansion as a global brand Ledasorexton (E2086) (Orexin 2 receptor agonist) Narcolepsy (Study 202) Phase II Topline data: Expected in FY2026 Wake: Expansion of orexin-pathway platform Oncology Target Indication Development Stage Key Events Strategic positioning in the three-year plan LENVIMA*16 (Multi-kinase inhibitor) Renal cell carcinoma, 2nd line LITESPARK-011*17 Submitted: Japan, U.S. U.S. PDUFA*18: October 4, 2026 Japan regulatory decision anticipated: FY2026 Continuous expansion of contribution to patients Taletrectinib*19 (E7860) (ROS1 kinase inhibitor) ROS1-positive non-small cell lung cancer Submitted: EU, UK EU: Launch aimed for FY2027 In-licensed project, pipeline strengthening (EU) Serplulimab*20 (Anti-PD-1 antibody) Extensive-stage small cell lung cancer Colorectal cancer Perioperative gastric cancer Phase II (Japan) Phase III Phase II Japan: Submission planned in FY2026 Topline data: Expected in FY2027 Topline data: Expected in FY2028 In-licensed project, pipeline strengthening (Japan) E7386*21 (CBP*22/β-catenin inhibitor) Solid Tumors (Study 102) Combination with LENVIMA Phase Ib/II Topline data: Expected in FY2026 In-house project, pipeline strengthening Estimated topline data timing for Key Events is based on information disclosed on ClinicalTrials.gov as of July 15, 2026. *1 ATN: Amyloid, Tau, Neurodegeneration *2 Strategic positioning under the three-year plan for FY2026–FY2028, announced at the “IR Day -Corporate Strategy- ” on May 25, 2026. *3 Generic name: lecanemab *4 Subcutaneous formulation with auto-injector *5 Collaboration with Alzheimer’s Clinical Trials Consortium (ACTC) *6 Anti-Amyloid Therapy *7 Blood-Based Biomarker *8 Real-world evidence *9 Microtubule binding region *10 Dominantly inherited Alzheimer’s disease *11 A clinical trial conducted by Dominantly Inherited Alzheimer Network Trials Unit (DIAN-TU) *12 Sporadic AD *13 endogenously-cleaved Microtubule binding region *14 Tropomyosin receptor kinase *15 Ephrin receptor A4 *16 Generic name: Lenvatinib mesylate *17 Strategic collaboration for the worldwide co-development and co-commercialization of LENVIMA with Merck & Co., Inc., Rahway, NJ, USA (known as MSD outside the U.S. and Canada). Combination therapy with MSD’s WELIREG® (Generic name: belzutifan). Clinical study led by Merck. *18 Prescription Drug User Fee Act *19 In-licensed from Nuvation Bio Inc. *20 In-licensed from Shanghai Henlius Biotech, Inc. *21 Collaboration with PRISM BioLab *22 CREB-binding Protein
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Highlights of Management Foundation • Strong growth of the 3L products drove year-on-year increases in both revenue and operating profit, supporting steady progress toward the FY2026 forecast Highlights of Business Growth • LENVIMA: Continued sustainable growth, primarily driven by the U.S. • DAYVIGO: Growth across all regions accelerated global expansion • LEQEMBI: Progressed initiatives for future growth, leveraging technological innovations including LEQEMBI IQLIK and BBM Highlights of Product Development • Neurology: Advanced next-generation AD drug discovery based on the ATN framework • Orexin: Expanded the potential of orexin-based drug discovery, beyond sleep/wake regulation • Oncology: Made steady progress in expanding LENVIMA indication and advancing the development of in-licensed projects 18 Aiming to drive sustainable corporate value enhancement through the dual engines of 3L growth and next-generation drug discovery Key Takeaways
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Reference Data
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Consolidated Statement of Income 20 FY2026 Q1 average exchange rates: 1 USD:159.49 yen (+10.3% YoY), 1 EUR: 185.39 yen (+13.2% YoY), 1 GBP: 213.96 yen (+10.9% YoY), 1 RMB: 23.43 yen (+17.2% YoY) FY2026 forecast exchange rates: 1 USD: 153.00 yen, 1 EUR: 180.00 yen, 1 GBP: 205.00 yen, 1 RMB: 22.50 yen (billions of yen, %) April-June Results Ratio(%) April-June Results Ratio(%) YOY(%) Diff. Full year forecast Ratio(%) Prog.(%) Revenue 202.7 100.0 234.3 100.0 15.6 31.7 883.5 100.0 26.5 Pharmaceutical Business 198.4 97.9 230.9 98.5 16.4 32.5 870.0 98.5 26.5 Other Business 4.2 2.1 3.4 1.5 -18.4 -0.8 13.5 1.5 25.4 Cost of sales 42.6 21.0 51.1 21.8 19.9 8.5 209.5 23.7 24.4 Gross profit 160.1 79.0 183.2 78.2 14.5 23.2 674.0 76.3 27.2 Selling, general and administrative expenses 100.2 49.4 114.8 49.0 14.6 14.7 441.5 50.0 26.0 Research and development expenses 38.8 19.1 43.7 18.7 12.7 4.9 164.0 18.6 26.7 Other income & expenses -0.4 -0.2 0.0 0.0 － 0.4 1.5 0.2 1.8 Operating profit 20.7 10.2 24.7 10.6 19.2 4.0 70.0 7.9 35.3 Core operating profit (reference) 21.7 10.7 24.7 10.6 13.9 3.0 70.0 7.9 35.3 Profit for the period 15.3 7.6 19.2 8.2 24.9 3.8 54.0 6.1 35.5 Owners of the parent 14.5 7.1 18.2 7.8 26.0 3.8 52.3 5.9 34.9 FY2025 FY2026
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Segment Revenue 21 Revenue to 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(EAGS: primarily South Korea, Taiwan, India, ASEAN, Central and South America, and South Africa). “Other business” mainly includes the license revenue and pharmaceutical ingredient business of the parent company. (billions of yen, %) April-June Results Share(%) April-June Results Share(%) YOY(%) Full year forecast Prog.(%) Pharmaceutical Business Total 198.4 97.9 230.9 98.5 16.4 870.0 26.5 Japan pharmaceutical business 56.0 27.7 57.9 24.7 3.4 233.5 24.8 Americas pharmaceutical business 70.8 34.9 86.6 36.9 22.3 337.0 25.7 United States 68.9 34.0 83.8 35.7 21.6 324.0 25.8 China pharmaceutical business 36.5 18.0 42.5 18.1 16.6 147.0 28.9 EMEA pharmaceutical business 19.0 9.4 23.6 10.1 24.4 73.0 32.4 EAGS pharmaceutical business 16.1 8.0 20.2 8.6 25.3 79.5 25.4 Other business 4.2 2.1 3.4 1.5 -18.4 13.5 25.4 Consolidated revenue 202.7 100.0 234.3 100.0 15.6 883.5 26.5 FY2025 FY2026
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Segment Profit 22 Other business” mainly includes the license revenue and pharmaceutical ingredient business of the parent company. R&D expenses” does not include expenses associated with medical activities, which are reflected in each reporting segment. Group headquarters’ management costs and other expenses” include the amounts of profits and expenses shared with partners under strategic collaborations. The amount of shared profit of LENVIMA paid by Eisai to Merck & Co., Inc., Rahway, NJ, USA was 36.0 billion yen in April - June 2025 and 44.3 billion yen in April - June 2026. (billions of yen, %) April-June Results Share(%) April-June Results Share(%) % of revenue YOY(%) Pharmaceutical Business Total 95.3 97.7 116.1 98.9 50.3 21.7 Japan pharmaceutical business 19.4 19.9 21.0 17.9 36.3 8.1 Americas pharmaceutical business 41.5 42.6 51.9 44.3 60.0 25.0 China pharmaceutical business 17.9 18.4 21.2 18.1 49.8 18.2 EMEA pharmaceutical business 8.2 8.4 12.5 10.6 52.7 51.8 EAGS pharmaceutical business 8.2 8.4 9.5 8.1 46.9 15.0 Other business 2.2 2.3 1.3 1.1 36.5 -44.0 Research and development expenses -34.2 － -38.9 － － 13.6 Group headquarters' management costs and other expenses -42.6 － -53.7 － － 26.1 Consolidated operating profit 20.7 － 24.7 － 10.6 19.2 FY2025 FY2026
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Revenue from Major Products 23CER=Constant Exchange Rates (billions of yen, %, ＜＞CER YOY) April-June Results Share (%) April-June Results Share (%) YOY (%) Full year forecast Prog. (%) Major Products (3L) 120.7 － 145.5 － 20.5 562.0 25.9 <9.9> Lenvima/Kisplyx 83.9 100.0 97.3 100.0 15.9 345.0 28.2 <4.3> Japan 3.6 4.3 3.7 3.8 3.0 13.5 27.3 Americas 58.1 69.2 66.5 68.3 14.5 242.5 27.4 <3.8> China 6.9 8.2 6.8 7.0 -0.9 26.0 26.2 <-15.2> EMEA 11.0 13.2 15.1 15.5 36.6 45.5 33.1 <18.5> EAGS 4.3 5.2 5.2 5.4 20.3 17.5 29.9 <7.7> Leqembi 23.1 100.0 29.3 100.0 26.7 143.5 20.4 <16.7> Japan 5.5 23.7 6.1 20.7 10.9 33.0 18.4 Americas 9.1 39.3 15.5 52.9 70.5 77.5 20.0 <54.6> China 7.7 33.2 4.8 16.4 -37.3 19.0 25.3 <-46.4> EMEA 0.1 0.5 0.5 1.8 341.2 － － <275.0> EAGS 0.8 3.3 2.4 8.2 214.0 11.5 20.8 <201.3> Dayvigo 13.7 100.0 18.9 100.0 37.9 73.5 25.8 <32.8> Japan 11.0 79.9 12.4 65.7 13.4 48.5 25.7 Americas 1.9 13.6 3.3 17.3 74.5 13.5 24.2 <58.1> China 0.1 0.5 1.4 7.4 1779.1 4.5 31.2 <1510.8> EMEA 0.2 1.4 0.6 3.3 217.3 － － <168.4> EAGS 0.6 4.4 1.2 6.3 95.1 5.5 21.6 <78.7> FY2025 FY2026
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Performance of Japan Pharmaceutical Business 24# EA Pharma products (billions of yen, %) April-June Results Share (%) April-June Results Share (%) YOY (%) Full year forecast Prog. (%) Revenue 56.0 100.0 57.9 100.0 3.4 233.5 24.8 Japan pharmaceutical business 50.6 90.4 52.7 91.0 4.1 211.0 25.0 OTC and others 5.4 9.6 5.2 9.0 -3.5 22.5 23.2 Segment profit 19.4 34.7 21.0 36.3 8.1 － － Dayvigo 11.0 19.6 12.4 21.5 13.4 48.5 25.7 Leqembi 5.5 9.8 6.1 10.5 10.9 33.0 18.4 Jyseleca 4.3 7.6 5.4 9.2 25.2 19.0 28.2 Lenvima 3.6 6.4 3.7 6.4 3.0 13.5 27.3 MOVICOL# 2.1 3.7 3.0 5.3 48.3 17.1 17.8 Goofice # 2.2 3.9 2.6 4.4 18.2 9.0 28.4 Methycobal 2.1 3.7 2.3 4.0 12.3 8.4 27.6 Fycompa 2.1 3.7 2.2 3.8 5.8 6.5 34.1 Livact# 1.8 3.2 1.9 3.3 6.4 6.2 31.2 Equfina 1.8 3.2 1.9 3.3 8.1 7.0 27.4 Elental# 1.8 3.2 1.8 3.1 -0.4 6.3 28.7 Chocola BB Group 3.8 6.8 3.9 6.7 1.1 16.5 23.4 FY2025 FY2026 Japan prescription medicines - revenue from major products Japan OTC and others - revenue from major products
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Performance of Americas Pharmaceutical Business 25CER=Constant Exchange Rates (billions of yen, %, ＜＞CER YOY) April-June Results Share (%) April-June Results Share (%) YOY (%) Full year forecast Prog. (%) Revenue 70.8 100.0 86.6 100.0 22.3 337.0 25.7 <10.9> United States 68.9 97.3 83.8 96.7 21.6 324.0 25.8 <10.3> Segment profit 41.5 58.7 51.9 60.0 25.0 － － <14.6> Lenvima 58.1 82.0 66.5 76.8 14.5 242.5 27.4 － － <3.8> United States 57.4 － 65.7 － 14.6 － － Millions USD 397 － 412 － 3.9 － － Leqembi 9.1 12.8 15.5 17.9 70.5 77.5 20.0 － － <54.6> United States 9.1 － 15.4 － 69.5 － － Millions USD 63 － 97 － 53.6 － － Dayvigo 1.9 2.6 3.3 3.8 74.5 13.5 24.2 － － <58.1> United States 0.7 － 1.4 － 93.3 － － Millions USD 5 － 9 － 75.3 － － FY2025 FY2026 Americas - revenue from major products
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Performance of China Pharmaceutical Business 26CER=Constant Exchange Rates (billions of yen, %, ＜＞CER YOY) April-June Results Share (%) April-June Results Share (%) YOY (%) Full year forecast Prog. (%) Revenue 36.5 100.0 42.5 100.0 16.6 147.0 28.9 <-0.3> Segment profit 17.9 49.1 21.2 49.8 18.2 － － <-1.3> Lenvima 6.9 18.8 6.8 16.0 -0.9 26.0 26.2 － － <-15.2> Merislon 3.1 8.4 5.1 12.0 67.1 － － － － <42.6> Leqembi 7.7 21.1 4.8 11.3 -37.3 19.0 25.3 － － <-46.4> Methycobal 2.9 7.9 3.7 8.6 27.7 － － <9.1> Myonal 2.3 6.3 3.1 7.2 33.7 － － － － <14.1> Selbex 2.2 6.0 3.0 7.1 38.2 － － － － <17.9> Aricept 2.4 6.6 2.9 6.9 23.1 － － － － <5.1> Stronger Neo-Minophagen C and Glycyron Tablets 1.8 4.9 2.2 5.1 21.3 － － － － <3.5> Fycompa 1.4 3.7 1.8 4.2 32.9 － － － － <13.6> Dayvigo 0.1 0.2 1.4 3.3 1779.1 4.5 31.2 <1510.8> FY2025 FY2026 China - revenue from major products
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Performance of EMEA Pharmaceutical Business 27 CER=Constant Exchange Rates (billions of yen, %, ＜＞CER YOY) April-June Results Share (%) April-June Results Share (%) YOY (%) Full year forecast Prog. (%) Revenue 19.0 100.0 23.6 100.0 24.4 73.0 32.4 <8.7> Segment profit 8.2 43.1 12.5 52.7 51.8 － － <39.7> Lenvima/Kisplyx 11.0 58.1 15.1 63.8 36.6 45.5 33.1 － － <18.5> Fycompa 4.0 21.2 4.8 20.2 18.3 － － － － <3.9> Dayvigo 0.2 1.0 0.6 2.6 217.3 － － － － <168.4> Leqembi 0.1 0.6 0.5 2.3 341.2 － － － <275.0> EMEA - revenue from major products FY2025 FY2026
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Performance of East Asia Global South Pharmaceutical Business 28 CER=Constant Exchange Rates (billions of yen, %, ＜＞CER YOY) April-June Results Share (%) April-June Results Share (%) YOY (%) Full year forecast Prog. (%) Revenue 16.1 100.0 20.2 100.0 25.3 79.5 25.4 <16.2> Segment profit 8.2 51.1 9.5 46.9 15.0 － － <4.0> Lenvima 4.3 26.9 5.2 25.9 20.3 17.5 29.9 － － <7.7> Aricept 3.7 23.1 3.6 17.7 -4.0 － － － － <-8.6> Leqembi 0.8 4.7 2.4 11.8 214.0 11.5 20.8 － － <201.3> Dayvigo 0.6 3.8 1.2 5.9 95.1 5.5 21.6 <78.7> Methycobal 0.8 5.2 1.2 5.8 41.6 － － － － <32.7> Pariet 1.0 6.2 1.2 5.7 15.8 － － － － <9.1> Halaven 0.9 5.6 0.9 4.4 -2.5 － － － － <-12.8> Fycompa 0.6 3.5 0.6 3.0 5.3 － － － － <-1.3> FY2025 FY2026 East Asia Global South - revenue from major products
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Safe Harbor Statement 29 ◼ Forecast or target figures in this material are not official earnings guidance but represent midterm strategies, goals, and visions. Official earnings guidance should be referred to in the disclosure of the annual financial report (Consolidated Financial Statement) in accordance with the rules set by Tokyo Stock Exchange. ◼ Materials and information provided during this presentation may contain so-called “forward-looking statements.” These statements are based on current expectations, forecasts and assumptions that are subject to risks and uncertainties that could cause actual outcomes and results to differ materially from these statements. ◼ Risks and uncertainties include general industry and market conditions, and general domestic and international economic conditions such as interest rate and currency exchange fluctuations. Risks and uncertainties particularly apply with respect to product-related forward- looking statements. Product risks and uncertainties include, but are not limited to, technological advances and patents attained by competitors; challenges inherent in new product development, including completion of clinical trials; claims and concerns about product safety and efficacy; regulatory agency examination periods and obtaining regulatory approvals; domestic and foreign healthcare reforms; trends toward managed care and healthcare cost containment; and governmental laws and regulations affecting domestic and foreign operations. ◼ Furthermore, for products that are approved, there are manufacturing and marketing risks and uncertainties, which include, but are not limited to, inability to build production capacity to meet demand, unavailability of raw materials, and failure to gain market acceptance. ◼ The Company cannot guarantee the actual outcomes and results for any forward-looking statements. ◼ The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. ◼ The English-language presentation was translated from the original Japanese-language version. In the event of any inconsistency between the statements in the two versions, the statements in the Japanese-language version shall prevail. ◼ The Company discloses its consolidated financial statements according to the International Financial Reporting Standards (IFRS).