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DAIICHI SANKYO CO., LTD. FY2025 Q3 Financial Results Presentation January 30, 2026 Koji Ogawa Senior Executive Officer, CFO
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2 Management strategies and plans, financial forecasts, future projections and policies, and R&D information that Daiichi Sanky o discloses in this material are all classified as Daiichi Sankyo’s future prospects. These forward-looking statements were determined by Daii chi Sankyo based on information obtained as of today with certain assumptions, premises and future forecasts, and thus, there are various i nherent risks as well as uncertainties involved. As such, please note that actual results of Daiichi Sankyo may diverge materially from Da iichi Sankyo’s outlook or the content of this material. Furthermore, there is no assurance that any forward -looking statements in this material will be realized. Regardless of the actual results or facts, Daiichi Sankyo is not obliged and does not have in its policy the duty to update the content of this material from the date of this material onward. Some of the compounds under discussion are investigational agents and are not approved by the FDA or any other regulatory age ncy worldwide as a treatment for indications under investigation. Efficacy and safety have not been established in areas under in vestigation. There are no guarantee that these compounds will become commercially available in indications under investigation. Daiichi Sankyo takes reasonable care to ensure the accuracy of the content of this material, but shall not be obliged to guar antee the absolute accuracy, appropriateness, completeness and feasibility, etc. of the information described in this material. Furthermore, an y information regarding companies, organizations or any other matters outside the Daiichi Sankyo Group that is described within this materi al has been compiled or cited using publicly available information or other information, and Daiichi Sankyo has not performed in -house inspection of the accuracy, appropriateness, completeness and feasibility, etc. of such information, and does not guarantee the accuracy thereo f. The information described in this material may be changed hereafter without notice. Accordingly, this material or the inform ation described herein should be used at your own judgment, together with any other information you may otherwise obtain. This material does not constitute a solicitation of application to acquire or an offer to sell any security in the United Sta tes, Japan or elsewhere. This material disclosed here is for reference purposes only. Final investment decisions should be made at your own discretio n. Daiichi Sankyo assumes no responsibility for any damages resulting from the use of this material or its content, including witho ut limitation damages related to the use of erroneous information. Forward-Looking Statements
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3 FY2025 Q3 Financial Results Business Update R&D Update Appendix 1 2 3 4 Agenda
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4 Summary FY2025 Q3 YTD Financial Results Revenue Significant increase in consolidated revenue led by ENHERTU® and DATROWAY® product sales growth Core Operating Profit COGs ratio improved compared to Q2 FY25. Core operating profit increased +8.8% YoY Others No additional major temporary expenses were incurred in Q3 FY25 Consolidated Annual Forecast Update No update from October forecast
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5 Overview of FY2025 Q3 Results (Bn JPY) *1 As an indicator of ordinary profitability, “core operating profit” which excludes temporary income and expenses from operating income is disclosed. Income and expenses related to: sale of fixed assets, restructuring (excluding the sales of pipeline and launched products), impairment, loss compensation, settlement, and other non-temporary and material gains and losses are included in the “temporary income and expenses”. Temporary income and expenses are excluded from results for cost of sales, SG&A expenses and R&D expenses shown in the list above. The adjustment table from operating profit to core operating profit is stated in the reference data. *2 DS pays alliance partners 50% of gross profit for the product sales in countries/regions where DS book revenue (excluding Japan) to share profit with the partners. FY2024 Q3 YTD FY2025 Q3 YTD Results Results +12.1% Cost of sales 321.4 335.2 13.8 SG&A expenses 516.6 610.4 93.7 DXd ADC profit share 168.5 223.1 54.7 Other SG&A expenses 348.2 387.2 39.1 R&D expenses 300.6 338.7 38.1 +8.8% Temporary income 21.5 4.4 -17.1 Temporary expenses 2.2 19.8 17.6 -5.9% Profit before tax 275.0 270.0 -5.1 +4.2% Currency USD/JPY 152.56 148.75 Exchange Rate EUR/JPY 164.82 171.84 YoY Revenue 1,367.6 1,533.5 165.9 +7.02 Core operating profit 229.0 249.2 20.2 Operating profit 248.3 233.8 -14.5 Profit attributable to owners of the Company 208.6 217.4 8.8 -3.81 *1 *1 *1 *1 *1 *1 *2
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6 1,533.5 1,367.6 3.3 20.9 35.0 13.6 24.3 113.3 10.7 1,200.0 1,250.0 1,300.0 1,350.0 1,400.0 1,450.0 1,500.0 1,550.0 FY2025 Q3 Results Forex Impact 5DXd ADCs ASCA Business EU Speciality Business American Regent Business Oncology Business Japan Business FY2024 Q3 Results Revenue Increased by 165.9 Bn JPY (Increased by 169.2 Bn JPY excl. forex impact) *1 Revenue for Daiichi Sankyo, Inc. and Daiichi Sankyo Europe’s oncology products *2 Merck & Co., Inc., Rahway, NJ, USA *3 Forex impact USD: -13.6, EUR : +13.1, ASCA: -2.8 Positive Factors Negative Factors FY2024 Q3 Results Japan Business (incl. Innovative Pharmaceuticals, Vaccines, OTC) Oncology Business*1 American Regent EU Specialty Business Upfront Payment & Regulatory/Sales Milestone etc.related to alliance with AstraZeneca and US MRK*2 Forex Impact*3 FY2025 Q3 Results ASCA Business (Asia, South and Central America) Positive Factors Negative Factors (Bn JPY) Japan Business Unit Datroway Belsomra Lixiana Tarlige +9.7 +9.2 +8.9 +7.4 Enhertu Datroway +85.5 +22.5 Oncology Business Unit1 +15.0 American Regent Unit EU Specialty Business Unit Nilemdo/Nustendi ASCA (Asia, South and Central America) Business Unit Enhertu +24.0 Venofer Injectafer -14.0 -7.9 Upfront Payment & Regulatory/Sales Milestone etc. related to alliance with AstraZeneca and US MRK*2 AstraZeneca US MRK +13.5 +7.4 Inavir Realized gains of unrealized gains of inventory for Daiichi Sankyo Espha -12.2 -11.2 FY2024 Q3 FY2025 Q3 YoY Revenue 27.7 11.3 -16.3 Returns allowance -20.6 -4.0 +16.6 Net sales 7.1 7.4 +0.3 <Ref> Net sales difference in vaccine biz after returns allowance +0.3
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7 249.2 229.0 165.9 9.7 42.6 100.3 12.4 150.0 200.0 250.0 300.0 350.0 400.0 FY2025 Q3 Results Forex Impact R&D Expenses SG&A Expenses Cost of Sales Revenue FY2024 Q3 Results Core Operating Profit Revenue incl. forex impact of -3.3 Cost of Sales SG&A Expenses R&D Expenses Forex Impact*2 Cost of Sales Increase in expenses related to sales expansion SG&A Expenses Increase in expenses related to Enhertu and Datroway due to an increase in profit share of gross profit with AstraZeneca +12.4 +165.9 Increased by 20.2 Bn JPY (Increased by 13.8 Bn JPY excl. forex impact) Positive Factors Negative Factors (Bn JPY) FY2024 Q3 Results Revenue Cost of Sales SG&A Expenses R&D Expenses Forex Impact FY2025 Q3 Results R&D Expenses Increase in 5DXd ADCs*1 R&D investments +42.6 -9.7 (Profit Increased) *1 ENHERTU®: trastuzumab deruxtecan (International Nonproprietary Name: INN), T-DXd, DS-8201 (HER2-directed ADC), Datroway®: datopotamab deruxtecan (INN), DS-1062 (TROP2-directed ADC), HER3-DXd: patritumab deruxtecan (INN), U3-1402 (HER3-directed ADC), I-DXd: ifinatamab deruxtecan (INN), DS-7300 (B7-H3-directed ADC), R-DXd: raludotatug deruxtecan, DS-6000 (CDH6-directed ADC） +100.3 *2 Forex Impact related to revenue ( -3.3) is not included +1.4 (Profit Decreased) -6.6 (Profit Increased) -4.5 (Profit Increased)
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8 217.4 208.6 9.5 34.7 13.9 170.0 180.0 190.0 200.0 210.0 220.0 230.0 FY2025 Q3 Results Income Taxes etc. Financial Income / Expenses Temporary Revenue / Expenses Core Operating Profit FY2024 Q3 Results Profit Attributable to Owners of the Company Increased by 8.8 Bn JPY Positive Factors Negative Factors (Bn JPY) FY2024 Q3 Results Core Operating Profit Financial Income/ Expenses etc. Income Taxes etc. FY2025 Q3 Results Temporary Revenue/ Expenses （参考：税率） Financial Income/Expenses etc. FY2024 Q3 Results FY2025 Q3 Results YoY Profit before Tax 27.5 27.0 ‐5.1 Income Taxes etc. 66.4 52.5 ‐13.9 Tax rate 24.1% 19.4% +9.5 (Profit Increased) • Improvement in forex gains/losses • Improvement in investment securities valuation gains/losses • Decrease in interest income +11.3 +3.2 -4.9 Income Taxes etc. -13.9 (Profit Increased) Temporary Income/Expenses -34.7 (Profit Decreased) FY2024 Q3 Results FY2025 Q3 Results YoY Temporary Income 21.5*1 4.4*2 ‐17.1 Temporary Expenses 2.2 19.8*3 +17.6 *1 Gains on stock transfer of Daiichi Sankyo Espha（16.3） *2 Incomes related to litigation with former shareholders of Ranbaxy(4.2) *3 CMO Compensation Fee（12.6）/ Write-down of Inventories of Datroway/HER3-DXd(4.7) 20.2
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9 FY2025 Q3 Financial Results Business Update R&D Update Appendix 1 2 3 4 Agenda
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10 Q3 YTD Global Product Sales Result 506.8 Bn JPY YoY +102.4 Bn JPY (+25.3%) Progress vs Oct. Forecast 73.0% New Indications Approvals HER2 positive BC 1L: Started to promote in US in Dec. HR positive, HER2 low or ultralow BC (chemo naïve): Started to promote in China in Dec. HER2 positive GC 2L: Started to promote in China in Jan. NCCN Guideline Updates Adjuvant therapy for HER2 positive BC with high risk of recurrence (category 1) NEW! HER2 positive BC 1L * (ENHERTU® + Pertuzumab) (category 2A) NEW! HER2 positive endometrial carcinosarcoma 2L+ (category 2A) NEW! HER2 positive esophageal cancer 2L (revised to category 1) UPDATE HER2 positive gastric cancer 2L (revised to category 1) UPDATE * ENHERTU® monotherapy for HER2 positive BC 1L has already been included in NCCN guideline as category 2A recommendation based on DB-03 data 219.7 283.5 109.5 123.751.8 71.2 23.5 28.5404.4 506.8 FY2024 Q3 FY2025 Q3 US EU ASCA Japan +21% +37% +13% +29% Performance Maintained No.1 new patient share across major countries and regions New patient share continues to increase in HER2 positive BC 1L in US ENHERTU® Bn JPY Bn JPY 1L: first line, 2L: second line, BC: breast cancer, Bn: billion, FY: fiscal year (Apr -Mar), GC: gastric cancer, HR: hormone receptor, JPY: Japanese yen, NCCN: National Comprehensive Cancer Network, YoY: year on year, YTD: year to date, Q3: 3 rd quarter (Apr-Dec) New Indication Approvals NCCN Guideline Updates
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11 21.1 0.8 0.1 9.7 31.6 FY2025 Q3 US EU ASCA Japan Q3 YTD Global Product Sales Result 31.6 Bn JPY YoY +31.6 Bn JPY (-%) Progress vs Oct. Forecast 83.8% Updated annual forecast: Jan. forecast 47.0 Bn JPY (vs Oct. forecast +9.2 Bn JPY) • Larger number of eligible patients than expected due to high unmet needs and increased confidence in safety management Updates by Indication HR positive and HER2 negative BC: Steady sales growth in US and Japan EGFR-mutated NSCLC: Strong sales uptake in US as the only TROP2-directed ADC approved • New patient share primarily increased in 3L+ NCCN Guideline Updates PD-L1 CPS<10 and non-BRCAm TNBC 1L (category 2A) NEW! Expansion of recommended EGFR mutation coverage in EGFRm NSCLC (category 2A) UPDATE 1L: first line, 3L+: third line or later, BC: breast cancer, Bn: billion, BRCAm: BRCA mutation, CPS: combined positive score, FY: fiscal year (Apr -Mar), HR: hormone receptor, JPY: Japanese yen, NSCLC: non-small cell lung cancer, NCCN: National Comprehensive Cancer Network, TNBC: Triple Negative Breast Cancer, YoY: year on year, YTD: year to date, Q3: 3 rd quarter (Apr-Dec) Treated more than 3,000 patients globally since launch, approx. 1.5 times the prior quarter Robust sales growth over the initial forecast in US and Japan; US sales growth mainly driven by the lung cancer indication DATROWAY® Performance Bn JPY Annual Forecast Updated Updates by Indication NCCN Guideline Updates
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12 Update on Seagen U.S. Patent Dispute Related to Daiichi Sankyo ADC The U.S. Court of Appeals for the Federal Circuit (CAFC) Decisions Dec. 2025: Patent Infringement Litigation: Reversed the decision that found Seagen (SGN)’s U.S. patent not invalid and vacated the order requiring DS to pay infringement damages Post Grant Review (PGR): Dismissed SGN’s appeal as moot in view of invalidity finding in other appeal Background and Key Developments Patent Infringement Litigation Post Grant Review (PGR) Oct. 2023: The U.S. District Court for the Eastern District of Texas (the Texas District Court)issued a judgment ordering DS to pay SGN patent-infringement damages, including a royalty on U.S. sales of ENHERTU® from Apr. 1, 2022 through Nov. 4, 2024 (the expiry ofSGN’s U.S. patent) Nov. 2023: DS appealed to the U.S. Court of Appeals for the Federal Circuit seeking to reverse the Texas District Court Jan. 2024: The U.S. Patent and Trademark Office rendered a Final Written Decision invalidating all challenged claims of SGN’s U.S. patent in a PGR May 2024: SGN appealed to CAFC the Final Written Decision in a PGR
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13 The 6th 5-year Business Plan Briefing Date and Time Tuesday, April 7, 2026, 6:30-8:30 pm EDT (Wednesday, April 8, 2026, 7:30-9:30 am JST) Format Virtual (Zoom) ※Simultaneous interpretation will be provided This content will be available on-demand at a later date
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14 FY2025 Q3 Financial Results Business Update R&D Update Appendix 1 2 3 4 Agenda
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15 5DXd ADCs Update Next Wave Update News Flow
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16 ENHERTU® Major Clinical Trials in the Breast Cancer Establishing a New 1L Treatment for HER2+ Breast Cancer DESTINY-Breast09 Ph3 New indication approved based on DESTINY-Breast09* Approved in US to combination with pertuzumab for the first-line treatment of patients with HER2 positive mBC in Dec 2025 Approved under Real Time Oncology Review, following Priority Review and Breakthrough Therapy Designation Regulatory status in other countries and regions Oct 2025: Filing accepted in Japan Nov 2025: Filing accepted in China Jan 2026: Filing accepted in EU As part of Project Orbis**, reviews are ongoing with multiple regulatory authorities *Monotherapy arm remains until final analysis **Project Orbis provides a framework for concurrent submission and review of oncology medicines among participating international partners, may potentially allow patients to receive earlier access to products in other countries where there may be significant delays in regulatory submissions CPS: combined positive score, ET: endocrine therapy, HR: hormone receptor, IO: immuno-oncology, mBC: metastatic breast cancer TNBC: triple-negative breast cancer
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17 ENHERTU® 5-year OS results reinforce the durability and sustainability of the efficacy and long-term safety of ENHERTU® leading to improved survival outcomes Efficacy ： OS Median PFS was 29.0 months in ENHERTU® group compared with 7.8 months in T-DM1 group; estimated 5-year PFS rate was 37.6% and 10.0%, respectively Median OS was 56.4 months in ENHERTU ® group and 42.7 months in T-DM1 group; estimated 5-year OS rate was 48.1% and 36.9%, respectively No new safety signals were observed with longer follow-up The rate of adjudicated drug-related ILD was 17.5% with ENHERTU®; no grade 4 or grade 5 events were reported during the trial CI: confidence interval, HR: hazard ratio, ILD: interstitial lung disease, OS: overall survival, PFS: progression-free survival, SABCS: San Antonio Breast Cancer Symposium, T-DM1: trastuzumab emtansine, T-DXd: trastuzumab deruxtecan (ENHERTU®) Final Analysis for 2L Treatment in HER2+ Breast Cancer DESTINY-Breast03 Ph3 (SABCS 2025) Data cutoff: June 27, 2025
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18 Indication expansion led by breast cancer are steadily progressing Regulatory Updates BC: breast cancer, GC: gastric cancer, HR: hormone receptor Dec 2025: Approved in China HR positive and HER2 low or ultralow BC (chemo naïve) (DESTINY -Breast06) ENHERTU® Jan 2026: Approved in China HER2 positive GC, 2L (DESTINY -Gastric04) HER2 positive BC post -neoadjuvant therapy (DESTINY -Breast05) Dec 2025: Granted Breakthrough Therapy Designation in US
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19 Expanding benefits to broader HER2 expressing cancers Clinical Trial Progress Updates AGA: actionable genomic alteration, NSCLC: non-small cell lung cancer, NSQ: non- squamous, TPS: tumor proportion score Dec 2025: Study started (Randomization phase) HER2 expressing ovarian cancer, 1L maintenance therapy （DESTINY -Ovarian01 ） HER2 expressing endometrial cancer, adjuvant therapy（DESTINY -Endometrial02 ） Dec 2025: Study started ENHERTU® HER2 overexpressing NSQ NSCLC ( w/o AGA and PD-L1 TPS <50% ), 1L (DESTINY -Lung06) Oct 2025: Study started
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20 Paving the Way for the New 1L SOC in mTNBC TROPION-Breast02 Ph3 DATROWAY® Regulatory submission accepted in the EU and China based on TROPION-Breast02 results Regulatory submission accepted in the EU and China for mTNBCwho are not candidates for PD-1/PD-L1 inhibitor therapy in Dec 2025 TROPION-Breast03, 04 and 05 are ongoing across early and mTNBC CI: confidence interval, CPS: combined positive score, ESMO: European Society for Medical Oncology, HR: hazard ratio, ICC: investigator's choice of chemotherapy, IO: immuno-oncology, mo: month, mTNBC: metastatic triple-negative breast cancer, OS: overall survival, SOC: standard of care, TNBC: triple-negative breast cancer Data cutoff: August 25, 2025 Neoadjuvant 1L TROPION- Breast02 CPS<10 or not candidates for IO Monotherapy TROPION- Breast03 Residual Disease Monotherapy or durvalumab combo TROPION-Breast04 Durvalumab combo as neoadjuvant TROPION- Breast05 CPS≥10 and candidates for IO durvalumab combo Adjuvant TROPION -Breast02 OS （ESMO 2025）Ph3 studies of DATROWAY ® in TNBC
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21 Development in Lung Cancer with Biomarker TROPION-Lung17 Ph3 DATROWAY® TROP2 NMR biomarker explored in TROPION-Lung01 informed a new Ph3 study for NSCLC 2L+ treatment Study Design Develop DATROWAY® monotherapy as the new treatment opportunity for TROP2 NMRpositive NSQ NSCLC 2L+ Started in Jan 2026 R 1:1 DATROWAY® 6 mg/kg q3w docetaxel 75 mg/m2 q3w Primary endpoints: PFS by BICR, OS Secondary endpoints: ORR, DOR etc. Eligible patients • Non-squamous NSCLC • TROP2 NMR positive • No prior docetaxel • No prior TROP2 targeting agent • Without AGA • 1-2 prior lines of therapy, including platinum-based chemotherapy and anti-PD(L)1 AGA: actionable genomic alteration, BICR: blinded independent central review, DOR: duration of response, IHC: immunohistochemistry, NMR: normalized membrane ratio, NSQ: non- squamous, NSCLC: non-small cell lung cancer, ORR: objective response rate, OS: overall survival, PFS: progression-free survival, q3w: every 3 weeks, SCLC: small cell lung cancer, SQ: squamous
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22 PFS and OS in TROP2 NMR positive population have been added as additional primary endpoints TROPION -Lung07 Non -AGA, PD -L1<50% NSQ NSCLC 1L, combination with pembrolizumab ± platinum chemo TROPION -Lung12 Stage 1 NSCLC ( ctDNA positive or have high -risk pathological feature), adjuvant, combination with rilvegostomig Recruitment into this study has been closed due to operational complexity There were no new safety signals Clinical Development Plan Updates TROPION-Lung07, TROPION-Lung12DATROWAY® TROPION-Lung07 leveraging TROP2 NMR biomarker to establish DATROWAY® as the preferred treatment option in 1L NSCLC AGA: actionable genomic alteration, ctDNA: circulating tumor DNA, IHC: immunohistochemistry, NMR: normalized membrane ratio, NSQ: non- squamous, NSCLC: non-small cell lung cancer, SCLC: small cell lung cancer, SQ: squamous ENHERTU® DATROWAY®
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23 5DXd ADCs Update Next Wave Update News Flow
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24 Clinical Development Progress Next Wave EZHARMIA ® Nov 2025: Started FIH study for solid tumor DS3610 (STING agonist ADC/ target not disclosed) DS9051 (Targeted protein degradation molecule/ target not disclosed) Nov 2025: Started FIH study for solid tumors including CRPC Plan to start Ph1 study combined with darolutamide for mCRPC Jan 2026: Internal development discontinued following a strategic portfolio review DS-9606 (CLDN6 directed mPBD ADC) CRPC: castration-resistant prostate cancer, FIH: first-in-human, mCRPC: metastatic castration-resistant prostate cancer, mPBD: modified pyrrolobenzodiazepine
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25 Obtained approval in Japan ahead of the rest of the world for relapsed or refractory adult T-cell leukemia lymphoma in 2022, and for relapsed or refractory peripheral T-cell lymphoma in 2024 Recognized the healthcare contribution through establishing a new therapy targeting EZH1/2 epigenetic regulation Award winning of the First Dual EZH1/2 Inhibitor * The Japan Medical Research and Development Grand Prize, established 2017, honors achievements that have made significant contributions to the progress of research and development in the medical field, with its aim of advancing medical care not only in Japan but around the world. The Prime Minister's Award is given to one which showed extremely outstanding achievements. Received "Prime Minister's Award" for the 8th Japan Medical Research and Development Grand Prize* EZHARMIA ®
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26 5DXd ADCs Update Next Wave Update News Flow
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27 News Flow As of Jan 2026 AGA: actionable genomic alteration, BC: breast cancer, HR: hormone receptor,NSCLC: non-small cell lung cancer,OVC: ovarian cancer, PBC: platinum-based chemotherapy, TNBC: triple negative breast cancer, TPS: tumor proportion score, UC: urothelial cancer ENHERTU® DESTINY-Lung04: HER2 mutation NSCLC, 1L, Ph3 • FY2026 H1 DATROWAY® TROPION-Lung07: non-squamous NSCLC, w/o AGA, PD-L1 TPS <50%, pembrolizumab ± PBC combo, 1L, Ph3 • FY2026 H2 TROPION-Lung08*: NSCLC, w/o AGA, PD-L1 TPS ≥50%, pembrolizumab combo, 1L, Ph3 • FY2026 H2 TROPION-Lung15: EGFR mutated NSCLC progressed on prior osimertinib, mono or osimertinib combo, 2L+, Ph3 • FY2026 H2 AVANZAR*: NSCLC, w/o AGA, durvalumab + carboplatin combo, 1L, Ph3 • CY2026 H2 Upcoming key data readouts Timeline indicated is based on the current forecast and subject to change * Due to the protocol revision, the inclusion criteria are limited to non-squamous NSCLC Bold: update from FY2025 Q2 ENHERTU® DESTINY-Breast11: HER2 positive BC, neoadjuvant,Ph3 • US: FY2026 H1 Upcoming regulatory decisions
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28 Q&A Koji Ogawa Senior Executive Officer, CFO Yuki Abe Head of R&D Division Ken Keller Head of Global Oncology Business
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29 FY2025 Q3 Financial Results Business Update R&D Update Appendix 1 2 3 4 Agenda
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30 Revenue: Business Units (incl. Forex Impact) (Bn JPY) FY2024 Q3 YTD FY2025 Q3 YTD Results Results 385.7 390.8 +5.2 67.4 70.6 +3.2 337.2 439.2 +102.1 329.1 407.2 +78.1 - 21.9 +21.9 5.1 4.2 -0.9 2.9 5.9 +3.0 169.9 141.9 -28.0 41.6 32.8 -8.8 51.0 36.1 -14.9 67.9 62.6 -5.3 178.3 200.1 +21.8 135.6 141.1 +5.4 Nilemdo/Nustendi 26.5 43.3 +16.8 13.9 14.1 +0.2 155.0 187.2 +32.2 Currency USD/JPY 152.56 148.75 -3.81 Exchange Rate EUR/JPY 164.82 171.84 +7.02 Enhertu YoY Japan Business Daiichi Sankyo Healthcare Oncolgy Business Datroway Lixiana Olmesartan ASCA (Asia, South and Central America) Business Turalio American Regent Injectafer Venofer GE injectables EU Specialty Business Vanflyta
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31 Revenue: Major Products in Japan (Bn JPY) FY2024 Q3 YTD FY2025 Q3 YTD Results Results Lixiana anticoagulant 103.2 112.1 +8.9 Tarlige pain treatment 42.9 50.3 +7.4 Pralia Treatment for osteoporosis/ inhibitor of the progression of bone erosion associated with rheumatoid arthritis 32.7 35.5 +2.9 Enhertu anti-cancer agent (HER2-directed antibody drug conjugate) 23.5 28.5 +5.0 Efient antiplatelet agent 24.2 30.1 +5.9 Vimpat anti-epileptic agent 23.7 25.0 +1.4 Belsomra Anti-Insomnia Treatment 5.6 14.8 +9.2 Ranmark treatment for bone complications caused by bone metastases from tumors 15.7 15.2 -0.5 Canalia type 2 diabetes mellitus treatment 12.3 11.5 -0.8 Minnebro antihypertensive agent 7.4 8.4 +1.0 Loxonin anti-inflammatory analgesic 10.1 9.3 -0.8 Emgality prophylaxis of migraine attacks 8.1 9.8 +1.7 Datroway anti-cancer agent (TROP2-directed antibody drug conjugate) - 9.7 +9.7 Inavir anti-influenza treatment 13.6 1.4 -12.2 YoY
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32 5DXd ADCs Revenue (incl. Forex Impact) (Unit: Bn JPY) FY2025 Q3 YTD FY2025 Results Forecast(as of Jan.) ENHERTU® 535.5 +113.9 805.6 -2.6 Product Sales 506.8 +102.4 689.9 -4.3 Upfront and Milestone Payments, etc. 28.6 +11.5 115.7 +1.7 DATROWAY® 38.4 +33.6 55.5 +9.2 Product Sales 31.6 +31.6 47.0 +9.2 Upfront and Milestone Payments, etc. 6.7 +2.0 8.4 - HER3-DXd 10.1 -5.6 13.1 - Upfront and Milestone Payments, etc. 10.1 -5.6 13.1 - I-DXd 11.4 -0.2 15.1 - Upfront and Milestone Payments, etc. 11.4 -0.2 15.1 - R-DXd 18.3 +13.3 21.5 - Upfront and Milestone Payments, etc. 18.3 +13.3 21.5 - 5DXd ADCs Total 613.6 +155.0 910.8 +6.6 YoY vs Oct Forecast
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33 Asset Item FY2025 Q3 YTD Results YoY FY2025 Forecast (as of Jan) vs Oct Forecast Total Consideration (as of Dec 2025) Upfront Payment 7.7 - 10.2 - 149.0 Regulatory Milestones 20.1 +11.5 23.7 +0.6 185.9 Quid Related Payment 0.9 - 1.2 - 17.2 Sales Milestone - - 80.6 +1.1 100.8 Upfront Payment 4.8 - 6.4 - 115.9 Regulatory Milestones 2.0 +2.0 2.1 - 6.6 35.4 +13.5 124.1 +1.7 575.4 Upfront Payment 9.7 -5.4 12.7 - 224.9 Satisfaction of Quid Rights 0.3 -0.3 0.4 - 7.3 Upfront Payment 11.0 - 14.7 - 225.4 Satisfaction of Quid Rights 0.4 -0.2 0.5 - 7.3 Upfront Payment 18.0 +13.4 21.1 - 225.7 Satisfaction of Quid Rights 0.3 -0.2 0.4 - 7.3 39.8 +7.4 49.7 - 697.8US Merck Alliance Total ENHERTU® DATROWAY® AZ Alliance Total HER3-DXd I-DXd R-DXd 5DXd ADCs Upfront and Milestone Payments (Unit: Bn JPY) * "Quid rights" (worth $150 mil.) that was held under the strategic alliance agreement with US Merck and was appropriated as part of consideration to obtain MK-6070 is booked as deferred revenue
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34 Temporary Expenses Itemized Breakdown Full base Core base Cost of sales SG&A expenses R&D expenses Total Temporary expenses CMO Compensation Fee 21.0 -8.6 0.2 12.6 12.6 Write-down of Datroway inventories 5.5 -2.8 2.7 2.7 Write-down of HER3-DXd inventories 3.5 -1.5 2.0 2.0 Others 1.4 0.2 0.9 2.5 2.5 Total 31.4 -12.7 1.1 19.8 19.8 (Unit: Bn JPY) FY2025 Q3 YTD Results Note: No additional major temporary expenses were incurred in Q3 FY25 (for reference: ¥18.5 billion on a on a Q2 FY25 YTD basis)
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35 Major R&D Milestones : ENHERTU® Project Population/regimen [phase, study name] FY2025 FY2026H1 H2 ENHERTU® BC • HER2+ with high risk of recurrence, post neo-adjuvant [Ph3, DESTINY-Breast05] • TLR obtained • HR+/HER2 low or HER2 ultralow, chemo naive [Ph3, DESTINY-Breast06] • Approved (JP) • Filing accepted (CN) • Approved (CN) • HER2+, 1L, pertuzumab combo* 1 [Ph3, DESTINY-Breast09] • TLR obtained • Filing accepted (US) • Filing accepted (JP/EU/CN) • Approved (US) • HER2+, neoadjuvant, mono followed by THP [Ph3, DESTINY-Breast11] • TLR obtained • Filing accepted (US/CN) • Regulatory decision anticipated (US) GC • HER2+, 2L [Ph3, DESTINY-Gastric04] • Filing accepted (CN) • Approved (CN) NSCLC • HER2 mutation, 1L [Ph3, DESTINY-Lung04] • TLR anticipated • HER2 overexpression, w/o AGA, PD-L1 TPS <50%, 1L, pembrolizumab combo [Ph3, DESTINY-Lung06] • Study started OVC • HER2 expressing, bevacizumab combo [Ph3, DESTINY-Ovarian01] • Study started (safety run-in phase) • Study started (randomization phase) EC • HER2 expressing, pMMR,1L, rilvegostomig or pembrolizumab combo [Ph3, DESTINY-Endometrial01] • Study started • HER2 expressing, adjuvant [Ph3, DESTINY-Endometrial02] • Study started Other tumors • HER2 expressing tumors [Ph2, DESTINY-PanTumor02] • Filing accepted (JP/EU) Bold: update from FY2025 Q2 BC: breast cancer, EC: endometrial cancer, GC: gastric cancer, HR: hormone receptor,NSCLC: non-small cell lung cancer,OVC: ovarian cancer, pMMR: mismatch repair proficient, THP: taxane (paclitaxel or docetaxel) + trastuzumab +pertuzumab, TLR: top line results *1 Monotherapy arm remains blinded until final PFS analysis Timeline indicated is based on the current forecast and subject to change As of Jan 2026
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36 Major R&D Milestones : DATROWAY® As of Jan 2026 Bold: update from FY2025 Q2 AGA: actionable genomic alterations, BC: breast cancer, EV: enfortumab vedotin, HR: hormone receptor, NSCLC: non-small cell lung cancer, PBC: platinum-based chemotherapy, TLR: top line results, TNBC: triple-negative breast cancer, TPS: tumor proportion score, UC: urothelial carcinoma * 1 Supported by data from TROPION-Lung01, TROPION-PanTumor01, *2 Due to the protocol amendment, the inclusion criteria are limited to non-squamous NSCLC Timeline indicated is based on the current forecast and subject to change Project Population/regimen [phase, study name] FY2025 FY2026H1 H2 DATROWAY® NSCLC • EGFR mutated, previously treated EGFR-directed therapy and PBC [Ph2, TROPION-Lung05*1] • Approved (US) • non-squamous, w/o AGA, PD-L1 TPS <50%, 1L, pembrolizumab ± PBC combo [Ph3, TROPION-Lung07] • TLR anticipated • w/o AGA, PD-L1 TPS ≥50%, 1L, pembrolizumab combo [Ph3, TROPION-Lung08*2] • TLR anticipated • EGFR mutated, progressed on prior osimertinib, 2L+, mono or osimertinib combo [Ph3, TROPION-Lung15] • TLR anticipated • non-squamous, TROP2 NMR+, w/o AGA, 2L+ [Ph3, TROPION-Lung17] • Study started • w/o AGA, 1L, durvalumab + carboplatin combo [Ph3, AVANZAR*2] • TLR anticipated (CY2026 H2) BC • HR+ and HER2 low or negative, 2/3L [Ph3, TROPION-Breast01] • Approved (EU) • Approved (CN) • TNBC, not candidates for PD-1/PD-L1 inhibitor therapy, 1L [Ph3, TROPION-Breast02] • TLR obtained • Filing accepted (EU/CN) UC • Post EV + pembrolizumab combo treatment, PBC combo [Ph2/3, TROPION-Urothelial03] • Study started
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37 Major R&D Milestones : HER3-DXd, I-DXd, R-DXd Project Population/regimen [phase, study name] FY2025 FY2026H1 H2 HER3-DXd NSCLC • EGFR mutated, 3L [Ph2, HERTHENA Lung01] • Regulatory submission withdrawn (US) BC • TNBC, HR low and HER2 negative BC neoadjuvant [Ph2, HERTHENA-Breast03] • Study started • HR+/HER2- BC, post ET and CDK4/6 inhibitor treatment [Ph3, HERTHENA-Breast04] • Study started I-DXd ES-SCLC • 2L+ [Dose expansion, Ph2, IDeate-Lung01] • TLR obtained ESCC • 2L [Ph3, IDeate-Esophageal01] • Study started CRPC • Chemo naïve [Ph3, IDeate-Prostate01] • Study started R-DXd OVC • Platinum-resistant, 2L+ [Ph2/3, REJOICE-Ovarian01] • TLR obtained (Ph2 dose optimization) GI cancers • [Ph2, REJOICE-GI01] • Study started BC: breast cancer, CRPC: castration-resistant prostate cancer, ESCC: esophageal squamous cell carcinoma, ES-SCLC: extensive stage-small cell lung cancer, ET: endocrine therapy, GI: gastrointestinal, HR: hormone receptor, NSCLC: non-small cell lung cancer, OVC: ovarian cancer, TNBC: triple-negative breast cancer, TLR: top line results Timeline indicated is based on the current forecast and subject to change Bold: update from FY2025 Q2 As of Jan 2026
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38 Major R&D Milestones : Next Wave As of Jan 2026 Project Target indication [phase, study name] FY2025 FY2026H1 H2 EZHARMIA® • CRPC, darolutamide combo [Ph1] • Study start planned Gocatamig (MK-6070/DS3280) • ES-SCLC, 1L, induction (I-DXd combo) and maintenance (I-DXd or atezolizumab combo) MK-6070-003 [Ph1b/2] • Study start planned DS3610 • Solid tumors [Ph1] • Study started DS5361 • Solid tumors [Ph1] • Study started DS9051 • Solid tumors including CRPC [Ph1] • Study started DS3790 • CD37-expressing hematological malignancies [Ph1/2] • Study start planned Bold: update from FY2025 Q2 CRPC: castration-resistant prostate cancer, ES-SCLC: extensive stage-small cell lung cancer Timeline indicated is based on the current forecast and subject to change
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39 Major R&D Pipeline: 5DXd ADCs ① As of Jan 2026 (US/EU/Asia) HER2 low BC chemo naïve/post chemo （combo) DESTINY-Breast08 (JP/US/EU/Asia) NSCLC (US/EU/Asia) HER2+ BC 2L+/1L (chemo combo) DESTINY-Breast07 (US/EU/Asia) in prep HER2 negative GC 1L (pembrolizumab + chemo combo) KEYMAKER-U06 substudy 06C (CN) HER2 expressing solid tumors DESTINY-PanTumor03 (JP/US/EU/Asia) ES-SCLC 2L+ IDeate-Lung01 (US/EU/Asia) HER2 overexpressing non- squamous NSCLC 1L (ICI ± PBC combo) DESTINY-Lung03 (JP/US/Asia) EGFR mutated NSCLC 1L/2L (osimertinib combo) (JP/US/EU/Asia) HER2 expressing GC 2L+/1L (combo) DESTINY-Gastric03 (US/EU/Asia) in prep HER2 negative GC 2L (ramucirumab combo) KEYMAKER-U06 substudy 06D (JP/US/EU/Asia) solid tumors TROPION-PanTumor03 (US/EU/Asia) non-squamous NSCLC 2L KEYMAKER-U01 substudy 01H (US/EU) BC, NSCLC (pembrolizumab combo) (JP/US) renal cell carcinoma, ovarian cancer (US/EU/Asia) TNBC (durvalumab combo) BEGONIA (JP/US) ESCC, CRPC, squamous NSCLC, SCLC, etc. IDeate-PanTumor01 (JP/US/EU/Asia) EGFR mutated NSCLC 2L (osimertinib combo) ORCHARD (US/EU/Asia) squamous NSCLC 2L KEYMAKER-U01 substudy 01I (JP/US/Asia) solid tumors (subcutaneous injection) (JP/US/EU/Asia) solid tumors (saruparib combo) PETRA (JP/US/EU/Asia) solid tumors 2L+ IDeate-PanTumor02 (US/EU/Asia) resectable early-stage NSCLC neoadjuvant and adjuvant ((durvalumab or rilvegostomig) + PBC combo) NeoCOAST-2 (US/EU/Asia) gastrointestinal cancers REJOICE-GI01 (JP/US) solid tumors TROPION-PanTumor01 (US/EU/Asia) TNBC (durvalumab combo) BEGONIA (JP/US/EU) ES-SCLC 1L (atezolizumab combo) IDeate-Lung03 (JP/US/EU/Asia) ｓolid tumors HERTHENA-PanTumor01 (JP/US/EU/Asia) solid tumors REJOICE-PanTumor01 (JP/US/EU/Asia) NSCLC (w/o AGA) (pembrolizumab ± PBC combo) TROPION-Lung02 (JP/US/EU/Asia) solid tumors (saruparib combo) PETRA (US/EU/Asia) chemo-naïve CRPC (moｎo or combo) IDeate-Prostate02 (US/EU/Asia) high-risk early stage TNBC, HR low and HER2 negative BC neoadjuvant (pembrolizumab combo) HERTHENA-Breast03 (US/EU/Asia) non-squamous NSCLC 2L KEYMAKER-U01 substudy 01H (JP/US/EU/Asia) NSCLC (w/o AGA) ((durvalumab, rilvegostomig or volrustomig) ± PBC or sabestomig combo) TROPION-Lung04 (CN) NSCLC, TNBC TROPION-PanTumor02 (US/EU/Asia) stageIV NSCLC 1L (pembrolizumab + PBC combo) KEYMAKER-U01 substudy 01A (US/EU/Asia) stageIV NSCLC 1L (pembrolizumab combo) KEYMAKER-U01 substudy 01G (US/EU/Asia) squamous NSCLC 2L KEYMAKER-U01 substudy 01I (US/EU/Asia) BTC, HCC, gastroesophageal cancer 2L+ HERTHENA-PanTumor02 (JP/US/EU/Asia) ESCC 1L (pembrolizumab ± chemo combo) KEYMAKER-U06 substudy 06E (JP/US/EU/Asia) HER2+ BC 2L+ (trastuzumab (± pertuzumab or tucatinib) combo) HERTHENA-Breast01 (US/EU/Asia) ES-SCLC 2L KEYNOTE-B98 (US/EU/Asia) r/r RMS, HBL (pediatric) LIGHTBEAM-U01 (US/EU/Asia) ovarian cancer, relapsed after PBC (carboplatin, paclitaxel or bevacizumab combo) REJOICE-Ovarian02 (US/EU/Asia) stageIV NSCLC 1L (pembrolizumab + PBC combo) KEYMAKER-U01 substudy 01A Phase 1 Phase 1/2 Phase 2 Orphan drug designation (designated in at least one country/region among JP, US and EU) ENHERTUⓇ (T-DXd) DATROWAYⓇ (Dato-DXd) HER3-DXd I-DXd R-DXd AGA: actionable genomic alterations, BTC: biliary tract cancer, BC: breast cancer, CRPC: castration-resistant prostate cancer, ESCC: esophageal squamous cell carcinoma, ES-SCLC: extensive stage-small cell lung cancer, GC: gastric cancer, HBL: hepatoblastoma, HCC: hepatocellular carcinoma, ICI: immune checkpoint inhibitor, NSCLC: non-small cell lung cancer, PBC: platinum-based chemotherapy, r/r: relapse or refractory, RMS: rhabdomyosarcoma, SCLC: small cell lung cancer, TNBC: triple negative breast cancer Breakthrough Designation (US)
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40 Major R&D Pipeline: 5DXd ADCs ② As of Jan 2026 40
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41 Major R&D Pipeline: Next Wave As of Jan 2026 DS-1103 (US/EU) Anti-SIRPα antibody HER2 expressing or mutant solid tumors, HER2 low BC (ENHERTU® combo) DS-3939 (JP/US/EU/Asia) TA-MUC1-directed DXd ADC Solid tumors EZHARMIA® (EU) EZH1/2 inhibitor BCL TURALIO® (Asia) CSF-1/KIT/FLT3 inhibitor Tenosynovial giant cell tumor VANFLYTA® (CN) FLT3 inhibitor FLT3 -ITD positive AML 1L QuANTUM-First EZHARMIA® (JP/US) EZH1/2 inhibitor HER2+ GC, HER2 low BC (ENHERTU® combo) and non-squamous NSCLC (DATROWAY® combo) Gocatamig (MK-6070/DS3280) (US) DLL3 directed trispecific T-cell engager DLL3 expressing advanced cancer (mono, I-DXd combo or atezolizumab combo) MK-6070-001 DS-1001 (JP) Mutant IDH1 inhibitor Glioma VANFLYTA® (JP/US/EU/Asia) FLT3 inhibitor FLT3 -ITD negative AML 1L QuANTUM-Wild VN-0102/JVC-001 (JP) Mixed measles-mumps-rubella vaccine EZHARMIA® (TBA) in prep EZH1/2 inhibitor CRPC (darolutamide combo) Gocatamig (MK-6070/DS3280) (US/EUAsia） DLL3 directed trispecific T-cell engager ES-SCLC 2L+ (I-DXd combo) MK-6070-002 TURALIO® (JP) CSF-1/KIT/FLT3 inhibitor Tenosynovial giant cell tumor DS-2243（US/EU/Asia） HLA-A*02/NY-ESO directed bispecific T-cell engager Solid tumors Gocatamig (MK-6070/DS3280) (TBA) in prep DLL3 directed trispecific T-cell engager ES-SCLC 1L induction (I-DXd combo) and maintenance (I-DXd or atezolizumab combo) MK-6070-003 DS3610 (JP) STING agonist ADC Solid tumors EZHARMIA®（JP/US/Asia） EZH1/2 inhibitor NSCLC (w/o AGA and PD-L1 TPS ≥50%) 1L (pembrolizumab combo) DS5361 (JP/US) Small molecure NMD inhibitor Solid tumors DS3790 (TBA) in prep CD37-directed DXd ADC CD37-expressing hematological malignancies DS9051 (US/EU) Targeted protein degradation (TPD) molecule Solid tumors including CRPC DS-7011 (JP/US/EU/Asia) Anti-TLR7 antibody Systemic lupus erythematosus Phase 1 Phase 1/2 Phase 2 Phase 3 Regulatory phase ADC: antibody-drug conjugate, AGA: actionable genomic alterations, AML: acute myeloid leukemia, BC: breast cancer, BCL: B cell lymphoma, CRPC: castration-resistant prostate cancer, ES-SCLC: extensive-stage small cell lung cancer, GC:gastric cancer, NSCLC: non-small cell lung cancer, TBA: to be announced, TPD: targeted protein degradation,TPS: tumor proportion score Oncology Specialty medicine Vaccine Orphan drug designation (designated in at least one country/region among JP, US and EU)
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42 Contact address regarding this material Daiichi Sankyo Co., Ltd. Corporate Communications Department TEL: +81-3-6225-1125 Email: DaiichiSankyoIR_jp@daiichisankyo.com