Eisai Co., Ltd. · TSE:4523
Eisai — Q2 2026 Earnings Presentation
37 slides from Eisai's earnings presentation, Nov 7, 2025
Slide 1: Q2 FY2025 Financial Results and Business Update
Q2 FY2025 (Fiscal Year Ending March 31, 2026) Financial Results and Business Update Eisai Co., Ltd. November 5, 2025
Slide 2: Q2 FY2025 Consolidated Statement of Income (IFRS)
Q2 FY2025 Consolidated Statement of Income (IFRS) ⚫ Revenue and profits increased, driven by a profit structure centered on the steadily growing Pharmaceutical business. ⚫ In anticipation of R&D investments and structural reforms in the 2H, the full-year forecast remains unchanged. FY2024 FY2025 FY2
Slide 3: Revenue Overview
Revenue Overview ⚫ Total revenue from 3L*1 was 236.8 billion yen (15% increase YoY) driven by LEQEMBI ⚫ Pharmaceutical business revenue increased due to the growth of 3L LEQEMBI • Japan and Americas: Significant growth in Japan（+177% YoY） and Americas (+84% YoY) 16.3 • China: In addition to increase
Slide 4: Breakdown of Operating Profit Transition
Breakdown of Operating Profit Transition ⚫ Operating profit increased by 24%, driven by revenue growth in the Pharmaceutical business (organic business) and effective cost control management 500 Operating profit +6.6 billions of yen (+24%) 450 ＋6.2 -7.1 400 ＋9.1 -1.7 34.4 350 R&D SG&A expenses Other
Slide 5: Potential New Value Proposition of Core Product LENVIMA
Potential New Value Proposition of Core Product LENVIMA Contributed to approximately 575,000 patients in 81 countries and territories since its launch (7 indications in 5 cancer types) Maintenance of US patent exclusivity Due to a favorable court decision and settlement agreements to resolve litigat
Slide 6: LEQEMBI Approved in 51 Countries and Territories
LEQEMBI Approved in 51 Countries and Territories United States Cyprus Malta Japan Greece Latvia China Croatia Lithuania South Korea Sweden Romania UAE Spain Luxembourg Hong Kong Slovakia Iceland Israel Slovenia Liechtenstein United Kingdom Czech Republic Norway Mexico Denmark Qatar Macau Germany Sin
Slide 7: Aiming to Establish Early Treatment Initiation and Maintenance Treatment After 18 Months
Aiming to Establish Early Treatment Initiation and Maintenance Treatment After 18 Months AD is a progressive disease where neurodegeneration and cognitive decline continue, even after Aβ plaque removal Initiation treatment*1 Maintenance treatment (first 18 months) (after 18 months) IV: once a month*
Slide 8: Enhancing LEQEMBI's Value Proposition
Enhancing LEQEMBI’s Value Proposition • Enhanced administration period and dosing Approval obtained for initiation and maintenance treatment*1 • Consistent safety The incidence of ARIA in the real world remains consistent with what was described in the package insert 2-year real-world data in the U.
Slide 9: LEQEMBI Revenue Transition (1H FY2025)
LEQEMBI Revenue Transition (1H FY2025) (Billions of yen) FY2025 Q1 Q2 QoQ 1H YoY forecast Progress Americas 9.1 10.2 +12% 19.3 +84% 40.0 48% Japan 5.5 6.2 +13% 11.7 +177% 24.0 49% China 7.7 0.2 - 97% 7.9 +442% 83% (Actual demand*1) (2.4) (2.7) (+10%) (5.1) (+250%) 9.5 (54%) Others (Asia, EMEA) 0.9 1
Slide 10: Launch of LEQEMBI IQLIK Maintenance Treatment in the U.S.
Launch of LEQEMBI IQLIK Maintenance Treatment in the U.S. • Launched on October 6, 2025 • Offering a at-home injection by the patient or care partner (approximate injection time of 15 seconds*1) and in-person visits for administration are not required • It may reduce resources related to infusion, s
Slide 11: BBM as Confirmatory Test in the U.S.
BBM*1 as Confirmatory Test in the U.S. Progress in BBM as a confirmatory test ✓ BBM Clinical Practice Guideline*2 was issued by US Alzheimer's Association: BBM tests with ≥90% sensitivity and specificity can be recommended for confirmatory Aβ diagnosis in patients with objective cognitive impairment
Slide 12: Introduction of BBM Test is Expected to Lead to an Increase in Aβ Tests
Introduction of BBM*1 Test is Expected to Lead to an Increase in the Number of Aβ Tests Performed and Aβ Positive Cases Number of Aβ tests performed Number of Aβ-positive cases (Results and estimation) CMS*2 Total number of BBM test National payment rate (Triage + confirmatory test) to be effective
Slide 13: Three Options for Modified AD Continuum that Only Eisai can Deliver
Three Options for Modified AD Continuum that Only Eisai can Deliver • Maintenance treatment contributes not only to the Aβ plaque removal but also to the inhibition of re-accumulation of toxic soluble Aβ protofibrils, thereby potentially sustaining the reduction of all Lecanemab Suppression of toxic
Slide 14: Early AD, Preclinical AD: Estimated Number of Patients Eligible for AD-DMT
Early AD, Preclinical AD: Estimated Number of Patients Eligible for AD-DMT*1 Preclinical AD Early AD Prevalence*2 (Over 55 years old) Prevalence 415 million people 240 million people Steps leading up to AD-DMT administration for ADのうち、軽度・中等度・高度と重症度別の病態推移があり、 individuals due to AD with Preclinical 早期
Slide 15: Deployment of the Education Programs across the U.S.
Deployment of the Education Programs across the U.S. Educational opportunity for neurologists in the U.S. Smoldering Alzheimer's Disease Even after Aβ plaque removal, National Education Program was held in October 2025 AD pathological changes continue and neurodegeneration progresses • Attended by a
Slide 16: Initiatives to support earlier treatment initiation for AD (1)
Initiatives to support earlier treatment initiation for AD, a progressive disease (1) - Strengthening the role of PCP*1 - Encouraging PCP-specialist medical collaboration in the U.S. • PCP-specialized sales reps have started approaching 3,500 targeted PCPs primarily in areas where potential eligible
Slide 17: Initiatives to support earlier treatment initiation for AD (2)
Initiatives to support earlier treatment initiation for AD, a progressive disease (2) - Targeted DTC*1 TV Campaign*2 - (The U.S.) You STILL CAN BE Conducting DTC campaign in the 2H at twice the scale of the 1H • The number of people who proceeded to IC *3 or took further testing (Aβ test) after the
Slide 18: Diagnosis and treatment pathways are being established in major markets
Diagnosis and treatment pathways are being established in major markets, creating a system that allows more patients to receive treatment 17
Slide 19: LEQEMBI in Japan / LEQEMBI in China
LEQEMBI in Japan LEQEMBI in China Building a circulatory medical One-stop support for people with collaboration dementia through an online health • Completed coordination between approximately 800 platform and expansion of access initial treatment facilities and 1,600 follow-up facilities. in the fu
Slide 20: LEQEMBI in Europe
LEQEMBI in Europe Launched in Austria on 25 August and in Germany on 1 September 2025 Market access (reimbursement) • Germany: Received reimbursement at discretionary price for six months • Austria: Received reimbursement at discretionary price Commercial & medical activities • CAP*1 registered faci
Slide 21: Eisai's Mission in AD
Eisai’s Mission in AD “Making AD diagnosis and treatment familiar for patients, and encouraging their standardization and widespread adoption” LEQEMBI IQLIK and BBM are the potential two innovations to achieve this 20
Slide 22: Examples of Standardization and Widespread Adoption of Treatment
Examples of Standardization and Widespread Adoption of Treatment Standardization and Widespread Blood-based SC-AI*3 formulation biomarkers Adoption of Treatment TNFα*4 inhibitors Rheumatoid Anti-CCP antibody*1 IL-6*5 receptor arthritis inhibitors MMP-3*2 T cell activation inhibitors This slide illus
Slide 23: We see great potential in both Early AD and Preclinical AD
We see great potential in both Early AD and Preclinical AD 22
Slide 24: Reference Data
Reference Data 23
Slide 25: Consolidated Statement of Income
Consolidated Statement of Income FY2024 FY2025 April-September April-September Progress to Ratio Ratio YoY Forecast YoY （Billions of yen） Results Results forecast Revenue 385.0 100% 400.0 100% +3.9% 790.0 +0.1% 50.6% Pharmaceutical business 373.0 96.9% 393.3 98.3% +5.4% 754.5 +0.7% 52.1% Other busin
Slide 26: Segment Revenue
Segment Revenue FY2024 FY2025 April-September April-September Progress to Ratio Ratio YoY Forecast YoY （Billions of yen） Results Results forecast Pharmaceutical business total 373.0 96.9% 393.3 98.3% +5.4% 754.5 +0.7% 52.1% Japan 107.3 27.9% 112.5 28.1% +4.9% 225.5 +4.3% 49.9% Americas 137.0 35.6% 1
Slide 27: Segment Profit
Segment Profit FY2024 FY2025 April-September % of April-September % of Ratio Ratio YoY （Billions of yen） Results revenue Results revenue Pharmaceutical business total 179.3 95.6% 48.1% 186.1 98.3% 47.3% +3.8% Japan 36.5 19.5% 34.1% 36.8 19.5% 32.7% +0.8% Americas 79.4 42.3% 57.9% 83.2 43.9% 58.7% +4
Slide 28: Revenue from Major Products
Revenue from Major Products FY2024 FY2025 YoY April-September April-September exclude the effects of Progress to Ratio Ratio YoY Forecast YoY Results Results foreign exchange forecast （Billions of yen） fluctuations Lenvima 164.9 100% 166.5 100% +1.0% +4.5% 312.0 -5.0% 53.4% Japan 6.9 4.2% 7.0 4.2% +
Slide 29: Japan Pharmaceutical Business
Performance of Japan Pharmaceutical Business FY2024 FY2025 April-September April-September Progress to （Billions of yen） Ratio Ratio YoY Forecast YoY Results Results forecast Revenue 107.3 100% 112.5 100% +4.9% 225.5 +4.3% 49.9% Prescription medicines 95.9 89.4% 101.1 89.8% +5.4% 202.5 +4.5% 49.9% D
Slide 30: Americas Pharmaceutical Business
Performance of Americas Pharmaceutical Business FY2024 FY2025 YoY April-September April-September exclude the effects of Progress to Ratio Ratio YoY Forecast YoY Results Results foreign exchange forecast （Billions of yen） fluctuations Revenue 137.0 100.0% 141.7 100.0% +3.4% +8.1% 273.0 -1.9% 51.9% L
Slide 31: China Pharmaceutical Business
Performance of China Pharmaceutical Business FY2024 FY2025 YoY April-September April-September exclude the effects of Progress to Ratio Ratio YoY Forecast YoY Results Results foreign exchange forecast （Billions of yen） fluctuations Revenue 59.7 100% 66.2 100% +10.9% +15.6% 124.0 +7.3% 53.4% Lenvima
Slide 32: EMEA Pharmaceutical Business
Performance of EMEA Pharmaceutical Business FY2024 FY2025 YoY April-September April-September exclude the effects of Progress to Ratio Ratio YoY Forecast YoY Results Results foreign exchange forecast （Billions of yen） fluctuations Revenue 39.5 100% 38.8 100% -1.8% -3.0% 71.0 -10.6% 54.6% Lenvima/Kis
Slide 33: East Asia Global South Pharmaceutical Business
Performance of East Asia Global South Pharmaceutical Business FY2024 FY2025 YoY April-September April-September exclude the effects of Progress to Ratio Ratio YoY Forecast YoY Results Results foreign exchange forecast （Billions of yen） fluctuations Revenue 29.5 100% 34.1 100% +15.7% +19.5% 61.0 +2.4
Slide 34: Strong Balance Sheet to Achieve Investment for Growth and Stable Dividends
Strong Balance Sheet to Achieve Investment for Growth and Stable Dividends Difference from End of Sep. 2025 end of March 2025 Adhere to the KPIs for Net cash*1 86.0 B yen -18.8 B yen optimal capital structure Net DER*2 -0.10 times +0.02 times Net DER -0.3 times to +0.3 times Shareholders’ equity (At
Slide 35: Neurology Pipeline
Neurology Pipeline 1. ATN*1 comprehensive AD pipeline Target indication ClinicalTrials.gov ID Non-clinical Phase I Phase II Phase III Submission Approval, launch US: Full approval/launch in July 2023, Japan: Approval in September 2023, launch in December 2023, Early AD (U.S., Japan, China) China: Ap
Slide 36: Oncology Pipeline
Oncology Pipeline Approval, Pipeline Target indication ClinicalTrials.gov ID Non-clinical Phase I Phase II Phase III Submission launch 201 MORAb-202/FZEC*1 Solid tumors （Eribulin-containing folate receptor Monotherapy and combination with NCT04300556 Phase Ib/II ongoing α-targeting ADC*2） LENVIMA 10
Slide 37: Safe Harbor Statement
Safe Harbor Statement ◼ 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 accorda