Astellas Pharma Inc. · TSE:4503
Astellas Pharma — J.P. Morgan Healthcare Conference 2026
20 slides from Astellas Pharma's conference presentation, Jan 12, 2026
Slide 1: Astellas Pharma Inc. J.P. Morgan Healthcare Conference 2026
Astellas Pharma Inc. J.P. Morgan Healthcare Conference 2026 Naoki Okamura President and CEO January 12th, 2026 ©2026 ASTELLAS PHARMA INC. AND ITS AFFILIATES.
Slide 2: Turning innovative science into VALUE for patients
On the forefront to healthcare change to turn innovative science into VALUE for patients Outcomes that matter to patients VALUE = Cost to the healthcare system of delivering those outcomes
Slide 3: Who we are: Astellas at a glance
Numbers in red within each box represent the actual results for FY24 (FY3/25). In the chart, red bars represent actuals, and yellow bars represent forecast. Who we are: Astellas at a glance CORE OPERATING PROFIT / SALES REVENUE ¥1.9 trillion MARGIN ¥392.4 billion / 20.5% ($13.1 billion) ($2.7 billio
Slide 4: Track record of turning innovation into global success
Track record of turning innovation into global success #1 most prescribed branded ARPI for advanced prostate cancer across multiple indications Brand Maximization Global Capability Market Access We have maximized the value of We have built end-to-end We have delivered core value XTANDI through Life
Slide 5: Strategic Brands with blockbuster potential will drive future growth
Strategic Brands with blockbuster potential will drive future growth Oncology Oncology Oncology Ophthalmology Medical Specialty Peak Sales: Peak Sales: Peak Sales: Peak Sales: Peak Sales: ¥400-500B ¥100-200B ¥100-200B ¥200-400B ¥150-250B ($2.8-3.5B) ($0.7-1.4B) ($0.7-1.4B) ($1.4-2.8B) ($1.0-1.7B) He
Slide 6: We are clear about near-term challenges and confident in our long-term trajectory
We are clear about near-term challenges and confident in our long-term trajectory Astellas is managing its transition with focus and control Illustrative Maximize Revenue Elevate the peak and flatten the dip Pipeline XTANDI Accelerate Pipeline REVENUE Expected sales contribution in 2030s Strategic B
Slide 7: We have a diversified and profitable Strategic Brand portfolio
We have a diversified and profitable Strategic Brand portfolio Shift from XTANDI’s co-promotion towards majority fully owned, higher margin brands, elevating core OP margin 30 % Strategic Brands* Core OP Margin sustained 24.1 % after FY27 21.3 % 20.5 % 17.3 % XTANDI …Co-promotion Revenue Established
Slide 8: We pursue innovation through Focus Area Approach
We pursue innovation through Focus Area Approach with one goal: delivering meaningful outcomes for patients Driving forward the BIOLOGY MODALITY / most promising assets We start where it TECHNOLOGY to treat diseases where matters most – understanding the Harnessing the most the need is greatest and
Slide 9: We have made significant progress in building our pipeline
As of January 2026 We have made significant progress in building our pipeline Progressing R&D pipelines in synergy with Strategic Brands Phase Phase XTANDI (enzalutamide) In market IZERVAY (avacincaptad pegol) Prostate cancer In market Prostate cancer GA secondary to AMD GA ASP5541/PRL-02 2 ASP7317
Slide 10: Prioritizing four high-potential flagship assets through Primary Focuses
We are prioritizing four high-potential flagship assets through our Primary Focuses Four key PoCs provide visibility toward the inflection to growth TARGETED PROTEIN IMMUNO- ONCOLO GY BLINDNESS & GENETIC DEGRADATION REGENERATION REGULATION ASP3082 (setidegrasib) – a ASP2138 – a bispecific immune ASP
Slide 11: Unlocking the potential of our Targeted Protein Degradation platform starting with KRAS
Unlocking the potential of our Targeted Protein Degradation platform starting with KRAS Hard to treat cancers Leading Pipeline Strong Capabilities • ~30% of NSCLC patients have a • ASP3082 (setidegrasib) KRAS • Manufacturing chemically complex, KRAS mutation or are WT amplified, G12D targeted VHL E3
Slide 12: Objective responses in PDAC patients with ASP3082 + mFOLFIRINOX
Objective responses observed in PDAC patients with KRAS G12D mutations with ASP3082 (setidegrasib) + mFOLFIRINOX Response rates ORR, n (%) 7/12 (58.3) DCR, n (%) 10/12 (83.3) Best change from baseline (%) Patients Durability of response DOR months median (range) NE (1.4–9.4) Study duration (weeks) A
Slide 13: Unlocking potential of our Immuno-Oncology pipeline starting with Claudin 18.2
Unlocking potential of our Immuno-Oncology pipeline starting with Claudin 18.2 Hard to treat cancers Leading Pipeline Strong Capabilities • Gastric & GEJ cancers ~80% • VYLOY brought the first Claudin • Precision medicine & companion express Claudin 18.2, ~35% at high 18.2 targeted therapy in Gastri
Slide 14: ASP2138 with Standard of Care drives anti-tumor activity in Gastric/GEJ adenocarcinoma
ASP2138 in combination with Standard of Care drives striking anti-tumor activity in Gastric/GEJ adenocarcinoma irrespective of Claudin 18.2 Expression 1L Gastric/GEJ – ASP2138 subcutaneous + pembro/mFOLFOX6 (n=34) Best Change from Baseline (%) Best Change from Baseline (%) Claudin 18.2 expression (%
Slide 15: Operational efficiency to elevate profitability and invest in growth drivers
Operational efficiency to elevate profitability and invest in growth drivers Disciplined cost optimization of 150 billion yen (USD 1.03 billion) before XTANDI LOE is on track ¥150B Achievement ($1.03B) Identified cost reduction initiatives (cumulative) >¥60B (>$0.45B) ¥40B 37% ¥27B ¥2B ($0.28B) ¥16B
Slide 16: Our experienced leadership team is committed to strategic focus and Shareholder value
Our experienced leadership team is committed to strategic focus and Shareholder value TOP MANAGEMENT Naoki Okamura Katsuyoshi Sugita Tadaaki Taniguchi, Rao Mantri, Ph.D. Representative Director, Representative Director, M.D., Ph.D. Chief Manufacturing Officer President and Chief Executive Executive
Slide 17: Strengthening our trajectory toward sustainable growth
Strengthening our trajectory toward sustainable growth Maximize Revenue Accelerate Pipeline Elevate Profitability • Strategic Brands • Prioritized Primary Focus • Operational efficiency • XTANDI assets • Shift towards majority fully • Business Development owned Strategic Brands Turn innovative scien
Slide 18: Appendix
Appendix <insert copyright or confidentiality statement here>
Slide 19: Deep and durable responses in 2/3L NSCLC with ASP3082 monotherapy
Deep and durable responses observed in 2/3L NSCLC with ASP3082 (setidegrasib) monotherapy holds potential to change treatment paradigm in 2L NSCLC SD PD Best Change from Baseline (%) NE SD SD SD Probability of PFS SD SD 2/3L: mPFS SD SD SD SD = 8.25 months SD SD SD PR PR PR PR PR PR PR PR 4L+: mPFS
Slide 20: Zolbetuximab with checkpoint inhibitor + chemo nearly doubles mPFS versus chemo
Combination of zolbetuximab with a checkpoint inhibitor + chemo nearly doubles mPFS versus chemo combination in Claudin 18.2-high advanced gastric and/or GEJ cancer ILUSTRO cohort 4b zolbetuximab + nivolumab + mFOLFOX6 Median PFS, Claudin 18.2 Events, n (%) months (95% CI) High 23/59 (39.0) 18.0 (11
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