Daiichi Sankyo Company, Limited · TSE:4568
Daiichi Sankyo — Daiichi Sankyo Co Ltd Ord — Q3 2025 Earnings Presentation
42 slides from Daiichi Sankyo's earnings presentation, Dec 30, 2025
Slide 1: FY2025 Q3 Financial Results Presentation
FY2025 Q3 Financial Results Presentation DAIICHI SANKYO CO., LTD. Koji Ogawa Senior Executive Officer, CFO January 30, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements Management strategies and plans, financial forecasts, future projections and policies, and R&D information that Daiichi Sankyo discloses in this material are all classified as Daiichi Sankyo’s future prospects. These forward-looking statements were determined by Daiichi Sa
Slide 3: Agenda
Agenda 1 FY2025 Q3 Financial Results 2 Business Update 3 R&D Update 4 Appendix 3
Slide 4: Summary
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 expens
Slide 5: Overview of FY2025 Q3 Results
Overview of FY2025 Q3 Results (Bn JPY) FY2024 Q3 YTD FY2025 Q3 YTD YoY Results Results Revenue 1,367.6 1,533.5 +12.1% 165.9 Cost of sales *1 321.4 335.2 13.8 SG&A expenses *1 516.6 610.4 93.7 DXd ADC profit share *2 168.5 223.1 54.7 Other SG&A expenses 348.2 387.2 39.1 R&D expenses *1 300.6 338.7 38
Slide 6: Revenue
Revenue Increased by 165.9 Bn JPY (Increased by 169.2 Bn JPY excl. forex impact) (Bn JPY) Positive Factors Negative Factors FY2024 Q3 Q3 FY2024 Results Results 1,367.6 Japan Business Unit Datroway +9.7 Inavir -12.2 Japan Business Belsomra +9.2 Realized gains of unrealized (incl. Innovative Pharmaceu
Slide 7: Core Operating Profit
Core Operating Profit Increased by 20.2 Bn JPY (Increased by 13.8 Bn JPY excl. forex impact) (Bn JPY) Revenue +165.9 incl. forex impact of -3.3 FY2024 Q3 Q3 FY2024 Results Results 229.0 Cost of Sales +12.4 Revenue Increase in expenses related to sales expansion Revenue 165.9 CostCost of ofSales SG&A
Slide 8: Profit Attributable to Owners of the Company
Profit Attributable to Owners of the Company Increased by 8.8 Bn JPY (Bn JPY) Temporary Income/Expenses -34.7 (Profit Decreased) FY2024 Q3 FY2025 Q3 YoY Results Results Temporary Income 21.5*1 4.4*2 ‐17.1 FY2024 Q3 Results FY2024 Q3 Results 208.6 Temporary Expenses 2.2 19.8*3 +17.6 Core Core Operati
Slide 9: Agenda
Agenda 1 FY2025 Q3 Financial Results 2 Business Update 3 R&D Update 4 Appendix 9
Slide 10: ENHERTU Performance
ENHERTU® 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 Q3 YTD Global Product Sales Result 506.8 Bn JPY 506.8 Bn JPY YoY +102.4 Bn JPY (+25.3%) Progress vs Oct. Forecast 73.0% 28.5 404.4 Bn JPY +21
Slide 11: DATROWAY Performance
DATROWAY® Performance 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 Q3 YTD Global Product Sales Result 31.6 Bn JPY 31.6 Bn JPY YoY
Slide 12: Update on Seagen U.S. Patent Dispute
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 infring
Slide 13: The 6th 5-year Business Plan Briefing
The 6th 5-year Business Plan Briefing Tuesday, April 7, 2026, 6:30-8:30 pm EDT Date and Time (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 13
Slide 14: Agenda
Agenda 1 FY2025 Q3 Financial Results 2 Business Update 3 R&D Update 4 Appendix 14
Slide 15: 5DXd ADCs Update
5DXd ADCs Update Next Wave Update News Flow 15
Slide 16: ENHERTU Establishing a New 1L Treatment for HER2+ Breast Cancer
ENHERTU® Establishing a New 1L Treatment for HER2+ Breast Cancer DESTINY-Breast09 Ph3 New indication approved based on DESTINY-Breast09* Major Clinical Trials in the Breast Cancer Approved in US to combination with pertuzumab for the first-line treatment of patients with HER2 positive mBC in Dec 2
Slide 17: ENHERTU Final Analysis for 2L Treatment in HER2+ Breast Cancer
ENHERTU® Final Analysis for 2L Treatment in HER2+ Breast Cancer DESTINY-Breast03 Ph3 (SABCS 2025) 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®
Slide 18: ENHERTU Regulatory Updates
ENHERTU® Regulatory Updates Indication expansion led by breast cancer are steadily progressing HER2 positive BC post-neoadjuvant therapy (DESTINY-Breast05) Dec 2025: Granted Breakthrough Therapy Designation in US HR positive and HER2 low or ultralow BC (chemo naïve) (DESTINY-Breast06) Dec 2025:
Slide 19: ENHERTU Clinical Trial Progress Updates
ENHERTU® Clinical Trial Progress Updates Expanding benefits to broader HER2 expressing cancers HER2 overexpressing NSQ NSCLC (w/o AGA and PD-L1 TPS <50%), 1L (DESTINY-Lung06) Oct 2025: Study started HER2 expressing ovarian cancer, 1L maintenance therapy （DESTINY-Ovarian01） Dec 2025: Study starte
Slide 20: DATROWAY Paving the Way for the New 1L SOC in mTNBC
DATROWAY® Paving the Way for the New 1L SOC in mTNBC TROPION-Breast02 Ph3 Regulatory submission accepted in the EU and China based on TROPION-Breast02 results Ph3 studies of DATROWAY ® in TNBC TROPION-Breast02 OS（ESMO 2025） Neoadjuvant Adjuvant 1L TROPION-Breast04 TROPION- TROPION- Durvalumab combo
Slide 21: DATROWAY Development in Lung Cancer with Biomarker
DATROWAY® Development in Lung Cancer with Biomarker TROPION-Lung17 Ph3 TROP2 NMR biomarker explored in TROPION-Lung01 informed a new Ph3 study for NSCLC 2L+ treatment Study Design Eligible patients • Non-squamous NSCLC DATROWAY® • TROP2 NMR positive 6 mg/kg q3w • • No prior docetaxel No prior TROP2
Slide 22: DATROWAY Clinical Development Plan Updates
DATROWAY® Clinical Development Plan Updates TROPION-Lung07, TROPION-Lung12 TROPION-Lung07 leveraging TROP2 NMR biomarker to establish DATROWAY® as the preferred treatment option in 1L NSCLC TROPION-Lung07 Non-AGA, PD-L1<50% NSQ NSCLC 1L, combination with pembrolizumab ± platinum chemo PFS and OS i
Slide 23: 5DXd ADCs Update
5DXd ADCs Update Next Wave Update News Flow 23
Slide 24: Next Wave Clinical Development Progress
Next Wave Clinical Development Progress EZHARMIA ® Plan to start Ph1 study combined with darolutamide for mCRPC DS-9606 (CLDN6 directed mPBD ADC) Jan 2026: Internal development discontinued following a strategic portfolio review DS3610 (STING agonist ADC/ target not disclosed) Nov 2025: Starte
Slide 25: EZHARMIA Award winning of the First Dual EZH1/2 Inhibitor
EZHARMIA ® Award winning of the First Dual EZH1/2 Inhibitor Received "Prime Minister's Award" for the 8th Japan Medical Research and Development Grand Prize* Obtained approval in Japan ahead of the rest of the world for relapsed or refractory adult T-cell leukemia lymphoma in 2022, and for relapse
Slide 26: 5DXd ADCs Update
5DXd ADCs Update Next Wave Update News Flow 26
Slide 27: News Flow
News Flow As of Jan 2026 Upcoming regulatory decisions Upcoming key data readouts DESTINY-Breast11: HER2 positive BC, neoadjuvant, Ph3 DESTINY-Lung04: HER2 mutation NSCLC, 1L, Ph3 ENHERTU® ENHERTU® • FY2026 H1 • US: FY2026 H1 TROPION-Lung07: non-squamous NSCLC, w/o AGA, PD-L1 TPS <50%, pembrolizumab
Slide 28: Q&A
Q&A Koji Ogawa Yuki Abe Ken Keller Senior Executive Officer, CFO Head of R&D Division Head of Global Oncology Business 28
Slide 29: Agenda
Agenda 1 FY2025 Q3 Financial Results 2 Business Update 3 R&D Update 4 Appendix 29
Slide 30: Revenue: Business Units
Revenue: Business Units (incl. Forex Impact) (Bn JPY) FY2024 Q3 YTD FY2025 Q3 YTD YoY Results Results Japan Business 385.7 390.8 +5.2 Daiichi Sankyo Healthcare 67.4 70.6 +3.2 Oncolgy Business 337.2 439.2 +102.1 Enhertu 329.1 407.2 +78.1 Datroway - 21.9 +21.9 Turalio 5.1 4.2 -0.9 Vanflyta 2.9 5.9 +3.
Slide 31: Revenue: Major Products in Japan
Revenue: Major Products in Japan (Bn JPY) FY2024 Q3 YTD FY2025 Q3 YTD YoY Results Results Lixiana anticoagulant 103.2 112.1 +8.9 Tarlige pain treatment 42.9 50.3 +7.4 Treatment for osteoporosis/ inhibitor of the progression of Pralia bone erosion associated with rheumatoid arthritis 32.7 35.5 +2.9 a
Slide 32: 5DXd ADCs Revenue
5DXd ADCs Revenue (incl. Forex Impact) (Unit: Bn JPY) FY2025 Q3 YTD FY2025 vs Oct YoY Results Forecast(as of Jan.) Forecast 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 3
Slide 33: 5DXd ADCs Upfront and Milestone Payments
5DXd ADCs Upfront and Milestone Payments (Unit: Bn JPY) FY2025 Q3 FY2025 Forecast vs Oct Total Consideration Asset Item YoY YTD Results (as of Jan) Forecast (as of Dec 2025) Upfront Payment 7.7 - 10.2 - 149.0 Regulatory Milestones 20.1 +11.5 23.7 +0.6 185.9 ® ENHERTU Quid Related Payment 0.9 - 1.2 -
Slide 34: Temporary Expenses Itemized Breakdown
Temporary Expenses Itemized Breakdown FY2025 Q3 YTD Results (Unit: Bn JPY) Full base Core base SG&A Temporary Cost of sales R&D expenses Total expenses expenses CMO Compensation 21.0 -8.6 0.2 12.6 12.6 Fee Write-down of 5.5 -2.8 2.7 2.7 Datroway inventories Write-down of 3.5 -1.5 2.0 2.0 HER3-DXd in
Slide 35: Major R&D Milestones: ENHERTU
Major R&D Milestones : ENHERTU® As of Jan 2026 Population/regimen FY2025 Project FY2026 [phase, study name] H1 H2 • HER2+ with high risk of recurrence, post neo-adjuvant • TLR obtained [Ph3, DESTINY-Breast05] • HR+/HER2 low or HER2 ultralow, chemo naive • Approved (JP) • Approved (CN) BC [Ph3, DESTI
Slide 36: Major R&D Milestones: DATROWAY
Major R&D Milestones : DATROWAY® As of Jan 2026 Population/regimen FY2025 Project FY2026 [phase, study name] H1 H2 • EGFR mutated, previously treated EGFR-directed • Approved (US) therapy and PBC [Ph2, TROPION-Lung05*1] • non-squamous, w/o AGA, PD-L1 TPS <50%, 1L, pembrolizumab ± PBC combo • TLR ant
Slide 37: Major R&D Milestones: HER3-DXd, I-DXd, R-DXd
Major R&D Milestones : HER3-DXd, I-DXd, R-DXd As of Jan 2026 Population/regimen FY2025 Project FY2026 [phase, study name] H1 H2 • EGFR mutated, 3L • Regulatory submission NSCLC [Ph2, HERTHENA Lung01] withdrawn (US) • TNBC, HR low and HER2 negative BC HER3-DXd neoadjuvant • Study started [Ph2, HERTHE
Slide 38: Major R&D Milestones: Next Wave
Major R&D Milestones : Next Wave As of Jan 2026 Target indication FY2025 Project FY2026 [phase, study name] H1 H2 EZHARMIA® • CRPC, darolutamide combo [Ph1] • Study start planned • ES-SCLC, 1L, induction (I-DXd combo) and Gocatamig maintenance (I-DXd or atezolizumab combo) • Study start planned (MK-
Slide 39: Major R&D Pipeline: 5DXd ADCs ①
Major R&D Pipeline: 5DXd ADCs ① As of Jan 2026 Phase 1 Phase 1/2 Phase 2 (US/EU/Asia) HER2 low BC (JP/US/EU/Asia) NSCLC (US/EU/Asia) HER2+ BC 2L+/1L (US/EU/Asia) in prep HER2 negative GC 1L (CN) HER2 expressing solid tumors (JP/US/EU/Asia) ES-SCLC 2L+ chemo naïve/post chemo （combo) (chemo combo) (pe
Slide 40: Major R&D Pipeline: 5DXd ADCs ②
Major R&D Pipeline: 5DXd ADCs ② As of Jan 2026 40
Slide 41: Major R&D Pipeline: Next Wave
Major R&D Pipeline: Next Wave As of Jan 2026 Phase 1 Phase 1/2 Phase 2 Phase 3 Regulatory phase DS-1103 (US/EU) DS-3939 (JP/US/EU/Asia) ® EZHARMIA (EU) ® TURALIO (Asia) ® VANFLYTA (CN) Anti-SIRPα antibody TA-MUC1-directed DXd ADC EZH1/2 inhibitor CSF-1/KIT/FLT3 inhibitor FLT3 inhibitor HER2 expressi
Slide 42: Contact address regarding this material
Contact address regarding this material Daiichi Sankyo Co., Ltd. Corporate Communications Department TEL: +81-3-6225-1125 Email: DaiichiSankyoIR_jp@daiichisankyo.com 42
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