Chugai Pharmaceutical Co., Ltd. · TSE:4519
Chugai Pharmaceutical — Q4 2025 Earnings Presentation
53 slides from Chugai Pharmaceutical's earnings presentation, Jan 29, 2026
Slide 1: Conference on FY2025.12 Financial Results
Conference on FY2025.12 Financial Results 29 January 2026 CHUGAI PHARMACEUTICAL CO., LTD.
Slide 2: Important Reminder
Important Reminder Forward-Looking Statements This presentation may include forward-looking statements pertaining to the business and prospects of Chugai Pharmaceutical Co., Ltd. (the “Company”). These statements reflect the Company’s current analysis of existing information and trends. Actual resul
Slide 3: Agenda
Agenda 01 FY2025 Overview and FY2026 Forecast President & CEO Dr. Osamu Okuda Executive Vice President, Head of Project & 02 Overview of Development Pipeline Lifecycle Management Unit Tsukasa Kusano FY2025 Consolidated Financial Overview 03 Director, Executive Vice President & CFO (Core) Iwaaki Tani
Slide 4: FY2025 Overview and FY2026 Forecast
FY2025 Overview and FY2026 Forecast President & CEO Dr. Osamu Okuda
Slide 5: 2025 Financial Performance
FY2025 Overview and FY2026 Forecast 2025 Financial Performance ◼ Record-high revenue, operating profit, and net income ◼ Operating profit surpassed 600 billion JPY for the first time, marking the 9th consecutive period of growth ◼ Achieved a high operating profit margin of 49.5%, demonstrating stron
Slide 6: 2026 Forecast
FY2025 Overview and FY2026 Forecast 2026 Forecast ◼ Revenue: 1,345.0 billion JPY (+6.9%, YoY), Operating profit: 670.0 billion JPY (+7.5%, YoY) ◼ Revenue and profits are expected to reach a record high mainly due to growth in domestic sales and other revenue including royalty income. Operating margi
Slide 7: Topline Analysis of 2026 Forecast
FY2025 Overview and FY2026 Forecast Topline Analysis of 2026 Forecast ◼ Domestic sales 【Billions of JPY】 Expected to increase, driven by higher sales volume of new product Lunsumio as well as mainstay products, despite the Domestic sales Overseas sales decrease in sales caused by the +25.6 ‐ 3.4 ＋20
Slide 8: Contribution to Shareholders
FY2025 Overview and FY2026 Forecast Contribution to Shareholders ◼ The annual dividend for 2025 is planned to be 272 JPY per share, comprising a regular dividend of 122 JPY together with an additional 100th anniversary dividend of 150 JPY ◼ In 2026, the annual dividends of 132 JPY per share are expe
Slide 9: Review of Management Policies for 2025 (1/2)
FY2025 Overview and FY2026 Forecast Review of Management Policies for 2025 (1/2) ◼ Significant progress in promising projects for future growth, including confirming PoC for NXT007 and successful Phase 3 results and regulatory filing for orforglipron ◼ Accelerated selection and concentration of our
Slide 10: Review of Management Policies for 2025 (2/2)
FY2025 Overview and FY2026 Forecast Review of Management Policies for 2025 (2/2) ◼ Steady progress across R&D projects, both in phase transitions and new project initiation, including Roche products expected to drive domestic sales growth. ◼ Accelerating future development by prioritizing early-stag
Slide 11: Review of 2025 Priority Items
FY2025 Overview and FY2026 Forecast Review of 2025 Priority Items ◼ Steady progress in the development of Hemlibra auto-injector, NXT007, and DONQ52 ◼ For Elevidys, targeting a 2026 launch in ambulatory patients with rigid safety measures in place ◼ Significant shift to a job-based and voluntary app
Slide 12: TOP I 2030: Progress Over the Past Five Years
FY2025 Overview and FY2026 Forecast TOP I 2030: Progress Over the Past Five Years "Double R&D output" "Launch global in-house products every year" Global First -class Drug Futuristic Discovery Business Model ✓ Progress of drug discovery projects in pursuit of technology and quality ✓ Establish a rob
Slide 13: TOP I 2030: Key Focus Areas for the Second Half
FY2025 Overview and FY2026 Forecast TOP I 2030: Key Focus Areas for the Second Half "Double R&D output" "Launch global in-house products every year" Global First -class Drug Futuristic Discovery Business Model 1 2 3 4 5 Enhancing Building Transforming Strengthening Strengthening Early-Stage Foundati
Slide 14: Management Policies and Priority Items for 2026
FY2025 Overview and FY2026 Forecast Management Policies and Priority Items for 2026 ◼ Accelerating company-wide efforts to achieve TOP I 2030. < Management Policies > < Priority Items > • Building a portfolio to achieve sustainable drug discovery • Advancement of drug discovery projects and developi
Slide 15: Achieving Sustainable Growth through TOP I 2030
FY2025 Overview and FY2026 Forecast Achieving Sustainable Growth through TOP I 2030 ◼ We are steadily growing the average number of annual in-house global product launches. By achieving our target of annual launches post-2030, we will secure further profit growth. ◼ Leveraging our proprietary drug d
Slide 16: Expanding Our Scope of Open Innovation Globally
FY2025 Overview and FY2026 Forecast Expanding Our Scope of Open Innovation Globally ◼ Chugai US Partnering Office established in January 2026, strengthening global partnership network and framework Chugai Venture Fund (Boston) ◼ January 2024- ◼ Evaluated approximately 900 Chugai Headquarters investm
Slide 17: Summary
FY2025 Overview and FY2026 Forecast Summary ◼ In 2025, we achieved record-high performance, with revenue, operating profit, and net income all surpassing initial forecasts. Notably, operating profit exceeded 600 billion JPY for the first time. ◼ For 2026, we project another year of record-high reven
Slide 18: Chugai AI Strategy
FY2025 Overview and FY2026 Forecast Chugai AI Strategy Chugai AI Vision Chugai positions AI as a partner that unlocks the potential of people and organizations, opening up the future of healthcare and continuing to deliver new hope to society AI Everyday AI Everywhere AI Transformation • AI is posit
Slide 19: Overview of Development Pipeline
Overview of Development Pipeline Executive Vice President, Head of Project & Lifecycle Management Unit Tsukasa Kusano
Slide 20: Q4 Topics (1/2)
Overview of Development Pipeline Q4 Topics (1/2) As of January 29, 2026 Tecentriq Unresectable thymic carcinoma December 2025 Approved Lunsumio Addition of dosage form (SC: Subcutaneous injection) December 2025 orforglipron* Obesity Q4 2025 (U.S.) Filed Tecentriq Adjuvant therapy for MRD (molecular
Slide 21: Q4 Topics (2/2)
Overview of Development Pipeline Q4 Topics (2/2) As of January 29, 2026 P3 COMMUTE-a study (atypical hemolytic uremic syndrome (aHUS) (Adult/Adolescent PiaSky November 2025 patients)): PE was met* P3 ATTAIN-MAINTAIN study (Maintenance of weight reduction in patients with obesity after orforglipron**
Slide 22: 2025: Key R&D Milestones
Overview of Development Pipeline 2025: Key R&D Milestones Underlined and bolded: Changes since October 24, 2025 As of January 29, 2026 Product Indication / Study name Progress Projects to be Elevydis Duchenne muscular dystrophy (ambulatory) Approved Approved Vabysmo Angioid streaks Approved COMMUTE-
Slide 23: 2026: Key R&D Milestones
Overview of Development Pipeline 2026: Key R&D Milestones As of January 29, 2026 Product Indication / Study name Progress ALK fusion / rearrangement gene-positive unresectable advanced or Alecensa Projects to be recurrent solid tumors Approved Lunsumio + Polivy r/r aggressive B-cell non-Hodgkin’s ly
Slide 24: Giredestrant: evERA study
Overview of Development Pipeline Giredestrant: evERA study （CDK4/6 inhibitor-treated HR+ HER2- Breast Cancer） Giredestrant plus everolimus combination therapy has shown efficacy regardless of ESR1 mutation status in the post-CDK4/6 inhibitor segment, where effective treatment options are limited, an
Slide 25: Giredestrant: lidERA study
Overview of Development Pipeline Giredestrant: lidERA study （Adjuvant Treatment for HR+ HER2- Early Breast Cancer） Giredestrant has delivered benefits as a novel endocrine therapy for EBC for the first time in approximately 20 years and has demonstrated the potential to become a new standard in the
Slide 26: Open Innovation to Expand Our Drug Discovery Engine
Overview of Development Pipeline Open Innovation to Expand Our Drug Discovery Engine ◼ Driving strategic partnerships in target discovery and modality technologies synergistic with our technologies [Strengths of Gero] ◼ Target discovery for age-related diseases using First in class medicines a platf
Slide 27: Potential Market Sales of Main Projects
Overview of Development Pipeline Potential Market Sales of Main Projects As of January 29, 2026 [Global Sales] [Domestic Sales] Peak sales are estimated without considering the probability of success. Certain products in development are excluded for financial and strategic reasons. NEMLUVIO: Based o
Slide 28: Portfolio of Each Modality
Overview of Development Pipeline Portfolio of Each Modality As of January 29, 2026 Drug Discovery Preclinical development Clinical Launched Enspryng (MOGAD, AIE, TED, DMD) Actemra Antibody drugs, cellular and gene therapy products DONQ52 PiaSky (aHUS) RAY121 Hemlibra Infectious Hemlibra (Type3 VWD)
Slide 29: Projected Submissions
Overview of Development Pipeline Projected Submissions (Phase 2 & Later Programs and Products) As of January 29, 2026 aHUS: atypical hemolytic uremic syndrome NF2: Neurofibromatosis type 2 Filed DMD: Duchenne muscular dystrophy DME: diabetic macular edema NSCLC: non-small cell lung cancer r/r aNHL:
Slide 30: Projects under Development (1/2)
Overview of Development Pipeline Projects under Development (1/2) As of January 29, 2026 Phase I Phase II Phase III Filed GC33 / codrituzumab RG7421 / RG6114 / AF802 (RG7853) / Alecensa RG6171 / giredestrant AF802 (RG7853) / - HCC cobimetinib inavolisib - NSCLC (stage III)* - BC (adjuvant) Alecensa
Slide 31: Projects under Development (2/2)
Overview of Development Pipeline Projects under Development (2/2) As of January 29, 2026 Phase I Phase II Phase III Filed RG7935 / prasinezumab GYM329 (RG6237) / emugrobart SA237 (RG6168) / RG6356 / Elevydis - Parkinson's disease - SMA Enspryng - DMD (non- Neurology (combination with Evrysdi) (PII/I
Slide 32: Advances in Major Chugai Originated Projects Out-Licensed to 3rd Parties (1/2)
Overview of Development Pipeline Advances in Major Chugai Originated Projects Out-Licensed to 3rd Parties (1/2) As of January 29, 2026 Generic name/ Mode of Granted rights Development Licensee Indication Stage Progress Action to licensee code ⚫ U.S. FDA BTD (recurrent LGSOC in combination with defac
Slide 33: Advances in Major Chugai Originated Projects Out-Licensed to 3rd Parties (2/2)
Overview of Development Pipeline Advances in Major Chugai Originated Projects Out-Licensed to 3rd Parties (2/2) As of January 29, 2026 ★: Changes since October 24, 2025 Generic name/ Mode of Granted rights to Development Licensee Indication Stage Progress Action licensee code ⚫ P3 (ACHIEVE-1)*: Orfo
Slide 34: FY2025 Consolidated Financial Overview (Core)
FY2025 Consolidated Financial Overview (Core) Director, Executive Vice President & CFO Iwaaki Taniguchi
Slide 35: P/L Jan – Dec (Year on Year)
FY2025 Consolidated Financial Overview (Core) P/L Jan – Dec (Year on Year) Domestic sales Increase due to growth of new products and mainstay (Billions of JPY) 2024 2025 Growth products, despite decrease due to the market penetration of generic drugs and the NHI drug price Revenue 1,170.6 1,257.9 +
Slide 36: Sales Jan – Dec (Year on Year)
FY2025 Consolidated Financial Overview (Core) Sales Jan – Dec (Year on Year) (Billions of JPY) Sales by Disease Area, Sales by Product, ( ): Actual sales in FY2025 Year on Year %: Year-on-year percentage change Year on Year *included in Other products of Specialty +79.9, +8.0% (26.1） (344.5） (12.5）
Slide 37: Export of Hemlibra and Actemra to Roche
FY2025 Consolidated Financial Overview (Core) Export of Hemlibra and Actemra to Roche (Billions of JPY) <Hemlibra> ■Export to Roche Exceeded the prior-year results, reflecting steady progress in global sales of Hemlibra and Actemra <Actemra> 37
Slide 38: Operating Profit Jan – Dec (Year on Year)
FY2025 Consolidated Financial Overview (Core) Operating Profit Jan – Dec (Year on Year) (Billions of JPY) Increase in various costs Overseas sales and decrease +68.6 Increase in in other cost of sales operating +7.4 -13.4 income Domestic sales Increase in -6.9 +11.3 +36.3 other revenue Impact of NHI
Slide 39: Structure of Costs and Profit by Quarter
FY2025 Consolidated Financial Overview (Core) Structure of Costs and Profit by Quarter (Billions of JPY) Year on Year (vs. 2024 Q4) % of Revenue (% of sales for Cost to sales ratio: improve due to a change in product mix, cost of sales) etc. R&D: increase due to investments in research and early dev
Slide 40: Structure of Revenue by Quarter
FY2025 Consolidated Financial Overview (Core) Structure of Revenue by Quarter (Billions of JPY) % of Revenue Year on Year (vs. 2024 Q4) Domestic sales: same level as the same period of the previous year due to the market penetration of generic drugs and the Other revenue NHI drug price revisions, et
Slide 41: P/L Jan – Dec (vs. Forecast)
FY2025 Consolidated Financial Overview (Core) P/L Jan – Dec (vs. Forecast) 2025 Domestic sales (Billions of JPY) Achiev. Forecast Actual +/- Outperformed the forecast due to favorable Revenue 1,190.0 1,257.9 + 67.9 105.7% progress of mainstay products and new products Sales 1,018.0 1,077.8 + 59.8 10
Slide 42: Sales Jan – Dec (vs. Forecast)
FY2025 Consolidated Financial Overview (Core) Sales Jan – Dec (vs. Forecast) (Billions of JPY) Sales by Disease Area Sales by Product ( ): Actual sales in FY2025 %: Achievement +59.8, 105.9% (59.2） (158.2） (344.5 ） Overseas +49.9, 109.0% (62.7 ） (29.2 ） (26.2 ） Specialty +2.5, 101.1% (6.9 ） Domestic
Slide 43: Impact from Foreign Exchange Jan – Dec
FY2025 Consolidated Financial Overview (Core) Impact from Foreign Exchange Jan – Dec vs.2024 vs.2025 2025 2024 2025 2025 Actual rate Forecast rate Exchange Market (Billions of JPY) Actual rate Forecast rate Actual rate*2 *2 average Rate Jan - Dec Jan - Dec Jan -Dec rate*3 (JPY) 【C】vs.【A】 【C】vs.【B】 【
Slide 44: Financial Position (vs. 2024 Year End)
FY2025 Consolidated Financial Overview (Core) Financial Position (vs. 2024 Year End) (Billions of JPY) Increase in net working capital Total assets 2,208.4 +260.2 2,468.6 Increase in trade accounts receivable and other Total liabilities -306.9 -136.0 -442.9 accounts receivable, etc. 1,901.5 Total ne
Slide 45: Net Cash (vs. 2024 Year End)
FY2025 Consolidated Financial Overview (Core) Net Cash (vs. 2024 Year End) (Billions of JPY) Increase in net working Operating profit after adjustment *1 +651.5 capital, etc.Total Operating profit *1 +598.8 -79.7 investment Income tax Depreciation, amortization and impairment *1 +45.1 -119.8 payable
Slide 46: ROIC ROE
FY2025 Consolidated Financial Overview (Core) ROIC ROE 〈ROIC*¹〉 〈ROE*²〉 44.3% 43.9% 42.9% 36.1% 34.6% 28.0% 28.7% 21.3% 22.0% 22.1% 1,110.3 (Billions of JPY) (Billions of JPY) 2,025.7 999.3 947.6 1,901.5 900.9 NOA 527.0 Equity attributable 1,625.6 772.6 to the Company’s 1,424.4 Net working 551.6 448
Slide 47: P/L 2026 Forecast
FY2025 Consolidated Financial Overview (Core) P/L 2026 Forecast 2025 2026 Growth Domestic sales (Billions of JPY) Actual Forecast Increase due to growth of new products and mainstay products, despite decrease due to the NHI price revisions Revenue 1,257.9 1,345.0 + 87.1 + 6.9% and market penetration
Slide 48: Sales 2026 Forecast
FY2025 Consolidated Financial Overview (Core) Sales 2026 Forecast ( ): Forecast sales in FY2026 Sales by Product %: Year-on-year percentage change (Billions of JPY) Sales by Disease Area +22.2, +2.1 % (136.3） (28.4） (13.7） (354.0） Overseas (2.4） (42.5） -3.4, -0.6% (46.2） (30.1） (9.2） (66.6） Specialt
Slide 49: P/L Jan – Dec (Non-core adjustment)
FY2025 Consolidated Financial Overview (Core) P/L Jan – Dec (Non-core adjustment) Non-core items Non-core items IFRS Core (Billions of JPY) Intangible results Others results Factors affected operating profit assets Revenue 1,257.9 1,257.9 Intangible assets Sales 1,077.8 1,077.8 Amortization +1.4 Oth
Slide 50: Current Status / Plan for Major Investments
FY2025 Consolidated Financial Overview (Core) Current Status / Plan for Major Investments Planned investment ～2024 2025 2026 2027 2028 2029 2030～ Period* Investment Total amount Unit to-date Utsunomiya plant UT3: Manufacture bio drug substance for middle to later- stage clinical 37.4 33.2 billion JP
Slide 51: Summary of Chugai Originated Global Products
FY2025 Consolidated Financial Overview (Core) Summary of Chugai Originated Global Products (Billions of JPY) FY2026 Product (Billions of JPY) FY2025 Results Y on Y Comments Forecast Domestic: 62.7 +6.3% 66.6 • Japan: Sales increased year on year as domestic market share steadily increased. Overseas:
Slide 52: Contacts Corporate Communications Dept.
Contacts Corporate Communications Dept. For Media: Media Relations Group Tel： +81 (0)3-3273-0881 E-mail： pr@chugai-pharm.co.jp Person in Naoki Kouzai, Atsuki Hirano, Ikue Miyazawa, charge： Kaho Izumi For Investors: Investor Relations Group Tel： +81 (0)3-3273-0554 E-mail： ir@chugai-pharm.co.jp Person
Slide 53: INNOVATION BEYOND IMAGINATION
INNOVATION BEYOND IMAGINATION (i)°" CHUGAI PHARMACEUTICAL ‘A member of the Roche group
Chugai Pharmaceutical — Q4 2025 Earnings Presentation on 6ix