Kyowa Kirin Co., Ltd. · TSE:4151
Kyowa Kirin — FY2025 Earnings Presentation
69 slides from Kyowa Kirin's earnings presentation, February 2026
Slide 1: Results Presentation Fiscal 2025
Results Presentation Fiscal 2025
Slide 2: Agenda
Agenda 01 Review of FY2025 Chairman and Chief Executive Officer (CEO) Masashi Miyamoto 02 Review of FY2021-2025 Mid-Term Business Plan President and Chief Operating Officer (COO) Abdul Mullick 03 FY2026 Plans Executive Vice President Chief Medical Officer (CMO) Takeyoshi Yamashita 04 Q&A Managing Ex
Slide 3: Forward-looking statements disclaimer
This document contains forward-looking statements regarding the outlook, targets, plans, and other future-related matters of the Company (including its consolidated subsidiaries in Japan and overseas). These statements are based on our reasonable judgments using current information and forecasts but
Slide 4: Review of FY2025
01 Review of FY2025 02 Review of FY2021-2025 Mid-Term Business Plan 03 FY2026 Plans 04 Q&A © Kyowa Kirin Co., Ltd. 3
Slide 5: Qualitative Review for FY2025
Qualitative Review for FY2025 Provide pharmaceuticals for unmet medical needs Address patient-centric healthcare needs ◼ Value creation and provision in disease areas that the company focuses on ✓ U.S. approval of KOMZIFTI and advancement of first-line treatment clinical trials ◼ Improvement of Acce
Slide 6: Quantitative Summary of FY25 Results
Quantitative Summary of FY25 Results Record Revenue and Core Operating Profit Driven by Global Product Growth, Increased Technology Income, and Cost Reduction 2024 2025 2025 ( Billion Yen / Rounded ) Change Achieved Results Results Plans Revenue 495.6 496.8 +1.3 478.0 104% [Overseas Ratio] [72%] [74
Slide 7: FY24 vs FY25 ~Revenue~
FY24 vs FY25 ~Revenue~ Revenue reached a record high driven by global product growth and higher Tech-licensing Revenue: +1.3 Billion JPY (FX-adj. actual : +1.7 Billion JPY) Although products such as Phozevel(+77%), Duvroq (+22%), and FY2024 495.6 Japan Crysvita (+16%) grew, revenue decreased due to
Slide 8: FY24 vs FY25 ~Key Product Revenue~
FY24 vs FY25 ~Key Product Revenue~ ( Billion Yen / Rounded ) Product Name 2024 Results 2025 Results YoY Change Key reason 2025 Plans Achieved 196.6 216.4 +19.8 (+10%) 210.2 103% Japan 11.7 13.6 +1.9 (+16%) 13.1 104% Crysvita NA 130.0 141.8 +11.7 (+9%) Penetration EMEA 51.5 57.5 +6.0 (+12%) 197.1 103
Slide 9: FY24 vs FY25 ~Core Operating Profit~
FY24 vs FY25 ~Core Operating Profit~ Record-high core OP driven by higher gross profit and reduced SG&A and R&D expenses Core OP +7.7 Billion JPY (FX-adj. actual +8.3 Billion JPY) FY2024 95.4 Gross Profit Increased profit driven by revenue growth +6.2 Gross margin improved by 1 ppt, from 73% to 74%.
Slide 10: FY24 vs FY25 ~Profit~
FY24 vs FY25 ~Profit~ Profit up on higher core OP, despite no prior-year one-off gains (China divestment) Profit +7.2 Billion JPY FY2024 59.9 Gross Profit +5.9 Core OP China Sub. Transfer Gain -7.4 (7.4 → 0.0) Fixed Asset Sale Gain -2.3 (2.4 → 0.1) SG&A +7.7 +4.5 Finance & Other Gains/losses on deri
Slide 11: News Flow in 2025
News Flow in 2025 © Kyowa Kirin Co., Ltd. 10
Slide 12: Year-to-date Key News Flow
Year-to-date Key News Flow As of February 9, 2026 Category Date Headline Received the 7th Prime Minister’s Award for the Japan Medical Research and Development Grand Prize, recognizing the R&D 1/20 accomplishment of developing mogalizumab featuring our proprietary Potelligent technology and achievin
Slide 13: Year-to-date Key News Flow
Year-to-date Key News Flow As of February 9, 2026 Category Date Headline New England Journal of Medicine publicities long-term clinical outcomes from its HSC Gene Therapy R&D 5/15 Orchard presents six accepted abstracts at ASGCT 2025 detail the therapeutic potential of HSC gene therapy to address se
Slide 14: Year-to-date Key News Flow
Year-to-date Key News Flow As of February 9, 2026 Category Date Headline AMGEN AND KYOWA KIRIN ANNOUNCE TOP-LINE RESULTS FROM ROCATINLIMAB PHASE 3 ASCEND LONG-TERM R&D 9/9 EXTENSION STUDY IN ADULTS WITH MODERATE TO SEVERE ATOPIC DERMATITIS R&D 9/11 Kyowa Kirin Announces Late-Breaking Abstract Presen
Slide 15: Year-to-date Key News Flow
Year-to-date Key News Flow As of February 9, 2026 Category Date Headline LCM 11/19 Kyowa Kirin Launches LUMICEF® Subcutaneous Injection 210 mg Pen in Japan LCM 11/19 Kyowa Kirin Launches Crysvita® Prefilled Syringe Formulation in Japan Kyowa Kirin Announces Initiation of Phase 3 AOBA Study of KK8398
Slide 16: Review of FY2021-2025 Mid-Term Business Plan
01 Review of FY2025 02 Review of FY2021-2025 Mid-Term Business Plan 03 FY2026 Plans 04 Q&A © Kyowa Kirin Co., Ltd. 15
Slide 17: 2021-2025 Mid-term Business Plan Overview
2021-2025 Mid-term Business Plan Overview Management philosophy CSV Management = Delivering health and Vision Contribution to well-being SDGs Maximize the value of global products 2025 Target state ROE 10%+ Establish a stable global supply chain Revenue growth CAGR 10%+ Secure a strong pipeline to d
Slide 18: Mid-term Business Plan – Strategy to Deliver Our Vision
2021-2025 Mid-term Business Plan – Strategy to Deliver Our Vision ◼ Maximize the value of global products ◼ Strengthen value-added services beyond medicine ◼ Establish a stable global supply chain ◼ Foster a corporate culture aligned with global ◼ Secure a strong pipeline to drive growth beyond 2025
Slide 19: Mid-term Business Plan: Review (Qualitative Summary)
2021-2025 Mid-term Business Plan: Review (Qualitative Summary) Outcome Challenges/Next Action ◼ Launched in-house CRV sales in North America in 2023 ◼ Further increase disease awareness and identify Maximize the value of ◼ Sustained sales growth of Crysvita and Poteligeo potential patients global pr
Slide 20: Mid-term Business Plan: Review (Quantitative Summary)
2021-2025 Mid-term Business Plan: Review (Quantitative Summary) Target (at time of Plan) 2025 Results ROE ≥10% 7.7% Revenue growth CAGR ≥10% 9.3% Active investment R&D expense ratio 20.4% with a target range of 18–20% Core Operating Profit ≥25% (FY2025) 20.7% margin Sustained dividend growth Dividen
Slide 21: Outlook for Achieving 2025 Financial Targets
2021-2025 Mid-term Business Plan: Outlook for Achieving 2025 Financial Targets Record-high profits and a 10% ROE were achieved in 2023; however, expanded R&D investments and other factors prevented full achievement of the 2025 Mid-Term Plan financial KPIs. Following a restructuring of our business m
Slide 22: Mid-term Business Plan: Capital Allocation
2021-2025 Mid-term Business Plan: Capital Allocation Sources Allocation Plan Actual Plan Actual R&D Investment JPY 400 B+ JPY 400 B Growth Investments Cash generated during the FY2025 Mid-Term Business Plan period (5-year cumulative) Strategic - JPY 190 B Operating Cash Flow JPY 800 Bn+ JPY 820 B In
Slide 23: FY2026 Plans
01 Review of FY2025 FY2026 Plans 02 Review of FY2021-2025 Mid-Term Business Plan Shareholder Returns ・ Capital Allocation 03 FY2026 Plans Commercial Update 04 Q&A R&D Update © Kyowa Kirin Co., Ltd. 22
Slide 24: Qualitative Plans for FY2026
Qualitative Plans for FY2026 Address patient-centric healthcare needs Provide pharmaceuticals for unmet medical needs Improving Access to Medicines and Co-creating New Value Value creation and delivery in focus disease areas Centered on the Needs of People Living with Disease • Advancement of clinic
Slide 25: Quantitative Summary of FY26 Plans
Quantitative Summary of FY26 Plans(newly defined core basis) 2024 2025 2026 ( Billion Yen / Rounded ) Change Actual Actual Plans Revenue 495.6 496.8 520.0 +23.2 [Overseas sales ratio] [72%] [74%] [77%] (+5%) Gross Profit 362.9 368.9 391.0 +22.1 [Gross Profit Margin] [73%] [74%] [74%] (+6%) SG&A *1 1
Slide 26: FY26: Revenue Outlook for Key Products
FY26: Revenue Outlook for Key Products (Billion Yen, rounded) Product name 2024 Results 2025 Results 2026 Plans YoY Change Key reason 196.6 216.4 235.4 +19.0(+9%) Japan 11.7 13.6 14.7 +1.1(+8%) Crysvita NA 130.0 141.8 Mkt. Penetration EMEA 51.5 57.5 220.7 +17.9(+9%) Other 3.3 3.5 39.9 45.7 54.6 +9.0
Slide 27: FY25 vs. FY26: Core Operating Profit
FY25 vs. FY26: Core Operating Profit Global products and tech income to drive performance, while higher investment in rocatinlimab dev. and NA launch prep impacts core OP Core Op. Profit *1 : -9.8 Billion JPY (Excl. Fx-effects: -12.3 Billion JPY) Although negative impacts are expected from drug pric
Slide 28: FY25 vs. FY26: Profit
FY25 vs. FY26: Profit Profit expected to rise on fewer restructuring costs and one-off gains from established products divestment in EMEA Profit : +8.0 Billion JPY FY2025 67.0 Core Operating Profit *1 -9.8 Amortization of Amortization of Intangible Assets: Amortization of selling rights is expected
Slide 29: Shareholder Returns ・ Capital Allocation
Shareholder Returns ・ Capital Allocation © Kyowa Kirin Co., Ltd. 28
Slide 30: Shareholder Returns
Shareholder Returns FY2025 annual dividend ¥62, FY2026 annual dividend ¥70 (planned) 10 consecutive years of dividend increases planned since FY2017 FY2021-25 weighted avg. payout ratio 40.8% (Mid-term Plan guidance: " Targeting a progressive dividend with a payout ratio of approximately 40% of core
Slide 31: Change in Shareholder Return Policy
Change in Shareholder Return Policy We will deliver more stable shareholder returns by shifting to DOE-based, progressive dividend policy in FY2026 Shareholder Return Performance Change in Shareholder Return Policy (Billion yen) (%) Until now 2026 and beyond DPS (JPY) 120 46 51 56 58 62 70 5 4.1% Ta
Slide 32: Capital Allocation Policy (2026–2028)
Capital Allocation Policy (2026–2028) Prioritize growth investments while ensuring stable shareholder returns, leveraging strong cash position and borrowing capacity Source Allocation Cash on hand R&D ¥220 B Investment ¥380 B (Expected end of FY2025) Growth Strategic Cash to be generated in 2026-202
Slide 33: Commercial Update
Commercial Update Coordinated Actions to Maximize Patient Access to Global Strategic Products © Kyowa Kirin Co., Ltd. 32
Slide 34: Crysvita 2025 Review · 2026 Key Actions
Crysvita 2025 Review · 2026 Key Actions 2025 YEAR IN REVIEW 2026 KEY ACTIONS ◼ NA: ◼ NA: Rev +9% YoY (JPY), +10% YoY (LC). Revenue growth was supported by sustained Continue investments in people and operations to support patient identification, customer underlying patient demand, continued progress
Slide 35: Poteligeo 2025 Review・2026 Key Actions
Poteligeo 2025 Review・2026 Key Actions 2025 YEAR IN REVIEW 2026 KEY ACTIONS ◼ NA: YTD Sales rev. YoY, in Yen +14%, in local currency +15% due to: ◼ Global: Support the Poteligeo franchise in MF/SS through aligned global execution The strengthened sales organization, further development in promotiona
Slide 36: KOMZIFTI 2025 Review・2026 Key Actions
KOMZIFTI 2025 Review・2026 Key Actions 2025 YEAR IN REVIEW 2026 YEAR OUTLOOK ◼ KOMZIFTI was approved by the FDA in November, 2025. ◼ KOMZIFTI’s efficacy, safety profile, and ease of use support its positioning as a competitive option in R/R ◼ Following FDA approval, KOMZIFTI achieved its first NPM1-m
Slide 37: R&D Update
R&D Update © Kyowa Kirin Co., Ltd. 36
Slide 38: Development Pipeline: News Flow
Development Pipeline: News Flow New information highlighted in orange As of February 9, 2026 Product Indication Event Status Kyowa Kirin to Regain Control of Rocatinlimab Development and Commercialization Program Jan 2026 rocatinlimab Moderate-to-severe Atopic Dermatitis P3 Ongoing KHK4083/AMG 451 P
Slide 39: R&D Update – ziftomenib (KOMZIFTI)
R&D Update – ziftomenib (KOMZIFTI) © Kyowa Kirin Co., Ltd. 38
Slide 40: Product Overview & Development Progress
Product Overview & Development Progress Orally administered small molecule menin inhibitor NPM1-m Target indication: Acute myeloid leukemia (AML) with NPM1 mutation or 30% KMT2A rearrangement Other 50% – 22,000 new AML diagnoses annually in US*1 Product 5%-10% – ~50% of AML considered menin-dependen
Slide 41: KOMET-007 P1b results
KOMET-007 P1b results 2025 ASH Annual Meeting Ziftomenib (600mg, qd) + Ven/Aza* in NPM1-m AML (Newly diagnosed) / in NPM1-m and KMT2A-r AML (R/R) Efficacy Safety Newly diagnosed: Demonstrated a favorable safety profile Showed high and durable morphological complete remission (CR) consistent with Ven
Slide 42: R&D Update - rocatinlimab
R&D Update - rocatinlimab © Kyowa Kirin Co., Ltd. 41
Slide 43: Moderate-to-Severe Atopic Dermatitis burden on patients
Moderate-to-Severe Atopic Dermatitis (msAD) is a chronic, heterogeneous inflammatory skin disease that imposes a substantial burden on patients and caregivers Impact of msAD Skin Symptoms ◼ Excessively dry, itchy, and painful skin Repeated scratching can lead to thickened, hardened skin and increase
Slide 44: Current treatment options often fail to provide sufficient symptom improvement
Current treatment options often fail to provide sufficient depth and durability of symptom improvement1-3 ◼ Due to the heterogeneous pathogenesis of AD, no one therapy shows consistent efficacy across diverse patient populations. ◼ Only 10-15% of eligible patients are currently receiving biologic tr
Slide 45: Kyowa Kirin's conviction in rocatinlimab's science
Kyowa Kirin has absolute conviction in rocatinlimab’s science and excited to advance rocatinlimab program to the next chapter Kyowa Kirin regain Global Ph3 control mono-therapy of the global data program Published Global Ph2b in the Lancet data 2026 Published Partnership with in the Lancet 2025 Amge
Slide 46: Rocatinlimab is a T-cell Rebalancing Therapy
Rocatinlimab is a T-cell Rebalancing Therapy which directly targets a root cause of AD, activated pathogenic Effector and Memory T-cells OX40 OX40 OX40 Ligand (Receptor) (Receptor) OX40 (Receptor) Antigen Activated Presenting Cell T-cell T-cell Rebalancing Approach Cytokines Novel upstream mechanism
Slide 47: Rocatinlimab delivers progressive deep responses through Week 52
Rocatinlimab delivers progressive increases in the proportion of patients achieving deep responses through Week 52 ROCKET-ORBIT Topline: 52-week Open Label Adolescent Trial* vIGA-0/1 EASI-90 100 100 ■ Safety results are consistent with 90 90 those observed in the ROCKET 24-week and 56-week adult tri
Slide 48: After the Termination of the Collaboration Agreement with Amgen
After the Termination of the Collaboration Agreement with Amgen Item After Original Agreement Termination Market Authorization Holder Kyowa Kirin Amgen will provide transitional long-term manufacturing and supply of Manufacturing rocatinlimab to Kyowa Kirin Development Led by Kyowa Kirin with certai
Slide 49: Rocatinlimab: Pioneering a Novel Treatment Paradigm
Rocatinlimab: Pioneering a Novel Treatment Paradigm Through T-cell Rebalance ◼ Directly targets a root cause of inflammation and chronicity to potentially achieve deeper and durable improvement ◼ Potential to expand to other inflammatory diseases with significant unmet need Moderate-to-Severe Prurig
Slide 50: Delivering Life-changing value to Patients
Delivering Life-changing value to Patients Commitment to Life Demonstrating Our Life Changing Commitment to Value Life (LCV) Lannie, 71, affected by CTCL © Kyowa Kirin Co., Ltd. 49
Slide 51: Appendix
Appendix © Kyowa Kirin Co., Ltd. 50
Slide 52: Transition to Company with Audit & Supervisory Committee
Transition to Company with Audit & Supervisory Committee ◼ Ensure agile decision-making to boost competitive edge for sustainable growth. Purpose ◼ Differentiate execution/Board matters, enabling Board to focus on mid/long-term of strategy, establishing swift, decisive execution. Transition ◼ Enhanc
Slide 53: Impacts arising from the adoption of IFRS 18
[Ref.] Impacts arising from the adoption of IFRS 18 “Presentation and Disclosure in Financial Statements From the fiscal year ending December 2027, the presentation of our consolidated statement of profit or loss will be revised as outlined below. Ahead of this change, we will update our performance
Slide 54: Change in Core Performance Metrics from FY2026
Change in Core Performance Metrics from FY2026 Background Reviewing performance management post 2021-2025 Mid-term Business Plan, we change core performance metrics anticipating the impact of IFRS 18 "Presentation and Disclosure in Financial Statements" effective FY2027. ◼ Consolidated P/L display c
Slide 55: Balancing growth investments and shareholder returns
We will balance pursuing both growth investments and shareholder returns while maintaining a sound financial foundation Basic Capital Allocation Policy Capital Allocation Policy R&D Proactively invest in continuous pipeline creation, value maximization, and the Investment development of breakthrough
Slide 56: What is DOE?
What is DOE? DOE=Dividends ÷ Equity vs Dividend Payout Ratio=Dividends ÷ Net Income More stable Dividend Dividend DOE ROE Payout Raito DOE = ROE × Payout Ratio 6.0% 67% 8.0% 50% 4.0% = 10.0% × 40% Total Dividends Net Income Total Dividends = × 12.0% 33% Equity Equity Net Income 15.0% 27% ▪ The equit
Slide 57: P/L Impact on EMEA established medicines portfolio
P/L Impact on EMEA established medicines portfolio Before After 2024 2025 2026 Aug 2023 Aug 2023 unrealized 49% of the transfer value £ 66.4M(JPY13.1B) £38.5M (¥7.7B) *Incl. price adj. diff. for 3 Tostran until Oct 3 brands 1 brand brands transferred last year Product sales IP transfer IP transfer E
Slide 58: Key Development Pipeline (1)
Key Development Pipeline (1) As of February 9, 2026 Planned Development Number of Disease in development*1 approval year*2 status Market size*3 patients*4 Moderate to severe atopic dermatitis 2027 P3(Global) ★★★★★ 16M rocatinlimab Prurigo nodularis TBD P3(Global) ★★★★ 1M KHK4083/AMG 451 Moderate to
Slide 59: Key Development Pipeline (2)
Key Development Pipeline (2) As of February 9, 2026 Disease in Development*1 Development Status Modality, Technology Used Systemic Lupus Erythematosus KK4277 P1 (Japan/Asia) Antibody, POTELLIGENT® Cutaneous Lupus Erythematosus P1 KK2260 Advanced/Metastatic Solid Tumors (JP: Ongoing, US: Prep) Antibo
Slide 60: Key Development Pipeline: Future Plans
Key Development Pipeline: Future Plans Orange: Ongoing Gray: Pre-initiation or Completed As of February 9, 2026 Development Product Name Target Disease Phase 2026 2027 2028 + Moderate-to-Severe Atopic Dermatitis P3 rocatinlimab Prurigo Nodularis (KHK4083/AMG 451) P3 Moderate-to-Severe Asthma P2 ALL
Slide 61: Key Development Pipeline: Future Plans
Key Development Pipeline: Future Plans Orange: Ongoing Gray: Pre-initiation or Completed As of February 9, 2026 Development Product Name Target Disease Phase 2026 2027 2028 + Wet AMD P2 KHK4951 tivozanib eyedrop DME P2 SLE KK4277 P1 P1 study nearly complete. Reviewing results to determine next steps
Slide 62: FX Info
FX Info Period Avg. FX Rate (yen) 2024 2025 2026 YoY Actuals Actuals Plans USD 151 150 -1 ¥150 GBP 193 197 +4 ¥205 EUR 164 168 +4 ¥180 FY2025 FX Impact (vs FY24, billion yen) Revenue Core OP USD -1.9 -0.9 GBP +0.3 -0.2 EUR +1.6 +1.0 FY2026 FX Sensitivity (vs FY26 Plans, billion yen) Sensitivity Reve
Slide 63: Rocatinlimab: Before and After Termination of Amgen Agreement
Rocatinlimab: Before and After the Termination of the Collaboration Agreement with Amgen Item Original Agreement After Original Agreement Termination Revenue Kyowa Kirin receives double-digit % royalty Kyowa Kirin records sales revenue COGS — Amgen supplies products at an agreed-upon price SG&A Expe
Slide 64: Ziftomenib ~Kura Oncology Collaboration~
Ziftomenib ~Kura Oncology Collaboration~ US Ex-US ◼ Kura leads Dev. Dev. ◼ Dev. costs 50/50 ◼ Kyowa Kirin leads Dev. ◼ Kura funds Dev. (~2028) Commercial. ◼ Kyowa Kirin sells & books sales ◼ Kura books sales ◼ 50/50 Profit Share Sales Royalties ◼ Kyowa Kirin pays double-digit % sales royalties Suppl
Slide 65: Accounting for KOMZIFTI
Accounting for KOMZIFTI • Record 50% in Kyowa Kirin's P/L • For the time being as it is a net Loss, it is recorded as a selling, general, and administrative expense (①) 1 • Once the product turns profitable on a net basis, it will be reclassified and recognized as revenue (②)2 ◼ In addition to the a
Slide 66: Crysvita ~Ultragenyx Collaboration~
Crysvita ~Ultragenyx Collaboration~ Economic Terms ◼ Kyowa Kirin books sales US・Canada ◼ 50/50 profit share for 5 years post-launch ◼ From Yr 6 (Apr 27, 2023), tiered sales royalties to Ultragenyx (mid-to-high 20s%) ◼ Kyowa Kirin books sales Europe ◼ Sales royalties to Ultragenyx (<10%) ◼ Ultragenyx
Slide 67: Est. Patients
Est. Patients Country/ Disease Region Incidence Prevalence1 Source PTCL Japan 2,000 MHLW 2017 Patient Survey, by Disease Japan 2,000 MHLW 2017 Patient Survey, by Disease CTCL US 1,500 / year SEER Data (2001-2007) Adults: 5,000 Est. based on incidence; Nationwide survey of fibroblast growth factor 23
Slide 68: Abbreviations
Abbreviations AD Atopic Dermatitis Atopic Dermatitis AG Authorized Generic Authorized Generic ALL Acute lymphoblastic leukemia Acute Lymphoblastic Leukemia AML Acute Myeloid Leukemia Acute Myeloid Leukemia APAC Asia-Pacific Asia-Pacific BS Biosimilar Biosimilar CTCL Cutaneous T-cell Lymphoma Cutaneo
Slide 69: Contact for Inquiries Regarding This Material
~Contact for Inquiries Regarding This Material~ Kyowa Kirin Co., Ltd. Corporate Communications Department IR & PR Group 03-5205-7206 / ir@kyowakirin.com