Consolidated Financial Results for the Fiscal Year 2025

(Year ended March 31, 2026)

科研製薬株 式会社

May 14, 2026

Cautionary Notes regarding Forward-looking Statement

• The performance forecasts described in this material are rational based on the information currently available and have been determined by the Company as reasonable.

• Considerable financial investment and a long development time are required before a new drug is launched. The Company carefully develop new drugs by confirming their efficacy and safety. There is a possibility that their development may be discontinued before completion, in such case where anticipated efficacy has not been proven or safety issues have been identified.

• The "Pipeline" is based on the current development plans. The status may change depending on their progress.

• The information about pharmaceutical products (including those under development) included in this material are not intended as an advertisement or medical advice.

Copyright © KAKEN PHARMACEUTICAL CO., LTD. All Rights Reserved 1

1 Consolidated Financial Results for FY2025

2 Consolidated Financial Forecast for FY2026

3 Pipelines

4 Actions to Implement Management that

is Conscious of Cost of Capital and Stock Price

(Updated)

2

1

3

Consolidated Statements of Income

(amounts are rounded down to the nearest million yen)

※ Revision of consolidated earnings forecast announced on April 22 reflects a milestone deferral from FY2025 to FY2026.

4

Net Sales Bridge

(amounts are rounded down to the nearest million yen)

94,035

Upfront 17,900

+11 +556 +107 +61 76,871

76,135

Pharmaceuticals and medical

Pharmaceuticals and medical devices (Domestic) Sales increased due to "Ecclock" and launch of "Ekterly". Sales of Clenafin group decreased due to the transition to AG.

Pharmaceuticals and medical devices (Overseas)

Sales of "FYARRO" were recognized as a result of consolidation of Aadi. (for April-December 2025)

Sales decreased due to a rebound from upfront payments for "NM26" and the STAT6 inhibitor that had driven revenue growth in FY2024

Crop protection products

Sales increased due to higher sales of the herbicide "Metamifop"

Crop

Others Real estate

devices

(domestic, overseas)

protection

products

FY2024 FY2025

5

Operating Profit Bridge

△ 21,934 YoY change ー %

21,034

(amounts are rounded down to the nearest million yen)

Increase due to increased net sales

(FYARRO, crop protection products)

Cost of sales

Upfront 17,900

Net sales

+ 735

Cost of sales

△ 1,376

SG&A

expenses※

△ 1,534

SG&A (excluding R&D)

Increase in stand-alone expenses of Aadi. (other SG&A) Incurrence of PMI-related costs

Amortization of goodwill and marketing rights related to

the acquisition of Aadi

R&D expenses

△ 1,859

R&D

Increase in testing costs due to advancement of various pipeline programs.

Increase in stand-alone expenses of Aadi. (R&D expenses)

△899

FY2024 FY2025

※ excluding R&D

6

YoY Comparison of SG&A Expenses (FY2024 vs FY2025)

（million yen）

45,000

SG&A expenses

(excluding R&D expenses)

40,000

Increase in stand-alone expenses of Aadi. (other SG&A)

Incurrence of PMI-related costs

35,000

30,000

25,000

20,000

+1,859

Consolidated R&D

Increase in testing costs due to advancement of various

pipeline programs.

Increase in stand-alone expenses of Aadi. (R&D expenses)

R&D expenses

Aadi's Stand-alone SG&A

15,000

10,000

+1,534

Consolidated SG&A

5,000

2025年3月期 2026年3月期

Note: Upfront payments for Silk-Elastin (FY2024) and gMSC1 (FY2025) are

undisclosed and included in R&D expenses.

0

7

Domestic Pharmaceuticals & Medical Devices Sales by Products

Seprafilm

While affected by competing products, performance remained in line with the previous fiscal year due to the acquisition of new cases.

Ecclock

Sales increased due to disease awareness activities that expanded the market.

Generic Products

Sales decreased due to competition of focused products.

Clenafin Group

Sales decreased due to the transition to authorized generic (AG)

Artz

Below expectations due to the △3.8% NHI price revision and limited market growth.

(amounts are rounded down to the nearest million yen)

8

Consolidated Balance Sheets

(amounts are rounded down to the nearest million yen)

※ The provisional accounting treatment for the business combination related to the acquisition of Aadi was finalized in the fiscal year ended March 31, 2026. The consolidated financial statements for the fiscal year ended March 31, 2025. have been retrospectively adjusted accordingly.

Cash and cash

（＋¥1,733million)

（△¥60million）

（¥+49million）

¥5,495million

¥5,399million

Goodwill:

In-process R&D (IPR&D):

¥12,201million

Sales rights:

equivalents: ¥50,705million （△¥19,380million）

（△¥1,525million）

（△¥9,616million）

△¥23,776million （+¥4,457million）

Retained earnings: ¥125,625million

Treasury stock:

¥11,406million

Capital surplus:

※ ( ) indicate changes since the end of March 2025.

9

Consolidated Statements of Cash Flows

(amounts are rounded down to the nearest million yen)

TOPICS

*Negative figures indicate payments.

Cash flows from operating activities

Profit before income taxes: ¥2,313million (△¥17,122million) Income taxes paid: △¥10,654million (△¥9,818million)

Cash flows from investing activities

Proceeds from sale of investment securities:

¥3,116million (+¥2,595million)

Proceeds from / payments for acquisition of subsidiaries resulting in change in scope of consolidation:

¥16million (＋¥15,394million)

Cash flows from financing activities

Payments for purchase of treasury stock:

△¥2,343million (+¥3,592million)

Dividends paid: △¥6,498million (＋¥699million)

※ ( ) indicate changes since the end of March 2025.

10

2

11

Financial Performance Forecast

(amounts are rounded down to the nearest million yen)

Net Sales

Main Focuses

Growth: +13,028

Includes milestone payments under the license agreement with Johnson & Johnson

Domestic performance is expected to benefit from the launch of "Ekterly" and growth of products including "Ecclock"

Clenafin group is expected to be affected by the transition to AG.

Aadi's consolidated period

FY2025: 9 months → FY2026: 12 months (full year)

SG&A (excluding R&D)

Expenses related to global expansion

Growth: +1,694

Aadi's consolidated period

FY2025: 9 months → FY2026: 12 months (full year)

R&D

Growth: +3,314

Increase in testing costs due to advancement of various pipeline programs.

Aadi's consolidated period

FY2025: 9 months → FY2026: 12 months (full year)

12

Domestic Sales Forecast: Pharma & Devices

Seprafilm

Plan to increase sales from switchover and increase unused operations.

Ecclock

Sales to increase through higher disease awareness and market expansion.

Generic products (total) (excluding AG)

Sales to decline due to discontinuing unprofitable products.

Clenafin group

Expect sales decline from the transition to its AG. Plan to drive growth through market expansion following NHI price revision.

Artz Sales to decline due to NHI price revision(△6.0%). Plan to grow by expanding the use of hyaluronic acid in a shrinking market.

(amounts are rounded down to the nearest million yen)

13

Clenafin AG Initiatives

(Bottle/4ml formulation)

450,000

Launched AG（September）

400,000

Strategic Significance of the Early Launch of AG

350,000

300,000

250,000

YoY

109％

Preparation for the entry of other GE

Earlier provision of more affordable treatment options for patients

Expansion of prescriptions through enhanced information dissemination to physicians

Mid- to long-term market management of onychomycosis treatments

2022/3期 2023/3期 2024/3期 2025/3期 2026/3期

200,000

※ Quantities are calculated based on one 4ml vial; total for Clenafin and AG

14

Ecclock: Five Years Progress since the Launch

Main Focuses

Disease awareness

Open disease awareness web site

Strengthen disease awareness activities

Start a collaborative project on sweating

5th Anniversary Launched in Korea

Launched twist bottle

and won the Good Design Award

Launched Ecclock

Product value enhancement

15

Ecclock's Growth Through Expansion of the Market

（million yen） 6,000

Primary Axillary Hyperhidrosis Topical Treatment Market

5,000

Initiatives for Future Growth

4,000

3,000

2,000

Launching a three-company joint disease awareness project to encourage hyperhidrosis diagnosis and expand the overall market

Launched Ecclock

1,000

Expanding Ecclock's presence in the growing market

2021/3期 2022/3期 2023/3期 2024/3期 2025/3期 2026/3期

0

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

Source: Copyright © 2026 IQVIA. Company analysis based on JPM 2021/3MAT-2026/3. All rights reserved. No reproduction permitted.

16

EKTERLY® Tablet

The world's first oral on-demand therapy for acute attacks of HAE

Events in FY2025

2025

1st X

R&D Transformation

Continuously launch innovative, world-class drugs in our three priority fields of drug discovery

Expand pipeline

Increase the number of licensed projects

Rare Disease

12

2026

3

Obtained Approval in Japan

Launched

Use external resources in early-stage development Seek new indications and drug repositioning

Address drug loss and drug lag

Secure stable revenue prior to the launch of large-scale in-house drug discovery products

Point

EKTERLY is the first in-licensed project to be successfully launched, as a result of the pipeline expansion under the plan.

17

売上 高

営業利 益

純利 益

Consolidated Financial Performance

2022/3 2023/3 2024/3 2025/3 2026/3 2027/3

18

7,998

9,513

2,144

7,900

9,549

5,440

8,025

13,945

6,500

△ 5,000

FY2021

FY2022

FY2023

FY2024

△899

FY2025

FY2026

15,000

17,064

21,034

35,000

55,000

75,000

76,871

72,044

72,984

76,034

(Plan)

89,900

94,035

Profit

Operating

Profit

Sales

(Amount in Yen million)

95,000

３

19