Consolidated Financial Results for the Nine Months Period of Fiscal 2025 (Nine Month Period Ended December 31, 2025)

February 6, 2026

Company name: KAKEN PHARMACEUTICAL CO., LTD.

Stock exchange listing: Tokyo Stock Exchange Securities code number: 4521

URL: https://www.kaken.co.jp/english/

Representative: Hiroyuki Horiuchi, President and Representative Director

Contact: Yasuhiko Kondo, General Manager of Accounting & Finance Department Telephone: +81-3-5977-5007

Scheduled date of dividend payment commencement: -Supplementary materials for financial results: Yes Financial results briefing: None

(Amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for the Nine-Month Period of Fiscal 2025 (April 1, 2025 to December 31, 2025)
   1. Consolidated Operating Results (cumulative) (Percentage indicates year-on-year change)

      	Net sales		Operating profit		Ordinary profit		Profit attributable to owners of the parent
      	(Million yen)	(%)	(Million yen)	(%)	(Million yen)	(%)	(Million yen)	(%)
      Nine-Month period of Fiscal 2025	57,617	(24.2)	554	(97.8)	1,172	(95.5)	1,398	(92.7)
      Nine-Month period of Fiscal 2024	75,990	39.0	25,420	186.5	26,081	180.3	19,175	187.2

      Note:

      Comprehensive income:

      Nine-Month period of Fiscal 2025: ¥ 2,002 million [(89.3)%]

      Nine-Month period of Fiscal 2024: ¥ 18,690 million [131.7%]

      	Basic earnings per share	Diluted earnings per share
      	(Yen)	(Yen)
      Nine-Month period of Fiscal 2025	36.87	-
      Nine-Month period of Fiscal 2024	506.31	-

   2. Consolidated Financial Position

   	Total assets	Net assets	Equity-to-asset ratio
   	(Million yen)	(Million yen)	(%)
   As of December 31, 2025	176,440	145,808	82.6
   As of March 31, 2025	190,422	152,634	80.2

   Reference:

   Equity:

   As of December 31, 2025: ¥ 145,808 million

   As of March 31, 2025: ¥ 152,634 million

2. Cash Dividends

   	Annual dividends per share
   	1st quarter	2nd quarter	3rd quarter	Year-end	Total
   	(Yen)	(Yen)	(Yen)	(Yen)	(Yen)
   Year ended March 31, 2025	-	115.00	-	75.00	190.00
   Year ending March 31, 2026	-	95.00	-
   Year ending March 31, 2026 (Forecast)				95.00	190.00

   Note: Revisions to the forecast of cash dividends most recently announced: None

   • The dividends per share for the 2nd quarter of the year ended March 31, 2025 consist of an ordinary dividend of ¥75.00 and a bonus dividend of ¥40.00.

3. Consolidated Financial Forecast for Fiscal Year Ending March 31, 2026 (April 1, 2025 to March 31, 2026)

   (Percentage indicates year-on-year change)

   	Net sales		Operating profit		Ordinary profit		Profit attributable to owners of the parent		Basic earnings per share
   	(Million yen)	(%)	(Million yen)	(%)	(Million yen)	(%)	(Million yen)	(%)	(Yen)
   Year ending March 31, 2026	86,300	(8.2)	2,100	(90.0)	2,800	(86.8)	2,300	(83.5)	60.74

   Note: Revisions to the financial forecast most recently announced: None

   • Notes

1. Significant changes in the scope of consolidation during the period: None

2. Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: Yes

3. Changes in accounting policies, changes in accounting estimates, and restatement

   1. Changes in accounting policies due to revisions to accounting standards and other regulations: None

   2. Changes in accounting policies other than 1): None

   3. Changes in accounting estimates: None

   4. Restatement: None

4. Number of issued shares (common stock)

Note: The number of treasury stock at the end of the period includes the Company's shares held by the "Board Benefit Trust (BBT)" (199,700 shares as of December 31, 2025 and 93,600 shares as of March 31, 2025). The Company's shares held by the BBT are included in the number of treasury stock to be deducted in the calculation of the average number of shares during the period (170,145 shares as of December 31, 2025 and 54,385 shares as of December 31, 2024).

• Review of the Japanese-language originals of the attached quarterly consolidated financial results by certified public accountants or an audit corporation: None

• Explanation of proper use of earnings forecasts, and other special matters:

(Caution regarding forward-looking statements)

The performance forecasts and other descriptions on future events presented in this material are based on information currently available and certain assumptions considered to be reasonable. The actual performance may differ from these forecasts.

How to review the quarterly supplementary material to the financial results reports:

It has been posted on the Company's web site, along with the quarterly financial results reports.

1. Consolidated balance sheets

   Fiscal 2024

   (As of March 31, 2025)

   (Millions of yen) Nine-Month period of

   Fiscal 2025

   (As of December 31, 2025)

   Assets

   Current assets

   36,847

   54,093

   Cash and deposits

   	Notes and accounts receivable - trade, and contract assets	21,178	24,186
   	Marketable securities	15,992	8,991
   	Merchandise and finished goods	8,805	8,626
   	Work in process	2,311	2,574
   	Raw materials and supplies	7,904	9,448
   	Income taxes refund receivable	120	3,333
   	Other	970	2,513
   	Allowance for doubtful accounts	(0)	-
   	Total current assets	111,377	96,521
   Non-current assets
   	Property, plant and equipment
   Buildings and structures, net		15,530	16,220
   Other, net		12,098	12,467
   Total property, plant and equipment		27,629	28,687
   Intangible assets
   In-process research and development		4,400	4,400
   Goodwill		14,035	13,592
   Other		854	1,086
   Total intangible assets		19,289	19,078
   Investments and other assets
   Investment securities		18,875	19,260
   Other		13,251	12,891
   Total investments and other assets		32,126	32,152
   Total non-current assets		79,045	79,918
   Total assets		190,422	176,440

   Fiscal 2024

   (As of March 31, 2025)

   (Millions of yen) Nine-Month period of

   Fiscal 2025

   (As of December 31, 2025)

   Liabilities

   Current liabilities

   9,917

   8,186

   Notes and accounts payable - trade

   Electronically recorded obligations - operating	136	144
   Short-term bank loans	3,850	3,850
   Income taxes payable	7,285	24
   Provision for bonuses	1,154	542
   Other	9,741	9,130
   Total current liabilities	30,354	23,608
   Non-current liabilities
   Provision for share-based remuneration	163	141
   Net defined benefit liability	4,954	4,945
   Deferred tax liabilities	1,514	1,514
   Other	800	422
   Total non-current liabilities	7,433	7,023
   Total liabilities	37,787	30,632
   Net assets
   Shareholders' equity
   Common stock	23,853	23,853
   Capital surplus	12,932	11,406
   Retained earnings	135,242	124,879
   Treasury stock	(28,233)	(23,775)
   Total shareholders' equity	143,794	136,363
   Accumulated other comprehensive income
   Net unrealized holding gain on securities	6,257	7,047
   Foreign currency translation adjustment	(57)	(140)
   Remeasurements of defined benefit plans	2,640	2,538
   Total accumulated other comprehensive income	8,840	9,444
   Total net assets	152,634	145,808
   Total liabilities and net assets	190,422	176,440

2. Consolidated statements of income and comprehensive income

Nine-Month period of Fiscal 2024

(April 1, 2024 - December 31, 2024)

(Millions of yen) Nine-Month period of

Fiscal 2025

(April 1, 2025 - December 31, 2025)

Profit 19,175 1,398

Other comprehensive income

Foreign currency translation adjustment - (82)

Total other comprehensive income (484) 604

Total comprehensive income attributable to