Supplementary Financial Information of Consolidated Financial Resultsfor the Nine Months Ended December 31, 2025

Feb 6, 2026 at 6:36 AM UTC · Issued by Kaken Pharmaceutical Co., Ltd.

Securities Code：4521

Supplementary Financial Information

Consolidated Financial Results

for the Nine Months Ended December 31, 2025 (Under Japanese GAAP)

Feb 6, 2026

Table of Contents

1.	Summary of Consolidated Financial Statements for the Nine Months Ended December 31, 2025
2.	Consolidated Net Sales by Segment
3.	Consolidated Overseas Sales
4.	Consolidated Capital Expenditures, and Depreciation and Amortization
5.	Summary of Consolidated Balance Sheet
6.	Summary of Non-consolidated Financial Statements for the Nine Months Ended December 31, 2025
7.	Non-consolidated Detailed Sales Breakdown
8.	Non-consolidated Overseas Sales
9.	Non-consolidated Capital Expenditures, and Depreciation and Amortization
10.	Sales of Major Domestic Pharmaceuticals and Medical Devices (Non-consolidated)
11.	Pipelines
12.	Status of Out-Licensed Products Overseas

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Cautionary notes regarding forward-looking statement

・This information contains forward-looking statements on the Kaken group's business.

・They are projections based on information available at the time this information was prepared,

and may differ from actual results due to a variety of factors.

In addition, although this nformation includes information related to pharmaceutical products (including those under development),

these statements are not intended to be advertisement or medical advice.

1．Summary of Consolidated Financial Statements for the Nine Months Ended December 31, 2025
(amounts are rounded down to the nearest million Yen)
	FY2024 3Q	FY2024	FY2025 3Q	YoY Change (yen)	YoY Change (%)	Revised	Change (yen)	Change (%)	Plan FY2025
						Plan
						FY2025
Net sales	75,990	94,035	57,617	▲ 18,372	75.8%	86,300	▲ 7,735	91.8%	88,000
Cost of sales	26,797	35,502	26,785	▲ 11	100.0%	ー	ー	ー	ー
Gross profit	49,193	58,532	30,831	▲ 18,361	62.7%	ー	ー	ー	ー
Ratio to net sales	64.7%	62.2%	53.5%			ー			ー
Selling, general and administrative expenses	23,772	37,497	30,277	6,504	127.4%	47,000	9,502	125.3%	44,500
R&D expenses	10,557	18,725	15,645	5,087	148.2%	25,400	6,674	135.6%	20,900
Operating profit	25,420	21,034	554	▲ 24,865	2.2%	2,100	▲ 18,934	10.0%	5,200
Ratio to net sales	33.5%	22.4%	1.0%			2.4%			5.9%
Ordinary profit	26,081	21,279	1,172	▲ 24,908	4.5%	2,800	▲ 18,479	13.2%	6,000
Ratio to net sales	34.3%	22.6%	2.0%			3.2%			6.8%
Profit before income taxes	26,021	19,435	1,984	▲ 24,036	7.6%	ー	ー	ー	ー
Profit	19,175	13,945	1,398	▲ 17,776	7.3%	2,300	▲ 11,645	16.5%	3,400
Ratio to net sales	25.2%	14.8%	2.4%			2.7%			3.9%

Per share profit (Yen)

506.31

365.42

36.87

60.74

88.53

Consolidated Net Sales by Segment

	FY2024 3Q	FY2024	FY2025 3Q	YoY Change (yen)	YoY Change (%)
Pharmaceuticals	74,146	91,553	55,702	▲ 18,444	75.1%
Pharmaceuticals & medical devices	71,009	85,734	52,007	▲ 19,002	73.2%
Crop protection	3,053	5,717	3,526	473	115.5%
Others	83	101	167	83	199.6%
Real estate	1,843	2,481	1,915	71	103.9%
Total	75,990	94,035	57,617	▲ 18,372	75.8%

(amounts are rounded down to the nearest million Yen)
Revised	Change (yen)	Change (%)	Plan FY2025
Plan
FY2025
83,800	▲ 7,753	91.5%	85,500
77,200	▲ 8,534	90.0%	79,000
6,400	682	111.9%	6,400
200	98	197.9%	100
2,500	18	100.7%	2,500
86,300	▲ 7,735	91.8%	88,000

Consolidated Overseas Sales

	FY2024 3Q	FY2024	FY2025 3Q	YoY Change (yen)	YoY Change (%)
Pharmaceuticals	22,221	23,847	6,237	▲ 15,983	28.1%
Crop protection	1,439	2,761	1,643	203	114.2%
Total overseas sales	23,660	26,609	7,880	▲ 15,780	33.3%
Overseas Sales Ratio	31.1%	28.3%	13.7%

(amounts are rounded down to the nearest million Yen)
Revised	Change (yen)	Change (%)	Plan FY2025
Plan
FY2025
19,700	▲ 4,147	82.6%	20,400
3,200	438	115.9%	3,200
22,900	▲ 3,709	86.1%	23,600
26.5%			26.8%

Consolidated Capital Expenditures, and Depreciation and Amortization

	FY2024 3Q	FY2024	FY2025 3Q	YoY Change (yen)	YoY Change (%)
Capital expenditures	2,736	3,418	2,856	119	104.4%
Depreciation and amortization	1,866	2,475	1,928	61	103.3%

(amounts are rounded down to the nearest million Yen)
Revised	Change (yen)	Change (%)	Plan FY2025
Plan
FY2025
5,900	2,481	172.6%	5,300
2,700	224	109.1%	2,800

5．Summary of Consolidated Balance Sheet
(amounts are rounded down to the nearest million Yen)
	As of Dec 31,	As of Mar 31,	As of Dec 31,	YoY Increase (Decrease)
	2024	2025	2025	YoY Increase (Decrease)
Total assets	193,422	190,422	176,440	▲ 13,982
Current assets	128,079	111,377	96,521	▲ 14,855
Cash and Cash Equivalents	79,754	70,085	45,838	▲ 24,247
Notes and accounts receivable -trade, and contract assets	29,879	21,178	24,186	3,008
Inventories	17,551	19,021	20,649	1,627
Non-current assets	65,343	79,045	79,918	873
Property, plant and equipment	26,394	27,629	28,687	1,057
Intangible assets	7,443	19,289	19,078	▲ 210
Goodwill	878	14,035	13,592	▲ 442
Investments and other assets	31,506	32,126	32,152	25
Total liabilities	38,163	37,787	30,632	▲ 7,155
Current liabilities	29,215	30,354	23,608	▲ 6,745
Notes and Accounts Payable, etc.	9,254	8,323	10,061	1,738
Accounts payable-other	6,525	6,311	4,643	▲ 1,668
Non-current liabilities	8,948	7,433	7,023	▲ 409
Total net assets	155,259	152,634	145,808	▲ 6,826
Common stock	23,853	23,853	23,853	-
Capital surplus	11,500	12,932	11,406	▲ 1,525
Retained earnings	140,472	135,242	124,879	▲ 10,363
Treasury stock	▲ 28,630	▲ 28,233	▲ 23,775	4,457

6．Summary of Non-consolidated Financial Statements for the Nine Months Ended December 31, 2025
(amounts are rounded down to the nearest million Yen)
	FY2024 3Q	FY2024	FY2025 3Q	YoY Change (yen)	YoY Change (%)	Revised	Change (yen)	Change (%)	Plan FY2025
						Plan
						FY2025
Net sales	75,906	93,934	54,781	▲ 21,125	72.2%	82,700	▲ 11,234	88.0%	84,900
Cost of sales	26,857	35,595	26,537	▲ 319	98.8%	ー	ー	ー	ー
Gross profit	49,048	58,338	28,243	▲ 20,805	57.6%	ー	ー	ー	ー
Ratio to net sales	64.6%	62.1%	51.6%			ー			ー
Selling, general and administrative expenses	23,007	35,815	27,635	4,628	120.1%	41,300	5,484	115.3%	38,700
R&D expenses	10,557	18,725	14,634	4,076	138.6%	23,200	4,474	123.9%	20,600
Operating profit	26,041	22,522	607	▲ 25,433	2.3%	4,500	▲ 18,022	20.0%	8,100
Ratio to net sales	34.3%	24.0%	1.1%			5.4%			9.5%
Ordinary profit	26,701	22,766	1,158	▲ 25,542	4.3%	5,100	▲ 17,666	22.4%	8,800
Ratio to net sales	35.2%	24.2%	2.1%			6.2%			10.4%
Profit before income taxes	26,641	22,370	1,971	▲ 24,670	7.4%	ー	ー	ー	ー
Profit	19,795	16,449	1,398	▲ 18,397	7.1%	4,600	▲ 11,849	28.0%	6,100
Ratio to net sales	26.1%	17.5%	2.6%			5.6%			7.2%

Per share profit (Yen)

522.70

431.06

36.87

121.47

158.84

Non-consolidated Detailed Sales Breakdown

	FY2024 3Q	FY2024	FY2025 3Q	YoY Change (yen)	YoY Change (%)
Pharmaceuticals & medical devices	71,009	85,734	49,339	▲ 21,670	69.5%
Crop protection	3,053	5,717	3,526	473	115.5%
Real estate	1,843	2,481	1,915	71	103.9%
Total	75,906	93,934	54,781	▲ 21,125	72.2%

(amounts are rounded down to the nearest million Yen)
Reviced	Change (yen)	Change (%)	Plan FY2025
Plan
FY2025
73,800	▲ 11,934	86.1%	76,000
6,400	682	111.9%	6,400
2,500	18	100.7%	2,500
82,700	▲ 11,234	88.0%	84,900

Non-consolidated Overseas Sales

	FY2024 3Q	FY2024	FY2025 3Q	YoY Change (yen)	YoY Change (%)
Pharmaceuticals	22,174	23,798	3,486	▲ 18,687	15.7%
Crop protection	1,384	2,647	1,568	184	113.3%
Total overseas sales	23,558	26,446	5,055	▲ 18,503	21.5%
Overseas Sales Ratio	31.0%	28.2%	9.2%

(amounts are rounded down to the nearest million Yen)
Revised	Change (yen)	Change (%)	Plan FY2025
Plan
FY2025
16,300	▲ 7,498	68.5%	17,400
3,200	552	120.9%	3,200
19,500	▲ 6,946	73.7%	20,600
23.6%			24.3%

9．Non-consolidated Capital Expenditures, and Depreciation and Amortization
(amounts are rounded down to the nearest million Yen)
	FY2024 3Q	FY2024	FY2025 3Q	YoY Change (yen)	YoY Change (%)	Revised	Change (yen)	Change (%)	Plan FY2025
						Plan
						FY2025
Capital expenditures	2,736	3,418	2,758	21	100.8%	5,900	2,481	172.6%	5,300
Depreciation and amortization	1,866	2,475	1,921	54	102.9%	2,700	224	109.1%	2,800

10．Sales of Major Domestic Pharmaceuticals and Medical Devices (Non-consolidated)
(amounts are rounded down to the nearest million Yen)
	FY2024 3Q	FY2024	FY2025 3Q	YoY Change (yen)	YoY Change (%)	Revised	Change (yen)	Change (%)	Plan FY2025
						Plan
						FY2025
Onychomycosis treatment Clenafin group	13,551	16,866	11,523	▲ 2,028	85.0%	13,200	▲ 3,666	78.3%	13,200
Clenafin	13,551	16,866	8,756	▲ 4,794	64.6%	ー	ー	ー	ー
【AG】 Efinaconazole「KAKEN」	ー	ー	2,766	2,766	ー	ー	ー	ー	ー
Anti-osteoarthritis agent Artz	14,731	19,031	14,142	▲ 589	96.0%	18,100	▲ 931	95.1%	18,500
Post-operative anti-adhesive Seprafilm	5,505	6,952	5,476	▲ 29	99.5%	7,000	47	100.7%	7,000
Wound-healing agent Fiblast	1,859	2,432	1,737	▲ 121	93.5%	2,200	▲ 232	90.4%	2,300
Primary axillary hyperhidrosis treatment Ecclock	1,720	2,037	1,938	217	112.6%	2,400	362	117.8%	2,400
Periodontal regenerative agent Regroth	710	922	654	▲ 56	92.1%	900	▲ 22	97.6%	1,000
Lumbar disc herniation treatment Hernicore	317	405	201	▲ 115	63.5%	300	▲ 105	74.1%	400
Generic products (total) （excluding AG）	6,684	8,497	5,722	▲ 961	85.6%	7,800	▲ 697	91.8%	8,900

Pipelines

				As of February 6, 2026
＜In-house discovered and in-licensed projects＞			(*) The development stage includes the preparatory period for clinical trials.
Development code	Planned Indication	Development Stage *	In-house/In-licensed	Remarks
KAR	Head lice	Pre-submission	Arbor Pharmaceuticals, LLC (Currently, Azurity Pharmaceuticals)	・Product name in the US: Sklice® ・Announced the topline data from PⅢ trial in Japan
KP-001	Refractory vascular malformations	Pre-submission	Product discovered in-house	・Announced the topline data from the confirmatory trial in Japan ・The long-term trial is ongoing ・Generic Name：Serabelisib
KC-8025	Primary biliary cholangitis	PⅢ	CymaBay Therapeutics, Inc. (Currently, Gilead Sciences, Inc.)	・Product name in US, UK：Livdelzi® ・Product name in EU, CA : Lyvdelzi® ・Generic Name：Seladelpar
ESK-001	Plaque psoriasis	PⅢ	Alumis Inc.	・Under global PⅢ trial (incl. Japan) ・The long-term trial is ongoing ・Genetric Name：Envudeucitinib
Navenibart	Hereditary angioedema	PⅢ	Astria Therapeutics, Inc. （Currently, BioCryst Pharmaceuticals, Inc.）	Under global PⅢ trial (incl. Japan)
KP-483	Solid tumors (Immuno-oncology)	PⅠ	Product discovered in-house	ー
KP-910	Peripheral neuropathic pain	PⅠ	Product discovered in-house	ー
Tildacerfont	Congenital adrenal hyperplasia	PⅠ	Spruce Biosciences, Inc.	ー
KP-001 (US)	Refractory vascular malformations	PⅢ	Product discovered in-house	・Clinical trial countries :US, CA, Taiwan, Korea
Note: Kaken will advance KP-723, an oral STAT6 inhibitor in preclinical development, to the completion of Phase I clinical trials,
which had entered into a licence agreement with J&J.

Generic Name：Serabelisib

＜Other＞			As of February 6, 2026
Development code	Planned Indication	Development Stage *	Remarks
Sebetralstat	Hereditary angioedema	Approved (Dec 2025)	・Approved by KalVista Pharmaceuticals, Inc. ・Obtained approval in the US and Europe （Product name：Ekterly®）・Exclusive sales rights in Japan; preparing for launch.
gMSC1	Knee osteoarthritis with focal defect	Preparing for PⅢ	・Allogenic synovial mesenchymal stem cell-derived three-dimensional artificial tissue ・Development by the licensor, TWOCELLS Co., Ltd. ・Joint development and exclusive sales rights in the area of orthopedics in Japan
NM26	Atopic dermatitis	PⅡ	・Clinical trial underway by J&J after IP transfer ・Option rights to negotiate a sales partnership agreement in Japan ・PⅡb trial discontinued, as announced by J&J (December 26, 2025)
Note: The medical device "Silk-Elastin Wound Healing Sheet", for which a marketing authorization application had been submitted by the licensor,
Sanyo Chemical Industries, Ltd., was approved on April 21, 2025.

Status of Out-Licensed Products Overseas

As of February 6, 2026
Generic name (Japanese Product Name)	Planned indication	Development Stage	Out-licensed	Developing country
Efinaconazole (Clenafin)	Onychomycosis	Approved	Almirall S.A.	Germany: Approved in August 2025 Italy: Approved in March 2025
Efinaconazole (Clenafin)	Onychomycosis	PⅢ	AIM	China
Note: Dong-Wha Pharm Co., Ltd. launched sofpironium bromide (Ecclock) in Korea in January 2026.

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