Supplementary Financial Information of Financial Statements Fiscal 2024

Securities Code: 4521

May 12, 2025

1. Summary of Consolidated Financial Statements for Fiscal 2024

   Announced in April 2025 (amounts are rounded down to the nearest million Yen)

   	FY 2022	FY 2023	FY 2024	Change (yen)	Change (%)
   Net sales	72,984	72,044	94,035	21,990	130.5%
   Cost of sales	33,428	33,505	35,502	1,997	106.0%
   Gross profit	39,555	38,539	58,532	19,993	151.9%
   Gross Profit Margin	54.2%	53.5%	62.2%
   Selling, general and administrative expenses	31,556	29,025	37,497	8,471	129.2%
   R&D expenses	15,789	12,543	18,725	6,182	149.3%
   Operating profit	7,998	9,513	21,034	11,521	221.1%
   Ratio to net sales	11.0%	13.2%	22.4%
   Ordinary profit	8,727	9,951	21,279	11,328	213.8%
   Ratio to net sales	12.0%	13.8%	22.6%
   Profit before income taxes	6,817	9,796	19,435	9,639	198.4%
   Profit	5,440	8,025	13,945	5,919	173.8%
   Ratio to net sales	7.5%	11.1%	14.8%

   Revised Plan 2024	Achievement (%)
   94,000	100.0%
   ー	ー
   ー	ー
   ー
   ー	ー
   ー	ー
   20,800	101.1%
   22.1%
   21,000	101.3%
   22.3%
   ー	ー
   14,000	99.6%
   14.9%

   Plan 2025	Change (yen)	Change (%)
   88,000	▲ 6,035	93.6%
   ー	ー	ー
   ー	ー	ー
   ー
   44,500	7,002	118.7%
   20,900	2,174	111.6%
   5,200	▲ 15,834	24.7%
   5.9%
   6,000	▲ 15,279	28.2%
   6.8%
   ー	ー	ー
   3,400	▲ 10,545	24.4%
   3.9%

   Per share profit (Yen)	144.80	212.67	365.42
   ROE	4.0%	5.7%	9.4%
   Annual dividends per share (Yen)	150.00	150.00	190.00
   Dividend payout ratio	103.6%	70.5%	52.0%

   364.55

   190.00

   ー

   88.53

   190.00

   214.6%

   (Forecast)

   * The annual dividend per share for the fiscal year ending March 2025 is scheduled to be resolved at the 105th Annual General Meeting of Shareholders, which is planned to be held in June 2025.

   	FY 2022	FY 2023	FY 2024	Change (yen)	Change (%)
   Pharmaceuticals	70,562	69,613	91,553	21,940	131.5%
   Pharmaceuticals & medical devices	64,405	63,458	85,734	22,276	135.1%
   Crop protection	6,058	6,066	5,717	▲ 348	94.3%
   Others	98	88	101	12	113.8%
   Real estate	2,422	2,430	2,481	50	102.1%
   Total	72,984	72,044	94,035	21,990	130.5%

   Plan 2024	Achievement (%)
   ー	ー
   ー	ー
   ー	ー
   ー	ー
   ー	ー
   ー	ー

   Plan 2025	Change (yen)	Change (%)
   85,500	▲ 6,053	93.4%
   79,000	▲ 6,734	92.1%
   6,400	682	111.9%
   100	▲ 1	98.9%
   2,500	18	100.7%
   88,000	▲ 6,035	93.6%

2. Consolidated Net Sales by Segment

   (amounts are rounded down to the nearest million Yen)

3. Consolidated Overseas Sales
   
   
   

   (amounts are rounded down to the nearest million Yen)

   	FY 2022	FY 2023	FY 2024	Change (yen)	Change (%)
   Pharmaceuticals	4,349	3,318	23,847	20,529	718.6%
   Crop protection	2,882	3,156	2,761	▲ 394	87.5%
   Export volume	7,232	6,474	26,609	20,134	411.0%
   Overseas Sales Ratio	9.9%	9.0%	28.3%

   Plan 2024	Achievement (%)
   ー	ー
   ー	ー
   ー	ー

   Plan 2025	Change (yen)	Change (%)
   20,400	▲ 3,447	85.5%
   3,200	438	115.9%
   23,600	▲ 3,009	88.7%
   26.8%

4. Consolidated Capital Expenditures, Depreciation and Number of Employees

   (amounts are rounded down to the nearest million Yen)

   	FY 2022	FY 2023	FY 2024	Change (yen)	Change (%)
   Capital expenditures	1,968	2,304	3,418	1,114	148.4%
   Depreciation and amortization	2,546	2,596	2,475	▲ 121	95.3%

   Plan 2024	Achievement (%)
   3,000	113.9%
   2,600	95.2%

   Plan 2025	Change (yen)	Change (%)
   5,300	1,881	155.0%
   2,800	324	113.1%

   Number of employees

   1,130

   1,135

   1,126

   ▲ 9

   99.2%

   
   
   
5. Summary of Consolidated Balance Sheet

   (amounts are rounded down to the nearest million Yen)

   	As of March 31, 2023	As of March 31, 2024	As of March 31, 2025	YoY Increase (Decrease)
   Total assets	166,328	171,623	190,422	18,799
   Current assets	109,903	106,974	111,377	4,402
   Cash and Cash Equivalents	74,260	65,325	70,085	4,760
   Notes and accounts receivable - trade, and contract assets	19,268	23,744	21,178	▲ 2,565
   Inventories	15,564	17,168	19,021	1,853
   Non-current assets	56,425	64,648	79,045	14,396
   Property, plant and equipment	25,498	25,355	27,629	2,274
   Intangible assets	6,741	7,462	19,289	11,826
   Goodwill	230	937	14,035	13,097
   Investments and other assets	24,185	31,831	32,126	295
   Total liabilities	29,491	27,868	37,787	9,919
   Current liabilities	20,838	19,024	30,354	11,330
   Notes and Accounts Payable, etc.	6,220	7,100	8,323	1,222
   Accounts payable-other	5,824	4,146	6,311	2,165
   Non-current liabilities	8,653	8,843	7,433	▲ 1,410
   Total net assets	136,836	143,755	152,634	8,879
   Common stock	23,853	23,853	23,853	-
   Capital surplus	11,406	11,462	12,932	1,470
   Retained earnings	126,135	128,506	135,242	6,736
   Treasury stock	▲ 30,026	▲ 28,613	▲ 28,233	380

6. Summary of Consolidated Statements of Cash Flows

   (amounts are rounded down to the nearest million Yen)

   * Goodwill from prior fiscal years is included in "Other".

   	FY 2022	FY 2023	FY 2024	Change (yen)
   Cash flows from operating activities	9,253	2,577	29,780	27,203
   Cash flows from investing activities	▲ 2,627	▲ 5,854	▲ 19,650	▲ 13,795
   Cash flows from financing activities	▲ 6,990	▲ 5,658	▲ 5,369	288
   Cash and cash equivalents at end of year	74,260	65,325	70,085	4,760

   
   
   
7. Summary of Non-consolidated Financial Statements for Fiscal 2024

   Announced in April 2025 (amounts are rounded down to the nearest million Yen)

   	FY 2022	FY 2023	FY 2024	Change (yen)	Change (%)
   Net sales	72,886	71,955	93,934	21,978	130.5%
   Cost of sales	33,522	33,603	35,595	1,992	105.9%
   Gross profit	39,364	38,352	58,338	19,985	152.1%
   Gross Profit Margin	54.0%	53.3%	62.1%
   Selling, general and administrative expenses	30,998	28,568	35,815	7,247	125.4%
   R&D expenses	15,410	12,427	18,725	6,298	150.7%
   Operating profit	8,365	9,784	22,522	12,738	230.2%
   Ratio to net sales	11.5%	13.6%	24.0%
   Ordinary profit	8,930	10,220	22,766	12,546	222.8%
   Ratio to net sales	12.3%	14.2%	24.2%
   Profit before income taxes	8,580	10,065	22,370	-	0.0%
   Profit	6,765	8,483	16,449	7,966	193.9%
   Ratio to net sales	9.3%	11.8%	17.5%

   Revised Plan 2024	Achievement (%)
   93,900	100.0%
   ー	ー
   ー	ー
   ー
   ー	ー
   ー	ー
   22,300	101.0%
   23.7%
   22,500	101.2%
   24.0%
   ー	ー
   15,500	106.1%
   16.5%

   Plan 2025	Change (yen)	Change (%)
   84,900	▲ 9,034	90.4%
   ー	ー	ー
   ー	ー	ー
   ー
   38,700	2,884	108.1%
   20,600	1,874	110.0%
   8,100	▲ 14,422	36.0%
   9.5%
   8,800	▲ 13,966	38.7%
   10.4%
   ー	ー	ー
   6,100	▲ 10,349	37.1%
   7.2%

   ー

1. Non-consolidated Net Sales by Segment

   (amounts are rounded down to the nearest million Yen)

   	FY 2022	FY 2023	FY 2024	Change (yen)	Change (%)
   Pharmaceuticals & medical devices	64,405	63,458	85,734	22,276	135.1%
   Crop protection	6,058	6,066	5,717	▲ 348	94.3%
   Real estate	2,422	2,430	2,481	50	102.1%
   売上高計	72,886	71,955	93,934	21,978	130.5%

   Plan 2024	Achievement (%)
   ー	ー
   ー	ー
   ー	ー
   ー	ー

   Plan 2025	Change (yen)	Change (%)
   76,000	▲ 9,734	88.6%
   6,400	682	111.9%
   2,500	18	100.7%
   84,900	▲ 9,034	90.4%

2. Non-consolidated Overseas Sales
   
   
   

   (amounts are rounded down to the nearest million Yen)

   	FY 2022	FY 2023	FY 2024	Change (yen)	Change (%)
   Pharmaceuticals	4,294	3,260	23,798	20,537	729.8%
   Crop protection	2,821	3,092	2,647	▲ 444	85.6%
   Export volume	7,115	6,353	26,446	20,092	416.2%
   Overseas Sales Ratio	9.8%	8.8%	28.2%

   Plan 2024	Achievement (%)
   ー	ー
   ー	ー
   ー	ー

   Plan 2025	Change (yen)	Change (%)
   17,400	▲ 6,398	73.1%
   3,200	552	120.9%
   20,600	▲ 5,846	77.9%
   24.3%

3. Non-consolidated Capital Expenditures, Depreciation and Number of Employees

   (amounts are rounded down to the nearest million Yen)

   	FY 2022	FY 2023	FY 2024	Change (yen)	Change (%)
   Capital expenditures	1,968	2,304	3,418	1,114	148.4%
   Depreciation and amortization	2,546	2,596	2,475	▲ 121	95.3%

   Plan 2024	Achievement (%)
   3,000	113.9%
   2,600	95.2%

   Plan 2025	Change (yen)	Change (%)
   5,300	1,881	155.0%
   2,800	324	113.1%

   Number of employees

   1,117

   1,124

   1,103

   ▲ 21

   98.1%

   
   
   
4. Sales of Major Domestic Pharmaceuticals and Medical Devices (Non-consolidated)

   (amounts are rounded down to the nearest million Yen)

   	FY 2022	FY 2023	FY 2024	Change (yen)	Change (%)
   Onychomycosis treatment Clenafin group	17,985	17,116	16,866	▲ 249	98.5%
   Anti-osteoarthritis agent Artz	17,062	18,040	19,031	990	105.5%
   Post-operative anti-adhesive Seprafilm	7,790	6,995	6,952	▲ 42	99.4%
   Wound-healing agent Fiblast	2,759	2,626	2,432	▲ 194	92.6%
   Primary axillary hyperhidrosis treatment Ecclock	1,257	1,812	2,037	224	112.4%
   Periodontal regenerative agent Regroth	891	898	922	24	102.7%
   Lumbar disc herniation treatment Hernicore	392	382	405	22	106.0%
   Generic products (total)	8,201	7,992	8,497	504	106.3%

   Plan 2024	Achievement (%)
   17,200	98.1%
   19,000	100.2%
   6,800	102.2%
   2,600	93.5%
   2,200	92.6%
   900	102.4%
   400	101.3%
   8,100	104.9%

   Plan 2025	Change (yen)	Change (%)
   13,200	▲ 3,666	78.3%
   18,500	▲ 531	97.2%
   7,000	47	100.7%
   2,300	▲ 132	94.6%
   2,400	362	117.8%
   1,000	77	103.9%
   400	▲ 5	105.2%
   8,900	402	104.7%

5. Pipelines As of May 12, 2025

   ＜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	P III	Arbor Pharmaceuticals, LLC	Product name in the US: Sklice
   KP-001	Refractory vascular malformations	P III	Product discovered in-house	---
   KC-8025 (Seladelpar)	Primary biliary cholangitis	P III	CymaBay Therapeutics, Inc.	Currently, Gilead Sciences, Inc.
   ESK-001	Plaque psoriasis	P III	Alumis Inc.	Under global P III (incl. Japan)
   KP-483	Solid tumors (Immuno-oncology)	P I	Product discovered in-house	---
   KP-910	Peripheral neuropathic pain	P I	Product discovered in-house	---
   Tildacerfont	Congenital adrenal hyperplasia	P I	Spruce Biosciences, Inc.	---
   KP-001 (US)	Refractory vascular malformations	P I	Product discovered in-house	Consulting with FDA on P III plan

   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.

   ＜Other＞

   Development code	Planned Indication	Development Stage	Remarks
   Sebetralstat	Hereditary Angioedema	Authorization application	Applied by KalVista Pharmaceuticals
   NM26	Atopic dermatitis	P II	Clinical trial underway after IP transfer to J&J

   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.

   Generic name (domestic sales name)	Planned indication	Development Stage	Out-licensed	Developing country
   Efinaconazole (Clenafin)	Onychomycosis	Authorization application	Almirall S.A.	Germany (Italy: Approved Mar 2025)
   Efinaconazole (Clenafin)	Onychomycosis	P III	AIM	China
   Sofpironium bromide (Ecclock)	Primary axillary hyperhidrosis	Authorization application	Dong-Wha Pharm Co., Ltd.	Korea

6. Status of Out-Licensed Products Overseas As of May 12, 2025
   
   
   
7. Shareholder Information (as of March 31, 2025)

Note: Shareholding ratios are calculated after subtracting the number of shares of treasury stock (7,443,254) from the total number of shares issued. 9