Kyowa Kirin : Results Presentation Fiscal 2026 First Quarter

Results Presentation Fiscal 2026 First Quarter



Agenda

01

Management Focus & Q1 2026 Highlights

02

03

04

05

Financial Review Commercial update Business update R&D update

Chairman

Masashi Miyamoto

President and

Chief Executive Officer (CEO)

Abdul Mullick

Chief Medical Officer (CMO)

Yoshifumi Torii

Chief Financial Officer (CFO)

Koji Igarashi

© Kyowa Kirin Co., Ltd. 1

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 involve uncertainties that could cause actual results to differ materially.

These uncertainties include, but are not limited to, risks inherent in the domestic and international pharmaceutical industry, intellectual property rights, side effects, legal regulations, product defects, fluctuations in raw material/fuel prices, market prices, and exchange/financial markets.

This document is for investor information purposes only and contains information on pharmaceuticals (including products under development), but it is not intended for promotional advertising or medical advice.

2

© Kyowa Kirin Co., Ltd.

Q1 2026 Highlights (Executive Summary)

• Management Focus

• Q1 Financial Results

  • Revenue of JPY 118.5 billion (+13% YoY) and Core Operating Profit of JPY 20.0 billion (+78% YoY).

  • Performance is tracking in line with the full-year plan

• Revision of FY2026 Plans

  • Core Operating Profit revised upward due to clinical program discontinuation of Rocatinlimab

  • However, Profit remained unchanged due mainly to closing costs of the clinical program.

  • Financial KPIs announced in the "Vision 2030 and Beyond: Our Growth Story" will not change

• Business Topics

  3

  
  
  

  • Announced plans to reorganize the Research institute to strengthen drug discovery capabilities

© Kyowa Kirin Co., Ltd.

Vision 2030 Provide

pharmaceuticals for unmet medical needs

Kyowa Kirin will realize the successful

creation and delivery of life-changing value* that ultimately makes people smile, as a Japan-based Global Specialty Pharmaceutical company built on the diverse team of experts with shared passion for innovation.

We are focused on developing medicines

for diseases where there is a clear patient need for new options. We make full use of multiple therapeutic modalities, including biotechnology such as antibody technology, and beyond, building on our Kyowa Kirin established strengths.

* Make patients smile through dramatic improvements in quality of life by identifying the unmet medical needs of people battling with medical conditions and by creating and supplying new drugs or services that help them overcome those challenges.

Address patient-centric

healthcare needs

By applying scientific insights and cutting-edge technologies cultivated through our pharmaceutical business, we aim to create new value that focuses on the needs of people living with diseases.

We will continue to meet society's medical needs through patient-centered innovation.

Retain the trust of society

We pursue world-class product quality and operational excellence to grow our business in ways which build long-term trust with

our stakeholders

© Kyowa Kirin Co., Ltd. 4

Our Strategy for Creating Life-changing Value - Story for Vision 2030

Amid significant environmental changes, Kyowa Kirin is formulating the Story for Vision 2030 to ensure the steady realization of its vision

By enhancing clarity around the vision and linking strategies and challenges more organically, we will advance CSV management that enables the creation and delivery of Life-changing value

Disease Science

Focus disease areas: bone & mineral, intractable hematological diseases/hemato oncology, & rare diseases

• Explore UMN, causes & mechanisms of disease in depth

• Pursuit of molecular and cellular regulatory mechanisms for therapeutic realization

  Drug Discovery Technology

  Strengthening innovative modalities: advanced antibody technologies, hematopoietic stem cell gene therapy

• Application of optimal modalities for therapeutic realization

• Evolution of drug discovery methods through AI and

  data science

  External Collaboration

• Open innovation

• Partnering

Life-changing value creation

Assets in focus disease areas

Strategic partnering assets*

Value delivery on our own

Collaborative value delivery

Full-licensing

Global deployment of products developed by taking full advantage of the company's strengths

Aim to maximize value by combining the strengths of the company and its partners

Maximize the value of developed products and deliver them to patients faster by out-licensing to the most appropriate partners

* Assets outside of the disease areas of focus are designated as strategic partnering assets, and value maximization is achieved through collaboration with partners.

© Kyowa Kirin Co., Ltd. 5

Our Strategy to Deliver Life-changing value: Building on Strengths, Driving Growth

As a unique J-GSP with strong expertise across therapeutic areas and modalities, we are expanding our business globally through our proven commercialization

Strengths

Modalities

Antibody therapeutics Gene and cell therapy

ADC

Proven

Commercialization

Know-how for discovering rare disease patients

Deep knowledge and experience with the disease

Maximize pipeline value

through out-licensing to the right partners

and Execution Structures

Supporting Business Growth Operational Excellence Optimization of Governance

© Kyowa Kirin Co., Ltd. 6

Focus on

Disease areas

Bone &

Mineral

Hematology/

Hemato-oncology

Rare

Diseases

Strategic

Partnerships Assets/Other

Key Priorities Under the New C-Suite Executive Team

Creating and delivering Life-changing

value

To realize Life-changing value and achieve the financial targets of "Vision 2030 and beyond : Our Growth Story" we clarify the growth pillars as follows:

1. Maximize the value of our key products

   • Continue robust growth of Crysvita and Poteligeo, with value maximization through lifecycle management initiatives

2. Actively pursue strategic investments with financial discipline

   • Accelerate growth through proactive strategic investments (in-licensing, M&A) in our focus areas

     Mid- to Long-term

     Financial Targets (in the early 2030s)

     • ROE in the low -10%

     • Core operating margin of 30%

     7

     
     
     

3. Establish the next-generation growth platform focusing on priority disease areas

   • Successful development and commercialization of pipeline assets in priority disease areas

     (expansion of KOMZIFTI's indication to AML*¹ first-line treatment, KK8123, KK2845, OTL-203 etc..)

4. Drive Operational Excellence to Support Growth

   • Transform the operating model through AI and DX

   • Simplify Processes, Focus Resources, and Stay Agile

© Kyowa Kirin Co., Ltd.

*For acute myeloid leukemia with menin dependency

Engagement with key stakeholders

In an increasingly challenging world, facing environmental and geopolitical instability and an ever-evolving healthcare landscape, connecting with stakeholders is a vital part of our success to create and deliver life-changing value.

Employees

Suppliers / Distributors

Patients

• Listen to the voices of those living with diseases and commit to addressing unmet medical needs.

dialogue

dialogue

Investors / Shareholders

• Improve the quality and frequency of dialogue with the capital market and drive shareholder value

  
  
  

• Together with the CEO, our newly appointed CFO, Mr. Igarashi, will actively engage with investors & shareholders.

Regulators / Payers

/Governments

Patient Communities/

Healthcare provider

R&D and Sales partner

Community

Koji Igarashi Chief Financial Officer (CFO)

© Kyowa Kirin Co., Ltd.

8

Financial Review

9

© Kyowa Kirin Co., Ltd.

Summary of FY26 Q1 Results

FY2025

Jan-Mar

104.7

[73%]

80.1

[77%]

40.4

[39%]

28.6

[27%]

11.2

[11%]

6.2

Q1 results showed increases in both revenue and profit, tracking in line with the full-year plan

(Billion JPY / Rounded)

Revenue

[Overseas Ratio]

Gross Profit

[Gross Profit Margin]

SG&A*1

[SG&A Ratio]

R&D Exp.

[R&D Ratio]

Core Operating Profit*2

[Core OP Margin]

Profit

Change FY 2026 Rev. Plans

FY2026

Jan-Mar

118.5

[77%]

88.2

[75%]

41.1

[35%]

27.2

[23%]

20.0

[17%]

12.0

520.0→

520.0

[77%]

391.0→

388.0

[75%]

100.0→

130.0

[25%]

75.0→

75.0

Progress

23%

23%

15%

16%

*1 Excludes amortization of intangible assets (sales rights amortization)

*2 Core operating : GP - SG&A (excl. intangible asset amortization) - R&D - Non-recurring items as determined by the Company

© Kyowa Kirin Co., Ltd. 10

YoY Analysis ~Revenue~ by Region

In addition to the growth of global strategic products, mainly in North America and EMEA, sales increased due to increased tech-licensing revenue

(Billion JPY)

FY25 Q1

Japan

North America

EMEA

Others

FX Impact

FY26 Q1

Revenue excl.FX

+11.2

Revenue

+13.7

-0.9

104.7

+0.5

+1.1

+10.5

+2.6

118.5

Rocatinlimab upfront deferred revenue

FY25 Q1 2.0 billion yen

FY26 Q1 9.7 billion yen（+7.6 billion）

Japan

-0.9

Although Phozevel (+25%), Crysvita (+24%), and Duvroq (+20%) grew, sales in the Japan region decreased by 3% due to the impact of drug price revisions.

North America

+0.5

(excl. FX Impact +0.2).

Crysvita (-3%) was impacted by channel inventory destocking, while Poteligeo (+28%) showed strong growth, leading to a 1% revenue increase in North America.

Despite a decline in royalty income following the divestment of the established products joint venture, sales of Crysvita (+11%) increased, resulting in a 5% revenue growth in the EMEA region. Poteligeo (+0%) remained flat year on year due to sales phasing.

FX impact

+2.6

Others

+10.5

(excl. FX Impact +0.1)

Other revenue increased by 47%, mainly due to higher tech-licensing income from the one-time recognition of deferred upfront revenue for rocatinlimab following the termination of the Amgen development collaboration.

USD -0.0 billion、GBP +0.1 billion、EUR +2.2 billion

11

© Kyowa Kirin Co., Ltd.

YoY Analysis ~Revenue~ by Product

Revenue growth driven by Crysvita and Poteligeo, along with increased tech-licensing revenue

(Billion JPY)

FY25 Q1

104.7

Despite weak performance in North America (-3%) due to factors such as channel inventory destocking, sales increased in EMEA (+21%) and Japan (+24%), resulting in Crysvita total revenue growth of 8%.

Crysvita

Poteligeo

Libmeldy/ Lenmeldy

Tech-licensing

Other Products

Revenue

+13.7

-0.6

+3.2

+2.3

-3.1

+11.9

Crysvita

+3.2

Poteligeo

+2.3

Poteligeo total revenue grew 23%, led by North America

(+29%).

Libmeldy/Lenmeldy

-0.6

While the newborn screening environment has steadily improved, including the addition to the U.S. Recommended Uniform Screening Panel (December 2025), revenue decreased in the current quarter due to a decline in the number of prescribed patients.

Tech-licensing

+11.9

92% revenue growth driven by increased tech-licensing revenue, including one-time recognition of deferred upfront revenue for rocatinlimab following the termination of the development collaboration with Amgen.

FY26 Q1

118.5

Revenue decreased, reflecting the impact of drug price revisions in Japan and lower royalty income following the divestment of the established products joint venture in EMEA.

Other products

-3.1

© Kyowa Kirin Co., Ltd.

※Changes in revenue include the impact of foreign exchange（+2.6 billion JPY） 12

YoY Analysis ~Core Operating Profit*1~

Core operating profit up on global products, Tech-licensing income, and reduced rocatinlimab development costs

(Billion JPY)

FY25 Q1

Gross Profit

SG&A

R&D Expenses

FX Impact

Core OP excl. FX impact

+7.8

Core OP

+8.8

11.2

+5.8

+0.2

+1.8

+0.9

Gross profit increased due to higher revenue.

Gross Profit

+5.8

(excl. FX Impact +2.3)

The gross profit margin declined by 2 points, from 77% to 75%.

R&D Expenses

+1.8

(excl. FX Impact -0.4).

Decrease due to the peak-out of rocatinlimab development activities; impact from trial discontinuation to be reflected from 2Q onward.

R&D expense ratio fell by 4 points from 27% to 23%.

FY26 Q1

20.0

*1 Core operating profit: Gross profit - selling, general and administrative expenses (excluding amortization of intangible assets) - R&D expenses - non-recurring profit and loss as determined by the Company

© Kyowa Kirin Co., Ltd. 13

YoY Analysis ~Profit~

Although impairment losses related to rocatinlimab were recorded, profit increased due to an increase in core operating profit

(Billion JPY)

FY25 Q1

Core operating profit*1

Amortization of intangible assets

Equity Method Finance &

Others

Tax Expenses

FY26 Q1

Equity Method

+1.9

Profit

+5.9

6.2

Amortization of intangible assets

-1.1

-1.1

-3.5

-0.2

12.0

+8.8

Finance & Others

-3.5

+1.9

Increased amortization of sales rights due to the launch of KOMZIFTI in the U.S. (November 2025)

FKB contributed +¥1.6 billion (including a +¥1.1 billion reclassification to financial expenses), and the established products joint venture contributed +¥0.5 billion.

Despite income of ¥4.2 billion from the divestment of the established products joint venture (including derivative valuation gains), expenses increased due to ¥5.0 billion in impairment losses related to the discontinuation of the rocatinlimab clinical program.

Tax Expenses

-0.2

Increased in line with the growth in pre-tax income.

As the gain/loss related to the share transfer of the established medicines Joint Venture Collaboration is a non-taxable transaction, the effective tax rate temporarily declined.

Effective tax rate: FY25 Q1 21.5% → FY26 Q1 13.6%

© Kyowa Kirin Co., Ltd.

*1 Core operating profit: Gross profit - selling, general and administrative expenses (excluding amortization of intangible assets) - R&D expenses - non-

recurring profit and loss as determined by the Company 14

Summary of Revised FY26 Plans

FY2025

Results

496.8

[74%]

368.9

[74%]

157.9

[32%]

101.2

[20%]

109.8

[22%]

67.0

7.7%

(8.3%)

3.8%

The full-year forecast has been revised upward for core operating profit, while net profit remains unchanged and is still expected to increase year on year

( Billion Yen / Rounded )

Revenue

[Overseas sales ratio]

Gross Profit

[Gross Profit Margin]

Core Operating Profit*2

[Core OP margin]

Profit ROE

(3-year average)

DOE

Change

+23.2

(+5%)

+19.1

(+5%)

+20.2

(+18%)

+8.0

(+12%)

Foreign Exchange Assumptions

• FY2025 Actual: ¥150 / USD

• FY2026 Rev. Plan: ¥150 / USD

*There has been no change in the foreign exchange assumptions in the revision to our earnings forecast announced on May 7, 2026.

© Kyowa Kirin Co., Ltd.

*1 Excludes amortization of intangible assets (sales rights amortization)

*2 Core operating : GP - SG&A (excl. intangible asset amortization) - R&D - Non-recurring items as determined by the Company 15

Earnings Forecast Update

Core operating profit will increase due to cost reductions from the discontinuation of the rocatinlimab clinical program, while net profit is expected to remain unchanged due to closing costs and other expenses.

(Billion JPY)

Profit (initial forecast)

Gross Profit

SG&A

R&D Expenses

Others, Finance, etc.

Profit(after revision)

Core operating profit +30.0

Profit

±0

-3.0

-30.0

75.0

+6.0

75.0

+27.0

Cost variance due to production plan changes

SG&A

+6.0

Gross Profit

-3.0

Reduced costs due to no longer incurring

preparation costs for rocatinlimab

R&D Expenses

+27.0

Rocatinlimab clinical program discontinuation

reduces R&D expenses

Equity method, finance, and others

-30.0

Other expenses Increased due mainly to the estimated closing costs associated with the discontinuation of the clinical program for rocatinlimab, as well as the impact of impairment losses (¥5.0 billion) , which arose incidentally in connection with the discontinuation of the rocatinlimab clinical program.

© Kyowa Kirin Co., Ltd. 16

Commercial Update

Coordinated Actions to Maximize Patient Access to Global Strategic Products

17

© Kyowa Kirin Co., Ltd.

Crysvita 2026 Key Actions & Q1 Topics

2026 KEY ACTIONS

• NA:

  Continue investments in people and operations to support patient identification, customer education, and the evolution of patient support services, contributing to sustained Crysvita performance in the U.S. market.

• EMEA:

  Drive growth through improved patient identification, including AI-enabled initiatives, reinforcement of guideline-based use in pediatrics, expansion into adult patients.

• JAPAN:

Adult patient penetration supported by enhanced promotion and disease awareness led by enhanced dedicated reps.

2026 Q1 TOPICS

• NA: YTD Sales rev. YoY, in Yen -3%, in local currency -3%

  Negative impacts from seasonal factors (destocking of inventory) made Q1 sales appear soft, but YoY demand growth remained strong, supported by robust patient support programs.

• EMEA: YTD Sales rev. YoY, in Yen +21%, in local currency +11%

  Commercial growth driven by robust underlying demand and increased adult patient uptake - supported by EU XLH treatment guidelines - contributed to an expanding treated patient base.

• JP:YTD Sales rev. YoY, in Yen +24%

  Strengthened promotion by dedicated reps and disease awareness efforts have been effective, resulting in steady new patient additions and penetration of the pre-filled syringe.

  196.6

  11.7

  24.2

  2.0 15.8

  6.3

  37.8

  220.7

  130.0

  141.8

  152.4

  10.5

  127.1

  216.4

  13.6

  Others

  NA

  23.5

  3.4

  2.5

17.9

29.4

45.7

42.4

2.8

24.1

14.8

11.9

Sales Revenue (Billion yen) North America Sales Revenue ($M) North America Demand Trend

Japan

EMEA

235.4

139 143 155 157 151

Sales Revenue（$M） Demand (mg) 12 month MA

22Q1 23Q1 24Q1 25Q1 26Q1

235

233

285

273

325

155

187

157

191

151

EMEA Sales Revenue (£M)

77 85

50 64

41

23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1

Crysvita XLH Prescription Mix

peds adult NA

22Q1 FY22 23Q1 FY23 24Q1 FY24 25Q1 FY25

© Kyowa Kirin Co., Ltd.

26Q1

2026

Plan

22Q1 23Q1 24Q1 25Q1 26Q1

EMEA

JP 18

Poteligeo 2026 Key Actions & Q1 Topics

2026 KEY ACTIONS

• While performance was temporarily impacted by shipment phasing, underlying demand remained resilient, supported by accelerating evidence-based communication and sustained patient engagement initiatives.

  Revenue (Billion yen) North America Revenue ($M) EMEA Revenue (£M)

  22Q1

  23Q1

  24Q1

  25Q1

  26Q1

  19

  6

Japan EMEA

2.8

4.3

NA

Others

54.6

45.7

39.9

30.3

24.2

12.1

4.7

6.3

8.6

9.8

0.9

1.5

3.3

1.9

12.0

40.9

22Q1 FY22 23Q1 FY23 24Q1 FY24 25Q1 FY25

26Q1 26 Plan

22Q1 23Q1 24Q1 25Q1 26Q1

© Kyowa Kirin Co., Ltd.

KOMZIFTI (ziftomenib) 2026 Key Actions & Q1 Topics

KEY ACTIONS IN 2026

• KOMZIFTI's efficacy, safety profile, and ease of use support its positioning as a competitive option in R/R NPM1-mutated AML, with the potential for increased market penetration over time.

  2026 Q1 TOPICS

• Confirming a good start to sales as an early stage of sales

• Against the backdrop of a differentiated product profile, there were signals of strong interest from prescribers, patients and pharmacists in relapsed and refractory NPM1-mutated AML

• More than 80% of private insurance companies have included KOMZIFTI in their policies

※ KOMZIFTI revenue is expected to be disclosed following Kura Oncology's earnings call (May 12).

Profit

Kyowa Kirin P/L Image

Unit: Billions of yen

KOMZIFTI

Product P/L Image

Unit: Billions of yen

Loss

50%

Progress

• 50% of the Net Profit / Net Loss is recorded in Kyowa Kirin's P/L

  Ziftomenib (Development)
  
  KOMZIFTI (Non-Development)
  
  

  Added to the National Comprehensive Cancer Network® (NCCN) Guidelines for Acute Myeloid Leukemia

  2025 ASH Annual Meeting - Presentation of Efficacy and Safety Results of the KOMET-007 P1b Combination Cohort

  Initiation of a Phase 2 clinical trial in Japan for relapsed and refractory AML with NPM1 mutation

  Press release Nov 26, 2025

  Press release Dec 9, 2025

  Press release Apr 24, 2026

  
  
  

  Schedule

  KOMET-007 P1b Study: 1st line treatment 7+3 combination therapy data

  KOMET-007 P1 Study: Publication of ven/aza combination data in relapsed and refractory NPM1-mutated AML KOMET-008 P1 Study: Initial Data on the Combination of Gilteritinib in NPM1/FLT3 co-mutated AML

  First Half of 2026

  First Half of 2026 Second Half of 2026

  © Kyowa Kirin Co., Ltd.

  20

  
  
  
  
  
  
  Business Update

  21

  
  
  

  © Kyowa Kirin Co., Ltd.

  
  
  
  
  Taking Another Step Forward Toward "Creating Innovative Life-changing value"

  From Vision 2030 and Beyond: Our Growth Story

  Delivering Life-changing value to Patients

  Pursuing Operational Excellence with Super Team

  
  
  

  Creating Innovative Life-changing value

  • Leverage our strengths in advanced antibody technologies and hematopoietic stem cell gene therapy

  • Steadily advance late-stage development pipelines, including ziftomenib and KHK4951

  • Pursue new pipelines and earnings opportunities through strategic investments

  
  
  

  • Further Strengthening Our Proven Global Commercial Platform

  • Maintain close engagement with patients and patient organization

  • Continue to grow Crysvita and Poteligeo

  • Deliver a successful launch and market uptake of KOMZIFTI

  • Build a "Super Team" with strong strategy execution capabilities

  • Transform the operating model through AI and DX

  • Simplify Processes, Focus Resources, and Stay Agile

22

Consolidating Our Japan Research Sites and Relocating to a New Facility in Yokohama

© Kyowa Kirin Co., Ltd.

Further Strengthening Drug Discovery Capabilities - Consolidating Domestic Research Sites and Relocating to a New Research Facility in Yokohama

Clinical Trials

Phase 1

Phase 2

Phase 3

Research

Development

TRP1

Drug discovery Incubation Research

FRP2 TRP

FRP

Drug Discovery

Research

Development

Research

Translational Research (TR)

FRP

Manufacturing Technology Research

(CMC3 Research Center and Part of

Biomanufacturing Technology Institute)

FRP

Takasaki

Investigational Drug Manufacturing

Takasaki Plant HB7

Completion in 2025

New Plant in Sanford

Scheduled to be completed in 2027

Production

Manufacturing Technology Research (Bioproduction Technology Research Institute)

Takasaki

• Initiatives to Evolve Kyowa Kirin's Drug Discovery Process in Response to the Latest Technologies

  
  
  

• Aiming to establish an R&D model that organically connects Drug Discovery, TR, CMC, and Development Research from an early stage

• Together with Takasaki Plant HB7 (completed in 2025) and the Sanford plant (scheduled to be completed in 2027), Kyowa Kirin will further enhance its drug discovery capabilities

© Kyowa Kirin Co., Ltd.

1. Tokyo Research Park, 2. Fuji Research Park, 3. Chemistry, Manufacturing and Control 23

R&D Update

24

© Kyowa Kirin Co., Ltd.

Development Pipeline: News Flow

As of May 7, 2026

New information highlighted in orange

25

© Kyowa Kirin Co., Ltd.

Appendix

26

© Kyowa Kirin Co., Ltd.

Revenue of Major Items

(Units are billion JPY, rounded)

Product Name, etc.

FY2025

Jan-Mar

FY2026

Jan-Mar

YoY Change Key Reason FY2026 Rev. Plans*

Progress

Crysvita

North America

24.1 23.5 -0.6 (-3%)

Market Penetration

Poteligeo

Libmeldy / Lenmeldy

(2024.3US FDA approval)

EMEA 1.0 0.4 -0.6 (-61%) 5.5

Phozevel

Japan 1.5 1.9 +0.4 (+25%) Market Penetration

(Launched in February 2024)

11.6 17%

Duvroq

Japan 3.0 3.6 +0.6 (+20%) Market Penetration 16.2 22%

G-Lasta

Japan 4.3 3.5 -0.8 (-18%) Drug price revisions and the impact of competitors

16.2 22%

Romiplate

Japan 3.4 3.7 +0.3 (+10%) Market Penetration 11.4 33%

Tech-licensing

13.0 24.8 +11.9 (+92%) Fasenra growth and one-time recognition of

74.9 33%

Benralizumab Royalty 1

7.4 8.6 +1.2 (+16%)

deferred revenue for rocatinlimab

© Kyowa Kirin Co., Ltd.

1. Sales royalties of Fasenla sold by AstraZeneca (including our own estimates)

2. Overseas items are shown after deducting discounts, etc., including foreign exchange effects. Items in the Japan region display the amount before deductions. 27

*There is no change to the sales revenue assumptions in the revised 2026 Plans announced on May 7, 2026.

Source: Kyowa Kirin, "Discontinuation of Clinical Trials for Rocatinlimab," disclosed on March 4, 2026.

Impact on Business Performance

• Short-term profit increase due to elimination of SG&A and R&D expenses related to rocatinlimab

• Certain negative profit impact expected in the medium to long term

• Estimated Impact on Core Operating Profit

  • 2026 : Approx. +¥20～30 billion

  • 2027 : Approx. +¥30 billion

  • 2028 : Approx. +¥10 billion

  • 2029 onwards : Certain negative impact expected

• Estimated Impact on Net Income for the Current Fiscal Year

  • In addition to the impact on core operating profit, closing costs arising from the termination of the clinical trials will be recorded as "other expenses"

• Revision of FY2026 Earnings Forecast

  • Currently under review; revision to the earnings forecast will be disclosed at the time of the Q1 FY2026 earnings announcement

    © Kyowa Kirin Co., Ltd. 28

    
    
    
    
    
    
    

    Source: Kyowa Kirin, "Discontinuation of Clinical Trials for Rocatinlimab," disclosed on March 4, 2026.

    Impact on Mid- to Long-term Financial Targets and Future Management Policy

    • No changes to the mid- to long-term financial targets announced in "Vision 2030 and beyond : Our Growth Story" published on February 9, 2026. These remain the targets we aim to achieve.

    
    
    

• Leveraging the following growth drivers, we aim to achieve ROE in the low-teens and a core operating margin of 30% in the early 2030s:

  • Continue robust growth of Crysvita and Poteligeo, with value maximization through lifecycle management initiatives

  • Achieve significant sales and profit growth from expansion of KOMZIFTI's indication to AML*¹ first-line treatment

  • Advance the development and commercialization of pipeline assets in our focused disease areas, including KK8123,

    KK2845 and OTL-203

  • Strengthen resource allocation to focused disease areas and accelerate portfolio prioritization centered on delivering Life-changing Value

  • Improve profit margins through cost-structure optimization, including transformation into a more resilient organization

    through DX/AI initiatives

  • Actively pursue strategic investments to accelerate inorganic growth

    © Kyowa Kirin Co., Ltd.

    *¹ For acute myeloid leukemia with menin dependency

    29

    
    
    
    
    

    Source: Kyowa Kirin, "FY2025 Financial Results

    
    
    

    Briefing," disclosed on Feb 9, 2026.

    (Updated 2026 Plans)

    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 change (intro of 3 categories: operating, investing, financing)

  Equity method investment P&L excluded from operating profit

• Intro of "Management-defined Performance Metrics" footnote (audited) for investor comms

Revisions to metrics for better comparability with global pharma, reflecting group's sustainable profitability

Details

Calculated by deducting SG&A (excl. amortization of intangible assets) and R&D from gross profit, and further excluding non-recurring items as determined by the Company

Compared to previous core operating profit, amortization of intangible assets (amortization of selling rights) and equity in earnings of

affiliates are excluded

© Kyowa Kirin Co., Ltd.

30

（Billion JPY） 2023 Actual 2024 Actual 2025 Actual 2026 Rev. Plans

[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 have updated our performance indicators starting from the fiscal year ending Dec. 2026. Core Operating Profit: Gross profit less selling, general and administrative expenses, R&D expenses, and related non-recurring items. Core Profit for the Year: Core operating profit less related income tax expense.

Core EPS: Core profit for the year divided by the weighted average number of shares outstanding.

Current Presentation (through FY2025)

Revenue

Cost of Sales

Gross Profit

SG&A

R&D Expenses

(Amortization of Intangible Assets) ※

Equity-method profit/loss

Other Operating Income / Expenses

Current Core Metrics (through FY2025)

Core Operating Profit

New Core Metrics (from FY2026)

(excluding non-recurring items)

Core Operating Profit

IFRS 18 (from FY2027)

Revenue

Cost of Sales

Gross Profit

SG&A

R&D Expenses

Amortization of Intangible Assets Other Operating Income / Expenses

Operating Profit

Operating

Finance income / costs Finance income / costs

Equity-method profit/loss

Other Investment Income / Expenses

Investment

Profit Before Finance and Income Taxes

Profit Before Tax

Income Tax Expense

Profit for the Year

Income Tax Expenses

(Excl. other income/expenses)

Core Profit for the Year Core EPS

Income tax expense

(Core operating profit items)

Core Profit for the Year Core EPS

Finance income / costs

Profit Before Tax

Income Tax Expense

Profit for the Year

Finance

© Kyowa Kirin Co., Ltd.

*Amortization of intangible assets (amortization of selling rights) was included in SG&A until 2025. Beginning in 2026,

it has been separately disclosed as amortization of intangible assets due to increased materiality.

31

Source: Kyowa Kirin, "FY2025 Financial Results Briefing," disclosed on Feb 9, 2026.

Capital Allocation Policy (2026-2028)

Prioritize growth investments while ensuring stable shareholder returns, leveraging strong cash position and borrowing capacity

Source Allocation

￥380 B

License-in, M&A

￥130 B

￥110 B

Investment in a U.S. biopharmaceutical manufacturing facility and IT, digital transformation and AI investments

DOE 4%+ and progressive dividend approach

Share buybacks

To be considered flexibly, taking into account the status of

strategic investments, business performance, and share

price trends, with a focus on ROE

1. Maintain Net D/E ratio at or below 0.5x in principle

© Kyowa Kirin Co., Ltd. 32

P/L Impact on EMEA established medicines portfolio

Before Aug 2023

After Aug 2023

2024 2025

unrealized 49% of the transfer value

£ 66.4M(JPY13.1B)

2026

£38.5M (JPY7.7B)

*Incl. price adj. diff. for 3

Product sales

Tostran until Oct

3 brands

IP transfer

1 brand

IP transfer

brands transferred last year

Revenue

Established portfolio 13 brands

Sales Royalties & license fees

Royalties decrease due to early IP transfer

Tostran IP transfer

（ADVANZ PHARMA）

Disposal proceeds

Contingency

income

COGs SG&A

Cost of product sales

SG&A costs

£ 62.5M (JPY 11.4B)

£8.5M (JPY 1.6B)

Equity

method

49% of profit for Joint Venture Collaboration, Grünenthal Meds

JPY 4.2 B Disposal of shares

+ derivative valuation gains

Other income

Share transfer *

51% of Grünenthal Meds share has transferred (Aug 1) Gain on sales of 51% share＋ gain on valuation of remaining

49% share at ￡80.9M (JPY 14.8B) in total

9 brands

3+1 brands

Transfer of residual assets

+

Realization of unrealized profits

* Kyowa Kirin International plc ("KKI") transferred the remaining assets related to its established pharmaceutical business, including the IP for 9 brands (down from 13), to Grünenthal in the Q1 of FY2026. In prior periods, options held under a collaboration agreement were measured

© Kyowa Kirin Co., Ltd. at fair value and recognized as liabilities. Following the termination of the option agreements, the derivative liabilities were reversed and a 33

gain on derivative remeasurement was recognized.

Key Development Pipeline (1)

As of May 7, 2026

Disease in development*1

Planned approval year*2

Development

status Market size*3

Number of patients*4

*1 This refers to diseases under development at the time of this presentation and may differ from the final indications approved by regulatory authorities. *2 Represents the anticipated year of regulatory approval for the indication currently under development. *3 Market size is our own independent estimate based on the total of all products for the "disease under development." The colored section is global, the rest are values for Japan only. ★: Under 50 billion yen, ★★: 50 billion yen or more- Under 100 billion yen, ★★★: 100 billion yen or more- Under 500 billion yen, ★★★★: 500 billion yen or more- Under 1 trillion yen, ★★★★★: 1trillion yen or more *4 This is an independent estimate by our company. Colored sections are values for global, the rest for Japan only. *5 Equivalent to phase 3 trial. *6 "1 in 100,000" is for all MPS-I cases,Hurler syndrome accounts for 60% of this value. *7 P1/2 Equivalent to trial.

© Kyowa Kirin Co., Ltd. 34

Key Development Pipeline (2)

As of May 7, 2026

Disease in Development*1 Development Status Modality, Technology Used

KK4277 Systemic Lupus Erythematosus Cutaneous Lupus Erythematosus

P1 (Japan/Asia) Antibody, POTELLIGENT®

35

*1 Diseases in development as of this presentation; final approved indications may differ from regulatory authorities.

© Kyowa Kirin Co., Ltd.

Key Development Pipeline: Future Plans

Orange: Ongoing

Gray: Pre-initiation or Completed

As of May 7, 2026

ALL

P1a1 (KMT2A-r)

P1a1 (non NPM1-m /

KOMET-

0073

P1

non-KMT2A-r AML)

ziftomenib

AML

P11

KOMET-

0175

P3

KOMET-

J0016

P2

OTL-203 MPS-I

(Hurler Syndrome)

Registrational7

OTL-200

MLD

P3

In preparation

1. Dose escalation ongoing, 2. 2L+ Mono, 3. 1L, 2L+, Combinations with cytarabine + daunorubicin (7+3), venetoclax + azacitidine, and 7+3 and quizartinib, 4. 2L+, Combination with gilteritinib, FLAG-

IDA, LDAC, 5. 1L, Combinations with cytarabine + daunorubicin (7+3), and venetoclax + azacitidine, 6. Japan P2 monotherapy study in R/R NPM1-m AML, 7. Equivalent to P3. Studies on this slide sponsored by Kura Oncology. Bar graphs correspond to clinicaltrials.gov timelines

© Kyowa Kirin Co., Ltd.

36

Key Development Pipeline: Future Plans

Orange: Ongoing

Gray: Pre-initiation or Completed

As of May 7, 2026

Wet AMD P2

KHK4951

tivozanib eyedrop

DME P2

KK4277 SLE CLE

KK2260 Advanced/Metastatic Solid Tumors

P1 P1 study nearly complete. Reviewing results to determine next steps.

P1

Bar graphs correspond to clinicaltrials.gov timelines

© Kyowa Kirin Co., Ltd.

37

FX Info

Period Avg. FX Rate (yen)

FY2026 FX Sensitivity (vs FY26 Rev. Plans, billion yen)

38

© Kyowa Kirin Co., Ltd.

There is no change to the foreign exchange assumptions in the revised 2026 Plans announced on May 7, 2026.

Ziftomenib ~Kura Oncology Collaboration~

US Ex-US

39

Kyowa Kirin to pay $330M upfront, up to $1,161M milestones. Includes:

$420M near-term milestones, $228M solid tumor option, future global sales royalties.

© Kyowa Kirin Co., Ltd.