Eisai Co., Ltd.

Q3 FY2025 headline performance (mostly organic growth): - Revenue JPY 619.9bn, +3.1% YoY; record-high Q3 revenue. Growth was “almost entirely” organic (core pharma). - Operating profit (OP) JPY 54.5bn (down YoY vs Q3 last year) because this year lacks temporary/out-licensing profit items. - Cost control: gross margin supported by mix and absence of prior-year one-offs; R&D and SG&A show targeted investment with optimization (see below).

Profit bridge & cost/risk drivers (good progress but headline OP down): - Gross profit JPY 480.7bn (+1.6% YoY), driven by strong “3Ls” (Lenvima, Dayvigo, Leqembi). - R&D JPY 114.4bn (-8.5% YoY); R&D/revenue ratio 18.5% vs 20.8% prior year → reflects trial peaking (LEQEMBI LEQEMBI) and US structural reform/workforce reductions. - SG&A JPY 315.7bn (+4.7% YoY) → proactive investment for LEQEMBI (higher commercial/market expansion spend). - Negative point: OP decline due to lower temporary profit (out-licensing related) even though organic contribution has materially expanded (roughly ~doubling).

Full-year guidance maintained; Q4 includes spend but revenue uncertain due to one-offs: - Company is maintaining FY2025 forecast: Revenue JPY 790bn and OP JPY 54.5bn. - CFO emphasized: progress through Q3 is strong, but Q4 will include (i) EMEA structural reform costs and (ii) additional R&D allocation to next-gen programs (e.g., anti-Tau antibody etalanetug, narcolepsy E2086). - Risk/uncertainty: forecast still depends on possible temporary revenues from partnerships/out-licensing, so downside/upside may exist versus the maintained numbers.