Nxera Pharma Co., Ltd.

Profitability achieved in Japan; strong top-line and core earnings momentum - 9M FY2026 revenue +27% YoY to JPY 27.7bn (from JPY 21.8bn). - Core operating profit JPY 9.8bn, already 126% of full-year guidance; JPY 7.1bn came from Japan alone. - Shift from loss to profit: reported operating profit JPY 3.2bn vs loss (JPY 5.9bn) a year ago. - Good: demonstrates business stability vs prior “platform-driven” variability.

Clear progress vs 2026 promises; cost discipline supports earnings stability - “Five promises” update: 1) PIVLAZ + QUVIVIQ sales target: JPY 14.4bn after 9M (74% of target), on track. 2) Late-stage medicine in Japan/APAC delivered via lucerastat addition (rare disease, late-stage). 3) High-value partnership(s): in progress (no further details yet). 4) At least 1 Phase II trial started: delivered; multiple programs moving/entered Phase II (incl. NBI-570 / NBI-567 with Neurocrine, ORX142 with Lilly). 5) Cost reduction >10% expected: core R&D -20% and core SG&A -11%; company expects full-year profitability. - Good: guidance-beating profitability tied to deliberate R&D/SG&A cuts and scale-up in commercial.

Commercial outlook: PIVLAZ & QUVIVIQ growing; APAC expansion underway - PIVLAZ: Jan–Sep sales JPY 9.9bn (+10% YoY), 71% of full-year target. - QUVIVIQ: Jan–Sep sales JPY 4.5bn (+43% YoY), 82% of full-year target; Shionogi revised sales upward; investor call noted monthly royalty mechanics and manufacturing lead-time causing timing “ups/downs.” - APAC licensing/launches: - Signed licensing for 8 APAC countries with Synmosa. - Expected Taiwan launch in 2H FY2026 and South Korea launch in FY2027. - Good: momentum likely to carry into H2 with winter seasonality for PIVLAZ (management said full-year may exceed guidance but “basically on track”).