Global PharmaceuticalSeminar 2010

February 9, 20101

Safe Harbor Statement•Materials and information provided during this presentation may contain socalled “forward-looking statements.” These statements are based on current
expectations, forecasts and assumptions that are subject to risks anduncertainties which could cause actual outcomes and results to differ materiallyfrom these statements.

•Risks and uncertainties include general industry and market conditions, andgeneral domestic and international economic conditions such as interest rateand currency exchange fluctuations. Risks and uncertainties particularly apply
with respect to product-related forward-looking statements. Product risks anduncertainties include, but are not limited to, technological advances and patents
attained by competitors; challenges inherent in new product development,
including completion of clinical trials; claims and concerns about product safetyand efficacy; obtaining regulatory approvals; domestic and foreign healthcarereforms; trends toward managed care and healthcare cost containment; andgovernmental laws and regulations affecting domestic and foreign operations.

•Also, for products that are approved, there are manufacturing and marketingrisks and uncertainties, which include, but are not limited to, inability to build
production capacity to meet demand, unavailability of raw materials, and failure
to gain market acceptance.

•The Company disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information, future eventsor otherwise.
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Trajectory Optimizationof Eisai's Growth Story
Revenue
Stream2006
FranchiseDevelopment

2007

2008

2009

2010

2011

2012

2013

Neurology
GI
Oncology & Critical Care
Vascular &Immunological
Reaction

Regional
Contribution

US>JPN>EU>Asia
JPN>US>Asia>EU
US >JPN >Asia>EU3

Four products targeted for launch inFY2010 are making steady progress4

Aricept-SR （23mg）
Intending to provide further benefit for moderate-to-severe Alzheimer’s

disease treatment; try to make a paradigm shift• New sustained-release technology with stable, favorable PK profile thatmaintains higher anti-cholinesterase activity to seek better benefits forpatients• Aricept SR could potentially provide additional benefit to moderate to severe
Alzheimer’s disease (AD) patients who are already prescribed Aricept 10mg
mono-therapy or in combination with memantine• NDA submitted in U.S.: September 24, 2009

Eribulin (E7389)
Striving to establish the new gold standard for breast cancer• Anticancer agent/Microtubule dynamics inhibitor(novel mechanism of action on microtubule)• Phase III in breast cancer (study 305: third line): eribulin showedstatistically significant extension in the primary endpoint of median overall
survival, compared to treatment of physician’s choice group•Completed patient enrollment for phase III in breast cancer (study 301:second line) ; Phase II trial in sarcoma and phase Ib/II in NSCLC(combination with carboplatin) ongoing•Targeting NDA/MAA submissions in Japan, U.S. and Europe: March 20105

Eritoran (E5564)
Aiming for the first-in-class TLR4 (toll-like receptor 4) antagonist for severe
sepsis treatment, which is a truly life-saving drug

• Sepsis treatment/TLR4 antagonist (novel mechanism of action)• Eritoran could potentially save 100 lives every single day in the U.S. alone• Achieved patient-out for 1500th patient on January 6, 2010
• DMC (Data Monitoring Committee) scheduled for late March• Targeting NDA/MAA submissions in Japan, U.S. and Europe: 1Q FY2010

AcipHex-ER
Seeking the potentially strongest PPI maintaining the longest pH holding time
• Goal is to meet the unmet medical needs of patients suffering from GERD andheartburn- Approximately 1/3 of all GERD sufferers take both an H2 antagonist
and PPI to cope with their symptoms- Nocturnal heartburn is still unresolved problem• Through its long-acting formulation, showed its longer pH holding time
versus esomeprazole (phase I: study 017)
• Achieved the database lock for six phase III trials; required criteria for NDA
submission have been met• Targeting NDA/MAA submissions in U.S. and Europe: March 20106

Japan and China to lead Eisai’s growth7

Japan Business
Significant qualitative improvement in provision of medical information
with enhanced market satisfaction by integration of four businesses(prescription drugs, OTC, diagnostics, and generics)• With high growth of major products, the prescription drugs business growth(+13%) outperformed the market by 5 points*- Aricept: sales growth +19%
- Pariet: sales growth + 23%- Actonel: sales growth +22%
- HUMIRA: sales growth +311%* All the sales growth figures are for Apr. – Dec. 2009
- Diagnostics: sales growth +16%
- Generics: sales growth +48%
• Franchise development for sustainable growth- To enter into oncology/critical care
- To rapidly accelerate growth of immunology/inflammatory area
- To expand the neurology area
- To strengthen the GI area*: Copyright 2010 IMS Health. All rights reserved. Source: Japan JPM Apr. - Dec. 2008, Apr. - Dec. 2009. Reprinted with permission.

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China BusinessWith the rise of middle income class population and the expansion of
medical insurance coverage, developing NCEs such as clevudine(hepatitis B) and E5501 (thrombocytopenia) catering to the unmet
medical needs inherent in China• No.1 in China among Japanese peers for the past 12 months as a result ofhigh growth that outperformed the market+44% YOY (Apr. - Dec., 2009; local currency basis) Aricept: +45% (local currency basis) Pariet: +67% (local currency basis)• Accelerating growth by leveraging new listing of four products on
the National Reimbursement Drug List
- Aricept, Selbex, alpha-Lipon 300 STADA, and Kestine• Expansion of franchise in response to local disease structure in China(Disease structure in the emerging areas to shift from communicable to non-communicable diseases)- Hepatic disease area (Hepatitis B: approx. 90 mil.; Hepatitis C: approx. 40 mil.)*- Diabetes area (approx. 40 mil.)- Oncology area (breast cancer: approx. 0.15 mil.; lung cancer: approx. 0.5 mil.)( ) number of patients by internal estimates* Number of virus-infected patients

9Eisai Product Creation Systems:
Integration of venture-like productivity andknowledge as a comprehensive pharmaceutical company
Product
ProductCreation
CreationUnits
Units(PCU)(PCU)
Realizing
venture-likeproductivity
Realizing venture-like productivityby
byautonomous
autonomousunit
unitmanagement
management

Core
CoreFunction
FunctionUnits
Units(CFU)(CFU)
Aimingtoshorten
development
Aiming to shorten developmenttime
timebybyintegrating
integratingcutting-edge
cutting-edgetechnologies
technologies

Neuroscience PCUMorphotek PCU(oncology-related antibody technology)
Frontier PCU(immunology & inflammatory, vascular biology)
Premier PCU(selected late-stage important projects, e.g., E5564, E5555, Aciphex-ER)

Japan Clinical Research Center PCU
KAN PCU(new drug discovery by cellomics research)collaboration

Oncology PCU

Biomarker & Personalized Medicine CFU
Next Generation Systems CFU(chemical library & screening technology)
Biopharmaceutical Assessments CFU
Pharmaceutical Science & Technology CFU
Global Regulatory Affairs CFU
Scientific & Operational Clinical Support CFU

Project Collaboration
Among PCUs

CFUs Partnering withPCUs’ Project Teams

Technology Collaboration
Among CFUs

Example:Example:Example:• Oncology PCU and Morphotek PCU /Frontier PCU and KAN PCU: pairingof both small-molecule inhibitor andmonoclonal antibody targeting aspecific tumor type or disease
pathway• Biomarker & Personalized Medicine
CFU and PCUs: Early incorporationof biomarker research to enhance
success rate of targeted clinical trials
in therapeutic areas such as
Alzheimer disease/ oncology• Biopharmaceutical Assessments
CFU and Next Generation Systems
CFU: iPS cell technology and panel
assays for early off-target detection
for prediction of clinical safety10Eisai’s competitive edge
Eisai has in-house ability from discovery to marketingof both small molecules and biologics
Neuroscience

Oncology

Frontier

MorphotekKAN

PCU

PCU

PCU

PCU

PCU

(Immunology &inflammatory,vascular biology)(Oncology-relatedantibodytechnology)(New drug
discovery bycellomics research)

Biologics

Small molecules
Eribulin, Eritoran, E5555,

MORAb-003, MORAb-009,

E2007, E7080, E7050, E7820,

MORAb-004, MORAb-028,

E6201, E7016, E5501 (AKR-501)

KANAb-001

MORAb-022, BAN2401,

Aricept, AcipHex

and small molecule
projects with the sametarget pathway

ONTAK, HUMIRA

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To fulfill global unmet medical needs
Platform

Alzheimer’s
DiseaseSepsis• Aβ hypothesis related
molecular and cell biology• Deep knowledge of AD clinicalresearch• TLR-related technologies andknowledge

Projects
Aricept SR

Aricept Patch

Aricept LCM

E2212 (gamma-secretase modulator)
BAN2401 (anti-beta amyloid antibody)
E2609 (beta-secretase inhibitor)

Eritoran (TLR4 antagonist)

Eribulin (microtubule dynamics inhibitor)• Small-molecule based medicinal

Oncology

chemistry• Morphotek’s proprietary antibody
technology and know-how• Cancer cell biology and genomics

E7080 (Multi-targeted receptor tyrosine kinase inhibitor)
MORAb-003 (MAb to folate receptor alpha)Bendamustine

DacogenDC Bead

E6201

MORAb-004

Immunology &Inflammation• Chemokines focused approach• Signal transduction related toimmunological reaction

E7820

MORAb-028

E7016

E7050

MORAb-009

KANAb-001(monoclonal antibody targeting chemokine)

E6201

MORAb-022
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Enriched pipeline to support our revenue stream projection- NDA Filing Schedule FY2013 and thereafter

FY2009FY2010FY2011FY2012

Aricept-SR(AD)Aricept-patch*5(AD)E2007(Epilepsy)(Lewy body dementia)

SEP-190*6(Insomnia)

HUMIRA*3(Ulcerative colitis)

Eribulin(Breast, 2nd)

HUMIRA*3(Joint destruction）

MORAb-003(Breast, 3rd)

Dacogen(AML)(Ovarian,platinum-sensitive)

Bendamustine*2

DC Bead(Low-grade non-Hodgkin’slymphoma)(Hepatocellularcancer)

Clevudine(Type B hepatitis)

E7080(Melanoma)

HUMIRA*3

Eritoran(Severe sepsis)

Pregabalin*1(Peripheral neulopathy,diabetic neuropathy)

Eribulin(Ankylosing spondylitis)

Aricept

Uritos

E5555(Overactive bladder)(ACS, atherothrombosis)

HUMIRA*3(Crohn’s disease)

HUMIRA*3

E5501(Juvenilerheumatoid arthritis)(Idiopathic thrombocytopenicpurpura)SA-001*4(Pancreatic exocrineinsufficiency)

LIVACT(Chronic type Bhepatitis)

AcipHex-ER(GERD)

Urief(Benign prostatichyperplasia)*1: Submission by Pfizer Japan Inc. in FY2008*2: Submission by Symbio Pharmaceuticals Limited*3: Submission by Abbott Japan Co. Ltd.
*4: Submission by Solvay Seiyaku K.K.

: Neurology: Oncology: Critical Care: GI: Urology*5: Submission by Teikoku Pharrma USA, Inc.
*6: Marketed as “LUNESTA” in the U.S.

E2212
(AD)
BAN2401(AD)
E2508(Depression)
E2609
(AD)
AS-3201(DP)
Bendamustine*2(IG-HG NHL)
MORAb-009(Mesothelioma)
E6201(Solid tumor)
MORAb-004(Solid tumor)
E7050(Solid tumor)
MORAb-028(Solid tumor)
E7016(Solid tumor)
Bendamustine*2(Multiple Myeloma)
MORAb-022
（RA)
E5501
(TLD-Acute)
E5501(TLD-chronic)
E6201(Psoriasis）

13Establishment of New Value Chain

Aiming to realize affordable pricing for innovative medicines< Newly Established Modern Facilities >European Knowledge Centre

Eisai Knowledge Centre, India

Hatfield, UKVizag, India(European headquarters,product creation, formulationand manufacturing)(API process research, APImanufacturing and formulation)

MorphotekPA, USA(Large-scale pilot antibody manufacturing)

Koishikawa Knowledge
CenterTokyo, Japan(Clinical development)

Research Triangle Park NC, USA(Oncology formulation and packaging)14One of the most advanced
corporate governance systems in Japan- commitment to protection of the shareholders’ best interests (since June 2004)

General Meeting of Shareholders
Board of Directors: 11 members (7 Independent, 4 Inside), Chair: Independent

Audit Committee5 members(3 independent, 2 Inside)
Chair: Independent

Nomination
Committee
3 members(All members areIndependent)

Compensation
Committee
3 members(All members areIndependent)

Audit by Audit
Committee

Corporate Management- CEO and Chairperson of the Board are segregatedwith the Chair being an independent outside director- Three Committees (Audit, Nomination, Compensation)with each Chair thereof being an independent outside director
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Eisai’s Balance Sheet Management- Capital Allocation for Sustainable Shareholders’ Value Enhancement Net DER
0.7
Aiming forNet DERin 0.3-range(as of Dec. 31, 2009)

MGI Acquisition& Leverage Strategy
Expecting Cash EPS of 422.9 yen
against EPS of 141.4 yen this FY
FY2009 Expected ROE of 9.7%
(Pro Forma ROE 14.9% excluding
the impact of AkaRx transaction)

Maintaining
A-AA rating

Reduction in WACC

Optimal Capital Structure

Change inBalance Sheet(e.g., M&A)

Optimal Dividend Policy
Expecting DOE of 10.3% this FY
Realizing mid-term target of 8% andcash return exceeding
equity capital cost
Expected FY2009 dividend :Divided 150 yen/share (up 10 yen)
Current dividend yield above 4%(as of end of Jan. 2010)

Capital Redeployment

FINANCIAL FLEXIBILITY
For additional investment, liquidity,
and credit rating

Cash Income Allocation
1/3 secured for repayment
1/3 slated for dividend
1/3 retained for future investment(Expecting cash income of 120.5B yen
this FY)16

Value Creation for Shareholders
FY2009 Financial Forecast
FY2008Results(Billion Yen, %)FY2009Pro Forma*

FY2009%Forecast%

YOY

Forecast

YOY

Net Sales

781.7 100.0

803.0

100.0

103

803.0

103

Cost of Sales

152.5

19.5

161.0

20.0

106

161.0

106

Gross Profits

629.3

80.5

642.0

80.0102642.0

102

R&D Expenses

156.1

20.0

181.0

22.5

116

157.4

101

SG&A Expenses

381.4

48.8

379.5

47.3

100

379.5

100

Operating Income

91.8

11.7

81.5

10.1

89

105.1

114

Ordinary Income

82.6

10.6

74.5

9.3

90

98.1

119

Net Income

47.7

6.1

40.3

5.0

85

63.9

134

Cash Income
Dividend per Share (yen)

119.0
140

120.5
150

• FY2009 forecast includes the in-process R&D of 23.6B yen ($255M) from acquisition of AkaRx, Inc.
• Estimated exchange rates for 4Q FY2009: U.S.$ = 90 yen, Euro = 130 yen, GBP = 145 yen• Cash income is the total amount of cash available for investments for growth, business development, dividend payment, andrepayment of borrowings, etc.
Cash income = Net income + Depreciation of PP&E and amortization of intangible assets + In-process R&D + Amortization of
goodwill + Loss on impairment (including loss on devaluation of investment securities)• *Pro-forma forecast: excluding the impact of the in-process R&D of 23.6B yen ($255M) from acquisition of AkaRx, Inc.

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Appendix 1: Product Description

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Appendix 2:E5501 (AKR-501)
Aiming for best-in-class that meets global unmet medical needs•••

Treatment for thrombocytopenia/thrombopoietin receptor agonist
Completed the acquisition of AkaRx, Inc. in the amount of $255 million in the U.S. and obtained theexclusive worldwide rights to develop, market, and manufacture E5501as of January 2010; Eisai had
obtained an option right to acquire AkaRx, Inc. through acquisition of MGI PHARMA, INC. in January
2008, as well as a development and license agreement relating to E5501.
Confirmed POC in Phase II trial for idiopathic thrombocytopenic purpura (ITP)
64 ITP patients: 28-day oral dosing - effective response rate of platelet increase
VisitPlacebo

E5501
2.5 mg

5 mg

10 mg

20 mg

Day 140%

20%60%

78.6%**

93.3%**

Day 280%

13.3%

53.3%

50%

80.0%**

Confirmed statistically significant response rate of platelet increase** p<0.005 vs placebo• Striving to develop for indications associated with hepatic diseases to address high unmet
medical needs in emerging areas- 7% of population is infected by hepatitis B and 3% of population is infected by hepatitis C- Antiviral agent market in China: 1,984 million RMB (approx. 26 billion yen based on 1 RMB= 13 yen) in FY2008; expansion by average CAGR of 34% for the past five years- Phase II trials ongoing for thrombocytopenia associated with hepatic diseases[viral hepatitis, alcoholic hepatitis, and NASH (non-alcoholic steatohepatitis)]- Planning for phase II trial for improvement of platelet decrease in viral hepatitis patients who requireinterferon therapy

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