First Quarter Consolidated Financial Results
for the Fiscal Year Ending March 31, 2025
1. Overview of Consolidated Financial Results
2. Highlights of Business Performance
3. Consolidated Financial Results
4. Financial Results and Forcast
5. Main Product Sales Update
6. Development pipeline

July 31, 2024
KYORIN Pharmaceutical Co., Ltd.

P.2
P.3
P.4
P.5
P.6
P.7～9

■Disclaimer
This material contains performance forecasts, goals and plans, and other forward-looking

statements related to the Group.
These statements are based on the judgment of the Group′s assumptions and outlooks
based on the information and forecasts available at the time of preparation of this material,and contain known or unknown risks and uncertainties. Therefore, due to various factorsthat may occur, the actual performance, progress / success / failure of the development
and other insights may differ significantly from the description. It also contains
information about medicines (including those under development), but the description is
not for the purpose of advertising or medical advice.

Notice: This document has been translated from a part of the Japanese original for reference purposes only. In the event of anydiscrepancy between this translated document and the Japanese original, the original shall prevail.
1Overview of Consolidated Financial Results for FY2024 1Q

1Q (Apr-Jun)

Change（％）

Interim term
FY2024（Forecast）

Change（％）

Full term
FY2024(Forecast）

Change（％）

27,85428,419＋2.0

56,900＋3.6

123,400

＋3.2

489

871

1,150

＋32.0

1,000－25.1

6,500＋4.3－491

779

1,074

1,417

＋32.0

1,300

－17.7

6,900

＋1.1－462

1,183787

885

＋12.4

900－52.4

5,000－8.7

FY2021

FY2022

FY2023

FY20241Q (Apr-Jun)

1Q (Apr-Jun)

1Q (Apr-Jun)

24,695

24,619Operating profit－756

Ordinary profit
Profit attributable toowner of parent（JPY millions）

Net salesFirst Quarter Consolidated Financial Results for FY2024[Net sales] Sales of new drugs etc. (Japan) increased from year on year due to sales increase in Beova, Lasvic etc. by the efforts to spread of the product,
while the impact of the NHI drug price revision. Sales of generic drugs decreased. As a result, net sales were 28,419 million yen (an increase of 564
million yen, year on year)[Profit] Gross profit remained flat, due to rose the ratio of cost while sales increased. On the other hand, SG&A expenses decreased 320 million yen (R&Dexpenses increased 76 million yen) . As a result, operating profit was 1,150 million yen (a increase of 278 million yen, year on year). Ordinary profit was
1,417 million yen (+32%, year on year). Profit attributable to owner of parent was 885 million yen (+12.4%, year on year)

Consolidated Financial Results for FY2024 (Forecast)
The forecast for the interim term and full term announced on May 10, 2024 remain unchanged at this moment.
(Progress compared with the forecast for the interim term, net sales: 49.9%, operating profit: 115.0%)
There is no change to the dividend plan announced on May 10, 2024 (Annual dividend of 52 yen per share).

*Beginning this fiscal year, the company changed accounting policies.
The results for FY2023 1Q and percentage change relative to previous corresponding period are presented after retroactive adjustment.

2

Highlights of Business Performance（JPY billions）（JPY billions）

Net sales increased⚫ Increase in sales of new drugs- Main products (Beova, Lasvic etc.) grew
⚫ Decrease in sales of generic drugs

25.0

20.0

Cost ofSales

Cost ofSales

15.5

16.1

Cost ofNet Sales Sales Ratio

15.0

Net Sales

27.9 55.5%

28.4

R&D

10.0

5.0

Cost of sales ratio increased (＋1.0 %point)<Factors of decrease>⚫ Increase in sales of new drugs (Beova, Lasvicetc.)⚫ Decrease the ratio of sales in generic drugs

Cost ofSales Ratio

56.5%<Factors of increase>⚫ Impact of NHI drug price revisions(Kyorin Pharmaceutical: 7% range)⚫ Effect of foreign exchange

R&D

2.02.1

SG&A（excluding R&D）

SG&A

9.1

11.2

SG&A

（excluding R&D）

SG&A

9.5

11.5
0.90.0

FY2023 1Q

Gross profit remained flat
SG&A cost increased (－0.3)

Operating
IncomeOperating
Income1.2(+ 0.5 )⚫ R&D expenses increased (+0.1)⚫ SG&A (excluding R&D) decreased (－0.4)- Decrease in sales expanses, personnel
expenses, depreciation expenses

1.2
Operating profit increased (+ 0.3)

FY2024 1Q*Beginning this fiscal year, the company changed accounting policies. The results for FY2023 1Q are presented after retroactive adjustment.

3Consolidated Financial Results（Year on Year）（JPY billions）■Net sales（JPY billions）

FY2023 1Q

FY2024 1Q

ChangeNet sales

27.9

28.4

＋0.5

New drugs (Japan)

18.9

19.9

＋1.0

0.1

0.3

＋0.2

New drugs(Overseas)

28.4
19.9

●New drugs (Japan)
FY2023 (1Q)

・Beova・Lasvic
・Lyfnua
・Desalex
・Flutiform
・Pentasa
・Kipres・Mucodyne
・Uritos

4.2
1.1
0.2
1.6
3.1
3.1
1.3
1.00.1

FY2024 (1Q)⇒⇒⇒⇒⇒⇒⇒⇒⇒●New drugs (Overseas)

8.9

8.2

－0.7

5.3
1.6
0.2
1.8
3.2
3.2
1.0
0.8
0.1

（＋1.1）（＋0.5）（0）（＋0.2）（＋0.1）（＋0.1）（－0.3）（－0.2）（0）0.3（+0.2）

8.2(－0.7）

1.2（+0.3）

Temporary income regarding Gatifloxacine●Generic drugs

Generic drugs(+0.5)(+1.0）

Decrease sales in AG etc.

■Operating income●Cost of sales ratio : 56.5％（FY2023 1Q: 55.5％）

Operating profit

Ordinary profit

0.9
1.1

1.2
1.4

+0.3+0.3[Factors of decrease] Increase in sales of new drugs (Beova, Lasvic etc.),
Decrease the ratio of sale of generic drugs[Factors of increase] NHI drug price revisions, effect of foreign exchange●R&D : 2.1（FY2023 1Q: 2.0）
●SG&A (excluding R&D expenses) : 9.1 (FY2023 1Q: 9.5）
Decrease in sales expenses, personnel expenses and depreciation expenses.

Profit attributableto owner of parent

0.8

0.9＋0.1■Profit attributable to owner of parent

0.9*Beginning this fiscal year, the company changed accounting policies. The results for FY2023 1Q are presented after retroactive adjustment.

（+ 0.1）

4Financial Result and Forcast

1Q (Apr-Jun)（JPY millions)

FY2023

FY2024（Actual）（Actual）

ChangeChange（％）

Interim term
Progress tointerimterm
forecast（％）

Progress tofull term
forecast（％）

Full term

FY2023

FY2024FY2023

FY2024（Actual）(Forecast)（Actual）(Forecast)

Net sales

27,85428,419

＋564

＋2.0

49.9

23.0

54,93756,900

119,532

123,400

New drugs, etc.
(Japan)18,944

19,862

＋917

＋4.8

50.0

23.5

37,87539,70082,581

84,70055326＋271 ＋494.2

163.4

81.7

167

200

386

400

Generic drugs

8,854

8,229－624－7.1

48.7

21.5

16,895

16,90036,56438,200Operating profit871

1,150＋278

＋32.0

115.0

17.7

1,335

1,000

6,234

6,500

Ordinary profit

1,074

1,417

＋343

＋32.0

109.1

20.5

1,578

1,300

6,822

6,900

787

885

＋98

＋12.4

98.4

17.7

1,890

900

5,475

5,000

New ethical drugs(Overseas)

Profit attributable toowner of parent*Beginning this fiscal year, the company changed accounting policies. The results for FY2023 are presented after retroactive adjustment.

5Main Product Sales Update
1Q (Apr-Jun)(JPY billions）

FY2023

FY2024（Actual）（Actual）

ChangeChange（％）

Interim term
Progresstointerim(%)

Beova (Kyorin)(β3 adrenergic receptor agonist overactive bladder therapeutics )Lasvic(New quinolone synthetic antibacterial agent)

Lyfnua(selective P2X3 receptor antagonist for the treatment of chroniccough)New drugs, etc. (Japan)

Desalex(Antiallergic Agent)

Flutiform(Combination drug for asthma treatment)

Pentasa(Ulcerative colitis and Crohn’s disease treatment)

Kipres(Leukotriene Receptor Antagonist)

Mucodyne(Mucoregulant)

Uritos (Kyorin)(Therapeutic agent for overactive bladder)

Milton(Disinfectant)

Rubysta(Disinfectant)Generic drugs

Montelukast tablets “KM”
(Leukotriene Receptor Antagonist)

Mometasone Nasal 50μg “KYORIN”(Spray type allergic rhinitis remedy)

Imidafenacin tablets & OD
“KYORIN”(Therapeutic agent for overactive bladder)

Progress
to fullterm (%)

Full term

FY2023

FY2024FY2023

FY2024（Actual）（Forecast)（Actual）（Forecast)

4.2

5.3

＋1.1＋25.2

51.1

24.0

8.3

10.3

18.1

22.0

1.1

1.6

＋0.5

＋40.6

55.3

24.1

2.5

2.8

4.9

6.4

0.2

0.2

0＋16.5

30.0

13.1

0.4

0.6

0.8

1.5

1.6

1.8

＋0.2

＋9.8

49.6

18.6

3.1

3.6

8.9

9.6

3.1

3.2

＋0.1

＋2.3

53.3

25.7

6.2

6.0

12.9

12.5

3.1

3.2

＋0.1

＋2.6

55.3

27.1

6.1

5.7

12.3

11.6

1.3

1.0

－0.3

－26.9

45.2

18.5

2.6

2.1

7.0

5.3

1.0

0.8

－0.2

－26.0

37.6

17.3

2.0

1.9

4.2

4.30.1

0.1

0

－23.2

60.3

32.8

0.3

0.1

0.5

0.3

0.5

0.4

－0.1

－6.7

45.4

23.0

1.0

0.9

1.9

1.9

0.4

0.3

－0.1

－24.9

36.8

19.3

0.8

0.8

1.5

1.5

3.0

2.8

－0.2

－7.1

53.7

23.3

5.8

5.1

12.3

11.8

0.5

0.4

－0.1

－23.9

32.3

8.0

0.9

1.0

4.5

4.3

0.2

0.1

－0.1

－10.9

53.5

26.7

0.3

0.2

0.6

0.5

6

Development pipeline
Main R&D Activities -1 (as of July 31, 2024)
Ph 3 ～ LaunchStageCode

Proposed Indication

OriginPh 3Ph 3
KRP-R120(Sep 2022) (aTyr pharma,USA)Interstitial lung disease:
ILD(pulmonary sarcoidosis)

aTyrpharma

JapanFeatures

NoteOverseas
It is a fusion protein drug having the action tosuppress, by binding to neuropilin-2 (NRP2)
receptor, the excessive activation of immune
cells, and is a potential first-in-class therapy
to treat inflammatory diseases such as
pulmonary sarcoidosis

POC Project（Ph1 ～ Ph2）Stage
CodeJapan

OriginFeatures

Note
AdditionalIndicationfor Beova
in pediatricpatients

Overseas

Ph 1(Aug 2022)―Proposed Indication

Ph 1(Apr 2021,England)

KRP-114VP

Overactive bladderMerck

It selectively acts on β3 receptors in thebladder and increases bladder capacity byenhancing the bladder-relaxing effect ofnoradrenaline during the urinary storage
phase, resulting in the improvement ofincontinence symptoms of urinary urgency,
frequent urination and urge urinary
incontinence with OAB.

KRP-A218

Rhinovirus infection atrisk of potentially severe

In-house

It is antiviral drug that suppresses viral
growth by targeting host molecules7

Development pipeline
Main R&D Activities -2 (as of July 31, 2024)
Licensing development (License-in)StageJapan

Overseas―Ph 2(Dec 2019)
ASKA
Pharmaceutical•

CodeAKP-009

ProposedIndication

OriginFeatures

NoteBenignASKA
Novel androgen receptor
Prostatic
Pharmaceuti modulator mode of action with
Hyperplasia cal
the potential to exhibit prostatic
shrinkage and to improve urinary
function as a novel therapeutic
agent for Benign Prostatic
Hyperplasia-ASKA Pharmaceutical granted
KYORIN Pharmaceutical the joint
development andcommercialization rights for AKP009 in Japan (Sep 2020)-Additional Ph1 study at a higher
dose has been completed (ASKA)Ph1 trial is being conducted again (ASKA Pharmaceutical)

Licensing development (License-out)
StagePh 3

Compound /CodeKRP-203

LicenseePriothera

Therapyarea / Action―OriginIn-house

Features
Sphingosine-1-Phosphate
Receptor Agonist

Note
Transfer of intellectual
property(patents and data required
for the development and sale) andAPIs (Sep 2020)8

Other (as of July 31, 2024)

CodeKRP-DT123

Proposed
Indication
Tinnitus

OriginSUSMED

Note
Collaboration research and sales agreement for development of Digital
Therapeutics (DTx) in otolaryngology Field (Nov 2022)
Specified clinical trial is in progress (Sep 2023)

9