ASKA Pharmaceutical Holdings Co., Ltd.
Financial Results Presentation 2Q FY2023
Q&A SummaryNovember 10, 2023

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Q&A Financial Results Presentation 2Q FY2023
Q1: Regarding the disclosure of cash allocation, the growth investment allocation is 15 billion +X. Is it correct toassume that the majority of the investment is for R&D expenses? Since it is described as "+X", I would liketo know the details, such as whether the Company will actively invest in areas other than R&D.
A1: To clarify, the 20 billion yen operating cash flow covers R&D expenses, excluding assumed operating profit,depreciation, and fixed costs. Apart from R&D, the Company has disclosed that it plans to allocate cash
towards overseas expansion and exploring new business fields.
Q2: Regarding the current product lineup and development pipeline in the Ob/Gyn field, I feel that menopausal
disorders are not well represented. I think it is important to enhance the product lineup. Regarding the R&D
direction, do you intend to expand into disease areas where you are stretched thin, and will this include
business succession?
A2: As a leading company in the Ob/Gyn field, we are enhancing our product lineup. We have drugs fordiseases corresponding to each stage of life in the Ob/Gyn field. As you pointed out, we recognize that weare somewhat lacking in the menopausal area. Based on the current situation, our basic idea is to expand
our product lineup through drug discovery research, succession, and in-licensing.

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Q&A Financial Results Presentation 2Q FY2023
Q3: This question is linked to the Medium-Term Management Plan target; I would like to know whether you plan
to maintain your operating profit target of 5.6 billion yen for FY2025 while making investments.
A3: In this business environment, pharmaceutical companies are constantly facing headwinds, such as annual
NHI drug price revisions and patent cliffs. Therefore, we will continue to make investments for future growth.
On the other hand, we would like to achieve the performance targets of the Medium-Term Management
Plan in terms of our responsibility to our shareholders. Our basic approach is to execute the plan on bothfronts.
Q4: Overall sales in the field of obstetrics and gynecology are expected to be around 12 billion yen as of thefirst half of the fiscal year. We believe that sales will easily exceed 20 billion yen for the full year. Please tell
us about your approach to sales in the Ob/Gyn field for the final year of the Medium-Term Management Plan.
A4: In the Ob/Gyn field, the market is projected to expand to 100 billion yen. We believe that treatment will
become even more widespread through disease awareness. There is still much room for diseaseawareness in areas such as dysmenorrhea, endometriosis, and contraception. Our mission as a leading
company is to develop the market not only by providing treatment but also by conducting information
provision activities such as awareness-raising. We would like to further expand our business with a focus on
existing products.

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Q&A Financial Results Presentation 2Q FY2023
Q5: Regarding overseas business, I assume that Vietnam and Hataphar will be the main business, but whenshould we expect to see your products reflected in sales and profit once the new plant is up and running?
A5: We are working with Hataphar to operate a plant in compliance with PIC/S GMP. The factory building has
been completed. The next phase will be to obtain PIC/S GMP and apply to the Vietnamese authorities forapproval of products to be manufactured at the plant. Currently, commercial production and launch isexpected in 2026-27.

Q6: What kind of products do you assume that Hataphar is handling?
A6: Hataphar has a wide range of products and does not specialize in any particular area. Among them, we will
introduce products where there is demand for PIC/S GMP-compliant products. We will cater to the needs ofthe market without limiting therapeutic areas.

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Q&A Financial Results Presentation 2Q FY2023
Q7: The figures in the Medium-Term Management Plan have been disclosed, but you have also indicated thedevelopment of Femtech and overseas business. I would like to know the figures from a long-term
perspective, such as 2030.
A7: The environment is changing rapidly, and we are still considering what we will aim for in 2030, after firstestablishing the figure of 70 billion yen in 2025. We would like to present a new medium-term management
plan at the appropriate time since we would like to present proper figures.
Q8: DroEthi has revised its plan upward. It appears to be performing quite well. It looks as if it will exceed thefull-year forecast again; is that correct?
A8: We believe we will be able to achieve our plan for the current fiscal year if sales continue to be strong.
Q9: Please tell us about the future market size and revenue expectations for the Ob/Gyn treatment apps inpartnership with SUSMED.
A9: We would like to keep the specific diseases to be co-developed with SUSMED undisclosed. We will
disclose them as we make progress.

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Q10: I have heard that RELUMINA has a different treatment strategy for uterine fibroids and endometriosis.
Please share your thoughts on the treatment of endometriosis and uterine fibroids, I would like you to tellme about the market share, competition, etc., separating uterine fibroids and endometriosis.
A10: RELUMINA is indicated for uterine fibroids and endometriosis, but it is difficult to clearly separate the two.
There are many cases in which both diseases are present. On the other hand, the potential volume isgreater for uterine fibroids. Uterine fibroids The indication for uterine fibroids was approved first, and anadditional indication was approved for endometriosis. We believe that there is room for further growth in thepenetration of RELUMINA for endometriosis and that sales of RELUMINA will grow in line with the progressof the penetration of endometriosis.
Q11: The Ministry of Health, Labor and Welfare is discussing the ideal industrial structure and stable supply ofgeneric drugs. Do you think there will be any positive or negative impact on your company?
A11: We are aware that discussions are underway. There is a lot of discussion about new drugs and generics,
but we have both products. Although it is difficult to make a general comment, we believe that the overall
impact on us is flat.
Note
Kindly note that the contents of this material are summarized based on the gist of the Q&A session.
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