ASKA Pharmaceutical Holdings Co., Ltd.
Financial Results Presentation FY2022
Q&A Summary
May 18, 2023

1

Q&A Financial Results Presentation FY2022
Q1: I would like to know your current assumptions regarding new products to be launched that will become new mainstays
during this period of the Medium-Term Management Plan. Drospirenone has been progressing, but what else do you
envision?
A1: Within this period, we aim to launch LF111, which is currently in Ph III trial. In addition, we plan to file for approval ofrifaximin for pediatric indication this year. For other products not listed in the pipeline, we are seeking new opportunities
through business development activities as appropriate.
Q2: Congratulations on achieving the No. 1 sales position in the Ob/Gyn field. I understand that you have achieved your sales
target of 20 billion yen at an early stage. We would like to know the numerical targets you have set for the final year of theMedium-Term Management Plan.
A2: The sales exceeded 20 billion yen in the last fiscal year. In the future, we consider further increasing sales in the field ofOb/Gyn through RELUMINA, DroEthi, and other products. We recognize that we have become a leading company in thefield of obstetrics and gynecology from a sales perspective, and we would like to strengthen our efforts to become aleading company in the Ob/Gyn field with a view to improving the quality of our products and services. At this point,please allow us to refrain from announcing quantitative targets for the final year of the Medium-Term Management Plan.

2

Q&A Financial Results Presentation FY2022
Q3: Regrading RELUMINA. Although the sales have increased from the previous year, compared to the initial plan of 9.7
billion, you have not yet achieved your numerical target. As you aim for 10.1 billion yen this fiscal year, please tell us how
we should look at the future potential, such as whether or not the increase is due to growth in treatment of endometriosis.
Will sales grow due to an increase in the number of facilities adopting the drug, or due to the addition of endometriosis
indications, or due to initiatives that were not possible in the COVID-19 pandemic? Please explain the growth factors,
including environmental and internal changes.
A3: In terms of the room for growth for RELUMINA. RELUMINA is indicated for uterine fibroids first and subsequently forendometriosis. Currently, the number of patients receiving the drug for endometriosis is increasing. We estimate that themarket size is about 2 million patients with uterine fibroids and about 1 million patients with endometriosis. The market foruterine fibroids is larger. We estimate that dosing will increase in each market. Furthermore, we will aim to expand ourmarket share among GnRH preparations. The number of patients with uterine fibroids and endometriosis is also
increasing, and we believe that we are still in the growth stage, as there is still room for sales expansion in terms of bothmarket growth and market share expansion.
Q4: We assume that the reason behind the failure to achieve the RELUMINA sales target is the delay in penetration inendometriosis. Please tell us about the current situation and your future efforts.
A4: A major factor was that the initial plan was quite aggressive. We believe that disease awareness and RELUMINA
penetration in the endometriosis market will be the major growth factors going forward.

3

Q&A Financial Results Presentation FY2022

Q5: Regarding PBR and ROE, the business performance is getting better, but the valuations are dropping, which isunfortunate. Looking at PBR and ROE in FY 2019, the PER is 2-3x higher than now. Currently, I wonder how the market
views the ASKA's future growth potential. The business transfer of RELUMINA was a great success and ROE has been
improving. However, looking at the current pipeline as a future strategy, ASKA seems to focus more on in-house drug
discovery than in the past. In-house drug discovery takes time and is not expected to have an immediate effect. Now thatyou have begun earning cash from RELUMINA, I think ASKA has a variety of options, so I would like to know more about
this. Are there any good deals right now?
A5: As you pointed out, it is time-consuming and expensive to conduct in-house drug discovery entirely on our own. While wewill continue to pursue in-house drug discovery, we will also actively in-license drugs from other companies as well astransfer them to our own company. We will continue to pursue licensing-in from other companies, in-licensing, succession,and acquisition of overseas projects in parallel with our own drug discovery activities. Since these projects are contracted
on a case-by-case basis, we will disclose them when we are certain of obtaining them to some extent. We
would like you to understand that we are always continuing our in-licensing and succession activities.

4

Q&A Financial Results Presentation FY2022Q6: Assuming a typical patient receiving RELUMINA, after 6 months of administration, is it often the case that medication isresumed after a time-out and time is given? I know you develop combination tablet to remove the restriction of dosing
period. Are there any cases in actual clinical practice where hormonal agents are administered in combination for morethan 6 months?
A6: Currently, RELUMINA is indicated in the package insert to be administered for up to 6 months, and we are aware that thedrug may be withdrawn and then re-administered if it is necessary to re-administer the drug. As you mentioned, we aredeveloping the combination tablet with the expectation that it will allow for long-term administration. Since thecombination of RELUMINA and hormonal agents in actual clinical practice is an off-label use, we would like to conduct
trials of the combination tablet, establish its efficacy and safety, and obtain approval to launch it on the market.

Notes
Kindly note that the contents of this material are summarized based on the gist of the Q&A session.

5