Goldman Sachs Twenty Sixth Annual Healthcare Conference

Enhancing CorporateValue
Eisai Co., Ltd.

June 15, 2005

Please refer to the US Roadshow, June 2005 material in our WEB site for further information
http://www.eisai.co.jp/eir/ematerials/index.html#1

Safe Harbor Statement•

Materials and information provided during this presentation may contain“forward-looking statements” as defined in the Private Securities Litigation
Reform Act of 1995. These statements are based on current expectations,forecasts and assumptions that are subject to risks and uncertainties which
could cause actual outcomes and results to differ materially from thesestatements.

•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 safety
and efficacy; obtaining regulatory approvals; domestic and foreign healthcare
reforms; 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.

2Eisai’s R&D Strengths- Two recent success of Proof-Of-Concept studies;E2007 (Parkinson’s disease) and E7389 (cancer)- Focusing on neurology, GI and oncology areas
through global collaboration among Boston,London, Kyoto and Tsukuba Laboratories- Prominent organic chemistry capabilities- Oncology will become a new franchise- Expanding global clinical research network- Extensive new indication/formulation programs- Product acquisition

Two Recent Success ofProof of Concept Studies
E2007
Mode of Action

E7389

AMPA Receptor AntagonistMicrotuble Growth Supressor

Indication–Adjunctive therapy with levodopa
for Parkinson’s disease (PD)
–Epilepsy–Multiple Sclerosis (MS)–Migraine–Breast cancer: 3rd + 2nd + 1st line
–NSCLC: 2nd/3rd + 1st line
–Soft tissue sarcoma: 2nd + 1st line
–Prostate cancer: 2nd line
–Ovarian cancer: 2nd + 1st line

Efficacy

Similar to or better than MAO-B
inhibitor and COMT inhibitor inshortening OFF time (PD)

Effective for taxane refractory tumors

Safety–Excellent safety profile–No worsening of dyskinesia (PD)–No severe peripheral neurotoxicity–Fewer hypersensitivity reactions (noneed for premedication with steroid oranti-histamine)

Drug Interactions

No major drug-drug interactions

No major drug-drug interactions

Administration

Once a day, oral administration

Bolus (5-minute IV)
Day 1, 8, 15, every 4 weeks

Formulation

Small tablets

Vials (solution)

FY2006

FY2006

Target submission
date

Blue: Proof of Concept currently successful3

Enriching Pipeline(New Molecular Entities)

ProjectStage

Mode of action

Target profileInovelon® - rufinamide(Epilepsy)

Preregistration

Na+ channel modulator

Adjunctive therapy for Lennox-Gastaut Syndrome, a severe disease
with high unmet medical needs, as well as adult partial seizure

Agilect® - rasagiline(Parkinson’s disease)

Preregistration

MAO-B inhibition

Careram® - igratimod(Rheumatoid arthritis)

Preregistration

Cytokine/Immunoglobulin
suppression

Similar efficacy to salazosulfapyridine, a standard drug for RA
Better safety profile with fewer severe adverse effects

Sibutramine(Obesity Management)

Phase III

Serotonin/Noradrenarin
reuptake inhibition

Natural body weight loss based on dual actions of appetite
suppression and energy consumption increaseAdalimumab(Rheumatoid arthritis)

Phase II/III

Anti-TNF antibody

E2007(Parkinson’s disease)

Phase IIIAMPA receptor antagonist

E0167 (Hepatocellularcarcinoma)Phase II/IIIVitamin K2

Clevudine(Hepatitis B)

Phase IIIHBV polymerase inhibition

E7389 (Cancer)

Phase II

Microtubule growth
suppression

Better anticancer efficacy than taxanes
Good tolerability, less neurotoxicity

E7070 (Cancer)

Phase IIG1 Phase targeting

Different anticancer spectrum from existing cytotoxics

E5564 (Sepsis, CABG)

Phase II

Endotoxin antagonist

Reduce mortality and morbidity, Good safety profile

E5555 (Prevention ofmajor cardiac events)

Phase I

Thrombin receptor
antagonist

Dual action of anti-platelet and smooth muscle cell proliferationinhibition

E7820 (Cancer)

Phase I

α2 integrin suppression

Survival benefit due to chronic tumor growth suppression

E7080 (Cancer)

Phase IVEGFR kinase inhibition

Survival benefit due to chronic tumor growth suppression

E7974 (Cancer)

Phase I

Tubulin inhibition

Neuroprotective effect (Phase II for AD ongoing)
Better safety profile than other MAO-B inhibitor

Strong and long-lasting efficacy for RA symptoms
Monotherapy or combination with methotrexate
Reduction of Off-Time in PD by adjunct therapy with levodopa
Excellent safety profile, No worsening of dyskinesia
Reduce recurrence of hepatocellular carcinoma
Less rebound than existing anti-viral agent

Effective in multi-drug resistant tumors

45Opportunities in Key Areas/Countries¥11.9 B

¥38.3 BEU market coverage
78% (volume)

Asia Sales

EU Sales¥4.6 B

CAGR: 26.8%¥14.3 B

CAGR: 27.9%
FY2000FY2000FY2004

FY2004

Japan Sales¥241.0 B¥268.3 B

CAGR: 2.7%

Consecutive doubledigit growth since1996 in US

The first Japanesepharma company inIndia¥214.5 B

USSales¥101.8 B

CAGR: 20.5%
FY2000FY2004

Net Sales (Overseas)¥264.7 B¥120.7 B

FY2000The most successful Japanesepharma company in China,
rapid growth in Korea,
outperform the market growth inJapan in recent years
Operating Income Before
Royalty Deduction (Overseas)¥51.3 B
¥14.2 B

CAGR: 21.7%
FY2000FY2004

FY2004

FY2000

CAGR: 37.9%
FY2004

6Shareholders Return (Dividend) (DOE: %)(DPS: Yen) 100

DPS = Dividends Per Share8060

3.7DOE = Dividends On Equity( ROE x Dividend Payout Ratio)

2.0

356

40
20
Dividend Payout (%)

232293236

FY2000FY2001

FY2002

FY2003

FY2004

FY2005(est.)

29.2

23.3

22.7

20.9

29.0

39.4

1

Financial Performance
FY2004
Results
Net Sales

480

2.6

2.5

2.4

5

4.8%

(billions of yen, %)FY2005YOY

Forecast%

YOY

533.0

100.0

107

575.0

100.0

108

98.5

18.5

101

103.0

17.9

105

434.5

81.5

108

472.0

82.1

109

R&D Expenses

78.3

14.7

113

89.0

15.5

114

SG&A Expenses

269.4

50.5

107

292.050.8

108

Operating Income

86.8

16.3

105

91.0

15.8

105

Net Income

55.5

10.4

111

58.0

10.1

104

EPS (yen)

193.4

112

203.0

Cost of Sales
Gross Profit

Currency exchange rate: FY2004; ¥107.54/$, FY2005 (est.); ¥103/$

105