February 8, 2005
Merrill Lynch Global Pharmaceutical,
Biotechnology & Medical Device Conference

Pursuit of Efficiency andProductivity in Value Creation
Eisai’s Profile
Eisai’s vision is to meet various health care needs around the world, taking into consideration thedesires of patients and their families, and to increase the benefits that health care provides. We
have built integrated in-house systems that cover all aspects of our business, from research anddevelopment (R&D) to production, sales, management and supply of drug safety information, sothat we can provide optimal patient solutions throughout our business activities. We havedeveloped our business globally through unique business strategies. Our goal is to generate value
for patients and shareholders alike so that we can continue to exemplify a human health care (hhc)company.

Eisai Co., Ltd.
Valid as of Feb. 8, 2005
The Company's performance and financial results could differ materially from these forward-looking statements due togeneral, financial, economic, regulatory, and political conditions affecting the pharmaceutical industry.

1

February 8, 2005
Merrill Lynch Global Pharmaceutical,
Biotechnology & Medical Device Conference

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. Thesestatements are based on current expectations, forecasts and assumptions that are subject
to risks and uncertainties which could cause actual outcomes and results to differ materiallyfrom these statements.
Risks and uncertainties include general industry and market conditions, and generaldomestic and international economic conditions such as interest rate and currency
exchange fluctuations. Risks and uncertainties particularly apply with respect to productrelated forward-looking statements. Product risks and uncertainties include, but are notlimited 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 marketing risks anduncertainties, which include, but are not limited to, inability to build production capacity tomeet 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 events or otherwise.

The Company's performance and financial results could differ materially from these forward-looking statements due togeneral, financial, economic, regulatory, and political conditions affecting the pharmaceutical industry.

2

February 8, 2005
Merrill Lynch Global Pharmaceutical,
Biotechnology & Medical Device ConferenceManagement Concept

Pursue Efficiency and Productivity
in Creation of Patient Value

The Company's performance and financial results could differ materially from these forward-looking statements due togeneral, financial, economic, regulatory, and political conditions affecting the pharmaceutical industry.

3

February 8, 2005
Merrill Lynch Global Pharmaceutical,
Biotechnology & Medical Device Conference

Creation of Patient Value
Satisfying Unmet Medical Needs
Stable Supply of Quality Products
Information Provision for Efficacious
Usage of Medicines
The Company's performance and financial results could differ materially from these forward-looking statements due togeneral, financial, economic, regulatory, and political conditions affecting the pharmaceutical industry.

4

February 8, 2005
Merrill Lynch Global Pharmaceutical,
Biotechnology & Medical Device Conference

Seamless Value Chain

Benefits of Seamless Value Chain Concept

Concept- Each part of value chain always interact well through thewhole life of the drug in order to create patient’s values
efficiently.
- When one of the links in the value chain is lacking, theefficiency of value creation declines

Benefits- Smooth creation of patient’s value- Flexible responses to changes

The Company's performance and financial results could differ materially from these forward-looking statements due togeneral, financial, economic, regulatory, and political conditions affecting the pharmaceutical industry.

5

February 8, 2005
Merrill Lynch Global Pharmaceutical,
Biotechnology & Medical Device Conference

Seamless Value Chain
et
Unm
g
n
i
fy
Satis cal Needs
Medi

Discovery

Sales
And
Development Manufacturing
MarketingPharmaco- Stable Supply
vigilance QualityOf
Products

Each part of value chain always interact well inorder to create patient’s values efficiently.
When one of the links in the value chain islacking, the efficiency of value creation
declines.

Patients

Safe
Usag
e
Of
Drug
s

The Company's performance and financial results could differ materially from these forward-looking statements due togeneral, financial, economic, regulatory, and political conditions affecting the pharmaceutical industry.

6

February 8, 2005
Merrill Lynch Global Pharmaceutical,
Biotechnology & Medical Device Conference

Seamless Value Chain
in Operation
RegionDiscovery

Development

Manufacturing

Sales, Marketing &PharmacovigilanceJapan

KAN (Kyoto)
Tsukuba

Kashima
Tsukuba
Kawashima
Tokyo

Kashima
Kawashima
MisatoU.S.A.

BostonNew Jersey
North Carolina

RTP(North Carolina)EU

LondonAsia

KPT(Indonesia)

Nationwide

Nationwide
UK
FranceGermany
Spain

LondonTainan (Taiwan)
Bogor (Indonesia)
Suzhou (China)

8 countries
incl. China,
India andKorea

The Company's performance and financial results could differ materially from these forward-looking statements due togeneral, financial, economic, regulatory, and political conditions affecting the pharmaceutical industry.

7

Franchising

February 8, 2005
Merrill Lynch Global Pharmaceutical,
Biotechnology & Medical Device Conference-Benefits of Franchise Concept-

Concept- Products with sales of more than $1 billion forms
the basis of a “Franchise”- Ongoing projects in each stage of clinicaldevelopment- Continuing investment in discovery research

Benefits- More extensive information obtained as to market
competition, science trend and others in the franchise area
- Informed decision making- Improved success rate
The Company's performance and financial results could differ materially from these forward-looking statements due togeneral, financial, economic, regulatory, and political conditions affecting the pharmaceutical industry.

8

February 8, 2005
Merrill Lynch Global Pharmaceutical,
Biotechnology & Medical Device ConferenceFranchise Focus
Neurology & CNS

Having successfully completed 16 double-blind studies in Alzheimer’s
disease area, we capitalize on these accomplishments to apply all
possible approaches such as small molecules, immunotherapy,
genomic-based novel targets and activation of neuroregeneration for the
purpose of exploring further remedies.

GI

Leveraging accumulated knowledge & networks of our 50 year-history inthis field, we strive to develop new remedies focused on GI tracts.

Oncology & Critical CareOur characteristics in oncology are attributed to small molecules as wellas natural substances for starting material, combined with genomic andproteomics approaches.
The Company's performance and financial results could differ materially from these forward-looking statements due togeneral, financial, economic, regulatory, and political conditions affecting the pharmaceutical industry.

9

February 8, 2005
Merrill Lynch Global Pharmaceutical,
Biotechnology & Medical Device ConferenceFranchise Pipeline
Area

Phase I

Phase II

Phase III

E2051

E2007
E2014

E2080

Neurology&
CNS

TVP-1012–AD

Aricept®

Aricept®
–severe AD
–PD
–MCI

Filed

Launched

Zonegran® (EU) Aricept®
Aricept®
–VaD

Zonegran®
Methycobal®
Myonal®

–migraine

E3030
E3024

E3620

Oncology E7820&
E7080
Critical
E7974
Care

E5564
E7070
E7389
E0167

GI

Aciphex®
–intermittent
therapy

Pariet®
–H. pylori–Symptomatic
GERD

Aciphex®/Pariet®
Selbex®
Glucagon G®
Creactor®
Coretec®
Tambocor® Inj.

The Company's performance and financial results could differ materially from these forward-looking statements due togeneral, financial, economic, regulatory, and political conditions affecting the pharmaceutical industry.

10

February 8, 2005
Merrill Lynch Global Pharmaceutical,
Biotechnology & Medical Device Conference

Global Filing Plan

-New Molecular Entities and Lifecycle Managements-

FY2008FY2007- E5564 (Sepsis, US and EU)- E7070 (Gastric cancer, JP)- E5564 (Prevention of endotoxin-related
complications after coronary artery
bypass graft surgery, US and EU)- KES524 (Obesity Management, JP)- E2007 (PD, US and EU)- E7070 (Breast cancer, US and EU)- E7389 (Breast cancer, US)

FY2006
FY2005- D2E7 (Rheumatoid arthritis, JP) Aricept (Severe AD, US and EU)- E2014 (Cervical dystonia, JP)
Aricept (Dementia associated with PD, EU)- E7210 (Contrast medium, JP)
Aricept (Vascular dementia, submit
additional data in US and re-file in EU)
Pariet (Symptomatic GERD, JP)- E2080 (Epilepsy, US and EU)
Pariet (H.pylori eradication, JP)

FY2004
Filed

Aricept (Orally disintegrating tablets, EU)- Zonegran(E2090:
Epilepsy,
The Company's
performanceand financialEU)
results could differ materially from these forward-looking statements due to11
AriceptEU) industry.
financial,economic, regulatory,
and politicalJP)
conditions
affecting(Liquid,
the pharmaceutical
11- Careram general,(T-614: Rheumatoid
arthritis,

February 8, 2005
Merrill Lynch Global Pharmaceutical,
Biotechnology & Medical Device Conference

Key Global POC Projects
Studies Expected to Complete in FY2004
Research Code

E2007
E7070
(generic name:indisulam)

E7389
E5564
(generic name:eritoran)

Description
AMPA
Receptor
Antagonist
Cell Cycle G1
Phase
Targeting Agent
Tubulin
Polymerization
Inhibitor

Endotoxin
Antagonist

RegionStage

Parkinson’s Disease

EU

Phase IIb in progress

Breast Cancer(Mono)

US

Phase II in progress

Colorectal Cancer(Combo with irinotecan)

EU

Breast Cancer (Mono)

US

Phase II in progress

SepsisUS

Phase II (3rd stage, highdose) in progress

Prevention of endotoxinrelated complication after
coronary artery bypass
graft surgery(CABG)

EU

Phase IIb in progress

Phase II in progress

The Company's performance and financial results could differ materially from these forward-looking statements due togeneral, financial, economic, regulatory, and political conditions affecting the pharmaceutical industry.

12

February 8, 2005
Merrill Lynch Global Pharmaceutical,
Biotechnology & Medical Device Conference

Aricept® Lifecycle Management(Application for new indication and formulation)
Vascular Dementia (US)FilingSubmit Additional
Data in the U.S.
Re-file in the E.U.
in FY2005

Phase III

Filing Expected in FY2005

Dementia Associated with Parkinson’s Disease (EU) Phase III

Filing Expected in FY2005

Severe Alzheimer’s(US, EU, Japan)

Phase III

Mild Cognitive Impairment (US)Migraine Prophylaxis (US, EU)

Phase II

Orally Disintegrating Tablet (US)Approved in October, 2004

Liquid Formulation (US)Approved in October, 2004

Rapid Disintegration Tablet (EU)

Filed in 2003

Liquid Formulation (EU)

Filed in 2004

The Company's performance and financial results could differ materially from these forward-looking statements due togeneral, financial, economic, regulatory, and political conditions affecting the pharmaceutical industry.

13

February 8, 2005
Merrill Lynch Global Pharmaceutical,
Biotechnology & Medical Device Conference

Aciphex®/Pariet® Lifecycle Management(Application for new indication and formulation)

Eradication of H. pylori (US, EU)

EU 2000
US 2002

Approved

Symptomatic GERD (US, EU)

EU 2001
US 2002

Approved

Maintenance Therapy for GERD (Japan)

Approved in 2003

On-demand Therapy for Symptomatic GORD (EU)Approved in April, 2004

Zollinger-Ellison Syndrome (EU)Approved in July, 2004

Eradication of H. pylori (Japan)

Phase III

Filing Expected in FY2004

Symptomatic GERD (Japan)

Phase III

Filing Expected in FY2005

Intermittent Therapy for
Symptomatic GERD (US)Phase II

The Company's performance and financial results could differ materially from these forward-looking statements due togeneral, financial, economic, regulatory, and political conditions affecting the pharmaceutical industry.

14

February 8, 2005
Merrill Lynch Global Pharmaceutical,
Biotechnology & Medical Device Conference

Proactive Business Developmentin the Focused Areas

Neurology & CNS• Zonegran® -- Anti-epileptic (US & EU)•••

US sales target in FY2004: $110 MM, FY2005: $150MM
Received positive opinion from CHMP
EU approval expected in 2005
Cerebyx® -- Anti-seizure (US)
Rasagiline (TVP-1012) -- Parkinson’s disease (US)US approval expected in 2005
Rufinamide (E2080) – Epilepsy (WW)Plan to submit NDA in FY2004 in the US and EU

GI• Entocort® -- Inflammatory Bowel Diseases (Germany)• Imurek® -- Immunosuppressant (Germany)• Clevudine -- Anti-hepatitis B Agent (Asia excluding South Korea)
Phase III in preparation in China

The Company's performance and financial results could differ materially from these forward-looking statements due togeneral, financial, economic, regulatory, and political conditions affecting the pharmaceutical industry.

15

February 8, 2005
Merrill Lynch Global Pharmaceutical,
Biotechnology & Medical Device Conference

R&D Renovation

For Efficiency & Productivity

Concept:- Application of genome and genetics technologies in thewhole processes of discovery, development and clinicalBenefits:- Speed- Less resources

The Company's performance and financial results could differ materially from these forward-looking statements due togeneral, financial, economic, regulatory, and political conditions affecting the pharmaceutical industry.

16

February 8, 2005
Merrill Lynch Global Pharmaceutical,
Biotechnology & Medical Device Conference

R&D Renovation
Discovery

Development

Clinical

Regulatory
Filing

Critical Path Research
Translational Research
Safety Assessment

Medical Utility Assessment

New
Biomarkers

New
Biomarkers

New Biomarkers
New Surrogate Endpoint

Medicinal Genetics
Genomics
Proteomics
Cellomics

Toxicogenomics
Toxicokinetics

Hypothesis

Pharmacogenomics
Pharmacokinetics
Pharmacodynamics

Critical Path ResearchDiscovery

Development

Clinical

Regulatory
FilingThe Company's performance and financial results could differ materially from these forward-looking statements due togeneral, financial, economic, regulatory, and political conditions affecting the pharmaceutical industry.

17

February 8, 2005
Merrill Lynch Global Pharmaceutical,
Biotechnology & Medical Device Conference

Creation of Shareholder Value
Endeavor to Enhance Capital Efficiency
for the Purpose of Maximizing Shareholder Value;– Optimize investment to enhance return on capital by
striving to leverage strong balance sheet– Importance being placed on economic profit to createshareholder value after absorbing the cost of capital– High level of dividend payout to capitalize on ample cash
flow and constrain capital base
– Flexible share buyback as a contingent measure
More Proactive Stance Toward Return to Shareholders
The Company's performance and financial results could differ materially from these forward-looking statements due togeneral, financial, economic, regulatory, and political conditions affecting the pharmaceutical industry.

18

February 8, 2005
Merrill Lynch Global Pharmaceutical,
Biotechnology & Medical Device Conference

Reinforced Policy for
Return to Shareholders
Rationale Behind the Policy– Proactive investment for the purpose of enhancing
shareholder value– More flexible share buyback given the easing of unwinding ofcross-shareholdings– More inclination to dividend payout given the importance oflong-term shareholder relationship

DOE (Dividends On Equity=ROE x Dividend payout)– Accelerate achievement of targeted DOE 3% by two years(from FY06 to FY04)– Seek DOE 5% as a new mid-term goal

Hybrid Policy– Optimize level of investment to boost ROE– Strive to increase dividend payout to reward long-term holders
The Company's performance and financial results could differ materially from these forward-looking statements due togeneral, financial, economic, regulatory, and political conditions affecting the pharmaceutical industry.

19

Dividend Policy(DPS: Yen)
100

90

February 8, 2005
Merrill Lynch Global Pharmaceutical,
Biotechnology & Medical Device Conference

Accelerate Achievement of Targeted DOE 3% by 2 Years(from FY04 to FY06)
Mid-term goal:

DPS
DOE

3.7

80

DOE=5%

70
60

2.4

50
40
30

2.5

2.0
29.0

32.0

2.6

56.0

36.0

23.0

20
FY00

FY01

FY02

FY03

(DOE: %)
4.5
4.3
4.1
3.9
3.7
3.5
3.3
3.1
2.9
2.7
2.5
2.3
2.1
1.9
1.7
1.5

FY04 (est.)

DOE = Dividends On Equity ( = ROE x Dividend Payout)
DPS = Dividends Per Share*As for FY04 (est.), upward revisions were made: DOE (from 2.7 to 3.7) & DPS (from 42 to 56)
The Company's performance and financial results could differ materially from these forward-looking statements due togeneral, financial, economic, regulatory, and political conditions affecting the pharmaceutical industry.

20

February 8, 2005
Merrill Lynch Global Pharmaceutical,
Biotechnology & Medical Device Conference

3Q FY2004 Consolidated
Performance (billions of yen, %)Oct.-Dec., 2004
(3 months)

Results

Apr.-Dec., 2004
(9 months)%

Results%

YOY

Net Sales

143.4

100.0

404.4

100.0

107

Cost of Sales

25.3

17.6

75.7

18.7

103

Gross Profit

118.2

82.4

328.8

81.3

108

R&D Expenses

19.5

13.6

57.0

14.1

113

SG&A Expenses

71.9

50.2

203.5

50.3

108

Operating Income

26.7

18.6

68.3

16.9

104

Ordinary Income

26.6

18.5

69.8

17.3

106

Net Income

16.5

11.5

44.1

10.9

109

EPS (Yen)

57.5

153.3

The Company's performance and financial results could differ materially from these forward-looking statements due togeneral, financial, economic, regulatory, and political conditions affecting the pharmaceutical industry.

111
21

February 8, 2005
Merrill Lynch Global Pharmaceutical,
Biotechnology & Medical Device Conference

Sales of Major Products(billions of yen, %)Area

Oct . – Dec.
2004

Aricept®

Total

45.7

131

122.0

118

Alzheimer’s
DiseaseTreatment

Japan

9.9

125

126

U.S.

27.3
(257)

134
(137)

Europe

7.8

130

Asia

0.7

112

Total

36.0

103

27.2
71.5
(659)
21.2
2.1
100.8

Japan

6.6

115

14.9

129

U.S.

27.3
(257)

102
(105)

98
(104)

Europe

1.6

75

Asia

0.6

116

79.2
(729)
5.2
1.5

Product Name

Aciphex®/Pariet®
Proton Pump
Inhibitor

Millions of Dollars

Millions of Dollars

YOY

Apr. – Dec.
2004

YOY

The average dollar rate during first half of FY2004 was 108.56 yen and that during first half of FY2003 was 115.00 yen.
The Company's performance and financial results could differ materially from these forward-looking statements due togeneral, financial, economic, regulatory, and political conditions affecting the pharmaceutical industry.

114
(121)
122
114
102

94
127
22

February 8, 2005
Merrill Lynch Global Pharmaceutical,
Biotechnology & Medical Device Conference

Financial Forecast for FY2004
Posted Record Profits for Fifth Consecutive Years(billions of yen, %)FY2003Results

FY2004
Estimates

YOY

Net Sales

500.2

530.0

106

R&D Expenses

69.0

76.0

112

Operating Income

83.1

87.0

105

Net Income

50.1

54.0

108

EPS (Yen)

172.1

188.1

109

Dividends (Yen )

36.0

56.0

156

DOE (%)

2.6

3.7

The Company's performance and financial results could differ materially from these forward-looking statements due togeneral, financial, economic, regulatory, and political conditions affecting the pharmaceutical industry.

23

February 8, 2005
Merrill Lynch Global Pharmaceutical,
Biotechnology & Medical Device Conference

Efficient Discovery
Expedited Development
Stable Supply

The Company's performance and financial results could differ materially from these forward-looking statements due togeneral, financial, economic, regulatory, and political conditions affecting the pharmaceutical industry.

24