Daiwa Investment Conference Tokyo 2012
March 7, 2012

Haruo Naito
President and CEO
Eisai Co., Ltd.

Safe Harbor Statement
•

•

•

•

•
•

1

Forecast or target figures in this material are not official earnings guidance but present
the midterm strategies, goals, and visions. Official earnings guidance should be referred
to in the disclosure of the annual financial report (kessan tanshin) in accordance with therules set by Tokyo Stock Exchange.
Materials and information provided during this presentation may contain so-called“forward-looking statements.” 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 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 andconcerns about product safety and efficacy; regulatory agency’s examination period,
obtaining regulatory approvals; domestic and foreign healthcare reforms; trends toward
managed care and healthcare cost containment; and governmental 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 forwardlooking statements whether as a result of new information, future events or otherwise.
This English presentation was translated from the original Japanese version. In the eventof any inconsistency between the statements in the two versions, the statements in theJapanese version shall prevail.

Today’s Topics

Further Globalization
More Innovation
Shareholder’s Value Maximization

2

Further Globalization

3

Efforts To Access To Medicine (ATM)

Access
Improvement of Access To Medicine

Adoption

Availability

Affordability

Architecture: fundamental strategy/framework to improve access to medicine

Efforts to focus on Neglected Tropical Diseases; NTD (filariasis), and
Non-Communicable Diseases; NCD (neurology, oncology, andliver/GI franchises)
4

Reference: Reich & FrostEfforts Toward Affordability
Continued supply of medicines at “affordable prices” suitable to thesocial, economic, and healthcare environments in each country

India

Philippines

Started to supply Aricept (brand name in India“Aricep”) and Pariet (brand name in India “Parit”)
at affordable prices suitable to the social,economic, and healthcare environments of India in
2005.
Aricep achieved the status of No.1 brand in India
in spite of severe competitive environment.

Launched Revovir (generic name: clevudine)for chronic hepatitis B in the Philippines at anaffordable price in February 2010; achieved
year-on-year growth of 313 %*1 further
contributing to patients.

Indonesia
Revised the price of Aricept in April 2010 aimed for affordable pricing. Captured more than 40% *2 ofthe market share while it increased almost 4 times *3 on a volume basis in FY2010 and FY2011(cumulative as of January 2012) to increase patient coverage (compared to the FY2009 actual results) .

Efficient manufacturing is essential to realize affordable pricing in a sustainable manner
Strive for reduction of manufacturing cost by optimization of global production and supply*1 Comparison between cumulative sales from April 2010 to January 2011 and April 2011 to January 2012 (on local currency basis)

5*2 Copyright 2012 IMS Health Incorporated or its affiliates. All rights reserved.
*3 Comparison between actual sales of FY2009 and actual sales of FY2010 and FY2011 (cumulative as of January 2012) respectively(on local currency basis)

To Realize Affordability By Leveraging The Vizag Plant (India)(million tablets)

2,000

Strategically leverageas the supply base ofhigh-quality
pharmaceutical products
based on distinguishedcost-competitivenessProduction Plan at Vizag Plant

DEC
Warfarin 1mg

1,500
1,000
500

Pariet 20mg
Pariet 10mg
Myonal 50mg
Aricept 5mg

0FY2011estimate

FY2012target

FY2013target

FY2014target

FY2015targetFor Japan
Started exporting Aricept 5mg and Myonal 50mg tablets; transferring formulation technology for Pariet

For U.S.
Obtained timely approvals from the FDA (in 3 months) for Aricept API and formulation

For Europe
Additionally submitted the application for India-origin Aricept API

Based on the agreement with the WHO, Eisai to supply 2.2 billion tablets of DEC(diethylcarbamazine) for the treatment of lymphatic filariasis as a Eisai’s product from 2013 to 20206

London Declaration To Eliminate
Neglected Tropical Diseases (NTDs)
The largest international public-private partnership to eliminate NTDs
Realizing “price zero” model as a form of long-term investment
January 30, 2012 Established the largest international public-private
partnership with the Bill & Melinda Gates Foundation, the WHO, the U.S. and U.K.
governments, the World Bank and governments from neglected tropical diseaseendemic countries
A coordinated effort to eliminate 10 NTDs by 2020
Eisai is the only Japanese company to join the coordinated program; the “London
Declaration.”
Signed a statementof intent with theWorld HealthOrganization (WHO) in
November 2010.
Supply medicine freeof charge to theWHO’s lymphatic
filariasis elimination
program.

Eisai has signed an agreement with the WHO to extend its support to the WHO’slymphatic filariasis elimination program until 2020 to supply free of charge 2.2
billion tablets of the medicine DEC (diethylcarbamazine) in line with the WHO
elimination goals
goals.
Contributions
to the economic development and expansion of the
middle-income class through enhancement of health and welfare
A form of long-term investment for future market growth7

London Declaration:
Global Prevalence of WHO-defined 10 NTDSs

8

DiseaseGlobal prevalence

Population at risk

Blinding Trachoma

84 million

approx. 600 million

Leprosy

0.4 million-

Human African trypanosomiasis

0.3 million

60 million

Dracunculiasis(guinea-worm disease)

10,000-Lymphatic Filariasis

120 million

approx. 1.3 billion

Chagas disease

8-9 million

25 million

Visceral Leishmaniasis

12 million

350 million

Onchocerciasis(River Blindness)

37 million

90 million

Schistosomiasis

207 million

approx. 800 million

Soil-transmitted Helminthes consisting

approx. 800 million

approx. 4.2 billionof ascariasis, trichuriasis and hookworm infection(for ascariasis)(only for ascariasis)

Reference: Hotez et al., NEJM357: 1010-1027, 2007

Working Together To Treat Chagas Disease
With New Medicines
Licensing agreement with DNDi for the clinical development of E1224(Product Development Partnership; PDP)

Chagas disease is transmitted by the bite of theassassin bug or vinchuca; it is one of the 10 NTDs on
which the WHO is focusing to eliminate by 2020 as withlymphatic filariasis .

Dr. Urbina in
Venezuela
discovered thatravuconazole has
potent activity bothin vitro and in vivo
against Chagas
diseaseRavuconazole is an azole anti-fungal drug discovered and developedby Eisai. Phase I study of E1224 (in oral administration), a prodrug orsalt form change of ravuconazole, was conducted. The study
demonstrated good ADME properties and safety profile.

Proposed by DNDi (Drugs for Neglected Disease initiative; an
independent non-profit foundation), which has been working to develop
a treatment for Chagas disease, Eisai and DNDi entered into acollaboration and licensing agreement in September 2009 for theclinical development of a new drug for the treatment of Chagas Disease

In the London Declaration, in particular, 11 pharmaceuticalcompanies including Eisai pledged their commitment to thejoint development of new drugs to treat 5 NTDs with DNDi
Contributing to new drug development of these diseases in developing countries
through PDP to support R&D for treatment of neglected tropical diseases
9Joined World Intellectual Property Organization (WIPO)
sponsored global consortium for neglected tropicaldisease research and development(Public-Private Partnership; PPP)

Eisai and other member organizations promote open innovation todevelop new drugs by voluntarily providing intellectual property andexpertise under royalty-free licenses with global research community for
drugs and candidate compounds for WHO-defined NTDs, malaria, andtuberculosis, via a public database managed by WIPO
WIPO Re:Search is a
new consortium inpartnership with non-profit
organizations, research
institutions, andpharmaceuticalcompanies with theobjective of improving
health level in developing
countries, including least
developed countries

All intellectual property, know-how, and compound library licensed throughthis consortium are required to be provided on a royalty-free basis for all
research and development of each disease, as well as for supply and saleof final products in least developed countries.
Eisai is the only Japanese pharmaceutical company to have joined WIPO
sponsored global consortium “WIPO Re:Search” launched on October 26,
2011 with the aim of supporting research and development for NTDs.
Eisai has provided seven candidate compounds to the database, including
a compound that shows potential as a leishmania treatment, an infectious
disease that is endemic in developing countries.

With the aim of improving access to medicine, contributing to realize a sustainable
healthcare solution through sharing intellectual property and know-hows withpharmaceutical companies
10Human Development Programs For Developing Countries
Special Program for Research and Training in Tropical Diseases (TDR)

Eisai invites TDR Clinical Research Fellows from developing countries
Training programs for researchers and physicians from developing
countries are provided at Eisai’s facilities in the U.S.

1st TDR Fellow(2010-2011)
Activities of Dr. Ogunfowokan (Nigeria)
after the TDR:
1.

2.

3.

11

Explore new research areas with aview to develop vaccines to prevent
tropical diseases
Promote collaboration between
pharmaceutical companies and clinicalresearchers in Nigeria
Advocate for stronger regulatory rolesof the clinical research regulatory
authorities in Nigeria

2nd TDR Fellow(2011-2012)
Dr. Mestra (Colombia):
Directly involved in phase II clinical trialthat Eisai and DNDi are conducting for thetreatment of Chagas disease; expected to
put the experience to use immediately after
he returns to Colombia
He is expected to join the early phase ofdevelopment of an antimalarial compound
as wellThrough capacity-building programs for researchers and physicians ofdeveloping countries, Eisai contributes to the development of multilateral
activities to improve the access to medicine

Improvement of Access To Medicine
will contribute to the resolution ofhealth issues in developing countries
thereby creating potential middleincome class in the future

12New Demand Chain Systems

13

Transformation from Mass Production Model
To Global Adaptive Model by Product Category
Site-specificproduction
by local sites

Implementing end-to-end (fromprocurement to patient satisfaction)
management on a global basis

API

API
Formu
lationFormulation

Formul
ation

Packa
ging

Packa
ging

Packa
ging

Oncology DCU Procure API Formulation Packaging
New Chemical
Entity DCU Procure

API Formulation Packaging

Global Brand Procure
API Formulation Packaging
DCU
Kashima14

Vizag

Domesticplants:MisatoKawashima
Sannova

EML：Hatfield plant (UK)
RTP：North Carolina plant (U.S.)

Overseasplants:EML
RTP
TainanBogor
SuzhouStable Brand Procure
API Formulation Packaging
DCU

Patient Satisfaction

Biologics DCU Procure API Formulation Packaging

 Improvement of convenience such as formulation, packaging,and others based on patient needs
 Establishment of optimal supply chain that realizes affordable
price Improvement of decision-making speed and execution capability

Transformation from Mass Production Model
To Global Adaptive Model by Product Category

Patients

Demand Chain
Provide inter-unit coordination and support
DCHQ

Biologics
DCU

Oncology
DCU

New
ChemicalEntityDCU

GlobalBrand
DCU

StableBrand
DCU

Quality
Assurance
CFU

Provide common functional excellence

15

DCU： Demand Chain Unit that has ownership of product and its accountability
CFU： Core Functional Unit that provides common functional excellence to DCUs
DCHQ： Demand Chain Headquarters that maintains integrity of organization

PartnershipManagement
CFU

Pursue global optimization of production
to enhance patient satisfaction

16

New Regions

17

Regional Structure That Enables Knowledge Sharing
New regional structure to freely exchange
knowledge in the regions

Globally-shared knowledge
ｈｈｃ (first thoughts to patients)
ATM (Access To Medicine)Compliance

Regionally-shared knowledge
Regulatory Science
Medical Knowledge
Pricing and Reimbursement Strategies
Marketing Informatics (Product, HTA etc.)
Talent Development18Regional Structure That Enables Knowledge Sharing
New regional structure to freely exchange
knowledge in the regions

19

Regions

HQs Locations

East Asia

Japan

Americas

USEurope, Middle East, Africa

UK

Indo-PacificSingapore

Steady progress of East Asia (EA) Framework
HQs Location: Japan

East Asia region already achieved the target sales compositionof 63% set forth in the plan “HAYABUSA”

Growth prospects ofprescription drug market

HQs

Japan
China
Korea
TaiwanHong Kong“Knowledge” interaction in East Asia region- Japanese-Chinese-Korean sales force exchange programs/
physician exchange programs- Promotion of mutual understanding through interaction of key
opinion leaders of Japan and China- Transmitting hhc knowledge accumulated in Japan*- Promotion of global
clinical trials in East Asia; progress ofregulatory harmonization

20(CAGR: internal estimates)

Americas

HQs Location: U.S.
Growth prospects ofprescription drug market

HQs“Knowledge” interaction in Americas region-

21

Promotion of mutual understanding throughinteractions of key opinion leaders in the region
Utilization of U.S CPP (Certificate ofPharmaceutical Product) for regulatory
submissions in Latin American countries
Mexico functions as a major hub of other Spanishspeaking Latin American countries
Brazil aims to be the operational base for South-toSouth business

U.S.
CanadaMexicoBrazilArgentina
Venezuela・・・(CAGR: internal estimates)

Europe Middle East Africa (EMEA)
HQs Location: U.K.

Growth prospects ofprescription drug market

HQs

22

EU 27 countries
Switzerland
TurkeyRussiaCentral and Eastern Europe(Estonia, Latvia, and other countries)
Middle East (Saudi Arabia and other countries)
Africa (Egypt, Algeria, Morocco, South Africa, and othercountries)“Knowledge” interaction in EMEA region-

Transmitting the medical and marketingknowledge
Submissions utilizing the EU regulatory dossiers
Sharing the pricing/reimbursement strategies(CAGR: internal estimates)

Indo-Pacific
HQs Location: Singapore
Singapore
India
Indonesia
ThailandCambodia
Laos
MyanmarVietnam
Malaysia
Philippines
Australia
New Zealand・・・

Growth prospects ofprescription drug market

HQs“Knowledge” interaction in Indo-Pacific region
Sharing the disease solution model, PPP (PublicPrivate Partnership), affordable pricing, and capacity
building and others, which started in India
Focusing on India, Indonesia, and Indo-China
Collaboration for regulation, registration, and etc. in
pan-Pacific including ASEAN countries
23(CAGR: internal estimates)

Demographic Structures Of Emerging Countries
That Lead The Economic Growth
Transition of [working population*1 ÷ dependent population*2]
3.00

2.50
Brazil
2.00

China
India
Indonesia

1.50

Japan
U.S.

1.00

ActualForecast（year）

0.50
1950

1960

1970

1980

1990

2000

2010

2020

2030

2040

2050

*1 working population: population of age 15 – 65 *2 dependent population: population of age less than15 + 65 and above

Peaks of productive-age population ratio
Brazil 2020 China 2015 India 2040 Indonesia 2025
(Japan 1970 U.S. 1985)
24

Reference:
United Nations World Population Prospects, The 2010 Revision
Sato, Yuri (2011) Keizai Taikoku Indonesia, Chuokoron-shinsha, Inc.

Emerging Country Expected For Future Growth- Indonesia Transition of demographic structure in Indonesia
（%）

100.0

ActualForecast

80.0
population ratio of age 0～14
population ratio of age 15～64

60.0

population ratio of age 65 and above

40.0

dependent population ratio *1

20.0

0.0
1950

（year）

1960

1970

1980

1990

2000

2010

2020

2030

2040

2050

*1 dependent population ratio: dependent population ÷ working population

Productive population ratio to increasein the next 20 years to sustain economic activities
25

Reference:
United Nations World Population Prospects, The 2010 Revision
Sato, Yuri (2011) Keizai Taikoku Indonesia, Chuokoron-shinsha, Inc.

Realize more proactive interaction of
global and regional knowledge
under the new regional structure26More Innovation

27

Premise
Any remarkable therapeutic
hypothesis will not hold true
without the compound to prove it

28

A RECEPTOR
Perceiving what is going onin the science world
How we can break down
the infinite amount of information
to identify the target
To be equipped with“sophisticated insights” and“hunter’s vision”
29Origin of RECEPTOR
Eisai Scientific Advisory Board(Chair)Professor

Name

Yoshito Kishi
Professor

Christopher Walsh
Professor

Stuart L. Schreiber
Professor
David Altshuler

Title
Morris Loeb Professor of Chemistry, Emeritus, Harvard University

Hamilton Kuhn Professor, Department of Biological Chemistry andMolecular Pharmacology, Harvard Medical School
Director of Chemical Biology and a Founding Member of the Broad
Institute of Harvard and MIT, Morris Loeb Professor of Chemistry
and Chemical Biology, Harvard University
Deputy Director and Chief Academic Officer at the Broad Instituteof MIT and Harvard, Professor of Genetics and Medicine at
Harvard Medical School and Department of Medicine andMolecular Biology at Massachusetts General Hospital

Professor

Department of Chemistry, Skaggs Institute for Chemical Biology,
The Scripps Research Institute

Professor

Department of Chemical Physiology, Skaggs Institute for Chemical
Biology, The Scripps Research Institute

Phil S. Baran
Benjamin Cravatt
30

A Good RECEPTOR To External
Knowledge, Inventions, and Discoveries- Examples in oncology and immunology therapeutic areas -Oncology PCU

Morphotek Inc.

PRISM Biolab
Protein-protein
interaction inhibitor

EpizymeCancer epigenetics
Collaboration
with
Quintiles

FORMA
Therapeutics

Scientificfounders

Small moleculecompoundBiologics

Diversityoriented
synthesis
compoundlibrary
Cancergenomics

H3 Biomedicine
Inc.
31

Introduction ofseeds fromacademia

Antibody
MORPHODOMATransMolecular
Targeting in cancer

Scientific
Advisors
Nextgeneration
treatment
approach
From Shinshu University;
Anaeropharma Science Inc.
Novel cancer drugs withbifidobacteria
PCU: Product Creation Unit

Antibody/
biologics
Cell biology

Keio University
Inflammatory
bowel diseases

Kagoshima
University
Fulminant hepatitis

KAN
Research InstituteStrength of Eisai

World-class CHEMISTRY
from Small molecules to Biologics

32

CHEMISTRY Strength: Lead Generation System
Utilize information of human biology
to find the properties of library compounds

Patients
Drugs

High-quality leads
leading to drugs

Screening based on
patient information

Lead
compounds

Efficient leadgeneration

・Omics・Human Cell Culture.
.
.

Focused screening

Matching analysis for disease target grouputilizing human biology

GPCR-focused

Neurology-focused

Oncology-focused

Naturalproducts

DOS

Original
compounds

Chemical library
33

Unique creation system
for lead compounds

GPCR: G protein-coupled receptor

World-Class CHEMISTRY Strength
Innovative small molecule compounds
Strengths in chemical
Diverse compound library
technology
Oncology

Neuroscience

Naturalproducts

Diversityoriented
synthesis
(DOS)

Basic
chemistry

Processchemistry

Excellent Biologics

34

Monoclonal antibody
in oncology
Morphotek Inc.

Monoclonal antibody
in immunology
KAN Research Institute

Peptide-drug conjugates
Antibody-drug conjugatese.g., farletuzumabe.g., KANAb001 (E6011)

e.g., TM tumor targeting
peptide
TM: TransMolecular, Inc.

Optimizing Development Strategy With
Maximum Utilization Of Human Biology

Human Biology space

Chemical space•

Search for chemical structuresthat have potential to beeffective for challenging
disease targets•

Optimization and maximizationof potency for uniquecompounds derived fromcollective effort of chemistryBest matching by

Good
RECEPTORによる
a goodRECEPTOR
ベスト・マッチング
Continued
discoveries
ターゲットの継続探索

for potential targets

Root-cause targets

Diseases

35

Lenvatinib

E7107

E6201

VEGFR
FGFR
RET

SF3b

MEK
FLT3

Gene translocation isrecently identified in somelung adenocarcinoma

Farletuzumab

KANAb001(E6011)

Folate receptor Chemokine
alpha

E2609

Golvatinib

BACE

c-MET
VEGFR2

Variation specific to a certain type of hematologicalcancer cell is recently identified in SF3b and its
surrounding splicing factors

BAN2401

Ontecizumab

・・・・

Beta amyloid Endosialin
protofibril
Targetmolecules

Combining the RECEPTOR and CHEMISTRY Strength- Halaven -RECEPTOR
Professor Hirata and Dr. Uemura of Nagoya University and their team ofscientists were able to isolate and identify the full structure of halichondrin B

Success of total synthesis of halichondrin B by a team of scientists led byProfessor Yoshito Kishi from Harvard University

CHEMISTRY
Success in creating promising anticancer agent derived from natural productwith high-level organic synthetic chemistry
Controlled 19 chiral carbons with 64 synthesizing steps

INNOVATION
HalavenMicrotubule dynamics inhibitor with a unique mechanismof action: Chiral carbon 36

Overall survival benefit in metastatic breast cancer
Ease of administration
Manageable tolerability profile

Eisai pioneered the avenue for medicinal therapy:
continue to lead the way as the First Runner- The area of Alzheimer’s disease -RECEPTORCHEMISTRYJohns
Hopkins
University

University
CollegeLondonJ-ADNI

Keio University

Target for new
mechanism

Target for new
mechanism

Imaging

Neurodegenerative disorders
due to aging

NeurologyFocused
Library

Bexarotene
Recentfindings

ADME/toxicity
Prediction
Technology

Biomarker
Discovery Research
CSF, blood biomarkers
Brain metabolic imaging
Beta-amyloid imaging
Imaging response to indicate hippocampal degeneration

INNOVATION

Symptomatic Treatment

Aricept
37

Disease Modifier

E2609

BAN2401

J-ADNI: Japanese Alzheimer's Disease Neuroimaging InitiativeCombining the RECEPTOR and CHEMISTRY Strength- Perampanel for epilepsy -RECEPTOR
Utilizing the network of high-level expertise with excellent researchingenvironment for neurology at UCL (University College London)
CHEMISTRY
Unique functional assays of rat primary cultured neurons andidentified the seeds by HTS with compound library
Candidate compounds created withexcellent medicinal chemistry at astonishing speed
・ Synthetic development targeting highly active compounds with unique scaffold structures

INNOVATION

Creation of first-in-class
AMPA receptor antagonist

perampanel
38

HTS: High Throughput Screening

RECEPTOR
Take full advantage of the location in Cambridge
where cutting-edge technology and scientific talent exist
CHEMISTRY

H3 Biomedicine Inc. strives to create cancer drugs aimed for
personalized medicines combining high-level, extensive library andgenomics to challenging target molecules

Control functions of cancer-causing genes identified with genomics analysis through following
approaches:
1.
2.
3.
4.

Directly control causative gene
Block factors that locate in the downstream of signaling system
Control oncogenes that synchronize with other oncogenes
Control the dependency of non-oncogenes that synchronize with oncogenes

INNOVATION

Cancer genomics

DOS library＋
39

Cancer drugs aimed for
personalized medicines＝

CHEMISTRY
MoreRECEPTOR ＋Strength ＝ INNOVATIONAD Disease Modifier
E2609

BAN2401・ ・ ・ ・ ・ ・ ・ ・Personalized Medicine with Advanced Genomics andBiomarker Application
Lenvatinib

Farletuzumab

Golvatinib

・ ・ ・ ・ ・ ・ ・ ・Unique Compound Based On Novel Target
Ontecizumab

KANAb001 (E6011)

・ ・ ・ ・ ・ ・ ・ ・Natural Product Derivatives
Halaven

40

E6201

E7107

・ ・ ・ ・ ・ ・ ・ ・Shareholder’s Value Maximization

41

Financial Strategy Map
To Maximize Shareholder Value
Independent board of
directors:
representing the bestinterest of shareholders

Corporate governanceViewpoints of shareholders and investors

IR
Strategy

ROE
Management
ROE≥20%Accountability
Achievingfair valuation

Shareholder
Return
DOE ≥ 8%Margin×
Leverage

Compensating
cost of equity via
cash dividend

×Turnover

Allocating 1/3 of cash incomein the midterm
Maintain/increase
dividend

Maximizing shareholder value
42

Linkage of Value Creation

Four factors to realize shareholder value

EPS Growth

Strong Balance Sheet

Midterm target: to aim fornearly 500 yen
FY2011 estimate: 212.3 yen
FY2012 target: Increase
FY2013 target: Increase

Midterm target Net DER: 0.3 or below
FY2011 estimate: 0.4
FY2012 target: 0.35
FY2013 target: 0.3 or below

ROE

Further Globalization

Midterm target: 20%+
FY2011 estimate: 15.1%
FY2012 target: Improve
FY2013 target: Improve

Equity Spread* as a source ofshareholder value: 15% (target)*Equity Spread = ROE – cost of equity (%)

43

Assuming 8% level of cost of equity

Valuation
ROE- cost of equity
Value Creation

Increase intrinsic corporate
value throughimplementation of the plan
“HAYABUSA”

More Innovation

What Eisai Aims For
Creating series of INNOVATION with
Good RECEPTOR and world-class
CHEMISTRY Strengthand realizing its Global Access toenhance corporate value on asustainable basis

44