3Q FY2009(Fiscal Year Ending March 31, 2010)

Financial Results
Presentation

February 2, 20101

Safe Harbor Statement•

Materials and information provided during this presentation may contain socalled “forward-looking statements.” These statements are based on current
expectations, forecasts and assumptions that are subject to risks anduncertainties which could cause actual outcomes and results to differ materiallyfrom these statements.

•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 applywith 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 safetyand 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.
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Consolidated Performance(Billion Yen, %)Apr. - Dec. 2008
Results

Apr. - Dec. 2009%

Results%

YOY

598.7

100.0

604.5

100.0101

118.9

19.9

121.520.1

102

479.8

80.1

482.9

79.9

101

R&D Expenses

116.9

19.5

116.8

19.3

100

SG&A Expenses

289.5

48.4

281.1

46.5

97

Operating Income

73.4

12.3

85.1

14.1

116

Ordinary Income

66.4

11.1

80.1

13.2

121

Net Income

39.2

6.5

53.9

8.9

138

Net Sales
Cost of Sales
Gross Profits

GAAP basis• 3Q FY2009 average exchange rates: U.S.$ = 93.6 yen (YOY -9.0%), Euro = 133.0 yen (YOY -11.8%), GBP = 150.4 yen (YOY-19.7%)• The above consolidated financial results calculated on a GAAP basis include the accounting treatment for business combinations
applied in accordance with the acquisition of MGI PHARMA
Included in 3QFY2009 results: Cost of Sales (amortization of marketing rights, increase of inventory): 12.1 billion yen
R&D Expenses (amortization of technology assets): 0.6 billion yen
SG&A Expenses (amortization of goodwill): 6.4 billion yen3

Sales of Major Products(Billion Yen, %)Products

Aricept
Alzheimer’s
Disease Treatment

AcipHex/Pariet
Proton Pump
Inhibitor
Anti-ulcer Agent

Oncology related products

Area

Apr. - Dec. 2008
Results%

Apr. - Dec. 2009
ResultsYOYJapan

61.0

72.6

119

U.S.

139.1

138.3

99

[$ Million][1,353][1,478][109]

Europe

23.0

21.7

95

Asia

5.9

4.9

83

Total

229.0

237.6

104

Japan

35.0

43.0

123U.S.

76.5

61.3

80

[$ Million]

[744]

[655]

[88]

Europe

7.5

6.2

83

Asia

4.1

3.8

93

Total

123.2

21114.4

93

Total

58.8

1057.8

3898
[108]

%

391910[ ] YOY based on local currency

4

Sales to Customers by Geographic Area
(Billion Yen, %)Apr. - Dec. 2008
Results%

Apr. - Dec.2009
Results%

YOYJapan258.5

43.2280.3

46.4

108

North America

277.2

46.3

261.8

43.3

94

Europe

40.6

6.8

39.1

6.5

China

8.6

1.4

11.3

1.9

AOME

13.8

2.3

12.0

2.0

Overseas Total

340.2

56.8

324.2

53.6

Total

598.7

100.0

604.5

100.0

AOME: Asia, Oceania and the Middle East

[104]

96
[111]

132
[144]

87
[101]

95
[106]

101

[ ] YOY based on local currency

5

Operating Income by Geographic Area
(Billion Yen, %)Apr. - Dec. 2008
Results

Japan%

Apr. - Dec. 2009
Results%

YOY

60.9

80.9

75.8

85.3

124

North America

6.9

9.1

5.86.584Europe

2.7

3.6

3.9

4.4

145

China

1.7

2.3

1.5

1.7

88

AOME

3.1

4.1

1.9

2.1

60

Overseas Total

14.4

19.1

13.0

14.7

90

Elimination/Corporate

(1.9)

(3.8)

73.4

85.1

Total
GAAP basis

1166Performance ofU.S. Pharmaceutical Business($ Million, %)Apr. - Dec. 2008
Results%

Apr. - Dec. 2009
Results

YOY%

2,709
1,353744

100.0
49.9
27.5

Aricept + AcipHex

2,096

77.4

Aloxi

Others272
122
3112MGI Total

437

2,809
1,478
655
2,133296124
2894595450

9178106136

Net Revenue
Aricept
AcipHex

Dacogen
GliadelOncology

Lymphoma Products,
etc. Total
Fragmin

100.0
52.6
23.3

104
109
88

75.9

102
109
102
92
77105

Total

570

21.0

614

21.9

108

Operating Income

137

5.1

133

4.7

97

Operating Income

569

21.0

665

23.7

117

(before royalty deduction)
U.S. GAAP basis

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Four products targeted for launch in
FY2010 are making steady progress

8

Aricept-SR （23mg）
Providing further benefit formoderate-to-severe Alzheimer’s disease treatment
Trying to make a paradigm shift•

New sustained-release technology with stable, favorable PK profile thatmaintains higher anti-cholinesterase activity to seek better benefits forpatients• Aricept SR could potentially provide additional benefit to moderate tosevere Alzheimer’s disease (AD) patients who are already prescribed
Aricept 10mg mono-therapy or in combination with memantine• Out of approx. 5.3 million AD patients in the U.S., approximately 65%(approx. 3.4 million) of them are estimated to be moderate to severe AD
patients according to company assumption• Aiming to meet the unmet medical needs where no further improvement
is expected with current treatments

NDA submitted in U.S.: September 24, 20099Eribulin (E7389)
Aiming to establish thenew gold standard for breast cancer• Anticancer agent/Microtubule dynamics inhibitor(novel mechanism of action on microtubule)• Phase III in breast cancer (study 305: third line): eribulin showedstatistically significant extension in the primary endpoint of mediansurvival, compared to physician’s choice group• Study 221 in Japan for breast cancer: response rate (completeresponse + partial response) of 21.3% (17/80)• Completed patient enrollment for phase III in breast cancer (study 301:second line)• Phase II trial in sarcoma and phase Ib/II in non-small cell lung cancer(combination with carboplatin) ongoing
Targeting NDA/MAA submissions in Japan, U.S. and Europe: March 2010
Incidence of breast cancer: more than 1 million annually (worldwide: internal estimates)

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Eritoran (E5564)
First-in-class TLR4 antagonist for severe sepsis treatment
Aiming to be a truly life-saving drug
• Sepsis treatment/TLR4 antagonist (novel mechanism of action)• Eritoran could potentially save 100 lives every single day in the U.S. alone*• Achieved 1500th patient enrollment for study 301 on December 9, 2009
• Achieved patient-out for 1500th patient on January 6, 2010
• DMC (Data Monitoring Committee) scheduled for late March* Source: Tidswell et al, Crit Care Med (in press)

Targeting NDA/MAA submissions in Japan, U.S. and Europe: 1Q FY2010
Number of severe sepsis patients: approximately 0.79 million (Japan, U.S. and Europe: internal estimate)11

AcipHex-ER
Seeking the potentially strongest PPI
maintaining the longest pH holding time
• Goal is to meet the unmet medical needs of patients suffering from
GERD and heartburn- Approximately 1/3 of all GERD sufferers take both an H2 antagonist
and PPI to cope with their symptoms- Nocturnal heartburn is still unresolved problem• Through its long-acting formulation, showed its longer pH holding time
versus esomeprazole (phase I: study 017)
• Achieved the database lock for six phase III trials;
required criteria for NDA submission have been met
Targeting NDA submission in U.S.: March 2010
Number of GERD patients: approximately 39 million (U.S.: internal estimate)12Japan and China to lead Eisai’s growth

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Japan Business• Significant qualitative improvement in provision of medical information
with enhanced market satisfaction by integration of four businesses(prescription drugs, OTC, diagnostics, and generics)• With high growth of major products, the prescription drugs business growth(+13%) outperformed the market by 5 points*1
Aricept

Sales (YOY)
Market penetration (YOY)

72.6B yen (+19%)
56.9% (+6.9 points)*2
43.0B yen (+23%)

ParietSales (YOY)
Market share within branded PPI
products (YOY)

ActonelSales (YOY)
Market share (YOY)

8.6B yen (+22%)
16.7% (+1.7 points)*3

HUMIRA

Sales (YOY)
Market share (YOY)

4.8B yen (+311%)
7.4% (+4.8 points)*3

Diagnostics

Sales (YOY)

4.3B yen (+16%)

Generics

Sales (YOY)

5.9B yen (+48%)

35.6% (+4.3 points)*3*1: Copyright 2010 IMS Health. All rights reserved. Source: Japan JPM Apr. - Dec. 2008, Apr. - Dec. 2009. Printed with permission.
*2: Internal estimates*3: Copyright 2010 IMS Health. All rights reserved. Source: Japan JPM Apr. 2008 - Mar. 2009, Oct. - Dec. 2009. Printed with permission.
Actonel and HUMIRA: internal estimates by internal definitions of the markets

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Japan BusinessFranchise development for sustainable growth• To enter into oncology/critical care
- bendamustine / treatment for low-grade non-Hodgkin’s lymphoma*1 (submitted)- eribulin (submission targeted for March 2010)- eritoran (submission targeted for 1Q FY2010)- DC Bead / drug-eluting bead (submission targeted for FY2010)• To rapidly accelerate growth of immunology/inflammatory area- HUMIRA / rheumatoid arthritis*2
additional indications (psoriasis: approved; ankylosing spondylitis andCrohn’s disease: submitted); full promotion starting in FY2010 after
completion of post-marketing surveillance (850 sites to 2,500 sites)• To expand the neurology area
- pregabalin / neuropathic pain*3 (submitted)- SEP-190 / insomnia treatment phase III (submission targeted for FY2010)

・ To strengthen the GI area
- SA-001 / pancreatic enzyme replacement therapy agent*4 (submitted)*1: Submission by SymBio Pharmaceuticals Limited*2: Submission by Abbott Japan Co. Ltd.

*3: Submission by Pfizer Japan Inc.
*4: Submission by Solvay Seiyaku K.K.

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China BusinessNo.1 in China among Japanese peers for the past 12 months as a result of highgrowth that outperformed the market+44% YOY (Apr. - Dec., 2009; local currency basis)- Aricept: +45% (local currency basis)- Pariet: +67% (local currency basis)

Accelerating growth by leveraging new listing of four products on the National
Reimbursement Drug List
- Aricept, Selbex, alpha-Lipon 300 STADA, and Kestine- Methycobal: prescription restriction of “severe complications of diabetes” has been lifted;
realizing expanded access to all patients with peripheral neuropathy- Listed products such as Pariet remained on the list

Expansion of franchise in response to local disease structure in China(Disease structure in the emerging areas to shift from communicable to non-communicable diseases)- Hepatic disease area (Hepatitis B: approx. 90 mil.; Hepatitis C: approx. 40 mil.)*
Stronger Neo-Minophagen C, Glycyron, clevudine, LIVACT, E5501 (AKR-501)- Diabetes area (approx. 40 mil.)
Methycobal, alpha-Lipon 300 STADA, Glufast- Oncology area (breast cancer: approx. 0.15 mil.; lung cancer: approx. 0.5 mil.)eribulin (additionally, E7080, E7050, and MORAb-003 under consideration)( ) number of patients by internal estimates

Marketed products in green* Number of virus-infected patients16Knowledge Creation in the Emerging Areas- Eisai Knowledge Centre, India: completion on Dec. 12, 2009 • A base to integrate API and formulation manufacturing and API process research functions atone site• Aim to create a future global hub capable of ensuring a stable supply of high-quality
pharmaceutical products and contribute for achieving innovation in API synthesis processes
that will provide the platform for producing such products and realizing affordable pricing• Targeting full operation in FY2010
Commercial Production• Production capability for approx. 30t APIs and 1 billion tablets annually; the site will be
manufacturing APIs and formulations of major products such as Aricept, as well as those of thenext-generation global products; envisioning the manufacture of antibody in the future
Process Research• Conducting API process research (research for synthetic and organic compounds) for the nextgeneration global products such as eribulin, eritoran, E5501 (AKR-501), and so forth, whileconsidering potential enhancement for antibody research and formulation technology research

Main entrance

API LabAPI Building

Formulation Building17E5501 (AKR-501)
Aiming for best-in-class that meets global unmet medical needs• Treatment for thrombocytopenia/thrombopoietin receptor agonist• Completed the acquisition of AkaRx, Inc. in the U.S. and obtained the exclusive worldwide
rights to develop, market, and manufacture E5501 (AKR-501)• Confirmed POC in Phase II trial for idiopathic thrombocytopenic purpura (ITP)
64 ITP patients: 28-day oral dosing - effective response rate of platelet increase
VisitPlacebo

E5501
2.5 mg

5 mg

10 mg

20 mg

Day 140%20%

60%

78.6%**

93.3%**

Day 280%

13.3%

53.3%

50%

80.0%**

Confirmed statistically significant response rate of platelet increase** p<0.005 vs placebo• Striving to develop for indications associated with hepatic diseases to address high unmet
medical needs in emerging areas- 7% of population is infected by hepatitis B and 3% of population is infected by hepatitis C- Antiviral agent market in China: 1,984 million RMB (approx. 26 billion yen based on 1 RMB= 13 yen) in FY2008; expansion by average CAGR of 34% for the past five years- Phase II trials ongoing for thrombocytopenia associated with hepatic diseases[viral hepatitis, alcoholic hepatitis, and NASH (non-alcoholic steatohepatitis)]- Planning for phase II trial for improvement of platelet decrease in viral hepatitis patients who requireinterferon therapy
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FY2009 Financial Forecast(Billion Yen, %)FY2008ResultsFY2009%

Forecast%

YOY

Net Sales

781.7

100.0

803.0

100.0

103

Cost of Sales

152.5

19.5

161.0

20.0

106

Gross Profits

629.3

80.5

642.0

80.0

102

R&D Expenses

156.1

20.0

181.0

22.5

116

SG&A Expenses

381.4

48.8

379.5

47.3

100

Operating Income

91.8

11.7

81.5

10.1

89

Ordinary Income

82.6

10.6

74.5

9.3

90

Net Income

47.7

6.1

40.3

5.0

85

Cash Income
Dividend per Share (yen)

119.0
140

120.5
150

GAAP basis• FY2009 forecast includes the in-process R&D of 23.6B yen ($255M) from acquisition of AkaRx, Inc.
• Estimated exchange rates for 4Q FY2009: U.S.$ = 90 yen, Euro = 130 yen, GBP = 145 yen• Cash income is the total amount of cash available for investments for growth, business development, dividend payment, andrepayment of borrowings, etc.
Cash income = Net income + Depreciation of PP&E and amortization of intangible assets + In-process R&D + Amortization of
goodwill + Loss on impairment (including loss on devaluation of investment securities)

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