1Q FY2008(Fiscal Year Ending March 31, 2009)

Financial Results
Presentation

July 31, 20081

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.
2

1Q Consolidated Performance(billions of yen, %)1Q FY2007

100.0

111

-195.8

15.6

33.8

17.3

123

5.6

39.4

148.5

84.4

162.0

82.7

109

30.5

17.335.5

18.1

116

0.2

35.7

SG&A
Expenses

91.8

52.2

94.4

48.2

103

2.3

96.7

Operating Income

26.2

14.9

32.1

16.4

123

24.1

Ordinary Income

28.4

16.1

31.9

16.3

113

23.9

Net Income

19.3

11.0

22.6

11.6

117

16.6

R&D Expenses

100.0

27.5

Results(GAAP)

195.8

Gross Profits

176.0

Accounting
Transaction forBusiness
Combination ofMGI PHARMA

YOY

Cost of Sales%

Results

1Q FY2008%

Net Sales

Results

1Q FY2008(Adjusted*)

156.5*Adjusted: Financial reporting excluding non-cash accounting items from business combination of MGI PHARMA3

Sales of Major Products

Oncology Products Account for 10% of Total Sales(billions of yen, %)ProductAricept®
Alzheimer’s Disease Treatment

AcipHex®/Pariet®
Proton Pump Inhibitor
Anti-ulcer Agent

Oncology
AreaAloxi®
Dacogen®
Gliadel®
Other MGI Products*
MGI Products Total*
ONTAK®
Targretin®
Lymphoma Products, etc. Total

Fragmin®
Prialt®

*: Revenues from promotion and royalty are not included

Area

1Q FY2007
Results

1Q FY2008
Results
YOY

Japan
U.S.
$ Million
EuropeAsia

14.9
41.5
343
9.2
1.8

19.4
43.4
415
8.0
2.113010512187120

Total

67.3

72.9

108

Japan
U.S.
$ Million
EuropeAsia

8.9
31.8
263
2.5
1.6

11.0
25.9
248
2.5
1.4

123
81
94
9989

Total

44.9

40.8

91

U.S.
U.S.
U.S.
U.S.
U.S.
U.S.
U.S.
U.S., Europe
U.S.
EuropeTotal$ Million

0.6
0.6
1.2
1.4
0.0
2.6
22

9.5
4.4
1.2
0.3
15.3
0.8
0.9
1.9
2.3
0.1
19.6
187

147
134
161
162
3937468624

Sales to Customers
by Geographical Area (billion of yen, %)1Q FY2007
ResultsJapan
North America$ Million

1Q FY2008%

Results%YOY

Increase(Decrease)

78.3

44.5

84.5

43.1

108

6.2

76.8

43.6

89.5

45.7

117

12.7

135221636

856Europe

14.1

8.0

13.9

7.1

99(0.1)

China

2.3

1.3

2.8

1.4

122

0.5

Asia and others

4.6

2.6

5.1

2.6

110

0.5

97.8

55.5

111.3

56.9

114

13.6

176.0

100.0

195.8

100.0

111

19.8

Overseas
Total

5

Operating Income by Geographical Area
(Adjusted)(billions of yen, %)1Q FY2007

1Q FY2008

Results%

23.0

78.3

22.2

North America

4.1

14.0

8.3

$ Million

34JapanResults

YOY

Increase(Decrease)

66.697(0.8)

24.8

201

4.2

233

45%

79

Europe

0.6

2.1

0.9

2.6

144

0.3

China

0.5

1.8

0.6

1.9

119

0.1

Asia and others

1.1

3.8

1.3

4.0

119

0.2

6.4

21.7

11.1

33.4

175

4.8

Overseas
Elimination/Corporate
Total

(3.2)

(1.2)

26.2

32.1

2.0
123

5.9
6

1Q Consolidated Cash Income
Cash Income =Net Income/Loss + Amortization of Tangible/Intangible Assets +IPR&D (In-Process R&D) Expenses + Amortization of Goodwill +Impairment Loss(billions of yen, %)1Q FY2007

1Q FY2008
Results

Increase(Decrease)

YOYａ．Net Income/Loss

19.3

16.6

86(2.7)ｂ．Amortization of
Tangible/Intangible Assets

7.3

12.3

169

5.0

ｃ．In Process R&DExpenses

0.6--(0.6)

ｄ．Amortization of Goodwill

0.0

2.3-

2.3-0-

00

27.3

31.2

115

4.0

ｅ．Impairment Loss
ｆ．Cash Income
ｆ = a+b+c+d+e7

Performance of Eisai Inc.
Figures for FY2008 include sales and profits from MGI products(millions of dollars, %)1Q FY2007
Results%

1Q FY2008
Results(Adjusted)%

YOYIncrease(Decrease)

Total
Operating Income
Net Income

644 100.0
343 53.3
263 40.9607 94.2
5510123.4
224.6
293.4
22863 100.0
415 48.1
248 28.7
663 76.8
90421141478101822187 21.7
9.3
80
5.8
50

134
121
94
109
170
181
174
187
850
272
230

219
72(16)
5690
4211414734810165
51
28

Operating Income before Royalty Deduction

149

215

144

66

Net Revenue
Aricept®
AcipHex®
Aricept® + AcipHex®
Aloxi®
Dacogen®
Gliadel® Wafer

Oncology

OthersMGI Total
ONTAK®
Targretin®
Lymphoma Products, etc. Total
Fragmin®

23.1

24.98

Significant Contribution forSales and Profits by MGI(Revenue in $ Million)

147

160

158%

140

11120

Others429310080

4460

11138%

30187%

4020Gliadel®
WaferDacogen®

90Aloxi®

4801Q FY2007
Operating IncomeRatio (%)*

12.2%

1Q FY200828.3%($42 Million)* Operating income ratios are on MGI adjusted basis for FY2007

9Important Progress of MGI R&D Projects
and Upcoming Events
Marketed Products

Pipeline Compounds

Aloxi®

fospropofol (E2083)• Aloxi® PONV (Post Operative Nausea andVomiting) became available in the U.S.
• CINV (Chemotherapy-Induced Nausea andVomiting) Oral sNDA filed• FDA’s ALSDAC (Anesthetic and Life Support Drugs
Advisory Committee) voted in favor of approval inMay 2008
• Not approvable letter from the U.S. FDA outlines apathway to potential approval of fospropofol• We are confident that our continued discussions
with FDA will lead to the timely approval of thisimportant new therapy

Dacogen®
• Preliminary efficacy update on EORTC trial did
not demonstrate statistical significance on mediansurvival but response rates were similar to thoseobserved in other clinical trials administered with3-day dosing regimen in patients withmyelodysplastic syndromes (MDS)• Plan sNDA submission within FY2008 forDacogen administered with 5-day dosing regimen
in patients with MDS; Phase II study
demonstrated a median survival of 19.4 months
and an overall complete response rate of 32%• Phase III for AML (Acute Myeloid Leukemia)
ongoing• Submitted PPSR (Proposed Pediatric Study
Request) for pediatric AML

Saforis® (E6014)• Submitted protocol to FDA for additional Phase III
study

amolimogene (E7101)• Achieved LPO (Last Patient Out) of Phase II/III study
for treatment of CIN (Cervical IntraepithelialNeoplasia) in women under 25

AKR-501• Patient enrollment for ITP (IdiopathicThrombocytopenic Purpura) Phase II study passed
the two-thirds markZYC300 (E7300)• Achieved LPO of Phase I/II study administering ZYC
300 in patients with late-stage metastatic disease

GPI21016: PARP Inhibitor (E7016)• Target IND submission within 1H FY2008
10

Aricept®: Ongoing Development to Enhance Valuefor Patients During and Beyond DLP
Pediatric Usage: two-pronged approach for underserved population• Cognitive impairment due to Down Syndrome (Phase II ongoing, Phase III to be initiated)• Cognitive impairment due to chemotherapy (Phase III to be initiated)• Targeting data submission in U.S. in FY2009

Transdermal Patch: goal - greater convenience/compliance• First-ever once-a-week patch formulation for AD (Alzheimer’s Disease) patients worldwide• Goal is equivalent efficacy and safety to daily oral administration• Targeting NDA submission in U.S. in FY2009 (global plans in progress)

Sustained Release (SR): goal - enhanced efficacy• Goal is to achieve superior efficacy with high-dose donepezil 23 mg• Phase III study ongoing to compare SR to currently marketed 10mg
• Targeting NDA submission in U.S. in FY2009

New formulations and indications for Japanese market• Filed for jelly formulation• Phase II study in patients with Lewy body dementia ongoing (targeting submission in FY2011)

Target NDA/MAA submissions of E2012 (gamma-secretase modulator) inFY2011 to succeed Aricept® and maintain leadership in AD market

11Pariet®/AcipHex®: Ongoing Development toEnhance Value for Patients During and Beyond DLPPatent validity and enforceability upheld• U.S. Federal Circuit Court of Appeals fully upheld Eisai’s favorable ruling inAcipHex®’s patent infringement lawsuit against Teva and Dr. Reddy’s (July 21, 2008)

Pediatric Usage: pediatric GERD in 3 age groups• FDA approved treatment of GERD in adolescents ages 12 and above (June 30, 2008)• Development ongoing for age group 1-11 and age group 0-1

Extended Release (ER): goal - long-acting 24-hour relief withsuperior efficacy in erosive GERD
• Significantly prolonged pH maintenance period (pH > 4) compared with esomeprazolein PK/PD study; Phase III ongoing including head-to-head in erosive GERD
• Targeting NDA submission in U.S. in FY2009• AcipHex® as a branded product having composition patent, aims to differentiate its positioning in
the post-2010 U.S. PPI market

OTC: asset maximization and market expansion• U.S. and EU submission plans in progress

Ongoing life cycle management for Japanese market• Non-erosive GERD (resubmission planned in FY2008), triple pack combining Pariet® with two otherdrugs for eradication of H. pylori (FY2009), additional dosage: GERD (FY2010)

Target NDA/MAA submissions of E3710 (new PPI) in FY2012 to succeedPariet®/AcipHex® and maintain strong presence in GI market
12Steady Progress of Major Projects

E7389 (Oncology):

FDA agreed Eisai may submit NDA using breast cancer 305 study; simultaneous NDA/MAA
submissions in Japan, U.S. and Europe; steady patient enrollment; targeting NDA/MAA
submissions in FY2009

E5564 (Vascular/Immunological Reaction):
Accelerating patient enrollment under current protocol for severe sepsis, which administers drug
to patients within 12 hours after initial organ failure; simultaneous NDA/MAA submissions inJapan, U.S., Europe and Asia; targeting NDA/MAA submissions in FY2009

E2007 (Neurology):
Patient enrollment in POC study for neuropathic pain completed; targeting NDA/MAA
submissions in FY2010

E2012 (Neurology):
Phase I study for Alzheimer’s Disease fully resumed; targeting NDA/MAA submissions in FY2011

E5555 (Vascular/Immunological Reaction):
POC study for Acute Coronary Syndrome (ACS) ongoing; targeting best-in-class drug andNDA/MAA submissions in FY2012

AS-3201 (Neurology):
FDA agreed to the primary endpoint of Motor Nerve Conduction Velocity (MNCV) in diabetic
neuropathy; targeting NDA/MAA submissions in FY2012

E7080 (Oncology):
Confirmed potential anti-cancer effect for multiple cancer types; targeting best-in-class drug andNDA/MAA submissions in FY2012

MORAb-003 (Oncology):
Presented Phase I and II data at ASCO; confirmed potential anti-cancer effect against ovariancancer; Phase III to be initiated; targeting NDA submission in FY201213

Steady Progress of Pipeline
R&D

R&D in 3 focused therapeutic areas
Neurology, Oncology, Vascular/Immunological Reaction

Phase I
Initiation

ＮＭＥE2012

E2007

Alzheimer’s
DiseaseU.S.

Epilepsy
U.S./Europe(Initiated in1Q)

Pariet®

ＬＣＭ

Phase III
Initiation

Phase II/III
Initiation

GERD
Additional
dosageJapan

Approval

Eszopiclone MORAb-003
Insomnia
Japan(Planned to beInitiated in 2Q)

Ovarian Cancer
U.S.
(Planned to beInitiated in 3Q)

Humira®
Rheumatoid
Arthritis
Japan (April)

Zonegran®

Aricept®

Iomeron®

AcipHex®

Generalized
SeizureEuropePediatric
Usage
U.S.

Higher DoseJapan (May)GERD in
Adolescents
U.S. (June)

14Progress of 4 Corporate Programs
Phase I

Phase II

Phase III

Submission
TargetNeuropathic Pain

FY2010

Epilepsy

FY2012

Severe Sepsis

FY2009

Breast Cancer

FY2009

E2007

E5564

E7389

Aricept®

Prostate Cancer, Non-Small Cell
Lung Cancer, and Sarcoma

Pediatric Usage: Cognitive
Impairment Due To Down
Syndrome
Pediatric Usage: Cognitive
Impairment Due To
Chemotherapy

FY2009FY2009Sustained Release
Formulation

FY2009Transdermal Patch
Formulation

FY200915

Rising Area of Oncology-From Small Molecules to Biologics-Oncology Products
as % of Total Sales

Consolidated Sales of Oncology Products187YOY
163%($ Million)

Aloxi® (YOY 187%)
Dacogen® (YOY 138%)
Gliadel® (YOY 107%)

115147

158%(MGI)

93191%

22
1Q FY2007

41(Current Product)

ONTAK® (YOY 170%)
Targretin® (YOY 203%)
Panretin® (YOY 122%)
Fragmin® (YOY 187%)
Prialt® (YOY 454%)

Consolidated

U.S.

1.5%

3.4%
1Q FY2007

10.0%

1Q FY2008

1Q FY2008

Major Pipeline
Project

Mechanism

E7389

Microtubule growth
suppressor

Small
Molecules
E7080
Antibody

21.7%

MORAb-003

Therapeutic amolimogene
vaccineVEGF receptor
tyrosine kinase
inhibitor
Monoclonal antibody(Anti folate receptoralpha mAb)
DNA vaccine

Targeted
Indication

Description

Breastcancer

Microtubule growth suppressor that confirmed anticancer effect to refractory breast cancer previously
treated with multiple regimens, having mild peripheral
nerve disorder

CancerBest-in-class VEGF receptor tyrosine kinase inhibitor

Ovariancancer

First monoclonal antibody targeting folate receptoralpha often expressed in cancer cells

Cervical
dysplasia World’s first therapeutic DNA vaccine

16

Dual Wings of Japan and U.S. to Lead Growth
Followed by Advancement of Business in Emerging Areas
JapanU.S.

9 Prescription pharmaceuticals sales
increased by 12% YOY
9 Outperformed the market by 6 points*(IMS data)
9 Ranked No.1 in the growth rate among
top 10 Japanese peers

9 Sales by prescription pharmaceuticals

9 Aricept® sales: +30% YOY
9 Pariet® sales: +23% YOY

9 Aricept® sales: +21% YOY
9 AcipHex® sales: -6% YOY(as anticipated)

9 Aricept® sales: China +175%, S.
Korea +37%, Thailand +35%, India+47%
9 Pariet® sales: S. Korea +10%,
Thailand +28%

9 Assuring transformation into growing
areas:
Sales composition for Aricept® andAcipHex® shifts from 94.2% to76.8%
Oncology area expands to 21.5%
9 Improvement of revenue structure:
Progress towards Eisai’s
Independent Marketing
9 MGI products surged beyond thebusiness planAloxi®: $90M (+87% YOY)
Dacogen®: $42M (+38% YOY)

9 Line up of products that meet withlocal needs
9 Early launch of hepatitis products:
Stronger Neo Minophagen® C,
clevudine
9 Expansion of area for GI products
approval: Gasmotin®
9 Expansion of area for diabetic
products approval: Glufast®
9 Entered into license agreement of
Alpha-Lipon300STADA® for diabetic
neuropathic pain
9 Full-scale clinical development toinitiate in Singapore
9 Construction of production facility inVizag, India ongoing

9 Started marketing of Stronger NeoMinophagen® C on April 1
9 Iomeron® 350 and Iomeron® 350 syringe
received additional approval for usage indynamic computed tomography of theliver imaging (dynamic CT) on May 20
9 Launched Humira® SubcutaneousInjection 40mg Syringe 0.8mL on June18; strong kick-off
9 Launched ethical drugs Bufferin 81mg
Tablets and Bufferin 330mg on July 1
9 Restriction on long-term administration foronce-weekly formulation of Actonel® lifted
on July 1
9 Actonel® received approval for additional
indication in patients with Paget’s diseaseof bone on July 16* IMS JPM April-June 2008

business increased by 34% YOY
9 Operating income before royalty
deduction increased by 44% YOY

All figures are on local currency basis

Emerging Areas
9 China: Sales +28% YOY;
Operating income +24% YOY
9 S. Korea: Sales +32% YOY;
Operating income +76% YOY
9 Thailand: Sales +24% YOY;
Operating income +21% YOY
9 India: Sales +37% YOY17