May 22, 2024

Consolidated Financial Results for
the Year Ended March 31, 2024 (FY2023)
Presentation for Investors

Securities code : 4886 (TSE)
ASKA Pharmaceutical Holdings Co., Ltd.

Forward Looking Statement
 The forward-looking statements contained in this presentation are based on the Company’s

assumptions and beliefs in the light of information currently available to it and involves known
and unknown risks and uncertainties.

 Accordingly, there is a possibility that actual results and development programs may differ

largely from these forecasts, due to a variety of factors.

 Thisreport contains information on Pharmaceuticals Products (including those underdevelopment), and the content of this report is not intended for medical promotion or medical
advice.

 This translation is provided solely as a reference material. In the case of any discrepancy

between the two versions, the original Japanese version shall prevail.

2

Financial Results Summary for FY2023

Atsushi Maruo,

Senior Managing Member of the Board of Directors, Representative Director

ASKA Pharmaceutical Holdings Co., Ltd.

FY2023 Financial Results Highlight
Net sales
Cost of
sales
SG&A
expenses
Operating
Profit✓ 62.8 billion yen, increased 3.9% YOY, achieved record sales

The pharmaceutical business, which is focused on obstetrics and gynecology,
remained strong, with record-high sales.

✓ 32.1 billion yen, improved 1.5 percentage points YOY

Product mix and other factors improved the cost of sales ratio due to growth inBrand-name drugs such as RELUMINA, THYRADIN, and RIFXIMA.

✓ 24.1 billion yen, SGA ratio improved 0.4 percentage points YOY
Depreciation decreased despite an increase in expenses associated with
R&D progress.

✓ 6.5 billion yen, increased 27.3% YOY achieved record profit
Increased sales and gross profit boosted profits.

4

Consolidated Statements of Income(Millions of yen)

FY2022 Apr - Mar
ActualFY2023 Apr - Mar
ActualActual +/-Growth +/-Net sales

60,461

62,843

2,381

3.9%

Cost of sales

31,87632,178301

1.0%

Gross profit

28,58430,664

2,079

7.3%

Selling, general andadministrative expenses

23,47624,164687

2.9%Operating profit

5,108

6,500

1,392

27.3%

Ordinary profit

5,232

6,522

1,289

24.6%

Profit attributable toowners of parent

4,238

7,545

3,307

78.0%

Recorded 3,340 million yen in extraordinary income associated with sale of investment securities in FY2023* Put a current exchange rate and the reference: ( 1 US dollar = 155.72 yen, as of May 10th, 2024)( 1 Euro = 167.69 yen, as of May 10th, 2024)5

Consolidated Net Sales by Business Segment(Millions of yen)

FY2022
Apr - Mar
ActualFY2023Apr - Mar
ActualBreakdown

Actual +/-Growth +/-Pharmaceuticalbusiness

53,57956,016

89.1%

2,436

4.5%

Animal healthbusiness

6,660

6,664

10.6%

3

0.0%

220

162

0.3%

-58

-26.3%

60,461

62,843100.0%

2,381

3.9%

Other businesses

Total

6

Sales of Main Products (Pharmaceutical Business)
Area

Category

Internal Medicine

AG

Obstetrics and Gynecology

CANDESARTAN * 1(candesartan)

ActualFY2023Apr - Mar
ActualFY2024
Apr - MarYOY

Forecast

YOY

10,723

9,593-10.5%

8,626-10.1%

Notes
Sales volume remained although the NHI drug
price decreased

Brand-name

THYRADIN

7,733

7,862

1.7%

8,018

2.0%

Progress as expected

Brand-nameRIFXIMA

5,397

5,864

8.7%

6,117

4.3%

Sales grew as the Guideline penetrated

Brand-name

MERCAZOLE

1,486

1,521

2.3%

1,510

-0.7%

Progress as expected

AMLODIPINE

901

840

-6.7%

806

-4.1%

Progress as expected

RELUMINA

8,839

9,906

12.1%

11,251

13.6%

Continued penetration activities inendometriosis market

DroEthi

3,671

6,125

66.8%

5,990

-2.2%

As the market continued to expand, newprescriptions increased more than expected

AG

FREWELL

3,489

3,303

-5.4%

3,101

-6.1%

Sales volume increased but sales are lower
than expected.

Brand-name

LUTEUM

1,251

2,029

62.1%

2,106

3.8%

External factors etc. continued to have an
impact on sales.

Brand-name

ANGE

784

725

-7.5%

790

9.0%

Decreased due to switch to other companies’
products

Brand-name

MAGSENT * 2

626

706

12.7%

665

-5.8%

Reflected the NHI drug price increase in sales

4,999

4,430

-11.4%

3,962-10.6%

Transition to other drugs lasted longer thaninitially expected

Generic

Urology

Products(generic name)

FY2022
Apr - Mar

(Millions of yen)

Brand-nameGeneric

Generic(levothyroxine)(rifaximin)(thiamazole)(amlodipine)(relugolix)(drospirenone/ethinylestradiol)(norethisterone/ethinylestradiol)(progesterone)(levonorgestrel/ethinylestradiol)(magnesium sulfate)

LEUPRORELIN * 3(leuprorelin)* 1 Including compounding agents* 3 1.88mg formulation is only for gynecological indications but combined with 3.75mg formulation* 2 Total value of magnesium sulfate preparation

7

Sales by Major Business Field (Animal Health Business)(Millions of yen)

Business field

FY2022 Apr - Mar
ActualFY2023 Apr - Mar
ActualFY2024 Apr - Mar

YOY

Forecast

YOY

Feed additives
Mixed feed
Feed materials

4,152

4,042

-2.7%

4,031

-0.2%

Veterinary
pharmaceuticals

2,370

2,487

4.9%

2,534

1.9%

Major factors
 In FY2023, although sales of feed additives decreased due to market conditions, sales of veterinary antibiotics andproducts for companion animals increased.
 In FY2024, feed additives etc. will remain the same level and veterinary pharmaceutical is projected to grow.

8Analysis of Operating Profit (YOY)(Millions of yen)

6,500
5,108

FY2022
Actual500

Increase in
R&D expenses

2,079
325

Increase in promotion
expenses, travel expenses,
and transportation costs etc.

150

289

Increase inother expenses

Decrease in
Depreciation

Increase ingross profit

FY2023
ActualMajor factors


R&D expenses increased due to progress in clinical trials and aggressive discovery researchBusiness activities recovered and expenses increased as economic activities normalizedHigher profit resulted from decreased depreciation due to a decrease in amortization of distributorship as wellas an increase in gross profit.
9

Consolidated Balance Sheet
End of FY2022(Millions of yen)

End of FY2023

Current liabilities

Current liabilities

23,96817,650Current assets

53,759Non-current liabilities

14,954(Millions of yen)（+6,318）
Current assets

56,143

Non-current liabilities
4,846（-10,107）（+2,384）
Net assets

Property, plant andequipment

10,796

Intangible assets

Net assets

54,533

4,465

Investments
and other assets

18,1171
2
Total
assets 87,138

Property, plant andequipment
11,263 （+467)
Intangible assets
2,877（-1,587）
Investments
and other assets
20,461（+2,344）

61,930（+7,396）2
Total 1assets 90,745（+3,607）

Assets
Accounts receivable – trade
Merchandise and finished goods(Millions of yen)+362
+1,763Inventories+915

Intangible assets-1,587

Investment securities+1,269Liabilities/Net assets
Income taxes payable+2,159

Short/long-term borrowings-3,138Retirement benefit liability-5,433Retained earnings+6,752Analysis of key factors
Assets:Increase in accounts receivable – trade, merchandise and finished goods, inventories, and investment securities
decrease in intangible assets due to amortization of distributorship.
Liabilities: Decrease in retirement benefit liability, and short/long-term borrowings.
Net assets: Increase mainly in retained earnings.
10Consolidated FY2024 Performance Forecast(Millions of yen)

FY2023
ActualFY2024
Forecast

YOY
Actual +/-YOY
Growth +/-Net sales

62,84363,000156

0.2%

Operating profit

6,500

6,700

199

3.1%

Ordinary profit

6,522

6,700

177

2.7%

Profit attributable to ownersof parent

7,545

5,000

-2,545-33.7%

Major factors
 Net sales projected to increase due to growth in obstetrics and gynecology products, in particular RELUMINA,
despite the impact of annual NHI drug price revisions in the core pharmaceuticals business.
 Operating profit and ordinary profit are projected to exceed the previous year's figures due to an increase ingross profit , a decrease in depreciation, and other factors, despite an upward trend in R&D expenses.
 Profit attributable to owners of parent is projected to decrease in FY2024 due to a gain on sale of crossshareholdings in FY2023.

11

Forecast Analysis of Operating Profit (YOY)(Millions of yen)

6,500

FY2023
Actual846

Increase in
R&D expenses

197

Increase in promotion
expenses, travel expenses,
and transportation costs etc.

335

Increase ingross profit

705

Decrease in
Depreciation

202

Decrease inother expenses

6,700

FY2024
Forecast

Major factors

 R&D expenses will increase due to progress in clinical trials and aggressive discovery research Business activities will be more active and expenses will increase Higher profit is projected due to a decrease in amortization of distributorship and other expenses as wellas an increase in gross profit.
12

Capital Expenditures, Depreciation, and R&D expenses
Capital Expenditures

Depreciation

R&D expenses(Millions of yen)

(Tangible/intangible total)(Millions of yen)

(Tangible and software transfer basis)(Millions of yen)

4,227
2,761
1,256

3,127

2,662

4,728

5,575

2,268

1,540

FY2022 FY2023 FY2024(Forecast)

FY2022 FY2023 FY2024(Forecast)

FY2022 FY2023 FY2024(Forecast)Main factors
Capital expenditures: Expected to exceed the previous year’s level due to planned partial renovation of Iwaki factory, etc.
Expected to be lower than the previous year’s level due to a decrease in amortization for production facilities and distributorship
Depreciation:
Expected to exceed the previous year’s level due to aggressive discovery researches and progress in clinical trials.
R&D expenses:

13About Action to Implement
Management That Is Conscious of
Cost of Capital and Share Price

Atsushi Maruo,

Senior Managing Member of the Board of Directors, Representative Director

ASKA Pharmaceutical Holdings Co., Ltd.

About Action to Implement Management That Is Conscious of
Cost of Capital and Share Price (Disclosed in November 2023)
Continue to take initiatives to swiftly achieve a PBR of above 1x
1. Growth strategy (implementation of growth strategy, optimal cash allocation)
2. Strengthen shareholder returns（dividend payout benchmark ratio of 30% from FY2024）
3. Strengthen IR activities(Creation of dialogue opportunities, expansion of information disclosures)
In addition to the above three initiatives, actively promote governance and ESG
management, etc., to implement management that is conscious of cost of capitaland share price.

15

Trend in PBR and ROE
PBR

PBR (multiple)
1.40

1.21

1.20
1.00

0.87

0.80
0.60
0.40

1.5

0.95

1.05

1.14
0.97

7.8
5.8

3.4

attributable toROE (Profit
owners of patient / Equity)

1.9

0.76
4.1

0.72
1.5

6.3

ROE（％）

13.0
8.8

0.73

8.2

1.08

0.65

FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023

14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0

The PBR demonstrates a trend of improvement* PBRs for FY2013-FY2023 are calculated based on fiscal year-end share price.
PBRs and ROEs up to FY2020 are those of ASKA Pharmaceutical Co., Ltd.
PBRs and ROEs after FY2021 are those of ASKA Pharmaceutical Holdings Co., Ltd.

16

Detail of Initiatives 1) Growth Strategy (Optimization of Cash Allocation)
FY2023-2025 Plan (disclosed in November 2023)
Source of funds

Investment direction
Pharmaceuticalbusiness

Operating CF*
20 billion

New field
Growthinvestment

Objectives

FY2023 Results
Distribution

Investment
field

ActualExpand pipeline by strengthening R&D and BD
Femtech, CVC, Digital Health
Testing, Animal Health (CA)

15 billion＋X

Growthinvestment

About
5 billion

Overseas development Establish business in Southeast Asia

R&D expenses(except tangible
expenses)
Increase investment in
HatapharInvestment in CVC

Cash from sale ofcross-shareholdings
3 billion

M&A

Acquisition of competencies necessary for growth
Renewal and expansion of production facilities

Strengthen management base

Digital transformation

3-4 billion

Strengthen
management
base

About
1.5 billion

Facility investment（tangible）
Education and training
expenses

3-4 billion

Shareholder
returnAbout
1.1 billion

Increased annual
dividends per share from
16 yen to 40 yen

Investment in human capitalFundraising (+X)

Shareholder return

Dividends, share buybacks*Assumed operating profit + depreciation+Research and development expenses (except tangible expenses)

17

Detail of Initiatives 2) Strengthen Shareholder Returns
Changes in dividends per share
40yen

50yen

Year-end
25yen

Year-end
20yen

14yen

15yen

Payout ratio

14.6%
FY20205.3% *1
FY2021

28.3%

16yen
15.0%
10.7%
FY2022

Interim
20yen

FY2023(Estimate)Interim
25yen

FY2024(Forecast)

Shareholder return policy
Starting from FY2024, the Company
sets forth a benchmark for a
consolidated dividend payout ratio of
30% as a performance-linked profit
distribution. Our basic policy calls forongoing stable dividends while
ensuring profit distribution linked tobusiness performance, with aminimum annual dividend of 30 yen
per share.
In FY2024, the Company plans toincrease its annual dividends by 10
yen to 50 yen per share.

* Interim dividends 7 yen in FY2021 are derived from other capital surplus, and are excluded from dividend payout ratio
18

Detail of Initiatives 3) Strengthen IR activities
Dialogue with Shareholders and Investors (FY2023)

Activities

Actual(FY2022 Actual)

Attribute information on the shareholders and investors
whom we dialogued withFinancial resultsmeeting

2 times（2）

Management

Conferences andmeetings held bysecurities firms

3 times（1）

Management
IR Dept

IR events for individual
investors

2 times（1）

IR Dept

IR events for
institutional investors

1 time（0）Management

One-on-one IRinterviews/SR dialogue

100 times
Total 110 company
Total 163 persons（79）

Management
IR/SR Dept

9.8%

Sell side

Attendees

SR officer

22.7%

Securities Analyst

Sell side /Buy side
Buy side

77.3%

Areas of
27.6% responsibility

Fund manager

59.5%

Main topics and concerns of dialogue
•
•
•
•
•
•

Future initiatives in the female healthcare area
Development pipeline
Initiatives for medium- to long-term growth
Shareholder returns, capital policy, and financial strategy
Measures to realize management that is conscious ofstock price and cost of capitalManagement structure and governance19

Cross-Shareholdings Reduction
Toward Reducing Cross-Shareholdings
We are currently reviewing the capital efficiency and appropriateness of our cross-shareholdings,
and we are in the process of reducing any cross-shareholdings that may not be significant. As of
March 31, 2024, the ratio of the Group's cross-shareholdings to consolidated net assets was 18.4%,
down 3.9% from the end of the previous fiscal year.
Cross-Shareholdings Reduction Status
Carrying amount of cross-shareholdings on the balance sheet (million of yen)

12,50023.4

23.8

Ratio of cross-shareholdings to consolidated net assets (%)

12,132

12,00011,500

10,58811,00010,50010,000

9,738

20.7

22.3

10,105

11,371
20%
20

18.4

9,500

9,000

8,500

15

FY2019FY2020

FY2021Figures up to FY2020 are those of ASKA Pharmaceutical Co., Ltd.
Figures after FY2021 are those of ASKA Pharmaceutical Holdings Co., Ltd.

FY2022

FY202320

Assessment of Current Status and Policy for Improvement
Assessment of Current Status
 Over the past four years, we have seen increased sales, profits, and improving ROE. In
November of last year, we announced three key initiatives: a Growth Strategy with cash allocation
disclosure, a focus on Strengthening Shareholder Returns, and an emphasis on Strengthening IR
Activities. These initiatives aim to realize management that is conscious of the cost of capital andour stock price. As a result, the PBR has shown an improvement trend of over 1x, indicating thatthe market recognizes and expects positive outcomes from these efforts.

Policy for Improvement
 We are committed to achieving sustainable business growth and to providing the market with theinformation it expects, including updates on the initiatives we announced in November of last year.
We will use a PBR exceeding 1x as a starting point and focus on management that is consciousof the cost of capital and our stock price to increase our corporate value.

21

Overview of FY2023
Initiatives for FY2024
Takashi Yamaguchi,

President, Member of the Board of Directors, Representative Director

ASKA Pharmaceutical Holdings Co., Ltd.

About Action to Implement Management That Is Conscious of
Cost of Capital and Share PriceContinue to take initiatives to swiftly achieve a PBR of above 1x
1. Growth strategy (implementation of growth strategy, optimal cash allocation)
2. Strengthen shareholder returns（dividend payout benchmark ratio of 30% from FY2024）
3. Strengthen IR activities(Creation of dialogue opportunities, expansion of information disclosures)
In addition to the above three initiatives, actively promote governance and
ESG management, etc., to implement management that is conscious of costof capital and share price.

Adapt to different environmental changes and utilize
them to promote corporate growth23

ASKA Pharmaceutical Holdings Co., Ltd.
Overview of FY2023
Review of the 3rd year of the Medium-Term Management Plan

24

The Goals of the Medium-Term Management Plan 2025

"Become a Total Healthcare Company witha Strong Foundation as a Specialty Pharma Company”
The Medium-Term Management Plan 2025 Numerical Targets

Net sales: 70 billion yen, Operating profit rate: 8%, ROE: 8%
Based on below foundation, The Medium-Term Management Plan 2025 was
designed with four visions and seven strategies.

Specialty

Ability to create

Social contribution25

Summary of the 3rd Year of the Medium-Term Management Plan 2025
Targets

The Medium-Term Management Plan 2025
Net sales

Operating profit margin

ROE

8%

8%

70.0 billion yen

The 3rd Year of the Medium-Term Management Plan 2025
Net sales

62.8

billion yen

Operating profit

6.5

billion yen

Operating profit margin

10.3

%

Profit7.5

ROE13.0%

billion yen

On track to achieve Medium-Term Management Plan
26

4th Year of the Medium-Term Management Plan 2025
The Medium-Term Management Plan 2025 Numerical Targets
Net sales: 70 billion yen, Operating profit rate: 8%, ROE: 8%
3rd year of the Medium-Term Management Plan
FY2023 Actual
Net sales: 62.8 billion yen
Operating profit: 6.5 billion yen, ROE: 13.0%
4th year of the Medium-Term Management Plan
FY2024 Target
Net sales: 63.0 billion yen
Operating profit 6.7 billion yen
27Medium-Term Management Plan 2025: 7 Strategies, Results, andFuture Efforts
Strategies

Achieved No. 1 sales in the Ob/Gyn area
RIFXIMA received approval for the pediatricindication
Signed an agreement with SUSMED for joint R&D
and marketing of therapeutic apps

1

Enhancing Corporate Valueby Strengthening Initiatives
in the Specialty Areas

2Continuous Creation of
New Drugs throughAdvanced Drug Discovery





3

Overseas Operations

Executed capital increase to Hataphar（Vietnam）
Hataphar's new plant WHO-GMP approval filed

Providing New Value toRealize “Total Healthcare”






Established CVC fund and started investment
Started selling training videos on women's health
Launched new feed additives
Launched two new hormone measurement kits

4

Future efforts

Results of the 3rd yearInitiated Ph I/II for AKP-022 (relugolix combination tablets)
Preparation for filing LF111 to authorities
Signed a joint research agreement to develop a
new treatment for preeclampsia with Red Arrow
Therapeutics

Contribute to women’s health through new
approaches
Further penetration of RIFXIMAExpansion of development pipeline
Progress in the Development of AKP-022(relugolix combination tablets)
Creation of in-house seeds



Step up collaboration
Preparation for PIC/S GMP acquisition

Further investment in and promotion of areas
peripheral to pharmaceuticals
Fast-track launch of the Femtech business
Promote the development of new products forveterinary use
Early expansion of hormone measurement kits








28

Medium-Term Management Plan 2025: 7 Strategies, Results, andFuture Efforts
Strategies
5

Improving Operational
Efficiency, managing Costs,
and Reinforcing Our
Financial Base

6

Foster an Organizational
Culture that Emphasizes
thorough Compliance andAccountability

7

Develop Human Resources
to Realize Growth
Strategies

Future efforts

Results of the 3rd year
Continuation of cost reduction measures(Cost of sales ratio:FY2020 54.0％→ FY2023 51.2％)
Rethinking of unprofitable product portfolioContinued review of quality management system
Continued implementation of compliance training

Expansion of flexible work styles through various
measures
Recognized as the “White 500” enterprise for threeconsecutive years as ASKA HD, six consecutive
years as ASKA Pharmaceutical
Expansion of education and training programs
Creation of work support grant andCoverage of cancer insurance for employees







Continued response to cost increases due toexternal factors



Maintenance of quality cultureStrengthen HR development through NextGeneration Leader Development Program
Continue making investments that draw out
the value of human resources29Medium-Term Management Plan - Direction of the Latter Half
Expansionof development pipeline
パイプラインの拡充
Strengthen the drug discovery research system and promotecollaboration with other companies to expand the pipeline

Establishment of overseas business
Establish overseas business in Vietnam

Maximize the value of existing productsContinue disease awareness and information provision
to maximize value with a focus on brand-name drugs

Realization of total healthcare
Establish a strong foundation for the Femtech business, expand companion
animal products and develop non-invasive hormone measurement kits

30

FY2024
Group Companies’ Initiatives

31

ASKA Pharmaceutical Co., Ltd.
■Main Initiatives

・Specialty Areas
・Development Pipeline
・Overseas Business Development

32

ASKA Pharmaceutical Co., Ltd.
■Main Initiatives

・Specialty Areas
・Development Pipeline
・Overseas Business Development

33

Sales Trend in ASKA Pharma's Ob/Gyn Products
Magsent and MAGNESOL succeeded

In-house data
(Millions of yen)

RELUMINA and FREWELL launched
Jemina co-promotion started

co-promotion started

NOBELZIN co-promotion started

launched

12,387

LEUPRORELIN
launched

5,757
5,181
4,752
4,540
4,522 4,222

6,764 7,276

25,980RIONA

LUTEUM launched

NORLEVO

DroEthi launched

14,593

Strengthen our
position in Ob/Gyn

22,00016,7288,846

FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023

FY2025

Number 1 sales* achievement in the field of obstetrics and gynecology has been attained*In-house estimate
34

Strengthen Our Position in the Ob/Gyn Field
Promote cooperation with other companies• Joint R&D and marketing of therapeutic apps in the Ob/Gyn field with SUSMED• Joint research to develop a new treatment for preeclampsia with Red Arrow Therapeutics
Expand Around-The-Pill field (areas peripheral to pharmaceuticals)••••

Established CVC fund and started investment
Comprehensive business alliance regarding Femtech agreed with LIFEM
Started selling training videos on women's healthInvested in NEXTBLUE Fund 2, a fund specializing in the realm of women's wellbeing
Disease awareness activities• Continue to disseminate information through Health Lab Mint⁺ for Women's health35

Our Ob/Gyn Pharmaceutical Products by Life Stage
Early
childhood

Puberty

Sexual maturity

Contraception

Drospirenone (LF111)

Iron deficiency
anemiaRiona (Co-Pro* )STD/infection
Uterine fibroids
Endometriosis
Dysmenorrhea
Menstrual disorder

ANGE

NORLEVORELUMINALEUPRORELIN

AKP-022

Jemina (Co-Pro)

FREWELL (AG)

DroEthiPMS/PMDD drugs

PLANOVAR

TRM-270

Menopause

Old age
HOLIN

Rapid SP Chlamydia (Co-pro*)

Imminent
miscarriage/
premature birth,labor induction

Infertility

Now on sale

Menopause

Under development

Magsent

MAGNESOL

RITODRINEATONINHMG
LUTEUMuFSH

Methylergometrine

SEXOVID

GONATROPIN* Mainly in the field of obstetrics and gynecology

Our Ob/Gyn drugs
under development
LF111
AKP-022
TRM-270
Expands the lineup andcontributes to women's
healthcare36Growth Driver - RELUMINA (Uterine Fibroids/Endometriosis Agent)
RELUMINA sales trend

Aims for further
growth*Financial results base (millions of yen)

8,839

9,906

11,251

7,344
5,709
2,615

FY2019 2021年
FY2020 2022年
FY2021 2023年
FY2022 2024年
FY2023 2025年
FY2024 2026年
FY2025
2020年
Forecast* Source: Intage Receipt Data in FY2023 (with duplication due to complications)
April-December 2023: Fixed figures, January-March 2023: Estimated figures

Endometriosis Market*
Patients receiving hormonal
pharmacotherapy(1,008,100 patients)
Patients receiving dienogest(465,000 patients)
Patients receiving GnRH preparations(88,000 patients)

Patients receiving RELUMINA(53,000 patients)
Promote penetration of RELUMINA
in the treatment of endometriosis
37

LEP*1 market continues to expand
LEP market trend(Thousands of sheets)■ ASKA products ■ Competitors’ products

Our LEP formulations*2

10,169In-house analysis based on date of Encise Inc.
(unauthorized reproduction prohibited)

thousand sheets

Offer treatment options with a lineup of three LEP products

5,590✓Free from the discomforts associated with dysmenorrhea✓Contribute to improved quality of life and performance

thousand sheets

ASKA’s share
ASKA’s share

ASKA’s share

42.7%

21.0%
FY201951.4%

FY2020

FY2021*1 Low-dose Estrogen/Progestin combination*2 Jemina tablets are co-promoted with Nobelpharma Co., Ltd.

FY2022

FY2023Raise awareness through disease awareness activities✓Gain further market share in the growing market

Contributes to dysmenorrhea treatment
Helps to build a society where women
can thrive and succeed.
38

RIFXIMA (rifaximin) Contributes to Unmet Medical Needs
RIFXIMA sales trend
Financial results base (millions of yen)

5,397

Clinical Practice Guidelines for Liver Cirrhosis 2020
Projected to achieve
mid-term target
6.0 billion yen

5,864

6,117

4,854
4,334

Strength of recommendation:

Strongly recommended

Published in November 2020

Evidence level:

A

Contribution to unmet medical needs
Received approval for partial change of manufacturingand marketing approval for pediatric indication (March 26, 2024)

Mission of ASKA Pharmaceutical

3,780

Contributes to the healthy growth of pediatric liver disease
patients and improves the quality of life of their families

FY2019FY2021 2023年
FY2022 2024年
FY2023 2025年
FY2024 2026年
FY20252020年 FY2020
2021年 2022年

Forecast

Establishes itself as the standard treatment
for hepatic encephalopathy
39

A Leading Company for Thyroid Treatment
Sales trend of three thyroid products*

Sustainablegrowth projectedOver 95% shareof the domestic market for the thyroid treatment

Financial results base (millions of yen)

10,000

9,116

9,375

9,536

9,678

Ongoing efforts in thyroid disease awareness Raise awareness of the disease among primary doctors and others- Thyroid seminars held 6 times (2,635 attendees) Approach to corporate health checkups- Raise disease awareness among corporate health management
staff and propose examinations.

8,768
8,432

Mission of ASKA Pharmaceutical
FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Forecast Target* THYRADIN, MERCAZOLE, PROPACIL

Promote disease awareness and contribute to treatment
Maintain stable supply as basic pharmaceuticals

40

ASKA Pharmaceutical Co., Ltd.
■ Main Initiatives

・Specialty Areas
・Development Pipeline
・Overseas Business Development

41

Development Pipeline
R&D Status (as of May 2024)
Development code (generic name)Indication

Changes from the previous financial results meeting
Research*1

Non-clinical*1

Ph I

Ph II

Ph III

LF111 (drospirenone)
Contraception

Application

Approval

Preparing application(Option agreement)
Treatment for PMS/PMDD*2

Investigator-initiated Ph II Ongoing

AKP-022 (Relugolix combination tablet)
Uterine fibroids
Theme A / Ob/Gyn
Theme B / Ob/Gyn

Ph I/II OngoingTRM-270 (adhesion barrier)(Gastroenterology and Ob/Gyn)

Ph III ongoing*3

L-105 (rifaximin)
Hepatic encephalopathy (pediatrics)

Approved

Theme C / Internal Medicine

AKP-009 (ludaterone acetate)
Benign prostatic hyperplasia
AKP-017 (transnasal testosterone)
AKP-021 / mPGES-1 inhibitor agent

Ph IIa Completed*4
Preparing clinical trials*1 Details of research are not disclosed because it is non-clinical. *2 Premenstrual syndrome / premenstrual dysphoric disorder*3 A clinical trial for the Ob/Gyn field was initiated in November 2023.
*4 After receiving the results of the additional Phase I study, we are again conducting a Phase I study to reconfirm the data.
42

Development Pipeline - Summary of Characteristics
 LF111
Progesterone only oral contraceptive. Under development with the expectationof reducing the risk of thrombosis.
➡ The clinical trial has progressed ahead of schedule and is now underpreparation for filing. We aim to file the application in the first quarter.
 TRM-270
Under development with the expectation that it will be an Adhesion Barrier
with good maneuverability, with a special focus on handling in laparoscopic
surgery and robot-assisted surgery.
➡ Initiated a clinical trial for the Ob/Gyn field in November 2023.
 AKP-022
Combines estrogen and progesterone with relugolix. Under development withthe expectation that long-term administration for 6 months or longer will bepossible.
43

ASKA Pharmaceutical Co., Ltd.
■ Main Initiatives

・Specialty Areas
・Development Pipeline
・Overseas Business Development

44

Vietnam - Collaboration with Hataphar
In 2021, ASKA acquired 24.9% of Hataphar’s shares
Hataphar became an affiliate company of ASKA
Seeking collaboration in Vietnam's growing
pharmaceutical market (CAGR 10%)

Factory construction support
Product technology transfer

Construction progress of a new plant(in compliance with PIC/S GMP)
 Completed WHO-GMP compliant application for commercial
production
Aiming for approval in the first half of the fiscal year
 Started preparations for PIC/S GMP approval

Deepening Collaboration
 Aim to strengthen alliance through further financial inclusion
January 2024: Capital increase to 32.6% of voting rights
March 2024: Increase to 34.9% of voting rights through amarket purchase

Expand market share in Vietnam
Aim to enter the Asian region

Deepen collaboration with a view to consolidation
for further growth of both companies andenhancement of corporate value

45

ASKA Animal Health Co., Ltd.

46

ASKA Animal Health - FY2024 Forecast and Sales Composition
Sales trend of ASKA Animal Health*Financial results base (millions of yen)

Aims forfurther growth

6,660 6,664 6,703
5,630
4,502 4,742

Companion animal-related
Others

0.7%

7.8%

Sales
composition 59.5%

31.9%(FY2023)

Livestockpharmaceuticals

FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Forecast

Feed additives,
Mixed feed,
Feed materials

Promotes the development ofpharmaceuticals for companion animals
47

ASKA Animal Health - Key Initiatives and Conditions for Feed Additives
Key Initiatives
Sales activities focus on products such as veterinary pharmaceuticals toimprove profit margins
 Focuses on TRILOSTAN TABLETS “ASKA,” a treatment for canine hyperadrenocorticism➡ Promotes market penetration by continuing to hold academic conference exhibitions, webinars, etc.
 Promotes quarantine by strengthening marketing of the iodine-based disinfectant Polyup 16➡ penetrate bio-friendly products with substances not subject to positive list regulation.
 Promotes the sale of L-histidine hydrochloride, a feed for aquaculture➡ Expand commercial channels by introducing to swine and poultry farmers.

Conditions for Feed Additives

 Market conditions for the mainstay lysine and L-methionine prices appear to have bottomed out, but theoutlook is uncertain due to the ongoing depreciation of the yen and other factors.

Contributes to the creation of a society where humans and animals can coexist
48

ASKA Pharma Medical Co., Ltd.

49

ASKA Pharma Medical - Key Initiatives
Strength of ASKA Pharma Medical: Endogenous hormone microanalysis technologies

Key initiative: expansion of non-invasive testing business
Hair female hormone level measurement kit “Proges”
Launched in April 2024, Target: menopausal disorder

Testing kits for companion animals
To be launched in FY2024

Body hair thyroid hormone levelmeasuring kit for cat( Target Hyperthyroidism )Body hair cortisol levelmeasurement kit for cat(Target: Stress)

Contributes to the creation of a vibrant, healthy society
through the latest measurement technologies
50ASKA Pharmaceutical Holdings - Group Strengths Sources of Growth
Specializing in endocrine R&D fora long timeOver

100 years

Developed and launchedvarious products
ASKA Animal Health
Product lineup

Feed additives
Industrial animal/
Companion animal
pharmaceuticals

Launched various products

ASKA Pharmaceutical

ASKA Pharmaceutical

A Leading Company
in Ob/Gyn field

A Leading Company
in Thyroid field*In-house estimate in FY2023

Over 95% share of the domestic
market for the thyroid treatment

ASKA Pharma Medical
Measurement technologies

ASKA Pharmaceutical Holdings
Synergy Creation

Top sales in Ob/Gyn field*

Endogenous hormone
microanalysis technologies
Expansion of non-invasive
testing businesses

Intensifying intergroup cooperation

Cooperation and collaborationin various fields

51

Become a Total Healthcare Company with a Strong Foundation as aSpecialty Pharma Company
Modality
axis
Regional axis

MedicaldevicePrevention

Overseas

Testing and
Diagnostics
Treatment

Prognosis

Broad health support

Medical life
cycle axis

52

ASKA Pharmaceutical Holdings Group

Corporate Message

For a Healthy Tomorrow and Future.

Appendix

54

Sales Ratio by Area and Sales Proportion of Brand-name Drugs
Sales Ratio by Area
(FY2023)

Sales Proportion of Brand-name Drugs■Brand-name drugs■ Generic drugs
FY202223.3%

FY2023

43.5%
7.4%

48.7%

51.3％

47.0%

53.0％

25.8%
■Obstetrics and Gynecology

産婦人科
内科（消化器・甲状腺）■Internal medicine (Gastroenterology and thyroid)
泌尿器科
その他■Urology

Aims to increase the ratio of brand-name drugs(Numerical target in The Medium-Term Management Plan 2025: 70％)

■Others

The total may not add up to 100 because the figures are rounded to the second decimal place.

55

ASKA Pharmaceutical: Business Review of the Past 15 Years (Consolidated)
ASKA PLAN 2012

ASKA PLAN 2015

ASKA PLAN 2020

Current Plan 2025
Holdings structure

Shift from a growth strategy based on the expansion of generics to a specialty pharma with new drugs(Billion of yen)
700
70.0

Net
sales
売上高
営業利益率profit margin
Operating

600
60.0

458
45.8

500
50.0
400
40.0

358
35.8

300
30.0

410
41.0

395
39.5

429
42.9

432
43.2

1.2%

2.3%

2.6%

2011年度FY2011

2012年度FY2012

1.8%

3.3%

2.7%

Launch of
FREWELL AG

Launch of
RELUMINA

Launch of CANDESARTAN AG

Great East Japan Earthquake

406
40.6

Launch of
RIFXIMA

485
48.5

7.6%

20.0
200
10.0
100

Launch of LEUPRORELIN

Launch of AAKK products

3.7%

489
48.9

5.8%

Succession of
MAGSENT

Launch of DroEthi

Co-promotion ofJemina

467
46.7

525
52.5

552
55.2

6.5%
3.8%

566
56.6

605
60.5

8.5%

8.4% 10.3%

2021年度FY20212022年度FY20222.9%00
2009年度FY20092010年度FY20102013年度FY20132014年度FY20142015年度FY20152016年度FY20162017年度FY20172018年度FY2018628
62.8

2019年度FY20192020年度FY20202023年度
2023年度想定
FY2023

56

Net Sales/Operating Profit by Quarter (Past Actual)
Net sales(Millions of yen)

14,221

14,256

15,702

15,269Operating profit
17,087

14,903

2,471
1,704

1,664

1,469

1,215
118

2Q

14,019

2,162

2,020

1Q

3Q

FY2021

15,625

13,202

12,4281,188

16,023

17,176

4Q

1,351

974

67
1Q

2Q

3Q

FY2022

4Q

1Q

2Q

3Q

4Q

FY2023

Both sales and profits tend to be low in 4Q due to restrained purchases before
periodical NHI drug price revisions and expenses incurred in 4Q.
57

Increase in the Number of Menstrual Cycles due to Changes in Life Events
Women today experience their first menstruation earlier, tend to marry later, and experience fewer childbirths than women in past generations.
The increase in the number of menstrual cycles (MCs) experienced in women's lifetime is considered a factor for the increase in dysmenorrhea
and other menstrual problems.

Number of MCs experienced by
women today

450
Number of lifetime childbirths: Approx. 2

Menstrual periods of women today
Age: 10

20

30

40

Number of lifetime MCs: Approx.

Number of MCs experienced by
women in past generations
Number of lifetime MCs: Approx.

50

Number of lifetime childbirths: Approx.

5■Period before menarche ■Period with menstruation
Amenorrheic period due to pregnancy, childbirth or breast-feeding

Menstrual periods of women in past generations
Age: 10

20

30

40

■Period before menarche ■Period with menstruation
Amenorrheic period due to pregnancy, childbirth or breast-feeding

Modified from source: Short RV: Rroc. R. Soc. Lond B. Biol. Sci. 1976; 195, 3-24.

58

Number of Uterine Fibroids/Endometriosis/Dysmenorrhea Patients(Extended estimates from electronic receipt data, 12 months from January of each year to December of the following year)

2.05

2.26

2.30

(Million of patients)

2.38

2.25
1.83

2.02

1.50

0.72

2020

2021

2022

2023

Uterine fibroids
Source: JMDC Claims Database

2020

0.83

2021

0.90

0.99

2022

2023

Endometriosis

2020

2021

2022

2023

Dysmenorrhea
59

Estimated Number of Patients in Gynecological Diseases(in-house estimates from external data)(Extended estimates from electronic receipt data, 12 months from January of each year to December of the following year)

Estimated number of potential patients

Estimated number of actual patients

7.12 million
5.93 million

2.37 million
0.99 million
41.8%
Endometriosis

2.25 million

2.38 million

31.6%

40.1%

Dysmenorrhea

Uterine Fibroids

1 JMDC Corporation survey (expanded estimates from electronic receipt data, period: January 2022 - December 2022)
2 Calculated based on the assumption that the population of women aged 15-49 is 24.12 million and that the incidence rates of endometriosis, dysmenorrhea, and uterine fibroids are 10%, 30%, and25%, respectively, based on various reports.
60

Uterine Fibroids/Endometriosis Market
Uterine Fibroid Market

Endometriosis Market

Patients receiving hormonal
pharmacotherapy(613,000 patients)

Patients receiving hormonal
pharmacotherapy(1,008,100 patients)

Patients receiving dienogest(201,000 patients)
Patients receiving GnRH preparations(179,000 patients)

Patients receiving RELUMINA(128,000 patients)
Source: Intage Receipt Data in FY2023 (with duplication due to complications)
April-December 2023: Fixed figures, January-March 2023: Estimated figures

Patients receiving dienogest(465,000 patients)
Patients receiving GnRH preparations(88,000 patients)

Patients receiving RELUMINA(53,000 patients)
61

Estimated number of persons taking OC/LEP*
Estimated number of persons taking OC/LEP■OC ■LEP

In-house analysis based on date of Encise Inc.
(unauthorized reproduction prohibited)

1.37 million

0.63 million

FY2017FY2018FY2019FY2020

FY2021

FY2022

FY2023

Estimated number of the persons increased 2.17 times in FY2023 compared to FY2017
Female population aged 15-49: 23.72 million

Source: "Population Estimates" (Statistics Bureau, Ministry of Internal Affairs and Communications) https://www.stat.go.jp/data/jinsui/2023np/index.html*OC: Oral contraceptives (not covered by insurence) LEP: Dysmenorrhea treatment (covered by insurance)
62

RIFXIMA: Efforts to Spread the Guidelines
Clinical Practice Guidelines for Cirrhosis(Annual Review Updated in April 2023)

Efforts to Spreadthe Guidelines

Posting of domestic long-term clinical data
(The following is an excerpt of addendum content)“Its efficacy in actual clinical practice as an add-on
therapy to accompany non-absorbable synthetic
disaccharides has already been reported. Moreover,its efficacy and safety in long-term results for up to
12 months have been reported in Japan.”Number of RIFXIMA briefings

for Doctors held by Medical Representatives

412 times
FY2022

1,117 times
FY2023Contributes to hepatic encephalopathy
patients through spreading the Guidelines
63Outcomes of Thyroid Awareness Activities
Number of TSH (thyroid-stimulating hormone) tests (NDB open data)
Number of checkups (thousand)

18,000（％）

Ratio to FY2015

140

17,00016,667

16,000129.7

13015,00014,00013,000120

12,85512,00011,00010,000110

100.0
FY2015FY2016FY2017FY2018FY2019FY2020

FY2021100

TSH testing increased 1.29 times in FY2022 compared to FY2016
TSH is a hormone secreted by the pituitary gland that stimulates the thyroid gland to increase thyroid
hormone production. By measuring TSH, excess or deficiency of thyroid hormones can be detected.

64

About Hataphar
Company(ハファ-社) name：Ha Tay Pharmaceutical Joint Stock Company
Founded：1965
Head office: Hanoi, Vietnam
Number of employees：Approx. 1000
Listed stock exchanges：Hanoi Securities Trading Center (2008)
Net sales in FY2023: 1,999 billion VND (12,166 million yen)
Operating profit in FY2023: 99 billion VND (604 million yen)
Net profit in FY2023: 89 billion VND (541 million yen)
Business: Manufacturing, sales and importation of pharmaceuticals, nonprescription and nutraceutical products
4th largest pharmaceutical company in Vietnam in terms of net sales in FY2023
Branch offices and others in major cities, with distribution and sales covering nationwide in Vietnam

VND/JPY：0.0061 as of April 18, 2024
65

ESG Initiatives (11 Material Issues)
Environmental-

Environmental protection and continuous
reduction of environmental impact

Social-Contribution to women’s healthContribution to animal health

Human resource development
Employee engagement
Creation of innovative products
Expanding access to healthcare
Stable supply of high-quality products
Promotion of proper use of products

Established in 2020 on the occasion of 100th anniversary of the company

Health Lab Mint+ for Women’s healthKey message

Knowing yourself, is protecting yourself
Disseminating accurate information under physician
supervision improves women's health literacy
ASKA Pharmaceutical contributes to solving
women’s health issues through these projects

Governance-Corporate governance
Secure compliance with laws and regulations,enforcement of compliance66

Human Capital Investment - Building a Foundation to Support Growth
In the first half of FY2024, we initiated the following measures:

Work Support Grant Program
System for employees who support
colleagues' life events (childbirth,childcare, injury/illness, nursing care)••

Cancer Insurance Programfor All Regular Employees

Regular employees are enrolled incancer insurance with all costs
covered by the Company

Fosters a corporate culture that positively accepts the various life events of colleagues
Provides an environment in which employees can live with greater peace of mind

67

Inquiries

Corporate Planning Department
Tel: +81-3-5484-8366e-mail: kouhou@aska-pharma.co.jp