February 7, 2006
Merrill Lynch Global Pharmaceutical,Biotechnology & Medical Device Conference

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

Valid as of Feb. 7, 2006
The Company's performance and financial results could differ materially from these forward-looking statements due togeneral, financial, economic, regulatory, and political conditions affecting the pharmaceutical industry.

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February 7, 2006
Merrill Lynch Global Pharmaceutical,Biotechnology & Medical Device Conference

Safe Harbor Statement
Materials and information provided during this presentation may contain “forward-lookingstatements” as defined in the Private Securities Litigation Reform Act of 1995. Thesestatements are based on current expectations, forecasts and assumptions that are subject
to risks and uncertainties which could cause actual outcomes and results to differ materiallyfrom these statements.
Risks and uncertainties include general industry and market conditions, and generaldomestic and international economic conditions such as interest rate and currency
exchange fluctuations. Risks and uncertainties particularly apply with respect to productrelated forward-looking statements. Product risks and uncertainties include, but are notlimited to, technological advances and patents attained by competitors; challenges inherent
in new product development, including completion of clinical trials; claims and concerns
about product safety and efficacy; obtaining regulatory approvals; domestic and foreign
healthcare reforms; trends toward managed care and healthcare cost containment, andgovernmental laws and regulations affecting domestic and foreign operations.
Also, for products that are approved, there are manufacturing and marketing risks anduncertainties, which include, but are not limited to, inability to build production capacity tomeet demand, unavailability of raw materials, and failure to gain market acceptance.
The Company disclaims any intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or otherwise.

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

2

February 7, 2006
Merrill Lynch Global Pharmaceutical,
Biotechnology & Medical Device Conference

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

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February 7, 2006
Merrill Lynch Global Pharmaceutical,
Biotechnology & Medical Device Conference

Consolidated Performance
Posted Growth for Six Consecutive Years(Billions of yen, %)Apr-Dec 2004

Apr-Dec 2005

Results%

Results%

YOY

Increase(Decrease)

100.0

449.9
78.7
371.2
67.0
226.0
78.2
81.4
52.2

100.0

111

45.5

17.5

1043.0

82.5

113

42.5

14.9

118

10.0

50.2

111

22.5

17.4

115

9.9

18.1

117

11.6

Net Income

404.4
75.7
328.8
57.0
203.5
68.3
69.8
44.1

11.6

118

8.1

EPS (Yen)

153.3

119

29.2

Net Sales
Cost of Sales
Gross Margin
R&D Expenses
SG&A Expenses
Operating Income
Ordinary Income

18.7
81.3
14.1
50.3
16.9
17.3
10.9

182.5

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

4February 7, 2006
Merrill Lynch Global Pharmaceutical,Biotechnology & Medical Device Conference

Sales of Major Products (billions of yen, %)Product Name

Area
Total

Aricept®

Japan

Alzheimer's Disease
Treatment

U.S.
millions of dollars

EuropeAsia
Total
Japan

Apr-Dec 2004
Results

Apr-Dec 2005
Results

122.0
27.2
71.5

142.6
32.6
84.3

659

752

21.2
2.1
100.8
14.9
79.2

22.6
3.1
114.0
21.7
84.2

Pariet ®/AcipHex®

U.S.

Proton Pump Inhibitor

millions of dollars

729

751

Europe

5.6
2.5
11.5
11.2

YOY
117
120118114
107
151113145
106103108Zonegran®

Total

Anti-epileptic Drug

U.S.

5.2
1.5
8.2
8.2

millions of dollars

76100137132

Europe, Asia-0.3-Asia

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

1641405

February 7, 2006
Merrill Lynch Global Pharmaceutical,
Biotechnology & Medical Device Conference

Sales to Customers by Geographic Area
(billions of yen, %)Apr-Dec 2004

Results

Apr-Dec 2005%

Results%

YOYJapan

205.950.9

220.8

49.1

107

North America

160.6

39.7

183.7

40.8

114

Europe

29.4

7.3

32.9

7.3

112

Asia & Others

8.6

2.1

12.6

2.8

146

Overseas Total

198.5

49.1

229.1

50.9

115

Total

404.4

100.0

449.9

100.0

111

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

6February 7, 2006
Merrill Lynch Global Pharmaceutical,Biotechnology & Medical Device Conference

Operating Income by Geographic Area
(Pre-royalty deduction)
Apr-Dec 2004

(billions of yen, %)Apr-Dec 2005

Results%

Results%

YOYIncrease(Decrease)

Japan

35.7

48.9

36.6

43.0

1020.9North America

32.0

43.8

41.2

48.5

129

9.2

Europe

3.5

4.8

5.1

6.0

145

1.6

Asia & Others

1.8

2.5

2.2

2.6

119

0.4

Overseas Total

37.4

51.1

48.5

57.0

130

11.1

Sub-total

73.1

100.0

85.1

100.0

116

12.0

Eliminations

(4.8)

(6.9)

143(2.1)

Total

68.3

78.2

115

9.9

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

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February 7, 2006
Merrill Lynch Global Pharmaceutical,Biotechnology & Medical Device Conference

New Territories(2005)

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

8

February 7, 2006
Merrill Lynch Global Pharmaceutical,
Biotechnology & Medical Device Conference

Financial Forecast for FY2005(billions of yen)

FY2004
Results

Net Income

533.0
98.5
434.5
78.3
269.4
86.8
89.1
55.5

EPS (Yen)

193.4

Net Sales
Cost of Sales
Gross Margin
R&D Expenses
SG&A Expenses
Operating Income
Ordinary Income

FY2005
%
100.0
18.5
81.5
14.7
50.5
16.3
16.7
10.4

Forecast

595.0
104.0
491.0
94.0
301.0
96.0
99.0
63.0

%

YOY

100.0

112

17.5

105

82.5

113

15.8

120

50.6

112

16.1

111

16.6

111

10.6

114

220.4

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

114
9February 7, 2006
Merrill Lynch Global Pharmaceutical,Biotechnology & Medical Device Conference

Pipeline

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

10Topics

February 7, 2006
Merrill Lynch Global Pharmaceutical,Biotechnology & Medical Device Conference• Focus on two franchise areas- Global integration of research efforts in two franchise areas,
Brain Science and Oncology• Enhancing capabilities in discovery research in the U.S.
- Beef-up discovery endeavors at Eisai’s Boston Research Instituteby building a new campus and integrating medicinal chemistry,
biology and pharmacology research activities• Global unification of clinical research teams in the U.S.,EU, Japan and Asia
- Aim at simultaneous applications for approval in the U.S., EU,
Japan and Asia
- Reinforcement of clinical research functions including: clinicalpharmacology, data management and biostatistics• Establishing a strategic European business hub in UK,
which incorporates discovery research and clinicaldevelopment• Solid progress of late-stage NME projects
The Company's performance and financial results could differ materially from these forward-looking statements due togeneral, financial, economic, regulatory, and political conditions affecting the pharmaceutical industry.

11

February 7, 2006
Merrill Lynch Global Pharmaceutical,
Biotechnology & Medical Device Conference

Filed for Approval
Indications/Description

Area

Rheumatoid arthritis(Cytokine/Immunoglobulin production suppressor)

Japan

Pediatric Lennox-Gastaut syndrome(Na+ channel modulator)

EuropeLennox-Gastaut syndrome & adolescent/adult partial
seizuresU.S.

Rheumatoid arthritis(Human anti-TNF-alpha monoclonal antibody)Japan

Vascular dementia

U.S.

Severe dementia due to Alzheimer’s disease

U.S./
Japan

Liquid formulation

EuropePariet®

Eradication of H. pylori in combination with antibiotics

Japan

Tambocor®

Paroxysmal atrial fibrillation/flutter

Japan

T-614
(Careram®)rufinamide(Inovelon®)*
D2E7(Raheara®)

Aricept®

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

12February 7, 2006
Merrill Lynch Global Pharmaceutical,Biotechnology & Medical Device Conference

Major R&D Progress & Plan (1)Indication/Description

E7389

Breast cancer(Microtubule growth suppressor)

E2007
AS-3201

Parkinson’s disease(AMPA receptor antagonist)
Severe sepsis(Endotoxin antagonist)
Diabetic complications(Aldose reductase inhibitor)

E2014

Cervical dystonia (Botulinum toxin)

E5564

D2E7
KES524
E0167
E7389
E2007

Psoriasis(Human anti-TNF-alpha monoclonalantibody)
Obesity management(Serotonin/noradrenalin reuptake inhibitor)
Prevention of hepatocellular carcinoma
recurrence (Vitamin K2)
Non-small cell lung cancer
Prostate cancer
Migraine prophylaxis
Epilepsy
Multiple sclerosis

Progress/Plan
Subpart H submission study ongoing(U.S., Europe)
Phase III initiation in 4Q FY2005(U.S., Europe)
Phase III initiated(Europe)
Phase III initiation in 4Q FY2005(U.S., Europe)

FilingSchedule
FY2006

FY2007
FY2009Phase III ongoing (U.S.)
Phase II/III (Japan)

FY2006

Phase II / III ongoing (Japan)

FY2007

Phase III ongoing (Japan)FY2007

Phase II / III ongoing (Japan)

FY2008POC study (monotherapy) ongoing (U.S.)
POC study (monotherapy) initiated(Europe)
POC study ongoing (U.S.)
POC study ongoing (U.S., Europe)
Phase II (Europe)

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

13

February 7, 2006
Merrill Lynch Global Pharmaceutical,Biotechnology & Medical Device Conference

Major R&D Progress & Plan (2)Indication/Description

E7070Colorectal, Gastric cancer

D2E7

Psoriasis
Acute coronary syndrome(Thrombin receptor antagonism)
Breast cancer
Alzheimer’s disease(γ-secretase modulation)
Dementia associatedwith Parkinson’s disease
Sustained release formation
Symptomatic GERDIntermittent therapy for
symptomatic GERD
Extended release formation
OTC

E5555
E7389
E2012
Aricept®

AcipHex®/Pariet®

Progress/Plan
Phase II study is ongoing (US,Europe, JP)
Phase II study is ongoing (JP)Phase II study will be initiated in
4Q FY2005 (US, Europe)
Phase I study initiated (JP)IND is scheduled in March 2006
(US, Europe)
Phase III study is ongoing(Europe)
Under clinical evaluation
Phase III study is ongoing (JP)FilingSchedule

FY2006
FY2005Phase II study is ongoing (US)Under clinical evaluation
Study for application is ongoing

Development of E5564 for post-coronary artery bypass graft (CABG) surgery complication (Phase II) andof E3030 for diabetes (Phase I) was discontinued.
The Company's performance and financial results could differ materially from these forward-looking statements due togeneral, financial, economic, regulatory, and political conditions affecting the pharmaceutical industry.

14February 7, 2006
Merrill Lynch Global Pharmaceutical,
Biotechnology & Medical Device Conference

Enrichment of Oncology Compounds
Meet Needs for Cancer Treatment
by Various Approaches
Tumor Regression

TumorSuppression

Life-span
Prolongation

Novel
Mechanism

Novel
Anti-mitotic

AntiAngiogenesis

PreventionofRecurrence

E7070

E7389

E7820

E0167

Cell Cycle G1 Phase
Targeting Agent
US, EU and JP
Phase II

Microtubule Growth
Suppressor
US, EU and JP
Phase II

E7107

E7974

Novel Anti-tumor Agent
Derived FromFermentation
Pre-clinicalHemiasterlin TypeTubulin Polymerization
Inhibitor

US, Phase I

Integrin Alpha-2
Expression Inhibitor
US
Phase I

Prevention of Hepatocellular
Carcinoma recurrenceby Vitamin K2JP, Phase IIE7080

VEGF Receptor

Tyrosine Kinase Inhibitor

Phase I
US, EU and JP

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

15

February 7, 2006
Merrill Lynch Global Pharmaceutical,
Biotechnology & Medical Device Conference

Shareholder Return

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

16

February 7, 2006
Merrill Lynch Global Pharmaceutical,Biotechnology & Medical Device Conference

Enriching Return throughDividend Increase to ¥90(DPS: Yen)

Upward revision of DPS by ¥10 slated for FY05
Next mid-term target will be DOE of 7.5%
with payout ratio around 50%(DPR: %)

100.0
90.0

DPS

80.0

DPR70.0

DOE

90.0 5.4

40.0

56.0

30.0

2.4
2.0
23.0

29.2

6.0
5.060.050.0(DOE: %)

29.0

2.5

23.3

20.0

22.7

4.0

2.6
36.0

32.0

3.7

40.8
29.0

3.0
2.0

20.9
1.0

10.0
0.0

0.0
FY2000FY2001

DOE = Dividends On Equity (= ROE x DPR)

FY2002

FY2003

FY2004

FY2005(est.)

DPS = Dividends Per Share DPR = Dividend Payout Ratio

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

17February 7, 2006
Merrill Lynch Global Pharmaceutical,
Biotechnology & Medical Device Conference

Mid-term Strategic Plans

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

18

February 7, 2006
Merrill Lynch Global Pharmaceutical,
Biotechnology & Medical Device Conference

Results of 5-Year Strategic Plans
Expect to attain Millennium Plan targets in FY2005,
a Year Ahead of Schedule(Income, R&D: Billions of Yen)

250
200150100(Net Sales: Billions of Yen)

R&D

FY01-05

CAGROperating Incom e (OP)Net Sales

8.4%

Net Incom e

OP

7.2%

Net Sales

8.3%

OP

8.1%

Net Income 19.6%
R&D

1,000

Net Income 14.6%

Net Sales

FY86-91 CAGR

1,200

FY96-01

CAGR

FY91-96 CAGRNet Sales

8.9%

Net Sales

4.7%

OP

10.7%

OP

7.6%

Net Income 13.4%

Net Income 5.3%
R&D

R&D

R&D

14.3%

800
600

7.5%

4.9%

10.0%

400

5020000
FY91

1st: Era of Domestic Operation

FY96

FY01

FY05 (est.)

2nd : Era of Globalization 3rd: Era of Soaring Growth Millennium Plan

FY11 (plan)

CAGR: Compound Annual Growth Rate

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

19

February 7, 2006
Merrill Lynch Global Pharmaceutical,
Biotechnology & Medical Device Conference

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

20