Goldman Sachs
28th Annual Global Healthcare Conference 2007

We are growing

June 12, 2007

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 apply
with 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 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 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.

FY2006 Consolidated Results

8th Consecutive Increase in Sales & 7th Consecutive Increase in Net Income
FY2005(billions of yen, %)FY2006

Results%

Results%

YOY (%)

ChangeNet Sales601.3100.0

674.1

100.0

112

72.9

Cost of Sales

104.5

17.4

109.3

16.2

1054.8Gross Profit

496.7

82.6

564.8

83.8

114

68.1

R&D Expenses

93.2

15.5

108.3

16.1

116

15.0

SG&A Expenses

307.8

51.2

351.2

52.1

114

43.5

Operating Income

95.7

15.9

105.3

15.6

110

9.6

Ordinary Income

100.0

16.6

110.5

16.4

110

10.4

Net Income

63.4

10.5

70.6

10.5

111

7.2

EPS (Yen)

221.9

–

247.8

–

112

25.9

Net Income
CAGR : +11%

Net Sales
CAGR : +9%¥601.3

2005¥95.7+10%+11%20052006¥105.32011 (Fiscal year)

20052006

2011

R&D Expenses
CAGR : +14%

CAGR : +13%

¥70.6

2006
(Fiscal year)¥93.2¥200.0¥108.3+16%¥200.02005¥63.4¥674.1+12%

Operating Income¥120.0¥1,000.0

2006(Fiscal year)

2011

CAGR during Current Mid-term Plan
(FY2006 – 2011)

2011 (Fiscal year)3Asset Value Increasing (1)
STRONG GROWTH OF ARICEPT ®(+29%)
AND ACIPHEX ®/ PARIET ® (+13%)- The U.S. district court held thatAciphex ® Composition Patent is effective until 2013
- Aricept ® full spectrum indication for AD in U.S.
- New formulation projects get moving
Aricept-SR starting Ph. III
Aricept-PT starting Ph. I
Aciphex-ER starting Ph. III4

Aricept ® Strategy in the US

Post Composition Patent Expire(Nov. 2010)

Secure “Gold Standard Therapy” position in full spectrum ofAlzheimer's Disease, from early to late stagez Clinical benefits in pediatric population would bringexclusivity for 6 more monthsz Enhance benefits of Aricept by developing new formulations
to obtain extra data protection for 3 years
z– Sustained Release Tablet
Preparing Phase III study, NDA Target: FY2009– Transdermal Patch
Preparing for Phase I study, NDA Target: FY2009

5US Aricept® Sales Plan($Millions)

FY2011 Sales 55% of FY2010

2,000
Sustained Release &Transdermal formulation

CurrentFormulation（PediatricExclusivity)
Dec.-Mar.

1,500

1,000
Current
Formulation

500

Current
Formulation
Apr.-Nov.

Sustained Release &Transdermal formulation

Pediatric Exclusivity
Apr.-May

Current Formulation(Pricing strategy etc.)

0
FY2009Est.

FY2010Est.

FY2011Est.

6

Global Aricept ® Sales andConsolidated P/L PlanAricept ® FY2011 Sales 75% of FY2010
Contribution of Growth in Japan, Europe and Asia400(billions of yen,%)365

FY2011

Overseas28076.7%

Overseas
18567.3%

1000Japan
85
FY2010Plan

23.3%

Japan90
FY2011
Plan

32.7%

CAGR%

Plan%

Net Sales

1,000100

9R&DExpenses

2002014Operating
Income200

2013Net Income

1201211420 Yen-11275300
200

Consolidated P/L Plan

Global Aricept ® Sales(¥ Billions)EPS

CAGR during Current Mid-term Plan(FY2006 – 2011)7

Asset Value Increasing (2)SMOOTH PROGRESS OF
THREE PHASE III COMPOUNDS-E2007(perampanel): Three Phase III studies go well, Filing PD indication
in FY2007 Successful completion of POC for epilepsy-E7389(eribulin): Subpart H filing in 3Q FY2007 for 3rd line breast cancer
Other studies progressing; Full development for 3rd line & 2nd line
breast cancer in Phase III, Prostate cancer in Phase II POC,Sarcoma in Phase II POC, Non-small cell lung cancer in Phase Ib-E5564(eritoran): Phase III for severe sepsis; sites opening progressively,
Japanese sites start soon, filing in FY2009 in US, EU & Japan

E5555: Thrombin Receptor Antagonist
RESUMES PATIENTS ENROLLMENT TO Ph. II STUDY8Asset Value Increasing (3)ONCOLOGY BUSINESS LIFTOFF- Ligand assets fit well;
Four products and Oncology specialists- Morphotek provides Biologics R&D, Antibody
Pipeline and various synergies with small molecule
research teams- Fragmin received new indication VTE for cancer patients- ASCO, ’07: Six presentations/reports- Manufacturing investments continuing aggressively
9Oncology Franchise
Small Molecule + Biologics = Diversity and Synergy
Approach to Tailor-made Therapy
Approach Type

Product Name/CodeDescription/Mode of Action

Clinical Stage

Supportive treatment

Fragmin®

Prevention of deep vein thrombosis
in patients with cancer

Additional indication approved /Launched

Supportive treatment
CytotoxicPrialt®

Severe chronic pain agent

Launched

ONTAK®

CD25 positive cutaneous T-cell lymphoma (injection)

Launched

Cytostatic

Targretin® Capsules

Cutaneous T-cell lymphoma (oral)

Launched

Cytostatic

Targretin® Gel 1%

Cutaneous T-cell lymphoma (topical)

Launched

Cytostatic

Panretin® Gel 0.1%

AIDS-related Kaposi's sarcoma (topical)

Launched

Cytotoxic

E7389

Microtubule growth suppressor

Subpart H submission
preparation

Cytotoxic
Cytotoxic
Cytotoxic
Antiangiogenesis
AntiangiogenesisMonoclonal antibody
Monoclonal antibody

E7070

Cell cycle G1 phase targeting agent

Phase I

E7974

Hemiasterlin type tubulin polymerization inhibitor

Phase I

E7107

Novel anti-tumor agent derived from fermentation

Phase I preparation

E7820

Alpha 2 integrin expression inhibitor

Phase I

E7080

VEGF receptor tyrosine kinase inhibitor

Phase I

MORAb-003

Ovarian Cancer, Anti-folate receptor α, mAb

Phase I/II

MORAb-009

Pancreatic Cancer, Anti-mesothelin, mAb

Phase I

10

Asset Value Increasing (4)FOUR REGIONS WITH FOUR GROWTH STRATEGIESUS :Neurology and Oncology (FY06: +20%, CAGR : 10%)
EU :New Country Entry (+20%, CAGR : 21%)
Asia : China and India(+35%, CAGR : 21%)
Japan : Prescription, OTC, Diagnosis, and GenericBusiness increasingly integrated (+3%, CAGR : 4%)
FY06: Sales growth in FY2006 YOY
CAGR during Current Mid-term Plan (FY2006 – 2011)11

Neurology Franchise(1)Overview of Eisai’s Approach to Alzheimer’s Disease

Immunotherapy

Small Molecule
Aricept ®

Collaboration withDNAVEC Corp.

New formulations

Aricept ®

Sustainedrelease
Transdermalpatch

Generelatedtherapyvaccine therapy

E2012(γ Secretase
Modulator)
Collaboration with
BioArctic
Neuroscience Inc.

Collaboration
withTorreyPines
Therapeutics
Inc.

Aβ antibody therapy

Improving Cognitive Function

Disease Modifier
Reduction of Aβ deposition

Possible
Disease Cure
12

Neurology Franchise(2)Multiple targets based on AMPA receptor antagonism

E2007

perampanel

Parkinson’s
DiseasePhase IIINDA FY2007

Epilepsy
Phase II
POC achieved

Migraine
Prophylaxis
Phase II

Multiple
Sclerosis
Phase IIin preparation

13

Enhancing Return to Shareholders
Target DPR: 50%, ROE: 16%, DOE: 8% & EPS: 420Yen in FY2011(billions of yen, %)FY2006
Results
Net Sales
Cost of Sales
Gross Profit
R&D Expenses
SG&A Expenses
Operating Income
Ordinary Income
Net Income

674.1
109.3
564.8
108.3
351.2
105.3
110.5
70.6

FY2007%

Forecast

100.0
16.2
83.8
16.1
52.1
15.6
16.4
10.5

720.0
113.0
607.0
124.0
371.0
112.0
115.0
75.0

%

YOY

100.0

107

15.7

103

84.3

107

17.2

115

51.5

106

15.6

106

16.0

104

10.4

106

Fiscal Year

Dividend per Share
Mid-yearYear-end
AnnualDPR

ROE

DOE

2007 (Plan)

65 yen

49.4%

13.3%

6.5%

*DPR: Dividend Payout Ratio

65 yen

130 yen14