Daiichi Sankyo Company, Limited · TSE:4568
Daiichi Sankyo — Q2 2026 Earnings Presentation
40 slides from Daiichi Sankyo's earnings presentation, Oct 30, 2026
Slide 1: FY2026 Q2 Financial Results Presentation
FY2026 Q2 Financial Results Presentation DAIICHI SANKYO CO., LTD. Hiroyuki Okuzawa President and CEO October 30, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements Management strategies and plans, financial forecasts, future projections and policies, and R&D information that Daiichi Sankyo discloses in this material are all classified as Daiichi Sankyo’s future prospects. These forward-looking statements were determined by Daiichi Sa
Slide 3: Agenda
Agenda 1 FY2026 Q2 Financial Results 2 Business Update 3 R&D Update 4 Appendix 3
Slide 4: Overview: FY2026 Q2 Financial Results and Forecast
Overview ◆ FY2026 Q2 Financial Results • Strong growth in our flagship products, ENHERTU® and DATROWAY®, Revenue led to significant increases in revenue, coupled with favorable FX impacts （YoY +19.7%） • Achieved revenue exceeding 1.0 Tn JPY by Q2 • Progress is on track toward achieving record-high r
Slide 5: Overview of FY2026 Q2 Results
Overview of FY2026 Q2 Results (Bn JPY) FY2025 Q2 YTD FY2026 Q2 YTD Forex Impact FY2025 Q2 Results 21.0 Bn JPY* YoY Results Results （YoY） • Compensation for unsatisfied minimum purchase obligations Revenue 975.4 1,167.2 +19.7% 191.9 +73.9 resulting from the change in the launch schedule of HER3-DXd
Slide 6: Revenue
Revenue Increased by 191.9 Bn JPY (Increased by 118.0 Bn JPY excl. forex impact) (Bn JPY) Positive Factors Negative Factors FY2025FY2025 Q2 Results 2Q Results 975.4 Japan Business Enhertu +6.6 Vimpat -11.5 Japan Business Tarlige +6.4 Efient -10.3 (incl. Innovative Pharmaceuticals, Japan Business 8.3
Slide 7: Operating Profit
Operating Profit Increased by 49.6 Bn JPY (Bn JPY) Cost of Sales FY2025 CMO Compensation Fee ‐16.7 (Foreign exchange and partial reversal of FY2025 Results Q2 Results 144.2 provisions recorded in FY2025, etc.) Other Cost of Sales +17.7 (Increase in expenses related to sales expansion, etc.) Revenue
Slide 8: Profit Attributable to Owners of the Company
Profit Attributable to Owners of the Company Increased by 20.7 Bn JPY (Bn JPY) FY2025 Q2 Q2Results FY2025 Results 130.8 Financial Income/Expenses etc. -20.0 (Profit decreased) • Deterioration in investment securities -0.5 valuation gains/losses Operating • Increase in interest expenses -2.3 Operatin
Slide 9: Following the Correction to FY2025 Financial Results
Following the Correction to FY2025 Financial Results • Discrepancies in selling, general and administrative expenses identified during our analysis of Background FY2026 Q1 results • Errors in certain data aggregation processes identified through our investigation; corrections to FY2025 financial res
Slide 10: Progress on Operational Excellence
Progress on Operational Excellence ◆ Enterprise-wide transformation program focused on strategic prioritization and resource allocation to fundamentally strengthen profitability, competitiveness, and organizational capabilities Objective: To deliver more than 200.0 Bn JPY in cumulative optimization
Slide 11: Agenda
Agenda 1 FY2026 Q2 Financial Results 2 Business Update 3 R&D Update 4 Appendix 11
Slide 12: ENHERTU Performance
ENHERTU® Performance ◆ ENHERTU® is now the market leader in HER2+ mBC 1L in the US ◆ ENHERTU® has established strong new patient share in HER2+ eBC indications • Strong share uptake in HER2+ neoadjuvant eBC, and established No.1 share in HER2+ adjuvant eBC in the US 464.5 Bn JPY ⚫ Q2 Global Product
Slide 13: DATROWAY Performance
DATROWAY® Performance ◆ Treated approx. 9,800 patients globally since launch, approx. 1.4 times the prior quarter ◆ New patient starts have grown in all promoted indications • DATROWAY® is the market leader in later-line EGFRm NSCLC in the US, and its share continues to grow • Increase in launch cou
Slide 14: DATROWAY New Collaboration with Summit Therapeutics
DATROWAY® New Collaboration with Summit Therapeutics DATROWAY® + ivonescimab (investigational PD-1 / VEGF bispecific antibody) Daiichi Sankyo / AstraZeneca Summit Therapeutics DATROWAY® jointly developed and commercialized Collaboration partner developing ivonescimab countries/regions ongoing + ivon
Slide 15: New Commercialization Unit
New Commercialization Unit Commercialization activities will be centralized Launching April 2027 across oncology and specialty Why it matters 1 Optimize resource management and investment decisions 2 Standardize Commercial Processes and Systems 3 Enhance Talent Development 5 Regional Businesses + 6
Slide 16: Agenda
Agenda 1 FY2026 Q2 Financial Results 2 Business Update 3 R&D Update 4 Appendix 16
Slide 17: Expand Enhertu into 1L HER2 mutant NSCLC
ENHERTU® Expand Enhertu® into 1L HER2 mutant NSCLC DESTINY-Lung04 Ph3 DESTINY-Lung04 demonstrated a statistically significant and clinically meaningful PFS improvement vs. SOC pembrolizumab + doublet chemo PFS (BICR): primary endpoint ⚫ First and only randomized Ph3 trial to demonstrate superior eff
Slide 18: ENHERTU Regulatory Updates for Indication Expansion
ENHERTU® Regulatory Updates for Indication Expansion HER2 positive mBC 1L Aug 2026: Approved in China (DESTINY-Breast09) Sep 2026: Approved in Japan and EU HER2 positive early BC adjuvant setting*1 Oct 2026: Approved in China and EU (DESTINY-Breast05) HER2 positive solid tumors Oct 2026: Approved in
Slide 19: DATROWAY and I-DXd Updates for Indication Expansion
DATROWAY® Updates for Indication Expansion and I-DXd Regulatory Review July 2026: Approved in EU*1 Metastatic or unresectable TNBC 1L Sep 2026: Approved in Japan*2 (TROPION-Breast02) Oct 2026: Approved in China*1 High-risk Muscle-Invasive Urothelial Carcinoma*3 Aug 2026: Clinical study initiation (T
Slide 20: R-DXd Updated Analysis in Platinum-Resistant Ovarian Cancer
Updated Analysis of Patients with Platinum-Resistant R-DXd Ovarian Cancer REJOICE-Ovarian01 Ph2/3（ESMO 2026） R-DXd 5.6 mg/kg continues to show the most favorable benefit–risk profile among the evaluated doses Efficacy Safety ◼ In response-evaluable patients with CDH6+ tumors who received R-DXd Tumor
Slide 21: Expand DXd ADCs to Address Broad Spectrum of Ovarian Cancers
Expand DXd ADCs to Address Broad Spectrum of 5DXd ADCs Ovarian Cancers Advanced (III-IV) Recurrent Disease Early (I-II) 1L induction 1L Maintenance PSOC 2L+ PROC 2L+ BRCA mutation REJOICE- 15% Ovarian05 HRD Induction+ 50% maintenance PARPi Progressor*2 REJOICE- DESTINY- REJOICE- DESTINY- Ovarian03 P
Slide 22: FY2026 News Flow
FY2026 News Flow As of Oct 2026 Upcoming key data readouts TROPION-Lung15: EGFR mutated NSCLC progressed on TROPION-Breast03: TNBC w/o pCR following neoadjuvant, prior osimertinib, mono or osimertinib combo, 2L+, Ph3 mono or durvalumab combo, adjuvant, Ph3 • FY2026 H2 • FY2027 DATROWAY® AVANZAR: non
Slide 23: Upcoming IR Event: Sustainability Meeting
Upcoming IR Event: Sustainability Meeting Takashi Matsumoto Takaaki Nishii Michiko Harada Representative Director Outside Director Head of Global Sustainability Head of Global HR (Independent Director) Head of Global Corporate Affairs Chairperson of the Board Date and Time Wednesday, November 25, 20
Slide 24: Q&A
Q&A Hiroyuki Okuzawa John Tsai President and CEO Head of Global R&D Ken Keller Head of Global Oncology Tomohiro Kodama Business CFO 24
Slide 25: Agenda
Agenda 1 FY2026 Q2 Financial Results 2 Business Update 3 R&D Update 4 Appendix 25
Slide 26: Approach to FY2026 Forecast for CMO Compensation Fee
Approach to FY2026 Forecast for CMO Compensation Fee ※FY2026 Forecast remains unchanged from July forecast (Bn JPY) FY2026 CMO Compensation Fee : FY2026 Forecast of 80.0 Bn JPY remains unchanged — As previously announced, 80.0 Bn JPY in provisions for CMO compensation fee related to CY2028 is expect
Slide 27: Non-Core Expenses Itemized Breakdown
Non-Core Expenses Itemized Breakdown （Bn JPY） Full base Core base SG&A R&D Non-core Cost of sales Total expenses expenses expenses FY2026 Q2 YTD Results 6.0 21.6 27.7 27.7 Non-core expenses newly recorded in Q2 7.8 -2.3 5.4 5.4 EUSBU restructuring expenses -2.3 -2.3 -2.3 Break Amortization expenses
Slide 28: Impact on FY2025 Q2 Results Due to Change in Definition of Core Operating Profit
Impact on FY2025 Q2 Results Due to Change in Definition of Core Operating Profit (Bn JPY) Adjustment FY2025 Q2 Results Amortization of FY2025 Q2 Results CMO compensation Write-down of Previous definition intangible assets Other New definition fee inventories related to products Revenue 975.4 975.4 C
Slide 29: Revenue: Business Units (incl. Forex Impact)
Revenue: Business Units (incl. Forex Impact) (Bn JPY) FY2025 Q2 YTD FY2026 Q2 YTD YoY Results Results Japan Business 249.9 232.7 -17.2 Daiichi Sankyo Healthcare 45.9 48.3 +2.4 Oncology Business 273.0 422.6 +149.6 Enhertu 256.1 373.8 +117.7 Datroway 10.1 40.1 +30.0 Turalio 3.0 2.0 -1.0 Vanflyta 3.8 6
Slide 30: Revenue: Major Products in Japan
Revenue: Major Products in Japan (Bn JPY) FY2025 Q2 YTD FY2026 Q2 YTD YoY Results Results Lixiana anticoagulant 73.2 64.3 -8.9 Tarlige pain treatment 32.2 38.5 +6.4 Treatment for osteoporosis/ inhibitor of the progression Pralia of bone erosion associated with rheumatoid arthritis 22.6 24.1 +1.5 ant
Slide 31: 5DXd ADCs Revenue (incl. Forex Impact)
5DXd ADCs Revenue (incl. Forex Impact) ( Bn JPY) FY2026 Q2 YTD FY2026 vs Jul. YoY Results Forecast(As of Oct.) Forecast ENHERTU® 500.0 +169.7 1,062.1 +32.1 Product Sales 464.5 +146.1 915.3 +20.5 Upfront and Milestone Payments, etc. 35.5 +23.6 146.7 +11.6 DATROWAY® 54.4 +33.6 130.3 +3.1 Product Sales
Slide 32: 5DXd ADCs Upfront and Milestone Payments
5DXd ADCs Upfront and Milestone Payments (Bn JPY) FY2026 Q2 FY2026 Forecast vs Jul. Total Consideration Asset Item YoY Results (As of Oct.) Forecast (as of Sep 2026) Upfront Payment 5.1 - 10.2 - 149.0 ® Regulatory Milestones 29.8 +23.6 38.5 +8.5 254.2 ENHERTU Quid Related Payment 0.6 - 1.2 - 17.2 Sa
Slide 33: Major R&D Milestones: ENHERTU
Major R&D Milestones : ENHERTU® As of Oct 2026 Population/regimen FY2026 Project FY2027 [phase, study name] H1 H2 • HER2+ with residual invasive disease following neoadjuvant, adjuvant [Ph3, DESTINY-Breast05] • Approved (US) • Approved (EU/CN） • HER2+, 1L, mono or pertuzumab combo • Approved (pertuz
Slide 34: Major R&D Milestones: DATROWAY
Major R&D Milestones : DATROWAY® As of Oct 2026 Population/regimen FY2026 Project FY2027 [phase, study name] H1 H2 • Non-squamous, w/o AGA, PD-L1 TPS <50%, 1L, pembrolizumab ± PBC combo • TLR anticipated [Ph3, TROPION-Lung07] • Non-squamous, w/o AGA, PD-L1 TPS ≥50%, 1L, pembrolizumab combo • TLR ant
Slide 35: Major R&D Milestones: I-DXd, R-DXd
Major R&D Milestones : I-DXd, R-DXd As of Oct 2026 Population/regimen FY2026 Project FY2027 [phase, study name] H1 H2 • Filing accepted (US) • 2L+ • Regulatory submission [Ph2, IDeate-Lung01] I-DXd ES-SCLC withdrawn (US) • 2L • TLR anticipated [Ph3, IDeate-Lung02] • 2L maintenance (following a PBC a
Slide 36: Major R&D Milestones: Next Wave
Major R&D Milestones : Next Wave As of Oct 2026 Population/regimen FY2026 Project FY2027 [phase, study name] H1 H2 • FLT3-ITD positive AML, 1L VANFLYTA® [Ph3, QuANTUM-First] • Approved (CN) DS1025 • Solid tumors [Ph1] • Study started DS2001 • Autoimmune diseases [healthy volunteers, Ph1] • Study sta
Slide 37: Major R&D Pipeline: 5DXd ADCs (1)
Major R&D Pipeline: 5DXd ADCs (1) As of Oct 2026 Phase 1 Phase 1/2 Phase 2 (US/EU/Asia) HER2 low BC (US/EU/Asia) HER2+ BC 2L+/1L (US/EU/Asia) HER2 negative GC 1L (US/EU/Asia) stage IV NSCLC 1L (JP/US/EU/Asia) solid tumors (US/EU/Asia) non-squamous NSCLC 2L chemo naïve/post chemo （combo) (combo) (pem
Slide 38: Major R&D Pipeline: 5DXd ADCs (2)
Major R&D Pipeline: 5DXd ADCs (2) As of Oct 2026 Phase 2/3 Phase 3 Regulatory phase (JP/US/EU/Asia) UC post enfortumab vedotin (JP/US/EU/Asia) HER2+ BC 1L (JP/US/EU/Asia) HER2 expressing pMMR EC (JP/US/EU/Asia) non-squamous NSCLC (w/o (JP/US/EU/Asia) chemo-naïve CRPC (JP) HER2+ BC with residual inva
Slide 39: Major R&D Pipeline: Next Wave
Major R&D Pipeline: Next Wave As of Oct 2026 Phase 1 Phase 1/2 Phase 2 Phase 3 DS-1103 (JP/US/EU) DS9051 (US/EU) DS-3939 (JP/US/EU/Asia) DS3790 (JP/US/EU) EZHARMIA® (EU) VANFLYTA® (JP/US/EU/Asia) Anti-SIRPα antibody Targeted protein degradation (TPD) TA-MUC1-directed DXd ADC CD37-directed DXd ADC EZ
Slide 40: Contact
Contact Daiichi Sankyo Co., Ltd. Investor Relations and Shareholder Relations Department Email: [email protected]
Daiichi Sankyo Company — Q2 2026 Earnings Presentation on 6ix