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• 1 1 Takeda Pharmaceutical Company Limited Management PolicyManagement Policy Growing Toward aGrowing Toward a ""WorldWorld--Class PharmaceuticalClass Pharmaceutical CompanyCompany"" based on Takedabased on Takeda--ismism President Yasuchika Hasegawa September 28, 2007 2 Takeda Pharmaceutical Company LimitedTakeda Pharmaceutical Company Limited Performance of TakedaPerformance of Takeda 0 200 400 600 800 1,000 1,200 1,400 0 100 200 300 400 500 600 91 92 93 94 95 96 97 98 99 00 01 02 03 04 07(E) Net Sales Operating Income Ordinary Income 05 To achieve consecutive increased income for 17 years 90 06 (Billions of Yen) (Billions of Yen) 2 3 Takeda Pharmaceutical Company LimitedTakeda Pharmaceutical Company Limited Sales of international strategic productsSales of international strategic products * including affiliated companies 0 250 500 2003 2004 2005 '06 184.8 '06 400.7 '06 206.9 '06 337.0 2006 (Billions of Yen) Leuprorelin Lansoprazole Candesartan Pioglitazon 4 Takeda Pharmaceutical Company LimitedTakeda Pharm

• 1 I.Overview of subsidiaries and affiliates The Takeda Group consists of 68 companies, including the parent company submitting these consolidated financial statements, 46 consolidated subsidiaries and 21 affiliates accounted for by the equity method. The following chart shows the main business areas of the Takeda Group, the position of the companies that make up the Group within their respective areas of business, and relationships with each segment. Japan Overseas TakedaPharmaceuticalCompanyLimited ★Nihon Pharmaceutical Co., Ltd. ◎Wyeth K.K. ※ Others 【Ethical drugs】 【Ethical drugs】 ★Takeda America Holdings,Inc. ★Takeda Pharmaceuticals North America,Inc. ★Takeda Global Research & Development Center, Inc. ★Takeda San Diego, Inc. ★Takeda Research Investment, Inc. ◎TAP Pharmaceutical Products Inc. ★Takeda Europe Holdings B.V. ★Takeda Pharmaceuticals Europe, Ltd. ★Laboratoires Takeda ★Takeda UK Limited ★Takeda Pharma GmbH ★Takeda Pharma Ges.m.b.H. ★Takeda Pharma AG ★Taked

• 4. Other (1) Significant changes in subsidiaries during the year under review (changes in specific subsidiaries involving changes in the scope of consolidation): None (2) Changes in accounting principles, procedures, the method of presentation associated with preparation of the consolidate financial statements (matters to be included in the section, Changes in Basic Important Matters for Preparation of Consolidated Financial Statements) 1) Changes due to revisions of accounting standards etc.: Yes 2) Changes other than 1) : Yes Note: Please refer to Changes in Basic Important Matters for Preparation of Consolidated Financial Statements, on page 26, for details. (3) Number of shares outstanding (common stock) 1) Number of shares outstanding at fiscal year end (including treasury stock): March 31, 2007 889,272,395 shares March 31, 2006 889,272,395 shares 2) Number of shares of treasury stock at fiscal year end: March 31, 2007 29,895,405 shares March 31, 2006 4,073,004 shares Note: Please refer to Per Share Inf

• - 3 - Contents [Summary] 1. Consolidated Results for Fiscal 2006 ・・・・・・・・・・1 2. Dividends ・・・・・・・・・・1 3. Projected Results for Fiscal 2007 ・・・・・・・・・・1 4. Other ・・・・・・・・・・2 (Reference) Summary of Unconsolidated Results ・・・・・・・・・・ 2 [Qualitative Information, Financial Statements and Other Information] 1. Results of Operations ・・・・・・・・・・4 (1) Analysis of Results of Operations ・・・・・・・・・・4 (2) Analysis of Financial Position ・・・・・・・・・・10 (3) Basic Policy for Profit Distribution and Dividends for Fiscal 2006 and 2007 ・・・・・・・・・・11 (4) Risk Factors in Business ・・・・・・・・・・11 2. The Takeda Group ・・・・・・・・・・13 3. Management Policy ・・・・・・・・・・16 (1) Basic Management Policy ・・・・・・・・・・16 (2) Litigation etc. ・・・・・・・・・・17 4. Consolidated Financial Statements ・・・・・・・・・・18 (1) Consolidated Balance Sheets ・・・・・・・・・・18 (2) Consolidated Statements of Income ・・・・・・・・・

• 4. Other (1) Significant changes in subsidiaries during the year under review (changes in specific subsidiaries involving changes in the scope of consolidation): None (2) Changes in accounting principles, procedures, the method of presentation associated with preparation of the consolidate financial statements (matters to be included in the section, Changes in Basic Important Matters for Preparation of Consolidated Financial Statements) 1) Changes due to revisions of accounting standards etc.: Yes 2) Changes other than 1) : Yes Note: Please refer to Changes in Basic Important Matters for Preparation of Consolidated Financial Statements, on page 26, for details. (3) Number of shares outstanding (common stock) 1) Number of shares outstanding at fiscal year end (including treasury stock): March 31, 2007 889,272,395 shares March 31, 2006 889,272,395 shares 2) Number of shares of treasury stock at fiscal year end: March 31, 2007 29,895,405 shares March 31, 2006 4,073,004 shares Note: Please refer to Per Share Inf

• 5 2.Management Policy Focusing on "Takeda-ism (which refers to integrity = fairness, honesty, perseverance)" as the basis for all of its business activities, we are aiming to realize our management mission of "striving toward better health for individuals and progress in medicine by developing superior pharmaceutical products." In May 2006, we established and announced our 2006 - 2010 Medium-term Management Plan. This five-year management plan targets realization of "a world-class pharmaceutical company with Japanese origin" with a solidified perspective for a medium-to-long-term future, while adhering to "Takeda-ism" as its core policy. To achieve this goal, we have started to tackle various key management tasks. During the period of this medium-term plan, the collective efforts will be dedicated to comprehensive improvement of our strengths such as "establishment and in-depth implementation of strategies from a long-term perspective" and "high productivity and efficiency." In the first year of the plan, we

• SocietyRelationship with Consistently and sincerely promoting the establishment of a relationship with society, Takeda globally develops a broad range of initiatives. Takeda Annual Report 200638 TPNA employees participating in the "Walk for Charity" Contribution to Society: Four Priority Areas 1. The area directly related to the Management Mission: "We strive toward better health for individuals and progress in medicine by developing superior pharmaceutical products" 2. The area concerning "The aim to live an affluent life with body and mind in good health," as well as "eliminating any obstacles to such a goal" based on the Management Mission 3. Contributions toward developing a bright and dream-inspiring future 4. The projects to be inherited and further developing the accumulated expertise that was previously converted into tangible form by our fore fathers, based on Takedaism IN JAPAN The area directly related to the Management Mission: "We strive toward better health for individuals and progress in medic

• Takeda Annual Report 200614 ENHANCEMENT OF THE TAKEDA GROUP'S RISK MANAGEMENT STRUCTURE As part of the corporate governance of the Takeda group, preventing and precisely responding to emergency situations are important, and Takeda considers that it is necessary to establish and enhance a risk management structure, along with the fulfillment of internal controls, such as a group-wide audit, as well as promotion of compliance. On the risk management, responses in the manner of fairness and integrity are important for personal and economic safety in the view point of responsibility toward stakeholders, such as shareholders, customers, suppliers, employees, community and society. As part of such efforts, Takeda addresses the establishment of a Business Continuity Plan (BCP) in order to prevent the interruption of business activities or, even if shut down, to restart the activities at the earliest opportunity, in the event of any accident or disaster. In accordance with "Takeda Group Crisis Management Guideline,"

• Takeda Annual Report 200632 Production System Takeda Pharma Ireland Limited (TPI) Providing high-quality drugs for people worldwide; we are establishing a global production system. Takeda is promoting the further enhancement of the production system to support "achieving sales of in-house ethical products of 2 trillion yen in fiscal 2015." At the same time, Takeda wholeheartedly implements Takeda-ism through the "Production Division Standards for Employees Conduct" and "Basic Purchasing Policy," and provides pharmaceutical products, with high ethical standards responding to the public's trust. FOUR BASIC POLICIES TOWARD THE ENHANCEMENT OF THE PRODUCTION SYSTEM Takeda promotes the further globalization of its production system; based on the following four policies in the 2006- 2010 Medium-Term Management Plan: 1. Pursuing a cost minimum approach by establishing a globally optimized production system. 2. Enhancing the ability of quality control, including overseas manufacturing plants and toll-manufacturers, b

• Takeda Annual Report 200618 PROMOTION OF "TIKARAKOBU" RESEARCH STRATEGY: focus resources, balance risk to drive the pipeline Basic Research Strategy CHALLENGES TO THE BEST PRACTICE TOWARD REALIZING OUR MANAGEMENT MISSION Takeda research and development has created four international strategic products (leuprolelin, lansoprazole, candesartan and pioglitazone), which is an example of our mission to strive toward better health for individuals and progress in medicine. Although drug discovery now faces new and unprecedented challenges, we recognize that it is our mission to continue to further develop superior pharmaceutical products to help people around the world. Therefore, in the 2006-2010 Medium-Term Management Plan, we have committed ourselves to the creation of new drugs by harnessing the collective efforts of our researchers and adopting "World Best Practice." This plan comprises of the following five tasks: 1. Maximization of new drug creation capability for both short term, and mid- and long-term range

• 21 22 I consider integrity to be essential for procurement related divisions. To live up to our social responsibility, we must show our sincere commitment in the area of procurement by purchasing indispensable materials to manufacture superior pharmaceuticals for customers from the global market; in line with market principles. I strictly require the staff of the Supply Department to comply with in-house standards such as the "Takeda Code of Compliance Standards" and "Purchasing Affairs Guidance," and relevant laws and regulations as well as high ethical standards governing dealings with suppliers. This means we have to remain fair and impartial, or "sincere". Aiming for a meaningful partnership with our suppliers, we strive to maintain and develop a relationship where we engage in fair dealings and share mutual trust. Takeda's Policy Manufacturing superior pharmaceutical products is only attained by cooperation with business partners in various areas; including suppliers of raw materials, facilities and equ

• 13 The quest of the Pharmaceutical Research Laboratories II, which I oversee, is discovering effective anti-cancer seed compounds and developing them into medicines. We are embarking on an age where numerous diseases are cured or controlled thanks to advances in medical and pharmaceutical science. Cancer, however, might remain as the final "frontier" to be challenged. I dream of developing a drug with which patients will recover from cancers and strongly hope to bring that dream to fruition. This reflects my simple belief; namely that the ultimate value of Takeda comes from its capacity to contribute to society by developing superior pharmaceutical products. I must continue striving tirelessly to create new drugs, with a determined forward-looking attitude to medicine and improved health of individuals as well as remembering the patients awaiting our new drugs. This is my never-ending and personal quest as a Takeda scientist. Our enthusiasm in collaborating and striving to create drugs together accelerates T

• 19 Takeda Corporate Social Responsibility Report 2005 20 Pat Macken Manufacturing Operations Manager, Takeda Pharma Ireland Limited "Relationship with the Environment" Takeda Pharma Ireland Limited's (TPI) bulk pharmaceutical plant is the first such facility constructed outside of Japan by the Takeda Group. TPI constitutes a key strategic addition to Takeda's global production network. TPI will complete commissioning and commence operations during 2006. Takeda's ongoing commitment to environmental protection is demonstrated by the significant investment in facilities at TPI to minimize all emissions and thus protect our air, ground and water resources. While Takeda is committed to playing a responsible role as an international company doing business across the globe, it also believes that it simply makes good business sense to ensure the protection of our environment. Our Policy Takeda's Policy In 1992, Takeda announced its "Basic Principles on the Environment" based on the fundamental directive: "giving ser

• 6 Takeda Corporate Social Responsibility Report 2005 Corporate Philosophy/Approach to CSR/Corporate Governance Audit System Management Committee, General Product Strategic Committee and Business Managers Committee Takeda has built operational systems to identify areas for improvement. Recently, this led the company to create a strengthened management framework befitting a world-class pharmaceutical company based in Japan. The Company strives to improve the system of corporate governance and thereby create a healthy and transparent environment for decision-making. Board of Directors Management Structure Information Disclosure Takeda has a management structure designed to ensure a swift and flexible response to management challenges which are increasingly divergent in both quality and quantity. The Chairman of the Board, serving as Chief Executive Officer, oversees the whole Takeda Group, supervises the management team and engages in strategic decision-making, while the President, as Chief Operating Officer, i

• - 6 - (2) Management Policy Focusing on "Takeda-ism" which refers to integrity= fairness, honesty, perseverance) as the basis for all its business activities, Takeda is aiming at realizing its management mission of "striving toward better health for individuals and progress in medicine by developing superior pharmaceutical products." In the 2001-2005 Medium-term Management Plan, the Company promoted its specialization in the pharmaceutical business, marking the first step towards becoming a world-class pharmaceutical company. Now the Company has developed the "2006-2010 Medium-term Management Plan," which targets the promotion of further improvements built on the achievements during the previous management plan, and realizing "a world-class pharmaceutical company with Japanese origin" with the prominent perspective for a mediumto-long future, while adhering to "Takeda-ism" as its core policy. Fiscal 2006 is an important year as a start of the 2006-2010 Medium-term Management Plan. Collective efforts of the G

• 5 [2. Management Policies] Through its management mission of "striving toward better health for individuals and progress in medicine by developing superior pharmaceutical products," Takeda is aiming to become a "world-class pharmaceutical company" that conducts business operations globally. Fiscal 2005 is the last year of the 2001-2005 Medium-term Management Plan; the term which we position as the first step toward our goal of becoming a world-class pharmaceutical company. To achieve the targets of the plan, and to form the foundation for the next 2006-2010 Medium-term Management Plan, we are devoting all our efforts to the tasks described below. Through these efforts, Takeda aims to realize its management mission and strive for the further growth of the Takeda Group and for maximization of shareholder value. (1) Enhancing and strengthening the R&D pipeline Takeda will seek to launch new products sustainably in the mid-and-long term by discovering and licensing candidate compounds and promptly moving them fo

• 6 [3.Results of Operations and Financial Position] 1. Overview of the Interim Period 1) Summary of Results In the ethical pharmaceutical industry, various measures intended to restrain healthcare expenditures have been implemented worldwide, including a reduction in the price of drugs. Consequently, growth in all markets has been slowing year by year. In the U.S. market, the growth rate of the market has been slowing down due to the intensified pressure for price reductions of branded products, including the addition of plans offered by the federal and state governments and private insurance companies that encourage use of generic drugs and change in method used to calculate reimbursement cost of drugs under Medicare. Competition with generic drugs has become harsher in Takeda's main therapeutic areas of peptic ulcer, prostate cancer and endometriosis. Competition has also intensified due to the penetration of prescription-toOTC switches especially in the area of peptic ulcer. In the Japanese market, Nationa

• Takeda Pharmaceutical Company Limited Management PolicyManagement Policy Establishing a Foundation forEstablishing a Foundation for Next MediumNext Medium--Term Management PlanTerm Management Plan YasuchikaYasuchika HasegawaHasegawa President & COOPresident & COO Takeda Pharmaceutical Company Limited 20012001--20052005 MediumMedium--Term Management PlanTerm Management Plan ◇◇ RealizeRealize 1 trillion yen in sales of in1 trillion yen in sales of in--house ethical drugshouse ethical drugs ◇◇ Create sources of growthCreate sources of growth to maketo make Takeda a worldTakeda a world--class pharmaceuticalclass pharmaceutical companycompany ◇◇ Promote total independencePromote total independence of nonof non--pharmaceutical businessespharmaceutical businesses Basic InitiativesBasic Initiatives ◇◇ Build systems and a frameworkBuild systems and a framework as a worldas a world--class pharmaceutical companyclass pharmaceutical co

• Takeda Pharmaceutical Company Limited Management PolicyManagement Policy Establishing a Foundation forEstablishing a Foundation for Next MediumNext Medium--Term Management PlanTerm Management Plan YasuchikaYasuchika HasegawaHasegawa President & COOPresident & COO Takeda Pharmaceutical Company Limited 20012001--20052005 MediumMedium--Term Management PlanTerm Management Plan ◇◇ RealizeRealize 1 trillion yen in sales of in1 trillion yen in sales of in--house ethical drugshouse ethical drugs ◇◇ Create sources of growthCreate sources of growth to maketo make Takeda a worldTakeda a world--class pharmaceuticalclass pharmaceutical companycompany ◇◇ Promote total independencePromote total independence of nonof non--pharmaceutical businessespharmaceutical businesses Basic InitiativesBasic Initiatives ◇◇ Build systems and a frameworkBuild systems and a framework as a worldas a world--class pharmaceutical companyclass pharmaceutical co

• Intellectual Property: 14 MAKING INTELLECTUAL PROPERTY A CRITICAL PART OF GLOBAL BUSINESS STRATEGY Takeda recognized the importance of patents early on, and in 1950 became the first Japanese pharmaceutical company to establish a dedicated organization to handle patents. It has steadily expanded with Takeda's growth over the years. Today, the Company's Intellectual Property Department continues to address the rapid changes taking place in the business environment. Takeda is implementing a global intellectual property strategy, which is aligned with its management vision for the Company's growth over the coming decades. IMPORTANCE OF PATENTS FOR PHARMACEUTICAL COMPANIES In stark contrast with some consumer goods, which may be protected by hundreds or sometimes even thousands of intellectual property rights, pharmaceutical products are often protected only by several intellectual property rights, despite the lengthy R&D period (10 15 years on average) and enormous capital investment (20 50 billion). The value o

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