Takeda Delivers Strong Third-Quarter FY2024 Results
Takeda (TOKYO:4502/NYSE:TAK) today announced earnings results for the third quarter of fiscal year 2024 (nine months ended December 31, 2024) showing continued advancement of its Growth & Launch Products, which delivered double-digit growth of 14.6% at CER. The company has upgraded its full year outlook for growth, reflecting strong year-to-date product performance and OPEX efficiencies, as well as revised foreign exchange assumptions.
Takeda continues to advance multiple late-stage programs and is on track for three Phase 3 data readouts within the calendar year 2025. The company expects three regulatory filings in FY2025-FY2026 and five additional regulatory filings in FY2027-FY2029. Six of these late-stage programs are estimated to have the potential to generate peak revenues ranging from USD 10 billion to 20 billion in total and contribute to long-term growth.
Takeda also announced today its decision to buy back shares up to JPY 100.0 billion, underscoring confidence in its strong business momentum and commitment to shareholder returns. For details, see release:Takeda Announces Acquisition of Own Shares
Takeda chief financial officer, Milano Furuta, commented:
“We are raising our Management Guidance and reported & Core forecasts for the full year, pivoting to a growth outlook for revenue and operating profit on the strength of product momentum and OPEX efficiencies from our efficiency program. We are confident that we will grow our Core Operating Profit margin this fiscal year.
“As highlighted at our R&D Day in December 2024, we are on track to three Phase 3 data readouts within calendar year 2025, strengthening confidence in our long-term growth outlook.
“The announcement of our new share buyback program, approved by Takeda’s Board of Directors, demonstrates our commitment to shareholder returns.”
FINANCIAL HIGHLIGHTS for FY2024 Q3 YTD Ended December 31, 2024
| (Billion yen, except percentages and per share amounts) | |||
| FY2024 Q3 YTD | FY2023 Q3 YTD | vs. PRIOR YEAR (Actual % change) | |
| Revenue | 3,528.2 | 3,212.9 | +9.8% |
| Operating Profit | 417.5 | 224.1 | +86.3% |
| Net Profit | 211.1 | 147.1 | +43.5% |
| EPS (Yen) | 134 | 94 | +42.1% |
| Operating Cash Flow | 835.0 | 437.8 | +90.8% |
| Adjusted Free Cash Flow (Non-IFRS) | 568.3 | 36.3 | +1,466% |
| Core (Non-IFRS) | ||||
| (Billion yen, except percentages and per share amounts) | ||||
| FY2024 Q3 YTD | FY2023 Q3 YTD | vs. PRIOR YEAR (Actual % change) | vs. PRIOR YEAR (CER % change) | |
| Revenue | 3,528.2 | 3,212.9 | +9.8% | +4.5% |
| Operating Profit | 1,006.3 | 865.6 | +16.3% | +10.1% |
| Margin | 28.5% | 26.9% | +1.6pp | ― |
| Net Profit | 698.9 | 643.6 | +8.6% | +1.9% |
| EPS (Yen) | 443 | 412 | +7.5% | +0.9% |
FY2024 Outlook
Updating Full Year Management Guidance and Reported and Core Forecasts
Takeda has upgraded its FY2024 Management Guidance, primarily driven by product momentum and OPEX savings. In addition, and also reflecting revised foreign exchange assumptions for the year, Takeda has raised its FY2024 reported and Core forecasts from the previous forecast. For more details, see release: Notice of the Revised Forecast of Consolidated Financials for FY2024 (IFRS)
| FY2024 Management Guidance Core Change at CER (Non-IFRS) | ||
| FY2024 PREVIOUS MANAGEMENT GUIDANCE (October 2024) | FY2024 REVISED MANAGEMENT GUIDANCE (January 2025) | |
| Core Revenue | Flat to slightly increasing | Low-single-digit % increase |
| Core Operating Profit | Mid-single-digit % decline | Low-single-digit % increase |
| Core EPS (Yen) | Approx 10% decline | Flat to slightly declining |
| FY2024 Reported and Core Forecasts | ||
| (Billion yen, except percentages and per share amounts) | ||
| FY2024 PREVIOUS FORECAST (October 2024) | FY2024 REVISED FORECAST (January 2025) | |
| Revenue | 4,480.0 | 4,590.0 |
| Core Revenue (Non-IFRS) | 4,480.0 | 4,590.0 |
| Operating Profit | 265.0 | 344.0 |
| Core Operating Profit (Non-IFRS) | 1,050.0 | 1,150.0 |
| Net Profit | 68.0 | 118.0 |
| EPS (Yen) | 43 | 75 |
| Core EPS (Yen) (Non-IFRS) | 456 | 507 |
| Adjusted Free Cash Flow (Non-IFRS) | 400.0-500.0 | 550.0-650.0 |
| Annual Dividend per Share (Yen) | 196 | 196 |
Positive Momentum in High-Value, Late-Stage Pipeline
The company is building strong momentum with its high-value, late-stage programs. The transformative value these programs can deliver to patients, as well as the significant revenue potential through 2030 and beyond, were presented at the R&D Day event held in December 2024.
Among the multiple late-stage programs presented, the company expects three Phase 3 data readouts in the calendar year 2025 with filings anticipated in FY2025-FY2026 for the following programs and indications:
- oveporexton (TAK-861) for the treatment of narcolepsy type 1,
- zasocitinib for the treatment of psoriasis, and
- rusfertide for the treatment of polycythemia vera, a rare chronic blood disorder
Moreover, five additional indication filings for late-stage programs are on pace for FY2027-FY2029.
- zasocitinib for the treatment of psoriatic arthritis,
- mezagitamab for treatments of immune thrombocytopenia (ITP), a rare immune-mediated bleeding disorder, and immunoglobulin A nephropathy (IgAN), a chronic progressive autoimmune mediated kidney disease,
- fazirsiran for the treatment of alpha-1 antitrypsin deficiency-associated liver disease, and
- elritercept for the treatment of anemia associated with myelodysplastic syndrome
Beyond its high-value, late-stage pipeline, Takeda will continue advancing its early-stage pipeline and focusing on strategic business development opportunities, to deliver treatments that have the potential to change patients’ lives.
Additional Information About Takeda’s FY2024 Q3 YTD Results
For more details about Takeda’s FY2024 Q3 YTD results, commercial progress, pipeline updates and other financial information, including key assumptions in the FY2024 forecast and management guidance as well as definitions of non-IFRS measures, please refer to Takeda’s FY2024 Q3 investor presentation (available at https://www.takeda.com/investors/financial-results/quarterly-results/)
Last Updated on 11 hours by News Desk 1
