Results from Takeda (TOKYO:4502/NYSE) were announced today, detailing earnings for the first quarter of fiscal year 2024 (period ended June 30, 2024). The company reported continued momentum in its Growth & Launch Products, driving Core growth at CER and more than offsetting the revenue impact from significant losses of exclusivity that occurred in the previous fiscal year.
In addition, positive Phase 2b data presented in June for TAK-861 in narcolepsy type 1 and for mezagitamab (TAK-079) in immune thrombocytopenia (ITP), a rare immune-mediated bleeding disorder, underscore the promise of Takeda’s late-stage pipeline and the potential for strong revenue growth into the next decade and beyond.
“There is no change to our full-year FY2024 outlook announced in May. We expect the impact of generic erosion to accelerate in coming quarters and the phasing of our R&D investment will focus on the second half of the year due to the planned initiation of multiple Phase 3 programs. Foreign exchange has been a tailwind for revenue performance in the first quarter and we see potential upside to our revenue forecast if current foreign exchange rates continue.”
Results: Takeda (TOKYO:4502/NYSE
) today announced earnings results for the first quarter of fiscal year 2024 (period ended June 30, 2024), with continued momentum in its Growth & Launch Products driving Core growth at CER and more than offsetting revenue impact resulting from significant losses of exclusivity that occurred in the previous fiscal year. The strong performance of Takeda’s Growth and Launch Product portfolio, which grew 17.8% at CER and represented 46% of total revenue, supports the company’s outlook for a return to sustainable revenue and profit growth in the near term and its ability to deliver life-transforming treatments and vaccines.
Results: Positive Phase 2b Data and Financial Highlights Signal Strong Future Revenue Growth for Takeda
In addition, positive Phase 2b data presented in June for TAK-861 in narcolepsy type 1 and for mezagitamab (TAK-079) in immune thrombocytopenia (ITP), a rare immune-mediated bleeding disorder, underscore the promise of Takeda’s late-stage pipeline and the potential for strong revenue growth into the next decade and beyond. FINANCIAL HIGHLIGHTS for FY2024 Q1 Ended June 30, 2024: Takeda’s FY2024 Q1 revenue was ¥1,208.0 billion (+14.1% from FY2023 Q1), with an operating profit of ¥166.3 billion (-1.3% from FY2023 Q1) and a net profit of ¥95.2 billion (+6.5% from FY2023 Q1).
The EPS was 61 yen (+5.6% from FY2023 Q1), operating cash flow was ¥170.3 billion (+84.3% from FY2023 Q1), and adjusted free cash flow (Non-IFRS) was ¥23.7 billion (N/A). Core (Non-IFRS) metrics showed FY2024 Q1 revenue at ¥1,208.0 billion (+14.1% actual; +2.1% CER), operating profit at ¥382.3 billion (+17.1% actual; +4.5% CER), a margin of 31.6% (+0.8pp), net profit at ¥276.8 billion (+18.6% actual; +3.9% CER), and EPS of 176 yen (+17.5% actual; +2.9% CER). The FY2024 outlook remains unchanged with revenue forecasted at ¥4,350.0 billion, core revenue (Non-IFRS) also at ¥4,350.0 billion (flat to slightly declining), operating profit at ¥225.0 billion, core operating profit (Non-IFRS) at ¥1,000.0 billion (approximately 10% decline), net profit at ¥58.0 billion, EPS at 37 yen, core EPS (Non-IFRS) at 431 yen (mid-10s% decline), adjusted free cash flow (Non-IFRS) between ¥350.0 – 450.0 billion, and an annual dividend per share of 196 yen.
In summary, Takeda’s Q1 FY2024 results highlight strong growth driven by the company’s Growth & Launch Products portfolio, setting a positive trajectory for sustainable revenue and profit growth. The company’s focus on advancing its late-stage pipeline and strategic initiatives in commercial execution, geographic expansion, and lifecycle management positions Takeda well for continued success in delivering innovative treatments and vaccines to patients globally.
Resource: Business Wire, July 31, 2024
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