Takeda Announces First Quarter FY2024 Results - Strong Performance by Growth & Launch Products; Advancements in Promising Late-Stage Pipeline
Takeda reported strong Q1 FY2024 results, with revenue growth of 14.1% at AER and 2.1% at CER. Growth & Launch Products drove performance, increasing 17.8% at CER and representing 46% of total revenue. Core Operating Profit rose 4.5% at CER, with a margin of 31.6%. The company maintained its full-year forecast and management guidance.
Key highlights include:
- Geographic expansion with approvals of LIVTENCITY in Japan and FRUZAQLA in EU
- Positive Phase 2b data for TAK-861 in narcolepsy type 1 and mezagitamab for ITP
- Q1 revenue of 1,208.0 billion yen and Core Operating Profit of 382.3 billion yen
- Core EPS of 176 yen, up 17.5% year-over-year
Takeda ha riportato risultati solidi per il primo trimestre dell'anno fiscale 2024, con una crescita del fatturato del 14,1% in base ai tassi di cambio correnti (AER) e del 2,1% in base ai tassi di cambio costanti (CER). I prodotti in crescita e lancio hanno guidato le performance, aumentando del 17,8% a CER e rappresentando il 46% del fatturato totale. Il Core Operating Profit è aumentato del 4,5% a CER, con un margine del 31,6%. L'azienda ha mantenuto le previsioni per l'intero anno e le indicazioni della gestione.
I principali punti salienti includono:
- Espansione geografica con approvazioni di LIVTENCITY in Giappone e FRUZAQLA nell'UE
- Dati positivi di fase 2b per TAK-861 nella narcolessia di tipo 1 e mezagitamab per l'ITP
- Fatturato del primo trimestre di 1.208,0 miliardi di yen e Core Operating Profit di 382,3 miliardi di yen
- Core EPS di 176 yen, in aumento del 17,5% rispetto all'anno precedente
Takeda reportó resultados sólidos en el primer trimestre del año fiscal 2024, con un crecimiento de ingresos del 14,1% a tipo de cambio actual (AER) y del 2,1% a tipo de cambio constante (CER). Los Productos de Crecimiento y Lanzamiento impulsaron el rendimiento, aumentando un 17,8% a CER y representando el 46% de los ingresos totales. El Beneficio Operativo Nucleo creció un 4,5% a CER, con un margen del 31,6%. La compañía mantuvo su pronóstico para todo el año y la orientación de la dirección.
Los aspectos más destacados incluyen:
- Expansión geográfica con aprobaciones de LIVTENCITY en Japón y FRUZAQLA en la UE
- Datos positivos de la fase 2b para TAK-861 en narcolepsia tipo 1 y mezagitamab para ITP
- Ingresos del primer trimestre de 1.208,0 mil millones de yenes y Beneficio Operativo Nucleo de 382,3 mil millones de yenes
- Core EPS de 176 yenes, un aumento del 17,5% interanual
다케다는 2024 회계연도 1분기 강력한 실적을 보고했으며, 현재환율(AER) 기준 매출 성장률이 14.1%, 고정환율(CER) 기준으로는 2.1% 증가했습니다. 성장 및 출시 제품이 성과를 이끌었으며, CER 기준으로 17.8% 증가하여 총 수익의 46%를 차지했습니다. 핵심 운영 이익은 CER 기준으로 4.5% 증가했습니다, 마진은 31.6%입니다. 이 회사는 연간 예측과 경영 지침을 유지했습니다.
주요 하이라이트는 다음과 같습니다:
- 일본에서 LIVTENCITY, 유럽연합에서 FRUZAQLA의 승인으로 지리적 확장
- 1형 narcolepsy에 대한 TAK-861의 긍정적인 2b상 데이터 및 ITP에 대한 mezagitamab
- 1분기 수익 1,208.0억 엔, 핵심 운영 이익 382.3억 엔
- 핵심 주당 이익(EPS) 176엔, 전년 대비 17.5% 증가
Takeda a rapporté de solides résultats pour le premier trimestre de l'exercice 2024, avec une croissance des revenus de 14,1% à taux de change actuel (AER) et de 2,1% à taux de change constant (CER). Les produits en croissance et de lancement ont propulsé la performance, augmentant de 17,8% à CER et représentant 46% du chiffre d'affaires total. Le bénéfice d'exploitation de base a augmenté de 4,5% à CER, avec une marge de 31,6%. L'entreprise a maintenu ses prévisions pour l'année entière et ses indications de gestion.
Les points saillants comprennent:
- Expansion géographique avec les approbations de LIVTENCITY au Japon et de FRUZAQLA dans l'UE
- Données positives de la phase 2b pour TAK-861 dans la narcolepsie de type 1 et mezzagitamab pour l'ITP
- Chiffre d'affaires du premier trimestre de 1.208,0 milliards de yens et bénéfice d'exploitation de base de 382,3 milliards de yens
- Core EPS de 176 yens, en hausse de 17,5% par rapport à l'année précédente
Takeda hat starke Ergebnisse für das erste Quartal des Geschäftsjahres 2024 gemeldet, mit einem Umsatzwachstum von 14,1% zum aktuellen Wechselkurs (AER) und 2,1% zum konstanten Wechselkurs (CER). Wachstums- und Launch-Produkte trugen zur Performance bei, mit einem Anstieg von 17,8% bei CER und machten 46% des Gesamtertrags aus. Der Kernbetriebsgewinn stieg um 4,5% bei CER, mit einer Marge von 31,6%. Das Unternehmen trat an seinen Jahresausblick und die Managementguidance fest.
Wesentliche Höhepunkte umfassen:
- Geografische Expansion mit Zulassungen von LIVTENCITY in Japan und FRUZAQLA in der EU
- Positive Phase-2b-Daten für TAK-861 bei Narcolepsie Typ 1 und Mezagitamab bei ITP
- Umsatz im Q1 von 1.208,0 Milliarden Yen und Kernbetriebsgewinn von 382,3 Milliarden Yen
- Kern-EPS von 176 Yen, ein Anstieg von 17,5% im Jahresvergleich
- Revenue growth of 14.1% at AER and 2.1% at CER
- Growth & Launch Products increased 17.8% at CER, representing 46% of total revenue
- Core Operating Profit rose 4.5% at CER with a margin of 31.6%
- Core EPS increased 17.5% year-over-year to 176 yen
- Operating Cash Flow improved by 84.3% to 170.3 billion yen
- Geographic expansion with new product approvals in Japan and EU
- Expected acceleration of generic erosion impact in coming quarters
- Planned increase in R&D investment in the second half of the year
- Full-year forecast predicts flat to slightly declining Core Revenue
- Core Operating Profit guidance indicates approximately 10% decline for FY2024
- Core EPS guidance suggests mid-10s% decline for FY2024
Insights
Takeda's Q1 FY2024 results demonstrate a robust performance, particularly in its Growth & Launch Products segment. The 14.1% revenue growth at AER and 2.1% at CER underscores the company's ability to navigate challenges posed by significant losses of exclusivity in the previous fiscal year. The 17.8% growth at CER in Growth & Launch Products, now representing 46% of total revenue, is a strong indicator of Takeda's strategic focus on high-growth areas.
The Core Operating Profit increase of 4.5% at CER and a healthy margin of 31.6% for the quarter reflect effective cost management, particularly in R&D investment phasing and OPEX reduction. However, investors should note that R&D investment is expected to intensify in the second half of the year due to planned Phase 3 program initiations.
While the company maintains its full-year forecast, the potential upside to revenue if current foreign exchange rates persist is a positive factor to consider. The 84.3% increase in Operating Cash Flow to
Investors should keep a close eye on the anticipated acceleration of generic erosion in coming quarters, especially regarding VYVANSE®. The company's ability to offset this through its Growth & Launch Products will be important for maintaining its growth trajectory.
Takeda's Q1 results highlight significant advancements in its late-stage pipeline, which bodes well for the company's long-term growth prospects. The positive Phase 2b data for TAK-861 in narcolepsy type 1 and mezagitamab (TAK-079) in immune thrombocytopenia (ITP) are particularly encouraging.
These developments underscore Takeda's commitment to addressing unmet medical needs in rare diseases and neurological disorders. The potential of these candidates to drive revenue growth into the next decade is substantial, especially considering the high unmet need in these therapeutic areas.
The geographic expansion with approvals of LIVTENCITY® in Japan and FRUZAQLA® in the EU demonstrates Takeda's ability to successfully navigate regulatory pathways across different markets. This global approach enhances the company's potential to maximize the commercial success of its products.
Investors should pay attention to the planned initiation of multiple Phase 3 programs in the second half of the year. These late-stage trials will be critical in determining the future of Takeda's pipeline and its ability to sustain long-term growth. The increased R&D investment associated with these programs underscores the company's confidence in its pipeline and its commitment to innovation.
-
Revenue Growth of
14.1% at Actual Exchange Rates (AER); +2.1% at Constant Exchange Rate (CER) Driven by Acceleration of Growth & Launch Products (+17.8% at CER) -
Core Operating Profit Increase of
4.5% at CER Reflecting Phasing of R&D Investment and Other OPEX Reduction; Core Operating Profit Margin of31.6% for the Quarter - No Change to Full Year Forecast or Management Guidance
-
Geographic Expansion with Approvals of LIVTENCITY® in
Japan and FRUZAQLA® in EU - Late-Stage Pipeline Advances with Positive Phase 2b Data Presented for TAK-861 in Narcolepsy Type 1 and Mezagitamab for Immune Thrombocytopenia (ITP)
The strong performance of Takeda’s Growth and Launch Product portfolio, which grew
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.
Takeda chief financial officer, Milano Furuta, commented:
“Takeda has delivered a positive first quarter performance, with Growth and Launch Products driving overall revenue growth. Our results reflect strong commercial execution, with new launches, geographic expansion and lifecycle management enabling us to reach more patients and communities around the world.
“First quarter Core Operating Profit benefitted from this strong Growth and Launch Product performance, as well as from phasing of R&D investment, reduction in other OPEX and milder than anticipated VYVANSE® generic erosion in the
“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.”
FINANCIAL HIGHLIGHTS for FY2024 Q1 Ended June 30, 2024 |
|||
(Billion yen, except percentages and per share amounts) |
|||
|
FY2024 Q1 |
FY2023 Q1 |
vs. PRIOR YEAR (Actual % change) |
Revenue |
1,208.0 |
1,058.6 |
+ |
Operating Profit |
166.3 |
168.6 |
- |
Net Profit |
95.2 |
89.4 |
+ |
EPS (Yen) |
61 |
58 |
+ |
Operating Cash Flow |
170.3 |
92.4 |
+ |
Adjusted Free Cash
|
23.7 |
-207.5 |
N/A |
Core (Non-IFRS) |
||||
(Billion yen, except percentages and per share amounts) |
||||
|
FY2024 Q1 |
FY2023 Q1 |
vs. PRIOR YEAR (Actual % change) |
vs. PRIOR YEAR (CER % change) |
Revenue |
1,208.0 |
1,058.6 |
+ |
+ |
Operating Profit |
382.3 |
326.3 |
+ |
+ |
Margin |
|
|
+0.8pp |
― |
Net Profit |
276.8 |
233.4 |
+ |
+ |
EPS (Yen) |
176 |
150 |
+ |
+ |
FY2024 Outlook (unchanged from May 2024) |
||
(Billion yen, except percentages and per share amounts) |
||
|
FY2024
|
FY2024
|
Revenue |
4,350.0 |
― |
Core Revenue (Non-IFRS) |
4,350.0 |
Flat to slightly declining |
Operating Profit |
225.0 |
― |
Core Operating Profit (Non-IFRS) |
1,000.0 |
Approximately |
Net Profit |
58.0 |
― |
EPS (Yen) |
37 |
― |
Core EPS (Yen) (Non-IFRS) |
431 |
Mid-10s% decline |
Adjusted Free Cash Flow (Non-IFRS) |
350.0 - 450.0 |
|
Annual Dividend per Share (Yen) |
196 |
|
Additional Information About Takeda’s FY2024 Q1 Results
For more details about Takeda’s FY2024 Q1 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 Q1 investor presentation (available at https://www.takeda.com/investors/financial-results/quarterly-results/)
About Takeda
Takeda is focused on creating better health for people and a brighter future for the world. We aim to discover and deliver life-transforming treatments in our core therapeutic and business areas, including gastrointestinal and inflammation, rare diseases, plasma-derived therapies, oncology, neuroscience and vaccines. Together with our partners, we aim to improve the patient experience and advance a new frontier of treatment options through our dynamic and diverse pipeline. As a leading values-based, R&D-driven biopharmaceutical company headquartered in
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Financial information and Non-IFRS Measures
Takeda’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”).
This press release and materials distributed in connection with this press release include certain financial measures not presented in accordance with IFRS, such as Core Revenue, Core Operating Profit, Core Net Profit for the year attributable to owners of the Company, Core EPS, Constant Exchange Rate (“CER”) change, Net Debt, Adjusted Net Debt, EBITDA, Adjusted EBITDA, Free Cash Flow and Adjusted Free Cash Flow. Takeda’s management evaluates results and makes operating and investment decisions using both IFRS and non-IFRS measures included in this press release. These non-IFRS measures exclude certain income, cost and cash flow items which are included in, or are calculated differently from, the most closely comparable measures presented in accordance with IFRS. Takeda’s non-IFRS measures are not prepared in accordance with IFRS and such non-IFRS measures should be considered a supplement to, and not a substitute for, measures prepared in accordance with IFRS (which we sometimes refer to as “reported” measures). Investors are encouraged to review the definitions and reconciliations of non-IFRS measures to their most directly comparable IFRS measures, which are in the Financial Appendix appearing at the end of our FY2024 Q1 investor presentation (available at www.takeda.com/investors). Beginning in the quarter ended June 30, 2024, Takeda (i) changed its methodology for CER adjustments to results of subsidiaries in hyperinflation countries to present those results in a manner consistent with IAS 29, Financial Reporting in Hyperinflation Economies, (ii) re-named Free Cash Flow as previously calculated as “Adjusted Free Cash Flow” (with “Free Cash Flow” to be reported as Operating Cash Flow less Property, Plant and Equipment), and (iii) re-named Net Debt as previously calculated as “Adjusted Net Debt” (with “Net Debt” to be reported as the book value of bonds and loans less cash and cash equivalents).
Medical information
This press release contains information about products that may not be available in all countries, or may be available under different trademarks, for different indications, in different dosages, or in different strengths. Nothing contained herein should be considered a solicitation, promotion or advertisement for any prescription drugs including the ones under development.
Please refer to slide 8 of Takeda’s FY2024 Q1 investor presentation (available at https://www.takeda.com/investors/financial-results/quarterly-results/) for the definition of Growth & Launch Products.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240725145481/en/
Investor Relations
Christopher O’Reilly
Christopher.oreilly@takeda.com
+81 (0) 90-6481-3412
Media Relations
Brendan Jennings
Brendan.jennings@takeda.com
+81 (0) 80-2705-8259
Source: Takeda Pharmaceutical Company Limited
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