Takeda (TOKYO:4502/NYSE:TAK) has announced its third-quarter earnings results for fiscal year 2024, reporting significant progress in its Growth & Launch Products. These products experienced robust growth, posting a 14.6% increase at constant exchange rates (CER). The company has upgraded its full-year outlook, attributing the positive revision to strong product performance, operational efficiencies, and updated foreign exchange assumptions.
Strategic Business Developments
Takeda is advancing multiple late-stage programs and expects three Phase 3 data readouts within 2025. Additionally, the company projects three regulatory filings in FY2025-FY2026 and five more in FY2027-FY2029. Six of these late-stage programs are forecasted to generate peak revenues between USD 10 billion and 20 billion, contributing to long-term financial growth.
In a strategic move to reinforce investor confidence, Takeda has announced a share buyback plan of up to JPY 100 billion. This initiative underscores the company’s strong business momentum and dedication to shareholder returns.
Financial Performance Highlights
Takeda’s financial results for the first nine months of FY2024 showcase remarkable growth across key metrics:
| Financial Metric | FY2024 Q3 YTD | FY2023 Q3 YTD | % Change |
|---|---|---|---|
| Revenue | JPY 3,528.2 billion | JPY 3,212.9 billion | +9.8% |
| Operating Profit | JPY 417.5 billion | JPY 224.1 billion | +86.3% |
| Net Profit | JPY 211.1 billion | JPY 147.1 billion | +43.5% |
| EPS (Yen) | 134 | 94 | +42.1% |
| Operating Cash Flow | JPY 835.0 billion | JPY 437.8 billion | +90.8% |
| Adjusted Free Cash Flow | JPY 568.3 billion | JPY 36.3 billion | +1,466% |
Core Financial Metrics
| Financial Metric | FY2024 Q3 YTD | FY2023 Q3 YTD | % Change |
| Core Revenue | JPY 3,528.2 billion | JPY 3,212.9 billion | +9.8% |
| Core Operating Profit | JPY 1,006.3 billion | JPY 865.6 billion | +16.3% |
| Core Net Profit | JPY 698.9 billion | JPY 643.6 billion | +8.6% |
| Core EPS (Yen) | 443 | 412 | +7.5% |
FY2024 Outlook: Revised Growth Projections
Takeda has adjusted its full-year management guidance and raised its reported and core financial forecasts. The upward revision is primarily due to sustained product momentum and operational savings.
FY2024 Revised Management Guidance (CER Basis)
| Metric | Previous Guidance (Oct 2024) | Revised Guidance (Jan 2025) |
| Core Revenue | Flat to slightly increasing | Low-single-digit % increase |
| Core Operating Profit | Mid-single-digit % decline | Low-single-digit % increase |
| Core EPS | Approx. 10% decline | Flat to slightly declining |
Updated FY2024 Financial Forecasts
| Metric | Previous Forecast (Oct 2024) | Revised Forecast (Jan 2025) |
| Revenue | JPY 4,480.0 billion | JPY 4,590.0 billion |
| Core Revenue | JPY 4,480.0 billion | JPY 4,590.0 billion |
| Operating Profit | JPY 265.0 billion | JPY 344.0 billion |
| Core Operating Profit | JPY 1,050.0 billion | JPY 1,150.0 billion |
| Net Profit | JPY 68.0 billion | JPY 118.0 billion |
| EPS (Yen) | 43 | 75 |
| Core EPS (Yen) | 456 | 507 |
| Adjusted Free Cash Flow | JPY 400.0-500.0 billion | JPY 550.0-650.0 billion |
| Annual Dividend per Share | JPY 196 | JPY 196 |
Late-Stage Pipeline and Growth Strategy
Takeda is building strong momentum with its high-value, late-stage pipeline. The company aims to deliver transformative therapies for patients while maximizing revenue potential through 2030 and beyond.
Phase 3 Readouts Expected in 2025:
- Oveporexton (TAK-861): Treatment for narcolepsy type 1
- Zasocitinib: Treatment for psoriasis
- Rusfertide: Treatment for polycythemia vera (a rare chronic blood disorder)
Regulatory Filings Expected in FY2025-FY2029:
- Zasocitinib: Psoriatic arthritis
- Mezagitamab: Immune thrombocytopenia (ITP) and immunoglobulin A nephropathy (IgAN)
- Fazirsiran: Alpha-1 antitrypsin deficiency-associated liver disease
- Elritercept: Anemia associated with myelodysplastic syndrome
Beyond these late-stage programs, Takeda remains committed to advancing its early-stage pipeline and pursuing strategic business development opportunities to bring life-changing treatments to patients worldwide.
