Takeda Announces FY2024 Full Year Results and FY2025 Outlook Reflecting Growth & Launch Products Momentum, Strong Cash Flow Generation and Late-Stage Pipeline Progress

Takeda ( TOKYO:4502/NYSE:TAK ) today announced financial results for fiscal year 2024 (period ended March 31, 2025) with continued strong momentum in Growth & Launch Products offsetting loss of exclusivity impact to drive revenue and Core Operating Profit growth, supported by robust cost management.

Takeda has built a high-value late-stage pipeline with potentially life-transforming new treatment options for patients. Following a positive Phase 3 readout for rusfertide in Oncology in March 2025, the company anticipates a further two Phase 3 readouts in core therapeutic areas this fiscal year.

FY2025 Management Guidance at CER reflects residual carry-over of VYVANSE ^® generic impact, continued efficiency savings and investment in R&D and launch preparation for Takeda’s late-stage pipeline.

Takeda chief executive officer, Christophe Weber, commented:
“Takeda delivered excellent results in FY2024. Our return to Core Operating Profit margin growth underscores the strength of our Growth & Launch Products portfolio and the ability of our multi-year efficiency program to deliver meaningful cost savings.

“FY2025 will be a pivotal year as we invest in launch readiness for the late-stage pipeline, which will contribute to our broadly flat Core Operating Profit outlook for FY2025 but will be key to achieving Takeda’s long-term growth potential.”

Takeda chief financial officer, Milano Furuta, commented:
“Takeda's success in delivering revenue and Core Operating Profit growth in FY2024 and our outlook for broadly flat revenue and profit in FY2025, demonstrates our ability to manage through one of the largest generic impacts on our business in Takeda’s history while progressing a highly promising late-stage pipeline. Our performance and outlook speak to the strength of our Growth & Launch Products, our innovative pipeline and the resilience of our organization as a whole.

“Takeda is now at an inflection point, with multiple anticipated Phase 3 data readouts this fiscal year, and I’m excited about our growth trajectory.”

Additional Information About Takeda’s FY2024 Results
For more details about Takeda’s FY2024 results, commercial progress, pipeline updates and other financial information, including key assumptions in the FY2025 forecast and management guidance as well as definitions of non-IFRS measures, please refer to Takeda’s FY2024 Q4 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 Japan, we are guided by our commitment to patients, our people and the planet. Our employees in approximately 80 countries and regions are driven by our purpose and are grounded in the values that have defined us for more than two centuries. For more information, visit www.takeda.com .

Important Notice
For the purposes of this notice, “press release” means this document, any oral presentation, any question and answer session and any written or oral material discussed or distributed by Takeda Pharmaceutical Company Limited (“Takeda”) regarding this press release. This press release (including any oral briefing and any question-and-answer in connection with it) is not intended to, and does not constitute, represent or form part of any offer, invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, exchange, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction. No shares or other securities are being offered to the public by means of this press release. No offering of securities shall be made in the United States except pursuant to registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom. This press release is being given (together with any further information which may be provided to the recipient) on the condition that it is for use by the recipient for information purposes only (and not for the evaluation of any investment, acquisition, disposal or any other transaction). Any failure to comply with these restrictions may constitute a violation of applicable securities laws.

The companies in which Takeda directly and indirectly owns investments are separate entities. In this press release, “Takeda” is sometimes used for convenience where references are made to Takeda and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to subsidiaries in general or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.

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Forward-Looking Statements
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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 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 5 of Takeda’s FY2024 Q4 investor presentation (available at https://www.takeda.com/investors/financial-results/quarterly-results/ ) for the definition of Growth & Launch Products.

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