Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Today <a href="https://www.smartkarma.com/entities/takeda-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:11747:1" rel="noopener">Takeda Pharmaceutical (4502 JP)</a> announced earnings which will mean last year was the trough, not this year. The pipeline looks OK too. </li>
<li>The company also announced a ¥100bn buyback and a change of CEO. The buyback has a big number, but it isn't particularly exciting. </li>
<li>All in all, there's positive news here, but it is all much of a muchness, but as it is a nine-figure buyback in 3mos, we take a look.</li>
</ul>


Today Takeda Pharmaceutical (4502 JP) announced earnings which will mean last year was the trough, not this year. The pipeline looks OK too. 
The company also announced a ¥100bn buyback and a change of CEO. The buyback has a big number, but it isn't particularly exciting. 
All in all, there's positive news here, but it is all much of a muchness, but as it is a nine-figure buyback in 3mos, we take a look.


Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/takeda-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:11747:1" rel="noopener">Takeda Pharmaceutical (4502 JP)</a> reported better-than-expected performance in Q3FY25, with 3% revenue growth to ¥1,144B, driven by continued strong momentum from Growth and Launch Products. All key parameters beat estimates.</li>
<li>Takeda 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 has also announced ¥100B buyback.</li>
<li>Continued strong performance of its Growth and Launch product portfolio, ripe late-stage pipeline, and expected margin improvement from FY26 envisage long-term growth prospect of the company.  </li>
</ul>



Takeda Pharmaceutical (4502 JP) reported better-than-expected performance in Q3FY25, with 3% revenue growth to ¥1,144B, driven by continued strong momentum from Growth and Launch Products. All key parameters beat estimates.
Takeda 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 has also announced ¥100B buyback.
Continued strong performance of its Growth and Launch product portfolio, ripe late-stage pipeline, and expected margin improvement from FY26 envisage long-term growth prospect of the company.  


Takeda Pharmaceutical (4502 JP): Strong Q3 Result Triggers Guidance Raise; ¥100B Buyback Announced

<ul>
<li>
<a href="https://www.smartkarma.com/entities/takeda-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:11747:1" rel="noopener">Takeda Pharmaceutical (4502 JP)</a> reported Q2FY25 result, with all key parameters beating estimates. The growth is attributable to favorable Fx and strong momentum from Growth and Launch Products.</li>
<li>The strong performance of Takeda’s Growth and Launch Product portfolio, which more than offsets LOE impact, reinforces the company’s confidence in returning to sustainable revenue and profit growth.</li>
<li>Takeda has raised FY25 guidance. The revised guidance reflects muted H2FY25 performance, affected by lower revenue from key drugs and accelerated R&amp;D investments.  </li>
</ul>



Takeda Pharmaceutical (4502 JP) reported Q2FY25 result, with all key parameters beating estimates. The growth is attributable to favorable Fx and strong momentum from Growth and Launch Products.
The strong performance of Takeda’s Growth and Launch Product portfolio, which more than offsets LOE impact, reinforces the company’s confidence in returning to sustainable revenue and profit growth.
Takeda has raised FY25 guidance. The revised guidance reflects muted H2FY25 performance, affected by lower revenue from key drugs and accelerated R&amp;D investments.  


Takeda Pharmaceutical (4502 JP): Beat-And-Raise Q2 Amid Strong Performance of New Drugs

Healthcare Equity Analyst - Emerging & Dev Markets, daaimon

Avien Pillay

Healthcare Equity Analyst - Emerging & Dev Markets

daaimon

daaimon is an independent research company focusing on healthcare and consumer sectors across developed and emerging markets. We produce insightful research which challenges conventional thinking. In particular, we look for new ideas by testing consensus forecasts and markets expectations.

<ul>
<li>Given the high number of pipeline dropouts, and the potentially disappointing $6 bn psoriasis drug acquisition, we question Takeda’s recent investment track record.</li>
<li>A big restructuring, high expectations from new/recently launched drug portfolio, and punchy company guidance reduces the probability of upside surprises.</li>
<li>Unless you are limited from investing outside Japan and you want exposure to an innovative pharma company, we believe that there are better and cheaper options elsewhere.</li>
</ul>


Given the high number of pipeline dropouts, and the potentially disappointing $6 bn psoriasis drug acquisition, we question Takeda’s recent investment track record.
A big restructuring, high expectations from new/recently launched drug portfolio, and punchy company guidance reduces the probability of upside surprises.
Unless you are limited from investing outside Japan and you want exposure to an innovative pharma company, we believe that there are better and cheaper options elsewhere.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/astellas-pharma-inc" target="_blank" data-smartkarma-citation="entities:6091:1" rel="noopener">Astellas Pharma (4503 JP)</a> reported a 22% YoY (6% from favourable Fx rates) revenue growth to ¥1,453B in 9MFY25. The U.S. market continue to be key, contributing 46% of revenue.</li>
<li>Operating profit rose 44% YoY to ¥297.5B, with operating margin expanding 310bps to 20.5%. Core profit increased 35% YoY to ¥223B, with margins improving 150bps to 15.4% in 9MFY25.</li>
<li>Guidance revised upward, with revenue now expected at ¥1,900B on robust XTANDI performance and favorable forex movement.</li>
</ul>



Astellas Pharma (4503 JP) reported a 22% YoY (6% from favourable Fx rates) revenue growth to ¥1,453B in 9MFY25. The U.S. market continue to be key, contributing 46% of revenue.
Operating profit rose 44% YoY to ¥297.5B, with operating margin expanding 310bps to 20.5%. Core profit increased 35% YoY to ¥223B, with margins improving 150bps to 15.4% in 9MFY25.
Guidance revised upward, with revenue now expected at ¥1,900B on robust XTANDI performance and favorable forex movement.


Astellas Pharma (4503 JP): 9MFY25 Result- Strategic Brands Strong; Margins Expand; Guidance Raised

Japan

Takeda Pharmaceutical Co Ltd focuses on the Research & Development, Manufacturing, Sales and Marketing and Import/Export of Pharmaceutical Drugs. The Company focuses on the following core therapeutic areas: Cardiovascular & Metabolic, Oncology, Central Nervous System, Respiratory & Immunology, General Medicine (Gastrointestinal & Genitourinary) and Vaccine.

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Takeda Pharmaceutical (4502 JP)

Takeda Pharma (4502) - Strong Results

Takeda Pharma announced decent results and an upward revision for the full year. On an accounting basis, the revision is big. On a real basis, less...

Travis Lundy