Takeda Reports First Quarter FY2018 Results
Takeda Pharmaceutical Company Limited (TOKYO:4502):
Underlying Revenue growth +6.4% with growth in every region
- Underlying Revenue grew +6.4%, led by Takeda's Growth Drivers (Gastroenterology, Oncology, Neuroscience and Emerging Markets) displaying strong growth of +11.8% over prior year. Key products Entyvio (+34.1%) and Ninlaro (+43.3%) made important contributions to revenue growth.
- Underlying Revenue increased in every region, particularly the U.S. which posted double-digit growth, and Japan which grew despite a price cut in April. Emerging Markets benefited from a return to growth in China. (U.S. +14.1%, Japan +6.6%, Europe & Canada +2.0%, Emerging Markets +6.2%).
- Reported revenue grew +0.4%, with the positive contribution from Takeda's Growth Drivers offsetting the negative impact of currency (-0.5pp) and divestitures (-5.6pp), mainly the long listed products sold to the Teva JV in May 2017.
Underlying Core Earnings +40.3% with margin +6.4pp predominantly driven by Opex discipline
- Underlying Core Earnings grew +40.3%, reflecting revenue growth and a margin step-up of 6.4pp. Gross margin contributed 1.6pp, driven by improved product mix, and the Opex ratio improved 4.8pp, driven by improved cost consciousness as the Global Opex initiative is fully integrated into ways of working.
- Reported operating profit declined -49.3%, impacted by the sale of additional products to the Teva JV in Japan, and a 106.3 billion yen one-time gain from the sale of Wako Pure Chemical Ltd., both of which were booked in Q1 FY2017. Excluding these items, operating profit increased +37.5%.
- Underlying Core EPS was up +51.1%, and reported EPS declined -46.1% to 100 yen per share impacted by one-time gain on sale of Wako and the second tranche of products sold to the Teva JV. Excluding these items, EPS grew at +32.6%.
Achieved several important pipeline milestones in Q1
- Vedolizumab approved for ulcerative colitis in Japan, and a subcutaneous formulation achieved the primary endpoint in a Phase 3 study as maintenance therapy in ulcerative colitis.
- Primary endpoints achieved in Phase 3 studies for Alunbrig in frontline non small cell lung cancer, and Ninlaro in post-transplant multiple myeloma maintenance.
On track with plan to divest non-core assets
- Year-to-date Operating Free Cash Flow decreased -90.6% due to positive R&D milestones and the impact of the sale of additional products to the Teva JV in Q1 FY2017.
- Sale of non-core assets generated an additional 31.9 billion yen of cash, in line with plan.
Costa Saroukos, Chief Financial Officer, commented:
"Takeda's strong business momentum continues into 2018 as we make solid progress against our key priorities to grow the portfolio, strengthen the pipeline, and boost profitability.
I am pleased to report that we made a very strong start on underlying revenue and profitability, with the underlying Core Earnings margin expanding by 640 basis points in Q1 versus prior year. This margin growth was predominantly driven by Opex discipline, which is indicative of how the Global Opex Initiative is now fully integrated into how we work through KPIs, objectives, budgets and systems."
Reported Results for Q1 (April - June) FY2018
|(billion yen)||FY2017 Q1||FY2018 Q1||% Growth vs Prior Year|
|EPS||186 yen||100 yen||-46.1%||+51.1%|
|1||Core Earnings represents Operating Profit adjusted to exclude amortization and impairment losses on intangible assets associated with products as well as other operating income, other operating expenses and certain other significant items that are unusual, non-recurring or unrelated to its ongoing operations.|
|2||Underlying Growth compares two periods (quarters or years) of financial results under a common basis and is used by management to assess the business. These financial results are calculated based on constant currency basis and excluding the impacts of divestitures and other amounts that are unusual, non-recurring items or unrelated to our ongoing operations.|
|3||Attributable to the owners of the company.|
FY2018 Management Guidance: Strong Q1 confirms confidence in full year underlying guidance
|Guidance (growth %)|
|Underlying Revenue||Low single digit|
|Underlying Core Earnings||High single digit|
|Underlying Core EPS||Low-teens|
|Annual Dividend per Share||180 yen|
FY2018 Reported Forecast unchanged
|(billion yen)||FY2017 Results||FY2018 Forecast||% change|
|EPS||239 yen||178 yen||-25.7%|
1 US$= 111 yen
1 euro= 129 yen
1 US$= 108 yen
1 euro= 133 yen
The forecast for consolidated results for the full year of fiscal 2018 has not been changed from the previous forecast (announced at the fiscal 2017 financial results announcement on May 14, 2018). This forecast does not include the full fiscal year 2018 estimated financial impact related to the proposed acquisition of Shire plc by Takeda. A forecast that does include the estimated financial impact of the deal will be announced by Takeda once a reasonable assumption has been confirmed.
Takeda is currently in an offer period (as defined in the City Code on Takeovers and Mergers (the “Code”)) with respect to Shire plc. Pursuant to Rule 28 of the Code, statements made regarding Takeda’s guidance for FY2018 (including statements regarding forecasts for FY2018 revenue, Core Earnings, Operating profit, Profit before income taxes, Net profit attributable to owners of the Company, Basic earnings per share, R&D expenses, Amortisation and impairment and other income/expense, Underlying Revenue, Underlying Core Earnings and Underlying Core EPS) constitute a profit forecast for the year ending March 31, 2019 (the “Takeda Profit Forecast”). For additional information regarding the Takeda Profit Forecast and the required statement by its Directors that such profit forecast is valid and has been properly compiled on the basis of the assumptions stated and that the basis of accounting used in consistent with Takeda's accounting policies, please see page 21 of Takeda’s Financial Results (Tanshin) for the Fiscal Year Ended March 31, 2018, dated May 14, 2018.
For more details on Takeda's FY2018 1st quarter results and other financial information, please visit https://www.takeda.com/investors/reports/
About Takeda Pharmaceutical Company Limited
Takeda Pharmaceutical Company Limited is a global, research and
development-driven pharmaceutical company committed to bringing better
health and a brighter future to patients by translating science into
life-changing medicines. Takeda focuses its R&D efforts on oncology,
gastroenterology and neuroscience therapeutic areas plus vaccines.
Takeda conducts R&D both internally and with partners to stay at the
leading edge of innovation. Innovative products, especially in oncology
and gastroenterology, as well as Takeda’s presence in emerging markets,
are currently fueling the growth of Takeda. Approximately 30,000 Takeda
employees are committed to improving quality of life for patients,
working with Takeda’s partners in health care in more than 70 countries.
For more information, visit https://www.takeda.com/newsroom/.
This release 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 are being offered to the public by means of this release. This 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.
Unless specified otherwise, no statement in this release (including any statement of estimated synergies) is intended as a profit forecast or estimate for any period and no statement in this release should be interpreted to mean that earnings or earnings per share for Takeda Pharmaceutical Company Limited (“Takeda”) for the current or future financial years would necessarily match or exceed the historical published earnings per share for Takeda.
The companies in which Takeda directly and indirectly owns investments are separate entities. In this 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.
This release may contain forward-looking statements, beliefs or opinions regarding Takeda’s future business, future position and results of operations, including estimates, forecasts, targets and plans for Takeda. In particular, this release contains forecasts and management estimates related to the financial and operational performance of Takeda, including statements regarding forecasts for FY2018 revenue, Core Earnings, Operating profit, Profit before income taxes, Net profit attributable to owners of the Company, Basic earnings per share, R&D expenses, Amortisation and impairment and other income/expense. Without limitation, forward looking statements often include the words such as “targets”, “plans”, “believes”, “hopes”, “continues”, “expects”, “aims”, “intends”, “will”, “may”, “should”, “would”, “could”, “anticipates”, “estimates”, “projects” or words or terms of similar substance or the negative thereof. Any forward-looking statements in this document are based on the current assumptions and beliefs of Takeda in light of the information currently available to it. Such forward-looking statements do not represent any guarantee by Takeda or its management of future performance and involve known and unknown risks, uncertainties and other factors, including but not limited to: the economic circumstances surrounding Takeda’s business, including general economic conditions in Japan, the United States and worldwide; competitive pressures and developments; applicable laws and regulations; the success of or failure of product development programs; decisions of regulatory authorities and the timing there of; changes in exchange rates; claims or concerns regarding the safety or efficacy of marketed products or products candidates; and post-merger integration with acquired companies, any of which may cause Takeda’s actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by such forward-looking statements. Neither Takeda nor its management gives any assurances that the expectations expressed in these forward-looking statements will turn out to be correct, and actual results, performance or achievements could materially differ from expectations. Persons receiving this document should not place undue reliance on forward looking statements. Takeda undertakes no obligation to update any of the forward-looking statements contained in this document or any other forward-looking statements it may make. Past performance is not an indicator of future results and the results of Takeda in this document may not be indicative of, and are not an estimate, forecast or projection of Takeda’s future results.
This document contains information about products that may not be available and 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.
Takeda Pharmaceutical Company Limited
Takashi Okubo, +81 (0)3-3278-2306
Takeda Pharmaceutical Company Limited
Kazumi Kobayashi, +81 (0)3-3278-2095
Om Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Følg saker fra Business Wire
Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra Business Wire
Boehringer Ingelheim and OSE Immunotherapeutics Announce Dosing Of the First Patient in a Phase 1 Trial of SIRPα Antagonist Monoclonal Antibody, BI 765063, in Patients with Advanced Solid Tumors17.6.2019 16:00:00 CEST | Pressemelding
Boehringer Ingelheim and OSE Immunotherapeutics SA (ISIN: FR0012127173; Mnémo: OSE) today announce that the first patient has been dosed in the first-in-human Phase 1 clinical trial evaluating BI 765063, formerly OSE-172, a first-in-class monoclonal antibody antagonist of SIRPα, being studied in patients with advanced solid tumors. The Phase 1 study is a dose finding study of BI 765063, a myeloid checkpoint inhibitor, administered as a single agent and in combination with Boehringer Ingelheim’s monoclonal antibody PD-1 antagonist BI 754091, a T-lymphocyte checkpoint inhibitor. “We are very pleased with the progress achieved on BI 765063’s program and having the first patient dosed marks a significant milestone in the product’s development. The advancement of a myeloid cell checkpoint blocking monoclonal antibody into the clinic exemplifies Boehringer Ingelheim’s commitment to the next wave of innovation in cancer immunology therapies, with the goal of meaningfully improving outcomes fo
MagicStay Raises €3 Million to Accelerate Its International Development17.6.2019 15:58:00 CEST | Pressemelding
The apartment rental platform dedicated to business travelers, MagicStay.com , announces its full integration into the main business travel booking tools and a €3 million A-series to pursue its development, bringing the amounts raised to more than €8 million since its launch in 2013. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190617005644/en/ William Lecerf and Valéry Linyer, co-founders of MagicStay (Photo: MagicStay) "This fundraising will allow us to recruit talent to accelerate our growth. We want to sign a quarter of the major French companies and approach one million homes before the end of the year, thanks to the exclusive technologies we now have at our disposal", says Valéry Linÿer, CEO and co-founder, who adds: "We have four main advantages over our competitors: we meet the challenges of duty of care, we are able to customize our tool to meet the constraints of each large company for short and long stays, we ha
EURid Shows a 94% Reduction of Its Footprint since 201217.6.2019 15:32:00 CEST | Pressemelding
EURid, the not-for-profit organisation that operates the .eu and .ею top-level domains, is the first European TLD registry that registered for the EU Eco-Management and Audit Scheme (EMAS) from 2011. Since then, EURid has regularly assessed the environmental impact of its activities and monitored the compliance of its policies and procedures. As over the past four years, in Q2 2019 EURid was audited for the CO2 emissions of the previous year, resulting in an overall footprint of 135 tons CO2eq, which shows a 94% reduction since 2012. “We have achieved carbon neutrality via several actions and the compensation of the audited emissions. We were and are still among the first in our sector to report on our commitment to protect the environment”, commented CEO Marc Van Wesemael. Through EMAS, EURid has had the opportunity to support a multitude of global sustainability initiatives, like the Ugandan Borehole Project, Ecomapuà Project in the Amazon, the Dak Rung Hydropower Project in Vietnam,
Animation, Sound & Vibration – How Visa is Reinforcing Consumer Trust in a Changing Payments World17.6.2019 15:00:00 CEST | Pressemelding
Visa (NYSE: V) today announced global adoption of its sensory branding suite in 25 countries via more than a dozen new partnerships. The suite is comprised of sound, animation and haptic brand cues that occur with a Visa payment transaction. In a digital world increasingly filled with voice-commands, networked appliances and unattended retail environments, Visa’s sensory branding cues offer new ways to enhance the customer experience and convey the trust and security that the Visa brand represents. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190617005240/en/ Visa was the first major payment brand to introduce multi-sensory branding, which included animation, sound and haptic vibration expressions of its brand. After an extensive creation and selection process that involved focus groups and elimination rounds, Visa landed on a single ‘energetic’ and ‘optimistic’ sound, and complementary animation and haptic vibration. Sinc
Study from Project Management Institute Identifies Six AI Technologies Impacting Project Professionals17.6.2019 14:40:00 CEST | Pressemelding
Project Management Institute (PMI) today released its 2019 Pulse of the Profession® In-Depth Report: AI Innovators: Cracking the Code on Project Performance. The report provides an in-depth look at how artificial intelligence (AI) is impacting organizations and the project management profession. Findings reveal that AI disruption is happening and at a large scale: 81 percent of respondents report their organization is being impacted by AI technologies; 37 percent say adopting AI technologies is a high priority for their organization; and project professionals say they expect the proportion of the projects they manage using AI will jump from 23 to 37 percent over the next three years. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190617005558/en/ These insights from a survey of 551 project management practitioners globally show that the presence of AI technologies will continue to grow, requiring shifts in how projects are m
RIBOMIC Announces Positive Top-Line Results from the Phase 1/2a Clinical Trial of RBM-007 (SUSHI Study) in Subjects with Wet Age-Related Macular Degeneration17.6.2019 13:15:00 CEST | Pressemelding
RIBOMIC, Inc., a clinical stage pharmaceutical company specializing in aptamer therapeutics and traded on the Mothers Market of the Tokyo Stock Exchange (Code Number: 4591), today announced positive top-line results from its SUSHI study, Phase 1/2a single ascending dose clinical study of RBM-007, anti-FGF2 aptamer, in nine subjects with wet Age-Related Macular Degeneration (wet AMD). SUSHI study achieved the primary endpoint of safety and tolerability, and also demonstrated efficacy trends in favor of RBM-007. Subjects recruited for the SUSHI Study had wet AMD that was poorly responsive to previous intravitreal anti-VEGF therapy. Through the 56-Day exit visit, excluding one uncompleted case in the last cohort, single dose of RBM-007 demonstrated no dose-limiting toxicities, no systemic or ocular serious adverse events. One subject in Cohort 3 showed anterior inflammation, which was resolved after one day of topical prednisolone treatment. Rescue treatment with anti-VEGF therapy was ava