Business Wire

Takeda Reports First Quarter FY2018 Results

Del

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
    Reported   Underlying 2
Revenue 448.2 449.8 +0.4% +6.4%
Core Earnings1 106.3 116.8 +9.8% +40.3%
Operating Profit 195.0 98.9 -49.3% -
Net Profit3 144.8 78.2 -46.0% -
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
Revenue 1,770.5 1,737.0 -1.9%
Core Earnings 322.5 309.5 -4.0%
Operating Profit 241.8 201.0 -16.9%
Net Profit 186.9 139.0 -25.6%
EPS 239 yen 178 yen -25.7%
Exchange Rate
(annual average)
  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/.

Important Notice

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.

Forward-Looking Statements

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.

Medical information

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.

Contact information

Investor Relations
Takeda Pharmaceutical Company Limited
Takashi Okubo, +81 (0)3-3278-2306
takeda.ir.contact@takeda.com
Media Relations
Takeda Pharmaceutical Company Limited
Kazumi Kobayashi, +81 (0)3-3278-2095
kazumi.kobayashi@takeda.com

Om Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(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

In the Wake of the Ongoing Floods in Kerala; UAE Exchange and Unimoni Waive Service Fee on Remittances to Kerala Chief Minister's Distress Relief Fund16.8.2018 09:30Pressemelding

Leading money transfer, foreign exchange and payment solutions brands, UAE Exchange and Unimoni, have waived service fee on remittances to Kerala Chief Minister's Distress Relief Fund in the wake of the catastrophic floods that has ravaged the Indian state of Kerala. The initiative which enables the global Indian diaspora to contribute to the relief efforts, follows a personal contribution of two crore rupees made by the Group Chairman and noted UAE-based businessman and philanthropist, Dr. Bavaguthu Raghuram Shetty, to help those affected by the floods. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180816005229/en/ Promoth Manghat, Executive Director, Finablr and Group CEO (Photo: AETOSWire) Promoth Manghat, Executive Director, Finablr and Group CEO, said, “As a committed corporate citizen, who firmly believes in helping communities in times of need, it was our responsibility to do all that is in our power to aid the peopl

BioNTech Signs Collaboration Agreement with Pfizer to Develop mRNA-based Vaccines for Prevention of Influenza16.8.2018 05:00Pressemelding

BioNTech AG, a rapidly growing biotechnology company focused on precise immunotherapies for the treatment of cancer and infectious disease, today announced that it has entered into a multi-year research and development (R&D) collaboration with Pfizer Inc. (NYSE: PFE) to develop mRNA-based vaccines for prevention of influenza (flu). Under the terms of the agreement, BioNTech and Pfizer will jointly conduct research and development activities to help advance mRNA-based flu vaccines. Pfizer will assume sole responsibility for further clinical development and commercialization of mRNA-based flu vaccines, following BioNTech’s completion of a first in human clinical study. BioNTech will receive $120 million in upfront, equity and near-term research payments and up to an additional $305 million in potential development, regulatory and commercial milestone payments. In addition, BioNTech will receive up to double-digit tiered royalty payments associated with worldwide sales if the program reac

Maxion Wheels to Showcase Market-Leading Light Weight Commercial Vehicle Wheels at REIFEN 201816.8.2018 04:05Pressemelding

Maxion Wheels, the world’s largest producer of wheels, announced today its participation in REIFEN, the leading tire and wheel industry event in Europe, from Sept. 11 – 15, 2018 in Hall 12.1 / Stand D24. For the first time, REIFEN will be co-located with Automechanika Frankfurt at the Messe Frankfurt. “REIFEN is the premier event for European tire and wheel manufacturers and resellers, bringing us together to meet and collaborate on the important aftermarket themes of innovation, service and delivery,” stated Mark Gerardts, Vice President of Global Sales and Marketing, Maxion Wheels. “After a highly popular launch to truck and trailer OEMs in 2017, we’re excited to have the industry’s lightest mass production steel wheel now available to our aftermarket distributors. This wheel, along with several others, including our new 10.00W-20 wide base tubetype and tubeless heavy duty armored vehicles wheel are great examples of our continued efforts to bring our OE multi-application innovations

Lenovo Accelerates Turnaround with Back-to-Back, Double-Digit Quarterly Revenue Growth15.8.2018 23:40Pressemelding

Lenovo Group (HKSE: 0992) (PINK SHEETS: LNVGY) today announced results for its first fiscal quarter ended June 30, 2018. For the second straight quarter, Lenovo achieved strong double-digit growth in revenue year-on-year. Group revenue reached US$11.91 billion, up 19% year-on-year. The company also reported strong pre-tax income during the quarter of US$113 million, an improvement of US$182 million year-on-year, as profitability improved across all businesses. In the first fiscal quarter, Lenovo’s profit attributable to equity holders grew to US$77 million, up US$149 million year-over-year. Basic earnings per share in the first fiscal quarter was 0.65 US cents or 5.10 HK cents. “As we persistently execute our 3-wave strategy, all our businesses made solid improvements in both revenue and profitability. Lenovo has passed the turning point and entered a phase of ‘acceleration’ - accelerating the execution of our transformation strategy and accelerating the rising momentum in business per

CORRECTING and REPLACING Ebola Successfully Neutralized by Latest Generation Polyclonal Immunotherapy15.8.2018 22:37Pressemelding

Please replace the release with the following corrected version due to multiple revisions. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180815005602/en/ New Ebola immunotherapy developed by SAB Biotherapeutics uses natural human polyclonal antibodies to combat disease. (Photo: SAB Biotherapeutics) The corrected release reads: EBOLA SUCCESSFULLY NEUTRALIZED BY LATEST GENERATION POLYCLONAL IMMUNOTHERAPY Promising new platform can rapidly respond to emerging infectious diseases Sioux Falls, SD, August 15, 2018 – SAB Biotherapeutics, Inc. (SAB), a clinical-stage biopharmaceutical company, today announced that its anti-Ebola immunotherapy (SAB-139) provided “100% protection against a lethal dose of the Ebola virus” in a recent animal study published in The Journal of Infectious Diseases . The study was conducted at the Integrated Research Facility, National Institute of Allergy and Infectious Diseases, National Institutes of He

Ebola Successfully Neutralized by Latest Generation Polyclonal Immunotherapy15.8.2018 17:43Pressemelding

SAB Biotherapeutics, Inc. (SAB), a clinical-stage biopharmaceutical company, today announced that its anti-Ebola immunotherapy (SAB-139) provided “100% protection against a lethal dose of the Ebola virus” in a recent animal study published in The Journal of Infectious Diseases . The study was conducted by the National Interagency Confederation for Biological Research and other collaborators including United States Army Medical Research Institute of Infectious Diseases (USAMRIID) and the Naval Medical Research Center (NMRC). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180815005602/en/ New Ebola immunotherapy developed by SAB Biotherapeutics uses natural human polyclonal antibodies to combat disease. (Photo: SAB Biotherapeutics) According to the World Health Organization, Ebola virus disease (EVD), formerly known as Ebola hemorrhagic fever, is a severe, often fatal illness in humans with an average fatality rate around 50%.