Takeda Pharmaceutical's Third-Quarter Net Profit Dropped on Lower Margins — Update

By Kosaku Narioka

Takeda Pharmaceutical reported a drop in its third-quarter net profit due partly to lower margins despite some growth in revenue.

The Japanese drugmaker said Thursday that net profit decreased 11% from a year earlier to 105.7 billion yen ($719.3 million) for the three months ended Dec. 31. That beat the estimate of Y78.165 billion in a poll of analysts by data provider Quick.

Third-quarter revenue increased 1.3% from a year earlier to Y1.111 trillion even as Takeda lost U.S. market exclusivity for Vyvanse, a blockbuster drug for attention deficit hyperactivity disorder, in late August.

Sales of Vyvanse fell 30% to Y86.6 billion, while sales of ulcerative colitis drug Entyvio climbed 13% to Y227.6 billion and sales of plasma-derived products rose 18% to Y222.8 billion.

Third-quarter operating profit margin deteriorated to 9.4% from 13.4% a year earlier due partly to higher costs of sales and research and development expenses.

Takeda Pharmaceutical kept its revenue and net-profit forecasts unchanged for the fiscal year ending March. It continues to expect net profit to drop 71% to Y93.00 billion and revenue to decline 1.2% to Y3.980 trillion.

The company said Chief Financial Officer Costa Saroukos will step down to return to his home country of Australia and that Milano Furuta, president of its Japan pharma business unit, will succeed Saroukos, effective April 1.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

(END) Dow Jones Newswires

February 01, 2024 02:32 ET (07:32 GMT)

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