Takeda Pharmaceutical's First-Quarter Profit Rose on Higher Revenue — Update

By Kosaku Narioka

Takeda Pharmaceutical reported a rise in first-quarter net profit as revenue climbed, driven by sales growth of key drugs and a weaker yen.

The Japanese drugmaker said Wednesday that net profit increased 6.5% from a year earlier to 95.25 billion yen ($623.4 million) for the three months ended June 30. That exceeded the estimate of Y53.24 billion in a poll of analysts by data provider Quick.

First-quarter revenue rose 14% to Y1.208 trillion, thanks to sales growth of several key products and a weaker yen. Sales of ulcerative colitis drug Entyvio climbed 22% to Y234.4 billion and sales of plasma-derived products increased 30% to Y271.4 billion.

Meanwhile, sales of Vyvanse dropped 6.9% to Y114.6 billion after Takeda lost U.S. market exclusivity for the blockbuster drug for attention-deficit hyperactivity disorder in August last year.

Its operating profit margin deteriorated to 13.8% from 15.9% a year earlier.

Takeda left its earnings forecasts unchanged for the year ending March 2025.

The company continues to expect revenue to rise 2.0% to Y4.350 trillion and net profit to fall 60% to Y58.00 billion this fiscal year.

Takeda said in May that it expected to book Y140.0 billion in restructuring expenses this fiscal year under a new growth and cost reduction initiative.

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

(END) Dow Jones Newswires

July 31, 2024 03:19 ET (07:19 GMT)

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