Takeda Reports Third-Quarter FY2025 Results: Updates Full Year Outlook to Reflect VYVANSE® Generics

互联网2026-01-30 19:54:53

Year-to-Date Revenue Declined by 2.8% at Constant Exchange Rate (CER), 3.3% at Actual Exchange Rates (AER); Impact of VYVANSE® Generics is Tapering Off
Core Operating Profit Declined by 3.4% at both CER and AER Year to Date
Reported Operating Profit Increased by 1.2% at AER Year to Date, Lower Restructuring Expenses More Than Offset Impairment

Takeda (TOKYO:4502/NYSE:TAK) today announced earnings results for the third quarter of fiscal year 2025 (nine months ended December 31, 2025). The gap between incremental Growth & Launch Products revenue and VYVANSE erosion is narrowing, and operational efficiencies drove year-on-year reductions in operating expenses, including R&D. The company raised its full-year forecasts based on cost discipline and FX tailwind, while its Revenue Management Guidance has been updated primarily due to the impact of VYVANSE generics.

Takeda is positioned for long-term growth and has multiple late-stage programs with multibillion-dollar peak revenue potential. Following the positive readouts from Phase 3 studies in 2025, the company has submitted New Drug Applications (NDAs) for oveporexton and rusfertide and is on track to file an NDA for zasocitinib. Each of these programs, which Takeda expects to launch within the next 18 months, has the potential to redefine standards of care, transform patient lives and contribute to Takeda's new growth trajectory.

Takeda chief financial officer, Milano Furuta, commented:
“While we manage the impact of VYVANSE generics, we are implementing disciplined cost management and improving operational efficiency and therefore expect to achieve the previously disclosed Management Guidance for Core Operating Profit.

“FY2025 remains a truly pivotal year for Takeda as we are in a phase of preparing for significant new product launches. Looking ahead, with multiple innovative launches and a robust late-stage pipeline, Takeda is positioned to bring life-transforming medicines that improve patient lives and deliver long-term shareholder value.”

FINANCIAL HIGHLIGHTS for FY2025 Q3 YTD Ended December 31, 2025

(Billion yen, except percentages and per share amounts)
Item	FY2025 Q3 YTD	FY2024 Q3 YTD	vs. PRIOR YEAR (Actual % change)
Revenue	3,411.2	3,528.2	-3.3%
Operating Profit	422.4	417.5	+1.2%
Net Profit	216.1	211.1	+2.4%
EPS (Yen)	137	134	+2.7%
Operating Cash Flow	966.9	835.0	+15.8%
Adjusted Free Cash Flow (Non-IFRS)	625.9	568.3	+10.1%

Core (Non-IFRS)
(Billion yen, except percentages and per share amounts)
Item	FY2025 Q3 YTD	FY2024 Q3 YTD	vs. PRIOR YEAR (Actual % change)	vs. PRIOR YEAR (CER % change)
Revenue	3,411.2	3,528.2	-3.3%	-2.8%
Operating Profit	971.6	1,006.3	-3.4%	-3.4%
Margin	28.5%	28.5%	-0.0 pp	―
Net Profit	673.6	698.9	-3.6%	-3.4%
EPS (Yen)	428	443	-3.3%	-3.1%

FY2025 Outlook
Updating Full Year Management Guidance for Revenue and Forecasts
Takeda has updated its full year Management Guidance for Revenue primarily due to VYVANSE and raised full year forecasts to reflect cost discipline and FX tailwind.

FY2025 Management Guidance Core Change at CER (Non-IFRS)
Item	FY2025 PREVIOUS MANAGEMENT GUIDANCE (October 2025)	FY2025 REVISED MANAGEMENT GUIDANCE (January 2026)
Core Revenue	Broadly flat	Low-single-digit % decline
Core Operating Profit	Low-single-digit % decline	Low-single-digit % decline
Core EPS	Low-single-digit % decline	Low-single-digit % decline

FY2025 Reported and Core Forecasts
(Billion yen, except percentages and per share amounts)
Item	FY2025 PREVIOUS FORECAST (October 2025)	FY2025 REVISED FORECAST (January 2026)
Revenue	4,500.0	4,530.0
Core Revenue (Non-IFRS)	4,500.0	4,530.0
Operating Profit	400.0	410.0
Core Operating Profit (Non-IFRS)	1,130.0	1,150.0
Net Profit	153.0	154.0
EPS (Yen)	97	98
Core EPS (Yen) (Non-IFRS)	479	486
Adjusted Free Cash Flow (Non-IFRS)	600.0-700.0	650.0-750.0
Annual Dividend per Share (Yen)	200	200

Additional Information About Takeda’s FY2025 Q3 Results
For more details about Takeda’s FY2025 Q3 results, commercial progress, pipeline updates and other financial information, including key assumptions in the FY2025 forecast and management guidance as well as definitions of non-IFRS measures, please refer to Takeda’s FY2025 Q3 investor presentation (available at https://www.takeda.com/investors/financial-results/quarterly-results/).

About Takeda
Takeda is focused on creating better health for people and a brighter future for the world. We aim to discover and deliver life-transforming treatments in our core therapeutic and business areas, including gastrointestinal and inflammation, rare diseases, plasma-derived therapies, oncology, neuroscience and vaccines. Together with our partners, we aim to improve the patient experience and advance a new frontier of treatment options through our dynamic and diverse pipeline. As a leading values-based, R&D-driven biopharmaceutical company headquartered in Japan, we are guided by our commitment to patients, our people and the planet. Our employees in approximately 80 countries and regions are driven by our purpose and are grounded in the values that have defined us for more than two centuries. For more information, visit www.takeda.com.

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