-- Year-to-Date Revenue Declined by 2.8% at Constant Exchange Rate (CER),
3.3% at Actual Exchange Rates $(AER)$; Impact of VYVANSE$(R)$ 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
OSAKA, Japan--(BUSINESS WIRE)--January 29, 2026--
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)
----------------------------------------------------------------------------
vs. PRIOR YEAR
Item FY2025 Q3 YTD FY2024 Q3 YTD (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)
------------------------------------------------------------------------------
vs. PRIOR YEAR vs. PRIOR YEAR
(Actual % (CER %
Item FY2025 Q3 YTD FY2024 Q3 YTD change) 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 FY2025 REVISED MANAGEMENT
GUIDANCE (October 2025) 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)
---------------------------------------------------------------------------
FY2025 FY2025
PREVIOUS FORECAST REVISED FORECAST
Item (October 2025) (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.
Important Notice
For the purposes of this notice, "press release" means this document, any oral presentation, any question and answer session and any written or oral material discussed or distributed by Takeda Pharmaceutical Company Limited ("Takeda") regarding this press release. This press release (including any oral briefing and any question-and-answer in connection with it) 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 or other securities are being offered to the public by means of this press release. No offering of securities shall be made in the United States except pursuant to registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom. This press 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,
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