Takeda has reported revenue of Y1,208bn ($7bn) for the first quarter (Q1) of the fiscal year 2024 (FY2024) – a 14.1% increase at actual exchange rates from Y1,058bn in the corresponding period of the previous fiscal year.
The Japanese pharmaceutical giant attributed this rise to the robust momentum of its growth and launch products, which drove core growth at constant exchange rates (CER) and compensated for the revenue impact from significant losses of exclusivity in the previous fiscal year.
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Takeda’s growth and launch product portfolio, which now represents 46% of total revenue, saw a 17.8% increase at CER.
For the period ending 30 June 2024, Takeda’s operating profit was Y166.3bn, a slight decline of 1.3% from Y168.6bn in Q1 FY2023.
However, the company’s net profit experienced a rise, increasing by 6.5% to Y95.2bn compared to Y89.4bn in the same quarter of the last fiscal year.
Earnings per share also saw an uptick, standing at Y61 – a 5.6% increase from Y58 in Q1 FY2023.
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By GlobalDataA significant jump was observed in operating cash flow, which soared by 84.3% to Y170.3bn against Y92.4bn in Q1 FY2023.
Takeda chief financial officer Milano Furuta stated: “Takeda has delivered a positive first quarter performance, with Growth and Launch Products driving overall revenue growth. Our results reflect strong commercial execution, with new launches, geographic expansion and lifecycle management enabling us to reach more patients and communities around the world.
“First quarter core operating profit benefitted from this strong Growth and Launch Product performance, as well as from phasing of research and development (R&D) investment, reduction in other OPEX [operating expenses] and milder than anticipated VYVANSE [lisdexamfetamine dimesylate, a prodrug stimulant for attention-deficit/hyperactivity disorder] generic erosion in the US.”
The robust performance in Q1 FY2024 reinforces Takeda’s positive outlook for a return to sustainable revenue and profit growth in the near term.
Furuta added: “There is no change to our full-year FY2024 outlook announced in May. We expect the impact of generic erosion to accelerate in coming quarters and the phasing of our R&D investment will focus on the second half of the year due to the planned initiation of multiple Phase III programmes.”
In June 2024, the European Commission approved Takeda’s Fruzaqla (fruquintinib) for adults with metastatic colorectal cancer.
