Takeda Announces FY2024 Full Year Results and FY2025 Outlook Reflecting Growth & Launch Products Momentum, Strong Cash Flow Generation and Late-Stage Pipeline Progress

Core Revenue Growth of 7.4% at Actual Exchange Rates (AER), + 2.8% at Constant Exchange Rate (CER) in FY2024
Core Operating Profit Growth of 4.9% at CER with Efficiency Program Driving Cost Savings
Up to Six New Molecular Entities in Phase 3 Development in FY2025 with Three Phase 3 Data Readouts Recently Completed or Anticipated
FY2025 Outlook for Broadly Flat Revenue and Core Profit Reflecting Product Momentum and Increasing Investment in New Launch Preparation
Proposed Dividend Increase from JPY 196 to JPY 200

OSAKA, Japan--(BUSINESS WIRE)--Takeda (TOKYO:4502/NYSE:TAK) today announced financial results for fiscal year 2024 (period ended March 31, 2025) with continued strong momentum in Growth & Launch Products offsetting loss of exclusivity impact to drive revenue and Core Operating Profit growth, supported by robust cost management.

Takeda has built a high-value late-stage pipeline with potentially life-transforming new treatment options for patients. Following a positive Phase 3 readout for rusfertide in Oncology in March 2025, the company anticipates a further two Phase 3 readouts in core therapeutic areas this fiscal year.

FY2025 Management Guidance at CER reflects residual carry-over of VYVANSE® generic impact, continued efficiency savings and investment in R&D and launch preparation for Takeda’s late-stage pipeline.

Takeda chief executive officer, Christophe Weber, commented:
“Takeda delivered excellent results in FY2024. Our return to Core Operating Profit margin growth underscores the strength of our Growth & Launch Products portfolio and the ability of our multi-year efficiency program to deliver meaningful cost savings.

“FY2025 will be a pivotal year as we invest in launch readiness for the late-stage pipeline, which will contribute to our broadly flat Core Operating Profit outlook for FY2025 but will be key to achieving Takeda’s long-term growth potential.”

Takeda chief financial officer, Milano Furuta, commented:
“Takeda's success in delivering revenue and Core Operating Profit growth in FY2024 and our outlook for broadly flat revenue and profit in FY2025, demonstrates our ability to manage through one of the largest generic impacts on our business in Takeda’s history while progressing a highly promising late-stage pipeline. Our performance and outlook speak to the strength of our Growth & Launch Products, our innovative pipeline and the resilience of our organization as a whole.

“Takeda is now at an inflection point, with multiple anticipated Phase 3 data readouts this fiscal year, and I’m excited about our growth trajectory.”

FINANCIAL HIGHLIGHTS for FY2024 Ended March 31, 2025
(Billion yen, except percentages and per share amounts)
	FY2024	FY2023	vs. PRIOR YEAR (Actual % change)
Revenue	4,581.6	4,263.8	+7.5%
Operating Profit	342.6	214.1	+60.0%
Net Profit	107.9	144.1	-25.1%
EPS (Yen)	68	92	-25.8%
Operating Cash Flow	1,057.2	716.3	+47.6%
Adjusted Free Cash Flow (Non-IFRS)	769.0	283.4	+171.3%

Core (Non-IFRS)
(Billion yen, except percentages and per share amounts)
	FY2024	FY2023	vs. PRIOR YEAR (Actual % change)	vs. PRIOR YEAR (CER % change)
Revenue	4,579.8	4,263.8	+7.4%	+2.8%
Operating Profit	1,162.6	1,054.9	+10.2%	+4.9%
Margin	25.4%	24.7%	+0.6pp	―
Net Profit	775.6	756.8	+2.5%	-3.4%
EPS (Yen)	491	484	+1.5%	-4.3%

FY2025 Outlook
(Billion yen, except percentages and per share amounts)
Item	FY2025 FORECAST	FY2025 MANAGEMENT GUIDANCE Core Change at CER (Non-IFRS)
Revenue	4,530.0	---
Core Revenue (Non-IFRS)	4,530.0	Broadly flat
Operating Profit	475.0	---
Core Operating Profit (Non-IFRS)	1,140.0	Broadly flat
Net Profit	228.0	---
EPS (Yen)	145	---
Core EPS (Yen) (Non-IFRS)	485	Broadly flat
Adjusted Free Cash Flow (Non-IFRS)	750.0-850.0	---
Annual Dividend per Share (Yen)	200	---

Additional Information About Takeda’s FY2024 Results
For more details about Takeda’s FY2024 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 FY2024 Q4 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
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Financial information and Non-IFRS Measures
Takeda’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”).

This press release and materials distributed in connection with this press release include certain financial measures not presented in accordance with IFRS, such as Core Revenue, Core Operating Profit, Core Net Profit for the year attributable to owners of the Company, Core EPS, Constant Exchange Rate (“CER”) change, Net Debt, Adjusted Net Debt, EBITDA, Adjusted EBITDA, Free Cash Flow and Adjusted Free Cash Flow. Takeda’s management evaluates results and makes operating and investment decisions using both IFRS and non-IFRS measures included in this press release. These non-IFRS measures exclude certain income, cost and cash flow items which are included in, or are calculated differently from, the most closely comparable measures presented in accordance with IFRS. Takeda’s non-IFRS measures are not prepared in accordance with IFRS and such non-IFRS measures should be considered a supplement to, and not a substitute for, measures prepared in accordance with IFRS (which we sometimes refer to as “reported” measures). Investors are encouraged to review the definitions and reconciliations of non-IFRS measures to their most directly comparable IFRS measures, which are in the Financial Appendix appearing at the end of our FY2024 investor presentation (available at www.takeda.com/investors). Beginning in the quarter ended June 30, 2024, Takeda (i) changed its methodology for CER adjustments to results of subsidiaries in hyperinflation countries to present those results in a manner consistent with IAS 29, Financial Reporting in Hyperinflation Economies, (ii) re-named Free Cash Flow as previously calculated as “Adjusted Free Cash Flow” (with “Free Cash Flow” to be reported as Operating Cash Flow less Property, Plant and Equipment), and (iii) re-named Net Debt as previously calculated as “Adjusted Net Debt” (with “Net Debt” to be reported as the book value of bonds and loans less cash and cash equivalents).

Medical information
This press release contains information about products that may not be available in all countries, or may be available under different trademarks, for different indications, in different dosages, or in different strengths. Nothing contained herein should be considered a solicitation, promotion or advertisement for any prescription drugs including the ones under development.

Please refer to slide 5 of Takeda’s FY2024 Q4 investor presentation (available at https://www.takeda.com/investors/financial-results/quarterly-results/) for the definition of Growth & Launch Products.

Contacts

Investor Relations
Christopher O’Reilly
Christopher.oreilly@takeda.com
+81 (0) 90-6481-3412

Media Relations
Brendan Jennings
Brendan.jennings@takeda.com
+81 (0) 80-2705-8259
(Outside Japan business hours)
Media_relations@takeda.com