Takeda Q3 FY2025: revenue dips 3.3% but net profit edges up 2.4%; raises full-year core profit and EPS guidance
Summary:
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For the nine months to 31 December 2025, revenue fell 3.3% year-on-year to JPY 3.41 trillion as generic erosion of ADHD drug VYVANSE in the US hit Neuroscience, partly offset by growth in GI, PDT, Oncology and Vaccines.
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Reported operating profit rose 1.2% to JPY 422.4 billion and net profit attributable to owners increased 2.4% to JPY 216.1 billion, helped by lower SG&A and R&D, reduced restructuring and other operating expenses, and lower net finance costs, despite higher impairments on R&D intangibles.
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Core operating profit declined 3.4% to JPY 971.6 billion and core EPS slipped to JPY 428, reflecting the VYVANSE cliff, but Growth & Launch products grew 5.8% to JPY 1.77 trillion and now underpin roughly half of group revenue.
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The balance sheet strengthened with total equity up JPY 708 billion to JPY 7.64 trillion and equity ratio at 49.6%, while net cash from operating activities jumped to JPY 966.9 billion, lifting cash and equivalents to JPY 654.9 billion.
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Takeda nudged up full-year FY2025 guidance, now targeting revenue of JPY 4.53 trillion, operating profit of JPY 410 billion and net profit of JPY 154 billion, and raised core operating profit and core EPS forecasts to JPY 1.15 trillion and JPY 486 respectively, implying low-single-digit core declines on a constant FX basis.