Takeda Pharmaceutical Shares Slump After It Books 2Q Loss, Cuts Profit Guidance

By Kosaku Narioka

Takeda Pharmaceutical shares fell sharply after it reported a second-quarter net loss due to impairments on certain products and cut its fiscal-year net-profit forecast.

The company's shares were recently 7.2% lower at 4,033 yen after falling as much as 8.2% earlier Friday morning.

Takeda said Thursday after market close that it booked net loss of Y48.0 billion ($319.2 million) for the three months ended Sept. 30. That compared with the estimated net profit of Y70.41 billion in a poll of analysts by Quick and net profit of Y61.7 billion in the year-earlier period.

The Japanese drugmaker recorded impairment losses for Alofisel, a stem-cell therapy for Crohn's disease, and lung-cancer drug Exkivity, following unfavorable trial outcomes.

As a result, the company lowered its profit forecast for the fiscal year ending March 2024, projecting that net profit would drop 71% to Y93.00 billion, down from Y142.00 billion previously forecast.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

(END) Dow Jones Newswires

October 26, 2023 21:24 ET (01:24 GMT)

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