Takeda Pharmaceutical Projects Lower Annual Profit After Quarterly Loss — Update

By Kosaku Narioka

Takeda Pharmaceutical reported a fourth-quarter loss and forecast a drop in annual net profit due partly to restructuring expenses.

The Japanese drugmaker said Thursday that it booked a net loss of 3.0 billion yen ($19.3 million) for the three months ended March, compared with a net profit of Y31.1 billion a year earlier.

While fourth-quarter revenue grew 9.9% to Y1.051 trillion, thanks partly to sales growth of key products, increases in various costs and expenses weighed on the bottom line.

Takeda said it expects to book Y140.0 billion in restructuring expenses this fiscal year under a new initiative aiming for growth and cost cuts.

Sales of ulcerative colitis drug Entyvio grew 17% to Y181.6 billion and sales of plasma-derived products climbed 18% to Y207.3 billion. Meanwhile, sales of Vyvanse fell 11% to Y110.3 billion after Takeda lost U.S. market exclusivity for the blockbuster drug for attention deficit hyperactivity disorder in late August.

For the fiscal year ended March, net profit dropped 55% to Y144.07 billion, beating the estimate of Y133.48 billion in a poll of analysts by data provider Quick.

For the year that began in April, it projected net profit to drop 60% to Y58.00 billion and revenue to increase 2.0% to Y4.350 trillion.

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

(END) Dow Jones Newswires

May 09, 2024 03:37 ET (07:37 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.