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Takeda Reports 1st Quarter FY2017 Results

Jaa

Takeda Pharmaceutical Company Limited (TOKYO:4502):

Underlying Revenue growth of 6.6% led by Takeda's Growth Drivers

  • Underlying Revenue grew +6.6% with growth across all regions (U.S. +13.5%, Japan +1.6%, Europe & Canada +4.6%, Emerging Markets +6.0%). Takeda's Growth Drivers (GI, Oncology, CNS and Emerging Markets) maintained their strong momentum to deliver growth of +14.7%.
    • GI (Gastroenterology) +23.2%, led by continued success of ENTYVIO® and TAKECAB®
    • Oncology +12.2%, driven by NINLARO®, ADCETRIS®, ICLUSIG® and ALUNBRIGTM
    • CNS +29.8%, spearheaded by TRINTELLIX® in the U.S.
    • Emerging Markets +6.0%, with double-digit growth in the key markets of Russia and Brazil
  • Reported revenue grew +3.3%, with the positive contribution from Takeda's Growth Drivers offsetting the impact of unfavorable currencies (-0.4pp) and divestitures (-2.9pp).

Double-digit EPS growth driven by Revenue growth and significant margin gains

  • Underlying Core Earnings grew +29.4%, with a margin increase of 350bps driven by an improvement in Gross Margin and continued OPEX discipline.
  • Reported operating profit was up +27.5%, driven by strong underlying growth. Takeda realized a one-time gain in Q1 FY2017 of 106.3 billion yen from the sale of shares of Wako Pure Chemical Industries, Ltd. This was similar in size to the Teva JV transaction gain of 102.9 billion yen in Q1 FY2016, and therefore the impact on our year-on-year growth rate was minimal.
  • Underlying Core EPS was up +35.7%, reflecting strong Core Earnings growth and a phasing benefit from tax rate. Reported EPS increased +45.8% to 186 yen per share.

Significant progress on Cash Flow and reduced net leverage

  • Operating Free Cash Flow increased +50.3% to 55.5 billion yen.
  • Sale of non-core assets generated an additional 128 billion yen of cash.
  • Net Debt / EBITDA drops from 2.7x at end of FY2016 to 2.1x

James Kehoe, Chief Financial Officer of Takeda, commented:

"Takeda delivered a strong start to the year on both revenue and profitability, driven by the continued strength of our Growth Drivers and good progress on our cost management initiatives. We are executing well against our key priorities of growing the portfolio, rebuilding the pipeline, and boosting profitability, and the first quarter results confirm our confidence in the full-year outlook for double-digit EPS growth."

 

Reported Results for Q1 (April - June) FY2017

 

(billion yen)   FY2016 Q1   FY2017 Q1   Growth
Reported   Underlying 2
Revenue 434.0 448.2 +3.3% +6.6%
Core Earnings1 77.1 106.3 +37.9% +29.4%
Operating Profit 152.9 195.0 +27.5% -
Net Profit3 99.5 144.8 +45.5% +35.7%
EPS 127 yen 186 yen +45.8% -
Core EPS   71 yen   103 yen   +44.5%   +35.7%
1   Core Earnings is calculated by taking reported Gross Profit and deducting SG&A expenses and R&D expenses. In addition, certain other items that are non-core in nature and significant in value may also be adjusted.
2 Underlying growth compares two periods of financial results on a common basis, showing the ongoing performance of the business excluding the impact of foreign exchange and divestitures from both periods.
3 Attributable to the owners of the company.
 

Takeda maintains its Management Guidance and Reported Forecast for FY2017, projecting double-digit EPS growth.

 

FY2017 Management Guidance

               
    Guidance (growth %)
Underlying Revenue Low single digit
Underlying Core Earnings Mid-to-high teen
Underlying Core EPS Low-to-mid teen
Annual dividend per share   180 yen
 

FY2017 Reported Forecast

             
(billion yen)   FY2016 Results   FY2017 Forecast   % change
Revenue 1,732.1 1,680.0 -3.0%
Core Earnings 245.1 257.5 +5.0%
Operating Profit 155.9 180.0 +15.5%
Net Profit 114.9 138.0 +20.1%
EPS 147 yen 177 yen +20.1%
Exchange Rate
(annual average)
  1 US$= 109 yen

1 euro= 120 yen

  1 US$= 110 yen

1 euro= 120 yen

 
 

For more details on Takeda’s FY2017 first quarter results and other financial information please visit https://www.takeda.com/investors/reports/

About Takeda Pharmaceutical Company Limited

Takeda Pharmaceutical Company Limited is a global, research and development-driven pharmaceutical company committed to bringing better health and a brighter future to patients by translating science into life-changing medicines. Takeda focuses its R&D efforts on oncology, gastroenterology and central nervous system therapeutic areas plus vaccines. Takeda conducts R&D both internally and with partners to stay at the leading edge of innovation. New innovative products, especially in oncology and gastroenterology, as well as Takeda’s presence in Emerging Markets, are currently fueling the growth of Takeda. Around 30,000 Takeda employees are committed to improving quality of life for patients, working with Takeda’s partners in health care in more than 70 countries.
For more information, visit https://www.takeda.com/newsroom/.

Contact information

Investor Relations
Takeda Pharmaceutical Company Limited
+81-(0)3-3278-2306
takeda.ir.contact@takeda.com
Media Relations
Takeda Pharmaceutical Company Limited
Tsuyoshi Tada, +81 (0)3-3278-2417
tsuyoshi.tada@takeda.com

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