Takeda Pharm. (4502): 4Q in line; focus building growth drivers, targeting profitability improvement

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Takeda Pharm. (4502): 4Q in line; focus building growth drivers, targeting profitability improvement

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Takeda Pharm. (4502)

4Q in line; focus building growth drivers,

targeting profitability improvement

Maintain Rating: BUY | PO: 6,000 JPY | Price: 5,192 JPY

13 May 2026

Core earnings in line with consensus; DPS rises to ¥204 Equity

After the market close on the 13th, Takeda announced its FY3/26 4Q results. Core

revenue was ¥4,505.7bn (3% decreased YoY, CER), and core operating profit was Koichi Mamegano >>

¥1,172.5bn (1% decreased YoY), both broadly in line with consensus (company compiled ResearchBofAS JapanAnalyst

consensus: ¥4,533.8bn, ¥1,157.2bn). For FY3/27, full-year forecast for core revenue is koichi.mamegano@bofa.com

¥4,640.0bn and core operating profit is ¥1,160.0bn, again in line with market Takefumi Kobayashi >> Research Analyst

expectations (consensus: ¥4,592.8bn, ¥1,140.9bn). The company plans to increase DPS BofAS Japan

from ¥200 to ¥204. The 4Q results were in line, and while there were concerns about takefumi.kobayashi@bofa.com

negative guidance, we expect the investment environment to improve following the Ritsuo Watanabe >>

Research Analyst

earnings announcement. We maintain our Buy rating with a price objective of ¥6,000. BofAS Japan

ritsuo.watanabe@bofa.com

FY3/27 core OP forecast flat; cost savings and FX support

FY3/27 core guidance calls for flat revenue and operating profit versus the prior year. (1)

The comp any expects revenue to be supported by growth in existing and new products Stock Data

as well as FX, offsetting negative impacts from mature products. (2) It expects core

operating profit to absorb negative factors such as lower gross profit and increased Price (Common / ADR) 5,192 JPY / 16.42 USD