FQ4 EPS Beat On Light Sales; FY26 Guidance Mixed Vs. Expectations

研报英文原文证据摘录

FQ4 EPS Beat On Light Sales; FY26 Guidance Mixed Vs. Expectations

Pharmaceuticals/Major

Takeda Pharmaceutical Company Ltd

TD SECURITIES (USA) LLC QUICK TAKE: EARNINGS UPDATE

May 13, 2026

Price: $16.42 | ¥5,168 (05/12/2026) FQ4 EPS Beat On Light Sales; FY26 Guidance

Price Target: $21.00 | ¥6,453 Mixed Vs. Expectations

BUY (1)

ESG SCORE: 60/100

Michael Nedelcovych, Ph.D. THE TD COWEN INSIGHT

617 946 3744

FQ4 core EPS beat on light sales driven by lower than anticipated operating expenses. FY2026

michael.nedelcovych@tdsecurities.com

sales guidance ahead of our estimate and consensus. Core profit guidance below our estimate

Steve Scala, R.Ph., CFA but above consensus. EPS guidance below both. Ambition to expand core op. margin to low-

617 946 3923 to-mid 30s % over next several years reiterated. Takeda focused on upcoming launches.

stephen.scala@tdsecurities.com

Chris LoBianco FY25 Q4 Sales Just Missed; Entyvio Under Pressure In US But Still Growing

617 946 3734

FY2025 Q4 sales of JPY 1,095B came in just below our JPY 1,107B estimate. Entyvio missed bychris.lobianco@tdsecurities.com

JPY 17B, almost all related to slowing US sales. Growth continues, however, and Entyvio Pen

Paul Kuhn, Ph.D. uptake is accelerating. US Entyvio Pen patients grew double-digit quarter-over-quarter, with

646 562 1328

volume splits for IV vs. SC now 89% to 11%. Takeda's FY26 forecast for global Entyvio sales is

paul.kuhn@tdsecurities.com

JPY 1,046B vs. our estimate of JPY 1,043B.

Key Data

FY25 Q4 Core EPS Beat; Operating Expenses Lower Than Anticipated

Symbol NYSE: TAK | TSE: 4502.JP

Market Cap $52.2B | ¥8,223.5B FY2025 Q4 core EPS of JPY 89 beat our estimate by JPY 31. Core operating profit of JPY 201B

Click here for the full company update from was above our forecast of JPY 166B.