Takeda Pharm. (4502): Despite one-offs, value creation shifts to new drugs

研报英文原文证据摘录

Takeda Pharm. (4502): Despite one-offs, value creation shifts to new drugs

investments,

including potential major in‑licensing, and (2) expectations

Key Balance Sheet Data

for stronger shareholder returns such as dividend increases. Cash & Equivalents 418,986 595,054 753,900 813,800 968,200

Trade Receivables 709,465 844,312 843,400 849,200 858,400 Although near‑term earnings will be pressured by the

Other Current Assets 1,392,741 1,651,137 1,733,000 1,767,600 1,802,200 Vyvanse LOE, positives include the delayed Entyvio

Property, Plant & Equipment 1,968,209 2,120,639 2,128,700 2,146,100 2,172,500 biosimilar entry and Ph3 success for zasocitinib and

Other Non-Current Assets 9,758,943 10,241,972 9,878,400 9,547,538 9,252,738 oveporexton. We expect continued investment in new

Total Assets 14,248,344 15,453,114 15,337,400 15,124,238 15,054,038 growth drivers and stronger shareholder returns.

Short-Term Debt 548,939 512,157 512,200 512,200 512,200

Other Current Liabilities 1,957,582 2,319,917 2,353,000 2,366,300 2,379,700

Long-Term Debt 3,966,326 4,369,681 4,369,700 4,169,638 4,089,638

Other Non-Current Liabilities 839,518 879,103 879,100 879,100 879,100

Total Liabilities 7,312,365 8,080,858 8,114,000 7,927,238 7,860,638

Total Equity 6,935,979 7,430,649 7,223,400 7,197,000 7,193,400 Key Changes

Total Equity & Liabilities 14,248,344 15,511,507 15,337,400 15,124,238 15,054,038

(US$) Previous Current

Key Metrics 2027E EPS 0.59 0.32

iQmethod SM – Business Performance* 2028E EPS 0.60 0.68

Return On Capital Employed 1.9% 1.5% 3.2% 5.0% 5.3% 2029E EPS 0.70 0.74

Return On Equity 1.5% -1.8% 2.2% 4.8% 5.2%

Operating Margin 7.5% 0.1% 8.9% 12.9% 13.1%

iQmethod SM – Quality of Earnings*

Cash Realization Ratio 8.8x NM 4.8x 2.6x 2.5x

Asset Replacement Ratio 2.0x 2.4x 1.8x 1.8x 1.9x