Revising our forecasts: Plenty of events in second half of 2026

研报英文原文证据摘录

Revising our forecasts: Plenty of events in second half of 2026

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forecasts from ¥120.8bn to ¥150.0bn for 27/3 and from ¥105.6bn to ¥128.4bn for 28/3. (3) Amitiza

(chronic constipation): The company booked provisions of around ¥400.0bn for litigation related to Source: LSEG, Nomura

antitrust violations in 26/3, but they could be reversed depending on how the appeal goes. We think Performance / Stock price data

consideration will be given to the fact that generics are being launched before peripheral patents for (%) 1M 3M 12M

Amitiza expire. In addition to Amitiza, Actos (diabetes mellitus) and Dexilant (reflux esophagitis) are Absolute returns -1.7 -10.3 16.2

also subject to litigation, and we see concerns about similar situations developing for them as well Relative to -3.3 -20.1 -29.6

Russell/Nomura Large

(see our 5June2026QuickNote-TakedaPharmaceutical). Cap

Earnings forecasts: We still expect core profits to fall in 27/3, which we see as a period for Market capitalization (¥bn) 8,086.8

preparing to launch new drugs 52-week low stock price (¥) 4,102

We still forecast 27/3 core operating profits of ¥1.17trn (down 0.2% y-y). We expect a temporary 52-week high stock price (¥) 6,033

Shares outstanding (mn) 1,591.3

improvement in earnings stemming from an increase in prescriptions for the subcutaneous Daily turnover (3-M avg) (¥mn) 23,876.2

formulation of Entyvio, which is seeing fiercer competition, and factors (1) and (2) above. On the cost Note: Market capitalization and shares

front, we expect business reorganization to generate cost savings, and we think the company will outstanding in this table include treasury stock.

also engage in proactive sales promotion activities that leverage its market lead. Source: LSEG, Nomura

Earnings table Research Analysts