Takeda Pharmaceutical: 27/3 Q1 results: Off to a strong start

研报英文原文证据摘录

Takeda Pharmaceutical: 27/3 Q1 results: Off to a strong start

Global Markets Research

30 July 2026Takeda Pharmaceutical

4502.T 4502 JP / EQUITY: JAPAN PHARMACEUTICALS

Rating27/3 Q1 results: Off to a strong start Buy

Target price JPY 6,500Quick Note

Closing price

30 July 2026 JPY 5,718First impression slightly positive: Results beat our forecasts on forex boost among

other factors (Note: Quick Note reports are not a

Takeda Pharmaceutical announced 27/3 Q1 results after the market close on 30 July, and vehicle for changes to ratings, target

the results briefing is scheduled for 19:00 JST. Our first impression of results is slightly prices, or earnings forecasts)

positive as core operating profits came in at around 31% of full-year guidance, beating our

forecast thanks in large part to forex effects. Takeda Capital Markets Day is scheduled for

08:30–15:00 JST on 11 December.

(1) Q1 sales totaled ¥1.22trn (up 10.2% y-y) beating our forecast of ¥1.14trn by ¥77.5bn. Research Analysts

Product sales were higher than our forecast overall because of forex effects and other Japan pharmaceuticals &

factors. Sales beat our forecasts by ¥15.6bn for Vyvanse (ADHD), which has been seeing healthcare

continued growth in Europe and other regions, and by ¥12.3bn for Trintellix (major Hiroyuki Matsubara, Ph.D. - NSC

depressive disorder), which benefited from both demand and gross-to-net adjustments. (2) hiroyuki.matsubara@nomura.com

Q1 core operating profits of ¥358.9bn (up 11.5%) beat our forecast of ¥316.1bn by +81 3 6703 1240

¥42.8bn. Costs, including R&D expenses, were ¥24.3bn higher than we had expected, as

although the company made progress with cost reductions through business

reorganization, it looks as though it stepped up investment in R&D as well as preparatory