Takeda FY20 Profit Surges, Revenue Down; Sees Weak Profit, Higher Revenues In FY21

Japan's Takeda Pharmaceutical Co. Ltd. (TAK) reported Tuesday that its fiscal 2020 net profit was 376 billion yen, a 750 percent increase from the prior year, reflecting gains on non-core asset sales and lower acquisition-related expenses.

Earnings per share were 241 yen, up 747.3 percent from last year.

Core net profit was 655.5 billion yen or 420 yen per share, up 9 percent from last year.

Operating profit for the year grew 407.2 percent year-on-year to 509.3 billion yen or about $4.6 billion. Core operating profit was 967.9 billion yen or about $8.8 billion, up 0.6 percent from the previous year.

Revenue was 3.20 trillion yen or about $28.9 billion, down 2.8 percent from last year. On an underlying basis, revenue grew 2.2 percent, driven by the growth of Takeda's 14 global brands, up 16 percent year-on-year.

For fiscal 2021 ending March 31, 2022, the company projects net profit of 250 billion yen or 160 yen per share, core earnings per share of 394 yen, operating profit of 488 billion yen, and core operating profit of 930 billion yen, all lower than the previous year.

However, revenue for the year are expected to be 3.37 trillion yen, 5.4 percent higher than last year.

The company expects underlying revenue growth to accelerate to "mid-single-digit" driven by continued momentum of Takeda's 14 global brands.

Underlying core operating profit and underlying core earnings per share are expected to also grow at "mid-single-digit".

The company said fiscal 2021 is expected to be an inflection year for Takeda as it anticipates up to six regulatory submissions by year-end FY2021, with the potential for four approvals.

Takeda President and Chief Executive Officer Christophe Weber said, "With FY2021 anticipated to serve as a critical inflection year, we remain focused on leveraging our expected topline growth to ramp up our R&D investment and further fuel our transformative pipeline. We are well-positioned to reach our goal of mid-single-digit revenue growth over the next decade amounting to JPY5 trillion ($47 billion) by FY2030."

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