Takeda (TYO: 4502) has released its earnings results for the first half of fiscal year 2024, reporting a 5% year-on-year (YOY) increase in global revenues at constant exchange rates (CER), reaching JPY 2.38 trillion (USD 15.63 billion). The core operating profit margin expanded to 30.2%, marking a 2.2 percentage point increase from the previous year. The Japan-based firm has upgraded its full-year forecasts and management guidance, anticipating stable or slightly increased annual revenue.
Challenges and Growth in Key Product Portfolios
Generic erosion has led to a 29% decline in sales of the CNS stimulant Vyvanse/Elvanse (lisdexamfetamine dimesylate) in the US and an 18% decline in global markets, with expectations of a more significant impact in the second half of the year. Despite this, Takeda’s Growth and Launch Product portfolio posted an 18.7% growth at CER, accounting for 47% of total revenue, bolstering the company’s confidence in achieving sustainable revenue and profit growth.
Strong Performance of Entyvio and Other Therapies
Autoimmune disease medicine Entyvio (vedolizumab) achieved sales of JPY 473.2 billion (USD 3.103 billion), with a 10.7% YOY increase due to the launch of Entyvio Pen in the US, contributing to Takeda’s 10% sales growth in the country. Hereditary angioedema therapy Takhzyro (lanadelumab) saw sales of JPY 111 billion (USD 728 million), up 16.7% YOY. Fruzaqla, a small molecule cancer drug co-developed with China-based HutchMed (China) Ltd (Nasdaq/AIM: HCM; HKEX: 13), generated JPY 23.1 billion (USD 151 million) and is expected to see further uptake in Japan following its marketing approval in September.
Takeda’s Late-Stage Pipeline Developments
Takeda is intensifying its late-stage pipeline programs, initiating Phase III clinical studies for TAK-861 in narcolepsy type 1 and mezagitamab (TAK-079) in IgA nephritis. Takeda’s CEO, Christophe Weber, stated, “Our late-stage programs continue to advance, with several in Phase 3 development this fiscal year, and have the potential to transform the lives of patients around the world.”- Flcube.com
