Takeda Pharmaceutical Co. Ltd. · TSE:4502

Takeda Pharmaceutical — Q2 2025 Earnings Presentation

73 slides from Takeda Pharmaceutical's earnings presentation, Oct 30, 2025

  1. Slide 1: Committed to Growth & Shareholder Returns

    TSE: 4502 Committed to Growth & Shareholder Returns FY2025 Q2 Earnings Announcement October 30th, 2025

  2. Slide 2: Important Notice

    Important Notice For the purposes of this notice, “presentation” means this document, any oral presentation, any question and answer session and any written or oral material discussed or distributed by Takeda Pharmaceutical Company Limited (“Takeda”) regarding this presentation. This presentation (i

  3. Slide 3: Agenda

    1. Opening Remarks Christophe Weber, President & CEO 2. Financial Highlights Milano Furuta, Chief Financial Officer 3. Pipeline Update AGENDA Andy Plump, President, R&D 4. Partnership with Innovent Biologics Teresa Bitetti, President, Global Oncology Business Unit P.K. Morrow, Head of Oncology Thera

  4. Slide 4: Agenda

    1. Opening Remarks Christophe Weber, President & CEO 2. Financial Highlights Milano Furuta, Chief Financial Officer 3. Pipeline Update AGENDA Andy Plump, President, R&D 4. Partnership with Innovent Biologics Teresa Bitetti, President, Global Oncology Business Unit P.K. Morrow, Head of Oncology Thera

  5. Slide 5: Business Fundamentals Tracking as Planned During a Pivotal Year for the Pipeline

    Business Fundamentals Tracking as Planned During a Pivotal Year for the Pipeline FY2025 Core Business Full-Year Management Advancing our Highly Performance In-Line Guidance Updated Innovative Late-Stage with Expectations due to Transactional FX Pipeline • Impacted by VYVANSE generics • Maintaining g

  6. Slide 6: Agenda

    1. Opening Remarks Christophe Weber, President & CEO 2. Financial Highlights Milano Furuta, Chief Financial Officer 3. Pipeline Update AGENDA Andy Plump, President, R&D 4. Partnership with Innovent Biologics Teresa Bitetti, President, Global Oncology Business Unit P.K. Morrow, Head of Oncology Thera

  7. Slide 7: FY2025 H1: Core Business Performance Tracking as Planned

    FY2025 H1: Core Business Performance Tracking as Planned; Expecting Better Growth Outlook for the Full-year FY2025 H1 (APR -SEP) FINANCIAL RESULTS (SUMMARY) 1 (BN YEN, except EPS) REPORTED CORE ACTUAL % ACTUAL % CER2 % CHANGE FY2025 H1 FY2024 H1 CHANGE FY2025 H1 FY2024 H1 CHANGE REVENUE 2,219.5 2,38

  8. Slide 8: Growth & Launch Products +5.3% at CER in H1

    Growth & Launch Products +5.3% at CER in H1; Higher Growth Rate Anticipated in H2 Balanced Portfolio Across 6 Key Business Areas PLASMA-DERIVED GI RARE DISEASES THERAPIES (PDT) ONCOLOGY VACCINES NEUROSCIENCE % of Sales: 31% % of Sales: 17% % of Sales: 23% % of Sales: 13% % of Sales: 1% % of Sales: 9

  9. Slide 9: FY2025 H1 Revenue: Impacted by VYVANSE Generics as Expected

    FY2025 H1 Revenue: Impacted by VYVANSE Generics as Expected; Projecting More Favorable Year-on-Year Growth Dynamics in H2 FY2025 H1 REVENUE VS PRIOR YEAR (BN JPY) -6.9% -3.9% at CER 2,384.0 Growth of +5.3% at CER -72.0 2,219.5 Mainly VYVANSE -45.6% at CER FY2024 H1 Growth & Launch LOE impacted Other

  10. Slide 10: Driving OPEX Savings Through Efficiency Improvements

    Driving OPEX Savings Through Efficiency Improvements Organizational Agility Focus on agility and organizational simplicity, Incremental Initiatives in H1 of FY2025 reducing layers, broadening spans, • Additional impact of approx. 600 positions across and refining operating models the organization, p

  11. Slide 11: FY2025 H1 Core Operating Profit: Reduction in R&D and SG&A

    FY2025 H1 Core Operating Profit: Operational Efficiencies Deliver Year-on-Year Reduction in R&D and SG&A Expenses FY2025 H1 CORE OPERATING PROFIT VS PRIOR YEAR (BN JPY) -11.2% -8.8% at CER 719.9 -17.3 639.2 Gross Profit Impact FY2024 H1 Growth & Launch LOE impacted R&D Expenses SG&A Expenses FX FY20

  12. Slide 12: FY2025 H1 Reported Operating Profit: Includes Impairment

    FY2025 H1 Reported Operating Profit: Includes Impairment Related to Cell Therapy Discontinuation FY2025 H1 REPORTED OPERATING PROFIT VS PRIOR YEAR (BN JPY) -27.7% 350.6 253.6 -6.0 Lower restructuring costs and higher divestiture Includes JPY 58.2B income, partially offset by impairment in FY25 highe

  13. Slide 13: FY2025 Management Guidance Updated due to Transactional FX

    FY2025 Management Guidance Updated due to Transactional FX; Reported Profit Forecasts Reflect Non-tax Deductible Impairment in H1 CORE CHANGE AT CER (MANAGEMENT GUIDANCE) • Maintaining guidance for “Broadly flat” revenue ORIGINAL GUIDANCE REVISED GUIDANCE at Constant Exchange Rate REVENUE Broadly Fl

  14. Slide 14: FY2025 Core Operating Profit Forecast: OPEX Savings Mitigate Product Mix

    FY2025 Core Operating Profit Forecast: OPEX Savings Fully Mitigate Change in Product Mix; Incremental Headwind from Transactional FX FY2025 CORE OPERATING PROFIT FORECAST (OCT VS MAY) (BN JPY) 1,140.0 1,130.0 ~JPY 30.0B Transactional FX impact mainly due to EUR appreciation Mainly through cost again

  15. Slide 15: Business Fundamentals Tracking as Planned During a Pivotal Year for the Pipeline

    Business Fundamentals Tracking as Planned During a Pivotal Year for the Pipeline FY2025 Core Business Full-Year Management Advancing our Highly Performance In-Line Guidance Updated Innovative Late-Stage with Expectations due to Transactional FX Pipeline • Impacted by VYVANSE generics • Maintaining g

  16. Slide 16: Agenda

    1. Opening Remarks Christophe Weber, President & CEO 2. Financial Highlights Milano Furuta, Chief Financial Officer 3. Pipeline Update AGENDA Andy Plump, President, R&D 4. Partnership with Innovent Biologics Teresa Bitetti, President, Global Oncology Business Unit P.K. Morrow, Head of Oncology Thera

  17. Slide 17: FY2025 a Pivotal Year as We Prepare for Late-Stage Pipeline Launches

    FY2025 a Pivotal Year as We Prepare for Late-Stage Pipeline Launches Rusfertide (TAK-121) Oveporexton (TAK-861) Zasocitinib (TAK-279) Polycythemia Vera Narcolepsy Type 1 Psoriasis Delivering rapid, consistent & sustained On track to be first-in-class orexin Highly selective TYK2 inhibitor with hemat

  18. Slide 18: Towards a New Standard: Oveporexton Phase 3 Results in NT1

    Towards a New Standard: Oveporexton 2/2mg Demonstrated Normalized Daytime and Nighttime Symptoms in Majority of NT1 Patients Results of Phase 3 for NT1 patients treated with 2/2mg Oveporexton over 12 weeks1 63% patients in normative range for MWT Generally well tolerated ~85% patients in normative r

  19. Slide 19: Mezagitamab: First IgAN Therapy with Durable eGFR

    Mezagitamab: First IgAN Therapy with Durable eGFR 18 months After Last Dose 48-week Data at International IgA 96-week Abstract Data at Nephropathy Network September 20251 American Society of Nephrology November 20252 0 Change from baseline Change from baseline in UPCR, % (geometric LS mean and 95%CI

  20. Slide 20: Delivering Our Late-Stage Programs with Potential to Transform Lives

    Delivering Our Late-Stage Programs that have the Potential to Transform Lives and Generate Significant Value FY25 FY26 FY27 - 29 Psoriasis Psoriasis Head-to-Head vs. deucravacitinib Started Target Filing Psoriatic Arthritis Target Filing zasocitinib (TAK-279) Crohn’s -- Ph2b Readout UC -- Ph2b Reado

  21. Slide 21: Agenda

    1. Opening Remarks Christophe Weber, President & CEO 2. Financial Highlights Milano Furuta, Chief Financial Officer 3. Pipeline Update AGENDA Andy Plump, President, R&D 4. Partnership with Innovent Biologics Teresa Bitetti, President, Global Oncology Business Unit P.K. Morrow, Head of Oncology Thera

  22. Slide 22: A Strategic Oncology Partnership Representing a Significant Future Growth Opportunity

    A Strategic Oncology Partnership Representing a Significant Future Growth Opportunity for Takeda IBI363 IBI343 IBI3001 （PD-1/IL-2α-bias） （CLDN18.2 ADC） （EGFR/B7H3 ADC） Option Further positions Takeda as a future leader in oncology with cutting edge anchor assets Adds anchor assets to pipeline; one w

  23. Slide 23: Global Partnership Significantly Expands our Late-stage Oncology Pipeline

    Global Partnership Significantly Expands our Late-stage Oncology Pipeline In-License of ex-China Rights with: Global Co-development IBI363 U.S. Co-commercialization (PD-1/IL-2α-bias） Ex-China & ex-U.S. Exclusive Commercialization IBI343 In-license of (CLDN18.2 ADC) ex-China Rights IBI3001 Option for

  24. Slide 24: Augments Portfolio with Next Generation Programs Targeting Solid Tumors

    Augments Portfolio with Next Generation Programs that Target Solid Tumors in Areas of High Unmet Need and are a Strong Fit with our Oncology Strategy ONCOLOGY DISEASE AREAS MODALITIES Myeloid (AML/MDS, HEME Small Molecules CML/MF, PV) THORACIC NSCLC, SCCHN, SCLC Complex Biologics GASTRO CRC, Gastric

  25. Slide 25: IBI363: Potential First-in-class PD-1/IL-2α Biased Bispecific Antibody Fusion Protein

    IBI363: Potential First-in-class PD-1/IL-2α Biased Bispecific Antibody Fusion Protein Tumor Microenvironment IBI363 UNIQUE AND DIFFERENTIATED MECHANISM WITH POTENTIAL PD-1 AS A NEXT-GEN IO BACKBONE binding site α-biased IL-2 Uniquely stimulates the tumor microenvironment ▪ Potential first-in-class α

  26. Slide 26: IBI363 Has Demonstrated Encouraging Data Across Multiple Solid Tumor Types

    Against the Backdrop of a Competitive Landscape IBI363 has Demonstrated Encouraging Data Across Multiple Solid Tumor Types Outcome Standard of Care Indication Measure IBI363* Translatable results Chemotherapy* ▪ US/AU patient subgroups have results consistent with overall study cORR 36.7% 1 13% 6 sq

  27. Slide 27: An Ambitious Initial Clinical Development Program for IBI363

    An Ambitious Initial Clinical Development Program to Establish IBI363 as a Backbone IO Therapy with Extensive Expansion Opportunities October 2025 2L IO/chemo- = registrational studies Enabling refractory Global Phase 3 Study1 = enabling studies in progress sqNSCLC Studies 2L IO/chemo- refractory En

  28. Slide 28: IBI343: Potentially Best-in-Class CLDN18.2 Targeted Therapy

    IBI343: Potentially Best-in-Class CLDN18.2 Targeted Therapy Addressing Unmet Need in Pancreatic and Gastric Cancer A HIGHLY DIFFERENTIATED CLDN18.2 TARGETED IBI343 (CLDN18.2 ADC) Drug to Antibody Ratio = 4:1 ANTIBODY DRUG CONJUGATE (ADC) (DAR4) Exatecan payload TOPO1 inhibitor with high potency Site

  29. Slide 29: IBI343: Differentiated Profile with Encouraging Data

    IBI343: Differentiated Profile with Encouraging Data that Address Critical Unmet Need Standard of Care Indication Outcome Measure IBI343* Chemotherapy* Robust monotherapy activity ▪ >340 patients have been treated with IBI343 cORR ~ 30% 1 ~ 6 – 17% 3-5 monotherapy 2L Pancreatic Cancer ▪ Pancreatic a

  30. Slide 30: Clinical Development Program for IBI343

    Clinical Development Program for IBI343 to Address High Unmet Need in Pancreatic and Gastric Cancers October 2025 = registrational studies = enabling studies 1L CLDN18.2+ Enabling Studies Global Phase 3 Study PDAC 3L+ CLDN18.2+ JP/CN Phase 3 Study US/EU Phase 2 Single Arm Study Gastric Cancer 1L CLD

  31. Slide 31: IBI3001: Potential First-in-class Bispecific EGFR/B7H3 ADC

    IBI3001: Potential First-in-class Bispecific EGFR/B7H3 ADC 1 IBI3001 is a potential first-in- IBI3001 shows encouraging response in class bispecific ADC comprised of non-small cell lung cancer (NSCLC) patient a bispecific antibody targeting with lung, liver and lymph node metastases First-in-class p

  32. Slide 32: Collaboration Adds Investigational Medicines in Four Common Cancers

    Collaboration Adds Investigational Medicines in Four of the Most Common and Difficult to Treat Cancers Worldwide with Extensive LCM Opportunities 2,480,675 2,296,840 1,926,425 Most Common Cancers Worldwide: Annual Incident Cases (2022)1 1,467,854 968,784 866,136 821,214 662,301 614,298 553,389 511,0

  33. Slide 33: IBI363 Potential Addressable Market Opportunity $40B+

    IBI363 Potential Addressable Market Opportunity $40B+ Within Initial Indications $14Bn $23Bn $9Bn 2L / IO Refractory 1L CRC 1L NSCLC NSCLC Potential to play a Expand into 1L with the Expand to 1L CRC, significant role in the IO- potential to play a role as building on already refractory setting wher

  34. Slide 34: IBI343 Potential Addressable Market Opportunity ~$8B

    IBI343 Potential Addressable Market Opportunity ~$8B GC PDAC Global Incidence ~1MM ~500K CLDN 18.2+ >= 50% ~35-55% ~30-60% Current SoC 1L: Chemo ± CPI 1L : Chemo only 5y survival rate 38% 13% Accelerate and expand the potential in 1L PDAC & 1L GC ~$8Bn combined total market CPI: Checkpoint inhibitor

  35. Slide 35: A Strategic Oncology Partnership with Potential to Deliver Significant Value

    A Strategic Oncology Partnership with Potential to Deliver Significant Value for Patients and Takeda ADDRESSES COMMITMENT TO CUTTING FUTURE GROWTH UNMET NEED EDGE SCIENCE DRIVER FOR TAKEDA ▪ Closes critical treatment gaps in prevalent ▪ Unique, differentiated mechanisms ▪ Adds anchor assets to our p

  36. Slide 36: Q&A Session

    Q&A SESSION C H R I ST O P H E W E B E R AND Y P L U M P M I L ANO FU R U T A JULIE KIM Representative Director; Director; President, Director; CEO Elect President & CEO Research & Development Chief Financial Officer Interim Head, Global Portfolio Division T E R E SA B I T E T T I P.K. MORROW G I L

  37. Slide 37: Appendix

    APPENDIX

  38. Slide 38: ENTYVIO Momentum Continues with Expansion of ENTYVIO PEN

    G A ST ROE NTEROLOGY (G I) ENTYVIO Momentum Continues with Expansion of ENTYVIO PEN GI PORTFOLIO FY2025 H1 Revenue JPY 479.2B (+5.1% growth at CER) FY 2 0 2 5 H 1 R E V E N U E • In the U.S., ENTYVIO remains the #1 prescribed brand in IBD (UC and Crohn’s combined) 1 and is the only (BN JPY) gut-focu

  39. Slide 39: Sustained TAKHZYRO Growth; LIVTENCITY Strong Market Penetration

    R A R E D ISE A SE S Sustained TAKHZYRO Growth with ~6,700 Patients Treated Globally; LIVTENCITY Strong Market Penetration in the U.S. & Rapid Geo Expansion FY2025 H1 Revenue JPY 113.3B (+5.9% growth at CER) RARE DISEASES PORTFOLIO FY 2 0 2 5 H 1 R E V E N U E • 7 years in the market, TAKHZYRO conti

  40. Slide 40: PDT Full-year Growth Outlook Confirmed

    PLA SMA - D ERIVED T H ER A PIES PDT Full-year Growth Outlook Confirmed Despite H1 Phasing Impact, with Strong Demand for Immunoglobulin and Albumin PDT PORTFOLIO Immunoglobulin Albumin FY 2 0 2 5 H 1 R E V E N U E FY25 H1 Revenue JPY 387.1B FY25 H1 Revenue JPY 66.1B (BN JPY) (+3.1% growth at CER) (

  41. Slide 41: Growth of Oncology Portfolio Driven by FRUZAQLA and ADCETRIS

    O N C O LO G Y Growth of Oncology Portfolio Driven by FRUZAQLA and ADCETRIS ONCOLOGY PORTFOLIO FY 2 0 2 5 H 1 R E V E N U E FY2025 H1 Revenue JPY 27.3B (+22.2% growth at CER) (BN JPY) • Approved or launched in more than 30 countries to date; Q2 launches include Slovenia 300 +3% and Canada (certain p

  42. Slide 42: QDENGA Demand Remains Strong

    V A C C IN E S QDENGA Demand Remains Strong, with H1 Growth Impacted by Shipment Timing & Transactional FX VACCINES PORTFOLIO FY 2 0 2 5 H 1 R E V E N U E FY2025 H1 Revenue JPY 21.1B (+6.2% change at CER) (BN JPY) • H1 year-on-year growth impacted by shipment timing and transactional FX headwind due

  43. Slide 43: VYVANSE U.S. Loss of Exclusivity Impact

    N E UR O SC IE N CE VYVANSE U.S. Loss of Exclusivity Impact from August 2023 NEUROSCIENCE PORTFOLIO FY2025 H1 Revenue JPY 106.6B (-45.6% change at CER) FY 2 0 2 5 H 1 R E V E N U E (BN JPY) VYVANSE U.S. Weekly Volume (million units)2 • U.S. revenue declined -57.7% at CER -32% in FY2025 H1, reflectin

  44. Slide 44: Maximizing Potential of Marketed Portfolio Through LCM Expansions

    Maximizing Potential of Marketed Portfolio Through LCM Expansions FY25 FY26 ENTYVIO IV Target Filing Crohn’s/UC Peds (US, EU) GASTROINTESTINAL AND INFLAMMATION ADZYNMA ADZYNMA iTTP Proof-of-concept Ph3 Start iTTP mirvetuximab ONCOLOGY Target filing PROC (JP) GAMMAGARD LIQUID TAK-881 Ph3 Start SID Ta

  45. Slide 45: Potential Key Phase 3 NME Readouts and Indication Expansions

    Potential Key Phase 3 NME Readouts and Indication Expansions oveporexton Narcolepsy type 1 Phase 3 readout KEY PIVOTAL zasocitinib Psoriasis Phase 3 readout READOUTS mirvetuximab Platinum resistant ovarian cancer Pivotal readout1 ADCETRIS Frontline Hodgkin lymphoma (BrECADD regimen) EU approval KEY

  46. Slide 46: Consolidated Development Pipeline by Phase

    Consolidated Development Pipeline by Phase PHASE 1 (2 NMEs) PHASE 2 (8 NMEs + 2 LCM) GASTROINTESTINAL TAK-004 zasocitinib zasocitinib TAK-101 TAK-227 ADZYNMA® Crohn’s Disease Ulcerative Colitis Celiac Disease Celiac Disease iTTP AND INFLAMMATION Nausea & Vomiting danavorexton TAK-594 NEUROSCIENCE TA

  47. Slide 47: Consolidated Development Pipeline by Phase

    Consolidated Development Pipeline by Phase PHASE 3 (6 NMEs + 11 LCMs) FILED (14 LCMs) zasocitinib zasocitinib mezagitamab mezagitamab ADZYNMA® Psoriasis Psoriatic Arthritis ITP IgAN cTTP (CN) GASTROINTESTINAL AND INFLAMMATION fazirsiran ENTYVIO® IV ENTYVIO® SC AATD Liver Disease Pediatric UC/Crohn’s

  48. Slide 48: Continuing Evidence Generation and Indication Expansion

    Continuing Evidence Generation and Indication Expansion PHASE 3 PHASE 3b / 4 PUBLISHED APPROVED ENTYVIO® IV ENTYVIO® IV (VERDICT) ENTYVIO® IV (VARSITY) ENTYVIO® IV Pediatric (Global) (Global)3,4 ENT vs. ada1 (Global) ENTYVIO® SC ENTYVIO® IV (EXIGEM) ENTYVIO® SC Ulcerative colitis Pediatric (Global)

  49. Slide 49: Zasocitinib (TAK-279): Best-in-class potential

    Zasocitinib (TAK-279): Best-in-class potential due to high selectivity, once daily oral administration PHASE 2 START PHASE 2b READOUT PHASE 3 FILING Ph2b March 2023 Ph3 Start FY2023 Target FY2026 Psoriasis H2H vs. deucra Start FY2025 Psoriatic Arthritis Ph2b September 2023 Ph3 Start FY2024 Target FY

  50. Slide 50: Debt Maturity Ladder as of September 2025

    Debt Maturity Ladder as of September 2025 MATURITY LADDER 1 AS OF 30 SEPTEMBER 2025 800 600 BILLION JPY 400 HYBRID DEBT 2 200 - ‖ ‖ ‖ ‖ ‖ ‖ ‖ ‖ FY 25 FY 26 FY 27 FY 28 FY 29 FY 30 FY 31 FY 32 FY 34 FY 35 FY 40 FY 44 FY 45 FY 50 FY 54 FY 55 FY 60 FY 64 FY 84 100% Debt at Fixed rate (~2.3% Weighted Av

  51. Slide 51: Glossary of Abbreviations

    Glossary of Abbreviations Regional Abbreviations: CN: China; EU: Europe; JP: Japan; U.S.: United States of America 1L first line GZMB granzyme B PD-1 programmed cell death protein 1 2L second line HCC hepatocellular carcinoma PDAC pancreatic ductal adenocarcinoma 3L third line HCP healthcare profess

  52. Slide 52: Financial Appendix

    Exhibit 99.1 FINANCIAL APPENDIX Definition of Non-IFRS Measures Definition and Explanation of Non-IFRS Measures and U.S. Dollar Convenience Translations A-1 Reconciliations and Other Financial Information FY2025 H1 Reported Results with CER % Change A-4 FY2025 Q2 (Jul-Sep) Reported Results with CER

  53. Slide 53: Definition and Explanation of Non-IFRS Measures

    Definition and Explanation of Non-IFRS Measures and U.S. Dollar Convenience Translations Core Financial Measures Takeda’s Core Financial Measures, particularly Core Revenue, Core Operating Profit, Core Net Profit for the Year attributable to owners of the Company and Core EPS, exclude revenue from d

  54. Slide 54: Free Cash Flow and Adjusted Free Cash Flow

    Free Cash Flow and Adjusted Free Cash Flow Takeda defines Free Cash Flow as cash flows from operating activities less acquisition of property, plant and equipment (“PP&E”). Takeda defines Adjusted Free Cash Flow as cash flows from operating activities, subtracting payments for acquisition of PP&E, i

  55. Slide 55: Net Debt and Adjusted Net Debt

    Net Debt and Adjusted Net Debt Takeda defines Net Debt as the book value of bonds and loans on consolidated statements of financial position adjusted only for cash and cash equivalents and Adjusted Net Debt first by calculating the sum of the current and non-current portions of bonds and loans as sh

  56. Slide 56: FY2025 H1 Reported Results with CER % Change

    FY2025 H1 Reported Results with CER % Change (Million USD, AER CER except EPS) FY2024 FY2025 (Billion JPY, except EPS) FY2025 H1 H1 H1 JPY Change % Change % Change Convenience USD Translation Revenue 2,384.0 2,219.5 (164.5) (6.9) % (3.9) % 15,000 Cost of sales (781.3) (764.7) 16.5 2.1 % (0.9) % (5,1

  57. Slide 57: FY2025 Q2 (Jul-Sep) Reported Results with CER % Change

    FY2025 Q2 (Jul-Sep) Reported Results with CER % Change (Million USD, AER CER except EPS) FY2024 Q2 FY2025 Q2 (Billion JPY, except EPS) FY2025 Q2 (Jul-Sep) (Jul-Sep) (Jul-Sep) JPY Change % Change % Change Convenience USD Translation Revenue 1,176.0 1,112.8 (63.2) (5.4) % (4.0) % 7,520 Cost of sales (

  58. Slide 58: FY2025 H1 Core Results with CER % Change

    FY2025 H1 Core Results with CER % Change (Million USD, AER CER except EPS) FY2024 FY2025 (Billion JPY, except EPS) FY2025 H1 H1 H1 JPY Change % Change % Change Convenience USD Translation Revenue 2,384.0 2,219.5 (164.5) (6.9) % (3.9) % 15,000 Cost of sales (781.5) (765.2) 16.3 2.1 % (0.9) % (5,171)

  59. Slide 59: FY2025 Q2 (Jul-Sep) Core Results with CER % Change

    FY2025 Q2 (Jul-Sep) Core Results with CER % Change (Million USD, AER CER except EPS) FY2024 Q2 FY2025 Q2 (Billion JPY, except EPS) FY2025 Q2 (Jul-Sep) (Jul-Sep) (Jul-Sep) JPY Change % Change % Change Convenience USD Translation Revenue 1,176.0 1,112.8 (63.2) (5.4) % (4.0) % 7,520 Cost of sales (394.

  60. Slide 60: FY2025 H1 Reconciliation from Reported to Core

    FY2025 H1 Reconciliation from Reported to Core Reported to Core adjustments (Billion JPY, except EPS and number of shares) Reported Amortization of Impairment of Other Core intangible intangible operating income/ Others assets assets expenses Revenue 2,219.5 2,219.5 Cost of sales (764.7) (0.4) (765.

  61. Slide 61: FY2025 Q2 (Jul-Sep) Reconciliation from Reported to Core

    FY2025 Q2 (Jul-Sep) Reconciliation from Reported to Core Reported to Core adjustments (Billion JPY, except EPS and number of shares) Reported Amortization of Impairment of Other Core intangible intangible operating income/ Others assets assets expenses Revenue 1,112.8 1,112.8 Cost of sales (380.1) (

  62. Slide 62: FY2024 H1 Reconciliation from Reported to Core

    FY2024 H1 Reconciliation from Reported to Core Reported to Core adjustments (Billion JPY, except EPS and number of shares) Reported Amortization of Impairment of Other Core Teva JV related intangible intangible operating income/ Others adjustment*2 assets assets expenses Revenue 2,384.0 2,384.0 Cost

  63. Slide 63: FY2024 Q2 (Jul-Sep) Reconciliation from Reported to Core

    FY2024 Q2 (Jul-Sep) Reconciliation from Reported to Core Reported to Core adjustments (Billion JPY, except EPS and number of shares) Reported Amortization of Impairment of Other Core Teva JV related intangible intangible operating income/ Others adjustment*2 assets assets expenses Revenue 1,176.0 1,

  64. Slide 64: FY2025 H1 Adjusted Free Cash Flow

    FY2025 H1 Adjusted Free Cash Flow (Million USD) FY2024 FY2025 FY2025 H1 (Billion JPY) JPY Change % Change H1 H1 Convenience USD Translation Net profit 187.4 112.5 (74.9) (39.9)% 761 Depreciation, amortization and impairment losses 420.7 453.8 33.0 3,067 Decrease (increase) in trade working capital (

  65. Slide 65: FY2025 H1 Adjusted Net Debt to Adjusted EBITDA

    FY2025 H1 Adjusted Net Debt to Adjusted EBITDA ADJUSTED NET DEBT/ADJUSTED EBITDA RATIO NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS FY2025 FY2024 FY2025 JPY (Billion JPY) (Billion JPY) H1 H1 H1 Change % Change Book value of bonds and loans on consolidated statement of Net cash from operating

  66. Slide 66: FY2024 Adjusted Net Debt to Adjusted EBITDA

    FY2024 Adjusted Net Debt to Adjusted EBITDA ADJUSTED NET DEBT/ADJUSTED EBITDA RATIO NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS JPY (Billion JPY) FY2024 (Billion JPY) FY2023 FY2024 Change % Change Book value of bonds and loans on consolidated statement of Net cash from operating activities

  67. Slide 67: FY2025 H1 Net Profit to Adjusted EBITDA Bridge

    FY2025 H1 Net Profit to Adjusted EBITDA Bridge FY2024 FY2025 (Billion JPY) JPY Change % Change H1 H1 Net profit 187.4 112.5 (74.9) (39.9)% Income tax expenses (benefit) 68.6 66.3 Depreciation and amortization 384.7 366.6 Interest expense, net 58.3 63.3 EBITDA 699.0 608.7 (90.3) (12.9)% Impairment lo

  68. Slide 68: FY2025 H1 Net Profit to Adjusted EBITDA LTM Bridge

    FY2025 H1 Net Profit to Adjusted EBITDA LTM Bridge FY2024 FY2024 FY2025 FY2025 (Billion JPY) Full Year H1 H1 H1 LTM*1 (Apr - Mar) (Apr - Sep) (Apr - Sep) (Oct - Sep) Net profit 108.1 187.4 112.5 33.3 Income tax expenses (benefit) 66.9 68.6 66.3 64.6 Depreciation and amortization 761.4 384.7 366.6 74

  69. Slide 69: FY2025 H1 CAPEX, Depreciation and Amortization and Impairment Losses

    FY2025 H1 CAPEX, Depreciation and Amortization and Impairment Losses FY2024 FY2025 Revised Forecast (Billion JPY) JPY Change % Change H1 H1 (October 30,2025) Capital expenditures*1 198.5 127.9 (70.6) (35.6)% 400.0 - 450.0 Tangible assets 106.9 88.0 (18.9) (17.7)% Intangible assets 91.6 39.9 (51.7) (

  70. Slide 70: FY2025 Full Year Detailed Forecast

    FY2025 Full Year Detailed Forecast Original Forecast Revised Forecast JPY % (BN JPY) (October 30, 2025) Change Change Variances (May 8, 2025) Decline in sales forecasts for products including ENTYVIO and VYVANSE, partially offset by Revenue 4,530.0 4,500.0 (30.0) (0.7)% favorable revisions in FX ass

  71. Slide 71: FY2025 Full Year Reconciliation from Reported to Core Operating Profit Forecast

    FY2025 Full Year Reconciliation from Reported Operating Profit to Core Operating Profit Forecast Reported to Core adjustments (Billion JPY) Reported Amortization of Impairment of Core Other operating intangible intangible income (expenses) assets assets Revenue 4,500.0 4,500.0 Cost of sales (1,590.0

  72. Slide 72: FY2025 Full Year FX Rates Assumptions and Currency Sensitivity

    FY2025 Full Year FX Rates Assumptions and Currency Sensitivity vs. Forecast Average Exchange Rates vs. JPY Impact of depreciation of yen from October 2025 to March 2026 (100 million JPY) Core FY2024 H1 FY2025 H1 FY2025 Full Year FY2025 H2 Operating Revenue Net Profit Operating Actual Actual Assumpti

  73. Slide 73: Takeda Investor Relations

    Takeda Investor Relations: takeda.ir.contact@takeda.com © 2025 Takeda Pharmaceutical Company Limited. All rights reserved.

Takeda Pharmaceutical Company — Q2 2025 Earnings Presentation on 6ix