Takeda Pharmaceutical Co. Ltd. · TSE:4502

Takeda Pharmaceutical — Q3 2025 Earnings Presentation

55 slides from Takeda Pharmaceutical's earnings presentation, Jan 29, 2025

  1. Slide 1: Committed to Growth & Shareholder Returns

    TSE: 4502 Committed to Growth & Shareholder Returns FY2025 Q3 Earnings Announcement January 29th, 2026

  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. Closing Remarks Christophe Weber, President & CEO Julie Kim, CEO-Elect 5. Question & Answer Session

  4. Slide 4: Poised to Launch 3 Transformative Medicines in the Next 18 Months

    Poised to Launch 3 Transformative Medicines in the Next 18 Months Setting Takeda on a New Growth Trajectory Oveporexton Rusfertide Zasocitinib Narcolepsy Type 1 Polycythemia Vera Psoriasis First orexin agonist to NDA submission Hepcidin mimetic delivering Highly selective TYK2 inhibitor with with co

  5. Slide 5: 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. Closing Remarks Christophe Weber, President & CEO Julie Kim, CEO-Elect 5. Question & Answer Session

  6. Slide 6: FY2025 Q3 YTD: Impact of VYVANSE Generics Tapering Off

    FY2025 Q3 YTD: Impact of VYVANSE Generics is Tapering Off; Strong OPEX Discipline to Limit Impact to Core Operating Profit FY2025 Q3 YTD (APR -DEC) FINANCIAL RESULTS (SUMMARY) 1 (BN YEN, except EPS) REPORTED CORE FY2025 FY2024 ACTUAL % FY2025 FY2024 ACTUAL % CER2 % CHANGE Q3 YTD Q3 YTD CHANGE Q3 YTD

  7. Slide 7: Growth & Launch Products +6.7% at CER in Q3 YTD

    Growth & Launch Products +6.7% at CER in Q3 YTD, with Growth Rate Improving Quarter-on-Quarter Balanced Portfolio Across 6 Key Business Areas PLASMA-DERIVED GI RARE DISEASES THERAPIES (PDT) ONCOLOGY VACCINES NEUROSCIENCE % of Sales: 32% % of Sales: 17% % of Sales: 23% % of Sales: 13% % of Sales: 2%

  8. Slide 8: FY2025 Q3 YTD Revenue vs Prior Year

    FY2025 Q3 YTD Revenue: Narrowing the Gap Between Incremental Growth & Launch Products Revenue and VYVANSE Erosion FY2025 Q3 YTD (APR -DEC) REVENUE VS PRIOR YEAR (BN JPY) -3.3% -2.8% at CER 3,528.2 Growth of 3,411.2 +6.7% at CER -17.6 Mainly VYVANSE -45.7% at CER FY2024 Q3 YTD Growth & Launch LOE imp

  9. Slide 9: FY2025 Q3 YTD Core Operating Profit

    FY2025 Q3 YTD Core Operating Profit: Operational Efficiencies Deliver Year-on-Year Reduction in R&D and SG&A Expenses FY2025 Q3 YTD (APR -DEC) CORE OPERATING PROFIT VS PRIOR YEAR (BN JPY) -3.4% -3.4% at CER 1,006.3 971.6 -0.1 Gross Profit Impact FY2024 Q3 YTD Growth & Launch LOE impacted R&D Expense

  10. Slide 10: FY2025 Q3 YTD Reported Operating Profit

    FY2025 Q3 YTD Reported Operating Profit: Lower Restructuring Expenses More Than Offset Impairment FY2025 Q3 YTD (APR -DEC) REPORTED OPERATING PROFIT VS PRIOR YEAR (BN JPY) +1.2% 417.5 422.4 4.3 Mainly due to JPY Mainly due to lower 58.2B impairment restructuring costs in FY25 Q2 related to decision

  11. Slide 11: FY2025 Full-Year Revenue Guidance Revised

    FY2025 Full-Year Revenue Guidance Revised Primarily due to VYVANSE; Raising Reported & Core Forecasts to Reflect FX Tailwind CORE CHANGE AT CER (MANAGEMENT GUIDANCE) • Revenue guidance for change at CER PREVIOUS GUIDANCE (OCT 2025) REVISED GUIDANCE (JAN 2026) revised to reflect product momentum incl

  12. Slide 12: Raising Core Operating Profit Forecast

    Raising Core Operating Profit Forecast as Continued OPEX Discipline Fully Offsets Impact of VYVANSE, with Further Upside from FX FY2025 REVENUE FORECAST (JAN VS OCT) FY2025 CORE OPERATING PROFIT FORECAST (JAN VS OCT) (BN JPY) 4,530.0 1,150.0 4,500.0 1,130.0 FY2025 Previous VYVANSE Other FX FY2025 Re

  13. Slide 13: 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. Closing Remarks Christophe Weber, President & CEO Julie Kim, CEO-Elect 5. Question & Answer Session

  14. Slide 14: Poised to Launch 3 Transformative Medicines in the Next 18 Months

    Poised to Launch 3 Transformative Medicines in the Next 18 Months Setting Takeda on a New Growth Trajectory Oveporexton Rusfertide Zasocitinib Narcolepsy Type 1 Polycythemia Vera Psoriasis First orexin agonist to NDA submission Hepcidin mimetic delivering Highly selective TYK2 inhibitor with with co

  15. Slide 15: Accelerating Our Late-Stage Programs

    Accelerating 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 Start Target Filing Psoriatic Arthritis Target Filing zasocitinib Crohn’s - Ph2b Readout (TAK-279) UC - Ph2b Readout

  16. Slide 16: Accelerating Our Late-Stage Programs (Oncology)

    Accelerating Our Late-Stage Programs that have the Potential to Transform Lives and Generate Significant Value FY25 FY26 FY27 - 29 rusfertide Polycythemia Vera (TAK-121) Submitted 1L Anemia-associated MDS 2L Anemia-associated MDS elritercept Ph3 Start Target Filling (TAK-226) AA MF - Ph2 Readout 2L

  17. Slide 17: 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. Closing Remarks Christophe Weber, President & CEO Julie Kim, CEO-Elect 5. Question & Answer Session

  18. Slide 18: Bridging to The Future: Leadership Transition to Julie Kim

    Bridging to The Future: Leadership Transition to Julie Kim Christophe Weber Julie Kim 18

  19. Slide 19: 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

  20. Slide 20: Appendix

    APPENDIX

  21. Slide 21: 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 Q3 YTD Revenue JPY 744.5B (+7.4% growth at CER) FY 2 0 2 5 Q3 Y T D R E V E N U E (BN JPY) • In the U.S., ENTYVIO remains the #1 prescribed brand in IBD (UC and Crohn’s combined) 1 and is the only

  22. Slide 22: Sustained TAKHZYRO Growth; LIVTENCITY Market Penetration

    R A R E D ISE A SE S Sustained TAKHZYRO Growth Despite Emerging Competitive Headwinds; LIVTENCITY Strong Market Penetration in the U.S. & Rapid Geo Expansion RARE DISEASES PORTFOLIO FY2025 Q3 YTD Revenue JPY 170.7B (+2.4% growth at CER) FY 2 0 2 5 Q3 Y T D R E V E N U E • 7 years in the market, TAKH

  23. Slide 23: Balancing Near-term Growth and Margin Improvement for PDTs

    PLA SMA - D ERIVED T H ER A PIES Balancing Near-term Growth and Margin Improvement to Deliver Sustainable Supply and Meet Increasing Global Patient Demand for PDTs PDT PORTFOLIO Immunoglobulin Albumin FY 2 0 2 5 Q 3 Y T D R E V E N U E FY25 Q3 YTD Revenue JPY 593.6B FY25 Q3 YTD Revenue JPY 101.6B (+

  24. Slide 24: 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 Q3 Y T D R E V E N U E FY2025 Q3 YTD Revenue JPY 42.9B (+19.9% growth at CER) (BN JPY) • Approved or launched in 38 countries to date; Q3 launches include Portugal, Belgium, +2% 450 South Korea,

  25. Slide 25: QDENGA Global Demand Remains Strong

    V A C C IN E S QDENGA Global Demand Remains Strong VACCINES PORTFOLIO FY 2 0 2 5 Q3 Y T D R E V E N U E FY2025 Q3 YTD Revenue JPY 37.7B (+22.1% growth at CER) (BN JPY) +8% • Announced data from the completion of the 7-year pivotal phase 3 TIDES Trial 55 • The results reinforce QDENGA’s previously es

  26. Slide 26: 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 Q3 YTD Revenue JPY 155.1B (-45.7% change at CER) FY 2 0 2 5 Q3 Y T D R E V E N U E • U.S. revenue declined -62.3% at CER (BN JPY) VYVANSE U.S. Weekly Volume (million units)2 in FY2025 Q3 YTD, r

  27. Slide 27: 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 NEUROSCIENCE TAK-7551 Ph2 Start Acute Ischemic Stroke ONCOLOGY mirvetuximab Target fili

  28. Slide 28: 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

  29. Slide 29: Consolidated Development Pipeline by Phase

    Consolidated Development Pipeline by Phase PHASE 1 (5 NMEs) PHASE 2 (9 NMEs + 2 LCM) TAK-004 TAK-781 zasocitinib zasocitinib zasocitinib TAK-101 Nausea & Vomiting PSC Crohn’s Disease Ulcerative Colitis Vitiligo Celiac Disease GASTROINTESTINAL AND INFLAMMATION TAK-227 ADZYNMA® Celiac Disease iTTP dan

  30. Slide 30: Consolidated Development Pipeline by Phase

    Consolidated Development Pipeline by Phase PHASE 3 (8 NMEs + 11 LCMs) FILED (1 NME + 14 LCMs) zasocitinib zasocitinib zasocitinib mezagitamab mezagitamab ADZYNMA® Psoriasis Psoriatic Arthritis Pediatric Psoriasis ITP IgAN cTTP (CN) GASTROINTESTINAL AND INFLAMMATION fazirsiran ENTYVIO® IV ENTYVIO® SC

  31. Slide 31: 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)

  32. Slide 32: Zasocitinib (TAK-279) Studies Across a Broad Range of Indications

    Zasocitinib (TAK-279) Could Redefine What is Possible with an Oral Therapy, With Studies Underway Across a Broad Range of Indications PHASE 2 START PHASE 2b READOUT PHASE 3 START PHASE 3 READOUT FILING Psoriasis March 2023 Nov 2023 Dec 2025 Target FY2026 Psoriasis July 2025 Target FY2026 H2H vs deuc

  33. Slide 33: 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 HAE hereditary angioedema PDAC pancreatic ductal adenocarcinoma 3L third line HCC hepatocellular carcin

  34. Slide 34: 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 Q3 YTD Reported Results with CER % Change A-4 FY2025 Q3 (Oct-Dec) Reported Results with

  35. Slide 35: 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

  36. Slide 36: 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

  37. Slide 37: 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

  38. Slide 38: FY2025 Q3 YTD Reported Results with CER % Change

    FY2025 Q3 YTD Reported Results with CER % Change (Million USD, AER CER except EPS) FY2024 FY2025 (Billion JPY, except EPS) FY2025 Q3 YTD Q3 YTD Q3 YTD JPY Change % Change % Change Convenience USD Translation Revenue 3,528.2 3,411.2 (117.0) (3.3) % (2.8) % 21,755 Cost of sales (1,198.1) (1,165.9) 32.

  39. Slide 39: FY2025 Q3 (Oct-Dec) Reported Results with CER % Change

    FY2025 Q3 (Oct-Dec) Reported Results with CER % Change (Million USD, AER CER except EPS) FY2024 Q3 FY2025 Q3 (Billion JPY, except EPS) FY2025 Q3 (Oct-Dec) (Oct-Dec) (Oct-Dec) JPY Change % Change % Change Convenience USD Translation Revenue 1,144.1 1,191.7 47.6 4.2 % (0.6) % 7,600 Cost of sales (416.

  40. Slide 40: FY2025 Q3 YTD Core Results with CER % Change

    FY2025 Q3 YTD Core Results with CER % Change (Million USD, AER CER except EPS) FY2024 FY2025 (Billion JPY, except EPS) FY2025 Q3 YTD Q3 YTD Q3 YTD JPY Change % Change % Change Convenience USD Translation Revenue 3,528.2 3,411.2 (117.0) (3.3) % (2.8) % 21,755 Cost of sales (1,198.3) (1,166.4) 32.0 2.

  41. Slide 41: FY2025 Q3 (Oct-Dec) Core Results with CER % Change

    FY2025 Q3 (Oct-Dec) Core Results with CER % Change (Million USD, AER CER except EPS) FY2024 Q3 FY2025 Q3 (Billion JPY, except EPS) FY2025 Q3 (Oct-Dec) (Oct-Dec) (Oct-Dec) JPY Change % Change % Change Convenience USD Translation Revenue 1,144.1 1,191.7 47.6 4.2 % (0.6) % 7,600 Cost of sales (416.9) (

  42. Slide 42: FY2025 Q3 YTD Reconciliation from Reported to Core

    FY2025 Q3 YTD 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 3,411.2 3,411.2 Cost of sales (1,165.9) (0.5)

  43. Slide 43: FY2025 Q3 (Oct-Dec) Reconciliation from Reported to Core

    FY2025 Q3 (Oct-Dec) 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 1,191.7 1,191.7 Cost of sales (401.1) (

  44. Slide 44: FY2024 Q3 YTD Reconciliation from Reported to Core

    FY2024 Q3 YTD 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 3,528.2 3,528.2

  45. Slide 45: FY2024 Q3 (Oct-Dec) Reconciliation from Reported to Core

    FY2024 Q3 (Oct-Dec) 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 1,144.1 1,

  46. Slide 46: FY2025 Q3 YTD Adjusted Free Cash Flow

    FY2025 Q3 YTD Adjusted Free Cash Flow (Million USD) FY2024 FY2025 FY2025 Q3 YTD (Billion JPY) JPY Change % Change Q3 YTD Q3 YTD Convenience USD Translation Net profit 211.2 216.3 5.0 2.4 % 1,379 Depreciation, amortization and impairment losses 609.9 652.0 42.2 4,158 Decrease (increase) in trade work

  47. Slide 47: FY2025 Q3 YTD Adjusted Net Debt to Adjusted EBITDA

    FY2025 Q3 YTD 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) Q3 YTD Q3 YTD Q3 YTD Change % Change Book value of bonds and loans on consolidated statement of Net cas

  48. Slide 48: 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

  49. Slide 49: FY2025 Q3 YTD Net Profit to Adjusted EBITDA Bridge

    FY2025 Q3 YTD Net Profit to Adjusted EBITDA Bridge FY2024 FY2025 (Billion JPY) JPY Change % Change Q3 YTD Q3 YTD Net profit 211.2 216.3 5.0 2.4 % Income tax expenses (benefit) 71.1 96.4 Depreciation and amortization 571.6 557.3 Interest expense, net 87.8 97.3 EBITDA 941.8 967.2 25.4 2.7 % Impairment

  50. Slide 50: FY2025 Q3 YTD Net Profit to Adjusted EBITDA LTM Bridge

    FY2025 Q3 YTD Net Profit to Adjusted EBITDA LTM Bridge FY2024 FY2024 FY2025 FY2025 (Billion JPY) Full Year Q3 YTD Q3 YTD Q3 LTM*1 (Apr - Mar) (Apr - Dec) (Apr - Dec) (Jan - Dec) Net profit 108.1 211.2 216.3 113.2 Income tax expenses (benefit) 66.9 71.1 96.4 92.2 Depreciation and amortization 761.4 5

  51. Slide 51: FY2025 Q3 YTD CAPEX, Depreciation and Amortization and Impairment Losses

    FY2025 Q3 YTD CAPEX, Depreciation and Amortization and Impairment Losses FY2024 FY2025 Revised Forecast (Billion JPY) JPY Change % Change Q3 YTD Q3 YTD (January 29, 2026) Capital expenditures*1 255.1 347.6 92.5 36.3 % 400.0 - 450.0 Tangible assets 152.0 129.6 (22.4) (14.7)% Intangible assets 103.1 2

  52. Slide 52: FY2025 Full Year Detailed Forecast

    FY2025 Full Year Detailed Forecast Previous Forecast Revised Forecast JPY % (BN JPY) (January 29, 2026) Change Change Variances (October 30, 2025) FX benefits more than offset downward revisions to revenue outlooks for VYVANSE and other Revenue 4,500.0 4,530.0 30.0 0.7% products including plasma der

  53. Slide 53: FY2025 Full Year Reconciliation 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 4,530.0 4,530.0 Cost of sales (1,595.0

  54. Slide 54: 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 January 2026 to March 2026 (100 million JPY) Core FY2024 Q3 FY2025 Q3 FY2025 Full Year FY2025 Q4 Operating Revenue Net Profit Operating Actual Actual Assumpti

  55. Slide 55: Takeda Investor Relations

    Takeda Investor Relations: takeda.ir.contact@takeda.com © 2026 Takeda Pharmaceutical Company Limited. All rights reserved.

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