Takeda Pharmaceutical Co. Ltd. · TSE:4502
Takeda Pharmaceutical — FY2025 Earnings Presentation
78 slides from Takeda Pharmaceutical's earnings presentation, May 13, 2026
Slide 1: Embarking on a New Era: From Transformation to Growth Acceleration
TSE: 4502 Embarking on a New Era: From Transformation to Growth Acceleration FY2025 Q4 Earnings Announcement May 13th, 2026 (Updated certain FY2025 financial information on June 5th, 2026 to reflect the impact of the subsequent event detailed in the IMPORTANT NOTICE included herein)
Slide 2: Important Notice
Important Notice Updated June 5th On June 5, 2026, Takeda re-filed with the Tokyo Stock Exchange its “Earnings Report (Kessan Tanshin) for the Fiscal Year Ended March 31, 2026 (IFRS, Consolidated),” as revised to reflect the impact of a subsequent event on the consolidated financial statements origi
Slide 3: Important Notice
Important Notice For the purposes of this notice, “presentation” means this document, any oral presentation, any question and answer session Financial Information and Certain Non-IFRS Financial Measures and any written or oral material discussed or distributed by Takeda Pharmaceutical Company Limite
Slide 4: Agenda
Opening Remarks Christophe Weber, President & CEO Business Highlights Julie Kim, CEO-Elect AGENDA Financial Highlights Milano Furuta, Chief Financial Officer Pipeline Highlights Andy Plump, President, R&D Closing Remarks Julie Kim, CEO-Elect Q&A Question & Answer Session
Slide 5: Agenda
Opening Remarks Christophe Weber, President & CEO Business Highlights Julie Kim, CEO-Elect AGENDA Financial Highlights Milano Furuta, Chief Financial Officer Pipeline Highlights Andy Plump, President, R&D Closing Remarks Julie Kim, CEO-Elect Question & Answer Session
Slide 6: Delivered Solid FY2025 Results & Excellent Pipeline Progress
Delivered Solid FY2025 Results & Excellent Pipeline Progress, Setting us up for a Period of Major Product Launches Solid FY2025 Results Progress in Late-Stage Pipeline Positive Pivotal Data Readouts Core Revenue Oveporexton (NT1) JPY 4,505.7B (USD $28.3B) -2.6% at CER Rusfertide (PV) Zasocitinib (Ps
Slide 7: Poised to Launch 3 Transformative Medicines in the Next 12 Months
Poised to Launch 3 Transformative Medicines in the Next 12 Months Setting Takeda on a New Growth Trajectory Oveporexton Rusfertide Zasocitinib Narcolepsy Type 1 Polycythemia Vera Psoriasis Orexin agonist with potential to redefine Hepcidin mimetic delivering rapid, Next-generation, highly selective
Slide 8: 3 Near-term Launches are Just the Beginning; 5 Additional NMEs in Late-Stage
3 Near-term Launches are Just the Beginning; 5 Additional Highly Innovative NMEs in Late-Stage Pipeline Oveporexton Rusfertide Zasocitinib Mezagitamab (TAK-861) (TAK-121) (TAK-279) (TAK-079) Orexin 2 receptor agonist Hepcidin mimetic TYK2 inhibitor CD38 antibody Narcolepsy Type 1 Polycythemia Vera P
Slide 9: New Organizational Structure & Executive Leadership Team
New Organizational Structure & Executive Leadership Team to Fuel Speed, Competitiveness and Future Growth Business Units CEO CHRISTOPHE WEBER1 JULIE KIM2 RHONDA PACHECO GI L E S P L A TF O R D ASUKA MIYABASHIRA TE R E S A B I TE TTI RAMY RIAD Representative Director; CEO-Elect President, President,
Slide 10: Proposed Board of Directors Rich in Diversity & Experience
Proposed Board of Directors Rich in Diversity & Experience, With Relevant Expertise in a New Era for Takeda Candidates Proposed for 3 Internal Directors 8 Independent External Directors Election in 2026 NEWLY PROPOSED CB JULIE KIM MILA NO F URUTA MASAM I IIJIM A STE VE N GILLIS JOH N MARAGA N OR E R
Slide 11: Embarking on a New Era Defined by Two Growth Horizons
Embarking on a New Era Defined by Two Growth Horizons, Bridging from Transformation to Acceleration Horizon Two: Growth Acceleration Deliver Long-term Profitable Growth & Patient Impact Horizon One: Transforming for Growth Strengthen Competitiveness & Build Growth Engine • Drive scale and maximize r
Slide 12: Agenda
Opening Remarks Christophe Weber, President & CEO Business Highlights Julie Kim, CEO-Elect AGENDA Financial Highlights Milano Furuta, Chief Financial Officer Pipeline Highlights Andy Plump, President, R&D Closing Remarks Julie Kim, CEO-Elect Question & Answer Session
Slide 13: Delivered Solid FY2025 Core Profit Driven by OPEX Efficiencies
Delivered Solid FY2025 Core Profit Driven by OPEX Efficiencies; Reported Profit Impacted by Litigation Provision Updated June 5 th FY 2025 (APR - M AR) FINANC IAL RESUL TS (SUM M ARY) 1 (BN YEN, except EPS) REPORTED CORE ACTUAL % ACTUAL % FY2025 FY2024 CHANGE FY2025 FY2024 CHANGE CER2 % CHANGE REVEN
Slide 14: Achieved Latest FY2025 Management Guidance
Achieved Latest FY2025 Management Guidance FY 2025 M ANAGEM ENT GUIDANC E FOR C ORE GROW TH AT C ER FY2025 LATEST GUIDANCE (Reference) RESULTS [JANUARY 2026] ORIGINAL GUIDANCE [MAY 2025] CORE REVENUE -2.6% Low-single digit % decline Broadly flat CORE OPERATING PROFIT -0.9% Low-single digit % decline
Slide 15: Growth & Launch Products +4.5% at CER in FY2025
Growth & Launch Products +4.5% at CER in FY2025 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% Growth at CER: +3.1% Change at C
Slide 16: Growth & Launch Products Partially Mitigated VYVANSE LOE Impact
Growth & Launch Products Partially Mitigated Substantial Revenue Impact from VYVANSE Loss of Exclusivity FY 2025 (APR - M AR) REVENUE VS PRIOR Y EAR (BN JPY) -1.7% Core Revenue -2.6% at CER 4,581.6 4,579.8 1.7 4,505.7 Recognition of Growth of +4.5% at CER 46.3 deferred revenue related to divestiture
Slide 17: OPEX Savings Enabled us to Protect Core Operating Profit
OPEX Savings through Efficiency Program Enabled us to Protect Core Operating Profit While Investing for Growth FY 2025 (APR - M AR) C ORE OPERATING PROFIT VS PRIOR Y EAR (BN JPY) +0.8% -0.9% at CER 1,162.6 1,172.5 20.8 Gross Profit Impact Over JPY 150B of cost savings drove reduction in OPEX while i
Slide 18: Reported Operating Profit Decreased Due to AMITIZA Litigation Provision
Reported Operating Profit Decreased Significantly Due to Provision for AMITIZA Litigation Updated June 5th FY 2025 (APR - M AR) REPORTED OPERATING PROFIT VS PRIOR Y EAR (BN JPY) -98.2% 342.6 Mainly due to JPY Mainly due to 58.2B impairment in completion of Q2 related to decision amortization period
Slide 19: Adjusted Free Cash Flow of JPY 684.5B in-line with Forecast
Adjusted Free Cash Flow of JPY 684.5B in-line with Forecast; Ended Fiscal Year with Strong Cash Balance FY 2025 (APR - M AR) ADJ USTED FREE C ASH FL OW (BN JPY) Adjusted Free Cash Flow1 684.5 47.7 176.0 234.9 20.2 26.6 26.6 104.0 1,041.4 341.8 385.6 311.9 Includes $1.2bn upfront to Innovent Biologic
Slide 20: Plan to Repay FY2026 Debt Maturities Predominantly through Cash
Plan to Repay FY2026 Debt Maturities Predominantly through Cash on-Hand & Free Cash Flow MATURITY LADDER 1 AS OF MARCH 31, 2026 800 JPY Bilateral Loans 60.0B of 75.0B refinanced for 8yrs 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 33 FY 34
Slide 21: Strong Track Record of Delivering OPEX Savings; New Transformation Program
Strong Track Record of Delivering OPEX Savings; New Transformation Program will Further Unlock Efficiencies FY2024-2025 FY2026~ Enterprise-wide efficiency program Transformation program aligned with new organization • Workforce optimization and R&D prioritization with Organizational more than 4,000
Slide 22: FY2026 Outlook for a Year of Growth Investment
FY2026 Outlook for a Year of Growth Investment Updated June 5th (BN YEN, except EPS) REPORTED CORE CORE CHANGE AT CER FY2026 FORECAST VS. PRIOR YEAR FY2026 FORECAST VS. PRIOR YEAR FY2026 MANAGEMENT GUIDANCE REVENUE 4,640.0 +3.0% 4,640.0 +3.0% Low-single digit % decline OPERATING PROFIT 420.0 +6,655.
Slide 23: Revenue Guidance Reflects Mature Portfolio Headwinds
Revenue Guidance Reflects Mature Portfolio Headwinds in a Year that we Pivot to New Launches FY 2026 REVENUE FOREC AST (BN JPY) +3.0% 4,640.0 Low-single digit % decline at CER 4,505.7 Includes LOE impact of VYVANSE and TRINTELLIX (U.S.) FY2025 Revenue LOE & Mature Portfolio Core In-line Brands1 New
Slide 24: Year of Growth Investment Funded by Transformation Program
Year of Growth Investment Funded by Transformation Program FY 2026 C ORE OPERATING PROFIT FOREC AST (BN JPY) -1.1% 5% ~ 8% decline at CER 1,172.5 1,160.0 Mainly launch investment for oveporexton, Includes rusfertide, and Transformation zasocitinib Includes addition of Program savings late-stage prog
Slide 25: Reported Operating Profit Growth Reflects AMITIZA Provision in Prior Year
Reported Operating Profit Growth Reflects AMITIZA Provision in Prior Year & End of VYVANSE Amortization, Partially Offset By Higher Restructuring Cost Updated June 5th FY 2026 REPORTED OPERATING PROFIT FOREC AST (BN JPY) +6,655.9% 420.0 Lower expenses due to provision Mainly due to for AMITIZA litig
Slide 26: Committed to Strict Financial Discipline Through Our Two Growth Horizons
Committed to Strict Financial Discipline Through Our Two Growth Horizons Horizon Two: Growth Acceleration Deliver Long-term Profitable Growth & Patient Impact Horizon One: Transforming for Growth Strengthen Competitiveness & Build Growth Engine • Deliver compelling revenue growth driven by new launc
Slide 27: Committed to Growth & Shareholder Returns
Committed to Growth & Shareholder Returns Guided by our vision to discover and deliver life-transforming treatments, and supported by our balance sheet (maintaining solid investment grade credit ratings; targeting 2x adjusted net debt / adjusted EBITDA), we will allocate capital to deliver sustainab
Slide 28: Agenda
Opening Remarks Christophe Weber, President & CEO Business Highlights Julie Kim, CEO-Elect AGENDA Financial Highlights Milano Furuta, Chief Financial Officer Pipeline Highlights Andy Plump, President, R&D Closing Remarks Julie Kim, CEO-Elect Question & Answer Session
Slide 29: Poised to Launch 3 Transformative Medicines in the Next 12 Months
Poised to Launch 3 Transformative Medicines in the Next 12 Months Setting Takeda on a New Growth Trajectory Oveporexton Rusfertide Zasocitinib Narcolepsy Type 1 Polycythemia Vera Psoriasis Orexin agonist with potential to redefine Hepcidin mimetic delivering rapid, Next-generation, highly selective
Slide 30: Zasocitinib: Poised to be a Leading Oral Treatment Option for Psoriasis
Zasocitinib: Poised to be a Leading Oral Treatment Option for Patients with Psoriasis – Significantly Expanding the Oral Market 1 2 3 Rapid and durable skin Convenient once-daily pill Next-generation, highly clearance, with no new without fasting restrictions selective oral TYK2 inhibitor safety sig
Slide 31: Zasocitinib Led to Greater Proportions of Patients Achieving PASI 90
Zasocitinib Led to Greater Proportions of Patients Achieving PASI 90 than Apremilast or Placebo as Early as Week 4 LATITUDE-PsO-3001 PASI 90 PASI 90 Responder: Baseline BSA 25% LATITUDE-PsO-3002 PASI 90 Baseline Week 16 PASI: 15.8 PASI: 0.7 95.6% Skin Clearance Number of patients based on the full a
Slide 32: Rapid Skin Clearance as Early as Week 4 with Zasocitinib
Rapid Skin Clearance as Early as Week 4 with Zasocitinib LATITUDE-PsO-3001 sPGA 0/1a PASI 75 31% ^^ ^^ 23% ^^ 18% 16% 9% 5% LATITUDE-PsO-3002 sPGA 0/1a PASI 75 ^^ 21% ^^ ^^ 17% *** 12% 9% 6% 4% a. With a ≥ 2-point decrease from baseline. Number of patients based on the full analysis set with non-res
Slide 33: Zasocitinib Demonstrated Superior Improvement in DLQI
Zasocitinib Demonstrated Superior Improvement in DLQI Versus Apremilast or Placebo as Early as Week 4 DLQI response is defined as the proportion of subjects with a DLQI score of 0/1 (for subjects with a baseline DLQI score ≥2). DLQI 0/1 means that psoriasis has no effect at all on the patient’s qual
Slide 34: Excellent Durability: >90% of Patients Maintained Response Through Week 60
Excellent Durability: >90% of Patients Continuing Zasocitinib at Week 40 Maintained sPGA 0/1, PASI 75 and PASI 90 Through Week 60 91% LATITUDE-PsO-3002 randomized withdrawal Most (59%, 69% and 52%) patients re-randomized from zasocitinib to placebo at Week 40 maintained sPGA 0/1, PASI 75, and PASI 9
Slide 35: Zasocitinib: Rapid and Durable Skin Clearance in a Once-Daily Pill
Zasocitinib: Rapid and Durable Skin Clearance in a Convenient Once-Daily Pill Zasocitinib demonstrated rapid and durable skin clearance Week 24 3001 Study 3002 Study • 49% of patients achieved clear skin, sPGA 0, by sPGA 0/1 74% 71% week 24 PASI 90 69% 63% • Rapid response, demonstrated by early sPG
Slide 36: Delivering Our Late-Stage Programs That Have Potential to Transform Lives
Delivering Our Late-Stage Programs that have the Potential to Transform Lives and Generate Significant Value FY26 FY27 FY28 - 29 Psoriasis US Breakthrough and/or Target Filing EU PRIME designations in at least one indication Psoriasis Psoriatic Arthritis HtH Readout vs deucra Target Filing Japan SAK
Slide 37: Delivering Our Late-Stage Programs That Have Potential to Transform Lives
Delivering Our Late-Stage Programs that have the Potential to Transform Lives and Generate Significant Value FY26 FY27 FY28 - 29 rusfertide Polycythemia Vera US Breakthrough and/or Filed US (TAK-121) EU PRIME designations in at least one indication Japan SAKIGAKE and/or 1L Anemia-associated MDS 2L A
Slide 38: Outlook for Key Assets in FY26 and FY27
Outlook for Key Assets in FY26 and FY27 FY26 FY27 FY28 – FY30 oveporexton – NT1 zasocitinib – PsO Potential U.S. • Expecting an average Regulatory Approvals rusfertide – PV TAK-881 (20% fSCIG) – PID of 2-3 NME and/or important US LCM indication expansion zasocitinib – PsO zasocitinib – PsA filings p
Slide 39: Agenda
Opening Remarks Christophe Weber, President & CEO Business Highlights Julie Kim, CEO-Elect AGENDA Financial Highlights Milano Furuta, Chief Financial Officer Pipeline Highlights Andy Plump, President, R&D Closing Remarks Julie Kim, CEO-Elect Question & Answer Session
Slide 40: Embarking on a New Era Defined by Two Growth Horizons
Embarking on a New Era Defined by Two Growth Horizons, Bridging from Transformation to Acceleration Horizon Two: Growth Acceleration Deliver Long-term Profitable Growth & Patient Impact Horizon One: Transforming for Growth Strengthen Competitiveness & Build Growth Engine • Drive scale and maximize r
Slide 41: Q&A
Christophe Weber President & CEO Julie Kim CEO-Elect Q&A Milano Furuta Chief Financial Officer Andy Plump President, R&D Rhonda Pacheco President, U.S. Business Unit Teresa Bitetti President, Oncology Business Unit
Slide 42: Appendix
Appendix
Slide 43: ENTYVIO Growth Continues with Expansion of ENTYVIO PEN
GASTROENTEROLOGY (GI) ENTYVIO Growth Continues with Expansion of ENTYVIO PEN FY2025 REVENUE FY2025 Revenue JPY 958.0B (+4.2% growth at CER) GI Portfolio • 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-focused treatment for UC and
Slide 44: TAKHZYRO Reaching Maturity in Increasingly Competitive U.S. Market
RARE DISEASES TAKHZYRO Reaching Maturity in Increasingly Competitive U.S. Market FY2025 REVENUE FY2025 Revenue JPY 223.9B (-0.4% change at CER) Rare Diseases Portfolio • 7 years in the market, TAKHZYRO continues to be the #1 prescribed modern long-term prophylaxis with ~6,900 patients treated global
Slide 45: Balancing Near-term Growth & Margin Improvement in PDT Business
PLASMA-DERIVED THERAPIES Balancing Near-term Growth & Margin Improvement in PDT Business Immunoglobulin Albumin FY2025 REVENUE FY2025 Revenue JPY 790.6B FY25 Revenue JPY 140.3B PDT Portfolio (+4.1% growth at CER) (-2.1% change at CER) (BN JPY) • Growth moderated as supply/demand balances post- • Imp
Slide 46: Growth of Oncology Portfolio Driven by FRUZAQLA and ADCETRIS
ONCOLOGY Growth of Oncology Portfolio Driven by FRUZAQLA and ADCETRIS FY2025 REVENUE Oncology Portfolio FY2025 Revenue JPY 55.1B (+14.6% growth at CER) (BN JPY) • Approved or launched in 40 countries to date; Received reimbursement and launched in +2% France in FY25 Q4 600 • Key drivers include the
Slide 47: QDENGA Global Demand Remains Strong
VACCINES QDENGA Global Demand Remains Strong FY2025 REVENUE FY2025 Revenue JPY 40.8B (+10.7% growth at CER) Vaccines Portfolio • FY2025 Q4 performance was weaker than expected, impacted by Brazil, with volumes shifting (BN JPY) into FY2026 due to the delayed signing of a 2-year contract with the Min
Slide 48: VYVANSE U.S. Loss of Exclusivity Impact
NEUROSCIENCE VYVANSE U.S. Loss of Exclusivity Impact from August 2023 FY2025 REVENUE FY2025 Revenue JPY 203.2B (-43.0% change at CER) Neuroscience Portfolio (BN JPY) • U.S. revenue declined -63.3% VYVANSE Weekly U.S. Volume (million units)2 at CER in FY2025, reflecting 600 -27% broad availability of
Slide 49: Key Phase 3 NME Readouts and Indication Expansions in FY2025
Key Phase 3 NME Readouts and Indication Expansions in FY2025 ADCETRIS Frontline Hodgkin lymphoma (BrECADD regimen) EU approval KEY POTENTIAL Pediatric von Willebrand disease (on- VONVENDI U.S. approval REGULATORY demand/surgery) APPROVALS U.S. approval TAK-8801 Low IgA IgG primary immunodeficiency E
Slide 50: Potential Key Approvals and Phase 3 Readouts in FY2026
Potential Key Approvals and Phase 3 Readouts in FY2026 U.S. approval oveporexton Narcolepsy type 1 Japan approval China approval POTENTIAL KEY rusfertide Polycythemia vera U.S. approval REGULATORY APPROVALS Crohn’s disease pediatric U.S. approval ENTYVIO IV Ulcerative colitis pediatric U.S. approval
Slide 51: Maximizing Potential of Marketed Portfolio Through LCM Expansions
Maximizing Potential of Marketed Portfolio Through LCM Expansions FY25 FY26 FY27 GASTROINTESTINAL ENTYVIO IV AND INFLAMMATION Target Filing Crohn’s/UC Peds (US, EU) Approved NEUROSCIENCE TAK-7551 Target Filing Ph2 Start Acute Ischemic Stroke Phase 3 study mirvetuximab mirvetuximab Phase 2 study ONCO
Slide 52: Consolidated Development Pipeline by Phase
Consolidated Development Pipeline by Phase PHASE 1 (5 NMEs) PHASE 2 (7 NMEs + 1 LCM) PHASE 3 (8 NMEs + 5 LCMs) FILED (2 NMEs + 9 LCMs) TAK-781 | Primary Sclerosing Cholangitis zasocitinib | Crohn’s Disease zasocitinib | Psoriasis ADZYNMA | cTTP (CN) ★ TAK-495 | Orexin2 Receptor Agonist zasocitinib |
Slide 53: Data Driven Progress in FY25: Focused on the Most Promising Programs
Data Driven Progress in FY25: Focused on the Most Promising Programs NEW REGULATORY APPROVALS NEW REGULATORY FILINGS ADCETRIS I FL HL BrECADD (EU) oveporexton | NT1 (US, JP, CN) ★ DEQSIGA TAK-880 I IgG - Low IgA (EU) rusfertide | Polycythemia Vera (US) ★ GAMMAGARD ERC TAK-880 I IgG - Low IgA (US) mi
Slide 54: 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) Ulcerative ENTYVIO® SC ENTYVIO® IV (EXIGEM) ENTYVIO® SC colitis Pediatric (Global)
Slide 55: Zasocitinib (TAK-279) Studies Underway 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 2 READOUT PHASE 3 START PHASE 3 READOUT FILING Psoriasis March 2023 Nov 2023 Dec 2025 Target FY2026 Psoriasis July 2025 Target FY2026 HtH vs deucr
Slide 56: Glossary of Abbreviations
Glossary of Abbreviations Regional Abbreviations: CN: China; EU: Europe; JP: Japan; U.S.: United States of America 1L first line GC gastric cancer OD on demand 2L second line HemA hemophilia A OX2R orexin receptor 2 3L third line HL Hodgkin lymphoma PASI Psoriasis Area and Severity Index AA anemia-a
Slide 57: 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 Reported Results with CER % Change A-4 FY2025 Q4 (Jan-Mar) Reported Results with CER % C
Slide 58: 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
Slide 59: Free Cash Flow and Adjusted Free Cash Flow
Exhibit 99.1 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 acquisiti
Slide 60: Net Debt and Adjusted Net Debt
Exhibit 99.1 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 an
Slide 61: FY2025 Reported Results with CER % Change
FY2025 Reported Results with CER % Change (Million USD, AER CER except EPS) (Billion JPY, except EPS) FY2024 FY2025 FY2025 JPY Change % Change % Change Convenience USD Translation Revenue 4,581.6 4,505.7 (75.8) (1.7) % (2.7) % 28,324 Cost of sales (1,580.2) (1,571.6) 8.6 0.5 % 1.9 % (9,879) Gross pr
Slide 62: FY2025 Q4 Reported Results with CER % Change
FY2025 Q4 (Jan-Mar) Reported Results with CER % Change (Million USD, AER CER except EPS) FY2024 Q4 FY2025 Q4 (Billion JPY, except EPS) FY2025 Q4 (Jan-Mar) (Jan-Mar) (Jan-Mar) JPY Change % Change % Change Convenience USD Translation Revenue 1,053.4 1,094.5 41.1 3.9 % (2.2) % 6,880 Cost of sales (382.
Slide 63: FY2025 Core Results with CER % Change
FY2025 Core Results with CER % Change (Million USD, AER CER except EPS) (Billion JPY, except EPS) FY2024 FY2025 FY2025 JPY Change % Change % Change Convenience USD Translation Revenue 4,579.8 4,505.7 (74.1) (1.6) % (2.6) % 28,324 Cost of sales (1,581.8) (1,572.6) 9.2 0.6 % 1.9 % (9,886) Gross profit
Slide 64: FY2025 Q4 Core Results with CER % Change
FY2025 Q4 (Jan-Mar) Core Results with CER % Change (Million USD, AER CER except EPS) FY2024 Q4 FY2025 Q4 (Billion JPY, except EPS) FY2025 Q4 (Jan-Mar) (Jan-Mar) (Jan-Mar) JPY Change % Change % Change Convenience USD Translation Revenue 1,051.7 1,094.5 42.9 4.1 % (2.0) % 6,880 Cost of sales (383.5) (
Slide 65: FY2025 Reconciliation from Reported to Core
FY2025 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 4,505.7 4,505.7 Cost of sales (1,571.6) (1.0) (1,572
Slide 66: FY2025 Q4 Reconciliation from Reported to Core
FY2025 Q4 (Jan-Mar) 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 1,094.5 1,094.5 Cost of sales (405.7) (
Slide 67: FY2024 Reconciliation from Reported to Core
FY2024 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 assets assets expenses Revenue 4,581.6 (1.7) 4,579.8 Cos
Slide 68: FY2024 Q4 Reconciliation from Reported to Core
FY2024 Q4 (Jan-Mar) 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 assets assets expenses Revenue 1,053.4 (1.7
Slide 69: FY2025 Adjusted Free Cash Flow
FY2025 Adjusted Free Cash Flow (Million USD) (Billion JPY) FY2024 FY2025 JPY Change % Change FY2025 Convenience USD Translation Net profit (loss) 108.1 (152.1) (260.3) (240.7)% (956) Depreciation, amortization and impairment losses 867.9 866.8 (1.1) 5,449 Decrease (increase) in trade working capital
Slide 70: FY2025 Adjusted Net Debt to Adjusted EBITDA
FY2025 Adjusted Net Debt to Adjusted EBITDA ADJUSTED NET DEBT/ADJUSTED EBITDA RATIO NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS JPY (Billion JPY) FY2025 (Billion JPY) FY2024 FY2025 Change % Change Book value of bonds and loans on consolidated statement of Net cash from operating activities
Slide 71: 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
Slide 72: FY2025 Net Profit to Adjusted EBITDA Bridge
FY2025 Net Profit to Adjusted EBITDA Bridge (Billion JPY) FY2024 FY2025 JPY Change % Change Net profit (loss) 108.1 (152.1) (260.3) (240.7)% Income tax expenses (benefit) 66.9 9.8 Depreciation and amortization 761.4 721.1 Interest expense, net 117.7 131.2 EBITDA 1,054.2 710.0 (344.1) (32.6)% Impairm
Slide 73: FY2025 CAPEX, Depreciation and Amortization and Impairment Losses
FY2025 CAPEX, Depreciation and Amortization and Impairment Losses (Billion JPY) FY2024 FY2025 JPY Change % Change 2026 Forecast Capital expenditures*1 347.8 410.9 63.1 18.1 % 330.0 - 380.0 Tangible assets 200.8 176.0 (24.8) (12.3)% Intangible assets 147.0 234.9 87.9 59.8 % Depreciation and amortizat
Slide 74: FY2025 Results vs. Forecast (Jan. 2026)
FY2025 Results vs. Forecast (Jan. 2026) FY2025 Forecast FY2025 (BN JPY) Actual vs. Forecast Variances (January 29, 2026) Lower-than-expected sales of products including ENTYVIO and PDT products, partially offset Revenue 4,530.0 4,505.7 (24.3) (0.5)% by favorable foreign exchange impacts Cost of sale
Slide 75: FY2026 Full Year Detailed Forecast
FY2026 Full Year Detailed Forecast FY2025 FY2026 Forecast JPY % (BN JPY) (May 13, 2026) Change Change Variances Actual FX tailwinds and contributions from newly launched products more than offset the negative Revenue 4,505.7 4,640.0 134.3 3.0% impact from LOE products Cost of sales (1,571.6) (1,625.
Slide 76: FY2026 Reconciliation from Reported to Core Operating Profit Forecast
FY2026 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 4,640.0 4,640.0 Cost of sales (1,625.0
Slide 77: FY2026 FX Rates Assumptions and Currency Sensitivity
FY2026 Full Year FX Rates Assumptions and Currency Sensitivity vs. Forecast Average Exchange Rates vs. JPY Impact of depreciation of yen from April 2026 to March 2027 (100 million JPY) Core FY2024 FY2025 FY2026 Full Year Operating Revenue Net Profit Operating Actual Actual Assumption Profit (IFRS) (
Slide 78: Takeda Investor Relations
Takeda Investor Relations: takeda.ir.contact@takeda.com TSE: 4502
Takeda Pharmaceutical Company — FY2025 Earnings Presentation on 6ix