Takeda Pharmaceutical Co. Ltd. · TSE:4502
Takeda Pharmaceutical — Q1 2026 Earnings Presentation
59 slides from Takeda Pharmaceutical's earnings presentation, Jul 30, 2026
Slide 1: From Transformation to Growth Acceleration
TSE: 4502 From Transformation to Growth Acceleration Horizon One: Transforming for Growth FY2026 Q1 Earnings Announcement July 30th, 2026
Slide 2: 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 3: Agenda
Business Highlights Julie Kim, President & CEO Financial Highlights AGENDA Milano Furuta, Chief Financial Officer Pipeline Highlights Andy Plump, President, R&D Closing Remarks Julie Kim, President & CEO Q&A Question & Answer Session
Slide 4: Agenda
Business Highlights Julie Kim, President & CEO Financial Highlights AGENDA Milano Furuta, Chief Financial Officer Pipeline Highlights Andy Plump, President, R&D Closing Remarks Julie Kim, President & CEO Question & Answer Session
Slide 5: Q1 Results on Track; Steady Progress Against FY2026 Priorities
Q1 Results on Track; Steady Progress Against FY2026 Priorities FY2026 Q1 Results Progress in Late-Stage Pipeline Core Revenue New Product Approvals JPY 1,219.9B (USD $7.5B) -0.5% at CER ORZEYFUL (oveporexton) approved in China for NT1 Positive Data Readouts Core Operating Profit ORZEYFUL data in fun
Slide 6: Poised to Launch Transformative Medicines in the Coming Months
Poised to Launch 3 Transformative Medicines in the Coming Months Setting Takeda on a New Growth Trajectory ORZEYFUL Rusfertide Zasocitinib (oveporexton) Polycythemia Vera Psoriasis Narcolepsy Type 1 Orexin agonist with potential to redefine Hepcidin mimetic delivering rapid, Next-generation, highly
Slide 7: A New Era Defined by Two Growth Horizons
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 revenue from f
Slide 8: Agenda
Business Highlights Julie Kim, President & CEO Financial Highlights AGENDA Milano Furuta, Chief Financial Officer Pipeline Highlights Andy Plump, President, R&D Closing Remarks Julie Kim, President & CEO Question & Answer Session
Slide 9: FY2026 Q1 Results: On Track Towards Full-year Guidance
FY2026 Q1 Results: On Track Towards Full-year Guidance FY 2026 Q1 (APR - J UN) FINANC IAL RESUL TS (SUM M ARY ) 1 (BN YEN, except EPS) REPORTED CORE ACTUAL % ACTUAL % FY2026 Q1 FY2025 Q1 CHANGE FY2026 Q1 FY2025 Q1 CHANGE CER2 % CHANGE REVENUE 1,219.9 1,106.7 +10.2% 1,219.9 1,106.7 +10.2% -0.5% OPERA
Slide 10: Revenue Growth of Core In-line Brands & New Launches
Revenue Growth of Core In-line Brands & New Launches Largely Offset LOE and Mature Portfolio Decline FY 2026 Q1 (APR - J UN) REVENUE VS PRIOR Y EAR (BN JPY) +10.2% 1,219.9 -0.5% at CER 118.2 1,106.7 Represent 4% of Represent 58% of total revenue; total revenue; grew +22.6% at CER grew +2.3% at CER F
Slide 11: Transformation Program Helping to Fund Growth Investments
Transformation Program Helping to Fund Growth Investments FY 2026 Q1 (APR - J UN) C ORE OPERATING PROFIT VS PRIOR Y EAR (BN JPY) +11.5% 358.9 -0.5% at CER 38.7 321.8 Mainly launch Includes investment for Transformation ORZEYFUL, Program savings rusfertide, and Includes addition of zasocitinib late-s
Slide 12: Reported Operating Profit Reflects end of VYVANSE Amortization Period
Reported Operating Profit Reflects end of VYVANSE Amortization Period Offset by Restructuring Costs FY 2026 Q1 (APR - J UN) REPORTED OPERATING PROFIT VS PRIOR Y EAR (BN JPY) +9.1% 201.4 184.6 22.5 Mainly due to completion Includes JPY 45.7B of of amortization period for restructuring expenses relate
Slide 13: No Change to Full-Year FY2026 Outlook
No Change to Full-Year FY2026 Outlook: a Year of Growth Investment (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 +6,6
Slide 14: 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 15: Agenda
Business Highlights Julie Kim, President & CEO Financial Highlights AGENDA Milano Furuta, Chief Financial Officer Pipeline Highlights Andy Plump, President, R&D Closing Remarks Julie Kim, President & CEO Question & Answer Session
Slide 16: Towards a New Standard: ORZEYFUL Significantly Improved Measures
Towards a New Standard: ORZEYFUL Significantly Improved Measures of Daytime and Nighttime Symptoms in NT1 Patients Excessive Safety and • On-track to bring the first and only orexin agonist daytime tolerability sleepiness to people living with narcolepsy type 1 (NT1) • Approved in China for the trea
Slide 17: ORZEYFUL Significantly Improved Measures of Daily Function, Cognition and Nighttime Sleep
ORZEYFUL Significantly Improved Measures of Daily Function, Cognition and Nighttime Sleep for Patients with NT1 Results of Phase 3 study for NT1 patients treated with ORZEYFUL over 12 weeks presented at SLEEP 2026 Daily Function1 Cognition2 Nighttime Sleep3 • Significant improvements across all Sign
Slide 18: ORZEYFUL Shifted Mean REM Latency into the Normative Range
ORZEYFUL Shifted Mean REM Latency into the Normative Range for All Treatment Groups REM Latency Shifted to Normal Range with ORZEYFUL REM latency: shifted to normal range with oveporexton Placebo Placebo (3001) Oveporexton 1 mg/1 mg Oveporexton 2 mg/2 mg Oveporexton 1 mg/1 mg (3001) Baseline Black l
Slide 19: ORZEYFUL Improved REM-linked Symptoms Evaluated by NSS-CT
ORZEYFUL Improved REM-linked Symptoms Evaluated by NSS-CT The Radiant Light (3002) Placebo 2 mg/2 mg • Hallucinations and sleep 100 paralysis were reduced at Percentage of 80 participants Hallucinations week 12 in all oveporexton when falling 60 asleep or groups (P<0.05) 40 waking up 20 • At baselin
Slide 20: Zasocitinib Significantly Outperformed Deucravacitinib in Phase 3 Head-to-Head Psoriasis Study
Zasocitinib Significantly Outperformed Deucravacitinib in Phase 3 Head-to-Head Psoriasis Study Zasocitinib Head-To-Head vs. Deucravacitinib in Psoriasis • More than 35% of zasocitinib-treated patients achieved complete skin clearance (PASI 100) at week 16 • More than 2.5x response rate in achieving
Slide 21: Zasocitinib Demonstrated High Rates of Skin Clearance
Zasocitinib Demonstrated High Rates of Skin Clearance in Hard-to-Treat1 and High Impact Sites Zasocitinib Latitude Psoriasis Phase 3: High Impact Sites Latitude PsO 3001 Latitude PsO 3002 100% 77% 74% 80% Scalp: ssPGA 0/1 60% 42% Week 16 40% 30% 20% 13% 7% 0% 100% 80% 71% 69% Palms and soles: 60% 44
Slide 22: Delivering Our Late-Stage Programs that Have the 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 Target Filing US Breakthrough and/or EU PRIME designations in at least one indication Psoriasis Psoriasis Psoriatic Arthritis H2H Readout 3003 Readout1 Target Fi
Slide 23: Delivering Our Late-Stage Programs that Have the 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 Polycythemia Vera US Breakthrough and/or Filed (US), Target Filing (EU) Target Filing (JP) (TAK-121) EU PRIME designations in at least one ind
Slide 24: Poised to Launch Transformative Medicines in the Coming Months
Poised to Launch 3 Transformative Medicines in the Coming Months Setting Takeda on a New Growth Trajectory ORZEYFUL Rusfertide Zasocitinib (oveporexton) Polycythemia Vera Psoriasis Narcolepsy Type 1 Orexin agonist with potential to redefine Hepcidin mimetic delivering rapid, Next-generation, highly
Slide 25: Agenda
Business Highlights Julie Kim, President & CEO Financial Highlights AGENDA Milano Furuta, Chief Financial Officer Pipeline Highlights Andy Plump, President, R&D Closing Remarks Julie Kim, President & CEO Question & Answer Session
Slide 26: Transforming the Organization, Strengthening Competitiveness & Positioning Takeda for Accelerated Growth
Transforming the Organization, Strengthening Competitiveness & Positioning Takeda for Accelerated Growth Horizon One: Transforming for Growth What we need to do Financial goals • Establish new growth drivers starting with • Return to revenue growth as 3 successful launches new launches build scale •
Slide 27: Save the Date: Capital Markets Day 2026
Save the Date: Capital Markets Day 2026 Takeda Capital Markets Day Friday, December 11th, 2026 08:30-15:00 JST Takeda Tokyo HQ Start and finish time subject to change 27
Slide 28: Q&A
Julie Kim President & CEO Q&A Milano Furuta Chief Financial Officer Andy Plump President, R&D
Slide 29: Appendix
Appendix
Slide 30: ENTYVIO Growth Continues with Expansion of ENTYVIO PEN
GASTROENTEROLOGY (GI) ENTYVIO Growth Continues with Expansion of ENTYVIO PEN FY2026 Q1 Revenue JPY 268.3B (+3.8% growth at CER) FY2026 Q1 REVENUE Core In-line Brand GI Portfolio (BN JPY) • In the U.S., ENTYVIO remains the #1 prescribed brand in IBD (UC and Crohn’s combined)1 and is the only gut-focu
Slide 31: TAKHZYRO Reaching Maturity in Increasingly Competitive U.S. Market
RARE DISEASES TAKHZYRO Reaching Maturity in Increasingly Competitive U.S. Market FY2026 Q1 Revenue JPY 59.9B (-2.2% change at CER) FY2026 Q1 REVENUE Core In-line Brand Rare Diseases Portfolio • 8 years in the market, TAKHZYRO continues to be the #1 prescribed modern long-term prophylaxis with ~7,200
Slide 32: Balancing Near-term Growth & Margin Improvement in PDT Business
PLASMA-DERIVED THERAPIES Balancing Near-term Growth & Margin Improvement in PDT Business Immunoglobulin Albumin FY2026 Q1 REVENUE FY2026 Q1 Revenue JPY 213.9B FY2026 Q1 Revenue JPY 34.6B PDT Portfolio (-0.6% change at CER) (-5.0% change at CER) Core In-line Brand Core In-line Brand (BN JPY) • Q1 gro
Slide 33: Growth of Oncology Portfolio Driven by FRUZAQLA and ADCETRIS
ONCOLOGY Growth of Oncology Portfolio Driven by FRUZAQLA and ADCETRIS FY2026 Q1 REVENUE FY2026 Q1 Revenue JPY 17.1B (+26.8% growth at CER) Oncology Portfolio New Launch Brand (BN JPY) • Approved or launched in 41 countries to date 180 • Key drivers include growth in newly launched markets, as well a
Slide 34: QDENGA Global Demand Remains Strong
VACCINES QDENGA Global Demand Remains Strong FY2026 Q1 Revenue JPY 11.5B (+15.2% growth at CER) FY2026 Q1 REVENUE New Launch Brand Vaccines Portfolio • New 2-year contract with Brazil Ministry of Health for a total of 18 million doses (nine million in (BN JPY) calendar year 2026 and nine million in
Slide 35: Impact from VYVANSE U.S. Loss of Exclusivity is Now Largely Behind Us
NEUROSCIENCE Impact from VYVANSE U.S. Loss of Exclusivity is Now Largely Behind Us FY2026 Q1 REVENUE FY2026 Q1 Revenue JPY 54.1B (-17.0% change at CER) Neuroscience Portfolio (BN JPY) • U.S. revenue was JPY 14.2B, declining -60.7% at CER versus prior year reflecting broad availability of generic sup
Slide 36: Maximizing Potential of Marketed Portfolio Through LCM Expansions
Maximizing Potential of Marketed Portfolio Through LCM Expansions FY26 FY27 GASTROINTESTINAL ENTYVIO IV AND INFLAMMATION Filed Crohn’s/UC Peds (US, EU, JP) Approved Target Filing NEUROSCIENCE TAK-7551 Ph2 Start Acute Ischemic Stroke Phase 3 study Phase 2 study ONCOLOGY mirvetuximab Target Filing PSO
Slide 37: Potential Key Approvals and Phase 3 Readouts in FY2026
Potential Key Approvals and Phase 3 Readouts in FY2026 U.S. approval ORZEYFUL Narcolepsy type 1 Japan approval (oveporexton) 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.
Slide 38: Consolidated Development Pipeline by Phase
Consolidated Development Pipeline by Phase PHASE 1 (6 NMEs) PHASE 2 (6 NMEs ) PHASE 3 (8 NMEs + 4 LCMs) FILED (2 NMEs + 7 LCMs) TAK-781 | Primary Sclerosing Cholangitis zasocitinib | Crohn’s Disease zasocitinib | Psoriasis ADZYNMA | cTTP (CN) P TAK-495 | Orexin2 Receptor Agonist zasocitinib | Ulce
Slide 39: 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)1 (Global)4,5 ENT vs. ada2 (Global) Ulcerative ENTYVIO® SC ENTYVIO® IV (EXIGEM) ENTYVIO® SC colitis Pediatric (Global)
Slide 40: Zasocitinib Could Redefine What is Possible with an Oral Therapy
Zasocitinib 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 June 2026 H2H vs deucravacitinib Pso
Slide 41: 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 PDAC pancreatic ductal adenocarcinoma 2L second line hfPGA hands and/or feet-specific Physician's Global Assessment PDT plasma derived therapies 3L third
Slide 42: 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 FY2026 Q1 Reported Results with CER % Change A-4 FY2026 Q1 Core Results with CER % Change A-5 F
Slide 43: Definition and Explanation of Non-IFRS Measures and U.S. Dollar Convenience Translations
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 44: 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 45: 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 46: FY2026 Q1 Reported Results with CER % Change
FY2026 Q1 Reported Results with CER % Change (Million USD, AER CER except EPS) FY2025 FY2026 (Billion JPY, except EPS) FY2026 Q1 Q1 Q1 JPY Change % Change % Change Convenience USD Translation Revenue 1,106.7 1,219.9 113.2 10.2 % (0.5) % 7,502 Cost of sales (384.7) (406.7) (22.0) (5.7) % 4.5 % (2,501
Slide 47: FY2026 Q1 Core Results with CER % Change
FY2026 Q1 Core Results with CER % Change (Million USD, AER CER except EPS) FY2025 FY2026 (Billion JPY, except EPS) FY2026 Q1 Q1 Q1 JPY Change % Change % Change Convenience USD Translation Revenue 1,106.7 1,219.9 113.2 10.2 % (0.5) % 7,502 Cost of sales (384.9) (407.0) (22.1) (5.7) % 4.5 % (2,503) Gr
Slide 48: FY2026 Q1 Reconciliation from Reported to Core
FY2026 Q1 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 1,219.9 1,219.9 Cost of sales (406.7) (0.4) (407.
Slide 49: FY2025 Q1 Reconciliation from Reported to Core
FY2025 Q1 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 1,106.7 1,106.7 Cost of sales (384.7) (0.2) (384.
Slide 50: FY2026 Q1 Adjusted Free Cash Flow
FY2026 Q1 Adjusted Free Cash Flow (Million USD) FY2025 FY2026 FY2026 Q1 (Billion JPY) JPY Change % Change Q1 Q1 Convenience USD Translation Net profit 124.3 113.3 (11.0) (8.9)% 696 Depreciation, amortization and impairment losses 184.0 193.0 9.0 1,187 Decrease (increase) in trade working capital 7.2
Slide 51: FY2026 Q1 Adjusted Net Debt to Adjusted EBITDA
FY2026 Q1 Adjusted Net Debt to Adjusted EBITDA ADJUSTED NET DEBT/ADJUSTED EBITDA RATIO NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS FY2026 FY2025 FY2026 JPY (Billion JPY) (Billion JPY) Q1 Q1 Q1 Change % Change Book value of bonds and loans on consolidated statement of Net cash from operating
Slide 52: 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 53: FY2026 Q1 Net Profit to Adjusted EBITDA Bridge
FY2026 Q1 Net Profit to Adjusted EBITDA Bridge FY2025 FY2026 (Billion JPY) JPY Change % Change Q1 Q1 Net profit 124.3 113.3 (11.0) (8.9)% Income tax expenses (benefit) 26.4 49.5 Depreciation and amortization 181.6 163.0 Interest expense, net 29.2 35.7 EBITDA 361.5 361.4 (0.0) (0.0)% Impairment losse
Slide 54: FY2026 Q1 Net Profit to Adjusted EBITDA LTM Bridge
FY2026 Q1 Net Profit to Adjusted EBITDA LTM Bridge FY2025 FY2025 FY2026 FY2026 (Billion JPY) Full Year Q1 Q1 Q1 LTM*1 (Apr - Mar) (Apr - Jun) (Apr - Jun) (Jul - Jun) Net profit (152.1) 124.3 113.3 (163.1) Income tax expenses (benefit) 9.8 26.4 49.5 32.9 Depreciation and amortization 721.1 181.6 163.
Slide 55: FY2026 Q1 CAPEX, Depreciation and Amortization and Impairment Losses
FY2026 Q1 CAPEX, Depreciation and Amortization and Impairment Losses FY2025 FY2026 (Billion JPY) JPY Change % Change 2026 Forecast Q1 Q1 Capital expenditures*1 75.1 103.2 28.2 37.5 % 330.0 - 380.0 Tangible assets 47.9 53.8 5.9 12.3 % Intangible assets 27.2 49.4 22.3 82.0 % Depreciation and amortizat
Slide 56: 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 57: FY2026 Full Year Reconciliation from Reported Operating Profit 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 58: FY2026 Full Year FX Rates Assumptions and Currency Sensitivity vs. Forecast
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 FY2025 FY2026 FY2026 Full Year Operating Revenue Net Profit Operating Actual Actual Assumption Profit (IFRS) (
Slide 59: Takeda Investor Relations
Takeda Investor Relations: takeda.ir.contact@takeda.com TSE: 4502
Takeda Pharmaceutical Company — Q1 2026 Earnings Presentation on 6ix