Takeda Pharmaceutical Co. Ltd.TSE: 4502

Takeda’s Zasocitinib Significantly Outperforms Deucravacitinib in Head-to-Head Phase 3 Psoriasis Study, Promising to Redefine Oral Treatment Expectations

· Issued by Takeda Pharmaceutical Co. Ltd. via Business Wire
  • Once-daily oral zasocitinib demonstrated statistical superiority over deucravacitinib for all primary and key secondary endpoints in plaque psoriasis study

  • More than 35% of zasocitinib-treated patients achieved complete skin clearance (PASI 100) at week 16 – more than 2.5 times the response rate for deucravacitinib

  • Safety profile was consistent with previous studies with no new safety signals identified

OSAKA, Japan & CAMBRIDGE, Mass., June 11, 2026--(BUSINESS WIRE)--Takeda (TSE:4502/NYSE:TAK) announced positive topline results for the Phase 3, randomized, multicenter, double-blind study comparing zasocitinib (TAK-279), an investigational, next-generation, highly selective and potent oral tyrosine kinase 2 (TYK2) inhibitor, to deucravacitinib in adults with moderate-to-severe plaque psoriasis (PsO).

In the LATITUDE Atlas (TAK-279-PsO-3004) head-to-head study, zasocitinib demonstrated statistical superiority over deucravacitinib for the primary endpoint, Psoriasis Area and Severity Index (PASI) 100 response rate at week 16. The study also demonstrated statistical superiority over deucravacitinib for all key secondary endpoints, including PASI 90 response and Static Physician's Global Assessment (sPGA) 0 at week 16. Zasocitinib was generally well tolerated with a consistent safety and tolerability profile and no new safety signals identified.

Perspectives on head-to-head zasocitinib study
"In this head-to-head study, zasocitinib clearly demonstrated superior skin clearance compared with deucravacitinib, highlighting clinically meaningful differences within the oral treatment class," said Linda Stein Gold, M.D., Director of Dermatology Clinical Research at Henry Ford Health and principal investigator for the LATITUDE Atlas study. "As expectations for oral therapies continue to rise, these findings support the potential of zasocitinib to help transform what patients and physicians can expect from an oral option in plaque psoriasis."

"These head-to-head results build on the strong efficacy seen across our Phase 3 program, with more than 35% of zasocitinib-treated patients achieving complete skin clearance (PASI 100) at week 16 – more than 2.5 times the response rate for deucravacitinib – and separation from the deucravacitinib curve as early as week 8," said Chinwe Ukomadu, MD, PhD, senior vice president and head, Gastrointestinal & Inflammation Therapeutic Area Unit at Takeda. "Together, these findings reinforce the promise of zasocitinib to deliver rapid and durable skin clearance in a convenient once-daily pill and demonstrate the transformative potential of highly selective and potent TYK2 inhibition for patients suffering with plaque psoriasis."

Next steps for head-to-head study and development program for zasocitinib in psoriasis
Takeda intends to present detailed data from the head-to-head study at upcoming medical congresses, building on landmark Phase 3 LATITUDE PsO results (3001 and 3002 studies) recently presented at the American Academy of Dermatology Annual Meeting. The company is on track to submit a New Drug Application for plaque psoriasis with the United States Food and Drug Administration and other regulatory authorities starting this fiscal year.

About Plaque Psoriasis
Psoriasis is a chronic, systemic immune-mediated inflammatory disease characterized by itchy, painful, disfiguring and disabling skin lesions that impact one’s physical, emotional and psychological wellbeing.1-7 Globally, an estimated 64 million people are living with psoriasis and about 80-90% of those have plaque psoriasis.8-9 Persistent itch, the appearance and location of skin lesions – especially in highly visible or sensitive areas – and related comorbidities, like psoriatic arthritis, play a major role in reducing quality of life and can lead to significant impacts on daily living.4-7 Psoriasis is also a heterogeneous disease driven by complex, interconnected immune pathways, genetics and environmental factors that differ across patients and over time, leading to variability in disease course, symptoms and treatment response.10-14

About Zasocitinib (TAK-279)
Zasocitinib is an investigational, next-generation, highly selective and potent oral TYK2 inhibitor that maintains 24-hour inhibition of IL-23 plus other core disease-driving immune pathways.15-19 It has the potential to be a leading oral treatment option for people living with psoriasis that may deliver rapid and durable skin clearance in a convenient once-daily pill.20 Zasocitinib has more than 1-million-fold greater selectivity for TYK2 compared to other JAK enzymes, which could maximize TYK2 inhibition without impacting JAK1, 2 and 3 signaling, based on in vitro data.15-16 Takeda is currently evaluating the safety and efficacy of zasocitinib in Phase 3 studies in psoriatic arthritis, and Phase 2 studies in Crohn’s disease, ulcerative colitis, vitiligo and hidradenitis suppurativa (HS).21-27 Zasocitinib is an investigational compound that has not been approved for use by any regulatory authority.

About the LATITUDE Atlas Study
The LATITUDE Atlas (NCT06973291 / TAK-279-PsO-3004) study is a Phase 3, randomized, multicenter, double-blind trial evaluating the efficacy, safety and tolerability of zasocitinib compared to deucravacitinib in adult participants with moderate-to-severe plaque psoriasis.28 The study enrolled 606 participants, who received zasocitinib 30 mg once daily or deucravacitinib 6 mg once daily up to week 16.28 Participants were in the study for up to 25 weeks, which included a screening period of up to 35 days, a 16-week treatment period, and a 4-week safety follow-up period. The primary endpoint was the percentage of participants achieving PASI 100 at week 16.28

About Tyrosine Kinase 2 (TYK2) Inhibitors
TYK2 is a central mediator of core inflammatory pathways in psoriasis – IL-23/IL-17 axis and type I interferon signaling – making it a promising target as inhibition of a single pathway may not fully control disease for every patient.14,18,29 TYK2 is an intracellular enzyme and member of the Janus kinase (JAK) protein family.14-15 However, TYK2 is distinct from JAK1, 2 and 3 as it primarily regulates immune responses, whereas JAK1, 2 and 3 regulate broader biological processes such as lipid metabolism and hematopoiesis, which can be linked to cardiovascular risks and blood disorders when disrupted.14-15,30 Highly selective allosteric inhibition of TYK2, with minimal inhibition of JAK1, 2 and 3, is a promising therapeutic approach to target immune-mediated inflammation while potentially avoiding risks associated with inhibition of other members of the JAK family.19

About Takeda
Takeda is focused on creating better health for people and a brighter future for the world. We aim to discover and deliver life-transforming treatments in our core therapeutic and business areas, including gastrointestinal and inflammation, rare diseases, plasma-derived therapies, oncology, neuroscience and vaccines. Together with our partners, we aim to improve the patient experience and advance a new frontier of treatment options through our dynamic and diverse pipeline. As a leading values-based, R&D-driven biopharmaceutical company headquartered in Japan, we are guided by our commitment to patients, our people and the planet. Our employees in approximately 80 countries and regions are driven by our purpose and are grounded in the values that have defined us for more than two centuries. For more information, visit www.takeda.com.

Important Notice
For the purposes of this notice, "press release" 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 release. This press release (including any oral briefing and any question-and-answer in connection with it) is not intended to, and does not constitute, represent or form part of any offer, invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, exchange, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction. No shares or other securities are being offered to the public by means of this press release. No offering of securities shall be made in the United States except pursuant to registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom. This press release is being given (together with any further information which may be provided to the recipient) on the condition that it is for use by the recipient for information purposes only (and not for the evaluation of any investment, acquisition, disposal or any other transaction). Any failure to comply with these restrictions may constitute a violation of applicable securities laws. The companies in which Takeda directly and indirectly owns investments are separate entities. In this press release, "Takeda" is sometimes used for convenience where references are made to Takeda and its subsidiaries in general. Likewise, the words "we", "us" and "our" are also used to refer to subsidiaries in general or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.

Forward-Looking Statements
This press release and any materials distributed in connection with this press release may contain forward-looking statements, beliefs or opinions regarding Takeda’s future business, future position and results of operations, including estimates, forecasts, targets and plans for Takeda. Without limitation, forward-looking statements often include words such as "targets", "plans", "believes", "hopes", "continues", "expects", "aims", "intends", "ensures", "will", "may", "should", "would", "could", "anticipates", "estimates", "projects", "forecasts", "outlook" or similar expressions or the negative thereof. These forward-looking statements are based on assumptions about many important factors, including the following, which could cause actual results to differ materially from those expressed or implied by the forward-looking statements: the economic circumstances surrounding Takeda’s global business, including general economic conditions in Japan and the United States and with respect to international trade relations; competitive pressures and developments; changes to applicable laws and regulations, including tax, tariff and other trade-related rules; challenges inherent in new product development, including uncertainty of clinical success and decisions of regulatory authorities and the timing thereof; uncertainty of commercial success for new and existing products; manufacturing difficulties or delays; fluctuations in interest and currency exchange rates; claims or concerns regarding the safety or efficacy of marketed products or product candidates; the impact of health crises, like the novel coronavirus pandemic; the success of our environmental sustainability efforts, in enabling us to reduce our greenhouse gas emissions or meet our other environmental goals; the extent to which our efforts to increase efficiency, productivity or cost-savings, such as the integration of digital technologies, including artificial intelligence, in our business or other initiatives to restructure our operations will lead to the expected benefits; and other factors identified in Takeda’s most recent Annual Report on Form 20-F and Takeda’s other reports filed with the U.S. Securities and Exchange Commission, available on Takeda’s website at: https://www.takeda.com/investors/sec-filings-and-security-reports/ or at www.sec.gov. Takeda does not undertake to update any of the forward-looking statements contained in this press release or any other forward-looking statements it may make, except as required by law or stock exchange rule. Past performance is not an indicator of future results and the results or statements of Takeda in this press release may not be indicative of, and are not an estimate, forecast, guarantee or projection of Takeda’s future results.

Medical Information
This press release contains information about products that may not be available in all countries, or may be available under different trademarks, for different indications, in different dosages, or in different strengths. Nothing contained herein should be considered a solicitation, promotion or advertisement for any prescription drugs including the ones under development.

References

  1. Langley RGB, Krueger GG, Griffiths CEM. Psoriasis: epidemiology, clinical features, and quality of life. Ann Rheum Dis. 2005;64(Suppl 2):ii18–23.

  2. Bhosle, MJ, Kulkarni A, et al. Quality of life in patients with psoriasis. Health Qual Life Outcomes. 2006;35(4). https://doi.org/10.1186/1477-7525-4-35.

  3. Dhabale A, Nagpure S. Types of psoriasis and their effects on the immune system. Cureus. 2022 Sep 24;14(9):e29536. doi: 10.7759/cureus.29536.

  4. Taliercio VL, Snyder AM, Webber LB, et al. The Disruptiveness of Itchiness from Psoriasis: A Qualitative Study of the Impact of a Single Symptom on Quality of Life. J Clin Aesthet Dermatol. 2021;14(6):42-48.

  5. Snyder AM, Taliercio VL, Webber LB, et al. The Role of Pain in the Lives of Patients with Psoriasis: A Qualitative Study on an Inadequately Addressed Symptom. J Psoriasis Psoriatic Arthritis. 2022 Jan;7(1):29-34. doi: 10.1177/24755303211066928. Epub 2021 Dec 12. PMID: 39296728; PMCID: PMC11361505.

  6. Dopytalska K, Sobolewski P, Błaszczak A, Szymańska E, Walecka I. Psoriasis in Special Localizations. Reumatologia. 2018;56(6):392-398. doi:10.5114/reum.2018.80718.

  7. Blackstone B, Patel R, Bewley A. Assessing and Improving Psychological Well-Being in Psoriasis: Considerations for the Clinician. Psoriasis (Auckl). 2022;12:25-33.doi:10.2147/PTT.S32844

  8. AIQassimi S, AIBrashdi S, Galadari H, Hashim MJ. Global Burden of Psoriasis - Comparison of Regional and Global Epidemiology, 1990 to 2017. Int J Dermatol. 9. 2020;59(5):566-571. doi: 10.llll/ijd.14864.

  9. Mehta S, Sathe NC. Plaque Psoriasis. In: StatPearls. Treasure Island (FL): StatPearls Publishing; September 14, 2025. https://www.ncbi.nlm.nih.gov/books/NBK43087.

  10. Narayanan S, Guyatt V, Franceschetti A, Hautamaki EL. Disease burden and patient reported outcomes among patients with moderate to severe psoriasis: an ethnography study. Psoriasis (Auckl). 2014;5:1-7. Published 2014 Dec 23. doi:10.2147/PTT.S74906

  11. Elmets CA, Leonardi CL, Davis DMR, et al. Joint AAD-NPF guidelines of care for the management and treatment of psoriasis with awareness and attention to comorbidities. J Am Acad Dermatol. 2019;80(4):1073-1113. doi:10.1016/j.jaad.2018.11.058.

  12. Griffiths CEM, Armstrong AW, Gudjonsson JE, Barker JNWN. Psoriasis. Lancet. 221;397(10281):1301-1315. doi:10.1016/S0140-6736(20)32549-6.

  13. Gooderham MJ, Papp KA, Lynde CW. Shifting the focus - the primary role of IL-23 in psoriasis and other inflammatory disorders. J Eur Acad Dermatol Venereol. 2018;32(7):1111-1119. doi:10.1111/jdv.14868

  14. Muromoto R, Oritani K, Matsuda T. Current understanding of the role of tyrosine kinase 2 signaling in immune responses. World J Biol Chem. 2022;13(1):1–14. doi:10.4331/wjbc.v13.i1.1.

  15. Leit S, Greenwood J, Carriero S, et al. Discovery of a Potent and Selective Tyrosine Kinase 2 Inhibitor: TAK-279. J Medicinal Chemistry.2023;66(15):10473-10496.doi.org/10.1021/acs.jmedchem.3c00600.

  16. Mehrotra S, Sano Y, Halkowycz P, et al. Pharmacological characterization of zasocitinib (TAK-279): an oral, highly selective and potent allosteric TYK2 inhibitor. J Invest Dermatol. 2026;146:214-222.e7. https://www.jidonline.org/action/showPdf?pii=S0022-202X%2825%2900531-7.

  17. Armstrong AW, Gooderham M, Lynde C, et al. Tyrosine Kinase 2 Inhibition With Zasocitinib (TAK-279) in Psoriasis: A Randomized Clinical Trial. August 21, 2024. JAMA Dermatol. 2024 August 21;160;(10):1066- 1074. doi:10.1001/jamadermatol.2024.2701.

  18. Shang L, et al. TYK2 in immune responses and treatment of psoriasis. J Inflamm Res. 2022;15:5373-5385. 2022 Sep 16. doi:10.2147/JIR.S38068.

  19. Krueger JG, McInnes IB, Blauvelt A. Tyrosine Kinase 2 and Janus Kinase‒Signal Transducer and Activator of Transcription Signaling and Inhibition in Plaque Psoriasis. J Am Acad Dermatol. 2022;86(1):148-157. doi:10.1016/j.jaad.2021.06.869.

  20. Gooderham M, et al. Once-daily Oral Zasocitinib Demonstrates Rapid and Reproducible Skin Clearance with a Consistent Safety Profile in Moderate-to-Severe Plaque Psoriasis: Results from Two Randomized Phase 3 Trials (LATITUDE-PsO-3001 and 3002). Presented at American Academy of Dermatology 2026. 2026 Mar 28; Denver, CO.

  21. Long-Term Study of Zasocitinib in Children and Teenagers With Plaque Psoriasis | ClinicalTrials.gov Identifier: NCT07250802. Updated May 8, 2026. Accessed June 2026. https://clinicaltrials.gov/study/NCT07250802.

  22. Study of Zasocitinib in Adults With Psoriatic Arthritis Who Have Not Taken Biologic Medicines. ClinicalTrials.gov Identifier: NCT06671483. Updated April 6, 2026. Accessed June 2026. https://clinicaltrials.gov/study/NCT06671483.

  23. A Study of Zasocitinib in Adults With Psoriatic Arthritis Who Have or Have Not Been Treated With Biologic Medicines. ClinicalTrials.gov Identifier: NCT06671496. Updated April 6, 2026. Accessed June 2026. https://clinicaltrials.gov/study/NCT06671496.

  24. A Study on the Safety of TAK-279 and Whether it Can Reduce Inflammation in the Bowel of Participants With Moderately to Severely Active Crohn's Disease. ClinicalTrials.gov Identifier: NCT06233461. Updated May 8, 2026. Accessed June 2026. https://clinicaltrials.gov/study/NCT06233461.

  25. A Study on the Safety of TAK-279 and Whether it Can Reduce Inflammation in the Bowel of Participants With Moderately to Severely Active Ulcerative Colitis. ClinicalTrials.gov Identifier: NCT06254950. Updated May 6, 2026. Accessed June 2026. https://www.clinicaltrials.gov/study/NCT06254950.

  26. A Study of Zasocitinib in Adults With Nonsegmental Vitiligo. ClinicalTrials.gov Identifier: NCT07108283. Updated May 13, 2026. Accessed June 2026. https://clinicaltrials.gov/study/NCT07108283.

  27. A Takeda Presentation. Quarterly Results - Quarter 1 FY2025. Available at: https://assets-dam.takeda.com/image/upload/v1753839858/Global/Investor/Financial-Results/FY2025/Q1/qr2025_q1_p01_en.pdf. Accessed June 2026.

  28. A Study Comparing Zasocitinib (TAK-279) With Deucravacitinib in Adults With Plaque Psoriasis. ClinicalTrials.gov Identifier: NCT06973291. Updated May 1, 2026. Accessed June 2026. https://clinicaltrials.gov/study/NCT06973291.

  29. Martin G. Novel Therapies in Plaque Psoriasis: A Review of Tyrosine Kinase 2 Inhibitors. Dermatol Ther (Heidelb). 2023;13(2):417-435. doi:10.1007/s13555-022-00878-9.

  30. Danese S, Peyrin-Biroulet L. Selective Tyrosine Kinase 2 Inhibition for Treatment of Inflammatory Bowel Disease: New Hope on the Rise. Inflamm Bowel Dis. 2021;27(12):2023-2030. doi: 10.1093/ibd/izab135.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260611341613/en/

Contacts

Investor Relations
Christopher O’Reilly
takeda.ir.contact@takeda.com

Media Relations
Tsuyoshi Tada (Tokyo)
tsuyoshi.tada@takeda.com

Jennifer Henesey (Boston)
Jennifer.Henesey@takeda.com

Attached document

Contents
  1. Committed to Growth & Shareholder Returns · page 1
  2. Important Notice · page 2
  3. Forward-Looking Statements · page 2
  4. Financial Information and Non-IFRS Measures · page 2
  5. Peak Revenue Potential and PTRS Estimates · page 2
  6. U.S. Dollar Convenience Translations · page 2
  7. Medical information · page 2
  8. AGENDA · page 3
  9. AGENDA · page 4
  10. Opening Remarks · page 4
  11. Financial Highlights · page 4
  12. Question & Answer Session · page 4
  13. FY2025 Q1: Expected to be the Quarter Most Impacted by LOE due to Strong VYVANSE Performance in FY24 Q1; No Change to Full-Year Guidance · page 5
  14. FY2025 Q1 (APR - JUN) FINANCIAL RESULTS (SUMMARY) · page 5
  15. Balanced Portfolio Across 6 Key Business Areas · page 6
  16. Growth & Launch IMMUNOGLOBULIN · page 6
  17. Growth & Launch Products · page 6
  18. FY2025 Q1 Revenue: Growth Rate Reflects VYVANSE Rebound in FY24 Q1 and FX Headwind · page 7
  19. FY2025 Q1 REVENUE VS PRIOR YEAR · page 7
  20. FY2025 Q1 Core Operating Profit: Operational Efficiencies Partially Offset VYVANSE LOE Impact · page 8
  21. FY2025 Q1 Reported Operating Profit: Increase Reflects Lower Impairment & Restructuring Expenses Compared to Prior Year · page 9
  22. FY2025 Q1 REPORTED OPERATING PROFIT VS PRIOR YEAR · page 9
  23. Repaid Maturing Debt in Q1; Executed JPY & USD Bond Issuances in June/July to Re-finance Syndicated Loans Pre-Paid in FY2024 · page 10
  24. No Change to Full-Year FY2025 Outlook Announced in May · page 11
  25. Takeda’s Global Manufacturing is Centered in U.S., Europe, Japan & Singapore · page 12
  26. Global Manufacturing Network · page 12
  27. AGENDA · page 13
  28. Opening Remarks · page 13
  29. Financial Highlights · page 13
  30. Pipeline Update · page 13
  31. Question & Answer Session · page 13
  32. Oveporexton (TAK-861): Phase 3 Met All Primary and Secondary Endpoints; Transformative Potential to Establish New Standard of Care in NT1 · page 14
  33. Across a Broad Spectrum of Symptoms · page 14
  34. Oveporexton Phase 3 Results Reinforce Conviction in Orexin Biology Moving Full Speed Ahead With Multi-Asset Orexin Pipeline · page 15
  35. Beyond Oveporexton: Significant Pipeline Achievements Since Q4 · page 16
  36. Major NME Milestones · page 16
  37. Regional Approvals · page 16
  38. FY25 is a Pivotal Year for the Late-Stage Pipeline · page 17
  39. Rusfertide · page 17
  40. VERIFY Study Polycythemia Vera · page 17
  41. Oveporexton · page 17
  42. Zasocitinib · page 17
  43. LATITUDE-PsO-3004 The Radiant Light Study ## Head-to-head vs. deucravacitinib Narcolepsy Type 1 · page 17
  44. VERIFY Study Polycythemia Vera · page 17
  45. Narcolepsy Type 1 · page 17
  46. Psoriasis · page 17
  47. Accelerating the Development of Life Transforming Medicines which have the Potential to Generate Significant Value · page 18
  48. Q&A SESSION · page 19
  49. APPENDIX · page 20

Page 1

Takeda

TSE: 4502 TAK LISTED NYSE

Committed to Growth & Shareholder Returns

FY2025 Q1 Earnings Announcement July 30th,2025

Better Health, Brighter Future

Better Health, Brighter Future

Page 2

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 (including any oral briefing and any question-and-answer in connection with it) is not intended to, and does not constitute, represent or form part of any offer, invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, exchange, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction. No shares or other securities are being offered to the public by means of this presentation. No offering of securities shall be made in the United States except pursuant to registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom. This presentation is being given (together with any further information which may be provided to the recipient) on the condition that it is for use by the recipient for information purposes only (and not for the evaluation of any investment, acquisition, disposal or any other transaction). Any failure to comply with these restrictions may constitute a violation of applicable securities laws.

The companies in which Takeda directly and indirectly owns investments are separate entities. In this presentation, “Takeda” is sometimes used for convenience where references are made to Takeda and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to subsidiaries in general or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.

The product names appearing in this document are trademarks or registered trademarks owned by Takeda, or their respective owners.

Forward-Looking Statements

This presentation and any materials distributed in connection with this presentation may contain forward-looking statements, beliefs or opinions regarding Takeda’s future business, future position and results of operations, including estimates, forecasts, targets and plans for Takeda. Without limitation, forward-looking statements often include words such as “targets”, “plans”, “believes”, “hopes”, “continues”, “expects”, “aims”, “intends”, “ensures”, “will”, “may”, “should”, “would”, “could”, “anticipates”, “estimates”, “projects”, “forecasts”, “outlook” or similar expressions or the negative thereof. These forward-looking statements are based on assumptions about many important factors, including the following, which could cause actual results to differ materially from those expressed or implied by the forward-looking statements: the economic circumstances surrounding Takeda’s global business, including general economic conditions in Japan and the United States and with respect to international trade relations; competitive pressures and developments; changes to applicable laws and regulations, including tax, tariff and other trade-related rules; challenges inherent in new product development, including uncertainty of clinical success and decisions of regulatory authorities and the timing thereof; uncertainty of commercial success for new and existing products; manufacturing difficulties or delays; fluctuations in interest and currency exchange rates; claims or concerns regarding the safety or efficacy of marketed products or product candidates; the impact of health crises, like the novel coronavirus pandemic; the success of our environmental sustainability efforts, in enabling us to reduce our greenhouse gas emissions or meet our other environmental goals; the extent to which our efforts to increase efficiency, productivity or cost-savings, such as the integration of digital technologies, including artificial intelligence, in our business or other initiatives to restructure our operations will lead to the expected benefits; and other factors identified in Takeda’s most recent Annual Report on Form 20-F and Takeda’s other reports filed with the U.S. Securities and Exchange Commission, available on Takeda’s website at: https://www.takeda.com/investors/sec-filings-and-security-reports/ or at www.sec.gov. Takeda does not undertake to update any of the forward-looking statements contained in this presentation or any other forward-looking statements it may make, except as required by law or stock exchange rule. Past performance is not an indicator of future results and the results or statements of Takeda in this presentation may not be indicative of, and are not an estimate, forecast, guarantee or projection of Takeda’s future results.

Financial Information and Non-IFRS Measures

Takeda’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”).

This presentation and materials distributed in connection with this presentation include certain financial measures not presented in accordance with IFRS, such as Core Revenue, Core Operating Profit, Core Net Profit for the year attributable to owners of the Company, Core EPS, Constant Exchange Rate (“CER”) change, Net Debt, Adjusted Net Debt, EBITDA, Adjusted EBITDA, Free Cash Flow and Adjusted Free Cash Flow. Takeda’s management evaluates results and makes operating and investment decisions using both IFRS and non-IFRS measures included in this presentation. These non-IFRS measures exclude certain income, cost and cash flow items which are included in, or are calculated differently from, the most closely comparable measures presented in accordance with IFRS. Takeda’s non-IFRS measures are not prepared in accordance with IFRS and such non-IFRS measures should be considered a supplement to, and not a substitute for, measures prepared in accordance with IFRS (which we sometimes refer to as “reported” measures). Investors are encouraged to review the definitions and reconciliations of non-IFRS measures to their most directly comparable IFRS measures, which are in the Financial Appendix appearing at the end of this presentation.

Peak Revenue Potential and PTRS Estimates

References in this presentation to peak revenue ranges are estimates that have not been adjusted for probability of technical and regulatory success (PTRS) and should not be considered a forecast or target. These peak revenue ranges represent Takeda’s assessments of various possible future commercial scenarios that may or may not occur. References in this presentation to PTRS are to internal estimates of Takeda regarding the likelihood of obtaining regulatory approval for a particular product in a particular indication. These estimates reflect the subjective judgment of responsible Takeda personnel and have been approved by Takeda’s Portfolio Review Committee for use in internal planning.

U.S. Dollar Convenience Translations

In this presentation, certain amounts presented in Japanese yen have been translated to U.S. dollars solely for the convenience of the reader. Except where otherwise noted, these convenience translations have been made at an exchange rate of 1USD = 144.17 JPY, the Noon Buying Rate certified by the Federal Reserve Bank of New York on June 30, 2025. The rate and methodologies used for these convenience translations differ from the currency exchange rates and translation methodologies under IFRS used for the preparation of Takeda’s consolidated financial statements. These translations should not be construed as a representation that the Japanese yen amounts could be converted into U.S. dollars at this or any other rate.

Medical information

This presentation contains information about products that may not be available in all countries, or may be available under different trademarks, for different indications, in different dosages, or in different strengths. Nothing contained herein should be considered a solicitation, promotion or advertisement for any prescription drugs including the ones under development.

Show more of the filing

Page 3

AGENDA

Opening Remarks

Christophe Weber, President & CEO

Financial Highlights

Milano Furuta, Chief Financial Officer

Pipeline Update

Andy Plump, President, R&D

Question & Answer Session

Page 4

AGENDA

Opening Remarks

Christophe Weber, President & CEO

Financial Highlights

Milano Furuta, Chief Financial Officer

Pipeline Update

Andy Plump, President, R&D

Q&A

Question & Answer Session

Page 5

FY2025 Q1: Expected to be the Quarter Most Impacted by LOE due to Strong VYVANSE Performance in FY24 Q1; No Change to Full-Year Guidance

FY2025 Q1 (APR - JUN) FINANCIAL RESULTS (SUMMARY)

(BN YEN, except EPS)REPORTED FY2025 Q1REPORTED FY2024 Q1REPORTED ACTUAL % CHANGE
REVENUE1,106.71,208.0-8.4%
OPERATING PROFIT184.6166.3+11.0%
Margin16.7%13.8%+2.9pp
NET PROFIT124.295.2+30.4%
EPS79 yen61 yen+30.8%
OPERATING CASH FLOW215.4170.3+26.5%
ADJUSTED FREE CASH FLOW3190.123.7+703.6%
CORE1
FY2025 Q1FY2024 Q1ACTUAL % CHANGECER2 % CHANGE
1,106.71,208.0-8.4%-3.7%
321.8382.3-15.8%-11.9%
29.1%31.6%-2.6pp
237.0276.8-14.4%-10.3%
151 yen176 yen-14.1%-10.0%

1. Please refer to appendix slide A-1 for definition of Core financial measures, and slides A-6 and A-7 for reconciliation.

2. Constant Exchange Rate. Please refer to appendix slide A-1 for definition

3. Please refer to appendix slide A-2 for definition and slide A-8 for reconciliation

Page 6

Growth & Launch Products +5.0% at CER in Q1 with Higher Growth Rate Anticipated in Subsequent Quarters

Balanced Portfolio Across 6 Key Business Areas

% of Sales: 31% Growth at CER: +2.6%

RARE DISEASES

% of Sales: 18% Growth at CER: +3.0%

PLASMA-DERIVED THERAPIES (PDT)

% of Sales: 24% Growth at CER: +1.7%

% of Sales: 13% Growth at CER: +1.8%

% of Sales: 1% Growth at CER: -6.2%

% of Sales: 10% Change at CER: -32.6%

Growth & Launch IMMUNOGLOBULIN

JPY 232.5B

+4.9%

JPY 2.0B

JPY 55.1B

+3.7%

+141.6%

JPY 10.5B

IMMUNOGLOBULIN

JPY 194.0B

+45.1%

+2.0%

JPY 12.3B

JPY 32.2B

JPY 2.4B

ALBUMIN

+8.9%

+16.2%

+139.6%

JPY 8.2B

-8.5%

JPY 8.8B

-4.8%

Growth & Launch Products

FY2025 Q1 revenue JPY 558.1B (USD 3.9B)1

50% of Total Revenue

+5.0% at CER

Absolute values are FY2025 Q1 results presented on an IFRS (reported) basis; growth rates are year-on-year change at Constant Exchange Rate (CER) (please refer to appendix slide A-1 for definition). “% of Sales” reflects percentage of FY2025 Q1 Revenue 1. Please refer to disclaimer on Exchange Rates on slide 2

Page 7

FY2025 Q1 Revenue: Growth Rate Reflects VYVANSE Rebound in FY24 Q1 and FX Headwind

FY2025 Q1 REVENUE VS PRIOR YEAR

(BN JPY)

Page 8

FY2025 Q1 Core Operating Profit: Operational Efficiencies Partially Offset VYVANSE LOE Impact

FY2025 Q1 CORE OPERATING PROFIT VS PRIOR YEAR

(BN JPY)

Page 9

FY2025 Q1 Reported Operating Profit: Increase Reflects Lower Impairment & Restructuring Expenses Compared to Prior Year

FY2025 Q1 REPORTED OPERATING PROFIT VS PRIOR YEAR

(BN JPY)

Page 10

Repaid Maturing Debt in Q1; Executed JPY & USD Bond Issuances in June/July to Re-finance Syndicated Loans Pre-Paid in FY2024

MATURITY LADDER AS OF 30 JUNE 2025 (AS ADJUSTED)1

Bond issuances were leverage-neutral as proceeds were used primarily to payoff the short-term funding raised to pre-pay Syndicated Loans in March 2025 Repaid maturing debt: $0.8B USD Bond and JPY 10.0B Bilateral Loan in FY25 Q1 utilizing free cash flow

100% of Debt at Fixed rate (2.3% Weighted Average); Average Debt Maturity ~9 years

Page 11

No Change to Full-Year FY2025 Outlook Announced in May

(BN YEN, except EPS)REPORTED FY2025 FORECASTREPORTED VS. PRIOR YEARCORE FY2025 FORECASTCORE VS. PRIOR YEAR
REVENUE4,530.0-1.1%4,530.0-1.1%
OPERATING PROFIT475.0+38.7%1,140.0-1.9%
EPS145 yen+111.8%485 yen-1.2%
CORE CHANGE AT CERFY2025 MANAGEMENT GUIDANCE
Broadly Flat
Broadly Flat
Broadly Flat
ADJUSTED FREE CASH FLOW750.0 – 850.0
ANNUAL DIVIDEND PER SHARE200 yen

Key assumptions in FY2025 forecast:

• Takeda’s forecast for FY2025 does not reflect the potential impact of tariffs being introduced on pharmaceutical products by the U.S. administration, nor the potential impact of tariffs introduced by other countries in response to U.S. tariffs. We continue to monitor the situation, including potential mitigation strategies, and will update our forecasts if and when a probable impact can be estimated.

• Forecast assumes global VYVANSE revenue of JPY 241.0B, a year-on-year decline of JPY 109.6B (-30% at CER).

• Forecast assumes 150 JPY/USD and 160 JPY/EUR. Please refer to appendix slide A-16 for more details on FX assumptions and sensitivity.

Page 12

Takeda’s Global Manufacturing is Centered in U.S., Europe, Japan & Singapore

• Tariff exposure is determined by revenue contribution of imports, manufacturing location / country of origin, and transfer pricing policy.

• Based on current assumptions, Takeda believes our likely potential exposure to U.S. and China tariffs is limited.

▪ ~50% of total Takeda revenue is from the U.S.; value of imports (primarily from Europe/Japan/Singapore) is ~8 to 10% of total U.S. revenue

▪ ~4% of total Takeda revenue is from China; value of imports (from U.S.) is ~12 to 15% of total China revenue

• For imports that may be subject to potential tariff impacts, we are taking mitigation measures (e.g. inventory & supply chain management).

Global Manufacturing Network

22internal global manufacturing sites, with 20 supplying the U.S., including 7 located in the U.S.

Strategic contract manufacturers also distributed across the U.S., Europe and Japan; ~70% of CMO spend is with U.S.-based CMOs

Manufacturing footprint as of July 2025

Page 13

AGENDA

Opening Remarks

Christophe Weber, President & CEO

Financial Highlights

Milano Furuta, Chief Financial Officer

Pipeline Update

Andy Plump, President, R&D

Q&A

Question & Answer Session

Page 14

Oveporexton (TAK-861): Phase 3 Met All Primary and Secondary Endpoints; Transformative Potential to Establish New Standard of Care in NT1

Across a Broad Spectrum of Symptoms

Page 15

Oveporexton Phase 3 Results Reinforce Conviction in Orexin Biology Moving Full Speed Ahead With Multi-Asset Orexin Pipeline

• Potential significant first mover advantage with orexin agonist launch – addressing the underlying pathophysiology of orexin deficiency in NT11

transformative profile addressing a broad spectrum of NT1 symptoms

Page 16

Beyond Oveporexton: Significant Pipeline Achievements Since Q4

Major NME Milestones

rusfertide Polycythemia Vera ASCO Plenary Presentation

zasocitinib Psoriasis Phase 3 Head-to-Head Start vs deucravacitinib

elritercept 2L Anemia-associated MDS Phase 3 Start

Regional Approvals

FL HL (BrECADD) EU Approval

CIDP + MMN Japan Approval

GammaGard Liquid ERC/Deqsiga (IgG - Low IgA) US/EU Approval

MDS: Myelodysplastic syndrome FL HL: Frontline Hodgkin lymphoma BrECADD: Brentuximab, Etoposide, Cyclophosphamide, Adriamycin, Dacarbazine, Dexamethasone CIDP: Chronic inflammatory demyelinating polyradiculoneuropathy

MMN: Multifocal motor neuropathy ERC: Enhanced Removal Capabilities IgG: immunoglobulin G IgA: immunoglobulin A

Page 17

H1 FY25

FY25 is a Pivotal Year for the Late-Stage Pipeline

Rusfertide

VERIFY Study Polycythemia Vera

ASCO Plenary Session 2025 Positive Phase 3 Data

Oveporexton

The First Light Study The Radiant Light Study Narcolepsy Type 1

Positive Phase 3 Data

Zasocitinib

The First Light Study The Radiant Light Study Narcolepsy Type 1

World Sleep Conference 2025 Phase 3 Data Presentation

LATITUDE-PsO-3004 The Radiant Light Study ## Head-to-head vs. deucravacitinib Narcolepsy Type 1

H2 FY25

LATITUDE-PsO-3004 Head-to-head vs. deucravacitinib Psoriasis

Phase 3 Start

VERIFY Study Polycythemia Vera

52-Week Response Durability, Safety Target Medical Conference

Polycythemia Vera

Target Filing US

Narcolepsy Type 1

Target Filing US Initiate Global Filings

LATITUDE-PsO-3001 LATITUDE-PsO-3002 Psoriasis

Phase 3 Readout

Psoriasis

Target Medical Conference Phase 3 Data

Milestone achieved

Page 18

Accelerating the Development of Life Transforming Medicines which have the Potential to Generate Significant Value

Japan SAKIGAKE and/or China Breakthrough designations in at least one indication

Late-stage program: Program in or expected to be in potential pivotal trial or having achieved proof-of-concept.

Page 19

Q&A SESSION

CHRISTOPHE WEBER Representative Director; President & CEO

ANDY PLUMP Director; President, Research & Development

MILANO FURUTA Director; Chief Financial Officer

JULIE KIM President, US Business Unit

Page 20

APPENDIX

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