[July 28, 2017] |
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Takeda Reports 1st Quarter FY2017 Results
Takeda Pharmaceutical Company Limited (TOKYO:4502):
Underlying Revenue growth of 6.6% led by Takeda's Growth Drivers
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Underlying Revenue grew +6.6% with growth across all regions (U.S.
+13.5%, Japan +1.6%, Europe & Canada +4.6%, Emerging Markets +6.0%).
Takeda's Growth Drivers (GI, Oncology, CNS and Emerging Markets)
maintained their strong momentum to deliver growth of +14.7%.
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GI (Gastroenterology) +23.2%, led by continued success of ENTYVIO®
and TAKECAB®
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Oncology +12.2%, driven by NINLARO®, ADCETRIS®,
ICLUSIG® and ALUNBRIGTM
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CNS +29.8%, spearheaded by TRINTELLIX® in the U.S.
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Emerging Markets +6.0%, with double-digit growth in the key
markets of Russia and Brazil
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Reported revenue grew +3.3%, with the positive contribution from
Takeda's Growth Drivers offsetting the impact of unfavorable
currencies (-0.4pp) and divestitures (-2.9pp).
Double-digit EPS growth driven by Revenue growth and significant
margin gains
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Underlying Core Earnings grew +29.4%, with a margin increase of 350bps
driven by an improvement in Gross Margin and continued OPEX (News - Alert) discipline.
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Reported operating profit was up +27.5%, driven by strong underlying
growth. Takeda realized a one-time gain in Q1 FY2017 of 106.3 billion
yen from the sale of shares of Wako Pure Chemical Industries, Ltd.
This was similar in size to the Teva JV transaction gain of 102.9
billion yen in Q1 FY2016, and therefore the impact on our year-on-year
growth rate was minimal.
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Underlying Core EPS was up +35.7%, reflecting strong Core Earnings
growth and a phasing benefit from tax rate. Reported EPS increased
+45.8% to 186 yen per share.
Significant progress on Cash Flow and reduced net leverage
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Operating Free Cash Flow increased +50.3% to 55.5 billion yen.
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Sale of non-core assets generated an additional 128 billion yen of
cash.
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Net Debt / EBITDA drops from 2.7x at end of FY2016 to 2.1x
James Kehoe, Chief Financial Officer of Takeda, commented:
"Takeda delivered a strong start to the year on both revenue and
profitability, driven by the continued strength of our Growth Drivers
and good progress on our cost management initiatives. We are executing
well against our key priorities of growing the portfolio, rebuilding the
pipeline, and boosting profitability, and the first quarter results
confirm our confidence in the full-year outlook for double-digit EPS
growth."
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Reported Results for Q1 (April - June) FY2017
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(billion yen)
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FY2016 Q1
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FY2017 Q1
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Growth
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Reported
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Underlying2
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Revenue
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434.0
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448.2
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+3.3%
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+6.6%
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Core Earnings1
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77.1
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106.3
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+37.9%
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+29.4%
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Operating Profit
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152.9
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195.0
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+27.5%
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-
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Net Profit3
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99.5
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144.8
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+45.5%
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+35.7%
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EPS
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127 yen
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186 yen
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+45.8%
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-
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Core EPS
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71 yen
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103 yen
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+44.5%
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+35.7%
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1
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Core Earnings is calculated by taking reported Gross Profit and
deducting SG&A expenses and R&D expenses. In addition, certain other
items that are non-core in nature and significant in value may also
be adjusted.
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2
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Underlying growth compares two periods of financial results on a
common basis, showing the ongoing performance of the business
excluding the impact of foreign exchange and divestitures from both
periods.
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3
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Attributable to the owners of the company.
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Takeda maintains its Management Guidance and Reported Forecast for
FY2017, projecting double-digit EPS growth.
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FY2017 Management Guidance
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Guidance (growth %)
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Underlying Revenue
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Low single digit
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Underlying Core Earnings
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Mid-to-high teen
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Underlying Core EPS
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Low-to-mid teen
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Annual dividend per share
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180 yen
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FY2017 Reported Forecast
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(billion yen)
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FY2016 Results
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FY2017 Forecast
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% change
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Revenue
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1,732.1
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1,680.0
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-3.0%
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Core Earnings
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245.1
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257.5
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+5.0%
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Operating Profit
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155.9
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180.0
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+15.5%
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Net Profit
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114.9
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138.0
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+20.1%
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EPS
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147 yen
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177 yen
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+20.1%
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Exchange Rate (annual average)
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1 US$= 109 yen
1 euro= 120 yen
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1 US$= 110 yen
1 euro= 120 yen
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For more details on Takeda's FY2017 first quarter results and other
financial information please visit https://www.takeda.com/investors/reports/
About Takeda Pharmaceutical Company Limited
Takeda Pharmaceutical Company Limited is a global, research and
development-driven pharmaceutical company committed to bringing better
health and a brighter future to patients by translating science into
life-changing medicines. Takeda focuses its R&D efforts on oncology,
gastroenterology and central nervous system therapeutic areas plus
vaccines. Takeda conducts R&D both internally and with partners to stay
at the leading edge of innovation. New innovative products, especially
in oncology and gastroenterology, as well as Takeda's presence in
Emerging Markets, are currently fueling the growth of Takeda. Around
30,000 Takeda employees are committed to improving quality of life for
patients, working with Takeda's partners in health care in more than 70
countries. For more information, visit https://www.takeda.com/newsroom/.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170727006748/en/
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