Takeda cuts profit forecast as Alofisel, Exkivity impairment losses mount
26 Oct 2023
Financial Statement
Headline results for the second fiscal quarter:
Revenue: JPY 1 trillion ($6.6 billion), up 4.1%
Net loss: JPY 48 billion ($319 million), versus profit of JPY 61.7 billion ($410 million)
Note: All changes are versus the prior-year period unless otherwise stated
What the company said:
Chief financial officer Costa Saroukos remarked “we continue to see strong performance of our growth and launch Products, which grew 13%...in the first half of the fiscal year and represent 42% of total revenue.” Saroukos noted that the second-quarter results “continued to reflect the temporary headwinds we face this fiscal year, largely from generic competition,” with the loss of exclusivity on Azilva in Japan and Vyvanse in the US.
Looking ahead:
Takeda now expects sales of JPY 3.98 trillion ($26.5 billion) this year, up from an earlier prediction of JPY 3.8 trillion ($25.3 billion). However, the profit forecast has been cut by nearly 36% to JPY 93 billion ($618 million) – down from an earlier estimate of JPY 142 billion ($944 million) - mainly reflecting increased impairment losses on Alofisel and Exkivity.
($1 = JPY 150.390)
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