By Kosaku Narioka
Takeda Pharmaceutical reported a second-quarter net profit and raised its annual earnings forecasts.
The Japanese drugmaker said Thursday that it booked a net profit of 92.0 billion yen, equivalent to $599.6 million, for the three months ended Sept. 30, compared with a net loss of Y48.0 billion in the year-earlier period. That beat the estimate of Y50.0 billion from a poll of analysts by data provider Visible Alpha.
Second-quarter revenue rose 13% on year to Y1.176 trillion. Sales of ulcerative colitis drug Entyvio rose 20% to Y238.9 billion and sales of plasma-derived products also grew 20% to Y264.2 billion.
Sales of Vyvanse dropped 14% to Y88.5 billion. Takeda lost U.S. market exclusivity for the blockbuster drug for attention-deficit hyperactivity disorder in August last year.
Takeda raised its earnings guidance, saying the loss of market share to generic versions of Vyvanse has been milder than anticipated.
For the fiscal year ending March 2025, it projected net profit to fall 53% to Y68.00 billion, compared with its previous expectation of a 60% drop, and revenue to increase 5.1% to Y4.480 trillion, compared with the 2.0% rise forecast previously.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
October 31, 2024 03:12 ET (07:12 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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