Although the fiscal year was significantly negatively affected by the expiration of the exclusive sales period, Core operating income achieved the full-year management guidance, which is the rate of increase/decrease on a CER basis, and sales revenue and Core EPS each exceeded the full-year management guidance. Ta.
In addition to continuing to exercise disciplined cost management, we will continue to expand growth and new products and advance up to six promising late-stage development programs to achieve our goal of improving core operating margins. Through this, we will realize business growth. Starting in fiscal 2024, we will implement a multi-year efficiency program that focuses on organizational agility, reducing procurement costs, and investing in data, digital and technology, including AI.
In 2024, up to six new candidate substances are scheduled to enter phase 3 clinical trials. Progressing these promising candidates into late-stage development while limiting R&D spending increases will require rigorous pipeline prioritization, increased efficiency, and organizational agility. Masu.
In addition, starting in fiscal 2024, we will implement a multi-year program to further improve efficiency through organizational mobility, cost reduction, and the use of data, digital, and technology. In addition to revenue growth from growing and new products and a significant reduction in the impact of generic entry, the program is expected to improve Core operating margin by 100 to 250 basis points annually starting in FY2025. We are looking forward to it. '
Our Chief Financial Officer, Miraino Furuta, said: 'We achieved or exceeded our full-year management guidance, which is the rate of change in sales revenue, Core operating income, and Core EPS on a CER basis, as growth products and new products continued to drive strong momentum. Earnings were impacted by the entry of generics into high-margin products, as well as strategic investments in research and development and data, digital and technology to strengthen long-term competitiveness.
Based on our progressive dividend policy and confidence in our long-term growth prospects and cash flow generation, we plan to increase our annual dividend for the second consecutive year, from
Revenue in FY2024 is expected to be flat to slightly decreasing on a CER basis, but revenue from growth products and new products is expected to grow at double-digit percentages on a CER basis, accounting for approximately 50% of total revenue. This is expected to reduce the impact of the continued entry of generic products. We expect the impact of further expiration of the exclusivity period to be limited from fiscal 2025 to the early 2030s, and from fiscal 2025 onwards, we will continue to focus on returning to sustainable growth in revenue and profits, thereby achieving long-term growth. I am confident that we can accomplish this.
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This news release and materials distributed in connection with this news release contain forward-looking information regarding Takeda's future business, future position and performance, including Takeda's estimates, forecasts, goals and plans; Contains ideas or opinions. Forward-looking information may be defined as 'targets,' 'plans,' 'believes,' 'hopes,' 'continues,' or 'expects.' ', 'aims', 'intends', 'ensures', 'will', 'may', 'should' 'should', 'would', 'could', 'anticipates', 'estimates', 'projects', 'predict' It often includes, but is not limited to, terms such as 'forecasts', 'outlook', similar expressions, or negative expressions thereof. These forward-looking information are based on assumptions regarding a number of important factors, and actual results may differ materially from any future results expressed or implied in the forward-looking information. Important factors include the economic conditions surrounding Takeda's global operations, including general economic conditions in
This news release and the materials distributed in connection with this news release include Core revenue, Core operating income, Core net income, Core EPS, change on a CER (Constant Exchange Rate) basis, net interest-bearing debt, EBITDA, Contains financial measures that are not IFRS compliant, such as adjusted EBITDA and free cash flow. Our management evaluates our performance and makes operating and investment decisions based on IFRS and non-IFRS financial measures included in this news release. Non-IFRS financial measures exclude certain income, cost and cash flow items that would be included or have different values in the most closely matched IFRS financial measure. Non-IFRS-compliant financial measures are not IFRS-compliant, are in addition to, and are not a substitute for, IFRS-compliant financial measures (we refer to IFRS-compliant financial measures as 'financial-based' measures). (may be referred to as). Additionally, starting from the first quarter of 2024, Takeda will (i) change the CER adjustment method for the performance of subsidiaries located in hyperinflationary countries to ensure that their performance is consistent with IAS 29 'Financial Reporting in Hyperinflationary Economies'; In addition, (ii) the current free cash flow will be renamed to 'adjusted free cash flow' (in addition, the current free cash flow will be changed from cash flow from operating activities to cash flow related to the acquisition of property, plant and equipment). will be reported as 'free cash flow'). Please refer to the 'Financial Supplementary Materials' for further details regarding these changes, including their impact on fiscal 2023 results.
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