Summary of Financial Statements for the Nine-month Period Ended December 31, 2021 (IFRS, Consolidated)
February 3, 2022 | |||
Takeda Pharmaceutical Company Limited | Stock exchange listings: | Tokyo, Nagoya, Fukuoka, Sapporo | |
TSE Code: | 4502 | URL: http://www.takeda.com | |
Representative: | Christophe Weber, President & CEO | ||
Contact: | Christopher O'Reilly | Telephone: +81-3-3278-2306 | Email: takeda.ir.contact@takeda.com |
Global Head of IR, Global Finance |
Scheduled date of securities report submission: February 10, 2022
Scheduled date of dividend payment commencement: -
Supplementary materials for the financial statements: Yes
Presentation to explain for the financial statements: Yes
(Million JPY, rounded to the nearest million)
1. Consolidated Financial Results for the Nine-month Period Ended December 31, 2021 (April 1 to
December 31, 2021)
- Consolidated Operating Results (year to date)
(Percentage figures represent changes over the same period of the previous year) | ||||||||||||||||||||||||||||
Revenue | Operating profit | Profit before tax | Net profit | |||||||||||||||||||||||||
for the period | ||||||||||||||||||||||||||||
(Million JPY) | (%) | (Million JPY) | (%) | (Million JPY) | (%) | (Million JPY) | (%) | |||||||||||||||||||||
Nine-month Period Ended | 2,695,717 | 11.0 | 462,463 | 28.9 | 356,618 | 51.5 | 241,541 | 34.9 | ||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||
Nine-month Period Ended | 2,427,538 | (3.6) | 358,729 | 120.7 | 235,357 | 320.2 | 179,027 | 319.0 | ||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||
Net profit attributable to | Total comprehensive | Basic earnings | Diluted earnings | |||||||||||||||||||||||||
owners of the Company | income for the period | per share | per share | |||||||||||||||||||||||||
(Million JPY) | (%) | (Million JPY) | (%) | (JPY) | (JPY) | |||||||||||||||||||||||
Nine-month Period Ended | 241,417 | 34.9 | 459,044 | 170.9 | 154.09 | 153.03 | ||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||
Nine-month Period Ended | 178,907 | 320.8 | 169,450 | - | 114.57 | 113.72 | ||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||
Core Operating Profit | Core EPS | |||||||||||||||||||||||||||
(Billion JPY) | (%) | (JPY) | ||||||||||||||||||||||||||
Nine-month Period Ended | 757.9 | (2.9) | 333 | |||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||
Nine-month Period Ended | 780.6 | (1.5) | 333 | |||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||
(2) Consolidated Financial Position | ||||||||||||||||||||||||||||
Equity attributable | Ratio of equity | Equity attributable | ||||||||||||||||||||||||||
attributable to | ||||||||||||||||||||||||||||
Total assets | Total equity | to owners of the | owners of the | to owners of the | ||||||||||||||||||||||||
Company | Company to total | Company per | ||||||||||||||||||||||||||
(Million JPY) | (Million JPY) | (Million JPY) | assets (%) | share (JPY) | ||||||||||||||||||||||||
As of December 31, 2021 | 12,698,519 | 5,331,822 | 5,331,330 | 42.0 | 3,423.02 | |||||||||||||||||||||||
As of March 31, 2021 | 12,912,293 | 5,177,177 | 5,173,037 | 40.1 | 3,308.93 |
2. | Dividends | |||||||||
Annual dividends per share (JPY) | ||||||||||
1st quarter end | 2nd quarter end | 3rd quarter end | Year-end | Total | ||||||
For the Fiscal Year Ended March 31, 2021 | - | 90.00 | - | 90.00 | 180.00 | |||||
For the Fiscal Year Ending March 31, 2022 | - | 90.00 | - | |||||||
For the Fiscal Year Ending March 31, 2022 | ||||||||||
(Projection) | 90.00 | 180.00 |
(Note) Modifications in the dividend projection from the latest announcement: None
3. Forecasts for Consolidated Operating Results for the Fiscal Year Ending March 31, 2022 (April 1, 2021 to March 31, 2022)
(Percentage figures represent changes from previous fiscal year) | |||||||||||||||||||||||||
Core Operating | Profit before | Net profit attributable | Basic | ||||||||||||||||||||||
Revenue | Operating profit | to owners of the | earnings | Core EPS | |||||||||||||||||||||
Profit | income taxes | Company | per share | ||||||||||||||||||||||
(Million JPY) | (%) | (Million JPY) | (%) | (Million JPY) | (%) | (Million JPY) | (%) | (Million JPY) | (%) | (JPY) | (JPY) | ||||||||||||||
For the | |||||||||||||||||||||||||
Fiscal Year | 3,510,000 | 9.8 | 970,000 | 0.2 | 515,000 | 1.1 | 385,000 | 5.1 | 242,500 | (35.5) | 154.99 | 416 | |||||||||||||
Ending | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
2022 | |||||||||||||||||||||||||
(Note) Modifications in forecasts of consolidated operating results from the latest announcement: Yes | |||||||||||||||||||||||||
FY2021 Management Guidance | |||||||||||||||||||||||||
Underlying Revenue Growth | Mid-single-digit growth | ||||||||||||||||||||||||
Underlying Core Operating Profit Growth | Mid-single-digit growth | ||||||||||||||||||||||||
Underlying Core Operating Profit Margin | ~30% margin | ||||||||||||||||||||||||
Underlying Core EPS Growth | Mid-single-digit growth |
(Note) Please refer to page 6 for details of "Underlying growth".
- Additional Information
(1) | Changes in significant subsidiaries during the period | : No | |
(changes in specified subsidiaries resulting in the change in consolidation scope) | |||
(2) | Changes in accounting policies and changes in accounting estimates | ||
1) | Changes in accounting policies required by IFRS | : No | |
2) | Changes in accounting policies other than 1) | : No | |
3) | Changes in accounting estimates | : No |
- Number of shares outstanding (common stock)
- Number of shares outstanding (including treasury stock) at period end:
December 31, 2021 | 1,582,252,525 shares | |
March 31, 2021 | 1,576,387,908 shares | |
2) | Number of shares of treasury stock at period end: | |
December 31, 2021 | 24,757,731 shares | |
March 31, 2021 | 13,029,749 shares | |
3) | Average number of outstanding shares (for the nine-month period ended December 31): | |
December 31, 2021 | 1,566,730,171 shares | |
December 31, 2020 | 1,561,600,324 shares |
- This summary of quarterly financial statements is not subject to quarterly review by the external auditor
- Note to ensure appropriate use of forecasts, and other noteworthy items
- Takeda applies International Financial Reporting Standards (IFRS), and the disclosure information in this document is based on IFRS.
- All forecasts in this document are based on information currently available to management, and do not represent a promise or guarantee to achieve these forecasts. Various uncertain factors could cause actual results to differ, such as changes in the business environment and fluctuations in foreign exchange rates. Should any significant event occur which requires the forecast to be revised, Takeda will disclose it in a timely manner.
- For details of the financial forecast, please refer to "1. Financial Highlights for the Nine-month Period Ended December 31, 2021 (3) Outlook for the Fiscal Year Ending March 31, 2022" on page 11.
- Supplementary materials for the financial statements including the Quarterly Financial Report and Earnings Presentation of the conference call on February 3, 2022, and its audio will be promptly posted on Takeda's website.
(Takeda Website):
https://www.takeda.com/investors/financial-results/
Takeda Pharmaceutical Company Limited (4502)
Summary of Financial Statements for the Nine-month
Period Ended December 31, 2021 (Consolidated)
Attachment Index | ||
1. Financial Highlights for the Nine-month Period Ended December 31, 2021 | ||
(2) | Consolidated Financial Position | 8 |
(3) | Outlook for the Fiscal Year Ending March 31, 2022 | 11 |
(4) | Impact of the Spread of the Novel Coronavirus Infectious Disease (COVID-19) and Takeda's | 13 |
Initiatives in Response | ||
2. Condensed Interim Consolidated Financial Statements [IFRS] and Major Notes | 15 | |
(1) | Condensed Interim Consolidated Statements of Profit or Loss | 15 |
(2) | Condensed Interim Consolidated Statements of Comprehensive Income | 16 |
(3) | Condensed Interim Consolidated Statements of Financial Position | 17 |
(4) | Condensed Interim Consolidated Statements of Changes in Equity | 19 |
(5) | Condensed Interim Consolidated Statement of Cash Flows | 21 |
(6) | Notes to Condensed Interim Consolidated Financial Statements | 23 |
[Appendix]
1 FY2021 Q3YTD Reconciliation from Reported Revenue to Core/Underlying Revenue 2 FY2021 Q3YTD Reconciliation from Reported to Core/Underlying Core
3 FY2020 Q3YTD Reconciliation from Reported to Core/Underlying Core
1
Takeda Pharmaceutical Company Limited (4502)
Summary of Financial Statements for the Nine-month
Period Ended December 31, 2021 (Consolidated)
1. Financial Highlights for the Nine-month Period Ended December 31, 2021
(1) Business Performance
- Consolidated Financial Results (April 1 to December 31, 2021)
Billion JPY or percentage | |||||||||
FY2020 Q3YTD | FY2021 Q3YTD | Change versus the same period of the | |||||||
previous fiscal year | |||||||||
Revenue | 2,427.5 | 2,695.7 | 268.2 | 11.0 % | |||||
Cost of sales | (740.9) | (798.5) | (57.6) | 7.8 | % | ||||
Selling, general and administrative expenses | (641.3) | (662.9) | (21.7) | 3.4 | % | ||||
Research and development expenses | (342.5) | (382.5) | (39.9) | 11.7 % | |||||
Amortization and impairment losses on intangible | (307.6) | (323.6) | (16.1) | 5.2 | % | ||||
assets associated with products | |||||||||
Other operating income | 118.5 | 34.3 | (84.3) | (71.1)% | |||||
Other operating expenses | (155.1) | (100.0) | 55.1 | (35.5)% | |||||
Operating profit | 358.7 | 462.5 | 103.7 | 28.9 % | |||||
Finance income and (expenses), net | (115.4) | (100.6) | 14.8 | (12.8)% | |||||
Share of loss of investments accounted for using | (8.0) | (5.3) | 2.8 | (34.4)% | |||||
the equity method | |||||||||
Profit before tax | 235.4 | 356.6 | 121.3 | 51.5 | % | ||||
Income tax expenses | (56.3) | (115.1) | (58.7) | 104.3 % | |||||
Net profit for the period | 179.0 | 241.5 | 62.5 | 34.9 | % | ||||
Revenue. Revenue for the nine-month period ended December 31, 2021 was 2,695.7 billion JPY, an increase of 268.2 billion JPY, or 11.0%, compared to the same period of the previous fiscal year. Excluding the impact from fluctuations in foreign exchange rates, which was calculated by translating revenue of the nine-month period ended December 31, 2021 using corresponding exchange rates in the same period of the previous fiscal year, the increase in revenue was 6.1%. In April 2021, Takeda completed the sale of a portfolio of diabetes products in Japan to Teijin Pharma Limited for 133.0 billion JPY, which was recorded as revenue and accounted for 5.5 percentage points ("pp") of the increase in revenue. Excluding this selling price from revenue for the nine-month period ended December 31, 2021, the increase was 5.6%.
Each of our core therapeutic areas (i.e. Gastroenterology ("GI"), Rare Diseases, Plasma-Derived Therapies ("PDT") Immunology, Oncology, and Neuroscience) contributed to positive revenue growth; however, Rare Diseases would have declined if not for the positive impact of the depreciation of the yen. Intensified competition impacted some products in this area, especially treatments for Rare Hematology. Overall, throughout the nine-month period ended December 31, 2021, the global spread of COVID-19 did not have a material effect on our revenue.
During the third quarter of the fiscal year ending March 31, 2022, LIVTENCITY (for post-transplant cytomegalovirus ("CMV") infection/disease) was launched in the U.S. in December 2021, following the launch of EXKIVITY (for non-small cell lung cancer) in the U.S. in September 2021.
Revenue outside of our core therapeutic areas increased by 36.7 billion JPY, or 8.2%, compared to the same period of the previous fiscal year to 482.2 billion JPY, largely due to the 133.0 billion JPY selling price of the diabetes portfolio in Japan, offsetting the impact from divestitures. Revenue from distributing Moderna's COVID-19 vaccine, SPIKEVAX Intramuscular Injection, in Japan also contributed to the growth.
Year-on-year change in revenue for this nine-month period in each of our main therapeutic areas was primarily attributable to the following products:
- GI. In Gastroenterology, revenue was 665.7 billion JPY, a year-on-year increase of 76.9 billion JPY, or 13.1%. Growth was driven by Takeda's top-selling product ENTYVIO (for ulcerative colitis ("UC") and Crohn's disease ("CD")), with sales of 395.4 billion JPY, a year-on-year increase of 76.1 billion JPY, or 23.8%. Sales in the U.S. increased by 46.7 billion JPY, or 21.3%, to 266.0 billion JPY driven by increase in the first line biologic inflammatory bowel disease ("IBD") population both in UC and CD. Sales in Europe and Canada increased by 21.7 billion JPY, or 26.9%, to 102.2 billion JPY. In the Growth and Emerging Markets, the increase in sales was primarily driven by Brazil and China. Sales of TAKECAB (for acid-related diseases) were 78.4 billion JPY, an increase of 14.2 billion JPY, or 22.2%, versus the same period of the previous fiscal year. This increase was mainly driven by the expansion of new prescriptions in the Japanese market due to TAKECAB's efficacy in reflux esophagitis and the prevention of recurrence of gastric and duodenal ulcers during low-
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Takeda Pharmaceutical Co. Ltd. published this content on 03 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 February 2022 06:08:12 UTC.