Takeda Pharmaceutical Co Ltd

4502: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥‎1,534.00	Rxty	Jhtfkfl

Takeda’s First-Quarter Earnings in Line, FVE Lowered to JPY 4,400, Shares Fairly Valued

Jay Lee

Aug 1, 2022

Narrow-moat Takeda’s first-quarter results were in line with our expectations after adjusting for currency tailwinds due to the recent depreciation in the Japanese yen. Revenue was JPY 972.5 billion, which is nominally 2.4% year-on-year growth, 19.1% growth after adjusting for last year’s JPY 133 billion sale of its Japan diabetes business, and 8.3% growth after adjusting for this sale plus currency tailwinds. Core operating profit was JPY 304.5 billion, representing 30% core operating profit margin. After adjusting for the currency tailwinds, this is in line with our estimates.

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