Takeda Raises Annual Net Profit Forecast to ¥209 Billion After First-Half Results
Key Facts
Takeda reported results for the first half of fiscal 2026, which ran from April 1 to September 30, and raised its full-year forecasts for revenue, net profit and core operating profit. The company specified that the fiscal year covered by these forecasts ends in March 2027. First-half net profit was ¥305.6 billion, compared with ¥112.4 billion in the corresponding period of the previous fiscal year, an increase of 171.8%. Revenue was ¥2,407.0 billion, versus ¥2,219.5 billion a year earlier. The figures reported in yen reflect strong growth, but comparison at constant exchange rates presents a weaker picture for revenue.
Revenue rose 8.4% at actual exchange rates, while falling 1.0% at constant exchange rates, according to the company’s statement. The divergence shows the effect of translating foreign-currency revenue into yen on reported figures. Core operating profit grew 11.2% at actual exchange rates, compared with 0.7% at constant rates. The company said its corporate transformation supported first-half results and helped fund growth investments. Performance therefore extends beyond the increase in accounting figures denominated in yen, as constant-currency measures point to a slower trajectory.
In the second quarter alone, net profit was ¥192.4 billion, following a net loss of ¥11.8 billion in the year-earlier quarter. The result exceeded Visible Alpha analysts’ estimate of ¥67.8 billion, according to Dow Jones. This means the quarterly comparison differs from the first-half results reported by Takeda, and the two periods should not be confused. By product, sales of Entyvio, a treatment for ulcerative colitis, rose 11% to ¥273.4 billion in the second quarter. Sales of plasma-derived products also increased 8.1% to ¥277.2 billion in the same period.
The company raised its fiscal 2026 revenue forecast to ¥4,700.0 billion from ¥4,640.0 billion, saying the revision mainly reflected a benefit from exchange rates. It also increased its core operating profit estimate to ¥1,190.0 billion from ¥1,160.0 billion, and its net profit estimate to ¥209.0 billion from ¥166.0 billion. Excluding currency effects, Takeda maintained its forecast for a low-single-digit decline in underlying revenue. But it narrowed its forecast for a decline in core operating profit from 5% to 8% to a mid-single-digit decline. These revisions show that raising forecasts reported in yen does not mean the underlying outlook has shifted to growth.
Takeda attributed the 60.4% increase in reported operating profit at actual exchange rates to the end of the amortization period for intangible assets related to Vyvanse, as well as lower impairment expenses. The company also said its corporate transformation supports core operating profit and helps fund growth investments. In product development, Otsuka’s drug for narcolepsy type 1 received regulatory approvals in the United States, Japan and China. The company launched Mimrylo in the United States in August 2026 to treat polycythemia associated with polycythemia vera. The U.S. Food and Drug Administration also accepted zasocitinib for priority review as a treatment for moderate-to-severe plaque psoriasis; the application is also under evaluation by the European Medicines Agency.
In Tokyo trading on October 29, Takeda shares were at ¥6,403 at 15:12, up ¥96, according to company data. Its U.S.-listed shares closed at $20.15 on October 28, according to L7 data. Takeda set December 11, 2026, as the date for its Capital Markets Day in Tokyo. It is scheduled to report fiscal 2026 third-quarter results on January 28, 2027. Those results will provide the next opportunity to track performance during the fiscal year and the forecasts the company raised.