First Half Revenue Declined 3.9% at Constant Exchange Rate (CER), -6.9% at Actual Exchange Rates (AER), Impacted by Generic Erosion of VYVANSE and FX Headwind
Core Operating Profit Declined 8.8% at CER in the First Half, Reflecting Revenue Performance and Product Mix; Impact Partially Offset by Operational Efficiencies
First Half Reported Operating Profit (-27.7% at AER) Impacted by Impairment Losses Incurred in Q2

OSAKA, Japan--(BUSINESS WIRE)--Takeda (TOKYO:4502/NYSE:TAK) today announced earnings results for the first half of fiscal year 2025 (six months ended Sep 30, 2025) and updated its full-year outlook.

Takeda chief executive officer, Christophe Weber, commented:
“Takeda’s fiscal year 2025 first half results are consistent with our expectations for core business progress in this year of transition to a new phase focusing on new product launches. Our updated full-year outlook reflects impairment charges associated with strategic pipeline decisions taken in Q2, as well as transactional FX.

“Looking ahead, our current Growth and Launch Products portfolio will continue to generate moderate growth, which will accelerate in the future with new launches. We see FY2025 as a pivotal year for Takeda with regulatory filings for rusfertide and oveporexton expected in the second half of the year, as well as Phase 3 results for zasocitinib. We continue to expand our external partnerships to enhance the depth and breadth of our R&D pipeline and recently announced a global strategic partnership with Innovent Biologics to further strengthen our position in oncology.

“With this momentum in our pipeline, we’re confident in Takeda’s ability to deliver life-transforming treatments and long-term value for patients and shareholders, and we’re excited for the future.”

Takeda chief financial officer, Milano Furuta, commented:
“Our financial results for the first half of FY2025 were driven by year-over-year impact from generic erosion of VYVANSE, as anticipated. In the second half, we expect this generic erosion impact to moderate and Growth and Launch Product growth to increase. Our updated outlook for the full year reflects the effects of transactional FX fluctuations and impairment losses on intangible assets associated with the gamma delta T-cell therapy platform—with strong OPEX management offsetting changes in product mix.

“We are confident in our business fundamentals as we look to the second half of this transitional year for Takeda.”

FINANCIAL HIGHLIGHTS for FY2025 H1 Ended September 30, 2025

(Billion yen, except percentages and per share amounts)
	FY2025 H1	FY2024 H1	vs. PRIOR YEAR (Actual % change)
Revenue	2,219.5	2,384.0	-6.9%
Operating Profit	253.6	350.6	-27.7%
Net Profit	112.4	187.3	-40.0%
EPS (Yen)	72	119	-39.8%
Operating Cash Flow	593.7	451.3	+31.6%
Adjusted Free Cash Flow (Non-IFRS)	525.4	247.5	+112.3%