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Takeda Pharmaceutical Co Ltd's (NYSE:TAK) FY22 net profit rose 37.8% to ¥317.02 billion, mainly due to solid growth in its key business areas.
The company reported annual sales of ¥4,027.5 billion, above the management estimate of ¥3,930 billion.
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"FY 2022 was another strong year for Takeda, reflecting successful execution against our business strategy and advancements in our innovative pipeline, enabling us to deliver truly transformative treatments to patients," said Chistophe Weber, Takeda's president & CEO.
Operating profit came in at ¥490.5 billion compared with ¥461 billion a year ago.
"While we expect to face temporary headwinds in FY2023 from generic entrants and lower demand for coronavirus vaccines, we are confident that strong momentum in our Growth & Launch Products will drive a return to growth in the near term," Weber added.
Takeda agreed to acquire an autoimmune disease candidate from Nimbus Therapeutics for as much as $5 billion, marking its first major purchase since its $59 billion takeover of Shire Plc in 2019, Reuters reported.
Since absorbing the Shire, Takeda has been under pressure to reduce debt while also building out its pipeline to compensate for the loss of patent protection of franchise drugs such as Vyvanse and Entyvio in the coming years, Reuters noted.
Guidance: For FY23, Takeda expects sales of ¥3,840 billion, an operating profit of ¥349 billion, and a net profit of ¥142 billion. It forecasts a core EPS of ¥434.
Price Action: TAK shares are down 2.77% at $16.51 premarket on the last check Thursday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.