Takeda rapporteert cijfers derde kwartaal 2018

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Sterke onderliggende groei van jaar tot jaar, gedreven door het momentum van de activiteiten en de uitvoering van het Global Opex Initiative; Onderliggende kernwinst +32,3% met een margeverhoging van 530 basispunten Gerapporteerde resultaten beïnvloed door grote eenmalige baten in boekjaar 2017 en aan Shire gerelateerde kosten in boekjaar 2018.

Onderliggende Opbrengsten +4.8% ten opzichte van vorige jaar met de groei van de portefeuille van medicijnen op recept in alle gebieden

  • Solide onderliggende omzetgroei van +4,8%, met aanhoudend sterke impulsen van Takeda’s groeidrijvers  (Gastro-enterologie, Oncologie, Neurowetenschappen en Opkomende markten), die met +10,5% toenamen.
  • De belangrijkste groeiproducten Entyvio (+35,1%), Ninlaro (+36,6%) en Trintellix (+19,5%) waren belangrijke aanjagers van de omzetgroei, evenals de producten verkregen door de overname van Ariad in 2017, Iclusig (+26,0%) en Alunbrig (+151,4%).

Takeda Reports Third Quarter FY2018 Results

  • Strong underlying growth year-to-date driven by business momentum and execution of the Global Opex Initiative; Underlying Core Earnings +32.3% with margin expansion of 530 basis points
  • Reported results impacted by large one-time gains in FY2017 and Shire related costs in FY2018

OSAKA, Japan–(BUSINESS WIRE)– Takeda Pharmaceutical Company Limited (TOKYO:4502)(NYSE:TAK):

Underlying Revenue +4.8% year-to-date with growth of prescription drug portfolio in all regions

  • Solid Underlying Revenue growth of +4.8%, with continued strong momentum from Takeda’s Growth Drivers (Gastroenterology, Oncology, Neuroscience and Emerging Markets), which grew +10.5%.
  • Key growth products Entyvio (+35.1%), Ninlaro (+36.6%) and Trintellix (+19.5%) were important drivers of revenue growth, as were the products obtained through the Ariad acquisition in 2017, Iclusig (+26.0%) and Alunbrig (+151.4%).
  • Every region grew their prescription drug portfolio versus prior year (U.S. +8.5%, Japan +4.9%*, Europe & Canada +4.9%, Emerging Markets +5.1%).

*Japan +3.0% excluding upfront payment received for product out-licensing

  • Reported revenue grew +0.8% year-to-date to 1,380 billion yen, despite the negative impact from foreign exchange rates (-1.1pp) and divestitures (-3.0pp). The divestiture impact included the sale of additional products to the Teva JV in FY2017, and Multilab and Techpool in FY2018.

Underlying Core Earnings +32.3% year-to-date, with margin +530 basis points driven by business momentum and execution of the Global Opex Initiative

  • Underlying Core Earnings grew +32.3%, with margin expansion of 530 basis points. 70% of this margin improvement was driven by OPEX discipline, indicative of how the Global Opex Initiative has become fully integrated into ways of working at Takeda. The remaining margin expansion was driven by favorable product mix.
  • Reported operating profit declined -11.7% year-to-date to 284.4 billion yen. This was impacted by two large one-time gains booked in FY2017: the sale of Wako shares for 106.3 billion yen, and the sale of additional products to the Teva JV. Furthermore, Takeda booked one-time expenses in FY2018 related to the proposed acquisition of Shire. Excluding these major one-time items, Operating Profit grew +55.5%.
  • Underlying Core EPS was up +34.2% year-to-date. Reported EPS declined -32.0% to 210 yen per share, impacted by divestitures, Shire related costs, and loss of associates accounted for using the equity method due to an impairment charge recognized by Teva Takeda Pharma Ltd.

R&D milestones in Q3

  • Global Ph-3 trial of dengue vaccine candidate TAK-003 met primary efficacy endpoint.
  • Ninlaro post-transplant Multiple Myeloma maintenance data was submitted to the FDA in November 2018, and after further discussion with them, Takeda made the decision to withdraw the filing and to resubmit when more mature survival data are available.
  • Alunbrig approved in EU for post-crizotinib ALK+ Non-Small Cell Lung Cancer.
  • Adcetris positive CHMP opinion in EU for front line CD30+ stage IV Hodgkin Lymphoma.
  • Advanced multiple collaborations in our novel immuno-oncology portfolio.

Unlocking cash by improving business focus and streamlining the balance sheet

  • Year-to-date Operating Free Cash Flow decreased -20.2% mainly due to the impact of the sale of additional products to the Teva JV in FY2017.
  • Sale of real estate and marketable securities generated an additional 45.4 billion yen of cash, and sale of non-core businesses Techpool and Multilab generated a further 27.5 billion yen.
  • Rating agencies confirm investment grade credit ratings.

Costa Saroukos, Chief Financial Officer, commented:

“Takeda’s strategic focus and superior execution continue to drive robust performance through the first three quarters of FY2018. In addition to strong commercial execution, we have continued to deliver on our commitment to margin expansion, with the Underlying Core Earnings margin increasing by 530 basis points driven by our Global Opex Initiative.
In addition to delivering compelling financial results, we also closed the Shire acquisition on January 8th. We completed the deal financing at highly competitive interest rates, and also listed Takeda American Depository Shares on the New York Stock Exchange on December 24th. Integration of the two companies is now progressing as planned, and this is an exciting time for Takeda as we become a truly global, values-based, R&D driven biopharmaceutical leader.”

Reported Results for Q3 year-to-date (April – December) FY2018
(billion yen)FY2017
Q3 YTD
FY2018
Q3 YTD
% Growth vs Prior Year
ReportedUnderlying2
Revenue1,369.61,380.0+0.8%+4.8%
Core Earnings1292.7344.6+17.7%+32.3%
Operating Profit322.3284.4-11.7%
Net Profit3240.9164.4-31.7%
EPS309 yen210 yen-32.0%+34.2%
1 Core Earnings represents net profit adjusted to exclude income tax expenses, our share of profit or loss of investments accounted for using the equity method, finance expenses and income, other operating expenses and income, amortization and impairment losses on intangible assets associated with products and other items that management believes are unrelated to our core operations, such as purchase accounting effects and transaction related costs.
2 Underlying Growth compares two periods (quarters or years) of financial results under a common basis and is used by management to assess the business. These financial results are calculated on a constant currency basis and excluding the impacts of divestitures and other amounts that are unusual, non-recurring items or unrelated to our ongoing operations.
3 Attributable to the owners of the company.

FY2018 revised full year guidance including Shire impact to be announced in April

For more details on Takeda’s FY2018 third quarter results and other financial information, please visit https://www.takeda.com/investors/reports/

Bron: Takeda Pharmaceutical Company

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