EarningsQ1 2026 Earnings Report

Takeda Pharmaceutical Company (TKDA) Q1 2026 Earnings Report

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Previous Report: Q4 2025

DE:TKDA Q1 2026 EPS Results

Actual EPS€0.20

Consensus EPS€0.15

Beat/MissBeat by +€0.05

One Year Ago EPS€0.23

DE:TKDA Q1 2026 Revenue Results

Actual Revenue€6.80B

Expected Revenue€6.34B

Beat/MissBeat by +€463.27M

YoY Revenue Growth<+0.01%

Earnings Announcement Details

QuarterQ1 2026

Date07/30/2026

TimeBefore Open

Conference CallThursday, July 30, 2026

DE:TKDA Upcoming Earnings

Takeda Pharmaceutical Company's next earnings date is estimated for October 29, 2026, based on past reporting schedules.

Q1 2026 Earnings Call Audio

DE:TKDA Q1 2026 Earnings Call

0:00 / 0:00

Q1 2026 Earnings Slide Deck

Q1 2026 Earnings Call Summary

Q1 2026

Earnings Call Date:Jul 30, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call balances clear operational and clinical momentum against near-term financial and timing headwinds. Financials benefitted materially from FX (+10.2% revenue at actual FX) and management reiterated full-year free cash flow guidance (JPY 650–750 billion) and execution of a transformation program. The quarter highlighted major clinical wins and imminent launches (ORZEYFUL, rusfertide, zasocitinib) and encouraging oncology and specialty pipeline readouts, which underpin medium-term growth confidence. Offsetting this, underlying revenue and core profit declined slightly at constant currency (-0.5% CER), core EPS fell 11.8% at CER (tax-driven), operating cash flow was weaker in Q1 due to working capital effects, and some margin improvement was driven by one-offs and FX. Takeda emphasized readiness for launches, continued transformation, and a December Capital Markets Day to provide further visibility.

Company Guidance

Takeda said Q1 results keep the company on track to meet unchanged FY‑26 guidance, reporting revenue of JPY 1.22 trillion (+10.2% at actual FX; -0.5% CER), core operating profit JPY 358.9 billion (+11.5% at actual FX; -0.5% CER), reported operating profit JPY 201.4 billion, core EPS JPY 154 (‑11.8% at CER) and reported EPS JPY 72; core in‑line brands were 58% of revenue and grew 2.3% CER, ENTYVIO grew 4% CER, new launches were 4% of revenue and grew 22.6% CER, and FX contributed JPY 118.2 billion to top‑line growth. Management noted Q1 gross margin improved ~1.4 percentage points and is maintaining a ~65% gross‑margin assumption for the year, operating cash flow was lower YoY (adjusted free cash flow reduced in part by a USD 200 million payment to Protagonist), and full‑year adjusted free cash flow is expected at JPY 650–750 billion, while they continue to protect core operating profit margins and target ROE above 5%.

Revenue and Core Operating Profit (Reported/Fx)

Revenue JPY 1.22 trillion (+10.2% at actual FX; -0.5% at constant exchange rate, CER). Core operating profit JPY 358.9 billion (+11.5% at actual FX; -0.5% at CER). FX tailwind contributed JPY 118.2 billion to revenue.

Core EPS and Reported Profit

Core EPS JPY 154 (decline of 11.8% at CER, driven mainly by a favorable prior-year tax position). Reported operating profit JPY 201.4 billion; reported operating profit grew ~9.1% at actual FX due to FX tailwind and lower amortization.

Resilient Core In-line Brands and Product Performance

Core in-line brands represented 58% of total revenue and grew 2.3% at CER. ENTYVIO showed resilience with ~4% growth at CER. New launches (4% of revenue) grew strongly at 22.6% at CER (FRUZAQLA, LIVTENCITY, ADZYNMA, QDENGA).

Strong FX and One-Time Contributions

Foreign exchange provided a significant tailwind (+JPY 118.2 billion to top line). Q1 gross margin improved ~1.4 percentage points year-over-year, supported by PDT performance, favorable FX and a small one-time divestiture-related milestone.

Cash Flow and Full-Year Free Cash Flow Guidance

Despite Q1 working capital impacts, company reiterated full-year adjusted free cash flow target of JPY 650 billion to JPY 750 billion and commitment to maintain strong adjusted free cash flow.

Transformation Program Progress and Organizational Changes

Implementation of the international business unit largely completed, transformation program ongoing to generate savings to fund launches and pipeline investments; company reporting continued execution and cost discipline alongside targeted investments.

Regulatory and Clinical Milestones — ORZEYFUL, Rusfertide, Zasocitinib

First approval of oveporexton (ORZEYFUL) in China for narcolepsy type 1; U.S. and Japan decisions expected imminently. Rusfertide received U.S. FDA priority review with an August PDUFA and Takeda now sole global commercial rights (following USD 200M payment to Protagonist). Zasocitinib showed statistical superiority versus deucravacitinib in Phase III psoriasis with >35% PASI 100 at week 16; on track for U.S. launch H1 2027.

Broader Pipeline Momentum and Oncology Progress

TAK-928 (PD-1/IL-2 bispecific) presented at ASCO with 42% 2-year overall survival in IO-resistant NSCLC and encouraging first-line data; Phase III planned. Elritercept Phase III initiated in anemia-associated MDS; TAK-921 and TAK-881 progressing toward filings; mezagitamab development showed durable effects prompting Phase III design adaptation.

DE:TKDA Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Oct 29, 2026	2026 (Q2)	0.13 / -	-0.022	―
Jul 30, 2026	2026 (Q1)	0.15 / 0.20	0.234	-14.77% (-0.03)
May 13, 2026	2025 (Q4)	-0.07 / -0.04	-0.202	78.51% (+0.16)
Jan 29, 2026	2025 (Q3)	0.12 / 0.19	0.044	334.69% (+0.15)
Oct 30, 2025	2025 (Q2)	0.06 / -0.02	0.169	-113.16% (-0.19)
Jul 29, 2025	2025 (Q1)	0.15 / 0.23	0.18	30.05% (+0.05)
May 08, 2025	2024 (Q4)	-0.02 / -0.20	-0.006	-3157.14% (-0.20)
Jan 30, 2025	2024 (Q3)	0.08 / 0.04	0.202	-78.51% (-0.16)
Oct 31, 2024	2024 (Q2)	0.11 / 0.17	-0.092	282.69% (+0.26)
Jul 31, 2024	2024 (Q1)	0.11 / 0.18	0.182	-0.98% (>-0.01)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed