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Takeda Pharmaceutical Co (4502) Q2 2026 Earnings Report

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JP:4502 Q2 2026 EPS Results

Actual EPS
JPY 120.88
Consensus EPS
JPY 45.38
Beat/Miss
Beat by +JPY 75.51
One Year Ago EPS
-JPY 7.83

JP:4502 Q2 2026 Revenue Results

Actual Revenue
JPY 1.19T
Expected Revenue
JPY 1.16T
Beat/Miss
Beat by +JPY 29.78B
YoY Revenue Growth
+6.68%

Earnings Announcement Details

Quarter
Q2 2026
Date
10/29/2026
Time
Before Open
Conference Call
Thursday, October 29, 2026
JP:4502 Upcoming Earnings

Takeda Pharmaceutical Co's next earnings date is estimated for January 28, 2027, based on past reporting schedules.

Q2 2026 Earnings Call Audio

JP:4502 Q2 2026 Earnings Call
0:00 / 0:00

Q2 2026 Earnings Slide Deck

Q2 2026 Earnings Call Summary

Q2 2026
Earnings Call Date:Oct 29, 2026|% Change Since:5.80%|
Earnings Call Sentiment|Positive

The call was broadly optimistic, with strong progress in launches, regulatory milestones, late-stage pipeline data, ENTYVIO performance and transformation savings. These positives were partly offset by the 1% constant-exchange-rate revenue decline, core EPS pressure, mature-portfolio headwinds, weaker intravenous immunoglobulin and albumin performance, and uncertainty around zasocitinib's ulcerative-colitis dose response. Highlights significantly outweighed the stated challenges.

Company Guidance

For FY ’26, Takeda maintained revenue management guidance of a low single-digit percent decline at CER, raised management guidance for core operating profit and core EPS to reflect transaction FX benefits, raised its revenue forecast by JPY 60 billion and core operating profit forecast by JPY 30 billion, and revised operating profit guidance from JPY 1.16 trillion to JPY 1.19 trillion; it expects immunoglobulin growth rebound in second half, SCIG to sustain strong growth, IVIG growth to accelerate, and China albumin to return to growth in the near term, while targeting JPY 100 billion of gross savings with JPY 160 billion of restructuring costs in FY ’26, expects to launch ORZEYFUL in the U.S. by early November, expects a zasocitinib FDA approval decision in the fourth quarter of fiscal year 2026, expects TAK-360 results in Q4 of fiscal year 2026 and the zasocitinib Crohn’s disease readout around the end of fiscal year 2026, plans to file TAK-921 in Japan in fiscal year 2027, expects China NRDL listing for ORZEYFUL hopefully in January of ’28, and said Japan pricing is roughly about $100,000 on an annualized basis.

  • Core Operating Profit Increased at Constant Exchange RatesFiscal 2026 first-half core operating profit was JPY 710.6 billion, up 0.7% at constant exchange rates and 11.2% at actual exchange rates. Transformation savings helped fund increased investment in new product launches and R&D.
  • Reported Operating Profit and EPS Improved at Actual FXReported EPS was JPY 193, up 169% year over year at actual exchange rates. Reported operating profit improved 60.4%, driven mainly by lower amortization following the conclusion of VYVANSE amortization in January 2026 and lower impairment expenses.
  • Full-Year Core Profit and EPS Guidance RaisedManagement maintained its revenue guidance of a low single-digit percent decline but raised core operating profit and core EPS guidance to reflect transaction FX benefits. The absolute revenue forecast was increased by JPY 60 billion and the core operating profit forecast by JPY 30 billion, with the operating profit forecast rising from JPY 1.16 trillion to JPY 1.19 trillion.
  • Transformation Program Delivering SavingsThe transformation program remains on track to achieve JPY 100 billion of gross savings. Procurement initiatives had generated approximately JPY 30 billion of annualized savings by September 30, while approximately 3,000 impacted roles had been communicated. Restructuring costs for fiscal 2026 are forecast at JPY 160 billion, JPY 10 billion below the original forecast.
  • New Launches Growing StronglyProducts launched within the past five years represented 4% of total revenue and grew 17.3% at constant exchange rates. Management expects the category to expand as ORZEYFUL, MIMRYLO and zasocitinib are launched and uptake develops.
  • Core In-Line Brands Remained ResilientCore in-line brands, including ENTYVIO, immunoglobulin and TAKHZYRO, represented 58% of total revenue and grew 0.5% at constant exchange rates, partially offsetting loss-of-exclusivity and mature-portfolio headwinds.
  • ORZEYFUL Launched in Japan and ChinaORZEYFUL, a first-in-class oral orexin receptor 2 agonist for narcolepsy type 1, launched simultaneously in Japan and China on October 15 following approvals in China, the United States and Japan within approximately one month. Initial responses from patients and healthcare professionals in Japan and China were described as very positive.
  • ORZEYFUL U.S. Launch Preparation CompleteThe company expects to launch ORZEYFUL in the United States immediately after DEA scheduling, anticipated by early November. U.S. commercial and medical teams, specialty pharmacy distribution and patient-support programs are in place, and the company reported overwhelmingly positive feedback from healthcare professionals.
  • ORZEYFUL Received External RecognitionORZEYFUL was selected as one of TIME Magazine's Best Inventions of 2026 in the scientific innovation category. The underlying orexin research was also associated with the 2026 Lasker Basic Medical Research Award.
  • MIMRYLO Received Rapid Early Adoption SupportMIMRYLO, a first-in-class hepcidin mimetic for polycythemia vera, received FDA approval on August 28 and became commercially available soon thereafter. It was incorporated into the NCCN guidelines in September as the only Category 1 option for both low- and high-risk patients. Management reported positive early physician and patient feedback and strong launch execution, although it did not provide quantitative uptake figures.
  • MIMRYLO Offers Differentiated Clinical ProfileMIMRYLO provides rapid, stable and durable hematocrit control, reduces phlebotomy requirements and improves fatigue. Its prescribing label permits use at any point in the treatment paradigm with no boxed warning, and the addressable U.S. disease population was described as approximately 90,000 people.
  • Zasocitinib Regulatory Progress and Psoriasis DataThe FDA accepted zasocitinib under priority review for psoriasis, and the EMA accepted the marketing authorization application. In the Phase III LATITUDE Atlas trial, 36.5% of patients achieved complete skin clearance at week 16, described as the highest rate demonstrated by an oral psoriasis therapy. Improvement in itch began as early as week 2, and the safety profile was consistent with prior trials.
  • Positive Zasocitinib Ulcerative Colitis SignalThe Phase II ulcerative colitis study showed strong separation from placebo and a nominally significant p-value at the 50-milligram dose, with robust effects on the primary clinical-remission endpoint and consistent effects on objective endoscopic endpoints. Results were described as directionally on par with other oral agents, while safety at both tested doses remained consistent with prior experience.
  • TAK-921 Delivered Positive Phase III Gastric Cancer ResultsIn previously treated advanced gastric cancer, TAK-921 met its dual primary endpoints of overall survival and progression-free survival. Overall survival was statistically significant and clinically meaningful, with a hazard ratio of 0.57, while objective response rate also improved significantly. Grade III or higher treatment-related adverse events, dose reductions and treatment delays were less frequent than in the chemotherapy arm.
  • Late-Stage Pipeline Continued to AdvanceThe company initiated a Phase III study of elritercept in myelofibrosis, and elritercept also started a Phase III trial in first-line myelodysplastic syndrome and was enrolling well. A Phase III study of TAK-921 supported a planned regulatory filing in Japan during fiscal 2027, while TAK-881 was filed in the United States for primary immunodeficiency.
  • ENTYVIO Maintained Growth and Positive Clinical EvidenceENTYVIO global growth was 2.7% at constant exchange rates in the second quarter, driven by sustained demand growth, a favorable comparison with a softer fourth quarter of fiscal 2025 and continued uptake of the pen formulation. The company said it remained on track with its 2026 guidance. The VERDICT study found that treating to more stringent endpoints reduced the risk of ulcerative-colitis-related complications by approximately 70%, with the benefit extending up to 80 weeks after target achievement; 52.1% of patients in the most stringent-target group achieved disease clearance.
  • Immunoglobulin Subcutaneous Portfolio GrewUnderlying immunoglobulin demand grew by mid-single digits. Subcutaneous immunoglobulin grew 17% in the first half, supported by the company's differentiated portfolio, and management expects this strong growth to continue in the second half.
  • China and Japan Pricing and Access Plans for ORZEYFULIn China, ORZEYFUL is currently being sold through the private market, with submission for NRDL reimbursement planned for the following summer and potential listing in January 2028. In Japan, the annualized price equivalent was described as roughly $100,000.

JP:4502 Earnings History

JP:4502 earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Jan 28, 20272026 (Q3)44.55-65.74――
Oct 29, 20262026 (Q2)45.38120.88-7.831643.81% (+128.71)
Jul 30, 20262026 (Q1)54.3871.6579.4-9.76% (-7.75)
May 13, 20262025 (Q4)-24.02-15.56-6676.42% (+50.44)
Jan 28, 20262025 (Q3)43.1465.7415.15333.93% (+50.59)
Oct 30, 20252025 (Q2)20.73-7.8358.21-113.45% (-66.04)
Jul 30, 20252025 (Q1)49.5679.406130.16% (+18.40)
May 08, 20252024 (Q4)-8.84-66.00-2.1-3042.86% (-63.90)
Jan 30, 20252024 (Q3)26.2015.1567.59-77.59% (-52.44)
Oct 31, 20242024 (Q2)37.0558.21-31287.77% (+89.21)

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