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Takeda Announces FY2024 Full Year Results and FY2025 Outlook Reflecting Growth & Launch Products Momentum, Strong Cash Flow Generation and Late-Stage Pipeline Progress

• Core Revenue Growth of 7.4% at Actual Exchange Rates (AER), + 2.8% at Constant Exchange Rate (CER) in FY2024
• Core Operating Profit Growth of 4.9% at CER with Efficiency Program Driving Cost Savings
• Up to Six New Molecular Entities in Phase 3 Development in FY2025 with Three Phase 3 Data Readouts Recently Completed or Anticipated
• FY2025 Outlook for Broadly Flat Revenue and Core Profit Reflecting Product Momentum and Increasing Investment in New Launch Preparation
• Proposed Dividend Increase from JPY 196 to JPY 200

OSAKA, Japan–(BUSINESS WIRE)–
Takeda (TOKYO:4502/NYSE:TAK) today announced financial results for fiscal year 2024 (period ended March 31, 2025) with continued strong momentum in Growth & Launch Products offsetting loss of exclusivity impact to drive revenue and Core Operating Profit growth, supported by robust cost management.

Takeda has built a high-value late-stage pipeline with potentially life-transforming new treatment options for patients. Following a positive Phase 3 readout for rusfertide in Oncology in March 2025, the company anticipates a further two Phase 3 readouts in core therapeutic areas this fiscal year.

FY2025 Management Guidance at CER reflects residual carry-over of VYVANSE^® generic impact, continued efficiency savings and investment in R&D and launch preparation for Takeda’s late-stage pipeline.

Takeda chief executive officer, Christophe Weber, commented:

“Takeda delivered excellent results in FY2024. Our return to Core Operating Profit margin growth underscores the strength of our Growth & Launch Products portfolio and the ability of our multi-year efficiency program to deliver meaningful cost savings.

“FY2025 will be a pivotal year as we invest in launch readiness for the late-stage pipeline, which will contribute to our broadly flat Core Operating Profit outlook for FY2025 but will be key to achieving Takeda’s long-term growth potential.”

Takeda chief financial officer, Milano Furuta, commented:

“Takeda’s success in delivering revenue and Core Operating Profit growth in FY2024 and our outlook for broadly flat revenue and profit in FY2025, demonstrates our ability to manage through one of the largest generic impacts on our business in Takeda’s history while progressing a highly promising late-stage pipeline. Our performance and outlook speak to the strength of our Growth & Launch Products, our innovative pipeline and the resilience of our organization as a whole.

“Takeda is now at an inflection point, with multiple anticipated Phase 3 data readouts this fiscal year, and I’m excited about our growth trajectory.”

FINANCIAL HIGHLIGHTS for FY2024 Ended March 31, 2025
(Billion yen, except percentages and per share amounts)
	FY2024	FY2023	vs. PRIOR YEAR (Actual % change)
Revenue	4,581.6	4,263.8	+7.5%
Operating Profit	342.6	214.1	+60.0%
Net Profit	107.9	144.1	-25.1%
EPS (Yen)	68	92	-25.8%
Operating Cash Flow	1,057.2	716.3	+47.6%
Adjusted Free Cash Flow (Non-IFRS)	769.0	283.4	+171.3%

Core (Non-IFRS)
(Billion yen, except percentages and per share amounts)
	FY2024	FY2023	vs. PRIOR YEAR (Actual % change)	vs. PRIOR YEAR (CER % change)
Revenue	4,579.8	4,263.8	+7.4%	+2.8%
Operating Profit	1,162.6	1,054.9	+10.2%	+4.9%
Margin	25.4%	24.7%	+0.6pp	―
Net Profit	775.6	756.8	+2.5%	-3.4%
EPS (Yen)	491	484	+1.5%	-4.3%

FY2025 Outlook
(Billion yen, except percentages and per share amounts)
Item	FY2025 FORECAST	FY2025 MANAGEMENT GUIDANCE Core Change at CER (Non-IFRS)
Revenue	4,530.0	—
Core Revenue (Non-IFRS)	4,530.0	Broadly flat
Operating Profit	475.0	—
Core Operating Profit (Non-IFRS)	1,140.0	Broadly flat
Net Profit	228.0	—
EPS (Yen)	145	—
Core EPS (Yen) (Non-IFRS)	485	Broadly flat
Adjusted Free Cash Flow (Non-IFRS)	750.0-850.0	—
Annual Dividend per Share (Yen)	200	—

Additional Information About Takeda’s FY2024 Results

For more details about Takeda’s FY2024 results, commercial progress, pipeline updates and other financial information, including key assumptions in the FY2025 forecast and management guidance as well as definitions of non-IFRS measures, please refer to Takeda’s FY2024 Q4 investor presentation (available at https://www.takeda.com/investors/financial-results/quarterly-results/)

About Takeda

Takeda is focused on creating better health for people and a brighter future for the world. We aim to discover and deliver life-transforming treatments in our core therapeutic and business areas, including gastrointestinal and inflammation, rare diseases, plasma-derived therapies, oncology, neuroscience and vaccines. Together with our partners, we aim to improve the patient experience and advance a new frontier of treatment options through our dynamic and diverse pipeline. As a leading values-based, R&D-driven biopharmaceutical company headquartered in Japan, we are guided by our commitment to patients, our people and the planet. Our employees in approximately 80 countries and regions are driven by our purpose and are grounded in the values that have defined us for more than two centuries. For more information, visit www.takeda.com.

Important Notice

For the purposes of this notice, “press release” means this document, any oral presentation, any question and answer session and any written or oral material discussed or distributed by Takeda Pharmaceutical Company Limited (“Takeda”) regarding this press release. This press release (including any oral briefing and any question-and-answer in connection with it) is not intended to, and does not constitute, represent or form part of any offer, invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, exchange, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction. No shares or other securities are being offered to the public by means of this press release. No offering of securities shall be made in the United States except pursuant to registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom. This press release is being given (together with any further information which may be provided to the recipient) on the condition that it is for use by the recipient for information purposes only (and not for the evaluation of any investment, acquisition, disposal or any other transaction). Any failure to comply with these restrictions may constitute a violation of applicable securities laws.

The companies in which Takeda directly and indirectly owns investments are separate entities. In this press release, “Takeda” is sometimes used for convenience where references are made to Takeda and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to subsidiaries in general or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.

The product names appearing in this document are trademarks or registered trademarks owned by Takeda, or their respective owners.

Forward-Looking Statements

This press release and any materials distributed in connection with this press release may contain forward-looking statements, beliefs or opinions regarding Takeda’s future business, future position and results of operations, including estimates, forecasts, targets and plans for Takeda. Without limitation, forward-looking statements often include words such as “targets”, “plans”, “believes”, “hopes”, “continues”, “expects”, “aims”, “intends”, “ensures”, “will”, “may”, “should”, “would”, “could”, “anticipates”, “estimates”, “projects”, “forecasts”, “outlook” or similar expressions or the negative thereof. These forward-looking statements are based on assumptions about many important factors, including the following, which could cause actual results to differ materially from those expressed or implied by the forward-looking statements: the economic circumstances surrounding Takeda’s global business, including general economic conditions in Japan and the United States and with respect to international trade relations; competitive pressures and developments; changes to applicable laws and regulations, including tax, tariff and other trade-related rules; challenges inherent in new product development, including uncertainty of clinical success and decisions of regulatory authorities and the timing thereof; uncertainty of commercial success for new and existing products; manufacturing difficulties or delays; fluctuations in interest and currency exchange rates; claims or concerns regarding the safety or efficacy of marketed products or product candidates; the impact of health crises, like the novel coronavirus pandemic; the success of our environmental sustainability efforts, in enabling us to reduce our greenhouse gas emissions or meet our other environmental goals; the extent to which our efforts to increase efficiency, productivity or cost-savings, such as the integration of digital technologies, including artificial intelligence, in our business or other initiatives to restructure our operations will lead to the expected benefits; and other factors identified in Takeda’s most recent Annual Report on Form 20-F and Takeda’s other reports filed with the U.S. Securities and Exchange Commission, available on Takeda’s website at: https://www.takeda.com/investors/sec-filings-and-security-reports/ or at www.sec.gov. Takeda does not undertake to update any of the forward-looking statements contained in this press release or any other forward-looking statements it may make, except as required by law or stock exchange rule. Past performance is not an indicator of future results and the results or statements of Takeda in this press release may not be indicative of, and are not an estimate, forecast, guarantee or projection of Takeda’s future results.

Financial information and Non-IFRS Measures

Takeda’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”).

This press release and materials distributed in connection with this press release include certain financial measures not presented in accordance with IFRS, such as Core Revenue, Core Operating Profit, Core Net Profit for the year attributable to owners of the Company, Core EPS, Constant Exchange Rate (“CER”) change, Net Debt, Adjusted Net Debt, EBITDA, Adjusted EBITDA, Free Cash Flow and Adjusted Free Cash Flow. Takeda’s management evaluates results and makes operating and investment decisions using both IFRS and non-IFRS measures included in this press release. These non-IFRS measures exclude certain income, cost and cash flow items which are included in, or are calculated differently from, the most closely comparable measures presented in accordance with IFRS. Takeda’s non-IFRS measures are not prepared in accordance with IFRS and such non-IFRS measures should be considered a supplement to, and not a substitute for, measures prepared in accordance with IFRS (which we sometimes refer to as “reported” measures). Investors are encouraged to review the definitions and reconciliations of non-IFRS measures to their most directly comparable IFRS measures, which are in the Financial Appendix appearing at the end of our FY2024 investor presentation (available at www.takeda.com/investors). Beginning in the quarter ended June 30, 2024, Takeda (i) changed its methodology for CER adjustments to results of subsidiaries in hyperinflation countries to present those results in a manner consistent with IAS 29, Financial Reporting in Hyperinflation Economies, (ii) re-named Free Cash Flow as previously calculated as “Adjusted Free Cash Flow” (with “Free Cash Flow” to be reported as Operating Cash Flow less Property, Plant and Equipment), and (iii) re-named Net Debt as previously calculated as “Adjusted Net Debt” (with “Net Debt” to be reported as the book value of bonds and loans less cash and cash equivalents).

Medical information

This press release contains information about products that may not be available in all countries, or may be available under different trademarks, for different indications, in different dosages, or in different strengths. Nothing contained herein should be considered a solicitation, promotion or advertisement for any prescription drugs including the ones under development.

Please refer to slide 5 of Takeda’s FY2024 Q4 investor presentation (available at https://www.takeda.com/investors/financial-results/quarterly-results/) for the definition of Growth & Launch Products.

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Investor Relations

Christopher O’Reilly

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+81 (0) 90-6481-3412

Media Relations

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KEYWORDS: United States Japan North America Asia Pacific Massachusetts

INDUSTRY KEYWORDS: Research Infectious Diseases Neurology Clinical Trials Biotechnology Health Pharmaceutical Science Oncology

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Faraday Future Files Three Patent Applications Through its Future AIHER Subsidiary Relating to AI-Powered Hybrid Extended-Range Systems

• The three patent applications aim to enhance the efficiency and architecture of AI-powered range-extended powertrain systems by enabling personalized energy management through AI deep reinforcement learning, while simplifying system structure and expanding performance and cross-domain applicability.
• The AIHER system, which is being designed and developed, could be used on future generations of FX models to overcome the weaknesses of conventional hybrid and plug-in hybrid systems, making it particularly suited to cold weather areas.

LOS ANGELES–(BUSINESS WIRE)–
Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) (“Faraday Future”, “FF” or “Company”), a California-based global shared intelligent electric mobility ecosystem company, today announced that it has submitted three patent applications through its recently established subsidiary, Future AIHER, seeking to establish a leadership position in intelligent electric powertrain innovation.

Launched in March 2025, Future AIHER is the world’s first AI hybrid extended-range electric powertrain system company. It is dedicated to the design, development and commercialization of cutting-edge AI-driven range extender systems for Extended Range Electric Vehicles (EREVs), including two potential flagship products: a super AI hybrid extended-range system (AIHER) and a super AI extended-range system. These systems would seek to blend the strengths of traditional hybrid and range-extended architectures, with a primary focus on range extension and a supporting hybrid drive—and could redefine performance, energy optimization, and system integration.

The three patent applications mark Future AIHER’s first major technical disclosures:

• The first patent application relates to deep reinforcement learning (DRL) techniques to optimize dynamic energy management in hybrid systems. This innovation could provide a technological pathway for FFID to deliver real-time, personalized energy and power management—tuned to each driver’s unique style and route conditions.
• The other two patent applications involve structural innovations that simplify the architecture of plug-in hybrid systems. By decoupling the engine, generator, and driving wheels, the systems increase modularity and functionality, enabling powerful yet efficient performance from a streamlined configuration.

Future AIHER is positioning itself to lead commercialization and innovation through a two-phase strategic plan. In the short term, it would focus on integrating existing third-party range extender technology into the planned Faraday X (FX) vehicles, which could enable a faster market entry. In the long term, Future AIHER would aim to design and develop its own AI-driven range extender solutions, leveraging advanced technology to enhance efficiency and potentially expand commercialization opportunities to other mobility OEMs including air, ground, and ocean applications, such as electric vertical takeoff and landing (EVTOL) aircraft, commercial trucking, and electric boating industries.

“These innovations are central to FF’s vision of intelligent mobility,” said YT Jia, Co-CEO of Faraday Future. “Future AIHER represents a pivotal extension of our mission—bringing high-performance, AI-enhanced powertrains not only to our FF and future FX series models, but also to a wide array of future mobility industries.”

ABOUT FARADAY FUTURE

Faraday Future is a California-based global shared intelligent electric mobility ecosystem company. Founded in 2014, the Company’s mission is to disrupt the automotive industry by creating a user-centric, technology-first, and smart driving experience. Faraday Future’s flagship model, the FF91, exemplifies its vision for luxury, innovation, and performance. The FX strategy aims to introduce mass production models equipped with state-of-the-art luxury technology similar to the FF 91, targeting a broader market with middle-to-low price range offerings. FF is committed to redefining mobility through AI innovation. Join us in shaping the future of intelligent transportation. For more information, please visit https://www.ff.com/us/

FORWARD LOOKING STATEMENTS

This press release includes “forward looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “committed to,” “will,” “aims to,” and “future,” variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, which include statements regarding the development and commercialization of EREVs and AIHER systems, and integrating existing third-party range extender technology into the Faraday X concept vehicles, are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.

Important factors, among others, that may affect actual results or outcomes include, among others: the Company’s ability to secure the necessary funding to execute on its AI, EREV and Faraday X (FX) strategies, each of which will be substantial; the Company’s ability to design and develop EREV and AIHER technologies; the Company’s ability to design and develop AI-based solutions; competition in the AI, EREV and AIHER areas, where actual or potential competitors have or are likely to have substantial advantages relative to the Company, including but not limited to experience, expertise, funding, infrastructure and personnel; the ability of the Company to execute across multiple concurrent strategies, including the UAE, bridge strategy, or FX, EREV, AIHER, AI, and US geographic expansion; the Company’s ability to secure necessary agreements to license third-party range extender technology and/or license or produce FX vehicles in the U.S., the Middle East, or elsewhere, none of which have been secured; the Company’s ability to homologate FX vehicles for sale in the U.S., the Middle East, or elsewhere; and the Company’s ability to secure necessary permits at its Hanford, CA production facility; the Company’s ability to continue as a going concern and improve its liquidity and financial position; the Company’s ability to pay its outstanding obligations; the Company’s ability to remediate its material weaknesses in internal control over financial reporting and the risks related to the restatement of previously issued consolidated financial statements; the Company’s limited operating history and the significant barriers to growth it faces; the Company’s history of losses and expectation of continued losses; the success of the Company’s payroll expense reduction plan; the Company’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company’s estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company’s vehicles; the Company’s ability to cover future warrant claims; the success of other competing manufacturers; the performance and security of the Company’s vehicles; current and potential litigation involving the Company; the Company’s ability to receive funds from, satisfy the conditions precedent of and close on the various financings described elsewhere by the Company; the result of future financing efforts, the failure of any of which could result in the Company seeking protection under the Bankruptcy Code; the Company’s indebtedness; the Company’s ability to cover future warranty claims; the Company’s ability to use its “at-the-market” program; insurance coverage; general economic and market conditions impacting demand for the Company’s products; potential negative impacts of a reverse stock split; potential cost, headcount and salary reduction actions may not be sufficient or may not achieve their expected results; circumstances outside of the Company’s control, such as natural disasters, climate change, health epidemics and pandemics, terrorist attacks, and civil unrest; risks related to the Company’s operations in China; the success of the Company’s remedial measures taken in response to the Special Committee findings; the Company’s dependence on its suppliers and contract manufacturer; the Company’s ability to develop and protect its technologies; the Company’s ability to protect against cybersecurity risks; and the ability of the Company to attract and retain employees, any adverse developments in existing legal proceedings or the initiation of new legal proceedings, and volatility of the Company’s stock price.. You should carefully consider the foregoing factors, and the other risks and uncertainties described in the “Risk Factors” section of the Company’s Form 10-K filed with the SEC on March 31, 2025, and other documents filed by the Company from time to time with the SEC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250507902018/en/

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KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Luxury Alternative Vehicles/Fuels Technology EV/Electric Vehicles Vehicle Technology Automotive General Automotive Software Retail Artificial Intelligence

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