\nTakeda Pharmaceutical Company Limited (TSE:4502\/NYSE:TAK<\/a>) <\/b>(\u201cTakeda\u201d) today announced the receipt of a decision by the Irish Tax Appeals Commission on July 30, 2021 (IST) to uphold the Irish Revenue Commissioners\u2019 position related to the treatment of a break fee received by Shire plc (\u201cShire\u201d) in October 2014 from AbbVie Inc. (\u201cAbbVie\u201d). Shire was acquired by Takeda in January 2019. Takeda intends to challenge this outcome through all available legal means including appealing the decision to the Irish courts.\n<\/p>\n
\nOn November 28, 2018, Shire received a tax assessment from the Irish Revenue Commissioners for 398 million EUR. This assessment sought to tax a 1,635 million USD break fee Shire received from AbbVie in connection with the terminated offer to acquire Shire made by AbbVie in 2014. Takeda appealed this assessment, and in late 2020 a hearing took place before the Irish Tax Appeals Commission.\n<\/p>\n
\nWhile Takeda is continuing to assess the substance of the decision, the company will record a provision for the case in the consolidated financial statements for the fiscal quarter, which ended on June 30, 2021 (\u201cQ1 FY2021\u201d), as a subsequent event that relates to a condition that existed as of June 30, 2021. The provision is currently estimated at approximately 63 billion JPY including interest accrued through June 30, 2021. In addition, to reflect the impact of the provision, Takeda will revise its \u201cSummary of Financial Statements for the Three-month Period Ended June 30, 2021″ (IFRS, Consolidated) and intends to re-file the revised information with the Tokyo Stock Exchange no later than August 6, 2021 (JST). Takeda will also revise other Q1 FY2021 financial materials to reflect the impact of the provision, and publish them on its website by August 6, 2021 (JST). There is no change to Takeda\u2019s Q1 FY2021 Core and Underlying financial results, as the tax charge resulting from the decision is a non-recurring item considered unrelated to Takeda\u2019s ongoing operations. To view the updated materials, once available, please visit: https:\/\/www.takeda.com\/investors\/financial-results\/<\/a>.\n<\/p>\n \nAt this time, Takeda is not revising its forecast for the full fiscal year ending March 31, 2022 (\u201cFull Year FY2021\u201d). Takeda will update its Full Year FY2021 consolidated financial forecasts (based on IFRS) at the appropriate timing by taking this decision as well as other factors into consideration. This decision will not impact the Full Year FY2021 outlook for Core or Underlying financial results.\n<\/p>\n About Takeda Pharmaceutical Company Limited<\/b><\/p>\n \nTakeda Pharmaceutical Company Limited (TSE: 4502\/NYSE: TAK<\/a>) is a global, values-based, R&D-driven biopharmaceutical leader headquartered in Japan, committed to discover and deliver life-transforming treatments, guided by our commitment to patients, our people and the planet. Takeda focuses its R&D efforts on four therapeutic areas: Oncology, Rare Genetics and Hematology, Neuroscience, and Gastroenterology (GI). We also make targeted R&D investments in Plasma-Derived Therapies and Vaccines. We are focusing on developing highly innovative medicines that contribute to making a difference in people\u2019s lives by advancing the frontier of new treatment options and leveraging our enhanced collaborative R&D engine and capabilities to create a robust, modality-diverse pipeline. Our employees are committed to improving quality of life for patients and to working with our partners in health care in approximately 80 countries and regions. For more information, visit https:\/\/www.takeda.com<\/a>.\n<\/p>\n Important Notice<\/b><\/p>\n \nFor the purposes of this notice, \u201cpress release\u201d 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 (\u201cTakeda\u201d) regarding this 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.\n<\/p>\n \nThe companies in which Takeda directly and indirectly owns investments are separate entities. In this press release, \u201cTakeda\u201d is sometimes used for convenience where references are made to Takeda and its subsidiaries in general. Likewise, the words \u201cwe\u201d, \u201cus\u201d and \u201cour\u201d 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.\n<\/p>\n \nThe product names appearing in this document are trademarks or registered trademarks owned by Takeda, or their respective owners.\n<\/p>\n Forward-Looking Statements<\/b><\/p>\n \nThis press release and any materials distributed in connection with this press release may contain forward-looking statements, beliefs or opinions regarding Takeda\u2019s 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 \u201ctargets\u201d, \u201cplans\u201d, \u201cbelieves\u201d, \u201chopes\u201d, \u201ccontinues\u201d, \u201cexpects\u201d, \u201caims\u201d, \u201cintends\u201d, \u201censures\u201d, \u201cwill\u201d, \u201cmay\u201d, \u201cshould\u201d, \u201cwould\u201d, \u201ccould\u201d \u201canticipates\u201d, \u201cestimates\u201d, \u201cprojects\u201d 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\u2019s global business, including general economic conditions in Japan and the United States; competitive pressures and developments; changes to applicable laws and regulations, including global health care reforms; 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, on Takeda and its customers and suppliers, including foreign governments in countries in which Takeda operates, or on other facets of its business; the timing and impact of post-merger integration efforts with acquired companies; the ability to divest assets that are not core to Takeda\u2019s operations and the timing of any such divestment(s); and other factors identified in Takeda\u2019s most recent Annual Report on Form 20-F and Takeda\u2019s other reports filed with the U.S. Securities and Exchange Commission, available on Takeda\u2019s website at: https:\/\/www.takeda.com\/investors\/sec-filings<\/a>\/or at www.sec.gov<\/a>. 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\u2019s future results.\n<\/p>\n Financial information<\/b><\/p>\n \nTakeda\u2019s financial statements are prepared in accordance with International Financial Reporting Standards (\u201cIFRS\u201d).\n<\/p>\n Certain Non-IFRS Financial Measures<\/b><\/p>\n \nThis press release and materials distributed in connection with this press release include certain IFRS financial measures not presented in accordance with International Financial Reporting Standards (\u201cIFRS\u201d), such as Underlying Revenue, Core Operating Profit, Underlying Core Operating Profit, Core Net Profit, Underlying Core EPS, Net Debt, EBITDA, Adjusted EBITDA and Free Cash Flow. Takeda\u2019s 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. By including these non-IFRS measures, management intends to provide investors with additional information to further analyze Takeda\u2019s performance, core results and underlying trends. Takeda\u2019s 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 \u201creported\u201d measures). Investors are encouraged to review the reconciliation of non-IFRS financial measures to their most directly comparable IFRS measures.\n<\/p>\n \nFurther information on certain of Takeda\u2019s Non-IFRS measures is posted on Takeda\u2019s investor relations website at https:\/\/www.takeda.com\/investors\/financial-results\/<\/a><\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210801005052\/en\/<\/a><\/span><\/p>\n Media Contacts: Media Outside Japan Investor Contacts: KEYWORDS:<\/b> Japan Asia Pacific<\/p>\n INDUSTRY KEYWORDS:<\/b> Oncology Health Other Science Research Science Pharmaceutical Biotechnology<\/p>\n<\/p>\n
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Japanese Media
\n<\/b>
Ryoko Matsumoto
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ryoko.matsumoto@takeda.com
\n<\/a>
+81 (0) 3-3278-2037\n<\/p>\n
\n<\/b>
Christina Beckerman
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christina.beckerman@takeda.com
\n<\/a>
+1 (908) 581-4133\n<\/p>\n
\n<\/b>
Christopher O\u2019Reilly
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takeda.ir.contact@takeda.com
\n<\/a>
+81 (0) 3-3278-2306\n<\/p>\n
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