Takeda lifts FY2026 outlook on H1 growth

Takeda Pharmaceutical Company Limited (4502.T) reported a strong first half for fiscal 2026 and raised its full-year outlook. Revenue for the six months to September 30, 2026, reached ¥2,407.0 billion, an increase of 8.4% versus the prior period on an actual exchange rates basis. Core EPS for the period was ¥308, up 10.5% on the same basis, while reported EPS was ¥193, reflecting a 169.0% increase. The company upgraded its FY2026 guidance mainly to reflect favorable foreign exchange effects.

The revised FY2026 full-year forecast now calls for revenue of ¥4,700.0 billion, up from the prior projection. Core revenue is also forecast at ¥4,700.0 billion.

At the management guidance level on a constant exchange rate basis, core revenue is still expected to show a low-single digit percentage decline. Core operating profit is now guided to a mid-single digit percentage decline, while core EPS is projected to decline by a low-teens percentage.

Takeda’s first-half performance included growth in key profitability metrics on an actual exchange rate basis. Core operating profit increased by 11.2%, supported by its enterprise-wide transformation program, and reported operating profit rose by 60.4%. Adjusted free cash flow for the period was ¥325.7 billion.

At the same time, some cash flow measures showed declines versus the prior year. Adjusted free cash flow declined 38.0% compared with the first half of fiscal 2025. The company stated that savings from its transformation initiatives are being reinvested to support new product launches and pipeline advancement.

Takeda highlighted commercial and regulatory progress that underpins its growth strategy. During the period, ORZEYFUL (oveporexton) received approvals in the U.S., Japan and China. The medicine is now available in Japan and China, while its U.S. launch remains subject to Drug Enforcement Administration scheduling. MIMRYLO (rusfertide) was launched in the U.S. in August 2026 and is now available to patients.

In its late-stage pipeline, Takeda reported that the U.S. Food and Drug Administration accepted the New Drug Application for zasocitinib under Priority Review, and the European Medicines Agency is also reviewing the application. Phase 3 head-to-head data in plaque psoriasis strengthened the clinical evidence for this candidate. The company also presented positive Phase 3 results for arcotatug tavatecan (TAK-921) in advanced gastric cancer, showing statistically significant, clinically meaningful improvements in overall survival and progression-free survival.

These clinical results are expected to support a regulatory filing for arcotatug tavatecan in Japan in fiscal 2027 and continued global development in CLDN18.2-positive cancers. Takeda positions these launches and pipeline advances as central to its Horizon One growth priorities, alongside its transformation program aimed at enhancing operational efficiency and supporting sustainable growth over the longer term.