Investing.com-- Takeda Pharmaceutical Co., Ltd. (TYO:4502) reported a stronger operating profit for the first half on Thursday, aided by increased cost-cutting measures and sustained weakness in the yen, which boosted returns from overseas sales.
The Japanese drugmaker hiked its annual forecasts, citing favorable currency movements.
Core operating profit, which excludes items such as amortisation and impairments, rose 11.2% year-on-year to 710.6 billion yen ($4.50 billion) for the six months to September 30.
Core net profit rose 11.6% to 489.6 billion yen, while revenue rose 8.4% to 2.41 trillion yen.
Takeda cited improving cost savings from an ongoing transformation for the stronger profit, which come as the drugmaker prepares to launch a flurry of new products.
The drugmaker, which is among the biggest pharmaceutical companies in the world by revenue, hiked its annual revenue forecast to 4.70 trillion yen from 4.64 trillion yen.
Core operating profit is now expected at 1.19 trillion yen from prior forecasts of 1.16 trillion yen, while net profit is now expected at 209 billion yen, up 43 billion yen from prior forecasts.
The company outlined three new medicines as the next major drivers of growth– its narcolepsy drug Orzeyful, Psoriasis drug candidate Zasocitinib, and Mimrylo for erythrocytosis in polycythemia vera.
Original Article
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