Benzinga - by Vandana Singh, Benzinga Editor.
Thursday, Takeda Pharmaceutical Co Ltd (NYSE:TAK) reported a third-quarter 2023 core net profit of ¥235.9 billion, down 9.4% and 9.5% on constant currency.
Takeda’s CFO, Costa Saroukos, commented, “We remain on track towards our full-year Management Guidance at CER, reflecting significant generic impact, lower coronavirus vaccines revenue, and investment in R&D and data, digital and technology to secure our long-term competitiveness, as well as continued strong momentum in our Growth & Launch Products.”
The company reported third-quarter sales of ¥1.11 trillion, up 1.3% at the actual exchange rate (AER) and down 2.6% at the constant exchange rate (CER).
Core operating profit came in at ¥ 276.8 billion, down 16% at AER and 18.8% at CER, reflecting generic impact, lower coronavirus vaccines revenue, and increased investment in R&D and data, digital, and technology.
Management Change: Takeda announced that Costa Saroukos, chief financial officer, has decided to step down, effective April 1, 2024, and will remain as a board member until June 28, 2024.
Milano Furuta, president of Takeda’s Japan Pharma Business Unit, will succeed Mr. Saroukos.
Deal: Takeda and Protagonist Therapeutics Inc (NASDAQ:PTGX) signed a worldwide license and collaboration agreement for rusfertide, an investigational injectable hepcidin mimetic peptide of the natural hormone hepcidin, currently in Phase 3 VERIFY trial, for Polycythemia Vera.
Following U.S. regulatory filing, Takeda will lead the commercialization of rusfertide with Protagonist holding an option to co-detail in the U.S.
Protagonist has the right to opt-out of the 50:50 profit share. In that event, Protagonist would be eligible to receive opt-out payments and enhanced milestone and royalty payments. Takeda would maintain full ex-U.S. rights under either scenario.
Monday, the FDA approved Gammagard Liquid as an intravenous immunoglobulin therapy to improve neuromuscular disability and impairment in adults with chronic inflammatory demyelinating polyneuropathy.
Guidance: For the fiscal year 2023, Takeda reiterates sales guidance of ¥3.98 trillion, with core change at CER of a Low-single-digit % decline.
The company reaffirms a core operating profit of ¥1,015 billion and a net profit of ¥93 billion. It forecasts a core EPS of ¥447.
Price Action: TAK shares are down 1.64% at $14.36 on the last check Thursday.
Photo via Wikimedia Commons
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