OSAKA, Japan & CAMBRIDGE, Mass. - Takeda Pharmaceutical Company (NYSE:TAK) Limited (TOKYO:4502/NYSE:TAK) has announced financial results for the third quarter of fiscal year 2023, ended December 31, 2023, showcasing a revenue increase of 4.6% at Actual Exchange Rate (AER), while remaining flat at Constant Exchange Rate (CER). Despite facing challenges such as generic competition and decreased coronavirus vaccine revenue, the company confirmed it is on track to meet its full-year management guidance.
The pharmaceutical giant highlighted two new U.S. FDA approvals during the quarter: FRUZAQLA for adults with previously treated metastatic colorectal cancer and ADZYNMA for the ultra-rare blood clotting disorder cTTP. These approvals are part of Takeda's strategy to expand its portfolio and build on the momentum of its Growth & Launch Products, which saw a 12.7% increase at CER.
Takeda's core operating profit experienced a 12.7% decrease at CER, primarily due to the impact of generic entrants, lower vaccine revenue, and increased investment in R&D and digital technologies. The company's commitment to innovation and long-term competitiveness was underscored by the life-cycle management approvals for HYQVIA® and GAMMAGARD LIQUID® in January.
Despite the decline in core operating profit, Takeda has managed to improve its debt profile, with all debt now at fixed interest rates averaging 1.6%. The company's financial foundation is described as strong as it enters the fourth quarter of FY2023.
Looking ahead, Takeda maintains its forecast for FY2023, anticipating a low-single-digit percentage decline in core revenue and a low-10s percentage decline in core operating profit. The company's free cash flow forecast accounts for expenditures related to acquisitions and in-licensing agreements.
The company's strategic focus remains on creating better health for people and a brighter future for the world through its key business areas, including gastrointestinal and inflammation, rare diseases, plasma-derived therapies, oncology, neuroscience, and vaccines.
Takeda's financial results and the progress of its commercial and development pipeline are based on a press release statement and are available for further details on the company's investor relations website.
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