This is our first report on Japanese pharma major, Takeda Pharma. The company had a strong performance in the last quarter that was well above market expectations as its revenue as well as core operating profits have shown good growth at a constant exchange rate. Also, forex happened to be a tailwind for the company. Immunoglobulin, Takhzyro, and Entyvio each recorded growth in double-digits. A significant pipeline milestone was achieved by the company when TAK-003, the dengue vaccine candidate of the company, received approval. For advancing renewable energy production in the U.S., the company signed a Virtual Power Purchase pact with Enel North America. A positive CHMP opinion was also achieved for marivar in refractory and relapse cytomegalovirus disease. Dr. Falk Pharma and Zedira recently announced a licensing agreement and collaboration to develop TAK-227 for the treatment of celiac disease. Entyvio has been delivering outstanding growth momentum. A positive CHMP opinion was also received that supported the wide use of Qdenga. Another good news was the U.S. FDA accepting Takhzyro for preventing Hereditary Angioedema attacks in children aged 2 years and older. We initiate coverage on the stock of Takeda with a ‘Hold’ rating.
Our Report Structure:
⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
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