Takeda Pharmaceutical Company Limited (NYSE:TAK) Q2 2025 Earnings Call October 31, 2024 6:00 AM ET

Company Participants

Christopher O’Reilly - Head, Investor Relations
Christophe Weber - President and Chief Executive Officer
Milano Furuta - Chief Financial Officer
Andy Plump - President, R&D
Ramona Sequeira - President, Global Portfolio
Julie Kim - President, U.S. Business Unit
Giles Platford - President, PDT Business Unit
Teresa Bitetti - President, Global Oncology Business Unit

Conference Call Participants

Steve Barker - Jefferies
Mike Nedelcovych - TD Cowen
Tony Ren - Macquarie
Miki Sogi - Bernstein

Christopher O’Reilly

Thank you for taking time out of your very busy schedule to join the FY ‘24 Q2 earnings announcement by Takeda. I’m the master of ceremony, Head of IR. My name is O’Reilly. Thank you for this opportunity. [Operator Instructions]

Let me start, I’d like to remind everyone that we will be discussing forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those discussed today. The factors that could cause our actual results to differ materially are discussed in the most recent Form 20-F and our other SEC filings.

I’d also refer to the important note on Page 2 of the presentation regarding forward-looking statements of our non-IFRS financial measures, which will also be discussed during this call. Definitions of non-IFRS measures and the reconciliations with comparable IFRS financial measures are included in the appendix to the presentation.

Now we would like to start the presentation. Today, we have President and CEO, Christophe Weber; Chief Financial Officer, Milano Furuta; R&D President, Andy Plump, presenting to you. And the presentation will be followed by Q&A. Let’s get started.

Christophe Weber

Thank you, Chris, and thank you, everyone, for joining us today. Our fiscal year 2024 first half performance demonstrates strong momentum of our Growth & Launch product portfolio, the potential of our pipeline and our commitment to driving efficiencies to improve our margins.

First half revenue grew 5% at constant exchange rate, driven by our Growth & Launch product, which grew 18.7% at constant exchange rate and now account for 47% of total revenue. VYVANSE declined 29% in the U.S. and 18% globally, a slower-than-expected erosion in the U.S. We, however, assume that VYVANSE generic erosion will potentially accelerate in the second half as generic supply normalize, impacting our revenue and profit growth in the second half of the year. I will discuss our Growth & Launch product performance in more detail on the following slide.