Takeda reports FY2026 H1 results and upgrades outlook

Financial results

Takeda reported H1 FY2026 revenue of JPY 2,407.0 billion, up 8.4% on actual exchange rates and down 1.0% at constant exchange rates. Reported operating profit was JPY 406.7 billion (up 60.4% AER), supported by the end of amortization for VYVANSE intangible assets; core operating profit (non-IFRS) was JPY 710.6 billion, an 11.2% increase AER (0.7% CER). Net profit was JPY 305.6 billion and adjusted free cash flow was JPY 325.7 billion. Core EPS was JPY 308; reported EPS was JPY 193.

New medicines and late-stage pipeline

ORZEYFUL (oveporexton) received approvals in the U.S., Japan and China and launched in Japan and China on October 15, with U.S. commercial launch subject to DEA scheduling and expected in early November; Phase 3 results were published in the New England Journal of Medicine. MIMRYLO (rusfertide), a hepcidin mimetic, launched in the U.S. in August based on Phase 3 VERIFY data showing a 76.9% clinical response in weeks 20–32 and is recommended as a Category 1 option in NCCN guidance. Zasocitinib’s NDA was accepted by the FDA under Priority Review and is under EMA review; Phase 3 showed superiority to deucravacitinib on primary and key secondary endpoints. Oncology programs reported positive Phase 3 data for arcotatug tavatecan (TAK-921) supporting a Japan filing in FY2027, ongoing development of TAK-928 and approval of ELAHERE in Japan.

Outlook, transformation and capital allocation

Takeda raised its FY2026 full-year outlook to reflect a foreign-exchange benefit, revising revenue to JPY 4,700.0 billion and core operating profit to JPY 1,190.0 billion, with adjusted free cash flow guided to JPY 700.0–800.0 billion. The company said transformation savings are being reinvested to support launches and pipeline progress while maintaining a progressive dividend (annual dividend JPY 204).

Events

Takeda will host a Capital Markets Day on December 11, 2026 in Tokyo and referenced a first-half investor call on October 29, 2026.