Slides
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January 29th, 2026 Committed to Growth & Shareholder Returns TSE: 4502 FY2025 Q3 Earnings Announcement
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For the purposes of this notice, “presentation” means this document, any oral presentation, any question and answer session and any written or oral material discussed or distributed by Takeda Pharmaceutical Company Limited (“Takeda”) regarding this presentation. This presentation (including any oral briefing and any question-and-answer in connection with it) is not intended to, and does not constitute, represent or form part of any offer, invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, exchange, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction. No shares or other securities are being offered to the public by means of this presentation. No offering of securities shall be made in the United States except pursuant to registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom. 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These forward-looking statements are based on assumptions about many important factors, including the following, which could cause actual results to differ materially from those expressed or implied by the forward-looking statements: the economic circumstances surrounding Takeda’s global business, including general economic conditions in Japan and the United States and with respect to international trade relations; competitive pressures and developments; changes to applicable laws and regulations, including drug pricing, tax, tariff and other trade-related rules; challenges inherent in new product development, including uncertainty of clinical success and decisions of regulatory authorities and the timing thereof; uncertainty of commercial success for new and existing products; manufacturing difficulties or delays; fluctuations in interest and currency exchange rates; claims or concerns regarding the safety or efficacy of marketed products or product candidates; the impact of health crises, like the novel coronavirus pandemic; the success of our environmental sustainability efforts, in enabling us to reduce our greenhouse gas emissions or meet our other environmental goals; the extent to which our efforts to increase efficiency, productivity or cost-savings, such as the integration of digital technologies, including artificial intelligence, in our business or other initiatives to restructure our operations will lead to the expected benefits; and other factors identified in Takeda’s most recent Annual Report on Form 20-F and Takeda’s other reports filed with the U.S. Securities and Exchange Commission, available on Takeda’s website at: https://www.takeda.com/investors/sec-filings-and-security-reports/ or at www.sec.gov. Takeda does not undertake to update any of the forward-looking statements contained in this presentation or any other forward-looking statements it may make, except as required by law or stock exchange rule. Past performance is not an indicator of future results and the results or statements of Takeda in this presentation may not be indicative of, and are not an estimate, forecast, guarantee or projection of Takeda’s future results. Financial Information and Non-IFRS Measures Takeda’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). This presentation and materials distributed in connection with this presentation include certain financial measures not presented in accordance with IFRS, such as Core Revenue, Core Operating Profit, Core Net Profit for the year attributable to owners of the Company, Core EPS, Constant Exchange Rate (“CER”) change, Net Debt, Adjusted Net Debt, EBITDA, Adjusted EBITDA, Free Cash Flow and Adjusted Free Cash Flow. Takeda’s management evaluates results and makes operating and investment decisions using both IFRS and non-IFRS measures included in this presentation. These non-IFRS measures exclude certain income, cost and cash flow items which are included in, or are calculated differently from, the most closely comparable measures presented in accordance with IFRS. Takeda’s non-IFRS measures are not prepared in accordance with IFRS and such non-IFRS measures should be considered a supplement to, and not a substitute for, measures prepared in accordance with IFRS (which we sometimes refer to as “reported” measures). Investors are encouraged to review the definitions and reconciliations of non-IFRS measures to their most directly comparable IFRS measures, which are in the Financial Appendix appearing at the end of this presentation. U.S. Dollar Convenience Translations In this presentation, certain amounts presented in Japanese yen have been translated to U.S. dollars solely for the convenience of the reader. Except where otherwise noted, these convenience translations have been made at an exchange rate of 1USD = 156.80 JPY, the Noon Buying Rate certified by the Federal Reserve Bank of New York on December 31, 2025. The rate and methodologies used for these convenience translations differ from the currency exchange rates and translation methodologies under IFRS used for the preparation of Takeda’s consolidated financial statements. These translations should not be construed as a representation that the Japanese yen amounts could be converted into U.S. dollars at this or any other rate. Medical information This presentation contains information about products that may not be available in all countries, or may be available under different trademarks, for different indications, in different dosages, or in different strengths. Nothing contained herein should be considered a solicitation, promotion or advertisement for any prescription drugs including the ones under development. Important Notice 2
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Opening Remarks Christophe Weber, President & CEO Financial Highlights Milano Furuta, Chief Financial Officer Pipeline Update Andy Plump, President, R&D Question & Answer Session AGENDA Closing Remarks Christophe Weber, President & CEO Julie Kim, CEO-Elect 1. 2. 3. 4. 5.
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Poised to Launch 3 Transformative Medicines in the Next 18 Months Setting Takeda on a New Growth Trajectory 4 Oveporexton Narcolepsy Type 1 Rusfertide Polycythemia Vera Zasocitinib Psoriasis Expected launch 2026 (H2) Expected launch 2026 (H2) Expected launch 2027 (H1) First orexin agonist to NDA submission with compelling efficacy across the broad spectrum of NT1 symptoms Primed to trigger a paradigm shift in the treatment of NT1 Hepcidin mimetic delivering durable & sustained hematocrit control addressing major unmet need Set to revolutionize outcomes at each step in the treatment landscape Highly selective TYK2 inhibitor with compelling profile to treat psoriasis with a once-daily oral therapy Positioned to transform & expand the advanced oral market Estimated launch timings are all pending regulatory approval. Breakthrough Designation Fast Track Designation Orphan Drug Designation
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Opening Remarks Christophe Weber, President & CEO Financial Highlights Milano Furuta, Chief Financial Officer Pipeline Update Andy Plump, President, R&D Question & Answer Session AGENDA Closing Remarks Christophe Weber, President & CEO Julie Kim, CEO-Elect 1. 2. 3. 4. 5.
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1. Please refer to appendix slide A-1 for definition of Core financial measures, and slides A-8 and A-10 for reconciliation. 2. Constant Exchange Rate. Please refer to appendix slide A-1 for definition 3. Please refer to appendix slide A-2 for definition and slide A-12 for reconciliation (BN YEN, except EPS) REPORTED FY2025 Q3 YTD FY2024 Q3 YTD ACTUAL % CHANGE REVENUE 3,411.2 3,528.2 -3.3% OPERATING PROFIT 422.4 417.5 +1.2% Margin 12.4% 11.8% +0.5pp NET PROFIT 216.1 211.1 +2.4% EPS 137 yen 134 yen +2.7% OPERATING CASH FLOW 966.9 835.0 +15.8% ADJUSTED FREE CASH FLOW3 625.9 568.3 +10.1% FY2025 Q3 YTD: Impact of VYVANSE Generics is Tapering Off; Strong OPEX Discipline to Limit Impact to Core Operating Profit 6 CORE 1 FY2025 Q3 YTD FY2024 Q3 YTD ACTUAL % CHANGE CER2 % CHANGE 3,411.2 3,528.2 -3.3% -2.8% 971.6 1,006.3 -3.4% -3.4% 28.5% 28.5% -0.0pp 673.6 698.9 -3.6% -3.4% 428 yen 443 yen -3.3% -3.1% FY2025 Q3 YTD (APR -DEC) FINANCIAL RESULTS (SUMMARY)
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GI RARE DISEASES PLASMA -DERIVED THERAPIES (PDT) ONCOLOGY VACCINES NEUROSCIENCE % of Sales: 32% Growth at CER: +4.6% % of Sales: 17% Change at CER: -0.6% % of Sales: 23% Growth at CER: +1.9% % of Sales: 13% Growth at CER: +2.0% % of Sales: 2% Growth at CER: +8.0% % of Sales: 9% Change at CER: -30.4% Growth & Launch Products +6.7% at CER in Q3 YTD, with Growth Rate Improving Quarter-on-Quarter 7 Absolute values are FY2025 Q3 YTD results presented on an IFRS (reported) basis; growth rates are year-on-year change at Constant Exchange Rate (CER) (please refer to appendix slide A-1 for definition). “% of Sales” reflects percentage of FY2025 Q3 YTD Revenue 1. Please refer to disclaimer on Exchange Rates on slide 2 JPY 744.5B +7.4% JPY 6.9B +78.5% JPY 170.7B +2.4% JPY 34.9B +43.6% JPY 8.4B +74.8% IMMUNOGLOBULIN JPY 593.6B +4.3% ALBUMIN JPY 101.6B +1.3% JPY 42.9B +19.9% JPY 27.0B -1.4% JPY 37.7B +22.1% Growth & Launch Products FY2025 Q3 YTD revenue JPY 1,768.3B (USD 11.3B) 1 52% of Total Revenue +6.7% at CER Balanced Portfolio Across 6 Key Business Areas
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FY2025 Q3 YTD Revenue: Narrowing the Gap Between Incremental Growth & Launch Products Revenue and VYVANSE Erosion 8 FY2025 Q3 YTD (APR -DEC) REVENUE VS PRIOR YEAR (BN JPY) Graphs are illustrative LOE: Loss of Exclusivity For FY2025 Q3 YTD versus FY2024 Q3 YTD comparison, Reported Revenue and Core Revenue are equivalent, as no Core adjustment was made to revenue in either year. FY2024 Q3 YTD Revenue Growth & Launch Products LOE impacted products Other products -17.6 FX FY2025 Q3 YTD Revenue 3,528.2 3,411.2 -2.8% at CER -3.3% Mainly VYVANSE -45.7% at CER Growth of +6.7% at CER
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FY2024 Q3 YTD Core Operating Profit Growth & Launch Products, and Others LOE impacted products R&D Expenses SG&A Expenses -0.1 FX FY2025 Q3 YTD Core Operating Profit 1,006.3 971.6 -3.4% at CER -3.4% FY2025 Q3 YTD Core Operating Profit: Operational Efficiencies Deliver Year-on-Year Reduction in R&D and SG&A Expenses 9 Gross Profit Impact (BN JPY) FY2025 Q3 YTD (APR -DEC) CORE OPERATING PROFIT VS PRIOR YEAR Graphs are illustrative LOE: Loss of Exclusivity Note: Core Operating Profit is a non-IFRS metric. Please refer to appendix for definitions and reconciliations.
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FY2024 Q3 YTD Reported Operating Profit Change in Core Operating Profit (at CER) Impairment of Intangible Assets Other Operating Income/Expenses (net) Other 4.3 FX FY2025 Q3 YTD Reported Operating Profit 417.5 422.4 +1.2% FY2025 Q3 YTD Reported Operating Profit: Lower Restructuring Expenses More Than Offset Impairment 10 Mainly due to lower restructuring costs (BN JPY) FY2025 Q3 YTD (APR -DEC) REPORTED OPERATING PROFIT VS PRIOR YEAR Mainly due to JPY 58.2B impairment in FY25 Q2 related to decision to discontinue cell therapy efforts Note: Core Operating Profit is a non-IFRS metric. Please refer to appendix for definitions and reconciliations. Graphs are illustrative
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FY2025 Full-Year Revenue Guidance Revised Primarily due to VYVANSE; Raising Reported & Core Forecasts to Reflect FX Tailwind 11 (BN YEN, except EPS) REPORTED CORE PREVIOUS FORECAST REVISED FORECAST PREVIOUS FORECAST REVISED FORECAST REVENUE 4,500.0 4,530.0 4,500.0 4,530.0 OPERATING PROFIT 400.0 410.0 1,130.0 1,150.0 EPS 97 yen 98 yen 479 yen 486 yen CORE CHANGE AT CER (MANAGEMENT GUIDANCE) PREVIOUS GUIDANCE (OCT 2025) REVISED GUIDANCE (JAN 2026) Broadly Flat Low-single-digit % decline Low-single-digit % decline Low-single-digit % decline Low-single-digit % decline Low-single-digit % decline Slide includes non-IFRS metrics. Please refer to appendix for definitions and reconciliations. REVENUE CORE OPERATING PROFIT CORE EPS • Updated FX assumptions (full-year average): JPY/USD 147 → 150 JPY/EUR 170 → 174 • Revenue guidance for change at CER revised to reflect product momentum including stronger than anticipated generic erosion of VYVANSE in the U.S. • Maintaining Core Operating Profit and Core EPS guidance, as continued OPEX discipline mitigates the gross profit impact from VYVANSE Note: Takeda’s forecast for FY2025 reflects our latest assumptions for the impact of tariffs (e.g. 15% tariff on pharmaceutical products being imported into the U.S. from the EU and Japan), as well as certain mitigation strategies we are taking to minimize the impact (e.g. inventory management). Please refer to appendix slide A-18 for more details of the FY2025 forecast Please refer to appendix slide A-20 for more details on FX assumptions and sensitivity. ADJUSTED FREE CASH FLOW 600.0 – 700.0 650.0 – 750.0 ANNUAL DIVIDEND PER SHARE 200 yen (no change)
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Raising Core Operating Profit Forecast as Continued OPEX Discipline Fully Offsets Impact of VYVANSE, with Further Upside from FX 12 Graphs are illustrative Note: Core Operating Profit is a non-IFRS metric. Please refer to appendix for definitions and reconciliations. (BN JPY) FY2025 REVENUE FORECAST (JAN VS OCT) FY2025 CORE OPERATING PROFIT FORECAST (JAN VS OCT) FY2025 Previous Forecast (Oct) VYVANSE Other Products FX FY2025 Revised Forecast (Jan) 4,500.0 4,530.0 FY2025 Previous Forecast (Oct) VYVANSE Other Products OPEX FX FY2025 Revised Forecast (Jan) 1,130.0 1,150.0
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Opening Remarks Christophe Weber, President & CEO Financial Highlights Milano Furuta, Chief Financial Officer Pipeline Update Andy Plump, President, R&D Question & Answer Session AGENDA Closing Remarks Christophe Weber, President & CEO Julie Kim, CEO-Elect 1. 2. 3. 4. 5.
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Poised to Launch 3 Transformative Medicines in the Next 18 Months Setting Takeda on a New Growth Trajectory 14 Oveporexton Narcolepsy Type 1 Rusfertide Polycythemia Vera Zasocitinib Psoriasis Expected launch 2026 (H2) Expected launch 2026 (H2) Expected launch 2027 (H1) First orexin agonist to NDA submission with compelling efficacy across the broad spectrum of NT1 symptoms Primed to trigger a paradigm shift in the treatment of NT1 Hepcidin mimetic delivering durable & sustained hematocrit control addressing major unmet need Set to revolutionize outcomes at each step in the treatment landscape Highly selective TYK2 inhibitor with compelling profile to treat psoriasis with a once-daily oral therapy Positioned to transform & expand the advanced oral market Estimated launch timings are all pending regulatory approval. Breakthrough Designation Fast Track Designation Orphan Drug Designation
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Accelerating Our Late-Stage Programs that have the Potential to Transform Lives and Generate Significant Value Late-stage program: Program in or expected to be in potential pivotal trial or having achieved proof-of-concept. Orphan drug designations in at least one indication Japan SAKIGAKE and/or China Breakthrough designations in at least one indication US Breakthrough and/or EU PRIME designations in at least one indication Target Filing, anticipated year of filing for regulatory approval Targeted pivotal study / Phase 3 start FY25 GASTROINTESTINAL AND INFLAMMATION zasocitinib (TAK-279) mezagitamab (TAK-079) IgA Nephropathy Ph3 Start Psoriasis Head-to-Head vs. deucravacitinib Start fazirsiran (TAK-999) FY26 Psoriasis Target Filing 15 Approved Psoriatic Arthritis Target Filing All timelines are approximate estimates as of January 29th 2026, are subject to change and are subject to clinical and regulatory success. Table only shows selected R&D milestones and is not comprehensive. For full glossary of abbreviations please refer to appendix. FY27 - 29 IgA Nephropathy Target Filing AATD Liver Disease Target Filing Immune Thrombocytopenia Target Filing Proof-of-concept/Dose ranging Phase 2 study UC - Ph2b Readout Crohn’s - Ph2b Readout HS - Ph2a Start Vitiligo - Ph2b Start Milestone achieved NEUROSCIENCE oveporexton (TAK-861) Narcolepsy Type 1 Submitted1 LCM Opportunities 1. Oveporexton NDA has been submitted to the U.S. FDA pending acceptance and a rolling submission is ongoing in Japan; Oveporexton has been filed in China.
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Accelerating Our Late-Stage Programs that have the Potential to Transform Lives and Generate Significant Value Target Filing, anticipated year of filing for regulatory approval Targeted pivotal study / Phase 3 start FY25 FY26 16 Approved All timelines are approximate estimates as of January 29th 2026, are subject to change and are subject to clinical and regulatory success. Table only shows selected R&D milestones and is not comprehensive. For full glossary of abbreviations please refer to appendix. FY27 - 29 Proof-of-concept/Dose ranging Phase 2 study 2L Anemia-associated MDS Target Filling Polycythemia Vera Submitted AA MF - Ph2 Readout elritercept (TAK-226) rusfertide (TAK-121) Milestone achieved 1L Anemia-associated MDS Ph3 Start TAK-928 / IBI363 TAK-921 / IBI343 2L Squamous NSCLC Ph3 Start 1L GC, 1L PDAC – POC Readouts 2L nsq NSCLC, 1L NSCLC, 1L MSS CRC – POC Readouts 3L Gastric Cancer Target Filing (JP) Late-stage program: Program in or expected to be in potential pivotal trial or having achieved proof-of-concept. Orphan drug designations in at least one indication Japan SAKIGAKE and/or China Breakthrough designations in at least one indication US Breakthrough and/or EU PRIME designations in at least one indication ONCOLOGY Solid Tumors Ph3 Program Expansion Solid Tumors Ph3 Program Expansion
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Opening Remarks Christophe Weber, President & CEO Financial Highlights Milano Furuta, Chief Financial Officer Pipeline Update Andy Plump, President, R&D Question & Answer Session AGENDA Closing Remarks Christophe Weber, President & CEO Julie Kim, CEO-Elect 1. 2. 3. 4. 5.
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Bridging to The Future: Leadership Transition to Julie Kim 18 Julie KimChristophe Weber
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Q&A SESSION ANDY PL UM P Director; President, Research & Development C HRISTO PHE WE BE R Representative Director; President & CEO M IL ANO FURUTA Director; Chief Financial Officer J UL IE KIM CEO-Elect
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APPENDIX
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GASTROENTEROLOGY (GI) ENTYVIO Momentum Continues with Expansion of ENTYVIO PEN (BN JPY) Absolute values are presented on an IFRS (reported) basis; Year-on-year changes are at CER (please refer to appendix slide A-1 for definition). GI PORTFOLIO FY 2025 Q3 Y T D R E V E NUE 21 0 100 200 300 400 500 600 700 800 900 1,000 1,100 FY2024 Q3 YTD FY2025 Q3 YTD ENTYVIO TAKECAB GATTEX EOHILIA Other +5% +7% +10% -2% FY2025 Q3 YTD Revenue JPY 744.5B (+7.4% growth at CER) -12% 1. Source: US Patient Share – IQVIA; completed claims through October 2025. PBM: Pharmacy Benefit Manager • In the U.S., ENTYVIO remains the #1 prescribed brand in IBD (UC and Crohn’s combined)1 and is the only gut-focused treatment for UC and Crohn’s • U.S. Pen patients grew double-digit QoQ, with 90% IV to 10% Pen volume ratio. Pen uptake continues with expanded formulary coverage, including all Big 3 PBMs, and improved patient access experiences • In Europe, ENTYVIO maintains a strong high single digit % growth in patients and volume fueled by SC penetration, despite competitive pressure • Investment in studies to support targets ofdisease clearance and endoscopic healing, plus studies investigating the potential role of combination therapies to break efficacy ceilingwith vedolizumab as backbone • No change to assumption of biosimilar entry timing. Any biosimilar that seeks to launch prior to 2032 would need to address potential infringement and / or the validity of all relevant patents FY2025 Q3 YTD Revenue JPY 6.9B (+78.5% growth at CER) • Patient demand for EOHILIA continues to grow month over month since launch in February 2024 • Growth supported by strong HCP awareness and positive real-world experience; U.S. team remains focused on HCP and patient engagement and education • EOHILIA is the only FDA-approved treatment with a strong recommendation as a first-line treatment option for Eosinophilic Esophagitis, based on the American College of Gastroenterology guidelines +78%
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RARE DISEASES Sustained TAKHZYROGrowth Despite Emerging Competitive Headwinds; LIVTENCITY Strong Market Penetration in the U.S. & Rapid Geo Expansion • 7 years in the market, TAKHZYRO continues to be the #1 prescribed modern long-term prophylaxis with ~6,850 patients treated globally and over 20,000 patient years of experience since launch • Commercial presence in 55+ countries, delivering improved patient outcomes (including demonstrated quality-of-life improvements and potential for zero attacks) supported by compelling real-world evidence (3.5+ years on therapy) • First long-term prophylactic HAE treatment to be approved for use in patients 2 years of age and up • LIVTENCITY continues to show strong U.S performance driven by increasedbreadth and depth of activated centers, new and repeat prescribers, and positive market access trends leading to growth in newpatient starts • Real world utilization has demonstrated highly individualized treatment with partially longer treatment duration and a potential broader patient base • Rapid geo expansion: Available in >30 countries worldwide; recent launch in Japan and NRDL coverage in China 22 FY2025 Q3 YTD Revenue JPY 170.7B (+2.4% growth at CER) FY2025 Q3 YTD Revenue JPY 34.9B (+43.6% growth at CER) Absolute values are presented on an IFRS (reported) basis; Year-on-year changes are at CER (please refer to appendix slide A-1 for definition). FY2025 Q3 YTD Revenue JPY 8.4B (+74.8% growth at CER) • Strong launch trajectory: Launched for cTTP in the U.S., Japan, Germany and Austria, and approval granted in Brazil in December 2024, UK in May 2025. Further launches ongoing for EU and emerging markets • Momentum driven by high HCP interest for an ultra-rare patient population with a tremendous unmet need • Commercial launch and uptake in cTTP is exceeding our initial ambition, with patients continuing to transition quickly from historical treatments to ADZYNMA HCP: Healthcare professional RARE DISEASES PORTFOLIO FY 2025 Q3 Y T D R E V E NUE 200 250 300 350 400 450 500 550 600 0 50 100 150 Other ELAPRASE ADVATE/ ADYNOVATE TAKHZYRO FY2025 Q3 YTDFY2024 Q3 YTD VPRIV LIVTENCITY ADZYNMA REPLAGAL -1% +2% +3% -6% (BN JPY) -10% -4% -4% +44% +75%
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• IVIG growth impacted by part D redesign, which is expected to wash out in Q4 and provide YoY growth acceleration • SCIG portfolio expanded with double-digit % revenue growth; U.S. launch of HyHub/HyHub Duo devices supports further growth in Q4 • Recent U.S. launch of Gammagard Liquid ERC further differentiates portfolio offering Balancing Near-term Growth and Margin Improvement to Deliver Sustainable Supply and Meet Increasing Global Patient Demand for PDTs PLASMA -DERIVED THERAPIES 23 Immunoglobulin FY25 Q3 YTD Revenue JPY 593.6B (+4.3% growth at CER) Absolute values are presented on an IFRS (reported) basis; Year-on-year changes are at CER (please refer to appendix slide A-1 for definition). Albumin FY25 Q3 YTD Revenue JPY 101.6B (+1.3% growth at CER) • Cost containment measures in China continue to put pressure on revenue, increasing competition in other markets where supply is reallocated • Return to growth in Q3 driven by tender fulfillment, which is expected to provide further acceleration in Q4 PDT PORTFOLIO FY 2025 Q3 Y T D R E V E NUE (BN JPY) 0 100 200 300 400 500 600 700 800 FY2024 Q3 YTD FY2025 Q3 YTD Immuno- globulin Albumin Other +2% +4% -11% +1% • Margin continues to improve YoY through accelerating SCIG, selectively focusing on strategic market segments, and leveraging data, digital and technology to drive efficiencies across the PDT value chain • Plasma volume growing due to the ramp-up of new centers, network optimization, and digital transformation • Full deployment of Fresenius Kabi’s adaptive nomogram in U.S. centers completed ahead of schedule; deployment of Haemonetics nomogram across the remaining U.S. centers on track to be completed by the end of FY2025 • Continued investment in technology and AI to personalize donor experience and optimize collection costs • Targeted investments across manufacturing network continue to increase yield,expand capacity, and create efficiencies CONTINUING TO IMPROVE MARGINS AND STRATEGICALLY INVEST ACROSS TH E VALUE CHAIN
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Growth of Oncology Portfolio Driven by FRUZAQLA and ADCETRIS ONCOLOGY 24 1. FRUZAQLA is in-licensed from HUTCHMED Limited; Takeda has the exclusive worldwide license to further develop, commercialize, and manufacture fruquintinib outside of mainland China, Hong Kong and Macau. 2. Takeda has commercialization rights for ICLUSIG in the U.S., Australia and Canada. Outside of the U.S., Australia and Canda, ICLUSIG is marketed in over 60 markets by four authorized partners. 3. ADCETRIS is in-licensed from Pfizer Inc. (Seagen acquired by Pfizer in December 2023); Takeda has global co-development and marketing rights outside of the U.S. and Canada. ONCOLOGY PORTFOLIO FY 2025 Q3 Y T D R E V E NUE 24 0 50 100 150 200 250 300 350 400 450 FY2024 Q3 YTD FY2025 Q3 YTD Leuprorelin NINLARO ADCETRIS3 ICLUSIG2 ALUNBRIG FRUZAQLA1 Other +2% -14% +1% +2% +6% +6% ECADD: etoposide, cyclophosphamide, doxorubicin, dacarbazine and dexamethasone . For full glossary of abbreviations please refer to appendix. -1% • Continued increased use in 1L Hodgkin lymphoma is primary driver of growth • Approval by the European Commission of ADCETRIS in combination with ECADD for adult patients with newly diagnosed Stage IIb (with risk factors) or Stage III/IV Hodgkin lymphoma, as well as approval in 17 other markets (including 8 in Q3), continues to drive growth • Approved or launched in 38 countries to date; Q3 launches include Portugal, Belgium, South Korea, and Mexico • Key drivers include the need for novel non-chemotherapy treatment options in mCRC and ongoing positive experiences of oncologists in 3L+ FY2025 Q3 YTD Revenue JPY 42.9B (+19.9% growth at CER) FY2025 Q3 YTD Revenue JPY 106.8B (+6.2% growth at CER) (BN JPY) Absolute values are presented on an IFRS (reported) basis; Year-on-year changes are at CER (please refer to appendix slide A-1 for definition). +20%
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VACCINES 0 5 10 15 20 25 30 35 40 45 50 55 FY2024 Q3 YTD FY2025 Q3 YTD QDENGA Other +8% +22% -13% QDENGA Global Demand Remains Strong VACCINES PORTFOLIO FY 2025 Q3 Y T D R E V E NUE 25 FY2025 Q3 YTD Revenue JPY 37.7B (+22.1% growth at CER) Absolute values are presented on an IFRS (reported) basis; Year-on-year changes are at CER (please refer to appendix slide A-1 for definition). (BN JPY) • Announced data from the completion of the 7-year pivotal phase 3 TIDES Trial • The results reinforce QDENGA’s previously established4.5 year safety and efficacy profile, now sustained through 7 years. • These results suggest that the booster dose is not needed for sustained protection through 7 years; overall efficacy was seen across all four dengue virus serotypes. • QDENGA is now the longest-studied dengue vaccine to date, providing a valuable option to help reduce the growing burden of disease • Strong global demand; available in 33 countries • Available through NIP/regional programs inBrazil (approved Mar 2023, available Dec 2023), Argentina (approved Apr 2023, available Aug 2024) and Indonesia (approved Aug 2022, available Nov 2023) • Acknowledgement by important global organizations drives awareness and access for QDENGA • World Health Organization (WHO) has added QDENGA to its List of Prequalified Vaccines • Available through PAHO’s Revolving Fund in4 countries: Honduras (Oct 2024), Peru (Oct 2024), Paraguay (Oct 2025) and Colombia (Oct 2025) • The Gavi Board has approved support for a dengue vaccine program which is a major milestone towards broadening access • Plan to manufacture 15.5 million doses in FY2025; on track towards reaching 100 million doses per year by FY2030 PAHO: Pan American Health Organization Gavi: Global Alliance for Vaccines and Immunization
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NEUROSCIENCE VYVANSE U.S. Loss of Exclusivity Impact from August 2023 0 50 100 150 200 250 300 350 400 450 500 FY2024 Q3 YTD FY2025 Q3 YTD TRINTELLIX1 VYVANSE Other -30% -5% -4% -46% 1. TRINTELLIX is in-licensed from Lundbeck; Takeda has commercialization rights in the U.S. and co-marketing rights in Japan. 2. Source: IQVIA NEUROSCIENCE PORTFOLIO FY 2025 Q3 Y T D R E V E NUE 26 FY2025 Q3 YTD Revenue JPY 155.1B (-45.7% change at CER) FY2025 Q3 YTD Revenue JPY 91.4B (-5.0% change at CER) Absolute values are presented on an IFRS (reported) basis; Year-on-year changes are at CER (please refer to appendix slide A-1 for definition). (BN JPY) • U.S. revenue declined -62.3% at CER in FY2025 Q3 YTD, reflecting broader availability of generic supply • Outside the U.S., major markets where VYVANSE/ELVANSE has experienced Loss of Exclusivity to date include Canada (Jun 2024), Brazil (Jul 2024), and Germany (Aug 2024) • In the U.S., decline of -7.2% at CER in FY2025 Q3 YTD is primarily due to Medicare Part D redesign impacts and changes in stocking patterns for a major retailer • In Japan, demonstrating continued strong momentum with +14.7% growth in FY2025 Q3 YTD VYVANSE U.S. Weekly Volume (million units)2
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Ph2 study startTarget Filing Approved ONCOLOGY PLASMA-DERIVED THERAPIES GASTROINTESTINAL AND INFLAMMATION FY26 Maximizing Potential of Marketed Portfolio Through LCM Expansions 27 All timelines are approximate estimates as of January 29th 2026, are subject to change and are subject to clinical and regulatory success. Table only shows selected R&D milestones and is not comprehensive. For full glossary of abbreviations please refer to appendix. FY25 ENTYVIO IV Target Filing Crohn’s/UC Peds (US, EU) mirvetuximab Target filing PROC (JP) TAK-881 Target filing PID, SID, CIDP (EU) TAK-881 Ph3 Start CIDP ADZYNMA Ph3 Start iTTP Phase 3 study start TAK-7551 Ph2 Start Acute Ischemic Stroke Proof-of-concept study readout GAMMAGARD LIQUID Ph3 Start SID TAK-881 Target filing Multiple Indications (JP) TAK-881 Target filing PID (US) VACCINES QDENGA Rolling/ongoing filings in endemic and travel markets2 1.TAK-755 is the development code for recombinant ADMTS13 2.QDENGA approved in Mexico (Sept 2025) NEUROSCIENCE ADZYNMA iTTP Proof-of-concept Milestone achieved
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Potential Key Phase 3 NME Readouts and Indication Expansions A “readout(s)” for a clinical trial occurs when Takeda has (1) received the relevant clinical data, (2) completed any necessary analysis and review of such clinical data, and (3) in instances where it is required or otherwise common convention or practice, consulted with applicable regulatory authorities regarding such clinical data. 1. Phase 1/2 pivotal trial supports filing in Japan. 2. TAK-880 has been approved in the U.S. as GAMMAGARD LIQUID ERC and in the EU as DEQSIGA ADCETRIS Frontline Hodgkin lymphoma (BrECADD regimen) EU approval VONVENDI Pediatric von Willebrand disease (on-demand/surgery) U.S. approval TAK-8802 Low IgA IgG primary immunodeficiency U.S. approval EU approval oveporexton Narcolepsy type 1 Phase 3 readout zasocitinib Psoriasis Phase 3 readout mirvetuximab Platinum resistant ovarian cancer Pivotal readout1 Milestone achieved KEY POTENTIAL REGULATORY APPROVALS KEY PIVOTAL READOUTS 28 Milestone not achieved All timelines are approximate estimates as of January 29th 2026, are subject to change and are subject to clinical and regulatory success. Table only shows selected R&D milestones and is not comprehensive. For full glossary of abbreviations please refer to appendix.
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PHASE 2 (9 NMEs + 2 LCM)PHASE 1 (5 NMEs) PLASMA-DERIVED THERAPIES Consolidated Development Pipeline by Phase NEUROSCIENCE ACI-24.0605 Alzheimer’s Disease ADZYNMA® iTTP 1. Danavorexton trials in respiratory conditions under development 2. Currently in phase 2 of a phase 1/2 trial 3. Select options: Other selected assets that Takeda holds contractual rights to potentially clinically develop and/or commercialize in the future. 4. IBI3001 is included for reference only. Innovent Biologics retains ownership of this asset and is solely responsible for its clinical development prior to Takeda’s potential exercise of its option to exclusively license certain rights, which is subject to customary conditions including regulatory approval. 5. ACI-24.060 is included for reference only. AC Immune retains ownership of this asset and is solely responsible for its clinical development prior to Takeda’s potential exercise of its option to exclusively license certain rights, which is subject to customary conditions including regulatory approval. GASTROINTESTINAL AND INFLAMMATION TAK-101 Celiac Disease TAK-411 CIDP zasocitinib Vitiligo TAK-360 IH mirvetuximab PROC (JP)2 SELECT OPTIONS3 All timelines are approximate estimates as of January 29th 2026, are subject to change and are subject to clinical and regulatory success. Table is not comprehensive. For full glossary of abbreviations please refer to appendix. danavorexton Respiratory1 TAK-594 Frontotemporal Dementia TAK-004 Nausea & Vomiting TAK-227 Celiac Disease elritercept AA Myelofibrosis Orphan Drug Designation potential (in any region / indication for a given asset) NME LCM 29 TAK-360 NT2 ONCOLOGY zasocitinib Crohn’s Disease TAK-928 Solid Tumors zasocitinib Ulcerative Colitis TAK-921 Solid Tumors TAK-781 PSC TAK-188 Solid Tumors TAK-168 Solid Tumors NEW Added to clinical development since last quarter IBI30014 Solid Tumors
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Orphan Drug Designation potential (in any region / indication for a given asset) FILED (1 NME + 14 LCMs)PHASE 3 (8 NMEs + 11 LCMs) NME LCMAPPROVED Prothromplex DOAC Reversal (US) ADCETRIS® FL HL BrECADD (EU) HYQVIA® CIDP, MMN (JP) ENTYVIO® IV Pediatric UC/Crohn’s QDENGA® Dengue Vaccine Booster fazirsiran AATD Liver Disease Glovenin-I 10% TAK-961 Autoimmune Encephalitis (JP) Consolidated Development Pipeline by Phase ONCOLOGY PLASMA-DERIVED THERAPIES NEUROSCIENCE SELECT OPTIONS2 GASTROINTESTINAL AND INFLAMMATION ADZYNMA® cTTP (CN) ADYNOVATE® recombinant Factor VIII Pediatric HemA (EU) VONVENDI® vWD Pediatric On-demand & Surgery (JP) LIVTENCITY® Pediatric Post-transplant CMV infection Other Rare Diseases All timelines are approximate estimates as of January 29th 2026, are subject to change and are subject to clinical and regulatory success. Table is not comprehensive. For full glossary of abbreviations please refer to appendix. DEQSIGA TAK-880 IgG – Low IgA (EU) ADYNOVATE® recombinant Factor VIII HemA (CN) zasocitinib Psoriatic Arthritis TAK-881 CIDP 30 rusfertide Polycythemia Vera GAMMAGARD ERC TAK-880 IgG – Low IgA (US) 1.Oveporexton NDA has been submitted to the U.S. FDA pending acceptance and a rolling submission is ongoing in Japan; Oveporexton has been filed in China. 2.Select options: Other selected assets that Takeda holds contractual rights to potentially clinically develop and/or commercialize in the future. 3.Olverembatinib/HQP1351 is included for reference only. Ascentage Pharma retains ownership of this asset and is solely responsible for its clinical development prior to Takeda’s potential exercise of its option to exclusively license certain rights, which is subject to customary conditions including regulatory approval. olverembatinib3 HQP1351 CP-CML VACCINES mezagitamab ITP mezagitamab IgAN HyHub AVA Device (US) mirvetuximab PSOC (JP) zasocitinib Psoriasis TAK-921 3L+ Gastric Cancer (JP) oveporexton1 NT1 (CN) Glovenin-I 10% TAK-339 Multiple Indications (JP) ENTYVIO® SC Pediatric UC/Crohn’s TAK-881 PID VONVENDI® vWD Pediatric Surgery (EU), Prophylaxis VONVENDI® vWD Pediatric On-demand (EU) VONVENDI® vWD Pediatric On-demand & Surgery (US) Glovenin-I 5% TAK-961 Autoimmune Encephalitis (JP) Glovenin-I 10% TAK-339 Autoimmune Encephalitis (JP) Glovenin-I 10% TAK-961 Multiple Indications (JP) zasocitinib Pediatric Psoriasis TAK-928 2L sqNSCLC elritercept 2L AA MDS NEW Added to clinical development since last quarter oveporexton1 NT1
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Continuing Evidence Generation and Indication Expansion ENT: ENTYVIO Tof: tofacitinib Ada: adalimumab Ust: ustekinumab Upa: upadacitinib ENTYVIO® IV (VARSITY) ENT vs. ada1 ENTYVIO® IV (Global) ENTYVIO® SC (US, EU, JP)Ulcerative colitis ENTYVIO® IV Pediatric (EU) ENTYVIO® IV (Global) ENTYVIO® SC (US, EU, JP) Crohn’s disease ENTYVIO® IV (EU)Pouchitis ENTYVIO® IV (Global)2 Graft-versus- host disease APPROVEDPHASE 3 PHASE 3b / 4 ENTYVIO® IV (EXIGEM) ENT + tof (US/Can)3 Ongoing study or filingApproved Published Orphan Drug Designation potential PUBLISHED ENTYVIO® IV Pediatric (Global) ENTYVIO® IV (VECTORS) (Global)3,4 ENTYVIO® IV (VERDICT) (Global)3,4 31 ENTYVIO® (VOICE) ENT or ust (US/Can)3,4 ENTYVIO® IV (VICTRIVA) ENT + upa (Global)3 ENTYVIO® IV (EXPLORER 2) ENT + ada or ENT + ust (US/Can)3 1. Sands BE et al. N Engl J Med 2019;381:1215-26. 2. Chen, YB., Mohty, M., Zeiser, R. et al. Nat Med 30, 2277–2287 (2024). 3. Not designed as label-enabling studies 4. Collaborative study led by Alimentiv in collaboration with Takeda All timelines are approximate estimates as of January 29th 2026, are subject to change and are subject to clinical and regulatory success. Table is not comprehensive. For full glossary of abbreviations please refer to appendix. ENTYVIO® SC Pediatric (Global) ENTYVIO® SC Pediatric (Global) ENTYVIO® IV/SC (PANORAMA) (US)3 ENTYVIO® IV/SC (PANORAMA) (US)3 ENTYVIO® IV Pediatric (Global)
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Zasocitinib (TAK-279) Could Redefine What is Possible with an Oral Therapy, With Studies Underway Across a Broad Range of Indications 32 PHASE 2 START PHASE 2b READOUT PHASE 3 START PHASE 3 READOUT FILING Psoriasis March 2023 Nov 2023 Dec 2025 Target FY2026 Psoriasis H2H vs deucravacitinib July 2025 Target FY2026 Psoriasis Pediatric Dec 2025 Psoriatic Arthritis Sept 2023 March 2024 Target FY2027-2029 Crohn’s Disease March 2024 (Ph2b) Target FY2026 Ulcerative Colitis June 2024 (Ph2b) Target FY2026 Vitiligo Dec 2025 (Ph2b) Hidradenitis Suppurativa FY2025/26 (Ph2a) Milestone achieved All timelines are approximate estimates as of January 29th 2026 are subject to change and are subject to clinical and regulatory success. Table is not comprehensive. For full glossary of abbreviations please refer to appendix.
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33 Regional Abbreviations: CN: China; EU: Europe; JP: Japan; U.S.: United States of America Glossary of Abbreviations 1L first line 2L second line 3L third line AA anemia-associated AATD α1-antitrypsin deficiency ADC antibody–drug conjugate AE adverse event AI artifcial intelligence AML acute myeloid leukemia ASN American Society of Nephrology AVA Advanced Vial Access B7-H3 B7 Homolog 3 BID bis in die, twice a day BTD breakthrough therapy designation CD cluster of differentiation CI confidence interval CIDP chronic inflammatory demyelinating polyradiculoneuropathy CLDN18.2 claudin 18.2 CML chronic myeloid leukemia CMV Cytomegalovirus cORR confirmed objective response rate CP-CML chronic-phase chronic myeloid leukemia CPI checkpoint inhibitor CRC colorectal cancer cTTP congenital thrombotic thrombocytopenic purpura CY calendar year DAR4 drug to antibody ratio 4:1 DOAC direct oral anti-coagulation EDS excessive daytime sleepiness EGFR epidermal growth factor receptor eGFR estimated glomerular filtration rate EMA European Medicines Agency EQ-5D-5L EuroQol-5 Dimensions 5-levels ESS Epworth Sleepiness Scale FDA U.S. Food & Drug Administration FL front line FSI first subject in FY fiscal year GC gastric cancer Gd-IgA galactose-deficient IgA GZMB granzyme B HAE hereditary angioedema HCC hepatocellular carcinoma HCP healthcare professional HemA hemophilia A HER2 human epidermal growth factor receptor 2 HL Hodgkin lymphoma HS hidradenitis suppurativa IBD inflammatory bowel disease IFN-α/β/γ interferon alpha/beta/gamma IgA immunoglobulin A IgAN immunoglobulin A nephropathy IgG immunoglobulin G IgG1 Fc crystallizable fragment of IgG IH idiopathic hypersomnia IL-2/12/17/23 interleukin 2/12/17/23 IND investigational new drug IO immuno-oncology iTTP immune thrombotic thrombocytopenic purpura IV Intravenous JPY Japanese Yen KRAS Kirsten rat sarcoma viral gene LCM lifecycle management LS least square LTE long-term extension MCS mental component summary MDS myelodysplastic syndrome MF myelofibrosis MMN multifocal motor neuropathy MOA mechanism of action mOS median overall survival MSS CRC microsatellite-stable colorectal cancer MWT maintenance of wakefulness test NDA new drug application NME new molecular entity NMPA (China’s) National Medical Products Administration NSCLC non-small cell lung cancer nsqNSCLC non-squamous non-small cell lung cancer NSS-CT Narcolepsy Severity Scale for Clinical Trials NT1 or 2 narcolepsy type 1 or 2 PD-1 programmed cell death protein 1 PDAC pancreatic ductal adenocarcinoma PGI-C Patient Clinical Global Impression of Change Ph1, Ph2, Ph3 phase 1, 2 ,3 PID primary immunodeficiency PK Pharmacokinetics PMDA Japan’s Pharmaceuticals and Medical Devices Agency POC proof of concept PRIME Priority medicines scheme by EMA PROC platinum-resistant ovarian cancer PsA psoriatic arthritis PSC primary sclerosing cholangitis PsO psoriasis PSOC platinum-sensitive ovarian cancer PVT Psychomotor Vigilance Task QOL quality of life R&D Research and Development SAE serious adverse event SC subcutaneous formulation SCCHN squamous cell carcinoma of head and neck SCLC small-cell lung cancer SID secondary immunodeficiency SF-36 Short Form-36 Survey SOC standard of care sqNSCLC squamous non-small cell lung cancer TEAE treatment emergent adverse event TIL tumor-infiltrating lymphocyte TNFα tumor necosis factor alpha TOPO1 topoisomerase I (one) TST tumor-specific T cell TYK2 tyrosine kinase 2 UC ulcerative colitis UPCR urine protein-creatinine ratio USD US dollar VEGF vascular endothelial growth factor vWD von Willebrand disease WCR weekly cataplexy rate wk(s) week(s) WW worldwide
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FINANCIAL APPENDIX Definition of Non-IFRS Measures Definition and Explanation of Non-IFRS Measures and U.S. Dollar Convenience Translations A-1 Reconciliations and Other Financial Information FY2025 Q3 YTD Reported Results with CER % Change A-4 FY2025 Q3 (Oct-Dec) Reported Results with CER % Change A-5 FY2025 Q3 YTD Core Results with CER % Change A-6 FY2025 Q3 (Oct-Dec) Core Results with CER % Change A-7 FY2025 Q3 YTD Reconciliation from Reported to Core A-8 FY2025 Q3 (Oct-Dec) Reconciliation from Reported to Core A-9 FY2024 Q3 YTD Reconciliation from Reported to Core A-10 FY2024 Q3 (Oct-Dec) Reconciliation from Reported to Core A-11 FY2025 Q3 YTD Adjusted Free Cash Flow A-12 FY2025 Q3 YTD Adjusted Net Debt to Adjusted EBITDA A-13 FY2024 Adjusted Net Debt to Adjusted EBITDA A-14 FY2025 Q3 YTD Net Profit to Adjusted EBITDA Bridge A-15 FY2025 Q3 YTD Net Profit to Adjusted EBITDA LTM Bridge A-16 FY2025 Q3 YTD CAPEX, Depreciation and Amortization and Impairment Losses A-17 FY2025 Full Year Detailed Forecast A-18 FY2025 Full Year Reconciliation from Reported Operating Profit to Core Operating Profit Forecast A-19 FY2025 Full Year FX Rates Assumptions and Currency Sensitivity vs. Forecast A-20 Exhibit 99.1
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Definition and Explanation of Non-IFRS Measures and U.S. Dollar Convenience Translations Core Financial Measures Takeda’s Core Financial Measures, particularly Core Revenue, Core Operating Profit, Core Net Profit for the Year attributable to owners of the Company and Core EPS, exclude revenue from divestments, amortization and impairment losses on intangible assets associated with products (including in-process R&D) and other impacts unrelated to the underlying trends and business performance of Takeda’s core operations, such as non-recurring items, purchase accounting effects and transaction related costs. Core Revenue represents revenue adjusted to exclude revenue items unrelated to the underlying trends and business performance of Takeda’s core operations (primarily revenue or related adjustments associated with divestments and liquidations). Core Operating Profit represents operating profit adjusted to exclude other operating expenses and income, amortization and impairment losses on intangible assets associated with products (including in-process R&D) and non-cash items or items unrelated to the underlying trends and business performance of Takeda’s core operations. Core Net Profit for the Year attributable to owners of the Company represents net profit for the year attributable to owners of the Company, adjusted to eliminate the impact of items excluded in the calculation of Core Operating Profit and other non-operating items (e.g. amongst other items, fair value adjustments and the imputed financial charge related to contingent consideration) that are unusual, non-recurring in nature or unrelated to the underlying trends and business performance of Takeda’s ongoing operations and the tax effect of each of the adjustments. Core EPS is calculated by dividing Core Net Profit for the Year attributable to owners of the Company by the average outstanding shares (excluding treasury shares) of the reporting periods presented. Takeda presents its Core Financial Measures because Takeda believes that these measures are useful to understanding its business without the effect of items that Takeda considers to be unrelated to the underlying trends and business performance of its core operations, including items (i) which may vary significantly from year-to-year or may not occur in each year or (ii) whose recognition Takeda believes is largely uncorrelated to trends in the underlying performance of our core business. Takeda believes that similar measures are frequently used by other companies in its industry and that providing these measures helps investors evaluate Takeda’s performance against not only its performance in prior years but on a similar basis as its competitors. Takeda also presents Core Financial Measures because these measures are used by Takeda for budgetary planning and compensation purposes (i.e., certain targets for the purposes of Takeda’s Short-Term Incentive and Long-Term Incentive compensation programs, including incentive compensation of the CEO and CFO, are set in relation to the results of Takeda’s Core Financial Measures). Constant Exchange Rate (“CER”) Change CER Change eliminates the effect of foreign exchange rates from year-over-year comparisons by translating financial results in accordance with IFRS or Core (non-IFRS) financial measures for the current period using corresponding exchange rates in the same period of the previous fiscal year, provided, however, that the results of operations of subsidiaries in countries experiencing hyperinflation, and for which IAS 29, Financial Reporting in Hyperinflationary Economies, is applied, are not adjusted for CER Change, and instead are calculated in accordance with IAS 29. Takeda presents CER change because we believe that this measure is useful to investors to better understand the effect of exchange rates on our business and to understand how our results of operations might have changed from year to year without the effect of fluctuations in exchange rates. These are the primary ways in which our management uses these measures to evaluate our results of operations. We also believe that this is a useful measure for investors as similar performance measures are frequently used by securities analysts, investors and other interested parties in the evaluation of the results of operations of other companies in our industry (many of whom similarly present measures that adjust for the effect of exchange rates). The usefulness of this presentation has significant limitations including but not limited to, that while CER change is calculated using the same exchange rates used to calculate financial results as presented under IFRS for the previous fiscal year, this does not necessarily mean that the transactions entered into during the relevant fiscal year could have been entered into or would have been recorded at the same exchange rates. Moreover, other companies in our industry using similarly titled measures may define and calculate those measures differently than we do and therefore such measures may not be directly comparable. Accordingly, CER change should not be considered in isolation and is not, and should not be viewed as, a substitute for change in financial results as prepared and presented in accordance with IFRS. A-1
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Free Cash Flow and Adjusted Free Cash Flow Takeda defines Free Cash Flow as cash flows from operating activities less acquisition of property, plant and equipment (“PP&E”). Takeda defines Adjusted Free Cash Flow as cash flows from operating activities, subtracting payments for acquisition of PP&E, intangible assets, investments (excluding debt investments classified as Level 1 in the fair value hierarchy), shares in associates and businesses, net of cash and cash equivalents acquired and other transactional payments deemed related or similar in substance thereto as well as adding proceeds from sales of PP&E, sales and redemption of investments (excluding debt investments classified as Level 1 in the fair value hierarchy), sales of shares in associates and sales of businesses, net of cash and cash equivalents divested and further adjusting for the movement of any other cash that is not available to Takeda’s immediate or general business use. Takeda presents Free Cash Flow and Adjusted Free Cash Flow because Takeda believes that these measures are useful to investors as similar measures of liquidity are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. Adjusted Free Cash Flow is also used by our management to evaluate our liquidity and our cash flows, particularly as they relate to our ability to meet our liquidity requirements and to support our capital allocation policies. Takeda also believes that Free Cash Flow and Adjusted Free Cash Flow are helpful to investors in understanding how our strategic acquisitions and divestitures of businesses contribute to our cash flows and liquidity. The usefulness of Free Cash Flow and Adjusted Free Cash Flow to investors has significant limitations including, but not limited to, (i) they may not be comparable to similarly titled measures used by other companies, including those in our industry, (ii) they do not reflect the effect of our current and future contractual and other commitments requiring the use or allocation of capital and (iii) the addition of proceeds from sales and redemption of investments and the proceeds from sales of business, net of cash and cash equivalents divested do not represent cash received from our core ongoing operations. Free Cash Flow and Adjusted Free Cash Flow should not be considered in isolation and are not, and should not be viewed as, substitutes for cash flows from operating activities or any other measure of liquidity presented in accordance with IFRS. The most directly comparable measure under IFRS for Free Cash Flow and Adjusted Free Cash Flow is net cash from operating activities. EBITDA and Adjusted EBITDA Takeda defines EBITDA as consolidated net profit before income tax expenses, depreciation and amortization and net interest expense. Takeda defines Adjusted EBITDA as EBITDA further adjusted to exclude impairment losses, other operating income and expenses (excluding depreciation and amortization, as well as impairment losses), finance income and expenses (excluding net interest expense), our share of profit or loss of investments accounted for using the equity method, other non-cash items such as non-cash equity-based compensation expense, and other items that management believes are unrelated to our core operations, including EBITDA from divested products, purchase accounting effects and transaction related costs. Takeda presents EBITDA and Adjusted EBITDA because Takeda believes that these measures are useful to investors as they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. Primarily, Adjusted EBITDA is used by Takeda for the purposes of monitoring its financial leverage. Takeda further believes that Adjusted EBITDA is helpful to investors in identifying trends in its business that could otherwise be obscured by certain items unrelated to ongoing operations because they are highly variable, difficult to predict, may substantially impact our results of operations and may limit the ability to evaluate our performance from one period to another on a consistent basis. The usefulness of EBITDA and Adjusted EBITDA to investors has significant limitations including, but not limited to, (i) they may not be comparable to similarly titled measures used by other companies, including those in the pharmaceutical industry, (ii) they exclude financial information and events, such as the effects of an acquisition, or amortization of intangible assets, that some may consider important in evaluating Takeda’s performance, value or prospects for the future, (iii) they exclude items or types of items that may continue to occur from period to period in the future and (iv) they may not include all items which investors may consider important to an understanding of our results of operations, or may not exclude all items which investors may not consider important for such understanding. EBITDA and Adjusted EBITDA should not be considered in isolation and are not, and should not be viewed as, substitutes for operating income, net profit for the year or any other measure of performance presented in accordance with IFRS. The most closely comparable measure presented in accordance with IFRS is net profit for the year. A-2
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Net Debt and Adjusted Net Debt Takeda defines Net Debt as the book value of bonds and loans on consolidated statements of financial position adjusted only for cash and cash equivalents and Adjusted Net Debt first by calculating the sum of the current and non-current portions of bonds and loans as shown on our consolidated statement of financial position, which is then adjusted to reflect (i) the use of prior 12-month average exchange rates for non-JPY debt outstanding at the beginning of the period and the use of relevant spot rates for new non-JPY debt incurred and existing non-JPY debt redeemed during the reporting period, which reflects the methodology our management uses to monitor our leverage, and (ii) the “equity credit” applied to Takeda’s “hybrid” subordinated indebtedness by S&P Global Rating Japan in recognition of the equity-like features of those instruments pursuant to such agency’s ratings methodology. To calculate Adjusted Net Debt, Takeda deducts from this figure cash and cash equivalents, excluding cash temporarily held by Takeda on behalf of third parties related to vaccine operations and to the trade receivables sales program, and debt investments classified as Level 1 in the fair value hierarchy being recorded as Other Financial Assets. Takeda presents Net Debt and Adjusted Net Debt because Takeda believes that these measures are useful to investors in that our management uses it to monitor and evaluate our indebtedness, net of cash and cash equivalents and, in conjunction with Adjusted EBITDA, to monitor our financial leverage (for the avoidance of doubt, Adjusted Net Debt and the ratio of Adjusted Net Debt to Adjusted EBITDA are not intended to be indicators of Takeda’s liquidity). Takeda also believes that similar measures of indebtedness are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. Particularly following the acquisition of Shire, investors, analysts and, in particular, ratings agencies, have closely monitored Takeda’s leverage, as represented by the ratio of its Adjusted Net Debt to Adjusted EBITDA. In light of the weight given by ratings agencies in particular to this ratio, Takeda believes that such information is useful to investors to help understand not only Takeda’s financial leverage, but also how ratings agencies evaluate the level of financial leverage in evaluating Takeda’s quality of credit. Accordingly, as described below, Takeda includes an adjustment to its Adjusted Net Debt to reflect the “equity credit” afforded to certain of its subordinated indebtedness by ratings agencies (such indebtedness does not qualify for treatment as equity under IFRS). The usefulness of Adjusted Net Debt to investors has significant limitations including, but not limited to, (i) it may not be comparable to similarly titled measures used by other companies, including those in the pharmaceutical industry, (ii) it does not reflect the amounts of interest payments to be paid on Takeda’s indebtedness, (iii) it does not reflect any restrictions on Takeda’s ability to prepay or redeem any of our indebtedness, (iv) it does not reflect any fees, costs or other expenses that Takeda may incur in converting cash equivalents to cash, in converting cash from one currency into another or in moving cash within our consolidated group, (v) it applies to gross debt an adjustment for average foreign exchange rates which, although consistent with Takeda’s financing agreements, does not reflect the actual rates at which Takeda would be able to convert one currency into another and (vi) it reflects an equity credit despite the fact that Takeda’s subordinated bonds are not eligible for equity treatment under IFRS, although Takeda believes this adjustment to be reasonable and useful to investors. Adjusted Net Debt should not be considered in isolation and is not, and should not be viewed as, a substitute for bonds and loans or any other measure of indebtedness presented in accordance with IFRS. The most directly comparable measures under IFRS for Net Debt is bonds and loans. U.S. Dollar Convenience Translations In the Financial Appendix, certain amounts presented in Japanese yen have been translated to U.S. dollars solely for the convenience of the reader at an exchange rate of 1USD = 156.80 JPY, the Noon Buying Rate certified by the Federal Reserve Bank of New York on December 31, 2025 . The rate and methodologies used for the convenience translations differ from the currency exchange rates and translation methodologies under IFRS used for the preparation of the condensed interim consolidated financial statements. The translation should not be construed as a representation that the Japanese yen amounts could be converted into U.S. dollars at this or any other rate. A-3
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FY2025 Q3 YTD Reported Results with CER % Change (Billion JPY, except EPS) FY2024 Q3 YTD FY2025 Q3 YTD AER CER (Million USD, except EPS) FY2025 Q3 YTD Convenience USD TranslationJPY Change % Change % Change Revenue 3,528.2 3,411.2 (117.0) (3.3) % (2.8) % 21,755 Cost of sales (1,198.1) (1,165.9) 32.3 2.7 % 2.4 % (7,435) Gross profit 2,330.0 2,245.3 (84.7) (3.6) % (3.0) % 14,319 Margin 66.0 % 65.8 % (0.2) pp (0.2) pp 65.8 % SG&A expenses (808.9) (792.2) 16.7 2.1 % 1.3 % (5,052) R&D expenses (514.2) (480.6) 33.6 6.5 % 5.1 % (3,065) Amortization of intangible assets associated with products (411.7) (396.9) 14.7 3.6 % 2.3 % (2,531) Impairment losses on intangible assets associated with products* (28.5) (81.8) (53.3) (186.9) % (182.2) % (522) Other operating income 16.2 22.7 6.4 39.7 % 40.3 % 145 Other operating expenses (165.4) (94.0) 71.4 43.2 % 42.8 % (600) Operating profit 417.5 422.4 4.9 1.2 % 0.1 % 2,694 Margin 11.8 % 12.4 % 0.5 pp 0.4 pp 12.4 % Finance income 27.8 206.0 178.2 641.0 % 642.1 % 1,314 Finance expenses (159.7) (313.9) (154.2) (96.5) % (99.6) % (2,002) Share of profit (loss) of investments accounted for using the equity method (3.2) (1.8) 1.4 43.2 % 53.5 % (12) Profit before tax 282.4 312.7 30.3 10.7 % 7.7 % 1,994 Income tax (expenses) benefit (71.1) (96.4) (25.2) (35.5) % (26.4) % (615) Net profit for the period 211.2 216.3 5.0 2.4 % 1.4 % 1,379 Non-controlling interests (0.2) (0.2) (0.0) (27.3) % (35.9) % (1) Net profit attributable to owners of the Company 211.1 216.1 5.0 2.4 % 1.4 % 1,378 Basic EPS (JPY or USD) 133.71 137.31 3.60 2.7 % 1.7 % 0.88 * Includes in-process R&D The amount of change and percentage change based on Actual Exchange Rates are presented in “AER” (which is presented in accordance with IFRS) and percentage change based on Constant Exchange Rate (which is a non-IFRS measure) is presented in “CER”. Please refer to Definition and Explanation of Non-IFRS Measures and U.S. Dollar Convenience Translations, for the definition of the “Constant Exchange Rate change”. % change is presented as positive when favorable to profits, and negative when unfavorable to profits. A-4
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FY2025 Q3 (Oct-Dec) Reported Results with CER % Change (Billion JPY, except EPS) FY2024 Q3 (Oct-Dec) FY2025 Q3 (Oct-Dec) AER CER (Million USD, except EPS) FY2025 Q3 (Oct-Dec) Convenience USD TranslationJPY Change % Change % Change Revenue 1,144.1 1,191.7 47.6 4.2 % (0.6) % 7,600 Cost of sales (416.9) (401.1) 15.7 3.8 % 8.5 % (2,558) Gross profit 727.3 790.6 63.3 8.7 % 3.9 % 5,042 Margin 63.6 % 66.3 % 2.8 pp 2.9 pp 66.3 % SG&A expenses (270.6) (282.8) (12.2) (4.5) % (0.1) % (1,803) R&D expenses (170.2) (175.2) (5.0) (3.0) % 0.2 % (1,118) Amortization of intangible assets associated with products (134.2) (136.2) (2.0) (1.5) % 2.7 % (868) Impairment losses on intangible assets associated with products* (0.7) (5.8) (5.0) (671.6) % (642.6) % (37) Other operating income 2.4 (0.9) (3.2) ― ― (5) Other operating expenses (87.0) (20.9) 66.0 75.9 % 77.0 % (134) Operating profit 66.9 168.8 101.9 152.2 % 136.7 % 1,077 Margin 5.9 % 14.2 % 8.3 pp 8.1 pp 14.2 % Finance income 25.2 88.3 63.1 250.5 % 250.1 % 563 Finance expenses (63.8) (124.1) (60.3) (94.6) % (100.0) % (791) Share of profit (loss) of investments accounted for using the equity method (2.0) 0.8 2.8 ― ― 5 Profit before tax 26.4 133.9 107.5 406.9 % 354.4 % 854 Income tax (expenses) benefit (2.6) (30.1) (27.6) (1,071.4) % (913.5) % (192) Net profit for the period 23.8 103.7 79.9 335.2 % 294.1 % 662 Non-controlling interests (0.0) (0.1) (0.0) (103.1) % (114.5) % (1) Net profit attributable to owners of the Company 23.8 103.6 79.9 335.7 % 294.4 % 661 Basic EPS (JPY or USD) 15.01 65.61 50.60 337.2 % 295.8 % 0.42 * Includes in-process R&D The amount of change and percentage change based on Actual Exchange Rates are presented in “AER” (which is presented in accordance with IFRS) and percentage change based on Constant Exchange Rate (which is a non-IFRS measure) is presented in “CER”. Please refer to Definition and Explanation of Non-IFRS Measures and U.S. Dollar Convenience Translations, for the definition of the “Constant Exchange Rate change”. % change is presented as positive when favorable to profits, and negative when unfavorable to profits. A-5
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FY2025 Q3 YTD Core Results with CER % Change (Billion JPY, except EPS) FY2024 Q3 YTD FY2025 Q3 YTD AER CER (Million USD, except EPS) FY2025 Q3 YTD Convenience USD TranslationJPY Change % Change % Change Revenue 3,528.2 3,411.2 (117.0) (3.3) % (2.8) % 21,755 Cost of sales (1,198.3) (1,166.4) 32.0 2.7 % 2.4 % (7,438) Gross profit 2,329.8 2,244.8 (85.0) (3.6) % (3.0) % 14,316 Margin 66.0 % 65.8 % (0.2) pp (0.2) pp 65.8 % SG&A expenses (809.2) (792.5) 16.7 2.1 % 1.3 % (5,054) R&D expenses (514.3) (480.7) 33.6 6.5 % 5.1 % (3,066) Operating profit 1,006.3 971.6 (34.7) (3.4) % (3.4) % 6,196 Margin 28.5 % 28.5 % (0.0) pp (0.2) pp 28.5 % Finance income 21.4 205.9 184.4 859.9 % 861.2 % 1,313 Finance expenses (127.6) (304.8) (177.2) (138.9) % (142.7) % (1,944) Share of profit (loss) of investments accounted for using the equity method 1.5 0.2 (1.3) (86.1) % (61.1) % 1 Profit before tax 901.6 872.9 (28.8) (3.2) % (3.6) % 5,567 Income tax (expenses) benefit (202.6) (199.1) 3.5 1.7 % 4.5 % (1,270) Net profit for the period 699.1 673.8 (25.3) (3.6) % (3.4) % 4,297 Non-controlling interests (0.2) (0.2) (0.0) (27.3) % (35.9) % (1) Net profit attributable to owners of the Company 698.9 673.6 (25.3) (3.6) % (3.4) % 4,296 Basic EPS (JPY or USD) 443 428 (15) (3.3) % (3.1) % 2.73 The amount of change and percentage change based on Actual Exchange Rates are presented in “AER” (which is presented in accordance with IFRS) and percentage change based on Constant Exchange Rate (which is a non-IFRS measure) is presented in “CER”. Please refer to Definition and Explanation of Non-IFRS Measures and U.S. Dollar Convenience Translations, for the definition of the “Constant Exchange Rate change”. % change is presented as positive when favorable to profits, and negative when unfavorable to profits. A-6
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FY2025 Q3 (Oct-Dec) Core Results with CER % Change (Billion JPY, except EPS) FY2024 Q3 (Oct-Dec) FY2025 Q3 (Oct-Dec) AER CER (Million USD, except EPS) FY2025 Q3 (Oct-Dec) Convenience USD TranslationJPY Change % Change % Change Revenue 1,144.1 1,191.7 47.6 4.2 % (0.6) % 7,600 Cost of sales (416.9) (401.2) 15.7 3.8 % 8.5 % (2,559) Gross profit 727.2 790.5 63.3 8.7 % 3.9 % 5,041 Margin 63.6 % 66.3 % 2.8 pp 2.9 pp 66.3 % SG&A expenses (270.7) (282.8) (12.2) (4.5) % (0.1) % (1,804) R&D expenses (170.2) (175.2) (5.0) (2.9) % 0.2 % (1,118) Operating profit 286.4 332.4 46.1 16.1 % 10.1 % 2,120 Margin 25.0 % 27.9 % 2.9 pp 2.7 pp 27.9 % Finance income 23.8 88.7 64.9 273.4 % 272.9 % 566 Finance expenses (56.6) (120.5) (63.9) (112.9) % (119.1) % (769) Share of profit (loss) of investments accounted for using the equity method (0.1) 0.8 0.9 ― ― 5 Profit before tax 253.4 301.4 48.0 19.0 % 10.7 % 1,922 Income tax (expenses) benefit (43.5) (66.3) (22.8) (52.5) % (38.1) % (423) Net profit for the period 209.9 235.1 25.2 12.0 % 5.1 % 1,499 Non-controlling interests (0.0) (0.1) (0.0) (103.1) % (114.5) % (1) Net profit attributable to owners of the Company 209.8 235.0 25.1 12.0 % 5.1 % 1,498 Basic EPS (JPY or USD) 132 149 16 12.4 % 5.4 % 0.95 The amount of change and percentage change based on Actual Exchange Rates are presented in “AER” (which is presented in accordance with IFRS) and percentage change based on Constant Exchange Rate (which is a non-IFRS measure) is presented in “CER”. Please refer to Definition and Explanation of Non-IFRS Measures and U.S. Dollar Convenience Translations, for the definition of the “Constant Exchange Rate change”. % change is presented as positive when favorable to profits, and negative when unfavorable to profits. A-7
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FY2025 Q3 YTD Reconciliation from Reported to Core (Billion JPY, except EPS and number of shares) Reported Reported to Core adjustments CoreAmortization of intangible assets Impairment of intangible assets Other operating income/ expenses Others Revenue 3,411.2 3,411.2 Cost of sales (1,165.9) (0.5) (1,166.4) Gross profit 2,245.3 (0.5) 2,244.8 SG&A expenses (792.2) (0.3) (792.5) R&D expenses (480.6) (0.1) (480.7) Amortization of intangible assets associated with products (396.9) 396.9 — Impairment losses on intangible assets associated with products* (81.8) 81.8 — Other operating income 22.7 (22.7) — Other operating expenses (94.0) 94.0 — Operating profit 422.4 396.9 81.8 71.4 (0.9) 971.6 Margin 12.4 % 28.5 % Finance income and (expenses), net (107.9) 8.9 (98.9) Share of profit (loss) of investments accounted for using the equity method (1.8) 2.0 0.2 Profit before tax 312.7 396.9 81.8 71.4 10.1 872.9 Income tax (expenses) benefit (96.4) (79.9) (6.2) (12.8) (3.8) (199.1) Non-controlling interests (0.2) (0.2) Net profit attributable to owners of the Company 216.1 317.0 75.6 58.6 6.3 673.6 Basic EPS (JPY) 137 428 Number of shares (millions) 1,574 1,574 * Includes in-process R&D. A-8
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FY2025 Q3 (Oct-Dec) Reconciliation from Reported to Core (Billion JPY, except EPS and number of shares) Reported Reported to Core adjustments CoreAmortization of intangible assets Impairment of intangible assets Other operating income/ expenses Others Revenue 1,191.7 1,191.7 Cost of sales (401.1) (0.1) (401.2) Gross profit 790.6 (0.1) 790.5 SG&A expenses (282.8) (0.1) (282.8) R&D expenses (175.2) (0.0) (175.2) Amortization of intangible assets associated with products (136.2) 136.2 — Impairment losses on intangible assets associated with products* (5.8) 5.8 — Other operating income (0.9) 0.9 — Other operating expenses (20.9) 20.9 — Operating profit 168.8 136.2 5.8 21.8 (0.1) 332.4 Margin 14.2 % 27.9 % Finance income and (expenses), net (35.8) 3.9 (31.8) Share of profit (loss) of investments accounted for using the equity method 0.8 (0.0) 0.8 Profit before tax 133.9 136.2 5.8 21.8 3.8 301.4 Income tax (expenses) benefit (30.1) (27.5) (1.2) (5.1) (2.4) (66.3) Non-controlling interests (0.1) (0.1) Net profit attributable to owners of the Company 103.6 108.7 4.5 16.7 1.4 235.0 Basic EPS (JPY) 66 149 Number of shares (millions) 1,580 1,580 * Includes in-process R&D. A-9
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FY2024 Q3 YTD Reconciliation from Reported to Core (Billion JPY, except EPS and number of shares) Reported Reported to Core adjustments CoreAmortization of intangible assets Impairment of intangible assets Teva JV related adjustment*2 Other operating income/ expenses Others Revenue 3,528.2 3,528.2 Cost of sales (1,198.1) (0.2) (1,198.3) Gross profit 2,330.0 (0.2) 2,329.8 SG&A expenses (808.9) (0.3) (809.2) R&D expenses (514.2) (0.1) (514.3) Amortization of intangible assets associated with products (411.7) 411.7 — Impairment losses on intangible assets associated with products*1 (28.5) 28.5 — Other operating income 16.2 (16.2) — Other operating expenses (165.4) 165.4 — Operating profit 417.5 411.7 28.5 149.2 (0.6) 1,006.3 Margin 11.8 % 28.5 % Finance income and (expenses), net (131.9) 19.4 6.4 (106.2) Share of profit (loss) of investments accounted for using the equity method (3.2) 4.7 1.5 Profit before tax 282.4 411.7 28.5 19.4 149.2 10.5 901.6 Income tax (expenses) benefit (71.1) (86.2) (8.2) (5.9) (36.5) 5.3 (202.6) Non-controlling interests (0.2) (0.2) Net profit attributable to owners of the Company 211.1 325.5 20.3 13.4 112.7 15.9 698.9 Basic EPS (JPY) 134 443 Number of shares (millions) 1,579 1,579 *1 Includes in-process R&D. *2 An impairment loss of JPY 19.4 billion recorded as a result of the classification of Teva Takeda Pharma Ltd. shares as assets held for sale for the nine-month period ended December 31, 2024. A-10
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FY2024 Q3 (Oct-Dec) Reconciliation from Reported to Core (Billion JPY, except EPS and number of shares) Reported Reported to Core adjustments CoreAmortization of intangible assets Impairment of intangible assets Teva JV related adjustment*2 Other operating income/ expenses Others Revenue 1,144.1 1,144.1 Cost of sales (416.9) (0.0) (416.9) Gross profit 727.3 (0.0) 727.2 SG&A expenses (270.6) (0.1) (270.7) R&D expenses (170.2) (0.0) (170.2) Amortization of intangible assets associated with products (134.2) 134.2 — Impairment losses on intangible assets associated with products*1 (0.7) 0.7 — Other operating income 2.4 (2.4) — Other operating expenses (87.0) 87.0 — Operating profit 66.9 134.2 0.7 84.6 (0.1) 286.4 Margin 5.9 % 25.0 % Finance income and (expenses), net (38.6) 1.0 4.7 (32.9) Share of profit (loss) of investments accounted for using the equity method (2.0) 1.8 (0.1) Profit before tax 26.4 134.2 0.7 1.0 84.6 6.4 253.4 Income tax (expenses) benefit (2.6) (28.1) (0.2) (0.3) (21.8) 9.5 (43.5) Non-controlling interests (0.0) (0.0) Net profit attributable to owners of the Company 23.8 106.1 0.5 0.7 62.8 15.9 209.8 Basic EPS (JPY) 15 132 Number of shares (millions) 1,585 1,585 *1 Includes in-process R&D. *2 An impairment loss of JPY 1.0 billion recorded as a result of the classification of Teva Takeda Pharma Ltd. shares as assets held for sale for the quarter ended December 31, 2024. A-11
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FY2025 Q3 YTD Adjusted Free Cash Flow (Billion JPY) FY2024 Q3 YTD FY2025 Q3 YTD JPY Change % Change (Million USD) FY2025 Q3 YTD Convenience USD Translation Net profit 211.2 216.3 5.0 2.4 % 1,379 Depreciation, amortization and impairment losses 609.9 652.0 42.2 4,158 Decrease (increase) in trade working capital (92.5) (60.6) 31.9 (386) Income taxes paid (120.3) (115.9) 4.4 (739) Tax refunds and interest on tax refunds received 18.2 7.5 (10.7) 48 Other 208.6 267.6 59.0 1,707 Net cash from operating activities (Operating Cash Flow) 835.0 966.9 131.9 15.8 % 6,166 Acquisition of PP&E (152.0) (129.6) 22.4 (827) Free Cash Flow*1 683.0 837.3 154.2 22.6 % 5,340 Adjustment for cash temporarily held by Takeda on behalf of third parties*2 (0.9) (20.6) (19.7) (131) Proceeds from sales of PP&E 0.0 6.4 6.4 41 Acquisition of intangible assets*3 (103.1) (218.0) (114.9) (1,390) Acquisition of option to license (31.8) (2.6) 29.2 (17) Acquisition of investments*4 (15.2) (15.2) 0.1 (97) Proceeds from sales and redemption of investments 26.7 5.6 (21.1) 36 Acquisition of shares in associates — (0.6) (0.6) (4) Proceeds from sales of shares in associates — 0.9 0.9 6 Proceeds from sales of business, net of cash and cash equivalents divested 9.6 32.8 23.2 209 Adjusted Free Cash Flow*1 568.3 625.9 57.6 10.1 % 3,992 *1 Please refer to Definition and Explanation of Non-IFRS Measures and U.S. Dollar Convenience Translations for the definitions of Free Cash Flow and Adjusted Free Cash Flow. *2 Adjustment for cash temporarily held by Takeda on behalf of third parties refers to changes in cash balances that are temporarily held by Takeda on behalf of third parties related to vaccine operations and the trade receivables sales program, which are not available to Takeda’s immediate or general business use. *3 Proceeds from sales of intangible assets are included in cash flow from operating activities, except certain immaterial transactions. *4 Acquisition of JPY 80.1 billion debt investments classified as Level 1 in the fair value hierarchy is excluded for the nine-month period ended December 31, 2024. A-12
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FY2025 Q3 YTD Adjusted Net Debt to Adjusted EBITDA ADJUSTED NET DEBT/ADJUSTED EBITDA RATIO NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (Billion JPY) FY2025 Q3 YTD (Billion JPY) FY2024 Q3 YTD FY2025 Q3 YTD JPY Change % Change Book value of bonds and loans on consolidated statement of financial position (4,853.3) Net cash from operating activities (Operating Cash Flow) 835.0 966.9 131.9 15.8 % Acquisition of PP&E (152.0) (129.6) Cash & cash equivalents 654.9 Proceeds from sales of PP&E 0.0 6.4 Net Debt*1 (4,198.4) Acquisition of intangible assets (103.1) (218.0) Application of equity credit*2 250.0 Acquisition of option to license (31.8) (2.6) FX adjustment*3 217.4 Acquisition of investments (95.4) (15.2) Cash temporarily held by Takeda on behalf of third parties*4 (126.3) Proceeds from sales and redemption of investments 26.7 5.6 Level 1 debt investments*4 83.8 Acquisition of shares in associates — (0.6) Adjusted Net Debt*1 (3,773.6) Proceeds from sales of shares in associates — 0.9 Proceeds from sales of business, net of cash and cash equivalents divested 9.6 32.8 Adjusted EBITDA (LTM)*5 1,404.5 Payments for the settlement of forward exchange contracts designated as net investment hedges (13.9) (1.5) Adjusted Net Debt/Adjusted EBITDA ratio 2.7x Net increase (decrease) in short-term loans and commercial papers (317.0) (341.8) Proceeds from long-term loans 90.0 — Book value of bonds and loans on consolidated statement of financial position (4,853.3) Repayment of long-term loans (50.2) (10.1) Proceeds from issuance of bonds 934.5 526.1 Application of equity credit *2 250.0 Repayment of bonds (733.8) (115.3) FX adjustment*3 217.4 Proceeds from the settlement of cross currency interest rate swaps related to bonds and loans 46.9 — Adjusted Gross Debt (4,385.9) Acquisition of treasury shares (1.9) (51.6) Interest paid (78.1) (82.1) Dividends paid (292.8) (303.1) Others (34.6) (30.6) Net increase (decrease) in cash and cash equivalents 38.0 236.5 198.4 522.1 % *1 Please refer to Definition and Explanation of Non-IFRS Measures and U.S. Dollar Convenience Translations for the definitions of Net Debt and Adjusted Net Debt. *2 Application of equity credit includes JPY 250.0 billion reduction in debt due to a 50% equity credit applied to JPY 500.0 billion principal amount of our hybrid (subordinated) bonds and loans by S&P Global Rating Japan, given that those instruments qualify for certain equity credit for leverage purposes. *3 FX adjustment refers to change from month-end rate to average rate used for non-JPY debt calculation outstanding at the beginning of the period to match with adjusted EBITDA (which is calculated based on average rates). New non-JPY debt incurred and existing non-JPY debt redeemed during the reporting period are translated to JPY at relevant spot rates as of the relevant date. *4 Adjustments related to cash temporarily held by Takeda on behalf of third parties related to vaccine operations and to the trade receivables sales program, which is not available to Takeda’s immediate or general business use, and debt investments classified as Level 1 in the fair value hierarchy being recorded as Other Financial Assets. *5 LTM represents Last Twelve Months (January 2025 - December 2025). Calculated by subtracting FY2024 Q3 YTD from FY2024 Full Year and adding FY2025 Q3 YTD. A-13
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FY2024 Adjusted Net Debt to Adjusted EBITDA ADJUSTED NET DEBT/ADJUSTED EBITDA RATIO NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (Billion JPY) FY2024 (Billion JPY) FY2023 FY2024 JPY Change % Change Book value of bonds and loans on consolidated statement of financial position (4,515.3) Net cash from operating activities (Operating Cash Flow) 716.3 1,057.2 340.8 47.6 % Acquisition of PP&E (175.4) (200.8) Cash & cash equivalents 385.1 Proceeds from sales of PP&E 8.6 0.1 Net Debt*1 (4,130.2) Acquisition of intangible assets (305.3) (147.0) Application of equity credit*2 250.0 Acquisition of option to license — (31.8) FX adjustment*3 (68.9) Acquisition of investments (6.8) (97.5) Cash temporarily held by Takeda on behalf of third parties*4 (105.8) Proceeds from sales and redemption of investments 8.0 29.4 Level 1 debt investments*4 79.3 Acquisition of shares in associates — (1.0) Adjusted Net Debt*1 (3,975.5) Proceeds from sales of shares in associates — 57.7 Proceeds from sales of business, net of cash and cash equivalents divested 20.0 20.6 Adjusted EBITDA 1,441.0 Payments for the settlement of forward exchange contracts designated as net investment hedges (33.3) (13.8) Adjusted Net Debt/Adjusted EBITDA ratio 2.8x Net increase (decrease) in short-term loans and commercial papers 277.0 27.5 Proceeds from long-term loans 100.0 90.0 Book value of bonds and loans on consolidated statement of financial position (4,515.3) Repayment of long-term loans (100.4) (587.2) Proceeds from issuance of bonds — 934.5 Application of equity credit*2 250.0 Repayment of bonds (220.5) (733.8) FX adjustment*3 (68.9) Proceeds from the settlement of cross currency interest rate swaps related to bonds and loans 60.1 46.9 Adjusted Gross Debt (4,334.2) Acquisition of treasury shares (2.3) (51.9) Interest paid (100.4) (113.0) Dividends paid (287.2) (302.5) Others (60.3) (44.6) Net increase (decrease) in cash and cash equivalents (101.9) (61.3) 40.6 39.9 % *1 Please refer to Definition and Explanation of Non-IFRS Measures and U.S. Dollar Convenience Translations for the definitions of Net Debt and Adjusted Net Debt. *2 Application of equity credit includes JPY 250.0 billion reduction in debt due to a 50% equity credit applied to JPY 500.0 billion principal amount of our hybrid (subordinated) bonds and loans by S&P Global Rating Japan, given that those instruments qualify for certain equity credit for leverage purposes. *3 FX adjustment refers to change from month-end rate to average rate used for non-JPY debt calculation outstanding at the beginning of the period to match with adjusted EBITDA (which is calculated based on average rates). New non-JPY debt incurred and existing non-JPY debt redeemed during the reporting period are translated to JPY at relevant spot rates as of the relevant date. *4 Adjustments related to cash temporarily held by Takeda on behalf of third parties related to vaccine operations and to the trade receivables sales program, which is not available to Takeda’s immediate or general business use, and debt investments classified as Level 1 in the fair value hierarchy being recorded as Other Financial Assets. A-14
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FY2025 Q3 YTD Net Profit to Adjusted EBITDA Bridge (Billion JPY) FY2024 Q3 YTD FY2025 Q3 YTD JPY Change % Change Net profit 211.2 216.3 5.0 2.4 % Income tax expenses (benefit) 71.1 96.4 Depreciation and amortization 571.6 557.3 Interest expense, net 87.8 97.3 EBITDA 941.8 967.2 25.4 2.7 % Impairment losses 38.2 94.8 Other operating expenses (income), net, excluding depreciation and amortization, and impairment losses 135.2 57.1 Finance expenses (income), net, excluding interest expense, net 44.2 10.6 Share of loss (profit) of investments accounted for using the equity method 3.2 1.8 Other costs* 51.8 51.1 Adjusted EBITDA 1,214.4 1,182.7 (31.8) (2.6) % * Includes adjustments for non-cash items such as non-cash equity-based compensation expense, and other items that management believes are unrelated to our core operations, including purchase accounting effects and transaction related costs. A-15
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FY2025 Q3 YTD Net Profit to Adjusted EBITDA LTM Bridge (Billion JPY) FY2024 Full Year (Apr - Mar) FY2024 Q3 YTD (Apr - Dec) FY2025 Q3 YTD (Apr - Dec) FY2025 Q3 LTM*1 (Jan - Dec) Net profit 108.1 211.2 216.3 113.2 Income tax expenses (benefit) 66.9 71.1 96.4 92.2 Depreciation and amortization 761.4 571.6 557.3 747.0 Interest expense, net 117.7 87.8 97.3 127.2 EBITDA 1,054.2 941.8 967.2 1,079.6 Impairment losses 106.5 38.2 94.8 163.1 Other operating expenses (income), net, excluding depreciation and amortization, and impairment losses 163.2 135.2 57.1 85.1 Finance expenses (income), net, excluding interest expense, net 45.8 44.2 10.6 12.3 Share of loss (profit) of investments accounted for using the equity method 4.0 3.2 1.8 2.6 Other costs*2 67.4 51.8 51.1 66.7 Adjusted EBITDA 1,441.2 1,214.4 1,182.7 1,409.4 EBITDA from divested products*3 (0.2) (4.9) Adjusted EBITDA (LTM) 1,441.0 1,404.5 *1 LTM represents Last Twelve Months (January 2025 - December 2025). Calculated by subtracting FY2024 Q3 YTD from FY2024 Full Year and adding FY2025 Q3 YTD. *2 Includes adjustments for non-cash items such as non-cash equity-based compensation expense, and other items that management believes are unrelated to our core operations, including purchase accounting effects and transaction related costs. *3 Represents adjustments for EBITDA from divested products which are removed as part of LTM Adjusted EBITDA. A-16
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FY2025 Q3 YTD CAPEX, Depreciation and Amortization and Impairment Losses (Billion JPY) FY2024 Q3 YTD FY2025 Q3 YTD JPY Change % Change Revised Forecast (January 29, 2026) Capital expenditures*1 255.1 347.6 92.5 36.3 % 400.0 - 450.0 Tangible assets 152.0 129.6 (22.4) (14.7) % Intangible assets 103.1 218.0 114.9 111.4 % Depreciation and amortization 571.6 557.3 (14.4) (2.5) % 727.0 Depreciation of tangible assets*2 (A) 130.7 129.7 (1.0) (0.8) % Amortization of intangible assets (B) 441.0 427.6 (13.3) (3.0) % Of which Amortization on intangible assets associated with products (C) 411.7 396.9 (14.7) (3.6) % 507.0 Of which Amortization excluding intangible assets associated with products (D) 29.3 30.7 1.4 4.7 % Depreciation and amortization (excluding intangible assets associated with products) (A)+(D) 160.0 160.3 0.4 0.2 % 220.0 Impairment losses 38.2 94.8 56.6 148.0 % Impairment losses on intangible assets associated with products*3 28.5 81.8 53.3 186.9 % 110.0 Amortization and impairment losses on intangible assets associated with products 440.2 478.7 38.5 8.8 % 617.0 *1 Cash flow base *2 Includes depreciation of investment properties *3 Includes in-process R&D A-17
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FY2025 Full Year Detailed Forecast (BN JPY) Previous Forecast (October 30, 2025) Revised Forecast (January 29, 2026) JPY Change % Change Variances REPORTED Revenue 4,500.0 4,530.0 30.0 0.7 % FX benefits more than offset downward revisions to revenue outlooks for VYVANSE and other products including plasma derived therapies, TAKHZYRO, and others Cost of sales (1,590.0) (1,595.0) (5.0) (0.3) % FX headwinds partially offset by changes in product mix Gross Profit 2,910.0 2,935.0 25.0 0.9 % Increase in revenue forecast, as well as favorable product mix SG&A expenses (1,095.0) (1,098.0) (3.0) (0.3) % FX headwinds largely offset by incremental cost savings, including those from the enterprise- wide efficiency program R&D expenses (685.0) (687.0) (2.0) (0.3) % FX headwinds largely offset by incremental cost savings, including pipeline prioritization and the enterprise-wide efficiency program Amortization of intangible assets associated with products (497.0) (507.0) (10.0) (2.0) % Mainly due to FX Impairment losses on intangible assets associated with products*1 (110.0) (110.0) — — Other operating income 27.0 27.0 — — Other operating expenses (150.0) (150.0) — — Operating profit 400.0 410.0 10.0 2.5 % Finance income (expenses), net (156.0) (163.0) (7.0) (4.5) % Mainly due to FX Profit before tax 243.0 245.0 2.0 0.8 % Net profit attributable to owners of the Company 153.0 154.0 1.0 0.7 % Basic EPS (yen) 97 98 1 0.7 % Core Revenue*2 4,500.0 4,530.0 30.0 0.7 % FX benefits more than offset downward revisions to revenue outlooks for VYVANSE and other products including plasma derived therapies, TAKHZYRO, and others Core Operating Profit*2 1,130.0 1,150.0 20.0 1.8 % Revised revenue outlooks for products largely offset by OPEX savings, plus FX benefits Core EPS (yen)*2 479 486 7 1.5 % Adjusted Free Cash Flow*2 600.0 to 700.0 650.0 to 750.0 Reflects the upward revision to Core OP and improvements in working capital CAPEX (cash flow base) (400.0) to (450.0) (400.0) to (450.0) Depreciation and amortization (excl. intangible assets associated with products) (220.0) (220.0) — — Cash tax rate on Adjusted EBITDA (excl. divestitures)*2 Mid teen% Low-teen% Reflects an expected reduction in cash taxes driven by the acceleration of U.S. R&D deductions under recent tax reform. USD/JPY 147 150 3 2.3 % EUR/JPY 170 174 3 2.0 % *1 Includes in-process R&D. *2 Please refer to Definition and Explanation of Non-IFRS Measures and U.S. Dollar Convenience Translations, for the definition of Non-IFRS Measures and FY2025 Full Year Reconciliation from Reported Operating Profit to Core Operating Profit Forecast. A-18
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FY2025 Full Year Reconciliation from Reported Operating Profit to Core Operating Profit Forecast (Billion JPY) Reported Reported to Core adjustments CoreAmortization of intangible assets Impairment of intangible assets Other operating income (expenses) Revenue 4,530.0 4,530.0 Cost of sales (1,595.0) (3,380.0) Gross Profit 2,935.0 SG&A expenses (1,098.0) R&D expenses (687.0) Amortization of intangible assets associated with products (507.0) 507.0 — Impairment losses on intangible assets associated with products*1 (110.0) 110.0 — Other operating income 27.0 (27.0) — Other operating expenses (150.0) 150.0 — Operating profit 410.0 507.0 110.0 123.0 1,150.0 *1 Includes in-process R&D A-19
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FY2025 Full Year FX Rates Assumptions and Currency Sensitivity vs. Forecast Average Exchange Rates vs. JPY Impact of depreciation of yen from January 2026 to March 2026 (100 million JPY) FY2024 Q3 Actual (Apr-Dec) FY2025 Q3 Actual (Apr-Dec) FY2025 Full Year Assumption (Apr-Mar) FY2025 Q4 Assumption (Jan-Mar) Revenue (IFRS) Operating Profit (IFRS) Net Profit (IFRS) Core Operating Profit (non-IFRS) USD 152 148 150 157 1% depreciation 40.1 (0.2) (1.3) 5.8 1 yen depreciation 25.6 (0.1) (0.8) 3.7 EUR 165 170 174 184 1% depreciation 12.6 (5.4) (3.7) (3.5) 1 yen depreciation 6.9 (2.9) (2.0) (1.9) RUB 1.6 1.8 1.9 1.9 1% depreciation 0.6 0.2 0.1 0.3 CNY 21.1 20.7 21.1 22.4 3.7 2.2 1.4 2.2 BRL 27.9 27.0 27.4 28.6 2.0 1.3 0.8 1.4 A-20
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