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    Matsubara

    Senior Analyst at Nomura Securities

    Hiroyuki Matsubara is a Senior Analyst at Nomura Securities, specializing in equity research with a primary focus on the Japanese pharmaceuticals and biotechnology sector. He covers leading companies such as Chugai Pharmaceutical, Healios K.K., Nxera Pharma, and Astellas Pharma, providing in-depth analysis and investment recommendations for these industry leaders. Matsubara has established a reputation as a trusted analyst throughout his tenure at Nomura Securities, building on years of sector expertise since joining the firm and contributing valuable insights to institutional clients. While detailed individual performance metrics and professional licenses are not publicly available, his consistent coverage of major pharmaceutical firms underscores his standing in the market and reflects his recognized professional credentials within Japan’s financial sector.

    Matsubara's questions to TAKEDA PHARMACEUTICAL CO (TAK) leadership

    Matsubara's questions to TAKEDA PHARMACEUTICAL CO (TAK) leadership • Q1 2026

    Question

    Asked for the reasons behind the weak Q1 sales performance in the U.S. market overall, and specifically for the product TAKHZYRO, while also inquiring about the upcoming competitive threat to TAKHZYRO.

    Answer

    The company attributed the weak U.S. performance primarily to the significant impact of Vyvanse generic erosion and the Medicare Part D redesign. For TAKHZYRO, the softness was explained by lower channel inventory, and the company expressed confidence in defending its market share against new competitors based on its strong long-term safety and efficacy profile.

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    Matsubara's questions to TAKEDA PHARMACEUTICAL CO (TAK) leadership • Q3 2025

    Question

    Matsubara from Nomura Securities questioned the flat quarter-on-quarter growth of Entyvio, asking if it was due to shipment timing or competitive pressures. He also asked about the strategic expectations for incoming CEO Julie Kim.

    Answer

    CEO Christophe Weber attributed the Entyvio growth rate to one-off effects, including shipment phasing and a gross-to-net adjustment, stating underlying year-to-date growth was strong at over 9%. Regarding the CEO transition, he emphasized that Julie Kim was integral to the current strategy and no major directional changes are expected.

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    Matsubara's questions to TAKEDA PHARMACEUTICAL CO (TAK) leadership • Q1 2025

    Question

    An analyst named Matsubara inquired about the current supply situation for VYVANSE generics and the expected timing of its revenue decline. He also asked about Takeda's immunoglobulin business, specifically regarding measures to improve its operating profit margin, such as managing donor fees.

    Answer

    Julie Kim, President of Takeda's U.S. Business Unit, explained that while VYVANSE demand was higher than expected in Q1, generic supply is improving and erosion is expected to accelerate as planned. President and CEO Christophe Weber added that the Plasma-Derived Therapies (PDT) margin has been improving due to supply chain optimization, full capacity utilization, and stable donor fees, with faster growth in subcutaneous products also contributing positively.

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    Matsubara's questions to TAKEDA PHARMACEUTICAL CO (TAK) leadership • Q1 2025

    Question

    An analyst identified as Matsubara asked about the current supply situation for VYVANSE generics and the expected timing of its impact on revenue, and also inquired about measures to improve the operating profit margin for the immunoglobulin business.

    Answer

    Julie Kim, an executive at Takeda, explained that generic supply for VYVANSE is improving and the erosion of Takeda's brand is expected to proceed as planned. President and CEO Christophe Weber added that the margin for the Plasma-Derived Therapies (PDT) business is improving due to supply chain optimization, full manufacturing capacity utilization, and stable donor fees.

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