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    Seiji Wakao • JPMorgan Chase & Co.

    Seiji Wakao's questions to Takeda Pharmaceutical Co Ltd (TAK) leadership

    Seiji Wakao's questions to Takeda Pharmaceutical Co Ltd (TAK) leadership • Q3 2025

    Question

    Seiji Wakao from JPMorgan Chase & Co. asked for the rationale behind the newly announced share buyback. He also requested more specific timing for the Phase III data readouts for TAK-861 (oveporexton) and TAK-279 (zasocitinib).

    Answer

    Executive Milano Furuta explained the buyback aligns with their capital allocation policy of returning excess cash to shareholders after funding growth. Executive Andrew Plump provided timing updates: rusfertide data this quarter, oveporexton data mid-2025, and zasocitinib data by year-end.

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    Seiji Wakao's questions to Takeda Pharmaceutical Co Ltd (TAK) leadership • Q1 2025

    Question

    Seiji Wakao from JPMorgan Chase & Co. asked about the potential impact of SKYRIZI's approval in ulcerative colitis on ENTYVIO's market share, and for the reasons behind the expected decline in gross margin from 68% in Q1 to the full-year target of 65.5%.

    Answer

    Executive Julie Kim responded that ENTYVIO maintains its strong first-line market share, with new entrants like SKYRIZI primarily impacting later lines of therapy. CFO Milano Furuta explained that the gross margin is expected to decline due to the accelerating erosion of high-margin products like VYVANSE and a recovery in sales of lower-margin products like albumin.

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    Seiji Wakao's questions to Takeda Pharmaceutical Co Ltd (TAK) leadership • Q1 2025

    Question

    Seiji Wakao of JPMorgan Chase & Co. questioned if the slow start to R&D spending in Q1 was in line with the plan. He also asked about the status of any discussions with the U.S. government regarding the Most Favored Nation (MFN) drug pricing policy.

    Answer

    CFO Milano Furuta explained that Q1 R&D spend was impacted by savings from program terminations and efficiency efforts, which were larger than planned, but confirmed that pipeline development is on track and spending will ramp up as planned. U.S. Business Unit President Julie Kim stated that Takeda has not been contacted directly for MFN negotiations but is preparing for potential impacts and for the separate IRA Medicare price negotiations for Entyvio.

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