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    Shinichiro Muraoka • Morgan Stanley

    Shinichiro Muraoka's questions to Takeda Pharmaceutical Co Ltd (TAK) leadership

    Shinichiro Muraoka's questions to Takeda Pharmaceutical Co Ltd (TAK) leadership • Q3 2025

    Question

    Shinichiro Muraoka from Morgan Stanley asked about the sustainability of the 100-250 bps OP margin improvement target into the next fiscal year and the potential for a dividend increase. He also sought an update on the timing of Entyvio biosimilar entry.

    Answer

    Executive Milano Furuta affirmed the policy is to improve core OP margin and that the dividend is not at risk of being reduced. CEO Christophe Weber reiterated that the U.S. biosimilar entry for Entyvio is still anticipated between 2030 and 2032, based on the strength of patents expiring in 2032.

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    Shinichiro Muraoka's questions to Takeda Pharmaceutical Co Ltd (TAK) leadership • Q1 2025

    Question

    Shinichiro Muraoka from Morgan Stanley asked about Takeda's confidence in achieving the 16% full-year growth target for ENTYVIO given its Q1 performance, and whether proof-of-concept data for mezagitamab in IgAN would be presented at the upcoming R&D Day.

    Answer

    Executive Julie Kim affirmed confidence in ENTYVIO's growth, citing the accelerating U.S. Pen launch, improved patient access, and lower expected EU clawbacks. R&D President Andy Plump indicated that they intend to disclose the mezagitamab IgAN data at a fall medical conference and share it at the December R&D Day, while remaining mindful of the competitive landscape.

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    Shinichiro Muraoka's questions to Takeda Pharmaceutical Co Ltd (TAK) leadership • Q1 2025

    Question

    Shinichiro Muraoka from Morgan Stanley asked about the soft Q1 sales for key products including Entyvio, IG, Vyvanse, and QDenga, and questioned if a recovery was expected. He also sought details on the clinical advantages of the next-generation orexin agonist.

    Answer

    President and CEO Christophe Weber stated that the soft Q1 does not reflect underlying product dynamics and reaffirmed full-year guidance. He attributed the weakness to temporary factors like market access for the Entyvio Pen, a high year-over-year comparator for Vyvanse, and supply/shipment timing for IG and QDenga. R&D President Andrew Plump explained the broader orexin franchise strategy aims to address a spectrum of diseases, with new molecules possessing differentiated pharmacology for more common disorders.

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