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    Shinichiro Muraoka

    Research Analyst at Morgan Stanley

    Shinichiro Muraoka is an Executive Director and Senior Equity Analyst at Morgan Stanley MUFG Securities, specializing in Japanese pharmaceuticals and biotechnology sector research. He actively covers leading names including Takeda Pharmaceutical, Sumitomo Pharma, Chugai Pharmaceutical, and Santen Pharmaceutical, and has made high-conviction calls such as upgrading Takeda with an ambitious price target, with his recommendations tracked publicly on platforms like TipRanks. Muraoka began his professional career in equity research in Japan, joining Morgan Stanley MUFG Securities, where he has established himself as a consistent pharma sector specialist. He holds applicable professional credentials for equity analysts in Japan, including regulatory securities licenses from the Japan Securities Dealers Association (JSDA), and is regularly cited as a covering analyst in company investor relations materials.

    Shinichiro Muraoka's questions to TAKEDA PHARMACEUTICAL CO (TAK) leadership

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

    Question

    Shinichiro Muraoka from Morgan Stanley questioned Takeda's confidence in achieving the ambitious 16% full-year growth target for ENTYVIO, asking for evidence of its expected acceleration. He also asked if proof-of-concept data for mezagitamab in IgAN would be presented at the upcoming R&D Day.

    Answer

    Julie Kim, President, U.S. Business Unit, affirmed confidence in ENTYVIO's growth, citing the U.S. Pen launch for both UC and Crohn's disease, expanding patient access, and expected lower EU clawbacks. Andrew Plump, President of R&D, confirmed that mezagitamab will be a key focus at the R&D Day and that the company intends to disclose IgAN data at a fall medical conference, making it available for the event, pending competitive considerations.

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    Shinichiro Muraoka's questions to TAKEDA PHARMACEUTICAL CO (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 (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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    Shinichiro Muraoka's questions to TAKEDA PHARMACEUTICAL CO (TAK) leadership • Q3 2024

    Question

    Asked for an updated outlook on the next fiscal year (FY2024) following previous comments that it would be a 'tough year', and inquired about the clinical development pathway for TAK-279 in IBD (UC and CD) after the Phase IIb studies.

    Answer

    The outlook for FY2024 remains a 'tight' or 'flattish' year, as the first half will still be impacted by the VYVANSE generic entry, while the second half will have a more stable comparison base. For TAK-279 in IBD, the next step after successful Phase IIb trials is to conduct Phase III studies for both UC and CD; acceleration will come from execution excellence rather than skipping steps, with potential approvals by the end of the decade.

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    Shinichiro Muraoka's questions to SHIONOGI & CO (SGIOY) leadership

    Shinichiro Muraoka's questions to SHIONOGI & CO (SGIOY) leadership • FY 2022

    Question

    Shinichiro Muraoka of Morgan Stanley asked for justification of the large SG&A increase relative to the China sales forecast for Xocova and questioned the rationale behind suspending certain R&D programs, asking if it was due to prioritization or other factors.

    Answer

    Masako Kudou, VP of Finance and Accounting, explained that the SG&A budget is tied to achieving profit targets in China and would decrease if the approval is delayed. She also clarified that R&D program suspensions were a result of strategic prioritization to manage the JPY 100 billion R&D budget effectively, given the high cost of late-stage global trials.

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