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    Steve Barker

    Research Analyst at Jefferies

    Stephen Barker is an Equity Analyst at Jefferies Japan Limited based in Tokyo, specializing in Japanese healthcare and pharmaceutical sectors. He covers major companies such as Santen Pharmaceutical and Nxera Pharma, providing in-depth equity research to institutional investors. Barker has been with Jefferies since at least 2023, with prior details on earlier roles remaining undisclosed. His professional credentials and securities licenses have not been publicly confirmed, and while his coverage universe is clear, specific performance metrics or third-party rankings are not available.

    Steve Barker's questions to TAKEDA PHARMACEUTICAL CO (TAK) leadership

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

    Question

    Questioned the discrepancy between the substantial Q1 drop in SG&A and R&D spending versus the full-year guidance. Also asked for more detail on the potential new indications for the next-generation orexin agonist, specifically its application in areas like Alzheimer's, sleep apnea, and obesity.

    Answer

    The company explained the Q1 spending drop was due to FX impact on SG&A and the timing of R&D trial ramp-ups, combined with efficiency savings, but reiterated the full-year guidance is unchanged. For orexin, they confirmed they are exploring a broad range of indications including respiration and metabolism but are not yet specifying diseases like obesity, pending further data.

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