Bloomberg News

Takeda First-Quarter Profit Jumps 18% on Japanese Drug Sales

July 29, 2011

(Updates with per-share earnings in second paragraph.)

July 29 (Bloomberg) -- Takeda Pharmaceutical Co., Asia’s biggest drugmaker, reported an 18 percent jump in first-quarter profit, helped by the sale of new medicines for diabetes and cancer in Japan.

Net income was 75.6 billion yen ($975 million), or 96 yen a share, in the three months ended June 30, compared with 64 billion yen, or 81 yen, a year earlier, the Osaka, Japan-based drugmaker said in a statement to the Tokyo Stock Exchange today. Sales increased 0.7 percent to 357.2 billion yen.

Takeda is selling new products such Nesina for diabetes and Vectibix for cancer in Japan and turning to acquisitions overseas to compensate for the anticipated sales decline when its best-selling diabetes treatment Actos faces competition from cheaper generic drugs in August 2012. It expects profit to fall to a 13-year low by March 2014, the company said in May.

Earnings were announced after markets in Tokyo closed. Takeda fell 0.5 percent to a one-month low of 3,675 yen today, while the benchmark Topix index declined 0.8 percent.

--Editors: Alan Soughley, Jason Gale

To contact the reporter on this story: Kanoko Matsuyama in Tokyo at kmatsuyama2@bloomberg.net.

To contact the editor responsible for this story: Jason Gale at j.gale@bloomberg.net


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