IMS Company Profiles - Report Buyer
IMS Company Profiles - Report Buyer IMS Company Profiles - Report Buyer
IMS COM PANY PRO FILES TAKEDA � Sales by Geographical Region For the year to March 31 2008, sales gen er ated in Ja pan were up 30% over the pre vi ous year to reach Yen859 bil lion, com pris ing 62.5% of to tal sales. Sales in Takeda’s sec ond larg est re gion, North Amer ica, de clined by 16% in the year un der re view, to Yen358 bil lion and now ac count ing for around one quar ter (26%) of Takeda’s rev e nues. Com pris ing 10.7% of to tal sales, sales in Eu rope de clined by 23% to reach Yen147 bil lion, while Other Mar kets, com pris ing the re main ing 0.75% of to tal sales, fell by 59% to Yen25.0 bil lion in the year to March 31 2008. Yen billions 1000 900 800 700 600 500 400 300 200 100 0 Source: Takeda Annual Reports Lat est Re sults Sales by Geographic Region 2004 2005 2006 2007 2008 Japan North America Europe Asia/Other Markets In the nine months end ing De cem ber 31 2008, Takeda re ported a 7.2% rise in sales to Yen1,203 bil lion, over the equiv a lent pe riod of 2007. Phar ma ceu ti cal seg ment sales in creased 13.4% to Yen1,134 bil lion with sales of Eth i cal drugs up 13.9% to Yen1,084 bil lion com pris ing around 40% from Ja pan where Eth i - cal drug sales in creased 2% to Yen427.1 bil lion and around 60% of sales came from Over seas, up 18.9% to Yen657 billion. Sales of in ter na tional stra te gic prod uct Actos (pioglitazone) for di a be tes de creased 4.8% to Yen297.7 bil - lion (due to ap pre ci a tion of the Yen; an in crease in US$ was re corded) with sales growth from: pep tic ul - cer drug Prevacid (lansoprazole) with global sales up 97.2% to Yen224.4 bil lion (due to con sol i da tion of TAP); Blopress (candesartan) up 2.8% to Yen4.8 bil lion and Leuprorelin, up 2.9% to Yen97.8 bil lion. Growth in Ja pan was also driven by a 42.3% rise in sales of Enbrel (etanercept) for rheu ma toid ar thri tis al though also saw a de cline in sales of di a be tes drug Basen, down 11.8% to Yen37.1 bil lion. In the US, the con sol i da tion of TAP and Mil len nium as sub sid iar ies re sulted in the in clu sion of the sales of lansoprazole and Velcade (for mul ti ple myeloma), con trib ut ing to over all sales growth. The pat ent ex pi - ra tion of lansoprazole in Europe resulted in a decline in sales in this region Sales by the Con sumer Healthcare busi ness in creased 3.2% to Yen50.1 bil lion, sup ported by in creased sales of Benza (a cold rem edy) and Nicorette for smok ing ces sa tion al though sales of vi ta min tonic (Alinamin) drinks were down. Sales by Other Seg ments de creased by 9.5% in the same pe riod to Yen7.2 billion Net prof its of Yen169 bil lion were re corded for the nine months, 24.5% lower than in 2007 while Earn ings per Share dropped to Yen206.95 from Yen389.84 in 2007. In vest ment in Re search and De vel op ment amounted to Yen207.4 bil lion, 121.8% higher than the pre vi ous year. © 2009 IMS Health In cor po rated or its af fil i ates Page 18
IMS COM PANY PRO FILES TAKEDA An a lyst Com ment In Feb ru ary 2009, an a lysts at Credit Suisse re it er ated a ‘Neu tral’ rat ing and tar get price of Yen4,900 (on par with the phar ma ceu ti cal sec tor av er age) to Takeda. Fol low ing the re port of nine month re sults, where the Mil len nium ac qui si tion and con sol i da tion re flected in a 12% rise in sales to Yen1,203 bil lion al though Takeda re ported a sharp 41% de cline in prof its. Takeda’s full year guid ance has been left un changed and the an a lysts are also main tain ing their fore casts, adopt ing a ‘wait and see’ ap proach un til one-time fac - tors drop out the pic ture. The strong Yen had a year-on-year neg a tive im pact on sales (Yen55.2 bil lion) and net profit (Yen9 bil lion) but the an a lysts be lieve that ex clud ing the for ex im pact, in real terms, sales of Takeda’s four stra te gic prod ucts (Actos, Takepron/Prevacid, Blopress and Leuplin) are slow ing, add ing that even if full fis cal 2008 (end ing March 2009) guid ance is reached, re cov ery in earn ings from fis cal 2009 (end ing March 2010) on wards could slow, al though from this time they ex pect a re cov ery in profit as in-pro cess R&D and other fac tors wind down. The ap proval of Kapidex, the suc ces sor to Prevacid in the US has had vir tu ally no im pact on Takeda’s share price and the an a lysts are con cerned about the risk from de creas ing sales of Actos in the US to gether with the de lays in ap proval of SYR 322, which could help to off set that risk. Re gard ing the Mil len nium ac qui si tion, the an a lysts com mented that the overall picture from this is currently hard to determine but could impact the investment stance. An a lysts at Mor gan Stan ley, writ ing in Feb ru ary 2009 main tained their ‘Over weight’ rat ing and ‘At trac - tive’ in dus try view with a price tar get of Yen6,800. They com mented that the strong Yen would soften the size of the loss for the merged Takeda (with TAP and Mil len nium ac qui si tion). The fo cus will now be on the sales trends of Actos and Prevacid, the launches of Kapidex (ap proved in Jan u ary) and TMX 67 for gout (ap proved in Feb ru ary) and the ap proval of DPP IV in hib i tor SYR 322 for di a be tes, now de layed un til June 26, 2009. The lat est ap prov als mean that TPNA will now have two new drug launches in the first half of 2009 al though the de lay to ap proval of alogliptin, which re ceived a rec om men da tion from the FDA panel No vem ber, is a blow for Takeda, al though the an a lysts pointed out one source of light on the pros pects of its ap proval from the April 2009 FDA panel for Endocrinologic and Met a bolic Drugs Ad vi sory Com mit tee where Novo Nordisk’s GLP1 ag o nist liraglutide will be dis cussed and there is a pos si bil ity that other DDP-IV in hib i tors in clud ing alogliptin and AstraZeneca’s saxagliptin may also be discussed given the extended discussion period from one to three days. © 2009 IMS Health In cor po rated or its af fil i ates Page 19
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<strong>IMS</strong> COM PANY PRO FILES TAKEDA<br />
� Sales by Geographical Region<br />
For the year to March 31 2008, sales gen er ated in Ja pan were up 30% over the pre vi ous year to reach<br />
Yen859 bil lion, com pris ing 62.5% of to tal sales. Sales in Takeda’s sec ond larg est re gion, North Amer ica,<br />
de clined by 16% in the year un der re view, to Yen358 bil lion and now ac count ing for around one quar ter<br />
(26%) of Takeda’s rev e nues. Com pris ing 10.7% of to tal sales, sales in Eu rope de clined by 23% to reach<br />
Yen147 bil lion, while Other Mar kets, com pris ing the re main ing 0.75% of to tal sales, fell by 59% to<br />
Yen25.0 bil lion in the year to March 31 2008.<br />
Yen billions<br />
1000<br />
900<br />
800<br />
700<br />
600<br />
500<br />
400<br />
300<br />
200<br />
100<br />
0<br />
Source: Takeda Annual <strong>Report</strong>s<br />
Lat est Re sults<br />
Sales by Geographic Region<br />
2004 2005 2006 2007 2008<br />
Japan North America Europe Asia/Other Markets<br />
In the nine months end ing De cem ber 31 2008, Takeda re ported a 7.2% rise in sales to Yen1,203 bil lion,<br />
over the equiv a lent pe riod of 2007. Phar ma ceu ti cal seg ment sales in creased 13.4% to Yen1,134 bil lion<br />
with sales of Eth i cal drugs up 13.9% to Yen1,084 bil lion com pris ing around 40% from Ja pan where Eth i -<br />
cal drug sales in creased 2% to Yen427.1 bil lion and around 60% of sales came from Over seas, up 18.9%<br />
to Yen657 billion.<br />
Sales of in ter na tional stra te gic prod uct Actos (pioglitazone) for di a be tes de creased 4.8% to Yen297.7 bil -<br />
lion (due to ap pre ci a tion of the Yen; an in crease in US$ was re corded) with sales growth from: pep tic ul -<br />
cer drug Prevacid (lansoprazole) with global sales up 97.2% to Yen224.4 bil lion (due to con sol i da tion of<br />
TAP); Blopress (candesartan) up 2.8% to Yen4.8 bil lion and Leuprorelin, up 2.9% to Yen97.8 bil lion.<br />
Growth in Ja pan was also driven by a 42.3% rise in sales of Enbrel (etanercept) for rheu ma toid ar thri tis<br />
al though also saw a de cline in sales of di a be tes drug Basen, down 11.8% to Yen37.1 bil lion. In the US,<br />
the con sol i da tion of TAP and Mil len nium as sub sid iar ies re sulted in the in clu sion of the sales of<br />
lansoprazole and Velcade (for mul ti ple myeloma), con trib ut ing to over all sales growth. The pat ent ex pi -<br />
ra tion of lansoprazole in Europe resulted in a decline in sales in this region<br />
Sales by the Con sumer Healthcare busi ness in creased 3.2% to Yen50.1 bil lion, sup ported by in creased<br />
sales of Benza (a cold rem edy) and Nicorette for smok ing ces sa tion al though sales of vi ta min tonic<br />
(Alinamin) drinks were down. Sales by Other Seg ments de creased by 9.5% in the same pe riod to Yen7.2<br />
billion<br />
Net prof its of Yen169 bil lion were re corded for the nine months, 24.5% lower than in 2007 while Earn ings<br />
per Share dropped to Yen206.95 from Yen389.84 in 2007. In vest ment in Re search and De vel op ment<br />
amounted to Yen207.4 bil lion, 121.8% higher than the pre vi ous year.<br />
© 2009 <strong>IMS</strong> Health In cor po rated or its af fil i ates Page 18