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Takeda: FY24 Results

HEALTHCARE
  • Takeda (TACHEM: Baa1 / BBB+): 4Q24 Results (FY23-24 Full year)
  • Full-year EBITDA fell 7% to Y1,319b even with revenue increasing 5.9% (or 1.5% CER) on the year
  • Net Debt/EBITDA 3.1x increased from 2.6x yoy
  • Net Debt Y4,091b up from Y3,716b yoy

Takeda fully hedged their debt 3 years ago to lock-in low interest rates. Their average interest rate is 1.6% The loss of exclusivity on Vyanse (ADHD) was always going to hurt. Takeda now makes around 20% of its revenue from Entyvio (IBD Medication) which is protected from biosimilars until 2032.

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