Takeda's 9-month profit jumps, outlook kept unchanged

Takeda Pharmaceutical, Japan's largest drugmaker, said on Wednesday its nine-month recurring profit rose 45 per cent despite a drop in sales, after it booked costs related to an acquisition in the same period a year ago. Takeda posted a recurring profit of ¥369.26bn ($4.08bn) in April-December, up from 254.6 billion yen a year ago when it bought US biotech firm Millennium Pharmaceutical and absorbed its part of a former US joint venture TAP Pharmaceuticals. Takeda saw its underlying drug sales hurt by the strong yen, as well as a sluggish economy and stiffer competition. Japanese rival Astellas Pharma said on Tuesday its nine-month recurring profit fell 24 per cent on the strong yen and tough competition. Takeda kept unchanged its recurring profit forecast for the full year to March 2010 at ¥400bn. The company's forecast falls short of the market consensus of ¥418.3bn, according to a survey of 17 analysts by Thomson Reuters I/B/E/S. Prior to the announcement, Takeda shares rose 0.1 per cent to ¥4,060. The benchmark Nikkei 225 average rose 0.3 per cent.