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Takeda Falls Most in 2 Years After Missing Forecast: Tokyo Mover

Takeda Falls Most in 4 Years After Missing Forecast
Pedestrians walk past the Takeda Pharmaceutical Co. Tokyo head office in Tokyo. Photographer: Kiyoshi Ota/Bloomberg

Takeda Pharmaceutical Co., Asia’s largest drugmaker, fell the most in more than two years in Tokyo trading after full-year operating profit missed its forecast and analyst estimates.

Takeda declined 5.9 percent to close at 4,985 yen in Tokyo, the biggest drop since March 2011. The benchmark Topix Index advanced 2.4 percent.

Operating profit, or sales less the cost of goods sold and administrative expenses, for the year ended March plunged 54 percent from the previous period to 122.5 billion yen ($1.2 billion) on higher expenses on overseas operations and on research, Takeda said yesterday. The company had forecast 160 billion yen in February the average of 17 analysts estimates compiled by Bloomberg was for 171.3 billion yen.

“Takeda is too loose in managing figures,” Ryoichi Urushihara, a health-care analyst at Nomura in Tokyo, said in a note to clients dated yesterday. “It was a poor earnings result.”

Operating profit this fiscal year is expected to be 140 billion yen, 38 percent lower than Takeda’s previous forecast of 225 billion yen made in May last year, on the impact of recalling its anemia treatment Omontys and competition from generic drugs, the company said yesterday.

Takeda’s head office underestimated the money spent on the overseas units and on drug research and development, Chief Executive Officer Yasuchika Hasegawa said in a briefing yesterday.

Brokerages including Nomura Holdings Inc., Barclays Plc and Credit Suisse Group AG said the earnings will have a negative impact on the share price.

Today’s decline cut Takeda’s advance this year to 29 percent, trailing the Topix index’s 41 percent.

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