May 8 (Bloomberg) -- Takeda Pharmaceutical Co., Asia’s largest drugmaker, forecast full-year operating profit will climb 7.7 percent as it curbs costs and boosts new product sales.
Operating profit will increase to 150 billion yen ($1.47 billion) in the 12 months ending March 2015, Osaka-based Takeda said in a statement to the stock exchange today.
Takeda has made acquisitions, hired executives from overseas, and cut costs in recent years to bolster growth as its best-selling diabetes drug Actos faced cheaper generic rivals. It hired Christophe Weber, a 20-year GlaxoSmithKline Plc veteran, in April and plans to name him chief executive next year. Weber would be the first non-Japanese leader in Takeda’s more than 230-year history.
Shares of Takeda rose 1.8 percent to 4,637 yen at the close in Tokyo trading before the earnings announcement.
The company in October predicted “mid single-digit” annual revenue growth through 2017 and said operating profit should advance 20 percent or more a year over the same period. Takeda aims to extract 100 billion yen in annual costs by 2017, including by reductions in staff numbers.
The drugmaker forecast full-year revenue will increase 2 percent to 1.73 trillion yen.
To contact the reporter on this story: Kanoko Matsuyama in Tokyo at firstname.lastname@example.org
To contact the editors responsible for this story: Anjali Cordeiro at email@example.com Suresh Seshadri