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  • Takeda Pharmaceutical Company Limited (4502) Consolidated Financial Statements for Fiscal 2009 - 18 - 3. Management Policy (1) Basic Management Policy Takeda places "Takeda-ism" (which refers to integrity, in other words, fairness, honesty, and perseverance) at the heart of all its business activities. As a research driven pharmaceutical company, Takeda aims to realize its Mission of "striving towards better health for patients worldwide through leading innovation in medicine." Takeda will achieve this by continuously creating new drugs and maximizing the potential of those products in the global market. Under its "2006-2010 Mid-Range Plan", Takeda is working to become a world-class pharmaceutical company. Takeda had made progress toward this goal including strengthening its oncology pipelines, establishing its overseas business base and enhancing its global governance structure. However, the business environment for the pharmaceutical industry is changing dramatically and some pipelines have experienced hal
  • 95 Review of Operations and Financial Condition Takeda Pharmaceutical Company Limited and Subsidiaries Year ended March 31, 2009 (Fiscal 2008) Overview of Results The environment facing the pharmaceutical industry is becoming challenging, due to U.S. government policy that public medical insurance costs be reduced in the U.S., which is the largest market in the world, and in addition to that, due to initiatives in Japan and Europe to promote generic use, as well as the worldwide implementation of a stricter approval process for new drugs. Furthermore, the pharmaceutical industry has been facing difficulty in creating breakthrough novel drugs due to the difficulties of translating new innovations to products in the marketplace. Takeda's response to these global challenges is to channel all its energy on efforts aimed at sustainable growth towards "world-class pharmaceutical company." Initiatives and strategies undertaken in last fiscal year included large-scale acquisition and reorganization. Firstly, TAP Pha
  • 62 GRI Guidelines Reference Table GRI Guidelines Content Index Takeda's Annual Report 2009 and Annual Report 2009 CSR Data Book were prepared with reference to the Sustainability Reporting Guidelines 2006 (Version 3.0) published by the Global Reporting Initiative (GRI). The guidelines provide a framework for sustainability reports that can be applied globally. The GRI recommends that report makers declare their level of compliance with the stipulations of the guidelines (known as the "GRI Application Level"). We believe that Takeda's Annual Report 2009 and Annual Report 2009 CSR Data Book satisfy the GRI Application Level B for reporting standards. Application Level Standards 1 Strategy and Analysis Indicator Relevant Pages in ReportsAspect Annual Report Core CSR Data Book Additional 5 Statement from the most senior decision maker of the organization (e.g., CEO, chair, or equivalent senior position) about the relevance of sustainability to the organization and its strategy. Number of countries where the orga
  • Takeda Pharmaceutical Company Limited (4502) SUMMARY OF FINANCIAL STATEMENTS (Consolidated) Six Months Results (April 1 to September 30, 2008) - 5 - (2) Overview of Six-Month Consolidated Operating Results (April 1 to September 30, 2008) Six-month consolidated results (April 1 to September 30, 2008) were as follows: Billions of yen Change from the same period last year Net Sales 807.1 [Increase 98.7 (13.9%)] Operating Income 85.0 [Decrease 179.9 (67.9%)] Ordinary Income 101.0 [Decrease 232.7 (69.7%)] Net Income 71.8 [Decrease 146.2 (67.1%)] [Impact of restructuring Takeda's U.S. operations through division and consolidation of TAP into a wholly owned subsidiary, and acquisition of Millennium] "The Company's division and consolidation of TAP" and "the acquisition of Millennium" were accounted for in accordance with the US accounting standards, Statement of Financial Accounting Standards No. 141 "Business Combination" and the Japanese accounting standards, "the Practical Solution on Unification of Accounting P
  • Takeda Pharmaceutical Company Limited (4502) SUMMARY OF FINANCIAL STATEMENTS (Consolidated) Six Months Results (April 1 to September 30, 2008) - 7 - [Net income] The Company recorded consolidated net income of 71.8 billion, a decrease of 146.2 billion (67.1%) compared with the net income reported in the same period of the previous year. - While extraordinary income increased by 46.1 billion due to a US$ 709 million gain from transfer of the Lupron business as a part of the division of TAP, net income decreased as a result of the significant decrease in ordinary income. - Earnings per share decreased by 168.21 (65.8%) to 87.33 from the same period of the previous year. - Earnings per share excluding extraordinary income (loss) and other extraordinary factors arising from business acquisitions and similar events (see Note below), which the Company uses as one of its target management indices, decreased by 1.13 (0.5%) to 234.30. (Note) "Earnings per share excluding extraordinary income (loss) and other extraord
  • Takeda Pharmaceutical Company Limited (4502) SUMMARY OF FINANCIAL STATEMENTS (Consolidated) Six Months Results (April 1 to September 30, 2008) - 3 - [Descriptive Information and Financial Statements] 1. Descriptive Information on Consolidated Operating Results (1) Introduction In order to realize Takeda's goal of establishing itself as a "global pharmaceutical company", the Company has been working on the various strategies defined in the 20062010 Medium-term Plan. Of those strategies, with respect to "further strengthening ability to create new drugs", the Company has completed several important transactions this calendar year. Firstly, the acquisition of U.S.-based Millennium Pharmaceuticals Inc. (Millennium) provides Takeda Groupin addition to its own historical strength in research technology that inhibits cancer cell proliferationthe additional strength of Millennium's novel research technology based on inducing cancer cell apoptosis and also provides outstanding clinical development capabilities, both
  • 1 This annual report includes forward-looking statements regarding Takeda's plans, prospects, strategies and accomplishments, etc. These prospects are the result of assessment obtained from information currently available, and since the actual performance could be influenced by various risks and uncertainties, it shall be noted that the course of action could differ substantially from those prospects. Factors that could affect future prospects would include, but are not limited to, economic circumstances surrounding Takeda's domain identity, competitive pressures, relevant laws and regulations, change in the status of product development, exchange rate risk and so on. Precautions Regarding Forward-Looking Statements Takeda has issued an integrated Annual and CSR Report since fiscal 2006, in order to facilitate a comprehensive understanding of Takeda's activities by providing both financial and non-financial information, such as information on corporate social responsibility (CSR) activities. When preparing t
  • 71 Review of Operations and Financial Condition Takeda Pharmaceutical Company Limited and Subsidiaries Year ended March 31, 2008 (Fiscal 2007) Overview of Results In Japan, the ethical drug market growth rate continues to be weak mainly due to the government's policy of reducing medical expenses, including the promotion of the use of generic drugs and the expansion of the DPC (Diagnosis Procedure Combination, a diagnosis group-based packaged payment system for acute hospitalized cases) system. In fiscal year 2008, under the National Health Insurance drug price revisions, which are conducted once every two years, in addition to the regular price lowering, special price reductions were implemented for drugs whose markets have expanded beyond the initially expected level, such as angiotensin II receptor blocker (a hypertension drug), and a special price reduction of drugs whose patents have expired recently and competing with generic drugs were conducted. In addition, measures were conducted to further promote
  • 61 REVIEW OF OPERATIONS AND FINANCIAL CONDITION Takeda Pharmaceutical Company Limited and Subsidiaries Year ended March 31, 2007 (Fiscal 2006) In Japan, the ethical drug market recorded negative growth for the first time in six years under the tough environment due to implementation of measures specifically promoting the use of generic drugs, and also to special price reductions and re-pricing, for those drugs that have generic versions, in addition to the usual price revisions under the National Health Insurance (NHI) in April 2006. For the future, it is estimated that the market growth will remain as low as the level ranging from one through two percent (1%-2%) under the environment in which the measures for constraint of expenditures for drugs will be promoted as indicated by ongoing discussion on the possibility of an annual revision of NHI drug prices instead of current biannual frequency, the reduction of drug prices separately from the actual market prices, and an introduction of prospective payment s
  • This annual report includes forward-looking statements regarding Takeda's plans, prospects, strategies and accomplishments, etc. These prospects are the result of assessment obtained from information currently available, and since the actual performance could be influenced by various risks and uncertainty, it shall be noted that the course of action could differ substantially from those prospects. Factors that could affect future prospects would include, but are not limited to, economic circumstances surrounding Takeda's domain identity, competitive pressures, relevant laws and regulations, change in the status of product development, exchange rate risk and so on. Precautions Regarding Forward-Looking Statements Aiming to facilitate understanding of Takeda's activities in a comprehensive manner, through the provision of both financial and non-financial information, including CSR (corporate social responsibility) activities, we have issued an integrated version of the Annual and CSR Report since fiscal 2006.
  • 2) Cash Flow Indicators The table below shows trends in cash flow indicators. Year ended 3/31/03 Year ended 3/31/04 Year ended 3/31/05 Year ended 3/31/06 Year ended 3/31/07 Shareholders' equity ratio 76.1% 76.3% 78.6% 77.2% 78.8% Shareholders' equity ratio on market value basis 190.4% 175.9% 177.7% 195.2% 216.2% Debt payment term (years) 0.02 0.02 0.03 0.02 0.01 Interest coverage ratio 975.8 1,297.5 1,451.6 1,466.1 2,246.7 Notes: Shareholders' equity ratio: (Net assets - Minority interest)/Total assets Shareholders' equity ratio on market value basis: Market capitalization/Total assets Debt payment term: Interest-bearing debt/Operating cash flow Interest coverage ratio: Operating cash flow/Interest expenses * Each indicator is calculated based on consolidated financial results. * Market capitalization is calculated by multiplying the closing price at the term-end by the number of outstanding shares at the term-end (excluding treasury shares). * Operating cash flow is net cash provided by operating activities
  • 1 Contents Consolidated Financial Statements for the Interim Period of Fiscal 2006 (April 1, 2006-September 30, 2006) Contents - - - - - - - - - - - - - - - - 1 1. The Takeda Group - - - - - - - - - - - - - - - - 2 2. Management Policy - - - - - - - - - - - - - - - - 5 3. Results of Operations and Financial Position - - - - - - - - - - - - - - - - 7 4. Litigation and other - - - - - - - - - - - - - - - - 15 5. Interim Consolidated Statements of Income - - - - - - - - - - - - - - - - 17 6. Interim Consolidated Balance Sheets - - - - - - - - - - - - - - - - 18 7. Interim Consolidated Statements of Cash Flows - - - - - - - - - - - - - - - - 20 8-1. Interim Consolidated Statements of Retained Earnings - - - - - - - - - - - - - - - - 21 8-2. Interim Consolidated Statements of Changes in Net Assets - - - - - - - - - - - - - - - - 22 Preparation of the Interim Consolidated Financial Statements - - - - - - - - - - - - - - - - 23 Changes in Accounting Methods - - - - - - - - - - - - - - - - 25 Changes in Presentation
  • 43 Preparation of the Interim Unconsolidated Financial Statements 1. Valuation of Assets (1) Inventories Merchandise: Valued at lower of cost or market using the weighted average cost method Finished products: Valued at cost using the weighted average cost method Work-in-progress and semi-finished products: Valued at cost using the weighted average cost method Raw materials: Valued at lower of cost or market using the moving-average method (2) Securities Held-to-maturity securities: Valued at amortized cost (straight-line method) Shares of subsidiaries and affiliates: Valued at cost using the moving-average method Other securities With market value: Valued at market value based on market prices at the interim balance sheet date (Valuation gains and losses are fully capitalized, and cost of securities sold is calculated using the moving-average method.) Without market value: Valued at cost using the moving-average method (3) Derivatives Fair value 2. Depreciation of Fixed Assets (1) Tangible fixed assets and
  • 23 Preparation of the Interim Consolidated Financial Statements 1. Scope of Consolidation Number of consolidated subsidiaries: 46 companies Names of principal companies and changes in scope of consolidated subsidiaries: Refer to "Consolidated Subsidiaries and Affiliates" in "The Takeda Group." 2. Application of the Equity Method Number of affiliated companies accounted for by the equity method: 20 companies Names of principal companies and changes in scope of affiliated companies accounted for by the equity method: Refer to "Consolidated Subsidiaries and Affiliates" in "The Takeda Group." 3. Items Related to Interim Account Settlement Date of Consolidated Subsidiaries The interim accounting settlement date for Tianjin Takeda Pharmaceuticals Co., Ltd., a consolidated subsidiary, and TAP Pharmaceutical Products Inc., an equity method-applied affiliate, is June 30. For preparation of consolidated financial statements, tentative financial statements of these two companies as of the date of interim consolidated a
  • - 24 - Preparation of the Consolidated Financial Statements 1. Scope of Consolidation Number of consolidated subsidiaries: 46 companies Names of principal companies and changes in scope of consolidated subsidiaries: Refer to "Consolidated Subsidiaries and Affiliates" in "The Takeda Group". 2. Application of the Equity Method Number of affiliated companies accounted for by the equity method: 20 companies Names of principal companies and changes in scope of affiliated companies accounted for by the equity method: Refer to "Consolidated Subsidiaries and Affiliates" in "The Takeda Group". 3. Items Related to Account Settlement Date of Consolidated Subsidiaries The annual account closing day is December 31 of each year at Tianjin Takeda Pharmaceuticals Co., Ltd (a consolidated subsidiary) and TAP Pharmaceutical Products Inc. (accounted for by equity method) Financial results of these two companies included in the consolidated financial statements of the Company are based on the temporary closing of their accounts
  • 1 [Contents] Consolidated Financial Statements for the Interim Period of Fiscal 2005 (April 1, 2005-September 30, 2005) [Contents] - - - - - - - - - - - - - - - - 1 [1. The Takeda Group] - - - - - - - - - - - - - - - - 2 [2. Management Policies] - - - - - - - - - - - - - - - - 5 [3. Results of Operations and Financial Position] - - - - - - - - - - - - - - - - 6 [4. Basic Policies and Implementation of Measures Concerning Corporate Governance] - - - - - - - - - - - - - - - - 14 [5. Litigation] - - - - - - - - - - - - - - - - 16 [6. Interim Consolidated Statements of Income] - - - - - - - - - - - - - - - - 17 [7. Interim Consolidated Balance Sheets] - - - - - - - - - - - - - - - - 18 [8. Interim Consolidated Statements of Retained Earnings] - - - - - - - - - - - - - - - - 20 [9. Interim Consolidated Statements of Cash Flows] - - - - - - - - - - - - - - - - 21 Preparation of the Interim Consolidated Financial Statements - - - - - - - - - - - - - - - - (22) Notes to Interim Consolidated Statements of Income - -
  • 22 Preparation of the Interim Consolidated Financial Statements 1. Scope of Consolidation Number of consolidated subsidiaries: 45 companies Names of principal companies and changes in scope of consolidated subsidiaries: Refer to "Consolidated Subsidiaries and Affiliates" in "1.The Takeda Group." 2. Application of the Equity Method Number of affiliated companies accounted for by the equity method: 21 companies Names of principal companies and changes in scope of affiliated companies accounted for by the equity method: Refer to "Consolidated Subsidiaries and Affiliates" in "1.The Takeda Group." 3. Items Related to Interim Account Settlement Date of Consolidated Subsidiaries The interim accounting settlement date for Tianjin Takeda Pharmaceuticals Co., Ltd., a consolidated subsidiary, and TAP Pharmaceutical Products Inc., an equity method-applied affiliate, is June 30. For preparation of consolidated financial statements, tentative financial statements of these two companies as of the date of interim consolidat
  • SUMMARY OF FINANCIAL RESULTS FOR FISCAL 2004: INVESTMENTS FOR TAKEDA'S FUTURE In fiscal 2004 (ended March 31, 2005), our net sales reached 1,123.0 billion, up 3.4% year on year. Our pharmaceuticals business reported net sales up 3.8% to 970.5 billion, accounting for 86.4% of total net sales (86.1% in the previous fiscal year). The remaining 13.6% of net sales (13.9% in the previous fiscal year) came from our non-pharmaceuticals businesses, which grew 0.9% year on year, coming in at 152.5 billion. The increased cost of developing new drugs is one of the factors prompting increasing numbers of global pharmaceutical companies to pursue scale merit through mergers and acquisitions, and this trend has resulted in even more intense competition in the industry. Even so, sales of Takeda's mainstay products grew, driving up revenues. Mainstay products that enjoyed higher sales in Japan included the hypertension treatment Blopress, the peptic ulcer treatment Takepron, the insulin sensitizer Actos, and the treatment fo
  • 27 REVIEW OF OPERATIONS AND FINANCIAL CONDITION Takeda Pharmaceutical Company Limited and Subsidiaries Year ended March 31, 2005 (Fiscal 2004) The growth rate of the ethical pharmaceuticals industry, which is Takeda's core business, is slowing worldwide as measures to constrain healthcare expenditures such as lowering drug prices are taken in many countries. In the United States, downward pressure on prices of branded products is becoming even greater as the federal and state governments and insurance companies encourage the use of generic drugs. In addition, competition is becoming even more heated in Takeda's core fields of peptic ulcers, prostate cancer and endometriosis because of generic drugs, and also the over-the-counter (OTC) versions of the proton pump inhibitors in the peptic ulcer market. In Japan, the growth rate of the pharmaceuticals market is the lowest among industrialized countries because of periodic government drug price reductions and measures to promote the use of generic drugs. Drug pr

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