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Takeda profit up, sees bigger growth this year
TOKYO, May 10 (Reuters) - Takeda Pharmaceutical Co. Ltd. (4502.T), Japan's largest drug maker, booked a 7.2 percent rise in annual profit on Thursday and forecast earnings would grow 13.2 percent this year on strong sales of its Actos diabetes drug.
Actos sales have boomed in the United States, helped by Medicare system reforms that extended care for the elderly.
Takeda, Japan's eighth-biggest company with a market value of around $57.3 billion, forecast net profit would climb to 380 billion yen ($3.2 billion) in the year to end-March 2008 from 335.8 billion yen in 2006/07. The forecast is higher than a consensus for 373 billion yen from 19 analysts polled by Reuters Estimates.
With four patents on important products set to expire from 2010/11, Takeda needs to build up its pipeline and has earmarked $10 billion for major investments, including acquisitions.
Takeda shares have fallen around 5 percent so far this year, underperforming a 2.7 percent dip on Tokyo's pharmaceutical sector sub-index .IPHAM.T.
