TOKYO, July 30 (Reuters) - Takeda Pharmaceutical Co (4502.T), Japan’s biggest drugmaker, said on Friday its April-June recurring profit fell by a quarter, hit a stronger yen and stiff competition after a key drug lost U.S. patent protection.
Takeda booked a first-quarter recurring profit of 103.8 billion yen ($1.2 billion) and kept unchanged its full-year profit outlook of 340 billion yen, below a consensus of 352 billion yen in a poll of 16 analysts by Thomson Reuters I/B/E/S.
The company’s annual forecast translates into an 18 percent profit fall from a year earlier.
Takeda’s second-biggest selling drug, the ulcer treatment Prevacid, lost U.S. patent protection in November. This financial year, the company will also be hit by the U.S. patent expiry for its No.1 drug, Actos for diabetes, in January 2011.
Takeda said in May it expects its earnings to bottom out only in the year to March 2013.
Like other major Japanese drugmakers, which rack up about a half their revenues abroad each year, Takeda’s underlying business results were also hurt by the yen’s strength.
Shares of Takeda closed down 0.4 percent before the announcement, outperforming the Nikkei stock average .N225, which fell 1.6 percent. (Reporting by Yumiko Nishitani)