<p>武田制药公司最近的财报电话会议呈现出复杂的前景，既有令人鼓舞的发展，也面临显著的挑战。尽管公司展示了强劲的产品管线进展和战略合作伙伴关系，但这些积极因素被 VYVANSE 的仿制药影响和影响盈利能力的汇率逆风所掩盖。</p>
<h2>上市产品的增长</h2>
<p>武田报告称，其上市产品在固定汇率下增长了 5.3%，预计在财年的下半年将实现更高的增长。这一增长是公司创新能力和成功推出新产品的积极指标。</p>
<h2>产品管线进展</h2>
<p>公司分享了 rusfertide 和 oveporexton 的第三阶段研究的积极结果，并预计在日历年末将公布 zasocitinib 在银屑病中的进一步第三阶段数据。这些进展表明武田致力于扩大其治疗产品，并满足未被满足的医疗需求。</p>
<h2>与信达生物的合作</h2>
<p>武田与信达生物建立了战略合作伙伴关系，以增强其肿瘤学产品管线。此次合作旨在利用 IBI363 和 IBI343 等差异化资产，可能增强武田在竞争激烈的肿瘤学市场中的地位。</p>
<h2>Oveporexton 的潜力</h2>
<p>Oveporexton 在 1 型嗜睡症症状方面显示出显著改善，并计划在今年晚些时候提交美国申请。这一进展可能为患者提供新的治疗选择，并有助于武田在神经学领域的增长。</p>
<h2>强劲的现金流</h2>
<p>公司报告调整后的自由现金流为 5254 亿日元，反映了营运资本的改善。这一强劲的现金流突显了武田的财务健康状况及其投资未来增长机会的能力。</p>
<h2>VYVANSE 收入影响</h2>
<p>VYVANSE 失去独占权导致约 1000 亿日元的显著收入损失，影响了上半年的业绩。这一损失突显了制药公司在专利到期时面临的挑战。</p>
<h2>汇率逆风</h2>
<p>外汇交易影响，特别是来自欧元的影响，已影响武田的盈利能力，导致利润指引略有下调。这突显了在汇率波动的全球市场中运营的挑战。</p>
<h2>ENTYVIO 增长修正</h2>
<p>由于竞争压力和预期的转化速度较慢，武田将 ENTYVIO 的增长预测下调至 6%（固定汇率）。这一修正表明竞争环境对产品表现的影响。</p>
<h2>减值损失</h2>
<p>由于更大的减值损失，报告的营业利润下降了 27.7%，其中包括与停止细胞治疗工作相关的 582 亿日元费用。这些损失反映了制药行业研发相关的风险。</p>
<h2>中国市场的挑战</h2>
<p>由于发货时机和成本控制措施，中国的白蛋白销售略有下降。然而，武田预计下半年的增长将加速，表明这一关键市场可能会复苏。</p>
<h2>前瞻性指引</h2>
<p>武田对财年的指引反映了未来的挑战和机遇。公司预计下半年的增长动态将改善，因为 VYVANSE 的影响减弱，上市产品的增长加速。尽管上半年的收入有所下降，武田对与信达生物的战略合作伙伴关系仍持乐观态度，预计将丰富其后期产品管线。</p>
<p>总之，武田制药公司的财报电话会议突显了复杂的情绪，平衡了有希望的产品管线进展和战略合作伙伴关系与 VYVANSE 的仿制药影响和汇率逆风等重大挑战。公司的前瞻性指引表明对财年下半年的乐观，预计增长动态将改善，创新将持续。</p>

4502

<p>武田药品工业公司最近的财报电话会议透露了一个复杂的前景，展示了强劲的产品管线进展和战略合作伙伴关系，但受到 VYVANSE 仿制药影响和汇率逆风的重大损失的掩盖。公司报告称，推出产品增长了 5.3%，并且 rusfertide 和 oveporexton 的第三阶段试验结果积极。然而，VYVANSE 约 1000 亿日元的收入损失和汇率影响导致利润指引下调。尽管面临挑战，武田对下半财年的增长仍持乐观态度，认为创新和战略合作将推动增长</p>

<p>Takeda Pharmaceutical Company’s recent earnings call presented a mixed outlook, highlighting both promising developments and notable challenges. While the company showcased strong pipeline advancements and strategic partnerships, these positives were overshadowed by significant losses from VYVANSE’s generic impact and currency headwinds affecting profitability.</p>
<div class="lb-trans"><p>武田制药公司最近的财报电话会议呈现出复杂的前景，既有令人鼓舞的发展，也面临显著的挑战。尽管公司展示了强劲的产品管线进展和战略合作伙伴关系，但这些积极因素被 VYVANSE 的仿制药影响和影响盈利能力的汇率逆风所掩盖。</p>
</div><h2>Growth in Launch Products</h2>
<div class="lb-trans"><h2>上市产品的增长</h2>
</div><p>Takeda reported a 5.3% growth in its launch products at constant exchange rates (CER), with expectations for even higher growth in the second half of the fiscal year. This growth is a positive indicator of the company’s ability to innovate and bring new products to market successfully.</p>
<div class="lb-trans"><p>武田报告称，其上市产品在固定汇率下增长了 5.3%，预计在财年的下半年将实现更高的增长。这一增长是公司创新能力和成功推出新产品的积极指标。</p>
</div><h2>Pipeline Advancements</h2>
<div class="lb-trans"><h2>产品管线进展</h2>
</div><p>The company shared positive results from Phase III studies for rusfertide and oveporexton, with further Phase III data for zasocitinib in psoriasis expected by the end of the calendar year. These advancements signal Takeda’s commitment to expanding its therapeutic offerings and addressing unmet medical needs.</p>
<div class="lb-trans"><p>公司分享了 rusfertide 和 oveporexton 的第三阶段研究的积极结果，并预计在日历年末将公布 zasocitinib 在银屑病中的进一步第三阶段数据。这些进展表明武田致力于扩大其治疗产品，并满足未被满足的医疗需求。</p>
</div><h2>Innovent Biologics Partnership</h2>
<div class="lb-trans"><h2>与信达生物的合作</h2>
</div><p>Takeda has entered into a strategic partnership with Innovent Biologics to enhance its oncology pipeline. This collaboration aims to leverage differentiated assets like IBI363 and IBI343, potentially strengthening Takeda’s position in the competitive oncology market.</p>
<div class="lb-trans"><p>武田与信达生物建立了战略合作伙伴关系，以增强其肿瘤学产品管线。此次合作旨在利用 IBI363 和 IBI343 等差异化资产，可能增强武田在竞争激烈的肿瘤学市场中的地位。</p>
</div><h2>Oveporexton’s Potential</h2>
<div class="lb-trans"><h2>Oveporexton 的潜力</h2>
</div><p>Oveporexton has shown significant improvement in symptoms of narcolepsy type 1 and is on track for a U.S. filing later this year. This development could provide a new treatment option for patients and contribute to Takeda’s growth in the neurology segment.</p>
<div class="lb-trans"><p>Oveporexton 在 1 型嗜睡症症状方面显示出显著改善，并计划在今年晚些时候提交美国申请。这一进展可能为患者提供新的治疗选择，并有助于武田在神经学领域的增长。</p>
</div><h2>Strong Cash Flow</h2>
<div class="lb-trans"><h2>强劲的现金流</h2>
</div><p>The company reported an adjusted free cash flow of JPY 525.4 billion, reflecting improvements in working capital. This robust cash flow underscores Takeda’s financial health and ability to invest in future growth opportunities.</p>
<div class="lb-trans"><p>公司报告调整后的自由现金流为 5254 亿日元，反映了营运资本的改善。这一强劲的现金流突显了武田的财务健康状况及其投资未来增长机会的能力。</p>
</div><h2>VYVANSE Revenue Impact</h2>
<div class="lb-trans"><h2>VYVANSE 收入影响</h2>
</div><p>The loss of exclusivity for VYVANSE resulted in a significant revenue loss of approximately JPY 100 billion, impacting the first half results. This loss highlights the challenges pharmaceutical companies face when patents expire.</p>
<div class="lb-trans"><p>VYVANSE 失去独占权导致约 1000 亿日元的显著收入损失，影响了上半年的业绩。这一损失突显了制药公司在专利到期时面临的挑战。</p>
</div><h2>Currency Headwinds</h2>
<div class="lb-trans"><h2>汇率逆风</h2>
</div><p>Transactional foreign exchange impacts, particularly from the euro, have affected Takeda’s profitability, leading to a slight reduction in profit guidance. This underscores the challenges of operating in a global market with fluctuating currency values.</p>
<div class="lb-trans"><p>外汇交易影响，特别是来自欧元的影响，已影响武田的盈利能力，导致利润指引略有下调。这突显了在汇率波动的全球市场中运营的挑战。</p>
</div><h2>ENTYVIO Growth Revision</h2>
<div class="lb-trans"><h2>ENTYVIO 增长修正</h2>
</div><p>Takeda revised down the growth forecast for ENTYVIO to 6% at CER due to competitive pressures and slower-than-expected pen conversion. This revision indicates the competitive landscape’s impact on product performance.</p>
<div class="lb-trans"><p>由于竞争压力和预期的转化速度较慢，武田将 ENTYVIO 的增长预测下调至 6%（固定汇率）。这一修正表明竞争环境对产品表现的影响。</p>
</div><h2>Impairment Losses</h2>
<div class="lb-trans"><h2>减值损失</h2>
</div><p>Reported operating profit decreased by 27.7% due to larger impairment losses, including a JPY 58.2 billion expense related to discontinuing cell therapy efforts. These losses reflect the risks associated with research and development in the pharmaceutical industry.</p>
<div class="lb-trans"><p>由于更大的减值损失，报告的营业利润下降了 27.7%，其中包括与停止细胞治疗工作相关的 582 亿日元费用。这些损失反映了制药行业研发相关的风险。</p>
</div><h2>Challenges in China</h2>
<div class="lb-trans"><h2>中国市场的挑战</h2>
</div><p>Albumin sales in China declined slightly due to the timing of shipments and cost containment measures. However, Takeda expects growth to accelerate in the second half, indicating potential recovery in this key market.</p>
<div class="lb-trans"><p>由于发货时机和成本控制措施，中国的白蛋白销售略有下降。然而，武田预计下半年的增长将加速，表明这一关键市场可能会复苏。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指引</h2>
</div><p>Takeda’s guidance for the fiscal year reflects the challenges and opportunities ahead. The company expects better growth dynamics in the second half as the impact of VYVANSE moderates and launch product growth accelerates. Despite a revenue decrease in the first half, Takeda remains optimistic about its strategic partnership with Innovent Biologics, which is anticipated to enrich its late-stage pipeline.</p>
<div class="lb-trans"><p>武田对财年的指引反映了未来的挑战和机遇。公司预计下半年的增长动态将改善，因为 VYVANSE 的影响减弱，上市产品的增长加速。尽管上半年的收入有所下降，武田对与信达生物的战略合作伙伴关系仍持乐观态度，预计将丰富其后期产品管线。</p>
</div><p>In summary, Takeda Pharmaceutical Company’s earnings call highlighted a mixed sentiment, balancing promising pipeline advancements and strategic partnerships against significant challenges like VYVANSE’s generic impact and currency headwinds. The company’s forward-looking guidance suggests optimism for the second half of the fiscal year, with expectations for improved growth dynamics and continued innovation.</p>
<div class="lb-trans"><p>总之，武田制药公司的财报电话会议突显了复杂的情绪，平衡了有希望的产品管线进展和战略合作伙伴关系与 VYVANSE 的仿制药影响和汇率逆风等重大挑战。公司的前瞻性指引表明对财年下半年的乐观，预计增长动态将改善，创新将持续。</p>
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武田制药的财报电话会议：在面临挑战的情况下展现出喜忧参半的前景