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Takeda Sees Operating Profit Drop for 2nd Yr on Swelling Costs

TOKYO, May 9, 2008 (Jiji Press) - Takeda Pharmaceutical Co. <4502> said Friday it is likely to post a year-on-year drop in group operating profit for the second straight year in fiscal 2008 due to rising expenses including a string of acquisitions.

For the year to March 2009, group operating profit is projected at 240 billion yen, down 43.3 pct from the previous year, on sales of 1.57 trillion yen, up 14.2 pct, the major Japanese drug maker said.

Sales are likely to increase as Takeda has acquired U.S. drug makers TAP Pharmaceutical Products Inc. and Millennium Pharmaceuticals Inc. But Millennium's amortization of intangible assets and rising research and development spending will drag down Takeda's operating profit.

Takeda estimates recurring profit at 260 billion yen, down 51.5 pct, and net profit at 160 billion yen, down 55.0 pct, as the firm will see its interest receipts fall due to reduced cash reserves after the acquisitions.

For fiscal 2007 that ended in March, Takeda reported a group net profit of 355,454 million yen, up 5.9 pct from the previous year, a record high for the third straight year.

But operating profit decreased 7.7 pct to 423,123 million yen, marking the first drop in 16 years, as R&D costs swelled following acquisitions of licenses for drug candidates from Amgen Inc. of the Untied States.

Sales increased 5.3 pct to 1,374,802 million yen, a record for the 17th straight year, thanks to strong sales of diabetes and hypertension drugs.

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