Maintaining Our Takeda FVE Following Strong End to Fiscal 2016; Velcade Generics to Pressure Growth
Takeda’s performance for fiscal 2016 slightly exceeded our expectations, but with 2017 guidance slightly below our previous estimates, we’re maintaining our JPY 4,960 fair value estimate. Takeda sales grew 7% on an underlying core basis (excluding the impact of divestments and foreign exchange). Takeda also saw double-digit earnings growth and margin expansion on an underlying core basis, although we note that the firm’s net profit margin for the fiscal year of 9.3% is still well below U.S. peer...Takeda Pharmaceutical is a public company incorporated in Japan. Co. and its subsidiaries is a global pharmaceutical group and is engaged in the research, development, manufacturing and marketing of pharmaceutical products, over-the-counter (“OTC”) medicines and quasi-drug consumer products, and other healthcare products. Co.'s principal pharmaceutical products include medicines in the following therapeutic areas: gastroenterology, oncology and neuroscience.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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