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1、2024 Annual Integrated Report Fiscal Year Ended March 31,2024 Takeda is a global values-based,research and development(R&D)-driven biopharmaceutical company committed to achievingour corporate purpose:better health for people and a brighter future for the world.Westrive to deliver truly transformati

2、ve treatments,significantly increasing the value that we bring to society.INTRODUCTION A message from our President and Chief Executive Officer A message from our Chief Global Corporate Affairs and Sustainability Officer Takeda at a glance Our foundation for delivering long-term value CORPORATE PHIL

3、OSOPHY Our value creation Corporate philosophy metrics Commitment to the patient Commitment to people Commitment to the planet Unleash the power of data and digital VALUE CREATION A Q&A on sustainable value creation in PDT business A patient-centric approach to drug development Creating positive imp

4、act for health care and climate resilience Easing the burden of Inflammatory Bowel Disease(IBD)70 years of serving community and global needs FINANCIAL PERFORMANCETakedas financial performance fiscal year 2023 APPENDIX Legal disclaimer Financial definitions 2 9 26 49 54 2 CORPORATE PHILOSOPHYVALUE C

5、REATIONFINANCIAL PERFORMANCE APPENDIXTAKEDA 2024 ANNUAL INTEGRATED REPORT INTRODUCTION A message from our President and CEO tetravalent vaccine live,attenuated)and 10 years since the introduction of ENTYVIO(vedolizumab).And we explain how our pipeline has evolved to now include six new molecular ent

6、ities in Phase 3.We also provide examples from our Vienna and Los Angeles sites to illustrate how we can limit our impact on the planet while investing in our manufacturing network.In each section there are stories of how we are accelerating our progress through the use of data,digital and technolog

7、y and strengthening the skills of our people to create internal digital leaders.This is our commitment to Takeda colleagues to ensure we all remain competitive in a fast-moving environment.This is also how we will continue to create the best diverse and inclusive environment,in which everyone can co

8、ntribute and thrive.I am proud of the continued progress we have made this year towards our ambition to be the most trusted,science-driven,digital biopharmaceutical company and to deliver on our purpose of better health for people and a brighter future for the world.I look forward to building on thi

9、s momentum together in 2024 and beyond.Christophe Weber President and Chief Executive Officer Dear stakeholders,One trait that defines Takeda is our values.We feel a deep responsibility to uphold the companys hard-earned reputation and drive sustainable business to deliver on our vision to discover

10、and deliver life-transforming treatments.Every decision we make is guided by our values of Takeda-ism,which incorporates Integrity,Fairness,Honesty,and Perseverance,with Integrity at the core.These values are brought to life through actions based on Patient-Trust-Reputation-Business:doing the right

11、thing for Patients,reinforcing Trust and our Reputation and developing our Business,in that order.Our sustainability approach is centered on three imperatives:Patient,People and Planet,enabled by data,digital and technology,including artificial intelligence(AI),and in our 2024 Annual Integrated Repo

12、rt,we are pleased to share the progress we have made against each of these imperatives.In this years report,we highlight how,together with our partners,we are tackling meaningful challenges from advancing equitable access to health care to protecting people and communities from the impacts of climat

13、e change.We celebrate key milestones including the approval and launch of three new therapies and recognize the efforts it took to bring them to patients.We reflect on our progress one year since the introduction of QDENGA (Dengue CHRISTOPHE WEBER President and Chief Executive Officer 3 CORPORATE PH

14、ILOSOPHYVALUE CREATIONFINANCIAL PERFORMANCEAPPENDIXTAKEDA 2024 ANNUAL INTEGRATED REPORT INTRODUCTION A message from our Chief Global Corporate Affairs and Sustainability Officer TAKAKO OHYABU Chief Global Corporate Affairs and Sustainability Officer Sustainability at Takeda is about how we run our b

15、usiness;its upholding our corporate philosophy for the benefit of patients,people and the planet;fulfilling our commitment to stakeholders;and ultimately contributing to the betterment of society.All Takeda employees across the world share this philosophy and give life to it through day-to-day actio

16、ns.As a result,we continue to produce tangible results that are powering our core business in a sustainable way.In 2023,as our teams worked to operationalize sustainability across the organization,it was a privilege to visit some of our global sites to witness these actions taking place.By utilizing

17、 data,digital and technology and ingenuity our people are bringing value through the lens ofsustainability.Responsible management of finite resources is fundamental for continuously delivering our life-transforming treatments for patients and communities in need.While taking part in the Plasma-Deriv

18、ed Therapies(PDT)teams town hall meeting in September in the United States,it was a pleasure to learn firsthand how they are taking action to overcome the challenge of a limited plasma supply.One way is by reducing the necessary dosage of medicines through innovative technologies.This not only would

19、 help us treat more people and alleviate individual patient treatment burdens,but could also lead to reducing our costs and potential increased investment in innovationefforts that align with our commitment to patients.Throughout the town hall meeting,the true passion of the PDT team was evident.The

20、 recent approval of HYQVIA(Immune Globulin Infusion 10%(Human)with Recombinant Human Hyaluronidase)in the United States1 and European Union(EU)2 and GAMMAGARD LIQUID in the United States,3 are tangible examples of innovation resulting from a patient-centric approach,and the seeds of this success can

21、 be indirectly traced back to our colleagues working hard in R&D to improve our therapies for patients.This year,there was a noticeable shift in mindset as discussions increasingly centered on the undeniable link between human health and the health of our planet.This interdependence emerged as a pro

22、minent theme at COP28,where the inaugural Health Day was a pivotal discussion platform.During the event,there was 4 CORPORATE PHILOSOPHYVALUE CREATIONFINANCIAL PERFORMANCEAPPENDIX TAKEDA 2024 ANNUAL INTEGRATED REPORT INTRODUCTION“All Takeda employees across the world share this philosophy and give l

23、ife to it through day-to-day actions.As a result,we continue to produce tangible results that are powering our core business in a sustainable way.”increasing acknowledgment of the health-related obstacles the world faces and a growing understanding of the urgent need to implement a tangible response

24、 that sparks substantial and meaningful change.Developing and securing a sustainable supply of treatments,especially those directly connected to the environmental challenges we are experiencing,is one such tangible way we are working to drive such change.Takedas QDENGA(Dengue tetravalent vaccine liv

25、e,attenuated)vaccine for dengue fever is a case in point.Dengue is the worlds most prevalent mosquito-borne viral disease,4 and cases are rising as a direct result of climate change.It is imperative that we are investing and working with local partners to ensure that the vaccine reaches vulnerable c

26、ommunities as quickly and reliably as possible.To ensure we are delivering on our commitment to patients,we must continue exploring innovative processes that guarantee quality,safety and a stable supply of our products.I was impressed to witness teams at sites such as Vienna,Austria,and Neuchatel,Sw

27、itzerlandwhere our employees are actively engaged in continuous improvement efforts in automation and roboticsdedicated to this task.As highlighted above,shared actions to advance sustainability are simply not possible without committed employees who are the driving force behind our core business.Th

28、erefore,innovation and improve outcomes for patients,people and society.As we look to the future,our recently launched MIRAI5 Creator initiative in Japan represents a powerful embodiment of our commitment to long-term value creation.Enthusiastic employees across Takeda Japans value chain have volunt

29、arily stepped forward to champion sustainability,showcasing their passion and leadership and collaborating to help change internal processes and mindsets to develop value for patients and create a better working environment for all.Takedas sustainability journey is an evolution of who we are,and my

30、visit to Takeda China in Beijing in early 2023 reinforced this point.After discussing sustainability at Takeda,a representative from a patient advocacy group shared with me how understanding Takedas approach helped her connect the dots regarding Takedas patient-centric work.Indeed,this work is not a

31、n“add-on”but rather what makes Takeda the company and culture we are and have been for more than 240 years.As we continue to navigate complex global challenges,we remain committed to ensuring that Takeda continues to lead with passion,innovation and a profound sense of responsibility,delivering on o

32、ur business commitments and making a positive impact on the world.supporting their diverse needs is essential to our progress.During visits to our sites in Vienna and Los Angeles,the teams shared with me how they are accelerating diversity,equity and inclusion(DE&I)through local employee resource gr

33、oups that support gender parity,LGBTQ+allyship and inclusion for people living with disabilities.At Takeda,we are a strong advocate for programs such as these because they help us create the exceptional people experience necessary to attract and retain diverse talent.We also believe that diverse poo

34、ls of talent fuel 1 As a maintenance therapy in adults with chronic inflammatory demyelinating polyneuropathy(CIDP).2 As a maintenance therapy for patients of all ages with CIDP.3 As an intravenous immunoglobulin therapy to improve neuromuscular disability and impairment in adults with CIDP.4 World

35、Health Organization fact sheet.Vector-borne diseases.5 MIRAI means“future”in Japanese.5 CORPORATE PHILOSOPHYVALUE CREATIONFINANCIAL PERFORMANCEAPPENDIXTAKEDA 2024 ANNUAL INTEGRATED REPORT INTRODUCTION HEADQUARTERS Tokyo Japan United States Japan Europe&Canada Growth&Emerging MarketsTakeda at a glanc

36、e FOUNDED 1781 Osaka,Japan COUNTRIES AND REGIONS:APPROX IN 80 MANUFACTURING SITES 25+Oncology Neuroscience Vaccines OUR AREAS OF FOCUS Gastrointestinal and Inflammation Rare Diseases Plasma-Derived Therapies FY2023 GLOBAL REVENUE2 approx.$28.2 billion1 51%11%23%15%EMPLOYEES2 approx.50 thousand 44%12

37、%29%15%RESEARCH AND PARTNERSHIPS GLOBAL HUB Cambridge Massachusetts,USA$4.8 billion1 in R&D spend2 180+partnerships to help us bring innovation to patients 25 new molecular entity clinical stage assets 1 Convenience translations have been made at an exchange rate of 1USD=151.22 JPY.2 All numbers as

38、of end of June 2024,other than fiscal year 2023 global revenue,R&D spend and employees.CORPORATE PHILOSOPHYVALUE CREATIONFINANCIAL PERFORMANCEAPPENDIXTAKEDA 2024 ANNUAL INTEGRATED REPORT INTRODUCTION 6 Our foundation for delivering long-term value A philosophy passed down through generations Our his

39、tory began in 1781 with the sale of traditional Japanese and Chinese medicines in Japan,guided by the principle of SANPO-YOSHI.A principle first practiced by a prominent group of Japanese merchants,it means good for the seller,good for the buyer and good for society.Our successive CEOs have remained

40、 true to SANPO-YOSHI in both word and action for more than 240 years while articulating their own way to bring it to life.Patient,People and Planet:Imperatives to bring our corporate philosophy to life Today,Takedas corporate philosophy articulates why we exist(our purpose),where we are going(our vi

41、sion)and how we deliver on our vision(our values).Our corporate philosophy imperativesPatient,People and Planetidentify where Takeda must invest to deliver on our purpose.They reflect input from an Environment,Social and Governance(ESG)materiality assessment of strategically important nonfinancial i

42、ssues to our company and stakeholders.In fiscal year 2022,we evolved these imperatives to create a simplified sustainability framework and sustainability focus areas.We aim to create long-term value over time by aligning our actions with these imperatives and sustainability focus areas.We measure ou

43、r progress through our corporate philosophy metrics,disclosing results annually.Learn more about our corporate philosophy metrics on page 11.Living our values every day We are guided by our values of Takeda-ism,which incorporate Integrity,Fairness,Honesty and Perseverance,with Integrity at the core.

44、They are brought to life through actions based on Patient-Trust-Reputation-Business,in that order.Every employee,wherever they are in the organization,has a responsibility to meet the highest standards of ethical behavior at all times because everything we do impacts the most vital aspect of peoples

45、 livestheir health.Read more about our programs that reinforce our values to shape our culture here.For more information Global Code of Conduct Global Anti-Corruption Policy Total Tax Contribution Human Rights Commitment Position papers on:Public Policy Engagement Use of Artificial Intelligence Biot

46、echnology Falsified Medical Products Taxation 7 CORPORATE PHILOSOPHYVALUE CREATIONFINANCIAL PERFORMANCEAPPENDIXTAKEDA 2024 ANNUAL INTEGRATED REPORT INTRODUCTION RESPECTING HUMAN RIGHTS Our commitment to respecting internationally recognized human rights is an important part of our corporate philosop

47、hy and we do so within every aspect of our business,across our supply chains and the communities where we operate.Through a comprehensive human rights impact assessment,we identified our 11 most salient human rights impacts.For more information on our Human Rights program including our most salient

48、impacts,please visit our website.Values-based governance Our corporate governance approach creates the foundation for values-based decision-making at every level,in every country in which we operate.It starts with our leadershipour Board of Directors(Board)and the Takeda Executive Team(TET).See our

49、Corporate Governance Structure.As of June 2024,Takeda has 14 directors overseeing the companys management on a global scale.To ensure independence and objectivity,11 of our directors are independent external directors,including the chair of the Board meeting.The Nomination and Compensation committee

50、s,which Takeda established voluntarily to achieve its governance goals,consist entirely of independent external directors.In nominating candidates for director roles,the Board considers diverse criteria,including gender,age,work experience,race,ethnicity and cultural background.As of June 2024,women

51、 represent more than 20percent of Board members.In addition,current directors represent a broad array of skills in areas such as global business and strategy;science and medicine;legal,regulation and public policy;corporate governance and sustainability;finance and accounting;health care;data and di

52、gital;and management,leadership and human capital.See our Board skills matrix.The TET includes 17 members diverse in nationality(nine countries),age(40s60s)and gender(nine women and eight men).Women make up 53%of the TET.8 CORPORATE PHILOSOPHYVALUE CREATIONFINANCIAL PERFORMANCEAPPENDIXINTRODUCTION T

53、AKEDA 2024 ANNUAL INTEGRATED REPORT Takedas director compensation is designed to attract,retain and motivate managerial talent to realize our vision,enhance corporate value by optimizing the companys mid-and long-term performance,and support a strong alignment with shareholders.Please refer to our D

54、irectors Compensation Policy for further details.Takedas executive compensation structure reflects our position as a leading values-based,R&D-driven biopharmaceutical company.Our executive compensation programs are designed to be globally competitive and performance-oriented,while also considering l

55、ocal market factors.We closely link pay with performance and long-term shareholder value creation,while minimizing excessive risk-taking.Please refer to Takedas Executive Compensation Overview for further details.For more informationCorporate GovernanceOur LeadershipBoard and Committee ChartersCorpo

56、rate Philosophy 9 9 INTRODUCTION VALUE CREATION FINANCIAL PERFORMANCE APPENDIXTAKEDA 2024 ANNUAL INTEGRATED REPORT CORPORATE PHILOSOPHY Better health for people,brighter future for the world.Integrity,Fairness,Honesty and Perseverance,with Integrity at the core.They are brought to life through actio

57、ns based on Patient-Trust-Reputation-Business,in that order.Discover and deliver life-transforming treatments,guided by our commitment to patients,our people and the planet.VALUES VISION PURPOSE Unleash the power of data and digitalPATIENT PEOPLE PLANET Diverting waste from landfill Guide us to crea

58、te long-term value with sustained business growth Growth and Launch Product Incremental Core Revenue Pipeline milestone Uninterrupted supply Access to medicine in LMICs Clinical trial results Global access to Growth&Launch products Manufacturing quality Engaging employees Employee well-being Diversi

59、ty,Equity and Inclusion Up-skilling in technology Scope 1 and 2 GHG emissions Engaging suppliers toward scope 3 GHG reduction Sustainable packaging Conserving freshwater Deliver innovative life-transforming medicines and vaccines Provide health benefits that are valued by patients and society Accele

60、rate global,equitable access to medicines and vaccines Develop talent and invest in lifelong learning Advance diversity,equity and inclusion Create a culture of well-being Achieve net-zero ambition Conserve natural resources Design with sustainability in mind Measured by our corporate philosophy met

61、rics Our strategic imperatives Our value creation Our focus on long-term value creation revolves around our corporate philosophy.We invest in our corporate philosophy imperatives to deliver on our purpose and measure our progress using metrics aligned with this philosophy.10 INTRODUCTION VALUE CREAT

62、IONFINANCIAL PERFORMANCEAPPENDIX TAKEDA 2024 ANNUAL INTEGRATED REPORT CORPORATE PHILOSOPHYWHY IT MATTERS METRICS FY2022 FY2023 PATIENT We put patients at the center of everything we do.Our long-term success is based on discovering,developing and delivering life-transforming,safe and affordable medic

63、ines and vaccines that enhance the well-being of patients,communities and countries.We create a competitive advantage with our ability to bring innovative products to market in a timely fashion.Building and maintaining the trust of stakeholdersincluding health care professionals,customers,regulators

64、 and patientsis also crucial for our sustainable business.To achieve this,we prioritize making our products affordable and accessible through reimbursement and patient assistance programs(PAPs).Additionally,ensuring transparency through disclosures of clinical trial results and quality inspection re

65、sults and securing uninterrupted supply plays a vital role.Achieving Pipeline Milestones#of pivotal study starts and approvals 18 29 Disclosing Clinical Trial Results%of achievement for timely disclosure of clinical trial summary results on public registries 100%100%Maintaining Uninterrupted Supply%

66、of order lines dispatched on-time-in-full 99.3%99.1%Upholding Manufacturing Quality%of health authority inspections with no regulatory compliance actions 100%100%Global Access to Growth&Launch Products2#of key countries where patients have access to the product through reimbursement ALUNBRIG 9 TAKHZ

67、YRO 9 ALOFISEL 4 EXTIVITY 2 LIVTENCITY 2 TAKHZYRO 9 ALOFISEL 4 LIVTENCITY 6 Access to Medicines Programs in Low-and Middle-Income Countries and Countries with Evolving Health Care Systems#of newly enrolled patients in Takedas affordability-based PAPs 1,366 1,682 PEOPLE Highly skilled,motivated and e

68、ngaged employees are key to achieving our purpose of better health for people and a brighter future for the world.Creating a workplace that invests in the well-being of employees while respecting each individual for who they are helps us attract and retain top talent.By building our employees profes

69、sional skills in data,digital and technology,we accelerate innovation and improve outcomes for patients and society.By bringing together people with diverse backgrounds,cultures,identities and experiences we can incorporate a wide range of stakeholder voices in our decision-making.This helps ensure

70、our science is optimized to better meet patient needs.Engaging Employees Average score on a 1100 scale to questions regarding engagement in the annual Employee Experience Survey3 79 77 Improving Employee Well-being Average score on a 1100 scale to questions regarding well-being in the annual Employe

71、e Experience Survey3 68 67 Embracing DE&I(Gender Representation)Enterprise-wide gender breakdown Male 48.0%Female 51.8%Other/Non-Binary 0.2%Male 48%Female 52%Other/Non-Binary 0.1%Upskilling Employees in Progressive Technologies Cumulative%of employees who have taken at least one data,digital and tec

72、hnology training course since the first quarter of fiscal year 2020 37%49%PLANET As a global biopharmaceutical company,Takeda recognizes the clear link between human health and environmental health.The impacts of global issues such as climate change and biodiversity loss,present not only a threat to

73、 public health but to business operations as well.Guided by ambitious targets across climate change and nature,we are staying true to our values and commitment to put the patient first by integrating environmental sustainability considerations into every facet of our operations and across our value

74、chain.Reducing Scope 1&2 GHG Emissions%reduction in Scope 1&2 GHG emissions below 2016 baseline 34%53%Engaging Suppliers toward Scope 3 GHG Reduction%of Takedas Scope 3 GHG emissions that are from suppliers who have committed to setting science-based climate targets,aligning with SBTi standards 45%5

75、6%Diverting Waste from Landfill%of waste diverted from landfills 78%78%Conserving Freshwater%of reduction in freshwater below 2019 baseline 7.9%4.9%Making Paper and Paperboard Packaging from Sustainable Forest Certified or Recycled Content4%of the companys secondary and tertiary packaging paper/pape

76、rboard by weight that is recycled content or sustainable forest certified 42%53%BUSINESS The business growth allows us to deliver long-term value to the patients and communities we serve.Growth and Launch Products5 are the key driver of future revenue growth,and a key indicator of our ability to suc

77、cessfully launch new products from our pipeline.Growth and Launch Product Incremental Core Revenue%of year-over-year core revenue growth in Growth and Launch Products vs.target 96.1%79.5%CORPORATE PHILOSOPHY METRICS*1 Fiscal year 2023 results have been assured by KPMG AZSA Sustainability Co.,Ltd.(KP

78、MG).Details on assurance methodology are available in the 2024 ESG Databook.2 We scope in our growth and launch products which had been launched within 5 years as of the beginning fiscal year 2023.3 Our measure for these metrics changed from“%favorable responses to questions regarding engagement in

79、the Annual Employee Experience Survey”to the current measure to fully incorporate the entire range of survey responses.Results for fiscal year 2022 have been recalculated based on the current measure.4 The reporting period for this metric is fiscal year 2022.The data collection process for fiscal ye

80、ar 2023 will be concluded in fall of 2024 and the metric will be reported in the following year.5 Learn more about our Growth and Launch Products on page 51.*Our latest Annual Securities Report also presents our corporate philosophy metrics as a part of Corporate Sustainability Policies and Initiati

81、ves.11 INTRODUCTION VALUE CREATIONFINANCIAL PERFORMANCEAPPENDIX TAKEDA 2024 ANNUAL INTEGRATED REPORT CORPORATE PHILOSOPHYSPRINGER NATURE PARTNERSHIP As a signatory to the Global Health Equity Network Zero Health Gaps Pledge,we have agreed to take 10 actions to further embed health equity into our bu

82、siness strategy,operations and investments.Our multi-year partnership with global publisher Springer Nature is one example of how we are advancing this pledge.In 2023,we collaborated with Springer Nature on the inaugural Nature Inclusive Health Research Awards held in So Paulo,Brazil.Award submissio

83、ns included research conducted in more than 110 countries and highlighted the progress being made to combat inequities in local communities.Learn more here.As a values-based global company that has been putting patients first for more than 240 years,Takeda aims to accelerate equitable access to our

84、treatments and vaccines.This begins with helping create equitable health care for all.We believe that efforts to improve health equity and broaden access must be based on an understanding of the different situations that those in need and health care professionals face in each community.The reasons

85、for lack of access to health care and health inequities are many and varied,stemming from personal circumstances,health infrastructure,cultural factors and economic conditions within communities.This makes efforts to improve access worldwide a complex,long-term challenge.For this reason,we take thou

86、ghtful,integrated and diversified approaches to address these gaps,as the examples on the following pages illustrate.COMMITMENT TO THE PATIENT Helping create equitable access to health care Learn how we embed health equity from the very beginning of our efforts to translate science into highly innov

87、ative,life-transforming medicines through R&D.TAKEDA 2024 ANNUAL INTEGRATED REPORT APPENDIXFINANCIAL PERFORMANCEVALUE CREATIONCORPORATE PHILOSOPHYINTRODUCTION 12 What is required to address health inequity?We believe addressing health equity is both a moral imperative and a critical business strateg

88、y.We embed a health equity mindset into our businessfrom R&D and manufacturing to access and corporate social responsibility programs,as well as partnerships.Of course,the causes of health inequities differ country to country.Thats why,at Takeda,we take the approach of working directly with communit

89、ies.What is the role of community partners?Many people are surprised when they learn that 80%of what impacts our health happens outside of the doctors officefrom education and employment opportunities to access to housing,transportation and nutritious food.These social Like in other countries,the U.

90、S.health care landscape is complex,and people inmany communities face deeply rooted challenges that can impede both access to care and quality health outcomes.Here,Julie Kim,president,U.S.Business Unit and U.S.country head,discusses how Takeda is moving from commitment to action to achieve equitable

91、 health outcomes in our largest market.determinants of health are highly personal,complex,sensitive and multi-faceted.Thats why our starting point for community engagement is listening to communities to understand their lived experiences and identify their needs.Then,we work together with a diverse

92、network of community-based public and private partnersnonprofits,academic organizations,industry,local governments and professional associationsto help build sustainable solutions that can be implemented locally.For example,as of 2023,we have worked with Remote Area Medical,as part of our ongoing co

93、llaboration,to support over 39,000 people in under-resourced communities in the United States with access to free quality medical,dental and vision care through 200 of its pop-up clinics.Another is in Massachusetts where we joined the Health Equity Compact(HEC),a coalition of health care leaders of

94、color.HEC addresses barriers to equitable health outcomes faced by communities of color and immigrant populations across the states.A key aspect of our health equity strategy is supporting the training and deployment of community health workers(CHWs).CHWs are trusted members of the community who can

95、 help facilitate access to health care and services and improve the quality and cultural competence of service delivery in underserved communities.JULIE KIM President,U.S.Business Unit and U.S.Country Head 13 INTRODUCTION VALUE CREATIONFINANCIAL PERFORMANCE APPENDIX TAKEDA 2024 ANNUAL INTEGRATED REP

96、ORT CORPORATE PHILOSOPHYThrough our support of the National Urban League and National Minority Quality Forum,historic civil rights and advocacy organizations,we are helping to deploy a community-based health workforce across the United States to help historically underserved communities access the c

97、are they need.How do you connect Takedas efforts to create a more inclusive workplace with your efforts to advance health equity within communities?Equity starts with our ability to create a workforce of employees with different lived experiences from different cultures and backgrounds and bring the

98、m together in a workplace where they can feel a sense of belonging.Having a wider variety of perspectives helps us think differently,better understand the patients we serve and,ultimately,create solutions that can meet patient needs.One example is our DE&I Clinical Trial Advisory Board.It includes 1

99、00 employees from different countries,backgrounds and functions.They review and provide feedback on community education and patient recruitment and retention materials for clinical trials to help ensure the materials are culturally appropriate.While this board does not replace traditional patient en

100、gagement activities,it helps us learn more about the communities we serve from employees who are also part of those communities.(Hear from some of our Advisory Board members.)What role can other organizations play in advancing health equity?Working to advance health equity is not a solo ventureno si

101、ngle organization can do this work alone.We must all work together and bring the right voices to the table.Whether you are a convenor,a subject matter expert or a community advocate who understands the challenges faced in your community,everyone has a role to play.One example is our longstanding col

102、laboration with Partners In Health(PIH),1 a Boston-based international nonprofit.We have helped support a global network of 25 laboratories that provide screening and diagnostic services to over 8million people in community settings.In 2023,we expanded our partnership to include work with PIH-US sup

103、porting the implementation of health equity communities of practice and building the capacity of community health workers to address social determinants of health and access to care in underserved communities across Massachusetts.What does success look like?Our vision is a world where everyone can a

104、ttain their full potential for health and well-being.Achieving this will take time,resources and collaboration.Were in this for the long run.I am proud of where Takeda is on this journey,and excited about the impact we will have.Read more about our activities for communities in the United States her

105、e.“In Japans health care landscape,we are working to overcome barriers to equity to accelerate the path to universal wellness.The barriers,though formidable,serve as catalysts for transformative change,ensuring every individual has access to wellness with dignity and equality.”ASUKA MIYABASHIRA Pres

106、ident,Japan Pharma Business Unit and Japan Country Head SUPPORTING ACCESS TO CARE IN REMOTE AREAS IN JAPAN One in 10 people in Japan are aged 80 or older and nearly 30%are aged 65 or older.For elderly residents living outside cities,access to health careparticularly to specialistscan be difficult.To

107、 address the challenge,public and private sector organizations are coming together.In Hokkaido,the countrys northernmost prefecture,the local government is working to introduce a telemedicine system to connect medical specialists in cities with doctors in remote areas.This includes doctors from Sapp

108、oro Medical University who specialize in the treatment of IBD.Takeda is supporting the initiative by informing doctors in rural areas of Hokkaido about the program and connecting them with the local government to learn more.1 Takeda also has a global partnership with PIH through our Global CSR Progr

109、am.14 INTRODUCTION VALUE CREATIONFINANCIAL PERFORMANCEAPPENDIXTAKEDA 2024 ANNUAL INTEGRATED REPORT CORPORATE PHILOSOPHYStrengthening health systems through our Global CSRProgram Our philanthropic Global CSR Program,selected through an annual employee vote,works with organizations to with organizatio

110、ns to expand access to quality health care for people in low-and middle-income countries.We encourage innovation beyond commercial products in support of sustainable health systems for all people,everywhere.One of the examples is our five-year funding commitment to Society for Family Health Rwanda a

111、nnounced in 2023 to support the upgrade of 20 community health posts into financially sustainable models.Located in rural areas,the clinics will expand access to people in hard-to-reach communities.Learn more on our website.OUR GLOBAL CSR IMPACT Active countries 93 Total donation amount committed 24

112、.2 billion Number of people directly impacted 13.68 million 15 INTRODUCTION VALUE CREATIONFINANCIAL PERFORMANCEAPPENDIXCORPORATE PHILOSOPHYTAKEDA 2024 ANNUAL INTEGRATED REPORT BUILDING NEW SKILLS THROUGH EXPERIENCE One of the ways we help employees learn is through real-life experience.Since 2021,mo

113、re than 50 of our R&D Pharmaceutical Sciences employees have participated in an on-the-job training program.For six to 12 months,participants contribute to projects led by senior members across the department,gaining additional skills in the processfrom scientific training on gene therapies to criti

114、cal project management expertise.“The program creates a space to work outside of your comfort zone,which is a great way to learn from others and grow your own skills and understanding,”said Anastasia Kharlamova,associate director,Analytical Development.We strive to create an exceptional people exper

115、ience through our culture that fosters well-being,an inclusive workplace and lifelong learning.Inspiring lifelong learning We realize that every employees learning journey is unique.Through tools,resources and support,we help employees develop customized ways of learning what they need and want to l

116、earn,when and how they want to learn it.This includes learning through education,mentorships and on-the-job development opportunities.Supporting leadership development We invest in our senior leaders and people to help them build the inclusive skills,capabilities and experiences they need to grow an

117、d thrive.In 2023,we designed a senior leader development portfolio for our top approximately 200 leaders and their successors including solutions for assessment,selection,onboarding and development.For successors,we have designed the Takeda Aspire Program,a 16-month cohort-based development journey

118、for employees who we believe have the potential and who aspire to be senior leaders.COMMITMENT TO PEOPLE Embracing our unique culture INTRODUCTION VALUE CREATION FINANCIAL PERFORMANCE APPENDIXTAKEDA 2024 ANNUAL INTEGRATED REPORT CORPORATE PHILOSOPHY 16 Dedicated to well-being Well-being remains a cr

119、itical focus area,and we recognize that well-being is different for each employee.Global Well-BeingTakeda is focused on providing offerings across four key dimensionsemotional,physical,financial and social.In support of these dimensions and inspired by employees feedback,we have set two long-term gl

120、obal well-being strategic imperatives:empowering life-work alignment and enabling expanded access to global core offerings.We were also one of 50 companies globally to be honored by the Business Group on Health with its 2023 Best Employers Excellence in Health and Well-Being Award.TOP EMPLOYER RECOG

121、NITION FOR SEVENTH CONSECUTIVE YEAR In January 2024,the Top Employers Institute recognized Takeda for the seventh year in a row as a global Top Employer.We were one of only 17 companies to achieve this global certification in 2024.In addition,each of the 24 Takeda countries/regions that participated

122、 in the survey were named a Top Employer.For a complete list,visit our website.Using the power of technology to enable career growth We empower our employees to define and own their career with the support of their people leader,peers and mentors along the way.In January 2024,we launched Career Navi

123、gator,a platform enabled by artificial intelligence(AI),to allow all employees to explore development opportunities and grow their careers within Takeda.1 Based on employee input about their career goals and interests,the tool provides recommendations for internal job opportunities within Takeda;hel

124、ps identify learning opportunities to address any skill gaps;and connects employees to mentors to facilitate growth.The more the employee uses the platform,the more the platform learns about them and the more tailored recommendations it provides.Owning their growth:employees share the joy of learnin

125、g Our Japan commercial organization Human Resources(HR)team had a challenge.They were looking for creative ways to drive Takedas culture of lifelong learning and career ownership in the Japan Pharma Business Unit(JPBU).During a brainstorming session they got the idea to approach the issue from the p

126、erspective of employees,by creating a cadre of learning ambassadors to raise awareness of self-directed learning.Soon,there were 12 ambassadors providing employees with useful learning-related content.This included more than nine articles driving employees to the Bloom Learning Experience Platform(L

127、XP).Their results were exponential;within six months,the number of employees from JPBU using the Bloom LXP increased 300%.“I believe that fostering a culture that finds meaning in learning starts at the level of the individual,”said one of the learning ambassadors.“If each employee continues to lear

128、n and brings value to their department,it will ultimately lead to patients getting the medicines they needwhich in turn will benefit the broader society.”1 Career Navigator is available to all Takeda employees except in Germany where Working Council approval is pending.17 INTRODUCTION VALUE CREATION

129、FINANCIAL PERFORMANCEAPPENDIXTAKEDA 2024 ANNUAL INTEGRATED REPORT CORPORATE PHILOSOPHYCommitted to Diversity,Equity&Inclusion(DE&I)Across Takeda,we embrace and celebrate diversity,while striving to give patients and our people equitable access to opportunities that help them achieve their full poten

130、tial.Supporting gender parity Takeda ranked 89th globally among nearly 4,000 publicly listed companies in the 2023 Gender Equality Global Report&Ranking.As of the end of fiscal year 2023,female or non-binary representation among senior most leaders has increased to 46%(up 15%from fiscal year 2022)1.

131、This increase represents strong progress towards achieving our aspiration to have 50%representation by female or non-binary leaders among our senior most leaders by the end of fiscal year 2027.CHAMPIONING A TRUE SENSE OF BELONGING Jessica Souza Silva is a member of Takedas Supply Chain team in Brazi

132、l.In 2023,she won the Early Career award as part of the companys annual global DE&I awards for an innovation that helps her fellow colleagues bring their true selves to work.Here is her story.“During a Takeda Resource Group(TRG)meeting,a Black woman who works in production shared that the regular ha

133、ir net she needs to wear is too small for her hair.For many years and in multiple industries,Black and mixed-race people have been subjected to discrimination that prevent them from wearing their hair in its natural state.In Takedas case,it wasnt a policy that was a barrier,it was the availability o

134、f hair nets that accommodate natural hairstyles and meet our exacting standards.“I knew of a Brazilian company that makes a special hair net for Afro hair and I contacted them.After several tests of different options with the production line and our teams,we found a hair net that met our standards t

135、hat our people with natural hairstyles can wear comfortably.“Empowering Black and mixed-race people to wear their hair in a natural style is significant because it allows them to embrace their cultural identity and challenge traditional beauty standards.I affectionately call this hair net the royal

136、cap because I believe hair is like a crown,especially when it comes to valuing Afro hair.With this new hair net,people feel more comfortable and have a sense of belonging.”1 This data includes permanent and fixed-term employees.18 INTRODUCTION VALUE CREATIONFINANCIAL PERFORMANCEAPPENDIXCORPORATE PHI

137、LOSOPHYTAKEDA 2024 ANNUAL INTEGRATED REPORT USING SCIENCE TO TACKLE CLIMATE CHANGE IMPACTS Takeda has the knowledge and experience to help address critical environmental health issues,such as the disease-related impacts of climate change.We do this through our core mission of delivering life-transfo

138、rming medicines and vaccines for people around the world.(See the example of QDENGA on page 35.)We recognize that the well-being of our patients,the communities we serve,and employees are inextricably linked to the health of our planet.Our efforts must extend beyond mitigating adverse environmental

139、impacts on health to actively fostering a healthier planet that benefits more people.COMMITMENT TO THE PLANET Harnessing our capabilities to protect our planet and human health“Our philosophy has led us to integrate environmental responsibility into every facet of our operations and this is why,for

140、every investment we make,we assess how we can best deliver benefits for patients,our people and the planet.”THOMAS WOZNIEWSKI Global Manufacturing and Supply Officer TAKEDA 2024 ANNUAL INTEGRATED REPORT 19 INTRODUCTION CORPORATE PHILOSOPHY VALUE CREATION FINANCIAL PERFORMANCE APPENDIX Our net-zero a

141、mbition We are working to achieve net-zero greenhouse gas(GHG)emissions in our operations by 2035 and across our value chain by 2040.In fiscal year 2023,we continued to evolve our climate strategy to align with current scientific consensus and better position Takeda to achieve our ambitious net-zero

142、 targets.We have transitioned away from carbon neutrality as a climate goal to focus our resources on decarbonizing our operations and are reinvesting and reallocating resources toward initiatives that advance our net-zero roadmap.This includes reducing our energy use,switching to renewable sources,

143、whenever possible,and focusing on collaborations to tackle hard-to-abate value chain emissions,including single-use plastics and disposal of regulated medical waste.In line with Science Based Targets initiative(SBTi)guidelines(including the Corporate Net-Zero Standard),we will continue to invest in

144、nature-based carbon removal projects,prioritizing solutions that benefit human health.Scope 1&2 emissions Focus reductions in operations Manufacturing sites R&D sites and offices BioLife plasma donation centers Sales fleet 48 site site-specific net-zero roadmaps:manufacturing sites,BioLife,and offic

145、es Approved industry-first higher-temp heat pump for steam(AHEAD project)First BioLife center designed to operate with zero GHG emissions(Linz,Austria)Virtual Power Purchase agreements secured in the U.S.and India 40%of global fleet is electric vehicle(EV)or hybrid Scope 3 emissions Focus on our val

146、ue chain Raw materials Contract manufacturing Distribution and logistics Clinical trials Product end of life Laboratories4 BioLife5 Packaging Other categories6 56%of suppliers(by emissions)have set or committed to set SBTs7 50%of shipped volume(by weight)are transported by sea instead of air freight

147、 Sustainability by Design Program established with 10 life-cycle assessments(LCAs)completed for high-impact products 53%of secondary paper packaging(by weight)is from recycled content or sustainable forest certified OUR NET-ZERO ROADMAP2 FY2024 FY2040FY2035FY2030Strengthen our vitals Prescribe a low

148、-carbon path Mobilize the health care ecosystem 40%reduction in Scope 1&2 by FY20251 65%reduction in Scope 1&2 by FY20301 Net-zero for Scope 1&2 by FY2035 67%of emissions from suppliers with science-based targets commitments by FY2024 25%reduction in Scope 3 by FY20301 Net-zero across our value chai

149、n by FY2040 Action 650+identified emissions or energy reduction projects(50%for energy efficiency)Invest in transformative technologies for renewable heat Maintain commitment to building“all-electric”new BioLife centers Achieve 100%renewable electricity across our operations2 Eliminate 100%of intern

150、al combustion engine vehicles Pursue 60%reduction in our suppliers operational emissions Make strategic investments in new tech to address hard-to-abate emissions(e.g.single-use plastics in plasma donation)Design new products and packaging to minimize emissions for all modalities Enhance circularity

151、 in manufacturing(e.g.widespread solvent recycling)Maximize recycled content in secondary packaging8(e.g.paper,plastic trays)Address residual emissions(100 countries,including 17 PDTs 44 INTRODUCTION CORPORATE PHILOSOPHYFINANCIAL PERFORMANCEAPPENDIXVALUE CREATIONTAKEDA 2024 ANNUAL INTEGRATED REPORT

152、Keeping biological medicines safe from virus transmission Our Vienna site is also home to our Global Pathogen Safety(GPS)team in our Global Quality organization,which plays a critical role in protecting patient safety.The GPS laboratory is vital to keeping biological medicinal products,such as plasm

153、a-and cell culture-derived therapies,safe from virus transmission.During the development of any new Takeda PDT or biologics product,such as a vaccine,the lab works closely with our research and manufacturing teams.They develop processes to detect and then to inactivate or remove any viruses or patho

154、gen that might be in the plasma or biologic materials manufactured into the product.Through rigorous testing,they validate the production process to achieve high safety marginsa critical requirement for regulatory approval.For Takedas biological medicines,each lot produced anywhere in the global Tak

155、eda network is tested in the Vienna lab.But it doesnt stop there.When a new virus emerges anywhere in the world,the team conducts tests to confirm that the existing production process will inactivate or remove the threat.For example,when the COVID-19 virus first appeared in 2019,the lab conducted te

156、sts with the virus to ensure there was no risk to patient safety when using our products.“There are patients whose safety depends on what we do hereespecially those with immunodeficiencies,”says ThomasR.Kreil,global head of Pathogen Safety.“Our work gives them peace of mind.”Protecting employee safe

157、ty The labs 70-person team works with some of the most potent live viruses in the world.To protect their safety,employees work in a secure biocontainment level 3 lab,which provides rigorous safety measures such as negative air pressure to the environment,full gowning and highly efficient particle fi

158、ltration of air supplies to keep all team members,as well as the environment,safe.“There are patients whose safety depends on what we do hereespecially those with immunodeficiencies.Our work gives them peace of mind.”THOMAS R.KREIL Global Head of Pathogen Safety 45 INTRODUCTION CORPORATE PHILOSOPHY

159、FINANCIAL PERFORMANCE APPENDIXTAKEDA 2024 ANNUAL INTEGRATED REPORT VALUE CREATION SUPPORTING INCLUSION FOR ALL Evgenia“Evi”Guenova found her way to Takeda through MyAbility,a program for people with disabilities to meet and interview with companies around Vienna.As a person profoundly hard of hearin

160、g,she became interested in joining Takeda after learning about its commitment to creating an inclusive work environment.She quickly found her team took that commitment to heart.“Even though my supervisor and colleagues had never been exposed to someone with hearing loss,they adapted really fast,”she

161、 recalls.“We were both patient and understanding with each other,so we were able to develop a good symbiosis.My lovely and funny colleagues are now my favorite part of my job.”Evi,a microbiology lab technician,also joined a TRG called EnAbles.Through the group,she meets once a month with other colle

162、agues with disabilities to share their experiences and ideas to enhance the work environment at Takeda.“I realized Takedas philosophy is to always look for ways to improve things,not only for its business but for humanity,”she says.“They show interest in diversity and make the effort to listen to us

163、 and make permanent improvements.”46 INTRODUCTION CORPORATE PHILOSOPHY FINANCIAL PERFORMANCE APPENDIXTAKEDA 2024 ANNUAL INTEGRATED REPORT VALUE CREATION The Los Angeles site is also making a difference.“Thank you for your part in bringing hope and healing to families like ours,”was the message site

164、leadership received from a parent.They were talking about BabyBIG Botulism Immune Globulin Intravenous(Human),produced by Takeda through a unique not-for-profit partnership with BabyBIGs sponsor and license-holder,California Department of Public Health(CDPH).BabyBIG is the only US FDA-approved treat

165、ment for patients with the life-threatening disease,infant botulism caused by botulinum toxin type A and type B.There are approximately 150180 cases of infant botulism in the United States each year.To meet this need,we produce one lot of BabyBIG at our Los Angeles site only once every five years.Th

166、e CDPH distributes BabyBIG nationwide on a not-for-profit basis,and we produce it at a no-profit cost.Since 2003,more than 2,100 infant botulism patients in the United States have received BabyBIG,resulting in an aggregate of over 128 years of avoided hospital stays and more than$174 million of avoi

167、ded hospital charges.On average,infant botulism patients treated with BabyBIG have an approximately 3.5-week reduction in times spent in the hospital,resulting in over$94,000 in avoided hospital costs per patient.LOS ANG E LE S California,USA 138,000 square meters 7 products for patients in 75 count

168、ries 1 Infant Botulism Treatment and Prevention Program.REFLECTING ON LIFE AT TAKEDA IN LOS ANGELES“As I look back,the site has always been about improving,always testing.We never stop changing and improving.”ROBERT CLAYTON Senior Supply Chain Specialist (Has worked at site for over 38 years)“Its be

169、en an absolute blast here.It is like family.I cannot think of a better place for me.”KEVIN TIPPENS Manufacturing Technician(Has worked at the site for almost 40 years)47 INTRODUCTION CORPORATE PHILOSOPHYFINANCIAL PERFORMANCEAPPENDIXTAKEDA 2024 ANNUAL INTEGRATED REPORT VALUE CREATIONCollaborating to

170、reduce emissions and water usage As both sites have grown,they have done so with a focus on protecting the environment around them.“Our focus is to deliver the maximum amount of product to our patients worldwide with minimal impact on our environment,”said Christian Bugl,head of Environment,Health a

171、nd Safety,and Ethics and Compliance in Vienna.Vienna has also played a leading role in our efforts to conserve resources.Since 2007,it has operated using 100%renewable energy and has more than 50 initiatives underway to reduce energy,water and waste.Collaboration is critical to its progress.This inc

172、ludes a public-private partnership to develop a ground-breaking process that would replace carbon-intensive natural gas with steam-generating heat pumps,helping to reduce GHG emissions.Together with the research institute AIT(Austrian Institute of Technology)and heat pump manufacturer Sustainable Pr

173、ocess Heat GmbH,the innovation will mark the first time that natural gas-free,steam-generating heat pumps using 100%natural refrigerants will be integrated into industrial operation when in use at our site.The collaboration was recognized in 2023 with the Net-Zero Industries Award National Winner Au

174、stria at COP28 in Dubai.Our Los Angeles site is also making progress.In 2023,it launched the use of fuel cells,solar power and energy storage using battery packs.We also prioritize water conservation at the site,which is in an area of high-risk for water scarcity according to the World Resources Ins

175、titute Aqueduct tool.The site has reduced its fresh water use by 14 million liters per year equivalent to the amount of fresh water used by 55 Los Angeles homes annually through recycled wastewater by a reversed osmosis process to cooling towers.In 2023,in recognition for our efforts,the Los Angeles

176、 Department of Water and Power awarded the site its top leadership award for water management and conservancy.“We are stewards of this site,”said Angelica Nava,head of Environment,Health and Safety in Los Angeles.“Previous generations have helped ensure resources are available for the medicines we m

177、ake here today,and were doing the same for future generations to come.”Looking to the future A lot has happened in 70 years,and both sites continue to play important roles providing innovative medicines that have helped save lives,empowering employees to build meaningful and rewarding careers,and he

178、lping to conserve local resources for the future.“Our journey over the past 70 years has been shaped by our unwavering commitment to the health and well-being of patients.It is this commitment that sustains us as we continue to evolve and adapt to deliver on our promise.”BABAK HAGHIRI Site Head,Los

179、Angeles 48 INTRODUCTION CORPORATE PHILOSOPHY FINANCIAL PERFORMANCEAPPENDIXTAKEDA 2024 ANNUAL INTEGRATED REPORT VALUE CREATIONFinancial Performance APPENDIXFINANCIAL PERFORMANCEVALUE CREATIONCORPORATE PHILOSOPHYINTRODUCTION TAKEDA 2024 ANNUAL INTEGRATED REPORT 49 Financial Performance In fiscal year

180、2023,Takeda delivered total revenue of 4,263.8 billion yen(US$28.2 billion1),with growth of+1.5%on a constant exchange rate(CER)basis.Core Operating Proft declined 13.3%on a CER basis to 1,054.9 billion yen(US$7.0 billion1),reflecting the Loss of Exclusivity(LOE)impact of high-margin products,FX hea

181、dwinds,and our continued investment in R&D and data,digital and technology(DD&T).Core EPS declined 15.7%on a CER basis to 484 yen per share.TAKEDAS FISCAL YEAR 2023 RESULTS FOR FISCAL YEAR 2023(Billion yen,except percentage and per share amounts)FY2022 FY2023 CHANGE VS.PRIOR YEAR IFRS METRICS Actual

182、%change CER%change5 Revenue 4,027.5 4,263.8+5.9%+1.5%Operating Profit 490.5 214.1-56.4%-50.3%Margin 12.2%5.0%-7.2pp-6.2pp Net Profit 317.0 144.1-54.6%-57.0%EPS 204 92-54.9%-57.3%NON-IFRS2,3 Core Revenue 4,027.5 4,263.8+5.9%+1.5%Core Operating Profit 1,188.4 1,054.9-11.2%-13.3%Margin 29.5%24.7%-4.8pp

183、-4.3pp Core Net Profit 866.4 756.8-12.6%-15.0%Core EPS 558 484-13.4%-15.7%CASH FLOWS AND DIVIDENDS Operating Cash Flow 977.2 716.3-26.7%Free Cash Flow4 446.2 283.4-36.5%Dividend per share 180 188+4.4%LEVERAGE METRICS Net debt(cash)3,716.1 4,091.3 Adjusted EBITDA(last 12 months)1,421.8 1,319.9 Net de

184、bt/Adjusted EBITDA ratio 2.6x 3.1x A key driver for our revenue growth was the continued strong performance of our Growth&Launch Products(refer to page 51 for more information).These products represented 43%of total revenue and grew at+12.8%year over year at CER,mitigating the significant impact of

185、LOE including generic competition for VYVANSE(lisdexamfetamine dimesylate)in the United States and AZILVA(azilsartan)in Japan.Free cash flow was 283.4 billion yen,reflecting the decline in Core Operating Profit,litigation-related payment,and investment in business development.Net-debt-to-adjusted EB

186、ITDA was 3.1x as of March 31,2024.See page 53 for footnotes.50 INTRODUCTION CORPORATE PHILOSOPHYVALUE CREATIONAPPENDIXTAKEDA 2024 ANNUAL INTEGRATED REPORT FINANCIAL PERFORMANCEB U S IN E SS A R E AG R OW T H&L AU N C H P R O DU C TSIND IC ATIO NRE VE NUE (BN J PY)C E R%C HANG E 5Gastroenterology(GI)

187、Moderate to severe ulcerative colitis or Crohns disease 800.9+6.6%Refractory complex perianal fistulas with Crohns disease 3.5+18.2%Eosinophilic esophagitis0.2New LaunchRare DiseasesPrevention of hereditary angioedema attacks 178.7+11.6%Post-transplant CMV infection(refractory,with or without resist

188、ance)19.1+68.7%Congenital thrombotic thrombocytopenic purpuraNot DisclosedNew LaunchPDT immunologyPrimary and secondary immunodeficiencies and multifocal motor neuropathy 644.6+16.8%Hypovolemia,hypoalbuminemia,for use during cardiopulmonary bypass surgery,and hemolytic disease of the newborn 134.0+5

189、.9%OncologyALK-positive non-small cell lung cancer 28.5+35.3%Previously treated non-small cell lung cancer with EGFR exon 20 insertions3.5-10.9%Metastatic colorectal cancer10.1New LaunchOtherPrevention of dengue disease 9.6+9,832.1%Growth&Launch Products Our Growth&Launch Products generated sales of

190、 1,833.0 billion yen in fiscal year 2023,or 43%of total company revenue.This represents year-over-year growth of+297.1 billion yen,or+12.8%on a CER basis.See page 53 for footnotes.51 INTRODUCTION CORPORATE PHILOSOPHYVALUE CREATIONAPPENDIXTAKEDA 2024 ANNUAL INTEGRATED REPORT FINANCIAL PERFORMANCEWe e

191、xpect fiscal year 2024 to be the final year of significant headwind from the loss of high-margin VYVANSE to generic erosion in the United States.Continued momentum of our Growth&Launch Products,with double-digit percentage growth at CER expected in fiscal year 2024,should largely alleviate this head

192、wind.On a CER basis,we expect our revenue to remain flat or decline slightly with Core Operating Profit to decline by approximately 10%,and Core EPS to decline in the mid-10s%.We expect to have up to six pipeline assets in Phase 3 development in fiscal year 2024 that together have the potential to g

193、enerate significant value.While we plan to increase our R&D budget moderately in fiscal year 2024,rigorous prioritization will allow us to contain our R&D budget increase while developing these late-stage programs.Although we are guiding for fiscal year 2024 to be another year of profit decline,we a

194、re positioned for a return to revenue and profit growth from fiscal year 2025.Positioned for return to revenue and profit growth from FY2025 OUTLOOK FOR FISCAL YEAR 2024(Billion yen,except percentage and per share amounts)RESULTS FY2023 FORECAST FY2024 CHANGE VS.PRIOR YEAR FY2024 MANAGEMENT GUIDANCE

195、 CHANGE AT CER5 IFRS METRICS Revenue 4,263.8 4,350.0+86.2+2.0%Operating Profit 214.1 225.0+10.9+5.1%Net Profit 144.1 58.0-86.1-59.7%EPS(yen)92 37-55-60.1%NON-IFRS2,3 Core Revenue 4,263.8 4,350.0+86.2+2.0%Flat to slightly declining Core Operating Profit 1,054.9 1,000.0-54.9-5.2%Approximately 10%decli

196、ne Core EPS 484 431-53-10.9%Mid-10s%decline CASH FLOWS AND DIVIDENDS Adjusted Free Cash Flow4 283.4 350.0450.0 Dividend per share 188 196+8+4.3%See page 53 for footnotes.52 INTRODUCTION CORPORATE PHILOSOPHYVALUE CREATIONAPPENDIXTAKEDA 2024 ANNUAL INTEGRATED REPORT FINANCIAL PERFORMANCEFootnotes 1 Co

197、nvenience translations have been made at an exchange rate of 1USD=151.22 JPY.2 Further information regarding certain of Takedas Non-IFRS measures is posted on Takedas investor relations website.3 Core results adjust our reported results calculated and presented pursuant to IFRS to exclude the effect

198、 of items unrelated to Takedas core operations,such as,to the extent applicable for each line item,non-recurring items,purchase accounting effects and transaction related costs,as well as amortization and impairment of intangible assets and other operating income and expenses and the tax effect of e

199、ach of the adjustments.4 We define Free Cash Flow as cash flows from operating activities,subtracting acquisition of property,plant and equipment(“PP&E”),intangible assets and investments as well as removing any other cash that is not available to Takedas immediate or general business use,and adding

200、 proceeds from sales of PP&E,as well as from sales of investments and businesses,net of cash and cash equivalents divested.Free cash flow is a non-IFRS financial measure.Starting from the quarter Ending June 30,2024,we will i)change the title of Free Cash Flow as currently represented to“Adjusted Fr

201、ee Cash Flow”and ii)report“Free Cash Flow”as cash flows from operating activities less acquisition of PP&E.This change is intended to enhance the comparability of our Free Cash Flow disclosures to those of our peers and to better describe the nature of these measures as presented by Takeda.5 CER(con

202、stant exchange rate)change eliminates the effect of foreign exchange rates from year-over-year comparisons by translating Reported or Core results for the current period using corresponding exchange rates in the same period of the previous fiscal year.Starting from the quarter ending June 30,2024,we

203、 will cease adjustments for CER change for the results of operations of subsidiaries in countries experiencing hyperinflation and for which IAS29,Financial Reporting in Hyperinflation Economies,is applied,because of the increased impacts of hyperinflation in the calculation of CER change using corre

204、sponding exchange rates in the same period of the previous fiscal year,effectively keeping CER change for these subsidiaries unchanged from those reported with IAS29.Beginning in fiscal year 2024,we are implementing an enterprise-wide efficiency program focused on organizational agility,procurement

205、savings,and capitalizing on our ongoing investment in data,digital and technology.We anticipate 140 billion yen in restructuring costs this year primarily related to this program with some additional,lower costs in the next couple of years.From fiscal year 2025,we anticipate a return to revenue grow

206、th driven by our Growth&Launch Products,with limited LOE exposure until the early 2030s.The new efficiency program will free up resources to invest in growth opportunities such as advancing the pipeline,new product launches,and continuing to build our DD&T capabilities,and will support us in deliver

207、ing 100 to 250 basis points of Core Operating Profit margin improvement each year towards our target of low-to-mid 30s%.Guided by our vision to discover and deliver life-transforming treatments,and with a focus on maintaining solid investment grade credit ratings,we will allocate capital to deliver

208、sustainable value to patients while delivering attractive returns to our shareholders.In alignment with our progressive dividend policy and reflecting confidence in our long-term growth outlook and cash flow generation,we plan to raise our dividend from 188 yen to 196 yen per share in fiscal year 20

209、24.POSITIONED FOR RETURN TO REVENUE AND PROFIT GROWTH FROM FY2025 WITH EFFICIENCY PROGRAM TO DELIVER MARGIN EXPANSION FY2024 expected to be final year of significant headwind of VYVANSE Loss of Exclusivity in the U.S.Return to Sustainable Revenue Growth Advance Pipeline with Rigorous Prioritization

210、Drive Efficiencies to Improve Margins Deliver Attractive Returns to Shareholders Growth&Launch Products expected to represent 50%of revenue in FY2024 with double-digit%growth at CER Limited LOE exposure after VYVANSE until early 2030s*Prioritizing pipeline to invest in 6 late-stage assets that toget

211、her have potential to generate significant value Deliver 100-250bps Core Operating Profit margin improvement each year from FY2025 towards low-to-mid 30s%target Strong cashflow outlook underpins proposed dividend increase to 196 yen per share in FY2024*Major products expected to face generic/biosimi

212、lar competition between FY20242029 total less than 10%of FY2023 revenue:Gattex U.S.(FY26),Trintellix U.S.(FY26),Vectibix JP(FY26),Vyvanse EU(FY28),Livtencity U.S.(FY28),Ninlaro U.S.(FY29)Note:Margin improvement target assumes constant FX rate 53 INTRODUCTION CORPORATE PHILOSOPHYVALUE CREATIONAPPENDI

213、XTAKEDA 2024 ANNUAL INTEGRATED REPORT FINANCIAL PERFORMANCELegal disclaimer Important Notice For the purposes of this notice,“report”means this document,any oral presentation,any question and answer session and any written or oral material discussed or distributed by Takeda Pharmaceutical Company Li

214、mited(“Takeda”)regarding this report.This report(including any oral briefing and any question-and-answer in connection with it)is not intended to,and does not constitute,represent or form part of any offer,invitation or solicitation of any offer to purchase,otherwise acquire,subscribe for,exchange,s

215、ell or otherwise dispose of,any securities or the solicitation of any vote or approval in any jurisdiction.No shares or other securities are being offered to the public by means of this report.No offering of securities shall be made in the United States except pursuant to registration under the U.S.

216、Securities Act of 1933,as amended,or an exemption therefrom.This report is being given(together with any further information which may be provided to the recipient)on the condition that it is for use by the recipient for information purposes only(and not for the evaluation of any investment,acquisit

217、ion,disposal or any other transaction).Any failure to comply with these restrictions may constitute a violation of applicable securities laws.The companies in which Takeda directly and indirectly owns investments are separate entities.In this report,“Takeda”is sometimes used for convenience where re

218、ferences are made to Takeda and its subsidiaries in general.Likewise,the words“we”,“us”and“our”are also used to refer to subsidiaries in general or to those who work for them.These expressions are also used where no useful purpose is served by identifying the particular company or companies.The prod

219、uct names appearing in this document are trademarks or registered trademarks owned by Takeda,or their respective owners.Forward-Looking Statements This report and any materials distributed in connection with this report may contain forward-looking statements,beliefs or opinions regarding Takedas fut

220、ure business,future position and results of operations,including estimates,forecasts,targets and plans for Takeda.Without limitation,forward-looking statements often include words such as“targets,”“plans,”“believes,”“hopes,”“continues,”“expects,”“aims,”“intends,”“ensures,”“will,”“may,”“should,”“woul

221、d,”“could,”“anticipates,”“estimates,”“projects,”“forecasts,”“outlook”or similar expressions or the negative thereof.These forward-looking statements are based on assumptions about many important factors,including the following,which could cause actual results to differ materially from those expresse

222、d or implied by the forward-looking statements:the economic circumstances surrounding Takedas global business,including general economic conditions in Japan and the United States;competitive pressures and developments;changes to applicable laws and regulations;challenges inherent in new product deve

223、lopment,including uncertainty of clinical success and decisions of regulatory authorities and the timing thereof;uncertainty of commercial success for new and existing products;manufacturing difficulties or delays;fluctuations in interest and currency exchange rates;claims or concerns regarding the

224、safety or efficacy of marketed products or product candidates;the impact of health crises,like the novel coronavirus pandemic;the success of our environmental sustainability efforts,in enabling us to reduce our greenhouse gas emissions or meet our other environmental goals;the extent to which our ef

225、forts to increase efficiency,productivity or cost-savings,such as the integration of digital technologies,including artificial intelligence,in our business or other initiatives to restructure our operations will lead to the expected benefits;and other factors identified in Takedas most recent Annual

226、 Report on Form 20-F and Takedas other reports filed with the U.S.Securities and Exchange Commission,available on Takedas website at:https:/ at www.sec.gov.Takeda does not undertake to update any of the forward-looking statements contained in this report or any otherforward-looking statements it may

227、 make,except as required by law or stock exchange rule.Past performance is not an indicator of future results and the results or statements of Takeda in this report may not be indicative of,and are not an estimate,forecast,guarantee or projection of Takedas future results.Appendix 54 INTRODUCTION CO

228、RPORATE PHILOSOPHYVALUE CREATIONFINANCIAL PERFORMANCETAKEDA 2024 ANNUAL INTEGRATED REPORT APPENDIX Financial Information and Certain Non-IFRS Financial Measures Takedas financial statements are prepared in accordance with International Financial Reporting Standards(“IFRS”).This report and materials

229、distributed in connection with this report include certain financial measures not presented in accordance with IFRS,such as Core Revenue,Core Operating Profit,Core Net Profit,Core EPS,Constant Exchange Rate(“CER”)change,Net Debt,EBITDA,Adjusted EBITDA and Free Cash Flow.Takedas management evaluates

230、results and makes operating and investment decisions using both IFRS and non-IFRS measures included in this report.These non-IFRS measures exclude certain income,cost and cash flow items which are included in,or are calculated differently from,the most closely comparable measures presented in accord

231、ance with IFRS.Takedas non-IFRS measures are not prepared in accordance with IFRS and such non-IFRS measures should be considered a supplement to,and not a substitute for,measures prepared in accordance with IFRS(which we sometimes refer to as“reported”measures).Investors are encouraged to review th

232、e definitions and reconciliations of non-IFRS financial measures to their most directly comparable IFRS measures.Beginning in the quarter ending June 30,2024,Takeda will(i)change its methodology for CER adjustments to results of subsidiaries in hyperinflation countries to present those results in a

233、manner consistent with IAS 29,Financial Reporting in Hyperinflation Economies,and(ii)re-name Free Cash Flow as currently calculated as“Adjusted Free Cash Flow”(with“Free Cash Flow”to be reported as Operating Cash Flow less Property,Plant and Equipment).The usefulness of Core Financial Measures to in

234、vestors has significant limitations including,but not limited to,(i)they are not necessarily identical to similarly titled measures used by other companies,including those in the pharmaceutical industry,(ii)they exclude financial information and events,such as the effects of non-cash expenses such a

235、s dispositions or amortization of intangible assets,that some may consider important in evaluating Takedas performance,value or prospects for the future,(iii)they exclude items or types of items that may continue to occur from period to period in the future(however,it is Takedas policy not to adjust

236、 out normal,recurring cash operating expenses necessary to operate our business)and(iv)they may not include all items which investors may consider important to an understanding of our results of operations,or exclude all items which investors may not consider to be so.Exchange Rates In this report,c

237、ertain amounts presented in Japanese yen have been translated to US dollars solely for the convenience of the reader.Except where otherwise noted,these convenience translations have been made at an exchange rate of 1USD=151.22 JPY,the Noon Buying Rate certified by the Federal Reserve Bank of New Yor

238、k on March 29,2024.The rate and methodologies used for these convenience translations differ from the currency exchange rates and translation methodologies under IFRS used for the preparation of Takedas consolidated financial statements.These translations should not be construed as a representation

239、that the relevant Japanese yen amounts could be converted into U.S.dollars at this or any other rate.Medical information This report contains information about products that may not be available in all countries,or may be available under different trademarks,for different indications,in different do

240、sages,or in different strengths.Nothing contained herein should be considered a solicitation,promotion or advertisement for any prescription drugs including the ones under development.55 INTRODUCTION CORPORATE PHILOSOPHYVALUE CREATIONFINANCIAL PERFORMANCETAKEDA 2024 ANNUAL INTEGRATED REPORT APPENDIX

241、 Definition of Core Financial Measures,Constant Exchange Rate change,and Free Cash Flow Core Revenue represents revenue adjusted to exclude significant revenue items unrelated to the underlying trends and business performance of Takedas core operations.Core Operating Profit represents operating prof

242、it adjusted to exclude other operating expenses and income,amortization and impairment losses on acquired intangible assets and other noncash items or items unrelated to the underlying trends and business performance of Takedas core operations.Core EPS represents net profit adjusted to exclude the i

243、mpact of items excluded in the calculation of Core Operating Profit,and other non-operating items(e.g.amongst other items,fair value adjustments and the imputed financial charge related to contingent consideration)that are unusual,non-recurring in nature or unrelated to the underlying trends and bus

244、iness performance of Takedas ongoing operations and the tax effect of each of the adjustments,divided by the average outstanding shares(excluding treasury shares)of the reporting periods presented.Constant Exchange Rate(CER)change eliminates the effect of foreign exchange rates from year-over-year c

245、omparisons by translating Reported or Core results for the current period using corresponding exchange rates in the same period of the previous fiscal year.Starting from the quarter ending June 30,2024,we will cease adjustments for CER change for the results of operations of subsidiaries in countrie

246、s experiencing hyperinflation and for which IAS29,Financial Reporting in Hyperinflation Economies,is applied,because of the increased impacts of hyperinflation in the calculation of CER change using corresponding exchange rates in the same period of the previous fiscal year,effectively keeping CER c

247、hange for these subsidiaries unchanged from those reported with IAS29.We present Free Cash Flow because we believe that this measure is useful to investors as similar measures of liquidity are frequently used by securities analysts,investors and other interested parties in the evaluation of companie

248、s in our industry.Free Cash Flow is also used by our management to evaluate our liquidity and our cash flows,particularly as they relate to our ability to meet our liquidity requirements and to support our capital allocation policies.We also believe that Free Cash Flow is helpful to investors in und

249、erstanding how our strategic acquisitions and divestitures of businesses contribute to the cash flows and liquidity.We define Free Cash Flow as cash flows from operating activities,subtracting acquisition of property,plant and equipment(“PP&E”),intangible assets and investments as well as removing a

250、ny other cash that is not available to Takedas immediate or general business use,and adding proceeds from sales of PP&E,as well as from sales of investments and businesses,net of cash and cash equivalents divested.The usefulness of Free Cash Flow to investors has significant limitations including,bu

251、t not limited to,(i)it may not be comparable to similarly titled measures used by other companies,including those in our industry,(ii)it does not reflect the effect of our current and future contractual and other commitments requiring the use or allocation of capital and(iii)the addition of proceeds

252、 from sales and redemption of investments and the proceeds from sales of business,net of cash and cash equivalents divested do not represent cash received from our core ongoing operations.Free Cash Flow should not be considered in isolation and is not,and should not be viewed as,a substitute for cas

253、h flows from operating activities or any other measure of liquidity presented in accordance with IFRS.The most directly comparable measure under IFRS for Free Cash Flow is net cash from operating activities.Starting from the quarter ending June 30,2024,we will i)change the title of Free Cash Flow as

254、 currently represented to“Adjusted Free Cash Flow”and ii)report“Free Cash Flow”as cash flows from operating activities less acquisition of PP&E.This change is intended to enhance the comparability of our Free Cash Flow disclosures to those of our peers and to better describe the nature of these meas

255、ures as presented by Takeda.Definition of EBITDA/Adjusted EBITDA and Net Debt We present EBITDA and Adjusted EBITDA because we believe that these measures are useful to investors as they are frequently used by securities analysts,investors and other interested parties in the evaluation of companies

256、in our industry.We further believe that Adjusted EBITDA is helpful to investors in identifying trends in its business that could otherwise be obscured by certain items unrelated to ongoing operations because they are highly variable,difficult to predict,Financial definitions 56 INTRODUCTION CORPORAT

257、E PHILOSOPHYVALUE CREATIONFINANCIAL PERFORMANCE TAKEDA 2024 ANNUAL INTEGRATED REPORT APPENDIXmay substantially impact our results of operations and may limit the ability to evaluate our performance from one period to another on a consistent basis.EBITDA and Adjusted EBITDA should not be considered i

258、n isolation or construed as alternatives to operating income,net profit for the year or any other measure of performance presented in accordance with IFRS.These non-IFRS measures may not be comparable to similarly-titled measures presented by other companies.The usefulness of EBITDA and Adjusted EBI

259、TDA to investors has limitations including,but not limited to,(i)they may not be comparable to similarly titled measures used by other companies,including those in our industry,(ii)they exclude financial information and events,such as the effects of an acquisition or amortization of intangible asset

260、s,that some may consider important in evaluating our performance,value or prospects for the future,(iii)they exclude items or types of items that may continue to occur from period to period in the future and(iv)they may not exclude all items which investors may consider to be unrelated to our long-t

261、erm operations.These non-IFRS measures are not,and should not be viewed as,substitutes for IFRS reported net income(loss).We encourage investors to review our historical financial statements in their entirety and caution investors to use IFRS measures as the primary means of evaluating our performan

262、ce,value and prospects for the future,and EBITDA and Adjusted EBITDA as supplemental measures.We define EBITDA as consolidated net profit before income tax expenses,depreciation and amortization and net interest expense.We define Adjusted EBITDA as EBITDA further adjusted to exclude impairment losse

263、s,other operating income and expenses(excluding depreciation and amortization),finance income and expenses(excluding net interest expense),our share of loss from investments accounted for under the equity method and other items that management believes are unrelated to our core operations such as pu

264、rchase accounting effects and transaction related costs.The most closely comparable measure presented in accordance with IFRS is net profit for the period.Please refer to Net Profit to Adjusted EBITDA Bridge for a reconciliation to the respective most closely comparable measures presented in accorda

265、nce with IFRS.We present Net Debt because we believe that it is useful to investors in that our management uses it to monitor and evaluate our indebtedness,net of cash and cash equivalents,and,in conjunction with Adjusted EBITDA,to monitor our leverage.We also believe that similar measures of indebt

266、edness are frequently used by securities analysts,investors and other interested parties in the evaluation of companies in our industry.We define Net Debt first by calculating the sum of the current and non-current portions of bonds and loans as shown on our consolidated statement of financial posit

267、ion,which is then adjusted to reflect(i)the use of prior 12-month average exchange rates for non-JPY debt outstanding at the beginning of the period and the use of relevant spot rates for new non-JPY debt incurred and existing non-JPY debt redeemed during the reporting period,which reflects the meth

268、odology our management uses to monitor our leverage,and(ii)a 50%equity credit applied to our aggregate principal amount of JPY 500.0 billion hybrid(subordinated)bonds issued in June 2019 by S&P Global Rating Japan in recognition of the equity-like features of those bonds pursuant to such agencys rat

269、ings methodology.To calculate Net Debt,we deduct from this figure cash&cash equivalents,excluding cash temporarily held by Takeda on behalf of third parties related to vaccine operations and to the trade receivables sales program,and debt investments classified as Level 1 in the fair value hierarchy

270、 being recorded as Other Financial Assets.The usefulness of Net Debt to investors has significant limitations including,but not limited to,(i)it may not be comparable to similarly titled measures used by other companies,including those in our industry,(ii)it does not reflect the amounts of interest

271、payments to be paid on our indebtedness,(iii)it does not reflect any restrictions on our ability to prepay or redeem any of our indebtedness,(iv)it does not reflect any fees,costs or other expenses that we may incur in converting cash equivalents to cash,in converting cash from one currency into ano

272、ther or in moving cash within our consolidated group,(v)it applies to gross debt an adjustment for average foreign exchange rates which,although consistent with our financing agreements,does not reflect the actual rates at which we would be able to convert one currency into another and(vi)it reflect

273、s an equity credit due to the fact that the amounts of our subordinated bonds,although we believe it to be reasonable,do not affect the status of those instruments as indebtedness.Net Debt should not be considered in isolation and is not,and should not be viewed as,a substitute for bonds and loans o

274、r any other measure of indebtedness presented in accordance with IFRS.The most directly comparable measures under IFRS for Net Debt is bonds and loans.Please refer to Net Debt to Adjusted EBITDA for a reconciliation to this measure.57 INTRODUCTION CORPORATE PHILOSOPHYVALUE CREATIONFINANCIAL PERFORMA

275、NCETAKEDA 2024 ANNUAL INTEGRATED REPORT APPENDIX Takeda Pharmaceutical Company Limited Takeda Global Headquarters 1-1,Nihonbashi-Honcho 2-chome,Chuo-ku,Tokyo 103-8668,Japan Tel:+81-3-3278-2111 Fax:+81-3-3278-2000 Copyright 2024 Takeda Pharmaceutical Company Limited.All rights reserved.Design by A AB

276、OUT THIS REPORT This report includes Takedas financial and non-financial results from fiscal year 2023 and the sustainability-related focus areas we believe are most important for our stakeholders and the communities we serve.It includes the operations of Takeda Pharmaceutical Company Limited and it

277、s consolidated subsidiaries.The reporting period covers fiscal year 2023(April1,2023,to March31,2024),but this report may include information that reflects events occurring after March31,2024.Takeda financial data is presented in Japanese yen,unless otherwise stated.Some figures in this report have

278、been rounded.Percentages may have been calculated using rounded numbers.ADDITIONAL DISCLOSURES This report is published in addition to our regulatory disclosure documents:our Annual Securities Report filed with the Japanese Financial Services Agency and our Form 20-F filed with the U.S.Securities an

279、d Exchange Commission.The financial statements included in those regulatory reports are prepared in accordance with International Financial Reporting Standards,as issued by the International Accounting Standards Board.We regularly update our online voluntary Sustainability Disclosures website,which

280、provides easy-to-navigate links to where Takeda discloses important information related to our ESG priorities,practices and data across our various reporting platforms.These disclosures have been informed by frameworks and standards,including the:Integrated Reporting Framework(IFRS)The Sustainabilit

281、y Accounting Standards Board(SASB)Biotechnology&Pharmaceuticals Sustainability Accounting Standard The Biopharma Investor ESG Communications Guidance Stakeholder Capitalism Metrics developed by the World Economic Forum(WEF)and its International Business Council The 10 principles of the UN Global Com

282、pact(UNGC)The Task Force on Climate-related Financial Disclosures(TCFD)framework See our Sustainability Disclosures website for our:Latest fiscal year 2023 sustainability performance indicators under the categories of Patient,People,Planet and Governance.A complete list of metrics under each category can be found in the following documents.2024 ESG Databook 2024 SASB index report 2024 WEF index report UNGC index report For other disclosures,see:Our position papers The European Federation of Pharmaceutical Industries and Associations(EFPIA)Disclosure Code Report Patient group disclosures