2022 Annual 
Integrated Report
Fiscal Year Ended March 31, 2022

Contents
03	 CEO Letter to Stakeholders
05	 Message from  
the External Director,  
Chair of the Board Meeting
06	 Dialogue with CGCASO1 
and CFO
18	 Values-Based Governance
64	 Legal Disclaimers
66	 Appendix
68	 Reconciliations
07	 About this Report
08	 FY2021 Highlights
09	 Our Business Environment
12	 About Takeda
16	 Spotlight on Hikari Plant
40
COMMITMENT TO  
PEOPLE
28
COMMITMENT TO  
PATIENT
46
COMMITMENT TO  
PLANET
56
FINANCIAL 
PERFORMANCE
61
GLOBAL CSR
1	CGCASO = Chief Global Corporate Affairs & Sustainability Officer
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Dear Stakeholders,
Takeda has existed for more than 240 years, yet we 
are reminded each day of the critical importance 
of our work, and we are fueled by the impact we make 
in our mission to transform lives. We often talk about 
the importance of our core values of Takeda‑ism 
(Integrity, Fairness, Honesty and Perseverance) 
brought to life through actions based on patient, trust, 
reputation and business, in that order. These values 
guide everything we do and are fundamental to who 
we are as a company. Our purpose, as a core foundation 
of our global growth strategy, will help us create value 
for decades to come.
Transforming the  
lives of patients
The work we do transforms lives, helping patients 
with limited or no treatment options in our therapeutic 
and business areas of oncology, rare genetics and 
hematology, neuroscience, gastroenterology, plasma-
derived therapies (PDT) and vaccines. Our R&D 
pipeline is a clear demonstration of how we are working 
to deliver unique value to patients. We have a robust 
pipeline of medicines that all have the potential to 
transform the treatment landscape.
Unleashing the power of data and technology is crucial 
to our vision to transform the lives of patients. Data 
and technology are revolutionizing our industry and 
creating better experiences and outcomes for patients 
by accelerating the discovery, development and 
delivery of life-transforming treatments. Takeda is on 
the leading edge of this revolution.
Inspiring our people  
and building a workplace  
of the future
I attribute our ongoing success to our approximately 
50,000 dedicated and patient-focused colleagues who 
embody our values and help us build a dynamic future. 
Our intention is to continuously deliver an exceptional 
experience to our people, wherever they work. This 
starts by attracting and retaining a talented, diverse 
and highly engaged workforce and offering a culture of 
lifelong learning and talent development, so our people, 
regardless of role, can reach their highest potential.
And we are focused on strengthening our culture and 
sense of community while allowing for the flexibility 
that is so important for supporting well-being. This 
emphasis on well-being has been a valuable takeaway 
from the COVID-19 pandemic, as many of us have been 
faced with unprecedented pressures.
Building sustainable  
health care and fostering  
a better planet
We’re on a journey to embed purpose-led sustainability 
so that it informs everything we do. Ultimately, we 
see an opportunity to create sustainable value using 
our core assets and capabilities to help in solving big 
societal issues, including addressing health disparities 
and inequity.
We are also working to build support for value-based 
health care, which we believe is essential to address 
the challenges health care systems face in delivering 
innovative health services and technologies sustainably 
CEO LETTER TO 
STAKEHOLDERS
CHRISTOPHE WEBER
President & CEO
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and equitably. This complements our ongoing efforts 
to expand access to our medicines worldwide. The 
Takeda Center for Health Equity and Patient Affairs is 
gathering diverse perspectives from people around the 
world and developing a broad eco-system of partners 
to ensure that these voices are heard and that equity 
considerations are embedded into both our R&D and 
patient access activities.
Throughout this report you will also see indicators of 
Takeda’s alignment with key components of the United 
Nations Global Compact and Sustainable Development 
Goals. As a signatory of the Global Compact, Takeda 
remains committed to its principles and to reporting on 
our progress in implementing them.
The stakes have never been higher for the future of our 
planet. We see the accelerating reality of the climate 
change crisis and are challenging our own ambitions 
to address our carbon footprint and decarbonize 
our entire value chain. In 2020, we achieved carbon 
neutrality across our value chain, through greenhouse 
gas emissions reduction efforts and validated carbon 
offsets. We’re now committed to being net-zero across 
our Scope 1 and 2 emissions before 2035 and across 
our entire value chain, including currently estimated 
Scope 3 emissions, before 2040.1
Delivering long-term 
business growth
Over the past several years, we have dramatically 
accelerated our competitive position. This is evident 
in our strong performance in fiscal year (FY) 2021. 
We delivered significant topline acceleration, with 
underlying revenue growth of +7.4% driven by sales 
of our global growth products.2 On a reported 
basis, revenue was 3,569.0 billion yen ($29.4 billion 
dollars), with a year-on-year increase of +11.6%. And 
we successfully achieved our management guidance 
for underlying revenue and profit growth.
With regard to profitability, in FY2021 Takeda 
delivered underlying Core Operating Profit growth 
of +5.4%, and a competitive margin of 28.0%. 
This strong performance was in spite of temporary 
sales mix and pandemic-related headwinds, which 
were largely offset by improved OPEX efficiency. 
We also continue to deliver important cash flow 
(943.7 billion yen free cash flow in FY2021), allowing 
us to invest in our growth drivers, while also paying 
down debt, resulting in net debt to adjusted EBITDA 
of 2.8x in March 2022. I am confident that our growth 
momentum will continue into FY2022 and beyond, 
and will support our Total Shareholder Returns as we 
look forward to a new phase of creating significant 
shareholder value.
Strong momentum for 
the future
This fiscal year was exceptional for our business 
thanks to our agile response to the dynamic global 
environment and our R&D momentum. We are proving 
our ability to bring new therapies to patients, expand 
indications and launch products in new geographies. 
Our commercial growth trajectory enables us to 
invest in and develop a modality diverse pipeline, with 
approximately 40 clinical-stage medicines. Importantly, 
10 of the R&D programs at Takeda are in late-stage 
development, providing several medium-term 
commercial opportunities.
For the next phase of growth at Takeda, we are 
unleashing the power of data and technology to 
transform the way we work across our entire value 
chain. Digital technologies will drive innovation, 
efficiencies and sustainability across everything we 
do — from drug discovery and clinical trials to product 
manufacturing and global distribution.
Our goal is to continue to grow Takeda into the most 
trusted, science-driven, digital biopharmaceutical 
company. We are fostering a culture that champions 
bold ideas and innovative solutions to deliver lasting 
value for stakeholders. Our focus on patients will 
forever fuel our strategy and contribute to long-term 
value creation for all.
CHRISTOPHE WEBER
President & CEO
1	Takeda defines carbon neutrality and net zero emissions in accordance with The Greenhouse Gas Protocol. A lack of transparency into, and a difficulty measuring, actual Scope 3 
emissions remains an important challenge to overcome as part of these efforts.
2	Takeda uses certain non-IFRS measures — including underlying revenue growth and Core Operating Profit — to supplement the analysis of results of operations under IFRS. 
Please refer to the appendix for definitions, explanations and reconciliations of non-IFRS measures.
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A board built on 
transparency and 
governance capability
In business, opportunity and risk are also interconnected. 
Members of the Board of Directors and internal leaders 
must look for growth opportunities and take risks 
to deliver on them. Of the 15 members of Takeda’s 
Board of Directors, the majority (11) are independent 
external directors. I have been an external director 
at several companies, but the Board of Directors put 
together by my predecessor Masahiro and Christophe 
deserves special praise for its transparency and 
governance capability.
In addition to monitoring, a Board of Directors must also 
advise and direct. The mission of the Board of Directors 
is to serve all patients, colleagues and the planet which 
gives us life, and to demonstrate our capability to create 
long-term value . Our responsibilities are wide-ranging, 
from management plans and risk management to ESG 
(environmental, social and governance). We also play 
an important part in developing the next generation 
of leaders, which is crucial to the company’s continued 
growth. In my experience, no matter how far technology 
advances, meaningful change is always driven by 
people, so developing those who will lead Takeda into 
the future is an important focus.
And as Chair of the Board Meeting, I will lead the 
Board of Directors with commitment and do my best 
to deliver value to shareholders and the company.
 
MASAMI IIJIMA
External Director,
Chair of the Board Meeting
It was an honor to have been appointed Chair of the 
Board Meeting at the recent 146th Ordinary General 
Meeting of Shareholders. Masahiro Sakane, my 
predecessor, was committed to energizing the Board of 
Directors and working closely with Christophe Weber, 
President & CEO, to further globalize Takeda and 
strengthen its governance.
Succeeding Masahiro as Chair of the Board of Directors 
is a great responsibility. And I intend to use all of the 
experience I gained leading Mitsui & Co. and building 
close relationships in the business community to 
contribute to Takeda’s growth and development.
A future guided by  
purpose and Takeda-ism
Global companies operate in an increasingly difficult 
business environment. The COVID-19 pandemic 
raised questions about the ability of health care and 
pharmaceutical companies to deal with infrastructure 
and supply challenges. In addition, environmental 
issues, such as climate change caused by global 
warming are intensifying. And the Russia-Ukraine 
conflict has changed geopolitical relationships 
overnight, increasing tensions between countries and 
making international relations even more complex.
In 1916, Eiichi Shibusawa, a leading figure in the 
development of Japan’s modern economy, wrote in 
Rongo to Soroban (Analects of Confucius and the Abacus) 
that business and the achievement of a sustainable 
society are interconnected. Takeda’s sustainability 
ambitions are based on its purpose to deliver better 
health for people, and a brighter future for the world. This 
perfectly embodies Takeda’s character as a company 
that builds its global business around patients — 
people. Despite the uncertainty of today’s business 
environment, guided by this purpose and Takeda-ism, 
Takeda is well-placed to achieve its vision for the future.
MASAMI IIJIMA
External Director,  
Chair of the Board Meeting
MESSAGE FROM THE 
EXTERNAL DIRECTOR, 
CHAIR OF THE  
BOARD MEETING
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Costa: Our corporate philosophy is the lens through 
which we plan our growth strategy and make business 
decisions, including where and how we invest resources. 
At the core are patients. In FY2021, we increased our 
R&D investment by 15% to accelerate our ability both in 
our labs and through external partnerships to discover 
and develop life-transforming treatments. We are also 
increasing investment in product launches, particularly 
in emerging markets.
Q: How does Takeda balance  
value creation among stakeholders?
Costa: The value we create for patients is intrinsically 
connected to the value we create for all stakeholders. 
Dialogue with Takako and Costa
At Takeda, purpose-led sustainability is not just part of our business, it is our business. Here, Takako Ohyabu, 
Chief Global Corporate Affairs and Sustainability Officer, and Costa Saroukos, Chief Financial Officer, explain.
Q: How is Takeda’s corporate philosophy 
reflected in its business strategy, capital 
allocation and operations?
Takako: The purpose of a company is to produce 
profitable solutions to problems. We view sustainability 
as how we operationalize our purpose — better health 
for people, brighter future for the world. In other words, 
how we will push the boundaries of what is possible in 
discovering and delivering life-transforming treatments 
for patients. And how can we do that, while being 
profitable and mindful of the health of our people and 
the planet.
When we deliver innovative treatments that help 
improve patient health, value will follow for payers in 
terms of reduced overall health costs, for investors in 
terms of financial returns, and our employees in the 
form of competitive salaries and a workplace that 
invests in their overall wellbeing and career growth.
Takako: We believe that creating value for society 
will drive business growth without ever compromising 
our commitment to people and our planet. By aligning 
business and societal value creation, we can make a 
difference in patients’ lives and create a positive ripple 
effect through the outcomes we deliver. We’re all part 
of an ecosystem with patient outcomes at the center.
Q: How do investors react to  
our approach to value creation?
Costa: Investors increasingly recognize that our 
long-term success relies on our ability to deliver 
societal value in terms of discovering and launching 
innovative products — and that this doesn’t happen 
overnight. They are increasingly factoring our non-
financial performance into their decisions such as 
human capital management, Board diversity and 
transparent disclosure.
Takako: We are hearing from investors that they 
appreciate our corporate philosophy and how it aligns 
with broader trends and needs of society. Given that 
Takeda is present in many countries and regions, 
how we address our priorities may differ based on 
local context. In business, what gets measured gets 
managed. To ensure we make progress, we have 
developed a set of metrics, which we are test running. 
We are also working to assure the processes and data. 
We are taking a very deliberate approach to measure 
what is most meaningful to our business context 
and stakeholders and to integrate these metrics into 
our operations just as our financial metrics are today.
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About this Report
This report outlines Takeda’s financial and non-financial 
results of FY2021 and the focus areas we believe are 
most important for the stakeholders and communities 
we serve. The report includes the operations of Takeda 
Pharmaceutical Company Limited and its consolidated 
subsidiaries. The reporting period covers FY2021  
(April 1, 2021, to March 31, 2022), but this report may 
include information beyond March 31, 2022.
This report is published in conjunction with 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 and Exchange 
Commission (SEC). The financial statements included in 
both of these reports are prepared in accordance with 
International Financial Reporting Standards (IFRS), as 
issued by the International Accounting Standards Board 
(IASB). Details of our annual reports can be found on 
our website.
This report is supplemented by our ESG Portal, which 
provides easy-to-navigate links to where Takeda discloses 
important information related to our environment, social 
and governance (ESG) policies, practices and data across 
our various reporting platforms. The ESG Portal also 
contains our latest FY2021 ESG performance indicators 
under the categories of Patient, People, Planet and Values-
Based Governance.
We have prepared this report in conjunction with 
additional frameworks and standards, including the:
•	Integrated Reporting Framework
•	The Sustainability Accounting Standards Board 
(SASB) Biotechnology & Pharmaceuticals 
Sustainability Accounting Standard. See 2022 SASB 
index report.
•	The Biopharma Investor Environmental, Social and 
Governance (ESG) Communications Guidance
•	Stakeholder Capitalism Metrics developed by the 
World Economic Forum (WEF) and its International 
Business Council. See 2022 WEF index report.
•	The 10 principles of the United Nations Global 
Compact (UNGC). See 2022 UNGC index report.
•	The Task Force on Climate-related Financial 
Disclosures (TCFD) framework. See TCFD report.
For more information,  
visit Investor Information | Takeda
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FY2021 Highlights
7.4% UNDERLYING 
REVENUE 
GROWTH1
REVENUE: Revenue growth 
was largely driven by our 
growth and launch products, 
which represent about 
one-third of total sales and 
generated underlying revenue 
growth of 19% in FY2021
APPROXIMATELY 
40 NEW 
MOLECULAR 
ENTITIES
PIPELINE: We are 
progressing approximately 
40 new molecular entities
52% 
WOMEN
DIVERSITY, EQUITY 
AND INCLUSION: Our 
global organization today 
comprises 52% women and 
in our manager population, 
41% are women
TOP  
EMPLOYER
GLOBALLY CERTIFIED: 
Takeda is one of only 11 
companies to achieve 
Global Top Employer 
certification for 2022, the 
fifth year in a row
CLIMATE  
ACTION
27% GREENHOUSE GAS 
(GHG) REDUCTION: 
Additional focus on 
renewable energy sourcing 
and continued progress 
in site energy efficiency 
projects resulted in a 27% 
reduction in GHG emissions 
from our direct operations 
(Scopes 1 and 2) from a 
FY2016 baseline.
COMMITMENT TO  
PHILANTHROPY
GLOBAL CSR PROGRAM: 
We have committed 
JPY 16.2 billion in total 
since 2016 to corporate 
philanthropy
1	Takeda uses certain non-IFRS measures to supplement the analysis of results of operations under International Financial Reporting Standards (“IFRS”). Please refer to appendix 
pages for definitions, explanations and reconciliations of non-IFRS measures.
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At the same time, it is not clear that the global 
community is prepared for the next pandemic, 
including creating a transparent detection system 
and a worldwide inventory and revolving stock of 
treatments and vaccines, medical devices and testing 
kits. Simultaneously, investment in healthcare has 
been rising faster than gross domestic product (GDP) 
and incomes for decades due to growing and aging 
populations, lifestyle changes and the availability of 
more advanced solutions for complex diseases.
HOW WE ARE RESPONDING
We believe that a value-based approach to healthcare 
can lead to a better allocation of resources in health 
systems and better health outcomes for patients and 
society. We are working to champion this approach.
 Learn more
Health inequity continues 
to grow worldwide.
COVID-19 has underscored the health inequities 
that have existed in access and health outcomes for 
generations — both between and within countries and 
populations. In all countries — whether low-, middle- or 
high-income — we are seeing widening disparities in the 
health status of different social groups. And almost a 
third of the world’s population does not have access to 
the medicines they need.
During the pandemic we saw health inequities 
exacerbated by systemic and unintentional bias and 
inequities in the drivers of health. We also continued 
to experience underrepresentation of racial and ethnic 
minority patients in clinical trials.
Our world is changing at rapid speed. Here are key 
trends we believe may have a significant impact on the 
patients we serve and our ability to serve them and how 
we are responding
The world continues to grapple  
with the effects of COVID-19 on 
public health.
The COVID-19 crisis has had extensive collateral 
health impacts. The incidence of non-communicable 
diseases (NCDs) has also worsened worldwide due to 
treatment delays caused by COVID-19. The pandemic 
and its collateral health impacts have the potential to 
continue to put pressure on health systems across the 
globe, widen health inequities, create social frictions 
and weigh down long-term economic growth potential.
Our Business 
Environment
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HOW WE ARE RESPONDING
We are collaborating with diverse partners to identify 
and address health inequities in communities around 
the world.
 Learn more
Geopolitical instability is on the 
rise with potentially devastating 
consequences
The recent war and humanitarian crisis in Ukraine are 
a stark reminder that we live in a very uncertain and 
politically divided world in which unprovoked acts of 
aggression can quickly lead to dramatic shifts in the 
geopolitical landscape and turbulent market dynamics. 
This conflict, along with the COVID-19 pandemic, 
have pressure tested the concept of globalization. 
We will likely see a seismic shift in the dependence 
on specific countries and economies and a more 
divided economy.
In the case of the conflict in Ukraine, leading global 
companies were forced to completely revisit their 
relationship with Russia almost overnight and many 
companies, including Takeda, made decisions to stop 
any non-essential investments. Businesses will need to 
redesign their supply chain strategies to be more agile 
in light of this new world order.
HOW WE ARE RESPONDING
We were faced with very tough decisions as the 
humanitarian crisis in Ukraine continued to escalate. 
We ended all non-essential business with Russia with 
one exception — delivering medicines to patients 
in need. In Ukraine, we are working with global 
humanitarian organizations to provide support to 
people displaced and impacted by the conflict. We 
are also donating medicines to local organizations and 
hospitals working to provide care to patients in need, 
specifically those impacted by the conflict in Ukraine. 
Our response serves as a reminder that we will always 
be ready to lead with our values.
Climate change threatens to undo 
decades of global health progress.
The impact of climate change on our planet and future 
way of life is one of the biggest risks facing the world 
today, with profound implications for human health.
Climate change threatens to undo decades of progress 
to control mosquito-spread diseases with the potential 
to kill millions each year. Additionally, climate change 
is undermining many of the social determinants for 
good health, such as livelihoods, equality and access to 
healthcare and social support structures.
HOW WE ARE RESPONDING
As a global healthcare company, Takeda and our 
people have the knowledge and experience to help 
address the disease-related impacts of climate change 
through our core mission of developing life-changing 
medicines and vaccines. We are also making significant 
strides in decarbonizing our operations and value chain. 
We have been carbon neutral since 2019 and we are 
committed to achieving net-zero GHG emissions related 
to our operations (Scopes 1 and 2) before 2035 and for 
our entire value chain before 2040.
 Learn more
The growth of data and digital  
has the potential to transform 
healthcare as we know it.
Over the past 24 months, industries have undergone 
rapid digitalization, workers have shifted to remote and 
hybrid working, and platforms and devices facilitating 
this change have proliferated. Nowhere has digital 
transformation been greater than in healthcare.
Social distancing measures have already forced 
many providers to employ virtual care technology 
for scheduled outpatient appointments. Hospitals 
and health systems are turning to cloud computing, 
5G telecommunications, artificial intelligence and 
interoperable data and analytics to address current 
challenges and build digitally powered care delivery 
models for the future of health. Medical science is also 
being transformed by scientific discoveries that will 
dramatically advance the way healthcare professionals 
diagnose and treat diseases. Breakthroughs in digital 
medicines, nanomedicine, genomics and other fields 
are occurring at an unprecedented and exponential 
pace, building on transformed clinical trial structures.
Growing digital dependency also intensifies 
cyberthreats. Attacks on large and strategic systems 
have the potential to carry cascading physical and 
financial consequences across societies. Meanwhile, 
unequal access to connectivity and technology are 
continuing to widen the digital divide within and 
between societies.
HOW WE ARE RESPONDING
We see opportunities in data and digital to 
accelerate the discovery, development and delivery 
of our medicines and vaccines to patients. Find out 
more from our newly appointed Chief Data and 
Technology Officer.
 Learn more
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DOW JONES 
SUSTAINABILITY 	
ASIA PACIFIC INDEX 
S&P Global
12th 
consecutive year 
ISS ESG 
PRIME 
STATUS
ISS
3rd 
consecutive year 
CDP A-LIST FOR 
CLIMATE CHANGE 
LEADERSHIP 
Recognized as a 
climate change leader 
by scoring A- for 
our climate change 
disclosure
FTSE4GOOD 
DEVELOPED 
INDEX 
FTSE Russell
17th 
consecutive year
MSCI ESG 
LEADERS 
INDEX
MSCI
12th 
consecutive year
ACCESS TO  
MEDICINE INDEX
Access to Medicine 
Foundation 
Ranked 6th overall and 
led the pharmaceutical 
industry in Governance  
of Access
Materiality
We conducted a comprehensive materiality assessment to better understand which non-financial issues are strategically important to Takeda and of most interest to our 
stakeholders. We prioritized the issues according to their level of importance and then linked them to our Patient, People and Planet imperatives. We’ll continue to review and 
update our material topics on an ongoing basis, reporting our progress annually.
Recent Environmental, Social and Governance (ESG) Recognition 
Learn more about our 
materiality assessment 
here.
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About Takeda
Takeda is a global values-based, R&D-driven 
biopharmaceutical leader committed to creating better 
health for people and a brighter future for the world. 
For more than 240 years, Takeda has focused on 
delivering transformative treatment and significantly 
increasing the value that we bring to society.
The work we do transforms lives, helping patients with 
limited or no treatment options in our therapeutic 
and business areas of oncology, rare genetics and 
hematology, neuroscience, gastroenterology, plasma-
derived therapies and vaccines.
Takeda is headquartered in Tokyo, Japan, with a global 
hub in Cambridge, MA, United States. We have a 
presence in approximately 80 countries and regions, a 
network of manufacturing sites around the world, and 
major research centers in Japan and the United States. 
Our global scale and strong portfolio of transformative 
treatments have and will continue to generate 
momentum and fuel innovation.
The people at Takeda do business with purpose, and 
this is inherent in everything we do. Takeda employees 
share the values and goals that have been passed down 
for over two centuries. Guided by our commitment to 
patients, our people and the planet, we strive to move 
science forward so we can transform more lives.
IMPERATIVES
 PATIENT
 PEOPLE
 PLANET
 DATA AND DIGITAL
OUR CORPORATE PHILOSOPHY
PURPOSE
Better Health for People, Brighter Future for the World.
VISION
Discover and deliver life-transforming treatments, guided by our commitment to patients, 
our people and the planet.
VALUES: TAKEDA-ISM
Brought to life through actions based on:
1. Putting the patient first
2. Building trust with society
3. Reinforcing our reputation
4. Developing a sustainable business
In that order.
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Corporate Philosophy Imperatives and Priorities
Responsibly translate science into  
highly innovative, life-changing 
medicines and vaccines
We focus on diseases with the highest 
unmet need to bring medicines and 
vaccines of the highest quality to 
patients as quickly as possible.
PRIORITY 1: Deliver life-changing 
medicines and vaccines to people by 
cultivating the best science generated 
through our strong internal research and 
development capabilities complemented 
by our extensive partnership network.
PRIORITY 2: Embed a patient-centric 
and science-driven approach from 
discovery through commercialization 
to ensure rapid, global access to all 
transformative medicines and vaccines.
PRIORITY 3: Ensure the high-quality, 
uninterrupted supply and delivery of our 
medicines and vaccines to people by 
harnessing innovation.
Unleash the power of data and digital
We strive to transform Takeda into the 
most trusted, data-driven, outcomes-
based biopharmaceutical company.
 PATIENT
 DATA AND DIGITAL
 PEOPLE
 PLANET
Create an exceptional  
people experience
We aim to create a diverse and inclusive 
organization where people can thrive, 
grow and realize their own potential 
while enabling our purpose. 
PRIORITY 1: Develop and attract top 
talent to deliver our vision with a highly 
engaged workforce.
PRIORITY 2: Focus on improving 
employee health, well-being and 
resilience.
PRIORITY 3: Drive positive change by 
promoting diversity, equity and inclusion.
PRIORITY 4: Create an environment that 
fosters lifelong learning and a growth 
mindset, enabling employees to thrive 
inside and outside of Takeda.
PRIORITY 2: Harness data as a digital 
enabler to generate sustainable value by 
acting on insights derived from analytics 
and artificial intelligence (AI).
Accelerate access to improve  
lives worldwide 
We partner with diverse stakeholders  
to support the sustainability of healthcare 
systems. 
 
PRIORITY 1: Provide timely, broad and 
sustainable access to our innovative 
medicines worldwide.
PRIORITY 2: Ensure sustainable access 
to our innovative medicines for patients 
diagnosed with a serious condition in 
underserved communities, in particular 
where there are no medical alternatives.
PRIORITY 3: Improve patient outcomes 
and create societal value through 
partnerships.
PRIORITY 1: Provide personalized digital 
experiences to patients across the 
care pathway.
Protect our planet
We will harness our unique capabilities to 
deliver a high standard of environmental 
leadership that protects our planet’s 
natural systems and human health. 
 
PRIORITY 1: Minimize the environmental 
impact of products and services based on 
the principles of a circular economy.
PRIORITY 2: Decarbonize our operations 
and value chain.
PRIORITY 3: Empower our employees 
to go above and beyond to conserve the 
world’s natural resources.
PRIORITY 3: Democratize technology 
and develop digital talent to speed 
innovation, improve outcomes and deliver 
on our commitments to patients.
We based our corporate philosophy imperatives and priorities on issues that matter most to our business and our stakeholders, identified through the materiality assessment. 
In 2022, we began to measure our progress against each priority. We intend to report third-party assured data against these metrics in our next annual report.
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Takeda by the Numbers1
FY2021 GLOBAL REVENUE
	 U.S.	
48%
	JAPAN	
18%
	EUROPE & CANADA	
21%
	GROWTH & EMERGING 
MARKETS	
13%
AS OF JUNE 2022
	U.S.	
40%
	JAPAN	
12%
	EUROPE & CANADA	
30%
	GROWTH & EMERGING 
MARKETS	
18%
1	All numbers as of June 2022, other than FY2021 global revenue.
2	Convenience translations have been made at an exchange rate of 1USD = 121.44 JPY.
30
MANUFACTURING 
SITES
~80
COUNTRIES & 
REGIONS
3
RESEARCH 
SITES
1781
FOUNDED IN 
OSAKA, JAPAN
HEADQUARTERS IN 
TOKYO,
JAPAN
GLOBAL HUB 
CAMBRIDGE, MA
UNITED STATES
APPROX.
50,000
EMPLOYEES
APPROX.
$29.42
BILLION
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Conditions Treated with Our Medicines and Vaccines
We are focused on key areas of unmet needs, including patient identification and diagnosis, digital health and 
devices, and integrated evidence-based solutions. 
GASTROENTEROLOGY
•	Ulcerative Colitis
•	Crohn’s Disease
•	Crohn’s Disease 
Complex Perianal Fistula
•	Short Bowel Syndrome
NEUROSCIENCE
•	Attention-Deficit Hyperactivity
Disorder (ADHD)
•	Major Depressive Disorder (MDD)
ONCOLOGY
•	Multiple Myeloma
•	Non-Small Cell Lung Cancer
PDT IMMUNOLOGY
•	Immunodeficiency and Autoimmune
Diseases
•	Primary Immunodeficiency (PI)
•	Alpha-1 Antitrypsin Deficiency
VACCINES1
•	Dengue
•	COVID-19
1	Includes partnerships and clinical program. See current pipeline on Takeda.com for details.
RARE DISEASES
•	Hunter Syndrome
•	Type 1 Gaucher Disease
•	Fabry Disease
•	Hereditary Angiodema (HAE)
•	Hemophilia A
•	Von Willebrand Disease
•	Hypoparathyroidism
•	Cytomegalovirus (CMV) Infection
PLASMA-DERIVED
THERAPY
VACCINES
ONCOLOGY
NEUROSCIENCE
GASTRO-
ENTEROLOGY
RARE DISEASE
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PATIENT
Our employees’ commitment to values-
based behavior and ability to embrace 
technology enabled Takeda to deliver 
COVID-19 vaccines to Japan in 
May 2022.
Typically, it takes 48 months to transfer 
the technology and know-how from one 
biological product manufacturing site 
to another. But our team was able to 
complete this in only 21 months.
 
PEOPLE
 
At Hikari, our people embrace diversity, 
equity and inclusion (DE&I) and are 
empowered to take action that will 
drive DE&I and employee well-being. 
For example, in the past, only men 
worked at our API site. The roles involved 
carrying heavy materials and containers. 
However, two young female employees 
challenged this practice, raising their 
hands to work at the site. This led to a 
discussion to improve the operations as 
well as tackle unconscious bias. The team 
identified opportunities to use digital 
and robotic technology and create 
an automated working environment 
where everybody, regardless of gender, 
can work.
Takeda’s Purpose-led Sustainability in 
Action at Hikari Plant
Takeda’s corporate philosophy, inspired by our values of Takeda-ism, guides our 
people at every level, in every country in which we operate. Through their actions, 
aligned with our purpose-led sustainability approach, our people put patients first, 
build trust with society, improve our reputation, and create value for shareholders 
and society.
Our Hikari site in Japan, home to more than 1,300 Takeda employees, is one of our 
largest manufacturing facilities in the world, producing a range of products, from 
active pharmaceutical ingredients to formulations and packaging. The examples 
below illustrate how our employees in Hikari demonstrate our commitment to patient, 
people and planet powered by data and digital.
Chosen by the government of Japan to 
manufacture recombinant COVID-19 
vaccines using Novavax’ technology for 
local use, the Hikari site worked entirely 
remotely with Novavax engineers in 
the United States and Czech Republic 
using video calls due to COVID-19 
travel restrictions. The site also faced 
shortages of critical materials due to the 
pandemic. However, the team managed 
the challenges with the aim of delivering 
the vaccine to the people in Japan as 
quickly as possible.
The site is also leveraging advances 
in data and digital to accelerate the 
production of innovative treatments.
Through our team’s commitment to 
patients and through the power of 
technology, we are helping ensure 
high-quality, uninterrupted supply and 
delivery of our life-saving products.
S P O T L I G H T
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PLANET
Our pioneering use of bio-polyethylene 
(bio-PE) — a plastic derived from plant-
based bioethanol — in pharmaceutical 
primary packaging at the Hikari plant, 
the development of which started in 
2013, is an example of our commitment 
to decarbonize our operations and value 
chain. Manufacturing bottles made with 
bio-PE plastic emit up to 70% fewer CO2 
In addition, the site is engaging with 
other Takeda sites to leverage internal 
expertise to help build capabilities 
and apply learnings from across 
Takeda’s manufacturing sites, such as 
Good Manufacturing Practices (GMP) 
workplans. Top talent from Takeda’s 
global network and the Hikari site were 
selected to lead this project. Hikari team 
members can reach out to their global 
GMP workplan members both on- and 
off-site. Having access to these global 
experts is helping the site implement 
continuous improvement activities 
while running the business. We also 
introduced a new development program 
to foster future global leaders from 
Hikari. Currently, more than 30 high-
potential employees are participating in 
the program, which includes a focus on 
global communication, cross-cultural 
learning, networking opportunities with 
senior leaders, and overseas secondment 
opportunities.
emissions compared to petroleum-based 
polyethylene bottles. The Japanese 
Packaging Institute, the Asian Packaging 
Federation and World Packaging 
Organization recognized Takeda’s 
Bio‑PE bottle with respective awards. 
We also value social connections. 
Members of our local Environment, 
Health and Safety (EHS) team visited 
a local junior high school to discuss 
the importance of the United Nations 
Sustainable Development Goals (SDGs), 
and during World Environment Day 
2022, our employees held a community 
clean-up event around Hikari. These 
voluntary actions toward climate change 
may seem small, but they are helping to 
accelerate big changes.
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VALUES-BASED
GOVERNANCE
Our governance structures and principles set 
the foundation for and guide Takeda employees 
in living our corporate philosophy, which puts 
into action the values we live by at every level, in 
every country in which we operate.
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Board of Directors
The primary function of the Board is to provide 
oversight to ensure we execute a sound strategy, 
monitor and address risks, and instill effective 
governance in order for Takeda to create long-term 
value for its stakeholders. It discusses and makes 
decisions on strategic matters regarding company 
management, such as the establishment of and 
amendments to the company’s corporate philosophy, 
mid- to long-term strategies and management policies. 
The Board will also review our sustainability agenda, 
and is responsible for the oversight of business 
executed by directors.
Takeda disclosed the Board of Directors Charter, which 
specifies the matters to be resolved by and reported to 
the Board.
Composition of the Board
As of June 29, 2022, the Board has 15 directors with 
diverse global experiences; 11 are independent external 
directors including Chair of the Board Meeting. In 
June 2022, Masahiro Sakane retired as Chair of the 
Board Meeting. On June 29, 2022, Masami Iijima, an 
independent external director, became the new Board 
Chair. We also welcomed our newest Board members, 
Kimberly A. Reed and John Maraganore.
The Board is comprised of directors who contribute to 
the balance of knowledge, experience and capability 
needed for governance of the company’s global 
management at a global scale. When considering new 
members, the Board considers candidate diversity, 
including gender, age, work history, race, ethnicity and 
11 of our 15
directors are independent external directors 
including our Chair of the Board Meeting.
Our Leadership
Our leadership, comprised of our Board of Directors (Board) and 
Takeda Executive Team (TET), is accountable to the communities that 
rely on us for responsible delivery of our commitments to patients.
As a global, values-based, R&D-driven biopharmaceutical company, we 
are built to operate on a worldwide scale with risk management that’s 
sound and transparent. Our people put patients first, build trust with 
society, improve our reputation, and develop the business — always in 
this order — to create value for shareholders and society.
Christophe Weber
President & CEO
Masami Iijima
External Director,  
Chair of the  
Board Meeting
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cultural background. Current Board 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; healthcare industry, data and 
digital; and management, leadership and human capital 
management. See our Board skills matrix.
Committees
Takeda is a ‘Company with an Audit and Supervisory 
Committee’ as stipulated in the Japanese Company 
Act. Takeda voluntarily establishes Nomination and 
Compensation Committees as advisory committees 
of the Board. Each committee consists entirely of 
external directors, which ensures the independence of 
the committee.
•	 Audit and Supervisory Committee: Audit and 
Supervisory Committee ensures its independence 
and effectiveness in line with the Audit and 
Supervisory Committee Charter. This committee 
conducts audits of directors’ performance of 
duties and performs any other duties stipulated in 
applicable laws and regulations in Takeda’s Articles 
of Incorporation.
•	 Nomination Committee: The Nomination Committee 
examines the policy on the Board of Directors’ 
diversity and the skills of directors, the criteria and 
procedures for Board members’ appointment/
reappointment, succession plans and administration 
of such plans, and confirms the appropriateness of 
the candidates of Board members.
•	 Compensation Committee: The Compensation 
Committee examines the compensation policies for 
directors other than Audit and Supervisory Committee 
members and the appropriateness of compensation 
including its specific distribution to each director 
other than members of the Audit and Supervisory 
Committee. In addition, to ensure the objectivity 
and transparency of compensation determinations, 
Compensation Committee decides the amount of 
compensation for individual internal directors with a 
resolution of delegation by the Board of Directors.
The company aims for increased transparency and 
independence of the Board, and continuously works 
to further enhance corporate governance. In FY2021, 
we disclosed the Board of Directors Charter and 
Committee charters for our Board Committees on our 
corporate governance website. Takeda is one of the few 
biopharmaceutical companies to make its committee 
charters publicly available.
Audit and Supervisory Committee Charter
Nomination Committee Charter
Compensation Committee Charter
Takeda Executive Team
Under Takeda’s Articles of Incorporation, the Board 
delegates several responsibilities for decision-making 
to the company management, carried out through 
three committees:
•	 Business and Sustainability Committee (BSC): Is 
responsible for corporate, business development and 
sustainability-related matters; chaired by the President 
and CEO. Previously titled the Business Review 
Committee (BRC), as of April 2022, the committee’s 
title was updated to BSC, and remit expanded to 
include decisions on non-financial business matters. 
It will provide regular updates to the Board on 
progress made against the company’s new non-
financial corporate philosophy metrics.
•	 Portfolio Review Committee (PRC): Is responsible 
for R&D and product-related matters; chaired by the 
President of R&D for early development decisions, 
and co-chaired by the President of R&D and the 
President of our Global Portfolio Division or president 
of the related business unit for late-stage pipeline 
assets. The committee will work closely with the 
BSC to ensure alignment of efforts in support of the 
company’s financial and non-financial goals.
•	 Risk, Ethics and Compliance Committee (RECC): 
Is responsible for risk management, business ethics 
and compliance matters throughout the organization 
chaired by the Chief Ethics & Compliance Officer.
The Board supervises management’s execution of these 
matters through regular committee reports.
In FY2021, Takeda announced leadership changes 
to the TET to increase the company’s focus on 
key strategic areas moving forward. This included 
establishing the new TET roles of Chief Data and 
Technology Officer and President of the Global 
Portfolio Division. In addition, the role of our Chief 
Global Corporate Affairs Officer was expanded to 
include Sustainability Officer responsibilities and 
remains represented on the TET.
As of April 1, 2022, the TET includes 18 members 
diverse in nationality (nine countries), age and gender.
See more in Takeda’s Corporate Governance Report.
In FY2021, 
we disclosed our Board Committee Charters — 
a significant step in increasing transparency.
Women make up 
33% 
of Takeda’s Executive Team
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SEE MORE IN TAKEDA’S
Corporate Governance Report
Shareholders’ Meeting
Board of Directors
Portfolio Review  
Committee
Global Portfolio Division & Business Units/Business Functions/Business Partners
Risk, Ethics and  
Compliance Committee
Business and  
Sustainability Committee
Audit and Supervisory  
Committee
Compensation  
Committee
Nomination  
Committee
Advisory Committee
Takeda Executive Team
Corporate Governance Structure
Our advanced and robust corporate governance model has been, and will continue to be, critical to our success.
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Board of Directors
Takeda highly values best-in-class governance. Takeda’s 
Board comprises 15 experienced global leaders from 
diverse backgrounds. Eleven of them are independent 
external directors.1
1	As of June 29, 2022.
2	Christophe Weber participates in the committee as an observer.
4 INTERNAL DIRECTORS
11 INDEPENDENT EXTERNAL DIRECTORS
AUDIT & SUPERVISORY COMMITTEE (ASC)
CHRISTOPHE WEBER 
Representative Director  
President & CEO
MASAMI IIJIMA  
External Director, 
Chair of the Board Meeting 
Chair of Nomination 
Committee
MASATO IWASAKI 
Representative Director  
Japan General Affairs
OLIVIER BOHUON 
External Director
ANDREW PLUMP 
Director  
President, Research & 
Development
JEAN-LUC BUTEL 
External Director
JOHN MARAGANORE  
External Director
STEVEN GILLIS 
External Director
MICHEL ORSINGER 
External Director
COSTA SAROUKOS 
Director  
Chief Financial Officer
IAN CLARK 
External Director
YOSHIAKI FUJIMORI 
External Director
KOJI HATSUKAWA 
External Director,  
Chair of ASC
EMIKO HIGASHI 
External Director 
Chair of Compensation 
Committee
KIMBERLY A. REED  
External Director
CB  Chair of the Board Meeting
ASC  Audit & Supervisory Committee
NC  Nomination Committee2
CC  Compensation Committee
ASC
NC
CC
CC
ASC
ASC
CC
NC
NC
CC
ASC
NC
CB
NC
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TAKAKO OHYABU 
Chief Global Corporate 
Affairs & Sustainability 
Officer
Takeda Executive Team
CHRISTOPHE WEBER 
Representative Director  
President & CEO
LAUREN DUPREY 
Chief Human
Resources Officer
GABRIELE RICCI
Chief Data & Technology 
Officer
MARCELLO AGOSTI 
Global Business
Development Officer
KOKI SATO 
Corporate Strategy 
Officer & CEO Office
ANDREW PLUMP
Director,
President, Research &
Development
MASATO IWASAKI 
Representative Director  
Japan General Affairs
MILANO FURUTA
President,  
Japan Pharma Business Unit
COSTA SAROUKOS 
Director,  
Chief Financial Officer
GILES PLATFORD
President,  
Plasma-Derived Therapies 
Business Unit
YOSHIHIRO NAKAGAWA 
Global General Council
TERESA BITETTI 
President,  
Global Oncology  
Business Unit
JULIE KIM
President, 
U.S. Business Unit
JERRY GRECO 
Global Quality Officer
RAMONA SEQUEIRA 
President, 
Global Portfolio Division
MWANA LUGOGO
Chief Ethics &
Compliance Officer
THOMAS WOZNIEWSKI
Global Manufacturing
& Supply Officer
NATIONALITIES
9
AGES
30–60s
WOMEN
33%
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Shareholder Engagement
Takeda is committed to regular, ongoing engagement 
with shareholders to ensure that we continue to 
understand shareholder feedback and deepen 
shareholders’ understanding about topics including 
the company’s strategies, current business status, 
management policy, corporate governance, 
compensation and measures addressing environmental 
and social issues. In FY2021 Takeda had multiple 
meetings and conference calls with shareholders, 
investors and analysts, and their feedback helped 
inform our decisions to increase transparency 
including, for example, by voluntarily disclosing 
the Articles of Incorporation, Board of Directors 
charter and Committee charters on our corporate 
governance website.
Director Compensation
Takeda’s Director compensation is designed to attract, 
retain and motivate managerial talent to realize our 
vision, to increase corporate value through optimizing 
the company’s mid- and long-term performance, and 
to support a shared sense of profit with shareholders 
and improve the managerial mindset focusing on 
shareholders.
We aim to be competitive in the global marketplace to 
attract and retain talent who will continue to transform 
Takeda into a global, values-based, R&D-driven 
biopharmaceutical leader. Directors’ compensation 
should be competitive in the global market.
The compensation for directors who are not Audit & 
Supervisory Committee (ASC) members (excluding 
external directors) consists of Basic Compensation 
and Performance-based Compensation. Performance-
based Compensation further consists of Bonus 
(Short‑Term Incentive) and Long-term Incentive (LTI) 
Plan. The LTI Plan is allocated as 60% for Performance 
Share Unit awards and 40% for Restricted Stock Unit 
awards to strengthen the link between compensation 
and company performance and share price, and to 
reinforce the commitment to increasing corporate value 
in the mid and long term.
The compensation for external directors and directors 
who are ASC members consists of Basic Compensation 
and LTI, which is Restricted Stock Unit awards 
linked only to share price and not linked to company 
performance results.
Guiding principles, level of Compensation and 
Compensation mix of Director Compensation 
Policy at Takeda are disclosed in “Directors’ 
Compensation Policy.”
Executive Compensation
Takeda’s executive compensation structure reflects 
our position as a patient-focused, values-based, 
R&D-driven global biopharmaceutical company. Our 
executive compensation programs are designed to be 
globally competitive and performance-oriented, while 
also considering local market factors.
Our executive compensation strategy is designed 
to closely link pay with performance and long-
term shareholder value creation while minimizing 
excessive risk-taking. We achieve these objectives 
through a balanced combination of the three primary 
components: Base Salary, Short-Term Incentives (STI) 
and LTI of our executive compensation structure.
The mix of compensation reflects Takeda’s desire 
to link executive compensation with individual, 
executive group and company performance. A 
substantial portion of the target pay for executives is 
performance-based.
The annual STI and LTI Performance Share Unit 
awards (PSU awards) payouts are contingent upon 
company performance, with the STI factoring in 
performance over a one-year period, and LTI PSU 
awards compensation factoring in performance over a 
three-year period.
Please refer to “TAKEDA’S EXECUTIVE 
COMPENSATION OVERVIEW” for further details of 
Takeda’s executive compensation.
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Enterprise Risk 
Management (ERM)
Risk management helps protect the company’s people, 
assets and reputation while supporting Takeda’s long-
term strategy for growth and success.
The overall ERM process is the responsibility of the 
Chief Ethics & Compliance Officer, with oversight from 
the Board of Directors. Principal enterprise risks and 
their mitigation effectiveness are approved by the 
RECC and Board of Directors on an annual basis.
We embed risk management within all levels of the 
company through our enterprise risk assessment 
process designed to generate a holistic view of risks for 
the company and drive a culture of risk-based decision 
making. Each relevant functional area within the 
business is responsible for managing its key risks and 
responses to them.
In FY2021, we completed our first Task Force 
on Climate-Related Financial Disclosure (TCFD) 
report. This report outlines the potential risks to 
our business from climate change under three 
climate scenarios over two time horizons, 2030 
and 2050. It also summarizes our associated 
risk management and mitigation strategies. Our 
report is available on our website. To read more 
about our efforts to decarbonize our value chain, 
see page 47. 
In FY2021, based on engagement with internal 
senior stakeholders as part of a continuous cycle of 
improvement of our ERM program, we integrated 
Patient, Trust, Reputation, Business (PTRB) — which 
bring our values of Takeda-ism to life (see page 12) — 
into our risk management methodology. Our 
methodology identifies and assesses the company’s 
risks, mapped against the PTRB impact scale and 
five-year likelihood scale to create an enterprise risk 
heatmap. We think this is an important development 
that will more fully align our process with our patient-
focused corporate philosophy and values.
We also implemented a simple and user-friendly 
enterprise risk assessment tool, which facilitates a single 
view of risk across the company. By leveraging the 
new technology-based solution, we expect to realize 
efficiency gains and improve our ability to analyze 
data and trends resulting in a more data-driven and 
business-relevant approach. We have also developed 
dashboards for consistent reporting and tracking of 
key risk indicators to enable ongoing discussions with 
senior leadership.
 
Taxation
Takeda is committed to responsible corporate 
citizenship; we comply with the tax laws in the 
jurisdictions in which we do business, and we engage 
in open and transparent dialogue with relevant tax 
authorities. As stated in our Position on Taxation 
document, Takeda supports the Organization for 
Economic Co-operation and Development’s (“OECD”) 
Base Erosion and Profit Shifting (“BEPS”) initiative 
concerning international tax reform and opposes the 
use of artificial tax arrangements that do not have 
sufficient business or economic substance.
Our values of Takeda-ism are expressed within our 
corporate philosophy and our Global Code of Conduct. 
They provide a foundation for policies and governance, 
which support our compliance with tax laws and 
regulations where we operate and require us to identify 
and mitigate material tax risks.
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Ethics & Compliance
Takeda is committed to achieving the highest standards 
of ethical behavior beyond compliance with laws and 
regulations. This is at the heart of Takeda-ism and is a 
defining feature of our corporate culture (see page 12).
Promoting ethics and compliance across Takeda’s 
operations is the responsibility of our Chief Ethics & 
Compliance Officer and our RECC. Takeda executes 
and reinforces its ethics and compliance programs 
in conformity with our Global Code of Conduct (the 
Code) and applicable global policies, as well as local 
regulations. These policies are approved by the BSC.
Available in 21 languages, the Code of Conduct 
promotes ethical behavior though a core set of principles 
for conducting business at Takeda. In FY2021, we 
refreshed our Code to reflect our corporate philosophy 
and incorporate our values-based decision-making 
framework. The framework guides employee decision 
making to help ensure it is in line with our values of 
Takeda-ism. We also strengthened the Code on topics 
such as human rights, diversity, equity and inclusion, 
and sustainability. In addition, we launched an updated 
conflicts of interest standard to help employees 
recognize and manage conflicts of interest situations 
transparently and efficiently.
For information on our approach to responsible 
sourcing and management of ethical behavior in our 
supply chain, see our ESG Portal.
Takeda’s Ethics Line and Speak Up Culture
Takeda aims to create a safe place for employees to 
raise concerns about potential misconduct, while also 
offering protection against retaliation. Concerns can 
be raised internally through functions such as Human 
Resources, Legal, Ethics and Compliance, or directly 
to senior management. All concerns are addressed 
promptly, confidentially and respectfully.
The Takeda Ethics Line provides an alternative channel 
where employees and the public can raise concerns 
if they feel Takeda employees are not living up to our 
values. It is available online and by phone, 24 hours a 
day, in 20 languages. If desired, concerns may be raised 
anonymously. Timely and appropriate action is taken 
against any misconduct.
We are committed to analyzing and understanding 
the root causes of misconduct to help prevent similar 
issues arising again. In FY2021, we hosted activities 
throughout the organization to encourage our 
employees to speak-up, including an external speaker 
series and workshops on psychological safety. We 
also revised our global policy on raising and handling 
concerns to align with industry best practices.
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Human Rights
We are committed to respecting and promoting internationally recognized human rights within every aspect of our business, 
across our supply chains and in the communities where we operate. We expect the same from suppliers and third parties 
operating on our behalf. We do this in accordance with the International Bill of Human Rights, comprised of the Universal 
Declaration of Human Rights, the International Covenants on Civil and Political Rights, and Economic, Social and Cultural Rights, 
and the International Labour Organization Core Labor Conventions. In addition, we’re implementing the UN Guiding Principles 
on Business and Human Rights.
In FY2021, we developed a human rights commitment and conducted a comprehensive human rights impact assessment 
through which we have identified our most relevant (salient) human rights impacts. These include:
Sustainable access to our medicines	
Health and safety	
Greenhouse gas emissions
Product quality and product safety	
Diversity, equity and inclusion	
Water
Clinical trials	
Labor rights in the workplace	
Waste generation
	
Privacy and data protection 
	
Third-party labor rights
PATIENT	
PEOPLE	
PLANET
By focusing on these most relevant 
human rights impacts, we believe we 
have the greatest ability to respect and 
promote the following individual articles 
of human rights:
•	 Right to Health
•	 Right to Equality and Freedom from 
Discrimination
•	 Right to Life, Liberty and Security
•	 Right to Adequate Living Standard
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COMMITMENT TO
PATIENT
We discover and deliver life-transforming 
treatments, guided by our commitment to 
patients. Our researchers, together with 
world-class external partners, translate 
science into highly innovative, life-changing 
and life-saving medicines. We are also 
pushing boundaries to accelerate access to 
healthcare for more people worldwide. 
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The Strength of Our 
Portfolio and Pipeline
Takeda supports R&D efforts across 
three areas: Innovative Biopharma, 
Plasma-Derived Therapies (PDT) and 
Vaccines. The R&D engine for Innovative 
Biopharma, our largest R&D investment, 
has produced a diverse and dynamic 
pipeline in areas of high unmet medical 
need across our core therapeutic 
areas where we have deep expertise: 
oncology, rare genetics and hematology, 
neuroscience and gastroenterology.
Our pipeline contains approximately 
40 new molecular entities, many with 
the potential to become life-changing 
treatments in the next decade. 
Momentum across our portfolio is the 
result of a robust partnership network 
and investments in foundational 
technologies and data sciences. These 
investments, combined with our 
expertise, enable Takeda to advance 
a modality-diverse pipeline and build 
robust capabilities in new areas.
You can learn more about our 
pipeline here.
Responsibly translating science 
into highly innovative, life-changing 
medicines and vaccines
We don’t go after easy wins. At Takeda, we are innovators and collaborators who bring forward ground-
breaking treatments to patients with significant unmet needs. Our internal labs collaborate with world-
class partners to access cutting-edge science wherever it originates, helping us build a modality-diverse 
and innovative pipeline. Together, with our investments in data and digital, we aim to deliver medicines to 
patients all over the world.
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FY2021 Milestones
Takeda continued to deliver transformative innovation to patients in FY2021 with two major new molecular entity 
approvals and continued expansion of our growth and launch products. Examples of these milestones that are 
helping to deliver near-term growth for Takeda include:
ENTYVIO®
(vedolizumab): The first treatment indicated in 
the European Union for patients with moderately 
to severely active chronic pouchitis, who have 
undergone proctocolectomy and ileal pouch-anal 
anastomosis (IPAA) for ulcerative colitis (UC), 
and have had an inadequate response with or lost 
response to antibiotic.
VONVENDI® 
[Von Willebrand factor (Recombinant)]: The first 
and only FDA-approved prophylactic treatment 
to reduce the frequency of bleeding episodes 
in patients with severe Type 3 von Willebrand 
disease receiving on-demand therapy — marking 
a significant advancement for those living with 
this serious inherited bleeding disorder.
LIVENCITY®
(Maribavir): Redefining the management of post-
transplant refractory/resistant cytomegalovirus 
infection. In 2021, it became the first and only 
treatment indicated by the U.S. Food and Drug 
Administration (FDA) for transplant recipients 
who are 12 and older and weigh at least 35kg.
EXKIVITY® 
(Mobocertinib): The first FDA-approved oral 
insertion therapy for patients with EGFR Exon20+ 
metastatic non-small cell lung cancer whose 
disease has progressed on or after platinum-based 
chemotherapy. A rare mutation, EGFR Exon20 
insertion+ NSCLC comprises about 1–2% of patients 
with NSCLC and, until recently, was an underserved 
cancer that did not have targeted treatment 
options available.
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We Go Where the Science Is
In FY2021, Takeda continued to establish 
strategic collaborations and targeted 
acquisitions, announcing immuno-
oncology “build-to-buy” acquisitions with 
GammaDelta Therapeutics and Adaptate 
Biotherapeutics. Both collaborations 
demonstrate the value of partnering 
with early-stage innovators to accelerate 
cutting-edge platforms, which help 
strengthen our R&D efforts.
Gene therapy is a key area where Takeda 
continues to invest through strategic 
research partnerships. Our growing internal 
capabilities and network of public and 
private partnerships with companies like 
Evozyne, Poseida Therapeutics, Selecta 
Biosciences, Immusoft, Genevant Sciences 
and Code Biotherapeutics will help us 
discover and develop differentiated “next-
generation” gene therapy programs with 
the aim to deliver functional cures for 
patients. Takeda is pursuing development 
in a number of rare genetic and non-
malignant hematological diseases that 
we believe are ideal for gene therapy, 
and we expect to expand into other 
diseases across our neuroscience and 
gastrointestinal therapeutic areas.
Partnering to Accelerate 
Discovery and Development
The challenge of discovering and 
developing new treatments for genetic 
disorders cannot be solved by any one 
organization. We lead or participate 
in more than 100 R&D public private 
partnerships across more than 75 countries, 
dedicating the expertise of our scientists 
and our data. Many of these partnerships 
involve patient organizations, top medical 
centers, leading academic institutions and 
regulatory agencies working together to 
better understand patient needs and how 
best to speed up the development of new 
treatments. Examples include the Bespoke 
Gene Therapy Consortium (BGTC), ARDAT 
(Accelerating Research & Development for 
Advance Therapies) and Screen4Care.
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USING DIGITAL TOOLS TO  
CREATE A NEW, MORE INCLUSIVE  
ERA IN CLINICAL TRIALS
Until recently, participation in a clinical trial required 
multiple in-person visits to a medical site, which could 
be miles from a participant’s home and occur at times 
that may conflict with a participant’s work or childcare 
schedule. For many, the burden of participation was too 
high to even consider enrollment.
In the future, we envision two models, depending on 
local regulations: hybrid, which features a mix of on-
site and remote participation, and fully decentralized, 
where all elements of the trial are conducted virtually 
or at the participant’s home. Which approach we take 
depends on multiple factors and the need to collect 
data suitable from a regulatory perspective. We believe 
these approaches will not only help us recruit a wider 
and more diverse range of participants but will also 
allow us to do so more quickly, at less expense and with 
increased participant retention.
Based on patient feedback, we understand that fully 
virtual trials are not right for everyone. Some patients 
may not be comfortable with technology or may not 
have access to reliable internet service. Others prefer 
the opportunity to meet with fellow patients. For 
these participants, a mix of on-site and home health 
visits may be a better solution. But one thing is certain: 
Designing trials for and with patients is the best way to 
meet their needs.
S P O T L I G H T
TRADITIONAL  
CLINICAL 
TRIALS
TRADITIONAL  
CLINICAL 
TRIALS
FULLY 
DECENTRALIZED 
TRIALS
FULLY 
DECENTRALIZED 
TRIALS
	 All visits are on site
	 All data collection is on site
	 All therapies are administered 
on site
	 All visits are through home 
health service
	 All data are collected remotely
	 All therapies are delivered 
and administered at patient’s 
location
	 Mixture of on-site, virtual,  
and/or home health visits
	 Mixture of on-site and remote 
data collection
	 Mixture of administering 
therapy on site and at 
patient’s location
HYBRID 
TRIALS
HYBRID 
TRIALS
HYBRID 
TRIALS
HYBRID 
TRIALS
High number 
of site visits
High  
virtualization
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available to patients and their healthcare providers to 
help patients track their own health and drive more 
informed conversations with their providers.
If patients choose to share their data more broadly, 
it will be anonymized and stored securely by H2O. 
Together, data will provide valuable insights on the 
burden of disease and the value of treatment among 
key populations. This is expected to help researchers, 
regulators, payers and others identify where additional 
research into new treatments is most needed and 
investment of finite healthcare resources can have the 
greatest impact on public health.
By creating a standardized framework, H2O hopes to:
•	 Improve the dialogue between patient and healthcare 
provider, so that patients receive better care
•	 Improve healthcare professional’s access to data to 
inform their clinical decisions
•	 Ultimately improve the quality and sustainability of 
care based on outcomes that matter to patients
H2O is the first-ever unified attempt to collect and 
incorporate PROs into healthcare decision-making 
at individual and population levels. Takeda has taken 
a leading role in driving the implementation of the 
initiative, along with other biopharma companies, 
academics, hospitals, regulatory authorities and 
payor agencies.
Key achievements in FY2021 included the development 
of a multi-stakeholder governance model; a milestone 
collaboration with the Dutch National Health Care 
Institute, The Danish Medicines Agency, Danish Health 
Data Authority and Aarhus University Hospital; and the 
publication of a standardized set of PROs.
 Learn more
Using Data and Digital to Advance 
Patient-Centered Care
In FY2021, we supported the Health Outcomes 
Observatory (H2O) for the second year of a five-year 
program.1 The initiative strives to create a patient-
centric data-sharing ecosystem, fueled by technology 
partners who will provide patients with tools to 
measure their health outcomes in a standardized way, 
and at the same time give them full control of their 
data, including deciding who can access it. Dashboards 
based on patient-reported outcomes (PROs) will be 
Q&A with  
Gabriele Ricci
Chief Data and  
Technology Officer
One of the imperatives embedded in Takeda’s 
corporate philosophy is to unleash the power of 
data and digital to drive innovation for the benefit 
of patients, our colleagues and the planet. In early 
2022, Gabriele Ricci became the company’s first 
Chief Data and Technology Officer. Learn more 
from Ricci on the exciting transformation taking 
place at Takeda and the possibilities that await.
 Learn more
Q&A with  
Ramona Sequeira
President  
Global Portfolio Division
In early 2022, Ramona Sequeira was named 
President of the company’s new Global Portfolio 
Division. She will create a unified global 
organization to power our launch capabilities, 
allowing us to accelerate access of our new, 
life‑transforming therapies to more people 
worldwide. In 2022, she also took on the role 
of Chair of the Pharmaceutical Research and 
Manufacturers of America (PhRMA) board 
of directors. Learn what Sequeira believes is 
key to building trust, expanding access and 
maintaining a thriving biopharma sector key.
 Learn more
1 H2O is one of our public private partnerships sponsored by the European Innovative Medicines Initiative.
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Addressing Health Inequity
Through the Takeda Center for Health Equity and Patient Affairs (HEPA), launched 
in 2020, we are collaborating with diverse partners, including patients, communities 
and organizations, as well as public and private organizations, to identify and address 
health inequities in communities. Within Takeda, HEPA sits at the intersection of 
research and access activities, serving as a center of excellence to all business units.
Equity starts with understanding. Once we understand diverse patients’ needs and 
the communities in which they were born, grow, live, work and age, we can create 
more inclusive practices and develop innovative medicines that better reflect how 
patients wish and need to engage with healthcare to achieve their highest level 
of health.
Health equity means that everyone has a fair and just opportunity to be as healthy as possible. This means addressing social 
determinants of health, e.g., poverty, racism, discrimination, unemployment and other barriers that impact our ability to be healthy 
and disproportionately impact disadvantaged and underserved communities and patients.
This illustration is based on the original 2017 Robert Wood Johnson Foundation’s “What is Health Equity” graphic.
EQUALITY
EQUITY
What is Health Equity?
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One of our newest health equity 
partnerships in the United States is in 
Louisiana, a state which ranks lowest  
in health outcomes in the country.1  
The Takeda-Xavier University of 
Louisiana Partnership for Improved 
Health Outcomes seeks to:
•	 Build trust with historically 
underserved communities
•	 Increase diversity and health 
equity expertise of graduate and 
postgraduate public health researchers 
and PharmD’s
•	 Develop enhanced methodologies 
to use health informatics to advance 
equitable science and clinical care and 
patient outcomes
•	 Encourage participation in 
clinical trials with a focus on 
underserved communities
•	 Enhance care models by addressing 
social determinants of health
We also launched a partnership in 2021 
with Remote Area Medical (RAM), which 
helps local communities provide free 
dental, vision and medical services to 
patients in rural, underserved areas of 
the United States. Our support will help 
RAM operate pop-up clinics in additional 
communities.
Raising Awareness
Takeda’s Center for Health Equity 
and Patient Affairs (HEPA) and 
Springer Nature, a leading provider 
of trusted scientific information, are 
coming together to raise awareness 
of health inequity around the world. 
The Scientific American Collection, 
an editorially independent digital 
collection of articles about health 
equity, produced with support from 
Takeda and published in December 
2021, aims to spur awareness and 
new ideas to improve equity and 
health outcomes. In June 2022, 
Scientific American also published 
an Innovations In special report 
focused on health equity, which 
includes a video documentary.
HEPA is also proud to sponsor 
an annual global conference, 
Nature Café, on health equity 
with leading health experts in the 
field, scheduled to occur for the 
first time virtually in late 2022. In 
addition, HEPA is supporting a new 
global Nature Awards program 
that will shine a light on existing 
best practices and people making 
a difference in delivering inclusive 
health research to address health 
inequities. It is expected to open for 
submissions in September 2022.
1 United Health Foundation Rankings
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Accelerating 
Availability and 
Access to Improve 
Lives Worldwide
We work to provide timely, broad and sustainable access to our global 
products worldwide, including in underserved communities and countries 
with evolving healthcare systems where there are no medical alternatives. 
The first step post regulatory approval is working to ensure product 
availability and supply.
Global Product Availability
We are committed to registering our 
growth and launch products where there 
is need and the infrastructure to support 
their secure and sustainable delivery to 
patients, as illustrated by our approach 
to registering our investigational 
dengue vaccine.
Dengue is the fastest-spreading 
mosquito-borne viral disease in the 
world, estimated to cause 390 million 
infections each year. Half the world’s 
population currently lives under the 
threat of dengue. In 2021, Takeda’s 
dengue fever vaccine candidate 
(TAK‑003) became the first 
investigational candidate to participate 
in the European Medical Agency’s (EMA) 
parallel assessment of a medicinal 
product for use in the European 
Union (EU), and through the EU-M4all 
procedure, for countries outside of 
the EU, particularly low- and middle-
income countries.
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Ensuring High-Quality 
Supply
We are committed to providing 
uninterrupted supply of life-changing 
medicines and vaccines, and to 
maintaining strict quality standards and 
effective supply chain management to 
ensure their safety and security. 
Learn more about our approach 
to product safety and quality.
Accelerating Supply of  
COVID-19 Vaccines in Japan
Takeda has stepped up to help ensure 
supply of COVID vaccines in Japan.
Through our collaboration with Novavax, 
a technology transfer is being executed 
at our Hikari facility to allow for the 
local development, manufacturing and 
commercialization of Novavax’ COVID-19 
vaccine candidate (TAK-019). We have 
a commitment from the Government 
of Japan’s Ministry of Health Labour 
and Welfare (MHLW) to purchase up to 
150 million doses.
In 2021, we imported and distributed 
50 million doses of Moderna’s COVID-19 
vaccine (Spikevax™) as part of a three-
way partnership with Moderna and 
MHLW. In 2022, we are implementing 
agreements to import and distribute an 
additional 93 million booster doses.1
PLASMA-DERIVED THERAPIES
AT A GLANCE | Takeda’s Plasma-Derived Therapies Business Unit
> 20 plasma medicines supplied to patients in more than 80 countries
> 200 high-quality BioLife donation centers in the U.S. and Europe
> 8 world-class plasma manufacturing facilities
Reaching More Patients through a 
Differentiated Donor Experience
Unlike traditional pharmaceutical 
products, plasma cannot be replicated 
in a lab. Plasma must be donated by 
healthy individuals.
Recognizing the need for — and 
importance of — attracting more people 
to donate, we are expanding the number 
of BioLife Plasma donation centers 
available for donors. Since 2018, we 
have increased the number of centers 
by more than 100 — and we are doing 
so sustainably by building all new U.S. 
centers as all-electric facilities, starting in 
September 2021.
In 2021, we completed the migration 
of all our U.S. BioLife Plasma Services 
donation centers to the cloud, creating 
an enterprise-wide intelligence engine 
with robust AI-driven capability that 
will enable us to collect, connect and 
exchange real-world data securely. By 
transforming this data into actionable 
insights, we expect to deliver larger 
plasma donation volumes and faster 
processing times.
Similarly, we are attracting more donors 
by combining cloud-based data-
driven insights with industry-leading 
omnichannel engagement, providing 
donors with a more personalized 
experience. We launched our live 
Facebook chatbot “Success Coach” — 
the first-ever AI virtual assistant for 
potential donors in the United States. 
The bot provides a personalized chat 
experience with potential donors, 
answering questions and providing 
useful tips and instructions for 
registering and preparing to donate.
Improving the End-to-End Donor-to-
Patient Process
Treatment with plasma-derived therapies 
can significantly improve the quality of 
life and life expectancy of people who 
live with a variety of rare and complex 
chronic diseases. Very often, plasma 
therapies may be their only treatment 
option. With earlier diagnosis, increased 
screening and improved standard of 
care for these diseases, the number 
of people around the world who can 
benefit from plasma-derived therapies is 
rapidly growing.
To meet accelerating demand, we 
committed to increase our plasma 
supply and manufacturing capacity 
by >65% by end of FY2023 (from a 
FY2018 baseline).
Key Milestones
•	 Met all supply commitments to 
patients worldwide in 2021 and grew 
market share despite the impact 
of COVID-19
•	 Surpassed pre-pandemic donation 
volumes consistently by end of June 
2021 — the only company to do so 
in CY2021
•	 Grew network of donors by 56% 
since FY2018
S P O T L I G H T
It can take up to
1,200
plasma donations to treat one 
chronically ill patient for one year.
Since its launch in May 2021, 
Success Coach has had more than 
8,000
unique users, and nearly 3,000 
return users.
1	Takeda will transfer the marketing authorization in Japan for Spikevax™ to Moderna as of August 1, 2022.
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Sustainable Patient Access
Takeda believes an integrated, collaborative and sustainable approach to 
patient access can help address the challenges health systems and patients 
face around the world. Because health systems and access challenges differ 
both between and within countries, we tailor our approach, working with local 
stakeholders, based on country needs and demographics (including income).
Our actions are guided by our global access strategy, which includes:
•	 Collaborating with partners to strengthen healthcare systems
•	 Investing in programs and solutions that address affordability barriers 
and enable access, including:
	
—Tiered pricing
	
—Patient assistance programs
	
—Value-based healthcare models
•	 Working with policy makers to broaden patient access
Solutions to Address Affordability Barriers and Enable Access
Our value-based approach to healthcare begins with how we price our growth 
and launch products.
We price our medicines in line with our value-based pricing principles to reflect 
the holistic value they offer to patients, the healthcare system and society. 
We are committed to establishing responsible prices that are acceptable to 
payors and society.
Strengthening Access to Medicines in Countries with  
Evolving Healthcare Systems
While barriers to access exist around the world, those most acutely 
impacted are underserved communities in countries with evolving 
healthcare systems or limited access to resources. Barriers to access 
within, and between, populations range from the levels of capacity and 
resources needed to prevent, educate and raise awareness of care, to 
the specialized skills needed by healthcare providers to screen, diagnose 
and treat patients.
Read more about our approach to Access to Medicines and 
examples of our programs.
Takeda Pricing Principle
Optimal patient access encompasses the speed of 
access and the breath of coverage at a price that 
leads to a sustainable business.
OPTIMAL  
PATIENT ACCESS
PATIENT 
COVERAGE
Volume, breath  
and depth
SPEED
Time to 
reimbursement
TIERED  
PRICE
Value
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We recognize that affordability varies by country. That 
is why we price our products relative to a country’s 
economic stage and health system maturity through 
our tiered pricing approach. We group countries 
into four pricing tiers based on factors such as Gross 
Domestic Product (GDP), out-of-pocket expenditure 
and policies covering vaccinations, rare diseases and 
available healthcare resources per citizen. Tiered pricing 
helps us deliver life-changing treatments to as many 
patients as possible, as quickly as possible.
We also offer patient assistant programs (PAPs) in 
many countries to support patients who have difficulty 
accessing our medicines. Many include collaborative 
financing models tailored to the individual patient and 
the socioeconomic context and health frameworks of 
the country in which the patient lives.
Value-based Heath Care Models
Another way we are increasing access to our medicines 
is through value-based health agreements with payers. 
These approaches help payers and providers manage 
uncertainty around the clinical performance and 
economic impact of our medicines through pricing 
agreements based on the actual performance of our 
medicines against agreed-upon outcomes within their 
patient populations. Because value-based or outcome-
based arrangements are long-term commitments, they 
are a “win-win-win” for patients, payers and Takeda.
Supporting Value-Based Healthcare 
through Partnerships
We believe that a value-based approach to healthcare 
can lead to a better allocation of resources in health 
systems and better health outcomes for patients and 
society. We’re working with stakeholders to build 
support for the approach and for the health data 
needed to make it a reality.
As a member of the World Economic Forum’s Global 
Coalition for Value in Healthcare, we share learnings 
and work with others to develop methodologies and 
tools to scale health system transformation across 
geographies and population segments and facilitate 
value-based healthcare partnerships.
In addition, in 2021, we entered a partnership with the 
Global Surgery Foundation and the United Nations 
Institute for Training and Research to facilitate locally 
led initiatives that will promote and advance the 
implementation of value-based healthcare in low-
income and resource-limited settings with a focus on 
NCDs. Takeda is supporting pilot projects in Turkey, 
Rwanda and South Africa.
In 2021, we also joined RWE4Decisions, a payer-led, 
multi-stakeholder learning network about the use of 
real-world evidence (RWE). The initiative seeks to 
forge agreement on the use of RWE to better inform 
decisions by healthcare systems on introducing new 
health technologies, including medicines, for patients 
with high unmet needs.
For more information
Position on Global Pricing
Position on Value-Based Healthcare
Within emerging markets, 
we have implemented 
innovative means-tested 
PAPs in 17 countries and 
territories.
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COMMITMENT TO
PEOPLE
Our people live our values every day in the 
work they do to serve patients. Success 
as a company is a shared responsibility — 
by leading together, we have the greatest 
opportunity to thrive as both individuals and 
as an organization.
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People are the cornerstone of 
Takeda’s success.
We invest in our people’s health and  
well-being and prioritize building 
resilience in our workforce to meet 
the challenges of a rapidly changing 
world. By nurturing a culture of lifelong 
learning, our people, regardless of 
role, are empowered to reach their 
highest potential. We also strive to 
create a workplace that values diversity, 
demonstrates inclusion and provides 
equity in opportunity and rewards.
Supporting Health,  
Well-being and Resilience
Takeda’s purpose of better health for 
people, brighter future for the world 
is only possible when we take care 
of the wellbeing of our colleagues. In 
FY2021, we continued to safeguard the 
health of our people and their families 
in the face of COVID-19, including by 
raising awareness of the importance 
of vaccination. We also rolled out a 
new learning program to strengthen 
resilience skills and equipped our people 
managers with tools to talk about 
mental health.
Embracing Diversity,  
Equity and Inclusion
Our culture is one of great diversity, with 
people who hail from over 80 countries 
and have a wide range of backgrounds 
and experiences. We want everyone at 
Takeda to feel engaged, heard and able 
to contribute fully. We’ve expanded our 
investment in DE&I, including forming a 
Global DE&I Council and Takeda Center 
for Health Equity and Patient Affairs 
that is focused on building relationships 
and supporting programs that help 
recognize and address health disparities 
and inequities globally. Our approach to 
DE&I is very much aligned with Takeda’s 
operating model, with each business 
unit and location setting their own 
DE&I goals, strategies and programs, 
aligned with our global DE&I ambition 
and roadmap.
Empowering  
Life-Long Learning
Innovation is our path forward, 
and our people are the drivers of 
that innovation. COVID-19 has only 
accelerated the speed of change 
and created urgency for constant 
improvement and innovation. We are 
committed to enabling employees to 
thrive inside and outside of Takeda 
through unique opportunities to learn, 
grow and progress professionally while 
making a difference in people’s lives.
As I look to the future, I am inspired 
by the people of Takeda and their 
contributions to the patients we serve.
Message from  
Our Chief Human 
Resources Officer
90%
of employees 
believe in our 
values
85%
of employees 
have pride in 
Takeda
ACCORDING TO OUR 2021 EMPLOYEE 
EXPERIENCE SURVEY
Lauren Duprey  
Chief Human Resources Officer
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FY2021 Highlights
Recognized as Global Top 
Employer for 2022 for fifth 
consecutive year
Earned a perfect score of 
100 on the Human Rights 
Campaign Foundation’s 
Corporate Equality Index for 
the sixth consecutive year
Named Science 2021 
Top Employer by the 
journal Science
Awarded the rating of Gold in 
the PRIDE Index 2021 by work 
with Pride (wwP), a voluntary 
organization that promotes 
LGBTQ+ diversity management 
in Japanese companies and 
organizations
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Supporting  
Our People’s Health 
and Well-being
Well-being at Takeda focuses on four key 
dimensions: physical, emotional, social 
and financial.
Our 2021 Employee Experience 
Survey showed that only 66% of our 
people globally were able to make 
time for work/life balance, and 61% 
were unable to manage stress and 
find time to disconnect. This followed 
similar feedback from our 2020 CARE 
(Creating Adaptability and Resilience 
Experience) survey.
In 2021, we implemented new global 
tools and resources such as CARE 
Learning, a flexible, self-paced program 
to help our people master adaptability 
and resilience skills through both 
recorded online and live sessions. We 
also introduced a no-cost premium 
subscription to Calm, the world’s 
leading mental fitness platform and the 
Virgin Pulse GO Challenge, a virtual, 
team-based movement competition. 
In October 2021, we hosted a two-
week event, Mental Health is Health, to 
help destigmatize mental health in the 
workplace. The event featured virtual 
seminars by world renowned mental 
health experts and allowed opportunities 
for open and honest discussion.
In 2022, we are working to raise 
awareness of our well-being tools and 
resources, streamline content on our 
web portal and create a seamless user 
experience, and offer more tailored 
programs and content that address 
challenges to work/life balance.
Work/life balance is a top consideration 
for our people as they adapt to our new 
flexible work arrangements. We support 
different types of work, including a 
blend of in-person collaboration and 
remote work. While specific work 
arrangements will differ for every team, 
we are finding creative ways to design 
our physical spaces to support in-person 
collaboration, when appropriate, and 
fuel innovation.
The emphasis is on balanced mental and 
physical well-being, and the flexibility to 
choose how work gets done. Technology 
plays a big role; enabling our people  
to seamlessly move between home  
and our physical spaces. Opened in  
2022, our offices in Singapore offer the  
spaces employees enjoy being in as a  
community, while stimulating productivity 
and innovation.
“After two years of isolated pandemic 
days being at home, our Takeda office 
in Singapore is totally a breath of fresh 
air for me. The office design offers 
comfortable and user-friendly open 
spaces. The details around technology 
and the multi-purpose space certainly 
nudges one for collaboration, innovation 
and connection.” — Asli Dizdar, head of 
learning and talent management, growth 
& emerging markets business unit
CREATING TAKEDA 
COMMUNITY SPACES IN 
SINGAPORE
The Takeda offices in Singapore are 
among our first to transition to our 
new community spaces model, which 
redefines and redesigns the workplace 
to bring to life a flexible hybrid 
working culture.
Drawing on feedback from our people, 
the new spaces have been designed to 
promote collaborative work, enhance 
opportunities to innovate, and foster 
the sense of community belonging 
connected by our purpose and values.
S P O T L I G H T
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Advancing  
Diversity, Equity  
and Inclusion (DE&I)
What DE&I Means to Takeda
DIVERSITY
Our aim is for our workforce to reflect the talent pools 
in the communities in which we operate. Diversity 
encompasses the full range of human differences, 
including physical, cognitive, relational, occupational, 
societal and value-related.
EQUITY
Our commitment is to give everyone equitable access 
to opportunities and achieve their full potential. We 
do this by removing barriers to inclusion, and giving 
everyone what they need to be successful, including 
through advancement, support and reward.
INCLUSION
Our commitment is to create a workplace where 
people feel a sense of belonging, respected and 
valued and that they have a voice, feel heard and feel 
psychologically safe.
Q&A with  
Hayden Majajas
Head of Global DE&I
Hayden Majajas joined Takeda as our first Head of 
Global DE&I in FY2021 and is working to further 
embed DE&I into every part of the company and 
how we operate.
 Learn more
There is strength in diversity, empowerment in 
inclusion and fairness in equity. All three elements of the 
DE&I spectrum are essential for everyone at Takeda to 
reach their full potential. And it is just as important for 
our business success — we need a workforce as diverse 
as the communities and patients that we serve.
Our Head of Global DE&I reports to our Chief Human 
Resources Officer. This role leads our Global DE&I 
Council, comprised of senior Takeda leaders from 
various business units, functions and locations. 
It advises Takeda on DE&I issues. Based on local 
needs and factors, our business units and country 
teams develop local DE&I approaches in line with the 
company’s global focus areas.
Working to Ensure Pay Equity
We believe it is critical that our pay programs 
and guidelines are fair, market-competitive and 
fully align with our values of Takeda‑ism. In 
2021, we broadened a pay equity audit, a phased 
multi‑year project that will support our objective 
to help ensure employees performing the same 
or substantially similar work have fair, competitive 
and equitable compensation opportunities.
Takeda Resource Groups
Our 10 Takeda Resource Groups (TRGs), with local 
chapters across the world, engage and help create 
a sense of belonging for our people across the 
organization. These voluntary, employee-led groups 
are driven by individuals with shared aspirations, 
characteristics and life experiences, as well as allies 
and advocates. In 2021, TRG membership nearly 
doubled, from 3,500 to 6,000 people.
The Black Leadership Council, Building Asian 
Leaders, EnAbles (Engaging Those with Disabilities 
and Allies), Faith@Work, Gender Parity Network, 
IGNITE (Young Professionals), IMPACTO (LatinX 
Community), PACT (Parents and Caregivers at 
Takeda), STRIVE (Supporting Troops and Inspiring 
Veteran Engagement), Take Pride (LBGTQ+ 
Network and Allies).
Celebrating DE&I within our Culture
In FY2021 we held our first annual Global DE&I Week 
to raise awareness, build understanding as well as 
community, and spark inspiration. The three-day event 
featured Takeda leadership, external speakers, patients 
and suppliers. Over 8,000 colleagues participated, 
many of them sharing personal stories. Business 
units and functions across the world also hosted local 
activities to amplify and further drive engagement.
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A Commitment  
to Lifelong Learning 
and Leadership
Lifelong learning enhances employee motivation and expertise, leads to new ideas, 
and results in value creation for patients. We offer formal training professional 
development opportunities, such as our Accelerator Program (see Spotlight on 
page 45), and on-demand learning that supports ongoing development. We’re 
also investing in new learning technologies with the goal of a “one-stop shop” where 
employees can embrace learning every day.
The Accelerator Program, sponsored 
by the TET, is a five-year development 
journey for high-potential employees 
who are early in their career. It includes 
global development experiences through 
at least two international rotations. 
Accelerator participants receive regular 
feedback and coaching from senior 
leaders. In 2021, 16 individuals graduated 
from the program, and another 10 joined.
Katharina Geppert, a recent graduate 
of the program, credits the Accelerator 
Program for helping her build a 
global network of colleagues and an 
understanding of how health systems 
differ around the world.
“The program introduced me to many 
different departments and jobs within 
the company that I didn’t know existed 
before,” said Geppert. “I was able to 
work in the United States, which was a 
completely different healthcare system 
and working style for me coming 
from Germany.”
After her U.S. role, Geppert supported 
Takeda’s leadership team in Japan, 
before moving on to her current role 
leading operations in Vietnam.
“Living in three countries with very 
different cultures changed me 
fundamentally and made me reflect 
on my own assumptions about what 
I considered the ‘normal/right way.’ 
This experience was a crucial step 
in my evolution to become a truly 
global leader.”
Takeda is empowering our people with 
new ways of working that embrace our 
data and digital imperative. One example 
is our new training program on robotic 
process automation (RPA), which gives 
participants the power to automate 
routine tasks using already built 
software-based “bots” for their work. 
Through more advanced development 
opportunities, people can learn to build 
their own bot and even highly complex 
bots. In FY2021, we trained over 1,200 
people, of whom 350 have become “RPA 
Champions” and built over 270 bots. 
These bots have saved over 475,000 
hours that would have been spent on 
routine tasks. Instead, people have been 
able to focus on higher-value work.
We have also launched Takeda Beyond 
Tomorrow, a five-part learning program 
to help our people envision a Takeda 
transformed by technology and how 
these innovations will benefit them and 
their work. In addition, we introduced an 
online learning solution called Thriving in 
the Future of Work, which offers insights 
and emerging research and tools for 
people managers.
Building the Digital Skills of Our People
ACCELERATING LEADERSHIP  
FOR THE FUTURE
S P O T L I G H T
83%
of employees 
believe they can 
learn and grow in 
their work
79%
said that  
“My manager 
sees mistakes 
as learning 
opportunities”
AS THE 2021 EMPLOYEE EXPERIENCE 
SURVEY SHOWED:
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COMMITMENT TO
PLANET
We are working to make the earth healthier 
so we all can be healthier. To ensure healthier 
outcomes for patients, we will continue to act 
with urgency to minimize our environmental 
impact, create sustainable solutions to improve 
public health, and work with our peers and 
strategic partners to foster responsible 
innovation to protect the planet.
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1
Developing cutting-edge 
treatments for climate-
accelerated diseases
Managing disease transmission on a warmer planet 
is critical; recent research from The Lancet estimates 
that by the end of the century 8.4 billion people 
could be at risk from malaria and dengue alone if 
emissions keep rising at current levels. Our efforts 
include developing vaccines for two mosquito-borne 
illnesses, dengue and Zika.
 Learn more
2
Accelerating access and 
equity to reach more patients 
impacted by climate change
The effects of climate change are having a 
disproportionate impact in areas that lack adequate 
health resources, perpetuating health inequity. 
We are reimagining access and working to reach 
more patients, including those most impacted by 
climate change.
 Learn more
3
Decarbonizing  
our operations  
and value chain
We are committed to achieving net-zero1 GHG 
emissions related to our operations (Scopes 1 
and 2) before 2035 and for our entire value chain 
before 2040.
 Learn more
A Climate-Driven 
Health Emergency
Climate change is perhaps the single biggest health threat facing 
humanity. It threatens to undo decades of progress to control mosquito-
spread diseases such as dengue, chikungunya, Zika and malaria and 
contaminated food and water diseases like cholera.
As a global healthcare company, Takeda and our employees have the 
knowledge and experience to help address the disease-related impacts 
of climate change through our core mission of developing life-changing 
medicines and vaccines. We are taking urgent climate action through the 
three steps below.
1	We have 2024/2025 targets approved by the Science Based 
Targets initiative (SBTi). The 2035 targets are aligned with the 
SBTi Corporate Net-Zero Standard.
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1	We conducted a comprehensive materiality assessment in FY2019 to better understand which non-financial issues are strategically important to Takeda and of most interest to our stakeholders.
2	All goals are based on fiscal year performance.
Minimizing Our 
Environmental Impact
In 2021, we continued to make progress against our environmental 
goals, which span multiple aspects of our operations including waste 
management, water conservation, GHG emissions and product 
stewardship. Our environmental targets are aligned to our internal 
sustainability materiality1 assessment and support the United Nations 
SDGs. Additionally, Takeda’s climate-related goals support the 
Paris Climate Agreement to limit global warning to 1.5 °C and were 
approved by the Science Based Targets initiative (SBTi) in 2020.
GOALS AND PROGRESS FOR FY2021²
GOAL
PROGRESS IN FY2021
67% of our suppliers (as measured by GHG emissions) will 
have science-based GHG emissions reduction targets by 
December 2024
Our supply chain sustainability team continues to engage with highest impact suppliers to 
establish science-based targets. 24% of our suppliers have set science-based reduction targets.
Reduce 40% of GHG emissions from our direct operations 
by FY2025 (Scopes 1 and 2), from a FY2016 baseline, and 
achieve net zero by 2040. 
Total GHG emissions were reduced by focusing on renewable energy sourcing and site energy 
efficiency, resulting in a 3% decrease in FY2021, and a 27% decrease since the FY2016 base year
Reduce our supply chain GHG emissions by 50% (currently 
estimated Scope 3) by FY2040, from a FY2018 baseline
Sponsoring supplier access to renewable energy power purchase agreements through non-
competitive industry collaboration and enhancing tracking and measurement processes
Develop a context-based approach to water stewardship and 
execute water risk assessments at our manufacturing and 
R&D sites sites located in high water-stress areas by FY2021
Risk assessments completed and risk mitigation plans developed at all six sites identified as high-
risk locations
Decrease water withdrawal by 5% despite projected business 
growth by FY2025 from a FY2019 baseline
Multiple water conservation projects completed globally including innovative high-volume water 
reuse technology at a large manufacturing site resulted in essentially the same water use as in 
FY2019 in spite of business growth
Achieve zero waste to landfill status for all major locations 
by FY 2030
Continued implementation of waste minimization and diversion plans resulting in a 79% waste 
diversion from landfills
50% of paper and paperboard content in product secondary 
and tertiary packaging from Takeda’s manufacturing sites will 
be either recycled content or certified forest sustainable by 
FY2025
Engagement with all key paper/paperboard packaging suppliers and setting up Gensuite platform 
for data collection and analysis for 2021
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Our environmental commitments are 
supported by our leadership, starting 
with our CEO and the TET. Our strategy 
to achieve these commitments is led by 
our Planet Steering Team, which includes 
executive-level sponsors. We execute 
our strategy through three programs: 
Sustainability by Design, Climate Action 
and Natural Resources Conservation. 
Within these three distinct but integrated 
programs, we focus our efforts where we 
can have the most meaningful impact.
SUSTAINABILITY  
BY DESIGN
Minimize the environmental impact of 
our products and services throughout 
their life cycles based on the principles 
of a circular economy.
CLIMATE ACTION 
PROGRAM
Decarbonize our operations and  
value chain.
NATURAL RESOURCES 
CONSERVATION 
PROGRAM
Empower our employees to go above 
and beyond to conserve the world’s 
natural resources.
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Sustainability  
by Design
In 2021, Takeda established a comprehensive Sustainability 
by Design Program guided by our Product Stewardship 
Team and implemented through the expertise of our 
R&D, Plasma-Derived Therapies, Cell Therapies, Vaccines 
and Global Manufacturing and Supply teams. Together, 
they are implementing sustainable design and material 
selection processes into product development for all 
therapies with the objective to optimize the environmental 
attributes of Takeda’s treatments.
We use life cycle assessment methodologies to inform 
choices in our development of new products as a key part 
of our Sustainability by Design effort. As this program 
continues to mature, we anticipate expanding our use 
of life cycle thinking and methodologies to evaluate and 
improve our products. We will also perform environmental 
risk assessments during development to identify products 
with potential ecotoxicity to identify life cycle solution 
options (e.g., collection of manufacturing waste, reuse, 
recycling, appropriate disposal practices or incentivizing 
drug take-back efforts).
Beyond the product itself, we strive to reduce resources 
used and improve the recyclability in our packaging and 
medical devices.
PIONEERING SUSTAINABLE 
PACKAGING
For its environmental leadership, 
Takeda received two WorldStar Global 
Packaging Awards in 2021 from the 
World Packaging Organization.
One recognized our pioneering use of 
bio-polyethylene (bio-PE) — a plastic 
derived from plant-based bioethanol — 
in pharmaceutical primary packaging at 
our Hikari site in Japan. Manufacturing 
bottles made with bio-PE plastic emit up 
to 70% fewer CO2 emissions compared to 
petroleum-based polyethylene bottles. 
The Japanese Packaging Institute and 
the Asian Packaging Federation also 
recognized Takeda’s bio-PE bottle with 
respective awards.
“We are proud that Takeda was honored 
with these awards for the company’s 
eco-friendly bio-plastic bottles,” said 
Koji Nonomura, Senior Director, Drug 
Product Manufacturing Sciences and 
Packaging and lead for the bio-PE 
Packaging Project. “At Takeda, we are 
committed to not only manufacturing 
and supplying high-quality products 
to patients around the world, but to 
also contributing to the wellbeing of 
the planet.”
Takeda received a second WorldStar 
award for secondary packaging used 
for Takhzyro® (Lanadelumab-flyo) 
pre-filled syringes designed to improve 
patient usability, transport efficiency 
and recyclability.
S P O T L I G H T
Koji Nonomura  
Director, Head of DP Manufacturing  
Sciences & Packaging, Hikari
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Takeda is one of the leading companies in our industry 
taking climate action by achieving carbon neutrality 
inclusive of Scope 1, 2 and 3 emissions.
We have done so since FY2019 through energy conservation 
and investing in renewable energy credits and verified 
emission reduction projects.
Takeda is also supported by an external Carbon Neutrality 
Advisory Committee comprised of representatives from 
environmental non-governmental organizations and 
academia. The independent committee informs Takeda’s 
carbon neutrality strategy, carbon offset procurement 
process and criteria, and reviews past investments in carbon 
offset projects to ensure quality and credibility of purchases.
Within Takeda operations, GHG emissions are predominantly 
attributable to the use of fossil fuels at our sites and in our 
company-operated vehicles and through the unintended 
release of refrigerants at our sites (Scope 1 emissions), and 
from the purchase of supplied energy such as electricity and 
steam for our facilities (Scope 2 emissions). These emissions 
are estimated to contribute approximately 10% of our total 
GHG footprint. We estimated that the rest (90%) are value 
chain-related emissions outside of our direct operational 
control (currently estimated Scope 3 emissions). Of our 
Scope 3 emissions, those associated with purchased goods 
and services are the highest emitting categories1.
Takeda’s Climate Action Program at Sites (CAPS) drives site 
efficiency and emission reductions and provides tools to 
assist sites with finding and executing improvement projects. 
CAPS leaders at our manufacturing and R&D sites drive local 
initiatives to reduce our GHG emissions, energy and water 
withdrawals and help meet our waste goals. CAPS teams 
engage with site leaders and project sponsors to ensure that 
the environment is an integral consideration as they make 
investment decisions, manage projects and plan how they 
will help meet our environmental goals at their facilities.
Climate  
Action Program
1	Scope 1 emissions are direct GHG emissions that occur from sources that are controlled or owned by an organization (e.g., emissions associated with fuel combustion in boilers, furnaces, vehicles). Scope 2 emissions 
are indirect GHG emissions associated with the purchase of electricity, steam, heat, or cooling. Although Scope 2 emissions physically occur at the facility where they are generated, they are accounted for in an 
organization’s GHG inventory because they are a result of the organization’s energy use. Scope 3 emissions are all indirect emissions (not included in Scope 2) that occur in a company’s value chain, including both 
upstream and downstream emissions. A lack of transparency into, and a difficulty measuring, actual Scope 3 emissions remains an important challenge to overcome.
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Working with Partners
In 2021, Takeda was one of 10 inaugural members 
of the Energize Program, which seeks to accelerate 
the adoption of renewable energy and reduce GHG 
emissions among pharmaceutical company suppliers. 
A first-of-its-kind effort, it leverages the scale of 
pharma’s global supply chain in a non-competitive 
fashion to drive system-level change. Partners expect 
the program to help hundreds of pharmaceutical 
suppliers learn more about renewable energy adoption 
and contracting and empower them to reduce their 
own operational Scope 2 GHG emissions.
Takeda is a proud member of the UN #racetozero 
campaign, the largest alliance committed to halving 
emissions by 2030. Takeda’s President and CEO 
Christophe Weber is a member of the World Economic 
Forum Alliance for Climate CEOs, which is working 
across industries to find solutions and advance action. 
Takeda is also an active member of the Japan Climate 
Leaders Partnership, a coalition of Japanese companies 
working to advance Japanese government policy on 
climate and sustainability.
2021 Highlights
•	 We broke ground in September 2021 in Woodlands, Singapore, on 
the company’s first building to follow the Singapore Green Mark Zero 
Energy certification scheme. The building will be the first net zero 
carbon emissions building in our global manufacturing network and 
the first-of-its-kind investment within the biotechnology industry 
in Singapore. It is expected to reduce power consumption by 34% 
compared to a traditional building. Renewable electricity will be 
provided by more than 660 solar panels to help ensure the building’s 
energy consumption is fully met.
•	 Starting in September 2021, we are building all new U.S. BioLife 
donation centers as all-electric facilities to avoid introducing new 
Scope 1 emissions from natural gas.
•	 Our Osaka, Hikari, Izumisano, Shonan iPark and Narita sites in Japan 
are working toward 100% renewable electricity, which will result in a 
30% annual reduction of CO2 emissions at these five sites.
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FY2021 Scope 1 and 2 
Emissions Data
In FY2021, our Scope 1 and 2 emissions 
continued to decrease, and we are on 
track to eliminate 40% of our Scope 1 
and 2 emissions by FY2025 compared 
to FY2016. Step change reductions 
in Scope 2 emissions were primarily 
due to our accelerated transition 
to renewable energy. Observed 
incremental reductions in Scope 1 
emissions were the result of CAPS-
driven energy efficiency projects, 
which were able to achieve small 
gains while fully compensating for 
business growth.
Takeda embraces the Task Force on 
Climate-Related Financial Disclosures 
(TCFD) framework and has issued 
our inaugural TCFD report to share 
results from assessing potential risks 
and opportunities related to physical 
and transitional climate impacts to our 
global operations. The assessment 
and report will help prioritize actions 
to minimize risks and to capitalize on 
business opportunities. 
 Read more
 Scope 1  
 Scope 2  
 2025 Target
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2025
40%  
reduction  
goal from  
2015 to  
2025
FY2021 Scope 1 and 2 Emissions Data
(Thousand metric tonnes CO2EQ)
700
600
500
400
300
200
100
0
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Empowering  
our Employees  
to Conserve  
Natural Resources
Takeda employees are critical to our ability to conserve the planet’s 
natural resources.
Minimizing environmental impacts from our operations is the focus of our 
Natural Resources Conservation program and includes focus areas such 
as water stewardship, responsible waste management and biodiversity. 
Takeda’s CAPS program (page 51) also works directly with sites and drives 
efficiency projects and progress toward meeting our water and waste goals.
Six Takeda sites identified as being located  
in regions with increased water risk.
Tianjin, China
Bekasi, Indonesia
Pisa, Italy
Naucalpan, Mexico
Los Angeles, CA, USA
Thousand Oaks, CA, USA
Water Stewardship
We are working to understand our water impacts enterprise-wide, 
product-by-product and site-by-site. Our water impact goes beyond 
just measuring water withdrawal. Recognizing that water stress is highly 
regional in nature, we assess the stress levels of water sources that 
service our over 30 manufacturing, R&D and hub office sites worldwide 
using the World Resources Institute Aqueduct, WWF Water Risk Filter 
Tools and local site surveys. These independent assessment tools 
validated that 20% of our manufacturing sites (six sites) are in areas 
considered to have “high” or “extremely high” water risk.
In FY2021, local teams at these six sites developed water risk mitigation 
plans. They will work in FY2022 to adopt local conservation goals and 
identify appropriate watershed protection projects. While our focus 
remains on locations at high water risk, we actively work to reduce water 
consumption across all operations.
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2021 Highlights
•	 A lab air optimization project at 
our R&D facilities in Massachusetts 
improved occupant health and 
safety via air quality monitoring 
and dynamic ventilation control 
while saving energy and reducing 
GHG emissions. By reducing the 
amount of outside air that needs to 
be cooled in the warmer months, 
the facilities can save an estimated 
12 million liters of water annually that 
would have been evaporated at the 
cooling towers.
•	 Our Tianjin, China, plant enabled 
infiltration of rainwater into the local 
aquifer by creating a subsidized 
greenbelt of 5,086 square 
meters and permeable roads of 
4,543 square meters.
Responsible Waste Management
We are working to reduce the amount of waste 
sent to landfill, first by limiting the amount of waste 
we generate and then by reusing what we can and 
recycling the rest. To date, we have diverted 79% of our 
waste from landfills.
2021 Highlights
•	 At our facilities in Lexington and Cambridge, 
Massachusetts in the United States, we switched from 
landfill to waste-to-energy disposal.
•	 At our Vienna, Austria, manufacturing site, we began 
to use organic waste for the production of biogas for 
local use.
•	 Our Jaguariuna, Brazil, manufacturing site uses a 
biodigester to treat food waste that would have 
otherwise been sent to landfill.
Supporting Biodiversity
We seek to support biodiversity where we operate 
through responsible business practices and conservation 
efforts, many of which are employee led.
In FY2021, we initiated phase one of our planned 
biodiversity assessment. It included a screening desktop 
exercise of current potential direct/indirect biodiversity 
impacts at key Takeda manufacturing sites using the 
Integrated Biodiversity Assessment Tool. We will use 
the results of this initial assessment to perform a deeper 
evaluation at prioritized sites to better assess the potential 
for biodiversity impacts and determine mitigation actions, 
as appropriate.
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FINANCIAL
PERFORMANCE
Guided by our commitment to patients, our 
people and the planet, in FY2021 we executed 
our growth strategy delivering topline growth, 
competitive margins and strong cash flow. 
The decisions and investments we have made 
position us to deliver continued topline growth 
in FY2022 and over the medium-to-long term.
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Takeda’s FY2021  
Financial Performance
Despite ongoing uncertainty caused by the COVID-19 pandemic and disruptions in the global supply chain, we have delivered positive financial outcomes for FY2021. This is 
an ongoing testament to our resilient product portfolio, and relentless pursuit of advancing science for patients and building sustainable value for our stakeholders. Our five 
key business areas represented approximately 86% of our FY2021 revenue and strength across our portfolio was key to our delivering 7.4% of underlying revenue growth.1
FY21 Revenue (JPY)	
3,569.0B
FY21 Revenue (USD)	
29.4B
 U.S.	
48%
 Japan	
18%
 Europe & Canada	
21%
 Growth and Emerging Markets	
13%
(% of FY2021 Core Revenue1, 2)
GI		
25%
Rare Diseases	
18%
PDT Immunology	
15%
Oncology	
14%
Neuroscience	
14%
Other	
14%
FY2021 REVENUE
5 Key Business Areas
1	Takeda uses certain non-IFRS measures to supplement the analysis of results of operations under International Financial Reporting Standards (“IFRS”). 
Please refer to appendix pages for definitions, explanations and reconciliations of non-IFRS measures.
2	Core Revenue is adjusted to remove JPY 133.0B for the sale of the diabetes portfolio in Japan, and other non-core asset transfers booked as revenue.
APPROX.
$29.4B
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Results of Operations
	
Fiscal Year Ending March 31,	
Change versus the previous year
(JPY billions)	
2021	
2022	
	
%
Revenue	
3,197.8	
3,569.0	
371.2	
11.6%
Operating profit	
509.3	
460.8	
-48.4	
-9.5%
Profit (loss) before tax	
366.2	
302.6	
-63.7	
-17.4%
Net profit for the period	
376.2	
230.2	
-146.0	
-38.8%
Net profit attributable to owners of the Company	
376.0	
230.1	
-145.9	
-38.8%
Non-IFRS Measures1
Results of Operations
	
Fiscal Year Ending March 31,	
Change versus the previous year
(JPY billions)	
2021	
2022	
	
%
Core revenue	
3,197.8	
3,420.5	
222.7	
7.0%
Underlying:	
	
	
	
	 Revenue growth	
2.2%	
7.4%
	 Core operating profit margin	
30.2%	
28.0%	
	
Core operating profit	
967.9	
955.2	
-12.7	
-1.3%
Core EPS (yen)	
420	
425	
5	
1.2%
Free cash flow	
1,237.8	
943.7	
-294.2	
-23.8%
Leverage
	
As of
(JPY billions)	
March 31, 2021	
March 31, 2022
Net debt (cash)	
3,429.4	
3,233.8
Adjusted EBITDA (Last 12 months)	
1,083.5	
1,168.0
Net debt/Adjusted EBITDA ratio	
3.2x	
2.8x
1	Takeda uses certain non-IFRS measures to supplement the analysis of results of operations under International Financial Reporting Standards (“IFRS”). 
Please refer to appendix pages for definitions, explanations and reconciliations of non-IFRS measures.
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1	Takeda uses certain non-IFRS measures to supplement the analysis of results of operations under International Financial Reporting Standards (“IFRS”). Please refer to appendix pages for definitions, explanations and 
reconciliations of non-IFRS measures. 
Growth and Launch Products
Our FY2021 revenue growth was largely driven by our growth and launch products, which generated one third of our total revenue and 
underlying revenue growth1 of +19%.
BUSINESS AREA
GROWTH PRODUCT
INDICATION
REVENUE 
(BN JPY)
UNDERLYING 
REVENUE GROWTH1
Gastroenterology 
(GI)
Moderate to severe ulcerative colitis or Crohn’s disease
521.8
14.5%
Refractory complex perianal fistulas with Crohn’s disease
1.8
121.7%
Rare Diseases
Prevention of hereditary angioedema attacks
103.2
12.4%
Post-transplant CMV infection (refractory, with or without resistance)
1.3
—
PDT Immunology
Immunoglobulin
Primary and secondary immunodeficiencies and multifocal motor neuropathy
385.9
9.4%
Albumin
Hypovolemia, hypoalbuminemia, for use during cardiopulmonary bypass 
surgery, and hemolytic disease of the newborn
90.0
42.3
Oncology
ALK-positive non-small cell lung cancer
13.6
46.9%
Previously treated Non-Small Cell Lung Cancer with EGFR exon 20 insertion 
1.0
—
Other
Spikevax™
Active immunization for the prevention of COVID-19 (primary and booster)
Undisclosed
Undisclosed
Nuvaxovid®
Active immunization for the prevention of COVID-19 (primary and booster)
—
—
Further growth is expected moving forward from launch products EXKIVITY® and LIVTENCITY®, both approved in FY2021 in the United States, and also from our COVID-19 
vaccines rollout in Japan with additional SPIKEVAX™ doses and the launch of NUVAXOVID®, approved in Japan in April 2022.
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Takeda is well positioned to deliver topline growth over 
the medium-to-long term.
Our growth and launch products are projected to 
continue driving topline growth in the near-term, 
through continued market penetration, geographic 
expansion, improving access and life cycle management.
In addition, we’ve built a deep and highly innovative 
pipeline through our R&D transformation, with 
approximately 40 new molecular entities in the 
clinical stage, several of which have sales potential 
over $1 billion. We will continue to actively enrich the 
pipeline through our in-house R&D capabilities, external 
partnerships and targeted business development that 
align with our core therapeutic areas.
In addition to growing the topline, we continue to 
focus on delivering a competitive core operating profit 
margin. Our strong margins will continue to drive 
abundant cashflow, which will allow us to invest in our 
growth drivers, while also paying down debt toward our 
target of “low twos” net debt to adjusted EBITDA1 by 
the end of fiscal year 2023.
Positioned for growth over the mid- and long-term
FY2022 Forecast
	
FY2021	
FY2022	
Change over the
(JPY billions)	
 (Actual)	
(Forecast)	
previous year
Reported:	
	
	
	
Revenue	
3,569.0	
3,690.0	
121.0 	
3.4%
R&D expenses	
-526.1	
-570.0	
-43.9 	
-8.3%
Operating profit	
460.8	
520.0	
59.2 	
12.8%
Profit before tax	
302.6	
411.0	
108.4 	
35.8%
Net profit attributed to owners of the Company	
230.1	
292.0	
61.9 	
26.9%
EPS (yen)	
147	
188	
41	
27.9%
 
Non-IFRS Measures1 
Core revenue	
3,420.5	
3,690.0	
269.5	
7.9%
Core operating profit	
955.2	
1,100.0	
144.8 	
15.2%
Core EPS (yen)	
425	
484	
60	
14.0%
Free cash flow	
943.7	
600.0–700.0	
	
Dividend per share (yen)	
180	
180	
—	
—
 
Management Guidance 	
			
CORE GROWTH AT CER3
CORE REVENUE	
Low-single-digit growth
CORE OPERATING PROFIT	
High-single-digit growth 
CORE EPS (yen)	
High-single-digit growth
Refer to Summary of Financial Statements for the Fiscal Year Ended March 31, 2022 (IFRS, Consolidated) released 
on May 11, 2022, for further detail of FY2022 forecast and management guidance.
10
10 of our clinical programs are in Phase 3 or 
pivotal trials with an aggregate peak potential 
sales of more than $10 billion2.
3	CER (Constant Exchange Rate) eliminates the effect of foreign exchange rates by translating results of operations using corresponding 
exchange rates in the same period of the previous fiscal year.
1	Takeda uses certain non-IFRS measures to supplement the analysis 
of results of operations under International Financial Reporting 
Standards (“IFRS”). Please refer to appendix pages for definitions, 
explanations and reconciliations of non-IFRS measures.
2	On a Probability of Technical and Regulatory Success (PTRS)-
adjusted basis more than $5 billion.
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Through our Global Corporate Social 
Responsibility (CSR) Program, we help 
strengthen health systems by supporting 
activities in developing and emerging  
countries that prevent disease, train health 
workers, strengthen supply chains  
and improve access to quality diagnosis 
and treatment.
 GLOBAL 
CSR
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JPY 953M
to IntraHealth International to work 
with 12 private schools in Mali, Senegal 
and Niger to increase the number 
of qualified, trained nurses who can 
serve rural communities. 
 Learn more
JPY 1B
to Pathfinder International to 
advance women’s and girls’ leadership 
in responding to the disproportionate 
impact of climate change and 
emergencies on women’s health in 
South and Southeast Asia. 
 Learn more
JPY 890M
to Jhpiego’s iWIN project to help 
accelerate progress in preventing 
maternal and newborn mortality and 
morbidity by mending the fragmented 
maternal and child health ecosystem 
in India via a holistic, woman-centered 
approach. 
 Learn more
Since 2016, an annual company-wide online vote has determined the programs we fund. 
In FY2021, we furthered this grassroots approach by launching a CSR Application Review 
committee composed of Takeda employees from across the company. This 20-person 
team helped select shortlisted proposals for voting from nearly 100 submitted by non-
profit organizations based in 27 countries. In this way, the partnerships we fund reflect the 
priorities of our people.
In FY2021, Takeda employees voted to add four new partnerships to our Global 
CSR Program:
Overarching Global CSR Principles — 
How We Select Our Programs
Philanthropic lens: no commercial benefits for Takeda, 
enforcing rigorous due diligence to avoid conflict of 
interest and protect our reputation
Partnerships: foster trust and respect across our 
partners and communities
Long-term view: a human-centered approach, 
focusing on mid- to long-term impact and 
sustainability
Innovation: encourage the emergence of innovative 
solutions beyond commercial products
No one left behind: focus efforts to ensure global 
reach of Takeda’s CSR impact
Employee participation: make all Takeda employees 
agents of change, and co-develop solutions 
with communities
JPY 997M
to United National Population Fund 
(UNFPA) to help provide access 
to over 90% of pregnant women 
to maternity units offering quality 
emergency obstetric and newborn 
care within two-hours travel time in 
Benin, Côte d’Ivoire and Togo.
 Learn more
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9.8M+
direct beneficiaries reached
 Read more about Takeda’s Global CSR Programs in Action.
132
health facilities constructed in 
remote and hard-to-reach areas
4.2M
children treated and immunized 
against preventable diseases 
such as measles and neglected 
tropical diseases
19.9M
Our partners are on track to reach 19.9 million direct 
beneficiaries by 2027, providing lifesaving care for 
vulnerable women and newborns, training health 
workers, improving access to healthcare services, 
strengthening holistic support for refugees and more. 
1M+
community members provided with targeted 
education on nutrition, water, sanitation, hygiene 
and sexual and reproductive health
44,679+
qualified health professionals and community health 
workers trained
Our Impact
Since launching in 2016, Takeda’s 
signature Global CSR Program has 
committed a total of 16.2 billion 
yen to 17 international NGOs 
for 20 long-term projects that 
address more than 23 targets 
of seven of the UN SDGs across 
74 countries.
U.S. CSR Program
In FY2021, Takeda launched its first-ever U.S.-focused 
philanthropic CSR program, making an initial commitment 
of $20 million among 25 new charitable partners in its 
inaugural year. The focus of our U.S. philanthropic giving 
is to support programs in the United States seeking to 
reduce the social disparities affecting underrepresented 
populations in our communities in the areas of Health, 
Environment, Learning and Providing (hunger). Our goal is 
to help achieve better health outcomes through a multi-
faceted approach and a more holistic view of health and 
well-being that supports Takeda’s purpose of better health 
for people, brighter future for the world.
Takeda CARE Program
Building on more than two decades of relationships with 
more than 600 NPOs and over one million people in 
Japan, we launched the Takeda CARE Program in 2021. 
The program supports marginalized populations in Japan 
grappling with such issues as domestic violence, inequities 
associated with working in informal economies and more. 
Underscored by the foundational pillars of children, 
adolescents/adults, resilience and empowerment in our 
titular acronym, the Takeda CARE Program integrates 
three longstanding domestic corporate citizenship 
initiatives focused on disaster relief, children with special 
needs and their families, and the personal impact of 
cancer on underrepresented populations, together with 
a new women’s health initiative, under one institutional 
umbrella to harness progress and lessons learned over 
20 years for even greater impact.
© UN Foundation
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Legal Disclaimers
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 Limited (“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, sell 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. 
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, acquisition, 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 references 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 product names appearing in this 
document are trademarks or registered trademarks 
owned by Takeda, or their respective owners.
are not core to Takeda’s operations and the timing of 
any such divestment(s); and other factors identified in 
Takeda’s most recent Annual Report on Form 20-F and 
Takeda’s other reports filed with the U.S. Securities and 
Exchange Commission, available on Takeda’s website 
at: https://www.takeda.com/investors/sec-filings/ or 
at www.sec.gov. Takeda does not undertake to update 
any of the forward-looking statements contained in 
this report or any other forward-looking statements 
it may 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 Takeda’s 
future results.
FINANCIAL INFORMATION AND  
CERTAIN NON-IFRS FINANCIAL MEASURES
Takeda’s financial statements are prepared in 
accordance with International Financial Reporting 
Standards (“IFRS”). This report and materials 
distributed in connection with this report include 
certain non-IFRS financial measures not presented in 
accordance with IFRS, such as Underlying Revenue, 
Core Operating Profit, Underlying Core Operating 
Profit, Core Net Profit, Underlying Core EPS, Net 
Debt, EBITDA, Adjusted EBITDA, Free Cash Flow 
and CER Growth. Takeda’s management evaluates 
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 
accordance with IFRS. By including these non-IFRS 
measures, management intends to provide investors 
with additional information to further analyze Takeda’s 
performance, core results and underlying trends. 
Takeda’s non-IFRS measures are not prepared in 
accordance with IFRS and such non-IFRS measures 
FORWARD-LOOKING STATEMENTS
This report and any materials distributed in 
connection with this report may contain forward-
looking statements, beliefs or opinions regarding 
Takeda’s future business, future position and results of 
operations, including estimates, forecasts, targets and 
plans for Takeda, which include Takeda’s greenhouse 
gas emission goals. Without limitation, forward-looking 
statements often include words such as “targets”, 
“plans”, “believes”, “hopes”, “continues”, “expects”, 
“aims”, “intends”, “ensures”, “will”, “may”, “should”, 
“would”, “could” “anticipates”, “estimates”, “projects” 
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 expressed or implied by the forward-looking 
statements: the extent to which our internal energy 
conservation measures and future advancements in 
renewable energy or low carbon energy technology 
will enable us to reduce our GHG emissions; the 
economic circumstances surrounding Takeda’s global 
business, including general economic conditions in 
Japan and the United States; competitive pressures 
and developments; changes to applicable laws and 
regulations, including global healthcare reforms; 
challenges inherent in new product development, 
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 safety or efficacy of 
marketed products or product candidates; the impact 
of health crises, like the novel coronavirus pandemic, 
on Takeda and its customers and suppliers, including 
foreign governments in countries in which Takeda 
operates, or on other facets of its business; the timing 
and impact of post-merger integration efforts with 
acquired companies; the ability to divest assets that 
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Legal Disclaimers (cont.)
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 the 
reconciliation of non-IFRS financial measures to their 
most directly comparable IFRS measures, which are 
on Slides 49–54 and 61 of the FY2021 Q4 earning 
presentation (Available at FY2021 Q4 earnings 
presentation)
EXCHANGE RATES
Throughout this report, certain amounts presented in 
Japanese yen have been translated to US dollars solely 
for the convenience of the reader at an exchange rate 
of 1USD = 121.44 JPY, the Noon Buying Rate certified 
by the Federal Reserve Bank of New York on March 31, 
2022. 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 Takeda’s consolidated 
financial statements. These translations should not 
be construed as a representation 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 dosages, or in different strengths. Nothing 
contained herein should be considered a solicitation, 
promotion or advertisement for any prescription drugs 
including the ones under development.
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Appendix
DEFINITIONS OF NON-IFRS MEASURES
See pages 68 to 74 for reconciliations of the non-
IFRS measures discussed below to the most closely 
comparable measures under IFRS.
Definition of Core and Underlying Growth
Takeda uses the concept of Underlying Growth for 
internal planning and performance evaluation purposes.
Underlying Growth compares two periods (fiscal 
quarters or years) of financial results under a common 
basis and is used by management to assess the 
business. These financial results are calculated on a 
constant currency basis using a full year plan rate and 
exclude the impacts of divestitures and other amounts 
that are unusual, non-recurring items or unrelated 
to our ongoing operations. Although these are not 
measures defined by IFRS, Takeda believes Underlying 
Growth is useful to investors as it provides a consistent 
measure of our performance. 
Takeda uses “Underlying Revenue Growth”, “Underlying 
Core Operating Profit Growth”, and “Underlying Core 
EPS Growth” as key financial metrics. 
Underlying Revenue represents revenue on a constant 
currency basis and excluding non-recurring items and 
the impact of divestitures that occurred during the 
reporting periods presented. 
Underlying Core Operating Profit represents Core 
Operating Profit (as defined to the right) on a constant 
currency basis and further adjusted to exclude the 
impacts of divestitures that occurred during the 
reporting periods presented.
Underlying Core EPS represents net profit based on a 
constant currency basis, adjusted to exclude the impact 
of divestitures and items excluded in the calculation 
of Core EPS (as defined to the right), divided by the 
outstanding shares (excluding treasury shares) as of the 
end of the comparative period.
Core Operating Profit represents net profit adjusted 
to exclude income tax expenses, the share of profit 
or loss of investments accounted for using the equity 
method, finance expenses and income, other operating 
expenses and income, amortization and impairment 
losses on acquired intangible assets and other items 
unrelated to Takeda’s core operations, such as non-
recurring items, purchase accounting effects and 
transaction related costs. 
Core EPS represents net profit adjusted to exclude 
the impact 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 Takeda’s 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. 
CER (Constant Exchange Rate)
CER eliminates the effect of foreign exchange rates by 
translating results of operations using corresponding 
exchange rates in the same period of the previous 
fiscal year.
Free Cash Flow
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 companies 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 understanding how 
our strategic divestitures of non-core businesses and of 
portions of our investment portfolio contribute to the 
cash flows and liquidity available to us. 
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 any other cash that is not available to 
Takeda’s immediate or general business use, and 
adding proceeds from sales of PP&E, as well as from 
sales and redemption of investments and businesses, 
net of cash and cash equivalents divested.
The usefulness of Free Cash Flow 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 effect of our 
current and future contractual and other commitments 
requiring the use or allocation of capital and (iii) the 
addition of proceeds from sales and redemption of 
investments and the proceeds from sales of business, 
net of cash and cash equivalents divested, do not 
reflect cash received from our core ongoing operations. 
Free Cash Flow should not be considered in isolation 
and is not, and should no t be viewed as, a substitute 
for cash 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. 
EBITDA and Adjusted EBITDA
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 in our industry. We further believe that 
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Appendix (cont.)
We define EBITDA as net profit before income tax 
expenses, depreciation and amortization and net 
interest expense. We define Adjusted EBITDA as 
EBITDA further adjusted to exclude impairment losses, 
other operating expenses and income (excluding 
depreciation and amortization), finance expenses and 
income (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 purchase 
accounting effects and transaction related costs.
The most closely comparable measure presented in 
accordance with IFRS is net profit for the year.
Net Debt
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 indebtedness 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 
position, 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 methodology 
our management uses to monitor our leverage, and 
(ii) a 50% equity credit applied to our aggregate 
principal amount of 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 agency’s ratings methodology. From 
this figure, we deduct cash and cash equivalents, 
excluding cash that is temporarily held by Takeda on 
behalf of third parties related to vaccine operations 
and the trade receivables sales program, to calculate 
Net Debt.
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 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 another 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 reflects 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 are not, and should 
not be viewed as, a substitute for bonds and loans 
or any other measure of indebtedness presented in 
accordance with IFRS.
The most directly comparable measures under IFRS for 
Net Debt is bonds and loans.
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, 
may 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 in 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 EBITDA to 
investors has l imitations 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 assets, 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-term operations, such as 
the results of businesses divested during a period. 
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 IFRS measures as the primary means of 
evaluating our performance, value and prospects 
for the future, and EBITDA and Adjusted EBITDA as 
supplemental measures.
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Reconciliation from Reported to Core/Underlying FY2021
(JPY billions)
REPORTED
REPORTED TO CORE ADJUSTMENTS
CORE
CORE TO UNDERLYING 
CORE ADJ.
UNDERLYING 
GROWTH
Amortization 
of intangible 
assets
Impairment 
of intangible 
assets
Other
operating 
income/
expense
Sale of 
Japan 
diabetes 
portfolio
Irish Tax 
Assessment1
TEVA JV 
related 
accounting 
adjustments
Others
FX
Divestitures
Revenue
3,569.0
-133.0
-0.8
-14.6
3,420.5
-166.9
-6.9
+7.4% 
Cost of sales
-1,106.8
0.6
45.6
-1,060.6
52.0
3.6
Gross Profit
2,462.2
-132.4
-0.8
31.0
2,359.9
-114.9
-3.2
SG&A expenses
-886.4
1.0
5.1
-880.2
46.1
0.0
R&D expenses
-526.1
1.6
-524.5
25.6
-0.0
Amortization of intangible assets
-418.8
418.8
—
Impairment losses on intangible assets
-54.1
54.1
—
Other operating income
43.1
-41.7
-1.4
—
Other operating expenses
-159.1
159.1
—
Operating profit
460.8
418.8
54.1
117.4
-131.4
-2.2
37.7
955.2
-43.2
-3.2
+5.4%
Margin
12.9%
27.9%
28.0%2
Financial income/expenses
-142.9
21.0
-121.9
13.5
Equity income/loss
-15.4
7.3
11.8
3.7
0.3
Profit before tax
302.6
418.8
54.1
117.4
-131.4
5.1
70.5
837.0
-29.4
-3.2
Tax expenses
-72.4
-89.7
-15.2
-26.1
40.2
65.4
-1.6
-73.8
-173.2
6.1
1.0
Non-controlling interests
-0.1
-0.1
-0.0
0.0
Net profit
230.1
329.1
38.9
91.2
-91.2
65.4
3.5
-3.2
663.7
-23.3
-2.2
EPS (yen)
147
425
-15
-1
+9.4%
Number of shares (millions)
1,564
1,564
1,563
Reconciliations
1	A tax charge of 65.4 billion JPY for tax and interest, net of 0.5 billion JPY of associated tax benefit, arising from tax assessment involving Irish taxation of the break fee Shire received from AbbVie in connection 
with the terminated offer to acquire Shire made by AbbVie in 2014.
2	Underlying Core Operating Profit Margin.
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Reconciliations (cont.)
Reconciliation from Reported Revenue to Core/Underlying Revenue FY2021 Versus Prior Year
(JPY billions)
FY2020
FY2021
vs. PY
Reported Revenue
3,197.8
3,569.0
+371.2
+ 11.6%
Sale of Japan diabetes portfolio1 and other non-core product divestitures
—
-148.5
-148.5
-4.6pp
Core Revenue
3,197.8
3,420.5
+222.7
+ 7.0%
FX effects2
-5.2pp
Divestitures3
+5.6pp
Regional portfolio
+4.1pp
Japan diabetes portfolio
+1.0pp
TACHOSIL
+0.4pp
Others
+0.1pp
Underlying Revenue Growth
+ 7.4%
1	The non-recurring item of the 133.0 billion JPY selling price as the result of the completion of the divestiture is excluded from FY2021.
2	FX adjustment applies plan rate to both periods.
3	Major adjustments are as follow;
•	Revenue of select over-the-counter and non-core products in Asia Pacific is excluded from FY2020 as the divestiture was completed in November 2020.
•	Revenue of select non-core prescription pharmaceutical products predominantly in Europe is excluded from FY2020 as the divestiture was completed in December 2020.
•	Revenue of select over-the-counter and non-core products in Latin America is excluded from FY2020 as the divestiture was completed in January 2021.
•	Net sales from TACHOSIL, a surgical patch, are excluded from FY2020 as the divestiture was completed in January 2021.
•	Revenue of select over-the-counter and non-core products predominantly in Europe is excluded from FY2020 as the divestiture was completed in March 2021.
•	Revenue of the former subsidiary, Takeda Consumer Healthcare Company Limited, is excluded from FY2020 as the divestiture was completed in March 2021.
•	Net sales from a portfolio of diabetes products in Japan (NESINA, LIOVEL, INISYNC and ZAFATEK) are excluded from FY2020 as the divestiture was completed at the beginning of April 2021.
•	Revenue of select non-core prescription pharmaceutical products in China had been excluded from both the current fiscal year and the previous fiscal year until the third quarter of the fiscal year ended March 31, 
2022. However, as the divestiture was completed at the end of March 2022, the current fiscal year and the previous fiscal year are comparable, thus, in this quarter, no exclusion of its divestiture impact has been 
made for either fiscal year.
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Reconciliation from Reported to Core/Underlying FY2020
(JPY billions)
REPORTED
REPORTED TO CORE ADJUSTMENTS
CORE
CORE TO UNDERLYING 
CORE ADJ.
UNDERLYING 
GROWTH
Amortization 
of intangible 
assets
Impairment 
of intangible 
assets
Other 
operating 
income/
expenses
TEVA JV 
related 
accounting 
adjustments
TCHC 
divestiture1
Others
FX
Divestitures
Revenue
3,197.8
3,197.8
-1.4
-174.4
+2.2% 
Cost of sales
-994.3
87.4
-906.9
-2.6
52.7
Gross Profit
2,203.5
87.4
2,290.9
-4.0
-121.7
SG&A expenses
-875.7
1.9
1.2
-872.6
2.2
16.7
R&D expenses
-455.8
-0.3
5.8
-450.4
0.0
0.8
Amortization of intangible assets
-405.3
405.3
—
Impairment losses on intangible assets
-16.6
16.6
—
Other operating income
318.0
-116.9
-1.5
-139.5
-60.2
—
Other operating expenses
-258.9
185.3
73.6
—
Operating profit
509.3
405.3
16.6
70.0
-1.5
-139.5
107.7
967.9
-1.8
-104.2
+13.0%
Margin
15.9%
30.3%
28.5%2
Financial income/expenses
-143.1
16.8
-126.3
6.0
-0.0
Equity income/loss
0.1
16.6
-13.1
3.5
-0.2
-0.0
Profit before tax
366.2
405.3
16.6
70.0
15.1
-139.5
111.4
845.1
4.0
-104.2
Tax expenses
9.9
-90.5
-3.8
-9.5
-4.6
-91.0
-189.4
-0.9
29.1
Non-controlling interests
-0.2
-0.2
0.0
0.0
Net profit
376.0
314.8
12.8
60.5
10.5
-139.5
20.4
655.5
3.1
-75.1
EPS (yen)
241
420
3
-48
+24.6%
Number of shares (millions)
1,562
1,562
1,558
Reconciliations (cont.)
1	On March 31, 2021, Takeda completed the sale of Takeda Consumer Healthcare Company Limited (“TCHC”), a wholly-owned subsidiary of Takeda primarily focused on the consumer healthcare market in Japan, to 
The Blackstone Group Inc.
2	Underlying Core Operating Profit Margin.
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Free Cash Flow
(JPY billions)
FY2020
FY2021
vs. PY
Net profit
376.2
230.2
-146.0
-38.8%
Depreciation, amortization and impairment loss
585.1
637.7
+52.5
Decrease (increase) in trade working capital
53.3
206.3
+153.0
Income taxes paid
-235.8
-147.7
+88.1
Tax refunds and interest on tax refunds received
34.1
7.3
-26.8
Other
198.0
189.4
-8.6
Net cash from operating activities
1,010.9
1,123.1
+112.2
+11.1%
Adjustment for cash temporarily held by Takeda on behalf of third parties1
-175.5
-32.0
+143.5
Acquisition of PP&E
-111.2
-123.3
-12.0
Proceeds from sales of PP&E
46.5
1.8
-44.6
Acquisition of intangible assets
-125.3
-62.8
+62.5
Acquisition of investments
-12.6
-8.3
+4.3
Proceeds from sales and redemption of investments
74.6
16.9
-57.7
Proceeds from sales of business, net of cash and cash equivalents divested
530.4
28.2
-502.2
Free Cash Flow
1,237.8
943.7
-294.2
-23.8%
Reconciliations (cont.)
1	Adjustment refers to cash temporarily held by Takeda on behalf of third parties related to vaccine operations and the trade receivables sales program.
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Net Profit to Adjusted EBITDA Bridge FY2021 Versus Prior Year
(JPY billions)
FY2020
FY2021
vs. PY
Net profit
376.2
230.2
-146.0
-38.8%
Income tax expenses
-9.9
72.4
Depreciation and amortization
559.7
583.2
Interest expense, net
129.0
117.8
EBITDA
1,054.9
1,003.6
-51.4
-4.9%
Impairment losses
25.5
54.5
Other operating expense (income), net, excluding depreciation and amortization and other 
miscellaneous expenses (non-cash item)
-74.5
106.3
Finance expense (income), net, excluding interest income and expense, net
14.1
25.1
Share of loss on investments accounted for under the equity method
-0.1
15.4
Other adjustments:
131.4
-30.2
Non-core expense related to COVID-19
14.0
10.4
Sale of Japan diabetes portfolio and other non-core product divestitures
—
-144.8
Impact on profit related to fair value step up of inventory in Shire acquisition
79.4
31.9
Acquisition costs related to Shire
1.9
—
Other costs1
36.1
72.4
EBITDA from divested products2
-67.8
-6.6
Adjusted EBITDA
1,083.5
1,168.0
+84.5
+7.8%
Reconciliations (cont.)
1	Includes adjustments for non-cash equity-based compensation expense and other one time non-cash expense.
2	Represents adjustments for EBITDA from divested products which are removed as part of Adjusted EBITDA.
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Net Debt/Adjusted EBITDA
NET DEBT/ADJUSTED EBITDA RATIO
(JPY billions)
FY2021
Cash and cash equivalents1
642.2
Book value debt on the balance sheet
-4,345.4
Hybrid bond 50% equity credit
250.0
FX adjustment2
219.4
Gross debt3
-3,876.0
Net cash (debt)
-3,233.8
Net debt/Adjusted EBITDA ratio
2.8 x
Adjusted EBITDA
1,168.0
NET INCREASE/DECREASE IN CASH
(JPY billions)
FY2020
FY2021
vs. PY
Net cash from operating activities
1,010.9
1,123.1
+112.2
+11.1%
Acquisition of PP&E
-111.2
-123.3
Proceeds from sales of PP&E
46.5
1.8
Acquisition of intangible assets
-125.3
-62.8
Acquisition of investments
-12.6
-8.3
Proceeds from sales and redemption of investments 
74.6
16.9
Acquisition of business, net of cash and cash 
equivalents acquired
—
-49.7
Proceeds from sales of business, net of cash and cash 
equivalents divested
530.4
28.2
Net increase (decrease) in short-term loans and 
commercial papers
-149.0
-0.0
Repayment of long-term loans
-792.5
-414.1
Proceeds from issuance of bonds
1,179.5
249.3
Repayment of bonds
-859.2
-396.0
Purchase of treasury shares
-2.1
-77.5
Interest paid
-107.3
-108.2
Dividends paid
-283.4
-283.7
Others
-83.1
-41.1
Net increase/decrease in cash
316.1
-145.3
-461.4
—
1	Includes short-term investments which mature or become due within one year from the reporting date and excludes cash temporarily held by Takeda on behalf of third parties related to vaccine operations and the 
trade receivables sales program.
2	FX adjustment refers to change from month-end rate to average rate used for non-JPY debt calculation outstanding at the beginning of the period to match with adjusted EBITDA (which is calculated based on 
average rates). New non-JPY debt incurred and existing non-JPY debt redeemed during the reporting period are translated to JPY at relevant spot rates as of the relevant date.
3	Bonds and loans of current and non-current liabilities. 250Bn yen reduction in debt due to 500Bn yen hybrid bond issuance in June 2019, given that the hybrid bond qualifies for 50% equity credit for leverage 
purposes. Includes non-cash adjustments related to debt amortization and FX impact.
Reconciliations (cont.)
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Reconciliation from Reported Operating Profit to Core Operating Profit — FY2022 Forecast
(JPY billions)
REPORTED
REPORTED TO CORE ADJUSTMENTS
CORE
Amortization of 
intangible assets
Impairment of 
intangible assets
Other operating 
income/expenses
Others
Revenue
3,690.0
3,690.0
Cost of sales
24.0
Gross Profit
24.0
SG&A and R&D expenses
7.0
Amortization of intangible assets
-438.0
438.0
—
Impairment losses on intangible assets
-50.0
50.0
—
Other operating income
12.0
-12.0
—
Other operating expenses
-73.0
73.0
—
Operating profit
520.0
438.0
50.0
61.0
31.0
1,100.0
Reconciliations (cont.)
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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
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