Company: TAK
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001395064-25-000101
Chunk: 12

Company: TAKEDA PHARMACEUTICAL CO LTD
Filing Date: 2025-06-26
Form: 424B5
Chunk 12
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 documents incorporated by reference herein.

#### Risks Relating to the Notes and the Guarantee
The Notes and Guarantee are unsecured obligations.

Because the Notes and the Guarantee are unsecured obligations, their repayment may be compromised if:

• TUSFI or TPC enter into bankruptcy, liquidation, rehabilitation or other winding-up proceedings;

• TUSFI or TPC default in payment under our secured indebtedness or other unsecured indebtedness; or

• any of the indebtedness of TUSFI or TPC is accelerated.

If any of these events occurs, the assets of Takeda may not be sufficient to pay amounts due on the Notes.

The Notes and the Guarantee will be structurally subordinated to indebtedness and other liabilities of TPC’s subsidiaries other than the Issuer.

The Notes are obligations of the Issuer and are guaranteed exclusively by the Guarantor. The subsidiaries of TPC other than the Issuer are separate and distinct legal entities and have no obligation to pay any amounts due on the Notes or the Guarantee or to provide the Issuer or Guarantor with funds for the payment obligations under the Notes or the Guarantee.

In addition, there is no restriction under the TUSFI Indenture on the amount of debt or preferred equity that TPC’s subsidiaries may incur or issue. To the extent such debt or preferred equity of TPC’s subsidiaries other than the Issuer is incurred or issued to third parties, the claims of such third parties have priority as to the assets of such subsidiaries over the claims of TPC as a common equity holder of such subsidiaries. Consequently, in the event of the liquidation or reorganization of any of TPC’s subsidiaries other than the Issuer, the claims of holders of the Notes to participate in those assets through the Guarantee would be structurally subordinated to the claims of the creditors and preferred equity holders of such subsidiaries.

Moreover, Takeda Pharmaceutical Company Limited guaranteed $2.8 billion aggregate principal amount of debt securities issued by subsidiaries other than the Issuer as of March 31, 2025, in addition to other obligations of certain of its subsidiaries, and may in the future provide additional guarantees over indebtedness or other obligations of current or future subsidiaries. Claims against such guarantees expressed to be direct, unsecured and

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unsubordinated general obligations of TPC (including the guarantees over interest-bearing indebtedness of subsidiaries) rank or (in the case of future guarantees) will rank pari passu with the Guarantee.

The T