Company: TAK
Filing Date: 2025-06-25
Form Type: 20-F
Source: 0001395064-25-000095
Chunk: 126

Company: TAKEDA PHARMACEUTICAL CO LTD
Filing Date: 2025-06-25
Form: 20-F
Item: Item 5
Chunk 126
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5 billion). The increase was mainly driven by higher Net Cash from Operating Activities.

Adjusted Free Cash Flow for the fiscal year ended March 31, 2025 was JPY 769.0 billion (JPY +485.5 billion). The increase was primarily due to higher Free Cash Flow, further driven by a decrease in Acquisition of Intangible Assets.

Fiscal Year Ended March 31, 2024 compared with the Fiscal Year Ended March 31, 2023

Free Cash Flow for the fiscal year ended March 31, 2024 was JPY 540.9 billion (JPY -295.6 billion). The decrease was mainly driven by lower Net Cash from Operating Activities.

Adjusted Free Cash Flow for the fiscal year ended March 31, 2024 was JPY 283.4 billion (JPY -162.8 billion). The decrease was primarily due to lower Free Cash Flow, which was partially offset by a decrease in Acquisition of Intangible Assets.

Table of Contents

Credit Ratings

Our credit ratings, which reflect each rating agency’s opinion of our financial strength, operating performance and ability to meet our obligations, as of the date of this annual report are as follows:

  Rating Agency            Category                                                                          Rating      Outlook      Rating Structure                                                                                                                                    
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  S& P Global Ratings      Issuer credit rating/foreign currency long-term and local currency long-term      BBB+        Stable       Fourth highest of 11 rating categories and first within the category based on modifiers (e.g. BBB+, BBB and BBB- are within the same category).     
                           Issuer credit rating (short-term)                                                 A-2                      Second highest of six rating categories                                                                                                             
  Moody’s                  Long-term issuer rating and Long-term senior unsecured rating                     Baa1        Stable       Fourth highest of nine rating categories and first within the category based on modifiers (e.g. Baa1, Baa2 and Baa3 are within the same category).  

The ratings are not a recommendation to buy, sell or hold securities. The ratings are subject to revision or withdrawal at any time by the assigning rating agency. Each of the financial strength ratings should be evaluated independently.

Borrowings and Financial Obligations

Our total bonds and loans were JPY 4,843.8 billion and JPY 4,515.3