Japanese pharmaceutical firm Takeda's profits hit by €37m impairment charge
New accounts show that Takeda Ireland Ltd sustained the €37.2m impairment charge on its tangible assets after a group decision not to manufacture a new medicine, Alofisel, at Grange Castle to treat complex anal fistulas in adults who have Crohn's disease.
The note states that in February last year, Takeda made a decision not to pursue marketing authorisations for Alofisel in the United States or Canada based on the findings of a clinical study announced in October 2023.
However, it states that the Alofisel decision 'had a direct impact on the manufacturing facility P3 in Grange Castle, Ireland, which was built to enable the business to meet future demand in the US and Canada'.
The note adds that as a result of this 'a decision was made to discontinue operation of the P3 Alofisel manufacturing facility in Grange Castle'. It further states that the impairment did not impact the entity's going concern due to limited size of Alofisel business.
In accounts signed off on February 25, the note states that the 'P3 manufacturing facility remains unused' and that 'the Takeda group has not disclosed any plans regarding the future use of this facility'.
The accounts show that despite the €37.2m impairment, pre-tax profits at Takeda Ireland more than doubled from €13.8m to €28.1m in the 12 months to the end of March 2024.
This followed revenues increasing marginally from €383.9m to €388.29m.
The company recorded a post-tax profit of €16.69m after incurring a corporation tax charge of €11.4m.
The Japanese-headquartered Takeda has commercial operations, corporate services and manufacturing facilities across four locations in Ireland: Baggot Street in Dublin city, Bray, Citywest and Grange Castle.
Profits increased sharply last year after cost of sales reduced from €351m to €308.8m, and the directors state that the decrease 'is mainly related to reduction in intercompany royalty expenses'.
In 2004 Takeda chose Grange Castle as its first active pharmaceutical ingredient (API) facility outside Japan.
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