Cover
Cover | 12 Months Ended |
Mar. 31, 2022 shares | |
Document Information [Line Items] | |
Document type | 20-F |
Document registration statement | false |
Document annual report | true |
Current fiscal year end date | --03-31 |
Document period end date | Mar. 31, 2022 |
Document transition report | false |
Document shell company report | false |
Entity file number | 001-38757 |
Entity registrant name | Takeda Pharmaceutical Company Limited |
Entity incorporation, state or country code | M0 |
Entity address, address line one | 1-1, Nihonbashi-Honcho 2-Chome |
Entity address, address line two | Chuo-ku |
Entity address, city or town | Tokyo |
Entity address, postal zip code | 103-8668 |
Entity address, country | JP |
Title of 12(b) security | American Depositary Shares Representing Common Stock Common Stock, no par value |
Trading symbol | TAK |
Entity well-known seasoned issuer | Yes |
Entity voluntary filers | No |
Entity current reporting status | Yes |
Entity interactive data current | Yes |
Entity filer category | Large Accelerated Filer |
Entity emerging growth company | false |
ICFR auditor attestation flag | true |
Document accounting standard | International Financial Reporting Standards |
Entity shell company | false |
Amendment flag | false |
Entity central index key | 0001395064 |
Document fiscal year focus | 2022 |
Document fiscal period focus | FY |
ADS | |
Document Information [Line Items] | |
Entity common stock, shares outstanding (in shares) | 115,737,658 |
Ordinary shares | |
Document Information [Line Items] | |
Entity common stock, shares outstanding (in shares) | 1,550,360,779 |
New York Stock Exchange | |
Document Information [Line Items] | |
Security exchange name | NYSE |
0.750% Senior Notes due 2027 | New York Stock Exchange | |
Document Information [Line Items] | |
Title of 12(b) security | 0.750% Senior Notes due 2027 |
Trading symbol | TAK27 |
Security exchange name | NYSE |
1.000% Senior Notes due 2029 | New York Stock Exchange | |
Document Information [Line Items] | |
Title of 12(b) security | 1.000% Senior Notes due 2029 |
Trading symbol | TAK29 |
Security exchange name | NYSE |
1.375% Senior Notes due 2032 | New York Stock Exchange | |
Document Information [Line Items] | |
Title of 12(b) security | 1.375% Senior Notes due 2032 |
Trading symbol | TAK32 |
Security exchange name | NYSE |
2.000% Senior Notes due 2040 | New York Stock Exchange | |
Document Information [Line Items] | |
Title of 12(b) security | 2.000% Senior Notes due 2040 |
Trading symbol | TAK40A |
Security exchange name | NYSE |
Business contact | |
Document Information [Line Items] | |
Contact personnel name | Costa Saroukos |
Entity address, address line one | 1-1, Nihonbashi-Honcho 2-Chome |
Entity address, address line two | Chuo-ku |
Entity address, city or town | Tokyo |
Entity address, postal zip code | 103-8668 |
Entity address, country | JP |
City area code | +81 |
Local phone number | 3 3278-2306 |
Contact personnel fax number | +81 3 3278-2268 |
Contact personnel email address | Global.External.Reporting@takeda.com |
Audit Information
Audit Information | 12 Months Ended |
Mar. 31, 2022 | |
Auditor Information [Abstract] | |
Auditor Firm ID | 1009 |
Auditor Name | KPMG AZSA LLC |
Auditor Location | Tokyo, Japan |
Consolidated Statements of Prof
Consolidated Statements of Profit or Loss - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Profit or loss [abstract] | |||
Revenue | ¥ 3,569,006 | ¥ 3,197,812 | ¥ 3,291,188 |
Cost of sales | (1,106,846) | (994,308) | (1,089,764) |
Selling, general and administrative expenses | (886,361) | (875,663) | (964,737) |
Research and development expenses | (526,087) | (455,833) | (492,381) |
Amortization and impairment losses on intangible assets associated with products | (472,915) | (421,864) | (455,420) |
Other operating income | 43,123 | 318,020 | 60,213 |
Other operating expenses | (159,075) | (258,895) | (248,691) |
Operating profit | 460,844 | 509,269 | 100,408 |
Finance income | 23,700 | 105,521 | 27,831 |
Finance expenses | (166,607) | (248,631) | (165,006) |
Share of profit (loss) of investments accounted for using the equity method | (15,367) | 76 | (23,987) |
Profit (loss) before tax | 302,571 | 366,235 | (60,754) |
Income tax (expenses) benefit | (72,405) | 9,936 | 105,044 |
Net profit for the year | 230,166 | 376,171 | 44,290 |
Attributable to: | |||
Owners of the Company | 230,059 | 376,005 | 44,241 |
Non-controlling interests | 107 | 166 | 49 |
Net profit for the year | ¥ 230,166 | ¥ 376,171 | ¥ 44,290 |
Earnings per share (JPY) | |||
Basic earnings per share (in JPY per share) | ¥ 147.14 | ¥ 240.72 | ¥ 28.41 |
Diluted earnings per share (in JPY per share) | ¥ 145.87 | ¥ 238.96 | ¥ 28.25 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of comprehensive income [abstract] | |||
Net profit for the year | ¥ 230,166 | ¥ 376,171 | ¥ 44,290 |
Items that will not be reclassified to profit or loss: | |||
Changes in fair value of financial assets measured at fair value through other comprehensive income | (14,626) | 61,866 | (3,512) |
Remeasurement of defined benefit pension plans | 20,783 | 4,866 | (6,398) |
Other comprehensive income that will not be reclassified to profit or loss, net of tax | 6,158 | 66,732 | (9,910) |
Items that may be reclassified subsequently to profit or loss: | |||
Exchange differences on translation of foreign operations | 583,969 | 309,304 | (207,072) |
Cash flow hedges | 2,173 | (45,345) | (25,689) |
Hedging cost | 2,457 | (9,147) | (857) |
Share of other comprehensive loss of investments accounted for using the equity method | (497) | (299) | (181) |
Other comprehensive income that will be reclassified to profit or loss, net of tax | 588,103 | 254,513 | (233,799) |
Other comprehensive income (loss) for the year, net of tax | 594,261 | 321,245 | (243,709) |
Total comprehensive income (loss) for the year | 824,427 | 697,416 | (199,419) |
Attributable to: | |||
Owners of the Company | 824,258 | 697,202 | (199,569) |
Non-controlling interests | 168 | 214 | 150 |
Total comprehensive income (loss) for the year | ¥ 824,427 | ¥ 697,416 | ¥ (199,419) |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - JPY (¥) ¥ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Non-current assets: | ||
Property, plant and equipment | ¥ 1,582,800 | ¥ 1,453,917 |
Goodwill | 4,407,749 | 4,033,917 |
Intangible assets | 3,818,544 | 3,909,106 |
Investments accounted for using the equity method | 96,579 | 112,468 |
Other financial assets | 233,554 | 235,882 |
Other non-current assets | 82,611 | 100,341 |
Deferred tax assets | 362,539 | 353,769 |
Total non-current assets | 10,584,376 | 10,199,400 |
Current assets: | ||
Inventories | 853,167 | 753,881 |
Trade and other receivables | 696,644 | 783,091 |
Other financial assets | 25,305 | 36,598 |
Income taxes receivable | 27,733 | 29,623 |
Other current assets | 141,099 | 122,789 |
Cash and cash equivalents | 849,695 | 966,222 |
Assets held for sale | 0 | 20,689 |
Total current assets | 2,593,642 | 2,712,893 |
Total assets | 13,178,018 | 12,912,293 |
Non-current liabilities: | ||
Bonds and loans | 4,141,418 | 4,613,218 |
Other financial liabilities | 468,943 | 517,677 |
Net defined benefit liabilities | 145,847 | 158,857 |
Income taxes payable | 21,634 | 33,690 |
Provisions | 52,199 | 38,748 |
Other non-current liabilities | 67,214 | 56,898 |
Deferred tax liabilities | 451,511 | 542,852 |
Total non-current liabilities | 5,348,764 | 5,961,940 |
Current liabilities: | ||
Bonds and loans | 203,993 | 22,153 |
Trade and other payables | 516,297 | 343,838 |
Other financial liabilities | 196,071 | 248,053 |
Income taxes payable | 200,918 | 145,203 |
Provisions | 443,502 | 471,278 |
Other current liabilities | 584,949 | 542,651 |
Total current liabilities | 2,145,730 | 1,773,176 |
Total liabilities | 7,494,495 | 7,735,116 |
Equity: | ||
Share capital | 1,676,263 | 1,668,145 |
Share premium | 1,708,873 | 1,688,424 |
Treasury shares | (116,007) | (59,552) |
Retained earnings | 1,479,716 | 1,509,906 |
Other components of equity | 934,173 | 366,114 |
Equity attributable to owners of the Company | 5,683,019 | 5,173,037 |
Non-controlling interests | 504 | 4,140 |
Total equity | 5,683,523 | 5,177,177 |
Total liabilities and equity | ¥ 13,178,018 | ¥ 12,912,293 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - JPY (¥) ¥ in Millions | Total | Cumulative effects of changes in accounting policies | Restated opening balance | Total equity attributable to owners of the Company | Total equity attributable to owners of the Company Cumulative effects of changes in accounting policies | Total equity attributable to owners of the Company Restated opening balance | Share capital | Share capital Restated opening balance | Share premium | Share premium Restated opening balance | Treasury shares | Treasury shares Restated opening balance | Retained earnings | Retained earnings Cumulative effects of changes in accounting policies | Retained earnings Restated opening balance | Total other components of equity | Total other components of equity Cumulative effects of changes in accounting policies | Total other components of equity Restated opening balance | Exchange differences on translation of foreign operations | Exchange differences on translation of foreign operations Restated opening balance | Changes in fair value of financial assets measured at fair value through other comprehensive income | Changes in fair value of financial assets measured at fair value through other comprehensive income Restated opening balance | Cash flow hedges | Cash flow hedges Restated opening balance | Hedging cost | Hedging cost Restated opening balance | Remeasurements of defined benefit pension plans | Remeasurements of defined benefit pension plans Restated opening balance | Non- controlling interests | Non- controlling interests Restated opening balance |
Equity, as of beginning of period at Mar. 31, 2019 | ¥ 5,185,991 | ¥ (512) | ¥ 5,185,479 | ¥ 5,181,985 | ¥ (512) | ¥ 5,181,473 | ¥ 1,643,585 | ¥ 1,643,585 | ¥ 1,650,232 | ¥ 1,650,232 | ¥ (57,142) | ¥ (57,142) | ¥ 1,595,431 | ¥ (512) | ¥ 1,594,919 | ¥ 349,879 | ¥ 0 | ¥ 349,879 | ¥ 299,128 | ¥ 299,128 | ¥ 46,380 | ¥ 46,380 | ¥ 2,959 | ¥ 2,959 | ¥ 1,412 | ¥ 1,412 | ¥ 0 | ¥ 0 | ¥ 4,006 | ¥ 4,006 |
Net profit for the year | 44,290 | 44,241 | 44,241 | 0 | 49 | |||||||||||||||||||||||||
Other comprehensive income (loss) | (243,709) | (243,810) | (243,810) | (207,280) | (3,586) | (25,689) | (857) | (6,398) | 101 | |||||||||||||||||||||
Total comprehensive income (loss) for the year | (199,419) | (199,569) | 44,241 | (243,810) | (207,280) | (3,586) | (25,689) | (857) | (6,398) | 150 | ||||||||||||||||||||
Changes in equity [abstract] | ||||||||||||||||||||||||||||||
Issuance of new shares | 49,076 | 49,076 | 24,538 | 24,538 | 0 | |||||||||||||||||||||||||
Acquisition of treasury shares | (52,750) | (52,750) | (52,750) | 0 | ||||||||||||||||||||||||||
Disposal of treasury shares | 1 | 1 | 0 | 1 | 0 | |||||||||||||||||||||||||
Dividends | (282,846) | (282,693) | (282,693) | 0 | (153) | |||||||||||||||||||||||||
Transfers from other components of equity | 0 | 0 | 13,505 | (13,505) | (19,903) | 6,398 | ||||||||||||||||||||||||
Share-based compensation | 29,122 | 29,122 | 29,122 | 0 | ||||||||||||||||||||||||||
Exercise of share-based awards | (1,177) | (1,177) | (23,605) | 22,428 | 0 | |||||||||||||||||||||||||
Total transactions with owners | (258,574) | (258,421) | 24,538 | 30,055 | (30,321) | (269,188) | (13,505) | 0 | (19,903) | 0 | 0 | 6,398 | (153) | |||||||||||||||||
Equity, as of end of period at Mar. 31, 2020 | 4,727,486 | 4,723,483 | 1,668,123 | 1,680,287 | (87,463) | 1,369,972 | 92,564 | 91,848 | 22,891 | (22,730) | 555 | 0 | 4,003 | |||||||||||||||||
Net profit for the year | 376,171 | 376,005 | 376,005 | 0 | 166 | |||||||||||||||||||||||||
Other comprehensive income (loss) | 321,245 | 321,197 | 321,197 | 308,950 | 61,873 | (45,345) | (9,147) | 4,866 | 48 | |||||||||||||||||||||
Total comprehensive income (loss) for the year | 697,416 | 697,202 | 376,005 | 321,197 | 308,950 | 61,873 | (45,345) | (9,147) | 4,866 | 214 | ||||||||||||||||||||
Changes in equity [abstract] | ||||||||||||||||||||||||||||||
Issuance of new shares | 44 | 44 | 22 | 22 | 0 | |||||||||||||||||||||||||
Acquisition of treasury shares | (2,141) | (2,141) | (2,141) | 0 | ||||||||||||||||||||||||||
Disposal of treasury shares | 2 | 2 | 0 | 2 | 0 | |||||||||||||||||||||||||
Dividends | (283,795) | (283,718) | (283,718) | 0 | (77) | |||||||||||||||||||||||||
Transfers from other components of equity | 0 | 0 | 47,647 | (47,647) | (42,781) | (4,866) | ||||||||||||||||||||||||
Share-based compensation | 37,663 | 37,663 | 37,663 | 0 | ||||||||||||||||||||||||||
Exercise of share-based awards | 502 | 502 | (29,548) | 30,050 | 0 | |||||||||||||||||||||||||
Total transactions with owners | (247,725) | (247,648) | 22 | 8,137 | 27,911 | (236,071) | (47,647) | 0 | (42,781) | 0 | 0 | (4,866) | (77) | |||||||||||||||||
Equity, as of end of period at Mar. 31, 2021 | 5,177,177 | 5,173,037 | 1,668,145 | 1,688,424 | (59,552) | 1,509,906 | 366,114 | 400,798 | 41,983 | (68,075) | (8,592) | 0 | 4,140 | |||||||||||||||||
Net profit for the year | 230,166 | 230,059 | 230,059 | 0 | 107 | |||||||||||||||||||||||||
Other comprehensive income (loss) | 594,261 | 594,200 | 594,200 | 583,343 | (14,558) | 2,173 | 2,457 | 20,783 | 61 | |||||||||||||||||||||
Total comprehensive income (loss) for the year | 824,427 | 824,258 | 230,059 | 594,200 | 583,343 | (14,558) | 2,173 | 2,457 | 20,783 | 168 | ||||||||||||||||||||
Changes in equity [abstract] | ||||||||||||||||||||||||||||||
Issuance of new shares | 22,154 | 22,154 | 8,118 | 14,036 | 0 | |||||||||||||||||||||||||
Acquisition of treasury shares | (79,447) | (79,447) | (79,447) | 0 | ||||||||||||||||||||||||||
Disposal of treasury shares | 1 | 1 | 0 | 1 | 0 | |||||||||||||||||||||||||
Dividends | (284,246) | (284,246) | (284,246) | 0 | ||||||||||||||||||||||||||
Changes in ownership | (5,948) | (2,143) | (2,143) | 0 | (3,804) | |||||||||||||||||||||||||
Transfers from other components of equity | 0 | 0 | 26,141 | (26,141) | (5,357) | (20,783) | ||||||||||||||||||||||||
Share-based compensation | 43,374 | 43,374 | 43,374 | 0 | ||||||||||||||||||||||||||
Exercise of share-based awards | (13,968) | (13,968) | (36,960) | 22,992 | 0 | |||||||||||||||||||||||||
Total transactions with owners | (318,080) | (314,276) | 8,118 | 20,450 | (56,454) | (260,249) | (26,141) | 0 | (5,357) | 0 | 0 | (20,783) | (3,804) | |||||||||||||||||
Equity, as of end of period at Mar. 31, 2022 | ¥ 5,683,523 | ¥ 5,683,019 | ¥ 1,676,263 | ¥ 1,708,873 | ¥ (116,007) | ¥ 1,479,716 | ¥ 934,173 | ¥ 984,141 | ¥ 22,068 | ¥ (65,901) | ¥ (6,135) | ¥ 0 | ¥ 504 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from (used in) operating activities [abstract] | |||
Net profit for the year | ¥ 230,166 | ¥ 376,171 | ¥ 44,290 |
Depreciation and amortization | 583,151 | 559,671 | 583,649 |
Impairment losses | 54,515 | 25,452 | 101,882 |
Equity-settled share-based compensation | 43,374 | 37,663 | 29,122 |
Change in estimate of liabilities related to SHP647 | 0 | (60,179) | 0 |
Loss (gain) on sales and disposal of property, plant and equipment | 655 | (2,109) | (990) |
Gain on divestment of business and subsidiaries | (7,829) | (229,993) | (16,755) |
Loss on liquidation of foreign operations | 0 | 0 | 399 |
Change in fair value of financial assets and liabilities associated with contingent consideration arrangements, net | (11,195) | 59,277 | (18,387) |
Finance (income) and expenses, net | 142,907 | 143,110 | 137,175 |
Share of loss (profit) of investments accounted for using the equity method | 15,367 | (76) | 23,987 |
Income tax expenses (benefit) | 72,405 | (9,936) | (105,044) |
Changes in assets and liabilities: | |||
Decrease (increase) in trade and other receivables | 127,294 | (9,316) | (34,826) |
Decrease (increase) in inventories | (46,148) | 25,978 | 137,492 |
Increase (decrease) in trade and other payables | 125,157 | 36,620 | (29,932) |
Increase (decrease) in provisions | (58,090) | 49,099 | 21,938 |
Increase (decrease) in other financial liabilities | (49,608) | 173,400 | 7,158 |
Other, net | 41,409 | 37,786 | 15,362 |
Cash generated from operations | 1,263,528 | 1,212,618 | 896,520 |
Income taxes paid | (147,724) | (235,801) | (234,612) |
Tax refunds and interest on tax refunds received | 7,301 | 34,114 | 7,844 |
Net cash from operating activities | 1,123,105 | 1,010,931 | 669,752 |
Cash flows from investing activities: | |||
Interest received | 2,919 | 1,105 | 11,487 |
Dividends received | 3,401 | 387 | 1,382 |
Acquisition of property, plant and equipment | (123,252) | (111,206) | (127,082) |
Proceeds from sales of property, plant and equipment | 1,815 | 46,453 | 12,578 |
Acquisition of intangible assets | (62,785) | (125,262) | (90,628) |
Acquisition of investments | (8,341) | (12,596) | (7,551) |
Proceeds from sales and redemption of investments | 16,921 | 74,604 | 49,402 |
Acquisition of businesses, net of cash and cash equivalents acquired | (49,672) | 0 | (4,890) |
Proceeds from sales of business, net of cash and cash equivalents divested | 28,196 | 530,388 | 461,546 |
Other, net | (7,328) | (10,343) | (14,125) |
Net cash from (used in) investing activities | (198,125) | 393,530 | 292,119 |
Cash flows from financing activities: | |||
Net decrease in short-term loans and commercial papers | (2) | (149,043) | (351,223) |
Proceeds from issuance of bonds and long-term loans | 249,334 | 1,179,515 | 496,190 |
Repayments of bonds and long-term loans | (810,115) | (1,651,706) | (701,057) |
Payments for settlement of forward rate agreement related to bonds | 0 | (34,830) | 0 |
Acquisition of treasury shares | (77,531) | (2,141) | (3,737) |
Interest paid | (108,207) | (107,350) | (127,211) |
Dividends paid | (283,665) | (283,357) | (282,582) |
Acquisition of non-controlling interests | 0 | 0 | (1,700) |
Repayments of lease liabilities | (39,694) | (39,270) | (30,000) |
Other, net | (385) | (172) | (3,893) |
Net cash used in financing activities | (1,070,265) | (1,088,354) | (1,005,213) |
Net increase (decrease) in cash and cash equivalents | (145,285) | 316,107 | (43,342) |
Cash and cash equivalents at the beginning of the year | 966,222 | 637,614 | 702,093 |
Cash and cash equivalents reclassified back from assets held for sale | 0 | 0 | 629 |
Cash and cash equivalents at the beginning of the year | 966,222 | 637,614 | 702,722 |
Effects of exchange rate changes on cash and cash equivalents | 28,758 | 12,501 | (21,766) |
Cash and cash equivalents at the end of the year | ¥ 849,695 | ¥ 966,222 | ¥ 637,614 |
Reporting Entity
Reporting Entity | 12 Months Ended |
Mar. 31, 2022 | |
General Information About Financial Statements [Abstract] | |
Reporting Entity | Reporting EntityTakeda Pharmaceutical Company Limited (the “Company”) is a public company incorporated in Japan. The Company and its subsidiaries (collectively, “Takeda”) is a global, values-based, R&D-driven biopharmaceutical company with a diverse portfolio, engaged primarily in the research, development, production and global commercialization of pharmaceutical products. Takeda’s principal pharmaceutical products include medicines in the following key business areas: gastroenterology (“GI”), rare diseases, Plasma-Derived Therapies (“PDT”) immunology, oncology, and neuroscience. |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Mar. 31, 2022 | |
General Information About Financial Statements [Abstract] | |
Basis of Preparation | Basis of Preparation Compliance with International Financial Reporting Standards Takeda’s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). The term IFRS also includes International Accounting Standards (“IASs”) and the related interpretations of the interpretation’s committees (Standard Interpretations Committee (“SIC”) and International Financial Reporting Interpretations Committee (“IFRIC”)). Approval of Financial Statements The Company’s consolidated financial statements presented were approved on June 29, 2022 by Representative Director, President & Chief Executive Officer (“CEO”) Christophe Weber and Director & Chief Financial Officer (“CFO”) Costa Saroukos. Basis of Measurement The consolidated financial statements have been prepared on a historical cost basis, except for certain assets and liabilities recorded at fair value including equity investments, derivative financial instruments, and financial assets and liabilities associated with contingent consideration arrangements. Functional and Presentation Currency The consolidated financial statements are presented in Japanese Yen (“JPY”), which is the functional currency of the Company. All financial information presented in JPY has been rounded to the nearest million JPY, except when otherwise indicated. In tables with rounded figures, sums may not add up due to rounding. New Accounting Standards and Interpretations Adopted During the year ended March 31, 2022, there were no new accounting standards applied by Takeda that had a significant impact on Takeda’s consolidated financial statements. New Accounting Standards and Interpretations Issued and Not Yet Adopted There were no new or amended accounting standards and interpretations issued and not yet adopted that would be expected to have a significant impact on Takeda’s consolidated financial statements. Use of Judgments, Estimates, and Assumptions The preparation of consolidated financial statements in accordance with IFRS requires management to make certain judgments, estimates, and assumptions that affect the application of accounting policies and the reported amount of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from these estimates. These estimates and underlying assumptions are reviewed on a continuous basis. Changes in these accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Information about judgments and estimates that have been made in the process of applying accounting policies and that have significant effects on the amounts reported in the consolidated financial statements, and information about accounting estimates and assumptions that have significant effects on the amounts reported in the consolidated financial statements, are as follows: • Recognition and measurement of taxes based on uncertain tax positions (Note 7) • Recoverability of deferred tax assets (Note 7) • Impairment of goodwill and intangible assets (Note 11 and Note 12) • Measurement of provisions (Note 23) • Estimation of rebates and return reserves associated with Takeda’s product sales (Note 3 and Note 23) • Probability of an outflow of resources embodying economic benefits on contingent liabilities (Note 32) |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2022 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Basis of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries that are directly or indirectly controlled by the Company. All significant intercompany balances and transactions have been eliminated in consolidation. Takeda controls an entity when it is exposed or has rights to variable returns from involvement with the entity and has the ability to affect those returns using its power, which is the current ability to direct the relevant activities, over the entity. To determine whether Takeda controls an entity, status of voting rights or similar rights, contractual agreements and other specific factors are considered. The financial statements of the subsidiaries are included in the consolidated financial statements from the date when control is obtained until the date when control is lost. The financial statements of subsidiaries have been adjusted in order to ensure consistency with the accounting policies adopted by the Company as necessary. Changes in ownership interest in subsidiaries that do not result in loss of control are accounted for as equity transactions. Any difference between the adjustment to non-controlling interests and the fair value of consideration transferred or received, is recognized directly in equity attributable to owners of the Company. When control over a subsidiary is lost, the investment retained after the loss of control is re-measured at fair value as of the date when control is lost, and any gain or loss on such re-measurement and disposal of the interest sold is recognized in profit or loss. Investments in Associates and Joint Arrangements Associates are entities over which Takeda has significant influence over the decisions on financial and operating policies but does not have control or joint control. Investments in associates are accounted for using the equity method and recognized at cost on the acquisition date. The carrying amount is subsequently increased or decreased to recognize Takeda’s share of profit or loss and other comprehensive income of the associates. Intra-group profits on transactions with associates accounted for using the equity method are eliminated against the investment to the extent of Takeda’s equity interest in the associates. Intra-group losses are eliminated in the same way as intra-group profits unless there is evidence of impairment. Joint arrangement is an arrangement of which two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. Takeda classifies joint arrangement into either joint operations or joint ventures. The classification of a joint arrangement as a joint operation or a joint venture depends upon the rights and obligations of the parties to the arrangement. Joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. The assets, liabilities, revenues and expenses in joint operations are recognized in relation to Takeda’s interest. The investment in joint ventures is accounted for using the equity method. At each reporting date, the Company determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Company calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognizes the loss in profit or loss. Business Combinations Business combinations are accounted for using the acquisition method. The identifiable assets acquired and the liabilities assumed are measured at the fair values at the acquisition date. Goodwill is measured as the excess of the sum of the fair value of consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer’s previously held equity interest in the acquiree less the fair value of identifiable assets acquired, net of liabilities assumed at the acquisition date. As part of business combinations, when the acquired entity consists of foreign operations with multiple functional currencies, Takeda allocates goodwill recognized upon the acquisition to the foreign operations based on the estimated cash flows of the acquired foreign operations. The consideration transferred for the acquisition of a subsidiary is measured as the fair value of the assets transferred, the liabilities incurred to former owners of the acquiree, and the equity interests issued by Takeda at the acquisition date. Non-controlling interests is initially measured either at fair value or at the non-controlling interests’ proportionate share of the recognized amounts of the acquiree’s identifiable net assets on a transaction-by-transaction basis. The consideration for certain acquisitions includes amounts contingent upon future events, such as the achievement of development milestones and sales targets. Any contingent consideration included in the consideration payable for a business combination is recorded at fair value at the date of acquisition. These fair values are generally based on risk-adjusted future cash flows discounted using appropriate discount rates. The fair values are reviewed at the end of each reporting period. The changes in the fair value based on the time value of money are recognized in finance expenses and the other changes are recognized in other operating income or other operating expenses in the consolidated statements of profit or loss. Acquisition related costs are recognized as expenses in the period they are incurred. Changes in Takeda’s ownership interests in subsidiaries arising from transactions between Takeda and non-controlling interests that do not result in Takeda losing control over a subsidiary are treated as equity transactions and therefore, do not result in adjustments to goodwill. Foreign Currency Translations Foreign Currency Transactions Foreign currency transactions are remeasured into the functional currency of each entity within Takeda using the exchange rates at the dates of the transactions or rates that approximate the exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are remeasured into the functional currency using the spot rates of exchange at the end of each reporting period. Non-monetary assets and liabilities that are measured at fair value in foreign currencies are remeasured using historical exchange rates at the date when the fair value was determined. Non-monetary assets and liabilities measured based on historical cost that are denominated in foreign currencies are remeasured at the exchange rate at the date of the initial transaction. Exchange differences arising from the remeasurement or settlement are recognized in profit or loss except when related to financial assets measured at fair value through other comprehensive income, as well as financial instruments designated as hedges of net investments in foreign operations and cash flow hedges subsequently recognized as other comprehensive income. The gain or loss arising from remeasurement of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognized in other comprehensive income or profit or loss, are also recognized in other comprehensive income or profit or loss, respectively). Foreign Operations The assets and liabilities of foreign operations are translated using the spot exchange rates at the end of the reporting period, while income and expenses of foreign operations presented in profit or loss and other comprehensive income are translated using the exchange rates at the dates of the transactions or rates that approximate the exchange rates at the dates of the transactions. Exchange differences arising from translation are recognized as other comprehensive income. In cases in which foreign operations are disposed of, the cumulative amount of exchange differences related to the foreign operations is recognized as part of the gain or loss on disposal. Revenue Takeda’s revenue is primarily related to the sale of pharmaceutical products and is generally recognized when control of the products is passed to the customer in an amount that reflects the consideration to which Takeda expects to be entitled in exchange for those products. Control is generally transferred at the point in time of shipment to or receipt of the products by the customer, or when the services are performed. The amount of revenue to be recognized is based on the consideration Takeda expects to receive in exchange for its goods or services. If a contract contains more than one contractual promise to a customer (performance obligation), the consideration is allocated based on the standalone selling price of each performance obligation. The consideration Takeda receives in exchange for its goods or services may be fixed or variable. Variable consideration is only recognized to the extent it is highly probable that a significant reversal will not occur. Takeda’s gross sales are subject to various deductions, which are primarily composed of rebates and discounts to retail customers, government agencies, wholesalers, health insurance companies and managed healthcare organizations. These deductions represent estimates of the related obligations, requiring the use of judgment when estimating the effect of these sales deductions on gross sales for a reporting period. These adjustments are deducted from gross sales to arrive at net sales. Takeda monitors the obligation for these deductions on at least a quarterly basis and records adjustments when rebate trends, rebate programs and contract terms, legislative changes, or other significant events indicate that a change in the obligation is appropriate. Historically, adjustments to rebate accruals have not been material to net earnings. The United States (the “U.S.”) market has the most complex arrangements related to revenue deductions. The following summarizes the nature of the most significant adjustments to revenue: • U.S. Medicaid: The U.S. Medicaid Drug Rebate Program is administered by state governments using state and federal funds to provide assistance to certain qualifying individuals and families, who cannot finance their own medical expenses. Calculating the rebates to be paid related to this program involves interpreting relevant regulations, which are subject to challenge or change in interpretative guidance by government authorities. Provisions for Medicaid rebates are estimated based upon identifying the products subject to a rebate, historical experience, patient demand, product pricing and the mix of contracts and specific terms in the individual state agreements. The provisions for Medicaid rebates are recorded in the same period that the corresponding revenues are recognized; however, the Medicaid rebates are not fully paid until subsequent periods. There is often a time lag of several months between Takeda recording the revenue deductions and Takeda’s final accounting for Medicaid rebates. These expected product specific assumptions relate to estimating which of Takeda’s revenue transactions will ultimately be subject to the U.S. Medicaid program. • U.S. Medicare: The U.S. Federal Medicare Program, which funds healthcare benefits to individuals age 65 or older and certain disabilities, provides prescription drug benefits under Part D section of the program. This benefit is provided and administrated through private prescription drug plans. Provisions for Medicare Part D rebates are calculated based on the terms of individual plan agreements, patient demand, product pricing and the mix of contracts. The provisions for Medicare Part D rebates are recorded in the same period that the corresponding revenues are recognized; however, the Medicare Part D rebates are not fully paid until subsequent periods. There is often a time lag of several months between Takeda recording the revenue deductions and Takeda’s final accounting for Medicare Part D rebates. These expected product specific assumptions relate to estimating which of the Takeda’s revenue transactions will ultimately be subject to the U.S. Medicare program. • Customer rebates: Customer rebates including commercial managed care in the U.S. are offered to purchasing organizations, health insurance companies, managed healthcare organizations, and other direct and indirect customers to sustain and increase market share, and to ensure patient access to Takeda’s products. Since rebates are contractually agreed upon, the related provisions are estimated based on the terms of the individual agreements, historical experience, and patient demand. The provisions for commercial managed care rebates in the U.S. are recorded in the same period that the corresponding revenues are recognized; however, commercial managed care rebates in the U.S. are not fully paid until subsequent periods. There is often a time lag of several months between Takeda recording the revenue deductions and Takeda’s final accounting for commercial managed care rebates in the U.S. These expected product specific assumptions relate to estimating which of Takeda’s revenue transactions will ultimately be subject to the commercial managed care in the U.S. • Wholesaler chargebacks: Takeda has arrangements with certain indirect customers whereby the customer is able to buy products from wholesalers at reduced prices. A chargeback represents the difference between the invoice price to the wholesaler and the indirect customer’s contractual discounted price. Provisions for estimating chargebacks are calculated based on the terms of each agreement, historical experience and product demand. Takeda has a legally enforceable right to set off the trade receivables and chargebacks and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. Thus the provision for chargebacks are recorded as a deduction from trade receivables on the consolidated statements of financial position. • Return reserves: When Takeda sells a product providing a customer with the right to return, Takeda records a provision for estimated sales returns based on its sales return policy and historical return rates. Takeda estimates the proportion of recorded revenue that will result in a return by considering relevant factors, including past product returns activity, the estimated level of inventory in the distribution channel and the shelf life of products. Because the amounts are estimated, they may not fully reflect the final outcome, and the amounts are subject to change dependent upon, amongst other things, expected product specific assumptions used in estimating which of Takeda’s revenue transactions will ultimately be subject to the respective programs. Takeda generally receives payments from customers within 90 days after the point in time when goods are delivered to the customers. Takeda usually performs those transactions as a principal, but Takeda also sells products on behalf of others in which case revenue is recognized at an amount of sales commission that Takeda expects to be entitled as an agent. Takeda also generates revenue in the form of royalty payments, upfront payments, and milestone payments from the out-licensing and sale of intellectual property (“IP”). Royalty revenue earned through a license is recognized when the underlying sales have occurred. Revenue from upfront payment is generally recognized when Takeda provides a right to use IP. Revenue from milestone payments is recognized at the point in time when it is highly probable that the respective milestone event criteria is met, and a significant reversal in the amount of revenue recognized will not occur. Revenue from other services such as R&D of therapeutic candidates that are out-licensed is recognized over the service period. Takeda generally receives payments from customers within 60 days after entering into out-licensing contracts or confirmation by customers that conditions for the milestone payments are met. Takeda licenses its own intellectual property rights to customers and performs those transactions as a principal. Takeda also provides other services as a principal or an agent. Government Grants Government grants are recognized when there is reasonable assurance that Takeda will comply with the conditions attached to them and receive the grants. Government grants for the purchasing of property, plant and equipment are recognized as deferred income and then recognized in profit or loss and offset the related expenses on a systematic basis over the useful lives of the related assets. Government grants for expenses incurred are recognized in profit or loss and offset the related expenses over the periods in which Takeda recognizes costs for which the grants are intended to compensate. Research and Development Expenses Research costs are expensed in the period incurred. Internal development expenditures are capitalized when the criteria for recognizing an asset are met in accordance with IAS 38 Intangible Assets , usually when a regulatory filing has been made in a major market and approval is considered highly probable. Where regulatory and other uncertainties are such that the criteria are not met, the expenditures are recognized in profit or loss in the consolidated statements of profit or loss. Property, plant and equipment used for R&D is capitalized and depreciated over the estimated life of the asset. Income Taxes Income taxes consist of current taxes and deferred taxes. Current and deferred taxes are recognized in profit or loss, except for income taxes resulting from business combinations, and income taxes recognized in either other comprehensive income or equity related to items that are recognized, in the same or different period, outside of profit or loss. Current Taxes The current taxes payable or receivable is based on taxable profit for the year. Taxable profit differs from reported profit because taxable profit excludes items that are either never taxable or tax deductible or items that are taxable or tax deductible in a different period. Income taxes payable and income taxes receivable, including those from prior fiscal years, are measured at the amount that is expected to be paid to or received from the taxation authorities using tax rates and tax law that have been enacted or substantively enacted by the reporting date, reflecting uncertainty related to income taxes, if any. Takeda’s current taxes also include liabilities related to uncertain tax positions. Inherent uncertainties exist in estimates of many uncertain tax positions due to changes in tax law resulting from legislation, regulation, and/or as concluded through the various jurisdictions’ tax court systems. When Takeda concludes that it is not probable that a tax authority will accept an uncertain tax position, Takeda recognizes the best estimate of the expenditure required to settle a tax uncertainty. This is measured either based on the most likely amount or the expected value amount, depending on which method provides a better prediction of the resolution of the uncertainty. The amount of unrecognized tax benefits is adjusted for changes in facts and circumstances. Takeda’s current tax assets and liabilities are calculated using tax rates that have been enacted or substantively enacted by the reporting date. Deferred Taxes Deferred taxes are calculated based on the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes at the end of the reporting period. Deferred tax assets are recognized for deductible temporary differences, unused tax credits and unused tax losses to the extent that it is probable that future taxable profit will be available against which the assets can be utilized. This requires Takeda to evaluate and assess the probability of future taxable profit and Takeda’s business plan, which are inherently uncertain. The change in judgment upon determining the revenue forecast used for Takeda's business plan could have a significant impact on the amount of the deferred tax assets to be recognized. Uncertainty of estimates of future taxable profit could increase due to changes in economies in which Takeda operates, changes in market conditions, effects of currency fluctuations, or other factors. Takeda’s deferred taxes also include liabilities related to uncertain tax positions. Deferred tax liabilities are generally recognized for taxable temporary differences. Deferred tax assets and liabilities are not recognized for the following temporary differences: • Taxable temporary differences arising on the initial recognition of goodwill • The initial recognition of assets and liabilities in transactions that are not business combinations and affect neither accounting profit nor taxable profit (loss) at the time of the transaction • Deductible temporary differences arising from investments in subsidiaries and associates, when it is not probable that the temporary differences will reverse in the foreseeable future and that taxable profit will be available against which the temporary differences can be utilized • Taxable temporary differences arising from investments in subsidiaries and associates when the timing of the reversal of the temporary differences is controllable and it is not probable that they will reverse in the foreseeable future Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the periods in which the temporary differences are expected to reverse based on the tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and the deferred tax assets and liabilities for those related to income taxes levied by the same taxation authority on the same taxable entity. Earnings per Share Basic earnings per share is calculated by dividing profit or loss for the year attributable to owners of ordinary shares of the Company, by the weighted-average number of ordinary shares outstanding during the reporting period, adjusted by the number of treasury shares. Diluted earnings per share is calculated by adjusting all the effects of dilutive potential ordinary shares. Property, Plant and Equipment Property, plant and equipment are measured using the cost model and is stated at cost less accumulated depreciation and accumulated impairment loss. Acquisition cost includes mainly the costs directly attributable to the acquisition and the initial estimated dismantlement, removal, and restoration costs associated with the asset. Except for assets that are not subject to depreciation, such as land and construction in progress, assets are depreciated mainly using the straight-line method over the estimated useful life of the asset. ROU assets are depreciated using the straight-line method over the shorter of the lease term or the estimated useful life unless it is reasonably certain that Takeda will obtain ownership by the end of the lease term. The depreciation of these assets begins when they are available for use. The estimated useful life of major asset items is as follows: • Buildings and structures 3 to 50 years • Machinery and vehicles 2 to 20 years • Tools, furniture and fixtures 2 to 20 years Goodwill Goodwill arising from business combinations is stated at its cost less accumulated impairment losses. Goodwill is not amortized. Goodwill is allocated to cash-generating units (CGUs) or groups of cash-generating units that represent the lowest level within the entity for which information about goodwill is available and monitored for internal management purposes and are not larger than an operating segment. Goodwill is only allocated to CGUs or groups of CGUs that are expected to benefit from synergies related to the business combination from which goodwill arose and the method of allocation depends on the facts and circumstances of the business combination. Goodwill is tested for impairment annually and whenever there is any indication of impairment. Impairment losses on goodwill are recognized in the consolidated statements of profit or loss and no subsequent reversal will be made. Intangible Assets Associated with Products Marketed Products An intangible asset associated with a marketed product is amortized on a straight-line basis over the estimated useful life, which is based on expected patent life, and/or other factors depending on the expected economic benefits of the asset, ranging from 3 to 20 years. Amortization of intangible assets is included in amortization and impairment losses on intangible assets associated with products in the consolidated statements of profit or loss. Amortization and impairment losses on intangible assets associated with products is separately stated in the consolidated statements of profit or loss because intangible assets associated with products have various comprehensive rights and contribute to our ability to sell, manufacture, research, market and distribute products, compounds and benefit multiple business functions. In-Process R&D Takeda regularly enters into collaboration and in-license agreements with third parties for products and compounds for R&D projects. Payments for collaboration agreements generally take the form of subsequent development milestone payments. Payments for in-license agreements generally take the form of up-front payments and subsequent development milestone payments. Up-front payments for in-license agreements are capitalized upon commencement of the in-license agreements, and development milestone payments are capitalized when the milestone is achieved. These intangible assets relating to products in development that are not yet available for use are not amortized. These intangible assets are assessed for impairment on an annual basis, or more frequently if indicators of a potential impairment exist. An impairment is recorded if the carrying value exceeds the recoverable amount of the intangible assets. Intangible assets relating to products which fail during development or for which development ceases for any reason are written down to their recoverable amount which is typically nil. If and when Takeda obtains approval for the commercial application of a product in development, the related in-process R&D assets will be reclassified to intangible assets associated with marketed products and amortized over its estimated useful life from marketing approval. Intangible Assets – Software Software is recognized at cost and amortized on a straight-line basis over the expected useful life. The useful life used for this purpose is 3 to 10 years. Amortization of intangible assets – software is included in cost of sales, selling, general and administrative expenses, and research and development expenses in the consolidated statements of profit or loss. Leases As Lessee Takeda assesses whether a contract is or contains a lease at inception of a contract. As a lessee, Takeda recognizes a ROU asset and a corresponding lease liability for all contracts in which it is a lessee in the consolidated statements of financial position at the lease commencement date. The ROU asset is initially measured at cost, being the initial amount of the lease liability adjusted for any lease payments made at or before the lease commencement date and subsequently at cost less any accumulated depreciation and impairment losses. The ROU asset is subsequently depreciated using the straight-line method over the shorter of the lease term or the estimated useful life of the underlying asset. The ROU asset is subject to impairment assessment. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if not readily determinable, the Takeda’s incremental borrowing rate. Generally, Takeda uses its incremental borrowing rate as the discount rate. The lease term comprises a non-cancellable period of lease contracts and periods covered by an option to extend or terminate the lease if Takeda is reasonably certain to exercise that option. After initial recognition, the lease liability is measured at amortized cost using the effective interest method. If there is a change in future lease payments, such as from reassessment of whether an extension or termination option will be exercised, the lease liability is remeasured. A corresponding adjustment is made to the ROU asset or is recorded in the consolidated statements of profit or loss when the right-of-use asset has been fully depreciated. Takeda has elected to apply recognition exemption for leases that have a lease term of 12 months or less and leases of low-value assets. The lease payments for such leases are recognized as an expense on a straight-line basis over the lease term. As a practical expedient, Takeda has elected not to separate non-lease components from lease components, and instead accounts for each lease component and any associated non-lease components as a single lease component. Impairment of Non-Financial Assets Takeda assesses whether there is any indication of impairment for non-financial assets at the end of each reporting period, excluding inventories, deferred tax assets, assets held for sale, and net defined benefit assets. If any such indication exists, or in cases in which an impairment test is required to be performed each year, the recoverable amount of the asset is estimated. In cases the recoverable amount cannot be estimated for each asset, they are estimated at the cash-generating unit level. The recoverable amount of an asset or a cash-generating unit is determined at the higher of its fair value less costs of disposal or its value in use. In determining the value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects the time value of money and the risks specific to the asset. If the carrying amount of the asset or cash-generating unit exceeds the recoverable amount, impairment loss is recognized in profit or loss and the carrying amount is reduced to the recoverable amount. An asset or a cash-generating unit other than goodwill, for which impairment losses were recognized in prior years, is assessed at the end of the reporting period to determine whether there is any indication that the impairment loss recognized in prior periods may no longer exist or may have decreased. If any such indication exists, the recoverable amount of the asset or cash-generating unit is estimated. In cases the recoverable amount exceeds the carrying amount of the asset or cash-generating unit, the impairment loss is reversed up to the lower of the estimated recoverable amount or the carrying amount, net of depreciation and amortization, that would have been determined if no impairment loss had been recognized in prior years. The reversal of impairment loss is immediately recognized in profit or loss. Inventories Inventories are measured at the lower of cost or net realizable value. The cost of inventories is determined mainly using the weighted-average cost formula. The cost of inventories includes purchase costs, costs of conversion, and other costs incurred in bringing the inventories to the present location and condition. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Pre-launch inventory is held as an asset when there is a high probability of regulatory approval for the product. Before that point, a provision is made against the carrying value to its recoverable amount. The provision is then reversed at the point when a high probability of regulatory approval is determined. Cash and cash equivalents Cash and cash equivalents consist of cash on hand, demand deposits and short-term, hi |
Operating Segment and Revenue I
Operating Segment and Revenue Information | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure of operating segments [abstract] | |
Operating Segment and Revenue Information | Operating Segment and Revenue Information Takeda comprises a single operating segment and is engaged in the research, development, manufacturing, marketing and out-licensing of pharmaceutical products. This is consistent with how the financial information is viewed in allocating resources, measuring performance, and forecasting future periods by the CEO who is Takeda’s Chief Operating Decision Maker. Disaggregation of Revenue Information Takeda’s revenue from contracts with customers is comprised of the following: Revenue by Type of Good or Service JPY (millions) For the Year Ended March 31 2020 2021 2022 Sales of pharmaceutical products ¥ 3,204,152 ¥ 3,105,376 ¥ 3,295,723 Out-licensing and service income 87,036 92,436 273,283 Total ¥ 3,291,188 ¥ 3,197,812 ¥ 3,569,006 Revenue by Therapeutic Area and Product JPY (millions) 2020 2021 2022 Gastroenterology: ENTYVIO ¥ 347,196 ¥ 429,281 ¥ 521,778 TAKECAB-F (1) 72,713 84,822 102,397 GATTEX/REVESTIVE 61,812 64,564 75,751 DEXILANT 62,797 55,572 50,763 PANTOLOC/CONTROLOC (2) 49,463 43,120 40,275 ALOFISEL 373 784 1,843 Others 103,542 99,657 82,877 Total Gastroenterology 697,896 777,800 875,685 Rare Diseases: Rare Metabolic: ELAPRASE 67,924 68,786 73,119 REPLAGAL 51,253 51,764 51,714 VPRIV 38,013 38,518 42,408 NATPARA/NATPAR 13,635 3,552 5,353 Total Rare Metabolic 170,825 162,620 172,595 Rare Hematology: ADVATE 157,856 128,535 118,491 ADYNOVATE/ADYNOVI 58,672 58,070 60,726 FEIBA 51,508 44,495 39,162 RECOMBINATE 17,089 13,389 12,297 Others 49,115 45,310 53,013 Total Rare Hematology 334,240 289,799 283,689 Hereditary Angioedema: TAKHZYRO 68,271 86,718 103,242 FIRAZYR 32,662 26,824 26,691 Others 28,890 25,785 23,654 Total Hereditary Angioedema 129,823 139,327 153,587 Others — — 1,325 Total Rare Diseases 634,888 591,746 611,196 JPY (millions) PDT Immunology: immunoglobulin 298,697 334,874 385,864 albumin 67,215 57,580 90,035 Others 28,253 27,935 31,052 Total PDT Immunology 394,165 420,389 506,951 Oncology: VELCADE 118,321 101,112 110,046 LEUPLIN/ENANTONE 109,048 95,365 106,459 NINLARO 77,555 87,396 91,203 ADCETRIS 52,672 59,432 69,190 ICLUSIG 31,815 34,193 34,860 ALUNBRIG 7,237 8,806 13,644 Others 24,308 30,208 43,329 Total Oncology 420,956 416,512 468,730 Neuroscience: VYVANSE/ELVANSE 274,077 271,531 327,052 TRINTELLIX 70,666 68,869 82,315 Others 93,777 76,897 72,926 Total Neuroscience 438,520 417,297 482,294 Other: AZILVA-F (1) 76,749 82,205 76,297 LOTRIGA 31,752 31,765 32,690 Others (3) 596,262 460,098 515,164 Total Other 704,763 574,068 624,150 Total ¥ 3,291,188 ¥ 3,197,812 ¥ 3,569,006 (1) The figures include the amounts of fixed dose combinations and blister packs. (2) Generic name: pantoprazole (3) The figures for the years ended March 31, 2020 and 2021 include the revenue of Takeda Consumer Healthcare Company Limited, which was divested on March 31, 2021. The figure for the year ended March 31, 2022 includes the 133,043 million JPY selling price on sales of four diabetes products (NESINA, LIOVEL, INISYNC and ZAFATEK) in Japan to Teijin Pharma Limited recorded as revenue. As Takeda transferred only the assets, marketing rights and, eventually, marketing authorization associated with the pharmaceutical products which do not entail transfer of employees or associated contracts, Takeda applied IFRS 15 to the transaction and recorded the selling price in revenue. Geographic Information Takeda’s revenue from contracts with customers is based in the following geographic locations: JPY (millions) For the Year Ended March 31 2020 2021 2022 Japan ¥ 592,786 ¥ 559,748 ¥ 658,983 U.S. 1,595,922 1,567,931 1,714,421 Europe and Canada 645,528 666,177 739,168 Asia (excluding Japan) 165,401 156,240 196,964 Latin America 143,456 121,638 128,467 Russia/CIS 76,835 57,560 62,057 Other 71,260 68,518 68,945 Total ¥ 3,291,188 ¥ 3,197,812 ¥ 3,569,006 “Other” includes the Middle East, Oceania and Africa. This disaggregation provides revenue attributable to countries or regions based on the customer location. Takeda’s non-current assets are held in the following geographic locations: JPY (millions) 2021 2022 Japan ¥ 413,402 ¥ 401,019 U.S. 6,345,039 6,663,654 Switzerland 1,494,239 1,514,645 Other 1,210,197 1,277,902 Total ¥ 9,462,877 ¥ 9,857,219 Non-current assets exclude financial instruments, deferred tax assets and net defined benefit assets. Information Related to Major Customers During the years ended March 31, 2020, 2021, and 2022, AmerisourceBergen Corporation and its subsidiaries (collectively, “AmerisourceBergen Group”) and McKesson Corporation and its subsidiaries (collectively, “McKesson Group”) represented more than 10% of Takeda’s sales. The sales to AmerisourceBergen Group were 367,625 million JPY, 370,759 million JPY, and 504,487 million JPY for the years ended March 31, 2020, 2021, and 2022, respectively. The sales to McKesson Group were 342,210 million JPY, 345,292 million JPY, and 406,709 million JPY for the years ended March 31, 2020, 2021, and 2022, respectively. Other Revenue Information Contract Balances JPY (millions) 2021 2022 Receivables from contracts with customers Trade receivables (Note 17) ¥ 707,487 ¥ 617,518 Contract assets Unbilled receivables 5,680 5,926 Contract liabilities Deferred income (Note 24) 31,995 50,832 Advance payments 2,768 81 Takeda’s contract assets relate to the right to receive consideration where performance was completed based on the contract, and trade receivables are recognized when the right to receive consideration becomes unconditional. Takeda’s contract liabilities primarily relate to out-licensing arrangements or product purchase and supply agreements where Takeda receives cash consideration prior to the completion of its performance obligations under the agreements. The revenue recognized during the years ended March 31, 2020, 2021, and 2022 that was included in the contract liability balance as of the beginning of the year was 2,704 million JPY, 1,165 million JPY, and 30,022 million JPY, respectively. The revenue recognized during the years ended March 31, 2020, 2021, and 2022 from performance obligations satisfied (or partially satisfied) in previous periods was 48,825 million JPY, 57,903 million JPY, and 49,220 million JPY, respectively, and primarily relates to royalty income. Transaction price allocated to the remaining performance obligations JPY (millions) Total Duration of the remaining performance obligations Within one year Between one and five years More than five years Contract liabilities as of March 31, 2021 ¥ 34,763 ¥ 31,788 ¥ 2,263 ¥ 712 Contract liabilities as of March 31, 2022 50,913 43,721 5,288 1,904 |
Other Operating Income and Expe
Other Operating Income and Expenses | 12 Months Ended |
Mar. 31, 2022 | |
Analysis of income and expense [abstract] | |
Other Operating Income and Expenses | Other Operating Income and Expenses JPY (millions) 2020 2021 2022 Other operating income: Change in fair value of financial assets and liabilities associated with contingent consideration arrangements (Note 27) ¥ 18,383 ¥ 13,663 ¥ 11,195 Gain on sales of property, plant and equipment and investment property 3,152 4,734 1,148 Gain on divestment of business to Teva Takeda Yakuhin 14,166 1,460 1,414 Gain on divestment of business and subsidiaries (Note 19) 2,553 228,923 5,602 Insurance proceeds 8,279 479 556 Change in estimate of liabilities related to SHP647 (Note 19) — 60,179 — Other 13,680 8,582 23,206 Total ¥ 60,213 ¥ 318,020 ¥ 43,123 Other operating expenses: Donations and contributions ¥ 8,513 ¥ 8,412 ¥ 8,255 Restructuring expenses (Note 23) 181,040 115,875 83,836 Change in fair value of financial assets associated with contingent consideration arrangements (Note 27) — 72,940 — Valuation reserve for pre-launch inventories 30,411 19,486 20,723 Impairment of assets held for sale (Note 19) 12,897 530 — Other 15,830 41,652 46,261 Total ¥ 248,691 ¥ 258,895 ¥ 159,075 For the year ended March 31, 2020, impairment of asset held for sale relates to divestment of a portfolio of selected over-the-counter and prescription pharmaceutical assets sold in Near East, Middle East and Africa countries as well as Russia, Georgia and countries within the Commonwealth of Independent States. For the year ended March 31, 2021, gain on divestment of business and subsidiaries includes sale of shares and relevant assets of Takeda Consumer Healthcare Company Limited and other non-core assets, as further described in Note 19. Change in estimate of liabilities related to SHP647 for the year ended March 31, 2021 is revaluation gain of liabilities for the future costs, such as program termination costs of pipeline compound SHP647 and certain associated rights ("SHP647") (Note) . This revaluation gain was recorded upon the European Commission's decision in May 2020 to release Takeda's obligation to divest SHP647. (Note) Upon the Shire Acquisition in January 2019, the European Commission required Takeda to divest SHP647 and certain associated rights and we recorded a liability associated with that obligation. For the year ended March 31, 2021, change in fair value of financial assets associated with contingent consideration arrangements included in other operating expenses is driven by changes in assumptions related to the future sales of XIIDRA previously sold to Novartis, including the impact from Novartis' withdrawal of the Marketing Authorisation Application in Europe. For the year ended March 31, 2021 and 2022, other in other operating expenses includes legal provision for certain legal proceeding of 17,401 million JPY and 20,319 million JPY, respectively. For the year ended March 31, 2022, other in other operating income includes a compensation for damages and settlement proceeds Takeda received of 8,487 million JPY. |
Finance Income and Expenses
Finance Income and Expenses | 12 Months Ended |
Mar. 31, 2022 | |
Borrowing costs [abstract] | |
Finance Income and Expenses | Finance Income and Expenses JPY (millions) 2020 2021 2022 Finance Income: Interest income Interest income from financial assets measured at amortized cost ¥ 10,763 ¥ 1,117 ¥ 3,880 Interest income from financial assets measured at fair value through P&L 248 660 700 Interest income on sublease 191 4 11 Total interest income 11,202 1,781 4,591 Dividend income Dividend income from financial assets measured at fair value through OCI and disposed of during the period 603 252 8 Dividend income from financial assets measured at fair value through OCI and held at end of the period 745 120 164 Dividend income from financial assets measured at fair value through P&L 96 — — Total dividend income 1,444 372 172 Gain on derivative financial assets, net — 91,990 — Gain on foreign currency exchange, net 10,979 — — Change in fair value of financial assets associated with contingent consideration arrangements (Note 27) 3,478 3,294 (1,043) Remeasurement to fair value of pre-existing interest in an acquiree — — 8,482 Other 728 8,084 11,498 Total ¥ 27,831 ¥ 105,521 ¥ 23,700 Finance Expenses: Interest expense Interest expense on financial debt ¥ 137,176 ¥ 118,682 ¥ 108,498 Interest expense on lease liabilities 11,834 12,124 13,934 Total interest expense 149,010 130,806 122,432 Change in fair value of financial liabilities associated with contingent consideration arrangements (Note 27) 4,637 3,601 490 Loss on derivative financial assets, net 1,790 — 22,595 Loss on foreign currency exchange, net — 97,319 1,791 Other 9,569 16,905 19,299 Total ¥ 165,006 ¥ 248,631 ¥ 166,607 |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2021 | |
Income taxes paid (refund) [abstract] | |
Income Taxes | Income Taxes Income Tax Expense (Benefit) The composition of income tax expense (benefit) is as follows: JPY (millions) 2020 2021 2022 Current tax expense ¥ 238,856 ¥ 131,952 ¥ 208,513 Deferred tax benefit (343,900) (141,888) (136,108) Total ¥ (105,044) ¥ (9,936) ¥ 72,405 Current tax expense includes the benefits arising from previously unrecognized tax losses, tax credits and temporary differences of prior periods. These effects decreased current tax expense by 4,667 million JPY, 12,236 million JPY and 11,315 million JPY for the years ended March 31, 2020, 2021 and 2022, respectively. Deferred tax benefit includes the benefits arising from previously unrecognized tax losses, tax credits and temporary differences of prior periods. These effects decreased deferred tax expense by 62,015 million JPY, 57,200 million JPY and 11,914 million JPY for the years ended March 31, 2020, 2021 and 2022, respectively. Takeda is mainly subject to income taxes, inhabitant tax, and deductible enterprise tax in Japan. The statutory tax rate calculated based on these taxes is 30.6% for the years ended March 31, 2020, 2021 and 2022. The following is a reconciliation from income tax expense (benefit) at Takeda's domestic (Japanese) statutory tax rate to Takeda's income tax expense (benefit) reported for the year ended March 31: JPY (millions) 2020 2021 2022 Profit (loss) before tax ¥ (60,754) ¥ 366,235 ¥ 302,571 Income tax expense (benefit) at Takeda’s domestic (Japanese) statutory tax rate of 30.6% (18,579) 111,995 92,526 Non-deductible expenses for tax purposes (1) 26,074 25,371 7,359 Changes in unrecognized deferred tax assets and deferred tax liabilities (2) (126,071) (137,032) (8,831) Tax credits (3) (35,100) (25,673) (32,948) Differences in applicable tax rates of overseas subsidiaries (4) 71,526 (258) 24,496 Changes in tax effects of undistributed profit of overseas subsidiaries 5,456 5,694 (20,359) Effect of changes in applicable tax rates and tax law (5) (94,969) (5,073) (39,661) Tax contingencies (6) 17,124 (13,164) 58,540 Non-deductible impairment of goodwill 5,529 — — Changes in fair value of contingent consideration (1,201) 746 (1,288) Effect of prior year items (3,520) (10,689) (4,762) Entity reorganizations/Divestments (7) 55,747 36,117 2,041 Other (7,060) 2,030 (4,708) Income tax expense (benefit) reported for the year ¥ (105,044) ¥ (9,936) ¥ 72,405 (1) Amounts for the years ended March 31, 2020, 2021 and 2022 include the impact from intra territory eliminations, the pre-tax effect of which has been eliminated in arriving at Takeda’s consolidated income from continuing operations before income taxes. Amount for the year ended March 31, 2021 also includes non-deductible interest due to Japanese earnings stripping rules. (2) Amounts for the years ended March 31, 2020, 2021 and 2022 primarily driven by capital tax losses related to restructuring of subsidiaries. Both amounts for the years ended March 31, 2020 and 2021 also include deferred tax benefit from the reversal of write down of deferred tax assets associated with carried forward net operating losses and Swiss tax basis step-up. The amount for the year ended March 31, 2022 includes deferred tax expense from the write down of deferred tax assets associated with carried forward net operating losses. (3) Amount for the year ended March 31, 2020 includes (10,389) million JPY impact from enhanced R&D and Orphan Drug Credit claims in the US related to prior fiscal years. (4) Amounts for the years ended March 31, 2020, 2021 and 2022 include unitary and minimum taxes on overseas subsidiaries. (5) Amount for the year ended March 31, 2020 primarily relates to the deferred tax benefit from Swiss Tax Reform enactment. Amount for the year ended March 31, 2022 includes 39,106 million JPY deferred tax benefit related to a blended state tax rate change as a result of legal entity restructuring in the US. (6) Tax benefit amount for the year ended March 31, 2021 primarily relates to the tax benefits driven by favorable audit settlements. Tax expense amount for the year ended March 31, 2022 includes 65,942 million JPY impact from the AbbVie break fee case. See Note 32 “Commitments and Contingent Liabilities” for additional details on the break fee case. (7) 55,747 million JPY impact for the year ended March 31, 2020 primarily relates to deferred tax expense arising from the change in tax jurisdictions as a result of re-alignment of intangible assets with business operations and tax costs incurred in legal entity reorganizations. 36,117 million JPY impact for the year ended March 31, 2021 primarily relates to the basis difference of divested assets, between accounting which includes goodwill and tax. As a result of the Federal Act on Tax Reform and AHV Financing (“TRAF”, also known as the “Swiss Tax Reform”) approved by public referendum nationally on May 19, 2019 and in the canton of Zurich on September 1, 2019, Takeda recognized a net asset tax basis step-up related to the estimated value of one of the Takeda’s Swiss subsidiary’s assets that is amortizable as a tax deduction to partially offset future taxable earnings generated by the subsidiary over tax years 2020 through 2029. The net asset tax basis step-up resulted in a deferred tax benefit of 102,499 million JPY for the year ended March 31, 2020. In addition to the recognition of the deferred tax asset related to the net asset tax basis step-up, Takeda also recorded a net deferred tax expense of 7,888 million JPY relating to the remeasurement of other Swiss deferred tax assets and liabilities for the change in the Federal and cantonal tax rates. As a result of Swiss Tax Reform enactment, Takeda recognized a net tax benefit of 94,611 million JPY during the year ended March 31, 2020 (in Effect of changes in applicable tax rates and tax law). For the year ended March 31, 2021, Takeda recorded a deferred tax benefit of 4,369 million JPY for the additional net asset tax basis step-up recognized in the Swiss subsidiary as a result of the finalization of the Swiss subsidiary's statutory financial statements (in Effect of changes in applicable tax rates and tax law). The decrease in Takeda’s income tax benefit between the years ended March 31, 2020 and 2021 was primarily due to tax provision on higher pretax earnings in the fiscal year ended March 31, 2021, the recognition of a non-cash deferred tax benefit of 94,611 million JPY as a result of the enactment of Swiss Tax Reform in the fiscal year ended March 31, 2020, and the tax impacts of divestitures in entity reorganizations/divestments. These unfavorable changes were partially offset by favorable mix of statutory earnings in differences in applicable tax rates of overseas subsidiaries, tax benefits from the recognition of previously unrecognized deferred tax assets, and favorable tax audit settlements in the fiscal year ended March 31, 2021 in tax contingencies. The increase in Takeda’s income tax expense between the years ended March 31, 2021 and 2022 was primarily due to a current year tax charge for AbbVie break fee case, lower tax benefits from legal entity reorganizations compared to prior year, write down of deferred tax assets associated with carried forward net operating losses in Japan, partially offset by the lower tax charges from divestments compared to prior year, reduction of deferred tax liability on undistributed profits as well as a decrease in blended state tax rates in the US. Deferred Taxes Deferred tax assets and liabilities reported in the consolidated statements of financial position are as follows: JPY (millions) 2021 2022 Deferred tax assets ¥ 353,769 ¥ 362,539 Deferred tax liabilities (542,852) (451,511) Net deferred tax liabilities ¥ (189,083) ¥ (88,972) The major items and changes in deferred tax assets and liabilities are as follows: JPY (millions) As of April 1, 2020 Recognized in profit or (loss) Recognized in other comprehensive income Other (1) As of March 31, 2021 Research and development expenses ¥ 33,175 ¥ 1,837 ¥ — ¥ 449 ¥ 35,461 Inventories 42,557 35,228 — 12,944 90,729 Property, plant and equipment (82,527) 5,612 — (3,429) (80,344) Intangible assets (699,850) 113,219 — 24,681 (561,950) Financial assets measured at FVTOCI (19,417) 506 (17,498) 12,643 (23,766) Accrued expenses and provisions 135,920 8,822 — (5,503) 139,239 Defined benefit plans 23,084 (6,322) 2,719 (211) 19,270 Deferred income 14,713 6,191 — 66 20,970 Unused tax losses 124,891 2,690 25,066 (1,696) 150,951 Tax credits 82,124 (18,504) — (1,231) 62,389 Investments in subsidiaries and associates (62,859) (6,027) — (265) (69,151) Other 6,144 (1,364) 24,004 (1,665) 27,119 Total ¥ (402,045) ¥ 141,888 ¥ 34,291 ¥ 36,783 ¥ (189,083) JPY (millions) As of April 1, 2021 Recognized in profit or (loss) Recognized in other comprehensive income Other (1) As of March 31, 2022 Research and development expenses ¥ 35,461 ¥ (4,250) ¥ — ¥ 1,988 ¥ 33,199 Inventories 90,729 (6,375) — 10,176 94,530 Property, plant and equipment (80,344) 9,721 — 848 (69,775) Intangible assets (561,950) 131,465 — (66,995) (497,480) Financial assets measured at FVTOCI (23,766) — 2,669 14,338 (6,759) Accrued expenses and provisions 139,239 12,931 — 3,160 155,330 Defined benefit plans 19,270 (468) (6,107) 761 13,456 Deferred income 20,970 (4,256) — (5,489) 11,225 Unused tax losses 150,951 (35,160) — 3,662 119,453 Tax credits 62,389 (28,573) — 5,096 38,912 Investments in subsidiaries and associates (69,151) 37,941 — — (31,210) Other 27,119 23,132 (2,368) 2,264 50,147 Total ¥ (189,083) ¥ 136,108 ¥ (5,806) ¥ (30,191) ¥ (88,972) (1) Other consists primarily of foreign currency translation differences, reclassification of deferred tax assets and liabilities classified as held for sale and the tax impact of items charged directly to equity. The aggregate amount of deferred tax related to items charged directly to equity for the years ended March 31, 2021 and March 31, 2022 was (730) million JPY and (1,460) million JPY, respectively. Takeda considers the probability that a portion or all of the future deductible temporary differences, unused tax losses, or unused tax credits can be utilized against future taxable profits upon recognition of deferred tax assets. In assessing the recoverability of deferred tax assets, Takeda considers the scheduled reversal of taxable temporary differences, projected future taxable profits, and tax planning strategies. Based on the level of historical taxable profits and projected future taxable profits during the periods in which the temporary differences become deductible, Takeda determined that it is probable that the tax benefits can be utilized. The unused tax losses, deductible temporary differences, and unused tax credits for which deferred tax assets were not recognized are as follows: JPY (millions) 2021 2022 Unused tax losses ¥ 1,533,050 ¥ 1,729,843 Deductible temporary differences 241,203 240,860 Unused tax credits 9,660 10,042 The unused tax losses and unused tax credits for which deferred tax assets were not recognized will expire as follows: JPY (millions) Unused tax losses 2021 2022 1st year ¥ 23 ¥ 131 2nd year 18 23,670 3rd year 19,136 1,280 4th year 482 425,654 5th year 387,574 35,089 After 5th year 1,066,134 1,184,092 Indefinite 59,683 59,927 Total ¥ 1,533,050 ¥ 1,729,843 JPY (millions) Unused tax credits 2021 2022 Less than 5 years ¥ 1,370 ¥ 950 5 years or more 8,290 9,092 Indefinite — — Total ¥ 9,660 ¥ 10,042 The aggregate amounts of temporary differences associated with investments in subsidiaries for which deferred tax assets were not recognized were 948,723 million JPY and 1,184,478 million JPY as of March 31, 2021 and 2022, respectively. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Mar. 31, 2022 | |
Earnings per share [abstract] | |
Earnings per Share | Earnings per Share The basis for calculating basic and diluted earnings per share (“EPS”) (attributable to owners of the Company) is as follows: For the Year Ended March 31 2020 2021 2022 Net profit for the year attributable to owners of the Company: Net profit for the year attributable to owners of the Company JPY (millions) ¥ 44,241 ¥ 376,005 ¥ 230,059 Net profit used for calculation of earnings per share JPY (millions) 44,241 376,005 230,059 Weighted-average number of ordinary shares outstanding during the year (thousands of shares) [basic] 1,557,204 1,562,006 1,563,501 Dilutive effect (thousands of shares) 9,000 11,531 13,668 Weighted-average number of ordinary shares outstanding during the year (thousands of shares) [diluted] 1,566,204 1,573,537 1,577,169 Earnings per share Basic (JPY) 28.41 240.72 147.14 Diluted (JPY) 28.25 238.96 145.87 Basic EPS is calculated by dividing the net profit for the year attributable to owners of the Company, with the weighted average number of ordinary shares outstanding during the year. This calculation excludes the average number of treasury shares. Diluted EPS is calculated by dividing the net profit for the year attributable to owners of the Company, with the weighted-average number of ordinary shares outstanding during the year plus the weighted-average number of ordinary shares that would be issued upon conversion of all the dilutive ordinary shares into ordinary shares. There were 814 thousand shares, 814 thousand shares, and 2,643 thousand shares that are anti-dilutive stock options, and therefore not included in the calculation of diluted EPS for the years ended March 31, 2020, 2021, and 2022, respectively. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 12 Months Ended |
Mar. 31, 2022 | |
Equity [abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) Amounts arising during the year, reclassification adjustments to profit or loss, and tax effects for each component of other comprehensive income (loss) are as follows: JPY (millions) 2020 2021 2022 Remeasurement of defined benefit pension plans: Amounts arising during the year ¥ (7,147) ¥ 2,147 ¥ 26,890 Tax effects 749 2,719 (6,107) Remeasurement of defined benefit pension plans ¥ (6,398) ¥ 4,866 ¥ 20,783 Exchange differences on translation of foreign operations: Amounts arising during the year ¥ (190,190) ¥ 284,350 ¥ 558,102 Reclassification adjustments to profit or (loss) 399 (112) — Before tax effects (189,791) 284,238 558,102 Tax effects (17,281) 25,066 25,867 Exchange differences on translation of foreign operations ¥ (207,072) ¥ 309,304 ¥ 583,969 Changes in fair value of financial assets measured at fair value through OCI: Amounts arising during the year ¥ (6,722) ¥ 79,364 ¥ (17,295) Tax effects 3,210 (17,498) 2,669 Changes in fair value of financial assets measured at fair value through OCI ¥ (3,512) ¥ 61,866 ¥ (14,626) Cash flow hedges: Amounts arising during the year ¥ (37,626) ¥ (40,833) ¥ 82,780 Reclassification adjustments to profit or (loss) 620 (24,485) (79,321) Before tax effects (37,006) (65,318) 3,459 Tax effects 11,317 19,973 (1,286) Cash flow hedges ¥ (25,689) ¥ (45,345) ¥ 2,173 Hedging cost: Amounts arising during the year ¥ (344) ¥ (9,978) ¥ 6,611 Reclassification adjustments to profit or (loss) (890) (3,200) (3,071) Before tax effects (1,234) (13,178) 3,540 Tax effects 377 4,031 (1,083) Hedging cost ¥ (857) ¥ (9,147) ¥ 2,457 Share of other comprehensive income of investments accounted for using the equity method: Amounts arising during the year ¥ (181) ¥ (299) ¥ (497) Reclassification adjustments to profit or (loss) — — — Before tax effects (181) (299) (497) Tax effects — — — Share of other comprehensive income of investments accounted for using the equity method ¥ (181) ¥ (299) ¥ (497) Total other comprehensive income (loss) for the year ¥ (243,709) ¥ 321,245 ¥ 594,261 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment JPY (millions) Acquisition cost Buildings and structures Machinery and vehicles Tools, furniture, and fixtures Land Construction in progress Total As of April 1, 2020 ¥ 1,072,003 ¥ 659,692 ¥ 128,854 ¥ 96,629 ¥ 126,946 ¥ 2,084,124 Additions and other increases 109,034 22,318 8,376 — 74,010 213,738 Transfers 27,164 32,125 5,523 (145) (64,667) — Disposals and other decreases (91,232) (24,306) (14,172) (2,917) (926) (133,553) Reclassification to assets held for sale (Note 19) (13,413) (21,030) (3,071) (808) (327) (38,649) Foreign currency translation differences 29,853 17,398 8,444 2,475 8,099 66,269 Other (3) (62) (125) 1 (5) (194) As of March 31, 2021 ¥ 1,133,406 ¥ 686,135 ¥ 133,829 ¥ 95,235 ¥ 143,130 ¥ 2,191,735 Additions and other increases 46,393 20,183 7,911 50 87,220 161,758 Acquisitions through business combinations — 79 35 — — 114 Transfers 30,176 41,341 8,070 — (79,587) — Disposals and other decreases (2,837) (15,389) (21,253) (1,266) (1,932) (42,677) Deconsolidation — (4) — — — (4) Foreign currency translation differences 81,440 39,680 7,303 4,635 9,024 142,082 As of March 31, 2022 ¥ 1,288,578 ¥ 772,024 ¥ 135,895 ¥ 98,654 ¥ 157,856 ¥ 2,453,007 Accumulated depreciation and accumulated impairment losses As of April 1, 2020 ¥ (263,244) ¥ (345,635) ¥ (85,133) ¥ (960) ¥ (2,782) ¥ (697,754) Depreciation expenses (53,061) (55,794) (15,549) — — (124,404) Impairment losses (161) (105) (67) — (103) (436) Disposals and other decreases 53,017 18,978 13,508 601 15 86,119 Reclassification to assets held for sale (Note 19) 6,319 14,748 2,171 — — 23,238 Foreign currency translation differences (9,037) (6,716) (7,807) (72) (100) (23,732) Other (538) (321) 11 — (1) (849) As of March 31, 2021 ¥ (266,705) ¥ (374,845) ¥ (92,866) ¥ (431) ¥ (2,971) ¥ (737,818) Depreciation expenses (62,870) (54,191) (15,358) — — (132,419) Impairment losses — (346) (42) — — (388) Disposals and other decreases 1,353 13,729 21,154 33 76 36,344 Deconsolidation — 3 — — — 3 Foreign currency translation differences (15,901) (15,635) (4,379) (13) (1) (35,929) As of As of March 31, 2022 ¥ (344,123) ¥ (431,287) ¥ (91,491) ¥ (411) ¥ (2,896) ¥ (870,207) JPY (millions) Carrying amount Buildings and structures Machinery and vehicles Tools, furniture, and fixtures Land Construction in progress Total As of April 1, 2020 ¥ 808,759 ¥ 314,057 ¥ 43,721 ¥ 95,669 ¥ 124,164 ¥ 1,386,370 As of March 31, 2021 866,701 311,290 40,963 94,804 140,159 1,453,917 As of March 31, 2022 944,455 340,737 44,404 98,243 154,960 1,582,800 Leases The changes in acquisition cost of property, plant and equipment for the years ended March 31, 2021 and 2022 include the following changes in ROU assets: JPY (millions) Acquisition cost of ROU Assets Buildings and structures Machinery and vehicles Tools, furniture, and fixtures Total As of April 1, 2020 ¥ 398,441 ¥ 13,968 ¥ 718 ¥ 413,127 Additions and other increases 87,721 7,880 54 95,655 Disposals and other decreases (29,473) (7,048) (313) (36,834) Reclassification to assets held for sale (Note 19) (3,190) (175) — (3,365) Foreign currency translation differences 9,750 501 14 10,265 Other (452) (86) (1) (539) As of March 31, 2021 ¥ 462,797 ¥ 15,040 ¥ 472 ¥ 478,309 Additions and other increases 30,110 4,195 13 34,318 Disposals and other decreases (7,365) (6,177) (161) (13,703) Foreign currency translation differences 39,575 883 27 40,485 As of March 31, 2022 ¥ 525,118 ¥ 13,940 ¥ 351 ¥ 539,410 The changes in accumulated depreciation and accumulated impairment losses for the years ended March 31, 2021 and 2022 include the following changes in accumulated depreciation and accumulated impairment loss related to ROU assets: JPY (millions) Accumulated depreciation and accumulated impairment losses of ROU Assets Buildings and structures Machinery and vehicles Tools, furniture, and fixtures Total As of April 1, 2020 ¥ (59,234) ¥ (6,359) ¥ (516) ¥ (66,109) Depreciation expenses (33,755) (4,322) (94) (38,171) Impairment losses (45) — — (45) Disposals and other decreases 10,495 2,794 313 13,602 Reclassification to assets held for sale (Note 19) 1,646 109 — 1,755 Foreign currency translation differences (2,508) (257) (6) (2,771) Other 408 (198) — 210 As of March 31, 2021 ¥ (82,993) ¥ (8,233) ¥ (303) ¥ (91,529) Depreciation expenses (37,820) (3,867) (74) (41,761) Disposals and other decreases 6,026 5,590 155 11,770 Foreign currency translation differences (9,380) (562) (11) (9,953) As of March 31, 2022 ¥ (124,166) ¥ (7,072) ¥ (234) ¥ (131,472) The carrying amount of property, plant and equipment includes the carrying amount of following ROU Assets: JPY (millions) Carrying amount of ROU Assets Buildings and structures Machinery and vehicles Tools, furniture, and fixtures Total As of April 1, 2020 ¥ 339,207 ¥ 7,609 ¥ 202 ¥ 347,018 As of March 31, 2021 379,804 6,807 169 386,780 As of March 31, 2022 400,952 6,868 118 407,938 Takeda recognized expenses related to leases not included in the measurement of the lease liabilities as follows: JPY (millions) 2020 2021 2022 Expense relating to short-term leases ¥ 5,772 ¥ 4,802 ¥ 4,458 Expense relating to leases of low-value assets that are not short-term leases expenses 1,560 1,250 1,304 Expense relating to variable lease payments 8,172 6,315 4,006 Total expenses not included in lease liabilities ¥ 15,504 ¥ 12,367 ¥ 9,768 The total cash outflow for leases for the years ended March 31, 2020, 2021 and 2022 was 41,834 million JPY, 51,394 million JPY and 53,628 million JPY, respectively. Impairment Takeda recognized the following impairment losses, which are reflected as follows, in the consolidated statements of profit or loss: JPY (millions) 2020 2021 2022 Cost of sales ¥ (29) ¥ (139) ¥ (261) Selling, general and administrative expenses (469) (149) (34) Research and development expenses (293) (68) — Other operating expenses (19,224) (80) (92) Total ¥ (20,015) ¥ (436) ¥ (388) Impairment losses for the year ended March 31, 2020 were related primarily to Shonan Health Innovation Park and recorded as part of restructuring expenses (Note 5). Impairment losses for the year ended March 31, 2021 resulted primarily from facilities for administrative and sales activities in Japan that were disposed in the year ended March 31, 2021. Impairment losses for the year ended March 31, 2022 resulted primarily from discontinued production facilities in Japan. The carrying amounts of the impaired assets were reduced to the recoverable amounts, which were measured at fair value less costs of disposal. Fair value less costs of disposal was measured by the sale price indicated on the anticipated sale of the facility or similar transaction less costs of disposal such as property sale commission fee. This fair value is classified as Level 3 in the fair value hierarchy. |
Goodwill
Goodwill | 12 Months Ended |
Mar. 31, 2022 | |
Intangible assets and goodwill [abstract] | |
Goodwill | Goodwill JPY (millions) For the Year Ended March 31 2021 2022 Acquisition cost As of beginning of the year ¥ 4,012,528 ¥ 4,033,917 Acquisitions — 35,159 Reclassification to assets held for sale (Note 19) (144,836) — Foreign currency translation differences 166,225 338,673 As of end of the year ¥ 4,033,917 ¥ 4,407,749 Carrying amount As of beginning of the year ¥ 4,012,528 ¥ 4,033,917 As of end of the year 4,033,917 4,407,749 Impairment Testing of Goodwill For the years ended March 31, 2021 and 2022, respectively, goodwill was tested for impairment at the single operating segment level (one CGU), which is the level at which goodwill is monitored for internal management purposes. Impairment loss for goodwill is recognized if the recoverable amount of goodwill is less than the carrying amount. The recoverable amount is the greater of fair value less costs of disposal, or value in use of the CGU. Prior to the year ended March 31, 2022, Takeda completed its annual goodwill impairment test as of March 31. Effective during the year ended March 31, 2022, Takeda changed and accelerated its annual impairment testing date to January 1 to better align the impairment test with Takeda’s long-range forecast cycle. For the years ended March 31, 2021 and 2022, respectively, Takeda did not record an impairment loss for goodwill as a result of the impairment testing. Additionally, the change in annual goodwill impairment test date did not have a material impact on the results of the goodwill impairment testing. For the year ended March 31, 2021, the recoverable amount of goodwill was determined on a fair value less costs of disposal basis using the market value of Takeda’s outstanding shares. Takeda's market capitalization was compared to the book value of the company’s net assets and this indicated a significant surplus. For the year ended March 31, 2022, the recoverable amount of goodwill was assessed based on fair value less costs of disposal. The fair value less costs of disposal was determined by discounting the estimated future cash flows based on a 10-year projection using a terminal growth rate and a discount rate as well as deducting the estimated costs of disposal. The projection included the sales forecast related to certain products as the significant assumption, associated with product launches, competition from rival products and pricing policy as well as the possibility of generics entering the market and loss of exclusivity. In setting the sales forecast, Takeda considered past experience, external sources of information, knowledge of competitor activity, and industry trends. The valuation methodology uses significant inputs which are not based on observable market data. Therefore, this fair value less costs of disposal is classified as level 3 in the fair value hierarchy. Terminal growth rate and discount rate used in the discounted cash flow models for the impairment tests are as follows: For the Year Ended March 31 2022 Terminal growth rate 0.0% Discount rate (post-tax) 6.2% Terminal growth rate is based on management’s estimate of future long-term average growth rates. Discount rate is based on weighted average cost of capital (“WACC”) of Takeda. The fair value less costs of disposal exceeded the carrying amount of the CGU, and a reasonable change in the assumptions used for the recoverable amount calculation would not result in an impairment. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Mar. 31, 2021 | |
Intangible assets other than goodwill [abstract] | |
Intangible Assets | Intangible Assets JPY (millions) Acquisition cost Software Intangible assets associated with products Other Total As of April 1, 2020 ¥ 164,920 ¥ 5,603,253 ¥ 11,766 ¥ 5,779,939 Additions and other increases 32,930 84,034 — 116,964 Disposals and other decreases (10,659) (106) (1) (10,766) Reclassification to assets held for sale (Note 19) (806) (85,913) — (86,719) Deconsolidation (4) — — (4) Foreign currency translation differences 12,484 104,767 (179) 117,072 As of March 31, 2021 ¥ 198,865 ¥ 5,706,035 ¥ 11,586 ¥ 5,916,486 Additions and other increases 33,210 44,944 10 78,164 Acquisitions through business combinations — 43,682 — 43,682 Disposals and other decreases (62,078) (80,911) (48) (143,037) Deconsolidation (604) (2) — (606) Foreign currency translation differences 13,385 527,070 6 540,461 As of March 31, 2022 ¥ 182,778 ¥ 6,240,818 ¥ 11,554 ¥ 6,435,150 Accumulated amortization and As of April 1, 2020 ¥ (78,560) ¥ (1,529,583) ¥ (435) ¥ (1,608,578) Amortization (28,346) (405,268) — (433,614) Impairment losses (39) (16,596) — (16,635) Disposals and other decreases 8,354 — — 8,354 Reclassification to assets held for sale (Note 19) 531 39,260 — 39,791 Deconsolidation (20) — — (20) Foreign currency translation differences (5,314) 8,636 — 3,322 As of March 31, 2021 ¥ (103,394) ¥ (1,903,551) ¥ (435) ¥ (2,007,380) Amortization (28,560) (418,788) (43) (447,391) Impairment losses — (67,721) — (67,721) Reversal of impairment losses — 13,595 — 13,595 Disposals and other decreases 61,393 43,635 16 105,044 Deconsolidation 604 — — 604 Foreign currency translation differences (6,677) (206,631) (49) (213,357) As of March 31, 2022 ¥ (76,634) ¥ (2,539,461) ¥ (510) ¥ (2,616,606) Carrying amount As of April 1, 2020 86,360 4,073,670 11,331 4,171,361 As of March 31, 2021 95,471 3,802,484 11,151 3,909,106 As of March 31, 2022 106,143 3,701,357 11,044 3,818,544 There were no material internally generated intangible assets recorded in the consolidated statements of financial position. The intangible assets associated with products are comprised of the following: JPY (millions) Marketed products In-process R&D Carrying amount As of April 1, 2020 3,602,384 471,286 4,073,670 As of March 31, 2021 3,427,527 374,957 3,802,484 As of March 31, 2022 3,389,453 311,904 3,701,357 Marketed products mainly represent license rights associated with commercialized products. In-process R&D mainly represents products in development and license rights obtained in connection with Takeda’s in-licensing and collaboration agreements. These agreements relate to the right to sell products that are being developed (Note 13). The table below provides information about significant intangible assets. JPY (millions) Carrying amount Remaining amortization period As of March 31 As of March 31 2021 2022 2022 immunoglobulin Marketed products ¥ 753,203 ¥ 768,871 13 Years TAKHZYRO Marketed products 536,445 546,555 12 Years VYVANSE Marketed products 441,577 382,777 4 Years ADVATE & ADYNOVATE Marketed products 293,697 293,969 8 Years ALUNBRIG Marketed products 220,969 219,943 9 Years Impairment Takeda’s impairment assessment for intangible assets requires a number of significant judgments to be made by management to estimate the recoverable amount, including the estimated pricing and costs, likelihood of regulatory approval, and the estimated market and Takeda’s share of the market. The most significant assumption for intangible assets associated with marketed products is the product market share of the therapeutic area and estimated pricing, whereas the most significant assumption with pre-marketed products and in-process R&D is the probability of regulatory approval. A change in these assumptions may have a significant impact on the amount, if any, of an impairment charge recorded during a period. For example, negative results from a clinical trial may change the assumption and result in an impairment. Products in development may be fully impaired when a trial is unsuccessful and there is no alternative use for the development asset. During the year ended March 31, 2020, Takeda recorded impairment losses of 48,077 million JPY. The recoverable amount of the combined impaired assets amounted to 11,815 million JPY. The impairment losses primarily resulted from a decision to terminate development of a rare diseases product and an increase in estimated future development costs due to a change in study design related to a rare diseases product. During the year ended March 31, 2021, Takeda recorded impairment losses of 16,635 million JPY. The recoverable amount of the combined impaired assets amounted to 18,255 million JPY. The impairment losses include the loss which resulted from the decision to terminate Takeda’s interest in development of an oncology product. During the year ended March 31, 2022, Takeda recorded impairment losses of 67,721 million JPY. The recoverable amount of the combined impaired assets amounted to 38,951 million JPY. The impairment losses primarily resulted from a decision to terminate development of a GI product and deterioration of the sales forecast for a rare diseases product. This was offset by a reversal of previously recorded impairment losses of 13,595 million JPY mainly related to a rare diseases product which Takeda made a decision to divest. The recoverable amount of the assets related to the reversal was 22,415 million JPY. These losses are primarily recognized in amortization and impairment losses on intangible assets associated with products in the consolidated statements of profit or loss. Impairment losses were calculated by deducting the recoverable amount from the carrying amount. The significant assumptions used to calculate the recoverable amount (value in use) are as follows: Discount rate For the year ended March 31, 2020 7.0% - 8.0% For the year ended March 31, 2021 7.0% For the year ended March 31, 2022 6.5% - 14.0% |
Collaborations and Licensing Ar
Collaborations and Licensing Arrangements | 12 Months Ended |
Mar. 31, 2022 | |
Research And Development [Abstract] | |
Collaborations and Licensing Arrangements | Collaborations and Licensing Arrangements Takeda is a party to certain collaborations, in-licensing agreements and out-licensing arrangements. Out-licensing agreements Takeda has entered into various licensing arrangements where it has licensed certain products or intellectual property rights for consideration such as up-front payments, equity interest of partners, development milestones, sales milestones and/or sales-based royalty payments. The receipt of the variable considerations related to these substantive milestones is uncertain and contingent on the achievement of certain development milestones or the achievement of a specified level of annual net sales by the licensee. The following is a description of Takeda’s significant out-licensing agreement which Takeda entered into for the past 3 fiscal years. Neurocrine Biosciences, Inc. (“Neurocrine Biosciences”) In June 2020, Takeda entered into a strategic collaboration with Neurocrine Biosciences to develop and commercialize compounds in Takeda’s early-to-mid-stage neuroscience pipeline, including TAK-041, TAK-653 and TAK-831. Takeda received an upfront cash payment in July 2020 and is entitled to certain development milestones, commercial milestones and royalties on net sales. At certain development events, Takeda may elect to opt in or out of a 50:50 profit share on all clinical programs on an asset-by-asset basis. For any asset in which Takeda is participating in a 50:50 profit share arrangement, Takeda will not be eligible to receive development or commercial milestones. Collaborations and in-licensing arrangements These agreements generally provide for commercialization rights to a product or products being developed by the partner, and in exchange, often resulted in an up-front payment being paid upon execution of the agreement and resulted in an obligation that may require Takeda to make future development, regulatory approval, or commercial milestone payments as well as sales-based royalty payments. In some of these arrangements, Takeda and the licensee are both actively involved in the development and commercialization of the licensed products and have exposure to risks and rewards that are dependent on its commercial success. Under the terms of these collaboration and licensing arrangements, Takeda made the following payments during the years ended March 31: JPY (millions) 2020 2021 2022 Initial up-front and milestone payments ¥ 77,016 ¥ 84,034 ¥ 44,944 Acquisition of shares of collaboration and in-licensing partners 1,317 1,504 785 The following is a description of Takeda’s significant collaborations and in-licensing agreements which Takeda entered into for the past 3 fiscal years. The University of Texas MD Anderson Cancer Center (“MD Anderson”) In October 2019, Takeda entered into an exclusive license agreement and research agreement with MD Anderson to develop cord blood-derived chimeric antigen receptor-directed natural killer (CAR NK)-cell therapies, ‘armored’ with IL-15, for the treatment of B-cell malignancies and other cancers. Under the agreement, Takeda will receive access to MD Anderson’s CAR NK platform and the exclusive rights to develop and commercialize up to four programs, including a CD19-targeted CAR NK-cell therapy and a B-cell maturation antigen (“BCMA”)-targeted CAR NK-cell therapy. Takeda and MD Anderson will also conduct a research collaboration to further develop these CAR NK programs. Takeda is responsible for the development, manufacturing and commercialization of CAR NK products resulting under the agreement. MD Anderson received an upfront payment and is eligible to receive development and commercial milestones for each target as well as tiered royalties on net sales of any such CAR NK product. Arrowhead Pharmaceuticals Inc. (“Arrowhead”) In October 2020, Takeda entered into a collaboration and licensing agreement with Arrowhead to develop ARO-AAT, a Phase 2 investigational RNA interference (RNAi) therapy in development to treat alpha-1 antitrypsin-associated liver disease (AATLD). ARO-AAT is a potential first-in-class therapy designed to reduce the production of mutant alpha-1 antitrypsin protein, the cause of AATLD progression. Under the terms of the agreement, Takeda and Arrowhead will co-develop ARO-AAT which, if approved, will be co-commercialized in the United States under a 50/50 profit-sharing structure. Outside the U.S., Takeda will lead the global commercialization strategy and receive an exclusive license to commercialize ARO-AAT with Arrowhead eligible to receive tiered royalties on net sales if approved and commercialized. Arrowhead received an upfront payment and is eligible to receive potential development, regulatory and commercial milestones. Ovid Therapeutics Inc. (“Ovid”) In March 2021, Takeda secured global rights from Ovid to develop and commercialize the investigational medicine Soticlestat (TAK-935/OV935) for the treatment of developmental and epileptic encephalopathies, including Dravet syndrome (DS) and Lennox-Gastaut syndrome (LGS). Original 2017 collaboration between Ovid and Takeda concluded, and Takeda takes the sole responsibility for global development and commercialization. Ovid received an upfront at closing and is also eligible to receive additional development, regulatory and sales milestones and tiered royalties on sales of Soticlestat, if approved and commercialized. |
Investments Accounted for Using
Investments Accounted for Using the Equity Method | 12 Months Ended |
Mar. 31, 2022 | |
Investments accounted for using equity method [abstract] | |
Investments Accounted for Using the Equity Method | Investments Accounted for Using the Equity Method Financial information for associates accounted for using the equity method is as follows: These amounts are based on the ownership interests of Takeda. JPY (millions) 2020 2021 2022 Net profit (loss) for the year ¥ (23,987) ¥ 76 ¥ (15,367) Other comprehensive income (loss) (181) (299) (497) Total comprehensive income (loss) for the year ¥ (24,168) ¥ (223) ¥ (15,863) The carrying amount of the investments in associates accounted for using the equity method is as follows: JPY (millions) 2021 2022 Carrying amount of investments accounted for using the equity method ¥ 112,468 ¥ 96,579 |
Other Financial Assets
Other Financial Assets | 12 Months Ended |
Mar. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other Financial Assets | Other Financial Assets JPY (millions) 2021 2022 Derivative assets ¥ 64,100 ¥ 41,890 Investment in convertible notes at fair value through P&L 12,176 10,409 Investment in debt instruments at fair value through P&L 800 1,052 Investment in equity instruments at fair value through OCI 145,070 148,451 Financial assets associated with contingent consideration arrangements 25,446 26,852 Other 24,888 30,205 Total ¥ 272,480 ¥ 258,859 Non-current ¥ 235,882 ¥ 233,554 Current ¥ 36,598 ¥ 25,305 As of March 31, 2021 and 2022, equity instruments included 92,602 million JPY and 84,188 million JPY, respectively, of investments in public companies. These are considered Level 1 in the fair value hierarchy as defined in Note 27. The remainder of the equity instruments primarily relates to investments acquired in connection with collaborations and licensing agreements (Note 13) and are considered Level 3 investments in the fair value hierarchy. As of March 31, 2021 and 2022, financial assets associated with contingent consideration arrangements are assets mainly recognized in relation to the divestiture of XIIDRA (Note 27) and are considered Level 3 investments in the fair value hierarchy. |
Inventories
Inventories | 12 Months Ended |
Mar. 31, 2022 | |
Inventories [Abstract] | |
Inventories | Inventories JPY (millions) 2021 2022 Finished products and merchandise ¥ 216,403 ¥ 224,102 Work-in-process 387,917 404,087 Raw materials and supplies 149,561 224,977 Total ¥ 753,881 ¥ 853,167 The amount of inventory write-offs recognized was 37,210 million JPY, 24,269 million JPY, and 25,018 million JPY for the years ended March 31, 2020, 2021 and 2022 respectively, and was included in cost of sales. |
Trade and Other Receivables
Trade and Other Receivables | 12 Months Ended |
Mar. 31, 2022 | |
Trade and other receivables [abstract] | |
Trade and Other Receivables | Trade and Other Receivables JPY (millions) 2021 2022 Trade receivables ¥ 788,284 ¥ 710,304 Other receivables 75,604 79,127 Impairment loss allowance (8,637) (9,390) Chargebacks and other allowances (72,160) (83,396) Total ¥ 783,091 ¥ 696,644 In December 2021, Takeda put in place a program to sell certain trade receivables to a select group of banks on a non-recourse basis. Under this program, trade receivables sold are derecognized when the risks and rewards of ownership have been transferred. These trade receivables relate to specific customers determined in advance and are eligible for sale, but which of them will be sold will be determined by both parties on a monthly basis. Therefore, these trade receivables are held for both collecting cash from customers as well as selling to banks. Trade receivables due from customers that Takeda has the option to factor are classified as investments in debt instruments measured at FVTOCI since they are held to collect and sell. As of March 31, 2022, trade receivables measured at FVTOCI were 20,665 million JPY. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Mar. 31, 2022 | |
Cash and cash equivalents [abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents JPY (millions) 2021 2022 Cash and deposits ¥ 335,027 ¥ 389,059 Short-term investments 631,195 460,637 Total ¥ 966,222 ¥ 849,695 |
Assets and Disposal Groups Held
Assets and Disposal Groups Held for Sale | 12 Months Ended |
Mar. 31, 2022 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Assets and Disposal Groups Held for Sale | Assets and Disposal Groups Held for Sale Takeda has classified certain assets as held for sale in the consolidated statements of financial position. Non-current assets and disposal groups are transferred to assets held for sale when it is expected that their carrying amounts will be recovered principally through a sale and the sale is considered highly probable. The non-current assets and disposal groups held for sale are held at the lower of carrying amount or fair value less costs to sell. Gains or losses recognized from measuring the disposal groups classified as held for sale at the lower of their carrying amounts or fair value less costs to sell are recorded as other operating income or expenses. Disposal Groups Held for Sale JPY (millions) 2021 Goodwill ¥ 12,078 Intangible assets 8,018 Inventories 392 Other 201 Total assets ¥ 20,689 During the year ended March 31, 2021, Takeda recognized 228,923 million JPY divestiture gain in other operating income (Note 5) upon the completion of following divestiture agreements and 60,179 million JPY revaluation gain related to SHP647 as further described in Note 5 for the assets and liabilities classified as the disposal group held for sale in previous fiscal years. Takeda’s proceeds from sales of business (net of cash and cash equivalents divested) in the consolidated statements of cash flows of 530,388 million JPY is mainly comprised of the proceeds from sale of disposal group held for sale with the following divestitures completed for the year ended March 31, 2021. • A sales agreement of property, plant and equipment related to a manufacturing site in Ireland, which Takeda completed the divestiture in September 2020. The impact from this divestiture on the consolidated statements of profit or loss for the year ended March 31, 2021 was not material. • A divestiture agreement of property, plant and equipment related to Shonan Health Innovation Park in Japan. Following the completion of divestiture in September 2020, a sale and leaseback was executed and Takeda recognized 75,131 million JPY and 63,859 million JPY of right-of-use assets and lease liabilities, respectively. • An agreement to sell the portfolio of non-core selected over-the-counter and prescription pharmaceutical assets in Latin America with Hypera S.A., which Takeda completed the sales in January 2021. • A divestiture agreement of the assets and liabilities related to TachoSil (Fibrin Sealant Patch) product which was completed in January 2021. The impact from this divestiture on the consolidated statements of profit or loss for the year ended March 31, 2021 was not material. • A divestiture agreement of a portfolio of selected non-core over-the-counter and prescription pharmaceutical assets sold exclusively in Asia Pacific as well as a portfolio of selected non-core prescription pharmaceutical products sold predominantly in Europe and Canada. In addition, a portfolio of select over-the-counter and prescription pharmaceutical products sold in Europe and two manufacturing sites located in Denmark and Poland were divested. • An agreement to divest Takeda Consumer Healthcare Company Limited, which Takeda completed the sale for 234,105 million JPY. The disposal groups held for sale as of March 31, 2021 is mainly a group of assets and liabilities associated with a portfolio of non-core prescription pharmaceutical assets sold in China and the fair value of the disposal group is classified as Level 3 in the fair value hierarchy as of March 31, 2021. Takeda completed the divestiture of the disposal group in March 2022 and recognized the 5,602 million JPY divestiture gain in other operating income (Note 5). Also, the proceeds from this divestiture comprised the majority of Takeda’s proceeds from sales of business (net of cash and cash equivalents divested) in the consolidated statements of cash flows of 28,196 million JPY for the year ended March 31, 2022. During the year ended March 31, 2021, Takeda recorded an impairment loss of 5,824 million JPY in other operating expenses (Note 5) while no impairment was recorded for the year ended March 31, 2022 when disposal groups were classified as held for sale. A part of the impairment loss recorded in other operating expenses for the year ended March 31, 2021 is included in restructuring expenses. |
Bonds and Loans
Bonds and Loans | 12 Months Ended |
Mar. 31, 2022 | |
Borrowings [abstract] | |
Bonds and Loans | Bonds and Loans JPY (millions) 2021 2022 Bonds ¥ 3,532,202 ¥ 3,637,355 Short-term loans 69 285 Long-term loans 1,103,100 707,770 Total ¥ 4,635,371 ¥ 4,345,410 Non-current ¥ 4,613,218 ¥ 4,141,418 Current ¥ 22,153 ¥ 203,993 The composition of bonds is as follows: Instrument JPY (millions) Maturity Principal amount in contractual currency (millions) As of As of Interest rate (%) Hybrid subordinated bonds ¥ 500,000 497,485 498,154 1.720% per annum through October 6, 2024 and 6 month LIBOR (8) + margin (1.750-2.750%) thereafter June 2079 USD Unsecured Senior Notes $ 200 22,084 — 2.450 % January 2022 (1) 2018 EUR Unsecured Senior Notes – variable rate € 750 97,221 101,912 3 month EURIBOR + margin (1.100%) November 2022 2018 EUR Unsecured Senior Notes – fixed rate € 4,500 as of March 31, 2021 € 3,000 as of March 31, 2022 580,805 405,290 2021:1.125-3.000% 2022:2.250-3.000% November 2026 - November 2030 (3) 2018 USD Unsecured Senior Notes – fixed rate $ 3,250 357,296 395,303 4.400-5.000% November 2023 - November 2028 Unsecured Senior Notes Assumed in Shire Acquisition $ 5,500 as of March 31, 2021 $ 4,000 as of March 31, 2022 577,426 465,958 2.875-3.200% September 2023 - September 2026 (6) Unsecured Senior Notes Assumed in Shire Acquisition $ 1,520 167,972 185,998 3.600-5.250% June 2022 - June 2045 (7) 2020 USD Unsecured Senior Notes – fixed rate $ 7,000 768,133 849,391 2.050-3.375% March 2030 - July 2060 2020 EUR Unsecured Senior Notes – fixed rate € 3,600 463,780 485,985 0.750-2.000% July 2027 - July 2040 JPY Unsecured Senior Bonds – fixed rate ¥ 250,000 — 249,364 0.400 % October 2031 (4) Total ¥ 3,532,202 ¥ 3,637,355 The composition of loans is as follows: Instrument JPY (millions) Maturity Principal amount in contractual currency (millions) As of As of Interest rate (%) Syndicated Loans 2016 ¥ 200,000 200,000 200,000 0.200–0.300% April 2023 - April 2026 Syndicated Loans 2017 ¥ 113,500 113,500 113,500 0.350 % April 2027 USD Syndicated Loans 2017 $ 1,500 165,538 183,028 6 month LIBOR (8) + 0.500% April 2027 USD Japan Bank for International Cooperation 2019 $ 3,700 408,980 — 6 month LIBOR (8) + 0.600% December 2025 (2) (5) Other 215,151 211,527 Total ¥ 1,103,169 ¥ 708,055 On May 17, 2021, Takeda redeemed the remaining 200 million USD of unsecured U.S. dollar-denominated senior notes issued in July 2017 in advance of their original maturity date of January 18, 2022 (1) . Following this, on June 11, 2021, Takeda prepaid 2,000 million USD of the Japan Bank for International Cooperation loan (“JBIC Loan”) amount of 3,700 million USD (that was entered into on December 3, 2018) in advance of its original maturity date of December 11, 2025 (2) . On August 10, 2021, Takeda redeemed 1,500 million EUR of unsecured senior notes issued in November 2018 in advance of their original maturity date of November 21, 2022 (3) . On October 14, 2021, Takeda issued 10-year unsecured senior bonds with an aggregate principal amount of 250 billion JPY and a maturity date of October 14, 2031 (4) . Following this, on December 13, 2021. Takeda prepaid the remaining 1,700 million USD amount outstanding on the JBIC Loan in advance of its original maturity date of December 11, 2025 (5) . Furthermore, on March 24, 2022, Takeda redeemed 1,500 million USD of unsecured senior notes issued in September 2016 in advance of their original maturity date of September 23, 2023 (6) . On April 23, 2022, Takeda redeemed 219 million USD of unsecured U.S. dollar-denominated senior notes issued in June 2015 in advance of their original maturity date of June 23, 2022 (7) . While the transition away from LIBOR as a benchmark rate did not impact the financing rates that were incurred in fiscal year ended March 31, 2022, Takeda will be engaging with its financing partners to determine appropriate reference rates to be used in the future when LIBOR is no longer effective and the underlying debt facilities are required to have an alternative benchmark (8) . In September 2019, Takeda reached an agreement on a commitment facility of 700 billion JPY with various Japanese and non-Japanese banks. The commitment facility has a maturity of September 2026 having been extended by one year at the end of September 2021. The purpose of the commitment facility is for general business use. There were no drawdowns on the 700 billion JPY commitment facility as of March 31, 2021 and 2022, respectively. There are long-term financing agreements that contain financial covenants, a key one of which requires Takeda’s ratio of consolidated net debt to adjusted EBITDA, as defined in the loan agreements, for the previous twelve-month period to not surpass certain levels as of March 31 and September 30 of each year. Takeda was in compliance with all financial covenants as of March 31, 2021 and 2022, respectively. In 2017, Takeda entered into USD to JPY cross currency interest rate swap agreements to fix the interest rate for 925 million USD of the floating rate USD Syndicated Loans 2017. In respect of the remaining 575 million USD of the floating rate USD Syndicated Loans 2017, Takeda entered into an interest rate swap agreement to fix the applicable interest rate. Furthermore, in 2020, Takeda entered into USD to JPY cross currency swaps on 1,750 million USD of the fixed rate 2018 USD Unsecured Senior Notes and 4,000 million USD of the fixed rate 2020 USD Unsecured Senior Notes. During the year ended March 31, 2022, Takeda cancelled a USD to JPY cross currency swap for 200 million USD related to the remaining portion of fixed rate USD Unsecured Senior Notes issued in 2017 that were redeemed early on May 17, 2021. |
Other Financial Liabilities
Other Financial Liabilities | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure of financial liabilities [abstract] | |
Other Financial Liabilities | Other Financial Liabilities JPY (millions) 2021 2022 Derivative liabilities (Note 27) ¥ 97,091 ¥ 36,529 Lease liabilities (Note 27) 436,412 465,238 Financial liabilities associated with contingent consideration arrangements (Note 27) 27,770 5,844 Other 204,457 157,403 Total ¥ 765,730 ¥ 665,014 Non-current ¥ 517,677 ¥ 468,943 Current ¥ 248,053 ¥ 196,071 “Other” mainly includes deposits related to certain vaccines operations. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Mar. 31, 2022 | |
Employee Benefits [Abstract] | |
Employee Benefits | Employee Benefits Defined Benefit Plans The Company and some of its subsidiaries have various defined benefit plans such as lump-sum retirement payments plans and defined benefit pension plans, which define the amount of benefits that an employee will receive on or after retirement, usually based on one or more factors, such as age, years of employment, compensation, classes, and service. The Company’s defined benefit plans are the most significant plans among Takeda’s defined benefit obligations and plan assets. Defined benefit pension plans Japan The Company’s corporate defined benefit pension plan in Japan is a funded defined benefit pension plan, which is regulated by the Defined-Benefit Corporate Pension Act, one of the Japanese pension laws. Benefits are paid in exchange for services rendered by employees who worked for more than a specified period, typically three years, considering their years of service and the degree of their contribution to the Company. The Company’s pension fund (the “Fund”) is an independent entity established in accordance with the Japanese pension laws, and Takeda has an obligation to make contributions. The Director(s) of the Fund has the fiduciary duty to comply with laws; the directives by the Minister of Health, Labour and Welfare, and the Director-Generals of Regional Bureaus of Health and Welfare made pursuant to those laws; and the by-laws of the Fund and the decisions made by the Board of Representatives of the Fund. Contributions are also regularly reviewed and adjusted as necessary to the extent permitted by laws and regulations. Foreign Other types of defined benefit pension plans operated by Takeda are generally established and operated in the same manner as described above and in accordance with local laws and regulations where applicable. The present value of the defined benefit obligation is calculated annually based on actuarial valuations that are dependent upon a number of assumptions, including discount rates and future salary (benefit) increases. Service costs charged to operating expense related to defined benefit plans represent the increase in the defined benefit liability arising from pension benefits earned by active participants in the current period. Takeda is exposed to investment and other experience risks and may need to make additional contributions where it is estimated that the benefits will not be met from regular contributions, expected investment income, and assets held. The amounts recognized in the consolidated statements of profit or loss and the consolidated statements of financial position are as follows: Consolidated statements of profit or loss JPY (millions) 2020 2021 2022 Japan ¥ 4,769 ¥ (2,696) ¥ 2,992 Foreign 11,493 10,655 14,387 Defined benefit costs ¥ 16,262 ¥ 7,959 ¥ 17,379 Consolidated statements of financial position JPY (millions) Japan Foreign Total Present value of defined benefit obligations ¥ 180,321 ¥ 251,767 ¥ 432,088 Fair value of plan assets 231,038 102,354 333,392 Effect of asset ceiling 25,757 — 25,757 Net defined benefit liabilities (assets) ¥ (24,960) ¥ 149,413 ¥ 124,453 Consolidated statements of financial position Net defined benefit liabilities ¥ 9,444 ¥ 149,413 ¥ 158,857 Net defined benefit assets 34,404 — 34,404 Net amount of liabilities (assets) recognized in the consolidated statements of financial position ¥ (24,960) ¥ 149,413 ¥ 124,453 JPY (millions) Japan Foreign Total Present value of defined benefit obligations ¥ 168,449 ¥ 254,462 ¥ 422,912 Fair value of plan assets 225,363 117,140 342,503 Effect of asset ceiling 30,953 — 30,953 Net defined benefit liabilities (assets) ¥ (25,961) ¥ 137,323 ¥ 111,362 Consolidated statements of financial position Net defined benefit liabilities ¥ 8,524 ¥ 137,323 ¥ 145,847 Net defined benefit assets 34,485 — 34,485 Net amount of liabilities (assets) recognized in the consolidated statements of financial position ¥ (25,961) ¥ 137,323 ¥ 111,362 Net defined benefit assets were included in other non-current assets on the consolidated statements of financial position. Defined benefit obligations A summary of changes in present value of the defined benefit obligations for the periods presented is as follows: JPY (millions) Japan Foreign Total At beginning of year ¥ 190,552 ¥ 226,400 ¥ 416,952 Current service cost 4,621 8,937 13,558 Interest cost 1,145 3,772 4,917 Remeasurement of defined benefit pension plans From changes in demographic assumptions 1,359 (2,336) (977) From changes in financial assumptions (1,497) 7,161 5,664 Experience adjustments 6,163 2,148 8,311 Past service cost (7,195) (781) (7,976) Benefits paid (13,344) (8,961) (22,305) Contributions by the employees — 2,307 2,307 Effect of business combinations and disposals (1,483) (131) (1,614) Foreign currency translation differences — 13,251 13,251 At end of the year ¥ 180,321 ¥ 251,767 ¥ 432,088 JPY (millions) Japan Foreign Total At beginning of year ¥ 180,321 ¥ 251,767 ¥ 432,088 Current service cost 3,098 10,934 14,032 Interest cost 1,209 3,545 4,754 Remeasurement of defined benefit pension plans From changes in demographic assumptions 97 (2,313) (2,216) From changes in financial assumptions (2,994) (28,726) (31,720) Experience adjustments (2,522) 4,457 1,935 Past service cost 40 1,400 1,440 Benefits paid (10,799) (9,971) (20,769) Contributions by the employees — 2,297 2,297 Effect of business combinations and disposals — 60 60 Foreign currency translation differences — 21,013 21,013 At end of the year ¥ 168,449 ¥ 254,462 ¥ 422,912 The remaining weighted average duration of the defined benefit obligations was 15.4 years and 14.0 years as of March 31, 2021 and 2022, respectively. Significant actuarial assumptions used to determine the present value are as follows: Discount rate Future salary increases As of March 31, 2021 Japan 0.7 % 2.5 % Foreign 1.4 % 2.7 % As of March 31, 2022 Japan 0.8 % 2.5 % Foreign 2.1 % 2.8 % As of March 31, 2021 and 2022, future salary increases were not used to determine the present value of the defined benefit obligations related to certain defined benefit plans. A 0.5% change in these actuarial assumptions would affect the present value of defined benefit obligations at the end of the reporting period, while holding all other assumptions constant, by the amounts shown below: JPY (millions) Discount Rate Future Salary Increases Change in Impact Change in Impact As of March 31, 2021 Japan +0.50 % (11,546) +0.50 % 6 -0.50 % 13,012 -0.50 % (6) Foreign +0.50 % (19,818) +0.50 % 3,689 -0.50 % 22,881 -0.50 % (3,347) As of March 31, 2022 Japan +0.50 % (10,756) +0.50 % 6 -0.50 % 11,699 -0.50 % (6) Foreign +0.50 % (16,997) +0.50 % 3,654 -0.50 % 19,192 -0.50 % (3,334) Plan assets The defined benefit plans are independent of Takeda and funded only by contributions from Takeda. Takeda’s investment policies are designed to secure the necessary returns in the long-term within acceptable risk levels to ensure payments of pension benefits to eligible participants, including future participants. The acceptable risk level in the return rate on the plan assets is derived from a detailed study considering the mid- to long-term trends and the changes in income such as contributions and payments. Based on policies and studies, after consideration of issues such as the expected rate of return and risks, Takeda formulates a basic asset mix which aims at an optimal portfolio on a long-term basis with the selection of appropriate investment assets. A summary of changes in fair value of plan assets for the periods presented is as follows: JPY (millions) 2021 2022 Balance at beginning of the year ¥ 290,714 ¥ 333,392 Interest income on plan assets 2,540 3,016 Remeasurement of defined benefit plans Return on plan assets 40,902 (85) Contributions by the employer 7,940 7,581 Contributions by the employees 2,307 2,297 Benefits paid (14,291) (15,084) Effect of business combinations and disposals (1,218) — Foreign currency translation differences 4,498 11,387 Balance at end of the year ¥ 333,392 ¥ 342,503 Takeda expects to contribute 10,993 million JPY to the defined benefit plans for the year ending March 31, 2023. The breakdown of fair value by asset class is as follows: JPY (millions) 2021 2022 With quoted prices in active markets No quoted prices in active markets With quoted prices in active markets No quoted prices in active markets Equities: Japan ¥ 11,789 ¥ 3,520 ¥ 10,156 ¥ 2,713 Foreign 23,849 96,744 34,924 101,870 Bonds: Japan 1,441 16,846 1,296 15,876 Foreign 13,395 44,159 21,028 46,683 Life insurance company general accounts — 95,859 — 72,556 Cash and cash equivalent 9,625 — 10,106 — Others 199 15,966 (1,069) 26,361 Total plan assets ¥ 60,298 ¥ 273,094 ¥ 76,442 ¥ 266,061 Equities and bonds with no quoted prices in active markets includes pooled funds that are primarily invested in listed securities on active markets. Life insurance company general accounts are accounts with guaranteed capital and minimum interest rate, in which life insurance companies manage funds on a pooled basis. Changes in effect of asset ceiling for the periods presented are as follows: JPY (millions) 2021 2022 Balance at beginning of the year ¥ — ¥ 25,757 Interest income — 170 Remeasurement Changes in effect of asset ceiling 25,757 5,026 Balance at end of the year ¥ 25,757 ¥ 30,953 Defined Contribution Plans The Company and some of the Company’s subsidiaries offer defined contribution benefit plans. Benefits of defined contribution plans are linked to contributions paid, the performance of each participant’s chosen investments, and the form in which participants choose to redeem their benefits. Contributions made into these plans are generally paid into an independently administered fund. Contributions payable by Takeda for these plans are charged to operating expenses. Takeda has no exposure to investment risks and other experience risks with regard to defined contribution plans. The amount of defined contribution costs was 25,138 million JPY, 34,052 million JPY, and 37,345 million JPY for the years ended March 31, 2020, 2021, and 2022, respectively. These amounts include contributions to publicly provided plans. Other Employee Benefit Expenses Major employee benefit expenses other than retirement benefits for each fiscal year are as follows: JPY (millions) 2020 2021 2022 Salary ¥ 417,860 ¥ 418,087 ¥ 458,039 Bonuses 135,938 105,772 127,888 Other 157,722 163,443 187,440 The above table does not include severance expenses. |
Provisions
Provisions | 12 Months Ended |
Mar. 31, 2022 | |
Provisions [abstract] | |
Provisions | Provisions The movements in the provisions are as follows: JPY (millions) Litigation (Note 32) Restructuring Rebates and return Other Total As of April 1, 2020 ¥ 49,711 ¥ 45,047 ¥ 316,290 ¥ 31,802 ¥ 442,850 Increases 26,189 47,446 822,479 17,898 914,012 Decreases (utilized) (3,182) (46,732) (752,165) (16,019) (818,098) Decreases (reversed) (996) (13,658) (18,812) (7,827) (41,293) Reclassification to liabilities held for sale (Note 19) — — (3,807) (99) (3,906) Foreign currency translation differences 1,673 194 13,787 807 16,461 As of March 31, 2021 ¥ 73,395 ¥ 32,297 ¥ 377,772 ¥ 26,562 ¥ 510,026 Increases 28,235 12,193 835,096 24,826 900,351 Decreases (utilized) (59,386) (16,280) (833,159) (15,651) (924,476) Decreases (reversed) (252) (15,948) (10,574) (3,739) (30,513) Foreign currency translation differences 877 1,091 35,846 2,498 40,312 As of March 31, 2022 ¥ 42,869 ¥ 13,353 ¥ 404,982 ¥ 34,497 ¥ 495,701 The current portion of the provision is 405,245 million JPY, 471,278 million JPY, and 443,502 million JPY as of April 1, 2020, March 31, 2021 and 2022, respectively. The non-current portion of the provision is 37,605 million JPY, 38,748 million JPY and 52,199 million JPY, as of April 1, 2020, March 31, 2021 and 2022, respectively. Restructuring Takeda has various restructuring efforts in place during the years ended March 31, 2020, 2021 and 2022, in connection with the following: • Transform its R&D function – Takeda has led various restructuring efforts during the years ended March 31, 2020 and 2021, in connection with efforts to transform its R&D function and to improve the efficiency of its operations. These initiatives included consolidation of sites and functions and reduction in workforce. • Integration of Shire - In the years ended March 31, 2020, 2021 and 2022, Takeda directed various restructuring efforts following the Shire acquisition. The integration of Shire includes initiatives to consolidate systems, sites, and functions, and to optimize the workforce. • Acquired restructuring programs – Takeda acquired various restructuring programs in connection with the Shire Acquisition. These include Shire program related to completing the integration of Baxalta, Inc., which was acquired by Shire in June 2016. These acquired restructuring programs were completed in the year ended March 31, 2020. • Various other efforts to improve the efficiency of its operations and related facilities. A restructuring provision is recorded when Takeda has developed a detailed formal plan for the restructuring. Takeda records the provision and associated expenses based on estimated costs associated with the plan. The ultimate cost and the timing of any payments under the plan will be impacted by the actual timing of the actions and the actions of employees impacted by the restructuring activities. The payments for non-current restructuring provision are expected to be made within approximately 4 years. Restructuring expenses recorded for the fiscal years ended March 31, 2020, 2021 and 2022 are as follows: JPY (millions) 2020 2021 2022 Cash: Severance ¥ 33,538 ¥ 28,031 ¥ 15,230 Consulting fees 18,086 5,704 2,963 Other 78,746 70,742 65,163 Total ¥ 130,370 ¥ 104,477 ¥ 83,357 Non-Cash: Depreciation and impairment ¥ 50,670 ¥ 11,398 ¥ 479 Total ¥ 181,040 ¥ 115,875 ¥ 83,836 Other restructuring expenses for the fiscal years ended March 31, 2020, 2021 and 2022 includes personnel expenses of 28,140 million JPY, 8,091 million JPY, and 9,420 million JPY, respectively, and mainly related to retention bonus and salary of employees fully dedicated to restructuring programs. Other restructuring expenses for the fiscal year ended March 31, 2021 and 2022 also includes expenses related to system optimization by the integration of Shire in digital transformation initiatives. Rebates and Returns Takeda has recognized a provision related mainly to sales rebates and returns for products and merchandises. The balances stated in the summary table above include provisions of 267,254 million JPY and 266,113 million JPY as of March 31, 2021 and 2022, respectively, for contractual and statutory rebates payable under Commercial healthcare provider contracts and U.S. State and Federal government health programs, such as U.S. Medicaid and U.S. Medicare as well as U.S. commercial managed care programs. These are expected to be paid out generally within one year. Return reserves are recorded primarily for credits expected to be issued to customers for certain expired product that will be returned. S ales rebates and sales returns reserves are reviewed and updated monthly or when there is a significant change in its amount. Other Other provisions are primarily related to asset retirement obligations, contract termination fees and onerous contracts. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Mar. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other Liabilities | Other Liabilities JPY (millions) 2021 2022 Accrued expenses ¥ 459,384 ¥ 505,466 Deferred income 50,228 74,551 Other 89,937 72,146 Total ¥ 599,549 ¥ 652,163 Non-current ¥ 56,898 ¥ 67,214 Current ¥ 542,651 ¥ 584,949 Accrued expenses include accrued employee benefit expenses of 184,805 million JPY and 209,772 million JPY as of March 31, 2021 and 2022, respectively. |
Trade and Other Payables
Trade and Other Payables | 12 Months Ended |
Mar. 31, 2022 | |
Trade and other payables [abstract] | |
Trade and Other Payables | Trade and Other Payables JPY (millions) 2021 2022 Trade payables ¥ 232,105 ¥ 295,934 Other payables 111,733 220,364 Total ¥ 343,838 ¥ 516,297 |
Equity and Other Equity Items
Equity and Other Equity Items | 12 Months Ended |
Mar. 31, 2022 | |
Equity [abstract] | |
Equity and Other Equity Items | Equity and Other Equity Items Thousands of Shares 2021 2022 Authorized shares as of the beginning of the year 3,500,000 3,500,000 Shares issued: At the beginning of the year 1,576,374 1,576,388 Exercise of stock options 14 10 Issuance of shares — 5,855 As of the end of the year 1,576,388 1,582,253 The shares issued by the Company are ordinary shares with no par value that have no restrictions on any rights. The number of treasury shares included in the above shares issued was 18,608 thousand shares, 13,030 thousand shares, and 31,892 thousand shares as of April 1, 2020, March 31, 2021, and 2022, respectively. The number of treasury shares as of April 1, 2020, March 31, 2021 and 2022 includes 18,353 thousand shares, 12,772 thousand shares and 9,161 thousand shares, respectively, held by the Employee Stock Ownership Plan (“ESOP”) Trust and the Board Incentive Plan (“BIP”) Trust. During the year ended March 31, 2021, The ESOP and BIP Trust acquired 520 thousand shares and sold 6,101 thousand shares. During the year ended March 31, 2022, the ESOP and BIP Trust acquired 1,185 thousand shares and sold 4,796 thousand shares. During the year ended March 31, 2022, the Company issued 3,874 thousand shares of common stock under the Long Term Incentive Plan (“LTIP”) for the Company Group employees overseas. The issuance of these shares resulted in an increase in share capital of 7,138 million JPY and share premium of 7,138 million JPY. The shares of the Company’s common stock were converted into the Company’s American Depositary Shares (“ADSs”) and settled with employees. During the year ended March 31, 2022, Takeda acquired 22,469 thousand shares of its common stock for 74,973 million JPY in accordance with the resolution on the acquisition of its own shares at the Board of Directors Meeting held on October 28, 2021. Including its own shares acquired in April 2022, Takeda acquired a total of 29,377 thousand shares of its common stock for 99,966 million JPY, and as of the same month, the acquisition in accordance with the resolution was completed. Dividends declared and paid JPY (millions) Dividends per share JPY Record date Effective date April 1, 2019, to March 31, 2020 Q1 2019 ¥ 140,836 ¥ 90.00 March 31, 2019 June 28, 2019 Q3 2019 141,857 90.00 September 30, 2019 December 2, 2019 April 1, 2020, to March 31, 2021 Q1 2020 141,858 90.00 March 31, 2020 June 25, 2020 Q3 2020 141,860 90.00 September 30, 2020 December 1, 2020 April 1, 2021, to March 31, 2022 Q1 2021 141,859 90.00 March 31, 2021 June 30, 2021 Q3 2021 142,387 90.00 September 30, 2021 December 1, 2021 Dividends declared for which the effective date falls in the following fiscal year are as follows: Dividends declared JPY (millions) Dividends per share JPY Record date Effective date April 1, 2022, to March 31, 2023 Q1 2022 140,365 ¥ 90.00 March 31, 2022 June 30, 2022 |
Financial Instruments
Financial Instruments | 12 Months Ended |
Mar. 31, 2022 | |
Financial Instruments [Abstract] | |
Financial Instruments | Financial InstrumentsTakeda promotes risk management to reduce the financial risks arising from business operations. The principal risks to which Takeda is exposed include market risk, counterparty credit risk, and liquidity risk caused by changes in the market environment such as fluctuations in foreign exchange rates, interest rates and market prices of commodities and other financial holdings. Each of these risks is managed in accordance with Takeda’s policies. Financial Assets and Liabilities JPY (millions) Financial assets measured at amortized Measured at fair value through other comprehensive income Measured at fair value through profit or loss Derivative hedging instruments Other financial liabilities Total Financial assets measured at fair value Other financial assets - Equity instruments ¥ — ¥ 145,070 ¥ — ¥ — ¥ — ¥ 145,070 Derivative financial instruments — — 62,594 1,506 — 64,100 Investments in convertible notes — — 12,176 — — 12,176 Investments in debt instruments — — 800 — — 800 Financial assets associated with contingent consideration arrangements — — 25,446 — — 25,446 Total ¥ — ¥ 145,070 ¥ 101,016 ¥ 1,506 ¥ — ¥ 247,592 Financial assets not measured at fair value Other financial assets - Other ¥ 24,888 ¥ — ¥ — ¥ — ¥ — ¥ 24,888 Trade and other receivables 783,091 — — — — 783,091 Cash and cash equivalents 966,222 — — — — 966,222 Total ¥ 1,774,201 ¥ — ¥ — ¥ — ¥ — ¥ 1,774,201 Financial liabilities measured at fair value Other financial liabilities - Derivative financial instruments ¥ — ¥ — ¥ 12,116 ¥ 84,975 ¥ — ¥ 97,091 Financial liabilities associated with contingent consideration arrangements — — 27,770 — — 27,770 Other — — 2,693 — — 2,693 Total ¥ — ¥ — ¥ 42,579 ¥ 84,975 ¥ — ¥ 127,554 Financial liabilities not measured at fair value Other financial liabilities - Lease liabilities ¥ — ¥ — ¥ — ¥ — ¥ 436,412 ¥ 436,412 Other — — — — 201,764 201,764 Trade and other payables — — — — 343,838 343,838 Bonds and loans — — — — 4,635,371 4,635,371 Total ¥ — ¥ — ¥ — ¥ — ¥ 5,617,385 ¥ 5,617,385 JPY (millions) Financial assets measured at amortized Measured at fair value through other comprehensive income Measured at fair value through profit or loss Derivative hedging instruments Other financial liabilities Total Financial assets measured at fair value Other financial assets - Equity instruments ¥ — ¥ 148,451 ¥ — ¥ — ¥ — ¥ 148,451 Derivative financial instruments — — 19,141 22,749 — 41,890 Investments in convertible notes — — 10,409 — — 10,409 Investments in debt instruments — — 1,052 — — 1,052 Financial assets associated with contingent consideration arrangements — — 26,852 — — 26,852 Trade receivables — 20,665 — — — 20,665 Total ¥ — ¥ 169,117 ¥ 57,454 ¥ 22,749 ¥ — ¥ 249,320 Financial assets not measured at fair value Other financial assets - Other ¥ 30,205 ¥ — ¥ — ¥ — ¥ — ¥ 30,205 Trade and other receivables 675,979 — — — — 675,979 Cash and cash equivalents 849,695 — — — — 849,695 Total ¥ 1,555,879 ¥ — ¥ — ¥ — ¥ — ¥ 1,555,879 Financial liabilities measured at fair value Other financial liabilities - Derivative financial instruments ¥ — ¥ — ¥ 6,074 ¥ 30,455 ¥ — ¥ 36,529 Financial liabilities associated with contingent consideration arrangements — — 5,844 — — 5,844 Total ¥ — ¥ — ¥ 11,918 ¥ 30,455 ¥ — ¥ 42,373 Financial liabilities not measured at fair value Other financial liabilities - Lease liabilities ¥ — ¥ — ¥ — ¥ — ¥ 465,238 ¥ 465,238 Other — — — — 157,403 157,403 Trade and other payables — — — — 516,297 516,297 Bonds and loans — — — — 4,345,410 4,345,410 Total ¥ — ¥ — ¥ — ¥ — ¥ 5,484,348 ¥ 5,484,348 Fair Value Measurement Derivative and non-derivative financial instruments measured at fair value are categorized in the following three-tier fair value hierarchy that reflects the significance of the inputs in making the measurements. Level 1 is defined as observable inputs, such as quoted prices in active markets for an identical asset or liability. Level 2 is defined as inputs other than quoted prices in active markets within Level 1 that are directly or indirectly observable. Level 3 is defined as unobservable inputs. JPY (millions) As of March 31, 2021 Level 1 Level 2 Level 3 Total Assets: Financial assets measured at fair value through profit or loss Derivatives ¥ — ¥ 62,594 ¥ — ¥ 62,594 Investment in convertible notes — — 12,176 12,176 Investment in debt instruments — — 800 800 Financial assets associated with contingent consideration arrangements — — 25,446 25,446 Derivatives for which hedge accounting is applied — 1,506 — 1,506 Financial assets measured at fair value through OCI Equity instruments 92,602 — 52,468 145,070 Total ¥ 92,602 ¥ 64,100 ¥ 90,890 ¥ 247,592 Liabilities: Financial liabilities measured at fair value through profit or loss Derivatives ¥ — ¥ 12,116 ¥ — ¥ 12,116 Financial liabilities associated with contingent consideration arrangements — — 27,770 27,770 Other — — 2,693 2,693 Derivatives for which hedge accounting is applied — 84,975 — 84,975 Total ¥ — ¥ 97,091 ¥ 30,463 ¥ 127,554 JPY (millions) As of March 31, 2022 Level 1 Level 2 Level 3 Total Assets: Financial assets measured at fair value through profit or loss Derivatives ¥ — ¥ 19,141 ¥ — ¥ 19,141 Investment in convertible notes — — 10,409 10,409 Investment in debt instruments — — 1,052 1,052 Financial assets associated with contingent consideration arrangements — — 26,852 26,852 Derivatives for which hedge accounting is applied — 22,749 — 22,749 Financial assets measured at fair value through OCI Trade receivables — 20,665 — 20,665 Equity instruments 84,188 — 64,263 148,451 Total ¥ 84,188 ¥ 62,556 ¥ 102,576 ¥ 249,320 Liabilities: Financial liabilities measured at fair value through profit or loss Derivatives ¥ — ¥ 6,074 ¥ — ¥ 6,074 Financial liabilities associated with contingent consideration arrangements — — 5,844 5,844 Derivatives for which hedge accounting is applied — 30,455 — 30,455 Total ¥ — ¥ 36,529 ¥ 5,844 ¥ 42,373 Valuation Techniques The fair value of derivatives is measured based on Treasury management system valuation models or the Black-Scholes model, whose significant inputs are based on observable market data. The fair value of the investment in convertible notes is measured using techniques such as the discounted cash flow and option pricing models. The fair value of trade receivables, which are due from customers that Takeda has the option to factor, are measured based on the invoiced amount. Equity investments and investments in debt instruments are not held for trading. If equity instruments or investments in debt instruments are quoted in an active market, the fair value is based on price quotations at the period-end-date. If equity instruments or investments in debt instruments are not quoted in an active market, the fair value is calculated utilizing an adjusted book value per share method or EBITDA multiples approach based on available information as of each period-end-date and comparable companies. The principal input that is not observable and utilized for the calculation of the fair value of equity instruments and investments in debt instruments classified as Level 3 is the EBITDA rate used for the EBITDA multiples approach, which ranges from 5.0 times to 10.9 times. During the years ended March 31, 2021 and 2022, cumulative gains on equity investments of 42,781 million JPY and 5,357 million JPY were reclassified from other comprehensive income to retained earnings, respectively, upon the disposal of certain equity investments in publicly traded companies. The fair value of these investments on the dates of disposal during the years ended March 31, 2021 and 2022 were 73,875 million JPY and 16,929 million JPY, respectively. The investments were disposed of after management’s assessment of these investments relative to the investment strategy. Financial assets and liabilities associated with contingent consideration arrangements are measured at fair value at the time of the divestiture or the acquisition date of business combination. When the contingent consideration arrangement meets the definition of a financial asset or liability, it is subsequently re-measured at fair value at each closing date. The determination of the fair value is based on models such as scenario-based methods and discounted cash flows. The key assumptions take into consideration the probability of meeting each performance target, forecasted revenue projections, and the discount factor. The financial assets associated with contingent consideration arrangements are recognized mainly in relation to the divestiture of XIIDRA. The financial liabilities associated with contingent consideration arrangements are discussed in Financial liabilities associated with contingent consideration arrangements . The joint venture net written option, included in other Level 3 liabilities above is valued at fair value, and subsequently re-measured to fair value at each closing date. The determination of the fair value is based on the Monte Carlo Simulation model. The key assumptions include probability weighting, estimated earnings and assumed market participant discount rates that are taken into account for the fair value. Transfers between levels Takeda recognizes transfers between levels of the fair value hierarchy, at the end of the reporting period during which the change has occurred. There were transfers from Level 3 to Level 1 recorded in the years ended March 31, 2021 and 2022. These transfers resulted from the investments in the companies whose shares were previously not listed on an equity or stock exchange and had no recent observable active trades in the shares. During the years ended March 31, 2021 and 2022, the companies listed its equity shares on an exchange and are currently actively traded in the market. As the equity shares have a published price quotation in an active market, the fair value measurement was transferred from Level 3 to Level 1 on the fair value hierarchy during the years ended March 31, 2021 and 2022, respectively. There were no other transfers between levels of the fair value hierarchy during the years ended March 31, 2021 and 2022. Level 3 financial assets fair values Takeda invests in equity instruments mainly for research collaboration. The following table shows a reconciliation from the opening balances to the closing balances for Level 3 financial asset fair values for the years ended March 31, 2021 and 2022. The disclosure related to Level 3 financial liabilities which are financial liabilities associated with contingent consideration arrangements are included in Financial liabilities associated with contingent consideration arrangements. There are no significant changes in fair value during the changes in certain assumptions which influence the fair value measurement for Level 3 financial assets. JPY (millions) 2021 2022 Financial assets associated with contingent consideration arrangements Equity instruments Financial assets associated with contingent consideration arrangements Equity instruments As of the beginning of the period ¥ 92,516 ¥ 48,237 ¥ 25,446 ¥ 52,468 Recognition of financial assets associated with contingent consideration arrangements 3,318 — — — Changes recognized as finance income (expenses) 3,294 — (1,043) — Changes in fair value of financial assets associated with contingent consideration due to other elements than time value (1) (72,940) — — — Changes in fair value of financial assets measured at fair value through OCI and exchange differences on translation of foreign operations (742) 8,126 2,448 23,345 Purchases — 12,559 — 7,919 Sales — (7,013) — (644) Transfers to Level 1 — (9,241) — (23,856) Acquisition from sale of intangible assets associated with products — — — 5,645 Acquisition from conversion of convertible notes — — — 725 Transfers to investments accounted for using the equity method — — — (1,339) Reclassification to assets held for sale — (200) — — As of the end of the period ¥ 25,446 ¥ 52,468 ¥ 26,852 ¥ 64,263 (1) During the year ended March 31, 2021, Takeda recognized other operating expenses of 72,940 million JPY as the loss from changes in the fair value of the assets associated with contingent consideration arrangements from the previous sale of XIIDRA. It was driven by changes in assumptions related to the future sales of XIIDRA, including the impact from Novartis' withdrawal of the Marketing Authorisation Application in Europe, as also described in Note 5. Financial liabilities associated with contingent consideration arrangements Financial liabilities associated with contingent consideration arrangements represent consideration related to business combinations or license agreements that are payable only upon future events such as the achievement of development milestones and sales targets, including pre-existing contingent consideration arrangements of the companies that are acquired by Takeda. At each reporting date, the fair value of financial liabilities associated with contingent consideration arrangements is re-measured based on risk-adjusted future cash flows discounted using an appropriate discount rate. As of March 31, 2021 and 2022, the balance primarily relates to pre-existing contingent consideration arrangements from Shire’s historical acquisitions. The pre-existing contingent consideration arrangements acquired from Shire through Shire’s historical acquisitions is due upon the achievement of certain milestones related to the development, regulatory, first commercial sale and other sales milestones of products at various stages of development and marketing, which could total up to 2,672 million JPY of undiscounted payments over a period of 6 years. The fair value of financial liabilities associated with contingent consideration arrangements could increase or decrease due to changes in certain assumptions which underpin the fair value measurements. The assumptions include probability of milestones being achieved. The fair value of financial liabilities associated with contingent consideration arrangements are classified as Level 3 in the fair value hierarchy. The following table shows a reconciliation from the opening balances to the closing balances and payment term for financial liabilities associated with contingent consideration arrangements for the period ended March 31, 2021 and 2022, respectively. There are no significant changes in fair value during the changes in significant assumptions which influence the fair value measurement for financial liabilities associated with contingent consideration arrangements. JPY (millions) 2021 2022 As of the beginning of the year ¥ 41,664 ¥ 27,770 Additions arising from business combinations — 5,203 Reversal from sale of intangible assets associated with products — (11,479) Changes in the fair value during the period (10,062) (10,705) Settled and paid during the period (4,206) (6,293) Foreign currency translation differences 374 1,348 As of the end of the year ¥ 27,770 ¥ 5,844 JPY (millions) 2021 2022 Payment term (undiscounted) Within one year ¥ 7,400 ¥ 606 Between one and three years 2,273 2,869 Between three and five years 1,174 2,000 More than five years 40,035 980 Financial instruments not measured at fair value The carrying amount and fair value of financial instruments that are not measured at fair value in the consolidated statements of financial position are as follows. Fair value information is not provided for financial instruments, if the carrying amount is a reasonable estimate of fair value due to the relatively short period of maturity of these instruments. JPY (millions) 2021 2022 Carrying amount Fair value Carrying amount Fair value Bonds ¥ 3,532,202 ¥ 3,762,266 ¥ 3,637,355 ¥ 3,630,521 Long-term loans 1,103,100 1,098,526 707,770 703,032 Long-term financial liabilities are recognized at their carrying amount. The fair value of bonds is measured at quotes whose significant inputs to the valuation model used are based on observable market data. The fair value of loans is measured at the present value of future cash flows discounted using the applicable market rate on the loans in consideration of the credit risk by each group classified in a specified period. The fair value of bonds and long-term loans are classified as Level 2 in the fair value hierarchy. Market Risk Major market risks to which Takeda is exposed are 1) foreign currency risk, 2) interest rate risk and 3) price fluctuation risk. Financial instruments affected by market risk include loans and borrowings, deposits, equity investments and derivative financial instruments. Foreign Currency Risk Takeda’s exposure to foreign exchange rates primarily relates to its foreign currency denominated operations and Takeda’s net investments in foreign subsidiaries. Takeda manages foreign currency risks in a centralized manner using derivative financial instruments. Takeda’s policy does not permit the use of speculative foreign currency financial instruments or derivatives. Takeda uses forward exchange contracts, currency swaps, and currency options to hedge individually significant foreign currency transactions. Takeda has also designated loans and bonds denominated in the US dollar and Euro and certain forward exchange contracts as hedging instruments of net investments in foreign operations. As of March 31, 2021 and 2022, the total fair value of the foreign currency denominated loans was 579,864 million JPY and 184,520 million JPY, respectively, and the total fair value of the foreign currency denominated bonds was 3,245,901 million JPY and 2,871,256 million JPY, respectively. Takeda is exposed mainly to foreign currency risks of the US dollar and Euro. The fair values of Takeda’s financial instrument holdings are analyzed to determine their sensitivity to changes in foreign exchange rates. Our analysis shows that if the JPY were to change against all other currencies by 5%, as of March 31, 2021 and 2022, the hypothetical impact on net income would not be material. This analysis assumes that all other variables, in particular interest rates, remain constant and that a change in one currency’s rate relative to the JPY would not have any effect on another currency’s rate relative to the JPY. In addition, this analysis does not include the effects of foreign currency translation on financial instruments that are denominated in the functional currency of the entity holding them. JPY (millions) As of March 31, 2021 Contract amount Contract amount to be settled in more than one year Fair value Forward exchange contracts: Selling: Euro ¥ 131,729 ¥ — ¥ (3,362) United States Dollar 865,407 — (11,270) Buying: Euro 134,762 — 3,407 United States Dollar 1,364,837 — 7,873 Other 13,515 — 422 Currency swaps: Buying: United States Dollar 739,948 717,114 (56,787) JPY (millions) As of March 31, 2022 Contract amount Contract amount to be settled in more than one year Fair value Forward exchange contracts: Selling: Euro ¥ 243,870 ¥ — ¥ (11,315) United States Dollar 445,285 — (8,181) Buying: Euro 244,041 — 11,326 United States Dollar 360,656 — 4,894 Currency swaps: Buying: United States Dollar 717,114 717,114 8,686 The above currency swaps, designated as hedging instruments in a cash flow hedge, were related to foreign currency denominated bonds and loans. The cash flow hedge reserve related to the currency swaps were reclassified to profit or loss in the same period as the hedged expected future cash flows occur. Interest Rate Risk Takeda’s exposure to the risk of changes in benchmark interest rates and foreign exchange rate relates primarily to the outstanding debts with floating interest rates. Takeda uses interest and cross currency interest rate swaps that fix the amount of future payments to manage interest and foreign exchange rate risks through cash flow hedge strategies. Takeda may also use derivatives that effectively convert its fixed rate debt to floating through fair-value hedge strategies. The following summarizes interest and cross currency interest rate swaps designated as cash flow hedges as of March 31: JPY (millions) As of March 31 Contract amount Contract amount to be settled in more than one year Fair value 2021 ¥ 803,506 ¥ 780,672 ¥ (61,564) 2022 787,370 787,370 8,637 The fair values of Takeda’s financial instrument holdings are analyzed to determine their sensitivity to interest rate changes. Our analysis shows that if there were a 1% change in interest rates, as of March 31, 2021 and 2022, the hypothetical impact on net income would not be material. This analysis assumes that all other variables, in particular foreign currency exchange rates, remain constant. Price Fluctuation Risk Management Commodity Price Risk For its business operations, Takeda is exposed to risks from commodity price fluctuations. Takeda manages this risk primarily by utilizing fixed price contracts but may also use financial instruments to lock in a fixed price. Market Price Risk Market pricing and valuations of Takeda’s fixed-income financial assets and liabilities are impacted by changes in currency rates, interest rates and credit spreads, which are managed as described above. For equity instruments, Takeda manages the risk of price fluctuations in the instruments by regularly reviewing share prices and financial positions of the issuers. Our analysis shows that if the market price of equity instruments held by Takeda and investments in trusts which hold equity instruments on behalf of Takeda had changed by 10%, as of March 31, 2021 and 2022, the hypothetical impact on other comprehensive income would not be material. This analysis assumes that all other variables, in particular interest rates and foreign currency exchange rates, remain constant. There is no impact on net income because the changes in the fair value of equity instruments are recognized directly in equity. Derivative Financial Instruments As described above, Takeda is exposed to effects related to foreign exchange fluctuations in connection with our international business activities that are denominated in various currencies and Takeda’s overseas entities that have different functional currencies. Takeda is also exposed to currency and interest rate fluctuations on our borrowings that we use to finance our business operations and our acquisitions. These borrowings are denominated in various currencies and may bear interest at variable rates, resulting in the risk related to the currency and interest rate movements. In order to manage the risk of currency exchange rate and interest rate fluctuations, Takeda may enter into derivative contracts with highly rated financial institutions. Takeda enters into derivative contracts based on our risk management policies, which determine the authority for entering into such transactions and the transaction limits. The policy, which has been consistently followed, is that financial derivatives be used only for hedging foreign currency and interest rate exposure and not for speculative purposes. Takeda generally designates its derivatives as hedges for accounting purposes. In certain instances, Takeda enters into derivative contracts (“balance sheet hedges”) that do not qualify for hedge accounting but are nevertheless utilized to manage the underlying foreign currency exposure risk. Balance sheet hedges are used to offset the foreign currency impact from assets and liabilities on Takeda balance sheet that are denominated in non-functional currencies. Given these foreign currency derivatives work on an offset basis they do not require hedge accounting. Takeda has established guidelines for risk assessment procedures and controls for the use of financial instruments. These guidelines include a clear segregation of duties between execution and administration, and then again between accounting and controlling. Summary of Financial Position and Financial Performance for Derivative and Hedging Activities The following tables represent the items designated as hedging instruments, amounts within other components of equity related to items designated as hedged items and amounts of changes in fair value of hedging instruments recorded in other comprehensive income and the amounts reclassified from the hedging reserve to profit or loss as of and for the year ended March 31, 2021: JPY (millions) As of March 31, 2021 Notional Carrying amount – assets Carrying amount – liabilities Line item in the statement of financial position where hedging instrument is included Average rate used for the fair value of the hedging instrument Cash flow hedges Interest risk Interest rate swaps 575 million USD ¥ — ¥ 4,777 Other financial liabilities 2.83 % Currency and interest risk Currency and interest rate swaps 6,875 million USD 1,506 58,293 Other financial assets /liabilities 107.63 JPY 1.80% Net investment hedges Foreign currency denominated bonds and loans 8,819 million USD — 974,779 Bonds and loans 8,857 million EUR — 1,149,950 Bonds and loans Forward exchange contracts 3,291 million USD — 18,539 Other financial liabilities 998 million EUR — 3,366 Other financial liabilities JPY (millions) As of March 31, 2021 Balance in cash flow hedges and net investment hedges Balance in hedge cost reserve Cash flow hedges Interest risk Interest rate swaps ¥ (3,316) ¥ — Forward interest rate (22,499) — Currency and interest risk Currency and interest rate swaps (45,820) (8,592) Currency risk Hedge related to acquisition 3,560 — Net investment hedges Foreign currency denominated bonds and loans 15,436 — Forward exchange contracts 20,476 — JPY (millions) For the year ended March 31, 2021 Amounts recognized in OCI Amount reclassified to profit or loss Change in fair value of hedging instruments Hedging costs Cash flow hedge Hedging costs Line item in which reclassification adjustment is included Cash flow hedges Interest risk Interest rate swaps ¥ 1,400 ¥ — ¥ 1,127 ¥ — Financial expenses Forward interest rate (3,087) — 1,630 — Financial expenses Currency and interest risk Currency and interest rate swaps (39,146) (9,978) (27,242) (3,200) Financial income and Financial expenses Net investment hedges Foreign currency denominated bonds and loans 112,620 — — — Forward exchange contracts 19,804 — — — The following tables represent the items designated as hedging instruments, amounts within other components of equity related to items designated as hedged items and amounts of changes in fair value of hedging instruments recorded in other comprehensive income and the amounts reclassified from the hedging reserve to profit or loss as of and for the year ended March 31, 2022: JPY (millions) Notional Carrying amount – assets Carrying amount – liabilities Line item in the statement of financial position where hedging instrument is included Average rate used for the fair value of the hedging instrument Cash flow hedges Interest risk Interest rate swaps 575 million USD ¥ — ¥ 49 Other financial liabilities 2.83 % Currency and interest risk Currency and interest rate swaps 6,675 million USD 22,749 14,063 Other financial assets /liabilities 107.43 JPY 1.85% Net investment hedges Foreign currency denominated bonds and loans 5,108 million USD — 624,138 Bonds and loans 7,368 million EUR — 1,001,896 Bonds and loans Forward exchange contracts 594 million USD — 4,982 Other financial liabilities 1,815 million EUR — 11,360 Other financial liabilities JPY (millions) Balance in cash flow hedges and net investment hedges Balance in hedge cost reserve Cash flow hedges Interest risk Interest rate swaps ¥ 425 ¥ — Forward interest rate (21,313) — Currency and interest risk Currency and interest rate swaps (48,573) (6,135) Currency risk Hedge related to acquisition 3,560 — Net investment hedges Foreign currency denominated bonds and loans 97,977 — Forward exchange contracts 54,778 — JPY (millions) Amounts recognized in OCI Amount reclassified to profit or loss Change in fair value of hedging instruments Hedging costs Cash flow hedge Hedging costs Line item in which reclassification adjustment is included Cash flow hedges Interest risk Interest rate swaps ¥ 3,992 ¥ — ¥ 1,398 ¥ — Financial expenses Forward interest rate (605) — 2,312 — Financial expenses Currency and interest risk Currency and interest rate swaps 79,394 6,611 (83,031) (3,071) Financial income and Financial expenses Net investment hedges Foreign currency denominated bonds and loans 107,064 — — — Forward exchange contracts 35,646 — — — The amount relating to the ineffectiveness recorded in profit or loss was immaterial for the years ended March 31, 2021 and 2022. The amount of hedging gains/losses recorded in other comprehensive income and reclassified to profit or loss as hedged future cash flows were no longer expected to occur was immaterial for the years ended March 31, 2021 and 2022. Capital Management The capital structure of Takeda consists of shareholders’ equity (Note 26), bonds and loans (Note 20), and cash and cash equivalents (Note 18). The fundamental principles of Takeda’s capital risk management are to build and maintain a steady financial base for the purpose of maintaining soundness and efficiency of operations and achieving sustainable growth. According to these principles, Takeda conducts capital investment, profit distribution such as dividends, and repayment of loans based on steady operating cash flows through the development and sale of competitive products. Takeda utilizes factoring arrangements for selected trade receivables. Under this program, trade receivables sold are derecognized when the risks and rewards of ownership have been transferred. Amounts due from customers that are subject to the factoring arrangements but have not been factored at fiscal year end are disclosed in Note 17. Takeda balances and monitors its capital structure between debt and equity and adheres to a conservative financial discipline. Credit Risk Takeda is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions, and other financial instruments. The maximum exposure to credit risk, without taking into account any collateral held at the end of the reporting period, is represented by the carrying amount of the financial instruments which is exposed to credit risk on the consolidated statements of financial position. Takeda regularly monitors the status of credit risk exposure with banks and financial institutions. Customer Credit Risk Trade and other receivables are exposed to customer credit risk. Takeda monitors the status of overdue balances, reviews outstanding balances for each customer and regularly examines the credibility of major customers in accordance with Takeda’s policies for credit management to facilitate the early evaluation and the reduction of potential credit risks. If necessary, Takeda obtains rights to collateral or guarantees on the receivables. The following represents the carrying amount of the trade receivables categorized by due date and the analysis of impairment loss allowance as of March 31, 2021 and 2022: JPY (millions) except for percentage Amount past due Current Within 30 Over 30 days but within 60 days Over 60 days but within 90 days Over 90 days but within one year Over one Total Gross carrying amount ¥ 643,819 ¥ 17,632 ¥ 12,017 ¥ 6,214 ¥ 16,762 ¥ 19,680 ¥ 716,124 Impairment loss allowance (1,336) (20) (11) (120) (646) (6,504) (8,637) Net carrying amount 642,483 17,612 12,006 6,094 16,116 13,176 707,487 Weighted average loss rate (%) 0.2 % 0.1 % 0.1 % 1.9 % 3.9 % 33.0 % 1.2 % JPY (millions) except for percentage Amount past due Current Within 30 Over 30 days but within 60 days Over 60 days but within 90 days Over 90 days but within one year Over one Total Gross carrying amount ¥ 569,289 ¥ 19,369 ¥ 5,972 ¥ 3,670 ¥ 14,391 ¥ 14,217 ¥ 626,908 Impairment loss allowance (3,274) (23) (88) (50) (963) (4,993) (9,390) Net carrying amount 566,015 19,346 5,884 3,620 13,428 9,224 617,518 Weighted average loss rate (%) 0.6 % 0.1 % 1.5 % 1.4 % 6.7 % 35.1 % 1.5 % Management believes that the unimpaired amounts that are past due are still collectible in full, based on historical payment behavior and extensive analysis of customer credit risk. As of March 31, 2021 and 2022, Takeda has provided loss allowance on trade receivables and other receivables not past due based on an analysis of credit histories. Loss allowance for trade receivables are measured based on expected credit losses on a collective basis using the simplified approach. However, when events that have a detrimental impact on the estimated future cash flows such as customers’ deterioration of financial conditions or failure of payment overdue have occurred, expected c |
Share-based Payments
Share-based Payments | 12 Months Ended |
Mar. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share-based Payments | Share-based Payments Takeda maintains share-based compensation payment plans for the benefit of its directors and certain employees of the Company and its subsidiaries and affiliates worldwide. Takeda recorded total compensation expense related to its share-based payment plans of 30,016 million JPY, 39,428 million JPY, and 43,730 million JPY for the years ended March 31, 2020, 2021 and 2022, respectively, in its consolidated statements of profit or loss. Equity-settled Plans Stock Options Takeda previously provided a stock option plan under which it granted awards to members of Takeda’s board of directors (the “Board”), corporate officers, and senior management through the year ended March 31, 2014. There were no stock options granted during the years presented in these financial statements and all previously granted awards are fully vested. These awards generally vested three years after the grant date. The stock options are exercisable for 10 years after the grant date for options held by members of the Board and 20 years for options held by corporate officers and senior management. The individual must be either a Board member or an employee of the Company or one of its subsidiaries or affiliates to exercise the options, unless the individual retired due to the expiration of their term of office, mandatory retirement or other acceptable reasons. There was no compensation expense recorded during the years ended March 31, 2020, 2021 and 2022 as all awards were fully vested. The following table summarizes the stock option activity: For the Year Ended March 31 2020 2021 2022 Number of options (shares) Weighted average exercise price (JPY) Number of options (shares) Weighted average exercise price (JPY) Number of options (shares) Weighted average exercise price (JPY) As of beginning of the year 3,389,200 ¥ 4,055 3,371,200 ¥ 4,065 3,357,200 ¥ 4,082 Exercised (18,000) 2,266 (14,000) 1 (10,100) 1 As of end of the year 3,371,200 4,065 3,357,200 4,082 3,347,100 4,094 All of the stock options were exercisable as of March 31, 2020, 2021 and 2022. The weighted-average share price at the date of exercise was 4,390 JPY, 4,115 JPY and 3,815 JPY during the years ended March 31, 2020, 2021 and 2022, respectively. The weighted-average exercise price and weighted-average remaining contractual life of the share options outstanding were 4,065 JPY and 12 years, 4,082 JPY and 11 years, and 4,094 JPY and 10 years, as of March 31, 2020, 2021 and 2022, respectively. Stock Incentive Plans Takeda has the following 3 stock-based incentive compensation plans for its directors and eligible employees including members of senior management: Board incentive plan (“BIP”) Trust -The BIP Trust is an incentive plan for board directors designed based on Restricted Stock Units and Performance Share Units, whereby Restricted Stock Unit awards and Performance Share Unit awards are granted to board directors. Each award is settled in a single share of the Company’s common stock. Under the BIP, Restricted Stock Unit awards are subject to certain service-based conditions and vest ratably over three years. Performance Share Unit awards are granted to internal directors who are not Audit & Supervisory Committee members and are subject to certain service-based conditions and also subject to the achievement of certain performance metrics that are intended to align with Takeda’s strategic focus and long-term growth. Performance Share Unit awards vest three years from the date of grant. For purposes of the Performance Share Unit awards, the performance metrics primarily consisted of: (i) 3-year accumulated revenue; (ii) core operating profit margin; (iii) 3-year accumulated free cash flow; (iv) certain R&D goals; and (v) 3-year relative total shareholder return. The settlement value of the awards is based on stock price and subject to, among other things, applicable tax withholding, foreign exchange rates (in countries other than Japan) and the value of company dividends during the vesting period. Takeda, through a wholly owned trust, buys shares of the Company’s common stock in the market on the grant date, and uses these shares to settle the awards upon vesting. The number of shares the individual receives (either through physical settlement or cash) is based on the achievement of the performance criteria and vesting of the award. The trust settles the awards through the issuance of shares to individuals residing in Japan. For individuals residing outside of Japan, the trust sells the shares the individual is eligible to receive and pays cash to the individual in settlement of the award. Employee Stock Ownership Plan (“ESOP”) Trust - The ESOP Trust is an employee incentive plan designed based on Restricted Stock Units and Performance Share Units, whereby Restricted Stock Unit awards and Performance Share Unit awards are granted to certain employees, including members of senior management of the Company. Each award is settled in a single share of the Company's common stock. Restricted Stock Unit awards and Performance Share Unit awards are granted to certain members of senior management while Restricted Stock Unit awards are granted to the remainder of employees. Restricted Stock Unit awards are subject to certain service-based conditions and vest ratably over three years. Performance Share Unit awards are subject to certain service-based conditions and also subject to the achievement of certain performance metrics that are intended to align with Takeda’s strategic focus and long-term growth. Performance Share Unit awards vest three years from the date of grant. For purposes of the Performance Share Unit awards, the performance metrics primarily consisted of (i) 3-year accumulated revenue; (ii) core operating profit margin; (iii) 3-year accumulated free cash flow; (iv) certain R&D goals; and (v) 3-year relative total shareholder return. The settlement value of the awards is based on stock price and subject to, among other things, applicable tax withholding and the value of company dividends during the vesting period. Takeda, through a wholly owned trust, buys shares of the Company's common stock in the market or issues shares the Company's common stock on the grant date and uses these shares to settle the awards upon vesting. The number of shares the individual receives is based on the achievement of the performance criteria and vesting of the award. The trust settles the awards through the issuance of shares to individuals residing in Japan. For individuals residing outside of Japan, the trust sells the shares the individual is eligible to receive and pays cash to the individual in settlement of the award. Long-Term Incentive Plan (“LTIP”) - The LTIP was approved by the Board on June 24, 2020 and is an incentive plan that provides for the grant of awards to eligible employees, including members of senior management of the Company and its subsidiaries and affiliates. The LTIP provides for the grant of Restricted Stock Units and Performance Stock Units, as well other equity based awards. Grants under the LTIP may be settled in shares of the Company's common stock, American Depositary Shares (“ADSs”) or cash, or a combination thereof. Takeda first granted awards under the LTIP on July 1, 2020 in the form of Restricted Stock Unit awards and Performance Stock Unit awards, and no other forms of awards have been granted under the LTIP to date. Restricted Stock Unit awards are subject to certain service-based conditions and vest ratably over three years. Performance Stock Unit awards are subject to certain service-based conditions and also subject to the achievement of certain performance metrics that are intended to align with Takeda’s strategic focus and long-term growth. Performance Stock Unit awards vest three years from the date of grant. For purposes of the Performance Stock Unit awards, the performance metrics primarily consisted of: (i) 3-year accumulated revenue; (ii) core operating profit margin; (iii) 3-year accumulated free cash flow; (iv) certain R&D goals; and (v) 3-year relative total shareholder return. The value of such awards when such awards are to be settled in ADSs is based on the fair market value of the shares of the Company's common stock converted into ADSs, subject to, among other things, applicable tax withholding, foreign exchange rates and the value of company dividends during the vesting period. Restricted Stock Unit awards and Performance Stock Unit awards granted under the LTIP are to be settled in the Company's common stock to award recipients residing and employed in Japan and in ADS to award recipients residing and employed in countries outside of Japan where settlement in ADSs is permitted by local law and regulation. In countries outside of Japan where such form of settlement is not permissible due to legal, regulatory and/or administrative reasons, Restricted Stock Unit awards and Performance Stock Unit awards are structured such that settlement is to be made in cash and accounted as a “Cash-Settled LTIP Award” (please refer to Cash-Settled LTIP Awards). To date, all awards granted under the LTIP are to recipients residing and employed outside of Japan at the time of grant and are subject to settlement either in ADSs or cash, and no grants to be settled in shares of the Company's common stock have been made. The total compensation expense recognized related to these plans was 29,122 million JPY, 37,663 million JPY and 43,374 million JPY during the years ended March 31, 2020, 2021 and 2022, respectively. The weighted average fair value of the awards at the grant date is as follows (in JPY): For the Year Ended March 31 2020 2021 2022 BIP: Weighted average fair value at grant date ¥ 3,857 ¥ 3,765 ¥ 3,738 ESOP: Weighted average fair value at grant date 3,857 3,765 3,738 Equity-Settled LTIP: Weighted average fair value at grant date 1,907 (US$17.64 in contractual currency) 1,877 (US$16.90 in contractual currency) The grant date fair value for BIP and ESOP was calculated using the share price of the Company's common stock on the grant date while the grant date fair value for LTIP was calculated using the share price of ADS as it was determined to be approximately the same as the fair value of the awards. One ADS equals 0.5 of the Company's common stock. The following table summarizes the award activity related to the BIP (the number of awards) (1 award represents 1 share of the Company's common stock), ESOP (the number of awards) (1 award represents 1 share of the Company's common stock) and Equity-settled LTIP (the number of awards) (1 award represents 1 share of the ADS). One ADS equals 0.5 of the Company's common stock: For the Year Ended March 31 2020 2021 2022 BIP ESOP BIP ESOP Equity-Settled LTIP BIP ESOP Equity-Settled LTIP At beginning of the year 485,232 7,939,675 819,229 13,398,751 — 1,035,843 7,751,952 23,412,994 Granted 591,508 11,152,440 518,965 791,687 25,223,010 536,121 534,437 29,211,506 Forfeited/expired before vesting (22,689) (2,003,789) — (794,005) (1,744,170) — (552,490) (4,270,590) Settled (234,822) (3,689,575) (302,351) (5,644,481) — (355,603) (4,361,447) (7,466,212) Transfer to Cash-Settled LTIP — — — — (65,846) — — (25,964) At end of the year 819,229 13,398,751 1,035,843 7,751,952 23,412,994 1,216,361 3,372,452 40,861,734 There were no exercisable shares as of March 31, 2020, 2021, and 2022. The weighted average remaining contractual life of the outstanding awards was one year for the BIP and the Equity-Settled LTIP plans as of March 31, 2021 and 2022, one year as of March 31, 2021 and zero year as of March 31, 2022 for the ESOP. Cash-Settled Awards Takeda has a phantom stock appreciation rights (“PSARs”) plan and a restricted stock units (“RSUs”) plan for certain employees of subsidiaries of the Company. The value of these awards is linked to share price of the Company and are settled in cash. Moreover, where settlement of awards granted under the LTIP described under “—Equity Settled Plans” above in ADSs or shares of common stock is not permissible due to legal, regulatory and/or administrative reasons, such awards are settled in cash. The total compensation expense recorded associated with these plans was 894 million JPY, 1,765 million JPY and 356 million JPY during the years ended March 31, 2020, 2021 and 2022. The total liability reflected in the consolidated statements of financial position as of March 31, 2021 and 2022 is 2,115 million JPY and 1,583 million JPY, respectively. Phantom stock appreciation rights (“PSARs”) The PSARs vest one third each year over a three-year period from the end of the fiscal year during which the awards were granted and can be exercised for a period of ten years from the end of the fiscal year during which the awards were granted. The awards are settled through a cash payment to the holder based on the difference between the share price of the Company at the date of exercise, and the share price at the date of grant. The following table summarizes the award activity related to the PSARs (the number of awards) (1 award represents 1 share of the Company's common stock) : For the Year Ended March 31 2020 2021 2022 Number of PSARs Weighted average exercise price Number of PSARs Weighted average exercise price Number of PSARs Weighted average exercise price As of beginning of the year 4,175,347 ¥ 4,849 2,686,749 ¥ 4,873 2,270,439 ¥ 4,997 Exercised (17,737) 4,284 — — — — Forfeited/expired after vesting (1,470,861) 4,562 (416,310) 4,641 (799,344) 5,134 As of end of the year 2,686,749 4,873 2,270,439 4,997 1,471,095 5,481 All PSARs were vested and exercisable as of March 31, 2020, 2021 and 2022. There was no intrinsic value of vested cash-settled share-based payments as of March 31, 2021 and 2022. Restricted stock units (RSUs) The RSUs vest one third each year over a three-year period from the end of the fiscal year during which the awards were granted. The RSUs are settled upon vesting based on the share price at the vesting date plus any dividends paid on shares during the vesting period. There is no exercise price payable by the holder. The following table summarizes the award activity related to the RSUs (the number of awards) (1 award represents 1 share of the Company’s common stock): For the Year Ended March 31 2020 2021 2022 As of the beginning of the year 401,153 1,439,536 778,451 Granted 1,403,045 23,541 — Forfeited/expired before vesting (188,383) (155,551) (62,649) Settled (176,279) (529,075) (398,068) As of the end of the year 1,439,536 778,451 317,734 There are no exercisable balances as of March 31, 2020, 2021 and 2022. Cash-Settled LTIP Awards As noted above, for purposes of restricted stock unit awards and performance stock units granted under the LTIP in countries where settlement in ADSs is not permissible due to legal, regulatory and/or administrative reasons, such grants are structured such that settlement is to be made in cash and accounted for as Cash-Settled LTIP Awards. The following table summarizes the award activity related to the Cash-Settled LTIP Awards (the number of awards) (1 award represents 1 ADS): For the Year Ended March 31 2021 2022 As of the beginning of the year — 262,994 Granted 286,316 153,604 Forfeited/expired before vesting (29,478) (25,682) Settled (59,690) (120,240) Transfer from Equity-Settled LTIP 65,846 25,964 As of the end of the year 262,994 296,640 |
Subsidiaries and Associates
Subsidiaries and Associates | 12 Months Ended |
Mar. 31, 2022 | |
Interests In Other Entities [Abstract] | |
Subsidiaries and Associates | Subsidiaries and Associates The number of consolidated subsidiaries decreased by 34 in the year ended March 31, 2022, primarily due to mergers and liquidations to organize capital in subsidiaries acquired as part of integration with Shire. The number of associates accounted for using the equity method decreased by 2 due to a change of ownership ratio. The following is a listing of the Company’s consolidated subsidiaries (including partnerships) as of March 31, 2022: Company name Country Ownership of Voting Rights (%) Takeda Austria GmbH Austria 100.0% Takeda Manufacturing Austria AG Austria 100.0% Baxalta Innovations GmbH Austria 100.0% Takeda Distribuidora Ltda. Brazil 100.0% Takeda Canada Inc. Canada 100.0% Takeda (China) Holdings Co., Ltd. China 100.0% Takeda (China) International Trading Co., Ltd. China 100.0% Takeda France S.A.S. France 100.0% Takeda GmbH Germany 100.0% Takeda Ireland Limited Ireland 100.0% Shire Pharmaceuticals International Unlimited Company Ireland 100.0% Shire Acquisitions Investments Ireland Designated Activity Company Ireland 100.0% Shire Ireland Finance Trading Limited Ireland 100.0% Takeda Italia S.p.A. Italy 100.0% Takeda Pharmaceuticals Korea Co., Ltd. Korea 100.0% Takeda Mexico S.A.de C.V. Mexico 100.0% Takeda Pharmaceuticals Limited Liability Company Russia 100.0% Takeda Development Center Asia, Pte. Ltd. Singapore 100.0% Takeda Farmaceutica Espana S.A. Spain 100.0% Takeda Pharma AB Sweden 100.0% Takeda Pharmaceuticals International AG Switzerland 100.0% Baxalta GmbH Switzerland 100.0% Baxalta Manufacturing, S.a.r.l. Switzerland 100.0% Takeda UK Limited United Kingdom (“U.K.”) 100.0% Takeda Pharmaceuticals U.S.A., Inc. U.S. 100.0% ARIAD Pharmaceuticals, Inc. U.S. 100.0% Takeda Vaccines, Inc. U.S. 100.0% Takeda Development Center Americas, Inc. U.S. 100.0% Baxalta Incorporated U.S. 100.0% Dyax Corp. U.S. 100.0% Takeda Ventures, Inc. U.S. 100.0% Baxalta US Inc. U.S. 100.0% Shire Human Genetic Therapies, Inc. U.S. 100.0% Biolife Plasma Services LP U.S. 100.0% Other 171 subsidiaries Associates accounted for using the equity method: 19 associates as of March 31, 2022 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Mar. 31, 2022 | |
Related party transactions [abstract] | |
Related Party Transactions | Related Party Transactions Compensation for Key Management Personnel Key management personnel are defined as members of the Board. The compensation for key management personnel is as follows: JPY (millions) 2020 2021 2022 Basic compensation and bonuses ¥ 2,441 ¥ 1,664 ¥ 1,614 Share-based compensation (expensed amount) 2,143 2,483 2,547 Other 45 42 38 Total ¥ 4,629 4,189 4,199 |
Business Combinations
Business Combinations | 12 Months Ended |
Mar. 31, 2022 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations Acquisitions during the Year ended March 31, 2022 There was no material business combination during the year ended March 31, 2022. Acquisitions during the Year ended March 31, 2021 There was no material business combination during the year ended March 31, 2021. Acquisitions during the Year ended March 31, 2020 There was no material business combination during the year ended March 31, 2020. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies Liabilities [Abstract] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities Purchase commitments The amount of contractual commitments for the acquisition of property, plant and equipment was 14,159 million JPY as of March 31, 2022. Milestone Payments As discussed in Note 13, Takeda has certain contractual agreements related to the acquisition of intangible assets that require it to make payments of up to 1,568,029 million JPY as of March 31, 2022. These commitments include development, regulatory approval and launch milestone payments in relation to R&D programs under development. The related commercial milestone payments were not included in the commitments given the payments were not deemed reasonably likely to occur. Irish Revenue Authority assessment Shire received a tax assessment from the Irish Revenue Commissioners on November 28, 2018 for 398 million EUR. This assessment relates to the tax treatment of a 1,635 million USD break fee Shire received from AbbVie, Inc. (“AbbVie”) in connection with the terminated offer to acquire Shire made by AbbVie in 2014. Takeda appealed the assessment to the Tax Appeals Commission (“TAC”) and the appeal was heard by the TAC in late 2020. On July 30, 2021 (IST), Takeda received a ruling on the matter from the TAC, with the TAC ruling in favor of Irish Revenue Commissioners. While Takeda intends to appeal the TAC ruling and continues to assert that the AbbVie break fee is not subject to Irish tax, Takeda has recorded a tax provision for 491 million EUR in current liabilities as income taxes payable, representing the 398 million EUR tax liability asserted by Irish Revenue Commissioners plus accrued interest for the year ended March 31, 2022. Litigation Takeda is involved in various legal and administrative proceedings. The most significant matters are described below. Takeda may become involved in significant legal proceedings for which it is not possible to make a reliable estimate of the expected financial effect, if any, which may result from ultimate resolution of the proceedings. In these cases, appropriate disclosures about such cases would be included in this note, but no provision would be made for the cases. With respect to each of the legal proceedings described below, other than those for which a provision has been made, Takeda is unable to make a reliable estimate of the expected financial effect at this stage. This is due to a number of factors, including, but not limited to, the stage of proceedings, the entitlement of parties to appeal a decision, if any, and lack of clarity as to the merits of theories of liability, the merits of Takeda’s defenses, the amount and recoverability of damages and/or governing law. The Company does not believe that information about the amount sought by the plaintiffs, if that is known, is, by itself, meaningful in every instance with respect to the outcome of those legal proceedings. Legal expenses incurred and charges related to legal claims are recorded in selling, general and administrative expenses. Provisions are recorded, after taking appropriate legal and other specialist advice, where an outflow of resources is considered probable and a reliable estimate can be made of the likely outcome of the dispute. For certain product liability claims, Takeda will record a provision where there is sufficient history of claims made and settlements to enable management to make a reliable estimate of the provision required to cover unasserted claims. The factors Takeda considers in developing a provision include the merits and jurisdiction of the litigation, the nature and the number of other similar current and past litigation, the nature of the product and the current assessment of the science subject to the litigation, and the likelihood of settlement and current state of settlement discussions, if any. As of March 31, 2021 and 2022, Takeda’s aggregate provisions for legal and other disputes were 73,395 million JPY and 42,869 million JPY, respectively. The ultimate liability for legal claims may vary from the amounts provided and is dependent upon the outcome of litigation proceedings, investigations and possible settlement negotiations. Unless otherwise stated below, Takeda is unable to predict the outcome or duration of these matters at this time. Takeda’s position could change over time, and, therefore, there can be no assurance that any losses that result from the outcome of any legal proceedings will not exceed, by a material amount, the amount of the provisions reported in these consolidated financial statements. Matters that were previously disclosed may no longer be reported because, as a result of rulings in the case, settlements, changes in our business or other developments, in our judgment, they are no longer material to our financial condition or operating results. Product Liability and Related Claims Pre-clinical and clinical trials are conducted during the development of potential products to determine the safety and efficacy of products for use by humans following approval by regulatory bodies. Notwithstanding these efforts, when drugs and vaccines are introduced into the marketplace, unanticipated safety issues may become, or be claimed by some to be, evident. Takeda is currently a defendant in a number of product liability lawsuits related to its products. For the product liability lawsuits and related claims, other than those for which a provision has been made, Takeda is unable to make a reliable estimate of the expected financial effect at this stage. The Company’s principal pending legal and other proceedings are disclosed below. The outcomes of these proceedings are not always predictable and can be affected by various factors. For those legal and other proceedings for which it is considered at least reasonably possible that a loss has been incurred, the Company discloses the possible loss or range of possible loss in excess of the recorded loss contingency provision, if any, where such excess is both material and estimable. ACTOS Economic Loss Cases Takeda has been named in several ACTOS-related lawsuits brought by plaintiffs that do not assert any claims for personal injuries. Instead plaintiffs claim they suffered an economic loss by paying for ACTOS prescriptions that allegedly would not have been written had Takeda provided additional information about the alleged risks of bladder cancer associated with ACTOS. A putative class of third party payors and consumers brought suit against Takeda in the U.S. District Court for the Central District of California. Discovery is ongoing in that case. A case brought by a separate group of third party payors asserting similar claims was filed in the U.S. District Court for the Southern District of New York in June 2019. Proton Pump Inhibitor (“PPI”) Product Liability Claims As of March 31, 2022, more than 6,400 product liability lawsuits related to the use of PREVACID and DEXILANT have been filed against Takeda in U.S. federal and state courts. Most of these cases are pending in U.S. federal court and are consolidated for pre-trial proceedings in a multi-district litigation in federal court in New Jersey. The plaintiffs in these cases allege they developed kidney injuries or, in some cases, gastric cancer as a result of taking PREVACID and/or DEXILANT, and that Takeda failed to adequately warn them of these potential risks. Similar cases are pending against other manufacturers of drugs in the same PPI class as Takeda’s products, including AstraZeneca plc (“AstraZeneca”), Procter & Gamble Company (“Procter & Gamble”) and Pfizer Inc. (“Pfizer”). Outside the U.S., three proposed class actions have been filed in three provinces in Canada (Quebec, Ontario, and Saskatchewan). The defendants in these actions include Takeda, AstraZeneca, Janssen Pharmaceutical Companies (“Janssen”) and several generic manufacturers. Intellectual property Intellectual property claims include challenges to the validity and enforceability of Takeda’s patents on various products or processes as well as assertions of non-infringement of those patents. A loss in any of these cases could result in loss of patent protection for the product at issue. The consequences of any such loss could be a significant decrease in sales of that product and could materially affect future results of operations for Takeda. TRINTELLIX Takeda has received notices from sixteen generic pharmaceutical companies that they have submitted ANDAs with paragraph IV certifications seeking to sell generic versions of TRINTELLIX. Takeda filed patent infringement lawsuits against the ANDA filers in federal court in Delaware. Lawsuits against ten ANDA filers were resolved before trial. A trial took place from January 15 to January 28, 2021 with six ANDA filers, including Alembic Pharmaceuticals Limited and Alembic Pharmaceuticals, Inc., Lupin Limited and Lupin Pharmaceuticals, Inc. (“Lupin”), Macleods Pharmaceuticals Ltd., Sigmapharm Laboratories, LLC, Sandoz, Inc., and Zydus Pharmaceuticals (USA) Inc. and Cadila Healthcare Limited. The Court issued its decision on September 30, 2021 and found that US Patent 7,144,884, which covers vortioxetine (the active ingredient in Trintellix), is valid. For the rest of the asserted patent, only US Patent 9,101,626, which covers processes for synthesizing vortioxetine, was found to be infringed by Lupin. Takeda filed a notice of appeal on Nov 24, 2021. ADYNOVATE On December 5, 2016, Bayer Healthcare LLC (“Bayer”) filed a lawsuit in the U.S. District Court for the District of Delaware against Baxalta Incorporated and Baxalta US Inc. (collectively “Baxalta”), which are now subsidiaries of Takeda, and Nektar Therapeutics (“Nektar”) filed alleging infringement of U.S. Patent No. 9,364,520 in connection with the sales of ADYNOVATE [antihemophilic factor (recombinant), PEGylated]. The case was tried before a jury beginning on January 28, 2019. The jury found in favor of Bayer determining that the patent is infringed. The jury further awarded damages in the amount of 155.2 million USD. Takeda has filed an appeal with the Court of Appeals of the Federal Circuit (CAFC) in September 2019. The CAFC upheld the District Court’s decision on March 1, 2021. The Appeal Mandate was issued on April 7, 2021. On May 14, 2021, Takeda settled this litigation and related pending litigations. The settlement allows both Baxalta and Bayer to continue selling their respective products. Takeda also made a payment in settlement of these cases but the settlement had no material impact on Takeda’s consolidated statements of profit or loss as Takeda had established a provision against this case as of March 31, 2021. NINLARO Takeda received a paragraph IV notice letter from Sun Pharmaceutical Industries Limited (“Sun”) on January 17, 2020. Sun alleged that U.S. Patent numbers 7,442,830, 8,859,504, and 9,175,017 are invalid, unenforceable, and/or will not be infringed. Takeda filed a complaint against Sun in the U.S. District Court for the District of Delaware on February 27, 2020. On June 18, 2021, Takeda entered into a settlement agreement with Sun. The impact of the settlement was not material to Takeda’s consolidated statements of profit or loss. Other In addition to the individual patent litigation cases described above, Takeda is party to a number of cases where Takeda has received notices that companies have submitted ANDAs with paragraph IV certifications to sell generic versions of other Takeda products. These include other Takeda products including Ponatinib. Takeda has filed patent infringement lawsuits against parties involved in these situations. Sales, Marketing, and Regulation Takeda has other litigations related to its products and its activities, the most significant of which are describe below. ACTOS Antitrust Litigation In December 2013, the first of two antitrust class action lawsuits was filed against Takeda in the U.S. District Court for the Southern District of New York by a putative class of patients who were prescribed ACTOS. The second class action was filed against Takeda in the same court in April 2015 by a putative class of wholesalers that purchased ACTOS from Takeda. In both actions, plaintiffs allege, inter alia, that Takeda improperly characterized certain patents for ACTOS in the FDA Orange Book, which they claim imposed requirements on generic companies that filed Abbreviated New Drug Applications and, in turn, resulted in delayed market entry for generic forms of ACTOS. In October 2019, the District Court denied Takeda’s motion to dismiss. Takeda subsequently sought an interlocutory appeal of the District Court’s decision, which was denied. INTUNIV Antitrust Litigation In January 2017, an antitrust class action was filed against Shire plc, Shire LLC, and Shire U.S. Inc. (collectively, “Shire”) in the U.S. District Court for the District of Massachusetts. The plaintiffs, a putative class of wholesalers, allege that Shire’s settlement in 2013 of patent litigation claims against Actavis Elizabeth LLC related to its generic formulation of INTUNIV constituted an anticompetitive “reverse payment.” AMITIZA Antitrust Litigation In August 2021, an antitrust class action was filed against Takeda Pharmaceuticals U.S.A., Inc. (“Takeda”) in the U.S. District Court for the Eastern District of Massachusetts. The plaintiffs, a putative class of wholesalers, allege that a settlement that Takeda and Sucampo Pharmaceuticals, Inc. entered into in 2014 with Par Pharmaceutical, Inc. (“Par”) to resolve patent litigation claims related to Par’s generic formulation of AMITIZA were anticompetitive. COLCRYS Antitrust Litigation In September 2021, an antitrust class action was filed against Takeda Pharmaceuticals U.S.A., Inc. (“Takeda”) in the U.S. District Court for the Eastern District of Pennsylvania. The plaintiffs, a putative class of wholesalers, allege that settlements that Takeda entered into in 2015 and 2016 to resolve patent litigation claims against several generic drug manufacturers related to generic formulations of COLCRYS were anticompetitive. AbbVie Supply Agreement Litigation In November 2020, AbbVie brought suit against Takeda Pharmaceutical Company (“Takeda”) in Delaware Chancery Court alleging Takeda breached its agreement with AbbVie related to the supply of LUPRON in the U.S. due to shortages arising from quality issues the U.S. Food & Drug Administration identified concerning Takeda’s production facility in Hikari, Japan as part of a Form 483 issued in November 2019 and a Warning Letter issued in June 2020. In the litigation, AbbVie sought both preliminary injunctive relief and monetary damages. In September 2021, the court issued an order denying AbbVie’s request for injunctive relief. The court subsequently issued a decision finding Takeda in breach of the supply agreement. A trial to determine the amount of any damages is scheduled for October 2022. Investigation of Patient Assistance Programs In November 2016, the U.S. Department of Justice (“DOJ”) (through the U.S. Attorneys’ Office in Boston) issued a subpoena to ARIAD Pharmaceuticals, Inc. (“Ariad”), which was acquired by Takeda during the year ended March 31, 2017, seeking information from January 2010 to the present relating to Ariad’s donations to 501(c) (3) co-payment foundations, financial assistance programs, and free drug programs available to Medicare beneficiaries and the relationship between these co-payment foundations and specialty pharmacies, hubs or case management programs. Takeda is cooperating with the investigation. In June 2019, the DOJ (through the U.S. Attorney’s Office in Boston) issued a subpoena to Shire Pharmaceuticals LLC, which was acquired by Takeda during the year ended March 31, 2019 (through Takeda’s acquisition of Shire plc). The subpoena generally seeks information about Shire’s interactions with 501(c)(3) organizations that provide financial assistance to Medicare patients taking Shire drugs, including the hereditary angioedema medications FIRAZYR and CINRYZE. Takeda is cooperating with the investigation. Department of Justice Civil Investigative Demands On February 19, 2020, Takeda received a Civil Investigative Demand (“CID”) from the DOJ (through its office in Washington, DC). The CID seeks information as part of an investigation of possible off-label promotion and violations of the Anti-kickback Statute in connection with the promotion and sale of TRINTELLIX. Takeda is cooperating with the DOJ’s investigation. On February 28, 2020, Takeda received a CID from the DOJ (through its office in Washington, DC). The CID seeks information as part of an investigation of possible kickbacks to a Florida allergy center in connection with the promotion and sale of Takeda’s subcutaneous IG products, CUVITRU, HYQVIA and GAMMAGARD. Takeda is cooperating with the DOJ’s investigation. Brazilian Investigation Related to ELAPRASE and REPLAGAL On November 30, 2021, the Brazilian federal authorities executed a search warrant at Takeda offices in Brazil. The warrant sought records about information Takeda received from the Brazilian National Sanitary Surveillance Agency (AVISA) as well as any records related to donations made to charitable organizations which provide funding to patients who are pursuing claims for reimbursement from the Brazilian government for prescriptions of ELAPRASE and REPLAGAL. Takeda is cooperating with the investigation. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent Events | Subsequent EventsIn June 2022, the Company entered into a lease agreement for approximately 600,000 square feet of research and development and office space of a to be constructed building in Cambridge, Massachusetts, with an expected lease term starting in 2025. The base lease term is for 15 years, after which the Company has the option to renew the lease twice for 10 years each at market rates. In addition to payment obligations related to its share of operating expenses, utilities and taxes, the Company will have an approximate base lease term payment obligation of 1.48 billion USD to be paid over the course of the base lease term. Under certain conditions, the Company has the ability to terminate the lease agreement prior to the building being constructed. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2022 | |
Significant Accounting Policies [Abstract] | |
Compliance with International Financial Reporting Standards | Compliance with International Financial Reporting Standards Takeda’s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). The term IFRS also includes International Accounting Standards (“IASs”) and the related interpretations of the interpretation’s committees (Standard Interpretations Committee (“SIC”) and International Financial Reporting Interpretations Committee (“IFRIC”)). |
Basis of Measurement | Basis of Measurement The consolidated financial statements have been prepared on a historical cost basis, except for certain assets and liabilities recorded at fair value including equity investments, derivative financial instruments, and financial assets and liabilities associated with contingent consideration arrangements. |
Functional and Presentation Currency | Functional and Presentation Currency The consolidated financial statements are presented in Japanese Yen (“JPY”), which is the functional currency of the Company. All financial information presented in JPY has been rounded to the nearest million JPY, except when otherwise indicated. In tables with rounded figures, sums may not add up due to rounding. |
New Accounting Standards and Interpretations Adopted and Issued ans Not Yet Adopted | New Accounting Standards and Interpretations Adopted During the year ended March 31, 2022, there were no new accounting standards applied by Takeda that had a significant impact on Takeda’s consolidated financial statements. New Accounting Standards and Interpretations Issued and Not Yet Adopted |
Use of Judgments, Estimates, and Assumptions | Use of Judgments, Estimates, and Assumptions The preparation of consolidated financial statements in accordance with IFRS requires management to make certain judgments, estimates, and assumptions that affect the application of accounting policies and the reported amount of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from these estimates. These estimates and underlying assumptions are reviewed on a continuous basis. Changes in these accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Information about judgments and estimates that have been made in the process of applying accounting policies and that have significant effects on the amounts reported in the consolidated financial statements, and information about accounting estimates and assumptions that have significant effects on the amounts reported in the consolidated financial statements, are as follows: • Recognition and measurement of taxes based on uncertain tax positions (Note 7) • Recoverability of deferred tax assets (Note 7) • Impairment of goodwill and intangible assets (Note 11 and Note 12) • Measurement of provisions (Note 23) • Estimation of rebates and return reserves associated with Takeda’s product sales (Note 3 and Note 23) • Probability of an outflow of resources embodying economic benefits on contingent liabilities (Note 32) |
Basis of Consolidation | Basis of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries that are directly or indirectly controlled by the Company. All significant intercompany balances and transactions have been eliminated in consolidation. Takeda controls an entity when it is exposed or has rights to variable returns from involvement with the entity and has the ability to affect those returns using its power, which is the current ability to direct the relevant activities, over the entity. To determine whether Takeda controls an entity, status of voting rights or similar rights, contractual agreements and other specific factors are considered. The financial statements of the subsidiaries are included in the consolidated financial statements from the date when control is obtained until the date when control is lost. The financial statements of subsidiaries have been adjusted in order to ensure consistency with the accounting policies adopted by the Company as necessary. Changes in ownership interest in subsidiaries that do not result in loss of control are accounted for as equity transactions. Any difference between the adjustment to non-controlling interests and the fair value of consideration transferred or received, is recognized directly in equity attributable to owners of the Company. When control over a subsidiary is lost, the investment retained after the loss of control is re-measured at fair value as of the date when control is lost, and any gain or loss on such re-measurement and disposal of the interest sold is recognized in profit or loss. |
Investments in Associates and Joint Arrangements | Investments in Associates and Joint Arrangements Associates are entities over which Takeda has significant influence over the decisions on financial and operating policies but does not have control or joint control. Investments in associates are accounted for using the equity method and recognized at cost on the acquisition date. The carrying amount is subsequently increased or decreased to recognize Takeda’s share of profit or loss and other comprehensive income of the associates. Intra-group profits on transactions with associates accounted for using the equity method are eliminated against the investment to the extent of Takeda’s equity interest in the associates. Intra-group losses are eliminated in the same way as intra-group profits unless there is evidence of impairment. Joint arrangement is an arrangement of which two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. Takeda classifies joint arrangement into either joint operations or joint ventures. The classification of a joint arrangement as a joint operation or a joint venture depends upon the rights and obligations of the parties to the arrangement. Joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. The assets, liabilities, revenues and expenses in joint operations are recognized in relation to Takeda’s interest. The investment in joint ventures is accounted for using the equity method. At each reporting date, the Company determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Company calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognizes the loss in profit or loss. |
Business Combinations | Business Combinations Business combinations are accounted for using the acquisition method. The identifiable assets acquired and the liabilities assumed are measured at the fair values at the acquisition date. Goodwill is measured as the excess of the sum of the fair value of consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer’s previously held equity interest in the acquiree less the fair value of identifiable assets acquired, net of liabilities assumed at the acquisition date. As part of business combinations, when the acquired entity consists of foreign operations with multiple functional currencies, Takeda allocates goodwill recognized upon the acquisition to the foreign operations based on the estimated cash flows of the acquired foreign operations. The consideration transferred for the acquisition of a subsidiary is measured as the fair value of the assets transferred, the liabilities incurred to former owners of the acquiree, and the equity interests issued by Takeda at the acquisition date. Non-controlling interests is initially measured either at fair value or at the non-controlling interests’ proportionate share of the recognized amounts of the acquiree’s identifiable net assets on a transaction-by-transaction basis. The consideration for certain acquisitions includes amounts contingent upon future events, such as the achievement of development milestones and sales targets. Any contingent consideration included in the consideration payable for a business combination is recorded at fair value at the date of acquisition. These fair values are generally based on risk-adjusted future cash flows discounted using appropriate discount rates. The fair values are reviewed at the end of each reporting period. The changes in the fair value based on the time value of money are recognized in finance expenses and the other changes are recognized in other operating income or other operating expenses in the consolidated statements of profit or loss. Acquisition related costs are recognized as expenses in the period they are incurred. Changes in Takeda’s ownership interests in subsidiaries arising from transactions between Takeda and non-controlling interests that do not result in Takeda losing control over a subsidiary are treated as equity transactions and therefore, do not result in adjustments to goodwill. |
Foreign Currency Translations | Foreign Currency Translations Foreign Currency Transactions Foreign currency transactions are remeasured into the functional currency of each entity within Takeda using the exchange rates at the dates of the transactions or rates that approximate the exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are remeasured into the functional currency using the spot rates of exchange at the end of each reporting period. Non-monetary assets and liabilities that are measured at fair value in foreign currencies are remeasured using historical exchange rates at the date when the fair value was determined. Non-monetary assets and liabilities measured based on historical cost that are denominated in foreign currencies are remeasured at the exchange rate at the date of the initial transaction. Exchange differences arising from the remeasurement or settlement are recognized in profit or loss except when related to financial assets measured at fair value through other comprehensive income, as well as financial instruments designated as hedges of net investments in foreign operations and cash flow hedges subsequently recognized as other comprehensive income. The gain or loss arising from remeasurement of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognized in other comprehensive income or profit or loss, are also recognized in other comprehensive income or profit or loss, respectively). Foreign Operations The assets and liabilities of foreign operations are translated using the spot exchange rates at the end of the reporting period, while income and expenses of foreign operations presented in profit or loss and other comprehensive income are translated using the exchange rates at the dates of the transactions or rates that approximate the exchange rates at the dates of the transactions. Exchange differences arising from translation are recognized as other comprehensive income. In cases in which foreign operations are disposed of, the cumulative amount of exchange differences related to the foreign operations is recognized as part of the gain or loss on disposal. |
Revenue | Revenue Takeda’s revenue is primarily related to the sale of pharmaceutical products and is generally recognized when control of the products is passed to the customer in an amount that reflects the consideration to which Takeda expects to be entitled in exchange for those products. Control is generally transferred at the point in time of shipment to or receipt of the products by the customer, or when the services are performed. The amount of revenue to be recognized is based on the consideration Takeda expects to receive in exchange for its goods or services. If a contract contains more than one contractual promise to a customer (performance obligation), the consideration is allocated based on the standalone selling price of each performance obligation. The consideration Takeda receives in exchange for its goods or services may be fixed or variable. Variable consideration is only recognized to the extent it is highly probable that a significant reversal will not occur. Takeda’s gross sales are subject to various deductions, which are primarily composed of rebates and discounts to retail customers, government agencies, wholesalers, health insurance companies and managed healthcare organizations. These deductions represent estimates of the related obligations, requiring the use of judgment when estimating the effect of these sales deductions on gross sales for a reporting period. These adjustments are deducted from gross sales to arrive at net sales. Takeda monitors the obligation for these deductions on at least a quarterly basis and records adjustments when rebate trends, rebate programs and contract terms, legislative changes, or other significant events indicate that a change in the obligation is appropriate. Historically, adjustments to rebate accruals have not been material to net earnings. The United States (the “U.S.”) market has the most complex arrangements related to revenue deductions. The following summarizes the nature of the most significant adjustments to revenue: • U.S. Medicaid: The U.S. Medicaid Drug Rebate Program is administered by state governments using state and federal funds to provide assistance to certain qualifying individuals and families, who cannot finance their own medical expenses. Calculating the rebates to be paid related to this program involves interpreting relevant regulations, which are subject to challenge or change in interpretative guidance by government authorities. Provisions for Medicaid rebates are estimated based upon identifying the products subject to a rebate, historical experience, patient demand, product pricing and the mix of contracts and specific terms in the individual state agreements. The provisions for Medicaid rebates are recorded in the same period that the corresponding revenues are recognized; however, the Medicaid rebates are not fully paid until subsequent periods. There is often a time lag of several months between Takeda recording the revenue deductions and Takeda’s final accounting for Medicaid rebates. These expected product specific assumptions relate to estimating which of Takeda’s revenue transactions will ultimately be subject to the U.S. Medicaid program. • U.S. Medicare: The U.S. Federal Medicare Program, which funds healthcare benefits to individuals age 65 or older and certain disabilities, provides prescription drug benefits under Part D section of the program. This benefit is provided and administrated through private prescription drug plans. Provisions for Medicare Part D rebates are calculated based on the terms of individual plan agreements, patient demand, product pricing and the mix of contracts. The provisions for Medicare Part D rebates are recorded in the same period that the corresponding revenues are recognized; however, the Medicare Part D rebates are not fully paid until subsequent periods. There is often a time lag of several months between Takeda recording the revenue deductions and Takeda’s final accounting for Medicare Part D rebates. These expected product specific assumptions relate to estimating which of the Takeda’s revenue transactions will ultimately be subject to the U.S. Medicare program. • Customer rebates: Customer rebates including commercial managed care in the U.S. are offered to purchasing organizations, health insurance companies, managed healthcare organizations, and other direct and indirect customers to sustain and increase market share, and to ensure patient access to Takeda’s products. Since rebates are contractually agreed upon, the related provisions are estimated based on the terms of the individual agreements, historical experience, and patient demand. The provisions for commercial managed care rebates in the U.S. are recorded in the same period that the corresponding revenues are recognized; however, commercial managed care rebates in the U.S. are not fully paid until subsequent periods. There is often a time lag of several months between Takeda recording the revenue deductions and Takeda’s final accounting for commercial managed care rebates in the U.S. These expected product specific assumptions relate to estimating which of Takeda’s revenue transactions will ultimately be subject to the commercial managed care in the U.S. • Wholesaler chargebacks: Takeda has arrangements with certain indirect customers whereby the customer is able to buy products from wholesalers at reduced prices. A chargeback represents the difference between the invoice price to the wholesaler and the indirect customer’s contractual discounted price. Provisions for estimating chargebacks are calculated based on the terms of each agreement, historical experience and product demand. Takeda has a legally enforceable right to set off the trade receivables and chargebacks and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. Thus the provision for chargebacks are recorded as a deduction from trade receivables on the consolidated statements of financial position. • Return reserves: When Takeda sells a product providing a customer with the right to return, Takeda records a provision for estimated sales returns based on its sales return policy and historical return rates. Takeda estimates the proportion of recorded revenue that will result in a return by considering relevant factors, including past product returns activity, the estimated level of inventory in the distribution channel and the shelf life of products. Because the amounts are estimated, they may not fully reflect the final outcome, and the amounts are subject to change dependent upon, amongst other things, expected product specific assumptions used in estimating which of Takeda’s revenue transactions will ultimately be subject to the respective programs. Takeda generally receives payments from customers within 90 days after the point in time when goods are delivered to the customers. Takeda usually performs those transactions as a principal, but Takeda also sells products on behalf of others in which case revenue is recognized at an amount of sales commission that Takeda expects to be entitled as an agent. Takeda also generates revenue in the form of royalty payments, upfront payments, and milestone payments from the out-licensing and sale of intellectual property (“IP”). Royalty revenue earned through a license is recognized when the underlying sales have occurred. Revenue from upfront payment is generally recognized when Takeda provides a right to use IP. Revenue from milestone payments is recognized at the point in time when it is highly probable that the respective milestone event criteria is met, and a significant reversal in the amount of revenue recognized will not occur. Revenue from other services such as R&D of therapeutic candidates that are out-licensed is recognized over the service period. Takeda generally receives payments from customers within 60 days after entering into out-licensing contracts or confirmation by customers that conditions for the milestone payments are met. Takeda licenses its own intellectual property rights to customers and performs those transactions as a principal. Takeda also provides other services as a principal or an agent. |
Government Grants | Government Grants Government grants are recognized when there is reasonable assurance that Takeda will comply with the conditions attached to them and receive the grants. Government grants for the purchasing of property, plant and equipment are recognized as deferred income and then recognized in profit or loss and offset the related expenses on a systematic basis over the useful lives of the related assets. Government grants for expenses incurred are recognized in profit or loss and offset the related expenses over the periods in which Takeda recognizes costs for which the grants are intended to compensate. |
Research and Development Expenses | Research and Development Expenses Research costs are expensed in the period incurred. Internal development expenditures are capitalized when the criteria for recognizing an asset are met in accordance with IAS 38 Intangible Assets |
Income Taxes | Income Taxes Income taxes consist of current taxes and deferred taxes. Current and deferred taxes are recognized in profit or loss, except for income taxes resulting from business combinations, and income taxes recognized in either other comprehensive income or equity related to items that are recognized, in the same or different period, outside of profit or loss. Current Taxes The current taxes payable or receivable is based on taxable profit for the year. Taxable profit differs from reported profit because taxable profit excludes items that are either never taxable or tax deductible or items that are taxable or tax deductible in a different period. Income taxes payable and income taxes receivable, including those from prior fiscal years, are measured at the amount that is expected to be paid to or received from the taxation authorities using tax rates and tax law that have been enacted or substantively enacted by the reporting date, reflecting uncertainty related to income taxes, if any. Takeda’s current taxes also include liabilities related to uncertain tax positions. Inherent uncertainties exist in estimates of many uncertain tax positions due to changes in tax law resulting from legislation, regulation, and/or as concluded through the various jurisdictions’ tax court systems. When Takeda concludes that it is not probable that a tax authority will accept an uncertain tax position, Takeda recognizes the best estimate of the expenditure required to settle a tax uncertainty. This is measured either based on the most likely amount or the expected value amount, depending on which method provides a better prediction of the resolution of the uncertainty. The amount of unrecognized tax benefits is adjusted for changes in facts and circumstances. Takeda’s current tax assets and liabilities are calculated using tax rates that have been enacted or substantively enacted by the reporting date. Deferred Taxes Deferred taxes are calculated based on the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes at the end of the reporting period. Deferred tax assets are recognized for deductible temporary differences, unused tax credits and unused tax losses to the extent that it is probable that future taxable profit will be available against which the assets can be utilized. This requires Takeda to evaluate and assess the probability of future taxable profit and Takeda’s business plan, which are inherently uncertain. The change in judgment upon determining the revenue forecast used for Takeda's business plan could have a significant impact on the amount of the deferred tax assets to be recognized. Uncertainty of estimates of future taxable profit could increase due to changes in economies in which Takeda operates, changes in market conditions, effects of currency fluctuations, or other factors. Takeda’s deferred taxes also include liabilities related to uncertain tax positions. Deferred tax liabilities are generally recognized for taxable temporary differences. Deferred tax assets and liabilities are not recognized for the following temporary differences: • Taxable temporary differences arising on the initial recognition of goodwill • The initial recognition of assets and liabilities in transactions that are not business combinations and affect neither accounting profit nor taxable profit (loss) at the time of the transaction • Deductible temporary differences arising from investments in subsidiaries and associates, when it is not probable that the temporary differences will reverse in the foreseeable future and that taxable profit will be available against which the temporary differences can be utilized • Taxable temporary differences arising from investments in subsidiaries and associates when the timing of the reversal of the temporary differences is controllable and it is not probable that they will reverse in the foreseeable future Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the periods in which the temporary differences are expected to reverse based on the tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and the deferred tax assets and liabilities for those related to income taxes levied by the same taxation authority on the same taxable entity. |
Earnings per Share | Earnings per Share Basic earnings per share is calculated by dividing profit or loss for the year attributable to owners of ordinary shares of the Company, by the weighted-average number of ordinary shares outstanding during the reporting period, adjusted by the number of treasury shares. Diluted earnings per share is calculated by adjusting all the effects of dilutive potential ordinary shares. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are measured using the cost model and is stated at cost less accumulated depreciation and accumulated impairment loss. Acquisition cost includes mainly the costs directly attributable to the acquisition and the initial estimated dismantlement, removal, and restoration costs associated with the asset. Except for assets that are not subject to depreciation, such as land and construction in progress, assets are depreciated mainly using the straight-line method over the estimated useful life of the asset. ROU assets are depreciated using the straight-line method over the shorter of the lease term or the estimated useful life unless it is reasonably certain that Takeda will obtain ownership by the end of the lease term. The depreciation of these assets begins when they are available for use. The estimated useful life of major asset items is as follows: • Buildings and structures 3 to 50 years • Machinery and vehicles 2 to 20 years • Tools, furniture and fixtures 2 to 20 years |
Goodwill | Goodwill Goodwill arising from business combinations is stated at its cost less accumulated impairment losses. Goodwill is not amortized. Goodwill is allocated to cash-generating units (CGUs) or groups of cash-generating units that represent the lowest level within the entity for which information about goodwill is available and monitored for internal management purposes and are not larger than an operating segment. Goodwill is only allocated to CGUs or groups of CGUs that are expected to benefit from synergies related to the business combination from which goodwill arose and the method of allocation depends on the facts and circumstances of the business combination. Goodwill is tested for impairment annually and whenever there is any indication of impairment. Impairment losses on goodwill are recognized in the consolidated statements of profit or loss and no subsequent reversal will be made. |
Intangible Assets Associated with Products and Intangible Assets – Software | Intangible Assets Associated with Products Marketed Products An intangible asset associated with a marketed product is amortized on a straight-line basis over the estimated useful life, which is based on expected patent life, and/or other factors depending on the expected economic benefits of the asset, ranging from 3 to 20 years. Amortization of intangible assets is included in amortization and impairment losses on intangible assets associated with products in the consolidated statements of profit or loss. Amortization and impairment losses on intangible assets associated with products is separately stated in the consolidated statements of profit or loss because intangible assets associated with products have various comprehensive rights and contribute to our ability to sell, manufacture, research, market and distribute products, compounds and benefit multiple business functions. In-Process R&D Takeda regularly enters into collaboration and in-license agreements with third parties for products and compounds for R&D projects. Payments for collaboration agreements generally take the form of subsequent development milestone payments. Payments for in-license agreements generally take the form of up-front payments and subsequent development milestone payments. Up-front payments for in-license agreements are capitalized upon commencement of the in-license agreements, and development milestone payments are capitalized when the milestone is achieved. These intangible assets relating to products in development that are not yet available for use are not amortized. These intangible assets are assessed for impairment on an annual basis, or more frequently if indicators of a potential impairment exist. An impairment is recorded if the carrying value exceeds the recoverable amount of the intangible assets. Intangible assets relating to products which fail during development or for which development ceases for any reason are written down to their recoverable amount which is typically nil. If and when Takeda obtains approval for the commercial application of a product in development, the related in-process R&D assets will be reclassified to intangible assets associated with marketed products and amortized over its estimated useful life from marketing approval. Intangible Assets – Software Software is recognized at cost and amortized on a straight-line basis over the expected useful life. The useful life used for this purpose is 3 to 10 years. Amortization of intangible assets – software is included in cost of sales, selling, general and administrative expenses, and research and development expenses in the consolidated statements of profit or loss. |
Leases | Leases As Lessee Takeda assesses whether a contract is or contains a lease at inception of a contract. As a lessee, Takeda recognizes a ROU asset and a corresponding lease liability for all contracts in which it is a lessee in the consolidated statements of financial position at the lease commencement date. The ROU asset is initially measured at cost, being the initial amount of the lease liability adjusted for any lease payments made at or before the lease commencement date and subsequently at cost less any accumulated depreciation and impairment losses. The ROU asset is subsequently depreciated using the straight-line method over the shorter of the lease term or the estimated useful life of the underlying asset. The ROU asset is subject to impairment assessment. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if not readily determinable, the Takeda’s incremental borrowing rate. Generally, Takeda uses its incremental borrowing rate as the discount rate. The lease term comprises a non-cancellable period of lease contracts and periods covered by an option to extend or terminate the lease if Takeda is reasonably certain to exercise that option. After initial recognition, the lease liability is measured at amortized cost using the effective interest method. If there is a change in future lease payments, such as from reassessment of whether an extension or termination option will be exercised, the lease liability is remeasured. A corresponding adjustment is made to the ROU asset or is recorded in the consolidated statements of profit or loss when the right-of-use asset has been fully depreciated. Takeda has elected to apply recognition exemption for leases that have a lease term of 12 months or less and leases of low-value assets. The lease payments for such leases are recognized as an expense on a straight-line basis over the lease term. |
Impairment of Non-Financial Assets | Impairment of Non-Financial Assets Takeda assesses whether there is any indication of impairment for non-financial assets at the end of each reporting period, excluding inventories, deferred tax assets, assets held for sale, and net defined benefit assets. If any such indication exists, or in cases in which an impairment test is required to be performed each year, the recoverable amount of the asset is estimated. In cases the recoverable amount cannot be estimated for each asset, they are estimated at the cash-generating unit level. The recoverable amount of an asset or a cash-generating unit is determined at the higher of its fair value less costs of disposal or its value in use. In determining the value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects the time value of money and the risks specific to the asset. If the carrying amount of the asset or cash-generating unit exceeds the recoverable amount, impairment loss is recognized in profit or loss and the carrying amount is reduced to the recoverable amount. An asset or a cash-generating unit other than goodwill, for which impairment losses were recognized in prior years, is assessed at the end of the reporting period to determine whether there is any indication that the impairment loss recognized in prior periods may no longer exist or may have decreased. If any such indication exists, the recoverable amount of the asset or cash-generating unit is estimated. In cases the recoverable amount exceeds the carrying amount of the asset or cash-generating unit, the impairment loss is reversed up to the lower of the estimated recoverable amount or the carrying amount, net of depreciation and amortization, that would have been determined if no impairment loss had been recognized in prior years. The reversal of impairment loss is immediately recognized in profit or loss. |
Inventories | Inventories Inventories are measured at the lower of cost or net realizable value. The cost of inventories is determined mainly using the weighted-average cost formula. The cost of inventories includes purchase costs, costs of conversion, and other costs incurred in bringing the inventories to the present location and condition. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Pre-launch inventory is held as an asset when there is a high probability of regulatory approval for the product. Before that point, a provision is made against the carrying value to its recoverable amount. The provision is then reversed at the point when a high probability of regulatory approval is determined. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents consist of cash on hand, demand deposits and short-term, highly liquid investments that are readily convertible to known amounts of cash and subject to insignificant risk of change in value and due within three months from the date of acquisition. |
Assets Held for Sale | Assets Held for Sale An asset or disposal group for which the cash flows are expected to arise principally from sale rather than continuing use is classified as an asset held for sale when it is highly probable that the asset or disposal group will be sold within one year, the asset or disposal group is available for immediate sale in its present condition, and the management of Takeda is committed to the sale. In such cases, the asset held for sale is measured at the lower of its carrying amount and fair value less costs to sell. Property, plant and equipment and intangible assets classified as held for sale are not depreciated or amortized. Assets and liabilities classified as held for sale are presented separately as current items in the consolidated statements of financial position. |
Post-employment Benefit | Post-employment Benefit Takeda sponsors lump-sum payments on retirement, pensions and other plans such as post-retirement medical care as post-employment benefit plans. They are classified as defined benefit plans or defined contribution plans, depending on the characteristics of the plans. Defined Benefit Plans Takeda uses the projected unit credit method to determine the present value, the related current service cost, and the past service cost by each defined benefit obligation. The discount rate is determined by reference to market yields on high quality corporate bonds at the end of the reporting period. The net defined benefit liabilities (assets) in the consolidated statements of financial position are calculated by deducting the fair value of the plan assets from the present value of the defined benefit obligations. If the defined benefit plan has a surplus, the net defined benefit asset is limited to the present value of any future economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan. Past service cost defined as the change in the present value of the defined benefit obligation resulting from a plan amendment or curtailment is recognized in profit or loss upon occurrence of the plan amendment or curtailment. Remeasurement of net defined benefit plans is recognized in full in other comprehensive income and transferred to retained earnings in the period in which they are recognized. Defined Contribution Plans The costs for defined contribution plans are recognized as expenses when employees render related services. |
Provisions | Provisions Takeda recognizes rebates and return reserves if Takeda receives consideration from a customer and expects to refund some or all of that consideration to the customer. In addition, provisions are recognized when Takeda has present legal or constructive obligations as a result of past events, it is probable that outflows of resources embodying economic benefits will be required to settle the obligations and reliable estimates can be made of the amount of the obligations. Takeda’s provisions consist primarily of rebates and return reserves, as well as provisions for litigation and restructuring. |
Financial Instruments | Financial Instruments Takeda’s financial instruments include financial instruments related to lease contracts, trade and other receivables and payables, liabilities for contingent consideration under business combinations, derivative instruments, and rights and obligations under employee benefit plans, which are dealt with in specific accounting policies. |
Financial Assets | Financial Assets Initial Recognition and Measurement Financial assets are recognized in the consolidated statements of financial position when Takeda becomes a party to the contract of the instruments. Financial assets, except for investments in debt instruments measured at fair value through profit or loss (“FVTPL”), are initially measured at fair value plus transaction costs that are directly attributable to the acquisition. • Investments in debt instruments measured at amortized cost: Assets such as trade and other receivables that are held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and whose contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding are measured at amortized cost. Trade receivables are initially recognized at their invoiced amounts, including any related sales taxes less adjustments for deductions such as impairment loss allowance and cash discounts. • Investments in debt instruments measured at fair value through other comprehensive income (“FVTOCI”): Assets that are held within a business model objective whose objective is achieved by both collecting contractual cash flows and selling financial assets whose contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding are measured at FVTOCI. • Investments in debt instruments measured at FVTPL: Assets that do not meet the criteria for amortized cost or FVTOCI are measured at FVTPL. • Equity instruments measured at FVTOCI: On initial recognition, Takeda makes an irrevocable FVTOCI election (on an instrument-by-instrument basis) to present the subsequent changes in the fair value of equity instruments in other comprehensive income for certain equity instruments held for the long term for strategic purposes. At the reporting date, Takeda designates all of its equity instruments as financial assets measured at FVTOCI. Subsequent Measurement and Derecognition Takeda derecognizes a financial asset only when the contractual right to receive the cash flows from the asset expires or when Takeda transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. • Investments in debt instruments measured at amortized cost: These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. • Investments in debt instruments measured at FVTOCI: These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses arising from changes in fair value are recognized in other comprehensive income. Upon derecognition of the investments, the gains and losses accumulated in other comprehensive income related to the investment is reclassified to profit or loss. • Investments in debt instruments measured at FVTPL: These assets are subsequently measured at fair value, and a gain or loss on debt instruments that is subsequently measured at FVTPL is recognized in profit or loss. • Equity instruments measured at FVTOCI: These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in other comprehensive income and are never reclassified to profit or loss. Upon derecognition of the investments, the amounts in other comprehensive income related to the investment is reclassified within equity to retained earnings. Impairment |
Financial Liabilities | Financial Liabilities Initial Recognition and Measurement Financial liabilities are recognized in the consolidated statements of financial position when Takeda becomes a party to the contract of financial instruments. Financial liabilities are classified, at initial recognition, as financial liabilities measured at FVTPL, bonds and loans, or payables. Financial liabilities, except for those measured at FVTPL, are initially measured at fair value less transaction costs that are directly attributable to the issuance. Subsequent Measurement • Financial liabilities measured at FVTPL: Financial liabilities measured at FVTPL are subsequently measured at fair value, and any gains or losses arising on re-measurement are recognized in profit or loss. Financial liabilities measured at FVTPL include derivatives and financial liabilities associated with contingent consideration arrangements. • Other financial liabilities, including bonds and loans: Other financial liabilities are measured at amortized cost mainly using the effective interest method. Derecognition |
Derivatives | Derivatives Takeda hedges the risks arising mainly from its exposure to fluctuations in foreign currency exchange rates and interest rates using derivatives such as foreign exchange forward contracts, currency options, interest rate swaps, cross currency interest rate swaps and interest rate future. Takeda does not enter into derivative transactions for trading or speculative purposes. Derivatives are measured at FVTPL unless the derivative contracts are designated as hedging instruments. The gains and losses on derivatives that are not designed as hedging instruments are recognized in profit or loss. The treatment of the change in fair value for derivatives designated as hedging instruments varies based on the type of hedge as described below. Hedge Accounting For foreign currency exposure as a result of translation risk, Takeda designates certain non-derivatives, such as foreign currency denominated debt and certain derivatives such as foreign currency forwards, as net investment hedges of foreign operations. For foreign currency exposure due to foreign currency denominated transactions. Takeda designates certain derivatives, such as foreign currency forwards, currency options and cross currency interest rate swaps, as cash flow hedges of forecasted transactions. For interest risk exposure, Takeda designates derivatives such as interest and cross currency interest rate swaps and forward rate agreements, as cash flow hedges of forecasted transactions. Within the designation documentation at inception. Takeda documents the risk management objective, nature of the risk being hedged, and relationship between hedging instruments and hedged risk based on the strategy for undertaking the hedging relationships. At inception and on a quarterly basis, Takeda also assesses whether the hedging instruments are highly effective in offsetting changes in the fair value or the cash flows of the hedged item. • Cash flow hedges: the effective portion of changes in the fair value of derivatives designated and qualifying as cash flow hedges is recognized in other comprehensive income. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss. The cumulative gain or loss that was previously recognized in other comprehensive income is reclassified to profit or loss in the same period when the cash flows of the hedged items are recognized in profit or loss and in the same line item in the consolidated statements of profit or loss. The currency basis spread and the time value of the foreign currency options are accounted for and presented as hedging cost under other components of equity separately from cash flow hedges. • Net investment hedges in foreign operations: the gain or loss on hedging instruments in foreign operation is recognized in other comprehensive income. At the time of disposal of the foreign operations, the cumulative gain or loss recognized in other comprehensive income is reclassified to profit or loss. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or when the hedge no longer qualifies for hedge accounting. |
Transaction costs of financial liabilities | Transaction costs of financial liabilities Transaction costs relating to the financial liabilities of debt issued are recorded against the corresponding debt and amortized to the consolidated statements of profit or loss over the period to the earliest redemption date of the debt, using the effective interest rate method. On extinguishment of the related debt, any unamortized deferred transaction costs are written off and charged to interest expense in the consolidated statements of profit or loss. |
Share-based Payments | Share-based Payments Takeda has implemented share-based payment programs and provides equity and cash-settled share-based payments. Equity-settled Share-based Payments Equity-settled share-based payments are granted based on the service performed by the employees, directors, and senior management. The service received and the corresponding increase in equity are measured at the fair value of the equity instruments at the grant date. The fair value of the equity instruments granted to employees, directors, and senior management are recognized as expense over the vesting period of the awards with a corresponding amount as an increase in equity. Cash-settled Share-based Payments Cash-settled share-based payments are granted based on the service performed by the employees, directors, and senior management. The service received and the corresponding liability are measured at the fair value of the corresponding liability. The fair value of the liability-classified awards granted to employees, directors, and senior management are recognized as expense over the vesting period of the awards with a corresponding amount as an increase in liability. Takeda re-measures the fair value of the liability at the end of each reporting period and at the date of settlement and recognizes any changes in fair value in profit or loss. |
Ordinary Shares | Ordinary Shares Proceeds from the issuance of ordinary shares by Takeda are included in share capital and share premium. |
Treasury Shares | Treasury Shares When Takeda acquires treasury shares, the consideration paid is recognized as a deduction from equity. When Takeda sells the treasury shares, the difference between the carrying amount and the consideration received is recognized in share premium. |
Operating Segment and Revenue_2
Operating Segment and Revenue Information (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure of operating segments [abstract] | |
Schedule of Disaggregation of Revenue Information | Takeda’s revenue from contracts with customers is comprised of the following: Revenue by Type of Good or Service JPY (millions) For the Year Ended March 31 2020 2021 2022 Sales of pharmaceutical products ¥ 3,204,152 ¥ 3,105,376 ¥ 3,295,723 Out-licensing and service income 87,036 92,436 273,283 Total ¥ 3,291,188 ¥ 3,197,812 ¥ 3,569,006 Revenue by Therapeutic Area and Product JPY (millions) 2020 2021 2022 Gastroenterology: ENTYVIO ¥ 347,196 ¥ 429,281 ¥ 521,778 TAKECAB-F (1) 72,713 84,822 102,397 GATTEX/REVESTIVE 61,812 64,564 75,751 DEXILANT 62,797 55,572 50,763 PANTOLOC/CONTROLOC (2) 49,463 43,120 40,275 ALOFISEL 373 784 1,843 Others 103,542 99,657 82,877 Total Gastroenterology 697,896 777,800 875,685 Rare Diseases: Rare Metabolic: ELAPRASE 67,924 68,786 73,119 REPLAGAL 51,253 51,764 51,714 VPRIV 38,013 38,518 42,408 NATPARA/NATPAR 13,635 3,552 5,353 Total Rare Metabolic 170,825 162,620 172,595 Rare Hematology: ADVATE 157,856 128,535 118,491 ADYNOVATE/ADYNOVI 58,672 58,070 60,726 FEIBA 51,508 44,495 39,162 RECOMBINATE 17,089 13,389 12,297 Others 49,115 45,310 53,013 Total Rare Hematology 334,240 289,799 283,689 Hereditary Angioedema: TAKHZYRO 68,271 86,718 103,242 FIRAZYR 32,662 26,824 26,691 Others 28,890 25,785 23,654 Total Hereditary Angioedema 129,823 139,327 153,587 Others — — 1,325 Total Rare Diseases 634,888 591,746 611,196 JPY (millions) PDT Immunology: immunoglobulin 298,697 334,874 385,864 albumin 67,215 57,580 90,035 Others 28,253 27,935 31,052 Total PDT Immunology 394,165 420,389 506,951 Oncology: VELCADE 118,321 101,112 110,046 LEUPLIN/ENANTONE 109,048 95,365 106,459 NINLARO 77,555 87,396 91,203 ADCETRIS 52,672 59,432 69,190 ICLUSIG 31,815 34,193 34,860 ALUNBRIG 7,237 8,806 13,644 Others 24,308 30,208 43,329 Total Oncology 420,956 416,512 468,730 Neuroscience: VYVANSE/ELVANSE 274,077 271,531 327,052 TRINTELLIX 70,666 68,869 82,315 Others 93,777 76,897 72,926 Total Neuroscience 438,520 417,297 482,294 Other: AZILVA-F (1) 76,749 82,205 76,297 LOTRIGA 31,752 31,765 32,690 Others (3) 596,262 460,098 515,164 Total Other 704,763 574,068 624,150 Total ¥ 3,291,188 ¥ 3,197,812 ¥ 3,569,006 (1) The figures include the amounts of fixed dose combinations and blister packs. (2) Generic name: pantoprazole (3) The figures for the years ended March 31, 2020 and 2021 include the revenue of Takeda Consumer Healthcare Company Limited, which was divested on March 31, 2021. The figure for the year ended March 31, 2022 includes the 133,043 million JPY selling price on sales of four diabetes products (NESINA, LIOVEL, INISYNC and ZAFATEK) in Japan to Teijin Pharma Limited recorded as revenue. As Takeda transferred only the assets, marketing rights and, eventually, marketing authorization associated with the pharmaceutical products which do not entail transfer of employees or associated contracts, Takeda applied IFRS 15 to the transaction and recorded the selling price in revenue. |
Schedule of Geographic Information | Takeda’s revenue from contracts with customers is based in the following geographic locations: JPY (millions) For the Year Ended March 31 2020 2021 2022 Japan ¥ 592,786 ¥ 559,748 ¥ 658,983 U.S. 1,595,922 1,567,931 1,714,421 Europe and Canada 645,528 666,177 739,168 Asia (excluding Japan) 165,401 156,240 196,964 Latin America 143,456 121,638 128,467 Russia/CIS 76,835 57,560 62,057 Other 71,260 68,518 68,945 Total ¥ 3,291,188 ¥ 3,197,812 ¥ 3,569,006 Takeda’s non-current assets are held in the following geographic locations: JPY (millions) 2021 2022 Japan ¥ 413,402 ¥ 401,019 U.S. 6,345,039 6,663,654 Switzerland 1,494,239 1,514,645 Other 1,210,197 1,277,902 Total ¥ 9,462,877 ¥ 9,857,219 |
Schedule of Contract Balances | Contract Balances JPY (millions) 2021 2022 Receivables from contracts with customers Trade receivables (Note 17) ¥ 707,487 ¥ 617,518 Contract assets Unbilled receivables 5,680 5,926 Contract liabilities Deferred income (Note 24) 31,995 50,832 Advance payments 2,768 81 |
Schedule of Transaction Price Allocated to the Remaining Performance Obligations | Transaction price allocated to the remaining performance obligations JPY (millions) Total Duration of the remaining performance obligations Within one year Between one and five years More than five years Contract liabilities as of March 31, 2021 ¥ 34,763 ¥ 31,788 ¥ 2,263 ¥ 712 Contract liabilities as of March 31, 2022 50,913 43,721 5,288 1,904 |
Other Operating Income and Ex_2
Other Operating Income and Expenses (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Analysis of income and expense [abstract] | |
Schedule of Other Operating Income and Expenses | JPY (millions) 2020 2021 2022 Other operating income: Change in fair value of financial assets and liabilities associated with contingent consideration arrangements (Note 27) ¥ 18,383 ¥ 13,663 ¥ 11,195 Gain on sales of property, plant and equipment and investment property 3,152 4,734 1,148 Gain on divestment of business to Teva Takeda Yakuhin 14,166 1,460 1,414 Gain on divestment of business and subsidiaries (Note 19) 2,553 228,923 5,602 Insurance proceeds 8,279 479 556 Change in estimate of liabilities related to SHP647 (Note 19) — 60,179 — Other 13,680 8,582 23,206 Total ¥ 60,213 ¥ 318,020 ¥ 43,123 Other operating expenses: Donations and contributions ¥ 8,513 ¥ 8,412 ¥ 8,255 Restructuring expenses (Note 23) 181,040 115,875 83,836 Change in fair value of financial assets associated with contingent consideration arrangements (Note 27) — 72,940 — Valuation reserve for pre-launch inventories 30,411 19,486 20,723 Impairment of assets held for sale (Note 19) 12,897 530 — Other 15,830 41,652 46,261 Total ¥ 248,691 ¥ 258,895 ¥ 159,075 |
Finance Income and Expenses (Ta
Finance Income and Expenses (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Borrowing costs [abstract] | |
Summary of Finance Income and Expenses | JPY (millions) 2020 2021 2022 Finance Income: Interest income Interest income from financial assets measured at amortized cost ¥ 10,763 ¥ 1,117 ¥ 3,880 Interest income from financial assets measured at fair value through P&L 248 660 700 Interest income on sublease 191 4 11 Total interest income 11,202 1,781 4,591 Dividend income Dividend income from financial assets measured at fair value through OCI and disposed of during the period 603 252 8 Dividend income from financial assets measured at fair value through OCI and held at end of the period 745 120 164 Dividend income from financial assets measured at fair value through P&L 96 — — Total dividend income 1,444 372 172 Gain on derivative financial assets, net — 91,990 — Gain on foreign currency exchange, net 10,979 — — Change in fair value of financial assets associated with contingent consideration arrangements (Note 27) 3,478 3,294 (1,043) Remeasurement to fair value of pre-existing interest in an acquiree — — 8,482 Other 728 8,084 11,498 Total ¥ 27,831 ¥ 105,521 ¥ 23,700 Finance Expenses: Interest expense Interest expense on financial debt ¥ 137,176 ¥ 118,682 ¥ 108,498 Interest expense on lease liabilities 11,834 12,124 13,934 Total interest expense 149,010 130,806 122,432 Change in fair value of financial liabilities associated with contingent consideration arrangements (Note 27) 4,637 3,601 490 Loss on derivative financial assets, net 1,790 — 22,595 Loss on foreign currency exchange, net — 97,319 1,791 Other 9,569 16,905 19,299 Total ¥ 165,006 ¥ 248,631 ¥ 166,607 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Income taxes paid (refund) [abstract] | |
Schedule of Composition of Income Tax Expense (Benefit) | The composition of income tax expense (benefit) is as follows: JPY (millions) 2020 2021 2022 Current tax expense ¥ 238,856 ¥ 131,952 ¥ 208,513 Deferred tax benefit (343,900) (141,888) (136,108) Total ¥ (105,044) ¥ (9,936) ¥ 72,405 |
Schedule of Reconciliation from Income Tax Expense (Benefit) | The following is a reconciliation from income tax expense (benefit) at Takeda's domestic (Japanese) statutory tax rate to Takeda's income tax expense (benefit) reported for the year ended March 31: JPY (millions) 2020 2021 2022 Profit (loss) before tax ¥ (60,754) ¥ 366,235 ¥ 302,571 Income tax expense (benefit) at Takeda’s domestic (Japanese) statutory tax rate of 30.6% (18,579) 111,995 92,526 Non-deductible expenses for tax purposes (1) 26,074 25,371 7,359 Changes in unrecognized deferred tax assets and deferred tax liabilities (2) (126,071) (137,032) (8,831) Tax credits (3) (35,100) (25,673) (32,948) Differences in applicable tax rates of overseas subsidiaries (4) 71,526 (258) 24,496 Changes in tax effects of undistributed profit of overseas subsidiaries 5,456 5,694 (20,359) Effect of changes in applicable tax rates and tax law (5) (94,969) (5,073) (39,661) Tax contingencies (6) 17,124 (13,164) 58,540 Non-deductible impairment of goodwill 5,529 — — Changes in fair value of contingent consideration (1,201) 746 (1,288) Effect of prior year items (3,520) (10,689) (4,762) Entity reorganizations/Divestments (7) 55,747 36,117 2,041 Other (7,060) 2,030 (4,708) Income tax expense (benefit) reported for the year ¥ (105,044) ¥ (9,936) ¥ 72,405 (1) Amounts for the years ended March 31, 2020, 2021 and 2022 include the impact from intra territory eliminations, the pre-tax effect of which has been eliminated in arriving at Takeda’s consolidated income from continuing operations before income taxes. Amount for the year ended March 31, 2021 also includes non-deductible interest due to Japanese earnings stripping rules. (2) Amounts for the years ended March 31, 2020, 2021 and 2022 primarily driven by capital tax losses related to restructuring of subsidiaries. Both amounts for the years ended March 31, 2020 and 2021 also include deferred tax benefit from the reversal of write down of deferred tax assets associated with carried forward net operating losses and Swiss tax basis step-up. The amount for the year ended March 31, 2022 includes deferred tax expense from the write down of deferred tax assets associated with carried forward net operating losses. (3) Amount for the year ended March 31, 2020 includes (10,389) million JPY impact from enhanced R&D and Orphan Drug Credit claims in the US related to prior fiscal years. (4) Amounts for the years ended March 31, 2020, 2021 and 2022 include unitary and minimum taxes on overseas subsidiaries. (5) Amount for the year ended March 31, 2020 primarily relates to the deferred tax benefit from Swiss Tax Reform enactment. Amount for the year ended March 31, 2022 includes 39,106 million JPY deferred tax benefit related to a blended state tax rate change as a result of legal entity restructuring in the US. (6) Tax benefit amount for the year ended March 31, 2021 primarily relates to the tax benefits driven by favorable audit settlements. Tax expense amount for the year ended March 31, 2022 includes 65,942 million JPY impact from the AbbVie break fee case. See Note 32 “Commitments and Contingent Liabilities” for additional details on the break fee case. (7) 55,747 million JPY impact for the year ended March 31, 2020 primarily relates to deferred tax expense arising from the change in tax jurisdictions as a result of re-alignment of intangible assets with business operations and tax costs incurred in legal entity reorganizations. 36,117 million JPY impact for the year ended March 31, 2021 primarily relates to the basis difference of divested assets, between accounting which includes goodwill and tax. |
Schedule of Deferred Taxes | Deferred tax assets and liabilities reported in the consolidated statements of financial position are as follows: JPY (millions) 2021 2022 Deferred tax assets ¥ 353,769 ¥ 362,539 Deferred tax liabilities (542,852) (451,511) Net deferred tax liabilities ¥ (189,083) ¥ (88,972) The major items and changes in deferred tax assets and liabilities are as follows: JPY (millions) As of April 1, 2020 Recognized in profit or (loss) Recognized in other comprehensive income Other (1) As of March 31, 2021 Research and development expenses ¥ 33,175 ¥ 1,837 ¥ — ¥ 449 ¥ 35,461 Inventories 42,557 35,228 — 12,944 90,729 Property, plant and equipment (82,527) 5,612 — (3,429) (80,344) Intangible assets (699,850) 113,219 — 24,681 (561,950) Financial assets measured at FVTOCI (19,417) 506 (17,498) 12,643 (23,766) Accrued expenses and provisions 135,920 8,822 — (5,503) 139,239 Defined benefit plans 23,084 (6,322) 2,719 (211) 19,270 Deferred income 14,713 6,191 — 66 20,970 Unused tax losses 124,891 2,690 25,066 (1,696) 150,951 Tax credits 82,124 (18,504) — (1,231) 62,389 Investments in subsidiaries and associates (62,859) (6,027) — (265) (69,151) Other 6,144 (1,364) 24,004 (1,665) 27,119 Total ¥ (402,045) ¥ 141,888 ¥ 34,291 ¥ 36,783 ¥ (189,083) JPY (millions) As of April 1, 2021 Recognized in profit or (loss) Recognized in other comprehensive income Other (1) As of March 31, 2022 Research and development expenses ¥ 35,461 ¥ (4,250) ¥ — ¥ 1,988 ¥ 33,199 Inventories 90,729 (6,375) — 10,176 94,530 Property, plant and equipment (80,344) 9,721 — 848 (69,775) Intangible assets (561,950) 131,465 — (66,995) (497,480) Financial assets measured at FVTOCI (23,766) — 2,669 14,338 (6,759) Accrued expenses and provisions 139,239 12,931 — 3,160 155,330 Defined benefit plans 19,270 (468) (6,107) 761 13,456 Deferred income 20,970 (4,256) — (5,489) 11,225 Unused tax losses 150,951 (35,160) — 3,662 119,453 Tax credits 62,389 (28,573) — 5,096 38,912 Investments in subsidiaries and associates (69,151) 37,941 — — (31,210) Other 27,119 23,132 (2,368) 2,264 50,147 Total ¥ (189,083) ¥ 136,108 ¥ (5,806) ¥ (30,191) ¥ (88,972) (1) Other consists primarily of foreign currency translation differences, reclassification of deferred tax assets and liabilities classified as held for sale and the tax impact of items charged directly to equity. The aggregate amount of deferred tax related to items charged directly to equity for the years ended March 31, 2021 and March 31, 2022 was (730) million JPY and (1,460) million JPY, respectively. The unused tax losses, deductible temporary differences, and unused tax credits for which deferred tax assets were not recognized are as follows: JPY (millions) 2021 2022 Unused tax losses ¥ 1,533,050 ¥ 1,729,843 Deductible temporary differences 241,203 240,860 Unused tax credits 9,660 10,042 The unused tax losses and unused tax credits for which deferred tax assets were not recognized will expire as follows: JPY (millions) Unused tax losses 2021 2022 1st year ¥ 23 ¥ 131 2nd year 18 23,670 3rd year 19,136 1,280 4th year 482 425,654 5th year 387,574 35,089 After 5th year 1,066,134 1,184,092 Indefinite 59,683 59,927 Total ¥ 1,533,050 ¥ 1,729,843 JPY (millions) Unused tax credits 2021 2022 Less than 5 years ¥ 1,370 ¥ 950 5 years or more 8,290 9,092 Indefinite — — Total ¥ 9,660 ¥ 10,042 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Earnings per share [abstract] | |
Schedule of Basis for Calculating Basic and Diluted Earnings per Share | The basis for calculating basic and diluted earnings per share (“EPS”) (attributable to owners of the Company) is as follows: For the Year Ended March 31 2020 2021 2022 Net profit for the year attributable to owners of the Company: Net profit for the year attributable to owners of the Company JPY (millions) ¥ 44,241 ¥ 376,005 ¥ 230,059 Net profit used for calculation of earnings per share JPY (millions) 44,241 376,005 230,059 Weighted-average number of ordinary shares outstanding during the year (thousands of shares) [basic] 1,557,204 1,562,006 1,563,501 Dilutive effect (thousands of shares) 9,000 11,531 13,668 Weighted-average number of ordinary shares outstanding during the year (thousands of shares) [diluted] 1,566,204 1,573,537 1,577,169 Earnings per share Basic (JPY) 28.41 240.72 147.14 Diluted (JPY) 28.25 238.96 145.87 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Equity [abstract] | |
Scheude of Components of Other Comprehensive Income (Loss) | Amounts arising during the year, reclassification adjustments to profit or loss, and tax effects for each component of other comprehensive income (loss) are as follows: JPY (millions) 2020 2021 2022 Remeasurement of defined benefit pension plans: Amounts arising during the year ¥ (7,147) ¥ 2,147 ¥ 26,890 Tax effects 749 2,719 (6,107) Remeasurement of defined benefit pension plans ¥ (6,398) ¥ 4,866 ¥ 20,783 Exchange differences on translation of foreign operations: Amounts arising during the year ¥ (190,190) ¥ 284,350 ¥ 558,102 Reclassification adjustments to profit or (loss) 399 (112) — Before tax effects (189,791) 284,238 558,102 Tax effects (17,281) 25,066 25,867 Exchange differences on translation of foreign operations ¥ (207,072) ¥ 309,304 ¥ 583,969 Changes in fair value of financial assets measured at fair value through OCI: Amounts arising during the year ¥ (6,722) ¥ 79,364 ¥ (17,295) Tax effects 3,210 (17,498) 2,669 Changes in fair value of financial assets measured at fair value through OCI ¥ (3,512) ¥ 61,866 ¥ (14,626) Cash flow hedges: Amounts arising during the year ¥ (37,626) ¥ (40,833) ¥ 82,780 Reclassification adjustments to profit or (loss) 620 (24,485) (79,321) Before tax effects (37,006) (65,318) 3,459 Tax effects 11,317 19,973 (1,286) Cash flow hedges ¥ (25,689) ¥ (45,345) ¥ 2,173 Hedging cost: Amounts arising during the year ¥ (344) ¥ (9,978) ¥ 6,611 Reclassification adjustments to profit or (loss) (890) (3,200) (3,071) Before tax effects (1,234) (13,178) 3,540 Tax effects 377 4,031 (1,083) Hedging cost ¥ (857) ¥ (9,147) ¥ 2,457 Share of other comprehensive income of investments accounted for using the equity method: Amounts arising during the year ¥ (181) ¥ (299) ¥ (497) Reclassification adjustments to profit or (loss) — — — Before tax effects (181) (299) (497) Tax effects — — — Share of other comprehensive income of investments accounted for using the equity method ¥ (181) ¥ (299) ¥ (497) Total other comprehensive income (loss) for the year ¥ (243,709) ¥ 321,245 ¥ 594,261 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of Reconciliation of Changes in Property, Plant and Equipment and Impairment Losses | JPY (millions) Acquisition cost Buildings and structures Machinery and vehicles Tools, furniture, and fixtures Land Construction in progress Total As of April 1, 2020 ¥ 1,072,003 ¥ 659,692 ¥ 128,854 ¥ 96,629 ¥ 126,946 ¥ 2,084,124 Additions and other increases 109,034 22,318 8,376 — 74,010 213,738 Transfers 27,164 32,125 5,523 (145) (64,667) — Disposals and other decreases (91,232) (24,306) (14,172) (2,917) (926) (133,553) Reclassification to assets held for sale (Note 19) (13,413) (21,030) (3,071) (808) (327) (38,649) Foreign currency translation differences 29,853 17,398 8,444 2,475 8,099 66,269 Other (3) (62) (125) 1 (5) (194) As of March 31, 2021 ¥ 1,133,406 ¥ 686,135 ¥ 133,829 ¥ 95,235 ¥ 143,130 ¥ 2,191,735 Additions and other increases 46,393 20,183 7,911 50 87,220 161,758 Acquisitions through business combinations — 79 35 — — 114 Transfers 30,176 41,341 8,070 — (79,587) — Disposals and other decreases (2,837) (15,389) (21,253) (1,266) (1,932) (42,677) Deconsolidation — (4) — — — (4) Foreign currency translation differences 81,440 39,680 7,303 4,635 9,024 142,082 As of March 31, 2022 ¥ 1,288,578 ¥ 772,024 ¥ 135,895 ¥ 98,654 ¥ 157,856 ¥ 2,453,007 Accumulated depreciation and accumulated impairment losses As of April 1, 2020 ¥ (263,244) ¥ (345,635) ¥ (85,133) ¥ (960) ¥ (2,782) ¥ (697,754) Depreciation expenses (53,061) (55,794) (15,549) — — (124,404) Impairment losses (161) (105) (67) — (103) (436) Disposals and other decreases 53,017 18,978 13,508 601 15 86,119 Reclassification to assets held for sale (Note 19) 6,319 14,748 2,171 — — 23,238 Foreign currency translation differences (9,037) (6,716) (7,807) (72) (100) (23,732) Other (538) (321) 11 — (1) (849) As of March 31, 2021 ¥ (266,705) ¥ (374,845) ¥ (92,866) ¥ (431) ¥ (2,971) ¥ (737,818) Depreciation expenses (62,870) (54,191) (15,358) — — (132,419) Impairment losses — (346) (42) — — (388) Disposals and other decreases 1,353 13,729 21,154 33 76 36,344 Deconsolidation — 3 — — — 3 Foreign currency translation differences (15,901) (15,635) (4,379) (13) (1) (35,929) As of As of March 31, 2022 ¥ (344,123) ¥ (431,287) ¥ (91,491) ¥ (411) ¥ (2,896) ¥ (870,207) JPY (millions) Carrying amount Buildings and structures Machinery and vehicles Tools, furniture, and fixtures Land Construction in progress Total As of April 1, 2020 ¥ 808,759 ¥ 314,057 ¥ 43,721 ¥ 95,669 ¥ 124,164 ¥ 1,386,370 As of March 31, 2021 866,701 311,290 40,963 94,804 140,159 1,453,917 As of March 31, 2022 944,455 340,737 44,404 98,243 154,960 1,582,800 Takeda recognized the following impairment losses, which are reflected as follows, in the consolidated statements of profit or loss: JPY (millions) 2020 2021 2022 Cost of sales ¥ (29) ¥ (139) ¥ (261) Selling, general and administrative expenses (469) (149) (34) Research and development expenses (293) (68) — Other operating expenses (19,224) (80) (92) Total ¥ (20,015) ¥ (436) ¥ (388) |
Schedule of Reconciliation of Changes in Right-of-use Assets | The changes in acquisition cost of property, plant and equipment for the years ended March 31, 2021 and 2022 include the following changes in ROU assets: JPY (millions) Acquisition cost of ROU Assets Buildings and structures Machinery and vehicles Tools, furniture, and fixtures Total As of April 1, 2020 ¥ 398,441 ¥ 13,968 ¥ 718 ¥ 413,127 Additions and other increases 87,721 7,880 54 95,655 Disposals and other decreases (29,473) (7,048) (313) (36,834) Reclassification to assets held for sale (Note 19) (3,190) (175) — (3,365) Foreign currency translation differences 9,750 501 14 10,265 Other (452) (86) (1) (539) As of March 31, 2021 ¥ 462,797 ¥ 15,040 ¥ 472 ¥ 478,309 Additions and other increases 30,110 4,195 13 34,318 Disposals and other decreases (7,365) (6,177) (161) (13,703) Foreign currency translation differences 39,575 883 27 40,485 As of March 31, 2022 ¥ 525,118 ¥ 13,940 ¥ 351 ¥ 539,410 The changes in accumulated depreciation and accumulated impairment losses for the years ended March 31, 2021 and 2022 include the following changes in accumulated depreciation and accumulated impairment loss related to ROU assets: JPY (millions) Accumulated depreciation and accumulated impairment losses of ROU Assets Buildings and structures Machinery and vehicles Tools, furniture, and fixtures Total As of April 1, 2020 ¥ (59,234) ¥ (6,359) ¥ (516) ¥ (66,109) Depreciation expenses (33,755) (4,322) (94) (38,171) Impairment losses (45) — — (45) Disposals and other decreases 10,495 2,794 313 13,602 Reclassification to assets held for sale (Note 19) 1,646 109 — 1,755 Foreign currency translation differences (2,508) (257) (6) (2,771) Other 408 (198) — 210 As of March 31, 2021 ¥ (82,993) ¥ (8,233) ¥ (303) ¥ (91,529) Depreciation expenses (37,820) (3,867) (74) (41,761) Disposals and other decreases 6,026 5,590 155 11,770 Foreign currency translation differences (9,380) (562) (11) (9,953) As of March 31, 2022 ¥ (124,166) ¥ (7,072) ¥ (234) ¥ (131,472) The carrying amount of property, plant and equipment includes the carrying amount of following ROU Assets: JPY (millions) Carrying amount of ROU Assets Buildings and structures Machinery and vehicles Tools, furniture, and fixtures Total As of April 1, 2020 ¥ 339,207 ¥ 7,609 ¥ 202 ¥ 347,018 As of March 31, 2021 379,804 6,807 169 386,780 As of March 31, 2022 400,952 6,868 118 407,938 |
Schedule of Expenses Related to Leases Not Included in the Measurement of the Lease Liabilities | Takeda recognized expenses related to leases not included in the measurement of the lease liabilities as follows: JPY (millions) 2020 2021 2022 Expense relating to short-term leases ¥ 5,772 ¥ 4,802 ¥ 4,458 Expense relating to leases of low-value assets that are not short-term leases expenses 1,560 1,250 1,304 Expense relating to variable lease payments 8,172 6,315 4,006 Total expenses not included in lease liabilities ¥ 15,504 ¥ 12,367 ¥ 9,768 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Intangible assets and goodwill [abstract] | |
Schedule of Reconciliation of Changes in Goodwill | JPY (millions) For the Year Ended March 31 2021 2022 Acquisition cost As of beginning of the year ¥ 4,012,528 ¥ 4,033,917 Acquisitions — 35,159 Reclassification to assets held for sale (Note 19) (144,836) — Foreign currency translation differences 166,225 338,673 As of end of the year ¥ 4,033,917 ¥ 4,407,749 Carrying amount As of beginning of the year ¥ 4,012,528 ¥ 4,033,917 As of end of the year 4,033,917 4,407,749 JPY (millions) Acquisition cost Software Intangible assets associated with products Other Total As of April 1, 2020 ¥ 164,920 ¥ 5,603,253 ¥ 11,766 ¥ 5,779,939 Additions and other increases 32,930 84,034 — 116,964 Disposals and other decreases (10,659) (106) (1) (10,766) Reclassification to assets held for sale (Note 19) (806) (85,913) — (86,719) Deconsolidation (4) — — (4) Foreign currency translation differences 12,484 104,767 (179) 117,072 As of March 31, 2021 ¥ 198,865 ¥ 5,706,035 ¥ 11,586 ¥ 5,916,486 Additions and other increases 33,210 44,944 10 78,164 Acquisitions through business combinations — 43,682 — 43,682 Disposals and other decreases (62,078) (80,911) (48) (143,037) Deconsolidation (604) (2) — (606) Foreign currency translation differences 13,385 527,070 6 540,461 As of March 31, 2022 ¥ 182,778 ¥ 6,240,818 ¥ 11,554 ¥ 6,435,150 Accumulated amortization and As of April 1, 2020 ¥ (78,560) ¥ (1,529,583) ¥ (435) ¥ (1,608,578) Amortization (28,346) (405,268) — (433,614) Impairment losses (39) (16,596) — (16,635) Disposals and other decreases 8,354 — — 8,354 Reclassification to assets held for sale (Note 19) 531 39,260 — 39,791 Deconsolidation (20) — — (20) Foreign currency translation differences (5,314) 8,636 — 3,322 As of March 31, 2021 ¥ (103,394) ¥ (1,903,551) ¥ (435) ¥ (2,007,380) Amortization (28,560) (418,788) (43) (447,391) Impairment losses — (67,721) — (67,721) Reversal of impairment losses — 13,595 — 13,595 Disposals and other decreases 61,393 43,635 16 105,044 Deconsolidation 604 — — 604 Foreign currency translation differences (6,677) (206,631) (49) (213,357) As of March 31, 2022 ¥ (76,634) ¥ (2,539,461) ¥ (510) ¥ (2,616,606) Carrying amount As of April 1, 2020 86,360 4,073,670 11,331 4,171,361 As of March 31, 2021 95,471 3,802,484 11,151 3,909,106 As of March 31, 2022 106,143 3,701,357 11,044 3,818,544 |
Schedule of Discounted Cash Flows Model | Terminal growth rate and discount rate used in the discounted cash flow models for the impairment tests are as follows: For the Year Ended March 31 2022 Terminal growth rate 0.0% Discount rate (post-tax) 6.2% |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Intangible assets other than goodwill [abstract] | |
Schedule of Reconciliation of Changes in Intangible Assets | JPY (millions) For the Year Ended March 31 2021 2022 Acquisition cost As of beginning of the year ¥ 4,012,528 ¥ 4,033,917 Acquisitions — 35,159 Reclassification to assets held for sale (Note 19) (144,836) — Foreign currency translation differences 166,225 338,673 As of end of the year ¥ 4,033,917 ¥ 4,407,749 Carrying amount As of beginning of the year ¥ 4,012,528 ¥ 4,033,917 As of end of the year 4,033,917 4,407,749 JPY (millions) Acquisition cost Software Intangible assets associated with products Other Total As of April 1, 2020 ¥ 164,920 ¥ 5,603,253 ¥ 11,766 ¥ 5,779,939 Additions and other increases 32,930 84,034 — 116,964 Disposals and other decreases (10,659) (106) (1) (10,766) Reclassification to assets held for sale (Note 19) (806) (85,913) — (86,719) Deconsolidation (4) — — (4) Foreign currency translation differences 12,484 104,767 (179) 117,072 As of March 31, 2021 ¥ 198,865 ¥ 5,706,035 ¥ 11,586 ¥ 5,916,486 Additions and other increases 33,210 44,944 10 78,164 Acquisitions through business combinations — 43,682 — 43,682 Disposals and other decreases (62,078) (80,911) (48) (143,037) Deconsolidation (604) (2) — (606) Foreign currency translation differences 13,385 527,070 6 540,461 As of March 31, 2022 ¥ 182,778 ¥ 6,240,818 ¥ 11,554 ¥ 6,435,150 Accumulated amortization and As of April 1, 2020 ¥ (78,560) ¥ (1,529,583) ¥ (435) ¥ (1,608,578) Amortization (28,346) (405,268) — (433,614) Impairment losses (39) (16,596) — (16,635) Disposals and other decreases 8,354 — — 8,354 Reclassification to assets held for sale (Note 19) 531 39,260 — 39,791 Deconsolidation (20) — — (20) Foreign currency translation differences (5,314) 8,636 — 3,322 As of March 31, 2021 ¥ (103,394) ¥ (1,903,551) ¥ (435) ¥ (2,007,380) Amortization (28,560) (418,788) (43) (447,391) Impairment losses — (67,721) — (67,721) Reversal of impairment losses — 13,595 — 13,595 Disposals and other decreases 61,393 43,635 16 105,044 Deconsolidation 604 — — 604 Foreign currency translation differences (6,677) (206,631) (49) (213,357) As of March 31, 2022 ¥ (76,634) ¥ (2,539,461) ¥ (510) ¥ (2,616,606) Carrying amount As of April 1, 2020 86,360 4,073,670 11,331 4,171,361 As of March 31, 2021 95,471 3,802,484 11,151 3,909,106 As of March 31, 2022 106,143 3,701,357 11,044 3,818,544 |
Schedule of Intangible Assets Associated with Products | The intangible assets associated with products are comprised of the following: JPY (millions) Marketed products In-process R&D Carrying amount As of April 1, 2020 3,602,384 471,286 4,073,670 As of March 31, 2021 3,427,527 374,957 3,802,484 As of March 31, 2022 3,389,453 311,904 3,701,357 The table below provides information about significant intangible assets. JPY (millions) Carrying amount Remaining amortization period As of March 31 As of March 31 2021 2022 2022 immunoglobulin Marketed products ¥ 753,203 ¥ 768,871 13 Years TAKHZYRO Marketed products 536,445 546,555 12 Years VYVANSE Marketed products 441,577 382,777 4 Years ADVATE & ADYNOVATE Marketed products 293,697 293,969 8 Years ALUNBRIG Marketed products 220,969 219,943 9 Years |
Schedule of Significant Assumptions Used to Calculate the Recoverable Amount | The significant assumptions used to calculate the recoverable amount (value in use) are as follows: Discount rate For the year ended March 31, 2020 7.0% - 8.0% For the year ended March 31, 2021 7.0% For the year ended March 31, 2022 6.5% - 14.0% |
Collaborations and Licensing _2
Collaborations and Licensing Arrangements (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Research And Development [Abstract] | |
Summary of Payments Made Under the Terms of Collaboration and Licensing Arrangements | Under the terms of these collaboration and licensing arrangements, Takeda made the following payments during the years ended March 31: JPY (millions) 2020 2021 2022 Initial up-front and milestone payments ¥ 77,016 ¥ 84,034 ¥ 44,944 Acquisition of shares of collaboration and in-licensing partners 1,317 1,504 785 |
Investments Accounted for Usi_2
Investments Accounted for Using the Equity Method (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Investments accounted for using equity method [abstract] | |
Summary of Financial Information of Equity Method Investments | Financial information for associates accounted for using the equity method is as follows: These amounts are based on the ownership interests of Takeda. JPY (millions) 2020 2021 2022 Net profit (loss) for the year ¥ (23,987) ¥ 76 ¥ (15,367) Other comprehensive income (loss) (181) (299) (497) Total comprehensive income (loss) for the year ¥ (24,168) ¥ (223) ¥ (15,863) The carrying amount of the investments in associates accounted for using the equity method is as follows: JPY (millions) 2021 2022 Carrying amount of investments accounted for using the equity method ¥ 112,468 ¥ 96,579 |
Other Financial Assets (Tables)
Other Financial Assets (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Other Financial Assets | JPY (millions) 2021 2022 Derivative assets ¥ 64,100 ¥ 41,890 Investment in convertible notes at fair value through P&L 12,176 10,409 Investment in debt instruments at fair value through P&L 800 1,052 Investment in equity instruments at fair value through OCI 145,070 148,451 Financial assets associated with contingent consideration arrangements 25,446 26,852 Other 24,888 30,205 Total ¥ 272,480 ¥ 258,859 Non-current ¥ 235,882 ¥ 233,554 Current ¥ 36,598 ¥ 25,305 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Inventories [Abstract] | |
Schedule of Inventories | JPY (millions) 2021 2022 Finished products and merchandise ¥ 216,403 ¥ 224,102 Work-in-process 387,917 404,087 Raw materials and supplies 149,561 224,977 Total ¥ 753,881 ¥ 853,167 |
Trade and Other Receivables (Ta
Trade and Other Receivables (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Trade and other receivables [abstract] | |
Schedule of Trade and Other Receivables | JPY (millions) 2021 2022 Trade receivables ¥ 788,284 ¥ 710,304 Other receivables 75,604 79,127 Impairment loss allowance (8,637) (9,390) Chargebacks and other allowances (72,160) (83,396) Total ¥ 783,091 ¥ 696,644 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Cash and cash equivalents [abstract] | |
Schedule of Cash and Cash Equivalents | JPY (millions) 2021 2022 Cash and deposits ¥ 335,027 ¥ 389,059 Short-term investments 631,195 460,637 Total ¥ 966,222 ¥ 849,695 |
Assets and Disposal Groups He_2
Assets and Disposal Groups Held for Sale (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Schedule of Assets Held for Sale and Disposal Groups | JPY (millions) 2021 Goodwill ¥ 12,078 Intangible assets 8,018 Inventories 392 Other 201 Total assets ¥ 20,689 |
Bonds and Loans (Tables)
Bonds and Loans (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Borrowings [abstract] | |
Schedule of Composition of Debt Instruments | JPY (millions) 2021 2022 Bonds ¥ 3,532,202 ¥ 3,637,355 Short-term loans 69 285 Long-term loans 1,103,100 707,770 Total ¥ 4,635,371 ¥ 4,345,410 Non-current ¥ 4,613,218 ¥ 4,141,418 Current ¥ 22,153 ¥ 203,993 The composition of bonds is as follows: Instrument JPY (millions) Maturity Principal amount in contractual currency (millions) As of As of Interest rate (%) Hybrid subordinated bonds ¥ 500,000 497,485 498,154 1.720% per annum through October 6, 2024 and 6 month LIBOR (8) + margin (1.750-2.750%) thereafter June 2079 USD Unsecured Senior Notes $ 200 22,084 — 2.450 % January 2022 (1) 2018 EUR Unsecured Senior Notes – variable rate € 750 97,221 101,912 3 month EURIBOR + margin (1.100%) November 2022 2018 EUR Unsecured Senior Notes – fixed rate € 4,500 as of March 31, 2021 € 3,000 as of March 31, 2022 580,805 405,290 2021:1.125-3.000% 2022:2.250-3.000% November 2026 - November 2030 (3) 2018 USD Unsecured Senior Notes – fixed rate $ 3,250 357,296 395,303 4.400-5.000% November 2023 - November 2028 Unsecured Senior Notes Assumed in Shire Acquisition $ 5,500 as of March 31, 2021 $ 4,000 as of March 31, 2022 577,426 465,958 2.875-3.200% September 2023 - September 2026 (6) Unsecured Senior Notes Assumed in Shire Acquisition $ 1,520 167,972 185,998 3.600-5.250% June 2022 - June 2045 (7) 2020 USD Unsecured Senior Notes – fixed rate $ 7,000 768,133 849,391 2.050-3.375% March 2030 - July 2060 2020 EUR Unsecured Senior Notes – fixed rate € 3,600 463,780 485,985 0.750-2.000% July 2027 - July 2040 JPY Unsecured Senior Bonds – fixed rate ¥ 250,000 — 249,364 0.400 % October 2031 (4) Total ¥ 3,532,202 ¥ 3,637,355 The composition of loans is as follows: Instrument JPY (millions) Maturity Principal amount in contractual currency (millions) As of As of Interest rate (%) Syndicated Loans 2016 ¥ 200,000 200,000 200,000 0.200–0.300% April 2023 - April 2026 Syndicated Loans 2017 ¥ 113,500 113,500 113,500 0.350 % April 2027 USD Syndicated Loans 2017 $ 1,500 165,538 183,028 6 month LIBOR (8) + 0.500% April 2027 USD Japan Bank for International Cooperation 2019 $ 3,700 408,980 — 6 month LIBOR (8) + 0.600% December 2025 (2) (5) Other 215,151 211,527 Total ¥ 1,103,169 ¥ 708,055 |
Other Financial Liabilities (Ta
Other Financial Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure of financial liabilities [abstract] | |
Schedule of Other Financial Liabilities | JPY (millions) 2021 2022 Derivative liabilities (Note 27) ¥ 97,091 ¥ 36,529 Lease liabilities (Note 27) 436,412 465,238 Financial liabilities associated with contingent consideration arrangements (Note 27) 27,770 5,844 Other 204,457 157,403 Total ¥ 765,730 ¥ 665,014 Non-current ¥ 517,677 ¥ 468,943 Current ¥ 248,053 ¥ 196,071 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Employee Benefits [Abstract] | |
Summary of Amounts Related to Defined Benefit Pension Plans Recognized in Consolidated Statements of Income | JPY (millions) 2020 2021 2022 Japan ¥ 4,769 ¥ (2,696) ¥ 2,992 Foreign 11,493 10,655 14,387 Defined benefit costs ¥ 16,262 ¥ 7,959 ¥ 17,379 |
Summary of Amounts Related to Defined Benefit Pension Plans Recognized in Consolidated Statements of Financial Position | JPY (millions) Japan Foreign Total Present value of defined benefit obligations ¥ 180,321 ¥ 251,767 ¥ 432,088 Fair value of plan assets 231,038 102,354 333,392 Effect of asset ceiling 25,757 — 25,757 Net defined benefit liabilities (assets) ¥ (24,960) ¥ 149,413 ¥ 124,453 Consolidated statements of financial position Net defined benefit liabilities ¥ 9,444 ¥ 149,413 ¥ 158,857 Net defined benefit assets 34,404 — 34,404 Net amount of liabilities (assets) recognized in the consolidated statements of financial position ¥ (24,960) ¥ 149,413 ¥ 124,453 JPY (millions) Japan Foreign Total Present value of defined benefit obligations ¥ 168,449 ¥ 254,462 ¥ 422,912 Fair value of plan assets 225,363 117,140 342,503 Effect of asset ceiling 30,953 — 30,953 Net defined benefit liabilities (assets) ¥ (25,961) ¥ 137,323 ¥ 111,362 Consolidated statements of financial position Net defined benefit liabilities ¥ 8,524 ¥ 137,323 ¥ 145,847 Net defined benefit assets 34,485 — 34,485 Net amount of liabilities (assets) recognized in the consolidated statements of financial position ¥ (25,961) ¥ 137,323 ¥ 111,362 |
Summary of Changes in Present Value of the Defined Benefit Obligations | A summary of changes in present value of the defined benefit obligations for the periods presented is as follows: JPY (millions) Japan Foreign Total At beginning of year ¥ 190,552 ¥ 226,400 ¥ 416,952 Current service cost 4,621 8,937 13,558 Interest cost 1,145 3,772 4,917 Remeasurement of defined benefit pension plans From changes in demographic assumptions 1,359 (2,336) (977) From changes in financial assumptions (1,497) 7,161 5,664 Experience adjustments 6,163 2,148 8,311 Past service cost (7,195) (781) (7,976) Benefits paid (13,344) (8,961) (22,305) Contributions by the employees — 2,307 2,307 Effect of business combinations and disposals (1,483) (131) (1,614) Foreign currency translation differences — 13,251 13,251 At end of the year ¥ 180,321 ¥ 251,767 ¥ 432,088 JPY (millions) Japan Foreign Total At beginning of year ¥ 180,321 ¥ 251,767 ¥ 432,088 Current service cost 3,098 10,934 14,032 Interest cost 1,209 3,545 4,754 Remeasurement of defined benefit pension plans From changes in demographic assumptions 97 (2,313) (2,216) From changes in financial assumptions (2,994) (28,726) (31,720) Experience adjustments (2,522) 4,457 1,935 Past service cost 40 1,400 1,440 Benefits paid (10,799) (9,971) (20,769) Contributions by the employees — 2,297 2,297 Effect of business combinations and disposals — 60 60 Foreign currency translation differences — 21,013 21,013 At end of the year ¥ 168,449 ¥ 254,462 ¥ 422,912 Changes in effect of asset ceiling for the periods presented are as follows: JPY (millions) 2021 2022 Balance at beginning of the year ¥ — ¥ 25,757 Interest income — 170 Remeasurement Changes in effect of asset ceiling 25,757 5,026 Balance at end of the year ¥ 25,757 ¥ 30,953 |
Summary of Significant Actuarial Assumptions Used to Determine Present Value | Significant actuarial assumptions used to determine the present value are as follows: Discount rate Future salary increases As of March 31, 2021 Japan 0.7 % 2.5 % Foreign 1.4 % 2.7 % As of March 31, 2022 Japan 0.8 % 2.5 % Foreign 2.1 % 2.8 % |
Schedule of Sensitivity Analysis for Actuarial Assumptions | A 0.5% change in these actuarial assumptions would affect the present value of defined benefit obligations at the end of the reporting period, while holding all other assumptions constant, by the amounts shown below: JPY (millions) Discount Rate Future Salary Increases Change in Impact Change in Impact As of March 31, 2021 Japan +0.50 % (11,546) +0.50 % 6 -0.50 % 13,012 -0.50 % (6) Foreign +0.50 % (19,818) +0.50 % 3,689 -0.50 % 22,881 -0.50 % (3,347) As of March 31, 2022 Japan +0.50 % (10,756) +0.50 % 6 -0.50 % 11,699 -0.50 % (6) Foreign +0.50 % (16,997) +0.50 % 3,654 -0.50 % 19,192 -0.50 % (3,334) |
Schedule of Changes in Fair Value of Plan Assets and Breakdown by Asset Class | A summary of changes in fair value of plan assets for the periods presented is as follows: JPY (millions) 2021 2022 Balance at beginning of the year ¥ 290,714 ¥ 333,392 Interest income on plan assets 2,540 3,016 Remeasurement of defined benefit plans Return on plan assets 40,902 (85) Contributions by the employer 7,940 7,581 Contributions by the employees 2,307 2,297 Benefits paid (14,291) (15,084) Effect of business combinations and disposals (1,218) — Foreign currency translation differences 4,498 11,387 Balance at end of the year ¥ 333,392 ¥ 342,503 The breakdown of fair value by asset class is as follows: JPY (millions) 2021 2022 With quoted prices in active markets No quoted prices in active markets With quoted prices in active markets No quoted prices in active markets Equities: Japan ¥ 11,789 ¥ 3,520 ¥ 10,156 ¥ 2,713 Foreign 23,849 96,744 34,924 101,870 Bonds: Japan 1,441 16,846 1,296 15,876 Foreign 13,395 44,159 21,028 46,683 Life insurance company general accounts — 95,859 — 72,556 Cash and cash equivalent 9,625 — 10,106 — Others 199 15,966 (1,069) 26,361 Total plan assets ¥ 60,298 ¥ 273,094 ¥ 76,442 ¥ 266,061 |
Summary of Major Employee Benefits Expenses other than Retirement Benefits | Major employee benefit expenses other than retirement benefits for each fiscal year are as follows: JPY (millions) 2020 2021 2022 Salary ¥ 417,860 ¥ 418,087 ¥ 458,039 Bonuses 135,938 105,772 127,888 Other 157,722 163,443 187,440 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Provisions [abstract] | |
Schedule of Reconciliation of Changes in Provisions | The movements in the provisions are as follows: JPY (millions) Litigation (Note 32) Restructuring Rebates and return Other Total As of April 1, 2020 ¥ 49,711 ¥ 45,047 ¥ 316,290 ¥ 31,802 ¥ 442,850 Increases 26,189 47,446 822,479 17,898 914,012 Decreases (utilized) (3,182) (46,732) (752,165) (16,019) (818,098) Decreases (reversed) (996) (13,658) (18,812) (7,827) (41,293) Reclassification to liabilities held for sale (Note 19) — — (3,807) (99) (3,906) Foreign currency translation differences 1,673 194 13,787 807 16,461 As of March 31, 2021 ¥ 73,395 ¥ 32,297 ¥ 377,772 ¥ 26,562 ¥ 510,026 Increases 28,235 12,193 835,096 24,826 900,351 Decreases (utilized) (59,386) (16,280) (833,159) (15,651) (924,476) Decreases (reversed) (252) (15,948) (10,574) (3,739) (30,513) Foreign currency translation differences 877 1,091 35,846 2,498 40,312 As of March 31, 2022 ¥ 42,869 ¥ 13,353 ¥ 404,982 ¥ 34,497 ¥ 495,701 |
Schedule of Restructuring Expenses | Restructuring expenses recorded for the fiscal years ended March 31, 2020, 2021 and 2022 are as follows: JPY (millions) 2020 2021 2022 Cash: Severance ¥ 33,538 ¥ 28,031 ¥ 15,230 Consulting fees 18,086 5,704 2,963 Other 78,746 70,742 65,163 Total ¥ 130,370 ¥ 104,477 ¥ 83,357 Non-Cash: Depreciation and impairment ¥ 50,670 ¥ 11,398 ¥ 479 Total ¥ 181,040 ¥ 115,875 ¥ 83,836 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Other Liabilities | JPY (millions) 2021 2022 Accrued expenses ¥ 459,384 ¥ 505,466 Deferred income 50,228 74,551 Other 89,937 72,146 Total ¥ 599,549 ¥ 652,163 Non-current ¥ 56,898 ¥ 67,214 Current ¥ 542,651 ¥ 584,949 |
Trade and Other Payables (Table
Trade and Other Payables (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Trade and other payables [abstract] | |
Schedule of Trade and Other Payables | JPY (millions) 2021 2022 Trade payables ¥ 232,105 ¥ 295,934 Other payables 111,733 220,364 Total ¥ 343,838 ¥ 516,297 |
Equity and Other Equity Items (
Equity and Other Equity Items (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Equity [abstract] | |
Schedule of Shares Activity | Thousands of Shares 2021 2022 Authorized shares as of the beginning of the year 3,500,000 3,500,000 Shares issued: At the beginning of the year 1,576,374 1,576,388 Exercise of stock options 14 10 Issuance of shares — 5,855 As of the end of the year 1,576,388 1,582,253 |
Schedule of Dividends Declared and Paid | Dividends declared and paid JPY (millions) Dividends per share JPY Record date Effective date April 1, 2019, to March 31, 2020 Q1 2019 ¥ 140,836 ¥ 90.00 March 31, 2019 June 28, 2019 Q3 2019 141,857 90.00 September 30, 2019 December 2, 2019 April 1, 2020, to March 31, 2021 Q1 2020 141,858 90.00 March 31, 2020 June 25, 2020 Q3 2020 141,860 90.00 September 30, 2020 December 1, 2020 April 1, 2021, to March 31, 2022 Q1 2021 141,859 90.00 March 31, 2021 June 30, 2021 Q3 2021 142,387 90.00 September 30, 2021 December 1, 2021 Dividends declared for which the effective date falls in the following fiscal year are as follows: Dividends declared JPY (millions) Dividends per share JPY Record date Effective date April 1, 2022, to March 31, 2023 Q1 2022 140,365 ¥ 90.00 March 31, 2022 June 30, 2022 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Financial Instruments [Abstract] | |
Schedule of Financial Assets at Fair Value | JPY (millions) Financial assets measured at amortized Measured at fair value through other comprehensive income Measured at fair value through profit or loss Derivative hedging instruments Other financial liabilities Total Financial assets measured at fair value Other financial assets - Equity instruments ¥ — ¥ 145,070 ¥ — ¥ — ¥ — ¥ 145,070 Derivative financial instruments — — 62,594 1,506 — 64,100 Investments in convertible notes — — 12,176 — — 12,176 Investments in debt instruments — — 800 — — 800 Financial assets associated with contingent consideration arrangements — — 25,446 — — 25,446 Total ¥ — ¥ 145,070 ¥ 101,016 ¥ 1,506 ¥ — ¥ 247,592 Financial assets not measured at fair value Other financial assets - Other ¥ 24,888 ¥ — ¥ — ¥ — ¥ — ¥ 24,888 Trade and other receivables 783,091 — — — — 783,091 Cash and cash equivalents 966,222 — — — — 966,222 Total ¥ 1,774,201 ¥ — ¥ — ¥ — ¥ — ¥ 1,774,201 Financial liabilities measured at fair value Other financial liabilities - Derivative financial instruments ¥ — ¥ — ¥ 12,116 ¥ 84,975 ¥ — ¥ 97,091 Financial liabilities associated with contingent consideration arrangements — — 27,770 — — 27,770 Other — — 2,693 — — 2,693 Total ¥ — ¥ — ¥ 42,579 ¥ 84,975 ¥ — ¥ 127,554 Financial liabilities not measured at fair value Other financial liabilities - Lease liabilities ¥ — ¥ — ¥ — ¥ — ¥ 436,412 ¥ 436,412 Other — — — — 201,764 201,764 Trade and other payables — — — — 343,838 343,838 Bonds and loans — — — — 4,635,371 4,635,371 Total ¥ — ¥ — ¥ — ¥ — ¥ 5,617,385 ¥ 5,617,385 JPY (millions) Financial assets measured at amortized Measured at fair value through other comprehensive income Measured at fair value through profit or loss Derivative hedging instruments Other financial liabilities Total Financial assets measured at fair value Other financial assets - Equity instruments ¥ — ¥ 148,451 ¥ — ¥ — ¥ — ¥ 148,451 Derivative financial instruments — — 19,141 22,749 — 41,890 Investments in convertible notes — — 10,409 — — 10,409 Investments in debt instruments — — 1,052 — — 1,052 Financial assets associated with contingent consideration arrangements — — 26,852 — — 26,852 Trade receivables — 20,665 — — — 20,665 Total ¥ — ¥ 169,117 ¥ 57,454 ¥ 22,749 ¥ — ¥ 249,320 Financial assets not measured at fair value Other financial assets - Other ¥ 30,205 ¥ — ¥ — ¥ — ¥ — ¥ 30,205 Trade and other receivables 675,979 — — — — 675,979 Cash and cash equivalents 849,695 — — — — 849,695 Total ¥ 1,555,879 ¥ — ¥ — ¥ — ¥ — ¥ 1,555,879 Financial liabilities measured at fair value Other financial liabilities - Derivative financial instruments ¥ — ¥ — ¥ 6,074 ¥ 30,455 ¥ — ¥ 36,529 Financial liabilities associated with contingent consideration arrangements — — 5,844 — — 5,844 Total ¥ — ¥ — ¥ 11,918 ¥ 30,455 ¥ — ¥ 42,373 Financial liabilities not measured at fair value Other financial liabilities - Lease liabilities ¥ — ¥ — ¥ — ¥ — ¥ 465,238 ¥ 465,238 Other — — — — 157,403 157,403 Trade and other payables — — — — 516,297 516,297 Bonds and loans — — — — 4,345,410 4,345,410 Total ¥ — ¥ — ¥ — ¥ — ¥ 5,484,348 ¥ 5,484,348 |
Schedule of Financial Liabilities at Fair Value | JPY (millions) Financial assets measured at amortized Measured at fair value through other comprehensive income Measured at fair value through profit or loss Derivative hedging instruments Other financial liabilities Total Financial assets measured at fair value Other financial assets - Equity instruments ¥ — ¥ 145,070 ¥ — ¥ — ¥ — ¥ 145,070 Derivative financial instruments — — 62,594 1,506 — 64,100 Investments in convertible notes — — 12,176 — — 12,176 Investments in debt instruments — — 800 — — 800 Financial assets associated with contingent consideration arrangements — — 25,446 — — 25,446 Total ¥ — ¥ 145,070 ¥ 101,016 ¥ 1,506 ¥ — ¥ 247,592 Financial assets not measured at fair value Other financial assets - Other ¥ 24,888 ¥ — ¥ — ¥ — ¥ — ¥ 24,888 Trade and other receivables 783,091 — — — — 783,091 Cash and cash equivalents 966,222 — — — — 966,222 Total ¥ 1,774,201 ¥ — ¥ — ¥ — ¥ — ¥ 1,774,201 Financial liabilities measured at fair value Other financial liabilities - Derivative financial instruments ¥ — ¥ — ¥ 12,116 ¥ 84,975 ¥ — ¥ 97,091 Financial liabilities associated with contingent consideration arrangements — — 27,770 — — 27,770 Other — — 2,693 — — 2,693 Total ¥ — ¥ — ¥ 42,579 ¥ 84,975 ¥ — ¥ 127,554 Financial liabilities not measured at fair value Other financial liabilities - Lease liabilities ¥ — ¥ — ¥ — ¥ — ¥ 436,412 ¥ 436,412 Other — — — — 201,764 201,764 Trade and other payables — — — — 343,838 343,838 Bonds and loans — — — — 4,635,371 4,635,371 Total ¥ — ¥ — ¥ — ¥ — ¥ 5,617,385 ¥ 5,617,385 JPY (millions) Financial assets measured at amortized Measured at fair value through other comprehensive income Measured at fair value through profit or loss Derivative hedging instruments Other financial liabilities Total Financial assets measured at fair value Other financial assets - Equity instruments ¥ — ¥ 148,451 ¥ — ¥ — ¥ — ¥ 148,451 Derivative financial instruments — — 19,141 22,749 — 41,890 Investments in convertible notes — — 10,409 — — 10,409 Investments in debt instruments — — 1,052 — — 1,052 Financial assets associated with contingent consideration arrangements — — 26,852 — — 26,852 Trade receivables — 20,665 — — — 20,665 Total ¥ — ¥ 169,117 ¥ 57,454 ¥ 22,749 ¥ — ¥ 249,320 Financial assets not measured at fair value Other financial assets - Other ¥ 30,205 ¥ — ¥ — ¥ — ¥ — ¥ 30,205 Trade and other receivables 675,979 — — — — 675,979 Cash and cash equivalents 849,695 — — — — 849,695 Total ¥ 1,555,879 ¥ — ¥ — ¥ — ¥ — ¥ 1,555,879 Financial liabilities measured at fair value Other financial liabilities - Derivative financial instruments ¥ — ¥ — ¥ 6,074 ¥ 30,455 ¥ — ¥ 36,529 Financial liabilities associated with contingent consideration arrangements — — 5,844 — — 5,844 Total ¥ — ¥ — ¥ 11,918 ¥ 30,455 ¥ — ¥ 42,373 Financial liabilities not measured at fair value Other financial liabilities - Lease liabilities ¥ — ¥ — ¥ — ¥ — ¥ 465,238 ¥ 465,238 Other — — — — 157,403 157,403 Trade and other payables — — — — 516,297 516,297 Bonds and loans — — — — 4,345,410 4,345,410 Total ¥ — ¥ — ¥ — ¥ — ¥ 5,484,348 ¥ 5,484,348 |
Schedule of Fair Value Measurement of Assets | JPY (millions) As of March 31, 2021 Level 1 Level 2 Level 3 Total Assets: Financial assets measured at fair value through profit or loss Derivatives ¥ — ¥ 62,594 ¥ — ¥ 62,594 Investment in convertible notes — — 12,176 12,176 Investment in debt instruments — — 800 800 Financial assets associated with contingent consideration arrangements — — 25,446 25,446 Derivatives for which hedge accounting is applied — 1,506 — 1,506 Financial assets measured at fair value through OCI Equity instruments 92,602 — 52,468 145,070 Total ¥ 92,602 ¥ 64,100 ¥ 90,890 ¥ 247,592 Liabilities: Financial liabilities measured at fair value through profit or loss Derivatives ¥ — ¥ 12,116 ¥ — ¥ 12,116 Financial liabilities associated with contingent consideration arrangements — — 27,770 27,770 Other — — 2,693 2,693 Derivatives for which hedge accounting is applied — 84,975 — 84,975 Total ¥ — ¥ 97,091 ¥ 30,463 ¥ 127,554 JPY (millions) As of March 31, 2022 Level 1 Level 2 Level 3 Total Assets: Financial assets measured at fair value through profit or loss Derivatives ¥ — ¥ 19,141 ¥ — ¥ 19,141 Investment in convertible notes — — 10,409 10,409 Investment in debt instruments — — 1,052 1,052 Financial assets associated with contingent consideration arrangements — — 26,852 26,852 Derivatives for which hedge accounting is applied — 22,749 — 22,749 Financial assets measured at fair value through OCI Trade receivables — 20,665 — 20,665 Equity instruments 84,188 — 64,263 148,451 Total ¥ 84,188 ¥ 62,556 ¥ 102,576 ¥ 249,320 Liabilities: Financial liabilities measured at fair value through profit or loss Derivatives ¥ — ¥ 6,074 ¥ — ¥ 6,074 Financial liabilities associated with contingent consideration arrangements — — 5,844 5,844 Derivatives for which hedge accounting is applied — 30,455 — 30,455 Total ¥ — ¥ 36,529 ¥ 5,844 ¥ 42,373 JPY (millions) 2021 2022 Financial assets associated with contingent consideration arrangements Equity instruments Financial assets associated with contingent consideration arrangements Equity instruments As of the beginning of the period ¥ 92,516 ¥ 48,237 ¥ 25,446 ¥ 52,468 Recognition of financial assets associated with contingent consideration arrangements 3,318 — — — Changes recognized as finance income (expenses) 3,294 — (1,043) — Changes in fair value of financial assets associated with contingent consideration due to other elements than time value (1) (72,940) — — — Changes in fair value of financial assets measured at fair value through OCI and exchange differences on translation of foreign operations (742) 8,126 2,448 23,345 Purchases — 12,559 — 7,919 Sales — (7,013) — (644) Transfers to Level 1 — (9,241) — (23,856) Acquisition from sale of intangible assets associated with products — — — 5,645 Acquisition from conversion of convertible notes — — — 725 Transfers to investments accounted for using the equity method — — — (1,339) Reclassification to assets held for sale — (200) — — As of the end of the period ¥ 25,446 ¥ 52,468 ¥ 26,852 ¥ 64,263 (1) During the year ended March 31, 2021, Takeda recognized other operating expenses of 72,940 million JPY as the loss from changes in the fair value of the assets associated with contingent consideration arrangements from the previous sale of XIIDRA. It was driven by changes in assumptions related to the future sales of XIIDRA, including the impact from Novartis' withdrawal of the Marketing Authorisation Application in Europe, as also described in Note 5. |
Schedule of Fair Value Measurement of Liabilities | JPY (millions) As of March 31, 2021 Level 1 Level 2 Level 3 Total Assets: Financial assets measured at fair value through profit or loss Derivatives ¥ — ¥ 62,594 ¥ — ¥ 62,594 Investment in convertible notes — — 12,176 12,176 Investment in debt instruments — — 800 800 Financial assets associated with contingent consideration arrangements — — 25,446 25,446 Derivatives for which hedge accounting is applied — 1,506 — 1,506 Financial assets measured at fair value through OCI Equity instruments 92,602 — 52,468 145,070 Total ¥ 92,602 ¥ 64,100 ¥ 90,890 ¥ 247,592 Liabilities: Financial liabilities measured at fair value through profit or loss Derivatives ¥ — ¥ 12,116 ¥ — ¥ 12,116 Financial liabilities associated with contingent consideration arrangements — — 27,770 27,770 Other — — 2,693 2,693 Derivatives for which hedge accounting is applied — 84,975 — 84,975 Total ¥ — ¥ 97,091 ¥ 30,463 ¥ 127,554 JPY (millions) As of March 31, 2022 Level 1 Level 2 Level 3 Total Assets: Financial assets measured at fair value through profit or loss Derivatives ¥ — ¥ 19,141 ¥ — ¥ 19,141 Investment in convertible notes — — 10,409 10,409 Investment in debt instruments — — 1,052 1,052 Financial assets associated with contingent consideration arrangements — — 26,852 26,852 Derivatives for which hedge accounting is applied — 22,749 — 22,749 Financial assets measured at fair value through OCI Trade receivables — 20,665 — 20,665 Equity instruments 84,188 — 64,263 148,451 Total ¥ 84,188 ¥ 62,556 ¥ 102,576 ¥ 249,320 Liabilities: Financial liabilities measured at fair value through profit or loss Derivatives ¥ — ¥ 6,074 ¥ — ¥ 6,074 Financial liabilities associated with contingent consideration arrangements — — 5,844 5,844 Derivatives for which hedge accounting is applied — 30,455 — 30,455 Total ¥ — ¥ 36,529 ¥ 5,844 ¥ 42,373 |
Schedule of Fair Value of Contingent Consideration Classified as Level 3 | The fair value of financial liabilities associated with contingent consideration arrangements are classified as Level 3 in the fair value hierarchy. The following table shows a reconciliation from the opening balances to the closing balances and payment term for financial liabilities associated with contingent consideration arrangements for the period ended March 31, 2021 and 2022, respectively. There are no significant changes in fair value during the changes in significant assumptions which influence the fair value measurement for financial liabilities associated with contingent consideration arrangements. JPY (millions) 2021 2022 As of the beginning of the year ¥ 41,664 ¥ 27,770 Additions arising from business combinations — 5,203 Reversal from sale of intangible assets associated with products — (11,479) Changes in the fair value during the period (10,062) (10,705) Settled and paid during the period (4,206) (6,293) Foreign currency translation differences 374 1,348 As of the end of the year ¥ 27,770 ¥ 5,844 JPY (millions) 2021 2022 Payment term (undiscounted) Within one year ¥ 7,400 ¥ 606 Between one and three years 2,273 2,869 Between three and five years 1,174 2,000 More than five years 40,035 980 |
Schedule of Financial Liabilities Not Measured at Fair Value | The carrying amount and fair value of financial instruments that are not measured at fair value in the consolidated statements of financial position are as follows. Fair value information is not provided for financial instruments, if the carrying amount is a reasonable estimate of fair value due to the relatively short period of maturity of these instruments. JPY (millions) 2021 2022 Carrying amount Fair value Carrying amount Fair value Bonds ¥ 3,532,202 ¥ 3,762,266 ¥ 3,637,355 ¥ 3,630,521 Long-term loans 1,103,100 1,098,526 707,770 703,032 |
Schedule of Derivative Assets and Liabilities | JPY (millions) As of March 31, 2021 Contract amount Contract amount to be settled in more than one year Fair value Forward exchange contracts: Selling: Euro ¥ 131,729 ¥ — ¥ (3,362) United States Dollar 865,407 — (11,270) Buying: Euro 134,762 — 3,407 United States Dollar 1,364,837 — 7,873 Other 13,515 — 422 Currency swaps: Buying: United States Dollar 739,948 717,114 (56,787) JPY (millions) As of March 31, 2022 Contract amount Contract amount to be settled in more than one year Fair value Forward exchange contracts: Selling: Euro ¥ 243,870 ¥ — ¥ (11,315) United States Dollar 445,285 — (8,181) Buying: Euro 244,041 — 11,326 United States Dollar 360,656 — 4,894 Currency swaps: Buying: United States Dollar 717,114 717,114 8,686 JPY (millions) As of March 31 Contract amount Contract amount to be settled in more than one year Fair value 2021 ¥ 803,506 ¥ 780,672 ¥ (61,564) 2022 787,370 787,370 8,637 The following tables represent the items designated as hedging instruments, amounts within other components of equity related to items designated as hedged items and amounts of changes in fair value of hedging instruments recorded in other comprehensive income and the amounts reclassified from the hedging reserve to profit or loss as of and for the year ended March 31, 2021: JPY (millions) As of March 31, 2021 Notional Carrying amount – assets Carrying amount – liabilities Line item in the statement of financial position where hedging instrument is included Average rate used for the fair value of the hedging instrument Cash flow hedges Interest risk Interest rate swaps 575 million USD ¥ — ¥ 4,777 Other financial liabilities 2.83 % Currency and interest risk Currency and interest rate swaps 6,875 million USD 1,506 58,293 Other financial assets /liabilities 107.63 JPY 1.80% Net investment hedges Foreign currency denominated bonds and loans 8,819 million USD — 974,779 Bonds and loans 8,857 million EUR — 1,149,950 Bonds and loans Forward exchange contracts 3,291 million USD — 18,539 Other financial liabilities 998 million EUR — 3,366 Other financial liabilities JPY (millions) As of March 31, 2021 Balance in cash flow hedges and net investment hedges Balance in hedge cost reserve Cash flow hedges Interest risk Interest rate swaps ¥ (3,316) ¥ — Forward interest rate (22,499) — Currency and interest risk Currency and interest rate swaps (45,820) (8,592) Currency risk Hedge related to acquisition 3,560 — Net investment hedges Foreign currency denominated bonds and loans 15,436 — Forward exchange contracts 20,476 — JPY (millions) For the year ended March 31, 2021 Amounts recognized in OCI Amount reclassified to profit or loss Change in fair value of hedging instruments Hedging costs Cash flow hedge Hedging costs Line item in which reclassification adjustment is included Cash flow hedges Interest risk Interest rate swaps ¥ 1,400 ¥ — ¥ 1,127 ¥ — Financial expenses Forward interest rate (3,087) — 1,630 — Financial expenses Currency and interest risk Currency and interest rate swaps (39,146) (9,978) (27,242) (3,200) Financial income and Financial expenses Net investment hedges Foreign currency denominated bonds and loans 112,620 — — — Forward exchange contracts 19,804 — — — The following tables represent the items designated as hedging instruments, amounts within other components of equity related to items designated as hedged items and amounts of changes in fair value of hedging instruments recorded in other comprehensive income and the amounts reclassified from the hedging reserve to profit or loss as of and for the year ended March 31, 2022: JPY (millions) Notional Carrying amount – assets Carrying amount – liabilities Line item in the statement of financial position where hedging instrument is included Average rate used for the fair value of the hedging instrument Cash flow hedges Interest risk Interest rate swaps 575 million USD ¥ — ¥ 49 Other financial liabilities 2.83 % Currency and interest risk Currency and interest rate swaps 6,675 million USD 22,749 14,063 Other financial assets /liabilities 107.43 JPY 1.85% Net investment hedges Foreign currency denominated bonds and loans 5,108 million USD — 624,138 Bonds and loans 7,368 million EUR — 1,001,896 Bonds and loans Forward exchange contracts 594 million USD — 4,982 Other financial liabilities 1,815 million EUR — 11,360 Other financial liabilities JPY (millions) Balance in cash flow hedges and net investment hedges Balance in hedge cost reserve Cash flow hedges Interest risk Interest rate swaps ¥ 425 ¥ — Forward interest rate (21,313) — Currency and interest risk Currency and interest rate swaps (48,573) (6,135) Currency risk Hedge related to acquisition 3,560 — Net investment hedges Foreign currency denominated bonds and loans 97,977 — Forward exchange contracts 54,778 — JPY (millions) Amounts recognized in OCI Amount reclassified to profit or loss Change in fair value of hedging instruments Hedging costs Cash flow hedge Hedging costs Line item in which reclassification adjustment is included Cash flow hedges Interest risk Interest rate swaps ¥ 3,992 ¥ — ¥ 1,398 ¥ — Financial expenses Forward interest rate (605) — 2,312 — Financial expenses Currency and interest risk Currency and interest rate swaps 79,394 6,611 (83,031) (3,071) Financial income and Financial expenses Net investment hedges Foreign currency denominated bonds and loans 107,064 — — — Forward exchange contracts 35,646 — — — |
Schedule of Age of Trade Receivables that are Past Due but not Impaired and Analysis of Impairment Analysis | The following represents the carrying amount of the trade receivables categorized by due date and the analysis of impairment loss allowance as of March 31, 2021 and 2022: JPY (millions) except for percentage Amount past due Current Within 30 Over 30 days but within 60 days Over 60 days but within 90 days Over 90 days but within one year Over one Total Gross carrying amount ¥ 643,819 ¥ 17,632 ¥ 12,017 ¥ 6,214 ¥ 16,762 ¥ 19,680 ¥ 716,124 Impairment loss allowance (1,336) (20) (11) (120) (646) (6,504) (8,637) Net carrying amount 642,483 17,612 12,006 6,094 16,116 13,176 707,487 Weighted average loss rate (%) 0.2 % 0.1 % 0.1 % 1.9 % 3.9 % 33.0 % 1.2 % JPY (millions) except for percentage Amount past due Current Within 30 Over 30 days but within 60 days Over 60 days but within 90 days Over 90 days but within one year Over one Total Gross carrying amount ¥ 569,289 ¥ 19,369 ¥ 5,972 ¥ 3,670 ¥ 14,391 ¥ 14,217 ¥ 626,908 Impairment loss allowance (3,274) (23) (88) (50) (963) (4,993) (9,390) Net carrying amount 566,015 19,346 5,884 3,620 13,428 9,224 617,518 Weighted average loss rate (%) 0.6 % 0.1 % 1.5 % 1.4 % 6.7 % 35.1 % 1.5 % |
Summary of Increase (Decrease) in Loss Allowance for Trade Receivables | The following is a summary of the change in the impairment loss allowance for trade receivables for the years ended March 31, 2021 and 2022. The impairment loss allowance recognized for other than trade receivables is immaterial. JPY (millions) Bad debt provision Bad debt provision Total As of April 1, 2020 ¥ 1,670 ¥ 3,527 ¥ 5,197 Increases 1,733 3,710 5,443 Decreases (written off) (292) (348) (640) Decreases (reversed) (866) (872) (1,738) Foreign currency translation differences 114 261 375 As of March 31, 2021 ¥ 2,359 ¥ 6,278 ¥ 8,637 Increases 999 1,837 2,836 Decreases (written off) (60) (2,147) (2,207) Decreases (reversed) (333) (533) (866) Foreign currency translation differences 446 544 990 As of March 31, 2022 ¥ 3,411 ¥ 5,979 ¥ 9,390 |
Schedule of Derivative Financial Liabilities by Maturity | The table below presents the balances of financial liabilities by maturity. The total contract amount below reflects cash flows presented on an undiscounted cash flow basis, including interest expense. The amounts disclosed as of March 31, 2021 and 2022 are undiscounted cash flows using the respective spot foreign exchange rates as of March 31, 2021 and 2022. JPY (millions) Carrying amount Total Within one year Between one and two years Between two and three years Between three and four years Between four and five years More than five years As of March 31, 2021 Bonds and loans Bonds ¥ 3,532,202 ¥ 4,563,035 ¥ 114,712 ¥ 407,866 ¥ 526,605 ¥ 573,221 ¥ 151,308 ¥ 2,789,323 Loans 1,103,169 1,150,358 227,950 80,349 106,972 59,593 284,877 390,617 Trade and other payables 343,838 343,838 343,838 — — — — — Lease liabilities 436,412 610,270 50,187 45,076 43,949 41,180 38,551 391,327 Derivative liabilities 97,091 (61,375) 29,274 (5,770) (5,380) (6,996) (6,793) (65,710) Derivative assets (64,100) (43,560) (31,816) (776) (1,133) (1,797) (2,422) (5,616) As of March 31, 2022 Bonds and loans Bonds ¥ 3,637,355 ¥ 4,648,070 ¥ 221,182 ¥ 395,333 ¥ 580,073 ¥ 167,299 ¥ 632,188 ¥ 2,651,995 Loans 708,055 733,219 78,155 103,540 54,623 90,696 105,942 300,263 Trade and other payables 516,297 516,297 516,297 — — — — — Lease liabilities 465,238 645,782 53,877 52,489 48,660 44,907 39,502 406,347 Derivative liabilities 36,529 (48,275) 21,144 (1,390) (2,090) (2,405) (2,647) (60,887) Derivative assets (41,890) (151,044) (26,505) (7,060) (9,183) (9,183) (9,573) (89,540) |
Schedule of Non-Derivative Financial Liabilities by Maturity | The table below presents the balances of financial liabilities by maturity. The total contract amount below reflects cash flows presented on an undiscounted cash flow basis, including interest expense. The amounts disclosed as of March 31, 2021 and 2022 are undiscounted cash flows using the respective spot foreign exchange rates as of March 31, 2021 and 2022. JPY (millions) Carrying amount Total Within one year Between one and two years Between two and three years Between three and four years Between four and five years More than five years As of March 31, 2021 Bonds and loans Bonds ¥ 3,532,202 ¥ 4,563,035 ¥ 114,712 ¥ 407,866 ¥ 526,605 ¥ 573,221 ¥ 151,308 ¥ 2,789,323 Loans 1,103,169 1,150,358 227,950 80,349 106,972 59,593 284,877 390,617 Trade and other payables 343,838 343,838 343,838 — — — — — Lease liabilities 436,412 610,270 50,187 45,076 43,949 41,180 38,551 391,327 Derivative liabilities 97,091 (61,375) 29,274 (5,770) (5,380) (6,996) (6,793) (65,710) Derivative assets (64,100) (43,560) (31,816) (776) (1,133) (1,797) (2,422) (5,616) As of March 31, 2022 Bonds and loans Bonds ¥ 3,637,355 ¥ 4,648,070 ¥ 221,182 ¥ 395,333 ¥ 580,073 ¥ 167,299 ¥ 632,188 ¥ 2,651,995 Loans 708,055 733,219 78,155 103,540 54,623 90,696 105,942 300,263 Trade and other payables 516,297 516,297 516,297 — — — — — Lease liabilities 465,238 645,782 53,877 52,489 48,660 44,907 39,502 406,347 Derivative liabilities 36,529 (48,275) 21,144 (1,390) (2,090) (2,405) (2,647) (60,887) Derivative assets (41,890) (151,044) (26,505) (7,060) (9,183) (9,183) (9,573) (89,540) |
Schedule of Reconciliation of Liabilities Arising from Financing Activities | Reconciliation of liabilities arising from financing activities JPY (millions) Bonds Long-term loans Short-term loans Lease liabilities Derivative assets used for hedge of debts Derivative liabilities used for hedge of debts Total As of April 1, 2020 ¥ 3,204,965 ¥ 1,883,325 ¥ 5,014 ¥ 369,459 ¥ (87) ¥ 560 ¥ 5,463,236 Cash flows from financing activities Net increase (decrease) in short-term (144,000) — (5,043) — — — (149,043) Proceeds from issuance of bonds 1,179,452 — — — 63 — 1,179,515 Repayments of long-term loans — (792,497) — — — — (792,497) Repayments of bonds (859,209) — — — — — (859,209) Repayments of lease liabilities — — — (39,270) — — (39,270) Interest paid — — — (12,124) — — (12,124) Non-cash items Foreign exchange movement 134,651 10,462 98 6,541 — — 151,752 Change in fair value — — — — (1,482) 57,733 56,251 New, amended and terminated leases — — — 99,682 — — 99,682 Others 16,343 1,810 — 12,124 — — 30,277 As of March 31, 2021 ¥ 3,532,202 ¥ 1,103,100 ¥ 69 ¥ 436,412 ¥ (1,506) ¥ 58,293 ¥ 5,128,570 JPY (millions) Bonds Long-term loans Short-term loans Lease liabilities Derivative assets used for hedge of debts Derivative liabilities used for hedge of debts Total As of April 1, 2021 ¥ 3,532,202 ¥ 1,103,100 ¥ 69 ¥ 436,412 ¥ (1,506) ¥ 58,293 ¥ 5,128,570 Cash flows from financing activities Net increase (decrease) in short-term — — (2) — — — (2) Proceeds from issuance of bonds 249,334 — — — — — 249,334 Repayments of long-term loans — (414,105) — — — — (414,105) Repayments of bonds (395,106) — — — — (903) (396,009) Repayments of lease liabilities — — — (39,694) — — (39,694) Interest paid — — — (13,934) — — (13,934) Non-cash items Foreign exchange movement 237,833 18,737 219 34,701 — — 291,490 Change in fair value — — — — (21,243) (43,327) (64,570) New, amended and terminated leases — — — 33,819 — — 33,819 Others 13,092 39 — 13,934 — — 27,065 As of March 31, 2022 ¥ 3,637,355 ¥ 707,770 ¥ 285 ¥ 465,238 ¥ (22,749) ¥ 14,063 ¥ 4,801,964 Others includes an increase in debts due to application of amortized cost method. |
Share-based Payments (Tables)
Share-based Payments (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock Option Activities | The following table summarizes the stock option activity: For the Year Ended March 31 2020 2021 2022 Number of options (shares) Weighted average exercise price (JPY) Number of options (shares) Weighted average exercise price (JPY) Number of options (shares) Weighted average exercise price (JPY) As of beginning of the year 3,389,200 ¥ 4,055 3,371,200 ¥ 4,065 3,357,200 ¥ 4,082 Exercised (18,000) 2,266 (14,000) 1 (10,100) 1 As of end of the year 3,371,200 4,065 3,357,200 4,082 3,347,100 4,094 |
Summary of Weighted Average Fair Value of Awards at Grant Date | The weighted average fair value of the awards at the grant date is as follows (in JPY): For the Year Ended March 31 2020 2021 2022 BIP: Weighted average fair value at grant date ¥ 3,857 ¥ 3,765 ¥ 3,738 ESOP: Weighted average fair value at grant date 3,857 3,765 3,738 Equity-Settled LTIP: Weighted average fair value at grant date 1,907 (US$17.64 in contractual currency) 1,877 (US$16.90 in contractual currency) |
Schedule of Award Activity related to Other Awards | The following table summarizes the award activity related to the BIP (the number of awards) (1 award represents 1 share of the Company's common stock), ESOP (the number of awards) (1 award represents 1 share of the Company's common stock) and Equity-settled LTIP (the number of awards) (1 award represents 1 share of the ADS). One ADS equals 0.5 of the Company's common stock: For the Year Ended March 31 2020 2021 2022 BIP ESOP BIP ESOP Equity-Settled LTIP BIP ESOP Equity-Settled LTIP At beginning of the year 485,232 7,939,675 819,229 13,398,751 — 1,035,843 7,751,952 23,412,994 Granted 591,508 11,152,440 518,965 791,687 25,223,010 536,121 534,437 29,211,506 Forfeited/expired before vesting (22,689) (2,003,789) — (794,005) (1,744,170) — (552,490) (4,270,590) Settled (234,822) (3,689,575) (302,351) (5,644,481) — (355,603) (4,361,447) (7,466,212) Transfer to Cash-Settled LTIP — — — — (65,846) — — (25,964) At end of the year 819,229 13,398,751 1,035,843 7,751,952 23,412,994 1,216,361 3,372,452 40,861,734 The following table summarizes the award activity related to the PSARs (the number of awards) (1 award represents 1 share of the Company's common stock) : For the Year Ended March 31 2020 2021 2022 Number of PSARs Weighted average exercise price Number of PSARs Weighted average exercise price Number of PSARs Weighted average exercise price As of beginning of the year 4,175,347 ¥ 4,849 2,686,749 ¥ 4,873 2,270,439 ¥ 4,997 Exercised (17,737) 4,284 — — — — Forfeited/expired after vesting (1,470,861) 4,562 (416,310) 4,641 (799,344) 5,134 As of end of the year 2,686,749 4,873 2,270,439 4,997 1,471,095 5,481 The following table summarizes the award activity related to the RSUs (the number of awards) (1 award represents 1 share of the Company’s common stock): For the Year Ended March 31 2020 2021 2022 As of the beginning of the year 401,153 1,439,536 778,451 Granted 1,403,045 23,541 — Forfeited/expired before vesting (188,383) (155,551) (62,649) Settled (176,279) (529,075) (398,068) As of the end of the year 1,439,536 778,451 317,734 The following table summarizes the award activity related to the Cash-Settled LTIP Awards (the number of awards) (1 award represents 1 ADS): For the Year Ended March 31 2021 2022 As of the beginning of the year — 262,994 Granted 286,316 153,604 Forfeited/expired before vesting (29,478) (25,682) Settled (59,690) (120,240) Transfer from Equity-Settled LTIP 65,846 25,964 As of the end of the year 262,994 296,640 |
Subsidiaries and Associates (Ta
Subsidiaries and Associates (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Interests In Other Entities [Abstract] | |
Summary of Consolidated Subsidiaries | The following is a listing of the Company’s consolidated subsidiaries (including partnerships) as of March 31, 2022: Company name Country Ownership of Voting Rights (%) Takeda Austria GmbH Austria 100.0% Takeda Manufacturing Austria AG Austria 100.0% Baxalta Innovations GmbH Austria 100.0% Takeda Distribuidora Ltda. Brazil 100.0% Takeda Canada Inc. Canada 100.0% Takeda (China) Holdings Co., Ltd. China 100.0% Takeda (China) International Trading Co., Ltd. China 100.0% Takeda France S.A.S. France 100.0% Takeda GmbH Germany 100.0% Takeda Ireland Limited Ireland 100.0% Shire Pharmaceuticals International Unlimited Company Ireland 100.0% Shire Acquisitions Investments Ireland Designated Activity Company Ireland 100.0% Shire Ireland Finance Trading Limited Ireland 100.0% Takeda Italia S.p.A. Italy 100.0% Takeda Pharmaceuticals Korea Co., Ltd. Korea 100.0% Takeda Mexico S.A.de C.V. Mexico 100.0% Takeda Pharmaceuticals Limited Liability Company Russia 100.0% Takeda Development Center Asia, Pte. Ltd. Singapore 100.0% Takeda Farmaceutica Espana S.A. Spain 100.0% Takeda Pharma AB Sweden 100.0% Takeda Pharmaceuticals International AG Switzerland 100.0% Baxalta GmbH Switzerland 100.0% Baxalta Manufacturing, S.a.r.l. Switzerland 100.0% Takeda UK Limited United Kingdom (“U.K.”) 100.0% Takeda Pharmaceuticals U.S.A., Inc. U.S. 100.0% ARIAD Pharmaceuticals, Inc. U.S. 100.0% Takeda Vaccines, Inc. U.S. 100.0% Takeda Development Center Americas, Inc. U.S. 100.0% Baxalta Incorporated U.S. 100.0% Dyax Corp. U.S. 100.0% Takeda Ventures, Inc. U.S. 100.0% Baxalta US Inc. U.S. 100.0% Shire Human Genetic Therapies, Inc. U.S. 100.0% Biolife Plasma Services LP U.S. 100.0% Other 171 subsidiaries |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Related party transactions [abstract] | |
Schedule of Transactions between Related Parties | The compensation for key management personnel is as follows: JPY (millions) 2020 2021 2022 Basic compensation and bonuses ¥ 2,441 ¥ 1,664 ¥ 1,614 Share-based compensation (expensed amount) 2,143 2,483 2,547 Other 45 42 38 Total ¥ 4,629 4,189 4,199 |
Significant Accounting Polici_3
Significant Accounting Policies - Property, Plant and Equipment (Details) | 12 Months Ended |
Mar. 31, 2022 | |
Buildings and structures | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life of major asset items | 3 years |
Buildings and structures | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life of major asset items | 50 years |
Machinery and vehicles | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life of major asset items | 2 years |
Machinery and vehicles | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life of major asset items | 20 years |
Tools, furniture, and fixtures | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life of major asset items | 2 years |
Tools, furniture, and fixtures | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life of major asset items | 20 years |
Significant Accounting Polici_4
Significant Accounting Policies - Intangible Assets (Details) | 12 Months Ended |
Mar. 31, 2022 | |
Marketed Products | Bottom of range | |
Disclosure of detailed information about intangible assets [line items] | |
Estimated useful life of intangible asset | 3 years |
Marketed Products | Top of range | |
Disclosure of detailed information about intangible assets [line items] | |
Estimated useful life of intangible asset | 20 years |
Software | Bottom of range | |
Disclosure of detailed information about intangible assets [line items] | |
Estimated useful life of intangible asset | 3 years |
Software | Top of range | |
Disclosure of detailed information about intangible assets [line items] | |
Estimated useful life of intangible asset | 10 years |
Operating Segment and Revenue_3
Operating Segment and Revenue Information - Schedule of Revenue by Type of Good or Service (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure of products and services [line items] | |||
Revenue from contracts with customers | ¥ 3,569,006 | ¥ 3,197,812 | ¥ 3,291,188 |
Sales of pharmaceutical products | |||
Disclosure of products and services [line items] | |||
Revenue from contracts with customers | 3,295,723 | 3,105,376 | 3,204,152 |
Out-licensing and service income | |||
Disclosure of products and services [line items] | |||
Revenue from contracts with customers | ¥ 273,283 | ¥ 92,436 | ¥ 87,036 |
Operating Segment and Revenue_4
Operating Segment and Revenue Information - Schedule of Revenue by Therapeutic Area and Product (Details) ¥ in Millions | 12 Months Ended | |||
Mar. 31, 2023 JPY (¥) | Mar. 31, 2022 JPY (¥) product | Mar. 31, 2021 JPY (¥) | Mar. 31, 2020 JPY (¥) | |
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | ¥ 3,569,006 | ¥ 3,197,812 | ¥ 3,291,188 | |
Total Gastroenterology | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 875,685 | 777,800 | 697,896 | |
ENTYVIO | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 521,778 | 429,281 | 347,196 | |
TAKECAB-F | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 102,397 | 84,822 | 72,713 | |
GATTEX/REVESTIVE | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 75,751 | 64,564 | 61,812 | |
DEXILANT | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 50,763 | 55,572 | 62,797 | |
PANTOLOC/CONTROLOC | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 40,275 | 43,120 | 49,463 | |
ALOFISEL | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 1,843 | 784 | 373 | |
Others | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 82,877 | 99,657 | 103,542 | |
Total Rare Diseases | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | ¥ 611,196 | 591,746 | 634,888 | |
Total Rare Metabolic | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 172,595 | 162,620 | 170,825 | |
ELAPRASE | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 73,119 | 68,786 | 67,924 | |
REPLAGAL | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 51,714 | 51,764 | 51,253 | |
VPRIV | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 42,408 | 38,518 | 38,013 | |
NATPARA/NATPAR | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 5,353 | 3,552 | 13,635 | |
Total Rare Hematology | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 283,689 | 289,799 | 334,240 | |
ADVATE | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 118,491 | 128,535 | 157,856 | |
ADYNOVATE/ADYNOVI | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 60,726 | 58,070 | 58,672 | |
FEIBA | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 39,162 | 44,495 | 51,508 | |
RECOMBINATE | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 12,297 | 13,389 | 17,089 | |
Others | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 53,013 | 45,310 | 49,115 | |
Total Hereditary Angioedema | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 153,587 | 139,327 | 129,823 | |
TAKHZYRO | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 103,242 | 86,718 | 68,271 | |
FIRAZYR | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 26,691 | 26,824 | 32,662 | |
Others | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 23,654 | 25,785 | 28,890 | |
Others | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | ¥ 1,325 | 0 | 0 | |
Total PDT Immunology | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 506,951 | 420,389 | 394,165 | |
immunoglobulin | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 385,864 | 334,874 | 298,697 | |
albumin | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 90,035 | 57,580 | 67,215 | |
Others | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 31,052 | 27,935 | 28,253 | |
Total Oncology | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 468,730 | 416,512 | 420,956 | |
VELCADE | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 110,046 | 101,112 | 118,321 | |
LEUPLIN/ENANTONE | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 106,459 | 95,365 | 109,048 | |
NINLARO | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 91,203 | 87,396 | 77,555 | |
ADCETRIS | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 69,190 | 59,432 | 52,672 | |
ICLUSIG | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 34,860 | 34,193 | 31,815 | |
ALUNBRIG | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 13,644 | 8,806 | 7,237 | |
Others | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 43,329 | 30,208 | 24,308 | |
Total Neuroscience | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 482,294 | 417,297 | 438,520 | |
VYVANSE/ELVANSE | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 327,052 | 271,531 | 274,077 | |
TRINTELLIX | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 82,315 | 68,869 | 70,666 | |
Others | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 72,926 | 76,897 | 93,777 | |
Total Other | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 624,150 | 574,068 | 704,763 | |
AZILVA-F | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 76,297 | 82,205 | 76,749 | |
LOTRIGA | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 32,690 | 31,765 | 31,752 | |
Others | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | 515,164 | ¥ 460,098 | ¥ 596,262 | |
Diabetes | ||||
Disclosure of products and services [line items] | ||||
Revenue from contracts with customers | ¥ 133,043 | |||
Number of products sold | product | 4 |
Operating Segment and Revenue_5
Operating Segment and Revenue Information - Schedule of Geographic Information (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure of geographical areas [line items] | |||
Revenue from contracts with customers | ¥ 3,569,006 | ¥ 3,197,812 | ¥ 3,291,188 |
Non-current assets | 9,857,219 | 9,462,877 | |
Japan | |||
Disclosure of geographical areas [line items] | |||
Revenue from contracts with customers | 658,983 | 559,748 | 592,786 |
Non-current assets | 401,019 | 413,402 | |
U.S. | |||
Disclosure of geographical areas [line items] | |||
Revenue from contracts with customers | 1,714,421 | 1,567,931 | 1,595,922 |
Non-current assets | 6,663,654 | 6,345,039 | |
Europe and Canada | |||
Disclosure of geographical areas [line items] | |||
Revenue from contracts with customers | 739,168 | 666,177 | 645,528 |
Asia (excluding Japan) | |||
Disclosure of geographical areas [line items] | |||
Revenue from contracts with customers | 196,964 | 156,240 | 165,401 |
Latin America | |||
Disclosure of geographical areas [line items] | |||
Revenue from contracts with customers | 128,467 | 121,638 | 143,456 |
Russia/CIS | |||
Disclosure of geographical areas [line items] | |||
Revenue from contracts with customers | 62,057 | 57,560 | 76,835 |
Switzerland | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 1,514,645 | 1,494,239 | |
Other | |||
Disclosure of geographical areas [line items] | |||
Revenue from contracts with customers | 68,945 | 68,518 | ¥ 71,260 |
Non-current assets | ¥ 1,277,902 | ¥ 1,210,197 |
Operating Segment and Revenue_6
Operating Segment and Revenue Information - Narrative (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure of major customers [line items] | |||
Revenue from contracts with customers | ¥ 3,569,006 | ¥ 3,197,812 | ¥ 3,291,188 |
Revenue that was included in contract liability balance at beginning of period | 30,022 | 1,165 | 2,704 |
Revenue from performance obligations satisfied or partially satisfied in previous periods | 49,220 | 57,903 | 48,825 |
AmerisourceBergen Group | Customer risk concentration, net sales | |||
Disclosure of major customers [line items] | |||
Revenue from contracts with customers | 504,487 | 370,759 | 367,625 |
McKesson Group | Customer risk concentration, net sales | |||
Disclosure of major customers [line items] | |||
Revenue from contracts with customers | ¥ 406,709 | ¥ 345,292 | ¥ 342,210 |
Operating Segment and Revenue_7
Operating Segment and Revenue Information - Schedule of Contract Balances (Details) - JPY (¥) ¥ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Receivables from contracts with customers | ||
Trade receivables | ¥ 617,518 | ¥ 707,487 |
Contract assets | ||
Unbilled receivables | 5,926 | 5,680 |
Contract liabilities | ||
Deferred income | 50,832 | 31,995 |
Advance payments | ¥ 81 | ¥ 2,768 |
Operating Segment and Revenue_8
Operating Segment and Revenue Information - Schedule of Transaction Price Allocated to the Remaining Performance Obligations (Details) - JPY (¥) ¥ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Disclosure of transaction price allocated to remaining performance obligations [line items] | ||
Contract liabilities | ¥ 50,913 | ¥ 34,763 |
Within one year | ||
Disclosure of transaction price allocated to remaining performance obligations [line items] | ||
Contract liabilities | 43,721 | 31,788 |
Between one and five years | ||
Disclosure of transaction price allocated to remaining performance obligations [line items] | ||
Contract liabilities | 5,288 | 2,263 |
More than five years | ||
Disclosure of transaction price allocated to remaining performance obligations [line items] | ||
Contract liabilities | ¥ 1,904 | ¥ 712 |
Other Operating Income and Ex_3
Other Operating Income and Expenses - Schedule of Other Operating Income and Expenses (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Other operating income: | |||
Change in fair value of financial assets and liabilities associated with contingent consideration arrangements | ¥ 11,195 | ¥ 13,663 | ¥ 18,383 |
Gain on sales of property, plant and equipment and investment property | 1,148 | 4,734 | 3,152 |
Gain on divestment of business to Teva Takeda Yakuhin | 7,829 | 229,993 | 16,755 |
Gain on divestment of business and subsidiaries | 5,602 | 228,923 | 2,553 |
Insurance proceeds | 556 | 479 | 8,279 |
Change in estimate of liabilities related to SHP647 | 0 | 60,179 | 0 |
Other | 23,206 | 8,582 | 13,680 |
Other operating income | 43,123 | 318,020 | 60,213 |
Other operating expenses: | |||
Donations and contributions | 8,255 | 8,412 | 8,513 |
Restructuring expenses | 83,836 | 115,875 | 181,040 |
Change in fair value of financial assets associated with contingent consideration arrangements | 0 | 72,940 | 0 |
Valuation reserve for pre-launch inventories | 20,723 | 19,486 | 30,411 |
Impairment of assets held for sale | 0 | 530 | 12,897 |
Other | 46,261 | 41,652 | 15,830 |
Total | 159,075 | 258,895 | 248,691 |
Teva Takeda Pharma Ltd. | |||
Other operating income: | |||
Gain on divestment of business to Teva Takeda Yakuhin | ¥ 1,414 | ¥ 1,460 | ¥ 14,166 |
Other Operating Income and Ex_4
Other Operating Income and Expenses - Narrative (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure of other provisions [line items] | |||
Other operating expense | ¥ 46,261 | ¥ 41,652 | ¥ 15,830 |
Gains on litigation settlements | 8,487 | ||
Legal proceedings provision | |||
Disclosure of other provisions [line items] | |||
Other operating expense | ¥ 20,319 | ¥ 17,401 |
Finance Income and Expenses (De
Finance Income and Expenses (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Interest income | |||
Interest income from financial assets measured at amortized cost | ¥ 3,880 | ¥ 1,117 | ¥ 10,763 |
Interest income from financial assets measured at fair value through P&L | 700 | 660 | 248 |
Interest income on sublease | 11 | 4 | 191 |
Total interest income | 4,591 | 1,781 | 11,202 |
Dividend income | |||
Dividend income from financial assets measured at fair value through OCI and disposed of during the period | 8 | 252 | 603 |
Dividend income from financial assets measured at fair value through OCI and held at end of the period | 164 | 120 | 745 |
Dividend income from financial assets measured at fair value through P&L | 0 | 0 | 96 |
Total dividend income | 172 | 372 | 1,444 |
Gain on derivative financial assets, net | 0 | 91,990 | 0 |
Gain on foreign currency exchange, net | 0 | 0 | 10,979 |
Change in fair value of financial assets associated with contingent consideration arrangements | (1,043) | 3,294 | 3,478 |
Remeasurement to fair value of pre-existing interest in an acquiree | 8,482 | 0 | 0 |
Other | 11,498 | 8,084 | 728 |
Total | 23,700 | 105,521 | 27,831 |
Finance Expenses: | |||
Interest expense on financial debt | 108,498 | 118,682 | 137,176 |
Interest expense on lease liabilities | 13,934 | 12,124 | 11,834 |
Total interest expense | 122,432 | 130,806 | 149,010 |
Change in fair value of financial liabilities associated with contingent consideration arrangements | 490 | 3,601 | 4,637 |
Loss on derivative financial assets, net | 22,595 | 0 | 1,790 |
Loss on foreign currency exchange, net | 1,791 | 97,319 | 0 |
Other | 19,299 | 16,905 | 9,569 |
Total | ¥ 166,607 | ¥ 248,631 | ¥ 165,006 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Composition of Income Tax Expense (Benefit) (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income taxes paid (refund) [abstract] | |||
Current tax expense | ¥ 208,513 | ¥ 131,952 | ¥ 238,856 |
Deferred tax benefit | 136,108 | 141,888 | 343,900 |
Total | ¥ 72,405 | ¥ (9,936) | ¥ (105,044) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Decrease for current tax expenses of prior periods | ¥ 11,315 | ¥ 12,236 | ¥ 4,667 |
Decrease for deferred tax expense relating to origination and reversal of temporary differences | ¥ 11,914 | ¥ 57,200 | ¥ 62,015 |
Takeda’s domestic (Japanese) statutory tax rate | 30.60% | 30.60% | 30.60% |
Deferred tax expense (income) | ¥ (94,611) | ||
Tax effect from change in tax rate | ¥ 39,661 | ¥ 5,073 | 94,969 |
Temporary differences associated with investments in subsidiaries, branches and associates and interests in joint arrangements for which deferred tax assets have not been recognised | 1,184,478 | 948,723 | |
Temporary differences associated with investments in subsidiaries, branches and associates and interests in joint arrangements for which deferred tax liabilities have not been recognised | ¥ 290,208 | 212,322 | |
Switzerland | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net asset basis step-up | 102,499 | ||
Deferred tax expense (income) | 7,888 | ||
Tax effect from change in tax rate | ¥ 94,611 | ||
Additional net asset basis step-up | ¥ 4,369 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation from Income Tax Expense (Benefit) (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Profit (loss) before tax | ¥ 302,571 | ¥ 366,235 | ¥ (60,754) |
Income tax expense (benefit) at Takeda’s domestic (Japanese) statutory tax rate of 30.6% | 92,526 | 111,995 | (18,579) |
Non-deductible expenses for tax purposes | 7,359 | 25,371 | 26,074 |
Changes in unrecognized deferred tax assets and deferred tax liabilities | (8,831) | (137,032) | (126,071) |
Tax credits | (32,948) | (25,673) | (35,100) |
Differences in applicable tax rates of overseas subsidiaries | 24,496 | (258) | 71,526 |
Changes in tax effects of undistributed profit of overseas subsidiaries | (20,359) | 5,694 | 5,456 |
Effect of changes in applicable tax rates and tax law | (39,661) | (5,073) | (94,969) |
Tax contingencies | 58,540 | (13,164) | 17,124 |
Non-deductible impairment of goodwill | 0 | 0 | 5,529 |
Changes in fair value of contingent consideration | (1,288) | 746 | (1,201) |
Effect of prior year items | (4,762) | (10,689) | (3,520) |
Entity reorganizations/Divestments | 2,041 | 36,117 | 55,747 |
Other | (4,708) | 2,030 | (7,060) |
Total | 72,405 | ¥ (9,936) | (105,044) |
Enhanced prior year credit claims | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Tax credits | ¥ (10,389) | ||
Restructuration, state tax change | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Effect of changes in applicable tax rates and tax law | (39,106) | ||
AbbVie break fee case with IRA | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Tax contingencies | ¥ 65,942 |
Income Taxes - Schedule of Co_2
Income Taxes - Schedule of Composition of Deferred Taxes (Details) - JPY (¥) ¥ in Millions | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Income taxes paid (refund) [abstract] | |||
Deferred tax assets | ¥ 362,539 | ¥ 353,769 | |
Deferred tax liabilities | (451,511) | (542,852) | |
Net deferred tax liabilities | ¥ (88,972) | ¥ (189,083) | ¥ (402,045) |
Income Taxes - Schedule of Re_2
Income Taxes - Schedule of Reconciliation of Changes in Deferred Taxes (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Net deferred tax liabilities, as of beginning of year | ¥ (189,083) | ¥ (402,045) |
Recognized in profit or (loss) | 136,108 | 141,888 |
Recognized in other comprehensive income | (5,806) | 34,291 |
Other | (30,191) | 36,783 |
Net deferred tax liabilities, as of end of year | (88,972) | (189,083) |
Deferred tax relating to items credited (charged) directly to equity | (1,460) | (730) |
Research and development expenses | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Net deferred tax liabilities, as of beginning of year | 35,461 | 33,175 |
Recognized in profit or (loss) | (4,250) | 1,837 |
Recognized in other comprehensive income | 0 | 0 |
Other | 1,988 | 449 |
Net deferred tax liabilities, as of end of year | 33,199 | 35,461 |
Inventories | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Net deferred tax liabilities, as of beginning of year | 90,729 | 42,557 |
Recognized in profit or (loss) | (6,375) | 35,228 |
Recognized in other comprehensive income | 0 | 0 |
Other | 10,176 | 12,944 |
Net deferred tax liabilities, as of end of year | 94,530 | 90,729 |
Property, plant and equipment | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Net deferred tax liabilities, as of beginning of year | (80,344) | (82,527) |
Recognized in profit or (loss) | 9,721 | 5,612 |
Recognized in other comprehensive income | 0 | 0 |
Other | 848 | (3,429) |
Net deferred tax liabilities, as of end of year | (69,775) | (80,344) |
Intangible assets | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Net deferred tax liabilities, as of beginning of year | (561,950) | (699,850) |
Recognized in profit or (loss) | 131,465 | 113,219 |
Recognized in other comprehensive income | 0 | 0 |
Other | (66,995) | 24,681 |
Net deferred tax liabilities, as of end of year | (497,480) | (561,950) |
Financial assets measured at FVTOCI | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Net deferred tax liabilities, as of beginning of year | (23,766) | (19,417) |
Recognized in profit or (loss) | 0 | 506 |
Recognized in other comprehensive income | 2,669 | (17,498) |
Other | 14,338 | 12,643 |
Net deferred tax liabilities, as of end of year | (6,759) | (23,766) |
Accrued expenses and provisions | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Net deferred tax liabilities, as of beginning of year | 139,239 | 135,920 |
Recognized in profit or (loss) | 12,931 | 8,822 |
Recognized in other comprehensive income | 0 | 0 |
Other | 3,160 | (5,503) |
Net deferred tax liabilities, as of end of year | 155,330 | 139,239 |
Defined benefit plans | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Net deferred tax liabilities, as of beginning of year | 19,270 | 23,084 |
Recognized in profit or (loss) | (468) | (6,322) |
Recognized in other comprehensive income | (6,107) | 2,719 |
Other | 761 | (211) |
Net deferred tax liabilities, as of end of year | 13,456 | 19,270 |
Deferred income | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Net deferred tax liabilities, as of beginning of year | 20,970 | 14,713 |
Recognized in profit or (loss) | (4,256) | 6,191 |
Recognized in other comprehensive income | 0 | 0 |
Other | (5,489) | 66 |
Net deferred tax liabilities, as of end of year | 11,225 | 20,970 |
Unused tax losses | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Net deferred tax liabilities, as of beginning of year | 150,951 | 124,891 |
Recognized in profit or (loss) | (35,160) | 2,690 |
Recognized in other comprehensive income | 0 | 25,066 |
Other | 3,662 | (1,696) |
Net deferred tax liabilities, as of end of year | 119,453 | 150,951 |
Tax credits | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Net deferred tax liabilities, as of beginning of year | 62,389 | 82,124 |
Recognized in profit or (loss) | (28,573) | (18,504) |
Recognized in other comprehensive income | 0 | 0 |
Other | 5,096 | (1,231) |
Net deferred tax liabilities, as of end of year | 38,912 | 62,389 |
Investments in subsidiaries and associates | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Net deferred tax liabilities, as of beginning of year | (69,151) | (62,859) |
Recognized in profit or (loss) | 37,941 | (6,027) |
Recognized in other comprehensive income | 0 | 0 |
Other | 0 | (265) |
Net deferred tax liabilities, as of end of year | (31,210) | (69,151) |
Other | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Net deferred tax liabilities, as of beginning of year | 27,119 | 6,144 |
Recognized in profit or (loss) | 23,132 | (1,364) |
Recognized in other comprehensive income | (2,368) | 24,004 |
Other | 2,264 | (1,665) |
Net deferred tax liabilities, as of end of year | ¥ 50,147 | ¥ 27,119 |
Income Taxes - Schedule of Unus
Income Taxes - Schedule of Unused Tax Losses (Details) - JPY (¥) ¥ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses | ¥ 1,729,843 | ¥ 1,533,050 |
Deductible temporary differences | 240,860 | 241,203 |
Unused tax credits | 10,042 | 9,660 |
Less than 5 years | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax credits | 950 | 1,370 |
1st year | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses | 131 | 23 |
2nd year | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses | 23,670 | 18 |
3rd year | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses | 1,280 | 19,136 |
4th year | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses | 425,654 | 482 |
5th year | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses | 35,089 | 387,574 |
After 5th year | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses | 1,184,092 | 1,066,134 |
Unused tax credits | 9,092 | 8,290 |
Indefinite | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses | 59,927 | 59,683 |
Unused tax credits | ¥ 0 | ¥ 0 |
Earnings per Share - Schedule o
Earnings per Share - Schedule of Basis for Calculating Basic and Diluted Earnings per Share (Details) - JPY (¥) ¥ / shares in Units, shares in Thousands, ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings per share [abstract] | |||
Net profit for the year attributable to owners of the Company JPY (millions) | ¥ 230,059 | ¥ 376,005 | ¥ 44,241 |
Net profit used for calculation of earnings per share JPY (millions) | ¥ 230,059 | ¥ 376,005 | ¥ 44,241 |
Weighted-average number of ordinary shares outstanding during the year (basic) (in shares) | 1,563,501 | 1,562,006 | 1,557,204 |
Dilutive effect (in shares) | 13,668 | 11,531 | 9,000 |
Weighted-average number of ordinary shares outstanding during the year (diluted) (in shares) | 1,577,169 | 1,573,537 | 1,566,204 |
Basic earnings per share (in JPY per share) | ¥ 147.14 | ¥ 240.72 | ¥ 28.41 |
Diluted earnings per share (in JPY per share) | ¥ 145.87 | ¥ 238.96 | ¥ 28.25 |
Earnings per Share - Narrative
Earnings per Share - Narrative (Details) - shares shares in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings per share [abstract] | |||
Anti-dilutive shares (in shares) | 2,643 | 814 | 814 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Remeasurement of defined benefit pension plans: | |||
Amounts arising during the year | ¥ 26,890 | ¥ 2,147 | ¥ (7,147) |
Tax effects | (6,107) | 2,719 | 749 |
Remeasurement of defined benefit pension plans | 20,783 | 4,866 | (6,398) |
Exchange differences on translation of foreign operations: | |||
Amounts arising during the year | 558,102 | 284,350 | (190,190) |
Reclassification adjustments to profit or (loss) | 0 | (112) | 399 |
Before tax effects | 558,102 | 284,238 | (189,791) |
Tax effects | 25,867 | 25,066 | (17,281) |
Exchange differences on translation of foreign operations | 583,969 | 309,304 | (207,072) |
Changes in fair value of financial assets measured at fair value through OCI: | |||
Amounts arising during the year | (17,295) | 79,364 | (6,722) |
Tax effects | 2,669 | (17,498) | 3,210 |
Changes in fair value of financial assets measured at fair value through OCI | (14,626) | 61,866 | (3,512) |
Cash flow hedges: | |||
Amounts arising during the year | 82,780 | (40,833) | (37,626) |
Reclassification adjustments to profit or (loss) | (79,321) | (24,485) | 620 |
Before tax effects | 3,459 | (65,318) | (37,006) |
Tax effects | (1,286) | 19,973 | 11,317 |
Cash flow hedges | 2,173 | (45,345) | (25,689) |
Hedging cost: | |||
Amounts arising during the year | 6,611 | (9,978) | (344) |
Reclassification adjustments to profit or (loss) | (3,071) | (3,200) | (890) |
Before tax effects | 3,540 | (13,178) | (1,234) |
Tax effects | (1,083) | 4,031 | 377 |
Hedging cost | 2,457 | (9,147) | (857) |
Share of other comprehensive income of investments accounted for using the equity method: | |||
Amounts arising during the year | (497) | (299) | (181) |
Reclassification adjustments to profit or (loss) | 0 | 0 | 0 |
Before tax effects | (497) | (299) | (181) |
Tax effects | 0 | 0 | 0 |
Share of other comprehensive income of investments accounted for using the equity method | (497) | (299) | (181) |
Other comprehensive income (loss) for the year, net of tax | ¥ 594,261 | ¥ 321,245 | ¥ (243,709) |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Reconciliation of Changes in Property, Plant and Equipment (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning of period | ¥ 1,453,917 | ¥ 1,386,370 |
End of period | 1,582,800 | 1,453,917 |
Acquisition cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning of period | 2,191,735 | 2,084,124 |
Additions and other increases | 161,758 | 213,738 |
Acquisitions through business combinations | 114 | |
Transfers | 0 | 0 |
Disposals and other decreases | (42,677) | (133,553) |
Deconsolidation | (4) | |
Reclassification to assets held for sale | (38,649) | |
Foreign currency translation differences | 142,082 | 66,269 |
Other | (194) | |
End of period | 2,453,007 | 2,191,735 |
Accumulated depreciation and accumulated impairment losses | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning of period | (737,818) | (697,754) |
Depreciation expenses | (132,419) | (124,404) |
Impairment losses | (388) | (436) |
Disposals and other decreases | 36,344 | 86,119 |
Deconsolidation | 3 | |
Reclassification to assets held for sale | 23,238 | |
Foreign currency translation differences | (35,929) | (23,732) |
Other | (849) | |
End of period | (870,207) | (737,818) |
Buildings and structures | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning of period | 866,701 | 808,759 |
End of period | 944,455 | 866,701 |
Buildings and structures | Acquisition cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning of period | 1,133,406 | 1,072,003 |
Additions and other increases | 46,393 | 109,034 |
Acquisitions through business combinations | 0 | |
Transfers | 30,176 | 27,164 |
Disposals and other decreases | (2,837) | (91,232) |
Deconsolidation | 0 | |
Reclassification to assets held for sale | (13,413) | |
Foreign currency translation differences | 81,440 | 29,853 |
Other | (3) | |
End of period | 1,288,578 | 1,133,406 |
Buildings and structures | Accumulated depreciation and accumulated impairment losses | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning of period | (266,705) | (263,244) |
Depreciation expenses | (62,870) | (53,061) |
Impairment losses | 0 | (161) |
Disposals and other decreases | 1,353 | 53,017 |
Deconsolidation | 0 | |
Reclassification to assets held for sale | 6,319 | |
Foreign currency translation differences | (15,901) | (9,037) |
Other | (538) | |
End of period | (344,123) | (266,705) |
Machinery and vehicles | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning of period | 311,290 | 314,057 |
End of period | 340,737 | 311,290 |
Machinery and vehicles | Acquisition cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning of period | 686,135 | 659,692 |
Additions and other increases | 20,183 | 22,318 |
Acquisitions through business combinations | 79 | |
Transfers | 41,341 | 32,125 |
Disposals and other decreases | (15,389) | (24,306) |
Deconsolidation | (4) | |
Reclassification to assets held for sale | (21,030) | |
Foreign currency translation differences | 39,680 | 17,398 |
Other | (62) | |
End of period | 772,024 | 686,135 |
Machinery and vehicles | Accumulated depreciation and accumulated impairment losses | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning of period | (374,845) | (345,635) |
Depreciation expenses | (54,191) | (55,794) |
Impairment losses | (346) | (105) |
Disposals and other decreases | 13,729 | 18,978 |
Deconsolidation | 3 | |
Reclassification to assets held for sale | 14,748 | |
Foreign currency translation differences | (15,635) | (6,716) |
Other | (321) | |
End of period | (431,287) | (374,845) |
Tools, furniture, and fixtures | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning of period | 40,963 | 43,721 |
End of period | 44,404 | 40,963 |
Tools, furniture, and fixtures | Acquisition cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning of period | 133,829 | 128,854 |
Additions and other increases | 7,911 | 8,376 |
Acquisitions through business combinations | 35 | |
Transfers | 8,070 | 5,523 |
Disposals and other decreases | (21,253) | (14,172) |
Deconsolidation | 0 | |
Reclassification to assets held for sale | (3,071) | |
Foreign currency translation differences | 7,303 | 8,444 |
Other | (125) | |
End of period | 135,895 | 133,829 |
Tools, furniture, and fixtures | Accumulated depreciation and accumulated impairment losses | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning of period | (92,866) | (85,133) |
Depreciation expenses | (15,358) | (15,549) |
Impairment losses | (42) | (67) |
Disposals and other decreases | 21,154 | 13,508 |
Deconsolidation | 0 | |
Reclassification to assets held for sale | 2,171 | |
Foreign currency translation differences | (4,379) | (7,807) |
Other | 11 | |
End of period | (91,491) | (92,866) |
Land | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning of period | 94,804 | 95,669 |
End of period | 98,243 | 94,804 |
Land | Acquisition cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning of period | 95,235 | 96,629 |
Additions and other increases | 50 | 0 |
Acquisitions through business combinations | 0 | |
Transfers | 0 | (145) |
Disposals and other decreases | (1,266) | (2,917) |
Deconsolidation | 0 | |
Reclassification to assets held for sale | (808) | |
Foreign currency translation differences | 4,635 | 2,475 |
Other | 1 | |
End of period | 98,654 | 95,235 |
Land | Accumulated depreciation and accumulated impairment losses | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning of period | (431) | (960) |
Depreciation expenses | 0 | 0 |
Impairment losses | 0 | 0 |
Disposals and other decreases | 33 | 601 |
Deconsolidation | 0 | |
Reclassification to assets held for sale | 0 | |
Foreign currency translation differences | (13) | (72) |
Other | 0 | |
End of period | (411) | (431) |
Construction in progress | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning of period | 140,159 | 124,164 |
End of period | 154,960 | 140,159 |
Construction in progress | Acquisition cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning of period | 143,130 | 126,946 |
Additions and other increases | 87,220 | 74,010 |
Acquisitions through business combinations | 0 | |
Transfers | (79,587) | (64,667) |
Disposals and other decreases | (1,932) | (926) |
Deconsolidation | 0 | |
Reclassification to assets held for sale | (327) | |
Foreign currency translation differences | 9,024 | 8,099 |
Other | (5) | |
End of period | 157,856 | 143,130 |
Construction in progress | Accumulated depreciation and accumulated impairment losses | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning of period | (2,971) | (2,782) |
Depreciation expenses | 0 | 0 |
Impairment losses | 0 | (103) |
Disposals and other decreases | 76 | 15 |
Deconsolidation | 0 | |
Reclassification to assets held for sale | 0 | |
Foreign currency translation differences | (1) | (100) |
Other | (1) | |
End of period | ¥ (2,896) | ¥ (2,971) |
Property, Plant and Equipment_2
Property, Plant and Equipment - Schedule of Reconciliation of Changes in Right-of-use Assets (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | ¥ 386,780 | ¥ 347,018 |
Ending balance | 407,938 | 386,780 |
Acquisition cost of ROU Assets | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | 478,309 | 413,127 |
Additions and other increases | 34,318 | 95,655 |
Disposals and other decreases | (13,703) | (36,834) |
Reclassification to assets held for sale (Note 19) | (3,365) | |
Foreign currency translation differences | 40,485 | 10,265 |
Other | (539) | |
Ending balance | 539,410 | 478,309 |
Accumulated depreciation and accumulated impairment losses of ROU Assets | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | (91,529) | (66,109) |
Depreciation expenses | (41,761) | (38,171) |
Impairment losses | (45) | |
Disposals and other decreases | 11,770 | 13,602 |
Reclassification to assets held for sale (Note 19) | 1,755 | |
Foreign currency translation differences | (9,953) | (2,771) |
Other | 210 | |
Ending balance | (131,472) | (91,529) |
Buildings and structures | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | 379,804 | 339,207 |
Ending balance | 400,952 | 379,804 |
Buildings and structures | Acquisition cost of ROU Assets | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | 462,797 | 398,441 |
Additions and other increases | 30,110 | 87,721 |
Disposals and other decreases | (7,365) | (29,473) |
Reclassification to assets held for sale (Note 19) | (3,190) | |
Foreign currency translation differences | 39,575 | 9,750 |
Other | (452) | |
Ending balance | 525,118 | 462,797 |
Buildings and structures | Accumulated depreciation and accumulated impairment losses of ROU Assets | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | (82,993) | (59,234) |
Depreciation expenses | (37,820) | (33,755) |
Impairment losses | (45) | |
Disposals and other decreases | 6,026 | 10,495 |
Reclassification to assets held for sale (Note 19) | 1,646 | |
Foreign currency translation differences | (9,380) | (2,508) |
Other | 408 | |
Ending balance | (124,166) | (82,993) |
Machinery and vehicles | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | 6,807 | 7,609 |
Ending balance | 6,868 | 6,807 |
Machinery and vehicles | Acquisition cost of ROU Assets | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | 15,040 | 13,968 |
Additions and other increases | 4,195 | 7,880 |
Disposals and other decreases | (6,177) | (7,048) |
Reclassification to assets held for sale (Note 19) | (175) | |
Foreign currency translation differences | 883 | 501 |
Other | (86) | |
Ending balance | 13,940 | 15,040 |
Machinery and vehicles | Accumulated depreciation and accumulated impairment losses of ROU Assets | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | (8,233) | (6,359) |
Depreciation expenses | (3,867) | (4,322) |
Impairment losses | 0 | |
Disposals and other decreases | 5,590 | 2,794 |
Reclassification to assets held for sale (Note 19) | 109 | |
Foreign currency translation differences | (562) | (257) |
Other | (198) | |
Ending balance | (7,072) | (8,233) |
Tools, furniture, and fixtures | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | 169 | 202 |
Ending balance | 118 | 169 |
Tools, furniture, and fixtures | Acquisition cost of ROU Assets | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | 472 | 718 |
Additions and other increases | 13 | 54 |
Disposals and other decreases | (161) | (313) |
Reclassification to assets held for sale (Note 19) | 0 | |
Foreign currency translation differences | 27 | 14 |
Other | (1) | |
Ending balance | 351 | 472 |
Tools, furniture, and fixtures | Accumulated depreciation and accumulated impairment losses of ROU Assets | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | (303) | (516) |
Depreciation expenses | (74) | (94) |
Impairment losses | 0 | |
Disposals and other decreases | 155 | 313 |
Reclassification to assets held for sale (Note 19) | 0 | |
Foreign currency translation differences | (11) | (6) |
Other | 0 | |
Ending balance | ¥ (234) | ¥ (303) |
Property, Plant and Equipment_3
Property, Plant and Equipment - Schedule of Expenses Related to Leases Not Included in the Measurement of the Lease Liabilities (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |||
Expense relating to short-term leases | ¥ 4,458 | ¥ 4,802 | ¥ 5,772 |
Expense relating to leases of low-value assets that are not short-term leases expenses | 1,304 | 1,250 | 1,560 |
Expense relating to variable lease payments | 4,006 | 6,315 | 8,172 |
Total expenses not included in lease liabilities | ¥ 9,768 | ¥ 12,367 | ¥ 15,504 |
Property, Plant and Equipment_4
Property, Plant and Equipment - Narrative (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |||
Cash outflow for leases | ¥ 53,628 | ¥ 51,394 | ¥ 41,834 |
Property, Plant and Equipment_5
Property, Plant and Equipment - Schedule of Impairment Losses (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Cost of sales | ¥ 1,106,846 | ¥ 994,308 | ¥ 1,089,764 |
Research and development expenses | 526,087 | 455,833 | 492,381 |
Accumulated impairment losses | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Cost of sales | (261) | (139) | (29) |
Selling, general and administrative expenses | (34) | (149) | (469) |
Research and development expenses | 0 | (68) | (293) |
Other operating expenses | (92) | (80) | (19,224) |
Total | ¥ (388) | ¥ (436) | ¥ (20,015) |
Goodwill - Schedule of Reconcil
Goodwill - Schedule of Reconciliation of Changes in Goodwill (Details) - Goodwill - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
As of beginning of the year | ¥ 4,033,917 | ¥ 4,012,528 |
Acquisitions | 35,159 | 0 |
Reclassification to assets held for sale (Note 19) | 0 | (144,836) |
Foreign currency translation differences | 338,673 | 166,225 |
As of end of the year | ¥ 4,407,749 | ¥ 4,033,917 |
Goodwill - Narrative (Details)
Goodwill - Narrative (Details) - cash-generatingUnit | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of detailed information about intangible assets [line items] | ||
Number of CGU used in impairment testing | 1 | 1 |
Goodwill | Post-tax | ||
Disclosure of detailed information about intangible assets [line items] | ||
Estimated future cash flows, projection period | 10 years |
Goodwill - Schedule of Discount
Goodwill - Schedule of Discounted Cash Flows Model (Details) - Goodwill - Post-tax | Mar. 31, 2022 |
Disclosure of detailed information about intangible assets [line items] | |
Terminal growth rate | 0% |
Discount rate (post-tax) | 6.20% |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Reconciliation of Changes in Intangible Assets (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | ¥ 3,909,106 | ¥ 4,171,361 | |
Amortization | (472,915) | (421,864) | ¥ (455,420) |
Impairment losses | (67,721) | (16,635) | (48,077) |
Reversal of impairment losses | 13,595 | ||
Ending balance | 3,818,544 | 3,909,106 | 4,171,361 |
Acquisition cost | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | 5,916,486 | 5,779,939 | |
Additions and other increases | 78,164 | 116,964 | |
Acquisitions through business combinations | 43,682 | ||
Disposals and other decreases | (143,037) | (10,766) | |
Reclassification to assets held for sale | (86,719) | ||
Deconsolidation | (606) | (4) | |
Foreign currency translation differences | 540,461 | 117,072 | |
Ending balance | 6,435,150 | 5,916,486 | 5,779,939 |
Accumulated amortization and accumulated impairment losses | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | (2,007,380) | (1,608,578) | |
Amortization | (447,391) | (433,614) | |
Impairment losses | (67,721) | (16,635) | |
Reversal of impairment losses | (13,595) | ||
Disposals and other decreases | 105,044 | 8,354 | |
Reclassification to assets held for sale | 39,791 | ||
Deconsolidation | 604 | ||
Foreign currency translation differences | (213,357) | 3,322 | |
Ending balance | (2,616,606) | (2,007,380) | (1,608,578) |
Accumulated depreciation and accumulated impairment losses, netting | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Deconsolidation | (20) | ||
Software | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | 95,471 | 86,360 | |
Ending balance | 106,143 | 95,471 | 86,360 |
Software | Acquisition cost | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | 198,865 | 164,920 | |
Additions and other increases | 33,210 | 32,930 | |
Acquisitions through business combinations | 0 | ||
Disposals and other decreases | (62,078) | (10,659) | |
Reclassification to assets held for sale | (806) | ||
Deconsolidation | (604) | (4) | |
Foreign currency translation differences | 13,385 | 12,484 | |
Ending balance | 182,778 | 198,865 | 164,920 |
Software | Accumulated amortization and accumulated impairment losses | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | (103,394) | (78,560) | |
Amortization | (28,560) | (28,346) | |
Impairment losses | 0 | (39) | |
Reversal of impairment losses | 0 | ||
Disposals and other decreases | 61,393 | 8,354 | |
Reclassification to assets held for sale | 531 | ||
Deconsolidation | 604 | ||
Foreign currency translation differences | (6,677) | (5,314) | |
Ending balance | (76,634) | (103,394) | (78,560) |
Software | Accumulated depreciation and accumulated impairment losses, netting | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Deconsolidation | (20) | ||
Intangible assets associated with products | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | 3,802,484 | 4,073,670 | |
Ending balance | 3,701,357 | 3,802,484 | 4,073,670 |
Intangible assets associated with products | Acquisition cost | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | 5,706,035 | 5,603,253 | |
Additions and other increases | 44,944 | 84,034 | |
Acquisitions through business combinations | 43,682 | ||
Disposals and other decreases | (80,911) | (106) | |
Reclassification to assets held for sale | (85,913) | ||
Deconsolidation | (2) | 0 | |
Foreign currency translation differences | 527,070 | 104,767 | |
Ending balance | 6,240,818 | 5,706,035 | 5,603,253 |
Intangible assets associated with products | Accumulated amortization and accumulated impairment losses | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | (1,903,551) | (1,529,583) | |
Amortization | (418,788) | (405,268) | |
Impairment losses | (67,721) | (16,596) | |
Reversal of impairment losses | (13,595) | ||
Disposals and other decreases | 43,635 | 0 | |
Reclassification to assets held for sale | 39,260 | ||
Deconsolidation | 0 | ||
Foreign currency translation differences | (206,631) | 8,636 | |
Ending balance | (2,539,461) | (1,903,551) | (1,529,583) |
Intangible assets associated with products | Accumulated depreciation and accumulated impairment losses, netting | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Deconsolidation | 0 | ||
Other | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | 11,151 | 11,331 | |
Ending balance | 11,044 | 11,151 | 11,331 |
Other | Acquisition cost | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | 11,586 | 11,766 | |
Additions and other increases | 10 | 0 | |
Acquisitions through business combinations | 0 | ||
Disposals and other decreases | (48) | (1) | |
Reclassification to assets held for sale | 0 | ||
Deconsolidation | 0 | 0 | |
Foreign currency translation differences | 6 | (179) | |
Ending balance | 11,554 | 11,586 | 11,766 |
Other | Accumulated amortization and accumulated impairment losses | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | (435) | (435) | |
Amortization | (43) | 0 | |
Impairment losses | 0 | 0 | |
Reversal of impairment losses | 0 | ||
Disposals and other decreases | 16 | 0 | |
Reclassification to assets held for sale | 0 | ||
Deconsolidation | 0 | ||
Foreign currency translation differences | (49) | 0 | |
Ending balance | ¥ (510) | (435) | ¥ (435) |
Other | Accumulated depreciation and accumulated impairment losses, netting | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Deconsolidation | ¥ 0 |
Intangible Assets - Schedule _2
Intangible Assets - Schedule of Intangible Assets Associated with Products (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | ¥ 3,818,544 | ¥ 3,909,106 | ¥ 4,171,361 |
Carrying amount | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 3,701,357 | 3,802,484 | 4,073,670 |
Marketed products | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 3,389,453 | 3,427,527 | 3,602,384 |
Marketed products | immunoglobulin | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | ¥ 768,871 | 753,203 | |
Remaining amortization period | 13 years | ||
Marketed products | TAKHZYRO | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | ¥ 546,555 | 536,445 | |
Remaining amortization period | 12 years | ||
Marketed products | VYVANSE | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | ¥ 382,777 | 441,577 | |
Remaining amortization period | 4 years | ||
Marketed products | ADVATE & ADYNOVATE | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | ¥ 293,969 | 293,697 | |
Remaining amortization period | 8 years | ||
Marketed products | ALUNBRIG | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | ¥ 219,943 | 220,969 | |
Remaining amortization period | 9 years | ||
In-process R&D | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | ¥ 311,904 | ¥ 374,957 | ¥ 471,286 |
Intangible Assets - Narrative (
Intangible Assets - Narrative (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure of detailed information about intangible assets [line items] | |||
Impairment losses | ¥ 67,721 | ¥ 16,635 | ¥ 48,077 |
Intangible assets | 3,818,544 | 3,909,106 | 4,171,361 |
Reversal of impairment losses | 13,595 | ||
Impaired product-related intangible assets | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 38,951 | ¥ 18,255 | ¥ 11,815 |
Reversed impairment product-related intangible assets | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | ¥ 22,415 |
Intangible Assets - Schedule _3
Intangible Assets - Schedule of Significant Assumptions Used to Calculate the Recoverable Amount (Details) - Discount rate (Post-tax) | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Discount rate (post-tax) | 7% | ||
Minimum | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Discount rate (post-tax) | 6.50% | 7% | |
Maximum | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Discount rate (post-tax) | 14% | 8% |
Collaborations and Licensing _3
Collaborations and Licensing Arrangements - Narrative (Details) | 1 Months Ended | |
Oct. 31, 2020 | Jun. 30, 2020 | |
Neurocrine Biosciences, Inc. | ||
Disclosure of detailed information about intangible assets [line items] | ||
Percentage profit share | 50% | |
Arrowhead Pharmaceuticals Inc. | ||
Disclosure of detailed information about intangible assets [line items] | ||
Percentage profit share | 50% |
Collaborations and Licensing _4
Collaborations and Licensing Arrangements - Summary of Payments Made Under the Terms of Collaboration and Licensing Arrangements (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Research And Development [Abstract] | |||
Initial up-front and milestone payments | ¥ 44,944 | ¥ 84,034 | ¥ 77,016 |
Acquisition of shares of collaboration and in-licensing partners | ¥ 785 | ¥ 1,504 | ¥ 1,317 |
Investments Accounted for Usi_3
Investments Accounted for Using the Equity Method (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure of associates [line items] | |||
Net profit (loss) for the year | ¥ 230,166 | ¥ 376,171 | ¥ 44,290 |
Other comprehensive income (loss) | 594,261 | 321,245 | (243,709) |
Total comprehensive income (loss) for the year | 824,427 | 697,416 | (199,419) |
Carrying amount of investments accounted for using the equity method | 96,579 | 112,468 | |
Aggregated individually immaterial associates | |||
Disclosure of associates [line items] | |||
Net profit (loss) for the year | (15,367) | 76 | (23,987) |
Other comprehensive income (loss) | (497) | (299) | (181) |
Total comprehensive income (loss) for the year | (15,863) | (223) | ¥ (24,168) |
Carrying amount of investments accounted for using the equity method | ¥ 96,579 | ¥ 112,468 |
Other Financial Assets - Schedu
Other Financial Assets - Schedule of Other Financial Assets (Details) - JPY (¥) ¥ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Disclosure of financial assets [line items] | ||
Derivative assets | ¥ 41,890 | ¥ 64,100 |
Investment in equity instruments at fair value through OCI | 148,451 | 145,070 |
Financial assets associated with contingent consideration arrangements | 26,852 | 25,446 |
Other | 30,205 | 24,888 |
Total | 258,859 | 272,480 |
Non-current | 233,554 | 235,882 |
Current | 25,305 | 36,598 |
Convertible notes | ||
Disclosure of financial assets [line items] | ||
Investments in financial assets at fair value through P&L | 10,409 | 12,176 |
Debt securities | ||
Disclosure of financial assets [line items] | ||
Investments in financial assets at fair value through P&L | ¥ 1,052 | ¥ 800 |
Other Financial Assets - Narrat
Other Financial Assets - Narrative (Details) - JPY (¥) ¥ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Disclosure of financial assets [line items] | ||
Investment in equity instruments at fair value through OCI | ¥ 148,451 | ¥ 145,070 |
With quoted prices in active markets | ||
Disclosure of financial assets [line items] | ||
Investment in equity instruments at fair value through OCI | ¥ 84,188 | ¥ 92,602 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - JPY (¥) ¥ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Inventories [Abstract] | ||
Finished products and merchandise | ¥ 224,102 | ¥ 216,403 |
Work-in-process | 404,087 | 387,917 |
Raw materials and supplies | 224,977 | 149,561 |
Total | ¥ 853,167 | ¥ 753,881 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Inventories [Abstract] | |||
Inventory write-offs | ¥ 25,018 | ¥ 24,269 | ¥ 37,210 |
Trade and Other Receivables - S
Trade and Other Receivables - Schedule of Trade and Other Receivables (Details) - JPY (¥) ¥ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Trade and other receivables [abstract] | ||
Trade receivables | ¥ 710,304 | ¥ 788,284 |
Other receivables | 79,127 | 75,604 |
Impairment loss allowance | (9,390) | (8,637) |
Chargebacks and other allowances | (83,396) | (72,160) |
Trade and other current receivables | ¥ 696,644 | ¥ 783,091 |
Trade and Other Receivables - N
Trade and Other Receivables - Narrative (Details) - Measured at fair value through other comprehensive income - JPY (¥) ¥ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Disclosure of financial assets [line items] | ||
Financial assets | ¥ 169,117 | ¥ 145,070 |
Trade receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | ¥ 20,665 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - JPY (¥) ¥ in Millions | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Cash and cash equivalents [abstract] | ||||
Cash and deposits | ¥ 389,059 | ¥ 335,027 | ||
Short-term investments | 460,637 | 631,195 | ||
Total | ¥ 849,695 | ¥ 966,222 | ¥ 637,614 | ¥ 702,093 |
Assets and Disposal Groups He_3
Assets and Disposal Groups Held for Sale - Schedule of Assets Held for Sale and Disposal Groups (Details) - Disposal groups held for sale ¥ in Millions | Mar. 31, 2021 JPY (¥) |
Disclosure of analysis of single amount of discontinued operations [line items] | |
Goodwill | ¥ 12,078 |
Intangible assets | 8,018 |
Inventories | 392 |
Other | 201 |
Total assets | ¥ 20,689 |
Assets and Disposal Groups He_4
Assets and Disposal Groups Held for Sale - Narrative (Details) ¥ in Millions | 12 Months Ended | |||
Mar. 31, 2022 JPY (¥) | Mar. 31, 2021 JPY (¥) site | Mar. 31, 2020 JPY (¥) | Sep. 30, 2020 JPY (¥) | |
Disclosure of analysis of single amount of discontinued operations [line items] | ||||
Gain on divestment of business and subsidiaries | ¥ 5,602 | ¥ 228,923 | ¥ 2,553 | |
Change in estimate of liabilities related to SHP647 | 0 | 60,179 | 0 | |
Proceeds from sales of business, net of cash and cash equivalents divested | 28,196 | 530,388 | 461,546 | |
Right-of-use assets | 407,938 | 386,780 | ¥ 347,018 | |
Lease liabilities | ¥ 465,238 | ¥ 436,412 | ||
Number of manufacturing sites divested | site | 2 | |||
Impairment loss on assets held for sale | ¥ 5,824 | |||
Shonan Health Innovation Park | ||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||
Right-of-use assets | ¥ 75,131 | |||
Lease liabilities | ¥ 63,859 | |||
Held for sale | Takeda Consumer Healthcare Company Limited | ||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||
Proceeds from sale | ¥ 234,105 |
Bonds and Loans - Schedule of C
Bonds and Loans - Schedule of Composition of Debt Instruments (Details) - JPY (¥) ¥ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Borrowings [abstract] | ||
Bonds | ¥ 3,637,355 | ¥ 3,532,202 |
Short-term loans | 285 | 69 |
Long-term loans | 707,770 | 1,103,100 |
Total | 4,345,410 | 4,635,371 |
Non-current | 4,141,418 | 4,613,218 |
Current | ¥ 203,993 | ¥ 22,153 |
Bonds and Loans - Schedule of_2
Bonds and Loans - Schedule of Composition of Bonds (Details) € in Millions, ¥ in Millions, $ in Millions | Mar. 31, 2022 JPY (¥) | Mar. 31, 2022 USD ($) | Mar. 31, 2022 EUR (€) | Oct. 14, 2021 JPY (¥) | Mar. 31, 2021 JPY (¥) | Mar. 31, 2021 USD ($) | Mar. 31, 2021 EUR (€) |
Disclosure of detailed information about borrowings [line items] | |||||||
Bonds | ¥ 3,637,355 | ¥ 3,532,202 | |||||
Hybrid subordinated bonds | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Principal amount in contractual currency (millions) | 500,000 | $ 500,000 | |||||
Bonds | ¥ 498,154 | 497,485 | |||||
Spread on variable interest rate | 1.72% | 1.72% | 1.72% | ||||
Hybrid subordinated bonds | LIBOR | Minimum | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Interest rate (%) | 1.75% | 1.75% | 1.75% | ||||
Hybrid subordinated bonds | LIBOR | Maximum | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Interest rate (%) | 2.75% | 2.75% | 2.75% | ||||
USD Unsecured Senior Notes | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Principal amount in contractual currency (millions) | $ | $ 200 | ||||||
Bonds | ¥ 0 | 22,084 | |||||
Interest rate (%) | 2.45% | 2.45% | 2.45% | ||||
2018 EUR Unsecured Senior Notes – variable rate | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Principal amount in contractual currency (millions) | € | € 750 | ||||||
Bonds | ¥ 101,912 | 97,221 | |||||
2018 EUR Unsecured Senior Notes – variable rate | EURIBOR | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Spread on variable interest rate | 1.10% | 1.10% | 1.10% | ||||
2018 EUR Unsecured Senior Notes – fixed rate | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Principal amount in contractual currency (millions) | € | € 3,000 | € 4,500 | |||||
Bonds | ¥ 405,290 | ¥ 580,805 | |||||
2018 EUR Unsecured Senior Notes – fixed rate | Minimum | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Interest rate (%) | 2.25% | 2.25% | 2.25% | 1.125% | 1.125% | 1.125% | |
2018 EUR Unsecured Senior Notes – fixed rate | Maximum | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Interest rate (%) | 3% | 3% | 3% | 3% | 3% | 3% | |
2018 USD Unsecured Senior Notes – fixed rate | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Principal amount in contractual currency (millions) | $ | $ 3,250 | ||||||
Bonds | ¥ 395,303 | ¥ 357,296 | |||||
2018 USD Unsecured Senior Notes – fixed rate | Minimum | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Interest rate (%) | 4.40% | 4.40% | 4.40% | ||||
2018 USD Unsecured Senior Notes – fixed rate | Maximum | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Interest rate (%) | 5% | 5% | 5% | ||||
Unsecured Senior Notes Assumed in Shire Acquisition | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Principal amount in contractual currency (millions) | $ | $ 4,000 | $ 5,500 | |||||
Bonds | ¥ 465,958 | 577,426 | |||||
Unsecured Senior Notes Assumed in Shire Acquisition | Minimum | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Interest rate (%) | 2.875% | 2.875% | 2.875% | ||||
Unsecured Senior Notes Assumed in Shire Acquisition | Maximum | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Interest rate (%) | 3.20% | 3.20% | 3.20% | ||||
Unsecured Senior Notes Assumed in Shire Acquisition | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Principal amount in contractual currency (millions) | $ | $ 1,520 | ||||||
Bonds | ¥ 185,998 | 167,972 | |||||
Unsecured Senior Notes Assumed in Shire Acquisition | Minimum | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Interest rate (%) | 3.60% | 3.60% | 3.60% | ||||
Unsecured Senior Notes Assumed in Shire Acquisition | Maximum | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Interest rate (%) | 5.25% | 5.25% | 5.25% | ||||
2020 USD Unsecured Senior Notes – fixed rate | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Principal amount in contractual currency (millions) | $ | $ 7,000 | ||||||
Bonds | ¥ 849,391 | 768,133 | |||||
2020 USD Unsecured Senior Notes – fixed rate | Minimum | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Interest rate (%) | 2.05% | 2.05% | 2.05% | ||||
2020 USD Unsecured Senior Notes – fixed rate | Maximum | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Interest rate (%) | 3.375% | 3.375% | 3.375% | ||||
2020 EUR Unsecured Senior Notes – fixed rate | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Principal amount in contractual currency (millions) | € | € 3,600 | ||||||
Bonds | ¥ 485,985 | 463,780 | |||||
2020 EUR Unsecured Senior Notes – fixed rate | Minimum | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Interest rate (%) | 0.75% | 0.75% | 0.75% | ||||
2020 EUR Unsecured Senior Notes – fixed rate | Maximum | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Interest rate (%) | 2% | 2% | 2% | ||||
JPY Unsecured Senior Bonds – fixed rate | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Principal amount in contractual currency (millions) | ¥ 250,000 | ¥ 250,000 | |||||
Bonds | ¥ 249,364 | ¥ 0 | |||||
Interest rate (%) | 0.40% | 0.40% | 0.40% |
Bonds and Loans - Schedule of_3
Bonds and Loans - Schedule of Composition of Loans (Details) ¥ in Millions, $ in Millions | Mar. 31, 2022 JPY (¥) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 JPY (¥) | Dec. 03, 2018 USD ($) |
Disclosure of detailed information about borrowings [line items] | ||||
JPY (millions) Carrying amount | ¥ 708,055 | ¥ 1,103,169 | ||
Syndicated Loans 2016 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal amount in contractual currency (millions) | 200,000 | |||
JPY (millions) Carrying amount | ¥ 200,000 | 200,000 | ||
Syndicated Loans 2016 | Minimum | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Interest rate (%) | 0.20% | 0.20% | ||
Syndicated Loans 2016 | Maximum | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Interest rate (%) | 0.30% | 0.30% | ||
Syndicated Loans 2017 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal amount in contractual currency (millions) | ¥ 113,500 | |||
JPY (millions) Carrying amount | ¥ 113,500 | 113,500 | ||
Interest rate (%) | 0.35% | 0.35% | ||
USD Syndicated Loans 2017 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal amount in contractual currency (millions) | $ | $ 1,500 | |||
JPY (millions) Carrying amount | ¥ 183,028 | 165,538 | ||
USD Syndicated Loans 2017 | LIBOR | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Spread on variable interest rate | 0.50% | 0.50% | ||
USD Japan Bank for International Cooperation 2019 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal amount in contractual currency (millions) | $ | $ 3,700 | $ 3,700 | ||
JPY (millions) Carrying amount | ¥ 0 | 408,980 | ||
USD Japan Bank for International Cooperation 2019 | LIBOR | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Spread on variable interest rate | 0.60% | 0.60% | ||
Other | ||||
Disclosure of detailed information about borrowings [line items] | ||||
JPY (millions) Carrying amount | ¥ 211,527 | ¥ 215,151 |
Bonds and Loans - Narrative (De
Bonds and Loans - Narrative (Details) € in Millions, ¥ in Millions, $ in Millions | Apr. 23, 2022 USD ($) | Mar. 24, 2022 USD ($) | Dec. 13, 2021 USD ($) | Sep. 30, 2021 | Aug. 10, 2021 EUR (€) | Jun. 11, 2021 USD ($) | May 17, 2021 USD ($) | Mar. 31, 2022 JPY (¥) | Mar. 31, 2022 USD ($) | Mar. 31, 2022 EUR (€) | Oct. 14, 2021 JPY (¥) | Mar. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Sep. 30, 2019 JPY (¥) | Dec. 03, 2018 USD ($) | Dec. 31, 2017 USD ($) |
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowing availability | ¥ | ¥ 700,000 | |||||||||||||||
Borrowing, extension period | 1 year | |||||||||||||||
USD Unsecured Senior Notes | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Repayments of non-current borrowings | $ 200 | |||||||||||||||
Notional | $ 200 | |||||||||||||||
USD Unsecured Senior Notes | Currency swap contract, cancelled | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional | 200 | |||||||||||||||
USD Japan Bank for International Cooperation 2019 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Repayments of non-current borrowings | $ 1,700 | $ 2,000 | ||||||||||||||
Bank borrowings | 3,700 | $ 3,700 | ||||||||||||||
2018 EUR Unsecured Senior Notes – variable rate | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Repayments of non-current borrowings | € | € 1,500 | |||||||||||||||
Notional | € | € 750 | |||||||||||||||
JPY Unsecured Senior Bonds – fixed rate | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional | ¥ | ¥ 250,000 | ¥ 250,000 | ||||||||||||||
Unsecured Senior Notes Assumed in Shire Acquisition | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Repayments of non-current borrowings | $ 1,500 | |||||||||||||||
Notional | 4,000 | $ 5,500 | ||||||||||||||
Unsecured Senior Notes Assumed in Shire Acquisition | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Repayments of non-current borrowings | $ 219 | |||||||||||||||
Notional | 1,520 | |||||||||||||||
USD Syndicated Loans 2017 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Bank borrowings | 1,500 | |||||||||||||||
USD Syndicated Loans 2017 | Currency swap, buying | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional | $ 925 | |||||||||||||||
USD Syndicated Loans 2017 | Interest rate swaps | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional | $ 575 | |||||||||||||||
2018 USD Unsecured Senior Notes – fixed rate | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional | 3,250 | |||||||||||||||
2018 USD Unsecured Senior Notes – fixed rate | Currency swap, buying | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional | $ 1,750 | |||||||||||||||
2020 USD Unsecured Senior Notes – fixed rate | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional | $ 7,000 | |||||||||||||||
2020 USD Unsecured Senior Notes – fixed rate | Currency swap, buying | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional | $ 4,000 |
Other Financial Liabilities (De
Other Financial Liabilities (Details) - JPY (¥) ¥ in Millions | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Disclosure of financial liabilities [abstract] | |||
Derivative liabilities | ¥ 36,529 | ¥ 97,091 | |
Lease liabilities | 465,238 | 436,412 | |
Financial liabilities associated with contingent consideration arrangements | 5,844 | 27,770 | ¥ 41,664 |
Other | 157,403 | 204,457 | |
Total | 665,014 | 765,730 | |
Non-current | 468,943 | 517,677 | |
Current | ¥ 196,071 | ¥ 248,053 |
Employee Benefits - Narrative (
Employee Benefits - Narrative (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Employee Benefits [Abstract] | |||
Employee service period required for benefits | 3 years | ||
Weighted average duration of defined benefit obligations | 14 years | 15 years 4 months 24 days | |
Estimate of contributions expected to be paid to plan for next annual reporting period | ¥ 10,993 | ||
Defined contribution costs | ¥ 37,345 | ¥ 34,052 | ¥ 25,138 |
Employee Benefits - Summary of
Employee Benefits - Summary of Amounts Related to Defined Benefit Pension Plans Recognized in Consolidated Statements of Income (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure of defined benefit plans [line items] | |||
Defined benefit costs | ¥ 17,379 | ¥ 7,959 | ¥ 16,262 |
Japan | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit costs | 2,992 | (2,696) | 4,769 |
Foreign | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit costs | ¥ 14,387 | ¥ 10,655 | ¥ 11,493 |
Employee Benefits - Summary o_2
Employee Benefits - Summary of Amounts Related to Defined Benefit Pension Plans Recognized in Consolidated Statements of Financial Position (Details) - JPY (¥) ¥ in Millions | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Disclosure of net defined benefit liability (asset) [line items] | |||
Present value of defined benefit obligations | ¥ 422,912 | ¥ 432,088 | |
Fair value of plan assets | 342,503 | 333,392 | |
Net defined benefit liabilities (assets) | 111,362 | 124,453 | |
Consolidated statements of financial position | |||
Net defined benefit liabilities | 145,847 | 158,857 | |
Net defined benefit assets | 34,485 | 34,404 | |
Net defined benefit liabilities (assets) | 111,362 | 124,453 | |
Effect of asset ceiling | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liabilities (assets) | (30,953) | (25,757) | |
Consolidated statements of financial position | |||
Net defined benefit liabilities (assets) | (30,953) | (25,757) | |
Japan | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Present value of defined benefit obligations | 168,449 | 180,321 | |
Fair value of plan assets | 225,363 | 231,038 | |
Net defined benefit liabilities (assets) | (25,961) | (24,960) | |
Consolidated statements of financial position | |||
Net defined benefit liabilities | 8,524 | 9,444 | |
Net defined benefit assets | 34,485 | 34,404 | |
Net defined benefit liabilities (assets) | (25,961) | (24,960) | |
Japan | Effect of asset ceiling | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liabilities (assets) | (30,953) | (25,757) | ¥ 0 |
Consolidated statements of financial position | |||
Net defined benefit liabilities (assets) | (30,953) | (25,757) | ¥ 0 |
Foreign | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Present value of defined benefit obligations | 254,462 | 251,767 | |
Fair value of plan assets | 117,140 | 102,354 | |
Net defined benefit liabilities (assets) | 137,323 | 149,413 | |
Consolidated statements of financial position | |||
Net defined benefit liabilities | 137,323 | 149,413 | |
Net defined benefit assets | 0 | 0 | |
Net defined benefit liabilities (assets) | 137,323 | 149,413 | |
Foreign | Effect of asset ceiling | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liabilities (assets) | 0 | 0 | |
Consolidated statements of financial position | |||
Net defined benefit liabilities (assets) | ¥ 0 | ¥ 0 |
Employee Benefits - Summary o_3
Employee Benefits - Summary of Changes in Present Value of the Defined Benefit Obligations (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Defined Benefit Plan, Change in Benefit Liability [Roll Forward] | ||
At beginning of year | ¥ 432,088 | |
Remeasurement of defined benefit pension plans | ||
At end of the year | 422,912 | ¥ 432,088 |
Japan | ||
Defined Benefit Plan, Change in Benefit Liability [Roll Forward] | ||
At beginning of year | 180,321 | |
Remeasurement of defined benefit pension plans | ||
At end of the year | 168,449 | 180,321 |
Foreign | ||
Defined Benefit Plan, Change in Benefit Liability [Roll Forward] | ||
At beginning of year | 251,767 | |
Remeasurement of defined benefit pension plans | ||
At end of the year | 254,462 | 251,767 |
Present value of defined benefit obligation | ||
Defined Benefit Plan, Change in Benefit Liability [Roll Forward] | ||
At beginning of year | 432,088 | 416,952 |
Current service cost | 14,032 | 13,558 |
Interest cost | 4,754 | 4,917 |
Remeasurement of defined benefit pension plans | ||
From changes in demographic assumptions | (2,216) | (977) |
From changes in financial assumptions | (31,720) | 5,664 |
Experience adjustments | 1,935 | 8,311 |
Past service cost | 1,440 | (7,976) |
Benefits paid | (20,769) | (22,305) |
Contributions by the employees | 2,297 | 2,307 |
Effect of business combinations and disposals | 60 | (1,614) |
Foreign currency translation differences | 21,013 | 13,251 |
At end of the year | 422,912 | 432,088 |
Present value of defined benefit obligation | Japan | ||
Defined Benefit Plan, Change in Benefit Liability [Roll Forward] | ||
At beginning of year | 180,321 | 190,552 |
Current service cost | 3,098 | 4,621 |
Interest cost | 1,209 | 1,145 |
Remeasurement of defined benefit pension plans | ||
From changes in demographic assumptions | 97 | 1,359 |
From changes in financial assumptions | (2,994) | (1,497) |
Experience adjustments | (2,522) | 6,163 |
Past service cost | 40 | (7,195) |
Benefits paid | (10,799) | (13,344) |
Contributions by the employees | 0 | 0 |
Effect of business combinations and disposals | 0 | (1,483) |
Foreign currency translation differences | 0 | 0 |
At end of the year | 168,449 | 180,321 |
Present value of defined benefit obligation | Foreign | ||
Defined Benefit Plan, Change in Benefit Liability [Roll Forward] | ||
At beginning of year | 251,767 | 226,400 |
Current service cost | 10,934 | 8,937 |
Interest cost | 3,545 | 3,772 |
Remeasurement of defined benefit pension plans | ||
From changes in demographic assumptions | (2,313) | (2,336) |
From changes in financial assumptions | (28,726) | 7,161 |
Experience adjustments | 4,457 | 2,148 |
Past service cost | 1,400 | (781) |
Benefits paid | (9,971) | (8,961) |
Contributions by the employees | 2,297 | 2,307 |
Effect of business combinations and disposals | 60 | (131) |
Foreign currency translation differences | 21,013 | 13,251 |
At end of the year | ¥ 254,462 | ¥ 251,767 |
Employee Benefits - Significant
Employee Benefits - Significant Actuarial Assumptions Used to Determine Present Value (Details) | Mar. 31, 2022 | Mar. 31, 2021 |
Japan | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 0.80% | 0.70% |
Future salary increases | 2.50% | 2.50% |
Foreign | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 2.10% | 1.40% |
Future salary increases | 2.80% | 2.70% |
Employee Benefits - Schedule of
Employee Benefits - Schedule of Sensitivity Analysis for Actuarial Assumptions (Details) - JPY (¥) ¥ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage of reasonably possible increase in actuarial assumption | 0.50% | |
Percentage of reasonably possible decrease in actuarial assumption | (0.50%) | |
Japan | Discount Rate | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage of reasonably possible increase in actuarial assumption | 0.50% | 0.50% |
Percentage of reasonably possible decrease in actuarial assumption | (0.50%) | (0.50%) |
Increase (decrease) in defined benefit obligation due to increase in assumption | ¥ (10,756) | ¥ (11,546) |
Increase (decrease) in defined benefit obligation due to decrease in assumption | ¥ 11,699 | ¥ 13,012 |
Japan | Future Salary Increases | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage of reasonably possible increase in actuarial assumption | 0.50% | 0.50% |
Percentage of reasonably possible decrease in actuarial assumption | (0.50%) | (0.50%) |
Increase (decrease) in defined benefit obligation due to increase in assumption | ¥ 6 | ¥ 6 |
Increase (decrease) in defined benefit obligation due to decrease in assumption | ¥ (6) | ¥ (6) |
Foreign | Discount Rate | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage of reasonably possible increase in actuarial assumption | 0.50% | 0.50% |
Percentage of reasonably possible decrease in actuarial assumption | (0.50%) | (0.50%) |
Increase (decrease) in defined benefit obligation due to increase in assumption | ¥ (16,997) | ¥ (19,818) |
Increase (decrease) in defined benefit obligation due to decrease in assumption | ¥ 19,192 | ¥ 22,881 |
Foreign | Future Salary Increases | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage of reasonably possible increase in actuarial assumption | 0.50% | 0.50% |
Percentage of reasonably possible decrease in actuarial assumption | (0.50%) | (0.50%) |
Increase (decrease) in defined benefit obligation due to increase in assumption | ¥ 3,654 | ¥ 3,689 |
Increase (decrease) in defined benefit obligation due to decrease in assumption | ¥ (3,334) | ¥ (3,347) |
Employee Benefits - Schedule _2
Employee Benefits - Schedule of Changes in Fair Value of Plan Assets (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of net defined benefit liability (asset) [line items] | ||
Balance at beginning of the year | ¥ (124,453) | |
Balance at end of the year | (111,362) | ¥ (124,453) |
Plan assets | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Balance at beginning of the year | 333,392 | 290,714 |
Interest income on plan assets | 3,016 | 2,540 |
Remeasurement of defined benefit plans Return on plan assets | (85) | 40,902 |
Contributions by the employer | 7,581 | 7,940 |
Contributions by the employees | 2,297 | 2,307 |
Benefits paid | (15,084) | (14,291) |
Effect of business combinations and disposals | 0 | (1,218) |
Foreign currency translation differences | 11,387 | 4,498 |
Balance at end of the year | ¥ 342,503 | ¥ 333,392 |
Employee Benefits - Schedule _3
Employee Benefits - Schedule of Breakdown of Fair Value of Plan Assets by Asset Class (Details) - JPY (¥) ¥ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Disclosure of fair value of plan assets [line items] | ||
Total plan assets | ¥ 342,503 | ¥ 333,392 |
With quoted prices in active markets | ||
Disclosure of fair value of plan assets [line items] | ||
Life insurance company general accounts | 0 | 0 |
Cash and cash equivalent | 10,106 | 9,625 |
Others | (1,069) | 199 |
Total plan assets | 76,442 | 60,298 |
No quoted prices in active markets | ||
Disclosure of fair value of plan assets [line items] | ||
Life insurance company general accounts | 72,556 | 95,859 |
Cash and cash equivalent | 0 | 0 |
Others | 26,361 | 15,966 |
Total plan assets | 266,061 | 273,094 |
Japan | ||
Disclosure of fair value of plan assets [line items] | ||
Total plan assets | 225,363 | 231,038 |
Japan | With quoted prices in active markets | ||
Disclosure of fair value of plan assets [line items] | ||
Equities | 10,156 | 11,789 |
Bonds | 1,296 | 1,441 |
Japan | No quoted prices in active markets | ||
Disclosure of fair value of plan assets [line items] | ||
Equities | 2,713 | 3,520 |
Bonds | 15,876 | 16,846 |
Foreign | ||
Disclosure of fair value of plan assets [line items] | ||
Total plan assets | 117,140 | 102,354 |
Foreign | With quoted prices in active markets | ||
Disclosure of fair value of plan assets [line items] | ||
Equities | 34,924 | 23,849 |
Bonds | 21,028 | 13,395 |
Foreign | No quoted prices in active markets | ||
Disclosure of fair value of plan assets [line items] | ||
Equities | 101,870 | 96,744 |
Bonds | ¥ 46,683 | ¥ 44,159 |
Employee Benefits - Schedule _4
Employee Benefits - Schedule of Changes in Effect of Asset Ceiling (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of fair value of plan assets [line items] | ||
Balance at beginning of the year | ¥ (124,453) | |
Balance at end of the year | (111,362) | ¥ (124,453) |
Effect of asset ceiling | ||
Disclosure of fair value of plan assets [line items] | ||
Balance at beginning of the year | 25,757 | |
Balance at end of the year | 30,953 | 25,757 |
Japan | ||
Disclosure of fair value of plan assets [line items] | ||
Balance at beginning of the year | 24,960 | |
Balance at end of the year | 25,961 | 24,960 |
Japan | Effect of asset ceiling | ||
Disclosure of fair value of plan assets [line items] | ||
Balance at beginning of the year | 25,757 | 0 |
Interest income | 170 | 0 |
Remeasurement Changes in effect of asset ceiling | 5,026 | 25,757 |
Balance at end of the year | ¥ 30,953 | ¥ 25,757 |
Employee Benefits - Summary o_4
Employee Benefits - Summary of Major Employee Benefits Expenses other than Retirement Benefits (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Employee Benefits [Abstract] | |||
Salary | ¥ 458,039 | ¥ 418,087 | ¥ 417,860 |
Bonuses | 127,888 | 105,772 | 135,938 |
Other | ¥ 187,440 | ¥ 163,443 | ¥ 157,722 |
Provisions - Schedule of Reconc
Provisions - Schedule of Reconciliation of Changes in Provisions (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Reconciliation of changes in other provisions [abstract] | ||
Beginning balance | ¥ 510,026 | ¥ 442,850 |
Increases | 900,351 | 914,012 |
Decreases (utilized) | (924,476) | (818,098) |
Decreases (reversed) | (30,513) | (41,293) |
Reclassification to liabilities held for sale | (3,906) | |
Foreign currency translation differences | 40,312 | 16,461 |
Ending balance | 495,701 | 510,026 |
Legal proceedings provision | ||
Reconciliation of changes in other provisions [abstract] | ||
Beginning balance | 73,395 | 49,711 |
Increases | 28,235 | 26,189 |
Decreases (utilized) | (59,386) | (3,182) |
Decreases (reversed) | (252) | (996) |
Reclassification to liabilities held for sale | 0 | |
Foreign currency translation differences | 877 | 1,673 |
Ending balance | 42,869 | 73,395 |
Restructuring | ||
Reconciliation of changes in other provisions [abstract] | ||
Beginning balance | 32,297 | 45,047 |
Increases | 12,193 | 47,446 |
Decreases (utilized) | (16,280) | (46,732) |
Decreases (reversed) | (15,948) | (13,658) |
Reclassification to liabilities held for sale | 0 | |
Foreign currency translation differences | 1,091 | 194 |
Ending balance | 13,353 | 32,297 |
Rebates and return reserves | ||
Reconciliation of changes in other provisions [abstract] | ||
Beginning balance | 377,772 | 316,290 |
Increases | 835,096 | 822,479 |
Decreases (utilized) | (833,159) | (752,165) |
Decreases (reversed) | (10,574) | (18,812) |
Reclassification to liabilities held for sale | (3,807) | |
Foreign currency translation differences | 35,846 | 13,787 |
Ending balance | 404,982 | 377,772 |
Other | ||
Reconciliation of changes in other provisions [abstract] | ||
Beginning balance | 26,562 | 31,802 |
Increases | 24,826 | 17,898 |
Decreases (utilized) | (15,651) | (16,019) |
Decreases (reversed) | (3,739) | (7,827) |
Reclassification to liabilities held for sale | (99) | |
Foreign currency translation differences | 2,498 | 807 |
Ending balance | ¥ 34,497 | ¥ 26,562 |
Provisions - Narrative (Details
Provisions - Narrative (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule Of Restructuring And Related Costs [Line Items] | |||
Current portion of provision | ¥ 443,502 | ¥ 471,278 | ¥ 405,245 |
Non-current portion of provision | ¥ 52,199 | 38,748 | 37,605 |
Restructuring - term of payments | 4 years | ||
Expense of restructuring activities | ¥ 83,357 | 104,477 | 130,370 |
Rebates payable | 266,113 | 267,254 | |
Personnel costs | |||
Schedule Of Restructuring And Related Costs [Line Items] | |||
Expense of restructuring activities | ¥ 9,420 | ¥ 8,091 | ¥ 28,140 |
Provisions - Schedule of Restru
Provisions - Schedule of Restructuring Expenses (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Cash: | |||
Total | ¥ 83,357 | ¥ 104,477 | ¥ 130,370 |
Non-Cash: | |||
Depreciation and impairment | 479 | 11,398 | 50,670 |
Total | 83,836 | 115,875 | 181,040 |
Severance | |||
Cash: | |||
Total | 15,230 | 28,031 | 33,538 |
Consulting fees | |||
Cash: | |||
Total | 2,963 | 5,704 | 18,086 |
Other | |||
Cash: | |||
Total | ¥ 65,163 | ¥ 70,742 | ¥ 78,746 |
Other Liabilities - Schedule of
Other Liabilities - Schedule of Other Liabilities (Details) - JPY (¥) ¥ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Accrued expenses | ¥ 505,466 | ¥ 459,384 |
Deferred income | 74,551 | 50,228 |
Other | 72,146 | 89,937 |
Total | 652,163 | 599,549 |
Non-current | 67,214 | 56,898 |
Current | ¥ 584,949 | ¥ 542,651 |
Other Liabilities - Narrative (
Other Liabilities - Narrative (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | ||
Accrued labor cost | ¥ 209,772 | ¥ 184,805 |
Government grants received | ¥ 15,221 | ¥ 10,194 |
Trade and Other Payables (Detai
Trade and Other Payables (Details) - JPY (¥) ¥ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Trade and other payables [abstract] | ||
Trade payables | ¥ 295,934 | ¥ 232,105 |
Other payables | 220,364 | 111,733 |
Total | ¥ 516,297 | ¥ 343,838 |
Equity and Other Equity Items -
Equity and Other Equity Items - Schedule of Shares Activity (Details) - shares shares in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Equity [abstract] | |||
Authorized shares as of the beginning of the year | 3,500,000 | 3,500,000 | |
Shares issued: | |||
At the beginning of the year | 1,576,388 | 1,576,374 | |
Exercise of stock options | 10 | 14 | |
Issuance of shares | 5,855 | 0 | |
As of the end of the year | 1,582,253 | 1,576,388 |
Equity and Other Equity Items_2
Equity and Other Equity Items - Narrative (Details) - JPY (¥) shares in Thousands, ¥ in Millions | 12 Months Ended | 13 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Apr. 30, 2022 | |
Equity [Line Items] | ||||
Treasury shares (in shares) | 31,892 | 13,030 | 18,608 | |
Issuance of new shares (in shares) | 5,855 | 0 | ||
Issuance of new shares | ¥ 22,154 | ¥ 44 | ¥ 49,076 | |
Acquisition of treasury shares | ¥ 79,447 | 2,141 | 52,750 | |
Equity-Settled LTIP | ||||
Equity [Line Items] | ||||
Issuance of new shares (in shares) | 3,874 | |||
Board of Directors resolution | ||||
Equity [Line Items] | ||||
Treasury shares acquired (in shares) | 22,469 | |||
Board of Directors resolution | Major ordinary share transactions | ||||
Equity [Line Items] | ||||
Treasury shares acquired (in shares) | 29,377 | |||
Share capital | ||||
Equity [Line Items] | ||||
Issuance of new shares | ¥ 8,118 | 22 | 24,538 | |
Share capital | Equity-Settled LTIP | ||||
Equity [Line Items] | ||||
Issuance of new shares | 7,138 | |||
Share premium | ||||
Equity [Line Items] | ||||
Issuance of new shares | 14,036 | 22 | 24,538 | |
Share premium | Equity-Settled LTIP | ||||
Equity [Line Items] | ||||
Issuance of new shares | 7,138 | |||
Treasury shares | ||||
Equity [Line Items] | ||||
Acquisition of treasury shares | 79,447 | ¥ 2,141 | ¥ 52,750 | |
Treasury shares | Board of Directors resolution | ||||
Equity [Line Items] | ||||
Acquisition of treasury shares | ¥ 74,973 | |||
Treasury shares | Board of Directors resolution | Major ordinary share transactions | ||||
Equity [Line Items] | ||||
Acquisition of treasury shares | ¥ 99,966 | |||
ESOP and BIP Trust | ||||
Equity [Line Items] | ||||
Treasury shares (in shares) | 9,161 | 12,772 | 18,353 | |
Treasury shares acquired (in shares) | 1,185 | 520 | ||
Number of treasury shares sold (in shares) | 4,796 | 6,101 |
Equity and Other Equity Items_3
Equity and Other Equity Items - Schedule of Dividends Declared and Paid (Details) - JPY (¥) ¥ / shares in Units, ¥ in Millions | 3 Months Ended | ||||||
Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |
Equity [abstract] | |||||||
Dividends | ¥ 140,365 | ¥ 142,387 | ¥ 141,859 | ¥ 141,860 | ¥ 141,858 | ¥ 141,857 | ¥ 140,836 |
Dividends (in JPY per share) | ¥ 90 | ¥ 90 | ¥ 90 | ¥ 90 | ¥ 90 | ¥ 90 | ¥ 90 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Financial Assets and Liabilities at Fair Value (Details) - JPY (¥) ¥ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Measured at fair value through profit or loss | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | ¥ 11,918 | ¥ 42,579 |
Measured at fair value through profit or loss | Derivative financial instruments | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 6,074 | 12,116 |
Measured at fair value through profit or loss | Financial liabilities associated with contingent consideration arrangements | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 5,844 | 27,770 |
Measured at fair value through profit or loss | Lease liabilities | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 465,238 | 436,412 |
Measured at fair value through profit or loss | Other | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 2,693 | |
Measured at fair value through profit or loss | Trade and other payables | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 516,297 | 343,838 |
Derivative hedging instruments | Derivative hedging instruments | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 30,455 | 84,975 |
Derivative hedging instruments | Derivative financial instruments | Derivative hedging instruments | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 30,455 | 84,975 |
Financial liabilities measured at fair value | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 42,373 | 127,554 |
Financial liabilities measured at fair value | Derivative financial instruments | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 36,529 | 97,091 |
Financial liabilities measured at fair value | Financial liabilities associated with contingent consideration arrangements | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 5,844 | 27,770 |
Financial liabilities measured at fair value | Other | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 2,693 | |
Other financial liabilities | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 5,484,348 | 5,617,385 |
Other financial liabilities | Lease liabilities | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 465,238 | 436,412 |
Other financial liabilities | Lease liabilities | Derivative hedging instruments | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 465,238 | 436,412 |
Other financial liabilities | Other | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 157,403 | 201,764 |
Other financial liabilities | Other | Derivative hedging instruments | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 157,403 | 201,764 |
Other financial liabilities | Trade and other payables | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 516,297 | 343,838 |
Other financial liabilities | Trade and other payables | Derivative hedging instruments | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 516,297 | 343,838 |
Other financial liabilities | Bonds and loans | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 4,345,410 | 4,635,371 |
Other financial liabilities | Bonds and loans | Derivative hedging instruments | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 4,345,410 | 4,635,371 |
Measured at fair value through other comprehensive income | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | 169,117 | 145,070 |
Measured at fair value through other comprehensive income | Equity instruments | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | 148,451 | 145,070 |
Measured at fair value through other comprehensive income | Trade receivables | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | 20,665 | |
Measured at fair value through profit or loss | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | 57,454 | 101,016 |
Measured at fair value through profit or loss | Derivative financial instruments | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | 19,141 | 62,594 |
Measured at fair value through profit or loss | Investments in convertible notes | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | 10,409 | 12,176 |
Measured at fair value through profit or loss | Investments in debt instruments | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | 1,052 | 800 |
Measured at fair value through profit or loss | Financial assets associated with contingent consideration arrangements | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | 26,852 | 25,446 |
Derivative hedging instruments | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | 22,749 | 1,506 |
Derivative hedging instruments | Derivative financial instruments | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | 22,749 | 1,506 |
Financial assets measured at fair value | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | 249,320 | 247,592 |
Financial assets measured at fair value | Equity instruments | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | 148,451 | 145,070 |
Financial assets measured at fair value | Derivative financial instruments | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | 41,890 | 64,100 |
Financial assets measured at fair value | Investments in convertible notes | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | 10,409 | 12,176 |
Financial assets measured at fair value | Investments in debt instruments | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | 1,052 | 800 |
Financial assets measured at fair value | Financial assets associated with contingent consideration arrangements | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | 26,852 | 25,446 |
Financial assets measured at fair value | Trade receivables | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | 20,665 | |
Financial assets measured at amortized cost | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | 1,555,879 | 1,774,201 |
Financial assets measured at amortized cost | Other | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | 30,205 | 24,888 |
Financial assets measured at amortized cost | Trade and other receivables | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | 675,979 | 783,091 |
Financial assets measured at amortized cost | Cash and cash equivalents | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | ¥ 849,695 | ¥ 966,222 |
Financial Instruments - Sched_2
Financial Instruments - Schedule of Fair Value Measurement of Assets and Liabilities (Details) - JPY (¥) ¥ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets | ¥ 13,178,018 | ¥ 12,912,293 |
Liabilities | 7,494,495 | 7,735,116 |
Fair value | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets | 249,320 | 247,592 |
Liabilities | 42,373 | 127,554 |
Fair value | Derivatives | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Liabilities | 6,074 | 12,116 |
Fair value | Derivatives | Derivative hedging instruments | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Liabilities | 30,455 | 84,975 |
Fair value | Financial liabilities associated with contingent consideration arrangements | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Liabilities | 5,844 | 27,770 |
Fair value | Other | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Liabilities | 2,693 | |
Fair value | Derivatives | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets | 19,141 | 62,594 |
Fair value | Derivatives | Derivative hedging instruments | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets | 22,749 | 1,506 |
Fair value | Investments in convertible notes | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets | 10,409 | 12,176 |
Fair value | Investments in debt instruments | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets | 1,052 | 800 |
Fair value | Financial assets associated with contingent consideration arrangements | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets | 26,852 | 25,446 |
Fair value | Trade receivables | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets | 20,665 | |
Fair value | Equity instruments | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets | 148,451 | 145,070 |
Fair value | Level 1 | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets | 84,188 | 92,602 |
Liabilities | 0 | 0 |
Fair value | Level 1 | Derivatives | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Liabilities | 0 | 0 |
Fair value | Level 1 | Derivatives | Derivative hedging instruments | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Liabilities | 0 | 0 |
Fair value | Level 1 | Financial liabilities associated with contingent consideration arrangements | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Liabilities | 0 | 0 |
Fair value | Level 1 | Other | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Liabilities | 0 | |
Fair value | Level 1 | Derivatives | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets | 0 | 0 |
Fair value | Level 1 | Derivatives | Derivative hedging instruments | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets | 0 | 0 |
Fair value | Level 1 | Investments in convertible notes | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets | 0 | 0 |
Fair value | Level 1 | Investments in debt instruments | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets | 0 | 0 |
Fair value | Level 1 | Financial assets associated with contingent consideration arrangements | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets | 0 | 0 |
Fair value | Level 1 | Trade receivables | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets | 0 | |
Fair value | Level 1 | Equity instruments | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets | 84,188 | 92,602 |
Fair value | Level 2 | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets | 62,556 | 64,100 |
Liabilities | 36,529 | 97,091 |
Fair value | Level 2 | Derivatives | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Liabilities | 6,074 | 12,116 |
Fair value | Level 2 | Derivatives | Derivative hedging instruments | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Liabilities | 30,455 | 84,975 |
Fair value | Level 2 | Financial liabilities associated with contingent consideration arrangements | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Liabilities | 0 | 0 |
Fair value | Level 2 | Other | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Liabilities | 0 | |
Fair value | Level 2 | Derivatives | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets | 19,141 | 62,594 |
Fair value | Level 2 | Derivatives | Derivative hedging instruments | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets | 22,749 | 1,506 |
Fair value | Level 2 | Investments in convertible notes | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets | 0 | 0 |
Fair value | Level 2 | Investments in debt instruments | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets | 0 | 0 |
Fair value | Level 2 | Financial assets associated with contingent consideration arrangements | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets | 0 | 0 |
Fair value | Level 2 | Trade receivables | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets | 20,665 | |
Fair value | Level 2 | Equity instruments | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets | 0 | 0 |
Fair value | Level 3 | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets | 102,576 | 90,890 |
Liabilities | 5,844 | 30,463 |
Fair value | Level 3 | Derivatives | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Liabilities | 0 | 0 |
Fair value | Level 3 | Derivatives | Derivative hedging instruments | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Liabilities | 0 | 0 |
Fair value | Level 3 | Financial liabilities associated with contingent consideration arrangements | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Liabilities | 5,844 | 27,770 |
Fair value | Level 3 | Other | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Liabilities | 2,693 | |
Fair value | Level 3 | Derivatives | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets | 0 | 0 |
Fair value | Level 3 | Derivatives | Derivative hedging instruments | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets | 0 | 0 |
Fair value | Level 3 | Investments in convertible notes | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets | 10,409 | 12,176 |
Fair value | Level 3 | Investments in debt instruments | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets | 1,052 | 800 |
Fair value | Level 3 | Financial assets associated with contingent consideration arrangements | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets | 26,852 | 25,446 |
Fair value | Level 3 | Trade receivables | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets | 0 | |
Fair value | Level 3 | Equity instruments | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets | ¥ 64,263 | ¥ 52,468 |
Financial Instruments - Narrati
Financial Instruments - Narrative (Details) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Mar. 31, 2022 JPY (¥) | Mar. 31, 2021 JPY (¥) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | |
Disclosure of detailed information about financial instruments [line items] | ||||
Cumulative gain on equity investments reclassified from other comprehensive income to retained earnings upon disposal | ¥ 5,357 | ¥ 42,781 | ||
Fair value of equity investments on dates of disposal | ¥ 16,929 | 73,875 | ||
Contingent liability, term of payments | 6 years | |||
USD Unsecured Senior Notes | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Principal amount in contractual currency (millions) | $ | $ 200 | |||
USD Unsecured Senior Notes | Within one year | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Principal amount in contractual currency (millions) | $ | $ 200 | |||
JBIC Loan | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Principal amount in contractual currency (millions) | $ | 3,700 | |||
JBIC Loan | Within one year | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Principal amount in contractual currency (millions) | $ | $ 2,000 | |||
Hybrid subordinated bonds | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Principal amount in contractual currency (millions) | ¥ 500,000 | $ 500,000 | ||
Foreign currency denominated loans | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Fair value | 184,520 | 579,864 | ||
Foreign currency denominated bonds | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Fair value | 2,871,256 | ¥ 3,245,901 | ||
Shire | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Contingent liability - fair value of potential payments | ¥ 2,672 | |||
Minimum | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Measurement input, EBITDA rate | 5 | |||
Maximum | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Measurement input, EBITDA rate | 10.9 |
Financial Instruments - Sched_3
Financial Instruments - Schedule of Level 3 Financial Assets Fair Values (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Xiidra | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Changes in fair value of financial assets associated with contingent consideration due to other elements than time value | ¥ 72,940 | |
Financial assets associated with contingent consideration arrangements | Level 3 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
As of the beginning of the period | ¥ 25,446 | 92,516 |
Recognition of financial assets associated with contingent consideration arrangements | 0 | 3,318 |
Changes recognized as finance income (expenses) | (1,043) | 3,294 |
Changes in fair value of financial assets associated with contingent consideration due to other elements than time value | 0 | (72,940) |
Changes in fair value of financial assets measured at fair value through OCI and exchange differences on translation of foreign operations | 2,448 | (742) |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Transfers to Level 1 | 0 | 0 |
Acquisition from sale of intangible assets associated with products | 0 | 0 |
Acquisition from conversion of convertible notes | 0 | 0 |
Transfers to investments accounted for using the equity method | 0 | 0 |
Reclassification to assets held for sale | 0 | 0 |
As of the end of the period | 26,852 | 25,446 |
Equity instruments | Level 3 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
As of the beginning of the period | 52,468 | 48,237 |
Recognition of financial assets associated with contingent consideration arrangements | 0 | 0 |
Changes recognized as finance income (expenses) | 0 | 0 |
Changes in fair value of financial assets associated with contingent consideration due to other elements than time value | 0 | 0 |
Changes in fair value of financial assets measured at fair value through OCI and exchange differences on translation of foreign operations | 23,345 | 8,126 |
Purchases | 7,919 | 12,559 |
Sales | (644) | (7,013) |
Transfers to Level 1 | (23,856) | (9,241) |
Acquisition from sale of intangible assets associated with products | 5,645 | 0 |
Acquisition from conversion of convertible notes | 725 | 0 |
Transfers to investments accounted for using the equity method | (1,339) | 0 |
Reclassification to assets held for sale | 0 | (200) |
As of the end of the period | ¥ 64,263 | ¥ 52,468 |
Financial Instruments - Sched_4
Financial Instruments - Schedule of Fair Value of Contingent Consideration Classified as Level 3 (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Contingent liabilities recognised in business combination at beginning of period | ¥ 27,770 | ¥ 41,664 |
Additions arising from business combinations | 5,203 | 0 |
Reversal from sale of intangible assets associated with products | (11,479) | 0 |
Changes in the fair value during the period | (10,705) | (10,062) |
Settled and paid during the period | (6,293) | (4,206) |
Foreign currency translation differences | 1,348 | 374 |
Contingent liabilities recognised in business combination at end of period | 5,844 | 27,770 |
Within one year | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Contingent liabilities recognised in business combination at beginning of period | 7,400 | |
Contingent liabilities recognised in business combination at end of period | 606 | 7,400 |
Between one and three years | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Contingent liabilities recognised in business combination at beginning of period | 2,273 | |
Contingent liabilities recognised in business combination at end of period | 2,869 | 2,273 |
Between three and five years | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Contingent liabilities recognised in business combination at beginning of period | 1,174 | |
Contingent liabilities recognised in business combination at end of period | 2,000 | 1,174 |
More than five years | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Contingent liabilities recognised in business combination at beginning of period | 40,035 | |
Contingent liabilities recognised in business combination at end of period | ¥ 980 | ¥ 40,035 |
Financial Instruments - Sched_5
Financial Instruments - Schedule of Financial Liabilities Not Measured at Fair Value (Details) - JPY (¥) ¥ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Bonds | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Carrying amount | ¥ 3,637,355 | ¥ 3,532,202 |
Fair value | 3,630,521 | 3,762,266 |
Long-term loans | Long-term loans | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Carrying amount | 707,770 | 1,103,100 |
Fair value | ¥ 703,032 | ¥ 1,098,526 |
Financial Instruments - Sched_6
Financial Instruments - Schedule of Derivative Assets and Liabilities (Details) - Derivative hedging instruments - Currency risk - JPY (¥) ¥ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Euro | Forward exchange contracts, selling | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging instrument, liabilities | ¥ (11,315) | ¥ (3,362) |
Euro | Forward exchange contracts, buying | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging instrument, assets | 11,326 | 3,407 |
United States Dollar | Forward exchange contracts, selling | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging instrument, liabilities | (8,181) | (11,270) |
United States Dollar | Forward exchange contracts, buying | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging instrument, assets | 4,894 | 7,873 |
United States Dollar | Currency swap, buying | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging instrument, liabilities | (56,787) | |
Hedging instrument, assets | 8,686 | |
Other | Forward exchange contracts, buying | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging instrument, assets | 422 | |
Contract amount | Euro | Forward exchange contracts, selling | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Contract amount | 243,870 | 131,729 |
Contract amount | Euro | Forward exchange contracts, buying | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Contract amount | 244,041 | 134,762 |
Contract amount | United States Dollar | Forward exchange contracts, selling | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Contract amount | 445,285 | 865,407 |
Contract amount | United States Dollar | Forward exchange contracts, buying | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Contract amount | 360,656 | 1,364,837 |
Contract amount | United States Dollar | Currency swap, buying | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Contract amount | 717,114 | 739,948 |
Contract amount | Other | Forward exchange contracts, buying | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Contract amount | 13,515 | |
Contract amount to be settled in more than one year | Euro | Forward exchange contracts, selling | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Contract amount | 0 | 0 |
Contract amount to be settled in more than one year | Euro | Forward exchange contracts, buying | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Contract amount | 0 | 0 |
Contract amount to be settled in more than one year | United States Dollar | Forward exchange contracts, selling | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Contract amount | 0 | 0 |
Contract amount to be settled in more than one year | United States Dollar | Forward exchange contracts, buying | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Contract amount | 0 | 0 |
Contract amount to be settled in more than one year | United States Dollar | Currency swap, buying | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Contract amount | ¥ 717,114 | 717,114 |
Contract amount to be settled in more than one year | Other | Forward exchange contracts, buying | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Contract amount | ¥ 0 |
Financial Instruments - Sched_7
Financial Instruments - Schedule of Interest Rate and Currency Hedging Instruments (Details) - Interest risk - Derivative hedging instruments - Currency and interest rate swaps - JPY (¥) ¥ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Disclosure of detailed information about hedging instruments [line items] | ||
Contract amount | ¥ 787,370 | ¥ 803,506 |
Hedging instrument, liabilities | 8,637 | (61,564) |
Contract amount to be settled in more than one year | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Contract amount | ¥ 787,370 | ¥ 780,672 |
Financial Instruments - Sched_8
Financial Instruments - Schedule of Derivative Hedging Activities (Details) € in Millions, ¥ in Millions, $ in Millions | 12 Months Ended | |||||
Mar. 31, 2022 JPY (¥) ¥ / $ | Mar. 31, 2021 JPY (¥) ¥ / $ | Mar. 31, 2022 USD ($) | Mar. 31, 2022 EUR (€) | Mar. 31, 2021 USD ($) | Mar. 31, 2021 EUR (€) | |
Cash flow hedges | Interest risk | Interest rate swaps | ||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||
Notional | $ | $ 575 | $ 575 | ||||
Cash flow hedges | Interest risk | Currency and interest rate swaps | ||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||
Notional | ¥ 787,370 | ¥ 803,506 | ||||
Carrying amount – liabilities | (8,637) | 61,564 | ||||
Cash flow hedges | Currency and interest risk | Currency and interest rate swaps | ||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||
Notional | $ | 6,675 | 6,875 | ||||
Net investment hedges | Currency and interest risk | Foreign currency denominated bonds and loans | ||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||
Notional | 5,108 | € 7,368 | 8,819 | € 8,857 | ||
Net investment hedges | Currency and interest risk | Forward exchange contracts | ||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||
Notional | $ 594 | € 1,815 | $ 3,291 | € 998 | ||
United States Dollar | Cash flow hedges | Interest risk | Interest rate swaps | ||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||
Carrying amount – assets | 0 | 0 | ||||
Carrying amount – liabilities | ¥ 49 | ¥ 4,777 | ||||
Average rate of hedging instrument | 2.83% | 2.83% | 2.83% | 2.83% | 2.83% | 2.83% |
United States Dollar | Cash flow hedges | Currency and interest risk | ||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||
Carrying amount – assets | ¥ 22,749 | |||||
Carrying amount – liabilities | ¥ 14,063 | |||||
United States Dollar | Cash flow hedges | Currency and interest risk | Currency and interest rate swaps | ||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||
Carrying amount – assets | ¥ 1,506 | |||||
Carrying amount – liabilities | ¥ 58,293 | |||||
Average rate of hedging instrument | 1.85% | 1.80% | 1.85% | 1.85% | 1.80% | 1.80% |
Average foreign exchange rate | ¥ / $ | 107.43 | 107.63 | ||||
United States Dollar | Net investment hedges | Currency and interest risk | Foreign currency denominated bonds and loans | ||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||
Carrying amount – assets | ¥ 0 | ¥ 0 | ||||
Carrying amount – liabilities | 624,138 | 974,779 | ||||
United States Dollar | Net investment hedges | Currency and interest risk | Forward exchange contracts | ||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||
Carrying amount – assets | 0 | 0 | ||||
Carrying amount – liabilities | 4,982 | 18,539 | ||||
Euro | Net investment hedges | Currency and interest risk | Foreign currency denominated bonds and loans | ||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||
Carrying amount – assets | 0 | 0 | ||||
Carrying amount – liabilities | 1,001,896 | 1,149,950 | ||||
Euro | Net investment hedges | Currency and interest risk | Forward exchange contracts | ||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||
Carrying amount – assets | 0 | 0 | ||||
Carrying amount – liabilities | ¥ 11,360 | ¥ 3,366 |
Financial Instruments - Sched_9
Financial Instruments - Schedule of Hedging Instruments Balances (Details) - JPY (¥) ¥ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Interest rate swaps | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Reserve of cash flow hedges, continuing hedges | ¥ 425 | ¥ (3,316) |
Forward interest rate | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Reserve of cash flow hedges, continuing hedges | (21,313) | (22,499) |
Currency and interest rate swaps | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Reserve of exchange differences on translation, continuing hedges | (48,573) | (45,820) |
Balance in hedge cost reserve | (6,135) | (8,592) |
Hedge related to acquisition | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Reserve of exchange differences on translation, continuing hedges | 3,560 | 3,560 |
Foreign currency denominated bonds and loans | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Reserve of exchange differences on translation, continuing hedges | 97,977 | 15,436 |
Forward exchange contracts | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Reserve of exchange differences on translation, continuing hedges | ¥ 54,778 | ¥ 20,476 |
Financial Instruments - Sche_10
Financial Instruments - Schedule of Derivatives Reclassifications (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Amounts recognized in OCI | |||
Hedging cost | ¥ 2,457 | ¥ (9,147) | ¥ (857) |
Interest rate swaps | |||
Amounts recognized in OCI | |||
Gains (losses) on cash flow hedges | 3,992 | 1,400 | |
Forward interest rate | |||
Amounts recognized in OCI | |||
Gains (losses) on cash flow hedges | (605) | (3,087) | |
Currency and interest rate swaps | |||
Amounts recognized in OCI | |||
Gains (losses) on cash flow hedges | 79,394 | (39,146) | |
Hedging cost | 6,611 | (9,978) | |
Foreign currency denominated bonds and loans | |||
Amounts recognized in OCI | |||
Gains (losses) on net investment hedges | 107,064 | 112,620 | |
Forward exchange contracts | |||
Amounts recognized in OCI | |||
Gains (losses) on net investment hedges | 35,646 | 19,804 | |
Cash flow hedge | |||
Amount reclassified to profit or loss | |||
Reclassification adjustments on cash flow hedges | (83,031) | (27,242) | |
Cash flow hedge | Interest rate swaps | |||
Amount reclassified to profit or loss | |||
Reclassification adjustments on cash flow hedges | 1,398 | 1,127 | |
Cash flow hedge | Forward interest rate | |||
Amount reclassified to profit or loss | |||
Reclassification adjustments on cash flow hedges | 2,312 | 1,630 | |
Hedging costs | |||
Amount reclassified to profit or loss | |||
Reclassification adjustments on cash flow hedges | ¥ (3,071) | ¥ (3,200) |
Financial Instruments - Sche_11
Financial Instruments - Schedule of Age of Trade Receivables that are Past Due but not Impaired and Analysis of Impairment Analysis (Details) - JPY (¥) ¥ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Disclosure of maturity analysis of assets [Line Items] | ||
Gross carrying amount | ¥ 626,908 | ¥ 716,124 |
Impairment loss allowance | (9,390) | (8,637) |
Net carrying amount | ¥ 617,518 | ¥ 707,487 |
Weighted average loss rate (%) | 1.50% | 1.20% |
Current | ||
Disclosure of maturity analysis of assets [Line Items] | ||
Gross carrying amount | ¥ 569,289 | ¥ 643,819 |
Impairment loss allowance | (3,274) | (1,336) |
Net carrying amount | ¥ 566,015 | ¥ 642,483 |
Weighted average loss rate (%) | 0.60% | 0.20% |
Within 30 days | ||
Disclosure of maturity analysis of assets [Line Items] | ||
Gross carrying amount | ¥ 19,369 | ¥ 17,632 |
Impairment loss allowance | (23) | (20) |
Net carrying amount | ¥ 19,346 | ¥ 17,612 |
Weighted average loss rate (%) | 0.10% | 0.10% |
Over 30 days but within 60 days | ||
Disclosure of maturity analysis of assets [Line Items] | ||
Gross carrying amount | ¥ 5,972 | ¥ 12,017 |
Impairment loss allowance | (88) | (11) |
Net carrying amount | ¥ 5,884 | ¥ 12,006 |
Weighted average loss rate (%) | 1.50% | 0.10% |
Over 60 days but within 90 days | ||
Disclosure of maturity analysis of assets [Line Items] | ||
Gross carrying amount | ¥ 3,670 | ¥ 6,214 |
Impairment loss allowance | (50) | (120) |
Net carrying amount | ¥ 3,620 | ¥ 6,094 |
Weighted average loss rate (%) | 1.40% | 1.90% |
Over 90 days but within one year | ||
Disclosure of maturity analysis of assets [Line Items] | ||
Gross carrying amount | ¥ 14,391 | ¥ 16,762 |
Impairment loss allowance | (963) | (646) |
Net carrying amount | ¥ 13,428 | ¥ 16,116 |
Weighted average loss rate (%) | 6.70% | 3.90% |
Over one year | ||
Disclosure of maturity analysis of assets [Line Items] | ||
Gross carrying amount | ¥ 14,217 | ¥ 19,680 |
Impairment loss allowance | (4,993) | (6,504) |
Net carrying amount | ¥ 9,224 | ¥ 13,176 |
Weighted average loss rate (%) | 35.10% | 33% |
Financial Instruments - Summary
Financial Instruments - Summary of Increase (Decrease) in Loss Allowance for Trade Receivables (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of other provisions [line items] | ||
Allowance account for credit losses of financial assets at beginning of period | ¥ 8,637 | |
Allowance account for credit losses of financial assets at end of period | 9,390 | ¥ 8,637 |
Trade receivables | ||
Disclosure of other provisions [line items] | ||
Allowance account for credit losses of financial assets at beginning of period | 8,637 | 5,197 |
Increases | 2,836 | 5,443 |
Decreases (written off) | (2,207) | (640) |
Decreases (reversed) | (866) | (1,738) |
Foreign currency translation differences | 990 | 375 |
Allowance account for credit losses of financial assets at end of period | 9,390 | 8,637 |
Trade receivables | Bad debt provision calculated by simplified approach | ||
Disclosure of other provisions [line items] | ||
Allowance account for credit losses of financial assets at beginning of period | 2,359 | 1,670 |
Increases | 999 | 1,733 |
Decreases (written off) | (60) | (292) |
Decreases (reversed) | (333) | (866) |
Foreign currency translation differences | 446 | 114 |
Allowance account for credit losses of financial assets at end of period | 3,411 | 2,359 |
Trade receivables | Bad debt provision recognized to credit- impaired financial assets | ||
Disclosure of other provisions [line items] | ||
Allowance account for credit losses of financial assets at beginning of period | 6,278 | 3,527 |
Increases | 1,837 | 3,710 |
Decreases (written off) | (2,147) | (348) |
Decreases (reversed) | (533) | (872) |
Foreign currency translation differences | 544 | 261 |
Allowance account for credit losses of financial assets at end of period | ¥ 5,979 | ¥ 6,278 |
Financial Instruments - Sche_12
Financial Instruments - Schedule of Derivative Financial Liabilities by Maturity (Details) - Measured at fair value through profit or loss - JPY (¥) ¥ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Carrying amount | ¥ 11,918 | ¥ 42,579 |
Bonds | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Carrying amount | 3,637,355 | 3,532,202 |
Financial liabilities, at fair value | 4,648,070 | 4,563,035 |
Bonds | Within one year | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Financial liabilities, at fair value | 221,182 | 114,712 |
Bonds | Between one and two years | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Financial liabilities, at fair value | 395,333 | 407,866 |
Bonds | Between two and three years | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Financial liabilities, at fair value | 580,073 | 526,605 |
Bonds | Between three and four years | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Financial liabilities, at fair value | 167,299 | 573,221 |
Bonds | Between four and five years | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Financial liabilities, at fair value | 632,188 | 151,308 |
Bonds | More than five years | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Financial liabilities, at fair value | 2,651,995 | 2,789,323 |
Long-term loans | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Carrying amount | 708,055 | 1,103,169 |
Financial liabilities, at fair value | 733,219 | 1,150,358 |
Long-term loans | Within one year | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Financial liabilities, at fair value | 78,155 | 227,950 |
Long-term loans | Between one and two years | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Financial liabilities, at fair value | 103,540 | 80,349 |
Long-term loans | Between two and three years | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Financial liabilities, at fair value | 54,623 | 106,972 |
Long-term loans | Between three and four years | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Financial liabilities, at fair value | 90,696 | 59,593 |
Long-term loans | Between four and five years | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Financial liabilities, at fair value | 105,942 | 284,877 |
Long-term loans | More than five years | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Financial liabilities, at fair value | 300,263 | 390,617 |
Trade and other payables | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Carrying amount | 516,297 | 343,838 |
Financial liabilities, at fair value | 516,297 | 343,838 |
Trade and other payables | Within one year | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Financial liabilities, at fair value | 516,297 | 343,838 |
Trade and other payables | Between one and two years | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Trade and other payables | Between two and three years | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Trade and other payables | Between three and four years | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Trade and other payables | Between four and five years | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Trade and other payables | More than five years | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Lease liabilities | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Carrying amount | 465,238 | 436,412 |
Financial liabilities, at fair value | 645,782 | 610,270 |
Lease liabilities | Within one year | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Financial liabilities, at fair value | 53,877 | 50,187 |
Lease liabilities | Between one and two years | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Financial liabilities, at fair value | 52,489 | 45,076 |
Lease liabilities | Between two and three years | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Financial liabilities, at fair value | 48,660 | 43,949 |
Lease liabilities | Between three and four years | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Financial liabilities, at fair value | 44,907 | 41,180 |
Lease liabilities | Between four and five years | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Financial liabilities, at fair value | 39,502 | 38,551 |
Lease liabilities | More than five years | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Financial liabilities, at fair value | 406,347 | 391,327 |
Derivative liabilities | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Carrying amount | 36,529 | 97,091 |
Financial liabilities, at fair value | (48,275) | (61,375) |
Derivative liabilities | Within one year | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Financial liabilities, at fair value | 21,144 | 29,274 |
Derivative liabilities | Between one and two years | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Financial liabilities, at fair value | (1,390) | (5,770) |
Derivative liabilities | Between two and three years | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Financial liabilities, at fair value | (2,090) | (5,380) |
Derivative liabilities | Between three and four years | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Financial liabilities, at fair value | (2,405) | (6,996) |
Derivative liabilities | Between four and five years | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Financial liabilities, at fair value | (2,647) | (6,793) |
Derivative liabilities | More than five years | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Financial liabilities, at fair value | (60,887) | (65,710) |
Derivative assets | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Carrying amount | (41,890) | (64,100) |
Financial liabilities, at fair value | (151,044) | (43,560) |
Derivative assets | Within one year | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Financial liabilities, at fair value | (26,505) | (31,816) |
Derivative assets | Between one and two years | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Financial liabilities, at fair value | (7,060) | (776) |
Derivative assets | Between two and three years | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Financial liabilities, at fair value | (9,183) | (1,133) |
Derivative assets | Between three and four years | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Financial liabilities, at fair value | (9,183) | (1,797) |
Derivative assets | Between four and five years | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Financial liabilities, at fair value | (9,573) | (2,422) |
Derivative assets | More than five years | ||
Disclosure of maturity analysis for financial liabilities [Line Items] | ||
Financial liabilities, at fair value | ¥ (89,540) | ¥ (5,616) |
Financial Instruments - Sche_13
Financial Instruments - Schedule of Reconciliation of Liabilities Arising from Financing Activities (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | ¥ 5,128,570 | ¥ 5,463,236 | |
Cash flows from financing activities | |||
Net increase (decrease) in short-term loans and commercial papers | (2) | (149,043) | ¥ (351,223) |
Proceeds from issuance of bonds | 249,334 | 1,179,515 | |
Repayments of long-term loans | (414,105) | (792,497) | |
Repayments of bonds | (396,009) | (859,209) | |
Repayments of lease liabilities | (39,694) | (39,270) | |
Interest paid | (13,934) | (12,124) | |
Non-cash items | |||
Foreign exchange movement | 291,490 | 151,752 | |
Change in fair value | (64,570) | 56,251 | |
New, amended and terminated leases | 33,819 | 99,682 | |
Others | 27,065 | 30,277 | |
Ending balance | 4,801,964 | 5,128,570 | 5,463,236 |
Bonds | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 3,532,202 | 3,204,965 | |
Cash flows from financing activities | |||
Net increase (decrease) in short-term loans and commercial papers | (144,000) | ||
Proceeds from issuance of bonds | 249,334 | 1,179,452 | |
Repayments of bonds | (395,106) | (859,209) | |
Non-cash items | |||
Foreign exchange movement | 237,833 | 134,651 | |
Others | 13,092 | 16,343 | |
Ending balance | 3,637,355 | 3,532,202 | 3,204,965 |
Long-term loans | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 1,103,100 | 1,883,325 | |
Cash flows from financing activities | |||
Repayments of long-term loans | (414,105) | (792,497) | |
Non-cash items | |||
Foreign exchange movement | 18,737 | 10,462 | |
Others | 39 | 1,810 | |
Ending balance | 1,103,100 | 1,883,325 | |
Short-term loans | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 69 | 5,014 | |
Cash flows from financing activities | |||
Net increase (decrease) in short-term loans and commercial papers | (2) | (5,043) | |
Non-cash items | |||
Foreign exchange movement | 219 | 98 | |
Ending balance | 69 | 5,014 | |
Lease liabilities | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 436,412 | 369,459 | |
Cash flows from financing activities | |||
Repayments of lease liabilities | (39,694) | (39,270) | |
Interest paid | (13,934) | (12,124) | |
Non-cash items | |||
Foreign exchange movement | 34,701 | 6,541 | |
New, amended and terminated leases | 33,819 | 99,682 | |
Others | 13,934 | 12,124 | |
Ending balance | 465,238 | 436,412 | 369,459 |
Derivative assets used for hedge of debts | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | (1,506) | (87) | |
Cash flows from financing activities | |||
Proceeds from issuance of bonds | 63 | ||
Non-cash items | |||
Change in fair value | (21,243) | (1,482) | |
Ending balance | (22,749) | (1,506) | (87) |
Derivative liabilities used for hedge of debts | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 58,293 | 560 | |
Cash flows from financing activities | |||
Repayments of bonds | (903) | ||
Non-cash items | |||
Change in fair value | (43,327) | 57,733 | |
Ending balance | ¥ 14,063 | ¥ 58,293 | ¥ 560 |
Share-based Payments - Narrativ
Share-based Payments - Narrative (Details) ¥ / shares in Units, ¥ in Millions | 12 Months Ended | ||||
Jan. 08, 2019 | Mar. 31, 2022 JPY (¥) shares plan ¥ / shares | Mar. 31, 2021 JPY (¥) shares ¥ / shares | Mar. 31, 2020 JPY (¥) shares ¥ / shares | Mar. 31, 2019 ¥ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based compensation cost (reversal of cost) | ¥ 43,730 | ¥ 39,428 | ¥ 30,016 | ||
Stock options granted (in shares) | shares | 0 | 0 | 0 | ||
Weighted-average share price for share options exercised (in JPY per share) | ¥ / shares | ¥ 3,815 | ¥ 4,115 | ¥ 4,390 | ||
Weighted-average exercise price of share options outstanding (in JPY per share) | ¥ / shares | ¥ 4,094 | ¥ 4,082 | ¥ 4,065 | ¥ 4,055 | |
Weighted-average remaining contractual life of share options outstanding | 10 years | 11 years | 12 years | ||
Number of plans | plan | 3 | ||||
American depositary shares | Shire | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Ratio of award or share per common stock | 0.5 | ||||
Phantom stock appreciation rights (PSARs) | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Ratio of award or share per common stock | 1 | ||||
Restricted stock units (RSUs) | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Ratio of award or share per common stock | 1 | ||||
Liability-settled long-term incentive plan (LTIP) | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Ratio of award or share per common stock | 1 | ||||
BIP, ESOP and Equity-Settled LTIP | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based compensation cost (reversal of cost) | ¥ 43,374 | ¥ 37,663 | ¥ 29,122 | ||
Exercisable shares (in shares) | shares | 0 | 0 | 0 | ||
BIP | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Performance metric period | 3 years | ||||
Ratio of award or share per common stock | 1 | ||||
Weighted average remaining contractual life | 1 year | 1 year | |||
ESOP | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Performance metric period | 3 years | ||||
Ratio of award or share per common stock | 1 | ||||
Weighted average remaining contractual life | 0 days | 1 year | |||
Equity-Settled LTIP | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Performance metric period | 3 years | ||||
Ratio of award or share per common stock | 1 | ||||
Weighted average remaining contractual life | 1 year | 1 year | |||
Stock options | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vesting period | 3 years | ||||
Stock options | Directors | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Expiration term | 10 years | ||||
Stock options | Corporate officers and senior management | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Expiration term | 20 years | ||||
Expense from share-based payment transactions with employees | ¥ 0 | ¥ 0 | ¥ 0 | ||
Restricted stock units (RSUs) | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vesting period | 3 years | ||||
Exercisable shares (in shares) | shares | 0 | 0 | 0 | ||
Award vesting percentage | 33.33% | 33.33% | 33.33% | ||
Restricted stock units (RSUs) | BIP | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vesting period | 3 years | ||||
Restricted stock units (RSUs) | Equity-Settled LTIP | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vesting period | 3 years | ||||
Performance stock units (PSUs) | BIP | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vesting period | 3 years | ||||
Performance stock units (PSUs) | ESOP | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vesting period | 3 years | ||||
Performance stock units (PSUs) | Equity-Settled LTIP | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vesting period | 3 years | ||||
Phantom stock appreciation rights and restricted stock units | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based compensation cost (reversal of cost) | ¥ 356 | ¥ 1,765 | ¥ 894 | ||
Liabilities from share-based payment transactions | ¥ 1,583 | ¥ 2,115 | |||
Phantom stock appreciation rights (PSARs) | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vesting period | 3 years | ||||
Expiration term | 10 years | ||||
Award vesting percentage | 33.33% | 33.33% | 33.33% | ||
Liability-settled long-term incentive plan (LTIP) | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Exercisable shares (in shares) | shares | 0 | 0 |
Share-based Payments - Schedule
Share-based Payments - Schedule of Stock Option Activities (Details) | 12 Months Ended | ||
Mar. 31, 2022 shares ¥ / shares | Mar. 31, 2021 shares ¥ / shares | Mar. 31, 2020 shares ¥ / shares | |
Number of options (shares) | |||
As of beginning of the year (in shares) | shares | 3,357,200 | 3,371,200 | 3,389,200 |
Exercised (in shares) | shares | (10,100) | (14,000) | (18,000) |
As of end of the year (in shares) | shares | 3,347,100 | 3,357,200 | 3,371,200 |
Weighted average exercise price (JPY) | |||
As of beginning of the year (in JPY per share) | ¥ / shares | ¥ 4,082 | ¥ 4,065 | ¥ 4,055 |
Exercised (in JPY per share) | ¥ / shares | 1 | 1 | 2,266 |
As of end of the year (in JPY per share) | ¥ / shares | ¥ 4,094 | ¥ 4,082 | ¥ 4,065 |
Share-based Payments - Summary
Share-based Payments - Summary of Weighted Average Fair Value of Awards at Grant Date (Details) | Mar. 31, 2022 JPY (¥) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 JPY (¥) | Mar. 31, 2021 USD ($) | Mar. 31, 2020 JPY (¥) |
BIP | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Weighted average fair value at grant date | ¥ 3,738 | ¥ 3,765 | ¥ 3,857 | ||
ESOP | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Weighted average fair value at grant date | 3,738 | 3,765 | ¥ 3,857 | ||
Equity-Settled LTIP | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Weighted average fair value at grant date | ¥ 1,877 | $ 16.90 | ¥ 1,907 | $ 17.64 |
Share-based Payments - Schedu_2
Share-based Payments - Schedule of Award Activity Related to Stock Incentive Plans (Details) - shares | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
BIP | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
As of beginning of the year (in shares) | 1,035,843 | 819,229 | 485,232 |
Granted (in shares) | 536,121 | 518,965 | 591,508 |
Forfeited/expired before vesting (in shares) | 0 | 0 | (22,689) |
Settled (in shares) | (355,603) | (302,351) | (234,822) |
Transfer to liability-settled LTIP (in shares) | 0 | 0 | 0 |
As of end of the year (in shares) | 1,216,361 | 1,035,843 | 819,229 |
ESOP | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
As of beginning of the year (in shares) | 7,751,952 | 13,398,751 | 7,939,675 |
Granted (in shares) | 534,437 | 791,687 | 11,152,440 |
Forfeited/expired before vesting (in shares) | (552,490) | (794,005) | (2,003,789) |
Settled (in shares) | (4,361,447) | (5,644,481) | (3,689,575) |
Transfer to liability-settled LTIP (in shares) | 0 | 0 | 0 |
As of end of the year (in shares) | 3,372,452 | 7,751,952 | 13,398,751 |
Equity-Settled LTIP | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
As of beginning of the year (in shares) | 23,412,994 | 0 | |
Granted (in shares) | 29,211,506 | 25,223,010 | |
Forfeited/expired before vesting (in shares) | (4,270,590) | (1,744,170) | |
Settled (in shares) | (7,466,212) | 0 | |
Transfer to liability-settled LTIP (in shares) | (25,964) | (65,846) | |
As of end of the year (in shares) | 40,861,734 | 23,412,994 | 0 |
Share-based Payments - Schedu_3
Share-based Payments - Schedule of Award Activity Related to Other Awards (Details) | 12 Months Ended | ||
Mar. 31, 2022 shares ¥ / shares | Mar. 31, 2021 shares ¥ / shares | Mar. 31, 2020 shares ¥ / shares | |
Phantom stock appreciation rights (PSARs) | |||
Number of shares | |||
As of beginning of the year (in shares) | 2,270,439 | 2,686,749 | 4,175,347 |
Exercised (in shares) | 0 | 0 | (17,737) |
Forfeited/expired after vesting (in shares) | (799,344) | (416,310) | (1,470,861) |
As of end of the year (in shares) | 1,471,095 | 2,270,439 | 2,686,749 |
Weighted average exercise price (JPY) | |||
As of beginning of the year (in JPY per share) | ¥ / shares | ¥ 4,997 | ¥ 4,873 | ¥ 4,849 |
Exercised (in JPY per share) | ¥ / shares | 0 | 0 | 4,284 |
Forfeited/expired after vesting (in JPY per share) | ¥ / shares | 5,134 | 4,641 | 4,562 |
As of end of the year (in JPY per share) | ¥ / shares | ¥ 5,481 | ¥ 4,997 | ¥ 4,873 |
Restricted stock units (RSUs) | |||
Number of shares | |||
As of beginning of the year (in shares) | 778,451 | 1,439,536 | 401,153 |
Granted (in shares) | 0 | 23,541 | 1,403,045 |
Forfeited before vesting (in shares) | (62,649) | (155,551) | (188,383) |
Settled (in shares) | (398,068) | (529,075) | (176,279) |
As of end of the year (in shares) | 317,734 | 778,451 | 1,439,536 |
Liability-settled long-term incentive plan (LTIP) | |||
Number of shares | |||
As of beginning of the year (in shares) | 262,994 | 0 | |
Granted (in shares) | 153,604 | 286,316 | |
Forfeited before vesting (in shares) | (25,682) | (29,478) | |
Settled (in shares) | (120,240) | (59,690) | |
Transfer to liability-settled LTIP (in shares) | 25,964 | 65,846 | |
As of end of the year (in shares) | 296,640 | 262,994 | 0 |
Subsidiaries and Associates - N
Subsidiaries and Associates - Narrative (Details) | 12 Months Ended |
Mar. 31, 2022 entity numberOfAssociates | |
Interests In Other Entities [Abstract] | |
Decrease in number of consolidated entities due to mergers and liquidations | 34 |
Decrease in number of entities accounted for using the equity method due to divestures | 2 |
Number of associates | numberOfAssociates | 19 |
Subsidiaries and Associates - S
Subsidiaries and Associates - Summary of Consolidated Subsidiaries (Details) | 12 Months Ended |
Mar. 31, 2022 subsidiary | |
Disclosure of subsidiaries [line items] | |
Number of immaterial subsidiaries | 171 |
Takeda Austria GmbH | |
Disclosure of subsidiaries [line items] | |
Ownership of Voting Rights (%) | 100% |
Takeda Manufacturing Austria AG | |
Disclosure of subsidiaries [line items] | |
Ownership of Voting Rights (%) | 100% |
Baxalta Innovations GmbH | |
Disclosure of subsidiaries [line items] | |
Ownership of Voting Rights (%) | 100% |
Takeda Distribuidora Ltda. | |
Disclosure of subsidiaries [line items] | |
Ownership of Voting Rights (%) | 100% |
Takeda Canada Inc. | |
Disclosure of subsidiaries [line items] | |
Ownership of Voting Rights (%) | 100% |
Takeda (China) Holdings Co., Ltd. | |
Disclosure of subsidiaries [line items] | |
Ownership of Voting Rights (%) | 100% |
Takeda (China) International Trading Co., Ltd. | |
Disclosure of subsidiaries [line items] | |
Ownership of Voting Rights (%) | 100% |
Takeda France S.A.S. | |
Disclosure of subsidiaries [line items] | |
Ownership of Voting Rights (%) | 100% |
Takeda GmbH | |
Disclosure of subsidiaries [line items] | |
Ownership of Voting Rights (%) | 100% |
Takeda Ireland Limited | |
Disclosure of subsidiaries [line items] | |
Ownership of Voting Rights (%) | 100% |
Shire Pharmaceuticals International Unlimited Company | |
Disclosure of subsidiaries [line items] | |
Ownership of Voting Rights (%) | 100% |
Shire Acquisitions Investments Ireland Designated Activity Company | |
Disclosure of subsidiaries [line items] | |
Ownership of Voting Rights (%) | 100% |
Shire Ireland Finance Trading Limited | |
Disclosure of subsidiaries [line items] | |
Ownership of Voting Rights (%) | 100% |
Takeda Italia S.p.A. | |
Disclosure of subsidiaries [line items] | |
Ownership of Voting Rights (%) | 100% |
Takeda Pharmaceuticals Korea Co., Ltd. | |
Disclosure of subsidiaries [line items] | |
Ownership of Voting Rights (%) | 100% |
Takeda Mexico S.A.de C.V. | |
Disclosure of subsidiaries [line items] | |
Ownership of Voting Rights (%) | 100% |
Takeda Pharmaceuticals Limited Liability Company | |
Disclosure of subsidiaries [line items] | |
Ownership of Voting Rights (%) | 100% |
Takeda Development Center Asia, Pte. Ltd. | |
Disclosure of subsidiaries [line items] | |
Ownership of Voting Rights (%) | 100% |
Takeda Farmaceutica Espana S.A. | |
Disclosure of subsidiaries [line items] | |
Ownership of Voting Rights (%) | 100% |
Takeda Pharma AB | |
Disclosure of subsidiaries [line items] | |
Ownership of Voting Rights (%) | 100% |
Takeda Pharmaceuticals International AG | |
Disclosure of subsidiaries [line items] | |
Ownership of Voting Rights (%) | 100% |
Baxalta GmbH | |
Disclosure of subsidiaries [line items] | |
Ownership of Voting Rights (%) | 100% |
Baxalta Manufacturing, S.a.r.l. | |
Disclosure of subsidiaries [line items] | |
Ownership of Voting Rights (%) | 100% |
Takeda UK Limited | |
Disclosure of subsidiaries [line items] | |
Ownership of Voting Rights (%) | 100% |
Takeda Pharmaceuticals U.S.A., Inc. | |
Disclosure of subsidiaries [line items] | |
Ownership of Voting Rights (%) | 100% |
ARIAD Pharmaceuticals, Inc. | |
Disclosure of subsidiaries [line items] | |
Ownership of Voting Rights (%) | 100% |
Takeda Vaccines, Inc. | |
Disclosure of subsidiaries [line items] | |
Ownership of Voting Rights (%) | 100% |
Takeda Development Center Americas, Inc. | |
Disclosure of subsidiaries [line items] | |
Ownership of Voting Rights (%) | 100% |
Baxalta Incorporated | |
Disclosure of subsidiaries [line items] | |
Ownership of Voting Rights (%) | 100% |
Dyax Corp. | |
Disclosure of subsidiaries [line items] | |
Ownership of Voting Rights (%) | 100% |
Takeda Ventures, Inc. | |
Disclosure of subsidiaries [line items] | |
Ownership of Voting Rights (%) | 100% |
Baxalta US Inc. | |
Disclosure of subsidiaries [line items] | |
Ownership of Voting Rights (%) | 100% |
Shire Human Genetic Therapies, Inc. | |
Disclosure of subsidiaries [line items] | |
Ownership of Voting Rights (%) | 100% |
Biolife Plasma Services LP | |
Disclosure of subsidiaries [line items] | |
Ownership of Voting Rights (%) | 100% |
Related Party Transactions (Det
Related Party Transactions (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Related party transactions [abstract] | |||
Basic compensation and bonuses | ¥ 1,614 | ¥ 1,664 | ¥ 2,441 |
Share-based compensation (expensed amount) | 2,547 | 2,483 | 2,143 |
Other | 38 | 42 | 45 |
Total | ¥ 4,199 | ¥ 4,189 | ¥ 4,629 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Details) € in Millions, ¥ in Millions, $ in Millions | 12 Months Ended | ||||||
Jan. 28, 2019 USD ($) | Nov. 28, 2018 USD ($) | Nov. 28, 2018 EUR (€) | Mar. 31, 2022 JPY (¥) numberOfFilers lawsuit | Mar. 31, 2022 EUR (€) lawsuit | Mar. 31, 2021 JPY (¥) | Dec. 31, 2013 lawsuit | |
Disclosure of contingent liabilities [line items] | |||||||
Contractual commitments for acquisition of property, plant and equipment | ¥ 14,159 | ||||||
Contractual commitments for acquisition of intangible assets | 1,568,029 | ||||||
Income taxes payable | 200,918 | ¥ 145,203 | |||||
Aggregate provisions for legal and other disputes | ¥ 42,869 | ¥ 73,395 | |||||
Irish Revenue Authority assessment | |||||||
Disclosure of contingent liabilities [line items] | |||||||
Tax assessment | € | € 398 | ||||||
Taxable gain related to break fee | $ | $ 1,635 | ||||||
Income taxes payable | € | € 491 | ||||||
TRINTELLIX | |||||||
Disclosure of contingent liabilities [line items] | |||||||
Notices received, number of filers | numberOfFilers | 16 | ||||||
Lawsuits resolved before trial, number of filers | numberOfFilers | 10 | ||||||
Trial, number of filers | numberOfFilers | 6 | ||||||
ADYNOVATE | |||||||
Disclosure of contingent liabilities [line items] | |||||||
Damages awarded | $ | $ 155.2 | ||||||
ACTOS Antitrust Litigation | |||||||
Disclosure of contingent liabilities [line items] | |||||||
Number of lawsuits | lawsuit | 2 | ||||||
U.S. | ACTOS | |||||||
Disclosure of contingent liabilities [line items] | |||||||
Number of lawsuits | lawsuit | 6,400 | 6,400 | |||||
Outside the U.S. | ACTOS | |||||||
Disclosure of contingent liabilities [line items] | |||||||
Number of lawsuits | lawsuit | 3 | 3 |
Subsequent Events (Details)
Subsequent Events (Details) - Entering into significant commitments or contingent liabilities ft² in Millions, $ in Millions | Jun. 01, 2022 USD ($) renewal_option ft² |
Disclosure of non-adjusting events after reporting period [line items] | |
Lease agreement, surface area | ft² | 0.6 |
Lease agreement, term | 15 years |
Lease agreement, number of renewal option | renewal_option | 2 |
Lease agreement, renewal option, term | 10 years |
Lease agreement, base lease term payment obligation | $ | $ 1,480 |