Takeda Pharmaceutical Revises Lower First-Quarter Net Profit on Tax Provision
August 06 2021 - 4:24AM
Dow Jones News
By Kosaku Narioka
Takeda Pharmaceutical Co. said Friday that it has revised lower
its first-quarter net profit to Y137.68 billion ($1.25 billion)
from Y200.38 billion previously, as it booked a provision for a
potential tax payment.
The Japanese drug maker said earlier this week that it would
book a Y63 billion provision related to potential taxes on a fee
received by Shire PLC., which Takeda acquired in January 2019,
following a decision by Irish Tax Appeals Commission.
In November 2018, Shire received a EUR398 million ($471 million)
tax assessment from Irish Revenue Commissioners on a $1.635 billion
fee that AbbVie Inc. paid to terminate an offer to buy Shire.
Takeda said earlier this week that the appeals commission upheld
the revenue commissioners' position and that the Japanese drug
maker intended to challenge the outcome through legal means.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
August 06, 2021 04:11 ET (08:11 GMT)
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