October 31, 2019 / 6:15 AM / 19 days ago

Japan's Takeda cuts full year loss forecast

TOKYO, Oct 31 (Reuters) - Takeda Pharmaceutical Co Ltd said on Thursday its half year profit fell by 70%, and the company trimmed its estimate for a full-year loss.

Japan’s biggest drugmaker posted an operating profit of 50.3 billion yen ($462.87 million) for the six months through September, compared with a profit of 172 billion yen a year earlier.

For the full year ending March 2020, the company expects an operating loss of 110 billion yen. That compares with its previous estimate for a loss of 166 billion yen and an average Refinitiv loss estimate of 102.99 billion yen from 11 analysts.

Takeda surprised markets in May when it reversed its full-year earnings forecast to a loss, citing costs associated with its $59 billion purchase of Shire Plc. ($1 = 108.6700 yen) (Reporting by Rocky Swift; Editing by David Dolan and Muralikumar Anantharaman)

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