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filed with the Securities and Exchange Commission on June 17, 2026\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n___________________________________________________________\n\nFORM 20-F\n\n___________________________________________________________\n\n☐\nREGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nOR\n\n☒\nANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the fiscal year ended March 31, 2026\n\nOR\n\n☐\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from      to     \n\nOR\n\n☐\n\nSHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nDate of event requiring this shell company report\n\nCommission file number: 001-38757\n\n___________________________________________________________\n\nTakeda Yakuhin Kogyo Kabushiki Kaisha\n\n(Exact name of registrant as specified in its charter)\n\n___________________________________________________________\n\nTakeda Pharmaceutical Company Limited\n\n(Translation of registrant’s name into English)\n\n___________________________________________________________\n\nJapan\n\n1-1, Nihonbashi-Honcho 2-Chome\n\nChuo-ku, Tokyo 103-8668, Japan\n\n(Jurisdiction of incorporation or organization)(Address of principal executive offices)\n\nMilano Furuta\n\n1-1, Nihonbashi-Honcho 2-Chome\n\nChuo-ku, Tokyo 103-8668, Japan\n\nTel: +81 3 3278-2306\n\nFax: +81 3 3278-2268\n\nEmail: Global.External.Reporting@takeda.com\n\n(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)\n\n___________________________________________________________\n\nSecurities registered or to be registered pursuant to Section 12(b) of the Act:\n\nTitle of Each ClassTrading Symbols\nName of Each Exchange On Which Registered \n\nAmerican Depositary Shares Representing Common Stock\nCommon Stock, no par value*\nTAKNew York Stock Exchange\n\n0.750% Senior Notes due 2027TAK27New York Stock Exchange\n\n1.000% Senior Notes due 2029TAK29New York Stock Exchange\n\n1.375% Senior Notes due 2032TAK32New York Stock Exchange\n\n2.000% Senior Notes due 2040TAK40ANew York Stock Exchange\n\n*Listed not for trading, but only in connection with the registration of the American Depositary Shares, pursuant to the requirements of the Securities and Exchange Commission.\n\nSecurities registered or to be registered pursuant to Section 12(g) of the Act:\n\nNone\n\nSecurities for which there is a reporting obligation pursuant to Section 15(d) of the Act:\n\nNone\n\n___________________________________________________________\n\nIndicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.\n\n143,310,556 ADSs outstanding as of March 31, 2026\n\n1,579,836,830 shares of common stock as of March 31, 2026\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes ý      No ☐\n\nIf this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.      Yes ☐      No ý\n\nIndicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes ý     No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes ý    No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one): \n\nLarge accelerated filer\n☒\nAccelerated filer☐ Non-accelerated filer☐Emerging growth company☐\n\nIf an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.    ☐\n\n† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.\n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐\n\nIndicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:\n\nU.S. GAAP  ☐\nInternational Financial Reporting Standards as issued\nby the International Accounting Standards Board  ☒\nOther  ☐\n\nIf “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.    ☐ Item 17    ☐ Item 18\n\nIf this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes ☐      No ☒\n\n(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)\n\nIndicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.       Yes ☐      No ☐\n\n1\n\n[Table of Contents](#i89761be648564855b53fa24df8e6ee90_10)\n\nTABLE OF CONTENTS\n\n[Special Note Regarding Forward-Looking Statements](#i89761be648564855b53fa24df8e6ee90_16)\n\n[PART I](#i89761be648564855b53fa24df8e6ee90_19)\n\n[Item 1. Identity of Directors, Senior Management and Advisers](#i89761be648564855b53fa24df8e6ee90_22)\n\n[6](#i89761be648564855b53fa24df8e6ee90_22)\n\n[Item 2. Offer Statistics and Expected Timetable](#i89761be648564855b53fa24df8e6ee90_25)\n\n[6](#i89761be648564855b53fa24df8e6ee90_25)\n\n[Item 3. Key Information](#i89761be648564855b53fa24df8e6ee90_28)\n\n[6](#i89761be648564855b53fa24df8e6ee90_28)\n\n[3.A [Reserved]](#i89761be648564855b53fa24df8e6ee90_31)\n\n[6](#i89761be648564855b53fa24df8e6ee90_31)\n\n[3.B Capitalization and](#i89761be648564855b53fa24df8e6ee90_34)[I](#i89761be648564855b53fa24df8e6ee90_34)[ndebtedness](#i89761be648564855b53fa24df8e6ee90_34)\n\n[6](#i89761be648564855b53fa24df8e6ee90_34)\n\n[3.C Reason for the](#i89761be648564855b53fa24df8e6ee90_37)[O](#i89761be648564855b53fa24df8e6ee90_37)[ffer and](#i89761be648564855b53fa24df8e6ee90_37)[U](#i89761be648564855b53fa24df8e6ee90_37)[se of](#i89761be648564855b53fa24df8e6ee90_37)[P](#i89761be648564855b53fa24df8e6ee90_37)[roceeds](#i89761be648564855b53fa24df8e6ee90_37)\n\n[6](#i89761be648564855b53fa24df8e6ee90_37)\n\n[3.D Risk](#i89761be648564855b53fa24df8e6ee90_40)[F](#i89761be648564855b53fa24df8e6ee90_40)[actors](#i89761be648564855b53fa24df8e6ee90_40)\n\n[7](#i89761be648564855b53fa24df8e6ee90_40)\n\n[Item 4. Information on the Company](#i89761be648564855b53fa24df8e6ee90_61)\n\n[22](#i89761be648564855b53fa24df8e6ee90_61)\n\n[4.A History and](#i89761be648564855b53fa24df8e6ee90_64)[D](#i89761be648564855b53fa24df8e6ee90_64)[evelopment of the](#i89761be648564855b53fa24df8e6ee90_64)[C](#i89761be648564855b53fa24df8e6ee90_64)[ompany](#i89761be648564855b53fa24df8e6ee90_64)\n\n[22](#i89761be648564855b53fa24df8e6ee90_64)\n\n[4.B Business](#i89761be648564855b53fa24df8e6ee90_67)[O](#i89761be648564855b53fa24df8e6ee90_67)[verview](#i89761be648564855b53fa24df8e6ee90_67)\n\n[23](#i89761be648564855b53fa24df8e6ee90_67)\n\n[4.C Organizational](#i89761be648564855b53fa24df8e6ee90_106)[S](#i89761be648564855b53fa24df8e6ee90_106)[tructure](#i89761be648564855b53fa24df8e6ee90_106)\n\n[56](#i89761be648564855b53fa24df8e6ee90_106)\n\n[4.D Property,](#i89761be648564855b53fa24df8e6ee90_109)[P](#i89761be648564855b53fa24df8e6ee90_109)[lant and](#i89761be648564855b53fa24df8e6ee90_109)[E](#i89761be648564855b53fa24df8e6ee90_109)[quipment](#i89761be648564855b53fa24df8e6ee90_109)\n\n[57](#i89761be648564855b53fa24df8e6ee90_109)\n\n[Item 4A. Unresolved Staff Comments](#i89761be648564855b53fa24df8e6ee90_112)\n\n[58](#i89761be648564855b53fa24df8e6ee90_112)\n\n[Item 5. Operating and Financial Review and Prospects](#i89761be648564855b53fa24df8e6ee90_115)\n\n[59](#i89761be648564855b53fa24df8e6ee90_115)\n\n[5.A Operating](#i89761be648564855b53fa24df8e6ee90_118)[R](#i89761be648564855b53fa24df8e6ee90_118)[esults](#i89761be648564855b53fa24df8e6ee90_118)\n\n[59](#i89761be648564855b53fa24df8e6ee90_118)\n\n[5.B Liquidity and](#i89761be648564855b53fa24df8e6ee90_139)[C](#i89761be648564855b53fa24df8e6ee90_139)[apital](#i89761be648564855b53fa24df8e6ee90_139)[R](#i89761be648564855b53fa24df8e6ee90_139)[esources](#i89761be648564855b53fa24df8e6ee90_139)\n\n[77](#i89761be648564855b53fa24df8e6ee90_139)\n\n[5.C Research and](#i89761be648564855b53fa24df8e6ee90_163)[D](#i89761be648564855b53fa24df8e6ee90_163)[evelopment,](#i89761be648564855b53fa24df8e6ee90_163)[P](#i89761be648564855b53fa24df8e6ee90_163)[atents and](#i89761be648564855b53fa24df8e6ee90_163)[L](#i89761be648564855b53fa24df8e6ee90_163)[icenses, etc.](#i89761be648564855b53fa24df8e6ee90_163)\n\n[82](#i89761be648564855b53fa24df8e6ee90_163)\n\n[5.D Trend](#i89761be648564855b53fa24df8e6ee90_166)[I](#i89761be648564855b53fa24df8e6ee90_166)[nformation](#i89761be648564855b53fa24df8e6ee90_166)\n\n[82](#i89761be648564855b53fa24df8e6ee90_166)\n\n[5.E Critical](#i89761be648564855b53fa24df8e6ee90_169)[A](#i89761be648564855b53fa24df8e6ee90_169)[ccounting](#i89761be648564855b53fa24df8e6ee90_169)[E](#i89761be648564855b53fa24df8e6ee90_169)[stimates](#i89761be648564855b53fa24df8e6ee90_169)\n\n[82](#i89761be648564855b53fa24df8e6ee90_169)\n\n[Annex to Item 5. Certain Supplemental Non-IFRS Measures as Defined and Presented by Takeda](#i89761be648564855b53fa24df8e6ee90_3942)\n\n[83](#i89761be648564855b53fa24df8e6ee90_3942)\n\n[Item 6. Directors, Senior Management and Employees](#i89761be648564855b53fa24df8e6ee90_172)\n\n[95](#i89761be648564855b53fa24df8e6ee90_172)\n\n[6.A Directors and](#i89761be648564855b53fa24df8e6ee90_175)[S](#i89761be648564855b53fa24df8e6ee90_175)[enior](#i89761be648564855b53fa24df8e6ee90_175)[M](#i89761be648564855b53fa24df8e6ee90_175)[anagement](#i89761be648564855b53fa24df8e6ee90_175)\n\n[95](#i89761be648564855b53fa24df8e6ee90_175)\n\n[6.B Compensation](#i89761be648564855b53fa24df8e6ee90_178)\n\n[107](#i89761be648564855b53fa24df8e6ee90_178)\n\n[6.C Board](#i89761be648564855b53fa24df8e6ee90_190)[P](#i89761be648564855b53fa24df8e6ee90_190)[ractices](#i89761be648564855b53fa24df8e6ee90_190)\n\n[113](#i89761be648564855b53fa24df8e6ee90_190)\n\n[6.D Employees](#i89761be648564855b53fa24df8e6ee90_193)\n\n[115](#i89761be648564855b53fa24df8e6ee90_193)\n\n[6.E Share](#i89761be648564855b53fa24df8e6ee90_196)[O](#i89761be648564855b53fa24df8e6ee90_196)[wnership](#i89761be648564855b53fa24df8e6ee90_196)\n\n[116](#i89761be648564855b53fa24df8e6ee90_196)\n\n[6.F Disclosure of a Registrant’s Action to Recover Erroneously Awarded Compensation](#i89761be648564855b53fa24df8e6ee90_3698)\n\n[117](#i89761be648564855b53fa24df8e6ee90_3698)\n\n[Item 7. Major Shareholders and Related Party Transactions](#i89761be648564855b53fa24df8e6ee90_199)\n\n[118](#i89761be648564855b53fa24df8e6ee90_199)\n\n[7.A Major](#i89761be648564855b53fa24df8e6ee90_202)[S](#i89761be648564855b53fa24df8e6ee90_202)[hareholders](#i89761be648564855b53fa24df8e6ee90_202)\n\n[118](#i89761be648564855b53fa24df8e6ee90_202)\n\n[7.B](#i89761be648564855b53fa24df8e6ee90_205)[Related](#i89761be648564855b53fa24df8e6ee90_205)[P](#i89761be648564855b53fa24df8e6ee90_205)[arty](#i89761be648564855b53fa24df8e6ee90_205)[T](#i89761be648564855b53fa24df8e6ee90_205)[ransactions](#i89761be648564855b53fa24df8e6ee90_205)\n\n[118](#i89761be648564855b53fa24df8e6ee90_205)\n\n[7.C](#i89761be648564855b53fa24df8e6ee90_208)[Interest of](#i89761be648564855b53fa24df8e6ee90_208)[E](#i89761be648564855b53fa24df8e6ee90_208)[xperts and](#i89761be648564855b53fa24df8e6ee90_208)[C](#i89761be648564855b53fa24df8e6ee90_208)[ounsel](#i89761be648564855b53fa24df8e6ee90_208)\n\n[119](#i89761be648564855b53fa24df8e6ee90_208)\n\n[Item 8. Financial Information](#i89761be648564855b53fa24df8e6ee90_211)\n\n[119](#i89761be648564855b53fa24df8e6ee90_211)\n\n[8.A Consolidated](#i89761be648564855b53fa24df8e6ee90_214)[S](#i89761be648564855b53fa24df8e6ee90_214)[tatements and](#i89761be648564855b53fa24df8e6ee90_214)[O](#i89761be648564855b53fa24df8e6ee90_214)[ther](#i89761be648564855b53fa24df8e6ee90_214)[F](#i89761be648564855b53fa24df8e6ee90_214)[inancial](#i89761be648564855b53fa24df8e6ee90_214)[I](#i89761be648564855b53fa24df8e6ee90_214)[nformation](#i89761be648564855b53fa24df8e6ee90_214)\n\n[119](#i89761be648564855b53fa24df8e6ee90_214)\n\n[8.B Significant](#i89761be648564855b53fa24df8e6ee90_217)[C](#i89761be648564855b53fa24df8e6ee90_217)[hanges](#i89761be648564855b53fa24df8e6ee90_217)\n\n[119](#i89761be648564855b53fa24df8e6ee90_217)\n\n[Item 9. The Offer and Listing](#i89761be648564855b53fa24df8e6ee90_220)\n\n[120](#i89761be648564855b53fa24df8e6ee90_220)\n\n[9.A Offer and](#i89761be648564855b53fa24df8e6ee90_223)[L](#i89761be648564855b53fa24df8e6ee90_223)[isting](#i89761be648564855b53fa24df8e6ee90_223)[D](#i89761be648564855b53fa24df8e6ee90_223)[etails](#i89761be648564855b53fa24df8e6ee90_223)\n\n[120](#i89761be648564855b53fa24df8e6ee90_223)\n\n[9.B Plan of](#i89761be648564855b53fa24df8e6ee90_226)[D](#i89761be648564855b53fa24df8e6ee90_226)[istribution](#i89761be648564855b53fa24df8e6ee90_226)\n\n[120](#i89761be648564855b53fa24df8e6ee90_226)\n\n[9.C Markets](#i89761be648564855b53fa24df8e6ee90_229)\n\n[120](#i89761be648564855b53fa24df8e6ee90_229)\n\n[9.D Selling](#i89761be648564855b53fa24df8e6ee90_232)[S](#i89761be648564855b53fa24df8e6ee90_232)[hareholders](#i89761be648564855b53fa24df8e6ee90_232)\n\n[120](#i89761be648564855b53fa24df8e6ee90_232)\n\n2\n\n[Table of Contents](#i89761be648564855b53fa24df8e6ee90_10)\n\n[9.E Dilution](#i89761be648564855b53fa24df8e6ee90_235)\n\n[120](#i89761be648564855b53fa24df8e6ee90_235)\n\n[9.F Expenses of the](#i89761be648564855b53fa24df8e6ee90_238)[I](#i89761be648564855b53fa24df8e6ee90_238)[ssue](#i89761be648564855b53fa24df8e6ee90_238)\n\n[120](#i89761be648564855b53fa24df8e6ee90_238)\n\n[Item 10. Additional Information](#i89761be648564855b53fa24df8e6ee90_241)\n\n[121](#i89761be648564855b53fa24df8e6ee90_241)\n\n[10.A Share](#i89761be648564855b53fa24df8e6ee90_244)[C](#i89761be648564855b53fa24df8e6ee90_244)[apital](#i89761be648564855b53fa24df8e6ee90_244)\n\n[121](#i89761be648564855b53fa24df8e6ee90_244)\n\n[10.B Memorandum and](#i89761be648564855b53fa24df8e6ee90_247)[A](#i89761be648564855b53fa24df8e6ee90_247)[rticles of](#i89761be648564855b53fa24df8e6ee90_247)[A](#i89761be648564855b53fa24df8e6ee90_247)[ssociation](#i89761be648564855b53fa24df8e6ee90_247)\n\n[121](#i89761be648564855b53fa24df8e6ee90_247)\n\n[10.C Material](#i89761be648564855b53fa24df8e6ee90_250)[C](#i89761be648564855b53fa24df8e6ee90_250)[ontracts](#i89761be648564855b53fa24df8e6ee90_250)\n\n[129](#i89761be648564855b53fa24df8e6ee90_250)\n\n[10.D Exchange](#i89761be648564855b53fa24df8e6ee90_253)[C](#i89761be648564855b53fa24df8e6ee90_253)[ontrols](#i89761be648564855b53fa24df8e6ee90_253)\n\n[130](#i89761be648564855b53fa24df8e6ee90_253)\n\n[10.E Taxation](#i89761be648564855b53fa24df8e6ee90_256)\n\n[132](#i89761be648564855b53fa24df8e6ee90_256)\n\n[10.F Dividends and](#i89761be648564855b53fa24df8e6ee90_259)[P](#i89761be648564855b53fa24df8e6ee90_259)[aying](#i89761be648564855b53fa24df8e6ee90_259)[A](#i89761be648564855b53fa24df8e6ee90_259)[gents](#i89761be648564855b53fa24df8e6ee90_259)\n\n[136](#i89761be648564855b53fa24df8e6ee90_259)\n\n[10.G Statement by](#i89761be648564855b53fa24df8e6ee90_262)[E](#i89761be648564855b53fa24df8e6ee90_262)[xperts](#i89761be648564855b53fa24df8e6ee90_262)\n\n[136](#i89761be648564855b53fa24df8e6ee90_262)\n\n[10.H Documents on](#i89761be648564855b53fa24df8e6ee90_265)[D](#i89761be648564855b53fa24df8e6ee90_265)[isplay](#i89761be648564855b53fa24df8e6ee90_265)\n\n[136](#i89761be648564855b53fa24df8e6ee90_265)\n\n[10.I Subsidiary](#i89761be648564855b53fa24df8e6ee90_268)[I](#i89761be648564855b53fa24df8e6ee90_268)[nformation](#i89761be648564855b53fa24df8e6ee90_268)\n\n[136](#i89761be648564855b53fa24df8e6ee90_268)\n\n[10.J Annual Report to Security Holders](#i89761be648564855b53fa24df8e6ee90_3573)\n\n[136](#i89761be648564855b53fa24df8e6ee90_3573)\n\n[Item 11. Quantitative and Qualitative Disclosures about Market Risk](#i89761be648564855b53fa24df8e6ee90_271)\n\n[136](#i89761be648564855b53fa24df8e6ee90_271)\n\n[Item 12. Description of Securities Other Than Equity Securities](#i89761be648564855b53fa24df8e6ee90_274)\n\n[137](#i89761be648564855b53fa24df8e6ee90_274)\n\n[12.A Debt](#i89761be648564855b53fa24df8e6ee90_277)[S](#i89761be648564855b53fa24df8e6ee90_277)[ecurities](#i89761be648564855b53fa24df8e6ee90_277)\n\n[137](#i89761be648564855b53fa24df8e6ee90_277)\n\n[12.B Warrants and](#i89761be648564855b53fa24df8e6ee90_280)[R](#i89761be648564855b53fa24df8e6ee90_280)[ights](#i89761be648564855b53fa24df8e6ee90_280)\n\n[137](#i89761be648564855b53fa24df8e6ee90_280)\n\n[12.C Other](#i89761be648564855b53fa24df8e6ee90_283)[S](#i89761be648564855b53fa24df8e6ee90_283)[ecurities](#i89761be648564855b53fa24df8e6ee90_283)\n\n[137](#i89761be648564855b53fa24df8e6ee90_283)\n\n[12.D American Depositary Shares](#i89761be648564855b53fa24df8e6ee90_286)\n\n[137](#i89761be648564855b53fa24df8e6ee90_286)\n\n[PART I](#i89761be648564855b53fa24df8e6ee90_289)I\n\n[Item 13. Defaults, Dividend Arrearages and Delinquencies](#i89761be648564855b53fa24df8e6ee90_292)\n\n[139](#i89761be648564855b53fa24df8e6ee90_292)\n\n[Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds](#i89761be648564855b53fa24df8e6ee90_295)\n\n[139](#i89761be648564855b53fa24df8e6ee90_295)\n\n[Item 15. Controls and Procedures](#i89761be648564855b53fa24df8e6ee90_298)\n\n[139](#i89761be648564855b53fa24df8e6ee90_298)\n\n[Item 16A. Audit Committee Financial Expert](#i89761be648564855b53fa24df8e6ee90_301)\n\n[139](#i89761be648564855b53fa24df8e6ee90_301)\n\n[Item 16B. Code of Ethics](#i89761be648564855b53fa24df8e6ee90_304)\n\n[140](#i89761be648564855b53fa24df8e6ee90_304)\n\n[Item 16C. Principal Accountant Fees and Services](#i89761be648564855b53fa24df8e6ee90_307)\n\n[140](#i89761be648564855b53fa24df8e6ee90_307)\n\n[Item 16D. Exemptions from the Listing Standards for Audit Committees](#i89761be648564855b53fa24df8e6ee90_310)\n\n[141](#i89761be648564855b53fa24df8e6ee90_310)\n\n[Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers](#i89761be648564855b53fa24df8e6ee90_313)\n\n[141](#i89761be648564855b53fa24df8e6ee90_313)\n\n[Item 16F. Change in Registrant’s Certifying Accountant](#i89761be648564855b53fa24df8e6ee90_316)\n\n[141](#i89761be648564855b53fa24df8e6ee90_316)\n\n[Item 16G. Corporate Governance](#i89761be648564855b53fa24df8e6ee90_319)\n\n[142](#i89761be648564855b53fa24df8e6ee90_319)\n\n[Item 16H. Mine Safety Disclosure](#i89761be648564855b53fa24df8e6ee90_322)\n\n[143](#i89761be648564855b53fa24df8e6ee90_322)\n\n[Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#i89761be648564855b53fa24df8e6ee90_325)\n\n[143](#i89761be648564855b53fa24df8e6ee90_325)\n\n[Item 16J. Insider Trading Policies](#i89761be648564855b53fa24df8e6ee90_3819)\n\n[143](#i89761be648564855b53fa24df8e6ee90_3819)\n\n[Item 16K. Cybersecurity](#i89761be648564855b53fa24df8e6ee90_3825)\n\n[144](#i89761be648564855b53fa24df8e6ee90_3825)\n\n[PART I](#i89761be648564855b53fa24df8e6ee90_328)II\n\n[Item 17. Financial Statements](#i89761be648564855b53fa24df8e6ee90_331)\n\n[146](#i89761be648564855b53fa24df8e6ee90_331)\n\n[Item 18. Financial Statements](#i89761be648564855b53fa24df8e6ee90_334)\n\n[146](#i89761be648564855b53fa24df8e6ee90_334)\n\n[Item 19. Exhibits](#i89761be648564855b53fa24df8e6ee90_337)\n\n[146](#i89761be648564855b53fa24df8e6ee90_337)\n\n3\n\n[Table of Contents](#i89761be648564855b53fa24df8e6ee90_10)\n\nAs used in this annual report, references to the “Company,” “Takeda,” “we,” “us” and “our” are to Takeda Pharmaceutical Company Limited and, except as the context otherwise requires, its consolidated subsidiaries.\n\nIn this annual report, we present our audited consolidated financial statements as of March 31, 2025 and 2026 and for the fiscal years ended March 31, 2024, 2025 and 2026. Our consolidated financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). The term IFRS also includes International Accounting Standards (“IAS”) and the related interpretations of the committees (Standard Interpretations Committee (“SIC”) and International Financial Reporting Interpretations Committee (“IFRIC”)).\n\nAs used in this annual report, “yen,” “¥” or “JPY” means the lawful currency of Japan, “U.S. dollar,” “$” or “USD” means the lawful currency of the United States of America (“U.S.”) and “euro,” “€” or “EUR” means the lawful currency of the member states of the European Monetary Union.\n\nAs used in this annual report, “ADS” means an American Depositary Share, representing 0.5 shares of the Company’s common stock, and “ADR” means an American Depositary Receipt evidencing one or more ADSs. See “Item 12. Description of Securities Other Than Equity Securities—D. American Depositary Shares.” “Notes” refers to the series of notes issued by us and registered under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) listed on the cover page of this annual report. References to “our securities” refer to collectively to our ADSs, the shares of our common stock and the notes.\n\nAs used in this annual report, except as the context otherwise requires, the “Companies Act” means the Companies Act of Japan.\n\nAmounts shown in this annual report have been rounded to the nearest indicated digit unless otherwise specified. In tables and graphs with rounded figures, sums may not add up due to rounding.\n\n4\n\n[Table of Contents](#i89761be648564855b53fa24df8e6ee90_10)\n\nSpecial Note Regarding Forward-Looking Statements\n\nThis annual report contains forward-looking statements. These statements appear in a number of places in this annual report and include statements regarding the intent, belief, or current and future expectations of our management with respect to our business, financial condition and results of operations. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “would,” “expect,” “intend,” “project,” “plan,” “aim,” “seek,” “target,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other similar terminology. These statements are not guarantees of future performance and are subject to various risks and uncertainties. Our actual results, performance or achievements, or those of our industry, may differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. In addition, these forward-looking statements are necessarily dependent upon assumptions, estimates and data that may be incorrect or imprecise and involve known and unknown risks and uncertainties. These forward-looking statements include, among other topics, statements regarding:\n\n•our goals and strategies;\n\n•our ability to develop and bring to market new products, including expectations for our pipeline, our business development activities and our ability to manufacture and supply;\n\n•expected changes in our revenue, costs, expenditures, operating income or other components of our results;\n\n•expected changes in the pharmaceutical industry or in government policies and regulations relating to it;\n\n•the ability to achieve the expected benefits of businesses we may acquire;\n\n•the extent to which our efforts to increase efficiency, productivity or cost-savings, such as the integration of digital technologies, including artificial intelligence (AI), in our business or other initiatives to restructure our operations will lead to the expected benefits;\n\n•developments regarding or the outcome of any litigation or other legal, administrative, regulatory or governmental proceedings;\n\n•information regarding competition within our industry, including the timing of anticipated competition from generics or biosimilars of our marketed products based on the expiration of patents or regulatory exclusivity or otherwise;\n\n•our ability to reduce our greenhouse gas emissions, whether via internal energy conservation measures, future advancements in renewable energy or low carbon energy technology; or\n\n•the effect of economic, political, legislative or other developments on our business or results of operations, including changes with respect to interest rates, foreign exchange rates, inflation, third-party suppliers and payers.\n\nForward-looking statements regarding operating income and operating results are particularly subject to a variety of assumptions, some or all of which may not be realized. Accordingly, the forward-looking statements included in this annual report should not be interpreted as predictions or representations of future events or circumstances.\n\nPotential risks and uncertainties include those identified and discussed in “Item 3. Key Information—D. Risk Factors,” “Item 4. Information on the Company,” “Item 5. Operating and Financial Review and Prospects” and elsewhere in this annual report. Given these risks and uncertainties, undue reliance should not be placed on any forward-looking statements, which speak only as of the date of this annual report. Except as required by law, we disclaim any obligation to update or review any forward-looking statements contained in this annual report, whether as a result of new information, future events or otherwise.\n\n5\n\n[Table of Contents](#i89761be648564855b53fa24df8e6ee90_10)\n\nPart I"}