TOKYO, Reuters – Japan’s Takeda Pharmaceutical Co reported Wednesday that its 12 month operating profit fell 9.5%. However, the largest pharmaceutical company in Japan forecasts a rebound for this year.

The company reported that the operating profit for fiscal 2019 was 461 billion Japanese yen (3.54 billion), down from 509.27 billion in the previous year. This is due to the lack of any one-time gains in fiscal 2021.

It compares to 515 billion dollars for the previous estimate by the drugmaker and 509 billion dollars consensus forecast from Refinitiv’s 15 analysts.

In the meantime, the company has estimated that operating profits for current fiscal year will reach 520 billion Japanese yen.

Takeda, which is producing domestically the COVID-19 vaccination developed by Novavax (NASDAQ:) Inc was last month approved by Japanese regulators.

Japan is willing to purchase 150 millions doses. However, the prospects of getting the recombinant protein shot are uncertain because the majority have been fully vaccinated.

Novavax stated earlier this week that it shipped less than one-fourth of total COVID vaccine delivery plans for 2022, and expects shipments to major markets to rise in the current quarter.

Its 2019 acquisition of Shire Takeda was purchased by Plc for $59billion. This pressure has forced Takeda to lower its debt and to build up its drug pipeline in order to replace the lost patent protection for franchise drugs, such as Vyvanse/Entyvio.

($1 = 130.3700 yen)